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, Pennsylvania 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: 11/30/20
Item 1. | Reports to Stockholders |
![](https://capedge.com/proxy/N-CSR/0001623632-21-000114/img6b27a0c41.gif)
Share Class | Ticker | A | FSTBX | B | FSBBX | C | FSBCX |
R | FSBKX | Institutional | SBFIX | R6 | FSBLX |
Federated Hermes Global Allocation Fund
Dear Valued Shareholder,
![](https://capedge.com/proxy/N-CSR/0001623632-21-000114/donahuechrissigsmall.jpg)
![](https://capedge.com/proxy/N-CSR/0001623632-21-000114/fgalfarg0145401.jpg)
1 Year | 5 Years | 10 Years | |
Class A Shares | 4.63% | 5.19% | 5.94% |
Class B Shares | 4.33% | 5.20% | 5.86% |
Class C Shares | 8.87% | 5.57% | 5.74% |
Class R Shares | 10.31% | 5.94% | 6.10% |
Institutional Shares | 11.06% | 6.69% | 6.86% |
Class R6 Shares6 | 11.04% | 6.67% | 6.69% |
Blended Index | 12.97% | 8.58% | 6.95% |
S&P 500 | 17.46% | 13.99% | 14.19% |
BBAB | 7.28% | 4.34% | 3.71% |
MWAFA | 5.36% | 5.83% | 5.60% |
Portfolio Composition | Percentage of Total Net Assets |
Domestic Equity Securities | 34.7% |
International Equity Securities | 30.4% |
Emerging Markets Core Fund | 9.3% |
Foreign Debt Securities | 6.8% |
Corporate Debt Securities | 6.7% |
Federated Mortgage Core Portfolio | 3.3% |
U.S. Treasury and Agency Securities | 1.1% |
Bank Loan Core Fund | 1.0% |
Asset-Backed Securities | 0.8% |
High Yield Bond Portfolio4 | 0.8% |
Project and Trade Finance Core Fund | 0.8% |
Collateralized Mortgage-Backed Securities | 0.5% |
Government Agencies | 0.2% |
Municipal Bond | 0.1% |
Mortgage-Backed Securities2,3 | 0.0% |
Cash Equivalents5 | 0.9% |
Purchased Options3 | 0.0% |
Derivative Contracts6 | 0.7% |
Other Assets and Liabilities—Net7 | 1.9% |
TOTAL | 100.0% |
Sector Composition of Equity Holdings | Percentage of Equity Securities |
Information Technology | 20.1% |
Financials | 13.7% |
Consumer Discretionary | 13.3% |
Industrials | 12.0% |
Health Care | 11.5% |
Communication Services | 7.7% |
Consumer Staples | 7.4% |
Materials | 6.3% |
Utilities | 3.5% |
Real Estate | 2.8% |
Energy | 1.7% |
TOTAL | 100% |
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 | The High Yield Portfolio is a diversified portfolio of below investment grade bonds. |
5 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
6 | Based upon net unrealized appreciation (depreciation) or value of the derivative contracts as applicable. Derivative contracts may consist of futures, forwards, options and swaps. The impact of a derivative contract on the Fund’s performance may be larger than its unrealized appreciation (depreciation) or value may indicate. In many cases, the notional value or amount of a derivative contract may provide a better indication of the contract’s significance to the portfolio. More complete information regarding the Fund’s direct investments in derivative contracts, including unrealized appreciation (depreciation), value and notional values or amounts of such contracts, can be found in the table at the end of the Portfolio of Investments included in this Report. |
7 | Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities. |
8 | Sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— 65.1% | |||
Communication Services— 5.0% | |||
17,612 | Activision Blizzard, Inc. | $1,399,802 | |
995 | 1 | Alphabet, Inc., Class A | 1,745,628 |
979 | 1 | Alphabet, Inc., Class C | 1,723,765 |
47,884 | America Movil S.A.B. de C.V. | 35,753 | |
45,966 | Auto Trader Group PLC | 343,019 | |
628 | 1 | CarGurus, Inc. | 15,731 |
25,190 | CenturyLink, Inc. | 263,236 | |
58 | 1 | Charter Communications, Inc. | 37,815 |
550 | Cheil Communications, Inc. | 10,361 | |
19,000 | China Mobile Ltd. | 113,113 | |
2,287 | 1 | Cincinnati Bell, Inc. | 34,785 |
565 | 1 | Consolidated Communications Holdings, Inc. | 3,164 |
7,311 | 1 | Facebook, Inc. | 2,024,928 |
600 | 1 | Gray Television, Inc. | 10,596 |
3,836 | Hellenic Telecommunication Organization SA | 63,928 | |
397,095 | HKT Trust and HKT Ltd. | 517,959 | |
660 | 1 | Imax Corp. | 9,788 |
12,700 | Intouch Holdings Public Co. Ltd. | 23,312 | |
574 | Kakao Corp. | 191,507 | |
4,500 | Konami Corp. | 234,554 | |
9,501 | LG Uplus Corp. | 102,750 | |
14,309 | Mobile Telesystems, ADR | 123,487 | |
2,586 | 1 | MSG Networks, Inc. | 31,394 |
204 | NCsoft Corp. | 149,571 | |
6,050 | NetEase, Inc. | 110,018 | |
442 | 1 | Netflix, Inc. | 216,889 |
5,164 | New York Times Co., Class A | 221,587 | |
1,600 | Nexon Co., Ltd. Tokyo | 48,417 | |
960 | NHN Corp. | 241,430 | |
500 | Nintendo Co. Ltd. | 284,033 | |
16,670 | Omnicom Group, Inc. | 1,050,210 | |
13,289 | Quebecor, Inc., Class B | 330,920 | |
3,124 | Scout24 Holding GmbH | 238,726 | |
638 | SK Telecom Co. Ltd. | 135,769 | |
1,500 | Square Enix Holdings Co. Ltd. | 92,149 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Communication Services— continued | |||
6,932 | 1 | Take-Two Interactive Software, Inc. | $1,251,295 |
604 | 1 | TechTarget, Inc. | 31,710 |
296 | Tegna, Inc. | 4,265 | |
105,316 | Telefonica Deutschland Holding AG | 290,473 | |
6,223 | Telenet Group Holding NV | 265,204 | |
7,014 | Telephone and Data System, Inc. | 133,126 | |
29,800 | Tencent Holdings Ltd. | 2,169,169 | |
49,355 | TIM S.A. | 124,277 | |
8,620 | 1 | T-Mobile USA, Inc. | 1,145,943 |
2,700 | Toho Co. Ltd. | 114,634 | |
3,606 | Verizon Communications, Inc. | 217,839 | |
20,118 | Vivendi SA | 604,384 | |
14,149 | Vodacom Group Ltd. | 112,324 | |
2,732 | 1 | Vonage Holdings Corp. | 35,134 |
781 | 1 | Yandex N.V. | 54,358 |
1,131 | 1 | Zillow Group, Inc. | 124,806 |
84,875 | 1 | Zynga, Inc. | 700,219 |
TOTAL | 19,559,254 | ||
Consumer Discretionary— 8.7% | |||
10,500 | ABC-Mart, Inc. | 544,307 | |
36 | 1 | Adtalem Global Education, Inc. | 1,031 |
76,840 | 1 | Alibaba Group Holding Ltd. | 2,526,183 |
1,679 | 1 | Amazon.com, Inc. | 5,319,139 |
647 | American Outdoor Brands Corp. | 10,197 | |
354 | 1 | American Public Education, Inc. | 10,988 |
256 | 1 | America’s Car-Mart, Inc. | 26,752 |
113 | 1 | Asbury Automotive Group, Inc. | 12,743 |
348,900 | Asset World Corp PCL | 54,711 | |
4,907 | 1 | B2W Companhia Global Do Varejo | 64,481 |
229,500 | BAIC Motor Corp. Ltd. | 86,078 | |
2,457 | Bajaj Holdings & Investment Ltd. | 104,749 | |
547 | Bally’s Corp. | 24,303 | |
4,379 | Berkeley Group Holdings PLC | 269,279 | |
339 | Big Lots, Inc. | 17,516 | |
31,106 | Block (H&R), Inc. | 584,793 | |
221 | Bluegreen Vacations Corp. | 1,406 | |
6,857 | BorgWarner, Inc. | 266,394 | |
7,500 | BYD Co. Ltd. | 176,487 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
5,470 | Canadian Tire Corp. Ltd. | $699,050 | |
1,426 | Carriage Services, Inc. | 38,801 | |
13,500 | Casio Computer Co. Ltd. | 241,667 | |
82,000 | China Yuhua Education Corp. Ltd. | 77,315 | |
138 | Collectors Universe, Inc. | 10,647 | |
1,586 | Coway Co. Ltd. | 99,550 | |
892 | 1 | CROCs, Inc. | 52,530 |
20,995 | D. R. Horton, Inc. | 1,564,127 | |
307 | 1 | Deckers Outdoor Corp. | 78,159 |
3,232 | 1 | Denny’s Corp. | 37,200 |
540 | Dine Brands Global, Inc. | 34,004 | |
516 | Dollar General Corp. | 112,787 | |
13,145 | Dollarama, Inc. | 538,067 | |
7,402 | eBay, Inc. | 373,283 | |
462 | 1 | El Pollo Loco Holdings, Inc. | 7,240 |
448 | 1 | Etsy, Inc. | 71,994 |
2,789 | Evolution Gaming Group AB | 238,905 | |
93,611 | Extended Stay America, Inc. | 1,283,407 | |
79,000 | Formosa Taffeta Co. | 84,997 | |
24,217 | Gentex Corp. | 789,474 | |
782,000 | 1 | Gome Electrical Appliances Holdings Ltd. | 92,958 |
940 | 1 | Green Brick Partners, Inc. | 20,464 |
303 | Group 1 Automotive, Inc. | 35,999 | |
175 | Hermes International | 170,172 | |
6,595 | Home Depot, Inc. | 1,829,519 | |
143,000 | Home Product Center Public Co. Ltd. | 69,334 | |
84 | Hyundai Mobis | 18,582 | |
227 | Hyundai Motor Co. | 37,387 | |
10,300 | Iida Group Holdings Co. Ltd. | 205,821 | |
8,400 | Industria de Diseno Textil SA | 278,323 | |
607 | Jack in the Box, Inc. | 55,838 | |
30,146 | JD Sports Fashion PLC | 312,627 | |
7,010 | 1 | JD.com, Inc. | 301,540 |
178 | Johnson Outdoors, Inc., Class A | 14,881 | |
3,159 | 1 | Jubilant Foodworks Ltd. | 104,807 |
5,900 | Koito Manufacturing Co. Ltd. | 352,912 | |
10,386 | 1 | La Francaise des Jeux SAEM | 432,250 |
1,702 | 1 | Laureate Education, Inc. | 24,168 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
392 | LCI Industries | $49,306 | |
780 | Lennar Corp., Class A | 59,171 | |
2,492 | Lennar Corp., Class B | 151,264 | |
27,000 | Li Ning Co. Ltd. | 146,823 | |
5,362 | Lowe’s Cos., Inc. | 835,507 | |
182 | M.D.C. Holdings, Inc. | 8,785 | |
13,037 | Magna International, Inc. | 799,466 | |
2,827 | 1 | Magnite, Inc. | 53,713 |
337 | Marine Products Corp. | 5,197 | |
598 | Marriott Vacations Worldwide Corp. | 76,143 | |
20,900 | 1,2 | Meituan | 784,354 |
492 | 1 | Meritage Corp. | 44,354 |
1,729 | Michelin, Class B | 214,656 | |
158 | Murphy USA, Inc. | 20,256 | |
1,873 | Naspers Ltd., Class N | 377,162 | |
47,466 | Newell Brands, Inc. | 1,009,127 | |
5,556 | Next PLC | 484,434 | |
12,100 | Nikon Corp. | 74,610 | |
928 | ODP Corp./The | 26,606 | |
123 | Pandora A/S | 12,277 | |
466 | Patrick Industries, Inc. | 29,377 | |
876 | 1 | Perdoceo Education Corp. | 9,934 |
2,569 | Persimmon PLC | 90,757 | |
31,686 | Petrobras Distribuidora SA | 121,423 | |
31,107 | Peugeot SA | 729,468 | |
4,098 | 1 | Prosus NV | 442,638 |
1,212 | Pulte Group, Inc. | 52,880 | |
1,001 | 1 | Purple Innovation, Inc. | 29,850 |
911 | Rent-A-Center, Inc. | 30,810 | |
183 | 1 | RH | 82,928 ��� |
15,600 | Sega Sammy Holdings, Inc. | 218,277 | |
22,900 | Sekisui House Ltd. | 410,095 | |
4,000 | Shimamura Co. Ltd. | 413,244 | |
400 | Shimano, Inc. | 94,860 | |
1,037 | 1 | Signet Jewelers Ltd. | 31,411 |
102 | Sonic Automotive, Inc. | 4,119 | |
21 | 1 | Stamps.com, Inc. | 3,937 |
807 | Standard Motor Products, Inc. | 37,356 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
12,300 | Stanley Electric Co. Ltd. | $359,753 | |
4,900 | Subaru Corp. | 96,448 | |
3,200 | Suzuki Motor Corp. | 170,372 | |
9,072 | 1 | Terminix Global Holdings, Inc. | 444,800 |
4,095 | 1 | Tesla, Inc. | 2,324,322 |
29,999 | The Wendy’s Co. | 659,678 | |
495 | Thor Industries, Inc. | 47,772 | |
173 | 1 | TopBuild Corp. | 30,142 |
10,721 | 1 | Via Varejo SA | 35,521 |
363 | 1 | WW International, Inc. | 10,712 |
2,497 | Wyndham Destinations, Inc. | 105,024 | |
7,207 | Wyndham Hotels & Resorts, Inc. | 414,403 | |
632 | Yum China Holding, Inc. | 35,632 | |
14,500 | Zhongsheng Group Holdings | 108,352 | |
201 | 1 | Zumiez, Inc. | 7,455 |
TOTAL | 33,809,284 | ||
Consumer Staples— 4.8% | |||
11,460 | Albertsons Cos., Inc. | 183,704 | |
3,824 | Alimentation Couche-Tard, Inc., Class B | 126,996 | |
35,344 | Altria Group, Inc. | 1,407,751 | |
70,981 | Ambev SA | 185,223 | |
46,373 | Becle SA de CV | 108,462 | |
12,651 | BIM Birlesik Magazalar AS | 113,071 | |
933 | 1 | BJ’s Wholesale Club Holdings, Inc. | 38,244 |
2,043 | Britannia Industries | 97,454 | |
12,160 | Brown-Forman Corp. | 896,557 | |
383 | Calavo Growers, Inc. | 27,434 | |
1,303 | Carlsberg A/S, Class B | 193,373 | |
76,200 | Charoen Pokphand Foods Public Co. Ltd. | 71,952 | |
20,000 | China Resources Enterprises Ltd. | 148,137 | |
299 | CJ CheilJedang Corp. | 97,839 | |
6,895 | Clicks Group, Ltd. | 104,247 | |
25,770 | Coca-Cola Amatil Ltd. | 239,360 | |
63 | Coca-Cola Bottling Co. | 16,486 | |
400 | Cosmos Pharmaceutical Corp. | 68,998 | |
702 | Edgewell Personal Care Co. | 24,394 | |
2,447 | Empire Co. Ltd., Class A | 66,964 | |
11,500 | Fraser & Neave Holdings Bhd | 92,086 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Consumer Staples— continued | |||
6,930 | George Weston Ltd. | $512,853 | |
18 | Gruma S.A., Class B | 199 | |
56,663 | Grupo Bimbo S.A.B. de CV, Class A | 119,913 | |
5,987 | 1 | Herbalife Ltd. | 286,837 |
1,418 | Hindustan Lever Ltd. | 40,968 | |
7,953 | Imperial Brands PLC | 144,059 | |
84,000 | Indofood CBP Sukses Makmur TBK PT | 58,735 | |
370 | Ingles Markets, Inc., Class A | 13,908 | |
52,105 | ITC Ltd. | 135,428 | |
33,154 | JBS S.A. | 143,263 | |
940 | Kimberly-Clark Corp. | 130,951 | |
69,920 | Kimberly-Clark de Mexico | 110,847 | |
1,100 | Kobe Bussan Co. Ltd. | 38,399 | |
1,755 | Korea Tobacco & Ginseng Corp. | 130,928 | |
3,786 | Kroger Co. | 124,938 | |
10,500 | Lion Corp. | 247,778 | |
11,901 | Loblaw Cos. Ltd. | 588,315 | |
3,476 | L’Oreal SA | 1,268,799 | |
7,792 | 2 | Magnit, GDR | 117,581 |
19,298 | 1 | Marico Ltd. | 95,062 |
6,970 | Metro, Inc., Class A | 320,190 | |
10,386 | 1 | Monster Beverage Corp. | 880,525 |
473 | Nestle India Ltd. | 108,350 | |
13,031 | Nestle S.A. | 1,454,104 | |
7,529 | Nu Skin Enterprises, Inc., Class A | 387,819 | |
54,700 | Osotspa PCL | 65,548 | |
3,300 | Perlis Plantations Bhd | 15,043 | |
900 | Pigeon Corp. | 40,206 | |
39,935 | 1 | Pilgrim’s Pride Corp. | 754,372 |
4,100 | Pola Orbis Holdings, Inc. | 81,531 | |
6,508 | Procter & Gamble Co. | 903,766 | |
31,600 | PT Gudang Garam Tbk | 94,473 | |
193,300 | PT Indofood Sukses Makmur | 96,927 | |
100,820 | Puregold Price Club, Inc. | 88,534 | |
28,022 | 1 | Raia Drogasil S.A. | 135,209 |
777 | 1 | Rite Aid Corp. | 10,256 |
220 | Sanfilippo (John B. & Sons), Inc. | 16,326 | |
11,900 | Seven & I Holdings Co. Ltd. | 375,690 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Consumer Staples— continued | |||
