Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________
FORM 11-K
 ____________________________
(Mark One)
ý
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 2015.
¨
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     .
Commission File Number 001-05647
____________________________
A.
Full title of the plan and the address of the plan, if different from that of the issuer named below:
MATTEL, INC. PERSONAL INVESTMENT PLAN
____________________________
B.
Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
MATTEL, INC.
333 Continental Boulevard
El Segundo, California 90245-5012




MATTEL, INC. PERSONAL INVESTMENT PLAN
December 31, 2015 and 2014
 
 
 
 
Page
 
 
Report of Independent Registered Public Accounting Firm
1

 
 
Financial Statements:
 
Statements of Net Assets Available for Benefits at December 31, 2015 and 2014
2

Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2015
3

 
 
Notes to Financial Statements
4 - 9

 
 
Supplemental Schedule:
 
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2015
10 - 19

 
 
Exhibit:
 
23.0 Consent of Independent Registered Public Accounting Firm
20






Report of Independent Registered Public Accounting Firm
To the Administrator of
Mattel, Inc. Personal Investment 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 Mattel, Inc. Personal Investment Plan (the “Plan”) at December 31, 2015 and 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 Assets (Held at End of Year) at December 31, 2015 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedule reconciles 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 schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is 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 Assets (Held at End of Year) is fairly stated, in all material respects, in relation to the financial statements as a whole.
 
 
/s/ PricewaterhouseCoopers LLP
 
Los Angeles, California
June 21, 2016

1



MATTEL, INC. PERSONAL INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
 
 
 
December 31, 2015
 
December 31, 2014
 
 
(In thousands)
ASSETS
 
 
 
 
Investments:
 
 
 
 
Short-term investment fund
 
$
16,059

 
$
20,265

Common stock
 
179,438

 
198,086

Fixed income mutual fund
 
8,567

 
4,175

Common and commingled trust funds
 
529,018

 
547,541

Investments at fair value
 
733,082

 
770,067

Investments at contract value
 
156,415

 
176,150

Receivables:
 
 
 
 
Notes receivable from participants
 
8,175

 
8,704

Employer contributions
 
1,052

 
996

Participant contributions
 
874

 
1,052

Due from brokers for securities sold
 
283

 
1,866

Interest and dividends
 
434

 
342

Transfer of assets into plan
 

 
7,198

Total receivables
 
10,818

 
20,158

Total assets
 
900,315

 
966,375

 
 
 
 
 
LIABILITIES
 
 
 
 
Accrued expenses
 
198

 
437

Due to brokers for securities purchased
 
167

 
1,922

Total liabilities
 
365

 
2,359

 
 
 
 
 
Net assets available for benefits
 
$
899,950

 
$
964,016

The accompanying notes are an integral part of these financial statements.


2



MATTEL, INC. PERSONAL INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
For the Year Ended December 31, 2015
 
 
December 31, 2015
 
(In thousands)
ADDITIONS
 
Investment (loss) income:
 
Net depreciation in fair value of investments
$
(12,578
)
Interest and dividends
7,653

Total investment loss
(4,925
)
Interest income on notes receivable from participants
336

Contributions:
 
Employer
26,686

Participant
34,414

Total contributions
61,100

Total additions
56,511

 
 
DEDUCTIONS
 
Benefits paid to participants
(119,123
)
Administrative expenses
(1,454
)
Total deductions
(120,577
)
Net decrease
(64,066
)
 
 
Net assets available for benefits:
 
Beginning of year
964,016

End of year
$
899,950

The accompanying notes are an integral part of these financial statements.


3



MATTEL, INC. PERSONAL INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
1.     General Description of the Plan
The Mattel, Inc. Personal Investment Plan (the “Plan” or “PIP”) was established by Mattel, Inc. (the “Company”) effective November 1, 1983. The PIP is a contributory thrift savings form of a defined contribution plan that covers non-union employees of the Company and certain of its subsidiaries.
The Plan is sponsored and administered by the Company, acting by and through the Administrative Committee. The Plan’s assets are held by Wells Fargo Bank, N.A. (“Wells Fargo” or the “Trustee”), and the recordkeeper is Aon Hewitt.
On April 30, 2014, the Company acquired MEGA Brands Inc. (“MEGA Brands”). On December 31, 2014, the Company merged the MEGA Brands America 401(k) Savings Plan (“MEGA Brands 401(k) Plan”) with and into the Plan. The MEGA Brands employees that were participants of the MEGA Brands 401(k) Plan as of December 31, 2014 became participants of the Plan as of January 1, 2015.
Eligibility
Employees of the Company and certain of its subsidiaries are generally eligible to participate in the Plan immediately upon their hire date if they are full-time or part-time employees of the Company or certain of its subsidiaries and are age 20 or older, except that American Girl retail store employees age 20 or older are eligible to participate in the PIP after a 90-day waiting period has been completed and American Girl variable employees are not eligible to participate.
Contributions
The Company makes automatic contributions to the Plan regardless of whether the participants elect to personally contribute to the Plan. Automatic contributions range from three percent to seven percent of a participant’s compensation, based on the participant’s age. For pay periods commencing prior to July 6, 2015, the Company’s automatic contributions ranged from three percent to eight percent of compensation and participants who also participated in the Mattel Cash Balance Plan were not eligible for automatic contributions. The Company also makes matching contributions equal to 50 percent of the first 6 percent of compensation contributed by participants. For pay periods commencing prior to July 6, 2015, the Company’s matching contributions equaled 100 percent of the first two percent of compensation and 50 percent of the next four percent of compensation contributed by participants. Plan participants who are not classified as “highly compensated employees” under the Internal Revenue Code may contribute up to an additional 74 percent of compensation, with no matching contributions by the Company. Plan participants who are classified as “highly compensated employees” may contribute up to an additional 14 percent of compensation, with no matching contributions by the Company.
The Plan includes provisions for automatic enrollment and re-enrollment of participants and automatic increases in participant contributions. Under these provisions, each employee is automatically enrolled for contributions upon his or her commencement of employment equal to two percent of his or her compensation. In addition, the contribution election of each participant who has elected (or who has been automatically enrolled) to contribute less than six percent of his or her compensation is automatically increased by two percent as of the first April that is at least 90 days after the participant has elected (or who has been automatically enrolled) to contribute to the Plan. The automatic two percent increase continues on each subsequent April until the participant’s contribution level reaches six percent of compensation. A participant may affirmatively elect to override the automatic enrollment and automatic contribution increases at any time.
All contributions made to the Plan are subject to annual limitations imposed by the Internal Revenue Code.
Plan participants are able to direct all contributions into one or more of the 15 separate investment funds available under the Plan in 2015 and 2014, including a fund that is invested primarily in the Company’s common stock (the “Mattel, Inc. stock fund”). Participants may not invest more than 25 percent of the contributions made to their accounts in the Mattel, Inc. stock fund or transfer more than 25 percent of their account balances to the Mattel, Inc. stock fund. Participants are not required to allocate any funds to the Mattel, Inc. stock fund, allowing them to limit or eliminate their exposure to market changes in the Company’s stock price.
Vesting
Participants are immediately vested in their contributions plus earnings thereon. Participants vest in the Company’s contributions plus earnings thereon after three years of credited service. While being an employee, participants can also become fully vested in the balance of their accounts upon attainment of age 65, total and permanent disability, or death.
Notes Receivable from Participants
Participants may borrow from their accounts a minimum of $2,000 and a maximum equal to the lesser of $50,000 less the highest outstanding loan balance in the last 12 months or 50 percent of the vested balance of their accounts. Loan terms

4



generally range from one to five years but can range from one to fifteen years if the loan proceeds are used for the purchase of a primary residence. The loans are secured by the vested balance of accounts and bear interest at the prime rate plus one percent, set at the beginning of the month in which the loan is granted, and is fixed for the duration of the loan. Annual interest rates on loans outstanding for the Plan ranged from 4.25 to 9.25 percent at both December 31, 2015 and December 31, 2014. Principal and interest are paid ratably through payroll deductions.
Participant Accounts
Participant accounts are credited with the participants’ contributions and allocations of (a) the Company’s contributions and (b) the Plan’s earnings. The Company’s contributions are invested in the Plan’s investment funds based on the investment fund percentages chosen by participants for their contributions. Allocations of the Plan’s earnings are based on the funds’ earnings and the percentage of the funds the participants choose to hold. Nonvested account balances of participants who terminate employment are forfeited and used to reduce future Company contributions in the future. Forfeitures used to reduce Company contributions in 2015 were approximately $1,823,000.
Payment of Benefits
Participants or beneficiaries of participants who terminate employment due to retirement, disability, death, or other reasons are allowed to receive a lump-sum payment equal to the vested balance of their account or installment payments over a period of five, ten, or fifteen years, unless the distributable benefit is less than $1,000, in which case the payment is made in a lump sum.
Expenses of the Plan
Investment manager expenses are allocated to the funds and paid by the Plan, with all other expenses paid by the Company.
2.     Summary of Significant Accounting Policies
Basis of Accounting
The accompanying financial statements are prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).
Valuation of Investments
Other than the guaranteed investment contracts ("GICs") and synthetic guaranteed investment contracts ("synthetic GICs") held in the stable asset fund that are stated at contract value, the Plan’s investments are stated at fair value and are valued as follows:
The Plan’s investments in the common and commingled trust funds, short-term investment fund, and mutual fund are valued at the net asset value of shares held. In general, there are no restrictions as to the redemption of these funds, nor does the Plan have any contractual obligations to further invest in any of these funds. In addition, these funds have daily liquidity with trades settling between one and three days. Investments in common stock, including the Company’s common stock, are valued using quoted market prices reported on the active market upon which the individual securities are traded. The fair value of the collective trust fund is based on the net asset value of shares held.
Investment contracts held by the Plan are reported at contract value, which is equal to the principal balance plus accrued interest. Contract value is the relevant measurement attribute for the portion of the net assets available for benefits of a defined contribution plan 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. Full or partial Plan sponsor-directed redemptions or terminations of the GICs and synthetic GICs may be delayed for up to 30 days. The statements of net assets available for benefits present the contract value of the investment contracts. The statement of changes in net assets available for benefits is also prepared on a contract value basis.
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 deemed distributions based on the terms of the Plan document. No allowance for credit losses was recorded as of December 31, 2015 or 2014.
Contributions
Company and participant contributions are reported in the financial statements in the period in which the related employee services are rendered. Participant rollover contributions are reported as participant contributions in the financial statements.
Income Recognition

