United States Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-1
(Investment Company Act File Number)
Federated Hermes Global Allocation Fund
(Exact Name of Registrant as Specified in Charter)
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant’s Telephone Number)
Peter J. Germain, Esquire
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 2024-11-30
Date of Reporting Period: Six months ended 2024-05-31
Item 1. | Reports to Stockholders |
Federated Hermes Global Allocation Fund
![Image](https://capedge.com/proxy/N-CSRS/0001623632-24-001109/nzgbhwyiu94BrqDWtyJKu83I7rlm.jpg)
Class R6 Shares FSBLX
Semi-Annual Shareholder Report - May 31, 2024
This semi-annual shareholder report contains important information about the Federated Hermes Global Allocation Fund (the "Fund") for the period of December 1, 2023 to May 31, 2024. You can find additional information at www.FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class R6 Shares | $43 | 0.83% |
Key Fund Statistics
Net Assets | $281,378,320 |
Number of Investments | 1,232 |
Portfolio Turnover | 52% |
Fund Holdings
Top Security Types (% of Net Assets)
![Group By Sector Chart](https://capedge.com/proxy/N-CSRS/0001623632-24-001109/qnuUtHOyCu9ADJMAOCHerA402XfO.jpg)
Value | Value |
---|---|
Collateralized Mortgage-Backed Securities | 0.8% |
Cash Equivalents | 1.3% |
Asset-Backed Securities | 1.4% |
Project and Trade Finance Core Fund | 1.5% |
Mortgage Core Fund | 4.5% |
Corporate Debt Securities | 6.1% |
Foreign Debt Securities | 7.5% |
Emerging Markets Core Fund | 8.3% |
International Equity Securities | 21.8% |
Domestic Equity Securities | 45.1% |
Top Sectors - Equity (% of Equity Securities)
![Group By Maturity Chart](https://capedge.com/proxy/N-CSRS/0001623632-24-001109/zITEkTsbLSIY0aGuGNRzddfCGtrJ.jpg)
Value | Value |
---|---|
Utilities | 2.7% |
Real Estate | 3.7% |
Materials | 3.8% |
Energy | 4.5% |
Consumer Staples | 5.7% |
Communication Services | 7.4% |
Industrials | 10.7% |
Health Care | 10.8% |
Consumer Discretionary | 11.0% |
Financials | 16.9% |
Information Technology | 22.8% |
Semi-Annual Shareholder Report
Federated Hermes Global Allocation Fund
Additional Information about the Fund
Additional information is available on the Fund’s website at www.FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 314183609
8080105-E (07/24)
Federated Securities Corp., Distributor
www.federatedhermes.com/us
© 2024 Federated Hermes, Inc.
Federated Hermes Global Allocation Fund
![Image](https://capedge.com/proxy/N-CSRS/0001623632-24-001109/mkhfPty2889t9zyPEKWwebKtAZr7.jpg)
Class A Shares FSTBX
Semi-Annual Shareholder Report - May 31, 2024
This semi-annual shareholder report contains important information about the Federated Hermes Global Allocation Fund (the "Fund") for the period of December 1, 2023 to May 31, 2024. You can find additional information at www.FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class A Shares | $60 | 1.14% |
Key Fund Statistics
Net Assets | $281,378,320 |
Number of Investments | 1,232 |
Portfolio Turnover | 52% |
Fund Holdings
Top Security Types (% of Net Assets)
![Group By Sector Chart](https://capedge.com/proxy/N-CSRS/0001623632-24-001109/hrkAC3TrocfT7LIKhMEQgAROsLzd.jpg)
Value | Value |
---|---|
Collateralized Mortgage-Backed Securities | 0.8% |
Cash Equivalents | 1.3% |
Asset-Backed Securities | 1.4% |
Project and Trade Finance Core Fund | 1.5% |
Mortgage Core Fund | 4.5% |
Corporate Debt Securities | 6.1% |
Foreign Debt Securities | 7.5% |
Emerging Markets Core Fund | 8.3% |
International Equity Securities | 21.8% |
Domestic Equity Securities | 45.1% |
Top Sectors - Equity (% of Equity Securities)
![Group By Maturity Chart](https://capedge.com/proxy/N-CSRS/0001623632-24-001109/mCEir0YsGg4zTkIxn67kq0GeDDj8.jpg)
Value | Value |
---|---|
Utilities | 2.7% |
Real Estate | 3.7% |
Materials | 3.8% |
Energy | 4.5% |
Consumer Staples | 5.7% |
Communication Services | 7.4% |
Industrials | 10.7% |
Health Care | 10.8% |
Consumer Discretionary | 11.0% |
Financials | 16.9% |
Information Technology | 22.8% |
Semi-Annual Shareholder Report
Federated Hermes Global Allocation Fund
Additional Information about the Fund
Additional information is available on the Fund’s website at www.FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 314183104
8080105-A (07/24)
Federated Securities Corp., Distributor
www.federatedhermes.com/us
© 2024 Federated Hermes, Inc.
Federated Hermes Global Allocation Fund
![Image](https://capedge.com/proxy/N-CSRS/0001623632-24-001109/fag1qf2oANzrzG4WNCjs6eXzaHn0.jpg)
Class C Shares FSBCX
Semi-Annual Shareholder Report - May 31, 2024
This semi-annual shareholder report contains important information about the Federated Hermes Global Allocation Fund (the "Fund") for the period of December 1, 2023 to May 31, 2024. You can find additional information at www.FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class C Shares | $101 | 1.93% |
Key Fund Statistics
Net Assets | $281,378,320 |
Number of Investments | 1,232 |
Portfolio Turnover | 52% |
Fund Holdings
Top Security Types (% of Net Assets)
![Group By Sector Chart](https://capedge.com/proxy/N-CSRS/0001623632-24-001109/vH46dBxITHEte82qkLEMiFHXiXCt.jpg)
Value | Value |
---|---|
Collateralized Mortgage-Backed Securities | 0.8% |
Cash Equivalents | 1.3% |
Asset-Backed Securities | 1.4% |
Project and Trade Finance Core Fund | 1.5% |
Mortgage Core Fund | 4.5% |
Corporate Debt Securities | 6.1% |
Foreign Debt Securities | 7.5% |
Emerging Markets Core Fund | 8.3% |
International Equity Securities | 21.8% |
Domestic Equity Securities | 45.1% |
Top Sectors - Equity (% of Equity Securities)
![Group By Maturity Chart](https://capedge.com/proxy/N-CSRS/0001623632-24-001109/muJTayo7n8IyJO84CR0a0JXf0vIR.jpg)
Value | Value |
---|---|
Utilities | 2.7% |
Real Estate | 3.7% |
Materials | 3.8% |
Energy | 4.5% |
Consumer Staples | 5.7% |
Communication Services | 7.4% |
Industrials | 10.7% |
Health Care | 10.8% |
Consumer Discretionary | 11.0% |
Financials | 16.9% |
Information Technology | 22.8% |
Semi-Annual Shareholder Report
Federated Hermes Global Allocation Fund
Additional Information about the Fund
Additional information is available on the Fund’s website at www.FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 314183302
8080105-B (07/24)
Federated Securities Corp., Distributor
www.federatedhermes.com/us
© 2024 Federated Hermes, Inc.
Federated Hermes Global Allocation Fund
![Image](https://capedge.com/proxy/N-CSRS/0001623632-24-001109/ixfjWoDzmSAXSsXt8A8XiVrHuU8q.jpg)
Institutional Shares SBFIX
Semi-Annual Shareholder Report - May 31, 2024
This semi-annual shareholder report contains important information about the Federated Hermes Global Allocation Fund (the "Fund") for the period of December 1, 2023 to May 31, 2024. You can find additional information at www.FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Institutional Shares | $45 | 0.85% |
Key Fund Statistics
Net Assets | $281,378,320 |
Number of Investments | 1,232 |
Portfolio Turnover | 52% |
Fund Holdings
Top Security Types (% of Net Assets)
![Group By Sector Chart](https://capedge.com/proxy/N-CSRS/0001623632-24-001109/jbBXEDy1fvoqnm8NG5s1bQJSFkbV.jpg)
Value | Value |
---|---|
Collateralized Mortgage-Backed Securities | 0.8% |
Cash Equivalents | 1.3% |
Asset-Backed Securities | 1.4% |
Project and Trade Finance Core Fund | 1.5% |
Mortgage Core Fund | 4.5% |
Corporate Debt Securities | 6.1% |
Foreign Debt Securities | 7.5% |
Emerging Markets Core Fund | 8.3% |
International Equity Securities | 21.8% |
Domestic Equity Securities | 45.1% |
Top Sectors - Equity (% of Equity Securities)
![Group By Maturity Chart](https://capedge.com/proxy/N-CSRS/0001623632-24-001109/ujvo8NIOVYk09TWOPR3to0TUhWZB.jpg)
Value | Value |
---|---|
Utilities | 2.7% |
Real Estate | 3.7% |
Materials | 3.8% |
Energy | 4.5% |
Consumer Staples | 5.7% |
Communication Services | 7.4% |
Industrials | 10.7% |
Health Care | 10.8% |
Consumer Discretionary | 11.0% |
Financials | 16.9% |
Information Technology | 22.8% |
Semi-Annual Shareholder Report
Federated Hermes Global Allocation Fund
Additional Information about the Fund
Additional information is available on the Fund’s website at www.FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 314183500
8080105-D (07/24)
Federated Securities Corp., Distributor
www.federatedhermes.com/us
© 2024 Federated Hermes, Inc.
Federated Hermes Global Allocation Fund
![Image](https://capedge.com/proxy/N-CSRS/0001623632-24-001109/hiRf9OnAhJoeh7cmum0DrXodyxb4.jpg)
Class R Shares FSBKX
Semi-Annual Shareholder Report - May 31, 2024
This semi-annual shareholder report contains important information about the Federated Hermes Global Allocation Fund (the "Fund") for the period of December 1, 2023 to May 31, 2024. You can find additional information at www.FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class R Shares | $82 | 1.57% |
Key Fund Statistics
Net Assets | $281,378,320 |
Number of Investments | 1,232 |
Portfolio Turnover | 52% |
Fund Holdings
Top Security Types (% of Net Assets)
![Group By Sector Chart](https://capedge.com/proxy/N-CSRS/0001623632-24-001109/phwY4teFZ6iH3V4xll8EhwFEzKAN.jpg)
Value | Value |
---|---|
Collateralized Mortgage-Backed Securities | 0.8% |
Cash Equivalents | 1.3% |
Asset-Backed Securities | 1.4% |
Project and Trade Finance Core Fund | 1.5% |
Mortgage Core Fund | 4.5% |
Corporate Debt Securities | 6.1% |
Foreign Debt Securities | 7.5% |
Emerging Markets Core Fund | 8.3% |
International Equity Securities | 21.8% |
Domestic Equity Securities | 45.1% |
Top Sectors - Equity (% of Equity Securities)
![Group By Maturity Chart](https://capedge.com/proxy/N-CSRS/0001623632-24-001109/aioRaFOOw2rf30XMH5PItTklnbx0.jpg)
Value | Value |
---|---|
Utilities | 2.7% |
Real Estate | 3.7% |
Materials | 3.8% |
Energy | 4.5% |
Consumer Staples | 5.7% |
Communication Services | 7.4% |
Industrials | 10.7% |
Health Care | 10.8% |
Consumer Discretionary | 11.0% |
Financials | 16.9% |
Information Technology | 22.8% |
Semi-Annual Shareholder Report
Federated Hermes Global Allocation Fund
Additional Information about the Fund
Additional information is available on the Fund’s website at www.FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 314183401
8080105-C (07/24)
Federated Securities Corp., Distributor
www.federatedhermes.com/us
© 2024 Federated Hermes, Inc.
Item 2. | Code of Ethics |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Financial Statements filed under Item 7 of this form.
(b) Not Applicable.
