American Funds - Portfolio holdings | American Funds

Portfolio Holdings

American Funds Insurance Series - Global Balanced Fund

As of December 31, 2018 (updated quarterly, upon availability)

Fixed-Income Securities* Shares or Principal Amount Market Value
ACE INA Holdings Inc. 2.875% 2022 20,000 19,840
ACE INA Holdings Inc. 3.35% 2026 20,000 19,593
ACE INA Holdings Inc. 4.35% 2045 20,000 20,668
AT&T Inc. 4.10% 2028 55,000 53,007
AXA SA, junior subordinated 5.453% (undated) 100,000 129,558
AbbVie Inc. 2.50% 2020 180,000 178,325
AbbVie Inc. 2.90% 2022 60,000 58,431
AbbVie Inc. 3.20% 2026 73,000 67,798
AbbVie Inc. 4.50% 2035 15,000 13,930
Abbott Laboratories 3.75% 2026 51,000 50,480
Abu Dhabi (Emirate of) 2.50% 2022 200,000 194,514
Abu Dhabi (Emirate of) 3.125% 2027 200,000 191,504
Abu Dhabi National Energy Co. PJSC (TAQA) 3.625% 2023 200,000 196,362
Aetna Inc. 2.75% 2022 50,000 48,009
Aetna Inc. 2.80% 2023 10,000 9,519
Allergan PLC 3.00% 2020 30,000 29,889
Allergan PLC 3.80% 2025 173,000 169,190
Allergan PLC 4.75% 2045 3,000 2,862
Allianz SE, 4.75% (undated) (3-month EUR-EURIBOR + 3.60% on 10/24/2023) 100,000 126,120
Altria Group, Inc. 2.625% 2020 100,000 99,099
Altria Group, Inc. 4.25% 2042 150,000 121,546
Amazon.com, Inc. 2.80% 2024 170,000 165,348
Amazon.com, Inc. 3.15% 2027 50,000 48,326
American Campus Communities, Inc. 3.35% 2020 15,000 14,952
American Campus Communities, Inc. 3.75% 2023 100,000 99,369
American Campus Communities, Inc. 4.125% 2024 90,000 90,490
American Electric Power Co., Inc. 2.15% 2020 215,000 210,765
Amgen Inc. 1.85% 2021 20,000 19,296
Anheuser-Busch InBev NV 3.30% 2023 35,000 34,110
Anheuser-Busch InBev NV 3.50% 2024 340,000 332,556
Anheuser-Busch InBev NV 4.00% 2028 100,000 95,893
Apple Inc. 2.50% 2022 75,000 73,846
Apple Inc. 3.35% 2027 65,000 63,657
AstraZeneca PLC 2.375% 2022 110,000 105,601
AstraZeneca PLC 3.50% 2023 150,000 149,362
Australia (Commonwealth of), Series 128, 5.75% 2022 1,120,000 894,246
Australia (Commonwealth of), Series 133, 5.50% 2023 425,000 343,539
Aviva PLC, subordinated 6.875% 2058 75,000 106,672
Banco Bilbao Vizcaya Argentaria SA 3.50% 2024 (5 year EURO Mid Swap + 2.55% on 4/11/2019) 100,000 115,295
Banco Nacional de Comercio Exterior SNC 3.80% 2026 (UST Yield Curve Rate T Note Constant Maturity 5 year + 3.00% on 8/11/2021) 200,000 191,500
Banco del Estado de Chile 2.668% 2021 500,000 489,319
Bank of America Corp. 3.419% 2028 (3-month USD-LIBOR + 1.04% on 12/20/2027) 394,000 368,693
Bank of America Corp. 3.55% 2024 (3-month USD-LIBOR + 0.78% on 3/5/2023) 100,000 98,842
Bank of Thailand 1.50% 2019 11,780,000 361,713
Barclays Bank PLC 10.00% 2021 100,000 146,866
Baxalta Inc. 4.00% 2025 18,000 17,630
Bayer US Finance II LLC 3.875% 2023 200,000 196,577
Bayer US Finance II LLC 4.40% 2044 100,000 86,007
Becton, Dickinson and Co. 2.894% 2022 55,000 53,309
Becton, Dickinson and Co. 3.70% 2027 65,000 61,559
Becton, Dickinson and Co. 3.734% 2024 35,000 33,852
Belgium (Kingdom of), Series 77, 1.00% 2026 135,000 160,668
Belgium (Kingdom of), Series 85, 0.80% 2028 360,000 413,754
Berkshire Hathaway Inc. 3.00% 2022 75,000 74,860
Brazil (Federative Republic of) 0% 2021 3,000 642,807
Brazil (Federative Republic of) 10.00% 2025 3,368 908,238
