United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-1
(Investment Company Act File Number)
Federated Global Allocation Fund
_______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, Pennsylvania 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
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:11/30/18
Item 1. | Reports to Stockholders |
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Share Class | Ticker | A | FSTBX | B | FSBBX | C | FSBCX |
R | FSBKX | Institutional | SBFIX | R6 | FSBLX |
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Donahue
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1 | Please see the footnotes to the line graphs under “Fund Performance and Growth of a $10,000 Investment” below for the definition of, and more information about, the Blended Index. |
2 | The Fund's broad-based security market indexes are the S&P 500 Index and the Bloomberg Barclays U.S. Aggregate Bond Index, which had total returns of 6.27% and -1.34%, respectively. Please see the footnotes to the line graphs under “Fund Performance and Growth of a $10,000 Investment” below for the definition of, and more information about, the S&P 500 Index and the Bloomberg Barclays U.S. Aggregate Bond Index. |
3 | Please see the footnotes to the line graphs under “Fund Performance and Growth of a $10,000 Investment” below for the definition of, and more information about, the MWAFA. |
4 | The S&P 500 Index is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.* |
5 | The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.* |
6 | International investing involves special risks including currency risk, increased volatility, political risks, and differences in auditing and other financial standards. |
7 | The MSCI EAFE Index is an equity index which captures large- and mid-cap representation across developed markets countries around the world, excluding the United States and Canada. With 906 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.* |
8 | The MSCI Europe Index captures large- and mid-cap representation across 15 developed markets countries in Europe.* |
9 | The MSCI country indexes are designed to measure the performance of the large- and mid-cap segments of the respective country's market. The index covers approximately 85% of the free float-adjusted market capitalization in each country.* |
10 | Prices of emerging markets securities can be significantly more volatile than the prices of securities in developed countries, and currency risk and political risks are accentuated in emerging markets. |
11 | The MSCI Emerging Markets Index captures large- and mid-cap representation across 21 Emerging Markets (EM) countries. The indexes covers approximately 85% of the free float-adjusted market capitalization in each country.* |
12 | The U.S. Dollar Index indicates the general international value of the U.S. dollar by averaging the exchange rates between the U.S. dollar and six major world currencies.* |
13 | Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices. |
14 | High-yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment-grade securities and may include higher volatility and higher risk of default. |
15 | Bloomberg Barclays U.S. Corporate High Yield Total Return Index measures the USD-denominated, high yield, fixed-rate corporate bond market.* |
16 | Bloomberg Barclays U.S. Corporate Investment Grade Total Return Index measures the investment grade, fixed-rate, taxable corporate bond market. It includes USD denominated securities publicly issued by US and non-US industrial, utility and financial issuers.* |
* | The index is unmanaged, and it is not possible to invest directly in an index. |
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Federated Global Allocation Fund - | Institutional Shares | Class C Shares | Class A Shares | Blended Index | S&P 500 | BBAB | MWAFA |
F | F | F | I | I | I | I | |
11/30/2008 | 10,000 | 10,000 | 9,452 | 10,000 | 10,000 | 10,000 | 10,000 |
11/30/2009 | 12,180 | 12,086 | 11,516 | 12,939 | 12,539 | 11,163 | 12,877 |
11/30/2010 | 13,174 | 12,931 | 12,427 | 13,550 | 13,785 | 11,835 | 13,829 |
11/30/2011 | 13,436 | 13,047 | 12,629 | 13,901 | 14,865 | 12,488 | 14,010 |
11/30/2012 | 15,007 | 14,418 | 14,066 | 15,329 | 17,263 | 13,176 | 15,098 |
11/30/2013 | 17,727 | 16,853 | 16,568 | 17,249 | 22,493 | 12,964 | 16,440 |
11/30/2014 | 18,934 | 17,814 | 17,643 | 18,129 | 26,285 | 13,647 | 17,158 |
11/30/2015 | 18,499 | 17,231 | 17,186 | 17,581 | 27,008 | 13,780 | 16,423 |
11/30/2016 | 18,431 | 16,983 | 17,079 | 18,217 | 29,184 | 14,079 | 16,824 |
11/30/2017 | 21,589 | 19,687 | 19,946 | 21,332 | 35,859 | 14,531 | 19,305 |
11/30/2018 | 20,897 | 18,860 | 19,255 | 20,992 | 38,109 | 14,336 | 18,665 |
■ | Total returns shown for the Class A Shares include the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). |
■ | Total returns shown for Class C Shares include the maximum contingent deferred sales charge of 1.00% as applicable. |
1 Year | 5 Years | 10 Years | |
Class A Shares | -8.78% | 1.89% | 6.77% |
Class B Shares | -9.43% | 1.91% | 6.68% |
Class C Shares | -5.15% | 2.28% | 6.55% |
Class R Shares | -3.86% | 2.61% | 6.91% |
Institutional Shares6 | -3.21% | 3.35% | 7.65% |
Class R6 Shares7 | -3.16% | 3.19% | 7.45% |
Blended Index | -1.59% | 4.01% | 7.70% |
S&P 500 | 6.27% | 11.12% | 14.32% |
BBAB | -1.34% | 2.03% | 3.67% |
MWAFA | -3.38% | 2.86% | 7.79% |
1 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450); for Class B Shares, the maximum contingent deferred sales charge is 5.50% on any redemption of shares held up to one year from the purchase date; for Class C Shares, the maximum contingent deferred sales charge is 1.00% on any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The Blended Index, S&P 500 and BBAB have been adjusted to reflect reinvestment of dividends on securities in the indexes. |
2 | The Blended Index is a custom blended index comprised of 60% of the MSCI ACWI and 40% of the BBGA. The MSCI ACWI captures large- and mid-cap representation across 23 developed markets countries and 23 emerging markets countries. The index covers approximately 85% of the global investable equity opportunity set. The BBGA is a measure of global investment grade debt from 24 different local currency markets. This multi-currency benchmark includes fixed-rate treasury, government-related, corporate and securitized bonds from both developed and emerging markets issuers. The indexes are not adjusted to reflect sales loads, expenses or other fees that the Securities and Exchange Commission (SEC) requires to be reflected in the Fund's performance. The indexes are unmanaged and, unlike the Fund, are not affected by cash flows. It is not possible to invest directly in an index. |
3 | The S&P 500 is an unmanaged, capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is not adjusted to reflect sales loads, expenses or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. |
4 | The BBAB is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. The index is not adjusted to reflect sales loads, expenses or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. |
5 | The Morningstar figures represent the average of the total returns reported by all the funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges. The Morningstar figures in the Growth of $10,000 line graph are based on historical return information published by Morningstar and reflect the return of the funds comprising the category in the year of publication. Because the funds designated by Morningstar as falling into the category can change over time, the Morningstar figures in the line graph may not match the Morningstar figures in the Average Annual Total Returns table, which reflect the return of the funds that currently comprise the category. |
6 | The Fund's Institutional Shares commenced operations on June 12, 2009. For the period prior to the commencement of operations of Institutional Shares, the performance information shown is for the Fund's Class A Shares. The performance of Class A Shares has not been adjusted to reflect the expenses of Institutional Shares since Institutional Shares have a lower expense ratio than the expense ratio of the Class A Shares. The performance of Class A Shares has been adjusted to remove any voluntary waiver of Fund expenses related to the Class A Shares that may have occurred during the period prior to the commencement of operations of Institutional Shares. Additionally, the performance information shown has been adjusted to reflect the absence of sales charges applicable to Class A Shares. |
7 | The Fund's R6 Shares commenced operations on June 29, 2016. For the period prior to the commencement of operations of the R6 Shares, the performance information shown is for the Fund's Class A Shares. The performance of Class A Shares has not been adjusted to reflect the expenses of R6 Shares since R6 Shares have a lower expense ratio than the expense ratio of the Class A Shares. The performance of Class A Shares has been adjusted to remove any voluntary waiver of Fund expenses related to the Class A Shares that may have occurred during the period prior to the commencement of operations of R6 Shares. Additionally, the performance information shown below has been adjusted to reflect the absence of sales charges applicable to Class A Shares. |
Portfolio Composition | Percentage of Total Net Assets2 |
International Equity Securities | 32.7% |
Domestic Equity Securities | 32.4% |
Foreign Debt Securities | 7.0% |
Corporate Debt Securities | 6.0% |
U.S. Treasury and Agency Securities | 1.3% |
Collaterlized Mortgage-Backed Securities | 0.6% |
Asset-Backed Securities | 0.2% |
Mortgage-Backed Securities3,4 | 0.0% |
Other Security Type5 | 0.8% |
Emerging Markets Core Fund | 7.6% |
Federated Mortgage Core Portfolio | 4.1% |
Federated Project and Trade Finance Core Fund | 1.3% |
High Yield Bond Portfolio | 1.0% |
Federated Bank Loan Core Fund | 0.6% |
Derivative Contracts4,6 | 0.0% |
Cash Equivalents7 | 1.5% |
Other Assets and Liabilities—Net8 | 2.9% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for a description of these security types. |
2 | As of the date specified above, the Fund owned shares of one or more affiliated investment companies. For purposes of this table, the affiliated investment company (other than an affiliated money market mutual fund) is not treated as a single portfolio security, but rather the Fund is treated as owning a pro rata portion of each security and each other asset and liability owned by the affiliated investment company. Accordingly, the percentages of total net assets shown in the table will differ from those presented on the Portfolio of Investments. |
3 | For purposes of this table, Mortgage-Backed Securities include mortgage-backed securities guaranteed by Government Sponsored Entities and adjustable rate mortgage-backed securities. |
4 | Represents less than 0.1%. |
5 | Other Security Type consists of exchange-traded funds. |
6 | Based upon net unrealized appreciation (depreciation) or value of the derivative contracts as applicable. Derivative contracts may consist of futures, forwards, options and swaps. The impact of a derivative contract on the Fund's performance may be larger than its unrealized appreciation (depreciation) or value may indicate. In many cases, the notional value or amount of a derivative contract may provide a better indication of the contract's significance to the portfolio. More complete information regarding the Fund's direct investments in derivative contracts, including unrealized appreciation (depreciation), value and notional values or amounts of such contracts, can be found in the table at the end of the Portfolio of Investments included in this Report. |
7 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
8 | Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities. |
Sector Composition of Equity Holdings | Percentage of Equity Securities |
Financials | 19.5% |
Information Technology | 13.6% |
Consumer Discretionary | 12.6% |
Industrials | 12.0% |
Health Care | 10.0% |
Consumer Staples | 7.4% |
Telecommunication Services | 6.9% |
Energy | 5.7% |
Materials | 5.5% |
Real Estate | 3.7% |
Utilities | 3.1% |
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—65.1% | |||
Communication Services—4.5% | |||
5,509 | 1 | AMC Networks, Inc. | $329,769 |
28,275 | AT&T, Inc. | 883,311 | |
688 | 1 | Alphabet, Inc., Class A Shares | 763,439 |
36 | 1 | Alphabet, Inc., Class C Shares | 39,399 |
28,647 | Auto Trader Group PLC | 160,410 | |
239 | 1 | Baidu, Inc., ADR | 44,999 |
383 | 1 | CarGurus, Inc. | 14,903 |
443 | 1 | Charter Communications, Inc. | 145,836 |
28,000 | China Communication Services Corporation, Ltd. | 23,456 | |
8,000 | China Mobile Ltd. | 79,751 | |
80 | Cogent Communications Holdings, Inc. | 3,879 | |
1,191 | 1 | Facebook, Inc. | 167,466 |
725 | 1 | Frontier Communications Corp. | 2,588 |
813 | 1 | Gray Television, Inc. | 15,032 |
516,095 | HKT Trust and HKT Ltd. | 747,103 | |
28,500 | Hakuhodo DY Holdings, Inc. | 436,720 | |
7,321 | Hellenic Telecommuniations Organization | 86,533 | |
659 | 1 | Imax Corp. | 12,231 |
696 | 1 | Intelsat S.A. | 17,309 |
22,200 | KDDI Corp. | 520,995 | |
7,900 | Kakaku.com, Inc. | 159,093 | |
525 | 1 | Loral Space & Communications Ltd. | 22,318 |
199 | 1 | MSG Networks, Inc. | 5,329 |
22,700 | NTT Docomo, Inc. | 525,630 | |
1,159 | Naspers Ltd., Class N | 232,835 | |
2,643 | New York Times Co., Class A | 70,912 | |
611 | Nexstar Media Group, Inc. | 50,493 | |
46,000 | PCCW Ltd. | 26,985 | |
2,348 | 1 | Qurate Retail, Inc. | 52,173 |
12,001 | Rogers Communications, Inc., Class B | 640,132 | |
183 | Shenandoah Telecommunications Co. | 9,143 | |
147,700 | Singapore Press Holdings Ltd. | 284,771 | |
38,884 | 1 | Sprint Corp. | 244,191 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Communication Services—continued | |||
8,440 | 1 | T-Mobile USA, Inc. | $577,718 |
1,106 | 1 | Techtarget, Inc. | 15,915 |
93 | Telenor ASA | 1,807 | |
2,737 | Telephone and Data System, Inc. | 97,793 | |
168,632 | Telstra Corp. Ltd. | 361,637 | |
28,300 | Tencent Holdings Ltd. | 1,135,146 | |
99,899 | Tim Participacoes S.A. | 306,388 | |
54,900 | 1 | True Corp. PCL | 9,774 |
34,740 | Twenty-First Century Fox, Inc. | 1,718,588 | |
32,574 | Twenty-First Century Fox, Inc., Class B | 1,597,103 | |
24,735 | 1 | Twitter, Inc. | 777,916 |
395 | 1 | U.S. Cellular Corp. | 22,065 |
6,534 | Verizon Communications | 394,000 | |
28,206 | Vivendi SA | 704,161 | |
3,194 | 1 | Vonage Holdings Corp. | 33,824 |
350 | World Wrestling Entertainment, Inc. | 25,886 | |
280 | 1 | XO Communications, Inc., Class A | 9,660 |
34,713 | 1 | Zillow Group, Inc., Class C | 1,268,760 |
155,564 | 1 | Zynga, Inc. | 563,142 |
TOTAL | 16,440,417 | ||
Consumer Discretionary—8.2% | |||
518 | Aaron's, Inc. | 24,242 | |
3,559 | Adidas AG | 784,980 | |
8,900 | Aisin Seiki Co. | 352,294 | |
5,396 | 1 | Alibaba Group Holding Ltd. | 868,001 |
