United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-1
(Investment Company Act File Number)
Federated Global Allocation Fund
_______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, Pennsylvania 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End:11/30/19
Date of Reporting Period:11/30/19
Item 1. | Reports to Stockholders |
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Share Class | Ticker | A | FSTBX | B | FSBBX | C | FSBCX |
R | FSBKX | Institutional | SBFIX | R6 | FSBLX |
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Donahue
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1 | Please see the footnotes to the line graphs under “Fund Performance and Growth of a $10,000 Investment” below for the definition of, and more information about, the Blended Index. |
2 | The Fund's broad-based security market indexes are the S&P 500 Index and the Bloomberg Barclays U.S. Aggregate Bond Index, which had total returns of 16.11% and 10.79%, respectively. Please see the footnotes to the line graphs under “Fund Performance and Growth of a $10,000 Investment” below for the definition of, and more information about, the S&P 500 Index and the Bloomberg Barclays U.S. Aggregate Bond Index. |
3 | Please see the footnotes to the line graphs under “Fund Performance and Growth of a $10,000 Investment” below for the definition of, and more information about, the MWAFA. |
4 | The S&P 500 Index is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.* |
5 | The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe.* |
6 | The Russell 1000® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe.* |
7 | The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe.* |
8 | International investing involves special risks including currency risk, increased volatility, political risks, and differences in auditing and other financial standards. |
9 | The MSCI EAFE Index is an equity index which captures large- and mid-cap representation across developed markets countries around the world, excluding the United States and Canada. With 906 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.* |
10 | The MSCI country indexes are designed to measure the performance of the large- and mid-cap segments of the respective country's market. The index covers approximately 85% of the free float-adjusted market capitalization in each country.* |
11 | Prices of emerging markets securities can be significantly more volatile than the prices of securities in developed countries, and currency risk and political risks are accentuated in emerging markets. |
12 | The MSCI Emerging Markets Index captures large- and mid-cap representation across 21 Emerging Markets (EM) countries. The indexes covers approximately 85% of the free float-adjusted market capitalization in each country.* |
13 | The U.S. Dollar Index indicates the general international value of the U.S. dollar by averaging the exchange rates between the U.S. dollar and six major world currencies.* |
14 | Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices. |
15 | High-yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment-grade securities and may include higher volatility and higher risk of default. |
16 | The Bloomberg Barclays U.S. Corporate Bond Index measures the investment-grade, fixed-rate, taxable corporate bond market.* |
17 | Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index measures the USD-denominated, high yield, fixed-rate corporate bond market.* |
* | The index is unmanaged, and it is not possible to invest directly in an index. |
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Federated Global Allocation Fund - | Institutional Shares | Class C Shares | Class A Shares | Blended Index | S&P 500 | BBAB | MWAFA |
F | F | F | I | I | I | I | |
11/30/2009 | 10,000 | 10,000 | 9,450 | 10,000 | 10,000 | 10,000 | 10,000 |
11/30/2010 | 10,816 | 10,699 | 10,198 | 10,472 | 10,994 | 10,026 | 10,739 |
11/30/2011 | 11,031 | 10,795 | 10,363 | 10,744 | 11,855 | 10,659 | 10,880 |
11/30/2012 | 12,321 | 11,929 | 11,543 | 11,847 | 13,767 | 11,231 | 11,725 |
11/30/2013 | 14,554 | 13,944 | 13,596 | 13,331 | 17,938 | 10,969 | 12,767 |
11/30/2014 | 15,545 | 14,739 | 14,478 | 14,011 | 20,963 | 11,043 | 13,325 |
11/30/2015 | 15,188 | 14,257 | 14,103 | 13,588 | 21,539 | 10,565 | 12,754 |
11/30/2016 | 15,132 | 14,052 | 14,015 | 14,079 | 23,275 | 10,893 | 13,065 |
11/30/2017 | 17,725 | 16,289 | 16,368 | 16,487 | 28,599 | 11,604 | 14,992 |
11/30/2018 | 17,156 | 15,605 | 15,801 | 16,224 | 30,393 | 11,277 | 14,495 |
11/30/2019 | 18,908 | 17,019 | 17,364 | 18,151 | 35,289 | 12,220 | 15,748 |
■ | Total returns shown for the Class A Shares include the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). |
■ | Total returns shown for Class C Shares include the maximum contingent deferred sales charge of 1.00% as applicable. |
1 Year | 5 Years | 10 Years | |
Class A Shares | 3.85% | 2.54% | 5.67% |
Class B Shares | 3.44% | 2.51% | 5.58% |
Class C Shares | 8.06% | 2.92% | 5.46% |
Class R Shares | 9.38% | 3.25% | 5.81% |
Institutional Shares | 10.21% | 3.99% | 6.58% |
Class R6 Shares6 | 10.26% | 3.91% | 6.38% |
Blended Index | 11.88% | 5.31% | 6.14% |
S&P 500 | 16.11% | 10.98% | 13.44% |
BBAB | 10.79% | 2.05% | 2.03% |
MWAFA | 8.82% | 3.62% | 5.93% |
1 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450); for Class B Shares, the maximum contingent deferred sales charge is 5.50% on any redemption of shares held up to one year from the purchase date; for Class C Shares, the maximum contingent deferred sales charge is 1.00% on any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The Blended Index, S&P 500 and BBAB have been adjusted to reflect reinvestment of dividends on securities in the indexes. |
2 | The Blended Index is a custom blended index comprised of 60% of the MSCI ACWI and 40% of the BBGA. The MSCI ACWI captures large- and mid-cap representation across 23 developed markets countries and 23 emerging markets countries. The index covers approximately 85% of the global investable equity opportunity set. The BBGA is a measure of global investment grade debt from 24 different local currency markets. This multi-currency benchmark includes fixed-rate treasury, government-related, corporate and securitized bonds from both developed and emerging markets issuers. The indexes are not adjusted to reflect sales loads, expenses or other fees that the Securities and Exchange Commission (SEC) requires to be reflected in the Fund's performance. The indexes are unmanaged and, unlike the Fund, are not affected by cash flows. It is not possible to invest directly in an index. |
3 | The S&P 500 is an unmanaged, capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is not adjusted to reflect sales loads, expenses or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. |
4 | The BBAB is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. The index is not adjusted to reflect sales loads, expenses or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. |
5 | The Morningstar figures represent the average of the total returns reported by all the funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges. The Morningstar figures in the Growth of $10,000 line graph are based on historical return information published by Morningstar and reflect the return of the funds comprising the category in the year of publication. Because the funds designated by Morningstar as falling into the category can change over time, the Morningstar figures in the line graph may not match the Morningstar figures in the Average Annual Total Returns table, which reflect the return of the funds that currently comprise the category. |
6 | The Fund's R6 Shares commenced operations on June 29, 2016. For the period prior to the commencement of operations of the R6 Shares, the performance information shown is for the Fund's Class A Shares. The performance of Class A Shares has not been adjusted to reflect the expenses of R6 Shares since R6 Shares have a lower expense ratio than the expense ratio of the Class A Shares. The performance of Class A Shares has been adjusted to remove any voluntary waiver of Fund expenses related to the Class A Shares that may have occurred during the period prior to the commencement of operations of R6 Shares. Additionally, the performance information shown below has been adjusted to reflect the absence of sales charges applicable to Class A Shares. |
Portfolio Composition | Percentage of Total Net Assets |
International Equity Securities | 31.4% |
Domestic Equity Securities | 31.0% |
Emerging Markets Core Fund | 9.8% |
Foreign Debt Securities | 7.2% |
Corporate Debt Securities | 6.0% |
Federated Mortgage Core Portfolio | 5.4% |
U.S. Treasury and Agency Securities | 3.2% |
Federated Project and Trade Finance Core Fund | 1.2% |
High Yield Bond Portfolio | 0.9% |
Federated Bank Loan Core Fund | 0.5% |
Collateralized Mortgage-Backed Securities | 0.4% |
Mortgage-Backed Securities2,3 | 0.0% |
Asset-Backed Securities3 | 0.0% |
Cash Equivalent | 0.8% |
Purchased Options3 | 0.0% |
Derivative Contracts3,4 | 0.0% |
Other Assets and Liabilities5 | 2.2% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for a description of these security types. |
2 | For purposes of this table, Mortgage-Backed Securities include mortgage-backed securities guaranteed by Government Sponsored Entities and adjustable rate mortgage-backed securities. |
3 | Represents less than 0.1%. |
4 | 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. |
5 | 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 | 17.3% |
Information Technology | 15.6% |
Industrials | 12.8% |
Consumer Discretionary | 11.8% |
Health Care | 10.1% |
Consumer Staples | 8.2% |
Communication Services | 7.0% |
Materials | 6.0% |
Real Estate | 3.9% |
Utilities | 3.8% |
Energy | 3.5% |
TOTAL | 100.0% |
7 | 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—62.4% | |||
Communication Services—4.4% | |||
5,060 | 1 | AMC Networks, Inc. | $194,456 |
28,147 | AT&T, Inc. | 1,052,135 | |
349 | 1 | Alphabet, Inc., Class A | 455,127 |
106 | 1 | Alphabet, Inc., Class C | 138,326 |
430 | 1 | Anterix, Inc. | 18,262 |
51,083 | Auto Trader Group PLC | 371,136 | |
360 | 1 | Boingo Wireless, Inc. | 4,144 |
3,849 | 1 | Central European Media Enterprises Ltd., Class A | 17,320 |
322 | 1 | Charter Communications, Inc. | 151,343 |
529 | Cheil Communications, Inc. | 10,604 | |
8,000 | China Mobile Ltd. | 60,378 | |
1,500 | Cyber Agent Ltd. | 51,886 | |
32,998 | Deutsche Telekom AG, Class REG | 554,008 | |
2,294 | 1 | Facebook, Inc. | 462,562 |
1,363 | 1 | Glu Mobile, Inc. | 7,537 |
612 | 1 | Gray Television, Inc. | 12,387 |
452,095 | HKT Trust and HKT Ltd. | 663,046 | |
6,623 | Hellenic Telecommunication Organization SA | 99,524 | |
5,446 | 1 | IAC Interactive Corp. | 1,212,824 |
964 | 1 | Imax Corp. | 20,726 |
2,100 | Konami Corp. | 92,412 | |
4,350 | 1 | Liberty Media Corp. | 196,141 |
17,927 | 1 | Liberty Media Group | 772,116 |
25,820 | 1 | Lions Gate Entertainment Corp. | 223,859 |
6,881 | 1 | Lions Gate Entertainment Corp. | 64,337 |
20,422 | 1 | Live Nation Entertainment, Inc. | 1,425,660 |
679 | 1 | Loral Space & Communications Ltd. | 22,991 |
4,097 | 1 | Match Group, Inc. | 288,757 |
400 | Nintendo Co. Ltd. | 154,826 | |
2,396 | 1 | Orbcomm, Inc. | 9,608 |
20,864 | Pearson PLC | 174,230 | |
10,675 | Rogers Communications, Inc., Class B | 515,949 | |
27 | SK Telecom Co. Ltd. | 5,604 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Communication Services—continued | |||
4,498 | Sinclair Broadcast Group, Inc. | $156,665 | |
105,500 | Singapore Press Holdings Ltd. | 169,654 | |
31,331 | 1 | Sprint Corp. | 185,480 |
7,636 | 1 | T-Mobile USA, Inc. | 599,808 |
831 | 1 | TechTarget, Inc. | 22,038 |
37,374 | Telefonica Deutschland Holding AG | 114,113 | |
2,143 | 1 | Telekomunikacja Polska S.A. | 3,495 |
5,970 | Telenet Group Holding NV | 269,319 | |
183,760 | Telstra Corp. Ltd. | 480,786 | |
28,800 | Tencent Holdings Ltd. | 1,220,963 | |
81,245 | Tim Participacoes S.A. | 262,904 | |
22,717 | 1 | Twitter, Inc. | 702,182 |
3,795 | Verizon Communications, Inc. | 228,611 | |
22,507 | Vivendi SA | 617,897 | |
2,507 | 1 | Vonage Holdings Corp. | 19,830 |
801 | 1 | Yelp, Inc. | 27,779 |
6,544 | 1 | Zayo Group Holdings, Inc. | 224,067 |
10,977 | 1 | Zillow Group, Inc. | 428,762 |
29,198 | 1 | Zillow Group, Inc. | 1,143,102 |
193,718 | 1 | Zynga, Inc. | 1,206,863 |
TOTAL | 17,588,539 | ||
Consumer Discretionary—7.3% | |||
3,200 | ABC-Mart, Inc. | 213,206 | |
374 | Aaron's, Inc. | 21,842 | |
137 | Abercrombie & Fitch Co., Class A | 2,188 | |
4,008 | Adidas AG | 1,248,729 | |
39 | 1 | Adtalem Global Education, Inc. | 1,315 |
7,261 | 1 | Alibaba Group Holding Ltd., ADR | 1,452,200 |
940 | 1 | Altus San Nicolas, Corp. | 9 |
2,068 | 1 | Amazon.com, Inc. | 3,724,054 |
263 | 1 | America's Car-Mart, Inc. | 28,735 |
792 | American Eagle Outfitters, Inc. | 11,856 | |
215 | 1 | Asbury Automotive Group, Inc. | 23,831 |
3,915 | BBX Capital Corp. | 17,931 | |
962 | Bloomin Brands, Inc. | 23,136 | |
228 | Bluegreen Vacations Corp. | 2,250 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
123 | 1 | Booking Holdings, Inc. | $234,196 |
505 | 1 | Boot Barn Holdings, Inc. | 20,109 |
116 | Bosch Ltd. | 26,040 | |
5,487 | 1 | Bright Horizons Family Solutions, Inc. | 825,903 |
132 | Brinker International, Inc. | 5,914 | |
6,252 | Burberry Group PLC | 169,663 | |
6,143 | Canadian Tire Corp. Ltd. | 713,038 | |
309 | 1 | Career Education Corp. | 5,154 |
890 | Carriage Services, Inc. | 21,404 | |
9,400 | Casio Computer Co. Ltd. | 179,295 | |
31 | 1 | Cavco Industries, Inc. | 6,200 |
6,181 | Columbia Sportswear Co. | 571,742 | |
26,560 | Compass Group PLC | 650,139 | |
906 | 1 | CROCs, Inc. | 31,619 |
5,135 | D. R. Horton, Inc. | 284,222 | |
939 | Dana, Inc. | 15,916 | |
359 | Dave & Buster's Entertainment, Inc. | 14,425 | |
399 | 1 | Deckers Outdoor Corp. | 67,104 |
2,208 | 1 | Denny's Corp. | 43,144 |
3,400 | Denso Corp. | 152,133 | |
384 | Dine Brands Global, Inc. | 31,826 | |
14,761 | Dollarama, Inc. | 540,966 | |
12,107 | eBay, Inc. | 430,041 | |
9,414 | Extended Stay America, Inc. | 138,951 | |
3,574 | Faurecia | 189,272 | |
10,700 | Feng Tay Enterprise Co. Ltd. | 67,061 | |
9,496 | Fiat Chrysler Automobiles NV | 140,452 | |
3,052 | Fila Korea Ltd. | 133,330 | |
24,953 | Ford Motor Co. | 226,074 | |
27,000 | Formosa Taffeta Co. | 30,104 | |
2,441 | 1 | Frontdoor, Inc. | 110,480 |
19,089 | Gentex Corp. | 542,128 | |
16 | 1 | Gentherm, Inc. | 670 |
8,639 | Gildan Activewear, Inc. | 251,372 | |
263 | Group 1 Automotive, Inc. | 27,113 | |
100,600 | Harvey Norman Holdings Ltd. | 292,960 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
164 | 1 | Helen of Troy Ltd. | $26,473 |
9,874 | Hennes & Mauritz AB, Class B | 190,504 | |
9,799 | Hilton Worldwide Holdings, Inc. | 1,028,895 | |
9,487 | Home Depot, Inc. | 2,091,978 | |
15,100 | Honda Motor Co., Ltd. | 424,693 | |
274 | Hyundai Mobis | 56,864 | |
11,800 | Iida Group Holdings Co. Ltd. | 210,034 | |
19,777 | Industria de Diseno Textil SA | 615,179 | |
7,028 | InterContinental Hotels Group PLC | 455,335 | |
