American Funds - Portfolio holdings | American Funds

Portfolio Holdings

American Funds Insurance Series - New World Fund

As of September 30, 2019 (updated quarterly, upon availability)

Fixed-Income Securities* Shares or Principal Amount Market Value
ARGENTINA T-BILL LETES ARS 0.0% 09-30-19 7,395,000 98,900
ARGENTINA TREASURY BILL 0.0% 05-29-20 55,077,909 411,632
ARGENTINA TREASURY BILL 0.0% 10-11-19 166,937,551 1,851,745
Argentina (Central Bank of) 0% 2019 233,733,532 3,125,957
Argentina (Central Bank of) 0% 2020 33,568,232 314,256
Argentina (Central Bank of) 0% 2020 67,023,865 500,912
Argentina Government Bond 0.00% 2019 66,800,000 779,075
Argentina Republic Of Government, 0% 2020 30,175,000 256,377
Argentine Republic (Argentina Central Bank 7D Repo Reference Rate) 67.42% 2020 4,161,600 30,817
Argentine Republic (Badlar Private Banks ARS Index + 2.00%) 52.006% 2022 13,620,779 105,770
Argentine Republic 3.75% 2038 (5.25% on 3/31/2029) 1,700,000 682,142
Argentine Republic 6.875% 2048 2,595,000 1,102,901
Argentine Republic 8.28% 2033 1,317,916 649,073
Bahrain (Kingdom of) 6.75% 2029 500,000 555,510
Banque Centrale de Tunisie 5.625% 2024 365,000 387,061
Banque Centrale de Tunisie 5.75% 2025 425,000 381,936
Banque Centrale de Tunisie 6.75% 2023 110,000 121,413
Brazil (Federative Republic of) Global 5.625% 2047 1,995,000 2,238,161
Buenos Aires (City of) 8.95% 2021 706,850 618,501
CSN Resources SA 7.625% 2023 1,000,000 1,046,250
Cameroon (Republic of) 9.50% 2025 1,400,000 1,536,756
Capital Group Central Cash Fund 2,298,677 229,844,757
Colombia (Republic of) 4.50% 2026 1,250,000 1,367,344
Cote d'Ivoire (Republic of) 5.75% 2032 1,320,000 1,299,428
DP World Crescent 4.848% 2028 835,000 918,740
Dominican Republic 10.375% 2026 24,000,000 483,331
Dominican Republic 11.0% 2026 7,900,000 164,011
Dominican Republic 11.00% 2026 4,000,000 83,380
Dominican Republic 11.25% 2027 22,900,000 480,370
Dominican Republic 11.375% 2029 12,800,000 269,060
Dominican Republic 5.50% 2025 970,000 1,025,785
Dominican Republic 6.85% 2045 500,000 558,750
Dominican Republic 7.45% 2044 1,100,000 1,307,636
Dominican Republic 7.45% 2044 1,125,000 1,337,355
Dominican Republic 7.50% 2021 533,333 558,000
Dominican Republic 8.625% 2027 575,000 690,006
Egypt (Arab Republic of) 0% 2019 15,000,000 921,376
Egypt (Arab Republic of) 0% 2019 20,500,000 1,257,675
Egypt (Arab Republic of) 0% 2019 16,500,000 995,200
Egypt (Arab Republic of) 16.00% 2022 7,800,000 499,052
Egypt (Arab Republic of) 5.625% 2030 900,000 984,551
Egypt (Arab Republic of) 7.50% 2027 640,000 689,206
Egypt (Arab Republic of) 8.50% 2047 1,000,000 1,061,987
Empresas Publicas de Medellin E.S.P. 4.25% 2029 665,000 700,844
Ethiopia (Federal Democratic Republic of) 6.625% 2024 1,400,000 1,461,006
Gabonese Republic 6.375% 2024 1,000,000 987,250
Gazprom OJSC 6.51% 2022 600,000 653,451
Guatemala (Republic of) 4.375% 2027 1,100,000 1,124,750
HSBK (Europe) BV 7.25% 2021 1,125,000 1,184,866
