United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-1
(Investment Company Act File Number)
Federated Hermes Global Allocation Fund
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 11/30/22
Date of Reporting Period: Six months ended 05/31/22
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,
Security Type | Percentage of Total Net Assets |
Domestic Equity Securities | 42.8% |
International Equity Securities | 23.4% |
Emerging Markets Core Fund | 6.2% |
Mortgage Core Fund | 6.0% |
Foreign Debt Securities | 5.3% |
Corporate Debt Securities | 5.0% |
U.S. Treasury and Agency Securities | 4.0% |
Project and Trade Finance Core Fund | 1.2% |
Asset-Backed Securities | 1.0% |
High Yield Bond Core Fund2 | 0.7% |
Collateralized Mortgage-Backed Securities | 0.3% |
Bank Loan Core Fund | 0.3% |
Government Agencies | 0.2% |
Derivative Contracts3 | 0.1% |
Mortgage-Backed Securities4, 5 | 0.0% |
Cash Equivalents6 | 2.8% |
Other Assets and Liabilities—Net7 | 0.7% |
TOTAL | 100.0% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of these security types. |
2 | The High Yield Bond Core Fund is a diversified portfolio of below investment grade bonds. |
3 | 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. |
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 | Represents less than 0.1%. |
6 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
7 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Sector Composition of Equity Holdings | Percentage of Equity Securities |
Information Technology | 15.5% |
Financials | 15.1% |
Health Care | 13.9% |
Energy | 11.8% |
Industrials | 9.5% |
Consumer Staples | 8.8% |
Consumer Discretionary | 7.1% |
Materials | 5.5% |
Communication Services | 5.1% |
Utilities | 4.6% |
Real Estate | 3.1% |
TOTAL | 100% |
1 | 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 or Principal Amount | Value | ||
COMMON STOCKS— 66.2% | |||
Communication Services— 3.4% | |||
280,000 | 1 | Alibaba Pictures Group Ltd. | $ 24,358 |
921 | 1 | Alphabet, Inc., Class A | 2,095,496 |
850 | 1 | Alphabet, Inc., Class C | 1,938,663 |
73,008 | America Movil S.A.B. de C.V. | 78,682 | |
24,065 | AT&T, Inc. | 512,344 | |
43,500 | Bollore SA | 232,072 | |
513 | Cheil Communications, Inc. | 10,763 | |
5,900 | Cyber Agent Ltd. | 63,444 | |
1,557 | Etihad Etisalat Co. | 16,280 | |
3,057 | Fox Corp. | 99,994 | |
29,683 | Grupo Televisa S.A. | 61,084 | |
1,524 | Hellenic Telecommunication Organization SA | 28,938 | |
1,023 | 1 | Info Edge India Ltd. | 55,173 |
1 | Interpublic Group of Cos., Inc. | 32 | |
87 | Kakao Corp. | 5,956 | |
5,800 | 1 | Kuaishou Technology | 56,019 |
4,403 | LG Uplus Corp. | 49,220 | |
45 | 1 | Loyalty Ventures, Inc. | 477 |
3,349 | Lumen Technologies, Inc. | 40,992 | |
3,048 | 1 | Meta Platforms, Inc. | 590,215 |
13,249 | 1 | Mobile Telecommunications Co. Saudi Arabia | 47,095 |
2,023 | MTN Group Ltd. | 21,805 | |
7,278 | NetEase, Inc. | 151,945 | |
7,705 | New York Times Co., Class A | 265,745 | |
84 | NHN Corp. | 19,383 | |
1,753 | 1 | Pinterest, Inc. | 34,446 |
18,886 | Proximus | 326,178 | |
60,400 | PT Telekomunikasi Indonesia Tbk | 17,889 | |
4,145 | Publicis Groupe | 226,901 | |
10,284 | Quebecor, Inc., Class B | 233,348 | |
2,062 | 1 | Roku, Inc. | 195,684 |
3,467 | Saudi Telecom Co. | 95,003 | |
999 | SK Telecom Co. Ltd. | 46,049 | |
644 | 1 | Skillz, Inc. | 1,224 |
63,400 | SoftBank Corp. | 727,558 | |
7,399 | Spark New Zealand Ltd. | 23,398 | |
5,849 | Square Enix Holdings Co. Ltd. | 290,458 | |
48 | Swisscom AG | 28,382 | |
2,546 | Telefonica Brasil | 27,348 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Communication Services— continued | |||
148,360 | Telefonica Deutschland Holding AG | $ 471,272 | |
6,476 | Telenor ASA | 89,387 | |
12,696 | Tencent Holdings Ltd. | 585,144 | |
18,839 | TIM S.A./Brazil | 57,081 | |
2,047 | 1 | T-Mobile USA, Inc. | 272,845 |
1 | 1 | TripAdvisor, Inc. | 25 |
280,400 | True Corp. PCL | 36,060 | |
1 | 1 | U.S. Cellular Corp. | 31 |
12,894 | Universal Music Group | 289,568 | |
14,421 | Verizon Communications, Inc. | 739,653 | |
285 | 1 | Vimeo Holdings, Inc. | 2,477 |
6,437 | Vodacom Group Ltd. | 60,433 | |
6,273 | 1 | Warner Bros. Discovery, Inc. | 115,737 |
34,618 | WPP PLC | 401,758 | |
86,200 | Yahoo Japan Corp. | 283,780 | |
TOTAL | 12,145,292 | ||
Consumer Discretionary— 4.7% | |||
380 | Academy Sports and Outdoors, Inc. | 12,734 | |
850 | Adidas AG | 168,423 | |
30,108 | 1 | Alibaba Group Holding Ltd. | 362,922 |
1,382 | 1 | Amazon.com, Inc. | 3,322,591 |
327,500 | Asset World Corp. PCL | 48,727 | |
1,861 | Balkrishna Industries Ltd. | 56,645 | |
2 | Block (H&R), Inc. | 70 | |
38 | Bloomin Brands, Inc. | 802 | |
288 | Boyd Gaming Corp. | 16,926 | |
3,070 | BYD Co. Ltd. | 108,186 | |
1,400 | BYD Co. Ltd. | 61,679 | |
139 | Caleres, Inc. | 3,956 | |
2,138 | Canadian Tire Corp. Ltd. | 293,744 | |
456 | Carriage Services, Inc. | 18,409 | |
283 | Cheesecake Factory, Inc. | 9,243 | |
2 | 1 | Chicos Fas, Inc. | 10 |
15,474 | Chongqing Changan Automobile Co. Ltd. | 32,368 | |
145,600 | Chow Tai Fook Jewellery Group Ltd. | 251,773 | |
2,667 | Cie Financiere Richemont SA | 296,981 | |
445 | CJ Home Shopping | 42,616 | |
383 | 1 | CROCs, Inc. | 21,356 |
60 | Dillards, Inc., Class A | 18,089 | |
56,000 | Dongfeng Motor Group Co. Ltd. | 44,003 | |
1,514 | 1 | Everi Holdings, Inc. | 27,101 |
2,083 | Evolution AB | 218,558 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
93 | F&F Co. Ltd. | $ 10,923 | |
653 | 1 | Flutter Entertainment PLC | 79,660 |
53,864 | Ford Motor Co. | 736,859 | |
2,323 | Ford Otomotiv Sanayi A.S. | 43,726 | |
202 | 1 | Fox Factory Holding Corp. | 16,568 |
119 | 1 | Golden Entertainment, Inc. | 5,626 |
25,777 | 1 | Gome Electrical Appliances Holdings Ltd. | 1,269 |
461 | Greek Organization of Football Prognostics | 6,873 | |
166 | 1 | Green Brick Partners, Inc. | 4,037 |
163 | Group 1 Automotive, Inc. | 29,273 | |
418 | 1 | Groupon, Inc. | 6,458 |
32,000 | Guangzhou Automobile Group Co. Ltd. | 30,265 | |
11,100 | Haier Smart Home Co. Ltd. | 42,258 | |
16,600 | Haier Smart Home Co. Ltd. | 58,641 | |
1,630 | Hankook Tire Co. Ltd. | 46,869 | |
151 | Hermes International | 180,400 | |
3,198 | Hilton Worldwide Holdings, Inc. | 450,470 | |
15 | Hyundai Motor Co. | 2,305 | |
804 | International Game Technology PLC | 17,222 | |
5,881 | 1 | JD.com, Inc. | 166,234 |
229 | KB HOME | 7,898 | |
1,253 | Kia Corp. | 86,609 | |
517 | Koito Manufacturing Co. Ltd. | 18,847 | |
139 | LG Electronics, Inc. | 11,759 | |
8,000 | Li Ning Co. Ltd. | 61,678 | |
198 | Lotte Shopping Co. Ltd. | 16,198 | |
957 | Lowe’s Cos., Inc. | 186,902 | |
1,321 | LVMH Moet Hennessy Louis Vuitton SA | 849,529 | |
1,404 | Macy’s, Inc. | 33,205 | |
1,963 | Marriott International, Inc., Class A | 336,812 | |
149 | Marriott Vacations Worldwide Corp. | 22,010 | |
8,900 | McDonald’s Holdings Co. (Japan), Ltd. | 346,262 | |
6,855 | 1 | Meituan | 161,546 |
395 | 1 | Meritage Corp. | 33,697 |
19,868 | MGM Resorts International | 694,784 | |
18,200 | Minor International PCL | 18,592 | |
266 | 1 | Mister Car Wash, Inc. | 3,229 |
1 | Mr. Price Group Ltd. | 13 | |
257 | Naspers Ltd., Class N | 28,168 | |
3,108 | Next PLC | 254,595 | |
1,945 | 1,2 | Ozon Holdings PLC, ADR | 0 |
88 | Page Industries Ltd. | 51,288 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
28,100 | Pan Pacific International Holdings Corp. | $ 431,718 | |
28,300 | Panasonic Holdings Corp. | 259,276 | |
251 | Patrick Industries, Inc. | 15,088 | |
162,500 | PT Astra International Tbk | 81,878 | |
71,000 | PTT Oil & Retail Business PCL | 57,527 | |
6,371 | Puma AG Rudolf Dassler Sport | 473,469 | |
435 | Red Rock Resorts, Inc. | 16,848 | |
1,000 | Rinnai Corp. | 69,092 | |
1,100 | Ryohin Keikaku Co. Ltd. | 11,669 | |
18,500 | SAIC Motor Corp. Ltd. | 47,706 | |
11,100 | Sekisui Chemical Co. | 158,948 | |
13,400 | Sekisui House Ltd. | 238,151 | |
19,500 | Sharp Corp. | 158,207 | |
33 | Signet Jewelers Ltd. | 1,967 | |
1,282 | Smith & Wesson Brands, Inc. | 19,845 | |
302 | Standard Motor Products, Inc. | 12,065 | |
520 | Stanley Electric Co. Ltd. | 9,415 | |
2,744 | Suzuki Motor Corp. | 81,019 | |
14,217 | Tabcorp Holdings Ltd. | 9,469 | |
1,317 | Target Corp. | 213,196 | |
1 | 1 | Target Hospitality Corp. | 6 |
1,195 | 1 | Terminix Global Holdings, Inc. | 51,875 |
2,766 | 1 | Tesla, Inc. | 2,097,347 |
14,217 | 1 | The Lottery Corp. | 48,361 |
37,913 | The Wendy’s Co. | 706,698 | |
311 | TJX Cos., Inc. | 19,770 | |
15,600 | Toyota Motor Corp. | 259,053 | |
2,515 | Trent Ltd. | 36,619 | |
108 | 1 | Tri Pointe Homes, Inc. | 2,276 |
14,408 | Vibra Energia SA | 58,935 | |
159 | 1 | Vista Outdoor, Inc. | 6,128 |
49 | Winnebago Industries, Inc. | 2,423 | |
1 | Woolworths Holdings Ltd. | 4 | |
5,628 | Wyndham Hotels & Resorts, Inc. | 450,972 | |
32,000 | Yadae Group Holdings Ltd. | 51,447 | |
2,200 | Yamaha Motor Co. | 44,493 | |
7,775 | Zhongsheng Group Holdings | 54,831 | |
59,518 | 1 | Zomato Ltd. | 58,338 |
TOTAL | 16,913,598 | ||
Consumer Staples— 5.8% | |||
1,612 | Abdullah Al Othaim Markets Co. | 47,528 | |
54,982 | Albertsons Cos., Inc. | 1,679,701 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Consumer Staples— continued | |||
9 | Alimentation Couche-Tard, Inc. | $ 409 | |
27,571 | Altria Group, Inc. | 1,491,315 | |
30,467 | Ambev SA | 90,967 | |
15,656 | Archer-Daniels-Midland Co. | 1,421,878 | |
1,304 | 1 | Avenue Supermarts Ltd. | 66,555 |
19,374 | Becle SA de CV | 44,575 | |
3,256 | Bid Corp. Ltd. | 69,749 | |
3,127 | BIM Birlesik Magazalar AS | 15,695 | |
35 | 1 | BJ’s Wholesale Club Holdings, Inc. | 2,025 |
2,100 | Budweiser Brewing Co. APAC Ltd. | 5,552 | |
1,300 | C.P. 7-Eleven Public Co. Ltd. | 2,515 | |
2,124 | Carrefour SA | 43,416 | |
13,641 | China Mengniu Dairy Co. Ltd. | 69,646 | |
2,000 | China Resources Enterprises Ltd. | 12,397 | |
5 | Chocoladefabriken Lindt & Sprungli AG | 518,410 | |
41 | Chocoladefabriken Lindt & Sprungli AG | 412,264 | |
480 | Clicks Group, Ltd. | 9,290 | |
26 | Coca-Cola Bottling Co. | 14,689 | |
1,625 | Colgate-Palmolive (India) Ltd. | 33,962 | |
6,103 | Costco Wholesale Corp. | 2,845,341 | |
26,283 | Diageo PLC | 1,220,509 | |
371 | E-Mart Co. Ltd. | 34,660 | |
52,469 | Endeavour Group Ltd. | 273,173 | |
828 | Estee Lauder Cos., Inc., Class A | 210,850 | |
65,740 | Flowers Foods, Inc. | 1,814,424 | |
1,291 | Fomento Economico Mexicano, SA de C.V. | 9,659 | |
1,931 | George Weston Ltd. | 236,999 | |
2 | Gruma S.A., Class B | 24 | |
20,176 | Grupo Bimbo S.A.B. de CV, Class A | 66,165 | |
14,600 | Guangdong Wens Foodstuff Group Co. Ltd. | 39,623 | |
2,597 | 1 | HelloFresh SE | 96,532 |
396 | 1 | Herbalife Ltd. | 8,629 |
821 | Hindustan Lever Ltd. | 24,658 | |
24,738 | Imperial Brands PLC | 558,739 | |
466 | Inter Parfums, Inc. | 34,391 | |
8,346 | JBS S.A. | 62,518 | |
1,124 | Jeronimo Martins SGPS SA | 23,011 | |
13,300 | Kao Corp. | 535,419 | |
637 | Kerry Group PLC | 65,860 | |
12,849 | Kesko | 322,045 | |
70 | Kimberly-Clark Corp. | 9,311 | |
4,315 | Kobayashi Pharmaceutical Co. Ltd. | 289,129 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Consumer Staples— continued | |||
1,666 | Kobe Bussan Co. Ltd. | $ 40,254 | |
320 | Korea Tobacco & Ginseng Corp. | 21,982 | |
600 | Lion Corp. | 6,694 | |
2,103 | Loblaw Cos. Ltd. | 194,014 | |
2,028 | L’Oreal SA | 716,930 | |
2,428 | Metro, Inc., Class A | 134,103 | |
273 | Nestle India Ltd. | 62,211 | |
7,234 | Nestle S.A. | 885,177 | |
711 | 1 | Olaplex Holdings, Inc. | 11,461 |
47,500 | Osotspa PCL | 48,246 | |
1,039 | Procter & Gamble Co. | 153,647 | |
95,746 | PT Indofood Sukses Makmur | 43,332 | |
14,508 | Raia Drogasil S.A. | 63,038 | |
59,589 | Reynolds Consumer Products, Inc. | 1,622,013 | |
86 | Sanderson Farms, Inc. | 17,157 | |
176 | Sanfilippo (John B. & Sons), Inc. | 13,443 | |
5,496 | Savola Group Co. | 55,095 | |
4,786 | Shoprite Holdings Ltd. | 65,914 | |
16,700 | Sime Darby Plantation Bhd | 19,176 | |
90,400 | Thai Union Frozen Products Public Co. Ltd. | 45,444 | |
765 | The Anderson’s, Inc. | 28,772 | |
405 | 1 | The Simply Good Foods Co. | 16,184 |
25,166 | Tingyi (Cayman Isln) Hldg Co. | 44,546 | |
6,600 | Tongwei Co. Ltd. | 44,704 | |
393 | Toyo Suisan Kaisha Ltd. | 14,671 | |
15,327 | Tyson Foods, Inc., Class A | 1,373,453 | |
744 | 1 | United Natural Foods, Inc. | 31,553 |
2,999 | 1 | United Spirits Ltd. | 31,279 |
3,065 | Vector Group Ltd. | 37,730 | |
906 | 1 | Veru, Inc. | 11,724 |
8,776 | Wal-Mart de Mexico SAB de C.V. | 32,454 | |
437 | WalMart, Inc. | 56,211 | |
57,000 | Want Want China Holdings Ltd. | 56,709 | |
33,802 | WH Group Ltd. | 25,911 | |
