United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-1
(Investment Company Act File Number)
Federated Hermes Global Allocation Fund
_______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, Pennsylvania 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 11/30/21
Date of Reporting Period: 11/30/21
Item 1. | Reports to Stockholders |
Share Class | Ticker | A | FSTBX | B | FSBBX | C | FSBCX |
R | FSBKX | Institutional | SBFIX | R6 | FSBLX |
Federated Hermes Global Allocation Fund
Dear Valued Shareholder,
1 Year | 5 Years | 10 Years | |
Class A Shares | 4.03% | 7.37% | 6.79% |
Class B Shares | 3.69% | 7.41% | 6.70% |
Class C Shares | 8.20% | 7.76% | 6.75% |
Class R Shares | 9.55% | 8.13% | 6.94% |
Institutional Shares | 10.39% | 8.90% | 7.71% |
Class R6 Shares6 | 10.41% | 8.93% | 7.57% |
Blended Index | 9.82% | 9.85% | 7.68% |
S&P 500 | 27.92% | 17.90% | 16.16% |
BAB | -1.15% | 3.65% | 3.04% |
MWAFA | 11.90% | 7.66% | 6.53% |
Security Type | Percentage of Total Net Assets |
Domestic Equity Securities | 38.3% |
International Equity Securities | 26.8% |
Emerging Markets Core Fund | 8.8% |
Foreign Debt Securities | 5.4% |
Corporate Debt Securities | 5.5% |
Mortgage Core Fund | 4.5% |
U.S. Treasuries | 3.7% |
High Yield Bond Core Fund2 | 1.1% |
Project and Trade Finance Core Fund | 1.0% |
Asset-Backed Securities | 0.9% |
Bank Loan Core Fund | 0.5% |
Commercial Mortgage-Backed Securities | 0.2% |
Government Agencies | 0.2% |
Collateralized Mortgage-Backed Securities | 0.1% |
Mortgage-Backed Securities3,4 | 0.0% |
Purchased Options3 | 0.0% |
Warrants3 | 0.0% |
Cash Equivalents5 | 2.1% |
Derivative Contracts3,6 | 0.0% |
Other Assets and Liabilities—Net7 | 0.9% |
TOTAL | 100.0% |
Sector Composition of Equity Holdings | Percentage of Equity Securities |
Information Technology | 20.0% |
Financials | 17.6% |
Consumer Discretionary | 12.5% |
Industrials | 11.5% |
Health Care | 11.3% |
Communication Services | 8.5% |
Materials | 5.6% |
Consumer Staples | 5.4% |
Energy | 3.6% |
Real Estate | 2.2% |
Utilities | 1.8% |
TOTAL | 100% |
1 | See the Fund’s Prospectus and Statement of Additional Information for more complete information regarding these security types. |
2 | The High Yield Bond Core Fund is a diversified portfolio of below investment grade bonds. |
3 | Represents less than 0.1%. |
4 | For purposes of this table, Mortgage-Backed Securities include mortgage-backed securities guaranteed by Government Sponsored Entities and adjustable rate mortgage-backed securities. |
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— 65.1% | |||
Communication Services— 5.6% | |||
2 | Activision Blizzard, Inc. | $117 | |
1,566 | 1 | Alphabet, Inc., Class A | 4,444,230 |
1,478 | 1 | Alphabet, Inc., Class C | 4,210,881 |
28,712 | America Movil S.A.B. de C.V. | 25,133 | |
338 | ATN International, Inc. | 12,915 | |
357 | 1 | Baidu, Inc., ADR | 53,493 |
962 | 1 | Bilibili, Inc., ADR | 63,502 |
7,700 | Capcom Co. Ltd. | 191,814 | |
1,444 | 1 | CarGurus, Inc. | 54,150 |
2 | Cheil Communications, Inc. | 37 | |
2,684 | 1 | China Literature Ltd. | 18,827 |
6,229 | Etihad Etisalat Co. | 52,575 | |
5,396 | 1 | Facebook, Inc. | 1,750,786 |
25,075 | Fox Corp. | 842,520 | |
2,517 | 1 | GOGO, Inc. | 32,268 |
3,326 | Gray Television, Inc. | 68,582 | |
12,907 | Grupo Televisa S.A. | 23,807 | |
1,288 | Hellenic Telecommunication Organization SA | 22,251 | |
2 | 1 | Hello Group, Inc., ADR | 23 |
261 | IDT Corp. | 14,167 | |
708 | 1 | Info Edge India Ltd. | 54,661 |
1 | Interpublic Group of Cos., Inc. | 33 | |
398 | 1 | Iridium Communications, Inc. | 15,303 |
375 | Kakao Corp. | 38,166 | |
3,900 | 1 | Kuaishou Technology | 42,486 |
4,004 | LG Uplus Corp. | 45,506 | |
1 | 1 | Liberty Media Corp. | 61 |
1 | 1 | Liberty Media Group | 58 |
1 | 1 | Liberty Sirius Group | 49 |
1 | 1 | Live Nation Entertainment, Inc. | 107 |
19 | 1 | Meredith Corp. | 1,121 |
12,980 | 1 | Mobile Telecommunications Co. Saudi Arabia | 42,390 |
5,489 | Mobile Telesystems, ADR | 43,967 | |
2,778 | NetEase, Inc. | 60,063 | |
13,547 | New York Times Co., Class A | 643,483 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Communication Services— continued | |||
2 | News Corp., Inc., Class A | $43 | |
50,446 | News Corp., Inc., Class B | 1,087,111 | |
13,800 | Nexon Co., Ltd. Tokyo | 276,041 | |
252 | NHN Corp. | 81,267 | |
2,083 | Nintendo Co. Ltd. | 925,141 | |
15,585 | Omnicom Group, Inc. | 1,049,026 | |
1,323 | 1 | Outbrain, Inc. | 19,964 |
21,853 | 1 | Pinterest, Inc. | 875,431 |
1 | 1 | Playtika Holding Corp. | 17 |
25,343 | Proximus | 460,398 | |
8,700 | Publicis Groupe | 563,872 | |
2,883 | 1 | Roku, Inc. | 656,200 |
109 | Scholastic Corp. | 4,103 | |
9,967 | Scout24 Holding GmbH | 663,352 | |
1 | Shaw Communications, Inc., Class B | 29 | |
668 | SK Telecom Co. Ltd. | 30,673 | |
32,611 | 1 | Skillz, Inc. | 302,956 |
7,649 | Square Enix Holdings Co. Ltd. | 398,545 | |
4,288 | Tegna, Inc. | 84,688 | |
300,906 | Telefonica Deutschland Holding AG | 803,340 | |
8,417 | Telenor ASA | 124,291 | |
12,196 | Tencent Holdings Ltd. | 718,497 | |
1,042 | 1 | Thryv Holdings, Inc. | 40,732 |
23,739 | TIM S.A./Brazil | 58,272 | |
1 | 1 | TripAdvisor, Inc. | 26 |
6,324 | Vodacom Group Ltd. | 52,682 | |
1,034 | 1 | Weibo Corp., ADR | 41,164 |
72,414 | WPP PLC | 1,000,267 | |
1,206 | 1 | Yandex N.V. | 86,977 |
28,529 | 1 | Zynga, Inc. | 172,030 |
TOTAL | 23,446,667 | ||
Consumer Discretionary— 8.2% | |||
9,426 | ABC-Mart, Inc. | 442,040 | |
911 | 1 | Abercrombie & Fitch Co., Class A | 32,796 |
691 | 1 | Academy Sports and Outdoors, Inc. | 30,832 |
385 | 1 | Adtalem Global Education, Inc. | 11,423 |
32,508 | 1 | Alibaba Group Holding Ltd. | 521,267 |
1,973 | 1 | Amazon.com, Inc. | 6,919,449 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
600 | Anta Sports Products Ltd. | $9,480 | |
18,485 | Aramark | 617,399 | |
88 | 1 | Asbury Automotive Group, Inc. | 14,400 |
1,512 | Balkrishna Industries Ltd. | 43,632 | |
1 | Bath & Body Works, Inc. | 75 | |
1,032 | 1 | Bed Bath & Beyond, Inc. | 18,917 |
18,053 | Berkeley Group Holdings PLC | 1,025,727 | |
2 | Block (H&R), Inc. | 47 | |
3,070 | BYD Co. Ltd. | 119,789 | |
1,100 | BYD Co. Ltd. | 52,510 | |
7,144 | Canadian Tire Corp. Ltd. | 944,219 | |
1,392 | Carriage Services, Inc. | 72,022 | |
12,030 | Casio Computer Co. Ltd. | 155,958 | |
10,068 | China Meidong Auto Holdings Ltd. | 48,804 | |
13,374 | Chongqing Changan Automobile Co. Ltd. | 36,135 | |
178,000 | Chow Tai Fook Jewellery Group Ltd. | 319,113 | |
980 | Cie Financiere Richemont SA | 145,649 | |
101 | CJ Home Shopping | 11,484 | |
685 | 1 | CROCs, Inc. | 112,354 |
1 | Dick’s Sporting Goods, Inc. | 118 | |
109 | Dillards, Inc., Class A | 29,855 | |
616 | Dine Brands Global, Inc. | 44,241 | |
22,000 | Dongfeng Motor Group Co. Ltd. | 20,426 | |
694 | 1 | DoorDash, Inc. | 124,066 |
2,438 | eBay, Inc. | 164,468 | |
1,289 | 1 | Etsy, Inc. | 353,934 |
1,665 | 1 | Everi Holdings, Inc. | 34,532 |
2,899 | Evolution AB | 303,831 | |
71,916 | Ford Motor Co. | 1,380,068 | |
13 | 1 | Fox Factory Holding Corp. | 2,285 |
2 | 1 | Frontdoor, Inc. | 69 |
1,691 | Fuyao Glass Industry Group Co. Ltd. | 9,314 | |
1,000 | Geely Automobile Holdings Ltd. | 2,969 | |
7,655 | Gildan Activewear, Inc. | 310,107 | |
389,777 | 1 | Gome Electrical Appliances Holdings Ltd. | 33,989 |
15,928 | Great Wall Motor Company Limited | 65,813 | |
61 | Greek Organization of Football Prognostics | 846 | |
925 | 1 | Green Brick Partners, Inc. | 23,079 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
296 | Group 1 Automotive, Inc. | $57,646 | |
16,800 | Haier Smart Home Co. Ltd. | 62,442 | |
1,389 | Hankook Tire Co. Ltd. | 45,105 | |
196 | Hermes International | 367,531 | |
3,295 | Home Depot, Inc. | 1,320,010 | |
787 | 1 | Houghton Mifflin Harcourt Co. | 12,246 |
69 | Hyundai Motor Co. | 11,250 | |
2,944 | International Game Technology PLC | 79,547 | |
4,396 | 1 | JD.com, Inc. | 186,047 |
35 | Jubilant Foodworks Ltd. | 1,713 | |
1,072 | KB HOME | 42,869 | |
1,184 | Kia Corp. | 78,010 | |
5,317 | Koito Manufacturing Co. Ltd. | 305,293 | |
11,694 | La Francaise des Jeux SAEM | 541,666 | |
8 | 1 | Lakes Gaming, Inc. | 367 |
533 | LCI Industries | 81,160 | |
1 | Lear Corp. | 168 | |
7,395 | Lennar Corp., Class A | 776,845 | |
2,970 | Lennar Corp., Class B | 254,767 | |
601 | LG Electronics, Inc. | 57,989 | |
1,500 | Li Ning Co. Ltd. | 16,900 | |
3,609 | Lowe’s Cos., Inc. | 882,725 | |
2,529 | LVMH Moet Hennessy Louis Vuitton SA | 1,963,145 | |
2,551 | Macy’s, Inc. | 72,704 | |
698 | 1 | MarineMax, Inc. | 37,182 |
1,931 | 1 | Marriott International, Inc., Class A | 284,938 |
11,500 | McDonald’s Holdings Co. (Japan), Ltd. | 513,362 | |
7,755 | 1 | Meituan | 236,688 |
719 | 1 | Meritage Corp. | 81,146 |
19,174 | MGM Resorts International | 758,907 | |
1 | Michelin, Class B | 148 | |
236 | Naspers Ltd., Class N | 36,468 | |
4,169 | Newell Brands, Inc. | 89,508 | |
10,514 | Next PLC | 1,095,638 | |
4,163 | 1 | NIO, Inc., ADR | 162,898 |
1,793 | 1 | Norwegian Cruise Line Holdings Ltd. | 34,981 |
1,065 | 1 | Ozon Holdings PLC, ADR | 42,909 |
1,485 | Pandora A/S | 184,188 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
456 | Patrick Industries, Inc. | $36,375 | |
1 | 1 | Penn National Gaming, Inc. | 51 |
612 | 1 | Pinduoduo, Inc., ADR | 40,698 |
8,584 | 1 | Prosus NV | 691,760 |
147,400 | PT Astra International Tbk | 59,264 | |
59,000 | PTT Oil & Retail Business PCL | 43,789 | |
14,367 | Pulte Group, Inc. | 718,781 | |
2,228 | PVH Corp. | 237,906 | |
17,100 | Qingdao Haier Co. Ltd. | 72,885 | |
548 | Red Rock Resorts, Inc. | 26,052 | |
1 | S.A.C.I. Falabella | 3 | |
9,200 | SAIC Motor Corp. Ltd. | 28,711 | |
387 | Shimano, Inc. | 106,530 | |
637 | Signet Jewelers Ltd. | 61,878 | |
2,329 | Smith & Wesson Brands, Inc. | 52,985 | |
39 | 1 | Snap One Holdings Corp. | 856 |
1,022 | Standard Motor Products, Inc. | 51,141 | |
23,920 | Stanley Electric Co. Ltd. | 620,805 | |
7,125 | Stellantis N.V. | 121,943 | |
19,144 | Suzuki Motor Corp. | 772,278 | |
3,214 | Target Corp. | 783,702 | |
1 | 1 | Tata Motors Ltd. | 6 |
40,500 | TCL Corp. | 39,004 | |
1,076 | 1 | Tesla, Inc. | 1,231,762 |
1,106 | The Aaron’s Company, Inc. | 24,553 | |
35,551 | The Wendy’s Co. | 731,640 | |
14,350 | Thor Industries, Inc. | 1,516,939 | |
197 | 1 | Tri Pointe Homes, Inc. | 4,919 |
13,213 | Vibra Energia SA | 51,142 | |
154 | 1 | Vista Outdoor, Inc. | 6,725 |
604 | 1 | Wayfair, Inc. | 149,695 |
14,541 | Woolworths Holdings Ltd. | 47,380 | |
5,365 | Wyndham Hotels & Resorts, Inc. | 426,410 | |
13 | 1,2 | XPEL, Inc. | 935 |
28,271 | Yadae Group Holdings Ltd. | 50,683 | |
47,900 | Yamada Holdings Co. Ltd. | 167,291 | |
186 | Yum China Holding, Inc. | 9,319 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
6,275 | Zhongsheng Group Holdings | $51,621 | |
TOTAL | 34,425,054 | ||
Consumer Staples— 3.5% | |||
1,505 | Abdullah Al Othaim Markets Co. | 42,908 | |
60,751 | Albertsons Cos., Inc. | 2,137,828 | |
19,677 | Alimentation Couche-Tard, Inc., Class B | 720,876 | |
24,647 | Ambev SA | 70,409 | |
1 | Arca Continental, S.A.B. de C.V. | 6 | |
693 | 1 | Beauty Health Co./The | 17,990 |
20,248 | Becle SA de CV | 46,450 | |
423 | 1 | Bellring Brands, Inc. | 9,103 |
145 | BGF Retail Co. Ltd./New | 17,882 | |
7,738 | BIM Birlesik Magazalar AS | 39,231 | |
1,022 | 1 | BJ’s Wholesale Club Holdings, Inc. | 67,605 |
2,600 | Budweiser Brewing Co. APAC Ltd. | 6,567 | |
356 | 1 | Charoen Pokphand Foods PCL, Rights | 0 |
115,700 | Charoen Pokphand Foods Public Co. Ltd. | 49,075 | |
24,924 | Charoen Pokphand Foods Public Co.,Ltd. | 17,609 | |
13,641 | China Mengniu Dairy Co. Ltd. | 75,899 | |
7,523 | China Resources Enterprises Ltd. | 61,341 | |
2,559 | Clicks Group, Ltd. | 45,465 | |
41 | Coca-Cola Bottling Co. | 23,393 | |
2,205 | Colgate-Palmolive (India) Ltd. | 41,966 | |
25,224 | Diageo PLC | 1,271,272 | |
10,122 | George Weston Ltd. | 1,068,260 | |
1 | Gruma S.A., Class B | 12 | |
18,133 | Grupo Bimbo S.A.B. de CV, Class A | 47,814 | |
492 | Hindustan Lever Ltd. | 15,184 | |
36,617 | Imperial Brands PLC | 749,918 | |
8,252 | JBS S.A. | 52,329 | |
16,447 | Kesko | 516,731 | |
2,815 | Kobayashi Pharmaceutical Co. Ltd. | 221,441 | |
5,166 | Kobe Bussan Co. Ltd. | 195,157 | |
815 | Korea Tobacco & Ginseng Corp. | 56,289 | |
17,372 | Loblaw Cos. Ltd. | 1,309,581 | |
4,035 | L’Oreal SA | 1,819,322 | |
3,089 | 2 | Magnit, GDR | 47,725 |
6,275 | 1 | Marico Ltd. | 44,913 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Consumer Staples— continued | |||
4,188 | Metro, Inc., Class A | $199,852 | |
118 | 1 | National Beverage Corp. | 6,129 |
242 | Nestle India Ltd. | 61,361 | |
5,785 | Nestle S.A. | 743,681 | |
16,469 | Pigeon Corp. | 334,129 | |
8,000 | Pola Orbis Holdings, Inc. | 142,467 | |
10,546 | PT Indofood Sukses Makmur | 4,639 | |
1 | 1 | Raia Drogasil S.A. | 4 |
182 | Sanderson Farms, Inc. | 34,176 | |
215 | Sanfilippo (John B. & Sons), Inc. | 17,716 | |
4,905 | Savola Group Co. | 40,942 | |
360 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd. | 17,517 | |
4,785 | Shoprite Holdings Ltd. | 59,135 | |
3,532 | Suntory Beverage and Food Ltd. | 124,753 | |
2 | Tata Global Beverages Ltd. | 21 | |
72,341 | Thai Union Frozen Products Public Co. Ltd. | 42,303 | |