449 | Jack in the Box, Inc. | 35,601 | |
182 | Johnson Outdoors, Inc., Class A | 11,757 | |
633 | Kering | 380,824 | |
2,800 | Koito Manufacturing Co. Ltd. | 144,635 | |
599 | LCI Industries | 63,770 | |
2,762 | LVMH Moet Hennessy Louis Vuitton SA | 1,238,219 | |
1,263 | La-Z-Boy, Inc. | 39,911 | |
648 | Las Vegas Sands Corp. | 40,662 | |
1,524 | 1 | Laureate Education, Inc. | 26,441 |
4,142 | Lowe's Cos., Inc. | 485,898 | |
189 | M.D.C. Holdings, Inc. | 7,479 | |
9,846 | Magna International, Inc. | 541,852 | |
552 | Marine Products Corp. | 8,352 | |
17,300 | Mazda Motor Corp. | 153,655 | |
400 | McDonald's Holdings Co. (Japan), Ltd. | 19,777 | |
420 | 1 | Meritage Corp. | 27,947 |
1,925 | Michelin, Class B | 230,754 | |
12,600 | Mitsubishi Motors Corp. | 56,511 | |
7,493 | Moncler S.p.A | 328,411 | |
272 | Movado Group, Inc. | 5,318 | |
103 | 1 | NVR, Inc. | 390,565 |
973 | Naspers Ltd., Class N | 139,185 | |
6,227 | Next PLC | 544,163 | |
6,000 | Nikon Corp. | 82,444 | |
9,398 | Office Depot, Inc. | 20,958 | |
585 | PVH Corp. | 56,722 | |
157 | Page Industries Ltd. | 48,089 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
55,000 | Panasonic Corp. | $519,370 | |
1,030 | 1 | Party City Holdco, Inc. | 1,988 |
3,470 | Persimmon PLC | 114,646 | |
38,171 | Petrobras Distribuidora SA | 251,907 | |
18,935 | Peugeot SA | 456,926 | |
84,000 | Pou Chen Corp. | 109,525 | |
188 | 1 | RH | 38,651 |
925 | Rent-A-Center, Inc. | 24,078 | |
2,249 | 1 | Rubicon Project, Inc./The | 18,172 |
775 | 1 | SeaWorld Entertainment, Inc. | 22,692 |
4,500 | Sega Sammy Holdings, Inc. | 64,941 | |
12,700 | Sekisui House Ltd. | 274,721 | |
7,211 | 1 | ServiceMaster Global Holdings, Inc. | 282,599 |
3,700 | Shimamura Co. Ltd. | 297,141 | |
294 | Shoe Carnival, Inc. | 10,437 | |
8,261 | Sodexo SA | 962,392 | |
406 | Standard Motor Products, Inc. | 20,450 | |
556 | Starbucks Corp. | 47,499 | |
6,000 | Subaru Corp. | 157,367 | |
3,000 | Suzuki Motor Corp. | 133,150 | |
378 | 1 | Taylor Morrison Home Corp. | 8,777 |
14,632 | Titan Industries Ltd. | 235,920 | |
615 | Toll Brothers, Inc. | 24,705 | |
114 | 1 | TopBuild Corp. | 12,572 |
13,700 | Toyoda Gosei Co. Ltd. | 320,676 | |
1,038 | Twin River Worldwide Holdings, Inc. | 25,223 | |
1,563 | V.F. Corp. | 138,388 | |
344 | 1 | Vera Bradley, Inc. | 3,798 |
12,535 | 1 | Vipshop Holdings Ltd., ADR | 160,197 |
301 | Volkswagen AG | 57,433 | |
458 | Wyndham Destinations, Inc. | 22,213 | |
29,200 | Yamada Denki Co. Ltd. | 145,832 | |
300 | Yamaha Corp. | 16,568 | |
14,300 | Yamaha Motor Co. | 299,405 | |
5,900 | Yokohama Rubber Co. Ltd./The | 121,802 | |
13,000 | Zhongsheng Group Holdings | 46,089 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
208 | 1 | Zumiez, Inc. | $6,144 |
TOTAL | 29,645,691 | ||
Consumer Staples—5.1% | |||
6,100 | AEON Co. Ltd. | 124,607 | |
4,320 | Alimentation Couche-Tard, Inc., Class B | 141,994 | |
2,777 | Archer-Daniels-Midland Co. | 119,217 | |
16,467 | 1 | Atacadao Distribuicao Comercio e Industria Ltda | 72,812 |
21,282 | BIM Birlesik Magazalar AS | 170,138 | |
359 | 1 | BJ's Wholesale Club Holdings, Inc. | 8,508 |
892 | 1 | Beyond Meat, Inc. | 74,000 |
269 | Bid Corp. Ltd. | 5,922 | |
2,910 | British American Tobacco PLC | 115,360 | |
3,274 | Brown-Forman Corp. | 208,881 | |
3,344 | Bunge Ltd. | 178,503 | |
391 | Calavo Growers, Inc. | 34,873 | |
1,600 | Calbee, Inc. | 51,585 | |
216 | Carlsberg A/S, Class B | 31,054 | |
146,200 | Charoen Pokphand Foods PCL | 69,679 | |
15,000 | China Mengniu Dairy Co. Ltd. | 57,414 | |
3,122 | Church and Dwight, Inc. | 219,289 | |
9,341 | Clicks Group, Ltd. | 159,767 | |
27,721 | Coca-Cola Amatil Ltd. | 213,736 | |
10 | Coca-Cola Bottling Co. | 2,702 | |
241 | Colgate-Palmolive Co. | 16,345 | |
57,207 | Davide Campari - Milano SpA | 522,083 | |
24,854 | Diageo PLC | 1,016,060 | |
712 | 1 | Edgewell Personal Care Co. | 22,186 |
2,753 | Empire Co. Ltd., Class A | 73,846 | |
1,533 | Essity Aktiebolag | 48,164 | |
1,135 | Estee Lauder Cos., Inc., Class A | 221,858 | |
12,500 | Fraser & Neave Holdings Bhd | 103,971 | |
7,785 | George Weston Ltd. | 630,689 | |
25,116 | Godrej Consumer Products Ltd. | 253,034 | |
2,800 | Growell Holdings Co., Ltd. | 171,855 | |
6,823 | 1 | Herbalife Ltd. | 311,197 |
4,450 | Hindustan Lever Ltd. | 126,160 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
22,547 | Imperial Brands PLC | $496,298 | |
53,600 | Indofood CBP Sukses Makmur TBK PT | 43,054 | |
40,527 | JBS S.A. | 269,848 | |
1,952 | Kimberly-Clark Corp. | 266,136 | |
5,274 | Kimberly-Clark de Mexico | 10,029 | |
98 | Korea Tobacco & Ginseng Corp. | 8,116 | |
15,071 | Kraft Heinz Co./The | 459,666 | |
5,376 | L'Oreal SA | 1,531,948 | |
12,300 | Lion Corp. | 248,268 | |
16,507 | Loblaw Cos. Ltd. | 884,938 | |
43,715 | Marico Ltd. | 219,197 | |
7,832 | Metro, Inc., Class A | 343,339 | |
4,611 | MetroWholesale & Food Specialist AG | 74,304 | |
15,309 | 1 | Monster Beverage Corp. | 915,784 |
1,276 | Nestle India Ltd. | 257,196 | |
8,279 | Nestle S.A. | 860,409 | |
2,213 | Orkla ASA | 21,422 | |
48,800 | PT Gudang Garam Tbk | 174,082 | |
1,017 | 1 | Performance Food Group Co. | 47,860 |
3,300 | Perlis Plantations Bhd | 14,375 | |
692 | Philip Morris International, Inc. | 57,388 | |
34,783 | �� | Pick'n Pay Stores Ltd. | 161,232 |
2,600 | Pigeon Corp. | 121,103 | |
40,942 | 1 | Pilgrim's Pride Corp. | 1,289,673 |
7,876 | Procter & Gamble Co. | 961,345 | |
179 | Sanfilippo (John B. & Sons), Inc. | 17,495 | |
1,600 | Seven & I Holdings Co. Ltd. | 59,688 | |
5,300 | Sundrug Co. Ltd. | 186,004 | |
7,982 | Sysco Corp. | 642,950 | |
1,700 | Toyo Suisan Kaisha Ltd. | 73,335 | |
10,124 | Tyson Foods, Inc., Class A | 910,046 | |
3,975 | 1 | US Foods Holding Corp. | 158,086 |
142 | 1 | USANA Health Sciences, Inc. | 10,451 |
121,000 | Uni-President Enterprises Corp. | 287,730 | |
16,896 | Unilever PLC | 1,001,851 | |
243 | Universal Corp. | 12,689 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
5,334 | Vector Group Ltd. | $71,689 | |
63 | WD 40 Co. | 12,166 | |
109,920 | Wal-Mart de Mexico SAB de C.V. | 302,592 | |
7,104 | WalMart, Inc. | 846,015 | |
10,485 | Woolworth's Ltd. | 282,628 | |
29,200 | Yamazaki Baking Co. Ltd. | 535,708 | |
TOTAL | 20,725,622 | ||
Energy—2.2% | |||
211 | Arch Coal, Inc. | 15,637 | |
10,466 | BP PLC | 65,045 | |
525,800 | Banpu Public Co. Ltd. | 201,844 | |
1,228 | CVR Energy, Inc. | 53,283 | |
665 | Cactus, Inc. | 20,076 | |
8,311 | Chevron Corp. | 973,467 | |
20,338 | Coal India Ltd. | 57,937 | |
959 | 1 | Comstock Resources, Inc. | 6,090 |
5,911 | ConocoPhillips | 354,305 | |
186 | DMC Global, Inc. | 8,573 | |
439 | Delek US Holdings, Inc. | 15,062 | |
596 | 1 | Dril-Quip, Inc. | 25,187 |
2,193 | Equinor ASA | 40,364 | |
1,741 | Exxaro Resources Ltd. | 15,850 | |
4,455 | Exxon Mobil Corp. | 303,519 | |
348,500 | IRPC PCL | 40,331 | |
27,395 | Imperial Oil Ltd. | 688,433 | |
161 | Liberty Oilfield Services, Inc. | 1,423 | |
6,476 | Marathon Petroleum Corp. | 392,705 | |
733 | 1 | Matrix Services Co. | 15,349 |
8,845 | Neste Oyj | 299,115 | |
590 | OMV AG | 33,659 | |
5,232 | PBF Energy, Inc. | 163,762 | |
13,300 | PTT Exploration and Production Public Co. | 52,765 | |
173,400 | PTT Public Co. Ltd. | 248,062 | |
167 | Peabody Energy Corp. | 1,617 | |
12,997 | 1 | Petroleo Brasileiro SA | 95,873 |
62,963 | Petronet LNG Ltd. | 238,225 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Energy—continued | |||
14,081 | Phillips 66 | $1,615,372 | |
5,637 | Reliance Industries Ltd. | 122,026 | |
193 | 1 | Seacor Holdings, Inc. | 8,172 |
29,360 | Tatneft | 338,097 | |
15,504 | Tenaris S.A. | 164,824 | |
19,931 | Total S.A. | 1,046,414 | |
365 | Tupras Turkiye Petrol Rafinerileri A.S. | 7,841 | |
9,367 | Valero Energy Corp. | 894,455 | |
373 | 1 | W&T Offshore, Inc. | 1,596 |
1,688 | World Fuel Services Corp. | 71,571 | |
26,000 | Yanzhou Coal Mining Co. Ltd., Class H | 22,999 | |
TOTAL | 8,720,925 | ||
Financials—10.8% | |||
3,463 | AXA SA | 94,153 | |
13,494 | Admiral Group PLC | 373,141 | |
14,419 | Aflac, Inc. | 790,738 | |
7,638 | Ageas | 458,258 | |
758,000 | Agricultural Bank of China | 307,075 | |
2,109 | 1 | Alior Bank SA | 15,828 |
7,123 | Allianz SE | 1,705,466 | |
7,394 | Allstate Corp. | 823,322 | |
8,526 | Ally Financial, Inc. | 271,468 | |
657 | Amalgamated Bank | 12,562 | |
1,769 | American Equity Investment Life Holding Co. | 52,575 | |
3,434 | American Express Co. | 412,492 | |
3,760 | Ameriprise Financial, Inc. | 616,151 | |
447 | Ares Commercial Real Estate Corp. | 6,991 | |
2,264 | Artisan Partners Asset Management, Inc. | 67,173 | |
752 | 1 | AssetMark Financial Holdings, Inc. | 18,823 |
6,188 | Assicurazioni Generali SpA | 126,360 | |
7,687 | Assured Guaranty Ltd. | 381,660 | |
24,615 | Australia & New Zealand Banking Group, Melbourne | 414,410 | |
672 | B. Riley Financial, Inc. | 19,629 | |
32,489 | BB Seguridade Participacoes SA | 263,522 | |
25,743 | BS Financial Group, Inc. | 151,737 | |
32,273 | B3 SA - Brasil Bolsa Balcao | 362,544 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
533 | Baloise Holdings AG | $92,619 | |
96 | BancFirst Corp. | 5,673 | |
260,882 | Banco de Chile | 26,515 | |
87,690 | Banco de Oro | 261,949 | |
22,891 | Banco Santander Brasil SA | 238,875 | |
359,188 | Banco Santander Chile SA | 19,163 | |
1,090 | 1 | Bancorp, Inc., DE | 12,088 |
8,427 | Bank Hapoalim BM | 67,939 | |
48,768 | Bank Leumi Le-Israel | 353,660 | |
67,643 | Bank of America Corp. | 2,253,865 | |
176,000 | Bank of Communications Ltd. | 115,623 | |
423 | Bank of Marin Bancorp | 19,090 | |
816 | Bank Zachodni WBK S.A. | 57,263 | |
1,258 | 1 | Berkshire Hathaway, Inc., Class B | 277,137 |
542 | 1 | Blucora, Inc. | 12,759 |
885 | 1 | Brighthouse Financial, Inc. | 36,427 |
1,602 | Brightsphere Investment Group, Inc. | 15,427 | |
14,835 | CI Financial Corp. | 233,420 | |
156 | CNA Financial Corp. | 6,976 | |
18,873 | CNP Assurances | 372,466 | |
190 | 1 | Cannae Holdings, Inc. | 7,123 |
6,770 | Capital One Financial Corp. | 677,068 | |
222 | Carolina Financial Corp. | 9,388 | |
1,115 | Cathay Bancorp, Inc. | 41,054 | |
9,742 | Challenger Financial Sevices Group Ltd. | 53,793 | |
192,180 | Chang Hwa Bank | 144,614 | |
15,202 | Charles Schwab Corp. | 752,499 | |
468,000 | China CITIC Bank Corp. Ltd. | 255,902 | |
284,000 | China Construction Bank Corp. | 226,139 | |
8,000 | 1,2 | China Ding Yi Feng Holdings Ltd. | 622 |
67,000 | China Everbright Bank Co. Ltd. | 28,928 | |
395,000 | China Huarong Asset Management Co. Ltd. | 57,516 | |
89,800 | China Insurance International Holdings Co. Ltd. | 207,674 | |
120,000 | China Life Insurance Co. Ltd. | 303,412 | |
72,500 | China Merchants Bank Co. Ltd. | 342,739 | |
152,500 | China Minsheng Banking Corp. Ltd. | 106,216 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
35,400 | China Pacific Insurance Group Co. Ltd. | $125,337 | |
39,307 | Commerzbank AG, Frankfurt | 228,022 | |
35,000 | Concordia Financial Group Ltd. | 142,274 | |
1,531 | ConnectOne Bancorp, Inc. | 38,566 | |
10,078,555 | Corpbanca | 49,280 | |
4,900 | DBS Group Holdings Ltd. | 90,433 | |
16,496 | DNB Bank ASA | 276,557 | |
4,521 | Deutsche Boerse AG | 693,837 | |
2,515 | Discover Financial Services | 213,448 | |
13,300 | E*Trade Financial Corp. | 589,190 | |
328,698 | E.Sun Financial Holding Co. Ltd. | 291,652 | |
655 | Eagle Bancorp, Inc. | 29,095 | |
11,791 | East West Bancorp, Inc. | 540,264 | |
633 | Employers Holdings, Inc. | 27,200 | |
2,510 | 1 | Enova International, Inc. | 57,805 |
588 | Enterprise Financial Services Corp. | 26,578 | |
1,776 | Erste Group Bank AG | 63,539 | |
899 | Essent Group Ltd. | 49,130 | |
8,488 | Exor NV | 649,635 | |
97,000 | Far East Horizon | 88,137 | |
187 | Federal Agricultural Mortgage Association, Class C | 15,530 | |
3,328 | First BanCorp | 34,944 | |
502 | First Bancorp, Inc. | 19,628 | |
109 | First Commmonwealth Financial Corp. | 1,549 | |
946 | First Defiance Financial Corp. | 28,522 | |
58,505 | FirstRand Ltd. | 249,747 | |
10,854 | Gjensidige Forsikring ASA | 204,159 | |
155 | Great Southern Bancorp, Inc. | 9,460 | |
1,063 | Great-West Lifeco, Inc. | 26,737 | |
45,444 | Grupo Financiero Banorte S.A. de C.V. | 240,263 | |
2,596 | HDFC Life Insurance Co. Ltd. | 20,721 | |
27,176 | HSBC Holdings PLC | 202,614 | |
3,435 | Hana Financial Holdings | 104,021 | |
1,249 | Hancock Whitney Corp. | 50,722 | |
209 | Hannover Rueckversicherung SE | 38,833 | |
17,022 | Hargreaves Lansdown PLC | 407,348 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
988 | Heritage Commerce Corp. | $12,350 | |
50 | Hingham Institution for Savings | 9,588 | |
58,300 | Hong Leong Bank Berhad | 235,869 | |
1,900 | Hong Leong Credit Berhad | 7,415 | |
456 | Houlihan Lokey, Inc. | 21,738 | |
1,920 | Housing Development Finance Corp. Ltd. | 61,408 | |
112,000 | Hua Nan Financial Holdings Co. Ltd. | 79,662 | |
5,932 | Hyundai Marine & Fire Insurance Co. | 140,670 | |
13,462 | ICICI Lombard General Insurance Co. Ltd. | 257,084 | |
29,644 | IRB Brasil Resserguros S/A | 260,471 | |
496 | Iberiabank Corp. | 36,203 | |
60,000 | Industrial & Commercial Bank of China | 42,791 | |
22,142 | Industrial Bank of Korea | 220,267 | |
720 | International Bancshares Corp. | 30,542 | |
2,557 | Invesco Mortgage Capital, Inc. | 41,526 | |
4,649 | Investors Bancorp, Inc. | 56,067 | |
10,017 | JPMorgan Chase & Co. | 1,319,840 | |
45 | James River Group Holdings Ltd. | 1,780 | |
5,757 | KB Financial Group, Inc. | 224,648 | |
867 | KBC Groupe | 63,122 | |
35 | Komercni Banka A.S. | 1,198 | |
62,022 | Korea Life Insurance Co., Ltd. | 120,248 | |
18,275 | L E Lundbergforetagen AB | 723,778 | |
2,518 | LPL Investment Holdings, Inc. | 232,537 | |
1,428 | Ladder Capital Corp. | 24,690 | |
82,258 | Legal & General Group PLC | 298,664 | |
4,121 | London Stock Exchange Group PLC | 366,124 | |
1,682 | 1 | MBIA Insurance Corp. | 15,693 |
90,521 | Medibank Private Ltd. | 199,998 | |
24,607 | MetLife, Inc. | 1,228,135 | |
3,860 | Mizrahi Tefahot Bank Ltd. | 103,139 | |
286,100 | Mizuho Financial Group, Inc. | 442,811 | |
30,256 | Morgan Stanley | 1,497,067 | |
4,947 | Muenchener Rueckversicherungs-Gesellschaft AG | 1,420,200 | |
831 | 1 | NMI Holdings, Inc. | 27,897 |
31,669 | NN Group NV | 1,214,813 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
715 | National Bank Holdings Corp. | $25,626 | |
968 | National General Holdings Corp. | 20,609 | |
67 | National Western Life Insurance Co., Class A | 16,899 | |
10,600 | New China Life Insurance Co. Ltd. | 40,858 | |
4,763 | Nordea Bank Abp | 33,702 | |
692 | OFG Bancorp. | 14,843 | |
2,153 | OTP Bank RT | 101,287 | |
5,438 | Onex Corp. | 325,551 | |
2,542 | Orange Life Insurance Ltd. | 61,403 | |
2,800 | Oversea-Chinese Banking Corp. Ltd. | 22,061 | |
86,000 | PICC Property and Casualty Co., Ltd., Class H | 99,551 | |
5,677 | PNC Financial Services Group | 869,773 | |
164,500 | PT Bank Central Asia | 366,004 | |
58,400 | PT Bank Rakyat Indonesia Tbk | 16,926 | |
618,000 | People's Insurance, Co. (Group) of China Ltd. | 247,915 | |
385 | People's Utah Bancorp | 11,300 | |
43,000 | Ping An Insurance (Group) Co. of China Ltd. | 487,323 | |