5



The net appreciation or depreciation in investment values during the period is reflected in the statement of changes in net assets available for benefits. The net appreciation or depreciation includes realized gains and losses on investments sold during the period and unrealized gains and losses on investments held. Securities transactions are recorded on the transaction date. Interest income is recorded on the accrual basis as earned. Dividend income is recorded on the ex-dividend date.
Payment of Benefits
Benefit payments are recorded in the period in which the benefit payments occur. Benefits that are due to participants but remained unpaid at December 31, 2015 and December 31, 2014 totaled $520,000 and $1,186,000, respectively.
Risks and Uncertainties
The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits. Market values of the Plan’s investments may decline for a number of reasons, including changes in prevailing market and interest rates, increases in defaults and credit rating downgrades.
Use of Estimates
The preparation of the financial statements in conformity with US GAAP requires the Plan’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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.
New Accounting Pronouncements
In May 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. ASU 2015-07 additionally removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. ASU 2015-07 will be effective for interim and annual reporting periods beginning after December 15, 2015. Early application is permitted. The Plan is currently evaluating the impact of the adoption of ASU 2015-07 on its financial statement disclosures.
In July 2015, the FASB issued ASU 2015-12 (Part I), Fully Benefit-Responsive Investment Contracts, which requires fully benefit-responsive investment contracts to be measured, presented, and disclosed at contract value, and ASU 2015-12 (Part II), Plan Investment Disclosures, which removes the requirement to disclose (1) individual investments that represent 5 percent or more of the net assets available for benefits and (2) the net appreciation or depreciation for investments by general type. The Plan elected to early adopt ASU 2015-12 during 2015, and the financial statements and related disclosures herein have been retrospectively restated accordingly.
3.     Investment Contracts
The Plan holds both GICs and synthetic GICs. These contracts are managed by Morley Capital Management, Inc. (“Morley”). The GICs are issued with a fixed crediting rate and a fixed maturity that does not change over the life of the contract. Only the contract itself is owned by the Plan for Traditional GICs. The synthetic GICs are wrap contracts paired with underlying investments, primarily consisting of high-quality fixed income securities owned by the Plan. The synthetic GICs provide for a variable crediting rate, based on current yields of the underlying assets, and do not have a final stated maturity date. The crediting rate typically re-sets on a monthly basis with a one-month look-back for the underlying investment portfolio statistics. The primary variables impacting future crediting rates include current yield of the investments within the contract, duration of the investments covered by the contract, and the existing difference between the fair value and the contract value of the investments within the contract.
For synthetic GICs, the contract issuers guarantee a minimum zero percent crediting rate.
As described in Note 2, because the GICs and synthetic GICs held are fully benefit-responsive, contract value is the relevant measurement attribute for the portion of the net assets available for benefits attributable to the GICs and synthetic GICs. Contract value, as reported to the Plan by Morley, represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value. At December 31, 2015 and 2014, no reserves are considered necessary for any potential credit risk or other risk to the contract value of the investments. The contract issuers guarantee that all qualified participant withdrawals will occur at contract value, subject to the events described in the following paragraph.

6



Certain events limit the ability of the Plan to transact at contract value with the insurance company and the financial institution issuer. Such events may include, but are not limited to: (1) amendments to the Plan’s documents (including complete or partial plan termination or merger with another plan), (2) changes to the Plan’s prohibition on competing investment options or deletion of equity wash provisions, (3) bankruptcy of the Plan’s sponsor or other Plan sponsor events that cause a significant withdrawal from the Plan, or (4) the failure of the Plan’s trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under the Employee Retirement Income Security Act. The Plan’s administrator does not believe that the occurrence of any such event, which would limit the Plan’s ability to transact at contract value with participants, is probable. Certain events allow issuers to terminate GIC and synthetic GIC wrap contracts with the Plan and settle at an amount different from the contract value. Such events may include, but are not limited to: (1) management of the portfolio which is not in accordance with investment guidelines, (2) breach of any material obligation under the wrap contract, (3) any representation or warranty made by the contract holder that becomes untrue in any material way, (4) replacement of the advisor without prior consent of the issuer, (5) termination of fund, (6) fund ceases to qualify as a group trust or the Plan ceases to meet the appropriate tax qualifications, or (7) the wrap contract becomes a prohibited transaction within the meaning of Section 406 of the Employee Retirement Income Security Act.
The following represents the disaggregation of contract value between types of investment contracts held by the Plan (in thousands).
 
 
December 31, 2015
 
December 31, 2014
Synthetic investment contracts
 
152,326

 
163,986

Traditional investment contracts
 
4,089

 
12,164

Total
 
156,415

 
176,150

 
4.     Tax Status of the Plan
The Internal Revenue Service (the “IRS”) has determined and informed the Company by a letter dated May 20, 2014, that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (the “Code”). The Plan has been amended since receiving the determination letter. However, the Company and the Plan’s counsel believe that the Plan is designed, and is currently being operated, in compliance with the applicable requirements of the Code and, therefore, believe that the Plan is qualified, and the related trust is tax-exempt.
US GAAP requires the Plan’s management to evaluate tax positions taken by the Plan and recognize a tax liability if the organization has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Company believes it is no longer subject to income tax examinations for years prior to 2012.
5.     Related-Party Transactions
The Company and Wells Fargo are parties-in-interest. The Plan’s investment managers include BlackRock Financial Management, Institutional Capital Management, Morley, Northern Trust Company, and Lazard Asset Management, which are also parties-in-interest. A statutory exemption exists for transactions with these parties-in-interest.
The Plan had transactions in the common stock of the Company and the Wells Fargo Short-Term Investment Fund, which is managed by Wells Fargo. During 2015, purchases and sales of the Company’s common stock totaled $4,133,000 and $4,301,000, respectively, and the purchases and sales of Wells Fargo Short-Term Investment Fund shares totaled $323,302,000 and $327,832,000, respectively.
6.     Plan Termination
The Company anticipates the Plan will continue without interruption but reserves the right to discontinue the Plan. In the event such discontinuance results in the termination of the Plan, participants will become 100 percent vested in their accounts.
7.     Fair Value Measurements
The following tables present information about the Plan’s assets and liabilities measured and reported in the financial statements at fair value and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value. The three levels of the fair value hierarchy are as follows: 
Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.

7



Level 2—Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.
Level 3—Valuations based on inputs that are unobservable, supported by little or no market activity, and that are significant to the fair value of the assets or liabilities.
Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Plan’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy levels. The Plan’s assets measured and reported in the financial statements at fair value on a recurring basis include the following (in thousands):
 
 
December 31, 2015
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Investments:
 
 
 
 
 
 
 
 
Short-term investment fund
 
$

 
$
16,059

 
$

 
$
16,059

Common stock
 
179,438

 

 

 
179,438

Common and commingled trust funds:
 
 
 
 
 
 
 
 
S&P 500 Equity Index Fund
 

 
165,430

 

 
165,430

Intermediate Bond Index Fund
 

 
61,269

 

 
61,269

Wilshire 4500 Equity Index Fund
 

 
59,748

 

 
59,748

International Equity Index Fund
 

 
59,587

 

 
59,587

LifePath 2040 Index Fund
 

 
58,522

 

 
58,522

LifePath 2030 Index Fund
 

 
47,685

 

 
47,685

LifePath 2020 Index Fund
 

 
33,703

 

 
33,703

LifePath Retirement Index Fund
 

 
23,897

 

 
23,897

International Equity Fund
 

 
17,012

 

 
17,012

LifePath 2050 Index Fund
 

 
2,165

 

 
2,165

Total common and commingled trust funds
 

 
529,018

 

 
529,018

Fixed income mutual fund
 
8,567

 

 

 
8,567

Total investments
 
$
188,005

 
$
545,077

 
$

 
$
733,082

 
 