Item 7. | Financial Statements and Financial Highlights for Open-End Management Companies |
and Additional Information
![](https://capedge.com/proxy/N-CSRS/0001623632-24-001109/img19831c741.gif)
Share Class | Ticker | A | FSTBX | C | FSBCX | R | FSBKX |
Institutional | SBFIX | R6 | FSBLX |
Federated Hermes Global Allocation Fund
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—66.9% | |||
Communication Services—4.9% | |||
4 | 1 | Advantage Solutions, Inc. | $ 14 |
14,905 | 1 | Alphabet, Inc., Class A | 2,571,112 |
12,710 | 1 | Alphabet, Inc., Class C | 2,211,032 |
16,939 | AT&T, Inc. | 308,629 | |
59,000 | Axiata Group BHD | 35,187 | |
9,939 | Bharti Airtel Ltd. | 163,465 | |
107 | 1 | Cinemark Holdings, Inc. | 1,848 |
6,770 | Deutsche Telekom AG, Class REG | 164,090 | |
55,400 | Digi Swisscom Berhad | 44,856 | |
4,419 | Electronic Arts, Inc. | 587,197 | |
312 | Elisa Communications Oyj | 14,454 | |
3 | 1 | Eventbrite, Inc. | 15 |
72,300 | Focus Media Information Technology Co. Ltd. | 63,315 | |
572 | 1 | Frontier Communications Parent, Inc. | 15,250 |
2 | Gray Television, Inc. | 12 | |
421 | Hellenic Telecommunication Organization SA | 6,142 | |
189,000 | HKT Trust and HKT Ltd. | 220,173 | |
3,574 | Informa PLC | 38,955 | |
285 | 1 | Iridium Communications, Inc. | 8,581 |
2,300 | Konami Corp. | 161,015 | |
25,782 | Koninklijke KPN NV | 96,358 | |
2,424 | KT Corp. | 63,995 | |
34,800 | 1 | Kuaishou Technology | 248,312 |
6,556 | LG Uplus Corp. | 45,796 | |
4,693 | 1 | Liberty Latin America Ltd. | 42,565 |
43 | 1 | Liberty Media Corp. OLD | 1,575 |
2,221 | 1 | Lions Gate Entertainment Corp. | 17,146 |
3,270 | 1 | Live Nation Entertainment, Inc. | 306,530 |
300 | 1 | Madison Square Garden Spinco | 10,662 |
5,869 | 1 | Meta Platforms, Inc. | 2,739,825 |
8,578 | NetEase, Inc. | 152,185 | |
536 | 1 | Netflix, Inc. | 343,908 |
910 | PLDT, Inc. | 22,965 | |
1,323 | Publicis Groupe | 148,819 | |
3,693 | Quebecor, Inc., Class B | 77,900 | |
168 | Realestate.com.au Ltd. | 21,034 | |
1,011 | Shutterstock, Inc. | 41,077 | |
22,900 | SoftBank Corp. | 274,948 | |
2,900 | SoftBank Group Corp. | 167,860 | |
3,984 | Spark New Zealand Ltd. | 10,216 | |
1,026 | 1 | Spotify Technology S.A. | 304,496 |
21 | Swisscom AG | 11,603 | |
2,595 | Tegna, Inc. | 38,691 | |
1,382 | Telenor ASA | 16,157 | |
10,948 | Telstra Group LTD. | 25,403 | |
18,096 | Tencent Holdings Ltd. | 839,469 | |
14,327 | TIM S.A./Brazil | 43,274 | |
1,158 | 1 | T-Mobile USA, Inc. | 202,604 |
4,092 | 1 | Trade Desk, Inc./The | 379,656 |
9,962 | Verizon Communications, Inc. | 409,936 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Communication Services—continued | |||
3 | 1 | Vimeo Holdings, Inc. | $ 12 |
3 | 1 | Vivid Seats, Inc. | 15 |
2,447 | Vodafone Group PLC | 2,380 | |
11,395 | WPP PLC | 119,479 | |
2,724 | 1 | ZipRecruiter, Inc. | 27,540 |
TOTAL | 13,869,733 | ||
Consumer Discretionary—7.4% | |||
306 | 1 | Abercrombie & Fitch Co., Class A | 52,898 |
692 | Academy Sports and Outdoors, Inc. | 39,921 | |
766 | Acushnet Holdings Corp. | 50,479 | |
68,208 | 1 | Alibaba Group Holding Ltd. | 667,589 |
22,886 | 1 | Amazon.com, Inc. | 4,038,006 |
1,740 | American Eagle Outfitters, Inc. | 38,228 | |
640 | 1 | Aptiv PLC | 53,286 |
6,865 | Aristocrat Leisure Ltd. | 206,727 | |
75 | 1 | AutoZone, Inc. | 207,745 |
2,501 | Bayerische Motoren Werke AG | 253,092 | |
2,555 | Berkeley Group Holdings PLC | 172,244 | |
58 | 1 | Birkenstock Holding Ltd. | 3,306 |
292 | Bloomin Brands, Inc. | 6,366 | |
550 | BorgWarner, Inc. | 19,613 | |
5,800 | Bridgestone Corp. | 252,749 | |
4,790 | Burberry Group PLC | 63,430 | |
12,070 | BYD Co. Ltd. | 339,501 | |
2,800 | BYD Co. Ltd. | 88,731 | |
1,279 | Canadian Tire Corp. Ltd. | 127,661 | |
743 | 1 | Carvana Co. | 74,285 |
20,226 | Chongqing Changan Automobile Co. Ltd. | 38,524 | |
1,697 | 1 | Churchill Capital Corp. IV | 4,819 |
1,231 | Cie Financiere Richemont S.A. | 197,719 | |
859 | 1 | Dave & Buster’s Entertainment, Inc. | 43,886 |
47 | D’ieteren Group | 10,270 | |
17 | Dillards, Inc., Class A | 7,605 | |
615 | Dollarama, Inc. | 58,208 | |
1,418 | eBay, Inc. | 76,884 | |
3,000 | Eclat Textile Co. Ltd. | 44,987 | |
3,784 | 1 | Everi Holdings, Inc. | 27,358 |
2,076 | Evolution AB | 223,698 | |
4,362 | 1 | Expedia Group, Inc. | 492,295 |
753 | Ferrari NV | 309,630 | |
9,273 | Ford Motor Co. | 112,481 | |
211 | Ford Otomotiv Sanayi A.S. | 7,157 | |
7,600 | Fuyao Glass Industry Group Co. Ltd. | 43,071 | |
29,000 | Geely Automobile Holdings Ltd. | 35,246 | |
2,722 | General Motors Co. | 122,463 | |
550 | Gentex Corp. | 19,250 | |
836 | 1 | Green Brick Partners, Inc. | 45,646 |
9,000 | Haier Smart Home Co. Ltd. | 36,728 | |
444 | Hankook Tire Co. Ltd. | 14,055 | |
294 | Harley-Davidson, Inc. | 10,549 | |
116 | Hermes International | 274,914 | |
388 | 1 | Hilton Grand Vacations, Inc. | 16,036 |
2 | 1 | Holley, Inc. | 8 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
3,454 | Home Depot, Inc. | $ 1,156,641 | |
1,800 | Huizhou Desay Sv Automotive Co. | 25,042 | |
1,100 | Hulic Co., Ltd. | 10,227 | |
335 | Hyundai Motor Co. | 61,696 | |
12,903 | Indian Hotels Co. Ltd. | 86,947 | |
5,876 | Industria de Diseno Textil S.A. | 279,923 | |
6 | Installed Building Products, Inc. | 1,271 | |
122 | InterContinental Hotels Group PLC | 12,377 | |
2,559 | International Game Technology PLC | 50,515 | |
97 | Jack in the Box, Inc. | 5,370 | |
15,031 | 1 | JD.com, Inc. | 221,550 |
259 | Jumbo S.A. | 7,441 | |
880 | KB HOME | 62,128 | |
1,227 | Kia Corp. | 104,840 | |
969 | La Francaise des Jeux SAEM | 34,858 | |
2 | La-Z-Boy, Inc. | 75 | |
137 | Lear Corp. | 17,173 | |
3,611 | Lennar Corp., Class A | 579,024 | |
2,699 | Lennar Corp., Class B | 394,756 | |
7,500 | 1 | Li Auto, Inc. | 76,439 |
796 | 1 | Light & Wonder, Inc. | 76,002 |
423 | 1 | Lululemon Athletica, Inc. | 131,972 |
373 | LVMH Moet Hennessy Louis Vuitton S.A. | 299,740 | |
1 | Magna International, Inc. | 45 | |
535 | Marriott International, Inc., Class A | 123,676 | |
5,401 | Marriott Vacations Worldwide Corp. | 487,548 | |
824 | Maruti Suzuki India Ltd. | 123,073 | |
17,814 | 1 | Meituan | 241,372 |
2,272 | Mercedes-Benz Group AG | 163,844 | |
14,467 | MGM Resorts International | 581,139 | |
6,712 | Michelin, Class B | 271,149 | |
8,600 | Midea Group Co., Ltd. | 76,893 | |
14,600 | 1 | MINISO Group Holding Ltd. | 82,926 |
1,629 | 1 | Mohawk Industries, Inc. | 198,624 |
2 | Naspers Ltd., Class N | 400 | |
979 | Next PLC | 117,263 | |
242 | 1 | ODP Corp./The | 9,477 |
414 | OPAP S.A. | 6,589 | |
264 | Oxford Industries, Inc. | 29,222 | |
1,945 | 1,2 | Ozon Holdings PLC, ADR | 0 |
25,400 | Panasonic Holdings Corp. | 223,954 | |
1,503 | Pandora A/S | 247,158 | |
466 | Patrick Industries, Inc. | 53,404 | |
3,945 | Pearson PLC | 48,007 | |
106 | 1 | Phinia, Inc. | 4,745 |
3,808 | 1 | Prosus NV | 139,600 |
408 | Pulte Group, Inc. | 47,867 | |
769 | 1 | QuantumScape Corp. | 4,545 |
1,580 | 1 | Rivian Automotive, Inc. | 17,254 |
22,052 | Samvardhana Motherson International Ltd. | 39,941 | |
14,600 | Sekisui Chemical Co. | 209,587 | |
3,300 | Sekisui House Ltd. | 74,254 | |
410 | Signet Jewelers Ltd. | 44,891 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
425 | 1 | Six Flags Entertainment Corp. | $ 10,816 |
10,170 | Sona Blw Precision Forgings Ltd. | 79,432 | |
5,200 | Sony Group Corp. | 427,353 | |
2 | Starbucks Corp. | 160 | |
13,850 | Stellantis N.V. | 306,311 | |
4 | 1 | Super Group SGHC Ltd. | 14 |
10,167 | Tata Motors Ltd. | 112,427 | |
10,619 | Tata Motors Ltd. | 78,978 | |
933 | 1 | Taylor Morrison Home Corp. | 53,955 |
6,532 | 1 | Tesla, Inc. | 1,163,219 |
27,659 | The Wendy’s Co. | 482,650 | |
120 | Thor Industries, Inc. | 11,909 | |
2,526 | Titan Industries Ltd. | 98,443 | |
8,490 | TJX Cos., Inc. | 875,319 | |
14,700 | Toyota Motor Corp. | 319,171 | |
1,346 | Travel + Leisure Co. | 59,143 | |
430 | 1 | Tri Pointe Homes, Inc. | 16,654 |
947 | 1 | United Parks & Resorts, Inc. | 49,519 |
2 | 1 | Urban Outfitters, Inc. | 83 |
372 | 1 | Visteon Corp. | 41,430 |
270 | Winnebago Industries, Inc. | 16,753 | |
492 | Worthington Industries, Inc. | 28,059 | |
4,000 | Yamaha Corp. | 90,410 | |
491 | Yum China Holding, Inc. | 17,558 | |
1 | 1 | Zomato Ltd. | 2 |
TOTAL | 20,733,566 | ||
Consumer Staples—3.8% | |||
3,600 | Ajinomoto Co., Inc. | 128,644 | |
154,000 | 1 | Alibaba Health Information Technology Ltd. | 65,011 |
648 | Alimentation Couche-Tard, Inc. | 37,821 | |
16,667 | Altria Group, Inc. | 770,849 | |
38,397 | Ambev S.A. | 84,532 | |
1,903 | Anheuser-Busch InBev NV | 119,863 | |
7,619 | Arca Continental, S.A.B. de C.V. | 78,105 | |
10,553 | Archer-Daniels-Midland Co. | 658,929 | |
534 | 1 | Bellring Brands, Inc. | 31,063 |
3,964 | Bid Corp. Ltd. | 88,291 | |
4,716 | BIM Birlesik Magazalar AS | 70,387 | |
567 | Cal-Maine Foods, Inc. | 34,967 | |
1 | Carlsberg A/S, Class B | 135 | |
179 | Carrefour S.A. | 2,919 | |
118 | 1 | Chefs Warehouse, Inc. | 4,652 |
1 | Chocoladefabriken Lindt & Sprungli AG | 119,125 | |
56 | Coca-Cola Bottling Co. | 54,938 | |
336 | Coca-Cola Europacific Partners PLC | 24,767 | |
4,447 | Coca-Cola Femsa S.A.B. de C.V. | 41,531 | |
295 | Costco Wholesale Corp. | 238,918 | |
1,114 | Danone S.A. | 71,674 | |
8,817 | Diageo PLC | 297,372 | |
679 | Dollar General Corp. | 92,962 | |
12,000 | 1 | East Buy Holding Ltd. | 28,233 |
413 | 1 | elf Beauty, Inc. | 77,194 |
520 | Energizer Holdings, Inc. | 14,882 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
9,078 | General Mills, Inc. | $ 624,113 | |
959 | Henkel AG & Co. KGAA | 76,749 | |
10,003 | Imperial Brands PLC | 248,301 | |
49 | Ingles Markets, Inc., Class A | 3,584 | |
21,598 | ITC Ltd. | 110,527 | |
23,000 | 1 | JD Health International, Inc. | 77,460 |
622 | Jeronimo Martins SGPS S.A. | 13,932 | |
1,400 | Kao Corp. | 61,389 | |
27,984 | 1 | Kenvue, Inc. | 540,091 |
346 | Kerry Group PLC | 29,206 | |
598 | Kesko | 10,911 | |
15,500 | Kirin Holdings Co., Ltd. | 214,466 | |
4,640 | Koninklijke Ahold NV | 144,007 | |
451 | Korea Tobacco & Ginseng Corp. | 27,249 | |
2,960 | Kroger Co. | 155,015 | |
1,604 | Loblaw Cos. Ltd. | 186,297 | |
721 | L’Oreal S.A. | 355,756 | |
1 | Lotus Bakeries | 10,634 | |
9,678 | Mondelez International, Inc. | 663,233 | |
1,026 | Mowi ASA | 18,424 | |
5,401 | Nestle S.A. | 571,859 | |
2,200 | Nongfu Spring Co. Ltd. | 11,731 | |
1,544 | Orkla ASA | 12,344 | |
164 | PepsiCo, Inc. | 28,356 | |
1 | 1 | Post Holdings, Inc. | 107 |
88 | PriceSmart, Inc. | 7,405 | |
2,281 | Primo Water Corp. | 51,459 | |
5,507 | Procter & Gamble Co. | 906,122 | |
145 | Salmar ASA | 8,881 | |
1,300 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd. | 43,374 | |
6,944 | Shoprite Holdings Ltd. | 92,362 | |
119 | SpartanNash Co. | 2,338 | |
343 | 1 | Sprouts Farmers Market, Inc. | 27,090 |
3,528 | Sysco Corp. | 256,909 | |
4,474 | Target Corp. | 698,660 | |
69,844 | Tesco PLC | 278,212 | |
115 | The Anderson’s, Inc. | 6,019 | |
2,705 | The Coca-Cola Co. | 170,226 | |
1,606 | Unilever PLC | 87,996 | |
200 | 1 | United Natural Foods, Inc. | 2,402 |
361 | Vector Group Ltd. | 3,960 | |
208 | 1 | Vita Coco Co., Inc./The | 6,055 |
10,094 | WalMart, Inc. | 663,781 | |
57 | Weis Markets, Inc. | 3,736 | |
4,443 | Woolworth’s Ltd. | 93,651 | |
TOTAL | 10,844,143 | ||
Energy—3.0% | |||
700 | Aker BP ASA | 18,069 | |
3,139 | Ampol Ltd. | 72,549 | |
1,253 | Ardmore Shipping Corp. | 28,080 | |
