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 Hermes Global Allocation Fund
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
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: 11/30/20
Date of Reporting Period: Six months ended 05/31/20
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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Portfolio Composition | Percentage of Total Net Assets |
International Equity Securities | 32.9% |
Domestic Equity Securities | 32.4% |
Emerging Markets Core Fund | 8.3% |
Foreign Debt Securities | 7.3% |
Corporate Debt Securities | 6.9% |
Federated Mortgage Core Portfolio | 4.5% |
U.S. Treasury and Agency Securities | 2.2% |
High Yield Bond Portfolio | 0.9% |
Collateralized Mortgage-Backed Securities | 0.7% |
Federated Project and Trade Finance Core Fund | 0.6% |
Asset-Backed Securities | 0.5% |
Federated Bank Loan Core Fund | 0.5% |
Municipal Bonds | 0.3% |
Government Agencies | 0.2% |
Mortgage-Backed Securities2,3 | 0.0% |
Purchased Options3 | 0.0% |
Derivative Contracts3,4 | 0.0% |
Other Assets and Liabilities5 | 1.8% |
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 |
Information Technology | 17.6% |
Financials | 15.6% |
Consumer Discretionary | 12.4% |
Health Care | 11.8% |
Industrials | 11.6% |
Consumer Staples | 8.2% |
Communication Services | 7.9% |
Materials | 5.5% |
Utilities | 3.8% |
Real Estate | 3.0% |
Energy | 2.6% |
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 | ||
COMMON STOCKS—65.3% | |||
Communication Services—5.1% | |||
26,889 | AT&T, Inc. | $829,795 | |
15,923 | Activision Blizzard, Inc. | 1,146,138 | |
1,032 | 1 | Alphabet, Inc., Class A | 1,479,393 |
1,033 | 1 | Alphabet, Inc., Class C | 1,476,074 |
10,995 | 1 | Altice USA, Inc. | 282,791 |
54,208 | Auto Trader Group PLC | 375,118 | |
358 | 1 | Boingo Wireless, Inc. | 4,905 |
3,840 | 1 | Central European Media Enterprises Ltd., Class A | 15,360 |
308 | 1 | Charter Communications, Inc. | 167,552 |
604 | Cheil Communications, Inc. | 8,125 | |
9,500 | China Mobile Ltd. | 66,753 | |
2,140 | 1 | Cincinnati Bell, Inc. | 31,522 |
1,600 | Cyber Agent Ltd. | 80,688 | |
43,185 | Deutsche Telekom AG, Class REG | 670,266 | |
7,205 | 1 | Facebook, Inc. | 1,621,774 |
612 | 1 | Gray Television, Inc. | 8,531 |
483,095 | HKT Trust and HKT Ltd. | 689,267 | |
20,100 | Hakuhodo DY Holdings, Inc. | 250,067 | |
4,541 | Hellenic Telecommunication Organization SA | 64,005 | |
963 | 1 | Imax Corp. | 12,143 |
1,829 | Info Edge India Ltd. | 65,026 | |
13,700 | Intouch Holdings Public Co. Ltd. | 23,271 | |
2,100 | Konami Corp. | 73,872 | |
28,535 | 1 | Liberty Media Group | 965,054 |
19,725 | 1 | Lions Gate Entertainment Corp. | 157,208 |
676 | 1 | Loral Space & Communications Ltd. | 12,729 |
464 | 1 | Netflix, Inc. | 194,755 |
600 | Nintendo Co. Ltd. | 242,494 | |
1,394 | Proximus | 29,170 | |
7,590 | Quebecor, Inc., Class B | 166,866 | |
32 | SK Telecom Co. Ltd. | 5,590 | |
114,800 | Singapore Press Holdings Ltd. | 104,267 | |
2,200 | Square Enix Holdings Co. Ltd. | 106,845 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Communication Services—continued | |||
11,148 | 1 | T-Mobile USA, Inc. | $1,115,246 |
5,404 | 1 | Take-Two Interactive Software, Inc. | 735,863 |
616 | 1 | TechTarget, Inc. | 16,934 |
303 | Tegna, Inc. | 3,551 | |
6,447 | Telenet Group Holding NV | 264,797 | |
230,310 | Telstra Corp. Ltd. | 494,919 | |
32,100 | Tencent Holdings Ltd. | 1,710,976 | |
98,877 | Tim Participacoes S.A. | 252,367 | |
4,343 | Verizon Communications, Inc. | 249,201 | |
23,706 | Vivendi SA | 539,718 | |
2,602 | 1 | Vonage Holdings Corp. | 25,057 |
785 | 1 | Yelp, Inc. | 17,066 |
5,483 | 1 | Zillow Group, Inc. | 317,959 |
172,172 | 1 | Zynga, Inc. | 1,575,374 |
TOTAL | 18,746,442 | ||
Consumer Discretionary—8.1% | |||
3,400 | ABC-Mart, Inc. | 206,793 | |
372 | Aaron’s, Inc. | 13,731 | |
4,176 | Adidas AG | 1,095,083 | |
37 | 1 | Adtalem Global Education, Inc. | 1,238 |
9,766 | 1 | Alibaba Group Holding Ltd., ADR | 2,025,371 |
940 | 1 | Altus San Nicolas, Corp. | 5 |
1,927 | 1 | Amazon.com, Inc. | 4,706,447 |
262 | 1 | America’s Car-Mart, Inc. | 20,847 |
214 | 1 | Asbury Automotive Group, Inc. | 15,468 |
3,978 | Berkeley Group Holdings PLC | 202,131 | |
7,987 | Block (H&R), Inc. | 135,779 | |
226 | Bluegreen Vacations Corp. | 985 | |
71 | 1 | Booking Holdings, Inc. | 116,399 |
505 | 1 | Boot Barn Holdings, Inc. | 10,847 |
131 | Brinker International, Inc. | 3,452 | |
6,504 | Burberry Group PLC | 120,797 | |
6,534 | Canadian Tire Corp. Ltd. | 558,179 | |
889 | Carriage Services, Inc. | 16,642 | |
10,400 | Casio Computer Co. Ltd. | 183,373 | |
30 | 1 | Cavco Industries, Inc. | 5,706 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
28,404 | Compass Group PLC | $417,529 | |
904 | 1 | CROCs, Inc. | 25,900 |
17,492 | D. R. Horton, Inc. | 967,308 | |
397 | 1 | Deckers Outdoor Corp. | 72,464 |
2,202 | 1 | Denny’s Corp. | 23,881 |
5,800 | Denso Corp. | 222,633 | |
381 | Dine Brands Global, Inc. | 17,294 | |
15,701 | Dollarama, Inc. | 532,318 | |
11,567 | eBay, Inc. | 526,761 | |
706 | 1 | Everi Holdings, Inc. | 4,384 |
74,494 | Extended Stay America, Inc. | 856,681 | |
200 | Fast Retailing Co. Ltd. | 112,528 | |
3,746 | Faurecia | 145,054 | |
10,700 | Feng Tay Enterprise Co. Ltd. | 64,614 | |
2,640 | Fiat Chrysler Automobiles NV | 23,414 | |
21,511 | Ford Motor Co. | 122,828 | |
32,000 | Formosa Taffeta Co. | 36,479 | |
2,333 | 1 | Frontdoor, Inc. | 106,501 |
18,236 | Gentex Corp. | 482,160 | |
73 | 1 | Gentherm, Inc. | 2,971 |
9,189 | Gildan Activewear, Inc. | 127,472 | |
314,000 | 1 | Gome Electrical Appliances Holdings Ltd. | 39,024 |
168,500 | Great Wall Motor Company Limited | 107,047 | |
262 | Group 1 Automotive, Inc. | 16,490 | |
111,073 | Harvey Norman Holdings Ltd. | 241,674 | |
148 | 1 | Helen of Troy Ltd. | 26,924 |
10,536 | Hennes & Mauritz AB, Class B | 159,914 | |
8,473 | Home Depot, Inc. | 2,105,371 | |
24,000 | Honda Motor Co., Ltd. | 620,877 | |
314 | Hyundai Mobis | 50,380 | |
12,700 | Iida Group Holdings Co. Ltd. | 188,791 | |
14,321 | Industria de Diseno Textil SA | 400,325 | |
47,148 | International Game Technology PLC | 397,458 | |
21,200 | JTEKT Corp. | 171,313 | |
448 | Jack in the Box, Inc. | 30,025 | |
182 | Johnson Outdoors, Inc., Class A | 14,125 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
193 | 1 | Just Eat Takeaway | $21,015 |
5,951 | Kangwon Land, Inc. | 116,608 | |
7,400 | Koito Manufacturing Co. Ltd. | 313,826 | |
554 | LCI Industries | 54,807 | |
2,795 | LVMH Moet Hennessy Louis Vuitton SA | 1,170,435 | |
549 | La-Z-Boy, Inc. | 14,120 | |
2,097 | 1 | Laureate Education, Inc. | 20,404 |
820 | Lotte Shopping Co. Ltd. | 59,123 | |
5,972 | Lowe’s Cos., Inc. | 778,450 | |
187 | M.D.C. Holdings, Inc. | 6,356 | |
10,799 | Magna International, Inc. | 455,380 | |
552 | Marine Products Corp. | 6,210 | |
665 | Marriott Vacations Worldwide Corp. | 59,737 | |
19,300 | Mazda Motor Corp. | 123,601 | |
300 | McDonald’s Holdings Co. (Japan), Ltd. | 15,958 | |
418 | 1 | Meritage Corp. | 29,051 |
2,031 | Michelin, Class B | 205,806 | |
14,000 | Mitsubishi Motors Corp. | 39,546 | |
7,940 | Moncler S.p.A | 296,522 | |
75 | 1 | Murphy USA, Inc. | 8,708 |
95 | 1 | NVR, Inc. | 306,053 |
1,320 | Naspers Ltd., Class N | 209,888 | |
6,580 | Next PLC | 397,072 | |
14,800 | Nikon Corp. | 136,122 | |
9,372 | Office Depot, Inc. | 23,149 | |
68 | Page Industries Ltd. | 16,743 | |
61,600 | Panasonic Corp. | 551,254 | |
368 | 1 | Perdoceo Education Corp. | 5,991 |
3,631 | Persimmon PLC | 103,390 | |
41,607 | Petrobras Distribuidora SA | 168,727 | |
19,860 | Peugeot SA | 284,269 | |
99,000 | Pou Chen Corp. | 97,571 | |
187 | 1 | RH | 40,558 |
924 | Rent-A-Center, Inc. | 23,525 | |
800 | Rinnai Corp. | 67,375 | |
3,315 | 1 | Rubicon Project, Inc./The | 20,785 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
24,000 | Ruentex Industries Ltd. | $52,239 | |
775 | 1 | SeaWorld Entertainment, Inc. | 13,997 |
4,500 | Sega Sammy Holdings, Inc. | 58,687 | |
13,600 | Sekisui House Ltd. | 259,291 | |
3,900 | Shimamura Co. Ltd. | 274,535 | |
164 | Shoe Carnival, Inc. | 4,262 | |
8,684 | Sodexo SA | 585,868 | |
103 | Sonic Automotive, Inc. | 2,707 | |
404 | Standard Motor Products, Inc. | 17,190 | |
6,300 | Subaru Corp. | 139,216 | |
7,000 | Suzuki Motor Corp. | 243,646 | |
376 | 1 | Taylor Morrison Home Corp. | 7,268 |
434 | 1 | Tesla, Inc. | 362,390 |
24,261 | The Wendy’s Co. | 515,789 | |
16,366 | Titan Industries Ltd. | 192,847 | |
177 | 1 | TopBuild Corp. | 20,300 |
15,200 | Toyoda Gosei Co. Ltd. | 325,334 | |
1,037 | Twin River Worldwide Holdings, Inc. | 21,684 | |
1,493 | V.F. Corp. | 83,757 | |
14,142 | 1 | Vipshop Holdings Ltd., ADR | 245,222 |
311 | Volkswagen AG | 48,965 | |
238 | 1 | WW International, Inc. | 5,688 |
435 | Wyndham Destinations, Inc. | 13,833 | |
2,882 | Wyndham Hotels & Resorts, Inc. | 132,370 | |
38,200 | Yamada Denki Co. Ltd. | 185,874 | |
16,000 | Yamaha Motor Co. | 231,290 | |
2,376 | Yum China Holding, Inc. | 110,104 | |
15,500 | Zhongsheng Group Holdings | 79,908 | |
206 | 1 | Zumiez, Inc. | 5,020 |
TOTAL | 29,387,601 | ||
Consumer Staples—5.4% | |||
4,571 | Alimentation Couche-Tard, Inc., Class B | 143,088 | |
2,653 | Archer-Daniels-Midland Co. | 104,289 | |
1,737 | 1 | Avenue Supermarts Ltd. | 52,772 |
18,746 | BIM Birlesik Magazalar AS | 179,054 | |
279 | 1 | BJ’s Wholesale Club Holdings, Inc. | 10,044 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
130 | Barry Callebaut AG | $261,802 | |
302 | Bid Corp. Ltd. | 4,272 | |
3,197 | Bunge Ltd. | 124,747 | |
391 | Calavo Growers, Inc. | 22,877 | |
1,700 | Calbee, Inc. | 49,154 | |
1,170 | Carlsberg A/S, Class B | 151,529 | |
83,200 | Charoen Pokphand Foods Public Co.,Ltd. | 82,819 | |
10,342 | Clicks Group, Ltd. | 137,622 | |
333 | Clorox Co. | 68,681 | |
30,161 | Coca-Cola Amatil Ltd. | 174,827 | |
65 | Coca-Cola Bottling Co. | 15,823 | |
1,301 | Costco Wholesale Corp. | 401,319 | |
60,839 | Davide Campari - Milano SpA | 495,169 | |
60,839 | 1,2 | Davide Campari - Milano SpA, Rights | 0 |
26,896 | Diageo PLC | 930,097 | |
713 | 1 | Edgewell Personal Care Co. | 21,689 |
2,927 | Empire Co. Ltd., Class A | 66,242 | |
1,628 | Essity Aktiebolag | 53,872 | |
13,900 | Fraser & Neave Holdings Bhd | 104,194 | |
8,280 | George Weston Ltd. | 598,125 | |
24,369 | Godrej Consumer Products Ltd. | 201,437 | |
2,800 | Growell Holdings Co., Ltd. | 234,688 | |
15,434 | 1 | Herbalife Ltd. | 676,627 |
5,099 | Hindustan Lever Ltd. | 139,239 | |
3,939 | Hormel Foods Corp. | 192,341 | |
9,449 | Imperial Brands PLC | 171,746 | |
60,700 | Indofood CBP Sukses Makmur TBK PT | 33,907 | |
45,784 | JBS S.A. | 188,497 | |
1,323 | Kimberly-Clark Corp. | 187,125 | |
17,602 | Kimberly-Clark de Mexico | 27,402 | |
200 | Kobayashi Pharmaceutical Co. Ltd. | 17,819 | |
114 | Korea Tobacco & Ginseng Corp. | 7,735 | |
14,398 | Kraft Heinz Co./The | 438,707 | |
5,074 | L’Oreal SA | 1,481,554 | |
12,800 | Lion Corp. | 292,828 | |
17,561 | Loblaw Cos. Ltd. | 869,345 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
50,441 | 1 | Marico Ltd. | $229,966 |
8,329 | Metro, Inc., Class A | 347,352 | |
14,626 | 1 | Monster Beverage Corp. | 1,051,756 |
1,116 | Nestle India Ltd. | 259,398 | |
10,272 | Nestle S.A. | 1,112,143 | |
1,588 | Orkla ASA | 14,300 | |
43,200 | PT Gudang Garam Tbk | 144,270 | |
53,000 | PT Indofood Sukses Makmur | 20,916 | |
1,329 | 1 | Performance Food Group Co. | 35,418 |
3,800 | Perlis Plantations Bhd | 15,207 | |
659 | Philip Morris International, Inc. | 48,344 | |
8,789 | Pick’n Pay Stores Ltd. | 26,812 | |
39,112 | 1 | Pilgrim’s Pride Corp. | 808,445 |
3,700 | Pola Orbis Holdings, Inc. | 72,031 | |
7,526 | Procter & Gamble Co. | 872,414 | |
2,448 | 1 | Raia Drogasil S.A. | 50,205 |
65 | Sanderson Farms, Inc. | 8,581 | |
225 | Sanfilippo (John B. & Sons), Inc. | 19,562 | |
1,800 | Seven & I Holdings Co. Ltd. | 61,617 | |
5,700 | Sundrug Co. Ltd. | 192,045 | |
5,200 | Suntory Beverage and Food Ltd. | 212,492 | |
20,000 | Tingyi (Cayman Isln) Hldg Co. | 34,431 | |
4,100 | Toyo Suisan Kaisha Ltd. | 213,925 | |
700 | Tsuruha Holdings, Inc. | 103,451 | |
9,673 | Tyson Foods, Inc., Class A | 594,309 | |
4,544 | 1 | US Foods Holding Corp. | 86,972 |
141 | 1 | USANA Health Sciences, Inc. | 11,946 |
18,124 | Unilever PLC | 972,519 | |
243 | Universal Corp. | 10,707 | |
4,953 | Vector Group Ltd. | 56,613 | |
56 | WD 40 Co. | 10,744 | |
122,749 | Wal-Mart de Mexico SAB de C.V. | 307,225 | |
6,786 | WalMart, Inc. | 841,871 | |
22,343 | Woolworth’s Ltd. | 523,289 | |
2,400 | Yakult Honsha Co. Ltd. | 147,049 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
31,400 | Yamazaki Baking Co. Ltd. | $561,854 | |
TOTAL | 19,495,283 | ||
Energy—1.7% | |||
210 | Arch Resources, Inc. | 6,922 | |
606,100 | Banpu Public Co. Ltd. | 118,623 | |
1,225 | CVR Energy, Inc. | 24,990 | |
489 | Cactus, Inc. | 9,330 | |
10,222 | Chevron Corp. | 937,357 | |
68,000 | China Oilfield Services Ltd. | 59,479 | |
23,365 | Coal India Ltd. | 43,516 | |
5,647 | ConocoPhillips | 238,190 | |
1,363 | DHT Maritime, Inc. | 8,096 | |
1,925 | Exxaro Resources Ltd. | 13,644 | |
1,962 | 1 | Frank’s International N.V. | 4,415 |
29,147 | Imperial Oil Ltd. | 455,352 | |
288 | International Seaways, Inc. | 6,532 | |