2,050 | 1 | Amazon.com, Inc. | 3,464,848 |
1,503 | American Eagle Outfitters, Inc. | 31,458 | |
598 | 1 | American Public Education, Inc. | 18,921 |
4,300 | Asics Corp. | 61,945 | |
5,208 | BBX Capital Corp. | 34,998 | |
420 | BJ's Restaurants, Inc. | 22,814 | |
8,005 | Bayerische Motoren Werke AG | 654,446 | |
2,178 | Bloomin' Brands, Inc. | 42,580 | |
671 | 1 | Boot Barn Holdings, Inc. | 15,191 |
5,672 | 1 | Bright Horizons Family Solutions, Inc. | 690,169 |
1,308 | Caleres, Inc. | 39,541 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
3,730 | Callaway Golf Co. | $63,895 | |
35 | Canadian Tire Corp. Ltd. | 3,908 | |
41 | 1 | Cavco Industries, Inc. | 6,747 |
5,534 | Columbia Sportswear Co. | 505,420 | |
32,672 | Compass Group PLC | 699,126 | |
2,459 | Continental Ag | 368,035 | |
316 | Cooper Tire & Rubber Co. | 10,807 | |
695 | 1 | CROCs, Inc. | 19,321 |
2,982 | D. R. Horton, Inc. | 110,990 | |
1,422 | Dana, Inc. | 20,633 | |
388 | Dave & Buster's Entertainment, Inc. | 22,062 | |
177 | 1 | Deckers Outdoor Corp. | 23,583 |
2,938 | 1 | Denny's Corp. | 48,595 |
513 | Dine Brands Global, Inc. | 45,749 | |
17,964 | Dollarama, Inc. | 474,840 | |
13,180 | 1 | eBay, Inc. | 393,423 |
790 | 1 | Etsy, Inc. | 42,692 |
10,635 | Extended Stay America, Inc. | 193,557 | |
500 | Fast Retailing Co. Ltd. | 260,054 | |
3,272 | Faurecia | 128,348 | |
6,235 | Ferrari NV | 681,969 | |
18,594 | 1 | Fiat Chrysler Automobiles NV | 308,017 |
99 | 1 | Five Below, Inc. | 10,374 |
46,272 | Ford Motor Co. | 435,420 | |
2,657 | 1 | Frontdoor, Inc. | 61,882 |
16,708 | Gentex Corp. | 376,264 | |
163 | Group 1 Automotive, Inc. | 9,161 | |
112,453 | Harvey Norman Holdings Ltd. | 259,842 | |
16,809 | 1 | Hilton Grand Vacations, Inc. | 538,897 |
10,665 | Hilton Worldwide Holdings, Inc. | 805,634 | |
10,810 | Home Depot, Inc. | 1,949,259 | |
13,800 | Iida Group Holdings Co. Ltd. | 243,504 | |
24,140 | Industria de Diseno Textil SA | 740,668 | |
14,091 | InterContinental Hotels Group | 754,600 | |
1,400 | Isuzu Motors Ltd. | 19,945 | |
599 | Jack in the Box, Inc. | 53,125 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
124 | Johnson Outdoors, Inc., Class A | $8,841 | |
56,210 | Jollibee Foods Corp. | 298,758 | |
1,563 | KB Home | 32,995 | |
727 | Kering | 318,405 | |
3,600 | Koito Manufacturing Co. Ltd. | 193,137 | |
534 | LCI Industries | 41,321 | |
99 | 1 | LGI Homes, Inc. | 4,570 |
3,193 | LVMH Moet Hennessy Louis Vuitton SE | 918,887 | |
1,771 | La-Z-Boy, Inc. | 51,766 | |
396 | 1 | Lands' End, Inc. | 8,407 |
642 | Las Vegas Sand Corp. | 35,271 | |
793 | 1 | Liberty Expedia Holdings, Inc. | 33,235 |
590 | 1 | Lifecord International Co. Ltd. | 44,803 |
9,300 | Linamar Corp. | 337,170 | |
4,998 | Lowe's Cos., Inc. | 471,661 | |
11,068 | Magna International, Inc. | 552,380 | |
736 | Marine Products Corp. | 16,001 | |
637 | Marriott International, Inc., Class A Shares | 73,274 | |
19,600 | Mazda Motor Corp. | 209,047 | |
2,167 | Michelin, Class B | 226,913 | |
120 | 1 | Monarch Casino & Resort, Inc. | 4,800 |
6,486 | Moncler S.p.A | 212,071 | |
359 | Movado Group, Inc. | 13,513 | |
17,244 | Mr. Price Group Ltd. | 299,996 | |
108 | 1 | NVR, Inc. | 264,600 |
5,300 | Namco Bandai Holdings, Inc. | 222,851 | |
3,031 | 1 | NetFlix, Inc. | 867,260 |
5,829 | Next PLC | 364,127 | |
16,000 | Nien Made Enterprise Co. Ltd. | 117,868 | |
561 | Nokian Renkaat Oyj | 17,963 | |
994 | 1 | Ollie's Bargain Outlet Holdings, Inc. | 88,168 |
10,661 | PSA Peugeot Citroen | 234,363 | |
1,042 | PVH Corp. | 115,151 | |
50,000 | Panasonic Corp. | 512,928 | |
2,441 | 1 | Party City Holdco, Inc. | 29,170 |
429 | 1 | Penn National Gaming, Inc. | 9,485 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
8,566 | Penske Automotive Group, Inc. | $373,478 | |
3,862 | Persimmon PLC | 93,555 | |
5,139 | 1 | Petrobras Distribuidora SA | 32,493 |
252 | 1 | RH | 29,267 |
1,077 | 1 | Rent-A-Center, Inc. | 15,810 |
4,300 | Rinnai Corp. | 308,526 | |
681 | Ross Stores, Inc. | 59,656 | |
21,600 | Ruentex Industries Ltd. | 63,735 | |
600 | Ryohin Keikaku Co. Ltd. | 162,247 | |
30,800 | Sands China Ltd. | 133,974 | |
6,500 | Sega Sammy Holdings, Inc. | 92,205 | |
7,400 | Sekisui Chemical Co. Ltd. | 120,079 | |
4,900 | Sekisui House Ltd. | 73,857 | |
560 | 1 | ServiceMaster Global Holdings, Inc. | 24,791 |
3,300 | Shimamura Co. Ltd. | 280,949 | |
46 | Shoe Carnival, Inc. | 1,745 | |
605 | 1 | Shutterfly, Inc. | 30,244 |
33 | 1 | Skyline Champion Corp. | 743 |
10,261 | Sodexo SA | 1,062,790 | |
1,284 | Sonic Corp. | 55,790 | |
7,400 | Subaru Corp. | 164,569 | |
1,232 | TJX Cos., Inc. | 60,183 | |
12,055 | TUI AG-DI | 171,704 | |
430 | Tailored Brands, Inc. | 9,847 | |
41,206 | Taylor Woodrow PLC | 70,529 | |
721 | Tenneco, Inc., Class A | 24,334 | |
149 | 1 | TopBuild Corp. - W/I | 7,592 |
16,400 | Toyoda Gosei Co. Ltd. | 315,676 | |
371 | 1 | Vera Bradley, Inc. | 4,088 |
345 | Volkswagen AG | 56,977 | |
275 | 1 | Weight Watchers International, Inc. | 13,756 |
2,427 | Whirlpool Corp. | 306,118 | |
33,400 | Yamada Denki Co. Ltd. | 161,578 | |
400 | Yamaha Motor Co. | 8,228 | |
26,500 | Yue Yuen Industrial Holdings Ltd. | 77,052 | |
7,900 | ZOZO, Inc. | 175,898 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
570 | 1 | Zumiez, Inc. | $11,240 |
TOTAL | 29,703,233 | ||
Consumer Staples—4.8% | |||
7,400 | AEON Co. Ltd. | 177,381 | |
2,369 | Alimentation Couche-Tard, Inc., Class B | 124,329 | |
2,836 | Archer-Daniels-Midland Co. | 130,513 | |
14,417 | BIM Birlesik Magazalar AS | 233,820 | |
688 | 1 | BJ's Wholesale Club Holdings, Inc. | 16,072 |
3,686 | Brown-Forman Corp., Class A | 179,176 | |
3,639 | Bunge Ltd. | 207,678 | |
666 | 1 | Cal-Maine Foods, Inc. | 31,116 |
523 | Calavo Growers, Inc. | 51,400 | |
2,000 | Calbee, Inc. | 66,247 | |
5,690 | Church and Dwight, Inc. | 376,621 | |
13,644 | 1 | Coca-Cola HBC AG | 405,955 |
4,491 | Constellation Brands, Inc., Class A | 879,158 | |
5,396 | Dean Foods Co. | 27,196 | |
30,557 | Diageo PLC | 1,100,894 | |
446 | 1 | Edgewell Personal Care Co. | 18,643 |
4,595 | Energizer Holdings, Inc. | 205,994 | |
138 | Estee Lauder Cos., Inc., Class A | 19,687 | |
8,753 | George Weston Ltd. | 632,899 | |
5,636 | 1 | Herbalife Nutrition Ltd. | 322,661 |
88 | Ingredion, Inc. | 9,192 | |
5,500 | Kikkoman Corp. | 320,751 | |
24,201 | Koninklijke Ahold Delhaize NV | 624,247 | |
6,323 | Kraft Heinz Co./The | 323,232 | |
2,245 | Kroger Co. | 66,587 | |
2,835 | L'Oreal SA | 670,162 | |
14,300 | Lion Corp | 282,057 | |
3,052 | Loblaw Co. Ltd. | 140,787 | |
5,589 | Marine Harvest ASA | 130,805 | |
3,400 | Meiji Holdings Co. Ltd. | 267,471 | |
8,805 | Metro, Inc. | 303,518 | |
10,093 | 1 | Monster Beverage Corp. | 602,350 |
4,900 | NH Foods Ltd. | 181,817 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
6,147 | Nestle SA | $524,892 | |
25,900 | Nisshin Seifun Group, Inc. | 544,170 | |
10,069 | ORKLA ASA | 83,415 | |
32,800 | PT Gudang Garam Tbk | 188,184 | |
1,095 | PepsiCo, Inc. | 133,524 | |
1,592 | 1 | Performance Food Group Co. | 54,860 |
2,400 | 1 | Perlis Plantations | 10,099 |
40,943 | Pick'n Pay Stores Ltd. | 216,876 | |
30,000 | President Chain Store Corp. | 310,823 | |
8,178 | Procter & Gamble Co. | 772,903 | |
58,956 | Sainsbury (J) PLC | 229,208 | |
15 | Sanfilippo (John B. & Sons), Inc. | 933 | |
5,400 | Sundrug Co., Ltd. | 182,999 | |
2,381 | Swedish Match AB | 93,100 | |
8,692 | Sysco Corp. | 585,841 | |
25,123 | Tesco PLC | 63,363 | |
27,284 | The Coca-Cola Co. | 1,375,114 | |
64,000 | Tingyi (Cayman Isln) Hldg Co. | 83,347 | |
900 | Tsuruha Holdings, Inc. | 88,859 | |
9,756 | Tyson Foods, Inc., Class A | 575,116 | |
2,879 | 1 | US Foods Holding Corp. | 95,525 |
207 | 1 | USANA Health Sciences, Inc. | 25,333 |
152,000 | Uni-President Enterprises Corp. | 357,202 | |
214 | Universal Corp. | 13,568 | |
1,406 | Vector Group Ltd. | 17,716 | |
97 | WD 40 Co. | 16,944 | |
133,305 | Wal-Mart de Mexico SAB de CV | 330,221 | |
8,272 | Walmart, Inc. | 807,761 | |
34,900 | Yamazaki Baking Co. Ltd. | 732,649 | |
TOTAL | 17,644,961 | ||
Energy—3.7% | |||
278 | Arch Coal, Inc., Class A | 22,593 | |
238,786 | BP PLC | 1,583,423 | |
36 | 1 | Bonanza Creek Energy, Inc. | 955 |
40 | 1 | CONSOL Energy, Inc. | 1,374 |
1,718 | CVR Energy, Inc. | 64,837 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Energy—continued | |||
885 | 1 | Cactus, Inc. | $25,559 |
6,454 | Chevron Corp. | 767,639 | |
528,000 | China Petroleum and Chemical Corp. (Sinopec) | 448,496 | |
7,432 | ConocoPhillips | 491,850 | |
583 | Delek US Holdings, Inc. | 23,198 | |
4,256 | Equinor ASA | 99,441 | |
1,084 | 1 | Exterran Corp. | 24,390 |
1,871 | Exxaro Resources Ltd. | 17,426 | |
11,185 | Exxon Mobil Corp. | 889,208 | |
2,103 | Hess Corp. | 113,331 | |
14,900 | Idemitsu Kosan Co. Ltd. | 542,592 | |
100,650 | JXTG Holdings, Inc. | 609,191 | |
1,550 | 1 | Keane Group, Inc. | 17,236 |
873 | Liberty Oilfield Services, Inc., Class A | 15,120 | |
645 | Mammoth Energy Services, Inc. | 16,228 | |
11,584 | Marathon Petroleum Corp. | 754,813 | |
217 | 1 | Matrix Services Co. | 4,435 |
4,651 | Neste Oyj | 363,882 | |
688 | 1 | Northern Oil and Gas, Inc. | 1,748 |
380 | OMV AG | 19,273 | |
13,203 | PBF Energy, Inc. | 510,692 | |
200 | PTT Exploration and Production Public Co. | 805 | |
186,600 | PTT Public Co. Ltd. | 279,706 | |
144 | 1 | Par Petroleum Corp. | 2,436 |
623 | Peabody Energy Corp. | 19,400 | |
284 | 1 | Penn Virginia Corp. | 16,515 |
42,201 | 1 | Petroleo Brasileiro SA | 306,986 |
15,216 | Phillips 66 | 1,423,000 | |
1,720 | 1 | Propetro Holding Corp. | 27,898 |
311 | 1 | Renewable Energy Group, Inc. | 8,381 |
24,062 | Royal Dutch Shell PLC, Class B | 735,937 | |
260 | 1 | SEACOR Holdings, Inc. | 10,800 |
33,200 | Showa Shell Sekiyu KK | 514,901 | |
34,763 | 1 | Tatneft | 369,717 |
17,260 | Tenaris SA | 208,677 | |
2,232 | 1 | Tetra Technologies, Inc. | 5,178 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Energy—continued | |||
22,143 | TOTAL SA | $1,232,659 | |
400 | Tupras Turkiye Petrol Rafinerileri A.S. | 9,569 | |
10,195 | Valero Energy Corp. | 814,581 | |
2,518 | 1 | W&T Offshore, Inc. | 14,630 |
2,524 | World Fuel Services Corp. | 65,094 | |
TOTAL | 13,495,800 | ||
Financials—12.7% | |||
19,293 | ABN AMRO Group NV- GDR | 494,102 | |
10,204 | AGEAS | 492,807 | |
89,764 | AMP Ltd. | 159,878 | |
5,206 | Admiral Group PLC | 138,543 | |
15,698 | Aflac, Inc. | 718,027 | |
482 | Ag Mortgage Investment Trust, Inc. | 8,753 | |
847,000 | Agricultural Bank of China | 384,217 | |
5,135 | 1 | Alior Bank SA | 73,847 |
5,072 | Allianz SE | 1,071,223 | |
6,847 | Allstate Corp. | 610,684 | |
984 | American Equity Investment Life Holding Co. | 33,584 | |
2,550 | Ameriprise Financial, Inc. | 330,862 | |
6,979 | Assicurazioni Generali S.p.A | 117,968 | |
3,301 | Assured Guaranty Ltd. | 134,747 | |
28,782 | Australia & New Zealand Banking Group, Melbourne | 565,482 | |
45,852 | BB Seguridade Participacoes SA | 335,797 | |
128 | BancFirst Corp. | 7,145 | |
28,596 | 1 | Banco Santander Brasil SA | 315,909 |
677,719 | Banco Santander Chile SA | 52,350 | |
1,454 | 1 | Bancorp, Inc., DE | 14,467 |
1,810 | BancorpSouth Bank | 55,730 | |
3,512 | Bank Hapoalim Ltd. | 24,156 | |
64,473 | Bank Leumi Le-Israel | 424,117 | |
76,613 | Bank of America Corp. | 2,175,809 | |
187,000 | Bank of Communications Ltd. | 142,412 | |
5,467 | Bank of Montreal | 407,890 | |
8,645 | Bank of Nova Scotia | 470,427 | |
31,954 | Bank of Queensland | 231,942 | |
95,193 | Barclays PLC | 198,417 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
36,494 | Bendigo Bank | $285,343 | |
372 | Beneficial Mutual Bancorp | 5,759 | |
2,684 | 1 | Berkshire Hathaway, Inc., Class B | 585,756 |
2,641 | BlackRock, Inc. | 1,130,374 | |
404 | 1 | Blucora, Inc. | 12,508 |
964 | 1 | Brighthouse Financial, Inc. | 38,811 |
710 | Brightsphere Investment Group PLC | 9,351 | |
3,020 | CNO Financial Group, Inc. | 55,266 | |
21,285 | CNP Assurances | 488,400 | |
195 | CVB Financial Corp. | 4,532 | |
365 | Cadence BanCorporation | 7,486 | |
5,898 | Canadian Imperial Bank of Commerce | 494,959 | |
1,487 | Cathay Bancorp, Inc. | 58,841 | |
803 | Chemical Financial Corp. | 37,902 | |
534,000 | China CITIC Bank | 339,249 | |
255,000 | China Construction Bank Corp. | 218,057 | |
97,800 | China Insurance International Holdings Co. Ltd. | 325,727 | |
82,000 | China Merchants Bank Co., Ltd. | 340,390 | |
52,119 | 1 | Commerzbank AG | 448,897 |
4,600 | Concordia Financial Group Ltd. | 21,615 | |
488 | ConnectOne Bancorp, Inc. | 9,828 | |
22,460 | Corp Mapfre SA | 64,239 | |
9,263,069 | Corpbanca | 87,717 | |
477 | Cullen Frost Bankers, Inc. | 47,853 | |
130 | 1 | Customers Bancorp, Inc. | 2,536 |
5,650 | Danske Bank | 112,814 | |
4,526 | Deutsche Boerse AG | 578,485 | |
9,942 | DnB ASA | 171,347 | |
14,479 | E*Trade Financial Corp. | 757,107 | |
557,162 | E.Sun Financial Holding Company Ltd. | 376,003 | |
871 | 1 | Eagle Bancorp, Inc. | 50,204 |
12,834 | East West Bancorp, Inc. | 689,057 | |
977 | 1 | Enova International, Inc. | 21,631 |
470 | Enterprise Financial Services Corp. | 21,004 | |
1,993 | Erste Group Bank AG | 78,667 | |
1,255 | 1 | Essent Group Ltd. | 48,393 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
5,634 | Exor NV | $331,170 | |
830 | 1 | FCB Financial Holdings, Inc. | 32,901 |
136 | Federal Agricultural Mortgage Association, Class C | 8,984 | |
4,430 | 1 | First BanCorp | 40,091 |
666 | First Bancorp, Inc. | 26,653 | |
144 | First Commmonwealth Financial Corp. | 2,007 | |
1,245 | First Financial Bancorp | 34,760 | |
663 | First Interstate BancSystem, Inc., Class A | 28,794 | |
503 | First Mid-Illinois Bancshares, Inc. | 18,626 | |
67,948 | FirstRand Ltd. | 328,131 | |
12,302 | 1 | Genworth Financial, Inc., Class A | 57,327 |
11,747 | Gjensidige Forsikring ASA | 183,972 | |
211 | 1 | Goosehead Insurance, Inc. | 5,364 |
1,202 | Great-West Lifeco, Inc. | 27,566 | |
1,532 | Green Bancorp, Inc. | 31,161 | |
544 | 1 | Green Dot Corp. | 45,337 |
61,347 | 1 | Grupo Financiero Banorte S.A. de C.V. | 281,210 |
688 | Guaranty Bancorp | 17,620 | |
3,081 | Hana Financial Holdings | 103,697 | |
942 | Hancock Whitney Corp. | 37,887 | |
6,000 | Hang Seng Bank Ltd. | 138,887 | |
527 | Hanover Insurance Group, Inc. | 60,452 | |
23,822 | Hargreaves Lansdown PLC | 579,696 | |
1,318 | Heritage Commerce Corp. | 18,834 | |
217 | Hometrust Bancshares, Inc. | 5,640 | |
63,600 | Hong Leong Bank Berhad | 310,191 | |
2,200 | Hong Leong Credit Berhad | 10,144 | |
870 | Hope Bancorp, Inc. | 13,224 | |
606 | Houlihan Lokey, Inc. | 25,634 | |
8,434 | Hyundai Marine & Fire Insurance Co. | 301,335 | |
11,667 | 1 | IRB Brasil Resseguros S/A | 225,827 |
430 | Iberiabank Corp. | 32,143 | |
835 | Independent Bank Corp.- Michigan | 19,188 | |
13,000 | Industrial & Commercial Bank of China | 9,264 | |
5,536 | Industrial Alliance Insurance & Financial Services, Inc. | 202,373 | |
24,105 | Industrial Bank of Korea | 319,255 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
640 | International Bancshares Corp. | $24,570 | |