79 | The Anderson’s, Inc. | 2,684 | |
2,607 | The Coca-Cola Co. | 136,737 | |
5,810 | 1 | The Honest Company, Inc. | 49,617 |
27,166 | Tingyi (Cayman Isln) Hldg Co. | 52,604 | |
5,500 | Tongwei Co. Ltd. | 38,737 | |
15,493 | Toyo Suisan Kaisha Ltd. | 627,424 | |
33,000 | Uni-President China Holdings Ltd. | 32,374 | |
612 | 1 | United Natural Foods, Inc. | 30,429 |
5,269 | Vector Group Ltd. | 81,880 | |
935,302 | WH Group Ltd. | 582,834 | |
7,600 | Yakult Honsha Co. Ltd. | 381,654 | |
TOTAL | 14,753,350 | ||
Energy— 2.4% | |||
110,677 | BP PLC | 479,208 | |
11,593 | Canadian Natural Resources Ltd. | 474,084 | |
2,191 | 1 | Championx Corp. | 44,718 |
82,942 | China Petroleum & Chemical Corp. | 36,252 | |
1,441 | Civitas Resources, Inc. | 73,650 | |
1 | Continental Resources, Inc. | 44 | |
741 | 1 | Expro Group Holdings NV | 10,381 |
4,195 | Exxaro Resources Ltd. | 40,038 | |
56,135 | Exxon Mobil Corp. | 3,359,118 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Energy— continued | |||
826 | GS Holdings Corp. | $26,020 | |
1 | Hindustan Petroleum Corp. Ltd. | 4 | |
37,945 | Imperial Oil Ltd. | 1,254,388 | |
1,323 | Magnolia Oil & Gas Corp. | 25,097 | |
1 | Marathon Oil Corp. | 15 | |
48 | Marathon Petroleum Corp. | 2,921 | |
23 | Matador Resources Co. | 903 | |
3,489 | 1 | Meta Materials, Inc. | 12,805 |
40 | 1 | Nabors Industries Ltd. | 3,258 |
30 | Oasis Petroleum, Inc. | 3,597 | |
5,128 | 1 | Oceaneering International, Inc. | 54,818 |
357 | OMV AG | 18,907 | |
15,903 | ONEOK, Inc. | 951,636 | |
1,998 | Ovintiv, Inc. | 69,450 | |
3,769 | Parkland Fuel Corp. | 97,305 | |
577 | 1 | Peabody Energy Corp. | 5,747 |
67,177 | PetroChina Co. Ltd. | 29,009 | |
1,500 | PetroChina Co. Ltd. | 1,097 | |
17,233 | 1 | Petroleo Brasileiro SA | 92,390 |
9,967 | Phillips 66 | 689,417 | |
1,037 | Polski Koncern Naftowy Orlen SA | 18,181 | |
17,168 | PT United Tractors | 25,527 | |
1 | 1 | Rabigh Refining and Petrochemical Co. | 6 |
5,160 | Reliance Industries Ltd. | 165,734 | |
2 | Royal Dutch Shell PLC, Class B | 42 | |
290 | RPC, Inc. | 1,169 | |
636 | Saudi Arabian Oil Co. (Aramco) | 5,887 | |
1,426 | SM Energy Co. | 41,354 | |
10,984 | Targa Resources, Inc. | 567,104 | |
8,826 | 1 | Tatneft | 57,183 |
28,500 | Thai Oil PCL | 39,354 | |
15,989 | Valero Energy Corp. | 1,070,304 | |
1,313 | 1 | Whiting Petroleum Corp. | 84,938 |
2,319 | World Fuel Services Corp. | 57,952 | |
18,606 | Yanzhou Coal Mining Co. Ltd., Class H | 29,113 | |
TOTAL | 10,020,125 | ||
Financials— 11.5% | |||
1 | 360 Finance, Inc., ADR | 23 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
6,377 | ABSA Group Ltd. | $53,336 | |
1,582 | Al Rajhi Bank | 56,251 | |
2 | Alinma Bank | 12 | |
8,805 | Allstate Corp. | 957,280 | |
17,122 | Ally Financial, Inc. | 784,701 | |
6,069 | American International Group, Inc. | 319,229 | |
1,692 | Ameris Bancorp | 82,350 | |
62,581 | Assicurazioni Generali SpA | 1,255,282 | |
13,437 | Australia & New Zealand Banking Group, Melbourne | 252,952 | |
100,819 | Aviva PLC | 513,915 | |
10,820 | AXA SA | 297,389 | |
720 | Axis Bank Ltd. | 6,215 | |
29,720 | B3 SA - Brasil Bolsa Balcao | 58,733 | |
194 | Bajaj Finance Ltd. | 18,041 | |
268 | Bajaj Finserv Ltd. | 61,259 | |
14,731 | 1 | Banco Bradesco SA | 44,598 |
1,139 | Banco de Credito E Inversiones | 38,546 | |
22,040 | Banco de Oro | 54,062 | |
1,100,210 | Banco Santander Chile SA | 49,201 | |
1,348 | 1 | Bancorp, Inc., DE | 38,108 |
23 | Bank Leumi Le-Israel | 222 | |
77,858 | Bank of America Corp. | 3,462,345 | |
86,388 | Bank of China Ltd. | 29,929 | |
89,456 | Bank of Communications Ltd. | 52,081 | |
65,800 | Bank of Communications Ltd. | 47,102 | |
21,701 | Bank of New York Mellon Corp. | 1,188,998 | |
2,411 | Bank of Nova Scotia, Toronto | 150,573 | |
43 | Bank Pekao SA | 1,240 | |
12,559 | BB Seguridade Participacoes SA | 46,645 | |
9,827 | BNP Paribas SA | 610,059 | |
6,018 | 1 | Bright Health Group, Inc. | 20,040 |
5,505 | Brookfield Asset Management, Inc. | 307,430 | |
1,259 | Bupa Arabia For Cooperative Insurance Co. | 45,912 | |
113 | Byline Bancorp, Inc. | 2,935 | |
13,187 | Capital One Financial Corp. | 1,853,169 | |
332 | Capitec Bank Holdings Ltd. | 37,992 | |
1,388 | Cathay Bancorp, Inc. | 58,171 | |
38,153 | Cathay Financial Holding Co. Ltd. | 81,549 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
279,501 | China Construction Bank Corp. | $181,296 | |
114,904 | China Development Financial Holding Corp. | 67,276 | |
108,951 | China Everbright Bank Co. Ltd. | 37,276 | |
138,843 | 3 | China Huarong Asset Management Co. Ltd. | 7,318 |
28,800 | China Insurance International Holdings Co. Ltd. | 39,937 | |
8,000 | China Merchants Bank Co. Ltd. | 61,727 | |
14,045 | China Merchants Bank Co. Ltd. | 108,526 | |
93,422 | Chinatrust Financial Holding Co. Ltd. | 81,543 | |
6,210 | Cholamandalam Investment and Finance Co., Ltd. | 45,432 | |
80 | CIT Group Holdings, Inc. | 3,925 | |
26,248 | Citizens Financial Group, Inc. | 1,240,743 | |
58,149 | Commerzbank AG, Frankfurt | 411,608 | |
6,726 | Commonwealth Bank of Australia | 441,941 | |
2,405 | ConnectOne Bancorp, Inc. | 78,162 | |
17,773 | DBS Group Holdings Ltd. | 388,291 | |
58,318 | Deutsche Bank AG | 706,012 | |
1 | Discover Financial Services | 108 | |
11,014 | East West Bancorp, Inc. | 848,078 | |
1,535 | Ellington Financial, Inc. | 25,435 | |
3,960 | EQT AB | 232,399 | |
1,030 | Erie Indemnity Co. | 191,384 | |
814 | Essent Group Ltd. | 33,846 | |
2,632 | Fairfax Financial Holdings Ltd. | 1,168,118 | |
6,026 | First American Financial Corp. | 447,009 | |
6,271 | First BanCorp | 83,342 | |
2,925 | First Foundation, Inc. | 74,353 | |
459 | First Merchants Corp. | 18,310 | |
22,817 | FirstRand Ltd. | 79,993 | |
40,700 | Fubon Financial Holdings Co., Ltd | 106,467 | |
6,908 | 1 | Genworth Financial, Inc., Class A | 26,389 |
20,812 | Gjensidige Forsikring ASA | 472,252 | |
311 | 1 | GoHealth, Inc. | 1,101 |
1,777 | Goldman Sachs Group, Inc. | 677,019 | |
20,392 | Great-West Lifeco, Inc. | 591,910 | |
1,808 | Hana Financial Holdings | 60,344 | |
1,456 | Hancock Whitney Corp. | 69,568 | |
7,021 | Hannover Rueckversicherung SE | 1,230,400 | |
200 | Hingham Institution for Savings | 78,120 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
26,019 | Hong Kong Exchanges & Clearing Ltd. | $1,434,749 | |
10,300 | Hong Leong Credit Berhad | 42,085 | |
25 | Houlihan Lokey, Inc. | 2,713 | |
2,706 | Housing Development Finance Corp. Ltd. | 96,466 | |
15,534 | ICICI Bank Ltd. | 146,656 | |
47,813 | Industrial & Commercial Bank of China | 25,262 | |
17,800 | Industrial Bank Co. Ltd. | 50,073 | |
23,756 | Industrivarden AB | 700,929 | |
102,154 | ING Groep N.V. | 1,410,142 | |
1,755 | International Bancshares Corp. | 73,728 | |
279,747 | Intesa Sanpaolo SpA | 668,790 | |
8,600 | JPMorgan Chase & Co. | 1,365,938 | |
217 | KBC Groupe | 18,130 | |
116 | Kinsale Capital Group, Inc. | 24,128 | |
758 | Komercni Banka A.S. | 28,978 | |
492 | LG Investment & Securities Co. Ltd. | 5,095 | |
24,800 | Malayan Banking BHD | 46,996 | |
130,163 | Medibank Private Ltd. | 317,176 | |
16,109 | Mercury General Corp. | 821,881 | |
2 | Meritz Securities Co. Ltd. | 8 | |
49,900 | Metro Bank and Trust Co. | 49,265 | |
6,611 | MFA Financial, Inc. | 28,361 | |
2 | MGIC Investment Corp. | 28 | |
1,357 | 1 | Mizrahi Tefahot Bank Ltd. | 50,042 |
9,923 | Morgan Stanley | 940,899 | |
2 | Moscow Exchange MICEX-RTS PJSC | 4 | |
460 | 1 | Mr. Cooper Group, Inc. | 18,064 |
815 | National Bank Holdings Corp. | 34,735 | |
3,833 | Navient Corp. | 75,625 | |
712 | Nedbank Group Ltd. | 7,338 | |
5,200 | New China Life Insurance Co. Ltd. | 30,783 | |
5,781 | New China Life Insurance Co. Ltd. | 15,457 | |
15,968 | Nordea Bank Abp | 189,498 | |
3,081 | OFG Bancorp. | 74,252 | |
49,891 | Old Republic International Corp. | 1,195,388 | |
639 | OTP Bank RT | 35,313 | |
59,985 | Oversea-Chinese Banking Corp. Ltd. | 483,125 | |
827 | Partners Group Holding AG | 1,423,434 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
332 | Pennymac Financial Services, Inc. | $21,026 | |
15,000 | Ping An Bank Co. Ltd. | 40,910 | |
8,182 | Ping An Insurance (Group) Co. of China Ltd. | 56,343 | |
526 | Piper Jaffray Cos., Inc. | 87,184 | |
34,000 | Postal Savings Bank of China Co. Ltd. | 22,907 | |
2,400 | Postal Savings Bank of China Co. Ltd. | 1,906 | |
5,517 | Powszechna Kasa Oszczednosci Bank Polski SA | 58,392 | |
5,698 | Powszechny Zaklad Ubezpieczen SA | 49,766 | |
15,348 | Progressive Corp., OH | 1,426,443 | |
42,540 | PT Bank Central Asia | 21,608 | |
8,900 | PT Bank Rakyat Indonesia Tbk | 2,542 | |
1,162 | QCR Holdings, Inc. | 62,678 | |
925 | Safety Insurance Group, Inc. | 71,475 | |
1,134 | Samsung Securities Co. Ltd. | 42,082 | |
14,804 | Sanlam Ltd. | 51,243 | |
25,390 | Schroders PLC | 1,156,385 | |
80 | Selective Insurance Group, Inc. | 6,043 | |
2,009 | 1 | Shinhan Financial Group Co. Ltd. | 58,784 |
1 | 1 | Shriram Transport Finance Co. Ltd. | 19 |
108,023 | Sinopac Holdings Co. | 59,239 | |
36,697 | SLM Corp. | 652,473 | |
60,046 | St. James’s Place Capital PLC | 1,231,289 | |
2 | Standard Bank Group Ltd. | 16 | |
10,494 | State Bank of India | 64,122 | |
21,097 | State Street Corp. | 1,877,000 | |
221 | Stewart Information Services Corp. | 15,740 | |
8,980 | Suncorp Group Ltd. | 68,414 | |
27,882 | Synchrony Financial | 1,248,835 | |
2,007 | The Co. for Cooperative Insurance | 41,394 | |
2,465 | The National Commercial Bank | 40,112 | |
3,101 | The Travelers Cos., Inc. | 455,692 | |
10,642 | Two Harbors Investment Co. | 62,575 | |
1,585 | U.S. Bancorp | 87,714 | |
1 | UBS Group AG | 17 | |
396 | UMB Financial Corp. | 39,830 | |
101 | United Community Banks, Inc. | 3,461 | |
3,800 | United Overseas Bank Ltd. | 70,675 | |
1 | Unum Group | 23 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
141 | Virtus Investment Partners, Inc. | $41,931 | |
21,940 | VOYA Financial, Inc.. | 1,363,352 | |
46,489 | Wells Fargo & Co. | 2,221,244 | |
464 | Wesbanco, Inc. | 15,103 | |
9,364 | WisdomTree Investments, Inc. | 57,495 | |
80 | 1 | World Acceptance Corp. | 16,434 |
70,409 | Yuanta Financial Holding Co. Ltd. | 59,685 | |
TOTAL | 48,317,968 | ||
Health Care— 7.3% | |||
44,000 | 1 | 3SBio, Inc. | 37,635 |
21,259 | Abbott Laboratories | 2,673,744 | |
9,856 | 1,3 | Achillion Pharmaceuticals, Inc. | 4,534 |
225 | 1 | Addus Homecare Corp. | 19,625 |
3,641 | 1 | Affimed N.V. | 24,832 |
595 | 1 | AMN Healthcare Services, Inc. | 67,836 |
13,658 | 1 | Amneal Pharmaceuticals, Inc. | 57,090 |
200 | 1 | Amphastar Pharmaceuticals, Inc. | 3,912 |
407 | Amplifon SpA | 19,888 | |
2,113 | 1 | AnaptysBio, Inc. | 68,356 |
2,473 | 1 | Antares Pharma, Inc. | 7,988 |
932 | Anthem, Inc. | 378,606 | |
5,658 | 1 | Antigenics, Inc. | 17,823 |
2,027 | 1 | Apria, Inc. | 57,020 |
2,028 | 1 | Arcus Biosciences, Inc. | 88,826 |
2,709 | 1 | Avid Bioservices, Inc. | 82,787 |
7,623 | Becton Dickinson & Co. | 1,807,718 | |
4,061 | 1 | BioMarin Pharmaceutical, Inc. | 350,424 |
1,353 | 1 | Bio-Rad Laboratories, Inc., Class A | 1,019,080 |
4,717 | 1 | Cara Therapeutics, Inc. | 62,170 |
4,899 | Cardinal Health, Inc. | 226,481 | |
962 | Carl Zeiss Meditec AG | 192,989 | |
42 | 1 | Celltrion, Inc. | 7,383 |
13,601 | Cerner Corp. | 958,191 | |
6,004 | China Medical System Holding Ltd. | 9,831 | |
93,327 | China Resources Pharmaceutical Group Ltd. | 40,465 | |
76,000 | 1 | China Traditional Chinese Medicine Holdings Co. Ltd. | 36,645 |
4,350 | Cipla Ltd. | 56,274 | |
4,811 | 1 | Coherus Biosciences, Inc. | 89,340 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
424 | 1 | Corvel Corp. | $79,712 |
929 | Divi’s Laboratories Ltd. | 60,816 | |
342 | 1 | Dyne Therapeutics, Inc. | 4,860 |
2,840 | Eisai Co. Ltd. | 170,536 | |
10,390 | Eli Lilly & Co. | 2,577,136 | |
348 | Ensign Group, Inc. | 26,563 | |
5,144 | 1 | Exelixis, Inc. | 86,368 |
639 | 1 | Fulgent Genetics, Inc. | 59,759 |
25,374 | Hisamitsu Pharmaceutical Co., Inc. | 890,813 | |
1 | 1 | Hologic, Inc. | 75 |
3,171 | Hoya Corp. | 500,971 | |
1,146 | 1 | IDEAYA Biosciences, Inc. | 25,212 |
1,999 | 1 | ImmunityBio, Inc. | 15,572 |
5,759 | 1 | Immunovant, Inc. | 44,344 |
913 | 1 | Inari Medical, Inc. | 75,359 |
3 | 1 | Incyte Genomics, Inc. | 203 |
191 | 1 | Integer Holdings Corp. | 15,230 |
787 | Ipca Laboratories Ltd. | 21,794 | |
1,923 | 1 | IVERIC Bio, Inc. | 28,114 |
3,438 | Johnson & Johnson | 536,087 | |
5,900 | Kossan Rubber Industries Berhad | 3,013 | |
342 | 1 | LHC Group, Inc. | 39,234 |
519 | 1 | Magellan Health, Inc. | 49,196 |
4,390 | 1 | MaxCyte, Inc. | 43,812 |
19,402 | Medipal Holdings Corp. | 348,908 | |
437 | 1 | Medpace Holdings, Inc. | 90,638 |
20,983 | Medtronic PLC | 2,238,886 | |
30,222 | Merck & Co., Inc. | 2,263,930 | |
358 | 1 | Meridian Bioscience, Inc. | 7,128 |
6,254 | Microport Scientific Corp. | 26,145 | |
6,094 | 1 | Mind Medicine (MindMed), Inc. | 12,066 |
423 | 1 | ModivCare, Inc. | 57,964 |
546 | 1 | Natus Medical, Inc. | 12,340 |
5,932 | 1 | Neurocrine Biosciences, Inc. | 493,839 |
2,149 | 1 | NextGen Healthcare, Inc. | 33,310 |
1,901 | 1 | NGM Biopharmaceuticals, Inc. | 34,256 |
3,900 | Nippon Shinyaku Co. Ltd. | 288,689 | |
10,621 | Novo Nordisk A/S | 1,137,290 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
