United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-1
(Investment Company Act File Number)
Federated Global Allocation Fund
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 11/30/17
Date of Reporting Period: Six months ended 05/31/17
Item 1. | Reports to Stockholders |
Share Class | Ticker |
A | FSTBX |
B | FSBBX |
C | FSBCX |
R | FSBKX |
Institutional | SBFIX |
R6 | FSBLX |
Portfolio Composition | Percentage of Total Net Assets2 |
Domestic Equity Securities | 31.1% |
International Equity Securities | 26.4% |
Corporate Debt Securities | 12.7% |
Foreign Debt Securities | 11.7% |
Mortgage-Backed Securities3 | 2.6% |
U.S. Treasury and Agency Securities | 2.5% |
Trade Finance Agreements | 0.9% |
Collateralized Mortgage-Backed Obligations | 0.7% |
Asset-Backed Securities | 0.6% |
Floating Rate Loan | 0.6% |
Commercial Mortgage-Backed Securities | 0.3% |
Municipal Securities4 | 0.0% |
Other Security Type5 | 9.1% |
Derivative Contracts6 | (1.4)% |
Cash Equivalents7 | 0.9% |
Other Assets and Liabilities – Net8 | 1.3% |
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. |
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% |
Information Technology | 14.8% |
Consumer Discretionary | 14.4% |
Industrials | 13.6% |
Health Care | 10.8% |
Consumer Staples | 8.4% |
Energy | 5.0% |
Materials | 4.8% |
Utilities | 3.9% |
Real Estate | 3.6% |
Telecommunication Services | 2.5% |
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—56.3% | |||
Consumer Discretionary—8.1% | |||
3,811 | Adidas AG | $729,438 | |
10,800 | Aisin Seiki Co. | 532,874 | |
2,799 | 1 | Amazon.com, Inc. | 2,783,941 |
1,540 | 1 | American Outdoor Brands Corp. | 34,881 |
11,728 | Aristocrat Leisure Ltd. | 189,786 | |
584 | 1 | Asbury Automotive Group, Inc. | 32,675 |
5,400 | Asics Corp. | 90,597 | |
667 | 1 | Belmond Ltd. | 8,237 |
2,498 | Bloomin' Brands, Inc. | 50,035 | |
61 | Bob Evans Farms, Inc. | 4,295 | |
900 | Bridgestone Corp. | 37,846 | |
344 | 1 | Caesars Entertainment Corp. | 3,767 |
1,303 | Caleres, Inc. | 35,624 | |
4,005 | Callaway Golf Co. | 51,024 | |
42 | 1 | Cavco Industries, Inc. | 4,631 |
1,139 | 1 | Charter Communications, Inc. | 393,581 |
1,531 | Choice Hotels International, Inc. | 99,438 | |
368 | Cie Financiere Richemont SA | 30,710 | |
75,515 | 1 | Clear Channel Outdoor Holdings, Inc., Class A | 290,733 |
693 | Clubcorp Holdings, Inc. | 9,217 | |
31,013 | Comcast Corp., Class A | 1,292,932 | |
36,375 | Compass Group PLC | 783,234 | |
2,883 | Continental Ag | 641,238 | |
319 | Cooper Tire & Rubber Co. | 11,484 | |
296 | Core Mark Holding Co., Inc. | 10,079 | |
496 | Daimler AG | 36,024 | |
2,505 | Dana, Inc. | 52,906 | |
3,804 | 1 | Denny's Corp. | 45,268 |
6,536 | Dollarama, Inc. | 605,433 | |
923 | 1 | Etsy, Inc. | 12,377 |
10,297 | Extended Stay America, Inc. | 187,405 | |
5,065 | Ferrari NV | 438,340 | |
5,220 | 1 | Fiat Chrysler Automobiles NV | 55,049 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
45,269 | Ford Motor Co. | $503,391 | |
651 | 1 | G-III Apparel Group Ltd. | 12,740 |
105,459 | GKN PLC | 475,659 | |
236 | 1 | Grand Canyon Education, Inc. | 18,502 |
16,211 | Gentex Corp. | 307,685 | |
71 | 1 | Gray Television, Inc. | 856 |
32,100 | Hakuhodo DY Holdings, Inc. | 425,089 | |
118,780 | Harvey Norman Holdings Ltd. | 332,454 | |
238 | Hasbro, Inc. | 25,052 | |
13,883 | 1 | Hilton Grand Vacations, Inc. | 496,595 |
8,460 | Hilton Worldwide Holdings, Inc. | 562,336 | |
10,489 | Home Depot, Inc. | 1,610,166 | |
20,627 | INDITEX | 843,503 | |
158 | 1 | IRobot Corp. | 14,650 |
100,394 | ITV PLC | 253,203 | |
15,500 | Iida Group Holdings Co. Ltd. | 256,063 | |
108 | 1 | Imax Corp. | 2,705 |
14,731 | International Game Technology PLC | 261,475 | |
1,900 | Isuzu Motors Ltd. | 23,235 | |
585 | Jack in the Box, Inc. | 62,349 | |
1,543 | KB Home | 32,372 | |
40,027 | Kingfisher PLC | 167,986 | |
4,400 | Koito Manufacturing Co. Ltd. | 232,009 | |
525 | LCI Industries | 46,725 | |
3,633 | 1 | La Quinta Holdings, Inc. | 50,353 |
1,773 | La-Z-Boy, Inc. | 46,985 | |
17,225 | Lagardere SCA | 541,581 | |
308,000 | Li & Fung Ltd. | 127,050 | |
453 | 1 | Liberty Media Corp-Liberty Formula One | 15,085 |
10,151 | Linamar Corp. | 460,490 | |
416 | 1 | Lions Gate Entertainment Corp. | 10,521 |
7,219 | Lowe's Cos., Inc. | 568,641 | |
1,109 | 1 | MSG Networks, Inc. | 23,344 |
11,955 | Magna International, Inc. | 535,159 | |
514 | Marriott Vacations Worldwide Corp. | 59,891 | |
21,200 | Mazda Motor Corp. | 289,375 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
2,870 | McDonald's Corp. | $433,054 | |
133 | Meredith Corp. | 7,195 | |
2,375 | Michelin, Class B | 299,423 | |
35,700 | Mitsubishi Motors Corp. | 231,783 | |
3,474 | 1 | Mohawk Industries, Inc. | 831,328 |
107 | 1 | NVR, Inc. | 244,215 |
5,700 | Namco Bandai Holdings, Inc. | 203,670 | |
3,036 | 1 | NetFlix, Inc. | 495,081 |
2,895 | New York Times Co., Class A | 50,952 | |
757 | Nexstar Media Group, Inc. | 43,300 | |
5,197 | Next PLC | 292,133 | |
5,700 | Nissan Motor Co. Ltd. | 54,694 | |
949 | Nutri/System, Inc. | 49,395 | |
120 | 1 | O'Reilly Automotive, Inc. | 29,050 |
3,508 | Office Depot, Inc. | 17,926 | |
1,290 | 1 | Ollie's Bargain Outlet Holdings, Inc. | 53,084 |
4,169 | PSA Peugeot Citroen | 82,351 | |
56,000 | Panasonic Corp. | 719,095 | |
120 | Pandora A/S | 11,400 | |
2,429 | 1 | Party City Holdco, Inc. | 40,200 |
159 | 1 | Penn National Gaming, Inc. | 3,073 |
8,275 | Penske Automotive Group, Inc. | 350,446 | |
4,188 | Persimmon PLC | 132,545 | |
1,038 | 1 | Pinnacle Entertainment, Inc. | 20,334 |
2,489 | Restaurant Brands International, Inc. | 152,286 | |
800 | Ryohin Keikaku Co. Ltd. | 208,347 | |
50,800 | Sands China Ltd. | 234,530 | |
7,300 | Sega Sammy Holdings, Inc. | 92,668 | |
5,700 | Sekisui House Ltd. | 97,843 | |
1,800 | Shimamura Co. Ltd. | 231,560 | |
80 | 1 | Shutterfly, Inc. | 3,959 |
43 | Sinclair Broadcast Group, Inc. | 1,393 | |
1,082 | Sodexho Alliance SA | 147,644 | |
1,272 | Sonic Corp. | 37,168 | |
17,900 | Sony Corp. | 655,018 | |
4,551 | Starbucks Corp. | 289,489 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
6,300 | Start Today Co. Ltd. | $157,328 | |
333 | Sturm Ruger & Co., Inc. | 21,212 | |
8,500 | Subaru Corp. | 287,758 | |
12,200 | Suzuki Motor Corp. | 574,912 | |
5,995 | TJX Cos., Inc. | 450,884 | |
44,406 | Taylor Woodrow PLC | 116,246 | |
1,672 | Tile Shop Hldgs., Inc. | 32,855 | |
6,634 | Time Warner, Inc. | 660,017 | |
11,400 | Toho Co. Ltd. | 337,268 | |
18,800 | Toyoda Gosei Co. Ltd. | 452,230 | |
11,300 | Toyota Motor Corp. | 607,872 | |
2,782 | 1 | Ulta Beauty, Inc. | 848,065 |
1,978 | Valeo SA | 137,853 | |
30,646 | Vivendi SA | 667,258 | |
7,912 | Walt Disney Co. | 854,021 | |
4,248 | Whirlpool Corp. | 788,174 | |
2,563 | Wynn Resorts Ltd. | 329,858 | |
24,600 | Yamada Denki Co. Ltd. | 129,132 | |
800 | Yamaha Motor Co | 20,110 | |
33,000 | Yue Yuen Industrial Holdings Ltd. | 131,518 | |
3,184 | 1,2,3 | Zalando SE | 152,116 |
TOTAL | 33,884,693 | ||
Consumer Staples—4.8% | |||
2,591 | Alimentation Couche-Tard, Inc., Class B | 119,840 | |
1,472 | Altria Group, Inc. | 111,048 | |
335 | Andersons, Inc. | 11,758 | |
767 | Anheuser-Busch InBev NV | 89,624 | |
4,585 | Archer-Daniels-Midland Co. | 190,644 | |
20,017 | British American Tobacco PLC | 1,431,747 | |
9,739 | Brown-Forman Corp., Class A | 516,557 | |
1,304 | Brown-Forman Corp., Class B | 67,743 | |
7,216 | CVS Health Corp. | 554,405 | |
834 | Cal-Maine Foods, Inc. | 31,025 | |
665 | Calavo Growers, Inc. | 45,020 | |
104 | 1 | Central Garden & Pet Co., Class A | 3,007 |
3,557 | Church and Dwight, Inc. | 183,755 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
10,940 | 1 | Coca-Cola HBC AG | $317,666 |
303 | Colgate-Palmolive Co. | 23,137 | |
18,700 | Conagra Brands, Inc. | 720,698 | |
2,324 | Dean Foods Co. | 42,390 | |
32,736 | Diageo PLC | 981,686 | |
4,109 | Energizer Holdings, Inc. | 220,242 | |
449 | Fresh Del Monte Produce, Inc. | 22,755 | |
605 | George Weston Ltd. | 54,689 | |
578 | 1 | HRG Group, Inc. | 10,965 |
859 | Henkel KGAA | 106,693 | |
10,017 | Imperial Brands PLC | 468,426 | |
49 | J & J Snack Foods Corp. | 6,375 | |
7,500 | Japan Tobacco, Inc. | 281,910 | |
27,188 | Koninklijke Ahold Delhaize NV | 599,298 | |
820 | Kraft Heinz Co. (The) | 75,604 | |
3,017 | L'OREAL | 645,647 | |
11,545 | Lamb Weston Holdings, Inc. | 535,803 | |
39 | Lancaster Colony Corp. | 4,829 | |
12,775 | Marine Harvest ASA | 223,812 | |
9,609 | Metro, Inc. | 321,806 | |
4,221 | Molson Coors Brewing Co., Class B | 400,109 | |
2,515 | 1 | Monster Beverage Corp. | 127,158 |
10,000 | NH Foods Ltd. | 313,930 | |
16,915 | Nestle SA | 1,443,689 | |
4,350 | Nu Skin Enterprises, Inc. | 238,728 | |
13,045 | ORKLA ASA | 130,414 | |
1,754 | PepsiCo, Inc. | 204,990 | |
1,385 | 1 | Performance Food Group Co. | 39,195 |
6,635 | Philip Morris International, Inc. | 794,873 | |
8,332 | Pinnacle Foods, Inc. | 519,167 | |
10,900 | Procter & Gamble Co. | 960,181 | |
63 | Sanderson Farms, Inc. | 7,478 | |
15 | Sanfilippo (John B. & Sons), Inc. | 972 | |
13,933 | Saputo, Inc. | 465,173 | |
1,690 | Spectrum Brands Holdings, Inc. | 227,220 | |
5,400 | Sundrug Co., Ltd. | 210,225 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
10,758 | Sysco Corp. | $586,956 | |
13,867 | Tate & Lyle PLC | 131,876 | |
33,068 | The Coca-Cola Co. | 1,503,602 | |
1,500 | Tsuruha Holdings, Inc. | 166,427 | |
8,288 | Tyson Foods, Inc., Class A | 475,234 | |
856 | 1 | US Foods Holding Corp. | 25,646 |
397 | 1 | USANA Health Sciences, Inc. | 25,567 |
2,004 | Unilever N.V. | 114,149 | |
162 | WD 40 Co. | 17,123 | |
11,990 | Wal-Mart Stores, Inc. | 942,414 | |
399 | Walgreens Boots Alliance, Inc. | 32,327 | |
103 | Weis Markets, Inc. | 5,317 | |
113,707 | William Morrison Supermarkets PLC | 360,971 | |
14,100 | Yamazaki Baking Co. Ltd. | 292,348 | |
TOTAL | 19,784,063 | ||
Energy—2.8% | |||
1,225 | Archrock, Inc. | 12,862 | |
83,569 | BP PLC | 503,983 | |
11,538 | Baker Hughes, Inc. | 636,321 | |
1,859 | CVR Energy, Inc. | 37,106 | |
5,485 | Chevron Corp. | 567,588 | |
2,127 | Delek US Holdings, Inc. | 52,154 | |
12,400 | ENI S.p.A | 196,367 | |
14,179 | Exxon Mobil Corp. | 1,141,409 | |
1,731 | Green Plains, Inc. | 36,957 | |
12,631 | Halliburton Co. | 570,795 | |
15,000 | Idemitsu Kosan Co. Ltd. | 420,251 | |
1,800 | Inpex Corp. | 16,568 | |
114,350 | JXTG Holdings, Inc. | 498,471 | |
630 | 1 | Mammoth Energy Services, Inc. | 11,447 |
11,089 | Marathon Petroleum Corp. | 577,072 | |
6,540 | 1 | McDermott International, Inc. | 40,613 |
13,062 | Neste Oyj | 519,394 | |
219 | Noble Energy, Inc. | 6,283 | |
660 | Nordic American Tanker Shipping Ltd. | 3,934 | |
432 | OMV AG | 22,575 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Energy—continued | |||
9,535 | ONEOK, Inc. | $473,699 | |
14,979 | PBF Energy, Inc. | 289,394 | |
89 | 1 | PDC Energy, Inc. | 4,420 |
12,222 | Patterson-UTI Energy, Inc. | 260,573 | |
25,421 | RPC, Inc. | 477,661 | |
15,298 | Royal Dutch Shell PLC, Class B | 423,729 | |
25,800 | Showa Shell Sekiyu KK | 236,891 | |
105,258 | Snam S.p.A | 482,873 | |
8,232 | Suncor Energy, Inc. | 257,652 | |
25,033 | Tenaris SA | 379,482 | |
26,008 | Total SA | 1,384,503 | |
382 | US Silica Holdings, Inc. | 14,516 | |
8,966 | Valero Energy Corp. | 551,140 | |
1,592 | Western Refining, Inc. | 57,630 | |
12,702 | World Fuel Services Corp. | 448,889 | |
TOTAL | 11,615,202 | ||
Financials—10.2% | |||
12,000 | AEON Credit Service Ltd. | 246,787 | |
11,133 | AGEAS | 449,700 | |
10,400 | AIA Group Ltd. | 73,825 | |
25,867 | AMP Ltd. | 97,109 | |
29,970 | AXA SA | 800,362 | |
5,584 | Admiral Group PLC | 146,577 | |
13,567 | Aegon N.V. | 67,493 | |
7,722 | Aflac, Inc. | 582,084 | |
5,733 | Allianz SE | 1,101,006 | |
6,622 | Allstate Corp. | 571,743 | |
24,382 | Ally Financial, Inc. | 452,042 | |
614 | 1 | Ambac Financial Group, Inc. | 10,143 |
894 | American National Insurance Co. | 105,072 | |
161 | Amerisafe, Inc. | 8,340 | |
25,064 | AmTrust Financial Services, Inc. | 329,341 | |
68 | Argo Group International Holdings Ltd. | 4,209 | |
4,982 | Assurant, Inc. | 488,136 | |
3,195 | Assured Guaranty Ltd. | 124,797 | |
2,647 | Astoria Financial Corp. | 49,022 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
30,865 | Australia & New Zealand Banking Group, Melbourne | $641,951 | |
1,671 | BNP Paribas SA | 118,123 | |
134,000 | BOC Hong Kong (Holdings) Ltd. | 604,361 | |
23,460 | Banco Santander SA | 152,438 | |
1,804 | Bancorpsouth, Inc. | 51,775 | |
2,125 | Bank Hapoalim Ltd. | 14,144 | |
62,932 | 1 | Bank Leumi Le-Israel | 307,548 |
92,253 | Bank of America Corp. | 2,067,390 | |
7,954 | Bank of Montreal | 533,878 | |
7,037 | Bank of Nova Scotia | 397,054 | |
22,242 | Bendigo Bank | 186,382 | |
4,817 | 1 | Berkshire Hathaway, Inc., Class B | 796,154 |
705 | Blackrock, Inc. | 288,514 | |
3,064 | Boston Private Financial Holdings | 44,428 | |
3,006 | CNO Financial Group, Inc. | 61,593 | |
24,055 | CNP Assurances | 529,664 | |
2,432 | CVB Financial Corp. | 49,370 | |
5,257 | CYS Investments, Inc. | 44,317 | |