10,156 | Shoprite Holdings Ltd. | $83,511 | |
40,000 | Standard Foods Taiwan Ltd. | 87,633 | |
4,300 | Sundrug Co. Ltd. | 179,944 | |
4,000 | Suntory Beverage and Food Ltd. | 145,650 | |
11,100 | Thai Union Frozen Products Public Co. Ltd. | 5,510 | |
358 | The Spar Group, Ltd. | 4,399 | |
56,000 | Tingyi (Cayman Isln) Hldg Co. | 94,611 | |
3,300 | Toyo Suisan Kaisha Ltd. | 161,991 | |
293 | Turning Point Brands, Inc. | 11,433 | |
1,300 | Unicharm Corp. | 63,102 | |
15,294 | Unilever PLC | 933,134 | |
338 | Universal Corp. | 15,382 | |
8,360 | Universal Robina Corp. | 24,697 | |
138 | 1 | USANA Health Sciences, Inc. | 10,375 |
5,629 | Vector Group Ltd. | 63,270 | |
33,000 | Vinda International Holdings Ltd. | 94,438 | |
68,234 | Wal-Mart de Mexico SAB de C.V. | 179,614 | |
7,729 | WalMart, Inc. | 1,180,914 | |
54 | WD 40 Co. | 13,733 | |
19,056 | Woolworth’s Ltd. | 517,527 | |
1,800 | Yakult Honsha Co. Ltd. | 85,631 | |
26,300 | Yamazaki Baking Co. Ltd. | 436,578 | |
5,000 | Yihai International Holding Ltd. | 58,739 | |
TOTAL | 18,899,178 | ||
Energy— 1.1% | |||
480 | Cactus, Inc. | 11,136 | |
14,803 | Chevron Corp. | 1,290,526 | |
60,000 | China Oilfield Services Ltd. | 45,011 | |
3,000 | CNOOC Ltd. | 2,994 | |
21,396 | 1 | Coal India Ltd. | 36,146 |
11,719 | Devon Energy Corp. | 163,949 | |
13,416 | Exxaro Resources Ltd. | 102,818 | |
1,929 | 1 | Frank’s International N.V. | 4,302 |
1,226 | 1 | Green Plains, Inc. | 18,120 |
24,402 | Imperial Oil Ltd. | 422,389 | |
1,913 | Liberty Oilfield Services, Inc. | 17,791 | |
3,385 | National Oilwell Varco, Inc. | 41,500 | |
4,871 | 1 | Nextier Oilfield Solutions, Inc. | 13,639 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Energy— continued | |||
29,309 | Petronet LNG Ltd. | $97,989 | |
12,899 | Phillips 66 | 781,421 | |
3,740 | 1 | Propetro Holding Corp. | 21,580 |
65,300 | PT United Tractors | 106,519 | |
13,700 | PTT Exploration and Production Public Co. | 43,129 | |
141,900 | PTT Public Co. Ltd. | 185,554 | |
12,079 | Reliance Industries Ltd. | 316,284 | |
362 | 1 | Renewable Energy Group, Inc. | 21,025 |
4,579 | RPC, Inc. | 14,195 | |
273 | Tupras Turkiye Petrol Rafinerileri A.S. | 3,168 | |
10,540 | Valero Energy Corp. | 566,736 | |
1,657 | World Fuel Services Corp. | 47,092 | |
TOTAL | 4,375,013 | ||
Financials— 8.9% | |||
1,441 | 1st Source Corp. | 53,778 | |
12,124 | Admiral Group PLC | 461,359 | |
15,116 | Aflac, Inc. | 664,046 | |
9,975 | Ageas | 489,153 | |
89,200 | AIA Group Ltd. | 974,336 | |
5,257 | Allianz SE | 1,239,586 | |
3,315 | Allstate Corp. | 339,290 | |
7,864 | Ally Financial, Inc. | 233,168 | |
643 | Amalgamated Bank | 8,179 | |
1,733 | American Equity Investment Life Holding Co. | 45,543 | |
3,874 | Ameriprise Financial, Inc. | 717,620 | |
127,600 | AMMB Holdings Bhd | 103,744 | |
3,766 | Apollo Global Management LLC | 164,273 | |
1,500 | Artisan Partners Asset Management, Inc. | 67,500 | |
34,855 | Assicurazioni Generali SpA | 594,547 | |
10,500 | AXA SA | 246,053 | |
22,223 | 1 | B3 SA - Brasil Bolsa Balcao | 232,833 |
36,773 | 1 | Banco Bradesco SA | 148,605 |
968,560 | Banco de Chile | 85,364 | |
2,023,133 | Banco Santander Chile SA | 87,893 | |
935 | 1 | Bancorp, Inc., DE | 11,033 |
22,147 | 1 | Bandhan Bank Ltd | 109,059 |
74,552 | Bank of America Corp. | 2,099,384 | |
161,000 | Bank of China Ltd. | 55,874 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
412 | Bank of Marin Bancorp | $14,296 | |
43,625 | Bank of New York Mellon Corp. | 1,706,610 | |
587 | Bank Pekao SA | 8,843 | |
2,397 | BankUnited, Inc. | 68,338 | |
26,192 | BB Seguridade Participacoes SA | 139,628 | |
299 | 1 | Berkshire Hathaway, Inc., Class B | 68,444 |
2,372 | Brightsphere Investment Group, Inc. | 41,984 | |
120 | Bryn Mawr Bank Corp. | 3,578 | |
18,139 | BS Financial Group, Inc. | 91,941 | |
166 | Camden National Corp. | 5,702 | |
183 | 1 | Cannae Holdings, Inc. | 7,214 |
1,094 | Cathay Bancorp, Inc. | 30,906 | |
17,000 | Chailease Holding Co. Ltd. | 93,160 | |
387,000 | China Construction Bank Corp. | 297,677 | |
345,000 | China Development Financial Holding Corp. | 108,031 | |
251,000 | China Everbright Bank Co. Ltd. | 97,699 | |
167,000 | China Galaxy Securities Co. | 107,334 | |
41,600 | China International Capital Corp. Ltd. | 96,380 | |
77,000 | China Life Insurance Co. Ltd. | 172,516 | |
36,000 | China Merchants Bank Co. Ltd. | 227,993 | |
104,500 | China Minsheng Banking Corp. Ltd. | 57,130 | |
38,948 | CI Financial Corp. | 510,430 | |
49,000 | CITIC Securities Co. Ltd. | 110,482 | |
352 | City Holding Co. | 23,123 | |
140 | CNA Financial Corp. | 4,831 | |
371 | Cohen & Steers, Inc. | 26,256 | |
12,525 | Daewoo Securities Co. | 107,650 | |
15,000 | DBS Group Holdings Ltd. | 278,126 | |
4,111 | Deutsche Boerse AG | 685,345 | |
1,389 | Dime Community Bancorp, Inc. | 20,071 | |
19,078 | DNB Bank ASA | 344,184 | |
2,907 | Donegal Group, Inc., Class A | 40,640 | |
2,345 | Dongbu Insurance Co. Ltd. | 93,124 | |
155,175 | E.Sun Financial Holding Co. Ltd. | 136,988 | |
642 | Eagle Bancorp, Inc. | 23,613 | |
2,461 | 1 | Enova International, Inc. | 51,460 |
7,374 | EQT AB | 163,642 | |
7,572 | Exor NV | 523,319 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
93,000 | Far East Horizon | $98,812 | |
849 | Farmers National Banc Corp. | 10,646 | |
3,262 | First BanCorp | 25,900 | |
492 | First Bancorp, Inc. | 15,439 | |
1,874 | First Financial Bankshares, Inc. | 62,629 | |
8,000 | First Financial Holding Co. Ltd. | 5,972 | |
2,617 | First Foundation, Inc. | 46,478 | |
70,000 | GF Securities Co. Ltd. | 97,151 | |
7,271 | Gjensidige Forsikring ASA | 158,133 | |
2,216 | Goldman Sachs Group, Inc. | 510,965 | |
940 | Great-West Lifeco, Inc. | 21,866 | |
65,400 | Guotai Junan Securities Co. Ltd. | 96,212 | |
31,700 | Hang Seng Bank Ltd. | 551,985 | |
5,021 | Hannover Rueckversicherung SE | 840,418 | |
15,238 | Hargreaves Lansdown PLC | 289,600 | |
2,954 | HDFC Asset Management Co Ltd. | 100,673 | |
9,000 | Hong Kong Exchanges & Clearing Ltd. | 447,628 | |
25,200 | Hong Leong Credit Berhad | 101,465 | |
5,538 | Housing Development Finance Corp. Ltd. | 167,728 | |
132,283 | Hua Nan Financial Holdings Co. Ltd. | 84,277 | |
58,200 | Huatai Securities Co. Ltd. | 90,594 | |
4,289 | Hyundai Marine & Fire Insurance Co. | 87,045 | |
11,502 | ICICI Bank Ltd. | 73,476 | |
5,966 | ICICI Lombard General Insurance Co. Ltd. | 117,874 | |
20,715 | IGM Financial, Inc. | 547,902 | |
175,000 | Industrial & Commercial Bank of China | 109,006 | |
1,370 | Intact Financial Corp. | 153,267 | |
709 | International Bancshares Corp. | 22,979 | |
157,422 | Intesa Sanpaolo SpA | 360,879 | |
4,556 | Investors Bancorp, Inc. | 44,102 | |
11,332 | JPMorgan Chase & Co. | 1,335,816 | |
72,702 | Legal & General Group PLC | 244,402 | |
9,184 | LG Investment & Securities Co. Ltd. | 89,439 | |
3,665 | London Stock Exchange Group PLC | 395,461 | |
2,330 | LPL Investment Holdings, Inc. | 211,494 | |
606 | Luther Burbank Corp. | 5,957 | |
1,726 | M & T Bank Corp. | 201,062 | |
377 | Meta Financial Group, Inc. | 12,479 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
362 | MetroCity Bankshares, Inc. | $5,014 | |
3,579 | Mizrahi Tefahot Bank Ltd. | 76,172 | |
86,862 | MMI Holdings Ltd. | 87,536 | |
8,346 | 1 | Moneta Money Bank AS | 24,865 |
33,926 | Morgan Stanley | 2,097,645 | |
1,205 | 1 | Mr. Cooper Group, Inc. | 32,125 |
2,939 | Muenchener Rueckversicherungs-Gesellschaft AG | 818,907 | |
951 | National General Holdings Corp. | 32,410 | |
24,700 | New China Life Insurance Co. Ltd. | 103,025 | |
654 | 1 | Oportun Financial Corp. | 11,059 |
11,200 | ORIX Corp. | 165,013 | |
1,578 | OTP Bank RT | 62,406 | |
12,100 | Oversea-Chinese Banking Corp. Ltd. | 90,033 | |
90 | Partners Group Holding AG | 95,892 | |
318,000 | People’s Insurance, Co. (Group) of China Ltd. | 100,109 | |
23,500 | Ping An Insurance (Group) Co. of China Ltd. | 275,262 | |
314 | Piper Jaffray Cos., Inc. | 28,941 | |
544 | PJT Partners, Inc. | 37,688 | |
218,000 | Postal Savings Bank of China Co. Ltd. | 122,609 | |
20,581 | Powszechna Kasa Oszczednosci Bank Polski SA | 144,232 | |
290 | Preferred Bank Los Angeles, CA | 10,663 | |
5,734 | Progressive Corp., OH | 499,489 | |
339 | 1 | ProSight Global, Inc. | 4,322 |
14,300 | PT Bank Central Asia | 31,331 | |
15,200 | PT Bank Rakyat Indonesia Tbk | 4,386 | |
1,190 | QCR Holdings, Inc. | 41,495 | |
181 | Republic Bancorp, Inc. | 6,389 | |
1,822 | Samsung Life Insurance Co., Ltd. | 117,740 | |
7,925 | 1 | SBI Life Insurance Co. Ltd. | 90,374 |
8,594 | Schroders PLC | 367,970 | |
721 | ServisFirst Bancshares, Inc. | 27,239 | |
5,343 | Shinhan Financial Group Co. Ltd. | 155,131 | |
1,299 | Simmons 1st National Corp., Class A | 25,331 | |
12,800 | Singapore Exchange Ltd. | 84,875 | |
154 | Stifel Financial Corp. | 10,672 | |
10,249 | Sun Life Financial Services of Canada | 455,117 | |
16,309 | Swedbank AB | 294,641 | |
4,141 | Swiss Re AG | 377,561 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
7,275 | Synchrony Financial | $221,669 | |
171,173 | Taiwan Cooperative Financial Holding Co. Ltd. | 121,980 | |
669 | 1 | Texas Capital Bancshares, Inc. | 37,397 |
1,348 | The Bank of NT Butterfield & Son Ltd. | 42,678 | |
713 | The First of Long Island Corp. | 11,986 | |
8,053 | The Travelers Cos., Inc. | 1,044,071 | |
19,464 | U.S. Bancorp | 841,039 | |
9,000 | United Overseas Bank Ltd. | 149,629 | |
135 | Virtus Investment Partners, Inc. | 24,149 | |
2,156 | VOYA Financial, Inc. | 124,250 | |
1,179 | Washington Federal, Inc. | 27,553 | |
1,121 | 1 | Watford Holdings Ltd. | 38,921 |
51,465 | Wells Fargo & Co. | 1,407,568 | |
182,160 | Yuanta Financial Holding Co. Ltd. | 121,873 | |
TOTAL | 34,888,551 | ||
Health Care— 7.5% | |||
721 | 1 | 89Bio, Inc. | 19,474 |
9,692 | Abbott Laboratories | 1,048,868 | |
9,856 | 1,3 | Achillion Pharmaceuticals, Inc. | 4,534 |
120 | 1 | AdaptHealth Corp. | 3,583 |
129 | 1 | Addus Homecare Corp. | 12,803 |
14,100 | Alfresa Holdings Corp. | 280,518 | |
48,000 | 1 | Alibaba Health Information Technology Ltd. | 141,509 |
976 | 1 | Allovir, Inc. | 38,659 |
5,659 | Ambu A/S | 188,982 | |
609 | 1 | AMN Healthcare Services, Inc. | 39,682 |
12,895 | 1 | Amneal Pharmaceuticals, Inc. | 50,935 |
205 | 1 | Amphastar Pharmaceuticals, Inc. | 3,641 |
2,207 | 1 | Annexon, Inc. | 53,409 |
3,023 | 1 | Antigenics, Inc. | 11,185 |
1,746 | 1 | Arcutis Biotherapeutics, Inc. | 47,352 |
3,600 | Asahi Intecc Co. Ltd. | 131,469 | |
3,265 | 1 | Avid Bioservices, Inc. | 29,777 |
10,773 | Baxter International, Inc. | 819,502 | |
6,320 | 1 | Berkeley Lights, Inc. | 523,675 |
8,692 | 1 | BioDelivery Sciences International, Inc. | 33,030 |
3,708 | 1 | BioMarin Pharmaceutical, Inc. | 291,820 |
1,618 | 1 | Bio-Rad Laboratories, Inc., Class A | 871,293 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
1,400 | 1 | CanSino Biologics, Inc. | $30,524 |
38 | 1 | Cardiovascular Systems, Inc. | 1,309 |
4,958 | 1 | Catalyst Pharmaceutical Partners, Inc. | 18,146 |
880 | 1 | Celltrion, Inc. | 272,706 |
1,721 | 1 | Chinook Therapeutics, Inc. | 24,060 |
771 | CIGNA Corp. | 161,247 | |
9,836 | Cipla Ltd. | 97,967 | |
524 | 1 | Clovis Oncology, Inc. | 2,578 |
1,166 | 1 | Co-Diagnostics, Inc. | 13,666 |
1,507 | Coloplast A.S., Class B | 225,117 | |
161 | CONMED Corp. | 16,404 | |
604 | 1 | Corvel Corp. | 54,088 |
7,954 | CVS Health Corp. | 539,202 | |
4,474 | 1 | Cytomx Therapeutics, Inc. | 33,644 |
2,338 | Divi’s Laboratories Ltd. | 112,437 | |
1,836 | Dr. Reddy’s Laboratories Ltd. | 119,116 | |
18,837 | 1 | Durect Corp. | 34,848 |
3,400 | Eisai Co. Ltd. | 255,195 | |
9,325 | Eli Lilly & Co. | 1,358,186 | |
357 | Ensign Group, Inc. | 25,658 | |
17,605 | 1 | Exelixis, Inc. | 337,312 |
707 | 1 | Fulgent Genetics, Inc. | 31,758 |
8 | Gedeon Richter Rt | 190 | |
148 | 1 | Genmab A/S | 56,869 |
3,902 | 1 | Geron Corp. | 7,277 |
45,087 | GlaxoSmithKline PLC | 825,026 | |
154 | GN Store Nord AS | 12,500 | |
2,280 | 1 | Gossamer Bio, Inc. | 20,155 |
21,900 | Hartalega Holdings BHD | 77,425 | |
3,895 | HCA Healthcare, Inc. | 584,678 | |
2,200 | Hisamitsu Pharmaceutical Co., Inc. | 128,445 | |
348 | 1 | HMS Holdings Corp. | 10,934 |
3,800 | Hoya Corp. | 506,426 | |
2,127 | Humana, Inc. | 851,906 | |
1,173 | 1 | IDEAYA Biosciences, Inc. | 16,352 |
215 | 1 | Integer Holdings Corp. | 15,499 |
8,481 | 1 | Ionis Pharmaceuticals, Inc. | 428,545 |
2,962 | 1 | Ironwood Pharmaceuticals, Inc. | 34,122 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
1,869 | 1 | iTeos Therapeutics, Inc. | $50,070 |
4,585 | 1 | IVERIC Bio, Inc. | 31,270 |
3,677 | Johnson & Johnson | 531,988 | |
2,700 | Kyowa Hakko Kirin Co., Ltd. | 73,533 | |
2,135 | 1 | Lantheus Holdings, Inc. | 28,097 |
350 | 1 | LHC Group, Inc. | 68,712 |
88,491 | Life Healthcare Group Holdings Pte Ltd. | 90,805 | |
432 | 1 | MacroGenics, Inc. | 9,966 |
532 | 1 | Magellan Health, Inc. | 42,055 |
4,268 | 1 | Magenta Therapeutics, Inc. | 30,516 |
5,599 | McKesson Corp. | 1,007,316 | |
21,500 | Medipal Holdings Corp. | 402,514 | |
557 | 1 | Medpace Holdings, Inc. | 71,497 |
6,026 | Medtronic PLC | 685,156 | |
27,845 | Merck & Co., Inc. | 2,238,460 | |
1,423 | 1 | Molecular Templates, Inc., Class THL | 12,736 |
560 | 1 | Natus Medical, Inc. | 11,715 |
308 | 1 | NextGen Healthcare, Inc. | 5,464 |
2,494 | 1 | NGM Biopharmaceuticals, Inc. | 59,108 |
17,906 | Novartis AG | 1,623,983 | |
