United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-1
(Investment Company Act File Number)
Federated Global Allocation Fund
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End:11/30/19
Date of Reporting Period:Six months ended 05/31/19
Item 1. | Reports to Stockholders |
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Share Class | Ticker | A | FSTBX | B | FSBBX | C | FSBCX |
R | FSBKX | Institutional | SBFIX | R6 | FSBLX |
![](https://capedge.com/proxy/N-CSRS/0001623632-19-000935/donahuechrisphoto.jpg)
Donahue
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Portfolio Composition | Percentage of Total Net Assets2 |
International Equity Securities | 31.7% |
Domestic Equity Securities | 31.1% |
Foreign Debt Securities | 7.3% |
Corporate Debt Securities | 6.4% |
U.S. Treasury and Agency Securities | 3.2% |
Collateralized Mortgage-Backed Securities | 0.6% |
Asset-Backed Securities | 0.1% |
Mortgage-Backed Securities3 | 0.1% |
Other Security Type4 | 0.8% |
Emerging Markets Core Fund | 9.4% |
Federated Mortgage Core Portfolio | 4.7% |
Federated Project and Trade Finance Core Fund | 1.4% |
High Yield Bond Portfolio | 0.9% |
Federated Bank Loan Core Fund | 0.3% |
Derivative Contracts5,6 | 0.0% |
Other Assets and Liabilities7 | 2.0% |
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 | Other Security Type consist of an exchange-traded fund. |
5 | Represents less than 0.1%. |
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 | 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 | 19.0% |
Information Technology | 14.2% |
Industrials | 12.2% |
Consumer Discretionary | 11.5% |
Health Care | 10.0% |
Consumer Staples | 7.9% |
Communication Services | 7.8% |
Materials | 5.3% |
Energy | 4.5% |
Real Estate | 3.8% |
Utilities | 3.8% |
TOTAL | 100.0% |
8 | 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—62.8% | |||
Communication Services—4.9% | |||
4,893 | 1 | AMC Networks, Inc. | $258,204 |
25,118 | AT&T, Inc. | 768,108 | |
610 | 1 | Alphabet, Inc., Class A | 674,965 |
96 | 1 | Alphabet, Inc., Class C | 105,948 |
32,039 | Auto Trader Group PLC | 242,975 | |
388 | 1 | Boingo Wireless, Inc. | 7,333 |
391 | 1 | Care.com, Inc. | 5,587 |
311 | 1 | CarGurus, Inc. | 10,624 |
314 | 1 | Charter Communications, Inc. | 118,315 |
490 | Cheil Worldwide, Inc. | 10,853 | |
3,500 | China Mobile Ltd. | 30,555 | |
31,546 | Deutsche Telekom AG, Class REG | 532,453 | |
2,380 | 1 | Facebook, Inc. | 422,379 |
1,467 | 1 | Glu Mobile, Inc. | 11,707 |
659 | 1 | Gray Television, Inc. | 11,355 |
439,095 | HKT Trust and HKT Ltd. | 691,766 | |
6,046 | Hellenic Telecommunication Organization SA | 82,733 | |
5,268 | 1 | IAC Interactive Corp. | 1,163,438 |
1,183 | 1 | Imax Corp. | 25,742 |
819 | 1 | Intelsat SA | 14,783 |
17,700 | KDDI Corp. | 454,625 | |
62,737 | Koninklijke KPN NV | 191,808 | |
1,198 | 1 | Liberty Braves Group | 31,879 |
319 | 1 | Liberty TripAdvisor Holdings, Inc. | 3,397 |
20,862 | 1 | Live Nation Entertainment, Inc. | 1,268,827 |
733 | 1 | Loral Space & Communications Ltd. | 24,849 |
3,963 | 1 | Match Group, Inc. | 272,060 |
18,000 | NTT DOCOMO, Inc. | 412,938 | |
472 | Nexstar Media Group, Inc., Class A | 47,271 | |
36,000 | PCCW Ltd. | 20,473 | |
19,966 | Pearson PLC | 198,791 | |
10,174 | Rogers Communications, Inc., Class B | 535,272 | |
97 | Shenandoah Telecommunications Co. | 3,900 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Communication Services—continued | |||
112,400 | Singapore Press Holdings Ltd. | $191,476 | |
30,304 | 1 | Sprint Corp. | 208,188 |
7,497 | 1 | T-Mobile USA, Inc. | 550,580 |
894 | 1 | TechTarget, Inc. | 16,897 |
32,150 | Telefonica Deutschland Holding AG | 90,171 | |
175,649 | Telstra Corp. Ltd. | 444,488 | |
26,100 | Tencent Holdings Ltd. | 1,082,393 | |
86,783 | Tim Participacoes S.A. | 243,279 | |
19,118 | Tribune Media Co. | 885,163 | |
194,400 | 1 | True Corp. PCL | 30,205 |
21,972 | 1 | Twitter, Inc. | 800,660 |
2,065 | 1 | U.S. Cellular Corp. | 89,931 |
5,053 | Verizon Communications, Inc. | 274,630 | |
23,894 | Vivendi SA | 642,200 | |
2,699 | 1 | Vonage Holdings Corp. | 31,956 |
291 | World Wrestling Entertainment, Inc. | 21,167 | |
1,890 | 1 | Zayo Group Holdings, Inc. | 61,803 |
32,049 | 1 | Zillow Group, Inc. | 1,378,748 |
187,360 | 1 | Zynga, Inc. | 1,178,494 |
TOTAL | 16,878,342 | ||
Consumer Discretionary—7.2% | |||
401 | Aaron's, Inc. | 21,357 | |
146 | Abercrombie & Fitch Co., Class A | 2,526 | |
3,831 | Adidas AG | 1,096,423 | |
7,200 | Aisin Seiki Co. | 238,462 | |
5,817 | 1 | Alibaba Group Holding Ltd., ADR | 868,245 |
1,907 | 1 | Amazon.com, Inc. | 3,385,058 |
1,595 | American Eagle Outfitters, Inc. | 27,753 | |
3,500 | Asics Corp. | 38,284 | |
4,211 | BBX Capital Corp. | 17,223 | |
341 | BJ's Restaurants, Inc. | 14,284 | |
1,759 | Bloomin Brands, Inc. | 33,966 | |
120 | 1 | Booking Holdings, Inc. | 198,746 |
543 | 1 | Boot Barn Holdings, Inc. | 14,189 |
6,100 | Bridgestone Corp. | 226,913 | |
5,308 | 1 | Bright Horizons Family Solutions, Inc. | 727,514 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
142 | Brinker International, Inc. | $5,335 | |
975 | 1 | CROCs, Inc. | 18,837 |
2,867 | Callaway Golf Co. | 42,145 | |
28 | Canadian Tire Corp. Ltd. | 2,801 | |
184 | 1 | Career Education Corp. | 3,454 |
33 | 1 | Cavco Industries, Inc. | 4,739 |
5,977 | Columbia Sportswear Co. | 560,523 | |
26,368 | Compass Group PLC | 596,629 | |
256 | Cooper Tire & Rubber Co. | 7,060 | |
2,649 | D. R. Horton, Inc. | 113,271 | |
1,076 | Dana, Inc. | 15,699 | |
160 | Dave & Buster's Entertainment, Inc. | 7,958 | |
430 | 1 | Deckers Outdoor Corp. | 65,403 |
2,375 | 1 | Denny's Corp. | 46,740 |
700 | Denso Corp. | 26,956 | |
414 | Dine Brands Global, Inc. | 39,090 | |
14,065 | Dollarama, Inc. | 444,240 | |
11,709 | eBay, Inc. | 420,704 | |
639 | 1 | Etsy, Inc. | 39,816 |
14,591 | Extended Stay America, Inc. | 250,090 | |
200 | Fast Retailing Co. Ltd. | 115,691 | |
3,396 | Faurecia | 124,741 | |
8,000 | Feng Tay Enterprise Co. Ltd. | 60,197 | |
13,247 | Fiat Chrysler Automobiles NV | 168,685 | |
2,789 | Fila Korea Ltd. | 181,740 | |
365 | 1 | Five Below, Inc. | 46,986 |
35,515 | Ford Motor Co. | 338,103 | |
222 | 1 | Fossil, Inc. | 2,173 |
2,361 | 1 | Frontdoor, Inc. | 94,936 |
18,464 | Gentex Corp. | 394,391 | |
82 | 1 | Gentherm, Inc. | 3,065 |
133 | Group 1 Automotive, Inc. | 9,601 | |
95,896 | Harvey Norman Holdings Ltd. | 275,525 | |
14,932 | 1 | Hilton Grand Vacations, Inc. | 379,571 |
9,475 | Hilton Worldwide Holdings, Inc. | 847,444 | |
9,176 | Home Depot, Inc. | 1,742,064 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
11,600 | Iida Group Holdings Co. Ltd. | $183,267 | |
20,541 | Industria de Diseno Textil SA | 551,509 | |
6,651 | InterContinental Hotels Group PLC | 429,763 | |
485 | Jack in the Box, Inc. | 40,352 | |
195 | Johnson Outdoors, Inc., Class A | 14,393 | |
46,800 | Jollibee Foods Corp. | 258,353 | |
607 | Kering | 315,303 | |
2,800 | Koito Manufacturing Co. Ltd. | 129,087 | |
216 | 1 | Kontoor Brands, Inc. | 6,325 |
645 | LCI Industries | 53,451 | |
2,680 | LVMH Moet Hennessy Louis Vuitton SA | 1,015,419 | |
1,361 | La-Z-Boy, Inc. | 43,811 | |
103 | Las Vegas Sands Corp. | 5,665 | |
1,639 | 1 | Laureate Education, Inc. | 26,322 |
642 | 1 | Liberty Expedia Holdings, Inc. | 26,470 |
4,440 | Lowe's Cos., Inc. | 414,163 | |
9,385 | Magna International, Inc. | 401,966 | |
595 | Marine Products Corp. | 8,235 | |
16,500 | Mazda Motor Corp. | 160,113 | |
800 | McDonald's Holdings Co. (Japan), Ltd. | 36,362 | |
1,830 | Michelin, Class B | 209,317 | |
12,300 | Mitsubishi Motors Corp. | 57,634 | |
100 | 1 | Monarch Casino & Resort, Inc. | 4,303 |
7,147 | Moncler S.p.A | 262,699 | |
292 | Movado Group, Inc. | 7,522 | |
9,871 | Mr. Price Group Ltd. | 133,562 | |
97 | 1 | NVR, Inc. | 310,552 |
1,305 | Naspers Ltd., Class N | 292,526 | |
5,933 | Next PLC | 432,667 | |
15,000 | Nien Made Enterprise Co. Ltd. | 108,699 | |
1,900 | Nitori Holdings Co., Ltd. | 226,058 | |
4,312 | Nokian Renkaat Oyj | 122,995 | |
765 | 1 | Ollie's Bargain Outlet Holding, Inc. | 75,521 |
568 | PVH Corp. | 48,388 | |
40,900 | Panasonic Corp. | 323,840 | |
1,972 | 1 | Party City Holdco, Inc. | 15,579 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
347 | 1 | Penn National Gaming, Inc. | $6,541 |
3,292 | Persimmon PLC | 81,783 | |
10,184 | Petrobras Distribuidora SA | 66,311 | |
14,325 | Peugeot SA | 319,271 | |
602 | 1 | Planet Fitness, Inc. | 46,035 |
55,000 | Pou Chen Corp. | 62,280 | |
204 | 1 | RH | 17,371 |
523 | 1 | Rent-A-Center, Inc. | 12,479 |
3,500 | Rinnai Corp. | 228,227 | |
23,600 | Ruentex Industries Ltd. | 51,588 | |
200 | Ryohin Keikaku Co. Ltd. | 36,103 | |
737 | 1 | SeaWorld Entertainment, Inc. | 23,584 |
497 | 1 | ServiceMaster Global Holdings, Inc. | 26,838 |
3,900 | Shimamura Co. Ltd. | 297,095 | |
318 | Shoe Carnival, Inc. | 8,169 | |
67 | 1 | Shutterfly, Inc. | 3,181 |
428 | 1 | Shutterstock, Inc. | 16,290 |
28 | Skyline Champion Corp. | 655 | |
8,745 | Sodexo SA | 1,004,937 | |
539 | Starbucks Corp. | 40,996 | |
6,000 | Subaru Corp. | 138,593 | |
3,100 | Suzuki Motor Corp. | 147,660 | |
1,094 | TJX Cos., Inc. | 55,017 | |
120 | 1 | TopBuild Corp. | 9,512 |
13,100 | Toyoda Gosei Co. Ltd. | 228,634 | |
1,012 | 1 | Under Armour, Inc. | 20,473 |
1,511 | V.F. Corp. | 123,721 | |
371 | 1 | Vera Bradley, Inc. | 4,062 |
291 | Volkswagen AG | 46,211 | |
334 | 1 | Weight Watchers International, Inc. | 5,775 |
28,400 | Yamada Denki Co. Ltd. | 133,105 | |
13,600 | Yamaha Motor Co. | 231,330 | |
20,500 | Yue Yuen Industrial Holdings Ltd. | 57,308 | |
223 | 1 | Zumiez, Inc. | 4,411 |
TOTAL | 24,715,083 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Staples—4.9% | |||
6,100 | AEON Co. Ltd. | $105,166 | |
2,061 | Alimentation Couche-Tard, Inc., Class B | 126,487 | |
2,520 | Archer-Daniels-Midland Co. | 96,566 | |
14,824 | 1 | Atacadao Distribuicao Comercio e Industria Ltda | 87,457 |
11,241 | BIM Birlesik Magazalar AS | 153,785 | |
542 | 1 | BJ's Wholesale Club Holdings, Inc. | 13,539 |
2,730 | British American Tobacco PLC | 94,769 | |
3,168 | Brown-Forman Corp. | 155,897 | |
3,234 | Bunge Ltd. | 169,106 | |
376 | Cal-Maine Foods, Inc. | 13,920 | |
422 | Calavo Growers, Inc. | 36,904 | |
1,400 | Calbee, Inc. | 39,573 | |
31,800 | Charoen Pokphand Indonesia PT Tbk | 10,899 | |
4,503 | Church and Dwight, Inc. | 335,068 | |
8,479 | Clicks Group, Ltd. | 110,899 | |
13,428 | Coca-Cola Amatil Ltd. | 88,560 | |
3,941 | Colruyt SA | 292,676 | |
67 | Costco Wholesale Corp. | 16,052 | |
54,599 | Davide Campari - Milano SpA | 532,864 | |
23,720 | Diageo PLC | 997,104 | |
481 | 1 | Edgewell Personal Care Co. | 13,728 |
2,629 | Empire Co. Ltd., Class A | 60,609 | |
1,099 | Estee Lauder Cos., Inc., Class A | 176,972 | |
7,420 | George Weston Ltd. | 554,304 | |
3,000 | Growell Holdings Co., Ltd. | 105,191 | |
5,141 | 1 | Herbalife Nutrition Ltd. | 214,791 |
9,901 | Imperial Brands PLC | 239,917 | |
50,408 | J. Sainsbury PLC | 127,182 | |
1,209 | Kimberly-Clark Corp. | 154,619 | |
14,577 | Kraft Heinz Co./The | 403,054 | |
5,304 | L'Oreal SA | 1,423,442 | |
3,717 | Lamb Weston Holdings, Inc. | 220,232 | |
12,000 | Lion Corp. | 231,424 | |
15,734 | Loblaw Co. Ltd. | 807,421 | |
7,466 | Metro, Inc., Class A | 272,490 | |
4,410 | MetroWholesale & Food Specialist AG | 69,470 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
14,806 | 1 | Monster Beverage Corp. | $915,899 |
6,123 | Nestle S.A. | 608,121 | |
20,800 | Nisshin Seifun Group, Inc. | 483,481 | |
4,498 | Orkla ASA | 38,932 | |
34,700 | PT Gudang Garam Tbk | 195,347 | |
1,097 | 1 | Performance Food Group Co. | 43,167 |
8,300 | 1 | Perlis Plantations Bhd | 37,339 |
34,706 | Pick'n Pay Stores Ltd. | 168,832 | |
2,900 | Pigeon Corp. | 108,976 | |
24,000 | President Chain Store Corp. | 228,275 | |
7,618 | Procter & Gamble Co. | 783,968 | |
191 | Sanfilippo (John B. & Sons), Inc. | 14,640 | |
5,200 | Sundrug Co. Ltd. | 130,417 | |
7,722 | �� | Sysco Corp. | 531,428 |
21,443 | Tesco PLC | 61,310 | |
24,236 | The Coca-Cola Co. | 1,190,715 | |
9,791 | Tyson Foods, Inc., Class A | 743,039 | |
2,558 | 1 | US Foods Holding Corp. | 88,404 |
152 | 1 | USANA Health Sciences, Inc. | 10,759 |
146,000 | Uni-President Enterprises Corp. | 375,257 | |
173 | Universal Corp. | 9,778 | |
5,538 | Vector Group Ltd. | 49,565 | |
77 | WD 40 Co. | 12,037 | |
113,063 | Wal-Mart de Mexico SAB de C.V. | 318,154 | |
533 | Walgreens Boots Alliance, Inc. | 26,298 | |
7,349 | WalMart, Inc. | 745,483 | |
28,100 | Yamazaki Baking Co. Ltd. | 420,321 | |
20,000 | Yihai International Holding Ltd. | 98,197 | |
TOTAL | 16,990,276 | ||
Energy—2.8% | |||
226 | Arch Coal, Inc. | 19,922 | |
164,269 | BP PLC | 1,114,089 | |
30 | 1 | Bonanza Creek Energy, Inc. | 586 |
33 | 1 | CONSOL Energy, Inc. | 865 |
1,321 | CVR Energy, Inc. | 56,103 | |