TOTAL | 20,859,439 | ||
Energy— 7.8% | |||
2,388 | APA Corp. | 112,260 | |
172 | Arch Resources, Inc. | 26,288 | |
1 | Archrock, Inc. | 10 | |
1 | Berry Petroleum Co. | 11 | |
236,822 | BP PLC | 1,283,636 | |
1,012 | Brigham Minerals, Inc. | 30,674 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Energy— continued | |||
6,753 | Canadian Natural Resources Ltd. | $ 446,925 | |
70,740 | Cenovus Energy, Inc. | 1,639,046 | |
2 | 1 | Centennial Resource Development, Inc. | 16 |
1,017 | Championx Corp. | 23,666 | |
4,528 | Cheniere Energy, Inc. | 619,295 | |
331 | Chesapeake Energy Corp. | 32,233 | |
4,130 | Chevron Corp. | 721,346 | |
59,000 | China Coal Energy Co. | 53,744 | |
62,000 | China Petroleum & Chemical Corp. | 29,832 | |
7,000 | China Shenhua Energy Co. Ltd. | 23,265 | |
43,000 | China Suntien Green Energy Corp. Ltd. | 24,883 | |
129 | Civitas Resources, Inc. | 9,849 | |
39,223 | ConocoPhillips | 4,407,096 | |
1 | Continental Resources, Inc. | 68 | |
10,691 | Coterra Energy, Inc., Class A | 367,022 | |
96,400 | ENEOS Holdings, Inc. | 387,004 | |
1,565 | EOG Resources, Inc. | 214,342 | |
16,477 | EQT Corp. | 786,282 | |
3,835 | Exxaro Resources Ltd. | 54,245 | |
67,331 | Exxon Mobil Corp. | 6,463,776 | |
1,997 | Galp Energia SGPS SA | 26,284 | |
745 | GS Holdings Corp. | 27,307 | |
1,697 | Hess Corp. | 208,850 | |
499 | Hyundai Robotics Co. Ltd. | 25,162 | |
17,102 | Imperial Oil Ltd. | 936,733 | |
2 | 1 | Indian Oil Corp. Ltd. | 3 |
1,751 | Magnolia Oil & Gas Corp. | 48,345 | |
78,822 | Marathon Oil Corp. | 2,477,375 | |
1,005 | Matador Resources Co. | 61,205 | |
1 | MOL Hungarian Oil & Gas PLC | 7 | |
1 | 1 | Nextier Oilfield Solutions, Inc. | 11 |
1,156 | Northern Oil and Gas, Inc. | 37,790 | |
145 | Oasis Petroleum, Inc. | 23,016 | |
3,270 | Occidental Petroleum Corp. | 226,644 | |
2,748 | 1 | Oceaneering International, Inc. | 34,955 |
5 | Oil & Natural Gas Corp. Ltd. | 10 | |
582 | OMV AG | 33,994 | |
5,086 | Ovintiv, Inc. | 284,765 | |
156 | Parkland Fuel Corp. | 4,645 | |
9,130 | PDC Energy, Inc. | 722,548 | |
551 | 1 | Peabody Energy Corp. | 13,009 |
87,177 | PetroChina Co. Ltd. | 45,973 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Energy— continued | |||
59,200 | PetroChina Co. Ltd. | $ 49,769 | |
17,896 | Petroleo Brasileiro SA | 125,242 | |
2,469 | Pioneer Natural Resources, Inc. | 686,234 | |
244,500 | PT Adaro Energy | 54,811 | |
27,300 | PT United Tractors | 58,272 | |
900 | PTT Public Co. Ltd. | 1,005 | |
6,455 | 1 | Rabigh Refining and Petrochemical Co. | 46,783 |
6,913 | Reliance Industries Ltd. | 233,686 | |
159 | RPC, Inc. | 1,488 | |
12,031 | Saudi Arabian Oil Co. (Aramco) | 134,390 | |
1 | 1 | Select Energy Services, Inc. | 8 |
18,600 | Shaanxi Coal Industry Co. Ltd. | 52,723 | |
9,507 | Shell PLC | 281,569 | |
983 | SM Energy Co. | 47,449 | |
9,673 | Suncor Energy, Inc. | 389,184 | |
10,393 | Targa Resources, Inc. | 748,504 | |
12,123 | 2 | Tatneft | 0 |
2 | 1 | Tetra Technologies, Inc. | 10 |
10,376 | TotalEnergies SE | 613,468 | |
17,307 | Ultrapar Participacoes SA | 52,330 | |
7,436 | Valero Energy Corp. | 963,706 | |
561 | Whiting Petroleum Corp. | 49,626 | |
17,033 | Woodside Energy Group Ltd. | 362,282 | |
1 | World Fuel Services Corp. | 25 | |
18,606 | Yankuang Energy Group Co., Ltd., Class H | 60,709 | |
TOTAL | 28,008,718 | ||
Financials— 10.0% | |||
6,411 | ABSA Group Ltd. | 75,216 | |
222 | Ageas | 11,190 | |
8,200 | AIA Group Ltd. | 83,875 | |
5,405 | Al Rajhi Bank | 142,439 | |
5,698 | Alinma Bank | 58,447 | |
8,672 | Allstate Corp. | 1,185,376 | |
5,573 | American International Group, Inc. | 327,024 | |
956 | Ameris Bancorp | 43,584 | |
43,740 | Assicurazioni Generali SpA | ��796,588 | |
8,343 | Australia & New Zealand Banking Group, Melbourne | 149,629 | |
127,349 | Aviva PLC | 690,917 | |
23,506 | AXA SA | 594,556 | |
1,778 | Axis Bank Ltd. | 15,519 | |
36,938 | B3 SA - Brasil Bolsa Balcao | 99,252 | |
251 | Bajaj Finance Ltd. | 19,620 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
18,174 | 1 | Banco Bradesco SA | $ 64,550 |
458,339 | Banco de Chile | 47,708 | |
22,860 | Banco de Oro | 58,162 | |
1,001,458 | Banco Santander Chile SA | 50,089 | |
1,606 | 1 | Bancorp, Inc., DE | 33,453 |
85,100 | Bangkok Commercial Asset Management PLC | 46,513 | |
5,588 | Bank Hapoalim BM | 51,828 | |
49,300 | 1 | Bank Jago Tbk PT | 31,693 |
18 | Bank Leumi Le-Israel | 179 | |
61,436 | Bank of America Corp. | 2,285,419 | |
96,388 | Bank of China Ltd. | 38,601 | |
85,456 | Bank of Communications Ltd. | 58,248 | |
63,800 | Bank of Communications Ltd. | 47,039 | |
19,500 | Bank of Hangzhou Co. Ltd. | 39,911 | |
111 | Bank of Montreal | 12,075 | |
5,000 | Bank of Nanjing Co. Ltd. | 8,108 | |
18,414 | Bank of New York Mellon Corp. | 858,277 | |
1,854 | Bank of Nova Scotia, Toronto | 125,735 | |
20,270 | Bank of The Philippine Islands | 38,226 | |
2,592 | Bank Pekao SA | 56,437 | |
427 | Bank Zachodni WBK S.A. | 25,767 | |
72,065 | Barclays PLC | 153,598 | |
10,810 | BB Seguridade Participacoes SA | 61,140 | |
6,509 | 1 | Berkshire Hathaway, Inc., Class B | 2,056,714 |
1 | BGC Partners, Inc., Class A | 3 | |
2 | BlackRock, Inc. | 1,338 | |
2,341 | Blackstone, Inc. | 275,746 | |
2 | 1 | Bright Health Group, Inc. | 3 |
1,196 | Bupa Arabia For Cooperative Insurance Co. | 50,300 | |
698 | Byline Bancorp, Inc. | 17,436 | |
13,196 | Capital One Financial Corp. | 1,687,241 | |
388 | Capitec Bank Holdings Ltd. | 55,887 | |
39,153 | Cathay Financial Holding Co. Ltd. | 74,964 | |
97,100 | Chiba Bank Ltd. | 499,495 | |
303,501 | China Construction Bank Corp. | 225,774 | |
31,904 | China Development Financial Holding Corp. | 17,733 | |
16,045 | China Merchants Bank Co. Ltd. | 101,257 | |
89,422 | Chinatrust Financial Holding Co. Ltd. | 83,289 | |
53,100 | CIMB Group Holdings Berhad | 62,416 | |
25,122 | Citizens Financial Group, Inc. | 1,039,548 | |
45,305 | Commerzbank AG, Frankfurt | 392,904 | |
1,246 | ConnectOne Bancorp, Inc. | 34,340 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
519 | 1 | Customers Bancorp, Inc. | $ 21,435 |
3,366 | Danske Bank A/S | 55,084 | |
14,673 | DBS Group Holdings Ltd. | 330,607 | |
45,493 | Deutsche Bank AG | 506,458 | |
11,854 | Discover Financial Services | 1,345,310 | |
1,684 | DNB Bank ASA | 34,140 | |
725 | Dongbu Insurance Co. Ltd. | 37,983 | |
6,090 | East West Bancorp, Inc. | 447,859 | |
3,014 | EQT AB | 88,769 | |
1,360 | Erste Group Bank AG | 42,447 | |
1,050 | Essent Group Ltd. | 44,929 | |
91 | 1 | Eurobank Ergasias SA | 102 |
1,645 | Fairfax Financial Holdings Ltd. | 912,947 | |
11,693 | FinecoBank Banca Fineco SPA | 165,595 | |
5,739 | First American Financial Corp. | 347,726 | |
2,922 | First BanCorp | 43,625 | |
26,932 | FirstRand Ltd. | 124,526 | |
34,700 | Fubon Financial Holdings Co., Ltd. | 76,426 | |
15,367 | Gjensidige Forsikring ASA | 335,248 | |
435 | Goldman Sachs Group, Inc. | 142,180 | |
31,470 | Great-West Lifeco, Inc. | 863,599 | |
3,510 | Grupo Financiero Banorte S.A. de C.V. | 22,691 | |
998 | Grupo Financiero Inbursa, S.A. de C.V., Class O | 2,059 | |
861 | Hancock Whitney Corp. | 42,912 | |
249 | Hannover Rueckversicherung SE | 38,044 | |
27,688 | Hargreaves Lansdown PLC | 299,371 | |
76 | HomeStreet, Inc. | 3,064 | |
16,419 | Hong Kong Exchanges & Clearing Ltd. | 703,810 | |
10,400 | Hong Leong Credit Berhad | 47,892 | |
48 | Houlihan Lokey, Inc. | 4,125 | |
3,437 | Housing Development Finance Corp. Ltd. | 101,459 | |
2,831 | HSBC Holdings PLC | 18,971 | |
19,244 | ICICI Bank Ltd. | 183,896 | |
109,813 | Industrial & Commercial Bank of China | 65,887 | |
17,400 | Industrial Bank Co. Ltd. | 51,417 | |
161,091 | Intesa Sanpaolo SpA | 351,825 | |
638 | Janus Henderson Group PLC | 17,934 | |
12,300 | Japan Exchange Group, Inc. | 193,741 | |
1,778 | KB Financial Group, Inc. | 86,941 | |
1,374 | KBC Groupe | 85,802 | |
64 | Kinsale Capital Group, Inc. | 14,072 | |
113,500 | Krung Thai Bank PLC | 50,160 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
40,323 | Legal & General Group PLC | $ 132,173 | |
23,000 | Malayan Banking BHD | 47,783 | |
397 | 1 | MBIA Insurance Corp. | 5,562 |
279,738 | Medibank Private Ltd. | 645,479 | |
33 | Merchants Bancorp, Inc. | 841 | |
16,370 | Mercury General Corp. | 801,311 | |
606 | Meritz Fire & Marine Insurance Co. Ltd. | 18,867 | |
45,790 | Metro Bank and Trust Co. | 48,018 | |
1 | MetroCity Bankshares, Inc. | 20 | |
3 | 1 | Metropolitan Bank Holding Corp. | 232 |
881 | MFA Financial, Inc. | 11,911 | |
1,107 | Mizrahi Tefahot Bank Ltd. | 36,426 | |
176 | Moelis & Co. | 8,258 | |
5,319 | Morgan Stanley | 458,179 | |
484 | 1 | Mr. Cooper Group, Inc. | 20,986 |
449 | National Bank Holdings Corp. | 18,297 | |
2,110 | Navient Corp. | 33,760 | |
4,758 | Nedbank Group Ltd. | 72,147 | |
1,715 | 1 | NMI Holdings, Inc. | 31,916 |
41,982 | Nordea Bank Abp | 427,458 | |
1,396 | OFG Bancorp. | 39,563 | |
30,500 | ORIX Corp. | 579,096 | |
834 | OTP Bank RT | 19,867 | |
46,085 | Oversea-Chinese Banking Corp. Ltd. | 397,211 | |
245 | Pennymac Financial Services, Inc. | 12,010 | |
85,000 | People’s Insurance, Co. (Group) of China Ltd. | 26,638 | |
60,000 | PICC Property and Casualty Co., Ltd., Class H | 58,206 | |
10,182 | Ping An Insurance (Group) Co. of China Ltd. | 64,592 | |
269 | Piper Jaffray Cos., Inc. | 35,452 | |
62,000 | Postal Savings Bank of China Co. Ltd. | 45,900 | |
55,800 | Postal Savings Bank of China Co. Ltd. | 43,955 | |
5,735 | Powszechny Zaklad Ubezpieczen SA | 43,500 | |
298 | Premier Financial Corp. | 8,097 | |
5,823 | Principal Financial Group, Inc. | 424,671 | |
15,872 | Progressive Corp., OH | 1,894,799 | |
3,182 | Prudential Financial, Inc. | 338,087 | |
147,140 | PT Bank Central Asia | 78,166 | |
18,600 | PT Bank Mandiri Tbk | 10,835 | |
4,000 | PT Bank Negara Indonesia | 2,515 | |
142,500 | PT Bank Rakyat Indonesia Tbk | 45,202 | |
50,300 | Public Bank Berhad | 54,355 | |
641 | QCR Holdings, Inc. | 35,524 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
575 | Raiffeisen Bank International AG | $ 7,638 | |
15,926 | Rand Merchant Investment Holdings Ltd. | 29,238 | |
935 | Reinsurance Group of America | 117,670 | |
1,052 | Riyad Bank | 10,754 | |
5,807 | Royal Bank of Canada | 606,800 | |
244 | Samsung Life Insurance Co., Ltd. | 13,420 | |
16,123 | Sanlam Ltd. | 69,538 | |
532 | Selective Insurance Group, Inc. | 42,188 | |
25,900 | Shanghai Pudong Development Bank Co. Ltd. | 30,877 | |
95,023 | Sinopac Holdings Co. | 59,296 | |
36,646 | SLM Corp. | 717,895 | |
29,800 | Srisawad Power 1979 PCL | 48,345 | |
2,211 | St. James’s Place Capital PLC | 36,121 | |
7,924 | Standard Bank Group Ltd. | 90,530 | |
12,039 | State Bank of India | 72,422 | |
589 | Stewart Information Services Corp. | 32,684 | |
340 | Stifel Financial Corp. | 21,818 | |
102,097 | Suncorp Group Ltd. | 830,158 | |
3,005 | Swiss Re AG | 247,947 | |
1,785 | Synchrony Financial | 66,116 | |
6,134 | The National Commercial Bank | 118,369 | |
3,343 | The Travelers Cos., Inc. | 598,531 | |
3,926 | Toronto Dominion Bank | 300,025 | |
1,354 | TowneBank | 39,916 | |
40,387 | UBS Group AG | 760,541 | |
2,000 | United Overseas Bank Ltd. | 42,961 | |
1 | Unum Group | 36 | |
95 | Virtus Investment Partners, Inc. | 18,303 | |
6,200 | WisdomTree Investments, Inc. | 36,890 | |
2,501 | Woori Financial Group Inc. | 30,182 | |
144 | 1 | World Acceptance Corp. | 21,322 |
72,409 | Yuanta Financial Holding Co. Ltd. | 60,544 | |
TOTAL | 35,772,384 | ||
Health Care— 9.2% | |||
51,500 | 3SBio, Inc. | 38,241 | |
20,559 | Abbott Laboratories | 2,414,861 | |
9,856 | 1,2 | Achillion Pharmaceuticals, Inc. | 4,534 |
125 | 1 | Addus Homecare Corp. | 10,438 |
1 | 1 | Affimed N.V. | 3 |
3,192 | 1 | Alector, Inc. | 28,281 |
1 | 1 | Alignment Healthcare, Inc. | 11 |
328 | 1 | AMN Healthcare Services, Inc. | 31,783 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
7,522 | 1 | Amneal Pharmaceuticals, Inc. | $ 27,305 |
110 | 1 | Amphastar Pharmaceuticals, Inc. | 4,085 |
184 | Anthem, Inc. | 93,768 | |
17,959 | 1 | Antigenics, Inc. | 29,992 |
1 | Aspen Pharmacare Holdings Ltd. | 10 | |
6,100 | Astellas Pharma, Inc. | 97,595 | |
1 | 1 | Atea Pharmaceuticals, Inc. | 8 |
270 | 1 | Avanos Medical, Inc. | 7,746 |
12,909 | 1 | Avantor, Inc. | 413,604 |
1,459 | 1 | Avid Bioservices, Inc. | 19,507 |
97,400 | Bangkok Dusit Medical Services Public Co., Ltd. | 73,302 | |
6,399 | Becton Dickinson & Co. | 1,636,864 | |
4,130 | 1 | BioMarin Pharmaceutical, Inc. | 310,287 |
3,212 | 1 | Cara Therapeutics, Inc. | 26,724 |
891 | Carl Zeiss Meditec AG | 118,889 | |
3 | 1 | Catalyst Pharmaceutical Partners, Inc. | 22 |
