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Portfolio Holdings

American Funds Insurance Series - Global Balanced Fund

As of December 31, 2017 (updated quarterly, upon availability)

Fixed-Income Securities* Shares or Principal Amount Market Value
ACE INA Holdings Inc. 2.875% 2022 20,000 20,283
ACE INA Holdings Inc. 3.35% 2026 20,000 20,427
ACE INA Holdings Inc. 4.35% 2045 35,000 39,580
AT&T Inc. 3.40% 2024 150,000 150,954
AT&T Inc. 3.90% 2027 95,000 95,794
AT&T Inc. 4.10% 2028 238,000 239,198
AT&T Inc. 4.250% 2027 60,000 61,261
AT&T Inc. 4.90% 2037 80,000 81,370
AXA SA, junior subordinated 5.453% (undated) 100,000 154,700
AbbVie Inc. 2.50% 2020 180,000 180,644
AbbVie Inc. 2.90% 2022 60,000 60,182
AbbVie Inc. 3.20% 2026 173,000 172,757
AbbVie Inc. 3.60% 2025 50,000 51,472
AbbVie Inc. 4.50% 2035 15,000 16,514
Abbott Laboratories 3.75% 2026 90,000 92,563
Abu Dhabi (Emirate of) 2.50% 2022 200,000 196,354
Abu Dhabi (Emirate of) 3.125% 2027 200,000 195,918
Abu Dhabi National Energy Co. PJSC (TAQA) 3.625% 2023 200,000 202,821
Aetna Inc. 2.75% 2022 50,000 49,565
Aetna Inc. 2.80% 2023 10,000 9,853
Allergan PLC 3.00% 2020 30,000 30,284
Allergan PLC 3.80% 2025 275,000 280,326
Allergan PLC 4.55% 2035 45,000 47,727
Allergan PLC 4.75% 2045 31,000 33,100
Allianz SE, 4.75% (undated) 100,000 142,880
Altria Group, Inc. 2.625% 2020 100,000 100,668
Altria Group, Inc. 4.25% 2042 150,000 157,651
Altria Group, Inc. 4.75% 2021 150,000 160,917
Amazon.com, Inc. 2.80% 2024 170,000 169,699
Amazon.com, Inc. 3.15% 2027 95,000 95,307
American Campus Communities, Inc. 3.35% 2020 15,000 15,307
American Campus Communities, Inc. 3.75% 2023 145,000 148,864
American Campus Communities, Inc. 4.125% 2024 90,000 93,852
American Electric Power Co., Inc. 2.15% 2020 215,000 214,130
American Electric Power Co., Inc. 2.75% 2026 50,000 48,233
Amgen Inc. 1.85% 2021 20,000 19,512
Amgen Inc. 2.25% 2023 180,000 174,778
Anheuser-Busch InBev NV 3.30% 2023 35,000 35,851
Anheuser-Busch InBev NV 4.90% 2046 35,000 40,691
Apple Inc. 2.50% 2022 75,000 75,100
Apple Inc. 3.35% 2027 65,000 66,642
AstraZeneca PLC 2.375% 2022 110,000 108,795
Australia (Commonwealth of), Series 124, 5.75% 2021 1,225,000 1,066,056
Australia (Commonwealth of), Series 128, 5.75% 2022 1,120,000 1,003,149
Aviva PLC, subordinated 6.875% 2058 75,000 140,551
BPCE SA group 5.70% 2023 200,000 221,905
Banco Nacional de Comercio Exterior SNC 3.80% 2026 200,000 200,750
Bank of America Corp. 3.419% 2028 394,000 394,459
Barclays Bank PLC 10.00% 2021 100,000 169,639
Baxalta Inc. 4.00% 2025 80,000 82,797
Becton, Dickinson and Co. 2.894% 2022 55,000 54,705
Becton, Dickinson and Co. 3.70% 2027 65,000 65,609
Becton, Dickinson and Co. 3.734% 2024 35,000 35,892
Belgium (Kingdom of), Series 77, 1.00% 2026 275,000 344,786
Berkshire Hathaway Inc. 3.00% 2022 75,000 76,767
British American Tobacco PLC 3.557% 2027 105,000 105,318
British American Tobacco PLC 4.39% 2037 80,000 83,907
Broadcom Ltd. 3.875% 2027 190,000 187,270
