UNITED STATES | |
SECURITIES AND EXCHANGE COMMISSION | |
Washington, D.C. 20549 | |
FORM N-Q | |
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED | |
MANAGEMENT INVESTMENT COMPANIES | |
Investment Company Act file number 811-2402 | |
John Hancock Sovereign Bond Fund | |
(Exact name of registrant as specified in charter) | |
601 Congress Street, Boston, Massachusetts 02210 | |
(Address of principal executive offices) (Zip code) | |
Salvatore Schiavone, Treasurer | |
601 Congress Street | |
Boston, Massachusetts 02210 | |
(Name and address of agent for service) | |
Registrant's telephone number, including area code: 617-663-4497 | |
Date of fiscal year end: | May 31 |
Date of reporting period: | February 28, 2014 |
ITEM 1. SCHEDULE OF INVESTMENTS
Bond Fund
As of 2-28-14 (Unaudited)
Maturity | |||||
Rate (%) | date | Par value^ | Value | ||
Corporate Bonds 48.9% | $903,988,444 | ||||
| |||||
(Cost $867,213,091) | |||||
Consumer Discretionary 5.0% | 93,025,135 | ||||
| |||||
Auto Components 0.7% | |||||
Allison Transmission, Inc. (S) | 7.125 | 05/15/19 | 1,920,000 | 2,073,600 | |
Dana Holding Corp. | 6.000 | 09/15/23 | 2,630,000 | 2,722,050 | |
Delphi Corp. | 5.000 | 02/15/23 | 6,805,000 | 7,255,804 | |
Stackpole International Intermediate Company SA (S) | 7.750 | 10/15/21 | 1,695,000 | 1,805,175 | |
Automobiles 1.3% | |||||
Chrysler Group LLC (S) | 8.000 | 06/15/19 | 1,040,000 | 1,144,000 | |
Ford Motor Credit Company LLC | 5.875 | 08/02/21 | 13,600,000 | 15,705,987 | |
Ford Motor Credit Company LLC | 8.000 | 12/15/16 | 2,885,000 | 3,392,255 | |
General Motors Company (S) | 4.875 | 10/02/23 | 3,025,000 | 3,168,688 | |
Hotels, Restaurants & Leisure 0.7% | |||||
Arcos Dorados Holdings, Inc. (S) | 10.250 | 07/13/16 | BRL | 3,275,000 | 1,298,966 |
CCM Merger, Inc. (S) | 9.125 | 05/01/19 | 2,495,000 | 2,650,938 | |
Landry's, Inc. (S) | 9.375 | 05/01/20 | 2,610,000 | 2,871,000 | |
Little Traverse Bay Bands of Odawa Indians (S) | 9.000 | 08/31/20 | 1,195,000 | 1,197,120 | |
PF Chang's China Bistro, Inc. (S) | 10.250 | 06/30/20 | 1,590,000 | 1,713,225 | |
Seminole Indian Tribe of Florida (S) | 6.535 | 10/01/20 | 2,594,000 | 2,853,400 | |
Waterford Gaming LLC (S) | 8.625 | 09/15/14 | 556,852 | 156,317 | |
Internet & Catalog Retail 0.2% | |||||
QVC, Inc. | 4.375 | 03/15/23 | 2,170,000 | 2,113,166 | |
QVC, Inc. | 5.125 | 07/02/22 | 1,420,000 | 1,443,984 | |
Media 0.9% | |||||
21st Century Fox America, Inc. | 6.150 | 03/01/37 | 975,000 | 1,125,017 | |
21st Century Fox America, Inc. | 6.400 | 12/15/35 | 705,000 | 838,686 | |
AMC Entertainment, Inc. (S) | 5.875 | 02/15/22 | 2,605,000 | 2,637,563 | |
CBS Corp. | 7.875 | 07/30/30 | 3,230,000 | 4,207,291 | |
Cinemark USA, Inc. | 4.875 | 06/01/23 | 1,780,000 | 1,726,600 | |
Cinemark USA, Inc. | 7.375 | 06/15/21 | 925,000 | 1,031,375 | |
Myriad International Holdings BV (S) | 6.000 | 07/18/20 | 1,770,000 | 1,907,175 | |
Radio One, Inc. (S) | 9.250 | 02/15/20 | 865,000 | 908,250 | |
Time Warner Cable, Inc. | 8.250 | 04/01/19 | 2,360,000 | 2,971,811 | |
Multiline Retail 0.3% | |||||
Macy's Retail Holdings, Inc. | 7.875 | 08/15/36 | 2,885,000 | 3,226,353 | |
Tops Holding II Corp. | 8.750 | 06/15/18 | 1,580,000 | 1,639,250 | |
Specialty Retail 0.8% | |||||
AutoNation, Inc. | 5.500 | 02/01/20 | 4,385,000 | 4,724,838 | |
Hillman Group, Inc. | 10.875 | 06/01/18 | 1,675,000 | 1,800,625 | |
Jo-Ann Stores Holdings, Inc., PIK (S) | 9.750 | 10/15/19 | 2,915,000 | 3,053,463 | |
L Brands, Inc. | 6.625 | 04/01/21 | 3,585,000 | 4,019,681 | |
New Look Bondco I PLC (S) | 8.375 | 05/14/18 | 855,000 | 912,713 | |
Toys R Us Property Company II LLC | 8.500 | 12/01/17 | 655,000 | 673,831 | |
Textiles, Apparel & Luxury Goods 0.1% | |||||
Hot Topic, Inc. (S) | 9.250 | 06/15/21 | 1,925,000 | 2,054,938 | |
Consumer Staples 2.0% | 35,887,998 | ||||
| |||||
Beverages 0.2% | |||||
Ajecorp BV (S) | 6.500 | 05/14/22 | 2,145,000 | 2,102,100 | |
Crestview DS Merger Sub II, Inc. (S) | 10.000 | 09/01/21 | 2,175,000 | 2,403,375 |
1 |
Bond Fund
As of 2-28-14 (Unaudited)
Maturity | |||||
Rate (%) | date | Par value^ | Value | ||
Consumer Staples (continued) | |||||
| |||||
Food & Staples Retailing 0.5% | |||||
Safeway, Inc. | 4.750 | 12/01/21 | 925,000 | $923,471 | |
Safeway, Inc. | 5.000 | 08/15/19 | 5,820,000 | 6,027,175 | |
Smithfield Foods, Inc. (S) | 5.875 | 08/01/21 | 600,000 | 618,000 | |
Tops Holding Corp. | 8.875 | 12/15/17 | 960,000 | 1,051,200 | |
Food Products 0.5% | |||||
B&G Foods, Inc. | 4.625 | 06/01/21 | 1,390,000 | 1,384,788 | |
Bunge, Ltd. Finance Corp. | 8.500 | 06/15/19 | 2,236,000 | 2,782,519 | |
KazAgro National Management Holding JSC (S) | 4.625 | 05/24/23 | 1,385,000 | 1,256,888 | |
Simmons Foods, Inc. (S) | 10.500 | 11/01/17 | 3,495,000 | 3,778,969 | |
Household Products 0.2% | |||||
Harbinger Group, Inc. | 7.875 | 07/15/19 | 2,555,000 | 2,772,175 | |
Personal Products 0.2% | |||||
Prestige Brands, Inc. (S) | 5.375 | 12/15/21 | 1,770,000 | 1,796,550 | |
Revlon Consumer Products Corp. | 5.750 | 02/15/21 | 2,000,000 | 2,000,000 | |
Tobacco 0.4% | |||||
Alliance One International, Inc. | 9.875 | 07/15/21 | 5,500,000 | 5,555,000 | |
Vector Group, Ltd. | 7.750 | 02/15/21 | 1,345,000 | 1,435,788 | |
Energy 5.7% | 105,901,963 | ||||
| |||||
Energy Equipment & Services 0.9% | |||||
Astoria Depositor Corp. (S) | 8.144 | 05/01/21 | 3,565,000 | 3,743,250 | |
Exterran Partners LP | 6.000 | 04/01/21 | 670,000 | 663,300 | |
Key Energy Services, Inc. | 6.750 | 03/01/21 | 1,890,000 | 1,979,775 | |
Nostrum Oil & Gas Finance BV (S) | 6.375 | 02/14/19 | 2,300,000 | 2,320,125 | |
Offshore Group Investment, Ltd. | 7.125 | 04/01/23 | 1,530,000 | 1,564,425 | |
Precision Drilling Corp. | 6.625 | 11/15/20 | 1,405,000 | 1,510,375 | |
RKI Exploration & Production LLC (S) | 8.500 | 08/01/21 | 1,775,000 | 1,908,125 | |
Rowan Companies, Inc. | 4.875 | 06/01/22 | 1,990,000 | 2,065,998 | |
Trinidad Drilling, Ltd. (S) | 7.875 | 01/15/19 | 1,180,000 | 1,262,600 | |
Gas Utilities 0.1% | |||||
DCP Midstream LLC (5.850% to 5-21-23, then 3 month | |||||
LIBOR + 3.850%) (S) | 5.850 | 05/21/43 | 2,710,000 | 2,540,625 | |
Oil, Gas & Consumable Fuels 4.7% | |||||
Afren PLC (S) | 6.625 | 12/09/20 | 2,600,000 | 2,606,500 | |
Afren PLC (S) | 10.250 | 04/08/19 | 1,260,000 | 1,441,125 | |
BreitBurn Energy Partners LP | 7.875 | 04/15/22 | 2,180,000 | 2,376,200 | |
CNOOC Finance 2013, Ltd. | 3.000 | 05/09/23 | 1,625,000 | 1,472,512 | |
Continental Resources, Inc. | 5.000 | 09/15/22 | 3,505,000 | 3,671,488 | |
DCP Midstream LLC (S) | 9.750 | 03/15/19 | 2,675,000 | 3,441,042 | |
DCP Midstream Operating LP | 3.875 | 03/15/23 | 1,500,000 | 1,454,372 | |
Ecopetrol SA | 5.875 | 09/18/23 | 1,300,000 | 1,410,500 | |
Energy Transfer Partners LP | 5.200 | 02/01/22 | 915,000 | 983,387 | |
Energy Transfer Partners LP | 9.700 | 03/15/19 | 2,140,000 | 2,788,197 | |
Enterprise Products Operating LLC (7.000% to 6-1-17, then 3 | |||||
month LIBOR + 2.778%) | 7.000 | 06/01/67 | 4,085,000 | 4,238,188 | |
Enterprise Products Operating LLC (8.375% to 8-1-16, then 3 | |||||
month LIBOR + 3.708%) | 8.375 | 08/01/66 | 1,520,000 | 1,698,600 | |
EP Energy LLC | 7.750 | 09/01/22 | 1,145,000 | 1,290,988 | |
EV Energy Partners LP | 8.000 | 04/15/19 | 2,370,000 | 2,441,100 | |
Halcon Resources Corp. | 8.875 | 05/15/21 | 1,385,000 | 1,409,238 |
2 |
Bond Fund
As of 2-28-14 (Unaudited)
Maturity | |||||
Rate (%) | date | Par value^ | Value | ||
Energy (continued) | |||||
| |||||
Kerr-McGee Corp. | 6.950 | 07/01/24 | 3,665,000 | $4,465,843 | |
Kinder Morgan Energy Partners LP | 7.750 | 03/15/32 | 1,090,000 | 1,370,416 | |
Lukoil International Finance BV (S) | 3.416 | 04/24/18 | 4,655,000 | 4,684,094 | |
MarkWest Energy Partners LP | 6.500 | 08/15/21 | 1,414,000 | 1,534,190 | |
Midstates Petroleum Company, Inc. | 9.250 | 06/01/21 | 3,010,000 | 3,183,075 | |
Newfield Exploration Company | 5.750 | 01/30/22 | 1,890,000 | 2,036,475 | |
NuStar Logistics LP | 8.150 | 04/15/18 | 1,446,000 | 1,648,440 | |
Pacific Rubiales Energy Corp. (S) | 5.125 | 03/28/23 | 1,920,000 | 1,843,200 | |
Pacific Rubiales Energy Corp. (S) | 5.375 | 01/26/19 | 2,275,000 | 2,343,250 | |
Petrobras Global Finance BV | 4.375 | 05/20/23 | 2,590,000 | 2,349,215 | |
