United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-1
(Investment Company Act File Number)
Federated Hermes Global Allocation Fund
_______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, Pennsylvania 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 11/30/23
Date of Reporting Period: 11/30/23
Item 1. | Reports to Stockholders |
![](https://capedge.com/proxy/N-CSR/0001623632-24-000149/img1e73d8471.gif)
Share Class | Ticker | A | FSTBX | C | FSBCX | R | FSBKX |
Institutional | SBFIX | R6 | FSBLX |
Federated Hermes Global Allocation Fund
Dear Valued Shareholder,
![](https://capedge.com/proxy/N-CSR/0001623632-24-000149/donahuechrissigsmall.jpg)
![](https://capedge.com/proxy/N-CSR/0001623632-24-000149/fgalfarg0145401.jpg)
1 Year | 5 Years | 10 Years | |
Class A Shares | -2.07% | 3.14% | 3.09% |
Class C Shares | 1.81% | 3.51% | 3.05% |
Class R Shares | 3.20% | 3.87% | 3.24% |
Institutional Shares | 3.90% | 4.62% | 3.98% |
Class R6 Shares6 | 3.92% | 4.65% | 3.92% |
Blended Index | 8.04% | 5.33% | 4.67% |
S&P 500 | 13.84% | 12.52% | 11.82% |
BAB | 1.18% | 0.71% | 1.37% |
MGAFA | 4.01% | 4.42% | 3.71% |
Security Type | Percentage of Total Net Assets |
Domestic Equity Securities | 37.2% |
International Equity Securities | 21.0% |
Emerging Markets Core Fund | 9.5% |
Foreign Debt Securities | 9.0% |
Corporate Debt Securities | 6.7% |
Mortgage Core Fund | 6.6% |
Project and Trade Finance Core Fund | 1.5% |
Asset-Backed Securities | 1.4% |
U.S. Treasury and Agency Securities | 1.1% |
Collateralized Mortgage-Backed Securities | 0.7% |
High Yield Bond Core Fund2 | 0.7% |
Government Agencies | 0.3% |
Derivative Contracts3 | 0.2% |
Mortgage-Backed Securities4, 5 | 0.0% |
Purchased Options5 | 0.0% |
Bank Loan Core Fund5 | 0.0% |
Cash Equivalents6 | 3.8% |
Other Assets and Liabilities—Net7 | 0.3% |
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 | 21.9% |
Financials | 16.2% |
Health Care | 11.6% |
Consumer Discretionary | 11.0% |
Industrials | 10.9% |
Communication Services | 7.1% |
Consumer Staples | 6.8% |
Energy | 5.0% |
Materials | 4.2% |
Real Estate | 2.7% |
Utilities | 2.6% |
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, Principal Amount or Contracts | Value | ||
COMMON STOCKS— 58.2% | |||
Communication Services— 4.2% | |||
694 | 1 | Adevinta ASA | $ 7,182 |
15,171 | 1 | Alphabet, Inc., Class A | 2,010,613 |
13,125 | 1 | Alphabet, Inc., Class C | 1,757,700 |
17,252 | AT&T, Inc. | 285,866 | |
2 | Auto Trader Group PLC | 18 | |
12,036 | Bharti Airtel Ltd. | 146,853 | |
2,258 | Bollore SA | 12,902 | |
344 | 1 | CarGurus, Inc. | 7,437 |
8,047 | Electronic Arts, Inc. | 1,110,567 | |
326 | Elisa Communications Oyj | 14,598 | |
3,971 | Etihad Etisalat Co. | 48,903 | |
9,917 | Fox Corp. | 292,948 | |
2,963 | Fox Corp. | 81,957 | |
559 | 1 | Frontier Communications Parent, Inc. | 12,237 |
450 | Hellenic Telecommunication Organization SA | 6,598 | |
103,000 | HKT Trust and HKT Ltd. | 109,872 | |
220 | 1 | Imax Corp. | 3,509 |
297 | 1 | Iridium Communications, Inc. | 11,316 |
27,404 | Koninklijke KPN NV | 93,949 | |
2,150 | KT Corp. | 55,868 | |
16,200 | 1 | Kuaishou Technology | 119,982 |
6,964 | LG Uplus Corp. | 56,635 | |
5,048 | 1 | Liberty Latin America Ltd. | 34,478 |
6,041 | 1 | Meta Platforms, Inc. | 1,976,313 |
12,195 | 1 | Mobile Telecommunications Co. Saudi Arabia | 45,886 |
1,766 | MTN Group Ltd. | 9,625 | |
8,478 | NetEase, Inc. | 191,715 | |
3,303 | Quebecor, Inc., Class B | 73,292 | |
1,123 | Scout24 SE | 78,008 | |
830 | Shutterstock, Inc. | 36,445 | |
48,600 | SoftBank Corp. | 590,083 | |
4,267 | Spark New Zealand Ltd. | 13,630 | |
99 | Swisscom AG | 57,738 | |
1,808 | Tegna, Inc. | 27,717 | |
5,499 | Telefonica Brasil | 58,944 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Communication Services— continued | |||
75,194 | Telefonica Deutschland Holding AG | $ 192,342 | |
1,651 | Telenor ASA | 17,768 | |
11,456 | Telstra Group Ltd. | 28,943 | |
16,496 | Tencent Holdings Ltd. | 685,928 | |
14,758 | TIM S.A./Brazil | 51,691 | |
1,288 | 1 | T-Mobile USA, Inc. | 193,780 |
10,139 | Verizon Communications, Inc. | 388,628 | |
13,626 | Vivendi SA | 128,916 | |
13,431 | WPP PLC | 120,346 | |
1,973 | 1 | ZipRecruiter, Inc. | 26,458 |
12,612 | 1 | ZoomInfo Technologies, Inc. | 181,234 |
TOTAL | 11,457,418 | ||
Consumer Discretionary— 6.4% | |||
211 | 1 | Abercrombie & Fitch Co., Class A | 16,013 |
705 | Academy Sports and Outdoors, Inc. | 35,863 | |
60 | Adidas AG | 12,540 | |
43,608 | 1 | Alibaba Group Holding Ltd. | 406,629 |
23,101 | 1 | Amazon.com, Inc. | 3,374,825 |
452 | American Eagle Outfitters, Inc. | 8,602 | |
751 | 1 | Aptiv PLC | 62,213 |
2,527 | Aristocrat Leisure Ltd. | 67,892 | |
332,800 | Asset World Corp. PCL | 35,010 | |
361 | 1 | Atmus Filtration Technologies, Inc. | 7,899 |
4,173 | Bayerische Motoren Werke AG | 434,165 | |
615 | Berkeley Group Holdings PLC | 36,110 | |
1,004 | Bloomin Brands, Inc. | 23,433 | |
191 | 1 | Booking Holdings, Inc. | 597,009 |
653 | BorgWarner, Inc. | 22,000 | |
78 | BRP, Inc. | 4,817 | |
5,753 | Burberry Group PLC | 106,415 | |
4,070 | BYD Co. Ltd. | 109,016 | |
1,300 | BYD Co. Ltd. | 36,329 | |
1,259 | Canadian Tire Corp. Ltd. | 130,961 | |
109 | 1 | Cavco Industries, Inc. | 30,823 |
19,226 | Chongqing Changan Automobile Co. Ltd. | 54,999 | |
1,663 | 1 | Churchill Capital Corp. IV | 7,018 |
1,630 | Cie Financiere Richemont SA | 204,045 | |
592 | 1 | Coupang LLC | 9,046 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
6,248 | 1 | Custom Truck One Source, Inc. | $ 36,301 |
398 | 1 | Dave & Buster’s Entertainment, Inc. | 16,334 |
49 | D’ieteren Group | 8,373 | |
12 | Dillards, Inc., Class A | 4,165 | |
3,000 | Eclat Textile Co. Ltd. | 57,007 | |
2,464 | 1 | Everi Holdings, Inc. | 25,749 |
2,060 | Evolution AB | 214,177 | |
20,960 | Feng Tay Enterprise Co. Ltd. | 122,833 | |
406 | Flutter Entertainment PLC | 63,469 | |
9,279 | Ford Motor Co. | 95,203 | |
239 | Ford Otomotiv Sanayi A.S. | 6,961 | |
10,400 | Fuyao Glass Industry Group Co. Ltd. | 48,839 | |
3,309 | General Motors Co. | 104,564 | |
559 | Gentex Corp. | 16,999 | |
1,240 | Gildan Activewear, Inc. | 44,887 | |
562 | 1 | Green Brick Partners, Inc. | 26,667 |
171 | Group 1 Automotive, Inc. | 48,239 | |
22,000 | Haidilao International Holding Ltd. | 43,855 | |
12,600 | Haier Smart Home Co. Ltd. | 39,088 | |
938 | Hankook Tire Co. Ltd. | 32,868 | |
308 | Harley-Davidson, Inc. | 9,237 | |
126 | Hermes International | 261,745 | |
259 | 1 | Hilton Grand Vacations, Inc. | 8,873 |
6,845 | Hilton Worldwide Holdings, Inc. | 1,146,674 | |
3,502 | Home Depot, Inc. | 1,097,842 | |
1,800 | Huizhou Desay Sv Automotive Co. | 32,806 | |
451 | Hyundai Motor Co. | 64,494 | |
9,659 | Indian Hotels Co. Ltd. | 48,915 | |
4 | Installed Building Products, Inc. | 602 | |
1,452 | International Game Technology PLC | 38,812 | |
205 | Jack in the Box, Inc. | 14,821 | |
7,981 | 1 | JD.com, Inc. | 108,604 |
274 | Jumbo SA | 7,169 | |
319 | KB HOME | 16,620 | |
1,238 | Kia Corp. | 82,513 | |
2,984 | La Francaise des Jeux SAEM | 108,067 | |
215 | La-Z-Boy, Inc. | 7,566 | |
146 | Lear Corp. | 19,527 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
5,681 | Lennar Corp., Class A | $ 726,714 | |
2,300 | 1 | Li Auto, Inc. | 42,274 |
1,911 | Lowe’s Cos., Inc. | 379,964 | |
1 | Magna International, Inc. | 54 | |
1,409 | Marriott International, Inc., Class A | 285,604 | |
57 | Maruti Suzuki India Ltd. | 7,263 | |
12,000 | Mazda Motor Corp. | 126,260 | |
17,014 | 1 | Meituan | 196,137 |
337 | Meritage Corp. | 47,618 | |
9,413 | MGM Resorts International | 371,249 | |
14,756 | Michelin, Class B | 495,215 | |
48,600 | Minor International PCL | 37,682 | |
2,200 | Momo.com, Inc. | 36,366 | |
624 | Movado Group, Inc. | 16,318 | |
906 | Next PLC | 90,926 | |
2,900 | Ningbo Tuopu Group Co. Ltd. | 30,009 | |
150 | 1 | ODP Corp./The | 6,833 |
463 | OPAP SA | 7,400 | |
122 | 1 | O’Reilly Automotive, Inc. | 119,850 |
1,945 | 1,2 | Ozon Holdings PLC, ADR | 0 |
43,900 | Panasonic Holdings Corp. | 452,902 | |
356 | Patrick Industries, Inc. | 29,206 | |
7,010 | Pearson PLC | 83,048 | |
111 | 1 | Phinia, Inc. | 2,831 |
3,358 | 1 | Prosus NV | 111,287 |
3,491 | Pulte Group, Inc. | 308,674 | |
649 | 1 | QuantumScape Corp. | 4,115 |
1,504 | 1 | Rivian Automotive, Inc. | 25,207 |
56,556 | Samvardhana Motherson International Ltd. | 62,530 | |
775 | 1 | SeaWorld Entertainment, Inc. | 37,897 |
28,700 | Sekisui Chemical Co. | 407,303 | |
14,000 | Sekisui House Ltd. | 286,493 | |
125 | Signet Jewelers Ltd. | 10,273 | |
295 | Six Flags Entertainment Corp. | 7,346 | |
6,585 | Sona Blw Precision Forgings Ltd. | 44,071 | |
464 | 1 | Target Hospitality Corp. | 5,062 |
6,244 | 1 | Tesla, Inc. | 1,499,060 |
33,180 | 1 | The Lottery Corp. | 100,985 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Consumer Discretionary— continued | |||
118 | Thor Industries, Inc. | $ 11,690 | |
2,172 | Titan Industries Ltd. | 90,768 | |
4,298 | TJX Cos., Inc. | 378,697 | |
351 | 1 | Tri Pointe Homes, Inc. | 10,242 |
350 | 1 | Trip.com Group Ltd. | 12,332 |
1,330 | Tube Investments of India Ltd. | 53,496 | |
274 | 1 | Ulta Beauty, Inc. | 116,721 |
423 | Upbound Group, Inc. | 12,309 | |
15,900 | USS Co. Ltd. | 310,724 | |
49 | 1 | Visteon Corp. | 5,815 |
181 | Winnebago Industries, Inc. | 11,698 | |
11,236 | Woolworths Holdings Ltd. | 40,233 | |
535 | 1,3 | XPEL, Inc. | 24,449 |
22,000 | Yadae Group Holdings Ltd. | 41,497 | |
2,012 | Yum China Holding, Inc. | 86,878 | |
10,000 | Zhongsheng Group Holdings | 23,752 | |
TOTAL | 17,698,464 | ||
Consumer Staples— 4.0% | |||
3,800 | Ajinomoto Co., Inc. | 141,245 | |
96,000 | Alibaba Health Information Technology Ltd. | 54,567 | |
1,034 | Alimentation Couche-Tard, Inc. | 58,979 | |
27,673 | Altria Group, Inc. | 1,163,373 | |
26,382 | Ambev SA | 73,378 | |
2,027 | Anheuser-Busch InBev NV | 127,480 | |
7,530 | Arca Continental, S.A.B. de C.V. | 76,780 | |
109 | Archer-Daniels-Midland Co. | 8,037 | |
2,335 | 1 | Avenue Supermarts Ltd. | 110,616 |
277 | 1 | Bellring Brands, Inc. | 14,653 |
2,655 | Bid Corp. Ltd. | 58,196 | |
4,799 | BIM Birlesik Magazalar AS | 51,187 | |
501 | Cal-Maine Foods, Inc. | 24,008 | |
2,822 | Carlsberg A/S, Class B | 349,889 | |
67 | 1 | Chefs Warehouse, Inc. | 1,802 |
1 | Chocoladefabriken Lindt & Sprungli AG | 122,158 | |
69 | Coca-Cola Bottling Co. | 50,682 | |
5,895 | Coca-Cola Femsa S.A.B. de C.V. | 49,849 | |
1 | Coca-Cola HBC AG | 28 | |
4,622 | Compania Cervecerias Unidas SA | 28,300 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Consumer Staples— continued | |||
1,259 | Danone SA | $ 80,850 | |
13,124 | Diageo PLC | 459,360 | |
501 | 1 | elf Beauty, Inc. | 59,163 |
30,920 | Endeavour Group Ltd. | 100,833 | |
1,284 | Fomento Economico Mexicano, S.A. de C.V. | 16,332 | |
106 | George Weston Ltd. | 12,432 | |
1,100 | Guangdong Haid Group Co. Ltd. | 6,819 | |
2,056 | 1 | HelloFresh SE | 31,434 |
305 | Henkel AG & Co. KGAA | 21,251 | |
13,966 | Imperial Brands PLC | 326,081 | |
34 | Ingles Markets, Inc., Class A | 2,775 | |
14,735 | ITC Ltd. | 77,191 | |
16,950 | 1 | JD Health International, Inc. | 80,830 |
656 | Jeronimo Martins SGPS SA | 16,209 | |
369 | Kerry Group PLC | 29,910 | |
635 | Kesko | 12,155 | |
22,300 | Kirin Holdings Co. Ltd. | 314,099 | |
6,277 | Koninklijke Ahold NV | 181,528 | |
493 | Korea Tobacco & Ginseng Corp. | 33,672 | |
3,000 | Kroger Co. | 132,810 | |
1,718 | Loblaw Cos. Ltd. | 148,131 | |
829 | L’Oreal SA | 389,947 | |
1 | Lotus Bakeries | 8,712 | |
12,276 | Mondelez International, Inc. | 872,332 | |
10,444 | 1 | Monster Beverage Corp. | 575,987 |
1,049 | Mowi ASA | 18,655 | |
5,700 | Nestle SA | 648,835 | |
800 | Nongfu Spring Co. Ltd. | 4,568 | |
1,765 | Orkla ASA | 13,008 | |
58 | PriceSmart, Inc. | 3,909 | |
8,819 | Procter & Gamble Co. | 1,353,893 | |
17,600 | PT Indofood Sukses Makmur | 7,294 | |
1,033 | 1 | Raia Drogasil SA | 5,893 |
170 | Salmar ASA | 9,323 | |
246 | Sanfilippo (John B. & Sons), Inc. | 22,642 | |
1,300 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd. | 43,549 | |
3,906 | Shoprite Holdings Ltd. | 53,320 | |
81 | SpartanNash Co. | 1,796 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Consumer Staples— continued | |||
252 | 1 | Sprouts Farmers Market, Inc. | $ 10,856 |
445 | Sysco Corp. | 32,116 | |
48,666 | Tesco PLC | 175,838 | |
74 | The Anderson’s, Inc. | 3,690 | |
6,402 | The Coca-Cola Co. | 374,133 | |
11 | 1 | The Simply Good Foods Co. | 426 |
6,000 | Tsingtao Brewery Co. Ltd. | 39,680 | |
2,400 | Tsingtao Brewery Co. Ltd. | 25,112 | |
135 | 1 | United Natural Foods, Inc. | 1,964 |
51 | 1 | Vita Coco Co., Inc./The | 1,431 |
9,201 | WalMart, Inc. | 1,432,504 | |
39 | Weis Markets, Inc. | 2,354 | |
104 | Woolworth’s Ltd. | 2,400 | |
TOTAL | 10,845,239 | ||
Energy— 2.9% | |||
763 | Aker BP ASA | 21,742 | |
9,557 | ARC Resources Ltd. | 152,411 | |
190,300 | Banpu Public Co. Ltd. | 40,321 | |
24,078 | BP PLC | 145,828 | |
64 | California Resources Corp. | 3,277 | |
5,062 | Chevron Corp. | 726,903 | |
12,000 | China Oilfield Services Ltd. | 12,912 | |
4,891 | ConocoPhillips | 565,253 | |
215 | CONSOL Energy, Inc. | 22,934 | |