 
December 31, 2014
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Investments:
 
 
 
 
 
 
 
 
Short-term investment fund
 
$

 
$
20,265

 
$

 
$
20,265

Common stock
 
198,086

 

 

 
198,086

Common and commingled trust funds:
 
 
 
 
 
 
 
 
S&P 500 Equity Index Fund
 

 
170,397

 

 
170,397

Wilshire 4500 Equity Index Fund
 

 
65,476

 

 
65,476

Intermediate Bond Index Fund
 

 
65,125

 

 
65,125

International Equity Index Fund
 

 
64,856

 

 
64,856

LifePath 2040 Index Fund
 

 
57,361

 

 
57,361

LifePath 2030 Index Fund
 

 
47,808

 

 
47,808

LifePath 2020 Index Fund
 

 
37,594

 

 
37,594

LifePath Retirement Index Fund
 

 
25,535

 

 
25,535

International Equity Fund
 

 
13,389

 

 
13,389

Total common and commingled trust funds
 

 
547,541

 

 
547,541

Fixed income mutual fund
 
4,175

 

 

 
4,175

Total investments
 
$
202,261

 
$
567,806

 
$

 
$
770,067


8



There have been no changes in the valuation methodologies used to value the Plan’s assets at fair value at December 31, 2015 and 2014.
8.     Differences between Financial Statements and Form 5500
The following is a reconciliation of net assets available for benefits at December 31, 2015 and 2014 per the Plan financial statements to the Form 5500 (in thousands):
 
 
2015
 
2014
Net assets available for benefits per the financial statements
 
$
899,950

 
$
964,016

Adjustments from contract value to fair value for fully benefit-responsive investment contracts
 
976

 
2,460

Benefits due to participants but unpaid at year-end
 
(520
)
 
(1,186
)
Loans classified as uncollectible per the Form 5500
 
(108
)
 
(97
)
Net assets available for benefits per the Form 5500
 
$
900,298

 
$
965,193

The following is a reconciliation of the net increase in the net assets available for benefits per the Plan financial statements to the Form 5500 (in thousands): 
 
2015
Net decrease in net assets available for benefits per the financial statements
$
(64,066
)
Adjustments from contract value to fair value for fully benefit-responsive investment contracts
(1,484
)
Benefits due to participants but unpaid at year-end
666

Deemed distributions of participant loans per the Form 5500
(11
)
Net decrease in net assets available for benefits per the Form 5500
$
(64,895
)

9.     Subsequent Events
In preparing these financial statements, the Plan evaluated the events and transactions that occurred between December 31, 2015 and the date these financial statements were issued.

9



MATTEL, INC. PERSONAL INVESTMENT PLAN
EIN: 95-1567322 PN: 002
SCHEDULE H, LINE 4i – SCHEDULE OF ASSETS (HELD AT END OF YEAR)
At December 31, 2015
(a)
 
(b) Identity of Issuer, Borrower, Lessor, or Similar Party
 
(c) Description of Investment, including
Maturity Date, Rate of
Interest, Collateral,
Par, or Maturity Value
 
(d) Cost
 
(e) Current
Value
 
 
Common and Commingled Trust Funds:
 
 
 
 
 
 
*
 
BGI Equity Index Fund
 
2,133,000 shares
 
108,409,000

 
165,430,000

*
 
BGI Intermediate Government/Corp Fund
 
2,404,000 shares
 
57,674,000

 
61,269,000

*
 
BGI Lifepath Index 2020 Fund
 
2,907,000 shares
 
28,707,000

 
33,703,000

*
 
BGI Lifepath Index 2030 Fund
 
3,955,000 shares
 
39,817,000

 
47,685,000

*
 
BGI Lifepath Index 2040 Fund
 
4,715,000 shares
 
50,013,000

 
58,522,000

*
 
BGI Lifepath Index 2050 Fund
 
170,000 shares
 
2,222,000

 
2,165,000

*
 
BGI Lifepath Index Retirement
 
2,142,000 shares
 
22,190,000

 
23,897,000

*
 
Northern Trust EAFE (Index) Fund
 
4,722,000 shares
 
62,457,000

 
59,587,000

*
 
Northern Trust Wilshire 4500
 
118,000 shares
 
46,121,000

 
59,748,000

*
 
Pyramis Select International Fund
 
112,000 shares
 
16,534,000

 
17,012,000

 
 
Total
 
 
 
 
 
529,018,000

 
 
 
 
 
 
 
 
 
 
 
Common Stock:
 
 
 
 
 
 
 
 
Advance Auto Parts Inc.
 
5,000 shares
 
522,000

 
703,000

 
 
Air Lease Corp.
 
23,000 shares
 
759,000

 
761,000

 
 
Alaska Air Group Inc.
 
13,000 shares
 
553,000

 
1,058,000

 
 
Allergan PLC
 
13,000 shares
 
3,585,000

 
4,052,000

 
 
Ally Financial Inc.
 
134,000 shares
 
2,935,000

 
2,493,000

 
 
Altra Holdings Inc.
 
31,000 shares
 
919,000

 
788,000

 
 
American Express Co
 
38,000 shares
 
2,978,000

 
2,671,000

 
 
American Tower Corp.
 
21,000 shares
 
1,918,000

 
2,073,000

 
 
Ameriprise Financial Inc.
 
25,000 shares
 
2,978,000

 
2,607,000

 
 
Apple Inc.
 
28,000 shares
 
3,084,000

 
2,931,000

 
 
Arch Capital Group Ltd.
 
16,000 shares
 
788,000

 
1,140,000

 
 
ARGO Group International Holdings Ltd.
 
19,000 shares
 
1,025,000

 
1,133,000

 
 
B/E Aerospace, Inc.
 
19,000 shares
 
829,000

 
804,000

 
 
Bloomin' Brands Inc.
 
51,000 shares
 
1,070,000

 
858,000

 
 
Boeing Co.
 
18,000 shares
 
2,108,000

 
2,532,000

 
 
Broadsoft Inc.
 
28,000 shares
 
751,000

 
976,000

 
 
Brookdale Senior Living Inc.
 
32,000 shares
 
947,000

 
599,000

 
 
Brown & Brown Inc.
 
32,000 shares
 
1,038,000

 
1,037,000

 
 
Cable One Inc.
 
2,000 shares
 
701,000

 
742,000

 
 
Calgon Carbon Corp.
 
60,000 shares
 
1,121,000

 
1,035,000

 
 
Cboe Holdings Inc.
 
14,000 shares
 
826,000

 
913,000

 
 
Cellectis
 
22,000 shares
 
823,000

 
678,000

 
 
Chevron Corp.
 
45,000 shares
 
4,004,000

 
4,033,000

 
 
Chicos Fas Inc.
 
69,000 shares
 
1,068,000

 
734,000

 
 
Citigroup Inc.
 
47,000 shares
 
1,946,000

 
2,409,000

 
 
CMS Energy Corp.
 
35,000 shares
 
1,174,000

 
1,275,000

 
 
Comcast Corp. Class A
 
45,000 shares
 
2,400,000

 
2,548,000

 
 
Continental Building Products
 
42,000 shares
 
828,000

 
733,000

 
 
Crown Castle International Corp.
 
22,000 shares
 
1,795,000

 
1,916,000

 
 
DCT Industrial Trust Inc.
 
28,000 shares
 
916,000

 
1,037,000

 
 
Delta Air Lines Inc.
 
31,000 shares
 
1,309,000

 
1,580,000

 
 
Discovery Communications Inc.
 
62,000 shares
 
1,877,000

 
1,571,000


10



(a)
 
(b) Identity of Issuer, Borrower, Lessor, or Similar Party
 
(c) Description of Investment, including
Maturity Date, Rate of
Interest, Collateral,
Par, or Maturity Value
 
(d) Cost
 
(e) Current
Value
 
 
Dollar General Corp.
 
18,000 shares
 
1,195,000

 
1,276,000

 
 
Dril-Quip Inc.
 
11,000 shares
 
686,000

 
661,000

 
 
East West Bank Corp. Inc.
 
26,000 shares
 
782,000

 
1,067,000

 
 
Echo Global Logistics, Inc.
 
38,000 shares
 
776,000

 
784,000

 
 
Emcor Group Inc.
 
9,000 shares
 
402,000

 
447,000

 
 
Evertec Inc.
 
54,000 shares
 
1,153,000

 
899,000

 
 
Express Scripts Holding Co. Ltd.
 
18,000 shares
 
1,361,000

 
1,588,000

 
 
Extra Space Storage Inc.
 
12,000 shares
 
487,000

 
1,041,000

 
 
Flir Systems Inc.
 
43,000 shares
 
1,219,000

 
1,219,000

 
 
Fox Factory Holding Corp.
 
49,000 shares
 
712,000

 
810,000

 
 
Generac Holdings Inc.
 
25,000 shares
 
769,000

 
754,000

 
 
General Electric Co.
 
77,000 shares
 
1,527,000

 
2,392,000

 
 
Gentherm Inc.
 
11,000 shares
 
404,000

 
501,000

 
 
Goldman Sachs Group Inc.
 