Honduras (Republic of) 6.25% 2027 1,000,000 1,086,260
Honduras (Republic of) 7.50% 2024 500,000 556,255
Indonesia (Republic of) 4.75% 2026 2,100,000 2,319,633
Indonesia (Republic of) 5.25% 2042 840,000 1,012,125
Indonesia (Republic of) 6.625% 2037 603,000 818,375
Indonesia (Republic of) 7.75% 2038 707,000 1,060,451
Iraq (Republic of) 5.80% 2028 1,755,000 1,715,742
Iraq (Republic of) 6.752% 2023 1,520,000 1,558,638
Jordan (Hashemite Kingdom of) 5.75% 2027 1,530,000 1,572,952
Jordan (Hashemite Kingdom of) 6.125% 2026 230,000 241,733
Kazakhstan (Republic of) 6.50% 2045 800,000 1,165,117
Kenya (Republic of) 6.875% 2024 1,350,000 1,427,212
Kenya (Republic of) 6.875% 2024 900,000 951,475
Kenya (Republic of) 8.25% 2048 500,000 511,976
Nigeria (Republic of) 0% 2019 52,000,000 143,665
Nigeria (Republic of) 0% 2020 700,000,000 1,873,779
Nigeria (Republic of) 6.375% 2023 1,025,000 1,078,349
Nigeria (Republic of) 7.625% 2047 1,000,000 989,610
Oman (Sultanate of) 5.625% 2028 3,000,000 2,961,501
Pakistan (Islamic Republic of) 5.50% 2021 900,000 904,689
Pakistan (Islamic Republic of) 6.875% 2027 1,500,000 1,482,548
Pakistan (Islamic Republic of) 8.25% 2024 300,000 324,556
Pakistan (Islamic Republic of) 8.25% 2025 410,000 444,027
Panama (Republic of) 3.75% 2026 980,000 1,036,350
Panama (Republic of) 4.50% 2047 1,555,000 1,846,578
Paraguay (Republic of) 4.70% 2027 800,000 867,508
Paraguay (Republic of) 4.70% 2027 500,000 542,193
Paraguay (Republic of) 5.00% 2026 500,000 546,255
Peru (Republic of) 6.55% 2037 700,000 1,024,632
Petrobras Global Finance Co. 5.093% 2030 827,000 863,719
Petrobras Global Finance Co. 6.85% 2115 314,000 359,593
Petróleos Mexicanos 6.50% 2029 2,000,000 2,037,400
Poland (Republic of) 3.25% 2026 300,000 319,354
Qatar (State of) 4.50% 2028 1,500,000 1,712,646
Republic of Belarus 6.875% 2023 500,000 535,747
Romania 2.875% 2029 1,350,000 1,664,779
Romania 5.125% 2048 1,500,000 1,741,961
Russian Federation 4.375% 2029 1,000,000 1,071,682
Russian Federation 5.10% 2035 1,000,000 1,133,197
Russian Federation 6.50% 2024 70,000,000 1,073,303
Russian Federation 6.90% 2029 73,500,000 1,133,830
Senegal (Republic of) 4.75% 2028 1,000,000 1,134,943
Sri Lanka (Democratic Socialist Republic of) 5.75% 2022 250,000 251,120
Sri Lanka (Democratic Socialist Republic of) 5.875% 2022 200,000 201,298
Sri Lanka (Democratic Socialist Republic of) 6.125% 2025 410,000 398,516
Sri Lanka (Democratic Socialist Republic of) 6.825% 2026 1,010,000 1,000,284
Sri Lanka (Democratic Socialist Republic of) 6.85% 2025 200,000 200,836
Sri Lanka (Democratic Socialist Republic of) 7.55% 2030 500,000 493,206
State Grid Overseas Investment Ltd. 3.50% 2027 900,000 950,904
Turkey (Republic of) 4.875% 2043 1,295,000 1,041,817
Turkey (Republic of) 5.75% 2047 3,005,000 2,627,121
Ukraine Government 7.375% 2032 1,750,000 1,763,172
Ukraine Government 7.75% 2027 1,700,000 1,773,177
VEB Finance Ltd. 6.902% 2020 600,000 618,289
