Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004
FORM 11-K
(Mark One)
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x | Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934 |
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| For the fiscal year ended December 31, 2015 Commission file number 001-09553 |
OR
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o | Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934 |
(Full title of the plan)
(Name of issuer of the securities held pursuant to the plan)
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51 West 52nd Street |
New York, New York 10019 |
(Address of principal executive office)
CBS 401(k) PLAN
FINANCIAL STATEMENTS, SUPPLEMENTAL SCHEDULES AND EXHIBITS
DECEMBER 31, 2015 AND 2014
INDEX
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| | | Pages |
Report of Independent Registered Public Accounting Firm | | 1 |
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Financial Statements: | | |
| Statements of Net Assets Available for Benefits at December 31, 2015 and 2014 | | |
| | | |
| Statement of Changes in Net Assets Available for Benefits for the Year ended December 31, 2015 | | |
| | | |
| Notes to Financial Statements | | |
| | | |
| | | Schedules |
Supplemental Schedules: | | |
| Schedule H, line 4a - Schedule of Delinquent Participant Contributions | | |
| | | |
| Schedule H, line 4i - Schedule of Assets (Held at End of Year) | | |
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All other schedules required by the Department of Labor's Rules and Regulations for Reporting and | | |
| Disclosure under the Employee Retirement Income Security Act of 1974 are omitted as not | | |
| applicable or not required. | | |
| | | |
Signature | | |
| | | |
Exhibit: | | |
| 23.1 Consent of Independent Registered Public Accounting Firm | | |
Report of Independent Registered Public Accounting Firm
To the Administrator of the CBS 401(k) Plan
In our opinion, the accompanying statements of net assets available for benefits and the related statement of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of the CBS 401(k) Plan (the “Plan”) at December 31, 2015 and December 31, 2014, and the changes in net assets available for benefits for the year ended December 31, 2015 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
The supplemental Schedule of Delinquent Participant Contributions for the year ended December 31, 2015 and the Schedule of Assets (Held at End of Year) at December 31, 2015 have been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedules are the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedules reconcile to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the supplemental schedules, we evaluated whether the supplemental schedules, including their form and content are presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the Schedule of Delinquent Participant Contributions and the Schedule of Assets (Held at End of Year) are fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ PRICEWATERHOUSECOOPERS LLP
PricewaterhouseCoopers LLP
New York, New York
June 22, 2016
CBS 401(k) PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
(In thousands)
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| | | | | | | |
| At December 31, |
| 2015 | | 2014 |
Assets | | | |
Investments, at fair value | $ | 2,754,115 |
| | $ | 2,876,558 |
|
Synthetic guaranteed investment contracts, at contract value | 1,316,222 |
| | 1,419,556 |
|
Receivables: | | | |
Notes receivable from participants | 34,375 |
| | 33,234 |
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Employee contributions | 1,003 |
| | 721 |
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Employer contributions | 3,243 |
| | 3,187 |
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Interest and dividends | 3,277 |
| | 3,471 |
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Due from broker for securities sold | 50 |
| | 491 |
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Total assets | 4,112,285 |
| | 4,337,218 |
|
Liabilities | | | |
Accrued expenses | 1,673 |
| | 1,986 |
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Due to broker for securities purchased | 335 |
| | 318 |
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Total liabilities | 2,008 |
| | 2,304 |
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Net assets available for benefits | $ | 4,110,277 |
| | $ | 4,334,914 |
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The accompanying notes are an integral part of these financial statements.
CBS 401(k) PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
(In thousands)
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| | | |
| Year Ended |
| December 31, 2015 |
Additions to net assets attributed to: | |
Investment income: | |
Interest | $ | 37,152 |
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Dividends | 14,007 |
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Interest income on notes receivable from participants | 1,467 |
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Contributions: | |
Employee | 119,063 |
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Employer | 42,285 |
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Rollover | 14,479 |
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Plan transfer | 1,308 |
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Total additions | 229,761 |
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Deductions from net assets attributed to: | |
Net depreciation in fair value of investments | (93,931 | ) |
Benefits paid to participants | (354,183 | ) |
Plan expenses | (6,284 | ) |
Total deductions | (454,398 | ) |
Net decrease | (224,637 | ) |
Net assets available for benefits, beginning of year | 4,334,914 |
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Net assets available for benefits, end of year | $ | 4,110,277 |
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The accompanying notes are an integral part of these financial statements.
CBS 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
(Tabular dollars in thousands)
NOTE 1 - PLAN DESCRIPTION
The following is a brief description of the CBS 401(k) Plan (the “Plan”) and is provided for general information only. Participants should refer to the Plan document, as amended, for more complete information regarding the Plan.
The Plan, sponsored by CBS Corporation (the “Company” or “CBS Corp.”), is a defined contribution plan offered on a voluntary basis to eligible employees of the Company and each subsidiary that is included for participation.
Eligible full-time newly hired employees may enroll in the Plan immediately or are automatically enrolled following sixty days after hire or rehire and attainment of age 21, unless they elect not to participate. Part-time employees are automatically enrolled in the Plan on the first day of the month following the attainment of age 21 and completion of one thousand hours of service within a consecutive twelve-month period, unless they already voluntarily enrolled upon meeting the age and service requirements or have elected not to participate. The Plan is subject to the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), and the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and is overseen by a retirement committee designated as the “Administrator” of the Plan as defined under ERISA (the “Plan Administrator”) by the Company’s Board of Directors (the “Board”).
Exempt Party-in-Interest Transactions
The Bank of New York Mellon (the “Trustee”) is the trustee and custodian and Mercer HR Services, LLC is the recordkeeper of the Plan. Certain Plan investments are shares of funds and bonds managed by the Trustee or companies affiliated with the Trustee, or shares and bonds of a company affiliated with CBS Corp., and therefore qualify as party-in-interest transactions. The fair value of these investments was $267 million at December 31, 2015 and $246 million at December 31, 2014 and these investments appreciated by $1 million for the year ended December 31, 2015. In addition, certain Plan investments are shares of CBS Corp. common stock and therefore qualify as party-in-interest transactions. The fair value of these investments was $420 million at December 31, 2015 and $557 million at December 31, 2014. For the year ended December 31, 2015, these investments depreciated by $75 million and earned dividends of $6 million. During the year ended December 31, 2015, the Plan sold $57 million of CBS Corp. Class A and B Common Stock.
Participant Accounts
Each Plan participant’s account is credited with the participant’s contributions, the employer matching contributions, if applicable, and the participant’s share of the interest, dividends, and any realized or unrealized gains or losses of the Plan’s assets, net of certain Plan expenses.
Participants have the option of investing their contributions or existing account balances among various investment options. These investment options include common collective funds, registered investment companies (mutual funds), separately managed accounts, which primarily invest in common stocks, a fixed income fund and the CBS Corp. Class B Common Stock Fund.
Within the Plan, the CBS Corp. Class A and Class B Common Stock funds are part of an Employee Stock Ownership Plan (“ESOP”). As a result, the Plan offers an ESOP dividend election under which Plan participants can elect to reinvest any ESOP dividends paid on vested shares back into the ESOP account in CBS Corp. Class B Common Stock or to receive the dividends as a cash payout. If a participant does not make an election, the dividends are reinvested in the ESOP account in CBS Corp. Class B Common Stock.
CBS 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
(Tabular dollars in thousands)
Participants may also elect to open a self-directed brokerage account (“SDA”). Participants may not contribute directly to the SDA, but may transfer balances to the SDA from other investment funds except the fixed income fund. A participant may transfer up to 25% of his or her account balance (net of loans) to the SDA. The initial transfer to the SDA may not be less than $2,500 and there is no minimum for subsequent individual transfers.
Contributions
The Plan permits participants to contribute up to 50% of eligible annual compensation on a traditional before-tax, Roth 401(k) after-tax or combination basis or 15% of eligible annual compensation on a traditional after-tax basis, subject to the Code limitations set forth below. Total combined contributions may not exceed 50% of eligible annual compensation. Roth 401(k) contributions and the related earnings can be withdrawn tax-free if certain requirements are met. The level of employer matching contributions is entirely at the discretion of the Board and is determined annually for all participants in the Plan. For 2015, the Board set the employer’s matching contribution at 70% of the first 5% of eligible compensation contributed on a before-tax or Roth 401(k) basis.
Beginning in February 2015, participants may elect to invest their matching contributions in any investment option, including the CBS Corp. Class B Common Stock Fund. If no option is elected by the participant, the matching contribution is invested in the Plan's Qualified Default Investment Alternative (QDIA), a common collective fund that is primarily invested in a mix of equities and bonds appropriate for the participant's target retirement year, which is assumed to be at age 65. Prior to February 2015, employer matching contributions were initially invested in the CBS Corp. Class B Common Stock Fund. Participants were permitted to immediately transfer their Company matching contributions out of the CBS Corp. Class B Common Stock Fund and into any other investment option.
Upon date of hire and, effective with the 60th day following the date upon which an employee becomes eligible to participate in the Plan, newly hired employees are deemed to have authorized the Company to make before-tax contributions to the Plan in an amount equal to 5% of the employee’s eligible compensation. However, a deemed authorization does not take effect if, during the 60-day period the employee elects not to participate in the Plan or to participate at a different contribution rate.
The Code limits the amount of annual participant contributions that can be made on a before-tax or Roth 401(k) basis to $18,000 for 2015. Total compensation considered under the Plan, based on Code limits, could not exceed $265,000 for 2015. The Code also limits annual aggregate participant and employer contributions to the lesser of $53,000 or 100% of compensation in 2015. All contributions made to the Plan on an annual basis may be further limited due to certain nondiscrimination requirements prescribed by the Code.
All participants who have attained age 50 before the close of the Plan year (calendar year) are eligible to make catch-up contributions. These contributions are not treated as matchable contributions. Catch-up contributions can be made if the eligible participants make the maximum $18,000 contribution permitted under the Plan for a plan year. The limit for catch-up contributions is $6,000 in 2015.