12,000 shares
 
2,006,000

 
2,130,000

 
 
Great Western Bank Corp. Inc.
 
34,000 shares
 
719,000

 
988,000

 
 
Grupo Televisa, S.A.
 
49,000 shares
 
1,675,000

 
1,339,000

 
 
Home Bancshares Inc.
 
30,000 shares
 
1,176,000

 
1,205,000

 
 
Honeywell International Inc.
 
25,000 shares
 
1,320,000

 
2,615,000

 
 
HP Inc.
 
85,000 shares
 
1,175,000

 
1,011,000

 
 
Intel Corp.
 
43,000 shares
 
1,267,000

 
1,494,000

 
 
Intercontinental Exchange
 
11,000 shares
 
2,500,000

 
2,829,000

 
 
J2 Global Inc.
 
13,000 shares
 
538,000

 
1,046,000

 
 
Johnson Controls Inc.
 
61,000 shares
 
2,030,000

 
2,414,000

 
 
Jones Lang Lasalle Inc.
 
7,000 shares
 
719,000

 
1,073,000

 
 
Kapstone Paper and Packaging Company
 
24,000 shares
 
562,000

 
550,000

 
 
Kilroy Realty Corp.
 
15,000 shares
 
799,000

 
970,000

 
 
Las Vegas Sands Corp.
 
47,000 shares
 
2,531,000

 
2,082,000

 
 
Lasalle Hotel Properties
 
20,000 shares
 
690,000

 
511,000

 
 
Liberty Media Corp.
 
28,000 shares
 
999,000

 
1,080,000

 
 
Littelfuse Inc.
 
6,000 shares
 
445,000

 
625,000

 
 
M/A-COM Technology Solutions H
 
23,000 shares
 
727,000

 
952,000

 
 
Mallinckrodt Plc
 
6,000 shares
 
384,000

 
438,000

 
 
Mallinckrodt Plc
 
25,000 shares
 
1,622,000

 
1,854,000

*
 
Mattel Inc.
 
820,000 shares
 
19,107,000

 
22,282,000

 
 
Mattress Firm Holding Corp.
 
16,000 shares
 
704,000

 
720,000

 
 
McKesson Corp.
 
16,000 shares
 
2,906,000

 
3,065,000

 
 
MDC Partners Inc.
 
48,000 shares
 
1,049,000

 
1,046,000

 
 
Medtronic Plc
 
35,000 shares
 
2,675,000

 
2,713,000

 
 
Memorial Resource Development
 
67,000 shares
 
1,339,000

 
1,079,000

 
 
Microsemi Corp.
 
18,000 shares
 
515,000

 
599,000

 
 
Modine Mfg Co.
 
66,000 shares
 
740,000

 
599,000

 
 
Monsanto Co.
 
32,000 shares
 
2,857,000

 
3,118,000

 
 
Morningstar Inc.
 
10,000 shares
 
838,000

 
844,000

 
 
Mosaic Co.
 
48,000 shares
 
2,347,000

 
1,331,000

 
 
NCR Corp.
 
42,000 shares
 
1,052,000

 
1,017,000

 
 
New Jersey Res Corp.
 
40,000 shares
 
1,062,000

 
1,317,000

*
 
Northern Trust Corp.
 
36,000 shares
 
2,302,000

 
2,596,000

 
 
Novartis AG
 
34,000 shares
 
3,282,000

 
2,925,000

 
 
Occidental Pete Corp.
 
31,000 shares
 
2,786,000

 
2,126,000

 
 
Omnicom Group
 
38,000 shares
 
2,787,000

 
2,899,000

 
 
On Assignment Inc.
 
10,000 shares
 
318,000

 
463,000


11



(a)
 
(b) Identity of Issuer, Borrower, Lessor, or Similar Party
 
(c) Description of Investment, including
Maturity Date, Rate of
Interest, Collateral,
Par, or Maturity Value
 
(d) Cost
 
(e) Current
Value
 
 
Onemain Holdings Inc.
 
28,000 shares
 
745,000

 
1,149,000

 
 
Oracle Corporation
 
79,000 shares
 
2,936,000

 
2,903,000

 
 
Pacwest Bank Corp.
 
25,000 shares
 
758,000

 
1,084,000

 
 
Pegasystems Inc.
 
25,000 shares
 
654,000

 
693,000

 
 
Pentair Plc
 
46,000 shares
 
2,878,000

 
2,289,000

 
 
PGT Inc.
 
78,000 shares
 
889,000

 
892,000

 
 
Phibro Animal Health Corp.
 
26,000 shares
 
576,000

 
786,000

 
 
Pitney Bowes Inc.
 
49,000 shares
 
1,017,000

 
1,015,000

 
 
PNC Financial Services Group
 
25,000 shares
 
1,848,000

 
2,421,000

 
 
Quanta Services Inc.
 
33,000 shares
 
831,000

 
672,000

 
 
Quintiles Transnational H
 
15,000 shares
 
721,000

 
1,023,000

 
 
Reinsurance Group America Class A
 
14,000 shares
 
1,328,000

 
1,168,000

 
 
Sally Beauty Co. Inc.
 
34,000 shares
 
999,000

 
955,000

 
 
Scholastic Corp.
 
19,000 shares
 
796,000

 
739,000

 
 
Signature Bank
 
7,000 shares
 
656,000

 
1,071,000

 
 
Sirona Dental Systems Inc.
 
10,000 shares
 
729,000

 
1,043,000

 
 
Steven Madden Ltd.
 
26,000 shares
 
894,000

 
796,000

 
 
SVB Financial Group
 
9,000 shares
 
1,067,000

 
1,037,000

 
 
Tanger Factory Outlet Center
 
30,000 shares
 
978,000

 
991,000

 
 
Team Health Holdings Inc.
 
17,000 shares
 
913,000

 
725,000

 
 
Tenneco Inc.
 
10,000 shares
 
458,000

 
472,000

 
 
Tesco Corp.
 
86,000 shares
 
908,000

 
619,000

 
 
Teva Pharmaceutical Industries
 
30,000 shares
 
1,942,000

 
1,946,000

 
 
Texas Instruments Inc.
 
19,000 shares
 
609,000

 
1,050,000

 
 
Toro Co.
 
7,000 shares
 
383,000

 
544,000

 
 
Trimas Corp.
 
47,000 shares
 
951,000

 
875,000

 
 
United Rental Inc.
 
11,000 shares
 
724,000

 
802,000

 
 
United Therapeutics Corp.
 
6,000 shares
 
881,000

 
1,002,000

 
 
Universal Display Corp.
 
15,000 shares
 
565,000

 
796,000

 
 
Vantiv Inc.
 
21,000 shares
 
717,000

 
1,002,000

 
 
Vodafone Group Plc
 
63,000 shares
 
1,930,000

 
2,047,000

 
 
Whirlpool Corp.
 
17,000 shares
 
3,283,000

 
2,516,000

 
 
Woodward Inc.
 
10,000 shares
 
456,000

 
511,000

 
 
Total
 
 
 
 
 
179,438,000

 
 
 
 
 
 
 
 
 
 
 
Mutual Fund:
 
 
 
 
 
 
 
 
PIMCO Income Institutional Fund
 
730,000 shares
 
 
 
8,567,000

 
 
Total
 
 
 
 
 
8,567,000

 
 
 
 
 
 
 
 
 
 
 
Interest Bearing Cash:
 
 
 
 
 
 
*
 
Wells Fargo Short-Term Investment Fund
 
Investment Fund N; 16,059,000 shares
 
16,059,000

 
16,059,000

 
 
Total
 
 
 
 
 
16,059,000

 
 
 
 
 
 
 
 
 
 
 
Total Investments at Fair Value
 
 
 
 
 
733,082,000

 
 
 
 
 
 
 
 
 
 
 
Traditional Guaranteed Investment Contracts:
 
 
 
 
 
 
 
 
New York Life #GA34397XX
 
1.00%, due 5/9/2016
 
 
 
4,089,000

 
 
Total
 
 
 
 
 
4,089,000

 
 
 
 
 
 
 
 
 
 
 
Synthetic Guaranteed Investment Contracts:
 
 
 
 
 
 

12



(a)
 
(b) Identity of Issuer, Borrower, Lessor, or Similar Party
 
(c) Description of Investment, including
Maturity Date, Rate of
Interest, Collateral,
Par, or Maturity Value
 
(d) Cost
 
(e) Current
Value
 
 
MetLife (Contract #GAC32606)
 
 
 
 
 
 
 
 
MetLife MAT Separate Account
 
1.91%, no due date
 
 
 
30,673,000

 
 
Total
 
 
 
 
 
30,673,000

 
 
 
 
 
 
 
 
 
 
 
Principal Life Insurance Wrap (Contract #GA8-9578)
 
 
 
 
 
 
*
 
Morley Stable Income Bond Fund
 
1.59%, no due date
 
 
 
30,286,000

 
 
Total
 
 
 
 
 
30,286,000

 
 
 
 
 
 
 
 
 
 
 
Prudential Insurance Wrap (Contract #GA-62237)
 
 
 
 
 
 
 
 
Prudential Trust Co. Collective Trust
 
2.40%, no due date
 
 
 
46,498,000

 
 
Total
 
 
 
 
 
46,498,000

 
 
 
 
 
 
 
 
 
 
 
Transamerica Premier Life Wrap-Multi Asset (Contract #MDA00450TR)
 
 
 
 
 
 
ABB Finance USA Inc.
 