421,000 | Postal Savings Bank of China Co. Ltd. | 273,187 | |
11,723 | Power Corp. of Canada | 284,007 | |
19,730 | Powszechna Kasa Oszczednosci Bank Polski SA | 181,985 | |
298 | Preferred Bank Los Angeles, CA | 16,435 | |
1,132 | Provident Financial Services, Inc. | 27,530 | |
14,500 | RHB Capital Berhad | 19,648 | |
50,246 | RMB Holdings Ltd. | 276,347 | |
2,600 | Radian Group, Inc. | 67,184 | |
3,919 | Raymond James Financial, Inc. | 352,005 | |
188 | Republic Bancorp, Inc. | 8,686 | |
275 | Samsung Fire & Marine Insurance | 54,202 | |
2,992 | Samsung Life Insurance Co., Ltd. | 181,798 | |
11,093 | Scor SA | 476,351 | |
477 | Selective Insurance Group, Inc. | 31,587 | |
779,528 | Shin Kong Financial Holdings Co. Ltd. | 256,727 | |
9,313 | Shinhan Financial Group Co. Ltd. | 343,506 | |
1,794 | Simmons 1st National Corp., Class A | 46,483 | |
6,400 | Singapore Exchange Ltd. | 41,454 | |
39,545 | Skand Enskilda BKN, Class A | 339,073 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
23,784 | Standard Bank Group Ltd. | $268,800 | |
1,456 | Sterling Bancorp, Inc./MI | 14,109 | |
6,300 | Sumitomo Mitsui Trust Holdings, Inc. | 241,423 | |
254 | Swiss Life Holding AG | 125,894 | |
7,084 | Swiss Re AG | 767,094 | |
8,883 | Synchrony Financial | 332,313 | |
4,312 | TRYG A/S | 123,969 | |
583,100 | Taiwan Business Bank | 238,865 | |
402,401 | Taiwan Cooperative Financial Holding Co. Ltd. | 273,682 | |
1,375 | The Bank of NT Butterfield & Son Ltd. | 47,506 | |
723 | The First of Long Island Corp. | 17,518 | |
812 | United Community Banks, Inc. | 25,172 | |
1,775 | United Community Financial Corp. | 19,720 | |
29,800 | United Overseas Bank Ltd. | 562,438 | |
802 | Universal Insurance Holdings, Inc. | 23,338 | |
269 | Univest Corp. | 7,024 | |
31,096 | Wells Fargo & Co. | 1,693,488 | |
977 | Wendel SA | 131,600 | |
1,369 | Wesbanco, Inc. | 49,941 | |
TOTAL | 43,408,229 | ||
Health Care—6.3% | |||
9,851 | 1 | Achillion Pharmaceuticals, Inc. | 61,175 |
115 | 1 | Addus Homecare Corp. | 10,719 |
6,484 | 1 | Akebia Therapeutics, Inc. | 40,784 |
12,324 | 1 | Akorn, Inc. | 44,983 |
16,200 | Alfresa Holdings Corp. | 335,143 | |
463 | 1 | Amedisys, Inc. | 75,450 |
8,161 | AmerisourceBergen Corp. | 717,433 | |
793 | 1 | Amneal Pharmaceuticals, Inc. | 2,982 |
211 | 1 | Amphastar Pharmaceuticals, Inc. | 4,117 |
1,860 | Anthem, Inc. | 536,908 | |
1,461 | 1 | Apellis Pharmaceuticals, Inc. | 39,272 |
6,213 | 1 | Arcus Biosciences, Inc. | 51,381 |
2,842 | AstraZeneca PLC | 274,312 | |
3,070 | 1 | Athenex, Inc. | 47,831 |
1,909 | 1 | Avrobio, Inc. | 30,620 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
11,583 | Baxter International, Inc. | $949,458 | |
2,270 | 1 | BeyondSpring, Inc. | 28,261 |
4,220 | 1 | Bio-Rad Laboratories, Inc., Class A | 1,558,784 |
160 | 1 | BioTelemetry, Inc. | 7,410 |
12,854 | Bristol-Myers Squibb Co. | 731,907 | |
12,854 | 1 | Bristol-Myers Squibb Co., Rights | 27,636 |
4,057 | Cardinal Health, Inc. | 223,257 | |
282 | 1 | Cardiovascular Systems, Inc. | 12,848 |
5,057 | 1 | Catalyst Pharmaceutical Partners, Inc. | 23,464 |
347 | 1 | Celltrion, Inc. | 51,118 |
3,311 | 1 | ChemoCentryx, Inc. | 100,423 |
2,206 | Coloplast A.S., Class B | 260,437 | |
710 | 1 | Corvel Corp. | 58,582 |
3,914 | Divi's Laboratories Ltd. | 97,365 | |
4,300 | Eisai Co. Ltd. | 319,241 | |
366 | Ensign Group, Inc. | 15,895 | |
29 | 1 | Exact Sciences Corp. | 2,349 |
18,791 | 1 | Exelixis, Inc. | 312,494 |
2,544 | Fresenius Medical Care AG & Co. KGaA | 186,577 | |
50,072 | GlaxoSmithKline PLC | 1,138,610 | |
410 | 1 | Globus Medical, Inc. | 22,939 |
4,141 | HCA Healthcare, Inc. | 574,191 | |
358 | 1 | HMS Holdings Corp. | 10,812 |
630 | 1 | Haemonetics Corp. | 75,978 |
831 | 1 | Halozyme Therapeutics, Inc. | 16,113 |
22 | 1 | HealthEquity, Inc. | 1,384 |
2,500 | Hisamitsu Pharmaceutical Co., Inc. | 122,879 | |
3,324 | Humana, Inc. | 1,134,248 | |
14,646 | 1 | Immunogen, Inc. | 52,872 |
16,550 | 1 | Incyte Genomics, Inc. | 1,558,348 |
92 | 1 | Inogen, Inc. | 6,772 |
222 | 1 | Integer Holdings Corp. | 16,839 |
242 | 1 | Intrexon Corp. | 1,348 |
7,999 | 1 | Ionis Pharmaceuticals, Inc. | 511,616 |
11 | Johnson & Johnson | 1,512 | |
469 | 1 | LHC Group, Inc. | 62,565 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
252 | 1 | Livongo Health, Inc. | $7,197 |
442 | 1 | MacroGenics, Inc. | 4,186 |
544 | 1 | Magellan Health, Inc. | 42,285 |
5,585 | 1 | Magenta Therapeutics, Inc. | 73,945 |
8,386 | McKesson Corp. | 1,212,951 | |
23,500 | Medipal Holdings Corp. | 504,741 | |
496 | 1 | Medpace Holdings, Inc. | 38,028 |
2,136 | Merck & Co., Inc. | 186,216 | |
986 | 1 | Merit Medical Systems, Inc. | 27,608 |
11,700 | Mitsubishi Tanabe Pharma Corp. | 214,409 | |
1,185 | 1 | Moderna, Inc. | 24,127 |
826 | 1 | Molina Healthcare, Inc. | 111,923 |
4,624 | 1 | NGM Biopharmaceuticals, Inc. | 76,203 |
113 | 1 | Natus Medical, Inc. | 3,615 |
8,306 | 1 | Neurocrine Biosciences, Inc. | 968,563 |
317 | 1 | NextGen Healthcare, Inc. | 5,839 |
19,777 | Novartis AG | 1,823,240 | |
10,732 | Novo Nordisk A/S | 602,671 | |
412 | 1 | Omnicell, Inc. | 32,956 |
36,438 | 1 | Opko Health, Inc. | 57,936 |
96 | 1 | OraSure Technologies, Inc. | 778 |
2,326 | Orion Oyj | 101,204 | |
27 | 1 | Orthofix Medical, Inc. | 1,226 |
342 | 1 | PetIQ, Inc. | 7,866 |
6,711 | 1 | Precision Biosciences, Inc. | 119,254 |
1,737 | 1 | Progenics Pharmaceuticals, Inc. | 9,067 |
320 | 1 | Providence Service Corp. | 19,101 |
532 | 1 | R1 RCM, Inc. | 6,857 |
1,499 | Recordati SPA | 62,887 | |
3,173 | 1 | Regeneron Pharmaceuticals, Inc. | 1,170,837 |
896 | Roche Holding AG | 276,058 | |
3,500 | Shionogi and Co. | 206,176 | |
5,223 | 1 | Siga Technologies, Inc. | 25,593 |
287 | Simulations Plus, Inc. | 9,592 | |
24,000 | Sinopharm Group Co. Ltd. | 79,261 | |
618 | 1 | Spectrum Pharmaceuticals, Inc. | 5,550 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
111 | 1 | Staar Surgical Co. | $4,091 |
102 | Straumann Holding AG | 98,099 | |
4,100 | Sumitomo Dainippon Pharma Co., Ltd. | 77,673 | |
314 | 1 | SurModics, Inc. | 12,887 |
6,400 | Suzuken Co. Ltd. | 280,252 | |
237 | 1 | Tactile Systems Technology, Inc. | 15,218 |
283 | 1 | Tandem Diabetes Care, Inc. | 19,535 |
135 | 1 | Tivity Health, Inc. | 3,058 |
492 | 1 | Triple-S Management Corp., Class B | 9,422 |
370 | UCB SA | 29,977 | |
8,151 | UnitedHealth Group, Inc. | 2,281,220 | |
215 | 1 | Vanda Pharmaceuticals, Inc. | 3,597 |
403 | 1 | Veracyte, Inc. | 11,574 |
8,367 | 1 | Vertex Pharmaceuticals, Inc. | 1,855,382 |
384 | 1 | Xencor, Inc. | 15,130 |
TOTAL | 25,386,703 | ||
Industrials—8.0% | |||
96,915 | ADT, Inc. | 895,495 | |
665 | AZZ, Inc. | 25,317 | |
12,525 | Adecco Group AG | 773,973 | |
1,314 | Airbus Group SE | 192,959 | |
118,300 | Airports of Thailand Public Co. Ltd. | 295,390 | |
327 | Alamo Group, Inc. | 37,540 | |
199 | Albany International Corp., Class A | 16,652 | |
50,704 | Alfa, S.A. de C.V., Class A | 39,636 | |
11,631 | Allison Transmission Holdings, Inc. | 562,940 | |
24,400 | Amada Holdings Co. Ltd. | 272,540 | |
62 | 1 | American Woodmark Corp. | 6,380 |
6,287 | Ametek, Inc. | 622,476 | |
677 | Andritz AG | 26,394 | |
676 | Applied Industrial Technologies, Inc. | 43,163 | |
496 | ArcBest Corp. | 14,275 | |
14,695 | Ashtead Group PLC | 445,903 | |
326 | 1 | Astronics Corp. | 9,503 |
1,142 | 1 | Atkore International Group, Inc. | 47,644 |
103,888 | Aurizon Holdings Ltd. | 406,835 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
293 | 1 | Avis Budget Group, Inc. | $8,717 |
26,200 | BOC Aviation Ltd. | 247,510 | |
109,900 | BTS Group Holdings PCL | 49,805 | |
97 | Barrett Business Services, Inc. | 8,571 | |
966 | 1 | Builders Firstsource, Inc. | 24,546 |
15,315 | Bunzl PLC | 420,235 | |
1,081 | 1 | CBIZ, Inc. | 29,036 |
896 | CIMIC Group Ltd. | 20,451 | |
954 | 1 | CIRCOR International, Inc. | 42,319 |
553 | CSW Industrials, Inc. | 40,828 | |
8,016 | CSX Corp. | 573,465 | |
219 | Cheil Jedang Corp. | 17,118 | |
105,500 | 1 | China COSCO Holdings Co. Ltd., Class H | 38,954 |
222,000 | China Railway Construction Corp. Ltd. | 229,138 | |
323,000 | China Railway Group Ltd. | 189,082 | |
213 | 1 | Cimpress NV | 27,294 |
211,000 | Citic Pacific Ltd. | 264,296 | |
527 | Comfort Systems USA, Inc. | 26,930 | |
83 | 1 | Continental Building Products, Inc. | 3,054 |
525 | Cummins, Inc. | 96,001 | |
1,307 | Curtiss Wright Corp. | 179,464 | |
2,926 | DSV Panalpina A/S | 318,382 | |
281 | 1 | DXP Enterprises, Inc. | 10,827 |
15,700 | Dai Nippon Printing Co. Ltd. | 420,542 | |
1,600 | Daifuku Co. | 93,329 | |
70 | Dassault Aviation SA | 95,146 | |
12,781 | Delta Air Lines, Inc. | 732,479 | |
856 | Eiffage SA | 93,425 | |
8,361 | 1 | Embraer - Empresa Brasileira de Aeronautica S/A | 35,646 |
351 | Emcor Group, Inc. | 31,214 | |
169 | Encore Wire Corp. | 9,859 | |
13,937 | Experian PLC | 461,463 | |
344 | Exponent, Inc. | 21,861 | |
247 | 1 | FTI Consulting, Inc. | 26,921 |
65,000 | Far Eastern New Century Corp. | 63,433 | |
389 | Federal Signal Corp. | 12,814 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
4,339 | Ferguson PLC | $376,970 | |
1,047 | 1 | Foundation Building Materials, Inc. | 21,401 |
7,400 | Fuji Electric Co. | 228,389 | |
275 | 1 | GMS, Inc. | 8,514 |
11,160 | Genivar Income Fund | 725,824 | |
2,275 | 1 | Great Lakes Dredge & Dock Corp. | 24,297 |
12,798 | Grupo Aeroportuario del Pacifico SA, Class B | 129,389 | |
3,431 | Grupo Aeroportuario del Sureste SAB de CV, Class B | 58,749 | |
6,001 | Han Wha | 125,057 | |
757 | Hawaiian Holdings, Inc. | 22,930 | |
559 | Heidrick & Struggles International, Inc. | 17,340 | |
1,064 | Hillenbrand, Inc. | 33,644 | |
11,135 | Honeywell International, Inc. | 1,988,154 | |
1,700 | Hoshizaki Electric Co., Ltd. | 148,818 | |
693 | Hubbell, Inc. | 101,885 | |
188 | ICF International, Inc. | 16,869 | |
7,685 | Ingersoll-Rand PLC | 1,007,580 | |
589 | Insperity, Inc. | 45,807 | |
9,197 | InterGlobe Aviation Ltd. | 185,077 | |
4,270 | International Container Terminal Services, Inc. | 10,385 | |
7,387 | Intertek Group PLC | 526,708 | |
12,900 | JGC Holdings Corp. | 187,892 | |
18,800 | JTEKT Corp. | 234,115 | |
581 | KForce Com, Inc. | 22,961 | |
22,400 | Kajima Corp. | 295,833 | |
461 | Koc Holding A.S. | 1,604 | |
1,115 | LG Corp. | 67,041 | |
1,433 | L3Harris Technologies, Inc. | 288,162 | |
16,462 | Latam Airlines Group SA | 173,642 | |
6,900 | MISC Bhd | 13,446 | |
285 | MOOG, Inc., Class A | 24,473 | |
1,667 | 1 | MRC Global, Inc. | 22,238 |
3,010 | MTU Aero Engines GmbH | 815,324 | |
503 | 1 | MYR Group, Inc. | 17,283 |
3,630 | Manpower, Inc. | 336,283 | |
85,700 | Marubeni Corp. | 633,741 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
147 | 1 | Masonite International Corp. | $10,555 |
13 | 1 | Mastec, Inc. | 862 |
2,114 | 1 | Meritor, Inc. | 53,378 |
341 | Miller Herman, Inc. | 16,293 | |
4,900 | Misumi Corp. | 121,590 | |
64,600 | Mitsubishi Electric Corp. | 893,997 | |
1,022 | Mueller Industries, Inc. | 32,081 | |
216,000 | NWS Holdings Ltd. | 289,768 | |
1,700 | Nippon Express Co. Ltd. | 107,996 | |
1,365 | nVent Electric PLC | 33,729 | |
16,100 | Obayashi Corp. | 170,911 | |
80 | Park-Ohio Holdings Corp. | 2,530 | |
4,151 | Parker-Hannifin Corp. | 825,177 | |
110 | Patrick Industries, Inc. | 5,447 | |
7,800 | Persol Holdings Co. Ltd. | 143,742 | |
489 | Primoris Services Corp. | 10,768 | |
1,899 | Quanex Building Products Corp. | 36,955 | |
14,559 | Relx PLC | 353,064 | |
183 | Resources Connection, Inc. | 2,827 | |
1,590 | 1 | Rexnord Corp. | 50,228 |
4,069 | Roper Technologies, Inc. | 1,466,346 | |
176 | Rush Enterprises, Inc. | 8,064 | |
6,100 | SG Holdings Co. Ltd. | 146,403 | |
50 | SGS SA | 130,069 | |
8,251 | SKF Ab, Class B | 157,444 | |
507 | 1 | SPX Corp. | 24,224 |
106 | 1 | Saia, Inc. | 10,059 |
14,474 | Sandvik AB | 262,995 | |
7,681 | Schneider Electric SA | 740,717 | |
29,900 | Shimizu Corp. | 286,749 | |
67,200 | Sime Darby BHD | 36,194 | |
22,000 | Sinotruk Hong Kong Ltd. | 37,174 | |
13,551 | Skanska AB, Class B | 299,328 | |
927 | SkyWest, Inc. | 58,067 | |
8,997 | Southwest Airlines Co. | 518,587 | |
125 | 1 | Spirit Airlines, Inc. | 4,884 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
1,096 | Steelcase, Inc., Class A | $19,860 | |
12,800 | Sumitomo Heavy Industries | 366,895 | |
134,915 | Sydney Airport | 839,745 | |
184 | Systemax, Inc. | 4,261 | |
3,800 | Taisei Corp. | 149,370 | |
2,630 | 1 | Teledyne Technologies, Inc. | 899,434 |
615 | Tetra Tech, Inc. | 54,298 | |
5,594 | Thomson Reuters Corp. | 394,566 | |
145 | 1 | Titan Machinery, Inc. | 1,953 |
42,600 | Toppan Printing Co. Ltd. | 848,719 | |
4,400 | Toshiba Corp. | 158,130 | |
7,800 | Toto Ltd. | 342,045 | |
12,000 | Toyota Tsusho Corp. | 420,096 | |
183 | 1 | Trex Co., Inc. | 15,749 |
1,448 | 1 | TriMas Corp. | 44,859 |
111 | 1 | TrueBlue, Inc. | 2,587 |
152 | Unifirst Corp. | 31,350 | |
1,621 | Union Pacific Corp. | 285,280 | |
2,485 | 1 | United Airlines Holdings, Inc. | 230,608 |
355 | Universal Forest Products, Inc. | 17,608 | |
135 | Universal Truckload Services, Inc. | 2,692 | |
476 | Vestas Wind Systems A/S | 45,260 | |
12,748 | Volvo AB, Class B | 196,821 | |
42,720 | Weg SA | 299,788 | |
160,000 | Weichai Power Co. Ltd., Class H | 273,661 | |
1,119 | 1 | Wesco Aircraft Holdings, Inc. | 12,264 |
12,700 | Yamato Holdings Co. Ltd. | 217,503 | |
TOTAL | 32,161,599 | ||
Information Technology—9.7% | |||
112 | 1 | ACI Worldwide, Inc. | 4,200 |
2,031 | ASML Holding N.V. | 551,990 | |
3,781 | 1 | Adobe, Inc. | 1,170,333 |
610 | 1 | Advanced Energy Industries, Inc. | 39,168 |
5,500 | Advantest Corp. | 268,936 | |
288 | 1 | Adyen BV | 220,777 |
550 | American Software, Inc., Class A | 8,696 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
2,886 | 1 | Amkor Technology, Inc. | $34,892 |
452 | 1 | Anixter International, Inc. | 38,800 |
13,780 | Apple, Inc. | 3,682,705 | |
10,420 | Automatic Data Processing, Inc. | 1,779,528 | |
794 | 1 | Avalara, Inc. | 61,956 |
1,246 | Benchmark Electronics, Inc. | 42,950 | |
860 | 1 | Box, Inc. | 15,686 |
192 | Broadcom, Inc. | 60,712 | |
16,500 | Brother Industries Ltd. | 327,859 | |
3,267 | CDW Corp. | 441,208 | |
1,840 | 1 | CGI, Inc., Class A | 152,971 |
829 | CSG Systems International, Inc. | 47,411 | |
10,867 | 1 | Cadence Design Systems, Inc. | 763,407 |
146 | Capgemini SE | 17,256 | |
625 | 1 | Casa Systems, Inc. | 2,300 |
463 | Cass Information Systems, Inc. | 26,146 | |
215 | 1 | Cirrus Logic, Inc. | 15,415 |
41,365 | Cisco Systems, Inc. | 1,874,248 | |
11,176 | 1 | CommScope Holdings Co., Inc. | 151,994 |
744 | 1 | Commvault Systems, Inc. | 37,661 |
219,000 | Compal Electronics, Inc. | 135,065 | |
168 | Constellation Software, Inc. | 179,473 | |
166 | 1 | Cornerstone OnDemand, Inc. | 10,237 |
178 | Dassault Systemes SA | 28,022 | |
70 | 1 | Diodes, Inc. | 3,230 |
1,156 | 1 | EPAM Systems, Inc. | 244,899 |
345 | 1 | ePlus, Inc. | 28,832 |
344 | 1 | Exlservice Holding, Inc. | 24,015 |
564 | 1 | Fabrinet | 34,116 |
4,419 | 1 | Fortinet, Inc. | 464,481 |
4,800 | Fujitsu Ltd. | 436,542 | |
23,332 | Halma PLC | 634,814 | |
5,668 | Hewlett Packard Enterprise Co. | 89,724 | |
