United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-1
(Investment Company Act File Number)
Federated Global Allocation Fund
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 11/30/16
Date of Reporting Period: Six months ended 05/31/16
Item 1. Reports to Stockholders
![](https://capedge.com/proxy/N-CSRS/0001623632-16-003474/fedregcovsmall.gif)
Share Class | Ticker |
A | FSTBX |
B | FSBBX |
C | FSBCX |
R | FSBKX |
Institutional | SBFIX |
![](https://capedge.com/proxy/N-CSRS/0001623632-16-003474/donahuechrissigsmall.jpg)
Portfolio Composition | Percentage of Total Net Assets2 |
Domestic Equity Securities | 28.7% |
International Equity Securities | 24.8% |
Corporate Debt Securities | 15.8% |
Foreign Debt Securities | 10.9% |
Mortgage-Backed Securities3 | 3.6% |
U.S. Treasury and Agency Securities | 3.2% |
Trade Finance Agreements | 0.9% |
Commercial Mortgage-Backed Securities | 0.7% |
Collateralized Mortgage-Backed Obligations | 0.7% |
Asset-Backed Securities | 0.6% |
Floating Rate Loan | 0.6% |
Municipal Securities4 | 0.0% |
Other Security Type5 | 5.5% |
Derivative Contracts6 | 0.1% |
Cash Equivalents7 | 2.3% |
Other Assets and Liabilities—Net8 | 1.6% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for a description of these security types. |
2 | As of the date specified above, the Fund owned shares of one or more affiliated investment companies. For purposes of this table, the affiliated investment company (other than an affiliated money market mutual fund) is not treated as a single portfolio security, but rather the Fund is treated as owning a pro rata portion of each security and each other asset and liability owned by the affiliated investment company. Accordingly, the percentages of total net assets shown in the table will differ from those presented on the Portfolio of Investments. |
3 | For purposes of this table, Mortgage-Backed Securities include mortgage-backed securities guaranteed by Government Sponsored Entities and adjustable rate mortgage-backed securities. |
4 | Represents less than 0.1%. |
5 | Other Security Type consists of exchange-traded funds, purchased put options, purchased call options, purchased put swaptions, written put options and written call swaptions. |
6 | Based upon net unrealized appreciation (depreciation) or value of the derivative contracts as applicable. Derivative contracts may consist of futures, forwards, options and swaps. The impact of a derivative contract on the Fund's performance may be larger than its unrealized appreciation (depreciation) or value may indicate. In many cases, the notional value or amount of a derivative contract may provide a better indication of the contract's significance to the portfolio. More complete information regarding the Fund's direct investments in derivative contracts, including unrealized appreciation (depreciation), value and notional values or amounts of such contracts, can be found in the table at the end of the Portfolio of Investments included in this Report. |
7 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
8 | Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities. |
Sector Composition of Equity Holdings | Percentage of Equity Securities |
Financials | 21.3% |
Consumer Discretionary | 14.8% |
Industrials | 12.7% |
Information Technology | 12.5% |
Health Care | 11.9% |
Consumer Staples | 8.0% |
Telecommunication Services | 5.2% |
Utilities | 5.1% |
Energy | 4.6% |
Materials | 3.9% |
TOTAL | 100.0% |
9 | Sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—53.5% | |||
Consumer Discretionary—7.9% | |||
5,705 | Adidas AG | $730,446 | |
15,400 | Aisin Seiki Co. | 630,980 | |
2,208 | 1 | Amazon.com, Inc. | 1,595,920 |
4,971 | 1 | Apollo Education Group, Inc. | 45,683 |
14,396 | Aristocrat Leisure Ltd. | 133,541 | |
900 | 1 | Asbury Automotive Group, Inc. | 50,490 |
42,616 | Barratt Developments PLC | 365,452 | |
763 | 1 | Belmond Ltd. | 7,256 |
7,185 | Berkeley Group Holdings PLC | 340,876 | |
3,576 | Bloomin' Brands, Inc. | 68,123 | |
11,281 | BorgWarner, Inc. | 383,892 | |
13,500 | Bridgestone Corp. | 463,088 | |
1,398 | 1 | Burlington Stores, Inc. | 84,383 |
10,988 | Cablevision Systems Corp., Class A | 381,064 | |
6,160 | 1 | Caesars Entertainment Corp. | 45,153 |
2,239 | Caleres, Inc. | 54,766 | |
2,815 | Callaway Golf Co. | 28,319 | |
400 | Cato Corp., Class A | 15,140 | |
872 | Clubcorp Holdings, Inc. | 10,525 | |
17,643 | Comcast Corp., Class A | 1,116,802 | |
3,315 | Continental Ag | 711,155 | |
6,531 | 1 | CROCs, Inc. | 64,265 |
24,900 | Daihatsu Motor Co. Ltd. | 338,471 | |
2,507 | Daimler AG | 171,083 | |
4,600 | Dana Holding Corp. | 55,292 | |
5,949 | Darden Restaurants, Inc. | 403,521 | |
4,369 | Delphi Automotive PLC | 296,917 | |
5,457 | 1 | Denny's Corp. | 58,554 |
1,540 | 1 | Discovery Communications, Inc., Class A | 42,889 |
51,133 | Dixons Carphone PLC | 325,908 | |
8,612 | Dollarama, Inc. | 593,025 | |
1,005 | Drew Industries, Inc. | 77,747 | |
297 | 1 | Express, Inc. | 4,318 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
17,607 | Extended Stay America, Inc. | $251,076 | |
4,080 | 1 | Ferrari NV | 172,801 |
1,221 | 1 | G-III Apparel Group Ltd. | 47,765 |
10,436 | GNC Holdings, Inc. | 271,858 | |
2,996 | Gannett Co., Inc. | 46,797 | |
863 | Gildan Activewear, Inc. | 25,712 | |
4,095 | 1 | Gray Television, Inc. | 48,403 |
10,068 | Greene King PLC | 129,930 | |
5,037 | Harman International Industries, Inc. | 394,095 | |
149,753 | Harvey Norman Holdings Ltd. | 492,734 | |
10,880 | Home Depot, Inc. | 1,437,466 | |
9 | Husqvarna AB, Class B | 71 | |
41 | 1 | IRobot Corp. | 1,578 |
112,504 | ITV PLC | 350,060 | |
3,213 | International Game Technology PLC | 60,918 | |
52,100 | Isuzu Motors Ltd. | 622,139 | |
871 | Jack in the Box, Inc. | 74,209 | |
69,051 | Kingfisher PLC | 367,286 | |
4,300 | Koito Manufacturing Co. Ltd. | 201,288 | |
7,543 | L Brands, Inc. | 517,073 | |
4,329 | 1 | La Quinta Holdings, Inc. | 51,428 |
2,356 | La-Z-Boy, Inc. | 62,387 | |
7,359 | Lagardere SCA | 173,953 | |
3,241 | Lear Corp. | 384,901 | |
9,425 | Lennar Corp., Class B | 344,955 | |
38,000 | Li & Fung Ltd. | 19,333 | |
1,167 | 1 | Liberty Braves Group, Class A | 18,159 |
8,877 | 1 | Liberty Braves Group, Class C | 133,155 |
4,720 | 1 | Liberty Braves Group- Rights W/I | 10,338 |
6,169 | 1 | Liberty Broadband Corp., Class C | 356,753 |
15,148 | 1 | Liberty Interactive Corp., QVC Group | 408,693 |
12,771 | Linamar Corp. | 534,077 | |
12,206 | Lowe's Cos., Inc. | 978,067 | |
5,256 | Luxottica Group S.p.A | 284,864 | |
54,800 | MGM China Holdings Ltd. | 79,480 | |
15,904 | Magna International, Inc. | 645,814 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
993 | Marriott Vacations Worldwide Corp. | $60,176 | |
6,891 | McDonald's Corp. | 841,115 | |
22,700 | McDonald's Holdings Co. (Japan), Ltd. | 596,065 | |
1,098 | 1 | Michael Kors Holdings Ltd. | 46,907 |
13,900 | Mitsubishi Motors Corp. | 72,183 | |
3,400 | Namco Bandai Holdings, Inc. | 83,803 | |
4,694 | 1 | NetFlix, Inc. | 481,464 |
5,209 | New York Times Co., Class A | 62,977 | |
1,104 | Nexstar Broadcasting Group, Inc., Class A | 58,755 | |
880 | Nike, Inc., Class B | 48,594 | |
81,600 | Nissan Motor Co. Ltd. | 821,892 | |
2,700 | Nutri/System, Inc. | 73,278 | |
1,106 | 1 | Ollie's Bargain Outlet Holdings, Inc. | 27,727 |
700 | 1 | PNK Entertainment, Inc.- W/I | 7,882 |
89,000 | Panasonic Corp. | 818,413 | |
628 | Pandora A/S | 93,106 | |
110 | Papa Johns International, Inc. | 6,967 | |
3,175 | 1 | Party City Holdco, Inc. | 44,259 |
11,729 | Persimmon PLC | 357,129 | |
872 | Pool Corp. | 79,849 | |
11,972 | ProSiebenSat.1 Media SE | 601,529 | |
13,276 | Realestate.com.au Ltd. | 536,179 | |
24,070 | Relx PLC | 435,827 | |
756,000 | SJM Holdings Ltd. | 484,233 | |
64,800 | Sands China Ltd. | 246,758 | |
5,600 | Sankyo Co. Ltd. | 207,747 | |
620 | 1 | Select Comfort Corp. | 13,900 |
94,864 | 1 | Sirius XM Holdings, Inc. | 381,353 |
5,908 | Six Flags Entertainment Corp. | 340,832 | |
2,253 | 1 | Smith & Wesson Holding Corp. | 54,906 |
1,851 | Sonic Corp. | 55,141 | |
8,711 | Starbucks Corp. | 478,147 | |
451 | Sturm Ruger & Co., Inc. | 29,870 | |
11,900 | Suzuki Motor Corp. | 301,708 | |
5,292 | TJX Cos., Inc. | 402,827 | |
125,993 | Taylor Woodrow PLC | 374,879 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
3,627 | 1 | Tegna, Inc. | $83,276 |
87 | 1 | Tesla Motors, Inc. | 19,421 |
402 | 1 | The Priceline Group, Inc. | 508,261 |
627 | 1 | Tile Shop Hldgs., Inc. | 11,443 |
13,144 | 1 | Toll Brothers, Inc. | 383,148 |
10,200 | Toyoda Gosei Co. Ltd. | 197,965 | |
12,100 | Toyota Motor Corp. | 626,602 | |
752 | 1 | Ulta Salon Cosmetics & Fragrance, Inc. | 175,223 |
5,589 | V.F. Corp. | 348,306 | |
7,689 | Viacom, Inc., Class A | 370,610 | |
1,330 | 1 | Vista Outdoor, Inc. | 66,739 |
4,560 | 1 | Visteon Corp. | 341,909 |
33,011 | Vivendi SA | 653,856 | |
57 | Volkswagen AG | 8,799 | |
21,942 | WPP PLC | 506,011 | |
9,549 | Walt Disney Co. | 947,452 | |
1,708 | Whirlpool Corp. | 298,251 | |
6,920 | Williams-Sonoma, Inc. | 367,037 | |
3,300 | Wynn Macau Ltd. | 5,126 | |
34,700 | Yokohama Rubber Co. Ltd. | 527,725 | |
591 | Yum! Brands, Inc. | 48,515 | |
3,818 | 1,2,3 | Zalando SE | 111,833 |
TOTAL | 35,930,545 | ||
Consumer Staples—4.3% | |||
6,000 | Ajinomoto Co., Inc. | 144,195 | |
3,004 | Alimentation Couche-Tard, Inc., Class B | 132,177 | |
14,773 | Altria Group, Inc. | 940,154 | |
400 | Andersons, Inc. | 14,312 | |
2,267 | Anheuser-Busch InBev NV | 286,310 | |
11,750 | Archer-Daniels-Midland Co. | 502,547 | |
10,593 | British American Tobacco PLC | 644,138 | |
3,358 | Bunge Ltd. | 225,221 | |
9,099 | CVS Health Corp. | 877,599 | |
857 | Cal-Maine Foods, Inc. | 38,137 | |
1,019 | Calavo Growers, Inc. | 57,686 | |
725 | Casey's General Stores, Inc. | 87,152 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
748 | Church and Dwight, Inc. | $73,663 | |
4,819 | 1 | Coca-Cola European Partners PLC | 187,025 |
14,693 | 1 | Coca-Cola HBC AG | 285,883 |
15,210 | ConAgra Foods, Inc. | 695,097 | |
13,352 | Coty, Inc., Class A | 351,692 | |
3,275 | Dean Foods Co. | 59,867 | |
3,563 | Delhaize Group | 372,774 | |
10,277 | Diageo PLC | 278,445 | |
7,996 | Energizer Holdings, Inc. | 378,451 | |
750 | Estee Lauder Cos., Inc., Class A | 68,835 | |
1,100 | FamilyMart Co. Ltd. | 57,570 | |
700 | Fresh Del Monte Produce, Inc. | 36,659 | |
178 | General Mills, Inc. | 11,175 | |
5,729 | 1 | Herbalife Ltd. | 331,652 |
2,779 | 1 | Imperial Brands PLC | 151,383 |
5,000 | Japan Tobacco, Inc. | 197,674 | |
5,000 | Kellogg Co. | 371,850 | |
30,377 | Koninklijke Ahold NV | 672,637 | |
10,731 | Metro, Inc. | 363,578 | |
5,000 | Molson Coors Brewing Co., Class B | 495,900 | |
570 | Mondelez International, Inc. | 25,359 | |
18,546 | Nestle SA | 1,368,110 | |
15,257 | ORKLA ASA | 137,850 | |
4,598 | PepsiCo, Inc. | 465,180 | |
9,959 | Philip Morris International, Inc. | 982,754 | |
12,818 | Pilgrims Pride Corp. | 318,784 | |
8,510 | Pinnacle Foods, Inc. | 358,526 | |
9,287 | Procter & Gamble Co. | 752,618 | |
2,367 | Reckitt Benckiser Group PLC | 235,318 | |
3,431 | SABMiller PLC | 213,326 | |
74,635 | Sainsbury (J) PLC | 290,287 | |
670 | Sanderson Farms, Inc. | 60,106 | |
18,384 | Saputo, Inc. | 560,065 | |
155 | Snyders-Lance, Inc. | 4,791 | |
14,037 | 1 | Sprouts Farmers Market, Inc. | 347,556 |
9,503 | Sysco Corp. | 457,189 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
26,525 | The Coca-Cola Co. | $1,183,015 | |
36,895 | Treasury Wine Estates Ltd. | 275,241 | |
6,285 | Tyson Foods, Inc., Class A | 400,857 | |
300 | 1 | USANA, Inc. | 36,195 |
1,461 | Unilever N.V. - CVA | 65,573 | |
4,295 | Unilever PLC | 195,721 | |
100 | WD 40 Co. | 11,137 | |
12,773 | Wal-Mart Stores, Inc. | 904,073 | |
6,235 | Whole Foods Market, Inc. | 201,702 | |
113,877 | William Morrison Supermarkets PLC | 326,937 | |
TOTAL | 19,569,708 | ||
Energy—2.5% | |||
5,512 | Alon USA Energy, Inc. | 41,616 | |
129,385 | BP PLC | 668,250 | |
16,443 | CVR Energy, Inc. | 322,941 | |
5,958 | Cabot Oil & Gas Corp., Class A | 142,813 | |
61,539 | California Resources Corp. | 93,539 | |
6,012 | Chevron Corp. | 607,212 | |
680 | Delek Group Ltd. | 127,090 | |
2,500 | Delek US Holdings, Inc. | 34,450 | |
14,111 | Diamond Offshore Drilling, Inc. | 364,346 | |
25,280 | 1 | EP Energy Corp. | 142,832 |
26,576 | Exxon Mobil Corp. | 2,365,795 | |
2,786 | Green Plains, Inc. | 51,708 | |
5,633 | Halliburton Co. | 237,600 | |
80,600 | Inpex Corp. | 655,122 | |
8,689 | Kinder Morgan, Inc. | 157,097 | |
9,407 | 1 | Newfield Exploration Co. | 383,523 |
4,181 | Nordic American Tanker Shipping Ltd. | 64,262 | |
522 | OMV AG | 14,536 | |
12,316 | PBF Energy, Inc. | 324,773 | |
115 | 1 | PDC Energy, Inc. | 6,676 |
1,079 | 1 | Parsley Energy, Inc. | 28,130 |
23,763 | Petrofac Ltd. | 267,853 | |
19,639 | QEP Resources, Inc. | 365,875 | |
16,885 | RPC, Inc. | 249,054 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Energy—continued | |||
11 | Repsol YPF SA | $141 | |
27,878 | Royal Dutch Shell PLC, Class B | 670,648 | |
5,946 | Schlumberger Ltd. | 453,680 | |
71,822 | 1 | Seadrill Ltd. | 221,930 |
13,818 | Spectra Energy Corp. | 440,241 | |
7,578 | Suncor Energy, Inc. | 209,307 | |
10,019 | Technip SA | 548,851 | |
900 | Teekay Tankers Ltd., Class A | 3,186 | |
6,913 | Total SA | 335,093 | |
8,357 | Valero Energy Corp. | 457,128 | |
2,585 | Western Refining, Inc. | 54,905 | |
2,125 | World Fuel Services Corp. | 97,686 | |
TOTAL | 11,209,889 | ||
Financials—11.4% | |||
13,578 | AGEAS | 548,727 | |
