Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)
26 Noviembre 2012 - 12:53PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number
811-04379
Plan Investment Fund, Inc.
(Exact Name of Registrant as specified in charter)
2 Mid America
Plaza
Suite 200
Oakbrook Terrace, Illinois 60181
(Address of Principal Executive
Offices) (Zip code)
Dale E. Palka, President
2 Mid America Plaza
Suite 200
Oakbrook Terrace, Illinois 60181
(Name and Address of Agent for Service)
COPY TO:
Robert F. Weber, Esq.
Seyfarth Shaw LLP
131 S. Dearborn Street
Chicago, Illinois 60603
Registrants telephone number, including area code: (630) 472-7700
Date of fiscal year end:
December 31
Date of reporting period:
September 30, 2012
Item 1. Schedule of Investments.
The registrants schedule of investments is as follows:
Government/REPO Portfolio
(Unaudited)
Schedule of Investments
September 30, 2012
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Par Value
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Interest Rate
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Maturity
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Amortized
Cost
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REPURCHASE AGREEMENTS 100.1%
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$
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15,000,000
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Deutsche Bank Securities, Inc.
To be repurchased at $15,000,312 (collateralized by $27,446,645 par amount of Federal
National Mortgage Association Stripped Mortgage Backed Security, 0.00%, due 10/01/2040; Total Value $16,650,000)
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0.25
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%
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10/01/12
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$
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15,000,000
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15,000,000
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Goldman Sachs & Co.
To be repurchased at $15,000,263 (collateralized by $15,485,917 par amount of Federal National
Mortgage Backed Securities, 3.00% to 4.00%; due 09/01/2022 to 10/01/2041; Total Value $15,450,001)
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0.21
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%
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10/01/12
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15,000,000
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15,525,000
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HSBC Securities (USA), Inc.
To be repurchased at $15,525,311 (collateralized by $15,851,000 par amount of U.S. Treasury
Bill and U.S. Treasury Note, 0.00% to 0.25%; due 12/27/2012 to 09/15/2015; Total Value $15,835,653)
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0.24
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%
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10/01/12
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15,525,000
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15,000,000
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Morgan Stanley & Co., Inc.
To be repurchased at $15,000,312 (collateralized by $16,325,019 par amount of Federal
National Mortgage Backed Securities, 3.50% to 4.00%; due 11/01/2025 to 05/01/2042; Total Value $15,450,000)
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0.25
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%
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10/01/12
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15,000,000
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15,000,000
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RBS Securities, Inc.
To be repurchased at $15,000,338 (collateralized by $37,930,000 par amount of U.S. Treasury
Non-Callable STRIP, 0.00%; due 08/15/2042; Total Value $15,300,583)
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0.27
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%
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10/01/12
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15,000,000
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15,000,000
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UBS Securities LLC
To be repurchased at $15,000,287 (collateralized by $15,497,644 par amount of Government National
Mortgage Single Family Loan Pools, 4.50% to 5.00%; due 01/20/2042 to 05/20/2042; Total Value $15,300,000)
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0.23
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%
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10/01/12
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15,000,000
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Total Repurchase Agreements
(Cost $90,525,000)
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90,525,000
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Total Investments 100.1%
(Cost $90,525,000) *
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90,525,000
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Liabilities in excess of Other Assets (0.1%)
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(57,305
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)
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Net Assets 100.0%
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$
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90,467,695
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Net Asset Value
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$
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1.00
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*
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Aggregate cost is the same for financial reporting and Federal tax purposes.
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See accompanying notes to Schedule of Investments
Money Market Portfolio
(Unaudited)
Schedule of Investments
September 30, 2012
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Par Value
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Interest Rate
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Maturity
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Amortized
Cost
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U.S. TREASURY OBLIGATIONS 12.0%
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$
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10,000,000
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U.S. Treasury Bill
(1)
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0.14
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%
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02/07/13
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$
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9,994,983
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10,000,000
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U.S. Treasury Bill
(1)
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0.14
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%
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02/28/13
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9,994,167
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10,000,000
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U.S. Treasury Bill
(1)
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0.13
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%
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03/21/13
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9,993,706
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15,000,000
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U.S. Treasury Bill
(1)
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0.14
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%
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03/21/13
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14,990,025
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20,000,000
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U.S. Treasury Bill
(1)
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0.14
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%
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03/28/13
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19,986,156
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10,000,000
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U.S. Treasury Note
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1.38
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%
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11/15/12
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10,015,134
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10,000,000
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U.S. Treasury Note
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0.63
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%
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04/30/13
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10,024,310
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10,000,000
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U.S. Treasury Note
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0.50
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%
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05/31/13
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10,018,417
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12,000,000
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U.S. Treasury Note
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0.38
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%
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06/30/13
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12,012,109
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Total U.S. Treasury Obligations
(Cost $107,029,007)
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107,029,007
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BANK OBLIGATIONS 35.3%
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YANKEE CERTIFICATES OF DEPOSIT 35.3%
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8,000,000
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Bank of Montreal, Chicago
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0.31
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%
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02/07/13
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8,000,000
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11,000,000
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Bank of Nova Scotia, Houston
(2)
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0.32
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%
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02/11/13
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11,000,000
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17,000,000
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Bank of Nova Scotia, Houston
(2)
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0.27
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%
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02/15/13
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17,000,000
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20,000,000
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Bank of Tokyo Mitsubishi UFJ, Ltd., New York
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0.36
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%
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10/05/12
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20,000,000
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15,000,000
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Bank of Tokyo Mitsubishi UFJ, Ltd., New York
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0.48
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%
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01/24/13
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15,000,000
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18,000,000
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Canadian Imperial Bank of Commerce, New York
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0.32
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%
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01/02/13
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17,999,998
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9,000,000
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Canadian Imperial Bank of Commerce, New York
(2)
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0.37
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%
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09/25/13
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9,000,000
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10,000,000
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Credit Suisse, New York
(2)
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0.39
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%
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11/08/12
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10,000,038
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15,000,000
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Mizuho Corporate Bank, Ltd., New York
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0.34
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%
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11/02/12
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15,000,399
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15,000,000
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National Australia Bank Ltd., New York
(2)
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0.28
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%
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10/12/12
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15,000,000
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15,000,000
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National Bank of Canada, New York
(2)
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0.32
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%
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01/11/13
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15,000,000
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18,000,000
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National Bank of Canada, New York
(2)
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0.51
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%
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02/13/13
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18,009,116
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16,500,000
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Rabobank Nederland NV, New York
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0.53
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%
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10/25/12
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16,500,000
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10,000,000
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Rabobank Nederland NV, New York
(2)
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0.50
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%
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06/18/13
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10,000,000
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8,000,000
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Royal Bank of Canada, New York
(2)
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0.46
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%
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05/16/13
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8,000,000
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15,000,000
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Skandinaviska Enskilda Banken AB, New York
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0.44
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%
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10/19/12
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15,000,299
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10,000,000
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Sumitomo Mitsui Banking Corp., New York
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0.32
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%
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11/13/12
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10,000,000
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13,000,000
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Sumitomo Mitsui Banking Corp., New York
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0.39
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%
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02/13/13
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13,000,000
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20,000,000
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Sumitomo Mitsui Trust Bank Ltd., New York
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0.37
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%
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10/10/12
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20,000,000
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10,000,000
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Svenska Handelsbanken AB, New York
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0.38
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%
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10/11/12
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10,000,000
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12,000,000
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Toronto Dominion Bank, New York
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0.32
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%
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03/18/13
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12,000,000
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10,000,000
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Toronto Dominion Bank, New York
(2)
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0.31
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%
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05/28/13
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10,000,000
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20,000,000
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Westpac Banking Corp., New York
(2)
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0.42
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%
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02/04/13
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20,000,000
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Total Bank Obligations
(Cost $315,509,850)
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315,509,850
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See
accompanying notes to Schedule of Investments
Money Market Portfolio
(Unaudited)
Schedule of Investments
September 30, 2012
(Continued)
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Par Value
|
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Interest Rate
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Maturity
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Amortized
Cost
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CORPORATE DEBT 28.4%
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COMMERCIAL PAPER 28.4%
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ASSET BACKED SECURITIES 18.2%
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$
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20,000,000
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Cancara Asset Securitisation LLC
(1)
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0.20
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%
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10/03/12
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$
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19,999,778
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27,000,000
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Fairway Finance Co. LLC
(2)
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0.26
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%
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11/05/12
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27,000,000
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10,000,000
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Kells Funding LLC
(1)
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0.58
|
%
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|
11/30/12
|
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9,990,333
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|
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12,000,000
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Kells Funding LLC
(2)
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0.38
|
%
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|
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03/19/13
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|
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11,999,344
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|
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15,000,000
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Nieuw Amsterdam Receivables Corp.