Vesting
Participants in the Plan are immediately vested in their own contributions and earnings thereon. Employer matching contributions vest at 20% per year of service, becoming fully vested after five years of service. If participants terminate employment prior to being vested in their employer matching contributions, the non-vested portion of their account is forfeited and may be used to reduce future employer matching contributions and to pay administrative expenses. Forfeitures are recorded at the time vested benefits are distributed or as of the close of the fifth consecutive year of break in service if no distribution was elected. During 2015, the Company utilized forfeitures of approximately $4,848,000 to reduce matching contributions and approximately $602,000 to pay
CBS 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
(Tabular dollars in thousands)
administrative expenses. As of December 31, 2015 and 2014, the Company had forfeitures of approximately $1,192,000 and $540,000, respectively, available to be used as noted above.
Notes Receivable from Participants
Eligible participants may request a loan for up to the lesser of 50% of the participant’s vested account balance or $50,000, reduced by the highest outstanding balance of any Plan loan made to the participant during the twelve-month period ending on the day before the loan is made. The minimum loan available to a participant is $500. The interest rate on participant loans is one percentage point above the annual prime commercial rate (as published in The Wall Street Journal) on the first day of the calendar month in which the loan is approved. Principal and interest is payable through payroll deductions. Only one loan may be outstanding at any time. Participants may elect repayment periods from 12 to 60 months commencing as soon as administratively possible following the distribution of the loan proceeds to the participant. The Plan allows participants to elect a repayment term of up to 300 months for loans used for the acquisition of a principal residence. Repayments of loan principal and interest are allocated in accordance with the participant’s current investment elections.
The loans outstanding carry interest rates ranging from 4.25% to 10% as of December 31, 2015.
Distributions and Withdrawals
Earnings on employee contributions (other than after-tax contributions) and employer contributions are not subject to income tax until they are distributed or withdrawn from the Plan.
Participants in the Plan, or their beneficiaries, may receive their vested account balances in a lump sum, in installments over a period of up to 20 years, or in partial distributions of the account balance in the event of retirement, termination of employment, disability or death. For vested account balances invested in the CBS Corp. Common Stock funds, participants may elect to receive distributions in cash or whole shares. In the event of termination of employment, participants may also elect a partial lump sum distribution of their account balance. In general, participants must receive a required minimum distribution upon attainment of age 70 1/2 unless they are still employed.
Participants in the Plan may withdraw part or all of their after-tax and rollover contributions and the vested portion of employer matching contributions. Upon attainment of age 59 1/2, participants may also withdraw all or part of their before-tax or Roth 401(k) contributions and earnings thereon. The Plan limits participants to two of the above withdrawal elections in each Plan year.
A participant may obtain a financial hardship withdrawal of the vested portion of employer matching contributions and employee before-tax or Roth 401(k) contributions provided that the requirements for hardship are met and only to the extent required to relieve such financial hardship. There is no restriction on the number of hardship withdrawals permitted.
When a participant terminates employment with the Company, the full value of employee contributions and earnings thereon plus the value of all vested employer matching contributions and earnings thereon are eligible for distribution and can be rolled over to a tax qualified retirement plan or an Individual Retirement Account (“IRA”) or remain in the Plan rather than being distributed. If the vested account balance is $1,000 or less and the participant does not make an election to rollover the vested account balance, it will be automatically paid in a single lump sum cash payment, and taxes will be withheld from the distribution.
CBS 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
(Tabular dollars in thousands)
Plan Expenses
The fees for investment of Plan assets are charged to the Plan’s investment funds. Certain administrative expenses such as fees for accounting, investment consulting and employee communications may be paid by the Plan using forfeitures or may be paid by the Company. Recordkeeping and trustee fees are paid from participant accounts. For 2015, approximately $411,000 was paid to the Trustee, a party-in-interest, and its affiliates for services provided during the year.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
In accordance with Financial Accounting Standards Board (“FASB”) guidance, contract value was determined to be the relevant measurement for the portion of net assets available for benefits attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. The Statement of Changes in Net Assets Available for Benefits is prepared on a contract value basis with respect to the fully benefit-responsive investment contracts.
Investment Valuation
Short-term money market investments are carried at amortized cost which approximates fair value due to the short-term maturity of these investments. Investments in common stock are reported at fair value based on quoted market prices on national security exchanges. Investments in registered investment companies are reported at fair value based on quoted market prices in active markets. The fair value of investments in separately managed accounts is determined by the Trustee based upon the fair value of the underlying securities. The fair values of investments in common collective funds are determined using the net asset value per share (“NAV”) provided by the administrator of the fund. The NAV is determined by each fund’s trustee based upon the fair value of the underlying assets owned by the fund, less liabilities, divided by the number of outstanding units. The common collective funds have daily redemptions and one day trading terms. The common collective funds have no unfunded commitments at December 31, 2015. The fair value of fixed income, asset-backed and mortgage-backed securities is determined by independent pricing sources based on quoted market prices, when available, or using valuation models which incorporate certain other observable inputs including recent trading activity for comparable securities and broker quoted prices. Cash and cash equivalents are valued at cost plus accrued interest, which approximates fair value.
Interest rate swaps are recorded at fair value and marked-to-market through the duration of the contract term with an offsetting increase to unrealized appreciation (depreciation). Futures are marked-to-market and settled daily. The daily receipt or payment is recognized as unrealized appreciation (depreciation) until the contract is closed at which time the total fair value of the futures contract is recognized as a realized gain (loss).
The Plan invests in fully benefit-responsive synthetic guaranteed investment contracts through a fixed income fund. The contract value of these contracts represents the aggregate amount of deposits thereto, plus interest at the contract rate, less withdrawals.
Security Transactions and Income Recognition
Purchases and sales of securities are recorded on the trade date. The average cost basis is used to determine gains or losses on security dispositions. Interest income is accrued as earned and dividend income is recorded on the ex-dividend date.
CBS 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
(Tabular dollars in thousands)
Net appreciation or depreciation in the fair value of investments, included in the Statement of Changes in Net Assets Available for Benefits, consists of the realized gains and losses and the unrealized appreciation and depreciation on those investments presented at fair value.
Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are reclassified as distributions based upon the terms of the Plan document.
Payment of Benefits
Benefit payments are recorded when paid.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires the Plan to make estimates and assumptions, such as those regarding fair value of investments, that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of changes in net assets available for benefits during the reporting period. Actual results could differ from those estimates.
Adoption of New Accounting Standards
Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)
In 2015, the Plan early adopted amended FASB guidance which removes the requirement to categorize within the fair value hierarchy table investments for which fair value is measured using the NAV as a practical expedient. The amendments also limit disclosures about investments measured at fair value using the NAV to those investments for which the entity has elected to measure the fair value using this practical expedient. Prior period amounts were restated to conform with this presentation.
Plan Accounting: Defined Benefit Pension Plans, Defined Contribution Pension Plans, and Health and Welfare Benefit Plans - I. Fully Benefit-Responsive Investment Contracts; II. Plan Investment Disclosures, and III. Measurement Date Practical Expedient
In 2015, the Plan early adopted amended FASB guidance which simplifies the required disclosures related to employee benefit plans. This guidance removes the requirement to measure fully benefit-responsive investment contracts at fair value; eliminates the requirement to disclose individual investments that represent 5% or more of net assets available for benefits, as well as the net appreciation or depreciation of fair value of investment by general type; requires investments that are measured using fair value be grouped only by general type, eliminating the requirement to disaggregate the investments by nature, characteristics and risks; and provides a practical expedient that permits plans to measure investments using values from the end of the month closest to the Plan's fiscal year end, when the fiscal year end does not coincide with a month end. Prior periods were restated to conform with this presentation.
NOTE 3 - RISKS AND UNCERTAINTIES
The Plan provides for various investment options. Investment securities are exposed to various risks such as interest rate, market and credit risk. Market values of investments could decline for several reasons including changes in prevailing market and interest rates, increases in defaults, and credit rating downgrades. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of such securities, it is at least reasonably possible that changes in investment values in the near term could materially
CBS 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
(Tabular dollars in thousands)
affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits and the related Statement of Changes in Net Assets Available for Benefits.
NOTE 4 - INVESTMENTS AT CONTRACT VALUE
The Plan invests in synthetic guaranteed investment contracts, which provide for the repayment of principal plus a specified rate of interest through benefit-responsive wrapper contracts. A wrapper contract is issued by a third party insurance company, financial institution or bank, and is held in combination with fixed income securities to form a synthetic guaranteed investment contract. The interest crediting rate on synthetic guaranteed investment contracts reflects the yield of the associated fixed income investments, plus the amortization of realized and unrealized gains and losses on those investments, typically over the duration of the investments. Interest crediting rates are reset on a monthly or quarterly basis, and the wrapper contracts provide that adjustments to the interest crediting rate cannot result in a future interest crediting rate that is less than zero. Certain factors can influence the future interest crediting rates including, the level of market interest rates, the amount and timing of participant contributions and withdrawals, and the returns generated by the fixed income investments that are associated with the synthetic guaranteed investment contract.
In certain circumstances, the amounts withdrawn from the investment contracts will be paid at fair value rather than contract value due to employer initiated events. These events include, but are not limited to, Plan termination, a material adverse change to the provisions of the Plan, an employer election to withdraw from the contract to switch to a different investment provider, an employer’s bankruptcy, full or partial termination of the Plan, layoffs, plant closings, corporate spin-offs, mergers, divestitures or other workforce restructurings, or if the terms of a successor plan do not meet the contract issuer’s underwriting criteria for issuance of a replacement contract with identical terms. No employer initiated events have occurred or are expected to occur that would cause premature liquidation of a contract at market value.
The contract issuer is permitted to terminate the fully benefit-responsive investment contracts with the Plan and settle at an amount different from contract value in certain events, including loss of the Plan’s qualified status, an uncured material breach of responsibility, or material adverse changes to the provisions of the Plan.