Venezuela (Bolivarian Republic of) 11.75% 2026 64,000 7,200
Venezuela (Bolivarian Republic of) 11.95% 2031 106,000 11,925
Venezuela (Bolivarian Republic of) 12.75% 2022 85,000 9,563
Venezuela (Bolivarian Republic of) 6.00% 2020 950,000 106,875
Venezuela (Bolivarian Republic of) 7.00% 2018 64,000 7,200
Venezuela (Bolivarian Republic of) 7.00% 2038 107,000 12,038
Venezuela (Bolivarian Republic of) 7.65% 2025 129,000 14,513
Venezuela (Bolivarian Republic of) 7.75% 2019 1,149,000 129,263
Venezuela (Bolivarian Republic of) 8.25% 2024 299,000 33,638
Venezuela (Bolivarian Republic of) 9.00% 2023 1,383,000 155,588
Venezuela (Bolivarian Republic of) 9.25% 2027 170,000 19,125
Venezuela (Bolivarian Republic of) 9.25% 2028 319,000 35,888
Equity Securities* Shares or Principal Amount Market Value Percent of Net Assets
AIA Group Ltd. 6,477,600 61,199,878 1.82
ASML Holding NV 33,500 8,297,653 0.25
Abbott Laboratories 263,000 22,005,210 0.65
Accenture PLC, Class A 75,000 14,426,250 0.43
Activision Blizzard, Inc. 380,900 20,157,228 0.60
Adobe Inc. 100,400 27,735,500 0.82
Air Products and Chemicals, Inc. 17,000 3,771,620 0.11
Airbus SE, non-registered shares 324,029 42,098,509 1.25
Akbank TAS 2,210,000 3,177,829 0.09
Alcon Inc. 33,000 1,924,352 0.06
Alibaba Group Holding Ltd. (ADR) 327,937 54,840,905 1.63
Align Technology, Inc. 12,000 2,171,040 0.06
Alphabet Inc., Class A 10,000 12,211,400 0.36
Alphabet Inc., Class C 24,080 29,353,520 0.87
American Tower Corp. REIT 87,500 19,348,875 0.57
Amphenol Corp., Class A 190,000 18,335,000 0.54
América Móvil, SAB de CV, Series L 525,000 389,480 0.01
América Móvil, SAB de CV, Series L (ADR) 150,000 2,229,000 0.07
Apple Inc. 11,800 2,642,846 0.08
Arkema SA 26,100 2,432,847 0.07
Asahi Intecc Co., Ltd. 623,800 16,367,358 0.49
AstraZeneca PLC 269,800 24,087,103 0.72
Atlassian Corp. PLC, Class A 3,200 401,408 0.01
Autodesk, Inc. 146,100 21,578,970 0.64
Ayala Corp. 50,350 859,243 0.03
Ayala Land, Inc. 2,614,000 2,493,967 0.07
Ayala Land, Inc., preference shares 15,000,000 26,047 0.00
Azul SA, preference shares 838,500 10,031,850 0.30
Azul SA, preference shares (ADR) 866,446 31,036,096 0.92
B3 SA - Brasil, Bolsa, Balcao 6,600,200 69,306,905 2.06
BASF SE 33,900 2,369,189 0.07
BB Seguridade Participações SA 647,000 5,454,797 0.16
BP PLC 1,408,000 8,929,563 0.27
Baker Hughes, a GE Co., Class A 151,000 3,503,200 0.10
Bank Central Asia Tbk PT 9,869,000 21,100,680 0.63
BioMarin Pharmaceutical Inc. 339,600 22,889,040 0.68
Boeing Co. 13,000 4,946,110 0.15
Boston Scientific Corp. 109,000 4,435,210 0.13
British American Tobacco PLC 335,000 12,387,870 0.37
Broadcom Inc. 171,350 47,304,595 1.40
Budweiser Brewing Co., APAC Ltd. 135,400 488,659 0.01
Budweiser Brewing Co., APAC Ltd. 312,600 1,124,733 0.03
CCL Industries Inc., Class B, nonvoting shares 367,000 14,803,548 0.44
CCR SA, ordinary nominative 689,900 2,864,240 0.09
CNOOC Ltd. 4,303,000 6,566,197 0.19
