N-Q 1 ibfa_nq.htm N-Q Unassociated Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549



FORM N-Q
Quarterly Schedule of Portfolio Holdings of
Registered Management Investment Company

Investment Company Act File Number: 811-05446



Intermediate Bond Fund of America
(Exact Name of Registrant as Specified in Charter)

333 South Hope Street,
Los Angeles, California 90071
(Address of Principal Executive Offices)




Registrant's telephone number, including area code:  (213) 486-9200

Date of fiscal year end: August 31

Date of reporting period: November 30, 2009





Kimberly S. Verdick
Capital Research and Management Company
333 South Hope Street
Los Angeles, California 90071
(Name and Address of Agent for Service)


Copies to:
Michael Glazer
Bingham McCutchen LLP
355 South Grand Avenue, Suite 4400
Los Angeles, California 90071
(Counsel for the Registrant)

 
 
 

ITEM 1 – Schedule of Investments
 
[logo – American Funds®]
 
 
Intermediate Bond Fund of America®
Investment portfolio
 
November 30, 2009
  unaudited
 
Bonds & notes — 92.30%
  
Principal amount
(000)
    
Value
(000)
  
             
U.S. TREASURY BONDS & NOTES — 39.80%
            
U.S. Treasury 0.875% 20101,2
   $ 17,100     $ 17,163  
U.S. Treasury 2.00% 2010
     15,000       15,072  
U.S. Treasury 4.75% 2010
     10,000       10,097  
U.S. Treasury 1.00% 2011
     25,000       25,183  
U.S. Treasury 1.125% 2011
     65,295       65,858  
U.S. Treasury 1.125% 2011
     5,800       5,862  
U.S. Treasury 4.50% 2011
     24,500       26,377  
U.S. Treasury 4.50% 2011
     2,575       2,709  
U.S. Treasury 4.875% 2011
     253,750       270,794  
U.S. Treasury 5.125% 2011
     15,000       16,103  
U.S. Treasury 1.375% 2012
     3,725       3,755  
U.S. Treasury 1.50% 2012
     2,070       2,102  
U.S. Treasury 1.75% 2012
     89,000       90,864  
U.S. Treasury 1.875% 2012
     111,000       113,775  
U.S. Treasury 3.00% 20121,2
     26,425       28,676  
U.S. Treasury 4.25% 2012
     78,500       85,657  
U.S. Treasury 4.50% 2012
     100,000       108,504  
U.S. Treasury 4.625% 2012
     22,325       24,252  
U.S. Treasury 4.625% 2012
     20,000       21,966  
U.S. Treasury 4.75% 2012
     30,000       32,890  
U.S. Treasury 1.875% 20131,2
     62,321       66,320  
U.S. Treasury 2.75% 2013
     52,785       55,416  
U.S. Treasury 2.75% 2013
     1,675       1,754  
U.S. Treasury 3.125% 2013
     234,000       248,506  
U.S. Treasury 3.125% 2013
     25,000       26,550  
U.S. Treasury 3.375% 2013
     256,750       275,244  
U.S. Treasury 3.50% 2013
     10,975       11,804  
U.S. Treasury 3.625% 2013
     56,225       60,699  
U.S. Treasury 3.875% 2013
     15,000       16,274  
U.S. Treasury 4.25% 2013
     121,680       134,299  
U.S. Treasury 1.75% 2014
     30,630       30,681  
U.S. Treasury 1.875% 2014
     47,450       47,845  
U.S. Treasury 1.875% 2014
     25,000       25,114  
U.S. Treasury 2.00% 20141,2
     92,101       98,724  
U.S. Treasury 2.25% 2014
     194,750       198,705  
U.S. Treasury 2.625% 2014
     122,450       126,678  
U.S. Treasury 4.00% 2014
     149,500       163,913  
U.S. Treasury 4.25% 2014
     6,050       6,710  
U.S. Treasury 1.625% 20151,2
     41,226       43,606  
U.S. Treasury 4.25% 2015
     50,000       55,323  
U.S. Treasury 2.375% 2016
     57,300       56,973  
U.S. Treasury 3.125% 2016
     3,100       3,191  
U.S. Treasury 3.25% 2016
     13,800       14,410  
U.S. Treasury 3.25% 2016
     8,190       8,553  
U.S. Treasury 7.50% 2016
     25,000       32,625  
U.S. Treasury 4.625% 2017
     35,000       39,413  
U.S. Treasury 8.75% 2017
     25,000       34,977  
U.S. Treasury 3.50% 2018
     198,650       206,308  
U.S. Treasury 3.75% 2018
     81,150       85,119  
U.S. Treasury 2.75% 2019
     9,100       8,800  
U.S. Treasury 3.125% 2019
     19,300       19,209  
U.S. Treasury 4.50% 2039
     10,000       10,510  
              3,181,912  
                 
                 
CORPORATE BONDS & NOTES — 20.45%
                
Financials — 6.75%
                
Sovereign Bancorp, Inc. 1.991% 20133
     7,130       6,930  
Abbey National Treasury Services PLC 3.875% 20144
     8,200       8,383  
Santander Issuances, SA Unipersonal 5.805% 20163,4
     21,300       19,918  
Westfield Capital Corp. Ltd., WT Finance (Australia) Pty Ltd. and WEA Finance LLC 4.375% 20104
     18,010       18,273  
Westfield Group 5.40% 20124
     7,500       7,864  
Westfield Group 7.50% 20144
     750       835  
Westfield Group 5.75% 20154
     5,000       5,215  
Westfield Group 5.70% 20164
     1,000       1,015  
New York Life Global Funding 4.625% 20104
     5,000       5,090  
New York Life Global Funding 5.25% 20124
     14,000       15,270  
New York Life Global Funding 4.65% 20134
     9,000       9,638  
Monumental Global Funding II, Series 2005-B, 4.625% 20104
     2,500       2,505  
Monumental Global Funding 5.50% 20134
     4,500       4,729  
Monumental Global Funding III 0.484% 20143,4
     9,140       8,170  
Monumental Global Funding III 5.25% 20144
     8,500       8,731  
UniCredito Italiano SpA 5.584% 20173,4
     17,750       17,155  
UniCredito Italiano SpA 6.00% 20174
     3,300       3,367  
HVB Funding Trust I 8.741% 20314
     3,250       2,828  
Kimco Realty Corp. 6.00% 2012
     1,250       1,321  
Pan Pacific Retail Properties, Inc. 6.125% 2013
     1,285       1,365  
Kimco Realty Corp., Series C, 4.82% 2014
     795       799  
Kimco Realty Corp., Series C, 4.904% 2015
     8,915       8,768  
Kimco Realty Corp., Series C, 5.783% 2016
     4,500       4,527  
Kimco Realty Corp. 5.70% 2017
     3,500       3,460  
Kimco Realty Corp. 6.875% 2019
     2,000       2,111  
Nordea Bank 3.70% 20144
     20,500       20,879  
Simon Property Group, LP 5.00% 2012
     1,000       1,047  
Simon Property Group, LP 5.75% 2012
     8,000       8,540  
Simon Property Group, LP 6.75% 2014
     5,655       6,202  
Simon Property Group, LP 5.875% 2017
     2,500       2,608  
Simon Property Group, LP 10.35% 2019
     750       969  
Countrywide Financial Corp., Series B, 5.80% 2012
     12,750       13,640  
Bank of America Corp. 5.75% 2017
     5,070       5,179  
American Honda Finance Corp. 0.631% 20103,4
     5,000       4,995  
American Honda Finance Corp. 5.125% 20104
     13,000       13,459  
Jackson National Life Global 5.375% 20134
     17,565       18,136  
American Express Credit Corp., Series B, 5.00% 2010
     7,000       7,254  
American Express Co. 6.15% 2017
     9,555       10,159  
Metropolitan Life Global Funding I, 5.125% 20134
     15,250       16,371  
ProLogis 7.625% 2014
     10,750       11,537  
ProLogis 5.625% 2016
     1,260       1,198  
ProLogis 6.625% 2018
     3,110       3,035  
Wells Fargo Bank, National Assn. 4.75% 2015
     9,400       9,719  
Wells Fargo & Co. 5.625% 2017
     5,750       6,010  
PRICOA Global Funding I 4.20% 20104
     10,000       10,000  
PRICOA Global Funding I 5.30% 20134
     5,000       5,267  
JPMorgan Chase & Co. 5.60% 2011
     3,000       3,205  
JPMorgan Chase & Co. 4.75% 2013
     6,000       6,438  
JPMorgan Chase & Co. 4.891% 20153
     2,180       2,178  
JPMorgan Chase Bank NA 5.875% 2016
     3,250       3,443  
Bank of New York Mellon Corp., Series G, 4.95% 2012
     13,500       14,757  
Barclays Bank PLC 5.45% 2012
     4,000       4,354  
Barclays Bank PLC 5.00% 2016
     4,500       4,674  
Barclays Bank PLC 6.05% 20174
     4,940       5,151  
Northern Trust Corp. 5.50% 2013
     6,500       7,248  
Northern Trust Corp. 4.625% 2014
     2,825       3,081  
Northern Trust Corp. 5.85% 20175
     2,750       3,019  
Scotland International Finance No. 2 BV 4.25% 20134
     1,195       1,124  
HBOS PLC 6.75% 20184
     11,265       10,491  
TIAA Global Markets 4.95% 20134
     10,000       10,777  
Allstate Life Global Funding Trust, Series 2008-4, 5.375% 2013
     9,500       10,248  
Goldman Sachs Group, Inc. 3.625% 2012
     6,285       6,537  
Goldman Sachs Group, Inc. 6.25% 2017
     480       524  
Goldman Sachs Group, Inc. 5.95% 2018
     705       756  
Goldman Sachs Group, Inc. 6.15% 2018
     2,160       2,335  
Berkshire Hathaway Finance Corp. 4.60% 2013
     4,375       4,710  
Berkshire Hathaway Finance Corp. 5.00% 2013
     4,500       4,951  
Korea Development Bank 5.30% 2013
     2,500       2,638  
Korea Development Bank 8.00% 2014
     5,350       6,230  
PNC Funding Corp. 5.125% 2010
     4,000       4,125  
PNC Funding Corp., Series II, 6.113% (undated)3,4
     5,000       3,284  
Citigroup Inc. 4.125% 2010
     7,000       7,042  
Morgan Stanley 6.00% 2014
     2,365       2,580  
Morgan Stanley, Series F, 6.00% 2015
     3,635       3,954  
ERP Operating LP 6.625% 2012
     2,000       2,161  
ERP Operating LP 5.25% 2014
     4,000       4,134  
Royal Bank of Scotland Group PLC 5.05% 2015
     7,000       6,289  
HSBC Finance Corp. 0.534% 20143
     2,250       2,085  
HSBC Finance Corp. 0.791% 20163
     4,400       3,995  
Resona Bank, Ltd. 5.85% (undated)3,4
     6,200       5,308  
Société Générale 5.75% 20164
     4,200       4,352  
Boston Properties LP 6.25% 2013
     4,030       4,344  
Principal Life Insurance Co. 5.30% 2013
     4,000       4,272  
Standard Chartered Bank 6.40% 20174
     4,020       4,240  
Credit Suisse Group AG 5.50% 2014
     3,000       3,294  
ING Security Life Institutional Funding 4.25% 20104
     3,000       2,987  
US Bank NA 4.95% 2014
     2,550       2,777  
Hartford Financial Services Group, Inc. 5.25% 2011
     1,800       1,871  
Nationwide Mutual Insurance Co. 5.81% 20243,4
     2,000       1,579  
Liberty Mutual Group Inc. 5.75% 20144
     1,500       1,515  
Development Bank of Singapore Ltd. 7.125% 20114
     200       214  
              539,742  
                 
