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, Pennsylvania 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: 11/30/16
Item 1. Reports to Stockholders
Share Class | Ticker |
A | FSTBX |
B | FSBBX |
C | FSBCX |
R | FSBKX |
Institutional | SBFIX |
R6 | FSBLX |
1 | The Fund's R6 Shares commenced operations on June 29, 2016. For the period prior to the commencement of operations of the R6 Shares, the performance information shown is for the Fund's A Shares adjusted to reflect the expenses of R6 Shares for each year for which the Fund's R6 expenses would have exceeded the actual expenses paid by the Fund's A Shares. |
2 | Please see the footnotes to the line graphs under “Fund Performance and Growth of a $10,000 Investment” below for the definition of, and more information about, the Blended Index. |
3 | The Fund's broad-based security market indexes are the S&P 500 Index and the Bloomberg Barclays U.S. Aggregate Bond Index, which had total returns of 8.06% and 2.17%, respectively. Please see the footnotes to the line graphs under “Fund Performance and Growth of a $10,000 Investment” below for the definition of, and more information about, the S&P 500 Index and the Bloomberg Barclays U.S. Aggregate Bond Index. |
4 | Please see the footnotes to the line graphs under “Fund Performance and Growth of a $10,000 Investment” below for the definition of, and more information about, the MWAFA. |
5 | The S&P 500 Index is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.* |
6 | The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe.* |
7 | International investing involves special risks including currency risk, increased volatility, political risks and differences in auditing and other financial standards. |
8 | The MSCI EAFE Index is an equity index which captures large- and mid-cap representation across developed markets countries around the world, excluding the United States and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country.* |
9 | The MSCI country indexes are designed to measure the performance of the large- and mid-cap segments of the respective country's market. The index covers approximately 85% of the free float-adjusted market capitalization in each country.* |
10 | The MSCI Europe Index captures large- and mid-cap representation across 15 developed markets countries in Europe.* |
11 | Prices of emerging markets securities can be significantly more volatile than the prices of securities in developed countries, and currency risk and political risks are accentuated in emerging markets. |
12 | The U.S. Dollar Index indicates the general international value of the U.S. dollar by averaging the exchange rates between the U.S. dollar and six major world currencies.* |
13 | Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices. |
14 | High-yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment-grade securities and may include higher volatility and higher risk of default. |
* | The index is unmanaged, and it is not possible to invest directly in an index. |
Federated Global Allocation Fund - | Institutional Shares | Class C Shares | Class A Shares | Blended Index | S&P 500 | BBAB | MWAFA |
F | F | F | I | I | I | I | |
11/30/2006 | 10,000 | 10,000 | 9,450 | 10,000 | 10,000 | 10,000 | 10,000 |
11/30/2007 | 10,964 | 10,905 | 10,384 | 11,272 | 10,772 | 10,605 | 11,337 |
11/30/2008 | 8,155 | 8,071 | 7,748 | 7,916 | 6,669 | 10,789 | 7,524 |
11/30/2009 | 9,932 | 9,755 | 9,440 | 10,243 | 8,362 | 12,044 | 9,688 |
11/30/2010 | 10,743 | 10,437 | 10,187 | 10,726 | 9,193 | 12,769 | 10,404 |
11/30/2011 | 10,957 | 10,531 | 10,352 | 11,005 | 9,913 | 13,474 | 10,540 |
11/30/2012 | 12,238 | 11,638 | 11,530 | 12,134 | 11,512 | 14,216 | 11,359 |
11/30/2013 | 14,455 | 13,603 | 13,581 | 13,655 | 14,999 | 13,988 | 12,369 |
11/30/2014 | 15,440 | 14,378 | 14,462 | 14,352 | 17,529 | 14,724 | 12,909 |
11/30/2015 | 15,085 | 13,908 | 14,088 | 13,918 | 18,010 | 14,867 | 12,356 |
11/30/2016 | 15,030 | 13,708 | 13,992 | 14,421 | 19,462 | 15,190 | 12,658 |
■ | Total returns shown for the Class A Shares include the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). |
■ | Total returns shown for Class C Shares include the maximum contingent deferred sales charge of 1.00% as applicable. |
1 Year | 5 Years | 10 Years | |
Class A Shares | -6.13% | 5.01 % | 3.41% |
Class B Shares | -6.83% | 5.02% | 3.34% |
Class C Shares | -2.41% | 5.41% | 3.20% |
Class R Shares | -1.12% | 5.76% | 3.54% |
Institutional Shares6 | -0.37% | 6.53% | 4.16% |
Class R6 Shares7 | -0.57% | 6.24% | 4.01% |
Blended Index | 3.62% | 5.56% | 3.73% |
S&P 500 | 8.06% | 14.45% | 6.89% |
BBAB | 2.17% | 2.43% | 4.27% |
MWAFA | 2.53% | 4.91% | 2.39% |
1 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450); for Class B Shares, the maximum contingent deferred sales charge is 5.50% on any redemption of shares held up to one year from the purchase date; for Class C Shares, the maximum contingent deferred sales charge is 1.00% on any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The Blended Index, S&P 500 and BBAB have been adjusted to reflect reinvestment of dividends on securities in the indexes. |
2 | The Blended Index is a custom blended index comprised of 60% of the MSCI ACWI and 40% of the BBGA. The MSCI ACWI captures large- and mid-cap representation across 23 developed markets countries and 23 emerging markets countries. The index covers approximately 85% of the global investable equity opportunity set. The BBGA is a measure of global investment grade debt from 24 different local currency markets. This multi-currency benchmark includes fixed-rate treasury, government-related, corporate and securitized bonds from both developed and emerging markets issuers. Effective August 24, 2016, the name changed from “Barclays Global Aggregate Bond Index” to “Bloomberg Barclays Global Aggregate Bond Index.” The indexes are not adjusted to reflect sales loads, expenses or other fees that the Securities and Exchange Commission (SEC) requires to be reflected in the Fund's performance. The indexes are unmanaged and, unlike the Fund, are not affected by cash flows. It is not possible to invest directly in an index. |
3 | The S&P 500 is an unmanaged, capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is not adjusted to reflect sales loads, expenses or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. |
4 | The BBAB is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities and commercial mortgage-backed securities. Effective August 24, 2016, the name changed from “Barclays U.S. Aggregate Bond Index” to “Bloomberg Barclays U.S. Aggregate Bond Index.” The index is not adjusted to reflect sales loads, expenses or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. |
5 | Morningstar figures represent the average of the total returns reported by all the funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges. The Morningstar figures in the Growth of $10,000 line graph are based on historical return information published by Morningstar and reflect the return of the funds comprising the category in the year of publication. Because the funds designated by Morningstar as falling into the category can change over time, the Morningstar figures in the line graph may not match the Morningstar figures in the Average Annual Total Returns table, which reflect the return of the funds that currently comprise the category. |
6 | The Fund's Institutional Shares commenced operations on June 12, 2009. For the period prior to the commencement of operations of Institutional Shares, the performance information shown is for the Fund's Class A Shares. The performance of Class A Shares has not been adjusted to reflect the expenses of Institutional Shares since Institutional Shares have a lower expense ratio than the expense ratio of the Class A Shares. The performance of Class A Shares has been adjusted to remove any voluntary waiver of Fund expenses related to the Class A Shares that may have occurred during the period prior to the commencement of operations of Institutional Shares. Additionally, the performance information shown below has been adjusted to reflect the absence of sales charges applicable to Class A Shares. |
7 | The Fund's R6 Shares commenced operations on June 29, 2016. For the period prior to the commencement of operations of the R6 Shares, the performance information shown is for the Fund's A Shares adjusted to reflect the expenses of R6 Shares for each year for which the Fund's R6 expenses would have exceeded the actual expenses paid by the Fund's A Shares. |
Portfolio Composition | Percentage of Total Net Assets2 |
Domestic Equity Securities | 30.2% |
International Equity Securities | 23.1% |
Corporate Debt Securities | 14.3% |
Foreign Debt Securities | 12.3% |
Mortgage-Backed Securities3 | 4.0% |
U.S. Treasury and Agency Securities | 2.6% |
Trade Finance Agreements | 1.0% |
Asset-Backed Securities | 0.9% |
Collateralized Mortgage-Backed Obligations | 0.8% |
Floating Rate Loan | 0.8% |
Commercial Mortgage-Backed Securities | 0.6% |
Municipal Securities4 | 0.0% |
Other Security Type5 | 6.5% |
Derivative Contracts6 | 0.2% |
Cash Equivalents7 | 2.3% |
Other Assets and Liabilities—Net8 | 0.4% |
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 and purchased call options. |
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 | 18.2% |
Consumer Discretionary | 13.5% |
Industrials | 13.4% |
Information Technology | 13.4% |
Health Care | 11.6% |
Consumer Staples | 7.1% |
Energy | 5.6% |
Materials | 4.8% |
Utilities | 4.4% |
Telecommunication Services | 4.1% |
Real Estate | 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—53.2% | |||
Consumer Discretionary—7.2% | |||
8,935 | 1 | AMC Networks, Inc. | $$493,659 |
3,811 | Adidas AG | 561,677 | |
10,400 | Aisin Seiki Co. | 452,294 | |
3,053 | 1 | Amazon.com, Inc. | 2,291,490 |
3,877 | 1 | Apollo Education Group, Inc. | 36,560 |
12,969 | Aristocrat Leisure Ltd. | 143,529 | |
694 | 1 | Asbury Automotive Group, Inc. | 40,773 |
45,885 | Barratt Developments PLC | 268,437 | |
753 | 1 | Belmond Ltd. | 9,751 |
3,028 | Bloomin' Brands, Inc. | 56,321 | |
74 | Bob Evans Farms, Inc. | 3,304 | |
1,787 | 1 | Burlington Stores, Inc. | 157,113 |
1,690 | 1 | Caesars Entertainment Corp. | 12,675 |
1,938 | Caleres, Inc. | 63,450 | |
5,242 | Callaway Golf Co. | 63,690 | |
415 | Cato Corp., Class A | 12,284 | |
69,236 | 1 | Clear Channel Outdoor Holdings, Inc., Class A | 377,336 |
851 | Clubcorp Holdings, Inc. | 11,063 | |
16,880 | Comcast Corp., Class A | 1,173,329 | |
15,317 | Compass Group PLC | 262,231 | |
3,004 | Continental Ag | 535,258 | |
373 | Cooper Tire & Rubber Co. | 14,286 | |
595 | Core Mark Holding Co., Inc. | 21,723 | |
333 | Daimler AG | 22,126 | |
3,729 | Dana Holding Corp. | 62,983 | |
4,533 | 1 | Denny's Corp. | 54,804 |
34,489 | Dixons Carphone PLC | 142,749 | |
6,832 | Dollarama, Inc. | 508,141 | |
6,245 | Dominos Pizza Enterprises Ltd. | 312,902 | |
627 | Drew Industries, Inc. | 65,898 | |
941 | 1 | Etsy, Inc. | 11,668 |
279 | 1 | Express, Inc. | 3,727 |
5,189 | Ferrari NV | 284,097 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
52,321 | Ford Motor Co. | $625,759 | |
5,300 | Fuji Heavy Industries | 221,125 | |
936 | 1 | G-III Apparel Group Ltd. | 25,422 |
125,275 | GKN PLC | 485,131 | |
666 | GNC Holdings, Inc. | 9,624 | |
9,505 | Gentex Corp. | 175,747 | |
800 | Hakuhodo DY Holdings, Inc. | 9,407 | |
117,558 | Harvey Norman Holdings Ltd. | 412,775 | |
9,732 | Home Depot, Inc. | 1,259,321 | |
7 | Husqvarna AB, Class B | 52 | |
39 | 1 | IRobot Corp. | 2,223 |
103,229 | ITV PLC | 216,781 | |
16,000 | Iida Group Holdings Co. Ltd. | 314,393 | |
15,191 | International Game Technology PLC | 391,624 | |
4,000 | Isuzu Motors Ltd. | 48,422 | |
679 | Jack in the Box, Inc. | 70,630 | |
1,883 | KB Home | 29,827 | |
52,232 | Kingfisher PLC | 230,389 | |
4,155 | L Brands, Inc. | 291,764 | |
4,411 | 1 | La Quinta Holdings, Inc. | 53,550 |
1,956 | La-Z-Boy, Inc. | 52,323 | |
17,462 | Lagardere SCA | 429,107 | |
350,000 | Li & Fung Ltd. | 153,198 | |
6,326 | 1 | Liberty Broadband Corp., Class A | 439,847 |
3,516 | 1 | Liberty Interactive Corp. QVC Group | 72,816 |
631 | 1 | Liberty Media Group, Class C | 19,656 |
758 | 1 | Liberty Sirius Group, Class C | 27,106 |
10,556 | Linamar Corp. | 406,586 | |
7,199 | Lowe's Cos., Inc. | 507,889 | |
256 | Luxottica Group S.p.A | 13,339 | |
7,461 | 1 | MGM Resorts International | 214,205 |
1,340 | 1 | MSG Networks, Inc. | 27,403 |
13,847 | Magna International, Inc. | 559,529 | |
779 | Marriott Vacations Worldwide Corp. | 60,482 | |
10,900 | Marui Group Co. Ltd. | 153,144 | |
8,536 | McDonald's Corp. | 1,018,089 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
168 | Meredith Corp. | $9,332 | |
35,300 | Mitsubishi Motors Corp. | 165,962 | |
2,331 | 1 | Mohawk Industries, Inc. | 460,233 |
227 | 1 | NVR, Inc. | 362,065 |
3,879 | 1 | NetFlix, Inc. | 453,843 |
4,276 | New York Times Co., Class A | 55,588 | |
924 | Nexstar Broadcasting Group, Inc., Class A | 55,117 | |
6,200 | Nissan Motor Co. Ltd. | 58,277 | |
1,673 | Nutri/System, Inc. | 61,483 | |
1,509 | 1 | Ollie's Bargain Outlet Holdings, Inc. | 45,345 |
317 | PVH Corp. | 33,583 | |
64,600 | Panasonic Corp. | 671,322 | |
126 | Pandora A/S | 14,963 | |
2,757 | 1 | Party City Holdco, Inc. | 44,250 |
9,218 | Penske Automotive Group, Inc. | 460,070 | |
4,356 | Persimmon PLC | 92,318 | |
1,303 | 1 | Pinnacle Entertainment, Inc. | 17,760 |
8,977 | ProSiebenSat.1 Media SE | 308,240 | |
9,144 | Realestate.com.au Ltd. | 348,130 | |
9,368 | SES SA | 202,495 | |
627,000 | SJM Holdings Ltd. | 506,884 | |
54,400 | Sands China Ltd. | 267,251 | |
12,700 | Sankyo Co. Ltd. | 405,391 | |
8,100 | Sega Sammy Holdings, Inc. | 122,467 | |
6,100 | Sekisui House Ltd. | 101,263 | |
1,800 | Shimamura Co. Ltd. | 215,334 | |
32 | 1 | Shutterfly, Inc. | 1,621 |
1,894 | 1 | Smith & Wesson Holding Corp. | 44,187 |
1,536 | Sonic Corp. | 40,090 | |
16,400 | Sony Corp. | 472,327 | |
6,686 | Starbucks Corp. | 387,587 | |
358 | Sturm Ruger & Co., Inc. | 18,401 | |
11,000 | Suzuki Motor Corp. | 360,935 | |
5,893 | TJX Cos., Inc. | 461,658 | |
47,333 | Taylor Woodrow PLC | 87,482 | |
2,529 | 1 | Tile Shop Hldgs., Inc. | 50,706 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
11,800 | Toho Co. Ltd. | $343,135 | |
15,900 | Toyoda Gosei Co. Ltd. | 351,446 | |
10,800 | Toyota Motor Corp. | 635,990 | |
2,784 | 1 | Ulta Salon Cosmetics & Fragrance, Inc. | 722,448 |
2,827 | Vail Resorts, Inc. | 447,797 | |
893 | 1 | Vista Outdoor, Inc. | 35,854 |
29,866 | Vivendi SA | 566,432 | |
50 | Volkswagen AG | 6,841 | |
16,980 | WPP PLC | 363,083 | |
7,159 | Walt Disney Co. | 709,600 | |
4,401 | Whirlpool Corp. | 714,898 | |
3,496 | 1,2,3 | Zalando SE | 130,279 |
TOTAL | 30,051,776 | ||
Consumer Staples—3.8% | |||
2,767 | Alimentation Couche-Tard, Inc., Class B | 127,690 | |
1,690 | Altria Group, Inc. | 108,042 | |
386 | Andersons, Inc. | 15,189 | |
1,628 | Anheuser-Busch InBev NV | 169,162 | |
4,725 | Archer-Daniels-Midland Co. | 204,262 | |
17,170 | 1 | Blue Buffalo Pet Products, Inc. | 402,293 |
10,098 | British American Tobacco PLC | 553,769 | |
5,508 | Brown-Forman Corp., Class B | 249,788 | |
8,091 | CVS Health Corp. | 622,117 | |
1,012 | Cal-Maine Foods, Inc. | 41,188 | |
783 | Calavo Growers, Inc. | 42,243 | |
134 | 1 | Central Garden & Pet Co., Class A | 3,668 |
501 | Church and Dwight, Inc. | 21,939 | |
10,960 | 1 | Coca-Cola HBC AG | 232,702 |
676 | Colgate-Palmolive Co. | 44,095 | |
16,861 | ConAgra Foods, Inc. | 618,630 | |
11,135 | Coty, Inc., Class A | 208,336 | |
2,733 | Dean Foods Co. | 54,277 | |
32,926 | Diageo PLC | 824,562 | |
4,534 | Energizer Holdings, Inc. | 203,441 | |
529 | Fresh Del Monte Produce, Inc. | 32,803 | |
1,667 | 1 | Herbalife Ltd. | 81,733 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
3,523 | Ingredion, Inc. | $413,530 | |
7,800 | Japan Tobacco, Inc. | 271,427 | |
28,745 | Koninklijke Ahold Delhaize NV | 566,961 | |
7,253 | Kraft Heinz Co. (The) | 592,207 | |
5,620 | 1 | Lamb Weston Holdings, Inc. | 188,158 |
49 | Lancaster Colony Corp. | 6,640 | |
4,619 | Marine Harvest ASA | 83,186 | |