CP ALL PCL, foreign registered 768,000 2,040,216 0.06
Capitec Bank Holdings Ltd. 153,526 13,050,876 0.39
Carl Zeiss Meditec AG, non-registered shares 216,552 24,688,827 0.73
Celanese Corp. 22,000 2,690,380 0.08
China Biologic Products Holdings, Inc. 297,700 34,077,719 1.01
China Overseas Land & Investment Ltd. 970,000 3,050,704 0.09
China Resources Gas Group Ltd. 1,960,000 9,690,343 0.29
Coca-Cola FEMSA, SAB de CV, units 310,000 1,886,485 0.06
Cree, Inc. 60,000 2,940,000 0.09
Ctrip.com International, Ltd. (ADR) 92,000 2,694,680 0.08
DSV Panalpina A/S 85,722 8,156,789 0.24
Domino's Pizza, Inc. 38,500 9,416,715 0.28
ENN Energy Holdings Ltd. 295,000 3,052,490 0.09
EPAM Systems, Inc. 158,100 28,824,792 0.86
Edenred SA 151,689 7,279,631 0.22
Eicher Motors Ltd. 6,100 1,529,132 0.05
Electronic Arts Inc. 38,400 3,756,288 0.11
Embassy Office Parks REIT 717,600 4,065,895 0.12
EssilorLuxottica 14,500 2,090,115 0.06
Experian PLC 65,000 2,077,140 0.06
Exxon Mobil Corp. 32,000 2,259,520 0.07
Facebook, Inc., Class A 268,000 47,725,440 1.42
Fast Retailing Co., Ltd. 10,800 6,413,577 0.19
Ferrari NV 93,800 14,471,691 0.43
First Quantum Minerals Ltd. 2,305,000 19,364,192 0.57
Fortescue Metals Group Ltd. 4,618,395 27,431,234 0.81
Fortive Corp. 17,000 1,165,520 0.03
Foshan Haitian Flavouring and Food Co., Ltd., Class A, warrants, expire 2022 348,300 5,362,775 0.16
Freeport-McMoRan Inc. 3,945,000 37,753,650 1.12
Galaxy Entertainment Group Ltd. 2,395,000 14,896,749 0.44
General Motors Co. 542,000 20,314,160 0.60
Givaudan SA 5,300 14,784,029 0.44
Globant SA 83,000 7,601,140 0.23
Grifols, SA, Class B, nonvoting preferred, non-registered shares 172,000 3,475,720 0.10
Guangzhou Baiyun International Airport Co. Ltd., Class A 147,950 465,297 0.01
HDFC Bank Ltd. 4,410,200 76,384,812 2.27
HOYA Corp. 52,000 4,241,276 0.13
HUYA, Inc. (ADR) 147,600 3,489,264 0.10
Halma PLC 918,100 22,249,631 0.66
Hangzhou Hikvision Digital Technology Co., Ltd., Class A 1,501,982 6,796,203 0.20
Hansoh Pharmaceutical Group Co., Ltd. 345,283 1,057,299 0.03
Herbalife Nutrition Ltd. 77,000 2,915,220 0.09
Hermès International 19,100 13,198,641 0.39
Hexagon AB, Class B 152,940 7,373,522 0.22
Hikma Pharmaceuticals PLC 87,000 2,353,359 0.07
Hong Kong Exchanges and Clearing Ltd. 433,000 12,706,534 0.38
Hypera SA, ordinary nominative 249,200 2,011,017 0.06
Hyundai Mobis Co., Ltd. 11,406 2,402,970 0.07
Hyundai Motor Co. 20,000 2,240,522 0.07
ICICI Bank Ltd. 469,800 2,875,063 0.09
Illumina, Inc. 67,000 20,382,740 0.61
IndusInd Bank Ltd. 557,000 10,874,141 0.32
Inphi Corp. 65,000 3,968,250 0.12
Intel Corp. 24,460 1,260,424 0.04
InterContinental Hotels Group PLC 38,950 2,430,467 0.07
Intouch Holdings PCL, foreign registered 1,192,000 2,552,755 0.08
Itaú Unibanco Holding SA, preferred nominative 457,000 3,852,925 0.11
Itaú Unibanco Holding SA, preferred nominative (ADR) 1,576,000 13,254,160 0.39
Jonjee Hi-Tech Industrial And Commercial Holding Co., Ltd., Class A 1,090,885 6,484,121 0.19