716 | 1 | Cactus, Inc. | 23,306 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Energy—continued | |||
5,732 | Chevron Corp. | $652,588 | |
486,000 | China Petroleum & Chemical Corp. | 323,124 | |
10,094 | ConocoPhillips | 595,142 | |
200 | DMC Global, Inc. | 13,528 | |
471 | Delek US Holdings, Inc. | 14,417 | |
2,080 | Equinor ASA | 39,753 | |
898 | 1 | Exterran Corp. | 12,392 |
1,584 | Exxaro Resources Ltd. | 18,428 | |
9,935 | Exxon Mobil Corp. | 703,100 | |
1,870 | Hess Corp. | 104,458 | |
11,176 | Imperial Oil Ltd. | 298,749 | |
1,251 | 1 | Keane Group, Inc. | 9,182 |
172 | Liberty Oilfield Services, Inc. | 2,193 | |
230 | Mammoth Energy Services, Inc. | 2,415 | |
10,313 | Marathon Petroleum Corp. | 474,295 | |
787 | 1 | Matrix Services Co. | 14,245 |
8,423 | Neste Oyj | 283,904 | |
458 | OMV AG | 21,498 | |
7,896 | PBF Energy, Inc. | 208,454 | |
158,000 | PTT Public Co. Ltd. | 230,583 | |
116 | 1 | Par Petroleum Corp. | 2,274 |
503 | Peabody Energy Corp. | 11,831 | |
152,000 | PetroChina Co. Ltd. | 84,765 | |
35,764 | 1 | Petroleo Brasileiro SA | 257,296 |
15,081 | Phillips 66 | 1,218,545 | |
1,390 | 1 | Propetro Holding Corp. | 26,994 |
253 | 1 | Renewable Energy Group, Inc. | 3,957 |
3,586 | Repsol SA | 57,758 | |
20,614 | Royal Dutch Shell PLC, Class B | 642,770 | |
210 | 1 | Seacor Holdings, Inc. | 8,738 |
29,605 | 1 | Tatneft | 335,018 |
14,707 | Tenaris S.A. | 172,249 | |
18,829 | Total S.A. | 973,975 | |
336 | Tupras Turkiye Petrol Rafinerileri A.S. | 7,553 | |
9,057 | Valero Energy Corp. | 637,613 | |
1,386 | 1 | W&T Offshore, Inc. | 5,821 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Energy—continued | |||
1,941 | World Fuel Services Corp. | $56,561 | |
TOTAL | 9,741,037 | ||
Financials—11.9% | |||
390 | AG Mortgage Investment Trust, Inc. | 6,014 | |
238,050 | AMP Ltd. | 357,142 | |
4,432 | Admiral Group PLC | 115,670 | |
13,944 | Aflac, Inc. | 715,327 | |
8,695 | Ageas | 424,011 | |
710,000 | Agricultural Bank of China | 303,798 | |
4,183 | 1 | Alior Bank SA | 57,601 |
6,814 | Allianz SE | 1,513,486 | |
6,869 | Allstate Corp. | 656,058 | |
1,901 | American Equity Investment Life Holding Co. | 53,817 | |
3,322 | American Express Co. | 381,067 | |
3,636 | Ameriprise Financial, Inc. | 502,604 | |
483 | Ares Commercial Real Estate Corp. | 7,090 | |
5,939 | Assicurazioni Generali SpA | 104,224 | |
1,483 | Assured Guaranty Ltd. | 60,610 | |
24,390 | Australia & New Zealand Banking Group, Melbourne | 470,680 | |
38,969 | BB Seguridade Participacoes SA | 296,343 | |
23,687 | BS Financial Group, Inc. | 136,844 | |
44,911 | B3 SA - Brasil Bolsa Balcao | 418,557 | |
104 | BancFirst Corp. | 5,432 | |
84,857 | Banco de Chile | 12,182 | |
24,064 | Banco Santander Brasil SA | 280,260 | |
317,285 | Banco Santander Chile SA | 22,341 | |
3,561 | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | 5,222 | |
1,174 | 1 | Bancorp, Inc., DE | 10,449 |
7,312 | Bank Hapoalim BM | 52,623 | |
52,228 | Bank Leumi Le-Israel | 350,271 | |
67,242 | Bank of America Corp. | 1,788,637 | |
160,000 | Bank of Communications Ltd. | 125,068 | |
457 | Bank of Marin Bancorp | 18,513 | |
4,634 | Bank of Montreal | 336,407 | |
748 | Bank Zachodni WBK S.A. | 71,202 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
571 | Banner Corp. | $28,813 | |
31,204 | Bendigo & Adelaide Bank Ltd. | 242,283 | |
1,399 | 1 | Berkshire Hathaway, Inc. | 276,191 |
2,346 | BlackRock, Inc. | 974,904 | |
327 | 1 | Blucora, Inc. | 10,127 |
856 | 1 | Brighthouse Financial, Inc. | 30,379 |
1,723 | Brightsphere Investment Group PLC | 18,505 | |
153 | CNA Financial Corp. | 6,879 | |
18,060 | CNP Assurances | 386,929 | |
882 | Cadence BanCorporation | 16,317 | |
5,000 | Canadian Imperial Bank of Commerce | 379,143 | |
207 | 1 | Cannae Holdings, Inc. | 5,264 |
1,200 | Cathay Bancorp, Inc. | 40,368 | |
169,000 | Chang Hwa Commercial Bank | 106,600 | |
14,702 | Charles Schwab Corp. | 611,750 | |
650 | Chemical Financial Corp. | 24,609 | |
450,000 | China CITIC Bank Corp. Ltd. | 255,069 | |
229,000 | China Construction Bank Corp. | 180,694 | |
8,000 | 2 | China Ding Yi Feng Holdings Ltd. | 621 |
363,000 | China Huarong Asset Management Co. Ltd. | 61,446 | |
82,200 | China Insurance International Holdings Co. Ltd. | 210,609 | |
68,000 | China Merchants Bank Co. Ltd. | 326,415 | |
49,292 | Commerzbank AG, Frankfurt | 347,202 | |
33,500 | Concordia Financial Group Ltd. | 127,464 | |
1,647 | ConnectOne Bancorp, Inc. | 34,603 | |
12,331 | Corp Mapfre Sa | 36,191 | |
9,331,237 | Corpbanca | 72,634 | |
4,900 | DBS Group Holdings Ltd. | 86,566 | |
16,586 | DNB Bank ASA | 281,027 | |
4,330 | Deutsche Boerse AG | 598,536 | |
12,862 | E*Trade Financial Corp. | 576,218 | |
415,162 | E.Sun Financial Holding Co. Ltd. | 359,285 | |
705 | Eagle Bancorp, Inc. | 37,421 | |
11,402 | East West Bancorp, Inc. | 487,093 | |
613 | Employers Holdings, Inc. | 25,464 | |
790 | 1 | Enova International, Inc. | 16,867 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
525 | Enterprise Financial Services Corp. | $20,575 | |
1,699 | Erste Group Bank AG | 60,220 | |
967 | 1 | Essent Group Ltd. | 45,401 |
6,782 | Exor NV | 425,058 | |
88,000 | Far East Horizon Ltd. | 93,737 | |
201 | Federal Agricultural Mortgage Association, Class C | 13,754 | |
3,580 | First BanCorp | 35,657 | |
539 | First Bancorp, Inc. | 19,086 | |
116 | First Commmonwealth Financial Corp. | 1,458 | |
442 | First Defiance Financial Corp. | 11,978 | |
536 | First Interstate BancSystem, Inc., Class A | 19,784 | |
964 | First Merchants Corp. | 32,053 | |
57,290 | FirstRand Ltd. | 262,790 | |
13,581 | 1 | Genworth Financial, Inc., Class A | 39,521 |
9,944 | Gjensidige Forsikring ASA | 193,490 | |
167 | Great Southern Bancorp, Inc. | 9,222 | |
30 | Great Western Bancorp, Inc. | 932 | |
1,017 | Great-West Lifeco, Inc. | 23,025 | |
413 | 1 | Green Dot Corp. | 19,167 |
41,692 | Grupo Financiero Banorte S.A. de C.V. | 227,193 | |
62,579 | HSBC Holdings PLC | 510,550 | |
3,152 | Hana Financial Holdings | 95,848 | |
763 | Hancock Whitney Corp. | 28,979 | |
16,133 | Hargreaves Lansdown PLC | 460,561 | |
1,064 | Heritage Commerce Corp. | 12,672 | |
176 | Hometrust Bancshares, Inc. | 4,308 | |
53,800 | Hong Leong Bank Berhad | 243,792 | |
1,700 | Hong Leong Credit Berhad | 7,695 | |
492 | Houlihan Lokey, Inc. | 22,243 | |
5,458 | Hyundai Marine & Fire Insurance Co. | 140,668 | |
12,838 | IRB Brasil Resserguros S/A | 333,321 | |
438 | Iberiabank Corp. | 31,317 | |
691 | Independent Bank Corp.- Michigan | 14,615 | |
23,000 | Industrial & Commercial Bank of China | 16,393 | |
20,415 | Industrial Bank of Korea | 236,990 | |
518 | International Bancshares Corp. | 18,886 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
2,752 | Invesco Mortgage Capital, Inc. | $42,353 | |
3,996 | Investors Bancorp, Inc. | 41,598 | |
11,137 | JPMorgan Chase & Co. | 1,180,077 | |
5,297 | KB Financial Group, Inc. | 195,241 | |
1,255 | KBC Groupe | 82,431 | |
184 | Komercni Banka A.S. | 6,941 | |
56,847 | Korea Life Insurance Co., Ltd. | 152,927 | |
17,475 | L E Lundbergforetagen AB | 574,147 | |
2,436 | LPL Investment Holdings, Inc. | 195,416 | |
1,539 | Ladder Capital Corp. | 24,470 | |
2,042 | Ladenburg Thalmann Financial Services, Inc. | 6,534 | |
539 | LegacyTexas Financial Group, Inc. | 19,674 | |
78,199 | Legal & General Group PLC | 254,030 | |
3,917 | London Stock Exchange Group PLC | 260,977 | |
4,139 | 1 | MGIC Investment Corp. | 56,083 |
4,217 | MSCI, Inc., Class A | 927,782 | |
54,423 | Medibank Private Ltd. | 124,349 | |
16,117 | MetLife, Inc. | 744,767 | |
2,608 | Mizrahi Tefahot Bank Ltd. | 57,014 | |
157,900 | Mizuho Financial Group, Inc. | 222,772 | |
9,331 | Morgan Stanley | 379,678 | |
5,111 | Muenchener Rueckversicherungs-Gesellschaft AG | 1,233,675 | |
382 | 1 | NMI Holdings, Inc. | 10,413 |
25,658 | NN Group NV | 973,247 | |
770 | National Bank Holdings Corp. | 27,019 | |
5,616 | National Bank of Canada, Montreal | 252,255 | |
26 | National Western Life Insurance Co., Class A | 6,933 | |
30,968 | Nordea Bank Abp | 218,403 | |
746 | OFG Bancorp. | 14,010 | |
1,961 | OTP Bank RT | 81,822 | |
2,196 | 1 | On Deck Capital, Inc. | 8,828 |
4,847 | Onex Corp. | 276,454 | |
2,330 | Orange Life Insurance Ltd. | 70,894 | |
3,000 | Oversea-Chinese Banking Corp. Ltd. | 23,088 | |
5,491 | PNC Financial Services Group | 698,785 | |
197,300 | PT Bank Central Asia | 402,007 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
70,700 | PT Bank Danamon Indonesia | $22,923 | |
1,518 | Partners Group Holding AG | 1,064,163 | |
647,000 | People's Insurance Co. (Group) of China Ltd. | 253,648 | |
415 | People's Utah Bancorp | 11,620 | |
35,500 | Ping An Insurance (Group) Co. of China Ltd. | 390,819 | |
428,000 | Postal Savings Bank of China Co. Ltd. | 255,761 | |
11,171 | Power Corp. of Canada | 235,470 | |
18,082 | Powszechna Kasa Oszczednosci Bank Polski SA | 185,180 | |
322 | Preferred Bank Los Angeles, CA | 14,094 | |
555 | Primerica, Inc. | 63,747 | |
1,220 | Provident Financial Services, Inc. | 29,085 | |
13,500 | RHB Capital Berhad | 18,777 | |
48,390 | RMB Holdings Ltd. | 273,465 | |
2,795 | Radian Group, Inc. | 62,748 | |
234 | Raiffeisen Bank International AG | 5,433 | |
3,791 | Raymond James Financial, Inc. | 313,061 | |
2,695 | Ready Capital Corp., REIT | 39,266 | |
204 | Republic Bancorp, Inc. | 9,351 | |
73,720 | Royal Bank of Scotland Group PLC | 198,937 | |
719 | SEI Investments Co. | 36,130 | |
2,724 | Samsung Life Insurance Co., Ltd. | 184,562 | |
10,608 | Scor SA | 435,851 | |
718,528 | Shin Kong Financial Holdings Co. Ltd. | 199,258 | |
9,128 | Shinhan Financial Group Co. Ltd. | 340,747 | |
4,000 | Singapore Exchange Ltd. | 21,490 | |
37,758 | Skand Enskilda BKN, Class A | 335,148 | |
21,558 | Standard Bank Group Ltd. | 293,784 | |
5,300 | Sumitomo Mitsui Trust Holdings, Inc. | 193,457 | |
3,532 | Suncorp Group Ltd. | 31,850 | |
6,838 | Swiss Re AG | 647,712 | |
4,814 | TRYG A/S | 150,450 | |
573,000 | Taiwan Business Bank | 234,258 | |
494,730 | Taiwan Cooperative Financial Holding Co. Ltd. | 320,817 | |
1,120 | The Bank of NT Butterfield & Son Ltd. | 36,982 | |
3,669 | The Travelers Cos., Inc. | 534,096 | |
13,560 | Toronto Dominion Bank | 741,406 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
369 | 1 | Trupanion, Inc. | $10,823 |
875 | United Community Banks, Inc. | 23,196 | |
1,909 | United Community Financial Corp. | 17,486 | |
380 | United Financial Bancorp, Inc. | 4,955 | |
29,000 | United Overseas Bank Ltd. | 495,787 | |
27,743 | Wells Fargo & Co. | 1,230,957 | |
927 | Wendel SA | 117,519 | |
626 | Wesbanco, Inc. | 22,242 | |
2,762 | Western Asset Mortgage Capital Corp. | 26,764 | |
19,064 | Westpac Banking Corp. Ltd., Sydney | 362,974 | |
TOTAL | 41,018,318 | ||
Health Care—6.3% | |||
20,831 | 1 | Achillion Pharmaceuticals, Inc. | 57,910 |
124 | 1 | Addus Homecare Corp. | 8,479 |
2,966 | 1 | Agenus, Inc. | 7,563 |
6,977 | 1 | Akebia Therapeutics, Inc. | 31,048 |
15,700 | Alfresa Holdings Corp. | 395,138 | |
499 | 1 | Amedisys, Inc. | 56,043 |
7,894 | AmerisourceBergen Corp. | 614,627 | |
854 | 1 | Amneal Pharmaceuticals, Inc. | 6,439 |
226 | 1 | Amphastar Pharmaceuticals, Inc. | 4,350 |
7 | Anthem, Inc. | 1,946 | |
1,573 | 1 | Apellis Pharmaceuticals, Inc. | 31,602 |
6,687 | 1 | Arcus Biosciences, Inc. | 56,706 |
933 | 1 | Array BioPharma, Inc. | 24,650 |
394 | 1 | Arrowhead Pharmaceuticals, Inc. | 9,342 |
1,992 | AstraZeneca PLC | 146,994 | |
3,304 | 1 | Athenex, Inc. | 47,743 |
22 | 1 | Audentes Therapeutics, Inc. | 773 |
11,203 | Baxter International, Inc. | 822,748 | |
4,306 | 1 | Bio-Rad Laboratories, Inc., Class A | 1,235,521 |
172 | 1 | BioTelemetry, Inc. | 8,232 |
13,063 | Bristol-Myers Squibb Co. | 592,668 | |
3,925 | Cardinal Health, Inc. | 165,125 | |
303 | 1 | Cardiovascular Systems, Inc. | 11,802 |
12,432 | 1 | Celgene Corp. | 1,165,997 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
318 | 1 | Celltrion, Inc. | $50,589 |
3,313 | 1 | ChemoCentryx, Inc. | 37,371 |
2,115 | Coloplast A.S., Class B | 225,416 | |
823 | 1 | Corvel Corp. | 60,886 |
6,801 | 1 | Davita, Inc. | 295,299 |
791 | 1 | Diplomat Pharmacy, Inc. | 3,654 |
4,500 | Eisai Co. Ltd. | 263,934 | |
394 | Ensign Group, Inc. | 20,984 | |
16,686 | 1 | Exelixis, Inc. | 326,879 |
5,891 | 1 | Five Prime Therapeutics, Inc. | 49,484 |
2,432 | Fresenius Medical Care AG & Co. KGaA | 177,466 | |
1,986 | Fresenius SE & Co KGaA | 100,819 | |
2,039 | 1 | G1 Therapeutics, Inc. | 42,737 |
72 | 1 | Genomic Health, Inc. | 3,762 |
48,179 | GlaxoSmithKline PLC | 930,330 | |
440 | 1 | Globus Medical, Inc. | 17,292 |
4,006 | HCA Healthcare, Inc. | 484,566 | |
385 | 1 | HMS Holdings Corp. | 11,716 |
700 | 1 | Haemonetics Corp. | 67,893 |
894 | 1 | Halozyme Therapeutics, Inc. | 13,186 |
25 | 1 | HealthEquity, Inc. | 1,634 |
3,214 | Humana, Inc. | 786,980 | |