9,804 | Metro, Inc. | 298,579 | |
4,774 | Molson Coors Brewing Co., Class B | 467,995 | |
16,861 | Nestle SA | 1,134,349 | |
3,675 | Nu Skin Enterprises, Inc. | 191,761 | |
13,642 | Orkla ASA | 121,464 | |
2,029 | PepsiCo, Inc. | 203,103 | |
1,607 | 1 | Performance Food Group Co. | 33,908 |
7,441 | Philip Morris International, Inc. | 656,891 | |
6,501 | Pinnacle Foods, Inc. | 322,190 | |
5,841 | 1 | Post Holdings, Inc. | 445,843 |
12,950 | Procter & Gamble Co. | 1,067,857 | |
81 | Sanderson Farms, Inc. | 6,533 | |
13,939 | Saputo, Inc. | 471,413 | |
11,010 | Sysco Corp. | 586,282 | |
13,257 | The Coca-Cola Co. | 534,920 | |
30,695 | Treasury Wine Estates Ltd. | 244,998 | |
6,740 | Tyson Foods, Inc., Class A | 382,899 | |
2,906 | 1 | US Foods Holding Corp. | 66,431 |
484 | 1 | USANA Health Sciences, Inc. | 29,500 |
2,082 | Unilever N.V. - CVA | 83,281 | |
192 | WD 40 Co. | 20,717 | |
12,351 | Wal-Mart Stores, Inc. | 869,881 | |
324 | Walgreens Boots Alliance, Inc. | 27,452 | |
113,827 | William Morrison Supermarkets PLC | 309,764 | |
13,600 | Yamazaki Baking Co. Ltd. | 272,137 | |
TOTAL | 15,834,186 | ||
Energy—3.0% | |||
103,999 | BP PLC | 603,325 | |
9,489 | Baker Hughes, Inc. | 610,427 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Energy—continued | |||
23,675 | CONSOL Energy, Inc. | $487,232 | |
2,228 | CVR Energy, Inc. | 37,274 | |
14,701 | Chevron Corp. | 1,640,044 | |
3,259 | Delek US Holdings, Inc. | 65,538 | |
87 | EOG Resources, Inc. | 8,919 | |
15,721 | Exxon Mobil Corp. | 1,372,443 | |
352 | 1 | FMSA Holdings, Inc. | 3,390 |
1,979 | Green Plains, Inc. | 53,631 | |
21,907 | Halliburton Co. | 1,163,043 | |
21,300 | Idemitsu Kosan Co. Ltd. | 488,989 | |
2,100 | Inpex Corp. | 20,708 | |
11,932 | Marathon Petroleum Corp. | 561,043 | |
8,626 | 1 | McDermott International, Inc. | 59,347 |
11,644 | Neste Oyj | 478,209 | |
3,585 | Nordic American Tanker Shipping Ltd. | 30,759 | |
476 | OMV AG | 15,418 | |
108 | 1 | PDC Energy, Inc. | 8,041 |
8,106 | 1 | Parsley Energy, Inc. | 309,244 |
21,837 | Petrofac Ltd. | 217,748 | |
24,858 | RPC, Inc. | 499,149 | |
21,716 | Royal Dutch Shell PLC, Class B | 579,471 | |
342 | Schlumberger Ltd. | 28,745 | |
106,444 | Snam SpA | 411,518 | |
10,645 | Suncor Energy, Inc. | 339,011 | |
7,878 | Technip SA | 548,860 | |
48,000 | TonenGeneral Sekiyu KK | 462,571 | |
6,585 | Total SA | 315,179 | |
460 | US Silica Holdings, Inc. | 23,281 | |
9,124 | Valero Energy Corp. | 561,673 | |
2,120 | Western Refining, Inc. | 76,044 | |
9,722 | World Fuel Services Corp. | 432,240 | |
TOTAL | 12,512,514 | ||
Financials—9.7% | |||
12,181 | AGEAS | 454,627 | |
16,800 | AIA Group Ltd. | 102,301 | |
82 | Argo Group International Holdings Ltd. | 5,203 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
31,575 | AXA SA | $743,922 | |
5,945 | Admiral Group PLC | 141,404 | |
14,442 | Aegon N.V. | 73,361 | |
6,262 | Allianz SE | 994,123 | |
15,428 | Allstate Corp. | 1,078,726 | |
25,364 | Ally Financial, Inc. | 492,569 | |
520 | 1 | Ambac Financial Group, Inc. | 12,740 |
5,024 | Ameriprise Financial, Inc. | 573,791 | |
196 | Amerisafe, Inc. | 12,456 | |
144,000 | Aozora Bank Ltd. | 500,968 | |
3,723 | Astoria Financial Corp. | 60,871 | |
155,500 | BOC Hong Kong (Holdings) Ltd. | 584,598 | |
207 | Banco Bilbao Vizcaya Argentaria SA | 1,278 | |
9,370 | Banco Santander SA | 42,761 | |
2,226 | Bancorpsouth, Inc. | 63,552 | |
11,875 | Bank Hapoalim Ltd. | 71,393 | |
69,932 | 1 | Bank Leumi Le-Israel | 284,438 |
103,218 | Bank of America Corp. | 2,179,964 | |
3,975 | Bank of Montreal | 261,972 | |
5,077 | Bank of Nova Scotia | 280,212 | |
22,412 | Bankia SA | 19,935 | |
33,212 | Barclays PLC | 89,640 | |
5,938 | 1 | Berkshire Hathaway, Inc., Class B | 934,879 |
822 | Blackrock, Inc. | 304,789 | |
1,264 | 1 | BofI Holding, Inc. | 29,868 |
4,070 | Boston Private Financial Holdings | 61,050 | |
4,144 | CNO Financial Group, Inc. | 74,178 | |
28,177 | CNP Assurances | 494,836 | |
3,239 | CVB Financial Corp. | 67,274 | |
6,403 | CYS Investments, Inc. | 51,480 | |
8,497 | Canadian Imperial Bank of Commerce | 670,373 | |
5,541 | Capstead Mortgage Corp. | 57,294 | |
1,837 | Cathay Bancorp, Inc. | 64,479 | |
1,099 | Chemical Financial Corp. | 57,016 | |
79,000 | Chiba Bank Ltd. | 481,157 | |
18,638 | Citigroup, Inc. | 1,050,997 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
1,500 | Colony Capital, Inc., Class A | $30,765 | |
3,802 | Commonwealth Bank of Australia, Sydney | 221,172 | |
31,100 | Concordia Financial Group Ltd. | 147,023 | |
159,446 | Corp Mapfre SA | 478,238 | |
48,154 | Credit Agricole SA | 540,938 | |
36,000 | Daiwa Securities Group, Inc. | 221,409 | |
11,113 | Danske Bank | 323,962 | |
55,700 | Direct Line Insurance Group PLC | 241,727 | |
10,112 | Discover Financial Services | 685,290 | |
3,448 | DnB ASA | 50,916 | |
1,446 | 1 | E*Trade Financial Corp. | 49,902 |
11,354 | East West Bancorp, Inc. | 543,630 | |
2,374 | Erste Group Bank AG | 66,022 | |
3,023 | EverBank Financial Corp. | 58,344 | |
4,346 | FNB Corp. | 66,407 | |
1,221 | 1 | FNFV Group | 15,629 |
1,884 | First American Financial Corp. | 71,102 | |
2,844 | First Midwest Bancorp, Inc. | 69,052 | |
107,000 | Fukuoka Financial Group, Inc. | 473,457 | |
17,504 | Gjensidige Forsikring ASA | 280,371 | |
1,360 | Great Western Bancorp, Inc. | 54,400 | |
1,412 | Great-West Lifeco, Inc. | 37,168 | |
203 | Groupe Bruxelles Lambert SA | 16,663 | |
104,621 | HSBC Holdings PLC | 831,488 | |
4,439 | Hannover Rueck SE | 470,859 | |
5,754 | Hanover Insurance Group, Inc. | 498,239 | |
6,818 | Hartford Financial Services Group, Inc. | 321,264 | |
2,740 | Home Bancshares, Inc. | 70,884 | |
3,393 | Hope Bancorp, Inc. | 67,521 | |
19,875 | ICAP PLC | 121,080 | |
493 | Iberiabank Corp. | 40,845 | |
6,687 | Industrial Alliance Insurance & Financial Services, Inc. | 283,499 | |
586 | Intact Financial Corp. | 40,788 | |
24,451 | Intesa Sanpaolo SpA | 54,018 | |
3,848 | Invesco Mortgage Capital, Inc. | 57,335 | |
5,508 | Investors Bancorp, Inc., New | 74,578 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
29,948 | JPMorgan Chase & Co. | $2,400,931 | |
313 | 1 | Julius Baer Group Ltd. | 13,832 |
715 | Kearny Financial Corp. | 10,832 | |
803 | LegacyTexas Financial Group, Inc. | 31,526 | |
100,986 | Legal & General Group PLC | 296,811 | |
7,159 | 1 | MBIA, Inc. | 74,382 |
6,545 | 1 | MGIC Investment Corp. | 59,363 |
2,736 | 1 | MTGE Investment Corp. | 45,691 |
6,106 | Macquarie Group Ltd. | 377,663 | |
18,585 | Morgan Stanley | 768,676 | |
17,868 | NN Group NV | 573,305 | |
1,485 | National Bank of Canada, Montreal | 55,628 | |
3,389 | 1 | Nationstar Mortgage Holdings, Inc. | 57,545 |
29,075 | Navient Corp. | 500,962 | |
1,332 | New Residential Investment Corp. | 20,579 | |
68,100 | Nomura Holdings, Inc. | 372,815 | |
62,480 | Nordea Bank AB | 656,065 | |
3,576 | Northwest Bancshares, Inc. | 64,976 | |
228,021 | Old Mutual PLC | 539,909 | |
783 | Old National Bancorp. | 13,350 | |
1,700 | Oversea-Chinese Banking Corp. Ltd. | 10,742 | |
4,887 | PNC Financial Services Group | 540,209 | |
1,044 | Partners Group Holding AG | 506,172 | |
2,334 | Pennymac Mortgage Investment Trust | 37,998 | |
104,295 | Platinum Asset Management Ltd. | 423,417 | |
2,576 | Popular, Inc. | 104,714 | |
1,146 | Primerica, Inc. | 81,022 | |
1,240 | PrivateBancorp, Inc. | 58,007 | |
15,901 | Progressive Corp. Ohio | 529,503 | |
12,517 | Prudential Corp. PLC | 241,844 | |
42,304 | RSA Insurance Group PLC | 286,091 | |
4,257 | Radian Group, Inc. | 61,982 | |
350 | Raiffeisen Bank International AG | 6,375 | |
3,595 | RenaissanceRe Holdings Ltd. | 469,363 | |
18,114 | Royal Bank of Canada, Montreal | 1,174,248 | |
14,714 | Scor Regroupe | 467,293 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
52,409 | Skand Enskilda BKN, Class A | $521,970 | |
9,141 | Societe Generale, Paris | 392,000 | |
22,700 | Sony Financial Holdings, Inc. | 336,238 | |
3,320 | Sterling Bancorp | 75,530 | |
443 | Sun Life Financial Services of Canada | 17,010 | |
40 | Svenska Handelsbanken AB, Class A | 555 | |
12,508 | Synchrony Financial | 432,277 | |
13,420 | TD Ameritrade Holding Corp. | 550,354 | |
14,167 | The Bank of New York Mellon Corp. | 671,799 | |
5,140 | The Travelers Cos, Inc. | 582,619 | |
64,492 | Three I Group | 555,677 | |
4,800 | Tokio Marine Holdings, Inc. | 211,112 | |
17,966 | Toronto-Dominion Bank | 850,219 | |
1,013 | Trustmark Corp. | 34,148 | |
263 | U.S. Bancorp | 13,050 | |
8,758 | UBS Group AG | 139,291 | |
576 | United Financial Bancorp, Inc. | 9,723 | |
23,151 | United Mizrahi Bank Ltd. | 324,220 | |
5,100 | United Overseas Bank Ltd. | 72,476 | |
882 | Universal Insurance Holdings, Inc. | 21,168 | |
759 | 1 | Walker & Dunlop, Inc. | 22,307 |
25,498 | Wells Fargo & Co. | 1,349,354 | |
3,437 | Westpac Banking Corp. Ltd. | 79,734 | |
TOTAL | 40,399,112 | ||
Health Care—6.2% | |||
14,337 | AbbVie, Inc. | 871,690 | |
4,014 | 1 | Actelion Ltd. | 771,316 |
3,695 | Aetna, Inc. | 483,454 | |
8,381 | 1 | Agios Pharmaceuticals, Inc. | 487,858 |
1,737 | 1 | Alexion Pharmaceuticals, Inc. | 212,939 |
13,000 | Alfresa Holdings Corp. | 210,219 | |
908 | Allergan PLC | 176,424 | |
1,040 | 1 | Amedisys, Inc. | 41,070 |
6,579 | Amgen, Inc. | 947,837 | |
335 | 1 | Amphastar Pharmaceuticals, Inc. | 6,790 |
4,574 | Anthem, Inc. | 651,932 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
1,419 | 1 | Array BioPharma, Inc. | $11,487 |
609 | AstraZeneca PLC | 31,493 | |
6,430 | Baxter International, Inc. | 285,299 | |
1,406 | Bayer AG | 131,952 | |
15,060 | Bristol-Myers Squibb Co. | 849,986 | |
18,134 | Bruker Corp. | 411,280 | |
2,020 | CIGNA Corp. | 272,175 | |
8,782 | CSL Ltd. | 634,782 | |
1,267 | 1 | Cambrex Corp. | 63,477 |
155 | Cardinal Health, Inc. | 11,007 | |
2,529 | 1 | Catalent, Inc. | 60,519 |
4,405 | 1 | Celgene Corp. | 522,037 |
4,857 | Cochlear Ltd. | 424,528 | |
61 | Coloplast, Class B | 3,865 | |
193 | 1 | Cotiviti Holdings, Inc. | 5,749 |
1,050 | 1 | Cynosure, Inc., Class A | 47,618 |
22,500 | Daiichi Sankyo Co. Ltd. | 475,792 | |
4,736 | Danaher Corp. | 370,213 | |
1,200 | 1,4,5 | Dyax Corp., CVR | 1,332 |
1,339 | 1 | Emergent Biosolutions, Inc. | 35,832 |
6,307 | 1 | Express Scripts Holding Co. | 478,575 |
2,626 | 1 | FibroGen, Inc. | 58,166 |
8,575 | Fresenius SE & Co KGaA | 615,416 | |
89 | Galenica Holding AG | 94,103 | |
364 | 1 | Genmab A/S | 62,885 |
1,703 | 1 | Genomic Health, Inc. | 51,822 |
7,078 | Gilead Sciences, Inc. | 521,649 | |
45,270 | GlaxoSmithKline PLC | 844,926 | |
4,583 | 1 | HCA Holdings, Inc. | 324,889 |
590 | 1 | HMS Holdings Corp. | 10,809 |
1,553 | 1 | Haemonetics Corp. | 61,545 |
164 | 1 | Halozyme Therapeutics, Inc. | 1,937 |
1,637 | 1 | Halyard Health, Inc. | 60,815 |
1,810 | 1 | Healthways, Inc. | 41,992 |
2,781 | 1 | Henry Schein, Inc. | 414,258 |
3,089 | Humana, Inc. | 656,845 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
1,252 | 1 | INC Research Holdings, Inc., Class A | $61,974 |
716 | 1 | Illumina, Inc. | 95,328 |
1,516 | 1 | Impax Laboratories, Inc. | 21,906 |
5,306 | 1 | Incyte Genomics, Inc. | 542,751 |
2,719 | 1 | Intercept Pharmaceuticals, Inc. | 274,945 |
7,741 | Johnson & Johnson | 861,573 | |
164 | Kindred Healthcare, Inc. | 1,091 | |
7,465 | Lilly (Eli) & Co. | 501,051 | |
1,357 | Lonza AG | 242,383 | |
673 | 1 | MacroGenics, Inc. | 17,451 |
1,076 | 1 | Magellan Health, Inc. | 78,333 |
7,900 | Medipal Holdings Corp. | 112,925 | |
7,511 | Medtronic PLC | 548,378 | |
10,079 | Merck & Co., Inc. | 616,734 | |
1,894 | 1 | Merit Medical Systems, Inc. | 44,604 |
5,878 | 1 | MiMedx Group, Inc. | 55,723 |
11,300 | Mitsubishi Tanabe Pharma Corp. | 214,921 | |
1,038 | 1 | Natus Medical, Inc. | 41,364 |
15,022 | Nova Nordisk AS, Class B | 507,167 | |
11,159 | Novartis AG - REG | 767,936 | |
1,074 | 1 | Nxstage Medical, Inc. | 26,549 |
737 | 1 | Omnicell, Inc. | 26,421 |
1,003 | 1 | PRA Health Sciences, Inc. | 53,881 |
1,035 | 1 | Parexel International Corp. | 61,065 |
31,014 | Pfizer, Inc. | 996,790 | |
1,959 | 1 | PharMerica Corp. | 47,114 |
13,541 | 1 | Premier, Inc. | 408,126 |
132 | 1 | Prestige Brands Holdings, Inc. | 6,279 |
4,002 | Quality Systems, Inc. | 52,506 | |
5,727 | 1 | Quintiles Transnational Holdings, Inc. | 440,005 |
748 | 1 | Regeneron Pharmaceuticals, Inc. | 283,672 |
1,813 | 1 | Repligen Corp. | 58,379 |
1,540 | Roche Holding AG-GENUSSCHEIN | 342,447 | |
6,363 | Roche Holding AG-GENUSSCHEIN | 1,414,929 | |
4,418 | Sanofi | 355,607 | |
4,765 | Shire PLC | 277,441 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
2,306 | 1 | Supernus Pharmaceuticals, Inc. | $49,694 |
282 | 1 | Surgical Care Affiliates, Inc. | 11,858 |
1,600 | Taisho Pharmaceutical Holdings Co. Ltd. | 138,688 | |
6,899 | UnitedHealth Group, Inc. | 1,092,250 | |
257 | 1 | Vertex Pharmaceuticals, Inc. | 20,974 |
422 | 1 | Wellcare Health Plans, Inc. | 57,822 |
62 | 1 | Wright Medical Group NV | 1,428 |
TOTAL | 25,645,047 | ||
Industrials—7.1% | |||
1,665 | AAR Corp. | 61,422 | |
13,856 | ABB Ltd. | 281,493 | |
719 | ABM Industries, Inc. | 31,636 | |
2,111 | Actuant Corp. | 54,780 | |
4,595 | Alaska Air Group, Inc. | 378,031 | |
30,720 | Alfa Laval | 459,565 | |
939 | Andritz AG | 48,446 | |
17,903 | Ashtead Group PLC | 351,012 | |
49,556 | BAE Systems PLC | 372,337 | |
9,927 | 1 | BWX Technologies, Inc. | 388,741 |
2,970 | 1 | Babcock & Wilcox Enterprises, Inc. | 47,342 |
23,147 | Bollore SA | 75,862 | |
11,914 | Boskalis Westminster N.V. | 370,797 | |
13,557 | Bouygues SA | 458,970 | |
989 | Brady (W.H.) Co. | 36,346 | |
121 | Brenntag AG | 6,341 | |
290 | 1 | Builders Firstsource, Inc. | 3,207 |
9,145 | Bunzl PLC | 235,117 | |
10,361 | CIMIC Group Ltd. | 236,180 | |
10,581 | Canadian National Railway Co. | 707,422 | |
2,000 | Central Japan Railway Co. | 331,254 | |
1,548 | Cintas Corp. | 177,401 | |
2,292 | 1 | Continental Building Product, Inc. | 51,341 |
4,633 | DSV, De Sammensluttede Vognmad AS | 208,627 | |
49,000 | Dai Nippon Printing Co. Ltd. | 471,113 | |
10,404 | Delta Air Lines, Inc. | 501,265 | |
36,417 | Deutsche Lufthansa AG | 471,921 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
20,897 | Deutsche Post AG | $652,633 | |
2,191 | 1 | DigitalGlobe, Inc. | 70,441 |
18,555 | Edenred | 389,750 | |
688 | EnPro Industries, Inc. | 41,830 | |
4,000 | Fanuc Ltd. | 687,222 | |
1,365 | Geberit International AG | 539,184 | |
2,074 | General Dynamics Corp. | 363,676 | |
23,595 | General Electric Co. | 725,782 | |
389 | HNI Corp. | 20,527 | |
1,273 | 1 | Hawaiian Holdings, Inc. | 65,369 |
7,243 | Heico Corp., Class A | 486,730 | |
13,051 | 1 | Herc Holdings, Inc. | 518,647 |
3,571 | 1 | Hertz Global Holdings, Inc. | 89,918 |
1,880 | Hillenbrand, Inc. | 65,800 | |
3,582 | Hochtief AG | 508,718 | |
4,673 | Huntington Ingalls Industries, Inc. | 835,345 | |
928,700 | Hutchison Port Holdings TR-U | 389,447 | |
32,373 | IMI PLC | 391,656 | |
4,965 | Illinois Tool Works, Inc. | 621,519 | |
5,657 | Ingersoll-Rand PLC | 421,673 | |
789 | Insperity, Inc. | 57,124 | |
2,280 | Interface, Inc. | 39,672 | |
5,340 | Intertek Group PLC | 219,157 | |
17,700 | JTEKT Corp. | 290,172 | |
3,100 | Japan Airlines Co. Ltd. | 92,658 | |
295 | 1 | Jet Blue Airways Corp. | 5,927 |
51,000 | Kamigumi Co. Ltd. | 473,874 | |
2,186 | Knoll, Inc. | 57,951 | |
156 | Kone Corp., OYJ, Class B | 6,871 | |
15,186 | Koninklijke Philips NV | 435,457 | |
1,101 | Korn/Ferry International | 27,943 | |
517 | Kuehne & Nagel International AG - REG | 67,399 | |
3,214 | L-3 Communications Holdings, Inc. | 507,073 | |
245 | 1 | MOOG, Inc., Class A | 17,108 |
3,545 | 1 | MRC Global, Inc. | 71,361 |
313 | MSA Safety, Inc. | 19,456 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
5,830 | Manpower Group, Inc. | $497,940 | |
18,734 | Masco Corp. | 592,931 | |
2,053 | 1 | Mastec, Inc. | 77,911 |
4,058 | 1 | Meritor, Inc. | 51,212 |
1,807 | Miller Herman, Inc. | 58,727 | |
1,796 | Mueller Industries, Inc. | 68,230 | |
4,778 | Mueller Water Products, Inc. | 63,213 | |
15,300 | NGK Insulators Ltd. | 298,511 | |
1,845 | 1 | NOW, Inc. | 39,741 |
8,829 | Osram Licht AG | 449,627 | |
5,788 | Owens Corning, Inc. | 297,387 | |
4,016 | Parker-Hannifin Corp. | 557,943 | |