7,600 | AIA Group Ltd. | 44,226 | |
2,728 | ARMOUR Residential REIT, Inc. | 52,923 | |
35,628 | AXA SA | 893,002 | |
11,581 | Admiral Group PLC | 329,716 | |
6,923 | Aflac, Inc. | 480,872 | |
1,728 | Alexander and Baldwin, Inc. | 65,076 | |
6,610 | Allianz SE | 1,077,957 | |
8,100 | Allstate Corp. | 546,831 | |
22,457 | 1 | Ally Financial, Inc. | 402,879 |
460 | Altisource Residential Corp. | 4,609 | |
542 | 1 | Ambac Financial Group, Inc. | 8,938 |
4,010 | American Capital Mortgage Investment Corp. | 63,478 | |
1,183 | American International Group, Inc. | 68,472 | |
100,000 | Aozora Bank Ltd. | 338,428 | |
3,855 | Apollo Commercial Real Estate Finance, Inc. | 62,490 | |
86 | Argo Group International Holdings Ltd. | 4,517 | |
2,797 | Axis Capital Holdings Ltd. | 154,255 | |
1,084 | BB&T Corp. | 39,425 | |
3,799 | BBCN Bancorp, Inc. | 61,772 | |
207,000 | BOC Hong Kong (Holdings) Ltd. | 635,189 | |
2,997 | Banc of California, Inc. | 60,120 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
226 | Banco Bilbao Vizcaya Argentaria SA | $1,491 | |
10,469 | Banco Santander SA | 49,867 | |
2,650 | Bancorpsouth, Inc. | 63,309 | |
12,313 | Bank Hapoalim Ltd. | 63,499 | |
80,393 | 1 | Bank Leumi Le-Israel | 294,393 |
75,711 | Bank of America Corp. | 1,119,766 | |
1,551 | Bank of Montreal | 97,340 | |
5,732 | Bank of Nova Scotia | 280,360 | |
28,113 | Barclays PLC | 74,297 | |
6,812 | 1 | Berkshire Hathaway Inc., Class B | 957,358 |
900 | Blackrock, Inc. | 327,465 | |
1,400 | 1 | BofI Holding, Inc. | 26,278 |
2,300 | Boston Private Financial Holdings | 28,957 | |
13,626 | Brixmor Property Group, Inc. | 344,057 | |
6,268 | Brookfield Asset Management, Inc., Class A | 219,967 | |
5,607 | CBOE Holdings, Inc. | 356,886 | |
5,054 | CME Group, Inc. | 494,736 | |
3,993 | CNO Financial Group, Inc. | 81,018 | |
30,213 | CNP Assurances | 512,024 | |
3,779 | CVB Financial Corp. | 66,321 | |
7,965 | CYS Investments, Inc. | 65,074 | |
9,955 | Canadian Imperial Bank of Commerce | 772,426 | |
4,500 | Capital One Financial Corp. | 329,580 | |
6,300 | Capstead Mortgage Corp. | 60,858 | |
200 | Cash America International, Inc. | 7,254 | |
2,174 | Cathay Bancorp, Inc. | 67,003 | |
115,000 | Chiba Bank Ltd. | 597,318 | |
18,100 | Chugoku Bank Ltd. | 203,787 | |
22,940 | Citigroup, Inc. | 1,068,316 | |
3,860 | Colony Capital, Inc., Class A | 70,715 | |
43,593 | Commerzbank AG | 373,163 | |
4,683 | Commonwealth Bank of Australia, Sydney | 261,195 | |
207,327 | Corp Mapfre Sa | 524,639 | |
57,759 | Credit Agricole SA | 578,821 | |
12,017 | Danske Bank | 345,884 | |
674 | Delta Lloyd NV | 3,389 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
9,612 | Deutsche Bank AG | $171,577 | |
2,428 | Deutsche Wohnen AG | 77,958 | |
61,891 | Direct Line Insurance Group PLC | 336,475 | |
7,693 | Discover Financial Services | 437,039 | |
8,960 | DnB ASA | 114,411 | |
14,540 | 1 | E*Trade Financial Corp. | 405,521 |
4,898 | Equity Lifestyle Properties, Inc. | 359,023 | |
5,864 | Equity Residential Properties Trust | 405,847 | |
3,695 | EverBank Financial Corp. | 56,607 | |
5,156 | FNB Corp. | 69,039 | |
5,594 | 1 | FNFV Group | 67,240 |
105 | Fairfax Financial Holdings Ltd. | 53,957 | |
1,200 | First American Financial Corp. | 45,888 | |
25,050 | First Horizon National Corp. | 364,728 | |
3,392 | First Midwest Bancorp, Inc. | 63,430 | |
169,000 | Fukuoka Financial Group, Inc. | 609,577 | |
595 | Gaming and Leisure Properties, Inc. | 19,581 | |
36,256 | General Property Trust Group | 140,792 | |
101,005 | 1 | Genworth Financial, Inc., Class A | 373,719 |
23,261 | Gjensidige Forsikring ASA | 400,466 | |
1,400 | Goldman Sachs Group, Inc. | 223,272 | |
2,020 | Great Western Bancorp, Inc. | 68,720 | |
1,551 | Great-West Lifeco, Inc. | 41,798 | |
2,126 | Groupe Bruxelles Lambert SA | 180,559 | |
1,889 | 1 | HFF, Inc. | 60,826 |
198,002 | HSBC Holdings PLC | 1,276,653 | |
37,681 | Hammerson PLC | 316,036 | |
4,898 | Hannover Rueck SE | 551,875 | |
7,100 | Hartford Financial Services Group, Inc. | 320,707 | |
4,119 | Hatteras Financial Corp. | 66,275 | |
11,416 | Healthcare Trust of America, Inc. | 344,535 | |
1,631 | Home Bancshares, Inc. | 71,682 | |
3,255 | ICAP PLC | 20,369 | |
7,050 | Industrial Alliance Insurance & Financial Services, Inc. | 228,970 | |
3,365 | InfraREIT, Inc. | 57,777 | |
647 | Intact Financial Corp. | 45,243 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
9,265 | Interactive Brokers Group, Inc., Class A | $372,268 | |
22,885 | Intesa Sanpaolo SpA | 58,653 | |
67,844 | Intu Properties PLC | 294,546 | |
5,095 | Invesco Mortgage Capital, Inc. | 73,266 | |
38,557 | Investec PLC | 261,878 | |
1,260 | 1 | Investment AB Kinnevik | 2,704 |
1,260 | 1 | Investment AB Kinnevik, B Shares | 30,621 |
8,198 | Investor AB, Class B | 284,844 | |
6,502 | Investors Bancorp, Inc., NEW | 77,829 | |
6,308 | 1 | iStar Financial, Inc. | 64,531 |
26,380 | JPMorgan Chase & Co. | 1,721,823 | |
1,700 | Janus Capital Group, Inc. | 25,806 | |
50,000 | Joyo Bank, Ltd. / The | 183,812 | |
2,617 | 1 | Julius Baer Group Ltd. | 116,243 |
539 | KBC Groupe | 31,785 | |
396 | 1 | KCG Holdings, Inc. | 5,572 |
670 | Kearny Financial Corp. | 8,770 | |
3,101 | Kennedy-Wilson Holdings, Inc. | 66,113 | |
13,044 | Kimco Realty Corp. | 367,580 | |
337 | LegacyTexas Financial Group, Inc. | 9,072 | |
130,102 | Legal & General Group PLC | 451,257 | |
55,965 | LendLease Group | 541,918 | |
8,839 | Lincoln National Corp. | 405,268 | |
52,000 | Link REIT | 318,407 | |
185,690 | Lloyds Banking Group PLC | 193,757 | |
6,955 | 1 | MBIA, Inc. | 50,076 |
12,223 | Metlife, Inc. | 556,758 | |
7,742 | 1 | MGIC Investment Corp. | 54,581 |
4,913 | MSCI, Inc., Class A | 392,008 | |
6,490 | Macquarie Group Ltd. | 349,068 | |
27,717 | Manulife Financial Corp. | 412,579 | |
2,227 | 1 | Marcus & Millichap Co., Inc. | 56,610 |
3,709 | Mid-American Apartment Communities, Inc. | 381,990 | |
382,741 | Mirvac Group | 536,772 | |
4,000 | Mitsubishi Estate Co. Ltd. | 76,683 | |
2,781 | Morningstar, Inc. | 234,800 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
5,757 | NASDAQ, Inc. | $380,020 | |
17,962 | NN Group NV | 598,758 | |
1,648 | National Bank of Canada, Montreal | 54,692 | |
4,848 | 1 | Nationstar Mortgage Holdings, Inc. | 61,860 |
6,188 | New Residential Investment Corp. | 84,033 | |
79,335 | Nordea Bank AB | 769,152 | |
4,574 | Northwest Bancshares, Inc. | 67,741 | |
138,531 | Old Mutual PLC | 357,462 | |
800 | Old National Bancorp. | 10,528 | |
2,000 | Oversea-Chinese Banking Corp. Ltd. | 12,514 | |
4,300 | PNC Financial Services Group | 385,882 | |
1,448 | Partners Group Holding AG | 609,804 | |
3,778 | Pennymac Mortgage Investment Trust | 58,143 | |
17,251 | Piedmont Office Realty Trust, Inc. | 345,883 | |
107,512 | Platinum Asset Management Ltd. | 510,027 | |
11,832 | Popular, Inc. | 370,815 | |
1,833 | Potlatch Corp. | 62,652 | |
1,426 | Primerica, Inc. | 80,013 | |
9,708 | Principal Financial Group | 432,588 | |
1,723 | PrivateBancorp, Inc. | 76,415 | |
14,176 | Prudential Corp. PLC | 283,448 | |
3,628 | Prudential Financial | 287,519 | |
1,759 | Public Storage | 446,276 | |
4,463 | RSA Insurance Group PLC | 31,680 | |
4,994 | Radian Group, Inc. | 61,976 | |
390 | Raiffeisen Bank International AG | 5,210 | |
4,991 | Redwood Trust, Inc. | 71,122 | |
20,714 | Royal Bank of Canada, Montreal | 1,245,194 | |
13,690 | Sampo Oyj, Class A | 609,527 | |
5,558 | Santander Consumer USA Holdings, Inc. | 71,476 | |
16,365 | Scor Regroupe | 546,183 | |
50,105 | Segro PLC | 317,815 | |
67,437 | Skand Enskilda BKN, Class A | 645,171 | |
4,815 | 1 | Smart Real Estate Investment Trust | 126,677 |
4,693 | Societe Generale, Paris | 192,739 | |
3,580 | 1 | St. Joe Co. | 62,220 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
3,898 | Sterling Bancorp | $64,161 | |
24,800 | Sumitomo Mitsui Financial Group, Inc. | 799,587 | |
9,000 | Sumitomo Mitsui Trust Holdings, Inc. | 30,948 | |
1,000 | Sumitomo Realty & Development Co. Ltd. | 27,676 | |
485 | Sun Life Financial Services of Canada | 16,798 | |
17,000 | Suntec Real Estate Investment | 20,548 | |
4,296 | Svenska Handelsbanken AB - A Shares | 54,923 | |
3,489 | Swiss Re AG | 312,963 | |
15,522 | 1 | Synchrony Financial | 484,286 |
7,681 | TCF Financial Corp. | 110,376 | |
19,096 | TFS Financial Corp. | 352,321 | |
2,756 | Talmer Bancorp, Inc., Class A | 54,955 | |
9,329 | The Bank of New York Mellon Corp. | 392,378 | |
46,649 | Three I Group | 379,454 | |
3,700 | Tokio Marine Holdings, Inc. | 126,398 | |
6,271 | Torchmark Corp. | 386,482 | |
19,576 | Toronto-Dominion Bank | 852,545 | |
1,200 | Trustmark Corp. | 29,736 | |
304 | U.S. Bancorp | 13,017 | |
13,985 | UBS Group AG | 215,651 | |
10,308 | UDR, Inc. | 371,397 | |
10,935 | United Mizrahi Bank Ltd. | 128,530 | |
700 | Universal Insurance Holdings, Inc. | 13,608 | |
2,760 | Virtu Financial, Inc., Class A | 49,156 | |
718 | 1 | Walker & Dunlop, Inc. | 17,254 |
28,269 | Wells Fargo & Co. | 1,433,804 | |
141 | 1 | Western Alliance Bancorp | 5,316 |
4,357 | Westpac Banking Corp. Ltd. | 96,294 | |
14,601 | Weyerhaeuser Co. | 459,932 | |
1,549 | WisdomTree Investments, Inc. | 19,208 | |
TOTAL | 51,904,050 | ||
Health Care—6.3% | |||
15,963 | Abbott Laboratories | 632,614 | |
7,986 | AbbVie, Inc. | 502,559 | |
4,101 | 1 | Actelion Ltd. | 672,227 |
4,708 | Aetna, Inc. | 533,087 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
4,986 | 1 | Agios Pharmaceuticals, Inc. | $278,967 |
761 | 1 | Alexion Pharmaceuticals, Inc. | 114,835 |
7,400 | Alfresa Holdings Corp. | 154,477 | |
2,236 | 1 | Allergan PLC | 527,137 |
561 | 1 | Alnylam Pharmaceuticals, Inc. | 40,235 |
1,253 | 1 | Amedisys, Inc. | 63,740 |
5,443 | AmerisourceBergen Corp. | 408,116 | |
4,340 | Amgen, Inc. | 685,503 | |
442 | 1 | Anacor Pharmaceuticals, Inc. | 43,891 |
5,760 | Anthem, Inc. | 761,242 | |
5,485 | AstraZeneca PLC | 320,035 | |
7,667 | Baxter International, Inc. | 330,908 | |
2,215 | Bayer AG | 210,989 | |
4,249 | 1 | BioMarin Pharmaceutical, Inc. | 380,923 |
1,562 | 1 | Bluebird Bio, Inc. | 70,680 |
12,734 | Bristol-Myers Squibb Co. | 913,028 | |
10,395 | CSL Ltd. | 868,432 | |
1,276 | 1 | Cambrex Corp. | 62,409 |
2,605 | 1 | Catalent, Inc. | 73,253 |
4,445 | 1 | Celgene Corp. | 469,036 |
1,177 | 1 | Cepheid, Inc. | 32,968 |
6,883 | Cochlear Ltd. | 599,231 | |
69 | Coloplast, Class B | 5,216 | |
2,400 | Cooper Cos., Inc. | 390,744 | |
1,276 | 1 | Cynosure, Inc., Class A | 60,954 |
1,200 | 1,4,5 | Dyax Corp., CVR | 1,332 |
1,516 | 1 | Emergent Biosolutions, Inc. | 66,522 |
13,894 | 1 | Endo International PLC | 219,664 |
7,653 | 1 | Express Scripts Holding Co. | 578,184 |
2,364 | 1 | FibroGen, Inc. | 44,112 |
377 | 1 | Five Prime Therapeutics, Inc. | 17,236 |
10,159 | Fresenius SE & Co. KGaA | 766,773 | |
98 | Galenica Holding AG | 129,267 | |
2,210 | 1 | Genomic Health, Inc. | 59,228 |
5,021 | Gilead Sciences, Inc. | 437,128 | |
119 | 1 | Glaukos Corp. | 2,898 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
51,826 | GlaxoSmithKline PLC | $1,084,773 | |
5,543 | 1 | HCA Holdings, Inc. | 432,465 |
326 | 1 | HMS Holdings Corp. | 5,387 |
2,051 | 1 | Haemonetics Corp. | 57,428 |
2,294 | 1 | Halozyme Therapeutics, Inc. | 23,078 |
1,989 | 1 | Halyard Health, Inc. | 61,838 |
1,200 | 1 | Heartware International, Inc. | 35,280 |
11,051 | 1 | Hologic, Inc. | 380,265 |
1,268 | 1 | INC Research Holdings, Inc., Class A | 55,171 |
5,092 | 1 | Incyte Genomics, Inc. | 429,816 |
8,966 | Ionis Pharmaceuticals, Inc. | 203,439 | |
10,743 | Johnson & Johnson | 1,210,629 | |
8,054 | 1 | Juno Therapeutics, Inc. | 349,785 |
5,160 | 1 | LifePoint Health, Inc. | 342,056 |
9,032 | Lilly (Eli) & Co. | 677,671 | |
134 | 1 | Livanova PLC | 6,541 |
1,472 | Lonza AG | 253,801 | |
948 | 1 | Magellan Health, Inc. | 62,805 |
2,200 | Medipal Holdings Corp. | 37,858 | |
10,167 | Medtronic PLC | 818,240 | |
11,865 | Merck & Co., Inc. | 667,525 | |
2,234 | 1 | Merit Medical Systems, Inc. | 41,932 |
6,682 | 1 | MiMedx Group, Inc. | 52,587 |
2,000 | Mitsubishi Tanabe Pharma Corp. | 33,513 | |
1,285 | 1 | Natus Medical, Inc. | 41,544 |
11,343 | Novartis AG - REG | 899,218 | |
17,134 | Novo Nordisk A/S, Class B | 951,135 | |
1,174 | 1 | Nxstage Medical, Inc. | 22,189 |
6,100 | Olympus Corp. | 255,838 | |
900 | 1 | Omnicell, Inc. | 29,115 |
1,242 | 1 | PRA Health Sciences, Inc. | 58,660 |
1,263 | 1 | Parexel International Corp. | 79,430 |
52,009 | Pfizer, Inc. | 1,804,712 | |
2,537 | 1 | PharMerica Corp. | 67,408 |
1,145 | 1 | Press Ganey Holdings, Inc. | 38,964 |
100 | 1 | Prestige Brands Holdings, Inc. | 5,404 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
16,444 | 1 | Qiagen NV | $354,861 |
4,239 | Quality Systems, Inc. | 53,878 | |
500 | 1 | Regeneron Pharmaceuticals, Inc. | 199,465 |
2,000 | 1 | Repligen Corp. | 47,920 |
8,946 | Roche Holding AG-GENUSSCHEIN | 2,345,336 | |
4,984 | Sanofi | 408,041 | |
5,795 | Shire PLC | 359,035 | |
3,540 | 1 | Supernus Pharmaceuticals, Inc. | 69,065 |
157 | 1 | Surgical Care Affiliates, Inc. | 7,029 |
195 | 1 | Taro Pharmaceutical Industries Ltd. | 28,493 |
1,618 | 1 | Team Health Holdings, Inc. | 77,615 |
1,966 | 1 | United Therapeutics Corp. | 234,092 |
2,149 | UnitedHealth Group, Inc. | 287,257 | |
1,558 | 1 | VCA, Inc. | 101,161 |
1,276 | 1 | Varian Medical Systems, Inc. | 105,640 |
3,066 | 1 | Wright Medical Group NV | 59,296 |
113 | 1 | Zafgen, Inc. | 798 |
TOTAL | 28,846,262 | ||
Industrials—6.8% | |||
1,169 | 3M Co. | 196,766 | |
2,258 | AAR Corp. | 55,118 | |
745 | ABM Industries, Inc. | 25,457 | |