12,527 | 1 | Bharat Petroleum Corp. Ltd. | 94,985 |
21,680 | BP PLC | 135,792 | |
97 | California Resources Corp. | 4,593 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Energy—continued | |||
3,304 | Canadian Natural Resources Ltd. | $ 253,809 | |
4,689 | Chevron Corp. | 761,025 | |
318 | Chord Energy Corp. | 58,960 | |
1 | Coal India Ltd. | 6 | |
558 | CONSOL Energy, Inc. | 57,848 | |
4,210 | DHT Maritime, Inc. | 50,941 | |
20,900 | ENEOS Holdings, Inc. | 108,027 | |
1,995 | Equinor ASA | 57,978 | |
14,075 | Exxon Mobil Corp. | 1,650,435 | |
1,026 | Galp Energia, SGPS S.A. | 21,621 | |
2 | 1 | Gulfport Energy Corp. | 324 |
1,429 | Helmerich & Payne, Inc. | 54,388 | |
270 | Hyundai Robotics Co. Ltd. | 13,385 | |
3,326 | Imperial Oil Ltd. | 235,000 | |
897 | International Seaways, Inc. | 57,785 | |
3 | 1 | Kosmos Energy Ltd. | 18 |
2,514 | Liberty Energy, Inc. | 62,071 | |
3,869 | Marathon Petroleum Corp. | 683,304 | |
1,003 | MOL Hungarian Oil & Gas PLC | 7,796 | |
149 | Motor Oil (Hellas) Corinth Refineries S.A. | 4,220 | |
1,285 | Murphy Oil Corp. | 54,985 | |
927 | Neste Oyj | 19,356 | |
9,850 | Nordic American Tankers Ltd. | 40,779 | |
1 | Oil & Natural Gas Corp. Ltd. | 3 | |
323 | OMV AG | 16,272 | |
3,546 | ORLEN S.A. | 57,275 | |
1,146 | PBF Energy, Inc. | 53,094 | |
2,016 | Peabody Energy Corp. | 49,956 | |
287,177 | PetroChina Co. Ltd. | 293,105 | |
58,100 | PetroChina Co. Ltd. | 81,752 | |
17,436 | Petroleo Brasileiro S.A. | 135,147 | |
4,846 | Phillips 66 | 688,665 | |
75,400 | PTT Public Co. Ltd. | 67,150 | |
4,585 | Reliance Industries Ltd. | 157,404 | |
1 | Repsol S.A. | 16 | |
113 | 1 | Sandridge Energy, Inc. | 1,577 |
6,169 | Santos Ltd. | 31,459 | |
758 | Scorpio Tankers, Inc. | 62,209 | |
4,906 | Select Energy Services, Inc. | 53,623 | |
2,100 | Shanxi Lu’an Environmental Energy Development Co. Ltd. | 6,577 | |
16,758 | Shell PLC | 604,644 | |
8,080 | Suncor Energy, Inc. | 329,614 | |
12,123 | 2 | Tatneft | 0 |
206 | 1 | Teekay Corp. | 2,017 |
137 | Teekay Tankers Ltd., Class A | 9,978 | |
5,070 | TotalEnergies SE | 370,172 | |
9,117 | Tupras Turkiye Petrol Rafinerileri A.S. | 50,020 | |
3,148 | Ultrapar Participacoes S.A. | 13,891 | |
4,165 | Valero Energy Corp. | 654,488 | |
188 | 1 | Vitesse Energy, Inc. | 4,798 |
TOTAL | 8,403,035 | ||
Financials—11.3% | |||
10,285 | ABSA Group Ltd. | 81,685 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
2 | 1 | Acacia Research Corp. | $ 11 |
7,888 | Aflac, Inc. | 708,895 | |
350 | Ageas | 17,435 | |
3,000 | Agricultural Bank of China Ltd. | 1,818 | |
3,461 | AIB Group PLC | 19,748 | |
7,963 | Al Rajhi Bank | 161,780 | |
1 | Alinma Bank | 8 | |
1,070 | Allianz SE | 311,697 | |
4,979 | 1 | Alpha Bank AE | 8,428 |
1,824 | Amalgamated Financial Corp. | 46,111 | |
2,637 | 1 | Ambac Financial Group, Inc. | 46,728 |
3,701 | American Express Co. | 888,240 | |
2,156 | American International Group, Inc. | 169,936 | |
1,544 | Ameriprise Financial, Inc. | 674,126 | |
861 | ANZ Group Holdings Ltd. | 16,238 | |
14,665 | Arab National Bank | 77,176 | |
1,365 | 1 | AssetMark Financial Holdings, Inc. | 46,942 |
11,454 | Aviva PLC | 70,499 | |
6,274 | AXA S.A. | 226,352 | |
881 | Bajaj Holdings & Investment Ltd. | 95,942 | |
29,526 | Banco Bilbao Vizcaya Argentaria S.A. | 321,301 | |
3,679 | Banco BPM SpA | 26,556 | |
24,580 | Banco Bradesco S.A. | 53,599 | |
21,848 | Banco del Bajio S.A. | 75,653 | |
3,132 | Banco Do Brasil S.A. | 16,176 | |
1,568 | 1 | Bancorp, Inc., DE | 52,669 |
1 | Bank AlBilad | 9 | |
1 | Bank AlJazira | 4 | |
22,700 | Bank Hapoalim BM | 209,281 | |
7,417 | Bank Leumi Le-Israel | 61,877 | |
5,967 | Bank of America Corp. | 238,620 | |
1 | Bank of Baroda | 3 | |
595,388 | Bank of China Ltd. | 282,708 | |
77,456 | Bank of Communications Ltd. | 58,371 | |
2,328 | Bank of Ireland Group PLC | 26,841 | |
11,446 | Bank of New York Mellon Corp. | 682,296 | |
689 | Bank of Nova Scotia, Toronto | 32,616 | |
113,171 | Barclays PLC | 320,692 | |
14,111 | BB Seguridade Participacoes S.A. | 86,801 | |
6,040 | 1 | Berkshire Hathaway, Inc., Class B | 2,502,976 |
73,000 | BOC Hong Kong (Holdings) Ltd. | 229,108 | |
2,025 | Byline Bancorp, Inc. | 46,778 | |
27,143 | Caixa Seguridade Participacoes S/A | 76,866 | |
5,348 | 1 | Cantaloupe, Inc. | 38,292 |
3 | Capital Federal Financial | 16 | |
899 | Cathay Bancorp, Inc. | 33,119 | |
528,501 | China Construction Bank Corp. | 375,464 | |
1,045 | China Merchants Bank Co. Ltd. | 4,679 | |
19,400 | China Pacific Insurance Group Co. Ltd. | 50,885 | |
15,700 | China Pacific Insurance Group Co. Ltd. | 62,496 | |
32,300 | CIMB Group Holdings Berhad | 47,047 | |
3,964 | Citigroup, Inc. | 246,997 | |
22,113 | Citizens Financial Group, Inc. | 780,368 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
8,602 | CNA Financial Corp. | $ 395,176 | |
656 | CNO Financial Group, Inc. | 18,821 | |
2,059 | Commonwealth Bank of Australia | 165,413 | |
3,469 | 1 | CrossFirst Bankshares, Inc. | 45,409 |
1,031 | 1 | Customers Bancorp, Inc. | 46,704 |
2,034 | DNB Bank ASA | 39,776 | |
7 | 1 | Donnelley Financial Solutions, Inc. | 427 |
7,647 | East West Bancorp, Inc. | 567,331 | |
1,543 | Enact Holdings, Inc. | 47,386 | |
2 | Enterprise Financial Services Corp. | 77 | |
15,561 | Equitable Holdings, Inc. | 645,626 | |
504 | Equity Bancshares, Inc. | 16,985 | |
757 | Erste Group Bank AG | 37,194 | |
312 | Essent Group Ltd. | 17,690 | |
5,800 | 1 | Eurobank Ergasias S.A. | 12,711 |
2,339 | Euronext NV | 230,593 | |
128 | 1 | F&G Annuities & Life, Inc. | 5,172 |
231 | Fairfax Financial Holdings Ltd. | 260,043 | |
269 | Federal Agricultural Mortgage Association, Class C | 46,986 | |
2,571 | 1 | Fidelis Insurance | 42,627 |
819 | Fifth Third Bancorp | 30,647 | |
365 | First BanCorp | 6,471 | |
467 | First Financial Corp. | 17,298 | |
19,768 | FirstRand Ltd. | 68,734 | |
438 | Gjensidige Forsikring ASA | 7,682 | |
189 | Goldman Sachs Group, Inc. | 86,282 | |
5,156 | Great-West Lifeco, Inc. | 154,648 | |
25 | Greene County Bancorp, Inc. | 786 | |
193 | Groupe Bruxelles Lambert S.A. | 14,811 | |
13,645 | Grupo Financiero Banorte S.A. de C.V. | 129,618 | |
57 | 1 | Hamilton Insurance Group, Ltd. | 983 |
1,318 | Hana Financial Holdings | 58,563 | |
1,243 | Hancock Whitney Corp. | 58,085 | |
2,335 | Hanmi Financial Corp. | 36,800 | |
6,322 | Hartford Financial Services Group, Inc. | 654,011 | |
11 | HCI Group, Inc. | 1,055 | |
1,984 | HDFC Bank Ltd. | 36,224 | |
4,800 | Hithink RoyalFlush Information Network Co. Ltd. | 77,622 | |
18,992 | HSBC Holdings PLC | 170,175 | |
3,081 | iA Financial Corp., Inc. | 200,600 | |
5,931 | ICICI Bank Ltd. | 80,129 | |
4,282 | ICICI Lombard General Insurance Co. Ltd. | 81,412 | |
327 | Independent Bank Corp.- Michigan | 8,195 | |
249,000 | Industrial & Commercial Bank of China | 141,057 | |
8,300 | Industrial & Commercial Bank of China | 6,221 | |
1 | Industrial Bank of Korea | 10 | |
18,855 | ING Groep N.V. | 337,961 | |
53,580 | Insurance Australia Group Ltd. | 221,743 | |
10,166 | Investor AB, Class B | 276,360 | |
2,366 | Israel Discount Bank | 12,212 | |
4,015 | JPMorgan Chase & Co. | 813,559 | |
2,297 | KB Financial Group, Inc. | 131,348 | |
548 | KBC Groupe | 40,040 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
39,812 | KeyCorp | $ 572,098 | |
170 | Komercni Banka A.S. | 5,831 | |
4,600 | 1 | LendingClub Corp. | 41,032 |
450,543 | Lloyds Banking Group PLC | 321,175 | |
1,296 | M&T Bank Corp. | 196,474 | |
2,390 | Macquarie Group Ltd. | 305,908 | |
50,300 | Malayan Banking BHD | 106,122 | |
12,553 | Manulife Financial Corp. | 326,040 | |
2 | 1 | Marqeta, Inc. | 11 |
861 | Marsh & McLennan Cos., Inc. | 178,726 | |
3,132 | Mastercard, Inc. | 1,400,223 | |
1,233 | Mercantile Bank Corp. | 47,236 | |
422 | Merchants Bancorp, Inc. | 16,901 | |
937 | Meta Financial Group, Inc. | 49,951 | |
68,320 | Metro Bank and Trust Co. | 72,676 | |
225 | Midland States Bancorp, Inc. | 5,112 | |
44,600 | Mitsubishi UFJ Financial Group, Inc. | 471,305 | |
729 | Moneta Money Bank AS | 3,191 | |
8,696 | Morgan Stanley | 850,817 | |
715 | 1 | Mr. Cooper Group, Inc. | 59,631 |
724 | Muenchener Rueckversicherungs-Gesellschaft AG | 360,208 | |
1,741 | 1 | National Bank of Greece | 15,112 |
4,402 | Nedbank Group Ltd. | 53,541 | |
1,373 | 1 | NMI Holdings, Inc. | 45,556 |
6,957 | Nordea Bank Abp | 85,610 | |
1,326 | OFG Bancorp. | 49,274 | |
2 | Old National Bancorp | 34 | |
3,275 | Old Second Bancorp, Inc. | 47,357 | |
12,400 | ORIX Corp. | 273,147 | |
24 | 1 | Oscar Health, Inc. | 479 |
502 | OTP Bank RT | 24,270 | |
26,600 | Oversea-Chinese Banking Corp. Ltd. | 287,188 | |
68 | 1 | Palomar Holdings, Inc. | 5,769 |
191 | Partners Group Holding AG | 255,856 | |
9,280 | 1 | Payoneer Global, Inc. | 55,587 |
533 | 1 | PayPal Holdings, Inc. | 33,574 |
2 | Peoples Bancorp, Inc. | 58 | |
256,000 | People’s Insurance, Co. (Group) of China Ltd. | 89,163 | |
31,477 | Phoenix Group Holdings PLC | 200,417 | |
78,000 | PICC Property and Casualty Co., Ltd., Class H | 101,579 | |
2,000 | Ping An Insurance (Group) Co. of China Ltd. | 10,178 | |
7,000 | Ping An Insurance (Group) Co. of China Ltd. | 41,683 | |
2,369 | 1 | Piraeus Bank S.A. | 9,304 |
2,052 | PNC Financial Services Group, Inc. | 322,964 | |
78,000 | Postal Savings Bank of China Co. Ltd. | 44,093 | |
18,231 | Power Finance Corp. | 107,431 | |
7,218 | Powszechna Kasa Oszczednosci Bank Polski SA | 109,511 | |
613 | Preferred Bank Los Angeles, CA | 45,803 | |
3,732 | Prosperity Bancshares, Inc. | 232,504 | |
4,200 | PT Bank Central Asia | 2,389 | |
268,000 | PT Bank Mandiri Tbk | 97,242 | |
156,200 | PT Bank Negara Indonesia | 42,269 | |
361,500 | PT Bank Rakyat Indonesia Tbk | 96,480 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
18,749 | QBE Insurance Group Ltd. | $ 222,536 | |
6,840 | Rand Merchant Investment Holdings Ltd. | 14,593 | |
2 | 1 | Remitly Global, Inc. | 26 |
1 | Riyad Bank | 7 | |
2,779 | Royal Bank of Canada | 303,764 | |
15,911 | Rural Electrification Corp. Ltd. | 103,145 | |
989 | Sampo Oyj, Class A | 42,474 | |
9,286 | Saudi British Bank/The | 95,870 | |
1,208 | 1 | Saudi Tadawul Group Holding Co. | 76,379 |
206 | 1 | Siriuspoint Ltd. | 2,709 |
787 | 1 | Skyward Specialty Insurance Group, Inc. | 29,371 |
34 | Sofina | 8,286 | |
1,013 | Southern Missouri Bancorp, Inc. | 42,657 | |
6,710 | Standard Bank Group Ltd. | 64,126 | |
21,961 | Standard Life PLC | 43,600 | |
3,806 | 1 | StoneCo Ltd. | 52,675 |
6,300 | Sumitomo Mitsui Financial Group, Inc. | 413,068 | |
4,100 | Sumitomo Mitsui Trust Holdings, Inc. | 95,919 | |
5,206 | Sun Life Financial Services of Canada | 260,921 | |
1,449 | Swiss Re AG | 184,619 | |
4,270 | Synchrony Financial | 187,026 | |
15,568 | Synovus Financial Corp. | 617,894 | |
886,100 | Thai Military Bank | 40,716 | |
2,676 | The National Commercial Bank | 24,380 | |
3,032 | The Travelers Cos., Inc. | 654,002 | |
929 | Tiptree, Inc. | 16,239 | |
616 | Toronto Dominion Bank | 34,439 | |
7,521 | UBS Group AG | 240,618 | |
6,372 | UniCredit SpA | 253,458 | |
45,813 | 1 | Union Bank of India Ltd. | 87,523 |
10,900 | United Overseas Bank Ltd. | 249,534 | |
210 | Virtus Investment Partners, Inc. | 48,004 | |
5,805 | Visa, Inc., Class A | 1,581,630 | |
2,652 | Wells Fargo & Co. | 158,908 | |
1,009 | WestAmerica Bancorp. | 49,259 | |
2,395 | Woori Financial Group, Inc. | 24,481 | |
9 | Zurich Insurance Group AG | 4,730 | |
TOTAL | 31,820,124 | ||