6,187 | Marathon Petroleum Corp. | 217,411 | |
731 | 1 | Matrix Services Co. | 8,056 |
9,393 | National Oilwell Varco, Inc. | 117,131 | |
9,379 | Neste Oyj | 379,990 | |
2,549 | 1 | Nextier Oilfield Solutions, Inc. | 7,392 |
1,653 | Nordic American Tankers Ltd. | 7,554 | |
962 | OMV AG | 31,889 | |
5,001 | PBF Energy, Inc. | 53,111 | |
14,900 | PTT Exploration and Production Public Co. | 39,126 | |
198,700 | PTT Public Co. Ltd. | 223,252 | |
72,127 | Petronet LNG Ltd. | 243,490 | |
13,451 | Phillips 66 | 1,052,675 | |
5,976 | Reliance Industries Ltd. | 116,730 | |
398 | 1 | Reliance Industries Ltd., Rights | 1,174 |
31,299 | Tatneft | 241,183 | |
401 | Teekay Tankers Ltd., Class A | 6,969 | |
21,076 | Total S.A. | 792,426 | |
293 | Tupras Turkiye Petrol Rafinerileri A.S. | 3,686 | |
9,601 | Valero Energy Corp. | 639,811 | |
1,685 | World Fuel Services Corp. | 42,934 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Energy—continued | |||
60,000 | Yanzhou Coal Mining Co. Ltd., Class H | $45,988 | |
TOTAL | 6,198,424 | ||
Financials—10.2% | |||
1,466 | 1st Source Corp. | 50,709 | |
41,356 | 3i Group PLC | 423,790 | |
15,900 | AEON Financial Service Co. Ltd. | 179,335 | |
12,443 | AXA SA | 227,710 | |
14,330 | Admiral Group PLC | 414,346 | |
88,025 | Aegon NV | 236,622 | |
13,776 | Aflac, Inc. | 502,411 | |
7,930 | Ageas | 271,637 | |
723,000 | Agricultural Bank of China | 293,838 | |
8,111 | Allianz SE | 1,471,763 | |
8,147 | Ally Financial, Inc. | 142,084 | |
655 | Amalgamated Bank | 7,356 | |
1,764 | American Equity Investment Life Holding Co. | 38,261 | |
3,281 | American Express Co. | 311,925 | |
4,211 | Ameriprise Financial, Inc. | 589,835 | |
446 | Ares Commercial Real Estate Corp. | 3,323 | |
1,862 | Artisan Partners Asset Management, Inc. | 53,942 | |
751 | 1 | AssetMark Financial Holdings, Inc. | 20,052 |
213 | Assicurazioni Generali SpA | 2,966 | |
26,522 | Australia & New Zealand Banking Group, Melbourne | 312,001 | |
34,085 | BB Seguridade Participacoes SA | 161,473 | |
29,731 | BS Financial Group, Inc. | 122,340 | |
36,017 | B3 SA - Brasil Bolsa Balcao | 307,437 | |
296 | Bajaj Finance Ltd. | 7,563 | |
95 | BancFirst Corp. | 3,621 | |
6,398 | 1 | Banco BTG Pactual SA | 58,557 |
418,089 | Banco de Chile | 35,525 | |
99,930 | Banco de Oro | 197,968 | |
1,742,622 | Banco Santander Chile SA | 70,976 | |
680 | BancorpSouth Bank | 15,116 | |
16,257 | Bank Hapoalim BM | 100,726 | |
51,008 | Bank Leumi Le-Israel | 272,513 | |
64,620 | Bank of America Corp. | 1,558,634 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
202,000 | Bank of Communications Ltd. | $123,381 | |
421 | Bank of Marin Bancorp | 14,167 | |
19,256 | Bank of New York Mellon Corp. | 715,745 | |
628 | Bank Pekao SA | 8,267 | |
910 | Bank Zachodni WBK S.A. | 36,942 | |
5,530 | Bendigo & Adelaide Bank Ltd. | 22,431 | |
1,576 | 1 | Berkshire Hathaway, Inc., Class B | 292,474 |
541 | 1 | Blucora, Inc. | 6,573 |
844 | 1 | Brighthouse Financial, Inc. | 25,075 |
1,599 | Brightsphere Investment Group, Inc. | 13,352 | |
868 | CBTX, Inc. | 17,725 | |
46,518 | CI Financial Corp. | 551,384 | |
146 | CNA Financial Corp. | 4,414 | |
19,924 | CNP Assurances | 210,523 | |
171 | Camden National Corp. | 5,735 | |
188 | 1 | Cannae Holdings, Inc. | 6,924 |
12,491 | Capital One Financial Corp. | 849,888 | |
1,112 | Cathay Bancorp, Inc. | 30,235 | |
10,684 | Challenger Financial Sevices Group Ltd. | 35,115 | |
220,180 | Chang Hwa Bank | 137,989 | |
489,000 | China CITIC Bank Corp. Ltd. | 213,263 | |
346,000 | China Construction Bank Corp. | 273,330 | |
77,000 | China Everbright Bank Co. Ltd. | 31,281 | |
266,000 | China Galaxy Securities Co. | 128,201 | |
449,000 | China Huarong Asset Management Co. Ltd. | 45,925 | |
102,400 | China Insurance International Holdings Co. Ltd. | 152,690 | |
23,200 | China International Capital Corp. Ltd. | 37,705 | |
135,000 | China Life Insurance Co. Ltd. | 255,408 | |
72,000 | China Merchants Bank Co. Ltd. | 338,828 | |
174,000 | China Minsheng Banking Corp. Ltd. | 121,642 | |
40,800 | China Pacific Insurance Group Co. Ltd. | 113,228 | |
361 | City Holding Co. | 22,707 | |
168 | Cohen & Steers, Inc. | 10,676 | |
39,900 | Concordia Financial Group Ltd. | 130,534 | |
9,987,698 | Corpbanca | 23,210 | |
7,600 | DBS Group Holdings Ltd. | 105,123 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
19,941 | DNB Bank ASA | $272,566 | |
4,198 | Deutsche Boerse AG | 691,748 | |
6,894 | Discover Financial Services | 327,534 | |
204 | Dongbu Insurance Co. Ltd. | 7,165 | |
12,706 | E*Trade Financial Corp. | 578,631 | |
323,698 | E.Sun Financial Holding Co. Ltd. | 287,746 | |
654 | Eagle Bancorp, Inc. | 21,163 | |
11,266 | East West Bancorp, Inc. | 393,747 | |
630 | Employers Holdings, Inc. | 18,831 | |
2,503 | 1 | Enova International, Inc. | 35,417 |
1,879 | Erste Group Bank AG | 41,449 | |
897 | Essent Group Ltd. | 29,646 | |
8,955 | Exor NV | 484,806 | |
112,000 | Far East Horizon | 99,287 | |
861 | Farmers National Banc Corp. | 10,117 | |
2,333 | Fidelity National Financial, Inc. | 74,423 | |
3,319 | First BanCorp | 18,155 | |
501 | First Bancorp, Inc. | 12,735 | |
1,969 | First Financial Bankshares, Inc. | 60,330 | |
47,517 | FirstRand Ltd. | 109,112 | |
11,442 | Gjensidige Forsikring ASA | 208,138 | |
153 | Great Southern Bancorp, Inc. | 6,206 | |
1,128 | Great-West Lifeco, Inc. | 18,368 | |
51,370 | Grupo Financiero Banorte S.A. de C.V. | 156,488 | |
322 | HDFC Asset Management Co Ltd | 10,775 | |
66,400 | Haitong Securities Co. Ltd. | 50,419 | |
3,245 | Hannover Rueckversicherung SE | 520,663 | |
17,961 | Hargreaves Lansdown PLC | 408,640 | |
66,500 | Hong Leong Bank Berhad | 208,487 | |
2,400 | Hong Leong Credit Berhad | 7,400 | |
565 | Houlihan Lokey, Inc. | 34,171 | |
1,185 | Housing Development Finance Corp. Ltd. | 26,041 | |
130,000 | Hua Nan Financial Holdings Co. Ltd. | 84,316 | |
6,851 | Hyundai Marine & Fire Insurance Co. | 134,363 | |
14,663 | ICICI Lombard General Insurance Co. Ltd. | 252,378 | |
19,199 | IGM Financial, Inc. | 455,974 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
29,320 | IRB Brasil Resserguros S/A | $45,604 | |
5,920 | iA Financial Corp., Inc. | 189,056 | |
495 | Iberiabank Corp. | 20,993 | |
98,000 | Industrial & Commercial Bank of China | 63,583 | |
25,045 | Industrial Bank of Korea | 167,975 | |
4,720 | Intact Financial Corp. | 450,591 | |
720 | International Bancshares Corp. | 22,162 | |
4,636 | Investors Bancorp, Inc. | 40,240 | |
4,787 | Israel Discount Bank | 15,344 | |
9,136 | JPMorgan Chase & Co. | 889,024 | |
3,750 | KB Financial Group, Inc. | 103,335 | |
891 | KBC Groupe | 46,796 | |
42 | Komercni Banka A.S. | 901 | |
73,898 | Korea Life Insurance Co., Ltd. | 91,325 | |
2,406 | LPL Investment Holdings, Inc. | 171,764 | |
925 | Ladder Capital Corp. | 7,354 | |
86,986 | Legal & General Group PLC | 214,875 | |
4,333 | London Stock Exchange Group PLC | 431,408 | |
618 | Luther Burbank Corp. | 6,353 | |
99,886 | Medibank Private Ltd. | 188,576 | |
23,509 | MetLife, Inc. | 846,559 | |
71,000 | Metro Pacific Corp. | 4,058 | |
4,197 | Mizrahi Tefahot Bank Ltd. | 83,029 | |
28,904 | Morgan Stanley | 1,277,557 | |
1,224 | 1 | Mr. Cooper Group, Inc. | 13,648 |
5,060 | Muenchener Rueckversicherungs-Gesellschaft AG | 1,148,810 | |
915 | 1 | NMI Holdings, Inc. | 14,059 |
34,905 | NN Group NV | 1,081,936 | |
966 | National General Holdings Corp. | 19,610 | |
66 | National Western Life Insurance Co., Class A | 12,931 | |
12,300 | New China Life Insurance Co. Ltd. | 38,429 | |
71,519 | Nordea Bank Abp | 485,359 | |
13,700 | ORIX Corp. | 181,977 | |
2,405 | OTP Bank RT | 80,110 | |
5,784 | Onex Corp. | 271,420 | |
2,700 | Oversea-Chinese Banking Corp. Ltd. | 16,416 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
202,000 | PICC Property and Casualty Co., Ltd., Class H | $176,587 | |
5,266 | PNC Financial Services Group | 600,535 | |
172,600 | PT Bank Central Asia | 307,094 | |
16,900 | PT Bank Rakyat Indonesia Tbk | 3,421 | |
11 | Pacific Premier Bancorp, Inc. | 238 | |
709,000 | People’s Insurance, Co. (Group) of China Ltd. | 213,894 | |
382 | People’s Utah Bancorp | 9,462 | |
49,500 | Ping An Insurance (Group) Co. of China Ltd. | 491,447 | |
402,000 | Postal Savings Bank of China Co. Ltd. | 257,069 | |
22,152 | Powszechna Kasa Oszczednosci Bank Polski SA | 123,688 | |
1,877 | Powszechny Zaklad Ubezpieczen SA | 14,018 | |
296 | Preferred Bank Los Angeles, CA | 11,121 | |
1,137 | Principal Financial Group, Inc. | 43,911 | |
346 | 1 | ProSight Global, Inc. | 3,066 |
1,209 | QCR Holdings, Inc. | 36,717 | |
300 | RBB Bancorp | 3,849 | |
29,700 | RHB Capital Berhad | 32,702 | |
53,247 | RMB Holdings Ltd. | 161,127 | |
2,594 | Radian Group, Inc. | 41,193 | |
186 | Republic Bancorp, Inc. | 5,961 | |
318 | Samsung Fire & Marine Insurance | 46,970 | |
3,479 | Samsung Life Insurance Co., Ltd. | 128,783 | |
11,780 | Scor SA | 291,649 | |
1,180 | Selective Insurance Group, Inc. | 61,891 | |
890,528 | Shin Kong Financial Holdings Co. Ltd. | 247,713 | |
12,101 | Shinhan Financial Group Co. Ltd. | 295,575 | |
1,778 | Simmons 1st National Corp., Class A | 30,493 | |
15,600 | Singapore Exchange Ltd. | 91,859 | |
25,451 | Standard Bank Group Ltd. | 147,911 | |
157 | Stifel Financial Corp. | 7,490 | |
3,062 | Sun Life Financial Services of Canada | 105,036 | |
19,732 | Svenska Handelsbanken AB | 187,440 | |
19,151 | Swedbank AB | 240,765 | |
987 | Swiss Life Holding AG | 348,265 | |
7,510 | Swiss Re AG | 511,233 | |
8,487 | Synchrony Financial | 172,880 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
4,227 | TRYG A/S | $118,655 | |
678,100 | Taiwan Business Bank | 239,719 | |
405,401 | Taiwan Cooperative Financial Holding Co. Ltd. | 275,784 | |
1,371 | The Bank of NT Butterfield & Son Ltd. | 33,494 | |
724 | The First of Long Island Corp. | 11,055 | |
8,304 | The Travelers Cos., Inc. | 888,362 | |
248 | United Bankshares, Inc. | 7,212 | |
813 | United Community Banks, Inc. | 15,894 | |
30,400 | United Overseas Bank Ltd. | 421,086 | |
109 | Virtus Investment Partners, Inc. | 10,135 | |
172 | Walker & Dunlop, Inc. | 6,966 | |
1,198 | Washington Federal, Inc. | 30,980 | |
29,706 | Wells Fargo & Co. | 786,318 | |
1,409 | Wendel SA | 129,696 | |
279 | Zurich Insurance Group AG | 90,268 | |
TOTAL | 36,997,724 | ||
Health Care—7.7% | |||
621 | 1 | AMN Healthcare Services, Inc. | 27,548 |
9,856 | 1,2 | Achillion Pharmaceuticals, Inc. | 4,534 |
133 | 1 | Addus Homecare Corp. | 13,162 |
17,100 | Alfresa Holdings Corp. | 345,098 | |
354 | 1 | Amedisys, Inc. | 67,986 |
7,798 | AmerisourceBergen Corp. | 743,461 | |
11,402 | 1 | Amneal Pharmaceuticals, Inc. | 55,528 |
210 | 1 | Amphastar Pharmaceuticals, Inc. | 3,914 |
1,874 | Anthem, Inc. | 551,162 | |
3,075 | 1 | Antigenics, Inc. | 11,470 |
1,983 | 1 | Arcus Biosciences, Inc. | 62,167 |
837 | AstraZeneca PLC | 88,993 | |
11,005 | Baxter International, Inc. | 990,560 | |
3,375 | 1 | BeyondSpring, Inc. | 57,375 |
3,096 | 1 | Bio-Rad Laboratories, Inc., Class A | 1,521,127 |
1,719 | 1 | BioDelivery Sciences International, Inc. | 8,217 |
4,000 | 1 | BioMarin Pharmaceutical, Inc. | 426,200 |
158 | 1 | BioTelemetry, Inc. | 7,454 |
624 | 1 | Bioxcel Therapeutics, Inc. | 29,053 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
815 | CIGNA Corp. | $160,816 | |
164 | CONMED Corp. | 12,039 | |
3,820 | 1 | Calithera Biosciences, Inc. | 22,232 |
3,878 | Cardinal Health, Inc. | 212,088 | |
280 | 1 | Cardiovascular Systems, Inc. | 10,842 |
5,045 | 1 | Catalyst Pharmaceutical Partners, Inc. | 21,744 |
412 | 1 | Celltrion, Inc. | 71,258 |
936 | 1 | ChemoCentryx, Inc. | 58,397 |
829 | 1 | Clovis Oncology, Inc. | 5,737 |
1,773 | Coloplast A.S., Class B | 297,413 | |
515 | 1 | Constellation Pharmaceuticals, Inc. | 18,298 |
705 | 1 | Corvel Corp. | 47,862 |
15 | 1 | Davita, Inc. | 1,214 |
4,700 | Eisai Co. Ltd. | 368,434 | |
365 | Ensign Group, Inc. | 15,958 | |
21,427 | 1 | Exelixis, Inc. | 529,461 |
2,661 | Fresenius Medical Care AG & Co. KGaA | 222,317 | |
843 | 1 | Fulcrum Therapeutics, Inc. | 16,784 |
177 | 1 | Genmab A/S | 54,529 |
53,291 | GlaxoSmithKline PLC | 1,103,641 | |
407 | 1 | Globus Medical, Inc. | 22,243 |
3,956 | HCA Healthcare, Inc. | 422,896 | |
355 | 1 | HMS Holdings Corp. | 11,090 |
625 | 1 | Haemonetics Corp. | 68,550 |
1,306 | 1 | Halozyme Therapeutics, Inc. | 31,697 |
2,800 | Hisamitsu Pharmaceutical Co., Inc. | 141,259 | |
2,608 | Humana, Inc. | 1,070,975 | |
12,677 | 1 | Immunogen, Inc. | 59,328 |
14,297 | 1 | Incyte Genomics, Inc. | 1,457,007 |
93 | 1 | Inogen, Inc. | 3,534 |
220 | 1 | Integer Holdings Corp. | 17,420 |
8,166 | 1 | Ionis Pharmaceuticals, Inc. | 459,011 |
2,057 | Johnson & Johnson | 305,979 | |
2,499 | Koninklijke Philips NV | 113,844 | |
443 | 1 | LHC Group, Inc. | 71,992 |
33,094 | Life Healthcare Group Holdings Pte Ltd. | 34,742 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
249 | 1 | Livongo Health, Inc. | $14,923 |
440 | 1 | MacroGenics, Inc. | 8,466 |
543 | 1 | Magellan Health, Inc. | 40,720 |
4,343 | 1 | Magenta Therapeutics, Inc. | 38,392 |
7,789 | McKesson Corp. | 1,235,881 | |
25,900 | Medipal Holdings Corp. | 514,090 | |
495 | 1 | Medpace Holdings, Inc. | 45,946 |
26,677 | Merck & Co., Inc. | 2,153,367 | |
