United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-1
(Investment Company Act File Number)
Federated Hermes Global Allocation Fund
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 11/30/21
Date of Reporting Period: Six months ended 05/31/21
Item 1. | Reports to Stockholders |
![](https://capedge.com/proxy/N-CSRS/0001623632-21-000888/img1cf921eb1.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-CSRS/0001623632-21-000888/donahuechrissigsmall.jpg)
Security Type | Percentage of Total Net Assets |
Domestic Equity Securities | 37.0% |
International Equity Securities | 30.6% |
Emerging Markets Core Fund | 9.9% |
Foreign Debt Securities | 6.5% |
Corporate Debt Securities | 4.9% |
Mortgage Core Fund | 2.3% |
U.S. Treasury and Agency Securities | 1.0% |
Asset-Backed Securities | 0.8% |
Bank Loan Core Fund | 0.8% |
Project and Trade Finance Core Fund | 0.8% |
High Yield Bond Core Fund4 | 0.7% |
Collateralized Mortgage-Backed Securities | 0.4% |
Exchange-Traded Fund | 0.3% |
Government Agencies | 0.2% |
Derivative Contracts6 | 0.2% |
Mortgage-Backed Securities2,3 | 0.0% |
Cash Equivalents5 | 2.2% |
Purchased Options3 | 0.0% |
Other Assets and Liabilities—Net7 | 1.4% |
TOTAL | 100.0% |
Sector Composition of Equity Holdings | Percentage of Equity Securities |
Information Technology | 19.4% |
Financials | 15.5% |
Consumer Discretionary | 14.4% |
Industrials | 11.9% |
Health Care | 11.3% |
Materials | 7.8% |
Communication Services | 7.3% |
Consumer Staples | 4.5% |
Energy | 3.0% |
Utilities | 2.5% |
Real Estate | 2.4% |
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 Bond Core Fund 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, 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— 67.6% | |||
Communication Services— 4.9% | |||
14,883 | Activision Blizzard, Inc. | $1,447,372 | |
751,541 | 1 | Alibaba Pictures Group Ltd. | 100,457 |
1,075 | 1 | Alphabet, Inc., Class A | 2,533,614 |
1,225 | 1 | Alphabet, Inc., Class C | 2,954,161 |
28,001 | America Movil S.A.B. de C.V. | 21,481 | |
61,986 | Auto Trader Group PLC | 493,301 | |
1,085 | 1 | Baidu, Inc., ADR | 212,953 |
3,294 | 1 | CarGurus, Inc. | 92,957 |
11,084 | 1 | China Literature Ltd. | 117,541 |
473,966 | China Tower Corp Ltd. | 64,669 | |
1,164 | Cyfrowy Polsat, S.A. | 9,717 | |
3,902 | 1 | Facebook, Inc. | 1,282,704 |
28,100 | Focus Media Information Technology Co. Ltd. | 45,953 | |
2,783 | 1 | GOGO, Inc. | 37,904 |
1,335 | Gray Television, Inc. | 31,052 | |
3,006 | Hellenic Telecommunication Organization SA | 53,653 | |
595 | IDT Corp. | 17,172 | |
1,839 | Info Edge India Ltd. | 113,346 | |
447 | Kakao Corp. | 48,879 | |
3,896 | Konami Corp. | 251,413 | |
7,780 | LG Uplus Corp. | 103,798 | |
2,995 | 1 | Loral Space & Communications Ltd. | 113,361 |
13,477 | Mobile Telesystems, ADR | 122,910 | |
6,460 | MTN Group Ltd. | 47,509 | |
6,378 | NetEase, Inc. | 150,414 | |
12,247 | New York Times Co., Class A | 524,417 | |
692 | NHN Corp. | 222,010 | |
483 | Nintendo Co. Ltd. | 298,748 | |
14,088 | Omnicom Group, Inc. | 1,158,597 | |
7,958 | 1 | Orbcomm, Inc. | 89,050 |
2,153 | 1 | Pinterest, Inc. | 140,591 |
18,049 | Proximus | 368,308 | |
14,111 | Quebecor, Inc., Class B | 383,481 | |
10,311 | Scout24 Holding GmbH | 838,450 | |
557 | SK Telecom Co. Ltd. | 158,015 | |
1,349 | Square Enix Holdings Co. Ltd. | 72,340 | |
5,858 | 1 | Take-Two Interactive Software, Inc. | 1,087,010 |
1,344 | 1 | TechTarget, Inc. | 94,497 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Communication Services— continued | |||
661 | Tegna, Inc. | $12,817 | |
104,891 | Telefonica Deutschland Holding AG | 288,852 | |
2,440 | Telenor ASA | 42,486 | |
29,996 | Tencent Holdings Ltd. | 2,322,124 | |
43,375 | TIM S.A./Brazil | 100,620 | |
2,394 | Toho Co. Ltd. | 99,883 | |
978,500 | True Corp. PCL | 98,244 | |
5,909 | Vivendi SA | 215,164 | |
15,361 | Vodacom Group Ltd. | 147,169 | |
4,919 | 1 | Vonage Holdings Corp. | 67,784 |
2,901 | 1 | Yandex N.V. | 196,887 |
390 | YY Inc., ADR | 30,010 | |
3,121 | 1 | Zillow Group, Inc. | 369,183 |
70,996 | 1 | Zynga, Inc. | 769,597 |
TOTAL | 20,664,625 | ||
Consumer Discretionary— 9.7% | |||
9,226 | ABC-Mart, Inc. | 530,685 | |
884 | 1 | Adtalem Global Education, Inc. | 32,160 |
71,908 | 1 | Alibaba Group Holding Ltd. | 1,927,778 |
1,768 | 1 | Amazon.com, Inc. | 5,698,388 |
7,824 | American Outdoor Brands Corp. | 166,338 | |
789 | 1 | American Public Education, Inc. | 22,092 |
30,300 | Aramark | 1,131,705 | |
4,560 | Balkrishna Industries Ltd. | 137,734 | |
557 | 1 | Bally’s Corp. | 32,323 |
16,665 | Berkeley Group Holdings PLC | 1,104,922 | |
1,681 | Big Lots, Inc. | 102,440 | |
251 | 1 | Bluegreen Vacations Holding Corp. | 5,269 |
2,394 | BorgWarner, Inc. | 122,788 | |
3,008 | 1 | Boyd Gaming Corp. | 193,685 |
8,570 | BYD Co. Ltd. | 195,461 | |
4,600 | BYD Co. Ltd. | 131,286 | |
5,809 | Canadian Tire Corp. Ltd. | 994,221 | |
3,175 | Carriage Services, Inc. | 121,793 | |
11,730 | Casio Computer Co. Ltd. | 205,187 | |
22,068 | China Meidong Auto Holdings Ltd. | 117,493 | |
1,576 | Coway Co. Ltd. | 114,667 | |
2,222 | 1 | CROCs, Inc. | 224,955 |
14,186 | D. R. Horton, Inc. | 1,351,784 | |
2,588 | 1 | Delivery Hero SE | 350,948 |
1,677 | 1 | Dine Brands Global, Inc. | 159,231 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
30,194 | Dongfeng Motor Group Co. Ltd. | $28,683 | |
6,255 | eBay, Inc. | 380,804 | |
4,100 | Ecovacs Robotics Co. Ltd. | 113,944 | |
1,166 | 1 | Etsy, Inc. | 192,075 |
18,491 | Fuyao Glass Industry Group Co. Ltd. | 116,104 | |
42,518 | Gentex Corp. | 1,509,389 | |
6,223 | Gildan Activewear, Inc. | 225,111 | |
668,777 | 1 | Gome Electrical Appliances Holdings Ltd. | 110,041 |
40,928 | Great Wall Motor Company Limited | 113,334 | |
2,785 | 1 | Green Brick Partners, Inc. | 65,002 |
676 | Group 1 Automotive, Inc. | 107,809 | |
33,000 | 1 | Haier Smart Home Co. Ltd. | 138,425 |
2,659 | Hankook Tire Co. Ltd. | 115,136 | |
2,574 | 1 | HelloFresh SE | 232,913 |
174 | Hermes International | 242,444 | |
113 | 1 | Hibbett Sports, Inc. | 9,578 |
2,978 | Home Depot, Inc. | 949,714 | |
220 | Hyundai Motor Co. | 45,740 | |
8,948 | Iida Group Holdings Co. Ltd. | 240,764 | |
3,314 | 1 | International Game Technology PLC | 80,398 |
1,351 | Jack in the Box, Inc. | 153,474 | |
6,896 | 1 | JD.com, Inc. | 255,027 |
398 | Johnson Outdoors, Inc., Class A | 48,632 | |
2,842 | 1 | Jubilant Foodworks Ltd. | 122,268 |
621 | Kering | 566,192 | |
1,743 | Kia Corp. | 132,303 | |
5,217 | Koito Manufacturing Co. Ltd. | 343,821 | |
10,329 | La Francaise des Jeux SAEM | 582,687 | |
1,022 | LCI Industries | 152,329 | |
1,883 | Lear Corp. | 364,097 | |
1,575 | Lennar Corp., Class A | 155,941 | |
3,514 | Lennar Corp., Class B | 275,181 | |
1,225 | LG Electronics, Inc. | 166,243 | |
299 | Lithia Motors, Inc., Class A | 105,245 | |
6,070 | Lowe’s Cos., Inc. | 1,182,618 | |
574 | 1 | Lumber Liquidators, Inc. | 13,076 |
2,240 | LVMH Moet Hennessy Louis Vuitton SA | 1,788,908 | |
438 | M.D.C. Holdings, Inc. | 25,382 | |
13,461 | Magna International, Inc. | 1,353,621 | |
1,303 | 1 | MarineMax, Inc. | 67,013 |
1,268 | 1 | Marriott Vacations Worldwide Corp. | 218,464 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
15,455 | 1 | Meituan | $526,052 |
1,096 | 1 | Meritage Corp. | 118,006 |
9,190 | MGM Resorts International | 393,975 | |
1,718 | Michelin, Class B | 262,769 | |
1,804 | Naspers Ltd., Class N | 396,755 | |
36,688 | Newell Brands, Inc. | 1,052,579 | |
8,597 | Next PLC | 993,359 | |
7,031 | 1 | NIO Inc., ADR | 271,537 |
615 | 1 | Overstock.com, Inc. | 52,540 |
2,024 | Pandora A/S | 274,308 | |
1,040 | Patrick Industries, Inc. | 89,128 | |
674 | 1 | Perdoceo Education Corp. | 8,216 |
18,178 | Petrobras Distribuidora SA | 89,186 | |
1,313 | 1 | Pinduoduo, Inc., ADR | 163,967 |
6,231 | 1 | Prosus NV | 644,466 |
600 | PT Astra International Tbk | 216 | |
112,600 | PTT Oil & Retail Business PCL | 108,878 | |
1,023 | Pulte Group, Inc. | 59,119 | |
21,500 | Qingdao Haier Co. Ltd. | 103,621 | |
2,029 | Rent-A-Center, Inc. | 125,413 | |
370 | 1 | RH | 237,189 |
13,885 | Sega Sammy Holdings, Inc. | 178,426 | |
48,764 | Sekisui House Ltd. | 1,028,041 | |
586 | Service Corp. International | 31,070 | |
3,558 | Shimamura Co. Ltd. | 341,579 | |
387 | Shimano, Inc. | 88,236 | |
1,453 | 1 | Signet Jewelers Ltd. | 88,023 |
2,685 | 1 | Sportsman’s Warehouse Holdings, Inc. | 47,793 |
150 | 1 | Stamps.com, Inc. | 28,152 |
2,331 | Standard Motor Products, Inc. | 104,942 | |
10,820 | Stanley Electric Co. Ltd. | 324,982 | |
2,748 | Sturm Ruger & Co., Inc. | 216,927 | |
4,245 | Subaru Corp. | 83,008 | |
2,744 | Suzuki Motor Corp. | 120,348 | |
135 | 1 | TAL Education Group, ADR | 5,396 |
76,400 | TCL Corp. | 97,455 | |
7,666 | 1 | Terminix Global Holdings, Inc. | 378,240 |
231 | 1 | Tesla, Inc. | 144,426 |
1,253 | The Aaron’s Company, Inc. | 45,070 | |
32,137 | The Wendy’s Co. | 746,221 | |
1,849 | Thor Industries, Inc. | 227,427 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
385 | 1 | TopBuild Corp. | $76,249 |
5,331 | Topsports International Holdings Ltd. | 8,249 | |
122 | Travel + Leisure Co. | 7,948 | |
5,479 | 1 | Vipshop Holdings Ltd., ADR | 126,729 |
246 | 1 | Vista Outdoor, Inc. | 10,723 |
546 | 1 | Wayfair, Inc. | 167,371 |
621 | 1 | WW International, Inc. | 24,405 |
17,332 | Wyndham Hotels & Resorts, Inc. | 1,300,940 | |
46,271 | Yadae Group Holdings Ltd. | 100,875 | |
3,378 | Yum China Holding, Inc. | 228,488 | |
16,275 | Zhongsheng Group Holdings | 135,234 | |
448 | 1 | Zumiez, Inc. | 19,631 |
TOTAL | 40,769,146 | ||
Consumer Staples— 3.1% | |||
6,005 | Alimentation Couche-Tard, Inc., Class B | 219,611 | |
57,451 | Ambev SA | 196,769 | |
1,105 | B&G Foods, Inc., Class A | 33,813 | |
43,223 | Becle SA de CV | 108,112 | |
965 | 1 | Bellring Brands, Inc. | 27,676 |
10,130 | BIM Birlesik Magazalar AS | 76,032 | |
2,331 | 1 | BJ’s Wholesale Club Holdings, Inc. | 104,405 |
2,541 | Britannia Industries Ltd. | 120,247 | |
854 | Calavo Growers, Inc. | 60,805 | |
122,324 | Charoen Pokphand Foods Public Co.,Ltd. | 106,596 | |
12,273 | China Feihe Ltd. | 33,394 | |
31,641 | China Mengniu Dairy Co. Ltd. | 187,008 | |
19,523 | China Resources Enterprises Ltd. | 172,867 | |
283 | CJ CheilJedang Corp. | 119,863 | |
7,536 | Clicks Group, Ltd. | 141,773 | |
387 | Cosmos Pharmaceutical Corp. | 54,285 | |
1,022 | Edgewell Personal Care Co. | 46,378 | |
10 | E-Mart Co. Ltd. | 1,398 | |
2,599 | Empire Co. Ltd., Class A | 88,939 | |
7,359 | George Weston Ltd. | 720,336 | |
9,019 | Gruma S.A., Class B | 97,132 | |
56,494 | Grupo Bimbo S.A.B. de CV, Class A | 122,813 | |
936 | Hindustan Lever Ltd. | 30,060 | |
2,856 | Hormel Foods Corp. | 138,630 | |
24,993 | Imperial Brands PLC | 566,727 | |
48,130 | ITC Ltd. | 141,376 | |
438 | J&J Snack Foods Corp. | 76,904 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Consumer Staples— continued | |||
21,213 | JBS S.A. | $122,596 | |
15,672 | Kesko | 545,124 | |
62,202 | Kimberly-Clark de Mexico | 112,081 | |
1,015 | Kobayashi Pharmaceutical Co. Ltd. | 89,961 | |
966 | Kobe Bussan Co. Ltd. | 24,542 | |
1,793 | Korea Tobacco & Ginseng Corp. | 134,511 | |
100 | Kweichow Moutai Co. Ltd. | 35,031 | |
9,466 | Lion Corp. | 166,924 | |
12,638 | Loblaw Cos. Ltd. | 777,707 | |
3,476 | L’Oreal SA | 1,573,694 | |
7,676 | 2 | Magnit, GDR | 117,212 |
20,069 | 1 | Marico Ltd. | 130,559 |
7,402 | Metro, Inc., Class A | 358,443 | |
269 | 1 | National Beverage Corp. | 13,431 |
561 | Nestle India Ltd. | 135,828 | |
4,626 | Nestle S.A. | 571,386 | |
22,666 | Perlis Plantations Bhd | 102,090 | |
769 | Pigeon Corp. | 22,228 | |
33,760 | PT Gudang Garam Tbk | 77,725 | |
45,746 | PT Indofood Sukses Makmur | 19,920 | |
38,926 | Puregold Price Club, Inc. | 31,960 | |
24,620 | 1 | Raia Drogasil S.A. | 129,107 |
923 | 1 | Rite Aid Corp. | 16,863 |
491 | Sanfilippo (John B. & Sons), Inc. | 45,815 | |
10,350 | Seven & I Holdings Co. Ltd. | 456,495 | |
1,300 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd. | 92,389 | |
13,072 | Shoprite Holdings Ltd. | 144,696 | |
3,838 | Sundrug Co. Ltd. | 130,053 | |
3,532 | Suntory Beverage and Food Ltd. | 131,529 | |
13,881 | Tata Global Beverages Ltd. | 124,991 | |
193,841 | Thai Union Frozen Products Public Co. Ltd. | 109,718 | |
28,510 | The Coca-Cola Co. | 1,576,318 | |
417 | The Spar Group, Ltd. | 5,742 | |
25,166 | Tingyi (Cayman Isln) Hldg Co. | 47,812 | |
2,893 | Toyo Suisan Kaisha Ltd. | 117,992 | |
13,505 | Tsingtao Brewery Co. Ltd. | 143,270 | |
1,396 | 1 | United Natural Foods, Inc. | 52,992 |
754 | Universal Corp. | 42,254 | |
593 | 1 | USANA Health Sciences, Inc. | 62,704 |
12,537 | Vector Group Ltd. | 172,384 | |