At December 31, 2015 and 2014, the contract value of the Plan's synthetic guaranteed investment contracts was $1.32 billion and $1.42 billion, respectively.
NOTE 5 - FAIR VALUE MEASUREMENTS
The following tables set forth the Plan’s financial assets measured at fair value on a recurring basis at December 31, 2015 and 2014. See Note 2 for the valuation methodology used to measure the fair value of these investments. There have been no changes to the methodologies used to measure the fair value of each asset from December 31, 2014 to December 31, 2015. These assets have been categorized according to the three-level fair value hierarchy established by the FASB, which prioritizes the inputs used in measuring fair value. Level 1 is based on quoted prices for the asset in active markets. Level 2 is based on inputs that are observable other than quoted market prices in Level 1, such as quoted prices for the asset in inactive markets or quoted prices for similar assets. Level 3 is based on unobservable inputs reflecting the Plan’s own assumptions about the assumptions that market participants would use in pricing the asset. The asset’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs.
CBS 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
(Tabular dollars in thousands)
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| | | | | | | | | | | | | | | |
At December 31, 2015 | Level 1 | | Level 2 | | Level 3 | | Total |
Money market funds (a) | $ | — |
| | $ | 29,890 |
| | $ | — |
| | $ | 29,890 |
|
Self-directed accounts (b) | 28,386 |
| | 4,346 |
| | — |
| | 32,732 |
|
Separately managed accounts: | | | | | | |
|
|
Wellington Growth Portfolio (c) | 186,733 |
| | 798 |
| | — |
| | 187,531 |
|
Dodge & Cox Value Equity Fund (c) | 143,539 |
| | 3,275 |
| | — |
| | 146,814 |
|
CBS Corp. common stock | 420,355 |
| | — |
| | — |
| | 420,355 |
|
Registered investment companies (d) | 169,361 |
| | — |
| | — |
| | 169,361 |
|
Total assets in fair value hierarchy | $ | 948,374 |
| | $ | 38,309 |
| | $ | — |
| | $ | 986,683 |
|
Common collective funds measured at net asset value | | | | | | | 1,767,432 |
|
Investments, at fair value |
|
| |
|
| |
|
| | $ | 2,754,115 |
|
|
| | | | | | | | | | | | | | | |
At December 31, 2014 | Level 1 | | Level 2 | | Level 3 | | Total |
Money market funds (a) | $ | — |
| | $ | 23,571 |
| | $ | — |
| | $ | 23,571 |
|
Self-directed accounts (b) | 30,455 |
| | 4,113 |
| | — |
| | 34,568 |
|
Separately managed accounts: | | | | | | |
|
|
Wellington Growth Portfolio (c) | 174,783 |
| | 380 |
| | — |
| | 175,163 |
|
Dodge & Cox Value Equity Fund (c) | 158,051 |
| | 5,962 |
| | — |
| | 164,013 |
|
CBS Corp. common stock | 557,359 |
| | — |
| | — |
| | 557,359 |
|
Registered investment companies (d) | 138,410 |
| | — |
| | — |
| | 138,410 |
|
Total assets in fair value hierarchy | $ | 1,059,058 |
| | $ | 34,026 |
| | $ | — |
| | $ | 1,093,084 |
|
Common collective funds measured at net asset value | | | | | | | 1,783,474 |
|
Investments, at fair value |
|
| |
|
| |
|
| | $ | 2,876,558 |
|
| |
(a) | Primarily invested in U.S. government securities and U.S. government agency securities. |
| |
(b) | Primarily invested in common stock and registered investment companies. Assets categorized as Level 2 reflect investments in money market funds. |
| |
(c) | Primarily invested in large capitalization equities. Assets categorized as Level 2 reflect investments in mutual funds. |
| |
(d) | Primarily invested in small capitalization equities. |
NOTE 6 - FINANCIAL INSTRUMENTS
As part of their investment strategy, the managers of the fixed income fund, which invests in synthetic guaranteed investment contracts, may use derivative financial instruments for various purposes including, managing exposure to sector risk or movements in interest rates, extending the duration of the life of the investment portfolio and as a substitute for cash securities. The derivative instruments typically used are interest rate futures and swaps. There is exposure to credit loss in the event of nonperformance by counterparties to swap transactions. The Plan’s investment managers continually monitor the Plan’s positions with, and credit quality of, the financial institutions which are counterparties to its derivative instruments. Nonperformance by any of the counterparties is not anticipated.
The notional amount of outstanding futures contracts was $62 million and $25 million at December 31, 2015 and 2014, respectively. The notional amount of outstanding swap contracts was $20 million and $32 million at December 31, 2015 and 2014, respectively.
CBS 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
(Tabular dollars in thousands)
NOTE 7 - INCOME TAX STATUS
The Internal Revenue Service (“IRS”) issued a favorable determination letter dated January 13, 2015, indicating that the Plan document satisfied the requirements of Section 401(a) of the Code and that the trust thereunder is exempt from federal income taxes under the provisions of Section 501(a) of the Code. The Plan Administrator believes that the Plan is designed and is currently being operated in material compliance with the applicable provisions of the Code. In addition, the Plan Administrator has concluded that as of December 31, 2015, there are no uncertain tax positions taken or expected to be taken that require recognition of an asset or liability or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions. The Plan Administrator believes it is no longer subject to income tax examinations for years prior to 2011.
NOTE 8 - TERMINATION PRIORITIES
Although the Company anticipates that the Plan will continue indefinitely, it reserves the right, by action of its Board to amend or terminate the Plan provided that such action does not retroactively reduce earned participant benefits. In the event of termination of the Plan, participants become fully vested. Upon termination, the Plan provides that the net assets of the Plan would be distributed to participants based on their respective account balances.
NOTE 9 - RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:
|
| | | | | | | |
| At December 31, |
| 2015 | | 2014 |
Net assets available for benefits per the financial statements | $ | 4,110,277 |
| | $ | 4,334,914 |
|
Amounts allocated to withdrawing participants | (387 | ) | | (582 | ) |
Adjustment from contract value to fair value for fully benefit-responsive investment contracts | 36,923 |
| | 61,512 |
|
Net assets available for benefits per the Form 5500 | $ | 4,146,813 |
| | $ | 4,395,844 |
|
The following is a reconciliation of the net decrease in net assets available for benefits as reflected in the financial statements to the Form 5500:
|
| | | |
| Year Ended
December 31, 2015 |
Net decrease in net assets available for benefits per the financial statements | $ | (224,637 | ) |
Less: Amounts allocated to withdrawing participants at December 31, 2015 | (387 | ) |
Add: Amounts allocated to withdrawing participants at December 31, 2014 | 582 |
|
Add: Adjustment from contract value to fair value for fully benefit-responsive investment contracts at December 31, 2015 | 36,923 |
|
Less: Adjustment from contract value to fair value for fully benefit-responsive investment contracts at December 31, 2014 | (61,512 | ) |
Net decrease in net assets available for benefits per the Form 5500 | $ | (249,031 | ) |
Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to December 31, 2015, but were not paid as of that date.