(1)
|
|
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0.30
|
%
|
|
|
10/09/12
|
|
|
|
14,999,000
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|
|
15,000,000
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Nieuw Amsterdam Receivables Corp.
(1)
|
|
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0.45
|
%
|
|
|
01/02/13
|
|
|
|
14,982,562
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|
|
15,000,000
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|
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Old Line Funding LLC
(1)
|
|
|
0.32
|
%
|
|
|
03/11/13
|
|
|
|
14,978,533
|
|
|
11,815,000
|
|
|
Regency Markets No. 1 LLC
(1)
|
|
|
0.33
|
%
|
|
|
10/15/12
|
|
|
|
11,813,484
|
|
|
15,000,000
|
|
|
Sydney Capital Corp.
(1)
|
|
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0.30
|
%
|
|
|
12/18/12
|
|
|
|
14,990,250
|
|
|
21,562,000
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|
|
Thunder Bay Funding LLC
(1)
|
|
|
0.25
|
%
|
|
|
10/09/12
|
|
|
|
21,560,802
|
|
|
|
|
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|
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|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
162,314,086
|
|
|
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|
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|
|
|
|
|
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FINANCIAL COMPANIES 10.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,000,000
|
|
|
Barclays US Funding Corp.
(1)
|
|
|
0.05
|
%
|
|
|
10/01/12
|
|
|
|
10,000,000
|
|
|
12,000,000
|
|
|
National Australia Funding, Delaware
(1)
|
|
|
0.28
|
%
|
|
|
01/28/13
|
|
|
|
11,989,092
|
|
|
17,000,000
|
|
|
Nordea North America, Inc.
(1)
|
|
|
0.36
|
%
|
|
|
02/08/13
|
|
|
|
16,977,900
|
|
|
22,000,000
|
|
|
State Street Corp.
(1)
|
|
|
0.31
|
%
|
|
|
01/18/13
|
|
|
|
21,979,351
|
|
|
20,000,000
|
|
|
Svenska Handelsbanken, Inc.
(1)
|
|
|
0.39
|
%
|
|
|
10/01/12
|
|
|
|
20,000,000
|
|
|
10,000,000
|
|
|
Svenska Handelsbanken, Inc.
(1)
|
|
|
0.40
|
%
|
|
|
10/01/12
|
|
|
|
10,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
90,946,343
|
|
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|
|
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|
|
|
|
|
Total Commercial Paper
|
|
|
|
|
|
|
|
|
|
|
253,260,429
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Corporate Debt
(Cost $253,260,429)
|
|
|
|
|
|
|
|
|
|
|
253,260,429
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUNICIPAL BONDS 9.5%
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,315,000
|
|
|
California Housing Finance Agency RB, Home Mortgage, Series E-1, Letter of Credit: Freddie Mac, Fannie Mae
|
|
|
0.18
|
%
|
|
|
02/01/23
|
|
|
|
9,315,000
|
|
|
5,730,000
|
|
|
California Housing Finance Agency RB, Multifamily Housing, Series A, Letter of Credit: Freddie Mac, Fannie Mae
|
|
|
0.16
|
%
|
|
|
08/01/40
|
|
|
|
5,730,000
|
|
|
12,500,000
|
|
|
California Housing Finance Agency RB, Multifamily Housing, Series E, Letter of Credit: Freddie Mac, Fannie Mae
|
|
|
0.19
|
%
|
|
|
08/01/37
|
|
|
|
12,500,000
|
|
|
18,800,000
|
|
|
Houston, Texas Utility System RB, First Lien, Series B-3, Letter of Credit: Sumitomo Mitsui Banking Corp. New
York
|
|
|
0.17
|
%
|
|
|
05/15/34
|
|
|
|
18,800,000
|
|
|
18,000,000
|
|
|
New York City Housing Development Corp., Multifamily Rent Housing RB, West End Towers, Series A, Credit Support Fannie Mae
Liquidity Facility: Fannie Mae
|
|
|
0.19
|
%
|
|
|
05/15/34
|
|
|
|
18,000,000
|
|
|
10,000,000
|
|
|
New York, Subseries F-3, GO, Letter of Credit: Sumitomo Mitsui Banking Corp. New York
|
|
|
0.17
|
%
|
|
|
09/01/35
|
|
|
|
10,000,000
|
|
See
accompanying notes to Schedule of Investments
Money Market Portfolio
(Unaudited)
Schedule of Investments
September 30, 2012
(Concluded)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par Value
|
|
|
|
|
Interest Rate
|
|
|
Maturity
|
|
|
Amortized
Cost
|
|
|
|
|
|
|
MUNICIPAL BONDS (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
10,800,000
|
|
|
Texas State, Veterans Housing Assessment Project, Series A-2, GO, Liquidity Facility: JPMorgan Chase & Co.
|
|
|
0.18
|
%
|
|
|
12/01/29
|
|
|
$
|
10,800,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds
(Cost $85,145,000)
|
|
|
|
|
|
|
|
|
|
|
85,145,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPURCHASE AGREEMENTS 14.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71,733,000
|
|
|
Deutsche Bank Securities, Inc.
To be repurchased at $71,734,196 (collateralized by $73,450,000 par amount of Federal Home
Loan Mortgage Corp. Fixed Rate Note, 0.70%; due 09/27/2016; Total Value $73,167,911)
|
|
|
0.20
|
%
|
|
|
10/01/12
|
|
|
|
71,733,000
|
|
|
60,000,000
|
|
|
UBS Securities LLC
To be repurchased at $60,001,150 (collateralized by $96,370,173 par amount of Government National
Mortgage Single Family Loan Pools, 2.50% to 5.00%; due 07/15/2027 to 03/15/2041; Total Value $61,200,000)
|
|
|
0.23
|
%
|
|
|
10/01/12
|
|
|
|
60,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Repurchase Agreements
(Cost $131,733,000)
|
|
|
|
|
|
|
|
|
|
|
131,733,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments 100.0%
(Cost $892,677,286) *
|
|
|
|
|
|
|
|
|
|
|
892,677,286
|
|
|
|
|
|
|
|
|
|
|
Liabilities in excess of Other Assets 0.0%
|
|
|
|
|
|
|
|
|
|
|
(79,423
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets 100.0%
|
|
|
|
|
|
|
|
|
|
$
|
892,597,863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value
|
|
|
|
|
|
|
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Aggregate cost is the same for financial reporting and Federal tax purposes.
|
(1)
|
Rate disclosed
represents the discount rate at the time of purchase.
|
(2)
|
Variable rate
security. Interest rate shown is as of report date and the date shown is the final maturity date.
|
(3)
|
Variable rate
security. Interest rate shown is as of report date and the date shown is the final maturity date, although the principal owed can be recovered through demand upon 7-days notice.
|
See
accompanying notes to Schedule of Investments
Ultrashort Duration Government Portfolio
(Unaudited)
Schedule of Investments
September 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par Value
|
|
|
|
|
Interest Rate
|
|
|
Maturity
|
|
|
Fair
Value
|
|
|
|
|
|
|
U.S. TREASURY OBLIGATIONS 45.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
13,700,000
|
|
|
U.S. Treasury Bill
(1)
|
|
|
0.10
|
%
|
|
|
12/13/12
|
|
|
$
|
13,697,781
|
|
|
5,000,000
|
|
|
U.S. Treasury Bill
(1)
|
|
|
0.17
|
%
|
|
|
06/27/13
|
|
|
|
4,994,310
|
|
|
875,000
|
|
|
U.S. Treasury Bill
(1)
|
|
|
0.18
|
%
|
|
|
07/25/13
|
|
|
|
873,900
|
|
|
6,000,000
|
|
|
U.S. Treasury Bill
(1)
|
|
|
0.16
|
%
|
|
|
09/19/13
|
|
|
|
5,990,892
|
|
|
6,240,000
|
|
|
U.S. Treasury Note
|
|
|
1.75
|
%
|
|
|
04/15/13
|
|
|
|
6,293,140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total U.S. Treasury Obligations
(Cost $31,848,861)
|
|
|
|
|
|
|
|
|
|
|
31,850,023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AGENCY OBLIGATIONS 53.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
750,000
|
|
|
Federal Farm Credit Bank
(2)
|
|
|
1.88
|
%
|
|
|
12/07/12
|
|
|
|
752,356
|
|
|
615,000
|
|
|
Federal Farm Credit Bank
(2)
|
|
|
1.75
|
%
|
|
|
02/21/13
|
|
|
|
618,559
|
|
|
1,000,000
|
|
|
Federal Home Loan Bank
(2)
|
|
|
0.24
|
%
|
|
|
04/16/13
|
|
|
|
1,000,286
|
|
|
350,000
|
|
|
Federal Home Loan Bank
(2)
|
|
|
0.37
|
%
|
|
|
05/03/13
|
|
|
|
350,350
|
|
|
272,200
|
|
|
Federal Home Loan Bank
(2)
|
|
|
4.78
|
%
|
|
|
01/25/17
|
|
|
|
289,417
|
|
|
1,000,000
|
|
|
Federal Home Loan Mortgage Corp.