Health Care—7.3% | |||
9,240 | Abbott Laboratories | 944,236 | |
827 | AbbVie, Inc. | 133,346 | |
4,685 | 1 | ACELYRIN, Inc. | 19,302 |
10,327 | 1 | Adaptive Biotechnologies Corp. | 35,628 |
259 | 1 | Addus Homecare Corp. | 29,736 |
4,409 | Agilent Technologies, Inc. | 574,978 | |
5,656 | 1 | Alector, Inc. | 27,828 |
2 | 1 | Alignment Healthcare, Inc. | 16 |
15,311 | 1 | Allogene Therapeutics, Inc. | 38,278 |
2,761 | 1 | Alx Oncology Holdings, Inc. | 29,349 |
2,945 | Amgen, Inc. | 900,728 | |
634 | 1 | AMN Healthcare Services, Inc. | 35,466 |
1,829 | 1 | Annexon, Inc. | 8,834 |
16,196 | 1 | Arbutus Biopharma Corp. | 54,419 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
129 | 1 | Argenx SE | $ 47,833 |
3,900 | Astellas Pharma, Inc. | 38,433 | |
269 | 1 | Astrana Health, Inc. | 11,145 |
2,149 | AstraZeneca PLC | 334,172 | |
1,947 | 1,2 | AstraZeneca PLC, Rights | 604 |
2 | 1 | Aurinia Pharmaceuticals, Inc. | 11 |
69,200 | Bangkok Dusit Medical Services Public Co., Ltd. | 50,806 | |
396 | 1 | Biogen, Inc. | 89,076 |
419 | Bruker Corp. | 27,449 | |
3,792 | 1 | CareDx, Inc. | 49,334 |
1,449 | Carl Zeiss Meditec AG | 133,148 | |
1,198 | Cencora, Inc. | 271,431 | |
1 | 1 | Centene Corp. | 72 |
2,300 | Chongqing Zhifei Biological Products Co. Ltd. | 10,410 | |
3,765 | Cipla Ltd. | 65,419 | |
1,105 | Cochlear Ltd. | 238,742 | |
202 | 1 | Corvel Corp. | 48,450 |
2 | CSL Ltd. | 375 | |
114,000 | CSPC Pharmaceutical Group Ltd. | 97,018 | |
10,234 | CVS Health Corp. | 609,946 | |
6,302 | 1 | Cytek Biosciences, Inc. | 35,480 |
336 | Ebos Group Ltd. | 6,822 | |
2 | 1 | Editas Medicine, Inc. | 10 |
5,400 | Eisai Co. Ltd. | 231,870 | |
1,592 | Elevance Health, Inc. | 857,260 | |
2,701 | Eli Lilly & Co. | 2,215,738 | |
1,240 | Embecta Corp. | 15,339 | |
346 | Ensign Group, Inc. | 41,949 | |
1,284 | 1 | Entrada Therapeutics, Inc. | 19,863 |
9,002 | 1 | Fate Therapeutics, Inc. | 33,127 |
1,286 | Fisher & Paykel Healthcare Corp. Ltd. | 23,356 | |
605 | Fresenius SE & Co KGaA | 19,242 | |
311 | Gedeon Richter Rt | 7,890 | |
18,764 | GSK PLC | 420,941 | |
180 | Hanmi Pharmaceutical Co. Ltd. | 36,827 | |
2,628 | 1 | HilleVax, Inc. | 31,904 |
2,412 | 1 | Hims & Hers Health, Inc. | 46,841 |
1,800 | Hoya Corp. | 219,088 | |
279 | Humana, Inc. | 99,915 | |
444 | 1 | Inmode Ltd. | 8,494 |
2 | 1 | Innovage Holding Corp. | 9 |
2,781 | 1 | IQVIA Holdings, Inc. | 609,289 |
3,132 | 1 | iTeos Therapeutics, Inc. | 52,430 |
2,272 | Johnson & Johnson | 333,234 | |
1,000 | Koninklijke Philips NV | 27,323 | |
8,600 | Kyowa Hakko Kirin Co., Ltd. | 146,053 | |
851 | 1 | Lantheus Holdings, Inc. | 69,637 |
10 | LeMaitre Vascular, Inc. | 789 | |
4,451 | Lupin Ltd. | 85,842 | |
15,589 | 1 | Lyell Immunopharma, Inc. | 43,182 |
9,634 | 1 | MaxCyte, Inc. | 43,160 |
1,329 | McKesson Corp. | 756,985 | |
10,230 | Merck & Co., Inc. | 1,284,274 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
279 | Merck KGAA | $ 50,421 | |
272 | 1 | Merit Medical Systems, Inc. | 22,073 |
2,799 | 1 | Nkarta, Inc. | 19,005 |
6,164 | Novartis AG | 637,422 | |
8,745 | Novo Nordisk A/S | 1,182,490 | |
7,429 | 1 | Omniab, Inc. | 32,242 |
1,936 | 1 | Option Care Health, Inc. | 57,732 |
236 | Orion Oyj | 9,603 | |
2,117 | Owens & Minor, Inc. | 36,899 | |
4 | 1 | Pacific Biosciences of California, Inc. | 7 |
319 | 1 | PetIQ, Inc. | 6,622 |
5,005 | 1 | Prime Medicine, Inc. | 32,432 |
1,498 | 1 | Progyny, Inc. | 40,371 |
854 | 1 | Regeneron Pharmaceuticals, Inc. | 837,057 |
7,085 | 1 | Relay Therapeutics, Inc. | 45,415 |
6,926 | 1 | Replimune Group, Inc. | 36,500 |
707 | Roche Holding AG | 181,084 | |
3,489 | 1 | SAGE Therapeutics, Inc. | 38,763 |
101 | 1 | Samsung Biologics Co. Ltd. | 53,469 |
4,391 | Sanofi | 429,046 | |
1 | 1 | Scilex Holding Co. | 1 |
1,100 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd. | 44,100 | |
106 | 1 | SK Bioscience Co. Ltd. | 3,985 |
829 | Sonova Holding AG | 262,245 | |
743 | Straumann Holding AG | 96,589 | |
2,584 | 1 | Summit Therapeutics, Inc. | 22,442 |
5 | 1 | Tenaya Therapeutics, Inc. | 21 |
2,467 | The Cigna Group | 850,178 | |
2 | 1 | Travere Thrapeutics, Inc. | 15 |
1,062 | 1 | Tyra Biosciences, Inc. | 17,226 |
277 | UCB S.A. | 38,829 | |
140 | 1 | UFP Technologies, Inc. | 36,450 |
2,424 | UnitedHealth Group, Inc. | 1,200,777 | |
1,144 | Universal Health Services, Inc., Class B | 217,131 | |
908 | 1 | Veracyte, Inc. | 18,841 |
1,829 | 1 | Vertex Pharmaceuticals, Inc. | 832,817 |
6,465 | 1 | Verve Therapeutics, Inc. | 33,553 |
2,238 | 1 | Vir Biotechnology, Inc. | 22,984 |
556 | 1 | Waters Corp. | 171,748 |
715 | 1 | Wave Life Sciences Ltd. | 4,419 |
3,400 | WuXi AppTec Co. Ltd. | 19,709 | |
TOTAL | 20,422,894 | ||
Industrials—7.1% | |||
7,591 | ABB Ltd. | 416,136 | |
393 | ABM Industries, Inc. | 18,577 | |
1,029 | 1 | AerCap Holdings NV | 95,399 |
85 | Airbus Group SE | 14,431 | |
1,895 | 1 | APi Group Corp. | 67,538 |
366 | Applied Industrial Technologies, Inc. | 70,638 | |
395 | 1 | Atkore, Inc. | 60,099 |
17,310 | Atlas Copco AB, Class A | 332,591 | |
16,726 | Atlas Copco AB, Class B | 277,431 | |
2,915 | Auckland International Airport Ltd. | 13,976 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
1,623 | Automatic Data Processing, Inc. | $ 397,505 | |
280 | AZZ, Inc. | 23,486 | |
310,800 | Bangkok Expressway and Metro PCL | 66,586 | |
49 | Barrett Business Services, Inc. | 6,485 | |
584 | 1 | Beacon Roofing Supply, Inc. | 56,683 |
17 | Bidvest Group Ltd. | 222 | |
188 | 1 | BlueLinx Holdings, Inc. | 19,343 |
465 | Boise Cascade Co. | 63,840 | |
15,815 | Brambles Ltd. | 150,310 | |
1 | Brenntag AG | 72 | |
1,953 | Brookfield Business Corp. | 40,134 | |
1,574 | Canadian National Railway Co. | 200,366 | |
1,315 | Carlisle Cos., Inc. | 550,051 | |
2,779 | Caterpillar, Inc. | 940,747 | |
750 | 1 | CBIZ, Inc. | 56,865 |
84,000 | China Communication Services Corp. Ltd. | 40,567 | |
1,032 | Cintas Corp. | 699,665 | |
2,000 | CK Hutchison Holdings Ltd. | 9,773 | |
2,663 | Compagnie de St. Gobain | 236,003 | |
1,366 | Costamare, Inc. | 21,870 | |
310 | CRA International, Inc. | 54,551 | |
19,271 | CSX Corp. | 650,396 | |
2,291 | Cummins India, Ltd. | 97,756 | |
2,251 | Cummins, Inc. | 634,174 | |
3,500 | Dai Nippon Printing Co. Ltd. | 108,930 | |
400 | Daikin Industries Ltd. | 58,213 | |
3,027 | 1 | Daimler Truck Holding AG | 129,125 |
552 | DasS.A.ult Aviation S.A. | 119,660 | |
1,919 | Deere & Co. | 719,164 | |
1 | Delta Air Lines, Inc. | 51 | |
529 | Doosan Bobcat, Inc. | 22,260 | |
794 | Emcor Group, Inc. | 308,596 | |
209 | Encore Wire Corp. | 60,345 | |
1,395 | Enerpac Tool Group Corp. | 54,851 | |
77,000 | EVA Airways Corp. | 84,962 | |
2,048 | 1 | Exlservice Holding, Inc. | 61,153 |
4,414 | Expeditors International Washington, Inc. | 533,653 | |
8,900 | Fanuc Ltd. | 248,876 | |
939 | FTAI Aviation Ltd. | 79,176 | |
1 | Genpact Ltd. | 33 | |
608 | 1 | GMS, Inc. | 57,128 |
137 | Griffon Corp. | 9,253 | |
2,520 | GS Holdings Corp. | 79,225 | |
845 | H&E Equipment Services, Inc. | 40,028 | |
3,477 | HEICO Corp., Class A | 610,770 | |
255 | Herc Holdings, Inc. | 36,993 | |
1,137 | 1 | Hub Group, Inc. | 49,062 |
498 | 1 | Huron Consulting Group, Inc. | 43,978 |
86 | Hyster-Yale Materials Handling, Inc. | 6,243 | |
3,619 | Hyundai Merchant Marine Co., Ltd. | 47,011 | |
2,848 | Illinois Tool Works, Inc. | 691,352 | |
282 | IMCD Group NV | 42,729 | |
2,800 | Itochu Corp. | 132,247 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
1,133 | Jacobs Solutions, Inc. | $ 157,872 | |
2,708 | 1 | JELD-WEN Holding, Inc. | 42,001 |
11,200 | Kawasaki Kisen Kaisha Ltd. | 166,182 | |
344 | Kingspan Group PLC | 33,227 | |
1,188 | Koc Holding A.S. | 8,776 | |
3,100 | Komatsu Ltd. | 91,277 | |
747 | Kone Corp. OYJ, Class B | 38,170 | |
194 | Kongsberg Gruppen ASA | 16,677 | |
2,654 | Korean Air Co. Ltd. | 40,105 | |
881 | Korn Ferry | 58,093 | |
5,218,113 | Latam Airlines Group S.A. | 70,199 | |
3,503 | Lifco AB | 93,072 | |
1,663 | Lockheed Martin Corp. | 782,175 | |
1,300 | Marubeni Corp. | 25,413 | |
196 | Maximus, Inc. | 16,876 | |
21,988 | Melrose Industries PLC | 174,364 | |
1,457 | Metso Corp. | 17,836 | |
16,400 | Mitsubishi Corp. | 345,453 | |
15,700 | Mitsubishi Electric Corp. | 272,801 | |
7,000 | Mitsui & Co. | 355,818 | |
560 | Mueller Industries, Inc. | 32,990 | |
39 | 1 | MYR Group, Inc. | 6,047 |
224 | Mytilineos Holdings S.A. | 8,932 | |
12,900 | Nari Technology Development Co., Ltd. | 40,106 | |
1,442 | Northrop Grumman Corp. | 650,010 | |
9,500 | Obayashi Corp. | 110,802 | |
3,465 | Old Dominion Freight Lines, Inc. | 607,241 | |
6,348 | PACCAR, Inc. | 682,410 | |
2 | 1 | Planet Labs PBC | 4 |
1,251 | Polycab India Ltd. | 100,942 | |
3 | Preformed Line Products Co. | 403 | |
796 | Primoris Services Corp. | 43,589 | |
910 | Prysmian SpA | 59,982 | |
619 | Reece Ltd. | 10,786 | |
8,967 | Relx PLC | 393,298 | |
1 | RTX Corp | 108 | |
15,829 | 1 | Rumo S.A. | 59,416 |
492 | Rush Enterprises, Inc., Class B | 20,797 | |
1,676 | Safran S.A. | 393,813 | |
322 | Schneider Electric S.A. | 80,604 | |
2,735 | Siemens AG | 523,852 | |
113 | Simpson Manufacturing Co., Inc. | 18,749 | |
21,000 | Sinotruk Hong Kong Ltd. | 48,841 | |
499 | SK Holdings Co. Ltd., Class A | 63,673 | |
5,238 | Smith (A.O.) Corp. | 438,106 | |
7,784 | Smiths Group PLC | 171,598 | |
18 | Standex International Corp. | 3,028 | |
39 | Stantec, Inc. | 3,148 | |
363 | 1 | Sterling Construction Co., Inc. | 44,602 |
349 | 1 | Sun Country Airlines Holdings | 3,696 |
907 | Terex Corp. | 54,121 | |
578 | TFI International, Inc. | 76,479 | |
1,674 | Thomson Reuters Corp. | 288,066 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
1,296 | 1 | Titan International, Inc. | $ 10,718 |
1,800 | Toppan Holdings, Inc. | 46,698 | |
389 | 1 | TriNet Group, Inc. | 40,444 |
604 | Union Pacific Corp. | 140,623 | |
984 | Universal Truckload Services, Inc. | 43,050 | |
1,586 | Verisk Analytics, Inc. | 400,909 | |
2,657 | Vinci S.A. | 332,892 | |
1,120 | Wabtec Corp. | 189,538 | |
1,037 | Wartsila OYJ, Class B | 21,915 | |
13,466 | Weg S.A. | 96,297 | |
2,000 | Weichai Power Co. Ltd. | 4,389 | |
42,000 | Weichai Power Co. Ltd., Class H | 75,518 | |
TOTAL | 20,068,950 | ||
Information Technology—15.2% | |||
4,000 | Accton Technology Corp. | 62,741 | |
9,000 | Acer Sertek, Inc. | 14,732 | |
1,710 | 1 | ACM Research, Inc. | 36,936 |
96 | 1 | Adobe, Inc. | 42,697 |
3,580 | 1 | Advanced Micro Devices, Inc. | 597,502 |
435 | 1 | Agilysys, Inc. | 41,529 |
771 | 1 | Alarm.com Holdings, Inc. | 50,431 |
952 | 1 | Alpha & Omega Semiconductor Ltd. | 27,903 |
1,730 | Amkor Technology, Inc. | 56,381 | |
252 | 1 | AppFolio, Inc. | 57,537 |
36,099 | Apple, Inc. | 6,940,033 | |
4,721 | Applied Materials, Inc. | 1,015,393 | |
69 | 1 | Arabian Internet & Communications Services Co | 4,842 |
17,000 | ASE Industrial Holding Co. Ltd. | 82,123 | |
1,025 | ASML Holding N.V. | 982,648 | |
7,000 | Asustek Computer, Inc. | 111,091 | |
2,706 | 1 | Atlassian Corp. PLC | 424,463 |
4 | 1 | Aurora Innovation, Inc. | 10 |
7,400 | Azbil Corp. | 204,514 | |
292 | Badger Meter, Inc. | 56,344 | |
402 | Bechtle AG | 19,476 | |
36 | Bel Fuse, Inc. | 2,455 | |
164 | Belden, Inc. | 15,693 | |
930 | 1 | Blackline, Inc. | 44,380 |
812 | Broadcom, Inc. | 1,078,783 | |
6,400 | Brother Industries Ltd. | 123,143 | |
23,000 | BYD Electronic International Co. Ltd. | 99,914 | |
238 | Capgemini SE | 48,226 | |
441 | CDW Corp. | 98,616 | |