1,900 | Hitachi High-Technologies Corp. | 124,113 | |
364 | 1 | Ichor Holdings Ltd. | 11,484 |
40,595 | Infosys Ltd. | 396,695 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
603 | 1 | Insight Enterprises, Inc. | $39,551 |
526 | 1 | Instructure, Inc. | 28,004 |
32,289 | Intel Corp. | 1,874,376 | |
311 | InterDigital, Inc. | 17,665 | |
7,700 | Itochu Techno-Solutions Corp. | 205,705 | |
365 | j2 Global, Inc. | 35,412 | |
413 | KBR, Inc. | 12,295 | |
934 | Kemet Corp. | 24,956 | |
670 | 1 | Kimball Electronics, Inc. | 11,752 |
1,010 | Lam Research Corp. | 269,498 | |
1,803 | 1 | Lattice Semiconductor Corp. | 34,059 |
23,700 | Legend Holdings Corp. | 48,738 | |
390,000 | Lenovo Group Ltd. | 257,623 | |
101,000 | Lite-On Technology Corp. | 160,232 | |
749 | ManTech International Corp., Class A | 58,107 | |
7,008 | Mastercard, Inc. | 2,047,948 | |
424 | Maximus, Inc. | 31,652 | |
973 | Methode Electronics, Inc., Class A | 36,205 | |
5,246 | 1 | Micron Technology, Inc. | 249,237 |
25,787 | Microsoft Corp. | 3,903,636 | |
129 | 1 | MicroStrategy, Inc., Class A | 19,393 |
1,918 | 1 | Mobile Iron, Inc. | 9,264 |
1,560 | NIC, Inc. | 35,396 | |
4,300 | Nippon Electric Glass Co. Ltd. | 91,372 | |
4,100 | Omron Corp. | 241,384 | |
130 | 1 | Onto Innovation, Inc. | 4,363 |
9,000 | Otsuka Corp. | 361,182 | |
4,810 | 1 | Pagerduty, Inc. | 125,300 |
5,111 | Paychex, Inc. | 440,159 | |
874 | 1 | Paycom Software, Inc. | 241,932 |
712 | 1 | Paylocity Corp. | 87,092 |
17,629 | 1 | PayPal Holdings, Inc. | 1,904,108 |
176 | 1 | Perficient, Inc. | 7,441 |
22 | 1 | Plexus Corp. | 1,670 |
137 | Progress Software Corp. | 5,755 | |
247 | 1 | Qualys, Inc. | 21,615 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
417 | 1 | Rapid7, Inc. | $23,381 |
6,681 | SK Hynix, Inc. | 457,599 | |
169 | 1 | SMART Global Holdings, Inc. | 5,205 |
485 | 1 | SPS Commerce, Inc. | 27,320 |
20,355 | STMicroelectronics N.V. | 499,348 | |
32,503 | Samsung Electronics Co. Ltd. | 1,388,065 | |
998 | Samsung SDS Co. Ltd. | 165,296 | |
225 | 1 | Sanmina Corp. | 7,157 |
449 | 1 | ScanSource, Inc. | 15,904 |
391 | Science Applications International Corp. | 33,372 | |
26,000 | Seiko Epson Corp. | 396,355 | |
1,030 | 1 | Semtech Corp. | 49,914 |
4,658 | Skyworks Solutions, Inc. | 457,881 | |
211 | 1 | Synaptics, Inc. | 12,061 |
135,000 | Synnex Technology International Corp. | 163,190 | |
10,781 | 1 | Synopsys, Inc. | 1,520,552 |
6,318 | 1 | TEMENOS Group AG | 957,309 |
125,000 | 1 | Taiwan Semiconductor Manufacturing Co. Ltd. | 1,254,944 |
8,442 | Tata Consultancy Services Ltd. | 241,433 | |
32 | 1 | Tech Data Corp. | 4,636 |
917 | 1 | Tenable Holdings, Inc. | 24,897 |
13,772 | Texas Instruments, Inc. | 1,655,532 | |
1,800 | Tokyo Electron Ltd. | 372,838 | |
552 | 1 | Twilio, Inc. | 57,011 |
2,636 | Visa, Inc., Class A | 486,368 | |
1,093 | Vishay Intertechnology, Inc. | 21,740 | |
213 | 1 | Vishay Precision Group, Inc. | 7,329 |
8,000 | Walsin Technology Corp. | 44,581 | |
316 | 1 | Workiva, Inc. | 13,705 |
802 | XPERI Corp. | 15,872 | |
25,202 | Xerox Holdings Corp. | 981,114 | |
11,981 | Yageo Corp. | 129,617 | |
900 | Yokogawa Electric Corp. | 16,476 | |
9,000 | 1 | ZTE Corp. | 23,980 |
806 | 1 | Zscaler, Inc. | 42,017 |
TOTAL | 39,203,023 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Materials—3.8% | |||
333 | 1 | AdvanSix, Inc. | $6,737 |
81,591 | Alumina Ltd. | 127,450 | |
12,777 | Anglo American PLC | 334,960 | |
3,071 | Anglogold Ltd. | 58,234 | |
12,500 | Anhui Conch Cement Co. Ltd., Class H | 79,932 | |
17,319 | ArcelorMittal SA | 295,756 | |
56,000 | Asia Cement Corp. | 83,469 | |
28,481 | BHP Group PLC | 631,540 | |
3,848 | 1 | Berry Global Group, Inc. | 179,663 |
899 | Boise Cascade Co. | 34,090 | |
858 | CF Industries Holdings, Inc. | 39,648 | |
228 | Celanese Corp. | 28,630 | |
13,353 | Cherepovets MK Severstal | 188,488 | |
282,000 | China National Building Material Co. Ltd. | 272,511 | |
206,000 | China Resources Cement Holdings Ltd. | 246,541 | |
27,575 | 1 | Companhia Siderurgica Nacional SA | 82,718 |
16,382 | Corteva, Inc. | 426,260 | |
3,337 | Domtar, Corp. | 124,537 | |
13,225 | Dow, Inc | 705,818 | |
545 | Ecolab, Inc. | 101,735 | |
1,210 | Ems-Chemie Holdings Ag | 750,684 | |
40,194 | Evraz PLC | 192,390 | |
339 | 1 | Ferro Corp. | 4,888 |
5,107 | 1,2 | Ferroglobe Representation & Warranty Insurance Trust | 0 |
59,000 | Formosa Plastic Corp. | 188,137 | |
79,365 | Fortescue Metals Group Ltd. | 522,535 | |
244 | FutureFuel Corp. | 2,738 | |
43,004 | Gold Fields Ltd. | 229,026 | |
30 | Greif, Inc. | 1,625 | |
126 | Hawkins, Inc. | 5,206 | |
303 | 1 | Ingevity Corp. | 27,364 |
206,000 | Jiangxi Copper Co. Ltd. | 237,699 | |
1,870 | KGHM Polska Miedz SA | 42,876 | |
9,575 | Koninklijke DSM NV | 1,225,960 | |
24,738 | LafargeHolcim Ltd. | 1,274,935 | |
4,315 | 1,2 | Lithion Energy | 1,470 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Materials—continued | |||
685 | Louisiana-Pacific Corp. | $20,317 | |
603 | Materion Corp. | 35,493 | |
22,900 | Mitsubishi Gas Chemical Co., Inc. | 358,927 | |
8,200 | Mitsubishi Materials Corp. | 219,447 | |
1,126 | Myers Industries, Inc. | 18,635 | |
25,331 | Newmont Goldcorp Corp. | 972,710 | |
4,800 | Nissan Chemical Industries | 190,445 | |
5,000 | Nitto Denko Corp. | 281,020 | |
1,240 | 1 | Norilsk Nickel | 328,758 |
29,367 | Novolipetski Metallurgicheski Komb OAO | 58,941 | |
2,635 | Nutrien Ltd. | 124,956 | |
21,200 | PT Indah Kiat Pulp & Paper Corp. | 10,214 | |
134,700 | Petronas Chemicals BHD | 227,664 | |
4,131 | 3 | Phosagro OAO, GDR | 50,893 |
719 | Polyus PJSC | 77,047 | |
10 | Quaker Chemical Corp. | 1,492 | |
16,617 | Rio Tinto PLC | 905,210 | |
573 | Schnitzer Steel Industries, Inc., Class A | 12,348 | |
3,600 | Shin-Etsu Chemical Co. Ltd. | 385,883 | |
5,100 | Showa Denko KK | 136,512 | |
19,818 | Southern Copper Corp. | 753,679 | |
238 | Stepan Co. | 23,062 | |
649 | SunCoke Energy, Inc. | 3,323 | |
6,600 | Taiheiyo Cement Corp. | 191,144 | |
12,000 | Taiwan Cement Corp. | 16,296 | |
7,800 | Teijin Ltd. | 146,955 | |
16,000 | Tosoh Corp. | 238,769 | |
1,318 | Tredegar Industries, Inc. | 28,377 | |
1,160 | Trinseo SA | 44,068 | |
12,798 | UPM - Kymmene Oyj | 427,260 | |
1,367 | Va Stahl Ag | 36,189 | |
1,784 | Valhi, Inc. | 3,461 | |
561 | 1 | Verso Corp. | 10,356 |
1,042 | Warrior Met Coal, Inc. | 21,392 | |
1,260 | West Fraser Timber Co. Ltd. | 54,980 | |
TOTAL | 15,172,473 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Real Estate—2.4% | |||
2,000 | Agile Group Holdings Ltd. | $2,801 | |
212 | American Assets Trust, Inc. | 10,076 | |
5,237 | American Tower Corp. | 1,120,875 | |
33,100 | Ascendas Real Estate Investment Trust | 72,158 | |
1,042 | Avalonbay Communities, Inc. | 223,415 | |
13,792 | Brixmor Property Group, Inc. | 302,596 | |
94,000 | CIFI Holdings Group Co. Ltd. | 68,462 | |
3,800 | CapitaLand Commercial Trust Ltd. | 5,584 | |
62,300 | CapitaLand Mall Trust | 114,779 | |
2,079 | CareTrust REIT, Inc. | 43,410 | |
4,671 | CatchMark Timber Trust, Inc. | 55,445 | |
52,000 | China Aoyuan Group Ltd. | 74,418 | |
4,000 | China Resources Bejing Land | 17,309 | |
7,000 | China Vanke Co. Ltd. | 26,214 | |
836 | CoreCivic, Inc. | 12,665 | |
2,329 | Corepoint Lodging, Inc. | 23,546 | |
216,000 | Country Garden Holdings Co. | 300,832 | |
2,100 | Daito Trust Construction Co. Ltd. | 256,894 | |
1,392 | DiamondRock Hospitality Co. | 14,338 | |
15,101 | Duke Realty Corp. | 531,253 | |
595 | EastGroup Properties, Inc. | 81,033 | |
17,632 | Equity Residential Properties Trust | 1,500,483 | |
713 | Essential Properties Realty Trust, Inc. | 18,602 | |
139 | Essex Property Trust, Inc. | 43,393 | |
102,000 | Evergrande Real Estate Group Limited | 243,584 | |
22,041 | Fibra Uno Administracion SA | 33,784 | |
713 | First Industrial Realty Trust | 30,360 | |
130,000 | Franshion Properties of China Ltd. | 86,370 | |
1,038 | Geo Group, Inc. | 14,387 | |
51,496 | H&R Real Estate Investment Trust | 839,335 | |
91,900 | Henderson Land Development Co. Ltd. | 442,077 | |
94,000 | 1 | Kaisa Group Holdings Ltd. | 36,993 |
1,100 | Life Storage, Inc. | 120,472 | |
24,000 | Logan Property Holdings Co .Ltd. | 35,141 | |
3,500 | Longfor Properties | 14,338 | |
4,391 | Mid-American Apartment Communities, Inc. | 597,659 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Real Estate—continued | |||
805 | Monmouth Real Estate Investment Corp. | $12,341 | |
690 | National Storage Affiliates Trust | 23,115 | |
8,214 | New Senior Investment Group, Inc. | 64,480 | |
1,713 | Newmark Group, Inc. | 22,355 | |
209 | PS Business Parks, Inc. | 36,907 | |
11,081 | Pennsylvania Real Estate Investment Trust | 63,827 | |
826 | RLJ Lodging Trust | 14,116 | |
240 | Retail Value, Inc. | 8,522 | |
1,263 | Rexford Industrial Realty, Inc. | 60,447 | |
56,100 | Robinson's Land Corp., Class B | 28,924 | |
478 | STAG Industrial, Inc. | 14,813 | |
125,134 | Scentre Group | 333,421 | |
238,000 | Seazen Group Ltd. | 253,792 | |
178,000 | Shenzhen Investment Ltd. | 70,043 | |
24,500 | Shimao Property Holdings Ltd. | 88,789 | |
244,708 | Stockland Trust Group | 837,639 | |
68,000 | Sunac China Holdings | 331,467 | |
422 | Terreno Realty Corp. | 24,358 | |
758 | Urban Edge Properties | 15,713 | |
360,000 | Yuexiu Property Co., Ltd. | 76,811 | |
TOTAL | 9,796,961 | ||
Utilities—2.4% | |||
11,363 | AES Corp. | 214,874 | |
15,670 | AGL Energy Ltd. | 216,641 | |
10,330 | Ameren Corp. | 767,829 | |
2,528 | American Electric Power Co., Inc. | 230,933 | |
540 | American States Water Co. | 46,057 | |
467,595 | AusNet Services | 550,927 | |
52 | Avista Corp. | 2,459 | |
15,000 | Beijing Enterprises Holdings Ltd. | 66,304 | |
1,369 | CEZ A.S. | 30,312 | |
51,500 | CLP Holdings Ltd. | 531,163 | |
168 | Chesapeake Utilities Corp. | 15,312 | |
155,000 | China Power International Development Ltd. | 32,079 | |
22,000 | China Resources Logic Ltd. | 122,542 | |
4,815 | DTE Energy Co. | 601,586 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Utilities—continued | |||
372 | Duke Energy Corp. | $32,799 | |
10,500 | ENN Energy Holdings Ltd. | 114,023 | |
42,181 | Endesa SA | 1,146,877 | |
6,829 | Enel SpA | 51,572 | |
21,955 | Gail India Ltd. | 38,566 | |
778,500 | 3 | HK Electric Investments Ltd. | 762,757 |
109,040 | Hong Kong and China Gas Co. Ltd. | 207,941 | |
64,537 | Iberdrola SA | 634,709 | |
8,860 | Manila Electric Co. | 55,622 | |
7,939 | NextEra Energy, Inc. | 1,856,297 | |
979 | Northwestern Corp. | 70,067 | |
3,775,022 | OJSC Inter Rao Ues | 261,030 | |
183 | ONE Gas, Inc. | 16,263 | |
2,056 | Orsted A/S | 189,450 | |
279 | Otter Tail Corp. | 13,716 | |
1,900 | Petronas Gas | 7,056 | |
1,393 | Portland General Electric Co. | 77,325 | |
12,600 | Ratchaburi Group PCL | 29,494 | |
6,667 | Severn Trent PLC | 193,369 | |
1,794 | Southern Co. | 111,210 | |
5,031 | Uniper SE | 162,392 | |
976 | Unitil Corp. | 59,575 | |
TOTAL | 9,521,128 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $210,446,140) | 251,330,893 | ||
ASSET-BACKED SECURITIES—0.0% | |||
$39,715 | Santander Drive Auto Receivables Trust 2016-2, Class C, 2.660%, 11/15/2021 | 39,745 | |
21,997 | Sofi Consumer Loan Program Trust 2016-3, Class A, 3.050%, 12/26/2025 | 22,043 | |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $61,703) | 61,788 | ||
COMMERCIAL MORTGAGE-BACKED SECURITY—0.0% | |||
Financials—0.0% | |||
135,029 | Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025 (IDENTIFIED COST $137,724) | 135,432 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—0.4% | |||
$255,000 | Bank, Class A4, 3.488%, 11/15/2050 | $272,632 | |
200,000 | Citigroup Commercial Mortgage Trust 2015-GC33, Class AS, 4.114%, 9/10/2058 | 215,518 | |
450,000 | Commercial Mortgage Trust 2015-DC1, Class AM, 3.724%, 2/10/2048 | 468,399 | |
300,000 | JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049 | 311,600 | |
50,000 | WF-RBS Commercial Mortgage Trust 2012-C6, Class B, 4.697%, 4/15/2045 | 52,204 | |
100,000 | WF-RBS Commercial Mortgage Trust 2014-C25, Class B, 4.236%, 11/15/2047 | 105,414 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $1,394,613) | 1,425,767 | ||
CORPORATE BONDS—6.0% | |||
Basic Industry - Metals & Mining—0.0% | |||
100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 4/15/2023 | 105,999 | |
Basic Industry - Paper—0.0% | |||
150,000 | 1,2,4 | 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 | 193,702 | |
90,000 | 5 | Textron Financial Corp., Jr. Sub. Note, 144A, 3.644% (3-month USLIBOR +1.735%), 2/15/2042 | 71,043 |
TOTAL | 264,745 | ||
Capital Goods - Building Materials—0.1% | |||
125,000 | Allegion PLC, Sr. Unsecd. Note, 3.500%, 10/1/2029 | 127,789 | |
130,000 | Masco Corp., Sr. Unsecd. Note, 4.375%, 4/1/2026 | 141,168 | |
185,000 | Masco Corp., Unsecd. Note, 4.450%, 4/1/2025 | 200,488 | |
TOTAL | 469,445 | ||
Capital Goods - Diversified Manufacturing—0.1% | |||
30,000 | General Electric Capital Corp., Note, Series MTNA, 6.750%, 3/15/2032 | 38,910 | |
300,000 | Valmont Industries, Inc., 5.250%, 10/1/2054 | 308,031 | |
TOTAL | 346,941 | ||
Commercial Mortgage—0.0% | |||
150,000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., 5.050%, 3/30/2029 | 169,135 | |
Communications - Cable & Satellite—0.1% | |||
200,000 | CCO Safari II LLC, 4.908%, 7/23/2025 | 219,423 | |
Communications - Media & Entertainment—0.2% | |||
310,000 | British Sky Broadcasting Group PLC, 144A, 3.750%, 9/16/2024 | 331,743 | |
20,000 | Discovery Communications LLC, Sr. Unsecd. Note, 4.900%, 3/11/2026 | 22,375 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Communications - Media & Entertainment—continued | |||
$70,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046 | $85,144 | |
350,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.600%, 4/15/2026 | 369,937 | |
TOTAL | 809,199 | ||
Communications - Telecom Wireless—0.1% | |||
375,000 | Vodafone Group PLC, Sr. Unsecd. Note, 4.250%, 9/17/2050 | 390,641 | |
75,000 | Vodafone Group PLC, Sr. Unsecd. Note, 4.875%, 6/19/2049 | 85,322 | |
TOTAL | 475,963 | ||
Communications - Telecom Wirelines—0.1% | |||
300,000 | AT&T, Inc., Sr. Unsecd. Note, 5.150%, 3/15/2042 | 349,598 | |
200,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 3/15/2024 | 215,817 | |
TOTAL | 565,415 | ||
Consumer Cyclical - Automotive—0.1% | |||
275,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.336%, 3/18/2021 | 276,525 | |
70,000 | General Motors Co., Sr. Unsecd. Note, 4.000%, 4/1/2025 | 73,209 | |
TOTAL | 349,734 | ||
Consumer Cyclical - Retailers—0.2% | |||
100,000 | Advance Auto Parts, Inc., 4.500%, 12/1/2023 | 107,043 | |
300,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 4/15/2025 | 312,297 | |
91,638 | CVS Health Corp., Pass Thru Cert., 144A, 5.298%, 1/11/2027 | 98,174 | |
120,000 | Under Armour, Inc., Sr. Unsecd. Note, 3.250%, 6/15/2026 | 115,041 | |
TOTAL | 632,555 | ||
Consumer Cyclical - Services—0.1% | |||
200,000 | Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.800%, 6/6/2023 | 202,629 | |
130,000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | 137,835 | |
TOTAL | 340,464 | ||
Consumer Non-Cyclical - Food/Beverage—0.3% | |||
