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)
Peter J. Germain, 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: 11/30/18
Date of Reporting Period: Six months ended 05/31/18
Item 1. | Reports to Stockholders |
![](https://capedge.com/proxy/N-CSRS/0001623632-18-000925/fedregcovsmall.gif)
Share Class | Ticker | A | FSTBX | B | FSBBX | C | FSBCX |
R | FSBKX | Institutional | SBFIX | R6 | FSBLX |
![](https://capedge.com/proxy/N-CSRS/0001623632-18-000925/donahuechrissigsmall.jpg)
Portfolio Composition | Percentage of Total Net Assets2 |
Domestic Equity Securities | 36.5% |
International Equity Securities | 27.9% |
Corporate Debt Securities | 10.1% |
Foreign Debt Securities | 7.2% |
Mortgage-Backed Securities3 | 2.9% |
U.S. Treasury and Agency Securities | 1.5% |
Trade Finance Agreements | 1.0% |
Collateralized Mortgage-Backed Obligations | 0.6% |
Floating Rate Loans | 0.5% |
Asset-Backed Securities | 0.4% |
Commercial Mortgage-Backed Securities4 | 0.0% |
Municipal Securities4 | 0.0% |
Other Security Type5 | 8.5% |
Derivative Contracts6 | (0.4)% |
Cash Equivalents7 | 0.6% |
Other Assets and Liabilities—Net8 | 2.7% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for a description of these security types. |
2 | As of the date specified above, the Fund owned shares of one or more affiliated investment companies. For purposes of this table, the affiliated investment company (other than an affiliated money market mutual fund) is not treated as a single portfolio security, but rather the Fund is treated as owning a pro rata portion of each security and each other asset and liability owned by the affiliated investment company. Accordingly, the percentages of total net assets shown in the table will differ from those presented on the Portfolio of Investments. |
3 | For purposes of this table, Mortgage-Backed Securities include mortgage-backed securities guaranteed by Government Sponsored Entities and adjustable rate mortgage-backed securities. |
4 | Represents less than 0.1%. |
5 | Other Security Type consists of exchange-traded funds and purchased call options. |
6 | Based upon net unrealized appreciation (depreciation) or value of the derivative contracts as applicable. Derivative contracts may consist of futures, forwards, options and swaps. The impact of a derivative contract on the Fund's performance may be larger than its unrealized appreciation (depreciation) or value may indicate. In many cases, the notional value or amount of a derivative contract may provide a better indication of the contract's significance to the portfolio. More complete information regarding the Fund's direct investments in derivative contracts, including unrealized appreciation (depreciation), value and notional values or amounts of such contracts, can be found in the table at the end of the Portfolio of Investments included in this Report. |
7 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
8 | Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities. |
Sector Composition of Equity Holdings | Percentage of Equity Securities |
Financials | 18.9% |
Information Technology | 16.3% |
Consumer Discretionary | 15.9% |
Industrials | 13.7% |
Health Care | 9.7% |
Consumer Staples | 6.6% |
Materials | 5.4% |
Energy | 4.9% |
Utilities | 3.4% |
Real Estate | 3.2% |
Telecommunication Services | 2.0% |
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, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—64.4% | |||
Consumer Discretionary—10.2% | |||
7,047 | 1 | AMC Networks, Inc. | $402,877 |
510 | Aaron's, Inc. | 20,288 | |
304 | Abercrombie & Fitch Co., Class A | 7,250 | |
3,944 | Adidas AG | 892,885 | |
9,800 | Aisin Seiki Co. | 491,653 | |
2,622 | 1 | Amazon.com, Inc. | 4,272,864 |
569 | 1 | Asbury Automotive Group, Inc. | 39,574 |
4,600 | Asics Corp. | 76,344 | |
2,152 | Bloomin' Brands, Inc. | 45,665 | |
664 | 1 | Boot Barn Holdings, Inc. | 15,724 |
400 | Bridgestone Corp. | 15,984 | |
688 | 1 | CROCs, Inc. | 12,274 |
1,293 | Caleres, Inc. | 45,850 | |
4,016 | Callaway Golf Co. | 76,063 | |
70 | Capella Education Co. | 6,647 | |
41 | 1 | Cavco Industries, Inc. | 8,512 |
1,431 | 1 | Charter Communications, Inc. | 373,548 |
2,042 | Choice Hotels International, Inc. | 164,075 | |
40,146 | Comcast Corp., Class A | 1,251,752 | |
36,057 | Compass Group PLC | 775,390 | |
2,689 | Continental Ag | 682,477 | |
311 | Cooper Tire & Rubber Co. | 7,993 | |
2,567 | D. R. Horton, Inc. | 108,353 | |
1,405 | Dana, Inc. | 31,332 | |
13 | 1 | Dave & Buster's Entertainment, Inc. | 541 |
25 | 1 | Deckers Outdoor Corp. | 2,829 |
3,585 | 1 | Denny's Corp. | 54,671 |
6,598 | Dollarama, Inc. | 761,523 | |
13,602 | Extended Stay America, Inc. | 286,322 | |
400 | Fast Retailing Co. Ltd. | 174,548 | |
3,513 | Faurecia | 300,190 | |
6,914 | Ferrari NV | 909,767 | |
30,751 | 1 | Fiat Chrysler Automobiles NV | 696,828 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
59,182 | Ford Motor Co. | $683,552 | |
1,945 | General Motors Co. | 83,052 | |
21,368 | Gentex Corp. | 513,473 | |
233 | 1 | Grand Canyon Education, Inc. | 25,886 |
616 | 1 | Gray Television, Inc. | 6,776 |
31,300 | Hakuhodo DY Holdings, Inc. | 474,012 | |
120,959 | Harvey Norman Holdings Ltd. | 328,244 | |
21,499 | 1 | Hilton Grand Vacations, Inc. | 854,800 |
12,434 | Hilton Worldwide Holdings, Inc. | 1,003,548 | |
10,644 | Home Depot, Inc. | 1,985,638 | |
162 | Hooker Furniture Corp. | 6,043 | |
223 | 1 | IRobot Corp. | 13,917 |
265,750 | ITV PLC | 573,287 | |
15,000 | Iida Group Holdings Co. Ltd. | 285,753 | |
25,064 | Industria de Diseno Textil SA | 789,943 | |
15,467 | InterContinental Hotels Group | 990,052 | |
1,600 | Isuzu Motors Ltd. | 21,360 | |
589 | Jack in the Box, Inc. | 47,515 | |
123 | Johnson Outdoors, Inc., Class A | 9,333 | |
1,545 | KB Home | 40,695 | |
3,900 | Koito Manufacturing Co. Ltd. | 285,766 | |
526 | LCI Industries | 46,130 | |
2,604 | LVMH Moet Hennessy Louis Vuitton SE | 904,380 | |
1,751 | La-Z-Boy, Inc. | 54,631 | |
14,129 | Lagardere SCA | 382,247 | |
652,000 | Li & Fung Ltd. | 253,141 | |
10,247 | Linamar Corp. | 513,061 | |
561 | Lions Gate Entertainment Corp. | 12,247 | |
9,105 | Lowe's Cos., Inc. | 865,066 | |
196 | 1 | MSG Networks, Inc. | 3,783 |
12,196 | Magna International, Inc. | 782,026 | |
729 | Marine Products Corp. | 12,254 | |
815 | Marriott International, Inc., Class A Shares | 110,318 | |
511 | Marriott Vacations Worldwide Corp. | 61,443 | |
21,200 | Mazda Motor Corp. | 266,168 | |
2,368 | Michelin, Class B | 308,204 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
35,300 | Mitsubishi Motors Corp. | $266,500 | |
2,771 | 1 | Mohawk Industries, Inc. | 565,395 |
354 | Movado Group, Inc. | 17,381 | |
139 | 1 | NVR, Inc. | 415,685 |
6,000 | Namco Bandai Holdings, Inc. | 254,382 | |
3,877 | 1 | NetFlix, Inc. | 1,363,153 |
2,813 | New York Times Co., Class A | 63,996 | |
54,550 | News Corp. | 842,797 | |
604 | Nexstar Media Group, Inc. | 40,045 | |
6,432 | Next PLC | 496,011 | |
1,237 | 1 | Ollie's Bargain Outlet Holdings, Inc. | 87,456 |
8,356 | PSA Peugeot Citroen | 195,647 | |
555 | PVH Corp. | 88,800 | |
55,000 | Panasonic Corp. | 749,252 | |
2,413 | 1 | Party City Holdco, Inc. | 35,471 |
10,957 | Penske Automotive Group, Inc. | 527,580 | |
4,232 | Persimmon PLC | 159,352 | |
153 | PetMed Express, Inc. | 5,503 | |
1,013 | 1 | Pinnacle Entertainment, Inc. | 34,351 |
1,436 | 1 | Qurate Retail, Inc. | 29,194 |
247 | 1 | RH | 24,139 |
2,509 | Restaurant Brands International, Inc. | 148,168 | |
800 | Ryohin Keikaku Co. Ltd. | 271,128 | |
29,285 | SKY PLC | 524,393 | |
33,200 | Sands China Ltd. | 197,504 | |
9,100 | Sankyo Co. Ltd. | 360,083 | |
24 | 1 | Scientific Games Corp. | 1,423 |
7,200 | Sega Sammy Holdings, Inc. | 126,710 | |
8,100 | Sekisui Chemical Co. Ltd. | 132,651 | |
5,300 | Sekisui House Ltd. | 94,288 | |
3,700 | Shimamura Co. Ltd. | 377,743 | |
78 | 1 | Shutterfly, Inc. | 7,343 |
8,500 | Singapore Press Holdings Ltd. | 16,648 | |
7,567 | Sodexo SA | 736,029 | |
1,270 | Sonic Corp. | 30,836 | |
4,500 | Sony Corp. | 212,179 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
9,600 | Start Today Co. Ltd. | $332,212 | |
8,100 | Subaru Corp. | 247,215 | |
12,986 | TUI AG-DI | 301,066 | |
336 | Tailored Brands, Inc. | 11,024 | |
45,497 | Taylor Woodrow PLC | 115,025 | |
133 | Tenneco, Inc. | 5,876 | |
10,800 | Toho Co. Ltd. | 373,782 | |
147 | 1 | TopBuild Corp. - W/I | 12,341 |
18,100 | Toyoda Gosei Co. Ltd. | 475,307 | |
10,200 | Toyota Motor Corp. | 645,613 | |
464 | Twenty-First Century Fox, Inc., Class B | 17,711 | |
30,955 | Vivendi SA | 778,816 | |
374 | Volkswagen AG | 69,579 | |
3,968 | Walt Disney Co. | 394,697 | |
158 | 1 | Weight Watchers International, Inc. | 11,901 |
3,105 | Whirlpool Corp. | 449,449 | |
52 | World Wrestling Entertainment, Inc. | 3,010 | |
2,929 | Wynn Resorts Ltd. | 574,113 | |
37,000 | Yamada Denki Co. Ltd. | 191,324 | |
400 | Yamaha Motor Co. | 11,527 | |
30,500 | Yue Yuen Industrial Holdings Ltd. | 94,214 | |
TOTAL | 41,225,355 | ||
Consumer Staples—4.3% | |||
8,300 | AEON Co. Ltd. | 164,032 | |
2,611 | Alimentation Couche-Tard, Inc., Class B | 109,023 | |
4,240 | Altria Group, Inc. | 236,338 | |
131 | Anderson's, Inc. | 4,231 | |
1,765 | Bunge Ltd. | 122,756 | |
676 | 1 | Cal-Maine Foods, Inc. | 32,482 |
515 | Calavo Growers, Inc. | 45,320 | |
2,500 | Calbee, Inc. | 91,095 | |
4,767 | Church and Dwight, Inc. | 223,811 | |
15,056 | 1 | Coca-Cola HBC AG | 514,474 |
1,843 | Constellation Brands, Inc., Class A | 411,136 | |
5,334 | Dean Foods Co. | 51,046 | |
33,647 | Diageo PLC | 1,235,901 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
7,268 | 1 | Edgewell Personal Care Co. | $317,757 |
6,019 | Energizer Holdings, Inc. | 365,594 | |
174 | Estee Lauder Cos., Inc., Class A | 26,003 | |
6,956 | George Weston Ltd. | 564,645 | |
416 | 1 | HRG Group, Inc. | 5,275 |
5,258 | 1 | Hain Celestial Group, Inc. | 134,184 |
4,814 | 1 | Herbalife Nutrition Ltd. | 244,407 |
111 | Ingredion, Inc. | 12,364 | |
6,200 | Kikkoman Corp. | 291,742 | |
26,713 | Koninklijke Ahold Delhaize NV | 614,454 | |
1,357 | Kraft Heinz Co./The | 78,000 | |
3,126 | L'Oreal SA | 751,412 | |
16,000 | Lion Corp. | 291,970 | |
6,143 | Marine Harvest ASA | 122,943 | |
3,900 | Meiji Holdings Co. Ltd. | 331,674 | |
9,700 | Metro, Inc. | 320,042 | |
12,909 | 1 | Monster Beverage Corp. | 660,424 |
3,800 | NH Foods Ltd. | 155,971 | |
6,882 | Nestle SA | 518,699 | |
13,371 | ORKLA ASA | 120,705 | |
1,401 | PepsiCo, Inc. | 140,450 | |
1,391 | 1 | Performance Food Group Co. | 49,728 |
14,041 | Pinnacle Foods, Inc. | 897,782 | |
10,459 | Procter & Gamble Co. | 765,285 | |
15 | Sanfilippo (John B. & Sons), Inc. | 1,017 | |
14,337 | Saputo, Inc. | 498,246 | |
3,300 | Seven & I Holdings Co. Ltd. | 145,755 | |
6,000 | Sundrug Co., Ltd. | 271,861 | |
2,668 | Swedish Match AB | 126,528 | |
11,117 | Sysco Corp. | 722,939 | |
34,895 | The Coca-Cola Co. | 1,500,485 | |
1,100 | Tsuruha Holdings, Inc. | 163,073 | |
12,478 | Tyson Foods, Inc., Class A | 841,891 | |
1,825 | 1 | US Foods Holding Corp. | 65,116 |
227 | 1 | USANA Health Sciences, Inc. | 26,559 |
162 | Universal Corp. | 10,716 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
130 | WD 40 Co. | $17,881 | |
272 | Walgreens Boots Alliance, Inc. | 16,970 | |
14,715 | Walmart, Inc. | 1,214,576 | |
100 | Weis Markets, Inc. | 5,453 | |
26,500 | Yamazaki Baking Co. Ltd. | 573,089 | |
TOTAL | 17,225,310 | ||
Energy—3.1% | |||
1,315 | Andeavor | 189,925 | |
149 | Arch Coal, Inc., Class A | 12,242 | |
779 | 1 | C&J Energy Services, Inc. | 20,971 |
1,831 | CVR Energy, Inc. | 69,084 | |
877 | 1 | Cactus, Inc. | 29,572 |
8,256 | Chevron Corp. | 1,026,221 | |
2,057 | ConocoPhillips | 138,621 | |
1,872 | Delek US Holdings, Inc. | 104,420 | |
359 | 1 | Exterran Corp. | 9,894 |
14,305 | Exxon Mobil Corp. | 1,162,138 | |
16,445 | Halliburton Co. | 817,974 | |
110,150 | JXTG Holdings, Inc. | 707,815 | |
1,533 | 1 | Keane Group, Inc. | 22,458 |
865 | 1 | Liberty Oilfield Services, Inc., Class A | 18,390 |
639 | 1 | Mammoth Energy Services, Inc. | 24,129 |
14,815 | Marathon Petroleum Corp. | 1,170,829 | |
6,036 | Neste Oyj | 492,056 | |
425 | OMV AG | 24,221 | |
16,887 | PBF Energy, Inc. | 796,729 | |
142 | 1 | Par Petroleum Corp. | 2,529 |
617 | Peabody Energy Corp. | 26,698 | |
9,806 | Phillips 66 | 1,142,301 | |
1,701 | 1 | Propetro Holding Corp. | 27,675 |
32,271 | RPC, Inc. | 529,890 | |
257 | 1 | SEACOR Holdings, Inc. | 13,423 |