108 | Celltrion, Inc. | 13,977 | |
5,351 | Cerner Corp. | 507,542 | |
1 | 1 | Cerus Corp. | 5 |
84,000 | China Traditional Chinese Medicine Holdings Co. Ltd. | 44,300 | |
4,795 | Cipla Ltd. | 61,516 | |
2,721 | 1 | Coherus Biosciences, Inc. | 19,972 |
219 | 1 | Corvel Corp. | 32,666 |
4,627 | CVS Health Corp. | 447,662 | |
5,343 | Danaher Corp. | 1,409,590 | |
1,092 | Divi’s Laboratories Ltd. | 50,735 | |
9,535 | Eli Lilly & Co. | 2,988,650 | |
3 | 1 | Endo International PLC | 2 |
191 | Ensign Group, Inc. | 15,503 | |
2,274 | Fisher & Paykel Healthcare Corp. Ltd. | 31,029 | |
352 | 1 | Fulgent Genetics, Inc. | 19,188 |
31 | Gedeon Richter Rt | 607 | |
379 | 1 | Genmab A/S | 115,081 |
1,860 | Getinge AB, Class B | 53,928 | |
49,384 | GlaxoSmithKline PLC | 1,078,752 | |
1 | 1 | Heron Therapeutics, Inc. | 3 |
8,572 | Hikma Pharmaceuticals PLC | 183,402 | |
2,371 | Hoya Corp. | 253,091 | |
2 | 1 | Immunogen, Inc. | 7 |
5,580 | 1 | Immunovant, Inc. | 23,659 |
483 | 1 | Inari Medical, Inc. | 31,781 |
4,011 | 1 | Incyte Genomics, Inc. | 304,395 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
2 | 1 | Innovage Holding Corp. | $ 10 |
104 | 1 | Integer Holdings Corp. | 8,297 |
6,210 | Ipsen SA | 621,979 | |
159 | 1 | iTeos Therapeutics, Inc. | 2,783 |
2,314 | Johnson & Johnson | 415,432 | |
463,800 | Kalbe Farma PT | 53,274 | |
4,190 | 1 | Karyopharm Therapeutics, Inc. | 26,313 |
1 | 1 | LHC Group, Inc. | 167 |
1 | 1 | Mannkind Corp. | 4 |
351 | 1 | Maravai LifeSciences Holdings, Inc. | 10,934 |
2,221 | 1 | MaxCyte, Inc. | 10,239 |
14,902 | Medipal Holdings Corp. | 208,490 | |
241 | 1 | Medpace Holdings, Inc. | 34,521 |
21,143 | Medtronic PLC | 2,117,471 | |
21,338 | Merck & Co., Inc. | 1,963,736 | |
112 | Merck KGAA | 21,047 | |
197 | 1 | Meridian Bioscience, Inc. | 5,418 |
232 | 1 | ModivCare, Inc. | 22,140 |
301 | 1 | Natus Medical, Inc. | 9,870 |
5,102 | 1 | Neurocrine Biosciences, Inc. | 476,986 |
1,183 | 1 | NextGen Healthcare, Inc. | 21,424 |
7,845 | Novo Nordisk A/S | 868,596 | |
5,042 | 1 | Nuvation Bio, Inc. | 17,798 |
1,429 | 1 | Ocugen, Inc. | 3,387 |
1 | 1 | Opko Health, Inc. | 3 |
268 | 1 | Option Care Health, Inc. | 8,136 |
762 | Owens & Minor, Inc. | 26,579 | |
595 | 1 | Paragon 28, Inc. | 10,662 |
87 | Patterson Cos., Inc. | 2,748 | |
17,113 | Pfizer, Inc. | 907,674 | |
6,885 | 1,2 | Progenics Pharmaceuticals, Inc. | 0 |
602 | 1 | Progyny, Inc. | 19,029 |
8,549 | 1 | Qiagen NV | 392,827 |
6,301 | 1 | Qiagen NV | 289,913 |
3,162 | Quest Diagnostics, Inc. | 445,905 | |
87 | 1 | QuidelOrtho Corp. | 8,221 |
798 | 1 | R1 RCM, Inc. | 17,133 |
2,071 | 1 | Regeneron Pharmaceuticals, Inc. | 1,376,677 |
530 | Roche Holding AG | 180,418 | |
2,195 | Roche Holding AG | 857,570 | |
1,675 | Ryman Healthcare Ltd. | 10,894 | |
1 | 1 | Sangamo BioSciences, Inc. | 4 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
1,249 | SD Biosensor, Inc. | $ 50,331 | |
83 | Seegene, Inc. | 2,955 | |
6,209 | 1 | Seres Therapeutics, Inc. | 19,248 |
126 | Shanghai Fosun Pharmaceutical Co. Ltd. | 530 | |
26,171 | Shanghai Pharmaceuticals Holding Co. Ltd. | 42,604 | |
12,312 | Shionogi and Co. | 656,215 | |
4,284 | Siemens Healthineers AG | 257,063 | |
20,939 | Sinopharm Group Co. Ltd. | 51,674 | |
236 | 1 | SK Bioscience Co. Ltd. | 25,696 |
17,902 | Sonic Healthcare Ltd. | 470,600 | |
2,549 | Sonova Holding AG | 905,299 | |
1 | 1 | Sorrento Therapeutics, Inc. | 2 |
7,366 | 1 | Sotera Health Topco, Inc. | 156,896 |
70,100 | Sri Trang Gloves | 41,093 | |
62 | 1 | Staar Surgical Co. | 4,088 |
417 | Stedim | 144,062 | |
6,138 | Sun Pharmaceutical Industries Ltd. | 68,413 | |
765 | 1 | Travere Therapeutics, Inc. | 17,832 |
1,311 | UCB SA | 115,707 | |
221 | 1 | Ultragenyx Pharmaceutical, Inc. | 10,365 |
4,003 | UnitedHealth Group, Inc. | 1,988,610 | |
2,040 | 1 | Vanda Pharmaceuticals, Inc. | 20,053 |
7,084 | 1 | Vertex Pharmaceuticals, Inc. | 1,903,117 |
1,605 | 1 | Vifor Pharma AG | 280,033 |
1,844 | West Pharmaceutical Services, Inc. | 572,341 | |
4,051 | Zoetis, Inc. | 692,437 | |
TOTAL | 33,046,876 | ||
Industrials— 6.3% | |||
68 | A.P. Moller-Maersk A/S, Class B | 197,789 | |
7,576 | Airbus Group SE | 887,623 | |
48 | Alexander and Baldwin, Inc. | 4,314 | |
76,572 | Alfa, S.A. de C.V., Class A | 58,361 | |
3,977 | Allison Transmission Holdings, Inc. | 159,120 | |
81 | Apogee Enterprises, Inc. | 3,370 | |
356 | Applied Industrial Technologies, Inc. | 36,814 | |
347 | ArcBest Corp. | 26,244 | |
1,256 | Ashtead Group PLC | 65,818 | |
317 | 1 | Atkore, Inc. | 34,528 |
4,941 | 1 | Auckland International Airport Ltd. | 24,041 |
77,084 | Aurizon Holdings Ltd. | 221,863 | |
74 | AZZ, Inc. | 3,312 | |
17,678 | Bharat Electronics Ltd. | 53,402 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
4,121 | Bidvest Group Ltd. | $ 57,470 | |
21 | 1 | BlueLinx Holdings, Inc. | 1,736 |
532 | Boise Cascade Co. | 41,134 | |
930 | Brenntag AG | 71,848 | |
608 | 1 | Builders Firstsource, Inc. | 39,575 |
4,771 | Carrier Global Corp. | 187,548 | |
713 | 1 | CBIZ, Inc. | 29,204 |
32,549 | China COSCO Holdings Co. Ltd., Class H | 57,580 | |
93,000 | 1 | China Energy Engineering Corp. Ltd. | 32,519 |
30,768 | China Railway Group Ltd. | 21,198 | |
44,400 | China Railway Group Ltd. | 43,782 | |
54,700 | China State Construction Engineering Corp. Ltd. | 45,227 | |
4,000 | China State Construction International Holdings Ltd. | 4,702 | |
2,716 | Cintas Corp. | 1,081,864 | |
55,820 | Citic Pacific Ltd. | 62,639 | |
211 | Comfort Systems USA, Inc. | 18,931 | |
474 | Compagnie de St. Gobain | 28,117 | |
1,524 | 1 | Cornerstone Building Brands | 37,414 |
16,940 | 1 | COSCO SHIPPING Holdings Co. Ltd. | 38,961 |
253 | CRA International, Inc. | 21,690 | |
1 | Crane Holdings Co. | 96 | |
22,320 | CSX Corp. | 709,553 | |
300 | Daifuku Co. | 18,819 | |
100 | Daikin Industries Ltd. | 15,993 | |
1,111 | 1 | Daseke, Inc. | 8,399 |
1,140 | Dassault Aviation SA | 193,000 | |
13,767 | Deutsche Post AG | 569,256 | |
1,504 | DSV Panalpina A/S | 246,912 | |
284 | Emcor Group, Inc. | 29,999 | |
5,542 | Emerson Electric Co. | 491,354 | |
115 | Encore Wire Corp. | 14,377 | |
16,496 | Epiroc AB | 277,861 | |
14,000 | Evergreen Marine Corp., Taiwan Ltd. | 67,382 | |
493 | Expeditors International Washington, Inc. | 53,658 | |
5,421 | Ferguson PLC | 651,740 | |
4,831 | Fortive Corp. | 298,411 | |
1,634 | Genco Shipping & Trading Ltd. | 41,258 | |
3,708 | General Dynamics Corp. | 833,966 | |
82 | 1 | GMS, Inc. | 4,084 |
1,491 | GrafTech International Ltd. | 12,942 | |
4,304 | Grupo Aeroportuario del Pacifico SA, Class B | 64,690 | |
334 | 1 | GXO Logistics, Inc. | 18,126 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
3,276 | Havells India Ltd. | $ 50,884 | |
185 | Herc Holdings, Inc. | 21,686 | |
864 | Hillenbrand, Inc. | 36,150 | |
270 | 1 | HireRight Holdings Corp. | 3,983 |
16,737 | Husqvarna AB, Class B | 151,032 | |
5,198 | IMCD Group NV | 780,617 | |
5,329 | Indian Railway Catering & Tourism Corp., Ltd. | 47,328 | |
6,298 | Ingersoll-Rand, Inc. | 296,951 | |
210 | 1 | JELD-WEN Holding, Inc. | 3,954 |
6,230 | Johnson Controls International PLC | 339,597 | |
1,882 | Kajima Corp. | 20,215 | |
325 | KForce Com, Inc. | 21,346 | |
594 | Kingspan Group PLC | 48,906 | |
1,928 | KION Group AG | 94,469 | |
665 | Korn Ferry | 40,871 | |
567 | Kuehne & Nagel International AG | 149,716 | |
2,037 | L3Harris Technologies, Inc. | 490,713 | |
936 | LG Corp. | 60,567 | |
5,320 | Localiza Rent A Car SA | 64,388 | |
566 | Lockheed Martin Corp. | 249,102 | |
330 | 1 | Masonite International Corp. | 30,304 |
945 | Matthews International Corp., Class A | 30,580 | |
1,093 | 1 | Meritor, Inc. | 39,534 |
17,500 | Metallurgical Corp. of China Ltd. | 9,272 | |
57,100 | Mitsubishi Electric Corp. | 625,966 | |
13,100 | Miura Co. Ltd. | 294,015 | |
19,100 | MonotaRO Co. Ltd. | 279,011 | |
602 | 1 | MRC Global, Inc. | 6,736 |
542 | Mueller Industries, Inc. | 29,187 | |
366 | 1 | MYR Group, Inc. | 33,529 |
22,824 | NIBE Industrier AB | 199,386 | |
3,103 | Nordson Corp. | 676,082 | |
2,749 | Northrop Grumman Corp. | 1,286,450 | |
2 | nVent Electric PLC | 71 | |
50,248 | Obayashi Corp. | 355,527 | |
354 | Old Dominion Freight Lines, Inc. | 91,417 | |
4,414 | Otis Worldwide Corp. | 328,402 | |
1 | Owens Corning, Inc. | 96 | |
255 | 1 | P.A.M. Transportation Services, Inc. | 7,102 |
5,351 | Parker-Hannifin Corp. | 1,456,382 | |
2 | Pitney Bowes, Inc. | 9 | |
11,600 | Power Construction Corp. of China Ltd. | 13,587 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
453 | Raytheon Technologies Corp. | $ 43,089 | |
7,100 | Recruit Holdings Co. Ltd. | 259,500 | |
3,093 | Robert Half International, Inc. | 278,834 | |
374 | Rockwool International A/S | 103,873 | |
659 | Ryder System, Inc. | 52,733 | |
838 | S1 Corp. | 48,666 | |
2,263 | 1 | Samsung Engineering Co. Ltd. | 44,907 |
2,454 | Schneider Electric SA | 340,895 | |
36,532 | Schneider National, Inc. | 881,882 | |
2,300 | SG Holdings Co. Ltd. | 41,340 | |
55,900 | Shimizu Corp. | 296,747 | |
128 | 1 | SkyWest, Inc. | 3,451 |
134 | Snap-On, Inc. | 29,732 | |
9,951 | Sohgo Security Services Co. Ltd. | 274,792 | |
15,400 | TBEA Co. Ltd. | 51,957 | |
576 | Terex Corp. | 20,385 | |
783 | TFI International, Inc. | 64,300 | |
97 | Thomson Reuters Corp. | 9,601 | |
17 | 1 | Titan Machinery, Inc. | 449 |
875 | Trane Technologies PLC | 120,802 | |
244 | 1 | TriNet Group, Inc. | 19,164 |
7 | UFP Industries, Inc. | 540 | |
21 | Unifirst Corp. | 3,432 | |
4,206 | United Parcel Service, Inc. | 766,543 | |
30 | 1 | Veritiv Corp. | 4,360 |
6,867 | Wabtec Corp. | 648,657 | |
10,300 | Wan Hai Lines Ltd. | 55,466 | |
17,149 | Wartsila OYJ, Class B | 145,490 | |
11,282 | Weg SA | 60,225 | |
86 | 1 | WESCO International, Inc. | 10,800 |
483 | Wolters Kluwer NV | 47,807 | |
6,811 | WSP Global, Inc. | 751,830 | |
TOTAL | 22,568,983 | ||
Information Technology— 10.3% | |||
51,658 | Acer Sertek, Inc. | 51,658 | |
625 | 1 | ACI Worldwide, Inc. | 16,650 |
360 | Advanced Energy Industries, Inc. | 29,326 | |
4,118 | 1 | Advanced Micro Devices, Inc. | 419,459 |
2,526 | Advantest Corp. | 173,379 | |
76 | 1 | Adyen BV | 118,355 |
84 | 1 | Alarm.com Holdings, Inc. | 5,311 |
47 | 1 | Allegro MicroSystems, Inc. | 1,210 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
1,520 | Amkor Technology, Inc. | $ 31,069 | |
187 | 1 | AppFolio, Inc. | 18,734 |
55,504 | Apple, Inc. | 8,261,215 | |
10,520 | Applied Materials, Inc. | 1,233,891 | |
21,000 | ASE Industrial Holding Co. Ltd. | 75,044 | |
619 | ASM International NV | 192,573 | |
1,691 | ASML Holding N.V. | 975,116 | |
4,783 | Asustek Computer, Inc. | 56,101 | |
1,146 | Automatic Data Processing, Inc. | 255,489 | |
1 | Avnet, Inc. | 48 | |
686 | Bechtle AG | 30,588 | |
291 | 1 | Blackbaud, Inc. | 18,522 |
475 | 1 | Blackline, Inc. | 34,779 |
3,621 | 1 | Block, Inc. | 316,874 |
15,851 | Brother Industries Ltd. | 291,559 | |
800 | 1 | Cambium Networks Corp. | 11,432 |
1,037 | Capgemini SE | 201,416 | |
243 | Cass Information Systems, Inc. | 8,291 | |
2,925 | 1 | CGI, Inc., Class A | 249,915 |
35,477 | Cisco Systems, Inc. | 1,598,239 | |
3,287 | Cognizant Technology Solutions Corp. | 245,539 | |
62,537 | Compal Electronics, Inc. | 49,429 | |
122 | Concentrix Corp. | 18,897 | |
1,335 | 1 | Corsair Gaming, Inc. | 21,427 |
410 | CSG Systems International, Inc. | 25,498 | |
59 | 1 | Datto Holding Corp. | 2,071 |
576 | 1 | DocuSign, Inc. | 48,332 |
136 | 1 | DoubleVerify Holdings, Inc. | 3,026 |
16,899 | 1 | Dropbox, Inc. | 352,175 |
210 | 1 | Duck Creek Technologies LLC | 3,900 |
2 | 1 | DXC Technology Co. | 70 |
2 | 1 | Dynatrace Holdings LLC | 75 |
4,009 | 1 | E2open Parent Holdings, Inc. | 32,393 |
1,097 | 1 | EPAM Systems, Inc. | 371,356 |
2,727 | 1 | Fortinet, Inc. | 802,120 |
2,094 | Fujitsu Ltd. | 313,572 | |
4,397 | 1 | Gartner, Inc., Class A | 1,153,773 |
1,774 | 1 | GoDaddy, Inc. | 133,139 |
8,200 | GoerTek, Inc. | 50,092 | |
16 | HCL Technologies Ltd. | 213 | |
17,367 | Hon Hai Precision Industry Co. Ltd. | 67,423 | |
772 | 1 | HubSpot, Inc. | 260,697 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
79 | 1 | Informatica, Inc. | $ 1,612 |
11,032 | Infosys Ltd. | 214,927 | |
236 | 1 | Insight Enterprises, Inc. | 23,322 |
700 | Ja Solar Technology Co. Ltd. | 9,822 | |
1,288 | Jabil, Inc. | 79,238 | |
157 | Kulicke & Soffa Industries | 8,505 | |
186 | Lam Research Corp. | 96,726 | |
329 | Larsen & Toubro Ltd. | 18,080 | |
49,224 | Lenovo Group Ltd. | 48,253 | |
525 | LG Display Co. Ltd. | 7,341 | |
179 | LG Innotek Co., Ltd. | 55,487 | |
24,145 | Lite-On Technology Corp. | 52,434 | |