11,027 | Novo Nordisk A/S | 740,592 | |
402 | 1 | Omnicell, Inc. | 42,150 |
15,352 | 1 | Opko Health, Inc. | 71,233 |
93 | 1 | OraSure Technologies, Inc. | 1,116 |
7,159 | 1 | Organogenesis Holdings, Inc. | 36,869 |
64 | 1 | Orthofix Medical, Inc. | 2,353 |
3,418 | 1 | Osmotica Pharmaceuticals PLC | 20,918 |
483 | 1 | Ovid Therapeutics, Inc. | 3,304 |
161 | Patterson Cos., Inc. | 4,469 | |
334 | 1 | PetIQ, Inc. | 9,613 |
4,717 | 1 | Precision Biosciences, Inc. | 58,821 |
6,885 | 1 | Progenics Pharmaceuticals, Inc. | 0 |
340 | 1 | Progyny, Inc. | 12,067 |
310 | 1 | Providence Service Corp. | 42,095 |
1,967 | 1 | Puma Biotechnology, Inc. | 22,129 |
13,819 | 1 | Qiagen NV | 665,813 |
519 | 1 | R1 RCM, Inc. | 10,525 |
1,720 | 1 | Regeneron Pharmaceuticals, Inc. | 887,572 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
5,079 | Roche Holding AG | $1,669,230 | |
3,728 | 1 | Rubius Therapeutics, Inc. | 23,375 |
222 | 1 | Samsung Biologics Co. Ltd. | 159,011 |
9,667 | Sanofi | 972,675 | |
448 | Seegene, Inc. | 76,228 | |
16,500 | Shanghai Fosun Pharmaceutical Co. Ltd. | 69,450 | |
4,700 | Shionogi and Co. | 250,846 | |
3,463 | Siemens Healthineers AG | 159,167 | |
6,759 | 1 | Siga Technologies, Inc. | 46,840 |
287 | Simulations Plus, Inc. | 16,063 | |
9,495 | 1 | Spectrum Pharmaceuticals, Inc. | 44,721 |
267 | Stedim | 96,530 | |
43,700 | 1 | Supermax Corporation Berhad | 97,664 |
305 | 1 | SurModics, Inc. | 11,419 |
232 | 1 | Tactile Systems Technology, Inc. | 10,002 |
38,800 | Top Glove Corp. Bhd | 67,778 | |
1,397 | Torrent Pharmaceuticals Ltd. | 49,364 | |
1,420 | 1 | Travere Therapeutics, Inc. | 32,561 |
483 | 1 | Triple-S Management Corp., Class B | 10,824 |
2,020 | 1 | United Therapeutics Corp. | 267,933 |
7,330 | UnitedHealth Group, Inc. | 2,465,372 | |
4,240 | 1 | Vanda Pharmaceuticals, Inc. | 51,770 |
3,713 | 1 | Vertex Pharmaceuticals, Inc. | 845,636 |
1,380 | 1 | Viemed Healthcare, Inc. | 13,455 |
7,500 | 1 | WuXi PharmaTech, Inc. | 74,576 |
576 | 1 | Zynex, Inc. | 8,041 |
TOTAL | 29,284,348 | ||
Industrials— 7.8% | |||
391 | Acco Brands Corp. | 2,995 | |
11,196 | Adecco Group AG | 676,324 | |
5,904 | 1 | AerCap Holdings NV | 217,031 |
6 | 1 | Air Transport Services Group, Inc. | 184 |
7,758 | Alfa Laval AB | 195,175 | |
153,277 | Alfa, S.A. de C.V., Class A | 120,360 | |
4,750 | A-Living Smart City Services Co. Ltd. | 20,051 | |
9,900 | Alstom SA | 526,384 | |
979 | Altra Holdings, Inc. | 55,568 | |
21,900 | Amada Co. Ltd. | 211,463 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
61 | 1 | American Woodmark Corp. | $5,338 |
3,427 | Ametek, Inc. | 406,202 | |
356 | Andritz AG | 14,977 | |
150 | Apogee Enterprises, Inc. | 3,936 | |
662 | Applied Industrial Technologies, Inc. | 51,921 | |
380 | ArcBest Corp. | 15,926 | |
71 | Arcosa, Inc. | 3,684 | |
12,860 | Ashtead Group PLC | 543,857 | |
1,027 | Astec Industries, Inc. | 59,566 | |
98,644 | Aurizon Holdings Ltd. | 307,927 | |
172,000 | AviChina Industry & Technology Co. Ltd. | 104,244 | |
719 | AZZ, Inc. | 32,060 | |
256 | 1 | BMC Stock Holdings, Inc. | 12,529 |
8,007 | Bouygues SA | 317,936 | |
302,300 | BTS Group Holdings PCL | 101,214 | |
6,555 | Bunzl PLC | 205,830 | |
766 | Caesarstone Ltd. | 9,146 | |
3,100 | Central Japan Railway Co. | 396,943 | |
140,500 | 1 | China COSCO Holdings Co. Ltd., Class H | 131,969 |
33,000 | China Lesso Group Holdings Ltd. | 58,996 | |
8,000 | China Railway Group Ltd. | 3,939 | |
164,000 | China Southern Airlines Co. Ltd. | 100,431 | |
449 | 1 | Cimpress PLC | 40,244 |
145,000 | Citic Pacific Ltd. | 112,731 | |
8,000 | CK Hutchison Holdings Ltd. | 57,707 | |
514 | Comfort Systems USA, Inc. | 25,900 | |
4,743 | CoreLogic, Inc. | 367,583 | |
11,000 | Country Garden Services Holdings Co. Ltd. | 61,673 | |
11,942 | Crane Co. | 830,327 | |
541 | CSW Industrials, Inc. | 58,044 | |
1,100 | Daifuku Co. | 127,482 | |
2,500 | Daikin Industries Ltd. | 567,247 | |
1,304 | Deluxe Corp. | 33,565 | |
505 | Dover Corp. | 61,625 | |
1,967 | DSV Panalpina A/S | 309,650 | |
952 | Eaton Corp. PLC | 115,297 | |
611 | 1 | Echo Global Logistics, Inc. | 17,346 |
530 | Emcor Group, Inc. | 45,675 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
666 | Encore Wire Corp. | $34,412 | |
20,592 | Expeditors International Washington, Inc. | 1,840,307 | |
12,581 | Experian PLC | 444,275 | |
1,272 | FedEx Corp. | 364,530 | |
6,234 | Ferguson PLC | 698,322 | |
1,029 | 1 | Foundation Building Materials, Inc. | 19,798 |
37,100 | Gamuda BHD | 32,504 | |
1,209 | 1 | Generac Holdings, Inc. | 260,660 |
8,950 | Genivar Income Fund | 664,686 | |
267 | 1 | GMS, Inc. | 8,338 |
5,571 | Graco, Inc. | 377,380 | |
3,100 | Hoshizaki Electric Co., Ltd. | 305,246 | |
391 | 1 | Hub Group, Inc. | 21,356 |
8,133 | IHS Markit Ltd. | 808,908 | |
8,254 | Illinois Tool Works, Inc. | 1,742,337 | |
574 | Insperity, Inc. | 49,077 | |
583 | Insteel Industries, Inc. | 13,485 | |
6,624 | Intertek Group PLC | 486,753 | |
1,284 | 1 | JELD-WEN Holding, Inc. | 31,060 |
11,400 | JGC Holdings Corp. | 102,316 | |
14,400 | Kajima Corp. | 189,517 | |
4,285 | Kansas City Southern Industries, Inc. | 797,738 | |
567 | KForce Com, Inc. | 23,275 | |
1,632 | Knorr-Bremse AG | 208,663 | |
3,215 | Koc Holding A.S. | 7,253 | |
312 | Kone Corp. OYJ, Class B | 26,132 | |
2,970 | Korea Aerospace Industry | 62,182 | |
1,189 | LG Corp. | 75,996 | |
8,600 | Localiza Rent A Car SA | 107,905 | |
4,416 | 1 | Lyft, Inc. | 168,559 |
3,300 | Makita Corp. | 171,053 | |
420 | Marten Transport Ltd. | 7,405 | |
8,192 | Masco Corp. | 439,665 | |
512 | 1 | Masonite International Corp. | 51,226 |
531 | 1 | Mastec, Inc. | 30,113 |
168 | Miller Industries, Inc. | 5,610 | |
5,747 | 1 | MRC Global, Inc. | 33,218 |
1,006 | Mueller Industries, Inc. | 32,957 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
493 | 1 | MYR Group, Inc. | $25,207 |
19,040 | NIBE Industrier AB | 535,493 | |
5,805 | 1 | Now, Inc. | 32,392 |
51,400 | Obayashi Corp. | 453,549 | |
1,822 | Old Dominion Freight Lines, Inc. | 370,522 | |
17,153 | Otis Worldwide Corp. | 1,148,222 | |
10,983 | Pentair PLC | 569,139 | |
6,700 | Persol Holdings Co. Ltd. | 121,620 | |
2,093 | Pitney Bowes, Inc. | 11,930 | |
479 | Primoris Services Corp. | 11,616 | |
1,862 | Quanex Building Products Corp. | 38,357 | |
4,950 | Regal Beloit Corp. | 589,248 | |
2,921 | Relx PLC | 67,904 | |
25,828 | 1 | Rentokil Initial PLC | 170,898 |
178 | Resources Connection, Inc. | 2,156 | |
2,001 | Ritchie Bros. Auctioneers, Inc. | 143,923 | |
4,505 | Roper Technologies, Inc. | 1,923,635 | |
255 | Rush Enterprises, Inc. | 9,774 | |
105 | 1 | Saia, Inc. | 18,327 |
9,288 | Schneider Electric SA | 1,288,467 | |
3,900 | Secom Co. Ltd. | 386,509 | |
63,000 | Shanghai Industrial Holdings Ltd. | 93,369 | |
4,000 | Shenzhen International Holdings Ltd. | 6,577 | |
16,200 | Shimizu Corp. | 123,059 | |
2,030 | 1 | Siemens Energy AG | 60,464 |
141 | Simpson Manufacturing Co., Inc. | 12,958 | |
35,500 | Sinotruk Hong Kong Ltd. | 88,236 | |
7,450 | SKF Ab, Class B | 182,887 | |
300 | SMC Corp. | 190,523 | |
5,800 | Sohgo Security Services Co. Ltd. | 309,298 | |
1,922 | Steelcase, Inc., Class A | 23,352 | |
422 | Systemax, Inc. | 12,985 | |
13,300 | Taisei Corp. | 470,147 | |
727 | Terex Corp. | 22,537 | |
606 | Tetra Tech, Inc. | 72,266 | |
3,930 | Thomson Reuters Corp. | 311,507 | |
34,900 | Toppan Printing Co. Ltd. | 473,692 | |
1,800 | Toshiba Corp. | 50,155 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
7,000 | Toyota Tsusho Corp. | $240,228 | |
1,420 | 1 | TriMas Corp. | 37,957 |
87 | 1 | TriNet Group, Inc. | 6,525 |
1 | Triton International Ltd. | 45 | |
404 | UFP Industries, Inc. | 21,675 | |
688 | Universal Truckload Services, Inc. | 14,799 | |
159 | Vestas Wind Systems A/S | 32,264 | |
4,425 | Wartsila OYJ, Class B | 41,510 | |
11,742 | Weg SA | 161,246 | |
54,000 | Weichai Power Co. Ltd., Class H | 110,466 | |
320 | Werner Enterprises, Inc. | 12,797 | |
8,324 | Wolters Kluwer NV | 698,442 | |
66,000 | Xinyi Solar Holdings Ltd. | 118,955 | |
126,000 | Zhejiang Expressway Co. Ltd. | 89,782 | |
99,200 | Zoomlion Heavy Industry Science and Technology Co., Ltd. | 103,085 | |
TOTAL | 30,603,095 | ||
Information Technology— 13.1% | |||
3,038 | 1 | A10 Networks, Inc. | 24,243 |
113,000 | Acer Sertek, Inc. | 91,928 | |
3,717 | 1 | Adobe, Inc. | 1,778,473 |
2,500 | Advantest Corp. | 174,080 | |
858 | 1 | Afterpay Ltd. | 59,948 |
1,357 | American Software, Inc., Class A | 22,282 | |
2,827 | Amkor Technology, Inc. | 41,670 | |
59,889 | Apple, Inc. | 7,129,785 | |
19,479 | Applied Materials, Inc. | 1,606,628 | |
1,848 | ASML Holding N.V. | 800,268 | |
9,000 | Asustek Computer, Inc. | 78,718 | |
3,222 | Atos SE | 294,448 | |
5,405 | 1 | Avalara, Inc. | 928,309 |
1,005 | Benchmark Electronics, Inc. | 24,442 | |
1,027 | Blackbaud, Inc. | 56,577 | |
848 | 1 | Box, Inc. | 15,849 |
20,400 | Brother Industries Ltd. | 387,830 | |
9,543 | 1 | Cadence Design Systems, Inc. | 1,109,851 |
4,042 | Capgemini SE | 558,617 | |
453 | Cass Information Systems, Inc. | 19,221 | |
1,628 | 1 | CGI, Inc., Class A | 120,229 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
2,519 | 1 | Check Point Software Technologies Ltd. | $296,436 |
31,000 | Chicony Electronics Co. Ltd. | 92,983 | |
38,619 | Cisco Systems, Inc. | 1,661,389 | |
884 | 1 | Commvault Systems, Inc. | 42,220 |
148,000 | Compal Electronics, Inc. | 100,287 | |
200 | Constellation Software, Inc. | 247,675 | |
187 | 1 | Crowdstrike Holdings, Inc. | 28,663 |
764 | CSG Systems International, Inc. | 33,142 | |
66 | 1 | Diodes, Inc. | 4,485 |
600 | Disco Corp. | 191,340 | |
4,243 | 1 | Dynatrace Holdings LLC | 161,319 |
487 | 1 | eGain Corp. | 5,523 |
337 | 1 | ePlus, Inc. | 28,412 |
552 | 1 | Fabrinet | 37,707 |
4,278 | 1 | Fortinet, Inc. | 527,178 |
3,600 | Fujitsu Ltd. | 501,084 | |
1,100 | Hamamatsu Photonics K.K. | 61,921 | |
11,394 | Hexagon AB | 943,343 | |
18,600 | Hitachi Ltd. | 702,814 | |
35,000 | Hon Hai Precision Industry Co. Ltd. | 101,154 | |
466 | 1 | Ichor Holdings Ltd. | 14,865 |
23,684 | Infosys Ltd. | 356,618 | |
588 | 1 | Insight Enterprises, Inc. | 42,030 |
301 | InterDigital, Inc. | 18,033 | |
7,200 | IT Holdings Corp. | 143,449 | |
753 | KBR, Inc. | 20,911 | |
657 | 1 | Kimball Electronics, Inc. | 10,124 |
28,000 | Kingboard Chemical Holdings Ltd. | 107,340 | |
57,000 | Kingboard Laminates Holdings Ltd. | 92,324 | |
19,000 | Kingsoft Corp. Ltd. | 95,770 | |
7,323 | KLA Corp. | 1,845,176 | |
802 | 1 | Lattice Semiconductor Corp. | 33,564 |
168,000 | Lenovo Group Ltd. | 119,996 | |
678 | LG Innotek Co., Ltd. | 95,250 | |
61,000 | Lite-On Technology Corp. | 102,909 | |
5,555 | Logitech International SA | 490,345 | |
681 | ManTech International Corp., Class A | 52,417 | |
413 | Maximus, Inc. | 29,658 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
5,000 | MediaTek, Inc. | $123,743 | |
957 | Methode Electronics, Inc., Class A | 33,514 | |
29,668 | Microsoft Corp. | 6,351,029 | |
123 | 1 | MicroStrategy, Inc., Class A | 42,161 |
2,830 | 1 | Mobile Iron, Inc. | 19,923 |
95 | 1 | Napco Security Technologies, Inc. | 2,897 |
1,151 | Nemetschek AG | 90,978 | |
668 | NIC, Inc. | 15,655 | |
98 | NICE Ltd. | 23,890 | |
99,312 | Nokia Oyj | 395,123 | |
108 | 1 | OSI Systems, Inc. | 9,515 |
7,800 | Otsuka Corp. | 378,097 | |
3,750 | 1 | Paylocity Corp. | 737,250 |
9,091 | 1 | PayPal Holdings, Inc. | 1,946,565 |
10 | 1 | PC Connections, Inc. | 457 |
48,000 | Pegatron Corp. | 110,063 | |
1 | 1 | Photronics, Inc. | 12 |
18 | 1 | Plexus Corp. | 1,345 |
678 | QAD, Inc. | 38,870 | |
2,845 | Qualcomm, Inc. | 418,699 | |
430 | 1 | Qualys, Inc. | 40,854 |
48,000 | Quanta Computer, Inc. | 129,834 | |
406 | 1 | Rapid7, Inc. | 30,426 |
10,000 | Realtek Semiconductor Corp. | 130,325 | |
73,500 | Ricoh Co. Ltd. | 486,906 | |
3,200 | Rohm Co. Ltd. | 265,267 | |
1,558 | 1 | Salesforce.com, Inc. | 382,956 |
26,723 | Samsung Electronics Co. Ltd. | 1,614,346 | |
81 | Samsung SDI Co. Ltd. | 39,149 | |
91 | 1 | Sanmina Corp. | 2,895 |
1,522 | SAP SE | 184,721 | |
46,000 | 1 | Semiconductor Manufacturing International Corp. | 129,383 |
856 | 1 | Semtech Corp. | 57,754 |
2,610 | 1 | ServiceNow, Inc. | 1,395,175 |
3,800 | Shimadzu Corp. | 135,750 | |
1,714 | SK Hynix, Inc. | 151,418 | |
474 | 1 | SPS Commerce, Inc. | 48,855 |
4,040 | 1 | Square, Inc. | 852,278 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
14,796 | STMicroelectronics N.V. | $576,022 | |
3,600 | Sumisho Computer Systems Corp. | 215,378 | |
7,700 | Sunny Opitcal Technology Group Co. Ltd. | 151,738 | |
758 | 1 | Synaptics, Inc. | 58,950 |
61,000 | Synnex Technology International Corp. | 95,321 | |
4,723 | 1 | Synopsys, Inc. | 1,074,482 |
129,000 | Taiwan Semiconductor Manufacturing Co. Ltd | 2,178,825 | |
2,482 | Tata Consultancy Services Ltd. | 89,711 | |
2,728 | 1 | TeamViewer AG | 129,866 |
903 | 1 | Tenable Holdings, Inc. | 32,517 |
25,577 | 1 | Teradata Corp. | 560,904 |
11,066 | Teradyne, Inc. | 1,221,022 | |
9,473 | Texas Instruments, Inc. | 1,527,521 | |
1,500 | Trend Micro, Inc. | 81,240 | |
8 | 1 | Tucows, Inc. | 580 |
483 | 1 | Tyler Technologies, Inc. | 206,531 |
508 | 1 | Ultra Clean Holdings, Inc. | 16,073 |
136,000 | United Microelectronics Corp. | 192,029 | |
2,616 | Vishay Intertechnology, Inc. | 50,646 | |
97 | 1 | Vishay Precision Group, Inc. | 2,837 |
97,000 | Wistron Corp. | 101,721 | |