Petroleos de Venezuela SA | 5.375 | 04/12/27 | 3,755,000 | 2,046,475 | |
Petroleos Mexicanos | 4.875 | 01/24/22 | 1,475,000 | 1,541,375 | |
Plains Exploration & Production Company | 6.750 | 02/01/22 | 4,780,000 | 5,281,900 | |
Plains Exploration & Production Company | 6.875 | 02/15/23 | 745,000 | 830,675 | |
Regency Energy Partners LP | 5.500 | 04/15/23 | 3,300,000 | 3,333,000 | |
Regency Energy Partners LP | 5.875 | 03/01/22 | 615,000 | 639,600 | |
Rex Energy Corp. | 8.875 | 12/01/20 | 1,190,000 | 1,314,950 | |
Summit Midstream Holdings LLC (S) | 7.500 | 07/01/21 | 1,115,000 | 1,181,900 | |
TransCanada Pipelines, Ltd. (6.350% to 5-15-17, then 3 | |||||
month LIBOR + 2.210%) | 6.350 | 05/15/67 | 3,910,000 | 4,048,023 | |
Tullow Oil PLC (S) | 6.000 | 11/01/20 | 1,550,000 | 1,584,875 | |
Williams Partners LP | 5.250 | 03/15/20 | 4,060,000 | 4,522,369 | |
WPX Energy, Inc. | 6.000 | 01/15/22 | 1,805,000 | 1,836,588 | |
Financials 18.3% | 337,459,279 | ||||
| |||||
Banks 5.4% | |||||
Alfa Bank OJSC (S) | 7.750 | 04/28/21 | 695,000 | 743,650 | |
Banco do Brasil SA/Cayman Island (6.250% to 4-15-24, then | |||||
10 Year U.S. Treasury + 4.398%) (Q)(S) | 6.250 | 04/15/24 | 3,300,000 | 2,644,125 | |
Banco Santander Brasil SA (S) | 8.000 | 03/18/16 | BRL | 6,000,000 | 2,354,196 |
Bank of America Corp. | 3.300 | 01/11/23 | 1,645,000 | 1,601,166 | |
Bank of America Corp. | 5.000 | 05/13/21 | 4,705,000 | 5,230,544 | |
Bank of America Corp. | 5.700 | 01/24/22 | 2,765,000 | 3,196,451 | |
Bank of America Corp. | 6.875 | 04/25/18 | 4,365,000 | 5,198,427 | |
Bank of America NA | 5.300 | 03/15/17 | 895,000 | 991,767 | |
Bank of Ceylon (S) | 6.875 | 05/03/17 | 1,425,000 | 1,489,125 | |
Barclays Bank PLC (S) | 10.179 | 06/12/21 | 3,950,000 | 5,323,771 | |
Barclays Bank PLC (5.926% to 12-15-16, then 3 month | |||||
LIBOR + 1.750%) (Q)(S) | 5.926 | 12/15/16 | 2,065,000 | 2,191,481 | |
BPCE SA (S) | 5.700 | 10/22/23 | 4,240,000 | 4,466,840 | |
Citigroup, Inc. | 3.875 | 10/25/23 | 1,235,000 | 1,235,968 | |
Citigroup, Inc. | 5.500 | 09/13/25 | 2,760,000 | 2,976,439 | |
Citigroup, Inc. | 6.125 | 08/25/36 | 2,120,000 | 2,337,781 | |
Commerzbank AG (S) | 8.125 | 09/19/23 | 4,050,000 | 4,576,500 | |
Credit Agricole SA (7.875% to 1-23-2024, then 5 year U.S. | |||||
Swap Rate + 4.898%) (Q)(S) | 7.875 | 01/23/24 | 2,755,000 | 2,958,181 | |
Fifth Third Bancorp (5.100% to 6-30-23, then 3 month LIBOR | |||||
+ 3.033%) (Q) | 5.100 | 06/30/23 | 2,940,000 | 2,690,100 | |
HBOS PLC (S) | 6.000 | 11/01/33 | 3,110,000 | 3,152,016 | |
HBOS PLC (S) | 6.750 | 05/21/18 | 5,490,000 | 6,254,115 | |
ICICI Bank, Ltd. (S) | 4.700 | 02/21/18 | 2,325,000 | 2,403,838 | |
ICICI Bank, Ltd. (S) | 5.750 | 11/16/20 | 2,410,000 | 2,548,095 | |
JPMorgan Chase & Company | 4.625 | 05/10/21 | 5,965,000 | 6,548,466 |
3 |
Bond Fund
As of 2-28-14 (Unaudited)
Maturity | |||||
Rate (%) | date | Par value^ | Value | ||
Financials (continued) | |||||
| |||||
JPMorgan Chase & Company (5.150% to 5-1-23, then 3 | |||||
month LIBOR + 3.250%) (Q) | 5.150 | 05/01/23 | 2,590,000 | $2,447,550 | |
JPMorgan Chase & Company (7.900% to 4-30-18, then 3 | |||||
month LIBOR + 3.470%) (Q) | 7.900 | 04/30/18 | 2,840,000 | 3,187,048 | |
Manufacturers & Traders Trust Company (5.629% to 12-1- | |||||
16, then 3 month LIBOR + 6.400%) | 5.629 | 12/01/21 | 1,065,000 | 1,112,443 | |
Nordea Bank AB (S) | 3.125 | 03/20/17 | 2,945,000 | 3,096,235 | |
PNC Financial Services Group, Inc. (Q) | 4.454 | 04/25/14 | 1,695,000 | 1,696,695 | |
PNC Financial Services Group, Inc. (4.850% to 6-1-23, then | |||||
3 month LIBOR + 3.040%) (Q) | 4.850 | 06/01/23 | 2,150,000 | 1,956,500 | |
Sberbank of Russia (S) | 6.125 | 02/07/22 | 1,700,000 | 1,797,750 | |
Synovus Financial Corp. | 7.875 | 02/15/19 | 1,075,000 | 1,220,125 | |
VTB Bank OJSC (9.500% to 12-6-22, then 10 Year U.S. | |||||
Treasury + 8.067%) (Q)(S) | 9.500 | 12/06/22 | 2,065,000 | 2,237,944 | |
Wachovia Bank NA | 5.850 | 02/01/37 | 1,915,000 | 2,296,043 | |
Wells Fargo & Company, Series K (7.980% to 3-15-18, then | |||||
3 month LIBOR + 3.770%) (Q) | 7.980 | 03/15/18 | 5,182,000 | 5,907,480 | |
Capital Markets 2.8% | |||||
Credit Suisse Group AG (7.500% to 12-11-23, then 5 year | |||||
U.S. Swap Rate + 4.598%) (Q)(S) | 7.500 | 12/11/23 | 1,975,000 | 2,170,130 | |
Fifth Street Finance Corp. | 4.875 | 03/01/19 | 2,875,000 | 2,910,938 | |
Jefferies Group LLC | 6.875 | 04/15/21 | 3,720,000 | 4,305,900 | |
Jefferies Group LLC | 8.500 | 07/15/19 | 1,965,000 | 2,426,775 | |
Macquarie Bank, Ltd. (S) | 6.625 | 04/07/21 | 1,255,000 | 1,426,297 | |
Macquarie Group, Ltd. (S) | 6.000 | 01/14/20 | 1,495,000 | 1,670,365 | |
Morgan Stanley | 4.100 | 05/22/23 | 4,005,000 | 3,988,159 | |
Morgan Stanley | 5.500 | 01/26/20 | 3,210,000 | 3,657,057 | |
Morgan Stanley | 5.550 | 04/27/17 | 1,620,000 | 1,817,783 | |
Morgan Stanley | 5.750 | 01/25/21 | 3,130,000 | 3,597,901 | |
Morgan Stanley | 7.300 | 05/13/19 | 6,640,000 | 8,141,762 | |
The Goldman Sachs Group, Inc. | 5.250 | 07/27/21 | 7,400,000 | 8,244,814 | |
The Goldman Sachs Group, Inc. | 5.750 | 01/24/22 | 680,000 | 776,827 | |
UBS AG | 7.625 | 08/17/22 | 2,555,000 | 3,032,954 | |
Walter Investment Management Corp. (S) | 7.875 | 12/15/21 | 2,995,000 | 3,009,975 | |
Consumer Finance 0.9% | |||||
Capital One Financial Corp. | 4.750 | 07/15/21 | 3,995,000 | 4,377,601 | |
Credit Acceptance Corp. (S) | 6.125 | 02/15/21 | 2,975,000 | 3,086,563 | |
Discover Bank | 7.000 | 04/15/20 | 1,340,000 | 1,592,715 | |
Discover Financial Services | 5.200 | 04/27/22 | 2,795,000 | 3,010,989 | |
DTEK Finance PLC (S) | 7.875 | 04/04/18 | 2,860,000 | 2,259,400 | |
Springleaf Finance Corp. | 6.000 | 06/01/20 | 2,285,000 | 2,336,413 | |
Diversified Financial Services 2.9% | |||||
Doric Nimrod Air Alpha 2013-1 Pass Through Trust (S) | 5.250 | 05/30/23 | 1,700,000 | 1,768,000 | |
Doric Nimrod Air Alpha 2013-1 Pass Through Trust (S) | 6.125 | 11/30/19 | 1,935,000 | 2,026,913 | |
Doric Nimrod Air Finance Alpha, Ltd. 2012-1 Class A Pass | |||||
Through (S) | 5.125 | 11/30/22 | 1,548,685 | 1,606,760 | |
General Electric Capital Corp. (P) | 0.716 | 08/15/36 | 2,745,000 | 2,276,341 | |
General Electric Capital Corp. | 4.375 | 09/16/20 | 1,610,000 | 1,768,435 | |
General Electric Capital Corp. | 5.300 | 02/11/21 | 880,000 | 993,801 | |
General Electric Capital Corp. | 5.550 | 05/04/20 | 4,270,000 | 4,977,693 | |
General Electric Capital Corp. | 5.875 | 01/14/38 | 665,000 | 787,556 | |
General Electric Capital Corp. (6.375% to 11-15-17, then 3 | |||||
month LIBOR + 2.289%) | 6.375 | 11/15/67 | 1,170,000 | 1,294,313 |
4 |
Bond Fund
As of 2-28-14 (Unaudited)
Maturity | |||||
Rate (%) | date | Par value^ | Value | ||
Financials (continued) | |||||
| |||||
General Electric Capital Corp. (7.125% until 6-15-22, then 3 | |||||
month LIBOR + 5.296%) (Q) | 7.125 | 06/15/22 | 3,750,000 | $4,256,250 | |
ING Bank NV (S) | 5.800 | 09/25/23 | 1,560,000 | 1,669,167 | |
ING US, Inc. | 5.500 | 07/15/22 | 1,475,000 | 1,650,333 | |
ING US, Inc. (5.650% to 5-15-23, then 3 month LIBOR + | |||||
3.580%) | 5.650 | 05/15/53 | 1,760,000 | 1,724,800 | |
Intercorp Retail Trust (S) | 8.875 | 11/14/18 | 750,000 | 791,250 | |
Leucadia National Corp. | 5.500 | 10/18/23 | 4,420,000 | 4,650,768 | |
Nationstar Mortgage LLC | 7.875 | 10/01/20 | 2,050,000 | 2,075,625 | |
Nationstar Mortgage LLC | 9.625 | 05/01/19 | 1,755,000 | 1,943,663 | |
Rabobank Nederland NV | 3.875 | 02/08/22 | 6,085,000 | 6,290,740 | |
Rabobank Nederland NV (11.000% to 6-30-19, then 3 month | |||||
LIBOR + 10.868%) (Q)(S) | 11.000 | 06/30/19 | 3,579,000 | 4,724,280 | |
SPL Logistics Escrow LLC (S) | 8.875 | 08/01/20 | 1,216,000 | 1,322,400 | |
The Bear Stearns Companies LLC | 7.250 | 02/01/18 | 2,100,000 | 2,515,666 | |
USB Realty Corp. (P)(Q)(S) | 1.386 | 01/15/17 | 2,900,000 | 2,581,000 | |
Insurance 3.0% | |||||
Aflac, Inc. | 8.500 | 05/15/19 | 2,105,000 | 2,724,878 | |
American International Group, Inc. | 4.125 | 02/15/24 | 1,985,000 | 2,038,851 | |
American International Group, Inc. | 8.250 | 08/15/18 | 1,365,000 | 1,712,813 | |
American International Group, Inc. (8.175% to 5-15-38, then | |||||
3 month LIBOR + 4.195%) | 8.175 | 05/15/58 | 1,720,000 | 2,215,016 | |
AXA SA | 8.600 | 12/15/30 | 1,695,000 | 2,186,550 | |