                 
Industrials — 2.30%
                
Canadian National Railway Co. 4.95% 2014
     17,850       19,498  
Canadian National Railway Co. 5.85% 2017
     7,000       7,943  
Union Pacific Corp. 5.125% 2014
     6,125       6,652  
Union Pacific Corp. 5.75% 2017
     1,515       1,655  
Union Pacific Corp. 5.70% 2018
     7,465       8,117  
BAE SYSTEMS 2001 Asset Trust, Series 2001, Class B, 7.156% 20114,6
     9,636       10,058  
BAE SYSTEMS 2001 Asset Trust, Series 2001, Class G, MBIA insured, 6.664% 20134,6
     1,470       1,530  
BAE Systems Holdings Inc. 4.95% 20144
     4,500       4,724  
Burlington Northern Santa Fe Corp. 7.00% 2014
     13,480       15,651  
Delta Air Lines, Inc., Series 2002-1, Class G-2, MBIA insured, 6.417% 20146
     13,860       13,167  
Continental Airlines, Inc., Series 2006-1, Class G, FGIC insured, 0.698% 20153,6
     10,000       7,939  
Continental Airlines, Inc., Series 1997-1, Class A, 7.461% 20166
     3,704       3,453  
Continental Airlines, Inc., Series 2007-1, Class B, 6.903% 20226
     1,910       1,700  
Raytheon Co. 5.375% 2013
     5,000       5,518  
Raytheon Co. 4.40% 2020
     5,915       6,044  
Honeywell International Inc. 3.875% 2014
     10,100       10,721  
Northrop Grumman Corp. 3.70% 2014
     9,500       9,810  
John Deere Capital Corp., Series D, 4.50% 2013
     4,000       4,284  
John Deere Capital Corp., Series D, 4.90% 2013
     5,000       5,460  
Norfolk Southern Corp. 5.75% 2016
     7,190       7,910  
Lockheed Martin Corp. 4.121% 2013
     5,000       5,324  
Caterpillar Financial Services Corp., Series F, 4.85% 2012
     1,000       1,090  
Caterpillar Financial Services Corp., Series F, 4.25% 2013
     4,000       4,226  
General Electric Co. 5.00% 2013
     2,000       2,144  
General Electric Capital Corp., Series A, 5.625% 2017
     3,000       3,134  
Koninklijke Philips Electronics NV 4.625% 2013
     4,300       4,560  
Volvo Treasury AB 5.95% 20154
     4,300       4,503  
Atlas Copco AB 5.60% 20174
     4,000       4,200  
CSX Corp. 5.75% 2013
     1,635       1,787  
CSX Corp. 6.15% 2037
     720       756  
              183,558  
                 
                 
Utilities — 2.03%
                
Niagara Mohawk Power 3.553% 20144
     11,170       11,455  
National Grid PLC 6.30% 2016
     10,990       12,166  
Pacific Gas and Electric Co. 6.25% 2013
     12,250       13,896  
PG&E Corp. 5.75% 2014
     5,000       5,515  
Scottish Power PLC 4.91% 2010
     4,000       4,048  
Iberdrola Finance Ireland 3.80% 20144
     10,000       10,245  
Scottish Power PLC 5.375% 2015
     4,000       4,342  
Progress Energy, Inc. 6.05% 2014
     16,500       18,311  
National Rural Utilities Cooperative Finance Corp. 5.50% 2013
     12,000       13,233  
National Rural Utilities Cooperative Finance Corp. 3.875% 2015
     500       519  
National Rural Utilities Cooperative Finance Corp. 5.45% 2018
     2,500       2,697  
Electricité de France SA 5.50% 20144
     10,000       11,141  
Enel Finance International 3.875% 20144
     9,550       9,836  
PSEG Power LLC, Series B, 5.125% 2012
     8,343       9,111  
Ohio Power Co., Series J, 5.30% 2010
     8,000       8,312  
E.ON International Finance BV 5.80% 20184
     5,000       5,515  
Veolia Environnement 5.25% 2013
     4,350       4,696  
Consumers Energy Co., First Mortgage Bonds, 5.15% 2017
     500       531  
Consumers Energy Co., First Mortgage Bonds, 6.125% 2019
     3,100       3,485  
MidAmerican Energy Holdings Co. 5.75% 2018
     3,600       3,916  
Sierra Pacific Power Co., General and Refunding Mortgage Notes, Series Q, 5.45% 2013
     2,850       3,066  
Public Service Co. of Colorado 5.80% 2018
     2,250       2,530  
Duke Energy Corp., First and Refunding Mortgage Bonds, 4.50% 2010
     2,250       2,280  
CenterPoint Energy Houston Electric, LLC, General Mortgage Bonds, Series U, 7.00% 2014
     1,500       1,739  
              162,585  
                 
                 
Telecommunication services — 1.99%
                
Verizon Communications Inc. 3.75% 2011
     17,500       18,135  
Verizon Communications Inc. 5.25% 2013
     7,200       7,872  
Verizon Communications Inc. 7.375% 2013
     5,000       5,829  
Verizon Communications Inc. 5.55% 2014
     11,170       12,321  
Verizon Communications Inc. 8.75% 2018
     5,000       6,357  
SBC Communications Inc. 6.25% 2011
     34,250       36,449  
AT&T Inc. 4.95% 2013
     8,250       8,929  
France Télécom 7.75% 20113
     12,500       13,498  
France Télécom 4.375% 2014
     6,995       7,451  
Telecom Italia Capital SA 4.95% 2014
     4,225       4,465  
Telecom Italia Capital SA 6.175% 2014
     9,000       9,943  
Deutsche Telekom International Finance BV 8.50% 20103
     5,000       5,197  
Deutsche Telekom International Finance BV 4.875% 2014
     5,000       5,348  
Vodafone Group PLC 7.75% 2010
     9,525       9,661  
Singapore Telecommunications Ltd. 6.375% 20114
     7,000       7,647  
              159,102  
                 