23,257 | 1 | Immunogen, Inc. | 41,863 |
16,007 | 1 | Incyte Genomics, Inc. | 1,258,630 |
99 | 1 | Inogen, Inc. | 6,383 |
239 | 1 | Integer Holdings Corp. | 16,754 |
462 | 1 | Iovance Biotherapeutics, Inc. | 7,554 |
1,018 | Johnson & Johnson | 133,511 | |
505 | 1 | LHC Group, Inc. | 57,206 |
10,974 | 1 | Lexicon Pharmaceuticals, Inc. | 59,040 |
477 | 1 | MacroGenics, Inc. | 8,748 |
586 | 1 | Magellan Health, Inc. | 38,694 |
2,744 | 1 | Magenta Therapeutics, Inc. | 40,227 |
8,111 | McKesson Corp. | 990,678 | |
22,700 | Medipal Holdings Corp. | 490,212 | |
4,169 | Merck & Co., Inc. | 330,226 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
1,062 | 1 | Merit Medical Systems, Inc. | $54,831 |
11,800 | Mitsubishi Tanabe Pharma Corp. | 138,798 | |
799 | 1 | Molina Healthcare, Inc. | 113,666 |
4,518 | 1 | Momenta Pharmaceuticals, Inc. | 52,544 |
119 | 1 | Natus Medical, Inc. | 2,963 |
9,695 | 1 | Neurocrine Biosciences, Inc. | 821,942 |
19,104 | Novartis AG | 1,640,708 | |
10,437 | Novo Nordisk A/S | 491,926 | |
1,170 | 1 | Odonate Therapeutics, Inc. | 25,143 |
203 | 1 | Omnicell, Inc. | 16,128 |
103 | 1 | OraSure Technologies, Inc. | 855 |
907 | Orion Oyj | 29,639 | |
30 | 1 | Orthofix Medical, Inc. | 1,480 |
20,082 | 1 | PDL BioPharma, Inc. | 56,631 |
3,056 | Pfizer, Inc. | 126,885 | |
157 | 1 | Providence Service Corp. | 10,155 |
220 | 1 | Ra Pharmaceuticals, Inc. | 4,759 |
1,276 | Recordati SpA | 52,681 | |
3,069 | 1 | Regeneron Pharmaceuticals, Inc. | 925,979 |
866 | Roche Holding AG | 227,257 | |
2,096 | 1 | Scholar Rock Holding Corp. | 38,441 |
5,618 | 1 | Siga Technologies, Inc. | 30,000 |
22,000 | Sinopharm Group Co. Ltd. | 82,417 | |
5,369 | Sonic Healthcare Ltd. | 97,262 | |
118 | 1 | Staar Surgical Co. | 2,734 |
100 | Straumann Holding AG | 82,237 | |
7,000 | Suzuken Co. Ltd. | 429,526 | |
66 | 1 | Tabula Rasa HealthCare, Inc. | 2,981 |
254 | 1 | Tactile Systems Technology, Inc. | 12,200 |
305 | 1 | Tandem Diabetes Care, Inc. | 20,911 |
378 | 1 | Tivity Health, Inc. | 6,917 |
41 | 1 | Triple-S Management Corp., Class B | 1,004 |
340 | 1 | Twist Bioscience Corp. | 8,775 |
7,324 | UnitedHealth Group, Inc. | 1,770,943 | |
230 | 1 | Vanda Pharmaceuticals, Inc. | 3,376 |
433 | 1 | Veracyte, Inc. | 9,812 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
6,441 | 1 | Vertex Pharmaceuticals, Inc. | $1,070,365 |
89 | 1 | WellCare Health Plans, Inc. | 24,581 |
414 | 1 | Xencor, Inc. | 12,768 |
TOTAL | 21,458,269 | ||
Industrials—7.7% | |||
67,939 | ADT, Inc. | 397,443 | |
381 | 1 | ASGN, Inc. | 19,328 |
167 | AZZ, Inc. | 7,027 | |
7,367 | Adecco Group AG | 395,997 | |
44,500 | AirAsia Group Bhd | 30,653 | |
1,263 | Airbus Group SE | 162,295 | |
137,800 | Airports of Thailand Public Co. Ltd. | 277,416 | |
353 | Alamo Group, Inc. | 33,510 | |
214 | Albany International Corp., Class A | 14,995 | |
73,178 | Alfa, S.A. de C.V., Class A | 67,022 | |
174 | Allied Motion Technologies, Inc. | 5,650 | |
11,248 | Allison Transmission Holdings, Inc. | 465,555 | |
3,117 | Ametek, Inc. | 255,251 | |
650 | Andritz AG | 23,342 | |
332 | Applied Industrial Technologies, Inc. | 18,038 | |
534 | ArcBest Corp. | 13,387 | |
13,766 | Ashtead Group PLC | 323,208 | |
351 | 1 | Astronics Corp. | 14,275 |
1,231 | 1 | Atkore International Group, Inc. | 28,793 |
98,419 | Aurizon Holdings Ltd. | 352,570 | |
175 | 1 | Avis Budget Group, Inc. | 4,963 |
28,700 | BOC Aviation Ltd. | 239,031 | |
54,900 | BTS Group Holdings PCL | 19,782 | |
105 | Barrett Business Services, Inc. | 7,562 | |
5,106 | Boeing Co. | 1,744,261 | |
412 | 1 | Builders Firstsource, Inc. | 5,801 |
14,616 | Bunzl PLC | 391,189 | |
1,165 | 1 | CBIZ, Inc. | 23,067 |
158 | 1,2 | CJ Corp. | 4,865 |
141 | CRA International, Inc. | 5,279 | |
15,000 | CRRC Corp. Ltd. | 12,849 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
442 | CSW Industrials, Inc. | $28,257 | |
8,334 | CSX Corp. | 620,633 | |
1,528 | Caterpillar, Inc. | 183,070 | |
202 | Cheil Jedang Corp. | 17,183 | |
160,000 | China Communication Services Corp. Ltd. | 119,523 | |
2,000 | China Communications Construction Co. Ltd. | 1,776 | |
96,500 | 1 | China COSCO Holdings Co. Ltd., Class H | 35,496 |
206,500 | China Railway Construction Corp. Ltd. | 241,009 | |
297,000 | China Railway Group Ltd. | 221,652 | |
228 | 1 | Cimpress NV | 19,950 |
190,000 | Citic Pacific Ltd. | 257,474 | |
568 | Comfort Systems USA, Inc. | 26,798 | |
1,603 | 1 | Cornerstone Building Brands | 7,037 |
509 | Cummins, Inc. | 76,737 | |
2,901 | DSV, De Sammensluttede Vognmad AS | 258,000 | |
302 | 1 | DXP Enterprises, Inc. | 9,730 |
15,200 | Dai Nippon Printing Co. Ltd. | 329,166 | |
1,800 | Daifuku Co. | 89,527 | |
12,361 | Delta Air Lines, Inc. | 636,591 | |
821 | Eiffage SA | 78,409 | |
365 | Emcor Group, Inc. | 29,404 | |
182 | Encore Wire Corp. | 9,084 | |
13,267 | Experian PLC | 400,994 | |
371 | Exponent, Inc. | 20,795 | |
266 | 1 | FTI Consulting, Inc. | 22,323 |
419 | Federal Signal Corp. | 10,010 | |
4,740 | Ferguson PLC | 306,166 | |
3,091 | Finning International, Inc. | 49,626 | |
628 | 1 | Foundation Building Materials, Inc. | 9,527 |
7,400 | Fuji Electric Co. | 246,611 | |
56 | 1 | GMS, Inc. | 943 |
10,637 | Genivar Income Fund | 561,047 | |
701 | Global Brass & Copper Holdings, Inc. | 30,585 | |
1,078 | 1 | Great Lakes Dredge & Dock Corp. | 11,470 |
11,653 | Grupo Aeroportuario del Pacifico SA, Class B | 113,987 | |
3,119 | Grupo Aeroportuario del Sureste SAB de CV, Class B | 49,349 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
3,351 | Hanwha Corp. | $71,769 | |
435 | 1 | Harsco Corp. | 10,875 |
814 | Hawaiian Holdings, Inc. | 20,334 | |
622 | Heidrick & Struggles International, Inc. | 18,884 | |
1,144 | Hillenbrand, Inc. | 42,591 | |
6,045 | Honeywell International, Inc. | 993,254 | |
2,000 | Hoshizaki Electric Co., Ltd. | 151,488 | |
204 | ICF International, Inc. | 14,870 | |
4,169 | Illinois Tool Works, Inc. | 582,159 | |
7,430 | Ingersoll-Rand PLC, Class A | 879,266 | |
634 | Insperity, Inc. | 72,213 | |
7,043 | Intertek Group PLC | 472,286 | |
9,700 | Itochu Corp. | 178,664 | |
4,500 | JGC Corp. | 59,539 | |
627 | KForce Com, Inc. | 21,788 | |
18,800 | Kajima Corp. | 257,549 | |
739 | Korn Ferry | 31,836 | |
381 | Kuehne & Nagel International AG | 50,545 | |
1,030 | LG Corp. | 63,320 | |
1,022 | L3 Technologies, Inc. | 247,385 | |
19,227 | Latam Airlines Group SA | 168,550 | |
307 | MOOG, Inc., Class A | 25,303 | |
1,791 | 1 | MRC Global, Inc. | 26,507 |
3,196 | MTU Aero Engines GmbH | 691,053 | |
541 | 1 | MYR Group, Inc. | 17,469 |
4,599 | Manpower, Inc. | 393,306 | |
82,000 | Marubeni Corp. | 514,681 | |
157 | 1 | Masonite International Corp. | 7,465 |
2,273 | 1 | Meritor, Inc. | 45,824 |
61,200 | Mitsubishi Electric Corp. | 759,614 | |
1,101 | Mueller Industries, Inc. | 29,672 | |
3,220 | Mueller Water Products, Inc. | 29,753 | |
246,000 | NWS Holdings Ltd. | 484,489 | |
1,900 | Nippon Express Co. Ltd. | 100,768 | |
1,320 | nVent Electric PLC | 30,439 | |
87 | Park-Ohio Holdings Corp. | 2,716 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
2,718 | Parker-Hannifin Corp. | $414,006 | |
117 | 1 | Patrick Industries, Inc. | 4,772 |
181 | Pentair PLC | 6,302 | |
7,900 | Persol Holdings Co. Ltd. | 166,750 | |
527 | Primoris Services Corp. | 9,612 | |
387 | Quad Graphics, Inc. | 3,239 | |
16,300 | Recruit Holdings Co. Ltd. | 520,052 | |
13,856 | Relx PLC | 323,560 | |
196 | Resources Connection, Inc. | 3,009 | |
20,425 | Rexel S.A. | 220,346 | |
1,711 | 1 | Rexnord Corp. | 45,016 |
1,958 | Roper Technologies, Inc. | 673,395 | |
189 | Rush Enterprises, Inc. | 6,666 | |
2,600 | SG Holdings Co. Ltd. | 70,461 | |
58 | SGS SA | 146,535 | |
6,398 | SKF Ab, Class B | 99,197 | |
3,975 | SNC-Lavalin Group, Inc. | 70,848 | |
546 | 1 | SPX Corp. | 16,238 |
195 | 1 | Saia, Inc. | 11,505 |
13,781 | Sandvik AB | 212,546 | |
4,016 | Schneider Electric SA | 316,761 | |
11,100 | Shimizu Corp. | 90,395 | |
20,500 | Sinotruk Hong Kong Ltd. | 38,743 | |
15,438 | Skanska AB, Class B | 252,255 | |
998 | SkyWest, Inc. | 58,603 | |
8,698 | Southwest Airlines Co. | 414,025 | |
52 | 1 | Spirit Airlines, Inc. | 2,396 |
158 | 1 | Standard Plus Corp. | 4,903 |
1,181 | Steelcase, Inc., Class A | 18,943 | |
128,943 | Sydney Airport | 662,316 | |
199 | Systemax, Inc. | 4,097 | |
924 | 1 | TPI Composites, Inc. | 19,265 |
3,900 | Taisei Corp. | 141,923 | |
959 | 1 | Teledyne Technologies, Inc. | 226,132 |
250 | Tetra Tech, Inc. | 16,880 | |
154 | 1 | Titan Machinery, Inc. | 2,575 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
41,200 | Toppan Printing Co. Ltd. | $601,228 | |
4,700 | Toshiba Corp. | 149,362 | |
12,000 | Toyota Tsusho Corp. | 344,162 | |
197 | 1 | Trex Co., Inc. | 11,785 |
1,559 | 1 | TriMas Corp. | 44,665 |
118 | 1 | TrueBlue, Inc. | 2,506 |
164 | Unifirst Corp. | 26,040 | |
1,271 | Union Pacific Corp. | 211,977 | |
2,404 | 1 | United Continental Holdings, Inc. | 186,671 |
383 | Universal Forest Products, Inc. | 12,352 | |
144 | Universal Truckload Services, Inc. | 2,717 | |
261 | 1 | Veritiv Corp. | 4,609 |
919 | Vestas Wind Systems A/S | 74,624 | |
12,175 | Volvo AB, Class B | 170,018 | |
45,592 | Weg SA | 221,340 | |
191,000 | Weichai Power Co. Ltd., Class H | 289,410 | |
1,206 | 1 | Wesco Aircraft Holdings, Inc. | 11,843 |
4,221 | Wolters Kluwer NV | 294,531 | |
12,500 | Yamato Holdings Co. Ltd. | 252,385 | |
TOTAL | 26,269,059 | ||
Information Technology—8.9% | |||
120 | 1 | ACI Worldwide, Inc. | 3,775 |
1,927 | ASML Holding N.V. | 363,112 | |
3,655 | 1 | Adobe, Inc. | 990,140 |
656 | 1 | Advanced Energy Industries, Inc. | 32,912 |
1,308 | 1 | Agilysys, Inc. | 28,514 |
403 | 1 | Alarm.com Holdings, Inc. | 23,499 |
3,105 | 1 | Amkor Technology, Inc. | 20,120 |
487 | 1 | Anixter International, Inc. | 25,986 |
7,174 | 1 | Ansys, Inc. | 1,287,733 |
11,919 | Apple, Inc. | 2,086,659 | |
9,790 | Automatic Data Processing, Inc. | 1,567,575 | |
1,341 | Benchmark Electronics, Inc. | 29,623 | |
926 | 1 | Box, Inc. | 17,122 |
596 | Broadcom, Inc. | 149,977 | |
566 | Brooks Automation, Inc. | 20,087 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
15,900 | Brother Industries Ltd. | $269,741 | |
191 | 1 | CACI International, Inc., Class A | 38,872 |
3,161 | CDW Corp. | 311,169 | |
504 | 1 | CGI, Inc., Class A | 36,737 |
892 | CSG Systems International, Inc. | 40,006 | |
123 | Cabot Microelectronics Corp. | 11,989 | |
7,183 | 1 | Cadence Design Systems, Inc. | 456,623 |
673 | 1 | Casa Systems, Inc. | 3,782 |
499 | Cass Information Systems, Inc. | 22,490 | |
501 | 1 | Ciena Corp. | 17,505 |
209 | 1 | Cirrus Logic, Inc. | 7,810 |
38,220 | Cisco Systems, Inc. | 1,988,587 | |
10,809 | 1 | CommScope Holdings Co., Inc. | 174,565 |
477 | 1 | Commvault Systems, Inc. | 21,966 |
162 | Constellation Software, Inc. | 140,277 | |
1,090 | 1 | Control4 Corp. | 25,789 |
75 | 1 | Diodes, Inc. | 2,320 |
412 | Entegris, Inc. | 14,148 | |
372 | 1 | ePlus, Inc. | 26,286 |
370 | 1 | Exlservice Holding, Inc. | 21,926 |
7,600 | FUJIFILM Holdings Corp. | 362,638 | |
536 | 1 | Fabrinet | 22,855 |
4,275 | 1 | Fortinet, Inc. | 309,852 |
3,700 | Fujitsu Ltd. | 250,346 | |
66 | Hewlett Packard Enterprise Co. | 906 | |
2,200 | Hitachi High-Technologies Corp. | 92,828 | |
12,900 | Hitachi Ltd. | 434,641 | |
392 | 1 | Ichor Holdings Ltd. | 8,271 |
648 | 1 | Insight Enterprises, Inc. | 33,359 |
566 | 1 | Instructure, Inc. | 23,534 |
29,952 | Intel Corp. | 1,319,086 | |
536 | InterDigital, Inc. | 34,047 | |
5,496 | Intuit, Inc. | 1,345,696 | |
393 | j2 Global, Inc. | 33,126 | |
1,006 | Kemet Corp. | 15,995 | |
722 | 1 | Kimball Electronics, Inc. | 10,289 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
305 | Lam Research Corp. | $53,256 | |
394 | 1 | Lattice Semiconductor Corp. | 5,043 |
5,900 | Legend Holdings Corp. | 14,211 | |
453 | 1 | Legend Holdings Corp., Rights | 0 |
358,000 | Lenovo Group Ltd. | 248,067 | |
807 | ManTech International Corp., Class A | 49,526 | |
6,777 | Mastercard, Inc. | 1,704,348 | |
458 | Maximus, Inc. | 32,633 | |
1,048 | Methode Electronics, Inc., Class A | 25,812 | |
5,074 | 1 | Micron Technology, Inc. | 165,463 |
19,414 | Microsoft Corp. | 2,401,124 | |
206 | 1 | MicroStrategy, Inc., Class A | 27,379 |
2,064 | 1 | Mobile Iron, Inc. | 11,538 |
2,083 | Monotype Imaging Holdings, Inc. | 33,932 | |
1,679 | NIC, Inc. | 26,797 | |
9,696 | NXP Semiconductors NV | 854,799 | |
140 | 1 | Nanometrics, Inc. | 3,983 |
2,000 | Nomura Research Institute Ltd. | 97,238 | |
4,000 | Omron Corp. | 187,983 | |
6,800 | Otsuka Corp. | 263,695 | |
149 | 1 | Palo Alto Networks, Inc. | 29,821 |
1,453 | Paychex, Inc. | 124,653 | |
325 | 1 | Paylocity Holding Corp. | 32,572 |
2,859 | 1 | PayPal Holdings, Inc. | 313,775 |
188 | 1 | Perficient, Inc. | 5,721 |
25 | 1 | Plexus Corp. | 1,238 |
147 | Progress Software Corp. | 6,021 | |
2,006 | 1 | Proofpoint, Inc. | 225,394 |