CNA Financial Corp. | 7.250 | 11/15/23 | 3,415,000 | 4,220,359 | |
Glen Meadow Pass-Through Trust (6.505% to 2-15-17, then | |||||
3 month LIBOR + 2.125%) (S) | 6.505 | 02/12/67 | 4,320,000 | 4,201,200 | |
Liberty Mutual Group, Inc. (S) | 5.000 | 06/01/21 | 4,480,000 | 4,786,562 | |
Liberty Mutual Group, Inc. (S) | 7.800 | 03/15/37 | 3,235,000 | 3,509,975 | |
Lincoln National Corp. (6.050% to 4-20-17, then 3 month | |||||
LIBOR + 2.040%) | 6.050 | 04/20/67 | 2,275,000 | 2,257,938 | |
Lincoln National Corp. (7.000% to 5-17-16, then 3 month | |||||
LIBOR + 2.358%) | 7.000 | 05/17/66 | 915,000 | 933,300 | |
MetLife, Inc. | 6.400 | 12/15/36 | 1,940,000 | 2,023,420 | |
Nippon Life Insurance Company (P)(S) | 5.000 | 10/18/42 | 1,795,000 | 1,891,776 | |
Pacific LifeCorp. (S) | 6.000 | 02/10/20 | 1,190,000 | 1,355,564 | |
Prudential Financial, Inc. (P) | 5.200 | 03/15/44 | 760,000 | 752,400 | |
Prudential Financial, Inc. (5.875% to 9-1-22, then 3 month | |||||
LIBOR + 4.175%) | 5.875 | 09/15/42 | 2,555,000 | 2,657,200 | |
Teachers Insurance & Annuity Association of America (S) | 6.850 | 12/16/39 | 3,225,000 | 4,205,287 | |
The Chubb Corp. (6.375% until 4-15-17, then 3 month LIBOR | |||||
+ 2.250%) | 6.375 | 03/29/67 | 2,225,000 | 2,459,738 | |
The Hanover Insurance Group, Inc. | 6.375 | 06/15/21 | 735,000 | 823,790 | |
Unum Group | 7.125 | 09/30/16 | 1,785,000 | 2,039,987 | |
USI, Inc. (S) | 7.750 | 01/15/21 | 2,265,000 | 2,355,600 | |
White Mountains Re Group, Ltd. (7.506% to 6-30-17, then 3 | |||||
month LIBOR + 3.200%) (Q)(S) | 7.506 | 06/30/17 | 2,375,000 | 2,495,405 | |
WR Berkley Corp. | 5.375 | 09/15/20 | 1,705,000 | 1,900,630 | |
Real Estate Investment Trusts 3.0% | |||||
ARC Properties Operating Partnership LP (S) | 4.600 | 02/06/24 | 4,175,000 | 4,186,444 | |
Corrections Corp. of America | 4.625 | 05/01/23 | 2,140,000 | 2,065,100 | |
DDR Corp. | 7.500 | 04/01/17 | 5,155,000 | 6,003,059 | |
DDR Corp. | 7.875 | 09/01/20 | 715,000 | 898,011 | |
Goodman Funding Pty, Ltd. (S) | 6.375 | 04/15/21 | 3,120,000 | 3,546,679 | |
Health Care REIT, Inc. | 4.950 | 01/15/21 | 1,095,000 | 1,190,727 |
5 |
Bond Fund
As of 2-28-14 (Unaudited)
Maturity | |||||
Rate (%) | date | Par value^ | Value | ||
Financials (continued) | |||||
| |||||
Health Care REIT, Inc. | 6.125 | 04/15/20 | 4,995,000 | $5,749,095 | |
Healthcare Realty Trust, Inc. | 6.500 | 01/17/17 | 2,120,000 | 2,389,132 | |
Highwoods Realty LP | 5.850 | 03/15/17 | 4,765,000 | 5,319,837 | |
Host Hotels & Resorts LP | 5.250 | 03/15/22 | 2,420,000 | 2,628,202 | |
MPT Operating Partnership LP | 6.375 | 02/15/22 | 1,685,000 | 1,769,250 | |
MPT Operating Partnership LP | 6.875 | 05/01/21 | 1,175,000 | 1,271,938 | |
Prologis International Funding II (S) | 4.875 | 02/15/20 | 1,055,000 | 1,110,402 | |
ProLogis LP | 3.350 | 02/01/21 | 2,100,000 | 2,084,567 | |
Realty Income Corp. | 4.650 | 08/01/23 | 1,165,000 | 1,224,891 | |
Ventas Realty LP | 4.000 | 04/30/19 | 1,985,000 | 2,123,486 | |
Ventas Realty LP | 4.750 | 06/01/21 | 4,815,000 | 5,183,786 | |
WEA Finance LLC (S) | 6.750 | 09/02/19 | 1,520,000 | 1,833,103 | |
Weyerhaeuser Company | 7.375 | 03/15/32 | 3,410,000 | 4,415,179 | |
Real Estate Management & Development 0.2% | |||||
General Shopping Investments, Ltd. (12.000% to 3-20-17, | |||||
then 5 Year USGG + 11.052%) (Q)(S) | 12.000 | 03/20/17 | 1,270,000 | 1,066,800 | |
NANA Development Corp. (S) | 9.500 | 03/15/19 | 1,685,000 | 1,743,975 | |
Thrifts & Mortgage Finance 0.1% | |||||
Nationstar Mortgage LLC | 10.875 | 04/01/15 | 2,290,000 | 2,301,450 | |
Health Care 1.4% | 26,326,693 | ||||
| |||||
Health Care Equipment & Supplies 0.1% | |||||
Alere, Inc. | 7.250 | 07/01/18 | 2,005,000 | 2,200,488 | |
Health Care Providers & Services 0.6% | |||||
Community Health Systems, Inc. (S) | 6.875 | 02/01/22 | 710,000 | 755,263 | |
HCA, Inc. | 7.500 | 02/15/22 | 1,855,000 | 2,151,800 | |
LifePoint Hospitals, Inc. (S) | 5.500 | 12/01/21 | 550,000 | 575,438 | |
Medco Health Solutions, Inc. | 7.125 | 03/15/18 | 1,820,000 | 2,172,206 | |
National Mentor Holdings, Inc. (S) | 12.500 | 02/15/18 | 2,871,000 | 3,057,615 | |
Select Medical Corp. | 6.375 | 06/01/21 | 1,910,000 | 1,948,200 | |
WellCare Health Plans, Inc. | 5.750 | 11/15/20 | 1,330,000 | 1,386,525 | |
Pharmaceuticals 0.7% | |||||
Endo Health Solutions, Inc. | 7.250 | 01/15/22 | 2,295,000 | 2,510,156 | |
Forest Laboratories, Inc. (S) | 5.000 | 12/15/21 | 1,825,000 | 1,952,750 | |
Mylan, Inc. (S) | 7.875 | 07/15/20 | 3,685,000 | 4,140,252 | |
Salix Pharmaceuticals, Ltd. (S) | 6.000 | 01/15/21 | 1,480,000 | 1,583,600 | |
Valeant Pharmaceuticals International, Inc. (S) | 7.500 | 07/15/21 | 1,660,000 | 1,892,400 | |
Industrials 6.3% | 116,973,450 | ||||
| |||||
Aerospace & Defense 0.8% | |||||
Embraer Overseas, Ltd. (S) | 5.696 | 09/16/23 | 1,548,000 | 1,599,858 | |
Huntington Ingalls Industries, Inc. | 7.125 | 03/15/21 | 2,090,000 | 2,325,125 | |
Kratos Defense & Security Solutions, Inc. | 10.000 | 06/01/17 | 2,800,000 | 2,989,000 | |
Textron Financial Corp. (6.000% to 2-15-17, then 3 month | |||||
LIBOR + 1.735%) (S) | 6.000 | 02/15/67 | 4,770,000 | 4,257,225 | |
Textron, Inc. | 5.600 | 12/01/17 | 2,195,000 | 2,442,515 | |
Textron, Inc. | 7.250 | 10/01/19 | 1,440,000 | 1,736,258 | |
Airlines 2.3% | |||||
America West Airlines 2000-1 Pass Through Trust | 8.057 | 07/02/20 | 571,921 | 660,569 | |
American Airlines 2011-1 Class B Pass Through Trust (S) | 7.000 | 01/31/18 | 4,988,630 | 5,412,664 | |
American Airlines 2013-2 Class A Pass Through Trust (S) | 4.950 | 01/15/23 | 2,474,521 | 2,647,737 | |
American Airlines 2013-2 Class B Pass Through Trust (S) | 5.600 | 07/15/20 | 1,198,566 | 1,246,508 |
6 |
Bond Fund
As of 2-28-14 (Unaudited)
Maturity | |||||
Rate (%) | date | Par value^ | Value | ||
Industrials (continued) | |||||
| |||||
British Airways PLC 2013-1 Class A Pass Through Trust (S) | 4.625 | 06/20/24 | 4,245,000 | $4,457,250 | |
British Airways PLC 2013-1 Class B Pass Through Trust (S) | 5.625 | 06/20/20 | 1,135,000 | 1,214,450 | |
Continental Airlines 1997-4 Class A Pass Through Trust | 6.900 | 01/02/18 | 1,547,405 | 1,676,923 | |
Continental Airlines 1998-1 Class A Pass Through Trust | 6.648 | 09/15/17 | 509,738 | 539,048 | |
Continental Airlines 1999-1 Class A Pass Through Trust | 6.545 | 02/02/19 | 853,941 | 932,930 | |
Continental Airlines 2000-2 Class B Pass Through Trust | 8.307 | 04/02/18 | 303,256 | 327,516 | |
Continental Airlines 2007-1 Class A Pass Through Trust | 5.983 | 04/19/22 | 2,278,908 | 2,580,863 | |
Continental Airlines 2010-1 Class A Pass Through Trust | 4.750 | 01/12/21 | 701,310 | 757,415 | |
Continental Airlines 2012-1 Class B Pass Through Trust | 6.250 | 04/11/20 | 1,257,854 | 1,333,325 | |
Delta Air Lines 2002-1 Class G-1 Pass Through Trust | 6.718 | 01/02/23 | 3,237,926 | 3,755,994 | |
Delta Air Lines 2007-1 Class A Pass Through Trust | 6.821 | 08/10/22 | 4,355,795 | 5,091,054 | |
Delta Air Lines 2010-1 Class A Pass Through Trust | 6.200 | 07/02/18 | 735,692 | 820,297 | |
Delta Air Lines 2011-1 Class A Pass Through Trust | 5.300 | 04/15/19 | 1,437,816 | 1,585,192 | |
Northwest Airlines 2007-1 Class A Pass Through Trust | 7.027 | 11/01/19 | 1,684,941 | 1,901,961 | |
UAL 2009-1 Pass Through Trust | 10.400 | 11/01/16 | 420,915 | 475,002 | |
UAL 2009-2A Pass Through Trust | 9.750 | 01/15/17 | 1,289,091 | 1,482,455 | |
US Airways 2010-1 Class A Pass Through Trust | 6.250 | 04/22/23 | 1,555,610 | 1,753,950 | |
US Airways 2012-1 Class A Pass Through Trust | 5.900 | 10/01/24 | 946,058 | 1,050,124 | |
Building Products 0.5% | |||||
Masco Corp. | 7.125 | 03/15/20 | 1,680,000 | 1,944,600 | |
Owens Corning | 4.200 | 12/15/22 | 2,710,000 | 2,689,290 | |
Voto-Votorantim Overseas Trading Operations V, Ltd. (S) | 6.625 | 09/25/19 | 2,145,000 | 2,380,950 | |
Voto-Votorantim, Ltd. (S) | 6.750 | 04/05/21 | 2,590,000 | 2,855,475 | |
Commercial Services & Supplies 0.6% | |||||
Ahern Rentals, Inc. (S) | 9.500 | 06/15/18 | 1,380,000 | 1,518,000 | |
Casella Waste Systems, Inc. | 7.750 | 02/15/19 | 2,385,000 | 2,456,550 | |
Iron Mountain, Inc. | 5.750 | 08/15/24 | 2,845,000 | 2,773,875 | |
Iron Mountain, Inc. | 6.000 | 08/15/23 | 3,080,000 | 3,272,500 | |
Safway Group Holding LLC (S) | 7.000 | 05/15/18 | 1,225,000 | 1,301,563 | |