307 | 1 | Workiva, Inc. | 23,022 |
2,111 | Xerox Holdings Corp. | 46,210 | |
26,600 | 1 | Xiaomi Corp. | 91,264 |
16,700 | Yokogawa Electric Corp. | 292,782 | |
806 | 1 | Zoom Video Communications, Inc. | 385,558 |
TOTAL | 50,984,078 | ||
Materials— 4.1% | |||
13,780 | Amcor PLC | 156,127 | |
9,071 | Anglo American PLC | 267,982 | |
3,075 | Anglogold Ltd. | 66,041 | |
1,320 | 1 | Arconic Corp. | 36,313 |
68,000 | Asia Cement Corp. | 103,404 | |
10,912 | Berger Paints India Ltd. | 94,445 | |
28,725 | BHP Billiton Ltd. | 797,648 | |
11,619 | BHP Steel Ltd. | 145,964 | |
1,176 | Boise Cascade Co. | 50,862 | |
7,038 | Cherepovets MK Severstal | 103,650 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Materials— continued | |||
122,000 | China Hongqiao Group Ltd. | $106,332 | |
240,000 | China Molybdenum Co. Ltd. | 112,010 | |
90,000 | China National Building Material Co. Ltd. | 117,334 | |
74,000 | China Resources Cement Holdings Ltd. | 91,662 | |
435 | 1 | Clearwater Paper Corp. | 15,186 |
13,123 | 1 | Companhia Vale Do Rio Doce | 191,062 |
108 | Ems-Chemie Holdings Ag | 98,734 | |
34,873 | Evraz PLC | 179,733 | |
5,107 | 1,3 | Ferroglobe Representation & Warranty Insurance Trust | 0 |
5,844 | FMC Corp. | 677,962 | |
1,169 | 1 | Forterra, Inc. | 21,685��� |
67,532 | Fortescue Metals Group Ltd. | 904,197 | |
140 | Glatfelter Corp. | 2,251 | |
11,981 | Gold Fields Ltd. | 103,635 | |
113 | Greif, Inc. | 5,571 | |
121 | Hawkins, Inc. | 6,072 | |
6,641 | Impala Platinum Holdings Ltd. | 69,624 | |
75,000 | Jiangxi Copper Co. Ltd. | 123,013 | |
3,117 | 1 | KGHM Polska Miedz SA | 123,713 |
6,396 | Koninklijke DSM NV | 1,047,913 | |
98 | 1 | Koppers Holdings, Inc. | 2,653 |
562 | Korea Kumho Petrochemical Co. Ltd. | 70,792 | |
91 | L.G. Chemical Ltd. | 66,035 | |
115,000 | Lee & Man Paper Manufacturing Ltd. | 93,200 | |
1,402 | Louisiana-Pacific Corp. | 47,990 | |
183,148 | Magnitogorsk Iron & Steel Works PJSC | 102,277 | |
9,700 | Maruichi Steel Tube Ltd. | 204,290 | |
589 | Materion Corp. | 34,339 | |
26,100 | Mitsubishi Gas Chemical Co., Inc. | 551,031 | |
1,107 | Myers Industries, Inc. | 18,808 | |
14,107 | Newcrest Mining Ltd. | 280,385 | |
20,223 | Newmont Corp. | 1,189,517 | |
70,000 | Nine Dragons Paper Holdings Ltd. | 91,414 | |
3,300 | Nissan Chemical Industries | 196,400 | |
5,600 | Nitto Denko Corp. | 463,188 | |
677 | Norilsk Nickel | 190,846 | |
508 | 1 | Northam Platinum Ltd. | 5,802 |
26,762 | Novolipetski Metallurgicheski Komb OAO | 67,381 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Materials— continued | |||
2,796 | 2 | Phosagro OAO, GDR | $35,733 |
597 | Polyus PJSC | 113,073 | |
24,500 | PT Indah Kiat Pulp & Paper Corp. | 15,069 | |
105,000 | PT Indocement Tunggal Prakarsa Tbk | 106,444 | |
2,400 | PT Semen Gresik | 1,991 | |
4,315 | 1 | Queen’s Road Capital Investment Ltd. | 1,894 |
5,827 | Rio Tinto Ltd. | 433,944 | |
14,831 | Rio Tinto PLC | 960,989 | |
6,633 | RPM International, Inc. | 583,770 | |
727 | Scotts Miracle-Gro Co. | 127,785 | |
1,364 | Sherwin-Williams Co. | 1,019,767 | |
6,500 | Showa Denko KK | 120,737 | |
3,573 | Sika AG | 910,354 | |
17,126 | Silgan Holdings, Inc. | 578,859 | |
112,111 | South32 Ltd. | 197,663 | |
237 | Stepan Co. | 27,530 | |
5,400 | Taiheiyo Cement Corp. | 145,381 | |
13,700 | Taiwan Cement Corp. | 20,637 | |
35,000 | Tosoh Corp. | 548,495 | |
2,317 | Tredegar Industries, Inc. | 36,632 | |
101 | 1 | UFP Technologies, Inc. | 4,451 |
9,339 | UPM - Kymmene Oyj | 307,194 | |
3,216 | Va Stahl Ag | 103,042 | |
453 | Worthington Industries, Inc. | 23,429 | |
140,000 | Zijin Mining Group Co. Ltd. | 140,412 | |
TOTAL | 16,061,748 | ||
Real Estate— 1.8% | |||
66,000 | Agile Group Holdings Ltd. | 94,791 | |
208 | American Assets Trust, Inc. | 5,968 | |
4,757 | American Tower Corp. | 1,099,818 | |
2,037 | CareTrust REIT, Inc. | 39,579 | |
5,533 | CatchMark Timber Trust, Inc. | 53,061 | |
93,000 | China Aoyuan Group Ltd. | 96,323 | |
5,000 | China Overseas Property Holdings Ltd. | 3,262 | |
4,000 | China Resources Bejing Land | 16,834 | |
134,000 | CIFI Holdings Group Co. Ltd. | 115,330 | |
5,816 | Colony Capital, Inc. | 25,125 | |
822 | CoreCivic, Inc. | 5,828 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Real Estate— continued | |||
106,000 | Country Garden Holdings Co. | $139,375 | |
7,871 | Crown Castle International Corp. | 1,318,944 | |
3,100 | Daito Trust Construction Co. Ltd. | 304,470 | |
2,550 | DiamondRock Hospitality Co. | 19,176 | |
2,327 | Easterly Government Properties, Inc. | 50,403 | |
325 | Equinix, Inc. | 226,782 | |
2,274 | Equity Lifestyle Properties, Inc. | 133,234 | |
51,000 | Evergrande Real Estate Group Limited | 106,907 | |
527 | 1 | eXp World Holdings, Inc. | 28,105 |
192,000 | Franshion Properties of China Ltd. | 98,524 | |
4,076 | Front Yard Residential Corp. | 66,520 | |
1,021 | Geo Group, Inc. | 9,648 | |
31,280 | Goodman Group | 429,063 | |
73,200 | Guangzhou R&F Properties Co. Ltd. | 95,491 | |
14,398 | Invitation Homes, Inc. | 411,495 | |
188,000 | 1 | Kaisa Group Holdings Ltd. | 99,121 |
1,311 | Kite Realty Group Trust | 18,878 | |
68,000 | KWG Property Holding Ltd. | 93,198 | |
14,200 | Land & Houses Public Co. Ltd. | 3,655 | |
4,659 | Lexington Realty Trust | 47,568 | |
59,000 | Logan Group Co. Ltd. | 98,333 | |
24,500 | Longfor Properties | 159,171 | |
152,000 | Mapletree Commercial Trust | 229,834 | |
3,835 | Mid-American Apartment Communities, Inc. | 483,824 | |
2,115 | NEPI Rockcastle PLC | 10,777 | |
1,355 | Newmark Group, Inc. | 9,512 | |
630 | Physicians Realty Trust | 10,931 | |
1,017 | 1 | Redfin Corp. | 48,704 |
4,913 | Retail Properties of America, Inc. | 39,795 | |
274,100 | Robinson’s Land Corp., Class B | 94,575 | |
120,000 | Seazen Group Ltd. | 106,067 | |
54,000 | Shenzhen Investment Ltd. | 19,640 | |
29,500 | Shimao Group Holdings Ltd. | 107,601 | |
35,000 | Sunac China Holdings | 133,542 | |
1,930 | 1 | Sunac Services Holdings Ltd. | 2,973 |
297 | Terreno Realty Corp. | 17,208 | |
2,198 | Uniti Group, Inc. | 22,595 | |
458,000 | Yuexiu Property Co., Ltd. | 95,227 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Real Estate— continued | |||
130,000 | Zhenro Properties Group Ltd. | $80,000 | |
TOTAL | 7,026,785 | ||
Utilities— 2.3% | |||
18,064 | AES Corp. | 369,228 | |
14,461 | AGL Energy Ltd. | 143,378 | |
10,753 | Alliant Energy Corp. | 565,608 | |
391 | American States Water Co. | 28,864 | |
2,069 | American Water Works Co., Inc. | 317,343 | |
424,832 | AusNet Services | 577,198 | |
257 | Brookfield Renewable Corp. | 20,342 | |
1,465 | CEZ A.S. | 31,008 | |
431,000 | CGN Power Co. Ltd. | 92,389 | |
248 | Chesapeake Utilities Corp. | 25,794 | |
136,000 | China Longyuan Power Group Corp. | 114,712 | |
162,000 | China Power International Development Ltd. | 32,512 | |
22,000 | China Resources Logic Ltd. | 104,447 | |
88,000 | China Resources Power Holdings Co. Ltd. | 93,637 | |
251,281 | Colbun SA | 40,237 | |
597 | 1 | Companhia de Saneamento Basico do Estado de Sao Paulo | 4,963 |
12,468 | CPFL Energia SA | 72,959 | |
24,462 | Endesa SA | 698,694 | |
35,181 | Enel SpA | 350,687 | |
10,500 | ENN Energy Holdings Ltd. | 138,421 | |
31,563 | Equatorial Energia SA | 128,375 | |
79,626 | Gail India Ltd. | 110,354 | |
96,800 | 2 | Gulf Energy Development PCL | 111,192 |
55,709 | Iberdrola SA | 759,166 | |
10,912 | Indraprastha Gas Ltd. | 71,880 | |
14,330 | Manila Electric Co. | 83,931 | |
26,271 | NextEra Energy, Inc. | 1,933,283 | |
897 | Northwestern Corp. | 52,026 | |
1,462,027 | OJSC Inter Rao Ues | 98,613 | |
339 | ONE Gas, Inc. | 26,842 | |
114 | Orsted A/S | 20,580 | |
269 | Otter Tail Corp. | 10,712 | |
1,200 | Petronas Gas | 5,349 | |
1,221 | Portland General Electric Co. | 50,525 | |
23,684 | Power Grid Corp of India Ltd. | 61,106 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Utilities— continued | |||
7,742 | RWE AG | $321,111 | |
5,935 | Severn Trent PLC | 188,835 | |
17,362 | Uniper SE | 587,731 | |
860 | Unitil Corp. | 35,157 | |
15,539 | Vistra Corp. | 290,269 | |
TOTAL | 8,769,458 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $194,376,179) | 254,260,792 | ||
FOREIGN GOVERNMENTS/AGENCIES— 6.8% | |||
Sovereign— 6.8% | |||
AUD 1,000,000 | Australia, Government of, Sr. Unsecd. Note, Series 148, 2.750%, 11/21/2027 | 844,909 | |
EUR 390,000 | Belgium, Government of, Series 68, 2.250%, 6/22/2023 | 500,861 | |
680,000 | Belgium, Government of, Series 74, 0.800%, 6/22/2025 | 866,061 | |
CAD 800,000 | Canada, Government of, Bond, 3.250%, 6/1/2021 | 625,592 | |
480,000 | Canada, Government of, Series WL43, 5.750%, 6/1/2029 | 526,621 | |
EUR 6,000 | France, Government of, 0.500%, 5/25/2025 | 7,534 | |
150,000 | France, Government of, Bond, 4.500%, 4/25/2041 | 339,582 | |
400,000 | France, Government of, O.A.T., 5.500%, 4/25/2029 | 721,483 | |
650,000 | France, Government of, Unsecd. Note, 1.250%, 5/25/2036 | 934,354 | |
300,000 | France, Government of, Unsecd. Note, 1.750%, 6/25/2039 | 473,103 | |
600,000 | Germany, Government of, 0.250%, 2/15/2027 | 760,756 | |
300,000 | Germany, Government of, Bond, Series 03, 4.750%, 7/4/2034 | 622,040 | |
100,000 | Germany, Government of, Bond, Series 08, 4.750%, 7/4/2040 | 243,216 | |
400,000 | Italy, Government of, 3.750%, 5/1/2021 | 485,536 | |
680,000 | Italy, Government of, Sr. Unsecd. Note, 0.650%, 10/15/2023 | 833,769 | |
1,000,000 | Italy, Government of, Sr. Unsecd. Note, 4.750%, 9/1/2028 | 1,592,288 | |
950,000 | Italy, Government of, Unsecd. Note, 1.600%, 6/1/2026 | 1,228,894 | |
58,000 | Italy, Government of, Unsecd. Note, 3.250%, 9/1/2046 | 96,959 | |
JPY 142,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 114, 2.100%, 12/20/2029 | 1,620,269 | |
185,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 153, 1.300%, 6/20/2035 | 2,044,020 | |
50,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 351, 0.100%, 6/20/2028 | 485,340 | |
155,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 44, 1.700%, 9/20/2044 | 1,884,319 | |
MXN 30,000,000 | Mexico, Government of, Series M, 6.500%, 6/10/2021 | 1,498,542 | |
30,000 | Mexico, Government of, Series MTNA, 6.750%, 9/27/2034 | 41,513 | |
EUR 450,000 | Netherlands, Government of, Unsecd. Note, 2.500%, 1/15/2033 | 731,409 |
Shares, Principal Amount or Contracts | Value | ||
FOREIGN GOVERNMENTS/AGENCIES— continued | |||
Sovereign— continued | |||
EUR 150,000 | Spain, Government of, 4.200%, 1/31/2037 | $284,223 | |
600,000 | Spain, Government of, Sr. Unsecd. Note, 1.500%, 4/30/2027 | 798,547 | |
590,000 | Spain, Government of, Sr. Unsecd. Note, 1.950%, 7/30/2030 | 833,762 | |
480,000 | Spain, Government of, Sr. Unsecd. Note, 2.750%, 10/31/2024 | 645,994 | |
GBP 200,000 | United Kingdom, Government of, 2.750%, 9/7/2024 | 294,377 | |
430,000 | United Kingdom, Government of, 3.250%, 1/22/2044 | 865,604 | |
350,000 | United Kingdom, Government of, 4.250%, 12/7/2027 | 601,384 | |
270,000 | United Kingdom, Government of, Bond, 4.250%, 3/7/2036 | 550,728 | |
350,000 | United Kingdom, Government of, Unsecd. Deb., 1.625%, 10/22/2028 | 519,673 | |
600,000 | United Kingdom, Government of, Unsecd. Note, 1.500%, 7/22/2047 | 923,926 | |
230,000 | United Kingdom, Government of, Unsecd. Note, 4.250%, 6/7/2032 | 438,660 | |
TOTAL FOREIGN GOVERNMENTS/AGENCIES (IDENTIFIED COST $23,638,588) | 26,765,848 | ||
CORPORATE BONDS— 6.7% | |||
Basic Industry - Metals & Mining— 0.0% | |||
$ 100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 4/15/2023 | 107,877 | |
Capital Goods - Aerospace & Defense— 0.4% | |||
350,000 | Boeing Co., Sr. Unsecd. Note, 4.875%, 5/1/2025 | 391,097 | |
145,000 | Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, 144A, 3.844%, 5/1/2025 | 161,532 | |
300,000 | Leidos, Inc., Sr. Unsecd. Note, 144A, 2.300%, 2/15/2031 | 305,048 | |
215,000 | Leidos, Inc., Unsecd. Note, 144A, 3.625%, 5/15/2025 | 239,387 | |
180,000 | Lockheed Martin Corp., Sr. Unsecd. Note, 3.550%, 1/15/2026 | 204,607 | |
90,000 | 4 | Textron Financial Corp., Jr. Sub. Note, 144A, 1.956% (3-month USLIBOR +1.735%), 2/15/2042 | 64,503 |
TOTAL | 1,366,174 | ||
Capital Goods - Building Materials— 0.1% | |||
125,000 | Allegion PLC, Sr. Unsecd. Note, 3.500%, 10/1/2029 | 137,694 | |
130,000 | Masco Corp., Sr. Unsecd. Note, 4.375%, 4/1/2026 | 151,902 | |
185,000 | Masco Corp., Unsecd. Note, 4.450%, 4/1/2025 | 212,026 | |
TOTAL | 501,622 | ||
Capital Goods - Construction Machinery— 0.1% | |||
195,000 | Deere & Co., Sr. Unsecd. Note, 2.750%, 4/15/2025 | 212,301 | |
Capital Goods - Diversified Manufacturing— 0.1% | |||
30,000 | General Electric Capital Corp., Note, Series MTNA, 6.750%, 3/15/2032 | 40,954 | |
75,000 | Lennox International, Inc., Sr. Unsecd. Note, 1.700%, 8/1/2027 | 75,793 | |
260,000 | Roper Technologies, Inc., Sr. Unsecd. Note, 2.000%, 6/30/2030 | 267,371 | |
TOTAL | 384,118 |
Shares, Principal Amount or Contracts | Value | ||
CORPORATE BONDS— continued | |||
Communications - Cable & Satellite— 0.1% | |||
$ 120,000 | Charter Communications, Inc., 4.200%, 3/15/2028 | $137,878 | |
30,000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., 5.050%, 3/30/2029 | 36,352 | |
265,000 | Comcast Corp., Sr. Unsecd. Note, 3.100%, 4/1/2025 | 291,655 | |
TOTAL | 465,885 | ||
Communications - Media & Entertainment— 0.2% | |||
20,000 | Discovery Communications LLC, Sr. Unsecd. Note, 4.900%, 3/11/2026 | 23,494 | |