8,157 | Canadian Imperial Bank of Commerce | 637,778 | |
4,475 | Capstead Mortgage Corp. | 47,167 | |
1,491 | Cathay Bancorp, Inc. | 52,931 | |
905 | CenterState Banks of Florida | 21,756 | |
792 | Chemical Financial Corp. | 35,616 | |
18,867 | Citigroup, Inc. | 1,142,208 | |
58,813 | 1 | Commerzbank AG | 621,130 |
4,340 | Commonwealth Bank of Australia, Sydney | 256,676 | |
151,465 | Corp Mapfre SA | 538,847 | |
40,819 | Credit Agricole SA | 626,622 | |
30,116 | 1 | Credit Suisse Group AG | 13,992 |
30,116 | Credit Suisse Group AG | 413,748 | |
1,000 | DBS Group Holdings Ltd. | 14,798 | |
10,174 | Danske Bank | 382,767 | |
42,947 | Direct Line Insurance Group PLC | 192,943 | |
5,232 | Discover Financial Services | 307,118 | |
3,217 | DnB ASA | 54,574 | |
14,296 | 1 | E*Trade Financial Corp. | 494,785 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
127 | 1 | Eagle Bancorp, Inc. | $7,245 |
9,006 | East West Bancorp, Inc. | 492,898 | |
465 | Enterprise Financial Services Corp. | 18,647 | |
2,182 | Erste Group Bank AG | 79,206 | |
1,141 | 1 | Essent Group Ltd. | 41,384 |
2,545 | EverBank Financial Corp. | 49,500 | |
171 | Evercore Partners, Inc., Class A | 11,594 | |
295 | 1 | FCB Financial Holdings, Inc. | 13,511 |
947 | 1 | FNFV Group | 13,211 |
181 | First Financial Corp. | 8,245 | |
2,159 | First Midwest Bancorp, Inc. | 47,843 | |
2,918 | 1 | Genworth Financial, Inc. , Class A | 10,680 |
15,002 | Gjensidige Forsikring ASA | 241,882 | |
1,122 | Great Western Bancorp, Inc. | 42,479 | |
1,316 | Great-West Lifeco, Inc. | 32,714 | |
75,714 | HSBC Holdings PLC | 659,896 | |
4,265 | Hannover Rueck SE | 508,157 | |
6,551 | Hartford Financial Services Group, Inc. | 323,554 | |
377 | Heartland Financial USA, Inc. | 16,908 | |
2,196 | Home Bancshares, Inc. | 51,408 | |
284 | 1 | HomeStreet, Inc. | 7,611 |
1,800 | Hong Kong Exchanges & Clearing Ltd. | 45,422 | |
2,508 | Hope Bancorp, Inc. | 43,664 | |
45,083 | ING Groep N.V. | 753,241 | |
272 | 1 | INTL FCStone, Inc. | 9,400 |
424 | Iberiabank Corp. | 32,733 | |
6,210 | Industrial Alliance Insurance & Financial Services, Inc. | 229,901 | |
530 | Industrivarden AB | 12,497 | |
90,905 | Insurance Australia Group Ltd. | 429,086 | |
6 | International Bancshares Corp. | 199 | |
3,147 | Invesco Mortgage Capital, Inc. | 50,793 | |
4,581 | Investors Bancorp, Inc., New | 60,607 | |
28,348 | JPMorgan Chase & Co. | 2,328,788 | |
2,203 | KBC Group | 165,524 | |
471 | 1 | KCG Holdings, Inc. | 9,354 |
594 | Kearny Financial Corp. | 8,286 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
666 | LegacyTexas Financial Group, Inc. | $23,457 | |
98,808 | Legal & General Group PLC | 320,953 | |
3,912 | 1 | MBIA, Inc. | 32,039 |
5,418 | 1 | MGIC Investment Corp. | 57,322 |
4,906 | MSCI Inc., Class A | 499,087 | |
2,139 | MTGE Investment Corp. | 39,037 | |
9,400 | Mitsubishi UFJ Financial Group, Inc. | 58,483 | |
16,273 | Morgan Stanley | 679,235 | |
15,540 | NN Group NV | 558,896 | |
18,781 | National Australia Bank Ltd., Melbourne | 419,972 | |
1,378 | National Bank of Canada, Montreal | 54,351 | |
1,842 | 1 | Nationstar Mortgage Holdings, Inc. | 30,061 |
31,316 | Navient Corp. | 451,890 | |
1,098 | New Residential Investment Corp. | 17,667 | |
60,298 | Nordea Bank AB | 772,994 | |
2,877 | Northwest Bancshares, Inc. | 44,277 | |
707 | OM Asset Management PLC | 9,870 | |
188,550 | Old Mutual PLC | 457,581 | |
2,650 | Oritani Financial Corp. | 43,858 | |
1,300 | Oversea-Chinese Banking Corp. Ltd. | 9,858 | |
54 | PJT Partners, Inc. | 2,088 | |
5,045 | PNC Financial Services Group | 598,841 | |
952 | Partners Group Holding AG | 583,359 | |
1,607 | Pennymac Mortgage Investment Trust | 28,155 | |
2,500 | Popular, Inc. | 93,000 | |
765 | Primerica, Inc. | 55,233 | |
1,017 | PrivateBancorp, Inc. | 60,603 | |
42,396 | RSA Insurance Group PLC | 341,927 | |
3,477 | Radian Group, Inc. | 55,841 | |
305 | 1 | Raiffeisen Bank International AG | 8,039 |
3,287 | RenaissanceRe Holdings Ltd. | 469,581 | |
88,500 | Resona Holdings, Inc. | 453,273 | |
16,683 | Royal Bank of Canada, Montreal | 1,153,120 | |
16,298 | Schwab (Charles) Corp. | 631,547 | |
13,831 | Scor Regroupe | 545,485 | |
1,468 | 1 | Signature Bank | 209,953 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
49,471 | Skand Enskilda BKN, Class A | $595,239 | |
8,563 | Societe Generale, Paris | 449,735 | |
6,940 | State Street Corp. | 565,332 | |
2,443 | Sterling Bancorp | 52,402 | |
409 | Sun Life Financial Services of Canada | 13,428 | |
21,340 | Swedbank SA | 514,435 | |
3,949 | TD Ameritrade Holding Corp. | 147,535 | |
4,717 | The Travelers Cos, Inc. | 588,917 | |
55,838 | Three I Group | 644,552 | |
17,286 | Toronto-Dominion Bank | 824,087 | |
834 | Trustmark Corp. | 25,362 | |
255 | U.S. Bancorp | 12,977 | |
24,226 | UBS Group AG | 385,352 | |
465 | United Financial Bancorp, Inc. | 7,528 | |
21,831 | United Mizrahi Bank Ltd. | 388,576 | |
40,400 | United Overseas Bank Ltd. | 671,127 | |
730 | Universal Insurance Holdings, Inc. | 17,995 | |
600 | 1 | Walker & Dunlop, Inc. | 28,026 |
15,769 | Wells Fargo & Co. | 806,427 | |
30,897 | Westpac Banking Corp. Ltd. | 698,965 | |
TOTAL | 42,619,326 | ||
Health Care—6.1% | |||
9,782 | Abbott Laboratories | 446,646 | |
1,280 | 1 | Acorda Therapeutics, Inc. | 17,664 |
1,247 | 1 | Actelion Ltd. | 354,060 |
1,650 | 1 | Aduro Biotech, Inc. | 16,500 |
3,585 | Aetna, Inc. | 519,323 | |
7,373 | 1 | Agios Pharmaceuticals, Inc. | 344,098 |
1,669 | 1 | Alexion Pharmaceuticals, Inc. | 163,612 |
13,900 | Alfresa Holdings Corp. | 268,261 | |
1,049 | Allergan PLC | 234,714 | |
796 | 1 | Amedisys, Inc. | 47,696 |
6,364 | Amgen, Inc. | 987,947 | |
272 | 1 | Amphastar Pharmaceuticals, Inc. | 4,643 |
3,950 | Anthem, Inc. | 720,283 | |
1,174 | 1 | Array BioPharma, Inc. | 8,899 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
698 | AstraZeneca PLC | $47,139 | |
1,644 | Bayer AG | 218,099 | |
157 | 1 | BioTelemetry, Inc. | 4,529 |
3,889 | 1 | Bioverativ, Inc. | 214,245 |
14,150 | Bristol-Myers Squibb Co. | 763,393 | |
17,599 | Bruker Corp. | 478,869 | |
1,125 | CIGNA Corp. | 181,384 | |
943 | 1 | Cambrex Corp. | 50,733 |
4,250 | Cardinal Health, Inc. | 315,733 | |
301 | 1 | Cardiovascular Systems, Inc. | 9,039 |
2,017 | 1 | Catalent, Inc. | 71,664 |
2,659 | 1 | Celgene Corp. | 304,216 |
55 | Coloplast, Class B | 4,711 | |
497 | 1 | Corcept Therapeutics, Inc. | 5,621 |
572 | 1 | Corvel Corp. | 26,655 |
155 | 1 | Cotiviti Holdings, Inc. | 5,910 |
2,500 | Daiichi Sankyo Co. Ltd. | 54,847 | |
4,550 | Danaher Corp. | 386,477 | |
760 | 1 | Diplomat Pharmacy, Inc. | 13,026 |
1,200 | 1,4,6 | Dyax Corp., CVR | 2,856 |
1,085 | 1 | Emergent Biosolutions, Inc. | 34,644 |
2,506 | 1 | Exelixis, Inc. | 46,887 |
8,898 | 1 | Express Scripts Holding Co. | 531,656 |
1,827 | 1 | FibroGen, Inc. | 48,050 |
8,636 | Fresenius SE & Co. KGaA | 739,597 | |
348 | 1 | Genmab A/S | 74,356 |
1,366 | 1 | Genomic Health, Inc. | 43,384 |
56 | 1 | Glaukos Corp. | 2,280 |
57,811 | GlaxoSmithKline PLC | 1,262,992 | |
4,447 | 1 | HCA Healthcare, Inc. | 364,254 |
472 | 1 | HMS Holdings Corp. | 8,600 |
1,236 | 1 | Haemonetics Corp. | 50,404 |
128 | 1 | Halozyme Therapeutics, Inc. | 1,510 |
1,329 | 1 | Halyard Health, Inc. | 47,764 |
2,624 | Humana, Inc. | 609,450 | |
35 | 1 | ICU Medical, Inc. | 5,646 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
1,006 | 1 | INC Research Holdings, Inc., Class A | $57,191 |
692 | 1 | Illumina, Inc. | 122,733 |
1,856 | 1 | Impax Laboratories, Inc. | 28,304 |
4,097 | 1 | Incyte Genomics, Inc. | 529,865 |
5,805 | 1 | Intrexon Corp. | 123,763 |
8,014 | Johnson & Johnson | 1,027,795 | |
18,601 | 1 | Juno Therapeutics, Inc. | 432,101 |
547 | 1 | LHC Group, Inc. | 32,929 |
8,515 | Lilly (Eli) & Co. | 677,539 | |
585 | 1 | MacroGenics, Inc. | 10,384 |
719 | 1 | Magellan Health, Inc. | 49,431 |
105 | 1 | Masimo Corp. | 9,139 |
25,200 | Medipal Holdings Corp. | 464,217 | |
4,736 | Medtronic PLC | 399,150 | |
8,913 | Merck & Co., Inc. | 580,325 | |
1,540 | 1 | Merit Medical Systems, Inc. | 54,670 |
4,124 | 1 | MiMedx Group, Inc. | 56,416 |
15,100 | Mitsubishi Tanabe Pharma Corp. | 336,068 | |
895 | 1 | Natus Medical, Inc. | 30,341 |
10,187 | Novartis AG - REG | 833,541 | |
12,893 | Novo Nordisk A/S, Class B | 548,255 | |
889 | 1 | Nxstage Medical, Inc. | 19,256 |
467 | 1 | Omnicell, Inc. | 18,633 |
29,736 | 1 | Opko Health, Inc. | 182,579 |
1,175 | Orion Oyj | 76,031 | |
794 | 1 | PRA Health Sciences, Inc. | 57,367 |
212 | 1 | Parexel International Corp. | 17,134 |
8,137 | PerkinElmer, Inc. | 513,119 | |
22,638 | Pfizer, Inc. | 739,131 | |
13,142 | 1 | Premier, Inc. | 453,662 |
105 | 1 | Prestige Brands Holdings, Inc. | 5,290 |
3,222 | 1 | Quality Systems, Inc. | 49,490 |
2,020 | 1 | Regeneron Pharmaceuticals, Inc. | 927,301 |
1,396 | 1 | Repligen Corp. | 54,779 |
1,225 | Roche Holding AG | 336,567 | |
6,263 | Roche Holding AG | 1,720,751 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
8,078 | Sanofi | $800,732 | |
4,578 | Shire PLC | 263,709 | |
1,589 | 1 | Supernus Pharmaceuticals, Inc. | 59,746 |
9,700 | Suzuken Co. Ltd. | 319,003 | |
720 | 1 | Tivity Health, Inc. | 24,444 |
6,405 | UnitedHealth Group, Inc. | 1,122,028 | |
167 | 1 | Vertex Pharmaceuticals, Inc. | 20,641 |
409 | 1 | Wellcare Health Plans, Inc. | 70,266 |
TOTAL | 25,420,782 | ||
Industrials—7.7% | |||
164 | 3M Co. | 33,533 | |
1,326 | AAR Corp. | 46,330 | |
13,524 | ABB Ltd. | 340,455 | |
614 | ABM Industries, Inc. | 26,427 | |
4,160 | ADECCO Group AG | 310,542 | |
1,107 | 1 | Acco Brands Corp. | 12,564 |
1,553 | Actuant Corp. | 40,300 | |
4,820 | Alaska Air Group, Inc. | 419,581 | |
26,046 | Alfa Laval | 525,015 | |
12,398 | Allison Transmission Holdings, Inc. | 480,051 | |
38 | 1 | American Woodmark Corp. | 3,526 |
843 | Andritz AG | 50,551 | |
64,000 | Asahi Glass Co. Ltd. | 523,095 | |
16,735 | Ashtead Group PLC | 338,209 | |
213 | 1 | Atkore International Group, Inc. | 4,443 |
49,238 | BAE Systems PLC | 422,675 | |
3,019 | BWX Technologies, Inc. | 146,723 | |
3,986 | 1 | Babcock & Wilcox Enterprises, Inc. | 42,451 |
5 | Boeing Co. (The) | 938 | |
11,671 | Boskalis Westminster N.V. | 402,358 | |
13,174 | Bouygues SA | 565,169 | |
837 | Brady (W.H.) Co. | 30,048 | |
204 | 1 | Builders Firstsource, Inc. | 2,787 |
8,652 | Bunzl PLC | 271,160 | |
388 | 1 | CBIZ, Inc. | 5,859 |
9,630 | CIMIC Group Ltd. | 289,913 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
10,016 | Canadian National Railway, Co. | $776,530 | |
3,793 | Chicago Bridge & Iron Co., N.V. | 71,764 | |
56 | Comfort Systems USA, Inc. | 1,929 | |
1,834 | 1 | Continental Building Product, Inc. | 44,750 |
5,921 | Crane Co. | 459,351 | |
1,877 | Cummins, Inc. | 296,003 | |
4,479 | DSV, De Sammensluttede Vognmad AS | 273,014 | |
6,695 | Delta Air Lines, Inc. | 328,925 | |
20,737 | Deutsche Post AG | 757,248 | |
1,592 | 1 | DigitalGlobe, Inc. | 49,591 |
17,666 | Edenred | 466,220 | |
21 | EnerSys, Inc. | 1,555 | |
274 | 1 | Engility Holdings, Inc. | 7,214 |
572 | EnPro Industries, Inc. | 38,215 | |
103 | 1 | FTI Consulting, Inc. | 3,557 |
700 | Fanuc Ltd. | 137,781 | |
3,413 | FedEx Corp. | 661,576 | |
1,350 | Geberit International AG | 632,411 | |
2,265 | General Dynamics Corp. | 460,361 | |
19,181 | General Electric Co. | 525,176 | |
248 | Global Brass & Copper Holdings, Inc. | 7,514 | |
233 | Greenbrier Cos., Inc. | 10,310 | |
319 | HNI Corp. | 13,723 | |
490 | 1 | Harsco Corp. | 7,301 |
1,078 | 1 | Hawaiian Holdings, Inc. | 54,008 |
7,656 | Heico Corp., Class A | 479,648 | |
1,473 | Hillenbrand, Inc. | 52,586 | |
2,922 | Hochtief AG | 537,725 | |
67 | 1 | Hub Group, Inc. | 2,402 |
4,050 | Huntington Ingalls Industries, Inc. | 793,030 | |
1,102,100 | Hutchison Port Holdings TR-U | 446,369 | |
46 | 1 | ICF International, Inc. | 2,164 |
31,085 | IMI PLC | 502,468 | |
4,493 | Illinois Tool Works, Inc. | 634,501 | |
10,644 | Ingersoll-Rand PLC | 953,702 | |
598 | Insperity, Inc. | 45,119 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
1,891 | Interface, Inc. | $38,860 | |
34,255 | International Consolidated Airlines Group SA | 267,102 | |
12,300 | JGC Corp. | 186,157 | |
16,700 | JTEKT Corp. | 251,072 | |
2,900 | Japan Airlines Co. Ltd. | 85,014 | |
9,000 | Kajima Corp. | 69,193 | |
1,805 | Knoll, Inc. | 38,808 | |
143 | Kone Corp. OYJ, Class B | 7,093 | |
914 | Korn/Ferry International | 29,349 | |
487 | Kuehne & Nagel International AG | 78,654 | |
392 | LSC Communications, Inc. | 8,338 | |
2,971 | L3 Technologies, Inc. | 500,881 | |
197 | 1 | MOOG, Inc., Class A | 13,798 |
2,461 | 1 | MRC Global, Inc. | 44,421 |
258 | MSA Safety, Inc. | 20,924 | |
5,800 | Makita Corp. | 218,536 | |
4,703 | Manpower Group, Inc. | 479,095 | |
85,200 | Marubeni Corp. | 526,777 | |
8,355 | Masco Corp. | 311,224 | |
1,323 | 1 | Mastec, Inc. | 56,095 |
2,963 | 1 | Meritor, Inc. | 46,134 |
11,200 | Misumi Corp. | 252,956 | |
19,400 | Mitsubishi Electric Corp. | 267,760 | |
14,800 | Mitsui & Co. Ltd. | 199,987 | |
1,367 | Mueller Industries, Inc. | 38,659 | |