(2)
|
|
|
1.63
|
%
|
|
|
04/15/13
|
|
|
|
1,007,692
|
|
|
1,000,000
|
|
|
Federal Home Loan Mortgage Corp.
(2)
|
|
|
1.72
|
%
|
|
|
04/11/13
|
|
|
|
1,008,055
|
|
|
116,235
|
|
|
Federal Home Loan Mortgage Corp.
(2)
|
|
|
5.50
|
%
|
|
|
09/01/13
|
|
|
|
119,563
|
|
|
600,000
|
|
|
Federal Home Loan Mortgage Corp.
(2)
|
|
|
0.38
|
%
|
|
|
11/27/13
|
|
|
|
601,028
|
|
|
250,000
|
|
|
Federal Home Loan Mortgage Corp.
(2)
|
|
|
0.63
|
%
|
|
|
12/20/13
|
|
|
|
250,152
|
|
|
83,268
|
|
|
Federal Home Loan Mortgage Corp.
(2)
|
|
|
6.50
|
%
|
|
|
07/01/17
|
|
|
|
90,622
|
|
|
469,953
|
|
|
Federal Home Loan Mortgage Corp.
(2)
|
|
|
5.00
|
%
|
|
|
09/01/18
|
|
|
|
515,721
|
|
|
693,551
|
|
|
Federal Home Loan Mortgage Corp.
(2)
|
|
|
4.50
|
%
|
|
|
11/01/18
|
|
|
|
745,381
|
|
|
476,741
|
|
|
Federal Home Loan Mortgage Corp.
(2)
|
|
|
4.50
|
%
|
|
|
04/01/21
|
|
|
|
512,816
|
|
|
205,570
|
|
|
Federal Home Loan Mortgage Corp., CMO
(2)
|
|
|
5.50
|
%
|
|
|
02/15/15
|
|
|
|
207,750
|
|
|
298,453
|
|
|
Federal Home Loan Mortgage Corp., CMO
(2)
|
|
|
5.50
|
%
|
|
|
10/15/17
|
|
|
|
319,067
|
|
|
103,386
|
|
|
Federal Home Loan Mortgage Corp., CMO
(2)
|
|
|
5.75
|
%
|
|
|
12/15/18
|
|
|
|
103,482
|
|
|
104,775
|
|
|
Federal Home Loan Mortgage Corp., CMO
(2)
|
|
|
5.50
|
%
|
|
|
12/15/20
|
|
|
|
105,191
|
|
|
285,146
|
|
|
Federal Home Loan Mortgage Corp., CMO
(2)
|
|
|
4.50
|
%
|
|
|
01/15/23
|
|
|
|
289,387
|
|
|
264,421
|
|
|
Federal Home Loan Mortgage Corp., CMO
(2)
|
|
|
5.00
|
%
|
|
|
04/15/31
|
|
|
|
266,318
|
|
|
83,481
|
|
|
Federal Home Loan Mortgage Corp., CMO
(2)
|
|
|
5.00
|
%
|
|
|
06/15/31
|
|
|
|
83,854
|
|
|
44,098
|
|
|
Federal Home Loan Mortgage Corp., CMO
(2)
|
|
|
5.50
|
%
|
|
|
01/15/32
|
|
|
|
44,155
|
|
|
64,315
|
|
|
Federal Home Loan Mortgage Corp., CMO
(2)
|
|
|
5.50
|
%
|
|
|
07/15/32
|
|
|
|
65,323
|
|
|
26,954
|
|
|
Federal Home Loan Mortgage Corp., CMO
(2)
|
|
|
5.00
|
%
|
|
|
08/15/32
|
|
|
|
26,954
|
|
|
452,547
|
|
|
Federal Home Loan Mortgage Corp., CMO
(2)
|
|
|
5.00
|
%
|
|
|
11/15/32
|
|
|
|
455,988
|
|
|
550,000
|
|
|
Federal National Mortgage Association
(2)
|
|
|
1.75
|
%
|
|
|
02/22/13
|
|
|
|
553,422
|
|
|
238,190
|
|
|
Federal National Mortgage Association
(2)
|
|
|
4.97
|
%
|
|
|
12/01/13
|
|
|
|
246,494
|
|
|
600,000
|
|
|
Federal National Mortgage Association
(2)
|
|
|
2.50
|
%
|
|
|
05/15/14
|
|
|
|
621,641
|
|
|
450,000
|
|
|
Federal National Mortgage Association
(2)
|
|
|
0.70
|
%
|
|
|
03/26/15
|
|
|
|
451,309
|
|
|
152,978
|
|
|
Federal National Mortgage Association
(2)
|
|
|
4.50
|
%
|
|
|
05/01/18
|
|
|
|
167,569
|
|
|
390,515
|
|
|
Federal National Mortgage Association
(2)
|
|
|
4.00
|
%
|
|
|
07/01/18
|
|
|
|
418,670
|
|
|
1,061,801
|
|
|
Federal National Mortgage Association
(2)
|
|
|
4.00
|
%
|
|
|
10/01/20
|
|
|
|
1,136,032
|
|
|
669,817
|
|
|
Federal National Mortgage Association, CMO
(2)
|
|
|
6.00
|
%
|
|
|
01/25/29
|
|
|
|
686,279
|
|
|
290,531
|
|
|
Federal National Mortgage Association, CMO
(2)
|
|
|
5.50
|
%
|
|
|
09/25/31
|
|
|
|
291,660
|
|
|
372,213
|
|
|
Federal National Mortgage Association, CMO
(2)
|
|
|
5.00
|
%
|
|
|
03/25/32
|
|
|
|
375,609
|
|
|
1,021,742
|
|
|
Federal National Mortgage Association, CMO
(2)
|
|
|
5.50
|
%
|
|
|
05/25/32
|
|
|
|
1,025,802
|
|
See
accompanying notes to Schedule of Investments
Ultrashort Duration Government Portfolio
(Unaudited)
Schedule of Investments
September 30, 2012
(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par Value
|
|
|
|
|
Interest Rate
|
|
|
Maturity
|
|
|
Fair
Value
|
|
|
|
|
|
|
AGENCY OBLIGATIONS (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
769,902
|
|
|
Federal National Mortgage Association, CMO
(2)
|
|
|
5.00
|
%
|
|
|
10/25/32
|
|
|
$
|
773,753
|
|
|
241,252
|
|
|
Federal National Mortgage Association, CMO
(2)
|
|
|
6.00
|
%
|
|
|
10/25/33
|
|
|
|
243,885
|
|
|
271,473
|
|
|
Federal National Mortgage Association, CMO
(2)
|
|
|
5.00
|
%
|
|
|
08/25/35
|
|
|
|
274,272
|
|
|
346,768
|
|
|
Federal National Mortgage Association, CMO
(2)
|
|
|
5.00
|
%
|
|
|
08/25/47
|
|
|
|
347,962
|
|
|
107,244
|
|
|
Government National Mortgage Association
|
|
|
4.50
|
%
|
|
|
01/16/28
|
|
|
|
110,410
|
|
|
335,231
|
|
|
Government National Mortgage Association
|
|
|
5.85
|
%
|
|
|
07/20/58
|
|
|
|
360,944
|
|
|
572,317
|
|
|
Government National Mortgage Association
|
|
|
5.46
|
%
|
|
|
07/20/59
|
|
|
|
635,634
|
|
|
1,040,300
|
|
|
Government National Mortgage Association
|
|
|
5.46
|
%
|
|
|
07/20/59
|
|
|
|
1,163,504
|
|
|
528,124
|
|
|
Government National Mortgage Association
|
|
|
5.46
|
%
|
|
|
07/20/59
|
|
|
|
582,197
|
|
|
520,967
|
|
|
Government National Mortgage Association
|
|
|
5.46
|
%
|
|
|
08/20/59
|
|
|
|
575,582
|
|
|
306,639
|
|
|
Government National Mortgage Association
|
|
|
5.47
|
%
|
|
|
08/20/59
|
|
|
|
337,887
|
|
|
512,706
|
|
|
Government National Mortgage Association
|
|
|
5.47
|
%
|
|
|
08/20/59
|
|
|
|
566,142
|
|
|
798,574
|
|
|
Government National Mortgage Association
|
|
|
5.51
|
%
|
|
|
10/20/59
|
|
|
|
889,196
|
|
|
423,085
|
|
|
Government National Mortgage Association
|
|
|
5.59
|
%
|
|
|
11/20/59
|
|
|
|
470,165
|
|
|
866,937
|
|
|
Government National Mortgage Association
|
|
|
5.50
|
%
|
|
|
01/20/60
|
|
|
|
970,981
|
|
|
1,044,799
|
|
|
Government National Mortgage Association
|
|
|
4.86
|
%
|
|
|
01/20/61
|
|
|
|
1,180,702
|
|
|
595,098
|
|
|
Government National Mortgage Association
(3)
|
|
|
1.07
|
%
|
|
|
12/20/61
|
|
|
|
602,936
|
|
|
768,556
|
|
|
Government National Mortgage Association
(3)
|
|
|
1.14
|
%
|
|
|
02/20/62
|
|
|
|
778,772
|
|
|
740,721
|
|
|
Government National Mortgage Association
|
|
|
4.71
|
%
|
|
|
03/20/62
|
|
|
|
834,030
|
|
|
526,498
|
|
|
Government National Mortgage Association
|
|
|
5.16
|
%
|
|
|
06/20/62
|
|
|
|
591,316
|
|
|
747,506
|
|
|
Government National Mortgage Association
|
|
|
5.41
|
%
|
|
|
06/20/62
|
|
|
|
824,495
|
|
|
192,764
|
|
|
Government National Mortgage Association, CMO
(3)
|
|
|
4.60
|
%
|
|
|
07/16/29
|
|
|
|
193,955
|
|
|
45,274
|
|
|
Government National Mortgage Association, CMO
|
|
|
4.86