1,607 | Logitech International SA | 98,130 | |
1 | 1 | Mandiant, Inc. | 22 |
2,412 | Mastercard, Inc. | 863,182 | |
414 | Maximus, Inc. | 26,864 | |
591 | 1 | MaxLinear, Inc. | 23,398 |
5,197 | MediaTek, Inc. | 161,008 | |
95 | Methode Electronics, Inc., Class A | 4,280 | |
24,742 | Microsoft Corp. | 6,726,608 | |
10,000 | Micro-Star International Co. | 46,356 | |
1,149 | Mindtree Ltd. | 45,161 | |
962 | Mphasis Ltd. | 31,982 | |
92 | 1 | N-able, Inc. | 920 |
3,000 | Nan Ya Printed Circuit Board Corp. | 40,407 | |
1,000 | NAURA Technology Group Co. Ltd. | 40,502 | |
889 | Nemetschek AG | 63,432 | |
1,122 | 1 | NeoPhotonics Corp. | 17,290 |
427 | NetApp, Inc. | 30,723 | |
259 | 1 | Netgear, Inc. | 4,934 |
25,115 | Nokia Oyj | 126,398 | |
7,500 | Nomura Research Institute Ltd. | 205,939 | |
3,232 | NVIDIA Corp. | 603,479 | |
316 | NXP Semiconductors NV | 59,964 | |
400 | Omron Corp. | 22,960 | |
2 | 1 | ON Semiconductor Corp. | 121 |
6,040 | Otsuka Corp. | 191,021 | |
4,693 | 1 | Palantir Technologies, Inc. | 40,735 |
2 | Paychex, Inc. | 248 | |
141 | 1 | Paylocity Corp. | 24,655 |
104,908 | 1 | Paysafe Ltd. | 286,399 |
10,000 | Prime View International Co., Ltd. | 69,493 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
793 | Progress Software Corp. | $ 38,310 | |
2,753 | 1 | PTC, Inc. | 320,807 |
2,463 | Qualcomm, Inc. | 352,751 | |
12,317 | Quanta Computer, Inc. | 33,705 | |
3 | 1 | Ribbon Communications, Inc. | 8 |
14,800 | Ricoh Co. Ltd. | 123,979 | |
13,370 | Sage Group PLC/The | 110,683 | |
416 | 1 | SailPoint Technologies Holding | 26,391 |
1 | Samsung Electro-Mechanics Co. | 124 | |
11,558 | Samsung Electronics Co. Ltd. | 629,413 | |
34 | Samsung SDI Co. Ltd. | 15,711 | |
48 | 1 | Sanmina Corp. | 2,107 |
3,280 | SAP SE | 326,738 | |
44 | 1 | ScanSource, Inc. | 1,705 |
3,013 | Shimadzu Corp. | 110,348 | |
1,748 | SK Hynix, Inc. | 151,951 | |
1,314 | 1 | SK Square Co., Ltd. | 50,208 |
1,608 | 1 | SMART Global Holdings, Inc. | 39,637 |
569 | 1 | Snowflake, Inc. | 72,633 |
1 | 1 | SPS Commerce, Inc. | 107 |
2 | SS&C Technologies Holdings, Inc. | 128 | |
6,767 | STMicroelectronics N.V. | 270,785 | |
9,600 | Sumisho Computer Systems Corp. | 160,490 | |
19,655 | Synnex Technology International Corp. | 47,464 | |
421 | 1 | Synopsys, Inc. | 134,383 |
55,122 | Taiwan Semiconductor Manufacturing Co. Ltd. | 1,056,973 | |
1,698 | Tata Consultancy Services Ltd. | 73,674 | |
4,418 | Tech Mahindra Ltd. | 67,562 | |
4,695 | Telefonaktiebolaget LM Ericsson | 38,118 | |
11,168 | 1 | Teradata Corp. | 429,186 |
289 | TTEC Holdings, Inc. | 19,490 | |
113 | 1 | Tucows, Inc. | 5,471 |
9,000 | Unimicron Technology Corp. | 66,309 | |
54,568 | United Microelectronics Corp. | 96,565 | |
4,625 | Visa, Inc., Class A | 981,286 | |
1,898 | Vishay Intertechnology, Inc. | 38,795 | |
1,821 | Wisetech Global Ltd. | 54,635 | |
149 | 1 | Wix.com Ltd. | 9,388 |
5,127 | 1 | Workday, Inc. | 801,350 |
27,000 | WPG Holdings Co., Ltd. | 49,010 | |
31,113 | Xerox Holdings Corp. | 585,547 | |
4,700 | Yamatake-Honeywell | 138,671 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
3,300 | Yokogawa Electric Corp. | $ 59,371 | |
808 | 1 | Zoom Video Communications, Inc. | 86,820 |
TOTAL | 36,782,605 | ||
Materials— 3.6% | |||
1,827 | ACC Ltd. | 51,730 | |
867 | AdvanSix, Inc. | 40,169 | |
3,914 | Alcoa Corp. | 241,572 | |
44,236 | 2 | Alrosa AO | 0 |
48,000 | Aluminum Corp. of China Ltd. | 21,413 | |
9,600 | 1 | Aluminum Corp. of China Ltd. | 7,371 |
2,274 | Anglo American PLC | 111,329 | |
13,624 | ArcelorMittal SA | 438,831 | |
19,300 | Asahi Kasei Corp. | 155,823 | |
20 | Asian Paints (India) Ltd. | 730 | |
17,309 | BHP Steel Ltd. | 224,096 | |
13,141 | Boliden AB | 552,961 | |
13,141 | 1 | Boliden AB | 20,830 |
516 | Cabot Corp. | 39,015 | |
2,703 | CF Industries Holdings, Inc. | 266,975 | |
14,356 | Chemours Co./The | 618,600 | |
3,401 | 2 | Cherepovets MK Severstal | 0 |
21,877 | China Hongqiao Group Ltd. | 26,898 | |
48,600 | China Molybdenum Co. Ltd. | 34,765 | |
38,000 | China National Building Material Co. Ltd. | 47,939 | |
1,563 | 1 | Cleveland-Cliffs, Inc. | 36,230 |
1,239 | Commercial Metals Corp. | 49,226 | |
10,101 | Companhia Siderurgica Nacional SA | 46,418 | |
10,134 | Companhia Vale Do Rio Doce | 183,828 | |
1,263 | 1 | Constellium SE | 21,332 |
3,030 | CRH PLC | 125,382 | |
246 | 1 | Diversey Holdings, Ltd. | 2,411 |
27,000 | Dongyue Group Ltd. | 34,257 | |
3,254 | Dow, Inc. | 221,207 | |
10,305 | DuPont de Nemours, Inc. | 699,194 | |
9,791 | Eagle Materials, Inc. | 1,278,313 | |
5,107 | 1,2 | Ferroglobe Representation & Warranty Insurance Trust | 0 |
64 | Givaudan SA | 235,612 | |
53,440 | Glencore PLC | 351,444 | |
1 | Greif, Inc. | 59 | |
11,012 | Gujarat Ambuja Cements Ltd. | 52,489 | |
614 | Hawkins, Inc. | 22,202 | |
6,831 | HeidelbergCement AG | 396,693 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Materials— continued | |||
10,956 | Hindalco Industries Ltd. | $ 60,287 | |
64 | Honam Petrochem Corp. | 10,554 | |
294 | Hyundai Steel Co. | 9,764 | |
1,306 | International Paper Co. | 63,276 | |
348 | 1 | Intrepid Potash, Inc. | 22,923 |
29,473 | Israel Chemicals Ltd. | 327,890 | |
7,078 | JSW Steel Ltd. | 50,511 | |
10,100 | Kansai Paint Co. Ltd. | 125,184 | |
390 | Korea Kumho Petrochemical Co. Ltd. | 50,304 | |
24,000 | 1 | Minmetals Resources Ltd. | 10,200 |
1,173 | Mitsubishi Gas Chemical Co., Inc. | 18,982 | |
3,850 | Nitto Denko Corp. | 278,494 | |
362 | 2 | Norilsk Nickel | 0 |
23,929 | 2 | Novolipetski Metallurgicheski Komb OAO | 0 |
19,787 | Nuevo Grupo Mexico SA, Class B | 97,696 | |
9,874 | Nutrien Ltd. | 964,956 | |
6,788 | Olin Corp. | 446,583 | |
21,331 | Orbia Advance Corp. SAB de CV | 57,391 | |
24,500 | Petronas Chemicals BHD | 57,326 | |
4 | 2 | Polymetal International PLC | 0 |
274 | 2 | Polyus PJSC | 0 |
344 | POSCO | 80,137 | |
115,100 | PT Aneka Tambang Tbk | 19,631 | |
4,315 | Queen’s Road Capital Investment Ltd. | 2,661 | |
8,694 | Rio Tinto Ltd. | 710,728 | |
7,375 | Rio Tinto PLC | 534,809 | |
66,277 | 1,2 | Rusal | 0 |
685 | Ryerson Holding Corp. | 20,646 | |
4,185 | Sahara International Petrochemical Co. | 59,783 | |
132 | 1 | Sasol Ltd. | 3,465 |
1,694 | Saudi Arabian Fertilizers Co. | 66,387 | |
860 | 1 | Saudi Arabian Mining Co. | 14,921 |
2,794 | Saudi Basic Industries Corp. | 85,349 | |
7,636 | Sealed Air Corp. | 474,807 | |
2,185 | Sherwin-Williams Co. | 585,667 | |
131 | 1 | Shree Cement | 37,257 |
569 | Sika AG | 157,609 | |
967 | Smurfit Kappa Group PLC | 39,135 | |
87,160 | South32 Ltd. | 310,565 | |
1,821 | SRF Ltd. | 57,723 | |
2 | SunCoke Energy, Inc. | 16 | |
791 | Sylvamo Corp. | 40,135 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Materials— continued | |||
4,569 | Tata Steel Ltd. | $ 62,158 | |
923 | 1 | TimkenSteel Corp. | 21,321 |
19,200 | Toray Industries, Inc. | 99,075 | |
920 | Tronox Holdings PLC | 16,569 | |
746 | Ultra Tech Cement, Ltd. | 57,917 | |
4 | United Phosphorous Ltd. | 40 | |
459 | Va Stahl Ag | 13,444 | |
1,098 | Valhi, Inc. | 50,925 | |
11,340 | Vedanta Ltd. | 47,205 | |
638 | Warrior Met Coal, Inc. | 21,450 | |
270 | Worthington Industries, Inc. | 12,593 | |
5,054 | Zijin Mining Group Co. Ltd. | 6,806 | |
TOTAL | 13,020,599 | ||
Real Estate— 2.0% | |||
2,713 | American Finance Trust, Inc. | 21,650 | |
4,415 | American Tower Corp. | 1,130,814 | |
14,631 | British Land Co. PLC/The | 97,021 | |
1,096 | CareTrust REIT, Inc. | 20,309 | |
480 | 1 | CBRE Group, Inc. | 39,763 |
285,000 | 2 | China Evergrande Group | 42,565 |
40,000 | China Overseas Property Holdings Ltd. | 46,350 | |
874 | City Office REIT, Inc. | 12,184 | |
147 | Crown Castle International Corp. | 27,878 | |
2 | Cubesmart | 89 | |
1,700 | Daito Trust Construction Co. Ltd. | 150,020 | |
6,100 | Daiwa House Industry Co. Ltd. | 146,712 | |
1 | 1 | Dar Al Arkan Real Estate Development Co. | 3 |
1,793 | 1 | DigitalBridge Group, Inc. | 10,794 |
6,802 | Diversified Healthcare Trust | 15,440 | |
3 | DLF Ltd. | 13 | |
5,157 | Douglas Elliman, Inc. | 29,653 | |
1 | Duke Realty Corp. | 53 | |
222 | Equinix, Inc. | 152,534 | |
166 | Extra Space Storage, Inc. | 29,581 | |
6,632 | Franklin Street Properties Corp. | 29,977 | |
150,000 | Franshion Properties of China Ltd. | 40,056 | |
4,800 | Gemdale Corp. | 8,543 | |
539 | Global Medical REIT, Inc. | 7,007 | |
21,491 | Goodman Group | 315,623 | |
26,911 | Greentown China Holdings Ltd. | 46,565 | |
663 | Independence Realty Trust | 15,587 | |
1,745 | Kennedy-Wilson Holdings, Inc. | 36,750 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Real Estate— continued | |||
3,359 | Klepierre SA | $ 76,702 | |
67,200 | Land & Houses Public Co. Ltd. | 17,578 | |
1,251 | LEG Immobilien SE | 128,688 | |
40,574 | Mapletree Logistics Trust | 48,496 | |
3,696 | Mid-American Apartment Communities, Inc. | 668,976 | |
13,000 | Mitsubishi Estate Co. Ltd. | 192,312 | |
756 | National Storage Affiliates Trust | 39,652 | |
2,634 | NEPI Rockcastle PLC | 16,544 | |
826 | Newmark Group, Inc. | 9,144 | |
214 | Plymouth Industrial REIT, Inc. | 4,346 | |
400 | Poly Real Estate Group Co. Ltd. | 929 | |
1,233 | Preferred Apartment Communities, Inc. | 30,751 | |
13,268 | ProLogis, Inc. | 1,691,405 | |
2,985 | Public Storage | 986,960 | |
2,650 | RioCan REIT | 47,664 | |
2,766 | RPT Realty | 33,662 | |
19,000 | Ruentex Development Co., Ltd. | 50,320 | |
19,865 | Seazen Group Ltd. | 8,322 | |
1 | STAG Industrial, Inc. | 33 | |
63,000 | Sun Hung Kai Properties Ltd. | 767,500 | |
17,000 | 2 | Sunac China Holdings | 9,200 |
1,556 | UMH Properties, Inc. | 30,638 | |
36,000 | Yuexiu Property Co., Ltd. | 39,113 | |
TOTAL | 7,372,469 | ||
Utilities— 3.1% | |||
2,144 | Adani Gas Ltd. | 66,157 | |
646 | Brookfield Infrastructure Corp. | 45,575 | |
96 | Canadian Utilities Ltd., Class A | 3,046 | |
863 | CEZ A.S. | 42,028 | |
184,396 | CGN Power Co. Ltd. | 48,193 | |
140 | Chesapeake Utilities Corp. | 18,700 | |
39,600 | China National Nuclear Power Co. Ltd. | 43,122 | |
649 | Companhia de Saneamento Basico do Estado de Sao Paulo | 6,252 | |
3,308 | Constellation Energy Corp. | 205,361 | |
1,150 | EDP Renovaveis SA | 28,198 | |
1,490 | Enagas SA | 34,105 | |
23,498 | Endesa SA | 520,623 | |
11,050 | Energias de Portugal SA | 55,423 | |
12,154 | Engie | 163,429 | |
759 | Engie Brasil Energia SA | 7,011 | |
685 | Entergy Corp. | 82,419 | |
11,009 | Equatorial Energia SA | 55,085 |
Shares or Principal Amount | Value | ||
COMMON STOCKS— continued | |||
Utilities— continued | |||
26,675 | Evergy, Inc. | $ 1,865,649 | |
24,904 | 1 | Gail India Ltd. | 47,199 |
41,884 | Hawaiian Electric Industries, Inc. | 1,808,132 | |
4,000 | Huaneng Power International, Inc. | 2,019 | |
9,690 | Hydro One Ltd. | 270,280 | |
3,999 | Iberdrola SA | 47,398 | |
2 | Indraprastha Gas Ltd. | 10 | |
14,100 | Kansai Electric Power Co., Inc. | 137,367 | |
101 | Korea Electric Power Corp. | 1,898 | |
54,872 | Kunlun Energy Co. Ltd. | 46,769 | |
1,250 | Manila Electric Co. | 8,894 | |
5,075 | Meridian Energy Ltd. | 15,506 | |
2,685 | Mighty River Power Ltd. | 9,607 | |
1 | Naturgy Energy Group SA | 30 | |
271 | Oesterreichische Elektrizitaetswirtschafts AG | 26,957 | |
2,497 | OGE Energy Corp. | 103,126 | |
1,181,504 | 2 | OJSC Inter Rao Ues | 0 |
37,174 | Origin Energy Ltd. | 182,050 | |
700 | Otter Tail Corp. | 45,773 | |
956 | PNM Resources, Inc. | 45,439 | |
935 | Portland General Electric Co. | 46,049 | |
6,082 | Public Service Enterprises Group, Inc. | 416,860 | |
19,600 | 1,2 | RATCH Group PCL, Rights | 4,164 |
42,885 | Red Electrica Corporacion SA | 888,563 | |
9,043 | RWE AG | 398,445 | |
9,041 | Saudi Electricity Global, Class SECO AB | 58,550 | |
29,422 | Southern Co. | 2,226,068 | |
84 | SSE PLC | 1,877 | |
1,281 | Terna SpA | 10,855 | |
12,300 | Tokyo Gas Co. Ltd. | 239,826 | |
45,468 | United Utilities Group PLC | 606,488 | |
TOTAL | 10,986,575 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $212,678,845) | 237,477,538 | ||
FOREIGN GOVERNMENTS/AGENCIES— 5.3% | |||
Sovereign— 5.3% | |||
AUD 650,000 | Australia, Government of, Sr. Unsecd. Note, Series 148, 2.750%, 11/21/2027 | 457,639 | |
EUR 390,000 | Belgium, Government of, Series 68, 2.250%, 6/22/2023 | 427,789 | |
180,000 | Belgium, Government of, Series 74, 0.800%, 6/22/2025 | 193,286 | |
400,000 | Belgium, Government of, Sr. Unsecd. Note, Series 86, 1.250%, 4/22/2033 | 412,822 | |
CAD 480,000 | Canada, Government of, Series WL43, 5.750%, 6/1/2029 | 449,383 |
Shares or Principal Amount | Value | ||
FOREIGN GOVERNMENTS/AGENCIES— continued | |||
Sovereign— continued | |||