2,724 | 1 | Mersana Therapeutics, Inc. | 61,671 |
1,131 | 1 | Moderna, Inc. | 69,556 |
2,779 | 1 | NGM Biopharmaceuticals, Inc. | 54,830 |
572 | 1 | Natus Medical, Inc. | 12,241 |
316 | 1 | NextGen Healthcare, Inc. | 3,261 |
21,153 | Novartis AG | 1,833,745 | |
11,555 | Novo Nordisk A/S | 753,350 | |
427 | 1 | Odonate Therapeutics, Inc. | 13,950 |
410 | 1 | Omnicell, Inc. | 27,433 |
23,597 | 1 | Opko Health, Inc. | 53,801 |
95 | 1 | OraSure Technologies, Inc. | 1,381 |
6,025 | 1 | Organogenesis Holdings, Inc. | 24,883 |
2,654 | Orion Oyj | 142,030 | |
157 | 1 | Orthofix Medical, Inc. | 5,351 |
165 | Patterson Cos., Inc. | 3,249 | |
341 | 1 | PetIQ, Inc. | 10,462 |
241 | 1 | Precigen, Inc. | 530 |
4,799 | 1 | Precision Biosciences, Inc. | 33,641 |
1,733 | 1 | Progenics Pharmaceuticals, Inc. | 7,357 |
158 | 1 | Progyny, Inc. | 3,944 |
318 | 1 | Providence Service Corp. | 25,599 |
6,728 | 1 | Qiagen NV | 293,670 |
629 | 1 | RAPT Therapeutics, Inc. | 11,498 |
530 | 1 | R1 RCM, Inc. | 5,623 |
2,425 | Recordati SPA | 110,530 | |
2,422 | 1 | Regeneron Pharmaceuticals, Inc. | 1,484,226 |
1,445 | 1 | Retrophin, Inc. | 22,665 |
2,788 | Roche Holding AG | 967,781 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
3,791 | 1 | Rubius Therapeutics, Inc. | $24,452 |
3,026 | Sanofi | 295,112 | |
3,700 | Shionogi and Co. | 218,622 | |
6,876 | 1 | Siga Technologies, Inc. | 41,187 |
287 | Simulations Plus, Inc. | 14,542 | |
26,800 | Sinopharm Group Co. Ltd. | 66,190 | |
502 | Sonova Holding AG | 110,341 | |
94 | 1 | Staar Surgical Co. | 3,647 |
312 | 1 | SurModics, Inc. | 11,538 |
6,800 | Suzuken Co. Ltd. | 247,241 | |
237 | 1 | Tactile Systems Technology, Inc. | 11,483 |
1,300 | Taisho Pharmaceutical Holdings Co. Ltd. | 82,585 | |
281 | 1 | Tandem Diabetes Care, Inc. | 23,365 |
8 | 1 | Teladoc, Inc. | 1,392 |
2,132 | 1 | Teva Pharmaceutical Industries Ltd., ADR | 26,714 |
492 | 1 | Triple-S Management Corp., Class B | 9,791 |
386 | UCB SA | 38,689 | |
1,604 | 1 | UNITY Biotechnology, Inc. | 13,121 |
7,787 | UnitedHealth Group, Inc. | 2,373,867 | |
4,313 | 1 | Vanda Pharmaceuticals, Inc. | 50,548 |
5,905 | 1 | Vertex Pharmaceuticals, Inc. | 1,700,404 |
589 | 1 | Zynex, Inc. | 11,427 |
TOTAL | 28,023,941 | ||
Industrials—7.6% | |||
95,204 | ADT, Inc. | 674,044 | |
664 | AZZ, Inc. | 21,022 | |
13,169 | Adecco Group AG | 627,901 | |
127,600 | Airports of Thailand Public Co. Ltd. | 250,343 | |
198 | Albany International Corp., Class A | 11,939 | |
58,041 | Alfa, S.A. de C.V., Class A | 30,781 | |
75 | Allegiant Travel Co. | 7,991 | |
11,112 | Allison Transmission Holdings, Inc. | 419,145 | |
28,800 | Amada Co. Ltd. | 257,174 | |
62 | 1 | American Woodmark Corp. | 3,891 |
6,006 | Ametek, Inc. | 550,810 | |
435 | Andritz AG | 16,346 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
153 | Apogee Enterprises, Inc. | $3,159 | |
674 | Applied Industrial Technologies, Inc. | 39,092 | |
73 | Arcosa, Inc. | 2,786 | |
15,190 | Ashtead Group PLC | 452,085 | |
1,139 | 1 | Atkore International Group, Inc. | 30,571 |
115,344 | Aurizon Holdings Ltd. | 362,798 | |
293 | 1 | Avis Budget Group, Inc. | 6,308 |
262 | 1 | BMC Stock Holdings, Inc. | 6,857 |
22,500 | BOC Aviation Ltd. | 124,444 | |
126,200 | BTS Group Holdings PCL | 48,297 | |
965 | 1 | Builders Firstsource, Inc. | 20,082 |
1,080 | 1 | CBIZ, Inc. | 24,462 |
971 | CIMIC Group Ltd. | 16,170 | |
553 | CSW Industrials, Inc. | 39,573 | |
7,658 | CSX Corp. | 548,160 | |
248 | Cheil Jedang Corp. | 18,455 | |
261,500 | 1 | China COSCO Holdings Co. Ltd., Class H | 66,344 |
37,000 | China Lesso Group Holdings Ltd. | 45,042 | |
203,000 | China Railway Construction Corp. Ltd. | 182,067 | |
397,000 | China Railway Group Ltd. | 217,376 | |
329 | 1 | Cimpress PLC | 29,653 |
243,000 | Citic Pacific Ltd. | 232,925 | |
525 | Comfort Systems USA, Inc. | 19,425 | |
1,259 | Curtiss Wright Corp. | 126,278 | |
2,890 | DSV Panalpina A/S | 306,522 | |
16,600 | Dai Nippon Printing Co. Ltd. | 377,704 | |
1,700 | Daifuku Co. | 132,347 | |
97 | Dassault Aviation SA | 82,918 | |
12,210 | 1 | Delta Air Lines, Inc. | 307,814 |
439 | Deluxe Corp. | 10,242 | |
493 | Dover Corp. | 47,944 | |
903 | Eiffage SA | 82,610 | |
9,496 | 1 | Embraer - Empresa Brasileira de Aeronautica S/A | 12,723 |
465 | Emcor Group, Inc. | 29,551 | |
482 | Encore Wire Corp. | 23,276 | |
14,818 | Experian PLC | 517,355 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
343 | Exponent, Inc. | $25,464 | |
270 | 1 | FTI Consulting, Inc. | 32,524 |
76,000 | Far Eastern New Century Corp. | 68,168 | |
387 | Federal Signal Corp. | 11,277 | |
7,375 | Ferguson PLC | 582,524 | |
1,046 | 1 | Foundation Building Materials, Inc. | 13,933 |
56 | 1 | Franklin Covey Co. | 1,193 |
274 | 1 | GMS, Inc. | 5,614 |
40,100 | Gamuda BHD | 36,044 | |
11,873 | Genivar Income Fund | 766,267 | |
2,270 | 1 | Great Lakes Dredge & Dock Corp. | 21,043 |
18,654 | Grupo Aeroportuario del Pacifico SA, Class B | 124,167 | |
6,886 | Han Wha | 112,169 | |
757 | Hawaiian Holdings, Inc. | 10,923 | |
10,641 | Honeywell International, Inc. | 1,551,990 | |
399 | 1 | Hub Group, Inc. | 18,661 |
587 | Insperity, Inc. | 30,430 | |
595 | Insteel Industries, Inc. | 10,502 | |
10,573 | InterGlobe Aviation Ltd. | 135,055 | |
2,640 | International Container Terminal Services, Inc. | 4,579 | |
7,810 | Intertek Group PLC | 533,494 | |
14,000 | JGC Holdings Corp. | 150,862 | |
32,681 | 1 | Jet Blue Airways Corp. | 329,098 |
580 | KForce Com, Inc. | 17,516 | |
24,700 | Kajima Corp. | 280,423 | |
515 | Koc Holding A.S. | 1,221 | |
32 | Kone Corp. OYJ, Class B | 2,148 | |
3,351 | Kuehne & Nagel International AG | 484,345 | |
1,283 | LG Corp. | 65,590 | |
18,434 | Latam Airlines Group SA | 19,807 | |
324 | 1 | Lawson Products, Inc. | 10,063 |
4,691 | Lotte Corp. | 130,274 | |
7,900 | MISC Bhd | 15,117 | |
283 | MOOG, Inc., Class A | 15,364 | |
1,663 | 1 | MRC Global, Inc. | 9,845 |
502 | 1 | MYR Group, Inc. | 14,463 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
96,300 | Marubeni Corp. | $468,305 | |
423 | 1 | Masonite International Corp. | 28,079 |
310 | 1 | Mastec, Inc. | 12,136 |
2,109 | 1 | Meritor, Inc. | 42,981 |
340 | Miller Herman, Inc. | 7,827 | |
173 | Miller Industries, Inc. | 5,126 | |
5,500 | Misumi Corp. | 146,218 | |
73,800 | Mitsubishi Electric Corp. | 973,040 | |
1,021 | Mueller Industries, Inc. | 27,342 | |
148,000 | NWS Holdings Ltd. | 116,524 | |
1,900 | Nippon Express Co. Ltd. | 97,794 | |
17,800 | Obayashi Corp. | 164,906 | |
3,966 | Parker-Hannifin Corp. | 713,761 | |
109 | Patrick Industries, Inc. | 5,654 | |
8,400 | Persol Holdings Co. Ltd. | 111,266 | |
488 | Primoris Services Corp. | 8,145 | |
1,894 | Quanex Building Products Corp. | 23,486 | |
7,710 | Raytheon Technologies Corp. | 497,449 | |
15,406 | Relx PLC | 357,832 | |
183 | Resources Connection, Inc. | 2,011 | |
1,587 | Rexnord Corp. | 47,769 | |
3,889 | Roper Technologies, Inc. | 1,531,488 | |
174 | Rush Enterprises, Inc. | 7,242 | |
6,600 | SG Holdings Co. Ltd. | 215,352 | |
50 | SGS SA | 117,774 | |
8,744 | SKF Ab, Class B | 161,182 | |
506 | 1 | SPX Corp. | 20,230 |
1,424 | Safran SA | 136,621 | |
106 | 1 | Saia, Inc. | 11,495 |
15,323 | Sandvik AB | 255,006 | |
8,029 | Schneider Electric SA | 800,989 | |
1,700 | Secom Co. Ltd. | 147,357 | |
18,870 | Securitas AB, Class B | 250,999 | |
86,000 | Shanghai Industrial Holdings Ltd. | 134,181 | |
33,200 | Shimizu Corp. | 281,282 | |
76,700 | Sime Darby BHD | 36,945 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
25,500 | Sinotruk Hong Kong Ltd. | $62,213 | |
14,327 | Skanska AB, Class B | 287,400 | |
926 | SkyWest, Inc. | 29,697 | |
8,594 | Southwest Airlines Co. | 275,867 | |
124 | 1 | Spirit Airlines, Inc. | 1,606 |
1,094 | Steelcase, Inc., Class A | 12,669 | |
9,008 | 1 | Stericycle, Inc. | 493,909 |
431 | Systemax, Inc. | 9,047 | |
6,700 | Taisei Corp. | 232,827 | |
3,141 | 1 | Teledyne Technologies, Inc. | 1,175,111 |
618 | Tetra Tech, Inc. | 48,760 | |
5,951 | Thomson Reuters Corp. | 398,592 | |
46,700 | Toppan Printing Co. Ltd. | 799,715 | |
4,800 | Toshiba Corp. | 131,313 | |
10,200 | Toto Ltd. | 404,121 | |
13,500 | Toyota Tsusho Corp. | 342,565 | |
183 | 1 | Trex Co., Inc. | 21,982 |
1,445 | 1 | TriMas Corp. | 34,174 |
110 | 1 | TrueBlue, Inc. | 1,701 |
413 | UFP Industries, Inc. | 18,886 | |
164 | Unifirst Corp. | 29,487 | |
1,549 | Union Pacific Corp. | 263,113 | |
6,983 | 1 | United Airlines Holdings, Inc. | 195,803 |
133 | Universal Truckload Services, Inc. | 1,976 | |
13,558 | Volvo AB, Class B | 192,758 | |
31,466 | Weg SA | 246,655 | |
143,000 | Weichai Power Co. Ltd., Class H | 249,585 | |
226 | Wolters Kluwer NV | 18,058 | |
17,700 | Yamato Holdings Co. Ltd. | 392,122 | |
126,800 | Zoomlion Heavy Industry Science and Technology Co., Ltd. | 104,223 | |
TOTAL | 27,548,688 | ||
Information Technology—11.4% | |||
2,174 | ASML Holding N.V. | 711,663 | |
527 | 1 | A10 Networks, Inc. | 3,584 |
3,613 | 1 | Adobe, Inc. | 1,396,786 |
12,907 | Amdocs Ltd. | 803,590 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
1,798 | American Software, Inc., Class A | $34,971 | |
2,878 | 1 | Amkor Technology, Inc. | 30,449 |
452 | 1 | Anixter International, Inc. | 43,261 |
15,456 | Apple, Inc. | 4,914,081 | |
3,698 | Applied Materials, Inc. | 207,754 | |
1,431 | 1 | Avalara, Inc. | 153,203 |
1,243 | Benchmark Electronics, Inc. | 26,339 | |
87 | Blackbaud, Inc. | 5,099 | |
860 | 1 | Box, Inc. | 17,183 |
24,600 | Brother Industries Ltd. | 463,943 | |
1,947 | 1 | CGI, Inc., Class A | 124,412 |
829 | CSG Systems International, Inc. | 39,253 | |
10,385 | 1 | Cadence Design Systems, Inc. | 948,047 |
2,016 | Capgemini SE | 207,005 | |
462 | Cass Information Systems, Inc. | 18,637 | |
608 | 1 | Cirrus Logic, Inc. | 44,068 |
41,172 | Cisco Systems, Inc. | 1,968,845 | |
3,116 | Citrix Systems, Inc. | 461,542 | |
10,679 | 1 | CommScope Holdings Co., Inc. | 110,101 |
743 | 1 | Commvault Systems, Inc. | 30,062 |
254,000 | Compal Electronics, Inc. | 161,716 | |
174 | Constellation Software, Inc. | 197,794 | |
380 | 1 | Cornerstone OnDemand, Inc. | 14,687 |
68 | 1 | Diodes, Inc. | 3,308 |
2,364 | 1 | Dynatrace Holdings LLC | 90,943 |
321 | 1 | Elastic N.V. | 27,580 |
344 | 1 | ePlus, Inc. | 25,356 |
343 | 1 | Exlservice Holding, Inc. | 20,981 |
564 | 1 | Fabrinet | 36,062 |
244 | 1 | Forescout Technologies, Inc. | 5,756 |
4,224 | 1 | Fortinet, Inc. | 587,981 |
4,800 | Fujitsu Ltd. | 495,029 | |
24,745 | Halma PLC | 715,222 | |
476 | 1 | Ichor Holdings Ltd. | 10,829 |
45,947 | Infosys Ltd. | 421,144 | |
602 | 1 | Insight Enterprises, Inc. | 30,859 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
36,840 | Intel Corp. | $2,318,341 | |
308 | InterDigital, Inc. | 16,931 | |
8,100 | Itochu Techno-Solutions Corp. | 273,990 | |
364 | 1 | j2 Global, Inc. | 28,501 |
411 | KBR, Inc. | 9,638 | |
934 | Kemet Corp. | 25,246 | |
669 | 1 | Kimball Electronics, Inc. | 9,493 |
963 | Lam Research Corp. | 263,544 | |
1,799 | 1 | Lattice Semiconductor Corp. | 44,741 |
57,500 | Legend Holdings Corp. | 69,753 | |
448,000 | Lenovo Group Ltd. | 244,191 | |
145,000 | Lite-On Technology Corp. | 232,577 | |
691 | ManTech International Corp., Class A | 53,718 | |
422 | Maximus, Inc. | 30,392 | |
971 | Methode Electronics, Inc., Class A | 30,441 | |
33,947 | Microsoft Corp. | 6,220,788 | |
127 | 1 | MicroStrategy, Inc., Class A | 15,809 |
1,912 | 1 | Mobile Iron, Inc. | 8,642 |
679 | NIC, Inc. | 16,337 | |
96 | 1 | Napco Security Technologies, Inc. | 2,181 |
7,813 | NortonLifeLock, Inc. | 177,980 | |
4,400 | Omron Corp. | 292,030 | |
9,500 | Otsuka Corp. | 458,821 | |
11 | 1 | PC Connections, Inc. | 476 |
680 | 1 | Paylocity Corp. | 88,403 |
15,582 | 1 | PayPal Holdings, Inc. | 2,415,366 |
3 | 1 | Photronics, Inc. | 36 |
20 | 1 | Plexus Corp. | 1,284 |
34,000 | Powertech Technology, Inc. | 109,988 | |
1,552 | Qualcomm, Inc. | 125,526 | |
246 | 1 | Qualys, Inc. | 28,369 |
415 | 1 | Rapid7, Inc. | 20,289 |
36,000 | 1 | Renesas Electronics Corp. | 187,231 |
2,242 | 1 | RingCentral, Inc. | 614,869 |
2,400 | Rohm Co. Ltd. | 161,801 | |
6,645 | SK Hynix, Inc. | 438,757 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
168 | 1 | SMART Global Holdings, Inc. | $4,499 |
483 | 1 | SPS Commerce, Inc. | 32,921 |
15,756 | STMicroelectronics N.V. | 389,413 | |
35,274 | Samsung Electronics Co. Ltd. | 1,448,291 | |
1,135 | Samsung SDS Co. Ltd. | 175,085 | |
93 | 1 | Sanmina Corp. | 2,475 |
448 | 1 | ScanSource, Inc. | 11,043 |
391 | Science Applications International Corp. | 34,424 | |
16,000 | 1 | Semiconductor Manufacturing International Corp. | 34,948 |
901 | 1 | Semtech Corp. | 47,915 |
3,308 | 1 | ServiceNow, Inc. | 1,283,272 |
4,452 | Skyworks Solutions, Inc. | 527,740 | |
4,700 | Sunny Opitcal Technology Group Co. Ltd. | 62,806 | |
468 | 1 | Synaptics, Inc. | 29,821 |
158,000 | Synnex Technology International Corp. | 233,821 | |
9,039 | 1 | Synopsys, Inc. | 1,635,246 |
140,000 | Taiwan Semiconductor Manufacturing Co. Ltd. | 1,363,490 | |
5,559 | Tata Consultancy Services Ltd. | 145,646 | |
31 | 1 | Tech Data Corp. | 4,223 |
916 | 1 | Tenable Holdings, Inc. | 28,643 |
13,025 | Texas Instruments, Inc. | 1,546,589 | |
2,000 | Tokyo Electron Ltd. | 399,814 | |
525 | 1 | Twilio, Inc. | 103,740 |
518 | 1 | Ultra Clean Holdings, Inc. | 10,738 |