4,559 | 1 | AECOM | 146,389 |
2,558 | Actuant Corp. | 69,808 | |
11,342 | Alaska Air Group, Inc. | 753,109 | |
34,336 | Alfa Laval | 518,224 | |
12,752 | Allison Transmission Holdsings, Inc. | 358,204 | |
59,700 | Amada Co. | 651,363 | |
9,760 | American Airlines Group, Inc. | 311,442 | |
1,055 | Andritz AG | 53,678 | |
110 | ArcBest Corp. | 1,895 | |
21,074 | 1 | Armstrong Flooring, Inc. | 349,618 |
33,138 | Asciano Ltd. | 212,802 | |
24,270 | Ashtead Group PLC | 343,175 | |
64,040 | BAE Systems PLC | 448,615 | |
736 | Boeing Co./The | 92,846 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
10,427 | 1 | BWX Technologies, Inc. | $366,718 |
15,477 | 1 | Babcock & Wilcox Enterprises, Inc. | 336,625 |
14,794 | Bouygues SA | 479,746 | |
941 | Brady (W.H.) Co. | 29,914 | |
136 | Brenntag AG | 7,276 | |
300 | 1 | Builders Firstsource, Inc. | 3,528 |
11,726 | Bunzl PLC | 347,181 | |
12,353 | CIMIC Group Ltd. | 332,820 | |
12,220 | Canadian National Railway, Co. | 724,524 | |
10,288 | Capita PLC | 158,562 | |
2,974 | 1 | Continental Building Product, Inc. | 68,134 |
6,348 | DSV, De Sammensluttede Vognmad AS | 288,950 | |
52,000 | Dai Nippon Printing Co. Ltd. | 528,101 | |
3,700 | Danaher Corp. | 363,932 | |
11,481 | Delta Air Lines, Inc. | 498,964 | |
34,250 | Deutsche Lufthansa AG | 479,940 | |
23,428 | Deutsche Post AG | 682,757 | |
3,038 | 1 | DigitalGlobe, Inc. | 63,585 |
28,890 | Edenred | 534,523 | |
5,100 | Expeditors International Washington, Inc. | 247,605 | |
1,800 | Fanuc Ltd. | 273,439 | |
27,548 | 1 | Ferrovial SA - RTS | 9,839 |
1,690 | Geberit International AG | 645,355 | |
2,500 | General Dynamics Corp. | 354,675 | |
66,069 | General Electric Co. | 1,997,266 | |
2,170 | Graco, Inc. | 174,186 | |
27,548 | Grupo Ferrovial, S.A. | 582,415 | |
1,552 | 1 | Hawaiian Holdings, Inc. | 62,794 |
2,241 | Hillenbrand, Inc. | 69,964 | |
963 | Honeywell International, Inc. | 109,618 | |
1,098,800 | Hutchison Port Holdings TR-U | 472,370 | |
4,640 | Illinois Tool Works, Inc. | 491,979 | |
6,100 | Ingersoll-Rand PLC | 407,541 | |
1,050 | Insperity, Inc. | 75,569 | |
2,669 | Interface, Inc. | 45,266 | |
1,314 | International Consolidated Airlines Group SA | 10,250 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
6,940 | Intertek Group PLC | $315,361 | |
37,000 | JGC Corp. | 566,382 | |
3,700 | Japan Airlines Co. Ltd. | 126,207 | |
340 | 1 | Jet Blue Airways Corp. | 6,096 |
8,985 | KAR Auction Services, Inc. | 368,744 | |
64,000 | Keio Corp. | 546,436 | |
14,511 | Kennametal, Inc. | 355,229 | |
2,726 | Knoll, Inc. | 67,659 | |
169 | Kone Corp. OYJ, Class B | 7,976 | |
16,697 | Koninklijke Philips NV | 449,592 | |
1,951 | Korn/Ferry International | 56,286 | |
569 | Kuehne & Nagel International AG - Reg | 79,909 | |
2,628 | Lennox International, Inc. | 360,956 | |
4,710 | 1 | MRC Global, Inc. | 66,835 |
326 | MSA Safety, Inc. | 16,421 | |
21,647 | 1 | Manitowoc Foodservice, Inc. | 356,526 |
12,146 | Masco Corp. | 396,445 | |
2,899 | 1 | Mastec, Inc. | 66,677 |
5,803 | 1 | Meritor, Inc. | 51,299 |
3,324 | 1 | Milacron Holdings Corp. | 54,514 |
2,197 | Miller Herman, Inc. | 69,557 | |
17,000 | Mitsubishi Electric Corp. | 203,086 | |
60,000 | Mitsubishi Heavy Industries Ltd. | 240,952 | |
2,195 | Mueller Industries, Inc. | 68,243 | |
6,396 | Mueller Water Products, Inc. | 70,420 | |
1,027 | NWS Holdings Ltd. | 1,604 | |
2,428 | Northrop Grumman Corp. | 516,363 | |
53,000 | Odakyu Electric Railway | 572,130 | |
4,052 | 1 | Orbital ATK, Inc. | 352,646 |
10,996 | Osram Licht AG | 584,905 | |
33,549 | 1 | Qantas Airways Ltd. | 74,629 |
10,494 | Randstad Holdings N.V. | 566,318 | |
1,370 | Raytheon Co. | 177,648 | |
20,321 | Rexel SA | 310,431 | |
3,282 | 1 | Rexnord Corp. | 68,069 |
44,930 | Royal Mail PLC | 352,121 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
3,250 | Schindler Holding AG | $601,228 | |
6,600 | Sembcorp Industries Ltd. | 13,322 | |
163,200 | Sembcorp Marine Ltd. | 182,789 | |
1,455 | Siemens AG | 156,528 | |
6,900 | Singapore Airlines Ltd. | 53,505 | |
11,500 | Singapore Technologies Engineering Ltd. | 26,964 | |
2,544 | SkyWest, Inc. | 60,038 | |
746 | Smith (A.O.) Corp. | 61,396 | |
11,114 | Southwest Airlines Co. | 472,123 | |
2,900 | Stanley Black & Decker, Inc. | 328,222 | |
3,600 | Steelcase, Inc., Class A | 57,456 | |
81,000 | Sumitomo Heavy Industries | 388,672 | |
2,555 | 1 | Swift Transportation Co. | 39,807 |
4,077 | Toro Co. | 364,117 | |
500 | Toto Ltd. | 18,865 | |
10,641 | 1 | TransUnion | 352,217 |
3,315 | 1 | TriMas Corp. | 56,653 |
561 | 1 | TrueBlue, Inc. | 11,113 |
273 | Union Pacific Corp. | 22,984 | |
3,494 | 1 | United Continental Holdings, Inc. | 157,544 |
2,882 | United Parcel Service, Inc. | 297,105 | |
864 | United Technologies Corp. | 86,901 | |
2,678 | 1 | Univar, Inc. | 49,971 |
1,706 | 1 | Verisk Analytics, Inc. | 135,439 |
4,787 | Vestas Wind Systems A/S | 341,975 | |
7,924 | Volvo AB | 88,129 | |
10,602 | West Japan Railway Co. | 659,515 | |
8,667 | Xylem, Inc. | 387,068 | |
4,100 | Yangzijiang Shipbuilding Holdings Ltd. | 2,725 | |
TOTAL | 30,933,463 | ||
Information Technology—6.7% | |||
2,994 | 1 | ACI Worldwide, Inc. | 61,856 |
2,867 | AVG Technologies NV | 55,104 | |
225 | Accenture PLC | 26,768 | |
8,553 | Activision Blizzard, Inc. | 335,791 | |
5,860 | 1 | Adobe Systems, Inc. | 582,894 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
1,814 | 1 | Advanced Energy Industries, Inc. | $69,240 |
18,947 | 1 | Advanced Micro Devices, Inc. | 86,588 |
1,030 | 1 | Alliance Data Systems Corp. | 228,856 |
1,839 | 1 | Alphabet, Inc., Class A | 1,377,135 |
991 | 1 | Alphabet, Inc., Class C | 729,098 |
10,271 | 1 | Amkor Technology, Inc. | 64,810 |
32,307 | Apple, Inc. | 3,226,177 | |
26,085 | Applied Materials, Inc. | 636,996 | |
4,708 | 1 | Bankrate, Inc. | 42,796 |
2,787 | 1 | Benchmark Electronics, Inc. | 57,774 |
1,541 | 1 | Benefitfocus, Inc. | 56,570 |
9,880 | 1 | Black Knight Financial Services, Inc. | 345,800 |
4,757 | Broadcom Ltd. | 734,290 | |
14,657 | 1 | Cadence Design Systems, Inc. | 362,321 |
1,015 | 1 | CalAmp Corp. | 15,255 |
1,398 | 1 | Check Point Software Technologies Ltd. | 118,788 |
12,744 | Cisco Systems, Inc. | 370,213 | |
4,918 | 1 | Citrix Systems, Inc. | 417,637 |
9,328 | 1 | CoreLogic, Inc. | 347,655 |
2,004 | 1 | Cornerstone OnDemand, Inc. | 80,180 |
21,448 | EMC Corp. Mass | 599,472 | |
1,700 | EarthLink Network, Inc. | 11,152 | |
19,505 | 1 | eBay, Inc. | 477,092 |
4,911 | 1 | Endurance International Group Holdings, Inc. | 46,262 |
664 | 1 | Entegris, Inc. | 9,469 |
48,877 | Ericsson LM - B | 376,220 | |
4,044 | Evertec, Inc. | 61,914 | |
4,267 | 1 | FIserv, Inc. | 449,443 |
17,495 | 1 | Facebook, Inc. | 2,078,581 |
3,900 | 1 | Fairchild Semiconductor International, Inc., Class A | 77,493 |
3,597 | 1 | Finisar Corp. | 60,502 |
1,906 | 1 | Gigamon, Inc. | 59,372 |
5,452 | Global Payments, Inc. | 423,566 | |
198,200 | GungHo Online Entertainment, Inc. | 571,346 | |
37,729 | 1 | HP, Inc. | 504,814 |
24,630 | Hewlett Packard Enterprise Co. | 454,916 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
6,200 | Hitachi High-Technologies Corp. | $178,945 | |
3,410 | 1 | Infoblox, Inc. | 64,142 |
10,497 | Ingram Micro, Inc., Class A | 363,511 | |
13,802 | Intel Corp. | 436,005 | |
907 | InterDigital, Inc. | 52,878 | |
2,324 | International Business Machines Corp. | 357,292 | |
5,542 | 1 | InvenSense, Inc. | 34,250 |
7,777 | KLA-Tencor Corp. | 567,177 | |
2,693 | Lam Research Corp. | 223,007 | |
8,802 | Linear Technology Corp. | 416,511 | |
1,247 | 1 | MA-COM Technology Solutions Holdings, Inc. | 44,892 |
3,802 | Mastercard, Inc., Class A | 364,612 | |
1,436 | 1 | MaxLinear, Inc. | 29,754 |
3,258 | Mentor Graphics Corp. | 69,851 | |
308 | 1 | Microsemi Corp. | 10,420 |
33,391 | Microsoft Corp. | 1,769,723 | |
15,300 | Mixi, Inc. | 586,729 | |
13,623 | NVIDIA Corp. | 636,467 | |
413 | 1 | NXP Semiconductors NV | 39,024 |
900 | 1 | Netgear, Inc. | 40,500 |
105,000 | Nippon Electric Glass Co. Ltd. | 500,454 | |
20,830 | 1 | Nuance Communications, Inc. | 348,278 |
7,715 | Oracle Corp. | 310,143 | |
5,725 | 1 | PayPal Holdings, Inc. | 216,348 |
5,300 | 1 | Polycom, Inc. | 63,600 |
2,115 | 1 | Progress Software Corp. | 55,688 |
4,571 | 1 | Qlogic Corp. | 63,354 |
1,242 | Qualcomm, Inc. | 68,211 | |
5,508 | 1 | Red Hat, Inc. | 426,650 |
1,944 | 1 | Rovi Corporation | 32,679 |
1,455 | SAP SE | 118,135 | |
89,561 | STMicroelectronics N.V. | 534,584 | |
2,941 | 1 | Salesforce.com, Inc. | 246,191 |
1,306 | Science Applications International Corp. | 71,268 | |
8,300 | Seiko Epson Corp. | 148,230 | |
12,112 | Symantec Corp. | 210,264 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
7,854 | 1 | Synopsys, Inc. | $405,816 |
3,666 | TE Connectivity Ltd. | 219,960 | |
6,380 | 1 | TiVo, Inc. | 63,481 |
7,032 | Total System Services, Inc. | 377,618 | |
4,323 | Travelport Worldwide Ltd. | 57,236 | |
15,574 | 1 | Trimble Navigation Ltd. | 398,383 |
6,712 | 1 | U.S. Cellular Corp. | 253,579 |
1,073 | 1 | Ubiquiti Networks, Inc. | 42,770 |
1,252 | 1 | Universal Display Corp. | 84,072 |
13,098 | 1 | Vantiv, Inc. | 704,279 |
1,563 | 1 | Verint Systems, Inc. | 51,563 |
4,123 | 1 | Verisign, Inc. | 352,352 |
5,373 | Visa, Inc., Class A | 424,145 | |
5,524 | Vishay Intertechnology, Inc. | 71,591 | |
2,786 | 1 | Web.com Group, Inc. | 47,278 |
1,058 | 1 | WebMd Health Corp. | 69,563 |
40,127 | Xerox Corp. | 400,066 | |
TOTAL | 30,415,725 | ||
Materials—2.1% | |||
3,358 | Air Products & Chemicals, Inc. | 478,985 | |
4,693 | Aptargroup, Inc. | 362,581 | |
112,948 | ArcelorMittal | 553,302 | |
4,756 | Avery Dennison Corp. | 353,751 | |
893 | BASF SE | 68,938 | |
2,292 | Bemis Co., Inc. | 115,379 | |
2,206 | 1 | Berry Plastics Group, Inc. | 86,409 |
1,600 | 1 | Chemtura Corp. | 42,688 |
3,948 | Commercial Metals Corp. | 67,787 | |
1,232 | Dow Chemical Co. | 63,276 | |
1,113 | EMS-Chemie Holdings Ag | 551,376 | |
3,100 | Eagle Materials, Inc. | 242,792 | |
697 | Ferroglobe PLC | 6,357 | |
15 | 1 | Flotek Industries, Inc. | 176 |
224,059 | Fortescue Metals Group Ltd. | 478,008 | |
20 | Givaudan SA | 38,302 | |
1,788 | Greif, Inc., Class A | 64,118 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Materials—continued | |||
3,223 | 1 | Headwaters, Inc. | $61,205 |
2,354 | James Hardie Industries PLC | 35,878 | |
50,300 | Kuraray Co. Ltd. | 663,764 | |
5,674 | LyondellBasell Industries NV, Class A | 461,637 | |
1,600 | Martin Marietta Materials | 302,464 | |
565 | Newmarket Corp. | 228,825 | |
10,300 | Nitto Denko Corp. | 672,317 | |
76,000 | Oji Holdings Corp. | 310,371 | |
1,718 | PPG Industries, Inc. | 184,994 | |
9,029 | Potash Corp. of Saskatchewan, Inc. | 147,345 | |
35,169 | Rexam PLC | 319,861 | |
2,004 | Rio Tinto PLC | 55,900 | |
7,960 | Sealed Air Corp. | 369,662 | |
2,625 | Sherwin-Williams Co. | 764,111 | |
46 | Sika AG | 198,807 | |
3,469 | Stora Enso Oyj, Class R | 29,695 | |
2,172 | 1 | Summit Materials, Inc., Class A | 47,241 |
754 | Syngenta AG | 294,697 | |
961 | 1 | Trinseo SA | 45,254 |
16,497 | UPM - Kymmene Oyj | 316,891 | |
821 | 1 | US Concrete, Inc. | 52,659 |
1,059 | Umicore | 53,317 | |
2,044 | Voest-alpine Stahl | 69,905 | |
1,416 | Vulcan Materials Co. | 165,318 | |
92 | Yara International ASA | 3,307 | |
TOTAL | 9,429,650 | ||
Telecommunication Services—2.8% | |||
1,326 | 1 | 8x8, Inc. | 16,933 |
24,111 | AT&T, Inc. | 943,946 | |
8,788 | BCE, Inc. | 405,105 | |
109,539 | BT Group PLC | 702,610 | |
400 | Cogent Communications Holdings, Inc. | 15,928 | |
55,240 | Deutsche Telekom AG | 974,480 | |
311 | Elisa Oyj | 11,832 | |
27,884 | 1 | Globalstar, Inc. | 60,787 |
398,095 | HKT Trust and HKT Ltd. | 577,161 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Telecommunication Services—continued | |||
210 | Inteliquent, Inc. | $3,511 | |
22,000 | KDDI Corp. | 639,110 | |
12,003 | Koninklijke KPN NV | 47,596 | |
35,200 | NTT DOCOMO, Inc. | 878,948 | |
18,400 | Nippon Telegraph and Telephone Corp. | 803,026 | |
25,947 | Orange SA | 450,715 | |
16,033 | Rogers Communications, Inc., Class B | 611,317 | |
18,600 | SoftBank Group Corp. | 1,035,200 | |
101,815 | 1 | Sprint Corp. | 386,897 |
220,000 | StarHub Ltd. | 563,839 | |
3,051 | 1 | T-Mobile USA, Inc. | 130,461 |
52,902 | Telefonica SA | 551,852 | |
11,850 | Telephone and Data System, Inc. | 341,161 | |
10,660 | 1 | Telia Co., AB | 49,899 |
160,852 | Telstra Corp. Ltd. | 649,089 | |
24,588 | Verizon Communications | 1,251,529 | |
128,760 | Vodafone Group PLC | 430,592 | |
3,600 | 1 | Vonage Holdings Corp. | 16,596 |
TOTAL | 12,550,120 | ||
Utilities—2.7% | |||
34,043 | AES Corp. | 377,537 | |
1,511 | AGL Energy, Ltd. | 20,248 | |
3,563 | AGL Resources, Inc. | 234,445 | |
2,201 | Abengoa Yield PLC | 39,574 | |
1,256 | American States Water Co. | 49,059 | |
4,640 | Avangrid, Inc. | 194,973 | |
1,231 | Black Hills Corp. | 74,525 | |
6,394 | CMS Energy Corp. | 267,397 | |
10,648 | 1 | Calpine Corp. | 157,590 |
16,981 | CenterPoint Energy, Inc. | 382,582 | |
38,067 | Electricite De France | 505,765 | |
19,396 | Enagas SA | 581,171 | |
86,698 | Enel S.p.A | 392,563 | |
42,074 | Engie | 647,533 | |
14,043 | Exelon Corp. | 481,254 | |
11,987 | FirstEnergy Corp. | 393,294 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Utilities—continued | |||
1,931 | Fortis, Inc. | $60,403 | |
366,500 | 2,3 | HK Electric Investments Ltd. | 321,832 |
10,893 | Hawaiian Electric Industries, Inc. | 357,617 | |
118,054 | Iberdrola SA | 800,261 | |
1,035 | Idacorp, Inc. | 75,772 | |