36,500 | Showa Shell Sekiyu KK | 483,954 | |
192 | 1 | Talos Energy, Inc. | 6,167 |
24,543 | Tenaris SA | 440,907 | |
2,675 | 1 | Tetra Technologies, Inc. | 11,289 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Energy—continued | |||
21,942 | Total SA | $1,333,508 | |
198 | US Silica Holdings, Inc. | 6,124 | |
11,970 | Valero Energy Corp. | 1,450,764 | |
2,491 | 1 | W&T Offshore, Inc. | 17,063 |
16,467 | World Fuel Services Corp. | 343,831 | |
TOTAL | 12,673,812 | ||
Financials—12.2% | |||
21,222 | ABN AMRO Group NV- GDR | 551,927 | |
11,420 | AGEAS | 578,580 | |
9,800 | AIA Group Ltd. | 89,424 | |
98,766 | AMP Ltd. | 290,926 | |
5,795 | Admiral Group PLC | 148,355 | |
19,022 | Aegon N.V. | 118,137 | |
20,077 | Aflac, Inc. | 904,670 | |
5,807 | Allianz SE | 1,198,171 | |
974 | American Equity Investment Life Holding Co. | 34,519 | |
24,433 | American International Group, Inc. | 1,289,818 | |
1,243 | Ameriprise Financial, Inc. | 172,317 | |
6,695 | Assurant, Inc. | 624,978 | |
4,221 | Assured Guaranty Ltd. | 149,803 | |
31,630 | Australia & New Zealand Banking Group, Melbourne | 649,000 | |
2,834 | BNP Paribas SA | 176,699 | |
121,000 | BOC Hong Kong (Holdings) Ltd. | 605,547 | |
7,359 | Baloise Holding AG | 1,077,495 | |
127 | BancFirst Corp. | 7,588 | |
1,790 | BancorpSouth Bank | 59,965 | |
3,960 | Bank Hapoalim Ltd. | 27,309 | |
64,112 | Bank Leumi Le-Israel | 399,327 | |
97,989 | Bank of America Corp. | 2,845,601 | |
6,024 | Bank of Montreal | 466,644 | |
9,526 | Bank of Nova Scotia | 574,822 | |
34,988 | Bank of Queensland | 266,982 | |
8,766 | Bankinter SA | 84,896 | |
39,317 | Bendigo Bank | 318,621 | |
3,719 | 1 | Berkshire Hathaway, Inc., Class B | 712,300 |
2,025 | BlackRock, Inc. | 1,081,816 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
703 | Brightsphere Investment Group PLC | $10,904 | |
8,455 | CME Group, Inc. | 1,377,319 | |
2,987 | CNO Financial Group, Inc. | 59,800 | |
23,570 | CNP Assurances | 550,947 | |
4,593 | CYS Investments, Inc. | 33,621 | |
6,497 | Canadian Imperial Bank of Commerce | 567,222 | |
827 | 1 | Cannae Holdings, Inc. | 16,532 |
1,471 | Cathay Bancorp, Inc. | 62,061 | |
905 | CenterState Bank Corp. | 27,829 | |
794 | Chemical Financial Corp. | 44,559 | |
57,221 | 1 | Commerzbank AG | 585,311 |
332 | Commonwealth Bank of Australia, Sydney | 17,374 | |
5,100 | Concordia Financial Group Ltd. | 28,616 | |
124,042 | Corp Mapfre SA | 377,380 | |
40,107 | Credit Agricole SA | 552,981 | |
129 | 1 | Customers Bancorp, Inc. | 3,910 |
10,747 | Danske Bank | 357,131 | |
4,996 | Deutsche Boerse AG | 668,484 | |
9,014 | DnB ASA | 161,091 | |
18,519 | 1 | E*Trade Financial Corp. | 1,173,179 |
863 | 1 | Eagle Bancorp, Inc. | 52,255 |
16,415 | East West Bancorp, Inc. | 1,140,514 | |
967 | 1 | Enova International, Inc. | 32,491 |
463 | Enterprise Financial Services Corp. | 25,280 | |
2,218 | Erste Group Bank AG | 91,833 | |
1,134 | 1 | Essent Group Ltd. | 38,896 |
192 | Evercore, Inc. | 20,045 | |
6,209 | Exor NV | 457,283 | |
821 | 1 | FCB Financial Holdings, Inc. | 50,040 |
134 | Federal Agricultural Mortgage Association, Class C | 12,530 | |
4,380 | 1 | First BanCorp | 33,945 |
660 | First BanCorp | 27,463 | |
101 | First Citizens Bancshares, Inc., Class A | 44,368 | |
142 | First Commonwealth Financial Corp. | 2,228 | |
657 | First Interstate BancSystem, Inc., Class A | 28,678 | |
4,930 | Franklin Resources, Inc. | 165,500 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
5,854 | 1 | Genworth Financial, Inc., Class A | $20,138 |
13,037 | Gjensidige Forsikring ASA | 201,441 | |
1,326 | Great-West Lifeco, Inc. | 33,656 | |
1,515 | Green Bancorp, Inc. | 34,012 | |
258 | 1 | Green Dot Corp. | 18,388 |
24,597 | HSBC Holdings PLC | 235,678 | |
282 | Hamilton Lane, Inc. | 13,186 | |
766 | Hancock Whitney Corp. | 38,491 | |
1,200 | Hang Seng Bank Ltd. | 29,987 | |
4,275 | Hannover Rueck SE | 539,964 | |
26,374 | Hargreaves Lansdown PLC | 667,075 | |
862 | Hope Bancorp, Inc. | 15,507 | |
470 | Houlihan Lokey, Inc. | 22,978 | |
58,671 | ING Groep N.V. | 852,621 | |
423 | Iberiabank Corp. | 33,798 | |
433 | Independent Bank Corp., Michigan | 11,063 | |
6,100 | Industrial Alliance Insurance & Financial Services, Inc. | 249,344 | |
340 | International Bancshares Corp. | 14,688 | |
3,366 | Invesco Mortgage Capital, Inc. | 54,630 | |
4,542 | Investors Bancorp, Inc., New | 60,590 | |
6,293 | JPMorgan Chase & Co. | 673,414 | |
408 | James River Group Holdings Ltd. | 15,475 | |
2,236 | KBC Group | 173,064 | |
310 | Kemper Corp. | 24,010 | |
659 | LegacyTexas Financial Group, Inc. | 27,671 | |
100,968 | Legal & General Group PLC | 362,228 | |
816,344 | Lloyds Banking Group PLC | 686,088 | |
5,061 | London Stock Exchange Group PLC | 301,276 | |
70,600 | MFA Financial, Inc. | 549,268 | |
5,321 | 1 | MGIC Investment Corp. | 55,285 |
6,070 | MSCI Inc., Class A | 986,800 | |
2,130 | MTGE Investment Corp. | 42,493 | |
70,495 | Medibank Private Ltd. | 155,829 | |
1,949 | MetLife, Inc. | 89,635 | |
19,132 | National Australia Bank Ltd., Melbourne | 386,712 | |
7,299 | National Bank of Canada, Montreal | 349,132 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
40,723 | Navient Corp. | $562,385 | |
45,698 | Nordea Bank AB | 439,737 | |
2,638 | Oritani Financial Corp. | 41,944 | |
5,000 | Oversea-Chinese Banking Corp. Ltd. | 46,590 | |
74 | PJT Partners, Inc. | 4,090 | |
348 | PNC Financial Services Group | 49,907 | |
394 | Pargesa Holding Porteur | 34,513 | |
1,595 | Partners Group Holding AG | 1,149,567 | |
1,602 | Pennymac Mortgage Investment Trust | 29,989 | |
179 | Piper Jaffray Cos., Inc. | 13,389 | |
250 | Preferred Bank Los Angeles, CA | 15,925 | |
712 | Primerica, Inc. | 70,025 | |
44,024 | RSA Insurance Group PLC | 381,512 | |
3,593 | Radian Group, Inc. | 57,129 | |
304 | 1 | Raiffeisen Bank International AG | 9,520 |
248 | Republic Bancorp, Inc. | 10,890 | |
36,400 | Resona Holdings, Inc. | 202,251 | |
17,027 | Royal Bank of Canada, Montreal | 1,286,940 | |
4,992 | Schroders PLC | 214,426 | |
21,167 | Schwab (Charles) Corp. | 1,177,309 | |
13,908 | Scor Regroupe | 514,894 | |
514 | 1 | Seacoast Banking Corp. of Florida | 16,027 |
8,673 | 1 | Signature Bank | 1,105,721 |
49,000 | Skand Enskilda BKN, Class A | 441,732 | |
2,461 | Societe Generale, Paris | 106,477 | |
8,989 | Swiss Re AG | 778,070 | |
10,213 | TRYG A/S | 235,190 | |
534 | The Bank of NT Butterfield & Son Ltd. | 25,498 | |
5,929 | The Travelers Cos, Inc. | 761,995 | |
75,918 | Three I Group | 962,112 | |
17,619 | Toronto-Dominion Bank | 1,028,658 | |
1,027 | 1 | Triumph Bancorp, Inc. | 42,158 |
2,459 | Trustco Bank Corp. | 21,393 | |
827 | Trustmark Corp. | 26,605 | |
399 | 1 | Turpanion, Inc. | 12,676 |
1,664 | U.S. Bancorp | 83,183 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
2,452 | Umpqua Holdings Corp. | $57,720 | |
910 | United Community Financial Corp. | 9,519 | |
461 | United Financial Bancorp, Inc. | 8,031 | |
5,133 | United Mizrahi Bank Ltd. | 98,008 | |
39,900 | United Overseas Bank Ltd. | 835,175 | |
338 | Walker & Dunlop, Inc. | 18,969 | |
1,058 | Washington Federal, Inc. | 34,332 | |
41,503 | Wells Fargo & Co. | 2,240,747 | |
9,157 | 1 | Western Alliance Bancorp | 551,801 |
37,874 | Westpac Banking Corp. Ltd. | 795,190 | |
438 | Wintrust Financial Corp. | 40,344 | |
TOTAL | 49,081,715 | ||
Health Care—6.2% | |||
2,382 | 1 | Aduro Biotech, Inc. | 20,962 |
4,737 | Aetna, Inc. | 834,328 | |
69 | 1 | Agios Pharmaceuticals, Inc. | 6,451 |
275 | 1 | Akebia Therapeutics, Inc. | 2,700 |
21,400 | Alfresa Holdings Corp. | 538,585 | |
792 | 1 | Amedisys, Inc. | 60,469 |
1,876 | AmerisourceBergen Corp. | 154,095 | |
1,044 | 1 | Amneal Pharmaceuticals, Inc. | 20,609 |
273 | 1 | Amphastar Pharmaceuticals, Inc. | 4,313 |
160 | Analogic Corp. | 13,384 | |
2,793 | Anthem, Inc. | 618,426 | |
2,825 | 1 | Apellis Pharmaceuticals, Inc. | 57,658 |
1,141 | 1 | Array BioPharma, Inc. | 18,655 |
4,042 | 1 | Athenex, Inc. | 64,753 |
24 | 1 | Audentes Therapeutics, Inc. | 910 |
16,132 | Baxter International, Inc. | 1,142,791 | |
449 | 1 | BioTelemetry, Inc. | 18,970 |
18,809 | Bristol-Myers Squibb Co. | 989,730 | |
19,130 | Bruker Corp. | 579,065 | |
3,226 | CVS Health Corp. | 204,496 | |
5,654 | Cardinal Health, Inc. | 294,517 | |
368 | 1 | Cardiovascular Systems, Inc. | 11,077 |
2,339 | 1 | Catalent, Inc. | 91,829 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
1,132 | Cigna Corp. | $191,727 | |
1,480 | 1 | Coherus Biosciences, Inc. | 23,088 |
188 | 1 | Collegium Pharmaceutical, Inc. | 4,253 |
305 | Coloplast, Class B | 28,976 | |
2,382 | 1 | Corcept Therapeutics, Inc. | 44,067 |
1,078 | 1 | Corvel Corp. | 54,439 |
155 | 1 | Cotiviti Holdings, Inc. | 5,287 |
269 | 1 | Cutera, Inc. | 11,298 |
1,628 | 1 | Diplomat Pharmacy, Inc. | 38,323 |
1,200 | 1,2 | Dyax Corp., CVR | 2,916 |
1,086 | 1 | Emergent Biosolutions, Inc. | 55,994 |
159,693 | 1 | Endo International PLC | 1,004,469 |
11,873 | 1 | Express Scripts Holding Co. | 900,092 |
764 | 1 | FibroGen, Inc. | 41,180 |
5,751 | Fresenius SE & Co KGaA | 442,270 | |
1,359 | 1 | Genomic Health, Inc. | 54,251 |
56 | 1 | Glaukos Corp. | 2,115 |
5,768 | HCA Healthcare, Inc. | 594,912 | |
468 | 1 | HMS Holdings Corp. | 10,123 |
1,159 | 1 | Haemonetics Corp. | 104,716 |
1,095 | 1 | Halozyme Therapeutics, Inc. | 20,148 |
1,099 | 1 | Halyard Health, Inc. | 60,335 |
3,406 | Humana, Inc. | 991,078 | |
34 | 1 | ICU Medical, Inc. | 9,896 |
1,336 | 1 | Illumina, Inc. | 363,980 |
5,066 | 1 | Incyte Genomics, Inc. | 345,856 |
120 | 1 | Inogen, Inc. | 21,923 |
7,112 | 1 | Intercept Pharmaceuticals, Inc. | 499,334 |
75,623 | 1 | Intrexon Corp. | 1,253,829 |
4,061 | Johnson & Johnson | 485,777 | |
46 | 1 | Kura Oncology, Inc. | 766 |
650 | 1 | LHC Group, Inc. | 50,030 |
11,109 | Lilly (Eli) & Co. | 944,709 | |
3,469 | Luminex Corp. | 98,242 | |
581 | 1 | MacroGenics, Inc. | 13,206 |
716 | 1 | Magellan Health, Inc. | 65,478 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
116 | 1 | Masimo Corp. | $11,490 |
30,900 | Medipal Holdings Corp. | 710,888 | |
1,976 | 1 | Medpace Holdings, Inc. | 83,308 |
6,000 | Merck & Co., Inc. | 357,180 | |
1,517 | 1 | Merit Medical Systems, Inc. | 77,822 |
194 | 1 | Molina Healthcare, Inc. | 16,476 |
841 | 1 | Natus Medical, Inc. | 31,033 |
13 | 1 | Nektar Therapeutics | 1,044 |
12,988 | 1 | Neurocrine Biosciences, Inc. | 1,250,225 |
2,666 | Novartis AG | 197,800 | |
13,423 | Novo Nordisk A/S | 638,408 | |
882 | 1 | Nxstage Medical, Inc. | 24,378 |
126 | 1 | OraSure Technologies, Inc. | 2,143 |
1,178 | Orion Oyj | 34,830 | |
34 | 1 | Orthofix International NV | 1,858 |
8,400 | Otsuka Holdings Co., Ltd. | 416,047 | |
763 | 1 | PRA Health Sciences, Inc. | 64,779 |
13,999 | Pfizer, Inc. | 502,984 | |
1,715 | Phibro Animal Health Corp. | 77,518 | |
192 | 1 | Providence Service Corp. | 13,824 |
2,022 | 1 | Regeneron Pharmaceuticals, Inc. | 607,247 |
983 | 1 | Sangamo BioSciences, Inc. | 16,170 |
1,579 | 1 | Supernus Pharmaceuticals, Inc. | 88,977 |
10,200 | Suzuken Co. Ltd. | 456,280 | |
13,252 | 1 | Tesaro, Inc. | 606,544 |
698 | 1 | Tivity Health, Inc. | 24,465 |
4,496 | UCB SA | 354,030 | |
7,662 | UnitedHealth Group, Inc. | 1,850,450 | |
4,511 | 1 | Vertex Pharmaceuticals, Inc. | 694,694 |
7,391 | Vifor Pharma AG | 1,149,874 | |
462 | 1 | Voyager Therapeutics, Inc. | 9,180 |
538 | 1 | Wellcare Health Plans, Inc. | 119,258 |
610 | 1 | William Demant Holding A/S | 22,194 |
TOTAL | 25,101,254 | ||
Industrials—8.8% | |||
218 | 3M Co. | 42,996 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
1,333 | AAR Corp. | $59,572 | |
13,806 | ABB Ltd. | 313,802 | |
29,432 | ADT, Inc. | 221,329 | |
186 | 1 | ASGN, Inc. | 14,322 |
9,522 | Adecco Group AG | 570,012 | |
1,672 | Airbus Group SE | 191,851 | |
16,186 | Alfa Laval | 404,524 | |
16,197 | Allison Transmission Holdings, Inc. | 669,098 | |
851 | Andritz AG | 42,358 | |
404 | Applied Industrial Technologies, Inc. | 28,179 | |
115 | ArcBest Corp. | 5,457 | |
312 | Argan, Inc. | 12,074 | |
17,857 | Ashtead Group PLC | 551,033 | |
1,277 | 1 | Atkore International Group, Inc. | 27,583 |
44,821 | BAE Systems PLC | 381,070 | |
3,559 | BWX Technologies, Inc. | 237,528 | |
3,664 | Boeing Co. | 1,290,314 | |
13,563 | Bouygues SA | 626,991 | |
559 | Brady (W.H.) Co. | 21,801 | |
305 | Brinks Co. (The) | 24,171 | |
503 | 1 | Builders Firstsource, Inc. | 9,849 |
8,914 | Bunzl PLC | 271,394 | |
389 | 1 | CBIZ, Inc. | 8,033 |