3,950 | Mueller Water Products, Inc. | 44,161 | |
21,400 | NGK Insulators Ltd. | 430,452 | |
1,482 | 1 | NOW, Inc. | 24,468 |
59,000 | NWS Holdings Ltd. | 114,256 | |
33,000 | Nippon Express Co. Ltd. | 203,679 | |
2,512 | Nordson Corp. | 291,091 | |
4,539 | Norfolk Southern Corp. | 562,972 | |
8,121 | Osram Licht AG | 622,500 | |
8,091 | Owens Corning, Inc. | 504,878 | |
3,380 | Parker-Hannifin Corp. | 532,249 | |
16 | 1 | Patrick Industries, Inc. | 1,059 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
9,024 | Prysmian S.p.A | $251,221 | |
27,461 | Qantas Airways Ltd. | 102,274 | |
9,120 | Randstad Holdings N.V. | 527,333 | |
18,521 | Relx PLC | 397,228 | |
18,912 | Rexel SA | 333,688 | |
2,236 | 1 | Rexnord Corp. | 50,981 |
3,428 | Rockwell Automation, Inc. | 544,092 | |
1,982 | Rollins, Inc. | 85,365 | |
500 | SMC Corp. | 158,183 | |
5,122 | SNC-Lavalin Group, Inc. | 196,523 | |
685 | 1 | SPX Corp. | 16,502 |
2,494 | Schindler Holding AG | 535,366 | |
250 | Schindler Holding AG | 52,023 | |
15,000 | Shimizu Corp. | 151,307 | |
1,773 | Siemens AG | 253,073 | |
9,600 | Singapore Technologies Engineering Ltd. | 25,814 | |
293 | Skf B | 5,981 | |
1,465 | SkyWest, Inc. | 50,250 | |
23,989 | Smiths Group PLC | 496,047 | |
10,702 | Southwest Airlines Co. | 643,083 | |
6,349 | Stanley Black & Decker, Inc. | 873,876 | |
2,987 | Steelcase, Inc., Class A | 50,032 | |
1,240 | 1 | Swift Transportation Co. | 29,698 |
9,000 | Taisei Corp. | 76,926 | |
7,476 | Toro Co. | 512,031 | |
43,000 | Toshiba Corp. | 97,924 | |
14,400 | Toyota Tsusho Corp. | 441,811 | |
23 | 1 | Trex Co., Inc. | 1,478 |
2,025 | 1 | TriMas Corp. | 44,145 |
445 | Triumph Group, Inc. | 14,507 | |
149 | 1 | TrueBlue, Inc. | 4,001 |
3,121 | Union Pacific Corp. | 344,246 | |
1,620 | 1 | Univar, Inc. | 49,280 |
16 | Universal Forest Products, Inc. | 1,407 | |
47 | 1 | Veritiv Corp. | 2,077 |
2,592 | Vestas Wind Systems A/S | 230,851 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
6,917 | Volvo AB | $113,318 | |
6,127 | Wolseley PLC | 404,058 | |
2,836 | Wolters Kluwer NV | 124,369 | |
12,800 | Yamato Holdings Co. Ltd. | 278,307 | |
4,049 | Zodiac SA | 107,249 | |
TOTAL | 31,917,021 | ||
Information Technology—8.3% | |||
1,986 | 1 | ACI Worldwide, Inc. | 45,400 |
370 | AVX Corp. | 6,057 | |
126 | 1 | Acacia Communications, Inc. | 5,927 |
1,758 | 1 | Adobe Systems, Inc. | 249,390 |
800 | 1 | Advanced Energy Industries, Inc. | 61,544 |
6,540 | 1 | Advanced Micro Devices, Inc. | 73,183 |
87 | 1 | Alarm.com Holdings, Inc. | 2,832 |
1,448 | Alliance Data Systems Corp. | 349,156 | |
1,465 | 1 | Alphabet, Inc., Class A | 1,446,087 |
1,670 | 1 | Alphabet, Inc., Class C | 1,611,316 |
4,300 | Alps Electric Co. | 121,015 | |
11,078 | Amadeus IT Group SA | 645,381 | |
4,212 | 1 | Amkor Technology, Inc. | 47,764 |
26,776 | Apple, Inc. | 4,090,302 | |
16,593 | Applied Materials, Inc. | 761,287 | |
459 | 1 | Aspen Technology, Inc. | 28,072 |
76,551 | 2,3 | Auto Trader Group PLC | 410,790 |
6,206 | Automatic Data Processing, Inc. | 635,308 | |
3,018 | 1 | Bankrate, Inc. | 31,538 |
1,652 | 1 | Benchmark Electronics, Inc. | 53,360 |
119 | 1 | Benefitfocus, Inc. | 3,784 |
115 | 1 | Blackline, Inc. | 3,882 |
138 | 1 | Blucora, Inc. | 2,829 |
582 | 1 | Bottomline Technologies, Inc. | 14,556 |
1,634 | Broadcom Ltd. | 391,310 | |
22,800 | Brother Industries Ltd. | 506,558 | |
7,526 | CDK Global, Inc. | 462,548 | |
3,448 | CDW Corp. | 207,501 | |
308 | 1 | Cavium, Inc. | 22,475 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
263 | 1 | Cirrus Logic, Inc. | $17,345 |
38,781 | Cisco Systems, Inc. | 1,222,765 | |
28,115 | 1 | CommerceHub, Inc., Class C | 483,016 |
2,589 | 1 | CommScope Holdings Co., Inc. | 95,767 |
178 | Constellation Software, Inc. | 92,052 | |
1,149 | 1 | Cornerstone OnDemand, Inc. | 42,927 |
7,688 | 1 | Dell Technologies, Inc. | 533,470 |
853 | Diebold Nixdorf, Inc. | 22,562 | |
260 | 1 | Diodes, Inc. | 6,659 |
3,835 | 1 | Endurance International Group Holdings, Inc. | 28,954 |
511 | 1 | Entegris, Inc. | 12,622 |
172 | 1 | ePlus, Inc. | 13,545 |
39,572 | Ericsson LM, Class B | 288,742 | |
2,625 | Evertec, Inc. | 43,312 | |
52 | 1 | Fabrinet | 1,832 |
10,582 | 1 | Facebook, Inc. | 1,602,750 |
107 | Fair Isaac & Co., Inc. | 14,195 | |
1,853 | 1 | Finisar Corp. | 45,695 |
4,316 | 1 | First Data Corp., Class A | 73,933 |
12,313 | 1 | Fortinet, Inc. | 484,393 |
25,000 | Fujitsu Ltd. | 182,514 | |
713 | 1 | GOGO, Inc. | 9,219 |
4,359 | 1 | Gartner Group, Inc., Class A | 521,336 |
532 | 1 | Gigamon, Inc. | 20,296 |
3,800 | Hitachi High-Technologies Corp. | 151,219 | |
100,000 | Hitachi Ltd. | 604,342 | |
286 | 1 | Insight Enterprises, Inc. | 11,880 |
10,267 | Intel Corp. | 370,741 | |
652 | InterDigital, Inc. | 52,812 | |
672 | International Business Machines Corp. | 102,567 | |
374 | j2 Global, Inc. | 31,648 | |
6,287 | Lam Research Corp. | 975,554 | |
131 | 1 | Lumentum Holdings, Inc. | 7,474 |
442 | 1 | Macom Technology Solutions Holdings, Inc. | 26,949 |
588 | Marvell Technology Group Ltd. | 10,137 | |
1,208 | 1 | MaxLinear, Inc. | 37,629 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
531 | Methode Electronics, Inc., Class A | $21,320 | |
15 | 1 | Microsemi Corp. | 737 |
41,387 | Microsoft Corp. | 2,890,468 | |
9 | 1 | MindBody, Inc. | 252 |
9,300 | Mixi, Inc. | 583,813 | |
1,159 | Monotype Imaging Holdings, Inc. | 22,658 | |
10,090 | 1 | NCR Corp. | 388,768 |
345 | NIC, Inc. | 6,986 | |
8,551 | NVIDIA Corp. | 1,234,337 | |
616 | 1 | Netgear, Inc. | 25,841 |
1,961 | Oracle Corp. | 89,010 | |
3,100 | Otsuka Corp. | 190,818 | |
5,201 | 1 | PayPal Holdings, Inc. | 271,544 |
199 | Plantronics, Inc. | 10,531 | |
1,442 | Progress Software Corp. | 42,106 | |
216 | 1 | Proofpoint, Inc. | 18,576 |
302 | 1 | RealPage, Inc. | 10,449 |
381 | 1 | RingCentral, Inc. | 12,992 |
1,980 | SAP SE | 212,358 | |
35,470 | STMicroelectronics N.V. | 585,698 | |
24,497 | Sage Group PLC/The | 227,602 | |
4,847 | 1 | Salesforce.com, Inc. | 434,485 |
597 | 1 | ScanSource, Inc. | 22,686 |
726 | Science Applications International Corp. | 55,169 | |
1,623 | 1 | Semtech Corp. | 61,999 |
5,348 | Skyworks Solutions, Inc. | 569,188 | |
36 | 1 | Stamps.com, Inc. | 4,964 |
473 | 1 | Sykes Enterprises, Inc. | 15,765 |
28,128 | Symantec Corp. | 852,560 | |
87 | Synnex Corp. | 9,680 | |
6,814 | 1 | Synopsys, Inc. | 510,164 |
2,082 | Syntel, Inc. | 36,393 | |
3,979 | TE Connectivity Ltd. | 313,744 | |
360 | 1 | Take-Two Interactive Software, Inc. | 27,626 |
175 | TeleTech Holdings, Inc. | 7,446 | |
11,531 | Texas Instruments, Inc. | 951,192 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
2,771 | TiVo Corp. | $49,324 | |
3,900 | Tokyo Electron Ltd. | 553,469 | |
2,740 | Travelport Worldwide Ltd. | 36,990 | |
728 | 1 | Ubiquiti Networks, Inc. | 34,332 |
704 | Universal Display Corp. | 79,834 | |
5,187 | 1 | VMware, Inc., Class A | 503,917 |
1,068 | 1 | Verint Systems, Inc. | 43,895 |
5,419 | 1 | Viavi Solutions, Inc. | 60,855 |
2,720 | Visa, Inc., Class A | 259,026 | |
505 | Vishay Intertechnology, Inc. | 8,257 | |
498 | 1 | WebMd Health Corp. | 27,878 |
67,681 | Xerox Corp. | 478,505 | |
12,968 | 1 | Yahoo, Inc. | 652,550 |
153,400 | 1 | Zynga, Inc. | 539,968 |
TOTAL | 34,582,730 | ||
Materials—2.7% | |||
4,181 | 1 | AK Steel Holding Corp. | 25,504 |
7,000 | Air Water, Inc. | 126,036 | |
972 | Akzo Nobel NV | 81,277 | |
6,111 | Amcor Ltd. | 69,575 | |
11,479 | 1 | Anglo American PLC | 155,927 |
24,000 | Asahi Kasei Corp. | 230,893 | |
5,855 | Avery Dennison Corp. | 493,342 | |
1,376 | BASF SE | 129,726 | |
6,372 | BHP Billiton PLC | 95,783 | |
4,127 | Barrick Gold Corp. | 68,251 | |
4,102 | 1 | Berry Global Group, Inc. | 237,875 |
1,595 | 1 | Boise Cascade Co. | 42,985 |
3,590 | Cabot Corp. | 187,506 | |
898 | Chemours Co. (The) | 35,911 | |
1,596 | 1 | Cliffs Natural Resources, Inc. | 9,400 |
1,461 | 1 | Coeur Mining, Inc. | 13,558 |
2,499 | Commercial Metals Corp. | 45,232 | |
7,082 | 2,3 | Covestro AG | 530,598 |
873 | EMS-Chemie Holdings AG | 613,317 | |
3,562 | Eagle Materials, Inc. | 335,897 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Materials—continued | |||
3,942 | Ferroglobe PLC | $41,549 | |
5,107 | 1,4 | Ferroglobe Representation & Warranty Insurance Trust | 0 |
93,084 | Fortescue Metals Group Ltd. | 334,469 | |
184,881 | Glencore Xstrata PLC | 688,562 | |
897 | Greif, Inc., Class A | 53,327 | |
46 | Innophos Holdings, Inc. | 1,945 | |
217 | KMG Chemicals, Inc. | 12,137 | |
1,358 | Koninklijke DSM NV | 101,020 | |
250 | 1 | Koppers Holdings, Inc. | 9,013 |
30,600 | Kuraray Co. Ltd. | 550,489 | |
3,848 | Lanxess | 288,246 | |
835 | 1 | Louisiana-Pacific Corp. | 18,604 |
1,864 | Martin Marietta Materials | 417,722 | |
27,200 | Mitsubishi Chemical Holdings Corp. | 206,151 | |
13,420 | Mondi PLC | 350,392 | |
11,086 | Newmont Mining Corp. | 378,587 | |
8,735 | Nucor Corp. | 507,504 | |
7,566 | Rio Tinto PLC | 302,417 | |
2,101 | Sherwin-Williams Co. | 697,049 | |
94 | Sika AG | 606,101 | |
52 | Stepan Co. | 4,400 | |
18,531 | Teck Resources Ltd. | 329,919 | |
727 | Trinseo SA | 46,855 | |
13,208 | UPM - Kymmene Oyj | 373,438 | |
568 | 1 | US Concrete, Inc. | 37,545 |
7,183 | Umicore | 475,160 | |
20,059 | Valvoline, Inc. | 448,720 | |
1,653 | Voest-alpine Stahl | 74,860 | |
3,102 | Vulcan Materials Co. | 386,664 | |
TOTAL | 11,271,438 | ||
Real Estate—2.0% | |||
886 | Alexander and Baldwin, Inc. | 35,458 | |
1,770 | American Tower Corp. | 232,206 | |
7,900 | Ascendas Real Estate Investment Trust | 14,960 | |
15,782 | Brixmor Property Group, Inc. | 284,707 | |
618 | CBL & Associates Properties, Inc. | 4,752 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Real Estate—continued | |||
5,700 | Capitacommercial Trust | $6,839 | |
30,300 | CapitaLand Ltd. | 77,943 | |
279 | Colony Starwood Homes | 9,645 | |
240 | Coresite Realty Corp., REIT | 25,267 | |
1,339 | Cousins Properties, Inc. | 11,462 | |
2,453 | Crown Castle International Corp. | 249,347 | |
500 | Daito Trust Construction Co. Ltd. | 78,899 | |
4,519 | Deutsche Wohnen AG | 177,247 | |
60,441 | Dexus Property Group | 466,393 | |
1,836 | DiamondRock Hospitality Co. | 20,361 | |
16,642 | Duke Realty Corp. | 477,126 | |
875 | FelCor Lodging Trust, Inc. | 6,274 | |
139 | First Industrial Realty Trust | 4,014 | |
507 | Four Corners Property Trust, Inc. | 12,482 | |
30,148 | General Property Trust Group | 117,424 | |
731 | Geo Group, Inc. | 21,886 | |
151 | Global Net Lease, Inc. | 3,404 | |
1,629 | 1 | HFF, Inc. | 50,809 |
880 | Hersha Hospitality Trust | 16,377 | |
28,443 | Host Hotels & Resorts, Inc. | 511,690 | |
1,837 | InfraREIT, Inc. | 35,436 | |
785 | Investors Real Estate Trust | 4,592 | |
949 | 1 | iStar Financial, Inc. | 11,492 |
1,790 | Kennedy-Wilson Holdings, Inc. | 35,084 | |
545 | Kite Realty Group Trust | 9,794 | |
625 | LaSalle Hotel Properties | 17,781 | |
44,763 | LendLease Group | 542,477 | |
644 | Liberty Property Trust | 26,462 | |
44,500 | Link REIT | 351,139 | |
1,461 | 1 | Marcus & Millichap Co., Inc. | 35,327 |
507 | Medical Properties Trust, Inc. | 6,566 | |
284,688 | Mirvac Group | 482,940 | |
158 | National Storage Affiliates Trust | 3,832 | |
1,504 | New Senior Investment Group, Inc. | 14,348 | |
16,000 | New World Development Co. Ltd. | 19,922 | |
507 | NorthStar Realty Europe Corp. | 6,185 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Real Estate—continued | |||
1,055 | Pebblebrook Hotel Trust | $32,621 | |
1,162 | Potlatch Corp. | 53,161 | |
14,506 | ProLogis, Inc. | 805,663 | |
1,097 | RLJ Lodging Trust | 22,324 | |
15,142 | Rayonier, Inc. | 425,339 | |
851 | Re/Max Holdings, Inc. | 45,231 | |
145 | Ryman Hospitality Properties, Inc. | 9,339 | |
207 | STAG Industrial, Inc. | 5,585 | |
348 | Sabra Health Care REIT, Inc. | 8,154 | |
82,098 | Scentre Group | 259,935 | |
36,834 | Segro PLC | 238,758 | |
188 | Seritage Growth Properties - A REIT | 7,379 | |
4,230 | Smart Real Estate Investment Trust | 96,383 | |
2,251 | 1 | St. Joe Co. | 39,730 |
594 | Summit Hotel Properties, Inc. | 10,633 | |
1,549 | Sunstone Hotel Investors, Inc. | 24,180 | |
6,600 | Suntec Real Estate Investment | 8,752 | |
218 | Urban Edge Properties | 5,197 | |
9,160 | Ventas, Inc. | 609,048 | |
5,442 | Vornado Realty Trust | 501,752 | |
2,825 | WP Carey, Inc. | 184,275 | |
2,136 | Washington Prime Group, Inc. | 16,298 | |
5,801 | Westfield Corp. | 36,562 | |
42,000 | Wharf Holdings Ltd./The | 357,258 | |
843 | Xenia Hotels & Resorts, Inc. | 15,090 | |
TOTAL | 8,338,996 | ||
Telecommunication Services—1.4% | |||
35,571 | AT&T, Inc. | 1,370,551 | |
1,026 | 1 | Cincinnati Bell, Inc. | 17,442 |
265 | Cogent Communications Holdings, Inc. | 10,441 | |
17,017 | Deutsche Telekom AG | 339,015 | |
38 | 1 | General Communications, Inc., Class A | 1,406 |
307,095 | HKT Trust and HKT Ltd. | 402,198 | |
25,400 | KDDI Corp. | 703,597 | |
25,100 | NTT Docomo, Inc. | 617,007 | |
58,000 | PCCW Ltd. | 33,785 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Telecommunication Services—continued | |||