Construction & Engineering 0.4% | |||||
Aeropuertos Dominicanos Siglo XXI SA (S) | 9.250 | 11/13/19 | 3,025,000 | 2,465,375 | |
Empresas ICA SAB de CV (S) | 8.375 | 07/24/17 | 1,675,000 | 1,714,781 | |
Tutor Perini Corp. | 7.625 | 11/01/18 | 2,945,000 | 3,140,106 | |
Industrial Conglomerates 0.5% | |||||
KOC Holding AS (S) | 3.500 | 04/24/20 | 2,385,000 | 2,135,052 | |
Odebrecht Finance, Ltd. (S) | 7.125 | 06/26/42 | 2,525,000 | 2,461,875 | |
Odebrecht Finance, Ltd. (Q)(S) | 7.500 | 09/14/15 | 970,000 | 970,000 | |
Odebrecht Finance, Ltd. (S) | 8.250 | 04/25/18 | BRL | 2,850,000 | 1,017,966 |
Odebrecht Offshore Drilling Finance, Ltd. (S) | 6.625 | 10/01/22 | 900,000 | 922,500 | |
Tenedora Nemak SA de CV (S) | 5.500 | 02/28/23 | 1,980,000 | 1,970,100 | |
Marine 0.3% | |||||
Navios Maritime Acquisition Corp. (S) | 8.125 | 11/15/21 | 1,835,000 | 1,917,575 | |
Navios South American Logistics, Inc. | 9.250 | 04/15/19 | 3,910,000 | 4,193,475 | |
Road & Rail 0.2% | |||||
Penske Truck Leasing Company LP (S) | 3.750 | 05/11/17 | 2,515,000 | 2,689,752 | |
Trading Companies & Distributors 0.7% | |||||
Air Lease Corp. | 3.375 | 01/15/19 | 2,965,000 | 3,002,063 | |
Air Lease Corp. | 4.500 | 01/15/16 | 535,000 | 564,425 | |
Air Lease Corp. | 4.750 | 03/01/20 | 1,480,000 | 1,557,700 | |
Air Lease Corp. | 5.625 | 04/01/17 | 1,200,000 | 1,326,000 | |
Aircastle, Ltd. | 6.250 | 12/01/19 | 1,360,000 | 1,482,400 |
7 |
Bond Fund
As of 2-28-14 (Unaudited)
Maturity | |||||
Rate (%) | date | Par value^ | Value | ||
Industrials (continued) | |||||
| |||||
Aircastle, Ltd. | 7.625 | 04/15/20 | 885,000 | $1,006,688 | |
Glencore Funding LLC (S) | 4.125 | 05/30/23 | 2,625,000 | 2,521,418 | |
International Lease Finance Corp. (S) | 7.125 | 09/01/18 | 1,435,000 | 1,668,188 | |
Information Technology 0.8% | 14,416,650 | ||||
| |||||
Communications Equipment 0.1% | |||||
Altice Financing SA (S) | 6.500 | 01/15/22 | 970,000 | 1,011,225 | |
Internet Software & Services 0.2% | |||||
Ancestry.com, Inc. (S) | 9.625 | 10/15/18 | 1,270,000 | 1,333,500 | |
Ancestry.com, Inc. | 11.000 | 12/15/20 | 1,980,000 | 2,326,500 | |
Healthcare Technology Intermediate, Inc., PIK (S) | 7.375 | 09/01/18 | 1,275,000 | 1,319,625 | |
IT Services 0.2% | |||||
Brightstar Corp. (S) | 9.500 | 12/01/16 | 2,975,000 | 3,257,625 | |
Semiconductors & Semiconductor Equipment 0.1% | |||||
Micron Technology, Inc. (S) | 5.875 | 02/15/22 | 2,540,000 | 2,654,300 | |
Software 0.1% | |||||
Blackboard, Inc. (S) | 7.750 | 11/15/19 | 935,000 | 967,725 | |
Technology Hardware, Storage & Peripherals 0.1% | |||||
NCR Escrow Corp. (S) | 5.875 | 12/15/21 | 1,445,000 | 1,546,150 | |
Materials 3.7% | 68,598,262 | ||||
| |||||
Chemicals 0.8% | |||||
Braskem Finance, Ltd. (S) | 7.000 | 05/07/20 | 3,250,000 | 3,518,125 | |
CF Industries, Inc. | 7.125 | 05/01/20 | 3,500,000 | 4,188,338 | |
Incitec Pivot Finance LLC (S) | 6.000 | 12/10/19 | 1,920,000 | 2,137,728 | |
Methanex Corp. | 5.250 | 03/01/22 | 2,290,000 | 2,491,483 | |
Nufarm Australia, Ltd. (S) | 6.375 | 10/15/19 | 1,005,000 | 1,042,688 | |
Rain CII Carbon LLC (S) | 8.250 | 01/15/21 | 1,225,000 | 1,261,750 | |
Construction Materials 0.4% | |||||
American Gilsonite Company (S) | 11.500 | 09/01/17 | 2,785,000 | 2,833,738 | |
Cemex SAB de CV (S) | 6.500 | 12/10/19 | 2,350,000 | 2,473,375 | |
Magnesita Finance, Ltd. (Q)(S) | 8.625 | 04/05/17 | 2,220,000 | 2,086,800 | |
Severstal Columbus LLC | 10.250 | 02/15/18 | 490,000 | 516,215 | |
Containers & Packaging 0.7% | |||||
ARD Finance SA, PIK (S) | 11.125 | 06/01/18 | 2,333,477 | 2,558,074 | |
Consolidated Container Company LLC (S) | 10.125 | 07/15/20 | 2,011,000 | 2,136,688 | |
Pretium Packaging LLC | 11.500 | 04/01/16 | 780,000 | 826,800 | |
Rock-Tenn Company | 4.000 | 03/01/23 | 3,130,000 | 3,175,178 | |
Tekni-Plex, Inc. (S) | 9.750 | 06/01/19 | 1,470,000 | 1,683,150 | |
Wise Metals Group LLC (S) | 8.750 | 12/15/18 | 2,215,000 | 2,392,200 | |
Metals & Mining 1.5% | |||||
Allegheny Technologies, Inc. | 5.950 | 01/15/21 | 965,000 | 1,023,100 | |
Allegheny Technologies, Inc. | 9.375 | 06/01/19 | 5,025,000 | 6,159,032 | |
AngloGold Ashanti Holdings PLC | 8.500 | 07/30/20 | 2,780,000 | 3,058,000 | |
ArcelorMittal | 10.350 | 06/01/19 | 1,695,000 | 2,154,769 | |
Commercial Metals Company | 7.350 | 08/15/18 | 1,570,000 | 1,795,688 | |
Edgen Murray Corp. (S) | 8.750 | 11/01/20 | 1,177,000 | 1,359,435 | |
Gerdau Trade, Inc. (S) | 4.750 | 04/15/23 | 1,550,000 | 1,464,750 | |
JMC Steel Group (S) | 8.250 | 03/15/18 | 920,000 | 956,800 | |
MMC Norilsk Nickel OJSC (S) | 5.550 | 10/28/20 | 1,515,000 | 1,519,742 |
8 |
Bond Fund
As of 2-28-14 (Unaudited)
Maturity | |||||
Rate (%) | date | Par value^ | Value | ||
Materials (continued) | |||||
| |||||
Rain CII Carbon LLC (S) | 8.000 | 12/01/18 | 2,070,000 | $2,163,150 | |
SunCoke Energy, Inc. | 7.625 | 08/01/19 | 1,606,000 | 1,726,450 | |
Thompson Creek Metals Company, Inc. | 7.375 | 06/01/18 | 2,005,000 | 1,874,675 | |
Vedanta Resources PLC (S) | 7.125 | 05/31/23 | 1,950,000 | 1,886,625 | |
Xstrata Finance Canada, Ltd. (S) | 4.250 | 10/25/22 | 1,475,000 | 1,453,045 | |
Paper & Forest Products 0.3% | |||||
Georgia-Pacific LLC | 7.250 | 06/01/28 | 900,000 | 1,135,692 | |
International Paper Company | 9.375 | 05/15/19 | 1,950,000 | 2,572,329 | |
Neenah Paper, Inc. (S) | 5.250 | 05/15/21 | 980,000 | 972,650 | |
Telecommunication Services 3.6% | 67,036,685 | ||||
| |||||
Diversified Telecommunication Services 2.6% | |||||
American Tower Corp. | 3.400 | 02/15/19 | 1,580,000 | 1,641,257 | |
American Tower Corp. | 4.700 | 03/15/22 | 2,210,000 | 2,309,945 | |
CenturyLink, Inc. | 5.625 | 04/01/20 | 950,000 | 992,750 | |
CenturyLink, Inc. | 5.800 | 03/15/22 | 2,915,000 | 2,987,875 | |
CenturyLink, Inc. | 6.450 | 06/15/21 | 1,880,000 | 2,016,300 | |
CenturyLink, Inc. | 7.600 | 09/15/39 | 1,645,000 | 1,550,413 | |
Crown Castle Towers LLC (S) | 4.883 | 08/15/20 | 3,660,000 | 4,004,798 | |
Crown Castle Towers LLC (S) | 6.113 | 01/15/20 | 3,009,000 | 3,461,202 | |
GTP Acquisition Partners I LLC (S) | 4.704 | 05/15/18 | 3,440,000 | 3,447,159 | |
GTP Acquisition Partners I LLC (S) | 7.628 | 06/15/16 | 3,625,000 | 3,883,415 | |
Oi SA (S) | 9.750 | 09/15/16 | BRL | 3,440,000 | 1,316,729 |
PAETEC Holding Corp. | 9.875 | 12/01/18 | 2,119,000 | 2,346,793 | |
T-Mobile USA, Inc. | 6.125 | 01/15/22 | 970,000 | 1,024,563 | |
T-Mobile USA, Inc. | 6.250 | 04/01/21 | 1,200,000 | 1,279,500 | |
Telecom Italia Capital SA | 6.999 | 06/04/18 | 2,130,000 | 2,414,888 | |
Telecom Italia Capital SA | 7.200 | 07/18/36 | 1,940,000 | 1,998,200 | |
Telefonica Emisiones SAU | 6.421 | 06/20/16 | 4,270,000 | 4,751,626 | |
Verizon Communications, Inc. | 4.500 | 09/15/20 | 3,130,000 | 3,390,992 | |
Verizon Communications, Inc. | 6.550 | 09/15/43 | 3,220,000 | 3,942,832 | |
Wireless Telecommunication Services 1.0% | |||||
Comcel Trust (S) | 6.875 | 02/06/24 | 2,220,000 | 2,294,925 | |
Digicel Group, Ltd. (S) | 8.250 | 09/30/20 | 2,455,000 | 2,596,163 | |
Millicom International Cellular SA (S) | 4.750 | 05/22/20 | 1,485,000 | 1,425,600 | |
Millicom International Cellular SA (S) | 6.625 | 10/15/21 | 2,015,000 | 2,100,638 | |
SBA Tower Trust (S) | 2.933 | 12/15/17 | 2,220,000 | 2,270,938 | |
SBA Tower Trust (S) | 3.598 | 04/15/18 | 2,545,000 | 2,507,115 | |
SBA Tower Trust (S) | 5.101 | 04/17/17 | 2,090,000 | 2,262,569 | |
SoftBank Corp. (S) | 4.500 | 04/15/20 | 2,800,000 | 2,817,500 | |
Utilities 2.1% | 38,362,329 | ||||
| |||||
Electric Utilities 1.1% | |||||
Beaver Valley II Funding Corp. | 9.000 | 06/01/17 | 566,000 | 602,915 | |
BVPS II Funding Corp. | 8.890 | 06/01/17 | 1,009,000 | 1,060,239 | |
DPL, Inc. | 7.250 | 10/15/21 | 2,975,000 | 2,971,281 | |
Electricite de France SA (5.250% to 1-29-23, then 10 Year | |||||
Swap Rate + 3.709%) (Q)(S) | 5.250 | 01/29/23 | 1,330,000 | 1,339,310 | |
Israel Electric Corp., Ltd. (S) | 5.625 | 06/21/18 | 2,790,000 | 2,962,980 | |
Israel Electric Corp., Ltd. (S) | 6.875 | 06/21/23 | 1,415,000 | 1,533,874 | |
Israel Electric Corp., Ltd. (S) | 7.250 | 01/15/19 | 2,720,000 | 3,046,400 | |
NextEra Energy Capital Holdings, Inc. (6.650% to 6-15-17, | |||||
then 3 month LIBOR + 2.125%) | 6.650 | 06/15/67 | 1,355,000 | 1,365,163 |
9 |
Bond Fund
As of 2-28-14 (Unaudited)
Maturity | |||||