7,844 | Vinda International Holdings Ltd. | 24,699 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Consumer Staples— continued | |||
175,802 | WH Group Ltd. | $151,341 | |
1,626 | Yakult Honsha Co. Ltd. | 87,714 | |
TOTAL | 12,823,780 | ||
Energy— 2.0% | |||
1,068 | Cactus, Inc. | 37,423 | |
1,956 | 1 | Championx Corp. | 51,834 |
174,942 | China Petroleum & Chemical Corp. | 94,886 | |
22,137 | Devon Energy Corp. | 587,959 | |
11,215 | Exxaro Resources Ltd. | 123,683 | |
32,283 | Exxon Mobil Corp. | 1,884,359 | |
4,296 | 1 | Frank’s International N.V. | 14,435 |
1,910 | GS Holdings Corp. | 79,056 | |
40,657 | Imperial Oil Ltd. | 1,341,491 | |
23,882 | Murphy Oil Corp. | 518,001 | |
91 | Nabors Industries Ltd. | 8,519 | |
1,722 | 1 | National Energy Services Reunited Corp. | 22,093 |
10,117 | 1 | Oceaneering International, Inc. | 144,370 |
3,758 | Ovintiv, Inc. | 100,076 | |
24,873 | Parkland Fuel Corp. | 815,133 | |
145,177 | PetroChina Co. Ltd. | 59,613 | |
10,901 | Phillips 66 | 918,082 | |
11,597 | 1 | Propetro Holding Corp. | 115,274 |
67,668 | PT United Tractors | 103,287 | |
31,732 | PTT Exploration and Production Public Co. | 119,220 | |
10,372 | Reliance Industries Ltd. | 299,588 | |
7,341 | RPC, Inc. | 36,044 | |
2,863 | Targa Resources, Inc. | 111,256 | |
8,908 | Valero Energy Corp. | 716,203 | |
3,690 | World Fuel Services Corp. | 113,394 | |
52,606 | Yanzhou Coal Mining Co. Ltd., Class H | 66,964 | |
TOTAL | 8,482,243 | ||
Financials— 10.3% | |||
8,642 | AB Industrivarden | 352,120 | |
7,206 | Ageas | 467,063 | |
9,862 | Allstate Corp. | 1,347,248 | |
10,302 | Ally Financial, Inc. | 563,622 | |
1,431 | Amalgamated Financial Corp. | 23,282 | |
2,284 | Ameris Bancorp | 125,483 | |
34,301 | Assicurazioni Generali SpA | 703,303 | |
1,369 | Axis Bank Ltd. | 14,035 | |
44,910 | B3 SA - Brasil Bolsa Balcao | 150,628 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
3 | 1 | Bajaj Finance Ltd. | $232 |
32,205 | 1 | Banco Bradesco SA | 141,260 |
2,220 | Banco de Credito E Inversiones | 104,795 | |
2,070,194 | Banco Santander Chile SA | 111,239 | |
6,971 | 1 | Bancorp, Inc., DE | 168,977 |
70,385 | Bank of America Corp. | 2,983,620 | |
432,388 | Bank of China Ltd. | 163,827 | |
199,456 | Bank of Communications Ltd. | 134,592 | |
112,300 | Bank of Communications Ltd. | 86,972 | |
451,000 | Bank of East Asia Ltd./The | 923,999 | |
19,618 | Bank of New York Mellon Corp. | 1,021,705 | |
67,100 | Bank of The Philippine Islands | 117,869 | |
5,574 | Bank Pekao SA | 144,941 | |
375 | Bank Zachodni WBK S.A. | 27,698 | |
4,366 | BankUnited, Inc. | 208,651 | |
23,587 | BB Seguridade Participacoes SA | 105,858 | |
8,027 | Brightsphere Investment Group, Inc. | 178,761 | |
4,477 | Brookfield Asset Management, Inc. | 225,286 | |
5,806 | Cadence BanCorporation | 129,938 | |
9,512 | Capital One Financial Corp. | 1,529,339 | |
3,165 | Cathay Bancorp, Inc. | 131,917 | |
92,153 | Cathay Financial Holding Co. Ltd. | 184,585 | |
16,110 | Charles Schwab Corp. | 1,189,723 | |
256,176 | China Cinda Asset Management Co. Ltd. | 54,770 | |
48,408 | China CITIC Bank Corp. Ltd. | 26,463 | |
605,501 | China Construction Bank Corp. | 499,517 | |
276,904 | China Development Financial Holding Corp. | 122,901 | |
233,951 | China Everbright Bank Co. Ltd. | 99,737 | |
138,843 | 3 | China Huarong Asset Management Co. Ltd. | 18,158 |
62,000 | China Insurance International Holdings Co. Ltd. | 115,557 | |
8,934 | China International Capital Corp. Ltd. | 26,216 | |
82,838 | China Life Insurance Co. Ltd. | 175,729 | |
26,045 | China Merchants Bank Co. Ltd. | 240,376 | |
4,700 | China Merchants Bank Co. Ltd. | 43,192 | |
38,422 | Chinatrust Financial Holding Co. Ltd. | 31,810 | |
8,127 | Citigroup, Inc. | 639,676 | |
6,614 | Citizens Financial Group, Inc. | 330,039 | |
6,423 | ConnectOne Bancorp, Inc. | 177,853 | |
15,473 | DBS Group Holdings Ltd. | 355,391 | |
4,079 | Deutsche Boerse AG | 666,490 | |
202 | Dongbu Insurance Co. Ltd. | 9,158 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
1,070 | Eagle Bancorp, Inc. | $61,140 | |
9,325 | East West Bancorp, Inc. | 697,324 | |
5,016 | 1 | Enova International, Inc. | 189,956 |
1,760 | EQT AB | 63,940 | |
27,400 | Equitable Holdings, Inc. | 869,950 | |
1,069 | Evercore, Inc., Class A | 155,924 | |
2,140 | Fairfax Financial Holdings Ltd. | 1,005,121 | |
15,412 | FinecoBank Banca Fineco SPA | 256,367 | |
3,044 | First American Financial Corp. | 195,760 | |
7,286 | First Financial Holding Co. Ltd. | 5,738 | |
6,703 | First Foundation, Inc. | 168,245 | |
1,047 | First Merchants Corp. | 48,518 | |
13,984 | FirstRand Ltd. | 57,236 | |
43,281 | 1 | Genworth Financial, Inc., Class A | 181,780 |
19,348 | Gjensidige Forsikring ASA | 435,791 | |
1,994 | Goldman Sachs Group, Inc. | 741,808 | |
3,890 | Hana Financial Holdings | 159,029 | |
56,509 | Hang Seng Bank Ltd. | 1,201,744 | |
6,203 | Hannover Rueckversicherung SE | 1,086,277 | |
28,620 | Hargreaves Lansdown PLC | 672,000 | |
456 | Hingham Institution for Savings | 132,354 | |
9,119 | Hong Kong Exchanges & Clearing Ltd. | 559,601 | |
5,389 | Housing Development Finance Corp. Ltd. | 188,877 | |
61,508 | Hua Nan Financial Holdings Co. Ltd. | 40,249 | |
13,911 | ICICI Bank Ltd. | 123,831 | |
4,045 | ICICI Lombard General Insurance Co. Ltd. | 83,154 | |
177,813 | Industrial & Commercial Bank of China | 116,745 | |
19,178 | Industrivarden AB | 749,037 | |
4,003 | International Bancshares Corp. | 185,739 | |
229,822 | Intesa Sanpaolo SpA | 673,859 | |
1,734 | JPMorgan Chase & Co. | 284,792 | |
265 | Kinsale Capital Group, Inc. | 44,112 | |
317 | Korea Investment Holdings Co. Ltd. | 29,626 | |
2,175 | Krungthai Card PCL | 5,100 | |
325,523 | Legal & General Group PLC | 1,314,689 | |
2,785 | Luther Burbank Corp. | 33,810 | |
14,100 | Malayan Banking BHD | 27,968 | |
13,224 | Mercury General Corp. | 841,046 | |
841 | Meta Financial Group, Inc. | 44,581 | |
117,000 | Metro Bank and Trust Co. | 119,648 | |
14,532 | Mizrahi Tefahot Bank Ltd. | 439,674 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
8,721 | 1 | Moneta Money Bank AS | $32,640 |
15,063 | Morgan Stanley | 1,369,980 | |
1,049 | 1 | Mr. Cooper Group, Inc. | 36,285 |
1,859 | National Bank Holdings Corp. | 73,616 | |
904 | NBT Bancorp, Inc. | 35,247 | |
802 | Nelnet, Inc., Class A | 60,567 | |
12,281 | New China Life Insurance Co. Ltd. | 46,137 | |
14,463 | NN Group NV | 735,949 | |
1,247 | Old Republic International Corp. | 32,746 | |
98 | 1 | Oportun Financial Corp. | 1,870 |
9,589 | ORIX Corp. | 168,238 | |
1,492 | OTP Bank RT | 81,990 | |
4,385 | Oversea-Chinese Banking Corp. Ltd. | 41,431 | |
513 | Partners Group Holding AG | 773,351 | |
1,449 | Pennymac Financial Services, Inc. | 90,722 | |
376 | Pennymac Mortgage Investment Trust | 7,370 | |
17,500 | Ping An Bank Co. Ltd. | 67,353 | |
20,682 | Ping An Insurance (Group) Co. of China Ltd. | 225,782 | |
1,600 | Piper Jaffray Cos., Inc. | 203,936 | |
57,000 | Postal Savings Bank of China Co. Ltd. | 40,880 | |
54,600 | Postal Savings Bank of China Co. Ltd. | 47,775 | |
14,901 | Powszechna Kasa Oszczednosci Bank Polski SA | 161,116 | |
4,799 | Progressive Corp., OH | 475,485 | |
21,348 | PT Bank Central Asia | 47,334 | |
15,239 | PT Bank Rakyat Indonesia Tbk | 4,336 | |
166,627 | Public Bank Berhad | 172,139 | |
2,650 | QCR Holdings, Inc. | 126,697 | |
55,264 | Rand Merchant Investment Holdings Ltd. | 130,374 | |
81,834 | RHB Capital Berhad | 106,280 | |
2,110 | Safety Insurance Group, Inc. | 179,582 | |
1,594 | Samsung Life Insurance Co., Ltd. | 119,036 | |
2,752 | Samsung Securities Co. Ltd. | 114,441 | |
23,008 | Schroders PLC | 1,159,640 | |
55 | 1 | Silvergate Capital Corp. | 6,127 |
13,068 | Singapore Exchange Ltd. | 102,571 | |
262,023 | Sinopac Holdings Co. | 126,999 | |
32,839 | St. James’s Place Capital PLC | 651,804 | |
1,284 | Sterling Bancorp | 34,206 | |
804 | Stewart Information Services Corp. | 48,521 | |
2,893 | Stifel Financial Corp. | 200,427 | |
10,368 | Synchrony Financial | 491,547 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
177,696 | Taiwan Cooperative Financial Holding Co. Ltd. | $133,545 | |
2,873 | 1 | Texas Capital Bancshares, Inc. | 197,892 |
1,587 | The First of Long Island Corp. | 35,708 | |
904 | UMB Financial Corp. | 87,426 | |
200 | United Overseas Bank Ltd. | 3,973 | |
56 | Virtus Investment Partners, Inc. | 15,749 | |
42,028 | Wells Fargo & Co. | 1,963,548 | |
1,059 | Wesbanco, Inc. | 41,216 | |
156,409 | Yuanta Financial Holding Co. Ltd. | 144,021 | |
TOTAL | 42,943,346 | ||
Health Care— 7.7% | |||
3,021 | Abbott Laboratories | 352,400 | |
9,856 | 1,3 | Achillion Pharmaceuticals, Inc. | 4,534 |
2,484 | 1 | AdaptHealth Corp. | 65,056 |
513 | 1 | Addus Homecare Corp. | 49,335 |
12,397 | Alfresa Holdings Corp. | 191,928 | |
3,918 | Ambu A/S | 149,573 | |
1,357 | 1 | AMN Healthcare Services, Inc. | 120,366 |
25,791 | 1 | Amneal Pharmaceuticals, Inc | 145,977 |
456 | 1 | Amphastar Pharmaceuticals, Inc. | 8,628 |
5,638 | 1 | Antares Pharma, Inc. | 22,383 |
843 | Anthem, Inc. | 335,699 | |
5,311 | 1 | Apria, Inc. | 161,720 |
7,271 | 1 | Avid Bioservices, Inc. | 154,727 |
3,762 | Becton Dickinson & Co. | 909,990 | |
11,983 | 1 | BeyondSpring, Inc. | 124,264 |
5,155 | 1 | BioMarin Pharmaceutical, Inc. | 398,481 |
1,366 | 1 | Bio-Rad Laboratories, Inc., Class A | 822,837 |
13,436 | 1 | Cara Therapeutics, Inc. | 182,595 |
4,428 | Cardinal Health, Inc. | 248,278 | |
850 | Carl Zeiss Meditec AG | 157,314 | |
266 | 1 | Celltrion, Inc. | 65,072 |
4,235 | 1 | Chimerix, Inc. | 33,118 |
30,004 | China Medical System Holding Ltd. | 74,751 | |
155,827 | China Resources Pharmaceutical Group Ltd. | 110,757 | |
3,400 | Chongqing Zhifei Biological Products Co. Ltd. | 100,386 | |
10,233 | Cipla Ltd. | 131,863 | |
1,166 | 1 | Clovis Oncology, Inc. | 5,982 |
1,344 | 1 | Corvel Corp. | 167,462 |
16,705 | 1 | Cytomx Therapeutics, Inc. | 119,608 |
2,454 | Divi’s Laboratories Ltd. | 139,685 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
1,940 | Dr. Reddy’s Laboratories Ltd. | $139,244 | |
49,459 | 1 | Durect Corp. | 81,607 |
2,940 | Eisai Co. Ltd. | 197,324 | |
9,700 | Eli Lilly & Co. | 1,937,478 | |
20,436 | 1 | Endo International PLC | 119,959 |
795 | Ensign Group, Inc. | 66,144 | |
14,877 | 1 | Exelixis, Inc. | 335,476 |
1,457 | 1 | Fulgent Genetics, Inc. | 107,920 |
29,720 | Hapvida Participacoes e Investimentos SA | 90,956 | |
7,674 | Hisamitsu Pharmaceutical Co., Inc. | 425,418 | |
3,271 | Hoya Corp. | 429,970 | |
1,796 | Humana, Inc. | 786,109 | |
2,613 | 1 | IDEAYA Biosciences, Inc. | 52,652 |
4,558 | 1 | ImmunityBio, Inc. | 79,993 |
413 | 1 | Inari Medical, Inc. | 35,910 |
2,081 | 1 | Innovent Biologics, Inc. | 23,959 |
3,823 | Ipca Laboratories Ltd. | 107,558 | |
3,108 | Johnson & Johnson | 526,029 | |
18,379 | Koninklijke Philips NV | 1,037,528 | |
12,873 | Kossan Rubber Industries Berhad | 12,804 | |
19,215 | 1 | Lexicon Pharmaceuticals, Inc. | 84,354 |
780 | 1 | LHC Group, Inc. | 153,543 |
3,500 | M3, Inc. | 235,926 | |
963 | 1 | MacroGenics, Inc. | 30,999 |
1,185 | 1 | Magellan Health, Inc. | 111,615 |
14,029 | 1 | Magenta Therapeutics, Inc. | 173,258 |
4,732 | McKesson Corp. | 910,389 | |
18,902 | Medipal Holdings Corp. | 360,628 | |
1,209 | 1 | Medpace Holdings, Inc. | 201,976 |
16,810 | Medtronic PLC | 2,127,978 | |
28,435 | Merck & Co., Inc. | 2,157,932 | |
817 | 1 | Meridian Bioscience, Inc. | 16,961 |
12,554 | Microport Scientific Corp. | 97,697 | |
1,034 | 1 | ModivCare, Inc. | 152,236 |
9,088 | 1 | Molecular Templates, Inc., Class THL | 81,247 |
1,246 | 1 | Natus Medical, Inc. | 33,393 |
5,362 | 1 | Neurocrine Biosciences, Inc. | 515,932 |
3,755 | 1 | NextGen Healthcare, Inc. | 61,657 |
10,588 | Novo Nordisk A/S | 835,448 | |
30,684 | 1 | Opko Health, Inc. | 117,213 |
1,132 | 1 | OptimizeRX Corp. | 55,604 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
1,249 | 1 | OraSure Technologies, Inc. | $12,003 |
7,787 | 1 | Organogenesis Holdings, Inc. | 138,842 |
143 | 1 | Orthofix Medical, Inc. | 5,820 |
3,300 | Otsuka Holdings Co., Ltd. | 138,097 | |
3,153 | Owens & Minor, Inc. | 140,971 | |
359 | Patterson Cos., Inc. | 11,682 | |
4,120 | 1 | Precision Biosciences, Inc. | 43,384 |
6,885 | 1,3 | Progenics Pharmaceuticals, Inc. | 0 |
1,070 | 1 | Progyny, Inc. | 68,523 |
1,155 | 1 | R1 RCM, Inc. | 26,738 |
1,564 | 1 | Regeneron Pharmaceuticals, Inc. | 785,800 |
31,868 | 1 | Rigel Pharmaceuticals, Inc. | 118,549 |
6,080 | Roche Holding AG | 2,130,425 | |
1,522 | Roche Holding AG | 575,060 | |
125 | 1 | Samsung Biologics Co. Ltd. | 92,617 |
9,651 | Sanofi | 1,034,503 | |
1,744 | Seegene, Inc. | 106,759 | |
22,444 | Shandong Weigao Group Medical Polymer Co., Ltd. | 46,636 | |