70,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046 | 95,043 | |
400,000 | ViacomCBS, Inc., Sr. Unsecd. Note, 4.750%, 5/15/2025 | 463,619 | |
TOTAL | 582,156 | ||
Communications - Telecom Wireless— 0.3% | |||
550,000 | Crown Castle International Corp., Sr. Unsecd. Note, 3.250%, 1/15/2051 | 579,784 | |
80,000 | T-Mobile USA, Inc., Sec. Fac. Bond, 144A, 2.250%, 11/15/2031 | 81,326 | |
375,000 | Vodafone Group PLC, Sr. Unsecd. Note, 4.250%, 9/17/2050 | 460,594 | |
75,000 | Vodafone Group PLC, Sr. Unsecd. Note, 4.875%, 6/19/2049 | 98,802 | |
TOTAL | 1,220,506 | ||
Communications - Telecom Wirelines— 0.2% | |||
364,000 | AT&T, Inc., Sr. Unsecd. Note, 144A, 3.550%, 9/15/2055 | 374,390 | |
105,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 3.150%, 3/22/2030 | 118,213 | |
200,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 3/15/2024 | 221,398 | |
TOTAL | 714,001 | ||
Consumer Cyclical - Automotive— 0.1% | |||
275,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.336%, 3/18/2021 | 276,292 | |
70,000 | General Motors Co., Sr. Unsecd. Note, 4.000%, 4/1/2025 | 77,445 | |
TOTAL | 353,737 | ||
Consumer Cyclical - Retailers— 0.4% | |||
600,000 | Advance Auto Parts, Inc., Sr. Unsecd. Note, Series WI, 3.900%, 4/15/2030 | 690,382 | |
225,000 | AutoNation, Inc., Sr. Unsecd. Note, 4.750%, 6/1/2030 | 270,907 | |
300,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 4/15/2025 | 327,221 | |
80,321 | CVS Health Corp., Pass Thru Cert., 144A, 5.298%, 1/11/2027 | 85,971 | |
185,000 | O’Reilly Automotive, Inc., Sr. Unsecd. Note, 4.200%, 4/1/2030 | 222,384 | |
TOTAL | 1,596,865 | ||
Consumer Cyclical - Services— 0.1% | |||
200,000 | Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.800%, 6/6/2023 | 210,622 | |
130,000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | 145,186 | |
TOTAL | 355,808 |
Shares, Principal Amount or Contracts | Value | ||
CORPORATE BONDS— continued | |||
Consumer Non-Cyclical - Food/Beverage— 0.3% | |||
$ 115,000 | Campbell Soup Co., Sr. Unsecd. Note, 2.375%, 4/24/2030 | $120,640 | |
210,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026 | 230,489 | |
157,000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 3.950%, 7/15/2025 | 173,273 | |
120,000 | Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025 | 138,397 | |
370,000 | PepsiCo, Inc., Sr. Unsecd. Note, 3.625%, 3/19/2050 | 469,103 | |
70,000 | PepsiCo, Inc., Sr. Unsecd. Note, 4.450%, 4/14/2046 | 97,627 | |
TOTAL | 1,229,529 | ||
Consumer Non-Cyclical - Health Care— 0.3% | |||
210,000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 2.750%, 9/15/2029 | 229,671 | |
180,000 | Dentsply Sirona, Inc., Sr. Unsecd. Note, 3.250%, 6/1/2030 | 198,264 | |
400,000 | PerkinElmer, Inc., Sr. Unsecd. Note, 3.300%, 9/15/2029 | 447,791 | |
75,000 | Thermo Fisher Scientific, Inc., Sr. Unsecd. Note, 4.133%, 3/25/2025 | 85,312 | |
TOTAL | 961,038 | ||
Consumer Non-Cyclical - Pharmaceuticals— 0.1% | |||
90,000 | Gilead Sciences, Inc., Sr. Unsecd. Note, 3.650%, 3/1/2026 | 102,054 | |
190,000 | Zoetis, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2050 | 211,065 | |
TOTAL | 313,119 | ||
Consumer Non-Cyclical - Tobacco— 0.4% | |||
EUR 870,000 | Philip Morris International, Inc., Sr. Unsecd. Note, 2.875%, 5/14/2029 | 1,264,542 | |
$ 200,000 | Reynolds American, Inc., Sr. Unsecd. Note, 5.850%, 8/15/2045 | 256,267 | |
TOTAL | 1,520,809 | ||
Energy - Integrated— 0.1% | |||
340,000 | Exxon Mobil Corp., Sr. Unsecd. Note, 2.992%, 3/19/2025 | 371,811 | |
100,000 | Husky Energy, Inc., Sr. Unsecd. Note, 3.950%, 4/15/2022 | 102,801 | |
35,000 | Petro-Canada, Deb., 7.000%, 11/15/2028 | 43,622 | |
TOTAL | 518,234 | ||
Energy - Midstream— 0.1% | |||
325,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 | 349,664 | |
80,000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 | 90,288 | |
TOTAL | 439,952 | ||
Energy - Refining— 0.1% | |||
250,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.750%, 9/15/2044 | 279,289 | |
Financial Institution - Banking— 0.7% | |||
100,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 4.875%, 4/1/2044 | 140,341 | |
300,000 | Bank of America Corp., Sub. Note, Series MTN, 4.000%, 1/22/2025 | 335,844 | |
300,000 | Citigroup, Inc., Sr. Unsecd. Note, 2.700%, 3/30/2021 | 302,375 | |
250,000 | Citizens Bank N.A., Sr. Unsecd. Note, Series BKNT, 3.750%, 2/18/2026 | 285,176 |
Shares, Principal Amount or Contracts | Value | ||
CORPORATE BONDS— continued | |||
Financial Institution - Banking— continued | |||
$ 250,000 | Compass Bank, Birmingham, Sub. Note, Series BKNT, 3.875%, 4/10/2025 | $277,940 | |
5,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 5.750%, 1/24/2022 | 5,308 | |
100,000 | JPMorgan Chase & Co., Series S, 6.750%, 8/1/2069 | 111,718 | |
50,000 | JPMorgan Chase & Co., Sub. Note, 3.375%, 5/1/2023 | 53,497 | |
400,000 | Morgan Stanley, 4.300%, 1/27/2045 | 544,418 | |
70,000 | Morgan Stanley, Sr. Unsecd. Note, Series MTN, 1.794%, 2/13/2032 | 70,578 | |
32,417 | 3 | Regional Diversified Funding, 144A, 9.250%, 3/15/2030 | 21,152 |
230,000 | Truist Financial Corp., Sr. Unsecd. Note, 2.900%, 3/3/2021 | 231,047 | |
300,000 | US Bancorp, Sr. Unsecd. Note, Series MTN, 1.375%, 7/22/2030 | 301,515 | |
TOTAL | 2,680,909 | ||
Financial Institution - Broker/Asset Mgr/Exchange— 0.1% | |||
140,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | 158,162 | |
240,000 | Stifel Financial Corp., Sr. Unsecd. Note, 3.500%, 12/1/2020 | 240,000 | |
70,000 | TIAA Asset Management Finance Co. LLC, Sr. Unsecd. Note, 144A, 4.125%, 11/1/2024 | 79,020 | |
TOTAL | 477,182 | ||
Financial Institution - Finance Companies— 0.1% | |||
210,000 | AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.950%, 2/1/2022 | 215,580 | |
Financial Institution - Insurance - Life— 0.1% | |||
27,000 | Aflac, Inc., Sr. Unsecd. Note, 6.450%, 8/15/2040 | 40,007 | |
325,000 | Mass Mutual Global Funding II, 144A, 2.000%, 4/15/2021 | 327,098 | |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039 | 17,144 | |
105,000 | Northwestern Mutual Life Insurance Co., Sr. Unsecd. Note, 144A, 3.625%, 9/30/2059 | 121,034 | |
TOTAL | 505,283 | ||
Financial Institution - Insurance - P&C— 0.1% | |||
350,000 | Nationwide Mutual Insurance Co., Sub. Note, 144A, 4.350%, 4/30/2050 | 410,248 | |
30,000 | Nationwide Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039 | 52,793 | |
TOTAL | 463,041 | ||
Financial Institution - REIT - Apartment— 0.1% | |||
300,000 | Mid-America Apartment Communities LP, Sr. Unsecd. Note, 3.750%, 6/15/2024 | 325,483 | |
140,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026 | 153,097 | |
TOTAL | 478,580 |
Shares, Principal Amount or Contracts | Value | ||
CORPORATE BONDS— continued | |||
Financial Institution - REIT - Office— 0.0% | |||
$ 100,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028 | $115,518 | |
Financial Institution - REIT - Other— 0.1% | |||
180,000 | ProLogis LP, Sr. Unsecd. Note, 4.375%, 2/1/2029 | 221,790 | |
90,000 | WP Carey, Inc., Sr. Unsecd. Note, 3.850%, 7/15/2029 | 101,292 | |
160,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024 | 177,506 | |
TOTAL | 500,588 | ||
Financial Institution - REIT - Retail— 0.1% | |||
400,000 | Kimco Realty Corp., Sr. Unsecd. Note, 2.700%, 10/1/2030 | 416,836 | |
30,000 | Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/1/2022 | 31,557 | |
TOTAL | 448,393 | ||
Financial Institution - REITs— 0.0% | |||
70,000 | Camden Property Trust, Sr. Unsecd. Note, 2.800%, 5/15/2030 | 77,108 | |
Foreign-Local-Government— 0.0% | |||
50,000 | Quebec, Province of, Note, Series MTNA, 7.035%, 3/10/2026 | 65,543 | |
Municipal Services— 0.1% | |||
132,576 | Army Hawaii Family Housing, 144A, 5.524%, 6/15/2050 | 172,340 | |
100,000 | Camp Pendleton & Quantico Housing LLC, 5.572%, 10/1/2050 | 122,637 | |
TOTAL | 294,977 | ||
Sovereign— 0.1% | |||
JPY 30,000,000 | KFW, 2.050%, 2/16/2026 | 322,530 | |
Technology— 0.6% | |||
$ 400,000 | Apple, Inc., Sr. Unsecd. Note, 2.950%, 9/11/2049 | 456,027 | |
320,000 | Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr. Secd. Note, 144A, 6.020%, 6/15/2026 | 388,728 | |
28,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.875%, 6/5/2024 | 30,836 | |
260,000 | Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029 | 298,220 | |
280,000 | Intel Corp., Sr. Unsecd. Note, 3.400%, 3/25/2025 | 312,104 | |
300,000 | Keysight Technologies, Inc., 4.550%, 10/30/2024 | 340,063 | |
380,000 | Molex Electronics Technologies LLC, Unsecd. Note, 144A, 3.900%, 4/15/2025 | 391,491 | |
TOTAL | 2,217,469 | ||
Transportation - Airlines— 0.0% | |||
140,000 | Southwest Airlines Co., Sr. Unsecd. Note, 5.250%, 5/4/2025 | 159,795 | |
Transportation - Services— 0.1% | |||
62,000 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 3.850%, 11/15/2024 | 68,949 | |
160,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 3.900%, 4/1/2025 | 180,880 | |
TOTAL | 249,829 |
Shares, Principal Amount or Contracts | Value | ||
CORPORATE BONDS— continued | |||
Utility - Electric— 0.8% | |||
$ 155,000 | Berkshire Hathaway Energy Co., Sr. Unsecd. Note, 144A, 4.050%, 4/15/2025 | $176,255 | |
135,000 | Consolidated Edison Co., Sr. Unsecd. Note, Series 20B, 3.950%, 4/1/2050 | 166,822 | |
275,000 | Electricite de France SA, Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028 | 328,342 | |
190,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 | 239,571 | |
400,000 | Enel Finance International NV, Sr. Unsecd. Note, 144A, 2.650%, 9/10/2024 | 425,383 | |
300,000 | Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026 | 337,332 | |
160,000 | Florida Power & Light Co., Sec. Fac. Bond, 2.850%, 4/1/2025 | 174,613 | |
140,000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 | 155,297 | |
200,000 | NiSource Finance Corp., Sr. Unsecd. Note, 3.950%, 3/30/2048 | 247,373 | |
400,000 | NiSource, Inc., Sr. Unsecd. Note, 3.600%, 5/1/2030 | 463,370 | |
400,000 | Northeast Utilities, Sr. Unsecd. Note, Series H, 3.150%, 1/15/2025 | 435,238 | |
125,000 | Wisconsin Electric Power Co., Sr. Unsecd. Note, 4.300%, 12/15/2045 | 153,906 | |
TOTAL | 3,303,502 | ||
Utility - Natural Gas— 0.1% | |||
495,000 | National Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 1/15/2026 | 555,932 | |
TOTAL CORPORATE BONDS (IDENTIFIED COST $23,322,018) | 26,254,779 | ||
U.S. TREASURIES— 1.1% | |||
Treasury Inflation-Indexed Note— 1.1% | |||
202,886 | U.S. Treasury Inflation-Protected Notes, 0.125%, 10/15/2024 | 215,372 | |
1,461,049 | U.S. Treasury Inflation-Protected Notes, 0.125%, 4/15/2025 | 1,551,910 | |
708,120 | U.S. Treasury Inflation-Protected Notes, 0.125%, 1/15/2030 | 779,612 | |
456,804 | U.S. Treasury Inflation-Protected Notes, 0.125%, 7/15/2030 | 505,959 | |
759,255 | U.S. Treasury Inflation-Protected Notes, 0.250%, 2/15/2050 | 899,705 | |
139,431 | U.S. Treasury Inflation-Protected Notes, 0.625%, 1/15/2024 | 148,045 | |
TOTAL | 4,100,603 | ||
US Treasury Bond— 0.0% | |||
3,000 | United States Treasury Bond, 3.000%, 11/15/2045 | 3,952 | |
TOTAL U.S. TREASURIES (IDENTIFIED COST $4,015,815) | 4,104,555 | ||
ASSET-BACKED SECURITIES— 0.8% | |||
Auto Receivables— 0.3% | |||
475,000 | Santander Drive Auto Receivables Trust 2020-2, Class C, 1.460%, 9/15/2025 | 481,508 | |
500,000 | Toyota Auto Receivables Owner Trust 2020-B, Class A4, 1.660%, 9/15/2025 | 517,350 |
Shares, Principal Amount or Contracts | Value | ||
ASSET-BACKED SECURITIES— continued | |||
Auto Receivables— continued | |||
$ 281,724 | World Omni Auto Receivables Trust 2018-B, Class A3, 2.870%, 7/17/2023 | $285,866 | |
TOTAL | 1,284,724 | ||
Credit Card— 0.2% | |||
700,000 | 4 | Trillium Credit Card Trust II 2020-1A, Class A, 0.515% (1-month USLIBOR +0.370%), 12/26/2024 | 701,108 |
Equipment Lease— 0.2% | |||
300,000 | CNH Equipment Trust 2020-A, Class A3, 1.160%, 6/16/2025 | 304,626 | |
500,000 | HPEFS Equipment Trust 2020-2A, Class C, 2.000%, 7/22/2030 | 501,434 | |
TOTAL | 806,060 | ||
Other— 0.1% | |||
300,000 | PFS Financing Corp. 2020-G, Class A, 0.970%, 2/15/2026 | 302,097 | |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $3,004,265) | 3,093,989 | ||
COMMERCIAL MORTGAGE-BACKED SECURITIES— 0.3% | |||
Agency Commercial Mortgage-Backed Securities— 0.3% | |||
123,201 | Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025 | 128,116 | |
496,758 | Federal Home Loan Mortgage Corp. REMIC, Series K106, Class A1, 1.783%, 5/25/2029 | 517,570 | |
500,000 | Federal Home Loan Mortgage Corp. REMIC, Series K737, Class A2, 2.525%, 10/25/2026 | 545,542 | |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $1,139,866) | 1,191,228 | ||
GOVERNMENT AGENCIES— 0.2% | |||
Federal Home Loan Bank System— 0.0% | |||
200,000 | Federal Home Loan Bank System Notes, 0.500%, 4/14/2025 | 200,743 | |
Federal National Mortgage Association— 0.2% | |||
635,000 | Federal National Mortgage Association Notes, 0.625%, 4/22/2025 | 642,205 | |
GOVERNMENT AGENCIES (IDENTIFIED COST $834,877) | 842,948 | ||
COLLATERALIZED MORTGAGE OBLIGATIONS— 0.2% | |||
Commercial Mortgage— 0.2% | |||
255,000 | Bank, Class A4, 3.488%, 11/15/2050 | 288,870 | |
300,000 | JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049 | 331,427 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $571,639) | 620,297 |
Shares, Principal Amount or Contracts | Value | ||
MUNICIPAL BOND— 0.1% | |||
$ 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 (IDENTIFIED COST $300,912) | $298,133 | |