22,522 | NRG Energy, Inc. | 368,910 | |
3,820 | NRG Yield, Inc. | 59,057 | |
49,008 | National Grid PLC | 715,604 | |
100 | New Jersey Resources Corp. | 3,515 | |
1,203 | ONE Gas, Inc. | 70,556 | |
11,803 | PPL Corp. | 454,888 | |
57,500 | Power Assets Holdings Ltd. | 556,411 | |
3,900 | Public Service Enterprises Group, Inc. | 174,525 | |
54 | Red Electrica de Espana | 4,804 | |
20,288 | SSE PLC | 450,226 | |
1,500 | Sempra Energy | 160,680 | |
10,133 | Severn Trent | 336,410 | |
101,170 | Snam Rete Gas S.p.A | 578,662 | |
31,898 | Suez | 535,517 | |
105,259 | Terna S.p.A | 583,223 | |
13,200 | 1 | Tokyo Electric Power Co. Holdings, Inc. | 61,674 |
136,000 | Tokyo Gas Co. Ltd. | 545,613 | |
25,004 | United Utilities PLC | 350,882 | |
1,066 | WGL Holdings, Inc. | 69,535 | |
TOTAL | 12,496,087 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $226,243,989) | 243,285,499 | ||
ASSET-BACKED SECURITIES—0.2% | |||
$150,000 | American Express Credit Account Master Trust 2014-1, A, 0.804%, 12/15/2021 | 149,959 | |
300,000 | AmeriCredit Automobile Receivables Trust 2015-1, A3, 1.260%, 11/08/2019 | 299,206 | |
150,000 | Navient Student Loan Trust 2014-1, A2, 0.756%, 03/27/2023 | 148,194 | |
160,000 | Santander Drive Auto Receivables Trust 2016-2, C, 2.660%, 11/15/2021 | 160,653 | |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $759,948) | 758,012 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMERCIAL MORTGAGE-BACKED SECURITIES—0.1% | |||
$580,000 | Federal Home Loan Mortgage Corp., 2.724%, 9/25/2020 (IDENTIFIED COST $597,400) | $598,439 | |
COLLATERALIZED MORTGAGE OBLIGATIONS—0.3% | |||
250,000 | Banc of America Commercial Mortgage Trust 2016-UBS10 A4, 3.170%, 6/15/2049 | 257,630 | |
200,000 | Citigroup Commercial Mortgage Trust 2015-GC33 AS, 4.114%, 9/10/2058 | 217,572 | |
450,000 | Commercial Mortgage Trust 2015-DC1 AM, 3.724%, 2/10/2048 | 470,085 | |
50,000 | WF-RBS Commercial Mortgage Trust 2012-C6 B, 4.697%, 4/15/2045 | 54,078 | |
400,000 | WF-RBS Commercial Mortgage Trust 2014-C25 AS, 3.984%, 11/15/2047 | 421,422 | |
100,000 | WF-RBS Commercial Mortgage Trust 2014-C25 B, 4.236%, 11/15/2047 | 104,724 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $1,512,426) | 1,525,511 | ||
CORPORATE BONDS—7.4% | |||
Basic Industry - Chemicals—0.2% | |||
300,000 | Albemarle Corp., Sr. Unsecd. Note, 5.450%, 12/01/2044 | 299,133 | |
50,000 | RPM International, Inc., 6.500%, 02/15/2018 | 53,467 | |
285,000 | RPM International, Inc., Sr. Unsecd. Note, 5.250%, 6/01/2045 | 280,241 | |
15,000 | RPM International, Inc., Sr. Unsecd. Note, 6.125%, 10/15/2019 | 16,641 | |
250,000 | Valspar Corp., Sr. Unsecd. Note, 3.300%, 2/01/2025 | 247,101 | |
TOTAL | 896,583 | ||
Basic Industry - Metals & Mining—0.1% | |||
55,000 | Allegheny Technologies, Inc., Sr. Note, 9.375%, 06/01/2019 | 54,862 | |
100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 04/15/2023 | 101,976 | |
300,000 | Southern Copper Corp., Note, 6.750%, 04/16/2040 | 291,679 | |
TOTAL | 448,517 | ||
Basic Industry - Paper—0.0% | |||
150,000 | 1,4,6 | Pope & Talbot, Inc., 8.375%, 12/01/2099 | 0 |
Capital Goods - Aerospace & Defense—0.1% | |||
180,000 | Lockheed Martin Corp., Sr. Unsecd. Note, 3.550%, 01/15/2026 | 191,351 | |
90,000 | 2,3 | Textron Financial Corp., Jr. Sub. Note, Series 144A, 6.000%, 2/15/2067 | 58,275 |
80,000 | Textron, Inc., Sr. Unsecd. Note, 4.000%, 03/15/2026 | 82,115 | |
TOTAL | 331,741 | ||
Capital Goods - Building Materials—0.1% | |||
130,000 | Masco Corp., Sr. Unsecd. Note, 4.375%, 04/01/2026 | 135,200 | |
185,000 | Masco Corp., Unsecd. Note, 4.450%, 4/01/2025 | 192,862 | |
TOTAL | 328,062 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Capital Goods - Diversified Manufacturing—0.2% | |||
$30,000 | General Electric Capital, Note, Series MTNA, 6.750%, 3/15/2032 | $41,435 | |
100,000 | General Electric Co., Sr. Unsecd. Note, 4.125%, 10/09/2042 | 106,126 | |
200,000 | 2,3 | Hutchison Whampoa International 14 Ltd., Unsecd. Note, Series 144A, 1.625%, 10/31/2017 | 200,353 |
100,000 | Roper Industries, Inc., Sr. Unsecd. Note, 6.250%, 09/01/2019 | 111,913 | |
300,000 | Valmont Industries, Inc., 5.250%, 10/01/2054 | 264,993 | |
TOTAL | 724,820 | ||
Capital Goods - Environmental—0.0% | |||
110,000 | Republic Services, Inc., Company Guarantee, 5.500%, 9/15/2019 | 121,764 | |
Communications - Cable & Satellite—0.1% | |||
200,000 | 2,3 | CCO Safari II LLC, Term Loan - 1st Lien, Series 144A, 4.908%, 07/23/2025 | 214,711 |
20,000 | Time Warner Cable, Inc., Company Guarantee, 8.250%, 04/01/2019 | 23,150 | |
TOTAL | 237,861 | ||
Communications - Media & Entertainment—0.3% | |||
100,000 | 21st Century Fox America, Inc., Sr. Unsecd. Note, 5.400%, 10/01/2043 | 113,318 | |
310,000 | 2,3 | British Sky Broadcasting Group PLC, Series 144A, 3.750%, 9/16/2024 | 314,555 |
120,000 | Discovery Communications , Sr. Unsecd. Note, 4.900%, 03/11/2026 | 126,858 | |
70,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 01/31/2046 | 74,373 | |
350,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.600%, 04/15/2026 | 359,611 | |
200,000 | Viacom, Inc., Sr. Unsecd. Note, 3.875%, 04/01/2024 | 199,542 | |
TOTAL | 1,188,257 | ||
Communications - Telecom Wireless—0.2% | |||
180,000 | Crown Castle International Corp., Sr. Unsecd. Note, 3.700%, 06/15/2026 | 181,500 | |
700,000 | Orange SA, 5.250%, 12/29/2049 | 815,759 | |
TOTAL | 997,259 | ||
Communications - Telecom Wirelines—0.1% | |||
300,000 | AT&T, Inc., Sr. Unsecd. Note, 5.150%, 03/15/2042 | 313,227 | |
15,000 | CenturyLink, Inc., Sr. Note, Series Q, 6.150%, 09/15/2019 | 15,806 | |
200,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 03/15/2024 | 216,600 | |
TOTAL | 545,633 | ||
Consumer Cyclical - Automotive—0.2% | |||
275,000 | Ford Motor Credit Co., Sr. Unsecd. Note, 3.336%, 03/18/2021 | 281,858 | |
70,000 | General Motors Co., Sr. Unsecd. Note, 4.000%, 4/01/2025 | 70,475 | |
200,000 | General Motors Financial Company, Inc., Sr. Unsecd. Note, 3.100%, 01/15/2019 | 203,855 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Consumer Cyclical - Automotive—continued | |||
$200,000 | Magna International, Inc., 3.625%, 6/15/2024 | $206,166 | |
TOTAL | 762,354 | ||
Consumer Cyclical - Lodging—0.1% | |||
220,000 | Hyatt Hotels Corp., Sr. Unsecd. Note, 4.850%, 03/15/2026 | 234,698 | |
Consumer Cyclical - Retailers—0.3% | |||
100,000 | Advance Auto Parts, Inc., 4.500%, 12/01/2023 | 104,618 | |
300,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 04/15/2025 | 305,247 | |
126,851 | 2,3 | CVS Caremark Corp., Pass Thru Cert., Series 144A, 5.298%, 1/11/2027 | 135,147 |
200,000 | CVS Health Corp., Sr. Unsecd. Note, 2.875%, 06/01/2026 | 199,281 | |
110,000 | Dollar General Corp., Sr. Unsecd. Note, 4.150%, 11/01/2025 | 117,044 | |
140,000 | O'Reilly Automotive, Inc., Sr. Unsecd. Note, 3.550%, 03/15/2026 | 144,567 | |
300,000 | Tiffany & Co., Sr. Unsecd. Note, 4.900%, 10/01/2044 | 297,186 | |
50,000 | Wal-Mart Stores, Inc., Sr. Unsecd. Note, 3.300%, 04/22/2024 | 53,749 | |
TOTAL | 1,356,839 | ||
Consumer Cyclical - Services—0.1% | |||
250,000 | 2,3 | Expedia, Inc., Series 144A, 5.000%, 02/15/2026 | 250,265 |
250,000 | Visa, Inc., Sr. Unsecd. Note, 1.200%, 12/14/2017 | 250,784 | |
130,000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | 135,018 | |
TOTAL | 636,067 | ||
Consumer Non-Cyclical - Food/Beverage—0.2% | |||
190,000 | Anheuser-Busch InBev Finance, Inc., 4.900%, 02/01/2046 | 212,257 | |
250,000 | 2,3 | HJ Heinz Co., Sr. Unsecd. Note, Series 144A, 3.950%, 7/15/2025 | 266,765 |
120,000 | Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025 | 127,647 | |
150,000 | PepsiCo, Inc., 2.750%, 4/30/2025 | 152,675 | |
70,000 | PepsiCo, Inc., Sr. Unsecd. Note, 4.450%, 04/14/2046 | 77,159 | |
TOTAL | 836,503 | ||
Consumer Non-Cyclical - Health Care—0.0% | |||
50,000 | Stryker Corp., Sr. Unsecd. Note, 3.500%, 03/15/2026 | 51,989 | |
Consumer Non-Cyclical - Pharmaceuticals—0.2% | |||
300,000 | AbbVie, Inc., Sr. Unsecd. Note, 2.500%, 05/14/2020 | 302,989 | |
450,000 | Eli Lilly & Co., 3.700%, 03/01/2045 | 449,202 | |
90,000 | Gilead Sciences, Inc., Sr. Unsecd. Note, 3.650%, 3/01/2026 | 94,896 | |
TOTAL | 847,087 | ||
Consumer Non-Cyclical - Products—0.1% | |||
270,000 | Newell Rubbermaid, Inc., Sr. Unsecd. Note, 4.200%, 04/01/2026 | 285,640 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Consumer Non-Cyclical - Tobacco—0.3% | |||
$24,000 | Altria Group, Inc., 9.250%, 08/06/2019 | $29,549 | |
700,000 | Philip Morris International, Sr. Unsecd. Note, Series EMTN, 2.875%, 03/03/2026 | 892,557 | |
400,000 | Reynolds American, Inc., Sr. Unsecd. Note, 5.850%, 8/15/2045 | 490,112 | |
TOTAL | 1,412,218 | ||
Energy - Independent—0.1% | |||
100,000 | Apache Corp., 4.250%, 01/15/2044 | 90,614 | |
375,000 | Canadian Natural Resources Ltd., 3.900%, 02/01/2025 | 346,761 | |
225,000 | Marathon Oil Corp., Sr. Unsecd. Note, 3.850%, 6/01/2025 | 197,326 | |
20,000 | XTO Energy, Inc., 6.750%, 08/01/2037 | 28,712 | |
TOTAL | 663,413 | ||
Energy - Integrated—0.2% | |||
135,000 | BP Capital Markets PLC, 3.119%, 5/04/2026 | 134,882 | |
155,000 | Husky Energy, Inc., 4.000%, 04/15/2024 | 154,508 | |
100,000 | Husky Energy, Inc., Sr. Unsecd. Note, 3.950%, 04/15/2022 | 101,102 | |
35,000 | Petro-Canada, Deb., 7.000%, 11/15/2028 | 42,094 | |
100,000 | Petroleos Mexicanos, 6.500%, 06/02/2041 | 95,000 | |
150,000 | Petroleos Mexicanos, Sr. Unsecd. Note, 4.875%, 1/18/2024 | 147,563 | |
85,000 | Shell International Financial, Sr. Unsecd. Note, Series 30YR, 4.000%, 05/10/2046 | 82,801 | |
TOTAL | 757,950 | ||
Energy - Midstream—0.3% | |||
350,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 5.150%, 03/15/2045 | 298,233 | |
325,000 | Energy Transfer Partners, Sr. Unsecd. Note, 4.050%, 3/15/2025 | 299,722 | |
230,000 | Enterprise Products Opera, Sr. Unsecd. Note, 3.950%, 02/15/2027 | 237,142 | |
100,000 | Kinder Morgan, Inc., 5.050%, 2/15/2046 | 88,111 | |
100,000 | Williams Partners LP, 4.900%, 1/15/2045 | 77,524 | |
300,000 | Williams Partners LP, 5.100%, 09/15/2045 | 242,984 | |
TOTAL | 1,243,716 | ||
Energy - Oil Field Services—0.1% | |||
140,000 | Halliburton Co., Sr. Unsecd. Note, 3.800%, 11/15/2025 | 141,752 | |
100,000 | Nabors Industries, Inc., Company Guarantee, 5.000%, 09/15/2020 | 91,403 | |
250,000 | 2,3 | Schlumberger Holdings Corp., Sr. Unsecd. Note, Series 144A, 4.000%, 12/21/2025 | 260,851 |
100,000 | Weatherford International Ltd., Sr. Unsecd. Note, 5.950%, 04/15/2042 | 64,250 | |
TOTAL | 558,256 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Energy - Refining—0.1% | |||
$250,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.750%, 9/15/2044 | $202,464 | |
25,000 | Valero Energy Corp., 9.375%, 03/15/2019 | 29,580 | |
100,000 | Valero Energy Corp., Sr. Unsecd. Note, 6.625%, 06/15/2037 | 104,499 | |
TOTAL | 336,543 | ||
Financial Institution - Banking—1.2% | |||
350,000 | American Express Credit C, Sr. Unsecd. Note, Series MTN, 2.250%, 05/05/2021 | 350,027 | |
340,000 | Associated Banc-Corp., Sub., 4.250%, 1/15/2025 | 345,037 | |
250,000 | Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.500%, 04/19/2026 | 253,793 | |
100,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 4.875%, 04/01/2044 | 110,960 | |
355,000 | Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025 | 355,130 | |
300,000 | Bank of America Corp., Sub. Note, Series MTN, 4.000%, 1/22/2025 | 301,123 | |
180,000 | Capital One Financial Corp., Sr. Sub., 4.200%, 10/29/2025 | 184,256 | |
300,000 | Citigroup, Inc., Sr. Unsecd. Note, 2.700%, 03/30/2021 | 302,776 | |
250,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.300%, 04/27/2025 | 252,228 | |
150,000 | Citigroup, Inc., Sub. Note, 4.450%, 09/29/2027 | 152,407 | |
250,000 | Compass Bank, Birmingham, Sub. Note, Series BKNT, 3.875%, 4/10/2025 | 235,863 | |
330,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 2.875%, 7/27/2020 | 336,336 | |
400,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.500%, 1/23/2025 | 404,140 | |
5,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 5.750%, 01/24/2022 | 5,738 | |
50,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.125%, 02/15/2033 | 61,578 | |
100,000 | J.P. Morgan Chase & Co., 6.750%, 01/29/2049 | 111,219 | |
50,000 | J.P. Morgan Chase & Co., Sub. Note, 3.375%, 05/01/2023 | 50,366 | |
300,000 | Morgan Stanley, Sr. Unsecd. Note, 1.774%, 01/27/2020 | 300,528 | |
100,000 | Morgan Stanley, Sr. Unsecd. Note, 6.375%, 07/24/2042 | 130,965 | |
60,000,000 | Rabobank Nederland NV, Utrecht, Series EMTN, 1.850%, 4/12/2017 | 548,828 | |
162,039 | 2,4 | Regional Diversified Funding, Series 144A, 9.250%, 03/15/2030 | 78,614 |
80,000 | Regions Financial Corp., Sr. Unsecd. Note, 3.200%, 02/08/2021 | 80,932 | |
230,000 | SunTrust Banks, Inc., Sr. Unsecd. Note, 2.900%, 03/03/2021 | 233,975 | |
135,000 | Wells Fargo & Co., Sub. Note, Series GMTN, 4.900%, 11/17/2045 | 144,839 | |
40,000 | Wilmington Trust Corp., Sub. Note, 8.500%, 04/02/2018 | 44,539 | |
TOTAL | 5,376,197 | ||
Financial Institution - Broker/Asset Mgr/Exchange—0.1% | |||
140,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | 146,892 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Financial Institution - Broker/Asset Mgr/Exchange—continued | |||
$95,000 | Jefferies Group LLC, Sr. Unsecd. Note, 8.500%, 07/15/2019 | $108,416 | |
240,000 | Stifel Financial Corp., Sr. Unsecd. Note, 3.500%, 12/01/2020 | 239,543 | |
70,000 | 2,3 | TIAA Asset Management Finance Co., LLC, Sr. Unsecd. Note, Series 144A, 4.125%, 11/01/2024 | 72,178 |
TOTAL | 567,029 | ||