695 | Prysmian S.p.A | 16,595 | |
30,674 | Qantas Airways Ltd. | 75,037 | |
576 | R.R. Donnelley & Sons Co. | 10,017 | |
4,343 | Raytheon Co. | 649,452 | |
9,212 | Randstad Holdings N.V. | 466,191 | |
18,820 | Relx PLC | 323,132 | |
19,055 | Rexel SA | 293,688 | |
2,795 | 1 | Rexnord Corp. | 61,490 |
34,003 | Royal Mail PLC | 199,364 | |
5,502 | SNC-Lavalin Group, Inc. | 233,138 | |
864 | 1 | SPX Corp. | 21,107 |
2,522 | Schindler Holding AG | 446,917 | |
6,100 | Sembcorp Industries Ltd. | 11,462 | |
108,300 | Sembcorp Marine Ltd. | 104,806 | |
11,000 | Shimizu Corp. | 102,684 | |
1,425 | Siemens AG | 160,891 | |
10,400 | Singapore Technologies Engineering Ltd. | 24,453 | |
2,675 | Skf B | 47,975 | |
1,899 | SkyWest, Inc. | 69,978 | |
1,437 | Smith (A.O.) Corp. | 69,881 | |
16,569 | Smiths Group PLC | 291,747 | |
13,264 | Southwest Airlines Co. | 618,235 | |
6,658 | Stanley Black & Decker, Inc. | 789,839 | |
3,011 | Steelcase, Inc., Class A | 46,821 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
83,000 | Sumitomo Heavy Industries | $512,066 | |
1,676 | 1 | Swift Transportation Co. | 41,850 |
10,000 | Taisei Corp. | 72,982 | |
27,000 | Tobu Railway Co. Ltd. | 130,753 | |
54,000 | Tokyu Corp. | 408,449 | |
9,320 | Toro Co. | 493,308 | |
2,848 | 1 | TriMas Corp. | 61,090 |
524 | Triumph Group, Inc. | 14,567 | |
182 | 1 | TrueBlue, Inc. | 3,813 |
3,248 | Union Pacific Corp. | 329,120 | |
9,627 | United Parcel Service, Inc. | 1,115,962 | |
2,220 | 1 | Univar, Inc. | 55,278 |
3,584 | Vestas Wind Systems A/S | 236,880 | |
7,174 | Volvo AB | 76,403 | |
4,563 | Wolters Kluwer NV | 163,955 | |
9,066 | Xylem, Inc. | 467,624 | |
7,400 | Yamato Holdings Co. Ltd. | 149,919 | |
3,800 | Yangzijiang Shipbuilding Holdings Ltd. | 2,166 | |
6,416 | Zardoya Otis SA | 50,116 | |
TOTAL | 29,667,613 | ||
Information Technology—7.1% | |||
1,140 | 1 | 8x8, Inc. | 15,561 |
2,384 | 1 | ACI Worldwide, Inc. | 44,366 |
434 | AVX Corp. | 6,592 | |
194 | Accenture PLC | 23,169 | |
1,745 | 1 | Adobe Systems, Inc. | 179,403 |
1,189 | 1 | Advanced Energy Industries, Inc. | 65,645 |
10,505 | 1 | Advanced Micro Devices, Inc. | 93,600 |
1,507 | Alliance Data Systems Corp. | 344,771 | |
1,617 | 1 | Alphabet, Inc., Class A | 1,254,598 |
1,773 | 1 | Alphabet, Inc., Class C | 1,344,005 |
5,171 | 1 | Amkor Technology, Inc. | 61,121 |
27,307 | Apple, Inc. | 3,017,970 | |
31,526 | Applied Materials, Inc. | 1,015,137 | |
77,482 | 2,3 | Auto Trader Group PLC | 387,491 |
4,026 | 1 | Bankrate, Inc. | 41,267 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
2,165 | 1 | Benchmark Electronics, Inc. | $61,378 |
134 | 1 | Benefitfocus, Inc. | 3,658 |
1,701 | Broadcom Ltd. | 290,004 | |
24,200 | Brother Industries Ltd. | 424,105 | |
16,905 | CSRA, Inc. | 541,129 | |
364 | 1 | Cavium, Inc. | 20,759 |
21,306 | Cisco Systems, Inc. | 635,345 | |
27,549 | 1 | CommerceHub, Inc., Class C | 406,348 |
14,445 | 1 | CommScope Holdings Co., Inc. | 519,731 |
6,357 | Computer Sciences Corp. | 385,425 | |
1,365 | 1 | Cornerstone OnDemand, Inc. | 49,017 |
9,559 | 1 | Dell Technologies, Inc. | 511,980 |
1,027 | Diebold, Inc. | 23,416 | |
311 | 1 | Diodes, Inc. | 7,573 |
17,715 | 1 | eBay, Inc. | 492,654 |
3,966 | 1 | Endurance International Group Holdings, Inc. | 31,530 |
630 | 1 | Entegris, Inc. | 11,309 |
45,724 | Ericsson LM, Class B | 234,345 | |
3,463 | Evertec, Inc. | 63,200 | |
16,833 | 1 | Facebook, Inc. | 1,993,364 |
2,267 | 1 | Finisar Corp. | 75,332 |
919 | 1 | GOGO, Inc. | 8,629 |
1,040 | 1 | Gigamon, Inc. | 55,484 |
154,700 | GungHo Online Entertainment, Inc. | 347,587 | |
12,028 | 1 | Ingram Micro, Inc., Class A | 450,328 |
11,407 | Intel Corp. | 395,823 | |
842 | InterDigital, Inc. | 66,686 | |
882 | International Business Machines Corp. | 143,078 | |
4,605 | 1 | InvenSense, Inc. | 35,182 |
1,355 | 1 | Ixia | 18,631 |
6,306 | KLA-Tencor Corp. | 503,471 | |
2,915 | Lam Research Corp. | 309,048 | |
8,064 | Linear Technology Corp. | 504,242 | |
992 | 1 | LinkedIn Corp. | 193,678 |
1,015 | 1 | Macom Technology Solutions Holdings, Inc. | 50,567 |
7,594 | 1 | Manhattan Associates, Inc. | 397,926 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
611 | Marvell Technology Group Ltd. | $8,762 | |
1,287 | Mastercard, Inc., Class A | 131,531 | |
1,445 | 1 | MaxLinear, Inc. | 29,521 |
2,258 | Mentor Graphics Corp. | 82,530 | |
292 | 1 | Microsemi Corp. | 15,987 |
28,192 | Microsoft Corp. | 1,698,850 | |
10,500 | Mixi, Inc. | 367,551 | |
737 | Monotype Imaging Holdings, Inc. | 14,445 | |
6,344 | 1 | NCR Corp. | 245,830 |
10,295 | NVIDIA Corp. | 949,199 | |
717 | 1 | Netgear, Inc. | 38,503 |
6,471 | Oracle Corp. | 260,070 | |
7,474 | 1 | PayPal Holdings, Inc. | 293,579 |
277 | 1 | Perficient, Inc. | 4,986 |
1,739 | Progress Software Corp. | 51,422 | |
1,082 | Qualcomm, Inc. | 73,717 | |
2,124 | SAP SE | 177,779 | |
55,910 | STMicroelectronics N.V. | 570,282 | |
24,868 | Sage Group PLC (The) | 204,162 | |
5,045 | 1 | Salesforce.com, Inc. | 363,240 |
925 | Science Applications International Corp. | 76,377 | |
2,304 | 1 | Semtech Corp. | 64,742 |
166 | 1 | Sykes Enterprises, Inc. | 4,678 |
34,428 | Symantec Corp. | 839,699 | |
7,793 | 1 | Synopsys, Inc. | 471,321 |
2,515 | Syntel, Inc. | 48,791 | |
7,300 | TDK Corp. | 501,921 | |
4,845 | TE Connectivity Ltd. | 327,716 | |
4,459 | Texas Instruments, Inc. | 329,654 | |
3,063 | 1 | TiVo Corp. | 62,026 |
4,900 | Tokyo Electron Ltd. | 456,598 | |
3,461 | Travelport Worldwide Ltd. | 48,454 | |
12,295 | 1 | Trimble Navigation Ltd. | 346,596 |
872 | 1 | Ubiquiti Networks, Inc. | 48,797 |
883 | 1 | Universal Display Corp. | 48,256 |
5,744 | 1 | VMware, Inc., Class A | 466,068 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
6,498 | 1 | Vantiv, Inc. | $366,682 |
1,268 | 1 | Verint Systems, Inc. | 47,613 |
7,981 | Viavi Solutions, Inc. | 62,651 | |
2,757 | Visa, Inc., Class A | 213,171 | |
4,137 | Vishay Intertechnology, Inc. | 62,676 | |
3,161 | 1 | Web.com Group, Inc. | 50,418 |
585 | 1 | WebMd Health Corp. | 31,204 |
56,700 | Yahoo Japan Corp. | 207,781 | |
8,844 | 1 | Yahoo, Inc. | 362,781 |
152,998 | 1 | Zynga, Inc. | 437,574 |
TOTAL | 29,722,849 | ||
Materials—2.5% | |||
4,885 | 1 | AK Steel Holding Corp. | 44,600 |
2,773 | Air Products & Chemicals, Inc. | 400,588 | |
28,000 | Asahi Kasei Corp. | 252,957 | |
6,459 | Avery Dennison Corp. | 465,436 | |
1,478 | BASF SE | 126,580 | |
4,406 | Barrick Gold Corp. | 66,092 | |
2,042 | 1 | Boise Cascade Co. | 46,558 |
4,861 | Cabot Corp. | 247,571 | |
559 | Chemours Co. (The) | 13,818 | |
1,279 | 1 | Chemtura Corp. | 42,143 |
811 | 1 | Cliffs Natural Resources, Inc. | 7,145 |
1,747 | 1 | Coeur Mining, Inc. | 16,859 |
3,335 | Commercial Metals Corp. | 73,403 | |
3,665 | 2,3 | Covestro AG | 235,152 |
8,393 | 1 | Crown Holdings, Inc. | 456,495 |
12 | Dow Chemical Co. | 669 | |
937 | EMS-Chemie Holdings AG | 480,619 | |
3,707 | Eagle Materials, Inc. | 360,320 | |
5,107 | Ferroglobe PLC | 58,271 | |
123,701 | Fortescue Metals Group Ltd. | 540,798 | |
17 | Givaudan SA | 30,383 | |
241,586 | Glencore Xstrata PLC | 854,852 | |
41 | Graphic Packaging Holding Co. | 515 | |
1,163 | Greif, Inc., Class A | 59,743 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Materials—continued | |||
2,594 | 1 | Headwaters, Inc. | $61,478 |
2,146 | James Hardie Industries PLC | 33,040 | |
1,437 | Koninklijke DSM NV | 86,846 | |
31,300 | Kuraray Co. Ltd. | 449,425 | |
1,940 | Martin Marietta Materials | 425,733 | |
13,846 | Mondi PLC | 284,013 | |
410 | Newmarket Corp. | 171,548 | |
1,829 | Newmont Mining Corp. | 59,333 | |
1,808 | Rio Tinto PLC | 68,163 | |
6,580 | Sealed Air Corp. | 300,048 | |
3,093 | Sherwin-Williams Co. | 830,996 | |
8,700 | Shin-Etsu Chemical Co. Ltd. | 660,954 | |
105 | Sika AG | 509,457 | |
1,499 | 1 | Summit Materials, Inc., Class A | 35,631 |
20,715 | Teck Resources Ltd. | 524,467 | |
882 | Trinseo SA | 51,641 | |
14,970 | UPM - Kymmene Oyj | 341,681 | |
732 | 1 | US Concrete, Inc. | 41,614 |
8,346 | Umicore | 501,955 | |
1,795 | Voest-alpine Stahl | 68,151 | |
1,461 | Vulcan Materials Co. | 183,575 | |
82 | Yara International ASA | 3,039 | |
TOTAL | 10,574,355 | ||
Real Estate—2.1% | |||
1,405 | Alexander and Baldwin, Inc. | 61,918 | |
9,100 | Ascendas Real Estate Investment Trust | 14,892 | |
16,258 | Brixmor Property Group, Inc. | 395,882 | |
748 | CBL & Associates Properties, Inc. | 8,871 | |
329 | Colony Starwood Homes | 10,051 | |
289 | Coresite Realty Corp., REIT | 20,383 | |
1,587 | Cousins Properties, Inc. | 12,553 | |
3,204 | Crown Castle International Corp. | 267,406 | |
4,766 | Deutsche Wohnen AG | 146,690 | |
2,217 | DiamondRock Hospitality Co. | 23,478 | |
17,148 | Duke Realty Corp. | 436,074 | |
3,071 | Federal Realty Investment Trust | 431,230 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Real Estate—continued | |||
1,067 | FelCor Lodging Trust, Inc. | $7,746 | |
8,903 | Forest City Realty Trust, Inc., Class A | 164,616 | |
599 | Four Corners Property Trust, Inc. | 11,489 | |
10,308 | General Growth Properties, Inc. | 261,205 | |
32,782 | General Property Trust Group | 117,244 | |
587 | Geo Group, Inc. | 19,524 | |
1,508 | Global Net Lease, Inc. | 11,461 | |
1,988 | 1 | HFF, Inc. | 57,652 |
9,182 | Healthcare Trust of America, Inc. | 259,667 | |
1,042 | Hersha Hospitality Trust | 21,017 | |
3,000 | Hysan Development Co. Ltd. | 13,214 | |
2,933 | InfraREIT, Inc. | 50,272 | |
63,510 | Intu Properties PLC | 213,837 | |
1,127 | 1 | iStar Financial, Inc. | 13,772 |
48 | Japan Prime Realty Investment Corp. | 195,356 | |
41 | Japan Retail Fund Investment Corp. | 83,572 | |
2,671 | Kennedy-Wilson Holdings, Inc. | 57,026 | |
750 | LaSalle Hotel Properties | 21,053 | |
47,922 | LendLease Group | 482,428 | |
47,500 | Link REIT | 326,644 | |
2,020 | 1 | Marcus & Millichap Co., Inc. | 55,449 |
301,973 | Mirvac Group | 457,536 | |
3,000 | Mitsubishi Estate Co. Ltd. | 61,472 | |
23,000 | NTT Urban Development | 200,589 | |
191 | National Storage Affiliates Trust | 3,931 | |
1,005 | New Senior Investment Group, Inc. | 10,191 | |
20,000 | New World Development Co. Ltd. | 22,241 | |
437 | New York REIT, Inc. | 4,213 | |
28 | Nippon Building Fund, Inc. | 155,290 | |
9,900 | Nomura Real Estate Holdings, Inc. | 162,771 | |
21,334 | 1 | NorthStar Realty Finance Corp. | 322,997 |
1,264 | Pebblebrook Hotel Trust | 36,353 | |
1,485 | Potlatch Corp. | 60,996 | |
5,749 | ProLogis, Inc. | 292,624 | |
2,570 | Public Storage | 537,901 | |
1,314 | RLJ Lodging Trust | 29,946 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Real Estate—continued | |||
15,598 | Rayonier, Inc. | $413,503 | |
1,214 | Re/Max Holdings, Inc. | 59,486 | |
179 | Ryman Hospitality Properties, Inc. | 10,543 | |
409 | Sabra Health Care REIT, Inc. | 9,051 | |
86,369 | Scentre Group | 270,245 | |
36,677 | Segro PLC | 191,821 | |
218 | Seritage Growth Properties - A REIT | 10,386 | |
4,453 | Smart Real Estate Investment Trust | 103,162 | |
2,989 | 1 | St. Joe Co. | 62,171 |
7,000 | Sumitomo Realty & Development Co. Ltd. | 197,495 | |
708 | Summit Hotel Properties, Inc. | 10,068 | |
1,868 | Sunstone Hotel Investors, Inc. | 27,161 | |
15,100 | Suntec Real Estate Investment | 17,801 | |
9,700 | Tokyu Fudosan Holdings Corp. | 56,487 | |
265 | Urban Edge Properties | 7,179 | |
17,394 | Vereit, Inc. | 144,196 | |
4,139 | Ventas, Inc. | 250,078 | |
2,636 | 1 | Washington Prime Group, Inc. | 26,413 |
6,285 | Westfield Corp. | 42,445 | |
1,018 | Xenia Hotels & Resorts, Inc. | 17,815 | |
TOTAL | 8,560,229 | ||
Telecommunication Services—2.2% | |||
26,942 | AT&T, Inc. | 1,040,769 | |
8,143 | BCE, Inc. | 350,926 | |
395 | Cogent Communications Holdings, Inc. | 14,793 | |
50,648 | Deutsche Telekom AG | 797,329 | |
21,098 | 1 | Globalstar, Inc. | 16,667 |
315,095 | HKT Trust and HKT Ltd. | 410,017 | |
15,159 | Inmarsat PLC | 134,483 | |
15,800 | KDDI Corp. | 413,904 | |
25,600 | NTT Docomo, Inc. | 590,299 | |
12,500 | Nippon Telegraph and Telephone Corp. | 502,996 | |
24,456 | Orange SA | 355,895 | |
13,153 | Rogers Communications, Inc., Class B | 508,182 | |
4,268 | 1 | SBA Communications, Corp. | 422,361 |
308 | Shenandoah Telecommunications Co. | 8,639 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Telecommunication Services—continued | |||
182,200 | StarHub Ltd. | $365,395 | |
12,782 | 1 | T-Mobile USA, Inc. | 692,912 |
45,806 | Telefonica SA | 381,258 | |
45,806 | 1 | Telefonica SA | 15,248 |
106,336 | Telia Co. AB | 398,634 | |
105,627 | Telstra Corp. Ltd. | 394,217 | |
14,567 | Verizon Communications | 726,893 | |
250,526 | Vodafone Group PLC | 605,872 | |
3,596 | 1 | Vonage Holdings Corp. | 23,698 |
245 | Windstream Holdings, Inc. | 1,815 | |
TOTAL | 9,173,202 | ||
Utilities—2.3% | |||
1,305 | American States Water Co. | 55,332 | |
1,949 | Atlantica Yield PLC | 35,316 | |
6,133 | Atmos Energy Corp. | 436,179 | |
975 | Black Hills Corp. | 57,281 | |
9,210 | CMS Energy Corp. | 370,426 | |
4,636 | DTE Energy Co. | 431,565 | |
6,071 | E.On SE | 39,852 | |
35,312 | Electricite De France | 374,067 | |
17,952 | Enagas SA | 441,507 | |
78,566 | Enel S.p.A | 316,468 | |
40,323 | Engie | 496,806 | |
56 | Fortis, Inc. | 1,669 | |
303,500 | 2,3 | HK Electric Investments Ltd. | 266,727 |
8,946 | Hawaiian Electric Industries, Inc. | 275,537 | |
107,071 | Iberdrola SA | 643,166 | |
866 | Idacorp, Inc. | 65,946 | |
21,288 | 1 | Italgas SpA | 76,170 |
582 | Nextera Energy, Inc. | 66,482 | |
2,973 | NRG Yield, Inc. | 45,636 | |
41,048 | National Grid PLC | 467,169 | |
97 | New Jersey Resources Corp. | 3,342 | |
1,010 | ONE Gas, Inc. | 60,610 | |
15,191 | PPL Corp. | 508,291 | |
47,000 | Power Assets Holdings Ltd. | 449,797 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Utilities—continued | |||
9,135 | Public Service Enterprises Group, Inc. | $377,367 | |
24,970 | Red Electrica Corp., SA | 443,804 | |
16,043 | SSE PLC | 296,077 | |
29,471 | Suez | 410,570 | |
2,864 | Sempra Energy | 285,827 | |
7,742 | Severn Trent | 211,607 | |
12,142 | Southern Co. | 568,488 | |
96,218 | Terna S.p.A | 416,523 | |
11,600 | 1 | Tokyo Electric Power Co. Holdings, Inc. | 43,712 |
19,300 | United Utilities PLC | 212,965 | |
916 | WGL Holdings, Inc. | 66,465 | |
8,002 | Westar Energy, Inc. | 455,794 | |
TOTAL | 9,774,540 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $201,168,780) | 221,915,423 | ||
ASSET-BACKED SECURITIES—0.4% | |||
$150,000 | American Express Credit Account Master Trust 2014-1, Class A, 0.878%, 12/15/2021 | 150,408 | |
220,265 | AmeriCredit Automobile Receivables Trust 2015-1, Class A3, 1.260%, 11/08/2019 | 220,068 | |
300,000 | 2,3 | Chesapeake Funding II LLC 2016-2A, Class A2, 1.448%, 06/15/2028 | 301,377 |
144,638 | Navient Student Loan Trust 2014-1, Class A2, 0.834%, 03/27/2023 | 144,517 | |
265,000 | 2,3 | Navistar Financial Dealer Note Master Trust 2016-1, Class A, 2.146%, 09/27/2021 | 265,336 |
171,000 | 2,3 | PFS Financing Corp. 2016-BA, Class A, 1.870%, 10/15/2021 | 170,153 |
160,000 | Santander Drive Auto Receivables Trust 2016-2, Class C, 2.660%, 11/15/2021 | 161,115 | |
175,000 | 2,3 | Sofi Consumer Loan Program Trust 2016-3, Class A, 3.050%, 12/26/2025 | 174,852 |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $1,585,848) | 1,587,826 | ||
COMMERCIAL MORTGAGE-BACKED SECURITIES—0.2% | |||
Financials—0.2% | |||
157,862 | Federal Home Loan Mortgage Corp., 2.263%, 4/25/2025 | 157,041 | |
580,000 | Federal Home Loan Mortgage Corp., 2.566%, 9/25/2020 | 594,756 | |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $758,413) | 751,797 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—0.5% | |||
$250,000 | Banc of America Commercial Mortgage Trust 2016-UBS10, Class A4, 3.170%, 07/15/2049 | $249,743 | |
225,000 | CD Commercial Mortgage Trust 2016-CD1, Class A4, 2.724%, 08/10/2049 | 216,567 | |
200,000 | Citigroup Commercial Mortgage Trust 2015-GC33, Class AS, 4.114%, 09/10/2058 | 210,080 | |
450,000 | Commercial Mortgage Trust 2015-DC1, Class AM, 3.724%, 02/10/2048 | 453,535 | |
300,000 | JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.1413%, 12/15/2049 | 298,992 | |
50,000 | WF-RBS Commercial Mortgage Trust 2012-C6, Class B, 4.697%, 04/15/2045 | 53,610 | |