626 | Shanghai Fosun Pharmaceutical Co. Ltd. | 5,160 | |
47,871 | Shanghai Pharmaceuticals Holding Co. Ltd. | 104,606 | |
6,912 | Shionogi and Co. | 352,960 | |
4,874 | Siemens Healthineers AG | 274,907 | |
15,053 | 1 | Siga Technologies, Inc. | 106,124 |
38,939 | Sinopharm Group Co. Ltd. | 129,862 | |
5,339 | 1 | Solid Biosciences, Inc. | 20,288 |
30,149 | 1 | Spectrum Pharmaceuticals, Inc. | 104,014 |
72,100 | Sri Trang Gloves | 102,649 | |
265 | Stedim | 114,926 | |
40,753 | Supermax Corporation Berhad | 41,826 | |
2,089 | 1 | Sutro Biopharma, Inc. | 38,876 |
3,164 | 1 | Travere Thrapeutics, Inc. | 47,998 |
1,075 | 1 | Triple-S Management Corp., Class B | 27,197 |
6,196 | UnitedHealth Group, Inc. | 2,552,256 | |
9,089 | 1 | Vanda Pharmaceuticals, Inc. | 160,784 |
6,017 | 1 | Vertex Pharmaceuticals, Inc. | 1,255,327 |
188,000 | Winteam Pharmaceutical Group Ltd. | 120,759 | |
1,863 | WuXi AppTec Co. Ltd. | 38,522 | |
18,023 | 1 | WuXi PharmaTech, Inc. | 266,808 |
1,283 | 1 | Zynex, Inc. | 19,527 |
TOTAL | 32,026,578 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Industrials— 8.1% | |||
4,742 | 3M Co. | $962,816 | |
100 | A.P. Moller-Maersk A/S, Class B | 276,097 | |
871 | Acco Brands Corp. | 7,935 | |
8,871 | ACS Actividades de Construccion y Servicios, SA | 273,467 | |
18,524 | Amada Co. Ltd. | 200,615 | |
137 | 1 | American Woodmark Corp. | 11,908 |
335 | Apogee Enterprises, Inc. | 12,733 | |
1,474 | Applied Industrial Technologies, Inc. | 144,393 | |
1,652 | ArcBest Corp. | 128,592 | |
14,004 | Ashtead Group PLC | 1,023,105 | |
265 | 1 | Atkore, Inc. | 20,458 |
1,929 | 1 | Atlas Air Worldwide Holdings, Inc. | 144,540 |
75,354 | AviChina Industry & Technology Co. Ltd. | 50,443 | |
302 | AZZ, Inc. | 16,154 | |
2,620 | Boise Cascade Co. | 172,894 | |
231,213 | BTS Group Holdings PCL | 66,562 | |
1,689 | Bunzl PLC | 54,770 | |
6,987 | Caterpillar, Inc. | 1,684,426 | |
2,632 | Central Japan Railway Co. | 395,132 | |
17,115 | China COSCO Holdings Co. Ltd., Class H | 35,670 | |
91,768 | China Railway Group Ltd. | 48,441 | |
698 | 1 | Cimpress PLC | 69,318 |
123,820 | Citic Pacific Ltd. | 145,422 | |
8,345 | 1 | Clean Harbors, Inc. | 776,920 |
1,144 | Comfort Systems USA, Inc. | 94,838 | |
3,933 | CoreLogic, Inc. | 312,674 | |
38,500 | 1 | COSCO SHIPPING Holdings Co. Ltd. | 131,061 |
2,904 | Deluxe Corp. | 132,306 | |
426 | Dover Corp. | 64,113 | |
386 | DSV Panalpina A/S | 94,194 | |
1,774 | 1 | Dycom Industries, Inc. | 132,908 |
8,200 | Eaton Corp. PLC | 1,191,050 | |
276 | Elbit Systems Ltd. | 36,561 | |
1,179 | Emcor Group, Inc. | 148,684 | |
15,152 | Expeditors International Washington, Inc. | 1,904,455 | |
24,866 | Experian PLC | 952,916 | |
6,807 | Ferguson PLC | 924,937 | |
9,505 | Genivar Income Fund | 1,078,080 | |
595 | 1 | GMS, Inc. | 27,245 |
2,059 | GS Engineering & Construction Corp. | 81,925 | |
3,778 | Han Wha | 107,502 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
2,903 | HEICO Corp., Class A | $384,531 | |
600 | 1 | Herc Holdings, Inc. | 69,012 |
3,577 | Hillenbrand, Inc. | 163,111 | |
1,233 | 1 | IES Holdings, Inc. | 65,423 |
8,172 | Illinois Tool Works, Inc. | 1,893,943 | |
1,279 | Insperity, Inc. | 117,911 | |
1,931 | Jacobs Engineering Group, Inc. | 274,357 | |
4,984 | Johnson Controls International PLC | 331,635 | |
71,382 | Kajima Corp. | 990,752 | |
1,262 | KForce Com, Inc. | 79,140 | |
3,845 | Knight-Swift Transportation Holdings, Inc. | 183,522 | |
18,524 | Koc Holding A.S. | 40,227 | |
310 | Kone Corp. OYJ, Class B | 25,223 | |
1,018 | Korn Ferry | 66,587 | |
2,021 | Kuehne & Nagel International AG | 682,804 | |
1,366 | LG Corp. | 130,808 | |
7,238 | Localiza Rent A Car SA | 86,022 | |
663 | 1 | LX Holdings Co. Ltd. | 7,278 |
4,632 | 1 | Lyft, Inc. | 264,441 |
8,294 | Makita Corp. | 395,461 | |
6,923 | Masco Corp. | 417,526 | |
1,364 | 1 | Masonite International Corp. | 163,066 |
1,183 | 1 | Mastec, Inc. | 137,618 |
473 | Matthews International Corp., Class A | 18,480 | |
374 | Miller Industries, Inc. | 15,652 | |
14,370 | 1 | MRC Global Inc. | 154,334 |
2,242 | Mueller Industries, Inc. | 104,096 | |
1,511 | 1 | MYR Group, Inc. | 131,517 |
73,208 | NIBE Industrier AB | 769,808 | |
10,526 | 1 | Now, Inc. | 110,207 |
43,948 | Obayashi Corp. | 374,397 | |
1,540 | Old Dominion Freight Lines, Inc. | 408,793 | |
3,913 | Pitney Bowes, Inc. | 32,791 | |
1,066 | Primoris Services Corp. | 33,888 | |
4,146 | Quanex Building Products Corp. | 110,408 | |
4,183 | Regal Beloit Corp. | 594,948 | |
430 | Rockwool International A/S | 213,741 | |
1,190 | Rush Enterprises, Inc. | 56,882 | |
9,242 | Schneider Electric SA | 1,470,207 | |
36,491 | Schneider National, Inc. | 893,665 | |
13,635 | Secom Co. Ltd. | 1,079,883 ��� |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
27,413 | Shimizu Corp. | $223,358 | |
5,900 | Sime Darby BHD | 3,254 | |
26,073 | Sinotruk Hong Kong Ltd. | 62,584 | |
11,390 | SKF Ab, Class B | 308,611 | |
287 | SMC Corp. | 172,533 | |
7,051 | Sohgo Security Services Co. Ltd. | 330,482 | |
941 | Systemax, Inc. | 32,295 | |
11,651 | Taisei Corp. | 411,596 | |
2,097 | Terex Corp. | 109,820 | |
1,348 | Tetra Tech, Inc. | 161,046 | |
30,613 | Toppan Printing Co. Ltd. | 535,834 | |
1,619 | Toshiba Corp. | 68,495 | |
7,774 | Trane Technologies PLC | 1,449,074 | |
1,162 | 1 | TriNet Group, Inc. | 87,545 |
8,663 | 1 | Uber Technologies, Inc. | 440,340 |
900 | UFP Industries, Inc. | 71,568 | |
716 | 1 | United Rentals, Inc. | 239,115 |
1,533 | Universal Truckload Services, Inc. | 38,325 | |
1,325 | Vestas Wind Systems A/S | 51,920 | |
9,274 | Wabash National Corp. | 147,920 | |
21,871 | Wartsila OYJ, Class B | 295,745 | |
17,243 | Weg SA | 113,813 | |
35,100 | Weichai Power Co. Ltd. | 100,353 | |
50,094 | Weichai Power Co. Ltd., Class H | 115,977 | |
713 | Werner Enterprises, Inc. | 34,217 | |
4,343 | Wolters Kluwer NV | 416,832 | |
38,540 | Xinyi Solar Holdings Ltd. | 68,345 | |
39,467 | Zhejiang Expressway Co. Ltd. | 34,867 | |
23,872 | Zoomlion Heavy Industry Science and Technology Co., Ltd. | 29,648 | |
TOTAL | 33,837,867 | ||
Information Technology— 13.2% | |||
6,766 | 1 | A10 Networks, Inc. | 65,833 |
95,658 | Acer Sertek, Inc. | 109,306 | |
2,585 | 1 | ACI Worldwide, Inc. | 98,902 |
3,142 | 1 | Adobe, Inc. | 1,585,390 |
1,748 | Advanced Energy Industries, Inc. | 178,314 | |
2,226 | Advantest Corp. | 195,548 | |
6,297 | Amkor Technology, Inc. | 132,867 | |
51,060 | Apple, Inc. | 6,362,587 | |
15,112 | Applied Materials, Inc. | 2,087,421 | |
370 | ASML Holding N.V. | 249,019 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
10,783 | Asustek Computer, Inc. | $152,071 | |
4,566 | 1 | Avalara, Inc. | 603,488 |
1,022 | 1 | BigCommerce Holdings, Inc. | 55,587 |
2,287 | 1 | Blackbaud, Inc. | 161,668 |
98,500 | BOE Technology Group Co. Ltd. | 97,483 | |
1,890 | 1 | Box, Inc. | 44,056 |
20,451 | Brother Industries Ltd. | 436,490 | |
2,938 | BYD Electronic International Co. Ltd. | 18,660 | |
5,017 | 1 | Cadence Design Systems, Inc. | 637,109 |
1,342 | 1 | Cambium Networks Corp. | 77,447 |
6,627 | Capgemini SE | 1,239,771 | |
2,702 | 1 | Casa Systems, Inc. | 23,453 |
1,009 | Cass Information Systems, Inc. | 46,041 | |
1,728 | 1 | CGI, Inc., Class A | 154,455 |
30,706 | Chicony Electronics Co. Ltd. | 85,547 | |
208,059 | 1 | China Youzan Ltd. | 42,816 |
22,267 | Cisco Systems, Inc. | 1,177,924 | |
730 | 1 | CloudFlare, Inc. | 59,904 |
2,715 | 1 | Cognyte Software Ltd. | 69,884 |
2,767 | 1 | Commvault Systems, Inc. | 210,762 |
133,537 | Compal Electronics, Inc. | 112,082 | |
20,000 | Corning, Inc. | 872,600 | |
777 | 1 | Crowdstrike Holdings, Inc. | 172,611 |
1,700 | CSG Systems International, Inc. | 74,868 | |
1,503 | 1 | Daqo New Energy Corp., ADR | 111,793 |
9,122 | 1 | Datto Holding Corp. | 245,747 |
212 | Delta Electronics, Inc. | 2,225 | |
1,608 | 1 | Diodes, Inc. | 121,677 |
481 | Disco Corp. | 146,638 | |
984 | Dolby Laboratories, Class A | 95,979 | |
9,500 | 1 | Duck Creek Technologies LLC | 373,445 |
3,586 | 1 | Dynatrace Holdings LLC | 185,540 |
1,424 | 1 | Elastic N.V. | 168,331 |
1,131 | 1 | EPAM Systems, Inc. | 540,166 |
752 | 1 | ePlus, Inc. | 71,117 |
1,229 | 1 | Fabrinet | 110,229 |
520 | 1 | Fastly, Inc. | 24,539 |
1,134 | 1 | Fortinet, Inc. | 247,824 |
3,194 | Fujitsu Ltd. | 521,728 | |
3,333 | 1 | Gartner, Inc., Class A | 772,723 |
2,200 | GoerTek, Inc. | 13,326 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
23,919 | Hewlett Packard Enterprise Co. | $381,747 | |
18,249 | Hexagon AB | 261,018 | |
7,872 | Hitachi Ltd. | 414,947 | |
41,367 | Hon Hai Precision Industry Co. Ltd. | 165,346 | |
877 | 1 | Ichor Holdings Ltd. | 49,340 |
22,171 | Infosys Ltd. | 430,512 | |
133,000 | Innolux Display Corp. | 106,678 | |
977 | 1 | Insight Enterprises, Inc. | 102,077 |
207 | InterDigital, Inc. | 16,721 | |
6,474 | IT Holdings Corp. | 166,657 | |
7,287 | 1 | Jamf Holding Corp. | 252,713 |
4,513 | 1 | JFrog Ltd. | 188,418 |
1,464 | 1 | Kimball Electronics, Inc. | 32,764 |
20,049 | Kingboard Chemical Holdings Ltd. | 110,783 | |
45,549 | Kingboard Laminates Holdings Ltd. | 98,420 | |
5,283 | KLA Corp. | 1,674,130 | |
2,172 | Lam Research Corp. | 1,411,474 | |
1,846 | Larsen & Toubro Ltd. | 100,302 | |
109,224 | Lenovo Group Ltd. | 131,427 | |
5,685 | 1 | LG Display Co. Ltd. | 118,874 |
595 | LG Innotek Co., Ltd. | 107,428 | |
54,145 | Lite-On Technology Corp. | 128,142 | |
9,744 | Logitech International SA | 1,197,348 | |
921 | Maximus, Inc. | 85,349 | |
5,197 | MediaTek, Inc. | 179,702 | |
2,131 | Methode Electronics, Inc., Class A | 103,098 | |
19,448 | Microsoft Corp. | 4,855,777 | |
1,916 | MKS Instruments, Inc. | 360,649 | |
4,818 | 1 | nCino, Inc. | 294,476 |
800 | Obic Co. Ltd. | 150,331 | |
51 | 1 | ON24, Inc. | 1,641 |
6,940 | Otsuka Corp. | 375,838 | |
3,170 | 1 | Paylocity Corp. | 538,361 |
9,413 | 1 | PayPal Holdings, Inc. | 2,447,568 |
22 | 1 | PC Connections, Inc. | 1,073 |
11,209 | Pegatron Corp. | 29,572 | |
5,000 | Phison Electronics Corp. | 83,911 | |
2 | 1 | Photronics, Inc. | 27 |
278 | 1 | Plexus Corp. | 27,469 |
3,508 | 1 | PTC, Inc. | 470,563 |
1,509 | QAD, Inc. | 107,833 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
2,405 | Qualcomm, Inc. | $323,569 | |
43,317 | Quanta Computer, Inc. | 136,992 | |
904 | 1 | Rapid7, Inc. | 75,620 |
7,931 | Realtek Semiconductor Corp. | 141,821 | |
63,186 | Ricoh Co. Ltd. | 755,663 | |
2,744 | Rohm Co. Ltd. | 258,146 | |
1,316 | 1 | Salesforce.com, Inc. | 313,340 |
843 | Samsung Electro-Mechanics Co. | 126,962 | |
24,930 | Samsung Electronics Co. Ltd. | 1,789,347 | |
128 | Samsung SDI Co. Ltd. | 73,447 | |
202 | 1 | Sanmina Corp. | 8,506 |
1,786 | 1 | Semtech Corp. | 112,518 |
3,313 | Shimadzu Corp. | 117,598 | |
2,722 | SK Hynix, Inc. | 305,149 | |
8,996 | Skyworks Solutions, Inc. | 1,529,320 | |
1,055 | 1 | SPS Commerce, Inc. | 99,022 |
17,468 | STMicroelectronics N.V. | 651,791 | |
3,147 | Sumisho Computer Systems Corp. | 187,716 | |
56,655 | Synnex Technology International Corp. | 119,842 | |
6,535 | 1 | Synopsys, Inc. | 1,662,112 |
126,122 | Taiwan Semiconductor Manufacturing Co. Ltd | 2,679,132 | |
7,036 | Tata Consultancy Services Ltd. | 305,377 | |
8,179 | 1 | TeamViewer AG | 320,301 |
10,708 | Tech Mahindra Ltd. | 151,583 | |
3,497 | 1 | Tenable Holdings, Inc. | 146,175 |
21,613 | 1 | Teradata Corp. | 1,034,614 |
24,400 | Tianjin Zhonghuan Semiconductor Co. Ltd | 103,607 | |
300 | Tokyo Electron Ltd. | 131,339 | |
1,347 | Trend Micro, Inc. | 68,533 | |
1,194 | TTEC Holdings, Inc. | 129,442 | |
463 | 1 | Tucows, Inc. | 36,160 |
999 | 1 | Twilio, Inc. | 335,664 |
838 | 1 | Tyler Technologies, Inc. | 337,848 |
1,188 | 1 | Ultra Clean Holdings, Inc. | 66,920 |
30,000 | Unimicron Technology Corp. | 112,886 | |
106,568 | United Microelectronics Corp. | 200,854 | |
1,284 | 1 | Unity Software, Inc. | 121,287 |
215 | 1 | Veritone, Inc. | 4,122 |
5,827 | Vishay Intertechnology, Inc. | 140,256 | |
98,427 | Wistron Corp. | 108,371 | |
662 | 1 | Workiva, Inc. | 62,824 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
14,527 | Yokogawa Electric Corp. | $235,906 | |
713 | 1 | Zoom Video Communications, Inc. | 236,381 |
TOTAL | 55,063,558 | ||
Materials— 5.3% | |||
4,255 | ACC Ltd. | 116,161 | |
6,158 | African Rainbow Minerals Ltd. | 116,957 | |
2,953 | Akzo Nobel NV | 376,834 | |
78,565 | Alrosa AO | 122,665 | |
36,000 | 1 | Aluminum Corp. of China Ltd. | 21,192 |
11,645 | Amcor PLC | 137,411 | |
67,186 | Asia Cement Corp. | 122,020 | |
44,106 | BHP Billiton Ltd. | 1,632,879 | |
23,701 | BHP Group PLC | 713,098 | |
27,491 | BHP Steel Ltd. | 451,445 | |
15,088 | Boliden AB | 605,196 | |
15,088 | 1 | Boliden AB | 10,865 |