                 
Health care — 1.94%
                
Roche Holdings Inc. 5.00% 20144
     29,500       32,475  
Roche Holdings Inc. 6.00% 20194
     5,000       5,667  
GlaxoSmithKline Capital Inc. 4.85% 2013
     12,500       13,657  
GlaxoSmithKline Capital Inc. 5.65% 2018
     10,000       11,162  
Pfizer Inc. 5.35% 2015
     10,000       11,202  
Pfizer Inc. 6.20% 2019
     5,000       5,772  
Merck & Co., Inc. 1.875% 2011
     7,555       7,673  
Schering-Plough Corp. 6.00% 2017
     7,945       9,040  
Novartis Capital Corp. 4.125% 2014
     7,500       8,046  
Novartis Securities Investment Ltd. 5.125% 2019
     5,000       5,418  
Eli Lilly and Co. 3.55% 2012
     12,750       13,426  
WellPoint, Inc. 6.00% 2014
     4,400       4,811  
WellPoint, Inc. 5.25% 2016
     3,000       3,130  
AstraZeneca PLC 5.40% 2012
     7,000       7,776  
UnitedHealth Group 6.00% 2017
     4,750       5,059  
Express Scripts Inc. 5.25% 2012
     3,160       3,391  
Express Scripts Inc. 6.25% 2014
     1,010       1,122  
Abbott Laboratories 5.875% 2016
     3,225       3,678  
Hospira, Inc. 5.55% 2012
     2,500       2,700  
              155,205  
                 
                 
Consumer staples — 1.91%
                
Anheuser-Busch InBev NV 7.20% 20144
     10,000       11,495  
Anheuser-Busch InBev NV 4.125% 20154
     7,500       7,733  
Diageo Capital PLC 7.375% 2014
     926       1,090  
Diageo Capital PLC 5.75% 2017
     14,695       16,258  
Altria Group, Inc. 8.50% 2013
     4,000       4,692  
Altria Group, Inc. 7.75% 2014
     7,500       8,638  
Kroger Co. 7.50% 2014
     6,030       7,031  
Kroger Co. 3.90% 2015
     5,250       5,434  
Costco Wholesale Corp. 5.30% 2012
     10,700       11,697  
Walgreen Co. 4.875% 2013
     10,500       11,470  
Wal-Mart Stores, Inc. 4.75% 2010
     7,500       7,735  
Wal-Mart Stores, Inc. 4.25% 2013
     2,000       2,163  
Wal-Mart Stores, Inc. 5.375% 2017
     260       288  
Wal-Mart Stores, Inc. 5.80% 2018
     740       844  
Coca-Cola Co. 3.625% 2014
     10,000       10,523  
CVS Caremark Corp. 6.036% 20286
     2,554       2,600  
CVS Caremark Corp. 6.943% 20306
     5,882       6,237  
Unilever Capital Corp. 3.65% 2014
     7,500       7,893  
Procter & Gamble Co. 3.50% 2015
     7,500       7,872  
British American Tobacco International Finance PLC 9.50% 20184
     5,910       7,742  
Tesco PLC 5.50% 20174
     6,840       7,457  
Kimberly-Clark Corp. 7.50% 2018
     4,500       5,696  
              152,588  
                 
                 
Energy — 1.91%
                
Shell International Finance 1.30% 2011
     7,500       7,575  
Shell International Finance B.V. 4.00% 2014
     25,000       26,644  
BP Capital Markets PLC 3.125% 2012
     18,500       19,281  
BP Capital Markets PLC 3.625% 20144
     5,000       5,243  
BP Capital Markets PLC 3.875% 2015
     5,000       5,275  
Chevron Corp. 3.95% 2014
     18,000       19,207  
Rockies Express Pipeline LLC 6.25% 20134
     11,300       12,395  
Kinder Morgan Energy Partners LP 5.00% 2013
     5,000       5,321  
Kinder Morgan Energy Partners LP 5.125% 2014
     5,000       5,335  
TransCanada PipeLines Ltd. 6.50% 2018
     5,000       5,777  
TransCanada PipeLines Ltd. 6.35% 20673
     3,550       3,327  
StatoilHydro ASA 2.90% 2014
     3,110       3,181  
StatoilHydro ASA 3.875% 2014
     4,750       5,057  
ConocoPhillips 5.75% 2019
     7,250       8,033  
Husky Energy Inc. 5.90% 2014
     6,000       6,601  
Enbridge Energy Partners, LP, Series B, 6.50% 2018
     4,600       5,158  
Sunoco, Inc. 5.75% 2017
     3,000       3,111  
Enbridge Inc. 5.60% 2017
     2,500       2,706  
Qatar Petroleum 5.579% 20114,6
     1,667       1,726  
Petroleum Export Ltd., Class A-1, MBIA insured, 4.623% 20104,6
     1,417       1,399  
              152,352  
                 
                 
Consumer discretionary — 1.07%
                
Time Warner Cable Inc. 6.20% 2013
     12,000       13,323  
Time Warner Cable Inc. 7.50% 2014
     5,430       6,309  
Time Warner Cable Inc. 8.25% 2014
     1,000       1,185  
News America Inc. 6.90% 2019
     10,250       11,769  
Comcast Corp. 5.30% 2014
     2,000       2,158  
Comcast Corp. 5.85% 2015
     3,000       3,319  
Comcast Corp. 6.30% 2017
     2,750       3,044  
Walt Disney Co. 4.70% 2012
     5,000       5,463  
McDonald's Corp., Series I, 4.30% 2013
     5,000       5,393  
Lowe's Companies, Inc. 8.25% 2010
     5,000       5,195  
Nordstrom, Inc. 6.75% 2014
     4,180       4,725  
Thomson Reuters Corp. 5.95% 2013
     4,130       4,644  
Home Depot, Inc. 0.42% 20093
     1,500       1,500  
Home Depot, Inc. 5.20% 2011
     3,000       3,130  
Target Corp. 6.00% 2018
     4,055       4,620  
Kohl's Corp. 7.375% 2011
     4,175       4,590  
DaimlerChrysler North America Holding Corp., Series E, 5.75% 2011
     3,050       3,233  
DaimlerChrysler North America Holding Corp. 5.875% 2011
     950       997  
Staples, Inc. 9.75% 2014
     1,000       1,210  
              85,807  
                 
                 
Information technology — 0.45%
                
Cisco Systems, Inc. 5.25% 2011
     5,750       6,072  
Cisco Systems, Inc. 2.90% 2014
     5,500       5,585  
National Semiconductor Corp. 6.15% 2012
     6,500       6,726  
National Semiconductor Corp. 6.60% 2017
     4,020       4,103  
Oracle Corp. 4.95% 2013
     7,500       8,213  
International Business Machines Corp. 0.861% 20113
     5,000       5,051  
              35,750  
                 
                 
Materials — 0.10%
                
BHP Billiton Finance (USA) Ltd. 5.50% 2014
     5,865       6,534  
Holcim Ltd. 6.00% 20194
     1,455       1,548  
              8,082  
                 
                 
Total corporate bonds & notes
             1,634,771  
                 
                 
                 