1,995 | 1 | CGI, Inc., Class A | 197,004 |
19,800 | Cisco Systems, Inc. | 920,700 | |
1,054 | 1 | Clear Secure, Inc. | 17,802 |
10,000 | Compal Electronics, Inc. | 11,460 | |
6,500 | Delta Electronics (Thailand) PLC | 13,099 | |
12,000 | Delta Electronics, Inc. | 120,125 | |
759 | 1 | Diodes, Inc. | 56,265 |
10,106 | 1 | DocuSign, Inc. | 553,202 |
372 | Elm Co. | 79,088 | |
307 | 1 | Fabrinet | 73,536 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
25,600 | Foxconn Industrial Internet Co., Ltd. | $ 80,849 | |
3,305 | 1 | Freshworks, Inc. | 42,568 |
16,900 | Fujitsu Ltd. | 243,809 | |
1,000 | Global Unichip Corp. | 45,087 | |
3,000 | Globalwafers Co. Ltd. | 48,866 | |
66 | Hanmi Semiconductor Co. Ltd. | 7,720 | |
4,766 | 1 | HashiCorp, Inc. | 160,042 |
6,423 | HCL Technologies Ltd. | 102,296 | |
12,000 | Hon Hai Precision Industry Co. Ltd. | 63,795 | |
54 | 1 | Ichor Holdings Ltd. | 2,051 |
7,388 | Infineon Technologies AG | 294,968 | |
10,491 | Infosys Ltd. | 176,676 | |
231 | 1 | Insight Enterprises, Inc. | 45,160 |
20,000 | Inventec Co. Ltd. | 33,130 | |
3,802 | Jabil, Inc. | 452,058 | |
839 | KLA Corp. | 637,246 | |
920 | Lam Research Corp. | 857,845 | |
36,000 | Lenovo Group Ltd. | 51,821 | |
23,000 | Lite-On Technology Corp. | 76,824 | |
980 | 1 | LiveRamp Holdings, Inc. | 30,664 |
732 | Logitech International S.A. | 73,418 | |
848 | 1 | Marathon Patent Group, Inc. | 16,553 |
3 | 1 | Matterport, Inc. | 13 |
6,000 | MediaTek, Inc. | 227,986 | |
16,919 | Microsoft Corp. | 7,023,584 | |
11 | 1 | MicroStrategy, Inc., Class A | 16,769 |
10,000 | Nan Ya Printed Circuit Board Corp. | 60,258 | |
11,683 | Nokia Oyj | 45,603 | |
3,100 | Nomura Research Institute Ltd. | 83,141 | |
5,000 | Novatek Microelectronics Corp. Ltd. | 91,343 | |
1 | 1 | Nutanix, Inc. | 55 |
5,940 | NVIDIA Corp. | 6,512,200 | |
6,222 | 1 | Okta, Inc. | 551,767 |
5 | 1 | Olo, Inc. | 23 |
2 | 1 | PDF Solutions, Inc. | 70 |
2 | 1 | Perficient, Inc. | 148 |
1,165 | Persistent Systems Ltd. | 47,475 | |
7,162 | 1 | Procore Technologies, Inc. | 480,785 |
624 | Progress Software Corp. | 31,606 | |
5,926 | Qualcomm, Inc. | 1,209,200 | |
373 | 1 | Qualys, Inc. | 52,451 |
16,000 | Quanta Computer, Inc. | 134,935 | |
891 | 1 | Rapid7, Inc. | 32,201 |
24,300 | Ricoh Co. Ltd. | 217,535 | |
1,315 | Roper Technologies, Inc. | 700,579 | |
5,073 | Sage Group PLC/The | 66,275 | |
446 | 1 | Salesforce, Inc. | 104,560 |
12,186 | Samsung Electronics Co. Ltd. | 652,781 | |
37 | Samsung SDI Co. Ltd. | 10,097 | |
445 | Samsung SDS Co. Ltd. | 49,561 | |
668 | 1 | Sanmina Corp. | 45,785 |
1,377 | SAP SE | 248,111 | |
12,800 | Seiko Epson Corp. | 204,997 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
724 | 1 | ServiceNow, Inc. | $ 475,617 |
758 | 1 | Shenzhen Transsion Holdings Co. Ltd. | 13,714 |
2,508 | 1 | Shopify, Inc. | 148,425 |
1,575 | SK Hynix, Inc. | 215,808 | |
1,934 | 1 | SMART Global Holdings, Inc. | 39,802 |
8,100 | 1 | Smartsheet, Inc. | 299,700 |
3,498 | 1 | Sprinklr, Inc. | 39,213 |
365 | 1 | SPS Commerce, Inc. | 68,653 |
3,036 | STMicroelectronics N.V. | 126,639 | |
221 | 1 | Super Micro Computer, Inc. | 173,377 |
420 | Suzhou TFC Optical Communication Co. Ltd. | 5,121 | |
35,000 | Synnex Technology International Corp. | 91,218 | |
1,364 | 1 | Synopsys, Inc. | 764,931 |
53,122 | Taiwan Semiconductor Manufacturing Co. Ltd. | 1,340,773 | |
3,716 | Tata Consultancy Services Ltd. | 165,258 | |
2 | TD SYNNEX Corp. | 262 | |
600 | Tokyo Electron Ltd. | 129,401 | |
8,270 | 1 | Twilio, Inc. | 474,698 |
23,859 | 1 | UiPath, Inc. | 292,511 |
1,372 | 1 | Veeco Instruments, Inc. | 55,772 |
2,282 | Vishay Intertechnology, Inc. | 53,924 | |
28,000 | Wistron Corp. | 96,983 | |
28,000 | WPG Holdings Co., Ltd. | 74,404 | |
860 | 1 | Xero Ltd. | 78,090 |
77,000 | 1 | Xiaomi Corp. | 171,706 |
1,500 | Zhongji Innolight Co., Ltd. | 32,504 | |
9,529 | 1 | Zoom Video Communications, Inc. | 584,509 |
TOTAL | 42,841,170 | ||
Materials—2.6% | |||
129 | Air Liquide S.A. | 25,373 | |
860 | Akzo Nobel NV | 59,985 | |
129 | Alpha Metallurgical Resources, Inc. | 40,688 | |
44,236 | 2 | Alrosa AO | 0 |
2 | 1 | Arcadium Lithium PLC | 9 |
9,141 | ArcelorMittal S.A. | 242,930 | |
31,500 | Asahi Kasei Corp. | 206,413 | |
1,343 | Asian Paints (India) Ltd. | 46,315 | |
30,700 | Baoshan Iron & Steel Co. Ltd. | 29,261 | |
4,272 | Berger Paints India Ltd. | 23,157 | |
7,960 | 1 | Berry Global Group, Inc. | 476,645 |
11,163 | BHP Group Ltd. | 330,902 | |
3,401 | 2 | Cherepovets MK Severstal | 0 |
115,377 | China Hongqiao Group Ltd. | 190,827 | |
308 | 1 | Clearwater Paper Corp. | 16,367 |
25,219 | 1 | Cleveland-Cliffs, Inc. | 435,784 |
3,000 | CMOC Group Ltd. | 2,785 | |
14,700 | CMOC Group Ltd. | 17,020 | |
2,812 | Companhia Vale Do Rio Doce | 33,845 | |
1,246 | 1 | Constellium SE | 27,001 |
11,736 | Corteva, Inc. | 656,512 | |
4,125 | CRH PLC | 325,161 | |
11,106 | Dow, Inc. | 640,039 | |
2 | DuPont de Nemours, Inc. | 164 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Materials—continued | |||
5,107 | 1,2 | Ferroglobe Representation & Warranty Insurance Trust | $ 0 |
1,296 | Fortescue Metals Group Ltd. | 21,278 | |
8 | Givaudan S.A. | 37,609 | |
41,246 | Glencore PLC | 254,291 | |
686 | Greif, Inc. | 44,762 | |
2,121 | Heidelberg Materials AG | 220,604 | |
3,422 | Holcim Ltd. | 299,323 | |
1,191 | Hyundai Steel Co. | 25,692 | |
59 | Innospec, Inc. | 7,717 | |
6,776 | 1 | James Hardie Industries PLC, GDR | 213,450 |
33,768 | Kinross Gold Corp. | 274,267 | |
24 | L.G. Chemical Ltd. | 6,152 | |
2,039 | Luberef | 70,794 | |
691 | Minerals Technologies, Inc. | 59,944 | |
8,900 | Mitsubishi Chemical Holdings Corp. | 47,105 | |
36,200 | 2 | Norilsk Nickel | 0 |
2,934 | Norsk Hydro ASA | 19,857 | |
23,929 | 2 | Novolipetski Metallurgicheski Komb OAO | 0 |
3,411 | Nucor Corp. | 575,947 | |
4,119 | Nutrien Ltd. | 241,377 | |
1 | Olin Corp. | 54 | |
443 | Olympic Steel, Inc. | 23,098 | |
3,127 | Pactiv Evergreen, Inc. | 38,650 | |
1,493 | PI Industries Ltd. | 64,076 | |
4 | Polymetal International PLC | 0 | |
274 | 2 | Polyus PJSC | 0 |
262 | POSCO Holdings, Inc. | 70,458 | |
4,211 | 1 | PQ Group Holdings, Inc. | 39,162 |
4,315 | 1 | Queen’s Road Capital Investment Ltd. | 2,628 |
575 | 1,2,3 | Resolute Forest Products, Rights | 817 |
66,277 | 1,2 | Rusal | 0 |
1,098 | Ryerson Holding Corp. | 26,078 | |
1,900 | Shin-Etsu Chemical Co. Ltd. | 70,752 | |
572 | Smurfit Kappa Group PLC | 27,950 | |
1,282 | Stora Enso Oyj, Class R | 18,922 | |
4,396 | SunCoke Energy, Inc. | 46,378 | |
669 | Suzano Papel e Celulose S.A. | 6,205 | |
162 | 1 | Syensqo S.A. | 16,194 |
459 | Umicore S.A. | 9,104 | |
1,174 | UPM - Kymmene Oyj | 45,026 | |
255 | Va Stahl Ag | 7,489 | |
1 | Vedanta Ltd. | 5 | |
1 | West Fraser Timber Co. Ltd. | 80 | |
3,871 | WestRock Co. | 207,640 | |
1,387 | 1 | Worthington Steel, Inc. | 45,757 |
364 | Yara International ASA | 11,277 | |
24,300 | Zhejiang Juhua Co., Ltd. | 79,895 | |
50,000 | Zijin Mining Group Co. Ltd. | 105,318 | |
TOTAL | 7,210,365 | ||
Real Estate—2.5% | |||
10,452 | American Homes 4 Rent | 376,690 | |
2 | 1 | Anywhere Real Estate, Inc. | 8 |
2,026 | Avalonbay Communities, Inc. | 390,370 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Real Estate—continued | |||
2 | Broadstone Net Lease, Inc. | $ 31 | |
4,631 | Chatham Lodging Trust | 39,178 | |
130,000 | China Overseas Property Holdings Ltd. | 88,520 | |
50,000 | China Resources Mixc Lifestyle Services Ltd. | 174,068 | |
5 | 1 | Compass, Inc. | 19 |
5,320 | Cousins Properties, Inc. | 123,052 | |
3,757 | Crown Castle, Inc. | 385,092 | |
3,008 | Cubesmart | 127,268 | |
100 | Daito Trust Construction Co. Ltd. | 10,595 | |
902 | Digital Realty Trust, Inc. | 131,097 | |
3,172 | DigitalBridge Group, Inc. | 43,266 | |
4 | Diversified Healthcare Trust | 10 | |
2 | DLF Ltd. | 20 | |
1,309 | EastGroup Properties, Inc. | 216,221 | |
1,340 | Equinix, Inc. | 1,022,393 | |
483 | Essex Property Trust, Inc. | 125,479 | |
52,003 | Fibra Uno Administracion S.A. | 73,561 | |
34 | FirstService Corp. | 4,992 | |
33 | Gecina S.A. | 3,557 | |
904 | Global Medical REIT, Inc. | 8,398 | |
8,219 | Goodman Group | 185,296 | |
509 | Innovative Industrial Properties, Inc. | 54,860 | |
3,659 | Invitation Homes, Inc. | 127,297 | |
2,001 | Klepierre S.A. | 57,859 | |
2,742 | Land Securities Group PLC | 23,037 | |
909 | Macerich Co. (The) | 13,744 | |
5,801 | 1 | Macrotech Developers Ltd. | 97,587 |
13,400 | Mitsubishi Estate Co. Ltd. | 225,611 | |
11,707 | 1 | Opendoor Technologies, Inc. | 25,521 |
8,706 | ProLogis, Inc. | 961,926 | |
1,183 | Public Storage | 323,941 | |
619 | Ryman Hospitality Properties, Inc. | 65,038 | |
4,779 | Simon Property Group, Inc. | 723,110 | |
2,775 | SITE Centers Corp. | 40,015 | |
4,928 | Sunstone Hotel Investors, Inc. | 50,660 | |
1,896 | Tanger, Inc. | 52,614 | |
2,673 | UMH Properties, Inc. | 40,416 | |
4 | Uniti Group, Inc. | 13 | |
1,448 | Urban Edge Properties | 25,673 | |
1,395 | Vonovia SE | 43,654 | |
384 | Warehouses De Pauw SCA | 11,241 | |
3,663 | Welltower, Inc. | 379,743 | |
3,231 | Whitestone Project | 42,132 | |
TOTAL | 6,914,873 | ||
Utilities—1.8% | |||
32,024 | AES Corp. | 691,398 | |
448 | Allete, Inc. | 28,291 | |
4,503 | AltaGas Ltd. | 101,594 | |
944 | Black Hills Corp. | 53,289 | |
944 | Centrica PLC | 1,715 | |
359 | CEZ A.S. | 14,976 | |
800 | China Resources Logic Ltd. | 2,786 | |
50,000 | China Resources Power Holdings Co. Ltd. | 141,820 |
Shares, Principal Amount or Contracts | Value | ||
COMMON STOCKS—continued | |||
Utilities—continued | |||
1,999 | Clearway Energy, Inc. | $ 51,334 | |
29,000 | CLP Holdings Ltd. | 230,128 | |
1 | Duke Energy Corp. | 104 | |
9,821 | E.ON SE | 130,953 | |
673 | EDP Renovaveis S.A. | 10,792 | |
65 | Elia System Operator S.A./NV | 6,630 | |
12,497 | Enel SpA | 90,650 | |
6,873 | Energias de Portugal S.A. | 28,008 | |
5,681 | Engie | 96,370 | |
4,795 | Engie Brasil Energia S.A. | 39,577 | |
10,916 | Evergy, Inc. | 596,668 | |
12,238 | Exelon Corp. | 459,537 | |
10 | Fortis, Inc. / Canada | 400 | |
983 | Fortum Oyj | 15,021 | |
29,492 | Iberdrola S.A. | 388,992 | |
64 | Korea Electric Power Corp. | 904 | |
90,000 | Kunlun Energy Co. Ltd. | 93,662 | |
2,842 | Meridian Energy Ltd. | 11,794 | |
1,528 | Mighty River Power Ltd. | 6,270 | |
3,212 | 1 | National Grid PLC, Rights | 8,024 |
11,015 | National Grid-SP PLC | 125,594 | |
65 | New Jersey Resources Corp. | 2,825 | |
2,723 | NRG Energy, Inc. | 220,563 | |
149 | Oesterreichische Elektrizitaetswirtschafts AG | 12,295 | |
4,619 | OGE Energy Corp. | 167,670 | |
1,181,504 | 2 | OJSC Inter Rao Ues | 0 |
852 | ONE Gas, Inc. | 52,509 | |
9,400 | Origin Energy Ltd. | 63,981 | |
611 | Otter Tail Corp. | 55,277 | |
1,063 | Pinnacle West Capital Corp. | 83,828 | |
31,838 | Power Grid Corp. of India Ltd. | 118,332 | |
468 | 1 | Public Power Corp. | 5,714 |
9,065 | Public Service Enterprises Group, Inc. | 686,764 | |
2,258 | SSE PLC | 50,736 | |
3,500 | Tokyo Gas Co. Ltd. | 78,347 | |
869 | Unitil Corp. | 46,483 | |
17,400 | Zhejiang Zheneng Electric Power Co. Ltd. | 16,094 | |
TOTAL | 5,088,699 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $148,470,538) | 188,217,552 | ||
FOREIGN GOVERNMENTS/AGENCIES—7.5% | |||
Sovereign—7.5% | |||
AUD 350,000 | Australia, Government of, Sr. Unsecd. Note, Series 148, 2.750%, 11/21/2027 | 223,128 | |
400,000 | Australia, Government of, Sr. Unsecd. Note, Series 155, 2.500%, 5/21/2030 | 242,724 | |