3,405 | Invesco Mortgage Capital, Inc. | 53,186 | |
5,197 | Investors Bancorp, Inc., New | 63,819 | |
8,172 | JPMorgan Chase & Co. | 908,645 | |
6,220 | KB Financial Group, Inc. | 261,591 | |
1,472 | KBC Groupe | 105,937 | |
314 | Kemper Corp. | 23,895 | |
214 | Komercni Banka A.S. | 8,410 | |
67,188 | Korea Life Insurance Co., Ltd. | 266,822 | |
21,887 | L E Lundbergforetagen AB | 656,074 | |
1,886 | Ladder Capital Corp. | 33,288 | |
666 | LegacyTexas Financial Group, Inc. | 25,847 | |
91,455 | Legal & General Group PLC | 285,565 | |
4,588 | London Stock Exchange Group PLC | 235,919 | |
55,198 | MFA Financial, Inc. | 400,185 | |
5,383 | 1 | MGIC Investment Corp. | 63,035 |
4,746 | MSCI Inc., Class A | 745,549 | |
64,144 | Medibank Private Ltd. | 113,947 | |
17,861 | MetLife, Inc. | 797,136 | |
136,400 | Mizuho Financial Group, Inc. | 226,356 | |
10,505 | Morgan Stanley | 466,317 | |
17,204 | NN Group NV | 732,499 | |
17,287 | National Australia Bank Ltd., Melbourne | 311,879 | |
6,624 | National Bank of Canada, Montreal | 302,122 | |
31,839 | Navient Corp. | 366,148 | |
2,179 | OTP Bank RT | 87,224 | |
2,717 | 1 | On Deck Capital, Inc. | 21,301 |
2,480 | Orange Life Insurance Ltd. | 66,758 | |
4,000 | Oversea-Chinese Banking Corp. Ltd. | 32,956 | |
6,653 | PNC Financial Services Group | 903,344 | |
252,400 | PT Bank Central Asia | 460,760 | |
83,300 | PT Bank Danamon Indonesia | 43,254 | |
1,699 | Partners Group Holding AG | 1,116,577 | |
771,000 | People's Insurance Co. (Group) of China Ltd. | 332,034 | |
43,000 | Ping An Insurance (Group) Co. of China Ltd. | 417,248 | |
504,000 | Postal Savings Bank of China Co., Ltd. | 304,668 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
13,174 | Power Corp. of Canada | $262,756 | |
203 | Powszechna Kasa Oszczednosci Bank Polski SA | 2,191 | |
253 | Preferred Bank Los Angeles, CA | 12,959 | |
720 | Primerica, Inc. | 85,594 | |
13,300 | Public Bank Berhad | 79,350 | |
637 | RBB Bancorp | 13,842 | |
57,387 | RMB Holdings Ltd. | 324,102 | |
3,635 | Radian Group, Inc. | 66,884 | |
277 | 1 | Raiffeisen Bank International AG | 8,183 |
3,335 | Ready Capital Corp., REIT | 49,691 | |
252 | Republic Bancorp, Inc. | 10,904 | |
15,453 | Royal Bank of Canada, Montreal | 1,133,053 | |
5,873 | SEI Investments Co. | 315,380 | |
4,555 | Schroders PLC | 147,273 | |
16,550 | Schwab (Charles) Corp. | 741,440 | |
12,452 | Scor Regroupe | 598,711 | |
882,528 | Shin Kong Financial Holdings Co. Ltd. | 299,096 | |
10,756 | Shinhan Financial Group Co. Ltd. | 396,300 | |
44,334 | Skand Enskilda BKN, Class A | 462,327 | |
5,341 | Societe Generale, Paris | 196,692 | |
28,807 | Standard Bank Group Ltd. | 364,998 | |
1,439 | State Street Corp. | 105,076 | |
8,020 | Swiss Re AG | 733,019 | |
8,291 | TRYG A/S | 206,767 | |
593,000 | Taiwan Business Bank | 202,952 | |
581,730 | Taiwan Cooperative Financial Holding Co.Ltd | 337,874 | |
542 | The Bank of NT Butterfield & Son Ltd. | 21,507 | |
4,390 | The Travelers Cos, Inc. | 572,324 | |
68,497 | Three I Group | 730,240 | |
15,992 | Toronto-Dominion Bank | 885,389 | |
837 | Trustmark Corp. | 27,069 | |
456 | 1 | Turpanion, Inc. | 13,648 |
1,080 | United Community Banks, Inc. | 27,918 | |
2,365 | United Community Financial Corp. | 22,633 | |
469 | United Financial Bancorp, Inc. | 7,682 | |
3,577 | United Mizrahi Bank Ltd. | 65,094 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
34,700 | United Overseas Bank Ltd. | $638,484 | |
343 | Walker & Dunlop, Inc. | 16,200 | |
1,068 | Washington Federal, Inc. | 30,769 | |
31,231 | Wells Fargo & Co. | 1,695,219 | |
202 | Wesbanco, Inc. | 8,783 | |
7,160 | 1 | Western Alliance Bancorp | 335,589 |
3,417 | Western Asset Mortgage Capital Corp. | 34,478 | |
34,223 | Westpac Banking Corp. Ltd. | 651,345 | |
TOTAL | 46,339,395 | ||
Health Care—6.5% | |||
92 | 1 | Addus Homecare Corp. | 6,828 |
9,286 | 1 | Akebia Therapeutics, Inc. | 75,031 |
19,600 | Alfresa Holdings Corp. | 523,851 | |
764 | 1 | Amedisys, Inc. | 104,095 |
1,466 | AmerisourceBergen Corp. | 130,327 | |
1,051 | 1 | Amicus Therapeutics, Inc. | 11,603 |
1,054 | 1 | Amneal Pharmaceuticals, Inc. | 18,666 |
277 | 1 | Amphastar Pharmaceuticals, Inc. | 6,016 |
2,184 | Anthem, Inc. | 633,513 | |
2,317 | 1 | Apellis Pharmaceuticals, Inc. | 35,543 |
3,941 | 1 | Arcus Biosciences, Inc. | 45,006 |
2,175 | 1 | ArQule, Inc. | 8,069 |
1,153 | 1 | Array BioPharma, Inc. | 18,367 |
486 | 1 | Arrowhead Pharmaceuticals, Inc. | 7,057 |
4,089 | 1 | Athenex, Inc. | 54,057 |
24 | 1 | Audentes Therapeutics, Inc. | 587 |
1,110 | 1 | Avanos Medical, Inc. | 52,958 |
110 | 1 | Avrobio, Inc. | 2,947 |
12,612 | Baxter International, Inc. | 864,553 | |
5,136 | 1 | Bio Rad Laboratories, Inc., Class A | 1,409,627 |
133 | 1 | BioTelemetry, Inc. | 9,435 |
14,706 | Bristol-Myers Squibb Co. | 786,183 | |
6,987 | Bruker Corp. | 231,549 | |
4,205 | CVS Health Corp. | 337,197 | |
4,420 | Cardinal Health, Inc. | 242,349 | |
373 | 1 | Cardiovascular Systems, Inc. | 11,515 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
13,996 | 1 | Celgene Corp. | $1,010,791 |
492 | 1 | Celltrion Pharm, Inc. | 29,110 |
1,706 | 1 | Celltrion, Inc. | 365,051 |
1,496 | 1 | Coherus Biosciences, Inc. | 16,546 |
393 | Coloplast, Class B | 37,482 | |
1,089 | 1 | Corvel Corp. | 75,903 |
4,432 | 1 | Davita, Inc. | 292,778 |
3,544 | 1 | Deciphera Pharmaceuticals, Inc. | 92,392 |
1,646 | 1 | Diplomat Pharmacy, Inc. | 25,480 |
1,096 | 1 | Emergent Biosolutions, Inc. | 79,833 |
192 | Ensign Group, Inc. | 8,711 | |
599 | 1 | Evolus, Inc. | 8,961 |
18,783 | 1 | Exelixis, Inc. | 381,483 |
9,284 | 1 | Express Scripts Holding Co. | 942,047 |
188 | 1 | Five Prime Therapeutics, Inc. | 2,414 |
2,848 | Fresenius Medical Care AG & Co. KGaA | 231,601 | |
5,232 | Fresenius SE & Co KGaA | 296,983 | |
66 | 1 | G1 Therapeutics, Inc. | 2,523 |
1,084 | 1 | Genomic Health, Inc. | 85,690 |
40,000 | 1 | Genscript Biotech Corp. | 69,501 |
257 | 1 | Globus Medical, Inc. | 12,411 |
4,509 | HCA Healthcare, Inc. | 649,251 | |
476 | 1 | HMS Holdings Corp. | 17,012 |
920 | 1 | Haemonetics Corp. | 98,698 |
1,106 | 1 | Halozyme Therapeutics, Inc. | 18,260 |
29 | 1 | HealthEquity, Inc. | 2,572 |
149 | 1 | Homology Medicines, Inc. | 3,277 |
2,664 | Humana, Inc. | 877,708 | |
559 | 1 | Iovance Biotherapeutics, Inc. | 5,406 |
18,894 | 1 | Incyte Genomics, Inc. | 1,213,939 |
121 | 1 | Inogen, Inc. | 17,831 |
2,362 | Johnson & Johnson | 346,978 | |
195 | 1 | Kura Oncology, Inc. | 2,477 |
656 | 1 | LHC Group, Inc. | 68,795 |
987 | 1 | Lexicon Pharmaceuticals, Inc. | 7,995 |
2,274 | Lilly (Eli) & Co. | 269,787 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
1,022 | Luminex Corp. | $30,016 | |
590 | 1 | MacroGenics, Inc. | 10,154 |
723 | 1 | Magellan Health, Inc. | 39,418 |
4,709 | McKesson Corp. | 586,270 | |
28,100 | Medipal Holdings Corp. | 646,364 | |
1,428 | 1 | Medpace Holdings, Inc. | 88,407 |
4,692 | Merck & Co., Inc. | 372,263 | |
1,488 | 1 | Merit Medical Systems, Inc. | 93,818 |
6,013 | 1 | Momenta Pharmaceuticals, Inc. | 71,194 |
143 | 1 | Natus Medical, Inc. | 5,059 |
10,155 | 1 | Neurocrine Biosciences, Inc. | 896,382 |
5,265 | Novartis AG | 480,624 | |
12,351 | Novo Nordisk A/S | 575,680 | |
3,507 | 1 | Odonate Therapeutics, Inc. | 55,270 |
49,293 | 1 | OdontoPrev SA | 177,185 |
128 | 1 | OraSure Technologies, Inc. | 1,626 |
1,070 | Orion Oyj | 35,828 | |
34 | 1 | Orthofix Medical, Inc. | 2,049 |
10,945 | Pfizer, Inc. | 505,987 | |
195 | 1 | Providence Service Corp. | 13,808 |
271 | 1 | Ra Pharmaceuticals, Inc. | 4,274 |
1,580 | 1 | Regeneron Pharmaceuticals, Inc. | 577,727 |
1,157 | 1 | Rhythm Pharmaceuticals, Inc. | 34,166 |
20,000 | SSY Group Ltd. | 20,669 | |
284,000 | Sino Biopharmaceutical Ltd. | 260,441 | |
147 | 1 | Staar Surgical Co. | 5,587 |
373 | Straumann Holding AG | 228,317 | |
9,000 | Suzuken Co. Ltd. | 484,710 | |
94 | 1 | Tabula Rasa HealthCare, Inc. | 7,095 |
10,360 | 1 | Tesaro, Inc. | 480,497 |
2,897 | UCB SA | 243,607 | |
5,990 | UnitedHealth Group, Inc. | 1,685,346 | |
284 | 1 | Vanda Pharmaceuticals, Inc. | 7,111 |
3,527 | 1 | Vertex Pharmaceuticals, Inc. | 637,646 |
8,129 | Vifor Pharma AG | 1,002,721 | |
469 | 1 | Voyager Therapeutics, Inc. | 5,347 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
421 | 1 | Wellcare Health Plans, Inc. | $107,304 |
1,236 | 1 | William Demant Holding A/S | 36,104 |
TOTAL | 23,810,677 | ||
Industrials—7.8% | |||
12,500 | ABB Ltd. | 254,000 | |
38,539 | ADT, Inc. | 300,990 | |
3,509 | Ametek, Inc. | 257,666 | |
460 | 1 | ASGN, Inc. | 31,855 |
207 | AZZ, Inc. | 9,882 | |
8,640 | Adecco Group AG | 429,412 | |
52,300 | 1 | AirAsia Group Bhd | 38,528 |
1,503 | Airbus Group SE | 161,824 | |
163,500 | Airports of Thailand Public Co. Ltd. | 317,957 | |
264 | Albany International Corp., Class A | 19,103 | |
32,183 | Alfa, S.A. de C.V., Class A | 32,240 | |
12,662 | Allison Transmission Holdings, Inc. | 596,507 | |
769 | Andritz AG | 37,009 | |
411 | Applied Industrial Technologies, Inc. | 26,809 | |
116 | ArcBest Corp. | 4,670 | |
16,138 | Ashtead Group PLC | 362,140 | |
1,525 | 1 | Atkore International Group, Inc. | 31,140 |
216 | 1 | Avis Budget Group, Inc. | 6,327 |
40,496 | BAE Systems PLC | 254,335 | |
129 | Barrett Business Services, Inc. | 9,075 | |
1,336 | 1 | Blue Bird Corp. | 25,558 |
3,505 | Boeing Co. | 1,215,394 | |
12,677 | Bouygues SA | 487,708 | |
511 | 1 | Builders Firstsource, Inc. | 6,914 |
8,130 | Bunzl PLC | 250,860 | |
856 | 1 | CBIZ, Inc. | 18,053 |
7,397 | CSX Corp. | 537,244 | |
895 | 1 | Casella Waste Systems, Inc. | 29,222 |
1,720 | Caterpillar, Inc. | 233,352 | |
1,131 | Cheil Jedang Corp. | 132,165 | |
244,000 | China Railway Construction Corp. | 313,572 | |
352,000 | China Railway Group Ltd., Class H, 144A | 324,937 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
281 | 1 | Cimpress NV | $33,905 |
161,000 | Citic Pacific Ltd. | 258,434 | |
325 | Comfort Systems USA, Inc. | 17,114 | |
2,451 | Compagnie de Saint Gobain | 90,874 | |
1,843 | 1 | Continental Building Product, Inc. | 52,673 |
8,736 | Crane Co. | 754,528 | |
574 | Cummins, Inc. | 86,708 | |
3,437 | DSV, De Sammensluttede Vognmad AS | 263,054 | |
372 | 1 | DXP Enterprises, Inc. | 13,477 |
19,200 | Dai Nippon Printing Co. Ltd. | 444,371 | |
12,138 | Deutsche Lufthansa AG | 295,120 | |
19,467 | Deutsche Post AG | 619,083 | |
212 | 1 | Engility Holdings, Inc. | 6,629 |
579 | EnPro Industries, Inc. | 40,750 | |
283 | 1 | FTI Consulting, Inc. | 19,881 |
519 | Federal Signal Corp. | 12,176 | |
5,591 | Ferguson PLC | 359,402 | |
3,647 | Finning International, Inc. | 75,786 | |
777 | 1 | Foundation Building Materials, Inc. | 7,599 |
5,141 | Fraport AG | 378,023 | |
6,200 | Fuji Electric Co. | 194,714 | |
69 | 1 | GMS, Inc. | 1,296 |
4,245 | Genivar, Inc. | 209,015 | |
866 | Global Brass & Copper Holdings, Inc. | 28,032 | |
1,534 | Graco, Inc. | 67,573 | |
13,755 | Grupo Aeroportuario del Pacifico SAB de CV | 95,754 | |
3,651 | Grupo Aeroportuario del Sureste SAB de CV, Class B | 48,909 | |
539 | 1 | Harsco Corp. | 14,418 |
1,006 | Hawaiian Holdings, Inc. | 40,381 | |
14,805 | Heico Corp., Class A | 999,634 | |
612 | Heidrick & Struggles International, Inc. | 22,436 | |
76 | 1 | Heritage-Crystal Clean, Inc. | 2,129 |
1,489 | Hillenbrand, Inc. | 65,978 | |
26,600 | Hino Motors Ltd. | 271,823 | |
5,509 | Hochtief AG | 781,671 | |
500 | Hoshizaki Electric Co. Ltd. | 38,822 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
253 | ICF International, Inc. | $17,718 | |
2,607 | 1 | IHS Markit Ltd. | 139,136 |
4,692 | Illinois Tool Works, Inc. | 652,423 | |
8,365 | Ingersoll-Rand PLC | 865,945 | |
823 | Insperity, Inc. | 82,333 | |
10 | Insteel Industries, Inc. | 275 | |
32,389 | International Consolidated Airlines Group SA | 259,600 | |
11,968 | Intertek Group PLC | 718,178 | |
2,300 | Ishikawajima-Harima Heavy Industries Co., Ltd. | 70,004 | |
610 | KBR, Inc. | 11,328 | |
385 | KForce Com, Inc. | 12,201 | |
2,500 | Kajima Corp. | 34,627 | |
913 | Korn/Ferry International | 44,710 | |
452 | Kuehne + Nagel International AG | 63,682 | |
1,213 | LG Corp. | 78,266 | |
1,300 | L3 Technologies, Inc. | 238,277 | |
24,310 | 1 | Latam Airlines Group SA | 248,424 |
198 | MOOG, Inc., Class A | 17,315 | |
2,461 | 1 | MRC Global, Inc. | 38,711 |
579 | MTU Aero Engines GmbH | 120,454 | |
669 | 1 | MYR Group, Inc. | 20,940 |
8,800 | Mabuchi Motor Co. Ltd. | 306,603 | |
5,176 | Manpower Group, Inc. | 420,188 | |
101,600 | Marubeni Corp. | 759,257 | |
195 | 1 | Masonite International Corp. | 10,466 |
842 | 1 | Mastec, Inc. | 37,966 |
436 | McGrath Rentcorp. | 23,295 | |
2,956 | 1 | Meritor, Inc. | 48,774 |
17,600 | Mitsubishi Electric Corp. | 232,471 | |
13,100 | Mitsui & Co. Ltd. | 205,874 | |
360 | Mobile Mini, Inc. | 14,551 | |
1,365 | Mueller Industries, Inc. | 32,514 | |
3,983 | Mueller Water Products, Inc. | 41,941 | |
220,000 | NWS Holdings Ltd. | 463,061 | |
2,600 | Nippon Express Co. Ltd. | 156,666 | |
4,706 | Norfolk Southern Corp. | 803,502 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
1,487 | nVent Electric PLC | $37,205 | |
3,060 | Parker-Hannifin Corp. | 526,442 | |
145 | 1 | Patrick Industries, Inc. | 5,759 |
206 | Pentair PLC | 8,796 | |
652 | Primoris Services Corp. | 15,746 | |
5,888 | Randstand NV | 286,722 | |
20,400 | Recruit Holdings Co. Ltd. | 561,768 | |
17,670 | Rexel SA | 212,034 | |
2,227 | 1 | Rexnord Corp. | 63,046 |
4,134 | Rockwell Automation, Inc. | 720,721 | |
1,521 | Roper Technologies, Inc. | 452,634 | |
3,318 | Royal Mail PLC | 13,551 | |
92 | Rush enterprises, Inc., Class A | 3,505 | |
84 | SGS SA | 199,495 | |
4,691 | SNC-Lavalin Group, Inc. | 171,237 | |
675 | 1 | SPX Corp. | 19,966 |
294 | 1 | Saia, Inc. | 17,731 |
16,595 | Sandvik AB | 246,295 | |
13,300 | Shimizu Corp. | 114,174 | |
1,298 | SkyWest, Inc. | 74,869 | |
7,396 | Smiths Group PLC | 131,383 | |
10,959 | Southwest Airlines Co. | 598,471 | |
196 | 1 | Standard Plus Corp. | 5,941 |
115,908 | Sydney Airport | 576,663 | |
430 | Systemax, Inc. | 11,993 | |
1,142 | 1 | TPI Composites, Inc. | 31,051 |
2,900 | Taisei Corp. | 127,573 | |
15,200 | Toyota Tsusho Corp. | 524,900 | |
245 | 1 | Trex Co., Inc. | 15,614 |
2,029 | 1 | TriMas Corp. | 58,902 |
147 | 1 | TrueBlue, Inc. | 3,712 |
41 | Unifirst Corp. | 6,331 | |
1,432 | Union Pacific Corp. | 220,213 | |
2,706 | 1 | United Continental Holdings Inc. | 261,670 |
48 | Universal Forest Products, Inc. | 1,328 | |
323 | 1 | Veritiv Corp. | 9,803 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials���continued | |||
487 | 1 | Vicor Corp. | $17,435 |
14,307 | Volvo AB | 200,042 | |
53,799 | 1 | Weg SA, Preference | 247,918 |
248,000 | Weichai Power Co. Ltd., Class H | 267,134 | |
14,800 | Yamato Holdings Co. Ltd. | 391,238 | |
TOTAL | 28,221,307 | ||
Information Technology—8.9% | |||
2,407 | ASML Holding NV | 409,274 | |
2,001 | 1 | Adobe, Inc. | 502,031 |
811 | 1 | Advanced Energy Industries, Inc. | 38,149 |
496 | 1 | Alarm.com Holdings, Inc. | 25,222 |
3,400 | Alps Electric Co. | 78,804 | |