CCO Holdings LLC and CCO Holdings Capital Corp. 4.20% 2028 45,000 44,634
CMS Energy Corp. 3.60% 2025 150,000 153,783
CaixaBank, SA 5.00% 2023 100,000 124,729
Canada 1.00% 2022 300,000 229,369
Canada 2.25% 2025 2,050,000 1,659,880
Cenovus Energy Inc. 4.25% 2027 65,000 64,949
Chevron Corp. 2.954% 2026 75,000 75,038
Chile (Republic of) 5.50% 2020 50,000,000 85,238
Colombia (Republic of) 4.375% 2021 200,000 211,400
Colombia (Republic of), Series B, 7.50% 2026 1,200,000,000 430,322
Core Industrial Trust, Series 2015-CALW, Class A, 3.04% 2034 50,000 50,834
Corporate Office Properties LP 3.60% 2023 65,000 65,110
DaimlerChrysler North America Holding Corp. 1.875% 2018 150,000 149,995
DaimlerChrysler North America Holding Corp. 2.00% 2021 200,000 195,734
Deutsche Telekom International Finance BV 1.95% 2021 150,000 145,977
Deutsche Telekom International Finance BV 9.25% 2032 45,000 70,816
Discover Card Execution Note Trust, Series 2015-A1, Class A1, (1-month USD-LIBOR + 0.35%) 1.827% 2020 200,000 200,096
Duke Energy Carolinas, Inc. 3.70% 2047 50,000 51,595
Duke Energy Corp. 2.65% 2026 225,000 215,940
Duke Energy Corp. 3.75% 2024 110,000 115,017
Duke Energy Florida, LLC 3.20% 2027 100,000 101,327
E.ON International Finance BV 5.80% 2018 25,000 25,303
EMD Finance LLC 3.25% 2025 150,000 151,053
Ecopetrol SA 5.875% 2045 20,000 20,490
El Paso Pipeline Partners Operating Co., LLC 4.70% 2042 75,000 72,809
Enbridge Inc. 3.70% 2027 132,000 132,777
Enbridge Inc. 4.25% 2026 70,000 73,308
Enel Finance International SA 2.75% 2023 200,000 197,281
Enel Finance International SA 3.50% 2028 400,000 391,963
Enel Finance International SA 3.625% 2027 200,000 199,046
Energy Transfer Partners, LP 4.00% 2027 67,000 65,809
Energy Transfer Partners, LP 4.20% 2027 15,000 14,946
Enersis Américas SA 4.00% 2026 110,000 112,230
Essex Portfolio L.P. 3.375% 2026 140,000 139,125
Essex Portfolio L.P. 3.50% 2025 120,000 121,188
European Investment Bank 2.25% 2022 225,000 224,017
Exelon Corp. 3.40% 2026 150,000 150,279
Exelon Corp. 3.497% 2022 25,000 25,500
Fannie Mae 3.50% 2048 450,000 461,582
Fannie Mae 4.00% 2048 1,780,000 1,860,050
Fannie Mae 4.50% 2048 175,000 185,991
Federative Republic of Brazil 0.0% 2021 1,900 419,380
FirstEnergy Corp. 3.50% 2028 65,000 65,190
FirstEnergy Corp. 3.90% 2027 385,000 395,142
FirstEnergy Corp. 4.85% 2047 60,000 67,171
Ford Motor Credit Co. 3.20% 2021 200,000 202,927
France Telecom 5.375% 2050 50,000 98,128
France Télécom 9.0% 2031 65,000 97,702
Freddie Mac 3.00% 2033 300,000 305,371
Freddie Mac 3.50% 2048 300,000 307,751
French Republic O.A.T. 0.50% 2026 250,000 301,377
French Republic O.A.T. 1.00% 2027 350,000 434,020
French Republic O.A.T. 2.00% 2048 150,000 190,194
French Republic O.A.T. 3.25% 2045 100,000 161,950
General Electric Capital Corp. 3.15% 2022 50,000 50,817
Germany (Federal Republic of) 0.10% 2023 52,779 68,283
Germany (Federal Republic of) 0.50% 2026 670,000 822,568
Germany (Federal Republic of) 1.25% 2048 400,000 478,946