MORTGAGE-BACKED OBLIGATIONS — 17.74%
                
Federal agency mortgage-backed obligations6 — 13.13%
                
Fannie Mae 7.00% 2010
     —       —  
Fannie Mae 9.50% 2010
     —       —  
Fannie Mae 7.00% 2011
     47       49  
Fannie Mae 7.00% 2011
     34       35  
Fannie Mae 7.00% 2011
     6       6  
Fannie Mae 7.00% 2012
     66       69  
Fannie Mae 7.00% 2015
     772       833  
Fannie Mae 7.00% 2015
     190       205  
Fannie Mae 7.00% 2015
     34       37  
Fannie Mae 7.00% 2015
     20       21  
Fannie Mae 7.50% 2015
     351       380  
Fannie Mae 7.50% 2015
     350       379  
Fannie Mae 7.50% 2015
     132       143  
Fannie Mae 7.50% 2015
     117       127  
Fannie Mae 7.50% 2015
     40       43  
Fannie Mae 7.50% 2015
     38       41  
Fannie Mae 7.50% 2015
     38       41  
Fannie Mae 13.50% 2015
     83       93  
Fannie Mae 7.00% 2016
     583       632  
Fannie Mae 7.00% 2016
     269       291  
Fannie Mae 7.00% 2016
     128       139  
Fannie Mae 7.50% 2016
     96       104  
Fannie Mae 7.00% 2017
     587       640  
Fannie Mae 7.00% 2017
     470       513  
Fannie Mae 7.00% 2017
     220       238  
Fannie Mae 11.50% 2019
     265       294  
Fannie Mae 5.50% 2021
     885       950  
Fannie Mae 10.00% 2021
     116       137  
Fannie Mae 5.50% 2022
     6,283       6,738  
Fannie Mae 5.00% 2023
     7,935       8,442  
Fannie Mae 5.00% 2023
     6,591       7,012  
Fannie Mae 5.00% 2023
     5,634       5,994  
Fannie Mae 5.00% 2023
     5,280       5,618  
Fannie Mae 5.00% 2023
     4,826       5,134  
Fannie Mae 5.50% 2023
     3,285       3,523  
Fannie Mae 4.00% 2024
     38,699       39,832  
Fannie Mae 4.00% 2024
     23,788       24,474  
Fannie Mae 4.50% 2024
     41,070       43,107  
Fannie Mae 4.50% 2024
     22,000       23,091  
Fannie Mae 4.50% 2024
     21,990       23,081  
Fannie Mae 4.50% 2024
     21,000       22,041  
Fannie Mae 4.50% 2024
     19,397       20,359  
Fannie Mae 4.50% 2024
     19,343       20,303  
Fannie Mae 4.50% 2024
     16,467       17,283  
Fannie Mae 4.50% 2024
     10,844       11,382  
Fannie Mae 4.50% 2024
     10,379       10,894  
Fannie Mae 4.50% 2024
     6,709       7,041  
Fannie Mae 4.50% 2024
     4,367       4,583  
Fannie Mae 4.50% 2024
     2,701       2,835  
Fannie Mae 4.50% 2024
     2,600       2,728  
Fannie Mae 4.50% 2024
     2,575       2,703  
Fannie Mae 4.50% 2024
     2,313       2,427  
Fannie Mae 4.50% 2024
     2,304       2,419  
Fannie Mae 4.50% 2024
     1,250       1,313  
Fannie Mae 6.00% 2024
     2,799       3,021  
Fannie Mae 6.00% 2026
     1,938       2,092  
Fannie Mae 8.50% 2026
     22       26  
Fannie Mae 9.124% 20263
     588       651  
Fannie Mae 8.50% 2027
     51       59  
Fannie Mae 6.00% 2028
     5,747       6,181  
Fannie Mae 6.00% 2028
     2,789       3,000  
Fannie Mae 6.00% 2028
     2,127       2,296  
Fannie Mae 6.50% 2034
     6,032       6,564  
Fannie Mae 6.50% 2035
     4,710       5,136  
Fannie Mae 6.00% 2036
     1,803       1,941  
Fannie Mae 5.259% 20373
     2,294       2,430  
Fannie Mae 5.613% 20373
     5,429       5,761  
Fannie Mae 6.00% 2037
     14,484       15,720  
Fannie Mae 6.50% 2037
     9,903       10,677  
Fannie Mae 6.50% 2037
     9,571       10,319  
Fannie Mae 7.00% 2037
     7,642       8,408  
Fannie Mae 7.00% 2037
     4,150       4,535  
Fannie Mae 7.50% 2037
     734       804  
Fannie Mae 4.445% 20383
     5,767       6,048  
Fannie Mae 5.456% 20383
     4,185       4,438  
Fannie Mae 5.50% 2038
     21,377       22,848  
Fannie Mae 5.50% 2038
     18,694       19,912  
Fannie Mae 5.50% 2038
     2,564       2,731  
Fannie Mae 5.50% 2038
     1,987       2,117  
Fannie Mae 5.50% 2038
     610       649  
Fannie Mae 5.551% 20383
     2,401       2,548  
Fannie Mae 6.00% 2038
     23,185       24,902  
Fannie Mae 6.00% 2038
     5,912       6,350  
Fannie Mae 6.00% 2038
     4,285       4,603  
Fannie Mae 3.62% 20393
     10,050       10,382  
Fannie Mae 3.626% 20393
     4,485       4,632  
Fannie Mae 3.643% 20393
     24,544       25,365  
Fannie Mae 3.658% 20393
     4,887       5,054  
Fannie Mae 3.70% 20392,3
     3,500       3,609  
Fannie Mae 3.762% 20393
     4,881       5,062  
Fannie Mae 3.79% 20393
     8,443       8,763  
Fannie Mae 3.809% 20393
     3,000       3,113  
Fannie Mae 3.83% 20393
     3,885       4,034  
Fannie Mae 3.91% 20393
     3,887       4,041  
Fannie Mae 3.912% 20393
     1,126       1,171  
Fannie Mae 3.914% 20393
     4,928       5,076  
Fannie Mae 3.95% 20393
     10,396       10,829  
Fannie Mae 5.124% 20393
     4,126       4,378  
Fannie Mae 6.00% 2039
     21,031       22,595  
Fannie Mae 6.00% 2039
     14,920       16,034  
Fannie Mae 6.50% 2039
     3,159       3,420  
Fannie Mae 6.50% 2047
     16,624       17,913  
Fannie Mae 7.00% 2047
     912       996  
Fannie Mae 7.00% 2047
     74       81  
Fannie Mae, Series 88-16, Class B, 9.50% 2018
     14       16  
Fannie Mae, Series 90-21, Class Z, 9.00% 2020
     271       310  
Fannie Mae, Series 2001-4, Class GA, 10.047% 20253
     561       649  
Fannie Mae, Series 2001-4, Class NA, 11.824% 20253
     1,152       1,309  
Fannie Mae, Series 2002-W7, Class A-5, 7.50% 2029
     1,136       1,283  
Fannie Mae, Series 2001-20, Class D, 11.044% 20313
     96       111  
Fannie Mae, Series 2005-29, Class AK, 4.50% 2035
     5,687       5,985  
Fannie Mae, Series 2006-96, Class MO, principal only, 0% 2036
     4,808       4,362  
Fannie Mae, Series 2006-43, Class PX, 6.00% 2036
     20,151       21,784  
Fannie Mae, Series 2006-114, Class PD, 6.00% 2036
     9,176       9,970  
Fannie Mae, Series 2006-49, Class PA, 6.00% 2036
     6,369       6,965  
Fannie Mae, Series 2006-123, Class BO, principal only, 0% 2037
     11,107       9,627  
Fannie Mae, Series 2007-114, Class A7, 0.436% 20373
     12,500       11,429  
Fannie Mae, Series 2007-33, Class HE, 5.50% 2037
     8,685       9,321  
Fannie Mae, Series 2007-24, Class P, 6.00% 2037
     9,818       10,672  
Fannie Mae, Series 2001-T10, Class A-1, 7.00% 2041
     275       306  
Fannie Mae, Series 2001-50, Class BA, 7.00% 2041
     252       275  
Fannie Mae, Series 2002-W3, Class A-5, 7.50% 2041
     1,147       1,296  
Freddie Mac 8.00% 2012
     7       8  
Freddie Mac 6.00% 2014
     34       36  
Freddie Mac 6.00% 2014
     32       35  
Freddie Mac 7.00% 2015
     42       45  
Freddie Mac 8.50% 2018
     —       —  
Freddie Mac 10.00% 2018
     342       395  
Freddie Mac 4.50% 2023
     12,558       13,188  
Freddie Mac 5.00% 2023
     12,884       13,713  
Freddie Mac 5.00% 2023
     11,351       12,081  
Freddie Mac 5.00% 2023
     3,542       3,770  
Freddie Mac 4.50% 2024
     32,442       34,025  
Freddie Mac 5.00% 2024
     2,803       2,984  
Freddie Mac 6.00% 2026
     730       789  
Freddie Mac 6.00% 2026
     324       350  
Freddie Mac 6.50% 2027
     4,622       5,007  
Freddie Mac 6.00% 2032
     1,795       1,931  
Freddie Mac 5.00% 2035
     20,671       21,726  
Freddie Mac 5.714% 20373
     6,129       6,524  
Freddie Mac 5.881% 20373
     3,928       4,176  
Freddie Mac 6.00% 2037
     3,141       3,383  
Freddie Mac 6.00% 2037
     3,107       3,374  
Freddie Mac 6.00% 2037
     1,255       1,363  
Freddie Mac 6.242% 20373
     3,965       4,220  
Freddie Mac 6.50% 2037
     13,380       14,499  
Freddie Mac 5.00% 2038
     5       5  
Freddie Mac 5.034% 20383
     8,106       8,566  
Freddie Mac 5.174% 20383
     1,543       1,632  
Freddie Mac 5.50% 2038
     7,069       7,536  
Freddie Mac 5.524% 20383
     4,144       4,390  
Freddie Mac 5.55% 20383
     15,743       16,626  
Freddie Mac 6.50% 2038
     13,818       14,952  
Freddie Mac 6.50% 2038
     7,850       8,492  
Freddie Mac 6.50% 2038
     5,079       5,495  
Freddie Mac 3.604% 20393
     6,500       6,656  
Freddie Mac 3.959% 20393
     3,213       3,341  
Freddie Mac, Series 2356, Class GD, 6.00% 2016
     9,262       9,934  
Freddie Mac, Series 1567, Class A, 0.65% 20233
     66       64  
Freddie Mac, Series 2626, Class NG, 3.50% 2023
     1,183       1,211  
Freddie Mac, Series T-041, Class 3-A, 7.50% 2032
     500       563  
Freddie Mac, Series 3061, Class PN, 5.50% 2035
     12,714       13,777  
Freddie Mac, Series 3171, Class MO, principal only, 0% 2036
     9,427       7,844  
Freddie Mac, Series 3213, Class OG, principal only, 0% 2036
     4,631       3,875  
Freddie Mac, Series 3156, Class NG, 6.00% 2036
     6,428       7,044  
Freddie Mac, Series 3292, Class BO, principal only, 0% 2037
     2,234       1,863  
Freddie Mac, Series 3271, Class OA, 6.00% 2037
     7,594       8,319  
              1,049,589  
                 