Rate (%) | date | Par value^ | Value | ||
Utilities (continued) | |||||
| |||||
PNPP II Funding Corp. | 9.120 | 05/30/16 | 426,000 | $444,178 | |
PPL Capital Funding, Inc. (6.700% to 3-30-17, then 3 month | |||||
LIBOR + 2.665%) | 6.700 | 03/30/67 | 2,860,000 | 2,867,150 | |
Southern California Edison Company (6.250% to 2-1-22, | |||||
then 3 month LIBOR + 4.199%) (Q) | 6.250 | 02/01/22 | 1,710,000 | 1,812,600 | |
W3A Funding Corp. | 8.090 | 01/02/17 | 1,010,965 | 1,013,863 | |
Gas Utilities 0.1% | |||||
LBC Tank Terminals Holding Netherlands BV (S) | 6.875 | 05/15/23 | 755,000 | 798,413 | |
Independent Power and Renewable Electricity Producers 0.3% | |||||
AES Corp. | 4.875 | 05/15/23 | 555,000 | 538,350 | |
Calpine Corp. (S) | 6.000 | 01/15/22 | 745,000 | 789,700 | |
NRG Energy, Inc. | 7.625 | 01/15/18 | 2,460,000 | 2,779,800 | |
NRG Energy, Inc. | 8.250 | 09/01/20 | 1,910,000 | 2,120,100 | |
Multi-Utilities 0.6% | |||||
CMS Energy Corp. | 5.050 | 03/15/22 | 3,889,000 | 4,340,894 | |
Integrys Energy Group, Inc. (6.110% to 12-1-16, then 3 | |||||
month LIBOR + 2.120%) | 6.110 | 12/01/66 | 3,915,000 | 3,919,894 | |
Wisconsin Energy Corp. (6.250% to 5-15-17, then 3 month | |||||
LIBOR + 2.113%) | 6.250 | 05/15/67 | 2,010,000 | 2,055,225 | |
U.S. Government & Agency Obligations 23.3% | $431,071,985 | ||||
| |||||
(Cost $430,358,349) | |||||
U.S. Government 9.7% | 180,273,646 | ||||
| |||||
U.S. Treasury | |||||
Bond | 3.750 | 11/15/43 | 88,090,000 | 90,732,700 | |
Note | 1.000 | 06/30/19 | 22,125,000 | 21,385,184 | |
Note | 2.750 | 02/15/24 | 67,596,000 | 68,155,762 | |
U.S. Government Agency 13.6% | 250,798,339 | ||||
| |||||
Federal Home Loan Mortgage Corp. | |||||
30 Yr Pass Thru | 3.000 | 03/01/43 | 7,272,603 | 7,072,821 | |
30 Yr Pass Thru | 3.500 | 05/01/42 | 5,127,845 | 5,193,629 | |
30 Yr Pass Thru | 3.500 | 06/01/42 | 12,420,044 | 12,579,378 | |
30 Yr Pass Thru | 4.500 | 11/01/39 | 7,970,621 | 8,547,558 | |
30 Yr Pass Thru | 5.000 | 04/01/41 | 4,006,572 | 4,385,162 | |
30 Yr Pass Thru | 6.500 | 09/01/39 | 2,303,504 | 2,574,759 | |
Federal National Mortgage Association | |||||
15 Yr Pass Thru | 3.000 | 09/01/27 | 8,518,926 | 8,831,064 | |
15 Yr Pass Thru | 3.500 | 02/01/26 | 1,327,677 | 1,408,012 | |
15 Yr Pass Thru | 3.500 | 03/01/26 | 10,645,429 | 11,289,562 | |
15 Yr Pass Thru | 4.000 | 12/01/24 | 6,788,712 | 7,263,120 | |
30 Yr Pass Thru | 3.000 | 10/01/42 | 7,985,003 | 7,767,523 | |
30 Yr Pass Thru | 3.000 | 12/01/42 | 4,142,896 | 4,031,354 | |
30 Yr Pass Thru | 3.000 | 01/01/43 | 2,962,562 | 2,880,948 | |
30 Yr Pass Thru | 3.000 | 03/01/43 | 2,084,415 | 2,031,551 | |
30 Yr Pass Thru | 3.000 | 05/01/43 | 2,750,830 | 2,681,066 | |
30 Yr Pass Thru | 3.500 | 06/01/42 | 6,423,663 | 6,523,133 | |
30 Yr Pass Thru | 3.500 | 08/01/42 | 11,528,680 | 11,707,202 | |
30 Yr Pass Thru | 4.000 | 11/01/40 | 2,604,031 | 2,732,300 | |
30 Yr Pass Thru | 4.000 | 09/01/41 | 8,640,902 | 9,085,436 | |
30 Yr Pass Thru | 4.000 | 09/01/41 | 5,501,031 | 5,778,877 | |
30 Yr Pass Thru | 4.000 | 10/01/41 | 3,960,915 | 4,160,973 |
10 |
Bond Fund
As of 2-28-14 (Unaudited)
Maturity | |||||
Rate (%) | date | Par value^ | Value | ||
U.S. Government Agency (continued) | |||||
| |||||
30 Yr Pass Thru | 4.500 | 02/01/41 | 15,327,456 | $16,471,517 | |
30 Yr Pass Thru | 4.500 | 06/01/41 | 15,804,966 | 17,016,772 | |
30 Yr Pass Thru | 4.500 | 07/01/41 | 7,004,184 | 7,541,212 | |
30 Yr Pass Thru | 5.000 | 09/01/40 | 9,757,549 | 10,698,239 | |
30 Yr Pass Thru | 5.000 | 09/01/40 | 9,842,495 | 10,839,048 | |
30 Yr Pass Thru | 5.000 | 02/01/41 | 7,296,940 | 8,076,801 | |
30 Yr Pass Thru | 5.000 | 03/01/41 | 7,932,476 | 8,745,555 | |
30 Yr Pass Thru | 5.000 | 04/01/41 | 12,045,340 | 13,217,879 | |
30 Yr Pass Thru | 5.000 | 04/01/41 | 2,693,407 | 2,983,369 | |
30 Yr Pass Thru | 5.500 | 05/01/35 | 3,806,362 | 4,229,374 | |
30 Yr Pass Thru | 5.500 | 04/01/36 | 1,005,124 | 1,110,544 | |
30 Yr Pass Thru | 5.500 | 05/01/36 | 4,470,590 | 4,946,464 | |
30 Yr Pass Thru | 5.500 | 01/01/39 | 3,428,314 | 3,793,242 | |
30 Yr Pass Thru | 6.000 | 02/01/37 | 1,040,816 | 1,156,322 | |
30 Yr Pass Thru | 6.000 | 07/01/38 | 3,769,664 | 4,188,008 | |
30 Yr Pass Thru | 6.500 | 01/01/39 | 4,823,708 | 5,400,656 | |
30 Yr Pass Thru | 6.500 | 06/01/39 | 1,660,156 | 1,857,909 | |
Foreign Government Obligations 0.1% | $2,486,300 | ||||
| |||||
(Cost $2,532,080) | |||||
Argentina 0.1% | 2,486,300 | ||||
| |||||
City of Buenos Aires (S) | 9.950 | 03/01/17 | 2,645,000 | 2,486,300 | |
Convertible Bonds 0.1% | $1,171,634 | ||||
| |||||
(Cost $702,974) | |||||
Consumer Discretionary 0.1% | 1,171,634 | ||||
| |||||
Media 0.1% | |||||
XM Satellite Radio, Inc. (S) | 7.000 | 12/01/14 | 586,000 | 1,171,634 | |
Term Loans (M) 0.9% | $15,783,455 | ||||
| |||||
(Cost $15,646,339) | |||||
Consumer Discretionary 0.1% | 1,841,644 | ||||
| |||||
Hotels, Restaurants & Leisure 0.1% | |||||
CCM Merger, Inc. | 5.000 | 03/01/17 | 658,325 | 660,795 | |
Marina District Finance Company, Inc. | 6.750 | 08/15/18 | 650,000 | 655,416 | |
Specialty Retail 0.0% | |||||
Toys R Us Property Company I LLC | 6.000 | 08/21/19 | 558,600 | 525,433 | |
Consumer Staples 0.2% | 2,503,811 | ||||
| |||||
Household Products 0.2% | |||||
The Sun Products Corp. | 5.500 | 03/23/20 | 2,621,792 | 2,503,811 | |
Energy 0.1% | 1,548,863 | ||||
| |||||
Oil, Gas & Consumable Fuels 0.1% | |||||
Templar Energy LLC | 8.000 | 11/25/20 | 1,545,000 | 1,548,863 | |
Financials 0.1% | 2,177,794 | ||||
| |||||
Capital Markets 0.1% | |||||
Walter Investment Management Corp. | 4.750 | 12/11/20 | 1,668,365 | 1,662,631 |
11 |
Bond Fund
As of 2-28-14 (Unaudited)
Maturity | |||||
Rate (%) | date | Par value^ | Value | ||
Financials (continued) | |||||
| |||||
Real Estate Investment Trusts 0.0% | |||||
iStar Financial, Inc. | 4.500 | 10/16/17 | 514,198 | $515,163 | |
Industrials 0.2% | 4,010,260 | ||||
| |||||
Aerospace & Defense 0.1% | |||||
WP CPP Holdings LLC | 4.750 | 12/27/19 | 990,000 | 995,260 | |
Air Freight & Logistics 0.1% | |||||
Syncreon Group BV | 5.250 | 10/28/20 | 3,000,000 | 3,015,000 | |
Information Technology 0.0% | 451,125 | ||||
| |||||
Software 0.0% | |||||
BMC Software Finance, Inc. | 5.000 | 09/10/20 | 450,000 | 451,125 | |
Materials 0.1% | 1,445,335 | ||||
| |||||
Metals & Mining 0.1% | |||||
FMG Resources August 2006 Pty, Ltd. | 4.250 | 06/28/19 | 1,431,911 | 1,445,335 | |
Telecommunication Services 0.0% | 495,206 | ||||
| |||||
Wireless Telecommunication Services 0.0% | |||||
Cricket Communications, Inc. | 4.750 | 10/10/19 | 495,000 | 495,206 | |
Utilities 0.1% | 1,309,417 | ||||
| |||||
Electric Utilities 0.1% | |||||
La Frontera Generation LLC | 4.500 | 09/30/20 | 1,307,783 | 1,309,417 | |
Capital Preferred Securities 1.4% | $26,576,994 | ||||
| |||||
(Cost $26,250,071) | |||||
Financials 1.4% | 26,576,994 | ||||
| |||||
Banks 0.3% | |||||
Allfirst Preferred Capital Trust (P) | 1.739 | 07/15/29 | 1,305,000 | 1,070,100 | |
PNC Financial Services Group, Inc. (6.750% to 8-1-21, then | |||||
3 month LIBOR + 3.678%) (Q) | 6.750 | 08/01/21 | 3,260,000 | 3,492,275 | |
Sovereign Capital Trust VI | 7.908 | 06/13/36 | 2,115,000 | 2,117,644 | |
Capital Markets 0.4% | |||||
Goldman Sachs Capital II (Q) | 5.793 | 04/14/14 | 4,605,000 | 3,522,825 | |
State Street Capital Trust IV (P) | 1.243 | 06/15/37 | 4,580,000 | 3,549,500 | |
Diversified Financial Services 0.1% | |||||
BAC Capital Trust XIV, Series G (Q) | 4.000 | 04/10/14 | 1,416,000 | 1,097,400 | |
Insurance 0.6% | |||||
MetLife Capital Trust IV (7.875% to 12-15-32, then 3 month | |||||
LIBOR + 3.960%) (S) | 7.875 | 12/15/37 | 960,000 | 1,120,800 | |
MetLife Capital Trust X (9.250% to 4-8-33, then 3 month | |||||
LIBOR + 5.540%) (S) | 9.250 | 04/08/38 | 2,050,000 | 2,670,125 | |
ZFS Finance USA Trust II (6.450% to 6-15-16 then 3 month | |||||
LIBOR + 2.000%) (S) | 6.450 | 12/15/65 | 5,885,000 | 6,296,950 | |
ZFS Finance USA Trust V (6.500% to 5-9-17, then 3 month | |||||
LIBOR + 2.285%) (S) | 6.500 | 05/09/37 | 1,525,000 | 1,639,375 |
12 |
Bond Fund
As of 2-28-14 (Unaudited)
Maturity | |||||
Rate (%) | date | Par value^ | Value | ||
Collateralized Mortgage Obligations 15.9% | $293,621,304 | ||||
| |||||
(Cost $281,565,356) | |||||
Commercial & Residential 12.3% | 227,630,796 | ||||