400,000 | WF-RBS Commercial Mortgage Trust 2014-C25, Class AS, 3.984%, 11/15/2047 | 417,837 | |
100,000 | WF-RBS Commercial Mortgage Trust 2014-C25, Class B, 4.236%, 11/15/2047 | 102,225 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $2,053,173) | 2,002,589 | ||
CORPORATE BONDS—7.1% | |||
Basic Industry - Chemicals—0.2% | |||
300,000 | Albemarle Corp., Sr. Unsecd. Note, 5.450%, 12/01/2044 | 318,027 | |
50,000 | RPM International, Inc., 6.500%, 02/15/2018 | 52,620 | |
285,000 | RPM International, Inc., Sr. Unsecd. Note, 5.250%, 6/01/2045 | 273,149 | |
15,000 | RPM International, Inc., Sr. Unsecd. Note, 6.125%, 10/15/2019 | 16,476 | |
250,000 | Valspar Corp., Sr. Unsecd. Note, 3.300%, 2/01/2025 | 240,077 | |
TOTAL | 900,349 | ||
Basic Industry - Metals & Mining—0.1% | |||
100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 04/15/2023 | 100,744 | |
300,000 | Southern Copper Corp., Note, 6.750%, 04/16/2040 | 311,971 | |
TOTAL | 412,715 | ||
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 | 184,864 | |
90,000 | 2,3 | Textron Financial Corp., Jr. Sub. Note, Series 144A, 6.000%, 2/15/2067 | 65,979 |
80,000 | Textron, Inc., Sr. Unsecd. Note, 4.000%, 03/15/2026 | 79,801 | |
TOTAL | 330,644 | ||
Capital Goods - Building Materials—0.1% | |||
130,000 | Masco Corp., Sr. Unsecd. Note, 4.375%, 04/01/2026 | 131,625 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Capital Goods - Building Materials��continued | |||
$185,000 | Masco Corp., Unsecd. Note, 4.450%, 4/01/2025 | $188,700 | |
TOTAL | 320,325 | ||
Capital Goods - Diversified Manufacturing—0.2% | |||
30,000 | General Electric Capital, Note, Series MTNA, 6.750%, 3/15/2032 | 39,570 | |
100,000 | General Electric Co., Sr. Unsecd. Note, 4.125%, 10/09/2042 | 99,719 | |
200,000 | 2,3 | Hutchison Whampoa International 14 Ltd., Unsecd. Note, Series 144A, 1.625%, 10/31/2017 | 199,818 |
100,000 | Roper Industries, Inc., Sr. Unsecd. Note, 6.250%, 09/01/2019 | 110,491 | |
300,000 | Valmont Industries, Inc., 5.250%, 10/01/2054 | 261,131 | |
40,000 | Xylem, Inc., Sr. Unsecd. Note, 4.375%, 11/01/2046 | 38,394 | |
TOTAL | 749,123 | ||
Capital Goods - Environmental—0.0% | |||
110,000 | Republic Services, Inc., Company Guarantee, 5.500%, 9/15/2019 | 120,112 | |
Communications - Cable & Satellite—0.1% | |||
200,000 | 2,3 | CCO Safari II LLC, Term Loan - 1st Lien, Series 144A, 4.908%, 07/23/2025 | 208,843 |
20,000 | Time Warner Cable, Inc., Company Guarantee, 8.250%, 04/01/2019 | 22,581 | |
TOTAL | 231,424 | ||
Communications - Media & Entertainment—0.2% | |||
100,000 | 21st Century Fox America, Inc., Sr. Unsecd. Note, 5.400%, 10/01/2043 | 108,114 | |
310,000 | 2,3 | British Sky Broadcasting Group PLC, Series 144A, 3.750%, 9/16/2024 | 309,584 |
20,000 | Discovery Communications LLC, Sr. Unsecd. Note, 4.900%, 03/11/2026 | 21,001 | |
70,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 01/31/2046 | 69,664 | |
350,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.600%, 04/15/2026 | 348,342 | |
200,000 | Viacom, Inc., Sr. Unsecd. Note, 3.875%, 04/01/2024 | 200,525 | |
TOTAL | 1,057,230 | ||
Communications - Telecom Wireless—0.0% | |||
180,000 | Crown Castle International Corp., Sr. Unsecd. Note, 3.700%, 06/15/2026 | 174,897 | |
Communications - Telecom Wirelines—0.1% | |||
300,000 | AT&T, Inc., Sr. Unsecd. Note, 5.150%, 03/15/2042 | 296,798 | |
200,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 03/15/2024 | 209,770 | |
TOTAL | 506,568 | ||
Consumer Cyclical - Automotive—0.2% | |||
275,000 | Ford Motor Credit Co., Sr. Unsecd. Note, 3.336%, 03/18/2021 | 276,115 | |
70,000 | General Motors Co., Sr. Unsecd. Note, 4.000%, 4/01/2025 | 68,120 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Consumer Cyclical - Automotive—continued | |||
$200,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.100%, 01/15/2019 | $201,825 | |
265,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.200%, 07/06/2021 | 262,083 | |
TOTAL | 808,143 | ||
Consumer Cyclical - Retailers—0.3% | |||
100,000 | Advance Auto Parts, Inc., 4.500%, 12/01/2023 | 103,447 | |
300,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 04/15/2025 | 294,931 | |
122,210 | 2,3 | CVS Caremark Corp., Pass Thru Cert., Series 144A, 5.298%, 1/11/2027 | 132,317 |
200,000 | CVS Health Corp., Sr. Unsecd. Note, 2.875%, 06/01/2026 | 189,505 | |
110,000 | Dollar General Corp., Sr. Unsecd. Note, 4.150%, 11/01/2025 | 113,265 | |
140,000 | O'Reilly Automotive, Inc., Sr. Unsecd. Note, 3.550%, 03/15/2026 | 139,412 | |
300,000 | Tiffany & Co., Sr. Unsecd. Note, 4.900%, 10/01/2044 | 277,045 | |
120,000 | Under Armour, Inc., Sr. Unsecd. Note, 3.250%, 06/15/2026 | 113,088 | |
50,000 | Wal-Mart Stores, Inc., Sr. Unsecd. Note, 3.300%, 04/22/2024 | 51,499 | |
TOTAL | 1,414,509 | ||
Consumer Cyclical - Services—0.1% | |||
250,000 | Expedia, Inc., Sr. Unsecd. Note, 5.000%, 02/15/2026 | 257,377 | |
250,000 | Visa, Inc., Sr. Unsecd. Note, 1.200%, 12/14/2017 | 250,303 | |
130,000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | 130,142 | |
TOTAL | 637,822 | ||
Consumer Non-Cyclical - Food/Beverage—0.2% | |||
210,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/01/2026 | 197,370 | |
250,000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 3.950%, 07/15/2025 | 255,022 | |
120,000 | Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025 | 123,024 | |
150,000 | PepsiCo, Inc., 2.750%, 4/30/2025 | 147,172 | |
70,000 | PepsiCo, Inc., Sr. Unsecd. Note, 4.450%, 04/14/2046 | 73,621 | |
TOTAL | 796,209 | ||
Consumer Non-Cyclical - Health Care—0.0% | |||
50,000 | Stryker Corp., Sr. Unsecd. Note, 3.500%, 03/15/2026 | 50,184 | |
Consumer Non-Cyclical - Pharmaceuticals—0.1% | |||
175,000 | Abbott Laboratories, Sr. Unsecd. Note, 4.900%, 11/30/2046 | 176,866 | |
90,000 | Gilead Sciences, Inc., Sr. Unsecd. Note, 3.650%, 3/01/2026 | 90,839 | |
TOTAL | 267,705 | ||
Consumer Non-Cyclical - Products—0.1% | |||
270,000 | Newell Rubbermaid, Inc., Sr. Unsecd. Note, 4.200%, 04/01/2026 | 281,325 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Consumer Non-Cyclical - Tobacco—0.1% | |||
$24,000 | Altria Group, Inc., 9.250%, 08/06/2019 | $28,493 | |
200,000 | Reynolds American, Inc., Sr. Unsecd. Note, 5.850%, 8/15/2045 | 237,143 | |
TOTAL | 265,636 | ||
Energy - Independent—0.2% | |||
100,000 | Apache Corp., 4.250%, 01/15/2044 | 92,515 | |
375,000 | Canadian Natural Resources Ltd., 3.900%, 02/01/2025 | 368,496 | |
225,000 | Marathon Oil Corp., Sr. Unsecd. Note, 3.850%, 6/01/2025 | 209,380 | |
20,000 | XTO Energy, Inc., 6.750%, 08/01/2037 | 27,004 | |
TOTAL | 697,395 | ||
Energy - Integrated—0.2% | |||
135,000 | BP Capital Markets PLC, 3.119%, 5/04/2026 | 130,988 | |
155,000 | Husky Energy, Inc., 4.000%, 04/15/2024 | 157,513 | |
100,000 | Husky Energy, Inc., Sr. Unsecd. Note, 3.950%, 04/15/2022 | 103,880 | |
35,000 | Petro-Canada, Deb., 7.000%, 11/15/2028 | 43,000 | |
100,000 | Petroleos Mexicanos, 6.500%, 06/02/2041 | 88,530 | |
150,000 | Petroleos Mexicanos, Sr. Unsecd. Note, 4.875%, 1/18/2024 | 140,895 | |
85,000 | Shell International Financial, Sr. Unsecd. Note, 4.000%, 05/10/2046 | 78,853 | |
TOTAL | 743,659 | ||
Energy - Midstream—0.2% | |||
325,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 | 315,161 | |
350,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 5.150%, 03/15/2045 | 314,622 | |
230,000 | Enterprise Products Opera, Sr. Unsecd. Note, 3.950%, 02/15/2027 | 231,331 | |
100,000 | Kinder Morgan, Inc., 5.050%, 2/15/2046 | 91,595 | |
100,000 | Williams Partners LP, 4.900%, 1/15/2045 | 87,493 | |
TOTAL | 1,040,202 | ||
Energy - Oil Field Services—0.1% | |||
140,000 | Halliburton Co., Sr. Unsecd. Note, 3.800%, 11/15/2025 | 140,668 | |
100,000 | Nabors Industries, Inc., Company Guarantee, 5.000%, 09/15/2020 | 100,750 | |
250,000 | 2,3 | Schlumberger Holdings Corp., Sr. Unsecd. Note, Series 144A, 4.000%, 12/21/2025 | 259,395 |
100,000 | Weatherford International Ltd., Sr. Unsecd. Note, 5.950%, 04/15/2042 | 74,750 | |
TOTAL | 575,563 | ||
Energy - Refining—0.1% | |||
250,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.750%, 9/15/2044 | 206,757 | |
25,000 | Valero Energy Corp., 9.375%, 03/15/2019 | 28,902 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Energy - Refining—continued | |||
$100,000 | Valero Energy Corp., Sr. Unsecd. Note, 6.625%, 06/15/2037 | $111,383 | |
TOTAL | 347,042 | ||
Financial Institution - Banking—1.2% | |||
350,000 | American Express Credit Corp., Sr. Unsecd. Note, Series MTN, 2.250%, 05/05/2021 | 346,403 | |
340,000 | Associated Banc-Corp., Sub., 4.250%, 1/15/2025 | 337,705 | |
250,000 | Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.500%, 04/19/2026 | 247,515 | |
100,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 4.875%, 04/01/2044 | 107,061 | |
355,000 | Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025 | 352,129 | |
300,000 | Bank of America Corp., Sub. Note, Series MTN, 4.000%, 1/22/2025 | 299,933 | |
180,000 | Capital One Financial Corp., Sr. Sub., 4.200%, 10/29/2025 | 180,339 | |
300,000 | Citigroup, Inc., Sr. Unsecd. Note, 2.700%, 03/30/2021 | 299,924 | |
250,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.300%, 04/27/2025 | 245,114 | |
150,000 | Citigroup, Inc., Sub. Note, 4.450%, 09/29/2027 | 152,016 | |
250,000 | Compass Bank, Birmingham, Sub. Note, Series BKNT, 3.875%, 4/10/2025 | 237,005 | |
330,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 2.875%, 7/27/2020 | 334,125 | |
400,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.500%, 1/23/2025 | 398,431 | |
5,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 5.750%, 01/24/2022 | 5,649 | |
50,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.125%, 02/15/2033 | 59,882 | |
100,000 | J.P. Morgan Chase & Co., 6.750%, 01/29/2049 | 107,625 | |
50,000 | J.P. Morgan Chase & Co., Sub. Note, 3.375%, 05/01/2023 | 49,953 | |
300,000 | Morgan Stanley, Sr. Unsecd. Note, 1.874%, 01/27/2020 | 303,383 | |
60,000,000 | Rabobank Nederland NV, Utrecht, Series EMTN, 1.850%, 4/12/2017 | 527,862 | |
162,039 | 2,4,7 | Regional Diversified Funding, Series 144A, 9.250%, 03/15/2030 | 73,983 |
80,000 | Regions Financial Corp., Sr. Unsecd. Note, 3.200%, 02/08/2021 | 81,424 | |
230,000 | SunTrust Banks, Inc., Sr. Unsecd. Note, 2.900%, 03/03/2021 | 233,227 | |
50,000 | Wells Fargo & Co., Sr. Unsecd. Note, 2.117%, 10/31/2023 | 50,111 | |
40,000 | Wilmington Trust Corp., Sub. Note, 8.500%, 04/02/2018 | 43,239 | |
TOTAL | 5,074,038 | ||
Financial Institution - Broker/Asset Mgr/Exchange—0.1% | |||
140,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | 142,021 | |
95,000 | Jefferies Group LLC, Sr. Unsecd. Note, 8.500%, 07/15/2019 | 108,097 | |
240,000 | Stifel Financial Corp., Sr. Unsecd. Note, 3.500%, 12/01/2020 | 241,204 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Financial Institution - Broker/Asset Mgr/Exchange—continued | |||
$70,000 | 2,3 | TIAA Asset Management Finance Co., LLC, Sr. Unsecd. Note, Series 144A, 4.125%, 11/01/2024 | $70,878 |
TOTAL | 562,200 | ||
Financial Institution - Finance Companies—0.1% | |||
210,000 | AerCap Ireland Capital Ltd., Sr. Unsecd. Note, 3.950%, 02/01/2022 | 213,150 | |
Financial Institution - Insurance - Health—0.1% | |||
315,000 | Aetna, Inc., Sr. Unsecd. Note, 3.200%, 06/15/2026 | 308,965 | |
50,000 | Wellpoint, Inc., 5.850%, 01/15/2036 | 56,648 | |
TOTAL | 365,613 | ||
Financial Institution - Insurance - Life—0.3% | |||
100,000 | Aflac, Inc., Sr. Unsecd. Note, 6.450%, 08/15/2040 | 124,994 | |
400,000 | American International Group, Inc., Unsecd. Note, 3.875%, 01/15/2035 | 373,659 | |
325,000 | 2,3 | Mass Mutual Global Funding II, Series 144A, 2.000%, 04/15/2021 | 318,278 |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/01/2039 | 15,625 | |
100,000 | 2,3 | Principal Life Global Funding II, Series 144A, 2.200%, 04/08/2020 | 99,456 |
200,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 4.600%, 05/15/2044 | 206,413 | |
TOTAL | 1,138,425 | ||
Financial Institution - Insurance - P&C—0.1% | |||
75,000 | ACE INA Holdings, Inc., Sr. Unsecd. Note, 3.350%, 05/15/2024 | 76,463 | |
140,000 | Berkshire Hathaway, Inc., Sr. Unsecd. Note, 3.125%, 03/15/2026 | 138,732 | |
300,000 | 2,3 | Liberty Mutual Group, Inc., Sr. Unsecd. Note, Series 144A, 6.500%, 03/15/2035 | 358,000 |
30,000 | 2,3 | Nationwide Mutual Insurance Co., Sub. Note, Series 144A, 9.375%, 08/15/2039 | 45,054 |
TOTAL | 618,249 | ||
Financial Institution - REIT - Apartment—0.2% | |||
220,000 | Mid-America Apartment Communities LP, 4.000%, 11/15/2025 | 223,028 | |
300,000 | Mid-America Apartment Communities LP, Sr. Unsecd. Note, 3.750%, 06/15/2024 | 301,711 | |
140,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 09/01/2026 | 132,358 | |
TOTAL | 657,097 | ||
Financial Institution - REIT - Healthcare—0.0% | |||
100,000 | Health Care REIT, Inc., Sr. Unsecd. Note, 4.125%, 04/01/2019 | 103,891 | |
Financial Institution - REIT - Office—0.1% | |||
300,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 4.500%, 07/30/2029 | 300,769 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Financial Institution - REIT - Other—0.1% | |||
$100,000 | ProLogis LP, Sr. Unsecd. Note, 3.350%, 02/01/2021 | $103,133 | |
160,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 04/01/2024 | 161,318 | |
TOTAL | 264,451 | ||
Financial Institution - REIT - Retail—0.0% | |||
30,000 | Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/01/2022 | 30,490 | |
Foreign-Local-Government—0.0% | |||
50,000 | Quebec, Province of, Note, Series MTNA, 7.035%, 03/10/2026 | 63,589 | |
Municipal Services—0.1% | |||
138,677 | 2,3 | Army Hawaii Family Housing, Series 144A, 5.524%, 6/15/2050 | 152,381 |
100,000 | 2,3 | Camp Pendleton & Quantico Housing LLC, Series 144A, 5.572%, 10/01/2050 | 107,163 |
TOTAL | 259,544 | ||
Sovereign—0.1% | |||
255,000 | 2,3 | Australia, Government of, Sr. Unsecd. Note, 4.000%, 06/21/2019 | 197,237 |
30,000,000 | KfW, 2.050%, 02/16/2026 | 313,999 | |
TOTAL | 511,236 | ||
Technology—0.6% | |||
300,000 | Adobe Systems, Inc., Sr. Unsecd. Note, 3.250%, 02/01/2025 | 299,554 | |
100,000 | Apple, Inc., Sr. Unsecd. Note, 3.850%, 08/04/2046 | 93,902 | |
50,000 | Autodesk, Inc., Sr. Unsecd. Note, 4.375%, 6/15/2025 | 51,462 | |
270,000 | Automatic Data Processing, Inc., 3.375%, 9/15/2025 | 277,294 | |
320,000 | 2,3 | Diamond 1 Finance Corp./Diamond 2 Finance Corp., Term Loan - 1st Lien, Series 144A, 6.020%, 06/15/2026 | 335,664 |
125,000 | Equifax, Inc., Sr. Unsecd. Note, 2.300%, 06/01/2021 | 122,713 | |
100,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.875%, 06/05/2024 | 101,958 | |
210,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 5.000%, 10/15/2025 | 227,513 | |
150,000 | 2,3 | Hewlett Packard Enterprise Co., Sr. Unsecd. Note, Series 144A, 3.600%, 10/15/2020 | 154,368 |
300,000 | Keysight Technologies, Inc., 4.550%, 10/30/2024 | 296,252 | |
380,000 | 2,3 | Molex Electronics Technologies LLC, Unsecd. Note, Series 144A, 3.900%, 4/15/2025 | 373,812 |
70,000 | Total System Services, Inc., Sr. Unsecd. Note, 4.800%, 04/01/2026 | 74,455 | |
TOTAL | 2,408,947 | ||
Transportation - Railroads—0.1% | |||
140,000 | Burlington Northern Santa Fe Corp., Sr. Unsecd. Note, 4.150%, 4/01/2045 | 139,370 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Transportation - Railroads—continued | |||
$45,000 | Union Pacific Corp., Bond, 6.625%, 02/01/2029 | $57,980 | |
135,000 | Union Pacific Corp., Sr. Unsecd. Note, 3.875%, 2/01/2055 | 123,928 | |
TOTAL | 321,278 | ||
Transportation - Services—0.2% | |||
75,000 | 2,3 | Enterprise Rent-A-Car USA Finance Co., Series 144A, 6.375%, 10/15/2017 | 78,078 |
62,000 | 2,3 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, Series 144A, 3.850%, 11/15/2024 | 63,274 |
100,000 | 2,3 | Penske Truck Leasing Co. LP & PTL Finance Corp., Series 144A, 2.500%, 06/15/2019 | 100,363 |
335,000 | 2,3 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, Series 144A, 3.375%, 2/01/2022 | 338,570 |
100,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.450%, 11/15/2018 | 100,981 | |
TOTAL | 681,266 | ||
Utility - Electric—0.6% | |||
130,000 | Ameren Corp., Sr. Unsecd. Note, 3.650%, 2/15/2026 | 130,961 | |
300,000 | Consolidated Edison Co., Sr. Unsecd. Note, 4.500%, 12/01/2045 | 313,517 | |