EUR 6,000 | France, Government of, 0.500%, 5/25/2025 | $ 6,389 | |
150,000 | France, Government of, Bond, 4.500%, 4/25/2041 | 222,194 | |
850,000 | France, Government of, O.A.T., 5.500%, 4/25/2029 | 1,166,597 | |
450,000 | France, Government of, Unsecd. Note, 1.250%, 5/25/2036 | 444,801 | |
300,000 | France, Government of, Unsecd. Note, 1.750%, 6/25/2039 | 314,349 | |
600,000 | Germany, Government of, 0.250%, 2/15/2027 | 628,018 | |
300,000 | Germany, Government of, Bond, Series 03, 4.750%, 7/4/2034 | 451,234 | |
100,000 | Germany, Government of, Bond, Series 08, 4.750%, 7/4/2040 | 165,856 | |
680,000 | Italy, Government of, Sr. Unsecd. Note, 0.650%, 10/15/2023 | 729,559 | |
1,000,000 | Italy, Government of, Sr. Unsecd. Note, 4.750%, 9/1/2028 | 1,213,496 | |
1,250,000 | Italy, Government of, Unsecd. Note, 1.600%, 6/1/2026 | 1,321,580 | |
58,000 | Italy, Government of, Unsecd. Note, 3.250%, 9/1/2046 | 61,189 | |
JPY 142,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 114, 2.100%, 12/20/2029 | 1,263,809 | |
40,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 122, 1.800%, 9/20/2030 | 351,898 | |
185,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 153, 1.300%, 6/20/2035 | 1,594,965 | |
50,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 351, 0.100%, 6/20/2028 | 388,954 | |
155,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 44, 1.700%, 9/20/2044 | 1,414,547 | |
MXN 30,000 | Mexico, Government of, Series MTNA, 6.750%, 9/27/2034 | 34,286 | |
10,000,000 | Mexico, Government of, Sr. Unsecd. Note, Series M, 5.750%, 3/5/2026 | 457,407 | |
EUR 250,000 | Netherlands, Government of, Unsecd. Note, 2.500%, 1/15/2033 | 296,208 | |
150,000 | Spain, Government of, 4.200%, 1/31/2037 | 195,327 | |
600,000 | Spain, Government of, Sr. Unsecd. Note, 1.500%, 4/30/2027 | 644,658 | |
590,000 | Spain, Government of, Sr. Unsecd. Note, 1.950%, 7/30/2030 | 634,186 | |
480,000 | Spain, Government of, Sr. Unsecd. Note, 2.750%, 10/31/2024 | 538,529 | |
GBP 200,000 | United Kingdom, Government of, 2.750%, 9/7/2024 | 258,005 | |
230,000 | United Kingdom, Government of, 3.250%, 1/22/2044 | 328,329 | |
270,000 | United Kingdom, Government of, Bond, 4.250%, 3/7/2036 | 416,448 | |
280,000 | United Kingdom, Government of, Unsecd. Deb., 1.625%, 10/22/2028 | 350,011 | |
500,000 | United Kingdom, Government of, Unsecd. Note, 1.500%, 7/22/2047 | 519,846 | |
380,000 | United Kingdom, Government of, Unsecd. Note, 4.250%, 6/7/2032 | 571,062 | |
TOTAL FOREIGN GOVERNMENTS/AGENCIES (IDENTIFIED COST $21,006,123) | 18,924,656 | ||
CORPORATE BONDS— 5.0% | |||
Basic Industry - Metals & Mining— 0.0% | |||
$ 100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 4/15/2023 | 100,915 | |
Capital Goods - Aerospace & Defense— 0.3% | |||
350,000 | Boeing Co., Sr. Unsecd. Note, 4.875%, 5/1/2025 | 354,457 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Capital Goods - Aerospace & Defense— continued | |||
$ 145,000 | Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, Series WI, 3.844%, 5/1/2025 | $ 144,599 | |
300,000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 2.300%, 2/15/2031 | 249,286 | |
215,000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 3.625%, 5/15/2025 | 213,910 | |
90,000 | Lockheed Martin Corp., Sr. Unsecd. Note, 3.550%, 1/15/2026 | 91,405 | |
90,000 | 3 | Textron Financial Corp., Jr. Sub. Note, 144A, 3.146% (3-month USLIBOR +1.735%), 2/15/2042 | 71,877 |
TOTAL | 1,125,534 | ||
Capital Goods - Building Materials— 0.0% | |||
125,000 | Allegion PLC, Sr. Unsecd. Note, 3.500%, 10/1/2029 | 113,115 | |
Capital Goods - Construction Machinery— 0.1% | |||
315,000 | Ashtead Capital, Inc., Sr. Unsecd. Note, 144A, 2.450%, 8/12/2031 | 253,886 | |
195,000 | Deere & Co., Sr. Unsecd. Note, 2.750%, 4/15/2025 | 192,974 | |
TOTAL | 446,860 | ||
Capital Goods - Diversified Manufacturing— 0.0% | |||
17,000 | General Electric Capital Corp., Note, Series MTNA, 6.750%, 3/15/2032 | 19,803 | |
75,000 | Lennox International, Inc., Sr. Unsecd. Note, 1.700%, 8/1/2027 | 66,672 | |
TOTAL | 86,475 | ||
Communications - Cable & Satellite— 0.0% | |||
30,000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., 5.050%, 3/30/2029 | 29,907 | |
Communications - Media & Entertainment— 0.1% | |||
20,000 | Discovery Communications LLC, Sr. Unsecd. Note, 4.900%, 3/11/2026 | 20,642 | |
70,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046 | 79,725 | |
178,000 | Paramount Global, Sr. Unsecd. Note, 4.750%, 5/15/2025 | 182,682 | |
TOTAL | 283,049 | ||
Communications - Telecom Wireless— 0.2% | |||
80,000 | T-Mobile USA, Inc., 2.250%, 11/15/2031 | 66,500 | |
500,000 | T-Mobile USA, Inc., Sec. Fac. Bond, 144A, 2.700%, 3/15/2032 | 432,708 | |
300,000 | T-Mobile USA, Inc., Sec. Fac. Bond, 144A, 3.400%, 10/15/2052 | 233,712 | |
TOTAL | 732,920 | ||
Communications - Telecom Wirelines— 0.1% | |||
364,000 | AT&T, Inc., Sr. Unsecd. Note, 3.550%, 9/15/2055 | 292,085 | |
Consumer Cyclical - Automotive— 0.1% | |||
70,000 | General Motors Co., Sr. Unsecd. Note, 4.200%, 10/1/2027 | 67,907 | |
235,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.100%, 1/12/2032 | 198,889 | |
TOTAL | 266,796 | ||
Consumer Cyclical - Retailers— 0.3% | |||
600,000 | Advance Auto Parts, Inc., Sr. Unsecd. Note, Series WI, 3.900%, 4/15/2030 | 563,204 | |
225,000 | AutoNation, Inc., Sr. Unsecd. Note, 4.750%, 6/1/2030 | 219,832 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Consumer Cyclical - Retailers— continued | |||
$ 300,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 4/15/2025 | $ 297,583 | |
62,184 | CVS Health Corp., Pass Thru Cert., 144A, 5.298%, 1/11/2027 | 63,664 | |
TOTAL | 1,144,283 | ||
Consumer Cyclical - Services— 0.1% | |||
200,000 | Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.800%, 6/6/2023 | 199,235 | |
130,000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | 130,281 | |
TOTAL | 329,516 | ||
Consumer Non-Cyclical - Food/Beverage— 0.1% | |||
210,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026 | 204,684 | |
120,000 | Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025 | 122,606 | |
TOTAL | 327,290 | ||
Consumer Non-Cyclical - Health Care— 0.2% | |||
210,000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 2.750%, 9/15/2029 | 188,765 | |
180,000 | Dentsply Sirona, Inc., Sr. Unsecd. Note, 3.250%, 6/1/2030 | 156,810 | |
400,000 | PerkinElmer, Inc., Sr. Unsecd. Note, 3.300%, 9/15/2029 | 366,765 | |
TOTAL | 712,340 | ||
Consumer Non-Cyclical - Pharmaceuticals— 0.0% | |||
90,000 | Gilead Sciences, Inc., Sr. Unsecd. Note, 3.650%, 3/1/2026 | 90,146 | |
Consumer Non-Cyclical - Products— 0.1% | |||
220,000 | Church & Dwight Co., Inc., Sr. Unsecd. Note, 2.300%, 12/15/2031 | ��� 188,787 | |
Consumer Non-Cyclical - Tobacco— 0.3% | |||
EUR 870,000 | Philip Morris International, Inc., Sr. Unsecd. Note, 2.875%, 5/14/2029 | 900,543 | |
$ 200,000 | Reynolds American, Inc., Sr. Unsecd. Note, 5.850%, 8/15/2045 | 183,515 | |
TOTAL | 1,084,058 | ||
Energy - Integrated— 0.1% | |||
340,000 | Exxon Mobil Corp., Sr. Unsecd. Note, 2.992%, 3/19/2025 | 339,806 | |
35,000 | Petro-Canada, Deb., 7.000%, 11/15/2028 | 40,212 | |
TOTAL | 380,018 | ||
Energy - Midstream— 0.2% | |||
130,000 | Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 3.600%, 9/1/2032 | 115,155 | |
325,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 | 325,970 | |
80,000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 | 79,332 | |
70,000 | Targa Resources, Inc., Sr. Unsecd. Note, 4.200%, 2/1/2033 | 66,356 | |
TOTAL | 586,813 | ||
Energy - Refining— 0.1% | |||
250,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.750%, 9/15/2044 | 231,158 | |
Financial Institution - Banking— 0.5% | |||
100,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 4.875%, 4/1/2044 | 102,246 | |
300,000 | Bank of America Corp., Sub. Note, Series MTN, 4.000%, 1/22/2025 | 301,618 | |
115,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.057%, 1/25/2033 | 101,727 | |
300,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.785%, 3/17/2033 | 282,297 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Financial Institution - Banking— continued | |||
$ 250,000 | Citizens Bank N.A., Sr. Unsecd. Note, Series BKNT, 3.750%, 2/18/2026 | $ 251,067 | |
250,000 | Compass Bank, Birmingham, Sub. Note, Series BKNT, 3.875%, 4/10/2025 | 251,144 | |
100,000 | JPMorgan Chase & Co., Series S, 6.750%, 8/1/2070 | 102,867 | |
50,000 | JPMorgan Chase & Co., Sub. Note, 3.375%, 5/1/2023 | 50,364 | |
70,000 | Morgan Stanley, Sr. Unsecd. Note, Series MTN, 1.794%, 2/13/2032 | 57,505 | |
13,485 | 2 | Regional Diversified Funding, 144A, 9.250%, 3/15/2030 | 5,664 |
300,000 | US Bancorp, Sr. Unsecd. Note, Series MTN, 1.375%, 7/22/2030 | 245,244 | |
TOTAL | 1,751,743 | ||
Financial Institution - Broker/Asset Mgr/Exchange— 0.1% | |||
140,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | 139,954 | |
70,000 | TIAA Asset Management Finance Co. LLC, Sr. Unsecd. Note, 144A, 4.125%, 11/1/2024 | 70,840 | |
TOTAL | 210,794 | ||
Financial Institution - Insurance - Life— 0.0% | |||
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039 | 13,469 | |
105,000 | Northwestern Mutual Life Insurance Co., Sr. Unsecd. Note, 144A, 3.625%, 9/30/2059 | 81,845 | |
TOTAL | 95,314 | ||
Financial Institution - Insurance - P&C— 0.0% | |||
75,000 | Nationwide Mutual Insurance Co., Sub. Note, 144A, 4.350%, 4/30/2050 | 65,471 | |
Financial Institution - REIT - Apartment— 0.1% | |||
300,000 | Mid-America Apartment Communities LP, Sr. Unsecd. Note, 3.750%, 6/15/2024 | 302,692 | |
140,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026 | 134,132 | |
TOTAL | 436,824 | ||
Financial Institution - REIT - Healthcare— 0.1% | |||
500,000 | Welltower, Inc., Sr. Unsecd. Note, 2.750%, 1/15/2032 | 432,091 | |
Financial Institution - REIT - Other— 0.1% | |||
160,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024 | 162,952 | |
Financial Institution - REITs— 0.0% | |||
70,000 | Camden Property Trust, Sr. Unsecd. Note, 2.800%, 5/15/2030 | 63,775 | |
Food Products— 0.0% | |||
INR 73,689 | Britannia Industries Ltd., Unsecd. Note, Series N3, 5.500%, 6/3/2024 | 927 | |
Foreign-Local-Government— 0.0% | |||
$ 50,000 | Quebec, Province of, Note, Series MTNA, 7.035%, 3/10/2026 | 56,342 | |
Municipal Services— 0.0% | |||
100,000 | Camp Pendleton & Quantico Housing LLC, 5.572%, 10/1/2050 | 103,291 | |
Sovereign— 0.1% | |||
JPY 30,000,000 | KFW, 2.050%, 2/16/2026 | 251,693 | |
Technology— 0.4% | |||
$ 45,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2051 | 35,239 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS— continued | |||
Technology— continued | |||
$ 250,000 | CDW LLC / CDW Finance, Sr. Unsecd. Note, 2.670%, 12/1/2026 | $ 230,464 | |
320,000 | Dell International LLC / EMC Corp., 6.020%, 6/15/2026 | 338,259 | |
280,000 | Intel Corp., Sr. Unsecd. Note, 3.400%, 3/25/2025 | 282,441 | |
300,000 | Keysight Technologies, Inc., 4.550%, 10/30/2024 | 306,383 | |
380,000 | Molex Electronics Technologies LLC, Unsecd. Note, 144A, 3.900%, 4/15/2025 | 381,018 | |
TOTAL | 1,573,804 | ||
Technology Services— 0.1% | |||
270,000 | Global Payments, Inc., Sr. Unsecd. Note, 2.900%, 11/15/2031 | 230,132 | |
Transportation - Airlines— 0.0% | |||
140,000 | Southwest Airlines Co., Sr. Unsecd. Note, 5.250%, 5/4/2025 | 145,795 | |
Transportation - Railroads— 0.1% | |||
240,000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 3.000%, 12/2/2041 | 198,403 | |
Transportation - Services— 0.1% | |||
62,000 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 3.850%, 11/15/2024 | 62,360 | |
160,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 3.900%, 4/1/2025 | 163,076 | |
TOTAL | 225,436 | ||
Utility - Electric— 0.8% | |||
150,000 | Alabama Power Co., Sr. Unsecd. Note, 3.000%, 3/15/2052 | 115,274 | |
185,000 | Ameren Corp., Sr. Unsecd. Note, 1.950%, 3/15/2027 | 169,518 | |
155,000 | Berkshire Hathaway Energy Co., Sr. Unsecd. Note, Series WI, 4.050%, 4/15/2025 | 158,626 | |
400,000 | Dominion Energy, Inc., Sr. Unsecd. Note, Series C, 2.250%, 8/15/2031 | 338,632 | |
275,000 | Electricite de France SA, Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028 | 272,747 | |
190,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 | 175,973 | |
400,000 | Enel Finance International NV, Sr. Unsecd. Note, 144A, 2.650%, 9/10/2024 | 390,794 | |
300,000 | Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026 | 295,101 | |
160,000 | Florida Power & Light Co., Sec. Fac. Bond, 2.850%, 4/1/2025 | 159,442 | |
140,000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 | 133,147 | |
200,000 | NiSource Finance Corp., Sr. Unsecd. Note, 3.950%, 3/30/2048 | 167,171 | |