| |||||
American Home Mortgage Assets Trust | |||||
Series 2006-6, Class XP IO | 2.041 | 12/25/46 | 20,658,965 | 1,347,692 | |
American Home Mortgage Investment Trust | |||||
Series 2005-1, Class 1A1 (P) | 0.376 | 06/25/45 | 4,087,772 | 3,702,643 | |
Americold 2010 LLC Trust | |||||
Series 2010-ARTA, Class D (S) | 7.443 | 01/14/29 | 4,285,000 | 4,839,363 | |
Banc of America Commercial Mortgage Securities Trust | |||||
Series 2013-DSNY, Class E (P) (S) | 2.755 | 09/15/26 | 2,300,000 | 2,306,491 | |
Banc of America Commercial Mortgage Trust, Inc. | |||||
Series 2006-4, Class AM | 5.675 | 07/10/46 | 5,350,000 | 5,831,751 | |
Series 2006-3, Class A4 (P) | 5.889 | 07/10/44 | 3,879,352 | 4,209,585 | |
Bear Stearns Adjustable Rate Mortgage Trust | |||||
Series 2005-2, Class A1 (P) | 2.560 | 03/25/35 | 3,244,372 | 3,313,918 | |
Series 2005-5, Class A2 (P) | 2.250 | 08/25/35 | 3,524,774 | 3,581,252 | |
Bear Stearns Alt-A Trust | |||||
Series 2004-12, Class 1A1 (P) | 0.856 | 01/25/35 | 5,745,056 | 5,523,291 | |
Series 2005-5, Class 1A4 (P) | 0.716 | 07/25/35 | 3,047,695 | 2,834,820 | |
Series 2005-7, Class 11A1 (P) | 0.696 | 08/25/35 | 4,879,298 | 4,386,265 | |
Bear Stearns Asset Backed Securities Trust | |||||
Series 2004-AC5, Class A1 (P) | 5.750 | 10/25/34 | 2,272,539 | 2,335,307 | |
Citigroup/Deutsche Bank Commercial Mortgage Trust | |||||
Series 2005-CD1, Class C (P) | 5.219 | 07/15/44 | 1,230,000 | 1,279,007 | |
Commercial Mortgage Pass Through Certificates | |||||
Series 2010-C1, Class D (P) (S) | 5.908 | 07/10/46 | 3,280,000 | 3,568,089 | |
Series 2012-CR2, Class XA IO | 1.937 | 08/15/45 | 19,717,948 | 2,160,653 | |
Series 2012-LC4, Class B (P) | 4.934 | 12/10/44 | 1,955,000 | 2,090,636 | |
Series 2012-LC4, Class C (P) | 5.648 | 12/10/44 | 4,110,000 | 4,458,684 | |
Series 2013-300P, Class D (P) (S) | 4.394 | 08/10/30 | 4,315,000 | 4,065,714 | |
Series 2013-CR11, Class B (P) | 5.165 | 10/10/46 | 3,835,000 | 4,113,229 | |
Series 2013-CR13, Class C | 4.746 | 10/10/46 | 2,855,000 | 2,871,028 | |
Series 2013-LC13, Class B (P) (S) | 5.009 | 08/10/46 | 3,565,000 | 3,765,988 | |
Series 2014-CR15, Class XA IO | 1.367 | 02/10/47 | 39,535,000 | 3,088,435 | |
Series 2014-TWC, Class D | 2.404 | 02/13/32 | 2,970,000 | 2,970,211 | |
Commercial Mortgage Trust | |||||
Series 2006-GG7, Class AM (P) | 5.820 | 07/10/38 | 3,325,000 | 3,642,950 | |
Deutsche Mortgage Securities, Inc. Mortgage Loan Trust | |||||
Series 2004-4, Class 2AR1 (P) | 0.696 | 06/25/34 | 3,788,714 | 3,533,825 | |
Extended Stay America Trust | |||||
Series 2013-ESFL, Class DFL (P) (S) | 3.295 | 12/05/31 | 3,615,000 | 3,573,681 | |
Series 2013-ESHM, Class M (S) | 7.625 | 12/05/19 | 980,093 | 1,008,493 | |
GMACM Mortgage Loan Trust | |||||
Series 2004-AR2, Class 3A (P) | 3.129 | 08/19/34 | 2,521,049 | 2,450,477 | |
GS Mortgage Securities Corp. II | |||||
Series 2013-KYO, Class D (P) (S) | 2.757 | 11/08/29 | 3,685,000 | 3,685,125 | |
GSR Mortgage Loan Trust | |||||
Series 2005-AR6, Class 3A1 (P) | 2.620 | 09/25/35 | 3,973,933 | 3,963,628 | |
HarborView Mortgage Loan Trust | |||||
Series 2005-11, Class X IO | 2.184 | 08/19/45 | 9,205,582 | 489,300 | |
Series 2005-9, Class 2A1C (P) | 0.604 | 06/20/35 | 4,817,469 | 4,466,700 | |
Series 2005-8, Class 1X IO | 2.159 | 09/19/35 | 11,695,019 | 776,374 | |
Series 2007-3, Class ES IO (S) | 0.350 | 05/19/47 | 58,342,836 | 619,893 | |
Series 2007-4, Class ES IO | 0.350 | 07/19/47 | 61,971,599 | 619,716 |
13 |
Bond Fund
As of 2-28-14 (Unaudited)
Maturity | |||||
Rate (%) | date | Par value^ | Value | ||
Commercial & Residential (continued) | |||||
| |||||
Series 2007-6, Class ES IO (S) | 0.342 | 08/19/37 | 48,378,960 | $514,026 | |
Hilton USA Trust | |||||
Series 2013-HLF, Class EFL (P) (S) | 3.908 | 11/05/30 | 3,360,000 | 3,368,464 | |
Series 2013-HLT, Class DFX (S) | 4.407 | 11/05/30 | 1,622,000 | 1,660,023 | |
IndyMac Index Mortgage Loan Trust | |||||
Series 2005-AR18, Class 1X IO | 2.092 | 10/25/36 | 24,382,846 | 1,773,082 | |
Series 2005-AR18, Class 2X IO | 1.738 | 10/25/36 | 38,400,320 | 1,471,677 | |
JPMorgan Chase Commercial Mortgage Securities Corp. | |||||
Series 2007-LD12, Class AM (P) | 6.011 | 02/15/51 | 5,600,000 | 6,264,843 | |
Series 2007-LDPX, Class AM (P) | 5.464 | 01/15/49 | 6,175,000 | 6,476,013 | |
Series 2012-HSBC, Class XA IO (S) | 1.431 | 07/05/32 | 20,100,000 | 2,035,326 | |
Series 2012-PHH, Class D (P) (S) | 3.422 | 10/15/25 | 1,575,000 | 1,583,130 | |
Series 2013-INMZ, Class M (P) (S) | 6.132 | 09/15/18 | 3,490,000 | 3,509,456 | |
Series 2013-JWRZ, Class D (P) (S) | 3.145 | 04/15/30 | 3,095,000 | 3,093,647 | |
Series 2014-FBLU, Class D (P) (S) | 2.755 | 12/15/28 | 4,830,000 | 4,834,531 | |
Series 2014-FBLU, Class E (P) (S) | 3.655 | 12/15/28 | 3,465,000 | 3,466,999 | |
LB-UBS Commercial Mortgage Trust | |||||
Series 2006-C6, Class AM | 5.413 | 09/15/39 | 3,059,000 | 3,356,879 | |
MASTR Adjustable Rate Mortgages Trust | |||||
Series 2004-11, Class M2 (P) | 1.256 | 11/25/34 | 3,370,000 | 3,129,045 | |
Merrill Lynch Mortgage Investors Trust | |||||
Series 2004-1, Class 2A1 (P) | 2.146 | 12/25/34 | 3,405,557 | 3,439,405 | |
Morgan Stanley Bank of America Merrill Lynch Trust | |||||
Series 2013-C7, Class C (P) | 4.188 | 02/15/46 | 2,403,000 | 2,314,156 | |
Morgan Stanley Mortgage Loan Trust | |||||
Series 2004-6AR, Class 2A2 (P) | 2.782 | 08/25/34 | 4,927,080 | 4,865,871 | |
MortgageIT Trust | |||||
Series 2005-2, Class 1A2 (P) | 0.486 | 05/25/35 | 3,083,420 | 2,911,307 | |
Motel 6 Trust | |||||
Series 2012-MTL6, Class D (S) | 3.781 | 10/05/25 | 5,845,000 | 5,893,245 | |
Residential Accredit Loans, Inc. | |||||
Series 2005-QO4, Class XIO IO | 2.394 | 12/25/45 | 23,104,947 | 2,246,861 | |
Springleaf Mortgage Loan Trust | |||||
Series 2012-3A, Class M1 (P) (S) | 2.660 | 12/25/59 | 1,520,000 | 1,504,615 | |
Thornburg Mortgage Securities Trust | |||||
Series 2004-1, Class II2A (P) | 1.703 | 03/25/44 | 2,961,824 | 2,902,380 | |
UBS Commercial Mortgage Trust | |||||
Series 2012-C1, Class B | 4.822 | 05/10/45 | 2,220,000 | 2,326,485 | |
Series 2012-C1, Class C (P) (S) | 5.535 | 05/10/45 | 1,580,000 | 1,695,787 | |
UBS-Barclays Commercial Mortgage Trust | |||||
Series 2012-C2, Class XA IO (S) | 1.789 | 05/10/63 | 27,474,371 | 2,414,255 | |
VFC 2013-1 LLC | |||||
Series 2013-1, Class A (S) | 3.130 | 03/20/26 | 2,051,603 | 2,072,615 | |
VNDO Mortgage Trust (P)(S) | |||||
Series 2013-PENN, Class D | 3.947 | 12/13/29 | 4,103,000 | 4,074,796 | |
Wachovia Bank Commercial Mortgage Trust | |||||
Series 2007-C31, Class AM (P) | 5.591 | 04/15/47 | 1,810,000 | 1,997,290 | |
WaMu Mortgage Pass Through Certificates | |||||
Series 2005-AR13, Class X IO | 1.468 | 10/25/45 | 101,062,729 | 4,800,480 | |
Series 2005-AR19, Class A1A2 (P) | 0.446 | 12/25/45 | 4,499,309 | 4,136,458 | |
Series 2005-AR2, Class 2A1B (P) | 0.526 | 01/25/45 | 1,705,161 | 1,544,988 | |
Series 2005-AR2, Class 2A3 (P) | 0.506 | 01/25/45 | 2,573,556 | 2,381,880 | |
Series 2005-AR8, Class 2AB2 (P) | 0.576 | 07/25/45 | 4,450,555 | 4,152,572 | |
Wells Fargo Commercial Mortgage Trust | |||||
Series 2013-120B, Class C (P) (S) | 2.710 | 03/18/28 | 6,210,000 | 5,765,383 |
14 |
Bond Fund
As of 2-28-14 (Unaudited)
Maturity | |||||
Rate (%) | date | Par value^ | Value | ||
Commercial & Residential (continued) | |||||
| |||||
Series 2013-BTC, Class E (P) (S) | 3.550 | 04/16/35 | 4,215,000 | $3,484,245 | |
WF-RBS Commercial Mortgage Trust | |||||
Series 2012-C9, Class XA IO (S) | 2.249 | 11/15/45 | 30,109,823 | 3,686,737 | |
Series 2013-C15, Class B (P) | 4.486 | 08/15/46 | 1,072,000 | 1,095,373 | |
Series 2013-C16, Class B (P) | 4.985 | 09/15/46 | 1,800,000 | 1,912,257 | |
U.S. Government Agency 3.6% | 65,990,508 | ||||
| |||||
Federal Home Loan Mortgage Corp. | |||||
Series 290, Class IO | 3.500 | 11/15/32 | 11,229,433 | 2,169,716 | |
Series 3794, Class PI IO | 4.500 | 02/15/38 | 2,133,710 | 242,809 | |
Series 3908, Class PA | 4.000 | 06/15/39 | 2,307,009 | 2,426,529 | |
Series 4060, Class HC | 3.000 | 03/15/41 | 5,681,878 | 5,833,681 | |
Series 4065, Class QA | 3.000 | 08/15/41 | 4,032,371 | 4,110,386 | |
Series 4068, Class AP | 3.500 | 06/15/40 | 6,216,756 | 6,463,803 | |
Series 4077, Class IK IO | 5.000 | 07/15/42 | 4,903,901 | 1,005,155 | |