                 
Commercial mortgage-backed securities6 — 3.58%
                
Fannie Mae, Series 2000-T5, Class B, 7.30% 2010
     14,000       14,374  
Fannie Mae, Series 2003-T1, Class B, 4.491% 2012
     17,615       18,584  
Fannie Mae, Series 2002-T11, Class B, 5.341% 2012
     4,025       4,344  
CS First Boston Mortgage Securities Corp., Series 2001-CK1, Class A-3, 6.38% 2035
     5,817       5,964  
CS First Boston Mortgage Securities Corp., Series 2003-CK2, Class A-4, 4.801% 2036
     1,000       1,014  
CS First Boston Mortgage Securities Corp., Series 2004-C2, Class E, 5.736% 20363
     2,000       1,262  
CS First Boston Mortgage Securities Corp., Series 2003-C5, Class G, 5.745% 20363,4
     1,600       1,023  
CS First Boston Mortgage Securities Corp., Series 2001-CK6, Class A-3, 6.387% 2036
     8,006       8,392  
CS First Boston Mortgage Securities Corp., Series 2003-C3, Class G, 4.617% 20384
     2,000       1,216  
CS First Boston Mortgage Securities Corp., Series 2005-C5, Class A-2, 5.10% 20383
     3,000       3,009  
CS First Boston Mortgage Securities Corp., Series 2005-C6, Class A-3, 5.23% 20403
     13,500       13,540  
CS First Boston Mortgage Securities Corp., Series 1999-C1, Class D, 8.214% 20413
     1,500       1,500  
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2002-C2, Class A-1, 4.326% 2034
     6,095       6,166  
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2004-CIBC10, Class A-4, 4.529% 2037
     8,500       8,611  
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-CIBC12, Class A-M, 4.948% 20373
     1,783       1,534  
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-CIBC12, Class A-3B, 5.492% 20373
     5,000       5,100  
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2003-ML1, Class A-1, 3.972% 2039
     4,079       4,161  
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2004-C3, Class A-3, 4.545% 2042
     5,000       5,022  
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP3, Class A-4B, 4.996% 20423
     1,000       914  
GMAC Commercial Mortgage Securities, Inc., Series 2001-C1, Class A-2, 6.465% 2034
     17,304       17,859  
American Tower Trust I, Series 2007-1A, Class A-FX, 5.42% 20374
     6,250       6,299  
American Tower Trust I, Series 2007-1A, Class B, 5.537% 20374
     1,000       998  
American Tower Trust I, Series 2007-1A, Class C, 5.615% 20374
     1,000       988  
American Tower Trust I, Series 2007-1A, Class D, 5.957% 20374
     7,500       7,331  
Crown Castle Towers LLC, Series 2005-1, Class A-FX, 4.643% 20354
     6,000       5,953  
Crown Castle Towers LLC, Series 2005-1, Class C, 5.074% 20354
     8,180       8,116  
SBA CMBS Trust, Series 2006-1A, Class A, 5.314% 20364
     8,750       8,754  
SBA CMBS Trust, Series 2006-1A, Class B, 5.451% 20364
     3,000       3,001  
SBA CMBS Trust, Series 2006-1A, Class C, 5.559% 20364
     2,000       1,993  
GE Capital Commercial Mortgage Corp., Series 2000-1, Class A-2, 6.496% 2033
     9,174       9,499  
GE Capital Commercial Mortgage Corp., Series 2002-3, Class A-1, 4.229% 2037
     3,191       3,229  
Salomon Brothers Commercial Mortgage Trust, Series 2000-C3, Class B, 6.758% 2033
     2,000       1,970  
Salomon Brothers Commercial Mortgage Trust, Series 2001-C1, Class A-3, 6.428% 2035
     9,840       10,184  
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A-4-1, 5.243% 20373
     12,000       11,866  
Four Times Square Trust, Series 2000-4TS, Class C, 7.86% 20154
     10,000       10,259  
GS Mortgage Securities Corp. II, Series 2001-ROCK, Class A-2, 6.624% 20184
     5,000       5,333  
GS Mortgage Securities Corp. II, Series 2001-ROCK, Class C, 6.878% 20184
     3,800       4,072  
Hilton Hotel Pool Trust, Series 2000-HLTA, Class A-1, 7.055% 20154
     1,252       1,294  
Hilton Hotel Pool Trust, Series 2000-HLTA, Class C, 7.458% 20154
     7,500       7,909  
GE Commercial Mortgage Corp., Series 2003-C2, Class A-2, 4.17% 2037
     800       806  
GE Commercial Mortgage Corp., Series 2004-C3, Class B, 5.35% 20393
     2,000       1,017  
GE Commercial Mortgage Corp., Series 2004-C2, Class B, 4.983% 2040
     2,100       1,089  
GE Commercial Mortgage Corp., Series 2005-C4, Class A-3A, 5.513% 20453
     2,000       2,054  
GE Commercial Mortgage Corp., Series 2005-C1, Class A-2, 4.353% 2048
     3,190       3,194  
Wachovia Bank Commercial Mortgage Trust, Series 2005-C16, Class A-PB, 4.692% 2041
     770       793  
Wachovia Bank Commercial Mortgage Trust, Series 2005-C22, Class A-2, 5.242% 2044
     6,000       6,026  
Bear Stearns Commercial Mortgage Securities Inc., Series 1999-C1, Class X, interest only, 0.886% 20313,4
     18,892       477  
Bear Stearns Commercial Mortgage Securities Inc., Series 2002-PBW1, Class A-1, 3.97% 2035
     743       754  
Bear Stearns Commercial Mortgage Securities Inc., Series 2001-TOP2, Class A-1, 6.08% 2035
     37       37  
Bear Stearns Commercial Mortgage Securities Inc., Series 2005-PWR9, Class A-AB, 4.804% 2042
     4,610       4,735  
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP7, Class A-M, 6.065% 20453
     6,500       5,243  
Banc of America Commercial Mortgage Inc., Series 2001-1, Class A-2, 6.503% 2036
     3,948       4,079  
Merrill Lynch Mortgage Trust, Series 2005-MKB2, Class A-2, 4.806% 2042
     3,835       3,842  
Morgan Stanley Dean Witter Capital I Trust, Series 2001-PGMA, Class A-2, 0.789% 20163,4
     1,000       996  
Morgan Stanley Dean Witter Capital I Trust, Series 2003-TOP9, Class A-1, 3.98% 2036
     2,092       2,107  
Morgan Stanley Capital I Trust, Series 2005-HQ7, Class A-2, 5.378% 20423
     2,000       2,074  
Morgan Stanley Capital I Trust, Series 2006-IQ11, Class A-M, 5.945% 20423
     1,000       817  
Bear Stearns Commercial Mortgage Securities Trust, Series 2006-PWR13, Class A-1, 5.294% 2041
     2,656       2,707  
ML-CFC Commercial Mortgage Trust, Series 2006-4, Class A-3, 5.172% (undated)3
     3,000       2,542  
Government Lease Trust, Series 1999-GSA1, Class A-4, MBIA insured, 6.48% 20114
     2,438       2,514  
Structured Products Asset Return Certificates Trust, Series 2001-CF1, Class A, 6.36% 20332
     2,413       2,427  
LB-UBS Commercial Mortgage Trust, Series 2001-C7, Class A-3, 5.642% 2025
     762       783  
LB-UBS Commercial Mortgage Trust, Series 2000-C3, Class A-2, 7.95% 2025
     605       606  
LB-UBS Commercial Mortgage Trust, Series 2002-C1, Class A-3, 6.226% 2026
     107       107  
Chase Commercial Mortgage Securities Corp., Series 2000-1, Class A-2, 7.757% 2032
     1,090       1,098  
First Union National Bank Commercial Mortgage Trust, Series 2002-C1, Class A-1, 5.585% 2034
     372       372  
              285,933  
                 