635 | 1 | Casella Waste Systems, Inc. | 14,973 |
2,199 | Caterpillar, Inc. | 334,050 | |
276 | 1 | Cimpress NV | 38,427 |
55 | Comfort Systems USA, Inc. | 2,577 | |
2,654 | Compagnie de Saint Gobain | 133,796 | |
1,822 | 1 | Continental Building Products, Inc. | 55,116 |
11,174 | Crane Co. | 928,671 | |
734 | Cummins, Inc. | 104,514 | |
4,105 | DSV, De Sammensluttede Vognmad AS | 341,052 | |
21,600 | Dai Nippon Printing Co. Ltd. | 462,160 | |
1,273 | Delta Air Lines, Inc. | 68,806 | |
13,445 | Deutsche Lufthansa AG | 365,632 | |
21,338 | Deutsche Post AG | 810,148 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
20 | EnerSys, Inc. | $1,598 | |
571 | EnPro Industries, Inc. | 42,060 | |
101 | 1 | FTI Consulting, Inc. | 6,261 |
511 | Federal Signal Corp. | 12,208 | |
4,386 | FedEx Corp. | 1,092,640 | |
6,539 | Ferguson PLC | 506,784 | |
4,020 | Finning International, Inc. | 99,988 | |
768 | 1 | Foundation Building Materials, Inc. | 11,789 |
5,589 | Fraport AG | 523,180 | |
34,000 | Fuji Electric Co. | 241,347 | |
68 | 1 | GMS, Inc. | 2,037 |
4,837 | G4S PLC | 17,360 | |
857 | Global Brass & Copper Holdings, Inc. | 26,910 | |
1,962 | Graco, Inc. | 89,075 | |
531 | 1 | Harsco Corp. | 13,010 |
996 | Hawaiian Holdings, Inc. | 36,852 | |
15,150 | Heico Corp., Class A | 1,152,158 | |
75 | 1 | Heritage-Crystal Clean, Inc. | 1,523 |
1,473 | Hillenbrand, Inc. | 68,715 | |
29,200 | Hino Motors Ltd. | 326,059 | |
6,029 | Hochtief AG | 1,108,691 | |
500 | Hoshizaki Electric Co. Ltd. | 50,035 | |
1,124,500 | Hutchison Port Holdings TR-U | 307,376 | |
126 | Hyster-Yale Materials Handling, Inc. | 8,404 | |
46 | ICF International, Inc. | 3,250 | |
3,336 | 1 | IHS Markit Ltd. | 164,398 |
36,718 | IMI PLC | 566,409 | |
6,001 | Illinois Tool Works, Inc. | 862,344 | |
10,698 | Ingersoll-Rand PLC | 936,503 | |
1,054 | Insperity, Inc. | 96,968 | |
1,879 | Interface, Inc. | 42,653 | |
33,907 | International Consolidated Airlines Group SA | 307,215 | |
13,203 | Intertek Group PLC | 959,573 | |
2,600 | Ishikawajima-Harima Heavy Industries Co., Ltd. | 97,434 | |
17,000 | JGC Corp. | 353,576 | |
15,600 | JTEKT Corp. | 226,223 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
3,600 | Japan Airport Terminal Co. Ltd. | $165,000 | |
603 | KBR, Inc. | 11,107 | |
6,000 | Kajima Corp. | 48,787 | |
783 | Kimball International, Inc., Class B | 12,724 | |
905 | Korn/Ferry International | 49,485 | |
496 | Kuehne + Nagel International AG | 74,579 | |
1,664 | L3 Technologies, Inc. | 330,021 | |
195 | MOOG, Inc., Class A | 15,898 | |
2,434 | 1 | MRC Global, Inc. | 50,262 |
353 | MTU Aero Engines GmbH | 66,671 | |
663 | 1 | MYR Group, Inc. | 25,884 |
6,620 | Manpower Group, Inc. | 595,800 | |
112,700 | Marubeni Corp. | 875,470 | |
192 | 1 | Masonite International Corp. | 12,691 |
1,191 | 1 | Mastec, Inc. | 55,560 |
429 | McGrath Rentcorp. | 27,919 | |
2,923 | 1 | Meritor, Inc. | 60,652 |
10,100 | Misumi Corp. | 290,853 | |
19,100 | Mitsubishi Electric Corp. | 270,049 | |
14,300 | Mitsui & Co. Ltd. | 251,057 | |
1,349 | Mueller Industries, Inc. | 40,740 | |
3,936 | Mueller Water Products, Inc. | 46,878 | |
56,000 | NWS Holdings Ltd. | 103,935 | |
2,900 | Nippon Express Co. Ltd. | 217,593 | |
6,021 | Norfolk Southern Corp. | 913,085 | |
609 | Orbital ATK, Inc. | 81,435 | |
2,219 | Owens Corning, Inc. | 140,285 | |
3,914 | Parker-Hannifin Corp. | 668,903 | |
143 | 1 | Patrick Industries, Inc. | 8,666 |
263 | Pentair PLC | 11,477 | |
8,900 | Persol Holdings Co. Ltd. | 190,072 | |
645 | Primoris Services Corp. | 16,815 | |
8,609 | Prysmian S.p.A | 241,522 | |
9,230 | Randstand N.V. | 552,107 | |
22,800 | Recruit Holdings Co. Ltd. | 631,788 | |
56,687 | Relx PLC | 1,245,529 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
19,474 | Rexel SA | $286,149 | |
2,203 | 1 | Rexnord Corp. | 64,284 |
5,286 | Rockwell Automation, Inc. | 927,217 | |
3,743 | Royal Mail PLC | 25,328 | |
91 | 1 | Rush enterprises, Inc., Class A | 3,916 |
5,169 | SNC-Lavalin Group, Inc. | 225,481 | |
669 | 1 | SPX Corp. | 22,920 |
469 | 1 | Saia, Inc. | 38,646 |
33,614 | Sandvik AB | 583,214 | |
14,500 | Shimizu Corp. | 141,048 | |
1,441 | SkyWest, Inc. | 82,137 | |
11,564 | Smiths Group PLC | 270,710 | |
14,016 | Southwest Airlines Co. | 715,937 | |
1,050 | Spartan Motors, Inc. | 16,275 | |
193 | 1 | Standard Plus Corp. | 6,948 |
4,151 | Stanley Black & Decker, Inc. | 577,985 | |
113,098 | Sydney Airport | 620,909 | |
1,130 | 1 | TPI Composites, Inc. | 29,719 |
1,200 | Taisei Corp. | 65,671 | |
13,089 | Toro Co. | 759,162 | |
13,800 | Toyota Tsusho Corp. | 474,716 | |
7,242 | Transurban Group | 64,884 | |
121 | 1 | Trex Co., Inc. | 14,257 |
2,007 | 1 | TriMas Corp. | 57,400 |
145 | 1 | TrueBlue, Inc. | 3,741 |
1,830 | Union Pacific Corp. | 261,251 | |
49 | Universal Forest Products, Inc. | 1,802 | |
165 | VSE Corp. | 8,153 | |
319 | 1 | Veritiv Corp. | 10,607 |
426 | 1 | Vicor Corp. | 18,680 |
21,632 | Volvo AB | 372,573 | |
16,100 | Yamato Holdings Co. Ltd. | 461,052 | |
TOTAL | 35,661,940 | ||
Information Technology—10.5% | |||
2,653 | ASML Holding NV | 517,603 | |
368 | AVX Corp. | 5,627 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
9,469 | Accenture PLC | $1,474,702 | |
485 | 1 | Acxiom Corp. | 14,206 |
2,293 | 1 | Adobe Systems, Inc. | 571,599 |
802 | 1 | Advanced Energy Industries, Inc. | 52,555 |
489 | 1 | Alarm.com Holdings, Inc. | 21,726 |
880 | 1 | Alphabet, Inc., Class A Shares | 968,000 |
2,907 | 1 | Alphabet, Inc., Class C Shares | 3,154,066 |
3,800 | Alps Electric Co. | 89,823 | |
12,033 | Amadeus IT Group SA | 953,598 | |
3,798 | 1 | Amkor Technology, Inc. | 34,562 |
23,454 | Apple, Inc. | 4,382,849 | |
4,267 | Applied Materials, Inc. | 216,678 | |
90 | 1 | Applied Optoelectronics, Inc. | 4,209 |
466 | 1 | Aquantia Corp. | 5,573 |
721 | 1 | Aspen Technology, Inc. | 67,240 |
2,151 | Auto Trader Group PLC | 10,084 | |
9,258 | Automatic Data Processing, Inc. | 1,203,725 | |
592 | Avnet, Inc. | 22,567 | |
1,644 | Benchmark Electronics, Inc. | 45,539 | |
166 | Blackbaud, Inc. | 16,180 | |
244 | 1 | Blackline, Inc. | 10,155 |
574 | 1 | Bottomline Technologies, Inc. | 27,299 |
811 | Brooks Automation, Inc. | 26,503 | |
21,700 | Brother Industries Ltd. | 451,280 | |
18,951 | CA, Inc. | 677,309 | |
116 | 1 | CACI International, Inc., Class A | 19,331 |
4,550 | CDW Corp. | 364,227 | |
471 | CSG Systems International, Inc. | 19,490 | |
360 | 1 | Carbonite, Inc | 13,968 |
1,140 | 1 | Cars.com, Inc. W/I | 29,275 |
198 | 1 | Ciena Corp. | 4,564 |
255 | 1 | Cirrus Logic, Inc. | 9,557 |
45,479 | Cisco Systems, Inc. | 1,942,408 | |
1,780 | Cognizant Technology Solutions Corp. | 134,123 | |
294 | 1 | Commvault Systems, Inc. | 20,095 |
215 | Constellation Software, Inc. | 169,337 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
347 | 1 | Control4 Corp. | $8,602 |
667 | Convergys Corp. | 15,768 | |
10,209 | 1 | Dell Technologies, Inc. | 823,458 |
92 | 1 | Diodes, Inc. | 3,150 |
233 | 1 | EPAM Systems, Inc. | 28,701 |
110 | Ebix, Inc. | 8,206 | |
147 | Electro Scientific Industries, Inc. | 2,884 | |
3,704 | 1 | Endurance International Group Holdings, Inc. | 33,151 |
504 | Entegris, Inc. | 17,690 | |
64 | 1 | Envestnet, Inc. | 3,386 |
454 | 1 | ePlus, Inc. | 41,291 |
781 | 1 | Etsy, Inc. | 25,258 |
2,602 | Evertec, Inc. | 56,724 | |
143 | 1 | Fabrinet | 5,024 |
6,649 | 1 | Facebook, Inc. | 1,275,145 |
1,780 | 1 | Finisar Corp. | 28,854 |
23,000 | Fujitsu Ltd. | 140,355 | |
93 | Hewlett Packard Enterprise Co. | 1,417 | |
3,100 | Hitachi High-Technologies Corp. | 140,759 | |
91,000 | Hitachi Ltd. | 662,971 | |
634 | 1 | Ichor Holdings Ltd. | 15,774 |
792 | 1 | Insight Enterprises, Inc. | 37,145 |
12,582 | Intel Corp. | 694,526 | |
656 | InterDigital, Inc. | 51,726 | |
7,913 | Intuit, Inc. | 1,595,261 | |
117 | 1 | Itron, Inc. | 6,681 |
478 | j2 Global, Inc. | 40,362 | |
1,230 | 1 | Kemet Corp. | 24,575 |
884 | 1 | Kimball Electronics, Inc. | 16,531 |
4,506 | Lam Research Corp. | 892,999 | |
129 | 1 | Lumentum Holdings, Inc. | 7,579 |
79 | MKS Instruments, Inc. | 8,864 | |
989 | ManTech International Corp., Class A | 53,317 | |
1,741 | Marvell Technology Group Ltd. | 37,501 | |
9,877 | Mastercard, Inc., Class A | 1,877,815 | |
114 | Maximus, Inc. | 6,943 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
531 | Methode Electronics, Inc., Class A | $21,320 | |
1,288 | 1 | Micron Technology, Inc. | 74,176 |
55,614 | Microsoft Corp. | 5,496,888 | |
266 | 1 | MindBody, Inc. | 10,480 |
1,965 | Monotype Imaging Holdings, Inc. | 42,444 | |
2,054 | NIC, Inc. | 31,529 | |
2,471 | 1 | NXP Semiconductors NV | 281,694 |
614 | 1 | Netgear, Inc. | 37,116 |
7,335 | Nvidia Corp. | 1,849,814 | |
462 | 1 | Oclaro, Inc. | 3,955 |
6,100 | Omron Corp. | 318,856 | |
4,186 | Oracle Corp. | 195,570 | |
5,800 | Otsuka Corp. | 238,547 | |
4,118 | 1 | PayPal Holdings, Inc. | 337,964 |
228 | 1 | Perficient, Inc. | 5,953 |
399 | Plantronics, Inc. | 29,067 | |
1,452 | Progress Software Corp. | 55,002 | |
4 | 1 | Proofpoint, Inc. | 468 |
493 | Qad, Inc. | 25,562 | |
134 | 1 | Qualys, Inc. | 10,311 |
307 | 1 | RealPage, Inc. | 18,036 |
379 | 1 | RingCentral, Inc. | 28,709 |
370 | 1 | SMART Global Holdings, Inc. | 16,476 |
35,742 | STMicroelectronics N.V. | 850,848 | |
185 | 1 | Sanmina Corp. | 5,328 |
591 | 1 | ScanSource, Inc. | 23,138 |
365 | Science Applications International Corp. | 32,284 | |
1,710 | 1 | Semtech Corp. | 82,764 |
1,700 | Shimadzu Corp. | 46,655 | |
6,491 | Skyworks Solutions, Inc. | 640,078 | |
35 | 1 | Stamps.com, Inc. | 8,778 |
472 | 1 | Sykes Enterprises, Inc. | 13,287 |
86 | Synnex Corp. | 9,187 | |
7,392 | 1 | Synopsys, Inc. | 651,013 |
2,626 | 1 | Syntel, Inc. | 82,719 |
424 | Systemax, Inc. | 14,000 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
176 | TTEC Holdings, Inc. | $6,213 | |
912 | 1 | Take-Two Interactive Software, Inc. | 102,217 |
1,095 | 1 | Techtarget, Inc. | 29,390 |
2,298 | Teradyne, Inc. | 87,117 | |
10,231 | Texas Instruments, Inc. | 1,144,951 | |
2,781 | TiVo Corp. | 40,046 | |
1,572 | 1 | Ultra Clean Holdings, Inc. | 27,699 |
88 | 1 | Verint Systems, Inc. | 3,714 |
5,300 | 1 | Viavi Solutions, Inc. | 50,403 |
3,579 | Visa, Inc., Class A Shares | 467,847 | |
992 | 1 | Xcerra Corp. | 13,660 |
33,450 | Xerox Corp. | 909,171 | |
1,900 | Yokogawa Electric Corp. | 34,545 | |
2,743 | 1 | Zebra Technologies Co., Class A | 421,078 |
198,969 | 1 | Zynga, Inc. | 875,464 |
TOTAL | 42,245,556 | ||
Materials—3.5% | |||
618 | 1 | AdvanSix, Inc. | 22,563 |
6,500 | Air Water, Inc. | 126,000 | |
748 | Akzo Nobel NV | 65,554 | |
335 | 1 | Alcoa Corp. | 16,103 |
98,629 | Alumina Ltd. | 199,079 | |
6,364 | Amcor Ltd. | 67,559 | |
16,035 | Anglo American PLC | 383,246 | |
16,348 | ArcelorMittal | 526,360 | |
21,600 | Asahi Kasei Corp. | 295,502 | |
6,169 | Avery Dennison Corp. | 647,930 | |
6,459 | BHP Billiton PLC | 148,511 | |
5,362 | 1 | Berry Global Group, Inc. | 258,931 |
1,574 | Boise Cascade Co. | 75,080 | |
4,610 | Cabot Corp. | 277,753 | |
2,498 | Commercial Metals Corp. | 59,053 | |
8,046 | Covestro AG | 733,790 | |
11,118 | Croda International PLC | 689,192 | |
1,529 | EMS-Chemie Holdings AG | 958,428 | |
433 | 1 | Ferro Corp. | 8,859 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Materials—continued | |||
5,107 | 1,2 | Ferroglobe Representation & Warranty Insurance Trust | $0 |
92,798 | Fortescue Metals Group Ltd. | 328,076 | |
3,846 | Freeport-McMoRan, Inc. | 64,997 | |
204,504 | Glencore PLC | 1,011,843 | |
14,892 | Grace (W.R.) & Co. | 1,066,118 | |
891 | Greif, Inc., Class A | 51,954 | |
46 | Innophos Holdings, Inc. | 2,186 | |
243 | KMG Chemicals, Inc. | 16,245 | |
1,490 | Koninklijke DSM NV | 148,008 | |
250 | 1 | Koppers Holdings, Inc. | 10,075 |
553 | Kronos Worldwide, Inc. | 13,681 | |
905 | Louisiana-Pacific Corp. | 26,408 | |
442 | Materion Corp. | 24,111 | |
26,800 | Mitsubishi Chemical Holdings Corp. | 247,047 | |
1,400 | Mitsui Chemicals, Inc. | 40,344 | |
7,954 | Mondi PLC | 220,941 | |
6,116 | Monsanto Co. | 779,545 | |
1,031 | Myers Industries, Inc. | 20,208 | |
18,479 | Newmont Mining Corp. | 719,388 | |
2,800 | Nitto Denko Corp. | 218,816 | |
11,090 | Nucor Corp. | 711,867 | |
23,887 | Rio Tinto PLC | 1,346,848 | |
755 | Schnitzer Steel Industries, Inc., Class A | 23,518 | |
87 | Sika AG | 692,658 | |
311 | Stepan Co. | 22,610 | |
709 | Trinseo SA | 51,261 | |
15,841 | UPM - Kymmene Oyj | 581,741 | |
341 | 1 | Verso Corp. | 6,898 |
1,636 | Voest-alpine Stahl | 87,293 | |