EUR 180,000 | Belgium, Government of, Series 74, 0.800%, 6/22/2025 | 189,960 | |
600,000 | Belgium, Government of, Sr. Unsecd. Note, Series 86, 1.250%, 4/22/2033 | 560,706 | |
BRL 1,250,000 | Brazil, Government of, Unsecd. Note, Series NTNF, 10.000%, 1/1/2027 | 242,326 | |
EUR 350,000 | Buoni Poliennali del Tes, Sr. Unsecd. Note, 5.000%, 8/1/2039 | 412,462 | |
CAD 350,000 | Canada, Government of, 5.750%, 6/1/2033 | 298,127 | |
480,000 | Canada, Government of, Series WL43, 5.750%, 6/1/2029 | 386,881 | |
200,000 | Canada, Government of, Unsecd. Note, 1.250%, 3/1/2027 | 136,665 | |
460,000 | Canada, Government of, Unsecd. Note, 2.250%, 6/1/2025 | 330,200 | |
EUR 306,000 | France, Government of, 0.500%, 5/25/2025 | 322,596 |
Shares, Principal Amount or Contracts | Value | ||
FOREIGN GOVERNMENTS/AGENCIES—continued | |||
Sovereign—continued | |||
EUR 100,000 | France, Government of, 5.750%, 10/25/2032 | $ 129,577 | |
150,000 | France, Government of, Bond, 4.500%, 4/25/2041 | 185,918 | |
600,000 | France, Government of, O.A.T., 5.500%, 4/25/2029 | 723,890 | |
300,000 | France, Government of, Unsecd. Note, 1.000%, 5/25/2027 | 306,698 | |
450,000 | France, Government of, Unsecd. Note, 1.250%, 5/25/2036 | 393,049 | |
200,000 | France, Government of, Unsecd. Note, 1.750%, 5/25/2066 | 138,144 | |
300,000 | France, Government of, Unsecd. Note, 1.750%, 6/25/2039 | 265,464 | |
300,000 | France, Government of, Unsecd. Note, 2.500%, 5/25/2030 | 317,143 | |
840,000 | Germany, Government of, 0.250%, 2/15/2027 | 850,293 | |
250,000 | Germany, Government of, Bond, Series 03, 4.750%, 7/4/2034 | 320,667 | |
300,000 | Germany, Government of, Bond, Series 08, 4.750%, 7/4/2040 | 406,405 | |
500,000 | Germany, Government of, Unsecd. Note, 0.500%, 2/15/2025 | 531,470 | |
300,000 | Germany, Government of, Unsecd. Note, 2.100%, 11/15/2029 | 316,334 | |
480,000 | Italy, Government of, Sr. Unsecd. Note, 1.650%, 3/1/2032 | 450,302 | |
600,000 | Italy, Government of, Sr. Unsecd. Note, 4.750%, 9/1/2028 | 684,322 | |
825,000 | Italy, Government of, Unsecd. Note, 1.600%, 6/1/2026 | 863,692 | |
208,000 | Italy, Government of, Unsecd. Note, 3.250%, 9/1/2046 | 191,940 | |
JPY 80,000,000 | JAPAN (40 YEAR ISSUE), Sr. Unsecd. Note, Series 12, 0.500%, 3/20/2059 | 298,233 | |
72,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 114, 2.100%, 12/20/2029 | 493,765 | |
70,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 122, 1.800%, 9/20/2030 | 474,913 | |
215,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 153, 1.300%, 6/20/2035 | 1,382,718 | |
60,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 351, 0.100%, 6/20/2028 | 374,650 | |
90,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 44, 1.700%, 9/20/2044 | 555,989 | |
90,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 58, 0.800%, 3/20/2048 | 443,405 | |
90,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 92, 2.100%, 12/20/2026 | 596,484 | |
$ 30,000 | Mexico, Government of, Series MTNA, 6.750%, 9/27/2034 | 31,482 | |
MXN 15,000,000 | Mexico, Government of, Sr. Unsecd. Note, Series M, 5.750%, 3/5/2026 | 816,506 | |
EUR 370,000 | Netherlands, Government of, Unsecd. Note, 2.500%, 1/15/2033 | 390,504 | |
60,000 | Netherlands, Government of, Unsecd. Note, 2.750%, 1/15/2047 | 62,745 | |
80,000 | Netherlands, Government of, Unsecd. Note, 3.750%, 1/15/2042 | 95,302 | |
250,000 | Spain, Government of, 4.200%, 1/31/2037 | 289,518 | |
600,000 | Spain, Government of, Sr. Unsecd. Note, 1.500%, 4/30/2027 | 621,603 | |
640,000 | Spain, Government of, Sr. Unsecd. Note, 1.950%, 7/30/2030 | 650,273 | |
430,000 | Spain, Government of, Sr. Unsecd. Note, 2.750%, 10/31/2024 | 464,873 | |
100,000 | Spain, Government of, Sr. Unsecd. Note, 2.900%, 10/31/2046 | 93,507 | |
GBP 400,000 | United Kingdom, Government of, 2.750%, 9/7/2024 | 506,782 | |
630,000 | United Kingdom, Government of, 3.250%, 1/22/2044 | 653,782 | |
270,000 | United Kingdom, Government of, Bond, 4.250%, 3/7/2036 | 339,025 | |
330,000 | United Kingdom, Government of, Unsecd. Deb., 1.625%, 10/22/2028 | 377,913 | |
600,000 | United Kingdom, Government of, Unsecd. Note, 1.500%, 7/22/2047 | 419,968 | |
220,000 | United Kingdom, Government of, Unsecd. Note, 4.250%, 6/7/2032 | 281,723 | |
TOTAL FOREIGN GOVERNMENTS/AGENCIES (IDENTIFIED COST $24,703,967) | 21,136,746 | ||
CORPORATE BONDS—6.1% | |||
Capital Goods - Aerospace & Defense—0.3% | |||
$ 145,000 | Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, Series WI, 3.844%, 5/1/2025 | 142,610 | |
300,000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 2.300%, 2/15/2031 | 246,145 | |
215,000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 3.625%, 5/15/2025 | 211,067 | |
90,000 | Lockheed Martin Corp., Sr. Unsecd. Note, 3.550%, 1/15/2026 | 87,753 | |
90,000 | 3 | Textron Financial Corp., Jr. Sub. Note, 144A, 7.318% (CME Term SOFR 3 Month +1.996%), 2/15/2042 | 78,398 |
TOTAL | 765,973 | ||
Capital Goods - Building Materials—0.1% | |||
125,000 | Allegion PLC, Sr. Unsecd. Note, 3.500%, 10/1/2029 | 114,672 |
Shares, Principal Amount or Contracts | Value | ||
CORPORATE BONDS—continued | |||
Capital Goods - Building Materials—continued | |||
$ 85,000 | Carrier Global Corp., Sr. Unsecd. Note, 6.200%, 3/15/2054 | $ 91,240 | |
TOTAL | 205,912 | ||
Capital Goods - Construction Machinery—0.2% | |||
315,000 | Ashtead Capital, Inc., Sr. Unsecd. Note, 144A, 2.450%, 8/12/2031 | 253,628 | |
205,000 | Ashtead Capital, Inc., Sr. Unsecd. Note, 144A, 5.550%, 5/30/2033 | 199,912 | |
195,000 | Deere & Co., Sr. Unsecd. Note, 2.750%, 4/15/2025 | 190,742 | |
TOTAL | 644,282 | ||
Capital Goods - Diversified Manufacturing—0.0% | |||
75,000 | Lennox International, Inc., Sr. Unsecd. Note, 1.700%, 8/1/2027 | 67,108 | |
50,000 | Wabtec Corp., Sr. Unsecd. Note, 5.611%, 3/11/2034 | 50,185 | |
TOTAL | 117,293 | ||
Communications - Cable & Satellite—0.1% | |||
30,000 | Charter Communications Operating, LLC / Charter Communications Operating Capital Corp., 5.050%, 3/30/2029 | 28,758 | |
110,000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond, 6.550%, 6/1/2034 | 110,264 | |
TOTAL | 139,022 | ||
Communications - Media & Entertainment—0.0% | |||
20,000 | Discovery Communications LLC, Sr. Unsecd. Note, 4.900%, 3/11/2026 | 19,744 | |
70,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046 | 67,709 | |
TOTAL | 87,453 | ||
Communications - Telecom Wireless—0.2% | |||
100,000 | American Tower Corp., Sr. Unsecd. Note, 5.450%, 2/15/2034 | 98,806 | |
330,000 | Crown Castle, Inc., Sr. Unsecd. Note, 5.000%, 1/11/2028 | 324,851 | |
80,000 | T-Mobile USA, Inc., 2.250%, 11/15/2031 | 64,922 | |
300,000 | T-Mobile USA, Inc., Series WI, 3.400%, 10/15/2052 | 204,177 | |
TOTAL | 692,756 | ||
Communications - Telecom Wirelines—0.1% | |||
364,000 | AT&T, Inc., Sr. Unsecd. Note, 3.550%, 9/15/2055 | 244,607 | |
Consumer Cyclical - Automotive—0.3% | |||
200,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 6.050%, 3/5/2031 | 199,245 | |
200,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 6.125%, 3/8/2034 | 197,590 | |
70,000 | General Motors Co., Sr. Unsecd. Note, 4.200%, 10/1/2027 | 67,264 | |
235,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.100%, 1/12/2032 | 196,906 | |
145,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 5.750%, 2/8/2031 | 144,980 | |
TOTAL | 805,985 | ||
Consumer Cyclical - Retailers—0.3% | |||
600,000 | Advance Auto Parts, Inc., Sr. Unsecd. Note, Series WI, 3.900%, 4/15/2030 | 539,722 | |
225,000 | AutoNation, Inc., Sr. Unsecd. Note, 4.750%, 6/1/2030 | 214,300 | |
TOTAL | 754,022 | ||
Consumer Non-Cyclical - Health Care—0.3% | |||
35,689 | CVS Health Corp., Pass Thru Cert., 144A, 5.298%, 1/11/2027 | 35,253 | |
105,000 | GE Healthcare Holding LLC, Sr. Unsecd. Note, 6.377%, 11/22/2052 | 113,956 | |
250,000 | HCA, Inc., Sr. Unsecd. Note, 5.500%, 6/1/2033 | 247,326 | |
400,000 | PerkinElmer, Inc., Sr. Unsecd. Note, 3.300%, 9/15/2029 | 362,880 | |
TOTAL | 759,415 | ||
Consumer Non-Cyclical - Pharmaceuticals—0.0% | |||
90,000 | Gilead Sciences, Inc., Sr. Unsecd. Note, 3.650%, 3/1/2026 | 87,517 | |
Consumer Non-Cyclical - Tobacco—0.5% | |||
145,000 | BAT Capital Corp., Sr. Unsecd. Note, 6.000%, 2/20/2034 | 146,603 | |
EUR 520,000 | Philip Morris International, Inc., Sr. Unsecd. Note, 2.875%, 5/14/2029 | 540,557 | |
$ 450,000 | Philip Morris International, Inc., Sr. Unsecd. Note, 5.750%, 11/17/2032 | 459,497 | |
200,000 | Reynolds American, Inc., Sr. Unsecd. Note, 5.850%, 8/15/2045 | 186,351 | |
TOTAL | 1,333,008 |
Shares, Principal Amount or Contracts | Value | ||
CORPORATE BONDS—continued | |||
Energy - Independent—0.0% | |||
$ 85,000 | Ovintiv, Inc., Sr. Unsecd. Note, 7.100%, 7/15/2053 | $ 94,532 | |
Energy - Integrated—0.0% | |||
35,000 | Petro-Canada, Deb., 7.000%, 11/15/2028 | 37,233 | |
Energy - Midstream—0.4% | |||
130,000 | Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 3.600%, 9/1/2032 | 111,657 | |
325,000 | Energy Transfer LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 | 320,541 | |
80,000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 | 77,529 | |
100,000 | MPLX LP, Sr. Unsecd. Note, 5.500%, 6/1/2034 | 97,847 | |
190,000 | ONEOK, Inc., Sr. Unsecd. Note, 6.100%, 11/15/2032 | 195,878 | |
70,000 | Targa Resources, Inc., Sr. Unsecd. Note, 4.200%, 2/1/2033 | 62,851 | |
250,000 | Targa Resources, Inc., Sr. Unsecd. Note, 6.250%, 7/1/2052 | 252,276 | |
TOTAL | 1,118,579 | ||
Financial Institution - Banking—1.1% | |||
500,000 | Bank of America Corp., Sr. Unsecd. Note, 2.687%, 4/22/2032 | 420,393 | |
100,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 4.875%, 4/1/2044 | 92,916 | |
300,000 | Bank of America Corp., Sub. Note, Series MTN, 4.000%, 1/22/2025 | 296,798 | |
115,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.057%, 1/25/2033 | 97,134 | |
300,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.785%, 3/17/2033 | 266,677 | |
250,000 | Citizens Bank N.A., Sr. Unsecd. Note, Series BKNT, 3.750%, 2/18/2026 | 240,990 | |
95,000 | 3 | Citizens Financial Group, Inc., Sr. Unsecd. Note, 6.645% (SOFR +2.325%), 4/25/2035 | 97,525 |
250,000 | Compass Bank, Birmingham, Sub. Note, Series BKNT, 3.875%, 4/10/2025 | 246,139 | |
250,000 | FNB Corp. (PA), Sr. Unsecd. Note, 5.150%, 8/25/2025 | 247,514 | |
100,000 | 3 | KeyCorp, Sr. Unsecd. Note, 6.401%, 3/6/2035 | 100,723 |
70,000 | Morgan Stanley, Sr. Unsecd. Note, Series MTN, 1.794%, 2/13/2032 | 55,757 | |
200,000 | PNC Financial Services Group, Inc., Sr. Unsecd. Note, 5.582%, 6/12/2029 | 201,374 | |
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 | 225,846 | |
250,000 | US Bancorp, Sr. Unsecd. Note, 5.836%, 6/12/2034 | 252,124 | |
300,000 | US Bancorp, Sr. Unsecd. Note, Series MTN, 1.375%, 7/22/2030 | 240,066 | |
TOTAL | 3,086,843 | ||
Financial Institution - Broker/Asset Mgr/Exchange—0.1% | |||
140,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | 136,178 | |
70,000 | TIAA Asset Management Finance Co. LLC, Sr. Unsecd. Note, 144A, 4.125%, 11/1/2024 | 69,496 | |
TOTAL | 205,674 | ||
Financial Institution - Finance Companies—0.1% | |||
220,000 | Air Lease Corp., Sr. Unsecd. Note, 5.850%, 12/15/2027 | 222,460 | |
Financial Institution - Insurance - Life—0.1% | |||
160,000 | AIA Group Ltd., Sr. Unsecd. Note, 144A, 4.950%, 4/4/2033 | 156,925 | |
10,000 | 3 | MetLife, Inc., Jr. Sub. Note, 10.750% (3-month USLIBOR +7.548%), 8/1/2039 | 13,324 |
TOTAL | 170,249 | ||