12,909 | Rogers Communications, Inc., Class B | $602,041 | |
249 | Shenandoah Telecommunications Co. | 7,632 | |
11,353 | 1 | T-Mobile USA, Inc. | 765,419 |
103,992 | Telstra Corp. Ltd. | 340,175 | |
11,570 | Verizon Communications | 539,625 | |
3,051 | 1 | Vonage Holdings Corp. | 21,082 |
1,993 | Windstream Holdings, Inc. | 8,471 | |
TOTAL | 5,779,887 | ||
Utilities—2.2% | |||
891 | American States Water Co. | 40,799 | |
654 | Atlantica Yield PLC | 13,662 | |
3,475 | Atmos Energy Corp. | 289,502 | |
62,225 | AusNet Services | 78,427 | |
756 | Black Hills Corp. | 52,572 | |
58,500 | CLP Holdings Ltd. | 640,041 | |
5,024 | CMS Energy Corp. | 238,188 | |
17,769 | CenterPoint Energy, Inc. | 508,371 | |
5,093 | DTE Energy Co. | 557,785 | |
2,508 | 2,3 | Dong Energy A/S | 109,532 |
4,485 | Endesa SA | 111,948 | |
46,274 | Engie | 706,893 | |
16,989 | FirstEnergy Corp. | 496,758 | |
293,500 | 2,3 | HK Electric Investments Ltd. | 269,662 |
108,015 | Iberdrola SA | 861,444 | |
726 | Idacorp, Inc. | 63,380 | |
2,643 | NRG Yield, Inc. | 46,781 | |
38,457 | National Grid PLC | 540,207 | |
83 | New Jersey Resources Corp. | 3,478 | |
862 | ONE Gas, Inc. | 60,900 | |
100,000 | Osaka Gas Co. | 395,039 | |
14,340 | PPL Corp. | 572,309 | |
6,483 | Public Service Enterprises Group, Inc. | 291,152 | |
16,461 | RWE AG | 334,482 | |
15,931 | SSE PLC | 308,950 | |
2,006 | Sempra Energy | 233,679 | |
7,751 | Severn Trent | 249,753 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Utilities—continued | |||
95,638 | Terna S.p.A | $540,684 | |
10,700 | 1 | Tokyo Electric Power Co. Holdings, Inc. | 43,908 |
9,812 | UGI Corp. | 502,178 | |
771 | WGL Holdings, Inc. | 63,793 | |
TOTAL | 9,226,257 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $193,750,113) | 234,440,395 | ||
ASSET-BACKED SECURITIES—0.3% | |||
150,000 | American Express Credit Account Master Trust 2014-1, Class A, 1.359%, 12/15/2021 | 150,717 | |
111,042 | AmeriCredit Automobile Receivables Trust 2015-1, Class A3, 1.260%, 11/08/2019 | 111,024 | |
300,000 | 2,3 | Chesapeake Funding II LLC 2016-2A, Class A2, 1.989%, 06/15/2028 | 301,092 |
85,777 | Navient Student Loan Trust 2014-1, Class A2, 1.334%, 03/27/2023 | 85,825 | |
265,000 | 2,3 | Navistar Financial Dealer Note Master Trust 2016-1, Class A, 2.374%, 09/27/2021 | 265,295 |
171,000 | 2,3 | PFS Financing Corp. 2016-BA, Class A, 1.870%, 10/15/2021 | 170,681 |
160,000 | Santander Drive Auto Receivables Trust 2016-2, Class C, 2.660%, 11/15/2021 | 160,296 | |
133,101 | 2,3 | Sofi Consumer Loan Program Trust 2016-3, Class A, 3.050%, 12/26/2025 | 135,320 |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $1,375,872) | 1,380,250 | ||
COMMERCIAL MORTGAGE-BACKED SECURITIES—0.2% | |||
Financials—0.2% | |||
154,998 | Federal Home Loan Mortgage Corp., 2.263%, 4/25/2025 | 155,619 | |
580,000 | Federal Home Loan Mortgage Corp., 2.566%, 9/25/2020 | 591,696 | |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $755,492) | 747,315 | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—0.5% | |||
250,000 | Banc of America Commercial Mortgage Trust 2016-UBS10, Class A4, 3.170%, 07/15/2049 | 252,795 | |
225,000 | CD Commercial Mortgage Trust 2016-CD1, Class A4, 2.724%, 08/10/2049 | 219,731 | |
200,000 | Citigroup Commercial Mortgage Trust 2015-GC33, Class AS, 4.114%, 09/10/2058 | 211,910 | |
450,000 | Commercial Mortgage Trust 2015-DC1, Class AM, 3.724%, 02/10/2048 | 462,824 | |
300,000 | JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.1413%, 12/15/2049 | 302,655 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—continued | |||
50,000 | WF-RBS Commercial Mortgage Trust 2012-C6, Class B, 4.697%, 04/15/2045 | $53,462 | |
400,000 | WF-RBS Commercial Mortgage Trust 2014-C25, Class AS, 3.984%, 11/15/2047 | 420,741 | |
100,000 | WF-RBS Commercial Mortgage Trust 2014-C25, Class B, 4.236%, 11/15/2047 | 102,980 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $2,053,173) | 2,027,098 | ||
CORPORATE BONDS—6.6% | |||
Basic Industry - Chemicals—0.2% | |||
300,000 | Albemarle Corp., Sr. Unsecd. Note, 5.450%, 12/01/2044 | 345,173 | |
50,000 | RPM International, Inc., 6.500%, 02/15/2018 | 51,717 | |
15,000 | RPM International, Inc., Sr. Unsecd. Note, 6.125%, 10/15/2019 | 16,365 | |
250,000 | Valspar Corp., Sr. Unsecd. Note, 3.300%, 2/01/2025 | 249,257 | |
TOTAL | 662,512 | ||
Basic Industry - Metals & Mining—0.1% | |||
100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 04/15/2023 | 105,903 | |
300,000 | Southern Copper Corp., Note, 6.750%, 04/16/2040 | 341,347 | |
TOTAL | 447,250 | ||
Basic Industry - Paper—0.0% | |||
150,000 | 1,4,5 | Pope & Talbot, Inc., 8.375%, 06/01/2013 | 0 |
Capital Goods - Aerospace & Defense—0.1% | |||
180,000 | Lockheed Martin Corp., Sr. Unsecd. Note, 3.550%, 01/15/2026 | 187,517 | |
90,000 | 2,3 | Textron Financial Corp., Jr. Sub. Note, Series 144A, 2.917%, 2/15/2042 | 76,725 |
80,000 | Textron, Inc., Sr. Unsecd. Note, 4.000%, 03/15/2026 | 82,891 | |
TOTAL | 347,133 | ||
Capital Goods - Building Materials—0.1% | |||
130,000 | Masco Corp., Sr. Unsecd. Note, 4.375%, 04/01/2026 | 139,334 | |
185,000 | Masco Corp., Unsecd. Note, 4.450%, 4/01/2025 | 198,968 | |
TOTAL | 338,302 | ||
Capital Goods - Diversified Manufacturing—0.2% | |||
30,000 | General Electric Capital, Note, Series MTNA, 6.750%, 3/15/2032 | 41,454 | |
200,000 | 2,3 | Hutchison Whampoa International 14 Ltd., Unsecd. Note, Series 144A, 1.625%, 10/31/2017 | 199,989 |
100,000 | Roper Industries, Inc., Sr. Unsecd. Note, 6.250%, 09/01/2019 | 108,758 | |
300,000 | Valmont Industries, Inc., 5.250%, 10/01/2054 | 285,589 | |
40,000 | Xylem, Inc., Sr. Unsecd. Note, 4.375%, 11/01/2046 | 41,154 | |
TOTAL | 676,944 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Communications - Cable & Satellite—0.1% | |||
200,000 | CCO Safari II LLC, 4.908%, 07/23/2025 | $216,815 | |
20,000 | Time Warner Cable, Inc., Company Guarantee, 8.250%, 04/01/2019 | 22,171 | |
TOTAL | 238,986 | ||
Communications - Media & Entertainment—0.3% | |||
100,000 | 21st Century Fox America, Inc., Sr. Unsecd. Note, 5.400%, 10/01/2043 | 113,504 | |
310,000 | 2,3 | British Sky Broadcasting Group PLC, Series 144A, 3.750%, 9/16/2024 | 319,696 |
20,000 | Discovery Communications LLC, Sr. Unsecd. Note, 4.900%, 03/11/2026 | 21,094 | |
70,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 01/31/2046 | 77,710 | |
350,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.600%, 04/15/2026 | 356,715 | |
200,000 | Viacom, Inc., Sr. Unsecd. Note, 3.875%, 04/01/2024 | 203,155 | |
TOTAL | 1,091,874 | ||
Communications - Telecom Wireless—0.0% | |||
180,000 | Crown Castle International Corp., Sr. Unsecd. Note, 3.700%, 06/15/2026 | 182,132 | |
Communications - Telecom Wirelines—0.1% | |||
300,000 | AT&T, Inc., Sr. Unsecd. Note, 5.150%, 03/15/2042 | 307,380 | |
200,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 03/15/2024 | 211,936 | |
120,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 5.250%, 03/16/2037 | 128,197 | |
TOTAL | 647,513 | ||
Consumer Cyclical - Automotive—0.1% | |||
275,000 | Ford Motor Credit Co., Sr. Unsecd. Note, 3.336%, 03/18/2021 | 280,435 | |
70,000 | General Motors Co., Sr. Unsecd. Note, 4.000%, 4/01/2025 | 70,541 | |
200,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.100%, 01/15/2019 | 203,010 | |
TOTAL | 553,986 | ||
Consumer Cyclical - Retailers—0.3% | |||
100,000 | Advance Auto Parts, Inc., 4.500%, 12/01/2023 | 106,840 | |
300,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 04/15/2025 | 299,224 | |
117,446 | 2,3 | CVS Caremark Corp., Pass Thru Cert., Series 144A, 5.298%, 1/11/2027 | 127,399 |
200,000 | CVS Health Corp., Sr. Unsecd. Note, 2.875%, 06/01/2026 | 194,726 | |
110,000 | Dollar General Corp., Sr. Unsecd. Note, 4.150%, 11/01/2025 | 116,468 | |
140,000 | O'Reilly Automotive, Inc., Sr. Unsecd. Note, 3.550%, 03/15/2026 | 141,713 | |
300,000 | Tiffany & Co., Sr. Unsecd. Note, 4.900%, 10/01/2044 | 286,218 | |
120,000 | Under Armour, Inc., Sr. Unsecd. Note, 3.250%, 06/15/2026 | 111,888 | |
TOTAL | 1,384,476 | ||
Consumer Cyclical - Services—0.2% | |||
250,000 | Expedia, Inc., Sr. Unsecd. Note, 5.000%, 02/15/2026 | 271,859 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Consumer Cyclical - Services—continued | |||
250,000 | Visa, Inc., Sr. Unsecd. Note, 1.200%, 12/14/2017 | $249,986 | |
130,000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | 133,061 | |
TOTAL | 654,906 | ||
Consumer Non-Cyclical - Food/Beverage—0.2% | |||
210,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/01/2026 | 208,291 | |
250,000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 3.950%, 07/15/2025 | 257,993 | |
120,000 | Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025 | 127,930 | |
70,000 | PepsiCo, Inc., Sr. Unsecd. Note, 4.450%, 04/14/2046 | 76,083 | |
TOTAL | 670,297 | ||
Consumer Non-Cyclical - Health Care—0.0% | |||
50,000 | Stryker Corp., Sr. Unsecd. Note, 3.500%, 03/15/2026 | 51,321 | |
Consumer Non-Cyclical - Pharmaceuticals—0.0% | |||
90,000 | Gilead Sciences, Inc., Sr. Unsecd. Note, 3.650%, 3/01/2026 | 92,499 | |
Consumer Non-Cyclical - Products—0.1% | |||
270,000 | Newell Rubbermaid, Inc., Sr. Unsecd. Note, 4.200%, 04/01/2026 | 286,814 | |
Consumer Non-Cyclical - Tobacco—0.1% | |||
24,000 | Altria Group, Inc., 9.250%, 08/06/2019 | 27,672 | |
200,000 | Reynolds American, Inc., Sr. Unsecd. Note, 5.850%, 8/15/2045 | 242,794 | |
TOTAL | 270,466 | ||
Energy - Independent—0.1% | |||
375,000 | Canadian Natural Resources Ltd., 3.900%, 02/01/2025 | 382,405 | |
225,000 | Marathon Oil Corp., Sr. Unsecd. Note, 3.850%, 6/01/2025 | 224,480 | |
20,000 | XTO Energy, Inc., 6.750%, 08/01/2037 | 27,782 | |
TOTAL | 634,667 | ||
Energy - Integrated—0.2% | |||
135,000 | BP Capital Markets PLC, 3.119%, 5/04/2026 | 134,738 | |
155,000 | Husky Energy, Inc., 4.000%, 04/15/2024 | 159,480 | |
100,000 | Husky Energy, Inc., Sr. Unsecd. Note, 3.950%, 04/15/2022 | 105,116 | |
35,000 | Petro-Canada, Deb., 7.000%, 11/15/2028 | 44,700 | |
100,000 | Petroleos Mexicanos, 6.500%, 06/02/2041 | 101,230 | |
150,000 | Petroleos Mexicanos, Sr. Unsecd. Note, 4.875%, 1/18/2024 | 153,375 | |
TOTAL | 698,639 | ||
Energy - Midstream—0.3% | |||
325,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 | 330,767 | |
350,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 5.150%, 03/15/2045 | 346,062 | |
230,000 | Enterprise Products Operating, Sr. Unsecd. Note, 3.950%, 02/15/2027 | 240,989 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Energy - Midstream—continued | |||
100,000 | Kinder Morgan, Inc., 5.050%, 2/15/2046 | $101,098 | |
80,000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 03/01/2027 | 81,386 | |
100,000 | Williams Partners LP, 4.900%, 1/15/2045 | 100,494 | |
TOTAL | 1,200,796 | ||
Energy - Oil Field Services—0.1% | |||
140,000 | Halliburton Co., Sr. Unsecd. Note, 3.800%, 11/15/2025 | 144,768 | |
100,000 | Nabors Industries, Inc., Company Guarantee, 5.000%, 09/15/2020 | 103,000 | |
250,000 | 2,3 | Schlumberger Holdings Corp., Sr. Unsecd. Note, Series 144A, 4.000%, 12/21/2025 | 264,434 |
100,000 | Weatherford International Ltd., Sr. Unsecd. Note, 5.950%, 04/15/2042 | 86,250 | |
TOTAL | 598,452 | ||
Energy - Refining—0.1% | |||
250,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.750%, 9/15/2044 | 235,716 | |
25,000 | Valero Energy Corp., 9.375%, 03/15/2019 | 28,164 | |
100,000 | Valero Energy Corp., Sr. Unsecd. Note, 6.625%, 06/15/2037 | 121,924 | |
TOTAL | 385,804 | ||
Financial Institution - Banking—1.0% | |||
340,000 | Associated Banc-Corp., Sub., 4.250%, 1/15/2025 | 350,100 | |
100,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 4.875%, 04/01/2044 | 111,318 | |
355,000 | Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025 | 361,556 | |
300,000 | Bank of America Corp., Sub. Note, Series MTN, 4.000%, 1/22/2025 | 306,389 | |
180,000 | Capital One Financial Corp., Sr. Sub., 4.200%, 10/29/2025 | 183,800 | |
300,000 | Citigroup, Inc., Sr. Unsecd. Note, 2.700%, 03/30/2021 | 302,409 | |
250,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.300%, 04/27/2025 | 250,325 | |
150,000 | Citigroup, Inc., Sub. Note, 4.450%, 09/29/2027 | 156,596 | |
250,000 | Compass Bank, Birmingham, Sub. Note, Series BKNT, 3.875%, 4/10/2025 | 249,172 | |
330,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 2.875%, 7/27/2020 | 338,141 | |
400,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.500%, 1/23/2025 | 404,836 | |
5,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 5.750%, 01/24/2022 | 5,654 | |
50,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.125%, 02/15/2033 | 62,343 | |
100,000 | JPMorgan Chase & Co., 6.750%, 01/29/2049 | 112,625 | |
50,000 | JPMorgan Chase & Co., Sub. Note, 3.375%, 05/01/2023 | 50,874 | |
300,000 | Morgan Stanley, Sr. Unsecd. Note, 2.310%, 01/27/2020 | 305,087 | |
146,152 | 2,4 | Regional Diversified Funding, Series 144A, 9.250%, 03/15/2030 | 100,690 |
80,000 | Regions Financial Corp., Sr. Unsecd. Note, 3.200%, 02/08/2021 | 82,024 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Financial Institution - Banking—continued | |||