|
%
|
|
|
02/16/30
|
|
|
|
45,490
|
|
|
661,544
|
|
|
Government National Mortgage Association, CMO
(3)
|
|
|
5.16
|
%
|
|
|
06/16/31
|
|
|
|
671,501
|
|
|
161,164
|
|
|
Government National Mortgage Association, CMO
(3)
|
|
|
4.88
|
%
|
|
|
12/16/31
|
|
|
|
165,272
|
|
|
489,475
|
|
|
Government National Mortgage Association, CMO
(3)
|
|
|
4.93
|
%
|
|
|
09/16/32
|
|
|
|
511,866
|
|
|
409,607
|
|
|
Government National Mortgage Association, CMO
|
|
|
2.16
|
%
|
|
|
07/16/33
|
|
|
|
419,081
|
|
|
641,089
|
|
|
Government National Mortgage Association, CMO
|
|
|
1.70
|
%
|
|
|
08/16/33
|
|
|
|
653,392
|
|
|
268,229
|
|
|
Government National Mortgage Association, CMO
|
|
|
4.92
|
%
|
|
|
05/16/34
|
|
|
|
280,953
|
|
|
143,724
|
|
|
Government National Mortgage Association, CMO
|
|
|
2.21
|
%
|
|
|
11/16/34
|
|
|
|
146,698
|
|
|
322,759
|
|
|
Government National Mortgage Association, CMO
(3)
|
|
|
4.91
|
%
|
|
|
03/16/35
|
|
|
|
343,865
|
|
|
192,420
|
|
|
Government National Mortgage Association, CMO
|
|
|
2.21
|
%
|
|
|
12/16/35
|
|
|
|
196,716
|
|
|
222,336
|
|
|
Government National Mortgage Association, CMO
|
|
|
2.16
|
%
|
|
|
11/16/36
|
|
|
|
227,572
|
|
|
168,315
|
|
|
Government National Mortgage Association, CMO
|
|
|
5.19
|
%
|
|
|
05/16/39
|
|
|
|
171,878
|
|
See
accompanying notes to Schedule of Investments
Ultrashort Duration Government Portfolio
(Unaudited)
Schedule of Investments
September 30, 2012
(Concluded)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par Value
|
|
|
|
|
Interest Rate
|
|
|
Maturity
|
|
|
Fair
Value
|
|
|
|
|
|
|
AGENCY OBLIGATIONS (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
597,520
|
|
|
Government National Mortgage Association, CMO
|
|
|
2.00
|
%
|
|
|
06/20/39
|
|
|
$
|
603,114
|
|
|
233,285
|
|
|
Government National Mortgage Association, CMO
|
|
|
5.02
|
%
|
|
|
06/16/40
|
|
|
|
244,144
|
|
|
147,438
|
|
|
Government National Mortgage Association, CMO
(3)
|
|
|
5.01
|
%
|
|
|
02/16/44
|
|
|
|
156,859
|
|
|
518,814
|
|
|
National Credit Union Administration Guaranteed Notes, CMO
(3)
|
|
|
0.60
|
%
|
|
|
11/06/17
|
|
|
|
520,111
|
|
|
264,927
|
|
|
Small Business Administration
(2)(3)
|
|
|
3.58
|
%
|
|
|
04/25/16
|
|
|
|
272,539
|
|
|
715,083
|
|
|
Small Business Administration
(2)(3)
|
|
|
3.08
|
%
|
|
|
06/25/22
|
|
|
|
770,577
|
|
|
557,380
|
|
|
Small Business Administration
(2)(3)
|
|
|
3.58
|
%
|
|
|
08/25/22
|
|
|
|
607,414
|
|
|
489,001
|
|
|
Small Business Administration
(2)(3)
|
|
|
4.13
|
%
|
|
|
03/25/24
|
|
|
|
550,649
|
|
|
635,000
|
|
|
Tennessee Valley Authority
|
|
|
6.00
|
%
|
|
|
03/15/13
|
|
|
|
651,631
|
|
|
500,000
|
|
|
Tennessee Valley Authority
|
|
|
4.75
|
%
|
|
|
08/01/13
|
|
|
|
518,891
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Agency Obligations
(Cost $37,673,616)
|
|
|
|
|
|
|
|
|
|
|
37,842,887
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REGISTERED INVESTMENT COMPANY 0.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
493,857
|
|
|
Dreyfus Treasury & Agency Cash Management Fund
|
|
|
|
|
|
|
|
|
|
|
493,857
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Registered Investment Company
(Cost $493,857)
|
|
|
|
|
|
|
|
|
|
|
493,857
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments 99.8%
(Cost $70,016,334) *
|
|
|
|
|
|
|
|
|
|
|
70,186,767
|
|
|
|
|
|
|
|
|
|
|
Other Assets in excess of Liabilities 0.2%
|
|
|
|
|
|
|
|
|
|
|
144,055
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets 100.0%
|
|
|
|
|
|
|
|
|
|
$
|
70,330,822
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value
|
|
|
|
|
|
|
|
|
|
$
|
10.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
The cost and unrealized appreciation and depreciation in the value of the investments owned by the Portfolio as computed on a federal income tax basis are as follows:
|
|
|
|
|
|
Aggregate Cost
|
|
$
|
70,016,334
|
|
|
|
|
|
|
Unrealized appreciation
|
|
|
213,405
|
|
Unrealized depreciation
|
|
|
(42,972
|
)
|
|
|
|
|
|
Net unrealized appreciation
|
|
$
|
170,433
|
|
|
|
|
|
|
(1)
|
Rate disclosed represents the discount rate at the time of purchase.
|
(2)
|
These obligations
of U.S. Government sponsored entities are not issued or guaranteed by the U.S. Treasury.
|
(3)
|
Variable or
floating rate security. Rate disclosed is as of September 30, 2012.
|
CMO
|
Collateralized Mortgage Obligation
|
See
accompanying notes to Schedule of Investments
Ultrashort Duration Bond Portfolio
(Unaudited)
Schedule of Investments
September 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par Value
|
|
|
|
|
Interest Rate
|
|
|
Maturity
|
|
|
Fair
Value
|
|
|
|
|
|
|
U.S. TREASURY OBLIGATIONS 16.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
350,000
|
|
|
U.S. Treasury Bill
(1)
|
|
|
0.17
|
%
|
|
|
04/04/13
|
|
|
$
|
349,753
|
|
|
1,000,000
|
|
|
U.S. Treasury Bill
(1)
|
|
|
0.17
|
%
|
|
|
04/04/13
|
|
|
|
999,294
|
|
|
1,100,000
|
|
|
U.S. Treasury Bill
(1)
|
|
|
0.18
|
%
|
|
|
04/04/13
|
|
|
|
1,099,223
|
|
|
1,173,900
|
|
|
U.S. Treasury Bill
(1)
|
|
|
0.18
|
%
|
|
|
04/04/13
|
|
|
|
1,173,071
|
|
|
2,500,000
|
|
|
U.S. Treasury Bill
(1)
|
|
|
0.17
|
%
|
|
|
06/27/13
|
|
|
|
2,497,155
|
|
|
1,000,000
|
|
|
U.S. Treasury Bill
(1)
|
|
|
0.16
|
%
|
|
|
07/25/13
|
|
|
|
998,743
|
|
|
2,000,000
|
|
|
U.S. Treasury Bill
(1)
|
|
|
0.16
|
%
|
|
|
07/25/13
|
|
|
|
1,997,486
|
|
|
750,000
|
|
|
U.S. Treasury Bill
(1)
|
|
|
0.18
|
%
|
|
|
07/25/13
|
|
|
|
749,057
|
|
|
625,000
|
|
|
U.S. Treasury Bill
(1)
|
|
|
0.18
|
%
|
|
|
07/25/13
|
|
|
|
624,214
|
|
|
1,000,000
|
|
|
U.S. Treasury Note
|
|
|
0.75
|
%
|
|
|
03/31/13
|
|
|
|
1,002,969
|
|
|
5,100,000
|
|
|
U.S. Treasury Note
|
|
|
1.75
|
%
|
|
|
04/15/13
|
|
|
|
5,144,227
|
|
|
4,400,000
|
|
|
U.S. Treasury Note
|
|
|
0.13
|
%
|
|
|
07/31/14
|
|
|
|
4,390,892
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total U.S. Treasury Obligations
(Cost $21,021,448)
|
|
|
|
|
|
|
|
|
|
|
21,026,084
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES 14.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000,000
|
|
|
Banc of America Merrill Lynch Commercial Mortgage, Inc.