Financial Institution - Finance Companies—0.0% | |||
210,000 | AerCap Ireland Capital Ltd., Sr. Unsecd. Note, 3.950%, 02/01/2022 | 209,737 | |
Financial Institution - Insurance - Health—0.0% | |||
50,000 | Wellpoint, Inc., 5.850%, 01/15/2036 | 57,688 | |
Financial Institution - Insurance - Life—0.4% | |||
100,000 | Aflac, Inc., Sr. Unsecd. Note, 6.450%, 08/15/2040 | 128,253 | |
400,000 | American International Group, Inc., Unsecd. Note, 3.875%, 01/15/2035 | 368,145 | |
325,000 | 2,3 | Mass Mutual Global Funding II, Series 144A, 2.000%, 04/15/2021 | 325,350 |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/01/2039 | 15,530 | |
100,000 | 2,3 | Principal Life Global Funding II, Series 144A, 2.200%, 04/08/2020 | 100,170 |
200,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 4.600%, 05/15/2044 | 206,522 | |
750,000 | 2 | Union Central Life Insurance Co., Note, Series 144A, 8.200%, 11/01/2026 | 921,420 |
TOTAL | 2,065,390 | ||
Financial Institution - Insurance - P&C—0.1% | |||
75,000 | ACE INA Holdings, Inc., Sr. Unsecd. Note, 3.350%, 05/15/2024 | 78,917 | |
140,000 | Berkshire Hathaway, Inc., Sr. Unsecd. Note, 3.125%, 03/15/2026 | 144,768 | |
300,000 | 2,3 | Liberty Mutual Group, Inc., Sr. Unsecd. Note, Series 144A, 6.500%, 03/15/2035 | 356,273 |
30,000 | 2,3 | Nationwide Mutual Insurance Co., Sub. Note, Series 144A, 9.375%, 08/15/2039 | 44,842 |
TOTAL | 624,800 | ||
Financial Institution - REIT - Apartment—0.1% | |||
220,000 | Mid-America Apartment Communities LP, 4.000%, 11/15/2025 | 228,440 | |
300,000 | Mid-America Apartment Communities LP, Sr. Unsecd. Note, 3.750%, 06/15/2024 | 307,865 | |
TOTAL | 536,305 | ||
Financial Institution - REIT - Healthcare—0.0% | |||
100,000 | Health Care REIT, Inc., Sr. Unsecd. Note, 4.125%, 04/01/2019 | 105,024 | |
Financial Institution - REIT - Office—0.1% | |||
300,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 4.500%, 07/30/2029 | 304,147 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Financial Institution - REIT - Other—0.1% | |||
$200,000 | Host Hotels & Resorts LP, Sr. Unsecd. Note, Series E, 4.000%, 6/15/2025 | $199,014 | |
40,000 | Liberty Property LP, 6.625%, 10/01/2017 | 42,463 | |
100,000 | ProLogis LP, Sr. Unsecd. Note, 3.350%, 02/01/2021 | 104,568 | |
160,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 04/01/2024 | 161,771 | |
TOTAL | 507,816 | ||
Financial Institution - REIT - Retail—0.0% | |||
40,000 | Equity One, Inc., Bond, 6.000%, 09/15/2017 | 41,873 | |
30,000 | Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/01/2022 | 30,894 | |
TOTAL | 72,767 | ||
Foreign-Local-Government—0.0% | |||
50,000 | Quebec, Province of, Note, Series MTNA, 7.035%, 03/10/2026 | 64,306 | |
Municipal Services—0.1% | |||
139,348 | 2,3 | Army Hawaii Family Housing, Series 144A, 5.524%, 6/15/2050 | 149,593 |
100,000 | 2,3 | Camp Pendleton & Quantico Housing LLC, Series 144A, 5.572%, 10/01/2050 | 109,971 |
TOTAL | 259,564 | ||
Sovereign—0.1% | |||
255,000 | 2,3 | Australia, Government of, Sr. Unsecd. Note, 4.000%, 06/21/2019 | 195,655 |
30,000,000 | KfW, 2.050%, 02/16/2026 | 330,657 | |
TOTAL | 526,312 | ||
Technology—0.6% | |||
300,000 | Adobe Systems, Inc., Sr. Unsecd. Note, 3.250%, 02/01/2025 | 309,529 | |
250,000 | Apple, Inc., Sr. Unsecd. Note, 3.450%, 02/09/2045 | 228,532 | |
50,000 | Autodesk, Inc., Sr. Unsecd. Note, 4.375%, 6/15/2025 | 51,149 | |
270,000 | Automatic Data Processing, Inc., 3.375%, 9/15/2025 | 288,724 | |
320,000 | 2,3 | Diamond 1 Finance Corp./D, Term Loan - 1st Lien, Series 144A, 6.020%, 06/15/2026 | 323,485 |
125,000 | Equifax, Inc., Sr. Unsecd. Note, 2.300%, 06/01/2021 | 124,729 | |
210,000 | Fidelity National Informa, Sr. Unsecd. Note, 5.000%, 10/15/2025 | 234,347 | |
100,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.875%, 06/05/2024 | 103,464 | |
150,000 | 2,3 | Hewlett Packard Enterprise Co., Sr. Unsecd. Note, Series 144A, 3.600%, 10/15/2020 | 154,259 |
300,000 | Keysight Technologies, Inc., 4.550%, 10/30/2024 | 299,573 | |
380,000 | 2,3 | Molex Electronics Technologies LLC, Unsecd. Note, Series 144A, 3.900%, 4/15/2025 | 373,868 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Technology—continued | |||
$70,000 | Total System Services, Inc., Sr. Unsecd. Note, 4.800%, 04/01/2026 | $73,985 | |
TOTAL | 2,565,644 | ||
Transportation - Railroads—0.1% | |||
140,000 | Burlington Northern Santa Fe Corp., Sr. Unsecd. Note, 4.150%, 4/01/2045 | 145,960 | |
45,000 | Union Pacific Corp., Bond, 6.625%, 02/01/2029 | 60,936 | |
135,000 | Union Pacific Corp., Sr. Unsecd. Note, 3.875%, 2/01/2055 | 131,691 | |
TOTAL | 338,587 | ||
Transportation - Services—0.1% | |||
75,000 | 2,3 | Enterprise Rent-A-Car USA Finance Co., Series 144A, 6.375%, 10/15/2017 | 79,768 |
62,000 | 2,3 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, Series 144A, 3.850%, 11/15/2024 | 65,519 |
100,000 | 2,3 | Penske Truck Leasing Co. LP & PTL Finance Corp., Series 144A, 2.500%, 06/15/2019 | 99,554 |
335,000 | 2,3 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, Series 144A, 3.375%, 2/01/2022 | 333,794 |
100,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.450%, 11/15/2018 | 101,113 | |
TOTAL | 679,748 | ||
Utility - Electric—0.5% | |||
130,000 | Ameren Corp., Sr. Unsecd. Note, 3.650%, 2/15/2026 | 135,075 | |
300,000 | Consolidated Edison Co., Sr. Unsecd. Note, 4.500%, 12/01/2045 | 332,483 | |
270,000 | EverSource Energy, Sr. Unsecd. Note, 3.350%, 03/15/2026 | 278,013 | |
300,000 | Exelon Corp., Sr. Unsecd. Note, 3.400%, 04/15/2026 | 303,386 | |
19,199 | 2,3 | Great River Energy, 1st Mtg. Note, Series 144A, 5.829%, 7/01/2017 | 19,591 |
100,000 | Indiana Michigan Power Co., Sr. Unsecd. Note, Series K, 4.550%, 03/15/2046 | 106,885 | |
300,000 | National Rural Utilities Cooperative Finance Corp., 2.000%, 01/27/2020 | 302,344 | |
140,000 | National Rural Utilities, Sr. Sub., 5.250%, 04/20/2046 | 141,946 | |
200,000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 2.400%, 09/15/2019 | 202,577 | |
400,000 | Northeast Utilities, Sr. Unsecd. Note, Series H, 3.150%, 1/15/2025 | 409,856 | |
40,000 | Progress Energy, Inc., 7.050%, 03/15/2019 | 45,407 | |
125,000 | Wisconsin Electric Power Co., Sr. Unsecd. Note, 4.300%, 12/15/2045 | 138,110 | |
TOTAL | 2,415,673 | ||
Utility - Natural Gas—0.1% | |||
200,000 | Sempra Energy, Sr. Unsecd. Note, 2.850%, 11/15/2020 | 204,713 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Utility - Natural Gas—continued | |||
$300,000 | Sempra Energy, Sr. Unsecd. Note, 3.550%, 06/15/2024 | $310,150 | |
TOTAL | 514,863 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $33,408,889) | 33,595,367 | ||
MORTGAGE-BACKED SECURITIES—0.0% | |||
2,521 | Federal Home Loan Mortgage Corp. Pool C00592, 7.000%, 3/1/2028 | 2,972 | |
1,716 | Federal Home Loan Mortgage Corp. Pool C00896, 7.500%, 12/1/2029 | 2,047 | |
3,390 | Federal Home Loan Mortgage Corp. Pool C17281, 6.500%, 11/1/2028 | 3,904 | |
2,309 | Federal Home Loan Mortgage Corp. Pool C19588, 6.500%, 12/1/2028 | 2,663 | |
1,252 | Federal Home Loan Mortgage Corp. Pool C25621, 6.500%, 5/1/2029 | 1,447 | |
2,698 | Federal Home Loan Mortgage Corp. Pool C76361, 6.000%, 2/1/2033 | 3,116 | |
5,337 | Federal Home Loan Mortgage Corp. Pool E01545, 5.000%, 15 Year, 1/1/2019 | 5,543 | |
836 | Federal Home Loan Mortgage Corp. Pool E99510, 5.500%, 9/1/2018 | 872 | |
3,845 | Federal Home Loan Mortgage Corp. Pool G01444, 6.500%, 8/1/2032 | 4,493 | |
2,948 | Federal National Mortgage Association Pool 251697, 6.500%, 30 Year, 5/1/2028 | 3,393 | |
10,278 | Federal National Mortgage Association Pool 252334, 6.500%, 30 Year, 2/1/2029 | 11,695 | |
4,081 | Federal National Mortgage Association Pool 254720, 4.500%, 5/1/2018 | 4,195 | |
4,931 | Federal National Mortgage Association Pool 254802, 4.500%, 7/1/2018 | 5,068 | |
6,620 | Federal National Mortgage Association Pool 254905, 6.000%, 10/1/2033 | 7,645 | |
11,663 | Federal National Mortgage Association Pool 255075, 5.500%, 2/1/2024 | 13,065 | |
7,482 | Federal National Mortgage Association Pool 255079, 5.000%, 2/1/2019 | 7,768 | |
1,038 | Federal National Mortgage Association Pool 303168, 9.500%, 30 Year, 2/1/2025 | 1,236 | |
452 | Federal National Mortgage Association Pool 323159, 7.500%, 4/1/2028 | 533 | |
4,409 | Federal National Mortgage Association Pool 323640, 7.500%, 4/1/2029 | 5,206 | |
1,815 | Federal National Mortgage Association Pool 428865, 7.000%, 6/1/2028 | 1,929 | |
461 | Federal National Mortgage Association Pool 443215, 6.000%, 10/1/2028 | 524 | |
10,368 | Federal National Mortgage Association Pool 545993, 6.000%, 11/1/2032 | 11,932 | |
4,368 | Federal National Mortgage Association Pool 555272, 6.000%, 3/1/2033 | 5,026 | |
4,299 | Federal National Mortgage Association Pool 713974, 5.500%, 7/1/2033 | 4,866 | |
8,085 | Federal National Mortgage Association Pool 721502, 5.000%, 7/1/2033 | 9,011 | |
9,634 | Government National Mortgage Association Pool 2796, 7.000%, 8/20/2029 | 11,525 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
MORTGAGE-BACKED SECURITIES—continued | |||
$4,945 | Government National Mortgage Association Pool 3040, 7.000%, 2/20/2031 | $5,914 | |
11,960 | Government National Mortgage Association Pool 3188, 6.500%, 1/20/2032 | 14,037 | |
18,703 | Government National Mortgage Association Pool 3239, 6.500%, 5/20/2032 | 21,895 | |
529 | Government National Mortgage Association Pool 352214, 7.000%, 4/15/2023 | 597 | |
2,287 | Government National Mortgage Association Pool 451522, 7.500%, 30 Year, 10/15/2027 | 2,743 | |
2,084 | Government National Mortgage Association Pool 462556, 6.500%, 2/15/2028 | 2,392 | |
375 | Government National Mortgage Association Pool 462739, 7.500%, 5/15/2028 | 450 | |
206 | Government National Mortgage Association Pool 464835, 6.500%, 9/15/2028 | 242 | |
5,450 | Government National Mortgage Association Pool 469699, 7.000%, 11/15/2028 | 6,484 | |
4,248 | Government National Mortgage Association Pool 486760, 6.500%, 12/15/2028 | 4,967 | |
582 | Government National Mortgage Association Pool 780339, 8.000%, 30 Year, 12/15/2023 | 671 | |
5,994 | Government National Mortgage Association Pool 780453, 7.500%, 30 Year, 12/15/2025 | 7,048 | |
4,322 | Government National Mortgage Association Pool 780584, 7.000%, 30 Year, 6/15/2027 | 5,041 | |
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $180,018) | 204,155 | ||
FOREIGN GOVERNMENTS/AGENCIES—7.2% | |||
Sovereign—7.2% | |||
$500,000 | Belgium, Government of, Series 68, 2.25%, 6/22/2023 | 644,058 | |
280,000 | 2,3 | Belgium, Government of, Series 74, 0.8%, 6/22/2025 | 323,244 |
200,000 | Canada, Government of, Bond, 3.25%, 6/01/2021 | 170,992 | |
400,000 | Canada, Government of, Bond, 4.000%, 06/01/2016 | 305,142 | |
536,000 | France, Government of, 0.5%, 05/25/2025 | 604,873 | |
840,000 | France, Government of, 3.25%, 10/25/2021 | 1,107,540 | |
400,000 | France, Government of, Bond, 4.500%, 04/25/2041 | 743,324 | |
1,370,000 | Germany, Government of, 1.75%, 2/15/2024 | 1,745,990 | |
600,000 | Germany, Government of, Unsecd. Note, 1%, 8/15/2024 | 724,335 | |
650,000 | Italy, Government of, 2.15%, 12/15/2021 | 786,374 | |
200,000 | Italy, Government of, 2.5%, 5/01/2019 | 238,363 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
FOREIGN GOVERNMENTS/AGENCIES—continued | |||
Sovereign—continued | |||
$1,000,000 | Italy, Government of, 3.75%, 5/01/2021 | $1,292,400 | |
220,000 | Italy, Government of, 4.25%, 3/01/2020 | 282,247 | |
2,200,000 | Italy, Government of, 4.5%, 5/01/2023 | 3,047,598 | |
58,000 | 2,3 | Italy, Government of, Unsecd. Note, 3.25%, 9/01/2046 | 74,383 |
320,000,000 | Japan, Government of, Series 313, 1.3%, 3/20/2021 | 3,103,452 | |
170,000,000 | Japan, Government of, Series 65, 1.9%, 12/20/2023 | 1,784,236 | |
120,000,000 | Japan, Government of, Series 87, 2.2%, 3/20/2026 | 1,332,078 | |
247,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 114, 2.1%, 12/20/2029 | 2,865,655 | |
150,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 153, 1.3%, 06/20/2035 | 1,625,313 | |
30,000 | Mexico, Government of, Series MTNA, 6.750%, 09/27/2034 | 38,400 | |
850,000 | 2,3 | Netherlands, Government of, 1.75%, 7/15/2023 | 1,065,976 |
1,235,000 | Spain, Government of, 2.75%, 4/30/2019 | 1,481,373 | |
760,000 | 2,3 | Spain, Government of, Sr. Unsecd. Note, 2.75%, 10/31/2024 | 946,234 |
400,000 | 2,3 | Spain, Government of, Sr. Unsub., 4%, 4/30/2020 | 509,816 |
4,600,000 | Sweden, Government of, Series 1059, 1%, 11/12/2026 | 563,274 | |
1,410,000 | United Kingdom, Government of, 1.75%, 9/07/2022 | 2,123,962 | |
180,000 | United Kingdom, Government of, 3.25%, 1/22/2044 | 315,477 | |
1,670,000 | United Kingdom, Government of, 2.75%, 9/07/2024 | 2,685,411 | |
TOTAL FOREIGN GOVERNMENTS/AGENCIES (IDENTIFIED COST $31,578,066) | 32,531,520 | ||
MUNICIPAL BOND—0.0% | |||
Illinois—0.0% | |||
90,000 | Chicago, IL Metropolitan Water Reclamation District, Direct Payment Taxable Limited GO Build America Bonds, 5.720%, 12/01/2038 (IDENTIFIED COST $90,000) | 109,879 | |
U.S. TREASURY—3.0% | |||
1,016,730 | U.S. Treasury Inflation-Protected Note, 0.125%, 4/15/2020 | 1,029,585 | |
401,612 | U.S. Treasury Inflation-Protected Note, 0.375%, 7/15/2025 | 405,659 | |
100,000 | United States Treasury Bond, 2.500%, 5/15/2046 | 97,031 | |
503,000 | United States Treasury Bond, 3.000%, 11/15/2045 | 539,882 | |
10,200,000 | United States Treasury Note, 0.750%, 2/28/2018 | 10,180,811 | |
200,000 | United States Treasury Note, 1.625%, 2/15/2026 | 195,873 | |
1,300,000 | United States Treasury Note, 1.625%, 5/15/2026 | 1,274,000 | |