                 
Collateralized mortgage-backed obligations (privately originated)6 — 0.53%
                
Bear Stearns ARM Trust, Series 2005-10, Class A-3, 4.506% 20353
     6,500       4,869  
Bear Stearns ARM Trust, Series 2005-1, Class II-A-2, 4.815% 20353
     5,172       4,146  
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-4, Class 5-A-1, 5.858% 20363
     3,151       2,317  
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-6, Class 3-A-1, 5.804% 20373
     8,623       5,078  
Thornburg Mortgage Securities Trust, Series 2006-5, Class A-1, 0.356% 20463
     7,604       6,959  
Structured Asset Securities Corp., Series 1998-RF2, Class A, 8.255% 20273,4
     1,465       1,344  
Structured Asset Securities Corp., Series 1998-RF1, Class A, 8.549% 20273,4
     1,600       1,450  
Structured Asset Securities Corp., Series 1999-RF1, Class A, 7.671% 20283,4
     2,173       2,112  
GSR Mortgage Loan Trust, Series 2005-AR1, Class 2-A-1, 3.845% 20353
     4,006       3,307  
MASTR Alternative Loan Trust, Series 2005-3, Class 1-A-1, 5.50% 2035
     2,536       2,166  
MASTR Alternative Loan Trust, Series 2005-3, Class 3-A-1, 6.50% 2035
     1,490       1,090  
IndyMac INDX Mortgage Loan Trust, Series 2006-AR5, Class 2-A-1, 5.589% 20363
     3,819       2,766  
CS First Boston Mortgage Securities Corp., Series 2002-30, Class I-A-1, 7.50% 2032
     397       394  
CS First Boston Mortgage Securities Corp., Series 2002-34, Class I-A-1, 7.50% 2032
     350       301  
CS First Boston Mortgage Securities Corp., Series 2003-21, Class V-A-1, 6.50% 2033
     562       535  
CS First Boston Mortgage Securities Corp., Series 2003-29, Class V-A-1, 7.00% 2033
     1,482       1,468  
Cendant Mortgage Capital LLC, Series 2003-2P, Class A-1, 5.448% 20193,4
     1,994       1,955  
Paine Webber CMO, Series O, Class 5, 9.50% 2019
     144       158  
MASTR Adjustable Rate Mortgage Trust, Series 2006-2, Class 4-A-1, 4.99% 20363
     173       151  
              42,566  
                 
                 
Other mortgage-backed securities6 — 0.50%
                
Bank of America 5.50% 20124
     14,815       16,014  
Nationwide Building Society, Series 2007-2, 5.50% 20124
     8,190       8,935  
Northern Rock PLC 5.625% 20174
     5,735       5,597  
Banco Bilbao Vizcaya Argentaria, SA 5.75% 20174
     5,000       5,530  
HBOS Treasury Services PLC 5.00% 20114
     1,000       1,042  
HBOS Treasury Services PLC 5.25% 20174
     1,070       1,103  
DEPFA ACS Bank 4.75% 2010
     1,760       1,799  
              40,020  
                 
                 
Total mortgage-backed obligations
             1,418,108  
                 
                 
                 
FEDERAL AGENCY BONDS & NOTES — 7.66%
                
Fannie Mae 1.75% 2011
     33,800       34,355  
Fannie Mae 5.50% 2011
     5,000       5,325  
Fannie Mae 6.00% 2011
     35,000       37,792  
Fannie Mae 2.00% 2012
     20,000       20,466  
Fannie Mae 2.50% 2014
     5,250       5,352  
Fannie Mae 2.625% 2014
     9,000       9,159  
Fannie Mae 2.75% 2014
     20,000       20,630  
Fannie Mae 3.00% 2014
     8,250       8,545  
Federal Home Loan Bank 2.875% 2011
     15,000       15,475  
Federal Home Loan Bank 3.375% 2011
     5,000       5,217  
Federal Home Loan Bank 1.75% 2012
     25,000       25,361  
Federal Home Loan Bank 2.25% 2012
     8,105       8,333  
Federal Home Loan Bank 4.625% 2012
     20,000       21,886  
Federal Home Loan Bank 5.375% 2016
     5,000       5,698  
Federal Home Loan Bank 5.375% 2016
     1,420       1,610  
Freddie Mac 1.75% 2012
     25,000       25,406  
Freddie Mac 2.125% 2012
     25,000       25,597  
Freddie Mac 2.50% 2014
     11,000       11,216  
United States Government Agency-Guaranteed (FDIC insured), Citigroup Inc. 2.875% 2011
     7,250       7,538  
United States Government Agency-Guaranteed (FDIC insured), Citigroup Inc. 0.289% 20123
     2,110       2,113  
United States Government Agency-Guaranteed (FDIC insured), Citigroup Inc. 0.414% 20123
     25,000       25,001  
United States Government Agency-Guaranteed (FDIC insured), Citigroup Inc. 1.875% 2012
     10,000       10,137  
United States Government Agency-Guaranteed (FDIC insured), Citigroup Inc. 2.125% 2012
     8,000       8,181  
United States Government Agency-Guaranteed (FDIC insured), JPMorgan Chase & Co. 3.125% 2011
     7,000       7,317  
United States Government Agency-Guaranteed (FDIC insured), JPMorgan Chase & Co. 0.533% 20123
     15,000       15,129  
United States Government Agency-Guaranteed (FDIC insured), JPMorgan Chase & Co. 2.20% 2012
     22,750       23,389  
United States Government Agency-Guaranteed (FDIC insured), Morgan Stanley 3.25% 2011
     7,000       7,323  
United States Government Agency-Guaranteed (FDIC insured), Morgan Stanley 0.554% 20123
     15,000       15,104  
United States Government Agency-Guaranteed (FDIC insured), Morgan Stanley 2.25% 2012
     15,000       15,393  
United States Government Agency-Guaranteed (FDIC insured), Goldman Sachs Group, Inc. 0.499% 20123
     20,000       20,102  
United States Government Agency-Guaranteed (FDIC insured), Goldman Sachs Group, Inc. 3.25% 2012
     15,500       16,266  
United States Government Agency-Guaranteed (FDIC insured), Bank of America Corp. 2.375% 2012
     27,000       27,794  
United States Government Agency-Guaranteed (FDIC insured), Bank of America Corp., Series L, 3.125% 2012
     7,000       7,349  
United States Government Agency-Guaranteed (FDIC insured), General Electric Capital Corp., Series G, 1.625% 2011
     2,035       2,064  
United States Government Agency-Guaranteed (FDIC insured), General Electric Capital Corp., Series G, 3.00% 2011
     7,250       7,558  
United States Government Agency-Guaranteed (FDIC insured), General Electric Capital Corp., Series G, 2.125% 2012
     10,000       10,201  
United States Government Agency-Guaranteed (FDIC insured), General Electric Capital Corp., Series G, 2.25% 2012
     10,500       10,768  
Federal Agricultural Mortgage Corp. 4.875% 20114
     17,750       18,653  
Federal Agricultural Mortgage Corp. 5.125% 2011
     1,500       1,594  
Federal Agricultural Mortgage Corp. 5.50% 20114
     4,665       4,994  
Federal Agricultural Mortgage Corp. 5.125% 20174
     1,070       1,157  
United States Government Agency-Guaranteed (FDIC insured), State Street Corp. 1.85% 2011
     15,000       15,250  
United States Government Agency-Guaranteed (FDIC insured), PNC Funding Corp. 2.30% 2012
     9,700       9,950  
United States Government Agency-Guaranteed (FDIC insured), John Deere Capital Corp. 2.875% 2012
     7,500       7,814  
United States Government Agency-Guaranteed (FDIC insured), KeyBank NA 3.20% 2012
     7,250       7,607  
United States Government Agency-Guaranteed (FDIC insured), Wells Fargo & Co. 3.00% 2011
     7,250       7,547  
United States Government Agency-Guaranteed (FDIC insured), Sovereign Bancorp, Inc. 2.75% 2012
     5,000       5,184  
Federal Farm Credit Banks, Consolidated Systemwide Designated Bonds, 2.625% 2014
     5,000       5,083  
CoBank ACB 0.899% 20223,4
     1,720       1,279  
              612,262  
                 