MORTGAGE-BACKED SECURITIES— 0.0% | |||
Federal Home Loan Mortgage Corporation REMIC— 0.0% | |||
1,062 | Federal Home Loan Mortgage Corp., Pool C00592, 7.000%, 3/1/2028 | 1,205 | |
788 | Federal Home Loan Mortgage Corp., Pool C00896, 7.500%, 12/1/2029 | 912 | |
6 | Federal Home Loan Mortgage Corp., Pool C17281, 6.500%, 11/1/2028 | 6 | |
963 | Federal Home Loan Mortgage Corp., Pool C19588, 6.500%, 12/1/2028 | 1,101 | |
448 | Federal Home Loan Mortgage Corp., Pool C25621, 6.500%, 5/1/2029 | 514 | |
701 | Federal Home Loan Mortgage Corp., Pool C76361, 6.000%, 2/1/2033 | 821 | |
1,619 | Federal Home Loan Mortgage Corp., Pool G01444, 6.500%, 8/1/2032 | 1,892 | |
TOTAL | 6,451 | ||
Federal National Mortgage Association— 0.0% | |||
956 | Federal National Mortgage Association, Pool 251697, 6.500%, 5/1/2028 | 1,075 | |
4,067 | Federal National Mortgage Association, Pool 252334, 6.500%, 2/1/2029 | 4,551 | |
2,802 | Federal National Mortgage Association, Pool 254905, 6.000%, 10/1/2033 | 3,279 | |
2,488 | Federal National Mortgage Association, Pool 255075, 5.500%, 2/1/2024 | 2,782 | |
289 | Federal National Mortgage Association, Pool 303168, 9.500%, 2/1/2025 | 317 | |
186 | Federal National Mortgage Association, Pool 323159, 7.500%, 4/1/2028 | 211 | |
1,799 | Federal National Mortgage Association, Pool 323640, 7.500%, 4/1/2029 | 2,035 | |
4,149 | Federal National Mortgage Association, Pool 545993, 6.000%, 11/1/2032 | 4,818 | |
1,733 | Federal National Mortgage Association, Pool 555272, 6.000%, 3/1/2033 | 2,011 | |
1,378 | Federal National Mortgage Association, Pool 713974, 5.500%, 7/1/2033 | 1,593 |
Shares, Principal Amount or Contracts | Value | ||
MORTGAGE-BACKED SECURITIES— continued | |||
Federal National Mortgage Association— continued | |||
$ 2,849 | Federal National Mortgage Association, Pool 721502, 5.000%, 7/1/2033 | $3,229 | |
TOTAL | 25,901 | ||
Government National Mortgage Association— 0.0% | |||
4,067 | Government National Mortgage Association, Pool 2796, 7.000%, 8/20/2029 | 4,634 | |
2,519 | Government National Mortgage Association, Pool 3040, 7.000%, 2/20/2031 | 2,907 | |
6,244 | Government National Mortgage Association, Pool 3188, 6.500%, 1/20/2032 | 7,211 | |
8,113 | Government National Mortgage Association, Pool 3239, 6.500%, 5/20/2032 | 9,412 | |
138 | Government National Mortgage Association, Pool 352214, 7.000%, 4/15/2023 | 145 | |
1,275 | Government National Mortgage Association, Pool 451522, 7.500%, 10/15/2027 | 1,445 | |
767 | Government National Mortgage Association, Pool 462556, 6.500%, 2/15/2028 | 852 | |
250 | Government National Mortgage Association, Pool 462739, 7.500%, 5/15/2028 | 284 | |
94 | Government National Mortgage Association, Pool 464835, 6.500%, 9/15/2028 | 106 | |
1,682 | Government National Mortgage Association, Pool 469699, 7.000%, 11/15/2028 | 1,899 | |
1,683 | Government National Mortgage Association, Pool 486760, 6.500%, 12/15/2028 | 1,898 | |
113 | Government National Mortgage Association, Pool 780339, 8.000%, 12/15/2023 | 120 | |
1,382 | Government National Mortgage Association, Pool 780453, 7.500%, 12/15/2025 | 1,526 | |
1,451 | Government National Mortgage Association, Pool 780584, 7.000%, 6/15/2027 | 1,599 | |
TOTAL | 34,038 | ||
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $58,511) | 66,390 | ||
PURCHASED PUT OPTIONS— 0.0% | |||
2,300,000 | 1 | Morgan Stanley USD PUT/PLN CALL, Notional Amount $2,300,000, Exercise Price, $3.75, Expiration Date 1/7/2021 (IDENTIFIED COST $24,230) | 29,051 |
INVESTMENT COMPANIES— 16.1% | |||
432,082 | Bank Loan Core Fund | 4,104,779 | |
3,527,178 | Emerging Markets Core Fund | 36,224,114 |
Shares, Principal Amount or Contracts | Value | ||
INVESTMENT COMPANIES— continued | |||
3,403,332 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.08%5 | $3,404,693 | |
1,277,224 | Federated Mortgage Core Portfolio | 12,848,878 | |
509,848 | 6 | High Yield Bond Portfolio | 3,191,652 |
363,036 | Project and Trade Finance Core Fund | 3,220,130 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $58,806,497) | 62,994,246 | ||
TOTAL INVESTMENT IN SECURITIES—97.4% (IDENTIFIED COST $310,093,397)7 | 380,522,256 | ||
OTHER ASSETS AND LIABILITIES - NET—2.6%8 | 10,317,450 | ||
TOTAL NET ASSETS—100.0% | $390,839,706 |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
Long Futures: | ||||
1Australia 10-Year Bond Long Futures | 89 | $9,716,466 | December 2020 | $(20,060) |
1Canada 10-Year Bond Long Futures | 14 | $1,604,497 | March 2021 | $292 |
1E-Mini Russel 2000 Long Futures | 65 | $5,915,325 | December 2020 | $559,350 |
1FTSE JSE Top 40 Long Futures | 121 | $4,097,807 | December 2020 | $(54,117) |
1FTSE/MIB Index Long Futures | 122 | $16,048,074 | December 2020 | $1,676,998 |
1Japan 10-Year Bond Long Futures | 5 | $7,281,130 | December 2020 | $(3,559) |
1Long GILT Long Futures | 136 | $24,329,779 | March 2021 | $14,394 |
1S&P 500 E-Mini Long Futures | 107 | $19,384,120 | December 2020 | $1,218,103 |
1TOPIX Index Long Futures | 10 | $1,681,513 | December 2020 | $(22,844) |
1United States Treasury Long Bond Long Futures | 6 | $1,049,437 | March 2021 | $(1,435) |
1United States Treasury Notes 2-Year Long Futures | 73 | $16,122,164 | March 2021 | $4,979 |
Short Futures: | ||||
1Amsterdam Index Short Futures | 41 | $5,924,481 | December 2020 | $7,004 |
1CAC 40 10-Year Euro Short Futures | 58 | $3,811,420 | December 2020 | $(108,468) |
1DAX Index Short Futures | 6 | $2,385,462 | December 2020 | $(5,462) |
1Euro BTP Short Futures | 2 | $360,623 | December 2020 | $665 |
1Euro Bund Short Futures | 146 | $30,520,870 | December 2020 | $89,954 |
1FTSE 100 Index Short Futures | 6 | $503,331 | December 2020 | $2,762 |
1FTSE Taiwan Index Short Futures | 23 | $1,093,420 | December 2020 | $3,117 |
1Hang Seng Index Short Futures | 11 | $1,875,565 | December 2020 | $26,532 |
1IBEX 35 Index Short Futures | 70 | $6,732,484 | December 2020 | $(126,428) |
1MSCI Singapore IX ETS Short Futures | 132 | $3,159,870 | December 2020 | $(11,955) |
1S&P/TSX 60 IX Short Futures | 30 | $4,721,645 | December 2020 | $(60,323) |
1SPI 200 Short Futures | 75 | $8,986,148 | December 2020 | $(417,902) |
1United States Treasury Notes 10-Year Short Futures | 29 | $4,006,984 | March 2021 | $(2,081) |
1United States Treasury Notes 5-Year Short Futures | 44 | $5,545,375 | March 2021 | $(7,512) |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $2,762,004 |
Settlement Date | Counterparty | Foreign Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) | |
Contracts Purchased: | |||||
12/2/2020 | Barclays Bank PLC Wholesale | 55,708 | EUR | $65,000 | $1,451 |
12/2/2020 | Morgan Stanley | 6,799,898 | JPY | $65,000 | $133 |
12/14/2020 | Bank of America N.A. | 55,175 | EUR | $65,000 | $839 |
12/14/2020 | Citibank N.A | 6,859,281 | JPY | $65,000 | $716 |
12/16/2020 | Bank of America N.A. | 515,320,000 | CLP | $650,000 | $26,688 |
12/16/2020 | JPMorgan Chase Bank | 250,000,000 | CLP | $318,727 | $9,558 |
1/11/2021 | Citibank N.A | 4,559,922 | PLN | $1,200,000 | $15,317 |
1/27/2021 | Citibank N.A | 1,600,000 | EUR | 1,439,116 GBP | $(8,223) |
1/27/2021 | JPMorgan Chase | 1,000,000 | EUR | $1,186,482 | $8,358 |
1/27/2021 | State Street Bank & Trust Co. | 1,600,000 | EUR | 1,454,330 GBP | $(28,521) |
1/27/2021 | Bank of America N.A. | 750,000 | GBP | $989,232 | $11,365 |
1/27/2021 | Morgan Stanley | 250,000 | GBP | $328,667 | $4,865 |
1/27/2021 | State Street Bank & Trust Co. | 507,575,053 | JPY | $4,850,000 | $17,241 |
1/27/2021 | Morgan Stanley | 7,532,181 | PLN | $1,950,000 | $57,668 |
Contracts Sold: | |||||
12/2/2020 | Bank of New York Mellon | 54,709 | EUR | $65,000 | $(260) |
12/2/2020 | Bank of America N.A. | 6,717,867 | JPY | $65,000 | $653 |
12/14/2020 | Bank of New York Mellon | 54,699 | EUR | $65,000 | $(270) |
12/14/2020 | Credit Agricole CIB | 6,770,706 | JPY | $65,000 | $132 |
12/16/2020 | Bank of America N.A. | 250,000,000 | CLP | $321,833 | $(6,452) |
12/16/2020 | Bank of America N.A. | 513,320,000 | CLP | $659,483 | $(17,205) |
1/11/2021 | Citibank N.A | 4,556,316 | PLN | $1,200,000 | $(14,356) |
1/11/2021 | State Street Bank & Trust Co. | 5,245,634 | PLN | $1,400,000 | $1,926 |
1/27/2021 | Credit Agricole CIB | 1,600,000 | EUR | 1,441,594 GBP | $11,529 |
1/27/2021 | Bank of America N.A. | 1,000,000 | GBP | $1,324,320 | $(9,809) |
1/27/2021 | Goldman Sachs | 30,576,318 | MXN | $1,450,000 | $(53,969) |
1/27/2021 | Citibank N.A | 7,463,479 | PLN | $1,950,000 | $(39,356) |
NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS | $(9,982) |
Counterparty | Description | Notional Amount | Expiration Date | Exercise Price | Value |
Call Options: | |||||
Morgan Stanley | EUR CALL/GBP PUT | $1,600,000 | December 2020 | $0.92 | $(5,369) |
Morgan Stanley | USD CALL/PLN PUT | $2,300,000 | January 2021 | $3.93 | $(4,777) |
(Premiums Received $31,149) | $(10,146) |
Affiliates | Value as of 11/30/2019 | Purchases at Cost | from Sales |
Bank Loan Core Fund | $2,151,295 | $4,806,323 | $(2,931,300) |
Emerging Markets Core Fund | $39,273,404 | $12,003,730 | $(16,710,000) |
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | $3,050,311 | $91,284,323 | $(90,930,259) |
Federated Mortgage Core Portfolio | $21,999,566 | $6,748,979 | $(16,240,480) |
High Yield Bond Portfolio | $3,532,228 | $1,862,290 | $(2,341,020) |
Project and Trade Finance Core Fund | $4,911,439 | $1,010,154 | $(2,600,000) |
TOTAL OF AFFILIATED TRANSACTIONS | $74,918,243 | $117,715,799 | $(131,753,059) |
Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss) | Value as of 11/30/2020 | Shares Held as of 11/30/2020 | Dividend Income |
$83,653 | $(5,192) | $4,104,779 | 432,082 | $107,424 |
$1,627,920 | $29,060 | $36,224,114 | 3,527,178 | $1,799,280 |
$— | $318 | $3,404,693 | 3,403,332 | $19,316 |
$124,729 | $216,084 | $12,848,878 | 1,277,224 | $466,718 |
$(55,229) | $193,383 | $3,191,652 | 509,848 | $193,109 |
$106,640 | $(208,103) | $3,220,130 | 363,036 | $135,649 |
$1,887,713 | $225,550 | $62,994,246 | 9,512,700 | $2,721,496 |
1 | Non-income-producing security. |
2 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At November 30, 2020, these restricted securities amounted to $1,048,860, which represented 0.2% of total net assets. |
3 | 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”). |
4 | Floating/variable note with current rate and current maturity or next reset date shown. |
5 | 7-day net yield. |
6 | The High Yield Portfolio is a diversified portfolio of below investment grade bonds. |
7 | The cost of investments for federal tax purposes amounts to $342,459,912. |
8 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $135,528,341 | $— | $4,534 | $135,532,875 |
International | 14,388,732 | 104,339,185 | — | 118,727,917 |
Debt Securities: | ||||
Foreign Governments/Agencies | — | 26,765,848 | — | 26,765,848 |
Corporate Bonds | — | 26,233,627 | 21,152 | 26,254,779 |
U.S. Treasuries | — | 4,104,555 | — | 4,104,555 |
Asset-Backed Securities | — | 3,093,989 | — | 3,093,989 |
Commercial Mortgage-Backed Securities | — | 1,191,228 | — | 1,191,228 |
Government Agencies | — | 842,948 | — | 842,948 |
Collateralized Mortgage Obligations | — | 620,297 | — | 620,297 |
Municipal Bond | — | 298,133 | — | 298,133 |
Mortgage-Backed Securities | — | 66,390 | — | 66,390 |
Purchased Put Options | — | 29,051 | — | 29,051 |
Investment Companies1 | 59,774,116 | — | — | 62,994,246 |
TOTAL SECURITIES | $209,691,189 | $167,585,251 | $25,686 | $380,522,256 |
Other Financial Instruments | ||||
Assets | ||||
Futures Contracts | $3,604,150 | $— | $— | $3,604,150 |
Foreign Exchange Contracts | — | 168,439 | — | 168,439 |
Liabilities | ||||
Futures Contracts | (842,146) | — | — | (842,146) |
Foreign Exchange Contracts | — | (178,421) | — | (178,421) |
Written Options Contracts | — | (10,146) | — | (10,146) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $2,762,004 | $(20,128) | $— | $2,741,876 |
1 | As permitted by U.S. generally accepted accounting principles (GAAP), an Investment Company valued at $3,220,130 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 amount included herein is intended to permit reconciliation of the fair value classifications to the amounts presented on the Statement of Assets and Liabilities. The price of shares redeemed of 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. |
The following acronym(s) are used throughout this portfolio: | ||
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 | |
JPY | —Japanese Yen | |
LIBOR | —London Interbank Offered Rate | |
MTN | —Medium Term Note | |
MXN | —Mexican Peso | |
PLN | —Polish Zloty | |
REIT | —Real Estate Investment Trust | |
REMIC | —Real Estate Mortgage Investment Conduit | |
USD | —United States Dollar |
Year Ended November 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net Asset Value, Beginning of Period | $19.83 | $19.08 | $20.09 | $17.49 | $17.87 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.25 | 0.31 | 0.31 | 0.28 | 0.29 |
Net realized and unrealized gain (loss) | 1.82 | 1.44 | (0.99) | 2.63 | (0.37) |
Total From Investment Operations | 2.07 | 1.75 | (0.68) | 2.91 | (0.08) |
Less Distributions: | |||||
Distributions from net investment income | (0.27) | (0.36) | (0.33) | (0.31) | (0.29) |
Distributions from net realized gain | (0.17) | (0.64) | — | — | (0.01) |
Total Distributions | (0.44) | (1.00) | (0.33) | (0.31) | (0.30) |