TOTAL U.S. TREASURY (IDENTIFIED COST $13,653,436) | 13,722,841 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
EXCHANGE-TRADED FUND—5.5% | |||
620,070 | iShares Core MSCI Emerging Markets ETF (IDENTIFIED COST $29,491,557) | $25,094,233 | |
PURCHASED PUT OPTION—0.0% | |||
2,338,560 | BNP GBP PUT/USD CALL (Put-Option) Strike Price: $1.4616; Expiration Date: 6/2/2016 (IDENTIFIED COST $27,184) | 22,275 | |
INVESTMENT COMPANIES—20.5%5 | |||
1,383,954 | Emerging Markets Fixed Income Core Fund | 49,722,359 | |
272,430 | Federated Bank Loan Core Fund | 2,707,953 | |
5,251,232 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 0.42%7 | 5,251,232 | |
2,352,605 | Federated Mortgage Core Portfolio | 23,478,998 | |
467,331 | Federated Project and Trade Finance Core Fund | 4,355,525 | |
1,258,558 | High Yield Bond Portfolio | 7,664,618 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $94,757,354) | 93,180,685 | ||
TOTAL INVESTMENTS—97.7% (IDENTIFIED COST $432,300,267)8 | 444,628,416 | ||
OTHER ASSETS AND LIABILITIES - NET—2.3%9 | 10,496,470 | ||
TOTAL NET ASSETS—100% | $455,124,886 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation (Depreciation) |
1Amsterdam Index Short Futures | 97 | $9,660,553 | June 2016 | $(199,946) |
1Australia 10-Year Bond Short Futures | 50 | $4,802,148 | June 2016 | $15,924 |
1CAC 40 10 Euro Short Futures | 80 | $3,987,739 | June 2016 | $(10,949) |
1DJIA Mini E-CBOT Short Futures | 74 | $6,576,380 | June 2016 | $(41,402) |
1Euro BTP Short Futures | 63 | $9,784,135 | June 2016 | $(20,107) |
1Euro STOXX 50 Short Futures | 71 | $2,411,814 | June 2016 | $(117,515) |
1FTSE 100 Index Short Futures | 117 | $10,539,373 | June 2016 | $(143,579) |
1FTSE JSE Top 40 Short Futures | 209 | $6,410,597 | June 2016 | $18,654 |
1FTSE/MIB Index Short Futures | 8 | $802,844 | June 2016 | $4,397 |
1Japan 10-Year Bond Short Futures | 3 | $4,118,752 | June 2016 | $(1,114) |
1KOSPI2 Index Short Futures | 116 | $11,842,843 | June 2016 | $(90,567) |
1Long GILT Short Futures | 83 | $14,756,149 | September 2016 | $46,643 |
1MSCI Singapore IX ETS Short Futures | 267 | $6,021,120 | June 2016 | $(19,507) |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation (Depreciation) |
1Mini MSCI Emerging Market Short Futures | 114 | $4,591,920 | June 2016 | $(106,543) |
1OMXS 30 Index Short Futures | 161 | $2,637,058 | June 2016 | $10,330 |
1Russell 2000 Mini Short Futures | 77 | $8,881,180 | June 2016 | $(216,204) |
1S&P/TSX 60 Index Short Futures | 90 | $11,252,831 | June 2016 | $(31,588) |
1Swiss Market Index Short Futures | 52 | $4,279,276 | June 2016 | $38,354 |
1United States Treasury Notes 10-Year Short Futures | 72 | $9,337,500 | September 2016 | $(16,488) |
1BIST 30 Long Futures | 696 | $2,264,517 | June 2016 | $(13,877) |
1Canada 10-Year Bond Long Futures | 116 | $12,820,284 | September 2016 | $1,847 |
1DAX Index Long Futures | 32 | $9,135,749 | June 2016 | $199,993 |
1Euro BUND Long Futures | 50 | $9,122,063 | June 2016 | $(4,579) |
1Hang Seng Index Long Futures | 60 | $7,904,256 | June 2016 | $115,099 |
1IBEX 35 Index Long Futures | 39 | $3,913,300 | June 2016 | $(7,606) |
1MSCI Taiwan Index Long Futures | 69 | $2,151,420 | June 2016 | $39,675 |
1NIKKEI 225 Long Futures | 85 | $6,551,452 | June 2016 | $119,024 |
1S&P 500 E-Mini Long Futures | 424 | $44,411,880 | June 2016 | $657,811 |
1SGX Nifty 50 Long Futures | 95 | $1,555,815 | June 2016 | $75,653 |
1SPI 200 Long Futures | 81 | $7,876,929 | June 2016 | $(48,506) |
1TOPIX Index Long Futures | 41 | $5,098,388 | June 2016 | $127,543 |
1United States Treasury Notes 2-Year Long Futures | 35 | $7,626,719 | September 2016 | $4,295 |
1United States Treasury Notes 10-Year Long Futures | 94 | $12,190,625 | September 2016 | $(5,632) |
1United States Ultra Bond Long Futures | 17 | $2,977,125 | September 2016 | $7,719 |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $387,252 |
Settlement Date | Counterparty | Foreign Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
Contracts Purchased: | ||||
06/01/2016 | JPMorgan Chase | 9,898,500 AUD | $7,221,504 | $(67,362) |
06/01/2016 | JPMorgan Chase | 9,605,000 CAD | $7,412,609 | $(88,096) |
06/01/2016 | JPMorgan Chase | 1,387,500 CHF | $1,400,552 | $(4,677) |
06/01/2016 | JPMorgan Chase | 8,219,000 EUR | $9,221,319 | $(76,446) |
06/01/2016 | JPMorgan Chase | 4,630,000 GBP | $6,647,569 | $58,290 |
06/01/2016 | JPMorgan Chase | 1,032,100,000 JPY | $9,369,784 | $(49,334) |
06/01/2016 | JPMorgan Chase | 174,895,000 MXN | $9,609,726 | $(133,789) |
06/01/2016 | JPMorgan Chase | 84,700,000 NOK | $10,337,961 | $(213,164) |
06/01/2016 | JPMorgan Chase | 15,299,000 NZD | $10,331,770 | $19,535 |
06/01/2016 | JPMorgan Chase | 85,124,046 SEK | $10,331,000 | $(125,932) |
06/01/2016 | JPMorgan Chase | 12,880,000 SGD | $9,327,689 | $25,299 |
06/01/2016 | JPMorgan Chase | 20,967,546 TRY | $7,024,000 | $78,587 |
06/06/2016 | Morgan Stanley | 520,000 GBP | $750,929 | $2,224 |
06/06/2016 | Citibank N.A. | 670,000 GBP | $970,578 | $(168) |
06/06/2016 | JPMorgan Chase | 930,000 GBP | $1,355,257 | $(8,271) |
06/08/2016 | Citibank N.A. | 4,185,500 AUD | $3,000,263 | $24,090 |
06/08/2016 | JPMorgan Chase | 8,709,500 AUD | $6,294,136 | $(837) |
06/08/2016 | JPMorgan Chase | 1,335,500 CAD | $1,017,956 | $429 |
06/08/2016 | JPMorgan Chase | 2,171,500 CHF | $2,192,661 | $(7,526) |
06/08/2016 | Citibank N.A. | 2,975,500 CHF | $2,999,615 | $(5,432) |
06/08/2016 | Citibank N.A. | 3,964,557 CHF | $4,000,000 | $(10,549) |
06/08/2016 | JPMorgan Chase | 7,590,000 EUR | $8,462,617 | $(16,040) |
06/08/2016 | JPMorgan Chase | 1,386,000 GBP | $2,008,686 | $(1,226) |
06/08/2016 | JPMorgan Chase | 812,393,000 JPY | $7,404,349 | $(67,121) |
06/08/2016 | JPMorgan Chase | 113,586,000 MXN | $6,174,905 | $(24,619) |
06/08/2016 | Citibank N.A. | 16,652,756 NOK | $2,000,000 | $(9,401) |
06/08/2016 | JPMorgan Chase | 59,868,500 NOK | $7,194,158 | $(37,736) |
06/08/2016 | JPMorgan Chase | 13,580,000 NZD | $9,192,514 | $(7,312) |
06/08/2016 | JPMorgan Chase | 76,399,000 SEK | $9,191,654 | $(30,693) |
06/08/2016 | JPMorgan Chase | 3,968,000 SGD | $2,884,107 | $(2,940) |
06/08/2016 | JPMorgan Chase | 12,880,000 SGD | $9,362,602 | $(10,428) |
06/08/2016 | JPMorgan Chase | 15,258,500 TRY | $5,090,200 | $68,568 |
06/15/2016 | Citibank N.A. | 14,446,000 AUD | $10,454,044 | $(18,320) |
06/15/2016 | Citibank N.A. | 13,681,500 CAD | $10,469,223 | $(36,379) |
06/15/2016 | JPMorgan Chase | 1,139,000 GBP | $1,666,576 | $(16,778) |
06/15/2016 | JPMorgan Chase | 275,301,650 JPY | $2,500,000 | $(12,933) |
06/15/2016 | Citibank N.A. | 192,908,000 MXN | $10,459,777 | $(22,451) |
Settlement Date | Counterparty | Foreign Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
06/15/2016 | JPMorgan Chase | 87,341,500 NOK | $10,451,638 | $(11,400) |
06/15/2016 | Citibank N.A. | 15,530,000 NZD | $10,473,302 | $27,210 |
06/15/2016 | JPMorgan Chase | 87,009,500 SEK | $10,462,676 | $(26,388) |
06/15/2016 | Citibank N.A. | 23,852,500 TRY | $8,069,744 | $(20,278) |
06/16/2016 | Citibank N.A. | 2,549,000,000 KRW | $2,149,785 | $(11,615) |
06/16/2016 | Barclays Bank PLC | 3,275,124,800 KRW | $2,775,765 | $(28,501) |
06/16/2016 | Barclays Bank PLC | 12,194,045,220 KRW | $10,326,935 | $(98,240) |
08/03/2016 | JPMorgan Chase | 3,500,000 EUR | $3,957,043 | $(54,511) |
08/03/2016 | BNP Paribas SA | 6,575,580 NOK | 1,100,000 SGD | $(12,069) |
08/03/2016 | JPMorgan Chase | 1,250,000 NZD | $843,219 | $(112) |
08/03/2016 | JPMorgan Chase | 1,250,000 NZD | $843,219 | $(112) |
08/03/2016 | JPMorgan Chase | 2,500,000 NZD | $1,682,928 | $3,286 |
08/03/2016 | Morgan Stanley | 8,425,200 SEK | $1,050,000 | $(37,441) |
08/03/2016 | Morgan Stanley | 8,434,650 SEK | $1,050,000 | $(36,306) |
09/12/2016 | JPMorgan Chase | 86,872,416 JPY | $800,000 | $(12,807) |
09/12/2016 | JPMorgan Chase | 248,939,955 JPY | $2,250,000 | $5,766 |
09/12/2016 | JPMorgan Chase | 849,318,375 JPY | $7,500,000 | $196,086 |
09/19/2016 | JPMorgan Chase | 1,932,523 DKK | 260,000 EUR | $(94) |
09/19/2016 | JPMorgan Chase | 1,080,000 EUR | $1,228,851 | $(22,596) |
09/19/2016 | Citibank N.A. | 1,250,000 GBP | $1,831,838 | $(19,932) |
09/20/2016 | JPMorgan Chase | 47,115,426 JPY | 300,000 GBP | $(7,785) |
09/20/2016 | JPMorgan Chase | 54,291,300 JPY | $500,000 | $(7,878) |
09/20/2016 | JPMorgan Chase | 383,730,585 JPY | $3,500,000 | $(21,685) |
Contracts Sold: | ||||
06/01/2016 | JPMorgan Chase | 4,134,000 AUD | $3,001,086 | $13,237 |
06/01/2016 | JPMorgan Chase | 5,764,500 AUD | $4,166,990 | $697 |
06/01/2016 | JPMorgan Chase | 3,888,000 CAD | $3,001,065 | $36,181 |
06/01/2016 | JPMorgan Chase | 5,717,000 CAD | $4,357,582 | $(2,047) |
06/01/2016 | JPMorgan Chase | 1,387,500 CHF | $1,422,809 | $26,934 |
06/01/2016 | JPMorgan Chase | 8,219,000 EUR | $9,324,145 | $179,272 |
06/01/2016 | JPMorgan Chase | 4,630,000 GBP | $6,709,989 | $4,130 |
06/01/2016 | JPMorgan Chase | 1,032,100,000 JPY | $9,487,029 | $166,579 |
06/01/2016 | JPMorgan Chase | 82,843,000 MXN | $4,507,116 | $18,623 |
06/01/2016 | JPMorgan Chase | 92,052,000 MXN | $5,002,034 | $14,590 |
06/01/2016 | JPMorgan Chase | 41,234,000 NOK | $5,002,926 | $73,931 |
06/01/2016 | JPMorgan Chase | 43,466,000 NOK | $5,223,232 | $27,430 |
06/01/2016 | JPMorgan Chase | 7,403,000 NZD | $5,002,624 | $(6,246) |
06/01/2016 | JPMorgan Chase | 7,896,000 NZD | $5,346,865 | $4,431 |
06/01/2016 | JPMorgan Chase | 41,436,000 SEK | $4,998,447 | $30,906 |
Settlement Date | Counterparty | Foreign Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
06/01/2016 | JPMorgan Chase | 43,688,046 SEK | $5,254,807 | $17,280 |
06/01/2016 | JPMorgan Chase | 12,880,000 SGD | $9,376,574 | $23,586 |
06/01/2016 | JPMorgan Chase | 8,929,000 TRY | $2,991,119 | $(33,507) |
06/01/2016 | JPMorgan Chase | 12,038,546 TRY | $4,023,339 | $(54,621) |
06/06/2016 | Morgan Stanley | 520,000 GBP | $752,887 | $(267) |
06/06/2016 | JPMorgan Chase | 930,000 GBP | $1,356,940 | $9,953 |
06/08/2016 | Citibank N.A. | 4,185,500 AUD | $3,010,988 | $(13,365) |
06/08/2016 | JPMorgan Chase | 8,709,500 AUD | $6,267,260 | $(26,039) |
06/08/2016 | JPMorgan Chase | 1,335,500 CAD | $1,023,525 | $5,140 |
06/08/2016 | JPMorgan Chase | 2,171,500 CHF | $2,188,394 | $3,259 |
06/08/2016 | Citibank N.A. | 2,975,500 CHF | $2,998,008 | $3,824 |
06/08/2016 | Citibank N.A. | 3,964,557 CHF | $3,994,546 | $5,095 |
06/08/2016 | JPMorgan Chase | 7,590,000 EUR | $8,517,266 | $70,689 |
06/08/2016 | JPMorgan Chase | 1,386,000 GBP | $2,026,088 | $18,628 |
06/08/2016 | JPMorgan Chase | 812,393,000 JPY | $7,376,171 | $38,943 |
06/08/2016 | JPMorgan Chase | 113,586,000 MXN | $6,143,005 | $(7,282) |
06/08/2016 | Citibank N.A. | 16,652,756 NOK | $2,000,385 | $9,787 |
06/08/2016 | JPMorgan Chase | 59,868,500 NOK | $7,191,714 | $35,292 |
06/08/2016 | JPMorgan Chase | 13,580,000 NZD | $9,118,170 | $(67,032) |
06/08/2016 | JPMorgan Chase | 76,399,000 SEK | $9,180,294 | $19,333 |
06/08/2016 | JPMorgan Chase | 3,968,000 SGD | $2,871,540 | $(9,627) |
06/08/2016 | JPMorgan Chase | 12,880,000 SGD | $9,324,975 | $(27,199) |
06/08/2016 | JPMorgan Chase | 15,258,500 TRY | $5,151,768 | $(7,000) |
06/15/2016 | JPMorgan Chase | 5,605,000 CHF | $5,658,565 | $16,544 |
06/15/2016 | JPMorgan Chase | 8,393,000 EUR | $9,370,340 | $27,819 |
06/15/2016 | JPMorgan Chase | 273,273,725 JPY | $2,500,000 | $31,253 |
06/15/2016 | JPMorgan Chase | 665,365,000 JPY | $5,982,968 | $(27,920) |
06/15/2016 | Citibank N.A. | 14,408,500 SGD | $10,451,454 | $(9,378) |
06/16/2016 | Citibank N.A. | 2,549,000,000 KRW | $2,155,019 | $16,849 |
06/16/2016 | Barclays Bank PLC | 15,469,170,020 KRW | $13,153,273 | $177,314 |
07/14/2016 | Barclays Bank PLC | 8,970,296,400 KRW | $7,533,000 | $12,270 |
08/03/2016 | JPMorgan Chase | 3,500,000 EUR | 32,585,270 SEK | $13,636 |
08/03/2016 | JPMorgan Chase | 1,250,000 NZD | $848,867 | $5,760 |
08/03/2016 | JPMorgan Chase | 1,250,000 NZD | $851,285 | $8,178 |
08/03/2016 | Bank of New York | 2,500,000 NZD | $1,724,538 | $38,324 |
08/03/2016 | Morgan Stanley | 16,753,800 SEK | $2,100,000 | $86,492 |
08/03/2016 | Morgan Stanley | 33,258,400 SEK | $4,000,000 | $2,934 |
09/12/2016 | JPMorgan Chase | 244,425,307 JPY | $2,250,000 | $35,144 |
09/12/2016 | JPMorgan Chase | 335,747,400 JPY | $3,000,000 | $(42,370) |
Settlement Date | Counterparty | Foreign Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
09/19/2016 | JPMorgan Chase | 1,800,000 GBP | $2,650,066 | $40,923 |
09/19/2016 | Citibank N.A. | 3,000,000 GBP | $4,408,896 | $60,323 |
09/20/2016 | JPMorgan Chase | 382,609,290 JPY | $3,500,000 | $31,849 |
NET UNREALIZED APPRECIATION ON FOREIGN EXCHANGE CONTRACTS | $103,122 |
1 | Non-income-producing security. |
2 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At May 31, 2016, these restricted securities amounted to $8,858,144, which represented 1.9% of total net assets. |
3 | Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At May 31, 2016, these liquid restricted securities amounted to $7,858,110, which represented 1.7% of total net assets. |
4 | Market quotations and price evaluations are not available. Fair value determined in accordance with procedures established by and under the general supervision of the Trustees. |
5 | Affiliated holdings and company. |
6 | Issuer in default. |
7 | 7-day net yield. |
8 | The cost of investments for federal tax purposes amounts to $432,254,829. |
9 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $130,553,380 | $— | $1,332 | $130,554,712 |
International | 14,381,135 | 98,349,652 | — | 112,730,787 |
Debt Securities: | ||||