Germany (Federal Republic of) 2.25% 2021 60,000 79,067
Germany (Federal Republic of) 2.50% 2046 670,000 1,055,806
Goldman Sachs Group, Inc. 2.905% 2023 130,000 129,212
Goldman Sachs Group, Inc. 3.50% 2025 210,000 213,470
Goldman Sachs Group, Inc. 3.625% 2023 150,000 155,111
Goldman Sachs Group, Inc. 3.75% 2026 25,000 25,690
Goldman Sachs Group, Inc. 4.75% 2045 70,000 80,308
Goldman Sachs Group, Inc. 5.75% 2022 70,000 77,652
Government National Mortgage Assn. 4.00% 2048 170,000 177,264
HSBC Holdings PLC 3.375% 2024 100,000 123,953
HSBC Holdings PLC 3.90% 2026 200,000 207,596
HSBC Holdings PLC 4.30% 2026 200,000 212,802
Halliburton Co. 3.80% 2025 110,000 114,480
Humana Inc. 3.15% 2022 100,000 100,760
Hyundai Capital America 2.55% 2020 135,000 133,963
Hyundai Capital America 3.25% 2022 65,000 64,985
India (Republic of) 6.97% 2026 74,000,000 1,137,326
India (Republic of) 7.68% 2023 36,900,000 589,792
India (Republic of) 7.80% 2021 39,200,000 629,146
India (Republic of) 8.83% 2023 10,400,000 173,642
Indonesia (Republic of) 3.75% 2022 410,000 422,910
Indonesia (Republic of) 3.85% 2027 400,000 411,018
Intesa Sanpaolo SpA 6.625% 2023 125,000 188,552
Ireland (Republic of) 1.00% 2026 500,000 616,236
Ireland (Republic of) 2.00% 2045 125,000 157,676
Ireland (Republic of) 2.40% 2030 30,000 41,496
Ireland (Republic of) 3.40% 2024 325,000 465,807
Ireland (Republic of) 3.90% 2023 100,000 143,859
Ireland (Republic of) 5.40% 2025 260,000 421,673
Israel (State of) 2.00% 2027 1,400,000 414,603
Israel (State of) 3.15% 2023 400,000 409,720
Israel (State of) 5.50% 2042 1,000,000 427,032
Italy (Republic of) 0.90% 2022 800,000 967,419
Italy (Republic of) 0.95% 2023 150,000 180,335
Italy (Republic of) 1.45% 2022 850,000 1,052,925
Italy (Republic of) 1.50% 2025 250,000 299,026
Italy (Republic of) 4.50% 2024 200,000 286,377
Italy (Republic of) 4.75% 2023 100,000 144,550
JPMorgan Chase & Co. 2.55% 2021 76,000 76,067
JPMorgan Chase & Co. 2.70% 2023 150,000 149,105
JPMorgan Chase & Co. 3.25% 2022 28,000 28,683
JPMorgan Chase & Co., Series-S, junior subordinated, perpetual, 6.75% (undated) 135,000 153,056
Japan, Series 115, 0.20% 2018 5,000,000 44,487
Japan, Series 116, 2.20% 2030 14,000,000 154,852
Japan, Series 145, 1.70% 2033 165,000,000 1,767,964
Japan, Series 161, 0.60% 2037 170,000,000 1,524,193
Japan, Series 17, 0.10% 2023 10,370,000 96,453
Japan, Series 18, 0.10% 2024 20,620,000 192,249
Japan, Series 19, 0.10% 2024 30,090,000 281,485
Japan, Series 21, 0.10% 2026 40,172,800 378,003
Japan, Series 21, 2.30% 2035 20,000,000 233,447
Japan, Series 315, 1.20% 2021 65,000,000 603,231
Japan, Series 326, 0.70% 2022 10,000,000 92,285
Japan, Series 337, 0.30% 2024 105,000,000 955,146
Japan, Series 340, 0.40% 2025 20,000,000 183,383
Japan, Series 344, 0.10% 2026 70,000,000 626,379
Japan, Series 346, 0.10% 2027 140,000,000 1,251,732
Japan, Series 36, 2.00% 2042 10,000,000 114,715
Japan, Series 362, 0.10% 2018 40,000,000 355,177