Series 4136, Class IH IO | 3.500 | 09/15/27 | 16,156,026 | 2,100,429 | |
Series K017, Class X1 IO | 1.444 | 12/25/21 | 14,789,980 | 1,285,767 | |
Series K018, Class X1 IO | 1.454 | 01/25/22 | 19,750,716 | 1,725,284 | |
Series K021, Class X1 IO | 1.511 | 06/25/22 | 4,680,631 | 457,344 | |
Series K022, Class X1 IO | 1.305 | 07/25/22 | 36,454,068 | 3,075,885 | |
Series K709, Class X1 IO | 1.543 | 03/25/19 | 17,281,234 | 1,156,115 | |
Series K710, Class X1 IO | 1.782 | 05/25/19 | 14,020,415 | 1,105,972 | |
Series K711, Class X1 IO | 1.710 | 07/25/19 | 49,768,579 | 3,851,640 | |
Federal National Mortgage Association | |||||
Series 2009-50, Class GI IO | 5.000 | 05/25/39 | 2,357,274 | 332,438 | |
Series 2009-78, Class IB IO | 5.000 | 06/25/39 | 3,038,822 | 392,688 | |
Series 2012-118, Class IB IO | 3.500 | 11/25/42 | 8,151,241 | 1,784,691 | |
Series 2012-137, Class QI IO | 3.000 | 12/25/27 | 16,774,122 | 2,372,612 | |
Series 2012-137, Class WI IO | 3.500 | 12/25/32 | 12,024,119 | 2,301,100 | |
Series 2012-19, Class JA | 3.500 | 03/25/41 | 7,870,639 | 8,189,849 | |
Series 2012-67, Class KG | 3.500 | 02/25/41 | 1,877,050 | 1,942,758 | |
Series 402, Class 3 IO | 4.000 | 11/25/39 | 1,778,449 | 315,782 | |
Series 402, Class 4 IO | 4.000 | 10/25/39 | 2,782,669 | 593,722 | |
Series 402, Class 7 IO | 4.500 | 11/25/39 | 2,699,463 | 582,726 | |
Series 407, Class 15 IO | 5.000 | 01/25/40 | 3,132,512 | 572,602 | |
Series 407, Class 21 IO | 5.000 | 01/25/39 | 1,575,203 | 238,413 | |
Series 407, Class 7 IO | 5.000 | 03/25/41 | 2,548,209 | 517,730 | |
Series 407, Class 8 IO | 5.000 | 03/25/41 | 1,261,468 | 236,730 | |
Series 407, Class C6 IO | 5.500 | 01/25/40 | 6,291,997 | 1,368,837 | |
Government National Mortgage Association | |||||
Series 2012-114, Class IO | 1.033 | 01/16/53 | 11,390,531 | 1,010,408 | |
Series 2013-42, Class IA IO | 3.500 | 03/20/43 | 16,314,052 | 2,737,085 | |
Series 2013-42, Class YI IO | 3.500 | 03/20/43 | 21,284,334 | 3,489,822 | |
Asset Backed Securities 6.0% | 111,749,595 | ||||
| |||||
(Cost $108,013,823) | |||||
ACE Securities Corp. | |||||
Series 2006-ASP5, Class A2B (P) | 0.286 | 10/25/36 | 1,886,967 | 955,123 | |
Series 2006-ASP5, Class A2C (P) | 0.336 | 10/25/36 | 1,583,614 | 805,231 | |
Series 2006-ASP5, Class A2D (P) | 0.416 | 10/25/36 | 3,037,814 | 1,555,403 | |
ACE Securities Corp. Home Equity Loan Trust | |||||
Series 2005-HE3, Class M2 (P) | 0.606 | 05/25/35 | 2,419,980 | 2,298,003 | |
Aegis Asset Backed Securities Trust | |||||
Series 2004-3, Class A1 (P) | 0.876 | 09/25/34 | 1,557,470 | 1,524,061 | |
Series 2005-4, Class M1 (P) | 0.606 | 10/25/35 | 4,810,000 | 4,016,754 |
15 |
Bond Fund
As of 2-28-14 (Unaudited)
Maturity | |||||
Rate (%) | date | Par value^ | Value | ||
Ameriquest Mortgage Securities, Inc. | |||||
Series 2005-R3, Class M2 (P) | 0.626 | 05/25/35 | 3,070,000 | $2,803,103 | |
Argent Securities, Inc. | |||||
Series 2003-W10, Class M1 (P) | 1.236 | 01/25/34 | 1,624,750 | 1,564,498 | |
Series 2004-W6, Class M1 (P) | 0.706 | 05/25/34 | 1,758,131 | 1,709,173 | |
Series 2006-M2, Class A2C (P) | 0.306 | 09/25/36 | 8,342,651 | 3,328,993 | |
Asset Backed Funding Certificates | |||||
Series 2005-HE1, Class M1 (P) | 0.576 | 03/25/35 | 2,541,903 | 2,418,239 | |
Bravo Mortgage Asset Trust | |||||
Series 2006-1A, Class A2 (P) (S) | 0.396 | 07/25/36 | 3,786,559 | 3,489,829 | |
Citicorp Residential Mortgage Securities, Inc. | |||||
Series 2007-2, Class A6 (P) | 5.849 | 06/25/37 | 1,734,198 | 1,746,036 | |
CKE Restaurant Holdings, Inc. | |||||
Series 2013-1A, Class A2 (S) | 4.474 | 03/20/43 | 7,094,281 | 7,205,988 | |
ContiMortgage Home Equity Loan Trust | |||||
Series 1995-2, Class A5 | 8.100 | 08/15/25 | 132,567 | 130,103 | |
Countrywide Asset-Backed Certificates | |||||
Series 2004-10, Class AF5B (P) | 5.110 | 02/25/35 | 2,967,625 | 3,054,066 | |
Credit-Based Asset Servicing and Securitization LLC | |||||
Series 2005-CB2, Class M1 (P) | 0.816 | 04/25/36 | 2,725,562 | 2,681,468 | |
CSMC Trust | |||||
Series 2006-CF2, Class M1 (P) (S) | 0.626 | 05/25/36 | 3,245,000 | 3,143,999 | |
Dominos Pizza Master Issuer LLC | |||||
Series 2012-1A, Class A2 (S) | 5.216 | 01/25/42 | 6,203,150 | 6,681,525 | |
Encore Credit Receivables Trust | |||||
Series 2005-2, Class M2 (P) | 0.846 | 11/25/35 | 3,350,000 | 3,096,606 | |
Fremont Home Loan Trust | |||||
Series 2005-1, Class M3 (P) | 0.921 | 06/25/35 | 2,418,957 | 2,380,593 | |
GSAA Home Equity Trust | |||||
Series 2005-11, Class 3A1 (P) | 0.426 | 10/25/35 | 4,724,450 | 4,451,523 | |
GSAA Trust | |||||
Series 2005-10, Class M3 (P) | 0.706 | 06/25/35 | 4,265,000 | 3,983,002 | |
GSAMP Trust | |||||
Series 2006-NC1, Class A2 (P) | 0.336 | 02/25/36 | 2,012,695 | 1,893,996 | |
Home Equity Asset Trust | |||||
Series 2005-6, Class M1 (P) | 0.626 | 12/25/35 | 1,810,000 | 1,780,383 | |
Home Equity Mortgage Loan Asset-Backed Trust | |||||
Series 2005-C, Class AII3 (P) | 0.526 | 10/25/35 | 3,212,500 | 3,034,846 | |
Mastr Asset Backed Securities Trust | |||||
Series 2007-HE2, Class A2 (P) | 0.856 | 08/25/37 | 517,965 | 512,654 | |
Merrill Lynch Mortgage Investors, Inc. | |||||
Series 2005-WMC1, Class M1 (P) | 0.906 | 09/25/35 | 2,074,762 | 1,925,211 | |
Morgan Stanley ABS Capital I | |||||
Series 2006-HE4, Class A3 (P) | 0.306 | 06/25/36 | 2,437,340 | 1,634,346 | |
New Century Home Equity Loan Trust | |||||
Series 2005-1, Class M1 (P) | 0.606 | 03/25/35 | 5,350,000 | 5,024,533 | |
RAMP Trust | |||||
Series 2005-RS3, Class M1 (P) | 0.576 | 03/25/35 | 2,355,000 | 2,212,838 | |
Renaissance Home Equity Loan Trust | |||||
Series 2005-2, Class AF4 (P) | 4.934 | 08/25/35 | 2,680,000 | 2,593,235 | |
Sonic Capital LLC | |||||
Series 2011-1A, Class A2 (S) | 5.438 | 05/20/41 | 2,609,853 | 2,793,884 | |
Soundview Home Loan Trust | |||||
Series 2006-OPT2, Class A3 (P) | 0.336 | 05/25/36 | 1,266,853 | 1,166,332 | |
Specialty Underwriting & Residential Finance Trust | |||||
Series 2006-BC1, Class A2D (P) | 0.456 | 12/25/36 | 6,930,000 | 6,546,695 |
16 |
Bond Fund
As of 2-28-14 (Unaudited)
Maturity | |||||
Rate (%) | date | Par value^ | Value | ||
Structured Asset Securities Corp. Mortgage Loan Trust | |||||
Series 2005-2XS, Class 2A2 (P) | 1.659 | 02/25/35 | 3,441,669 | $3,287,372 | |
TAL Advantage LLC (S) | |||||
Series 2014-1A, Class A | 3.510 | 02/22/39 | 2,350,000 | 2,351,316 | |
Westgate Resorts LLC | |||||
Series 2012-2A, Class A (S) | 3.000 | 01/20/25 | 2,224,844 | 2,237,326 | |
Series 2012-2A, Class B (S) | 4.500 | 01/20/25 | 4,012,100 | 4,056,233 | |
Series 2012-3A, Class A (S) | 2.500 | 03/20/25 | 1,826,038 | 1,830,183 | |
Series 2012-3A, Class B (S) | 4.500 | 03/20/25 | 537,070 | 543,741 | |
Series 2013-1A, Class B (S) | 3.750 | 08/20/25 | 1,313,888 | 1,301,152 |
Shares | Value | ||||
Preferred Securities 0.8% | $15,029,255 | ||||
| |||||
(Cost $14,278,340) | |||||
Consumer Staples 0.1% | 2,028,563 | ||||
| |||||
Food & Staples Retailing 0.1% | |||||
Ocean Spray Cranberries, Inc., Series A, 6.250% (S) | 23,250 | 2,028,563 | |||
Financials 0.5% | 9,568,596 | ||||
| |||||
Banks 0.3% | |||||
FNB Corp., 7.250% | 61,350 | 1,650,254 | |||
Regions Financial Corp., 6.375% | 102,790 | 2,451,542 | |||
Wells Fargo & Company, Series L, 7.500% | 1,342 | 1,580,876 | |||
Capital Markets 0.1% | |||||
The Goldman Sachs Group, Inc., 5.500% | 74,825 | 1,772,604 | |||
Consumer Finance 0.1% | |||||
Discover Financial Services, 6.500% | 60,000 | 1,459,800 | |||
Real Estate Investment Trusts 0.0% | |||||
Weyerhaeuser Company, 6.375% | 12,000 | 653,520 | |||
Industrials 0.2% | 3,432,096 | ||||
| |||||
Aerospace & Defense 0.1% | |||||
United Technologies Corp., 7.500% | 31,265 | 2,078,185 | |||
Airlines 0.1% | |||||
Continental Airlines Finance Trust II, 6.000% | 27,300 | 1,353,911 | |||
Shares | Value | ||||
Common Stocks 0.0% | $64,443 | ||||
| |||||
(Cost $38,666) | |||||
Financials 0.0% | 64,443 | ||||
| |||||
Rescap Liquidating Trust (I) | 4,957 | 64,443 |
17 |
Bond Fund
As of 2-28-14 (Unaudited)
Par value | Value | ||||
Short-Term Investments 1.2% | $21,450,000 | ||||
| |||||
(Cost $21,450,000) | |||||
Repurchase Agreement 1.2% | 21,450,000 | ||||
| |||||
Barclays Tri-Party Repurchase Agreement dated 2-28-14 at 0.040% to | |||||
be repurchased at $20,458,068 on 3-3-14, collateralized by | |||||