TOTAL | 14,094,178 | ||
Real Estate—2.1% | |||
1,257 | Alexander & Baldwin, Inc. | 26,787 | |
7,525 | American Tower Corp. | 1,041,234 | |
7,400 | Ascendas Real Estate Investment Trust | 14,615 | |
19,207 | Brixmor Property Group, Inc. | 305,007 | |
19,000 | CK Asset Holdings Ltd. | 158,437 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Real Estate—continued | |||
20,600 | Capitacommercial Trust | $26,238 | |
54,700 | CapitaLand Mall Trust | 84,362 | |
497 | CatchMark Timber Trust, Inc. | 6,312 | |
1,768 | 1 | CorePoint Lodging, Inc. REIT | 49,323 |
1,500 | Daito Trust Construction Co. Ltd. | 244,386 | |
62,418 | Dexus Property Group | 465,920 | |
1,835 | DiamondRock Hospitality Co. | 23,360 | |
21,027 | Duke Realty Corp. | 591,279 | |
138 | First Industrial Realty Trust | 4,544 | |
7,841 | Forest City Realty Trust, Inc., Class A | 159,721 | |
244 | 1 | Forestar Group, Inc. | 5,710 |
505 | Four Corners Property Trust, Inc. | 11,559 | |
119,912 | GPT Group/The REIT | 455,213 | |
7,634 | Gaming and Leisure Properties, Inc. | 267,953 | |
776 | Geo Group, Inc. | 19,245 | |
1,811 | Government Properties Income Trust | 26,314 | |
1,833 | InfraREIT, Inc. | 39,153 | |
6,453 | Investors Real Estate Trust | 35,943 | |
9,500 | Kerry Properties Ltd. | 50,762 | |
1,807 | Kite Realty Group Trust | 28,352 | |
856 | Liberty Property Trust | 37,844 | |
42,000 | Link REIT | 371,235 | |
4,578 | Mack-Cali Realty Corp. | 90,507 | |
134 | 1 | Marcus & Millichap Co., Inc. | 5,020 |
1,496 | New Senior Investment Group, Inc. | 11,190 | |
192 | NexPoint Residential Trust, Inc. | 5,322 | |
2,223 | NorthStar Realty Europe Corp. | 31,144 | |
1,165 | PotlatchDeltic Corp. REIT | 58,833 | |
2,777 | Preferred Apartment Communities, Inc. | 40,739 | |
14,183 | ProLogis, Inc. | 912,676 | |
1,086 | RLJ Lodging Trust | 25,412 | |
228 | RMR Group, Inc./The | 17,237 | |
19,935 | Rayonier, Inc. | 774,873 | |
847 | Re/Max Holdings, Inc. | 44,129 | |
328 | Rexford Industrial Realty, Inc. | 10,257 | |
353 | Sabra Health Care REIT, Inc. | 7,318 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Real Estate—continued | |||
155,450 | Scentre Group | $490,292 | |
144,923 | Stockland | 453,793 | |
6,600 | Suntec Real Estate Investment | 8,839 | |
553 | Terreno Realty Corp. | 21,075 | |
99 | Tier RIET, Inc | 2,174 | |
7,765 | Ventas, Inc. | 424,435 | |
4,430 | WP Carey, Inc. | 297,740 | |
573 | Weyerhaeuser Co. | 21,390 | |
1,491 | Xenia Hotels & Resorts, Inc. | 37,528 | |
TOTAL | 8,342,731 | ||
Telecommunication Services—1.3% | |||
37,582 | AT&T, Inc. | 1,214,650 | |
259 | Cogent Communications Holdings, Inc. | 13,261 | |
311,095 | HKT Trust and HKT Ltd. | 392,518 | |
24,600 | KDDI Corp. | 664,090 | |
25,200 | NTT Docomo, Inc. | 651,423 | |
597 | 1 | Orbcomm, Inc. | 5,767 |
53,000 | PCCW Ltd. | 31,201 | |
13,223 | Rogers Communications, Inc., Class B | 620,561 | |
181 | Shenandoah Telecommunications Co. | 5,774 | |
11,723 | 1 | Sprint Corp. | 60,256 |
10,542 | 1 | T-Mobile USA, Inc. | 587,189 |
20,558 | Tele2 AB, Class B | 251,689 | |
571 | Telenor ASA | 11,760 | |
3,501 | Telephone and Data System, Inc. | 89,451 | |
181,067 | Telstra Corp. Ltd. | 382,667 | |
7,788 | Verizon Communications | 371,254 | |
3,159 | 1 | Vonage Holdings Corp. | 36,171 |
TOTAL | 5,389,682 | ||
Utilities—2.2% | |||
754 | American States Water Co. | 42,435 | |
4,628 | Atmos Energy Corp. | 412,864 | |
65,356 | AusNet Services | 80,131 | |
74,500 | CLP Holdings Ltd. | 781,969 | |
23,775 | CenterPoint Energy, Inc. | 621,241 | |
6,483 | DTE Energy Co. | 664,054 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Utilities—continued | |||
10,775 | E.On SE | $114,315 | |
2,404 | Endesa SA | 53,159 | |
40,461 | Engie | 643,689 | |
292,500 | HK Electric Investments Ltd. | 283,361 | |
104,000 | Hong Kong and China Gas Co. Ltd. | 224,703 | |
107,805 | Iberdrola SA | 763,789 | |
731 | Idacorp, Inc. | 67,515 | |
2,623 | NRG Yield, Inc. | 45,903 | |
6 | New Jersey Resources Corp. | 266 | |
7,501 | NextEra Energy, Inc. | 1,243,741 | |
34 | Northwestern Corp. | 1,852 | |
861 | ONE Gas, Inc. | 64,618 | |
2,547 | Orsted A/S | 152,809 | |
18,900 | Osaka Gas Co. | 411,580 | |
19,154 | PPL Corp. | 523,287 | |
8,020 | Severn Trent | 212,102 | |
107 | South Jersey Industries, Inc. | 3,544 | |
510 | Spire, Inc. | 36,338 | |
11,400 | Toho Gas Co. Ltd. | 358,809 | |
11,693 | UGI Corp. | 590,146 | |
13,598 | Uniper SE | 431,491 | |
726 | WGL Holdings, Inc. | 64,033 | |
TOTAL | 8,893,744 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $211,320,107) | 259,935,277 | ||
ASSET-BACKED SECURITIES—0.3% | |||
$150,000 | 3 | American Express Credit Class Account Master Trust 2014-1, Class A, (1-month USLIBOR +0.370%), 2.289%, 12/15/2021 | 150,385 |
170,046 | 3 | Chesapeake Funding II LLC 2016-2A, Class A2, (1-month USLIBOR +1.000%), 2.919%, 06/15/2028 | 170,511 |
265,000 | 3 | Navistar Financial Dealer Note Master Trust 2016-1, Class A, (1-month USLIBOR +1.350%), 3.310%, 09/27/2021 | 265,875 |
171,000 | PFS Financing Corp. 2016-BA, Class A, 1.870%, 10/15/2021 | 168,697 | |
160,000 | Santander Drive Auto Receivables Trust 2016-2, Class C, 2.660%, 11/15/2021 | 159,859 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
ASSET-BACKED SECURITIES—continued | |||
$78,644 | Sofi Consumer Loan Program Trust 2016-3, Class A, 3.050%, 12/26/2025 | $78,586 | |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $994,649) | 993,913 | ||
COMMERCIAL MORTGAGE-BACKED SECURITY—0.0% | |||
Financials—0.0% | |||
148,646 | Federal Home Loan Mortgage Corp., 2.263%, 4/25/2025 (IDENTIFIED COST $151,613) | 144,115 | |
COLLATERALIZED MORTGAGE OBLIGATIONS—0.4% | |||
250,000 | Banc of America Commercial Mortgage Trust 2016-UBS10, Class A4, 3.170%, 7/15/2049 | 241,645 | |
255,000 | Bank, Class A4, 3.488%, 11/15/2050 | 250,752 | |
225,000 | CD Commercial Mortgage Trust 2016-CD1, Class A4, 2.724%, 8/10/2049 | 210,905 | |
200,000 | Citigroup Commercial Mortgage Trust 2015-GC33, Class AS, 4.114%, 9/10/2058 | 203,848 | |
450,000 | Commercial Mortgage Trust 2015-DC1, Class AM, 3.724%, 2/10/2048 | 450,681 | |
300,000 | JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.1413%, 12/15/2049 | 290,047 | |
50,000 | WF-RBS Commercial Mortgage Trust 2012-C6, Class B, 4.697%, 4/15/2045 | 52,088 | |
100,000 | WF-RBS Commercial Mortgage Trust 2014-C25, Class B, 4.236%, 11/15/2047 | 101,289 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $1,883,845) | 1,801,255 | ||
CORPORATE BONDS—5.6% | |||
Basic Industry - Chemicals—0.1% | |||
300,000 | Albemarle Corp., Sr. Unsecd. Note, 5.45%, 12/01/2044 | 319,801 | |
15,000 | RPM International, Inc., Sr. Unsecd. Note, 6.125%, 10/15/2019 | 15,578 | |
TOTAL | 335,379 | ||
Basic Industry - Metals & Mining—0.0% | |||
100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 04/15/2023 | 103,183 | |
Basic Industry - Paper—0.0% | |||
150,000 | 1,2,4 | Pope & Talbot, Inc., 8.375%, 12/01/2099 | 0 |
Capital Goods - Aerospace & Defense—0.1% | |||
180,000 | Lockheed Martin Corp., Sr. Unsecd. Note, 3.550%, 01/15/2026 | 178,669 | |
90,000 | 3 | Textron Financial Corp., Jr. Sub. Note, Series 144A, (3-month USLIBOR +1.735%), 4.078%, 2/15/2042 | 83,232 |
80,000 | Textron, Inc., Sr. Unsecd. Note, 4.000%, 03/15/2026 | 79,551 | |
TOTAL | 341,452 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Capital Goods - Building Materials—0.1% | |||
$130,000 | Masco Corp., Sr. Unsecd. Note, 4.375%, 04/01/2026 | $130,432 | |
185,000 | Masco Corp., Unsecd. Note, 4.450%, 4/01/2025 | 187,669 | |
TOTAL | 318,101 | ||
Capital Goods - Diversified Manufacturing—0.1% | |||
30,000 | General Electric Capital Corp., Note, Series MTNA, 6.75%, 3/15/2032 | 36,914 | |
100,000 | Roper Industries, Inc., Sr. Unsecd. Note, 6.250%, 09/01/2019 | 104,099 | |
300,000 | Valmont Industries, Inc., 5.250%, 10/01/2054 | 284,064 | |
TOTAL | 425,077 | ||
Communications - Cable & Satellite—0.1% | |||
200,000 | CCO Safari II LLC, 4.908%, 07/23/2025 | 203,668 | |
20,000 | Time Warner Cable, Inc., Company Guarantee, 8.250%, 04/01/2019 | 20,871 | |
TOTAL | 224,539 | ||
Communications - Media & Entertainment—0.2% | |||
100,000 | 21st Century Fox America, Inc., Sr. Unsecd. Note, 5.400%, 10/01/2043 | 113,160 | |
310,000 | British Sky Broadcasting Group PLC, Series 144A, 3.750%, 9/16/2024 | 311,523 | |
20,000 | Discovery Communications LLC, Sr. Unsecd. Note, 4.900%, 03/11/2026 | 20,393 | |
70,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 01/31/2046 | 73,370 | |
350,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.600%, 04/15/2026 | 334,987 | |
TOTAL | 853,433 | ||
Communications - Telecom Wireless—0.3% | |||
22,500,000 | America Movil S.A.B. de C.V., Sr. Secd. Note, 6.000%, 06/09/2019 | 1,092,473 | |
180,000 | Crown Castle International Corp., Sr. Unsecd. Note, 3.700%, 06/15/2026 | 171,730 | |
TOTAL | 1,264,203 | ||
Communications - Telecom Wirelines—0.2% | |||
300,000 | AT&T, Inc., Sr. Unsecd. Note, 5.150%, 03/15/2042 | 296,047 | |
200,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 03/15/2024 | 204,017 | |
120,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 5.250%, 03/16/2037 | 124,965 | |
TOTAL | 625,029 | ||
Consumer Cyclical - Automotive—0.1% | |||
275,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.336%, 03/18/2021 | 273,318 | |
70,000 | General Motors Co., Sr. Unsecd. Note, 4.000%, 4/01/2025 | 68,721 | |
200,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.100%, 01/15/2019 | 200,340 | |
TOTAL | 542,379 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Consumer Cyclical - Retailers—0.2% | |||
$100,000 | Advance Auto Parts, Inc., 4.500%, 12/01/2023 | $103,146 | |
300,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 04/15/2025 | 289,198 | |
107,530 | CVS Health Corp., Pass-Thru Cert., Series 144A, 5.298%, 1/11/2027 | 110,310 | |
200,000 | CVS Health Corp., Sr. Unsecd. Note, 2.875%, 06/01/2026 | 183,441 | |
120,000 | Under Armour, Inc., Sr. Unsecd. Note, 3.250%, 06/15/2026 | 106,559 | |
TOTAL | 792,654 | ||
Consumer Cyclical - Services—0.1% | |||
200,000 | Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.800%, 06/06/2023 | 193,447 | |
130,000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | 127,008 | |
TOTAL | 320,455 | ||
Consumer Non-Cyclical - Food/Beverage—0.2% | |||
210,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/01/2026 | 198,491 | |
250,000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 3.950%, 07/15/2025 | 246,558 | |
100,000 | McCormick & Co., Inc., Sr. Unsecd. Note, 3.400%, 08/15/2027 | 95,078 | |
120,000 | Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025 | 122,919 | |
70,000 | PepsiCo, Inc., Sr. Unsecd. Note, 4.450%, 04/14/2046 | 74,100 | |
TOTAL | 737,146 | ||
Consumer Non-Cyclical - Pharmaceuticals—0.0% | |||
90,000 | Gilead Sciences, Inc., Sr. Unsecd. Note, 3.650%, 3/01/2026 | 89,116 | |
Consumer Non-Cyclical - Products—0.1% | |||
270,000 | Newell Rubbermaid, Inc., Sr. Unsecd. Note, 4.20%, 04/01/2026 | 265,236 | |
Consumer Non-Cyclical - Tobacco—0.1% | |||
24,000 | Altria Group, Inc., 9.250%, 08/06/2019 | 25,771 | |
200,000 | Reynolds American, Inc., Sr. Unsecd. Note, 5.850%, 8/15/2045 | 222,855 | |
TOTAL | 248,626 | ||
Energy - Independent—0.1% | |||
375,000 | Canadian Natural Resources Ltd., 3.900%, 02/01/2025 | 373,369 | |
225,000 | Marathon Oil Corp., Sr. Unsecd. Note, 3.850%, 6/01/2025 | 222,055 | |
TOTAL | 595,424 | ||
Energy - Integrated—0.2% | |||
135,000 | BP Capital Markets PLC, 3.119%, 5/04/2026 | 129,686 | |
155,000 | Husky Energy, Inc., 4.000%, 04/15/2024 | 156,071 | |
100,000 | Husky Energy, Inc., Sr. Unsecd. Note, 3.950%, 04/15/2022 | 101,376 | |
35,000 | Petro-Canada, Deb., 7.000%, 11/15/2028 | 42,246 | |
100,000 | Petroleos Mexicanos, 6.500%, 06/02/2041 | 93,450 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Energy - Integrated—continued | |||
$150,000 | Petroleos Mexicanos, Sr. Unsecd. Note, 4.875%, 1/18/2024 | $147,360 | |
TOTAL | 670,189 | ||
Energy - Midstream—0.2% | |||
325,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 | 314,620 | |
230,000 | Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.950%, 02/15/2027 | 230,212 | |
100,000 | Kinder Morgan, Inc., 5.050%, 2/15/2046 | 97,199 | |
80,000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 03/01/2027 | 78,141 | |
55,000 | ONEOK, Inc., Sr Unsecured Note, 4.950%, 07/13/2047 | 55,684 | |
100,000 | Williams Partners LP, 4.900%, 1/15/2045 | 97,468 | |
TOTAL | 873,324 | ||
Energy - Oil Field Services—0.0% | |||