37,000 | United Microelectronics Corp. | 19,051 | |
1,092 | Vishay Intertechnology, Inc. | 17,756 | |
212 | 1 | Vishay Precision Group, Inc. | 5,007 |
8,000 | Walsin Technology Corp. | 49,852 | |
1,154 | Wirecard AG | 121,661 | |
11,000 | Wistron Corp. | 10,496 | |
2,178 | 1 | Workday, Inc. | 399,511 |
315 | 1 | Workiva, Inc. | 14,030 |
801 | XPERI Corp. | 11,014 | |
24,076 | Xerox Holdings Corp. | 382,327 | |
30,000 | Xinyi Solar Holdings Ltd. | 21,891 | |
15,981 | Yageo Corp. | 197,313 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
11,400 | Yokogawa Electric Corp. | $164,507 | |
10,400 | ZTE Corp. | 26,488 | |
TOTAL | 41,643,112 | ||
Materials—3.6% | |||
177,601 | Alumina Ltd. | 173,796 | |
13,495 | Anglo American PLC | 285,490 | |
3,717 | Anglogold Ltd. | 90,829 | |
15,000 | Anhui Conch Cement Co. Ltd., Class H | 113,101 | |
66,000 | Asia Cement Corp. | 95,835 | |
16,643 | BHP Group PLC | 326,397 | |
20,850 | Berger Paints India Ltd. | 134,852 | |
897 | Boise Cascade Co. | 30,525 | |
819 | CF Industries Holdings, Inc. | 24,054 | |
8,047 | Cherepovets MK Severstal | 106,712 | |
210,000 | China National Building Material Co. Ltd. | 237,044 | |
190,000 | China Resources Cement Holdings Ltd. | 240,000 | |
17,318 | Corteva, Inc. | 472,955 | |
6,819 | Dow, Inc. | 263,213 | |
674 | Ecolab, Inc. | 143,279 | |
1,274 | Ems-Chemie Holdings Ag | 945,402 | |
41,806 | Evraz PLC | 146,966 | |
5,246 | FMC Corp. | 516,259 | |
5,107 | 1,2 | Ferroglobe Representation & Warranty Insurance Trust | 0 |
1,194 | 1 | Forterra, Inc. | 10,531 |
90,030 | Fortescue Metals Group Ltd. | 826,076 | |
143 | Glatfelter (P.H.) Co. | 2,204 | |
36,635 | Gold Fields Ltd. | 284,700 | |
29 | Greif, Inc. | 1,112 | |
124 | Hawkins, Inc. | 5,320 | |
6,906 | Impala Platinum Holdings Ltd. | 46,341 | |
2,571 | 1 | KGHM Polska Miedz SA | 55,660 |
148 | Kaiser Aluminum Corp. | 10,619 | |
9,491 | Koninklijke DSM NV | 1,218,108 | |
99 | 1 | Koppers Holdings, Inc. | 1,640 |
682 | Louisiana-Pacific Corp. | 16,102 | |
602 | Materion Corp. | 31,605 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Materials—continued | |||
29,400 | Mitsubishi Gas Chemical Co., Inc. | $438,415 | |
1,124 | Myers Industries, Inc. | 15,298 | |
24,199 | Newmont Corp. | 1,414,915 | |
7,200 | Nitto Denko Corp. | 390,035 | |
1,187 | Norilsk Nickel | 375,344 | |
3,714 | Novolipetski Metallurgicheski Komb OAO | 7,234 | |
127,600 | Petronas Chemicals BHD | 185,234 | |
3,010 | 3 | Phosagro OAO, GDR | 41,538 |
813 | Polyus PJSC | 134,975 | |
4,315 | 1 | Queen’s Road Capital Investment Ltd. | 1,348 |
17,596 | Rio Tinto PLC | 943,160 | |
571 | Schnitzer Steel Industries, Inc., Class A | 8,965 | |
6,200 | Showa Denko KK | 148,396 | |
3,941 | Sika AG | 677,195 | |
238 | Stepan Co. | 23,124 | |
1,879 | Stora Enso Oyj, Class R | 23,116 | |
7,100 | Taiheiyo Cement Corp. | 168,094 | |
15,000 | Taiwan Cement Corp. | 21,283 | |
8,400 | Teijin Ltd. | 137,621 | |
30,700 | Tosoh Corp. | 427,319 | |
1,315 | Tredegar Industries, Inc. | 20,133 | |
1,157 | Trinseo SA | 23,811 | |
102 | 1 | UFP Technologies, Inc. | 4,611 |
11,023 | UPM - Kymmene Oyj | 319,216 | |
552 | Umicore SA | 24,540 | |
4,271 | Va Stahl Ag | 83,476 | |
1,774 | Valhi, Inc. | 1,391 | |
255 | Verso Corp. | 3,667 | |
1,040 | Warrior Met Coal, Inc. | 14,643 | |
422 | Worthington Industries, Inc. | 12,626 | |
136,000 | Zijin Mining Group Co. Ltd. | 54,160 | |
TOTAL | 13,001,610 | ||
Real Estate—2.0% | |||
2,000 | Agile Group Holdings Ltd. | 2,074 | |
212 | American Assets Trust, Inc. | 5,548 | |
5,103 | American Tower Corp. | 1,317,442 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Real Estate—continued | |||
35,700 | Ascendas Real Estate Investment Trust | $79,417 | |
13,179 | Brixmor Property Group, Inc. | 147,078 | |
112,000 | CIFI Holdings Group Co. Ltd. | 80,956 | |
3,600 | CapitaLand Commercial Trust Ltd. | 4,478 | |
66,900 | CapitaLand Mall Trust | 96,548 | |
2,072 | CareTrust REIT, Inc. | 38,601 | |
4,659 | CatchMark Timber Trust, Inc. | 36,573 | |
61,000 | China Aoyuan Group Ltd. | 65,370 | |
4,000 | China Resources Bejing Land | 15,922 | |
8,100 | China Vanke Co. Ltd. | 26,531 | |
835 | CoreCivic, Inc. | 10,045 | |
2,325 | Corepoint Lodging, Inc. | 9,207 | |
227,000 | Country Garden Holdings Co. | 283,431 | |
427 | Crown Castle International Corp. | 73,512 | |
2,100 | Daito Trust Construction Co. Ltd. | 222,026 | |
2,594 | DiamondRock Hospitality Co. | 15,538 | |
2,019 | Easterly Government Properties, Inc. | 50,616 | |
115 | EastGroup Properties, Inc. | 13,369 | |
16,845 | Equity Residential Properties Trust | 1,020,133 | |
714 | Essential Properties Realty Trust, Inc. | 9,739 | |
130 | Essex Property Trust, Inc. | 31,560 | |
113,000 | Evergrande Real Estate Group Limited | 238,064 | |
7,850 | Fibra Uno Administracion SA | 6,022 | |
714 | First Industrial Realty Trust | 27,046 | |
150,000 | Franshion Properties of China Ltd. | 104,249 | |
3,068 | Front Yard Residential Corp. | 23,010 | |
1,037 | Geo Group, Inc. | 12,423 | |
199 | Global Medical REIT, Inc. | 2,133 | |
128,900 | Henderson Land Development Co. Ltd. | 462,989 | |
107,000 | Kaisa Group Holdings Ltd. | 39,292 | |
1,333 | Kite Realty Group Trust | 12,930 | |
4,741 | Lexington Realty Trust | 46,083 | |
1,051 | Life Storage, Inc. | 102,452 | |
28,000 | Logan Property Holdings Co .Ltd. | 41,869 | |
3,500 | Longfor Properties | 16,001 | |
4,197 | Mid-American Apartment Communities, Inc. | 488,363 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Real Estate—continued | |||
1,438 | Monmouth Real Estate Investment Corp. | $18,665 | |
593 | National Storage Affiliates Trust | 17,796 | |
8,190 | New Senior Investment Group, Inc. | 23,751 | |
1,709 | Newmark Group, Inc. | 7,263 | |
1,649 | Physicians Realty Trust | 28,478 | |
826 | RLJ Lodging Trust | 8,516 | |
7,266 | Retail Properties of America, Inc. | 39,382 | |
248 | Retail Value, Inc. | 2,874 | |
64,900 | Robinson’s Land Corp., Class B | 18,968 | |
290,993 | Scentre Group | 427,404 | |
242,000 | Seazen Group Ltd. | 225,026 | |
202,000 | Shenzhen Investment Ltd. | 62,486 | |
28,000 | Shimao Property Holdings Ltd. | 116,979 | |
264,112 | Stockland Trust Group | 620,659 | |
63,000 | Sunac China Holdings | 265,642 | |
602 | Terreno Realty Corp. | 30,816 | |
406,000 | Yuexiu Property Co., Ltd. | 73,070 | |
TOTAL | 7,266,415 | ||
Utilities—2.5% | |||
10,857 | AES Corp. | 135,604 | |
16,912 | AGL Energy Ltd. | 187,885 | |
399 | American States Water Co. | 32,722 | |
507,290 | AusNet Services | 592,112 | |
2,112 | Avangrid, Inc. | 93,942 | |
76 | Avista Corp. | 2,977 | |
1,532 | CEZ A.S. | 30,125 | |
40,500 | CLP Holdings Ltd. | 397,475 | |
168 | Chesapeake Utilities Corp. | 15,177 | |
177,000 | China Power International Development Ltd. | 38,913 | |
24,000 | China Resources Logic Ltd. | 131,385 | |
602 | 1 | Companhia de Saneamento Basico do Estado de Sao Paulo | 6,128 |
4,125 | DTE Energy Co. | 443,726 | |
17,000 | ENN Energy Holdings Ltd. | 199,394 | |
249 | El Paso Electric Co. | 16,925 | |
42,163 | Endesa SA | 1,002,788 | |
27,421 | Enel SpA | 211,007 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Utilities—continued | |||
34,159 | Equatorial Energia SA | $128,345 | |
25,023 | Gail India Ltd. | 30,188 | |
839,500 | 3 | HK Electric Investments Ltd. | 833,484 |
59,040 | Hong Kong and China Gas Co. Ltd. | 99,867 | |
57,402 | Iberdrola SA | 619,544 | |
5,570 | Manila Electric Co. | 31,162 | |
6,462 | NextEra Energy, Inc. | 1,651,429 | |
910 | Northwestern Corp. | 54,709 | |
3,132,516 | OJSC Inter Rao Ues | 219,616 | |
346 | ONE Gas, Inc. | 29,054 | |
823 | Orsted A/S | 96,894 | |
276 | Otter Tail Corp. | 11,843 | |
1,239 | Portland General Electric Co. | 58,369 | |
14,600 | Ratchaburi Group PCL | 32,018 | |
7,041 | Severn Trent PLC | 213,114 | |
13,502 | Southern Co. | 770,559 | |
23,900 | 1 | Tokyo Electric Power Co. Holdings, Inc. | 80,555 |
13,379 | Uniper SE | 415,844 | |
872 | Unitil Corp. | 42,004 | |
TOTAL | 8,956,883 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $213,112,646) | 237,266,123 | ||
ASSET-BACKED SECURITIES—0.5% | |||
300,000 | CNH Equipment Trust 2020-A, Class A3, 1.160%, 6/16/2025 | 300,558 | |
5,271 | Sofi Consumer Loan Program Trust 2016-3, Class A, 3.050%, 12/26/2025 | 5,245 | |
500,000 | Toyota Auto Receivables Owner 2020-B, Class A4, 1.660%, 9/15/2025 | 511,018 | |
700,000 | 4 | Trillium Credit Card Trust II 2020-1A, Class A, 0.538% (1-month USLIBOR +0.370%), 12/26/2024 | 697,381 |
426,975 | World Omni Auto Receivables Trust 2018-B, Class A3, 2.870%, 7/17/2023 | 434,477 | |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $1,872,101) | 1,948,679 | ||
COMMERCIAL MORTGAGE-BACKED SECURITIES—0.3% | |||
Agency Commercial Mortgage-Backed Securities—0.3% | |||
129,244 | Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025 | 133,581 |
Shares, Principal Amount or Contracts | Value | ||
COMMERCIAL MORTGAGE-BACKED SECURITIES—continued | |||
Agency Commercial Mortgage-Backed Securities—continued | |||
$499,190 | Federal Home Loan Mortgage Corp. REMIC, Series K106, Class A1, 1.783%, 5/25/2029 | $521,800 | |
500,000 | Federal Home Loan Mortgage Corp. REMIC, Series K737, Class A2, 2.530%, 10/25/2026 | 543,408 | |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $1,148,474) | 1,198,789 | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—0.4% | |||
255,000 | Bank, Class A4, 3.488%, 11/15/2050 | 281,944 | |
200,000 | Citigroup Commercial Mortgage Trust 2015-GC33, Class AS, 4.114%, 9/10/2058 | 217,523 | |
450,000 | Commercial Mortgage Trust 2015-DC1, Class AM, 3.724%, 2/10/2048 | 464,290 | |
300,000 | JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049 | 321,239 | |
50,000 | WF-RBS Commercial Mortgage Trust 2012-C6, Class B, 4.697%, 4/15/2045 | 49,589 | |
100,000 | WF-RBS Commercial Mortgage Trust 2014-C25, Class B, 4.236%, 11/15/2047 | 99,405 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $1,394,613) | 1,433,990 | ||
CORPORATE BONDS—6.9% | |||
Basic Industry - Metals & Mining—0.0% | |||
100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 4/15/2023 | 106,484 | |
Capital Goods - Aerospace & Defense—0.3% | |||
350,000 | Boeing Co., Sr. Unsecd. Note, 4.875%, 5/1/2025 | 371,880 | |
145,000 | Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, 144A, 3.844%, 5/1/2025 | 156,109 | |
215,000 | Leidos Inc., Unsecd. Note, 144A, 3.625%, 5/15/2025 | 231,755 | |
180,000 | Lockheed Martin Corp., Sr. Unsecd. Note, 3.550%, 1/15/2026 | 205,853 | |
90,000 | 4 | Textron Financial Corp., Jr. Sub. Note, 144A, 2.127% (3-month USLIBOR +1.735%), 2/15/2042 | 55,053 |
TOTAL | 1,020,650 | ||
Capital Goods - Building Materials—0.1% | |||
125,000 | Allegion PLC, Sr. Unsecd. Note, 3.500%, 10/1/2029 | 126,416 | |
130,000 | Masco Corp., Sr. Unsecd. Note, 4.375%, 4/1/2026 | 142,231 | |
185,000 | Masco Corp., Unsecd. Note, 4.450%, 4/1/2025 | 202,112 | |
TOTAL | 470,759 |
Shares, Principal Amount or Contracts | Value | ||
CORPORATE BONDS—continued | |||
Capital Goods - Construction Machinery—0.1% | |||
$195,000 | Deere & Co., Sr. Unsecd. Note, 2.750%, 4/15/2025 | $211,577 | |
Capital Goods - Diversified Manufacturing—0.0% | |||
30,000 | General Electric Capital Corp., Note, Series MTNA, 6.750%, 3/15/2032 | 36,032 | |
Commercial Mortgage—0.0% | |||
30,000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., 5.050%, 3/30/2029 | 35,200 | |
Communications - Cable & Satellite—0.1% | |||
120,000 | Charter Communications, Inc., 4.200%, 3/15/2028 | 133,770 | |
265,000 | Comcast Corp., Sr. Unsecd. Note, 3.100%, 4/1/2025 | 290,073 | |
TOTAL | 423,843 | ||
Communications - Media & Entertainment—0.2% | |||
20,000 | Discovery Communications LLC, Sr. Unsecd. Note, 4.900%, 3/11/2026 | 22,384 | |
70,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046 | 85,260 | |
400,000 | ViacomCBS, Inc., Sr. Unsecd. Note, 4.750%, 5/15/2025 | 441,042 | |
TOTAL | 548,686 | ||
Communications - Telecom Wireless—0.1% | |||
375,000 | Vodafone Group PLC, Sr. Unsecd. Note, 4.250%, 9/17/2050 | 432,488 | |
75,000 | Vodafone Group PLC, Sr. Unsecd. Note, 4.875%, 6/19/2049 | 94,212 | |
TOTAL | 526,700 | ||
Communications - Telecom Wirelines—0.2% | |||
300,000 | AT&T, Inc., Sr. Unsecd. Note, 5.150%, 3/15/2042 | 360,051 | |
105,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 3.150%, 3/22/2030 | 116,632 | |
200,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 3/15/2024 | 223,074 | |
TOTAL | 699,757 | ||
Consumer Cyclical - Automotive—0.1% | |||
275,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.336%, 3/18/2021 | 271,411 | |
70,000 | General Motors Co., Sr. Unsecd. Note, 4.000%, 4/1/2025 | 70,953 | |
TOTAL | 342,364 | ||
Consumer Cyclical - Retailers—0.4% | |||
100,000 | Advance Auto Parts, Inc., 4.500%, 12/1/2023 | 107,018 | |
600,000 | Advance Auto Parts, Inc., Sr. Unsecd. Note, 144A, 3.900%, 4/15/2030 | 614,033 | |
225,000 | AutoNation, Inc., Sr. Unsecd. Note, 4.750%, 6/1/2030 | 234,708 |
Shares, Principal Amount or Contracts | Value | ||
CORPORATE BONDS—continued | |||
Consumer Cyclical - Retailers—continued | |||
$300,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 4/15/2025 | $321,677 | |
86,054 | CVS Health Corp., Pass Thru Cert., 144A, 5.298%, 1/11/2027 | 91,102 | |