1,182 | CVR Energy, Inc. | 37,552 | |
408 | DHT Maritime, Inc. | 4,064 | |
151,800 | Dialog Group Berhad | 72,015 | |
19,600 | ENEOS Holdings, Inc. | 77,056 | |
2,145 | Equinor ASA | 68,645 | |
4,144 | Exxaro Resources Ltd. | 41,339 | |
6,196 | Exxon Mobil Corp. | 636,577 | |
1,155 | Galp Energia SGPS SA | 17,167 | |
304 | 1 | Gulfport Energy Corp. | 41,660 |
1,038 | Helmerich & Payne, Inc. | 37,607 | |
2,013 | HF Sinclair Corp. | 105,642 | |
697 | Hyundai Robotics Co. Ltd. | 32,514 | |
6,004 | Imperial Oil Ltd. | 338,263 | |
845 | International Seaways, Inc. | 38,566 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Energy— continued | |||
2,230 | Liberty Energy, Inc. | $ 44,266 | |
7,105 | Marathon Petroleum Corp. | 1,059,995 | |
1,086 | MOL Hungarian Oil & Gas PLC | 8,647 | |
156 | Motor Oil (Hellas) Corinth Refineries SA | 4,211 | |
991 | Neste Oyj | 37,778 | |
4,964 | 1 | Newpark Resources, Inc. | 34,500 |
350 | OMV AG | 14,908 | |
6,238 | ORLEN SA | 92,201 | |
1,053 | PBF Energy, Inc. | 46,753 | |
1,678 | Peabody Energy Corp. | 40,004 | |
99,177 | PetroChina Co. Ltd. | 65,086 | |
57,000 | PetroChina Co. Ltd. | 57,368 | |
22,902 | Petroleo Brasileiro SA | 175,416 | |
80,000 | PT Adaro Energy Indonesia TBK | 13,514 | |
27,700 | PT United Tractors | 39,131 | |
23,300 | PTT Public Co. Ltd. | 23,035 | |
3,356 | Reliance Industries Ltd. | 95,786 | |
33,518 | Repsol SA | 514,487 | |
2,970 | Santos Ltd. | 13,573 | |
751 | Scorpio Tankers, Inc. | 41,222 | |
3,700 | Shanxi Lu’an Environmental Energy Development Co. Ltd. | 11,351 | |
17,828 | 1 | Shell PLC, Rights | 577,822 |
8,048 | Suncor Energy, Inc. | 265,351 | |
12,123 | 2 | Tatneft | 0 |
192 | 1 | Teekay Corp. | 1,325 |
96 | Teekay Tankers Ltd., Class A | 4,770 | |
4,949 | TotalEnergies SE | 336,990 | |
9,508 | Tupras Turkiye Petrol Rafinerileri A.S. | 50,345 | |
1,452 | 1 | US Silica Holdings, Inc. | 16,379 |
8,211 | Valero Energy Corp. | 1,029,331 | |
6,147 | Woodside Energy Group Ltd. | 125,424 | |
TOTAL | 8,081,217 | ||
Financials— 9.4% | |||
21,334 | 3i Group PLC | 602,805 | |
9,820 | ABSA Group Ltd. | 90,641 | |
42,860 | Aegon Ltd. | 234,747 | |
2,217 | Aflac, Inc. | 183,368 | |
374 | Ageas | 16,085 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
3,465 | AIB Group PLC | $ 16,085 | |
5,255 | Alpha Bank AE | 8,921 | |
1,517 | 1 | AlTi Global, Inc. | 11,484 |
1,088 | Amalgamated Financial Corp. | 22,848 | |
2,367 | 1 | Ambac Financial Group, Inc. | 34,913 |
3,093 | Ameriprise Financial, Inc. | 1,093,406 | |
15,000 | AMMB Holdings Bhd | 12,757 | |
15,768 | Arab National Bank | 100,897 | |
642 | 1 | AssetMark Financial Holdings, Inc. | 16,461 |
3,925 | 1 | AvidXchange Holdings, Inc. | 41,880 |
4,157 | Aviva PLC | 21,926 | |
11,756 | AXA SA | 366,248 | |
29,364 | B3 S.A. - Brasil Bolsa Balcao | 79,345 | |
1,120 | Bajaj Finance Ltd. | 95,795 | |
2,983 | Banco Bilbao Vizcaya Argentaria SA | 27,736 | |
18,701 | Banco Bradesco SA | 54,256 | |
2,860 | Banco de Oro | 6,877 | |
19,711 | Banco del Bajio SA | 63,144 | |
1,639 | Banco Do Brasil SA | 18,071 | |
927,477 | Banco S.A.ntander Chile SA | 45,515 | |
21,650 | Bank AlJazira | 97,996 | |
27,195 | Bank Hapoalim BM | 230,087 | |
2,574 | Bank Leumi Le-Israel | 19,282 | |
12,173 | Bank of America Corp. | 371,155 | |
174,388 | Bank of China Ltd. | 64,244 | |
81,456 | Bank of Communications Ltd. | 48,073 | |
2,535 | Bank of Ireland Group PLC | 23,718 | |
29 | Bank of Nova Scotia, Toronto | 1,297 | |
937 | Banner Corp. | 42,296 | |
17,278 | BB Seguridade Participacoes SA | 109,873 | |
4,989 | 1 | Berkshire Hathaway, Inc., Class B | 1,796,040 |
713 | BNP Paribas SA | 44,901 | |
103,500 | BOC Hong Kong (Holdings) Ltd. | 277,743 | |
2,082 | Brightsphere Investment Group, Inc. | 36,331 | |
73 | Byline Bancorp, Inc. | 1,459 | |
2,189 | CaixaBank SA | 9,851 | |
3,695 | 1 | Cantaloupe, Inc. | 26,124 |
285 | Capital City Bank Group, Inc. | 7,621 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
94,000 | China CITIC Bank Corp. Ltd. | $ 42,505 | |
251,501 | China Construction Bank Corp. | 145,411 | |
1,045 | China Merchants Bank Co. Ltd. | 3,655 | |
20,000 | China Pacific Insurance Group Co. Ltd. | 42,246 | |
25,800 | CIMB Group Holdings Berhad | 31,297 | |
173 | 1 | Coastal Financial Corp. | 6,759 |
14,787 | Commerzbank AG, Frankfurt | 180,918 | |
23,298 | Corebridge Financial, Inc. | 489,957 | |
14 | Daewoo Securities Co. | 78 | |
40,400 | Daiwa Securities Group, Inc. | 261,038 | |
16,100 | DBS Group Holdings Ltd. | 382,672 | |
7,470 | Discover Financial Services | 694,710 | |
2,233 | DNB Bank ASA | 42,529 | |
5 | 1 | Donnelley Financial Solutions, Inc. | 295 |
1,073 | East West Bancorp, Inc. | 67,513 | |
1,091 | Enterprise Financial Services Corp. | 42,778 | |
18,391 | Equitable Holdings, Inc. | 564,420 | |
816 | Erste Group Bank AG | 32,992 | |
572 | Essent Group Ltd. | 27,650 | |
6,399 | Eurobank Ergasias SA | 11,776 | |
682 | Evertec, Inc. | 25,214 | |
556 | Fairfax Financial Holdings Ltd. | 511,059 | |
158 | Federal Agricultural Mortgage Association, Class C | 26,203 | |
2,436 | First BanCorp | 36,540 | |
1,072 | First Financial Corp. | 41,004 | |
589 | First Merchants Corp. | 18,065 | |
20,552 | FirstRand Ltd. | 73,529 | |
311 | 1 | Flywire Corp. | 7,246 |
480 | Gjensidige Forsikring ASA | 8,078 | |
3,546 | Great-West Lifeco, Inc. | 113,335 | |
87 | 1 | Green Dot Corp. | 698 |
816 | Greene County Bancorp, Inc. | 20,482 | |
219 | Groupe Bruxelles Lambert SA | 17,382 | |
1,870 | Grupo Financiero Banorte S.A. de C.V. | 17,401 | |
21,231 | Grupo Financiero Inbursa, S.A. de C.V., Class O | 52,074 | |
1,323 | Hana Financial Holdings | 42,753 | |
2,427 | Hanmi Financial Corp. | 40,385 | |
7,512 | Hartford Financial Services Group, Inc. | 587,138 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
562 | HDFC Bank Ltd. | $ 10,524 | |
1,360 | Heartland Financial USA, Inc. | 42,065 | |
4,544 | Heritage Commerce Corp. | 38,579 | |
3,400 | Hithink RoyalFlush Information Network Co. Ltd. | 67,076 | |
13,500 | Huatai Securities Co. Ltd. | 27,155 | |
8,054 | iA Financial Corp, Inc. | 537,804 | |
22,571 | ICICI Bank Ltd. | 253,516 | |
4,467 | ICICI Lombard General Insurance Co. Ltd. | 79,756 | |
70,813 | Industrial & Commercial Bank of China | 33,537 | |
280 | JPMorgan Chase & Co. | 43,702 | |
8,332 | Julius Baer Gruppe AG | 422,135 | |
1,906 | KB Financial Group, Inc. | 77,156 | |
587 | KBC Groupe | 33,643 | |
85,373 | KeyCorp | 1,057,771 | |
178 | Komercni Banka A.S. | 5,511 | |
4,543 | Kotak Mahindra Bank Ltd. | 95,738 | |
11,800 | Krung Thai Bank PLC | 6,107 | |
111,517 | Legal & General Group PLC | 324,155 | |
5,877 | 1 | LendingClub Corp. | 37,025 |
3,463 | Macquarie Group Ltd. | 386,016 | |
33,600 | Malayan Banking BHD | 64,766 | |
8,847 | Manulife Financial Corp. | 173,295 | |
4,510 | Mastercard, Inc. | 1,866,373 | |
28,430 | Mediobanca Spa | 333,655 | |
225 | Meritz Finance Holdings Co. | 9,667 | |
905 | MetLife, Inc. | 57,585 | |
82,500 | Metro Bank and Trust Co. | 74,249 | |
154 | Midland States Bancorp, Inc. | 3,477 | |
21,500 | Mitsubishi UFJ Financial Group, Inc. | 184,135 | |
1 | Mizrahi Tefahot Bank Ltd. | 36 | |
10,600 | Mizuho Financial Group, Inc. | 179,849 | |
791 | Moneta Money Bank AS | 3,092 | |
915 | Moody’s Corp. | 333,938 | |
1,000 | Muenchener Rueckversicherungs-Gesellschaft AG | 425,364 | |
1,302 | National Bank of Greece | 8,902 | |
145 | 1 | NCR Atleos Corp. | 3,220 |
900 | New China Life Insurance Co. Ltd. | 3,949 | |
57 | 1 | NMI Holdings, Inc. | 1,568 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
1,300 | OFG Bancorp. | $ 43,628 | |
1,498 | Old Second Bancorp, Inc. | 21,107 | |
22,600 | ORIX Corp. | 412,612 | |
7,118 | 1 | Oscar Health, Inc. | 60,503 |
574 | OTP Bank RT | 23,853 | |
10,585 | Oversea-Chinese Banking Corp. Ltd. | 99,561 | |
3 | 1 | Palomar Holdings, Inc. | 176 |
15 | Partners Group Holding AG | 19,811 | |
1,237 | 1 | Payoneer Global, Inc. | 6,408 |
1,465 | 1 | Paysafe Ltd. | 14,811 |
131,000 | People’s Insurance, Co. (Group) of China Ltd. | 42,467 | |
48,200 | People’s Insurance, Co. (Group) of China Ltd. | 34,160 | |
70,000 | PICC Property and Casualty Co. Ltd., Class H | 81,280 | |
24,200 | Ping An Bank Co. Ltd. | 32,871 | |
1,593 | Piraeus Bank SA | 5,651 | |
4,848 | Popular, Inc. | 357,734 | |
80,000 | Postal Savings Bank of China Co. Ltd. | 35,705 | |
1,135 | Powszechny Zaklad Ubezpieczen SA | 12,941 | |
70,400 | PT Bank Central Asia | 40,787 | |
161,400 | PT Bank Negara Indonesia | 54,949 | |
271,900 | PT Bank Rakyat Indonesia Tbk | 92,729 | |
17,400 | Public Bank Berhad | 15,953 | |
37,235 | QBE Insurance Group Ltd. | 380,605 | |
5,862 | Rand Merchant Investment Holdings Ltd. | 12,883 | |
2,172 | 1 | Repay Holdings Corp. | 16,290 |
2,600 | Resona Holdings, Inc. | 13,491 | |
1,393 | Royal Bank of Canada | 125,878 | |
1,066 | Sampo Oyj, Class A | 46,677 | |
6,371 | Saudi British Bank/The | 59,041 | |
17,448 | Saudi Investment Bank/The | 69,767 | |
3,126 | SBI Life Insurance Co. Ltd. | 53,776 | |
1,106 | Shinhan Financial Group Co. Ltd. | 31,665 | |
140 | 1 | Siriuspoint Ltd. | 1,495 |
532 | 1 | Skyward Specialty Insurance Group, Inc. | 17,396 |
1,697 | Societe Generale, Paris | 42,679 | |
35 | Sofina | 7,790 | |
10,191 | St. James’s Place Capital PLC | 83,623 | |
6,912 | Standard Bank Group Ltd. | 73,593 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Financials— continued | |||
10,017 | State Bank of India | $ 68,007 | |
268 | 1 | StoneX Group, Inc. | 16,413 |
7,717 | Suncorp Group Ltd. | 71,296 | |
566 | Swiss Re AG | 66,780 | |
89,822 | Taishin Financial Holdings Co. | 52,694 | |
358,100 | Thai Military Bank | 15,684 | |
3,310 | The National Commercial Bank | 30,855 | |
5,628 | The Travelers Cos., Inc. | 1,016,529 | |
628 | Tiptree, Inc. | 11,706 | |
31,131 | U.S. Bancorp | 1,186,714 | |
23,348 | UniCredit SpA | 635,676 | |
1,200 | United Overseas Bank Ltd. | 24,457 | |
3,956 | Visa, Inc., Class A | 1,015,426 | |
684 | WestAmerica Bancorp. | 34,686 | |
2,628 | Willis Towers Watson PLC | 647,276 | |
2,635 | Woori Financial Group, Inc. | 26,558 | |
9 | Zurich Insurance Group AG | 4,504 | |
TOTAL | 25,961,785 | ||
Health Care— 6.8% | |||
12,495 | Abbott Laboratories | 1,303,104 | |
9,856 | 1,2 | Achillion Pharmaceuticals, Inc. | 4,534 |
3,412 | 1 | Adaptive Biotechnologies Corp. | 14,945 |
179 | 1 | Addus Homecare Corp. | 15,609 |
6,063 | Agilent Technologies, Inc. | 774,851 | |
3,672 | Alcon, Inc. | 276,982 | |
4,618 | 1 | Alector, Inc. | 25,030 |
4,803 | Amgen, Inc. | 1,295,081 | |
427 | 1 | AMN Healthcare Services, Inc. | 28,951 |
6,268 | 1 | Amneal Pharmaceuticals, Inc. | 27,015 |
183 | 1 | Apollo Medical Holdings, Inc. | 6,081 |
127 | 1 | Argenx SE | 56,319 |
34,000 | Astellas Pharma, Inc. | 415,599 | |
1,300 | Asymchem Laboratories (Tianjin) Co., Ltd. | 26,314 | |
79,100 | Bangkok Dusit Medical Services Public Co., Ltd. | 59,051 | |
189 | 1 | Biogen, Inc. | 44,241 |
682 | Biomerieux | 73,381 | |
684 | Carl Zeiss Meditec AG | 61,303 | |
28,000 | China Medical System Holding Ltd. | 53,872 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
3,920 | Cipla Ltd. | $ 57,057 | |
26 | Cochlear Ltd. | 4,696 | |
207 | 1 | Corvel Corp. | 43,234 |
60,000 | CSPC Pharmaceutical Group Ltd. | 54,152 | |
6,085 | 1 | Cytek Biosciences, Inc. | 42,230 |
343 | Danaher Corp. | 76,595 | |
862 | Dr. Reddy’s Laboratories Ltd. | 59,849 | |
343 | Ebos Group Ltd. | 7,820 | |
2,683 | Elevance Health, Inc. | 1,286,472 | |
3,624 | Eli Lilly & Co. | 2,141,929 | |
152 | Embecta Corp. | 2,788 | |
232 | Ensign Group, Inc. | 24,840 | |
1,324 | Fisher & Paykel Healthcare Corp. Ltd. | 19,198 | |
331 | Gedeon Richter Rt | 8,343 | |
13,233 | 1 | Geron Corp. | 25,540 |
7,739 | Gilead Sciences, Inc. | 592,807 | |
9,776 | GSK PLC | 175,827 | |
165 | Hanmi Pharmaceutical Co. Ltd. | 39,243 | |
21,477 | Hikma Pharmaceuticals PLC | 468,511 | |
1,763 | 1 | HilleVax, Inc. | 24,171 |
3,152 | 1 | Icosavax, Inc. | 31,898 |
202 | 1 | ImmunityBio, Inc. | 743 |
304 | 1 | Inmode Ltd. | 7,220 |
2,748 | 1 | Intuitive Surgical, Inc. | 854,188 |
3,158 | Ipsen SA | 356,569 | |
23 | 1 | iRadimed Corp. | 1,011 |
59 | 1 | iTeos Therapeutics, Inc. | 552 |
1,148 | Koninklijke Philips NV | 23,484 | |
702 | 1 | Lantheus Holdings, Inc. | 50,277 |
148 | LeMaitre Vascular, Inc. | 7,800 | |
12,787 | 1 | Lyell Immunopharma, Inc. | 22,121 |
7,591 | 1 | Max Healthcare Institute Ltd. | 56,555 |
15,470 | Merck & Co., Inc. | 1,585,366 | |
1,239 | Merck KGAA | 216,069 | |
4,113 | 1 | MiMedx Group, Inc. | 31,958 |
3,224 | 1 | Mineralys Therapeutics, Inc. | 21,472 |
9,367 | 1 | Nautilus Biotechnology, Inc. | 25,759 |
4,548 | Novartis AG | 444,719 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Health Care— continued | |||
7,234 | Novo Nordisk A/S | $ 736,353 | |
5,668 | 1 | Omniab, Inc. | 24,883 |
4,600 | Ono Pharmaceutical Co. Ltd. | 84,534 | |
735 | 1 | Option Care Health, Inc. | 21,866 |
260 | Orion Oyj | 10,319 | |
2,203 | Owens & Minor, Inc. | 43,796 | |
109 | Patterson Cos., Inc. | 2,770 | |
225 | 1 | PetIQ, Inc. | 3,919 |
1,399 | 1 | Progyny, Inc. | 48,070 |
1,261 | 1 | Revolution Medicines, Inc. | 29,419 |