266 | 1 | Qualys, Inc. | 23,570 |
450 | 1 | Rapid7, Inc. | 23,513 |
4,005 | 1 | Red Hat, Inc. | 738,122 |
6,434 | SK Hynix, Inc. | 349,552 | |
306 | 1 | SMART Global Holdings, Inc. | 5,211 |
261 | 1 | SPS Commerce, Inc. | 26,604 |
19,337 | STMicroelectronics N.V. | 294,287 | |
264 | Samsung Electro-Mechanics Co. | 20,920 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
29,608 | Samsung Electronics Co. Ltd. | $1,051,008 | |
909 | Samsung SDS Co. Ltd. | 157,725 | |
758 | 1 | Sanmina Corp. | 20,155 |
485 | 1 | ScanSource, Inc. | 14,167 |
422 | Science Applications International Corp. | 32,384 | |
22,500 | Seiko Epson Corp. | 329,648 | |
1,262 | 1 | Semtech Corp. | 50,266 |
4,508 | Skyworks Solutions, Inc. | 300,368 | |
388 | 1 | Sykes Enterprises, Inc. | 9,607 |
230 | Synnex Corp. | 19,943 | |
125,000 | Synnex Technology International Corp. | 150,867 | |
6,780 | 1 | TEMENOS Group AG | 1,177,620 |
2,065 | 1 | Tableau Software, Inc. | 232,251 |
102,000 | Taiwan Semiconductor Manufacturing Co. Ltd. | 755,504 | |
7,107 | Texas Instruments, Inc. | 741,331 | |
2,000 | Tokyo Electron Ltd. | 268,865 | |
156 | 1 | Tucows, Inc. | 9,243 |
786 | 1 | Verint Systems, Inc. | 44,606 |
2,551 | Visa, Inc., Class A | 411,553 | |
1,177 | Vishay Intertechnology, Inc. | 17,938 | |
7,000 | Walsin Technology Corp. | 34,960 | |
3,486 | Western Digital Corp. | 129,749 | |
1,034 | Wire Card AG | 161,746 | |
2,373 | 1 | Workday, Inc. | 484,377 |
863 | XPERI Corp. | 18,132 | |
24,377 | Xerox Corp. | 746,180 | |
10,981 | Yageo Corp. | 90,097 | |
1,100 | Yokogawa Electric Corp. | 21,251 | |
8,000 | 1 | ZTE Corp. | 19,155 |
TOTAL | 30,505,388 | ||
Materials—3.4% | |||
505 | 1 | AdvanSix, Inc. | 12,312 |
77,306 | Alumina Ltd. | 127,750 | |
4,094 | Amcor Ltd. | 46,754 | |
12,193 | Anglo American PLC | 292,596 | |
1,923 | Anglogold Ltd. | 25,676 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Materials—continued | |||
11,000 | Anhui Conch Cement Co. Ltd., Class H | $64,047 | |
16,456 | ArcelorMittal SA | 242,738 | |
38,000 | Asia Cement Corp. | 54,115 | |
20,388 | BHP Group PLC | 459,402 | |
3,724 | 1 | Berry Global Group, Inc. | 175,102 |
1,285 | Boise Cascade Co. | 28,527 | |
3,659 | Boliden AB | 83,143 | |
3,659 | 1 | Boliden AB-Redemption Shares | 1,636 |
1,473 | Chemours Co./The | 31,066 | |
17,301 | Cherepovets MK Severstal | 272,839 | |
278,000 | China National Building Material Co. Ltd. | 212,931 | |
188,000 | China Resources Cement Holdings Ltd. | 162,628 | |
6,719 | Croda International PLC | 431,220 | |
3,228 | Domtar, Corp. | 135,737 | |
12,791 | Dow, Inc | 598,107 | |
1,164 | Ems-Chemie Holdings Ag | 695,953 | |
364 | 1 | Ferro Corp. | 4,929 |
5,107 | 1,2 | Ferroglobe Representation & Warranty Insurance Trust | 0 |
53,000 | Formosa Plastic Corp. | 184,920 | |
74,196 | Fortescue Metals Group Ltd. | 411,247 | |
4,403 | Freeport-McMoRan, Inc. | 42,753 | |
262 | FutureFuel Corp. | 2,720 | |
11,915 | Gold Fields Ltd. | 53,097 | |
619 | Greif, Inc., Class A | 21,937 | |
76 | Hawkins, Inc. | 2,703 | |
70,300 | Indorama Ventures PLC | 102,125 | |
326 | 1 | Ingevity Corp. | 28,590 |
221,000 | Jiangxi Copper Co. Ltd. | 275,473 | |
23,000 | Kobe Steel Ltd. | 142,314 | |
7,737 | Koninklijke DSM NV | 869,508 | |
739 | Louisiana-Pacific Corp. | 16,864 | |
648 | Materion Corp. | 39,172 | |
16,700 | Mitsubishi Gas Chemical Co., Inc. | 206,842 | |
8,500 | Mitsubishi Materials Corp. | 221,575 | |
8,625 | Mondi Ltd. | 177,354 | |
6,127 | Mondi PLC | 127,262 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Materials—continued | |||
1,212 | Myers Industries, Inc. | $20,507 | |
24,934 | Newmont Goldcorp Corp. | 825,066 | |
5,000 | Nissan Chemical Industries | 210,829 | |
1,800 | Nitto Denko Corp. | 78,534 | |
980 | MMC Norilsk Nickel PJSC | 204,135 | |
26,607 | Novolipetsk Steel PJSC | 69,804 | |
7,703 | Nucor Corp. | 369,744 | |
2,514 | Nutrien Ltd. | 122,612 | |
10,100 | Oji Holdings Corp. | 51,978 | |
19,300 | PT Indah Kiat Pulp & Paper Corp. | 10,458 | |
124,100 | Petronas Chemicals Group BhD | 246,167 | |
3,841 | 3 | Phosagro OAO, GDR | 49,434 |
11 | Quaker Chemical Corp. | 1,989 | |
13,670 | Rio Tinto PLC | 785,332 | |
616 | Schnitzer Steel Industries, Inc., Class A | 13,004 | |
3,800 | Showa Denko KK | 103,212 | |
19,168 | Southern Copper Corp. | 646,537 | |
256 | Stepan Co. | 21,724 | |
700 | 1 | SunCoke Energy, Inc. | 5,138 |
6,600 | Taiheiyo Cement Corp. | 194,172 | |
1,420 | Tredegar Industries, Inc. | 22,138 | |
658 | Trinseo SA | 24,241 | |
12,550 | UPM - Kymmene Oyj | 313,560 | |
1,263 | Voestalpine AG | 32,860 | |
984 | Valhi, Inc. | 1,968 | |
282 | 1 | Verso Corp. | 4,856 |
670 | Warrior Met Coal, Inc. | 17,293 | |
1,203 | West Fraser Timber Co. Ltd. | 46,897 | |
TOTAL | 11,579,853 | ||
Real Estate—2.4% | |||
4,000 | Agile Group Holdings Ltd. | 5,050 | |
1,029 | Alexander and Baldwin, Inc. | 23,739 | |
8,168 | American Campus Communities, Inc. | 378,342 | |
32,000 | Ascendas Real Estate Investment Trust | 68,022 | |
1,009 | Avalonbay Communities, Inc. | 204,837 | |
13,338 | Brixmor Property Group, Inc. | 228,747 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Real Estate—continued | |||
18,000 | CIFI Holdings Group Co. Ltd. | $10,727 | |
15,400 | CapitaLand Commercial Trust Ltd. | 21,637 | |
41,700 | CapitaLand Mall Trust | 73,160 | |
2,004 | CareTrust REIT, Inc. | 48,717 | |
4,723 | CatchMark Timber Trust, Inc. | 44,443 | |
736 | Chatham Lodging Trust | 14,013 | |
527 | CoreCivic, Inc. | 11,541 | |
2,506 | CorePoint Lodging, Inc., REIT | 30,373 | |
193,000 | Country Garden Holdings Co. | 260,006 | |
4,353 | Cousins Properties, Inc. | 39,395 | |
2,400 | Daito Trust Construction Co. Ltd. | 312,312 | |
1,499 | DiamondRock Hospitality Co. | 14,855 | |
14,604 | Duke Realty Corp. | 439,434 | |
647 | Essential Properties Realty Trust, Inc. | 13,755 | |
92,000 | Evergrande Real Estate Group Limited | 243,977 | |
113 | First Industrial Realty Trust | 3,922 | |
244,000 | Future Land Development Holdings Ltd. | 265,503 | |
92,304 | GPT Group/The, REIT | 368,264 | |
635 | Geo Group, Inc. | 13,926 | |
49,074 | H&R Real Estate Investment Trust | 827,824 | |
21,259 | HCP, Inc. | 674,123 | |
417 | 1 | HFF, Inc. | 18,006 |
64,900 | Henderson Land Development Co. Ltd. | 334,823 | |
526 | Investors Real Estate Trust | 30,450 | |
500 | Kerry Properties Ltd. | 1,895 | |
1,064 | Life Storage, Inc. | 102,442 | |
3,500 | Longfor Properties | 12,794 | |
228 | 1 | Marcus & Millichap Co., Inc. | 6,963 |
867 | Monmouth Real Estate Investment Corp. | 12,086 | |
8,838 | New Senior Investment Group, Inc. | 58,242 | |
1,843 | Newmark Group, Inc. | 14,707 | |
1,816 | NorthStar Realty Europe Corp. | 29,910 | |
2,056 | Office Properties Income Trust | 49,159 | |
888 | RLJ Lodging Trust | 15,247 | |
1,048 | Rexford Industrial Realty, Inc. | 39,614 | |
7,441 | SL Green Realty Corp. | 639,926 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Real Estate—continued | |||
516 | STAG Industrial, Inc. | $15,057 | |
294 | Sabra Health Care REIT, Inc. | 5,671 | |
119,107 | Scentre Group | 313,246 | |
23,000 | Shimao Property Holdings Ltd. | 65,671 | |
5,144 | Simon Property Group, Inc. | 833,791 | |
6,402 | Spirit Realty Capital, Inc. | 273,109 | |
111,688 | Stockland | 342,053 | |
71,000 | Sunac China Holdings | 305,156 | |
455 | Terreno Realty Corp. | 20,798 | |
330 | Tier RIET, Inc | 8,884 | |
815 | Urban Edge Properties | 14,059 | |
1,245 | Xenia Hotels & Resorts, Inc. | 26,033 | |
TOTAL | 8,230,436 | ||
Utilities—2.4% | |||
10,989 | AES Corp. | 173,626 | |
10,899 | Ameren Corp. | 799,333 | |
2,039 | American Electric Power Co., Inc. | 175,599 | |
582 | American States Water Co. | 42,451 | |
293,851 | AusNet Services | 362,520 | |
14,000 | Beijing Enterprises Holdings Ltd. | 70,251 | |
1,257 | CEZ A.S. | 29,272 | |
54,500 | CLP Holdings Ltd. | 616,142 | |
180 | Chesapeake Utilities Corp. | 16,340 | |
142,000 | China Power International Development Ltd. | 36,721 | |
16,000 | China Resources Logic Ltd. | 76,504 | |
4,657 | DTE Energy Co. | 584,314 | |
8,317 | E.On AG | 86,865 | |
700 | Electricity Generating Public Co. Ltd. | 6,567 | |
42,945 | Endesa SA | 1,069,816 | |
463 | Exelon Corp. | 22,261 | |
751,500 | 3 | HK Electric Investments Ltd. | 735,065 |
95,040 | Hong Kong and China Gas Co. Ltd. | 209,774 | |
66,870 | Iberdrola SA | 622,057 | |
568 | Idacorp, Inc. | 56,953 | |
2,737,276 | Inter Rao Ues PJSC | 167,062 | |
8,200 | Manila Electric Co. | 60,601 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Utilities—continued | |||
5 | New Jersey Resources Corp. | $237 | |
8,134 | NextEra Energy, Inc. | 1,612,240 | |
30 | Northwestern Corp. | 2,128 | |
1,966 | Orsted A/S | 156,627 | |
176 | Otter Tail Corp. | 8,742 | |
1,209 | PNM Resources, Inc. | 56,956 | |
1,700 | Petronas Gas | 7,182 | |
1,570 | Portland General Electric Co. | 82,990 | |
6,363 | Severn Trent PLC | 160,509 | |
786 | Unitil Corp. | 44,692 | |
TOTAL | 8,152,397 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $194,653,026) | 215,538,458 | ||
ASSET-BACKED SECURITIES—0.1% | |||
$60,171 | 4 | Chesapeake Funding II LLC 2016-2A, Class A2, 3.439% (1-month USLIBOR +1.000%), 6/15/2028 | 60,273 |
171,000 | PFS Financing Corp. 2016-BA, Class A, 1.870%, 10/15/2021 | 170,505 | |
110,043 | Santander Drive Auto Receivables Trust 2016-2, Class C, 2.660%, 11/15/2021 | 110,091 | |
38,410 | Sofi Consumer Loan Program Trust 2016-3, Class A, 3.050%, 12/26/2025 | 38,535 | |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $379,596) | 379,404 | ||
COMMERCIAL MORTGAGE-BACKED SECURITY—0.0% | |||
Financials—0.0% | |||
140,306 | Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025 (IDENTIFIED COST $143,106) | 140,012 | |
COLLATERALIZED MORTGAGE OBLIGATIONS—0.6% | |||
250,000 | Banc of America Commercial Mortgage Trust 2016-UBS10, Class A4, 3.170%, 7/15/2049 | 255,243 | |
235,000 | 4 | Bank 2018-BN15, Class A4, 4.407% (12-month USLIBOR +0.000%), 11/15/2061 | 262,419 |
255,000 | Bank, Class A4, 3.488%, 11/15/2050 | 266,075 | |
225,000 | CD Commercial Mortgage Trust 2016-CD1, Class A4, 2.724%, 8/10/2049 | 223,842 | |
200,000 | Citigroup Commercial Mortgage Trust 2015-GC33, Class AS, 4.114%, 9/10/2058 | 210,707 | |
450,000 | Commercial Mortgage Trust 2015-DC1, Class AM, 3.724%, 2/10/2048 | 462,881 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—continued | |||
$300,000 | JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049 | $305,833 | |
50,000 | WF-RBS Commercial Mortgage Trust 2012-C6, Class B, 4.697%, 4/15/2045 | 52,255 | |
100,000 | WF-RBS Commercial Mortgage Trust 2014-C25, Class B, 4.236%, 11/15/2047 | 104,078 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $2,125,882) | 2,143,333 | ||
CORPORATE BONDS—6.4% | |||
Basic Industry - Chemicals—0.0% | |||
15,000 | RPM International, Inc., Sr. Unsecd. Note, 6.125%, 10/15/2019 | 15,173 | |
Basic Industry - Metals & Mining—0.0% | |||
100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 4/15/2023 | 104,306 | |
Basic Industry - Paper—0.0% | |||
150,000 | 1,2,5 | Pope & Talbot, Inc., 8.375%, 12/1/2099 | 0 |
Capital Goods - Aerospace & Defense—0.1% | |||
180,000 | Lockheed Martin Corp., Sr. Unsecd. Note, 3.550%, 1/15/2026 | 188,181 | |
90,000 | 4 | Textron Financial Corp., Jr. Sub. Note, 144A, 4.253% (3-month USLIBOR +1.735%), 2/15/2042 | 73,081 |
80,000 | Textron, Inc., Sr. Unsecd. Note, 4.000%, 3/15/2026 | 83,021 | |
TOTAL | 344,283 | ||
Capital Goods - Building Materials—0.1% | |||
130,000 | Masco Corp., Sr. Unsecd. Note, 4.375%, 4/1/2026 | 134,455 | |
185,000 | Masco Corp., Unsecd. Note, 4.450%, 4/1/2025 | 193,891 | |
TOTAL | 328,346 | ||
Capital Goods - Diversified Manufacturing—0.1% | |||
30,000 | General Electric Capital Corp., Note, Series MTNA, 6.750%, 3/15/2032 | 36,092 | |
300,000 | Valmont Industries, Inc., 5.250%, 10/1/2054 | 290,105 | |
TOTAL | 326,197 | ||
Commercial Mortgage—0.0% | |||
150,000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., 5.050%, 3/30/2029 | 159,759 | |
Communications - Cable & Satellite—0.1% | |||
200,000 | CCO Safari II LLC, 4.908%, 7/23/2025 | 211,770 | |
Communications - Media & Entertainment—0.2% | |||
310,000 | British Sky Broadcasting Group PLC, 144A, 3.750%, 9/16/2024 | 323,503 | |
20,000 | Discovery Communications LLC, Sr. Unsecd. Note, 4.900%, 3/11/2026 | 21,536 | |
70,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046 | 79,986 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Communications - Media & Entertainment—continued | |||
$350,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.600%, 4/15/2026 | $352,739 | |
TOTAL | 777,764 | ||
Communications - Telecom Wireless—0.3% | |||
15,500,000 | America Movil S.A.B. de C.V., Sr. Secd. Note, 6.000%, 6/9/2019 | 789,839 | |
180,000 | Crown Castle International Corp., Sr. Unsecd. Note, 3.700%, 6/15/2026 | 182,379 | |