British American Tobacco PLC 3.557% 2027 105,000 93,435
British American Tobacco PLC 4.39% 2037 80,000 65,741
Broadcom Ltd. 3.875% 2027 190,000 170,849
CANADA (GOVERNMENT OF) CP 1/3/2019 6,000,000 5,998,788
CHINA DEV BANK (BOND CONNECT) CNY UNSEC 4.73% 04-02-25 3,600,000 553,124
CMS Energy Corp. 3.00% 2026 150,000 141,347
CVS Health Corp. 4.30% 2028 85,000 83,388
CVS Health Corp. 4.78% 2038 20,000 19,245
CVS Health Corp. 5.05% 2048 215,000 210,177
Canada 1.00% 2022 300,000 212,877
Canada 2.25% 2025 1,700,000 1,270,604
Cenovus Energy Inc. 4.25% 2027 65,000 59,336
Chile (Republic of) 5.50% 2020 50,000,000 74,222
Cigna Corp. 4.125% 2025 80,000 80,043
Cigna Corp. 4.375% 2028 120,000 120,977
Colombia (Republic of) 4.375% 2021 200,000 203,350
Comcast Corp. 3.95% 2025 80,000 81,054
Comcast Corp. 4.15% 2028 160,000 162,760
Conagra Brands, Inc. 4.30% 2024 210,000 208,964
Core Industrial Trust, Series 2015-CALW, Class A, 3.04% 2034 47,434 47,298
Corporate Office Properties LP 3.60% 2023 65,000 63,133
DaimlerChrysler North America Holding Corp. 2.00% 2021 200,000 192,493
Deutsche Telekom International Finance BV 1.95% 2021 150,000 144,008
Deutsche Telekom International Finance BV 9.25% 2032 45,000 64,133
Duke Energy Carolinas, Inc. 3.05% 2023 280,000 277,697
Duke Energy Carolinas, Inc. 3.70% 2047 50,000 45,599
Duke Energy Corp. 2.65% 2026 225,000 205,299
Duke Energy Corp. 3.75% 2024 110,000 110,292
Duke Energy Progress, LLC 3.70% 2028 75,000 75,898
EMD Finance LLC 2.40% 2020 200,000 197,997
EMD Finance LLC 3.25% 2025 250,000 240,210
El Paso Pipeline Partners Operating Co., LLC 4.70% 2042 75,000 65,568
Enbridge Inc. 3.70% 2027 132,000 125,319
Enbridge Inc. 4.25% 2026 70,000 69,369
Enel Finance International SA 2.75% 2023 200,000 184,685
Enel Finance International SA 3.50% 2028 400,000 343,775
Enel Finance International SA 3.625% 2027 200,000 176,837
Energy Transfer Partners, LP 4.00% 2027 67,000 61,578
Energy Transfer Partners, LP 4.20% 2027 15,000 14,022
Energy Transfer Partners, LP 6.00% 2048 20,000 19,566
Enersis Américas SA 4.00% 2026 110,000 103,022
Essex Portfolio LP 3.375% 2026 40,000 38,312
Essex Portfolio LP 3.50% 2025 120,000 116,842
European Financial Stability Facility 0.40% 2025 425,000 490,180
European Financial Stability Facility 0.95% 2028 300,000 351,321
European Investment Bank 2.25% 2022 225,000 222,282
Exelon Corp. 3.40% 2026 150,000 142,907
Exelon Corp. 3.497% 2022 25,000 24,448
FED HM LN BK BD 1/2/2019 4,600,000 4,598,830
FED HM LN BK BD 1/22/2019 5,000,000 4,993,154
Fannie Mae 2048 335,845 342,693
Fannie Mae 4.00% 2041 71,151 73,219
Fannie Mae 4.00% 2048 147,997 151,014
Fannie Mae 4.00% 2049 1,995,010 2,034,483
Fannie Mae 4.50% 2049 1,225,000 1,269,280
FirstEnergy Corp. 3.50% 2028 65,000 62,080
FirstEnergy Corp. 3.90% 2027 250,000 242,704
FirstEnergy Corp. 4.85% 2047 60,000 60,346
France Télécom 5.375% 2050 50,000 85,629
France Télécom 9.00% 2031 65,000 90,266
Freddie Mac 3.50% 2049 300,000 299,929
French Republic O.A.T. 0.75% 2028 450,000 517,871
French Republic O.A.T. 1.00% 2025 420,000 505,204
French Republic O.A.T. 2.00% 2048 150,000 186,877
French Republic O.A.T. 3.25% 2045 260,000 409,816
General Electric Capital Corp. 3.15% 2022 50,000 47,292