87 | 1 | Samsung Biologics Co. Ltd. | 48,935 |
509 | 1 | Sana Biotechnology, Inc. | 2,067 |
1 | 1 | Scilex Holding Co. | 1 |
1,200 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd. | 48,949 | |
16,939 | Sinopharm Group Co. Ltd. | 42,080 | |
10,950 | 1 | SomaLogic, Inc. | 30,879 |
10,762 | Sonic Healthcare Ltd. | 207,666 | |
1,740 | Sonova Holding AG | 503,304 | |
71 | Straumann Holding AG | 9,768 | |
12,618 | 1 | Summit Therapeutics, Inc. | 25,615 |
5,151 | Sun Pharmaceutical Industries Ltd. | 75,716 | |
4,300 | Terumo Corp. | 137,277 | |
557 | 1 | Tyra Biosciences, Inc. | 6,522 |
301 | UCB SA | 22,277 | |
128 | 1 | UFP Technologies, Inc. | 21,307 |
3,842 | UnitedHealth Group, Inc. | 2,124,511 | |
971 | 1 | Vertex Pharmaceuticals, Inc. | 344,520 |
1,575 | 1 | Vir Biotechnology, Inc. | 14,947 |
1,200 | WuXi AppTec Co. Ltd. | 14,068 | |
3,700 | WuXi AppTec Co. Ltd. | 42,862 | |
700 | Yunnan Baiyao Group Co. Ltd. | 4,942 | |
2,837 | Zoetis, Inc. | 501,213 | |
TOTAL | 18,690,681 | ||
Industrials— 6.3% | |||
64 | A P Moller-Maersk A/S | 99,208 | |
1,455 | ABB Ltd. | 57,774 | |
15,550 | Aboitiz Equity Ventures, Inc. | 13,095 | |
1 | 1 | Air Canada | 13 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
63,164 | Alfa, S.A. de C.V., Class A | $ 46,004 | |
111 | Apogee Enterprises, Inc. | 5,006 | |
333 | Applied Industrial Technologies, Inc. | 53,303 | |
375 | 1 | Atkore, Inc. | 48,713 |
6,397 | Atlas Copco AB, Class A | 98,768 | |
6,515 | Atlas Copco AB, Class B | 86,025 | |
2,835 | Auckland International Airport Ltd. | 13,853 | |
1,645 | Automatic Data Processing, Inc. | 378,218 | |
235,500 | Bangkok Expressway and Metro PCL | 52,375 | |
34 | Barrett Business Services, Inc. | 3,738 | |
386 | 1 | Beacon Roofing Supply, Inc. | 31,019 |
17,446 | Beijer AB G&L | 193,482 | |
32,346 | Bharat Electronics Ltd. | 56,641 | |
775 | Bidvest Group Ltd. | 9,676 | |
34 | 1 | BlueLinx Holdings, Inc. | 2,987 |
444 | Boise Cascade Co. | 48,529 | |
8,259 | Bouygues SA | 314,059 | |
16,549 | Brambles Ltd. | 145,957 | |
4,800 | Brenntag AG | 414,482 | |
1,192 | Brookfield Business Corp. | 21,694 | |
413 | 1 | Builders Firstsource, Inc. | 55,387 |
5,170 | Caterpillar, Inc. | 1,296,222 | |
803 | 1 | CBIZ, Inc. | 46,486 |
2,068 | Cintas Corp. | 1,144,121 | |
2,804 | Compagnie de St. Gobain | 182,744 | |
172 | Computershare Ltd. | 2,683 | |
28 | 1 | CoreCivic, Inc. | 405 |
1,584 | Costamare, Inc. | 16,014 | |
416 | CRA International, Inc. | 39,424 | |
49 | CSG Systems International, Inc. | 2,410 | |
30,178 | CSX Corp. | 974,749 | |
4,700 | Dai Nippon Printing Co. Ltd. | 131,929 | |
3,190 | Deere & Co. | 1,162,468 | |
543 | Doosan Bobcat, Inc. | 19,219 | |
1,838 | Emcor Group, Inc. | 390,612 | |
169 | Encore Wire Corp. | 31,147 | |
661 | Enerpac Tool Group Corp. | 18,045 | |
1,929 | Epiroc AB | 35,991 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
18,000 | Evergreen Marine Corp., Taiwan Ltd. | $ 64,558 | |
6,808 | Expeditors International Washington, Inc. | 819,275 | |
3,848 | Fortune Brands Innovations, Inc. | 263,319 | |
189 | 1 | GMS, Inc. | 12,784 |
21,773 | Groupe Eurotunnel SE | 397,871 | |
843 | GS Holdings Corp. | 26,959 | |
838 | H&E Equipment Services, Inc. | 37,132 | |
388 | 1 | Hub Group, Inc. | 29,313 |
351 | 1 | Huron Consulting Group, Inc. | 36,564 |
5,733 | Hyundai Merchant Marine Co., Ltd. | 68,883 | |
678 | IMCD Group NV | 104,858 | |
9,161 | Indian Railway Catering & Tourism Corp., Ltd. | 77,367 | |
13,797 | Indutrade AB | 303,443 | |
14,300 | Itochu Corp. | 556,472 | |
1,632 | 1 | Janus International Group, Inc. | 17,218 |
98,100 | 1 | JD Logistics, Inc. | 120,660 |
3,281 | 1 | JELD-WEN Holding, Inc. | 52,430 |
353 | Kingspan Group PLC | 28,020 | |
1,274 | Koc Holding A.S. | 6,254 | |
3,300 | Komatsu Ltd. | 84,135 | |
787 | Kone Corp. OYJ, Class B | 35,056 | |
209 | Kongsberg Gruppen ASA | 8,969 | |
1,706 | Korean Air Co. Ltd. | 29,711 | |
915 | Korn Ferry | 47,342 | |
963 | Kuehne & Nagel International AG | 278,746 | |
16,500 | LIXIL Group Corp. | 200,800 | |
2,624 | Lockheed Martin Corp. | 1,174,949 | |
26,100 | Malaysia Airports Holdings Berhad | 40,247 | |
435 | 1 | Masonite International Corp. | 38,650 |
33,200 | Metallurgical Corp of China Ltd. | 14,440 | |
1,563 | Metso Corp. | 15,397 | |
2,700 | Mitsui & Co. | 97,858 | |
550 | 1 | MRC Global, Inc. | 5,687 |
26 | 1 | MYR Group, Inc. | 3,235 |
252 | Mytilineos Holdings SA | 10,076 | |
900 | Nari Technology Development Co., Ltd. | 2,780 | |
42,722 | NIBE Industrier AB | 253,295 | |
2,344 | Northrop Grumman Corp. | 1,113,775 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Industrials— continued | |||
9,700 | Obayashi Corp. | $ 81,737 | |
174 | 1 | P.A.M. Transportation Services, Inc. | 3,282 |
10,948 | Pan Ocean Co. Ltd. | 38,444 | |
96,900 | Persol Holdings Co. Ltd. | 167,003 | |
541 | Primoris Services Corp. | 16,425 | |
140,500 | PT Astra International Tbk | 48,965 | |
945 | Randstand NV | 56,175 | |
4,746 | Relx PLC | 182,568 | |
396 | Rheinmetall AG | 119,053 | |
11,507 | 1 | Rumo SA | 53,537 |
8,500 | S.F Holding Co. Ltd. | 50,378 | |
745 | Safran SA | 131,166 | |
17,600 | SG Holdings Co. Ltd. | 254,057 | |
402 | SK Holdings Co. Ltd., Class A | 51,041 | |
21,584 | Smiths Group PLC | 449,898 | |
258 | 1 | Sterling Construction Co., Inc. | 16,386 |
900 | Sungrow Power Supply Co., Ltd. | 10,513 | |
784 | Terex Corp. | 38,808 | |
215 | Textainer Group Holdings Ltd. | 10,584 | |
4,294 | TFI International, Inc. | 508,084 | |
796 | 1 | Titan International, Inc. | 10,404 |
596 | 1 | Titan Machinery, Inc. | 13,625 |
1,900 | Toppan Holdings, Inc. | 44,487 | |
116 | Trane Technologies PLC | 26,148 | |
452 | 1 | TriNet Group, Inc. | 52,400 |
160 | UFP Industries, Inc. | 17,541 | |
933 | Universal Truckload Services, Inc. | 23,082 | |
1,120 | Wartsila OYJ, Class B | 15,466 | |
10,126 | Weg SA | 70,338 | |
33,000 | Weichai Power Co. Ltd., Class H | 60,666 | |
9,922 | 1 | Willscot Corp. | 413,946 |
8,500 | Yamato Holdings Co. Ltd. | 150,893 | |
TOTAL | 17,410,303 | ||
Information Technology— 12.7% | |||
3,000 | Accton Technology Corp. | 51,303 | |
2,176 | 1 | ACM Research, Inc. | 36,209 |
152 | 1 | Agilysys, Inc. | 13,086 |
758 | 1 | Alarm.com Holdings, Inc. | 41,296 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
25,800 | 1 | Allegro MicroSystems, Inc. | $ 702,276 |
1,492 | Amkor Technology, Inc. | 42,030 | |
244 | 1 | AppFolio, Inc. | 46,177 |
36,674 | Apple, Inc. | 6,966,226 | |
2,008 | Applied Materials, Inc. | 300,758 | |
4,499 | 1 | AppLovin Corp. | 168,623 |
17,000 | ASE Industrial Holding Co. Ltd. | 69,779 | |
1,043 | ASML Holding N.V. | 710,099 | |
26 | 1 | Axcelis Technologies, Inc. | 3,231 |
15,700 | Azbil Corp. | 506,798 | |
199 | Badger Meter, Inc. | 29,327 | |
30 | Bel Fuse, Inc. | 1,623 | |
189 | Belden, Inc. | 12,557 | |
864 | 1 | Blackline, Inc. | 49,982 |
1,041 | Broadcom, Inc. | 963,685 | |
8,500 | BYD Electronic International Co. Ltd. | 38,834 | |
2,087 | 1 | CGI, Inc., Class A | 212,199 |
66,000 | Chinasoft International Ltd. | 56,594 | |
25,834 | Cisco Systems, Inc. | 1,249,849 | |
14,024 | Cognizant Technology Solutions Corp. | 987,009 | |
4,474 | 1 | Confluent, Inc. | 94,938 |
1,101 | Dassault Systemes SA | 51,654 | |
11,400 | Delta Electronics (Thailand) PLC | 25,237 | |
16,000 | Delta Electronics, Inc. | 161,583 | |
240 | Elm Co. | 47,650 | |
1,000 | eMemory Technology, Inc. | 80,089 | |
997 | 1 | EngageSmart, Inc. | 22,742 |
296 | 1 | Fabrinet | 47,922 |
18,080 | 1 | Fortinet, Inc. | 950,285 |
13,900 | Foxconn Industrial Internet Co., Ltd. | 29,510 | |
16,590 | Gen Digital, Inc. | 366,307 | |
2,534 | 1 | Gitlab, Inc. | 122,494 |
1,000 | Global Unichip Corp. | 52,972 | |
3,000 | Globalwafers Co. Ltd. | 56,159 | |
36 | 1 | Ichor Holdings Ltd. | 941 |
7,788 | Infineon Technologies AG | 301,522 | |
10,385 | Infosys Ltd. | 181,324 | |
35,000 | Inventec Co. Ltd. | 47,176 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
7,580 | Ja Solar Technology Co. Ltd. | $ 21,176 | |
6,903 | Jinko Solar Co Ltd. | 8,605 | |
10,867 | 1 | Lattice Semiconductor Corp. | 636,263 |
11,600 | Lens Technology Co. Ltd. | 21,267 | |
15,000 | Lite-On Technology Corp. | 52,967 | |
763 | Logitech International SA | 66,612 | |
6,100 | LONGi Green Energy Technology Co. Ltd. | 18,175 | |
764 | LTIMindtree Ltd. | 50,658 | |
4,154 | Microchip Technology, Inc. | 346,610 | |
17,107 | Microsoft Corp. | 6,482,013 | |
8,000 | Micro-Star International Co. | 47,059 | |
10,000 | Nan Ya Printed Circuit Board Corp. | 79,316 | |
12,650 | Nokia Oyj | 44,387 | |
3,300 | Nomura Research Institute Ltd. | 92,646 | |
6,030 | NVIDIA Corp. | 2,820,231 | |
11,077 | 1 | ON Semiconductor Corp. | 790,122 |
3,206 | Open Text Corp. - OLD | 128,268 | |
12,500 | Oracle Corp. | 1,452,625 | |
56,595 | 1 | Palantir Technologies, Inc. | 1,134,730 |
540 | 1 | PDF Solutions, Inc. | 16,195 |
442 | 1 | Perficient, Inc. | 27,351 |
1,777 | 1 | Photronics, Inc. | 37,548 |
7,000 | Prime View International Co., Ltd. | 41,069 | |
755 | Progress Software Corp. | 40,664 | |
238 | 1 | Qualys, Inc. | 43,992 |
12,000 | Quanta Computer, Inc. | 77,586 | |
57,300 | Ricoh Co. Ltd. | 467,397 | |
5,631 | Sage Group PLC/The | 80,530 | |
12,103 | Samsung Electronics Co. Ltd. | 681,638 | |
60 | Samsung SDI Co. Ltd. | 22,005 | |
458 | Samsung SDS Co. Ltd. | 59,709 | |
449 | 1 | Sanmina Corp. | 22,499 |
1,377 | SAP SE | 217,680 | |
1,600 | Shanghai Baosight Software Co. Ltd. | 9,427 | |
1,634 | SK Hynix, Inc. | 170,000 | |
1,602 | 1 | Sprinklr, Inc. | 25,119 |
75 | 1 | SPS Commerce, Inc. | 12,921 |
3,307 | STMicroelectronics N.V. | 157,421 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Information Technology— continued | |||
1,600 | Sumco Corp. | $ 23,806 | |
222 | 1 | Super Micro Computer, Inc. | 60,710 |
57,122 | Taiwan Semiconductor Manufacturing Co. Ltd. | 1,050,832 | |
3,676 | Tata Consultancy Services Ltd. | 154,059 | |
1,317 | 1 | Teradata Corp. | 62,228 |
6,700 | Tongwei Co. Ltd. | 23,035 | |
6,451 | Trina Solar Co. Ltd. | 24,415 | |
14,645 | 1 | UiPath, Inc. | 289,385 |
16,000 | Unimicron Technology Corp. | 90,846 | |
78,568 | United Microelectronics Corp. | 123,097 | |
19,822 | 1 | Unity Software, Inc. | 584,947 |
1,036 | 1 | Veeco Instruments, Inc. | 29,557 |
1,613 | Vishay Intertechnology, Inc. | 35,857 | |
1 | Wisetech Global Ltd. | 44 | |
1,000 | Wiwynn Corp. | 55,960 | |
283 | 1 | Xero Ltd. | 19,316 |
11,800 | ZTE Corp. | 25,777 | |
TOTAL | 35,058,407 | ||
Materials— 2.4% | |||
7,361 | 1 | ADMA Biologics, Inc. | 27,236 |
1,339 | Air Liquide SA | 253,364 | |
44,236 | 2 | Alrosa AO | 0 |
137 | Asian Paints (India) Ltd. | 5,136 | |
13,265 | 1 | Berry Global Group, Inc. | 877,082 |
1 | Boliden AB | 27 | |
3,401 | 2 | Cherepovets MK Severstal | 0 |
21,877 | China Hongqiao Group Ltd. | 17,840 | |
4,986 | Clariant AG | 74,636 | |
14,071 | 1 | Cleveland-Cliffs, Inc. | 241,458 |
206 | Companhia Vale Do Rio Doce | 3,091 | |
7,784 | CRH PLC | 490,938 | |
14,000 | Dongyue Group Ltd. | 10,704 | |
13,091 | Dow, Inc. | 677,459 | |
8,800 | Ganfeng Lithium Group Co Ltd. | 28,341 | |
5 | Givaudan SA | 18,712 | |
15,598 | Glencore PLC | 87,453 | |
5,501 | Grasim Industries Ltd. | 132,853 | |
483 | Greif, Inc. | 33,641 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Materials— continued | |||
2,954 | Heidelberg Materials AG | $ 240,454 | |
2,480 | Holcim Ltd. | 182,523 | |
1,215 | Hyundai Steel Co. | 33,194 | |
18,876 | Independence Group NL | 107,309 | |
41 | Innospec, Inc. | 4,308 | |
1,845 | James Hardie Industries PLC, GDR | 59,134 | |
200 | JFE Holdings, Inc. | 2,962 | |
26,000 | Jiangxi Copper Co. Ltd. | 36,880 | |
2,500 | JSR Corp. | 68,706 | |
10,291 | Klabin SA | 47,189 | |
244 | Korea Kumho Petrochemical Co. Ltd. | 24,159 | |
29 | L.G. Chemical Ltd. | 11,287 | |
1,336 | Luberef | 48,874 | |
9,500 | Mitsubishi Chemical Holdings Corp. | 62,168 | |
36,800 | Nippon Paint Holdings Co. Ltd. | 275,745 | |
362 | 2 | Norilsk Nickel | 0 |
3,212 | Norsk Hydro ASA | 18,634 | |
23,929 | 2 | Novolipetski Metallurgicheski Komb OAO | 0 |
3,726 | Nucor Corp. | 633,308 | |
1,972 | Nutrien Ltd. | 105,478 | |
2,566 | Oci NV | 55,218 | |
268 | Olympic Steel, Inc. | 15,150 | |
3,607 | Pactiv Evergreen, Inc. | 41,264 | |
1,723 | PI Industries Ltd. | 78,012 | |
172,460 | Pilbara Minerals Ltd. | 416,134 | |
4 | 2 | Polymetal International PLC | 0 |
274 | 2 | Polyus PJSC | 0 |
252 | POSCO Holdings, Inc. | 94,581 | |
3,824 | 1 | PQ Group Holdings, Inc. | 36,405 |
4,315 | Queen’s Road Capital Investment Ltd. | 2,035 | |
470 | Reliance Steel & Aluminum Co. | 129,372 | |
575 | 1,2 | Resolute Forest Products, Rights | 817 |
66,277 | 2 | Rusal | 0 |
995 | Ryerson Holding Corp. | 30,815 | |
1,833 | Saudi Arabian Fertilizers Co. | 67,299 | |
1,593 | 1 | Saudi Arabian Mining Co. | 16,922 |
2,500 | Shandong Gold Mining Co. Ltd. | 4,947 | |
601 | Smurfit Kappa Group PLC | 22,816 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Materials— continued | |||
174 | Solvay SA | $ 20,123 | |
1,076 | Steel Dynamics, Inc. | 128,184 | |
1,343 | Stora Enso Oyj, Class R | 17,439 | |
4,321 | SunCoke Energy, Inc. | 40,229 | |
1,777 | Suzano Papel e Celulose SA | 19,416 | |