Financial Institution - Insurance - P&C—0.0% | |||
75,000 | Nationwide Mutual Insurance Co., Sub., 144A, 4.350%, 4/30/2050 | 57,152 | |
Financial Institution - REIT - Apartment—0.1% | |||
70,000 | Camden Property Trust, Sr. Unsecd. Note, 2.800%, 5/15/2030 | 61,396 | |
140,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026 | 132,444 | |
TOTAL | 193,840 | ||
Financial Institution - REIT - Healthcare—0.1% | |||
500,000 | Welltower, Inc., Sr. Unsecd. Note, 2.750%, 1/15/2032 | 417,863 | |
Financial Institution - REIT - Other—0.0% | |||
50,000 | Host Hotels & Resorts LP, Sr. Unsecd. Note, 5.700%, 7/1/2034 | 49,030 | |
Food Products—0.0% | |||
INR 73,689 | Britannia Industries Ltd., Unsecd. Note, Series N3, 5.500%, 6/3/2024 | 883 |
Shares, Principal Amount or Contracts | Value | ||
CORPORATE BONDS—continued | |||
Foreign-Local-Government—0.0% | |||
$ 50,000 | Quebec, Province of, Note, Series MTNA, 7.035%, 3/10/2026 | $ 51,593 | |
Municipal Services—0.0% | |||
100,000 | Camp Pendleton & Quantico Housing LLC, Sec. Fac. Bond, 5.572%, 10/1/2050 | 95,342 | |
Sovereign—0.1% | |||
JPY 30,000,000 | KFW, 2.050%, 2/16/2026 | 196,169 | |
Technology—0.6% | |||
$ 45,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2051 | 33,201 | |
250,000 | CDW LLC / CDW Finance, Sr. Unsecd. Note, 2.670%, 12/1/2026 | 232,602 | |
75,000 | Concentrix Corp., Sr. Unsecd. Note, 6.650%, 8/2/2026 | 75,883 | |
229,000 | Dell International LLC / EMC Corp., Sr. Unsecd. Note, 6.020%, 6/15/2026 | 231,144 | |
270,000 | Global Payments, Inc., Sr. Unsecd. Note, 2.900%, 11/15/2031 | 224,865 | |
280,000 | Intel Corp., Sr. Unsecd. Note, 3.400%, 3/25/2025 | 275,713 | |
500,000 | Oracle Corp., Sr. Unsecd. Note, 6.250%, 11/9/2032 | 527,690 | |
130,000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | 126,303 | |
TOTAL | 1,727,401 | ||
Transportation - Airlines—0.1% | |||
140,000 | Southwest Airlines Co., Sr. Unsecd. Note, 5.250%, 5/4/2025 | 139,482 | |
Transportation - Services—0.1% | |||
62,000 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 3.850%, 11/15/2024 | 61,521 | |
180,000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 5.550%, 5/1/2028 | 180,728 | |
160,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 3.900%, 4/1/2025 | 158,009 | |
TOTAL | 400,258 | ||
Utility - Electric—0.6% | |||
150,000 | Alabama Power Co., Sr. Unsecd. Note, 3.000%, 3/15/2052 | 97,363 | |
185,000 | Ameren Corp., Sr. Unsecd. Note, 1.950%, 3/15/2027 | 169,226 | |
275,000 | Electricite de France S.A., Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028 | 265,607 | |
190,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 | 153,950 | |
300,000 | Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026 | 290,233 | |
160,000 | Florida Power & Light Co., Sec. Fac. Bond, 2.850%, 4/1/2025 | 156,807 | |
140,000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 | 136,217 | |
200,000 | NiSource Finance Corp., Sr. Unsecd. Note, 3.950%, 3/30/2048 | 151,024 | |
155,000 | WEC Energy Group, Inc., Sr. Unsecd. Note, 2.200%, 12/15/2028 | 136,186 | |
125,000 | Wisconsin Electric Power Co., Sr. Unsecd. Note, 4.300%, 12/15/2045 | 101,936 | |
TOTAL | 1,658,549 | ||
Utility - Natural Gas—0.2% | |||
495,000 | National Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 1/15/2026 | 493,096 | |
Utility - Other—0.0% | |||
105,000 | National Grid-SP PLC, Sr. Unsecd. Note, 5.602%, 6/12/2028 | 105,650 | |
TOTAL CORPORATE BONDS (IDENTIFIED COST $18,397,242) | 17,159,123 | ||
ASSET-BACKED SECURITIES—1.4% | |||
Auto Receivables—0.7% | |||
300,000 | Citizens Auto Receivables Trust 2024-2, Class A3, 5.330%, 8/15/2028 | 299,954 | |
200,000 | Ford Credit Auto Owner Trust/Ford Credit 2023-2, Class SUB, 5.920%, 2/15/2036 | 202,961 | |
200,000 | General Motors 2024-2A, Class B, 5.350%, 3/17/2031 | 200,722 | |
150,000 | Huntington Auto Trust 2024-1A, Class A3, 5.230%, 1/16/2029 | 149,667 | |
100,000 | M&T Bank Auto Receivables Trust 2024-1A, Class A3, 5.220%, 2/17/2032 | 99,423 | |
100,000 | Navistar Financial Dealer Note Master Trust 2023-1, Class A, 6.180%, 8/25/2028 | 100,792 | |
107,464 | Santander Bank Auto Credit-Linked Notes 2023-A, Class C, 6.736%, 6/15/2033 | 107,847 | |
300,000 | Santander Drive Auto Receivables Trust 2023-1, Class C, 5.090%, 5/15/2030 | 297,488 | |
175,000 | SFS Auto Receivables Securitization Trust 2023-1A, Class C, 5.970%, 2/20/2031 | 173,267 | |
200,000 | Tesla Auto Lease Trust 2023-A, Class B, 6.410%, 7/20/2027 | 200,810 |
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 | $ 273,164 | |
TOTAL | 2,106,095 | ||
Credit Card—0.2% | |||
500,000 | Master Credit Card Trust 2022-2A, Class C, 2.730%, 7/21/2028 | 447,970 | |
Equipment Lease—0.3% | |||
175,000 | DLLMT LLC 2023-1A, Class A4, 5.350%, 3/20/2031 | 172,725 | |
550,000 | HPEFS Equipment Trust 2022-1A, Class C, 1.960%, 5/21/2029 | 540,876 | |
200,000 | Kubota Credit Owner Trust 2023-2A, Class A4, 5.230%, 6/15/2028 | 197,404 | |
TOTAL | 911,005 | ||
Other—0.1% | |||
200,000 | PFS Financing Corp. 2023-B, Class A, 5.270%, 5/15/2028 | 199,576 | |
Student Loans—0.1% | |||
59,850 | Navient Student Loan Trust 2021-A, Class A, 0.840%, 5/15/2069 | 52,837 | |
207,524 | Navient Student Loan Trust 2021-GA, Class A, 1.580%, 4/15/2070 | 181,416 | |
TOTAL | 234,253 | ||
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $4,008,955) | 3,898,899 | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—0.5% | |||
Commercial Mortgage—0.2% | |||
125,000 | Bank 2023-BNK46, Class A4, 5.745%, 8/15/2056 | 127,724 | |
255,000 | Bank, Class A4, 3.488%, 11/15/2050 | 236,363 | |
300,000 | JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049 | 277,068 | |
TOTAL | 641,155 | ||
Federal Home Loan Mortgage Corporation—0.2% | |||
250,000 | Federal Home Loan Mortgage Corp. REMIC, Series K161, Class A2, 4.900%, 10/25/2033 | 250,271 | |
200,000 | Federal Home Loan Mortgage Corp. REMIC, Series K754, Class A2, 4.940%, 11/25/2030 | 200,046 | |
TOTAL | 450,317 | ||
Non-Agency Mortgage—0.1% | |||
326,831 | GS Mortgage-Backed Securities Trust 2023-PJ1, Class A4, 3.500%, 2/25/2053 | 278,854 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $1,441,050) | 1,370,326 | ||
U.S. TREASURIES—0.4% | |||
U.S. Treasury Bond—0.2% | |||
350,000 | United States Treasury Bond, 1.875%, 11/15/2051 | 199,391 | |
3,000 | United States Treasury Bond, 3.000%, 11/15/2045 | 2,296 | |
25,000 | United States Treasury Bond, 3.250%, 5/15/2042 | 20,555 | |
300,000 | United States Treasury Bond, 4.250%, 2/15/2054 | 281,203 | |
TOTAL | 503,445 | ||
U.S. Treasury Note—0.2% | |||
400,000 | United States Treasury Note, 2.875%, 6/15/2025 | 390,762 | |
175,000 | United States Treasury Note, 4.625%, 4/30/2029 | 175,836 | |
TOTAL | 566,598 | ||
TOTAL U.S. TREASURIES (IDENTIFIED COST $1,160,645) | 1,070,043 | ||
COMMERCIAL MORTGAGE-BACKED SECURITIES—0.3% | |||
Commercial Mortgage—0.1% | |||
150,000 | BMO Mortgage Trust 2023-5C1, Class A3, 6.534%, 8/15/2056 | 154,788 | |
200,000 | BMO Mortgage Trust 2023-C4, Class A5, 5.116%, 2/15/2056 | 195,472 | |
TOTAL | 350,260 | ||
Federal Home Loan Mortgage Corporation—0.2% | |||
9,933 | Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025 | 9,854 |
Shares, Principal Amount or Contracts | Value | ||
COMMERCIAL MORTGAGE-BACKED SECURITIES—continued | |||
Federal Home Loan Mortgage Corporation—continued | |||
$ 500,000 | Federal Home Loan Mortgage Corp. REMIC, Series K737, Class A2, 2.525%, 10/25/2026 | $ 473,422 | |
TOTAL | 483,276 | ||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $885,608) | 833,536 | ||
MORTGAGE-BACKED SECURITIES—0.0% | |||
Federal Home Loan Mortgage Corporation—0.0% | |||
357 | Federal Home Loan Mortgage Corp., Pool C00592, 7.000%, 3/1/2028 | 367 | |
342 | Federal Home Loan Mortgage Corp., Pool C00896, 7.500%, 12/1/2029 | 355 | |
610 | Federal Home Loan Mortgage Corp., Pool C19588, 6.500%, 12/1/2028 | 621 | |
522 | Federal Home Loan Mortgage Corp., Pool C76361, 6.000%, 2/1/2033 | 534 | |
821 | Federal Home Loan Mortgage Corp., Pool G01444, 6.500%, 8/1/2032 | 845 | |
292 | FHLMC Pool C25621, 6.500%, 5/1/2029 | 297 | |
TOTAL | 3,019 | ||
Federal National Mortgage Association—0.0% | |||
353 | Federal National Mortgage Association, Pool 251697, 6.500%, 5/1/2028 | 359 | |
1,615 | Federal National Mortgage Association, Pool 252334, 6.500%, 2/1/2029 | 1,618 | |
1,189 | Federal National Mortgage Association, Pool 254905, 6.000%, 10/1/2033 | 1,215 | |
12 | Federal National Mortgage Association, Pool 303168, 9.500%, 2/1/2025 | 12 | |
458 | Federal National Mortgage Association, Pool 323640, 7.500%, 4/1/2029 | 468 | |
1,995 | Federal National Mortgage Association, Pool 545993, 6.000%, 11/1/2032 | 2,034 | |
813 | Federal National Mortgage Association, Pool 555272, 6.000%, 3/1/2033 | 829 | |
386 | Federal National Mortgage Association, Pool 713974, 5.500%, 7/1/2033 | 391 | |
1,654 | Federal National Mortgage Association, Pool 721502, 5.000%, 7/1/2033 | 1,641 | |
68 | FNMA Pool 323159, 7.500%, 4/1/2028 | 70 | |
TOTAL | 8,637 | ||
Government National Mortgage Association—0.0% | |||
1,808 | Government National Mortgage Association, Pool 2796, 7.000%, 8/20/2029 | 1,849 | |
1,137 | Government National Mortgage Association, Pool 3040, 7.000%, 2/20/2031 | 1,172 | |
2,968 | Government National Mortgage Association, Pool 3188, 6.500%, 1/20/2032 | 3,040 | |
4,197 | Government National Mortgage Association, Pool 3239, 6.500%, 5/20/2032 | 4,306 | |
346 | Government National Mortgage Association, Pool 451522, 7.500%, 10/15/2027 | 350 | |
108 | Government National Mortgage Association, Pool 462739, 7.500%, 5/15/2028 | 109 | |
48 | Government National Mortgage Association, Pool 464835, 6.500%, 9/15/2028 | 49 | |
854 | Government National Mortgage Association, Pool 469699, 7.000%, 11/15/2028 | 866 | |
760 | Government National Mortgage Association, Pool 486760, 6.500%, 12/15/2028 | 771 | |
208 | Government National Mortgage Association, Pool 780453, 7.500%, 12/15/2025 | 209 | |
247 | Government National Mortgage Association, Pool 780584, 7.000%, 6/15/2027 | 248 | |
TOTAL | 12,969 | ||
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $24,353) | 24,625 | ||
PURCHASED CALL OPTIONS—0.0% | |||
1,270,000 | JPM EUR CALL/USD PUT (CALL-Option), Notional Amount $257,340,100, Exercise Price $1.0955, Expiration Date 6/11/2024 | 893 | |
157,500 | UBS USD CALL/CHF PUT (CALL-Option), Notional Amount $5,021,100, Exercise Price $0.8905, Expiration Date 9/18/2024 | 2,114 | |
TOTAL PURCHASED CALL OPTIONS (IDENTIFIED COST $3,801) | 3,007 | ||
PURCHASED PUT OPTION—0.0% | |||
100,000 | UBS CHF PUT / JPY CALL (PUT-Option), Notional Amount $3,188,000, Exercise Price $160, Expiration Date 7/5/2024 (IDENTIFIED COST $1,266) | 6 | |
INVESTMENT COMPANIES—16.6% | |||
130,219 | Bank Loan Core Fund | 1,140,722 | |
2,758,654 | Emerging Markets Core Fund | 23,255,454 | |
3,708,673 | Federated Hermes Government Obligations Fund, Premier Shares, 5.23%4 | 3,708,673 | |
309,345 | 5 | High Yield Bond Core Fund | 1,701,398 |
1,582,790 | Mortgage Core Fund | 12,820,597 |
Shares, Principal Amount or Contracts | Value | ||
INVESTMENT COMPANIES—continued | |||
474,682 | Project and Trade Finance Core Fund | $ 4,200,937 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $45,346,413) | 46,827,781 | ||
TOTAL INVESTMENT IN SECURITIES—99.7% (IDENTIFIED COST $244,443,838)6 | 280,541,644 | ||
OTHER ASSETS AND LIABILITIES - NET—0.3%7 | 836,676 | ||