Asset-Backed Securities | — | 758,012 | — | 758,012 |
Commercial Mortgage-Backed Security | — | 598,439 | — | 598,439 |
Collateralized Mortgage Obligations | — | 1,525,511 | — | 1,525,511 |
Corporate Bonds | — | 33,516,753 | 78,614 | 33,595,367 |
Foreign Governments/Agencies | — | 32,531,520 | — | 32,531,520 |
Mortgage-Backed Securities | — | 204,155 | — | 204,155 |
Municipal Bond | — | 109,879 | — | 109,879 |
U.S. Treasury | — | 13,722,841 | — | 13,722,841 |
Exchange-Traded Fund | 25,094,233 | — | — | 25,094,233 |
Purchased Put Option | — | 22,275 | — | 22,275 |
Investment Companies1 | 5,251,232 | — | — | 93,180,685 |
TOTAL SECURITIES | $175,279,980 | $181,339,037 | $79,946 | $444,628,416 |
Other Financial Instruments2 | ||||
Assets | $1,482,961 | $1,972,732 | $— | $3,455,693 |
Liabilities | $(1,095,709) | $(1,869,610) | — | (2,965,319) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $387,252 | $103,122 | $— | $490,374 |
1 | As permitted by U.S. generally accepted accounting principles (GAAP), Investment Companies valued at $87,929,453 are measured at fair value using the net asset value (NAV) per share practical expedient and have not been categorized in the chart above but are included in the Total column. The amount included herein is intended to permit reconciliation of the fair value classifications to the amounts presented on the Statement of Assets and Liabilities. The price of shares redeemed in Emerging Markets Fixed Income Core Fund, Federated Bank Loan Core Fund, Federated Mortgage Core Portfolio and High Yield Bond Portfolio is the next determined NAV after receipt of a shareholder redemption request. The price of shares redeemed of Federated Project and Trade Finance Core Fund may be determined as of the closing NAV of the fund up to twenty-four days after receipt of a shareholder redemption request. |
2 | Other financial instruments include futures contracts and foreign exchange contracts. |
AUD | —Australian Dollar |
CAD | —Canadian Dollar |
CHF | —Swiss Franc |
DKK | —Danish Krone |
EUR | —Euro |
GBP | —British Pound |
GO | —General Obligation |
JPY | —Japanese Yen |
KRW | —South Korean Won |
MBIA | —National Public Finance Guarantee Corp. (as restructured from |
MBIA Insurance Corp.) | |
MTN | —Medium Term Note |
MXN | —Mexican Peso |
NOK | —Norwegian Krone |
NZD | —New Zealand Dollar |
REIT(s) | —Real Estate Investment Trust(s) |
SEK | —Swedish Krona |
SGD | —Singapore Dollar |
TRY | —Turkish Lira |
Six Months Ended (unaudited) 5/31/2016 | Year Ended November 30, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $17.87 | $20.29 | $21.47 | $18.68 | $16.98 | $16.87 |
Income From Investment Operations: | ||||||
Net investment income | 0.171 | 0.271 | 0.181 | 0.171 | 0.181 | 0.201 |
Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts, written options and foreign currency transactions | (0.49) | (0.80) | 1.10 | 3.07 | 1.74 | 0.08 |
TOTAL FROM INVESTMENT OPERATIONS | (0.32) | (0.53) | 1.28 | 3.24 | 1.92 | 0.28 |
Less Distributions: | ||||||
Distributions from net investment income | (0.16) | (0.17) | (0.12) | (0.16) | (0.22) | (0.17) |
Distributions from net realized gain on investments, futures contracts, swap contracts, written options and foreign currency transactions | (0.01) | (1.72) | (2.34) | (0.29) | — | — |
TOTAL DISTRIBUTIONS | (0.17) | (1.89) | (2.46) | (0.45) | (0.22) | (0.17) |
Redemption Fees | — | — | 0.002 | — | — | — |
Net Asset Value, End of Period | $17.38 | $17.87 | $20.29 | $21.47 | $18.68 | $16.98 |
Total Return3 | (2.02)% | (2.80)% | 6.53% | 17.73% | 11.38% | 1.62% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.14%4 | 1.16% | 1.14% | 1.17% | 1.22% | 1.25%5 |
Net investment income | 1.94%4 | 1.45% | 0.93% | 0.88% | 1.01% | 1.14% |
Expense waiver/reimbursement6 | 0.18%4 | 0.13% | 0.10% | 0.10% | 0.07% | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $180,638 | $187,183 | $196,067 | $193,678 | $185,414 | $178,971 |
Portfolio turnover | 70% | 76% | 100% | 106% | 85% | 215% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 1.25% for the year ended November 30, 2011, after taking into account this expense reduction. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 5/31/2016 | Year Ended November 30, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $17.43 | $19.86 | $21.17 | $18.46 | $16.78 | $16.69 |
Income From Investment Operations: | ||||||
Net investment income | 0.091 | 0.121 | 0.021 | 0.011 | 0.031 | 0.061 |
Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts, written options and foreign currency transactions | (0.47) | (0.78) | 1.07 | 3.04 | 1.72 | 0.08 |
TOTAL FROM INVESTMENT OPERATIONS | (0.38) | (0.66) | 1.09 | 3.05 | 1.75 | 0.14 |
Less Distributions: | ||||||
Distributions from net investment income | (0.10) | (0.05) | (0.06) | (0.05) | (0.07) | (0.05) |
Distributions from net realized gain on investments, futures contracts, swap contracts, written options and foreign currency transactions | (0.01) | (1.72) | (2.34) | (0.29) | — | — |
TOTAL DISTRIBUTIONS | (0.11) | (1.77) | (2.40) | (0.34) | (0.07) | (0.05) |
Redemption Fees | — | — | 0.002 | — | — | — |
Net Asset Value, End of Period | $16.94 | $17.43 | $19.86 | $21.17 | $18.46 | $16.78 |
Total Return3 | (2.45)% | (3.59)% | 5.67% | 16.82% | 10.39% | 0.80% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.95%4 | 1.97% | 1.95% | 1.99% | 2.05% | 2.05%5 |
Net investment income | 1.12%4 | 0.64% | 0.12% | 0.06% | 0.19% | 0.33% |
Expense waiver/reimbursement6 | 0.20%4 | 0.12% | 0.10% | 0.10% | 0.07% | 0.12% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $18,312 | $21,384 | $26,163 | $30,675 | $28,853 | $30,424 |
Portfolio turnover | 70% | 76% | 100% | 106% | 85% | 215% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 2.05% for the year ended November 30, 2011, after taking into account this expense reduction. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 5/31/2016 | Year Ended November 30, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $17.37 | $19.80 | $21.11 | $18.40 | $16.72 | $16.62 |
Income From Investment Operations: | ||||||
Net investment income | 0.101 | 0.131 | 0.031 | 0.021 | 0.041 | 0.061 |
Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts, written options and foreign currency transactions | (0.47) | (0.78) | 1.07 | 3.03 | 1.71 | 0.09 |
TOTAL FROM INVESTMENT OPERATIONS | (0.37) | (0.65) | 1.10 | 3.05 | 1.75 | 0.15 |
Less Distributions: | ||||||
Distributions from net investment income | (0.10) | (0.06) | (0.07) | (0.05) | (0.07) | (0.05) |
Distributions from net realized gain on investments, futures contracts, swap contracts, written options and foreign currency transactions | (0.01) | (1.72) | (2.34) | (0.29) | — | — |
TOTAL DISTRIBUTIONS | (0.11) | (1.78) | (2.41) | (0.34) | (0.07) | (0.05) |
Redemption Fees | — | — | 0.002 | — | — | — |
Net Asset Value, End of Period | $16.89 | $17.37 | $19.80 | $21.11 | $18.40 | $16.72 |
Total Return3 | (2.44)% | (3.55)% | 5.70% | 16.89% | 10.51% | 0.90% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.89%4 | 1.91% | 1.89% | 1.95% | 1.98% | 2.02%5 |
Net investment income | 1.19%4 | 0.70% | 0.17% | 0.10% | 0.24% | 0.36% |
Expense waiver/reimbursement6 | 0.21%4 | 0.15% | 0.13% | 0.10% | 0.07% | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $88,457 | $89,640 | $81,703 | $71,450 | $60,315 | $52,187 |
Portfolio turnover | 70% | 76% | 100% | 106% | 85% | 215% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 2.02% for the year ended November 30, 2011, after taking into account this expense reduction. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 5/31/2016 | Year Ended November 30, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $17.74 | $20.16 | $21.40 | $18.62 | $16.92 | $16.81 |
Income From Investment Operations: | ||||||
Net investment income | 0.131 | 0.191 | 0.101 | 0.091 | 0.111 | 0.121 |
Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts, written options and foreign currency transactions | (0.48) | (0.80) | 1.08 | 3.07 | 1.73 | 0.09 |
TOTAL FROM INVESTMENT OPERATIONS | (0.35) | (0.61) | 1.18 | 3.16 | 1.84 | 0.21 |
Less Distributions: | ||||||
Distributions from net investment income | (0.13) | (0.09) | (0.08) | (0.09) | (0.14) | (0.10) |
Distributions from net realized gain on investments, futures contracts, swap contracts, written options and foreign currency transactions | (0.01) | (1.72) | (2.34) | (0.29) | — | — |
TOTAL DISTRIBUTIONS | (0.14) | (1.81) | (2.42) | (0.38) | (0.14) | (0.10) |
Redemption Fees | — | — | 0.002 | — | — | — |
Net Asset Value, End of Period | $17.25 | $17.74 | $20.16 | $21.40 | $18.62 | $16.92 |
Total Return3 | (2.30)% | (3.26)% | 6.06% | 17.29% | 10.90% | 1.23% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.57%4 | 1.59% | 1.57% | 1.57% | 1.65% | 1.68%5 |
Net investment income | 1.51%4 | 1.02% | 0.50% | 0.48% | 0.58% | 0.71% |
Expense waiver/reimbursement6 | 0.21%4 | 0.14% | 0.09% | 0.10% | 0.07% | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $55,079 | $59,229 | $67,588 | $67,769 | $62,627 | $54,878 |
Portfolio turnover | 70% | 76% | 100% | 106% | 85% | 215% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 1.68% for the year ended November 30, 2011, respectively, after taking into account this expense reduction. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 5/31/2016 | Year Ended November 30, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $17.98 | $20.40 | $21.54 | $18.74 | $17.04 | $16.91 |
Income From Investment Operations: | ||||||
Net investment income | 0.191 | 0.321 | 0.241 | 0.231 | 0.241 | 0.241 |
Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts, written options and foreign currency transactions | (0.49) | (0.80) | 1.10 | 3.08 | 1.74 | 0.10 |
TOTAL FROM INVESTMENT OPERATIONS | (0.30) | (0.48) | 1.34 | 3.31 | 1.98 | 0.34 |
Less Distributions: | ||||||
Distributions from net investment income | (0.19) | (0.22) | (0.14) | (0.22) | (0.28) | (0.21) |
Distributions from net realized gain on investments, futures contracts, swap contracts, written options and foreign currency transactions | (0.01) | (1.72) | (2.34) | (0.29) | — | — |
TOTAL DISTRIBUTIONS | (0.20) | (1.94) | (2.48) | (0.51) | (0.28) | (0.21) |
Redemption Fees | — | — | 0.002 | — | — | — |
Net Asset Value, End of Period | $17.48 | $17.98 | $20.40 | $21.54 | $18.74 | $17.04 |
Total Return3 | (1.92)% | (2.51)% | 6.85% | 18.07% | 11.69% | 1.99% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.85%4 | 0.87% | 0.85% | 0.89% | 0.94% | 0.95%5 |
Net investment income | 2.24%4 | 1.74% | 1.21% | 1.16% | 1.29% | 1.40% |
Expense waiver/reimbursement6 | 0.22%4 | 0.14% | 0.12% | 0.10% | 0.07% | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $112,639 | $115,108 | $62,451 | $48,353 | $35,929 | $33,979 |
Portfolio turnover | 70% | 76% | 100% | 106% | 85% | 215% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 0.95% for the year ended November 30, 2011, after taking into account this expense reduction. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Total investment in securities, at value including $93,180,685 of investment in affiliated holdings and $1,332 of investment in an affiliated company (Note 5) (identified cost $432,300,267) | $444,628,416 | |
Cash denominated in foreign currencies (identified cost $1,169,274) | 1,130,880 | |
Restricted cash (Note 2) | 10,317,650 | |
Income receivable | 1,511,312 | |
Receivable for shares sold | 1,033,770 | |
Unrealized appreciation on foreign exchange contracts | 1,972,732 | |
Receivable for daily variation margin on futures contracts | 260,695 | |
TOTAL ASSETS | 460,855,455 | |
Liabilities: | ||
Payable for investments purchased | $3,034,911 | |
Payable for shares redeemed | 499,062 | |
Unrealized depreciation on foreign exchange contracts | 1,869,610 | |
Bank overdraft | 600 | |
Payable to adviser (Note 5) | 7,214 | |
Payable for Directors'/Trustees' fees (Note 5) | 1,287 | |
Payable for distribution services fee (Note 5) | 90,599 | |
Payable for other service fees (Notes 2 and 5) | 58,334 | |
Accrued expenses (Note 5) | 168,952 | |
TOTAL LIABILITIES | 5,730,569 | |
Net assets for 26,352,354 shares outstanding | $455,124,886 | |
Net Assets Consist of: | ||
Paid-in capital | $463,828,472 | |
Net unrealized appreciation of investments, futures contracts and translation of assets and liabilities in foreign currency | 12,801,215 | |
Accumulated net realized loss on investments, futures contracts and foreign currency transactions | (22,868,224) | |
Undistributed net investment income | 1,363,423 | |
TOTAL NET ASSETS | $455,124,886 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($180,637,831 ÷ 10,396,265 shares outstanding), no par value, unlimited shares authorized | $17.38 | |
Offering price per share (100/94.50 of $17.38) | $18.39 | |
Redemption proceeds per share | $17.38 | |
Class B Shares: | ||
Net asset value per share ($18,311,510 ÷ 1,081,066 shares outstanding), no par value, unlimited shares authorized | $16.94 | |
Offering price per share | $16.94 | |
Redemption proceeds per share (94.50/100 of $16.94) | $16.01 | |
Class C Shares: | ||
Net asset value per share ($88,457,258 ÷ 5,237,741 shares outstanding), no par value, unlimited shares authorized | $16.89 | |
Offering price per share | $16.89 | |
Redemption proceeds per share (99.00/100 of $16.89) | $16.72 | |
Class R Shares: | ||
Net asset value per share ($55,079,048 ÷ 3,193,028 shares outstanding), no par value, unlimited shares authorized | $17.25 | |
Offering price per share | $17.25 | |
Redemption proceeds per share | $17.25 | |