1.63%, due 5/8/2017
 
 
 
45,000

 
 
Ace Ina Holdings Inc.
 
2.30%, due 11/3/2020
 
 
 
85,000

 
 
Actavis Funding SCS
 
2.35%, due 3/12/2018
 
 
 
151,000

 
 
Aetna Inc.
 
2.20%, due 3/15/2019
 
 
 
100,000

 
 
Airgas Inc.
 
1.65%, due 2/15/2018
 
 
 
100,000

 
 
Ally Auto Receivables Trust 2014-1
 
0.97%, due 10/15/2018
 
 
 
75,000

 
 
Ally Master Owner Trust
 
1.72%, due 7/15/2019
 
 
 
5,000

 
 
Ally Master Owner Trust
 
1.54%, due 9/15/2019
 
 
 
65,000

 
 
Ally Master Owner Trust
 
1.60%, due 10/15/2019
 
 
 
184,000

 
 
Ally Master Owner Trust
 
1.83%, due 1/15/2021
 
 
 
75,000

 
 
Ally Master Owner Trust
 
1.63%, due 5/15/2020
 
 
 
144,000

 
 
American Express Credit Corp.
 
2.38%, due 3/24/2017
 
 
 
432,000

 
 
American Express Credit Corp.
 
2.13%, due 3/18/2019
 
 
 
65,000

 
 
American Express Credit Corp.
 
2.25%, due 8/15/2019
 
 
 
76,000

 
 
American Express Credit Corp.
 
2.60%, due 9/14/2020
 
 
 
40,000

 
 
American Honda Finance Corp.
 
2.25%, due 8/15/2019
 
 
 
273,000

 
 
American Honda Finance Corp.
 
2.45%, due 9/24/2020
 
 
 
106,000

 
 
Amerisourcebergen Corp.
 
1.15%, due 5/15/2017
 
 
 
99,000

 
 
Amphenol Corp.
 
2.55%, due 1/30/2019
 
 
 
131,000

 
 
AT&T Inc.
 
1.40%, due 12/1/2017
 
 
 
573,000

 
 
BA Credit Card Trust
 
1.36%, due 9/15/2020
 
 
 
25,000

 
 
Bank of America Corp.
 
2.65%, due 4/1/2019
 
 
 
252,000

 
 
Bank of Montreal
 
1.45%, due 4/9/2018
 
 
 
185,000

 
 
Bank of New York Mellon Corp.
 
1.30%, due 1/25/2018
 
 
 
329,000

 
 
Bank of New York Mellon Corp.
 
2.20%, due 3/4/2019
 
 
 
20,000

 
 
Bank of New York Mellon Corp.
 
2.20%, due 5/15/2019
 
 
 
30,000

 
 
Bank of New York Mellon Corp.
 
2.15%, due 2/24/2020
 
 
 
150,000

 
 
Bank of The West Auto Trust
 
1.31%, due 10/15/2019
 
 
 
164,000

 
 
Barclays Dryrock Issuance Trust
 
2.41%, due 7/15/2022
 
 
 
145,000

 
 
Barclays Dryrock Issuance Trust
 
1.48%, due 9/15/2020
 
 
 
205,000

 
 
Barclays Dryrock Issuance Trust
 
2.20%, due 12/15/2022
 
 
 
25,000

 
 
Barclays Dryrock Issuance Trust
 
1.56%, due 3/15/2021
 
 
 
204,000

 
 
Barclays Plc
 
2.75%, due 11/8/2019
 
 
 
100,000

 
 
BAT International Finance Plc
 
2.75%, due 6/15/2020
 
 
 
45,000

 
 
BB&T Corp.
 
2.45%, due 1/15/2020
 
 
 
97,000

 
 
BB&T Corp.
 
2.63%, due 6/29/2020
 
 
 
96,000

 
 
BP Capital Markets Plc
 
1.38%, due 11/6/2017
 
 
 
45,000


13



(a)
 
(b) Identity of Issuer, Borrower, Lessor, or Similar Party
 
(c) Description of Investment, including
Maturity Date, Rate of
Interest, Collateral,
Par, or Maturity Value
 
(d) Cost
 
(e) Current
Value
 
 
BP Capital Markets Plc
 
2.24%, due 9/26/2018
 
 
 
61,000

 
 
BP Capital Markets Plc
 
2.52%, due 1/15/2020
 
 
 
111,000

 
 
Cabela's Credit Card Master Note Trust
 
1.45%, due 6/15/2020
 
 
 
140,000

 
 
Cabela's Credit Card Master Note Trust
 
2.26%, due 3/15/2023
 
 
 
189,000

 
 
Canadian Imperial Bank Of Commerce
 
1.55%, due 1/23/2018
 
 
 
70,000

 
 
Capital One Financial Corp.
 
2.45%, due 4/24/2019
 
 
 
171,000

 
 
Capital One Multi-Asset Execution Trust
 
1.39%, due 1/15/2021
 
 
 
109,000

 
 
Capital One Multi-Asset Execution Trust
 
2.08%, due 3/15/2023
 
 
 
59,000

 
 
Capital One Multi-Asset Execution Trust
 
2.05%, due 8/15/2023
 
 
 
197,000

 
 
Cash
 
 
 
 
 
51,000

 
 
Centerpoint Energy Transition Bond Co IV LLC
 
2.16%, due 10/15/2021
 
 
 
142,000

 
 
CFCRE Commercial Mortgage Trust 2011-C2
 
3.06%, due 12/15/2047
 
 
 
135,000

 
 
Chase Issuance Trust
 
1.84%, due 4/15/2022
 
 
 
143,000

 
 
Chase Issuance Trust
 
1.62%, due 7/15/2020
 
 
 
115,000

 
 
Chevron Corp.
 
1.96%, due 3/3/2020
 
 
 
129,000

 
 
Chevron Phillips Chemical Co LLC / Chevron Phillips Chemical Co LP
 
1.70%, due 5/1/2018
 
 
 
154,000

 
 
Cisco Systems Inc.
 
2.13%, due 3/1/2019
 
 
 
264,000

 
 
CIT Equipment Collateral 2014-VT1
 
1.50%, due 10/21/2019
 
 
 
99,000

 
 
Citibank Credit Card Issuance Trust
 
5.65%, due 9/20/2019
 
 
 
455,000

 
 
Citigroup Commercial Mortgage Trust 2014-Gc23
 
1.39%, due 7/10/2047
 
 
 
8,000

 
 
Citigroup Commercial Mortgage Trust 2014-Gc25
 
1.49%, due 10/10/2047
 
 
 
106,000

 
 
Citigroup Commercial Mortgage Trust 2015-Gc27
 
1.35%, due 2/10/2048
 
 
 
48,000

 
 
Citigroup Commercial Mortgage Trust 2015-Gc27
 
2.69%, due 2/10/2048
 
 
 
162,000

 
 
Citigroup Inc.
 
2.05%, due 12/7/2018
 
 
 
199,000

 
 
CNH Equipment Trust 2014-C
 
1.05%, due 11/15/2019
 
 
 
104,000

 
 
Comm 2013-CCRE12 Mortgage Trust
 
1.30%, due 10/10/2046
 
 
 
182,000

 
 
Comm 2014-CCRE18 Mortgage Trust
 
1.44%, due 7/15/2047
 
 
 
28,000

 
 
Comm 2014-CCRE19 Mortgage Trust
 
1.42%, due 8/10/2047
 
 
 
44,000

 
 
Comm 2014-CCRE20 Mortgage Trust
 
1.32%, due 11/10/2047
 
 
 
112,000

 
 
Comm 2014-LC17 Mortgage Trust
 
1.38%, due 10/10/2047
 
 
 
72,000

 
 
Comm 2014-UBS4 Mortgage Trust
 
2.96%, due 8/10/2047
 
 
 
204,000

 
 
Comm 2014-UBS6 Mortgage Trust
 
1.45%, due 12/10/2047
 
 
 
21,000

 
 
Comm 2015-CCRE22 Mortgage Trust
 
1.57%, due 3/10/2048
 
 
 
44,000

 
 
Comm 2015-CCRE23 Mortgage Trust
 
2.85%, due 5/10/2048
 
 
 
51,000

 
 
Comm 2015-CCRE24 Mortgage Trust
 
1.65%, due 8/10/2055
 
 
 
80,000

 
 
Comm 2015-LC19 Mortgage Trust
 
1.40%, due 2/10/2048
 
 
 
148,000

 
 
Comm 2015-LC23 Mortgage Trust
 
3.22%, due 10/10/2053
 
 
 
103,000

 
 
Conocophillips Co.
 
1.05%, due 12/15/2017
 
 
 
187,000

 
 
Conocophillips Co.
 