Germany (Federal Republic of) 0.50% 2026 200,000 238,264
Germany (Federal Republic of) 0.50% 2028 1,300,000 1,533,566
Germany (Federal Republic of) 1.25% 2048 550,000 692,424
Germany (Federal Republic of) 1.75% 2024 300,000 379,751
Germany (Federal Republic of) 2.25% 2021 60,000 74,018
Germany (Federal Republic of) 2.50% 2046 315,000 508,550
Goldman Sachs Group, Inc. 2.905% 2023 (3-month USD-LIBOR + 0.99% on 7/24/2022) 130,000 123,914
Goldman Sachs Group, Inc. 3.50% 2025 210,000 199,306
Goldman Sachs Group, Inc. 3.75% 2026 25,000 23,689
Goldman Sachs Group, Inc. 4.75% 2045 70,000 66,979
Goldman Sachs Group, Inc. 5.75% 2022 70,000 73,320
Government National Mortgage Assn. 4.00% 2049 90,232 92,411
Government National Mortgage Assn. 4.00% 2049 79,768 81,626
Greece (Hellenic Republic of) 3.375% 2025 110,000 121,948
Groupe BPCE SA 5.70% 2023 200,000 207,461
HSBC Holdings PLC 3.033% 2023 (3-month USD-LIBOR + 0.923% on 11/12/2022) 200,000 193,677
HSBC Holdings PLC 3.375% 2024 (5 year EURO Mid Swap + 1.95% on 1/10/2019) 100,000 114,655
HSBC Holdings PLC 3.90% 2026 200,000 191,918
HSBC Holdings PLC 4.292% 2026 (3-month USD-LIBOR + 1.348% on 9/12/2025) 250,000 247,097
Halliburton Co. 3.80% 2025 35,000 33,994
Humana Inc. 3.15% 2022 100,000 98,048
Hyundai Capital America 2.55% 2020 135,000 133,316
Hyundai Capital America 3.25% 2022 65,000 63,266
Hyundai Capital Services Inc. 3.75% 2023 250,000 246,942
India (Republic of) 6.97% 2026 74,000,000 1,034,324
India (Republic of) 7.35% 2024 10,000,000 143,178
India (Republic of) 7.68% 2023 15,900,000 232,209
India (Republic of) 7.80% 2021 32,200,000 468,183
India (Republic of) 8.83% 2023 10,400,000 158,871
Indonesia (Republic of) 3.75% 2022 410,000 406,649
Indonesia (Republic of) 3.85% 2027 400,000 380,723
Indonesia (Republic of), Series 64, 6.125% 2028 778,000,000 47,746
Indonesia (Republic of), Series 74, 7.5% 2032 3,000,000,000 195,845
Indonesia (Republic of), Series 78, 8.25% 2029 6,768,000,000 482,682
Intesa Sanpaolo SpA 6.625% 2023 125,000 162,674
Ireland (Republic of) 0.90% 2028 1,090,000 1,249,649
Ireland (Republic of) 1.00% 2026 500,000 590,239
Ireland (Republic of) 2.40% 2030 30,000 39,029
Ireland (Republic of) 3.40% 2024 50,000 66,946
Israel (State of) 2.00% 2027 2,100,000 557,839
Israel (State of) 3.15% 2023 400,000 399,400
Israel (State of) 5.50% 2042 1,000,000 368,681
Italy (Republic of) 0.95% 2023 150,000 167,706
Italy (Republic of) 1.45% 2025 185,000 203,141
Italy (Republic of) 2.05% 2027 550,000 607,228
Italy (Republic of) 4.50% 2024 200,000 257,790
Italy (Republic of) 4.75% 2023 100,000 130,135
JPMorgan Chase & Co. 2.55% 2021 76,000 74,949
JPMorgan Chase & Co. 2.70% 2023 150,000 144,159
JPMorgan Chase & Co. 3.25% 2022 28,000 27,791
JPMorgan Chase & Co., Series S, junior subordinated, perpetual, 6.75% (undated) (3-month USD-LIBOR + 3.78% on 2/1/2024) 135,000 139,658
JPMorgan Chase Bank NA (3-month USD-LIBOR + 0.34%) 2.848% 2021 300,000 297,317
Japan, Series 134, 0.10% 2022 95,000,000 875,372
Japan, Series 145, 1.70% 2033 150,000,000 1,649,891
Japan, Series 161, 0.60% 2037 190,000,000 1,778,544
Japan, Series 17, 0.10% 2023 10,480,000 97,672
Japan, Series 18, 0.10% 2024 20,840,000 194,701
Japan, Series 19, 0.10% 2024 30,390,000 284,758