                 
BONDS & NOTES OF GOVERNMENTS & GOVERNMENT AGENCIES OUTSIDE THE U.S. — 3.33%
                
France Government Agency-Guaranteed, Société Finance 2.25% 20124
     19,285       19,690  
France Government Agency-Guaranteed, Société Finance 2.875% 20144
     5,440       5,543  
France Government Agency-Guaranteed, Société Finance 3.375% 20144
     5,900       6,151  
Australia and New Zealand Government Agency-Guaranteed, Australia and
               
New Zealand Banking Group Ltd. 0.572% 20123,4
     20,000       20,026  
Australia and New Zealand Government Agency-Guaranteed, Australia and
               
New Zealand Banking Group Ltd. 3.25% 20124
     10,000       10,411  
Province of Ontario 1.875% 2012
     25,500       25,659  
Australia Government Agency-Guaranteed, Commonwealth Bank of Australia 2.50% 20124
     5,875       6,030  
Australia Government Agency-Guaranteed, Commonwealth Bank of Australia 2.70% 20144
     1,045       1,045  
Australia Government Agency-Guaranteed, Commonwealth Bank of Australia 3.625% 20144
     14,000       14,702  
Corporación Andina de Fomento 6.875% 2012
     20,000       21,712  
Sweden Government Agency-Guaranteed, Swedbank AB 2.80% 20124
     8,250       8,497  
Sweden Government Agency-Guaranteed, Swedbank AB 2.90% 20134
     10,000       10,202  
United Kingdom Government Agency-Guaranteed, Lloyds TSB Group PLC 2.80% 20124
     18,000       18,559  
Denmark Government Agency-Guaranteed, Danske Bank 0.612% 20123,4
     7,500       7,532  
Denmark Government Agency-Guaranteed, Danske Bank 2.50% 20124
     10,000       10,238  
New Zealand Government Agency-Guaranteed, Westpac Securities Co. 2.50% 20124
     11,250       11,481  
New Zealand Government Agency-Guaranteed, Westpac Securities Co. 3.45% 20144
     730       736  
Denmark Government Agency-Guaranteed, Danish Finance Co. 2.45% 20124
     9,680       9,897  
European Investment Bank 3.125% 2014
     9,250       9,623  
Nordic Investment Bank, Series D, 3.625% 2013
     9,000       9,555  
Netherlands Government Agency-Guaranteed, ING Bank NV 3.90% 20144
     9,000       9,470  
Austrian Government 2.00% 20124
     8,250       8,353  
Aries Vermögensverwaltungs GmbH, Series C, 9.60% 2014
     4,250       5,366  
Asian Development Bank 2.75% 2014
     5,100       5,234  
United Mexican States Government Global 5.875% 2014
     3,500       3,830  
Croatian Government 6.75% 20194
     3,500       3,782  
Polish Government 6.375% 2019
     2,825       3,156  
              266,480  
                 
                 
ASSET-BACKED OBLIGATIONS6 — 3.19%
                
Honda Auto Receivables Owner Trust, Series 2007-2, Class A-3, 5.46% 2011
     1,453       1,469  
Honda Auto Receivables Owner Trust, Series 2006-3, Class A-4, 5.11% 2012
     7,224       7,335  
Honda Auto Receivables Owner Trust, Series 2006-2, Class A-4, 5.28% 2012
     5,869       5,942  
Honda Auto Receivables Owner Trust, Series 2007-1, Class A-4, 5.09% 2013
     3,500       3,598  
Honda Auto Receivables Owner Trust, Series 2007-2, Class A-4, 5.57% 2013
     9,500       9,939  
AmeriCredit Automobile Receivables Trust, Series 2006-R-M, Class A-2, MBIA insured, 5.42% 2011
     1,488       1,508  
AmeriCredit Automobile Receivables Trust, Series 2007-C-M, Class A-3-A, MBIA insured, 5.42% 2012
     1,831       1,858  
AmeriCredit Automobile Receivables Trust, Series 2007-D-F, Class A-3-A, FSA insured, 5.49% 2012
     2,263       2,287  
AmeriCredit Automobile Receivables Trust, Series 2006-B-G, Class A-4, FGIC insured, 5.21% 2013
     11,615       11,969  
AmeriCredit Automobile Receivables Trust, Series 2006-A-F, Class A-4, FSA insured, 5.64% 2013
     5,275       5,455  
AmeriCredit Automobile Receivables Trust, Series 2007-C-M, Class A-4-B, MBIA insured, 0.322% 20143
     1,750       1,664  
Chase Issuance Trust, Series 2008-4, Class A, 4.65% 2015
     5,000       5,395  
Chase Issuance Trust, Series 2006-8, Class A, 0.299% 20163
     10,000       9,683  
Long Beach Acceptance Auto Receivables Trust, Series 2006-B, Class A-4, FSA insured, 5.18% 2013
     14,250       14,298  
Massachusetts RRB Special Purpose Trust, Series 2005-1, Class A-4, 4.40% 2015
     12,800       13,701  
PSE&G Transition Funding II LLC, Series 2005-1, Class A-2, 4.34% 2014
     11,438       11,839  
PG&E Energy Recovery Funding LLC, Series 2005-1, Class A-3, 4.14% 2012
     3,649       3,701  
PG&E Energy Recovery Funding LLC, Series 2005-2, Class A-2, 5.03% 2014
     7,572       7,945  
Discover Card Master Trust I, Series 2007-3, Class B, Subseries 1, 0.369% 20123
     10,000       9,903  
Nissan Auto Lease Trust, Series 2008-A, Class A-2a, 4.27% 2010
     3,691       3,712  
Nissan Auto Lease Trust, Series 2008-A, Class A-3a, 5.14% 2011
     6,000       6,160  
John Deere Owner Trust, Series 2008, Class A-4, 4.89% 2015
     9,250       9,401  
AEP Texas Central Transitioning Funding II LLC, Secured Transition Bonds, Series A, Class A-2, 4.98% 2015
     8,500       9,025  
First Investors Auto Owner Trust, Series 2006-A, Class A-4, MBIA insured, 5.00% 20134
     6,665       6,840  
MBNA Master Credit Card Trust II, Series 2000-H, Class A, 0.489% 20133
     6,500       6,475  
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A-3, 4.35% 2014
     7,084       6,423  
UPFC Auto Receivables Trust, Series 2007-A, Class A-3, MBIA insured, 5.53% 2013
     2,789       2,862  
UPFC Auto Receivables Trust, Series 2007-B, Class A-3, AMBAC insured, 6.15% 2014
     3,396       3,523  
BA Credit Card Trust, Series 2006-6, Class A, 0.269% 20133
     6,000       5,917  
Drive Auto Receivables Trust, Series 2006-1, Class A-4, FSA insured, 5.54% 20134
     5,717       5,831  
FPL Recovery Funding LLC, Series 2007-A, Class A-1, 5.053% 2013
     4,483       4,576  
CPS Auto Receivables Trust, Series 2004-A, Class A-2, FSA insured, 3.87% 20104
     120       121  
CPS Auto Receivables Trust, Series 2005-C, Class A-2, FSA insured, 4.79% 20124
     1,770       1,798  
CPS Auto Receivables Trust, Series 2006-B, Class A-4, MBIA insured, 5.81% 20124
     2,585       2,620  
Prestige Auto Receivables Trust, Series 2006-1A, Class A-2, FSA insured, 5.25% 20134
     4,268       4,394  
Triad Automobile Receivables Trust, Series 2006-C, Class A-3, AMBAC insured, 5.26% 2011
     433       434  
Triad Automobile Receivables Trust, Series 2006-A, Class A-4, AMBAC insured, 4.88% 2013
     3,668       3,759  
MBNA Credit Card Master Note Trust, Series 2004-1, Class B, 4.45% 2016
     4,250       4,158  
Vanderbilt Mortgage and Finance, Inc., Series 2000-C, Class A-4, 7.905% 2026
     1,409       1,439  
Vanderbilt Mortgage and Finance, Inc., Series 2000-D, Class A-4, 7.715% 2027
     2,432       2,499  
Vega ContainerVessel PLC, Series 2006-1, Class A, XLCA insured, 5.562% 20214
     4,137       3,690  
Irwin Home Equity, Series 2006-1, Class 2-A2, AMBAC insured, 5.39% 20353,4
     5,111       3,529  
Chase Auto Owner Trust, Series 2006-B, Class A-4, 5.11% 2014
     3,414       3,500  
CenterPoint Energy Transition Bond Company III, LLC, Series 2008, Class A-1, 4.192% 2020
     2,670       2,844  
Residential Asset Securities Corp. Trust, Series 2001-KS3, Class A-I-6, 5.96% 2031
     2,925       2,606  
West Penn Funding LLC, Transition Bonds, Series 2005-A, Class A-1, 4.46% 20104
     2,188       2,204  
Spirit Master Funding LLC, Net-Lease Mortgage Notes, Series 2005-1, Class A-1, AMBAC insured, 5.05% 20232,4
     3,176       2,064  
Countryplace Manufactured Housing Contract, Series 2005-1, Class A-2, AMBAC insured, 4.42% 20353,4
     1,998       1,864  
DaimlerChrysler Auto Trust, Series 2006-B, Class A-4, 5.38% 2011
     1,832       1,849  
Capital One Auto Finance Trust, Series 2007-B, Class A3A, MBIA insured, 5.03% 2012
     1,777       1,798  
Green Tree Financial Corp., Series 1997-6, Class A-6, 6.90% 2029
     503       522  
Green Tree Financial Corp., Series 1997-6, Class A-7, 7.14% 2029
     1,185       1,232  
Origen Manufactured Housing Contract Trust, Series 2004-B, Class A-3, 4.75% 2021
     1,461       1,468  
AMRESCO Residential Securities Corp. Mortgage Loan Trust, Series 1997-2, Class A-7, 7.57% 2027
     1,547       1,455  
GS Auto Loan Trust, Series 2006-1, Class A-4, 5.60% 2014
     1,064       1,075  
CWHEQ Revolving Home Equity Loan Trust, Series 2007-C, Class A, FGIC insured, 0.389% 20373
     4,482       1,050  
Saxon Asset Securities Trust, Series 2002-2, Class AF-5, 6.49% 20313
     506       375  
Home Equity Mortgage Trust, Series 2006-5, Class A-1, 5.50% 20373
     3,375       356  
              254,937  
                 