2.20%, due 5/15/2020
 
 
 
39,000

 
 
Credit Suisse
 
1.38%, due 5/26/2017
 
 
 
103,000

 
 
Credit Suisse
 
2.30%, due 5/28/2019
 
 
 
70,000

 
 
Credit Suisse
 
1.70%, due 4/27/2018
 
 
 
120,000

 
 
CSAIL 2015-C1 Commerial Mortgage Trust
 
1.68%, due 4/15/2050
 
 
 
23,000

 
 
CSAIL 2015-C3 Commerial Mortgage Trust
 
3.03%, due 8/15/2048
 
 
 
133,000

 
 
Dell Equipment Finance Trust 2015-1
 
1.30%, due 3/23/2020
 
 
 
74,000

 
 
Dell Equipment Finance Trust 2015-2
 
1.72%, due 9/22/2020
 
 
 
93,000

 
 
Deutsche Bank AG
 
1.40%, due 2/13/2017
 
 
 
50,000

 
 
Deutsche Bank AG
 
2.50%, due 2/13/2019
 
 
 
31,000

 
 
Deutsche Bank AG
 
1.88%, due 2/13/2018
 
 
 
50,000

 
 
Discover Card Execution Note Trust
 
5.65%, due 3/16/2020
 
 
 
145,000

 
 
Discover Card Execution Note Trust
 
1.67%, due 1/18/2022
 
 
 
138,000


14



(a)
 
(b) Identity of Issuer, Borrower, Lessor, or Similar Party
 
(c) Description of Investment, including
Maturity Date, Rate of
Interest, Collateral,
Par, or Maturity Value
 
(d) Cost
 
(e) Current
Value
 
 
Discover Card Execution Note Trust
 
2.12%, due 12/15/2021
 
 
 
166,000

 
 
Discover Card Execution Note Trust
 
1.90%, due 10/17/2022
 
 
 
49,000

 
 
Dominion Gas Holdings LLC
 
2.80%, due 11/15/2020
 
 
 
181,000

 
 
Duke Energy Progress Inc.
 
5.30%, due 1/15/2019
 
 
 
95,000

 
 
ERP Operating LP
 
2.38%, due 7/1/2019
 
 
 
36,000

 
 
Fannie Mae Pool
 
3.50%, due 1/1/2026
 
 
 
153,000

 
 
Fannie Mae Pool
 
4.00%, due 2/1/2026
 
 
 
116,000

 
 
Fannie Mae Pool
 
3.00%, due 10/1/2026
 
 
 
84,000

 
 
Fannie Mae Pool
 
3.50%, due 11/1/2026
 
 
 
175,000

 
 
Fannie Mae Pool
 
3.50%, due 11/1/2026
 
 
 
59,000

 
 
Fannie Mae Pool
 
3.00%, due 1/1/2027
 
 
 
355,000

 
 
Fannie Mae Pool
 
4.00%, due 8/1/2026
 
 
 
215,000

 
 
Fannie Mae Pool
 
3.00%, due 11/1/2027
 
 
 
207,000

 
 
Fannie Mae Pool
 
3.50%, due 8/1/2030
 
 
 
460,000

 
 
Fannie Mae Pool
 
3.00%, due 7/1/2027
 
 
 
203,000

 
 
Fannie Mae Pool
 
2.50%, due 10/1/2027
 
 
 
193,000

 
 
Fannie Mae Pool
 
2.50%, due 1/1/2028
 
 
 
210,000

 
 
Fannie Mae Pool
 
2.50%, due 11/1/2027
 
 
 
360,000

 
 
Fannie Mae Pool
 
3.00%, due 3/1/2029
 
 
 
165,000

 
 
Fannie Mae Pool
 
4.50%, due 11/1/2019
 
 
 
58,000

 
 
Fannie Mae Pool
 
4.50%, due 3/1/2023
 
 
 
152,000

 
 
Fannie Mae Pool
 
3.50%, due 1/1/2026
 
 
 
208,000

 
 
Fannie Mae Pool
 
3.50%, due 9/1/2026
 
 
 
103,000

 
 
Fannie Mae Pool
 
2.50%, due 6/1/2027
 
 
 
195,000

 
 
Fannie Mae Pool
 
2.50%, due 3/1/2027
 
 
 
72,000

 
 
Fannie Mae Pool
 
3.00%, due 6/1/2032
 
 
 
89,000

 
 
Fannie Mae Pool
 
2.50%, due 3/1/2028
 
 
 
143,000

 
 
Fannie Mae Pool
 
2.50%, due 5/1/2028
 
 
 
370,000

 
 
Fannie Mae Pool
 
5.50%, due 1/1/2024
 
 
 
104,000

 
 
Fannie Mae Remics
 
2.00%, due 9/25/2040
 
 
 
63,000

 
 
Fannie Mae Remics
 
2.00%, due 1/25/2043
 
 
 
106,000

 
 
Fannie Mae Remics
 
3.00%, due 5/25/2027
 
 
 
225,000

 
 
Fannie Mae Remics
 
3.00%, due 8/25/2044
 
 
 
92,000

 
 
Fannie Mae Remics
 
3.00%, due 6/25/2034
 
 
 
421,000

 
 
Fannie Mae Remics
 
2.50%, due 6/25/2045
 
 
 
134,000

 
 
Fannie Mae-Aces
 
1.54%, due 5/25/2022
 
 
 
21,000

 
 
Fannie Mae-Aces
 
1.90%, due 12/25/2024
 
 
 
14,000

 
 
Federal Farm Credit Banks
 
1.10%, due 6/1/2018
 
 
 
174,000

 
 
Federal Farm Credit Banks
 
0.70%, due 2/23/2017
 
 
 
150,000

 
 
Federal Home Loan Banks
 
0.63%, due 5/30/2017
 
 
 
139,000

 
 
Federal Home Loan Banks
 
0.80%, due 6/30/2017
 
 
 
155,000

 
 
Federal Home Loan Banks
 
0.75%, due 8/28/2017
 
 
 
130,000

 
 
Federal Home Loan Banks
 
0.63%, due 10/26/2017
 
 
 
60,000

 
 
Federal Home Loan Banks
 
1.00%, due 12/19/2017
 
 
 
90,000

 
 
Federal Home Loan Mortgage Corp.
 
0.75%, due 7/14/2017
 
 
 
190,000

 
 
Federal National Mortgage Association
 
0.00%, due 6/1/2017
 
 
 
246,000

 
 
Federal National Mortgage Association
 
1.50%, due 6/22/2020
 
 
 
123,000

 
 
Federal National Mortgage Association
 
1.13%, due 10/19/2018
 
 
 
115,000

 
 
Federal National Mortgage Association
 
0.88%, due 8/28/2017
 
 
 
700,000

 
 
Federal National Mortgage Association
 
1.00%, due 9/20/2017
 
 
 
110,000

 
 
Fifth Third Auto Trust 2015-1
 
1.42%, due 3/16/2020
 
 
 
99,000


15



(a)
 
(b) Identity of Issuer, Borrower, Lessor, or Similar Party
 
(c) Description of Investment, including
Maturity Date, Rate of
Interest, Collateral,
Par, or Maturity Value
 
(d) Cost
 
(e) Current
Value
 
 
Ford Credit Auto Lease Trust 2015-A
 
1.13%, due 6/15/2018
 
 
 
90,000

 
 
Ford Credit Auto Owner Trust 2015-B
 
1.16%, due 11/15/2019
 
 
 
60,000

 
 
Ford Credit Floorplan Master Owner Trust A
 
1.49%, due 9/15/2019
 
 
 
60,000

 
 
Ford Credit Floorplan Master Owner Trust A
 
1.42%, due 1/15/2020
 
 
 
99,000

 
 
Ford Credit Floorplan Master Owner Trust A
 
1.98%, due 1/15/2022
 
 
 
100,000

 
 
Ford Credit Floorplan Master Owner Trust A
 
2.39%, due 8/15/2022
 
 
 
100,000

 
 
Ford Credit Floorplan Master Owner Trust A
 
1.77%, due 8/15/2020
 
 
 
100,000

 
 
Freddie Mac Gold Pool
 
2.50%, due 1/1/2028
 
 
 
392,000

 
 
Freddie Mac Gold Pool
 
5.00%, due 4/1/2022
 
 
 
31,000

 
 
Freddie Mac Gold Pool
 
4.00%, due 6/1/2024
 
 
 
259,000

 
 
Freddie Mac Gold Pool
 
2.50%, due 1/1/2028
 
 
 
260,000

 
 
Freddie Mac Gold Pool
 
4.50%, due 9/1/2026
 
 
 
132,000

 
 
Freddie Mac Gold Pool
 
2.50%, due 5/1/2027
 
 
 
170,000

 
 
Freddie Mac Gold Pool
 
2.50%, due 2/1/2028
 
 
 
230,000

 
 
Freddie Mac Gold Pool
 
2.50%, due 5/1/2028
 
 
 
248,000

 
 
Freddie Mac Gold Pool
 
3.50%, due 4/1/2030
 
 
 
192,000

 
 
Freddie Mac Gold Pool
 
3.00%, due 9/1/2030
 
 
 
255,000

 
 