120,000 | Duke Energy Corp., Sr. Unsecd. Note, 2.650%, 09/01/2026 | 111,427 | |
190,000 | 2,3 | Emera US Finance LP, Sr. Unsecd. Note, Series 144A, 4.750%, 06/15/2046 | 187,484 |
270,000 | EverSource Energy, Sr. Unsecd. Note, 3.350%, 03/15/2026 | 268,108 | |
300,000 | Exelon Corp., Sr. Unsecd. Note, 3.400%, 04/15/2026 | 294,615 | |
9,511 | 2,3 | Great River Energy, 1st Mtg. Note, Series 144A, 5.829%, 7/01/2017 | 9,664 |
100,000 | Indiana Michigan Power Co., Sr. Unsecd. Note, Series K, 4.550%, 03/15/2046 | 102,981 | |
300,000 | National Rural Utilities Cooperative Finance Corp., 2.000%, 01/27/2020 | 297,913 | |
140,000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub., 5.250%, 04/20/2046 | 147,643 | |
200,000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 2.400%, 09/15/2019 | 201,588 | |
400,000 | Northeast Utilities, Sr. Unsecd. Note, Series H, 3.150%, 1/15/2025 | 395,118 | |
40,000 | Progress Energy, Inc., 7.050%, 03/15/2019 | 44,418 | |
125,000 | Wisconsin Electric Power Co., Sr. Unsecd. Note, 4.300%, 12/15/2045 | 129,695 | |
TOTAL | 2,635,132 | ||
Utility - Natural Gas—0.1% | |||
200,000 | Sempra Energy, Sr. Unsecd. Note, 2.850%, 11/15/2020 | 201,848 |
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 | $304,364 | |
TOTAL | 506,212 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $29,745,023) | 29,444,358 | ||
MORTGAGE-BACKED SECURITIES—0.0% | |||
2,352 | Federal Home Loan Mortgage Corp. Pool C00592, 7.000%, 3/1/2028 | 2,721 | |
1,530 | Federal Home Loan Mortgage Corp. Pool C00896, 7.500%, 12/1/2029 | 1,809 | |
2,792 | Federal Home Loan Mortgage Corp. Pool C17281, 6.500%, 11/1/2028 | 3,169 | |
2,193 | Federal Home Loan Mortgage Corp. Pool C19588, 6.500%, 12/1/2028 | 2,498 | |
1,212 | Federal Home Loan Mortgage Corp. Pool C25621, 6.500%, 5/1/2029 | 1,384 | |
2,648 | Federal Home Loan Mortgage Corp. Pool C76361, 6.000%, 2/1/2033 | 3,016 | |
3,828 | Federal Home Loan Mortgage Corp. Pool E01545, 5.000%, 15 Year, 1/1/2019 | 3,949 | |
664 | Federal Home Loan Mortgage Corp. Pool E99510, 5.500%, 9/1/2018 | 686 | |
3,385 | Federal Home Loan Mortgage Corp. Pool G01444, 6.500%, 8/1/2032 | 3,888 | |
2,705 | Federal National Mortgage Association Pool 251697, 6.500%, 30 Year, 5/1/2028 | 3,077 | |
9,315 | Federal National Mortgage Association Pool 252334, 6.500%, 30 Year, 2/1/2029 | 10,504 | |
2,579 | Federal National Mortgage Association Pool 254720, 4.500%, 5/1/2018 | 2,628 | |
3,212 | Federal National Mortgage Association Pool 254802, 4.500%, 7/1/2018 | 3,277 | |
6,103 | Federal National Mortgage Association Pool 254905, 6.000%, 10/1/2033 | 6,924 | |
10,411 | Federal National Mortgage Association Pool 255075, 5.500%, 2/1/2024 | 11,627 | |
5,538 | Federal National Mortgage Association Pool 255079, 5.000%, 2/1/2019 | 5,717 | |
969 | Federal National Mortgage Association Pool 303168, 9.500%, 30 Year, 2/1/2025 | 1,138 | |
417 | Federal National Mortgage Association Pool 323159, 7.500%, 4/1/2028 | 485 | |
4,062 | Federal National Mortgage Association Pool 323640, 7.500%, 4/1/2029 | 4,727 | |
1,460 | Federal National Mortgage Association Pool 428865, 7.000%, 6/1/2028 | 1,535 | |
59 | Federal National Mortgage Association Pool 443215, 6.000%, 10/1/2028 | 64 | |
9,301 | Federal National Mortgage Association Pool 545993, 6.000%, 11/1/2032 | 10,562 | |
3,935 | Federal National Mortgage Association Pool 555272, 6.000%, 3/1/2033 | 4,467 | |
3,448 | Federal National Mortgage Association Pool 713974, 5.500%, 7/1/2033 | 3,889 | |
7,076 | Federal National Mortgage Association Pool 721502, 5.000%, 7/1/2033 | 7,826 | |
8,812 | Government National Mortgage Association Pool 2796, 7.000%, 8/20/2029 | 10,268 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
MORTGAGE-BACKED SECURITIES—continued | |||
$4,451 | Government National Mortgage Association Pool 3040, 7.000%, 2/20/2031 | $5,204 | |
11,119 | Government National Mortgage Association Pool 3188, 6.500%, 1/20/2032 | 12,844 | |
17,507 | Government National Mortgage Association Pool 3239, 6.500%, 5/20/2032 | 20,599 | |
484 | Government National Mortgage Association Pool 352214, 7.000%, 4/15/2023 | 539 | |
2,217 | Government National Mortgage Association Pool 451522, 7.500%, 30 Year, 10/15/2027 | 2,614 | |
1,721 | Government National Mortgage Association Pool 462556, 6.500%, 2/15/2028 | 1,940 | |
363 | Government National Mortgage Association Pool 462739, 7.500%, 5/15/2028 | 429 | |
200 | Government National Mortgage Association Pool 464835, 6.500%, 9/15/2028 | 230 | |
5,276 | Government National Mortgage Association Pool 469699, 7.000%, 11/15/2028 | 6,135 | |
3,731 | Government National Mortgage Association Pool 486760, 6.500%, 12/15/2028 | 4,279 | |
519 | Government National Mortgage Association Pool 780339, 8.000%, 30 Year, 12/15/2023 | 588 | |
4,796 | Government National Mortgage Association Pool 780453, 7.500%, 30 Year, 12/15/2025 | 5,530 | |
3,896 | Government National Mortgage Association Pool 780584, 7.000%, 30 Year, 6/15/2027 | 4,458 | |
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $157,593) | 177,224 | ||
FOREIGN GOVERNMENTS/AGENCIES—9.3% | |||
Sovereign—9.3% | |||
150,000 | Australia, Government of, Series 137, 2.750%, 04/21/2024 | 112,474 | |
700,000 | Australia, Government of, Sr. Unsecd. Note, Series 148, 2.75%, 11/21/2027 | 514,732 | |
690,000 | Belgium, Government of, Series 68, 2.25%, 6/22/2023 | 841,655 | |
680,000 | 2,3 | Belgium, Government of, Series 74, 0.8%, 6/22/2025 | 742,693 |
200,000 | Canada, Government of, Bond, 3.25%, 6/01/2021 | 163,616 | |
480,000 | Canada, Government of, Series WL43, 5.750%, 06/01/2029 | 516,398 | |
1,136,000 | France, Government of, 0.5%, 05/25/2025 | 1,205,971 | |
840,000 | France, Government of, 3.25%, 10/25/2021 | 1,043,098 | |
700,000 | France, Government of, Bond, 4.500%, 04/25/2041 | 1,202,114 | |
1,670,000 | Germany, Government of, 1.75%, 2/15/2024 | 2,012,121 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
FOREIGN GOVERNMENTS/AGENCIES—continued | |||
Sovereign—continued | |||
$760,000 | Germany, Government of, Unsecd. Note, 1.000%, 08/15/2025 | $868,802 | |
600,000 | Germany, Government of, Unsecd. Note, 1.000%, 8/15/2024 | 688,127 | |
650,000 | Italy, Government of, 2.150%, 12/15/2021 | 730,521 | |
200,000 | Italy, Government of, 2.500%, 5/01/2019 | 222,822 | |
1,000,000 | Italy, Government of, 3.750%, 5/01/2021 | 1,196,040 | |
220,000 | Italy, Government of, 4.250%, 3/01/2020 | 261,403 | |
2,200,000 | Italy, Government of, 4.500%, 5/01/2023 | 2,788,210 | |
58,000 | 2,3 | Italy, Government of, Unsecd. Note, 3.25%, 9/01/2046 | 64,213 |
270,000,000 | Japan, Government of, Series 313, 1.3%, 3/20/2021 | 2,502,607 | |
170,000,000 | Japan, Government of, Series 65, 1.9%, 12/20/2023 | 1,691,233 | |
170,000,000 | Japan, Government of, Series 87, 2.2%, 3/20/2026 | 1,789,766 | |
247,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 114, 2.1%, 12/20/2029 | 2,707,684 | |
225,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 153, 1.3%, 06/20/2035 | 2,286,423 | |
100,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 44, 1.7%, 9/20/2044 | 1,132,783 | |
50,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 94, 2.1%, 3/20/2027 | 529,653 | |
30,000 | Mexico, Government of, Series MTNA, 6.750%, 09/27/2034 | 35,205 | |
850,000 | 2,3 | Netherlands, Government of, 1.75%, 7/15/2023 | 1,011,062 |
1,235,000 | Spain, Government of, 2.75%, 4/30/2019 | 1,406,232 | |
510,000 | 2,3 | Spain, Government of, Sr. Unsecd. Note, 1.95%, 7/30/2030 | 546,761 |
880,000 | 2,3 | Spain, Government of, Sr. Unsecd. Note, 2.75%, 10/31/2024 | 1,034,329 |
400,000 | 2,3 | Spain, Government of, Sr. Unsub., 4.0%, 4/30/2020 | 482,571 |
4,600,000 | Sweden, Government of, Series 1059, 1.0%, 11/12/2026 | 521,212 | |
1,410,000 | United Kingdom, Government of, 1.75%, 9/07/2022 | 1,857,429 | |
1,670,000 | United Kingdom, Government of, 2.75%, 9/07/2024 | 2,339,721 | |
380,000 | United Kingdom, Government of, 3.25%, 1/22/2044 | 594,415 | |
700,000 | United Kingdom, Government of, 4.25%, 12/07/2027 | 1,115,469 | |
TOTAL FOREIGN GOVERNMENTS/AGENCIES (IDENTIFIED COST $40,586,748) | 38,759,565 | ||
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) | 108,446 | |
U.S. TREASURY—2.5% | |||
1,030,870 | U.S. Treasury Inflation-Protected Note, 0.125%, 4/15/2020 | 1,039,971 | |
1,018,650 | U.S. Treasury Inflation-Protected Note, 0.125%, 4/15/2021 | 1,024,101 | |
770,000 | United States Treasury Bond, 2.500%, 5/15/2046 | 686,634 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
U.S. TREASURY—continued | |||
$3,000 | United States Treasury Bond, 3.000%, 11/15/2045 | $2,972 | |
5,450,000 | United States Treasury Note, 0.750%, 2/28/2018 | 5,435,284 | |
500,000 | United States Treasury Note, 0.750%, 7/31/2018 | 497,407 | |
750,000 | United States Treasury Note, 0.750%, 8/31/2018 | 745,690 | |
600,000 | United States Treasury Note, 0.875%, 5/31/2018 | 598,702 | |
200,000 | United States Treasury Note, 0.875%, 9/15/2019 | 197,385 | |
100,000 | United States Treasury Note, 1.000%, 10/15/2019 | 98,916 | |
TOTAL U.S. TREASURY (IDENTIFIED COST $10,338,568) | 10,327,062 | ||
EXCHANGE-TRADED FUND—6.4% | |||
620,112 | iShares Core MSCI Emerging Markets ETF (IDENTIFIED COST $28,549,491) | 26,832,246 | |
PURCHASED CALL OPTION—0.0% | |||
5,000,000 | Bank of America Merrill Lynch USD CALL/JPY Put (Call-Option) Strike Price: $111.00; Expiration Date:12/15/2016 (IDENTIFIED COST $35,500) | 161,960 | |
WARRANT—0.0% | |||
5,107 | Ferroglobe PLC, NIP (IDENTIFIED COST $45,725) | 0 | |
INVESTMENT COMPANIES—18.6%5 | |||
3,909,381 | Emerging Markets Core Fund | 38,663,775 | |
328,747 | Federated Bank Loan Core Fund | 3,320,343 | |
2,515,694 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 0.56%8 | 2,515,945 | |
2,299,720 | Federated Mortgage Core Portfolio | 22,606,248 | |
477,719 | Federated Project and Trade Finance Core Fund | 4,442,789 | |
965,365 | High Yield Bond Portfolio | 6,023,879 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $78,464,614) | 77,572,979 | ||
TOTAL INVESTMENTS—98.2% (IDENTIFIED COST $393,533,751)9 | 409,641,475 | ||
OTHER ASSETS AND LIABILITIES - NET—1.8%10 | 7,132,866 | ||
TOTAL NET ASSETS—100% | $416,774,341 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation (Depreciation) |
1CAC 40 10-Year Euro Short Futures | 67 | $3,249,414 | December 2016 | $(34,170) |
1CBOE SPX Volatility Index Short Futures | 66 | $1,074,150 | January 2017 | $(5,214) |
1FTSE 100 Index Short Futures | 102 | $8,654,710 | December 2016 | $41,052 |
1FTSE JSE Top 40 Short Futures | 311 | $9,682,699 | December 2016 | $97,705 |
1FTSE/MIB Index Short Futures | 26 | $2,332,899 | December 2016 | $(61,099) |
1Hang Seng Index Short Futures | 37 | $5,443,267 | December 2016 | $(14,260) |
1Japan 10-Year Bond Short Futures | 14 | $18,424,370 | December 2016 | $108,119 |
1MSCI Taiwan Index Short Futures | 15 | $517,650 | December 2016 | $(3,102) |
1Mini MSCI Emerging Market Short Futures | 336 | $14,498,400 | December 2016 | $(318,800) |
1MSCI Singapore IX ETS Short Futures | 70 | $1,576,691 | December 2016 | $9,083 |
1OMXS 30 Index Short Futures | 183 | $2,932,667 | December 2016 | $12,699 |
1SPI 200 Short Futures | 265 | $26,623,519 | December 2016 | $377,381 |
1S&P/TSX 60 IX Short Futures | 96 | $12,680,890 | December 2016 | $(173,024) |
1S&P 500 E-Mini Short Futures | 9 | $989,460 | December 2016 | $597 |
1United States Treasury Notes 10-Year Short Futures | 67 | $8,342,547 | March 2017 | $25,618 |
1Amsterdam Index Long Futures | 135 | $13,078,916 | December 2016 | $(6,081) |
1Australia 10-Year Bond Long Futures | 168 | $15,985,455 | December 2016 | $24,698 |
1Canada 10-Year Bond Long Futures | 37 | $3,825,326 | March 2017 | $(10,264) |
1DAX Index Long Futures | 44 | $12,401,566 | December 2016 | $(44,260) |
1Euro BTP Long Futures | 24 | $3,442,307 | December 2016 | $(43,770) |
1Euro Bund Long Futures | 17 | $2,901,890 | December 2016 | $(5,251) |
1IBEX 35 Index Long Futures | 104 | $9,562,405 | December 2016 | $29,997 |
1KOSPI2 Index Long Futures | 248 | $26,957,444 | December 2016 | $260,904 |
1Long GILT Short Futures | 83 | $12,809,844 | March 2017 | $(2,193) |
1Swiss Market Index Long Futures | 352 | $27,275,066 | December 2016 | $(4,161) |
1TOPIX Index Long Futures | 107 | $13,785,936 | December 2016 | $139,262 |
1United States Treasury Notes 2-Year Long Futures | 137 | $29,703,312 | March 2017 | $(10,187) |
1United States Treasury Notes 10-Year Long Futures | 89 | $11,081,891 | March 2017 | $(25,936) |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $365,343 |
Settlement Date | Counterparty | Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
Contracts Purchased: | ||||
12/1/2016 | JPMorgan Chase | $900,000 AUD | $662,337 | $2,268 |
12/1/2016 | JPMorgan Chase | 3,900,000 AUD | $2,870,127 | $9,827 |
12/1/2016 | JPMorgan Chase | 9,123,000 CAD | $6,740,545 | $50,939 |
12/1/2016 | JPMorgan Chase | 10,957,000 CAD | $8,194,291 | $(37,513) |
12/1/2016 | JPMorgan Chase | 10,000 CHF | $9,922 | $(86) |
12/1/2016 | JPMorgan Chase | 4,235,113 CHF | $4,238,516 | $(72,967) |
12/1/2016 | JPMorgan Chase | 9,000,000 CHF | $8,914,768 | $(62,599) |
12/1/2016 | JPMorgan Chase | 22,706,000 CHF | $22,675,044 | $(342,006) |
12/1/2016 | JPMorgan Chase | 8,770,500 EUR | $9,328,734 | $(33,322) |
12/1/2016 | JPMorgan Chase | 15,439,000 EUR | $16,421,677 | $(58,657) |
12/1/2016 | JPMorgan Chase | 1,308,500 GBP | $1,631,149 | $6,046 |
12/1/2016 | JPMorgan Chase | 2,150,958 GBP | $2,681,340 | $9,938 |
12/1/2016 | JPMorgan Chase | 104,980,000 JPY | $947,898 | $(30,281) |
12/1/2016 | JPMorgan Chase | 797,812,000 JPY | $7,203,701 | $(230,124) |
12/1/2016 | JPMorgan Chase | 101,414,000 MXN | $4,950,105 | $(21,353) |
12/1/2016 | JPMorgan Chase | 61,418,576 NOK | $7,208,826 | $5,262 |
12/1/2016 | JPMorgan Chase | 7,204,000 NZD | $5,286,134 | $(184,259) |
12/1/2016 | JPMorgan Chase | 6,110,000 SEK | $666,021 | $(3,532) |
12/1/2016 | JPMorgan Chase | 18,159,800 SEK | $2,000,079 | $(31,067) |
12/1/2016 | JPMorgan Chase | 23,773,218 SEK | $2,591,176 | $(13,518) |
12/1/2016 | JPMorgan Chase | 1,272,229 SGD | $918,000 | $(30,409) |
12/1/2016 | JPMorgan Chase | 9,555,000 TRY | $3,000,288 | $(219,196) |
12/8/2016 | JPMorgan Chase | 3,700,000 AUD | $2,708,845 | $22,912 |
12/8/2016 | JPMorgan Chase | 10,596,000 CAD | $7,916,579 | $(28,249) |
12/8/2016 | JPMorgan Chase | 8,477,500 EUR | $8,971,195 | $15,425 |
12/8/2016 | JPMorgan Chase | 15,732,000 EUR | $16,679,677 | $(2,885) |
12/8/2016 | JPMorgan Chase | 6,920,000 GBP | $8,616,815 | $42,138 |
12/8/2016 | JPMorgan Chase | 608,455,000 JPY | $5,491,007 | $(171,639) |
12/8/2016 | JPMorgan Chase | 101,414,000 MXN | $4,930,509 | $(5,481) |
12/8/2016 | JPMorgan Chase | 129,700,000 MXN | $6,284,003 | $14,695 |
12/8/2016 | JPMorgan Chase | 61,418,576 NOK | $7,157,572 | $56,631 |
12/8/2016 | JPMorgan Chase | 9,000,000 NZD | $6,307,513 | $64,746 |
12/8/2016 | JPMorgan Chase | 9,205,000 NZD | $6,486,808 | $30,598 |
12/8/2016 | JPMorgan Chase | 6,110,000 SEK | $662,159 | $487 |
12/8/2016 | JPMorgan Chase | 104,536,000 SEK | $11,300,603 | $36,613 |
12/8/2016 | JPMorgan Chase | 1,310,000 SGD | $918,889 | $(4,919) |
12/8/2016 | JPMorgan Chase | 17,281,000 TRY | $5,046,707 | $(24,387) |
Settlement Date | Counterparty | Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
Contracts Purchased: (continued) | ||||
12/9/2016 | Citibank N.A. | 2,308,774 AUD | 1,600,000 EUR | $8,401 |
12/9/2016 | Credit Agricole CIB | 265,000 AUD | 1,619,932 NOK | $5,370 |
12/9/2016 | Barclays Bank PLC | 265,000 AUD | 1,632,130 NOK | $3,937 |
12/9/2016 | Credit Agricole CIB | 285,000 AUD | 1,742,191 NOK | $5,775 |
12/9/2016 | Barclays Bank PLC | 285,000 AUD | 1,755,309 NOK | $4,234 |
12/9/2016 | Morgan Stanley | 570,000 AUD | 3,629,361 NOK | $(5,479) |
12/9/2016 | Barclays Bank PLC | 1,100,000 AUD | 6,774,878 NOK | $16,342 |
12/9/2016 | Bank of America N.A. | 400,000 AUD | $305,900 | $(10,584) |
12/9/2016 | JPMorgan Chase | 1,900,000 AUD | $1,451,787 | $(49,036) |
12/9/2016 | JPMorgan Chase | 2,300,000 AUD | $1,773,684 | $(75,617) |
12/9/2016 | Morgan Stanley | 2,600,000 AUD | $1,993,680 | $(74,126) |