478 | Umicore SA | 12,779 | |
1,237 | UPM - Kymmene Oyj | 43,230 | |
268 | Va Stahl Ag | 7,540 | |
4,460 | West Fraser Timber Co. Ltd. | 323,485 | |
607 | Worthington Industries, Inc. | 43,522 | |
394 | Yara International ASA | 13,356 | |
44,100 | Zhongjin Gold Corp Ltd. | 66,854 | |
TOTAL | 6,690,227 | ||
Real Estate— 1.6% | |||
6,557 | 1 | Apartment Investment & Management Co., Class A | 45,178 |
3,287 | Armada Hoffler Properties, Inc. | 36,091 | |
3,042 | Broadstone Net Lease, Inc. | 48,672 | |
2,100 | CapitaLand Ascendas REIT | 4,449 | |
774 | Chatham Lodging Trust | 7,670 | |
50,000 | China Overseas Property Holdings Ltd. | 40,741 | |
21,000 | China Resources Mixc Lifestyle Services Ltd. | 79,559 | |
59,500 | CK Asset Holdings Ltd. | 282,978 | |
2 | 1 | Compass, Inc. | 4 |
120 | Covivio | 5,864 | |
6,202 | Crown Castle, Inc. | 727,371 | |
2,520 | Dar Al Arkan Real Estate Development Co. | 10,028 | |
7,863 | DLF Ltd. | 59,101 | |
1,463 | Equinix, Inc. | 1,192,360 | |
39,615 | Fibra Uno Administracion SA | 64,046 | |
38 | FirstService Corp. | 5,963 | |
617 | Global Medical REIT, Inc. | 6,189 | |
10,678 | Goodman Group | 161,107 | |
696 | Klepierre SA | 17,568 | |
2,263 | Land Securities Group PLC | 17,895 | |
473 | LEG Immobilien SE | 36,119 | |
807 | LXP Industrial Trust | 7,086 | |
20,500 | Mitsubishi Estate Co. Ltd. | 276,659 | |
1,890 | Plymouth Industrial REIT, Inc. | 41,108 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Real Estate— continued | |||
7,227 | ProLogis, Inc. | $ 830,599 | |
3,550 | RPT Realty | 41,251 | |
5,321 | Service Properties Trust | 38,045 | |
20,000 | Swire Pacific Ltd., Class A | 129,932 | |
1,783 | UMH Properties, Inc. | 25,176 | |
367 | Warehouses De Pauw SCA | 10,316 | |
2,214 | Whitestone Project | 24,265 | |
TOTAL | 4,273,390 | ||
Utilities— 1.5% | |||
59,180 | AES Corp. | 1,018,488 | |
1,082 | Algonquin Power & Utilities Corp. | 6,674 | |
73 | AltaGas Ltd. | 1,485 | |
48 | Brookfield Infrastructure Corp. | 1,491 | |
12,424 | Centrica PLC | 23,417 | |
391 | CEZ A.S. | 17,296 | |
24,000 | China Resources Power Holdings Co. Ltd. | 46,286 | |
2,200 | Chubu Electric Power Co., Inc. | 27,152 | |
441 | Clearway Energy, Inc. | 10,438 | |
11,602 | E.On AG | 150,703 | |
713 | EDP Renovaveis SA | 13,000 | |
67 | Elia System Operator S.A./NV | 7,257 | |
7,227 | Energias de Portugal SA | 34,511 | |
8,227 | Engie | 142,627 | |
4,999 | Engie Brasil Energia SA | 44,180 | |
988 | Fortum Oyj | 13,893 | |
72,100 | GD Power Development Co., Ltd. | 39,939 | |
20,000 | Huaneng Power International, Inc. | 10,412 | |
14,600 | Huaneng Power International, Inc. | 15,793 | |
3,814 | Hydro One Ltd. | 106,020 | |
29,359 | Iberdrola SA | 363,071 | |
5,090 | Indraprastha Gas Ltd. | 23,772 | |
39 | Korea Electric Power Corp. | 569 | |
4,000 | Kunlun Energy Co. Ltd. | 3,697 | |
2,960 | Meridian Energy Ltd. | 9,517 | |
1,613 | Mighty River Power Ltd. | 6,186 | |
12,122 | NiSource, Inc. | 310,808 | |
9,324 | NRG Energy, Inc. | 446,060 | |
162 | Oesterreichische Elektrizitaetswirtschafts AG | 15,441 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS— continued | |||
Utilities— continued | |||
1,181,504 | 2 | OJSC Inter Rao Ues | $ 0 |
696 | ONE Gas, Inc. | 40,110 | |
10,704 | Origin Energy Ltd. | 58,297 | |
552 | Otter Tail Corp. | 42,123 | |
21,219 | PGE SA | 44,694 | |
372 | PNM Resources, Inc. | 15,464 | |
10,708 | Power Grid Corp of India Ltd. | 26,909 | |
501 | Public Power Corp. | 5,889 | |
10,004 | SSE PLC | 232,013 | |
15,914 | Tata Power Co. Ltd. | 51,164 | |
2,700 | Tokyo Gas Co. Ltd. | 62,511 | |
833 | Unitil Corp. | 40,384 | |
16,564 | Vistra Corp. | 586,531 | |
TOTAL | 4,116,272 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $134,522,141) | 160,283,403 | ||
FOREIGN GOVERNMENTS/AGENCIES— 9.0% | |||
Sovereign— 9.0% | |||
AUD 350,000 | Australia, Government of, Sr. Unsecd. Note, Series 148, 2.750%, 11/21/2027 | 220,461 | |
400,000 | Australia, Government of, Sr. Unsecd. Note, Series 155, 2.500%, 5/21/2030 | 238,968 | |
EUR 180,000 | Belgium, Government of, Series 74, 0.800%, 6/22/2025 | 189,106 | |
600,000 | Belgium, Government of, Sr. Unsecd. Note, Series 86, 1.250%, 4/22/2033 | 560,179 | |
300,000 | Bundesrepublik Deutschland, Unsecd. Note, 2.100%, 11/15/2029 | 321,926 | |
350,000 | Buoni Poliennali del Tes, Sr. Unsecd. Note, 5.000%, 8/1/2039 | 400,085 | |
CAD 350,000 | Canada, Government of, 5.750%, 6/1/2033 | 302,541 | |
480,000 | Canada, Government of, Series WL43, 5.750%, 6/1/2029 | 392,047 | |
200,000 | Canada, Government of, Unsecd. Note, 1.250%, 3/1/2027 | 135,861 | |
460,000 | Canada, Government of, Unsecd. Note, 2.250%, 6/1/2025 | 328,863 | |
EUR 606,000 | France, Government of, 0.500%, 5/25/2025 | 635,212 | |
400,000 | France, Government of, 5.750%, 10/25/2032 | 529,733 | |
150,000 | France, Government of, Bond, 4.500%, 4/25/2041 | 187,176 | |
600,000 | France, Government of, O.A.T., 5.500%, 4/25/2029 | 741,221 | |
300,000 | France, Government of, Unsecd. Note, 1.000%, 5/25/2027 | 307,713 | |
450,000 | France, Government of, Unsecd. Note, 1.250%, 5/25/2036 | 392,283 | |
200,000 | France, Government of, Unsecd. Note, 1.750%, 5/25/2066 | 137,887 | |
300,000 | France, Government of, Unsecd. Note, 1.750%, 6/25/2039 | 265,952 |
Shares, Principal Amount or Contracts | Value | ||
FOREIGN GOVERNMENTS/AGENCIES— continued | |||
Sovereign— continued | |||
EUR 300,000 | France, Government of, Unsecd. Note, 2.500%, 5/25/2030 | $ 321,477 | |
1,000,000 | Germany, Government of, 0.250%, 2/15/2027 | 1,014,256 | |
450,000 | Germany, Government of, Bond, Series 03, 4.750%, 7/4/2034 | 591,235 | |
300,000 | Germany, Government of, Bond, Series 08, 4.750%, 7/4/2040 | 415,210 | |
500,000 | Germany, Government of, Unsecd. Note, 0.500%, 2/15/2025 | 527,210 | |
480,000 | Italy, Government of, Sr. Unsecd. Note, 1.650%, 3/1/2032 | 439,467 | |
600,000 | Italy, Government of, Sr. Unsecd. Note, 4.750%, 9/1/2028 | 688,794 | |
825,000 | Italy, Government of, Unsecd. Note, 1.600%, 6/1/2026 | 861,694 | |
208,000 | Italy, Government of, Unsecd. Note, 3.250%, 9/1/2046 | 183,210 | |
JPY 80,000,000 | Japan (40 Year issue), Sr. Unsecd. Note, Series 12, 0.500%, 3/20/2059 | 366,054 | |
72,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 114, 2.100%, 12/20/2029 | 536,746 | |
140,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 122, 1.800%, 9/20/2030 | 1,031,709 | |
215,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 153, 1.300%, 6/20/2035 | 1,523,490 | |
60,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 351, 0.100%, 6/20/2028 | 402,278 | |
90,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 44, 1.700%, 9/20/2044 | 631,651 | |
90,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 58, 0.800%, 3/20/2048 | 511,408 | |
90,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 92, 2.100%, 12/20/2026 | 644,077 | |
$ 30,000 | Mexico, Government of, Series MTNA, 6.750%, 9/27/2034 | 31,315 | |
MXN 15,000,000 | Mexico, Government of, Sr. Unsecd. Note, Series M, 5.750%, 3/5/2026 | 792,305 | |
EUR 370,000 | Netherlands, Government of, Unsecd. Note, 2.500%, 1/15/2033 | 394,529 | |
60,000 | Netherlands, Government of, Unsecd. Note, 2.750%, 1/15/2047 | 63,384 | |
80,000 | Netherlands, Government of, Unsecd. Note, 3.750%, 1/15/2042 | 96,441 | |
250,000 | Spain, Government of, 4.200%, 1/31/2037 | 285,957 | |
600,000 | Spain, Government of, Sr. Unsecd. Note, 1.500%, 4/30/2027 | 621,263 | |
640,000 | Spain, Government of, Sr. Unsecd. Note, 1.950%, 7/30/2030 | 646,552 | |
780,000 | Spain, Government of, Sr. Unsecd. Note, 2.750%, 10/31/2024 | 842,537 | |
100,000 | Spain, Government of, Sr. Unsecd. Note, 2.900%, 10/31/2046 | 90,780 | |
GBP 700,000 | United Kingdom, Government of, 2.750%, 9/7/2024 | 869,487 | |
630,000 | United Kingdom, Government of, 3.250%, 1/22/2044 | 649,080 | |
550,000 | United Kingdom, Government of, 4.250%, 12/7/2027 | 697,640 | |
270,000 | United Kingdom, Government of, Bond, 4.250%, 3/7/2036 | 338,032 | |
480,000 | United Kingdom, Government of, Unsecd. Deb., 1.625%, 10/22/2028 | 542,145 |
Shares, Principal Amount or Contracts | Value | ||
FOREIGN GOVERNMENTS/AGENCIES— continued | |||
Sovereign— continued | |||
GBP 600,000 | United Kingdom, Government of, Unsecd. Note, 1.500%, 7/22/2047 | $ 416,086 | |
380,000 | United Kingdom, Government of, Unsecd. Note, 4.250%, 6/7/2032 | 485,607 | |
TOTAL FOREIGN GOVERNMENTS/AGENCIES (IDENTIFIED COST $28,202,819) | 24,840,320 | ||
CORPORATE BONDS— 6.7% | |||
Capital Goods - Aerospace & Defense— 0.4% | |||
$ 350,000 | Boeing Co., Sr. Unsecd. Note, 4.875%, 5/1/2025 | 346,405 | |
145,000 | Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, Series WI, 3.844%, 5/1/2025 | 141,161 | |
300,000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 2.300%, 2/15/2031 | 240,419 | |
215,000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 3.625%, 5/15/2025 | 208,402 | |
90,000 | Lockheed Martin Corp., Sr. Unsecd. Note, 3.550%, 1/15/2026 | 87,789 | |
90,000 | 4 | Textron Financial Corp., Jr. Sub. Note, 144A, 7.376% (CME Term SOFR 3 Month +1.996%), 2/15/2042 | 70,488 |
TOTAL | 1,094,664 | ||
Capital Goods - Building Materials— 0.1% | |||
125,000 | Allegion PLC, Sr. Unsecd. Note, 3.500%, 10/1/2029 | 112,719 | |
85,000 | Carrier Global Corp., Sr. Unsecd. Note, 144A, 6.200%, 3/15/2054 | 89,924 | |
TOTAL | 202,643 | ||
Capital Goods - Construction Machinery— 0.2% | |||
315,000 | Ashtead Capital, Inc., Sr. Unsecd. Note, 144A, 2.450%, 8/12/2031 | 246,067 | |
205,000 | Ashtead Capital, Inc., Sr. Unsecd. Note, 144A, 5.550%, 5/30/2033 | 194,885 | |
195,000 | Deere & Co., Sr. Unsecd. Note, 2.750%, 4/15/2025 | 188,945 | |
TOTAL | 629,897 | ||
Capital Goods - Diversified Manufacturing— 0.0% | |||
75,000 | Lennox International, Inc., Sr. Unsecd. Note, 1.700%, 8/1/2027 | 66,287 | |
Communications - Cable & Satellite— 0.0% | |||
30,000 | Charter Communications Operating, LLC / Charter Communications Operating Capital Corp., 5.050%, 3/30/2029 | 28,928 | |
Communications - Media & Entertainment— 0.0% | |||
20,000 | Discovery Communications LLC, Sr. Unsecd. Note, 4.900%, 3/11/2026 | 19,767 | |
70,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046 | 65,207 | |
TOTAL | 84,974 | ||
Communications - Telecom Wireless— 0.2% | |||
330,000 | Crown Castle, Inc., Sr. Unsecd. Note, 5.000%, 1/11/2028 | 322,312 | |
80,000 | T-Mobile USA, Inc., 2.250%, 11/15/2031 | 63,799 | |
300,000 | T-Mobile USA, Inc., Series WI, 3.400%, 10/15/2052 | 202,259 | |
TOTAL | 588,370 |
Shares, Principal Amount or Contracts | Value | ||
CORPORATE BONDS— continued | |||
Communications - Telecom Wirelines— 0.1% | |||
$ 364,000 | AT&T, Inc., Sr. Unsecd. Note, 3.550%, 9/15/2055 | $ 240,211 | |
Consumer Cyclical - Automotive— 0.1% | |||
70,000 | General Motors Co., Sr. Unsecd. Note, 4.200%, 10/1/2027 | 66,904 | |
235,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.100%, 1/12/2032 | 191,342 | |
145,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 5.850%, 4/6/2030 | 144,646 | |
TOTAL | 402,892 | ||
Consumer Cyclical - Retailers— 0.4% | |||
600,000 | Advance Auto Parts, Inc., Sr. Unsecd. Note, Series WI, 3.900%, 4/15/2030 | 501,246 | |
225,000 | AutoNation, Inc., Sr. Unsecd. Note, 4.750%, 6/1/2030 | 208,898 | |
300,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 4/15/2025 | 290,854 | |
42,573 | CVS Health Corp., Pass Thru Cert., 144A, 5.298%, 1/11/2027 | 41,913 | |
TOTAL | 1,042,911 | ||
Consumer Cyclical - Services— 0.0% | |||
130,000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | 125,659 | |
Consumer Non-Cyclical - Health Care— 0.3% | |||
105,000 | GE Healthcare Holding LLC, Sr. Unsecd. Note, 6.377%, 11/22/2052 | 112,836 | |
250,000 | HCA, Inc., Sr. Unsecd. Note, 5.500%, 6/1/2033 | 245,921 | |
400,000 | PerkinElmer, Inc., Sr. Unsecd. Note, 3.300%, 9/15/2029 | 351,741 | |
TOTAL | 710,498 | ||
Consumer Non-Cyclical - Pharmaceuticals— 0.0% | |||
90,000 | Gilead Sciences, Inc., Sr. Unsecd. Note, 3.650%, 3/1/2026 | 87,102 | |
Consumer Non-Cyclical - Tobacco— 0.4% | |||
EUR 520,000 | Philip Morris International, Inc., Sr. Unsecd. Note, 2.875%, 5/14/2029 | 537,493 | |
$ 450,000 | Philip Morris International, Inc., Sr. Unsecd. Note, 5.750%, 11/17/2032 | 460,578 | |
200,000 | Reynolds American, Inc., Sr. Unsecd. Note, 5.850%, 8/15/2045 | 176,873 | |
TOTAL | 1,174,944 | ||
Energy - Integrated— 0.1% | |||
340,000 | Exxon Mobil Corp., Sr. Unsecd. Note, 2.992%, 3/19/2025 | 330,992 | |
35,000 | Petro-Canada, Deb., 7.000%, 11/15/2028 | 37,133 | |
TOTAL | 368,125 | ||
Energy - Midstream— 0.4% | |||
130,000 | Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 3.600%, 9/1/2032 | 110,506 | |
325,000 | Energy Transfer LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 | 318,766 | |
80,000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 | 76,874 | |
190,000 | ONEOK, Inc., Sr. Unsecd. Note, 6.100%, 11/15/2032 | 193,607 |
Shares, Principal Amount or Contracts | Value | ||
CORPORATE BONDS— continued | |||
Energy - Midstream— continued | |||
$ 70,000 | Targa Resources, Inc., Sr. Unsecd. Note, 4.200%, 2/1/2033 | $ 61,748 | |
250,000 | Targa Resources, Inc., Sr. Unsecd. Note, 6.250%, 7/1/2052 | 243,819 | |