Japan, Series 21, 0.10% 2026 40,572,400 382,751
Japan, Series 22, 0.10% 2027 25,431,500 240,265
Japan, Series 337, 0.30% 2024 162,100,000 1,518,070
Japan, Series 340, 0.40% 2025 20,000,000 189,087
Japan, Series 344, 0.10% 2026 70,000,000 649,891
Japan, Series 346, 0.10% 2027 380,450,000 3,529,363
Japan, Series 394, 0.10% 2020 106,000,000 971,414
Japan, Series 395, 0.10% 2020 251,100,000 2,301,252
Japan, Series 42, 1.70% 2044 53,000,000 603,479
Japan, Series 53, 0.60% 2046 45,000,000 400,474
Keurig Dr. Pepper Inc. 4.597% 2028 175,000 174,111
Keurig Dr. Pepper Inc. 5.085% 2048 100,000 95,574
KfW 2.125% 2022 250,000 245,893
Kinder Morgan Energy Partners, LP 3.50% 2021 30,000 29,939
Kinder Morgan, Inc. 4.30% 2028 150,000 147,538
Korea Housing Finance Corp. 2.00% 2021 250,000 241,077
Korea Housing Finance Corp. 2.50% 2020 250,000 246,125
Kraft Heinz Co. 3.50% 2022 100,000 99,249
Kroger Co. 3.50% 2026 140,000 132,973
Kuwait (State of) 2.75% 2022 200,000 196,636
Lima Metro Line Finance Ltd. 5.875% 2034 200,000 199,747
Lithuania (Republic of) 7.375% 2020 100,000 104,734
Lloyds Banking Group PLC 6.50% 2020 210,000 256,660
Malaysia (Federation of), Series 0116, 3.80% 2023 2,950,000 711,967
Malaysia (Federation of), Series 0310, 4.498% 2030 1,600,000 391,083
Malaysia (Federation of), Series 0316, 3.90% 2026 1,233,000 293,840
McDonald's Corp. 3.50% 2020 50,000 50,701
McDonald's Corp. 3.80% 2028 110,000 108,269
Medtronic, Inc. 3.50% 2025 100,000 99,731
Microsoft Corp. 2.40% 2026 297,000 278,220
Microsoft Corp. 3.30% 2027 355,000 352,194
Morgan Stanley 3.125% 2026 110,000 101,629
Morgan Stanley 3.875% 2026 75,000 73,255
Morocco (Kingdom of) 4.25% 2022 200,000 200,988
Myriad International Holdings 5.50% 2025 250,000 252,535
Myriad International Holdings 6.00% 2020 250,000 257,395
NATIONAL RURAL UTILITIES COOP FINA CP 1/14/2019 5,000,000 4,995,260
NBCUniversal Media, LLC 4.375% 2021 50,000 51,264
NN Group NV, 4.50% (undated) (3-month EUR-LIBOR + 4.00% on 1/15/2026) 100,000 114,562
National Highways Authority of India 7.17% 2021 30,000,000 419,513
Netherlands (Kingdom of the) 5.50% 2028 100,000 168,247
NiSource Finance Corp. 2.65% 2022 50,000 47,910
Niagara Mohawk Power Corp. 3.508% 2024 85,000 85,498
Nissan Motor Co., Ltd. 2.15% 2020 120,000 116,616
Nissan Motor Co., Ltd. 2.60% 2022 115,000 109,573
Norway (Kingdom of) 3.75% 2021 2,200,000 270,139
Nykredit Realkredit AS, Series 01E, 1.50% 2037 1,730,104 267,553
Nykredit Realkredit AS, Series 01E, 1.50% 2040 8,809,820 1,344,828
Nykredit Realkredit AS, Series 01E, 2.00% 2037 2,779,598 444,249
Oracle Corp. 2.65% 2026 216,000 200,488
Orange SA 2.75% 2019 140,000 139,921
PNC Financial Services Group, Inc. 2.854% 2022 100,000 98,044
Pacific Gas and Electric Co. 2.95% 2026 25,000 20,690
Pacific Gas and Electric Co. 3.30% 2027 150,000 123,228
Pacific Gas and Electric Co. 3.85% 2023 70,000 62,993
Pacific Gas and Electric Co. 4.65% 2028 114,000 100,933
Pacific Gas and Electric Co. 6.35% 2038 62,000 58,916
Pernod Ricard SA 4.45% 2022 150,000 153,095
Peru (Republic of) 5.625% 2050 20,000 23,530
Peru (Republic of) 6.15% 2032 3,275,000 990,877
Petroleos Mexicanos 6.35% 2048 357,000 286,143
Petróleos Mexicanos 6.50% 2027 130,000 122,525