5,151 | Cherepovets MK Severstal | 123,567 | |
21,877 | China Hongqiao Group Ltd. | 35,207 | |
64,189 | China Molybdenum Co. Ltd. | 42,901 | |
40,859 | China National Building Material Co. Ltd. | 54,047 | |
2,446 | 1 | Clearwater Paper Corp. | 69,784 |
13,910 | Companhia Siderurgica Nacional SA | 119,144 | |
12,916 | Companhia Vale Do Rio Doce | 276,550 | |
2,339 | Eastman Chemical Co. | 293,311 | |
5,107 | 1,3 | Ferroglobe Representation & Warranty Insurance Trust | 0 |
2,689 | 1 | Forterra, Inc. | 62,869 |
63,942 | Fortescue Metals Group Ltd. | 1,086,501 | |
1,466 | Greif, Inc. | 87,638 | |
27,137 | Gujarat Ambuja Cements Ltd. | 121,854 | |
1,547 | Hawkins, Inc. | 52,629 | |
13,979 | Holcim Ltd. | 835,906 | |
7,544 | Impala Platinum Holdings Ltd. | 130,370 | |
8,483 | International Paper Co. | 535,277 | |
18,934 | James Hardie Industries PLC, GDR | 616,654 | |
35,891 | Jiangxi Copper Co. Ltd. | 83,756 | |
105 | KGHM Polska Miedz SA | 5,782 | |
217 | 1 | Koppers Holdings, Inc. | 7,523 |
496 | Korea Kumho Petrochemical Co. Ltd. | 103,562 | |
896 | Kumba Iron Ore Ltd. | 39,964 | |
267 | L.G. Chemical Ltd. | 199,088 | |
3,443 | Louisiana-Pacific Corp. | 231,404 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Materials— continued | |||
2,073 | Mitsubishi Gas Chemical Co., Inc. | $48,685 | |
10,436 | Newcrest Mining Ltd. | 227,015 | |
4,850 | Nitto Denko Corp. | 382,484 | |
509 | Norilsk Nickel | 189,237 | |
590 | 1 | Northam Platinum Ltd. | 9,476 |
33,433 | Novolipetski Metallurgicheski Komb OAO | 120,296 | |
1,804 | Novozymes A/S, Class B | 131,785 | |
32,992 | Nuevo Grupo Mexico SA, Class B | 158,351 | |
2,134 | Nutrien Ltd. | 132,716 | |
30,796 | Orbia Advance Corp. SAB de CV | 86,908 | |
11,847 | Pactiv Evergreen, Inc. | 175,810 | |
15,800 | Petronas Chemicals BHD | 31,102 | |
6,059 | 2 | Phosagro OAO, GDR | 123,967 |
585 | Polyus PJSC | 126,829 | |
422 | POSCO | 134,871 | |
1,650 | PPG Industries, Inc. | 296,538 | |
609,200 | PT Aneka Tambang Tbk | 104,696 | |
168,407 | PT Indah Kiat Pulp & Paper Corp. | 98,635 | |
2,450 | PT Semen Gresik | 1,654 | |
4,315 | 1 | Queen’s Road Capital Investment Ltd. | 2,536 |
11,390 | Rio Tinto Ltd. | 1,081,141 | |
16,708 | Rio Tinto PLC | 1,435,662 | |
9,726 | RPM International, Inc. | 909,673 | |
6,127 | 1 | Ryerson Holding Corp. | 101,463 |
2,050 | Scotts Miracle-Gro Co. | 445,609 | |
6,711 | Sealed Air Corp. | 381,587 | |
6,468 | Sherwin-Williams Co. | 1,833,872 | |
239 | Shree Cement | 90,977 | |
36,869 | Sibanye Stillwater | 168,557 | |
3,336 | Sika AG | 1,072,557 | |
258,995 | South32 Ltd. | 599,598 | |
528 | Stepan Co. | 71,100 | |
4,122 | Symrise AG | 548,991 | |
30,569 | Tosoh Corp. | 544,299 | |
1,497 | Trinseo SA | 97,215 | |
2,575 | Va Stahl Ag | 115,722 | |
37,766 | 1 | Vedanta Ltd. | 139,714 |
1,009 | Worthington Industries, Inc. | 66,967 | |
95,054 | Zijin Mining Group Co. Ltd. | 146,781 | |
TOTAL | 22,077,087 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Real Estate— 1.6% | |||
20,745 | Agile Group Holdings Ltd. | $29,281 | |
4,021 | American Tower Corp. | 1,027,205 | |
7,788 | Apartment Income REIT Corp. | 362,765 | |
882 | Broadstone Net Lease, Inc. | 19,263 | |
4,537 | CareTrust REIT, Inc. | 105,621 | |
14,550 | CatchMark Timber Trust, Inc. | 173,873 | |
36,806 | CIFI Holdings Group Co. Ltd. | 32,079 | |
7,421 | 1 | Colony Capital, Inc. | 50,982 |
13,394 | 1 | Corepoint Lodging, Inc. | 140,503 |
58,526 | Country Garden Holdings Co. | 74,508 | |
6,441 | Crown Castle International Corp. | 1,220,569 | |
2,667 | Daito Trust Construction Co. Ltd. | 290,788 | |
1,922 | Equity Lifestyle Properties, Inc. | 136,193 | |
35,739 | Evergrande Real Estate Group Limited | 55,634 | |
2,928 | 1 | eXp World Holdings, Inc. | 94,457 |
96,933 | Franshion Properties of China Ltd. | 37,476 | |
4,705 | Goodman Group | 70,196 | |
39,911 | Greentown China Holdings Ltd. | 45,603 | |
83,918 | Guangzhou R&F Properties Co. Ltd. | 113,243 | |
27,765 | Hopson Development Holdings Ltd. | 134,595 | |
2,920 | Kite Realty Group Trust | 61,904 | |
32,057 | KWG Property Holding Ltd. | 48,768 | |
6,025 | Logan Group Co. Ltd. | 9,653 | |
212,253 | Mapletree Commercial Trust | 332,119 | |
64,774 | Mapletree Logistics Trust | 96,884 | |
3,113 | Mid-American Apartment Communities, Inc. | 500,259 | |
16,836 | New Senior Investment Group, Inc. | 111,623 | |
3,016 | Newmark Group, Inc. | 38,906 | |
6,745 | ProLogis, Inc. | 794,831 | |
435 | Public Storage | 122,879 | |
2,265 | 1 | Redfin Corp. | 133,703 |
16,166 | Retail Properties of America, Inc. | 194,800 | |
41,865 | Seazen Group Ltd. | 47,438 | |
10,444 | Tanger Factory Outlet Centers, Inc. | 183,083 | |
5,530 | Uniti Group, Inc. | 60,056 | |
TOTAL | 6,951,740 | ||
Utilities— 1.7% | |||
678 | American States Water Co. | 53,813 | |
1,508 | Brookfield Infrastructure Corp. | 107,943 | |
387,396 | CGN Power Co. Ltd. | 85,790 | |
84,400 | China Longyuan Power Group Corp. | 121,147 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Utilities— continued | |||
154,322 | China Power International Development Ltd. | $38,756 | |
2,541 | Clearway Energy, Inc. | 63,855 | |
71,232 | Colbun SA | 9,856 | |
17,298 | CPFL Energia SA | 96,286 | |
27,975 | Endesa SA | 806,696 | |
1,692 | ENN Energy Holdings Ltd. | 31,071 | |
21,094 | Equatorial Energia SA | 102,886 | |
59,825 | Gail India Ltd. | 126,245 | |
56,565 | Iberdrola SA | 779,677 | |
11,381 | Indraprastha Gas Ltd. | 80,671 | |
537 | Korea Electric Power Corp. | 12,250 | |
34,872 | Kunlun Energy Co. Ltd. | 39,532 | |
4,370 | Manila Electric Co. | 25,942 | |
13,976 | NextEra Energy, Inc. | 1,023,323 | |
1,998 | Northwestern Corp. | 126,573 | |
701,676 | OJSC Inter Rao Ues | 48,368 | |
62 | Orsted A/S | 9,495 | |
2,135 | Otter Tail Corp. | 102,416 | |
18,141 | Petronas Gas | 71,097 | |
2,720 | Portland General Electric Co. | 130,397 | |
25,200 | Power Grid Corp of India Ltd. | 78,569 | |
9,378 | Red Electrica Corporacion SA | 187,768 | |
27,976 | RWE AG | 1,064,084 | |
56,613 | Terna SpA | 432,609 | |
30,081 | Uniper SE | 1,104,267 | |
52 | Unitil Corp. | 2,852 | |
3,046 | Vistra Corp. | 49,254 | |
TOTAL | 7,013,488 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $211,798,268) | 282,653,458 | ||
FOREIGN GOVERNMENTS/AGENCIES— 6.5% | |||
Sovereign— 6.5% | |||
AUD 1,000,000 | Australia, Government of, Sr. Unsecd. Note, Series 148, 2.750%, 11/21/2027 | 853,223 | |
EUR 390,000 | Belgium, Government of, Series 68, 2.250%, 6/22/2023 | 504,320 | |
680,000 | Belgium, Government of, Series 74, 0.800%, 6/22/2025 | 874,750 | |
CAD 800,000 | Canada, Government of, Bond, 3.250%, 6/1/2021 | 662,224 | |
480,000 | Canada, Government of, Series WL43, 5.750%, 6/1/2029 | 530,811 | |
EUR 6,000 | France, Government of, 0.500%, 5/25/2025 | 7,613 | |
150,000 | France, Government of, Bond, 4.500%, 4/25/2041 | 315,399 | |
850,000 | France, Government of, O.A.T., 5.500%, 4/25/2029 | 1,499,493 | |
650,000 | France, Government of, Unsecd. Note, 1.250%, 5/25/2036 | 882,531 |
Shares, Principal Amount or Contracts | Value | ||
FOREIGN GOVERNMENTS/AGENCIES— continued | |||
Sovereign— continued | |||
EUR 300,000 | France, Government of, Unsecd. Note, 1.750%, 6/25/2039 | $440,553 | |
600,000 | Germany, Government of, 0.250%, 2/15/2027 | 764,362 | |
300,000 | Germany, Government of, Bond, Series 03, 4.750%, 7/4/2034 | 598,521 | |
100,000 | Germany, Government of, Bond, Series 08, 4.750%, 7/4/2040 | 228,397 | |
680,000 | Italy, Government of, Sr. Unsecd. Note, 0.650%, 10/15/2023 | 847,403 | |
1,000,000 | Italy, Government of, Sr. Unsecd. Note, 4.750%, 9/1/2028 | 1,583,353 | |
1,250,000 | Italy, Government of, Unsecd. Note, 1.600%, 6/1/2026 | 1,632,179 | |
58,000 | Italy, Government of, Unsecd. Note, 3.250%, 9/1/2046 | 91,901 | |
JPY 142,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 114, 2.100%, 12/20/2029 | 1,522,639 | |
185,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 153, 1.300%, 6/20/2035 | 1,928,440 | |
50,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 351, 0.100%, 6/20/2028 | 459,553 | |
155,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 44, 1.700%, 9/20/2044 | 1,768,850 | |
MXN 24,000,000 | Mexico, Government of, Series M, 6.500%, 6/10/2021 | 1,204,591 | |
30,000 | Mexico, Government of, Series MTNA, 6.750%, 9/27/2034 | 39,638 | |
EUR 450,000 | Netherlands, Government of, Unsecd. Note, 2.500%, 1/15/2033 | 707,518 | |
150,000 | Spain, Government of, 4.200%, 1/31/2037 | 270,904 | |
600,000 | Spain, Government of, Sr. Unsecd. Note, 1.500%, 4/30/2027 | 800,243 | |
590,000 | Spain, Government of, Sr. Unsecd. Note, 1.950%, 7/30/2030 | 822,694 | |
480,000 | Spain, Government of, Sr. Unsecd. Note, 2.750%, 10/31/2024 | 648,816 | |
GBP 200,000 | United Kingdom, Government of, 2.750%, 9/7/2024 | 307,662 | |
430,000 | United Kingdom, Government of, 3.250%, 1/22/2044 | 845,598 | |
350,000 | United Kingdom, Government of, 4.250%, 12/7/2027 | 615,892 | |
270,000 | United Kingdom, Government of, Bond, 4.250%, 3/7/2036 | 547,408 | |
650,000 | United Kingdom, Government of, Unsecd. Deb., 1.625%, 10/22/2028 | 991,170 | |
600,000 | United Kingdom, Government of, Unsecd. Note, 1.500%, 7/22/2047 | 888,775 | |
230,000 | United Kingdom, Government of, Unsecd. Note, 4.250%, 6/7/2032 | 440,000 | |
TOTAL FOREIGN GOVERNMENTS/AGENCIES (IDENTIFIED COST $24,402,567) | 27,127,424 | ||
CORPORATE BONDS— 4.9% | |||
Basic Industry - Metals & Mining— 0.0% | |||
$ 100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 4/15/2023 | 106,270 | |
Capital Goods - Aerospace & Defense— 0.3% | |||
350,000 | Boeing Co., Sr. Unsecd. Note, 4.875%, 5/1/2025 | 393,390 | |
145,000 | Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, Series WI, 3.844%, 5/1/2025 | 159,336 | |
300,000 | Leidos, Inc., Sr. Unsecd. Note, 144A, 2.300%, 2/15/2031 | 287,496 | |
215,000 | Leidos, Inc., Unsecd. Note, 144A, 3.625%, 5/15/2025 | 234,327 | |
180,000 | Lockheed Martin Corp., Sr. Unsecd. Note, 3.550%, 1/15/2026 | 200,059 |
Shares, Principal Amount or Contracts | Value | ||
CORPORATE BONDS— continued | |||
Capital Goods - Aerospace & Defense— continued | |||
$ 90,000 | 4 | Textron Financial Corp., Jr. Sub. Note, 144A, 1.890% (3-month USLIBOR +1.735%), 2/15/2042 | $74,700 |
TOTAL | 1,349,308 | ||
Capital Goods - Building Materials— 0.0% | |||
125,000 | Allegion PLC, Sr. Unsecd. Note, 3.500%, 10/1/2029 | 133,811 | |
Capital Goods - Construction Machinery— 0.1% | |||
195,000 | Deere & Co., Sr. Unsecd. Note, 2.750%, 4/15/2025 | 209,384 | |
Capital Goods - Diversified Manufacturing— 0.0% | |||
30,000 | General Electric Capital Corp., Note, Series MTNA, 6.750%, 3/15/2032 | 40,745 | |
75,000 | Lennox International, Inc., Sr. Unsecd. Note, 1.700%, 8/1/2027 | 75,302 | |
TOTAL | 116,047 | ||
Communications - Cable & Satellite— 0.0% | |||
30,000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., 5.050%, 3/30/2029 | 34,982 | |
Communications - Media & Entertainment— 0.1% | |||
20,000 | Discovery Communications LLC, Sr. Unsecd. Note, 4.900%, 3/11/2026 | 22,863 | |
70,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046 | 93,113 | |
400,000 | ViacomCBS, Inc., Sr. Unsecd. Note, 4.750%, 5/15/2025 | 454,165 | |
TOTAL | 570,141 | ||
Communications - Telecom Wireless— 0.0% | |||
80,000 | T-Mobile USA, Inc., 2.250%, 11/15/2031 | 76,941 | |
Communications - Telecom Wirelines— 0.1% | |||
364,000 | AT&T, Inc., Sr. Unsecd. Note, 144A, 3.550%, 9/15/2055 | 344,676 | |
200,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 3/15/2024 | 218,350 | |
TOTAL | 563,026 | ||
Consumer Cyclical - Automotive— 0.0% | |||
70,000 | General Motors Co., Sr. Unsecd. Note, 4.000%, 4/1/2025 | 76,875 | |
Consumer Cyclical - Retailers— 0.3% | |||
600,000 | Advance Auto Parts, Inc., Sr. Unsecd. Note, Series WI, 3.900%, 4/15/2030 | 661,588 | |
225,000 | AutoNation, Inc., Sr. Unsecd. Note, 4.750%, 6/1/2030 | 265,026 | |
300,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 4/15/2025 | 323,949 | |
74,434 | CVS Health Corp., Pass Thru Cert., 144A, 5.298%, 1/11/2027 | 82,138 | |
TOTAL | 1,332,701 | ||
Consumer Cyclical - Services— 0.1% | |||
200,000 | Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.800%, 6/6/2023 | 208,655 | |
130,000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | 142,631 | |
TOTAL | 351,286 | ||
Consumer Non-Cyclical - Food/Beverage— 0.2% | |||
210,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026 | 229,029 | |
157,000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 3.950%, 7/15/2025 | 173,064 |
Shares, Principal Amount or Contracts | Value | ||
CORPORATE BONDS— continued | |||
Consumer Non-Cyclical - Food/Beverage— continued | |||
$ 120,000 | Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025 | $135,746 | |