Net Asset Value, End of Period | $21.46 | $19.83 | $19.08 | $20.09 | $17.49 |
Total Return2 | 10.70% | 9.89% | (3.46)% | 16.85% | (0.68)% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.14% | 1.15% | 1.15% | 1.14% | 1.14% |
Net investment income | 1.28% | 1.65% | 1.53% | 1.50% | 1.65% |
Expense waiver/reimbursement4 | 0.18% | 0.20% | 0.11% | 0.18% | 0.17% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $176,368 | $181,579 | $146,323 | $169,424 | $169,443 |
Portfolio turnover | 80% | 85% | 66% | 58% | 105% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | 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. |
Year Ended November 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net Asset Value, Beginning of Period | $19.30 | $18.60 | $19.58 | $17.06 | $17.43 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.09 | 0.16 | 0.14 | 0.13 | 0.14 |
Net realized and unrealized gain (loss) | 1.78 | 1.39 | (0.96) | 2.55 | (0.35) |
Total From Investment Operations | 1.87 | 1.55 | (0.82) | 2.68 | (0.21) |
Less Distributions: | |||||
Distributions from net investment income | (0.11) | (0.21) | (0.16) | (0.16) | (0.15) |
Distributions from net realized gain | (0.17) | (0.64) | — | — | (0.01) |
Total Distributions | (0.28) | (0.85) | (0.16) | (0.16) | (0.16) |
Net Asset Value, End of Period | $20.89 | $19.30 | $18.60 | $19.58 | $17.06 |
Total Return2 | 9.83% | 8.94% | (4.20)% | 15.84% | (1.46)% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.97% | 1.96% | 1.96% | 1.95% | 1.95% |
Net investment income | 0.46% | 0.86% | 0.72% | 0.70% | 0.85% |
Expense waiver/reimbursement4 | 0.15% | 0.20% | 0.12% | 0.20% | 0.18% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $5,809 | $7,880 | $9,758 | $14,342 | $16,037 |
Portfolio turnover | 80% | 85% | 66% | 58% | 105% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | 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. |
Year Ended November 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net Asset Value, Beginning of Period | $19.22 | $18.52 | $19.51 | $17.00 | $17.37 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.09 | 0.16 | 0.15 | 0.14 | 0.15 |
Net realized and unrealized gain (loss) | 1.78 | 1.40 | (0.96) | 2.55 | (0.35) |
Total From Investment Operations | 1.87 | 1.56 | (0.81) | 2.69 | (0.20) |
Less Distributions: | |||||
Distributions from net investment income | (0.12) | (0.22) | (0.18) | (0.18) | (0.16) |
Distributions from net realized gain | (0.17) | (0.64) | — | — | (0.01) |
Total Distributions | (0.29) | (0.86) | (0.18) | (0.18) | (0.17) |
Net Asset Value, End of Period | $20.80 | $19.22 | $18.52 | $19.51 | $17.00 |
Total Return2 | 9.87% | 9.06% | (4.20)% | 15.92% | (1.44)% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.93% | 1.92% | 1.90% | 1.89% | 1.89% |
Net investment income | 0.50% | 0.89% | 0.78% | 0.75% | 0.91% |
Expense waiver/reimbursement4 | 0.15% | 0.20% | 0.14% | 0.21% | 0.20% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $58,092 | $64,600 | $64,095 | $78,445 | $82,845 |
Portfolio turnover | 80% | 85% | 66% | 58% | 105% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | 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. |
Year Ended November 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net Asset Value, Beginning of Period | $19.67 | $18.94 | $19.94 | $17.38 | $17.74 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.17 | 0.24 | 0.22 | 0.20 | 0.21 |
Net realized and unrealized gain (loss) | 1.82 | 1.41 | (0.98) | 2.61 | (0.36) |
Total From Investment Operations | 1.99 | 1.65 | (0.76) | 2.81 | (0.15) |
Less Distributions: | |||||
Distributions from net investment income | (0.19) | (0.28) | (0.24) | (0.25) | (0.20) |
Distributions from net realized gain | (0.17) | (0.64) | — | — | (0.01) |
Total Distributions | (0.36) | (0.92) | (0.24) | (0.25) | (0.21) |
Net Asset Value, End of Period | $21.30 | $19.67 | $18.94 | $19.94 | $17.38 |
Total Return2 | 10.31% | 9.38% | (3.86)% | 16.32% | (1.12)% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.57% | 1.56% | 1.58% | 1.57% | 1.56% |
Net investment income | 0.85% | 1.26% | 1.09% | 1.07% | 1.24% |
Expense waiver/reimbursement4 | 0.16% | 0.19% | 0.12% | 0.18% | 0.18% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $43,197 | $42,860 | $43,452 | $51,768 | $52,430 |
Portfolio turnover | 80% | 85% | 66% | 58% | 105% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | 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. |
Year Ended November 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net Asset Value, Beginning of Period | $19.95 | $19.19 | $20.21 | $17.61 | $17.98 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.31 | 0.37 | 0.37 | 0.33 | 0.34 |
Net realized and unrealized gain (loss) | 1.84 | 1.45 | (1.00) | 2.65 | (0.37) |
Total From Investment Operations | 2.15 | 1.82 | (0.63) | 2.98 | (0.03) |
Less Distributions: | |||||
Distributions from net investment income | (0.33) | (0.42) | (0.39) | (0.38) | (0.33) |
Distributions from net realized gain | (0.17) | (0.64) | — | — | (0.01) |
Total Distributions | (0.50) | (1.06) | (0.39) | (0.38) | (0.34) |
Net Asset Value, End of Period | $21.60 | $19.95 | $19.19 | $20.21 | $17.61 |
Total Return2 | 11.06% | 10.21% | (3.21)% | 17.13% | (0.37)% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.85% | 0.86% | 0.86% | 0.85% | 0.85% |
Net investment income | 1.58% | 1.95% | 1.81% | 1.77% | 1.95% |
Expense waiver/reimbursement4 | 0.19% | 0.22% | 0.14% | 0.20% | 0.20% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $100,317 | $99,564 | $95,613 | $105,720 | $91,167 |
Portfolio turnover | 80% | 85% | 66% | 58% | 105% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | 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. |
Year Ended November 30, | Period Ended 11/30/20161 | ||||
2020 | 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 | 0.31 | 0.38 | 0.36 | 0.33 | 0.11 |
Net realized and unrealized gain (loss) | 1.82 | 1.44 | (0.98) | 2.63 | 0.56 |
Total From Investment Operations | 2.13 | 1.82 | (0.62) | 2.96 | 0.67 |
Less Distributions: | |||||
Distributions from net investment income | (0.33) | (0.43) | (0.39) | (0.37) | (0.13) |
Distributions from net realized gain | (0.17) | (0.64) | — | — | — |
Total Distributions | (0.50) | (1.07) | (0.39) | (0.37) | (0.13) |
Net Asset Value, End of Period | $21.47 | $19.84 | $19.09 | $20.10 | $17.51 |
Total Return3 | 11.04% | 10.26% | (3.16)% | 17.14% | 3.94% |
Ratios to Average Net Assets: | �� | ||||
Net expenses4 | 0.83% | 0.84% | 0.84% | 0.83% | 0.84%5 |
Net investment income | 1.58% | 1.97% | 1.79% | 1.78% | 1.48%5 |
Expense waiver/reimbursement6 | 0.15% | 0.19% | 0.11% | 0.17% | 0.16%5 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $7,056 | $6,275 | $4,890 | $6,243 | $4,853 |
Portfolio turnover | 80% | 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 year ended November 30, 2016. |
Assets: | |
Investment in securities, at value including $62,994,246 of investment in affiliated holdings* (identified cost $310,093,397) | $380,522,256 |
Cash | 26,191 |
Cash denominated in foreign currencies (identified cost $30,160) | 140,475 |
Due from broker (Note 2) | 9,389,851 |
Income receivable | 993,064 |
Income receivable from affiliated holdings | 216,995 |
Receivable for investments sold | 139,676 |
Receivable for shares sold | 137,607 |
Unrealized appreciation on foreign exchange contracts | 168,439 |
Receivable for variation margin on futures contracts | 77,683 |
Total Assets | 391,812,237 |
Liabilities: | |
Payable for investments purchased | 223,824 |
Payable for shares redeemed | 182,897 |
Written options outstanding (premium $31,149), at value | 10,146 |
Unrealized depreciation on foreign exchange contracts | 178,421 |
Payable for investment adviser fee (Note 5) | 5,512 |
Payable for administrative fee (Note 5) | 839 |
Payable for custodian fees | 50,058 |
Payable for auditing fees | 41,272 |
Payable for share registration costs | 22,971 |
Payable for transfer agent fees | 48,377 |
Payable for portfolio accounting fees | 58,950 |
Payable for distribution services fee (Note 5) | 55,849 |
Payable for other service fees (Notes 2 and 5) | 47,646 |
Accrued expenses (Note 5) | 45,769 |
Total Liabilities | 972,531 |
Net assets for 18,288,904 shares outstanding | $390,839,706 |
Net Assets Consist of: | |
Paid-in capital | $374,168,596 |
Total distributable earnings (loss) | 16,671,110 |
Total Net Assets | $390,839,706 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($176,367,838 ÷ 8,217,123 shares outstanding), no par value, unlimited shares authorized | $21.46 |
Offering price per share (100/94.50 of $21.46) | $22.71 |
Redemption proceeds per share | $21.46 |
Class B Shares: | |
Net asset value per share ($5,809,100 ÷ 278,027 shares outstanding), no par value, unlimited shares authorized | $20.89 |
Offering price per share | $20.89 |
Redemption proceeds per share (94.50/100 of $20.89) | $19.74 |
Class C Shares: | |
Net asset value per share ($58,092,357 ÷ 2,792,611 shares outstanding), no par value, unlimited shares authorized | $20.80 |
Offering price per share | $20.80 |
Redemption proceeds per share (99.00/100 of $20.80) | $20.59 |
Class R Shares: | |
Net asset value per share ($43,197,151 ÷ 2,028,217 shares outstanding), no par value, unlimited shares authorized | $21.30 |
Offering price per share | $21.30 |
Redemption proceeds per share | $21.30 |
Institutional Shares: | |
Net asset value per share ($100,317,142 ÷ 4,644,351 shares outstanding), no par value, unlimited shares authorized | $21.60 |
Offering price per share | $21.60 |
Redemption proceeds per share | $21.60 |
Class R6 Shares: | |
Net asset value per share ($7,056,118 ÷ 328,575 shares outstanding), no par value, unlimited shares authorized | $21.47 |
Offering price per share | $21.47 |
Redemption proceeds per share | $21.47 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |
Dividends (including $2,721,496 received from affiliated holdings* and net of foreign taxes withheld of $348,954) | $7,762,470 |
Interest | 1,389,144 |
TOTAL INCOME | 9,151,614 |
Expenses: | |
Investment adviser fee (Note 5) | 2,505,298 |
Administrative fee (Note 5) | 307,761 |
Custodian fees | 251,534 |
Transfer agent fees (Note 2) | 611,939 |
Directors’/Trustees’ fees (Note 5) | 8,849 |
Auditing fees | 32,840 |
Legal fees | 10,861 |
Portfolio accounting fees | 177,379 |
Distribution services fee (Note 5) | 683,010 |
Other service fees (Notes 2 and 5) | 583,006 |
Share registration costs | 90,019 |
Printing and postage | 51,761 |
Miscellaneous (Note 5) | 44,810 |
TOTAL EXPENSES | 5,359,067 |
Waiver and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (574,158) |
Reimbursement of other operating expenses (Notes 2 and 5) | (85,561) |
TOTAL WAIVER AND REIMBURSEMENTS | (659,719) |
Net expenses | 4,699,348 |
Net investment income | 4,452,266 |
Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions, Foreign Exchange Contracts, Futures Contracts and Written Options: | |
Net realized gain on investments (including foreign taxes withheld of $(7,672))(including net realized gain of $225,550 on sales of investments in affiliated holdings*) | $3,017,287 |
Net realized loss on foreign currency transactions | (96,202) |
Net realized loss on foreign exchange contracts | (2,026,150) |
Net realized gain on futures contracts | 2,682,260 |
Net realized gain on written options | 134,788 |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $1,887,713 on investments in affiliated holdings*) | 24,173,842 |
Net change in unrealized appreciation/depreciation of translation of assets and liabilities in foreign currency | 232,432 |
Net change in unrealized depreciation of foreign exchange contracts | 422,118 |
Net change in unrealized depreciation of futures contracts | 3,500,384 |
Net change in unrealized depreciation of written options | 11,881 |
Net realized and unrealized gain (loss) on investments, foreign currency transactions, foreign exchange contracts, futures contracts and written options | 32,052,640 |
Change in net assets resulting from operations | $36,504,906 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended November 30 | 2020 | 2019 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $4,452,266 | $5,622,698 |
Net realized gain (loss) | 3,711,983 | 4,283,789 |
Net change in unrealized appreciation/depreciation | 28,340,657 | 24,919,602 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 36,504,906 | 34,826,089 |
Distributions to Shareholders: | ||
Class A Shares | (3,969,357) | (7,774,878) |
Class B Shares | (109,370) | (430,895) |
Class C Shares | (945,503) | (2,912,985) |
Class R Shares | (772,607) | (2,130,402) |
Institutional Shares | (2,487,363) | (5,014,766) |
Class R6 Shares | (161,733) | (282,719) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (8,445,933) | (18,546,645) |
Share Transactions: | ||
Proceeds from sale of shares | 47,728,914 | 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 | 8,069,393 | 17,869,165 |
Cost of shares redeemed | (95,775,299) | (101,425,895) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (39,976,992) | 22,347,518 |
Change in net assets | (11,918,019) | 38,626,962 |
Net Assets: | ||
Beginning of period | 402,757,725 | 364,130,763 |
End of period | $390,839,706 | $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 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $255,939 | $(43,245) |