7,610 | 1 | Nuvation Bio, Inc. | $68,262 |
13,455 | 1 | Opko Health, Inc. | 52,878 |
497 | 1 | OptimizeRX Corp. | 32,305 |
212 | 1 | Option Care Health, Inc. | 5,366 |
1,612 | 1 | Organogenesis Holdings, Inc. | 16,217 |
63 | 1 | Orthofix Medical, Inc. | 1,928 |
22,900 | Otsuka Holdings Co., Ltd. | 831,432 | |
1,383 | Owens & Minor, Inc. | 55,320 | |
157 | Patterson Cos., Inc. | 4,941 | |
14,100 | 1 | PeptiDream, Inc. | 354,999 |
906 | 1 | Precision Biosciences, Inc. | 8,208 |
6,885 | 1,3 | Progenics Pharmaceuticals, Inc. | 0 |
469 | 1 | Progyny, Inc. | 23,811 |
2,915 | Quest Diagnostics, Inc. | 433,402 | |
806 | 1 | Quidel Corp. | 118,933 |
506 | 1 | R1 RCM, Inc. | 12,053 |
1,974 | 1 | Regeneron Pharmaceuticals, Inc. | 1,256,510 |
23,007 | 1 | Rigel Pharmaceuticals, Inc. | 61,429 |
497 | Roche Holding AG | 194,513 | |
1,934 | Roche Holding AG | 802,890 | |
3,528 | 1 | Sangamo BioSciences, Inc. | 29,247 |
1,032 | Seegene, Inc. | 66,321 | |
2,126 | Shanghai Fosun Pharmaceutical Co. Ltd. | 11,001 | |
25,471 | Shanghai Pharmaceuticals Holding Co. Ltd. | 46,448 | |
78 | Shin Poong Pharmaceutical Co. Ltd. | 2,176 | |
19,012 | Shionogi and Co. | 1,327,926 | |
5,504 | Siemens Healthineers AG | 401,581 | |
20,539 | Sinopharm Group Co. Ltd. | 44,618 | |
261 | 1 | SK Bioscience Co. Ltd. | 61,202 |
3,189 | Sonova Holding AG | 1,199,796 | |
49,400 | Sri Trang Gloves | 43,970 | |
113 | 1 | Staar Surgical Co. | 10,757 |
478 | Stedim | 281,714 | |
5,966 | Sun Pharmaceutical Industries Ltd. | 59,717 | |
916 | 1 | Sutro Biopharma, Inc. | 15,645 |
1,388 | 1 | Travere Therapeutics, Inc. | 39,627 |
3,140 | UCB SA | 341,404 | |
455 | UnitedHealth Group, Inc. | 202,120 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
3,655 | 1 | Vanda Pharmaceuticals, Inc. | $59,211 |
6,656 | 1 | Vertex Pharmaceuticals, Inc. | 1,244,273 |
1,363 | WuXi AppTec Co. Ltd. | 30,361 | |
1,500 | WuXi AppTec Co. Ltd. | 33,914 | |
8,523 | 1 | WuXi PharmaTech, Inc. | 116,074 |
TOTAL | 30,872,161 | ||
Industrials— 7.5% | |||
6,945 | 3M Co. | 1,180,928 | |
98 | A.P. Moller-Maersk A/S, Class B | 296,414 | |
1 | Adani Ports and Special Economic Zone Limited | 9 | |
9,875 | Airbus Group SE | 1,100,054 | |
61 | 1 | American Woodmark Corp. | 3,760 |
146 | Apogee Enterprises, Inc. | 6,030 | |
647 | Applied Industrial Technologies, Inc. | 61,491 | |
724 | ArcBest Corp. | 74,630 | |
16,987 | Ashtead Group PLC | 1,360,001 | |
576 | 1 | Atkore, Inc. | 61,344 |
60,354 | AviChina Industry & Technology Co. Ltd. | 39,524 | |
133 | AZZ, Inc. | 6,901 | |
18,408 | Bharat Electronics Ltd. | 49,532 | |
2 | Bidvest Group Ltd. | 23 | |
1,149 | Boise Cascade Co. | 74,490 | |
1,706 | Caterpillar, Inc. | 329,855 | |
29,049 | 1 | China COSCO Holdings Co. Ltd., Class H | 49,694 |
26,768 | China Railway Group Ltd. | 12,735 | |
65,400 | China State Construction Engineering Corp. Ltd. | 47,541 | |
143 | Cintas Corp. | 60,373 | |
49,820 | Citic Pacific Ltd. | 44,678 | |
9,391 | 1 | Clean Harbors, Inc. | 952,623 |
502 | Comfort Systems USA, Inc. | 47,625 | |
1 | Container Corp. of India Ltd. | 8 | |
3,148 | 1 | Cornerstone Building Brands | 49,487 |
15,740 | 1 | COSCO SHIPPING Holdings Co. Ltd. | 42,957 |
1 | Crane Co. | 97 | |
1 | CSX Corp. | 35 | |
4,800 | Daifuku Co. | 383,700 | |
953 | Deluxe Corp. | 32,250 | |
1,215 | Doosan Bobcat, Inc. | 36,772 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
11,379 | Dover Corp. | $1,864,449 | |
1,913 | DSV Panalpina A/S | 419,176 | |
517 | Emcor Group, Inc. | 61,699 | |
1 | Emerson Electric Co. | 88 | |
207 | Encore Wire Corp. | 29,075 | |
10,675 | Expeditors International Washington, Inc. | 1,298,293 | |
15,514 | Experian PLC | 695,493 | |
9,402 | Ferguson PLC | 1,428,899 | |
5,113 | Fortive Corp. | 377,697 | |
1 | GEA Group AG | 51 | |
3,755 | Genco Shipping & Trading Ltd. | 57,865 | |
3,771 | General Dynamics Corp. | 712,606 | |
6,807 | Genivar Income Fund | 946,836 | |
149 | 1 | GMS, Inc. | 8,325 |
4,276 | Grupo Aeroportuario del Pacifico SA, Class B | 49,467 | |
3,132 | 1 | Havells India Ltd. | 56,310 |
265 | Herc Holdings, Inc. | 45,169 | |
1,569 | Hillenbrand, Inc. | 69,977 | |
22 | Hyundai Glovis Co. Ltd. | 2,711 | |
114 | 1 | Hyundai Merchant Marine Co., Ltd. | 2,282 |
541 | 1 | IES Holdings, Inc. | 25,963 |
82,223 | 1 | InPost S.A. | 914,950 |
586 | Insperity, Inc. | 67,824 | |
382 | 1 | JELD-WEN Holding, Inc. | 9,256 |
5,516 | Johnson Controls International PLC | 412,376 | |
72,482 | Kajima Corp. | 798,463 | |
554 | KForce Com, Inc. | 42,453 | |
2,475 | KION Group AG | 268,096 | |
1,678 | Koc Holding A.S. | 3,471 | |
352 | Kone Corp. OYJ, Class B | 23,164 | |
2 | Korean Air Co. Ltd. | 44 | |
460 | Korn Ferry | 33,460 | |
3,793 | Kuehne & Nagel International AG | 1,088,130 | |
5,121 | L3Harris Technologies, Inc. | 1,070,699 | |
749 | LG Corp. | 49,665 | |
2,347 | Localiza Rent A Car SA | 21,337 | |
1 | Manpower, Inc. | 90 | |
598 | 1 | Masonite International Corp. | 63,986 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
207 | Matthews International Corp., Class A | $7,177 | |
3,387 | 1 | Meritor, Inc. | 85,657 |
6,302 | 1 | MRC Global, Inc. | 43,358 |
984 | Mueller Industries, Inc. | 54,445 | |
663 | 1 | MYR Group, Inc. | 73,401 |
82,373 | NIBE Industrier AB | 1,176,445 | |
3,043 | Nordson Corp. | 773,500 | |
2 | nVent Electric PLC | 70 | |
65,748 | Obayashi Corp. | 483,992 | |
5,306 | Old Dominion Freight Lines, Inc. | 1,884,532 | |
1 | Otis Worldwide Corp. | 80 | |
1 | Owens Corning, Inc. | 85 | |
229 | 1 | P.A.M. Transportation Services, Inc. | 14,837 |
923 | 1 | Pan Ocean Co. Ltd. | 4,039 |
3 | Pentair PLC | 221 | |
3,422 | Pitney Bowes, Inc. | 23,372 | |
5,570 | Robert Half International, Inc. | 619,217 | |
477 | Rockwool International A/S | 198,063 | |
522 | Rush Enterprises, Inc. | 26,601 | |
1 | Samsung C&T Corp. | 88 | |
2 | 1 | Samsung Engineering Co. Ltd. | 35 |
6,916 | Schneider Electric SA | 1,222,479 | |
16,835 | Secom Co. Ltd. | 1,138,045 | |
54,300 | Shimizu Corp. | 343,025 | |
85,200 | Sime Darby BHD | 44,265 | |
216 | SK Holdings Co. Ltd., Class A | 47,408 | |
231 | 1 | SkyWest, Inc. | 9,048 |
587 | SMC Corp. | 374,570 | |
2 | Smith (A.O.) Corp. | 158 | |
139 | Snap-On, Inc. | 28,621 | |
7,051 | Sohgo Security Services Co. Ltd. | 300,627 | |
11,851 | Taisei Corp. | 345,590 | |
2,300 | TBEA Co. Ltd. | 8,215 | |
1,046 | Terex Corp. | 44,329 | |
575 | Tetra Tech, Inc. | 106,191 | |
4,600 | Toshiba Corp. | 183,617 | |
8,599 | Trane Technologies PLC | 1,605,003 | |
521 | 1 | TriNet Group, Inc. | 52,256 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
1 | 1 | TuSimple Holdings, Inc. | $40 |
12 | UFP Industries, Inc. | 999 | |
672 | Universal Truckload Services, Inc. | 12,492 | |
55 | 1 | Veritiv Corp. | 6,932 |
731 | Vestas Wind Systems A/S | 24,488 | |
845 | Wabash National Corp. | 14,112 | |
9,300 | Wan Hai Lines Ltd. | 51,454 | |
22,337 | Wartsila OYJ, Class B | 309,391 | |
8,583 | Weg SA | 49,206 | |
15,400 | Weichai Power Co. Ltd. | 37,225 | |
24,000 | Weichai Power Co. Ltd., Class H | 42,657 | |
91 | 1 | WESCO International, Inc. | 11,296 |
628 | Wolters Kluwer NV | 70,448 | |
3,600 | Yamato Holdings Co. Ltd. | 79,503 | |
TOTAL | 31,458,361 | ||
Information Technology— 13.0% | |||
967 | A10 Networks, Inc. | 14,911 | |
52,658 | Acer Sertek, Inc. | 52,026 | |
1,134 | 1 | ACI Worldwide, Inc. | 33,045 |
4,077 | 1 | Adobe, Inc. | 2,730,978 |
858 | Advanced Energy Industries, Inc. | 75,238 | |
8,511 | 1 | Advanced Micro Devices, Inc. | 1,347,887 |
3,426 | Advantest Corp. | 297,614 | |
920 | 1 | Alpha & Omega Semiconductor Ltd. | 45,190 |
691 | 1 | Altair Engineering, Inc. | 51,445 |
1 | Amdocs Ltd. | 70 | |
2,761 | Amkor Technology, Inc. | 59,527 | |
44,615 | Apple, Inc. | 7,374,860 | |
16,498 | Applied Materials, Inc. | 2,428,341 | |
820 | ASM International NV | 365,065 | |
731 | ASML Holding N.V. | 572,810 | |
4,783 | Asustek Computer, Inc. | 60,177 | |
7,978 | Automatic Data Processing, Inc. | 1,842,040 | |
1 | Avnet, Inc. | 36 | |
1,003 | 1 | Blackbaud, Inc. | 75,686 |
54,700 | BOE Technology Group Co. Ltd. | 41,354 | |
20,851 | Brother Industries Ltd. | 357,893 | |
8,633 | 1 | Cadence Design Systems, Inc. | 1,532,012 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
603 | 1 | Cambium Networks Corp. | $16,408 |
2,007 | Capgemini SE | 464,218 | |
442 | Cass Information Systems, Inc. | 17,751 | |
8,071 | 1 | CGI, Inc., Class A | 674,263 |
4,493 | Cisco Systems, Inc. | 246,396 | |
809 | 1 | CloudFlare, Inc. | 152,286 |
524 | 1 | Commvault Systems, Inc. | 32,949 |
58,537 | Compal Electronics, Inc. | 48,638 | |
247 | 1 | Corsair Gaming, Inc. | 5,533 |
858 | 1 | Crowdstrike Holdings, Inc. | 186,306 |
745 | CSG Systems International, Inc. | 39,269 | |
690 | 1 | Daqo New Energy Corp., ADR | 39,565 |
1,780 | 1 | Diebold Nixdorf, Inc. | 14,436 |
705 | 1 | Diodes, Inc. | 74,977 |
2,081 | Disco Corp. | 595,292 | |
5,067 | Dolby Laboratories, Class A | 422,638 | |
2 | 1 | DXC Technology Co. | 60 |
2 | 1 | Dynatrace Holdings LLC | 126 |
1,571 | 1 | EPAM Systems, Inc. | 956,032 |
329 | 1 | ePlus, Inc. | 34,706 |
527 | 1 | Fabrinet | 58,265 |
1,890 | 1 | Fortinet, Inc. | 627,688 |
2,894 | Fujitsu Ltd. | 478,124 | |
3,686 | 1 | Gartner, Inc., Class A | 1,150,954 |
1,804 | Hewlett Packard Enterprise Co. | 25,887 | |
16,367 | Hon Hai Precision Industry Co. Ltd. | 60,534 | |
728 | 1 | HubSpot, Inc. | 587,430 |
9,575 | Infosys Ltd. | 218,037 | |
428 | 1 | Insight Enterprises, Inc. | 42,209 |
282 | 1 | Instructure Holdings, Inc. | 6,280 |
91 | InterDigital, Inc. | 6,180 | |
51,000 | Inventec Co. Ltd. | 47,042 | |
500 | Ja Solar Technology Co. Ltd | 6,785 | |
4,443 | 1 | Kaltura, Inc. | 21,060 |
11,049 | Kingboard Chemical Holdings Ltd. | 55,304 | |
5,745 | KLA Corp. | 2,344,707 | |
285 | Kulicke & Soffa Industries | 16,433 | |
3,184 | Lam Research Corp. | 2,164,642 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
1,103 | 1 | Lattice Semiconductor Corp. | $83,751 |
55,224 | Lenovo Group Ltd. | 56,066 | |
1 | 1 | LG Display Co. Ltd. | 17 |
209 | LG Innotek Co., Ltd. | 53,052 | |
24,145 | 1 | Lite-On Technology Corp. | 52,332 |
11,000 | Logitech International SA | 872,299 | |
1 | 1 | Mandiant, Inc. | 17 |
753 | Maximus, Inc. | 56,814 | |
4,197 | MediaTek, Inc. | 151,082 | |
968 | 1 | MeridianLink, Inc. | 21,344 |
271 | Methode Electronics, Inc., Class A | 12,051 | |
21,948 | Microsoft Corp. | 7,255,789 | |
4,000 | Micro-Star International Co. | 23,271 | |
2,000 | Nan Ya Printed Circuit Board Corp. | 44,387 | |
400 | NAURA Technology Group Co. Ltd. | 24,178 | |
479 | 1 | Nuvei Corp. | 47,167 |
2 | 1 | ON Semiconductor Corp. | 123 |
6,940 | Otsuka Corp. | 317,833 | |
9,279 | 1 | Palantir Technologies, Inc. | 191,611 |
2,873 | 1 | Paya Holdings, Inc. | 18,502 |
2 | Paychex, Inc. | 238 | |
1 | 1 | Paycor HCM, Inc. | 29 |
3,507 | 1 | Paylocity Corp. | 884,956 |
9 | 1 | PC Connections, Inc. | 395 |
3,000 | 1 | Phison Electronics Corp. | 43,917 |
122 | 1 | Plexus Corp. | 10,265 |
905 | 1 | Procore Technologies, Inc. | 76,708 |
1,558 | Progress Software Corp. | 75,485 | |
3,881 | 1 | PTC, Inc. | 425,280 |
8,411 | Qualcomm, Inc. | 1,518,690 | |
21,317 | Quanta Computer, Inc. | 65,481 | |
21,000 | Ricoh Co. Ltd. | 185,507 | |
754 | 1 | SailPoint Technologies Holding | 39,653 |
5,404 | 1 | Salesforce.com, Inc. | 1,539,924 |
388 | Samsung Electro-Mechanics Co. | 54,804 | |
11,435 | Samsung Electronics Co. Ltd. | 690,236 | |
60 | Samsung SDI Co. Ltd. | 34,824 | |
88 | 1 | Sanmina Corp. | 3,216 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
4,186 | SAP SE | $537,351 | |
4,113 | Shimadzu Corp. | 173,994 | |
1,713 | SK Hynix, Inc. | 165,626 | |
431 | 1 | SK Square Co., Ltd. | 24,672 |
151 | 1 | SMART Global Holdings, Inc. | 8,610 |
2,162 | 1 | Snowflake, Inc. | 735,404 |
576 | 1 | SPS Commerce, Inc. | 81,210 |
2 | SS&C Technologies Holdings, Inc. | 153 | |
19,803 | STMicroelectronics N.V. | 967,211 | |
25,655 | Synnex Technology International Corp. | 53,492 | |
6,281 | 1 | Synopsys, Inc. | 2,141,821 |
55,122 | Taiwan Semiconductor Manufacturing Co. Ltd | 1,172,718 | |
1,123 | Tata Consultancy Services Ltd. | 52,878 | |
17,011 | 1 | TeamViewer AG | 231,592 |
2,562 | Tech Mahindra Ltd. | 52,625 | |
3 | 1 | Teradata Corp. | 130 |
5,700 | Tianjin Zhonghuan Semiconductor Co. Ltd | 40,259 | |
2,606 | 1 | Trade Desk, Inc./The | 269,513 |
6,447 | Trend Micro, Inc. | 372,055 | |
524 | TTEC Holdings, Inc. | 44,220 | |
203 | 1 | Tucows, Inc. | 16,510 |
893 | 1 | Tyler Technologies, Inc. | 463,449 |
1,138 | 1 | Ultra Clean Holdings, Inc. | 62,374 |
9,000 | Unimicron Technology Corp. | 72,306 | |
10,300 | Unisplendour Corp. Ltd. | 41,805 | |
46,568 | United Microelectronics Corp. | 104,854 | |
2,556 | Vishay Intertechnology, Inc. | 52,066 | |
1 | Wipro Ltd. | 8 | |
290 | 1 | Workiva, Inc. | 40,446 |
18,000 | WPG Holdings Co., Ltd. | 32,523 | |
1 | Xerox Holdings Corp. | 18 | |
1,200 | Yamatake-Honeywell | 52,969 | |
17,300 | Yokogawa Electric Corp. | 324,646 | |
789 | 1 | Zoom Video Communications, Inc. | 166,802 |
16,000 | ZTE Corp. | 43,205 | |
6,900 | ZTE Corp. | 33,059 | |
TOTAL | 54,861,483 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Materials— 3.6% | |||
1,557 | ACC Ltd. | $47,162 | |
370 | AdvanSix, Inc. | 16,757 | |