10,839 | Amadeus IT Group SA | 778,627 | |
3,843 | 1 | Amkor Technology, Inc. | 26,324 |
14,567 | Apple, Inc. | 2,601,375 | |
10,226 | Automatic Data Processing, Inc. | 1,507,517 | |
463 | Avnet, Inc. | 20,289 | |
1,662 | Benchmark Electronics, Inc. | 39,622 | |
583 | 1 | Bottomline Technologies, Inc. | 32,106 |
1,144 | 1 | Box, Inc., Class A | 21,496 |
821 | Brooks Automation, Inc. | 24,926 | |
19,900 | Brother Industries Ltd. | 332,901 | |
117 | 1 | CACI International, Inc., Class A | 19,294 |
3,558 | CDW Corp. | 329,755 | |
598 | 1 | CGI Group, Inc., Class A | 38,257 |
621 | 1 | Ciena Corp. | 20,257 |
628 | CSG Systems International, Inc. | 22,024 | |
3 | Cabot Microelectronics Corp. | 322 | |
587 | 1 | Casa Systems, Inc. | 9,128 |
281 | Cass Information Systems, Inc. | 18,549 | |
7,430 | 1 | Ceridian HCM Holding, Inc. | 298,092 |
259 | 1 | Cirrus Logic, Inc. | 9,697 |
43,546 | Cisco Systems, Inc. | 2,084,547 | |
211 | Cohu, Inc. | 4,136 | |
12,170 | 1 | CommScope Holdings Co., Inc. | 220,277 |
290 | 1 | Commvault Systems, Inc. | 17,093 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
195 | Constellation Software, Inc. | $133,743 | |
352 | 1 | Control4 Corp. | 7,663 |
93 | 1 | Diodes, Inc. | 3,239 |
3,417 | 1 | DocuSign, Inc. | 142,694 |
112 | Ebix, Inc. | 5,289 | |
149 | Electro Scientific Industries, Inc. | 4,381 | |
512 | Entegris, Inc. | 15,053 | |
461 | 1 | ePlus, Inc. | 37,687 |
42,442 | Ericsson LM, Class B | 354,807 | |
2,631 | Evertec, Inc. | 71,905 | |
457 | 1 | Exlservice Holdings, Inc. | 26,488 |
9,700 | FUJIFILM Holdings Corp. | 385,659 | |
145 | 1 | Fabrinet | 7,646 |
3,700 | Fujitsu Ltd. | 227,740 | |
6,614 | Henry Jack & Associates, Inc. | 923,976 | |
74 | Hewlett Packard Enterprise Co. | 1,110 | |
2,900 | Hitachi High-Technologies Corp. | 103,438 | |
16,200 | Hitachi Ltd. | 469,238 | |
293 | 1 | Imperva, Inc. | 16,264 |
338,000 | Innolux Display Corp. | 113,087 | |
801 | 1 | Insight Enterprises, Inc. | 35,709 |
668 | 1 | Instructure, Inc. | 25,230 |
378 | 1 | Integrated Device Technology, Inc. | 18,121 |
30,064 | Intel Corp. | 1,482,456 | |
662 | InterDigital, Inc. | 49,822 | |
6,187 | Intuit, Inc. | 1,327,297 | |
118 | 1 | Itron, Inc. | 6,391 |
485 | j2 Global, Inc. | 35,798 | |
1,243 | Kemet Corp. | 25,457 | |
892 | 1 | Kimball Electronics, Inc. | 15,735 |
344 | Lam Research Corp. | 53,994 | |
488,000 | Lenovo Group Ltd. | 353,998 | |
130 | 1 | Lumentum Holdings, Inc. | 5,781 |
999 | ManTech International Corp., Class A | 56,244 | |
7,722 | Mastercard, Inc. Class A | 1,552,662 | |
419 | Maximus, Inc. | 29,799 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
539 | Methode Electronics, Inc., Class A | $16,332 | |
5,713 | 1 | Micron Technology, Inc. | 220,293 |
38,425 | Microsoft Corp. | 4,260,948 | |
1,088 | 1 | Mobile Iron, Inc. | 5,288 |
1,987 | Monotype Imaging Holdings, Inc. | 34,276 | |
2,078 | NIC, Inc. | 27,014 | |
5,736 | Nvidia Corp. | 937,434 | |
174 | 1 | Nanometrics, Inc. | 5,589 |
20,000 | Nanya Technology Corp. | 39,539 | |
469 | 1 | Oclaro, Inc. | 3,785 |
5,600 | Omron Corp. | 246,394 | |
5,400 | Otsuka Corp. | 181,857 | |
3,218 | 1 | PayPal Holdings, Inc. | 276,137 |
231 | 1 | Perficient, Inc. | 5,847 |
283 | Plantronics, Inc. | 12,953 | |
500 | Qad, Inc. | 21,215 | |
170 | 1 | Qualys, Inc. | 13,389 |
556 | 1 | Rapid7, Inc. | 17,681 |
1,076 | Samsung SDS Co. Ltd. | 189,136 | |
7,643 | SK Hynix, Inc. | 478,082 | |
376 | 1 | SMART Global Holdings, Inc. | 12,893 |
158 | 1 | SPS Commerce, Inc. | 13,466 |
32,573 | STMicroelectronics N.V. | 479,600 | |
312 | Samsung Electro-Mechanics Co. | 33,790 | |
35,089 | Samsung Electronics Co. Ltd. | 1,317,372 | |
937 | 1 | Sanmina Corp. | 25,336 |
598 | 1 | ScanSource, Inc. | 22,748 |
370 | Science Applications International Corp. | 25,722 | |
11,400 | Seiko Epson Corp. | 181,171 | |
1,653 | 1 | Semtech Corp. | 88,171 |
1,400 | Shimadzu Corp. | 32,762 | |
5,075 | Skyworks Solutions, Inc. | 369,308 | |
479 | 1 | Sykes Enterprises, Inc. | 13,230 |
377 | Synnex Corp. | 30,439 | |
147,000 | Synnex Technology International Corp. | 172,814 | |
8,674 | 1 | TEMENOS Group AG | 1,081,278 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
122,000 | Taiwan Semiconductor Manufacturing Co., Ltd. | $891,858 | |
8,000 | Texas Instruments, Inc. | 798,800 | |
3,670 | TiVo Corp. | 36,333 | |
916 | 1 | Ultra Clean Holdings, Inc. | 8,610 |
212 | 1 | Verint Systems, Inc. | 9,631 |
2,536 | 1 | Viavi Solutions, Inc. | 25,715 |
2,798 | Visa, Inc., Class A Shares | 396,505 | |
6,000 | Walsin Technology Corp. | 37,044 | |
7,027 | Western Digital Corp. | 318,955 | |
57,000 | Winbond Electronics Corp. | 27,699 | |
1,214 | Wire Card AG | 183,565 | |
27,443 | Xerox Corp. | 738,766 | |
12,981 | Yageo Corp. | 157,979 | |
1,700 | Yokogawa Electric Corp. | 31,240 | |
TOTAL | 32,211,681 | ||
Materials—3.6% | |||
625 | 1 | AdvanSix, Inc. | 17,944 |
13,600 | Air Water, Inc. | 220,274 | |
56,278 | Alrosa AO | 83,137 | |
90,605 | Alumina Ltd. | 147,719 | |
4,809 | Amcor Ltd. | 47,293 | |
14,439 | Anglo American PLC | 288,531 | |
13,000 | Anhui Conch Cement Co. Ltd., Class H | 67,858 | |
18,868 | ArcelorMittal | 428,088 | |
19,500 | Asahi Kasei Corp. | 213,671 | |
4,822 | Avery Dennison Corp. | 464,841 | |
5,837 | BHP Group PLC | 112,178 | |
4,192 | 1 | Berry Global Group, Inc. | 210,941 |
1,593 | Boise Cascade Co. | 42,342 | |
3,603 | Cabot Corp. | 177,268 | |
1,659 | Chemours Co./The | 47,248 | |
20,265 | Cherepovets MK Severstal | 300,486 | |
326,000 | China National Building Material Company Ltd. | 253,692 | |
222,000 | China Resources Cement Holdings Ltd. | 216,713 | |
2,526 | Commercial Metals Corp. | 48,676 | |
6,751 | Companhia Vale Do Rio Doce | 92,178 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Materials—continued | |||
10,011 | Croda International PLC | $624,584 | |
1,380 | EMS-Chemie Holdings Ag | 743,957 | |
440 | 1 | Ferro Corp. | 8,492 |
5,107 | 1,2 | Ferroglobe Representation & Warranty Insurance Trust | 0 |
16,788 | Fibria Celulose S.A. | 317,874 | |
64,000 | Formosa Plastic Corp. | 207,536 | |
66,614 | Fortescue Metals Group Ltd. | 194,800 | |
4,957 | Freeport-McMoRan, Inc. | 59,187 | |
185,752 | Glencore PLC | 687,707 | |
899 | Greif, Inc., Class A | 46,092 | |
72,593 | Incitec Pivot Ltd. | 200,461 | |
85,200 | Indorama Ventures PLC | 140,038 | |
46 | Innophos Holdings, Inc. | 1,276 | |
324 | 1 | Jastrzebska Spolka Weglowa SA | 5,610 |
275,000 | Jiangxi Copper Co. Ltd. | 332,126 | |
13,001 | KGHM Polska Miedz SA | 307,799 | |
4,091 | Koninklijke DSM NV | 365,377 | |
561 | Kronos Worldwide, Inc. | 6,939 | |
913 | Louisiana-Pacific Corp. | 20,871 | |
633 | MMC Norilsk Nickel PJSC | 119,327 | |
593 | Materion Corp. | 31,358 | |
24,500 | Mitsubishi Chemical Holdings Corp. | 200,420 | |
1,200 | Mitsui Chemicals, Inc. | 30,633 | |
10,204 | Mondi Ltd. | 225,073 | |
7,212 | Mondi PLC | 157,226 | |
1,501 | Myers Industries, Inc. | 24,766 | |
31,187 | Newmont Mining Corp. | 1,008,588 | |
2,600 | Nitto Denko Corp. | 142,240 | |
31,025 | Novolipetsk Steel PJSC | 72,945 | |
8,671 | Nucor Corp. | 523,815 | |
12,000 | Oji Holdings Corp. | 70,235 | |
47,300 | PT Indah Kiat Pulp & Paper Corp. | 34,924 | |
147,000 | Petronas Chemicals Group | 323,613 | |
21,930 | Rio Tinto PLC | 995,546 | |
762 | Schnitzer Steel Industries, Inc., Class A | 21,344 | |
21,578 | Southern Copper Corp. | 722,431 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Materials—continued | |||
316 | Stepan Co. | $25,539 | |
554 | Tredegar Industries, Inc. | 9,230 | |
716 | Trinseo SA | 36,179 | |
14,755 | UPM - Kymmene Oyj | 393,311 | |
1,218 | Valhi, Inc. | 2,497 | |
346 | 1 | Verso Corp. | 8,726 |
1,495 | Voest-alpine Stahl | 49,733 | |
1,421 | West Fraser Timber Co. Ltd. | 74,170 | |
TOTAL | 13,055,673 | ||
Real Estate—2.4% | |||
6,000 | Agile Group Holdings Ltd. | 8,196 | |
1,271 | Alexander & Baldwin, Inc. | 26,348 | |
38,000 | Ascendas Real Estate Investment Trust | 71,253 | |
15,016 | Brixmor Property Group, Inc. | 247,764 | |
10,500 | CK Asset Holdings Ltd. | 75,848 | |
18,600 | Capitacommercial Trust | 23,650 | |
49,400 | CapitaLand Mall Trust | 81,144 | |
1,176 | CatchMark Timber Trust, Inc. | 9,749 | |
116 | Chesapeake Lodging Trust | 3,430 | |
652 | CoreCivic, Inc. | 14,311 | |
3,100 | CorePoint Lodging, Inc., REIT | 43,617 | |
234,000 | Country Garden Holdings Co. | 289,311 | |
3,000 | Daito Trust Construction Co. Ltd. | 392,122 | |
56,623 | Dexus Property Group | 433,519 | |
1,855 | DiamondRock Hospitality Co. | 19,552 | |
16,440 | Duke Realty Corp. | 467,882 | |
110,000 | 1 | Evergrande Real Estate Group Limited | 346,480 |
140 | First Industrial Realty Trust | 4,488 | |
6,132 | Forest City Realty Trust, Inc., Class A | 155,140 | |
288,000 | Future Land Development Holdings Ltd. | 194,307 | |
108,032 | GPT Group/The, REIT | 416,623 | |
5,969 | Gaming and Leisure Properties, Inc. | 205,513 | |
785 | Geo Group, Inc. | 18,243 | |
6,313 | Government Properties Income Trust | 55,554 | |
24,000 | Henderson Land Development Co. Ltd. | 123,297 | |
6,589 | Hospitality Properties Trust | 176,849 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Real Estate—continued | |||
1,853 | InfraREIT, Inc. | $42,434 | |
6,528 | Investors Real Estate Trust | 34,794 | |
174,000 | 1 | Jiayuan International Group Ltd. | 311,792 |
1,500 | Kerry Properties Ltd. | 5,165 | |
1,602 | LaSalle Hotel Properties | 51,360 | |
1,198 | Life Storeage, Inc. | 116,973 | |
3,908 | Mack-Cali Realty Corp. | 84,647 | |
282 | 1 | Marcus & Millichap Co., Inc. | 10,290 |
11,159 | New Senior Investment Group, Inc. | 59,254 | |
2,281 | Newmark Group, Inc. | 19,160 | |
195 | NexPoint Residential Trust, Inc. | 7,116 | |
2,249 | NorthStar Realty Europe Corp. | 36,794 | |
1,096 | RLJ Lodging Trust | 22,293 | |
231 | RMR Group, Inc./The | 14,932 | |
15,585 | Rayonier, Inc. | 492,953 | |
333 | Rexford Industrial Realty, Inc. | 10,869 | |
221 | Ryman Hospitality Properties, Inc. | 16,378 | |
8,376 | SL Green Realty Corp. | 807,614 | |
140,019 | Scentre Group | 399,558 | |
39,481 | Segro PLC | 304,296 | |
781 | Simon Property Group, Inc. | 145,024 | |
36,030 | Sprit Realty Capital, Inc. | 267,343 | |
131,082 | Stockland | 349,396 | |
104,000 | Sunac China Holdings Ltd | 348,289 | |
5,700 | Suntec Real Estate Investment | 7,332 | |
561 | Terreno Realty Corp. | 21,885 | |
296 | Tier RIET, Inc | 6,968 | |
7,253 | VICI Properties, Inc. | 157,898 | |
3,464 | WP Carey, Inc. | 234,686 | |
16,643 | Weyerhaeuser Co. | 439,542 | |
1,508 | Xenia Hotels & Resorts, Inc. | 30,643 | |
TOTAL | 8,761,868 | ||
Utilities—2.0% | |||
717 | American States Water Co. | 48,096 | |
3,318 | Atmos Energy Corp. | 317,433 | |
83,554 | AusNet Services | 94,555 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Utilities—continued | |||
1,481 | CEZ A.S. | $35,296 | |
66,500 | CLP Holdings Ltd. | 733,039 | |
18,588 | CenterPoint Energy, Inc. | 520,650 | |
222 | Chesapeake Utilities Corp. | 19,101 | |
2,529 | Clearway Energy, Inc. | 46,180 | |
153 | Clearway Energy, Inc., Class A | 2,759 | |
5,061 | DTE Energy Co. | 606,004 | |
9,760 | E.On SE | 99,634 | |
1,000 | Electricity Generating Public Co. Ltd. | 7,311 | |
4,406 | Endesa SA | 98,204 | |
36,879 | Engie | 520,187 | |
2,238 | Exelon Corp. | 103,821 | |
264,500 | 3 | HK Electric Investments Ltd. | 253,539 |
103,400 | Hong Kong and China Gas Co. Ltd. | 208,533 | |
2,932,949 | INTER RAO UES PJSC | 175,047 | |
80,369 | Iberdrola SA | 600,996 | |
738 | Idacorp, Inc. | 72,501 | |
6,200 | Manila Electric Co. | 45,536 | |
34 | Northwestern Corp. | 2,175 | |
5 | New Jersey Resources Corp. | 243 | |
8,219 | NextEra Energy, Inc. | 1,493,475 | |
870 | ONE Gas, Inc. | 74,028 | |
2,311 | Orsted A/S | 150,636 | |
469 | Portland General Electric Co. | 22,582 | |
7,448 | Severn Trent | 173,883 | |
661 | Southwest Gas Holdings, Inc. | 52,067 | |
9,143 | UGI Corp. | 525,265 | |
12,477 | Uniper SE | 320,763 | |
TOTAL | 7,423,539 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $212,802,655) | 237,108,551 | ||
ASSET-BACKED SECURITIES—0.2% | |||
$150,000 | 4 | American Express Credit Class Account Master Trust 2014-1, Class A, 2.677%, (1-month USLIBOR +0.370%), 12/15/2021 | 150,148 |
112,674 | 4 | Chesapeake Funding II LLC 2016-2A, Class A2, 3.307%, (1-month USLIBOR +1.000%), 06/15/2028 | 112,991 |
171,000 | PFS Financing Corp. 2016-BA, Class A, 1.870%, 10/15/2021 | 169,172 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
ASSET-BACKED SECURITIES—continued | |||
$160,000 | Santander Drive Auto Receivables Trust 2016-2, Class C, 2.66%, 11/15/2021 | $159,428 | |
57,103 | Sofi Consumer Loan Program Trust 2016-3, Class A, 3.05%, 12/26/2025 | 56,958 | |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $650,737) | 648,697 | ||
COMMERCIAL MORTGAGE-BACKED SECURITY—0.0% | |||
Financials—0.0% | |||
144,931 | Federal Home Loan Mortgage Corp., 2.263%, 4/25/2025 (IDENTIFIEDCOST $147,824) | 139,517 | |
COLLATERALIZED MORTGAGE OBLIGATIONS—0.6% | |||
250,000 | Banc of America Commercial Mortgage Trust 2016-UBS10, Class A4, 3.170%, 7/15/2049 | 238,759 | |
235,000 | Bank 2018-BN15, Class A4, 4.476%, 11/15/2061 | 243,220 | |
255,000 | 2 | Bank, Class A4, 3.488%, 11/15/2050 | 246,452 |
225,000 | CD Commercial Mortgage Trust 2016-CD1, Class A4, 2.724%, 8/10/2049 | 208,276 | |
200,000 | Citigroup Commercial Mortgage Trust 2015-GC33, Class AS, 4.114%, 9/10/2058 | 200,038 | |
450,000 | Commercial Mortgage Trust 2015-DC1 Class AM, 3.724%, 2/10/2048 | 442,664 | |
300,000 | JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.1413%, 12/15/2049 | 285,690 | |
50,000 | WF-RBS Commercial Mortgage Trust 2012-C6, Class B, 4.697%, 4/15/2045 | 51,218 | |
100,000 | WF-RBS Commercial Mortgage Trust 2014-C25 Class B, 4.236%, 11/15/2047 | 99,306 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $2,125,881) | 2,015,623 | ||
CORPORATE BONDS—6.0% | |||
Basic Industry - Chemicals—0.0% | |||
15,000 | RPM International, Inc., Sr. Unsecd. Note, 6.125%, 10/15/2019 | 15,345 | |
Basic Industry - Metals & Mining—0.0% | |||
100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 04/15/2023 | 100,603 | |
Basic Industry - Paper—0.0% | |||
150,000 | 1,2,5 | Pope & Talbot, Inc., 8.375%, 12/01/2099 | 0 |
Capital Goods - Aerospace & Defense—0.1% | |||
180,000 | Lockheed Martin Corp., Sr. Unsecd. Note, 3.55%, 01/15/2026 | 176,797 | |
90,000 | 4 | Textron Financial Corp., Jr. Sub. Note, Series 144A, 4.351%, (3-month USLIBOR +1.735%), 2/15/2042 | 71,325 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Capital Goods - Aerospace & Defense—continued | |||
$80,000 | Textron, Inc., Sr. Unsecd. Note, 4.000%, 03/15/2026 | $77,965 | |
TOTAL | 326,087 | ||
Capital Goods - Building Materials—0.1% | |||
130,000 | Masco Corp., Sr. Unsecd. Note, 4.375%, 04/01/2026 | 128,327 | |
185,000 | Masco Corp., Unsecd. Note, 4.45%, 4/01/2025 | 184,370 | |
TOTAL | 312,697 | ||
Capital Goods - Diversified Manufacturing—0.1% | |||
30,000 | General Electric Capital Corp., Note, Series MTNA, 6.750%, 3/15/2032 | 30,424 | |