Petróleos Mexicanos 7.47% 2026 40,000 150,165
Philip Morris International Inc. 2.00% 2020 55,000 54,316
Philip Morris International Inc. 2.625% 2022 15,000 14,525
Philip Morris International Inc. 2.90% 2021 100,000 98,534
Philip Morris International Inc. 4.25% 2044 25,000 22,882
Poland (Republic of), Series 0725, 3.25% 2025 4,950,000 1,384,667
Poland (Republic of), Series 0922, 5.75% 2022 870,000 264,351
Poland (Republic of), Series 1020, 5.25% 2020 2,850,000 814,908
Poland (Republic of), Series 1021, 5.75% 2021 2,670,000 792,043
Poland (Republic of), Series 1023, 4.00% 2023 2,800,000 811,677
Portuguese Republic 2.875% 2025 600,000 765,777
Portuguese Republic 5.125% 2024 250,000 262,319
President & Fellows of Harvard College 3.619% 2037 150,000 148,425
Qatar (State of) 4.50% 2028 900,000 941,584
Quebec (Province of) 2.375% 2022 114,000 112,732
Rabobank Nederland 3.875% 2023 100,000 128,312
Red de Carreteras de Occidente 9.00% 2028 2,000,000 92,623
Reynolds American Inc. 4.00% 2022 15,000 14,849
Reynolds American Inc. 4.45% 2025 105,000 101,428
Roche Holdings, Inc. 3.35% 2024 200,000 200,772
Romania 2.30% 2020 1,405,000 336,949
Romania 3.375% 2038 80,000 81,970
Romania 5.125% 2048 150,000 144,939
Saskatchewan (Province of) 3.05% 2028 250,000 185,903
Saudi Arabia (Kingdom of) 2.894% 2022 200,000 195,110
Saudi Arabia (Kingdom of) 3.625% 2028 200,000 189,635
Saudi Arabia (Kingdom of) 4.50% 2030 240,000 239,143
Saudi Arabia (Kingdom of) 5.00% 2049 200,000 193,198
Scentre Group 3.75% 2027 20,000 19,339
Schlumberger BV 4.00% 2025 50,000 49,450
Shell International Finance BV 3.50% 2023 330,000 333,878
Shire PLC 2.40% 2021 153,000 148,038
Shire PLC 2.875% 2023 69,000 65,294
Shire PLC 3.20% 2026 25,000 22,673
Sierra Pacific Power Co., General and Refunding Mortgage Notes, Series T, 3.375% 2023 72,000 71,983
Skandinaviska Enskilda Banken AB 2.80% 2022 250,000 245,056
South Africa (Republic of), Series R-2023, 7.75% 2023 1,950,000 133,944
South Africa (Republic of), Series R-214, 6.50% 2041 11,550,000 560,540
South Korea (Republic of), Series 2106, 4.25% 2021 262,000,000 248,178
South Korea (Republic of), Series 2203, 1.875% 2022 260,000,000 233,077
South Korea (Republic of), Series 2209, 2.00% 2022 560,000,000 503,943
Spain (Kingdom of) 1.40% 2028 270,000 310,838
Spain (Kingdom of) 2.70% 2048 600,000 700,958
Spain (Kingdom of) 2.90% 2046 130,000 159,739
State Grid Overseas Investment Ltd. 3.50% 2027 450,000 434,186
Statoil ASA 3.15% 2022 160,000 159,632
Statoil ASA 3.70% 2024 50,000 50,965
Sweden (Kingdom of) 1.125% 2019 200,000 197,703
Takeda Pharmaceutical Co., Ltd. 2.25% 2026 200,000 234,362
Takeda Pharmaceutical Co., Ltd. 4.40% 2023 200,000 202,395
Thailand (Kingdom of) 1.875% 2022 14,100,000 431,273
Thailand (Kingdom of) 2.125% 2026 37,300,000 1,121,330
Thailand (Kingdom of) 3.775% 2032 4,900,000 166,048
Thailand (Kingdom of) 3.85% 2025 7,300,000 245,515
Thomson Reuters Corp. 4.30% 2023 75,000 76,493
Time Warner Inc. 4.75% 2021 150,000 153,861
Total Capital International 2.875% 2022 150,000 148,276
Toyota Motor Credit Corp. 2.25% 2023 85,000 80,567
U S TREASURY BILL 1/15/2019 5,000,000 4,995,884
U.S. Treasury 1.00% 2019 1,000,000 986,090
U.S. Treasury 1.125% 2021 1,025,000 990,837