30,426 | Alrosa AO | 52,851 | |
16,000 | 1 | Aluminum Corp. of China Ltd. | 7,832 |
2 | ArcelorMittal SA | 54 | |
29,186 | Asia Cement Corp. | 43,837 | |
3,125 | Avery Dennison Corp. | 640,844 | |
48,967 | BHP Billiton Ltd. | 1,376,006 | |
31,073 | BHP Steel Ltd. | 423,219 | |
16,907 | Boliden AB | 583,192 | |
936 | Cabot Corp. | 49,121 | |
2,010 | Celanese Corp. | 304,234 | |
1 | Chemours Co./The | 30 | |
2,383 | Cherepovets MK Severstal | 50,736 | |
21,877 | China Hongqiao Group Ltd. | 21,015 | |
5,506 | 1 | Companhia Vale Do Rio Doce | 68,509 |
2,293 | 1 | Constellium SE | 40,288 |
3,440 | Dow, Inc. | 188,959 | |
6,028 | Eastman Chemical Co. | 628,660 | |
5,107 | 1,3 | Ferroglobe Representation & Warranty Insurance Trust | 0 |
1,179 | 1 | Forterra, Inc. | 28,048 |
72,864 | Fortescue Metals Group Ltd. | 848,031 | |
40,653 | Glencore PLC | 192,340 | |
643 | Greif, Inc. | 38,046 | |
9,580 | Gujarat Ambuja Cements Ltd. | 47,565 | |
678 | Hawkins, Inc. | 22,496 | |
11,700 | Hengli Petrochemical Co. Ltd. | 38,574 | |
10,529 | Hindalco Industries Ltd. | 57,270 | |
15,457 | Holcim Ltd. | 745,774 | |
828 | Hyundai Steel Co. | 25,906 | |
200 | Indorama Ventures PCL | 233 | |
26,050 | International Paper Co. | 1,185,796 | |
343 | 1 | Intrepid Potash, Inc. | 14,097 |
55,798 | Israel Chemicals Ltd. | 485,223 | |
21,019 | James Hardie Industries PLC, GDR | 814,382 | |
16,891 | Jiangxi Copper Co. Ltd. | 26,717 | |
6,741 | JSW Steel Ltd. | 54,690 | |
95 | 1 | Koppers Holdings, Inc. | 2,869 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Materials— continued | |||
314 | Korea Kumho Petrochemical Co. Ltd. | $40,682 | |
43 | L.G. Chemical Ltd. | 25,145 | |
4,573 | Mitsubishi Gas Chemical Co., Inc. | 75,917 | |
5,150 | Nitto Denko Corp. | 358,262 | |
282 | Norilsk Nickel | 82,486 | |
17,101 | 1 | Novolipetski Metallurgicheski Komb OAO | 56,674 |
1,026 | Novozymes A/S, Class B | 77,966 | |
16,932 | Nuevo Grupo Mexico SA, Class B | 70,523 | |
2,628 | Nutrien Ltd. | 174,206 | |
2 | Olin Corp. | 109 | |
18,963 | Orbia Advance Corp. SAB de CV | 44,245 | |
26,000 | Petronas Chemicals BHD | 52,493 | |
2,120 | 2 | Phosagro OAO, GDR | 46,767 |
3 | Polymetal International PLC | 55 | |
213 | Polyus PJSC | 41,076 | |
338 | POSCO | 74,586 | |
281,100 | PT Aneka Tambang Tbk | 45,141 | |
52,250 | PT Semen Gresik | 29,096 | |
4,315 | Queen’s Road Capital Investment Ltd. | 2,567 | |
12,809 | Rio Tinto Ltd. | 830,986 | |
13,300 | Rongsheng Petrochemical Co. Ltd. | 33,527 | |
4,491 | Sahara International Petrochemical Co. | 45,945 | |
3,283 | Saudi Basic Industries Corp. | 94,939 | |
24,000 | SCG Packaging Public Company Ltd. | 43,929 | |
638 | Schnitzer Steel Industries, Inc., Class A | 30,688 | |
7,813 | Sealed Air Corp. | 485,344 | |
112 | 1 | Shree Cement | 39,539 |
4,314 | Sika AG | 1,692,684 | |
286,642 | South32 Ltd. | 680,520 | |
4,068 | Tata Steel Ltd. | 58,055 | |
31,169 | Tosoh Corp. | 447,502 | |
1,033 | Trinseo PLC | 48,789 | |
1,041 | Trox Holdings PLC | 22,892 | |
652 | Ultra Tech Cement, Ltd. | 64,062 | |
3,224 | Va Stahl Ag | 109,115 | |
1 | Valvoline, Inc. | 34 | |
13,282 | 1 | Vedanta Ltd. | 59,240 |
488 | Worthington Industries, Inc. | 23,414 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Materials— continued | |||
43,054 | Zijin Mining Group Co. Ltd. | $57,199 | |
2,800 | Zijin Mining Group Co. Ltd. | 4,464 | |
TOTAL | 15,342,226 | ||
Real Estate— 1.4% | |||
745 | Agile Group Holdings Ltd. | 486 | |
54 | American Finance Trust, Inc. | 429 | |
4,447 | American Tower Corp. | 1,167,249 | |
4,001 | Apartment Income REIT Corp. | 203,091 | |
1,990 | CareTrust REIT, Inc. | 40,218 | |
470 | 1 | CBRE Group, Inc. | 44,918 |
28,900 | Central Pattana PCL | 44,637 | |
58,806 | CIFI Holdings Group Co. Ltd. | 31,782 | |
2,940 | 1 | CIFI Holdings Group Co. Ltd., Rights | 94 |
4,397 | Columbia Property Trust, Inc. | 84,422 | |
4,592 | 1 | Corepoint Lodging, Inc. | 70,855 |
26,526 | Country Garden Holdings Co. | 23,088 | |
1 | Crown Castle International Corp. | 182 | |
2 | Cubesmart | 108 | |
17,644 | 1 | Dar Al Arkan Real Estate Development Co. | 43,212 |
3,254 | 1 | DigitalBridge Group, Inc. | 25,902 |
1 | DLF Ltd. | 5 | |
1 | Duke Realty Corp. | 58 | |
1,702 | eXp World Holdings, Inc. | 62,480 | |
157 | Extra Space Storage, Inc. | 31,400 | |
16,000 | Franshion Properties of China Ltd. | 4,860 | |
1 | Gaming and Leisure Properties, Inc. | 45 | |
5,217 | Goodman Group | 90,747 | |
33,411 | Greentown China Holdings Ltd. | 48,893 | |
38,718 | Guangzhou R&F Properties Co. Ltd. | 20,647 | |
15,141 | Hopson Development Holdings Ltd. | 36,891 | |
1,204 | Independence Realty Trust | 29,498 | |
4,520 | Kite Realty Group Trust | 90,942 | |
2 | Lamar Advertising Co. | 219 | |
68,974 | Mapletree Logistics Trust | 93,716 | |
2,552 | 1 | Mapletree Logistics Trust, Rights | 37 |
3,444 | Mid-American Apartment Communities, Inc. | 710,325 | |
4,047 | Monmouth Real Estate Investment Corp. | 84,056 | |
1,505 | National Storage Affiliates Trust | 92,377 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Real Estate— continued | |||
1,322 | Newmark Group, Inc. | $21,231 | |
387 | Plymouth Industrial REIT, Inc. | 11,513 | |
59,000 | Powerlong Real Estate Holdings Ltd. | 35,560 | |
2,239 | Preferred Apartment Communities, Inc. | 29,510 | |
11,418 | ProLogis, Inc. | 1,721,263 | |
2,683 | Public Storage | 878,361 | |
600 | RPT Realty | 7,632 | |
29,865 | Seazen Group Ltd. | 20,408 | |
12,000 | Sunac China Holdings | 21,278 | |
676 | Tanger Factory Outlet Centers, Inc. | 13,392 | |
1,280 | UMH Properties, Inc. | 29,542 | |
TOTAL | 5,967,559 | ||
Utilities— 1.1% | |||
2,832 | Adani Gas Ltd. | 59,580 | |
297 | American States Water Co. | 27,972 | |
281 | Brookfield Infrastructure Corp. | 16,632 | |
142,396 | CGN Power Co. Ltd. | 38,955 | |
26,400 | China Longyuan Power Group Corp. | 54,168 | |
20,000 | China National Nuclear Power Co. Ltd. | 21,368 | |
8,626 | CPFL Energia SA | 40,507 | |
14,007 | Enagas SA | 318,691 | |
32,177 | Endesa SA | 720,334 | |
12,754 | Equatorial Energia SA | 51,203 | |
25,266 | Gail India Ltd. | 43,650 | |
1 | Gas Natural SDG SA | 28 | |
332 | Korea Electric Power Corp. | 5,817 | |
36,872 | Kunlun Energy Co. Ltd. | 34,706 | |
3,070 | Manila Electric Co. | 17,579 | |
1,276 | Northwest Natural Holding Co. | 55,021 | |
721,772 | OJSC Inter Rao Ues | 41,774 | |
936 | Otter Tail Corp. | 61,205 | |
12,541 | Petronas Gas | 49,975 | |
1,193 | Portland General Electric Co. | 58,063 | |
55,414 | Red Electrica Corporacion SA | 1,176,418 | |
35,590 | RWE AG | 1,377,962 | |
1,912 | Saudi Electricity Global, Class SECO AB | 12,110 | |
412 | Southwest Gas Holdings, Inc. | 27,114 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Utilities— continued | |||
12,751 | Uniper SE | $554,828 | |
TOTAL | 4,865,660 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $224,833,609) | 274,330,614 | ||
CORPORATE BONDS— 5.5% | |||
Basic Industry - Metals & Mining— 0.0% | |||
$ 100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 4/15/2023 | 103,951 | |
Capital Goods - Aerospace & Defense— 0.3% | |||
350,000 | Boeing Co., Sr. Unsecd. Note, 4.875%, 5/1/2025 | 383,837 | |
145,000 | Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, Series WI, 3.844%, 5/1/2025 | 154,304 | |
300,000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 2.300%, 2/15/2031 | 291,120 | |
215,000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 3.625%, 5/15/2025 | 229,643 | |
180,000 | Lockheed Martin Corp., Sr. Unsecd. Note, 3.550%, 1/15/2026 | 194,932 | |
90,000 | 4 | Textron Financial Corp., Jr. Sub. Note, 144A, 1.891% (3-month USLIBOR +1.735%), 2/15/2042 | 77,850 |
TOTAL | 1,331,686 | ||
Capital Goods - Building Materials— 0.0% | |||
125,000 | Allegion PLC, Sr. Unsecd. Note, 3.500%, 10/1/2029 | 134,290 | |
Capital Goods - Construction Machinery— 0.1% | |||
315,000 | Ashtead Capital, Inc., Sr. Unsecd. Note, 144A, 2.450%, 8/12/2031 | 310,364 | |
195,000 | Deere & Co., Sr. Unsecd. Note, 2.750%, 4/15/2025 | 204,291 | |
TOTAL | 514,655 | ||
Capital Goods - Diversified Manufacturing— 0.0% | |||
30,000 | General Electric Capital Corp., Note, Series MTNA, 6.750%, 3/15/2032 | 41,554 | |
75,000 | Lennox International, Inc., Sr. Unsecd. Note, 1.700%, 8/1/2027 | 74,249 | |
TOTAL | 115,803 | ||
Communications - Cable & Satellite— 0.0% | |||
30,000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., 5.050%, 3/30/2029 | 34,663 | |
Communications - Media & Entertainment— 0.1% | |||
20,000 | Discovery Communications LLC, Sr. Unsecd. Note, 4.900%, 3/11/2026 | 22,401 | |
70,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046 | 96,229 | |
400,000 | ViacomCBS, Inc., Sr. Unsecd. Note, 4.750%, 5/15/2025 | 441,541 | |
TOTAL | 560,171 | ||
Communications - Telecom Wireless— 0.1% | |||
80,000 | T-Mobile USA, Inc., 2.250%, 11/15/2031 | 76,886 |
Shares, Principal Amount or Contracts | Value | ||
CORPORATE BONDS— continued | |||
Communications - Telecom Wireless— continued | |||
$ 300,000 | T-Mobile USA, Inc., Sec. Fac. Bond, 144A, 3.400%, 10/15/2052 | $297,993 | |
TOTAL | 374,879 | ||
Communications - Telecom Wirelines— 0.1% | |||
364,000 | AT&T, Inc., Sr. Unsecd. Note, 3.550%, 9/15/2055 | 366,605 | |
Consumer Cyclical - Automotive— 0.0% | |||
70,000 | General Motors Co., Sr. Unsecd. Note, 4.000%, 4/1/2025 | 75,131 | |
Consumer Cyclical - Retailers— 0.3% | |||
600,000 | Advance Auto Parts, Inc., Sr. Unsecd. Note, Series WI, 3.900%, 4/15/2030 | 659,331 | |
225,000 | AutoNation, Inc., Sr. Unsecd. Note, 4.750%, 6/1/2030 | 260,658 | |
300,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 4/15/2025 | 316,653 | |
68,390 | CVS Health Corp., Pass Thru Cert., 144A, 5.298%, 1/11/2027 | 74,104 | |
TOTAL | 1,310,746 | ||
Consumer Cyclical - Services— 0.1% | |||
200,000 | Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.800%, 6/6/2023 | 205,404 | |
130,000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | 139,187 | |
TOTAL | 344,591 | ||
Consumer Non-Cyclical - Food/Beverage— 0.1% | |||
210,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026 | 226,822 | |
120,000 | Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025 | 131,705 | |
TOTAL | 358,527 | ||
Consumer Non-Cyclical - Health Care— 0.2% | |||
210,000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 2.750%, 9/15/2029 | 217,948 | |
180,000 | Dentsply Sirona, Inc., Sr. Unsecd. Note, 3.250%, 6/1/2030 | 191,794 | |
400,000 | PerkinElmer, Inc., Sr. Unsecd. Note, 3.300%, 9/15/2029 | 424,563 | |
75,000 | Thermo Fisher Scientific, Inc., Sr. Unsecd. Note, 4.133%, 3/25/2025 | 81,242 | |
TOTAL | 915,547 | ||
Consumer Non-Cyclical - Pharmaceuticals— 0.1% | |||
90,000 | Gilead Sciences, Inc., Sr. Unsecd. Note, 3.650%, 3/1/2026 | 97,040 | |
190,000 | Zoetis, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2050 | 196,646 | |
TOTAL | 293,686 | ||
Consumer Non-Cyclical - Tobacco— 0.3% | |||
EUR 870,000 | Philip Morris International, Inc., Sr. Unsecd. Note, 2.875%, 5/14/2029 | 1,137,090 | |
$ 200,000 | Reynolds American, Inc., Sr. Unsecd. Note, 5.850%, 8/15/2045 | 243,321 | |
TOTAL | 1,380,411 | ||
Energy - Independent— 0.1% | |||
400,000 | Pioneer Natural Resources, Inc., Sr. Unsecd. Note, 2.150%, 1/15/2031 | 384,632 |
Shares, Principal Amount or Contracts | Value | ||
CORPORATE BONDS— continued | |||
Energy - Integrated— 0.3% | |||
$ 340,000 | Exxon Mobil Corp., Sr. Unsecd. Note, 2.992%, 3/19/2025 | $358,230 | |
35,000 | Petro-Canada, Deb., 7.000%, 11/15/2028 | 45,355 | |
EUR 600,000 | Petroleos Mexicanos, Sr. Unsecd. Note, Series EMTN, 1.875%, 4/21/2022 | 681,043 | |
TOTAL | 1,084,628 | ||
Energy - Midstream— 0.1% | |||
$ 325,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 | 344,856 | |
80,000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 | 87,087 | |
TOTAL | 431,943 | ||
Energy - Refining— 0.2% | |||
250,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.750%, 9/15/2044 | 294,198 | |
500,000 | Valero Energy Corp., Sr. Unsecd. Note, 3.650%, 12/1/2051 | 492,277 | |
TOTAL | 786,475 | ||
Financial Institution - Banking— 0.5% | |||
100,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 4.875%, 4/1/2044 | 130,241 | |
300,000 | Bank of America Corp., Sub. Note, Series MTN, 4.000%, 1/22/2025 | 321,079 | |
250,000 | Citizens Bank N.A., Sr. Unsecd. Note, Series BKNT, 3.750%, 2/18/2026 | 271,731 | |
250,000 | Compass Bank, Birmingham, Sub. Note, Series BKNT, 3.875%, 4/10/2025 | 269,619 | |
5,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 5.750%, 1/24/2022 | 5,039 | |
100,000 | JPMorgan Chase & Co., Series S, 6.750%, 8/1/2070 | 107,438 | |
50,000 | JPMorgan Chase & Co., Sub. Note, 3.375%, 5/1/2023 | 51,810 | |
400,000 | Morgan Stanley, 4.300%, 1/27/2045 | 495,740 | |
70,000 | Morgan Stanley, Sr. Unsecd. Note, Series MTN, 1.794%, 2/13/2032 | 66,364 | |
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 | 283,440 | |
TOTAL | 2,011,449 | ||
Financial Institution - Broker/Asset Mgr/Exchange— 0.1% | |||
140,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | 152,013 | |
70,000 | TIAA Asset Management Finance Co. LLC, Sr. Unsecd. Note, 144A, 4.125%, 11/1/2024 | 75,726 | |
TOTAL | 227,739 | ||
Financial Institution - Insurance - Life— 0.0% | |||