400,000 | Northeast Utilities, Sr. Unsecd. Note, Series H, 3.150%, 1/15/2025 | 396,133 | |
155,000 | WEC Energy Group, Inc., Sr. Unsecd. Note, 2.200%, 12/15/2028 | 138,481 | |
125,000 | Wisconsin Electric Power Co., Sr. Unsecd. Note, 4.300%, 12/15/2045 | 115,738 | |
TOTAL | 3,026,777 | ||
Utility - Natural Gas— 0.1% | |||
495,000 | National Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 1/15/2026 | 511,562 | |
TOTAL CORPORATE BONDS (IDENTIFIED COST $19,325,930) | 18,095,191 |
Shares or Principal Amount | Value | ||
U.S. TREASURIES— 4.0% | |||
U.S. Treasury Bond— 1.0% | |||
$ 175,000 | United States Treasury Bond, 1.875%, 2/15/2051 | $ 133,402 | |
2,250,000 | United States Treasury Bond, 1.875%, 11/15/2051 | 1,716,871 | |
1,210,000 | United States Treasury Bond, 2.250%, 2/15/2052 | 1,013,314 | |
510,000 | United States Treasury Bond, 2.375%, 5/15/2051 | 438,652 | |
225,000 | United States Treasury Bond, 2.875%, 5/15/2052 | 216,668 | |
3,000 | United States Treasury Bond, 3.000%, 11/15/2045 | 2,842 | |
TOTAL | 3,521,749 | ||
U.S. Treasury Note— 3.0% | |||
1,000,000 | United States Treasury Note, 0.375%, 10/31/2023 | 973,127 | |
400,000 | United States Treasury Note, 0.500%, 11/30/2023 | 389,072 | |
200,000 | United States Treasury Note, 0.750%, 8/31/2026 | 183,468 | |
2,400,000 | United States Treasury Note, 1.125%, 10/31/2026 | 2,230,679 | |
700,000 | United States Treasury Note, 1.250%, 12/31/2026 | 652,437 | |
1,300,000 | United States Treasury Note, 1.375%, 10/31/2028 | 1,184,495 | |
2,370,000 | United States Treasury Note, 1.875%, 2/15/2032 | 2,173,549 | |
675,000 | United States Treasury Note, 2.375%, 3/31/2029 | 653,428 | |
150,000 | United States Treasury Note, 2.500%, 3/31/2027 | 147,788 | |
250,000 | United States Treasury Note, 2.625%, 5/31/2027 | 247,793 | |
175,000 | United States Treasury Note, 2.750%, 4/30/2027 | 174,339 | |
725,000 | United States Treasury Note, 2.875%, 4/30/2029 | 724,579 | |
950,000 | United States Treasury Note, 2.875%, 5/15/2032 | 951,929 | |
TOTAL | 10,686,683 | ||
TOTAL U.S. TREASURIES (IDENTIFIED COST $15,234,433) | 14,208,432 | ||
ASSET-BACKED SECURITIES— 1.0% | |||
Auto Receivables— 0.4% | |||
446,176 | Santander Drive Auto Receivables Trust 2020-2, Class C, 1.460%, 9/15/2025 | 444,968 | |
500,000 | Toyota Auto Receivables Owner Trust 2020-B, Class A4, 1.660%, 9/15/2025 | 491,918 | |
285,000 | World Omni Auto Receivables Trust 2021-A, Class C, 0.890%, 8/16/2027 | 266,816 | |
TOTAL | 1,203,702 | ||
Credit Card— 0.1% | |||
500,000 | Master Credit Card Trust 2022-2A, Class C, 2.730%, 7/21/2028 | 475,683 | |
Equipment Lease— 0.3% | |||
168,591 | CNH Equipment Trust 2020-A, Class A3, 1.160%, 6/16/2025 | 167,398 | |
500,000 | HPEFS Equipment Trust 2020-2A, Class C, 2.000%, 7/22/2030 | 497,805 | |
550,000 | HPEFS Equipment Trust 2022-1A, Class C, 1.960%, 5/21/2029 | 530,112 | |
TOTAL | 1,195,315 | ||
Other— 0.1% | |||
300,000 | PFS Financing Corp. 2020-G, Class A, 0.970%, 2/15/2026 | 287,288 |
Shares or Principal Amount | Value | ||
ASSET-BACKED SECURITIES— continued | |||
Student Loans— 0.1% | |||
$ 91,853 | Navient Student Loan Trust 2021-A, Class A, 0.840%, 5/15/2069 | $ 85,334 | |
277,761 | Navient Student Loan Trust 2021-GA, Class A, 1.580%, 4/15/2070 | 264,010 | |
TOTAL | 349,344 | ||
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $3,618,376) | 3,511,332 | ||
GOVERNMENT AGENCIES— 0.2% | |||
Federal Home Loan Bank System— 0.0% | |||
200,000 | Federal Home Loan Bank System Notes, 0.500%, 4/14/2025 | 187,721 | |
Federal National Mortgage Association— 0.2% | |||
635,000 | Federal National Mortgage Association Notes, 0.625%, 4/22/2025 | 597,334 | |
TOTAL GOVERNMENT AGENCIES (IDENTIFIED COST $834,919) | 785,055 | ||
COMMERCIAL MORTGAGE-BACKED SECURITIES— 0.2% | |||
Agency Commercial Mortgage-Backed Securities— 0.2% | |||
74,971 | Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025 | 74,082 | |
500,000 | Federal Home Loan Mortgage Corp. REMIC, Series K737, Class A2, 2.525%, 10/25/2026 | 485,857 | |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $591,445) | 559,939 | ||
COLLATERALIZED MORTGAGE OBLIGATIONS— 0.1% | |||
Commercial Mortgage— 0.1% | |||
255,000 | Bank, Class A4, 3.488%, 11/15/2050 | 247,755 | |
300,000 | JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049 | 288,824 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $571,639) | 536,579 | ||
MORTGAGE-BACKED SECURITIES— 0.0% | |||
Federal Home Loan Mortgage Corporation REMIC— 0.0% | |||
708 | Federal Home Loan Mortgage Corp., Pool C00592, 7.000%, 3/1/2028 | 764 | |
556 | Federal Home Loan Mortgage Corp., Pool C00896, 7.500%, 12/1/2029 | 611 | |
822 | Federal Home Loan Mortgage Corp., Pool C19588, 6.500%, 12/1/2028 | 889 | |
385 | Federal Home Loan Mortgage Corp., Pool C25621, 6.500%, 5/1/2029 | 418 | |
637 | Federal Home Loan Mortgage Corp., Pool C76361, 6.000%, 2/1/2033 | 696 | |
1,166 | Federal Home Loan Mortgage Corp., Pool G01444, 6.500%, 8/1/2032 | 1,285 | |
TOTAL | 4,663 | ||
Federal National Mortgage Association— 0.0% | |||
685 | Federal National Mortgage Association, Pool 251697, 6.500%, 5/1/2028 | 733 |
Shares or Principal Amount | Value | ||
MORTGAGE-BACKED SECURITIES— continued | |||
Federal National Mortgage Association— continued | |||
$ 2,654 | Federal National Mortgage Association, Pool 252334, 6.500%, 2/1/2029 | $ 2,818 | |
1,811 | Federal National Mortgage Association, Pool 254905, 6.000%, 10/1/2033 | 1,976 | |
851 | Federal National Mortgage Association, Pool 255075, 5.500%, 2/1/2024 | 890 | |
130 | Federal National Mortgage Association, Pool 303168, 9.500%, 2/1/2025 | 137 | |
126 | Federal National Mortgage Association, Pool 323159, 7.500%, 4/1/2028 | 135 | |
1,059 | Federal National Mortgage Association, Pool 323640, 7.500%, 4/1/2029 | 1,141 | |
2,902 | Federal National Mortgage Association, Pool 545993, 6.000%, 11/1/2032 | 3,150 | |
1,219 | Federal National Mortgage Association, Pool 555272, 6.000%, 3/1/2033 | 1,322 | |
598 | Federal National Mortgage Association, Pool 713974, 5.500%, 7/1/2033 | 641 | |
2,203 | Federal National Mortgage Association, Pool 721502, 5.000%, 7/1/2033 | 2,325 | |
TOTAL | 15,268 | ||
Government National Mortgage Association— 0.0% | |||
2,878 | Government National Mortgage Association, Pool 2796, 7.000%, 8/20/2029 | 3,100 | |
1,839 | Government National Mortgage Association, Pool 3040, 7.000%, 2/20/2031 | 1,997 | |
4,611 | Government National Mortgage Association, Pool 3188, 6.500%, 1/20/2032 | 4,988 | |
5,761 | Government National Mortgage Association, Pool 3239, 6.500%, 5/20/2032 | 6,252 | |
38 | Government National Mortgage Association, Pool 352214, 7.000%, 4/15/2023 | 38 | |
1,005 | Government National Mortgage Association, Pool 451522, 7.500%, 10/15/2027 | 1,079 | |
576 | Government National Mortgage Association, Pool 462556, 6.500%, 2/15/2028 | 610 | |
195 | Government National Mortgage Association, Pool 462739, 7.500%, 5/15/2028 | 210 | |
76 | Government National Mortgage Association, Pool 464835, 6.500%, 9/15/2028 | 81 | |
1,354 | Government National Mortgage Association, Pool 469699, 7.000%, 11/15/2028 | 1,449 | |
1,211 | Government National Mortgage Association, Pool 486760, 6.500%, 12/15/2028 | 1,294 | |
30 | Government National Mortgage Association, Pool 780339, 8.000%, 12/15/2023 | 30 | |
707 | Government National Mortgage Association, Pool 780453, 7.500%, 12/15/2025 | 745 |
Shares or Principal Amount | Value | ||
MORTGAGE-BACKED SECURITIES— continued | |||
Government National Mortgage Association— continued | |||
$ 759 | Government National Mortgage Association, Pool 780584, 7.000%, 6/15/2027 | $ 800 | |
TOTAL | 22,673 | ||
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $39,847) | 42,604 | ||
WARRANT— 0.0% | |||
Energy— 0.0% | |||
36 | 1 | Nabors Industries Ltd., Warrants (IDENTIFIED COST $0) | 1,890 |
INVESTMENT COMPANIES— 17.2% | |||
121,422 | Bank Loan Core Fund | 1,102,513 | |
2,605,075 | Emerging Markets Core Fund | 22,221,282 | |
10,103,723 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.83%4 | 10,100,692 | |
436,117 | 5 | High Yield Bond Core Fund | 2,477,144 |
2,398,974 | Mortgage Core Fund | 21,590,768 | |
483,230 | Project and Trade Finance Core Fund | 4,184,770 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $65,165,710) | 61,677,169 | ||
TOTAL INVESTMENT IN SECURITIES—99.2% (IDENTIFIED COST $339,067,267)6 | 355,820,385 | ||
OTHER ASSETS AND LIABILITIES - NET—0.8%7 | 2,763,386 | ||
TOTAL NET ASSETS—100% | $358,583,771 |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
Long Futures: | ||||
1United States Treasury Notes 2-Year Long Futures | 9 | $1,899,914 | September 2022 | $(1,419) |
1United States Treasury Notes 5-Year Long Futures | 5 | $564,766 | September 2022 | $(1,925) |
1United States Treasury Notes 10-Year Long Futures | 16 | $1,911,250 | September 2022 | $(12,403) |
1CAC 40 10-Year Euro Long Futures | 12 | $831,765 | June 2022 | $9,487 |
1Euro Bund Long Futures | 1 | $162,718 | June 2022 | $(2,610) |
1FTSE 100 Index Long Futures | 22 | $2,102,867 | June 2022 | $53,243 |
1FTSE/MIB Index Long Futures | 15 | $1,973,292 | June 2022 | $74,508 |
1Hang Seng Index Long Futures | 7 | $954,213 | June 2022 | $66,914 |
1IBEX 35 Index Long Futures | 22 | $2,083,754 | June 2022 | $87,456 |
1Long GILT Long Futures | 1 | $146,134 | September 2022 | $(2,736) |
1S&P 500 E-Mini Long Futures | 15 | $3,098,437 | June 2022 | $115,232 |
1S&P/TSX 60 IX Long Futures | 8 | $1,585,643 | June 2022 | $29,991 |
1TOPIX Index Long Futures | 7 | $1,038,024 | June 2022 | $43,453 |
1United States Treasury Notes 10-Year Ultra Long Futures | 3 | $385,453 | September 2022 | $556 |
Short Futures: | ||||
1Amsterdam Index Short Futures | 5 | $764,808 | June 2022 | $(13,981) |
1DAX Index Short Futures | 2 | $771,721 | June 2022 | $(25,476) |
1FTSE JSE Top 40 Short Futures | 13 | $544,481 | June 2022 | $(35,588) |
1FTSE Taiwan Index Short Futures | 8 | $464,000 | June 2022 | $(22,276) |
1MSCI Singapore IX ETS Short Futures | 59 | $1,293,216 | June 2022 | $(24,825) |
1SPI 200 Short Futures | 7 | $905,746 | June 2022 | $(24,564) |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $313,037 |
Settlement Date | Counterparty | Foreign Currency Units to Deliver/Receive | In Exchange For | Net Unrealized Appreciation/ (Depreciation) | |
Contracts Purchased: | |||||
6/6/2022 | JPMorgan Chase | 2,111,000 | AUD | $1,499,594 | $15,441 |
6/6/2022 | JPMorgan Chase | 1,917,000 | CAD | $1,499,103 | $16,400 |
6/6/2022 | Bank of America N.A. | 191,700,000 | JPY | $1,499,559 | $(10,284) |
6/9/2022 | Bank of America N.A. | 68,604 | CAD | $53,500 | $734 |
7/12/2022 | JPMorgan Chase | 63,329 | AUD | $45,000 | $477 |
8/9/2022 | BNP Paribas SA | 650,000 | AUD | $446,660 | $20,250 |
8/9/2022 | HSBC Bank USA | 650,000 | AUD | $456,595 | $10,315 |
8/9/2022 | Citibank N.A. | 320,582 | CAD | $250,000 | $3,365 |
8/9/2022 | Citibank N.A. | 1,423,326 | CAD | $1,100,000 | $24,896 |
8/9/2022 | JPMorgan Chase | 1,663,661 | CAD | $1,300,000 | $14,840 |
8/9/2022 | Morgan Stanley | 832,979 | CAD | 1,000,000 NZD | $7,438 |
8/9/2022 | State Street Bank & Trust Co. | 231,378 | CAD | $180,000 | $2,865 |
8/9/2022 | Bank of America N.A. | 155,000,000 | CLP | $176,090 | $9,603 |
8/9/2022 | HSBC Bank USA | 189,000,000 | CLP | $228,227 | $(1,801) |
8/9/2022 | Bank of America N.A. | 450,000,000 | COP | $110,555 | $7,678 |
8/9/2022 | Bank Of New York | 100,000 | GBP | $126,907 | $(839) |
8/9/2022 | Bank of America N.A. | 1,000,000 | GBP | $1,246,168 | $14,504 |
8/9/2022 | Bank of America N.A. | 380,935,276 | JPY | $3,010,000 | $(41,952) |
8/9/2022 | HSBC Bank USA | 4,602,092 | MXN | $225,000 | $5,756 |
8/9/2022 | BNP Paribas SA | 9,338,685 | MXN | $450,000 | $18,256 |
8/9/2022 | Morgan Stanley | 1,000,000 | NZD | $643,694 | $7,195 |
8/9/2022 | JPMorgan Chase | 892,402 | PLN | $200,000 | $7,067 |
Settlement Date | Counterparty | Foreign Currency Units to Deliver/Receive | In Exchange For | Net Unrealized Appreciation/ (Depreciation) | |
Contracts Sold: | |||||
6/9/2022 | Citibank N.A. | 34,163 | CAD | $26,750 | $(258) |
6/9/2022 | Bank of America N.A. | 34,204 | CAD | $26,750 | $(289) |
8/9/2022 | Bank of America N.A. | 650,000 | AUD | $448,517 | $(18,393) |
8/9/2022 | Morgan Stanley | 826,787 | CAD | 1,000,000 NZD | $(2,544) |
8/9/2022 | Bank of America N.A. | 834,683 | CAD | $650,000 | $(9,674) |
8/9/2022 | Morgan Stanley | 1,670,796 | CAD | $1,300,000 | $(20,479) |
8/9/2022 | State Street Bank & Trust Co. | 2,100,000 | EUR | $2,253,678 | $(9,062) |
8/9/2022 | State Street Bank & Trust Co. | 340,000 | GBP | $428,825 | $197 |