U.S. Treasury 1.25% 2019 50,000 49,949
U.S. Treasury 1.375% 2020 900,000 885,645
U.S. Treasury 1.375% 2021 550,000 536,080
U.S. Treasury 1.375% 2023 300,000 285,702
U.S. Treasury 1.50% 2020 350,000 344,369
U.S. Treasury 1.625% 2019 300,000 298,413
U.S. Treasury 1.625% 2022 2,850,000 2,766,125
U.S. Treasury 1.625% 2026 535,000 500,915
U.S. Treasury 1.625% 2026 440,000 410,951
U.S. Treasury 1.75% 2019 600,000 596,178
U.S. Treasury 1.75% 2020 564,000 556,155
U.S. Treasury 1.75% 2023 100,000 96,930
U.S. Treasury 1.875% 2022 700,000 687,841
U.S. Treasury 1.875% 2022 600,000 587,892
U.S. Treasury 2.00% 2021 108,000 106,660
U.S. Treasury 2.00% 2022 75,000 73,983
U.S. Treasury 2.00% 2022 455,000 446,974
U.S. Treasury 2.00% 2024 750,000 730,403
U.S. Treasury 2.125% 2020 200,000 198,718
U.S. Treasury 2.125% 2024 2,025,000 1,981,422
U.S. Treasury 2.125% 2024 500,000 488,730
U.S. Treasury 2.125% 2025 200,000 194,672
U.S. Treasury 2.25% 2024 200,000 196,624
U.S. Treasury 2.25% 2027 700,000 679,882
U.S. Treasury 2.25% 2027 2,800,000 2,711,380
U.S. Treasury 2.25% 2027 500,000 483,455
U.S. Treasury 2.375% 2023 750,000 746,693
U.S. Treasury 2.375% 2027 1,500,000 1,469,535
U.S. Treasury 2.50% 2020 420,000 419,756
U.S. Treasury 2.50% 2045 315,000 285,746
U.S. Treasury 2.625% 2020 100,000 100,163
U.S. Treasury 2.625% 2021 1,020,000 1,023,907
U.S. Treasury 2.625% 2023 800,000 804,248
U.S. Treasury 2.75% 2023 420,000 424,691
U.S. Treasury 2.75% 2023 101,000 102,152
U.S. Treasury 2.75% 2025 720,000 727,366
U.S. Treasury 2.875% 11-15-21 2,250,000 2,275,718
U.S. Treasury 2.875% 2020 927,000 932,933
U.S. Treasury 2.875% 2023 2,250,000 2,287,710
U.S. Treasury 2.875% 2025 750,000 763,538
U.S. Treasury 2.875% 2028 2,170,000 2,205,111
U.S. Treasury 2.875% 2028 612,000 622,086
U.S. Treasury 2.875% 2046 500,000 486,850
U.S. Treasury 3.00% 2025 900,000 923,382
U.S. Treasury 3.00% 2044 355,000 354,808
U.S. Treasury 3.00% 2045 100,000 99,909
U.S. Treasury 3.125% 2019 225,000 225,545
U.S. Treasury 3.125% 2028 900,000 934,641
U.S. Treasury Inflation-Protected Security 0.125% 2022 219,383 212,326
U.S. Treasury Inflation-Protected Security 0.125% 2024 798,683 766,478
U.S. Treasury Inflation-Protected Security 0.25% 2025 864,732 828,135
U.S. Treasury Inflation-Protected Security 0.375% 2025 239,909 231,429
U.S. Treasury Inflation-Protected Security 0.375% 2027 1,727,171 1,641,080
U.S. Treasury Inflation-Protected Security 0.375% 2027 222,241 211,244
U.S. Treasury Inflation-Protected Security 0.50% 2028 1,640,160 1,566,206
U.S. Treasury Inflation-Protected Security 0.625% 2024 1,815,181 1,788,026
U.S. Treasury Inflation-Protected Security 0.625% 2026 851,336 829,600
U.S. Treasury Inflation-Protected Security 1.375% 2044 515,351 533,625
U.S. Treasury Inflation-Protected Security 2.375% 2025 67,072 72,514
US Bancorp 2.85% 2023 300,000 295,031
UniCredit SpA 4.625% 2027 200,000 183,409
Union Pacific Corp. 2.95% 2023 100,000 98,229
Union Pacific Corp. 4.50% 2048 20,000 19,830
United Kingdom 1.50% 2047 520,000 613,513
United Kingdom 1.75% 2022 280,000 368,724
United Kingdom 2.75% 2024 260,000 364,043
United Kingdom 3.25% 2044 250,000 407,579
United Kingdom 3.50% 2045 50,000 85,338
United Kingdom 3.75% 2020 75,000 100,336