TOTAL | 1,005,320 | ||
Energy - Oil Field Services— 0.0% | |||
85,000 | Ovintiv, Inc., Sr. Unsecd. Note, 7.100%, 7/15/2053 | 88,220 | |
Financial Institution - Banking— 1.1% | |||
500,000 | Bank of America Corp., Sr. Unsecd. Note, 2.687%, 4/22/2032 | 406,393 | |
100,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 4.875%, 4/1/2044 | 91,378 | |
300,000 | Bank of America Corp., Sub. Note, Series MTN, 4.000%, 1/22/2025 | 294,163 | |
115,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.057%, 1/25/2033 | 94,382 | |
300,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.785%, 3/17/2033 | 259,703 | |
250,000 | Citizens Bank N.A., Sr. Unsecd. Note, Series BKNT, 3.750%, 2/18/2026 | 234,987 | |
250,000 | Compass Bank, Birmingham, Sub. Note, Series BKNT, 3.875%, 4/10/2025 | 243,276 | |
250,000 | FNB Corp. (PA), Sr. Unsecd. Note, 5.150%, 8/25/2025 | 242,736 | |
100,000 | JPMorgan Chase & Co., Series S, 6.750%, 8/1/2072 | 100,053 | |
70,000 | Morgan Stanley, Sr. Unsecd. Note, Series MTN, 1.794%, 2/13/2032 | 53,660 | |
200,000 | PNC Financial Services Group, Inc., Sr. Unsecd. Note, 5.582%, 6/12/2029 | 198,669 | |
11,587 | 2 | Regional Diversified Funding, 144A, 9.250%, 3/15/2030 | 4,867 |
225,000 | Truist Financial Corp., Sr. Unsecd. Note, Series MTN, 5.867%, 6/8/2034 | 219,195 | |
250,000 | US Bancorp, Sr. Unsecd. Note, 5.836%, 6/12/2034 | 246,292 | |
300,000 | US Bancorp, Sr. Unsecd. Note, Series MTN, 1.375%, 7/22/2030 | 230,027 | |
TOTAL | 2,919,781 | ||
Financial Institution - Broker/Asset Mgr/Exchange— 0.1% | |||
140,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | 135,271 | |
70,000 | TIAA Asset Management Finance Co. LLC, Sr. Unsecd. Note, 144A, 4.125%, 11/1/2024 | 68,885 | |
TOTAL | 204,156 | ||
Financial Institution - Finance Companies— 0.1% | |||
220,000 | Air Lease Corp., Sr. Unsecd. Note, 5.850%, 12/15/2027 | 221,052 | |
Financial Institution - Insurance - Life— 0.1% | |||
160,000 | AIA Group Ltd., Sr. Unsecd. Note, 144A, 4.950%, 4/4/2033 | 155,525 | |
10,000 | 4 | MetLife, Inc., Jr. Sub. Note, 10.750% (3-month USLIBOR +7.548%), 8/1/2039 | 12,997 |
TOTAL | 168,522 |
Shares, Principal Amount or Contracts | Value | ||
CORPORATE BONDS— continued | |||
Financial Institution - Insurance - P&C— 0.0% | |||
$ 75,000 | Nationwide Mutual Insurance Co., Sub., 144A, 4.350%, 4/30/2050 | $ 55,318 | |
Financial Institution - REIT - Apartment— 0.2% | |||
300,000 | Mid-America Apartment Communities LP, Sr. Unsecd. Note, 3.750%, 6/15/2024 | 296,835 | |
140,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026 | 131,155 | |
TOTAL | 427,990 | ||
Financial Institution - REIT - Healthcare— 0.2% | |||
500,000 | Welltower, Inc., Sr. Unsecd. Note, 2.750%, 1/15/2032 | 405,174 | |
Financial Institution - REIT - Other— 0.1% | |||
160,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024 | 158,892 | |
Financial Institution - REITs— 0.0% | |||
70,000 | Camden Property Trust, Sr. Unsecd. Note, 2.800%, 5/15/2030 | 60,306 | |
Food Products— 0.0% | |||
INR 73,689 | Britannia Industries Ltd., Unsecd. Note, Series N3, 5.500%, 6/3/2024 | 872 | |
Foreign-Local-Government— 0.0% | |||
$ 50,000 | Quebec, Province of, Note, Series MTNA, 7.035%, 3/10/2026 | 52,296 | |
Municipal Services— 0.0% | |||
100,000 | Camp Pendleton & Quantico Housing LLC, Sec. Fac. Bond, 5.572%, 10/1/2050 | 92,428 | |
Sovereign— 0.1% | |||
JPY 30,000,000 | KFW, 2.050%, 2/16/2026 | 210,604 | |
Technology— 0.6% | |||
$ 45,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2051 | 32,804 | |
250,000 | CDW LLC / CDW Finance, Sr. Unsecd. Note, 2.670%, 12/1/2026 | 229,135 | |
75,000 | Concentrix Corp., Sr. Unsecd. Note, 6.650%, 8/2/2026 | 75,551 | |
320,000 | Dell International LLC / EMC Corp., Sr. Unsecd. Note, 6.020%, 6/15/2026 | 323,566 | |
280,000 | Intel Corp., Sr. Unsecd. Note, 3.400%, 3/25/2025 | 273,504 | |
300,000 | Keysight Technologies, Inc., Sr. Unsecd. Note, 4.550%, 10/30/2024 | 296,150 | |
500,000 | Oracle Corp., Sr. Unsecd. Note, 6.250%, 11/9/2032 | 526,751 | |
TOTAL | 1,757,461 | ||
Technology Services— 0.1% | |||
270,000 | Global Payments, Inc., Sr. Unsecd. Note, 2.900%, 11/15/2031 | 222,083 | |
Transportation - Airlines— 0.1% | |||
140,000 | Southwest Airlines Co., Sr. Unsecd. Note, 5.250%, 5/4/2025 | 139,165 | |
Transportation - Services— 0.1% | |||
62,000 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 3.850%, 11/15/2024 | 60,907 | |
180,000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 5.550%, 5/1/2028 | 178,329 |
Shares, Principal Amount or Contracts | Value | ||
CORPORATE BONDS— continued | |||
Transportation - Services— continued | |||
$ 160,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 3.900%, 4/1/2025 | $ 157,311 | |
TOTAL | 396,547 | ||
Utility - Electric— 0.9% | |||
150,000 | Alabama Power Co., Sr. Unsecd. Note, 3.000%, 3/15/2052 | 95,961 | |
185,000 | Ameren Corp., Sr. Unsecd. Note, 1.950%, 3/15/2027 | 166,899 | |
275,000 | Electricite de France S.A., Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028 | 263,435 | |
190,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 | 146,315 | |
400,000 | Enel Finance International NV, Sr. Unsecd. Note, 144A, 2.650%, 9/10/2024 | 389,714 | |
300,000 | Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026 | 287,691 | |
160,000 | Florida Power & Light Co., Sec. Fac. Bond, 2.850%, 4/1/2025 | 155,162 | |
140,000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 | 134,081 | |
200,000 | NiSource Finance Corp., Sr. Unsecd. Note, 3.950%, 3/30/2048 | 150,649 | |
400,000 | Northeast Utilities, Sr. Unsecd. Note, Series H, 3.150%, 1/15/2025 | 388,982 | |
155,000 | WEC Energy Group, Inc., Sr. Unsecd. Note, 2.200%, 12/15/2028 | 134,111 | |
125,000 | Wisconsin Electric Power Co., Sr. Unsecd. Note, 4.300%, 12/15/2045 | 98,727 | |
TOTAL | 2,411,727 | ||
Utility - Natural Gas— 0.2% | |||
495,000 | National Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 1/15/2026 | 494,541 | |
Utility - Other— 0.0% | |||
105,000 | National Grid-SP PLC, Sr. Unsecd. Note, 5.602%, 6/12/2028 | 105,927 | |
TOTAL CORPORATE BONDS (IDENTIFIED COST $20,004,998) | 18,446,487 | ||
ASSET-BACKED SECURITIES— 1.4% | |||
Auto Receivables— 0.6% | |||
200,000 | Ford Credit Auto Owner Trust/Ford Credit 2023-2, Class SUB, 5.920%, 2/15/2036 | 200,554 | |
100,000 | Navistar Financial Dealer Note Master Trust 2023-1, Class A, 6.180%, 8/25/2028 | 99,897 | |
150,042 | Santander Bank Auto Credit-Linked Notes 2023-A, Class C, 6.736%, 6/15/2033 | 150,290 | |
300,000 | Santander Drive Auto Receivables Trust 2023-1, Class C, 5.090%, 5/15/2030 | 294,066 | |
175,000 | SFS Auto Receivables Securitization Trust 2023-1A, Class C, 5.970%, 2/20/2031 | 173,102 | |
200,000 | Tesla Auto Lease Trust 2023-A, Class B, 6.410%, 7/20/2027 | 200,475 | |
326,148 | Toyota Auto Receivables Owner Trust 2020-B, Class A4, 1.660%, 9/15/2025 | 323,383 |
Shares, Principal Amount or Contracts | Value | ||
ASSET-BACKED SECURITIES— continued | |||
Auto Receivables— continued | |||
$ 285,000 | World Omni Auto Receivables Trust 2021-A, Class C, 0.890%, 8/16/2027 | $ 266,669 | |
TOTAL | 1,708,436 | ||
Credit Card— 0.2% | |||
500,000 | Master Credit Card Trust 2022-2A, Class C, 2.730%, 7/21/2028 | 442,896 | |
Equipment Lease— 0.3% | |||
5,605 | CNH Equipment Trust 2020-A, Class A3, 1.160%, 6/16/2025 | 5,597 | |
175,000 | DLLMT LLC 2023-1A, Class A4, 5.350%, 3/20/2031 | 173,697 | |
550,000 | HPEFS Equipment Trust 2022-1A, Class C, 1.960%, 5/21/2029 | 531,406 | |
200,000 | Kubota Credit Owner Trust 2023-2A, Class A4, 5.230%, 6/15/2028 | 198,612 | |
TOTAL | 909,312 | ||
Other— 0.2% | |||
300,000 | PFS Financing Corp. 2020-G, Class A, 0.970%, 2/15/2026 | 297,687 | |
200,000 | PFS Financing Corp. 2023-B, Class A, 5.270%, 5/15/2028 | 198,401 | |
TOTAL | 496,088 | ||
Student Loans— 0.1% | |||
66,903 | Navient Student Loan Trust 2021-A, Class A, 0.840%, 5/15/2069 | 57,806 | |
224,330 | Navient Student Loan Trust 2021-GA, Class A, 1.580%, 4/15/2070 | 190,546 | |
TOTAL | 248,352 | ||
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $3,957,073) | 3,805,084 | ||
U.S. TREASURIES— 1.1% | |||
U.S. Treasury Bond— 1.0% | |||
1,450,000 | United States Treasury Bond, 1.875%, 11/15/2051 | 840,320 | |
510,000 | United States Treasury Bond, 2.375%, 5/15/2051 | 335,086 | |
3,000 | United States Treasury Bond, 3.000%, 11/15/2045 | 2,290 | |
25,000 | United States Treasury Bond, 3.250%, 5/15/2042 | 20,465 | |
1,600,000 | United States Treasury Bond, 4.125%, 8/15/2053 | 1,496,250 | |
TOTAL | 2,694,411 | ||
U.S. Treasury Note— 0.1% | |||
300,000 | United States Treasury Note, 4.500%, 11/15/2033 | 303,797 | |
150,000 | United States Treasury Note, 4.875%, 10/31/2028 | 153,713 | |
TOTAL | 457,510 | ||
TOTAL U.S. TREASURIES (IDENTIFIED COST $3,903,039) | 3,151,921 | ||
COLLATERALIZED MORTGAGE OBLIGATIONS— 0.4% | |||
Commercial Mortgage— 0.2% | |||
125,000 | Bank 2023-BNK46, Class A4, 5.745%, 8/15/2056 | 125,571 | |
255,000 | Bank, Class A4, 3.488%, 11/15/2050 | 233,790 |
Shares, Principal Amount or Contracts | Value | ||
COLLATERALIZED MORTGAGE OBLIGATIONS— continued | |||
Commercial Mortgage— continued | |||
$ 300,000 | JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049 | $ 275,535 | |
TOTAL | 634,896 | ||
Federal Home Loan Mortgage Corporation— 0.1% | |||
250,000 | Federal Home Loan Mortgage Corp. REMIC, Series K-161, Class A2, 4.900%, 10/25/2033 | 247,338 | |
Non-Agency Mortgage— 0.1% | |||
333,888 | GS Mortgage-Backed Securities Trust 2023-PJ1, Class A4, 3.500%, 2/25/2053 | 281,457 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $1,245,853) | 1,163,691 | ||
COMMERCIAL MORTGAGE-BACKED SECURITIES— 0.3% | |||
Commercial Mortgage— 0.1% | |||
150,000 | BMO Mortgage Trust 2023-5C1, Class A3, 6.534%, 8/15/2056 | 154,120 | |
200,000 | BMO Mortgage Trust 2023-C4, Class A5, 5.116%, 2/15/2056 | 191,054 | |
TOTAL | 345,174 | ||
Federal Home Loan Mortgage Corporation— 0.2% | |||
32,331 | Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025 | 31,679 | |
500,000 | Federal Home Loan Mortgage Corp. REMIC, Series K737, Class A2, 2.525%, 10/25/2026 | 468,735 | |
TOTAL | 500,414 | ||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $908,453) | 845,588 | ||
GOVERNMENT AGENCIES— 0.3% | |||
Agency— 0.1% | |||
200,000 | Federal Home Loan Bank System Notes, 0.500%, 4/14/2025 | 188,228 | |
Federal National Mortgage Association— 0.2% | |||
635,000 | Federal National Mortgage Association Notes, 0.625%, 4/22/2025 | 598,624 | |
TOTAL GOVERNMENT AGENCIES (IDENTIFIED COST $834,962) | 786,852 | ||
MORTGAGE-BACKED SECURITIES— 0.0% | |||
Federal Home Loan Mortgage Corporation— 0.0% | |||
436 | Federal Home Loan Mortgage Corp., Pool C00592, 7.000%, 3/1/2028 | 448 | |
398 | Federal Home Loan Mortgage Corp., Pool C00896, 7.500%, 12/1/2029 | 412 | |
666 | Federal Home Loan Mortgage Corp., Pool C19588, 6.500%, 12/1/2028 | 680 | |
316 | Federal Home Loan Mortgage Corp., Pool C25621, 6.500%, 5/1/2029 | 324 |
Shares, Principal Amount or Contracts | Value | ||
MORTGAGE-BACKED SECURITIES— continued | |||
Federal Home Loan Mortgage Corporation— continued | |||
$ 558 | Federal Home Loan Mortgage Corp., Pool C76361, 6.000%, 2/1/2033 | $ 571 | |
897 | Federal Home Loan Mortgage Corp., Pool G01444, 6.500%, 8/1/2032 | 929 | |
TOTAL | 3,364 | ||
Federal National Mortgage Association— 0.0% | |||
430 | Federal National Mortgage Association, Pool 251697, 6.500%, 5/1/2028 | 437 | |
1,857 | Federal National Mortgage Association, Pool 252334, 6.500%, 2/1/2029 | 1,869 | |
1,276 | Federal National Mortgage Association, Pool 254905, 6.000%, 10/1/2033 | 1,307 | |
23 | Federal National Mortgage Association, Pool 255075, 5.500%, 2/1/2024 | 23 | |
25 | Federal National Mortgage Association, Pool 303168, 9.500%, 2/1/2025 | 25 | |
80 | Federal National Mortgage Association, Pool 323159, 7.500%, 4/1/2028 | 81 | |
557 | Federal National Mortgage Association, Pool 323640, 7.500%, 4/1/2029 | 568 | |
2,189 | Federal National Mortgage Association, Pool 545993, 6.000%, 11/1/2032 | 2,232 | |
899 | Federal National Mortgage Association, Pool 555272, 6.000%, 3/1/2033 | 916 | |
411 | Federal National Mortgage Association, Pool 713974, 5.500%, 7/1/2033 | 416 | |
1,887 | Federal National Mortgage Association, Pool 721502, 5.000%, 7/1/2033 | 1,875 | |
TOTAL | 9,749 | ||
Government National Mortgage Association— 0.0% | |||
2,097 | Government National Mortgage Association, Pool 2796, 7.000%, 8/20/2029 | 2,154 | |
1,314 | Government National Mortgage Association, Pool 3040, 7.000%, 2/20/2031 | 1,360 | |
3,253 | Government National Mortgage Association, Pool 3188, 6.500%, 1/20/2032 | 3,343 | |
4,526 | Government National Mortgage Association, Pool 3239, 6.500%, 5/20/2032 | 4,660 | |
539 | Government National Mortgage Association, Pool 451522, 7.500%, 10/15/2027 | 549 | |
130 | Government National Mortgage Association, Pool 462739, 7.500%, 5/15/2028 | 133 |
Shares, Principal Amount or Contracts | Value | ||
MORTGAGE-BACKED SECURITIES— continued | |||
Government National Mortgage Association— continued | |||
$ 56 | Government National Mortgage Association, Pool 464835, 6.500%, 9/15/2028 | $ 56 | |