12/9/2016 | Bank of America N.A. | 3,400,000 AUD | $2,600,150 | $(89,964) |
12/9/2016 | JPMorgan Chase | 1,399,253 CAD | 1,459,459 NZD | $8,408 |
12/9/2016 | JPMorgan Chase | 1,717,423 CAD | 1,800,000 NZD | $4,174 |
12/9/2016 | JPMorgan Chase | 1,717,676 CAD | 1,800,000 NZD | $4,362 |
12/9/2016 | Goldman Sachs | 2,293,536 CAD | 2,400,000 NZD | $8,274 |
12/9/2016 | JPMorgan Chase | 2,349,961 CAD | 2,500,000 NZD | $(20,519) |
12/9/2016 | JPMorgan Chase | 3,437,355 CAD | 3,600,000 NZD | $10,216 |
12/9/2016 | Citibank N.A. | 3,438,972 CAD | 3,600,000 NZD | $11,420 |
12/9/2016 | JPMorgan Chase | 1,935,011 DKK | 260,000 EUR | $76 |
12/9/2016 | BNP Paribas SA | 1,200,000 EUR | 1,021,269 GBP | $(5,816) |
12/9/2016 | Citibank N.A. | 2,500,000 EUR | 297,101,250 JPY | $52,764 |
12/9/2016 | JPMorgan Chase | 2,400,000 EUR | 3,683,456 NZD | $(63,672) |
12/9/2016 | JPMorgan Chase | 2,425,000 EUR | 23,535,534 SEK | $18,123 |
12/9/2016 | JPMorgan Chase | 2,425,000 EUR | 23,811,521 SEK | $(11,810) |
12/9/2016 | JPMorgan Chase | 696,605 EUR | $785,779 | $(47,316) |
12/9/2016 | JPMorgan Chase | 1,400,000 EUR | $1,531,508 | $(47,382) |
12/9/2016 | JPMorgan Chase | 1,500,000 EUR | $1,685,312 | $(95,177) |
12/9/2016 | JPMorgan Chase | 2,000,000 EUR | $2,177,511 | $(57,332) |
12/9/2016 | Barclays Bank PLC | 2,400,000 EUR | $2,688,300 | $(144,085) |
12/9/2016 | Goldman Sachs | 4,900,000 EUR | $5,434,482 | $(240,043) |
12/9/2016 | Citibank N.A. | 6,300,000 EUR | $6,952,742 | $(274,177) |
12/9/2016 | JPMorgan Chase | 1,060,000 GBP | $1,402,441 | $(76,052) |
12/9/2016 | JPMorgan Chase | 19,858,463 JPY | $186,549 | $(12,933) |
12/9/2016 | JPMorgan Chase | 23,804,896 JPY | $223,622 | $(15,503) |
12/9/2016 | JPMorgan Chase | 25,605,293 JPY | $240,534 | $(16,676) |
12/9/2016 | JPMorgan Chase | 28,119,166 JPY | $263,451 | $(17,614) |
12/9/2016 | JPMorgan Chase | 33,707,233 JPY | $315,806 | $(21,115) |
Settlement Date | Counterparty | Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
Contracts Purchased: (continued) | ||||
12/9/2016 | JPMorgan Chase | 36,256,556 JPY | $339,691 | $(22,711) |
12/9/2016 | JPMorgan Chase | 43,213,260 JPY | $405,943 | $(28,143) |
12/9/2016 | JPMorgan Chase | 61,189,069 JPY | $573,286 | $(38,329) |
12/9/2016 | JPMorgan Chase | 121,241,250 JPY | $1,181,818 | $(121,845) |
12/9/2016 | JPMorgan Chase | 146,561,234 JPY | $1,418,182 | $(136,844) |
12/9/2016 | JPMorgan Chase | 187,122,492 JPY | $1,800,000 | $(164,049) |
12/9/2016 | Bank of America N.A. | 206,130,000 JPY | $2,000,000 | $(197,872) |
12/9/2016 | JPMorgan Chase | 208,678,005 JPY | $1,910,000 | $(85,596) |
12/9/2016 | Bank of America N.A. | 237,387,189 JPY | $2,319,775 | $(244,375) |
12/9/2016 | JPMorgan Chase | 238,539,578 JPY | $2,300,000 | $(214,526) |
12/9/2016 | Bank of America N.A. | 252,335,300 JPY | $2,450,000 | $(243,914) |
12/9/2016 | JPMorgan Chase | 257,454,967 JPY | $2,450,000 | $(199,155) |
12/9/2016 | JPMorgan Chase | 263,249,976 JPY | $2,400,000 | $(98,491) |
12/9/2016 | JPMorgan Chase | 3,600,000 NZD | $2,606,548 | $(57,747) |
12/15/2016 | JPMorgan Chase | 5,130,000 AUD | $3,819,371 | $(32,486) |
12/15/2016 | Goldman Sachs | 23,810,000 CHF | $23,473,160 | $(34,540) |
12/15/2016 | Citibank N.A. | 1,424,013,300 KRW | $1,251,000 | $(32,918) |
12/15/2016 | Citibank N.A. | 2,063,334,000 KRW | $1,820,000 | $(55,052) |
12/15/2016 | Citibank N.A. | 8,584,019,200 KRW | $7,328,000 | $14,655 |
12/15/2016 | JPMorgan Chase | 16,470,000 NZD | $11,680,695 | $(22,023) |
12/15/2016 | JPMorgan Chase | 92,971,000 SEK | $10,087,421 | $509 |
12/15/2016 | JPMorgan Chase | 19,588,500 SGD | $13,703,963 | $(37,159) |
12/19/2016 | Bank of America N.A. | 114,084,000 JPY | $1,000,000 | $(1,893) |
12/19/2016 | Bank of America N.A. | 166,498,500 JPY | $1,500,000 | $(43,325) |
12/19/2016 | JPMorgan Chase | 169,236,465 JPY | $1,500,000 | $(19,371) |
12/19/2016 | Bank of America N.A. | 170,962,500 JPY | $1,500,000 | $(4,270) |
1/4/2017 | JPMorgan Chase | 1,906,000 AUD | $1,407,446 | $(1,137) |
1/4/2017 | JPMorgan Chase | 1,906,000 NZD | $1,344,796 | $3,604 |
Contracts Sold: | ||||
12/1/2016 | JPMorgan Chase | 900,000 AUD | $679,946 | $15,341 |
12/1/2016 | JPMorgan Chase | 3,900,000 AUD | $3,003,073 | $123,118 |
12/1/2016 | JPMorgan Chase | 1,473,000 CAD | $1,100,471 | $3,918 |
12/1/2016 | JPMorgan Chase | 9,123,000 CAD | $6,815,750 | $24,266 |
12/1/2016 | JPMorgan Chase | 9,484,000 CAD | $7,024,535 | $(35,690) |
12/1/2016 | JPMorgan Chase | 10,000 CHF | $9,914 | $78 |
12/1/2016 | JPMorgan Chase | 4,235,113 CHF | $4,353,000 | $187,451 |
12/1/2016 | JPMorgan Chase | 9,000,000 CHF | $8,922,773 | $70,605 |
12/1/2016 | JPMorgan Chase | 22,706,000 CHF | $22,511,166 | $178,128 |
Settlement Date | Counterparty | Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
Contracts Sold: (continued) | ||||
12/1/2016 | JPMorgan Chase | 8,770,500 EUR | $9,697,632 | $402,220 |
12/1/2016 | JPMorgan Chase | 15,439,000 EUR | $16,584,615 | $221,596 |
12/1/2016 | JPMorgan Chase | 1,308,500 GBP | $1,623,567 | $(13,627) |
12/1/2016 | JPMorgan Chase | 2,150,958 GBP | $2,685,000 | $(6,278) |
12/1/2016 | JPMorgan Chase | 104,980,000 JPY | $1,003,590 | $85,972 |
12/1/2016 | JPMorgan Chase | 797,812,000 JPY | $7,349,013 | $375,437 |
12/1/2016 | JPMorgan Chase | 101,414,000 MXN | $4,933,487 | $4,735 |
12/1/2016 | JPMorgan Chase | 12,620,052 NOK | $1,500,000 | $17,677 |
12/1/2016 | JPMorgan Chase | 17,216,000 NOK | $2,036,793 | $14,641 |
12/1/2016 | JPMorgan Chase | 31,582,524 NOK | $3,871,000 | $161,388 |
12/1/2016 | JPMorgan Chase | 1,906,000 NZD | $1,345,144 | $(4,685) |
12/1/2016 | JPMorgan Chase | 5,298,000 NZD | $3,752,102 | $57 |
12/1/2016 | JPMorgan Chase | 6,110,000 SEK | $661,965 | $(524) |
12/1/2016 | JPMorgan Chase | 41,933,018 SEK | $4,682,000 | $135,331 |
12/1/2016 | JPMorgan Chase | 1,272,229 SGD | $892,316 | $4,725 |
12/1/2016 | JPMorgan Chase | 1,523,500 TRY | $462,113 | $18,680 |
12/1/2016 | JPMorgan Chase | 8,031,500 TRY | $2,372,576 | $34,916 |
12/8/2016 | JPMorgan Chase | 3,700,000 AUD | $2,755,236 | $23,479 |
12/8/2016 | JPMorgan Chase | 10,596,000 CAD | $7,873,264 | $(15,067) |
12/8/2016 | JPMorgan Chase | 24,209,500 EUR | $25,756,477 | $93,066 |
12/8/2016 | JPMorgan Chase | 6,920,000 GBP | $8,655,530 | $(3,424) |
12/8/2016 | JPMorgan Chase | 608,455,000 JPY | $5,379,845 | $60,476 |
12/8/2016 | JPMorgan Chase | 101,414,000 MXN | $4,945,314 | $20,286 |
12/8/2016 | JPMorgan Chase | 129,700,000 MXN | $6,269,878 | $(28,820) |
12/8/2016 | JPMorgan Chase | 61,418,576 NOK | $7,208,801 | $(5,402) |
12/8/2016 | JPMorgan Chase | 9,000,000 NZD | $6,384,461 | $12,202 |
12/8/2016 | JPMorgan Chase | 9,205,000 NZD | $6,529,885 | $12,480 |
12/8/2016 | JPMorgan Chase | 6,110,000 SEK | $662,732 | $85 |
12/8/2016 | JPMorgan Chase | 104,536,000 SEK | $11,338,676 | $1,460 |
12/8/2016 | JPMorgan Chase | 1,310,000 SGD | $916,443 | $2,473 |
12/8/2016 | JPMorgan Chase | 17,281,000 TRY | $5,094,475 | $72,155 |
12/9/2016 | JPMorgan Chase | 2,276,615 AUD | 1,600,000 EUR | $15,342 |
12/9/2016 | Barclays Bank PLC | 530,000 AUD | 3,270,180 NOK | $(7,179) |
12/9/2016 | Credit Agricole CIB | 570,000 AUD | 3,515,960 NOK | $(7,841) |
12/9/2016 | Barclays Bank PLC | 570,000 AUD | 3,520,098 NOK | $(7,355) |
12/9/2016 | Credit Agricole CIB | 1,100,000 AUD | 6,709,230 NOK | $(24,053) |
12/9/2016 | Bank of America N.A. | 2,300,000 AUD | 1,760,489 | $62,422 |
12/9/2016 | Bank of America N.A. | 3,400,000 AUD | 2,600,456 | $90,270 |
Settlement Date | Counterparty | Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
Contracts Sold: (continued) | ||||
12/9/2016 | Morgan Stanley | 4,900,000 AUD | 3,755,434 | $137,813 |
12/9/2016 | JPMorgan Chase | 1,120,505 CAD | 1,200,000 NZD | $15,415 |
12/9/2016 | JPMorgan Chase | 1,144,171 CAD | 1,200,000 NZD | $(2,204) |
12/9/2016 | JPMorgan Chase | 1,387,183 CAD | 1,459,459 NZD | $578 |
12/9/2016 | JPMorgan Chase | 1,397,277 CAD | 1,459,459 NZD | $(6,937) |
12/9/2016 | JPMorgan Chase | 1,731,950 CAD | 1,800,000 NZD | $(14,989) |
12/9/2016 | JPMorgan Chase | 1,731,950 CAD | 1,800,000 NZD | $(14,989) |
12/9/2016 | JPMorgan Chase | 2,048,740 CAD | 2,140,541 NZD | $(9,728) |
12/9/2016 | JPMorgan Chase | 2,362,256 CAD | 2,500,000 NZD | $11,366 |
12/9/2016 | JPMorgan Chase | 3,431,342 CAD | 3,600,000 NZD | $(5,739) |
12/9/2016 | BNP Paribas SA | 1,200,000 EUR | 1,026,318 GBP | $12,134 |
12/9/2016 | BNP Paribas SA | 2,400,000 EUR | 2,099,736 GBP | $83,204 |
12/9/2016 | Citibank N.A. | 2,500,000 EUR | 299,062,703 JPY | $(35,616) |
12/9/2016 | JPMorgan Chase | 2,400,000 EUR | 3,659,336 NZD | $46,596 |
12/9/2016 | JPMorgan Chase | 4,850,000 EUR | 46,201,023 SEK | $(130,609) |
12/9/2016 | JPMorgan Chase | 553,605 EUR | $605,410 | $18,540 |
12/9/2016 | JPMorgan Chase | 900,000 EUR | $984,221 | $30,140 |
12/9/2016 | JPMorgan Chase | 1,400,000 EUR | $1,533,808 | $49,682 |
12/9/2016 | Barclays Bank PLC | 1,500,000 EUR | $1,677,000 | $86,865 |
12/9/2016 | JPMorgan Chase | 1,500,000 EUR | $1,683,980 | $93,846 |
12/9/2016 | JPMorgan Chase | 2,000,000 EUR | $2,187,158 | $66,978 |
12/9/2016 | Goldman Sachs | 4,900,000 EUR | $5,419,890 | $225,450 |
12/9/2016 | Citibank N.A. | 6,300,000 EUR | $6,927,791 | $249,225 |
12/9/2016 | Citibank N.A. | 670,000 GBP | $814,021 | $(24,356) |
12/9/2016 | JPMorgan Chase | 1,300,000 GBP | $1,733,742 | $107,039 |
12/9/2016 | JPMorgan Chase | 45,511,978 JPY | $450,000 | $52,104 |
12/9/2016 | JPMorgan Chase | 57,493,576 JPY | $539,428 | $36,780 |
12/9/2016 | JPMorgan Chase | 75,734,623 JPY | $710,572 | $48,449 |
12/9/2016 | JPMorgan Chase | 235,873,832 JPY | $2,300,000 | $237,832 |
12/9/2016 | JPMorgan Chase | 256,832,904 JPY | $2,400,000 | $154,593 |
12/9/2016 | Bank of America N.A. | 261,050,400 JPY | $2,600,000 | $317,721 |
12/9/2016 | JPMorgan Chase | 281,107,066 JPY | $2,779,228 | $321,600 |
12/9/2016 | Bank of America N.A. | 505,239,000 JPY | $4,900,000 | $482,859 |
12/9/2016 | Bank of America N.A. | 510,418,300 JPY | $4,900,000 | $437,578 |
12/9/2016 | JPMorgan Chase | 3,600,000 NZD | $2,620,138 | $71,337 |
12/15/2016 | JPMorgan Chase | 4,462,000 CAD | $3,314,894 | $(7,200) |
12/15/2016 | JPMorgan Chase | 11,409,000 EUR | $12,076,638 | $(22,602) |
12/15/2016 | JPMorgan Chase | 86,420,000 JPY | $764,289 | $8,426 |
Settlement Date | Counterparty | Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
Contracts Sold: (continued) | ||||
12/15/2016 | Citibank N.A. | 1,151,886,000 KRW | $982,000 | $(3,308) |
12/15/2016 | Citibank N.A. | 1,691,781,600 KRW | $1,488,000 | $40,873 |
12/15/2016 | Citibank N.A. | 1,872,465,000 KRW | $1,700,000 | $98,318 |
12/15/2016 | Citibank N.A. | 4,239,795,000 KRW | $3,794,000 | $167,336 |
12/15/2016 | Citibank N.A. | 4,256,000,000 KRW | $3,605,863 | $(34,663) |
12/15/2016 | Citibank N.A. | 5,391,759,600 KRW | $4,572,000 | $(40,039) |
12/15/2016 | JPMorgan Chase | 108,100,000 MXN | $5,250,717 | $5,276 |
12/15/2016 | JPMorgan Chase | 44,877,500 NOK | $5,229,977 | $(41,541) |
12/15/2016 | JPMorgan Chase | 11,842,000 TRY | $3,452,963 | $16,686 |
12/19/2016 | JPMorgan Chase | 168,561,630 JPY | $1,500,000 | $25,275 |
1/4/2017 | JPMorgan Chase | 1,906,000 AUD | $1,419,313 | $13,003 |
1/4/2017 | JPMorgan Chase | 1,906,000 NZD | $1,351,425 | $3,025 |
2/28/2017 | JPMorgan Chase | 152,550 AUD | $112,394 | $(18) |
2/28/2017 | JPMorgan Chase | 700,730 CAD | $519,011 | $(3,202) |
2/28/2017 | Citibank N.A. | 219,800 EUR | $233,081 | $(922) |
2/28/2017 | Citibank N.A. | 735,389 EUR | $782,284 | $(625) |
NET UNREALIZED APPRECIATION ON FOREIGN EXCHANGE CONTRACTS | $1,092,107 |
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 November 30, 2016, these restricted securities amounted to $10,052,639, which represented 2.41% 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 November 30, 2016, these liquid restricted securities amounted to $9,978,656, which represented 2.39% 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 | Partial payment received at last payment date. |
8 | 7-day net yield. |
9 | The cost of investments for federal tax purposes amounts to $396,401,390. |
10 | 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 | $125,371,707 | $— | $1,332 | $125,373,039 |
International | 6,583,877 | 89,958,507 | — | 96,542,384 |
Debt Securities: | ||||
Asset-backed Securities | — | 1,587,826 | — | 1,587,826 |
Commercial Mortgage-backed Securities | — | 751,797 | — | 751,797 |
Collateralized Mortgage Obligations | — | 2,002,589 | — | 2,002,589 |
Corporate Bonds | — | 29,370,375 | 73,983 | 29,444,358 |
Mortgage-backed Securities | — | 177,224 | — | 177,224 |
Foreign Governments/agencies | — | 38,759,565 | — | 38,759,565 |
Municipal Bonds | — | 108,446 | — | 108,446 |
U.S. Treasury | — | 10,327,062 | — | 10,327,062 |
Exchange-Traded Funds | 26,832,246 | — | — | 26,832,246 |
Purchased Call Options | — | 161,960 | — | 161,960 |
Warrant | — | 0 | — | 0 |
Investment Companies1 | 2,515,945 | — | — | 77,572,979 |
TOTAL SECURITIES | $161,303,775 | $173,205,351 | $75,315 | $409,641,475 |
Other Financial Instruments2 | ||||
Assets | $1,127,115 | 6,869,587 | — | $7,996,702 |
Liabilities | (761,772) | (5,777,480) | — | (6,539,252) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $365,343 | $1,092,107 | $— | $1,457,450 |
1 | As permitted by U.S. generally accepted accounting principles, Investment Companies valued at $75,057,034 are measured at fair value using the 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 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 Currency |
GBP | —British Pound |
GO | —General Obligation |
JPY | —Japanese Yen |
KRW | —South Korean Wan |
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 |
SEK | —Swedish Krona |
SGD | —Singapore Dollar |
TRY | —Turkish Lira |
USD | —United States Dollar |
Year Ended November 30 | 2016 | 2015 | 2014 | 2013 | 2012 |
Net Asset Value, Beginning of Period | $17.87 | $20.29 | $21.47 | $18.68 | $16.98 |
Income From Investment Operations: | |||||
Net investment income | 0.291 | 0.271 | 0.181 | 0.171 | 0.181 |
Net realized and unrealized gain (loss) on investments, futures contracts, written options and foreign currency transactions | (0.38) | (0.80) | 1.10 | 3.07 | 1.74 |
TOTAL FROM INVESTMENT OPERATIONS | (0.09) | (0.53) | 1.28 | 3.24 | 1.92 |
Less Distributions: | |||||
Distributions from net investment income | (0.29) | (0.17) | (0.12) | (0.16) | (0.22) |
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 | (0.30) | (1.89) | (2.46) | (0.45) | (0.22) |
Redemption Fees | — | — | 0.002 | — | — |
Net Asset Value, End of Period | $17.49 | $17.87 | $20.29 | $21.47 | $18.68 |
Total Return3 | (0.68)% | (2.80)% | 6.53% | 17.73% | 11.38% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.14% | 1.16% | 1.14% | 1.17% | 1.22% |
Net investment income | 1.65% | 1.45% | 0.93% | 0.88% | 1.01% |
Expense waiver/reimbursement4 | 0.17% | 0.13% | 0.10% | 0.10% | 0.07% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $169,443 | $187,183 | $196,067 | $193,678 | $185,414 |
Portfolio turnover | 105% | 76% | 100% | 106% | 85% |
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. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended November 30 | 2016 | 2015 | 2014 | 2013 | 2012 |
Net Asset Value, Beginning of Period | $17.43 | $19.86 | $21.17 | $18.46 | $16.78 |
Income From Investment Operations: | |||||
Net investment income | 0.141 | 0.121 | 0.021 | 0.011 | 0.031 |
Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts, written options and foreign currency transactions | (0.36) | (0.78) | 1.07 | 3.04 | 1.72 |
TOTAL FROM INVESTMENT OPERATIONS | (0.22) | (0.66) | 1.09 | 3.05 | 1.75 |
Less Distributions: | |||||
Distributions from net investment income | (0.15) | (0.05) | (0.06) | (0.05) | (0.07) |
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 | (0.16) | (1.77) | (2.40) | (0.34) | (0.07) |
Redemption Fees | — | — | 0.002 | — | — |
Net Asset Value, End of Period | $17.06 | $17.43 | $19.86 | $21.17 | $18.46 |
Total Return3 | (1.46)% | (3.59)% | 5.67% | 16.82% | 10.39% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.95% | 1.97% | 1.95% | 1.99% | 2.05% |
Net investment income | 0.85% | 0.64% | 0.12% | 0.06% | 0.19% |