Institutional Shares: | ||
Net asset value per share ($112,639,239 ÷ 6,444,254 shares outstanding), no par value, unlimited shares authorized | $17.48 | |
Offering price per share | $17.48 | |
Redemption proceeds per share | $17.48 |
Investment Income: | |||
Dividends (including $761,735 received from affiliated holdings (Note 5) and net of foreign taxes withheld of $241,078) | $4,645,473 | ||
Investment income allocated from affiliated partnership (Note 5) | 1,381,919 | ||
Interest | 869,564 | ||
TOTAL INCOME | 6,896,956 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,571,585 | ||
Administrative fee (Note 5) | 175,081 | ||
Custodian fees | 108,668 | ||
Transfer agent fee (Note 2) | 398,442 | ||
Directors'/Trustees' fees (Note 5) | 5,934 | ||
Auditing fees | 15,590 | ||
Legal fees | 5,881 | ||
Portfolio accounting fees | 81,759 | ||
Distribution services fee (Note 5) | 537,205 | ||
Other service fees (Notes 2 and 5) | 351,196 | ||
Share registration costs | 42,863 | ||
Printing and postage | 22,746 | ||
Miscellaneous (Note 5) | 29,638 | ||
EXPENSES BEFORE ALLOCATION | 3,346,588 | ||
Expenses allocated from affiliated partnership (Note 2) | 15,851 | ||
TOTAL EXPENSES | 3,362,439 |
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(342,241) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (109,410) | ||
TOTAL WAIVER AND REIMBURSEMENTS | $(451,651) | ||
Net expenses | $2,910,788 | ||
Net investment income | 3,986,168 | ||
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions: | |||
Net realized loss on investments (including realized loss of $(875,503) on sales of investments in affiliated holdings and realized gain of $5,676 on sales of investments in an affiliated company (Note 5)) and foreign currency transactions | (10,152,664) | ||
Net realized loss on futures contracts | (6,458,683) | ||
Net realized loss on investments and foreign currency transactions allocated from affiliated partnership (Note 5) | (976,044) | ||
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency | 5,547,616 | ||
Net change in unrealized appreciation of futures contracts | (1,266,221) | ||
Net realized and unrealized loss on investments, futures contracts and foreign currency transactions | (13,305,996) | ||
Change in net assets resulting from operations | $(9,319,828) |
Six Months Ended (unaudited) 5/31/2016 | Year Ended 11/30/2015 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $3,986,168 | $5,706,892 |
Net realized gain (loss) on investments including allocation from affiliated partnerships, futures contracts and foreign currency transactions | (17,587,391) | 1,645,019 |
Net change in unrealized appreciation/depreciation of investments, futures contracts and translation of assets and liabilities in foreign currency | 4,281,395 | (22,356,491) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (9,319,828) | (15,004,580) |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (1,679,324) | (1,712,110) |
Class B Shares | (111,510) | (59,916) |
Class C Shares | (520,026) | (245,024) |
Class R Shares | (411,487) | (294,064) |
Institutional Shares | (1,203,996) | (930,301) |
Distributions from net realized gain on investments, futures contracts and foreign currency transactions | ||
Class A Shares | (61,246) | (16,482,726) |
Class B Shares | (7,046) | (2,242,453) |
Class C Shares | (30,958) | (7,164,821) |
Class R Shares | (19,376) | (5,737,474) |
Institutional Shares | (37,846) | (5,179,616) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (4,082,815) | (40,048,505) |
Share Transactions: | ||
Proceeds from sale of shares | 62,510,413 | 173,670,988 |
Net asset value of shares issued to shareholders in payment of distributions declared | 3,823,306 | 37,916,243 |
Cost of shares redeemed | (70,350,332) | (117,963,371) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (4,016,613) | 93,623,860 |
Change in net assets | (17,419,256) | 38,570,775 |
Net Assets: | ||
Beginning of period | 472,544,142 | 433,973,367 |
End of period (including undistributed net investment income of $1,363,423 and $1,303,598, respectively) | $455,124,886 | $472,544,142 |
■ | Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market. |
■ | Fixed-income securities acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Fixed-income securities and repurchase agreements acquired with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security. |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
■ | With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts; |
■ | Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded; |
■ | Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry. |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $129,347 | $(27,902) |
Class B Shares | 20,969 | (4,509) |
Class C Shares | 76,184 | (26,719) |
Class R Shares | 97,067 | (15,879) |
Institutional Shares | 74,875 | (34,401) |
TOTAL | $398,442 | $(109,410) |
Other Service Fees Incurred | |
Class A Shares | $218,252 |
Class B Shares | 23,729 |
Class C Shares | 109,215 |
TOTAL | $351,196 |
Security | Acquisition Date | Cost | Market Value |
Regional Diversified Funding, Series 144A, 9.250%, 03/15/2030 | 3/10/2000 | $157,264 | $78,614 |
Union Central Life Insurance Co, Note, Series 144A, 8.200%, 11/01/2026 | 3/31/1999 | $790,785 | $921,420 |
Fair Value of Derivative Instruments | ||||
Asset | Liability | |||
Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||||
Interest rate contracts | Receivable for daily variation margin on futures | $28,508* | — | $— |
Equity contracts | Receivable for daily variation margin on futures | $358,744* | — | $— |
Foreign exchange contracts | Unrealized appreciation on foreign exchange contracts | $1,972,732 | Unrealized depreciation on foreign exchange contracts | $1,869,610 |
Foreign exchange contracts | Total investments in securities at value-options | $22,275 | — | $— |
Total derivatives not accounted for as hedging instruments under ASC Topic 815 | $2,382,259 | $1,869,610 |
* | Includes cumulative appreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | ||||
Futures Contracts | Foreign Exchange Contracts | Purchased Option Contracts | Total | |
Interest rate contracts | $(274,450) | $— | $— | $(274,450) |
Foreign exchange contracts | — | (995,978) | (191,731) | (1,187,709) |
Equity contracts | (6,184,233) | — | — | (6,184,233) |
TOTAL | $(6,458,683) | $(995,978) | $(191,731) | $(7,646,392) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | ||||
Futures Contracts | Foreign Exchange Contracts | Purchased Option Contracts | Total | |
Interest rate contracts | $126,453 | $— | $— | $126,453 |
Foreign exchange contracts | — | 219,997 | (4,909) | $215,088 |
Equity contracts | (1,392,674) | — | — | (1,392,674) |
TOTAL | $(1,266,221) | $219,997 | $(4,909) | $(1,051,133) |
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||
Transaction | Gross Asset Derivatives Presented in Statement of Assets and Liabilities | Financial Instrument | Collateral Received | Net Amount (not less than $0) |
Foreign exchange contracts | $1,972,732 | $(1,827,451) | $— | $145,281 |
TOTAL | $1,972,732 | $(1,827,451) | $— | $145,281 |
Transaction | Gross Liability Derivatives Presented in Statement of Assets and Liabilities | Financial Instrument | Collateral Received | Net Amount (not less than $0) |
Foreign exchange contracts | $1,869,610 | $(1,827,451) | $— | $42,159 |
TOTAL | $1,869,610 | $(1,827,451) | $— | $42,159 |
Six Months Ended 5/31/2016 | Year Ended 11/30/2015 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 869,400 | $14,812,065 | 2,138,430 | $39,609,988 |
Shares issued to shareholders in payment of distributions declared | 93,844 | 1,624,877 | 931,229 | 17,079,639 |
Shares redeemed | (1,041,660) | (17,626,151) | (2,257,896) | (41,553,323) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (78,416) | $(1,189,209) | 811,763 | $15,136,304 |
Six Months Ended 5/31/2016 | Year Ended 11/30/2015 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 43,480 | $720,351 | 166,063 | $3,010,179 |
Shares issued to shareholders in payment of distributions declared | 6,646 | 112,370 | 121,434 | 2,179,856 |
Shares redeemed | (196,091) | (3,236,949) | (377,949) | (6,851,605) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (145,965) | $(2,404,228) | (90,452) | $(1,661,570) |
Six Months Ended 5/31/2016 | Year Ended 11/30/2015 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 868,441 | $14,419,151 | 2,094,560 | $37,590,508 |
Shares issued to shareholders in payment of distributions declared | 30,080 | 507,147 | 386,550 | 6,915,927 |
Shares redeemed | (820,063) | (13,507,516) | (1,447,890) | (25,984,851) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 78,458 | $1,418,782 | 1,033,220 | $18,521,584 |
Six Months Ended 5/31/2016 | Year Ended 11/30/2015 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 420,546 | $7,082,189 | 807,794 | $14,882,182 |
Shares issued to shareholders in payment of distributions declared | 24,691 | 424,862 | 327,830 | 5,976,139 |
Shares redeemed | (590,341) | (9,944,423) | (1,150,660) | (21,202,613) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | (145,104) | $(2,437,372) | (15,036) | $(344,292) |
Six Months Ended 5/31/2016 | Year Ended 11/30/2015 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,497,424 | $25,476,657 | 4,247,690 | $78,578,131 |
Shares issued to shareholders in payment of distributions declared | 66,296 | 1,154,050 | 313,172 | 5,764,682 |
Shares redeemed | (1,523,084) | (26,035,293) | (1,219,122) | (22,370,979) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 40,636 | $595,414 | 3,341,740 | $61,971,834 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (250,391) | $(4,016,613) | 5,081,235 | $93,623,860 |
Expiration Year | Short-Term | Long-Term | Total |
2018 | $3,397,045 | NA | $3,397,045 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.150% | on the first $5 billion |
0.125% | on the next $5 billion |
0.100% | on the next $10 billion |
0.075% | on assets in excess of $20 billion |
Share Class Name | Percentage of Average Daily Net Assets of Class |
Class B Shares | 0.75% |
Class C Shares | 0.75% |
Class R Shares | 0.50% |
Distribution Services Fees Incurred | |
Class B Shares | $71,186 |
Class C Shares | 327,644 |
Class R Shares | 138,375 |
TOTAL | $537,205 |
Affiliates | Balance of Shares Held 11/30/2015 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 5/31/2016 | Value | Dividend Income |
Dyax Corp., CVR | — | 1,200 | — | 1,200 | $1,332 | $— |
Emerging Market Fixed Income Core Fund | Federated Bank Loan Core Fund | Federated Mortgage Core Portfolio | Federated Institutional Prime Value Obligations Fund, Institutional Shares | Federated Project and Trade Finance Core Fund | High Yield Bond Portfolio | Total of Affiliated Transactions | |
Balance of Shares Held 11/30/2015 | 1,324,502 | 334,858 | 1,919,615 | — | 1,526,203 | 2,220,152 | 7,325,330 |
Purchases/ Additions | 59,452 | 103,292 | 432,990 | 179,444,726 | 10,647 | 88,054 | 180,139,161 |
Sales/ Reductions | — | (165,720) | — | (174,193,494) | (1,069,519) | (1,049,648) | (176,478,381) |
Balance of Shares Held 5/31/2016 | 1,383,954 | 272,430 | 2,352,605 | 5,251,232 | 467,331 | 1,258,558 | 10,986,110 |
Value | $49,722,359 | $2,707,953 | $23,478,998 | $5,251,232 | $4,355,525 | $7,664,618 | $93,180,685 |
Dividend Income/ Allocated Investment Income | $1,381,919 | $65,523 | $307,058 | $13,174 | $99,383 | $276,597 | $2,143,654 |
Allocated Net Realized Gain (Loss) | $(976,044) | $— | $— | $— | $— | $— | $(976,044) |
Purchases | $272,399,592 |
Sales | $279,735,045 |
Beginning Account Value 12/1/2015 | Ending Account Value 5/31/2016 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $979.80 | $5.64 |
Class B Shares | $1,000 | $975.50 | $9.63 |
Class C Shares | $1,000 | $975.60 | $9.33 |
Class R Shares | $1,000 | $977.00 | $7.76 |
Institutional Shares | $1,000 | $980.80 | $4.21 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.30 | $5.76 |
Class B Shares | $1,000 | $1,015.25 | $9.82 |
Class C Shares | $1,000 | $1,015.55 | $9.52 |
Class R Shares | $1,000 | $1,017.15 | $7.92 |
Institutional Shares | $1,000 | $1,020.75 | $4.29 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.14% |
Class B Shares | 1.95% |
Class C Shares | 1.89% |
Class R Shares | 1.57% |
Institutional Shares | 0.85% |
![](https://capedge.com/proxy/N-CSRS/0001623632-16-003474/fedlogok.jpg)
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 314183203
CUSIP 314183302
CUSIP 314183401
CUSIP 314183500
2016 ©Federated Investors, Inc.
Item 2. Code of Ethics
Not Applicable
Item 3. Audit Committee Financial Expert
Not Applicable
Item 4. Principal Accountant Fees and Services
Not Applicable
Item 5. Audit Committee of Listed Registrants
Not Applicable
Item 6. Schedule of Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not Applicable |
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not Applicable |
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not Applicable |
Item 10. Submission of Matters to a Vote of Security Holders
No Changes to Report
Item 11. Controls and Procedures
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
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.
Registrant Federated Global Allocation Fund
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date July 26, 2016
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/ J. Christopher Donahue
J. Christopher Donahue
Principal Executive Officer
Date July 26, 2016
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date July 26, 2016