986 | Government National Mortgage Association, Pool 469699, 7.000%, 11/15/2028 | 1,003 | |
902 | Government National Mortgage Association, Pool 486760, 6.500%, 12/15/2028 | 918 | |
383 | Government National Mortgage Association, Pool 780453, 7.500%, 12/15/2025 | 386 | |
346 | Government National Mortgage Association, Pool 780584, 7.000%, 6/15/2027 | 348 | |
TOTAL | 14,910 | ||
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $27,644) | 28,023 | ||
PURCHASED CALL OPTION— 0.0% | |||
2,300,000 | JPM EUR CALL/JPY PUT, Exercise Price $163, Notional Amount $358,984,000 Expiration Date 1/4/2024 (IDENTIFIED COST $12,082) | 9,994 | |
PURCHASED PUT OPTION— 0.0% | |||
1,500,000 | JPM EUR PUT/USD CALL (PUT-Option), Exercise Price $1.0775, Notional Amount $ 234,120,000, Expiration Date 2/28/2024 (IDENTIFIED COST $8,312) | 11,690 | |
INVESTMENT COMPANIES— 22.1% | |||
2,386 | Bank Loan Core Fund | 20,785 | |
3,280,294 | Emerging Markets Core Fund | 26,209,549 | |
10,579,932 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 5.45%5 | 10,583,106 | |
360,898 | 6 | High Yield Bond Core Fund | 1,952,456 |
2,219,824 | Mortgage Core Fund | 18,024,966 | |
458,062 | Project and Trade Finance Core Fund | 4,026,368 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $61,980,962) | 60,817,230 | ||
TOTAL INVESTMENT IN SECURITIES—99.5% (IDENTIFIED COST $255,608,338)7 | 274,190,283 | ||
OTHER ASSETS AND LIABILITIES - NET—0.5%8 | 1,276,607 | ||
TOTAL NET ASSETS—100% | $275,466,890 |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
Long Futures: | �� | |||
EURO-BUND Long Futures | 4 | $575,991 | December 2023 | |
E-mini Russel 2000 Long Futures | 19 | $1,721,590 | December 2023 | |
HANG SENG Index Long Futures | 4 | $436,496 | December 2023 | |
IBEX 35 Index Long Futures | 16 | $1,753,914 | December 2023 | |
MSCI EMGMKT Long Futures | 21 | $1,036,455 | December 2023 | |
NASDAQ 100 E-mini Long Futures | 3 | $959,130 | December 2023 | |
S+P500 E-mini Long Futures | 25 | $5,720,937 | December 2023 | |
TOPIX Index Long Futures | 2 | $320,518 | December 2023 | |
United States Treasury Long Bond Long Futures | 1 | $116,437 | March 2024 | |
United States Treasury Notes 2-Year Long Futures | 6 | $1,226,766 | March 2024 | |
United States Treasury Notes 5-Year Long Futures | 80 | $8,548,125 | March 2024 | |
United States Treasury Notes 10-Year Long Futures | 1 | $109,797 | March 2024 | |
United States Treasury Notes 10-Year Ultra Long Futures | 10 | $1,135,156 | March 2024 | |
Short Futures: | ||||
United States Treasury Ultra Bond Short Futures | 6 | $738,000 | March 2024 | |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS |
Settlement Date | Counterparty | Foreign Currency Units to Deliver/Receive | In Exchange For | Net Unrealized Appreciation/ (Depreciation) | |
Contracts Purchased: | |||||
12/27/2023 | State Street Bank & Trust Co. | 2,350,000 | BRL | $460,205 | $15,926 |
12/27/2023 | State Street Bank & Trust Co. | 2,350,000 | BRL | $463,349 | $12,782 |
12/27/2023 | State Street Bank & Trust Co. | 1,300,000 | BRL | $258,900 | $4,492 |
12/27/2023 | Morgan Stanley Capital | 1,600,000 | CNY | $221,084 | $3,797 |
12/27/2023 | Morgan Stanley Capital | 450,000 | EUR | $482,200 | $8,144 |
12/27/2023 | Credit Agricole CIB | 233,559,917 | JPY | $1,567,043 | $14,224 |
12/27/2023 | Credit Agricole CIB | 448,950,807 | JPY | $3,060,000 | $(20,475) |
Settlement Date | Counterparty | Foreign Currency Units to Deliver/Receive | In Exchange For | Net Unrealized Appreciation/ (Depreciation) | |
12/27/2023 | JPMorgan Chase Bank, N.A. | 102,132,056 | JPY | $685,174 | $6,289 |
12/27/2023 | Morgan Stanley Capital | 5,498,981 | MXN | $300,000 | $15,445 |
12/27/2023 | JPMorgan Chase Bank, N.A. | 8,332,353 | NOK | $750,000 | $20,638 |
12/27/2023 | Bank Of America, N.A. | 4,028,162 | NOK | $375,000 | $(2,446) |
12/27/2023 | Barclays Bank PLC | 2,696,152 | NOK | $250,000 | $(640) |
12/27/2023 | BNP Paribas SA | 5,562,607 | NOK | $500,000 | $14,471 |
2/5/2024 | Citibank N.A. | 92,594 | GBP | $113,916 | $3,037 |
2/6/2024 | Bank Of America, N.A. | 1,728,182 | MXN | $97,399 | $1,078 |
2/8/2024 | JPMorgan Chase Bank, N.A. | 22,283 | AUD | $14,500 | $253 |
2/8/2024 | HSBC Bank USA | 18,982 | AUD | $10,000 | $250 |
2/8/2024 | BNP Paribas SA | 80,124 | AUD | $51,702 | $1,344 |
2/8/2024 | State Street Bank & Trust Co. | 38,294 | CAD | $28,000 | $251 |
2/8/2024 | JPMorgan Chase Bank, N.A. | 38,512 | CAD | $28,000 | $412 |
2/8/2024 | Citibank N.A. | 162,620 | CAD | $118,325 | $1,640 |
2/8/2024 | The Bank Of New York Mellon | 48,351 | CHF | $54,243 | $1,353 |
2/8/2024 | Citibank N.A. | 311,304 | EUR | $334,309 | $5,491 |
2/8/2024 | State Street Bank & Trust Co. | 122,295 | EUR | $131,658 | $1,849 |
2/8/2024 | Credit Agricole CIB | 20,315,208 | JPY | $137,500 | $984 |
2/8/2024 | State Street Bank & Trust Co. | 16,947,998 | MXN | $940,000 | $32,211 |
2/8/2024 | Credit Agricole CIB | 310,710 | NOK | $28,000 | $771 |
2/8/2024 | HSBC Bank USA | 20,709 | NZD | $10,000 | $466 |
2/8/2024 | Morgan Stanley Capital | 25,150 | NZD | $15,000 | $491 |
Contracts Sold: | |||||
12/1/2023 | Income Repatriation Boston | 1,015 | BRL | $206 | $0 |
12/27/2023 | State Street Bank & Trust Co. | 1,300,000 | BRL | $254,928 | $(8,464) |
12/27/2023 | State Street Bank & Trust Co. | 4,700,000 | BRL | $920,670 | $(31,592) |
12/27/2023 | Credit Agricole CIB | 1,497,826 | EUR | $233,559,917 | $(65,068) |
12/27/2023 | JPMorgan Chase Bank, N.A. | 650,000 | EUR | $102,132,056 | $(23,100) |
12/27/2023 | Bank Of America, N.A. | 450,000 | EUR | $479,223 | $(11,121) |
Settlement Date | Counterparty | Foreign Currency Units to Deliver/Receive | In Exchange For | Net Unrealized Appreciation/ (Depreciation) | |
12/27/2023 | State Street Bank & Trust Co. | 1,500,000 | EUR | $1,594,683 | $(39,796) |
12/27/2023 | JPMorgan Chase Bank, N.A. | 850,000 | GBP | $1,035,974 | $(37,338) |
12/27/2023 | Barclays Bank PLC | 21,946,749 | MXN | $1,240,000 | $(18,961) |
12/27/2023 | The Bank Of New York Mellon | 16,416,822 | MXN | $900,000 | $(41,740) |
12/27/2023 | Goldman Sachs Bank USA | 16,017,109 | NOK | $1,500,000 | $18,619 |
12/27/2023 | JPMorgan Chase Bank, N.A. | 4,086,135 | NOK | $375,000 | $(2,916) |
12/27/2023 | Morgan Stanley Capital | 8,273,545 | NOK | $750,000 | $(15,199) |
12/27/2023 | BNP Paribas SA | 4,088,187 | NOK | $375,000 | $(3,106) |
2/8/2024 | State Street Bank & Trust Co. | 22,037 | AUD | $14,500 | $(90) |
2/8/2024 | Bank Of America, N.A. | 76,392 | CAD | $56,000 | $(357) |
2/8/2024 | JPMorgan Chase Bank, N.A. | 30,574 | EUR | $33,681 | $304 |
2/8/2024 | Credit Agricole CIB | 61,147 | EUR | $66,535 | $(219) |
2/8/2024 | HSBC Bank USA | 10,000 | GBP | $20,709 | $(341) |
2/8/2024 | HSBC Bank USA | 10,000 | GBP | $18,982 | $(314) |
2/8/2024 | JPMorgan Chase Bank, N.A. | 148,806 | NOK | $14,000 | $221 |
2/8/2024 | Citibank N.A. | 152,498 | NOK | $14,000 | $(121) |
2/8/2024 | State Street Bank & Trust Co. | 24,733 | NZD | $15,000 | $(234) |
NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS | $(136,405) |
Counterparty | Description | Number of Contracts | Notional Amount | Expiration Date | Exercise Price | Value |
Written Option Contract: | ||||||
JP Morgan | EUR CALL/ USD PUT | (1,500,000) | $1,500,000 | February 2024 | $1.12 | $(5,013) |
(Premium Received $7,243) | $(5,013) |
Affiliates | Value as of 11/30/2022 | Purchases at Cost | Proceeds from Sales |
Bank Loan Core Fund | $268,458 | $2,877 | $(250,000) |
Emerging Markets Core Fund | $27,453,367 | $8,938,407 | $(10,400,000) |
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | $23,474,696 | $95,522,989 | $(108,424,534) |
High Yield Bond Core Fund | $2,499,290 | $134,102 | $(731,300) |
Mortgage Core Fund | $21,894,355 | $6,193,936 | $(9,471,535) |
Project and Trade Finance Core Fund | $4,320,769 | $366,506 | $(700,000) |
TOTAL OF AFFILIATED TRANSACTIONS | $79,910,935 | $111,158,817 | $(129,977,369) |
Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss) | Value as of 11/30/2023 | Shares Held as of 11/30/2023 | Dividend Income |
$10,648 | $(11,198) | $20,785 | 2,386 | $2,876 |
$2,518,761 | $(2,300,986) | $26,209,549 | 3,280,294 | $2,138,406 |
$208 | $9,747 | $10,583,106 | 10,579,932 | $517,124 |
$74,542 | $(24,178) | $1,952,456 | 360,898 | $134,113 |
$811,524 | $(1,403,314) | $18,024,966 | 2,219,824 | $777,435 |
$88,693 | $(49,600) | $4,026,368 | 458,062 | $366,505 |
$3,504,376 | $(3,779,529) | $60,817,230 | 16,901,396 | $3,936,459 |
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 Adviser acting through its Valuation Committee (“Valuation Committee”). |
3 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act; or (b) is subject to a contractual restriction on public sales. At November 30, 2023, these restricted securities amounted to $24,449, which represented 0.0% of total net assets. |
4 | Floating/variable note with current rate and current maturity or next reset date shown. |
5 | 7-day net yield. |
6 | The High Yield Bond Core Fund is a diversified portfolio of below investment grade bonds. |
7 | The cost of investments for federal tax purposes amounts to $291,596,266. |
8 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following is a summary of the inputs used, as of November 30, 2023, 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 | $104,292,614 | $— | $5,351 | $104,297,965 |
International | 6,998,731 | 48,986,707 | — | 55,985,438 |
Debt Securities: | ||||
Foreign Governments/Agencies | — | 24,840,320 | — | 24,840,320 |
Corporate Bonds | — | 18,441,620 | 4,867 | 18,446,487 |
Asset-Backed Securities | — | 3,805,084 | — | 3,805,084 |
U.S. Treasuries | — | 3,151,921 | — | 3,151,921 |
Collateralized Mortgage Obligations | — | 1,163,691 | — | 1,163,691 |
Commercial Mortgage-Backed Securities | — | 845,588 | — | 845,588 |
Government Agencies | — | 786,852 | — | 786,852 |
Mortgage-Backed Securities | — | 28,023 | — | 28,023 |
Purchased Call Option | 9,994 | — | — | 9,994 |
Purchased Put Option | 11,690 | — | — | 11,690 |
Investment Companies1 | 56,790,862 | — | — | 60,817,230 |
TOTAL SECURITIES | $168,103,891 | $102,049,806 | $10,218 | $274,190,283 |
Other Financial Instruments: | ||||
Assets | ||||
Futures Contracts | $595,081 | $— | $— | $595,081 |
Foreign Exchange Contracts | — | 187,233 | — | 187,233 |
Liabilities | ||||
Futures Contracts | (28,922) | — | — | (28,922) |
Foreign Exchange Contracts | — | (323,638) | — | (323,638) |
Written Options Contracts | (5,013) | — | — | (5,013) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $561,146 | $(136,405) | $— | $424,741 |
1 | As permitted by U.S. generally accepted accounting principles (GAAP), an Investment Company valued at $4,026,368 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 | |
AMBAC | —American Municipal Bond Assurance Corporation | |
AUD | —Australian Dollar | |
BKNT | —Bank Notes | |
BRL | —Brazilian Real | |
CAD | —Canadian Dollar | |
CHF | —Swiss Franc | |
CNY | —Chinese Yuan Renminbi | |
EUR | —Euro | |
GBP | —British Pound | |
GDR | —Global Depository Receipt | |
INR | —Indian Rupee | |
JPY | —Japanese Yen | |
LIBOR | —London Interbank Offered Rate | |
MTN | —Medium Term Note | |
MXN | —Mexican Peso | |
NOK | —Norwegian Krone | |
NZD | —New Zealand Dollar | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
REMIC | —Real Estate Mortgage Investment Conduit | |
SOFR | —Secured Overnight Financing Rate |
Year Ended November 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $17.75 | $23.08 | $21.46 | $19.83 | $19.08 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.38 | 0.31 | 0.28 | 0.25 | 0.31 |
Net realized and unrealized gain (loss) | 0.25 | (2.45) | 1.87 | 1.82 | 1.44 |
Total From Investment Operations | 0.63 | (2.14) | 2.15 | 2.07 | 1.75 |
Less Distributions: | |||||
Distributions from net investment income | (0.30) | (0.30) | (0.29) | (0.27) | (0.36) |
Distributions from net realized gain | — | (2.89) | (0.24) | (0.17) | (0.64) |
Total Distributions | (0.30) | (3.19) | (0.53) | (0.44) | (1.00) |
Net Asset Value, End of Period | $18.08 | $17.75 | $23.08 | $21.46 | $19.83 |
Total Return2 | 3.61% | (11.01)% | 10.09% | 10.70% | 9.89% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.14% | 1.14% | 1.14% | 1.14% | 1.15% |
Net investment income | 2.14% | 1.66% | 1.24% | 1.28% | 1.65% |
Expense waiver/reimbursement4 | 0.29% | 0.23% | 0.14% | 0.18% | 0.20% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $135,780 | $143,502 | $183,613 | $176,368 | $181,579 |
Portfolio turnover5 | 98% | 114% | 101% | 80% | 85% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended November 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $17.12 | $22.35 | $20.80 | $19.22 | $18.52 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.23 | 0.16 | 0.10 | 0.09 | 0.16 |
Net realized and unrealized gain (loss) | 0.24 | (2.35) | 1.80 | 1.78 | 1.40 |
Total From Investment Operations | 0.47 | (2.19) | 1.90 | 1.87 | 1.56 |
Less Distributions: | |||||
Distributions from net investment income | (0.16) | (0.15) | (0.11) | (0.12) | (0.22) |
Distributions from net realized gain | — | (2.89) | (0.24) | (0.17) | (0.64) |
Total Distributions | (0.16) | (3.04) | (0.35) | (0.29) | (0.86) |