TOTAL | 972,218 | ||
Communications - Telecom Wirelines—0.2% | |||
300,000 | AT&T, Inc., Sr. Unsecd. Note, 5.150%, 3/15/2042 | 318,420 | |
200,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 3/15/2024 | 212,664 | |
120,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 5.250%, 3/16/2037 | 137,983 | |
TOTAL | 669,067 | ||
Consumer Cyclical - Automotive—0.1% | |||
275,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.336%, 3/18/2021 | 273,896 | |
70,000 | General Motors Co., Sr. Unsecd. Note, 4.000%, 4/1/2025 | 69,518 | |
TOTAL | 343,414 | ||
Consumer Cyclical - Retailers—0.2% | |||
100,000 | Advance Auto Parts, Inc., 4.500%, 12/1/2023 | 106,139 | |
300,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 4/15/2025 | 303,629 | |
97,076 | CVS Health Corp., Pass Thru Cert., 144A, 5.298%, 1/11/2027 | 102,315 | |
200,000 | CVS Health Corp., Sr. Unsecd. Note, 2.875%, 6/1/2026 | 191,792 | |
120,000 | Under Armour, Inc., Sr. Unsecd. Note, 3.250%, 6/15/2026 | 110,932 | |
TOTAL | 814,807 | ||
Consumer Cyclical - Services—0.1% | |||
200,000 | Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.800%, 6/6/2023 | 199,194 | |
130,000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | 134,256 | |
TOTAL | 333,450 | ||
Consumer Non-Cyclical - Food/Beverage—0.4% | |||
425,000 | Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 5.550%, 1/23/2049 | 483,132 | |
210,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026 | 207,763 | |
250,000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 3.950%, 7/15/2025 | 254,290 | |
100,000 | McCormick & Co., Inc., Sr. Unsecd. Note, 3.400%, 8/15/2027 | 100,964 | |
120,000 | Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025 | 128,040 | |
70,000 | PepsiCo, Inc., Sr. Unsecd. Note, 4.450%, 4/14/2046 | 80,735 | |
TOTAL | 1,254,924 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Consumer Non-Cyclical - Pharmaceuticals—0.1% | |||
$125,000 | Eli Lilly & Co., Sr. Unsecd. Note, 3.950%, 3/15/2049 | $131,247 | |
90,000 | Gilead Sciences, Inc., Sr. Unsecd. Note, 3.650%, 3/1/2026 | 93,441 | |
TOTAL | 224,688 | ||
Consumer Non-Cyclical - Products—0.1% | |||
270,000 | Newell Rubbermaid, Inc., Sr. Unsecd. Note, 4.200%, 4/1/2026 | 263,309 | |
Consumer Non-Cyclical - Supermarkets—0.1% | |||
375,000 | Kroger Co., Sr. Unsecd. Note, 5.400%, 1/15/2049 | 400,752 | |
Consumer Non-Cyclical - Tobacco—0.1% | |||
24,000 | Altria Group, Inc., 9.250%, 8/6/2019 | 24,258 | |
200,000 | Reynolds American, Inc., Sr. Unsecd. Note, 5.850%, 8/15/2045 | 207,837 | |
TOTAL | 232,095 | ||
Energy - Independent—0.1% | |||
375,000 | Canadian Natural Resources Ltd., 3.900%, 2/1/2025 | 389,085 | |
Energy - Integrated—0.1% | |||
135,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.119%, 5/4/2026 | 135,382 | |
100,000 | Husky Energy, Inc., Sr. Unsecd. Note, 3.950%, 4/15/2022 | 102,293 | |
35,000 | Petro-Canada, Deb., 7.000%, 11/15/2028 | 43,422 | |
TOTAL | 281,097 | ||
Energy - Midstream—0.2% | |||
325,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 | 332,236 | |
100,000 | Kinder Morgan, Inc., 5.050%, 2/15/2046 | 102,004 | |
80,000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 | 81,136 | |
100,000 | Williams Partners LP, Sr. Unsecd. Note, 4.900%, 1/15/2045 | 99,855 | |
TOTAL | 615,231 | ||
Energy - Oil Field Services—0.0% | |||
100,000 | Nabors Industries, Inc., Company Guarantee, 5.000%, 9/15/2020 | 101,470 | |
Energy - Refining—0.1% | |||
250,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.750%, 9/15/2044 | 251,839 | |
Financial Institution - Banking—0.8% | |||
250,000 | 4 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 3.241% (3-month USLIBOR +0.650%), 10/1/2021 | 250,792 |
100,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 4.875%, 4/1/2044 | 113,815 | |
300,000 | Bank of America Corp., Sub. Note, Series MTN, 4.000%, 1/22/2025 | 309,999 | |
300,000 | Citigroup, Inc., Sr. Unsecd. Note, 2.700%, 3/30/2021 | 300,365 | |
250,000 | Citizens Bank NA, Sr. Unsecd. Note, Series BKNT, 3.750%, 2/18/2026 | 260,024 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Financial Institution - Banking—continued | |||
$250,000 | Compass Bank, Birmingham, Sub. Note, Series BKNT, 3.875%, 4/10/2025 | $254,027 | |
5,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 5.750%, 1/24/2022 | 5,377 | |
100,000 | JPMorgan Chase & Co., Series S, 6.750%, 8/1/2067 | 109,936 | |
50,000 | JPMorgan Chase & Co., Sub. Note, 3.375%, 5/1/2023 | 51,077 | |
400,000 | Morgan Stanley, 4.300%, 1/27/2045 | 419,543 | |
300,000 | 4 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 3.095% (3-month USLIBOR +0.550%), 2/10/2021 | 300,364 |
70,708 | 2 | Regional Diversified Funding, 144A, 9.250%, 3/15/2030 | 5,657 |
80,000 | Regions Financial Corp., Sr. Unsecd. Note, 3.200%, 2/8/2021 | 80,621 | |
230,000 | SunTrust Banks, Inc., Sr. Unsecd. Note, 2.900%, 3/3/2021 | 231,198 | |
50,000 | 4 | Wells Fargo & Co., Sr. Unsecd. Note, 3.812% (3-month USLIBOR +1.230%), 10/31/2023 | 50,861 |
TOTAL | 2,743,656 | ||
Financial Institution - Broker/Asset Mgr/Exchange—0.2% | |||
140,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | 144,627 | |
95,000 | Jefferies Group LLC, Sr. Unsecd. Note, 8.500%, 7/15/2019 | 95,585 | |
240,000 | Stifel Financial Corp., Sr. Unsecd. Note, 3.500%, 12/1/2020 | 242,839 | |
70,000 | TIAA Asset Management Finance Co. LLC, Sr. Unsecd. Note, 144A, 4.125%, 11/1/2024 | 74,580 | |
TOTAL | 557,631 | ||
Financial Institution - Finance Companies—0.2% | |||
210,000 | AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.950%, 2/1/2022 | 214,084 | |
200,000 | AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 4.875%, 1/16/2024 | 211,523 | |
325,000 | GE Capital International Funding, Inc., Sr. Unsecd. Note, 4.418%, 11/15/2035 | 309,538 | |
TOTAL | 735,145 | ||
Financial Institution - Insurance - Life—0.2% | |||
27,000 | Aflac, Inc., Sr. Unsecd. Note, 6.450%, 8/15/2040 | 36,257 | |
400,000 | American International Group, Inc., Unsecd. Note, 3.875%, 1/15/2035 | 385,709 | |
325,000 | Mass Mutual Global Funding II, 144A, 2.000%, 4/15/2021 | 322,486 | |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039 | 15,570 | |
100,000 | Principal Life Global Funding II, 144A, 2.200%, 4/8/2020 | 99,753 | |
TOTAL | 859,775 | ||
Financial Institution - Insurance - P&C—0.1% | |||
300,000 | Liberty Mutual Group, Inc., Sr. Unsecd. Note, 144A, 6.500%, 3/15/2035 | 362,114 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Financial Institution - Insurance - P&C—continued | |||
$30,000 | Nationwide Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039 | $48,385 | |
TOTAL | 410,499 | ||
Financial Institution - REIT - Apartment—0.1% | |||
300,000 | Mid-America Apartment Communities LP, Sr. Unsecd. Note, 3.750%, 6/15/2024 | 309,469 | |
140,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026 | 136,493 | |
TOTAL | 445,962 | ||
Financial Institution - REIT - Office—0.1% | |||
100,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028 | 103,879 | |
300,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 4.500%, 7/30/2029 | 324,515 | |
TOTAL | 428,394 | ||
Financial Institution - REIT - Other—0.1% | |||
180,000 | Liberty Property LP, Sr. Unsecd. Note, 4.375%, 2/1/2029 | 192,115 | |
160,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024 | 169,232 | |
TOTAL | 361,347 | ||
Financial Institution - REIT - Retail—0.0% | |||
30,000 | Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/1/2022 | 30,584 | |
Foreign-Local-Government—0.0% | |||
50,000 | Quebec, Province of, Note, Series MTNA, 7.035%, 3/10/2026 | 62,582 | |
Municipal Services—0.1% | |||
135,025 | Army Hawaii Family Housing, 144A, 5.524%, 6/15/2050 | 160,799 | |
100,000 | Camp Pendleton & Quantico Housing LLC, 5.572%, 10/1/2050 | 119,962 | |
TOTAL | 280,761 | ||
Sovereign—0.1% | |||
30,000,000 | KFW, 2.050%, 2/16/2026 | 319,954 | |
Technology—0.5% | |||
300,000 | Adobe, Inc., Sr. Unsecd. Note, 3.250%, 2/1/2025 | 310,975 | |
320,000 | Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr. Secd. Note, 144A, 6.020%, 6/15/2026 | 344,853 | |
125,000 | Equifax, Inc., Sr. Unsecd. Note, 2.300%, 6/1/2021 | 123,676 | |
28,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.875%, 6/5/2024 | 29,210 | |
150,000 | Hewlett Packard Enterprise Co., Sr. Unsecd. Note, 3.600%, 10/15/2020 | 151,811 | |
300,000 | Keysight Technologies, Inc., 4.550%, 10/30/2024 | 317,418 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Technology—continued | |||
$380,000 | Molex Electronics Technologies LLC, Unsecd. Note, 144A, 3.900%, 4/15/2025 | $389,713 | |
70,000 | Total System Services, Inc., Sr. Unsecd. Note, 4.800%, 4/1/2026 | 75,381 | |
TOTAL | 1,743,037 | ||
Transportation - Services—0.2% | |||
62,000 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 3.850%, 11/15/2024 | 64,480 | |
100,000 | Penske Truck Leasing Co. LP & PTL Finance Corp., 144A, 2.500%, 6/15/2019 | 99,963 | |
335,000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 3.375%, 2/1/2022 | 339,521 | |
140,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.800%, 3/1/2022 | 140,747 | |
TOTAL | 644,711 | ||
Utility - Electric—0.8% | |||
120,000 | Duke Energy Corp., Sr. Unsecd. Note, 2.650%, 9/1/2026 | 115,880 | |
275,000 | Electricite de France SA, Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028 | 291,705 | |
190,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 | 198,702 | |
300,000 | Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026 | 303,028 | |
375,000 | Metropolitan Edison Co., Sr. Unsecd. Note, 144A, 4.300%, 1/15/2029 | 400,253 | |
300,000 | National Rural Utilities Cooperative Finance Corp., 2.000%, 1/27/2020 | 299,155 | |
140,000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 | 143,654 | |
200,000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 2.400%, 9/15/2019 | 199,802 | |
200,000 | NiSource Finance Corp., Sr. Unsecd. Note, 3.950%, 3/30/2048 | 193,243 | |
400,000 | Northeast Utilities, Sr. Unsecd. Note, Series H, 3.150%, 1/15/2025 | 404,437 | |
125,000 | Wisconsin Electric Power Co., Sr. Unsecd. Note, 4.300%, 12/15/2045 | 135,222 | |
TOTAL | 2,685,081 | ||
Utility - Natural Gas—0.1% | |||
200,000 | Sempra Energy, Sr. Unsecd. Note, 2.850%, 11/15/2020 | 200,681 | |
TOTAL CORPORATE BONDS (IDENTIFIED COST $21,486,727) | 21,924,844 | ||
MORTGAGE-BACKED SECURITIES—0.0% | |||
1,512 | Federal Home Loan Mortgage Corp., Pool C00592, 7.000%, 3/1/2028 | 1,695 | |
1,047 | Federal Home Loan Mortgage Corp., Pool C00896, 7.500%, 12/1/2029 | 1,197 | |
147 | Federal Home Loan Mortgage Corp., Pool C17281, 6.500%, 11/1/2028 | 152 | |
1,090 | Federal Home Loan Mortgage Corp., Pool C19588, 6.500%, 12/1/2028 | 1,222 | |
862 | Federal Home Loan Mortgage Corp., Pool C25621, 6.500%, 5/1/2029 | 964 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
MORTGAGE-BACKED SECURITIES—continued | |||
$1,716 | Federal Home Loan Mortgage Corp., Pool C76361, 6.000%, 2/1/2033 | $1,929 | |
2,142 | Federal Home Loan Mortgage Corp., Pool G01444, 6.500%, 8/1/2032 | 2,437 | |
1,443 | Federal National Mortgage Association, Pool 251697, 6.500%, 5/1/2028 | 1,600 | |
6,000 | Federal National Mortgage Association, Pool 252334, 6.500%, 2/1/2029 | 6,620 | |
3,750 | Federal National Mortgage Association, Pool 254905, 6.000%, 10/1/2033 | 4,217 | |
4,895 | Federal National Mortgage Association, Pool 255075, 5.500%, 2/1/2024 | 5,235 | |
406 | Federal National Mortgage Association, Pool 303168, 9.500%, 2/1/2025 | 452 | |
253 | Federal National Mortgage Association, Pool 323159, 7.500%, 4/1/2028 | 285 | |
2,442 | Federal National Mortgage Association, Pool 323640, 7.500%, 4/1/2029 | 2,734 | |
5,557 | Federal National Mortgage Association, Pool 545993, 6.000%, 11/1/2032 | 6,223 | |
2,322 | Federal National Mortgage Association, Pool 555272, 6.000%, 3/1/2033 | 2,598 | |
1,708 | Federal National Mortgage Association, Pool 713974, 5.500%, 7/1/2033 | 1,889 | |
4,184 | Federal National Mortgage Association, Pool 721502, 5.000%, 7/1/2033 | 4,538 | |
5,417 | Government National Mortgage Association, Pool 2796, 7.000%, 8/20/2029 | 6,118 | |
3,175 | Government National Mortgage Association, Pool 3040, 7.000%, 2/20/2031 | 3,619 | |
7,915 | Government National Mortgage Association, Pool 3188, 6.500%, 1/20/2032 | 8,956 | |
10,728 | Government National Mortgage Association, Pool 3239, 6.500%, 5/20/2032 | 12,178 | |
219 | Government National Mortgage Association, Pool 352214, 7.000%, 4/15/2023 | 233 | |
1,507 | Government National Mortgage Association, Pool 451522, 7.500%, 10/15/2027 | 1,702 | |
938 | Government National Mortgage Association, Pool 462556, 6.500%, 2/15/2028 | 1,032 | |
299 | Government National Mortgage Association, Pool 462739, 7.500%, 5/15/2028 | 337 | |
165 | Government National Mortgage Association, Pool 464835, 6.500%, 9/15/2028 | 183 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
MORTGAGE-BACKED SECURITIES—continued | |||