300,000 | Valmont Industries, Inc., 5.25%, 10/01/2054 | 261,786 | |
TOTAL | 292,210 | ||
Communications - Cable & Satellite—0.1% | |||
200,000 | CCO Safari II LLC, 4.908%, 07/23/2025 | 199,388 | |
20,000 | Time Warner Cable, Inc., Company Guarantee, 8.250%, 04/01/2019 | 20,312 | |
TOTAL | 219,700 | ||
Communications - Media & Entertainment—0.2% | |||
310,000 | British Sky Broadcasting Group PLC, 3.75%, Series 144A, 9/16/2024 | 305,545 | |
20,000 | Discovery Communications LLC, Sr. Unsecd. Note, 4.900%, 03/11/2026 | 20,187 | |
70,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 01/31/2046 | 69,039 | |
350,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.600%, 04/15/2026 | 328,353 | |
TOTAL | 723,124 | ||
Communications - Telecom Wireless—0.3% | |||
15,500,000 | America Movil S.A.B. de C.V., Sr. Secd. Note, 6.000%, 06/09/2019 | 747,008 | |
180,000 | Crown Castle International Corp., Sr. Unsecd. Note, 3.700%, 06/15/2026 | 170,175 | |
TOTAL | 917,183 | ||
Communications - Telecom Wirelines—0.2% | |||
300,000 | AT&T, Inc., Sr. Unsecd. Note, 5.15%, 03/15/2042 | 275,942 | |
200,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 03/15/2024 | 202,292 | |
120,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 5.250%, 03/16/2037 | 123,711 | |
TOTAL | 601,945 | ||
Consumer Cyclical - Automotive—0.1% | |||
275,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.336%, 03/18/2021 | 265,845 | |
70,000 | General Motors Co., Sr. Unsecd. Note, 4.00%, 4/01/2025 | 65,796 | |
200,000 | General Motors Financial Company, Inc., Sr. Unsecd. Note, 3.100%, 01/15/2019 | 199,952 | |
TOTAL | 531,593 |
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 | $102,161 | |
300,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 04/15/2025 | 282,911 | |
102,372 | CVS Caremark Corp., Pass Thru Cert., Series 144A, 5.298%, 1/11/2027 | 104,867 | |
200,000 | CVS Health Corp., Sr. Unsecd. Note, 2.875%, 06/01/2026 | 180,587 | |
120,000 | Under Armour, Inc., Sr. Unsecd. Note, 3.25%, 06/15/2026 | 104,516 | |
TOTAL | 775,042 | ||
Consumer Cyclical - Services—0.1% | |||
200,000 | Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.800%, 06/06/2023 | 191,518 | |
130,000 | Visa, Inc., Sr. Unsecd. Note, 3.15%, 12/14/2025 | 125,707 | |
TOTAL | 317,225 | ||
Consumer Non-Cyclical - Food/Beverage—0.3% | |||
300,000 | Danone SA, Sr. Unsecd. Note, Series 144A, 2.947%, 11/02/2026 | 271,710 | |
210,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/01/2026 | 197,376 | |
270,000 | Heineken NV, Sr. Unsecd. Note, Series 144A, 3.5%, 01/29/2028 | 256,115 | |
250,000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 3.95%, 07/15/2025 | 240,114 | |
100,000 | McCormick & Co., Inc., Sr. Unsecd. Note, 3.400%, 08/15/2027 | 94,557 | |
120,000 | Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025 | 121,194 | |
70,000 | PepsiCo, Inc., Sr. Unsecd. Note, 4.450%, 04/14/2046 | 71,480 | |
TOTAL | 1,252,546 | ||
Consumer Non-Cyclical - Pharmaceuticals—0.0% | |||
90,000 | Gilead Sciences, Inc., Sr. Unsecd. Note, 3.65%, 3/01/2026 | 87,517 | |
Consumer Non-Cyclical - Products—0.1% | |||
270,000 | Newell Rubbermaid, Inc., Sr. Unsecd. Note, 4.200%, 04/01/2026 | 257,552 | |
Consumer Non-Cyclical - Tobacco—0.1% | |||
24,000 | Altria Group, Inc., 9.250%, 08/06/2019 | 25,004 | |
200,000 | Reynolds American, Inc., Sr. Unsecd. Note, 5.85%, 8/15/2045 | 194,135 | |
TOTAL | 219,139 | ||
Energy - Independent—0.2% | |||
375,000 | Canadian Natural Resources Ltd., 3.900%, 02/01/2025 | 360,954 | |
225,000 | Marathon Oil Corp., Sr. Unsecd. Note, 3.85%, 6/01/2025 | 211,000 | |
TOTAL | 571,954 | ||
Energy - Integrated—0.2% | |||
135,000 | BP Capital Markets PLC, 3.119%, 5/04/2026 | 125,948 | |
155,000 | Husky Energy, Inc., 4.000%, 04/15/2024 | 151,555 | |
100,000 | Husky Energy, Inc., Sr. Unsecd. Note, 3.950%, 04/15/2022 | 100,029 | |
35,000 | Petro-Canada, Deb., 7.000%, 11/15/2028 | 41,086 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Energy - Integrated—continued | |||
$100,000 | Petroleos Mexicanos, 6.500%, 06/02/2041 | $82,950 | |
150,000 | Petroleos Mexicanos, Sr. Unsecd. Note, 4.875%, 1/18/2024 | 139,125 | |
TOTAL | 640,693 | ||
Energy - Midstream—0.2% | |||
325,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 | 307,083 | |
230,000 | Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.950%, 02/15/2027 | 223,946 | |
100,000 | Kinder Morgan, Inc., 5.05%, 2/15/2046 | 90,625 | |
80,000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 03/01/2027 | 75,134 | |
55,000 | ONEOK, Inc., Sr Unsecured Note, 4.950%, 07/13/2047 | 49,408 | |
100,000 | Williams Partners LP, 4.900%, 1/15/2045 | 88,801 | |
TOTAL | 834,997 | ||
Energy - Oil Field Services—0.0% | |||
100,000 | Nabors Industries, Inc., Company Guarantee, 5.000%, 09/15/2020 | 99,492 | |
100,000 | Weatherford International Ltd., Sr. Unsecd. Note, 5.950%, 04/15/2042 | 56,500 | |
TOTAL | 155,992 | ||
Energy - Refining—0.1% | |||
250,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.75%, 9/15/2044 | 223,314 | |
Financial Institution - Banking—0.7% | |||
250,000 | 4 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 3.046%, (3-month USLIBOR +0.650%), 10/01/2021 | 250,416 |
100,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 4.875%, 04/01/2044 | 100,755 | |
300,000 | Bank of America Corp., Sub. Note, Series MTN, 4.00%, 1/22/2025 | 291,313 | |
300,000 | Citigroup, Inc., Sr. Unsecd. Note, 2.700%, 03/30/2021 | 293,570 | |
250,000 | Compass Bank, Birmingham, Sub. Note, Series BKNT, 3.875%, 4/10/2025 | 239,393 | |
5,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 5.750%, 01/24/2022 | 5,247 | |
50,000 | J.P. Morgan Chase & Co., Sub. Note, 3.375%, 05/01/2023 | 48,578 | |
100,000 | JPMorgan Chase & Co., Series S, 6.750%, 08/01/2067 | 105,900 | |
400,000 | Morgan Stanley, 4.300%, 01/27/2045 | 364,338 | |
300,000 | 4 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 3.168%, (3-month USLIBOR +0.550%), 02/10/2021 | 298,243 |
92,930 | 2 | Regional Diversified Funding, Series 144A, 9.250%, 03/15/2030 | 57,087 |
80,000 | Regions Financial Corp., Sr. Unsecd. Note, 3.200%, 02/08/2021 | 78,923 | |
230,000 | SunTrust Banks, Inc., Sr. Unsecd. Note, 2.900%, 03/03/2021 | 226,792 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Financial Institution - Banking—continued | |||
$50,000 | 4 | Wells Fargo & Co., Sr. Unsecd. Note, 3.757%, (3-month USLIBOR +1.230%), 10/31/2023 | $50,133 |
TOTAL | 2,410,688 | ||
Financial Institution - Broker/Asset Mgr/Exchange—0.1% | |||
140,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.75%, 1/15/2026 | 134,630 | |
95,000 | Jefferies Group LLC, Sr. Unsecd. Note, 8.500%, 07/15/2019 | 97,840 | |
240,000 | Stifel Financial Corp., Sr. Unsecd. Note, 3.500%, 12/01/2020 | 238,921 | |
70,000 | TIAA Asset Management Finance Co., LLC, Sr. Unsecd. Note, Series 144A, 4.125%, 11/01/2024 | 70,450 | |
TOTAL | 541,841 | ||
Financial Institution - Finance Companies—0.1% | |||
210,000 | AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.95%, 02/01/2022 | 206,855 | |
325,000 | GE Capital International Funding, Inc., Sr. Unsecd. Note, 4.418%, 11/15/2035 | 262,843 | |
TOTAL | 469,698 | ||
Financial Institution - Insurance - Life—0.2% | |||
27,000 | Aflac, Inc., Sr. Unsecd. Note, 6.450%, 08/15/2040 | 31,580 | |
400,000 | American International Group, Inc., Unsecd. Note, 3.875%, 01/15/2035 | 343,811 | |
325,000 | Mass Mutual Global Funding II, Series 144A, 2.000%, 04/15/2021 | 314,891 | |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.75%, 8/01/2039 | 14,925 | |
100,000 | Principal Life Global Funding II, Series 144A, 2.200%, 04/08/2020 | 98,520 | |
TOTAL | 803,727 | ||
Financial Institution - Insurance - P&C—0.1% | |||
300,000 | Liberty Mutual Group, Inc., Sr. Unsecd. Note, Series 144A, 6.500%, 03/15/2035 | 342,719 | |
30,000 | Nationwide Mutual Insurance Co., Sub. Note, Series 144A, 9.375%, 08/15/2039 | 44,292 | |
TOTAL | 387,011 | ||
Financial Institution - REIT - Apartment—0.2% | |||
195,000 | Avalonbay Communities, Inc., Sr. Unsecd. Note, Series MTN, 3.35%, 05/15/2027 | 185,244 | |
300,000 | Mid-America Apartment Communities LP, Sr. Unsecd. Note, 3.750%, 06/15/2024 | 293,111 | |
140,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.95%, 09/01/2026 | 126,957 | |
TOTAL | 605,312 | ||
Financial Institution - REIT - Healthcare—0.0% | |||
100,000 | Health Care REIT, Inc., Sr. Unsecd. Note, 4.125%, 04/01/2019 | 100,074 |
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 | $94,825 | |
300,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 4.500%, 07/30/2029 | 295,951 | |
TOTAL | 390,776 | ||
Financial Institution - REIT - Other—0.0% | |||
160,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 04/01/2024 | 160,953 | |
Financial Institution - REIT - Retail—0.0% | |||
30,000 | Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/01/2022 | 29,227 | |
Foreign-Local-Government—0.0% | |||
50,000 | Quebec, Province of, Note, Series MTNA, 7.035%, 03/10/2026 | 59,960 | |
Municipal Services—0.1% | |||
135,797 | Army Hawaii Family Housing, Series 144A, 5.524%, 6/15/2050 | 145,163 | |
100,000 | Camp Pendleton & Quantico Housing LLC, 5.572%, 10/01/2050 | 108,565 | |
TOTAL | 253,728 | ||
Sovereign—0.1% | |||
30,000,000 | KfW, 2.050%, 02/16/2026 | 304,636 | |
Technology—0.5% | |||
300,000 | Adobe Systems, Inc., Sr. Unsecd. Note, 3.250%, 02/01/2025 | 291,872 | |
320,000 | Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr. Secd. Note, Series 144A, 6.02%, 06/15/2026 | 324,097 | |
125,000 | Equifax, Inc., Sr. Unsecd. Note, 2.300%, 06/01/2021 | 120,819 | |
28,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.875%, 06/05/2024 | 27,707 | |
300,000 | Fiserv, Inc., Sr. Unsecd. Note, 4.200%, 10/01/2028 | 297,180 | |
150,000 | Hewlett Packard Enterprise Co., Sr. Unsecd. Note, 3.600%, 10/15/2020 | 149,959 | |
300,000 | Keysight Technologies, Inc., 4.55%, 10/30/2024 | 300,705 | |
380,000 | Molex Electronics Technologies LLC, Unsecd. Note, Series 144A, 3.900%, 4/15/2025 | 371,984 | |
70,000 | Total System Services, Inc., Sr. Unsecd. Note, 4.800%, 04/01/2026 | 70,321 | |
TOTAL | 1,954,644 | ||
Transportation - Services—0.2% | |||
62,000 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, Series 144A, 3.850%, 11/15/2024 | 61,386 | |
100,000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Series 144A, 2.500%, 06/15/2019 | 99,563 | |
335,000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, Series 144A, 3.375%, 2/01/2022 | 329,313 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Transportation - Services—continued | |||
$140,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.800%, 03/01/2022 | $136,014 | |
TOTAL | 626,276 | ||
Utility - Electric—0.7% | |||
130,000 | Ameren Corp., Sr. Unsecd. Note, 3.65%, 2/15/2026 | 125,302 | |
120,000 | Duke Energy Corp., Sr. Unsecd. Note, 2.65%, 09/01/2026 | 107,299 | |
275,000 | Electricite de France SA, Sr. Unsecd. Note, Series 144A, 4.500%, 09/21/2028 | 263,139 | |
190,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.75%, 06/15/2046 | 177,932 | |
270,000 | EverSource Energy, Sr. Unsecd. Note, 3.350%, 03/15/2026 | 255,600 | |
300,000 | Exelon Corp., Sr. Unsecd. Note, 3.400%, 04/15/2026 | 280,723 | |
300,000 | National Rural Utilities Cooperative Finance Corp., 2.000%, 01/27/2020 | 295,968 | |
140,000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 04/20/2046 | 140,789 | |
200,000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 2.400%, 09/15/2019 | 198,440 | |
200,000 | NiSource Finance Corp., Sr. Unsecd. Note, 3.95%, 03/30/2048 | 173,577 | |
400,000 | Northeast Utilities, Sr. Unsecd. Note, Series H, 3.15%, 1/15/2025 | 384,019 | |
40,000 | Progress Energy, Inc., 7.050%, 03/15/2019 | 40,448 | |
125,000 | Wisconsin Electric Power Co., Sr. Unsecd. Note, 4.300%, 12/15/2045 | 120,256 | |
TOTAL | 2,563,492 | ||
Utility - Natural Gas—0.2% | |||
200,000 | Sempra Energy, Sr. Unsecd. Note, 2.850%, 11/15/2020 | 197,025 | |
300,000 | Sempra Energy, Sr. Unsecd. Note, 3.550%, 06/15/2024 | 292,820 | |
195,000 | TransCanada PipeLines Ltd, Sr. Secd. Note, 5.100%, 03/15/2049 | 190,856 | |
TOTAL | 680,701 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $22,763,300) | 21,719,202 | ||
MORTGAGE-BACKED SECURITIES—0.0% | |||
1,663 | Federal Home Loan Mortgage Corp. Pool C00592, 7.000%, 3/1/2028 | 1,840 | |
1,093 | Federal Home Loan Mortgage Corp. Pool C00896, 7.500%, 12/1/2029 | 1,233 | |
197 | Federal Home Loan Mortgage Corp. Pool C17281, 6.500%, 11/1/2028 | 206 | |
1,204 | Federal Home Loan Mortgage Corp. Pool C19588, 6.500%, 12/1/2028 | 1,323 | |
895 | Federal Home Loan Mortgage Corp. Pool C25621, 6.500%, 5/1/2029 | 986 | |
1,759 | Federal Home Loan Mortgage Corp. Pool C76361, 6.000%, 2/1/2033 | 1,935 | |
99 | Federal Home Loan Mortgage Corp. Pool E01545, 5.000%, 15 Year, 1/1/2019 | 99 | |
2,326 | Federal Home Loan Mortgage Corp. Pool G01444, 6.500%, 8/1/2032 | 2,574 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
MORTGAGE-BACKED SECURITIES—continued | |||
$1,599 | Federal National Mortgage Association Pool 251697, 6.500%, 30 Year, 5/1/2028 | $1,746 | |
6,711 | Federal National Mortgage Association Pool 252334, 6.500%, 30 Year, 2/1/2029 | 7,250 | |
4,032 | Federal National Mortgage Association Pool 254905, 6.000%, 10/1/2033 | 4,433 | |
5,716 | Federal National Mortgage Association Pool 255075, 5.500%, 2/1/2024 | 6,084 | |
139 | Federal National Mortgage Association Pool 255079, 5.000%, 2/1/2019 | 139 | |
494 | Federal National Mortgage Association Pool 303168, 9.500%, 30 Year, 2/1/2025 | 551 | |
282 | Federal National Mortgage Association Pool 323159, 7.500%, 4/1/2028 | 313 | |
2,668 | Federal National Mortgage Association Pool 323640, 7.500%, 4/1/2029 | 2,957 | |
74 | Federal National Mortgage Association Pool 428865, 7.000%, 6/1/2028 | 74 | |
6,057 | Federal National Mortgage Association Pool 545993, 6.000%, 11/1/2032 | 6,660 | |
2,529 | Federal National Mortgage Association Pool 555272, 6.000%, 3/1/2033 | 2,779 | |
1,764 | Federal National Mortgage Association Pool 713974, 5.500%, 7/1/2033 | 1,905 | |
4,454 | Federal National Mortgage Association Pool 721502, 5.000%, 7/1/2033 | 4,693 | |
5,941 | Government National Mortgage Association Pool 2796, 7.000%, 8/20/2029 | 6,635 | |
3,377 | Government National Mortgage Association Pool 3040, 7.000%, 2/20/2031 | 3,806 | |
8,454 | Government National Mortgage Association Pool 3188, 6.500%, 1/20/2032 | 9,426 | |
11,673 | Government National Mortgage Association Pool 3239, 6.500%, 5/20/2032 | 13,056 | |
327 | Government National Mortgage Association Pool 352214, 7.000%, 4/15/2023 | 347 | |
1,576 | Government National Mortgage Association Pool 451522, 7.500%, 30 Year, 10/15/2027 | 1,766 | |
1,085 | Government National Mortgage Association Pool 462556, 6.500%, 2/15/2028 | 1,177 | |
313 | Government National Mortgage Association Pool 462739, 7.500%, 5/15/2028 | 351 | |
172 | Government National Mortgage Association Pool 464835, 6.500%, 9/15/2028 | 190 | |
2,775 | Government National Mortgage Association Pool 469699, 7.000%, 11/15/2028 | 3,069 | |