Expense waiver/reimbursement4 | 0.18% | 0.12% | 0.10% | 0.10% | 0.07% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $16,037 | $21,384 | $26,163 | $30,675 | $28,853 |
Portfolio turnover | 105% | 76% | 100% | 106% | 85% |
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. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended November 30 | 2016 | 2015 | 2014 | 2013 | 2012 |
Net Asset Value, Beginning of Period | $17.37 | $19.80 | $21.11 | $18.40 | $16.72 |
Income From Investment Operations: | |||||
Net investment income | 0.151 | 0.131 | 0.031 | 0.021 | 0.041 |
Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts, written options and foreign currency transactions | (0.35) | (0.78) | 1.07 | 3.03 | 1.71 |
TOTAL FROM INVESTMENT OPERATIONS | (0.20) | (0.65) | 1.10 | 3.05 | 1.75 |
Less Distributions: | |||||
Distributions from net investment income | (0.16) | (0.06) | (0.07) | (0.05) | (0.07) |
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) | (1.78) | (2.41) | (0.34) | (0.07) |
Redemption Fees | — | — | 0.002 | — | — |
Net Asset Value, End of Period | $17.00 | $17.37 | $19.80 | $21.11 | $18.40 |
Total Return3 | (1.44)% | (3.55)% | 5.70% | 16.89% | 10.51% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.89% | 1.91% | 1.89% | 1.95% | 1.98% |
Net investment income | 0.91% | 0.70% | 0.17% | 0.10% | 0.24% |
Expense waiver/reimbursement4 | 0.20% | 0.15% | 0.13% | 0.10% | 0.07% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $82,845 | $89,640 | $81,703 | $71,450 | $60,315 |
Portfolio turnover | 105% | 76% | 100% | 106% | 85% |
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. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended November 30 | 2016 | 2015 | 2014 | 2013 | 2012 |
Net Asset Value, Beginning of Period | $17.74 | $20.16 | $21.40 | $18.62 | $16.92 |
Income From Investment Operations: | |||||
Net investment income | 0.211 | 0.191 | 0.101 | 0.091 | 0.111 |
Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts, written options and foreign currency transactions | (0.36) | (0.80) | 1.08 | 3.07 | 1.73 |
TOTAL FROM INVESTMENT OPERATIONS | (0.15) | (0.61) | 1.18 | 3.16 | 1.84 |
Less Distributions: | |||||
Distributions from net investment income | (0.20) | (0.09) | (0.08) | (0.09) | (0.14) |
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 | (0.21) | (1.81) | (2.42) | (0.38) | (0.14) |
Redemption Fees | — | — | 0.002 | — | — |
Net Asset Value, End of Period | $17.38 | $17.74 | $20.16 | $21.40 | $18.62 |
Total Return3 | (1.12)% | (3.26)% | 6.06% | 17.29% | 10.90% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.56% | 1.59% | 1.57% | 1.57% | 1.65% |
Net investment income | 1.24% | 1.02% | 0.50% | 0.48% | 0.58% |
Expense waiver/reimbursement4 | 0.18% | 0.14% | 0.09% | 0.10% | 0.07% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $52,430 | $59,229 | $67,588 | $67,769 | $62,627 |
Portfolio turnover | 105% | 76% | 100% | 106% | 85% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended November 30 | 2016 | 2015 | 2014 | 2013 | 2012 |
Net Asset Value, Beginning of Period | $17.98 | $20.40 | $21.54 | $18.74 | $17.04 |
Income From Investment Operations: | |||||
Net investment income | 0.341 | 0.321 | 0.241 | 0.231 | 0.241 |
Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts, written options and foreign currency transactions | (0.37) | (0.80) | 1.10 | 3.08 | 1.74 |
TOTAL FROM INVESTMENT OPERATIONS | (0.03) | (0.48) | 1.34 | 3.31 | 1.98 |
Less Distributions: | |||||
Distributions from net investment income | (0.33) | (0.22) | (0.14) | (0.22) | (0.28) |
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 | (0.34) | (1.94) | (2.48) | (0.51) | (0.28) |
Redemption Fees | — | — | 0.002 | — | — |
Net Asset Value, End of Period | $17.61 | $17.98 | $20.40 | $21.54 | $18.74 |
Total Return3 | (0.37)% | (2.51)% | 6.85% | 18.07% | 11.69% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.85% | 0.87% | 0.85% | 0.89% | 0.94% |
Net investment income | 1.95% | 1.74% | 1.21% | 1.16% | 1.29% |
Expense waiver/reimbursement4 | 0.20% | 0.14% | 0.12% | 0.10% | 0.07% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $91,167 | $115,108 | $62,451 | $48,353 | $35,929 |
Portfolio turnover | 105% | 76% | 100% | 106% | 85% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Period Ended November 30 | 20161 |
Net Asset Value, Beginning of Period | $16.97 |
Income From Investment Operations: | |
Net investment income | 0.112 |
Net realized and unrealized gain on investments, futures contracts and foreign currency transactions | 0.56 |
TOTAL FROM INVESTMENT OPERATIONS | 0.67 |
Less Distributions: | |
Distributions from net investment income | (0.13) |
Distributions from net realized gain on investments, futures contracts, swap contracts, written options and foreign currency transactions | — |
TOTAL DISTRIBUTIONS | (0.13) |
Net Asset Value, End of Period | $17.51 |
Total Return3 | 3.94% |
Ratios to Average Net Assets: | |
Net expenses | 0.84%4 |
Net investment income | 1.48%4 |
Expense waiver/reimbursement5 | 0.16%4 |
Supplemental Data: | |
Net assets, end of period (000 omitted) | $4,853 |
Portfolio turnover6 | 105% |
1 | Reflects operations for the period from June 29, 2016 (date of initial investment) to November 30, 2016. |
2 | Per share numbers have been calculated using the average shares method. |
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 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
6 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the period ended November 30, 2016. |
Assets: | ||
Total investment in securities, at value including $77,572,979 of investment in affiliated holdings (Note 5) (identified cost $393,533,751) | $409,641,475 | |
Cash denominated in foreign currencies (identified cost $2,561,443) | 2,429,594 | |
Restricted cash (Note 2) | 13,998,058 | |
Income receivable | 1,224,972 | |
Receivable for investments sold | 1,647,410 | |
Receivable for shares sold | 536,313 | |
Unrealized appreciation on foreign exchange contracts | 6,869,587 | |
Receivable for daily variation margin on futures contracts | 177,618 | |
TOTAL ASSETS | 436,525,027 | |
Liabilities: | ||
Payable for investments purchased | $1,023,828 | |
Payable for shares redeemed | 10,231,584 | |
Unrealized depreciation on foreign exchange contracts | 5,777,480 | |
Bank overdraft | 2,289,802 | |
Payable to adviser (Note 5) | 5,745 | |
Payable for administrative fees (Note 5) | 909 | |
Payable for distribution services fee (Note 5) | 82,499 | |
Payable for other service fees (Notes 2 and 5) | 54,134 | |
Accrued expenses (Note 5) | 284,705 | |
TOTAL LIABILITIES | 19,750,686 | |
Net assets for 23,970,914 shares outstanding | $416,774,341 | |
Net Assets Consist of: | ||
Paid-in capital | $421,966,021 | |
Net unrealized appreciation of investments, futures contracts and translation of assets and liabilities in foreign currency | 17,421,743 | |
Accumulated net realized loss on investments, futures contracts and foreign currency transactions | (24,539,218) | |
Undistributed net investment income | 1,925,795 | |
TOTAL NET ASSETS | $416,774,341 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($169,442,828 ÷ 9,685,760 shares outstanding), no par value, unlimited shares authorized | $17.49 | |
Offering price per share (100/94.50 of $17.49) | $18.51 | |
Redemption proceeds per share | $17.49 | |
Class B Shares: | ||
Net asset value per share ($16,037,174 ÷ 940,260 shares outstanding), no par value, unlimited shares authorized | $17.06 | |
Offering price per share | $17.06 | |
Redemption proceeds per share (94.50/100 of $17.06) | $16.12 | |
Class C Shares: | ||
Net asset value per share ($82,845,057 ÷ 4,873,300 shares outstanding), no par value, unlimited shares authorized | $17.00 | |
Offering price per share | $17.00 | |
Redemption proceeds per share (99.00/100 of $17.00) | $16.83 | |
Class R Shares: | ||
Net asset value per share ($52,429,501 ÷ 3,016,127 shares outstanding), no par value, unlimited shares authorized | $17.38 | |
Offering price per share | $17.38 | |
Redemption proceeds per share | $17.38 | |
Institutional Shares: | ||
Net asset value per share ($91,166,942 ÷ 5,178,262 shares outstanding), no par value, unlimited shares authorized | $17.61 | |
Offering price per share | $17.61 | |
Redemption proceeds per share | $17.61 | |
Class R6 Shares: | ||
Net asset value per share ($4,852,839 ÷ 277,205 shares outstanding), no par value, unlimited shares authorized | $17.51 | |
Offering price per share | $17.51 | |
Redemption proceeds per share | $17.51 |
Investment Income: | |||
Dividends (including $2,518,409 received from affiliated holdings (Note 5) and net of foreign taxes withheld of $345,275) | $9,243,521 | ||
Interest | 1,712,852 | ||
Investment income allocated from affiliated partnership (Note 5) | 1,547,934 | ||
TOTAL INCOME | 12,504,307 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $3,060,640 | ||
Administrative fee (Note 5) | 349,574 | ||
Custodian fees | 250,105 | ||
Transfer agent fee (Note 2) | 749,417 | ||
Directors'/Trustees' fees (Note 5) | 12,024 | ||
Auditing fees | 36,546 | ||
Legal fees | 15,240 | ||
Portfolio accounting fees | 175,418 | ||
Distribution services fee (Note 5) | 1,062,981 | ||
Other service fees (Notes 2 and 5) | 701,861 | ||
Share registration costs | 104,902 | ||
Printing and postage | 45,387 | ||
Miscellaneous (Note 5) | 52,170 | ||
EXPENSES BEFORE ALLOCATION | 6,616,265 | ||
Expenses allocated from affiliated partnership (Note 2) | 17,579 | ||
TOTAL EXPENSES | 6,633,844 |
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(666,239) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (159,013) | ||
TOTAL WAIVER AND REIMBURSEMENTS | $(825,252) | ||
Net expenses | $5,808,592 | ||
Net investment income | 6,695,715 | ||
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions: | |||
Net realized loss on investments and foreign currency transactions (including realized loss of $(1,536,645) on sales of investments in affiliated company (Note 5)) | (11,023,841) | ||
Net realized loss on futures contracts | (6,576,182) | ||
Net realized loss on investments and foreign currency transactions allocated from affiliated partnership (Note 5) | (971,332) | ||
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency | 10,190,052 | ||
Net change in unrealized appreciation of futures contracts | (1,288,129) | ||
Net realized and unrealized loss on investments, futures contracts and foreign currency transactions | (9,669,432) | ||
Change in net assets resulting from operations | (2,973,717) |
Year Ended November 30 | 2016 | 2015 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | 6,695,715 | 5,706,892 |
Net realized gain (loss) on investments including allocation from affiliated partnership, futures contracts and foreign currency transactions | (18,571,355) | 1,645,019 |
Net change in unrealized appreciation/depreciation of investments, futures contracts and translation of assets and liabilities in foreign currency | 8,901,923 | (22,356,491) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (2,973,717) | (15,004,580) |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (2,974,140) | (1,712,110) |
Class B Shares | (166,132) | (59,916) |
Class C Shares | (848,140) | (245,024) |
Class R Shares | (650,652) | (294,064) |
Institutional Shares | (2,108,995) | (930,301) |
Class R6 Shares | (12,378) | — |
Distributions from net realized gain on investments, investments including allocation from affiliated partnership, futures contracts and foreign currency transactions | ||
Class A Shares | (61,424) | (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) |
Class R6 Shares | — | — |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (6,917,087) | (40,048,505) |
Share Transactions: | ||
Proceeds from sale of shares | 104,578,274 | 173,670,988 |
Net asset value of shares issued to shareholders in payment of distributions declared | 6,476,003 | 37,916,243 |
Cost of shares redeemed | (156,933,274) | (117,963,371) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (45,878,997) | 93,623,860 |
Change in net assets | (55,769,801) | 38,570,775 |
Net Assets: | ||
Beginning of period | 472,544,142 | 433,973,367 |
End of period (including undistributed net investment income of $1,925,795 and $1,303,598, respectively) | $416,774,341 | $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 are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | 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 | $247,139 | $(34,270) |
Class B Shares | 38,675 | (6,458) |
Class C Shares | 145,005 | (41,633) |
Class R Shares | 171,790 | (16,516) |
Institutional Shares | 146,109 | (60,136) |
Class R6 Shares | 699 | — |
TOTAL | $749,417 | $(159,013) |
Other Service Fees Incurred | |
Class A Shares | $438,969 |
Class B Shares | 45,132 |
Class C Shares | 217,760 |
TOTAL | $701,861 |
Security | Acquisition Date | Cost | Market Value |
Regional Diversified Funding, Series 144A, 9.250%, 03/15/2030 | 3/10/2000 | $157,264 | $73,983 |
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 contracts | $59,286* | — | $— |
Equity contracts | Receivable for daily variation margin on futures contracts | 306,057* | — | — |
Fair Value of Derivative Instruments | ||||
Asset | Liability | |||
Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | |
Foreign exchange contracts | Unrealized appreciation on foreign exchange contracts | $6,869,587 | Unrealized depreciation on foreign exchange contracts | $5,777,480 |
Foreign exchange contracts | Total investments in securities, at value | 161,960 | — | — |
Total derivatives not accounted for as hedging instruments under ASC Topic 815 | $7,396,890 | $5,777,480 |
* | 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 Contracts1 | Purchased Options1 | Total | |
Interest rate contracts | $(1,066,257) | $— | $— | $(1,066,257) |
Foreign exchange contracts | — | (3,873,538) | (284,839) | (4,158,377) |
Equity contracts | (5,509,925) | — | — | (5,509,925) |
TOTAL | $(6,576,182) | $(3,873,538) | $(284,839) | $(10,734,559) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | ||||
Futures Contracts | Foreign Exchange Contracts2 | Purchased Options2 | Total | |
Interest rate contracts | $ 158,780 | $— | $— | $ 158,780 |
Foreign exchange contracts | — | 1,208,982 | 126,460 | 1,335,442 |
Equity contracts | (1,446,909) | — | — | (1,446,909) |
TOTAL | $(1,288,129) | $1,208,982 | $126,460 | $47,313 |
1 | The net realized gain (loss) on Foreign Exchange Contracts and Purchased Options is found within the net realized loss on investments and foreign currency transactions on the Statement of Operations. |
2 | The net change in unrealized appreciation/depreciation of Foreign Exchange Contracts and Purchased Options is found within the Net Change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency on the Statement of Operations. |
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||
Transaction | Gross Asset Derivatives Presented in Statement of Assets and Liabilities | Financial Instruments | Collateral Received | Net Amount (not less than $0) |
Foreign exchange contracts | $6,869,587 | $(5,668,631) | $— | $1,200,956 |
TOTAL | $6,869,587 | $(5,668,631) | $— | $1,200,956 |
Transaction | Gross Liability Derivatives Presented in Statement of Assets and Liabilities | Financial Instruments | Collateral Received | Net Amount (not less than $0) |
Foreign exchange contracts | $5,777,480 | $(5,668,631) | $— | $108,849 |
TOTAL | $5,777,480 | $(5,668,631) | $- | $108,849 |
Year Ended November 30 | 2016 | 2015 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,493,146 | $25,748,895 | 2,138,430 | $39,609,988 |
Shares issued to shareholders in payment of distributions declared | 164,300 | 2,842,977 | 931,229 | 17,079,639 |
Shares redeemed | (2,446,367) | (42,394,903) | (2,257,896) | (41,553,323) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (788,921) | $(13,803,031) | 811,763 | $15,136,304 |
Year Ended November 30 | 2016 | 2015 | ||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 78,698 | $1,325,465 | 166,063 | $3,010,179 |
Shares issued to shareholders in payment of distributions declared | 9,736 | 164,083 | 121,434 | 2,179,856 |