Class B Shares | 13,293 | (227) |
Class C Shares | 93,157 | — |
Class R Shares | 124,500 | (3,080) |
Institutional Shares | 121,014 | (39,009) |
Class R6 Shares | 4,036 | — |
TOTAL | $611,939 | $(85,561) |
Other Service Fees Incurred | |
Class A Shares | $423,017 |
Class B Shares | 16,108 |
Class C Shares | 143,881 |
TOTAL | $583,006 |
Security | Acquisition Date | Cost | Value |
Gulf Energy Development PCL | 6/2/2020 | $116,393 | $111,192 |
Magnit, GDR | 11/4/2020 | $109,789 | $117,581 |
Meituan | 7/2/2020 | $484,237 | $784,354 |
Phosagro OAO, GDR | 1/3/2019 | $35,493 | $35,733 |
Fair Value of Derivative Instruments | ||||
Assets | Liabilities | |||
Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||||
Interest rate contracts | Receivable for variation margin on futures contracts | $75,637* | $— | |
Equity contracts | Receivable for variation margin on futures contracts | 2,686,367* | — | |
Foreign exchange contracts | Unrealized appreciation on foreign exchange contracts | 168,439 | Unrealized depreciation on foreign exchange contracts | 178,421 |
Foreign exchange contracts | — | Written options outstanding, at value | 10,146 | |
Foreign exchange contracts | Purchased options, within Investment in securities at value | 29,051 | — | |
Total derivatives not accounted for as hedging instruments under ASC Topic 815 | $2,959,494 | $188,567 |
* | Includes cumulative appreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |||||
Futures Contracts | Foreign Exchange Contracts | Purchased Options Contracts1 | Written Options Contracts | Total | |
Interest rate contracts | $2,027,504 | $— | $— | $— | $2,027,504 |
Equity contracts | 654,756 | — | — | — | 654,756 |
Foreign exchange contracts | — | (2,026,150) | (31,861) | 134,788 | (1,923,223) |
TOTAL | $2,682,260 | $(2,026,150) | $(31,861) | $134,788 | $759,037 |
1 | The net realized loss on Purchased Options 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 Options Contracts2 | Written Options Contracts | Total | |
Interest rate contracts | $315,071 | $— | $— | $— | $315,071 |
Equity contracts | 3,185,313 | — | — | — | 3,185,313 |
Foreign exchange contracts | — | 422,118 | 21,525 | 11,881 | 455,524 |
TOTAL | $3,500,384 | $422,118 | $21,525 | $11,881 | $3,955,908 |
2 | The net change in unrealized appreciation of Purchased Options Contracts 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 Instrument | Collateral Received | Net Amount | ||||
Foreign Exchange Contracts | $168,439 | $(68,666) | $— | $99,773 | ||||
TOTAL | $168,439 | $(68,666) | $— | $99,773 |
Transaction | Gross Liability Derivatives Presented In Statement of Assets and Liabilities | Financial Instrument | Collateral Received | Net Amount |
Foreign Exchange Contracts | $178,421 | $(68,666) | $— | $109,755 |
TOTAL | $178,421 | $(68,666) | $— | $109,755 |
Year Ended 11/30/2020 | Year Ended 11/30/2019 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 547,961 | $10,775,746 | 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 | 189,695 | 3,715,809 | 412,447 | 7,311,903 |
Shares redeemed | (1,679,333) | (32,548,134) | (1,615,912) | (30,642,318) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (941,677) | $(18,056,579) | 1,488,466 | $27,762,126 |
Year Ended 11/30/2020 | Year Ended 11/30/2019 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 153 | $2,972 | 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 | 5,277 | 102,524 | 24,083 | 411,432 |
Shares redeemed | (135,616) | (2,606,720) | (173,789) | (3,199,758) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (130,186) | $(2,501,224) | (116,540) | $(2,177,495) |
Year Ended 11/30/2020 | Year Ended 11/30/2019 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 461,399 | $8,692,424 | 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 | 47,622 | 919,740 | 165,458 | 2,821,670 |
Shares redeemed | (1,077,232) | (20,219,341) | (1,142,345) | (20,990,309) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (568,211) | $(10,607,177) | (99,173) | $(2,028,371) |
Year Ended 11/30/2020 | Year Ended 11/30/2019 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 427,264 | $8,276,723 | 448,896 | $8,451,047 |
Shares issued to shareholders in payment of distributions declared | 38,940 | 762,503 | 118,810 | 2,080,658 |
Shares redeemed | (616,411) | (11,819,678) | (683,854) | (12,945,514) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | (150,207) | $(2,780,452) | (116,148) | $(2,413,809) |
Year Ended 11/30/2020 | Year Ended 11/30/2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 927,522 | $18,214,312 | 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 | 122,789 | 2,409,104 | 278,079 | 4,962,943 |
Shares redeemed | (1,396,610) | (26,889,664) | (1,732,662) | (32,854,408) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (346,299) | $(6,266,248) | 8,755 | $68,048 |
Year Ended 11/30/2020 | Year Ended 11/30/2019 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 89,680 | $1,766,737 | 85,869 | $1,650,048 |
Shares issued to shareholders in payment of distributions declared | 8,177 | 159,713 | 15,773 | 280,559 |
Shares redeemed | (85,596) | (1,691,762) | (41,431) | (793,588) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 12,261 | $234,688 | 60,211 | $1,137,019 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (2,124,319) | $(39,976,992) | 1,225,571 | $22,347,518 |
2020 | 2019 | |
Ordinary income | $4,957,157 | $6,431,981 |
Long-term capital gains | $3,488,776 | $12,114,664 |
Undistributed ordinary income2 | $5,777,805 |
Net unrealized appreciation | $39,026,024 |
Capital loss carryforwards | $(28,132,719) |
2 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Short-Term | Long-Term | Total |
$28,132,719 | $— | $28,132,719 |
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 | $48,326 |
Class C Shares | 431,642 |
Class R Shares | 203,042 |
TOTAL | $683,010 |
Purchases | $249,190,882 |
Sales | $280,572,892 |
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January 25, 2021
Beginning Account Value 6/1/2020 | Ending Account Value 11/30/2020 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,134.40 | $6.08 |
Class B Shares | $1,000 | $1,129.60 | $10.49 |
Class C Shares | $1,000 | $1,130.50 | $10.28 |
Class R Shares | $1,000 | $1,132.60 | $8.37 |
Institutional Shares | $1,000 | $1,136.20 | $4.54 |
Class R6 Shares | $1,000 | $1,136.00 | $4.43 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.30 | $5.76 |
Class B Shares | $1,000 | $1,015.15 | $9.92 |
Class C Shares | $1,000 | $1,015.35 | $9.72 |
Class R Shares | $1,000 | $1,017.15 | $7.92 |
Institutional Shares | $1,000 | $1,020.75 | $4.29 |
Class R6 Shares | $1,000 | $1,020.85 | $4.19 |
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 | 1.14% |
Class B Shares | 1.97% |
Class C Shares | 1.93% |
Class R Shares | 1.57% |
Institutional Shares | 0.85% |
Class R6 Shares | 0.83% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: November 1998 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of certain of the Funds in the Federated Hermes Fund Family; Vice President, Federated Hermes, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President of some of the Funds in the Federated Hermes Fund Family and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Hermes, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor Emerita of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally- Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; Director and Chair, North Catholic High School, Inc.; and Director and Vice Chair, Our Campaign for the Church Alive!, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
Madelyn A. Reilly Birth Date: February 2, 1956 Trustee Indefinite Term Began serving: November 2020 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Senior Vice President for Legal Affairs, General Counsel and Secretary of the Board of Trustees, Duquesne University. Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Director of Risk Management and Associate General Counsel, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries. |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. (now split into two separate publicly traded companies known as CONSOL Energy Inc. and CNX Resources Corp.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: November 1998 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Stephen F. Auth Birth Date: September 13, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: November 2002 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Hermes Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
![](https://capedge.com/proxy/N-CSR/0001623632-21-000114/edelivery.jpg)
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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-CSR/0001623632-21-000114/fscbug_small.jpg)
Item 2. | Code of Ethics |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.
(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. Audit Committee Financial Expert
The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: G. Thomas Hough and Thomas M. O'Neill.
Item 4. | Principal Accountant Fees and Services |
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2020 – $47,840
Fiscal year ended 2019 - $34,570
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2020 - $0
Fiscal year ended 2019 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $2,087 respectively. Fiscal year ended 2019- Audit consent fee for N-14 merger document.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2020 - $0
Fiscal year ended 2019 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2020 - $0
Fiscal year ended 2019 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate to management its responsibilities to pre-approve services performed by the independent auditor.
The Audit Committee has delegated pre-approval authority to its Chairman for services that do not exceed a specified dollar threshold. The Chairman or Chief Audit Executive will report any such pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee will approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services; with limited exception, all other audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the RIC’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain audit-related services; all other audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide Tax services to the RIC such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services; with limited exception, all tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of permissible services other than audit, review or attest services the pre-approval requirement is waived if:
(1) | With respect to such services rendered to the Funds, the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the audit client to its accountant during the fiscal year in which the services are provided; and, |
(2) | With respect to such services rendered to the Fund’s investment adviser and any entity controlling, controlled by to under common control with the investment adviser such as affiliated non-U.S. and U.S. funds not under the Audit Committee’s purview and which do not fall within a category of service which has been determined by the Audit Committee not to have a direct impact on the operations or financial reporting of the RIC, the aggregate amount of all services provided constitutes no more than five percent of the total amount of revenues paid to the RIC’s auditor by the RIC, its investment adviser and any entity controlling, controlled by, or under common control with the investment adviser during the fiscal year in which the services are provided; and |
(3) | Such services were not recognized by the issuer or RIC at the time of the engagement to be non-audit services; and |
(4) | Such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the Board of Directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services which qualify for pre-approval and which it believes are routine and recurring services, and would not impair the independence of the auditor.
The Securities and Exchange Commission’s (the “SEC”) rules and relevant guidance should be consulted to determine the precise definitions of these services and applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by the Fund’s Principal Accounting Officer and/or the Chief Audit Executive of Federated Hermes, Inc., only after those individuals have determined that the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2020 – 0%
Fiscal year ended 2019 - 0%
Percentage of services provided to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2020 – 0%
Fiscal year ended 2019 – 0%
Percentage of services provided to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2020 – 0%
Fiscal year ended 2019 – 0%
Percentage of services provided to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) | NA |
(g) | Non-Audit Fees billed to the registrant, the registrant’s investment adviser, and certain entities controlling, controlled by or under common control with the investment adviser: |
Fiscal year ended 2020 - $30,688
Fiscal year ended 2019 - $30,129
(h) | The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
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 January 25, 2021
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 January 25, 2021
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date January 25, 2021