70,000 | PepsiCo, Inc., Sr. Unsecd. Note, 4.450%, 4/14/2046 | 86,889 | |
TOTAL | 624,728 | ||
Consumer Non-Cyclical - Health Care— 0.2% | |||
210,000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 2.750%, 9/15/2029 | 217,557 | |
180,000 | Dentsply Sirona, Inc., Sr. Unsecd. Note, 3.250%, 6/1/2030 | 190,358 | |
400,000 | PerkinElmer, Inc., Sr. Unsecd. Note, 3.300%, 9/15/2029 | 427,853 | |
75,000 | Thermo Fisher Scientific, Inc., Sr. Unsecd. Note, 4.133%, 3/25/2025 | 83,637 | |
TOTAL | 919,405 | ||
Consumer Non-Cyclical - Pharmaceuticals— 0.1% | |||
90,000 | Gilead Sciences, Inc., Sr. Unsecd. Note, 3.650%, 3/1/2026 | 99,551 | |
190,000 | Zoetis, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2050 | 188,214 | |
TOTAL | 287,765 | ||
Consumer Non-Cyclical - Tobacco— 0.4% | |||
EUR 870,000 | Philip Morris International, Inc., Sr. Unsecd. Note, 2.875%, 5/14/2029 | 1,250,756 | |
$ 200,000 | Reynolds American, Inc., Sr. Unsecd. Note, 5.850%, 8/15/2045 | 233,116 | |
TOTAL | 1,483,872 | ||
Energy - Independent— 0.1% | |||
400,000 | Pioneer Natural Resources, Inc., Sr. Unsecd. Note, 2.150%, 1/15/2031 | 384,635 | |
Energy - Integrated— 0.3% | |||
340,000 | Exxon Mobil Corp., Sr. Unsecd. Note, 2.992%, 3/19/2025 | 367,277 | |
100,000 | Husky Energy, Inc., Sr. Unsecd. Note, 3.950%, 4/15/2022 | 102,037 | |
35,000 | Petro-Canada, Deb., 7.000%, 11/15/2028 | 44,684 | |
EUR 600,000 | Petroleos Mexicanos, Sr. Unsecd. Note, Series EMTN, 1.875%, 4/21/2022 | 733,499 | |
TOTAL | 1,247,497 | ||
Energy - Midstream— 0.1% | |||
$ 325,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 | 353,193 | |
80,000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 | 89,697 | |
TOTAL | 442,890 | ||
Energy - Refining— 0.1% | |||
250,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.750%, 9/15/2044 | 286,247 | |
Financial Institution - Banking— 0.5% | |||
100,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 4.875%, 4/1/2044 | 125,253 | |
300,000 | Bank of America Corp., Sub. Note, Series MTN, 4.000%, 1/22/2025 | 331,099 | |
250,000 | Citizens Bank N.A., Sr. Unsecd. Note, Series BKNT, 3.750%, 2/18/2026 | 277,832 | |
250,000 | Compass Bank, Birmingham, Sub. Note, Series BKNT, 3.875%, 4/10/2025 | 275,247 | |
5,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 5.750%, 1/24/2022 | 5,179 | |
100,000 | JPMorgan Chase & Co., Series S, 6.750%, 8/1/2069 | 109,988 |
Shares, Principal Amount or Contracts | Value | ||
CORPORATE BONDS— continued | |||
Financial Institution - Banking— continued | |||
$ 50,000 | JPMorgan Chase & Co., Sub. Note, 3.375%, 5/1/2023 | $52,877 | |
400,000 | Morgan Stanley, 4.300%, 1/27/2045 | 474,245 | |
70,000 | Morgan Stanley, Sr. Unsecd. Note, Series MTN, 1.794%, 2/13/2032 | 66,040 | |
21,306 | 3 | Regional Diversified Funding, 144A, 9.250%, 3/15/2030 | 8,948 |
300,000 | US Bancorp, Sr. Unsecd. Note, Series MTN, 1.375%, 7/22/2030 | 283,057 | |
TOTAL | 2,009,765 | ||
Financial Institution - Broker/Asset Mgr/Exchange— 0.1% | |||
140,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | 155,509 | |
70,000 | TIAA Asset Management Finance Co. LLC, Sr. Unsecd. Note, 144A, 4.125%, 11/1/2024 | 77,577 | |
TOTAL | 233,086 | ||
Financial Institution - Insurance - Life— 0.0% | |||
27,000 | Aflac, Inc., Sr. Unsecd. Note, 6.450%, 8/15/2040 | 37,915 | |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039 | 16,891 | |
105,000 | Northwestern Mutual Life Insurance Co., Sr. Unsecd. Note, 144A, 3.625%, 9/30/2059 | 108,044 | |
TOTAL | 162,850 | ||
Financial Institution - Insurance - P&C— 0.1% | |||
30,000 | Nationwide Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039 | 50,577 | |
75,000 | Nationwide Mutual Insurance Co., Sub., 144A, 4.350%, 4/30/2050 | 80,916 | |
275,000 | Nationwide Mutual Insurance Co., Sub. Note, 144A, 4.950%, 4/22/2044 | 320,597 | |
TOTAL | 452,090 | ||
Financial Institution - REIT - Apartment— 0.1% | |||
300,000 | Mid-America Apartment Communities LP, Sr. Unsecd. Note, 3.750%, 6/15/2024 | 324,978 | |
140,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026 | 150,300 | |
TOTAL | 475,278 | ||
Financial Institution - REIT - Other— 0.1% | |||
90,000 | WP Carey, Inc., Sr. Unsecd. Note, 3.850%, 7/15/2029 | 98,506 | |
160,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024 | 175,744 | |
TOTAL | 274,250 | ||
Financial Institution - REIT - Retail— 0.1% | |||
400,000 | Kimco Realty Corp., Sr. Unsecd. Note, 2.700%, 10/1/2030 | 405,351 | |
30,000 | Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/1/2022 | 31,120 | |
TOTAL | 436,471 | ||
Financial Institution - REITs— 0.0% | |||
70,000 | Camden Property Trust, Sr. Unsecd. Note, 2.800%, 5/15/2030 | 72,774 | |
Food Products— 0.0% | |||
INR 73,689 | Britannia Industries Ltd., Unsecd. Note, 0.000%, 6/1/2024 | 1,017 | |
Foreign-Local-Government— 0.0% | |||
$ 50,000 | Quebec, Province of, Note, Series MTNA, 7.035%, 3/10/2026 | 63,504 |
Shares, Principal Amount or Contracts | Value | ||
CORPORATE BONDS— continued | |||
Municipal Services— 0.1% | |||
$ 131,712 | Army Hawaii Family Housing, 144A, 5.524%, 6/15/2050 | $170,001 | |
100,000 | Camp Pendleton & Quantico Housing LLC, 5.572%, 10/1/2050 | 117,575 | |
TOTAL | 287,576 | ||
Sovereign— 0.1% | |||
JPY 30,000,000 | KFW, 2.050%, 2/16/2026 | 302,486 | |
Technology— 0.3% | |||
$ 45,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2051 | 43,794 | |
320,000 | Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr. Secd. Note, 144A, 6.020%, 6/15/2026 | 381,665 | |
280,000 | Intel Corp., Sr. Unsecd. Note, 3.400%, 3/25/2025 | 307,576 | |
300,000 | Keysight Technologies, Inc., 4.550%, 10/30/2024 | 334,691 | |
380,000 | Molex Electronics Technologies LLC, Unsecd. Note, 144A, 3.900%, 4/15/2025 | 391,638 | |
TOTAL | 1,459,364 | ||
Transportation - Airlines— 0.0% | |||
140,000 | Southwest Airlines Co., Sr. Unsecd. Note, 5.250%, 5/4/2025 | 160,670 | |
Transportation - Services— 0.1% | |||
62,000 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 3.850%, 11/15/2024 | 68,077 | |
160,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 3.900%, 4/1/2025 | 178,242 | |
TOTAL | 246,319 | ||
Utility - Electric— 0.7% | |||
155,000 | Berkshire Hathaway Energy Co., Sr. Unsecd. Note, Series WI, 4.050%, 4/15/2025 | 172,852 | |
135,000 | Consolidated Edison Co., Sr. Unsecd. Note, Series 20B, 3.950%, 4/1/2050 | 149,413 | |
275,000 | Electricite de France SA, Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028 | 317,951 | |
190,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 | 217,734 | |
400,000 | Enel Finance International NV, Sr. Unsecd. Note, 144A, 2.650%, 9/10/2024 | 421,304 | |
300,000 | Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026 | 327,559 | |
160,000 | Florida Power & Light Co., Sec. Fac. Bond, 2.850%, 4/1/2025 | 172,097 | |
140,000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 | 153,080 | |
200,000 | NiSource Finance Corp., Sr. Unsecd. Note, 3.950%, 3/30/2048 | 218,955 | |
400,000 | Northeast Utilities, Sr. Unsecd. Note, Series H, 3.150%, 1/15/2025 | 428,030 | |
125,000 | Wisconsin Electric Power Co., Sr. Unsecd. Note, 4.300%, 12/15/2045 | 143,446 | |
TOTAL | 2,722,421 | ||
Utility - Natural Gas— 0.1% | |||
495,000 | National Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 1/15/2026 | 575,160 | |
TOTAL CORPORATE BONDS (IDENTIFIED COST $18,836,511) | 20,532,892 |
Shares, Principal Amount or Contracts | Value | ||
U.S. TREASURIES— 1.0% | |||
Treasury Inflation-Indexed Note— 0.9% | |||
$ 144,099 | U.S. Treasury Inflation-Protected Notes, 0.125%, 1/15/2030 | $158,508 | |
2,136,309 | U.S. Treasury Inflation-Protected Notes, 0.125%, 1/15/2031 | 2,346,089 | |
635,719 | U.S. Treasury Inflation-Protected Notes, 0.125%, 2/15/2051 | 666,630 | |
607,724 | U.S. Treasury Inflation-Protected Notes, 0.250%, 2/15/2050 | 658,990 | |
TOTAL | 3,830,217 | ||
U.S. Treasury Bond— 0.0% | |||
175,000 | United States Treasury Bond, 1.875%, 2/15/2051 | 159,830 | |
3,000 | United States Treasury Bond, 3.000%, 11/15/2045 | 3,432 | |
TOTAL | 163,262 | ||
U.S. Treasury Note— 0.1% | |||
100,000 | United States Treasury Note, 0.750%, 4/30/2026 | 99,898 | |
100,000 | United States Treasury Note, 1.125%, 2/15/2031 | 95,935 | |
115,000 | United States Treasury Note, 1.625%, 5/15/2031 | 115,448 | |
TOTAL | 311,281 | ||
TOTAL U.S. TREASURIES (IDENTIFIED COST $4,334,284) | 4,304,760 | ||
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 | 483,100 | |
500,000 | Toyota Auto Receivables Owner Trust 2020-B, Class A4, 1.660%, 9/15/2025 | 514,081 | |
153,593 | World Omni Auto Receivables Trust 2018-B, Class A3, 2.870%, 7/17/2023 | 155,214 | |
285,000 | World Omni Auto Receivables Trust 2021-A, Class C, 0.890%, 8/16/2027 | 284,199 | |
TOTAL | 1,436,594 | ||
Credit Card— 0.2% | |||
700,000 | 4 | Trillium Credit Card Trust II 2020-1A, Class A, 0.461% (1-month USLIBOR +0.370%), 12/26/2024 | 701,937 |
Equipment Lease— 0.2% | |||
300,000 | CNH Equipment Trust 2020-A, Class A3, 1.160%, 6/16/2025 | 303,630 | |
500,000 | HPEFS Equipment Trust 2020-2A, Class C, 2.000%, 7/22/2030 | 505,529 | |
TOTAL | 809,159 | ||
Other— 0.1% | |||
300,000 | PFS Financing Corp. 2020-G, Class A, 0.970%, 2/15/2026 | 303,405 | |
Student Loans— 0.0% | |||
154,791 | Navient Student Loan Trust 2021-A, Class A, 0.840%, 5/15/2069 | 155,553 | |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $3,323,531) | 3,406,648 | ||
GOVERNMENT AGENCIES— 0.2% | |||
Federal Home Loan Bank System— 0.0% | |||
200,000 | Federal Home Loan Bank System Notes, 0.500%, 4/14/2025 | 199,639 |
Shares, Principal Amount or Contracts | Value | ||
GOVERNMENT AGENCIES— continued | |||
Federal National Mortgage Association— 0.2% | |||
$ 635,000 | Federal National Mortgage Association Notes, 0.625%, 4/22/2025 | $637,020 | |
TOTAL GOVERNMENT AGENCIES (IDENTIFIED COST $834,891) | 836,659 | ||
COMMERCIAL MORTGAGE-BACKED SECURITIES— 0.2% | |||
Agency Commercial Mortgage-Backed Securities— 0.2% | |||
113,911 | Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025 | 117,756 | |
500,000 | Federal Home Loan Mortgage Corp. REMIC, Series K737, Class A2, 2.525%, 10/25/2026 | 538,481 | |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $631,162) | 656,237 | ||
COLLATERALIZED MORTGAGE OBLIGATIONS— 0.2% | |||
Commercial Mortgage— 0.2% | |||
255,000 | Bank, Class A4, 3.488%, 11/15/2050 | 282,793 | |
300,000 | JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049 | 326,385 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $571,639) | 609,178 | ||
MORTGAGE-BACKED SECURITIES— 0.0% | |||
Federal Home Loan Mortgage Corporation REMIC— 0.0% | |||
963 | Federal Home Loan Mortgage Corp., Pool C00592, 7.000%, 3/1/2028 | 1,093 | |
707 | Federal Home Loan Mortgage Corp., Pool C00896, 7.500%, 12/1/2029 | 821 | |
917 | Federal Home Loan Mortgage Corp., Pool C19588, 6.500%, 12/1/2028 | 1,048 | |
428 | Federal Home Loan Mortgage Corp., Pool C25621, 6.500%, 5/1/2029 | 490 | |
680 | Federal Home Loan Mortgage Corp., Pool C76361, 6.000%, 2/1/2033 | 797 | |
1,482 | Federal Home Loan Mortgage Corp., Pool G01444, 6.500%, 8/1/2032 | 1,729 | |
TOTAL | 5,978 | ||
Federal National Mortgage Association— 0.0% | |||
875 | Federal National Mortgage Association, Pool 251697, 6.500%, 5/1/2028 | 983 | |
3,487 | Federal National Mortgage Association, Pool 252334, 6.500%, 2/1/2029 | 3,915 | |
2,510 | Federal National Mortgage Association, Pool 254905, 6.000%, 10/1/2033 | 2,937 | |
1,923 | Federal National Mortgage Association, Pool 255075, 5.500%, 2/1/2024 | 2,147 | |
233 | Federal National Mortgage Association, Pool 303168, 9.500%, 2/1/2025 | 255 | |
157 | Federal National Mortgage Association, Pool 323159, 7.500%, 4/1/2028 | 179 |
Shares, Principal Amount or Contracts | Value | ||
MORTGAGE-BACKED SECURITIES— continued | |||
Federal National Mortgage Association— continued | |||
$ 1,450 | Federal National Mortgage Association, Pool 323640, 7.500%, 4/1/2029 | $1,641 | |
3,694 | Federal National Mortgage Association, Pool 545993, 6.000%, 11/1/2032 | 4,296 | |
1,541 | Federal National Mortgage Association, Pool 555272, 6.000%, 3/1/2033 | 1,790 | |
999 | Federal National Mortgage Association, Pool 713974, 5.500%, 7/1/2033 | 1,154 | |
2,662 | Federal National Mortgage Association, Pool 721502, 5.000%, 7/1/2033 | 3,013 | |
TOTAL | 22,310 | ||
Government National Mortgage Association— 0.0% | |||
3,685 | Government National Mortgage Association, Pool 2796, 7.000%, 8/20/2029 | 4,208 | |
2,221 | Government National Mortgage Association, Pool 3040, 7.000%, 2/20/2031 | 2,571 | |
5,583 | Government National Mortgage Association, Pool 3188, 6.500%, 1/20/2032 | 6,453 | |
7,235 | Government National Mortgage Association, Pool 3239, 6.500%, 5/20/2032 | 8,397 | |