100,000 | Nabors Industries, Inc., Company Guarantee, 5.000%, 09/15/2020 | 101,500 | |
100,000 | Weatherford International Ltd., Sr. Unsecd. Note, 5.950%, 04/15/2042 | 74,750 | |
TOTAL | 176,250 | ||
Energy - Refining—0.1% | |||
250,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.750%, 9/15/2044 | 245,708 | |
25,000 | Valero Energy Corp., 9.375%, 03/15/2019 | 26,257 | |
TOTAL | 271,965 | ||
Financial Institution - Banking—0.6% | |||
250,000 | 3 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, (3-month USLIBOR +0.650%), 2.958%, 10/01/2021 | 251,651 |
100,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 4.875%, 04/01/2044 | 106,256 | |
300,000 | Bank of America Corp., Sub. Note, Series MTN, 4.000%, 1/22/2025 | 296,999 | |
300,000 | Citigroup, Inc., Sr. Unsecd. Note, 2.700%, 03/30/2021 | 295,095 | |
250,000 | Compass Bank, Birmingham, Sub. Note, Series BKNT, 3.875%, 4/10/2025 | 243,355 | |
330,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 2.875%, 7/27/2020 | 328,758 | |
5,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 5.750%, 01/24/2022 | 5,383 | |
50,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.125%, 02/15/2033 | 58,279 | |
50,000 | J.P. Morgan Chase & Co., Sub. Note, 3.375%, 05/01/2023 | 49,020 | |
100,000 | JPMorgan Chase & Co., Series S, 6.750%, 08/01/2066 | 108,280 | |
300,000 | 3 | Morgan Stanley, Sr. Unsecd. Note, (3-month USLIBOR +1.140%), 3.506%, 01/27/2020 | 304,367 |
92,930 | 2 | Regional Diversified Funding, Series 144A, 9.250%, 03/15/2030 | 56,881 |
80,000 | Regions Financial Corp., Sr. Unsecd. Note, 3.200%, 02/08/2021 | 79,871 |
Shares, Principal Amount or Contracts | 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 | $227,892 | |
50,000 | 3 | Wells Fargo & Co., Sr. Unsecd. Note, (3-month USLIBOR +1.230%), 3.589%, 10/31/2023 | 51,040 |
TOTAL | 2,463,127 | ||
Financial Institution - Broker/Asset Mgr/Exchange—0.1% | |||
140,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | 139,803 | |
95,000 | Jefferies Group LLC, Sr. Unsecd. Note, 8.500%, 07/15/2019 | 100,533 | |
240,000 | Stifel Financial Corp., Sr. Unsecd. Note, 3.500%, 12/01/2020 | 240,554 | |
70,000 | TIAA Asset Management Finance Co., LLC, Sr. Unsecd. Note, Series 144A, 4.125%, 11/01/2024 | 70,445 | |
TOTAL | 551,335 | ||
Financial Institution - Finance Companies—0.1% | |||
210,000 | AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.95%, 02/01/2022 | 210,608 | |
Financial Institution - Insurance - Life—0.3% | |||
27,000 | Aflac, Inc., Sr. Unsecd. Note, 6.450%, 08/15/2040 | 33,664 | |
400,000 | American International Group, Inc., Unsecd. Note, 3.875%, 01/15/2035 | 362,475 | |
325,000 | Mass Mutual Global Funding II, Series 144A, 2.000%, 04/15/2021 | 315,456 | |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/01/2039 | 15,588 | |
100,000 | Principal Life Global Funding II, Series 144A, 2.200%, 04/08/2020 | 98,735 | |
200,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 4.600%, 05/15/2044 | 207,609 | |
TOTAL | 1,033,527 | ||
Financial Institution - Insurance - P&C—0.1% | |||
300,000 | Liberty Mutual Group, Inc., Sr. Unsecd. Note, Series 144A, 6.500%, 03/15/2035 | 364,582 | |
30,000 | Nationwide Mutual Insurance Co., Sub. Note, Series 144A, 9.375%, 08/15/2039 | 47,585 | |
TOTAL | 412,167 | ||
Financial Institution - REIT - Apartment—0.1% | |||
195,000 | Avalonbay Communities, Inc., Sr. Unsecd. Note, Series MTN, 3.35%, 05/15/2027 | 187,172 | |
300,000 | Mid-America Apartment Communities LP, Sr. Unsecd. Note, 3.750%, 06/15/2024 | 296,933 | |
140,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 09/01/2026 | 129,046 | |
TOTAL | 613,151 | ||
Financial Institution - REIT - Healthcare—0.0% | |||
100,000 | Health Care REIT, Inc., Sr. Unsecd. Note, 4.125%, 04/01/2019 | 100,769 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Financial Institution - REIT - Office—0.1% | |||
$100,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.95%, 01/15/2028 | $97,058 | |
300,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 4.500%, 07/30/2029 | 302,656 | |
TOTAL | 399,714 | ||
Financial Institution - REIT - Other—0.0% | |||
160,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 04/01/2024 | 162,638 | |
Financial Institution - REIT - Retail—0.0% | |||
30,000 | Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/01/2022 | 29,683 | |
Foreign-Local-Government—0.0% | |||
50,000 | Quebec, Province of, Note, Series MTNA, 7.035%, 03/10/2026 | 61,369 | |
Municipal Services—0.1% | |||
136,548 | Army Hawaii Family Housing, Series 144A, 5.524%, 6/15/2050 | 155,125 | |
100,000 | Camp Pendleton & Quantico Housing LLC, 5.572%, 10/01/2050 | 112,686 | |
TOTAL | 267,811 | ||
Sovereign—0.1% | |||
30,000,000 | KfW, 2.050%, 02/16/2026 | 320,393 | |
Technology—0.5% | |||
300,000 | Adobe Systems, Inc., Sr. Unsecd. Note, 3.250%, 02/01/2025 | 296,690 | |
270,000 | Automatic Data Processing, Inc., 3.375%, 9/15/2025 | 268,556 | |
320,000 | Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr. Secd. Note, Series 144A, 6.020%, 06/15/2026 | 338,021 | |
125,000 | Equifax, Inc., Sr. Unsecd. Note, 2.300%, 06/01/2021 | 120,734 | |
28,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.875%, 06/05/2024 | 28,135 | |
150,000 | Hewlett Packard Enterprise Co., Sr. Unsecd. Note, 3.600%, 10/15/2020 | 151,190 | |
300,000 | Keysight Technologies, Inc., 4.550%, 10/30/2024 | 306,683 | |
380,000 | Molex Electronics Technologies LLC, Unsecd. Note, Series 144A, 3.900%, 4/15/2025 | 375,998 | |
70,000 | Total System Services, Inc., Sr. Unsecd. Note, 4.800%, 04/01/2026 | 72,853 | |
TOTAL | 1,958,860 | ||
Transportation - Railroads—0.0% | |||
140,000 | Burlington Northern Santa Fe Corp., Sr. Unsecd. Note, 4.150%, 4/01/2045 | 139,264 | |
Transportation - Services—0.2% | |||
62,000 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, Series 144A, 3.850%, 11/15/2024 | 62,092 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Transportation - Services—continued | |||
$100,000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Series 144A, 2.500%, 06/15/2019 | $99,493 | |
335,000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, Series 144A, 3.375%, 2/01/2022 | 333,201 | |
100,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.450%, 11/15/2018 | 99,959 | |
140,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.800%, 03/01/2022 | 137,096 | |
TOTAL | 731,841 | ||
Utility - Electric—0.6% | |||
130,000 | Ameren Corp., Sr. Unsecd. Note, 3.650%, 2/15/2026 | 126,540 | |
120,000 | Duke Energy Corp., Sr. Unsecd. Note, 2.650%, 09/01/2026 | 109,155 | |
190,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 06/15/2046 | 189,290 | |
270,000 | EverSource Energy, Sr. Unsecd. Note, 3.350%, 03/15/2026 | 261,182 | |
300,000 | Exelon Corp., Sr. Unsecd. Note, 3.400%, 04/15/2026 | 287,423 | |
100,000 | Indiana Michigan Power Co., Sr. Unsecd. Note, Series K, 4.550%, 03/15/2046 | 105,991 | |
300,000 | National Rural Utilities Cooperative Finance Corp., 2.000%, 01/27/2020 | 295,942 | |
140,000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub., 5.250%, 04/20/2046 | 145,284 | |
200,000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 2.400%, 09/15/2019 | 198,839 | |
200,000 | NiSource Finance Corp., Sr. Unsecd. Note, 3.950%, 03/30/2048 | 186,156 | |
400,000 | Northeast Utilities, Sr. Unsecd. Note, Series H, 3.150%, 1/15/2025 | 386,497 | |
40,000 | Progress Energy, Inc., 7.050%, 03/15/2019 | 41,308 | |
125,000 | Wisconsin Electric Power Co., Sr. Unsecd. Note, 4.300%, 12/15/2045 | 126,924 | |
TOTAL | 2,460,531 | ||
Utility - Natural Gas—0.1% | |||
200,000 | Sempra Energy, Sr. Unsecd. Note, 2.850%, 11/15/2020 | 197,980 | |
300,000 | Sempra Energy, Sr. Unsecd. Note, 3.550%, 06/15/2024 | 296,117 | |
TOTAL | 494,097 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $22,876,428) | 22,484,045 | ||
MORTGAGE-BACKED SECURITIES—0.0% | |||
1,805 | Federal Home Loan Mortgage Corp. Pool C00592, 7.000%, 3/1/2028 | 2,020 | |
1,147 | Federal Home Loan Mortgage Corp. Pool C00896, 7.500%, 12/1/2029 | 1,308 | |
1,191 | Federal Home Loan Mortgage Corp. Pool C17281, 6.500%, 11/1/2028 | 1,312 | |
1,794 | Federal Home Loan Mortgage Corp. Pool C19588, 6.500%, 12/1/2028 | 1,990 | |
927 | Federal Home Loan Mortgage Corp. Pool C25621, 6.500%, 5/1/2029 | 1,031 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
MORTGAGE-BACKED SECURITIES—continued | |||
$2,101 | Federal Home Loan Mortgage Corp. Pool C76361, 6.000%, 2/1/2033 | $2,339 | |
654 | Federal Home Loan Mortgage Corp. Pool E01545, 5.000%, 15 Year, 1/1/2019 | 657 | |
110 | Federal Home Loan Mortgage Corp. Pool E99510, 5.500%, 9/1/2018 | 111 | |
2,567 | Federal Home Loan Mortgage Corp. Pool G01444, 6.500%, 8/1/2032 | 2,862 | |
1,794 | Federal National Mortgage Association Pool 251697, 6.500%, 30 Year, 5/1/2028 | 1,981 | |
7,238 | Federal National Mortgage Association Pool 252334, 6.500%, 30 Year, 2/1/2029 | 7,894 | |
36 | Federal National Mortgage Association Pool 254802, 4.500%, 7/1/2018 | 36 | |
4,365 | Federal National Mortgage Association Pool 254905, 6.000%, 10/1/2033 | 4,842 | |
6,818 | Federal National Mortgage Association Pool 255075, 5.500%, 2/1/2024 | 7,325 | |
975 | Federal National Mortgage Association Pool 255079, 5.000%, 2/1/2019 | 981 | |
565 | Federal National Mortgage Association Pool 303168, 9.500%, 30 Year, 2/1/2025 | 637 | |
312 | Federal National Mortgage Association Pool 323159, 7.500%, 4/1/2028 | 350 | |
3,059 | Federal National Mortgage Association Pool 323640, 7.500%, 4/1/2029 | 3,430 | |
206 | Federal National Mortgage Association Pool 428865, 7.000%, 6/1/2028 | 209 | |
6,681 | Federal National Mortgage Association Pool 545993, 6.000%, 11/1/2032 | 7,414 | |
2,776 | Federal National Mortgage Association Pool 555272, 6.000%, 3/1/2033 | 3,079 | |
2,076 | Federal National Mortgage Association Pool 713974, 5.500%, 7/1/2033 | 2,271 | |
5,087 | Federal National Mortgage Association Pool 721502, 5.000%, 7/1/2033 | 5,423 | |
6,524 | Government National Mortgage Association Pool 2796, 7.000%, 8/20/2029 | 7,363 | |
3,711 | Government National Mortgage Association Pool 3040, 7.000%, 2/20/2031 | 4,207 | |
9,200 | Government National Mortgage Association Pool 3188, 6.500%, 1/20/2032 | 10,339 | |
13,088 | Government National Mortgage Association Pool 3239, 6.500%, 5/20/2032 | 14,749 | |
364 | Government National Mortgage Association Pool 352214, 7.000%, 4/15/2023 | 391 | |
1,983 | Government National Mortgage Association Pool 451522, 7.500%, 30 Year, 10/15/2027 | 2,262 | |
1,283 | Government National Mortgage Association Pool 462556, 6.500%, 2/15/2028 | 1,405 | |
327 | Government National Mortgage Association Pool 462739, 7.500%, 5/15/2028 | 373 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
MORTGAGE-BACKED SECURITIES—continued | |||
$180 | Government National Mortgage Association Pool 464835, 6.500%, 9/15/2028 | $201 | |
3,528 | Government National Mortgage Association Pool 469699, 7.000%, 11/15/2028 | 3,970 | |
3,013 | Government National Mortgage Association Pool 486760, 6.500%, 12/15/2028 | 3,348 | |
327 | Government National Mortgage Association Pool 780339, 8.000%, 30 Year, 12/15/2023 | 357 | |
3,427 | Government National Mortgage Association Pool 780453, 7.500%, 30 Year, 12/15/2025 | 3,816 | |
2,864 | Government National Mortgage Association Pool 780584, 7.000%, 30 Year, 6/15/2027 | 3,176 | |
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $104,927) | 115,459 | ||
FOREIGN GOVERNMENTS/AGENCIES—5.6% | |||
Sovereign—5.6% | |||
700,000 | Australia, Government of, Sr. Unsecd. Note, Series 148, 2.750%, 11/21/2027 | 532,583 | |
390,000 | Belgium, Government of, Series 68, 2.250%, 6/22/2023 | 510,350 | |
680,000 | Belgium, Government of, Series 74, 0.800%, 6/22/2025 | 821,829 | |
200,000 | Canada, Government of, Bond, 3.250%, 6/01/2021 | 159,784 | |
480,000 | Canada, Government of, Series WL43, 5.750%, 06/01/2029 | 496,007 | |
936,000 | France, Government of, 0.500%, 05/25/2025 | 1,114,063 | |
620,000 | France, Government of, 3.250%, 10/25/2021 | 814,328 | |
350,000 | France, Government of, Bond, 4.500%, 04/25/2041 | 664,063 | |
300,000 | Germany, Government of, Bond, Series 03, 4.750%, 7/04/2034 | 569,406 | |
540,000 | Germany, Government of, Unsecd. Note, 1.000%, 08/15/2025 | 676,133 | |
200,000 | Italy, Government of, 2.500%, 5/01/2019 | 236,983 | |
1,000,000 | Italy, Government of, 3.750%, 5/01/2021 | 1,241,721 | |
220,000 | Italy, Government of, 4.250%, 3/01/2020 | 270,456 | |