$2,646 | Government National Mortgage Association, Pool 469699, 7.000%, 11/15/2028 | $2,953 | |
2,514 | Government National Mortgage Association, Pool 486760, 6.500%, 12/15/2028 | 2,788 | |
236 | Government National Mortgage Association, Pool 780339, 8.000%, 12/15/2023 | 253 | |
2,575 | Government National Mortgage Association, Pool 780453, 7.500%, 12/15/2025 | 2,831 | |
2,340 | Government National Mortgage Association, Pool 780584, 7.000%, 6/15/2027 | 2,573 | |
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $82,804) | 91,743 | ||
FOREIGN GOVERNMENTS/AGENCIES—7.3% | |||
Sovereign—7.3% | |||
850,000 | Australia, Government of, Sr. Unsecd. Note, Series 148, 2.750%, 11/21/2027 | 652,425 | |
390,000 | Belgium, Government of, Series 68, 2.250%, 6/22/2023 | 484,551 | |
680,000 | Belgium, Government of, Series 74, 0.800%, 6/22/2025 | 806,042 | |
200,000 | Canada, Government of, Bond, 3.250%, 6/1/2021 | 153,226 | |
480,000 | Canada, Government of, Series WL43, 5.750%, 6/1/2029 | 494,596 | |
936,000 | France, Government of, 0.500%, 5/25/2025 | 1,093,604 | |
620,000 | France, Government of, 3.250%, 10/25/2021 | 757,337 | |
350,000 | France, Government of, Bond, 4.500%, 4/25/2041 | 669,271 | |
250,000 | France, Government of, Unsecd. Note, 1.250%, 5/25/2036 | 301,156 | |
300,000 | Germany, Government of, Bond, Series 03, 4.750%, 7/4/2034 | 572,548 | |
100,000 | Germany, Government of, Bond, Series 08, 4.750%, 7/4/2040 | 215,292 | |
540,000 | Germany, Government of, Unsecd. Note, 1.000%, 8/15/2025 | 660,636 | |
1,000,000 | Italy, Government of, 3.750%, 5/1/2021 | 1,180,718 | |
220,000 | Italy, Government of, 4.250%, 3/1/2020 | 253,321 | |
680,000 | Italy, Government of, Sr. Unsecd. Note, 0.650%, 10/15/2023 | 729,645 | |
600,000 | Italy, Government of, Sr. Unsecd. Note, 4.750%, 9/1/2028 | 800,480 | |
500,000 | Italy, Government of, Unsecd. Note, 1.600%, 6/1/2026 | 539,114 | |
58,000 | Italy, Government of, Unsecd. Note, 3.250%, 9/1/2046 | 64,451 | |
100,000,000 | Japan, Government of, Series 313, 1.300%, 3/20/2021 | 947,197 | |
60,000,000 | Japan, Government of, Series 65, 1.900%, 12/20/2023 | 606,722 | |
142,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 114, 2.100%, 12/20/2029 | 1,610,478 | |
205,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 153, 1.300%, 6/20/2035 | 2,232,006 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
FOREIGN GOVERNMENTS/AGENCIES—continued | |||
Sovereign—continued | |||
$50,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 351, 0.100%, 6/20/2028 | $471,259 | |
110,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 44, 1.700%, 9/20/2044 | 1,333,957 | |
30,000 | Mexico, Government of, Series MTNA, 6.750%, 9/27/2034 | 36,862 | |
350,000 | Netherlands, Government of, 1.750%, 7/15/2023 | 428,389 | |
250,000 | Netherlands, Government of, Unsecd. Note, 2.500%, 1/15/2033 | 367,168 | |
2,700,000 | Poland, Government of, Unsecd. Note, Series 0726, 2.500%, 7/25/2026 | 704,206 | |
255,000 | Queensland Treasury Corp., Sr. Unsecd. Note, 4.000%, 6/21/2019 | 177,149 | |
690,000 | Spain, Government of, Sr. Unsecd. Note, 1.950%, 7/30/2030 | 861,877 | |
880,000 | Spain, Government of, Sr. Unsecd. Note, 2.750%, 10/31/2024 | 1,127,711 | |
400,000 | Spain, Government of, Sr. Unsub., 4.000%, 4/30/2020 | 464,690 | |
270,000 | United Kingdom, Government of, 2.750%, 9/7/2024 | 378,554 | |
530,000 | United Kingdom, Government of, 3.250%, 1/22/2044 | 915,921 | |
350,000 | United Kingdom, Government of, 4.250%, 12/7/2027 | 569,136 | |
600,000 | United Kingdom, Government of, Unsecd. Note, 1.500%, 7/22/2047 | 762,798 | |
430,000 | United Kingdom, Government of, Unsecd. Note, 4.250%, 6/7/2032 | 750,989 | |
TOTAL FOREIGN GOVERNMENTS/AGENCIES (IDENTIFIED COST $24,043,301) | 25,175,482 | ||
U.S. TREASURY—3.2% | |||
321,708 | U.S. Treasury Inflation-Protected Notes, 0.125%, 4/15/2021 | 318,491 | |
26,127 | U.S. Treasury Inflation-Protected Notes, 0.125%, 4/15/2022 | 25,892 | |
5,195 | U.S. Treasury Inflation-Protected Notes, 0.375%, 7/15/2027 | 5,207 | |
309,314 | U.S. Treasury Inflation-Protected Notes, 0.750%, 2/15/2042 | 311,916 | |
1,318,364 | U.S. Treasury Inflation-Protected Notes, 0.875%, 1/15/2029 | 1,378,290 | |
77,300 | U.S. Treasury Inflation-Protected Notes, 1.000%, 2/15/2048 | 82,207 | |
25,251 | U.S. Treasury Inflation-Protected Notes, 1.000%, 2/15/2049 | 26,992 | |
75,000 | United States Treasury Bond, 2.500%, 2/15/2045 | 74,093 | |
81,000 | United States Treasury Bond, 2.500%, 5/15/2046 | 79,863 | |
225,000 | United States Treasury Bond, 2.750%, 8/15/2047 | 232,790 | |
3,000 | United States Treasury Bond, 3.000%, 11/15/2045 | 3,256 | |
175,000 | United States Treasury Bond, 3.000%, 2/15/2048 | 189,940 | |
350,000 | United States Treasury Bond, 3.000%, 8/15/2048 | 380,316 | |
275,000 | United States Treasury Bond, 3.000%, 2/15/2049 | 299,395 | |
100,000 | United States Treasury Bond, 3.125%, 5/15/2048 | 111,181 | |
100,000 | United States Treasury Bond, 4.375%, 2/15/2038 | 130,708 | |
875,000 | United States Treasury Note, 2.125%, 5/31/2021 | 878,367 | |
475,000 | United States Treasury Note, 2.125%, 2/29/2024 | 479,072 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
U.S. TREASURY—continued | |||
$100,000 | United States Treasury Note, 2.125%, 3/31/2024 | $100,874 | |
180,000 | United States Treasury Note, 2.250%, 3/31/2021 | 180,891 | |
200,000 | United States Treasury Note, 2.250%, 4/30/2021 | 201,135 | |
1,100,000 | United States Treasury Note, 2.250%, 1/31/2024 | 1,115,293 | |
100,000 | United States Treasury Note, 2.250%, 4/30/2024 | 101,493 | |
350,000 | United States Treasury Note, 2.250%, 3/31/2026 | 355,089 | |
615,000 | United States Treasury Note, 2.375%, 4/30/2026 | 629,029 | |
1,200,000 | United States Treasury Note, 2.375%, 5/15/2029 | 1,225,781 | |
385,000 | United States Treasury Note, 2.500%, 1/31/2021 | 388,038 | |
700,000 | United States Treasury Note, 2.500%, 2/28/2021 | 706,081 | |
30,000 | United States Treasury Note, 2.500%, 1/31/2025 | 30,847 | |
225,000 | United States Treasury Note, 2.500%, 2/28/2026 | 231,801 | |
260,000 | United States Treasury Note, 2.625%, 2/15/2029 | 271,066 | |
145,000 | United States Treasury Note, 2.875%, 9/30/2023 | 150,692 | |
160,000 | United States Treasury Note, 2.875%, 11/30/2023 | 166,558 | |
TOTAL U.S. TREASURY (IDENTIFIED COST $10,581,713) | 10,862,644 | ||
EXCHANGE-TRADED FUND—0.8% | |||
77,855 | iShares MSCI India Index Fund (IDENTIFIED COST $2,624,644) | 2,801,223 | |
INVESTMENT COMPANIES—16.8% | |||
3,326,042 | Emerging Markets Core Fund | 32,162,824 | |
116,230 | Federated Bank Loan Core Fund | 1,146,030 | |
1,647,781 | Federated Mortgage Core Portfolio | 16,148,253 | |
534,341 | Federated Project and Trade Finance Core Fund | 4,825,103 | |
523,738 | 6 | High Yield Bond Portfolio | 3,231,464 |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $56,340,447) | 57,513,674 | ||
TOTAL INVESTMENT IN SECURITIES—98.0% (IDENTIFIED COST $312,461,246)7 | 336,570,817 | ||
OTHER ASSETS AND LIABILITIES - NET—2.0%8 | 6,697,716 | ||
TOTAL NET ASSETS—100% | $343,268,533 |
Settlement Date | Counterparty | Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
Contracts Purchased: | ||||
6/3/2019 | Credit Agricole CIB | 2,400,000 AUD | $1,658,808 | $6,072 |
6/7/2019 | HSBC Bank USA | 8,434,000 CAD | $6,263,895 | $(23,303) |
6/7/2019 | Barclays Bank PLC Wholesale | 7,494,000 GBP | $9,489,600 | $(13,900) |
6/7/2019 | State Street Bank & Trust Co. | 7,830,000 SGD | $5,684,456 | $15,674 |
6/21/2019 | Barclays Bank PLC Wholesale | 220,409,000 KRW | $192,895 | $(7,704) |
6/21/2019 | Barclays Bank PLC Wholesale | 1,272,274,000 KRW | $1,128,183 | $(59,201) |
6/21/2019 | Citibank N.A. | 7,202,098,000 KRW | $6,064,108 | $(12,810) |
7/30/2019 | Barclays Bank PLC Wholesale | 170,000 AUD | $123,701 | $(5,576) |
7/30/2019 | Credit Agricole CIB | 165,000 CAD | $126,096 | $(3,847) |
7/30/2019 | BNP Paribas SA | 2,400,000 MXN | $122,248 | $(943) |
7/30/2019 | Morgan Stanley | 1,000,000 NOK | $119,564 | $(5,076) |
7/30/2019 | Barclays Bank PLC Wholesale | 180,000 NZD | $125,017 | $(7,115) |
8/7/2019 | Morgan Stanley | 1,750,000 AUD | 1,657,777 | $(12,193) |
8/7/2019 | Credit Agricole CIB | 2,400,000 AUD | $1,662,029 | $5,998 |
8/7/2019 | Citibank N.A. | 2,400,000 AUD | $1,687,188 | $(19,161) |
8/7/2019 | Goldman Sachs | 250,000 EUR | 421,661 | $4,540 |
8/7/2019 | Credit Agricole CIB | 750,000 EUR | 1,269,450 | $10,695 |
8/7/2019 | JPMorgan Chase | 1,700,000 EUR | 18,230,841 | $(21,717) |
8/7/2019 | State Street Bank & Trust Co. | 1,850,000 EUR | $2,092,507 | $(14,715) |
8/7/2019 | Credit Agricole CIB | 2,300,000 EUR | $2,585,761 | $(2,560) |
8/7/2019 | Bank of New York Mellon | 330,000 GBP | $432,596 | $(14,056) |
8/7/2019 | Credit Agricole CIB | 55,194,250 JPY | $500,000 | $11,901 |
8/7/2019 | HSBC Bank USA | 221,323,400 JPY | $2,000,000 | $52,671 |
8/7/2019 | Credit Agricole CIB | 249,122,475 JPY | $2,250,000 | $60,495 |
8/7/2019 | Bank of America N.A. | 380,016,000 JPY | $3,500,000 | $24,471 |
8/7/2019 | Bank of America N.A. | 381,206,000 JPY | $3,500,000 | $35,508 |
8/7/2019 | BNP Paribas SA | 21,002,400 NOK | $2,400,000 | $5,121 |
8/7/2019 | Bank of New York Mellon | 24,875,533 NOK | $2,890,000 | $(41,341) |
8/7/2019 | Credit Agricole CIB | 5,337,457 PLN | $1,400,000 | $(4,922) |
8/7/2019 | Bank of America N.A. | 6,546,828 PLN | $1,700,000 | $11,177 |
8/7/2019 | Bank of America N.A. | 11,503,164 PLN | $3,000,000 | $6,639 |
Settlement Date | Counterparty | Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
Contracts Sold: | ||||
6/3/2019 | Credit Agricole CIB | 2,400,000 AUD | $1,661,028 | $(3,852) |
6/7/2019 | Morgan Stanley | 17,785,000 EUR | $19,918,361 | $44,973 |
6/7/2019 | BNP Paribas SA | 2,425,411,000 JPY | $22,183,705 | $(203,218) |
6/7/2019 | JPMorgan Chase | 49,939,000 NOK | $5,754,667 | $47,760 |
6/7/2019 | Barclays Bank PLC Wholesale | 91,641,000 SEK | $9,604,525 | $(57,895) |
6/21/2019 | Citibank N.A. | 1,495,103,000 KRW | $1,322,199 | $65,994 |
7/30/2019 | BNP Paribas SA | 2,400,000 MXN | $124,203 | $2,898 |
8/7/2019 | JPMorgan Chase | 1,750,000 AUD | 1,650,419 | $6,741 |
8/7/2019 | State Street Bank & Trust Co. | 200,000 AUD | $141,015 | $2,012 |
8/7/2019 | JPMorgan Chase | 666,667 AUD | $470,533 | $7,193 |
8/7/2019 | JPMorgan Chase | 1,733,333 AUD | $1,222,373 | $17,687 |
8/7/2019 | Credit Agricole CIB | 2,400,000 AUD | $1,662,002 | $(6,024) |
8/7/2019 | JPMorgan Chase | 67,131 CAD | $50,000 | $254 |
8/7/2019 | JPMorgan Chase | 1,000,000 EUR | 9,703,179 | $(11,957) |
8/7/2019 | Bank of America N.A. | 1,000,000 EUR | 9,815,685 | $927 |
8/7/2019 | Credit Agricole CIB | 1,000,000 EUR | 1,696,884 | $(11,453) |
8/7/2019 | State Street Bank & Trust Co. | 1,700,000 EUR | 18,156,735 | $13,867 |
8/7/2019 | JPMorgan Chase | 1,000,000 EUR | $1,128,220 | $5,089 |
8/7/2019 | State Street Bank & Trust Co. | 1,600,000 EUR | $1,801,407 | $4,398 |
8/7/2019 | HSBC Bank USA | 218,949,420 JPY | $2,000,000 | $(30,654) |
8/7/2019 | Bank of America N.A. | 382,875,150 JPY | $3,500,000 | $(50,988) |
8/7/2019 | Barclays Bank PLC Wholesale | 384,303,500 JPY | $3,500,000 | $(64,236) |
8/7/2019 | HSBC Bank USA | 11,398,491 MXN | $590,000 | $14,620 |
8/7/2019 | Credit Agricole CIB | 3,378,061 PLN | $882,353 | $(588) |
8/7/2019 | Credit Agricole CIB | 4,571,546 PLN | $1,200,000 | $5,112 |
8/7/2019 | JPMorgan Chase | 5,783,736 PLN | $1,520,588 | $8,864 |
8/7/2019 | JPMorgan Chase | 6,856,342 PLN | $1,797,059 | $4,982 |
8/7/2019 | Bank of America N.A. | 11,192,115 PLN | $2,900,000 | $(25,339) |
NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS | $(232,011) |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
1DAX Index Short Futures | 28 | $9,169,790 | June 2019 | $394,346 |
1Euro Bund Short Futures | 4 | $752,244 | June 2019 | $(5,063) |
1Euro Bund Short Futures | 141 | $26,900,948 | June 2019 | $10,363 |
1FTSE 100 Index Short Futures | 77 | $6,961,300 | June 2019 | $115,584 |
1IBEX 35 Index Short Futures | 25 | $2,506,773 | June 2019 | $36,507 |
1MSCI Singapore IX ETS Short Futures | 175 | $4,445,385 | June 2019 | $81,264 |
1MSCI Taiwan Index Short Futures | 24 | $911,760 | June 2019 | $(13,800) |
1S&P/TSX 60 IX Short Futures | 18 | $2,559,633 | June 2019 | $38,899 |
1SPI 200 Short Futures | 67 | $7,438,790 | June 2019 | $59,634 |
1TOPIX Index Short Futures | 4 | $555,899 | June 2019 | $4,981 |
1United States Treasury Notes 10-Year Short Futures | 289 | $36,630,750 | September 2019 | $(254,044) |
1United States Treasury Notes 10-Year Ultra Short Futures | 32 | $4,369,500 | September 2019 | $(93,857) |
1Amsterdam Index Long Futures | 37 | $4,466,446 | June 2019 | $(57,972) |
1Australia 10-Year Bond Long Futures | 24 | $2,363,876 | June 2019 | $4,415 |
1CAC 40 10-Year Euro Long Futures | 61 | $3,533,378 | June 2019 | $(59,767) |