Net Asset Value, End of Period | $17.43 | $17.12 | $22.35 | $20.80 | $19.22 |
Total Return2 | 2.81% | (11.66)% | 9.20% | 9.87% | 9.06% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.93% | 1.93% | 1.93% | 1.93% | 1.92% |
Net investment income | 1.35% | 0.87% | 0.45% | 0.50% | 0.89% |
Expense waiver/reimbursement4 | 0.27% | 0.19% | 0.12% | 0.15% | 0.20% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $33,078 | $38,482 | $52,288 | $58,092 | $64,600 |
Portfolio turnover5 | 98% | 114% | 101% | 80% | 85% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended November 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $17.59 | $22.89 | $21.30 | $19.67 | $18.94 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.30 | 0.23 | 0.18 | 0.17 | 0.24 |
Net realized and unrealized gain (loss) | 0.25 | (2.42) | 1.84 | 1.82 | 1.41 |
Total From Investment Operations | 0.55 | (2.19) | 2.02 | 1.99 | 1.65 |
Less Distributions: | |||||
Distributions from net investment income | (0.22) | (0.22) | (0.19) | (0.19) | (0.28) |
Distributions from net realized gain | — | (2.89) | (0.24) | (0.17) | (0.64) |
Total Distributions | (0.22) | (3.11) | (0.43) | (0.36) | (0.92) |
Net Asset Value, End of Period | $17.92 | $17.59 | $22.89 | $21.30 | $19.67 |
Total Return2 | 3.20% | (11.37)% | 9.55% | 10.31% | 9.38% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.57% | 1.57% | 1.57% | 1.57% | 1.56% |
Net investment income | 1.71% | 1.24% | 0.81% | 0.85% | 1.26% |
Expense waiver/reimbursement4 | 0.27% | 0.24% | 0.13% | 0.16% | 0.19% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $38,237 | $36,898 | $45,723 | $43,197 | $42,860 |
Portfolio turnover5 | 98% | 114% | 101% | 80% | 85% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended November 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $17.89 | $23.23 | $21.60 | $19.95 | $19.19 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.43 | 0.37 | 0.35 | 0.31 | 0.37 |
Net realized and unrealized gain (loss) | 0.25 | (2.46) | 1.87 | 1.84 | 1.45 |
Total From Investment Operations | 0.68 | (2.09) | 2.22 | 2.15 | 1.82 |
Less Distributions: | |||||
Distributions from net investment income | (0.35) | (0.36) | (0.35) | (0.33) | (0.42) |
Distributions from net realized gain | — | (2.89) | (0.24) | (0.17) | (0.64) |
Total Distributions | (0.35) | (3.25) | (0.59) | (0.50) | (1.06) |
Net Asset Value, End of Period | $18.22 | $17.89 | $23.23 | $21.60 | $19.95 |
Total Return2 | 3.90% | (10.72)% | 10.39% | 11.06% | 10.21% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.85% | 0.85% | 0.85% | 0.85% | 0.86% |
Net investment income | 2.42% | 1.93% | 1.52% | 1.58% | 1.95% |
Expense waiver/reimbursement4 | 0.31% | 0.26% | 0.16% | 0.19% | 0.22% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $62,136 | $87,202 | $130,562 | $100,317 | $99,564 |
Portfolio turnover5 | 98% | 114% | 101% | 80% | 85% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended November 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $17.76 | $23.08 | $21.47 | $19.84 | $19.09 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.43 | 0.37 | 0.35 | 0.31 | 0.38 |
Net realized and unrealized gain (loss) | 0.25 | (2.44) | 1.86 | 1.82 | 1.44 |
Total From Investment Operations | 0.68 | (2.07) | 2.21 | 2.13 | 1.82 |
Less Distributions: | |||||
Distributions from net investment income | (0.35) | (0.36) | (0.36) | (0.33) | (0.43) |
Distributions from net realized gain | — | (2.89) | (0.24) | (0.17) | (0.64) |
Total Distributions | (0.35) | (3.25) | (0.60) | (0.50) | (1.07) |
Net Asset Value, End of Period | $18.09 | $17.76 | $23.08 | $21.47 | $19.84 |
Total Return2 | 3.92% | (10.67)% | 10.41% | 11.04% | 10.26% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.83% | 0.83% | 0.83% | 0.83% | 0.84% |
Net investment income | 2.45% | 2.03% | 1.54% | 1.58% | 1.97% |
Expense waiver/reimbursement4 | 0.27% | 0.21% | 0.12% | 0.15% | 0.19% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $6,236 | $6,399 | $4,866 | $7,056 | $6,275 |
Portfolio turnover5 | 98% | 114% | 101% | 80% | 85% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Assets: | |
Investment in securities, at value including $60,817,230 of investments in affiliated holdings* (identified cost $255,608,338, including $61,980,962 of identified cost in affiliated holdings) | $274,190,283 |
Cash denominated in foreign currencies (identified cost $232,045) | 274,557 |
Due from broker (Note 2) | 831,606 |
Income receivable | 969,216 |
Income receivable from affiliated holdings | 345,535 |
Receivable for investments sold | 7,184 |
Receivable for shares sold | 35,155 |
Unrealized appreciation on foreign exchange contracts | 187,233 |
Receivable for variation margin on futures contracts | 9,623 |
Total Assets | 276,850,392 |
Liabilities: | |
Payable for investments purchased | 297,453 |
Payable for shares redeemed | 334,161 |
Written options outstanding, at value (premium received $7,243) | 5,013 |
Unrealized depreciation on foreign exchange contracts | 323,638 |
Bank overdraft | 67,947 |
Payable for investment adviser fee (Note 5) | 3,142 |
Payable for administrative fee (Note 5) | 588 |
Payable for custodian fees | 104,893 |
Payable for auditing fees | 45,491 |
Payable for share registration costs | 22,369 |
Payable for transfer agent fees (Note 2) | 62,958 |
Payable for distribution services fee (Note 5) | 35,240 |
Payable for other service fees (Notes 2 and 5) | 33,720 |
Accrued expenses (Note 5) | 46,889 |
Total Liabilities | 1,383,502 |
Net assets for 15,295,596 shares outstanding | $275,466,890 |
Net Assets Consist of: | |
Paid-in capital | $326,503,189 |
Total distributable earnings (loss) | (51,036,299) |
Total Net Assets | $275,466,890 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($135,779,826 ÷ 7,508,938 shares outstanding), no par value, unlimited shares authorized | $18.08 |
Offering price per share (100/94.50 of $18.08) | $19.13 |
Redemption proceeds per share | $18.08 |
Class C Shares: | |
Net asset value per share ($33,077,936 ÷ 1,897,706 shares outstanding), no par value, unlimited shares authorized | $17.43 |
Offering price per share | $17.43 |
Redemption proceeds per share (99.00/100 of $17.43) | $17.26 |
Class R Shares: | |
Net asset value per share ($38,237,426 ÷ 2,133,986 shares outstanding), no par value, unlimited shares authorized | $17.92 |
Offering price per share | $17.92 |
Redemption proceeds per share | $17.92 |
Institutional Shares: | |
Net asset value per share ($62,135,720 ÷ 3,410,228 shares outstanding), no par value, unlimited shares authorized | $18.22 |
Offering price per share | $18.22 |
Redemption proceeds per share | $18.22 |
Class R6 Shares: | |
Net asset value per share ($6,235,982 ÷ 344,738 shares outstanding), no par value, unlimited shares authorized | $18.09 |
Offering price per share | $18.09 |
Redemption proceeds per share | $18.09 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |
Dividends (including $3,936,459 received from affiliated holdings* and net of foreign taxes withheld of $233,789) | $7,944,906 |
Interest | 1,766,408 |
TOTAL INCOME | 9,711,314 |
Expenses: | |
Investment adviser fee (Note 5) | 2,076,399 |
Administrative fee (Note 5) | 246,566 |
Custodian fees | 258,298 |
Transfer agent fees (Note 2) | 525,732 |
Directors’/Trustees’ fees (Note 5) | 8,546 |
Auditing fees | 38,114 |
Legal fees | 15,963 |
Portfolio accounting fees | 149,121 |
Distribution services fee (Note 5) | 453,539 |
Other service fees (Notes 2 and 5) | 437,136 |
Share registration costs | 85,143 |
Printing and postage | 39,331 |
Miscellaneous (Note 5) | 109,459 |
TOTAL EXPENSES | 4,443,347 |
Waiver and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (790,152) |
Reimbursement of other operating expenses (Notes 2 and 5) | (63,769) |
TOTAL WAIVER AND REIMBURSEMENTS | (853,921) |
Net expenses | 3,589,426 |
Net investment income | 6,121,888 |
Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions, Foreign Exchange Contracts, Futures Contracts and Written Options: | |
Net realized loss on investments (including foreign taxes withheld of $(57,269) and (including net realized loss of $(3,779,529) on sales of investments in affiliated holdings*) | $(2,236,572) |
Net realized loss on foreign currency transactions | (28,237) |
Net realized loss on foreign exchange contracts | (782,331) |
Net realized loss on futures contracts | (841,235) |
Net realized gain on written options | 13,019 |
Net change in unrealized appreciation of investments (including net change in unrealized depreciation of $3,504,376 on investments in affiliated holdings*) | 7,325,338 |
Net change in unrealized appreciation of translation of assets and liabilities in foreign currency | 19,172 |
Net change in unrealized appreciation of foreign exchange contracts | (271,218) |
Net change in unrealized appreciation of futures contracts | 525,711 |
Net change in unrealized appreciation of written options | 2,230 |
Net realized and unrealized gain (loss) on investments, foreign currency transactions, foreign exchange contracts, futures contracts and written options | 3,725,877 |
Change in net assets resulting from operations | $9,847,765 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended November 30 | 2023 | 2022 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $6,121,888 | $5,678,562 |
Net realized gain (loss) | (3,875,356) | (11,165,036) |
Net change in unrealized appreciation/depreciation | 7,601,233 | (39,017,910) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 9,847,765 | (44,504,384) |
Distributions to Shareholders: | ||
Class A Shares | (2,376,258) | (25,477,599) |
Class B Shares1 | (12,031) | (572,916) |
Class C Shares | (353,867) | (7,081,494) |
Class R Shares | (473,222) | (6,260,667) |
Institutional Shares | (1,595,012) | (18,549,980) |
Class R6 Shares | (124,893) | (701,453) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (4,935,283) | (58,644,109) |
Share Transactions: | ||
Proceeds from sale of shares | 33,186,297 | 42,238,032 |
Net asset value of shares issued to shareholders in payment of distributions declared | 4,774,694 | 56,475,067 |
Cost of shares redeemed | (82,107,876) | (102,361,868) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (44,146,885) | (3,648,769) |
Change in net assets | (39,234,403) | (106,797,262) |
Net Assets: | ||
Beginning of period | 314,701,293 | 421,498,555 |
End of period | $275,466,890 | $314,701,293 |
1 | On February 3, 2023, Class B Shares were converted into Class A Shares. |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $229,204 | $(31,289) |
Class B Shares | 969 | (125) |
Class C Shares | 62,223 | (75) |
Class R Shares | 118,459 | (16) |
Institutional Shares | 109,752 | (32,264) |
Class R6 Shares | 5,125 | — |
TOTAL | $525,732 | $(63,769) |
Other Service Fees Incurred | |
Class A Shares | $347,979 |
Class B Shares | 976 |
Class C Shares | 88,181 |
TOTAL | $437,136 |
Security | Acquisition Date | Cost | Value |
XPEL, Inc. | 8/1/2022 | $19,409 | $24,449 |
Fair Value of Derivative Instruments | ||||
Assets | Liabilities | |||
Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||||
Interest rate contracts | Receivable for variation margin on futures contracts | $62,023* | $— | |
Equity contracts | Receivable for variation margin on futures contracts | 504,136* | — | |
Foreign exchange contracts | Unrealized appreciation on foreign exchange contracts | 187,233 | Unrealized depreciation on foreign exchange contracts | 323,638 |
Foreign exchange contracts | — | Written options outstanding, at value | 5,013 | |
Foreign exchange contracts | Purchased options, within Investment in securities at value | 21,684 | — | |
Total derivatives not accounted for as hedging instruments under ASC Topic 815 | $775,076 | $328,651 |
* | Includes net cumulative appreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |||||
Futures Contracts | Foreign Exchange Contracts | Purchased Options Contracts1 | Written Options Contracts | Total | |
Interest rate contracts | $(793,050) | $— | $— | $— | $(793,050) |
Equity contracts | (48,185) | — | — | — | (48,185) |
Foreign exchange contracts | — | (782,331) | (31,964) | 13,019 | (801,276) |
TOTAL | $(841,235) | $(782,331) | $(31,964) | $13,019 | $(1,642,511) |
1 | The net realized loss on Purchased Options Contracts is found within the Net realized loss 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 | $21,575 | $— | $— | $— | $21,575 |
Equity contracts | 504,136 | — | — | — | 504,136 |
Foreign exchange contracts | — | (271,218) | 1,290 | 2,230 | (267,698) |
TOTAL | $525,711 | $(271,218) | $1,290 | $2,230 | $258,013 |
2 | The net change in unrealized appreciation of Purchased Options Contracts is found within the Net change in unrealized appreciation of investments on the Statement of Operations. |
Gross Amounts Not Offset In the Statement of Assets and Liabilities | ||||||||
Transaction | Gross Asset Derivatives Presented In Statement of Assets and Liabilities | Financial Instrument | Collateral Received | Net Amount | ||||
Foreign Exchange Contracts | $187,233 | $(133,119) | $— | $54,114 | ||||
Purchased Option Contracts | 21,684 | (5,013) | — | 16,671 | ||||