Japan, Series 42, 1.70% 2044 55,000,000 601,121
Japan, Series 53, 0.60% 2046 10,000,000 84,409
KfW 2.125% 2022 250,000 247,978
Kimco Realty Corp. 2.70% 2024 45,000 43,622
Kimco Realty Corp. 3.40% 2022 10,000 10,208
Kinder Morgan Energy Partners, LP 3.50% 2021 30,000 30,533
Kinder Morgan Energy Partners, LP 5.50% 2044 200,000 213,621
Kinder Morgan, Inc. 4.30% 2025 100,000 104,300
Korea Housing Finance Corp. 2.00% 2021 250,000 240,710
Korea Housing Finance Corp. 2.50% 2020 250,000 247,075
Kraft Heinz Co. 3.50% 2022 100,000 102,418
Kroger Co. 3.50% 2026 140,000 139,966
Kuwait (State of) 2.75% 2022 200,000 199,570
Lima Metro Line Finance Ltd. 5.875% 2034 200,000 216,850
Lithuania (Republic of) 7.375% 2020 100,000 110,579
Lloyds Banking Group PLC 6.50% 2020 210,000 287,407
Lockheed Martin Corp. 3.10% 2023 10,000 10,171
Lockheed Martin Corp. 3.55% 2026 15,000 15,598
MITSUBISHI UFJ TR&BK NY 4(2) CP 1/19/2018 5,000,000 4,995,567
MIZUHO BANK LTD/NY 4(2) CP 1/25/2018 8,300,000 8,290,173
Malaysia (Federation of), Series 0115, 3.955% 2025 2,000,000 491,228
Malaysia (Federation of), Series 0116, 3.80% 2023 1,750,000 432,907
Malaysia (Federation of), Series 0215, 3.795% 2022 400,000 99,107
Malaysia (Federation of), Series 0310, 4.498% 2030 1,600,000 396,145
Malaysia (Federation of), Series 0314, 4.048% 2021 350,000 87,984
Malaysia (Federation of), Series 0315, 3.659% 2020 58,000 14,463
Malaysia (Federation of), Series 0316, 3.90% 2026 1,200,000 292,920
Malaysia (Federation of), Series 0511, 3.58% 2018 293,000 72,819
Malaysia (Federation of), Series 0515, 3.759% 2019 550,000 137,018
McDonald's Corp. 3.50% 2020 50,000 51,512
McDonald's Corp. 3.70% 2026 35,000 36,536
McDonald's Corp. 4.875% 2045 25,000 29,051
Medtronic, Inc. 3.50% 2025 100,000 103,809
Microsoft Corp. 2.40% 2026 110,000 106,173
Microsoft Corp. 3.30% 2027 530,000 547,169
Monsanto Co. 4.40% 2044 100,000 106,882
Morgan Stanley 3.125% 2026 110,000 108,588
Morgan Stanley 3.875% 2026 75,000 78,239
Morocco (Kingdom of) 4.25% 2022 200,000 211,352
Myriad International Holdings 5.50% 2025 250,000 272,782
Myriad International Holdings 6.00% 2020 250,000 269,329
NBCUniversal Media, LLC 4.375% 2021 50,000 53,013
NN Group NV, 4.50% (undated) 100,000 135,602
National Highways Authority of India 7.17% 2021 30,000,000 464,579
Netherlands (Kingdom of the) 5.50% 2028 100,000 178,478
Newell Rubbermaid Inc. 3.85% 2023 40,000 41,432
Newell Rubbermaid Inc. 4.20% 2026 245,000 256,077
NiSource Finance Corp. 2.65% 2022 50,000 49,672
Niagara Mohawk Power Corp. 3.508% 2024 85,000 88,039
Nissan Motor Co., Ltd. 2.15% 2020 120,000 119,047
Nissan Motor Co., Ltd. 2.60% 2022 115,000 113,622
Nordea Kredit 2.00% 2037 1,300,000 218,318
Norway (Kingdom of) 3.75% 2021 6,900,000 920,502
Nykredit Realkredit AS, Series 01E, 2.00% 2037 4,553,733 764,925
Nykredit Realkredit AS, Series 01E, 2.50% 2047 834,905 140,178
Oracle Corp. 3.25% 2027 210,000 213,762
Orange SA 2.75% 2019 140,000 140,802