27,000 | Aflac, Inc., Sr. Unsecd. Note, 6.450%, 8/15/2040 | 39,572 | |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039 | 17,127 | |
105,000 | Northwestern Mutual Life Insurance Co., Sr. Unsecd. Note, 144A, 3.625%, 9/30/2059 | 118,459 | |
TOTAL | 175,158 |
Shares, Principal Amount or Contracts | Value | ||
CORPORATE BONDS— continued | |||
Financial Institution - Insurance - P&C— 0.2% | |||
$ 500,000 | Chubb INA Holdings, Inc., Sr. Unsecd. Note, 2.850%, 12/15/2051 | $510,172 | |
75,000 | Nationwide Mutual Insurance Co., Sub. Note, 144A, 4.350%, 4/30/2050 | 87,298 | |
275,000 | Nationwide Mutual Insurance Co., Sub. Note, 144A, 4.950%, 4/22/2044 | 338,080 | |
30,000 | Nationwide Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039 | 52,967 | |
TOTAL | 988,517 | ||
Financial Institution - REIT - Apartment— 0.1% | |||
300,000 | Mid-America Apartment Communities LP, Sr. Unsecd. Note, 3.750%, 6/15/2024 | 318,113 | |
140,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026 | 146,803 | |
TOTAL | 464,916 | ||
Financial Institution - REIT - Healthcare— 0.1% | |||
500,000 | Welltower, Inc., Sr. Unsecd. Note, 2.750%, 1/15/2032 | 505,056 | |
Financial Institution - REIT - Other— 0.1% | |||
90,000 | WP Carey, Inc., Sr. Unsecd. Note, 3.850%, 7/15/2029 | 99,971 | |
160,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024 | 170,830 | |
TOTAL | 270,801 | ||
Financial Institution - REIT - Retail— 0.1% | |||
400,000 | Kimco Realty Corp., Sr. Unsecd. Note, 2.700%, 10/1/2030 | 411,279 | |
30,000 | Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/1/2022 | 30,590 | |
TOTAL | 441,869 | ||
Financial Institution - REITs— 0.0% | |||
70,000 | Camden Property Trust, Sr. Unsecd. Note, 2.800%, 5/15/2030 | 73,639 | |
Food Products— 0.0% | |||
INR 73,689 | Britannia Industries Ltd., Unsecd. Note, Series N3, 5.500%, 6/3/2024 | 981 | |
Foreign-Local-Government— 0.0% | |||
$ 50,000 | Quebec, Province of, Note, Series MTNA, 7.035%, 3/10/2026 | 60,971 | |
Municipal Services— 0.0% | |||
100,000 | Camp Pendleton & Quantico Housing LLC, 5.572%, 10/1/2050 | 126,050 | |
Sovereign— 0.1% | |||
JPY 30,000,000 | KFW, 2.050%, 2/16/2026 | 289,702 | |
Technology— 0.4% | |||
$ 45,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2051 | 46,896 | |
250,000 | CDW LLC / CDW Finance, Sr. Unsecd. Note, 2.670%, 12/1/2026 | 252,034 | |
320,000 | Dell International LLC / EMC Corp., 6.020%, 6/15/2026 | 372,750 | |
280,000 | Intel Corp., Sr. Unsecd. Note, 3.400%, 3/25/2025 | 298,225 | |
300,000 | Keysight Technologies, Inc., 4.550%, 10/30/2024 | 326,623 |
Shares, Principal Amount or Contracts | Value | ||
CORPORATE BONDS— continued | |||
Technology— continued | |||
$ 380,000 | Molex Electronics Technologies LLC, Unsecd. Note, 144A, 3.900%, 4/15/2025 | $402,382 | |
TOTAL | 1,698,910 | ||
Technology Services— 0.1% | |||
270,000 | Global Payments, Inc., Sr. Unsecd. Note, 2.900%, 11/15/2031 | 273,420 | |
Transportation - Airlines— 0.0% | |||
140,000 | Southwest Airlines Co., Sr. Unsecd. Note, 5.250%, 5/4/2025 | 155,647 | |
Transportation - Railroads— 0.1% | |||
240,000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 3.000%, 12/2/2041 | 244,634 | |
Transportation - Services— 0.1% | |||
62,000 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 3.850%, 11/15/2024 | 66,108 | |
160,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 3.900%, 4/1/2025 | 173,264 | |
TOTAL | 239,372 | ||
Utility - Electric— 0.9% | |||
450,000 | Alabama Power Co., Sr. Unsecd. Note, 3.000%, 3/15/2052 | 459,009 | |
185,000 | Ameren Corp., Sr. Unsecd. Note, 1.950%, 3/15/2027 | 184,979 | |
155,000 | Berkshire Hathaway Energy Co., Sr. Unsecd. Note, Series WI, 4.050%, 4/15/2025 | 168,767 | |
400,000 | Dominion Energy, Inc., Sr. Unsecd. Note, Series C, 2.250%, 8/15/2031 | 392,898 | |
275,000 | Electricite de France SA, Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028 | 313,584 | |
190,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 | 225,965 | |
400,000 | Enel Finance International NV, Sr. Unsecd. Note, 144A, 2.650%, 9/10/2024 | 413,708 | |
300,000 | Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026 | 319,959 | |
160,000 | Florida Power & Light Co., Sec. Fac. Bond, 2.850%, 4/1/2025 | 167,527 | |
140,000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 | 153,424 | |
200,000 | NiSource Finance Corp., Sr. Unsecd. Note, 3.950%, 3/30/2048 | 230,085 | |
400,000 | Northeast Utilities, Sr. Unsecd. Note, Series H, 3.150%, 1/15/2025 | 420,063 | |
125,000 | Wisconsin Electric Power Co., Sr. Unsecd. Note, 4.300%, 12/15/2045 | 153,140 | |
TOTAL | 3,603,108 | ||
Utility - Natural Gas— 0.1% | |||
495,000 | National Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 1/15/2026 | 561,251 | |
TOTAL CORPORATE BONDS (IDENTIFIED COST $21,929,267) | 23,316,210 |
Shares, Principal Amount or Contracts | Value | ||
FOREIGN GOVERNMENTS/AGENCIES— 5.4% | |||
Sovereign— 5.4% | |||
AUD 1,000,000 | Australia, Government of, Sr. Unsecd. Note, Series 148, 2.750%, 11/21/2027 | $767,115 | |
EUR 390,000 | Belgium, Government of, Series 68, 2.250%, 6/22/2023 | 463,205 | |
680,000 | Belgium, Government of, Series 74, 0.800%, 6/22/2025 | 810,504 | |
CAD 480,000 | Canada, Government of, Series WL43, 5.750%, 6/1/2029 | 490,119 | |
EUR 6,000 | France, Government of, 0.500%, 5/25/2025 | 7,067 | |
150,000 | France, Government of, Bond, 4.500%, 4/25/2041 | 300,377 | |
850,000 | France, Government of, O.A.T., 5.500%, 4/25/2029 | 1,380,961 | |
650,000 | France, Government of, Unsecd. Note, 1.250%, 5/25/2036 | 839,786 | |
300,000 | France, Government of, Unsecd. Note, 1.750%, 6/25/2039 | 424,271 | |
600,000 | Germany, Government of, 0.250%, 2/15/2027 | 711,752 | |
300,000 | Germany, Government of, Bond, Series 03, 4.750%, 7/4/2034 | 565,686 | |
100,000 | Germany, Government of, Bond, Series 08, 4.750%, 7/4/2040 | 222,087 | |
680,000 | Italy, Government of, Sr. Unsecd. Note, 0.650%, 10/15/2023 | 786,381 | |
1,000,000 | Italy, Government of, Sr. Unsecd. Note, 4.750%, 9/1/2028 | 1,453,656 | |
1,250,000 | Italy, Government of, Unsecd. Note, 1.600%, 6/1/2026 | 1,510,628 | |
58,000 | Italy, Government of, Unsecd. Note, 3.250%, 9/1/2046 | 86,349 | |
JPY 142,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 114, 2.100%, 12/20/2029 | 1,474,182 | |
185,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 153, 1.300%, 6/20/2035 | 1,873,159 | |
50,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 351, 0.100%, 6/20/2028 | 447,583 | |
155,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 44, 1.700%, 9/20/2044 | 1,718,610 | |
$ 30,000 | Mexico, Government of, Series MTNA, 6.750%, 9/27/2034 | 39,488 | |
EUR 450,000 | Netherlands, Government of, Unsecd. Note, 2.500%, 1/15/2033 | 661,285 | |
150,000 | Spain, Government of, 4.200%, 1/31/2037 | 256,479 | |
600,000 | Spain, Government of, Sr. Unsecd. Note, 1.500%, 4/30/2027 | 742,884 | |
590,000 | Spain, Government of, Sr. Unsecd. Note, 1.950%, 7/30/2030 | 767,948 | |
480,000 | Spain, Government of, Sr. Unsecd. Note, 2.750%, 10/31/2024 | 596,817 | |
GBP 200,000 | United Kingdom, Government of, 2.750%, 9/7/2024 | 282,561 | |
330,000 | United Kingdom, Government of, 3.250%, 1/22/2044 | 638,615 | |
70,000 | United Kingdom, Government of, 4.250%, 12/7/2027 | 113,023 | |
270,000 | United Kingdom, Government of, Bond, 4.250%, 3/7/2036 | 517,779 | |
400,000 | United Kingdom, Government of, Unsecd. Deb., 1.625%, 10/22/2028 | 567,823 | |
600,000 | United Kingdom, Government of, Unsecd. Note, 1.500%, 7/22/2047 | 899,504 | |
230,000 | United Kingdom, Government of, Unsecd. Note, 4.250%, 6/7/2032 | 410,604 | |
TOTAL FOREIGN GOVERNMENTS/AGENCIES (IDENTIFIED COST $21,540,140) | 22,828,288 |
Shares, Principal Amount or Contracts | Value | ||
U.S. TREASURIES— 3.7% | |||
Treasury Inflation-Indexed Note— 0.3% | |||
$ 1,217,747 | U.S. Treasury Inflation-Protected Notes, 0.125%, 7/15/2031 | $1,366,513 | |
U.S. Treasury Bond— 0.7% | |||
175,000 | United States Treasury Bond, 1.875%, 2/15/2051 | 177,880 | |
1,625,000 | United States Treasury Bond, 1.875%, 11/15/2051 | 1,656,484 | |
910,000 | United States Treasury Bond, 2.375%, 5/15/2051 | 1,031,046 | |
3,000 | United States Treasury Bond, 3.000%, 11/15/2045 | 3,673 | |
TOTAL | 2,869,083 | ||
U.S. Treasury Note— 2.7% | |||
3,000,000 | United States Treasury Note, 0.375%, 10/31/2023 | 2,991,825 | |
300,000 | United States Treasury Note, 0.750%, 8/31/2026 | 294,627 | |
2,400,000 | United States Treasury Note, 1.125%, 10/31/2026 | 2,396,846 | |
600,000 | United States Treasury Note, 1.125%, 8/31/2028 | 590,847 | |
100,000 | United States Treasury Note, 1.125%, 2/15/2031 | 97,648 | |
1,300,000 | United States Treasury Note, 1.375%, 10/31/2028 | 1,300,422 | |
3,100,000 | United States Treasury Note, 1.375%, 11/15/2031 | 3,081,594 | |
600,000 | United States Treasury Note, 1.500%, 9/15/2022 | 606,217 | |
TOTAL | 11,360,026 | ||
TOTAL U.S. TREASURIES (IDENTIFIED COST $15,530,505) | 15,595,622 | ||
ASSET-BACKED SECURITIES— 0.9% | |||
Auto Receivables— 0.3% | |||
475,000 | Santander Drive Auto Receivables Trust 2020-2, Class C, 1.460%, 9/15/2025 | 479,135 | |
500,000 | Toyota Auto Receivables Owner Trust 2020-B, Class A4, 1.660%, 9/15/2025 | 508,188 | |
50,213 | World Omni Auto Receivables Trust 2018-B, Class A3, 2.870%, 7/17/2023 | 50,420 | |
285,000 | World Omni Auto Receivables Trust 2021-A, Class C, 0.890%, 8/16/2027 | 279,844 | |
TOTAL | 1,317,587 | ||
Credit Card— 0.2% | |||
700,000 | 4 | Trillium Credit Card Trust II 2020-1A, Class A, 0.462% (1-month USLIBOR +0.370%), 12/26/2024 | 701,067 |
Equipment Lease— 0.2% | |||
300,000 | CNH Equipment Trust 2020-A, Class A3, 1.160%, 6/16/2025 | 301,923 | |
500,000 | HPEFS Equipment Trust 2020-2A, Class C, 2.000%, 7/22/2030 | 508,228 | |
TOTAL | 810,151 | ||
Other— 0.1% | |||
300,000 | PFS Financing Corp. 2020-G, Class A, 0.970%, 2/15/2026 | 300,755 |
Shares, Principal Amount or Contracts | Value | ||
ASSET-BACKED SECURITIES— continued | |||
Student Loans— 0.1% | |||
$ 115,616 | Navient Student Loan Trust 2021-A, Class A, 0.840%, 5/15/2069 | $114,882 | |
300,000 | Navient Student Loan Trust 2021-GA, Class A, 1.580%, 4/15/2070 | 300,922 | |
TOTAL | 415,804 | ||
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $3,487,818) | 3,545,364 | ||
GOVERNMENT AGENCIES— 0.2% | |||
Federal Home Loan Bank System— 0.0% | |||
200,000 | Federal Home Loan Bank System Notes, 0.500%, 4/14/2025 | 196,553 | |
Federal National Mortgage Association— 0.2% | |||
635,000 | Federal National Mortgage Association Notes, 0.625%, 4/22/2025 | 627,045 | |
TOTAL GOVERNMENT AGENCIES (IDENTIFIED COST $834,905) | 823,598 | ||
COMMERCIAL MORTGAGE-BACKED SECURITIES— 0.2% | |||
Agency Commercial Mortgage-Backed Securities— 0.2% | |||
100,627 | Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025 | 102,686 | |
500,000 | Federal Home Loan Mortgage Corp. REMIC, Series K737, Class A2, 2.525%, 10/25/2026 | 524,286 | |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $617,613) | 626,972 | ||
COLLATERALIZED MORTGAGE OBLIGATIONS— 0.1% | |||
Commercial Mortgage— 0.1% | |||
255,000 | Bank, Class A4, 3.488%, 11/15/2050 | 277,151 | |
300,000 | JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049 | 317,267 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $571,639) | 594,418 | ||
MORTGAGE-BACKED SECURITIES— 0.0% | |||
Federal Home Loan Mortgage Corporation REMIC— 0.0% | |||
865 | Federal Home Loan Mortgage Corp., Pool C00592, 7.000%, 3/1/2028 | 974 | |
616 | Federal Home Loan Mortgage Corp., Pool C00896, 7.500%, 12/1/2029 | 709 | |
870 | Federal Home Loan Mortgage Corp., Pool C19588, 6.500%, 12/1/2028 | 985 | |
407 | Federal Home Loan Mortgage Corp., Pool C25621, 6.500%, 5/1/2029 | 462 | |
659 | Federal Home Loan Mortgage Corp., Pool C76361, 6.000%, 2/1/2033 | 756 | |
1,332 | Federal Home Loan Mortgage Corp., Pool G01444, 6.500%, 8/1/2032 | 1,544 | |
TOTAL | 5,430 |
Shares, Principal Amount or Contracts | Value | ||
MORTGAGE-BACKED SECURITIES— continued | |||
Federal National Mortgage Association— 0.0% | |||
$ 767 | Federal National Mortgage Association, Pool 251697, 6.500%, 5/1/2028 | $854 | |
3,126 | Federal National Mortgage Association, Pool 252334, 6.500%, 2/1/2029 | 3,459 | |
2,118 | Federal National Mortgage Association, Pool 254905, 6.000%, 10/1/2033 | 2,427 | |
1,360 | Federal National Mortgage Association, Pool 255075, 5.500%, 2/1/2024 | 1,504 | |
187 | Federal National Mortgage Association, Pool 303168, 9.500%, 2/1/2025 | 202 | |
139 | Federal National Mortgage Association, Pool 323159, 7.500%, 4/1/2028 | 156 | |
1,279 | Federal National Mortgage Association, Pool 323640, 7.500%, 4/1/2029 | 1,434 | |
3,282 | Federal National Mortgage Association, Pool 545993, 6.000%, 11/1/2032 | 3,742 | |
1,387 | Federal National Mortgage Association, Pool 555272, 6.000%, 3/1/2033 | 1,580 | |
725 | Federal National Mortgage Association, Pool 713974, 5.500%, 7/1/2033 | 821 | |
2,528 | Federal National Mortgage Association, Pool 721502, 5.000%, 7/1/2033 | 2,801 | |
TOTAL | 18,980 | ||
Government National Mortgage Association— 0.0% | |||
3,268 | Government National Mortgage Association, Pool 2796, 7.000%, 8/20/2029 | 3,674 | |
2,033 | Government National Mortgage Association, Pool 3040, 7.000%, 2/20/2031 | 2,311 | |
5,032 | Government National Mortgage Association, Pool 3188, 6.500%, 1/20/2032 | 5,702 | |