|
|
|
5.60
|
%
|
|
|
07/10/46
|
|
|
|
1,011,503
|
|
|
352,173
|
|
|
Bear Stearns Commercial Mortgage Securities
|
|
|
4.98
|
%
|
|
|
02/11/41
|
|
|
|
353,086
|
|
|
327,228
|
|
|
Bear Stearns Commercial Mortgage Securities
|
|
|
5.74
|
%
|
|
|
06/11/50
|
|
|
|
341,940
|
|
|
500,000
|
|
|
Citigroup/Deutsche Bank Commercial Mortgage Trust
(2)
|
|
|
5.39
|
%
|
|
|
07/15/44
|
|
|
|
511,807
|
|
|
159,360
|
|
|
Commercial Mortgage Pass Through Certificates
(2)
|
|
|
5.23
|
%
|
|
|
07/10/37
|
|
|
|
163,204
|
|
|
243,131
|
|
|
Commercial Mortgage Pass Through Certificates
(2)
|
|
|
5.90
|
%
|
|
|
06/10/46
|
|
|
|
246,405
|
|
|
715,440
|
|
|
Credit Suisse Mortgage Capital Certificates
|
|
|
5.44
|
%
|
|
|
09/15/39
|
|
|
|
725,039
|
|
|
454,289
|
|
|
CW Capital Cobalt Ltd.
|
|
|
5.42
|
%
|
|
|
04/15/47
|
|
|
|
457,649
|
|
|
561,305
|
|
|
GMAC Commercial Mortgage Securities, Inc.
|
|
|
4.78
|
%
|
|
|
03/10/38
|
|
|
|
574,661
|
|
|
260,272
|
|
|
Greenwich Capital Commercial Funding Corp.
|
|
|
4.57
|
%
|
|
|
08/10/42
|
|
|
|
262,183
|
|
|
787,122
|
|
|
GS Mortgage Securities Corp. II
(2)
|
|
|
5.28
|
%
|
|
|
08/10/38
|
|
|
|
800,358
|
|
|
929,052
|
|
|
GS Mortgage Securities Corp. II
(2)
|
|
|
5.78
|
%
|
|
|
08/10/45
|
|
|
|
942,116
|
|
|
527,151
|
|
|
JP Morgan Chase Commercial Mortgage Securities Corp.
(2)
|
|
|
5.68
|
%
|
|
|
12/12/44
|
|
|
|
539,431
|
|
|
1,478,584
|
|
|
JP Morgan Chase Commercial Mortgage Securities Corp.
|
|
|
5.58
|
%
|
|
|
05/12/45
|
|
|
|
1,518,330
|
|
|
418,955
|
|
|
JP Morgan Chase Commercial Mortgage Securities Corp.
|
|
|
4.63
|
%
|
|
|
03/15/46
|
|
|
|
420,199
|
|
|
429,944
|
|
|
LB-UBS Commercial Mortgage Trust
(2)
|
|
|
4.56
|
%
|
|
|
09/15/27
|
|
|
|
430,228
|
|
|
431,991
|
|
|
Merrill Lynch Mortgage Trust
(2)
|
|
|
5.80
|
%
|
|
|
05/12/39
|
|
|
|
433,989
|
|
|
218,688
|
|
|
Merrill Lynch/Countrywide Commercial Mortgage Trust
(2)
|
|
|
5.63
|
%
|
|
|
02/12/39
|
|
|
|
227,270
|
|
|
1,400,000
|
|
|
Merrill Lynch/Countrywide Commercial Mortgage Trust
|
|
|
5.36
|
%
|
|
|
08/12/48
|
|
|
|
1,420,748
|
|
|
865,428
|
|
|
Merrill Lynch/Countrywide Commercial Mortgage Trust
(2)
|
|
|
6.10
|
%
|
|
|
08/12/49
|
|
|
|
929,014
|
|
|
316,375
|
|
|
Merrill Lynch/Countrywide Commercial Mortgage Trust
(2)
|
|
|
6.13
|
%
|
|
|
08/12/49
|
|
|
|
331,524
|
|
|
139,274
|
|
|
Morgan Stanley Capital I
|
|
|
4.88
|
%
|
|
|
08/13/42
|
|
|
|
140,477
|
|
|
725,612
|
|
|
Morgan Stanley Capital I
(2)
|
|
|
5.61
|
%
|
|
|
03/12/44
|
|
|
|
738,399
|
|
See
accompanying notes to Schedule of Investments
Ultrashort Duration Bond Portfolio
(Unaudited)
Schedule of Investments
September 30, 2012
(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par Value
|
|
|
|
|
Interest Rate
|
|
|
Maturity
|
|
|
Fair
Value
|
|
|
|
|
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
710,755
|
|
|
Morgan Stanley Capital I
|
|
|
5.71
|
%
|
|
|
07/12/44
|
|
|
$
|
724,565
|
|
|
1,435,681
|
|
|
Morgan Stanley Capital I
|
|
|
5.09
|
%
|
|
|
10/12/52
|
|
|
|
1,434,510
|
|
|
113,170
|
|
|
Nomura Asset Securities Corp.
(2)
|
|
|
7.32
|
%
|
|
|
03/15/30
|
|
|
|
113,971
|
|
|
772,734
|
|
|
Wachovia Bank Commercial Mortgage Trust
|
|
|
5.73
|
%
|
|
|
07/15/45
|
|
|
|
776,099
|
|
|
1,052,311
|
|
|
Wachovia Bank Commercial Mortgage Trust
(2)
|
|
|
5.93
|
%
|
|
|
06/15/49
|
|
|
|
1,134,082
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Commercial Mortgage-Backed Securities
(Cost $17,689,243)
|
|
|
|
|
|
|
|
|
|
|
17,702,787
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET-BACKED SECURITIES 15.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,300,000
|
|
|
Ally Auto Receivables Trust
|
|
|
0.85
|
%
|
|
|
08/15/16
|
|
|
|
1,310,202
|
|
|
845,000
|
|
|
Ally Master Owner Trust
|
|
|
1.21
|
%
|
|
|
06/15/17
|
|
|
|
849,321
|
|
|
705,284
|
|
|
AmeriCredit Automobile Receivables Trust
|
|
|
0.91
|
%
|
|
|
10/08/15
|
|
|
|
707,561
|
|
|
625,000
|
|
|
AmeriCredit Prime Automobile Receivables Trust
|
|
|
3.76
|
%
|
|
|
07/15/15
|
|
|
|
640,356
|
|
|
400,000
|
|
|
Americredit Prime Automobile Receivables Trust
|
|
|
4.99
|
%
|
|
|
07/17/17
|
|
|
|
414,233
|
|
|
479,873
|
|
|
Atlantic City Electric Transition Funding LLC
|
|
|
4.91
|
%
|
|
|
07/20/17
|
|
|
|
506,980
|
|
|
332,866
|
|
|
CIT Marine Trust
|
|
|
6.25
|
%
|
|
|
11/15/19
|
|
|
|
333,045
|
|
|
450,000
|
|
|
CNH Equipment Trust
|
|
|
0.94
|
%
|
|
|
05/15/17
|
|
|
|
453,952
|
|
|
800,000
|
|
|
Discover Card Master Trust
(2)
|
|
|
0.73
|
%
|
|
|
06/15/15
|
|
|
|
800,533
|
|
|
750,000
|
|
|
Discover Card Master Trust I
(2)
|
|
|
0.55
|
%
|
|
|
06/16/15
|
|
|
|
749,661
|
|
|
236,052
|
|
|
Ford Credit Auto Owner Trust
|
|
|
4.43
|
%
|
|
|
11/15/14
|
|
|
|
240,850
|
|
|
650,000
|
|
|
Ford Credit Auto Owner Trust
|
|
|
1.58
|
%
|
|
|
09/15/15
|
|
|
|
659,121
|
|
|
1,000,000
|
|
|
Ford Credit Floorplan Master Owner Trust
|
|
|
1.50
|
%
|
|
|
09/15/15
|
|
|
|
1,010,002
|
|
|
1,000,000
|
|
|
Ford Credit Floorplan Master Owner Trust
|
|
|
2.12
|
%
|
|
|
02/15/16
|
|
|
|
1,022,695
|
|
|
345,000
|
|
|
Ford Credit Floorplan Master Owner Trust
|
|
|
0.94
|
%
|
|
|
09/15/16
|
|
|
|
345,434
|
|
|
850,000
|
|
|
GE Capital Credit Card Master Note Trust
(2)
|
|
|
1.07
|
%
|
|
|
09/15/16
|
|
|
|
852,938
|
|
|
450,000
|
|
|
GE Capital Credit Card Master Note Trust
|
|
|
1.51
|
%
|
|
|
06/15/18
|
|
|
|
453,387
|
|
|
600,000
|
|
|
GE Dealer Floorplan Master Note Trust
(2)
|
|
|
0.82
|
%
|
|
|
07/20/16
|
|
|
|
602,251
|
|
|
345,000
|
|
|
GE Equipment Midticket LLC
|
|
|
5.67
|
%
|
|
|
11/16/20