SCHEDULE H, line 4a
CBS 401(k) PLAN
SCHEDULE OF DELINQUENT PARTICIPANT CONTRIBUTIONS
For the year ended December 31, 2015
(Dollars in thousands)
|
| | | | | | | | | | | | | | | | | | |
Participant Contributions Transferred late to Plan | | Total That Constitute Nonexempt Prohibited Transactions | | Total Fully Corrected Under Voluntary |
Check Here If Late Participant Loan | | | | | | | | Fiduciary Correction Program (VFCP) and |
Repayments Are Included x | | Contributions Not Corrected | | Contributions Corrected Outside VFCP | | Contributions Pending Correction in VFCP | | Prohibited Transaction Exemption 2002-51 |
| | | | | | | | |
$ | — |
| | $ | — |
| | $ | 102 |
| | $ | — |
| | $ | — |
|
SCHEDULE H, line 4i
CBS 401(k) PLAN
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2015
(Dollars in thousands)
|
| | | | | | | | | | | | | |
| Identity of issue, borrower, lessor or similar party | | Maturity and Interest Rates | | Cost (6) | | Current Value | | Wrapper Value |
| Self-Directed Accounts (1) | | | | | | $ | 32,732 |
| | $ | — |
|
| | | | | | | | | |
| Corporate Common Stock | | | | | | | | |
* | CBS Corporation Class A Common Stock | | | | | | 775 |
| | — |
|
* | CBS Corporation Class B Common Stock | | | | | | 419,580 |
| | — |
|
| Total Corporate Common Stock | | | | | | 420,355 |
| | — |
|
| | | | | | | | | |
| Mutual Funds | | | | | | | | |
| DFA U.S. Small Cap Fund | | | | | | 122,770 |
| | — |
|
| Capital Emerging Markets Growth Fund | | | | | | 46,591 |
| | — |
|
* | Dreyfus Government Cash Management Fund | | | | | | 29,890 |
| | — |
|
| Total Mutual Funds | | | | | | 199,251 |
| | — |
|
| | | | | | | | | |
| Common Collective Funds | | | | | | | | |
| BlackRock S&P 500 Index fund | | | | | | 697,688 |
| | — |
|
* | BNY Mellon Aggregate Bond Index Fund | | | | | | 200,501 |
| | — |
|
| BlackRock Mid Cap Equity Index Fund | | | | | | 136,098 |
| | — |
|
| BlackRock LifePath 2040 Fund | | | | | | 118,168 |
| | — |
|
| Capital Guardian International Equity Fund | | | | | | 111,459 |
| | — |
|
| BlackRock LifePath 2050 Fund | | | | | | 109,114 |
| | — |
|
| BlackRock LifePath 2020 Fund | | | | | | 106,380 |
| | — |
|
| BlackRock LifePath 2045 Fund | | | | | | 75,000 |
| | — |
|
| BlackRock LifePath Retirement Fund | | | | | | 58,493 |
| | — |
|
| BlackRock LifePath 2030 Fund | | | | | | 47,458 |
| | — |
|
| BlackRock LifePath 2035 Fund | | | | | | 47,151 |
| | — |
|
| BlackRock LifePath 2025 Fund | | | | | | 42,726 |
| | — |
|
| BlackRock LifePath 2055 Fund | | | | | | 17,196 |
| | — |
|
| Total Common Collective Funds | | | | | | 1,767,432 |
| | — |
|
| | | | | | | | | |
| Separately Managed Accounts (2) | | | | | | | | |
(3) | Wellington Growth Portfolio | | | | | | 187,531 |
| | — |
|
(3) | Dodge & Cox Value Equity Fund | | | | | | 146,814 |
| | — |
|
| Total Separately Managed Accounts | | | | | | 334,345 |
| | — |
|
| | | | | | | | | |
| Synthetic Guaranteed Investment Contracts (4) | | | | | | | | |
(5) | Transamerica Premier Life Insurance Company MDA01263TR | | evergreen and variable % | | | | 479,861 |
| | — |
|
(5) | Prudential Insurance Company of America GA-62413 | | evergreen and variable % | | | | 346,890 |
| | — |
|
(5) | The Bank of Tokyo-Mitsubishi UFJ, Ltd. GS-CBSEG14-2 | | evergreen and variable % | | | | 295,573 |
| | — |
|
(5) | State Street Bank and Trust Company No. 108002 | | evergreen and variable % | | | | 130,574 |
| | — |
|
(5) | The Bank of Tokyo-Mitsubishi UFJ, Ltd. GS-CBSMM14-1 | | evergreen and variable % | | | | 100,247 |
| | — |
|
| Total Synthetic Guaranteed Investment Contracts | | | | | | 1,353,145 |
| | — |
|
| | | | | | | | | |
* | Notes receivable from participants | | Maturity dates through 2040 and interest rates ranging from 4.25% to 10.00% | | | | 34,375 |
| | — |
|
| | | | | | | | | |
| Wrapper value | | | | | | — |
| | 146 |
|
| | | | | | | | | |
| Total investments, at fair value and notes receivable from participants | | | | | | $ | 4,141,635 |
| | $ | 146 |
|
| | | | | | | | | |
* | Identified as a party-in-interest to the Plan. | | | | | | | | |
(1) | Includes $1 million of investments identified as party-in-interest transactions to the Plan. | | | | | | |
(2) | Includes $8 million of investments identified as party-in-interest transactions to the Plan. | | | | | | |
(3) | Refer to Attachment A for listing of assets relating to these accounts. | | | | | | |
(4) | Includes $27 million of investments identified as party-in-interest transactions to the Plan. | | | | | | |
(5) | Refer to Attachment B for listing of assets relating to these contracts. | | | | | | |
(6) | There are no non-participant directed investments. | | | | | | |
Attachment A
(In thousands)
|
| | | | | | | | | |
| Identity of Issuer | | Description | | Cost | | Current Value |
| ADOBE SYSTEMS INC | | COMMON STOCK | | | | $ | 2,711 |
|
| ALIBABA GROUP HOLDING LTD | | COMMON STOCK | | | | 1,783 |
|
| ALLERGAN PLC | | COMMON STOCK | | | | 3,400 |
|
| ALLIANCE DATA SYSTEMS CORP | | COMMON STOCK | | | | 2,620 |
|
| ALPHABET INC | | COMMON STOCK | | | | 9,545 |
|
| AMAZON.COM INC | | COMMON STOCK | | | | 8,728 |
|
| AMERICAN TOWER CORP | | COMMON STOCK | | | | 2,656 |
|
| AMETEK INC | | COMMON STOCK | | | | 2,152 |
|
| APPLE INC | | COMMON STOCK | | | | 6,891 |
|
| AUTOZONE INC | | COMMON STOCK | | | | 3,380 |
|
| BLACKROCK INC | | COMMON STOCK | | | | 1,977 |
|
| BORGWARNER INC | | COMMON STOCK | | | | 1,480 |
|
| BRISTOL-MYERS SQUIBB CO | | COMMON STOCK | | | | 5,392 |
|
| CDW CORP/DE | | COMMON STOCK | | | | 2,540 |
|
| CELGENE CORP | | COMMON STOCK | | | | 892 |
|
| CERNER CORP | | COMMON STOCK | | | | 2,237 |
|
| COBALT INTERNATIONAL ENERGY IN | | COMMON STOCK | | | | 285 |
|
| COGNIZANT TECHNOLOGY SOLUTIONS | | COMMON STOCK | | | | 2,614 |
|
| CVS HEALTH CORP | | COMMON STOCK | | | | 2,944 |
|
| DR HORTON INC | | COMMON STOCK | | | | 3,583 |
|
* | DREYFUS GOVT CAS MGMT INST 289 | | MUTUAL FUND | | | | 798 |
|
| DUNKIN' BRANDS GROUP INC | | COMMON STOCK | | | | 1,978 |
|
| EAGLE MATERIALS INC | | COMMON STOCK | | | | 1,335 |
|
| EDWARDS LIFESCIENCES CORP | | COMMON STOCK | | | | 3,255 |
|
| EQUIFAX INC | | COMMON STOCK | | | | 2,741 |
|
| ESTEE LAUDER COS INC/THE | | COMMON STOCK | | | | 3,507 |
|
| FACEBOOK INC | | COMMON STOCK | | | | 5,426 |
|
| FLEETCOR TECHNOLOGIES INC | | COMMON STOCK | | | | 2,421 |
|
| FORTUNE BRANDS HOME & SECURITY | | COMMON STOCK | | | | 2,748 |
|
| GILEAD SCIENCES INC | | COMMON STOCK | | | | 3,734 |
|
| HARLEY-DAVIDSON INC | | COMMON STOCK | | | | 1,793 |
|
| HARMAN INTERNATIONAL INDUSTRIE | | COMMON STOCK | | | | 2,326 |
|
| HOME DEPOT INC/THE | | COMMON STOCK | | | | 6,840 |
|
| IHS INC | | COMMON STOCK | | | | 2,287 |
|
| ILLUMINA INC | | COMMON STOCK | | | | 2,773 |
|
| IMS HEALTH HOLDINGS INC | | COMMON STOCK | | | | 1,874 |
|
| INTERCONTINENTAL EXCHANGE INC | | COMMON STOCK | | | | 1,644 |
|
| JB HUNT TRANSPORT SERVICES INC | | COMMON STOCK | | | | 787 |
|
| KANSAS CITY SOUTHERN | | COMMON STOCK | | | | 1,042 |
|
| LAS VEGAS SANDS CORP | | COMMON STOCK | | | | 1,787 |
|
| LENNAR CORP | | COMMON STOCK | | | | 3,143 |
|
| LOCKHEED MARTIN CORP | | COMMON STOCK | | | | 186 |
|
| LOWE'S COS INC | | COMMON STOCK | | | | 4,052 |
|
| MARKEL CORP | | COMMON STOCK | | | | 2,436 |
|
| MARSH & MCLENNAN COS INC | | COMMON STOCK | | | | 1,223 |
|
| MASTERCARD INC | | COMMON STOCK | | | | 5,145 |
|
| MCKESSON CORP | | COMMON STOCK | | | | 860 |
|
| MEDIVATION INC | | COMMON STOCK | | | | 1,599 |
|
| MEDTRONIC PLC | | COMMON STOCK | | | | 2,588 |
|
| MONDELEZ INTERNATIONAL INC | | COMMON STOCK | | | | 3,872 |
|
| MONSTER BEVERAGE CORP | | COMMON STOCK | | | | 3,238 |
|
| MSCI INC | | COMMON STOCK | | | | 1,337 |
|
| NIELSEN HOLDINGS PLC | | COMMON STOCK | | | | 2,836 |
|
| PEPSICO INC | | COMMON STOCK | | | | 2,584 |
|
| PRICELINE GROUP INC/THE | | COMMON STOCK | | | | 1,474 |
|
| REGENERON PHARMACEUTICALS INC | | COMMON STOCK | | | | 3,323 |
|
| ROSS STORES INC | | COMMON STOCK | | | | 1,986 |
|
| SALESFORCE.COM INC | | COMMON STOCK | | | | 3,019 |
|
| SERVICENOW INC | | COMMON STOCK | | | | 2,079 |
|
| SHERWIN-WILLIAMS CO/THE | | COMMON STOCK | | | | 2,931 |
|
| STARBUCKS CORP | | COMMON STOCK | | | | 1,504 |
|
| STERICYCLE INC | | COMMON STOCK | | | | 1,902 |
|
| TRANSUNION | | COMMON STOCK | | | | 863 |
|
| UNITEDHEALTH GROUP INC | | COMMON STOCK | | | | 2,228 |
|
| VERISK ANALYTICS INC | | COMMON STOCK | | | | 2,140 |
|
| VERTEX PHARMACEUTICALS INC | | COMMON STOCK | | | | 1,763 |
|
| VISA INC | | COMMON STOCK | | | | 4,121 |
|
| WORKDAY INC | | COMMON STOCK | | | | 1,551 |
|
| WYNDHAM WORLDWIDE CORP | | COMMON STOCK | | | | 1,298 |
|
| WYNN RESORTS LTD | | COMMON STOCK | | | | 322 |
|
| ZILLOW GROUP INC | | COMMON STOCK | | | | 243 |
|
| ZILLOW GROUP INC | | COMMON STOCK | | | | 779 |
|
| | WELLINGTON GROWTH PORTFOLIO | | $ | 187,531 |
|
* Identified as a party-in-interest to the Plan.