185,000 | O’Reilly Automotive, Inc., Sr. Unsecd. Note, 4.200%, 4/1/2030 | 209,185 | |
TOTAL | 1,577,723 | ||
Consumer Cyclical - Services—0.1% | |||
200,000 | Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.800%, 6/6/2023 | 209,945 | |
130,000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | 146,283 | |
TOTAL | 356,228 | ||
Consumer Non-Cyclical - Food/Beverage—0.3% | |||
115,000 | Campbell Soup Co., Sr. Unsecd. Note, 2.375%, 4/24/2030 | 116,668 | |
210,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026 | 218,112 | |
157,000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 3.950%, 7/15/2025 | 165,342 | |
120,000 | Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025 | 138,457 | |
370,000 | PepsiCo, Inc., Sr. Unsecd. Note, 3.625%, 3/19/2050 | 444,600 | |
70,000 | PepsiCo, Inc., Sr. Unsecd. Note, 4.450%, 4/14/2046 | 92,517 | |
TOTAL | 1,175,696 | ||
Consumer Non-Cyclical - Health Care—0.3% | |||
210,000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 2.750%, 9/15/2029 | 222,520 | |
180,000 | Dentsply Sirona, Inc., Sr. Unsecd. Note, 3.250%, 6/1/2030 | 184,639 | |
400,000 | PerkinElmer, Inc., Sr. Unsecd. Note, 3.300%, 9/15/2029 | 415,221 | |
75,000 | Thermo Fisher Scientific, Inc., Sr. Unsecd. Note, 4.133%, 3/25/2025 | 85,311 | |
TOTAL | 907,691 | ||
Consumer Non-Cyclical - Pharmaceuticals—0.1% | |||
90,000 | Gilead Sciences, Inc., Sr. Unsecd. Note, 3.650%, 3/1/2026 | 102,401 | |
190,000 | Zoetis, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2050 | 196,484 | |
TOTAL | 298,885 | ||
Consumer Non-Cyclical - Products—0.1% | |||
235,000 | Procter & Gamble Co., Sr. Unsecd. Note, 2.450%, 3/25/2025 | 255,138 | |
Consumer Non-Cyclical - Tobacco—0.4% | |||
EUR 870,000 | Philip Morris International, Inc., Sr. Unsecd. Note, 2.875%, 5/14/2029 | 1,087,903 | |
200,000 | Reynolds American, Inc., Sr. Unsecd. Note, 5.850%, 8/15/2045 | 240,552 | |
TOTAL | 1,328,455 |
Shares, Principal Amount or Contracts | Value | ||
CORPORATE BONDS—continued | |||
Energy - Integrated—0.1% | |||
$340,000 | Exxon Mobil Corp., Sr. Unsecd. Note, 2.992%, 3/19/2025 | $372,618 | |
100,000 | Husky Energy, Inc., Sr. Unsecd. Note, 3.950%, 4/15/2022 | 100,787 | |
35,000 | Petro-Canada, Deb., 7.000%, 11/15/2028 | 40,654 | |
TOTAL | 514,059 | ||
Energy - Midstream—0.1% | |||
325,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 | 341,428 | |
80,000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 | 82,745 | |
TOTAL | 424,173 | ||
Energy - Refining—0.1% | |||
250,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.750%, 9/15/2044 | 253,503 | |
Financial Institution - Banking—0.6% | |||
100,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 4.875%, 4/1/2044 | 131,823 | |
300,000 | Bank of America Corp., Sub. Note, Series MTN, 4.000%, 1/22/2025 | 327,846 | |
300,000 | Citigroup, Inc., Sr. Unsecd. Note, 2.700%, 3/30/2021 | 305,033 | |
250,000 | Citizens Bank N.A., Sr. Unsecd. Note, Series BKNT, 3.750%, 2/18/2026 | 272,511 | |
250,000 | Compass Bank, Birmingham, Sub. Note, Series BKNT, 3.875%, 4/10/2025 | 256,015 | |
5,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 5.750%, 1/24/2022 | 5,386 | |
100,000 | JPMorgan Chase & Co., Series S, 6.750%, 8/1/2068 | 106,569 | |
50,000 | JPMorgan Chase & Co., Sub. Note, 3.375%, 5/1/2023 | 53,189 | |
400,000 | Morgan Stanley, 4.300%, 1/27/2045 | 486,324 | |
32,417 | 2 | Regional Diversified Funding, 144A, 9.250%, 3/15/2030 | 20,747 |
230,000 | Truist Financial Corp., Sr. Unsecd. Note, 2.900%, 3/3/2021 | 233,780 | |
TOTAL | 2,199,223 | ||
Financial Institution - Broker/Asset Mgr/Exchange—0.3% | |||
140,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | 150,501 | |
400,000 | Raymond James Financial, Inc., Sr. Unsecd. Note, 4.650%, 4/1/2030 | 460,994 | |
240,000 | Stifel Financial Corp., Sr. Unsecd. Note, 3.500%, 12/1/2020 | 241,138 | |
70,000 | TIAA Asset Management Finance Co. LLC, Sr. Unsecd. Note, 144A, 4.125%, 11/1/2024 | 77,083 | |
TOTAL | 929,716 |
Shares, Principal Amount or Contracts | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Finance Companies—0.1% | |||
$210,000 | AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.950%, 2/1/2022 | $197,984 | |
Financial Institution - Insurance - Life—0.2% | |||
27,000 | Aflac, Inc., Sr. Unsecd. Note, 6.450%, 8/15/2040 | 36,753 | |
325,000 | Mass Mutual Global Funding II, 144A, 2.000%, 4/15/2021 | 329,635 | |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039 | 15,276 | |
295,000 | Metlife, Inc., Sr. Unsecd. Note, 4.550%, 3/23/2030 | 365,863 | |
105,000 | Northwestern Mutual Life Insurance Co., Sr. Unsecd. Note, 144A, 3.625%, 9/30/2059 | 114,019 | |
TOTAL | 861,546 | ||
Financial Institution - Insurance - P&C—0.1% | |||
30,000 | Nationwide Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039 | 47,383 | |
350,000 | Nationwide Mutual Insurance Co., Sub., 144A, 4.350%, 4/30/2050 | 356,570 | |
TOTAL | 403,953 | ||
Financial Institution - REIT - Apartment—0.1% | |||
300,000 | Mid-America Apartment Communities LP, Sr. Unsecd. Note, 3.750%, 6/15/2024 | 309,267 | |
140,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026 | 141,318 | |
TOTAL | 450,585 | ||
Financial Institution - REIT - Office—0.0% | |||
100,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028 | 109,816 | |
Financial Institution - REIT - Other—0.1% | |||
180,000 | ProLogis LP, Sr. Unsecd. Note, 4.375%, 2/1/2029 | 212,378 | |
90,000 | WP Carey, Inc., Sr. Unsecd. Note, 3.850%, 7/15/2029 | 87,536 | |
160,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024 | 169,520 | |
TOTAL | 469,434 | ||
Financial Institution - REIT - Retail—0.0% | |||
30,000 | Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/1/2022 | 31,008 | |
Financial Institution - REITs—0.0% | |||
70,000 | Camden Property Trust, Sr. Unsecd. Note, 2.800%, 5/15/2030 | 73,034 | |
Foreign-Local-Government—0.0% | |||
50,000 | Quebec, Province of, Note, Series MTNA, 7.035%, 3/10/2026 | 66,412 | |
Municipal Services—0.1% | |||
133,415 | Army Hawaii Family Housing, 144A, 5.524%, 6/15/2050 | 167,266 |
Shares, Principal Amount or Contracts | Value | ||
CORPORATE BONDS—continued | |||
Municipal Services—continued | |||
$100,000 | Camp Pendleton & Quantico Housing LLC, 5.572%, 10/1/2050 | $116,777 | |
TOTAL | 284,043 | ||
Sovereign—0.1% | |||
JPY 30,000,000 | KFW, 2.050%, 2/16/2026 | 314,628 | |
Technology—0.8% | |||
400,000 | Apple, Inc., Sr. Unsecd. Note, 2.950%, 9/11/2049 | 433,808 | |
320,000 | Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr. Secd. Note, 144A, 6.020%, 6/15/2026 | 361,885 | |
28,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.875%, 6/5/2024 | 30,997 | |
260,000 | Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029 | 287,483 | |
150,000 | Hewlett Packard Enterprise Co., Sr. Unsecd. Note, 3.600%, 10/15/2020 | 151,314 | |
280,000 | Intel Corp., Sr. Unsecd. Note, 3.400%, 3/25/2025 | 315,359 | |
300,000 | Keysight Technologies, Inc., 4.550%, 10/30/2024 | 332,593 | |
380,000 | Molex Electronics Technologies LLC, Unsecd. Note, 144A, 3.900%, 4/15/2025 | 396,292 | |
450,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 3/15/2029 | 518,111 | |
TOTAL | 2,827,842 | ||
Transportation - Airlines—0.0% | |||
140,000 | Southwest Airlines Co., Sr. Unsecd. Note, 5.250%, 5/4/2025 | 141,964 | |
Transportation - Services—0.1% | |||
62,000 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 3.850%, 11/15/2024 | 64,253 | |
160,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 3.900%, 4/1/2025 | 182,044 | |
TOTAL | 246,297 | ||
Utilities—0.1% | |||
400,000 | NiSource, Inc., Sr. Unsecd. Note, 3.600%, 5/1/2030 | 452,969 | |
Utility - Electric—0.8% | |||
155,000 | Berkshire Hathaway Energy Co., Sr. Unsecd. Note, 144A, 4.050%, 4/15/2025 | 175,153 | |
135,000 | Consolidated Edison Co., Sr. Unsecd. Note, Series 20B, 3.950%, 4/1/2050 | 158,477 | |
275,000 | Electricite de France SA, Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028 | 316,960 | |
190,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 | 215,997 | |
400,000 | Enel Finance International NV, Sr. Unsecd. Note, 144A, 2.650%, 9/10/2024 | 417,020 |
Shares, Principal Amount or Contracts | Value | ||
CORPORATE BONDS—continued | |||
Utility - Electric—continued | |||
$300,000 | Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026 | $332,930 | |
160,000 | Florida Power & Light Co., Sec. Fac. Bond, 2.850%, 4/1/2025 | 174,367 | |
140,000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 | 147,504 | |
200,000 | NiSource Finance Corp., Sr. Unsecd. Note, 3.950%, 3/30/2048 | 225,669 | |
400,000 | Northeast Utilities, Sr. Unsecd. Note, Series H, 3.150%, 1/15/2025 | 432,041 | |
125,000 | Wisconsin Electric Power Co., Sr. Unsecd. Note, 4.300%, 12/15/2045 | 151,955 | |
TOTAL | 2,748,073 | ||
Utility - Natural Gas—0.2% | |||
495,000 | National Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 1/15/2026 | 505,540 | |
200,000 | Sempra Energy, Sr. Unsecd. Note, 2.850%, 11/15/2020 | 201,102 | |
TOTAL | 706,642 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $23,129,479) | 25,028,772 | ||
MORTGAGE-BACKED SECURITIES—0.0% | |||
1,230 | Federal Home Loan Mortgage Corp., Pool C00592, 7.000%, 3/1/2028 | 1,394 | |
879 | Federal Home Loan Mortgage Corp., Pool C00896, 7.500%, 12/1/2029 | 1,021 | |
49 | Federal Home Loan Mortgage Corp., Pool C17281, 6.500%, 11/1/2028 | 49 | |
1,006 | Federal Home Loan Mortgage Corp., Pool C19588, 6.500%, 12/1/2028 | 1,147 | |
792 | Federal Home Loan Mortgage Corp., Pool C25621, 6.500%, 5/1/2029 | 900 | |
1,279 | Federal Home Loan Mortgage Corp., Pool C76361, 6.000%, 2/1/2033 | 1,487 | |
1,789 | Federal Home Loan Mortgage Corp., Pool G01444, 6.500%, 8/1/2032 | 2,074 | |
1,083 | Federal National Mortgage Association, Pool 251697, 6.500%, 5/1/2028 | 1,216 | |
4,695 | Federal National Mortgage Association, Pool 252334, 6.500%, 2/1/2029 | 5,245 | |
3,105 | Federal National Mortgage Association, Pool 254905, 6.000%, 10/1/2033 | 3,629 | |
3,257 | Federal National Mortgage Association, Pool 255075, 5.500%, 2/1/2024 | 3,587 | |
327 | Federal National Mortgage Association, Pool 303168, 9.500%, 2/1/2025 | 362 |
Shares, Principal Amount or Contracts | Value | ||
MORTGAGE-BACKED SECURITIES—continued | |||
$199 | Federal National Mortgage Association, Pool 323159, 7.500%, 4/1/2028 | $227 | |
2,004 | Federal National Mortgage Association, Pool 323640, 7.500%, 4/1/2029 | 2,277 | |
4,654 | Federal National Mortgage Association, Pool 545993, 6.000%, 11/1/2032 | 5,387 | |
1,961 | Federal National Mortgage Association, Pool 555272, 6.000%, 3/1/2033 | 2,267 | |
1,491 | Federal National Mortgage Association, Pool 713974, 5.500%, 7/1/2033 | 1,708 | |
3,291 | Federal National Mortgage Association, Pool 721502, 5.000%, 7/1/2033 | 3,737 | |
4,557 | Government National Mortgage Association, Pool 2796, 7.000%, 8/20/2029 | 5,205 | |
2,780 | Government National Mortgage Association, Pool 3040, 7.000%, 2/20/2031 | 3,214 | |
6,955 | Government National Mortgage Association, Pool 3188, 6.500%, 1/20/2032 | 8,038 | |
8,935 | Government National Mortgage Association, Pool 3239, 6.500%, 5/20/2032 | 10,372 | |
166 | Government National Mortgage Association, Pool 352214, 7.000%, 4/15/2023 | 176 | |
1,358 | Government National Mortgage Association, Pool 451522, 7.500%, 10/15/2027 | 1,543 | |
826 | Government National Mortgage Association, Pool 462556, 6.500%, 2/15/2028 | 915 | |
267 | Government National Mortgage Association, Pool 462739, 7.500%, 5/15/2028 | 304 | |
100 | Government National Mortgage Association, Pool 464835, 6.500%, 9/15/2028 | 112 | |
2,373 | Government National Mortgage Association, Pool 469699, 7.000%, 11/15/2028 | 2,674 | |
2,000 | Government National Mortgage Association, Pool 486760, 6.500%, 12/15/2028 | 2,242 | |
147 | Government National Mortgage Association, Pool 780339, 8.000%, 12/15/2023 | 157 | |
1,875 | Government National Mortgage Association, Pool 780453, 7.500%, 12/15/2025 | 2,071 | |
1,710 | Government National Mortgage Association, Pool 780584, 7.000%, 6/15/2027 | 1,889 | |
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $67,662) | 76,626 |
Shares, Principal Amount or Contracts | Value | ||
GOVERNMENT AGENCIES—0.2% | |||
Federal Home Loan Bank System—0.1% | |||
$200,000 | Federal Home Loan Bank System Notes, 0.500%, 4/14/2025 | $200,154 | |
Federal National Mortgage Association—0.1% | |||
335,000 | Federal National Mortgage Association Notes, 0.625%, 4/22/2025 | 336,013 | |
TOTAL GOVERNMENT AGENCIES (IDENTIFIED COST $533,607) | 536,167 | ||
FOREIGN GOVERNMENTS/AGENCIES—7.3% | |||
Sovereign—7.3% | |||
AUD 1,000,000 | Australia, Government of, Sr. Unsecd. Note, Series 148, 2.750%, 11/21/2027 | 767,194 | |
EUR 390,000 | Belgium, Government of, Series 68, 2.250%, 6/22/2023 | 469,761 | |
EUR 680,000 | Belgium, Government of, Series 74, 0.800%, 6/22/2025 | 800,237 | |
CAD 800,000 | Canada, Government of, Bond, 3.250%, 6/1/2021 | 598,804 | |
CAD 480,000 | Canada, Government of, Series WL43, 5.750%, 6/1/2029 | 511,271 | |
EUR 636,000 | France, Government of, 0.500%, 5/25/2025 | 739,332 | |
EUR 150,000 | France, Government of, Bond, 4.500%, 4/25/2041 | 301,096 | |
EUR 400,000 | France, Government of, O.A.T., 5.500%, 4/25/2029 | 668,610 | |
EUR 650,000 | France, Government of, Unsecd. Note, 1.250%, 5/25/2036 | 830,123 | |