Freddie Mac Gold Pool
 
5.00%, due 9/1/2020
 
 
 
64,000

 
 
Freddie Mac Gold Pool
 
4.00%, due 8/1/2024
 
 
 
216,000

 
 
Freddie Mac Gold Pool
 
3.00%, due 4/1/2027
 
 
 
124,000

 
 
Freddie Mac Gold Pool
 
3.50%, due 1/1/2029
 
 
 
235,000

 
 
Freddie Mac Gold Pool
 
3.50%, due 10/1/2029
 
 
 
175,000

 
 
Freddie Mac Gold Pool
 
4.50%, due 4/1/2025
 
 
 
159,000

 
 
Freddie Mac Gold Pool
 
3.50%, due 12/1/2025
 
 
 
174,000

 
 
Freddie Mac Gold Pool
 
3.50%, due 4/1/2026
 
 
 
243,000

 
 
Freddie Mac Gold Pool
 
4.00%, due 4/1/2021
 
 
 
60,000

 
 
Freddie Mac Gold Pool
 
3.00%, due 2/1/2027
 
 
 
339,000

 
 
Freddie Mac Gold Pool
 
3.00%, due 4/1/2027
 
 
 
129,000

 
 
Freddie Mac Gold Pool
 
2.50%, due 7/1/2027
 
 
 
158,000

 
 
Freddie Mac Gold Pool
 
3.00%, due 10/1/2027
 
 
 
107,000

 
 
Freddie Mac Gold Pool
 
3.00%, due 5/1/2029
 
 
 
280,000

 
 
Freddie Mac Gold Pool
 
3.00%, due 2/1/2030
 
 
 
167,000

 
 
Freddie Mac Gold Pool
 
3.00%, due 12/1/2028
 
 
 
80,000

 
 
Freddie Mac Remics
 
2.50%, due 2/15/2033
 
 
 
74,000

 
 
Freddie Mac Remics
 
2.00%, due 5/15/2033
 
 
 
76,000

 
 
Freddie Mac Remics
 
3.50%, due 5/15/2041
 
 
 
249,000

 
 
Freddie Mac Remics
 
2.50%, due 2/15/2036
 
 
 
159,000

 
 
Freddie Mac Remics
 
3.75%, due 12/15/2043
 
 
 
149,000

 
 
Freddie Mac Remics
 
3.00%, due 2/15/2029
 
 
 
125,000

 
 
Freddie Mac Remics
 
3.50%, due 12/15/2036
 
 
 
181,000

 
 
Freddie Mac Remics
 
4.00%, due 3/15/2033
 
 
 
148,000

 
 
GE Equipment Small Ticket LLC Series 2013-1
 
1.39%, due 7/24/2020
 
 
 
65,000

 
 
GE Equipment Small Ticket LLC Series 2014-1
 
0.95%, due 9/25/2017
 
 
 
204,000

 
 
General Electric Capital Corp.
 
5.63%, due 5/1/2018
 
 
 
115,000

 
 
General Electric Capital Corp.
 
2.30%, due 4/27/2017
 
 
 
142,000

 
 
General Motors Financial Co. Inc.
 
3.20%, due 7/13/2020
 
 
 
105,000

 
 
General Motors Financial Co. Inc.
 
3.10%, due 1/15/2019
 
 
 
60,000

 
 
GM Financial Automobile Leasing Trust 2015-1
 
1.10%, due 12/20/2017
 
 
 
72,000

 
 
GM Financial Automobile Leasing Trust 2015-1
 
1.53%, due 9/20/2018
 
 
 
75,000

 
 
GMF Floorplan Owner Revolving Trust
 
1.65%, due 5/15/2020
 
 
 
163,000

 
 
Golden Credit Card Trust
 
1.39%, due 7/15/2019
 
 
 
155,000


16



(a)
 
(b) Identity of Issuer, Borrower, Lessor, or Similar Party
 
(c) Description of Investment, including
Maturity Date, Rate of
Interest, Collateral,
Par, or Maturity Value
 
(d) Cost
 
(e) Current
Value
 
 
Golden Credit Card Trust
 
2.02%, due 4/15/2022
 
 
 
177,000

 
 
Goldman Sachs Group Inc.
 
2.75%, due 9/15/2020
 
 
 
71,000

 
 
Goldman Sachs Group Inc.
 
2.90%, due 7/19/2018
 
 
 
176,000

 
 
Goldman Sachs Group Inc.
 
2.60%, due 4/23/2020
 
 
 
170,000

 
 
GS Mortgage Securities Corp. II
 
1.44%, due 5/10/2050
 
 
 
87,000

 
 
GS Mortgage Securities Corp. II
 
2.73%, due 5/10/2050
 
 
 
146,000

 
 
GS Mortgage Securities Trust 2013-GC16
 
1.26%, due 11/10/2046
 
 
 
38,000

 
 
GS Mortgage Securities Trust 2013-GC16
 
3.03%, due 11/10/2046
 
 
 
118,000

 
 
GS Mortgage Securities Trust 2015-GC32
 
1.59%, due 7/10/2048
 
 
 
65,000

 
 
Halliburton Co.
 
2.70%, due 11/15/2020
 
 
 
40,000

 
 
Harley-Davidson Motorcycle Trust
 
1.30%, due 3/16/2020
 
 
 
50,000

 
 
Harley-Davidson Motorcycle Trust 2014-1
 
1.10%, due 9/15/2019
 
 
 
199,000

 
 
Harley-Davidson Motorcycle Trust 2015-1
 
1.41%, due 6/15/2020
 
 
 
60,000

 
 
Hewlett Packard Enterprise Co.
 
2.85%, due 10/5/2018
 
 
 
40,000

 
 
Hyundai Auto Lease Securitization Trust 2015-A
 
1.42%, due 9/17/2018
 
 
 
50,000

 
 
John Deere Capital Corp.
 
1.95%, due 3/4/2019
 
 
 
115,000

 
 
JP Morgan Chase & Co.
 
2.75%, due 6/23/2020
 
 
 
85,000

 
 
JP Morgan Chase & Co.
 
2.55%, due 10/29/2020
 
 
 
264,000

 
 
JP Morgan Chase Commercial Mortgage Securities Trust 2012-C8
 
1.80%, due 10/15/2045
 
 
 
192,000

 
 
JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16
 
3.67%, due 12/15/2046
 
 
 
104,000

 
 
JPMBB Commercial Mortgage Securities Trust 2013-C15
 
1.23%, due 11/15/2045
 
 
 
53,000

 
 
JPMBB Commercial Mortgage Securities Trust 2014-C21
 
1.32%, due 8/15/2047
 
 
 
18,000

 
 
JPMBB Commercial Mortgage Securities Trust 2014-C22
 
1.45%, due 9/15/2047
 
 
 
67,000

 
 
JPMBB Commercial Mortgage Securities Trust 2014-C24
 
1.54%, due 11/15/2047
 
 
 
76,000

 
 
JPMBB Commercial Mortgage Securities Trust 2014-C25
 
1.52%, due 11/15/2047
 
 
 
46,000

 
 
JPMBB Commercial Mortgage Securities Trust 2015-C28
 
2.77%, due 10/15/2048
 
 
 
217,000

 
 
JPMBB Commercial Mortgage Securities Trust 2015-C29
 
1.63%, due 5/15/2048
 
 
 
46,000

 
 
JPMBB Commercial Mortgage Securities Trust 2015-C30
 
3.09%, due 7/15/2048
 
 
 
72,000

 
 
JPMorgan Chase & Co.
 
2.20%, due 10/22/2019
 
 
 
50,000

 
 
JPMorgan Chase & Co.
 
6.00%, due 7/5/2017
 
 
 
49,000

 
 
Louisiana Local Government Environmental Facilities & Community Development
 
1.66%, due 2/1/2022
 
 
 
57,000

 
 
Marsh & McLennan Companies Inc.
 
2.35%, due 3/6/2020
 
 
 
165,000

 
 
Mercedes Benz Auto Lease Trust 2015-B
 
1.34%, due 7/16/2018
 
 
 
50,000

 
 
MidAmerican Energy Co.
 
2.40%, due 3/15/2019
 
 
 
36,000

 
 
MMAF Equipment Finance LLC 2015-A
 
1.39%, due 10/16/2019
 
 
 
79,000

 
 
MMAF Equipment Finance LLC 2015-A
 
1.93%, due 7/16/2021
 
 
 
134,000

 
 
Morgan Stanley
 
2.38%, due 7/23/2019
 
 
 
171,000

 
 
Morgan Stanley
 
2.80%, due 6/16/2020
 
 
 
151,000

 
 
Morgan Stanley Bank Of America Merrill Lynch Trust 2013-C11
 
1.31%, due 8/15/2046
 
 
 
46,000

 
 
Morgan Stanley Bank Of America Merrill Lynch Trust 2013-C7
 
2.47%, due 2/15/2046
 
 
 
50,000

 
 
Morgan Stanley Bank Of America Merrill Lynch Trust 2013-C8
 
0.78%, due 12/15/2048
 
 
 
129,000

 
 
Morgan Stanley Bank Of America Merrill Lynch Trust 2014-C17
 
1.55%, due 8/15/2047
 
 
 
24,000

 
 
Morgan Stanley Bank Of America Merrill Lynch Trust 2014-C18
 
1.69%, due 10/15/2047
 
 
 
86,000

 
 
Morgan Stanley Bank Of America Merrill Lynch Trust 2014-C19
 
1.57%, due 12/15/2047
 
 
 
34,000

 
 
Morgan Stanley Bank Of America Merrill Lynch Trust 2014-C19
 
3.10%, due 12/15/2047
 
 
 
87,000

 
 
Morgan Stanley Bank Of America Merrill Lynch Trust 2015-C20
 
1.41%, due 2/15/2048
 
 
 
17,000

 
 
Morgan Stanley Bank Of America Merrill Lynch Trust 2015-C20
 
2.79%, due 2/15/2048
 
 
 
71,000

 
 
Morgan Stanley Bank Of America Merrill Lynch Trust 2015-C23
 
2.98%, due 7/15/2050
 
 
 
56,000

 
 
MUFG Americas Holdings Corp.
 