425,000 | Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 5.550%, 1/23/2049 | 564,191 | |
210,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026 | 216,052 | |
250,000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 3.950%, 7/15/2025 | 262,570 | |
100,000 | McCormick & Co., Inc., Sr. Unsecd. Note, 3.400%, 8/15/2027 | 104,950 | |
120,000 | Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025 | 131,130 | |
70,000 | PepsiCo, Inc., Sr. Unsecd. Note, 4.450%, 4/14/2046 | 87,446 | |
TOTAL | 1,366,339 | ||
Consumer Non-Cyclical - Health Care—0.2% | |||
210,000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 2.750%, 9/15/2029 | 210,350 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Consumer Non-Cyclical - Health Care—continued | |||
$400,000 | PerkinElmer, Inc., Sr. Unsecd. Note, 3.300%, 9/15/2029 | $401,095 | |
TOTAL | 611,445 | ||
Consumer Non-Cyclical - Pharmaceuticals—0.1% | |||
125,000 | Eli Lilly & Co., Sr. Unsecd. Note, 3.950%, 3/15/2049 | 147,517 | |
90,000 | Gilead Sciences, Inc., Sr. Unsecd. Note, 3.650%, 3/1/2026 | 96,786 | |
TOTAL | 244,303 | ||
Consumer Non-Cyclical - Supermarkets—0.1% | |||
375,000 | Kroger Co., Sr. Unsecd. Note, 5.400%, 1/15/2049 | 457,410 | |
Consumer Non-Cyclical - Tobacco—0.3% | |||
EUR 870,000 | Philip Morris International, Inc., Sr. Unsecd. Note, 2.875%, 5/14/2029 | 1,120,684 | |
$200,000 | Reynolds American, Inc., Sr. Unsecd. Note, 5.850%, 8/15/2045 | 226,393 | |
TOTAL | 1,347,077 | ||
Energy - Independent—0.0% | |||
170,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 2.900%, 8/15/2024 | 171,124 | |
Energy - Integrated—0.0% | |||
100,000 | Husky Energy, Inc., Sr. Unsecd. Note, 3.950%, 4/15/2022 | 103,202 | |
35,000 | Petro-Canada, Deb., 7.000%, 11/15/2028 | 44,873 | |
TOTAL | 148,075 | ||
Energy - Midstream—0.2% | |||
325,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 | 336,708 | |
100,000 | Kinder Morgan, Inc., 5.050%, 2/15/2046 | 110,752 | |
80,000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 | 83,067 | |
100,000 | Williams Partners LP, Sr. Unsecd. Note, 4.900%, 1/15/2045 | 103,816 | |
TOTAL | 634,343 | ||
Energy - Refining—0.1% | |||
250,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.750%, 9/15/2044 | 273,606 | |
Financial Institution - Banking—0.6% | |||
100,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 4.875%, 4/1/2044 | 127,024 | |
300,000 | Bank of America Corp., Sub. Note, Series MTN, 4.000%, 1/22/2025 | 319,392 | |
300,000 | Citigroup, Inc., Sr. Unsecd. Note, 2.700%, 3/30/2021 | 302,537 | |
250,000 | Citizens Bank N.A., Sr. Unsecd. Note, Series BKNT, 3.750%, 2/18/2026 | 266,913 | |
250,000 | Compass Bank, Birmingham, Sub. Note, Series BKNT, 3.875%, 4/10/2025 | 263,179 | |
5,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 5.750%, 1/24/2022 | 5,368 | |
100,000 | JPMorgan Chase & Co., Series S, 6.750%, 8/1/2068 | 112,697 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Financial Institution - Banking—continued | |||
$50,000 | JPMorgan Chase & Co., Sub. Note, 3.375%, 5/1/2023 | $51,854 | |
400,000 | Morgan Stanley, 4.300%, 1/27/2045 | 472,619 | |
300,000 | 5 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 2.450% (3-month USLIBOR +0.550%), 2/10/2021 | 300,240 |
34,904 | 2 | Regional Diversified Funding, 144A, 9.250%, 3/15/2030 | 26,178 |
80,000 | Regions Financial Corp., Sr. Unsecd. Note, 3.200%, 2/8/2021 | 80,968 | |
230,000 | SunTrust Banks, Inc., Sr. Unsecd. Note, 2.900%, 3/3/2021 | 232,178 | |
TOTAL | 2,561,147 | ||
Financial Institution - Broker/Asset Mgr/Exchange—0.1% | |||
140,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | 149,064 | |
240,000 | Stifel Financial Corp., Sr. Unsecd. Note, 3.500%, 12/1/2020 | 242,648 | |
70,000 | TIAA Asset Management Finance Co. LLC, Sr. Unsecd. Note, 144A, 4.125%, 11/1/2024 | 75,729 | |
TOTAL | 467,441 | ||
Financial Institution - Finance Companies—0.1% | |||
210,000 | AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.950%, 2/1/2022 | 217,069 | |
325,000 | GE Capital International Funding, Inc., Sr. Unsecd. Note, 4.418%, 11/15/2035 | 350,277 | |
TOTAL | 567,346 | ||
Financial Institution - Insurance - Life—0.3% | |||
27,000 | Aflac, Inc., Sr. Unsecd. Note, 6.450%, 8/15/2040 | 37,922 | |
400,000 | American International Group, Inc., Unsecd. Note, 3.875%, 1/15/2035 | 426,798 | |
325,000 | Mass Mutual Global Funding II, 144A, 2.000%, 4/15/2021 | 325,434 | |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039 | 16,569 | |
105,000 | Northwestern Mutual Life Insurance Co., Sr. Unsecd. Note, 144A, 3.625%, 9/30/2059 | 107,409 | |
100,000 | Principal Life Global Funding II, 144A, 2.200%, 4/8/2020 | 100,113 | |
TOTAL | 1,014,245 | ||
Financial Institution - Insurance - P&C—0.1% | |||
300,000 | Liberty Mutual Group, Inc., Sr. Unsecd. Note, 144A, 3.951%, 10/15/2050 | 306,921 | |
30,000 | Nationwide Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039 | 51,881 | |
TOTAL | 358,802 | ||
Financial Institution - REIT - Apartment—0.1% | |||
300,000 | Mid-America Apartment Communities LP, Sr. Unsecd. Note, 3.750%, 6/15/2024 | 316,137 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Financial Institution - REIT - Apartment—continued | |||
$140,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026 | $143,207 | |
TOTAL | 459,344 | ||
Financial Institution - REIT - Healthcare—0.1% | |||
435,000 | Healthcare Trust of America, Sr. Unsecd. Note, 3.100%, 2/15/2030 | 433,189 | |
Financial Institution - REIT - Office—0.1% | |||
100,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028 | 108,012 | |
300,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 4.500%, 7/30/2029 | 339,282 | |
TOTAL | 447,294 | ||
Financial Institution - REIT - Other—0.1% | |||
180,000 | Liberty Property LP, Sr. Unsecd. Note, 4.375%, 2/1/2029 | 205,773 | |
90,000 | WP Carey, Inc., Sr. Unsecd. Note, 3.850%, 7/15/2029 | 95,205 | |
160,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024 | 171,312 | |
TOTAL | 472,290 | ||
Financial Institution - REIT - Retail—0.0% | |||
30,000 | Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/1/2022 | 30,927 | |
Financial Institution - REITs—0.1% | |||
300,000 | Boston Properties, Inc., Sr. Unsecd. Note, 3.400%, 6/21/2029 | 314,230 | |
Foreign-Local-Government—0.0% | |||
50,000 | Quebec, Province of, Note, Series MTNA, 7.035%, 3/10/2026 | 62,972 | |
Municipal Services—0.1% | |||
134,231 | Army Hawaii Family Housing, 144A, 5.524%, 6/15/2050 | 167,219 | |
100,000 | Camp Pendleton & Quantico Housing LLC, 5.572%, 10/1/2050 | 125,000 | |
TOTAL | 292,219 | ||
Sovereign—0.1% | |||
JPY 30,000,000 | KFW, 2.050%, 2/16/2026 | 315,966 | |
Technology—0.7% | |||
$300,000 | Adobe, Inc., Sr. Unsecd. Note, 3.250%, 2/1/2025 | 315,128 | |
400,000 | Apple, Inc., Sr. Unsecd. Note, 2.950%, 9/11/2049 | 389,959 | |
320,000 | Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr. Secd. Note, 144A, 6.020%, 6/15/2026 | 365,947 | |
28,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.875%, 6/5/2024 | 29,852 | |
260,000 | Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029 | 273,572 | |
150,000 | Hewlett Packard Enterprise Co., Sr. Unsecd. Note, 3.600%, 10/15/2020 | 151,765 | |
300,000 | Keysight Technologies, Inc., 4.550%, 10/30/2024 | 326,542 |
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 | $393,549 | |
70,000 | Total System Services, Inc., Sr. Unsecd. Note, 4.800%, 4/1/2026 | 78,024 | |
450,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 3/15/2029 | 492,099 | |
TOTAL | 2,816,437 | ||
Transportation - Services—0.1% | |||
62,000 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 3.850%, 11/15/2024 | 65,981 | |
335,000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 3.375%, 2/1/2022 | 342,031 | |
TOTAL | 408,012 | ||
Utility - Electric—0.7% | |||
120,000 | Duke Energy Corp., Sr. Unsecd. Note, 2.650%, 9/1/2026 | 120,966 | |
275,000 | Electricite de France SA, Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028 | 307,738 | |
190,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 | 222,106 | |
400,000 | Enel Finance International NV, Sr. Unsecd. Note, 144A, 2.650%, 9/10/2024 | 400,415 | |
300,000 | Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026 | 313,767 | |
375,000 | Metropolitan Edison Co., Sr. Unsecd. Note, 144A, 4.300%, 1/15/2029 | 422,370 | |
300,000 | National Rural Utilities Cooperative Finance Corp., 2.000%, 1/27/2020 | 300,044 | |
140,000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 | 150,789 | |
200,000 | NiSource Finance Corp., Sr. Unsecd. Note, 3.950%, 3/30/2048 | 209,733 | |
400,000 | Northeast Utilities, Sr. Unsecd. Note, Series H, 3.150%, 1/15/2025 | 414,117 | |
125,000 | Wisconsin Electric Power Co., Sr. Unsecd. Note, 4.300%, 12/15/2045 | 145,005 | |
TOTAL | 3,007,050 | ||
Utility - Natural Gas—0.1% | |||
200,000 | Sempra Energy, Sr. Unsecd. Note, 2.850%, 11/15/2020 | 201,336 | |
TOTAL CORPORATE BONDS (IDENTIFIED COST $22,903,758) | 24,232,987 | ||
MORTGAGE-BACKED SECURITIES—0.0% | |||
1,310 | Federal Home Loan Mortgage Corp., Pool C00592, 7.000%, 3/1/2028 | 1,472 | |
939 | Federal Home Loan Mortgage Corp., Pool C00896, 7.500%, 12/1/2029 | 1,082 | |
97 | Federal Home Loan Mortgage Corp., Pool C17281, 6.500%, 11/1/2028 | 100 | |
1,049 | Federal Home Loan Mortgage Corp., Pool C19588, 6.500%, 12/1/2028 | 1,185 | |
828 | Federal Home Loan Mortgage Corp., Pool C25621, 6.500%, 5/1/2029 | 932 | |
1,316 | Federal Home Loan Mortgage Corp., Pool C76361, 6.000%, 2/1/2033 | 1,494 | |
1,944 | Federal Home Loan Mortgage Corp., Pool G01444, 6.500%, 8/1/2032 | 2,235 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
MORTGAGE-BACKED SECURITIES—continued | |||
$1,161 | Federal National Mortgage Association, Pool 251697, 6.500%, 5/1/2028 | $1,295 | |
5,489 | Federal National Mortgage Association, Pool 252334, 6.500%, 2/1/2029 | 6,031 | |
3,348 | Federal National Mortgage Association, Pool 254905, 6.000%, 10/1/2033 | 3,810 | |
4,041 | Federal National Mortgage Association, Pool 255075, 5.500%, 2/1/2024 | 4,354 | |
367 | Federal National Mortgage Association, Pool 303168, 9.500%, 2/1/2025 | 406 | |
226 | Federal National Mortgage Association, Pool 323159, 7.500%, 4/1/2028 | 256 | |
2,213 | Federal National Mortgage Association, Pool 323640, 7.500%, 4/1/2029 | 2,496 | |
5,107 | Federal National Mortgage Association, Pool 545993, 6.000%, 11/1/2032 | 5,781 | |
2,142 | Federal National Mortgage Association, Pool 555272, 6.000%, 3/1/2033 | 2,422 | |
1,660 | Federal National Mortgage Association, Pool 713974, 5.500%, 7/1/2033 | 1,852 | |
3,667 | Federal National Mortgage Association, Pool 721502, 5.000%, 7/1/2033 | 4,009 | |
4,969 | Government National Mortgage Association, Pool 2796, 7.000%, 8/20/2029 | 5,630 | |
2,973 | Government National Mortgage Association, Pool 3040, 7.000%, 2/20/2031 | 3,393 | |
7,536 | Government National Mortgage Association, Pool 3188, 6.500%, 1/20/2032 | 8,558 | |
9,686 | Government National Mortgage Association, Pool 3239, 6.500%, 5/20/2032 | 11,041 | |
193 | Government National Mortgage Association, Pool 352214, 7.000%, 4/15/2023 | 205 | |
1,434 | Government National Mortgage Association, Pool 451522, 7.500%, 10/15/2027 | 1,620 | |
883 | Government National Mortgage Association, Pool 462556, 6.500%, 2/15/2028 | 971 | |
284 | Government National Mortgage Association, Pool 462739, 7.500%, 5/15/2028 | 321 | |
106 | Government National Mortgage Association, Pool 464835, 6.500%, 9/15/2028 | 117 | |
2,513 | Government National Mortgage Association, Pool 469699, 7.000%, 11/15/2028 | 2,805 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
MORTGAGE-BACKED SECURITIES—continued | |||
$2,194 | Government National Mortgage Association, Pool 486760, 6.500%, 12/15/2028 | $2,435 | |
191 | Government National Mortgage Association, Pool 780339, 8.000%, 12/15/2023 | 204 | |
2,113 | Government National Mortgage Association, Pool 780453, 7.500%, 12/15/2025 | 2,323 | |
2,014 | Government National Mortgage Association, Pool 780584, 7.000%, 6/15/2027 | 2,211 | |
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $74,572) | 83,046 | ||
FOREIGN GOVERNMENTS/AGENCIES—7.2% | |||
Sovereign—7.2% | |||
AUD 1,000,000 | Australia, Government of, Sr. Unsecd. Note, Series 148, 2.750%, 11/21/2027 | 768,944 | |
EUR 390,000 | Belgium, Government of, Series 68, 2.250%, 6/22/2023 | 472,844 | |
EUR 680,000 | Belgium, Government of, Series 74, 0.800%, 6/22/2025 | 797,557 | |
CAD 800,000 | Canada, Government of, Bond, 3.250%, 6/1/2021 | 616,782 | |
CAD 480,000 | Canada, Government of, Series WL43, 5.750%, 6/1/2029 | 498,621 | |
EUR 936,000 | France, Government of, 0.500%, 5/25/2025 | 1,082,539 | |
EUR 350,000 | France, Government of, Bond, 4.500%, 4/25/2041 | 703,765 | |
EUR 400,000 | France, Government of, O.A.T., 5.500%, 4/25/2029 | 675,333 | |
EUR 250,000 | France, Government of, Unsecd. Note, 1.250%, 5/25/2036 | 316,595 | |
EUR 400,000 | France, Government of, Unsecd. Note, 1.750%, 6/25/2039 | 550,420 | |
EUR 300,000 | Germany, Government of, Bond, Series 03, 4.750%, 7/4/2034 | 573,967 | |
EUR 100,000 | Germany, Government of, Bond, Series 08, 4.750%, 7/4/2040 | 220,027 | |
EUR 540,000 | Germany, Government of, Unsecd. Note, 1.000%, 8/15/2025 | 648,876 | |
EUR 1,000,000 | Italy, Government of, 3.750%, 5/1/2021 | 1,161,656 | |
EUR 220,000 | Italy, Government of, 4.250%, 3/1/2020 | 245,028 | |
EUR 680,000 | Italy, Government of, Sr. Unsecd. Note, 0.650%, 10/15/2023 | 757,937 | |
EUR 1,000,000 | Italy, Government of, Sr. Unsecd. Note, 4.750%, 9/1/2028 | 1,434,653 | |
EUR 500,000 | Italy, Government of, Unsecd. Note, 1.600%, 6/1/2026 | 576,690 | |
EUR 58,000 | Italy, Government of, Unsecd. Note, 3.250%, 9/1/2046 | 76,843 | |
JPY 100,000,000 | Japan, Government of, Series 313, 1.300%, 3/20/2021 | 931,091 | |
JPY 60,000,000 | Japan, Government of, Series 65, 1.900%, 12/20/2023 | 594,774 | |
JPY 142,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 114, 2.100%, 12/20/2029 | 1,581,700 | |
JPY 205,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 153, 1.300%, 6/20/2035 | 2,210,841 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
FOREIGN GOVERNMENTS/AGENCIES—continued | |||
Sovereign—continued | |||
JPY 50,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 351, 0.100%, 6/20/2028 | $466,917 | |
JPY 155,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 44, 1.700%, 9/20/2044 | 1,875,526 | |
$30,000 | Mexico, Government of, Series MTNA, 6.750%, 9/27/2034 | 41,100 | |
MXN 30,200,000 | Mexico, Government of, Sr. Unsecd. Note, Series M, 5.000%, 12/11/2019 | 1,539,540 | |
EUR 350,000 | Netherlands, Government of, 1.750%, 7/15/2023 | 418,867 | |
EUR 750,000 | Netherlands, Government of, Unsecd. Note, 2.500%, 1/15/2033 | 1,106,182 | |
EUR 150,000 | Spain, Government of, 4.200%, 1/31/2037 | 253,940 | |
EUR 590,000 | Spain, Government of, Sr. Unsecd. Note, 1.950%, 7/30/2030 | 748,536 | |
EUR 880,000 | Spain, Government of, Sr. Unsecd. Note, 2.750%, 10/31/2024 | 1,104,030 | |
EUR 400,000 | Spain, Government of, Sr. Unsub., 4.000%, 4/30/2020 | 448,776 | |
GBP 270,000 | United Kingdom, Government of, 2.750%, 9/7/2024 | 385,829 | |
GBP 430,000 | United Kingdom, Government of, 3.250%, 1/22/2044 | 793,860 | |