81 | Government National Mortgage Association, Pool 352214, 7.000%, 4/15/2023 | 85 | |
1,187 | Government National Mortgage Association, Pool 451522, 7.500%, 10/15/2027 | 1,347 | |
705 | Government National Mortgage Association, Pool 462556, 6.500%, 2/15/2028 | 785 | |
233 | Government National Mortgage Association, Pool 462739, 7.500%, 5/15/2028 | 264 | |
89 | Government National Mortgage Association, Pool 464835, 6.500%, 9/15/2028 | 100 | |
1,577 | Government National Mortgage Association, Pool 469699, 7.000%, 11/15/2028 | 1,785 | |
1,498 | Government National Mortgage Association, Pool 486760, 6.500%, 12/15/2028 | 1,694 | |
80 | Government National Mortgage Association, Pool 780339, 8.000%, 12/15/2023 | 84 | |
1,196 | Government National Mortgage Association, Pool 780453, 7.500%, 12/15/2025 | 1,318 | |
1,182 | Government National Mortgage Association, Pool 780584, 7.000%, 6/15/2027 | 1,302 | |
TOTAL | 30,393 | ||
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $51,659) | 58,681 | ||
PURCHASED CALL OPTION— 0.0% | |||
1,800,000 | JPM EUR CALL/USD PUT, Notional Amount $1,800,000, Exercise Price, $1.23, Expiration Date 6/14/2021 (IDENTIFIED COST $4,728) | 2,748 |
Shares, Principal Amount or Contracts | Value | ||
PURCHASED PUT OPTION— 0.0% | |||
1,800,000 | JPM USD PUT/CAD CALL, Notional Amount $1,800,000, Exercise Price, $1.20, Expiration Date 6/14/2021 (IDENTIFIED COST $4,590) | $3,188 | |
EXCHANGE-TRADED FUND— 0.3% | |||
29,898 | iShares MSCI Saudi Arabia ETF (IDENTIFIED COST $1,128,072) | 1,152,269 | |
INVESTMENT COMPANIES— 16.7% | |||
354,458 | Bank Loan Core Fund | 3,427,609 | |
4,026,157 | Emerging Markets Core Fund | 41,388,889 | |
9,183,552 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.03%5 | 9,186,307 | |
483,940 | 6 | High Yield Bond Core Fund | 3,073,019 |
954,215 | Mortgage Core Fund | 9,456,273 | |
367,258 | Project and Trade Finance Core Fund | 3,253,907 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $65,831,551) | 69,786,004 | ||
TOTAL INVESTMENT IN SECURITIES—98.4% (IDENTIFIED COST $331,753,453)7 | 411,130,146 | ||
OTHER ASSETS AND LIABILITIES - NET—1.6%8 | 6,749,453 | ||
TOTAL NET ASSETS—100% | $417,879,599 |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
Long Futures: | ||||
1United States Treasury Notes 2-Year Long Futures | 35 | $7,725,703 | September 2021 | $3,513 |
1S&P 500 E-Mini Long Futures | 57 | $11,976,840 | June 2021 | $677,147 |
1Amsterdam Index Long Futures | 44 | $7,605,923 | June 2021 | $16,725 |
1Canada 10-Year Bond Long Futures | 139 | $16,587,260 | September 2021 | $10,035 |
1Euro BTP Long Futures | 42 | $7,545,272 | June 2021 | $31,046 |
1FTSE Taiwan Index Long Futures | 20 | $1,198,400 | June 2021 | $10,551 |
1FTSE/MIB Index Long Futures | 24 | $3,683,519 | June 2021 | $130,466 |
1Long GILT Long Futures | 124 | $22,392,773 | September 2021 | $90,479 |
1TOPIX Index Long Futures | 10 | $1,755,816 | June 2021 | $40,437 |
1United States Treasury Long Bond Long Futures | 4 | $626,125 | September 2021 | $3,427 |
Short Futures: | ||||
1United States Treasury Notes 5-Year Short Futures | 19 | $2,353,180 | September 2021 | $(3,232) |
1United States Treasury Notes 10-Year Short Futures | 21 | $2,770,688 | September 2021 | $(7,265) |
1Australia 10-Year Bond Short Futures | 160 | $17,261,917 | June 2021 | $(31,120) |
1CAC 40 10-Year Euro Short Futures | 11 | $863,322 | June 2021 | $(20,477) |
1DAX Index Short Futures | 1 | $469,915 | June 2021 | $(4,107) |
1Euro Bund Short Futures | 8 | $1,657,866 | June 2021 | $278 |
1FTSE 100 Index Short Futures | 25 | $2,491,851 | June 2021 | $(19,787) |
1FTSE JSE Top 40 Short Futures | 33 | $1,481,465 | June 2021 | $(18,797) |
1Hang Seng Index Short Futures | 6 | $1,119,380 | June 2021 | $4,536 |
1IBEX 35 Index Short Futures | 30 | $3,341,683 | June 2021 | $(39,136) |
1Japan 10-Year Bond Short Futures | 8 | $11,031,820 | June 2021 | $(6,251) |
1MSCI Singapore IX ETS Short Futures | 23 | $625,304 | June 2021 | $(6,895) |
1S&P/TSX 60 IX Short Futures | 44 | $8,585,472 | June 2021 | $(136,788) |
1SPI 200 Short Futures | 29 | $4,005,096 | June 2021 | $(68,199) |
1United States Treasury Notes 10-Year Ultra Short Futures | 16 | $2,319,250 | September 2021 | $(3,262) |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $653,324 |
Settlement Date | Counterparty | Foreign Currency Units to Deliver/Receive | In Exchange For | Net Unrealized Appreciation/ (Depreciation) | |
Contracts Purchased: | |||||
6/1/2021 | Barclays Bank PLC Wholesale | 1,683,000 | AUD | 1,307,841 | $(5,368) |
6/1/2021 | HSBC Bank USA | 3,639,000 | CHF | 4,036,626 | $11,881 |
6/1/2021 | Morgan Stanley | 3,105,000 | EUR | 3,775,413 | $21,536 |
6/1/2021 | JPMorgan Chase | 2,855,000 | GBP | 4,036,446 | $19,655 |
6/1/2021 | HSBC Bank USA | 79,060,000 | JPY | 726,718 | $(4,643) |
6/1/2021 | Bank of America N.A. | 26,425,000 | SEK | 3,174,104 | $13,606 |
6/7/2021 | State Street Bank & Trust Co. | 3,787,000 | CHF | 4,223,549 | $(9,852) |
6/7/2021 | Credit Agricole CIB | 3,517,000 | EUR | 4,296,907 | $4,257 |
6/7/2021 | HSBC Bank USA | 3,227,000 | GBP | 4,568,361 | $16,241 |
6/7/2021 | Citibank N.A. | 22,236,000 | MXN | 1,116,855 | $(1,502) |
6/7/2021 | Morgan Stanley | 17,476,000 | SEK | 2,100,855 | $7,398 |
6/11/2021 | Citibank N.A. | 36,142 | AUD | 27,215 | $757 |
6/11/2021 | State Street Bank & Trust Co. | 36,545 | AUD | 27,211 | $1,073 |
6/11/2021 | Morgan Stanley | 138,737 | BRL | 27,071 | $(612) |
6/11/2021 | Morgan Stanley | 139,259 | BRL | 27,152 | $(593) |
6/11/2021 | State Street Bank & Trust Co. | 35,041 | CAD | 27,351 | $1,680 |
6/11/2021 | Citibank N.A. | 35,227 | CAD | 27,367 | $1,819 |
6/11/2021 | Citibank N.A. | 24,116 | CHF | 27,318 | $(482) |
6/11/2021 | State Street Bank & Trust Co. | 24,187 | CHF | 27,345 | $(430) |
6/11/2021 | HSBC Bank USA | 178,850 | CNY | 27,114 | $988 |
6/11/2021 | HSBC Bank USA | 179,030 | CNY | 27,058 | $1,072 |
6/11/2021 | Morgan Stanley | 93,455,809 | COP | 27,172 | $(1,982) |
6/11/2021 | Morgan Stanley | 95,058,847 | COP | 27,270 | $(1,648) |
6/11/2021 | BNP Paribas SA | 230,755,037 | COP | 62,978 | $(780) |
6/11/2021 | Credit Agricole CIB | 22,444 | EUR | 27,439 | $12 |
6/11/2021 | Credit Agricole CIB | 22,647 | EUR | 27,468 | $230 |
6/11/2021 | Credit Agricole CIB | 45,000 | EUR | 54,198 | $840 |
6/11/2021 | State Street Bank & Trust Co. | 20,412 | GBP | 27,373 | $1,627 |
6/11/2021 | Citibank N.A. | 20,570 | GBP | 27,388 | $1,836 |
6/11/2021 | Morgan Stanley | 385,718,856 | IDR | 26,906 | $85 |
6/11/2021 | Morgan Stanley | 385,855,588 | IDR | 26,875 | $126 |
6/11/2021 | Morgan Stanley | 390,000,000 | IDR | 26,910 | $381 |
6/11/2021 | Credit Agricole CIB | 1,999,817 | INR | 26,683 | $815 |
6/11/2021 | Morgan Stanley | 2,000,000 | INR | 26,860 | $641 |
Settlement Date | Counterparty | Foreign Currency Units to Deliver/Receive | In Exchange For | Net Unrealized Appreciation/ (Depreciation) | |
6/11/2021 | Credit Agricole CIB | 2,002,431 | INR | 26,611 | $923 |
6/11/2021 | Citibank N.A. | 2,832,525 | JPY | 27,431 | $(1,560) |
6/11/2021 | Credit Agricole CIB | 2,850,300 | JPY | 27,419 | $(1,385) |
6/11/2021 | Bank of America N.A. | 542,429 | MXN | 26,884 | $311 |
6/11/2021 | HSBC Bank USA | 547,666 | MXN | 26,889 | $568 |
6/11/2021 | Citibank N.A. | 1,100,000 | MXN | 54,302 | $847 |
6/15/2021 | Bank of America N.A. | 435,248 | CAD | 360,000 | $594 |
7/27/2021 | Citibank N.A. | 1,100,000 | AUD | 1,185,736 NZD | $(11,414) |
7/27/2021 | Bank of America N.A. | 400,000 | AUD | 310,324 | $(689) |
7/27/2021 | Barclays Bank PLC Wholesale | 2,000,000 | BRL | 358,452 | $21,319 |
7/27/2021 | JPMorgan Chase | 2,000,000 | BRL | 370,542 | $9,229 |
7/27/2021 | JPMorgan Chase | 590,167 | CAD | 400,000 EUR | $(739) |
7/27/2021 | State Street Bank & Trust Co. | 435,128 | CAD | 250,000 GBP | $5,283 |
7/27/2021 | State Street Bank & Trust Co. | 1,800,000 | CAD | 155,782,620 JPY | $67,796 |
7/27/2021 | Citibank N.A. | 2,600,000 | CAD | 234,370,500 JPY | $12,485 |
7/27/2021 | BNP Paribas SA | 800,000 | CAD | 2,445,538 PLN | $(4,925) |
7/27/2021 | Credit Agricole CIB | 250,000,000 | CLP | 362,041 | $(16,109) |
7/27/2021 | JPMorgan Chase | 300,000 | EUR | 361,232 | $6,010 |
7/27/2021 | Citibank N.A. | 300,000 | EUR | 363,620 | $3,622 |
7/27/2021 | JPMorgan Chase | 900,000 | EUR | 1,088,991 | $12,735 |
7/27/2021 | Bank of America N.A. | 1,800,000 | EUR | 2,200,689 | $2,764 |
7/27/2021 | JPMorgan Chase | 1,000,000 | GBP | 1,388,386 | $32,391 |
7/27/2021 | Citibank N.A. | 152,623,604 | JPY | 1,400,000 | $(5,469) |
7/27/2021 | BNP Paribas SA | 556,134,286 | JPY | 5,150,000 | $(68,568) |
7/27/2021 | HSBC Bank USA | 884,460,000 | KRW | 788,964 | $7,195 |
7/27/2021 | HSBC Bank USA | 2,071,691,000 | KRW | 1,864,977 | $(117) |
7/27/2021 | State Street Bank & Trust Co. | 12,090,158 | MXN | 600,000 | $3,062 |
7/27/2021 | Credit Agricole CIB | 14,060,192 | MXN | 700,000 | $1,328 |
7/27/2021 | JPMorgan Chase | 837,751 | PLN | 220,000 | $8,721 |
7/27/2021 | Citibank N.A. | 3,348,399 | PLN | 880,000 | $34,173 |
7/27/2021 | Citibank N.A. | 3,774,638 | PLN | 1,000,000 | $30,544 |
7/27/2021 | Credit Agricole CIB | 36,000,000 | RUB | 469,256 | $17,209 |
12/16/2021 | BNP Paribas SA | 2,300,000 | CNY | 349,237 | $7,621 |
Settlement Date | Counterparty | Foreign Currency Units to Deliver/Receive | In Exchange For | Net Unrealized Appreciation/ (Depreciation) | |
Contracts Sold: | |||||
6/1/2021 | Bank of America N.A. | 1,683,000 | AUD | 1,300,687 | $(1,787) |
6/1/2021 | State Street Bank & Trust Co. | 3,639,000 | CHF | 4,057,884 | $9,378 |
6/1/2021 | Credit Agricole CIB | 3,105,000 | EUR | 3,793,139 | $(3,809) |
6/1/2021 | HSBC Bank USA | 2,855,000 | GBP | 4,041,739 | $(14,362) |
6/1/2021 | Morgan Stanley | 79,060,000 | JPY | 724,475 | $2,400 |
6/1/2021 | Morgan Stanley | 26,425,000 | SEK | 3,176,496 | $(11,214) |
6/7/2021 | Goldman Sachs | 4,583,000 | TRY | 542,463 | $4,220 |
6/11/2021 | Credit Agricole CIB | 72,688 | AUD | 56,038 | $(218) |
6/11/2021 | Morgan Stanley | 277,995 | BRL | 50,000 | $(3,017) |
6/11/2021 | Citibank N.A. | 48,303 | CHF | 52,172 | $(1,579) |
6/11/2021 | Morgan Stanley | 188,514,656 | COP | 48,800 | $(2,012) |
6/11/2021 | Morgan Stanley | 230,755,037 | COP | 63,031 | $833 |
6/11/2021 | Barclays Bank PLC Wholesale | 45,091 | EUR | 54,270 | $(880) |
6/11/2021 | BANK OF NEW YORK | 5,682,825 | JPY | 52,004 | $98 |
6/11/2021 | HSBC Bank USA | 1,090,095 | MXN | 54,251 | $(402) |
6/11/2021 | State Street Bank & Trust Co. | 1,100,000 | MXN | 54,402 | $(748) |
6/15/2021 | JPMorgan Chase | 2,171,610 | CAD | 1,800,000 | $863 |
7/27/2021 | Citibank N.A. | 1,100,000 | AUD | 1,170,415 NZD | $263 |
7/27/2021 | Credit Agricole CIB | 2,000,000 | BRL | 364,281 | $(15,490) |
7/27/2021 | Bank of America N.A. | 585,594 | CAD | 400,000 EUR | $4,528 |
7/27/2021 | Citibank N.A. | 589,124 | CAD | 400,000 EUR | $1,603 |
7/27/2021 | Morgan Stanley | 431,207 | CAD | 250,000 GBP | $(2,035) |
7/27/2021 | State Street Bank & Trust Co. | 360,000 | CAD | 31,340,621 JPY | $(11,877) |
7/27/2021 | State Street Bank & Trust Co. | 432,000 | CAD | 38,198,719 JPY | $(8,862) |
7/27/2021 | Morgan Stanley | 504,000 | CAD | 44,625,208 JPY | $(9,790) |
7/27/2021 | Bank of America N.A. | 504,000 | CAD | 45,156,082 JPY | $(4,939) |
7/27/2021 | BNP Paribas SA | 2,600,000 | CAD | 232,704,628 JPY | $(27,706) |
7/27/2021 | State Street Bank & Trust Co. | 800,000 | CAD | 2,478,439 PLN | $13,907 |
7/27/2021 | JPMorgan Chase | 250,000,000 | CLP | 352,545 | $6,613 |
7/27/2021 | JPMorgan Chase | 1,700,000 | EUR | 2,075,710 | $(5,328) |
7/27/2021 | State Street Bank & Trust Co. | 1,800,000 | EUR | 2,200,293 | $(3,159) |
7/27/2021 | State Street Bank & Trust Co. | 500,000 | GBP | 707,435 | $(2,953) |
7/27/2021 | JPMorgan Chase | 400,000 | GBP | 565,724 | $(2,587) |
7/27/2021 | State Street Bank & Trust Co. | 37,597,490 | JPY | 350,000 | $6,470 |
Settlement Date | Counterparty | Foreign Currency Units to Deliver/Receive | In Exchange For | Net Unrealized Appreciation/ (Depreciation) | |
7/27/2021 | Morgan Stanley | 37,976,876 | JPY | 350,000 | $3,003 |
7/27/2021 | State Street Bank & Trust Co. | 76,011,467 | JPY | 700,000 | $5,479 |
7/27/2021 | HSBC Bank USA | 159,909,000 | KRW | 143,555 | $(389) |
7/27/2021 | HSBC Bank USA | 568,836,000 | KRW | 505,803 | $(6,242) |
7/27/2021 | BNP Paribas SA | 2,849,978,000 | KRW | 2,560,083 | $(5,363) |
7/27/2021 | BNP Paribas SA | 6,010,248 | MXN | 300,000 | $206 |
7/27/2021 | JPMorgan Chase | 14,118,838 | MXN | 700,000 | $(4,253) |
7/27/2021 | BNP Paribas SA | 20,053,207 | MXN | 1,000,000 | $(262) |
7/27/2021 | Citibank N.A. | 7,966,386 | PLN | 2,100,000 | $(74,966) |