1Canada 10-Year Bond Long Futures | 196 | $20,715,152 | September 2019 | $323,710 |
1Euro BTP Long Futures | 3 | $429,890 | September 2019 | $934 |
1FTSE JSE Top 40 Long Futures | 50 | $1,705,278 | June 2019 | $(24,146) |
1FTSE/MIB Index Long Futures | 50 | $5,528,775 | June 2019 | $(129,362) |
1Hang Seng Index Long Futures | 7 | $1,192,792 | June 2019 | $(19,657) |
1Japan 10-Year Bond Long Futures | 18 | $25,447,331 | June 2019 | $34,110 |
1KOSPI2 Index Long Futures | 70 | $3,872,072 | June 2019 | $(155,222) |
1Long GILT Long Futures | 80 | $13,112,798 | September 2019 | $24,022 |
1NIKKEI 225 Long Futures | 2 | $379,089 | June 2019 | $(28,442) |
1S&P 500 E-Mini Long Futures | 105 | $14,451,150 | June 2019 | $(394,396) |
1United States Treasury Long Bond Long Futures | 3 | $461,156 | September 2019 | $15,462 |
1United States Treasury Notes 2-Year Long Futures | 81 | $17,388,422 | September 2019 | $101,701 |
1United States Treasury Notes 5-Year Long Futures | 10 | $1,173,672 | September 2019 | $12,634 |
1United States Treasury Ultra Bond Long Futures | 6 | $1,054,687 | September 2019 | $47,377 |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $70,215 |
Balance of Shares Held 11/30/2018 | Purchases/ Additions | Sales/ Reductions | |
Emerging Markets Core Fund | 2,987,593 | 692,796 | (354,347) |
Federated Bank Loan Core Fund | 222,396 | 90,388 | (196,554) |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | 5,429,001 | 44,367,649 | (49,796,650) |
Federated Mortgage Core Portfolio | 1,599,256 | 480,149 | (431,624) |
Federated Project and Trade Finance Core Fund | 521,974 | 12,367 | — |
High Yield Bond Portfolio | 583,842 | 188,831 | (248,935) |
TOTAL OF AFFILIATED TRANSACTIONS | 11,344,062 | 45,832,180 | (51,028,110) |
Balance of Shares Held 5/31/2019 | Value | Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss) | Dividend Income |
3,326,042 | $32,162,824 | $1,829,761 | $(281,562) | $898,897 |
116,230 | $1,146,030 | $22,677 | $(51,272) | $37,509 |
— | $— | $177 | $1,719 | $49,716 |
1,647,781 | $16,148,253 | $664,758 | $(102,694) | $299,100 |
534,341 | $4,825,103 | $(20,971) | $— | $111,767 |
523,738 | $3,231,464 | $71,041 | $55,605 | $120,767 |
6,148,132 | $57,513,674 | $2,567,443 | $(378,204) | $1,517,756 |
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 May 31, 2019, these restricted securities amounted to $784,499, which represented 0.2% of total net assets. |
4 | Floating/variable note with current rate and current maturity or next reset date shown. |
5 | Issuer in default. |
6 | The High Yield Portfolio is a diversified portfolio of below investment grade bonds. |
7 | Also represents cost for federal tax purposes. |
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 | $106,832,597 | $— | $0 | $106,832,597 |
International | 14,229,201 | 94,471,174 | 5,486 | 108,705,861 |
Debt Securities: | ||||
Asset-Backed Securities | — | 379,404 | — | 379,404 |
Commercial Mortgage-Backed Security | — | 140,012 | — | 140,012 |
Collateralized Mortgage Obligations | — | 2,143,333 | — | 2,143,333 |
Corporate Bonds | — | 21,919,187 | 5,657 | 21,924,844 |
Mortgage-Backed Securities | — | 91,743 | — | 91,743 |
Foreign Governments/Agencies | — | 25,175,482 | — | 25,175,482 |
U.S. Treasury | — | 10,862,644 | — | 10,862,644 |
Exchange-Traded Fund | 2,801,223 | — | — | 2,801,223 |
Investment Companies1 | — | — | — | 57,513,674 |
TOTAL SECURITIES | $123,863,021 | $155,182,979 | $11,143 | $336,570,817 |
Other Financial Instruments | ||||
Assets | ||||
Foreign-Exchange Contracts | $— | $504,333 | $— | $504,333 |
Futures Contracts | 1,305,943 | — | — | 1,305,943 |
Liabilities | ||||
Foreign-Exchange Contracts | — | (736,344) | — | (736,344) |
Futures Contracts | (1,235,728) | — | — | (1,235,728) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $70,215 | $(232,011) | $— | $(161,796) |
1 | As permitted by U.S. generally accepted accounting principles (GAAP), Investment Companies valued at 57,513,674 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 |
CVR | —Contingent Value Right |
EUR | —Euro Currency |
GBP | —British Pound |
GDR | —Global Depository Receipt |
GMTN | —Global Medium Term Note |
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 |
REMIC | —Real Estate Mortgage Investment Conduit |
SEK | —Swedish Krona |
SGD | —Singapore Dollar |
Six Months Ended (unaudited) 5/31/2019 | Year Ended November 30 | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $19.08 | $20.09 | $17.49 | $17.87 | $20.29 | $21.47 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.18 | 0.31 | 0.28 | 0.29 | 0.27 | 0.18 |
Net realized and unrealized gain (loss) | 0.22 | (0.99) | 2.63 | (0.37) | (0.80) | 1.10 |
TOTAL FROM INVESTMENT OPERATIONS | 0.40 | (0.68) | 2.91 | (0.08) | (0.53) | 1.28 |
Less Distributions: | ||||||
Distributions from net investment income | (0.20) | (0.33) | (0.31) | (0.29) | (0.17) | (0.12) |
Distributions from net realized gain | (0.64) | — | — | (0.01) | (1.72) | (2.34) |
TOTAL DISTRIBUTIONS | (0.84) | (0.33) | (0.31) | (0.30) | (1.89) | (2.46) |
Redemption Fees | — | — | — | — | — | 0.002 |
Net Asset Value, End of Period | $18.64 | $19.08 | $20.09 | $17.49 | $17.87 | $20.29 |
Total Return3 | 2.45% | (3.46)% | 16.85% | (0.68)% | (2.80)% | 6.53% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.15%4 | 1.15% | 1.14% | 1.14% | 1.16% | 1.14% |
Net investment income | 1.94%4 | 1.53% | 1.50% | 1.65% | 1.45% | 0.93% |
Expense waiver/reimbursement5 | 0.21%4 | 0.11% | 0.18% | 0.17% | 0.13% | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $141,975 | $146,323 | $169,424 | $169,443 | $187,183 | $196,067 |
Portfolio turnover | 36% | 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. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 5/31/2019 | Year Ended November 30 | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $18.60 | $19.58 | $17.06 | $17.43 | $19.86 | $21.17 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.10 | 0.14 | 0.13 | 0.14 | 0.12 | 0.02 |
Net realized and unrealized gain (loss) | 0.22 | (0.96) | 2.55 | (0.35) | (0.78) | 1.07 |
TOTAL FROM INVESTMENT OPERATIONS | 0.32 | (0.82) | 2.68 | (0.21) | (0.66) | 1.09 |
Less Distributions: | ||||||
Distributions from net investment income | (0.13) | (0.16) | (0.16) | (0.15) | (0.05) | (0.06) |
Distributions from net realized gain | (0.64) | — | — | (0.01) | (1.72) | (2.34) |
TOTAL DISTRIBUTIONS | (0.77) | (0.16) | (0.16) | (0.16) | (1.77) | (2.40) |
Redemption Fees | — | — | — | — | — | 0.002 |
Net Asset Value, End of Period | $18.15 | $18.60 | $19.58 | $17.06 | $17.43 | $19.86 |
Total Return3 | 2.02% | (4.20)% | 15.84% | (1.46)% | (3.59)% | 5.67% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.97%4 | 1.96% | 1.95% | 1.95% | 1.97% | 1.95% |
Net investment income | 1.10%4 | 0.72% | 0.70% | 0.85% | 0.64% | 0.12% |
Expense waiver/reimbursement5 | 0.21%4 | 0.12% | 0.20% | 0.18% | 0.12% | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $8,173 | $9,758 | $14,342 | $16,037 | $21,384 | $26,163 |
Portfolio turnover | 36% | 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. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 5/31/2019 | Year Ended November 30 | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $18.52 | $19.51 | $17.00 | $17.37 | $19.80 | $21.11 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.10 | 0.15 | 0.14 | 0.15 | 0.13 | 0.03 |
Net realized and unrealized gain (loss) | 0.23 | (0.96) | 2.55 | (0.35) | (0.78) | 1.07 |
TOTAL FROM INVESTMENT OPERATIONS | 0.33 | (0.81) | 2.69 | (0.20) | (0.65) | 1.10 |
Less Distributions: | ||||||
Distributions from net investment income | (0.13) | (0.18) | (0.18) | (0.16) | (0.06) | (0.07) |
Distributions from net realized gain | (0.64) | — | — | (0.01) | (1.72) | (2.34) |
TOTAL DISTRIBUTIONS | (0.77) | (0.18) | (0.18) | (0.17) | (1.78) | (2.41) |
Redemption Fees | — | — | — | — | — | 0.002 |
Net Asset Value, End of Period | $18.08 | $18.52 | $19.51 | $17.00 | $17.37 | $19.80 |
Total Return3 | 2.12% | (4.20)% | 15.92% | (1.44)% | (3.55)% | 5.70% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.92%4 | 1.90% | 1.89% | 1.89% | 1.91% | 1.89% |
Net investment income | 1.16%4 | 0.78% | 0.75% | 0.91% | 0.70% | 0.17% |
Expense waiver/reimbursement5 | 0.22%4 | 0.14% | 0.21% | 0.20% | 0.15% | 0.13% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $59,322 | $64,095 | $78,445 | $82,845 | $89,640 | $81,703 |
Portfolio turnover | 36% | 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. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 5/31/2019 | Year Ended November 30 | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $18.94 | $19.94 | $17.38 | $17.74 | $20.16 | $21.40 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.14 | 0.22 | 0.20 | 0.21 | 0.19 | 0.10 |
Net realized and unrealized gain (loss) | 0.22 | (0.98) | 2.61 | (0.36) | (0.80) | 1.08 |
TOTAL FROM INVESTMENT OPERATIONS | 0.36 | (0.76) | 2.81 | (0.15) | (0.61) | 1.18 |
Less Distributions: | ||||||
Distributions from net investment income | (0.16) | (0.24) | (0.25) | (0.20) | (0.09) | (0.08) |
Distributions from net realized gain | (0.64) | — | — | (0.01) | (1.72) | (2.34) |
TOTAL DISTRIBUTIONS | (0.80) | (0.24) | (0.25) | (0.21) | (1.81) | (2.42) |
Redemption Fees | — | — | — | — | — | 0.002 |
Net Asset Value, End of Period | $18.50 | $18.94 | $19.94 | $17.38 | $17.74 | $20.16 |
Total Return3 | 2.24% | (3.86)% | 16.32% | (1.12)% | (3.26)% | 6.06% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.58%4 | 1.58% | 1.57% | 1.56% | 1.59% | 1.57% |
Net investment income | 1.51%4 | 1.09% | 1.07% | 1.24% | 1.02% | 0.50% |
Expense waiver/reimbursement5 | 0.21%4 | 0.12% | 0.18% | 0.18% | 0.14% | 0.09% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $43,627 | $43,452 | $51,768 | $52,430 | $59,229 | $67,588 |
Portfolio turnover | 36% | 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. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 5/31/2019 | Year Ended November 30 | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $19.19 | $20.21 | $17.61 | $17.98 | $20.40 | $21.54 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.21 | 0.37 | 0.33 | 0.34 | 0.32 | 0.24 |
Net realized and unrealized gain (loss) | 0.23 | (1.00) | 2.65 | (0.37) | (0.80) | 1.10 |
TOTAL FROM INVESTMENT OPERATIONS | 0.44 | (0.63) | 2.98 | (0.03) | (0.48) | 1.34 |
Less Distributions: | ||||||
Distributions from net investment income | (0.23) | (0.39) | (0.38) | (0.33) | (0.22) | (0.14) |
Distributions from net realized gain | (0.64) | — | — | (0.01) | (1.72) | (2.34) |
TOTAL DISTRIBUTIONS | (0.87) | (0.39) | (0.38) | (0.34) | (1.94) | (2.48) |
Redemption Fees | — | — | — | — | — | 0.002 |
Net Asset Value, End of Period | $18.76 | $19.19 | $20.21 | $17.61 | $17.98 | $20.40 |
Total Return3 | 2.65% | (3.21)% | 17.13% | (0.37)% | (2.51)% | 6.85% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.86%4 | 0.86% | 0.85% | 0.85% | 0.87% | 0.85% |
Net investment income | 2.22%4 | 1.81% | 1.77% | 1.95% | 1.74% | 1.21% |
Expense waiver/reimbursement5 | 0.23%4 | 0.14% | 0.20% | 0.20% | 0.14% | 0.12% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $84,952 | $95,613 | $105,720 | $91,167 | $115,108 | $62,451 |
Portfolio turnover | 36% | 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. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 5/31/2019 | Year Ended November 30, | Period Ended 11/30/20161 | ||
2018 | 2017 | |||
Net Asset Value, Beginning of Period | $19.09 | $20.10 | $17.51 | $16.97 |
Income From Investment Operations: | ||||
Net investment income (loss)2 | 0.22 | 0.36 | 0.33 | 0.11 |
Net realized and unrealized gain (loss) | 0.22 | (0.98) | 2.63 | 0.56 |
TOTAL FROM INVESTMENT OPERATIONS | 0.44 | (0.62) | 2.96 | 0.67 |
Less Distributions: | ||||
Distributions from net investment income | (0.24) | (0.39) | (0.37) | (0.13) |
Distributions from net realized gain | (0.64) | — | — | — |
TOTAL DISTRIBUTIONS | (0.88) | (0.39) | (0.37) | (0.13) |
Net Asset Value, End of Period | $18.65 | $19.09 | $20.10 | $17.51 |
Total Return3 | 2.64% | (3.16)% | 17.14% | 3.94% |
Ratios to Average Net Assets: | ||||
Net expenses | 0.84%4 | 0.84% | 0.83% | 0.84%4 |
Net investment income | 2.26%4 | 1.79% | 1.78% | 1.48%4 |
Expense waiver/reimbursement5 | 0.20%4 | 0.11% | 0.17% | 0.16%4 |
Supplemental Data: | ||||
Net assets, end of period (000 omitted) | $5,220 | $4,890 | $6,243 | $4,853 |
Portfolio turnover | 36% | 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 $57,513,674 of investment in affiliated holdings (identified cost $312,461,246) | $336,570,817 | |
Cash denominated in foreign currencies (identified cost $4,295,599) | 4,100,910 | |
Restricted cash (Note 2) | 7,408,015 | |
Income receivable | 1,494,275 | |
Income receivable from affiliated holdings | 227,637 | |
Receivable for investments sold | 2,074,639 | |
Receivable for shares sold | 44,381 | |