                 
MUNICIPALS — 0.13%
                
State of Maryland, Howard Hughes Medical Institute, Taxable Fixed Rate Bonds, 3.45% 2014
     10,000       10,429  
State of Louisiana, Tobacco Settlement Financing Corp., Tobacco Settlement Asset-backed Bonds,
               
Series 2001-A, Class A, 6.36% 2025
     74       64  
              10,493  
                 
                 
Total bonds & notes (cost: $7,136,984,000)
             7,378,963  
                 
                 
                 
Preferred securities — 0.28%
  
Shares
          
                 
FINANCIALS — 0.26%
                
DBS Capital Funding Corp., Series A, 7.657% noncumulative guaranteed preference shares3,4
     8,000,000       8,180  
PNC Preferred Funding Trust III 8.70%3,4
     7,700,000       7,577  
Société Générale 5.922%3,4
     5,685,000       4,388  
Barclays Bank PLC 6.86%3,4
     600,000       498  
              20,643  
                 
                 
U.S. GOVERNMENT AGENCY SECURITIES — 0.02%
                
US AgBank 6.11%3,4
     4,250,000       2,029  
                 
                 
Total preferred securities (cost: $21,087,000)
             22,672  
                 
                 
   
Principal amount
          
Short-term securities — 6.80%
     (000 )        
                 
Freddie Mac 0.13%–0.235% due 12/21/2009–5/26/2010
   $ 141,000       140,968  
General Electric Co. 0.14% due 12/1/2009
     77,530       77,530  
General Electric Capital Corp. 0.20% due 1/19/2010
     30,000       29,989  
Federal Home Loan Bank 0.09%–0.15% due 12/3–12/23/2009
     105,000       104,997  
Park Avenue Receivables Co., LLC 0.16% due 12/17/20094
     33,700       33,697  
JPMorgan Chase Funding Inc. 0.18% due 1/19/20104
     15,500       15,495  
Jupiter Securitization Co., LLC 0.15% due 12/15/20094
     6,900       6,900  
Fannie Mae 0.08%–0.09% due 12/14/2009–1/19/2010
     55,000       54,997  
U.S. Treasury Bills 0.185%–0.35% due 12/17/2009–2/25/2010
     41,000       40,997  
Coca-Cola Co. 0.24% due 1/12/20104
     15,500       15,496  
Procter & Gamble International Funding S.C.A. 0.23% due 12/16/20094
     13,400       13,399  
NetJets Inc. 0.10% due 12/7/20094
     9,100       9,100  
                 
Total short-term securities (cost: $543,523,000)
             543,565  
                 
                 
Total investment securities (cost: $7,701,594,000)
             7,945,200  
Other assets less liabilities
             49,142  
                 
Net assets
           $ 7,994,342  


 
1Index-linked bond whose principal amount moves with a government retail price index.
 
2Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $262,589,000, which represented 3.28% of the net assets of the fund.
 
3Coupon rate may change periodically.
 
4Purchased in a transaction exempt from registration under the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $938,599,000, which represented 11.74% of the net assets of the fund.
 
5Purchased in a transaction exempt from registration under the Securities Act of 1933. This security (acquired 11/6/2007 at a cost of $2,749,000) may be subject to legal or contractual restrictions on resale.
 
6Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.


Security valuation

Equity securities are valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market in which the security trades. Fixed-income securities, including short-term securities purchased with more than 60 days left to maturity, are valued at prices obtained from one or more independent pricing vendors when such prices are available. However, where the investment adviser deems it appropriate to do so, such securities will be valued in good faith at the mean quoted bid and asked prices that are reasonably and timely available (or bid prices, if asked prices are not available) or at prices for securities of comparable maturity, quality and type. Vendors base bond prices on, among other things, valuation matrices that incorporate dealer-supplied valuations, proprietary pricing models and evaluations of the yield curve as of approximately 3:00 p.m. New York time. Some securities may be valued based on their effective maturity or average life, which may be shorter than the stated maturity. Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are valued in the manner described above for either equity or fixed-income securities, depending on which method is deemed most appropriate by the investment adviser. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par when they reach 60 days or less remaining to maturity.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the investment adviser are fair valued as determined in good faith under guidelines adopted by authority of the fund's board of trustees. Various factors may be reviewed in order to make a good faith determination of a security’s fair value. These factors include, but are not limited to, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

 
Disclosure of fair value measurements

The fund classifies its assets and liabilities into three levels based on the method used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the fund’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are generally high-quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following table presents the fund’s valuation levels as of November 30, 2009 (dollars in thousands):

Investment securities
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Bonds & notes:
                        
    U.S. Treasury bonds & notes
     —     $ 3,181,912     $ —     $ 3,181,912  
    Corporate bonds & notes
     —       1,634,771       —       1,634,771  
    Mortgage-backed obligations
     —       1,415,681       2,427       1,418,108  
    Federal agency bonds & notes
     —       612,262       —       612,262  
    Bonds & notes of governments & government agencies outside the U.S.
     —       266,480       —       266,480  
    Asset-backed obligations
     —       252,873       2,064       254,937  
    Municipals
     —       10,493       —       10,493  
Preferred securities
     —       22,672       —       22,672  
Short-term securities
     —       543,565       —       543,565  
Total
     —     $ 7,940,709     $ 4,491     $ 7,945,200  

 
The following table reconciles the valuation of the fund's Level 3 investment securities and related transactions for the three months ended November 30, 2009 (dollars in thousands):
 
   
Beginning
 value
at 9/1/2009
    
Net
sales
    
Net
 realized
 gain
    
Net
 unrealized appreciation
    
Net transfers
out of
 Level 3
    
Ending
 value
 at 11/30/2009
  
Investment securities
   $ 20,464     $ (2,191 )   $ 5     $ 138     $ (13,925 )   $ 4,491  
                                                 
Net unrealized appreciation during the period on Level 3 investment securities held at November 30, 2009 (dollars in thousands):
 $ 150  

 
 
Federal income tax information
  
(dollars in thousands)
  
       
Gross unrealized appreciation on investment securities
   $ 286,449  
Gross unrealized depreciation on investment securities
     (45,101 )
Net unrealized appreciation on investment securities
     241,348  
Cost of investment securities for federal income tax purposes
     7,703,852  



Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so you may lose money.
 
Investors should carefully consider the investment objectives, risks, charges and expenses of the American Funds. This and other important information is contained in each fund’s summary prospectus and prospectus, which can be obtained from a financial professional and should be read carefully before investing.
 
 
 
 
MFGEFP-923-0110O-S21504
 
 
ITEM 2 – Controls and Procedures

The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.


ITEM 3 – Exhibits

The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.
 
 
 
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
INTERMEDIATE BOND FUND OF AMERICA
   
 
By /s/ John H. Smet
 
John H. Smet, President and
Principal Executive Officer
   
 
Date: January 28, 2010



Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By /s/ John H. Smet
John H. Smet, President and
Principal Executive Officer
 
Date: January 28, 2010



By /s/ Ari M. Vinocor
Ari M. Vinocor, Treasurer and
Principal Financial Officer
 
Date: January 28, 2010