Attachment A
(In thousands)
|
| | | | | | | | | |
| Identity of Issuer | | Description | | Cost | | Current Value |
| ADT CORP/THE | | COMMON STOCK | | | | $ | 1,121 |
|
| AEGON NV | | COMMON STOCK | | | | 992 |
|
| ALPHABET INC | | COMMON STOCK | | | | 3,424 |
|
| ALPHABET INC | | COMMON STOCK | | | | 1,634 |
|
| AMERICAN EXPRESS CO | | COMMON STOCK | | | | 1,913 |
|
| ANTHEM INC | | COMMON STOCK | | | | 962 |
|
| APACHE CORP | | COMMON STOCK | | | | 1,828 |
|
| ASTRAZENECA PLC | | COMMON STOCK | | | | 713 |
|
| BAKER HUGHES INC | | COMMON STOCK | | | | 2,305 |
|
| BANK OF AMERICA CORP | | COMMON STOCK | | | | 4,494 |
|
* | BANK OF NEW YORK MELLON CORP/T | | COMMON STOCK | | | | 3,854 |
|
| BB&T CORP | | COMMON STOCK | | | | 1,679 |
|
| CADENCE DESIGN SYSTEMS INC | | COMMON STOCK | | | | 676 |
|
| CAPITAL ONE FINANCIAL CORP | | COMMON STOCK | | | | 5,594 |
|
| CELANESE CORP | | COMMON STOCK | | | | 1,852 |
|
| CHARLES SCHWAB CORP/THE | | COMMON STOCK | | | | 5,433 |
|
| CIGNA CORP | | COMMON STOCK | | | | 3,000 |
|
| CISCO SYSTEMS INC | | COMMON STOCK | | | | 2,512 |
|
| COACH INC | | COMMON STOCK | | | | 851 |
|
| COMCAST CORP | | COMMON STOCK | | | | 4,074 |
|
| CONCHO RESOURCES INC | | COMMON STOCK | | | | 789 |
|
| CORNING INC | | COMMON STOCK | | | | 1,788 |
|
| DANAHER CORP | | COMMON STOCK | | | | 1,180 |
|
| DISH NETWORK CORP | | COMMON STOCK | | | | 1,024 |
|
* | DREYFUS GOVT CAS MGMT INST 289 | | MUTUAL FUND | | | | 3,275 |
|
| EBAY INC | | COMMON STOCK | | | | 199 |
|
| EMC CORP/MA | | COMMON STOCK | | | | 3,534 |
|
| EXPRESS SCRIPTS HOLDING CO | | COMMON STOCK | | | | 3,479 |
|
| FEDEX CORP | | COMMON STOCK | | | | 3,203 |
|
| GOLDMAN SACHS GROUP INC/THE | | COMMON STOCK | | | | 3,460 |
|
| HARLEY-DAVIDSON INC | | COMMON STOCK | | | | 477 |
|
| HEWLETT PACKARD ENTERPRISE CO | | COMMON STOCK | | | | 3,572 |
|
| HP INC | | COMMON STOCK | | | | 2,368 |
|
| JPMORGAN CHASE & CO | | COMMON STOCK | | | | 2,773 |
|
| JUNIPER NETWORKS INC | | COMMON STOCK | | | | 359 |
|
| LIBERTY INTERACTIVE CORP QVC G | | COMMON STOCK | | | | 1,229 |
|
| MAXIM INTEGRATED PRODUCTS INC | | COMMON STOCK | | | | 1,417 |
|
| MEDTRONIC PLC | | COMMON STOCK | | | | 1,346 |
|
| MERCK & CO INC | | COMMON STOCK | | | | 2,187 |
|
| METLIFE INC | | COMMON STOCK | | | | 2,169 |
|
| MICROSOFT CORP | | COMMON STOCK | | | | 5,837 |
|
| NATIONAL OILWELL VARCO INC | | COMMON STOCK | | | | 1,088 |
|
| NETAPP INC | | COMMON STOCK | | | | 1,327 |
|
| NEWS CORP | | COMMON STOCK | | | | 241 |
|
| NOVARTIS AG | | COMMON STOCK | | | | 4,947 |
|
| NOW INC | | COMMON STOCK | | | | 40 |
|
| PRICELINE GROUP INC/THE | | COMMON STOCK | | | | 1,147 |
|
| SANOFI | | COMMON STOCK | | | | 3,625 |
|
| SCHLUMBERGER LTD | | COMMON STOCK | | | | 4,046 |
|
| SPRINT CORP | | COMMON STOCK | | | | 964 |
|
| SYMANTEC CORP | | COMMON STOCK | | | | 2,940 |
|
| SYNOPSYS INC | | COMMON STOCK | | | | 1,131 |
|
| TARGET CORP | | COMMON STOCK | | | | 1,394 |
|
| TE CONNECTIVITY LTD | | COMMON STOCK | | | | 2,358 |
|
| THERMO FISHER SCIENTIFIC INC | | COMMON STOCK | | | | 383 |
|
| TIME WARNER CABLE INC | | COMMON STOCK | | | | 5,714 |
|
| TIME WARNER INC | | COMMON STOCK | | | | 4,072 |
|
| TWENTY-FIRST CENTURY FOX INC | | COMMON STOCK | | | | 2,173 |
|
| TWENTY-FIRST CENTURY FOX INC | | COMMON STOCK | | | | 692 |
|
| TYCO INTERNATIONAL PLC | | COMMON STOCK | | | | 1,158 |
|
| UNITEDHEALTH GROUP INC | | COMMON STOCK | | | | 2,294 |
|
| VMWARE INC | | COMMON STOCK | | | | 441 |
|
| WAL-MART STORES INC | | COMMON STOCK | | | | 2,973 |
|
| WEATHERFORD INTERNATIONAL PLC | | COMMON STOCK | | | | 566 |
|
| WELLS FARGO & CO | | COMMON STOCK | | | | 6,524 |
|
| | DODGE & COX VALUE EQUITY FUND | | $ | 146,814 |
|
* Identified as a party-in-interest to the Plan.
Attachment B
(In thousands)
|
| | | | | | | | | |
| Identity of Issuer | | Maturity and Interest Rates | | Description | | Current Value |
| 90DAY EURODOLLAR FUTURE (CME) | | EXP MAR 16 | | OTHER INVESTMENTS | | $ | (18 | ) |
| 90DAY EURODOLLAR FUTURE (CME) | | EXP SEP 16 | | OTHER INVESTMENTS | | 20 |
|
| ABBVIE INC | | 3.600% 05/14/2025 DD 05/14/15 | | CORPORATE DEBT INSTRUMENTS | | 99 |
|
| ABBVIE INC | | 2.500% 05/14/2020 DD 05/14/15 | | CORPORATE DEBT INSTRUMENTS | | 223 |
|
| ABBVIE INC | | 1.800% 05/14/2018 DD 05/14/15 | | CORPORATE DEBT INSTRUMENTS | | 279 |
|
| ABBVIE INC | | 2.500% 05/14/2020 DD 05/14/15 | | CORPORATE DEBT INSTRUMENTS | | 312 |
|
| ABBVIE INC | | 1.750% 11/06/2017 DD 05/06/13 | | CORPORATE DEBT INSTRUMENTS | | 449 |
|
| ABBVIE INC | | 2.900% 11/06/2022 DD 05/06/13 | | CORPORATE DEBT INSTRUMENTS | | 479 |
|
| ABBVIE INC | | 1.750% 11/06/2017 DD 05/06/13 | | CORPORATE DEBT INSTRUMENTS | | 1,283 |
|
| ABBVIE INC | | 2.500% 05/14/2020 DD 05/14/15 | | CORPORATE DEBT INSTRUMENTS | | 1,530 |
|
| ABBVIE INC | | 1.800% 05/14/2018 DD 05/14/15 | | CORPORATE DEBT INSTRUMENTS | | 2,090 |
|
| ABFC 2005-WF1 TRUST WF1 A2C | | VAR RT 12/25/2034 DD 04/28/05 | | CORPORATE DEBT INSTRUMENTS | | 190 |
|
| ACCESS GROUP INC 1 A2 | | VAR RT 08/25/2023 DD 06/08/06 | | CORPORATE DEBT INSTRUMENTS | | 164 |
|
| ACCESS GROUP INC 1 A2 | | VAR RT 08/25/2023 DD 06/08/06 | | CORPORATE DEBT INSTRUMENTS | | 184 |
|
| ACCESS GROUP INC 1 A3 | | VAR RT 06/22/2022 DD 06/07/05 | | CORPORATE DEBT INSTRUMENTS | | 507 |
|
| ACE INA HOLDINGS INC | | 2.875% 11/03/2022 DD 11/03/15 | | CORPORATE DEBT INSTRUMENTS | | 124 |
|
| ACE INA HOLDINGS INC | | 3.350% 05/03/2026 DD 11/03/15 | | CORPORATE DEBT INSTRUMENTS | | 125 |
|
| ACTAVIS FUNDING SCS | | 2.450% 06/15/2019 DD 06/19/14 | | CORPORATE DEBT INSTRUMENTS | | 267 |
|
| ACTAVIS FUNDING SCS | | 2.350% 03/12/2018 DD 03/12/15 | | CORPORATE DEBT INSTRUMENTS | | 290 |
|
| ACTAVIS FUNDING SCS | | 3.450% 03/15/2022 DD 03/12/15 | | CORPORATE DEBT INSTRUMENTS | | 826 |
|
| ACTAVIS FUNDING SCS | | 3.000% 03/12/2020 DD 03/12/15 | | CORPORATE DEBT INSTRUMENTS | | 1,299 |