6,430 | Government National Mortgage Association, Pool 3239, 6.500%, 5/20/2032 | 7,318 | |
60 | Government National Mortgage Association, Pool 352214, 7.000%, 4/15/2023 | 62 | |
1,099 | Government National Mortgage Association, Pool 451522, 7.500%, 10/15/2027 | 1,227 | |
642 | Government National Mortgage Association, Pool 462556, 6.500%, 2/15/2028 | 704 | |
214 | Government National Mortgage Association, Pool 462739, 7.500%, 5/15/2028 | 240 | |
83 | Government National Mortgage Association, Pool 464835, 6.500%, 9/15/2028 | 91 | |
1,467 | Government National Mortgage Association, Pool 469699, 7.000%, 11/15/2028 | 1,635 |
Shares, Principal Amount or Contracts | Value | ||
MORTGAGE-BACKED SECURITIES— continued | |||
Government National Mortgage Association— continued | |||
$ 1,330 | Government National Mortgage Association, Pool 486760, 6.500%, 12/15/2028 | $1,479 | |
52 | Government National Mortgage Association, Pool 780339, 8.000%, 12/15/2023 | 54 | |
829 | Government National Mortgage Association, Pool 780453, 7.500%, 12/15/2025 | 902 | |
948 | Government National Mortgage Association, Pool 780584, 7.000%, 6/15/2027 | 1,029 | |
TOTAL | 26,428 | ||
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $45,479) | 50,838 | ||
WARRANT— 0.0% | |||
Energy— 0.0% | |||
36 | 1 | Nabors Industries Ltd., Warrants (IDENTIFIED COST $0) | 166 |
PURCHASED CALL OPTION— 0.0% | |||
54,500 | BNP EUR CALL/USD PUT, Notional Amount $8,825,500, Exercise Price, $1.16, Expiration Date 2/15/2022 (IDENTIFIED COST $280) | 259 | |
INVESTMENT COMPANIES— 18.0% | |||
225,642 | Bank Loan Core Fund | 2,166,166 | |
3,861,910 | Emerging Markets Core Fund | 37,151,573 | |
9,049,612 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.04%5 | 9,050,517 | |
753,647 | 6 | High Yield Bond Core Fund | 4,702,760 |
1,917,007 | Mortgage Core Fund | 18,767,503 | |
473,845 | Project and Trade Finance Core Fund | 4,184,049 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $74,947,976) | 76,022,568 | ||
TOTAL INVESTMENT IN SECURITIES—99.1% (IDENTIFIED COST $364,339,231)7 | 417,734,917 | ||
OTHER ASSETS AND LIABILITIES - NET—0.9%8 | 3,763,638 | ||
TOTAL NET ASSETS—100% | $421,498,555 |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
Long Futures: | ||||
1Amsterdam Index Long Futures | 15 | $2,644,065 | December 2021 | $(166,792) |
1United States Treasury Notes 2-Year Long Futures | 7 | $1,531,141 | March 2022 | $530 |
1United States Treasury Notes 5-Year Long Futures | 12 | $1,456,781 | March 2022 | $1,286 |
1CAC 40 10-Year Euro Long Futures | 48 | $3,655,977 | December 2021 | $(61,998) |
1Euro Bund Long Futures | 12 | $2,345,819 | December 2021 | $3,960 |
1FTSE Taiwan Index Long Futures | 35 | $2,115,400 | December 2021 | $(48,106) |
1FTSE/MIB Index Long Futures | 33 | $4,828,240 | December 2021 | $(135,811) |
1Long GILT Long Futures | 1 | $167,946 | March 2022 | $2,657 |
1S&P 500 E-Mini Long Futures | 30 | $6,849,375 | December 2021 | $(12,431) |
1TOPIX Index Long Futures | 22 | $3,690,184 | December 2021 | $(224,462) |
1United States Treasury Notes 10-Year Long Futures | 45 | $5,886,563 | March 2022 | $67,835 |
1United States Treasury Notes 10-Year Long Futures | 5 | $734,453 | March 2022 | $769 |
1United States Treasury Ultra Bond Long Futures | 4 | $802,250 | March 2022 | $740 |
Short Futures: | ||||
1Canada 10-Year Bond Short Futures | 9 | $994,512 | March 2022 | $(19,959) |
1DAX Index Short Futures | 6 | $2,576,053 | December 2021 | $150,417 |
1FTSE 100 Index Short Futures | 29 | $2,730,460 | December 2021 | $26,875 |
1FTSE JSE Top 40 Short Futures | 21 | $845,862 | December 2021 | $(35,135) |
1Hang Seng Index Short Futures | 14 | $2,107,271 | December 2021 | $110,525 |
1IBEX 35 Index Short Futures | 5 | $472,546 | December 2021 | $4,899 |
1MSCI Singapore IX ETS Short Futures | 177 | $4,464,725 | December 2021 | $244,967 |
1S&P/TSX 60 IX Short Futures | 18 | $3,511,370 | December 2021 | $467 |
1SPI 200 Short Futures | 33 | $4,252,559 | December 2021 | $60,302 |
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $(28,465) |
Settlement Date | Counterparty | Foreign Currency Units to Deliver/Receive | In Exchange For | Net Unrealized Appreciation/ (Depreciation) | |
Contracts Purchased: | |||||
12/8/2021 | Bank of America N.A. | 41,000 | GBP | $55,373 | $(845) |
12/9/2021 | JPMorgan Chase | 78,706 | AUD | $60,611 | $(4,504) |
12/9/2021 | Morgan Stanley | 45,000 | EUR | $55,056 | $(4,015) |
12/9/2021 | JPMorgan Chase | 59,176 | EUR | $70,240 | $(3,119) |
12/9/2021 | Morgan Stanley | 1,170,000,000 | IDR | $80,640 | $999 |
12/9/2021 | Barclays Bank PLC Wholesale | 6,000,000 | INR | $80,591 | $(812) |
12/9/2021 | JPMorgan Chase | 1,251,597 | MXN | $61,053 | $(2,781) |
12/16/2021 | BNP Paribas SA | 2,300,000 | CNY | $349,237 | $11,349 |
12/21/2021 | Citibank N.A | 70,269 | CAD | $58,144 | $(3,124) |
12/21/2021 | Bank of America N.A. | 40,970 | GBP | $56,854 | $(2,344) |
12/22/2021 | Bank of America N.A. | 390,250,525 | JPY | $3,500,000 | $(46,180) |
1/28/2022 | Credit Agricole CIB | 400,000 | AUD | $300,962 | $(15,648) |
1/28/2022 | Morgan Stanley | 741,278 | CAD | $600,000 | $(19,444) |
1/28/2022 | BNP Paribas SA | 8,900,000 | CNY | $1,391,955 | $(1,946) |
1/28/2022 | Bank of America N.A. | 1,340,000 | EUR | $1,560,098 | $(37,365) |
1/28/2022 | Citibank N.A | 2,200,000 | EUR | $2,533,540 | $(33,531) |
1/28/2022 | Credit Agricole CIB | 100,000 | GBP | $138,066 | $(4,956) |
1/28/2022 | Barclays Bank PLC Wholesale | 400,000 | GBP | $534,350 | $(1,912) |
1/28/2022 | Credit Agricole CIB | 150,566,919 | JPY | $1,336,000 | $(2,685) |
1/28/2022 | Credit Agricole CIB | 388,838,003 | JPY | $3,410,000 | $33,279 |
1/28/2022 | HSBC Bank USA | 7,174,431 | MXN | $350,000 | $(19,076) |
1/28/2022 | JPMorgan Chase | 5,194,831 | PLN | $1,300,000 | $(40,102) |
1/28/2022 | State Street Bank & Trust Co. | 7,975,626 | PLN | $2,000,000 | $(65,679) |
Settlement Date | Counterparty | Foreign Currency Units to Deliver/Receive | In Exchange For | Net Unrealized Appreciation/ (Depreciation) | |
Contracts Sold: | |||||
12/9/2021 | BNP Paribas SA | 1,251,597 | MXN | $62,118 | $3,845 |
12/16/2021 | BNP Paribas SA | 2,300,000 | CNY | $352,561 | $(8,025) |
12/22/2021 | Credit Agricole CIB | 150,699,798 | JPY | $1,336,000 | $2,267 |
12/22/2021 | JPMorgan Chase | 246,321,065 | JPY | $2,164,000 | $(16,006) |
1/28/2022 | Bank of America N.A. | 400,000 | AUD | $298,628 | $13,315 |
1/28/2022 | BNP Paribas SA | 8,900,000 | CNY | $1,383,276 | $(6,734) |
1/28/2022 | JPMorgan Chase | 2,200,000 | EUR | $2,525,207 | $25,197 |
1/28/2022 | JPMorgan Chase | 5,259,318 | PLN | $1,300,000 | $24,462 |
1/28/2022 | Bank of America N.A. | 7,962,444 | PLN | $2,000,000 | $68,876 |
NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS | $(157,244) |
Description | Number of Contracts | Notional Amount | Expiration Date | Exercise Price | Value | |
Morgan Stanley | USD PUT/CAD CALL | (56,361) | $56,361 | December 2021 | $1.24 | $(18) |
(Premium Received $380) | $(18) |
Affiliates | Value as of 11/30/2020 | Purchases at Cost | Proceeds from Sales |
Bank Loan Core Fund | $4,104,779 | $1,206,952 | $(3,202,940) |
Emerging Markets Core Fund | $36,224,114 | $6,274,780 | $(2,800,000) |
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | $3,404,693 | $128,317,642 | $(122,667,912) |
High Yield Bond Core Fund | $3,191,652 | $2,309,010 | $(761,400) |
Mortgage Core Fund | $12,848,878 | $12,309,167 | $(6,074,650) |
Project and Trade Finance Core Fund | $3,220,130 | $982,639 | $— |
TOTAL OF AFFILIATED TRANSACTIONS | $62,994,246 | $151,400,190 | $(135,506,902) |
Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss) | Value as of 11/30/2021 | Shares Held as of 11/30/2021 | Dividend Income |
$4,348 | $53,027 | $2,166,166 | 225,642 | $144,853 |
$(2,524,300) | $(23,021) | $37,151,573 | 3,861,910 | $2,379,229 |
$(892) | $(3,014) | $9,050,517 | 9,049,612 | $7,618 |
$(125,640) | $89,138 | $4,702,760 | 753,647 | $185,689 |
$(447,953) | $132,061 | $18,767,503 | 1,917,007 | $252,729 |
$(18,720) | $— | $4,184,049 | 473,845 | $96,643 |
$(3,113,157) | $248,191 | $76,022,568 | 16,281,663 | $3,066,761 |
1 | Non-income-producing security. |
2 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At November 30, 2021, these restricted securities amounted to $95,427, 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 | The cost of investments for federal tax purposes amounts to $396,299,714. |
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 November 30, 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 | $157,398,944 | $— | $4,534 | $157,403,478 |
International | 17,212,775 | 99,707,043 | 7,318 | 116,927,136 |
Debt Securities: | ||||
Corporate Bonds | — | 23,307,262 | 8,948 | 23,316,210 |
Foreign Governments/Agencies | — | 22,828,288 | — | 22,828,288 |
U.S. Treasuries | — | 15,595,622 | — | 15,595,622 |
Asset-Backed Securities | — | 3,545,364 | — | 3,545,364 |
Government Agencies | — | 823,598 | — | 823,598 |
Commercial Mortgage-Backed Securities | — | 626,972 | — | 626,972 |
Collateralized Mortgage Obligations | — | 594,418 | — | 594,418 |
Mortgage-Backed Securities | — | 50,838 | — | 50,838 |
Warrant | 166 | — | — | 166 |
Purchased Call Option | — | 259 | — | 259 |
Investment Companies1 | 71,838,519 | — | — | 76,022,568 |
TOTAL SECURITIES | $246,450,404 | $167,079,664 | $20,800 | $417,734,917 |
Other Financial Instruments: | ||||
Assets | ||||
Futures Contracts | $676,229 | $— | $— | $676,229 |
Foreign Exchange Contracts | — | 183,589 | — | 183,589 |
Liabilities | ||||
Futures Contracts | (704,694) | — | — | (704,694) |
Foreign Exchange Contracts | — | (340,833) | — | (340,833) |
Written Options Contracts | — | (18) | — | (18) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $(28,465) | $(157,262) | $— | $(185,727) |
1 | As permitted by U.S. generally accepted accounting principles (GAAP), an Investment Company valued at $4,184,049 is measured at fair value using the net asset value (NAV) per share practical expedient and has not been categorized in the chart above but is included in the Total column. The amount included herein is intended to permit reconciliation of the fair value classifications to the amounts presented on the Statement of Assets and Liabilities. The price of shares redeemed of Project and Trade Finance Core Fund may be determined as of the closing NAV of the fund up to twenty-four days after receipt of a shareholder redemption request. |
The following acronym(s) are used throughout this portfolio: | ||
ADR | —American Depositary Receipt | |
AUD | —Australian Dollar | |
BKNT | —Bank Notes | |
CAD | —Canadian Dollar | |
CNY | —Chinese Yuan Renminbi | |
EMTN | —Euro Medium Term Loan | |
EUR | —Euro Currency | |
GBP | —British Pound | |
GDR | —Global Depository Receipt | |
IDR | —Indonesian Rupiah | |
INR | —Indian Rupee | |
JPY | —Japanese Yen | |
LIBOR | —London Interbank Offered Rate | |
MTN | —Medium Term Note | |
MXN | —Mexican Peso | |
PLC | —Public Limited Company | |
PLN | —Polish Zloty | |
REIT | —Real Estate Investment Trust | |
REMIC | —Real Estate Mortgage Investment Conduit | |
USD | —United States Dollar |
Year Ended November 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $21.46 | $19.83 | $19.08 | $20.09 | $17.49 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.28 | 0.25 | 0.31 | 0.31 | 0.28 |
Net realized and unrealized gain (loss) | 1.87 | 1.82 | 1.44 | (0.99) | 2.63 |
Total From Investment Operations | 2.15 | 2.07 | 1.75 | (0.68) | 2.91 |
Less Distributions: | |||||
Distributions from net investment income | (0.29) | (0.27) | (0.36) | (0.33) | (0.31) |
Distributions from net realized gain | (0.24) | (0.17) | (0.64) | — | — |
Total Distributions | (0.53) | (0.44) | (1.00) | (0.33) | (0.31) |
Net Asset Value, End of Period | $23.08 | $21.46 | $19.83 | $19.08 | $20.09 |
Total Return2 | 10.09% | 10.70% | 9.89% | (3.46)% | 16.85% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.14% | 1.14% | 1.15% | 1.15% | 1.14% |
Net investment income | 1.24% | 1.28% | 1.65% | 1.53% | 1.50% |
Expense waiver/reimbursement4 | 0.14% | 0.18% | 0.20% | 0.11% | 0.18% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $183,613 | $176,368 | $181,579 | $146,323 | $169,424 |
Portfolio turnover5 | 101% | 80% | 85% | 66% | 58% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended November 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $20.89 | $19.30 | $18.60 | $19.58 | $17.06 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.09 | 0.09 | 0.16 | 0.14 | 0.13 |
Net realized and unrealized gain (loss) | 1.82 | 1.78 | 1.39 | (0.96) | 2.55 |
Total From Investment Operations | 1.91 | 1.87 | 1.55 | (0.82) | 2.68 |
Less Distributions: | |||||
Distributions from net investment income | (0.10) | (0.11) | (0.21) | (0.16) | (0.16) |
Distributions from net realized gain | (0.24) | (0.17) | (0.64) | — | — |
Total Distributions | (0.34) | (0.28) | (0.85) | (0.16) | (0.16) |
Net Asset Value, End of Period | $22.46 | $20.89 | $19.30 | $18.60 | $19.58 |
Total Return2 | 9.19% | 9.83% | 8.94% | (4.20)% | 15.84% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.96% | 1.97% | 1.96% | 1.96% | 1.95% |
Net investment income | 0.42% | 0.46% | 0.86% | 0.72% | 0.70% |