EUR 300,000 | France, Government of, Unsecd. Note, 1.750%, 6/25/2039 | 416,236 | |
EUR 600,000 | Germany, Government of, 0.250%, 2/15/2027 | 704,840 | |
EUR 300,000 | Germany, Government of, Bond, Series 03, 4.750%, 7/4/2034 | 575,840 | |
EUR 100,000 | Germany, Government of, Bond, Series 08, 4.750%, 7/4/2040 | 222,502 | |
EUR 540,000 | Germany, Government of, Unsecd. Note, 1.000%, 8/15/2025 | 651,664 | |
EUR 400,000 | Italy, Government of, 3.750%, 5/1/2021 | 458,445 | |
EUR 680,000 | Italy, Government of, Sr. Unsecd. Note, 0.650%, 10/15/2023 | 755,975 | |
EUR 1,000,000 | Italy, Government of, Sr. Unsecd. Note, 4.750%, 9/1/2028 | 1,399,951 | |
EUR 950,000 | Italy, Government of, Unsecd. Note, 1.600%, 6/1/2026 | 1,084,497 | |
EUR 58,000 | Italy, Government of, Unsecd. Note, 3.250%, 9/1/2046 | 75,450 | |
JPY 60,000,000 | Japan, Government of, Series 65, 1.900%, 12/20/2023 | 597,090 | |
JPY 142,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 114, 2.100%, 12/20/2029 | 1,581,546 | |
JPY 185,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 153, 1.300%, 6/20/2035 | 1,985,313 | |
JPY 50,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 351, 0.100%, 6/20/2028 | 470,305 | |
JPY 155,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 44, 1.700%, 9/20/2044 | 1,856,436 | |
$30,000 | Mexico, Government of, Series MTNA, 6.750%, 9/27/2034 | 38,475 |
Shares, Principal Amount or Contracts | Value | ||
FOREIGN GOVERNMENTS/AGENCIES—continued | |||
Sovereign—continued | |||
MXN 31,800,000 | Mexico, Government of, Sr. Unsecd. Note, Series M, 5.750%, 3/5/2026 | $1,440,648 | |
EUR 450,000 | Netherlands, Government of, Unsecd. Note, 2.500%, 1/15/2033 | 669,719 | |
EUR 150,000 | Spain, Government of, 4.200%, 1/31/2037 | 250,943 | |
EUR 600,000 | Spain, Government of, Sr. Unsecd. Note, 1.500%, 4/30/2027 | 725,895 | |
EUR 590,000 | Spain, Government of, Sr. Unsecd. Note, 1.950%, 7/30/2030 | 747,869 | |
EUR 480,000 | Spain, Government of, Sr. Unsecd. Note, 2.750%, 10/31/2024 | 600,400 | |
GBP 350,000 | United Kingdom TSY 1 5/8% 2028, Unsecd. Deb., 1.625%, 10/22/2028 | 489,341 | |
GBP 270,000 | United Kingdom, Government of, 2.750%, 9/7/2024 | 373,222 | |
GBP 430,000 | United Kingdom, Government of, 3.250%, 1/22/2044 | 841,874 | |
GBP 250,000 | United Kingdom, Government of, 4.250%, 12/7/2027 | 406,222 | |
GBP 600,000 | United Kingdom, Government of, Unsecd. Note, 1.500%, 7/22/2047 | 911,261 | |
GBP 230,000 | United Kingdom, Government of, Unsecd. Note, 4.250%, 6/7/2032 | 416,759 | |
TOTAL FOREIGN GOVERNMENTS/AGENCIES (IDENTIFIED COST $25,099,928) | 26,435,146 | ||
MUNICIPAL BONDS—0.3% | |||
Municipal Services—0.3% | |||
$250,000 | Klein, TX Independent School District, Unlimited Tax Schoolhouse and Refunding Bonds (Series 2020), (GTD by Texas Permanent School Fund Guarantee Program), 5.000%, 8/1/2028 | 332,163 | |
125,000 | Metropolitan Government Nashville & Davidson County, TN, GO Improvement Bonds (Series 2018), 4.000%, 7/1/2028 | 154,236 | |
250,000 | New York State Dormitory Authority State Personal Income Tax Revenue (New York State Personal Income Tax Revenue Bond Fund), State Personal Income Tax Revenue Bonds (Series 2019D), 4.000%, 2/15/2037 | 291,260 | |
300,000 | Washington State, Various Purpose GO Bonds (Series 2020C), 5.000%, 2/1/2044 | 387,501 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $1,166,924) | 1,165,160 | ||
U.S. TREASURIES—2.2% | |||
326,742 | U.S. Treasury Inflation-Protected Notes, 0.125%, 4/15/2021 | 324,743 | |
201,222 | U.S. Treasury Inflation-Protected Notes, 0.125%, 10/15/2024 | 207,428 | |
100,330 | U.S. Treasury Inflation-Protected Notes, 0.125%, 1/15/2030 | 106,482 | |
351,414 | U.S. Treasury Inflation-Protected Notes, 0.250%, 2/15/2050 | 385,087 |
Shares, Principal Amount or Contracts | Value | ||
U.S. TREASURIES—continued | |||
$138,287 | U.S. Treasury Inflation-Protected Notes, 0.625%, 1/15/2024 | $143,398 | |
800,000 | United States Treasury Bond, 2.000%, 2/15/2050 | 914,828 | |
365,000 | United States Treasury Bond, 2.375%, 11/15/2049 | 449,952 | |
21,000 | United States Treasury Bond, 2.500%, 5/15/2046 | 25,981 | |
3,000 | United States Treasury Bond, 3.000%, 11/15/2045 | 4,036 | |
100,000 | United States Treasury Bond, 4.375%, 2/15/2038 | 155,264 | |
100,000 | United States Treasury Note, 0.125%, 5/15/2023 | 99,796 | |
2,900,000 | United States Treasury Note, 0.375%, 3/31/2022 | 2,910,973 | |
100,000 | United States Treasury Note, 1.750%, 12/31/2026 | 108,271 | |
1,250,000 | United States Treasury Note, 2.125%, 5/31/2021 | 1,273,931 | |
50,000 | United States Treasury Note, 2.250%, 3/31/2026 | 55,290 | |
385,000 | United States Treasury Note, 2.500%, 1/31/2021 | 390,925 | |
30,000 | United States Treasury Note, 2.500%, 1/31/2025 | 33,060 | |
145,000 | United States Treasury Note, 2.875%, 9/30/2023 | 157,776 | |
160,000 | United States Treasury Note, 2.875%, 11/30/2023 | 174,768 | |
TOTAL U.S. TREASURIES (IDENTIFIED COST $7,663,399) | 7,921,989 | ||
PURCHASED CALL OPTIONS—0.0% | |||
2,700,000 | BNP USD CALL/JPY PUT, Notional Amount $2,700,000, Exercise Price $111.00, Expiration Date 7/8/2020 | 880 | |
2,700,000 | JPM USD CALL/JPY PUT, Notional Amount $2,700,000, Exercise Price $109.85, Expiration Date 7/15/2020 | 3,416 | |
TOTAL PURCHASED CALL OPTIONS (IDENTIFIED COST $34,711) | 4,296 | ||
INVESTMENT COMPANIES—14.8% | |||
3,182,889 | Emerging Markets Core Fund | 30,237,441 | |
200,253 | Federated Bank Loan Core Fund | 1,820,299 | |
1,610,658 | Federated Mortgage Core Portfolio | 16,332,070 | |
257,631 | Federated Project and Trade Finance Core Fund | 2,249,119 | |
529,496 | 5 | High Yield Bond Portfolio | 3,134,616 |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $52,178,364) | 53,773,545 | ||
TOTAL INVESTMENT IN SECURITIES—98.2% (IDENTIFIED COST $327,401,908)6 | 356,789,282 | ||
OTHER ASSETS AND LIABILITIES - NET—1.8%7 | 6,526,484 | ||
TOTAL NET ASSETS—100% | $363,315,766 |
Settlement Date | Counterparty | Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
Contracts Purchased: | ||||
6/1/2020 | JPMorgan Chase | 3,841,000 CAD | $2,777,432 | $12,269 |
6/1/2020 | Credit Agricole CIB | 4,696,000 EUR | $5,153,691 | $59,106 |
6/1/2020 | State Street Bank & Trust Co. | 197,439,000 JPY | $1,834,610 | $(3,843) |
6/2/2020 | JPMorgan Chase | 5,951,213 MXN | $250,000 | $18,381 |
6/2/2020 | JPMorgan Chase | 6,101,166 MXN | $250,000 | $25,143 |
6/15/2020 | Bank of America N.A. | 46,039,240 CLP | $56,944 | $575 |
7/10/2020 | JPMorgan Chase | 143,972,316 JPY | $1,350,000 | $(14,257) |
7/10/2020 | Bank of New York Mellon | 290,070,180 JPY | $2,700,000 | $(8,794) |
7/17/2020 | Bank of New York Mellon | 145,180,755 JPY | $1,350,000 | $(2,901) |
8/3/2020 | JPMorgan Chase | 1,600,000 EUR | 183,753,056 JPY | $72,923 |
8/3/2020 | Credit Agricole CIB | 508,475 EUR | 2,260,692 PLN | $1,598 |
8/3/2020 | Bank of America N.A. | 1,491,525 EUR | 6,631,638 PLN | $4,620 |
8/3/2020 | Citibank N.A. | 160,783 GBP | $200,000 | $(1,383) |
8/3/2020 | Credit Agricole CIB | 550,000 GBP | $679,956 | $(536) |
8/3/2020 | Credit Agricole CIB | 386,334,360 JPY | $3,600,000 | $(14,361) |
8/3/2020 | State Street Bank & Trust Co. | 4,909,288 MXN | $200,000 | $19,367 |
8/4/2020 | JPMorgan Chase | 1,263,120 AUD | 750,000 EUR | $8,317 |
8/4/2020 | Citibank N.A. | 1,275,387 AUD | 750,000 EUR | $16,493 |
8/10/2020 | JPMorgan Chase | 80,000 EUR | $86,569 | $2,363 |
Contracts Sold: | ||||
6/1/2020 | HSBC BANK USA | 3,841,000 CAD | $2,740,480 | $(49,221) |
6/1/2020 | JPMorgan Chase | 4,696,000 EUR | $5,099,147 | $(113,650) |
6/1/2020 | State Street Bank & Trust Co. | 197,439,000 JPY | $1,837,863 | $7,097 |
6/2/2020 | Morgan Stanley | 5,827,388 MXN | $250,000 | $(12,797) |
6/2/2020 | Barclays Bank PLC Wholesale | 5,934,375 MXN | $250,000 | $(17,622) |
6/2/2020 | Bank of America N.A. | 11,390,257 MXN | $500,000 | $(13,665) |
6/2/2020 | JPMorgan Chase | 11,826,180 MXN | $500,000 | $(33,323) |
6/2/2020 | Bank of America N.A. | 2,558,066 ZAR | $140,000 | $(5,742) |
6/9/2020 | JPMorgan Chase | 3,787,000 CAD | $2,738,364 | $(12,119) |
6/9/2020 | Credit Agricole CIB | 4,641,000 EUR | $5,094,064 | $(58,376) |
6/9/2020 | State Street Bank & Trust Co. | 197,714,000 JPY | $1,837,312 | $3,875 |
6/15/2020 | Bank of America N.A. | 46,039,240 CLP | $55,900 | $(1,619) |
7/10/2020 | Goldman Sachs | 144,386,685 JPY | $1,350,000 | $10,413 |
8/3/2020 | JPMorgan Chase | 1,600,000 EUR | 183,735,536 JPY | $(73,086) |
8/3/2020 | Credit Agricole CIB | 2,000,000 EUR | 9,079,766 PLN | $40,507 |
8/3/2020 | State Street Bank & Trust Co. | 728,042 GBP | $900,000 | $643 |
8/3/2020 | State Street Bank & Trust Co. | 40,354,453 MXN | $1,600,000 | $(203,204) |
Settlement Date | Counterparty | Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
8/4/2020 | State Street Bank & Trust Co. | 2,511,573 AUD | 1,500,000 EUR | $(6,857) |
8/10/2020 | Barclays Bank PLC Wholesale | 85,535 AUD | $55,900 | $(1,114) |
8/10/2020 | JPMorgan Chase | 80,000 EUR | $87,263 | $(1,669) |
8/10/2020 | JPMorgan Chase | 677,057 MXN | $30,000 | $(224) |
8/11/2020 | Credit Agricole CIB | 2,450,084 ZAR | $140,000 | $1,400 |
NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS | $(345,273) |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
Long Futures: | ||||
1Amsterdam Index Long Futures | 60 | $7,088,427 | June 2020 | $(19,180) |
1Australia 10-Year Bond Long Futures | 63 | $6,255,616 | June 2020 | $4,904 |
1Euro Bund Long Futures | 48 | $9,189,086 | June 2020 | $21,968 |
1FTSE 100 Index Long Futures | 1 | $74,847 | June 2020 | $(805) |
1FTSE JSE Top 40 Long Futures | 424 | $11,264,070 | June 2020 | $23,690 |
1FTSE/MIB Index Long Futures | 49 | $4,943,460 | June 2020 | $309,032 |
1Hang Seng Index Long Futures | 13 | $1,909,289 | June 2020 | $17,092 |
1IBEX 35 Index Long Futures | 11 | $862,505 | June 2020 | $(2,780) |
1S&P 500 E-Mini Long Futures | 51 | $7,757,100 | June 2020 | $496,273 |
1TOPIX Index Long Futures | 17 | $2,457,508 | June 2020 | $(27,171) |
1United States Treasury Long Bond Long Futures | 1 | $178,375 | September 2020 | $(315) |
1United States Treasury Notes 10-Year Long Futures | 195 | $27,117,188 | September 2020 | $17,940 |
1United States Treasury Notes 10-Year Ultra Long Futures | 7 | $1,101,297 | September 2020 | $1,898 |
1United States Treasury Notes 2-Year Long Futures | 63 | $13,913,156 | September 2020 | $5,273 |
1United States Treasury Ultra Bond Long Futures | 2 | $436,063 | September 2020 | $(3,892) |
Short Futures: | ||||
1CAC 40 10-Year Euro Short Futures | 71 | $3,693,204 | June 2020 | $(1,625) |
1Canada 10-Year Bond Short Futures | 19 | $2,120,173 | September 2020 | $(413) |
1DAX Index Short Futures | 7 | $2,253,888 | June 2020 | $(107,455) |
1DJIA Mini E-CBOT Short Futures | 14 | $1,776,460 | June 2020 | $(108,779) |
1E-Mini Russel 2000 Short Future | 2 | $139,280 | June 2020 | $(17,581) |
1Euro BTP Short Futures | 20 | $3,156,095 | June 2020 | $90,350 |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
1Euro STOXX 50 Short Futures | 31 | $1,048,176 | June 2020 | $(66,858) |
1Japan 10-Year Bond Short Futures | 10 | $14,112,847 | June 2020 | $21,294 |
1Long GILT Short Futures | 121 | $20,538,336 | September 2020 | $10,322 |
1MSCI Emerging Market Short Futures | 11 | $513,095 | June 2020 | $(22,851) |
1MSCI Singapore IX ETS Short Futures | 536 | $10,926,387 | June 2020 | $46,716 |
1MSCI Taiwan Index Short Futures | 108 | $4,440,960 | June 2020 | $(22,124) |
1NIKKEI 225 Short Futures | 2 | $404,469 | June 2020 | $(44,342) |
1S&P/TSX 60 IX Short Futures | 79 | $10,508,087 | June 2020 | $(112,501) |
1SPI 200 Short Futures | 51 | $4,885,793 | June 2020 | $(256,157) |
1United States Treasury Notes 5-Year Short Futures | 23 | $2,889,375 | September 2020 | $(3,645) |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $248,278 |
Counterparty | Description | Notional Amount | Expiration Date | Exercise Price | Value |
Put Options: | |||||
BNP Paribas | BNP USD PUT/JPY CALL | $2,700,000 | July 2020 | $104.50 | $(3,704) |
BNP Paribas | BNP USD PUT/MXN CALL | $30,000 | June 2020 | $22.15 | $(349) |
JPMorgan Chase | JPM USD PUT/JPY CALL | $2,700,000 | July 2020 | $101.75 | $(1,895) |
(PREMIUMS RECEIVED $40,279) | $(5,948) |
Affiliates | Balance of Shares Held 11/30/2019 | Purchases/ Additions | Sales/ Reductions |
Emerging Markets Core Fund | 3,951,047 | 237,061 | (1,005,219) |
Federated Bank Loan Core Fund | 220,646 | 69,699 | (90,092) |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | 3,049,396 | 43,768,907 | (46,818,303) |
Federated Mortgage Core Portfolio | 2,226,677 | 472,978 | (1,088,997) |
Federated Project and Trade Finance Core Fund | 546,931 | 9,894 | (299,194) |
High Yield Bond Portfolio | 566,062 | 221,312 | (257,878) |
TOTAL OF AFFILIATED TRANSACTIONS | 10,560,759 | 44,779,851 | (49,559,683) |
Balance of Shares Held 5/31/2020 | Value | Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss) | Dividend Income |
3,182,889 | $30,237,441 | $(959,594) | $(37,909) | $871,540 |
200,253 | $1,820,299 | $(59,480) | $(1,794) | $47,098 |
— | $— | $— | $1,183 | $16,710 |
1,610,658 | $16,332,070 | $416,403 | $62,927 | $252,174 |
257,631 | $2,249,119 | $58,321 | $(208,103) | $87,462 |
529,496 | $3,134,616 | $(160,504) | $107,642 | $98,120 |
5,780,927 | $53,773,545 | $(704,854) | $(76,054) | $1,373,104 |