|
|
|
|
349,752
|
|
|
400,000
|
|
|
GE Equipment Transportation LLC
|
|
|
0.99
|
%
|
|
|
11/23/15
|
|
|
|
402,902
|
|
|
250,000
|
|
|
GE Equipment Transportation LLC
|
|
|
1.33
|
%
|
|
|
05/20/19
|
|
|
|
252,209
|
|
|
750,000
|
|
|
MBNA Credit Card Master Note Trust
|
|
|
4.45
|
%
|
|
|
08/15/16
|
|
|
|
789,964
|
|
|
750,000
|
|
|
Mercedes-Benz Auto Lease Trust
|
|
|
0.88
|
%
|
|
|
11/17/14
|
|
|
|
752,470
|
|
|
600,000
|
|
|
Nissan Auto Lease Trust
|
|
|
0.98
|
%
|
|
|
05/15/15
|
|
|
|
606,314
|
|
|
750,000
|
|
|
PSE&G Transition Funding LLC
|
|
|
6.75
|
%
|
|
|
06/15/16
|
|
|
|
813,260
|
|
|
1,415,000
|
|
|
World Financial Network Credit Card Master Trust
|
|
|
4.66
|
%
|
|
|
05/15/17
|
|
|
|
1,458,896
|
|
|
741,728
|
|
|
World Omni Auto Receivables Trust
|
|
|
2.21
|
%
|
|
|
05/15/15
|
|
|
|
750,379
|
|
|
360,000
|
|
|
World Omni Auto Receivables Trust
|
|
|
2.48
|
%
|
|
|
12/15/17
|
|
|
|
369,472
|
|
|
515,000
|
|
|
World Omni Automobile Lease Securitization Trust
|
|
|
1.06
|
%
|
|
|
11/15/17
|
|
|
|
517,700
|
|
|
575,000
|
|
|
World Omni Automobile Lease Securitization Trust
|
|
|
1.49
|
%
|
|
|
02/15/18
|
|
|
|
578,272
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Asset-Backed Securities
(Cost $19,537,643)
|
|
|
|
|
|
|
|
|
|
|
19,594,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AGENCY OBLIGATIONS 27.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,500,000
|
|
|
Federal Farm Credit Bank
(3)
|
|
|
1.88
|
%
|
|
|
12/07/12
|
|
|
|
1,504,713
|
|
|
520,000
|
|
|
Federal Farm Credit Bank
(3)
|
|
|
1.75
|
%
|
|
|
02/21/13
|
|
|
|
523,009
|
|
See
accompanying notes to Schedule of Investments
Ultrashort Duration Bond Portfolio
(Unaudited)
Schedule of Investments
September 30, 2012
(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par Value
|
|
|
|
|
Interest Rate
|
|
|
Maturity
|
|
|
Fair
Value
|
|
|
|
|
|
|
AGENCY OBLIGATIONS (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,250,000
|
|
|
Federal Home Loan Bank
(3)
|
|
|
0.24
|
%
|
|
|
04/16/13
|
|
|
$
|
1,250,357
|
|
|
750,000
|
|
|
Federal Home Loan Bank
(3)
|
|
|
0.37
|
%
|
|
|
05/03/13
|
|
|
|
750,750
|
|
|
1,000,000
|
|
|
Federal Home Loan Mortgage Corp.
(3)
|
|
|
1.72
|
%
|
|
|
04/11/13
|
|
|
|
1,008,055
|
|
|
1,500,000
|
|
|
Federal Home Loan Mortgage Corp.
(3)
|
|
|
1.63
|
%
|
|
|
04/15/13
|
|
|
|
1,511,538
|
|
|
1,200,000
|
|
|
Federal Home Loan Mortgage Corp.
(3)
|
|
|
0.38
|
%
|
|
|
11/27/13
|
|
|
|
1,202,057
|
|
|
855,985
|
|
|
Federal Home Loan Mortgage Corp.
(3)
|
|
|
5.00
|
%
|
|
|
09/01/18
|
|
|
|
939,348
|
|
|
1,300,000
|
|
|
Federal National Mortgage Association
(3)
|
|
|
1.75
|
%
|
|
|
02/22/13
|
|
|
|
1,308,089
|
|
|
1,200,000
|
|
|
Federal National Mortgage Association
(3)
|
|
|
2.50
|
%
|
|
|
05/15/14
|
|
|
|
1,243,283
|
|
|
925,000
|
|
|
Federal National Mortgage Association
(3)
|
|
|
0.70
|
%
|
|
|
03/26/15
|
|
|
|
927,690
|
|
|
1,000,000
|
|
|
Federal National Mortgage Association
(3)
|
|
|
0.70
|
%
|
|
|
04/30/15
|
|
|
|
1,001,476
|
|
|
728,961
|
|
|
Federal National Mortgage Association
(3)
|
|
|
4.00
|
%
|
|
|
07/01/18
|
|
|
|
781,518
|
|
|
1,065,617
|
|
|
Federal National Mortgage Association, CMO
(3)
|
|
|
6.00
|
%
|
|
|
01/25/29
|
|
|
|
1,091,808
|
|
|
367,827
|
|
|
Federal National Mortgage Association, CMO
(3)
|
|
|
5.50
|
%
|
|
|
05/25/32
|
|
|
|
369,289
|
|
|
921,885
|
|
|
Government National Mortgage Association
|
|
|
5.85
|
%
|
|
|
07/20/58
|
|
|
|
992,595
|
|
|
995,333
|
|
|
Government National Mortgage Association
|
|
|
5.46
|
%
|
|
|
07/20/59
|
|
|
|
1,105,450
|
|
|
1,056,248
|
|
|
Government National Mortgage Association
|
|
|
5.46
|
%
|
|
|
07/20/59
|
|
|
|
1,164,394
|
|
|
1,041,933
|
|
|
Government National Mortgage Association
|
|
|
5.46
|
%
|
|
|
08/20/59
|
|
|
|
1,151,163
|
|
|
1,124,343
|
|
|
Government National Mortgage Association
|
|
|
5.47
|
%
|
|
|
08/20/59
|
|
|
|
1,238,918
|
|
|
512,706
|
|
|
Government National Mortgage Association
|
|
|
5.47
|
%
|
|
|
08/20/59
|
|
|
|
566,142
|
|
|
1,375,028
|
|
|
Government National Mortgage Association
|
|
|
5.59
|
%
|
|
|
11/20/59
|
|
|
|
1,528,036
|
|
|
318,132
|
|
|
Government National Mortgage Association
|
|
|
5.72
|
%
|
|
|
06/20/61
|
|
|
|
354,771
|
|
|
1,064,405
|
|
|
Government National Mortgage Association
(2)
|
|
|
1.07
|
%
|
|
|
12/20/61
|
|
|
|
1,078,423
|
|
|
1,701,379
|
|
|
Government National Mortgage Association
(2)
|
|
|
1.14
|
%
|
|
|
02/20/62
|
|
|
|
1,723,995
|
|
|
595,792
|
|
|
Government National Mortgage Association
|
|
|
5.16
|
%
|
|
|
06/20/62
|
|
|
|
669,142
|
|
|
1,096,342
|
|
|
Government National Mortgage Association
|
|
|
5.41
|
%
|
|
|
06/20/62
|
|
|
|
1,209,259
|
|
|
640,511
|
|
|
Small Business Administration
(2)(3)
|
|
|
2.83
|
%
|
|
|
06/25/22
|
|
|
|
686,398
|
|
|
690,359
|
|
|
Small Business Administration
(2)(3)
|
|
|
3.58
|
%
|
|
|
08/25/22
|
|
|
|
752,330
|
|
|
1,235,174
|
|
|
Small Business Administration
(2)(3)
|
|
|
3.58
|
%
|
|
|
12/25/23
|
|
|
|
1,353,195
|
|
|
2,870,366
|
|
|
Small Business Administration
(2)(3)
|
|
|
4.12
|
%
|
|
|
01/25/25
|
|
|
|
3,242,038
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Agency Obligations
(Cost $34,081,528)
|
|
|
|
|
|
|
|
|
|
|
34,229,229
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORPORATE BONDS 25.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKS 8.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
600,000
|
|
|
Ally Financial Inc.
|
|
|
2.20
|
%
|
|
|
12/19/12
|
|
|
|
602,653
|
|
|
750,000
|
|
|
Bank of America Corp.