230,000 | SunTrust Banks, Inc., Sr. Unsecd. Note, 2.900%, 03/03/2021 | $234,738 | |
50,000 | Wells Fargo & Co., Sr. Unsecd. Note, 2.402%, 10/31/2023 | 50,910 | |
40,000 | Wilmington Trust Corp., Sub. Note, 8.500%, 04/02/2018 | 42,129 | |
TOTAL | 4,061,716 | ||
Financial Institution - Broker/Asset Mgr/Exchange—0.1% | |||
140,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | 146,586 | |
95,000 | Jefferies Group LLC, Sr. Unsecd. Note, 8.500%, 07/15/2019 | 107,118 | |
240,000 | Stifel Financial Corp., Sr. Unsecd. Note, 3.500%, 12/01/2020 | 246,020 | |
70,000 | 2,3 | TIAA Asset Management Finance Co., LLC, Sr. Unsecd. Note, Series 144A, 4.125%, 11/01/2024 | 72,813 |
TOTAL | 572,537 | ||
Financial Institution - Finance Companies—0.1% | |||
210,000 | AerCap Ireland Capital Ltd., Sr. Unsecd. Note, 3.950%, 02/01/2022 | 219,853 | |
Financial Institution - Insurance - Health—0.0% | |||
50,000 | Wellpoint, Inc., 5.850%, 01/15/2036 | 59,821 | |
Financial Institution - Insurance - Life—0.3% | |||
27,000 | Aflac, Inc., Sr. Unsecd. Note, 6.450%, 08/15/2040 | 35,754 | |
400,000 | American International Group, Inc., Unsecd. Note, 3.875%, 01/15/2035 | 385,326 | |
325,000 | 2,3 | Mass Mutual Global Funding II, Series 144A, 2.000%, 04/15/2021 | 321,647 |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/01/2039 | 16,325 | |
100,000 | 2,3 | Principal Life Global Funding II, Series 144A, 2.200%, 04/08/2020 | 100,270 |
200,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 4.600%, 05/15/2044 | 216,809 | |
TOTAL | 1,076,131 | ||
Financial Institution - Insurance - P&C—0.1% | |||
75,000 | ACE INA Holdings, Inc., Sr. Unsecd. Note, 3.350%, 05/15/2024 | 77,863 | |
300,000 | 2,3 | Liberty Mutual Group, Inc., Sr. Unsecd. Note, Series 144A, 6.500%, 03/15/2035 | 372,649 |
30,000 | 2,3 | Nationwide Mutual Insurance Co., Sub. Note, Series 144A, 9.375%, 08/15/2039 | 49,932 |
TOTAL | 500,444 | ||
Financial Institution - REIT - Apartment—0.1% | |||
195,000 | Avalonbay Communities, Inc., Sr. Unsecd. Note, Series MTN, 3.35%, 05/15/2027 | 196,929 | |
300,000 | Mid-America Apartment Communities LP, Sr. Unsecd. Note, 3.750%, 06/15/2024 | 310,070 | |
140,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 09/01/2026 | 133,068 | |
TOTAL | 640,067 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Financial Institution - REIT - Healthcare—0.0% | |||
100,000 | Health Care REIT, Inc., Sr. Unsecd. Note, 4.125%, 04/01/2019 | $103,280 | |
Financial Institution - REIT - Office—0.1% | |||
100,000 | Alexandria Real Estate Eq, Sr. Unsecd. Note, 3.95%, 01/15/2028 | 102,541 | |
300,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 4.500%, 07/30/2029 | 321,821 | |
TOTAL | 424,362 | ||
Financial Institution - REIT - Other—0.1% | |||
100,000 | ProLogis LP, Sr. Unsecd. Note, 3.350%, 02/01/2021 | 103,670 | |
160,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 04/01/2024 | 167,819 | |
TOTAL | 271,489 | ||
Financial Institution - REIT - Retail—0.0% | |||
30,000 | Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/01/2022 | 30,835 | |
Foreign-Local-Government—0.0% | |||
50,000 | Quebec, Province of, Note, Series MTNA, 7.035%, 03/10/2026 | 64,841 | |
Municipal Services—0.1% | |||
137,987 | 2,3 | Army Hawaii Family Housing, Series 144A, 5.524%, 6/15/2050 | 154,627 |
100,000 | 2,3 | Camp Pendleton & Quantico Housing LLC, 5.572%, 10/01/2050 | 111,685 |
TOTAL | 266,312 | ||
Sovereign—0.1% | |||
255,000 | 2,3 | Australia, Government of, Sr. Unsecd. Note, 4.000%, 06/21/2019 | 197,867 |
30,000,000 | KfW, 2.050%, 02/16/2026 | 322,656 | |
TOTAL | 520,523 | ||
Technology—0.6% | |||
300,000 | Adobe Systems, Inc., Sr. Unsecd. Note, 3.250%, 02/01/2025 | 309,134 | |
100,000 | Apple, Inc., Sr. Unsecd. Note, 3.850%, 08/04/2046 | 98,774 | |
270,000 | Automatic Data Processing, Inc., 3.375%, 9/15/2025 | 282,259 | |
320,000 | 2,3 | Diamond 1 Finance Corp./Diamond 2 Finance Corp., Term Loan—1st Lien, Series 144A, 6.020%, 06/15/2026 | 353,570 |
125,000 | Equifax, Inc., Sr. Unsecd. Note, 2.300%, 06/01/2021 | 124,480 | |
100,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.875%, 06/05/2024 | 104,686 | |
210,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 5.000%, 10/15/2025 | 234,465 | |
150,000 | Hewlett Packard Enterprise Co., Sr. Unsecd. Note, 3.60%, 10/15/2020 | 156,092 | |
300,000 | Keysight Technologies, Inc., 4.550%, 10/30/2024 | 316,927 | |
380,000 | 2,3 | Molex Electronics Technologies LLC, Unsecd. Note, Series 144A, 3.900%, 4/15/2025 | 387,752 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Technology—continued | |||
70,000 | Total System Services, Inc., Sr. Unsecd. Note, 4.800%, 04/01/2026 | $76,794 | |
TOTAL | 2,444,933 | ||
Transportation - Railroads—0.0% | |||
140,000 | Burlington Northern Santa Fe Corp., Sr. Unsecd. Note, 4.150%, 4/01/2045 | 145,132 | |
45,000 | Union Pacific Corp., Bond, 6.625%, 02/01/2029 | 59,528 | |
TOTAL | 204,660 | ||
Transportation - Services—0.2% | |||
75,000 | 2,3 | Enterprise Rent-A-Car USA Finance Co., Series 144A, 6.375%, 10/15/2017 | 76,273 |
62,000 | 2,3 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, Series 144A, 3.850%, 11/15/2024 | 63,756 |
100,000 | 2,3 | Penske Truck Leasing Co. LP & PTL Finance Corp., Series 144A, 2.500%, 06/15/2019 | 100,814 |
335,000 | 2,3 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, Series 144A, 3.375%, 2/01/2022 | 345,235 |
100,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.450%, 11/15/2018 | 100,848 | |
140,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.80%, 03/01/2022 | 141,340 | |
TOTAL | 828,266 | ||
Utility - Electric—0.6% | |||
130,000 | Ameren Corp., Sr. Unsecd. Note, 3.650%, 2/15/2026 | 133,583 | |
120,000 | Duke Energy Corp., Sr. Unsecd. Note, 2.650%, 09/01/2026 | 114,592 | |
190,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.75%, 06/15/2046 | 197,420 | |
270,000 | EverSource Energy, Sr. Unsecd. Note, 3.350%, 03/15/2026 | 269,935 | |
300,000 | Exelon Corp., Sr. Unsecd. Note, 3.400%, 04/15/2026 | 301,563 | |
9,511 | 2,3 | Great River Energy, 1st Mtg. Note, Series 144A, 5.829%, 7/01/2017 | 9,534 |
100,000 | Indiana Michigan Power Co., Sr. Unsecd. Note, Series K, 4.550%, 03/15/2046 | 108,322 | |
300,000 | National Rural Utilities Cooperative Finance Corp., 2.000%, 01/27/2020 | 299,757 | |
140,000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub., 5.250%, 04/20/2046 | 147,231 | |
200,000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 2.400%, 09/15/2019 | 201,814 | |
400,000 | Northeast Utilities, Sr. Unsecd. Note, Series H, 3.150%, 1/15/2025 | 403,107 | |
40,000 | Progress Energy, Inc., 7.050%, 03/15/2019 | 43,489 | |
125,000 | Wisconsin Electric Power Co., Sr. Unsecd. Note, 4.300%, 12/15/2045 | 131,632 | |
TOTAL | 2,361,979 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Utility - Natural Gas—0.1% | |||
200,000 | Sempra Energy, Sr. Unsecd. Note, 2.850%, 11/15/2020 | $202,769 | |
300,000 | Sempra Energy, Sr. Unsecd. Note, 3.550%, 06/15/2024 | 307,965 | |
TOTAL | 510,734 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $26,697,831) | 27,278,552 | ||
MORTGAGE-BACKED SECURITIES—0.0% | |||
2,137 | Federal Home Loan Mortgage Corp. Pool C00592, 7.000%, 3/1/2028 | 2,469 | |
1,428 | Federal Home Loan Mortgage Corp. Pool C00896, 7.500%, 12/1/2029 | 1,680 | |
1,369 | Federal Home Loan Mortgage Corp. Pool C17281, 6.500%, 11/1/2028 | 1,557 | |
2,076 | Federal Home Loan Mortgage Corp. Pool C19588, 6.500%, 12/1/2028 | 2,371 | |
988 | Federal Home Loan Mortgage Corp. Pool C25621, 6.500%, 5/1/2029 | 1,136 | |
2,194 | Federal Home Loan Mortgage Corp. Pool C76361, 6.000%, 2/1/2033 | 2,498 | |
2,621 | Federal Home Loan Mortgage Corp. Pool E01545, 5.000%, 15 Year, 1/1/2019 | 2,680 | |
452 | Federal Home Loan Mortgage Corp. Pool E99510, 5.500%, 9/1/2018 | 462 | |
3,034 | Federal Home Loan Mortgage Corp. Pool G01444, 6.500%, 8/1/2032 | 3,518 | |
2,441 | Federal National Mortgage Association Pool 251697, 6.500%, 30 Year, 5/1/2028 | 2,781 | |
8,517 | Federal National Mortgage Association Pool 252334, 6.500%, 30 Year, 2/1/2029 | 9,654 | |
1,402 | Federal National Mortgage Association Pool 254720, 4.500%, 5/1/2018 | 1,416 | |
1,834 | Federal National Mortgage Association Pool 254802, 4.500%, 7/1/2018 | 1,857 | |
5,330 | Federal National Mortgage Association Pool 254905, 6.000%, 10/1/2033 | 6,067 | |
8,955 | Federal National Mortgage Association Pool 255075, 5.500%, 2/1/2024 | 9,969 | |
3,729 | Federal National Mortgage Association Pool 255079, 5.000%, 2/1/2019 | 3,811 | |
873 | Federal National Mortgage Association Pool 303168, 9.500%, 30 Year, 2/1/2025 | 1,021 | |
379 | Federal National Mortgage Association Pool 323159, 7.500%, 4/1/2028 | 440 | |
3,784 | Federal National Mortgage Association Pool 323640, 7.500%, 4/1/2029 | 4,391 | |
1,065 | Federal National Mortgage Association Pool 428865, 7.000%, 6/1/2028 | 1,109 | |
49 | Federal National Mortgage Association Pool 443215, 6.000%, 10/1/2028 | 51 | |
8,213 | Federal National Mortgage Association Pool 545993, 6.000%, 11/1/2032 | 9,321 | |
3,525 | Federal National Mortgage Association Pool 555272, 6.000%, 3/1/2033 | 4,000 | |
2,789 | Federal National Mortgage Association Pool 713974, 5.500%, 7/1/2033 | 3,117 | |
6,275 | Federal National Mortgage Association Pool 721502, 5.000%, 7/1/2033 | 6,907 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
MORTGAGE-BACKED SECURITIES—continued | |||
8,063 | Government National Mortgage Association Pool 2796, 7.000%, 8/20/2029 | $9,432 | |
4,248 | Government National Mortgage Association Pool 3040, 7.000%, 2/20/2031 | 5,013 | |
10,476 | Government National Mortgage Association Pool 3188, 6.500%, 1/20/2032 | 12,164 | |
15,675 | Government National Mortgage Association Pool 3239, 6.500%, 5/20/2032 | 18,023 | |
435 | Government National Mortgage Association Pool 352214, 7.000%, 4/15/2023 | 481 | |
2,146 | Government National Mortgage Association Pool 451522, 7.500%, 30 Year, 10/15/2027 | 2,515 | |
1,563 | Government National Mortgage Association Pool 462556, 6.500%, 2/15/2028 | 1,759 | |
352 | Government National Mortgage Association Pool 462739, 7.500%, 5/15/2028 | 412 | |
193 | Government National Mortgage Association Pool 464835, 6.500%, 9/15/2028 | 223 | |
4,562 | Government National Mortgage Association Pool 469699, 7.000%, 11/15/2028 | 5,297 | |
3,311 | Government National Mortgage Association Pool 486760, 6.500%, 12/15/2028 | 3,806 | |
448 | Government National Mortgage Association Pool 780339, 8.000%, 30 Year, 12/15/2023 | 504 | |
4,404 | Government National Mortgage Association Pool 780453, 7.500%, 30 Year, 12/15/2025 | 5,056 | |
3,533 | Government National Mortgage Association Pool 780584, 7.000%, 30 Year, 6/15/2027 | 4,030 | |
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $135,976) | 152,998 | ||
FOREIGN GOVERNMENTS/AGENCIES—7.4% | |||
Sovereign—7.4% | |||
700,000 | Australia, Government of, Sr. Unsecd. Note, Series 148, 2.75%, 11/21/2027 | 534,059 | |
690,000 | Belgium, Government of, Series 68, 2.25%, 6/22/2023 | 887,191 | |
680,000 | 2,3 | Belgium, Government of, Series 74, 0.8%, 6/22/2025 | 793,725 |
200,000 | Canada, Government of, Bond, 3.25%, 6/01/2021 | 161,885 | |
480,000 | Canada, Government of, Series WL43, 5.750%, 06/01/2029 | 520,014 | |
936,000 | France, Government of, 0.5%, 05/25/2025 | 1,063,336 | |
620,000 | France, Government of, 3.25%, 10/25/2021 | 807,197 | |
550,000 | France, Government of, Bond, 4.500%, 04/25/2041 | 980,281 | |
870,000 | Germany, Government of, 1.75%, 2/15/2024 | 1,104,511 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
FOREIGN GOVERNMENTS/AGENCIES—continued | |||
Sovereign—continued | |||
300,000 | Germany, Government of, Bond, Series 03, 4.75%, 7/04/2034 | $553,954 | |
760,000 | Germany, Government of, Unsecd. Note, 1.000%, 08/15/2025 | 920,575 | |
150,000 | Germany, Government of, Unsecd. Note, 1.000%, 8/15/2024 | 181,916 | |
200,000 | Italy, Government of, 2.500%, 5/01/2019 | 235,703 | |
1,000,000 | Italy, Government of, 3.750%, 5/01/2021 | 1,263,666 | |
220,000 | Italy, Government of, 4.250%, 3/01/2020 | 274,594 | |
1,280,000 | Italy, Government of, Sr. Unsecd. Note, 0.65%, 10/15/2023 | 1,377,749 | |
195,000 | 2,3 | Italy, Government of, Sr. Unsecd. Note, 2.7%, 03/01/2047 | 195,318 |
500,000 | Italy, Government of, Unsecd. Note, 1.60%, 06/01/2026 | 544,544 | |
58,000 | 2,3 | Italy, Government of, Unsecd. Note, 3.25%, 9/01/2046 | 65,066 |
210,000,000 | Japan, Government of, Series 313, 1.3%, 3/20/2021 | 1,999,276 | |
170,000,000 | Japan, Government of, Series 65, 1.9%, 12/20/2023 | 1,734,982 | |
142,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 114, 2.1%, 12/20/2029 | 1,587,323 | |
185,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 153, 1.3%, 06/20/2035 | 1,906,344 | |
140,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 44, 1.7%, 9/20/2044 | 1,552,957 | |
30,000 | Mexico, Government of, Series MTNA, 6.750%, 09/27/2034 | 38,054 | |
23,000,000 | Mexico, Government of, Sr. Unsecd. Note, Series M, 5.00%, 12/11/2019 | 1,169,008 | |
850,000 | 2,3 | Netherlands, Government of, 1.75%, 7/15/2023 | 1,066,291 |