|
| ACTAVIS FUNDING SCS | | 3.450% 03/15/2022 DD 03/12/15 | | CORPORATE DEBT INSTRUMENTS | | 2,973 |
|
| ACTAVIS FUNDING SCS | | 3.000% 03/12/2020 DD 03/12/15 | | CORPORATE DEBT INSTRUMENTS | | 3,972 |
|
| ACTAVIS INC | | 3.250% 10/01/2022 DD 10/02/12 | | CORPORATE DEBT INSTRUMENTS | | 172 |
|
| ACTAVIS INC | | 1.875% 10/01/2017 DD 10/02/12 | | CORPORATE DEBT INSTRUMENTS | | 754 |
|
| AETNA INC | | 3.500% 11/15/2024 DD 11/10/14 | | CORPORATE DEBT INSTRUMENTS | | 45 |
|
| AETNA INC | | 2.750% 11/15/2022 DD 11/07/12 | | CORPORATE DEBT INSTRUMENTS | | 248 |
|
| ALCOA INC | | 5.550% 02/01/2017 DD 01/25/07 | | CORPORATE DEBT INSTRUMENTS | | 47 |
|
| ALLIED WORLD ASSURANCE CO HOLD | | 7.500% 08/01/2016 DD 07/26/06 | | CORPORATE DEBT INSTRUMENTS | | 520 |
|
| ALLY AUTO RECEIVABLES T SN1 A3 | | 1.210% 12/20/2017 DD 03/31/15 | | CORPORATE DEBT INSTRUMENTS | | 548 |
|
| ALLY MASTER OWNER TRUST 1 A1 | | VAR RT 01/15/2019 DD 02/05/14 | | CORPORATE DEBT INSTRUMENTS | | 3,445 |
|
| ALLY MASTER OWNER TRUST 2 A2 | | 1.830% 01/15/2021 DD 02/11/15 | | CORPORATE DEBT INSTRUMENTS | | 3,136 |
|
| AMAZON.COM INC | | 3.300% 12/05/2021 DD 12/05/14 | | CORPORATE DEBT INSTRUMENTS | | 1,543 |
|
| AMERICA MOVIL SAB DE CV | | 2.375% 09/08/2016 DD 09/08/11 | | CORPORATE DEBT INSTRUMENTS | | 954 |
|
| AMERICAN AIRLINES 2013-2 CLASS | | 4.950% 07/15/2024 DD 07/15/14 | | CORPORATE DEBT INSTRUMENTS | | 613 |
|
| AMERICAN EXPRESS CO | | 1.550% 05/22/2018 DD 05/22/13 | | CORPORATE DEBT INSTRUMENTS | | 719 |
|
| AMERICAN EXPRESS CO | | 1.550% 05/22/2018 DD 05/22/13 | | CORPORATE DEBT INSTRUMENTS | | 814 |
|
| AMERICAN EXPRESS CO | | 7.000% 03/19/2018 DD 03/19/08 | | CORPORATE DEBT INSTRUMENTS | | 887 |
|
| AMERICAN EXPRESS CRED 4 C 144A | | VAR RT 05/15/2020 DD 11/08/12 | | CORPORATE DEBT INSTRUMENTS | | 2,095 |
|
| AMERICAN EXPRESS CREDIT AC 1 A | | VAR RT 12/15/2021 DD 05/19/14 | | CORPORATE DEBT INSTRUMENTS | | 1,036 |
|
| AMERICAN EXPRESS CREDIT AC 2 A | | VAR RT 05/17/2021 DD 11/13/13 | | CORPORATE DEBT INSTRUMENTS | | 810 |
|
| AMERICAN EXPRESS CREDIT CORP | | 1.125% 06/05/2017 DD 06/05/14 | | CORPORATE DEBT INSTRUMENTS | | 602 |
|
| AMERICAN EXPRESS CREDIT CORP | | 1.800% 07/31/2018 DD 07/31/15 | | CORPORATE DEBT INSTRUMENTS | | 1,422 |
|
| AMERICAN INTERNATIONAL GROUP I | | 3.750% 07/10/2025 DD 07/10/15 | | CORPORATE DEBT INSTRUMENTS | | 144 |
|
| AMERICAN INTERNATIONAL GROUP I | | 2.300% 07/16/2019 DD 07/16/14 | | CORPORATE DEBT INSTRUMENTS | | 362 |
|
| AMERICAN INTERNATIONAL GROUP I | | 5.850% 01/16/2018 DD 12/12/07 | | CORPORATE DEBT INSTRUMENTS | | 392 |
|
| AMERICAN INTERNATIONAL GROUP I | | 2.300% 07/16/2019 DD 07/16/14 | | CORPORATE DEBT INSTRUMENTS | | 1,309 |
|
| AMERICREDIT AUTOMOBILE REC 2 B | | 1.190% 05/08/2018 DD 04/11/13 | | CORPORATE DEBT INSTRUMENTS | | 600 |
|
| AMERISOURCEBERGEN CORP | | 1.150% 05/15/2017 DD 05/22/14 | | CORPORATE DEBT INSTRUMENTS | | 248 |
|
| AMGEN INC | | 3.125% 05/01/2025 DD 05/01/15 | | CORPORATE DEBT INSTRUMENTS | | 81 |
|
| AMGEN INC | | 3.625% 05/22/2024 DD 05/22/14 | | CORPORATE DEBT INSTRUMENTS | | 95 |
|
| AMGEN INC | | 2.125% 05/01/2020 DD 05/01/15 | | CORPORATE DEBT INSTRUMENTS | | 255 |
|
| AMPHENOL CORP | | 1.550% 09/15/2017 DD 09/12/14 | | CORPORATE DEBT INSTRUMENTS | | 423 |
|
| ANADARKO PETROLEUM CORP | | 3.450% 07/15/2024 DD 07/07/14 | | CORPORATE DEBT INSTRUMENTS | | 262 |
|
| ANADARKO PETROLEUM CORP | | 5.950% 09/15/2016 DD 09/19/06 | | CORPORATE DEBT INSTRUMENTS | | 472 |
|
| ANADARKO PETROLEUM CORP | | 6.375% 09/15/2017 DD 08/12/10 | | CORPORATE DEBT INSTRUMENTS | | 624 |
|
| ANADARKO PETROLEUM CORP | | 6.375% 09/15/2017 DD 08/12/10 | | CORPORATE DEBT INSTRUMENTS | | 1,012 |
|
| ANALOG DEVICES INC | | 3.900% 12/15/2025 DD 12/14/15 | | CORPORATE DEBT INSTRUMENTS | | 40 |
|
| ANCHORAGE CAPITAL C 3A A1 144A | | VAR RT 04/28/2026 DD 03/27/14 | | CORPORATE DEBT INSTRUMENTS | | 791 |
|
| ANHEUSER-BUSCH INBEV FINANCE I | | 2.625% 01/17/2023 DD 01/17/13 | | CORPORATE DEBT INSTRUMENTS | | 1,440 |
|
| ANTHEM INC | | 3.500% 08/15/2024 DD 08/12/14 | | CORPORATE DEBT INSTRUMENTS | | 73 |
|
| ANTHEM INC | | 1.875% 01/15/2018 DD 09/10/12 | | CORPORATE DEBT INSTRUMENTS | | 533 |
|
| APIDOS CINCO CDO LT CA A1 144A | | VAR RT 05/14/2020 DD 05/30/07 | | CORPORATE DEBT INSTRUMENTS | | 138 |
|
| APIDOS CLO IX 9AR AR 144A | | VAR RT 07/15/2023 DD 04/15/15 | | CORPORATE DEBT INSTRUMENTS | | 750 |
|
| APPLE INC | | 2.850% 05/06/2021 DD 05/06/14 | | CORPORATE DEBT INSTRUMENTS | | 46 |
|
| APPLE INC | | 2.100% 05/06/2019 DD 05/06/14 | | CORPORATE DEBT INSTRUMENTS | | 511 |
|
| APPLE INC | | 1.000% 05/03/2018 DD 05/03/13 | | CORPORATE DEBT INSTRUMENTS | | 942 |
|
| APPLIED MATERIALS INC | | 3.900% 10/01/2025 DD 09/24/15 | | CORPORATE DEBT INSTRUMENTS | | 55 |
|
| APPLIED MATERIALS INC | | 2.625% 10/01/2020 DD 09/24/15 | | CORPORATE DEBT INSTRUMENTS | | 75 |
|
Attachment B
(In thousands)
|
| | | | | | | | | |
| Identity of Issuer | | Maturity and Interest Rates | | Description | | Current Value |
| ARES XXVI CLO LTD 1A A 144A | | VAR RT 04/15/2025 DD 03/27/13 | | CORPORATE DEBT INSTRUMENTS | | 491 |
|
| ARIZONA PUBLIC SERVICE CO | | 2.200% 01/15/2020 DD 01/12/15 | | CORPORATE DEBT INSTRUMENTS | | 347 |
|
| ARROW ELECTRONICS INC | | 3.000% 03/01/2018 DD 02/20/13 | | CORPORATE DEBT INSTRUMENTS | | 250 |
|
| AT&T INC | | 2.450% 06/30/2020 DD 05/04/15 | | CORPORATE DEBT INSTRUMENTS | | 69 |
|
| AT&T INC | | 5.600% 05/15/2018 DD 05/13/08 | | CORPORATE DEBT INSTRUMENTS | | 69 |
|
| AT&T INC | | 2.375% 11/27/2018 DD 11/27/13 | | CORPORATE DEBT INSTRUMENTS | | 101 |
|
| AT&T INC | | 5.500% 02/01/2018 DD 02/01/08 | | CORPORATE DEBT INSTRUMENTS | | 177 |
|
| AT&T INC | | 3.000% 06/30/2022 DD 05/04/15 | | CORPORATE DEBT INSTRUMENTS | | 254 |
|
| AT&T INC | | VAR RT 02/12/2016 DD 02/12/13 | | CORPORATE DEBT INSTRUMENTS | | 490 |
|
| AT&T INC | | 1.700% 06/01/2017 DD 06/14/12 | | CORPORATE DEBT INSTRUMENTS | | 777 |