7/27/2021 | Goldman Sachs | 36,000,000 | RUB | 480,173 | $(6,292) |
NET UNREALIZED APPRECIATION ON FOREIGN EXCHANGE CONTRACTS | $83,762 |
Counterparty | Description | Notional Amount | Expiration Date | Exercise Price | Value |
Call Option: | |||||
BNP | GBP CALL/USD PUT | $57,358 | June 2021 | $1.40 | $(821) |
Put Option: | |||||
JPM | EUR PUT/USD CALL | $1,800,000 | June 2021 | $1.21 | $(4,491) |
(Premiums Received $5,133) | $(5,312) |
Affiliates | Value as of 11/30/2020 | Purchases at Cost | Proceeds from Sales |
Bank Loan Core Fund | $4,104,779 | $79,777 | $(827,940) |
Emerging Markets Core Fund | $36,224,114 | $5,169,232 | $— |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | $3,404,693 | $66,374,722 | $(60,590,241) |
High Yield Bond Core Fund | $3,191,652 | $591,693 | $(761,400) |
Mortgage Core Fund | $12,848,878 | $2,799,265 | $(6,074,650) |
Project and Trade Finance Core Fund | $3,220,130 | $37,318 | $— |
TOTAL OF AFFILIATED TRANSACTIONS | $62,994,246 | $75,052,007 | $(68,254,231) |
Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss) | Value as of 5/31/2021 | Shares Held as of 5/31/2021 | Dividend Income |
$61,443 | $9,550 | $3,427,609 | 354,458 | $79,758 |
$(4,457) | $— | $41,388,889 | 4,026,157 | $1,273,241 |
$605 | $(3,472) | $9,186,307 | 9,183,552 | $5,773 |
$(38,065) | $89,139 | $3,073,019 | 483,940 | $89,239 |
$(249,281) | $132,061 | $9,456,273 | 954,215 | $120,187 |
$(3,541) | $— | $3,253,907 | 367,258 | $37,352 |
$(233,296) | $227,278 | $69,786,004 | 15,369,580 | $1,605,550 |
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 May 31, 2021, these restricted securities amounted to $241,179, which represented 0.0% 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 Bond Core Fund is a diversified portfolio of below investment grade bonds. |
7 | Also represents cost of investments for federal tax purposes. |
8 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following is a summary of the inputs used, as of May 31, 2021, in valuing the Fund’s assets carried at fair value:
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $151,147,237 | $— | $4,534 | $151,151,771 |
International | 92,210,274 | 39,273,255 | 18,158 | 131,501,687 |
Debt Securities: | ||||
Foreign Governments/Agencies | — | 27,127,424 | — | 27,127,424 |
Corporate Bonds | — | 20,523,944 | 8,948 | 20,532,892 |
U.S. Treasuries | — | 4,304,760 | — | 4,304,760 |
Asset-Backed Securities | — | 3,406,648 | — | 3,406,648 |
Government Agencies | — | 836,659 | — | 836,659 |
Commercial Mortgage-Backed Securities | — | 656,237 | — | 656,237 |
Collateralized Mortgage Obligations | — | 609,178 | — | 609,178 |
Mortgage-Backed Securities | — | 58,681 | — | 58,681 |
Purchased Call Option | — | 2,748 | — | 2,748 |
Purchased Put Option | — | 3,188 | — | 3,188 |
Exchange-Traded Fund | 1,152,269 | — | — | 1,152,269 |
Investment Companies1 | 66,532,097 | — | — | 69,786,004 |
TOTAL SECURITIES | $311,041,877 | $96,802,722 | $31,640 | $411,130,146 |
Other Financial Instruments: | ||||
Assets | ||||
Futures Contracts | $1,018,640 | $— | $— | $1,018,640 |
Foreign Exchange Contracts | — | 455,150 | — | 455,150 |
Liabilities | ||||
Futures Contracts | (365,316) | — | — | (365,316) |
Foreign Exchange Contracts | — | (371,388) | — | (371,388) |
Written Options Contracts | — | (5,312) | — | (5,312) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $653,324 | $78,450 | $— | $731,774 |
1 | As permitted by U.S. generally accepted accounting principles (GAAP), an Investment Company valued at $3,253,907 is measured at fair value using the net asset value (NAV) per share practical expedient and has not been categorized in the chart above but is included in the Total column. The price of shares redeemed of 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 | |
BRL | —Brazilian Real | |
CAD | —Canadian Dollar | |
CHF | —Swiss Franc | |
CLP | —Chilean Peso | |
CNY | —Chinese Yuan Renminbi | |
COP | —Colombian Peso | |
EMTN | —Euro Medium Term Loan | |
ETF | —Exchange-Traded Fund | |
EUR | —Euro Currency | |
GBP | —British Pound | |
GDR | —Global Depository Receipt | |
IDR | —Indonesian Rupiah | |
INR | —Indian Rupee | |
JPY | —Japanese Yen | |
KRW | —Korean Won | |
LIBOR | —London Interbank Offered Rate | |
MTN | —Medium Term Note | |
MXN | —Mexican Peso | |
NZD | —New Zealand Dollar | |
PLC | —Public Limited Company | |
PLN | —Polish Zloty | |
REIT | —Real Estate Investment Trust | |
REMIC | —Real Estate Mortgage Investment Conduit | |
RUB | —Russian Ruble | |
SEK | —Swedish Krona |
Six Months Ended (unaudited) 5/31/2021 | Year Ended November 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $21.46 | $19.83 | $19.08 | $20.09 | $17.49 | $17.87 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.14 | 0.25 | 0.31 | 0.31 | 0.28 | 0.29 |
Net realized and unrealized gain (loss) | 2.19 | 1.82 | 1.44 | (0.99) | 2.63 | (0.37) |
Total From Investment Operations | 2.33 | 2.07 | 1.75 | (0.68) | 2.91 | (0.08) |
Less Distributions: | ||||||
Distributions from net investment income | (0.17) | (0.27) | (0.36) | (0.33) | (0.31) | (0.29) |
Distributions from net realized gain | (0.24) | (0.17) | (0.64) | — | — | (0.01) |
Total Distributions | (0.41) | (0.44) | (1.00) | (0.33) | (0.31) | (0.30) |
Net Asset Value, End of Period | $23.38 | $21.46 | $19.83 | $19.08 | $20.09 | $17.49 |
Total Return2 | 10.98% | 10.70% | 9.89% | (3.46)% | 16.85% | (0.68)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.14%4 | 1.14% | 1.15% | 1.15% | 1.14% | 1.14% |
Net investment income | 1.27%4 | 1.28% | 1.65% | 1.53% | 1.50% | 1.65% |
Expense waiver/reimbursement5 | 0.13%4 | 0.18% | 0.20% | 0.11% | 0.18% | 0.17% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $189,641 | $176,368 | $181,579 | $146,323 | $169,424 | $169,443 |
Portfolio turnover | 50% | 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. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Six Months Ended (unaudited) 5/31/2021 | Year Ended November 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $20.89 | $19.30 | $18.60 | $19.58 | $17.06 | $17.43 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.05 | 0.09 | 0.16 | 0.14 | 0.13 | 0.14 |
Net realized and unrealized gain (loss) | 2.13 | 1.78 | 1.39 | (0.96) | 2.55 | (0.35) |
Total From Investment Operations | 2.18 | 1.87 | 1.55 | (0.82) | 2.68 | (0.21) |
Less Distributions: | ||||||
Distributions from net investment income | (0.08) | (0.11) | (0.21) | (0.16) | (0.16) | (0.15) |
Distributions from net realized gain | (0.24) | (0.17) | (0.64) | — | — | (0.01) |
Total Distributions | (0.32) | (0.28) | (0.85) | (0.16) | (0.16) | (0.16) |
Net Asset Value, End of Period | $22.75 | $20.89 | $19.30 | $18.60 | $19.58 | $17.06 |
Total Return2 | 10.53% | 9.83% | 8.94% | (4.20)% | 15.84% | (1.46)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.97%4 | 1.97% | 1.96% | 1.96% | 1.95% | 1.95% |
Net investment income | 0.44%4 | 0.46% | 0.86% | 0.72% | 0.70% | 0.85% |
Expense waiver/reimbursement5 | 0.12%4 | 0.15% | 0.20% | 0.12% | 0.20% | 0.18% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $5,365 | $5,809 | $7,880 | $9,758 | $14,342 | $16,037 |
Portfolio turnover | 50% | 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. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Six Months Ended (unaudited) 5/31/2021 | Year Ended November 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $20.80 | $19.22 | $18.52 | $19.51 | $17.00 | $17.37 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.05 | 0.09 | 0.16 | 0.15 | 0.14 | 0.15 |
Net realized and unrealized gain (loss) | 2.13 | 1.78 | 1.40 | (0.96) | 2.55 | (0.35) |
Total From Investment Operations | 2.18 | 1.87 | 1.56 | (0.81) | 2.69 | (0.20) |
Less Distributions: | ||||||
Distributions from net investment income | (0.09) | (0.12) | (0.22) | (0.18) | (0.18) | (0.16) |
Distributions from net realized gain | (0.24) | (0.17) | (0.64) | — | — | (0.01) |
Total Distributions | (0.33) | (0.29) | (0.86) | (0.18) | (0.18) | (0.17) |
Net Asset Value, End of Period | $22.65 | $20.80 | $19.22 | $18.52 | $19.51 | $17.00 |
Total Return2 | 10.56% | 9.87% | 9.06% | (4.20)% | 15.92% | (1.44)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.92%4 | 1.93% | 1.92% | 1.90% | 1.89% | 1.89% |
Net investment income | 0.49%4 | 0.50% | 0.89% | 0.78% | 0.75% | 0.91% |
Expense waiver/reimbursement5 | 0.12%4 | 0.15% | 0.20% | 0.14% | 0.21% | 0.20% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $57,664 | $58,092 | $64,600 | $64,095 | $78,445 | $82,845 |
Portfolio turnover | 50% | 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. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Six Months Ended (unaudited) 5/31/2021 | Year Ended November 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $21.30 | $19.67 | $18.94 | $19.94 | $17.38 | $17.74 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.10 | 0.17 | 0.24 | 0.22 | 0.20 | 0.21 |
Net realized and unrealized gain (loss) | 2.17 | 1.82 | 1.41 | (0.98) | 2.61 | (0.36) |
Total From Investment Operations | 2.27 | 1.99 | 1.65 | (0.76) | 2.81 | (0.15) |
Less Distributions: | ||||||
Distributions from net investment income | (0.13) | (0.19) | (0.28) | (0.24) | (0.25) | (0.20) |
Distributions from net realized gain | (0.24) | (0.17) | (0.64) | — | — | (0.01) |
Total Distributions | (0.37) | (0.36) | (0.92) | (0.24) | (0.25) | (0.21) |
Net Asset Value, End of Period | $23.20 | $21.30 | $19.67 | $18.94 | $19.94 | $17.38 |
Total Return2 | 10.74% | 10.31% | 9.38% | (3.86)% | 16.32% | (1.12)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.56%4 | 1.57% | 1.56% | 1.58% | 1.57% | 1.56% |
Net investment income | 0.86%4 | 0.85% | 1.26% | 1.09% | 1.07% | 1.24% |
Expense waiver/reimbursement5 | 0.12%4 | 0.16% | 0.19% | 0.12% | 0.18% | 0.18% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $47,051 | $43,197 | $42,860 | $43,452 | $51,768 | $52,430 |
Portfolio turnover | 50% | 80% | 85% | 66% | 58% | 105% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Six Months Ended (unaudited) 5/31/2021 | Year Ended November 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $21.60 | $19.95 | $19.19 | $20.21 | $17.61 | $17.98 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.18 | 0.31 | 0.37 | 0.37 | 0.33 | 0.34 |
Net realized and unrealized gain (loss) | 2.20 | 1.84 | 1.45 | (1.00) | 2.65 | (0.37) |
Total From Investment Operations | 2.38 | 2.15 | 1.82 | (0.63) | 2.98 | (0.03) |
Less Distributions: | ||||||
Distributions from net investment income | (0.21) | (0.33) | (0.42) | (0.39) | (0.38) | (0.33) |
Distributions from net realized gain | (0.24) | (0.17) | (0.64) | — | — | (0.01) |
Total Distributions | (0.45) | (0.50) | (1.06) | (0.39) | (0.38) | (0.34) |
Net Asset Value, End of Period | $23.53 | $21.60 | $19.95 | $19.19 | $20.21 | $17.61 |
Total Return2 | 11.11% | 11.06% | 10.21% | (3.21)% | 17.13% | (0.37)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.85%4 | 0.85% | 0.86% | 0.86% | 0.85% | 0.85% |
Net investment income | 1.56%4 | 1.58% | 1.95% | 1.81% | 1.77% | 1.95% |
Expense waiver/reimbursement5 | 0.16%4 | 0.19% | 0.22% | 0.14% | 0.20% | 0.20% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $110,870 | $100,317 | $99,564 | $95,613 | $105,720 | $91,167 |
Portfolio turnover | 50% | 80% | 85% | 66% | 58% | 105% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Six Months Ended (unaudited) 5/31/2021 | Year Ended November 30, | Period Ended 11/30/20161 | ||||
2020 | 2019 | 2018 | 2017 | |||
Net Asset Value, Beginning of Period | $21.47 | $19.84 | $19.09 | $20.10 | $17.51 | $16.97 |
Income From Investment Operations: | ||||||
Net investment income (loss)2 | 0.18 | 0.31 | 0.38 | 0.36 | 0.33 | 0.11 |
Net realized and unrealized gain (loss) | 2.19 | 1.82 | 1.44 | (0.98) | 2.63 | 0.56 |
Total From Investment Operations | 2.37 | 2.13 | 1.82 | (0.62) | 2.96 | 0.67 |
Less Distributions: | ||||||
Distributions from net investment income | (0.21) | (0.33) | (0.43) | (0.39) | (0.37) | (0.13) |
Distributions from net realized gain | (0.24) | (0.17) | (0.64) | — | — | — |
Total Distributions | (0.45) | (0.50) | (1.07) | (0.39) | (0.37) | (0.13) |
Net Asset Value, End of Period | $23.39 | $21.47 | $19.84 | $19.09 | $20.10 | $17.51 |
Total Return3 | 11.14% | 11.04% | 10.26% | (3.16)% | 17.14% | 3.94% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 0.83%5 | 0.83% | 0.84% | 0.84% | 0.83% | 0.84%5 |
Net investment income | 1.58%5 | 1.58% | 1.97% | 1.79% | 1.78% | 1.48%5 |
Expense waiver/reimbursement6 | 0.12%5 | 0.15% | 0.19% | 0.11% | 0.17% | 0.16%5 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $7,288 | $7,056 | $6,275 | $4,890 | $6,243 | $4,853 |