535,000 | Spain, Government of, 2.75%, 4/30/2019 | 637,232 | |
260,000 | 2,3 | Spain, Government of, Sr. Unsecd. Note, 1.95%, 7/30/2030 | 290,289 |
880,000 | 2,3 | Spain, Government of, Sr. Unsecd. Note, 2.75%, 10/31/2024 | 1,109,644 |
400,000 | 2,3 | Spain, Government of, Sr. Unsub., 4.000%, 4/30/2020 | 503,912 |
2,600,000 | Sweden, Government of, Series 1059, 1.00%, 11/12/2026 | 313,333 | |
430,000 | United Kingdom, Government of, Unsecd. Note, 4.25%, 6/07/2032 | 765,231 | |
700,000 | United Kingdom, Government of, Unsecd. Note, 1.50%, 01/22/2021 | 943,088 | |
1,010,000 | United Kingdom, Government of, 1.75%, 9/07/2022 | 1,390,021 | |
170,000 | United Kingdom, Government of, 2.75%, 9/07/2024 | 250,567 | |
380,000 | United Kingdom, Government of, 3.25%, 1/22/2044 | 646,532 | |
250,000 | United Kingdom, Government of, 4.25%, 12/07/2027 | 424,867 | |
TOTAL FOREIGN GOVERNMENTS/AGENCIES (IDENTIFIED COST $30,360,305) | 30,794,235 | ||
MUNICIPAL BOND—0.0% | |||
Illinois—0.0% | |||
90,000 | Chicago, IL Metropolitan Water Reclamation District, Direct Payment Taxable Limited GO Build America Bonds, 5.720%, 12/01/2038 (IDENTIFIED COST $90,000) | 109,494 |
Shares, Contracts or Principal Amount | Value in U.S. Dollars | ||
U.S. TREASURY—1.7% | |||
215,786 | U.S. Treasury Inflation-Protected Bond, 0.750%, 2/15/2042 | $208,803 | |
1,041,050 | U.S. Treasury Inflation-Protected Note, 0.125%, 4/15/2020 | 1,050,002 | |
1,954,416 | U.S. Treasury Inflation-Protected Note, 0.125%, 4/15/2021 | 1,969,773 | |
145,000 | United States Treasury Bond, 2.500%, 5/15/2046 | 134,021 | |
3,000 | United States Treasury Bond, 3.000%, 11/15/2045 | 3,073 | |
200,000 | United States Treasury Note, 0.750%, 2/28/2018 | 199,348 | |
500,000 | United States Treasury Note, 0.750%, 7/31/2018 | 497,368 | |
600,000 | United States Treasury Note, 0.875%, 5/31/2018 | 598,031 | |
100,000 | United States Treasury Note, 1.000%, 10/15/2019 | 99,240 | |
650,000 | United States Treasury Note, 1.250%, 12/31/2018 | 650,065 | |
650,000 | United States Treasury Note, 1.250%, 4/30/2019 | 649,594 | |
975,000 | United States Treasury Note, 1.500%, 4/15/2020 | 977,074 | |
TOTAL U.S. TREASURY (IDENTIFIED COST $7,018,120) | 7,036,392 | ||
EXCHANGE-TRADED FUNDS—9.7% | |||
651,923 | iShares Core MSCI Emerging Markets ETF | 32,491,843 | |
31,928 | iShares S&P 500 Index Fund | 7,755,311 | |
TOTAL EXCHANGE-TRADED FUNDS IDENTIFIED COST $37,356,644) | 40,247,154 | ||
INVESTMENT COMPANIES—14.0%6 | |||
3,147,641 | Emerging Markets Core Fund | 32,011,511 | |
249,066 | Federated Bank Loan Core Fund | 2,533,004 | |
1,397,877 | Federated Mortgage Core Portfolio | 13,797,049 | |
487,326 | Federated Project and Trade Finance Core Fund | 4,478,524 | |
966,808 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.00%7 | 967,098 | |
671,309 | High Yield Bond Portfolio | 4,343,365 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $57,293,583) | 58,130,551 | ||
TOTAL INVESTMENTS—96.7% (IDENTIFIED COST $356,887,109)8 | 402,344,434 | ||
OTHER ASSETS AND LIABILITIES - NET—3.3%9 | 13,781,602 | ||
TOTAL NET ASSETS—100% | $416,126,036 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation (Depreciation) |
1Amsterdam Index Long Futures | 113 | $13,289,189 | June 2017 | $(37,066) |
1Australia 10-Year Bond Long Futures | 15 | $1,467,681 | June 2017 | $10,652 |
1CAC 40 10-Year Euro Long Futures | 127 | $7,513,472 | June 2017 | $(73,783) |
1Canada 10-Year Bond Long Futures | 90 | $9,691,231 | September 2017 | $30,951 |
1CBOE VIX Volatility Index Short Futures | 262 | $3,098,150 | June 2017 | $38,449 |
1DAX Index Short Futures | 10 | $3,549,222 | June 2017 | $(4,415) |
1Euro Bund Long Futures | 111 | $20,239,970 | June 2017 | $159,535 |
1Euro-OAT Long Futures | 4 | $681,064 | June 2017 | $3,551 |
1FTSE 100 Index Short Futures | 262 | $25,345,060 | June 2017 | $(1,193,038) |
1FTSE JSE Top 40 Short Futures | 674 | $24,312,822 | June 2017 | $202,151 |
1FTSE/MIB Index Long Futures | 26 | $3,031,403 | June 2017 | $(55,895) |
1Hang Seng Index Long Futures | 107 | $17,494,062 | June 2017 | $25,020 |
1IBEX 35 Index Short Futures | 50 | $6,097,821 | June 2017 | $(65,905) |
1Japan 10-Year Bond Short Futures | 9 | $12,244,063 | June 2017 | $(1,453) |
1KOSPI2 Index Short Futures | 49 | $3,338,771 | June 2017 | $(125,465) |
1Long GILT Short Futures | 16 | $2,637,510 | September 2017 | $(1,466) |
1Mini MSCI Emerging Market Long Futures | 297 | $14,906,430 | June 2017 | $149,015 |
1MSCI Singapore IX ETS Short Futures | 508 | $13,072,193 | June 2017 | $179,688 |
1MSCI Taiwan Index Short Futures | 72 | $2,684,160 | June 2017 | $21,947 |
1OMXS 30 Index Short Futures | 468 | $8,820,029 | June 2017 | $(34,611) |
1S&P 500 E-Mini Short Futures | 40 | $4,822,200 | June 2017 | $(17,700) |
1S&P/TSX 60 IX Long Futures | 36 | $4,824,163 | June 2017 | $(52,512) |
1SPI 200 Long Futures | 55 | $5,864,524 | June 2017 | $(68,308) |
1Swiss Market Index Short Futures | 61 | $5,680,863 | June 2017 | $(16,634) |
1TOPIX Index Long Futures | 99 | $14,034,312 | June 2017 | $(10,493) |
1United States Treasury Notes 10-Year Short Futures | 177 | $22,354,547 | September 2017 | $(51,064) |
1United States Treasury Notes 10-Year Ultra Short Futures | 24 | $3,257,625 | September 2017 | $(21,619) |
1United States Treasury Notes 2-Year Long Futures | 50 | $10,824,219 | September 2017 | $3,114 |
1United States Treasury Notes 5-Year Short Futures | 1 | $118,313 | September 2017 | $(221) |
1United States Treasury Ultra Bond Long Futures | 13 | $2,146,625 | September 2017 | $28,626 |
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $(978,949) |
Settlement Date | Counterparty | Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
Contracts Purchased: | ||||
6/1/2017 | JPMorgan Chase | 3,093,500 AUD | $2,292,605 | $6,021 |
6/1/2017 | JPMorgan Chase | 12,454,000 AUD | $9,276,362 | $(22,414) |
6/1/2017 | JPMorgan Chase | 12,312,000 EUR | $13,525,264 | $305,414 |
6/1/2017 | JPMorgan Chase | 1,626,000 GBP | $2,116,506 | $(21,485) |
6/1/2017 | Citibank N.A. | 487,448,000 JPY | $4,293,684 | $107,653 |
6/1/2017 | JPMorgan Chase | 72,957,000 MXN | $3,918,606 | $(5,863) |
6/1/2017 | JPMorgan Chase | 62,966,500 NOK | $7,552,902 | $(100,628) |
6/1/2017 | JPMorgan Chase | 1,147,000 NZD | $800,142 | $12,507 |
6/1/2017 | JPMorgan Chase | 6,531,500 NZD | $4,622,408 | $5,159 |
6/1/2017 | JPMorgan Chase | 40,553,000 SEK | $4,600,786 | $65,090 |
6/1/2017 | JPMorgan Chase | 10,908,500 SGD | $7,868,401 | $15,456 |
6/1/2017 | JPMorgan Chase | 3,570,000 TRY | $1,006,832 | $5,101 |
6/8/2017 | JPMorgan Chase | 11,062,000 CHF | $11,357,040 | $68,201 |
6/8/2017 | JPMorgan Chase | 12,312,000 EUR | $13,841,335 | $(6,859) |
6/8/2017 | JPMorgan Chase | 3,380,500 GBP | $4,400,808 | $(44,534) |
6/8/2017 | JPMorgan Chase | 1,035,000,000 JPY | $9,302,060 | $45,172 |
6/8/2017 | JPMorgan Chase | 29,187,000 MXN | $1,561,961 | $1,780 |
6/8/2017 | JPMorgan Chase | 29,817,000 MXN | $1,595,676 | $1,819 |
6/8/2017 | JPMorgan Chase | 29,817,000 MXN | $1,595,676 | $1,819 |
6/8/2017 | JPMorgan Chase | 7,503,000 NOK | $886,814 | $1,260 |
6/8/2017 | JPMorgan Chase | 40,553,000 SEK | $4,660,524 | $6,747 |
6/8/2017 | JPMorgan Chase | 10,908,500 SGD | $7,877,311 | $7,133 |
6/15/2017 | JPMorgan Chase | 6,622,500 CHF | $6,801,209 | $42,020 |
6/15/2017 | JPMorgan Chase | 895,000 EUR | $1,000,302 | $5,758 |
6/15/2017 | Citibank N.A. | 454,920,000 KRW | $400,000 | $6,400 |
6/15/2017 | Citibank N.A. | 2,483,800,000 KRW | $2,200,000 | $18,887 |
6/15/2017 | Citibank N.A. | 3,626,350,000 KRW | $3,250,000 | $(10,423) |
6/15/2017 | Citibank N.A. | 4,048,200,000 KRW | $3,600,000 | $16,434 |
6/15/2017 | Citibank N.A. | 4,397,640,000 KRW | $3,900,000 | $28,604 |
6/15/2017 | Citibank N.A. | 4,841,985,000 KRW | $4,350,000 | $(24,443) |
6/15/2017 | Citibank N.A. | 4,913,920,000 KRW | $4,400,000 | $(10,181) |
6/15/2017 | Citibank N.A. | 5,643,500,000 KRW | $5,000,000 | $41,585 |
6/15/2017 | Citibank N.A. | 6,714,000,000 KRW | $6,000,000 | $(2,090) |
6/15/2017 | JPMorgan Chase | 13,089,500 SEK | $1,499,934 | $7,172 |
8/11/2017 | JPMorgan Chase | 900,000 AUD | 12,942,766 MXN | $(18,144) |
8/11/2017 | JPMorgan Chase | 300,000 EUR | 6,284,278 MXN | $5,068 |
8/11/2017 | JPMorgan Chase | 600,000 EUR | 12,568,556 MXN | $10,136 |
Settlement Date | Counterparty | Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
8/11/2017 | JPMorgan Chase | 2,540,000 EUR | $2,845,928 | $17,898 |
8/11/2017 | JPMorgan Chase | 9,327,157 MXN | $500,000 | $(5,494) |
8/11/2017 | JPMorgan Chase | 9,327,157 MXN | $500,000 | $(5,494) |
8/11/2017 | Bank of America N.A. | 18,761,467 MXN | $1,000,000 | $(5,307) |
8/11/2017 | JPMorgan Chase | 937,893 NZD | 500,000 GBP | $17,949 |
8/11/2017 | Goldman Sachs | 1,879,813 NZD | 1,000,000 GBP | $38,749 |
8/11/2017 | Citibank N.A. | 4,801,500 RUB | $82,863 | $543 |
8/14/2017 | Credit Agricole CIB | 132,880,500 JPY | 1,700,000 NZD | $1,035 |
8/14/2017 | BNP Paribas SA | 71,063,573 JPY | 2,400,000 PLN | $(1,023) |
8/14/2017 | JPMorgan Chase | 214,692,932 JPY | $1,940,000 | $4,847 |
Contracts Sold: | ||||
6/1/2017 | JPMorgan Chase | 3,093,500 AUD | $2,310,218 | $11,592 |
6/1/2017 | JPMorgan Chase | 12,454,000 AUD | $9,299,868 | $45,920 |
6/1/2017 | JPMorgan Chase | 12,312,000 EUR | $13,836,934 | $6,256 |
6/1/2017 | JPMorgan Chase | 1,626,000 GBP | $2,100,073 | $5,053 |
6/1/2017 | JPMorgan Chase | 487,448,000 JPY | $4,379,864 | $(21,473) |
6/1/2017 | JPMorgan Chase | 72,957,000 MXN | $3,900,228 | $(12,514) |
6/1/2017 | JPMorgan Chase | 62,966,500 NOK | $7,397,016 | $(55,258) |
6/1/2017 | Bank of America N.A. | 7,678,500 NZD | $5,298,779 | $(141,436) |
6/1/2017 | JPMorgan Chase | 40,553,000 SEK | $4,658,864 | $(7,012) |
6/1/2017 | JPMorgan Chase | 10,908,500 SGD | $7,797,976 | $(85,882) |
6/1/2017 | JPMorgan Chase | 3,570,000 TRY | $999,982 | $(11,951) |
6/8/2017 | JPMorgan Chase | 11,062,000 CHF | $11,401,342 | $(23,900) |
6/8/2017 | JPMorgan Chase | 12,312,000 EUR | $13,756,148 | $(78,328) |
6/8/2017 | JPMorgan Chase | 3,380,500 GBP | $4,350,739 | $(5,535) |
6/8/2017 | JPMorgan Chase | 1,035,000,000 JPY | $9,324,149 | $(23,083) |
6/8/2017 | JPMorgan Chase | 29,817,000 MXN | $1,599,502 | $2,008 |
6/8/2017 | JPMorgan Chase | 7,503,000 NOK | $900,063 | $11,988 |
6/8/2017 | JPMorgan Chase | 3,034,888 NZD | 1,626,000 GBP | $(54,565) |
6/8/2017 | JPMorgan Chase | 40,553,000 SEK | $4,645,399 | $(21,872) |
6/8/2017 | JPMorgan Chase | 10,908,500 SGD | $7,868,695 | $(15,749) |
6/15/2017 | JPMorgan Chase | 11,146,000 AUD | $8,299,704 | $19,533 |
6/15/2017 | BNP Paribas SA | 11,195,000 CAD | $8,299,201 | $9,947 |
6/15/2017 | JPMorgan Chase | 3,965,000 GBP | $5,098,695 | $(11,974) |
6/15/2017 | Bank of America N.A. | 1,320,500,000 JPY | $11,901,865 | $(27,649) |
6/15/2017 | Citibank N.A. | 801,360,000 KRW | $700,000 | $(15,890) |
6/15/2017 | Citibank N.A. | 2,274,000,000 KRW | $2,000,000 | $(31,464) |
6/15/2017 | Citibank N.A. | 3,212,020,000 KRW | $2,800,000 | $(69,438) |
6/15/2017 | Citibank N.A. | 5,477,220,000 KRW | $4,900,000 | $6,960 |
Settlement Date | Counterparty | Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
6/15/2017 | Citibank N.A. | 10,187,100,000 KRW | $9,000,000 | $(100,582) |
6/15/2017 | Citibank N.A. | 13,806,240,000 KRW | $12,000,000 | $(333,717) |
6/15/2017 | JPMorgan Chase | 78,552,500 MXN | $4,198,511 | $(5,097) |
6/15/2017 | JPMorgan Chase | 78,552,500 MXN | $4,198,511 | $(5,097) |
6/15/2017 | JPMorgan Chase | 49,071,000 NOK | $5,800,292 | $(8,544) |
6/15/2017 | JPMorgan Chase | 3,252,500 NZD | $2,301,038 | $(2,699) |
6/15/2017 | JPMorgan Chase | 18,966,000 SGD | $13,696,661 | $(12,643) |
6/15/2017 | JPMorgan Chase | 14,949,500 TRY | $4,198,483 | $(21,722) |
8/11/2017 | Bank of America N.A. | 900,000 AUD | 12,791,430 MXN | $10,120 |
8/11/2017 | BNP Paribas SA | 1,300,000 AUD | $970,827 | $5,859 |
8/11/2017 | JPMorgan Chase | 407,991 CAD | $300,000 | $(2,403) |
8/11/2017 | JPMorgan Chase | 1,600,000 EUR | 1,379,496 GBP | $(22,732) |
8/11/2017 | Bank of America N.A. | 300,000 EUR | 6,342,450 MXN | $(1,983) |
8/11/2017 | Bank of America N.A. | 600,000 EUR | 12,730,500 MXN | $(1,550) |
8/11/2017 | Barclays Bank PLC | 1,500,000 EUR | $1,681,995 | $(9,240) |
8/11/2017 | JPMorgan Chase | 1,000,000 GBP | $1,284,647 | $(6,586) |
8/11/2017 | JPMorgan Chase | 1,900,000 GBP | $2,468,913 | $15,568 |
8/11/2017 | Citibank N.A. | 9,425,997 MXN | $500,000 | $254 |
8/11/2017 | Citibank N.A. | 11,470,554 MXN | $600,000 | $(8,145) |
8/11/2017 | Bank of America N.A. | 37,394,000 MXN | $2,000,000 | $17,449 |
8/11/2017 | JPMorgan Chase | 923,543 NZD | 500,000 GBP | $(7,797) |
8/11/2017 | JPMorgan Chase | 1,822,777 NZD | 1,000,000 GBP | $1,604 |
8/11/2017 | Natixis | 1,800,000 NZD | $1,268,100 | $(5,414) |
8/11/2017 | Citibank N.A. | 4,801,500 RUB | $80,752 | $(2,654) |
8/11/2017 | JPMorgan Chase | 43,081,125 RUB | $750,000 | $1,647 |
8/14/2017 | JPMorgan Chase | 133,095,907 JPY | 1,700,000 NZD | $(2,985) |
NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS | $(469,770) |