|
| AT&T INC | | 2.450% 06/30/2020 DD 05/04/15 | | CORPORATE DEBT INSTRUMENTS | | 1,940 |
|
| AUSTRALIA & NEW ZEALAND BANKIN | | 1.875% 10/06/2017 DD 09/11/12 | | CORPORATE DEBT INSTRUMENTS | | 1,103 |
|
| AUTOMATIC DATA PROCESSING INC | | 3.375% 09/15/2025 DD 09/15/15 | | CORPORATE DEBT INSTRUMENTS | | 127 |
|
| AUTOMATIC DATA PROCESSING INC | | 2.250% 09/15/2020 DD 09/15/15 | | CORPORATE DEBT INSTRUMENTS | | 803 |
|
| AUTOMATIC DATA PROCESSING INC | | 2.250% 09/15/2020 DD 09/15/15 | | CORPORATE DEBT INSTRUMENTS | | 1,305 |
|
| AVIATION CAPITAL GROUP CO 144A | | 2.875% 09/17/2018 DD 09/17/15 | | CORPORATE DEBT INSTRUMENTS | | 268 |
|
| AVIS BUDGET RENTAL C 1A A 144A | | 2.500% 07/20/2021 DD 01/29/15 | | CORPORATE DEBT INSTRUMENTS | | 593 |
|
| AVIS BUDGET RENTAL C 1A A 144A | | 1.920% 09/20/2019 DD 02/13/13 | | CORPORATE DEBT INSTRUMENTS | | 2,084 |
|
| AVIS BUDGET RENTAL C 2A A 144A | | 2.630% 12/20/2021 DD 05/27/15 | | CORPORATE DEBT INSTRUMENTS | | 691 |
|
| AVIS BUDGET RENTAL C 2A A 144A | | 2.500% 02/20/2021 DD 07/24/14 | | CORPORATE DEBT INSTRUMENTS | | 1,098 |
|
| BA CREDIT CARD TRUST A11 A11 | | VAR RT 12/15/2019 DD 08/02/07 | | CORPORATE DEBT INSTRUMENTS | | 995 |
|
| BA CREDIT CARD TRUST A2 A | | VAR RT 09/16/2019 DD 05/14/14 | | CORPORATE DEBT INSTRUMENTS | | 2,797 |
|
| BAE SYSTEMS HOLDINGS INC 144A | | 3.850% 12/15/2025 DD 12/10/15 | | CORPORATE DEBT INSTRUMENTS | | 20 |
|
| BAE SYSTEMS HOLDINGS INC 144A | | 2.850% 12/15/2020 DD 12/10/15 | | CORPORATE DEBT INSTRUMENTS | | 50 |
|
| BANC OF AMERICA COMMERCIA 1 A4 | | 5.451% 01/15/2049 DD 02/01/07 | | CORPORATE DEBT INSTRUMENTS | | 1,028 |
|
| BANC OF AMERICA COMMERCIA 2 A4 | | VAR RT 05/10/2045 DD 06/01/06 | | CORPORATE DEBT INSTRUMENTS | | 429 |
|
| BANCO BILBAO VIZCAYA ARGENTARI | | 3.000% 10/20/2020 DD 10/20/15 | | CORPORATE DEBT INSTRUMENTS | | 647 |
|
| BANK OF AMERICA CORP | | 6.400% 08/28/2017 DD 08/28/07 | | CORPORATE DEBT INSTRUMENTS | | 74 |
|
| BANK OF AMERICA CORP | | 6.050% 05/16/2016 DD 05/16/06 | | CORPORATE DEBT INSTRUMENTS | | 102 |
|
| BANK OF AMERICA CORP | | 5.750% 08/15/2016 DD 08/14/06 | | CORPORATE DEBT INSTRUMENTS | | 215 |
|
| BANK OF AMERICA CORP | | 5.000% 05/13/2021 DD 05/13/11 | | CORPORATE DEBT INSTRUMENTS | | 219 |
|
| BANK OF AMERICA CORP | | 5.750% 12/01/2017 DD 12/04/07 | | CORPORATE DEBT INSTRUMENTS | | 219 |
|
| BANK OF AMERICA CORP | | 3.875% 08/01/2025 DD 07/30/15 | | CORPORATE DEBT INSTRUMENTS | | 330 |
|
| BANK OF AMERICA CORP | | 6.000% 09/01/2017 DD 08/23/07 | | CORPORATE DEBT INSTRUMENTS | | 335 |
|
| BANK OF AMERICA CORP | | 3.750% 07/12/2016 DD 07/12/11 | | CORPORATE DEBT INSTRUMENTS | | 415 |
|
| BANK OF AMERICA CORP | | 4.000% 04/01/2024 DD 04/01/14 | | CORPORATE DEBT INSTRUMENTS | | 511 |
|
| BANK OF AMERICA CORP | | 6.875% 04/25/2018 DD 04/25/08 | | CORPORATE DEBT INSTRUMENTS | | 552 |
|
| BANK OF AMERICA CORP | | VAR RT 10/14/2016 DD 10/26/06 | | CORPORATE DEBT INSTRUMENTS | | 728 |
|
| BANK OF AMERICA CORP | | 3.875% 03/22/2017 DD 03/22/12 | | CORPORATE DEBT INSTRUMENTS | | 746 |
|
| BANK OF AMERICA CORP | | 2.250% 04/21/2020 DD 04/21/15 | | CORPORATE DEBT INSTRUMENTS | | 786 |
|
| BANK OF AMERICA CORP | | 5.650% 05/01/2018 DD 05/02/08 | | CORPORATE DEBT INSTRUMENTS | | 790 |
|
| BANK OF AMERICA CORP | | 5.650% 05/01/2018 DD 05/02/08 | | CORPORATE DEBT INSTRUMENTS | | 1,022 |
|
| BANK OF AMERICA CORP | | 2.650% 04/01/2019 DD 04/01/14 | | CORPORATE DEBT INSTRUMENTS | | 1,043 |
|
| BANK OF AMERICA CORP | | 2.600% 01/15/2019 DD 10/22/13 | | CORPORATE DEBT INSTRUMENTS | | 1,134 |
|
| BANK OF AMERICA CORP | | VAR RT 01/15/2019 DD 10/22/13 | | CORPORATE DEBT INSTRUMENTS | | 1,204 |
|
| BANK OF AMERICA CORP | | 5.750% 12/01/2017 DD 12/04/07 | | CORPORATE DEBT INSTRUMENTS | | 1,284 |
|
| BANK OF AMERICA CORP | | 2.000% 01/11/2018 DD 01/11/13 | | CORPORATE DEBT INSTRUMENTS | | 1,298 |
|
| BANK OF AMERICA CORP | | 6.500% 08/01/2016 DD 07/28/09 | | CORPORATE DEBT INSTRUMENTS | | 1,775 |
|
| BANK OF AMERICA CORP | | 2.600% 01/15/2019 DD 10/22/13 | | CORPORATE DEBT INSTRUMENTS | | 2,007 |
|
| BANK OF AMERICA CORP | | 5.650% 05/01/2018 DD 05/02/08 | | CORPORATE DEBT INSTRUMENTS | | 2,903 |
|
| BANK OF AMERICA NA | | 5.300% 03/15/2017 DD 03/13/07 | | CORPORATE DEBT INSTRUMENTS | | 260 |
|
| BANK OF AMERICA NA | | 1.650% 03/26/2018 DD 03/26/15 | | CORPORATE DEBT INSTRUMENTS | | 298 |
|
| BANK OF AMERICA NA | | 1.750% 06/05/2018 DD 06/05/15 | | CORPORATE DEBT INSTRUMENTS | | 636 |
|
| BANK OF MONTREAL | | 1.300% 07/14/2017 DD 07/14/14 | | CORPORATE DEBT INSTRUMENTS | | 693 |
|
| BANK OF MONTREAL | | 1.450% 04/09/2018 DD 04/09/13 | | CORPORATE DEBT INSTRUMENTS | | 995 |
|
* | BANK OF NEW YORK MELLON CORP/T | | 3.000% 02/24/2025 DD 02/24/15 | | CORPORATE DEBT INSTRUMENTS | | 64 |
|
* | BANK OF NEW YORK MELLON CORP/T | | 3.400% 05/15/2024 DD 05/07/14 | | CORPORATE DEBT INSTRUMENTS | | 220 |
|
| BANK OF NOVA SCOTIA/THE 144A | | 1.950% 01/30/2017 DD 01/30/12 | | CORPORATE DEBT INSTRUMENTS | | 1,230 |
|
| BANK OF TOKYO-MITSUBISHI 144A | | 2.150% 09/14/2018 DD 09/14/15 | | CORPORATE DEBT INSTRUMENTS | | 449 |
|
| BARCLAYS BANK PLC | | 2.500% 02/20/2019 DD 02/20/14 | | CORPORATE DEBT INSTRUMENTS | | 526 |
|
| BARCLAYS BANK PLC 144A | | 2.250% 05/10/2017 DD 05/10/12 | | CORPORATE DEBT INSTRUMENTS | | 1,086 |
|
| BARCLAYS PLC | | 3.650% 03/16/2025 DD 03/16/15 | | CORPORATE DEBT INSTRUMENTS | | 298 |
|
| BARCLAYS PLC | | 2.875% 06/08/2020 DD 06/08/15 | | CORPORATE DEBT INSTRUMENTS | | 414 |
|
| BARCLAYS PLC | | 2.750% 11/08/2019 DD 11/10/14 | | CORPORATE DEBT INSTRUMENTS | | 523 |
|
| BAT INTERNATIONAL FINANCE 144A | | 1.850% 06/15/2018 DD 06/15/15 | | CORPORATE DEBT INSTRUMENTS | | 400 |
|
| BAT INTERNATIONAL FINANCE 144A | | 2.750% 06/15/2020 DD 06/15/15 | | CORPORATE DEBT INSTRUMENTS | | 575 |
|
| BATTALION CLO IV LT 4A A1 144A | | VAR RT 10/22/2025 DD 09/25/13 | | CORPORATE DEBT INSTRUMENTS | | 593 |