PNC Financial Services Group, Inc. 2.854% 2022 100,000 100,412
PacifiCorp. 3.35% 2025 30,000 30,680
Pacific Gas and Electric Co. 2.95% 2026 25,000 24,360
Pacific Gas and Electric Co. 3.30% 2027 275,000 272,922
Pacific Gas and Electric Co. 3.85% 2023 70,000 73,044
Pacific Gas and Electric Co. 4.25% 2046 75,000 78,839
Pernod Ricard SA 4.45% 2022 150,000 159,464
Peru (Republic of) 5.625% 2050 20,000 25,710
Peru (Republic of) 6.15% 2032 675,000 222,485
Petrobras Global Finance Co. 5.299% 2025 85,000 85,361
Petróleos Mexicanos 5.625% 2046 310,000 287,680
Petróleos Mexicanos 6.50% 2027 130,000 142,253
Philip Morris International Inc. 2.00% 2020 55,000 54,672
Philip Morris International Inc. 2.625% 2022 15,000 15,006
Philip Morris International Inc. 2.90% 2021 100,000 101,261
Philip Morris International Inc. 4.25% 2044 25,000 26,392
Phillips 66 Partners LP 4.68% 2045 5,000 5,151
Poland (Republic of), Series 0725, 3.25% 2025 1,500,000 434,860
Poland (Republic of), Series 0922, 5.75% 2022 870,000 285,547
Poland (Republic of), Series 1020, 5.25% 2020 4,750,000 1,486,153
Poland (Republic of), Series 1021, 5.75% 2021 2,670,000 864,675
Poland (Republic of), Series 1023, 4.00% 2023 2,800,000 857,909
Portuguese Republic 2.875% 2025 900,000 1,192,068
Portuguese Republic 2.875% 2026 490,000 641,949
Portuguese Republic 5.125% 2024 250,000 269,121
President & Fellows of Harvard College 3.619% 2037 150,000 159,539
QUEBEC PROVINCE 4(2) CP 2/15/2018 1,000,000 997,987
Quebec (Province of) 2.375% 2022 114,000 113,332
ROYAL BK CANADA CP 1/16/2018 6,000,000 5,995,434
ROYAL BK CANADA CP 1/8/2018 1,500,000 1,499,372
Rabobank Nederland 3.875% 2023 100,000 139,932
Realkredit Danmark AS, Series 22S, 2.00% 2037 2,992,242 502,870
Red de Carreteras de Occidente 9.00% 2028 2,000,000 98,495
Reynolds American Inc. 4.00% 2022 15,000 15,686
Reynolds American Inc. 4.45% 2025 105,000 112,103
Roche Holdings, Inc. 3.35% 2024 200,000 206,957
Saudi Arabia (Kingdom of) 2.894% 2022 200,000 198,888
Saudi Arabia (Kingdom of) 3.625% 2028 200,000 198,556
Scentre Group 3.75% 2027 20,000 20,323
Schlumberger BV 4.00% 2025 80,000 84,186
Shire PLC 2.40% 2021 180,000 177,304
Shire PLC 2.875% 2023 45,000 44,289
Shire PLC 3.20% 2026 25,000 24,483
Sierra Pacific Power Co., General and Refunding Mortgage Notes, Series T, 3.375% 2023 100,000 103,194
Skandinaviska Enskilda Banken AB 2.80% 2022 250,000 252,107
South Africa (Republic of), Series R-2023, 7.75% 2023 1,950,000 156,831
South Africa (Republic of), Series R-214, 6.50% 2041 8,050,000 459,837
South Korea (Republic of), Series 2106, 4.25% 2021 262,000,000 260,698
South Korea (Republic of), Series 2209, 2.00% 2022 475,000,000 437,272
Spain (Kingdom of) 1.30% 2026 370,000 443,483
Spain (Kingdom of) 1.95% 2026 150,000 189,972
Spain (Kingdom of) 2.75% 2024 355,000 480,549
Spain (Kingdom of) 3.80% 2024 320,000 457,097
Spain (Kingdom of) 4.00% 2018 500,000 502,100
State Grid Overseas Investment Ltd. 3.50% 2027 250,000 251,407
Statoil ASA 3.15% 2022 160,000 163,715