1.63%, due 2/9/2018
 
 
 
90,000

 
 
MUFG Americas Holdings Corp.
 
2.25%, due 2/10/2020
 
 
 
74,000


17



(a)
 
(b) Identity of Issuer, Borrower, Lessor, or Similar Party
 
(c) Description of Investment, including
Maturity Date, Rate of
Interest, Collateral,
Par, or Maturity Value
 
(d) Cost
 
(e) Current
Value
 
 
National Rural Utilities Cooperative Finance Corp.
 
2.15%, due 2/1/2019
 
 
 
268,000

 
 
Nissan Auto Receivables 2015-C Owner Trust
 
1.37%, due 5/15/2020
 
 
 
99,000

 
 
Occidental Petroleum Corp.
 
1.50%, due 2/15/2018
 
 
 
60,000

 
 
Paccar Financial Corp.
 
2.20%, due 9/15/2019
 
 
 
286,000

 
 
Penske Truck Leasing Co. LP / PTL Finance Corp.
 
3.20%, due 7/15/2020
 
 
 
40,000

 
 
Roche Holdings Inc.
 
2.25%, due 9/30/2019
 
 
 
106,000

 
 
Roper Technologies Inc.
 
2.05%, due 10/1/2018
 
 
 
100,000

 
 
Roper Technologies Inc.
 
3.00%, due 12/15/2020
 
 
 
70,000

 
 
Royal Bank of Canada
 
2.15%, due 3/15/2019
 
 
 
50,000

 
 
Royal Bank of Canada
 
2.35%, due 10/30/2020
 
 
 
109,000

 
 
Ryder System Inc.
 
2.88%, due 9/1/2020
 
 
 
60,000

 
 
Sabmiller Holdings Inc.
 
2.45%, due 1/15/2017
 
 
 
163,000

 
 
Scentre Group Trust 1 / Scentre Group Trust 2
 
2.38%, due 11/5/2019
 
 
 
139,000

 
 
Schlumberger Holdings Corp.
 
3.00%, due 12/21/2020
 
 
 
54,000

 
 
Simon Property Group LP
 
2.20%, due 2/1/2019
 
 
 
51,000

 
 
Simon Property Group LP
 
2.50%, due 9/1/2020
 
 
 
76,000

 
 
Suntrust Auto Receivables Trust 2015-1
 
1.42%, due 9/16/2019
 
 
 
193,000

 
 
Suntrust Banks Inc.
 
2.35%, due 11/1/2018
 
 
 
172,000

 
 
Synchrony Financial
 
2.70%, due 2/3/2020
 
 
 
144,000

 
 
Target Corp.
 
2.30%, due 6/26/2019
 
 
 
126,000

 
 
TIAA Asset Management Finance Co. LLC
 
2.95%, due 11/1/2019
 
 
 
111,000

 
 
Toyota Motor Credit Corp.
 
1.38%, due 1/10/2018
 
 
 
146,000

 
 
TransCanada Pipelines Ltd.
 
1.88%, due 1/12/2018
 
 
 
176,000

 
 
United States Treasury Note/Bond
 
1.50%, due 11/30/2019
 
 
 
733,000

 
 
United States Treasury Note/Bond
 
0.88%, due 1/15/2018
 
 
 
80,000

 
 
United States Treasury Note/Bond
 
1.38%, due 8/31/2020
 
 
 
420,000

 
 
United States Treasury Note/Bond
 
1.25%, due 11/15/2018
 
 
 
985,000

 
 
United States Treasury Note/Bond
 
1.63%, due 11/30/2020
 
 
 
1,244,000

 
 
United States Treasury Note/Bond
 
1.25%, due 12/15/2018
 
 
 
120,000

 
 
United States Treasury Note/Bond
 
1.75%, due 12/31/2020
 
 
 
315,000

 
 
United States Treasury Note/Bond
 
1.00%, due 12/31/2017
 
 
 
759,000

 
 
United States Treasury Note/Bond
 
1.25%, due 1/31/2019
 
 
 
822,000

 
 
United States Treasury Note/Bond
 
0.75%, due 6/30/2017
 
 
 
1,854,000

 
 
United States Treasury Note/Bond
 
0.63%, due 11/30/2017
 
 
 
198,000

 
 
United States Treasury Note/Bond
 
1.00%, due 5/31/2018
 
 
 
393,000

 
 
United States Treasury Note/Bond
 
1.63%, due 6/30/2020
 
 
 
349,000

 
 
United States Treasury Note/Bond
 
1.63%, due 7/31/2020
 
 
 
135,000

 
 
United Technologies Corp.
 
1.78%, due 5/4/2018
 
 
 
120,000

 
 
Unitedhealth Group Inc.
 
2.70%, due 7/15/2020
 
 
 
133,000

 
 
US Bank Corp.
 
2.20%, due 4/25/2019
 
 
 
101,000

 
 
Ventas Realty LP / Ventas Capital Corp.
 
4.00%, due 4/30/2019
 
 
 
52,000

 
 
Volkswagen Group of America Finance LLC
 
2.13%, due 5/23/2019
 
 
 
247,000

 
 
Volvo Financial Equipment LLC
 
1.51%, due 6/17/2019
 
 
 
150,000

 
 
Vornado Realty LP
 
2.50%, due 6/30/2019
 
 
 
118,000

 
 
WEA Finance LLC / Westfield UK & Europe Finance PLC
 
2.70%, due 9/17/2019
 
 
 
100,000

*
 
Wells Fargo & Co.
 
1.50%, due 1/16/2018
 
 
 
100,000

*
 
Wells Fargo & Co.
 
2.15%, due 1/15/2019
 
 
 
25,000

*
 
Wells Fargo & Co.
 
2.13%, due 4/22/2019
 
 
 
101,000

*
 
Wells Fargo & Co.
 
2.15%, due 1/30/2020
 
 
 
45,000

*
 
Wells Fargo & Co.
 
2.60%, due 7/22/2020
 
 
 
86,000

*
 
Wells Fargo & Co.
 
1.53%, due 5/15/2048
 
 
 
18,000


18



(a)
 
(b) Identity of Issuer, Borrower, Lessor, or Similar Party
 
(c) Description of Investment, including
Maturity Date, Rate of
Interest, Collateral,
Par, or Maturity Value
 
(d) Cost
 
(e) Current
Value
 
 
Westpac Banking Corp.
 
2.25%, due 7/30/2018
 
 
 
117,000

 
 
Westpac Banking Corp.
 
2.60%, due 11/23/2020
 
 
 
65,000

*
 
WFRBS Commercial Mortgage Trust 2012-C7
 
2.30%, due 6/15/2045
 
 
 
66,000

*
 
WFRBS Commercial Mortgage Trust 2013-C16
 
1.41%, due 9/15/2046
 
 
 
48,000

*
 
WFRBS Commercial Mortgage Trust 2014-C20
 
1.28%, due 5/15/2047
 
 
 
69,000

*
 
WFRBS Commercial Mortgage Trust 2014-C23
 
3.19%, due 10/15/2057
 
 
 
268,000

*
 
WFRBS Commercial Mortgage Trust 2014-C24
 
1.39%, due 11/15/2047
 
 
 
43,000

*
 
WFRBS Commercial Mortgage Trust 2014-C25
 
1.52%, due 11/15/2047
 
 
 
178,000

 
 
Xerox Corp.
 
2.75%, due 9/1/2020
 
 
 
209,000

 
 
Total Fair Value
 
 
 
 
 
45,258,000

 
 
Adjustment from fair value to contract value
 
 
 
 
 
(389,000
)
 
 
Total Contract Value
 
 
 
 
 
44,869,000

 
 
 
 
 
 
 
 
 
 
 
Total Investments at Contract Value
 
 
 
 
 
156,415,000

 
 
 
 
 
 
 
 
 
 
 
Notes Receivable from Participants:
 
 
 
 
 
 
 
 
Notes Receivable from Participants
 
Interest rates: 4.25% - 9.25%
 
 
 
8,175,000

 
 
 
 
Maturity dates: 01/05/2016 - 11/14/2030
 
 
 
 
*
Party-in-interest

19