Unrealized appreciation on foreign exchange contracts | 504,333 | |
TOTAL ASSETS | 352,425,007 | |
Liabilities: | ||
Payable for investments purchased | $2,328,537 | |
Payable for shares redeemed | 198,326 | |
Unrealized depreciation on foreign exchange contracts | 736,344 | |
Payable to bank | 3,758,697 | |
Payable for daily variation margin on futures contracts | 1,844,301 | |
Payable for investment adviser fee (Note 5) | 4,743 | |
Payable for administrative fees (Note 5) | 752 | |
Payable for distribution services fee (Note 5) | 62,976 | |
Payable for other service fees (Notes 2 and 5) | 44,950 | |
Accrued expenses (Note 5) | 176,848 | |
TOTAL LIABILITIES | 9,156,474 | |
Net assets for 18,512,335 shares outstanding | $343,268,533 | |
Net Assets Consist of: | ||
Paid-in capital | $317,597,041 | |
Total distributable earnings (loss) | 25,671,492 | |
TOTAL NET ASSETS | $343,268,533 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($141,974,941 ÷ 7,615,228 shares outstanding), no par value, unlimited shares authorized | $18.64 | |
Offering price per share (100/94.50 of $18.64) | $19.72 | |
Redemption proceeds per share | $18.64 | |
Class B Shares: | ||
Net asset value per share ($8,172,731 ÷ 450,168 shares outstanding), no par value, unlimited shares authorized | $18.15 | |
Offering price per share | $18.15 | |
Redemption proceeds per share (94.50/100 of $18.15) | $17.15 | |
Class C Shares: | ||
Net asset value per share ($59,321,967 ÷ 3,281,000 shares outstanding), no par value, unlimited shares authorized | $18.08 | |
Offering price per share | $18.08 | |
Redemption proceeds per share (99.00/100 of $18.08) | $17.90 | |
Class R Shares: | ||
Net asset value per share ($43,626,860 ÷ 2,357,907 shares outstanding), no par value, unlimited shares authorized | $18.50 | |
Offering price per share | $18.50 | |
Redemption proceeds per share | $18.50 | |
Institutional Shares: | ||
Net asset value per share ($84,952,413 ÷ 4,528,228 shares outstanding), no par value, unlimited shares authorized | $18.76 | |
Offering price per share | $18.76 | |
Redemption proceeds per share | $18.76 | |
Class R6 Shares: | ||
Net asset value per share ($5,219,621 ÷ 279,804 shares outstanding), no par value, unlimited shares authorized | $18.65 | |
Offering price per share | $18.65 | |
Redemption proceeds per share | $18.65 |
Investment Income: | |||
Dividends (including $1,517,756 received from affiliated holdings* and net of foreign taxes withheld of $233,752) | $4,648,460 | ||
Interest | 792,153 | ||
TOTAL INCOME | 5,440,613 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,238,504 | ||
Administrative fee (Note 5) | 146,657 | ||
Custodian fees | 100,956 | ||
Transfer agent fee (Note 2) | 293,898 | ||
Directors'/Trustees' fees (Note 5) | 4,914 | ||
Auditing fees | 17,237 | ||
Legal fees | 5,634 | ||
Portfolio accounting fees | 84,408 | ||
Distribution services fee (Note 5) | 374,013 | ||
Other service fees (Notes 2 and 5) | 266,750 | ||
Share registration costs | 46,818 | ||
Printing and postage | 21,178 | ||
Miscellaneous (Note 5) | 32,848 | ||
TOTAL EXPENSES | 2,633,815 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(353,522) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (24,356) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (377,878) | ||
Net expenses | 2,255,937 | ||
Net investment income | $3,184,676 |
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Written Options, Swap Contracts, Foreign Exchange Contracts and Foreign Currency Transactions: | |||
Net realized gain on investments (including foreign taxes withheld of $(144)) (including a net realized loss of $(378,204) on sales of investments in affiliated holdings*) | $3,018,253 | ||
Net realized gain on foreign currency transactions | 193,820 | ||
Net realized gain on foreign exchange contracts | 186,591 | ||
Net realized loss on futures contracts | (357,384) | ||
Net realized gain on written options | 7,969 | ||
Net realized loss on swap contracts | (1,658) | ||
Net change in unrealized appreciation of investments (including net change in unrealized depreciation of $2,567,443 on investments in affiliated holdings*) | 2,509,799 | ||
Net change in unrealized appreciation/depreciation of translation of assets and liabilities in foreign currency | (135,095) | ||
Net change in unrealized depreciation of foreign exchange contracts | 66,906 | ||
Net change in unrealized appreciation of futures contracts | (331,650) | ||
Net realized and unrealized gain on investments, futures contracts, written options, foreign exchange contracts, swap contracts and foreign currency transactions | 5,157,551 | ||
Change in net assets resulting from operations | $8,342,227 |
* | See information listed after the Fund's Portfolio of Investments. |
Six Months Ended (unaudited) 5/31/2019 | Year Ended 11/30/2018 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $3,184,676 | $5,652,829 |
Net realized gain | 3,047,591 | 21,252,905 |
Net change in unrealized appreciation/depreciation | 2,109,960 | (40,526,550) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 8,342,227 | (13,620,816) |
Distributions to Shareholders: | ||
Class A Shares | (6,455,733) | (2,645,384) |
Class B Shares | (396,524) | (106,913) |
Class C Shares | (2,624,396) | (698,290) |
Class R Shares | (1,856,436) | (598,310) |
Institutional Shares | (4,141,495) | (1,963,486) |
Class R6 Shares | (228,525) | (138,061) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (15,703,109) | (6,150,444) |
Share Transactions: | ||
Proceeds from sale of shares | 23,286,147 | 81,789,409 |
Net asset value of shares issued to shareholders in payment of distributions declared | 15,151,386 | 5,852,548 |
Cost of shares redeemed | (51,938,881) | (129,682,582) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (13,501,348) | (42,040,625) |
Change in net assets | (20,862,230) | (61,811,885) |
Net Assets: | ||
Beginning of period | 364,130,763 | 425,942,648 |
End of period | $343,268,533 | $364,130,763 |
■ | 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 | $101,850 | $(3,462) |
Class B Shares | 9,611 | (415) |
Class C Shares | 53,501 | (4,619) |
Class R Shares | 71,873 | (3,011) |
Institutional Shares | 55,157 | (12,849) |
Class R6 Shares | 1,906 | — |
TOTAL | $293,898 | $(24,356) |
Other Service Fees Incurred | |
Class A Shares | $178,591 |
Class B Shares | 11,236 |
Class C Shares | 76,923 |
TOTAL | $266,750 |
Security | Acquisition Date | Cost | Market Value |
HK Electric Investments Ltd. | 2/2/16 | $654,353 | $735,065 |
Phosagro OAO, GDR | 1/3/19 | $45,981 | $49,434 |
Fair Value of Derivative Instruments | ||||
Asset | Liability | |||
Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||||
Interest rate contracts | $— | Payable for daily variation margin on futures contracts | $(221,764)* | |
Equity contracts | $— | Payable for daily variation margin on futures contracts | $151,549* | |
Foreign exchange contracts | Unrealized appreciation on foreign exchange contracts | $504,333 | Unrealized depreciation on foreign exchange contracts | $736,344 |
Total derivatives not accounted for as hedging instruments under ASC Topic 815 | $504,333 | $666,129 |
* | Includes cumulative net 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 | ||||||
OTC Swaps | Futures Contracts | Foreign Exchange Contracts | Purchased Option Contracts1 | Written Option Contracts | Total | |
Interest rate contracts | $— | $(107,566) | $— | $— | $— | $(107,566) |
Equity contracts | (1,658) | (249,818) | — | — | — | (251,476) |
Foreign exchange contracts | — | — | 186,591 | (57,460) | 7,969 | 137,100 |
TOTAL | $(1,658) | $(357,384) | $186,591 | $(57,460) | $7,969 | $(221,942) |
1 | The net realized gain (loss) on Purchased Option Contracts is found within the Net realized gain on investments on the Statement of Operations. |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | ||||
OTC Swaps | Futures Contracts | Foreign Exchange Contracts | Total | |
Interest rate contracts | $— | $126,513 | $— | $126,513 |
Equity contracts | (1,658) | (458,163) | — | (459,821) |
Foreign exchange contracts | — | — | 66,906 | 66,906 |
TOTAL | $(1,658) | $(331,650) | $66,906 | $(266,402) |
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 | $504,333 | $(504,333) | $— | $— |
TOTAL | $504,333 | $(504,333) | $— | $— |
Transaction | Gross Liability Derivatives Presented in Statement of Assets and Liabilities | Financial Instruments | Collateral Received | Net Amount (not less than $0) |
Foreign exchange contracts | $736,344 | $(504,333) | $— | $232,011 |
TOTAL | $736,344 | $(504,333) | $— | $232,011 |
Six Months Ended 5/31/2019 | Year Ended 11/30/2018 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 370,399 | $6,894,726 | 986,770 | $19,723,211 |
Shares issued to shareholders in payment of distributions declared | 348,116 | 6,072,435 | 123,936 | 2,477,745 |
Shares redeemed | (773,621) | (14,355,797) | (1,873,982) | (37,564,015) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (55,106) | $(1,388,636) | (763,276) | $(15,363,059) |
Six Months Ended 5/31/2019 | Year Ended 11/30/2018 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,373 | $40,851 | 7,401 | $190,621 |
Shares issued to shareholders in payment of distributions declared | 22,354 | 378,919 | 5,231 | 102,141 |
Shares redeemed | (99,312) | (1,805,098) | (220,288) | (4,305,888) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (74,585) | $(1,385,328) | (207,656) | $(4,013,126) |
Six Months Ended 5/31/2019 | Year Ended 11/30/2018 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 259,623 | $4,671,006 | 798,562 | $15,639,241 |
Shares issued to shareholders in payment of distributions declared | 150,466 | 2,541,062 | 34,712 | 674,608 |
Shares redeemed | (589,083) | (10,618,438) | (1,393,090) | (27,077,891) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (178,994) | $(3,406,370) | (559,816) | $(10,764,042) |
Six Months Ended 5/31/2019 | Year Ended 11/30/2018 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 229,951 | $4,257,025 | 465,038 | $9,266,744 |
Shares issued to shareholders in payment of distributions declared | 104,826 | 1,812,971 | 29,452 | 584,979 |
Shares redeemed | (271,442) | (5,053,311) | (795,720) | (15,759,686) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 63,335 | $1,016,685 | (301,230) | $(5,907,963) |
Six Months Ended 5/31/2019 | Year Ended 11/30/2018 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 367,021 | $6,864,415 | 1,539,834 | $30,768,641 |
Shares issued to shareholders in payment of distributions declared | 234,538 | 4,119,172 | 93,349 | 1,875,764 |
Shares redeemed | (1,055,226) | (19,739,081) | (1,882,409) | (37,926,274) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (453,667) | $(8,755,494) | (249,226) | $(5,281,869) |
Six Months Ended 5/31/2019 | Year Ended 11/30/2018 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 30,109 | $558,124 | 310,689 | $6,200,951 |
Shares issued to shareholders in payment of distributions declared | 12,985 | 226,827 | 6,858 | 137,311 |
Shares redeemed | (19,393) | (367,156) | (372,014) | (7,048,828) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 23,701 | $417,795 | (54,467) | $(710,566) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (675,316) | $(13,501,348) | (2,135,671) | $(42,040,625) |
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 |
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 | $33,709 |
Class C Shares | 230,768 |
Class R Shares | 109,536 |
TOTAL | $374,013 |
Purchases | $97,603,011 |
Sales | $117,276,399 |
Beginning Account Value 12/1/2018 | Ending Account Value 5/31/2019 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,024.50 | $5.80 |
Class B Shares | $1,000 | $1,020.20 | $9.92 |
Class C Shares | $1,000 | $1,021.20 | $9.68 |
Class R Shares | $1,000 | $1,022.40 | $7.97 |
Institutional Shares | $1,000 | $1,026.50 | $4.35 |
Class R6 Shares | $1,000 | $1,026.40 | $4.24 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.20 | $5.79 |
Class B Shares | $1,000 | $1,015.10 | $9.90 |
Class C Shares | $1,000 | $1,015.40 | $9.65 |
Class R Shares | $1,000 | $1,017.00 | $7.95 |
Institutional Shares | $1,000 | $1,020.60 | $4.33 |
Class R6 Shares | $1,000 | $1,020.70 | $4.23 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.15% |
Class B Shares | 1.97% |
Class C Shares | 1.92% |
Class R Shares | 1.58% |
Institutional Shares | 0.86% |
Class R6 Shares | 0.84% |
![](https://capedge.com/proxy/N-CSRS/0001623632-19-000935/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 |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
RegistrantFederated Global Allocation Fund
By/S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
DateJuly 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
DateJuly 23, 2019
By/S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
DateJuly 23, 2019