2,827 | Government National Mortgage Association Pool 486760, 6.500%, 12/15/2028 | 3,102 | |
288 | Government National Mortgage Association Pool 780339, 8.000%, 30 Year, 12/15/2023 | 310 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
MORTGAGE-BACKED SECURITIES—continued | |||
$2,811 | Government National Mortgage Association Pool 780453, 7.500%, 30 Year, 12/15/2025 | $3,076 | |
2,580 | Government National Mortgage Association Pool 780584, 7.000%, 30 Year, 6/15/2027 | 2,813 | |
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $90,673) | 98,904 | ||
FOREIGN GOVERNMENTS/AGENCIES—7.0% | |||
Sovereign—7.0% | |||
850,000 | Australia, Government of, Sr. Unsecd. Note, Series 148, 2.75%, 11/21/2027 | 630,154 | |
390,000 | Belgium, Government of, Series 68, 2.25%, 6/22/2023 | 489,559 | |
680,000 | Belgium, Government of, Series 74, 0.800%, 6/22/2025 | 795,771 | |
200,000 | Canada, Government of, Bond, 3.25%, 6/01/2021 | 154,456 | |
480,000 | Canada, Government of, Series WL43, 5.75%, 06/01/2029 | 477,309 | |
936,000 | France, Government of, 0.500%, 05/25/2025 | 1,081,717 | |
620,000 | France, Government of, 3.25%, 10/25/2021 | 776,704 | |
350,000 | France, Government of, Bond, 4.500%, 04/25/2041 | 634,539 | |
250,000 | France, Government of, Unsecd. Note, 1.250%, 05/25/2036 | 283,295 | |
300,000 | Germany, Government of, Bond, Series 03, 4.75%, 7/04/2034 | 548,729 | |
100,000 | Germany, Government of, Bond, Series 08, 4.75%, 7/04/2040 | 202,191 | |
540,000 | Germany, Government of, Unsecd. Note, 1.000%, 08/15/2025 | 655,026 | |
200,000 | Italy, Government of, 2.500%, 5/01/2019 | 228,485 | |
1,000,000 | Italy, Government of, 3.75%, 5/01/2021 | 1,196,856 | |
220,000 | Italy, Government of, 4.25%, 3/01/2020 | 260,196 | |
680,000 | Italy, Government of, Sr. Unsecd. Note, 0.65%, 10/15/2023 | 714,314 | |
600,000 | Italy, Government of, Sr. Unsecd. Note, 4.75%, 09/01/2028 | 774,281 | |
500,000 | Italy, Government of, Unsecd. Note, 1.600%, 06/01/2026 | 520,693 | |
58,000 | Italy, Government of, Unsecd. Note, 3.25%, 9/01/2046 | 60,569 | |
134,000,000 | Japan (20 Year Issue), Series 43, 2.900%, 09/20/2019 | 1,209,122 | |
100,000,000 | Japan, Government of, Series 313, 1.300%, 3/20/2021 | 909,836 | |
60,000,000 | Japan, Government of, Series 65, 1.900%, 12/20/2023 | 582,002 | |
142,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 114, 2.100%, 12/20/2029 | 1,518,399 | |
155,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 153, 1.300%, 06/20/2035 | 1,553,933 | |
50,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 351, 0.100%, 06/20/2028 | 441,713 | |
110,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 44, 1.700%, 9/20/2044 | 1,184,103 | |
30,000 | Mexico, Government of, Series MTNA, 6.750%, 09/27/2034 | 33,825 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
FOREIGN GOVERNMENTS/AGENCIES—continued | |||
Sovereign—continued | |||
$350,000 | Netherlands, Government of, 1.750%, 7/15/2023 | $433,022 | |
250,000 | Netherlands, Government, Unsecd. Note, 2.500%, 1/15/2033 | 350,884 | |
2,700,000 | Poland, Government of, Unsecd. Note, Series 0726, 2.500%, 07/25/2026 | 694,550 | |
255,000 | Queensland Treasury Corp., Sr. Unsecd. Note, 4.000%, 06/21/2019 | 188,471 | |
485,000 | Spain, Government of, 2.75%, 4/30/2019 | 556,169 | |
690,000 | Spain, Government of, Sr. Unsecd. Note, 1.95%, 7/30/2030 | 799,067 | |
880,000 | Spain, Government of, Sr. Unsecd. Note, 2.75%, 10/31/2024 | 1,110,309 | |
400,000 | Spain, Government of, Sr. Unsub., 4.000%, 4/30/2020 | 480,359 | |
270,000 | United Kingdom, Government of, 2.75%, 9/07/2024 | 377,616 | |
530,000 | United Kingdom, Government of, 3.25%, 1/22/2044 | 831,220 | |
350,000 | United Kingdom, Government of, 4.25%, 12/07/2027 | 561,400 | |
400,000 | United Kingdom, Government of, Unsecd. Note, 1.500%, 07/22/2047 | 447,653 | |
430,000 | United Kingdom, Government of, Unsecd. Note, 4.25%, 6/07/2032 | 721,752 | |
TOTAL FOREIGN GOVERNMENTS/AGENCIES (IDENTIFIED COST $25,456,616) | 25,470,249 | ||
U.S. TREASURY—1.3% | |||
307,213 | U.S. Treasury Inflation-Protected Bond, 0.750%, 2/15/2042 | 275,755 | |
319,521 | U.S. Treasury Inflation-Protected Note, 0.125%, 4/15/2021 | 311,077 | |
25,949 | U.S. Treasury Inflation-Protected Note, 0.125%, 4/15/2022 | 25,078 | |
5,160 | U.S. Treasury Inflation-Protected Note, 0.375%, 7/15/2027 | 4,884 | |
2,078,252 | U.S. Treasury Inflation-Protected Note, 0.625%, 4/15/2023 | 2,039,074 | |
75,000 | United States Treasury Bond, 2.500%, 2/15/2045 | 64,390 | |
81,000 | United States Treasury Bond, 2.500%, 5/15/2046 | 69,157 | |
275,000 | United States Treasury Bond, 2.750%, 8/15/2047 | 246,632 | |
3,000 | United States Treasury Bond, 3.000%, 11/15/2045 | 2,839 | |
175,000 | United States Treasury Bond, 3.000%, 2/15/2048 | 164,911 | |
325,000 | United States Treasury Bond, 3.000%, 8/15/2048 | 306,248 | |
100,000 | United States Treasury Bond, 3.125%, 5/15/2048 | 96,569 | |
100,000 | United States Treasury Bond, 4.375%, 2/15/2038 | 117,514 | |
30,000 | United States Treasury Note, 2.500%, 1/31/2025 | 29,309 | |
100,000 | United States Treasury Note, 2.500%, 5/31/2020 | 99,562 | |
35,000 | United States Treasury Note, 2.625%, 7/31/2020 | 34,896 | |
950,000 | United States Treasury Note, 2.875%, 8/15/2028 | 939,528 | |
TOTAL U.S. TREASURY (IDENTIFIED COST $4,950,591) | 4,827,423 |
Shares, Principal, Amount or Contracts | Value in U.S. Dollars | ||
EXCHANGE-TRADED FUND—0.8% | |||
87,345 | iShares MSCI India Index Fund (IDENTIFIED COST $2,958,857) | $2,912,956 | |
INVESTMENT COMPANIES—16.1% | |||
2,987,593 | Emerging Markets Core Fund | 27,515,728 | |
222,396 | Federated Bank Loan Core Fund | 2,206,166 | |
5,429,001 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 2.36%6 | 5,429,002 | |
1,599,256 | Federated Mortgage Core Portfolio | 15,128,958 | |
521,974 | Federated Project and Trade Finance Core Fund | 4,734,307 | |
583,842 | High Yield Bond Portfolio | 3,532,243 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $59,940,620) | 58,546,404 | ||
TOTAL INVESTMENT IN SECURITIES-97.1% (IDENTIFIED COST $331,887,754)7 | 353,487,526 | ||
OTHER ASSETS AND LIABILITIES-NET-2.9%8 | 10,643,237 | ||
TOTAL NET ASSETS-100% | $364,130,763 |
Settlement Date | Counterparty | Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
Contracts Purchased: | ||||
12/06/2018 | Credit Agricole CIB | 303,851,200 KRW | $272,390 | $(1,315) |
12/19/2018 | Citibank N.A. | 287,452,000 KRW | $255,995 | $556 |
12/19/2018 | Citibank N.A. | 1,694,841,000 KRW | $1,500,404 | $12,244 |
12/19/2018 | Citibank N.A. | 1,737,604,000 KRW | $1,543,083 | $7,731 |
12/19/2018 | Citibank N.A. | 5,609,850,000 KRW | $4,995,948 | $10,850 |
12/19/2018 | Citibank N.A. | 10,832,302,000 KRW | $9,688,653 | $(20,811) |
12/19/2018 | Citibank N.A. | 12,648,789,000 KRW | $11,240,071 | $48,989 |
12/27/2018 | Bank of America N.A. | 108,090 AUD | $78,605 | $430 |
01/23/2019 | Bank of America N.A. | 4,232,360 MXN | $204,279 | $2,078 |
02/06/2019 | Barclays Bank PLC Wholesale | 4,105,051,200 IDR | $272,761 | $11,607 |
02/06/2019 | Morgan Stanley | 19,981,120 INR | $271,667 | $13,021 |
02/07/2019 | Citibank N.A. | 400,000 AUD | $286,265 | $6,422 |
02/07/2019 | HSBC Bank USA | 1,600,000 EUR | $1,839,603 | $(17,224) |
02/07/2019 | Citibank N.A. | 45,113,310 JPY | $8,250,000 | $(1,482) |
02/07/2019 | Citibank N.A. | 166,575,150 JPY | $1,500,000 | $(23,728) |
02/07/2019 | HSBC Bank USA | 13,811,057 MXN | $700,000 | $(28,199) |
02/07/2019 | JPMorgan Chase | 8,317,224 NOK | $1,000,000 | $(29,309) |
Settlement Date | Counterparty | Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
Contracts Purchased: (continued) | ||||
02/07/2019 | Bank of America N.A. | 450,000 NZD | $297,096 | $12,569 |
02/07/2019 | HSBC Bank USA | 1,880,220 PLN | $500,000 | $(3,196) |
02/11/2019 | Morgan Stanley | 1,880,472 CNY | $272,433 | $(1,623) |
Contracts Sold: | ||||
12/06/2018 | Credit Agricole CIB | 303,851,200 KRW | $269,515 | $(1,560) |
12/07/2018 | JPMorgan Chase | 2,259,000 AUD | $1,635,762 | $(15,429) |
12/07/2018 | HSBC Bank USA | 2,037,000 CAD | $1,534,271 | $1,011 |
12/07/2018 | Bank of New York Mellon | 3,999,000 EUR | $4,528,314 | $18 |
12/07/2018 | Barclays Bank PLC Wholesale | 3,252,000 GBP | $4,146,983 | $2,590 |
12/07/2018 | JPMorgan Chase | 257,248,000 JPY | $2,265,160 | $(1,511) |
12/07/2018 | State Street Bank & Trust Co. | 7,794,000 SEK | $858,735 | $2,404 |
12/19/2018 | Citibank N.A. | 1,546,285,000 KRW | $1,393,640 | $13,578 |
12/19/2018 | Citibank N.A. | 1,597,139,000 KRW | $1,407,022 | $(18,426) |
12/19/2018 | Citibank N.A. | 3,260,909,000 KRW | $2,887,651 | $(22,714) |
12/19/2018 | Citibank N.A. | 8,283,098,000 KRW | $7,424,127 | $31,452 |
12/19/2018 | Citibank N.A. | 9,472,479,000 KRW | $8,324,161 | $(130,038) |
12/19/2018 | Citibank N.A. | 11,900,118,000 KRW | $10,475,272 | $(145,598) |
02/06/2019 | Barclays Bank PLC Wholesale | 4,105,051,200 IDR | $278,781 | $(5,587) |
02/06/2019 | Morgan Stanley | 19,981,120 INR | $277,612 | $(7,077) |
02/07/2019 | Citibank N.A. | 830,000 AUD | $589,786 | $(17,539) |
02/07/2019 | Goldman Sachs | 178,845,556 JPY | $33,000,000 | $20,177 |
02/07/2019 | BNP Paribas SA | 6,040,149 MXN | $300,000 | $6,192 |
02/07/2019 | Bank of America N.A. | 28,754,118 MXN | $1,400,000 | $1,334 |
02/07/2019 | JPMorgan Chase | 450,000 NZD | $295,908 | $(13,758) |
02/07/2019 | HSBC Bank USA | 2,260,834 PLN | $600,000 | $2,628 |
02/11/2019 | Morgan Stanley | 1,880,472 CNY | $270,136 | $(674) |
NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS | $(298,917) |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
1Canada 10-Year Bond Short Futures | 121 | $12,138,705 | March 2019 | $(83,916) |
1DAX Index Short Futures | 54 | $17,190,716 | December 2018 | $315,967 |
1Euro Bund Short Futures | 182 | $33,465,382 | March 2019 | $(20,050) |
1Euro Bund Short Futures | 4 | $731,518 | December 2018 | $(4,029) |
1FTSE 100 Index Short Futures | 135 | $11,988,341 | December 2018 | $(59,169) |
1IBEX 35 Index Short Futures | 55 | $5,629,363 | December 2018 | $(36,813) |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
1KOSPI2 Index Short Futures | 57 | $3,452,696 | December 2018 | $5,461 |
1MSCI Singapore IX ETS Short Futures | 318 | $8,079,226 | December 2018 | $(77,152) |
1S&P/TSX 60 IX Short Futures | 18 | $2,472,976 | December 2018 | $(36,984) |
1SPI 200 Short Futures | 49 | $5,080,231 | December 2018 | $20,285 |
1United States Treasury Notes 10-Year Short Futures | 15 | $1,791,797 | March 2019 | $(4,899) |
1United States Treasury Notes 10-Year Ultra Short Futures | 8 | $1,012,000 | March 2019 | $(3,634) |
1Amsterdam Index Long Futures | 18 | $2,115,950 | December 2018 | $1,656 |
1Australia 10-Year Bond Long Futures | 66 | $6,262,514 | December 2018 | $89,733 |
1CAC 40 10-Year Euro Long Futures | 520 | $29,375,737 | December 2018 | $(439,636) |
1Euro BTP Long Futures | 45 | $6,242,740 | December 2018 | $1,558 |
1FTSE JSE Top 40 Long Futures | 15 | $485,888 | December 2018 | $(3,884) |
1FTSE/MIB Index Long Futures | 14 | $1,519,482 | December 2018 | $38,474 |
1Hang Seng Index Long Futures | 12 | $2,034,586 | December 2018 | $16,074 |
1Japan 10-Year Bond Long Futures | 15 | $19,975,774 | December 2018 | $81,803 |
1Long GILT Long Futures | 76 | $11,876,831 | March 2019 | $30,677 |
1MSCI Taiwan Index Long Futures | 38 | $1,381,300 | December 2018 | $13,640 |
1S&P 500 E-Mini Long Futures | 91 | $12,550,265 | December 2018 | $549,991 |
1TOPIX Index Long Futures | 34 | $4,995,992 | December 2018 | $(1,295) |
1United States Treasury Long Bond Long Futures | 7 | $979,344 | March 2019 | $3,648 |
1United States Treasury Notes 2-Year Long Futures | 15 | $3,164,766 | March 2019 | $2,076 |
1United States Treasury Notes 5-Year Long Futures | 21 | $2,372,180 | March 2019 | $2,578 |
1United States Treasury Ultra Bond Long Futures | 6 | $914,438 | March 2019 | $(295) |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $401,865 |
Affiliated Issuers no longer in the portfolio at period end | |
Balance of Shares Held 11/30/2017 | 1,693 |
Purchases/Additions | 2,290 |
Sales/Reductions | (3,983) |
Balance of Shares Held 11/30/2018 | — |
Value | $— |
Change in Unrealized Appreciation/Depreciation | $(6,785) |
Net Realized Gain/(Loss) | $13,939 |
Dividend Income | $208 |
Affiliates | Balance of Shares Held 11/30/2017 | Purchases/ Additions | Sales/ Reductions |
Emerging Markets Core Fund | 3,335,878 | 1,135,667 | (1,483,952) |
Federated Bank Loan Core Fund | 275,758 | 42,659 | (96,021) |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | — | 126,098,548 | (120,669,547) |
Federated Mortgage Core Portfolio | 1,488,261 | 838,109 | (727,114) |
Federated Project and Trade Finance Core Fund | 498,315 | 23,659 | — |
High Yield Bond Portfolio | 761,390 | 184,532 | (362,080) |
TOTAL OF AFFILIATED TRANSACTIONS | 6,359,602 | 128,323,174 | (123,338,714) |
Balance of Shares Held 11/30/2018 | Value | Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/(Loss) | Dividend Income | Gain Distribution Received |
2,987,593 | $27,515,728 | $(1,582,225) | $(1,093,116) | $1,636,113 | $39,082 |
222,396 | $2,206,166 | $(33,942) | $2,153 | $127,410 | $— |
5,429,001 | $5,429,002 | $(177) | $(423) | $60,989 | $— |
1,599,256 | $15,128,958 | $(226,881) | $(180,786) | $407,983 | $— |
521,974 | $4,734,307 | $(15,020) | $— | $214,663 | $— |
583,842 | $3,532,243 | $(334,821) | $146,670 | $218,997 | $— |
11,344,062 | $58,546,404 | $(2,193,066) | $(1,125,502) | $2,666,155 | $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 Fund's Board of Trustees (the "Trustees"). |
3 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At November 30, 2018, these restricted securities amounted to $253,539, which represented 0.1% of total net assets. |
4 | 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. |
5 | Issuer in default. |
6 | 7-day net yield. |
7 | The cost of investments for federal tax purposes amounts to $334,174,719. |
8 | 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 | $118,007,997 | $— | $0 | $118,007,997 |
International | 14,473,132 | 104,627,422 | — | 119,100,554 |
Debt Securities: | ||||
Asset-Backed Securities | — | 648,697 | — | 648,697 |
Commercial Mortgage-Backed Securities | — | 139,517 | — | 139,517 |
Collateralized Mortgage Obligations | — | 2,015,623 | — | 2,015,623 |
Corporate Bonds | — | 21,662,115 | 57,087 | 21,719,202 |
Mortgage-Backed Securities | — | 98,904 | — | 98,904 |
Foreign Governments/Agencies | — | 25,470,249 | — | 25,470,249 |
U.S. Treasury | — | 4,827,423 | — | 4,827,423 |
Exchange-Traded Funds | 2,912,956 | — | — | 2,912,956 |
Investment Companies1 | 5,429,002 | — | — | 58,546,404 |
TOTAL SECURITIES | $140,823,087 | $159,489,950 | $57,087 | $353,487,526 |
Other Financial Instruments | ||||
Assets | ||||
Foreign-Exchange Contracts | $— | $207,881 | $— | $207,881 |
Futures Contracts | 1,173,621 | — | — | 1,173,621 |
Liabilities | ||||
Foreign-Exchange Contracts | — | (506,798) | — | (506,798) |