1 | Non-income-producing security. |
2 | Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established by and under the general supervision of the Fund’s Board of Trustees (the "Trustees"). |
3 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At May 31, 2020, these restricted securities amounted to $875,022, which represented 0.2% of total net assets. |
4 | Floating/variable note with current rate and current maturity or next reset date shown. |
5 | The High Yield Bond Portfolio is a diversified portfolio of below investment grade bonds. |
6 | Also represents cost for federal tax purposes. |
7 | 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 | $117,832,253 | $— | $4,534 | $117,836,787 |
International | 15,146,956 | 104,282,380 | 0 | 119,429,336 |
Debt Securities: | ||||
Asset-Backed Securities | — | 1,948,679 | — | 1,948,679 |
Commercial Mortgage-Backed Securities | — | 1,198,789 | — | 1,198,789 |
Collateralized Mortgage Obligations | — | 1,433,990 | — | 1,433,990 |
Corporate Bonds | — | 25,008,025 | 20,747 | 25,028,772 |
Mortgage-Backed Securities | — | 76,626 | — | 76,626 |
Government Agencies | — | 536,167 | — | 536,167 |
Foreign Governments/Agencies | — | 26,435,146 | — | 26,435,146 |
Municipal Bonds | — | 1,165,160 | — | 1,165,160 |
U.S. Treasuries | — | 7,921,989 | — | 7,921,989 |
Purchased Call Options | — | 4,296 | — | 4,296 |
Investment Companies1 | 51,524,426 | — | — | 53,773,545 |
TOTAL SECURITIES | $184,503,635 | $170,011,247 | $25,281 | $356,789,282 |
Other Financial Instruments | ||||
Assets | ||||
Futures Contracts | $1,066,752 | $— | $— | $1,066,752 |
Foreign Exchange Contracts | — | 305,090 | — | 305,090 |
Written Option Contracts | — | — | — | — |
Liabilities | ||||
Futures Contracts | (818,474) | — | — | (818,474) |
Foreign Exchange Contracts | — | (650,363) | — | (650,363) |
Written Option Contracts | — | (5,948) | — | (5,948) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $248,278 | $(351,221) | $— | $(102,943) |
1 | As permitted by U.S. generally accepted accounting principles (GAAP), an Investment Company valued at $2,249,119 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 |
CLP | —Chilean Peso |
EUR | —Euro Currency |
GBP | —British Pound |
GDR | —Global Depository Receipt |
GTD | —Guaranteed |
JPY | —Japanese Yen |
LIBOR | —London Interbank Offered Rate |
MTN | —Medium Term Note |
MXN | —Mexican Peso |
REIT | —Real Estate Investment Trust |
REMIC | —Real Estate Mortgage Investment Conduit |
ZAR | —South African Rand |
Six Months Ended (unaudited) 5/31/2020 | Year Ended November 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $19.83 | $19.08 | $20.09 | $17.49 | $17.87 | $20.29 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.13 | 0.31 | 0.31 | 0.28 | 0.29 | 0.27 |
Net realized and unrealized gain (loss) | (0.61) | 1.44 | (0.99) | 2.63 | (0.37) | (0.80) |
TOTAL FROM INVESTMENT OPERATIONS | (0.48) | 1.75 | (0.68) | 2.91 | (0.08) | (0.53) |
Less Distributions: | ||||||
Distributions from net investment income | (0.17) | (0.36) | (0.33) | (0.31) | (0.29) | (0.17) |
Distributions from net realized gain | (0.17) | (0.64) | — | — | (0.01) | (1.72) |
TOTAL DISTRIBUTIONS | (0.34) | (1.00) | (0.33) | (0.31) | (0.30) | (1.89) |
Net Asset Value, End of Period | $19.01 | $19.83 | $19.08 | $20.09 | $17.49 | $17.87 |
Total Return2 | (2.47)% | 9.89% | (3.46)% | 16.85% | (0.68)% | (2.80)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.15%4 | 1.15% | 1.15% | 1.14% | 1.14% | 1.16% |
Net investment income | 1.40%4 | 1.65% | 1.53% | 1.50% | 1.65% | 1.45% |
Expense waiver/reimbursement5 | 0.18%4 | 0.20% | 0.11% | 0.18% | 0.17% | 0.13% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $162,873 | $181,579 | $146,323 | $169,424 | $169,443 | $187,183 |
Portfolio turnover | 32% | 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. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
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. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Six Months Ended (unaudited) 5/31/2020 | Year Ended November 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $19.30 | $18.60 | $19.58 | $17.06 | $17.43 | $19.86 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.05 | 0.16 | 0.14 | 0.13 | 0.14 | 0.12 |
Net realized and unrealized gain (loss) | (0.59) | 1.39 | (0.96) | 2.55 | (0.35) | (0.78) |
TOTAL FROM INVESTMENT OPERATIONS | (0.54) | 1.55 | (0.82) | 2.68 | (0.21) | (0.66) |
Less Distributions: | ||||||
Distributions from net investment income | (0.08) | (0.21) | (0.16) | (0.16) | (0.15) | (0.05) |
Distributions from net realized gain | (0.17) | (0.64) | — | — | (0.01) | (1.72) |
TOTAL DISTRIBUTIONS | (0.25) | (0.85) | (0.16) | (0.16) | (0.16) | (1.77) |
Net Asset Value, End of Period | $18.51 | $19.30 | $18.60 | $19.58 | $17.06 | $17.43 |
Total Return2 | (2.83)% | 8.94% | (4.20)% | 15.84% | (1.46)% | (3.59)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.98%4 | 1.96% | 1.96% | 1.95% | 1.95% | 1.97% |
Net investment income | 0.56%4 | 0.86% | 0.72% | 0.70% | 0.85% | 0.64% |
Expense waiver/reimbursement5 | 0.16%4 | 0.20% | 0.12% | 0.20% | 0.18% | 0.12% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $6,330 | $7,880 | $9,758 | $14,342 | $16,037 | $21,384 |
Portfolio turnover | 32% | 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. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
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. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Six Months Ended (unaudited) 5/31/2020 | Year Ended November 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $19.22 | $18.52 | $19.51 | $17.00 | $17.37 | $19.80 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.06 | 0.16 | 0.15 | 0.14 | 0.15 | 0.13 |
Net realized and unrealized gain (loss) | (0.60) | 1.40 | (0.96) | 2.55 | (0.35) | (0.78) |
TOTAL FROM INVESTMENT OPERATIONS | (0.54) | 1.56 | (0.81) | 2.69 | (0.20) | (0.65) |
Less Distributions: | ||||||
Distributions from net investment income | (0.09) | (0.22) | (0.18) | (0.18) | (0.16) | (0.06) |
Distributions from net realized gain | (0.17) | (0.64) | — | — | (0.01) | (1.72) |
TOTAL DISTRIBUTIONS | (0.26) | (0.86) | (0.18) | (0.18) | (0.17) | (1.78) |
Net Asset Value, End of Period | $18.42 | $19.22 | $18.52 | $19.51 | $17.00 | $17.37 |
Total Return2 | (2.86)% | 9.06% | (4.20)% | 15.92% | (1.44)% | (3.55)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.94%4 | 1.92% | 1.90% | 1.89% | 1.89% | 1.91% |
Net investment income | 0.61%4 | 0.89% | 0.78% | 0.75% | 0.91% | 0.70% |
Expense waiver/reimbursement5 | 0.15%4 | 0.20% | 0.14% | 0.21% | 0.20% | 0.15% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $55,978 | $64,600 | $64,095 | $78,445 | $82,845 | $89,640 |
Portfolio turnover | 32% | 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. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
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. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Six Months Ended (unaudited) 5/31/2020 | Year Ended November 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $19.67 | $18.94 | $19.94 | $17.38 | $17.74 | $20.16 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.09 | 0.24 | 0.22 | 0.20 | 0.21 | 0.19 |
Net realized and unrealized gain (loss) | (0.61) | 1.41 | (0.98) | 2.61 | (0.36) | (0.80) |
TOTAL FROM INVESTMENT OPERATIONS | (0.52) | 1.65 | (0.76) | 2.81 | (0.15) | (0.61) |
Less Distributions: | ||||||
Distributions from net investment income | (0.12) | (0.28) | (0.24) | (0.25) | (0.20) | (0.09) |
Distributions from net realized gain | (0.17) | (0.64) | — | — | (0.01) | (1.72) |
TOTAL DISTRIBUTIONS | (0.29) | (0.92) | (0.24) | (0.25) | (0.21) | (1.81) |
Net Asset Value, End of Period | $18.86 | $19.67 | $18.94 | $19.94 | $17.38 | $17.74 |
Total Return2 | (2.66)% | 9.38% | (3.86)% | 16.32% | (1.12)% | (3.26)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.58%4 | 1.56% | 1.58% | 1.57% | 1.56% | 1.59% |
Net investment income | 0.98%4 | 1.26% | 1.09% | 1.07% | 1.24% | 1.02% |
Expense waiver/reimbursement5 | 0.18%4 | 0.19% | 0.12% | 0.18% | 0.18% | 0.14% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $38,722 | $42,860 | $43,452 | $51,768 | $52,430 | $59,229 |
Portfolio turnover | 32% | 85% | 66% | 58% | 105% | 76% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
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. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Six Months Ended (unaudited) 5/31/2020 | Year Ended November 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $19.95 | $19.19 | $20.21 | $17.61 | $17.98 | $20.40 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.16 | 0.37 | 0.37 | 0.33 | 0.34 | 0.32 |
Net realized and unrealized gain (loss) | (0.62) | 1.45 | (1.00) | 2.65 | (0.37) | (0.80) |
TOTAL FROM INVESTMENT OPERATIONS | (0.46) | 1.82 | (0.63) | 2.98 | (0.03) | (0.48) |
Less Distributions: | ||||||
Distributions from net investment income | (0.19) | (0.42) | (0.39) | (0.38) | (0.33) | (0.22) |
Distributions from net realized gain | (0.17) | (0.64) | — | — | (0.01) | (1.72) |
TOTAL DISTRIBUTIONS | (0.36) | (1.06) | (0.39) | (0.38) | (0.34) | (1.94) |
Net Asset Value, End of Period | $19.13 | $19.95 | $19.19 | $20.21 | $17.61 | $17.98 |
Total Return2 | (2.30)% | 10.21% | (3.21)% | 17.13% | (0.37)% | (2.51)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.86%4 | 0.86% | 0.86% | 0.85% | 0.85% | 0.87% |
Net investment income | 1.70%4 | 1.95% | 1.81% | 1.77% | 1.95% | 1.74% |
Expense waiver/reimbursement5 | 0.19%4 | 0.22% | 0.14% | 0.20% | 0.20% | 0.14% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $93,632 | $99,564 | $95,613 | $105,720 | $91,167 | $115,108 |
Portfolio turnover | 32% | 85% | 66% | 58% | 105% | 76% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
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. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Six Months Ended (unaudited) 5/31/2020 | Year Ended November 30, | Period Ended 11/30/20161 | |||
2019 | 2018 | 2017 | |||
Net Asset Value, Beginning of Period | $19.84 | $19.09 | $20.10 | $17.51 | $16.97 |
Income From Investment Operations: | |||||
Net investment income (loss)2 | 0.16 | 0.38 | 0.36 | 0.33 | 0.11 |
Net realized and unrealized gain (loss) | (0.61) | 1.44 | (0.98) | 2.63 | 0.56 |
TOTAL FROM INVESTMENT OPERATIONS | (0.45) | 1.82 | (0.62) | 2.96 | 0.67 |
Less Distributions: | |||||
Distributions from net investment income | (0.20) | (0.43) | (0.39) | (0.37) | (0.13) |
Distributions from net realized gain | (0.17) | (0.64) | — | — | — |
TOTAL DISTRIBUTIONS | (0.37) | (1.07) | (0.39) | (0.37) | (0.13) |
Net Asset Value, End of Period | $19.02 | $19.84 | $19.09 | $20.10 | $17.51 |
Total Return3 | (2.31)% | 10.26% | (3.16)% | 17.14% | 3.94% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.84%5 | 0.84% | 0.84% | 0.83% | 0.84%5 |
Net investment income | 1.71%5 | 1.97% | 1.79% | 1.78% | 1.48%5 |
Expense waiver/reimbursement6 | 0.14%5 | 0.19% | 0.11% | 0.17% | 0.16%5 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $5,781 | $6,275 | $4,890 | $6,243 | $4,853 |
Portfolio turnover | 32% | 85% | 66% | 58% | 105%7 |
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 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | Computed on an annualized basis. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
7 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the fiscal year ended November 30, 2016. |
Assets: | ||
Investment in securities, at value including $53,773,545 of investment in affiliated holdings* (identified cost $327,401,908) | $356,789,282 | |
Cash denominated in foreign currencies (identified cost $432,371) | 280,871 | |
Due from broker (Note 2) | 8,158,313 | |
Income receivable | 1,161,915 | |
Income receivable from affiliated holdings | 216,392 | |
Receivable for investments sold | 134,384 | |
Receivable for shares sold | 82,259 | |
Unrealized appreciation on foreign exchange contracts | 305,090 | |
TOTAL ASSETS | 367,128,506 | |
Liabilities: | ||
Payable for investments purchased | $825,956 | |
Payable for shares redeemed | 208,312 | |
Written options outstanding (premiums $40,279), at value | 5,948 | |
Unrealized depreciation on foreign exchange contracts | 650,363 | |
Bank overdraft | 1,322,645 | |
Payable for variation margin on futures contracts | 476,887 | |
Payable for Directors’/Trustees’ fees (Note 5) | 1,002 | |
Payable for investment adviser fee (Note 5) | 14,960 | |
Payable for administrative fees (Note 5) | 2,314 | |
Payable for transfer agent fee | 80,313 | |
Payable for distribution services fee (Note 5) | 54,108 | |
Payable for other service fees (Notes 2 and 5) | 45,304 | |
Accrued expenses (Note 5) | 124,628 | |
TOTAL LIABILITIES | 3,812,740 | |
Net assets for 19,201,605 shares outstanding | $363,315,766 | |
Net Assets Consist of: | ||
Paid-in capital | $392,632,450 | |
Total distributable earnings (loss) | (29,316,684) | |
TOTAL NET ASSETS | $363,315,766 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($162,872,855 ÷ 8,569,121 shares outstanding), no par value, unlimited shares authorized | $19.01 | |
Offering price per share (100/94.50 of $19.01) | $20.12 | |
Redemption proceeds per share | $19.01 | |
Class B Shares: | ||