Shares redeemed | (375,205) | (6,312,592) | (377,949) | (6,851,605) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (286,771) | $(4,823,044) | (90,452) | $(1,661,570) |
Year Ended November 30 | 2016 | 2015 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,291,187 | $21,626,173 | 2,094,560 | $37,590,508 |
Shares issued to shareholders in payment of distributions declared | 48,235 | 810,230 | 386,550 | 6,915,927 |
Shares redeemed | (1,625,405) | (27,285,886) | (1,447,890) | (25,984,851) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (285,983) | $(4,849,483) | 1,033,220 | $18,521,584 |
Year Ended November 30 | 2016 | 2015 | ||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 753,777 | $12,891,329 | 807,794 | $14,882,182 |
Shares issued to shareholders in payment of distributions declared | 38,455 | 659,433 | 327,830 | 5,976,139 |
Shares redeemed | (1,114,237) | (19,098,340) | (1,150,660) | (21,202,613) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | (322,005) | $(5,547,578) | (15,036) | $(344,292) |
Period Ended 11/30/20161 | Year Ended 11/30/2015 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 304,757 | $5,404,548 | — | $— |
Shares issued to shareholders in payment of distributions declared | 695 | 12,377 | — | — |
Shares redeemed | (28,247) | (494,409) | — | — |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 277,205 | $4,922,516 | — | $— |
Year Ended November 30 | 2016 | 2015 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,180,465 | $37,581,864 | 4,247,690 | $78,578,131 |
Shares issued to shareholders in payment of distributions declared | 114,230 | 1,986,903 | 313,172 | 5,764,682 |
Shares redeemed | (3,520,051) | (61,347,144) | (1,219,122) | (22,370,979) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (1,225,356) | $(21,778,377) | 3,341,740 | $61,971,834 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (2,631,831) | $(45,878,997) | 5,081,235 | $93,623,860 |
1 | Reflects operations for the period from June 29, 2016 (commencement of operations) to November 30, 2016. |
Increase (Decrease) | ||
Paid-In Capital | Undistributed Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) |
$ (67) | $686,919 | $(686,852) |
2016 | 2015 | |
Ordinary income1 | $6,760,437 | $10,734,944 |
Long-Term capital gains | $156,650 | $29,313,561 |
1 | For tax purposes, short-term capital gain distributions are considered as ordinary income distributions. |
Undistributed ordinary income | $2,022,951 |
Net unrealized appreciation | $13,790,836 |
Capital loss carryforwards | $(21,005,467) |
Expiration Year | Short-Term | Long-Term | Total |
No Expiration | $5,688,033 | $11,920,389 | $17,608,422 |
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 | $135,397 |
Class C Shares | $653,279 |
Class R Shares | $274,305 |
TOTAL | $1,062,981 |
Affiliates | Balance of Shares Held 11/30/2015 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 11/30/2016 | Value | Dividend Income | Capital Gain Distributions |
Dyax Corp., CVR | — | 1,200 | — | 1,200 | $1,332 | $— | $— |
Emer- ging Markets Fixed Income Core Fund | Emer- ging Markets Core Fund | Federated Bank Loan Core Fund | Federated Mort- gage Core Portfolio | Federated Institu- tional Prime Value Obliga- tions Fund, Institu- tional Shares | Federated Project and Trade Finance Core Fund | High Yield Bond Portfolio | Total of Affili- ated Trans- actions | |
Balance of Shares Held 11/30/ 2015 | 1,324,502 | — | 334,858 | 1,919,615 | — | 1,526,203 | 2,220,152 | 7,325,330 |
Pur- chases/ Add- itions | 59,452 | 5,117,419 | 197,728 | 1,022,943 | 26,538,657 | 21,035 | 156,368 | 33,113,602 |
Sales/ Re- duc- tions | (1,383,954) | (1,208,038) | (203,839) | (642,838) | (24,022,963) | (1,069,519) | (1,411,155) | (29,942,306) |
Balance of Shares Held 11/30/ 2016 | — | 3,909,381 | 328,747 | 2,299,720 | 2,515,694 | 477,719 | 965,365 | 10,496,626 |
Value | $— | $38,663,775 | $3,320,343 | $22,606,248 | $2,515,945 | $4,442,789 | $6,023,879 | $77,572,979 |
Dividend Income/ Allo- cated Invest- ment Income | $1,547,934 | $1,036,205 | $140,968 | $621,957 | $24,310 | $196,116 | $498,853 | $4,066,343 |
Allo- cated Net Real- ized Gain (Loss) | $(971,332) | $— | $— | $— | $— | $— | $— | $(971,332) |
Purchases | $407,522,981 |
Sales | $447,686,424 |
January 25, 2017
Beginning Account Value 6/1/2016 | Ending Account Value 11/30/2016 | Expenses Paid During Period1,2 | |
Actual: | |||
Class A Shares | $1,000 | $1,014.30 | $5.79 |
Class B Shares | $1,000 | $1,010.20 | $9.85 |
Class C Shares | $1,000 | $1,010.30 | $9.55 |
Class R Shares | $1,000 | $1,012.00 | $7.75 |
Institutional Shares | $1,000 | $1,015.90 | $4.33 |
Class R6 Shares | $1,000 | $1,039.40 | $3.63 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.25 | $5.81 |
Class B Shares | $1,000 | $1,015.20 | $9.87 |
Class C Shares | $1,000 | $1,015.50 | $9.57 |
Class R Shares | $1,000 | $1,017.30 | $7.77 |
Institutional Shares | $1,000 | $1,020.70 | $4.34 |
Class R6 Shares | $1,000 | $1,020.80 | $4.24 |
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 | 1.15% |
Class B Shares | 1.96% |
Class C Shares | 1.90% |
Class R Shares | 1.54% |
Institutional Shares | 0.86% |
Class R6 Shares | 0.84% |
2 | “Actual” expense information for the Fund's Class R6 Shares is for the period from June 29, 2016 (date of initial investment) to November 30, 2016. Actual expenses are equal to the Fund's annualized net expense ratio of 0.84%, multiplied by 155/366 (to reflect the period from initial investment to November 30, 2016). “Hypothetical” expense information for Class R6 Shares is presented on the basis of the full one-half year period to enable comparison to other funds. It is based on assuming the same net expense ratio and average account value over the period, but it is multiplied by 183/366 (to reflect thefull half-year period). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: November 1998 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of certain of the Funds in the Federated Fund Family; Vice President, Federated Investors, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President and CEO of Passport Research, Ltd.; President of some of the Funds in the Federated Fund Complex and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Investors, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
* | Reasons for “interested” status: J. Christopher Donahue and John B. Fisher are interested due to their beneficial ownership of shares of Federated Investors, Inc. and due to positions they hold with Federated and its subsidiaries. J. Christopher Donahue is the son of John F. Donahue, Chairman Emeritus of the Federated Funds. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Director, Current Chair of the Compensation Committee, KLX Corp. Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO, The Collins Group, Inc. (a private equity firm). Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Governance Committee, Publix Super Markets, Inc.; Director, Member of the Audit Committee and Technology Committee of Equifax, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough is an Executive Committee member of the United States Golf Association, he serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Interim Dean of the Duquesne University School of Law; Adjunct Professor of Law, Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CONSOL Energy Inc. Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously served as: Associate General Secretary, Diocese of Pittsburgh; a member of the Superior Court of Pennsylvania; and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on either a public or not for profit Board of Directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Director, Saint Vincent College; Member, Pennsylvania State Board of Education (public); and Director and Chair, Cardinal Wuerl North Catholic High School, Inc. Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director, Catholic High Schools of the Diocese of Pittsburgh, Inc.; and Director, Pennsylvania Bar Institute. |
Peter E. Madden Birth Date: March 16, 1942 Trustee Indefinite Term Began serving: August 1991 | Principal Occupation: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; Retired. Other Directorships Held: None. Qualifications: Mr. Madden has served in several business management, mutual fund services and directorship positions throughout his career. Mr. Madden previously served as President, Chief Operating Officer and Director, State Street Bank and Trust Company (custodian bank) and State Street Corporation (financial services). He was Director, VISA USA and VISA International and Chairman and Director, Massachusetts Bankers Association. Mr. Madden served as Director, Depository Trust Corporation and Director, The Boston Stock Exchange. Mr. Madden also served as a Representative to the Commonwealth of Massachusetts General Court. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: November 1998 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant. |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: November 1998 | Principal Occupations: Director or Trustee of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: September 1969 | Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp. |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: May 1976 | Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Stephen F. Auth Birth Date: September 13, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: November 2002 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 314183203
CUSIP 314183302
CUSIP 314183401
CUSIP 314183500
CUSIP 314183609
2017 ©Federated Investors, Inc.
Item 2. Code of Ethics
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.
(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. Audit Committee Financial Expert
The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: John T. Collins, G. Thomas Hough and Thomas M. O'Neill.
Item 4. Principal Accountant Fees and Services
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2016 - $32,270
Fiscal year ended 2015 - $31,180
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2016 - $4,275
Fiscal year ended 2015 - $0
Fiscal year ended 2016- Audit consent fee for N-1A filing.
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2016 - $0
Fiscal year ended 2015 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2016 - $0
Fiscal year ended 2015 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate its responsibilities to pre-approve services performed by the independent auditor to management.
The Audit Committee has delegated pre-approval authority to its Chairman. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee must approve any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit Services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services, all other Audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain Audit-related services, all other Audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide Tax services to the Company such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services, all Tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of services other than audit, review or attest services the pre-approval requirement is waived if:
(1) | The aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant to its accountant during the fiscal year in which the services are provided; |
(2) | Such services were not recognized by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant at the time of the engagement to be non-audit services; and |
(3) | Such services are promptly brought to the attention of the Audit Committee of the issuer and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the board of directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, and would not impair the independence of the auditor.
The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of prohibited non-audit services and the applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2016– 0%
Fiscal year ended 2015- 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2016– 0%
Fiscal year ended 2015– 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2016– 0%
Fiscal year ended 2015– 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) | NA |
(g) | Non-Audit Fees billed to the registrant, the registrant’s investment adviser, and certain entities controlling, controlled by or under common control with the investment adviser: |
Fiscal year ended 2016- $9,382
Fiscal year ended 2015- $0
(h) | The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
In its required communications to the Audit Committee of the registrant’s Board, KPMG LLP (“KPMG”), the registrant’s independent public accountant, informed the Audit Committee that KPMG and/or covered person professionals within KPMG maintain lending relationships with certain owners of greater than 10% of the shares of certain investment companies within the “investment company complex” as defined under Rule 2-01(f)(14) of Regulation S-X, which are affiliates of the registrant. KPMG has advised the Audit Committee that these lending relationships implicate Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the “Loan Rule”). The Loan Rule prohibits an independent public accountant, or covered person professionals at such firm, from having a financial relationship (such as a loan) with a lender that is a record or beneficial owner of more than 10% of an audit client’s equity securities. For purposes of the Loan Rule, audit clients include the registrant, as well as all registered investment companies audited by KPMG (collectively, the “KPMG Funds”).
KPMG informed the Audit Committee that KPMG believes that these lending relationships described above do not and will not impair KPMG’s ability to exercise objective and impartial judgment in connection with financial statement audits of the registrant and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that KPMG has been and is capable of objective and impartial judgment on all issues encompassed within KPMG’s audits.
On June 20, 2016, the Division of Investment Management of the Securities and Exchange Commission (“SEC”) issued a no-action letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to similar Loan Rule matters as those described above. In that letter, the SEC Staff confirmed that it would not recommend enforcement action against an investment company that relied on the audit services performed by an independent public accountant where the Loan Rule was implicated in certain specified circumstances. In that letter, the SEC staff indicated that it would not recommend enforcement action against the investment company complex if the Loan Rule is implicated provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the Loan Rule is implicated because of lending relationships; and (3) notwithstanding such lending relationships that implicate the Loan Rule, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. The circumstances described in the no-action letter are substantially similar to the circumstances that implicated the Loan Rule with respect to KPMG and the registrant. The relief provided in the SEC no-action letter is effective for 18 months from its June 20, 2016 issuance date.
If it were to be determined that the relief available under the no-action letter was improperly relied upon, or that the independence requirements under the federal securities laws were not otherwise complied with regarding the registrant, for certain periods, any of the registrant’s filings with the SEC which contain financial statements of the registrant for such periods may not comply with applicable federal securities laws, the registrant’s ability to offer shares under its current registration statement may be impacted, and certain financial reporting and/or other covenants with, and representations and warranties to, the registrant’s lender under its committed line of credit may be impacted. Such events could have a material adverse effect on the registrant and the KPMG Funds.
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 January 25, 2017
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 January 25, 2017
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date January 25, 2017