Portfolio turnover | 50% | 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 $69,786,004 of investment in affiliated holdings* (identified cost $331,753,453) | $411,130,146 |
Cash | 25,065 |
Cash denominated in foreign currencies (identified cost $649,482) | 750,887 |
Income receivable | 919,402 |
Income receivable from affiliated holdings | 413,879 |
Receivable for investments sold | 88,939 |
Receivable for shares sold | 119,778 |
Unrealized appreciation on foreign exchange contracts | 455,150 |
Receivable for variation margin on futures contracts | 5,187,498 |
Total Assets | 419,090,744 |
Liabilities: | |
Payable for investments purchased | 240,647 |
Payable for shares redeemed | 184,688 |
Written options outstanding (premium received $5,133), at value | 5,312 |
Unrealized depreciation on foreign exchange contracts | 371,388 |
Payable for investment adviser fee (Note 5) | 25,367 |
Payable for administrative fee (Note 5) | 3,577 |
Payable for custodian fees | 62,605 |
Payable for auditing fees | 31,375 |
Payable for transfer agent fees | 56,578 |
Payable for portfolio accounting fees | 62,831 |
Payable for distribution services fee (Note 5) | 59,869 |
Payable for other service fees (Notes 2 and 5) | 52,217 |
Accrued expenses (Note 5) | 54,691 |
Total Liabilities | 1,211,145 |
Net assets for 17,944,876 shares outstanding | $417,879,599 |
Net Assets Consist of: | |
Paid-in capital | $366,431,379 |
Total distributable earnings (loss) | 51,448,220 |
Total Net Assets | $417,879,599 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($189,641,416 ÷ 8,111,268 shares outstanding), no par value, unlimited shares authorized | $23.38 |
Offering price per share (100/94.50 of $23.38) | $24.74 |
Redemption proceeds per share | $23.38 |
Class B Shares: | |
Net asset value per share ($5,364,984 ÷ 235,822 shares outstanding), no par value, unlimited shares authorized | $22.75 |
Offering price per share | $22.75 |
Redemption proceeds per share (94.50/100 of $22.75) | $21.50 |
Class C Shares: | |
Net asset value per share ($57,664,324 ÷ 2,546,309 shares outstanding), no par value, unlimited shares authorized | $22.65 |
Offering price per share | $22.65 |
Redemption proceeds per share (99.00/100 of $22.65) | $22.42 |
Class R Shares: | |
Net asset value per share ($47,051,189 ÷ 2,028,470 shares outstanding), no par value, unlimited shares authorized | $23.20 |
Offering price per share | $23.20 |
Redemption proceeds per share | $23.20 |
Institutional Shares: | |
Net asset value per share ($110,869,720 ÷ 4,711,463 shares outstanding), no par value, unlimited shares authorized | $23.53 |
Offering price per share | $23.53 |
Redemption proceeds per share | $23.53 |
Class R6 Shares: | |
Net asset value per share ($7,287,966 ÷ 311,544 shares outstanding), no par value, unlimited shares authorized | $23.39 |
Offering price per share | $23.39 |
Redemption proceeds per share | $23.39 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |
Dividends (including $1,605,550 received from affiliated holdings* and net of foreign taxes withheld of $195,882) | $4,337,139 |
Interest | 590,552 |
TOTAL INCOME | 4,927,691 |
Expenses: | |
Investment adviser fee (Note 5) | 1,352,583 |
Administrative fee (Note 5) | 163,480 |
Custodian fees | 98,092 |
Transfer agent fees (Note 2) | 300,165 |
Directors’/Trustees’ fees (Note 5) | 4,531 |
Auditing fees | 16,375 |
Legal fees | 5,810 |
Portfolio accounting fees | 85,772 |
Distribution services fee (Note 5) | 356,019 |
Other service fees (Notes 2 and 5) | 309,890 |
Share registration costs | 50,647 |
Printing and postage | 20,094 |
Miscellaneous (Note 5) | 29,110 |
TOTAL EXPENSES | 2,792,568 |
Waivers and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (238,355) |
Waiver/reimbursements of other operating expenses (Notes 2 and 5) | (36,964) |
TOTAL WAIVERS AND REIMBURSEMENTS | (275,319) |
Net expenses | 2,517,249 |
Net investment income | 2,410,442 |
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 $(39,093))(including net realized gain of $227,278 on sales of investments in affiliated holdings*) | $30,941,113 |
Net realized gain on foreign currency transactions | 19,674 |
Net realized loss on foreign exchange contracts | (897,532) |
Net realized gain on futures contracts | 2,683,268 |
Net realized gain on written options | 57,768 |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(233,296) of investments in affiliated holdings*) | 8,947,834 |
Net change in unrealized appreciation of translation of assets and liabilities in foreign currency | (60,652) |
Net change in unrealized depreciation of foreign exchange contracts | 93,744 |
Net change in unrealized appreciation of futures contracts | (2,108,680) |
Net change in unrealized depreciation of written options | (21,182) |
Net realized and unrealized gain (loss) on investments, foreign currency transactions, foreign exchange contracts, futures contracts and written options | 39,655,355 |
Change in net assets resulting from operations | $42,065,797 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 5/31/2021 | Year Ended 11/30/2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $2,410,442 | $4,452,266 |
Net realized gain (loss) | 32,804,291 | 3,711,983 |
Net change in unrealized appreciation/depreciation | 6,851,064 | 28,340,657 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 42,065,797 | 36,504,906 |
Distributions to Shareholders: | ||
Class A Shares | (3,353,009) | (3,969,357) |
Class B Shares | (85,805) | (109,370) |
Class C Shares | (900,410) | (945,503) |
Class R Shares | (745,995) | (772,607) |
Institutional Shares | (2,060,369) | (2,487,363) |
Class R6 Shares | (143,099) | (161,733) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (7,288,687) | (8,445,933) |
Share Transactions: | ||
Proceeds from sale of shares | 26,470,290 | 47,728,914 |
Net asset value of shares issued to shareholders in payment of distributions declared | 6,987,438 | 8,069,393 |
Cost of shares redeemed | (41,194,945) | (95,775,299) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (7,737,217) | (39,976,992) |
Change in net assets | 27,039,893 | (11,918,019) |
Net Assets: | ||
Beginning of period | 390,839,706 | 402,757,725 |
End of period | $417,879,599 | $390,839,706 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $124,092 | $(15,389) |
Class B Shares | 5,398 | (1) |
Class C Shares | 42,579 | — |
Class R Shares | 64,054 | (71) |
Institutional Shares | 62,020 | (21,503) |
Class R6 Shares | 2,022 | — |
TOTAL | $300,165 | $(36,964) |
Other Service Fees Incurred | |
Class A Shares | $229,197 |
Class B Shares | 6,966 |
Class C Shares | 73,727 |
TOTAL | $309,890 |
Security | Acquisition Date | Cost | Value |
Magnit, GDR | 11/4/2020 | $109,789 | $117,212 |
Phosagro OAO, GDR | 1/3/2019 | $35,493 | $123,967 |
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 | $87,648* | $— | |
Equity contracts | Receivable for variation margin on futures contracts | 565,676* | — | |
Foreign exchange contracts | Unrealized appreciation on foreign exchange contracts | 455,150 | Unrealized depreciation on foreign exchange contracts | 371,388 |
Foreign exchange contracts | — | Written options outstanding, at value | 5,312 | |
Foreign exchange contracts | Purchased options, within Investment in securities at value | 5,936 | — | |
Total derivatives not accounted for as hedging instruments under ASC Topic 815 | $1,114,410 | $376,700 |
* | 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 | $(1,241,401) | $— | $— | $— | $(1,241,401) |
Equity contracts | 3,924,669 | — | — | — | 3,924,669 |
Foreign exchange contracts | — | (897,532) | (48,157) | 57,768 | (887,921) |
TOTAL | $2,683,268 | $(897,532) | $(48,157) | $57,768 | $1,795,347 |
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 | $12,011 | $— | $— | $— | $12,011 |
Equity contracts | (2,120,691) | — | — | — | (2,120,691) |
Foreign exchange contracts | — | 93,744 | (26,346) | (21,182) | 46,216 |
TOTAL | $(2,108,680) | $93,744 | $(26,346) | $(21,182) | $(2,062,464) |
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 | $455,150 | $(249,119) | $— | $206,031 | ||||
Purchased Options Contracts | 5,936 | — | — | 5,936 | ||||
TOTAL | $461,086 | $(249,119) | $— | $211,967 |
Transaction | Gross Liability Derivatives Presented In Statement of Assets and Liabilities | Financial Instrument | Collateral Received | Net Amount |
Foreign Exchange Contracts | $371,388 | $(249,119) | $— | $122,269 |
Written Options Contracts | 5,312 | — | — | 5,312 |
TOTAL | $376,700 | $(249,119) | $— | $127,581 |
Six Months Ended 5/31/2021 | Year Ended 11/30/2020 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 369,845 | $8,326,109 | 547,961 | $10,775,746 |
Shares issued to shareholders in payment of distributions declared | 142,219 | 3,132,074 | 189,695 | 3,715,809 |
Shares redeemed | (617,919) | (13,945,266) | (1,679,333) | (32,548,134) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (105,855) | $(2,487,083) | (941,677) | $(18,056,579) |
Six Months Ended 5/31/2021 | Year Ended 11/30/2020 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 138 | $3,111 | 153 | $2,972 |
Shares issued to shareholders in payment of distributions declared | 3,748 | 80,286 | 5,277 | 102,524 |
Shares redeemed | (46,091) | (1,002,296) | (135,616) | (2,606,720) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (42,205) | $(918,899) | (130,186) | $(2,501,224) |
Six Months Ended 5/31/2021 | Year Ended 11/30/2020 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 194,973 | $4,251,673 | 461,399 | $8,692,424 |
Shares issued to shareholders in payment of distributions declared | 42,069 | 897,138 | 47,622 | 919,740 |
Shares redeemed | (483,344) | (10,559,495) | (1,077,232) | (20,219,341) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (246,302) | $(5,410,684) | (568,211) | $(10,607,177) |
Six Months Ended 5/31/2021 | Year Ended 11/30/2020 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 226,702 | $5,061,972 | 427,264 | $8,276,723 |
Shares issued to shareholders in payment of distributions declared | 34,147 | 745,975 | 38,940 | 762,503 |
Shares redeemed | (260,596) | (5,847,337) | (616,411) | (11,819,678) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 253 | $(39,390) | (150,207) | $(2,780,452) |
Six Months Ended 5/31/2021 | Year Ended 11/30/2020 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 357,807 | $8,136,232 | 927,522 | $18,214,312 |
Shares issued to shareholders in payment of distributions declared | 90,043 | 1,995,789 | 122,789 | 2,409,104 |
Shares redeemed | (380,738) | (8,632,672) | (1,396,610) | (26,889,664) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 67,112 | $1,499,349 | (346,299) | $(6,266,248) |
Six Months Ended 5/31/2021 | Year Ended 11/30/2020 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 30,413 | $691,193 | 89,680 | $1,766,737 |
Shares issued to shareholders in payment of distributions declared | 6,181 | 136,176 | 8,177 | 159,713 |
Shares redeemed | (53,625) | (1,207,879) | (85,596) | (1,691,762) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (17,031) | $(380,510) | 12,261 | $234,688 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (344,028) | $(7,737,217) | (2,124,319) | $(39,976,992) |
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 | $20,897 |
Class C Shares | 221,182 |
Class R Shares | 113,940 |
TOTAL | $356,019 |
Purchases | $182,373,556 |
Sales | $197,244,536 |
Beginning Account Value 12/1/2020 | Ending Account Value 5/31/2021 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,109.80 | $6.00 |
Class B Shares | $1,000 | $1,105.30 | $10.34 |
Class C Shares | $1,000 | $1,105.60 | $10.08 |
Class R Shares | $1,000 | $1,107.40 | $8.20 |
Institutional Shares | $1,000 | $1,111.10 | $4.47 |
Class R6 Shares | $1,000 | $1,111.40 | $4.37 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.25 | $5.74 |
Class B Shares | $1,000 | $1,015.11 | $9.90 |
Class C Shares | $1,000 | $1,015.36 | $9.65 |
Class R Shares | $1,000 | $1,017.15 | $7.85 |
Institutional Shares | $1,000 | $1,020.69 | $4.28 |
Class R6 Shares | $1,000 | $1,020.79 | $4.18 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/365 (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 | 1.92% |
Class R Shares | 1.56% |
Institutional Shares | 0.85% |
Class R6 Shares | 0.83% |
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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
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Item 2. | Code of Ethics |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Hermes Global Allocation Fund
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date July 23, 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 July 23, 2021
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date July 23, 2021