Expense waiver/reimbursement4 | 0.12% | 0.15% | 0.20% | 0.12% | 0.20% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $4,447 | $5,809 | $7,880 | $9,758 | $14,342 |
Portfolio turnover5 | 101% | 80% | 85% | 66% | 58% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended November 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $20.80 | $19.22 | $18.52 | $19.51 | $17.00 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.10 | 0.09 | 0.16 | 0.15 | 0.14 |
Net realized and unrealized gain (loss) | 1.80 | 1.78 | 1.40 | (0.96) | 2.55 |
Total From Investment Operations | 1.90 | 1.87 | 1.56 | (0.81) | 2.69 |
Less Distributions: | |||||
Distributions from net investment income | (0.11) | (0.12) | (0.22) | (0.18) | (0.18) |
Distributions from net realized gain | (0.24) | (0.17) | (0.64) | — | — |
Total Distributions | (0.35) | (0.29) | (0.86) | (0.18) | (0.18) |
Net Asset Value, End of Period | $22.35 | $20.80 | $19.22 | $18.52 | $19.51 |
Total Return2 | 9.20% | 9.87% | 9.06% | (4.20)% | 15.92% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.93% | 1.93% | 1.92% | 1.90% | 1.89% |
Net investment income | 0.45% | 0.50% | 0.89% | 0.78% | 0.75% |
Expense waiver/reimbursement4 | 0.12% | 0.15% | 0.20% | 0.14% | 0.21% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $52,288 | $58,092 | $64,600 | $64,095 | $78,445 |
Portfolio turnover5 | 101% | 80% | 85% | 66% | 58% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended November 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $21.30 | $19.67 | $18.94 | $19.94 | $17.38 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.18 | 0.17 | 0.24 | 0.22 | 0.20 |
Net realized and unrealized gain (loss) | 1.84 | 1.82 | 1.41 | (0.98) | 2.61 |
Total From Investment Operations | 2.02 | 1.99 | 1.65 | (0.76) | 2.81 |
Less Distributions: | |||||
Distributions from net investment income | (0.19) | (0.19) | (0.28) | (0.24) | (0.25) |
Distributions from net realized gain | (0.24) | (0.17) | (0.64) | — | — |
Total Distributions | (0.43) | (0.36) | (0.92) | (0.24) | (0.25) |
Net Asset Value, End of Period | $22.89 | $21.30 | $19.67 | $18.94 | $19.94 |
Total Return2 | 9.55% | 10.31% | 9.38% | (3.86)% | 16.32% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.57% | 1.57% | 1.56% | 1.58% | 1.57% |
Net investment income | 0.81% | 0.85% | 1.26% | 1.09% | 1.07% |
Expense waiver/reimbursement4 | 0.13% | 0.16% | 0.19% | 0.12% | 0.18% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $45,723 | $43,197 | $42,860 | $43,452 | $51,768 |
Portfolio turnover5 | 101% | 80% | 85% | 66% | 58% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended November 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $21.60 | $19.95 | $19.19 | $20.21 | $17.61 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.35 | 0.31 | 0.37 | 0.37 | 0.33 |
Net realized and unrealized gain (loss) | 1.87 | 1.84 | 1.45 | (1.00) | 2.65 |
Total From Investment Operations | 2.22 | 2.15 | 1.82 | (0.63) | 2.98 |
Less Distributions: | |||||
Distributions from net investment income | (0.35) | (0.33) | (0.42) | (0.39) | (0.38) |
Distributions from net realized gain | (0.24) | (0.17) | (0.64) | — | — |
Total Distributions | (0.59) | (0.50) | (1.06) | (0.39) | (0.38) |
Net Asset Value, End of Period | $23.23 | $21.60 | $19.95 | $19.19 | $20.21 |
Total Return2 | 10.39% | 11.06% | 10.21% | (3.21)% | 17.13% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.85% | 0.85% | 0.86% | 0.86% | 0.85% |
Net investment income | 1.52% | 1.58% | 1.95% | 1.81% | 1.77% |
Expense waiver/reimbursement4 | 0.16% | 0.19% | 0.22% | 0.14% | 0.20% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $130,562 | $100,317 | $99,564 | $95,613 | $105,720 |
Portfolio turnover5 | 101% | 80% | 85% | 66% | 58% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended November 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $21.47 | $19.84 | $19.09 | $20.10 | $17.51 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.35 | 0.31 | 0.38 | 0.36 | 0.33 |
Net realized and unrealized gain (loss) | 1.86 | 1.82 | 1.44 | (0.98) | 2.63 |
Total From Investment Operations | 2.21 | 2.13 | 1.82 | (0.62) | 2.96 |
Less Distributions: | |||||
Distributions from net investment income | (0.36) | (0.33) | (0.43) | (0.39) | (0.37) |
Distributions from net realized gain | (0.24) | (0.17) | (0.64) | — | — |
Total Distributions | (0.60) | (0.50) | (1.07) | (0.39) | (0.37) |
Net Asset Value, End of Period | $23.08 | $21.47 | $19.84 | $19.09 | $20.10 |
Total Return2 | 10.41% | 11.04% | 10.26% | (3.16)% | 17.14% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.83% | 0.83% | 0.84% | 0.84% | 0.83% |
Net investment income | 1.54% | 1.58% | 1.97% | 1.79% | 1.78% |
Expense waiver/reimbursement4 | 0.12% | 0.15% | 0.19% | 0.11% | 0.17% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $4,866 | $7,056 | $6,275 | $4,890 | $6,243 |
Portfolio turnover5 | 101% | 80% | 85% | 66% | 58% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
November 30, 2021
Assets: | |
Investment in securities, at value including $76,022,568 of investment in affiliated holdings* (identified cost $364,339,231) | $417,734,917 |
Cash | 789 |
Cash denominated in foreign currencies (identified cost $866,967) | 782,281 |
Due from broker (Note 2) | 3,196,642 |
Income receivable | 966,266 |
Income receivable from affiliated holdings | 261,934 |
Receivable for investments sold | 908,611 |
Receivable for shares sold | 99,881 |
Unrealized appreciation on foreign exchange contracts | 183,589 |
Total Assets | 424,134,910 |
Liabilities: | |
Payable for investments purchased | 1,545,313 |
Payable for shares redeemed | 304,867 |
Written options outstanding (premium received $380), at value | 18 |
Unrealized depreciation on foreign exchange contracts | 340,833 |
Payable for variation margin on futures contracts | 108,216 |
Payable for investment adviser fee (Note 5) | 5,991 |
Payable for administrative fee (Note 5) | 913 |
Payable for custodian fees | 45,513 |
Payable for portfolio accounting fees | 44,790 |
Payable for share registration costs | 33,799 |
Payable for transfer agent fees (Note 2) | 46,649 |
Payable for distribution services fee (Note 5) | 55,348 |
Payable for other service fees (Notes 2 and 5) | 50,137 |
Accrued expenses (Note 5) | 53,968 |
Total Liabilities | 2,636,355 |
Net assets for 18,323,270 shares outstanding | $421,498,555 |
Net Assets Consist of: | |
Paid-in capital | $372,228,790 |
Total distributable earnings (loss) | 49,269,765 |
Total Net Assets | $421,498,555 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($183,613,118 ÷ 7,956,756 shares outstanding), no par value, unlimited shares authorized | $23.08 |
Offering price per share (100/94.50 of $23.08) | $24.42 |
Redemption proceeds per share | $23.08 |
Class B Shares: | |
Net asset value per share ($4,446,583 ÷ 198,004 shares outstanding), no par value, unlimited shares authorized | $22.46 |
Offering price per share | $22.46 |
Redemption proceeds per share (94.50/100 of $22.46) | $21.22 |
Class C Shares: | |
Net asset value per share ($52,287,893 ÷ 2,339,436 shares outstanding), no par value, unlimited shares authorized | $22.35 |
Offering price per share | $22.35 |
Redemption proceeds per share (99.00/100 of $22.35) | $22.13 |
Class R Shares: | |
Net asset value per share ($45,723,077 ÷ 1,997,160 shares outstanding), no par value, unlimited shares authorized | $22.89 |
Offering price per share | $22.89 |
Redemption proceeds per share | $22.89 |
Institutional Shares: | |
Net asset value per share ($130,561,976 ÷ 5,621,097 shares outstanding), no par value, unlimited shares authorized | $23.23 |
Offering price per share | $23.23 |
Redemption proceeds per share | $23.23 |
Class R6 Shares: | |
Net asset value per share ($4,865,908 ÷ 210,817 shares outstanding), no par value, unlimited shares authorized | $23.08 |
Offering price per share | $23.08 |
Redemption proceeds per share | $23.08 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended November 30, 2021
Investment Income: | |
Dividends (including $3,066,761 received from affiliated holdings* and net of foreign taxes withheld of $349,817) | $8,724,684 |
Interest | 1,180,982 |
TOTAL INCOME | 9,905,666 |
Expenses: | |
Investment adviser fee (Note 5) | 2,755,203 |
Administrative fee (Note 5) | 336,640 |
Custodian fees | 224,302 |
Transfer agent fees (Note 2) | 617,893 |
Directors’/Trustees’ fees (Note 5) | 9,264 |
Auditing fees | 34,570 |
Legal fees | 11,717 |
Portfolio accounting fees | 163,453 |
Distribution services fee (Note 5) | 697,307 |
Other service fees (Notes 2 and 5) | 620,300 |
Share registration costs | 101,296 |
Printing and postage | 38,310 |
Miscellaneous (Note 5) | 94,485 |
TOTAL EXPENSES | 5,704,740 |
Waiver and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (519,337) |
Waiver/reimbursements of other operating expenses (Notes 2 and 5) | (77,248) |
TOTAL WAIVER AND REIMBURSEMENTS | (596,585) |
Net expenses | 5,108,155 |
Net investment income | $4,797,511 |
Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions, Foreign Exchange Contracts, Futures Contracts, Written Options and Swap Contracts: | |
Net realized gain on investments (including foreign taxes withheld of $(169,753) and net realized gain of $248,191 on sales of investments in affiliated holdings*) | $55,748,403 |
Net realized loss on foreign currency transactions | (55,661) |
Net realized loss on foreign exchange contracts | (1,319,430) |
Net realized gain on futures contracts | 3,018,372 |
Net realized gain on written options | 88,326 |
Net realized gain on swap contracts | 1,578 |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(3,113,157) on investments in affiliated holdings*) | (20,604,273) |
Net change in unrealized appreciation of translation of assets and liabilities in foreign currency | (218,386) |
Net change in unrealized depreciation of foreign exchange contracts | (147,262) |
Net change in unrealized appreciation of futures contracts | (2,790,469) |
Net change in unrealized appreciation of written options | (20,641) |
Net realized and unrealized gain (loss) on investments, foreign currency transactions, foreign exchange contracts, futures contracts, written options and swap contracts | 33,700,557 |
Change in net assets resulting from operations | $38,498,068 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended November 30 | 2021 | 2020 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $4,797,511 | $4,452,266 |
Net realized gain (loss) | 57,481,588 | 3,711,983 |
Net change in unrealized appreciation/depreciation | (23,781,031) | 28,340,657 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 38,498,068 | 36,504,906 |
Distributions to Shareholders: | ||
Class A Shares | (4,261,725) | (3,969,357) |
Class B Shares | (89,405) | (109,370) |
Class C Shares | (954,588) | (945,503) |
Class R Shares | (868,369) | (772,607) |
Institutional Shares | (2,834,995) | (2,487,363) |
Class R6 Shares | (183,084) | (161,733) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (9,192,166) | (8,445,933) |
Share Transactions: | ||
Proceeds from sale of shares | 51,984,707 | 47,728,914 |
Proceeds from shares issued in connection with the tax-free transfer of assets from Hancock Horizon Dynamic Asset Allocation Fund | 20,174,759 | — |
Net asset value of shares issued to shareholders in payment of distributions declared | 8,804,975 | 8,069,393 |
Cost of shares redeemed | (79,611,494) | (95,775,299) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 1,352,947 | (39,976,992) |
Change in net assets | 30,658,849 | (11,918,019) |
Net Assets: | ||
Beginning of period | 390,839,706 | 402,757,725 |
End of period | $421,498,555 | $390,839,706 |
Hancock Fund | Share Class Exchanged | Fund Shares Received |
Hancock Horizon Dynamic Asset Allocation Fund | A | 0.801 |
IS | 0.795 |
Shares of the Fund Issued | Acquired Fund’s Net Assets Received | Unrealized Appreciation | Net Assets of the Fund Immediately Prior to Combination | Net Assets of the Fund Immediately After Combination |
1,075,357 | $20,174,759 | $3,571,100 | $411,356,095 | $431,530,854 |
Net investment income | $4,968,894 |
Net realized and unrealized gain on investments | 36,057,773 |
Net increase in net assets resulting from operations | $41,026,667 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $249,336 | $(30,443) |
Class B Shares | 9,640 | (1) |
Class C Shares | 85,272 | (164) |
Class R Shares | 139,503 | (2,909) |
Institutional Shares | 130,506 | (43,731) |
Class R6 Shares | 3,636 | — |
TOTAL | $617,893 | $(77,248) |
Other Service Fees Incurred | |
Class A Shares | $464,765 |
Class B Shares | 13,088 |
Class C Shares | 142,447 |
TOTAL | $620,300 |
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 | $— | Payable for variation margin on futures contracts | $(57,818)* | |
Equity contracts | — | Payable for variation margin on futures contracts | 86,283* | |
Foreign exchange contracts | Unrealized appreciation on foreign exchange contracts | 183,589 | Unrealized depreciation on foreign exchange contracts | 340,833 |
Foreign exchange contracts | — | Written options outstanding, at value | 18 | |
Foreign exchange contracts | Purchased options, within Investment in securities at value | 259 | — | |