Futures Contracts | (771,756) | — | — | (771,756) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $401,865 | $(298,917) | $— | $102,948 |
1 | As permitted by U.S. generally accepted accounting principles (GAAP), Investment Companies valued at $53,117,402 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. |
ADR | —American Depositary Receipt |
AUD | —Australian Dollar |
BKNT | —Bank Notes |
CAD | —Canadian Dollar |
CNY | —Chinese Yuan |
CVR | —Contingent Value Right |
EUR | —Euro Currency |
GBP | —British Pound |
GDR | —Global Depository Receipt |
GMTN | —Global Medium Term Note |
IDR | —Indonesian Rupiah |
INR | —Indian Rupee |
JPY | —Japanese Yen |
KRW | —South Korean Won |
LIBOR | —London Interbank Offered Rate |
MTN | —Medium Term Note |
MXN | —Mexican Peso |
NOK | —Norwegian Krone |
NZD | —New Zealand Dollar |
PLN | —Polish Zloty |
REIT | —Real Estate Investment Trust |
SEK | —Swedish Krona |
Year Ended November 30 | 2018 | 2017 | 2016 | 2015 | 2014 |
Net Asset Value, Beginning of Period | $20.09 | $17.49 | $17.87 | $20.29 | $21.47 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.31 | 0.28 | 0.29 | 0.27 | 0.18 |
Net realized and unrealized gain (loss) | (0.99) | 2.63 | (0.37) | (0.80) | 1.10 |
TOTAL FROM INVESTMENT OPERATIONS | (0.68) | 2.91 | (0.08) | (0.53) | 1.28 |
Less Distributions: | |||||
Distributions from net investment income | (0.33) | (0.31) | (0.29) | (0.17) | (0.12) |
Distributions from net realized gain | — | — | (0.01) | (1.72) | (2.34) |
TOTAL DISTRIBUTIONS | (0.33) | (0.31) | (0.30) | (1.89) | (2.46) |
Redemption Fees | — | — | — | — | 0.002 |
Net Asset Value, End of Period | $19.08 | $20.09 | $17.49 | $17.87 | $20.29 |
Total Return3 | (3.46)% | 16.85% | (0.68)% | (2.80)% | 6.53% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.15% | 1.14% | 1.14% | 1.16% | 1.14% |
Net investment income | 1.53% | 1.50% | 1.65% | 1.45% | 0.93% |
Expense waiver/reimbursement4 | 0.11% | 0.18% | 0.17% | 0.13% | 0.10% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $146,323 | $169,424 | $169,443 | $187,183 | $196,067 |
Portfolio turnover | 66% | 58% | 105% | 76% | 100% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended November 30 | 2018 | 2017 | 2016 | 2015 | 2014 |
Net Asset Value, Beginning of Period | $19.58 | $17.06 | $17.43 | $19.86 | $21.17 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.14 | 0.13 | 0.14 | 0.12 | 0.02 |
Net realized and unrealized gain (loss) | (0.96) | 2.55 | (0.35) | (0.78) | 1.07 |
TOTAL FROM INVESTMENT OPERATIONS | (0.82) | 2.68 | (0.21) | (0.66) | 1.09 |
Less Distributions: | |||||
Distributions from net investment income | (0.16) | (0.16) | (0.15) | (0.05) | (0.06) |
Distributions from net realized gain | — | — | (0.01) | (1.72) | (2.34) |
TOTAL DISTRIBUTIONS | (0.16) | (0.16) | (0.16) | (1.77) | (2.40) |
Redemption Fees | — | — | — | — | 0.002 |
Net Asset Value, End of Period | $18.60 | $19.58 | $17.06 | $17.43 | $19.86 |
Total Return3 | (4.20)% | 15.84% | (1.46)% | (3.59)% | 5.67% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.96% | 1.95% | 1.95% | 1.97% | 1.95% |
Net investment income | 0.72% | 0.70% | 0.85% | 0.64% | 0.12% |
Expense waiver/reimbursement4 | 0.12% | 0.20% | 0.18% | 0.12% | 0.10% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $9,758 | $14,342 | $16,037 | $21,384 | $26,163 |
Portfolio turnover | 66% | 58% | 105% | 76% | 100% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended November 30 | 2018 | 2017 | 2016 | 2015 | 2014 |
Net Asset Value, Beginning of Period | $19.51 | $17.00 | $17.37 | $19.80 | $21.11 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.15 | 0.14 | 0.15 | 0.13 | 0.03 |
Net realized and unrealized gain (loss) | (0.96) | 2.55 | (0.35) | (0.78) | 1.07 |
TOTAL FROM INVESTMENT OPERATIONS | (0.81) | 2.69 | (0.20) | (0.65) | 1.10 |
Less Distributions: | |||||
Distributions from net investment income | (0.18) | (0.18) | (0.16) | (0.06) | (0.07) |
Distributions from net realized gain | — | — | (0.01) | (1.72) | (2.34) |
TOTAL DISTRIBUTIONS | (0.18) | (0.18) | (0.17) | (1.78) | (2.41) |
Redemption Fees | — | — | — | — | 0.002 |
Net Asset Value, End of Period | $18.52 | $19.51 | $17.00 | $17.37 | $19.80 |
Total Return3 | (4.20)% | 15.92% | (1.44)% | (3.55)% | 5.70% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.90% | 1.89% | 1.89% | 1.91% | 1.89% |
Net investment income | 0.78% | 0.75% | 0.91% | 0.70% | 0.17% |
Expense waiver/reimbursement4 | 0.14% | 0.21% | 0.20% | 0.15% | 0.13% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $64,095 | $78,445 | $82,845 | $89,640 | $81,703 |
Portfolio turnover | 66% | 58% | 105% | 76% | 100% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended November 30 | 2018 | 2017 | 2016 | 2015 | 2014 |
Net Asset Value, Beginning of Period | $19.94 | $17.38 | $17.74 | $20.16 | $21.40 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.22 | 0.20 | 0.21 | 0.19 | 0.10 |
Net realized and unrealized gain (loss) | (0.98) | 2.61 | (0.36) | (0.80) | 1.08 |
TOTAL FROM INVESTMENT OPERATIONS | (0.76) | 2.81 | (0.15) | (0.61) | 1.18 |
Less Distributions: | |||||
Distributions from net investment income | (0.24) | (0.25) | (0.20) | (0.09) | (0.08) |
Distributions from net realized gain | — | — | (0.01) | (1.72) | (2.34) |
TOTAL DISTRIBUTIONS | (0.24) | (0.25) | (0.21) | (1.81) | (2.42) |
Redemption Fees | — | — | — | — | 0.002 |
Net Asset Value, End of Period | $18.94 | $19.94 | $17.38 | $17.74 | $20.16 |
Total Return3 | (3.86)% | 16.32% | (1.12)% | (3.26)% | 6.06% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.58% | 1.57% | 1.56% | 1.59% | 1.57% |
Net investment income | 1.09% | 1.07% | 1.24% | 1.02% | 0.50% |
Expense waiver/reimbursement4 | 0.12% | 0.18% | 0.18% | 0.14% | 0.09% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $43,452 | $51,768 | $52,430 | $59,229 | $67,588 |
Portfolio turnover | 66% | 58% | 105% | 76% | 100% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended November 30 | 2018 | 2017 | 2016 | 2015 | 2014 |
Net Asset Value, Beginning of Period | $20.21 | $17.61 | $17.98 | $20.40 | $21.54 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.37 | 0.33 | 0.34 | 0.32 | 0.24 |
Net realized and unrealized gain (loss) | (1.00) | 2.65 | (0.37) | (0.80) | 1.10 |
TOTAL FROM INVESTMENT OPERATIONS | (0.63) | 2.98 | (0.03) | (0.48) | 1.34 |
Less Distributions: | |||||
Distributions from net investment income | (0.39) | (0.38) | (0.33) | (0.22) | (0.14) |
Distributions from net realized gain | — | — | (0.01) | (1.72) | (2.34) |
TOTAL DISTRIBUTIONS | (0.39) | (0.38) | (0.34) | (1.94) | (2.48) |
Redemption Fees | — | — | — | — | 0.002 |
Net Asset Value, End of Period | $19.19 | $20.21 | $17.61 | $17.98 | $20.40 |
Total Return3 | (3.21)% | 17.13% | (0.37)% | (2.51)% | 6.85% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.86% | 0.85% | 0.85% | 0.87% | 0.85% |
Net investment income | 1.81% | 1.77% | 1.95% | 1.74% | 1.21% |
Expense waiver/reimbursement4 | 0.14% | 0.20% | 0.20% | 0.14% | 0.12% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $95,613 | $105,720 | $91,167 | $115,108 | $62,451 |
Portfolio turnover | 66% | 58% | 105% | 76% | 100% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended November 30, | Period Ended 11/30/20161 | ||
2018 | 2017 | ||
Net Asset Value, Beginning of Period | $20.10 | $17.51 | $16.97 |
Income From Investment Operations: | |||
Net investment income (loss)2 | 0.36 | 0.33 | 0.11 |
Net realized and unrealized gain (loss) | (0.98) | 2.63 | 0.56 |
TOTAL FROM INVESTMENT OPERATIONS | (0.62) | 2.96 | 0.67 |
Less Distributions: | |||
Distributions from net investment income | (0.39) | (0.37) | (0.13) |
Net Asset Value, End of Period | $19.09 | $20.10 | $17.51 |
Total Return3 | (3.16)% | 17.14% | 3.94% |
Ratios to Average Net Assets: | |||
Net expenses | 0.84% | 0.83% | 0.84%4 |
Net investment income | 1.79% | 1.78% | 1.48%4 |
Expense waiver/reimbursement5 | 0.11% | 0.17% | 0.16%4 |
Supplemental Data: | |||
Net assets, end of period (000 omitted) | $4,890 | $6,243 | $4,853 |
Portfolio turnover | 66% | 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 $58,546,404 of investment in affiliated holdings (identified cost $331,887,754) | $353,487,526 | |
Cash denominated in foreign currencies (identified cost $4,831,819) | 4,776,113 | |
Restricted cash (Note 2) | 7,449,204 | |
Income receivable | 1,417,474 | |
Income receivable from affiliated holdings | 17,048 | |
Receivable for shares sold | 598,464 | |
Unrealized appreciation on foreign exchange contracts | 207,881 | |
Receivable for daily variation margin on futures contracts | 387,557 | |
TOTAL ASSETS | 368,341,267 | |
Liabilities: | ||
Payable for investments purchased | $225,496 | |
Payable for shares redeemed | 487,666 | |
Unrealized depreciation on foreign exchange contracts | 506,798 | |
Bank overdraft | 2,657,539 | |
Payable for investment adviser fee (Note 5) | 5,398 | |
Payable for administrative fees (Note 5) | 796 | |
Payable for transfer agent fee | 111,147 | |
Payable for distribution services fee (Note 5) | 64,184 | |
Payable for other service fees (Notes 2 and 5) | 45,892 | |
Accrued expenses (Note 5) | 105,588 | |
TOTAL LIABILITIES | 4,210,504 | |
Net assets for 19,187,652 shares outstanding | $364,130,763 | |
Net Assets Consist of: | ||
Paid-in capital | $331,098,389 | |
Total distributable earnings (loss) | 33,032,374 | |
TOTAL NET ASSETS | $364,130,763 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($146,322,936 ÷ 7,670,334 shares outstanding), no par value, unlimited shares authorized | $19.08 | |
Offering price per share (100/94.50 of $19.08) | $20.19 | |
Redemption proceeds per share | $19.08 | |
Class B Shares: | ||
Net asset value per share ($9,757,832 ÷ 524,753 shares outstanding), no par value, unlimited shares authorized | $18.60 | |
Offering price per share | $18.60 | |
Redemption proceeds per share (94.50/100 of $18.60) | $17.58 | |
Class C Shares: | ||
Net asset value per share ($64,095,054 ÷ 3,459,995 shares outstanding), no par value, unlimited shares authorized | $18.52 | |
Offering price per share | $18.52 | |
Redemption proceeds per share (99.00/100 of $18.52) | $18.33 | |
Class R Shares: | ||
Net asset value per share ($43,451,668 ÷ 2,294,572 shares outstanding), no par value, unlimited shares authorized | $18.94 | |
Offering price per share | $18.94 | |
Redemption proceeds per share | $18.94 | |
Institutional Shares: | ||
Net asset value per share ($95,613,380 ÷ 4,981,895 shares outstanding), no par value, unlimited shares authorized | $19.19 | |
Offering price per share | $19.19 | |
Redemption proceeds per share | $19.19 | |
Class R6 Shares: | ||
Net asset value per share ($4,889,893 ÷ 256,103 shares outstanding), no par value, unlimited shares authorized | $19.09 | |
Offering price per share | $19.09 | |
Redemption proceeds per share | $19.09 |
Investment Income: | |||
Dividends (including $2,666,363 received from affiliated companies and holdings* and net of foreign taxes withheld of $408,554) | $9,315,227 | ||
Interest | 1,575,744 | ||
TOTAL INCOME | 10,890,971 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $2,751,647 | ||
Administrative fee (Note 5) | 326,269 | ||
Custodian fees | 124,041 | ||
Transfer agent fee (Note 2) | 639,811 | ||
Directors'/Trustees' fees (Note 5) | 10,232 | ||
Auditing fees | 34,570 | ||
Legal fees | 8,312 | ||
Portfolio accounting fees | 152,418 | ||
Distribution services fee (Note 5) | 901,566 | ||
Other service fees (Notes 2 and 5) | 617,065 | ||
Share registration costs | 83,825 | ||
Printing and postage | 44,037 | ||
Miscellaneous (Note 5) | 54,691 | ||
TOTAL EXPENSES | 5,748,484 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(445,057) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (65,285) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (510,342) | ||
Net expenses | 5,238,142 | ||
Net investment income | 5,652,829 |
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Written Options, Foreign Exchange Contracts and Foreign Currency Transactions | |||
Net realized gain on investments (including net realized loss of $(1,111,563) on sales of investments in affiliated companies and holdings*) | $23,936,164 | ||
Net realized gain on foreign currency transactions | 446,092 | ||
Net realized gain on foreign exchange contracts | 1,998,808 | ||
Net realized loss on futures contracts | (5,163,857) | ||
Net realized loss on written options | (3,384) | ||
Realized gain distribution from affiliated investment company shares | 39,082 | ||
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(2,199,851) on investments in affiliated companies and holdings*) | (39,658,961) | ||
Net change in unrealized appreciation/depreciation of translation of assets and liabilities in foreign currency | (219,453) | ||
Net change in unrealized depreciation of foreign exchange contracts | 160,828 | ||
Net change in unrealized appreciation of futures contracts | (808,964) | ||
Net realized and unrealized loss on investments, futures contracts, written options, foreign exchange contracts and foreign currency transactions | (19,273,645) | ||
Change in net assets resulting from operations | $(13,620,816) |
* | See information listed after the Fund's Portfolio of Investments. |
Year Ended November 30 | 2018 | 2017 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $5,652,829 | $5,621,069 |
Net realized gain | 21,252,905 | 14,208,020 |
Net change in unrealized appreciation/depreciation | (40,526,550) | 44,743,084 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (13,620,816) | 64,572,173 |
Distributions to Shareholders (Note 2): | ||
Class A Shares | (2,645,384) | (2,871,842) |
Class B Shares | (106,913) | (143,286) |
Class C Shares | (698,290) | (806,356) |
Class R Shares | (598,310) | (723,829) |
Institutional Shares | (1,963,486) | (1,924,996) |
Class R6 Shares | (138,061) | (106,550) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (6,150,444) | (6,576,859) |
Share Transactions: | ||
Proceeds from sale of shares | 81,789,409 | 74,058,895 |
Net asset value of shares issued to shareholders in payment of distributions declared | 5,852,548 | 6,150,103 |
Cost of shares redeemed | (129,682,582) | (129,036,005) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (42,040,625) | (48,827,007) |
Change in net assets | (61,811,885) | 9,168,307 |
Net Assets: | ||
Beginning of period | 425,942,648 | 416,774,341 |
End of period | $364,130,763 | $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 | $213,672 | $(4,654) |
Class B Shares | 23,552 | (875) |
Class C Shares | 120,929 | (24,616) |
Class R Shares | 155,065 | (3,688) |
Institutional Shares | 121,422 | (31,452) |
Class R6 Shares | 5,171 | — |
TOTAL | $639,811 | $(65,285) |
Other Service Fees Incurred | |
Class A Shares | $398,578 |
Class B Shares | 30,377 |
Class C Shares | 188,110 |
TOTAL | $617,065 |
Fair Value of Derivative Instruments | ||||
Asset | Liability | |||
Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||||
Interest rate contracts | Receivable for daily variation margin on futures contracts | $95,250* | $— | |