Statoil ASA 3.70% 2024 50,000 52,563
Sweden (Kingdom of) 1.125% 2019 200,000 196,873
THUNDER BAY LLC 4(2) CP 3/6/2018 475,000 473,497
Thailand (Kingdom of) 1.49% 2019 7,000,000 214,848
Thailand (Kingdom of) 1.875% 2022 14,100,000 434,809
Thailand (Kingdom of) 2.125% 2026 6,000,000 181,311
Thailand (Kingdom of) 3.85% 2025 3,000,000 102,893
Thomson Reuters Corp. 4.30% 2023 75,000 79,248
Time Warner Inc. 4.75% 2021 150,000 159,766
Total Capital International 2.875% 2022 150,000 152,131
Toyota Motor Credit Corp. 2.25% 2023 85,000 83,144
U.S. Treasury 0.75% 2018 280,000 279,415
U.S. Treasury 1.00% 2019 1,000,000 984,080
U.S. Treasury 1.125% 2021 1,025,000 991,483
U.S. Treasury 1.25% 2019 50,000 49,692
U.S. Treasury 1.375% 2018 150,000 149,813
U.S. Treasury 1.375% 2018 200,000 199,860
U.S. Treasury 1.375% 2020 900,000 888,561
U.S. Treasury 1.375% 2021 550,000 537,708
U.S. Treasury 1.375% 2023 300,000 286,641
U.S. Treasury 1.50% 2018 100,000 99,879
U.S. Treasury 1.50% 2020 350,000 346,185
U.S. Treasury 1.625% 2019 1,075,000 1,071,388
U.S. Treasury 1.625% 2019 300,000 298,929
U.S. Treasury 1.625% 2026 535,000 505,618
U.S. Treasury 1.625% 2026 440,000 414,946
U.S. Treasury 1.75% 2019 600,000 598,776
U.S. Treasury 1.75% 2020 1,600,000 1,588,848
U.S. Treasury 1.75% 2023 100,000 97,566
U.S. Treasury 1.875% 2022 700,000 692,860
U.S. Treasury 1.875% 2022 850,000 838,576
U.S. Treasury 2.00% 2021 108,000 107,701
U.S. Treasury 2.00% 2022 75,000 74,657
U.S. Treasury 2.00% 2022 455,000 450,928
U.S. Treasury 2.00% 2022 500,000 495,725
U.S. Treasury 2.00% 2024 750,000 736,553
U.S. Treasury 2.125% 2020 200,000 200,970
U.S. Treasury 2.125% 2024 2,025,000 2,001,267
U.S. Treasury 2.125% 2024 500,000 493,750
U.S. Treasury 2.125% 2025 200,000 197,004
U.S. Treasury 2.25% 2024 200,000 199,000
U.S. Treasury 2.25% 2027 700,000 691,453
U.S. Treasury 2.25% 2027 2,800,000 2,762,536
U.S. Treasury 2.375% 2027 1,500,000 1,496,865
U.S. Treasury 2.50% 2045 315,000 300,406
U.S. Treasury 2.875% 2046 500,000 513,045
U.S. Treasury 3.00% 2044 355,000 373,055
U.S. Treasury 3.00% 2045 100,000 105,055
U.S. Treasury 3.125% 2019 225,000 228,868
U.S. Treasury Inflation-Protected Security 0.125% 2021 1,092,777 1,088,392
U.S. Treasury Inflation-Protected Security 0.125% 2022 214,009 212,527
U.S. Treasury Inflation-Protected Security 0.125% 2024 519,410 513,258
U.S. Treasury Inflation-Protected Security 0.25% 2025 843,542 836,041
U.S. Treasury Inflation-Protected Security 0.375% 2023 317,976 320,497
U.S. Treasury Inflation-Protected Security 0.375% 2025 234,032 234,410
U.S. Treasury Inflation-Protected Security 0.375% 2027 1,123,243 1,115,277
U.S. Treasury Inflation-Protected Security 0.375% 2027 216,797 215,680
U.S. Treasury Inflation-Protected Security 0.625% 2024 1,770,710 1,801,449
U.S. Treasury Inflation-Protected Security 0.625% 2026 830,480 843,706
U.S. Treasury Inflation-Protected Security 1.375% 2044 502,726 580,686