$20,844,400 U.S. Treasury Note, 0.250% due 4-30-14 (valued at | |||||
$20,867,302, including interest) | $20,458,000 | 20,458,000 | |||
Repurchase Agreement with State Street Corp. dated 2-28-14 at | |||||
0.000% to be repurchased at $992,000 on 3-3-14, collateralized by | |||||
$1,015,000 Federal Home Loan Discount Note, 0.010% due 3-26-14 | |||||
(valued at $1,014,493, including interest) | 992,000 | 992,000 | |||
Total investments (Cost $1,768,049,089)† 98.6% | $1,822,993,409 | ||||
| |||||
Other assets and liabilities, net 1.4% | $25,129,726 | ||||
| |||||
Total net assets 100.0% | $1,848,123,135 | ||||
|
The percentage shown for each investment category is the total value of that category as a percentage of the net assets applicable of the fund.
^All par values are denominated in U.S. dollars unless otherwise indicated.
BRL Brazilian Real
IO Interest-Only Security - (Interest Tranche of Stripped Mortgage Pool). Rate shown is the annualized yield at the end of the period.
LIBOR London Interbank Offered Rate
PIK Paid-in-kind
USGG U.S. Generic Government Yield Index
(I) Non-income producing security.
(M) Term loans are variable rate obligations. The coupon rate shown represents the rate at period end.
(P) Variable rate obligation. The coupon rate shown represents the rate at period end.
(Q) Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
(S) These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $488,165,180 or 26.40% of the fund's net assets as of February 28, 2014.
† At 2-28-14, the aggregate cost of investment securities for federal income tax purposes was $1,774,102,695. Net unrealized appreciation aggregated $48,890,714, of which $70,909,230 related to appreciated investment securities and $22,018,516 related to depreciated investment securities.
18 |
Bond Fund
As of 2-28-14 (Unaudited)
Notes to Portfolio of Investments
Security valuation. Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In order to value the securities, the fund uses the following valuation techniques: Equity securities held by the fund are valued at the last sale price or official closing price on the exchange where the security was acquired or most likely will be sold. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Debt obligations are valued based on the evaluated prices provided by an independent pricing vendor or from broker-dealers. Independent pricing vendors utilize matrix pricing which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing vendor. Securities that trade only in the over-the-counter market are valued using bid prices. Certain short-term securities with maturities of 60 days or less at the time of purchase are valued at amortized cost. Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the fund’s Pricing Committee following procedures established by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.
The fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the fund’s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.
The following is a summary of the values by input classification of the fund’s investments as of February 28, 2014, by major security category or type:
Level 2 | Level 3 | ||||
Total Market | Level 1 | Significant | Significant | ||
Value at | Quoted | Observable | Unobservable | ||
2-28-14 | Price | Inputs | Inputs | ||
Corporate Bonds | $903,988,444 | — | $903,832,127 | $156,317 | |
U.S. Government & Agency Obligations | 431,071,985 | — | 431,071,985 | — | |
Foreign Government Obligations | 2,486,300 | — | 2,486,300 | — | |
Convertible Bonds | 1,171,634 | — | 1,171,634 | — | |
Term Loans | 15,783,455 | — | 15,783,455 | — | |
Capital Preferred Securities | 26,576,994 | — | 26,576,994 | — | |
Collateralized Mortgage Obligations | 293,621,304 | — | 291,867,669 | 1,753,635 | |
Asset Backed Securities | 111,749,595 | — | 111,749,595 | — | |
Preferred Securities | 15,029,255 | $9,996,527 | 5,032,728 | — | |
Common Stocks | 64,443 | 64,443 | — | — | |
Short-Term Investments | 21,450,000 | — | 21,450,000 | — | |
| |||||
Total Investments in Securities | $1,822,993,409 | $10,060,970 | $1,811,022,487 | $1,909,952 |
Repurchase agreements. The fund may enter into repurchase agreements. When the fund enters into a repurchase agreement, it receives collateral that is held in a segregated account by the fund’s custodian. The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest.
19 |
Bond Fund
As of 2-28-14 (Unaudited)
Collateral for certain tri-party repurchase agreements is held at a third-party custodian bank in a segregated account for the benefit of the fund.
Repurchase agreements are typically governed by the terms and conditions of the Master Repurchase Agreement and/or Global Master Repurchase Agreement (collectively, MRA). Upon an event of default, the non-defaulting party may close out all transactions traded under the MRA and net amounts owed. Absent an event of default, the MRA does not result in an offset of the net amounts owed. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline or the counterparty may have insufficient assets to pay back claims resulting from close-out of the transactions. Collateral received by the fund for repurchase agreements is disclosed in the Portfolio of investments as part of the caption related to the repurchase agreement.
Real estate investment trusts. The fund may invest in real estate investment trusts (REITs). Distributions from REITs may be recorded as income and subsequently characterized by the REIT at the end of the fiscal year as a reduction of cost of investments and/or as a realized gain. As a result, the fund will estimate the components of distributions from these securities. Such estimates are revised when the actual components of the distributions are known.
Stripped securities. Stripped securities are financial instruments structured to separate principal and interest cash flows so that one class receives principal payments from the underlying assets (PO or principal only), while the other class receives the interest cash flows (IO or interest only). Both PO and IO investments represent an interest in the cash flows of an underlying stripped security. If the underlying assets experience greater than anticipated prepayments of principal, the fund may fail to fully recover its initial investment in an IO security. The market value of these securities can be extremely volatile in response to changes in interest rates or prepayments on the underlying securities. In addition, these securities present additional credit risk such that the fund may not receive all or part of its principal or interest payments because the borrower or issuer has defaulted on its obligation.
For additional information on the fund’s significant accounting policies, please refer to the fund’s most recent semiannual or annual shareholder report.
20 |
ITEM 2. CONTROLS AND PROCEDURES.
(a) Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-Q, the registrant's principal executive officer and principal accounting officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
ITEM 3. EXHIBITS.
Separate certifications for the registrant's principal executive officer and principal accounting officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
SIGNATURES |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
John Hancock Sovereign Bond Fund
By: | /s/ Andrew Arnott |
Andrew Arnott | |
President | |
Date: | April 24, 2014 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Andrew Arnott |
Andrew Arnott | |
President | |
Date: | April 24, 2014 |
By: | /s/ Charles A. Rizzo |
Charles A. Rizzo | |
Chief Financial Officer | |
Date: | April 24, 2014 |
CERTIFICATION
I, Andrew Arnott, certify that:
1. I have reviewed this report on Form N-Q of John Hancock Sovereign Bond Fund (the “registrant”);
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: April 24, 2014 | /s/ Andrew Arnott |
Andrew Arnott | |
President |
CERTIFICATION
I, Charles A. Rizzo, certify that:
1. I have reviewed this report on Form N-Q of John Hancock Sovereign Bond Fund (the “registrant”);
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: April 24, 2014 | /s/ Charles A. Rizzo |
Charles A. Rizzo | |
Chief Financial Officer |
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