(2)
|
|
|
1.87
|
%
|
|
|
01/30/14
|
|
|
|
755,377
|
|
|
725,000
|
|
|
Bank of New York Mellon Corp. (The)
(2)
|
|
|
0.72
|
%
|
|
|
07/28/14
|
|
|
|
726,519
|
|
|
1,000,000
|
|
|
Bank of Nova Scotia
|
|
|
3.40
|
%
|
|
|
01/22/15
|
|
|
|
1,063,814
|
|
|
645,000
|
|
|
Citigroup, Inc.
|
|
|
5.50
|
%
|
|
|
04/11/13
|
|
|
|
660,781
|
|
|
1,000,000
|
|
|
Credit Suisse, New York
|
|
|
5.00
|
%
|
|
|
05/15/13
|
|
|
|
1,026,722
|
|
|
500,000
|
|
|
Goldman Sachs Group, Inc. (The)
|
|
|
5.45
|
%
|
|
|
11/01/12
|
|
|
|
501,962
|
|
|
1,000,000
|
|
|
JP Morgan Chase & Co
|
|
|
4.65
|
%
|
|
|
06/01/14
|
|
|
|
1,060,396
|
|
|
825,000
|
|
|
Morgan Stanley
(2)
|
|
|
0.76
|
%
|
|
|
01/09/14
|
|
|
|
813,953
|
|
|
310,000
|
|
|
Northern Trust Corp.
|
|
|
5.50
|
%
|
|
|
08/15/13
|
|
|
|
323,799
|
|
|
1,000,000
|
|
|
PNC Funding Corp
(2)
|
|
|
0.65
|
%
|
|
|
01/31/14
|
|
|
|
998,376
|
|
|
650,000
|
|
|
US Bancorp
|
|
|
2.00
|
%
|
|
|
06/14/13
|
|
|
|
657,571
|
|
|
365,000
|
|
|
US Bancorp
|
|
|
4.20
|
%
|
|
|
05/15/14
|
|
|
|
386,533
|
|
|
500,000
|
|
|
Wachovia Corp.
|
|
|
5.50
|
%
|
|
|
05/01/13
|
|
|
|
514,762
|
|
|
500,000
|
|
|
Wells Fargo & Co.
|
|
|
4.38
|
%
|
|
|
01/31/13
|
|
|
|
506,645
|
|
See
accompanying notes to Schedule of Investments
Ultrashort Duration Bond Portfolio
(Unaudited)
Schedule of Investments
September 30, 2012
(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par Value
|
|
|
|
|
Interest Rate
|
|
|
Maturity
|
|
|
Fair
Value
|
|
|
|
|
|
|
CORPORATE BONDS (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
425,000
|
|
|
Westpac Banking Corp.
|
|
|
1.85
|
%
|
|
|
12/09/13
|
|
|
$
|
432,095
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,031,958
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BEVERAGES 0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
945,000
|
|
|
Anheuser-Busch InBev Worldwide, Inc.
|
|
|
2.50
|
%
|
|
|
03/26/13
|
|
|
|
954,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
954,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHEMICALS 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
250,000
|
|
|
Dow Chemical Co. (The)
|
|
|
6.00
|
%
|
|
|
10/01/12
|
|
|
|
250,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
250,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPUTERS 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500,000
|
|
|
Hewlett-Packard Co.
|
|
|
4.50
|
%
|
|
|
03/01/13
|
|
|
|
507,512
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
507,512
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIVERSIFIED FINANCIAL SERVICES 5.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
635,000
|
|
|
American Express Credit Corp.
|
|
|
7.30
|
%
|
|
|
08/20/13
|
|
|
|
672,790
|
|
|
1,000,000
|
|
|
Caterpillar Financial Services Corp.
(2)
|
|
|
0.75
|
%
|
|
|
04/01/14
|
|
|
|
1,004,619
|
|
|
1,385,000
|
|
|
General Electric Capital Corp.
(2)
|
|
|
1.19
|
%
|
|
|
08/11/15
|
|
|
|
1,387,608
|
|
|
800,000
|
|
|
HSBC Finance Corp.
|
|
|
6.38
|
%
|
|
|
11/27/12
|
|
|
|
806,892
|
|
|
560,000
|
|
|
John Deere Capital Corp.
|
|
|
4.95
|
%
|
|
|
12/17/12
|
|
|
|
565,379
|
|
|
500,000
|
|
|
National Rural Utilities Cooperative Finance Corp.
|
|
|
5.50
|
%
|
|
|
07/01/13
|
|
|
|
519,006
|
|
|
500,000
|
|
|
NYSE Euronext
|
|
|
4.80
|
%
|
|
|
06/28/13
|
|
|
|
515,756
|
|
|
700,000
|
|
|
Toyota Motor Credit Corp.
|
|
|
1.90
|
%
|
|
|
12/05/12
|
|
|
|
701,828
|
|
|
500,000
|
|
|
Toyota Motor Credit Corp.
|
|
|
1.38
|
%
|
|
|
08/12/13
|
|
|
|
504,663
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,678,541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ELECTRIC 0.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
750,000
|
|
|
Duke Energy Corp.
|
|
|
6.30
|
%
|
|
|
02/01/14
|
|
|
|
804,986
|
|
|
295,000
|
|
|
Public Service Co. of Colorado
|
|
|
7.88
|
%
|
|
|
10/01/12
|
|
|
|
295,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,099,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDIA 1.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
800,000
|
|
|
Comcast Cable Communications Holdings, Inc.
|
|
|
8.38
|
%
|
|
|
03/15/13
|
|
|
|
828,428
|
|
|
500,000
|
|
|
Time Warner Cable, Inc.
|
|
|
7.50
|
%
|
|
|
04/01/14
|
|
|
|
548,956
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,377,384
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MINING 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
499,000
|
|
|
Rio Tinto Alcan, Inc.
|
|
|
4.50
|
%
|
|
|
05/15/13
|
|
|
|
510,362
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
510,362
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MULTI-NATIONAL 1.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,500,000
|
|
|
International Bank For Reconstruction & Development
|
|
|
0.50
|
%
|
|
|
03/26/14
|
|
|
|
1,505,579
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,505,579
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OFFICE ELECTRONICS 0.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
850,000
|
|
|
Xerox Corp.
|
|
|
8.25
|
%
|
|
|
05/15/14
|
|
|
|
942,876
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
942,876
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OIL & GAS 1.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000,000
|
|
|
Apache Corp.
|
|
|
5.25
|
%
|
|
|
04/15/13
|
|
|
|
1,025,593
|
|
See
accompanying notes to Schedule of Investments
Ultrashort Duration Bond Portfolio
(Unaudited)
Schedule of Investments
September 30, 2012
(Concluded)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par Value
|
|
|
|
|
Interest Rate
|
|
|
Maturity
|
|
|
Fair
Value
|
|
|
|
|
|
|
CORPORATE BONDS (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
987,000
|
|
|
ConocoPhillips
|
|
|
4.75
|
%
|
|
|
10/15/12
|
|
|
$
|
988,465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,014,058
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PHARMACEUTICALS 1.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000,000
|
|
|
GlaxoSmithKline Capital, Inc.
|
|
|
4.85
|
%
|
|
|
05/15/13
|
|
|
|
1,027,755
|
|
|
500,000
|
|
|
Novartis Capital Corp.
|
|
|
1.90
|
%
|
|
|
04/24/13
|
|
|
|
504,547
|
|
|
700,000
|
|
|
Wyeth LLC
|
|
|
5.50
|
%
|
|
|
03/15/13
|
|
|
|
716,598
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,248,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RETAIL 0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000,000
|
|
|
Home Depot, Inc. (The)
|
|
|
5.25
|
%
|
|
|
12/16/13
|
|
|
|
1,058,380
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,058,380
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TELECOMMUNICATION SERVICES 1.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
360,000
|
|
|
Alltel Corp.
|
|
|
6.50
|
%
|
|
|
11/01/13
|
|
|
|
382,216
|
|
|
400,000
|
|
|
Cisco Systems, Inc.
|
|
|
1.63
|
%
|
|
|
03/14/14
|
|
|
|
407,648
|
|
|
800,000
|
|
|
Verizon Communications, Inc.