1 | Non-income-producing security. |
2 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At May 31, 2017, these restricted securities amounted to $10,176,688, which represented 2.4% of total net assets. |
3 | Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At May 31, 2017, these liquid restricted securities amounted to $10,075,998, which represented 2.4% 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 | Issuer in default. |
6 | Affiliated holdings and company. |
7 | 7-day net yield. |
8 | Also represents cost for federal tax purposes. |
9 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $126,281,609 | $— | $2,856 | $126,284,465 |
International | 12,263,805 | 95,892,125 | — | 108,155,930 |
Debt Securities: | ||||
Asset-Backed Securities | — | 1,380,250 | — | 1,380,250 |
Commercial Mortgage-Backed Securities | — | 747,315 | — | 747,315 |
Collateralized Mortgage Obligations | — | 2,027,098 | — | 2,027,098 |
Corporate Bonds | — | 27,177,862 | 100,690 | 27,278,552 |
Mortgage-Backed Securities | — | 152,998 | — | 152,998 |
Foreign Governments/Agencies | — | 30,794,235 | — | 30,794,235 |
Municipal Bond | — | 109,494 | — | 109,494 |
U.S. Treasury | — | 7,036,392 | — | 7,036,392 |
Exchange-Traded Funds | 40,247,154 | — | — | 40,247,154 |
Investment Companies1 | 967,098 | — | — | 58,130,551 |
TOTAL SECURITIES | $179,759,666 | $165,317,769 | $103,546 | $402,344,434 |
Other Financial Instruments | ||||
Assets | ||||
Futures Contracts | 852,699 | — | — | 852,699 |
Foreign-Exchange Contracts | — | 1,091,175 | — | 1,091,175 |
Liabilities | ||||
Futures | (1,831,648) | — | — | (1,831,648) |
Foreign-Exchange Contracts | — | (1,560,945) | — | (1,560,945) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $(978,949) | (469,770) | $— | $(1,448,719) |
1 | As permitted by U.S. generally accepted accounting principles (GAAP), Investment Companies valued at $57,163,453 are measured at fair value using the net asset value (NAV) per share practical expedient and have not been categorized in the chart above but are included in the Total column. The amount included herein is intended to permit reconciliation of the fair value classifications to the amounts presented on the Statement of Assets and Liabilities. The price of shares redeemed in Emerging Markets 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. |
AUD | —Australian Dollar | |
CAD | —Canadian Dollar | |
CHF | —Swiss Franc | |
CVR | —Contingent Value Right | |
EUR | —Euro | |
GBP | —British Pound | |
GO | —General Obligation | |
JPY | —Japanese Yen | |
KRW | —South Korean Won | |
MTN | —Medium Term Note | |
MXN | —Mexican Peso | |
NOK | —Norwegian Krone | |
NZD | —New Zealand Dollar | |
REIT(s) | —Real Estate Investment Trust | |
RUB | —Russian Ruble | |
SEK | —Swedish Krona | |
SGD | —Singapore Dollar | |
TRY | —Turkish Lira |
Six Months Ended (unaudited) 5/31/2017 | Year Ended November 30, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $17.49 | $17.87 | $20.29 | $21.47 | $18.68 | $16.98 |
Income From Investment Operations: | ||||||
Net investment income | 0.161 | 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 | 1.21 | (0.37) | (0.80) | 1.10 | 3.07 | 1.74 |
TOTAL FROM INVESTMENT OPERATIONS | 1.37 | (0.08) | (0.53) | 1.28 | 3.24 | 1.92 |
Less Distributions: | ||||||
Distributions from net investment income | (0.18) | (0.29) | (0.17) | (0.12) | (0.16) | (0.22) |
Distributions from net realized gain on investments, futures contracts, written options and foreign currency transactions | — | (0.01) | (1.72) | (2.34) | (0.29) | — |
TOTAL DISTRIBUTIONS | (0.18) | (0.30) | (1.89) | (2.46) | (0.45) | (0.22) |
Redemption Fees | — | — | — | 0.002 | — | — |
Net Asset Value, End of Period | $18.68 | $17.49 | $17.87 | $20.29 | $21.47 | $18.68 |
Total Return3 | 7.82% | (0.68)% | (2.80)% | 6.53% | 17.73% | 11.38% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.14%4 | 1.14% | 1.16% | 1.14% | 1.17% | 1.22% |
Net investment income | 1.83%4 | 1.65% | 1.45% | 0.93% | 0.88% | 1.01% |
Expense waiver/reimbursement5 | 0.24%4 | 0.17% | 0.13% | 0.10% | 0.10% | 0.07% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $167,862 | $169,443 | $187,183 | $196,067 | $193,678 | $185,414 |
Portfolio turnover | 35% | 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. 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. |
Six Months Ended (unaudited) 5/31/2017 | Year Ended November 30, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $17.06 | $17.43 | $19.86 | $21.17 | $18.46 | $16.78 |
Income From Investment Operations: | ||||||
Net investment income | 0.091 | 0.141 | 0.121 | 0.021 | 0.011 | 0.031 |
Net realized and unrealized gain (loss) on investments, futures contracts, written options and foreign currency transactions | 1.17 | (0.35) | (0.78) | 1.07 | 3.04 | 1.72 |
TOTAL FROM INVESTMENT OPERATIONS | 1.26 | (0.21) | (0.66) | 1.09 | 3.05 | 1.75 |
Less Distributions: | ||||||
Distributions from net investment income | (0.11) | (0.15) | (0.05) | (0.06) | (0.05) | (0.07) |
Distributions from net realized gain on investments, futures contracts, written options and foreign currency transactions | — | (0.01) | (1.72) | (2.34) | (0.29) | — |
TOTAL DISTRIBUTIONS | (0.11) | (0.16) | (1.77) | (2.40) | (0.34) | (0.07) |
Redemption Fees | — | — | — | 0.002 | — | — |
Net Asset Value, End of Period | $18.21 | $17.06 | $17.43 | $19.86 | $21.17 | $18.46 |
Total Return3 | 7.40% | (1.46)% | (3.59)% | 5.67% | 16.82% | 10.39% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.95%4 | 1.95% | 1.97% | 1.95% | 1.99% | 2.05% |
Net investment income | 1.02%4 | 0.85% | 0.64% | 0.12% | 0.06% | 0.19% |
Expense waiver/reimbursement5 | 0.25%4 | 0.18% | 0.12% | 0.10% | 0.10% | 0.07% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $15,091 | $16,037 | $21,384 | $26,163 | $30,675 | $28,853 |
Portfolio turnover | 35% | 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. 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. |
Six Months Ended (unaudited) 5/31/2017 | Year Ended November 30, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $17.00 | $17.37 | $19.80 | $21.11 | $18.40 | $16.72 |
Income From Investment Operations: | ||||||
Net investment income | 0.091 | 0.151 | 0.131 | 0.031 | 0.021 | 0.041 |
Net realized and unrealized gain (loss) on investments, futures contracts, written options and foreign currency transactions | 1.16 | (0.35) | (0.78) | 1.07 | 3.03 | 1.71 |
TOTAL FROM INVESTMENT OPERATIONS | 1.25 | (0.20) | (0.65) | 1.10 | 3.05 | 1.75 |
Less Distributions: | ||||||
Distributions from net investment income | (0.11) | (0.16) | (0.06) | (0.07) | (0.05) | (0.07) |
Distributions from net realized gain on investments, futures contracts, written options and foreign currency transactions | — | (0.01) | (1.72) | (2.34) | (0.29) | — |
TOTAL DISTRIBUTIONS | (0.11) | (0.17) | (1.78) | (2.41) | (0.34) | (0.07) |
Redemption Fees | — | — | — | 0.002 | — | — |
Net Asset Value, End of Period | $18.14 | $17.00 | $17.37 | $19.80 | $21.11 | $18.40 |
Total Return3 | 7.41% | (1.44)% | (3.55)% | 5.70% | 16.89% | 10.51% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.89%4 | 1.89% | 1.91% | 1.89% | 1.95% | 1.98% |
Net investment income | 1.08%4 | 0.91% | 0.70% | 0.17% | 0.10% | 0.24% |
Expense waiver/reimbursement5 | 0.26%4 | 0.20% | 0.15% | 0.13% | 0.10% | 0.07% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $79,747 | $82,845 | $89,640 | $81,703 | $71,450 | $60,315 |
Portfolio turnover | 35% | 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. 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. |
Six Months Ended (unaudited) 5/31/2017 | Year Ended November 30, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $17.38 | $17.74 | $20.16 | $21.40 | $18.62 | $16.92 |
Income From Investment Operations: | ||||||
Net investment income | 0.121 | 0.211 | 0.191 | 0.101 | 0.091 | 0.111 |
Net realized and unrealized gain (loss) on investments, futures contracts, written options and foreign currency transactions | 1.20 | (0.36) | (0.80) | 1.08 | 3.07 | 1.73 |
TOTAL FROM INVESTMENT OPERATIONS | 1.32 | (0.15) | (0.61) | 1.18 | 3.16 | 1.84 |
Less Distributions: | ||||||
Distributions from net investment income | (0.16) | (0.20) | (0.09) | (0.08) | (0.09) | (0.14) |
Distributions from net realized gain on investments, futures contracts, written options and foreign currency transactions | — | (0.01) | (1.72) | (2.34) | (0.29) | — |
TOTAL DISTRIBUTIONS | (0.16) | (0.21) | (1.81) | (2.42) | (0.38) | (0.14) |
Redemption Fees | $— | $— | $— | $0.002 | $— | $— |
Net Asset Value, End of Period | $18.54 | $17.38 | $17.74 | $20.16 | $21.40 | $18.62 |
Total Return3 | 7.63% | (1.12)% | (3.26)% | 6.06% | 17.29% | 10.90% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.57%4 | 1.56% | 1.59% | 1.57% | 1.57% | 1.65% |
Net investment income | 1.39%4 | 1.24% | 1.02% | 0.50% | 0.48% | 0.58% |
Expense waiver/reimbursement5 | 0.23%4 | 0.18% | 0.14% | 0.09% | 0.10% | 0.07% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $53,003 | $52,430 | $59,229 | $67,588 | $67,769 | $62,627 |
Portfolio turnover | 35% | 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. 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. |
Six Months Ended (unaudited) 5/31/2017 | Year Ended November 30, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $17.61 | $17.98 | $20.40 | $21.54 | $18.74 | $17.04 |
Income From Investment Operations: | ||||||
Net investment income | 0.191 | 0.341 | 0.321 | 0.241 | 0.231 | 0.241 |
Net realized and unrealized gain (loss) on investments, futures contracts, written options and foreign currency transactions | 1.20 | (0.37) | (0.80) | 1.10 | 3.08 | 1.74 |
TOTAL FROM INVESTMENT OPERATIONS | 1.39 | (0.03) | (0.48) | 1.34 | 3.31 | 1.98 |
Less Distributions: | ||||||
Distributions from net investment income | (0.21) | (0.33) | (0.22) | (0.14) | (0.22) | (0.28) |
Distributions from net realized gain on investments, futures contracts, written options and foreign currency transactions | — | (0.01) | (1.72) | (2.34) | (0.29) | — |
TOTAL DISTRIBUTIONS | (0.21) | (0.34) | (1.94) | (2.48) | (0.51) | (0.28) |
Redemption Fees | — | — | — | 0.002 | — | — |
Net Asset Value, End of Period | $18.79 | $17.61 | $17.98 | $20.40 | $21.54 | $18.74 |
Total Return3 | 7.99% | (0.37)% | (2.51)% | 6.85% | 18.07% | 11.69% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.85%4 | 0.85% | 0.87% | 0.85% | 0.89% | 0.94% |
Net investment income | 2.13%4 | 1.95% | 1.74% | 1.21% | 1.16% | 1.29% |
Expense waiver/reimbursement5 | 0.27%4 | 0.20% | 0.14% | 0.12% | 0.10% | 0.07% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $95,023 | $91,167 | $115,108 | $62,451 | $48,353 | $35,929 |
Portfolio turnover | 35% | 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. 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. |
Six Months Ended (unaudited) 5/31/2017 | Period Ended 11/30/20161 | |
Net Asset Value, Beginning of Period | $17.51 | $16.97 |
Income From Investment Operations: | ||
Net investment income | 0.192 | 0.112 |
Net realized and unrealized gain on investments, futures contracts and foreign currency transactions | 1.20 | 0.56 |
TOTAL FROM INVESTMENT OPERATIONS | 1.39 | 0.67 |
Less Distributions: | ||
Distributions from net investment income | (0.21) | (0.13) |
Distributions from net realized gain on investments, futures contracts and foreign currency transactions | — | — |
TOTAL DISTRIBUTIONS | (0.21) | (0.13) |
Net Asset Value, End of Period | $18.69 | $17.51 |
Total Return3 | 8.00% | 3.94% |
Ratios to Average Net Assets: | ||
Net expenses4 | 0.83% | 0.84% |
Net investment income4 | 2.15% | 1.48% |
Expense waiver/reimbursement4,5 | 0.23% | 0.16% |
Supplemental Data: | ||
Net assets, end of period (000 omitted) | $5,400 | $4,853 |
Portfolio turnover | 35% | 105%6 |
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 (loss) ratios shown above. |
6 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the fiscal year ended November 30, 2016. |
Assets: | ||
Total investment in securities, at value including $58,130,551 of investment in affiliated holdings (Note 5) (identified cost $356,887,109) | $402,344,434 | |
Cash denominated in foreign currencies (identified cost $3,102,900) | 3,137,377 | |
Restricted cash (Note 2) | 11,942,157 | |
Income receivable | 1,629,543 | |
Receivable for investments sold | 214 | |
Receivable for shares sold | 295,141 | |
Unrealized appreciation on foreign exchange contracts | 1,091,175 | |
Receivable for daily variation margin on futures contracts | 58,496 | |
TOTAL ASSETS | 420,498,537 | |
Liabilities: | ||
Payable for investments purchased | $83,110 | |
Payable for shares redeemed | 744,786 | |
Unrealized depreciation on foreign exchange contracts | 1,560,945 | |
Bank overdraft | 1,606,082 | |
Payable to adviser (Note 5) | 5,627 | |
Payable for administrative fees (Note 5) | 898 | |
Payable for transfer agent fee | 93,344 | |
Payable for distribution services fee (Note 5) | 83,413 | |
Payable for other service fees (Notes 2 and 5) | 56,257 | |
Accrued expenses (Note 5) | 138,039 | |