Kansai Paint Co., Ltd. 66,000 1,532,726 0.05
Kering SA 4,100 2,089,385 0.06
Keyence Corp. 70,000 43,310,983 1.29
Kingdee International Software Group Co. Ltd. 1,539,000 1,621,922 0.05
Kirin Holdings Co., Ltd. 778,000 16,463,020 0.49
Knorr-Bremse AG, non-registered shares 93,000 8,741,748 0.26
Komatsu Ltd. 67,000 1,533,642 0.05
Koninklijke DSM NV 89,000 10,709,413 0.32
Koninklijke Philips NV 65,000 3,010,987 0.09
Kotak Mahindra Bank Ltd. 2,942,900 68,287,482 2.03
Kweichow Moutai Co., Ltd., Class A 257,999 41,563,775 1.23
LUKOIL Oil Co. PJSC (ADR) 158,000 13,072,920 0.39
LVMH Moët Hennessy-Louis Vuitton SE 6,700 2,662,917 0.08
Largan Precision Co., Ltd. 156,000 22,333,372 0.66
Li Ning Co. Ltd. 340,500 977,487 0.03
Longfor Group Holdings Ltd. 677,000 2,530,857 0.08
Lumentum Holdings Inc. 39,000 2,088,840 0.06
MGM Resorts International 60,000 1,663,200 0.05
MTU Aero Engines AG 20,500 5,447,461 0.16
MakeMyTrip Ltd., non-registered shares 594,000 13,477,860 0.40
Marriott International, Inc., Class A 144,800 18,008,776 0.53
Maruti Suzuki India Ltd. 12,032 1,140,199 0.03
Mastercard Inc., Class A 71,000 19,281,470 0.57
Meituan Dianping, Class B 927,356 9,477,425 0.28
Melco Resorts & Entertainment Ltd. (ADR) 931,500 18,080,415 0.54
MercadoLibre, Inc. 5,850 3,224,696 0.10
Merck & Co., Inc. 62,000 5,219,160 0.15
Micron Technology, Inc. 81,800 3,505,130 0.10
Microsoft Corp. 527,200 73,296,616 2.18
Mondelez International, Inc. 54,000 2,987,280 0.09
Moscow Exchange MICEX-RTS PJSC 783,000 1,143,806 0.03
NIKE, Inc., Class B 41,000 3,850,720 0.11
NMC Health PLC 73,300 2,442,415 0.07
Naspers Ltd., Class N 56,835 8,612,688 0.26
Nestlé SA 333,296 36,159,802 1.07
Network International Holdings Plc 4,694,182 30,878,763 0.92
Nidec Corp. 159,800 21,459,385 0.64
Noble Energy, Inc. 82,000 1,841,720 0.05
Notre Dame Intermedica Participacoes SA 1,137,000 14,845,486 0.44
Novartis AG 86,850 7,530,684 0.22
Novatek PJSC (GDR) 73,700 14,946,360 0.44
ON Semiconductor Corp. 121,000 2,324,410 0.07
OdontoPrev SA, ordinary nominative 2,385,000 9,276,068 0.28
Oil Search Ltd. 759,000 3,749,941 0.11
PICC Property and Casualty Co. Ltd., Class H 9,880,000 11,534,251 0.34
PagSeguro Digital Ltd., Class A 2,558,223 118,471,307 3.52
Pampa Energía SA (ADR) 310,000 5,381,600 0.16
PayPal Holdings, Inc. 348,400 36,090,756 1.07
PerkinElmer, Inc. 19,810 1,687,218 0.05
Pernod Ricard SA 22,330 3,976,925 0.12
Perusahaan Perseroan (Persero) Telekomunikasi Indonesia Tbk PT, Class B 6,526,000 1,981,477 0.06
Petróleo Brasileiro SA (Petrobras), ordinary nominative (ADR) 1,429,000 20,677,630 0.61
Peugeot SA 72,179 1,800,004 0.05
Pfizer Inc. 115,500 4,149,915 0.12
Ping An Insurance (Group) Co. of China, Ltd., Class A 173,400 2,114,302 0.06
Ping An Insurance (Group) Co. of China, Ltd., Class H 181,300 2,083,017 0.06
Prosus NV 65,436 4,803,535 0.14
Prudential PLC 85,000 1,541,548 0.05
Rational AG 19,400 13,913,430 0.41
Reliance Industries Ltd. 11,548,513 217,098,447 6.45