TOTAL | $208,917 | $(138,132) | $— | $70,785 |
Transaction | Gross Liability Derivatives Presented In Statement of Assets and Liabilities | Financial Instrument | Collateral Received | Net Amount |
Foreign Exchange Contracts | $323,638 | $(133,119) | $— | $190,519 |
Written Option Contracts | 5,013 | (5,013) | — | — |
TOTAL | $328,651 | $(138,132) | $— | $190,519 |
Year Ended 11/30/2023 | Year Ended 11/30/2022 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 520,123 | $9,200,463 | 515,866 | $9,842,217 |
Shares issued to shareholders in payment of distributions declared | 127,906 | 2,234,771 | 1,163,150 | 23,853,023 |
Conversion of Class B Shares to Class A Shares1 | 118,745 | 2,155,217 | — | — |
Shares redeemed | (1,342,338) | (23,732,257) | (1,551,270) | (29,058,530) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (575,564) | $(10,141,806) | 127,746 | $4,636,710 |
Year Ended 11/30/2023 | Year Ended 11/30/2022 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 122,335 | $2,155,238 | 10,234 | $196,417 |
Shares issued to shareholders in payment of distributions declared | 707 | 11,841 | 26,902 | 539,155 |
Conversion of Class B Shares to Class A Shares1 | (122,335) | (2,155,217) | — | — |
Shares redeemed | (129,522) | (2,277,125) | (106,325) | (1,980,897) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (128,815) | $(2,265,263) | (69,189) | $(1,245,325) |
Year Ended 11/30/2023 | Year Ended 11/30/2022 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 300,178 | $5,125,817 | 376,714 | $6,855,700 |
Shares issued to shareholders in payment of distributions declared | 21,068 | 353,811 | 354,857 | 7,067,319 |
Shares redeemed | (671,347) | (11,475,621) | (823,200) | (14,700,482) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (350,101) | $(5,995,993) | (91,629) | $(777,463) |
Year Ended 11/30/2023 | Year Ended 11/30/2022 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 433,981 | $7,601,012 | 426,376 | $7,914,014 |
Shares issued to shareholders in payment of distributions declared | 27,346 | 473,219 | 306,892 | 6,260,614 |
Shares redeemed | (424,757) | (7,451,968) | (633,012) | (11,644,687) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 36,570 | $622,263 | 100,256 | $2,529,941 |
Year Ended 11/30/2023 | Year Ended 11/30/2022 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 416,817 | $7,418,490 | 758,095 | $14,762,162 |
Shares issued to shareholders in payment of distributions declared | 89,897 | 1,581,654 | 877,291 | 18,104,224 |
Shares redeemed | (1,971,767) | (35,086,146) | (2,381,202) | (44,351,822) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (1,465,053) | $(26,086,002) | (745,816) | $(11,485,436) |
Year Ended 11/30/2023 | Year Ended 11/30/2022 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 94,630 | $1,685,277 | 151,080 | $2,667,522 |
Shares issued to shareholders in payment of distributions declared | 6,828 | 119,398 | 31,903 | 650,732 |
Shares redeemed | (117,147) | (2,084,759) | (33,373) | (625,450) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (15,689) | $(280,084) | 149,610 | $2,692,804 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (2,498,652) | $(44,146,885) | (529,022) | $(3,648,769) |
1 | On February 3, 2023, Class B Shares were converted into Class A Shares. Within the Statement of Changes in Net Assets, the conversion from Class B Shares is within the Cost of shares redeemed and the conversion to Class A Shares is within Proceeds from sale of shares. |
2023 | 2022 | |
Ordinary income1 | $4,935,283 | $22,030,158 |
Long-term capital gains | $— | $36,613,951 |
1 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Undistributed ordinary income | $2,534,855 |
Net unrealized depreciation | $(17,332,823) |
Capital loss carryforwards and deferrals | $(36,201,589) |
Other temporary differences | $(36,742) |
TOTAL | $(51,036,299) |
Short-Term | Long-Term | Total |
$35,125,209 | $1,076,380 | $36,201,589 |
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 C Shares | 0.75% |
Class R Shares | 0.50% |
Distribution Services Fees Incurred | |
Class B Shares | $2,930 |
Class C Shares | 264,542 |
Class R Shares | 186,067 |
TOTAL | $453,539 |
Purchases | $266,021,816 |
Sales | $284,255,627 |
![](https://capedge.com/proxy/N-CSR/0001623632-24-000149/kpmgsig.jpg)
January 23, 2024
Beginning Account Value 6/1/2023 | Ending Account Value 11/30/2023 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,038.40 | $5.88 |
Class C Shares | $1,000 | $1,034.60 | $9.84 |
Class R Shares | $1,000 | $1,036.60 | $8.02 |
Institutional Shares | $1,000 | $1,040.20 | $4.40 |
Class R6 Shares | $1,000 | $1,040.00 | $4.30 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.30 | $5.82 |
Class C Shares | $1,000 | $1,015.39 | $9.75 |
Class R Shares | $1,000 | $1,017.20 | $7.94 |
Institutional Shares | $1,000 | $1,020.76 | $4.36 |
Class R6 Shares | $1,000 | $1,020.86 | $4.26 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.15% |
Class C Shares | 1.93% |
Class R Shares | 1.57% |
Institutional Shares | 0.86% |
Class R6 Shares | 0.84% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: November 1998 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of certain of the Funds in the Federated Hermes Fund Family; Director and Vice President, Federated Hermes, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, and Federated MDTA LLC; Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and CEO of Passport Research, Ltd.; Director and President, Technology, Federated Services Company. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee and Chair of the Board of Directors or Trustees of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Member of the Compensation Committee, Equifax, Inc.; Lead Director, Member of the Audit and Nominating and Corporate Governance Committees, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor of Law, Emerita, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (natural gas). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as Director of the Office of Church Relations and later as Associate General Secretary for the Diocese of Pittsburgh, a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania and previously served on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green was then appointed by the Supreme Court of Pennsylvania and currently serves on the Judicial Ethics Advisory Board. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director, CNX Resources Corporation (natural gas). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, Saint Vincent College; Director and Chair, North Catholic High School, Inc.; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; and Director and Vice Chair, Saint Francis University. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee and Chair of the Audit Committee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber); and Director, The Golisano Children’s Museum of Naples, Florida. |
Madelyn A. Reilly Birth Date: February 2, 1956 Trustee Indefinite Term Began serving: November 2020 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; formerly, Senior Vice President for Legal Affairs, General Counsel and Secretary of Board of Directors, Duquesne University (Retired). Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Senior Vice President for Legal Affairs, General Counsel and Secretary of Board of Directors and Director of Risk Management and Associate General Counsel, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries. Ms. Reilly currently serves as a member of the Board of Directors of UPMC Mercy Hospital, and as a member of the Board of Directors of Catholic Charities, Pittsburgh. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. (now split into two separate publicly traded companies known as CONSOL Energy Inc. and CNX Resources Corp.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: November 1998 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Stephen F. Auth Birth Date: September 13, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: November 2002 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Hermes Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
Annual Evaluation of Adequacy and Effectiveness
![](https://capedge.com/proxy/N-CSR/0001623632-24-000149/edelivery.jpg)
![](https://capedge.com/proxy/N-CSR/0001623632-24-000149/fhilogok11p.jpg)
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 314183302
CUSIP 314183401
CUSIP 314183500
CUSIP 314183609
Item 2. | Code of Ethics |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.
(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. Audit Committee Financial Expert
The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: Thomas M. O'Neill and John S. Walsh.
Item 4. | Principal Accountant Fees and Services |
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2023 – $38,114
Fiscal year ended 2022 - $36,299
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2023 - $0
Fiscal year ended 2022 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2023 - $0
Fiscal year ended 2022 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2023 - $0
Fiscal year ended 2022 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate to management its responsibilities to pre-approve services performed by the independent auditor.
The Audit Committee has delegated pre-approval authority to its chairman (the “Chairman”) for services that do not exceed a specified dollar threshold. The Chairman or Chief Audit Executive will report any such pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee will approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other audit services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain audit services; with limited exception, all other audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the RIC’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of audit-related services does not impair the independence of the auditor, and has pre-approved certain audit-related services; all other audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide tax services to the RIC such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain tax services; with limited exception, all tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of permissible services other than audit, review or attest services the pre-approval requirement is waived if:
(1) With respect to such services rendered to the Funds, the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the audit client to its accountant during the fiscal year in which the services are provided; and,
(2) With respect to such services rendered to the Fund’s investment adviser ( the “Adviser”)and any entity controlling, controlled by to under common control with the Adviser such as affiliated non-U.S. and U.S. funds not under the Audit Committee’s purview and which do not fall within a category of service which has been determined by the Audit Committee not to have a direct impact on the operations or financial reporting of the RIC, the aggregate amount of all services provided constitutes no more than five percent of the total amount of revenues paid to the RIC’s auditor by the RIC, its Adviser and any entity controlling, controlled by, or under common control with the Adviser during the fiscal year in which the services are provided; and
(3) Such services were not recognized by the issuer or RIC at the time of the engagement to be non-audit services; and
(4) Such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the Board of Directors to whom authority to grant such approvals has been delegated by the Audit Committee.
The Audit Committee may grant general pre-approval to those permissible non-audit services which qualify for pre-approval and which it believes are routine and recurring services, and would not impair the independence of the auditor.
The Securities and Exchange Commission’s (the “SEC”) rules and relevant guidance should be consulted to determine the precise definitions of these services and applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by the Fund’s Principal Accounting Officer and/or the Chief Audit Executive of Federated Hermes, Inc., only after those individuals have determined that the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2023 – 0%
Fiscal year ended 2022 - 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2023 – 0%
Fiscal year ended 2022 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2023 – 0%
Fiscal year ended 2022 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) NA
(g) Non-Audit Fees billed to the registrant, the registrant’s Adviser, and certain entities controlling, controlled by or under common control with the Adviser:
Fiscal year ended 2023 - $52,959
Fiscal year ended 2022 - $25,435
(h) The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s Adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the 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 January 23, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue, Principal Executive Officer
Date January 23, 2024
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date January 23, 2024