|
|
|
4.35
|
%
|
|
|
02/15/13
|
|
|
|
811,638
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,601,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Corporate Bonds
(Cost $31,682,580)
|
|
|
|
|
|
|
|
|
|
|
31,781,373
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REGISTERED INVESTMENT COMPANY 1.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,232,227
|
|
|
Dreyfus Treasury & Agency Cash Management Fund
|
|
|
|
|
|
|
|
|
|
|
1,232,227
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Registered Investment Company
(Cost $1,232,227)
|
|
|
|
|
|
|
|
|
|
|
1,232,227
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments 99.6%
(Cost $125,244,669) *
|
|
|
|
|
|
|
|
|
|
$
|
125,565,812
|
|
|
|
|
|
|
|
|
|
|
Other Assets in excess of Liabilities 0.4%
|
|
|
|
|
|
|
|
|
|
|
462,833
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets 100.0%
|
|
|
|
|
|
|
|
|
|
$
|
126,028,645
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value
|
|
|
|
|
|
|
|
|
|
$
|
10.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
The cost and unrealized appreciation and depreciation in the value of the investments owned by the Portfolio as computed on a federal income tax basis are as follows:
|
|
|
|
|
|
Aggregate Cost
|
|
$
|
125,244,669
|
|
|
|
|
|
|
Unrealized appreciation
|
|
|
416,946
|
|
Unrealized depreciation
|
|
|
(95,803
|
)
|
|
|
|
|
|
Net unrealized appreciation
|
|
$
|
321,143
|
|
|
|
|
|
|
(1)
|
Rate disclosed
represents the discount rate at the time of purchase.
|
(2)
|
Variable or
floating rate security. Rate disclosed is as of September 30, 2012.
|
(3)
|
These obligations
of U.S. Government sponsored entities are not issued or guaranteed by the U.S. Treasury.
|
See
accompanying notes to Schedule of Investments
Plan Investment Fund, Inc.
Notes to Schedules of Investments
(Unaudited)
September 30, 2012
Organization and Significant Accounting Policies
Plan Investment Fund, Inc. (the Fund) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified open-end registered investment company.
The Fund consists of four separate portfolios: the Government/REPO Portfolio, the Money Market Portfolio, the Ultrashort Duration Government Portfolio and the Ultrashort Duration Bond Portfolio (the Portfolio(s)).
Portfolio Valuation:
The Ultrashort Duration Government and the Ultrashort Duration Bond Portfolios net asset value (NAV) is
calculated once daily at the close of regular trading hours on the New York Stock Exchange (NYSE) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Fixed income securities are fair valued using price evaluations provided
by an independent pricing service approved by the Board of Trustees (the Board) which may use the following valuation inputs when available: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities,
bids and offers and reference data including market research publications.
Investments in other open-end investment companies, if held, are
valued based on the NAV of the investment companies (which use fair value pricing as discussed in their prospectuses). If price quotes are unavailable or deemed unreliable, securities will be fair valued in accordance with procedures adopted by the
Board.
For the Government/REPO Portfolio and the Money Market Portfolio, the NAV is calculated as of 12 Noon (Eastern Time) and as of 4:00
p.m. (Eastern Time). This is only done on business days on which purchase orders or redemption orders are placed for that Portfolio and there is sufficient trading in instruments held in that Portfolio so that its NAV might be affected materially.
Pursuant to Rule 2a-7 of the 1940 Act (as amended), securities are valued using the amortized cost method, which approximates fair value. Under this method, securities are valued at cost when purchased and thereafter a constant proportionate
amortization of any discount or premium is recorded until effective maturity or sale of the security.
Fair Value Measurement:
The
inputs and valuations techniques used to measure fair value of the Portfolios investments are summarized into three levels as described in the hierarchy below:
|
|
|
Level 1 quoted prices in active markets for identical securities
|
|
|
|
Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk,
etc.)
|
|
|
|
Level 3 significant unobservable inputs (including the Portfolios own assumptions in determining the fair value of investments)
|
Securities held within the Government/REPO Portfolio and the Money Market Portfolio are valued at amortized cost, in
accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
Fixed-income securities held within the Ultrashort Duration Government Portfolio and the Ultrashort Duration Bond Portfolio with remaining maturities of greater than sixty days are valued at fair value using price evaluations provided by an
independent pricing service which may use the following inputs available: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids and offers and reference data including market research publications. If
the remaining maturities of the fixed-income securities and repurchase agreements is sixty days or less the amortized cost is used as it represents fair value. A summary of the inputs used to value the Portfolios net assets as of
September 30, 2012 is as follows:
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|
|
|
|
|
|
|
|
|
|
|
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|
|
Total Fair
Value at
September 30,
2012
|
|
|
Level 1
Quoted
Price
|
|
|
Level 2
Significant
Observable
Inputs
|
|
|
Level 3
Significant
Unobservable
Inputs
|
|
Government/REPO Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Securities*
|
|
$
|
90,525,000
|
|
|
$
|
|
|
|
$
|
90,525,000
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Securities*
|
|
$
|
892,677,286
|
|
|
$
|
|
|
|
$
|
892,677,286
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plan Investment Fund, Inc.
Notes to Schedules of Investments
(Unaudited)
September 30, 2012
(Concluded)
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|
|
|
|
|
|
|
|
|
|
|
Total Fair
Value at
September 30,
2012
|
|
|
Level 1
Quoted
Price
|
|
|
Level 2
Significant
Observable
Inputs
|
|
|
Level 3
Significant
Unobservable
Inputs
|
|
Ultrashort Duration Government Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Obligations
|
|
$
|
31,850,023
|
|
|
$
|
|
|
|
$
|
31,850,023
|
|
|
$
|
|
|
Agency Obligations
|
|
|
37,842,887
|
|
|
|
|
|
|
|
37,842,887
|
|
|
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|
Registered Investment Company
|
|
|
493,857
|
|
|
|
493,857
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|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
70,186,767
|
|
|
$
|
493,857
|
|
|
$
|
69,692,910
|
|
|
$
|
|
|
|
|
|
|
|
|
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|
|
|
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|
|
Ultrashort Duration Bond Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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U.S. Treasury Obligations
|
|
$
|
21,026,084
|
|
|
$
|
|
|
|
$
|
21,026,084
|
|
|
$
|
|
|
Commercial Mortgage-Backed Securities
|
|
|
17,702,787
|
|
|
|
|
|
|
|
17,702,787
|
|
|
|
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|
Asset-Backed Securities
|
|
|
19,594,112
|
|
|
|
|
|
|
|
19,594,112
|
|
|
|
|
|
Agency Obligations
|
|
|
34,229,229
|
|
|
|
|
|
|
|
34,229,229
|
|
|
|
|
|
Corporate Bonds
|
|
|
31,781,373
|
|
|
|
|
|
|
|
31,781,373
|
|
|
|
|
|
Registered Investment Company
|
|
|
1,232,227
|
|
|
|
1,232,227
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
125,565,812
|
|
|
$
|
1,232,227
|
|
|
$
|
124,333,585
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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*
|
Please refer to the schedule of investments for industry and security type breakouts.
|
At the end of each calendar quarter, management evaluates the Levels 1, 2 and 3 assets and liabilities. Various factors are considered,
such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price, the depth and consistency of prices from third party services.
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair
value of the Portfolios investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a readily available market existed for such investments
and may differ materially from the values the Portfolios may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.
For the nine months ended September 30, 2012, there were no transfers between Levels 1, 2 and 3 for the Portfolios.
For more information with regards to significant accounting policies, see the most recent annual report filed with the Securities and Exchange
Commission.
Item 2. Controls and Procedures.
(a) The registrants principal executive officer and principal financial officer have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940 (the 1940 Act)) are effective, as of a date within 90 days of this filing, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the
Securities Exchange Act of 1934, as amended.
(b) There were no changes in the Registrants internal control over financial reporting (as
defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrants last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrants internal control over financial reporting.
Item 3. Exhibits.
(a)
Separate certifications of Principal Executive and Financial Officers pursuant to Rule 30a-2(a) under the 1940 Act.
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.
|
|
|
(Registrant) Plan Investment Fund, Inc.
|
|
|
By:
|
|
/s/ Dale E. Palka
|
Name:
|
|
Dale E. Palka
|
Title:
|
|
President and Chief Executive Officer
|
Date:
|
|
November 20, 2012
|
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/ Dale E. Palka
|
Name:
|
|
Dale E. Palka
|
Title:
|
|
Principal Executive Officer
|
Date:
|
|
November 20, 2012
|
|
|
By:
|
|
/s/ Joseph S. Castellon
|
Name:
|
|
Joseph S. Castellon
|
Title:
|
|
Principal Financial Officer
|
Date:
|
|
November 20, 2012
|
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