1,280,000 | Italy, Government of, Sr. Unsecd. Note, 0.650%, 10/15/2023 | 1,378,963 | |
500,000 | Italy, Government of, Unsecd. Note, 1.600%, 06/01/2026 | 540,779 | |
58,000 | Italy, Government of, Unsecd. Note, 3.250%, 9/01/2046 | 67,497 | |
134,000,000 | Japan (20 Year Issue), Series 43, 2.900%, 09/20/2019 | 1,280,357 | |
100,000,000 | Japan, Government of, Series 313, 1.300%, 3/20/2021 | 956,244 | |
60,000,000 | Japan, Government of, Series 65, 1.900%, 12/20/2023 | 612,344 | |
142,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 114, 2.100%, 12/20/2029 | 1,601,662 | |
95,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 153, 1.300%, 06/20/2035 | 1,006,082 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
FOREIGN GOVERNMENTS/AGENCIES—continued | |||
Sovereign—continued | |||
$110,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 44, 1.700%, 9/20/2044 | $1,264,962 | |
30,000 | Mexico, Government of, Series MTNA, 6.750%, 09/27/2034 | 35,423 | |
350,000 | Netherlands, Government of, 1.750%, 7/15/2023 | 449,258 | |
255,000 | Queensland Treasury Corp., Sr. Unsecd. Note, 4.000%, 06/21/2019 | 196,827 | |
535,000 | Spain, Government of, 2.750%, 4/30/2019 | 641,865 | |
260,000 | Spain, Government of, Sr. Unsecd. Note, 1.950%, 7/30/2030 | 311,064 | |
880,000 | Spain, Government of, Sr. Unsecd. Note, 2.750%, 10/31/2024 | 1,146,887 | |
400,000 | Spain, Government of, Sr. Unsub., 4.000%, 4/30/2020 | 503,251 | |
170,000 | United Kingdom, Government of, 2.750%, 9/07/2024 | 250,008 | |
310,000 | United Kingdom, Government of, 3.250%, 1/22/2044 | 543,344 | |
550,000 | United Kingdom, Government of, 4.250%, 12/07/2027 | 929,601 | |
330,000 | United Kingdom, Government of, Unsecd. Note, 4.250%, 6/07/2032 | 589,044 | |
TOTAL FOREIGN GOVERNMENTS/AGENCIES (IDENTIFIED COST $21,344,103) | 22,413,168 | ||
U.S. TREASURY—1.5% | |||
220,866 | U.S. Treasury Inflation-Protected Bond, 0.750%, 2/15/2042 | 212,986 | |
1,065,570 | U.S. Treasury Inflation-Protected Note, 0.125%, 4/15/2020 | 1,056,430 | |
315,858 | U.S. Treasury Inflation-Protected Note, 0.125%, 4/15/2021 | 311,479 | |
25,652 | U.S. Treasury Inflation-Protected Note, 0.125%, 4/15/2022 | 25,156 | |
5,100 | U.S. Treasury Inflation-Protected Note, 0.375%, 7/15/2027 | 4,943 | |
101,164 | U.S. Treasury Inflation-Protected Note, 0.500%, 1/15/2028 | 98,591 | |
81,000 | United States Treasury Bond, 2.500%, 5/15/2046 | 73,113 | |
275,000 | United States Treasury Bond, 2.750%, 8/15/2047 | 260,673 | |
3,000 | United States Treasury Bond, 3.000%, 11/15/2045 | 2,993 | |
75,000 | United States Treasury Bond, 3.000%, 2/15/2048 | 74,762 | |
175,000 | United States Treasury Bond, 3.125%, 5/15/2048 | 178,746 | |
100,000 | United States Treasury Bond, 4.375%, 2/15/2038 | 121,609 | |
825,000 | United States Treasury Note, 1.500%, 4/15/2020 | 811,116 | |
1,250,000 | United States Treasury Note, 2.250%, 11/15/2027 | 1,186,761 | |
100,000 | United States Treasury Note, 2.500%, 5/31/2020 | 100,145 | |
30,000 | United States Treasury Note, 2.500%, 1/31/2025 | 29,538 | |
250,000 | United States Treasury Note, 2.750%, 2/15/2028 | 247,652 | |
170,000 | United States Treasury Note, 2.875%, 4/30/2025 | 171,151 | |
800,000 | United States Treasury Note, 2.875%, 5/31/2025 | 805,438 | |
225,000 | United States Treasury Note, 2.875%, 5/15/2028 | 225,475 | |
TOTAL U.S. TREASURY (IDENTIFIED COST $6,029,750) | 5,998,757 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
EXCHANGE-TRADED FUND—8.5% | |||
617,849 | iShares Core MSCI Emerging Markets ETF (IDENTIFIED COST $28,122,516) | $34,309,155 | |
PURCHASED CALL OPTION—0.0% | |||
1,509,040 | Bank of America Merrill Lynch EUR CALL/USD PUT, Notional Amount $1,509,040, Exercise Price $1.161, Expiration Date 6/27/2018 (IDENTIFIED COST $14,321) | 20,970 | |
INVESTMENT COMPANIES—11.4% | |||
2,519,616 | Emerging Markets Core Fund | 24,037,133 | |
213,721 | Federated Bank Loan Core Fund | 2,152,170 | |
1,264,416 | Federated Mortgage Core Portfolio | 12,125,751 | |
509,384 | Federated Project and Trade Finance Core Fund | 4,620,109 | |
506,044 | High Yield Bond Portfolio | 3,142,535 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $46,924,406) | 46,077,698 | ||
TOTAL INVESTMENT IN SECURITIES—97.7% (IDENTIFIED COST $339,766,665)5 | 394,293,812 | ||
OTHER ASSETS AND LIABILITIES-NET—2.3%6 | 9,457,934 | ||
TOTAL NET ASSETS—100% | $403,751,746 |
Settlement Date | Counterparty | Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
Contracts Purchased: | ||||
6/1/2018 | Credit Agricole CIB | 1,331,000 AUD | $1,000,571 | $5,998 |
6/1/2018 | BNP Paribas SA | 20,468,000 CAD | $15,695,828 | $90,074 |
6/1/2018 | State Street Bank & Trust Co. | 1,297,000 CHF | $1,300,280 | $15,670 |
6/1/2018 | Bank of America N.A. | 6,288,000 EUR | $7,399,278 | $(48,288) |
6/1/2018 | Bank of New York Mellon | 1,187,000 GBP | $1,572,216 | $5,723 |
6/1/2018 | Bank of New York Mellon | 1,506,608,000 JPY | $13,833,730 | $15,680 |
6/1/2018 | Goldman Sachs | 12,717,000 NZD | $8,801,656 | $97,699 |
6/1/2018 | Barclays Bank PLC | 63,932,000 SEK | $7,147,951 | $101,315 |
6/1/2018 | Citibank N.A. | 26,724,000 SGD | $19,897,119 | $63,294 |
6/8/2018 | BNP Paribas SA | 389,000 CAD | $298,345 | $1,707 |
6/8/2018 | Bank of New York Mellon | 2,179,000 GBP | $2,886,970 | $10,145 |
6/19/2018 | Citibank N.A. | 865,880,000 KRW | $806,896 | $(3,258) |
6/19/2018 | Citibank N.A. | 7,683,480,000 KRW | $7,144,300 | $(13,129) |
6/19/2018 | Citibank N.A. | 10,686,383,000 KRW | $10,037,390 | $(119,173) |
6/19/2018 | Citibank N.A. | 12,444,471,000 KRW | $11,831,594 | $(281,665) |
Settlement Date | Counterparty | Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
Contracts Purchased: (continued) | ||||
6/19/2018 | Citibank N.A. | 14,218,380,000 KRW | $13,159,562 | $36,763 |
7/3/2018 | BNP Paribas SA | 1,988,750 BRL | 475,414 EUR | $(24,487) |
7/9/2018 | Barclays Bank PLC | 50,000,000 INR | $763,709 | $(25,616) |
7/9/2018 | JPMorgan Chase | 300,000 NZD | $218,093 | $(8,149) |
7/9/2018 | Barclays Bank PLC | 700,000 NZD | $504,978 | $(15,110) |
8/2/2018 | Credit Agricole CIB | 1,300,000 AUD | 1,422,573 NZD | $(12,028) |
8/2/2018 | Credit Agricole CIB | 420,000 EUR | 1,802,110 PLN | $4,910 |
8/2/2018 | JPMorgan Chase | 690,000 EUR | 2,973,529 PLN | $4,566 |
8/2/2018 | Citibank N.A. | 690,000 EUR | 2,986,056 PLN | $1,172 |
8/2/2018 | Barclays Bank PLC | 300,000 EUR | 3,075,812 SEK | $1,929 |
8/2/2018 | Barclays Bank PLC | 340,000 EUR | 3,595,405 SEK | $(10,286) |
8/2/2018 | Barclays Bank PLC | 800,000 EUR | 8,274,474 SEK | $(3,093) |
8/2/2018 | JPMorgan Chase | 57,200,227 JPY | 700,000 SGD | $4,480 |
8/2/2018 | State Street Bank & Trust Co. | 54,339,665 JPY | $500,000 | $1,539 |
8/2/2018 | JPMorgan Chase | 108,643,300 JPY | $1,000,000 | $2,746 |
8/2/2018 | Goldman Sachs | 3,823,023 NOK | 350,000 GBP | $1,676 |
8/2/2018 | JPMorgan Chase | 6,562,984 NOK | 600,000 GBP | $4,003 |
8/2/2018 | Bank of New York Mellon | 1,697,878 PLN | 350,000 GBP | $(6,545) |
8/7/2018 | JPMorgan Chase | 770,000 EUR | $932,468 | $(27,871) |
Contracts Sold: | ||||
6/1/2018 | State Street Bank & Trust Co. | 1,331,000 AUD | $1,001,765 | $(4,804) |
6/1/2018 | Bank of New York Mellon | 20,468,000 CAD | $15,922,829 | $136,927 |
6/1/2018 | Citibank N.A. | 1,297,000 CHF | $1,299,563 | $(16,387) |
6/1/2018 | Credit Agricole CIB | 6,288,000 EUR | $7,264,369 | $(86,621) |
6/1/2018 | Bank of New York Mellon | 1,187,000 GBP | $1,594,746 | $16,807 |
6/1/2018 | State Street Bank & Trust Co. | 1,506,608,000 JPY | $13,545,306 | $(304,103) |
6/1/2018 | JPMorgan Chase | 12,717,000 NZD | $8,787,418 | $(111,937) |
6/1/2018 | Barclays Bank PLC | 63,932,000 SEK | $7,338,400 | $89,134 |
6/1/2018 | Barclays Bank PLC | 26,724,000 SGD | $19,836,993 | $(123,421) |
6/8/2018 | Barclays Bank PLC | 28,602,000 AUD | $21,462,781 | $(167,912) |
6/8/2018 | State Street Bank & Trust Co. | 2,576,000 CHF | $2,583,924 | $(30,501) |
6/8/2018 | Credit Agricole CIB | 14,751,000 EUR | $17,010,248 | $(238,883) |
6/8/2018 | Bank of New York Mellon | 701,120,000 JPY | $6,440,294 | $(6,152) |
6/8/2018 | Citibank N.A. | 3,180,000 NZD | $2,200,909 | $(24,427) |
6/8/2018 | Barclays Bank PLC | 146,187,000 SEK | $16,352,470 | $(228,245) |
6/19/2018 | Citibank N.A. | 534,700,000 KRW | $500,571 | $4,307 |
6/19/2018 | State Street Bank & Trust Co. | 3,931,452,000 KRW | $3,702,978 | $54,130 |
6/19/2018 | Citibank N.A. | 7,380,378,000 KRW | $6,914,286 | $64,429 |
Settlement Date | Counterparty | Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
Contracts Sold: (continued) | ||||
6/19/2018 | Citibank N.A. | 7,653,161,000 KRW | $7,086,654 | $(16,377) |
6/19/2018 | Citibank N.A. | 10,776,300,000 KRW | $9,942,062 | $(59,609) |
6/19/2018 | Citibank N.A. | 13,859,950,000 KRW | $12,946,449 | $82,789 |
6/19/2018 | Citibank N.A. | 15,289,140,000 KRW | $14,313,262 | $123,146 |
7/3/2018 | BNP Paribas SA | 1,988,750 BRL | 469,830 EUR | $17,944 |
7/9/2018 | Barclays Bank PLC | 50,000,000 INR | $756,258 | $18,166 |
7/9/2018 | Barclays Bank PLC | 1,000,000 NZD | $727,750 | $27,938 |
8/2/2018 | Bank of New York Mellon | 1,300,000 AUD | 1,412,756 NZD | $5,157 |
8/2/2018 | Bank of New York Mellon | 500,000 EUR | 2,127,003 PLN | $(10,822) |
8/2/2018 | Citibank N.A. | 1,800,000 EUR | 7,752,253 PLN | $(13,207) |
8/2/2018 | Citibank N.A. | 340,000 EUR | 3,550,934 SEK | $5,220 |
8/2/2018 | JPMorgan Chase | 1,200,000 EUR | 12,365,977 SEK | $(570) |
8/2/2018 | JPMorgan Chase | 770,000 EUR | $928,316 | $24,059 |
8/2/2018 | Citibank N.A. | 56,803,040 JPY | 700,000 SGD | $(814) |
8/2/2018 | Citibank N.A. | 4,330,714 NOK | 400,000 GBP | $2,795 |
8/2/2018 | Credit Agricole CIB | 1,700,188 PLN | 350,000 GBP | $5,919 |
8/7/2018 | JPMorgan Chase | 770,000 EUR | $936,660 | $32,065 |
NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS | $(861,469) |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
1Amsterdam Index Long Futures | 36 | $4,647,958 | June 2018 | $(62,392) |
1Australia 10-Year Bond Long Futures | 141 | $13,756,004 | June 2018 | $275,370 |
1CAC 40 10 Euro Short Futures | 72 | $4,526,751 | June 2018 | $112,607 |
1Canada 10-Year Bond Long Futures | 94 | $9,855,283 | September 2018 | $142,156 |
1DAX Index Short Futures | 10 | $3,686,016 | June 2018 | $113,342 |
1Euro BTP Long Futures | 27 | $3,983,739 | June 2018 | $(160,202) |
1Euro Bund Short Futures | 171 | $32,413,026 | June 2018 | $(306,516) |
1FTSE 100 Index Short Futures | 192 | $19,576,549 | June 2018 | $209,189 |
1FTSE JSE Top 40 Short Futures | 311 | $12,207,422 | June 2018 | $172,349 |
1FTSE/MIB Index Long Futures | 197 | $25,075,386 | June 2018 | $(1,604,720) |
1Hang Seng Index Long Futures | 84 | $16,331,013 | June 2018 | $(13,816) |
1IBEX 35 Index Short Futures | 26 | $2,871,476 | June 2018 | $236,457 |
1Japan 10-Year Bond Short Futures | 8 | $11,102,266 | June 2018 | $(21,849) |
1KOSPI2 Index Short Futures | 185 | $13,313,581 | June 2018 | $336,704 |
1Long GILT Long Futures | 24 | $3,938,919 | September 2018 | $43,048 |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
1MSCI Singapore IX ETS Short Futures | 447 | $13,070,956 | June 2018 | $357,457 |
1MSCI Taiwan Index Long Futures | 141 | $5,568,090 | June 2018 | $(56,400) |
1S&P 500 E-Mini Long Futures | 147 | $19,885,425 | June 2018 | $355,044 |
1S&P/TSX 60 IX Short Futures | 139 | $20,353,648 | June 2018 | $(66,874) |
1SPI 200 Short Futures | 34 | $3,867,160 | June 2018 | $17,910 |
1Swiss Market Index Long Futures | 182 | $15,609,233 | June 2018 | $(785,445) |
1TOPIX Index Long Futures | 31 | $4,971,228 | June 2018 | $(162,400) |
1United States Treasury Long Bond Long Futures | 5 | $725,625 | September 2018 | $18,739 |
1United States Treasury Notes 10-Year Short Futures | 113 | $13,609,438 | September 2018 | $(12,700) |
1United States Treasury Notes 10-Year Ultra Short Futures | 25 | $3,208,594 | September 2018 | $(40,122) |
1United States Treasury Notes 2-Year Long Futures | 52 | $11,036,188 | September 2018 | $25,847 |
1United States Treasury Notes 5-Year Long Futures | 40 | $4,555,625 | September 2018 | $32,723 |
1United States Treasury Ultra Bond Long Futures | 8 | $1,276,000 | September 2018 | $40,002 |
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $(804,492) |
Balance of Shares Held 11/31/ 2017 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 5/31/ 2018 | Value | Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss) | Dividend Income | |
Financials: | ||||||||
Hamilton Lane, Inc. | — | 288 | (6) | 282 | $13,186 | $— | $22 | $76 |