Net asset value per share ($6,329,544 ÷ 342,029 shares outstanding), no par value, unlimited shares authorized | $18.51 | |
Offering price per share | $18.51 | |
Redemption proceeds per share (94.50/100 of $18.51) | $17.49 | |
Class C Shares: | ||
Net asset value per share ($55,978,309 ÷ 3,038,199 shares outstanding), no par value, unlimited shares authorized | $18.42 | |
Offering price per share | $18.42 | |
Redemption proceeds per share (99.00/100 of $18.42) | $18.24 | |
Class R Shares: | ||
Net asset value per share ($38,721,567 ÷ 2,052,836 shares outstanding), no par value, unlimited shares authorized | $18.86 | |
Offering price per share | $18.86 | |
Redemption proceeds per share | $18.86 | |
Institutional Shares: | ||
Net asset value per share ($93,632,155 ÷ 4,895,399 shares outstanding), no par value, unlimited shares authorized | $19.13 | |
Offering price per share | $19.13 | |
Redemption proceeds per share | $19.13 | |
Class R6 Shares: | ||
Net asset value per share ($5,781,336 ÷ 304,021 shares outstanding), no par value, unlimited shares authorized | $19.02 | |
Offering price per share | $19.02 | |
Redemption proceeds per share | $19.02 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |||
Dividends (including $1,373,104 received from affiliated holdings* and net of foreign taxes withheld of $201,412) | $4,096,143 | ||
Interest | 685,584 | ||
TOTAL INCOME | 4,781,727 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,249,645 | ||
Administrative fee (Note 5) | 154,041 | ||
Custodian fees | 102,534 | ||
Transfer agent fee (Note 2) | 323,526 | ||
Directors’/Trustees’ fees (Note 5) | 4,891 | ||
Auditing fees | 17,284 | ||
Legal fees | 5,066 | ||
Portfolio accounting fees | 89,640 | ||
Distribution services fee (Note 5) | 344,331 | ||
Other service fees (Notes 2 and 5) | 291,788 | ||
Share registration costs | 44,187 | ||
Printing and postage | 21,578 | ||
Miscellaneous (Note 5) | 23,673 | ||
TOTAL EXPENSES | 2,672,184 | ||
Reimbursements: | |||
Reimbursement of investment adviser fee (Note 5) | $(271,049) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (56,645) | ||
TOTAL REIMBURSEMENTS | (327,694) | ||
Net expenses | 2,344,490 | ||
Net investment income | 2,437,237 |
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Written Options, Foreign Exchange Contracts and Foreign Currency Transactions: | |||
Net realized gain on investments(including foreign taxes withheld of $(3,987)) (including net realized loss of $(76,054) on sales of investments in affiliated holdings*) | 395,711 | ||
Net realized loss on foreign currency transactions | (18,939) | ||
Net realized loss on foreign exchange contracts | (1,655,435) | ||
Net realized gain on futures contracts | 3,327,103 | ||
Net realized gain on written options | 94,508 | ||
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(704,854) on investments in affiliated holdings*) | (16,867,643) | ||
Net change in unrealized appreciation/depreciation of translation of assets and liabilities in foreign currency | (127,280) | ||
Net change in unrealized depreciation of foreign exchange contracts | 86,827 | ||
Net change in unrealized depreciation of futures contracts | 986,658 | ||
Net change in unrealized appreciation of written options | 25,209 | ||
Net realized and unrealized loss on investments, futures contracts, written options, foreign exchange contracts and foreign currency transactions | (13,753,281) | ||
Change in net assets resulting from operations | $(11,316,044) |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 5/31/2020 | Year Ended 11/30/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $2,437,237 | $5,622,698 |
Net realized gain | 2,142,948 | 4,283,789 |
Net change in unrealized appreciation/depreciation | (15,896,229) | 24,919,602 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (11,316,044) | 34,826,089 |
Distributions to Shareholders: | ||
Class A Shares | (3,068,755) | (7,774,878) |
Class B Shares | (100,437) | (430,895) |
Class C Shares | (852,060) | (2,912,985) |
Class R Shares | (635,666) | (2,130,402) |
Institutional Shares | (1,836,945) | (5,014,766) |
Class R6 Shares | (118,914) | (282,719) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (6,612,777) | (18,546,645) |
Share Transactions: | ||
Proceeds from sale of shares | 26,259,850 | 45,310,579 |
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 | 6,320,587 | 17,869,165 |
Cost of shares redeemed | (54,093,575) | (101,425,895) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (21,513,138) | 22,347,518 |
Change in net assets | (39,441,959) | 38,626,962 |
Net Assets: | ||
Beginning of period | 402,757,725 | 364,130,763 |
End of period | $363,315,766 | $402,757,725 |
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 | $133,967 | $(27,246) |
Class B Shares | 7,653 | (624) |
Class C Shares | 50,381 | (1,676) |
Class R Shares | 67,504 | (6,403) |
Institutional Shares | 62,052 | (20,696) |
Class R6 Shares | 1,969 | — |
TOTAL | $323,526 | $(56,645) |
Other Service Fees Incurred | |
Class A Shares | $210,215 |
Class B Shares | 8,507 |
Class C Shares | 73,066 |
TOTAL | $291,788 |
Security | Acquisition Date | Cost | Market Value |
HK Electric Investments Ltd. | 2/6/2016 | $654,353 | $833,484 |
Phosagro OAO, GDR | 1/3/2019 | $45,981 | $41,538 |
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 | $(165,684)* | |
Equity contracts | $— | Payable for variation margin on futures contracts | $(82,594)* | |
Foreign exchange contracts | Purchased options, in securities at value | $4,296 | $— |
Fair Value of Derivative Instruments | ||||
Asset | Liability | |||
Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | |
Foreign exchange contracts | Unrealized appreciation on foreign exchange contracts | $305,090 | Unrealized depreciation on foreign exchange contracts | $650,363 |
Foreign exchange contracts | $— | Written options outstanding at value | $5,948 | |
Total derivatives not accounted for as hedging instruments under ASC Topic 815 | $309,386 | $408,033 |
* | 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 | |||||
Futures Contracts | Foreign Exchange Contracts | Purchased Options1 | Written Options | Total | |
Interest rate contracts | $1,814,599 | $— | $— | $— | $1,814,599 |
Equity contracts | 1,512,504 | — | — | — | 1,512,504 |
Foreign exchange contracts | — | (1,655,435) | 10,981 | 94,508 | (1,549,946) |
TOTAL | $3,327,103 | $(1,655,435) | $10,981 | $94,508 | $1,777,157 |
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 | $405,117 | $— | $— | $— | $405,117 |
Equity contracts | 581,541 | — | — | — | 581,541 |
Foreign exchange contracts | — | 86,827 | (13,711) | 25,209 | 98,325 |
TOTAL | $986,658 | $86,827 | $(13,711) | $25,209 | $1,084,983 |
2 | The net change in unrealized appreciation of Purchased Options is found within the Net change in unrealized appreciation 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 | $305,090 | $(250,229) | $— | $54,861 |
TOTAL | $305,090 | $(250,229) | $— | $54,861 |
Transaction | Gross Liability Derivatives Presented in Statement of Assets and Liabilities | Financial Instruments | Collateral Received | Net Amount (not less than $0) |
Foreign exchange contracts | $650,363 | $(250,229) | $— | $400,134 |
TOTAL | $650,363 | $(250,229) | $— | $400,134 |
Six Months Ended 5/31/2020 | Year Ended 11/30/2019 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 235,997 | $4,472,482 | 704,490 | $13,350,974 |
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 | 146,972 | 2,875,003 | 412,447 | 7,311,903 |
Shares redeemed | (972,648) | (18,187,499) | (1,615,912) | (30,642,318) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (589,679) | $(10,840,014) | 1,488,466 | $27,762,126 |
Six Months Ended 5/31/2020 | Year Ended 11/30/2019 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 143 | $2,784 | 2,854 | $50,358 |
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 | 4,833 | 94,102 | 24,083 | 411,432 |
Shares redeemed | (71,160) | (1,336,457) | (173,789) | (3,199,758) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (66,184) | $(1,239,571) | (116,540) | $(2,177,495) |
Six Months Ended 5/31/2020 | Year Ended 11/30/2019 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 284,650 | $5,199,658 | 464,276 | $8,524,764 |
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 | 42,779 | 828,042 | 165,458 | 2,821,670 |
Shares redeemed | (650,052) | (11,835,295) | (1,142,345) | (20,990,309) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (322,623) | $(5,807,595) | (99,173) | $(2,028,371) |
Six Months Ended 5/31/2020 | Year Ended 11/30/2019 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 237,394 | $4,444,176 | 448,896 | $8,451,047 |
Shares issued to shareholders in payment of distributions declared | 31,943 | 626,013 | 118,810 | 2,080,658 |
Shares redeemed | (394,925) | (7,319,751) | (683,854) | (12,945,514) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | (125,588) | $(2,249,562) | (116,148) | $(2,413,809) |
Six Months Ended 5/31/2020 | Year Ended 11/30/2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 599,020 | $11,512,407 | 694,953 | $13,283,388 |
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 | 91,000 | 1,779,418 | 278,079 | 4,962,943 |
Shares redeemed | (785,271) | (14,426,309) | (1,732,662) | (32,854,408) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (95,251) | $(1,134,484) | 8,755 | $68,048 |
Six Months Ended 5/31/2020 | Year Ended 11/30/2019 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 33,030 | $628,343 | 85,869 | $1,650,048 |
Shares issued to shareholders in payment of distributions declared | 6,061 | 118,009 | 15,773 | 280,559 |
Shares redeemed | (51,384) | (988,264) | (41,431) | (793,588) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (12,293) | $(241,912) | 60,211 | $1,137,019 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (1,211,618) | $(21,513,138) | 1,225,571 | $22,347,518 |
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 | $25,522 |
Class C Shares | 219,199 |
Class R Shares | 99,610 |
TOTAL | $344,331 |
Purchases | $91,392,904 |
Sales | $101,674,517 |
Beginning Account Value 12/1/2019 | Ending Account Value 5/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $975.30 | $5.68 |
Class B Shares | $1,000 | $971.70 | $9.76 |
Class C Shares | $1,000 | $971.40 | $9.56 |
Class R Shares | $1,000 | $973.40 | $7.79 |
Institutional Shares | $1,000 | $977.00 | $4.25 |
Class R6 Shares | $1,000 | $976.90 | $4.15 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.30 | $5.81 |
Class B Shares | $1,000 | $1,015.10 | $9.97 |
Class C Shares | $1,000 | $1,015.30 | $9.77 |
Class R Shares | $1,000 | $1,017.10 | $7.97 |
Institutional Shares | $1,000 | $1,020.70 | $4.34 |
Class R6 Shares | $1,000 | $1,020.80 | $4.24 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.15% |
Class B Shares | 1.98% |
Class C Shares | 1.94% |
Class R Shares | 1.58% |
Institutional Shares | 0.86% |
Class R6 Shares | 0.84% |
■ | the liquidity risk framework used to assess, manage, and periodically review each Fund’s liquidity risk and the results of this assessment, including a review of the Funds’ access to other available funding sources such as the Funds’ interfund lending facility, redemptions in-kind and committed lines of credit and confirmation that the Fund did not have to access any of these alternative funding sources during the Period; |
■ | the periodic classifications of the Fund’s investments into one of four liquidity categories and the methodologies and inputs used to classify the investments, including the Fund’s reasonably anticipated trade size; |
■ | the analysis received from a third-party liquidity assessment vendor that is taken into account in the process of determining the liquidity classifications of the Fund’s investments and the results of an evaluation of the services performed by the vendor in support of this process; |
■ | the fact that the Fund invested primarily in highly liquid investments during the Period and, therefore, was not required to establish, and has not established, an HLIM and the procedures for monitoring the status of the Fund as investing primarily in highly liquid investments; |
■ | the fact that the Fund invested no more than 15% of its assets in illiquid investments during the Period and the procedures for monitoring this limit; and |
■ | liquidity events during the Period, including the impact on liquidity caused by extended non-U.S. market closures and the market disruptions resulting from the novel coronavirus outbreak, and the fact that there were no specific liquidity events during the Period that materially affected the Fund’s liquidity risk. |
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Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 314183203
CUSIP 314183302
CUSIP 314183401
CUSIP 314183500
CUSIP 314183609
![](https://capedge.com/proxy/N-CSRS/0001623632-20-001385/fscbug_small.jpg)
Item 2. | Code of Ethics |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the 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.
Registrant Federated Hermes Global Allocation Fund
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date July 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
Date July 27, 2020
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date July 27, 2020