GBP 350,000 | United Kingdom, Government of, 4.250%, 12/7/2027 | 584,562 | |
GBP 600,000 | United Kingdom, Government of, Unsecd. Note, 1.500%, 7/22/2047 | 829,383 | |
GBP 430,000 | United Kingdom, Government of, Unsecd. Note, 4.250%, 6/7/2032 | 781,291 | |
TOTAL FOREIGN GOVERNMENTS/AGENCIES (IDENTIFIED COST $27,414,309) | 28,875,822 | ||
U.S. TREASURIES—3.2% | |||
$324,993 | U.S. Treasury Inflation-Protected Notes, 0.125%, 4/15/2021 | 322,819 | |
26,394 | U.S. Treasury Inflation-Protected Notes, 0.125%, 4/15/2022 | 26,204 | |
5,248 | U.S. Treasury Inflation-Protected Notes, 0.375%, 7/15/2027 | 5,340 | |
312,474 | U.S. Treasury Inflation-Protected Notes, 0.750%, 2/15/2042 | 331,199 | |
78,088 | U.S. Treasury Inflation-Protected Notes, 1.000%, 2/15/2048 | 88,258 | |
637,706 | U.S. Treasury Inflation-Protected Notes, 1.000%, 2/15/2049 | 725,439 | |
925,000 | United States Treasury Bond, 2.250%, 8/15/2049 | 934,366 | |
75,000 | United States Treasury Bond, 2.500%, 2/15/2045 | 79,249 | |
81,000 | United States Treasury Bond, 2.500%, 5/15/2046 | 85,708 | |
225,000 | United States Treasury Bond, 2.750%, 8/15/2047 | 250,308 | |
3,000 | United States Treasury Bond, 3.000%, 11/15/2045 | 3,476 | |
55,000 | United States Treasury Bond, 3.000%, 2/15/2048 | 64,159 | |
350,000 | United States Treasury Bond, 3.000%, 8/15/2048 | 408,994 | |
75,000 | United States Treasury Bond, 3.000%, 2/15/2049 | 87,838 | |
100,000 | United States Treasury Bond, 4.375%, 2/15/2038 | 136,045 | |
1,300,000 | United States Treasury Note, 1.375%, 8/31/2026 | 1,271,237 | |
600,000 | United States Treasury Note, 1.500%, 10/31/2021 | 598,584 |
Shares, Principal Amount or Contracts | Value in U.S. Dollars | ||
U.S. TREASURIES—continued | |||
$400,000 | United States Treasury Note, 1.500%, 9/30/2024 | $397,532 | |
275,000 | United States Treasury Note, 1.625%, 10/31/2026 | 273,126 | |
1,000,000 | United States Treasury Note, 1.750%, 11/15/2029 | 997,553 | |
600,000 | United States Treasury Note, 1.875%, 6/30/2026 | 605,691 | |
3,275,000 | United States Treasury Note, 2.125%, 5/31/2021 | 3,296,497 | |
180,000 | United States Treasury Note, 2.250%, 3/31/2021 | 181,318 | |
50,000 | United States Treasury Note, 2.250%, 3/31/2026 | 51,617 | |
385,000 | United States Treasury Note, 2.500%, 1/31/2021 | 388,489 | |
700,000 | United States Treasury Note, 2.500%, 2/28/2021 | 706,837 | |
30,000 | United States Treasury Note, 2.500%, 1/31/2025 | 31,254 | |
225,000 | United States Treasury Note, 2.500%, 2/28/2026 | 235,541 | |
160,000 | United States Treasury Note, 2.875%, 11/30/2023 | 167,706 | |
145,000 | United States Treasury Note, 2.875%, 9/30/2023 | 151,719 | |
TOTAL U.S. TREASURIES (IDENTIFIED COST $12,645,333) | 12,904,103 | ||
PURCHASED CALL OPTION—0.0% | |||
3,300,000 | BNP EUR CALL/JPY PUT, Notional Amount $3,300,000, Exercise Price $122.43, Expiration Date 1/30/2020 (IDENTIFIED COST $27,255) | 10,668 | |
PURCHASED PUT OPTION—0.0% | |||
85,000 | Morgan Stanley USD PUT/CAD CALL, Notional Amount $85,000, Exercise Price $1.33, Expiration Date 12/4/2019 (IDENTIFIED COST $224) | 107 | |
INVESTMENT COMPANIES—18.6% | |||
3,951,047 | Emerging Markets Core Fund | 39,273,404 | |
220,646 | Federated Bank Loan Core Fund | 2,151,295 | |
3,049,396 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.77%6 | 3,050,311 | |
2,226,677 | Federated Mortgage Core Portfolio | 21,999,566 | |
546,931 | Federated Project and Trade Finance Core Fund | 4,911,439 | |
566,062 | 7 | High Yield Bond Portfolio | 3,532,228 |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $72,618,208) | 74,918,243 | ||
TOTAL INVESTMENT IN SECURITIES—97.8% (IDENTIFIED COST $347,723,839)8 | 393,978,856 | ||
OTHER ASSETS AND LIABILITIES - NET—2.2%9 | 8,778,869 | ||
TOTAL NET ASSETS—100% | $402,757,725 |
Settlement Date | Counterparty | Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
Contracts Purchased: | ||||
12/6/2019 | State Street Bank & Trust Co. | 10,069,000 AUD | $6,822,335 | $(11,101) |
12/6/2019 | Credit Agricole CIB | 949,000 CAD | $713,023 | $1,423 |
12/6/2019 | Credit Agricole CIB | 686,196,000 JPY | $6,303,467 | $(31,331) |
12/6/2019 | HSBC BANK USA | 110,102,000 MXN | $5,668,037 | $(45,010) |
12/6/2019 | BNP Paribas SA | 1,613,000 NOK | $175,524 | $(591) |
12/20/2019 | Barclays Bank PLC Wholesale | 3,021,158,000 KRW | $2,529,415 | $29,501 |
12/20/2019 | Barclays Bank PLC Wholesale | 3,621,743,000 KRW | $3,027,378 | $40,232 |
12/20/2019 | Barclays Bank PLC Wholesale | 10,167,923,000 KRW | $8,600,703 | $11,510 |
12/20/2019 | Barclays Bank PLC Wholesale | 12,137,989,000 KRW | $10,373,374 | $(92,519) |
12/20/2019 | Barclays Bank PLC Wholesale | 13,695,569,000 KRW | $11,627,107 | (26,984) |
12/20/2019 | Barclays Bank PLC Wholesale | 23,742,197,000 KRW | $20,405,491 | $(295,892) |
2/3/2020 | State Street Bank & Trust Co. | 500,000 EUR | 60,559,405 JPY | $(2,552) |
2/3/2020 | State Street Bank & Trust Co. | 550,000 EUR | $615,644 | $(6,948) |
2/3/2020 | State Street Bank & Trust Co. | 680,000 GBP | $878,048 | $3,421 |
2/3/2020 | State Street Bank & Trust Co. | 540,995,700 JPY | $5,000,000 | $(33,866) |
2/3/2020 | Morgan Stanley | 13,803,734 NOK | $1,500,000 | $(2,181) |
2/3/2020 | Citibank N.A. | 19,986,058 NOK | $2,200,000 | $(31,348) |
2/3/2020 | Citibank N.A. | 950,000 NZD | $605,485 | $5,004 |
2/4/2020 | Citibank N.A. | 11,653,621 MXN | $600,000 | $(9,719) |
2/4/2020 | Goldman Sachs | 11,672,744 MXN | $600,000 | $(8,750) |
2/18/2020 | Morgan Stanley | 115,501 AUD | $80,000 | $(1,718) |
2/18/2020 | Goldman Sachs | 223,796 CAD | $170,000 | $(1,437) |
2/18/2020 | JPMorgan Chase | 73,468 CHF | $75,000 | $(1,058) |
2/18/2020 | State Street Bank & Trust Co. | 400,565 EUR | $450,000 | $(6,273) |
2/18/2020 | State Street Bank & Trust Co. | 123,109 GBP | $160,000 | $(352) |
2/18/2020 | JPMorgan Chase | 29,515,112 JPY | $275,000 | $(3,837) |
2/18/2020 | Goldman Sachs | 2,910,516 MXN | $150,000 | $(2,874) |
2/28/2020 | Bank of America N.A. | 170,000 AUD | $115,584 | $(335) |
2/28/2020 | JPMorgan Chase | 112,219 CAD | $85,000 | $(474) |
2/28/2020 | Barclays Bank PLC Wholesale | 13,481,013 MXN | $690,000 | $(9,521) |
2/28/2020 | Barclays Bank PLC Wholesale | 1,000,000 NOK | $109,110 | $(600) |
2/28/2020 | Morgan Stanley | 180,000 NZD | $115,797 | $(83) |
2/28/2020 | Barclays Bank PLC Wholesale | 1,700,000 NZD | $1,092,953 | $(104) |
Settlement Date | Counterparty | Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
Contracts Sold: | ||||
12/6/2019 | Bank of America N.A. | 4,689,000 CHF | $4,700,526 | $9,388 |
12/6/2019 | BNP Paribas SA | 13,836,000 EUR | $15,257,537 | $10,310 |
12/6/2019 | Morgan Stanley | 3,648,000 GBP | $4,697,318 | $(21,014) |
12/6/2019 | Bank of New York Mellon | 879,000 NZD | $563,339 | $(1,009) |
12/6/2019 | Barclays Bank PLC Wholesale | 85,980,000 SEK | $8,918,158 | $(61,631) |
12/6/2019 | Bank of America N.A. | 2,548,000 SGD | $1,866,211 | $3,070 |
12/6/2019 | Citibank N.A. | 3,827,000 TRY | $664,409 | $(338) |
12/20/2019 | Bank of America N.A. | 5,502,104,000 KRW | $4,653,847 | $(6,425) |
12/20/2019 | Barclays Bank PLC Wholesale | 11,474,833,000 KRW | $9,887,750 | $168,587 |
12/20/2019 | Barclays Bank PLC Wholesale | 14,540,279,000 KRW | $12,372,494 | $56,904 |
12/20/2019 | Barclays Bank PLC Wholesale | 18,184,228,000 KRW | $15,590,178 | $188,169 |
12/20/2019 | Barclays Bank PLC Wholesale | 27,397,245,000 KRW | $22,926,565 | $(278,853) |
2/3/2020 | Goldman Sachs | 500,000 EUR | 60,407,345 JPY | $1,156 |
2/3/2020 | Citibank N.A | 20,089,073 NOK | $2,200,000 | $20,170 |
2/3/2020 | BNP Paribas SA | 950,000 NZD | $606,914 | $(3,575) |
2/4/2020 | State Street Bank & Trust Co. | 23,308,824 MXN | $1,200,000 | $19,358 |
NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS | $(432,100) |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
1Amsterdam Index Short Futures | 74 | $9,738,812 | December 2019 | $25,489 |
1Australia 10-Year Bond Short Futures | 312 | $31,033,298 | December 2019 | $(196,081) |
1Canada 10-Year Bond Short Futures | 424 | $44,711,044 | March 2020 | $(46,618) |
1DAX Index Short Futures | 31 | $11,311,117 | December 2019 | $(337,117) |
1FTSE 100 Index Short Futures | 164 | $15,621,249 | December 2019 | $(5,180) |
1Japan 10-Year Bond Short Futures | 19 | $26,595,138 | December 2019 | $96,072 |
1Long GILT Short Futures | 170 | $29,188,739 | March 2020 | $(18,554) |
1MSCI Singapore IX ETS Short Futures | 273 | $7,351,996 | December 2019 | $26,833 |
1MSCI Taiwan Index Short Futures | 361 | $15,703,500 | December 2019 | $162,537 |
1SPI 200 Short Futures | 12 | $1,391,220 | December 2019 | $(22,199) |
1S&P/TSX 60 IX Short Futures | 28 | $4,290,537 | December 2019 | $(19,521) |
1TOPIX Index Short Futures | 35 | $5,428,167 | December 2019 | $(237,575) |
1United States Treasury Ultra Bond Short Futures | 4 | $750,875 | March 2020 | $464 |
1CAC 40 10-Year Euro Long Futures | 309 | $20,083,505 | December 2019 | $(38,976) |
1Euro BTP Long Futures | 56 | $8,841,105 | March 2020 | $5,213 |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
1Euro Bund Long Futures | 181 | $34,514,613 | March 2020 | $(44,155) |
1FTSE JSE Top 40 Long Futures | 343 | $11,532,835 | December 2019 | $(237,235) |
1FTSE/MIB Index Long Futures | 7 | $897,476 | December 2019 | $(3,833) |
1Hang Seng Index Long Futures | 44 | $7,400,501 | December 2019 | $(92,998) |
1IBEX 35 Index Long Futures | 7 | $719,207 | December 2019 | $11,303 |
1KOSPI2 Index Long Futures | 35 | $2,056,100 | December 2019 | $(15,235) |
1S&P 500 E-Mini Long Futures | 142 | $22,320,270 | December 2019 | $284,761 |
1United States Treasury Notes 2-Year Long Futures | 70 | $15,091,016 | March 2020 | $(15,267) |
1United States Treasury Notes 5-Year Long Futures | 16 | $1,903,500 | March 2020 | $(3,911) |
1United States Treasury Notes 10-Year Long Futures | 80 | $10,348,750 | March 2020 | $(16,597) |
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $(738,380) |
Counterparty | Description | Notional Amount | Expiration Date | Exercise Price | Value |
Call Options: | |||||
Barclays Bank PLC Wholesale | NZD CALL/USD PUT | $605,360 | December 2019 | $0.64 | $(1,403) |
Put Options: | |||||
Bank of America Merrill Lynch | USD PUT/CAD CALL | $85,000 | December 2019 | $1.30 | $(1) |
BNP Paribas | EUR PUT/JPY CALL | $3,300,000 | January 2020 | $119.30 | $(18,856) |
(PREMIUMS RECEIVED $29,382) | $(20,260) |
Balance of Shares Held 11/30/2018 | Purchases/ Additions | Sales/ Reductions | |
Emerging Markets Core Fund | 2,987,593 | 1,573,267 | (609,813) |
Federated Bank Loan Core Fund | 222,396 | 204,804 | (206,554) |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | 5,429,001 | 136,850,886 | (139,230,491) |
Federated Mortgage Core Portfolio | 1,599,256 | 1,599,337 | (971,916) |
Federated Project and Trade Finance Core Fund | 521,974 | 24,957 | — |
High Yield Bond Portfolio | 583,842 | 331,107 | (348,887) |
TOTAL OF AFFILIATED TRANSACTIONS | 11,344,062 | 140,584,358 | (141,367,661) |
Balance of Shares Held 11/30/2019 | Value | Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/(Loss) | Dividend Income |
3,951,047 | $39,273,404 | $2,836,935 | $(366,033) | $1,836,775 |
220,646 | $2,151,295 | $7,991 | $(52,736) | $81,324 |
3,049,396 | $3,050,311 | $178 | $1,037 | $78,005 |
2,226,677 | $21,999,566 | $789,154 | $(129,058) | $599,181 |
546,931 | $4,911,439 | $(47,983) | $— | $225,115 |
566,062 | $3,532,228 | $107,976 | $56,144 | $236,356 |
10,560,759 | $74,918,243 | $3,694,251 | $(490,646) | $3,056,756 |
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 November 30, 2019, these restricted securities amounted to $813,650, which represented 0.2% of total net assets. |
4 | Issuer in default. |
5 | Floating/variable note with current rate and current maturity or next reset date shown. |
6 | 7-day net yield. |
7 | The High Yield Portfolio is a diversified portfolio of below investment grade bonds. |
8 | The cost of investments for federal tax purposes amounts to $380,621,071. |
9 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $124,760,198 | $— | $— | $124,760,198 |
International | 15,563,152 | 111,005,451 | 2,092 | 126,570,695 |
Debt Securities: | ||||
Asset-Backed Securities | — | 61,788 | — | 61,788 |
Commercial Mortgage-Backed Security | — | 135,432 | — | 135,432 |
Collateralized Mortgage Obligations | — | 1,425,767 | — | 1,425,767 |
Corporate Bonds | — | 24,206,809 | 26,178 | 24,232,987 |
Mortgage-Backed Securities | — | 83,046 | — | 83,046 |
Foreign Governments/Agencies | — | 28,875,822 | — | 28,875,822 |
U.S. Treasuries | — | 12,904,103 | — | 12,904,103 |
Purchased Call Options | — | 10,668 | — | 10,668 |
Purchased Put Options | — | 107 | — | 107 |
Investment Companies1 | 70,006,804 | — | — | 74,918,243 |
TOTAL SECURITIES | $210,330,154 | $178,708,993 | $28,270 | $393,978,856 |
Other Financial Instruments | ||||
Assets | ||||
Futures Contracts | $612,672 | $— | $— | $612,672 |
Foreign Exchange Contracts | — | 568,203 | — | 568,203 |
Written Option Contracts | — | — | — | — |
Liabilities | ||||
Futures Contracts | (1,351,052) | — | — | (1,351,052) |
Foreign Exchange Contracts | — | (1,000,303) | — | (1,000,303) |
Written Options Contracts | — | (20,260) | — | (20,260) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $(738,380) | $(452,360) | $— | $(1,190,740) |
1 | As permitted by U.S. generally accepted accounting principles (GAAP), an Investment Company valued at $4,911,439 is measured at fair value using the net asset value (NAV) per share practical expedient and has not been categorized in the chart above but is included in the Total column. 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 |
CHF | —Swiss Franc |
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 |
REIT | —Real Estate Investment Trust |
REMIC | —Real Estate Mortgage Investment Conduit |
SEK | —Swedish Krona |
SGD | —Singapore Dollar |
TRY | —Turkish New Lira |
Year Ended November 30 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $19.08 | $20.09 | $17.49 | $17.87 | $20.29 |
Income From Investment Operations: | |||||
Net investment income1 | 0.31 | 0.31 | 0.28 | 0.29 | 0.27 |
Net realized and unrealized gain (loss) | 1.44 | (0.99) | 2.63 | (0.37) | (0.80) |
TOTAL FROM INVESTMENT OPERATIONS | 1.75 | (0.68) | 2.91 | (0.08) | (0.53) |
Less Distributions: | |||||
Distributions from net investment income | (0.36) | (0.33) | (0.31) | (0.29) | (0.17) |
Distributions from net realized gain | (0.64) | — | — | (0.01) | (1.72) |
TOTAL DISTRIBUTIONS | (1.00) | (0.33) | (0.31) | (0.30) | (1.89) |
Net Asset Value, End of Period | $19.83 | $19.08 | $20.09 | $17.49 | $17.87 |
Total Return2 | 9.89% | (3.46)% | 16.85% | (0.68)% | (2.80)% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.15% | 1.15% | 1.14% | 1.14% | 1.16% |
Net investment income | 1.65% | 1.53% | 1.50% | 1.65% | 1.45% |
Expense waiver/reimbursement3 | 0.20% | 0.11% | 0.18% | 0.17% | 0.13% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $181,579 | $146,323 | $169,424 | $169,443 | $187,183 |
Portfolio turnover | 85% | 66% | 58% | 105% | 76% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended November 30 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $18.60 | $19.58 | $17.06 | $17.43 | $19.86 |