8/9/2022 | JPMorgan Chase | 660,000 | GBP | $823,640 | $(8,404) |
8/9/2022 | JPMorgan Chase | 52,036,860 | JPY | $400,000 | $(5,444) |
8/9/2022 | BNP Paribas SA | 9,285,408 | MXN | $450,000 | $(15,585) |
8/9/2022 | BNP Paribas SA | 9,333,084 | MXN | $450,000 | $(17,975) |
8/9/2022 | Bank of America N.A. | 1,000,000 | NZD | $639,113 | $(11,777) |
NET UNREALIZED APPRECIATION ON FOREIGN EXCHANGE CONTRACTS | $12,517 |
Affiliates | Value as of 11/30/2021 | Purchases at Cost | Proceeds from Sales |
Bank Loan Core Fund | $2,166,166 | $53,651 | $(1,000,000) |
Emerging Markets Core Fund | $37,151,573 | $843,377 | $(12,900,000) |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | $9,050,517 | $59,135,955 | $(58,075,500) |
High Yield Bond Core Fund | $4,702,760 | $109,391 | $(2,026,040) |
Mortgage Core Fund | $18,767,503 | $4,517,176 | $— |
Project and Trade Finance Core Fund | $4,184,049 | $81,903 | $— |
TOTAL OF AFFILIATED TRANSACTIONS | $76,022,568 | $64,741,453 | $(74,001,540) |
Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss) | Value as of 5/31/2022 | Shares Held as of 5/31/2022 | Dividend Income | Gain Distributions Received |
$(134,499) | $17,195 | $1,102,513 | 121,422 | $53,649 | $— |
$(2,287,795) | $(585,873) | $22,221,282 | 2,605,075 | $843,268 | $— |
$1,151 | $(11,431) | $10,100,692 | 10,103,723 | $23,095 | $2,005 |
$(366,895) | $57,928 | $2,477,144 | 436,117 | $109,380 | $— |
$(1,693,911) | $— | $21,590,768 | 2,398,974 | $229,918 | $— |
$(81,182) | $— | $4,184,770 | 483,230 | $81,903 | $— |
$(4,563,131) | $(522,181) | $61,677,169 | 16,148,541 | $1,341,213 | $2,005 |
1 | Non-income-producing security. |
2 | Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established by and under the general supervision of the Fund’s Board of Trustees (the “Trustees”). |
3 | Floating/variable note with current rate and current maturity or next reset date shown. |
4 | 7-day net yield. |
5 | The High Yield Bond Core Fund is a diversified portfolio of below investment grade bonds. |
6 | Also represents cost of investments for federal tax purposes. |
7 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following is a summary of the inputs used, as of May 31, 2022, 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 | $150,011,607 | $3,523,808 | $4,534 | $153,539,949 |
International | 13,046,446 | 70,835,214 | 55,929 | 83,937,589 |
Debt Securities: | ||||
Foreign Governments/Agencies | — | 18,924,656 | — | 18,924,656 |
Corporate Bonds | — | 18,089,527 | 5,664 | 18,095,191 |
U.S. Treasuries | — | 14,208,432 | — | 14,208,432 |
Asset-Backed Securities | — | 3,511,332 | — | 3,511,332 |
Government Agencies | — | 785,055 | — | 785,055 |
Commercial Mortgage-Backed Securities | — | 559,939 | — | 559,939 |
Collateralized Mortgage Obligations | — | 536,579 | — | 536,579 |
Mortgage-Backed Securities | — | 42,604 | — | 42,604 |
Warrant | 1,890 | — | — | 1,890 |
Investment Companies1 | 57,492,399 | — | — | 61,677,169 |
TOTAL SECURITIES | $220,552,342 | $131,017,146 | $66,127 | $355,820,385 |
Other Financial Instruments: | ||||
Assets | ||||
Futures Contracts | $480,840 | $— | $— | $480,840 |
Foreign Exchange Contracts | — | 187,277 | — | 187,277 |
Liabilities | ||||
Futures Contracts | (167,803) | — | — | (167,803) |
Foreign Exchange Contracts | — | (174,760) | — | (174,760) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $313,037 | $12,517 | $— | $325,554 |
1 | As permitted by U.S. generally accepted accounting principles (GAAP), an Investment Company valued at $4,184,770 is measured at fair value using the net asset value (NAV) per share practical expedient and has not been categorized in the chart above but is included in the Total column. The amount included herein is intended to permit reconciliation of the fair value classifications to the amounts presented on the Statement of Assets and Liabilities. The price of shares redeemed of Project and Trade Finance Core Fund may be determined as of the closing NAV of the fund up to twenty-four days after receipt of a shareholder redemption request. |
The following acronym(s) are used throughout this portfolio: | ||
ADR | —American Depositary Receipt | |
AUD | —Australian Dollar | |
BKNT | —Bank Notes | |
CAD | —Canadian Dollar | |
CLP | —Chilean Peso | |
COP | —Colombian Peso | |
EUR | —Euro Currency | |
GBP | —British Pound | |
INR | —Indian Rupee | |
JPY | —Japanese Yen | |
LIBOR | —London Interbank Offered Rate | |
MTN | —Medium Term Note | |
MXN | —Mexican Peso | |
NZD | —New Zealand Dollar | |
PLC | —Public Limited Company | |
PLN | —Polish Zloty | |
REIT | —Real Estate Investment Trust | |
REMIC | —Real Estate Mortgage Investment Conduit |
Six Months Ended (unaudited) 5/31/2022 | Year Ended November 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $23.08 | $21.46 | $19.83 | $19.08 | $20.09 | $17.49 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.15 | 0.28 | 0.25 | 0.31 | 0.31 | 0.28 |
Net realized and unrealized gain (loss) | (1.48) | 1.87 | 1.82 | 1.44 | (0.99) | 2.63 |
Total From Investment Operations | (1.33) | 2.15 | 2.07 | 1.75 | (0.68) | 2.91 |
Less Distributions: | ||||||
Distributions from net investment income | (0.20) | (0.29) | (0.27) | (0.36) | (0.33) | (0.31) |
Distributions from net realized gain | (2.89) | (0.24) | (0.17) | (0.64) | — | — |
Total Distributions | (3.09) | (0.53) | (0.44) | (1.00) | (0.33) | (0.31) |
Net Asset Value, End of Period | $18.66 | $23.08 | $21.46 | $19.83 | $19.08 | $20.09 |
Total Return2 | (7.02)% | 10.09% | 10.70% | 9.89% | (3.46)% | 16.85% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.14%4 | 1.14% | 1.14% | 1.15% | 1.15% | 1.14% |
Net investment income | 1.52%4 | 1.24% | 1.28% | 1.65% | 1.53% | 1.50% |
Expense waiver/reimbursement5 | 0.18%4 | 0.14% | 0.18% | 0.20% | 0.11% | 0.18% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $158,314 | $183,613 | $176,368 | $181,579 | $146,323 | $169,424 |
Portfolio turnover6 | 59% | 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. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 5/31/2022 | Year Ended November 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $22.46 | $20.89 | $19.30 | $18.60 | $19.58 | $17.06 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.06 | 0.09 | 0.09 | 0.16 | 0.14 | 0.13 |
Net realized and unrealized gain (loss) | (1.43) | 1.82 | 1.78 | 1.39 | (0.96) | 2.55 |
Total From Investment Operations | (1.37) | 1.91 | 1.87 | 1.55 | (0.82) | 2.68 |
Less Distributions: | ||||||
Distributions from net investment income | (0.11) | (0.10) | (0.11) | (0.21) | (0.16) | (0.16) |
Distributions from net realized gain | (2.89) | (0.24) | (0.17) | (0.64) | — | — |
Total Distributions | (3.00) | (0.34) | (0.28) | (0.85) | (0.16) | (0.16) |
Net Asset Value, End of Period | $18.09 | $22.46 | $20.89 | $19.30 | $18.60 | $19.58 |
Total Return2 | (7.39)% | 9.19% | 9.83% | 8.94% | (4.20)% | 15.84% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.95%4 | 1.96% | 1.97% | 1.96% | 1.96% | 1.95% |
Net investment income | 0.66%4 | 0.42% | 0.46% | 0.86% | 0.72% | 0.70% |
Expense waiver/reimbursement5 | 0.15%4 | 0.12% | 0.15% | 0.20% | 0.12% | 0.20% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $3,018 | $4,447 | $5,809 | $7,880 | $9,758 | $14,342 |
Portfolio turnover6 | 59% | 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. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 5/31/2022 | Year Ended November 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $22.35 | $20.80 | $19.22 | $18.52 | $19.51 | $17.00 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.07 | 0.10 | 0.09 | 0.16 | 0.15 | 0.14 |
Net realized and unrealized gain (loss) | (1.42) | 1.80 | 1.78 | 1.40 | (0.96) | 2.55 |
Total From Investment Operations | (1.35) | 1.90 | 1.87 | 1.56 | (0.81) | 2.69 |
Less Distributions: | ||||||
Distributions from net investment income | (0.12) | (0.11) | (0.12) | (0.22) | (0.18) | (0.18) |
Distributions from net realized gain | (2.89) | (0.24) | (0.17) | (0.64) | — | — |
Total Distributions | (3.01) | (0.35) | (0.29) | (0.86) | (0.18) | (0.18) |
Net Asset Value, End of Period | $17.99 | $22.35 | $20.80 | $19.22 | $18.52 | $19.51 |
Total Return2 | (7.36)% | 9.20% | 9.87% | 9.06% | (4.20)% | 15.92% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.93%4 | 1.93% | 1.93% | 1.92% | 1.90% | 1.89% |
Net investment income | 0.73%4 | 0.45% | 0.50% | 0.89% | 0.78% | 0.75% |
Expense waiver/reimbursement5 | 0.16%4 | 0.12% | 0.15% | 0.20% | 0.14% | 0.21% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $45,056 | $52,288 | $58,092 | $64,600 | $64,095 | $78,445 |
Portfolio turnover6 | 59% | 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. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 5/31/2022 | Year Ended November 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $22.89 | $21.30 | $19.67 | $18.94 | $19.94 | $17.38 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.11 | 0.18 | 0.17 | 0.24 | 0.22 | 0.20 |
Net realized and unrealized gain (loss) | (1.47) | 1.84 | 1.82 | 1.41 | (0.98) | 2.61 |
Total From Investment Operations | (1.36) | 2.02 | 1.99 | 1.65 | (0.76) | 2.81 |
Less Distributions: | ||||||
Distributions from net investment income | (0.15) | (0.19) | (0.19) | (0.28) | (0.24) | (0.25) |
Distributions from net realized gain | (2.89) | (0.24) | (0.17) | (0.64) | — | — |
Total Distributions | (3.04) | (0.43) | (0.36) | (0.92) | (0.24) | (0.25) |
Net Asset Value, End of Period | $18.49 | $22.89 | $21.30 | $19.67 | $18.94 | $19.94 |
Total Return2 | (7.20)% | 9.55% | 10.31% | 9.38% | (3.86)% | 16.32% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.57%4 | 1.57% | 1.57% | 1.56% | 1.58% | 1.57% |
Net investment income | 1.10%4 | 0.81% | 0.85% | 1.26% | 1.09% | 1.07% |
Expense waiver/reimbursement5 | 0.19%4 | 0.13% | 0.16% | 0.19% | 0.12% | 0.18% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $40,266 | $45,723 | $43,197 | $42,860 | $43,452 | $51,768 |
Portfolio turnover6 | 59% | 101% | 80% | 85% | 66% | 58% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 5/31/2022 | Year Ended November 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $23.23 | $21.60 | $19.95 | $19.19 | $20.21 | $17.61 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.18 | 0.35 | 0.31 | 0.37 | 0.37 | 0.33 |
Net realized and unrealized gain (loss) | (1.49) | 1.87 | 1.84 | 1.45 | (1.00) | 2.65 |
Total From Investment Operations | (1.31) | 2.22 | 2.15 | 1.82 | (0.63) | 2.98 |
Less Distributions: | ||||||
Distributions from net investment income | (0.23) | (0.35) | (0.33) | (0.42) | (0.39) | (0.38) |
Distributions from net realized gain | (2.89) | (0.24) | (0.17) | (0.64) | — | — |
Total Distributions | (3.12) | (0.59) | (0.50) | (1.06) | (0.39) | (0.38) |
Net Asset Value, End of Period | $18.80 | $23.23 | $21.60 | $19.95 | $19.19 | $20.21 |
Total Return2 | (6.89)% | 10.39% | 11.06% | 10.21% | (3.21)% | 17.13% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.85%4 | 0.85% | 0.85% | 0.86% | 0.86% | 0.85% |
Net investment income | 1.79%4 | 1.52% | 1.58% | 1.95% | 1.81% | 1.77% |
Expense waiver/reimbursement5 | 0.21%4 | 0.16% | 0.19% | 0.22% | 0.14% | 0.20% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $107,145 | $130,562 | $100,317 | $99,564 | $95,613 | $105,720 |
Portfolio turnover6 | 59% | 101% | 80% | 85% | 66% | 58% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 5/31/2022 | Year Ended November 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $23.08 | $21.47 | $19.84 | $19.09 | $20.10 | $17.51 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.18 | 0.35 | 0.31 | 0.38 | 0.36 | 0.33 |
Net realized and unrealized gain (loss) | (1.48) | 1.86 | 1.82 | 1.44 | (0.98) | 2.63 |
Total From Investment Operations | (1.30) | 2.21 | 2.13 | 1.82 | (0.62) | 2.96 |
Less Distributions: | ||||||
Distributions from net investment income | (0.23) | (0.36) | (0.33) | (0.43) | (0.39) | (0.37) |
Distributions from net realized gain | (2.89) | (0.24) | (0.17) | (0.64) | — | — |
Total Distributions | (3.12) | (0.60) | (0.50) | (1.07) | (0.39) | (0.37) |
Net Asset Value, End of Period | $18.66 | $23.08 | $21.47 | $19.84 | $19.09 | $20.10 |
Total Return2 | (6.87)% | 10.41% | 11.04% | 10.26% | (3.16)% | 17.14% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.83%4 | 0.83% | 0.83% | 0.84% | 0.84% | 0.83% |
Net investment income | 1.85%4 | 1.54% | 1.58% | 1.97% | 1.79% | 1.78% |
Expense waiver/reimbursement5 | 0.16%4 | 0.12% | 0.15% | 0.19% | 0.11% | 0.17% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $4,786 | $4,866 | $7,056 | $6,275 | $4,890 | $6,243 |
Portfolio turnover6 | 59% | 101% | 80% | 85% | 66% | 58% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