TOTAL LIABILITIES | 4,372,501 | |
Net assets for 22,417,594 shares outstanding | $416,126,036 | |
Net Assets Consist of: | ||
Paid-in capital | $394,081,597 | |
Net unrealized appreciation of investments, futures contracts and translation of assets and liabilities in foreign currency | 44,048,613 | |
Accumulated net realized loss on investments, futures contracts and foreign currency transactions | (23,459,660) | |
Undistributed net investment income | 1,455,486 | |
TOTAL NET ASSETS | $416,126,036 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($167,862,384 ÷ 8,988,066 shares outstanding), no par value, unlimited shares authorized | $18.68 | |
Offering price per share (100/94.50 of $18.68) | $19.77 | |
Redemption proceeds per share | $18.68 | |
Class B Shares: | ||
Net asset value per share ($15,090,562 ÷ 828,868 shares outstanding), no par value, unlimited shares authorized | $18.21 | |
Offering price per share | $18.21 | |
Redemption proceeds per share (94.50/100 of $18.21) | $17.21 | |
Class C Shares: | ||
Net asset value per share ($79,747,324 ÷ 4,395,078 shares outstanding), no par value, unlimited shares authorized | $18.14 | |
Offering price per share | $18.14 | |
Redemption proceeds per share (99.00/100 of $18.14) | $17.96 | |
Class R Shares: | ||
Net asset value per share ($53,002,524 ÷ 2,858,708 shares outstanding), no par value, unlimited shares authorized | $18.54 | |
Offering price per share | $18.54 | |
Redemption proceeds per share | $18.54 | |
Institutional Shares: | ||
Net asset value per share ($95,023,405 ÷ 5,057,914 shares outstanding), no par value, unlimited shares authorized | $18.79 | |
Offering price per share | $18.79 | |
Redemption proceeds per share | $18.79 | |
Class R6 Shares: | ||
Net asset value per share ($5,399,837 ÷ 288,960 shares outstanding), no par value, unlimited shares authorized | $18.69 | |
Offering price per share | $18.69 | |
Redemption proceeds per share | $18.69 |
Investment Income: | |||
Dividends (including $221,921 received from affiliated holdings (Note 5) and net of foreign taxes withheld of $210,467) | $5,307,907 | ||
Interest | 857,689 | ||
TOTAL INCOME | 6,165,596 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,501,965 | ||
Administrative fee (Note 5) | 163,102 | ||
Custodian fees | 141,111 | ||
Transfer agent fee (Note 2) | 353,767 | ||
Directors'/Trustees' fees (Note 5) | 5,752 | ||
Auditing fees | 16,091 | ||
Legal fees | 2,778 | ||
Portfolio accounting fees | 88,806 | ||
Distribution services fee (Note 5) | 498,330 | ||
Other service fees (Notes 2 and 5) | 329,008 | ||
Share registration costs | 51,226 | ||
Printing and postage | 23,491 | ||
Miscellaneous (Note 5) | 25,885 | ||
TOTAL EXPENSES | 3,201,312 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(447,357) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (46,315) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (493,672) | ||
Net expenses | 2,707,640 | ||
Net investment income | 3,457,956 | ||
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions: | |||
Net realized gain on investments and foreign currency transactions | 4,038,045 | ||
Net realized loss on futures contracts | (2,958,487) | ||
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency | 27,974,826 | ||
Net change in unrealized appreciation of futures contracts | (1,347,956) | ||
Net realized and unrealized gain on investments, futures contracts and foreign currency transactions | 27,706,428 | ||
Change in net assets resulting from operations | $31,164,384 |
Six Months Ended (unaudited) 5/31/2017 | Year Ended 11/30/2016 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $3,457,956 | $6,695,715 |
Net realized gain (loss) on investments, investments including allocation from affiliated partnership, futures contracts and foreign currency transactions | 1,079,558 | (18,571,355) |
Net change in unrealized appreciation/depreciation of investments, futures contracts and foreign currency translation of assets and liabilities in foreign currency | 26,626,870 | 8,901,923 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 31,164,384 | (2,973,717) |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (1,693,277) | (2,974,140) |
Class B Shares | (97,700) | (166,132) |
Class C Shares | (535,386) | (848,140) |
Class R Shares | (466,207) | (650,652) |
Institutional Shares | (1,078,903) | (2,108,995) |
Class R6 Shares | (56,792) | (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) |
Class B Shares | — | (7,046) |
Class C Shares | — | (30,958) |
Class R Shares | — | (19,376) |
Institutional Shares | — | (37,846) |
Class R6 Shares | — | — |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (3,928,265) | (6,917,087) |
Six Months Ended (unaudited) 5/31/2017 | Year Ended 11/30/2016 | |
Share Transactions: | ||
Proceeds from sale of shares | 37,724,955 | 104,578,274 |
Net asset value of shares issued to shareholders in payment of distributions declared | 3,675,536 | 6,476,003 |
Cost of shares redeemed | (69,284,915) | (156,933,274) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (27,884,424) | (45,878,997) |
Change in net assets | (648,305) | (55,769,801) |
Net Assets: | ||
Beginning of period | 416,774,341 | 472,544,142 |
End of period (including undistributed net investment income of $1,455,486 and $1,925,795, respectively) | $416,126,036 | $416,774,341 |
■ | 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 | $119,689 | $(8,086) |
Class B Shares | 16,842 | (1,969) |
Class C Shares | 68,026 | (14,653) |
Class R Shares | 86,234 | (2,364) |
Institutional Shares | 61,228 | (19,243) |
Class R6 Shares | 1,748 | — |
TOTAL | $353,767 | $(46,315) |
Other Service Fees Incurred | |
Class A Shares | $207,830 |
Class B Shares | 19,450 |
Class C Shares | 101,728 |
TOTAL | $329,008 |
Security | Acquisition Date | Cost | Market Value |
Regional Diversified Funding, Series 144A, 9.250%, 03/15/2030 | 3/10/2000 | $143,750 | $100,690 |
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 | $160,606* | — | $— |
Equity contracts | Receivable for daily variation margin on futures contracts | (1,139,555)* | — | — |
Foreign exchange contracts | Unrealized appreciation on foreign exchange contracts | $1,091,175 | Unrealized depreciation on foreign exchange contracts | $1,560,945 |
Total derivatives not accounted for as hedging instruments under ASC Topic 815 | $112,226 | $1,560,945 |
* | Includes cumulative depreciation 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 | $(728,821) | $— | $— | $(728,821) |
Foreign exchange contracts | — | (276,884) | (33,480) | (310,364) |
Equity contracts | (2,229,666) | — | — | (2,229,666) |
TOTAL | $(2,958,487) | $(276,884) | $(33,480) | $(3,268,851) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |||
Futures Contracts | Foreign Exchange Contracts2 | Total | |
Interest rate contracts | $99,772 | $— | $99,772 |
Foreign exchange contracts | — | (1,561,877) | (1,561,877) |
Equity contracts | (1,444,064) | — | (1,444,064) |
TOTAL | $(1,344,292) | $(1,561,877) | $(2,906,169) |
1 | The net realized gain (loss) on Foreign Exchange Contracts and Purchased Options is found within the net realized gain on investments and foreign currency transactions on the Statement of Operations. |
2 | The net change in unrealized appreciation/depreciation of Foreign Exchange Contracts 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 | $1,091,175 | $(1,091,175) | $— | $— |
TOTAL | $1,091,175 | $(1,091,175) | $— | $— |
Transaction | Gross Liability Derivatives Presented in Statement of Assets and Liabilities | Financial Instruments | Collateral Received | Net Amount (not less than $0) |
Foreign exchange contracts | $1,560,945 | $(1,091,175) | $— | $469,770 |
TOTAL | $1,560,945 | $(1,091,175) | $— | $469,770 |
Six Months Ended 5/31/2017 | Year Ended 11/30/2016 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 436,699 | $7,926,665 | 1,493,146 | $25,748,895 |
Shares issued to shareholders in payment of distributions declared | 89,911 | 1,588,133 | 164,300 | 2,842,977 |
Shares redeemed | (1,224,304) | (22,132,521) | (2,446,367) | (42,394,903) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (697,694) | $(12,617,723) | (788,921) | $(13,803,031) |
Six Months Ended 5/31/2017 | Year Ended 11/30/2016 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 42,399 | $744,803 | 78,698 | $1,325,465 |
Shares issued to shareholders in payment of distributions declared | 5,355 | 91,757 | 9,736 | 164,083 |
Shares redeemed | (159,146) | (2,801,198) | (375,205) | (6,312,592) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (111,392) | $(1,964,638) | (286,771) | $(4,823,044) |
Six Months Ended 5/31/2017 | Year Ended 11/30/2016 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 461,894 | $8,103,797 | 1,291,187 | $21,626,173 |
Shares issued to shareholders in payment of distributions declared | 29,257 | 499,962 | 48,235 | 810,230 |
Shares redeemed | (969,373) | (17,025,046) | (1,625,405) | (27,285,886) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (478,222) | $(8,421,287) | (285,983) | $(4,849,483) |
Six Months Ended 5/31/2017 | Year Ended 11/30/2016 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 492,662 | $8,770,734 | 753,777 | $12,891,329 |
Shares issued to shareholders in payment of distributions declared | 26,138 | 457,160 | 38,455 | 659,433 |
Shares redeemed | (676,219) | (12,187,341) | (1,114,237) | (19,098,340) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | (157,419) | $(2,959,447) | (322,005) | $(5,547,578) |
Six Months Ended 5/31/2017 | Year Ended 11/30/2016 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 636,632 | $11,580,236 | 2,180,465 | $37,581,864 |
Shares issued to shareholders in payment of distributions declared | 55,198 | 981,733 | 114,230 | 1,986,903 |
Shares redeemed | (812,178) | (14,708,975) | (3,520,051) | (61,347,144) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (120,348) | $(2,147,006) | (1,225,356) | $(21,778,377) |
Six Months Ended 5/31/2017 | Period Ended 11/30/20161 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 32,676 | $598,720 | 304,757 | $5,404,548 |
Shares issued to shareholders in payment of distributions declared | 3,210 | 56,791 | 695 | 12,377 |
Shares redeemed | (24,131) | (429,834) | (28,247) | (494,409) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 11,755 | $225,677 | 277,205 | $4,922,516 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (1,553,320) | $(27,884,424) | (2,631,831) | $(45,878,997) |
1 | Reflects operations for the period from June 29, 2016 (commencement of operations) to November 30, 2016. |
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 | $58,350 |
Class C Shares | 305,185 |
Class R Shares | 134,795 |
TOTAL | $498,330 |
Affiliates | Balance of Shares Held 11/30/2016 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 5/31/2017 | Value | Dividend Income |
Dyax Corp., CVR | 1,200 | — | — | 1,200 | $2,856 | $— |
Affiliates | Balance of Shares Held 11/30/2016 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 5/31/2017 | Value | Dividend Income |
Emerging Markets Core Fund | 3,909,381 | 116,490 | (878,230) | 3,147,641 | $32,011,511 | $135,694 |
Federated Bank Loan Core Fund | 328,747 | 6,957 | (86,638) | 249,066 | $2,533,004 | $11,169 |
Federated Mortgage Core Portfolio | 2,299,720 | 24,941 | (926,784) | 1,397,877 | $13,797,049 | $33,471 |
Federated Project and Trade Finance Core | 477,719 | 9,607 | — | 487,326 | $4,478,524 | $15,943 |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | 2,515,694 | 90,800,009 | (92,348,895) | 966,808 | $967,098 | $3,626 |
High Yield Bond Portfolio | 965,365 | 24,429 | (318,485) | 671,309 | $4,343,365 | $22,018 |
TOTAL OF AFFILIATED TRANSACTIONS | 10,496,626 | 90,982,433 | (94,559,032) | 6,920,027 | $58,130,551 | $221,921 |
Purchases | $132,900,277 |
Sales | $168,118,649 |
Beginning Account Value 12/1/2016 | Ending Account Value 5/31/2017 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,078.20 | $5.91 |
Class B Shares | $1,000 | $1,074.00 | $10.08 |
Class C Shares | $1,000 | $1,074.10 | $9.77 |
Class R Shares | $1,000 | $1,076.30 | $8.13 |
Institutional Shares | $1,000 | $1,079.90 | $4.41 |
Class R6 Shares | $1,000 | $1,080.00 | $4.30 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.20 | $5.74 |
Class B Shares | $1,000 | $1,015.20 | $9.80 |
Class C Shares | $1,000 | $1,015.50 | $9.50 |
Class R Shares | $1,000 | $1,017.10 | $7.90 |
Institutional Shares | $1,000 | $1,020.70 | $4.28 |
Class R6 Shares | $1,000 | $1,020.80 | $4.18 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.14% |
Class B Shares | 1.95% |
Class C Shares | 1.89% |
Class R Shares | 1.57% |
Institutional Shares | 0.85% |
Class R6 Shares | 0.83% |
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 |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Global Allocation Fund
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date July 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 July 25, 2017
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date July 25, 2017