Income From Investment Operations: | |||||
Net investment income1 | 0.16 | 0.14 | 0.13 | 0.14 | 0.12 |
Net realized and unrealized gain (loss) | 1.39 | (0.96) | 2.55 | (0.35) | (0.78) |
TOTAL FROM INVESTMENT OPERATIONS | 1.55 | (0.82) | 2.68 | (0.21) | (0.66) |
Less Distributions: | |||||
Distributions from net investment income | (0.21) | (0.16) | (0.16) | (0.15) | (0.05) |
Distributions from net realized gain | (0.64) | — | — | (0.01) | (1.72) |
TOTAL DISTRIBUTIONS | (0.85) | (0.16) | (0.16) | (0.16) | (1.77) |
Net Asset Value, End of Period | $19.30 | $18.60 | $19.58 | $17.06 | $17.43 |
Total Return2 | 8.94% | (4.20)% | 15.84% | (1.46)% | (3.59)% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.96% | 1.96% | 1.95% | 1.95% | 1.97% |
Net investment income | 0.86% | 0.72% | 0.70% | 0.85% | 0.64% |
Expense waiver/reimbursement3 | 0.20% | 0.12% | 0.20% | 0.18% | 0.12% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $7,880 | $9,758 | $14,342 | $16,037 | $21,384 |
Portfolio turnover | 85% | 66% | 58% | 105% | 76% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended November 30 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $18.52 | $19.51 | $17.00 | $17.37 | $19.80 |
Income From Investment Operations: | |||||
Net investment income1 | 0.16 | 0.15 | 0.14 | 0.15 | 0.13 |
Net realized and unrealized gain (loss) | 1.40 | (0.96) | 2.55 | (0.35) | (0.78) |
TOTAL FROM INVESTMENT OPERATIONS | 1.56 | (0.81) | 2.69 | (0.20) | (0.65) |
Less Distributions: | |||||
Distributions from net investment income | (0.22) | (0.18) | (0.18) | (0.16) | (0.06) |
Distributions from net realized gain | (0.64) | — | — | (0.01) | (1.72) |
TOTAL DISTRIBUTIONS | (0.86) | (0.18) | (0.18) | (0.17) | (1.78) |
Net Asset Value, End of Period | $19.22 | $18.52 | $19.51 | $17.00 | $17.37 |
Total Return2 | 9.06% | (4.20)% | 15.92% | (1.44)% | (3.55)% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.92% | 1.90% | 1.89% | 1.89% | 1.91% |
Net investment income | 0.89% | 0.78% | 0.75% | 0.91% | 0.70% |
Expense waiver/reimbursement3 | 0.20% | 0.14% | 0.21% | 0.20% | 0.15% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $64,600 | $64,095 | $78,445 | $82,845 | $89,640 |
Portfolio turnover | 85% | 66% | 58% | 105% | 76% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended November 30 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $18.94 | $19.94 | $17.38 | $17.74 | $20.16 |
Income From Investment Operations: | |||||
Net investment income1 | 0.24 | 0.22 | 0.20 | 0.21 | 0.19 |
Net realized and unrealized gain (loss) | 1.41 | (0.98) | 2.61 | (0.36) | (0.80) |
TOTAL FROM INVESTMENT OPERATIONS | 1.65 | (0.76) | 2.81 | (0.15) | (0.61) |
Less Distributions: | |||||
Distributions from net investment income | (0.28) | (0.24) | (0.25) | (0.20) | (0.09) |
Distributions from net realized gain | (0.64) | — | — | (0.01) | (1.72) |
TOTAL DISTRIBUTIONS | (0.92) | (0.24) | (0.25) | (0.21) | (1.81) |
Net Asset Value, End of Period | $19.67 | $18.94 | $19.94 | $17.38 | $17.74 |
Total Return2 | 9.38% | (3.86)% | 16.32% | (1.12)% | (3.26)% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.56% | 1.58% | 1.57% | 1.56% | 1.59% |
Net investment income | 1.26% | 1.09% | 1.07% | 1.24% | 1.02% |
Expense waiver/reimbursement3 | 0.19% | 0.12% | 0.18% | 0.18% | 0.14% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $42,860 | $43,452 | $51,768 | $52,430 | $59,229 |
Portfolio turnover | 85% | 66% | 58% | 105% | 76% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended November 30 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $19.19 | $20.21 | $17.61 | $17.98 | $20.40 |
Income From Investment Operations: | |||||
Net investment income1 | 0.37 | 0.37 | 0.33 | 0.34 | 0.32 |
Net realized and unrealized gain (loss) | 1.45 | (1.00) | 2.65 | (0.37) | (0.80) |
TOTAL FROM INVESTMENT OPERATIONS | 1.82 | (0.63) | 2.98 | (0.03) | (0.48) |
Less Distributions: | |||||
Distributions from net investment income | (0.42) | (0.39) | (0.38) | (0.33) | (0.22) |
Distributions from net realized gain | (0.64) | — | — | (0.01) | (1.72) |
TOTAL DISTRIBUTIONS | (1.06) | (0.39) | (0.38) | (0.34) | (1.94) |
Net Asset Value, End of Period | $19.95 | $19.19 | $20.21 | $17.61 | $17.98 |
Total Return2 | 10.21% | (3.21)% | 17.13% | (0.37)% | (2.51)% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.86% | 0.86% | 0.85% | 0.85% | 0.87% |
Net investment income | 1.95% | 1.81% | 1.77% | 1.95% | 1.74% |
Expense waiver/reimbursement3 | 0.22% | 0.14% | 0.20% | 0.20% | 0.14% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $99,564 | $95,613 | $105,720 | $91,167 | $115,108 |
Portfolio turnover | 85% | 66% | 58% | 105% | 76% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended November 30, | Period Ended 11/30/20161 | |||
2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $19.09 | $20.10 | $17.51 | $16.97 |
Income From Investment Operations: | ||||
Net investment income2 | 0.38 | 0.36 | 0.33 | 0.11 |
Net realized and unrealized gain (loss) | 1.44 | (0.98) | 2.63 | 0.56 |
TOTAL FROM INVESTMENT OPERATIONS | 1.82 | (0.62) | 2.96 | 0.67 |
Less Distributions: | ||||
Distributions from net investment income | (0.43) | (0.39) | (0.37) | (0.13) |
Distributions from net realized gain | (0.64) | — | — | — |
TOTAL DISTRIBUTIONS | (1.07) | (0.39) | (0.37) | (0.13) |
Net Asset Value, End of Period | $19.84 | $19.09 | $20.10 | $17.51 |
Total Return3 | 10.26% | (3.16)% | 17.14% | 3.94% |
Ratios to Average Net Assets: | ||||
Net expenses | 0.84% | 0.84% | 0.83% | 0.84%4 |
Net investment income | 1.97% | 1.79% | 1.78% | 1.48%4 |
Expense waiver/reimbursement5 | 0.19% | 0.11% | 0.17% | 0.16%4 |
Supplemental Data: | ||||
Net assets, end of period (000 omitted) | $6,275 | $4,890 | $6,243 | $4,853 |
Portfolio turnover | 85% | 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 $74,918,243 of investment in affiliated holdings* (identified cost $347,723,839) | $393,978,856 | |
Cash denominated in foreign currencies (identified cost $721,426) | 600,179 | |
Due from broker | 8,766,645 | |
Income receivable | 1,182,284 | |
Income receivable from affiliated holdings | 284,944 | |
Receivable for investments sold, net of reserve of $2,695,488 (Note 9) | 152,398 | |
Receivable for shares sold | 271,732 | |
Unrealized appreciation on foreign exchange contracts | 568,203 | |
TOTAL ASSETS | 405,805,241 | |
Liabilities: | ||
Payable for investments purchased | $271,479 | |
Payable for shares redeemed | 215,136 | |
Written options outstanding (premium $29,382), at value | 20,260 | |
Unrealized depreciation on foreign exchange contracts | 1,000,303 | |
Payable for variation margin on futures contracts | 1,023,892 | |
Payable for investment adviser fee (Note 5) | 11,131 | |
Payable for administrative fees (Note 5) | 1,745 | |
Payable for custodian fees | 116,317 | |
Payable for transfer agent fee | 87,093 | |
Payable for portfolio accounting fees | 99,466 | |
Payable for distribution services fee (Note 5) | 62,236 | |
Payable for other service fees (Notes 2 and 5) | 50,769 | |
Accrued expenses (Note 5) | 87,689 | |
TOTAL LIABILITIES | 3,047,516 | |
Net assets for 20,413,223 shares outstanding | $402,757,725 | |
Net Assets Consist of: | ||
Paid-in capital | $414,145,588 | |
Total distributable earnings (loss) | (11,387,863) | |
TOTAL NET ASSETS | $402,757,725 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($181,579,285 ÷ 9,158,800 shares outstanding), no par value, unlimited shares authorized | $19.83 | |
Offering price per share (100/94.50 of $19.83) | $20.98 | |
Redemption proceeds per share | $19.83 | |
Class B Shares: | ||
Net asset value per share ($7,879,880 ÷ 408,213 shares outstanding), no par value, unlimited shares authorized | $19.30 | |
Offering price per share | $19.30 | |
Redemption proceeds per share (94.50/100 of $19.30) | $18.24 | |
Class C Shares: | ||
Net asset value per share ($64,599,831 ÷ 3,360,822 shares outstanding), no par value, unlimited shares authorized | $19.22 | |
Offering price per share | $19.22 | |
Redemption proceeds per share (99.00/100 of $19.22) | $19.03 | |
Class R Shares: | ||
Net asset value per share ($42,860,262 ÷ 2,178,424 shares outstanding), no par value, unlimited shares authorized | $19.67 | |
Offering price per share | $19.67 | |
Redemption proceeds per share | $19.67 | |
Institutional Shares: | ||
Net asset value per share ($99,563,764 ÷ 4,990,650 shares outstanding), no par value, unlimited shares authorized | $19.95 | |
Offering price per share | $19.95 | |
Redemption proceeds per share | $19.95 | |
Class R6 Shares: | ||
Net asset value per share ($6,274,703 ÷ 316,314 shares outstanding), no par value, unlimited shares authorized | $19.84 | |
Offering price per share | $19.84 | |
Redemption proceeds per share | $19.84 |
Investment Income: | |||
Dividends (including $3,056,756 received from an affiliated holdings* and net of foreign taxes withheld of $387,004) | $8,667,147 | ||
Interest | 1,612,456 | ||
TOTAL INCOME | 10,279,603 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $2,525,872 | ||
Administrative fee (Note 5) | 309,169 | ||
Custodian fees | 235,280 | ||
Transfer agent fee (Note 2) | 587,576 | ||
Directors'/Trustees' fees (Note 5) | 9,496 | ||
Auditing fees | 34,570 | ||
Legal fees | 10,058 | ||
Portfolio accounting fees | 173,109 | ||
Distribution services fee (Note 5) | 750,775 | ||
Other service fees (Notes 2 and 5) | 562,456 | ||
Share registration costs | 94,537 | ||
Printing and postage | 41,262 | ||
Miscellaneous (Note 5) | 70,418 | ||
TOTAL EXPENSES | 5,404,578 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(704,693) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (42,980) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (747,673) | ||
Net expenses | 4,656,905 | ||
Net investment income | 5,622,698 |
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 $(3,272)) (including net realized loss of $(490,646) on sales of investments in affiliated holdings*) | $5,482,618 | ||
Net realized gain on foreign currency transactions | 384,842 | ||
Net realized loss on foreign exchange contracts | (2,484,070) | ||
Net realized gain on futures contracts | 841,605 | ||
Net realized gain on written options | 54,067 | ||
Net realized gain on swap contracts | 4,727 | ||
Net change in unrealized appreciation of investments (including net change in unrealized depreciation of $3,694,251 on investments in affiliated holdings*) | 26,262,080 | ||
Net change in unrealized appreciation/depreciation of translation of assets and liabilities in foreign currency | (78,172) | ||
Net change in unrealized appreciation of foreign exchange contracts | (133,183) | ||
Net change in unrealized appreciation of futures contracts | (1,140,245) | ||
Net change in unrealized appreciation of written options | 9,122 | ||
Net realized and unrealized gain on investments, futures contracts, written options, foreign exchange contracts, swap contracts and foreign currency transactions | 29,203,391 | ||
Change in net assets resulting from operations | $34,826,089 |
Year Ended November 30 | 2019 | 2018 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $5,622,698 | $5,652,829 |
Net realized gain | 4,283,789 | 21,252,905 |
Net change in unrealized appreciation/depreciation | 24,919,602 | (40,526,550) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 34,826,089 | (13,620,816) |
Distributions to Shareholders: | ||
Class A Shares | (7,774,878) | (2,645,384) |
Class B Shares | (430,895) | (106,913) |
Class C Shares | (2,912,985) | (698,290) |
Class R Shares | (2,130,402) | (598,310) |
Institutional Shares | (5,014,766) | (1,963,486) |
Class R6 Shares | (282,719) | (138,061) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (18,546,645) | (6,150,444) |
Share Transactions: | ||
Proceeds from sale of shares | 45,310,579 | 81,789,409 |
Proceeds from shares issued in connection with the tax-free transfer of assets from Federated Absolute Return Fund | 60,593,669 | — |
Net asset value of shares issued to shareholders in payment of distributions declared | 17,869,165 | 5,852,548 |
Cost of shares redeemed | (101,425,895) | (129,682,582) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 22,347,518 | (42,040,625) |
Change in net assets | 38,626,962 | (61,811,885) |
Net Assets: | ||
Beginning of period | 364,130,763 | 425,942,648 |
End of period | $402,757,725 | $364,130,763 |
Shares of the Fund Issued | Federated Absolute Return Fund Net Assets Received | Unrealized Depreciation1 | Net Assets of the Fund Immediately Prior to Combination | Net Assets of the Fund Immediately After Combination |
3,199,576 | $60,593,669 | $(1,606,835) | $343,566,261 | $404,159,930 |
1 | Unrealized Depreciation is included in the Net Assets Received amount shown above. |
Net investment income* | $6,157,164 |
Net realized and unrealized gain on investments | 29,828,020 |
Net increase in net assets resulting from operations | $35,985,184 |
* | Net investment income includes $222,230 of pro forma eliminated expenses. |
■ | 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 | $218,077 | $(8,945) |
Class B Shares | 17,287 | (415) |
Class C Shares | 102,226 | (4,619) |
Class R Shares | 131,781 | — |
Institutional Shares | 114,281 | (29,001) |
Class R6 Shares | 3,924 | — |
TOTAL | $587,576 | $(42,980) |
Other Service Fees Incurred | |
Class A Shares | $385,236 |
Class B Shares | 21,281 |
Class C Shares | 155,939 |
TOTAL | $562,456 |
Security | Acquisition Date | Cost | Market Value |
HK Electric Investments Ltd. | 2/2/16 | $654,353 | $762,757 |
Phosagro OAO, GDR | 1/3/19 | $45,981 | $50,893 |
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 variation margin on futures contracts | $239,433* | |
Equity contracts | $— | Payable for variation margin on futures contracts | $498,947* | |
Foreign exchange contracts | Purchased options, in securities at value | $10,775 | $— | |
Foreign exchange contracts | Unrealized appreciation on foreign exchange contracts | $568,203 | Unrealized depreciation on foreign exchange contracts | $1,000,303 |
Fair Value of Derivative Instruments | ||||
Asset | Liability | |||
Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | |
Foreign exchange contracts | $— | Written options outstanding at value | $20,260 | |
Total derivatives not accounted for as hedging instruments under ASC Topic 815 | $578,978 | $1,758,943 |
* | Includes cumulative appreciation/depreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only a portion of the 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 Options1 | Written Options | Total | |
Interest rate contracts | $— | $370,262 | $— | $— | $— | $370,262 |
Equity contracts | — | 473,544 | — | — | — | 473,544 |
Foreign exchange contracts | — | (2,201) | (2,484,070) | (73,297) | 54,067 | (2,505,501) |
Credit contracts | 4,727 | — | — | — | — | 4,727 |
TOTAL | $4,727 | $841,605 | $(2,484,070) | $(73,297) | $54,067 | $(1,656,968) |
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 | |||||
Futures Contracts | Foreign Exchange Contracts | Purchased Options2 | Written Options | Total | |
Interest rate contracts | $(334,684) | $— | $— | $— | $(334,684) |