Equity contracts | Receivable for daily variation margin on futures contracts | $306,615* | $— | |
Foreign exchange contracts | Unrealized appreciation on foreign exchange contracts | $207,881 | Unrealized depreciation on foreign exchange contracts | $506,798 |
Total derivatives not accounted for as hedging instruments under ASC Topic 815 | $609,746 | $506,798 |
* | 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 Contracts | Purchased Option Contracts1 | Written Option Contracts | Total | |
Interest rate contracts | $802,640 | $— | $— | $— | $802,640 |
Equity contracts | (5,966,497) | — | (103,170) | (3,384) | (6,073,051) |
Foreign exchange contracts | — | 1,998,808 | — | — | 1,998,808 |
TOTAL | $(5,163,857) | $1,998,808 | $(103,170) | $(3,384) | $(3,271,603) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |||
Futures Contracts | Foreign Exchange Contracts | Total | |
Interest rate contracts | $493,170 | $— | $493,170 |
Equity contracts | (1,302,134) | — | (1,302,134) |
Foreign exchange contracts | — | 160,828 | 160,828 |
TOTAL | $(808,964) | $160,828 | $(648,136) |
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 | $207,881 | $(207,881) | $— | $— |
TOTAL | $207,881 | $(207,881) | $— | $— |
Transaction | Gross Liability Derivatives Presented in Statement of Assets and Liabilities | Financial Instruments | Collateral Received | Net Amount (not less than $0) |
Foreign exchange contracts | $506,798 | $(207,881) | $— | $298,917 |
TOTAL | $506,798 | $(207,881) | $— | $298,917 |
Year Ended November 30 | 2018 | 2017 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 986,770 | $19,723,211 | 804,238 | $15,031,309 |
Shares issued to shareholders in payment of distributions declared | 123,936 | 2,477,745 | 147,474 | 2,687,430 |
Shares redeemed | (1,873,982) | (37,564,015) | (2,203,862) | (41,027,283) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (763,276) | $(15,363,059) | (1,252,150) | $(23,308,544) |
Year Ended November 30 | 2018 | 2017 | ||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 7,401 | $190,621 | 73,315 | $1,328,192 |
Shares issued to shareholders in payment of distributions declared | 5,231 | 102,141 | 7,688 | 135,106 |
Shares redeemed | (220,288) | (4,305,888) | (288,854) | (5,243,193) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (207,656) | $(4,013,126) | (207,851) | $(3,779,895) |
Year Ended November 30 | 2018 | 2017 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 798,562 | $15,639,241 | 816,064 | $14,783,955 |
Shares issued to shareholders in payment of distributions declared | 34,712 | 674,608 | 43,243 | 759,165 |
Shares redeemed | (1,393,090) | (27,077,891) | (1,712,796) | (30,997,211) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (559,816) | $(10,764,042) | (853,489) | $(15,454,091) |
Year Ended November 30 | 2018 | 2017 | ||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 465,038 | $9,266,744 | 721,640 | $13,174,307 |
Shares issued to shareholders in payment of distributions declared | 29,452 | 584,979 | 39,431 | 709,062 |
Shares redeemed | (795,720) | (15,759,686) | (1,181,396) | (21,853,540) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | (301,230) | $(5,907,963) | (420,325) | $(7,970,171) |
Year Ended November 30 | 2018 | 2017 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,539,834 | $30,768,641 | 1,495,396 | $28,254,413 |
Shares issued to shareholders in payment of distributions declared | 93,349 | 1,875,764 | 95,370 | 1,753,702 |
Shares redeemed | (1,882,409) | (37,926,274) | (1,537,907) | (28,957,302) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (249,226) | $(5,281,869) | 52,859 | $1,050,813 |
Year Ended November 30 | 2018 | 2017 | ||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 310,689 | $6,200,951 | 78,839 | $1,486,719 |
Shares issued to shareholders in payment of distributions declared | 6,858 | 137,311 | 5,764 | 105,638 |
Shares redeemed | (372,014) | (7,048,828) | (51,238) | (957,476) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (54,467) | $(710,566) | 33,365 | $634,881 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (2,135,671) | $(42,040,625) | (2,647,591) | $(48,827,007) |
2018 | 2017 | |
Ordinary income | $6,150,444 | $6,576,859 |
Undistributed ordinary income | $2,103,239 |
Net unrealized appreciation | $18,817,548 |
Undistributed long-term capital gains | $12,114,664 |
Straddle loss deferral | $(3,077) |
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 |
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 | $91,131 |
Class C Shares | 564,328 |
Class R Shares | 246,107 |
TOTAL | $901,566 |
Purchases | $238,687,318 |
Sales | $283,895,488 |
![](https://capedge.com/proxy/N-CSR/0001623632-19-000112/kpmgsig.jpg)
January 23, 2019
Beginning Account Value 6/1/2018 | Ending Account Value 11/30/2018 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $964.20 | $5.66 |
Class B Shares | $1,000 | $960.30 | $9.63 |
Class C Shares | $1,000 | $959.90 | $9.34 |
Class R Shares | $1,000 | $961.90 | $7.77 |
Institutional Shares | $1,000 | $965.30 | $4.24 |
Class R6 Shares | $1,000 | $965.70 | $4.14 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.30 | $5.82 |
Class B Shares | $1,000 | $1,015.30 | $9.90 |
Class C Shares | $1,000 | $1,015.60 | $9.60 |
Class R Shares | $1,000 | $1,017.20 | $7.99 |
Institutional Shares | $1,000 | $1,020.80 | $4.36 |
Class R6 Shares | $1,000 | $1,020.90 | $4.26 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 183/365 (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% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: November 1998 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations:Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of certain of the Funds in the Federated Fund Family; Vice President, Federated Investors, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President of some of the Funds in the Federated Fund Complex and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Investors, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
* | Reasons for “interested” status: J. Christopher Donahue and John B. Fisher are interested due to their beneficial ownership of shares of Federated Investors, Inc. and due to positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Director, Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc.; Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. Mr. Hough previously served as an Executive Committee member of the United States Golf Association. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Dean of the Duquesne University School of Law; Professor and Adjunct Professor of Law, Duquesne University School of Law; formerly, Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career and currently serves as the Dean of the School of Law of Duquesne University. Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: November 1998 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: November 1998 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Investors, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Stephen F. Auth Birth Date: September 13, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: November 2002 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
![](https://capedge.com/proxy/N-CSR/0001623632-19-000112/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
2019 ©Federated Investors, Inc.
Item 2. | Code of Ethics |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.
(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. Audit Committee Financial Expert
The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: John T. Collins, G. Thomas Hough and Thomas M. O'Neill.
Item 4. | Principal Accountant Fees and Services |
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2018 - $34,570
Fiscal year ended 2017 - $33,400
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2018 - $0
Fiscal year ended 2017 - $2,675
Fiscal year ended 2017- Audit consent fee for N-1A filing.
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2018 - $0
Fiscal year ended 2017 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2018 - $0
Fiscal year ended 2017 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate its responsibilities to pre-approve services performed by the independent auditor to management.
The Audit Committee has delegated pre-approval authority to its Chairman. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee must approve any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit Services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services, all other Audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain Audit-related services, all other Audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide Tax services to the Company such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services, all Tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of services other than audit, review or attest services the pre-approval requirement is waived if:
(1) | The aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant to its accountant during the fiscal year in which the services are provided; |
(2) | Such services were not recognized by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant at the time of the engagement to be non-audit services; and |
(3) | Such services are promptly brought to the attention of the Audit Committee of the issuer and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the board of directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, and would not impair the independence of the auditor.
The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of prohibited non-audit services and the applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2018– 0%
Fiscal year ended 2017- 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2018– 0%
Fiscal year ended 2017– 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2018– 0%
Fiscal year ended 2017– 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) | NA |
(g) | Non-Audit Fees billed to the registrant, the registrant’s investment adviser, and certain entities controlling, controlled by or under common control with the investment adviser: |
Fiscal year ended 2018- $0
Fiscal year ended 2017- $22,077
(h) | The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
The registrant’s management and Audit Committee continue to believe that the registrant’s registered public accounting firm, KPMG LLP (“KPMG”), has the ability to exercise objective and impartial judgment on all issues encompassed within its audit services. KPMG is required to make a determination that it satisfies certain independence requirements under the federal securities laws. Like other registrants, there is a risk that activities or relationships of KPMG, or its partners or employees, can prevent a determination from being made that it satisfies such independence requirements with respect to the registrant, which could render it ineligible to serve as the registrant’s independent public accountant.
In its required communications to the Audit Committee of the registrant’s Board, KPMG informed the Audit Committee that KPMG and/or covered person professionals within KPMG maintain lending relationships with certain owners of greater than 10% of the shares of certain investment companies within the “investment company complex” as defined under Rule 2-01(f)(14) of Regulation S-X, which are affiliates of the registrant. KPMG has advised the Audit Committee that these lending relationships implicate Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the “Loan Rule”). The Loan Rule prohibits an independent public accountant, or covered person professionals at such firm, from having a financial relationship (such as a loan) with a lender that is a record or beneficial owner of more than 10% of an audit client’s equity securities. For purposes of the Loan Rule, audit clients include the registrant, as well as all registered investment companies audited by KPMG (collectively, the “KPMG Funds”).
KPMG informed the Audit Committee that KPMG believes that these lending relationships described above do not and will not impair KPMG’s ability to exercise objective and impartial judgment in connection with financial statement audits of the registrant and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that KPMG has been and is capable of objective and impartial judgment on all issues encompassed within KPMG’s audits.
On June 20, 2016, the Division of Investment Management of the Securities and Exchange Commission (“SEC”) issued a no-action letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to similar Loan Rule matters as those described above (the “Letter”). In the Letter, the SEC Staff confirmed that it would not recommend enforcement action against an investment company that relied on the audit services performed by an independent public accountant where the Loan Rule was implicated in certain specified circumstances provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the Loan Rule is implicated because of lending relationships; and (3) notwithstanding such lending relationships that implicate the Loan Rule, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. The circumstances described in the Letter are substantially similar to the circumstances that implicated the Loan Rule with respect to KPMG and the registrant. On September 22, 2017, the SEC extended the expiration of the Letter until the effectiveness of any amendments to the Loan Rule designed to address the concerns in the Letter. On May 2, 2018, the SEC proposed amendments to the Loan Rule, which, if adopted as proposed, would refocus the analysis that must be conducted to determine whether an auditor is independent when the auditor has a lending relationship with certain shareholders of an audit client at any time during an audit or professional engagement period.
If it were to be determined that the relief available under the Letter was improperly relied upon, or that the independence requirements under the federal securities laws were not complied with regarding the registrant, for certain periods, any of the registrant’s filings with the SEC which contain financial statements of the registrant for such periods may be determined not to be consistent with or comply with applicable federal securities laws, the registrant’s ability to offer shares under its current registration statement may be impacted, andcertain financial reporting and/or other covenants with, and representations and warranties to, the registrant’s lender under its committed line of credit may be impacted. Such eventscould have a material adverse effect on the registrant and the KPMG Funds.
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | 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.
RegistrantFederated Global Allocation Fund
By/S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
DateJanuary 23, 2019
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
DateJanuary 23, 2019
By/S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
DateJanuary 23, 2019