U.S. Treasury Inflation-Protected Security 2.375% 2025 65,429 74,559
U.S. Treasury Note 1.625% 2022 3,850,000 3,755,252
UniCredit SPA 4.625% 2027 200,000 211,360
Union Pacific Corp. 2.95% 2023 100,000 101,746
United Kingdom 1.75% 2022 280,000 396,018
United Kingdom 2.75% 2024 50,000 75,498
United Kingdom 3.25% 2044 250,000 439,676
United Kingdom 3.50% 2045 150,000 276,723
United Kingdom 3.75% 2020 75,000 110,105
United Kingdom 4.25% 2027 300,000 520,880
United Kingdom 4.25% 2040 50,000 99,334
United Mexican States 4.00% 2019 35,627 182,716
United Mexican States 4.00% 2040 29,689 158,744
United Mexican States 4.15% 2027 200,000 207,650
United Mexican States 4.60% 2046 200,000 197,700
United Mexican States, Series M, 5.75% 2026 250,000 1,125,188
United Mexican States, Series M, 6.50% 2021 60,000 295,034
United Mexican States, Series M, 6.50% 2022 70,000 341,130
United Mexican States, Series M, 8.00% 2020 20,000 102,620
United Mexican States, Series M20, 10.00% 2024 110,000 631,150
United Mexican States, Series M30, 10.00% 2036 25,000 155,298
United Technologies Corp. 3.10% 2022 215,000 219,099
Uruguay (Oriental Republic of) 8.50% 2028 9,188,000 319,692
Uruguay (Oriental Republic of) 9.875% 2022 3,334,000 123,385
VEB Finance Ltd. 6.902% 2020 100,000 108,164
VICTORY RECEIVABLES CORP 4(2) CP 1/17/2018 4,200,000 4,196,560
Vale SA 6.25% 2026 75,000 87,075
Verizon Communications Inc. 2.45% 2022 125,000 122,649
Verizon Communications Inc. 4.272% 2036 248,000 247,310
Verizon Communications Inc. 4.50% 2033 90,000 94,602
WEA Finance LLC 2.70% 2019 200,000 201,139
WEA Finance LLC 3.75% 2024 200,000 206,534
Wells Fargo & Co. 3.584% 2028 100,000 102,037
Williams Partners LP 4.00% 2025 75,000 76,846
Williams Partners LP 4.30% 2024 100,000 104,852
Williams Partners LP 4.50% 2023 100,000 105,873
Equity Securities* Shares or Principal Amount Market Value Percent of Net Assets
AB Volvo, Class B 102,000 1,897,857 0.54
AIA Group Ltd. 250,000 2,132,080 0.60
ASML Holding NV 34,000 5,898,594 1.67
ASSA ABLOY AB, Class B 118,000 2,448,548 0.69
Air Liquide SA, bonus shares 6,875 864,677 0.24
Alphabet Inc., Class C 2,005 2,098,032 0.59
Altria Group, Inc. 51,000 3,641,910 1.03
Amazon.com, Inc. 3,400 3,976,198 1.12
Amphenol Corp., Class A 24,000 2,107,200 0.60
Apple Inc. 8,800 1,489,224 0.42
AstraZeneca PLC 17,700 1,214,627 0.34
BAE Systems PLC 303,000 2,330,451 0.66
BM&FBOVESPA SA - Bolsa de Valores, Mercadorias e Futuros, ordinary nominative 376,000 2,582,159 0.73
BNP Paribas SA 18,200 1,357,245 0.38
Bank Central Asia Tbk PT 1,080,000 1,740,867 0.49
BlackRock, Inc. 3,000 1,541,130 0.44
Boeing Co. 16,750 4,939,743 1.40
Boral Ltd. 185,000 1,121,222 0.32
British American Tobacco PLC 104,700 7,066,248 2.00
British American Tobacco PLC (ADR) 22,146 1,483,561 0.42
Broadcom Ltd. 5,850 1,502,865 0.42
Caterpillar Inc. 12,000 1,890,960 0.53
Chevron Corp. 10,000 1,251,900 0.35
Coca-Cola Co. 29,000 1,330,520 0.38
Coca-Cola European Partners plc 48,000 1,912,800 0.54
ConocoPhillips 49,506 2,717,384 0.77