May 31, 2022 (unaudited)
Assets: | |
Investment in securities, at value including $61,677,169 of investment in affiliated holdings* (identified cost $339,067,267) | $355,820,385 |
Cash | 252,346 |
Cash denominated in foreign currencies (identified cost $685,465) | 698,115 |
Due from broker (Note 2) | 1,363,041 |
Income receivable | 1,102,733 |
Income receivable from affiliated holdings | 216,234 |
Receivable for investments sold | 53,254 |
Receivable for shares sold | 131,768 |
Unrealized appreciation on foreign exchange contracts | 187,277 |
Total Assets | 359,825,153 |
Liabilities: | |
Payable for investments purchased | 220,533 |
Payable for shares redeemed | 460,491 |
Unrealized depreciation on foreign exchange contracts | 174,760 |
Payable for variation margin on futures contracts | 68,597 |
Payable for investment adviser fee (Note 5) | 4,909 |
Payable for administrative fee (Note 5) | 774 |
Payable for custodian fees | 76,638 |
Payable for transfer agent fees (Note 2) | 71,759 |
Payable for auditing fees | 32,237 |
Payable for distribution services fee (Note 5) | 47,489 |
Payable for other service fees (Notes 2 and 5) | 42,716 |
Accrued expenses (Note 5) | 40,479 |
Total Liabilities | 1,241,382 |
Net assets for 19,291,598 shares outstanding | $358,583,771 |
Net Assets Consist of: | |
Paid-in capital | $394,506,571 |
Total distributable earnings (loss) | (35,922,800) |
Total Net Assets | $358,583,771 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($158,313,831 ÷ 8,485,819 shares outstanding), no par value, unlimited shares authorized | $18.66 |
Offering price per share (100/94.50 of $18.66) | $19.75 |
Redemption proceeds per share | $18.66 |
Class B Shares: | |
Net asset value per share ($3,017,927 ÷ 166,856 shares outstanding), no par value, unlimited shares authorized | $18.09 |
Offering price per share | $18.09 |
Redemption proceeds per share (94.50/100 of $18.09) | $17.10 |
Class C Shares: | |
Net asset value per share ($45,056,204 ÷ 2,504,812 shares outstanding), no par value, unlimited shares authorized | $17.99 |
Offering price per share | $17.99 |
Redemption proceeds per share (99.00/100 of $17.99) | $17.81 |
Class R Shares: | |
Net asset value per share ($40,265,630 ÷ 2,177,888 shares outstanding), no par value, unlimited shares authorized | $18.49 |
Offering price per share | $18.49 |
Redemption proceeds per share | $18.49 |
Institutional Shares: | |
Net asset value per share ($107,144,581 ÷ 5,699,763 shares outstanding), no par value, unlimited shares authorized | $18.80 |
Offering price per share | $18.80 |
Redemption proceeds per share | $18.80 |
Class R6 Shares: | |
Net asset value per share ($4,785,598 ÷ 256,460 shares outstanding), no par value, unlimited shares authorized | $18.66 |
Offering price per share | $18.66 |
Redemption proceeds per share | $18.66 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended May 31, 2022 (unaudited)
Investment Income: | |
Dividends (including $1,341,213 received from affiliated holdings* and net of foreign taxes withheld of $180,970) | $4,543,740 |
Interest | 681,382 |
TOTAL INCOME | 5,225,122 |
Expenses: | |
Investment adviser fee (Note 5) | 1,322,628 |
Administrative fee (Note 5) | 161,946 |
Custodian fees | 129,490 |
Transfer agent fees (Note 2) | 319,580 |
Directors’/Trustees’ fees (Note 5) | 4,639 |
Auditing fees | 17,237 |
Legal fees | 8,879 |
Portfolio accounting fees | 82,694 |
Distribution services fee (Note 5) | 307,998 |
Other service fees (Notes 2 and 5) | 279,306 |
Share registration costs | 45,004 |
Printing and postage | 19,905 |
Miscellaneous (Note 5) | 46,418 |
TOTAL EXPENSES | 2,745,724 |
Waiver and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (307,957) |
Reimbursement of other operating expenses (Notes 2 and 5) | (64,743) |
TOTAL WAIVER AND REIMBURSEMENTS | (372,700) |
Net expenses | 2,373,024 |
Net investment income | 2,852,098 |
Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions, Foreign Exchange Contracts, Futures Contracts and Written Options: | |
Net realized gain on investments (including foreign taxes withheld of $(35,341) and (including net realized loss of $(522,181) on sales of investments in affiliated holdings*) | $4,936,717 |
Net realized loss on foreign currency transactions | (106,538) |
Net realized loss on foreign exchange contracts | (408,357) |
Net realized gain on futures contracts | 339,270 |
Net realized gain on written options | 2,257 |
Realized gain distribution from affiliated holding* | 2,005 |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(4,563,131) on investments in affiliated holdings*) | (36,642,568) |
Net change in unrealized appreciation/depreciation of translation of assets and liabilities in foreign currency | 119,332 |
Net change in unrealized depreciation of foreign exchange contracts | 169,761 |
Net change in unrealized depreciation of futures contracts | 341,502 |
Net change in unrealized appreciation of written options | (362) |
Net realized and unrealized gain (loss) on investments, foreign currency transactions, foreign exchange contracts, futures contracts and written options | (31,246,981) |
Change in net assets resulting from operations | $(28,394,883) |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 5/31/2022 | Year Ended 11/30/2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $2,852,098 | $4,797,511 |
Net realized gain (loss) | 4,765,354 | 57,481,588 |
Net change in unrealized appreciation/depreciation | (36,012,335) | (23,781,031) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (28,394,883) | 38,498,068 |
Distributions to Shareholders: | ||
Class A Shares | (24,597,046) | (4,261,725) |
Class B Shares | (568,376) | (89,405) |
Class C Shares | (6,997,974) | (954,588) |
Class R Shares | (6,119,796) | (868,369) |
Institutional Shares | (17,850,544) | (2,834,995) |
Class R6 Shares | (663,946) | (183,084) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (56,797,682) | (9,192,166) |
Share Transactions: | ||
Proceeds from sale of shares | 23,876,857 | 51,984,707 |
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 | 54,690,643 | 8,804,975 |
Cost of shares redeemed | (56,289,719) | (79,611,494) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 22,277,781 | 1,352,947 |
Change in net assets | (62,914,784) | 30,658,849 |
Net Assets: | ||
Beginning of period | 421,498,555 | 390,839,706 |
End of period | $358,583,771 | $421,498,555 |
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 | $123,230 | $(22,119) |
Class B Shares | 3,257 | — |
Class C Shares | 39,413 | (1,209) |
Class R Shares | 71,612 | (6,828) |
Institutional Shares | 80,695 | (34,587) |
Class R6 Shares | 1,373 | — |
TOTAL | $319,580 | $(64,743) |
Other Service Fees Incurred | |
Class A Shares | $213,020 |
Class B Shares | 4,663 |
Class C Shares | 61,623 |
TOTAL | $279,306 |
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 | $20,537* | |
Equity contracts | — | Payable for variation margin on futures contracts | (333,574)* | |
Foreign exchange contracts | Unrealized appreciation on foreign exchange contracts | 187,277 | Unrealized depreciation on foreign exchange contracts | 174,760 |
Total derivatives not accounted for as hedging instruments under ASC Topic 815 | $187,277 | $(138,277) |
* | Includes cumulative 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 | |||||
Futures Contracts | Foreign Exchange Contracts | Purchased Options Contracts1 | Written Options Contracts | Total | |
Interest rate contracts | $23,128 | $— | $— | $— | $23,128 |
Equity contracts | 316,142 | — | — | — | 316,142 |
Foreign exchange contracts | — | (408,357) | (22,579) | 2,257 | (428,679) |
TOTAL | $339,270 | $(408,357) | $(22,579) | $2,257 | $(89,409) |
1 | The net realized gain 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 | $(78,355) | $— | $— | $— | $(78,355) |
Equity contracts | 419,857 | — | — | — | 419,857 |
Foreign exchange contracts | — | 169,761 | 21 | (362) | 169,420 |
TOTAL | $341,502 | $169,761 | $21 | $(362) | $510,922 |
2 | The net change in unrealized depreciation of Purchased Options Contracts 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 | $187,277 | $(99,681) | $— | $87,596 | ||||
TOTAL | $187,277 | $(99,681) | $— | $87,596 |
Transaction | Gross Liability Derivatives Presented In Statement of Assets and Liabilities | Financial Instrument | Collateral Received | Net Amount |
Foreign Exchange Contracts | $174,760 | $(99,681) | $— | $75,079 |
TOTAL | $174,760 | $(99,681) | $— | $75,079 |
Six Months Ended 5/31/2022 | Year Ended 11/30/2021 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 288,528 | $5,878,584 | 618,890 | $14,235,556 |
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 | 1,114,557 | 23,026,420 | 178,781 | 3,980,160 |
Shares redeemed | (874,022) | (17,396,216) | (1,072,477) | (24,627,612) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 529,063 | $11,508,788 | (260,367) | $(6,140,679) |
Six Months Ended 5/31/2022 | Year Ended 11/30/2021 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 8,735 | $171,246 | 2,247 | $51,381 |
Shares issued to shareholders in payment of distributions declared | 26,642 | 534,777 | 3,895 | 83,632 |
Shares redeemed | (66,525) | (1,300,450) | (86,165) | (1,917,731) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (31,148) | $(594,427) | (80,023) | $(1,782,718) |
Six Months Ended 5/31/2022 | Year Ended 11/30/2021 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 195,807 | $3,844,398 | 342,034 | $7,597,210 |
Shares issued to shareholders in payment of distributions declared | 349,869 | 6,983,931 | 44,425 | 950,415 |
Shares redeemed | (380,300) | (7,271,657) | (839,634) | (18,667,845) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 165,376 | $3,556,672 | (453,175) | $(10,120,220) |
Six Months Ended 5/31/2022 | Year Ended 11/30/2021 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 223,093 | $4,404,808 | 412,096 | $9,374,927 |
Shares issued to shareholders in payment of distributions declared | 298,580 | 6,119,744 | 39,452 | 868,338 |
Shares redeemed | (340,945) | (6,577,658) | (482,605) | (11,011,690) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 180,728 | $3,946,894 | (31,057) | $(768,425) |
Six Months Ended 5/31/2022 | Year Ended 11/30/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 424,436 | $8,927,903 | 607,862 | $19,162,920 |
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 | 836,796 | 17,410,486 | 122,335 | 2,748,683 |
Shares redeemed | (1,182,566) | (23,403,237) | (814,369) | (18,888,419) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 78,666 | $2,935,152 | 976,746 | $22,926,726 |
Six Months Ended 5/31/2022 | Year Ended 11/30/2021 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 33,034 | $649,918 | 67,391 | $1,562,713 |
Shares issued to shareholders in payment of distributions declared | 29,806 | 615,285 | 7,798 | 173,747 |
Shares redeemed | (17,197) | (340,501) | (192,947) | (4,498,197) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 45,643 | $924,702 | (117,758) | $(2,761,737) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 968,328 | $22,277,781 | 34,366 | $1,352,947 |
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 | $13,988 |
Class C Shares | 184,868 |
Class R Shares | 109,142 |
TOTAL | $307,998 |
Purchases | $206,821,453 |
Sales | $237,937,626 |
Beginning Account Value 12/1/2021 | Ending Account Value 5/31/2022 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $929.80 | $5.48 |
Class B Shares | $1,000 | $926.10 | $9.36 |
Class C Shares | $1,000 | $926.40 | $9.27 |
Class R Shares | $1,000 | $928.00 | $7.55 |
Institutional Shares | $1,000 | $931.10 | $4.09 |
Class R6 Shares | $1,000 | $931.30 | $4.00 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.25 | $5.74 |
Class B Shares | $1,000 | $1,015.21 | $9.80 |
Class C Shares | $1,000 | $1,015.31 | $9.70 |
Class R Shares | $1,000 | $1,017.10 | $7.90 |
Institutional Shares | $1,000 | $1,020.69 | $4.28 |
Class R6 Shares | $1,000 | $1,020.79 | $4.18 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.14% |
Class B Shares | 1.95% |
Class C Shares | 1.93% |
Class R Shares | 1.57% |
Institutional Shares | 0.85% |
Class R6 Shares | 0.83% |
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
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 |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Hermes Global Allocation Fund
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date July 25, 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 July 25, 2022
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date July 25, 2022