|
| BAXALTA INC 144A | | 4.000% 06/23/2025 DD 06/23/15 | | CORPORATE DEBT INSTRUMENTS | | 74 |
|
| BAXTER INTERNATIONAL INC | | 1.850% 01/15/2017 DD 12/19/11 | | CORPORATE DEBT INSTRUMENTS | | 241 |
|
Attachment B
(In thousands)
|
| | | | | | | | | |
| Identity of Issuer | | Maturity and Interest Rates | | Description | | Current Value |
| BAYER US FINANCE LLC 144A | | 3.000% 10/08/2021 DD 10/08/14 | | CORPORATE DEBT INSTRUMENTS | | 983 |
|
| BAYER US FINANCE LLC 144A | | 2.375% 10/08/2019 DD 10/08/14 | | CORPORATE DEBT INSTRUMENTS | | 1,041 |
|
| BB&T CORP | | 1.600% 08/15/2017 DD 08/14/12 | | CORPORATE DEBT INSTRUMENTS | | 476 |
|
| BEAR STEARNS COMMERCI PW11 A1A | | VAR RT 03/11/2039 DD 03/01/06 | | CORPORATE DEBT INSTRUMENTS | | 691 |
|
| BEAR STEARNS COMMERCI PW14 A1A | | 5.189% 12/11/2038 DD 12/01/06 | | CORPORATE DEBT INSTRUMENTS | | 737 |
|
| BEAR STEARNS COMMERCI PW16 A1A | | VAR RT 06/11/2040 DD 06/01/07 | | CORPORATE DEBT INSTRUMENTS | | 833 |
|
| BEAR STEARNS COMMERCIA PW16 A4 | | VAR RT 06/11/2040 DD 06/01/07 | | CORPORATE DEBT INSTRUMENTS | | 804 |
|
| BEAR STEARNS COMMERCIAL T24 A4 | | 5.537% 10/12/2041 DD 10/01/06 | | CORPORATE DEBT INSTRUMENTS | | 973 |
|
| BEAR STEARNS COS LLC/THE | | 5.550% 01/22/2017 DD 11/22/06 | | CORPORATE DEBT INSTRUMENTS | | 146 |
|
| BEAR STEARNS COS LLC/THE | | 4.650% 07/02/2018 DD 06/25/03 | | CORPORATE DEBT INSTRUMENTS | | 154 |
|
| BEAR STEARNS COS LLC/THE | | 7.250% 02/01/2018 DD 02/01/08 | | CORPORATE DEBT INSTRUMENTS | | 418 |
|
| BECTON DICKINSON AND CO | | 1.800% 12/15/2017 DD 12/15/14 | | CORPORATE DEBT INSTRUMENTS | | 100 |
|
| BELLSOUTH LLC 144A | | VAR RT 04/26/2021 DD 04/26/15 | | CORPORATE DEBT INSTRUMENTS | | 759 |
|
| BENEFIT STREET PAR IIA A1 144A | | VAR RT 07/15/2024 DD 06/13/13 | | CORPORATE DEBT INSTRUMENTS | | 1,072 |
|
| BHP BILLITON FINANCE USA 144A | | VAR RT 10/19/2075 DD 10/19/15 | | CORPORATE DEBT INSTRUMENTS | | 303 |
|
| BIOGEN INC | | 4.050% 09/15/2025 DD 09/15/15 | | CORPORATE DEBT INSTRUMENTS | | 40 |
|
| BIOGEN INC | | 2.900% 09/15/2020 DD 09/15/15 | | CORPORATE DEBT INSTRUMENTS | | 180 |
|
| BLUE HILL CLO LTD 1A A 144A | | VAR RT 01/15/2026 DD 12/05/13 | | CORPORATE DEBT INSTRUMENTS | | 297 |
|
| BNP PARIBAS SA | | 2.375% 09/14/2017 DD 09/14/12 | | CORPORATE DEBT INSTRUMENTS | | 273 |
|
| BNP PARIBAS SA | | 2.375% 05/21/2020 DD 05/21/15 | | CORPORATE DEBT INSTRUMENTS | | 470 |
|
| BOEING CO/THE | | 2.500% 03/01/2025 DD 02/20/15 | | CORPORATE DEBT INSTRUMENTS | | 63 |
|
| BOSTON SCIENTIFIC CORP | | 2.850% 05/15/2020 DD 05/12/15 | | CORPORATE DEBT INSTRUMENTS | | 114 |
|
| BOSTON SCIENTIFIC CORP | | 3.850% 05/15/2025 DD 05/12/15 | | CORPORATE DEBT INSTRUMENTS | | 300 |
|
| BOSTON SCIENTIFIC CORP | | 2.650% 10/01/2018 DD 08/13/13 | | CORPORATE DEBT INSTRUMENTS | | 382 |
|
| BP CAPITAL MARKETS PLC | | 1.375% 05/10/2018 DD 05/10/13 | | CORPORATE DEBT INSTRUMENTS | | 227 |
|
| BP CAPITAL MARKETS PLC | | 1.375% 11/06/2017 DD 11/06/12 | | CORPORATE DEBT INSTRUMENTS | | 298 |
|
| BP CAPITAL MARKETS PLC | | VAR RT 05/10/2018 DD 05/10/13 | | CORPORATE DEBT INSTRUMENTS | | 492 |
|
| BP CAPITAL MARKETS PLC | | 2.237% 05/10/2019 DD 02/10/14 | | CORPORATE DEBT INSTRUMENTS | | 501 |
|
| BPCE SA | | 2.250% 01/27/2020 DD 01/27/15 | | CORPORATE DEBT INSTRUMENTS | | 394 |
|
| BPCE SA | | 2.500% 07/15/2019 DD 07/15/14 | | CORPORATE DEBT INSTRUMENTS | | 552 |
|
| BPCE SA | | 2.500% 07/15/2019 DD 07/15/14 | | CORPORATE DEBT INSTRUMENTS | | 1,505 |
|
| BRAZOS HIGHER EDUCATION 1 1A3 | | VAR RT 09/26/2022 DD 03/08/05 | | CORPORATE DEBT INSTRUMENTS | | 300 |
|
| BRAZOS HIGHER EDUCATION 2 A10 | | VAR RT 12/26/2019 DD 06/23/05 | | CORPORATE DEBT INSTRUMENTS | | 506 |
|
| BRAZOS HIGHER EDUCATION 3 A15 | | VAR RT 03/25/2025 DD 11/22/05 | | CORPORATE DEBT INSTRUMENTS | | 532 |
|
| BRINKER INTERNATIONAL INC | | 2.600% 05/15/2018 DD 05/15/13 | | CORPORATE DEBT INSTRUMENTS | | 398 |
|
| BRITISH TELECOMMUNICATIONS PLC | | 2.350% 02/14/2019 DD 02/14/14 | | CORPORATE DEBT INSTRUMENTS | | 376 |
|
| BRITISH TELECOMMUNICATIONS PLC | | 5.950% 01/15/2018 DD 12/12/07 | | CORPORATE DEBT INSTRUMENTS | | 394 |
|
| BROOKSIDE MILL CLO 1A A1 144A | | VAR RT 04/17/2025 DD 05/23/13 | | CORPORATE DEBT INSTRUMENTS | | 488 |
|
| BROWN-FORMAN CORP | | 2.500% 01/15/2016 DD 12/16/10 | | CORPORATE DEBT INSTRUMENTS | | 500 |
|
| BUCKEYE PARTNERS LP | | 4.150% 07/01/2023 DD 06/10/13 | | CORPORATE DEBT INSTRUMENTS | | 343 |
|
| BURLINGTON NORTHERN SANTA FE L | | 3.000% 04/01/2025 DD 03/09/15 | | CORPORATE DEBT INSTRUMENTS | | 154 |
|
| CABELA'S CREDIT CARD MAST 2 A1 | | 2.250% 07/17/2023 DD 07/15/15 | | CORPORATE DEBT INSTRUMENTS | | 1,101 |
|
| CALIFORNIA ST | | 7.300% 10/01/2039 DD 10/15/09 | | OTHER INVESTMENTS | | 70 |
|
| CALIFORNIA ST | | 7.625% 03/01/2040 DD 04/01/10 | | OTHER INVESTMENTS | | 87 |
|
| CANADIAN NATIONAL RAILWAY CO | | 5.550% 05/15/2018 DD 05/01/08 | | CORPORATE DEBT INSTRUMENTS | | 67 |
|
| CANADIAN PACIFIC RAILWAY CO | | 3.700% 02/01/2026 DD 08/03/15 | | CORPORATE DEBT INSTRUMENTS | | 49 |
|
| CAPITAL AUTO RECEIVABLES 1 A3 | | 0.790% 06/20/2017 DD 01/24/13 | | CORPORATE DEBT INSTRUMENTS | | 71 |
|
| CAPITAL ONE BANK USA NA | | 2.150% 11/21/2018 DD 11/21/13 | | CORPORATE DEBT INSTRUMENTS | | 347 |
|
| CAPITAL ONE FINANCIAL CORP | | 6.150% 09/01/2016 DD 08/29/06 | | CORPORATE DEBT INSTRUMENTS | | 108 |
|
| CAPITAL ONE FINANCIAL CORP | | 3.500% 06/15/2023 DD 06/06/13 | | CORPORATE DEBT INSTRUMENTS | | 235 |
|
| CAPITAL ONE FINANCIAL CORP | | 3.150% 07/15/2016 DD 07/19/11 | | CORPORATE DEBT INSTRUMENTS | | 626 |
|
| CAPITAL ONE MULTI-ASSET A5 A5 | | 1.600% 05/17/2021 DD 07/23/15 | | CORPORATE DEBT INSTRUMENTS | | 1,116 |
|
| CAPITAL ONE MULTI-ASSET A5 A5 | | 1.480% 07/15/2020 DD 10/14/14 | | CORPORATE DEBT INSTRUMENTS | | 1,130 |
|
| CAPITAL ONE MULTI-ASSET A5 A5 | | 1.480% 07/15/2020 DD 10/14/14 |