Croda International PLC 31,900 1,904,830 0.54
Cummins Inc. 8,600 1,519,104 0.43
Daito Trust Construction Co., Ltd. 11,000 2,240,708 0.63
DowDuPont Inc. 63,075 4,492,202 1.27
EDP - Energias de Portugal, SA 221,000 764,970 0.22
ENN Energy Holdings Ltd. 232,000 1,646,020 0.47
Edenred SA 65,000 1,883,085 0.53
Enbridge Inc. 16,157 619,246 0.17
Enbridge Inc. 50,594 1,978,680 0.56
Enel Américas SA (ADR) 197,000 2,200,490 0.62
Equinix, Inc. REIT 4,240 1,921,653 0.54
Express Scripts Holding Co. 14,000 1,044,960 0.30
Fisher & Paykel Healthcare Corp. Ltd. 204,000 2,068,698 0.58
Flughafen Zürich AG 12,235 2,797,753 0.79
General Electric Co. 57,000 994,650 0.28
General Motors Co. 25,000 1,024,750 0.29
Goldman Sachs Group, Inc. 4,000 1,019,040 0.29
Grupo Financiero Galicia SA, Class B (ADR) 18,500 1,218,225 0.34
HDFC Bank Ltd. (ADR) 21,605 2,196,580 0.62
HSBC Holdings PLC 539,633 5,565,261 1.57
HUGO BOSS AG 5,600 475,020 0.13
Harmonic Drive Systems Inc. 50,300 2,935,228 0.83
Home Depot, Inc. 10,000 1,895,300 0.54
Humana Inc. 20,830 5,167,298 1.46
International Consolidated Airlines Group, SA (CDI) 120,000 1,052,493 0.30
JPMorgan Chase & Co. 42,700 4,566,338 1.29
Keyence Corp. 4,400 2,456,809 0.69
Koninklijke DSM NV 14,000 1,334,551 0.38
LUKOIL Oil Co. PJSC (ADR) 39,800 2,276,766 0.64
LVMH Moët Hennessy-Louis Vuitton SE 4,195 1,232,282 0.35
Linde AG, non-registered shares 8,900 2,082,038 0.59
Link REIT 211,697 1,961,706 0.55
Lockheed Martin Corp. 3,080 988,834 0.28
LyondellBasell Industries NV 12,000 1,323,840 0.37
MTU Aero Engines AG 9,000 1,609,708 0.45
Medtronic PLC 15,000 1,211,250 0.34
Merck & Co., Inc. 56,120 3,157,872 0.89
Mettler-Toledo International Inc. 3,500 2,168,320 0.61
Microsoft Corp. 71,100 6,081,894 1.72
Nestlé SA 43,800 3,763,827 1.06
Nintendo Co., Ltd. 19,800 7,208,229 2.04
Nokian Renkaat Oyj 50,634 2,293,449 0.65
Northrop Grumman Corp. 3,450 1,058,840 0.30
Novartis AG 11,800 997,593 0.28
Pernod Ricard SA 8,800 1,392,959 0.39
Peugeot SA 136,500 2,772,803 0.78
Philip Morris International Inc. 36,700 3,877,355 1.10
Power Assets Holdings Ltd. 120,500 1,016,931 0.29
Priceline Group Inc. 525 912,314 0.26
Procter & Gamble Co. 11,000 1,010,680 0.29
Reliance Industries Ltd. 106,000 1,529,214 0.43
Rio Tinto PLC 15,000 791,657 0.22
Royal Dutch Shell PLC, Class A 585 19,584 0.01
Royal Dutch Shell PLC, Class B 109,200 3,682,978 1.04
Samsung Electronics Co., Ltd. 615 1,461,132 0.41
Sberbank of Russia PJSC (ADR) 123,000 2,081,888 0.59
Schlumberger Ltd. 20,400 1,374,756 0.39
Symantec Corp. 62,565 1,755,574 0.50
Taiwan Semiconductor Manufacturing Co., Ltd. 664,000 5,102,219 1.44
The Chemours Co. 3,200 160,192 0.05
TravelSky Technology Ltd., Class H 250,000 749,194 0.21
UnitedHealth Group Inc. 3,255 717,597 0.20
Visa Inc., Class A 14,600 1,664,692 0.47
Wells Fargo & Co. 40,200 2,438,934 0.69
WestRock Co. 24,570 1,553,070 0.44
Ørsted AS 33,800 1,841,448 0.52

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.