Total derivatives not accounted for as hedging instruments under ASC Topic 815 | $183,848 | $369,316 |
* | Includes cumulative net depreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | ||||||
Credit Default Swaps | Futures Contracts | Foreign Exchange Contracts | Purchased Options Contracts1 | Written Options Contracts | Total | |
Interest rate contracts | $— | $(1,375,349) | $— | $— | $— | $(1,375,349) |
Equity contracts | — | 4,393,721 | — | — | — | 4,393,721 |
Foreign exchange contracts | — | — | (1,319,430) | (20,255) | 88,326 | (1,251,359) |
Credit contracts | 1,578 | — | — | — | — | 1,578 |
TOTAL | $1,578 | $3,018,372 | $(1,319,430) | $(20,255) | $88,326 | $1,768,591 |
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 | $(17,819) | $— | $— | $— | $(17,819) |
Equity contracts | (2,772,650) | — | — | — | (2,772,650) |
Foreign exchange contracts | — | (147,262) | (4,842) | (20,641) | (172,745) |
TOTAL | $(2,790,469) | $(147,262) | $(4,842) | $(20,641) | $(2,963,214) |
2 | The net change in unrealized appreciation of Purchased Options is found within the Net change in unrealized depreciation of investments on the Statement of Operations. |
Gross Amounts Not Offset In the Statement of Assets and Liabilities | ||||||||
Transaction | Gross Asset Derivatives Presented In Statement of Assets and Liabilities | Financial Instrument | Collateral Received | Net Amount | ||||
Foreign Exchange Contracts | $183,589 | $(171,332) | $— | $12,257 | ||||
Purchased Options Contracts | 21 | — | — | 21 | ||||
TOTAL | $183,610 | $(171,332) | $— | $12,278 |
Transaction | Gross Liability Derivatives Presented In Statement of Assets and Liabilities | Financial Instrument | Collateral Received | Net Amount |
Foreign Exchange Contracts | $340,833 | $(171,332) | $— | $169,501 |
Written Options Contracts | 362 | — | — | 362 |
TOTAL | $341,195 | $(171,332) | $— | $169,863 |
Year Ended 11/30/2021 | Year Ended 11/30/2020 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 618,890 | $14,235,556 | 547,961 | $10,775,746 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | 14,439 | 271,217 | — | — |
Shares issued to shareholders in payment of distributions declared | 178,781 | 3,980,160 | 189,695 | 3,715,809 |
Shares redeemed | (1,072,477) | (24,627,612) | (1,679,333) | (32,548,134) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (260,367) | $(6,140,679) | (941,677) | $(18,056,579) |
Year Ended 11/30/2021 | Year Ended 11/30/2020 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,247 | $51,381 | 153 | $2,972 |
Shares issued to shareholders in payment of distributions declared | 3,895 | 83,632 | 5,277 | 102,524 |
Shares redeemed | (86,165) | (1,917,731) | (135,616) | (2,606,720) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (80,023) | $(1,782,718) | (130,186) | $(2,501,224) |
Year Ended 11/30/2021 | Year Ended 11/30/2020 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 342,034 | $7,597,210 | 461,399 | $8,692,424 |
Shares issued to shareholders in payment of distributions declared | 44,425 | 950,415 | 47,622 | 919,740 |
Shares redeemed | (839,634) | (18,667,845) | (1,077,232) | (20,219,341) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (453,175) | $(10,120,220) | (568,211) | $(10,607,177) |
Year Ended 11/30/2021 | Year Ended 11/30/2020 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 412,096 | $9,374,927 | 427,264 | $8,276,723 |
Shares issued to shareholders in payment of distributions declared | 39,452 | 868,338 | 38,940 | 762,503 |
Shares redeemed | (482,605) | (11,011,690) | (616,411) | (11,819,678) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | (31,057) | $(768,425) | (150,207) | $(2,780,452) |
Year Ended 11/30/2021 | Year Ended 11/30/2020 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 607,862 | $19,162,920 | 927,522 | $18,214,312 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | 1,060,918 | 19,903,542 | — | — |
Shares issued to shareholders in payment of distributions declared | 122,335 | 2,748,683 | 122,789 | 2,409,104 |
Shares redeemed | (814,369) | (18,888,419) | (1,396,610) | (26,889,664) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 976,746 | $22,926,726 | (346,299) | $(6,266,248) |
Year Ended 11/30/2021 | Year Ended 11/30/2020 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 67,391 | $1,562,713 | 89,680 | $1,766,737 |
Shares issued to shareholders in payment of distributions declared | 7,798 | 173,747 | 8,177 | 159,713 |
Shares redeemed | (192,947) | (4,498,197) | (85,596) | (1,691,762) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (117,758) | $(2,761,737) | 12,261 | $234,688 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 34,366 | $1,352,947 | (2,124,319) | $(39,976,992) |
Increase (Decrease) | |
Paid-In Capital | Total Distributable Earnings (Loss) |
$278,347 | $(278,347) |
2021 | 2020 | |
Ordinary income1 | $9,192,166 | $4,957,157 |
Long-term capital gains | $— | $3,488,776 |
1 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Undistributed ordinary income2 | $18,531,383 |
Net unrealized appreciation | $20,990,742 |
Undistributed long-term capital gains | $36,613,951 |
Capital loss carryforwards and deferrals | $(26,866,311) |
2 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Short-Term | Long-Term | Total |
$26,866,311 | $— | $26,866,311 |
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 | $39,265 |
Class C Shares | 427,340 |
Class R Shares | 230,702 |
TOTAL | $697,307 |
Purchases | $363,889,112 |
Sales | $396,212,607 |
January 24, 2022
Beginning Account Value 6/1/2021 | Ending Account Value 11/30/2021 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $992.40 | $5.74 |
Class B Shares | $1,000 | $988.40 | $9.77 |
Class C Shares | $1,000 | $988.10 | $9.67 |
Class R Shares | $1,000 | $989.70 | $7.98 |
Institutional Shares | $1,000 | $993.50 | $4.30 |
Class R6 Shares | $1,000 | $993.40 | $4.20 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.30 | $5.82 |
Class B Shares | $1,000 | $1,015.24 | $9.90 |
Class C Shares | $1,000 | $1,015.34 | $9.80 |
Class R Shares | $1,000 | $1,017.05 | $8.09 |
Institutional Shares | $1,000 | $1,020.76 | $4.36 |
Class R6 Shares | $1,000 | $1,020.86 | $4.26 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.15% |
Class B Shares | 1.96% |
Class C Shares | 1.94% |
Class R Shares | 1.60% |
Institutional Shares | 0.86% |
Class R6 Shares | 0.84% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: November 1998 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of certain of the Funds in the Federated Hermes Fund Family; Vice President, Federated Hermes, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President of some of the Funds in the Federated Hermes Fund Family and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Hermes, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Director, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Lead Director, Member of the Audit and Nominating and Corporate Governance Committees, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor Emerita of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; Director and Chair, North Catholic High School, Inc.; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; and Director, Saint Francis University. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, The Golisano Children’s Museum of Naples, Florida; and Director, Midway Pacific (lumber). |
Madelyn A. Reilly Birth Date: February 2, 1956 Trustee Indefinite Term Began serving: November 2020 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; formerly, Senior Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors, Duquesne University. Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Senior Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors and Assistant General Counsel and Director of Risk Management, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries. |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. (now split into two separate publicly traded companies known as CONSOL Energy Inc. and CNX Resources Corp.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: November 1998 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Stephen F. Auth Birth Date: September 13, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: November 2002 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Hermes Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
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
Item 2. | Code of Ethics |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.
(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. | Audit Committee Financial Expert |
The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: G. Thomas Hough and Thomas M. O'Neill.
Item 4. | Principal Accountant Fees and Services |
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2021 – $34,570
Fiscal year ended 2020 - $47,840
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2021 - $0
Fiscal year ended 2020 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $3,303 and $0 respectively. Fiscal year ended 2021- Audit consent fee for N-14 merger document.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2021 - $3,813
Fiscal year ended 2020 - $0
Fiscal year ended 2021- International tax advice with respect to exchange of American Depositary Receipt.
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2021 - $0
Fiscal year ended 2020 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate to management its responsibilities to pre-approve services performed by the independent auditor.
The Audit Committee has delegated pre-approval authority to its chairman (the “Chairman”) for services that do not exceed a specified dollar threshold. The Chairman or Chief Audit Executive will report any such pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee will approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other audit services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain audit services; with limited exception, all other audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the RIC’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of audit-related services does not impair the independence of the auditor, and has pre-approved certain audit-related services; all other audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide tax services to the RIC such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain tax services; with limited exception, all tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of permissible services other than audit, review or attest services the pre-approval requirement is waived if:
(1) | With respect to such services rendered to the Funds, the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the audit client to its accountant during the fiscal year in which the services are provided; and, |
(2) | With respect to such services rendered to the Fund’s investment adviser ( the “Adviser”)and any entity controlling, controlled by to under common control with the Adviser such as affiliated non-U.S. and U.S. funds not under the Audit Committee’s purview and which do not fall within a category of service which has been determined by the Audit Committee not to have a direct impact on the operations or financial reporting of the RIC, the aggregate amount of all services provided constitutes no more than five percent of the total amount of revenues paid to the RIC’s auditor by the RIC, its Adviser and any entity controlling, controlled by, or under common control with the Adviser during the fiscal year in which the services are provided; and |
(3) | Such services were not recognized by the issuer or RIC at the time of the engagement to be non-audit services; and |
(4) | Such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the Board of Directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services which qualify for pre-approval and which it believes are routine and recurring services, and would not impair the independence of the auditor.
The Securities and Exchange Commission’s (the “SEC”) rules and relevant guidance should be consulted to determine the precise definitions of these services and applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by the Fund’s Principal Accounting Officer and/or the Chief Audit Executive of Federated Hermes, Inc., only after those individuals have determined that the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2021 – 0%
Fiscal year ended 2020 - 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2021 – 0%
Fiscal year ended 2020 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2021 – 0%
Fiscal year ended 2020 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) | NA |
(g) | Non-Audit Fees billed to the registrant, the registrant’s Adviser, and certain entities controlling, controlled by or under common control with the Adviser: |
Fiscal year ended 2021 - $20,255
Fiscal year ended 2020 - $30,688
(h) | The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s Adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Hermes Global Allocation Fund
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date January 24, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue, Principal Executive Officer
Date January 24, 2022
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date January 24, 2022