United Kingdom 4.25% 2027 50,000 80,372
United Kingdom 4.25% 2040 50,000 92,074
United Mexican States 4.15% 2027 400,000 387,364
United Mexican States 4.60% 2046 200,000 177,850
United Mexican States, Series M, 5.75% 2026 260,000 1,118,906
United Mexican States, Series M, 6.50% 2021 90,000 437,581
United Mexican States, Series M, 6.50% 2022 115,000 549,774
United Mexican States, Series M, 7.75% 2042 32,000 143,943
United Mexican States, Series M, 8.00% 2020 20,000 101,115
United Mexican States, Series M20, 10.00% 2024 93,000 503,106
United Mexican States, Series M30, 10.00% 2036 25,000 140,135
United Technologies Corp. 3.10% 2022 106,000 103,878
United Technologies Corp. 4.125% 2028 170,000 169,144
Uruguay (Oriental Republic of) 8.50% 2028 6,963,000 182,497
Uruguay (Oriental Republic of) 9.875% 2022 1,050,000 32,133
VEB Finance Ltd. 6.902% 2020 100,000 102,401
Verizon Communications Inc. 4.272% 2036 248,000 233,032
Verizon Communications Inc. 4.329% 2028 120,000 120,805
Volkswagen Group of America Finance, LLC 4.25% 2023 380,000 377,271
Volkswagen Group of America Finance, LLC 4.625% 2025 200,000 198,087
WEA Finance LLC 2.70% 2019 200,000 199,138
WEA Finance LLC 3.75% 2024 200,000 198,784
Wells Fargo & Co. 3.584% 2028 (3-month USD-LIBOR + 1.31% on 5/15/2027) 100,000 96,164
Equity Securities* Shares or Principal Amount Market Value Percent of Net Assets
AIA Group Ltd. 250,000 2,075,219 0.57
ASML Holding NV 35,800 5,626,008 1.54
ASSA ABLOY AB, Class B 66,000 1,177,504 0.32
Akzo Nobel NV 15,500 1,250,242 0.34
Alphabet Inc., Class C 1,705 1,765,715 0.48
Amadeus IT Group SA, Class A, non-registered shares 25,700 1,791,481 0.49
Amazon.com, Inc. 2,500 3,754,925 1.03
Amphenol Corp., Class A 24,000 1,944,480 0.53
Anheuser-Busch InBev SA/NV 15,000 991,647 0.27
AstraZeneca PLC 26,600 1,991,203 0.54
B3 SA - Brasil, Bolsa, Balcao 376,000 2,600,931 0.71
BAE Systems PLC 170,000 995,004 0.27
BNP Paribas SA 18,200 823,158 0.22
Bank Central Asia Tbk PT 1,080,000 1,948,703 0.53
Berkshire Hathaway Inc., Class A 12 3,672,000 1.00
BlackRock, Inc. 434 170,484 0.05
Boeing Co. 15,250 4,918,125 1.34
Boral Ltd. 185,000 643,705 0.18
British American Tobacco PLC 78,900 2,514,149 0.69
Broadcom Inc. 15,150 3,852,342 1.05
CNOOC Ltd. 175,000 270,417 0.07
Canadian Natural Resources, Ltd. 6,200 149,596 0.04
Carl Zeiss Meditec AG, non-registered shares 19,500 1,525,960 0.42
Caterpillar Inc. 12,000 1,524,840 0.42
Chevron Corp. 10,000 1,087,900 0.30
Cigna Corp. 10,310 1,958,075 0.53
Coca-Cola Co. 29,000 1,373,150 0.37
Coca-Cola European Partners PLC 48,000 2,200,800 0.60
Coca-Cola FEMSA, SAB de CV, Series L 150,000 909,461 0.25
Coloplast A/S, Class B (Denmark) 16,000 1,486,831 0.41
ConocoPhillips 56,006 3,491,974 0.95
Credicorp Ltd. 10,050 2,227,784 0.61
Croda International PLC 13,100 782,267 0.21
Crown Castle International Corp. REIT 5,400 586,602 0.16
Cummins Inc. 8,000 1,069,120 0.29
DowDuPont Inc. 40,738 2,178,668 0.59
ENN Energy Holdings Ltd. 232,000 2,057,646 0.56
Edenred SA 65,000 2,391,352 0.65
Enbridge Inc. 16,157 501,918 0.14
Enbridge Inc. 62,117 1,929,667 0.53
Equinix, Inc. REIT 4,240 1,494,854 0.41
FinecoBank SPA 125,000 1,253,968 0.34
Fisher & Paykel Healthcare Corp. Ltd. 204,000 1,780,022 0.49