Rio Tinto PLC 290,000 15,008,010 0.45
Royal Dutch Shell PLC, Class A 68,628 2,011,656 0.06
Royal Dutch Shell PLC, Class B 1,284,000 37,826,663 1.12
Ryohin Keikaku Co., Ltd. 173,000 3,228,800 0.10
SIG Combibloc Group AG 242,000 3,224,889 0.10
SMC Corp. 8,600 3,666,682 0.11
Safran SA 41,000 6,455,174 0.19
Samsung Electronics Co., Ltd. 47,000 1,927,308 0.06
Samsung Electronics Co., Ltd., nonvoting preferred shares 149,500 4,936,881 0.15
Sberbank of Russia PJSC (ADR) 682,500 9,652,256 0.29
Sberbank of Russia PJSC (ADR) 1,612,100 22,851,518 0.68
Shanghai International Airport Co., Ltd., Class A 2,014,760 22,517,308 0.67
Shangri-La Asia Ltd. 1,648,000 1,682,126 0.05
Shiseido Co., Ltd. 24,000 1,915,339 0.06
SoftBank Group Corp. 112,000 4,391,954 0.13
StoneCo Ltd., Class A 1,875,626 65,234,272 1.94
Straumann Holding AG 2,700 2,206,964 0.07
Suzuki Motor Corp. 47,000 1,993,887 0.06
TE Connectivity Ltd. 11,000 1,024,980 0.03
TOTAL SA 30,359 1,584,505 0.05
Taiwan Semiconductor Manufacturing Co., Ltd. 9,904,000 86,735,301 2.58
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) 400,000 18,592,000 0.55
Teck Resources Ltd., Class B 121,000 1,961,792 0.06
Temenos AG 52,700 8,818,095 0.26
Tencent Holdings Ltd. 386,100 16,266,280 0.48
Teva Pharmaceutical Industries Ltd. (ADR) 465,000 3,199,200 0.09
Thai Beverage PCL 5,258,200 3,366,861 0.10
Thales SA 149,800 17,225,461 0.51
The People's Insurance Co. (Group) of China Ltd., Class H 20,226,000 8,103,097 0.24
Thermo Fisher Scientific Inc. 60,400 17,592,708 0.52
Tokyo Electron Ltd. 16,400 3,119,223 0.09
TransDigm Group Inc. 7,000 3,644,690 0.11
TravelSky Technology Ltd., Class H 4,640,448 9,638,860 0.29
Treasury Wine Estates Ltd. 3,700,000 46,375,140 1.38
Türkiye Garanti Bankasi AS 3,054,700 5,523,019 0.16
UPL Ltd. 1,732,500 14,764,514 0.44
Ultrapar Participacoes SA, ordinary nominative 1,937,606 8,622,567 0.26
UniCredit SpA 1,048,005 12,359,394 0.37
Vale SA, ordinary nominative 2,881,660 33,116,948 0.98
Vale SA, ordinary nominative (ADR) 1,976,000 22,724,000 0.67
Valeo SA, non-registered shares 35,000 1,134,910 0.03
Vietnam Technological and Commercial Joint Stock Bank 2,368,674 2,470,666 0.07
Visa Inc., Class A 223,400 38,427,034 1.14
Vivo Energy PLC 670,000 1,029,748 0.03
Volkswagen AG, nonvoting preferred shares 95,000 16,159,272 0.48
Western Union Co. 124,000 2,873,080 0.09
WiseTech Global Ltd. 408,518 9,576,076 0.28
WuXi AppTec Co., Ltd. Class H 305,200 3,337,158 0.10
WuXi AppTec Co., Ltd., Class A, warrants, expire 2020 1,594,320 17,621,222 0.52
Xiaomi Corp., Class B 1,240,000 1,392,245 0.04
YY Inc., Class A (ADR) 174,000 9,784,020 0.29
Yandex NV, Class A 404,500 14,161,545 0.42
Yunnan Baiyao Group Co., Ltd., Class A 2,000,000 21,307,296 0.63
Zhongsheng Group Holdings Ltd. 828,000 2,614,670 0.08
Zoetis Inc., Class A 40,000 4,983,600 0.15
bioMérieux SA 148,217 12,261,578 0.36

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.