Health Care: | ||||||||
Corcept Therapeutics, Inc. | 493 | 1,952 | (63) | 2,382 | $44,067 | $7,120 | $121 | $— |
Dyax Corp. | 1200 | — | — | 1200 | $2,916 | $36 | $— | $— |
TOTAL OF AFFILIATED TRANSACTIONS | 1,693 | 2,240 | (69) | 3,864 | $60,169 | $7,156 | $143 | $76 |
Affiliates | Balance of Shares Held 11/30/2017 | Purchases/ Additions | Sales/ Reductions |
Emerging Markets Core Fund | 3,335,878 | 87,235 | (903,497) |
Federated Bank Loan Core Fund | 275,758 | 6,026 | (68,063) |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | — | 47,673,738 | (47,673,738) |
Federated Mortgage Core Portfolio | 1,488,261 | 262,844 | (486,689) |
Federated Project and Trade Finance Core Fund | 498,315 | 11,069 | — |
High Yield Bond Portfolio | 761,390 | 17,539 | (272,885) |
TOTAL OF AFFILIATED TRANSACTIONS | 6,359,602 | 48,058,451 | (49,404,872) |
Balance of Shares Held 5/31/2018 | Value | Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss) | Dividend Income | Gain Distribution Received |
2,519,616 | $24,037,133 | $(1,242,439) | $(452,572) | $827,188 | $39,082 |
213,721 | $2,152,170 | $(3,002) | $3,459 | $60,870 | $— |
— | $— | $— | $342 | $23,289 | $— |
1,264,416 | $12,125,751 | $(152,425) | $(67,387) | $174,521 | $— |
509,384 | $4,620,109 | $(14,895) | $— | $100,340 | $— |
506,044 | $3,142,535 | $(232,798) | $128,929 | $110,567 | $— |
5,013,181 | $46,077,698 | $(1,645,559) | $(387,229) | $1,296,775 | $39,082 |
1 | Non-income-producing security. |
2 | Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established by and under the general supervision of the Trustees. |
3 | Floating/variable note with current rate and current maturity or next reset date shown. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
4 | Issuer in default. |
5 | Also represents cost for federal tax purposes. |
6 | 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 | $147,347,038 | $— | $2,916 | $147,349,954 |
International | 15,784,540 | 96,800,783 | — | 112,585,323 |
Debt Securities: | ||||
Asset-Backed Securities | — | 993,913 | — | 993,913 |
Commercial Mortgage-Backed Securities | — | 144,115 | — | 144,115 |
Collateralized Mortgage Obligations | — | 1,801,255 | — | 1,801,255 |
Corporate Bonds | — | 22,427,164 | 56,881 | 22,484,045 |
Mortgage-Backed Securities | — | 115,459 | — | 115,459 |
Foreign Governments/Agencies | — | 22,413,168 | — | 22,413,168 |
U.S. Treasury | — | 5,998,757 | — | 5,998,757 |
Exchange-Traded Funds | 34,309,155 | — | — | 34,309,155 |
Purchased Call Options | 20,970 | — | — | 20,970 |
Investment Companies1 | — | — | — | 46,077,698 |
TOTAL SECURITIES | $197,461,703 | $150,694,614 | $59,797 | $394,293,812 |
Other Financial Instruments | ||||
Assets | ||||
Foreign-Exchange Contracts | $— | $1,182,021 | $— | $1,182,021 |
Futures Contracts | 2,488,944 | — | — | 2,488,944 |
Liabilities | ||||
Foreign-Exchange Contracts | — | (2,043,490) | — | (2,043,490) |
Futures Contracts | (3,293,436) | — | — | (3,293,436) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $(804,492) | $(861,469) | $— | $(1,665,961) |
1 | As permitted by U.S. generally accepted accounting principles (GAAP), Investment Companies valued at $46,077,698 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 |
BKNT | —Bank Notes |
BRL | —Brazilian Real |
CAD | —Canadian Dollar |
CHF | —Swiss Franc |
CVR | —Contingent Value Right |
ETF | —Exchange-Traded Fund |
EUR | —Euro Currency |
GBP | —British Pound |
GDR | —Global Depository Receipt |
INR | —Indonesian Rupiah |
JPY | —Japanese Yen |
KRW | —South Korean Won |
LIBOR | —London Interbank Offered Rate |
MTN | —Medium Term Note |
NOK | —Norwegian Krone |
NZD | —New Zealand Dollar |
PLN | —Polish Zloty |
REIT | —Real Estate Investment Trust |
SEK | —Swedish Krona |
SGD | —Singapore Dollar |
USD | —United States Dollar |
Six Months Ended (unaudited) 5/31/2018 | Year Ended November 30, | |||||
2017 | 2016 | 2015 | 2014 | 2013 | ||
Net Asset Value, Beginning of Period | $20.09 | $17.49 | $17.87 | $20.29 | $21.47 | $18.68 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.17 | 0.28 | 0.29 | 0.27 | 0.18 | 0.17 |
Net realized and unrealized gain (loss) | (0.14) | 2.63 | (0.37) | (0.80) | 1.10 | 3.07 |
TOTAL FROM INVESTMENT OPERATIONS | 0.03 | 2.91 | (0.08) | (0.53) | 1.28 | 3.24 |
Less Distributions: | ||||||
Distributions from net investment income | (0.17) | (0.31) | (0.29) | (0.17) | (0.12) | (0.16) |
Distributions from net realized gain | — | — | (0.01) | (1.72) | (2.34) | (0.29) |
TOTAL DISTRIBUTIONS | (0.17) | (0.31) | (0.30) | (1.89) | (2.46) | (0.45) |
Redemption Fees | — | — | — | — | 0.002 | — |
Net Asset Value, End of Period | $19.95 | $20.09 | $17.49 | $17.87 | $20.29 | $21.47 |
Total Return3 | 0.12% | 16.85% | (0.68)% | (2.80)% | 6.53% | 17.73% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.15%4 | 1.14% | 1.14% | 1.16% | 1.14% | 1.17% |
Net investment income | 1.66%4 | 1.50% | 1.65% | 1.45% | 0.93% | 0.88% |
Expense waiver/reimbursement5 | 0.12%4 | 0.18% | 0.17% | 0.13% | 0.10% | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $160,062 | $169,424 | $169,443 | $187,183 | $196,067 | $193,678 |
Portfolio turnover | 26% | 58% | 105% | 76% | 100% | 106% |
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) 5/31/2018 | Year Ended November 30, | |||||
2017 | 2016 | 2015 | 2014 | 2013 | ||
Net Asset Value, Beginning of Period | $19.58 | $17.06 | $17.43 | $19.86 | $21.17 | $18.46 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.08 | 0.13 | 0.14 | 0.12 | 0.02 | 0.01 |
Net realized and unrealized gain (loss) | (0.13) | 2.55 | (0.35) | (0.78) | 1.07 | 3.04 |
TOTAL FROM INVESTMENT OPERATIONS | (0.05) | 2.68 | (0.21) | (0.66) | 1.09 | 3.05 |
Less Distributions: | ||||||
Distributions from net investment income | (0.08) | (0.16) | (0.15) | (0.05) | (0.06) | (0.05) |
Distributions from net realized gain | — | — | (0.01) | (1.72) | (2.34) | (0.29) |
TOTAL DISTRIBUTIONS | (0.08) | (0.16) | (0.16) | (1.77) | (2.40) | (0.34) |
Redemption Fees | — | — | — | — | 0.002 | — |
Net Asset Value, End of Period | $19.45 | $19.58 | $17.06 | $17.43 | $19.86 | $21.17 |
Total Return3 | (0.24)% | 15.84% | (1.46)% | (3.59)% | 5.67% | 16.82% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.96%4 | 1.95% | 1.95% | 1.97% | 1.95% | 1.99% |
Net investment income | 0.84%4 | 0.70% | 0.85% | 0.64% | 0.12% | 0.06% |
Expense waiver/reimbursement5 | 0.13%4 | 0.20% | 0.18% | 0.12% | 0.10% | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $12,052 | $14,342 | $16,037 | $21,384 | $26,163 | $30,675 |
Portfolio turnover | 26% | 58% | 105% | 76% | 100% | 106% |
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) 5/31/2018 | Year Ended November 30, | |||||
2017 | 2016 | 2015 | 2014 | 2013 | ||
Net Asset Value, Beginning of Period | $19.51 | $17.00 | $17.37 | $19.80 | $21.11 | $18.40 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.09 | 0.14 | 0.15 | 0.13 | 0.03 | 0.02 |
Net realized and unrealized gain (loss) | (0.13) | 2.55 | (0.35) | (0.78) | 1.07 | 3.03 |
TOTAL FROM INVESTMENT OPERATIONS | (0.04) | 2.69 | (0.20) | (0.65) | 1.10 | 3.05 |
Less Distributions: | ||||||
Distributions from net investment income | (0.09) | (0.18) | (0.16) | (0.06) | (0.07) | (0.05) |
Distributions from net realized gain | — | — | (0.01) | (1.72) | (2.34) | (0.29) |
TOTAL DISTRIBUTIONS | (0.09) | (0.18) | (0.17) | (1.78) | (2.41) | (0.34) |
Redemption Fees | — | — | — | — | 0.002 | — |
Net Asset Value, End of Period | $19.38 | $19.51 | $17.00 | $17.37 | $19.80 | $21.11 |
Total Return3 | (0.20)% | 15.92% | (1.44)% | (3.55)% | 5.70% | 16.89% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.90%4 | 1.89% | 1.89% | 1.91% | 1.89% | 1.95% |
Net investment income | 0.91%4 | 0.75% | 0.91% | 0.70% | 0.17% | 0.10% |
Expense waiver/reimbursement5 | 0.14%4 | 0.21% | 0.20% | 0.15% | 0.13% | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $76,676 | $78,445 | $82,845 | $89,640 | $81,703 | $71,450 |
Portfolio turnover | 26% | 58% | 105% | 76% | 100% | 106% |
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) 5/31/2018 | Year Ended November 30, | |||||
2017 | 2016 | 2015 | 2014 | 2013 | ||
Net Asset Value, Beginning of Period | $19.94 | $17.38 | $17.74 | $20.16 | $21.40 | $18.62 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.12 | 0.20 | 0.21 | 0.19 | 0.10 | 0.09 |
Net realized and unrealized gain (loss) | (0.13) | 2.61 | (0.36) | (0.80) | 1.08 | 3.07 |
TOTAL FROM INVESTMENT OPERATIONS | (0.01) | 2.81 | (0.15) | (0.61) | 1.18 | 3.16 |
Less Distributions: | ||||||
Distributions from net investment income | (0.12) | (0.25) | (0.20) | (0.09) | (0.08) | (0.09) |
Distributions from net realized gain | — | — | (0.01) | (1.72) | (2.34) | (0.29) |
TOTAL DISTRIBUTIONS | (0.12) | (0.25) | (0.21) | (1.81) | (2.42) | (0.38) |
Redemption Fees | — | — | — | — | 0.002 | — |
Net Asset Value, End of Period | $19.81 | $19.94 | $17.38 | $17.74 | $20.16 | $21.40 |
Total Return3 | (0.05)% | 16.32% | (1.12)% | (3.26)% | 6.06% | 17.29% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.58%4 | 1.57% | 1.56% | 1.59% | 1.57% | 1.57% |
Net investment income | 1.23%4 | 1.07% | 1.24% | 1.02% | 0.50% | 0.48% |
Expense waiver/reimbursement5 | 0.13%4 | 0.18% | 0.18% | 0.14% | 0.09% | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $48,634 | $51,768 | $52,430 | $59,229 | $67,588 | $67,769 |
Portfolio turnover | 26% | 58% | 105% | 76% | 100% | 106% |
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) 5/31/2018 | Year Ended November 30, | |||||
2017 | 2016 | 2015 | 2014 | 2013 | ||
Net Asset Value, Beginning of Period | $20.21 | $17.61 | $17.98 | $20.40 | $21.54 | $18.74 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.20 | 0.33 | 0.34 | 0.32 | 0.24 | 0.23 |
Net realized and unrealized gain (loss) | (0.14) | 2.65 | (0.37) | (0.80) | 1.10 | 3.08 |
TOTAL FROM INVESTMENT OPERATIONS | 0.06 | 2.98 | (0.03) | (0.48) | 1.34 | 3.31 |
Less Distributions: | ||||||
Distributions from net investment income | (0.20) | (0.38) | (0.33) | (0.22) | (0.14) | (0.22) |
Distributions from net realized gain | — | — | (0.01) | (1.72) | (2.34) | (0.29) |
TOTAL DISTRIBUTIONS | (0.20) | (0.38) | (0.34) | (1.94) | (2.48) | (0.51) |
Redemption Fees | — | — | — | — | 0.002 | — |
Net Asset Value, End of Period | $20.07 | $20.21 | $17.61 | $17.98 | $20.40 | $21.54 |
Total Return3 | 0.27% | 17.13% | (0.37)% | (2.51)% | 6.85% | 18.07% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.86%4 | 0.85% | 0.85% | 0.87% | 0.85% | 0.89% |
Net investment income | 1.94%4 | 1.77% | 1.95% | 1.74% | 1.21% | 1.16% |
Expense waiver/reimbursement5 | 0.15%4 | 0.20% | 0.20% | 0.14% | 0.12% | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $100,003 | $105,720 | $91,167 | $115,108 | $62,451 | $48,353 |
Portfolio turnover | 26% | 58% | 105% | 76% | 100% | 106% |
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) 5/31/2018 | Year Ended 11/30/2017 | Period Ended 11/30/20161 | |
Net Asset Value, Beginning of Period | $20.10 | $17.51 | $16.97 |
Income From Investment Operations: | |||
Net investment income (loss)2 | 0.20 | 0.33 | 0.11 |
Net realized and unrealized gain (loss) | (0.14) | 2.63 | 0.56 |
TOTAL FROM INVESTMENT OPERATIONS | 0.06 | 2.96 | 0.67 |
Less Distributions: | |||
Distributions from net investment income | (0.20) | (0.37) | (0.13) |
Net Asset Value, End of Period | $19.96 | $20.10 | $17.51 |
Total Return3 | 0.28% | 17.14% | 3.94% |
Ratios to Average Net Assets: | |||
Net expenses | 0.84%4 | 0.83% | 0.84%4 |
Net investment income | 1.97%4 | 1.78% | 1.48%4 |
Expense waiver/reimbursement5 | 0.11%4 | 0.17% | 0.16%4 |
Supplemental Data: | |||
Net assets, end of period (000 omitted) | $6,325 | $6,243 | $4,853 |
Portfolio turnover | 26% | 58% | 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 ratios shown above. |
6 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended November 30, 2016. |
Assets: | ||
Investment in securities, at value including $46,077,698 of investment in affiliated holdings (identified cost $339,766,665) | $394,293,812 | |
Cash denominated in foreign currencies (identified cost $397,578) | 457,038 | |
Restricted cash (Note 2) | 11,592,826 | |
Income receivable | 1,413,353 | |
Income receivable from affiliated holdings | 182,227 | |
Receivable for investments sold | 1,380,905 | |
Receivable for shares sold | 453,683 | |
Unrealized appreciation on foreign exchange contracts | 1,182,021 | |
TOTAL ASSETS | 410,955,865 | |
Liabilities: | ||
Payable for investments purchased | $1,535,972 | |