Gaming and Leisure Properties, Inc. REIT 59,720 1,929,553 0.53
General Motors Co. 50,000 1,672,500 0.46
Gilead Sciences, Inc. 17,500 1,094,625 0.30
GlaxoSmithKline PLC 24,200 459,965 0.13
HDFC Bank Ltd. (ADR) 21,605 2,238,062 0.61
HSBC Holdings PLC 539,633 4,449,483 1.22
Home Depot, Inc. 9,000 1,546,380 0.42
Humana Inc. 16,330 4,678,218 1.28
Infosys Ltd. 40,350 380,844 0.10
Intel Corp. 44,000 2,064,920 0.56
International Consolidated Airlines Group, SA (CDI) 120,000 945,243 0.26
JPMorgan Chase & Co. 48,270 4,712,117 1.29
Keyence Corp. 4,400 2,232,634 0.61
Koninklijke DSM NV 12,000 982,229 0.27
LUKOIL Oil Co. PJSC (ADR) 39,800 2,844,904 0.78
LVMH Moët Hennessy-Louis Vuitton SE 6,100 1,804,579 0.49
Linde PLC 13,706 2,175,741 0.59
Link Real Estate Investment Trust REIT 211,697 2,143,870 0.59
Lockheed Martin Corp. 3,080 806,467 0.22
LyondellBasell Industries NV 12,000 997,920 0.27
MTU Aero Engines AG 9,000 1,632,408 0.45
Mastercard Inc., Class A 9,200 1,735,580 0.47
Medtronic PLC 15,000 1,364,400 0.37
Merck & Co., Inc. 66,870 5,109,537 1.40
Mettler-Toledo International Inc. 3,500 1,979,530 0.54
Microsoft Corp. 48,500 4,926,145 1.35
NIBE Industrier AB, Class B 106,000 1,087,106 0.30
Nestlé SA 45,300 3,677,022 1.00
Nidec Corp. 12,800 1,451,722 0.40
Nintendo Co., Ltd. 21,300 5,671,477 1.55
Nippon Prologis REIT, Inc. REIT 391 827,155 0.23
Nokian Renkaat Oyj 33,634 1,034,081 0.28
Northrop Grumman Corp. 3,450 844,905 0.23
Novartis AG 11,800 1,008,024 0.28
Ocado Group PLC 259,500 2,612,994 0.71
Occidental Petroleum Corp. 21,500 1,319,670 0.36
PagSeguro Digital Ltd., Class A 220,528 4,130,489 1.13
Peugeot SA 52,500 1,121,532 0.31
Philip Morris International Inc. 50,800 3,391,408 0.93
Power Assets Holdings Ltd. 120,500 838,676 0.23
Procter & Gamble Co. 11,000 1,011,120 0.28
Publicis Groupe SA 5,000 286,896 0.08
Randgold Resources Ltd. 25,000 2,068,179 0.56
Rio Tinto PLC 18,000 855,766 0.23
Royal Dutch Shell PLC, Class B 114,200 3,406,088 0.93
Ryanair Holdings PLC (ADR) 20,600 1,469,604 0.40
SK Telecom Co., Ltd. 1,484 358,802 0.10
Samsung Electronics Co., Ltd. 27,000 932,605 0.25
Sberbank of Russia PJSC (ADR) 123,000 1,348,080 0.37
Schlumberger Ltd. 20,400 736,032 0.20
Spirax-Sarco Engineering PLC 24,000 1,908,841 0.52
TOTAL SA 45,200 2,391,565 0.65
Taiwan Semiconductor Manufacturing Co., Ltd. 732,000 5,330,815 1.46
Temenos AG 25,000 2,998,557 0.82
Teva Pharmaceutical Industries Ltd. (ADR) 50,000 771,000 0.21
The Chemours Co. 3,200 90,304 0.02
TravelSky Technology Ltd., Class H 610,000 1,561,905 0.43
United Parcel Service, Inc., Class B 9,300 907,029 0.25
UnitedHealth Group Inc. 8,985 2,238,343 0.61
Visa Inc., Class A 14,600 1,926,324 0.53
Walgreens Boots Alliance, Inc. 25,000 1,708,250 0.47
Watsco, Inc. 13,000 1,808,820 0.49
Wells Fargo & Co. 47,900 2,207,232 0.60
WestRock Co. 24,570 927,763 0.25
Wynn Resorts, Ltd. 13,000 1,285,830 0.35
Ørsted AS 33,800 2,255,492 0.62

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses and summary prospectuses, which can be obtained from a financial professional and should be read carefully before investing.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

*
Excludes certain securities in initial period of acquisition.