Equity contracts | (805,561) | — | — | — | (805,561) |
Foreign exchange contracts | — | (133,183) | (16,704) | 9,122 | (140,765) |
TOTAL | (1,140,245) | (133,183) | (16,704) | 9,122 | (1,281,010) |
2 | The net change in unrealized appreciation of Purchased Options is found within the Net change in unrealized depreciation of investments on the Statement of Operations. |
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||
Transaction | Gross Asset Derivatives Presented in Statement of Assets and Liabilities | Financial Instruments | Collateral Received | Net Amount (not less than $0) |
Foreign exchange contracts | $568,203 | $(556,361) | $— | $11,842 |
TOTAL | $568,203 | $(556,361) | $— | $11,842 |
Transaction | Gross Liability Derivatives Presented in Statement of Assets and Liabilities | Financial Instruments | Collateral Received | Net Amount (not less than $0) |
Foreign exchange contracts | $1,000,303 | $(556,361) | $— | $443,942 |
TOTAL | $1,000,303 | $(556,361) | $— | $443,942 |
Year Ended November 30 | 2019 | 2018 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 704,490 | $13,350,974 | 986,770 | $19,723,211 |
Proceeds from shares issued in connection with the tax-free transfer of assets from Federated Absolute Return Fund | 1,987,441 | 37,741,567 | — | — |
Shares issued to shareholders in payment of distributions declared | 412,447 | 7,311,903 | 123,936 | 2,477,745 |
Shares redeemed | (1,615,912) | (30,642,318) | (1,873,982) | (37,564,015) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 1,488,466 | $27,762,126 | (763,276) | $(15,363,059) |
Year Ended November 30 | 2019 | 2018 | ||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,854 | $50,358 | 7,401 | $190,621 |
Proceeds from shares issued in connection with the tax-free transfer of assets from Federated Absolute Return Fund | 30,312 | 560,473 | — | — |
Shares issued to shareholders in payment of distributions declared | 24,083 | 411,432 | 5,231 | 102,141 |
Shares redeemed | (173,789) | (3,199,758) | (220,288) | (4,305,888) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (116,540) | $(2,177,495) | (207,656) | $(4,013,126) |
Year Ended November 30 | 2019 | 2018 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 464,276 | $8,524,764 | 798,562 | $15,639,241 |
Proceeds from shares issued in connection with the tax-free transfer of assets from Federated Absolute Return Fund | 413,438 | 7,615,504 | — | — |
Shares issued to shareholders in payment of distributions declared | 165,458 | 2,821,670 | 34,712 | 674,608 |
Shares redeemed | (1,142,345) | $(20,990,309) | (1,393,090) | $(27,077,891) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (99,173) | (2,028,371) | (559,816) | (10,764,042) |
Year Ended November 30 | 2019 | 2018 | ||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 448,896 | $8,451,047 | 465,038 | $9,266,744 |
Shares issued to shareholders in payment of distributions declared | 118,810 | 2,080,658 | 29,452 | 584,979 |
Shares redeemed | (683,854) | (12,945,514) | (795,720) | (15,759,686) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | (116,148) | $(2,413,809) | (301,230) | $(5,907,963) |
Year Ended November 30 | 2019 | 2018 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 694,953 | $13,283,388 | 1,539,834 | $30,768,641 |
Proceeds from shares issued in connection with the tax-free transfer of assets from Federated Absolute Return Fund | 768,385 | 14,676,125 | — | — |
Shares issued to shareholders in payment of distributions declared | 278,079 | 4,962,943 | 93,349 | 1,875,764 |
Shares redeemed | (1,732,662) | (32,854,408) | (1,882,409) | (37,926,274) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 8,755 | $68,048 | (249,226) | $(5,281,869) |
Year Ended November 30 | 2019 | 2018 | ||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 85,869 | $1,650,048 | 310,689 | $6,200,951 |
Shares issued to shareholders in payment of distributions declared | 15,773 | 280,559 | 6,858 | 137,311 |
Shares redeemed | (41,431) | (793,588) | (372,014) | (7,048,828) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 60,211 | $1,137,019 | (54,467) | $(710,566) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 1,225,571 | $22,347,518 | (2,135,671) | $(42,040,625) |
Increase (Decrease) | |
Paid-In Capital | Total Distributable Earnings (Loss) |
$59,092,846 | $(59,092,846) |
2019 | 2018 | |
Ordinary income | $6,431,981 | $6,150,444 |
Long-term capital gains | $12,114,664 | $— |
Undistributed ordinary income | $1,946,892 |
Net unrealized appreciation | $12,575,596 |
Undistributed long-term capital gains | $3,470,913 |
Capital loss carryforward | $(29,399,127) |
Short-Term | Long-Term | Total |
$29,399,127 | $- | $29,399,127 |
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 | $63,842 |
Class C Shares | 467,815 |
Class R Shares | 219,118 |
TOTAL | $750,775 |
Purchases | $286,065,851 |
Sales | $264,475,840 |
![](https://capedge.com/proxy/N-CSR/0001623632-20-000146/kpmgsig.jpg)
January 27, 2020
Beginning Account Value 6/1/2019 | Ending Account Value 11/30/2019 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,072.60 | $5.98 |
Class B Shares | $1,000 | $1,067.30 | $10.16 |
Class C Shares | $1,000 | $1,068.00 | $9.95 |
Class R Shares | $1,000 | $1,069.80 | $8.04 |
Institutional Shares | $1,000 | $1,073.70 | $4.47 |
Class R6 Shares | $1,000 | $1,073.70 | $4.37 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.30 | $5.82 |
Class B Shares | $1,000 | $1,015.30 | $9.90 |
Class C Shares | $1,000 | $1,015.50 | $9.70 |
Class R Shares | $1,000 | $1,017.30 | $7.84 |
Institutional Shares | $1,000 | $1,020.80 | $4.36 |
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 183/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.15% |
Class B Shares | 1.96% |
Class C Shares | 1.92% |
Class R Shares | 1.55% |
Institutional Shares | 0.86% |
Class R6 Shares | 0.84% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: November 1998 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations:Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of certain of the Funds in the Federated Fund Family; Vice President, Federated Investors, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President of some of the Funds in the Federated Fund Complex and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Investors, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
* | Reasons for “interested” status: J. Christopher Donahue and John B. Fisher are interested due to their beneficial ownership of shares of Federated Investors, Inc. and due to positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Director, Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc.; Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court's Board of Continuing Judicial Education and the Supreme Court's Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: November 1998 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: November 1998 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Investors, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Stephen F. Auth Birth Date: September 13, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: November 2002 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
![](https://capedge.com/proxy/N-CSR/0001623632-20-000146/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
2020 ©Federated Investors, Inc.
Item 2. | Code of Ethics |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.
(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. Audit Committee Financial Expert
The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: John T. Collins, G. Thomas Hough and Thomas M. O'Neill.
Item 4. | Principal Accountant Fees and Services |
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2019 - $34,570
Fiscal year ended 2018 - $34,570
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2019 - $0
Fiscal year ended 2018 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $2,087 and $0 respectively. Fiscal year ended 2019- Audit consent fee for N-14 merger document.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2019 - $0
Fiscal year ended 2018 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2019 - $0
Fiscal year ended 2018 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate its responsibilities to pre-approve services performed by the independent auditor to management.
The Audit Committee has delegated pre-approval authority to its Chairman. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee must approve any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit Services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services, all other Audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain Audit-related services, all other Audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide Tax services to the Company such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services, all Tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of services other than audit, review or attest services the pre-approval requirement is waived if:
(1) | The aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant to its accountant during the fiscal year in which the services are provided; |
(2) | Such services were not recognized by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant at the time of the engagement to be non-audit services; and |
(3) | Such services are promptly brought to the attention of the Audit Committee of the issuer and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the board of directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, and would not impair the independence of the auditor.
The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of prohibited non-audit services and the applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2019– 0%
Fiscal year ended 2018- 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2019– 0%
Fiscal year ended 2018– 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2019– 0%
Fiscal year ended 2018– 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) | NA |
(g) | Non-Audit Fees billed to the registrant, the registrant’s investment adviser, and certain entities controlling, controlled by or under common control with the investment adviser: |
Fiscal year ended 2019- $30,129
Fiscal year ended 2018- $0
(h) | The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
The registrant’s management and Audit Committee continue to believe that the registrant’s registered public accounting firm, KPMG LLP (“KPMG”), has the ability to exercise objective and impartial judgment on all issues encompassed within its audit services. KPMG is required to make a determination that it satisfies certain independence requirements under the federal securities laws. Like other registrants, there is a risk that activities or relationships of KPMG, or its partners or employees, can prevent a determination from being made that it satisfies such independence requirements with respect to the registrant, which could render it ineligible to serve as the registrant’s independent public accountant.
In its required communications to the Audit Committee of the registrant’s Board, KPMG informed the Audit Committee that KPMG and/or covered person professionals within KPMG maintain lending relationships with certain owners of greater than 10% of the shares of certain investment companies within the “investment company complex” as defined under Rule 2-01(f)(14) of Regulation S-X, which are affiliates of the registrant. KPMG has advised the Audit Committee that these lending relationships implicate Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the “Loan Rule”). The Loan Rule prohibits an independent public accountant, or covered person professionals at such firm, from having a financial relationship (such as a loan) with a lender that is a record or beneficial owner of more than 10% of an audit client’s equity securities. For purposes of the Loan Rule, audit clients include the registrant, as well as all registered investment companies audited by KPMG (collectively, the “KPMG Funds”).
KPMG informed the Audit Committee that KPMG believes that these lending relationships described above do not and will not impair KPMG’s ability to exercise objective and impartial judgment in connection with financial statement audits of the registrant and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that KPMG has been and is capable of objective and impartial judgment on all issues encompassed within KPMG’s audits.
On June 20, 2016, the Division of Investment Management of the Securities and Exchange Commission (“SEC”) issued a no-action letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to similar Loan Rule matters as those described above (the “Letter”). In the Letter, the SEC Staff confirmed that it would not recommend enforcement action against an investment company that relied on the audit services performed by an independent public accountant where the Loan Rule was implicated in certain specified circumstances provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the Loan Rule is implicated because of lending relationships; and (3) notwithstanding such lending relationships that implicate the Loan Rule, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. The circumstances described in the Letter are substantially similar to the circumstances that implicated the Loan Rule with respect to EY and the registrant. On September 22, 2017, the SEC extended the expiration of the Letter until the effectiveness of any amendments to the Loan Rule designed to address the concerns in the Letter. On June 18, 2019, the SEC adopted amendments (effective October 3, 2019) to the Loan Rule, which, refocus the analysis that must be conducted to determine whether an auditor is independent when the auditor has a lending relationship with certain shareholders of an audit client at any time during an audit or professional engagement period.
If it were to be determined that the relief available under the Letter was improperly relied upon, or that the independence requirements under the federal securities laws were not complied with regarding the registrant, for certain periods, any of the registrant’s filings with the SEC which contain financial statements of the registrant for such periods may be determined not to be consistent with or comply with applicable federal securities laws, the registrant’s ability to offer shares under its current registration statement may be impacted, andcertain financial reporting and/or other covenants with, and representations and warranties to, the registrant’s lender under its committed line of credit may be impacted. Such eventscould have a material adverse effect on the registrant and the KPMG Funds.
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
RegistrantFederated Global Allocation Fund
By/S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
DateJanuary 27, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By/S/ J. Christopher Donahue
J. Christopher Donahue, Principal Executive Officer
DateJanuary 27, 2020
By/S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
DateJanuary 27, 2020