Payable for shares redeemed | 473,665 | |
Unrealized depreciation on foreign exchange contracts | 2,043,490 | |
Bank overdraft | 2,744,503 | |
Payable for daily variation margin on futures contracts | 48,885 | |
Payable to adviser (Note 5) | 6,266 | |
Payable for administrative fees (Note 5) | 890 | |
Payable for Directors'/Trustees' fees (Note 5) | 203 | |
Payable for distribution services fee (Note 5) | 78,182 | |
Payable for other service fees (Notes 2 and 5) | 52,916 | |
Accrued expenses (Note 5) | 219,147 | |
TOTAL LIABILITIES | 7,204,119 | |
Net assets for 20,354,631 shares outstanding | $403,751,746 | |
Net Assets Consist of: | ||
Paid-in capital | $353,684,939 | |
Net unrealized appreciation | 52,909,524 | |
Accumulated net realized loss | (4,636,199) | |
Undistributed net investment income | 1,793,482 | |
TOTAL NET ASSETS | $403,751,746 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($160,062,027 ÷ 8,022,921 shares outstanding), no par value, unlimited shares authorized | $19.95 | |
Offering price per share (100/94.50 of $19.95) | $21.11 | |
Redemption proceeds per share | $19.95 | |
Class B Shares: | ||
Net asset value per share ($12,052,197 ÷ 619,695 shares outstanding), no par value, unlimited shares authorized | $19.45 | |
Offering price per share | $19.45 | |
Redemption proceeds per share (94.50/100 of $19.45) | $18.38 | |
Class C Shares: | ||
Net asset value per share ($76,675,957 ÷ 3,957,152 shares outstanding), no par value, unlimited shares authorized | $19.38 | |
Offering price per share | $19.38 | |
Redemption proceeds per share (99.00/100 of $19.38) | $19.19 | |
Class R Shares: | ||
Net asset value per share ($48,633,602 ÷ 2,455,548 shares outstanding), no par value, unlimited shares authorized | $19.81 | |
Offering price per share | $19.81 | |
Redemption proceeds per share | $19.81 | |
Institutional Shares: | ||
Net asset value per share ($100,003,347 ÷ 4,982,515 shares outstanding), no par value, unlimited shares authorized | $20.07 | |
Offering price per share | $20.07 | |
Redemption proceeds per share | $20.07 | |
Class R6 Shares: | ||
Net asset value per share ($6,324,616 ÷ 316,800 shares outstanding), no par value, unlimited shares authorized | $19.96 | |
Offering price per share | $19.96 | |
Redemption proceeds per share | $19.96 |
Investment Income: | |||
Dividends (including $1,296,851 received from affiliated companies and holdings, see footnotes to Portfolio of Investments and net of foreign taxes withheld of $247,858) | $5,152,316 | ||
Interest | 779,134 | ||
TOTAL INCOME | 5,931,450 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,444,413 | ||
Administrative fee (Note 5) | 169,157 | ||
Custodian fees | 67,884 | ||
Transfer agent fee (Note 2) | 329,954 | ||
Directors'/Trustees' fees (Note 5) | 5,336 | ||
Auditing fees | 16,655 | ||
Legal fees | 2,736 | ||
Portfolio accounting fees | 78,081 | ||
Distribution services fee (Note 5) | 470,312 | ||
Other service fees (Notes 2 and 5) | 321,550 | ||
Share registration costs | 42,322 | ||
Printing and postage | 22,462 | ||
Miscellaneous (Note 5) | 24,088 | ||
TOTAL EXPENSES | 2,994,950 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(239,783) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (34,149) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (273,932) | ||
Net expenses | 2,721,018 | ||
Net investment income | 3,210,432 |
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Foreign Exchange Contracts and Foreign Currency Transactions: | |||
Net realized gain on investments (including net realized loss of $(387,086) on sales of investments in affiliated companies and holdings) | $8,729,483 | ||
Net realized gain on foreign currency transactions | 408,016 | ||
Net realized gain on foreign exchange contracts | 598,571 | ||
Net realized loss on futures contracts | (3,279,862) | ||
Realized gain distribution from affiliated investment company shares | 39,082 | ||
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $1,638,403 on investments in affiliated companies and holdings) | (6,731,586) | ||
Net change in unrealized appreciation/depreciation of translation of assets and liabilities in foreign currency | (106,672) | ||
Net change in unrealized appreciation of foreign exchange contracts | (401,724) | ||
Net change in unrealized appreciation of futures contracts | (2,015,321) | ||
Net realized and unrealized loss on investments, futures contracts and foreign currency transactions | (2,760,013) | ||
Change in net assets resulting from operations | $450,419 |
Six Months Ended (unaudited) 5/31/2018 | Year Ended 11/30/2017 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $3,210,432 | $5,621,069 |
Net realized gain | 6,495,290 | 14,208,020 |
Net change in unrealized appreciation/depreciation | (9,255,303) | 44,743,084 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 450,419 | 64,572,173 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (1,367,747) | (2,871,842) |
Class B Shares | (59,484) | (143,286) |
Class C Shares | (364,010) | (806,356) |
Class R Shares | (306,711) | (723,829) |
Institutional Shares | (1,027,376) | (1,924,996) |
Class R6 Shares | (61,918) | (106,550) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (3,187,246) | (6,576,859) |
Share Transactions: | ||
Proceeds from sale of shares | 41,073,064 | 74,058,895 |
Net asset value of shares issued to shareholders in payment of distributions declared | 2,996,724 | 6,150,103 |
Cost of shares redeemed | (63,523,863) | (129,036,005) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (19,454,075) | (48,827,007) |
Change in net assets | (22,190,902) | 9,168,307 |
Net Assets: | ||
Beginning of period | 425,942,648 | 416,774,341 |
End of period (including undistributed net investment income of $1,793,482 and $1,748,019, respectively) | $403,751,746 | $425,942,648 |
■ | 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 | $108,528 | $(1,296) |
Class B Shares | 13,362 | (988) |
Class C Shares | 60,871 | (10,965) |
Class R Shares | 81,470 | (3,939) |
Institutional Shares | 63,550 | (16,961) |
Class R6 Shares | 2,173 | — |
TOTAL | $329,954 | $(34,149) |
Other Service Fees Incurred | |
Class A Shares | $206,859 |
Class B Shares | 16,542 |
Class C Shares | 98,149 |
TOTAL | $321,550 |
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 | $— | $— | Payable for daily variation margin on futures contracts | $(36,496)* |
Equity contracts | $— | — | Payable for daily variation margin on futures contracts | 840,988* |
Fair Value of Derivative Instruments | ||||
Asset | Liability | |||
Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | |
Foreign exchange contracts | Unrealized appreciation on foreign exchange contracts | $ 1,182,021 | Unrealized depreciation on foreign exchange contracts | $ 2,043,490 |
Total derivatives not accounted for as hedging instruments under ASC Topic 815 | $1,182,021 | $ 2,847,982 |
* | Includes cumulative appreciation/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 | $(321,586) | $— | $— | $(321,586) |
Foreign exchange contracts | — | 598,571 | (35,810) | 562,761 |
Equity contracts | (2,958,276) | — | — | (2,958,276) |
TOTAL | $(3,279,862) | $598,571 | $(35,810) | $(2,717,101) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |||
Futures Contracts | Foreign Exchange Contracts | Total | |
Interest rate contracts | $(2,448,856) | $— | $(2,448,856) |
Foreign exchange contracts | — | (401,724) | (401,724) |
Equity contracts | 433,535 | — | 433,535 |
TOTAL | $(2,015,321) | $(401,724) | $(2,417,045) |
1 | The net realized gain (loss) on Purchased Options Contracts is found within the Net realized gain on investments 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 | $1,182,021 | $(1,182,021) | $— | $— |
Transaction | Gross Liability Derivatives Presented in Statement of Assets and Liabilities | Financial Instruments | Collateral Received | Net Amount (not less than $0) |
Foreign exchange contracts | $2,043,490 | $(1,182,021) | $— | $861,469 |
Six Months Ended 5/31/2018 | Year Ended 11/30/2017 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 446,165 | $9,058,227 | 804,238 | $15,031,309 |
Shares issued to shareholders in payment of distributions declared | 63,794 | 1,280,112 | 147,474 | 2,687,430 |
Shares redeemed | (920,648) | (18,735,960) | (2,203,862) | (41,027,283) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (410,689) | $(8,397,621) | (1,252,150) | $(23,308,544) |
Six Months Ended 5/31/2018 | Year Ended 11/30/2017 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 3,461 | $114,586 | 73,315 | $1,328,192 |
Shares issued to shareholders in payment of distributions declared | 2,885 | 56,694 | 7,688 | 135,106 |
Shares redeemed | (119,060) | (2,348,129) | (288,854) | (5,243,193) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (112,714) | $(2,176,849) | (207,851) | $(3,779,895) |
Six Months Ended 5/31/2018 | Year Ended 11/30/2017 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 522,984 | $10,327,738 | 816,064 | $14,783,955 |
Shares issued to shareholders in payment of distributions declared | 17,937 | 350,876 | 43,243 | 759,165 |
Shares redeemed | (603,580) | (11,893,638) | (1,712,796) | (30,997,211) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (62,659) | $(1,215,024) | (853,489) | $(15,454,091) |
Six Months Ended 5/31/2018 | Year Ended 11/30/2017 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 261,099 | $5,265,775 | 721,640 | $13,174,307 |
Shares issued to shareholders in payment of distributions declared | 15,025 | 299,806 | 39,431 | 709,062 |
Shares redeemed | (416,378) | (8,383,404) | (1,181,396) | (21,853,540) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | (140,254) | $(2,817,823) | (420,325) | $(7,970,171) |
Six Months Ended 5/31/2018 | Year Ended 11/30/2017 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 770,577 | $15,745,810 | 1,495,396 | $28,254,413 |
Shares issued to shareholders in payment of distributions declared | 47,003 | 947,697 | 95,370 | 1,753,702 |
Shares redeemed | (1,066,186) | (21,668,462) | (1,537,907) | (28,957,302) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (248,606) | $(4,974,955) | 52,859 | $1,050,813 |
Six Months Ended 5/31/2018 | Year Ended 11/30/2017 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 27,517 | $560,928 | 78,839 | $1,486,719 |
Shares issued to shareholders in payment of distributions declared | 3,069 | 61,539 | 5,764 | 105,638 |
Shares redeemed | (24,356) | (494,270) | (51,238) | (957,476) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 6,230 | $128,197 | 33,365 | $634,881 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (968,692) | $(19,454,075) | (2,647,591) | $(48,827,007) |
Expiration Year | Short-Term | Long-Term | Total |
No Expiration | $1,342,209 | $1,999,201 | $3,341,410 |
2018 | $3,397,045 | NA | $3,397,045 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
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 | $49,625 |
Class C Shares | 294,447 |
Class R Shares | 126,240 |
TOTAL | $470,312 |
Purchases | $99,490,572 |
Sales | $118,106,171 |
Beginning Account Value 12/1/2017 | Ending Account Value 5/31/2018 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,001.20 | $5.74 |
Class B Shares | $1,000 | $997.60 | $9.76 |
Class C Shares | $1,000 | $998.00 | $9.46 |
Class R Shares | $1,000 | $999.50 | $7.88 |
Institutional Shares | $1,000 | $1,002.70 | $4.29 |
Class R6 Shares | $1,000 | $1,002.80 | $4.19 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.20 | $5.79 |
Class B Shares | $1,000 | $1,015.10 | $9.85 |
Class C Shares | $1,000 | $1,015.40 | $9.55 |
Class R Shares | $1,000 | $1,017.00 | $7.95 |
Institutional Shares | $1,000 | $1,020.60 | $4.33 |
Class R6 Shares | $1,000 | $1,020.70 | $4.23 |
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 | 1.15% |
Class B Shares | 1.96% |
Class C Shares | 1.90% |
Class R Shares | 1.58% |
Institutional Shares | 0.86% |
Class R6 Shares | 0.84% |
![](https://capedge.com/proxy/N-CSRS/0001623632-18-000925/fedlogok.jpg)
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 314183203
CUSIP 314183302
CUSIP 314183401
CUSIP 314183500
CUSIP 314183609
2018 ©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. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | 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 23, 2018
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 23, 2018
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date July 23, 2018