TOTAL NET ASSETS—100% | $281,378,320 |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
Long Futures: | ||||
EURO-BUND Long Futures | 1 | $140,340 | June 2024 | $(2,465) |
EURO-BUND Long Futures | 40 | $5,641,389 | September 2024 | $3,843 |
EURO-SCHATZ Long Futures | 2 | $227,784 | June 2024 | $(1,750) |
United States Treasury Bond Long Futures | 1 | $116,063 | September 2024 | $(979) |
United States Treasury Notes 2-Year Long Futures | 29 | $5,907,391 | September 2024 | $1,257 |
United States Treasury Notes 5-Year Long Futures | 72 | $7,617,375 | September 2024 | $(19,834) |
United States Treasury Notes 10-Year Long Futures | 43 | $4,678,266 | September 2024 | $(5,473) |
United States Treasury Notes 10-Year Ultra Long Futures | 5 | $560,156 | September 2024 | $(208) |
United States Treasury Ultra Bond Long Futures | 8 | $979,500 | September 2024 | $(18,075) |
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $(43,684) |
Settlement Date | Counterparty | Foreign Currency Units to Deliver/Receive | In Exchange For | Net Unrealized Appreciation/ (Depreciation) | |
Contracts Purchased: | |||||
6/12/2024 | Bank Of America, N.A. | 37,498 | AUD | $25,000 | $(45) |
6/12/2024 | BNP Paribas SA | 90,306 | CHF | $100,000 | $168 |
6/12/2024 | The Bank Of New York Mellon | 22,916 | EUR | $25,000 | $(127) |
6/12/2024 | Morgan Stanley Capital | 518,775 | NOK | $47,600 | $1,834 |
6/12/2024 | Bank Of America, N.A. | 40,316 | NZD | $25,000 | $(218) |
7/5/2024 | State Street Bank & Trust Co. | 65,936 | AUD | $43,626 | $284 |
7/5/2024 | The Bank Of New York Mellon | 100,749 | AUD | $65,501 | $1,593 |
7/5/2024 | JPMorgan Chase Bank, N.A. | 65,167 | AUD | $43,636 | $(238) |
7/5/2024 | JPMorgan Chase Bank, N.A. | 71,853 | AUD | $46,969 | $882 |
7/5/2024 | Morgan Stanley Capital | 135,857 | CAD | $99,953 | $(210) |
7/5/2024 | Morgan Stanley Capital | 136,716 | CAD | $99,985 | $387 |
7/5/2024 | Morgan Stanley Capital | 145,634 | CAD | $107,499 | $(579) |
7/5/2024 | BNP Paribas SA | 204,669 | CAD | $149,973 | $289 |
7/5/2024 | Bank Of America, N.A. | 62,032 | CHF | $68,609 | $379 |
7/5/2024 | State Street Bank & Trust Co. | 41,155 | CHF | $45,663 | $107 |
7/5/2024 | JPMorgan Chase Bank, N.A. | 44,188 | CHF | $49,274 | $(131) |
7/5/2024 | Morgan Stanley Capital | 41,001 | CHF | $45,638 | $(40) |
7/5/2024 | The Bank Of New York Mellon | 261,210 | EUR | $282,113 | $1,701 |
7/5/2024 | Morgan Stanley Capital | 280,746 | EUR | $303,644 | $1,396 |
7/5/2024 | The Bank Of New York Mellon | 394,377 | EUR | $423,414 | $5,089 |
7/5/2024 | The Bank Of New York Mellon | 258,785 | EUR | $282,004 | $(826) |
7/5/2024 | Bank Of America, N.A. | 115,924 | GBP | $144,419 | $3,320 |
7/5/2024 | Citibank N.A. | 75,929 | GBP | $96,255 | $513 |
7/5/2024 | Morgan Stanley Capital | 82,291 | GBP | $103,481 | $1,395 |
Settlement Date | Counterparty | Foreign Currency Units to Deliver/Receive | In Exchange For | Net Unrealized Appreciation/ (Depreciation) | |
7/5/2024 | Bank Of America, N.A. | 76,918 | GBP | $96,267 | $1,761 |
7/5/2024 | Morgan Stanley Capital | 19,959,005 | JPY | $133,564 | $(6,051) |
7/5/2024 | State Street Bank & Trust Co. | 28,450,205 | JPY | $185,874 | $(4,112) |
7/5/2024 | Morgan Stanley Capital | 18,991,319 | JPY | $123,447 | $(2,116) |
7/5/2024 | Bank Of America, N.A. | 2,130,043 | MXN | $123,940 | $991 |
7/5/2024 | BNP Paribas SA | 1,411,792 | MXN | $82,971 | $(167) |
7/5/2024 | JPMorgan Chase Bank, N.A. | 1,394,984 | MXN | $82,894 | $(1,076) |
7/5/2024 | Bank Of America, N.A. | 1,488,940 | MXN | $88,487 | $(1,158) |
7/19/2024 | The Bank Of New York Mellon | 407,743 | CHF | $450,000 | $4,187 |
7/19/2024 | Morgan Stanley Capital | 837,532 | CHF | $930,000 | $2,930 |
7/19/2024 | JPMorgan Chase Bank, N.A. | 450,000 | CHF | 75,493,602 JPY | $(7,994) |
7/19/2024 | Citibank N.A. | 450,000 | CHF | 75,854,025 JPY | $(5,357) |
7/19/2024 | BNP Paribas SA | 1,600,000 | CNY | $225,943 | $(4,041) |
7/19/2024 | Morgan Stanley Capital | 900,000 | EUR | $982,507 | $(3,993) |
7/19/2024 | Morgan Stanley Capital | 800,000 | EUR | $875,589 | $(5,799) |
7/19/2024 | Morgan Stanley Capital | 470,000 | EUR | $502,646 | $8,355 |
7/19/2024 | Citibank N.A. | 280,000 | EUR | $303,416 | $1,011 |
7/19/2024 | Morgan Stanley Capital | 564,000 | EUR | $611,623 | $1,579 |
7/19/2024 | JPMorgan Chase Bank, N.A. | 800,000 | EUR | 1,440,002 NZD | $510 |
7/19/2024 | Morgan Stanley Capital | 450,000 | EUR | 5,237,358 NOK | $1,749 |
7/19/2024 | Bank Of America, N.A. | 450,000 | GBP | $560,673 | $12,868 |
7/19/2024 | Morgan Stanley Capital | 700,000 | GBP | $870,899 | $21,276 |
7/19/2024 | Morgan Stanley Capital | 403,359,703 | JPY | $2,760,000 | $(177,621) |
7/19/2024 | Morgan Stanley Capital | 37,140,053 | JPY | $250,000 | $(12,223) |
7/19/2024 | State Street Bank & Trust Co. | 148,501,420 | JPY | $1,000,000 | $(49,268) |
7/19/2024 | Morgan Stanley Capital | 150,914,529 | JPY | 900,000 CHF | $(46,192) |
7/19/2024 | Morgan Stanley Capital | 7,102,280 | NOK | $650,000 | $27,399 |
7/19/2024 | Goldman Sachs Bank | 5,244,281 | NOK | 450,000 EUR | $11,231 |
7/19/2024 | Citibank N.A. | 1,436,539 | NZD | 800,000 EUR | $8,904 |
7/19/2024 | Morgan Stanley Capital | 1,400,000 | NZD | $853,643 | $6,935 |
7/19/2024 | JPMorgan Chase Bank, N.A. | 2,033,984 | PLN | $512,500 | $3,541 |
9/20/2024 | UBS | 48,100 | CHF | $53,550 | $413 |
Contracts Sold: | |||||
6/3/2024 | Income Repatriation Boston | 1,515 | BRL | $289 | $0 |
6/12/2024 | BNP Paribas SA | 37,498 | AUD | $24,955 | $45 |
6/12/2024 | Bank Of America, N.A. | 44,891 | CHF | $49,794 | $206 |
6/12/2024 | Bank Of America, N.A. | 43,340 | CHF | $48,073 | $1,927 |
6/12/2024 | Bank Of America, N.A. | 22,746 | EUR | $24,689 | $311 |
6/12/2024 | JPMorgan Chase Bank, N.A. | 508,156 | NOK | $48,422 | $(822) |
6/12/2024 | Barclays Bank PLC | 41,032 | NZD | $25,223 | $(222) |
7/5/2024 | Citibank N.A. | 100,749 | AUD | $67,094 | $(503) |
7/5/2024 | Bank Of America, N.A. | 32,584 | AUD | $21,699 | $25 |
7/5/2024 | The Bank Of New York Mellon | 32,584 | AUD | $21,699 | $47 |
7/5/2024 | JPMorgan Chase Bank, N.A. | 71,853 | AUD | $47,850 | $(563) |
7/5/2024 | Morgan Stanley Capital | 204,669 | CAD | $150,262 | $(952) |
7/5/2024 | Citibank N.A. | 145,634 | CAD | $106,920 | $161 |
7/5/2024 | Bank Of America, N.A. | 67,928 | CAD | $49,871 | $(32) |
7/5/2024 | Morgan Stanley Capital | 67,928 | CAD | $49,871 | $2 |
7/5/2024 | Morgan Stanley Capital | 20,500 | CHF | $22,799 | $(168) |
7/5/2024 | State Street Bank & Trust Co. | 44,188 | CHF | $49,143 | $149 |
7/5/2024 | Morgan Stanley Capital | 62,032 | CHF | $68,988 | $(281) |
7/5/2024 | Morgan Stanley Capital | 20,500 | CHF | $22,799 | $(39) |
7/5/2024 | Morgan Stanley Capital | 394,377 | EUR | $428,503 | $(3,090) |
Settlement Date | Counterparty | Foreign Currency Units to Deliver/Receive | In Exchange For | Net Unrealized Appreciation/ (Depreciation) | |
7/5/2024 | Morgan Stanley Capital | 280,746 | EUR | $305,040 | $(338) |
7/5/2024 | Citibank N.A. | 129,392 | EUR | $140,589 | $157 |
7/5/2024 | State Street Bank & Trust Co. | 129,392 | EUR | $140,589 | $156 |
7/5/2024 | Bank Of America, N.A. | 82,291 | GBP | $104,875 | $(1,124) |
7/5/2024 | Morgan Stanley Capital | 37,965 | GBP | $48,384 | $(367) |
7/5/2024 | State Street Bank & Trust Co. | 115,924 | GBP | $147,739 | $(2,571) |
7/5/2024 | BNP Paribas SA | 37,965 | GBP | $48,384 | $(164) |
7/5/2024 | Morgan Stanley Capital | 9,495,660 | JPY | $60,665 | $871 |
7/5/2024 | State Street Bank & Trust Co. | 28,450,205 | JPY | $181,761 | $3,826 |
7/5/2024 | Morgan Stanley Capital | 19,959,005 | JPY | $127,513 | $5,918 |
7/5/2024 | Morgan Stanley Capital | 2,130,043 | MXN | $124,931 | $(153) |
7/5/2024 | Morgan Stanley Capital | 1,488,940 | MXN | $87,329 | $1,588 |
7/5/2024 | The Bank Of New York Mellon | 697,492 | MXN | $40,909 | $748 |
7/5/2024 | Morgan Stanley Capital | 697,492 | MXN | $40,909 | $505 |
7/19/2024 | BNP Paribas SA | 838,116 | CHF | $933,581 | $(3,581) |
7/19/2024 | Morgan Stanley Capital | 1,012,374 | CHF | 900,000 JPY | $9,860 |
7/19/2024 | Morgan Stanley Capital | 404,600 | CHF | $450,685 | $(685) |
7/19/2024 | Goldman Sachs Bank | 488,957 | EUR | 450,000 NOK | $(300) |
7/19/2024 | Citibank N.A. | 874,134 | EUR | 800,000 NZD | $4,344 |
7/19/2024 | Bank Of America, N.A. | 400,000 | EUR | $434,895 | $1,161 |
7/19/2024 | The Bank Of New York Mellon | 560,000 | EUR | $608,853 | $(1,093) |
7/19/2024 | BNP Paribas SA | 2,400,000 | EUR | $2,609,370 | $16,389 |
7/19/2024 | JPMorgan Chase Bank, N.A. | 470,000 | EUR | $511,002 | $1,753 |
7/19/2024 | Morgan Stanley Capital | 495,000 | EUR | $538,182 | $(10,164) |
7/19/2024 | BNP Paribas SA | 850,000 | EUR | $924,152 | $6,111 |
7/19/2024 | JPMorgan Chase Bank, N.A. | 700,000 | GBP | $892,175 | $(26,171) |
7/19/2024 | State Street Bank & Trust Co. | 450,000 | GBP | $573,541 | $416 |
7/19/2024 | Citibank N.A. | 506,614 | JPY | 75,854,025 CHF | $20,983 |
7/19/2024 | JPMorgan Chase Bank, N.A. | 509,251 | JPY | 75,493,602 CHF | $25,928 |
7/19/2024 | State Street Bank & Trust Co. | 70,080,638 | JPY | $448,669 | $1,332 |
7/19/2024 | Bank Of America, N.A. | 68,441,963 | JPY | $438,177 | $11,823 |
7/19/2024 | BNP Paribas SA | 15,331,165 | MXN | $897,242 | $2,758 |
7/19/2024 | Bank Of America, N.A. | 1,475,451 | NOK | $140,725 | $(5,309) |
7/19/2024 | Morgan Stanley Capital | 487,507 | NOK | 5,237,358 EUR | $(12,020) |
7/19/2024 | Morgan Stanley Capital | 5,582,047 | NOK | $532,403 | $(17,820) |
7/19/2024 | JPMorgan Chase Bank, N.A. | 869,280 | NZD | 1,440,002 EUR | $(15,887) |
7/19/2024 | Citibank N.A. | 1,400,000 | NZD | $860,578 | $(7,290) |
7/19/2024 | Barclays Bank PLC | 2,046,634 | PLN | $519,250 | $(6,750) |
NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS | $(193,564) |
Counterparty | Description | Number of Contracts | Notional Amount | Expiration Date | Exercise Price | Value |
Put Options: | ||||||
JP Morgan | EUR PUT/USD CALL | (1,270,000) | $1,270,000 | June 2024 | $1.08 | $(8,528) |
UBS | USD PUT/CHF CALL | (157,500) | $157,500 | September 2024 | $0.85 | $(278) |
(Premium Received $3,399) | $(8,806) |
Affiliates | Value as of 11/30/2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss) | Value as of 5/31/2024 | Shares Held as of 5/31/2024 | Dividend Income |
Bank Loan Core Fund | $20,785 | $1,119,821 | $— | $116 | $— | $1,140,722 | 130,219 | $9,822 |
Emerging Markets Core Fund | $26,209,549 | $1,033,630 | $(5,300,000) | $1,759,304 | $(447,029) | $23,255,454 | 2,758,654 | $1,033,601 |
Federated Hermes Government Obligations Fund, Premier Shares | $— | $15,091,540 | $(11,382,867) | $— | $— | $3,708,673 | 3,708,673 | $— |
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | $10,583,106 | $35,875,523 | $(46,455,378) | $(4,212) | $961 | $— | — | $239,863 |
High Yield Bond Core Fund | $1,952,456 | $59,978 | $(342,200) | $51,351 | $(20,187) | $1,701,398 | 309,345 | $60,045 |
Mortgage Core Fund | $18,024,966 | $352,798 | $(5,589,200) | $810,652 | $(778,619) | $12,820,597 | 1,582,790 | $352,798 |
Project and Trade Finance Core Fund | $4,026,368 | $146,680 | $— | $27,889 | $— | $4,200,937 | 474,682 | $146,680 |
TOTAL OF AFFILIATED TRANSACTIONS | $60,817,230 | $53,679,970 | $(69,069,645) | $2,645,100 | $(1,244,874) | $46,827,781 | 8,964,363 | $1,842,809 |
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 | Floating/variable note with current rate and current maturity or next reset date shown. |
4 | 7-day net yield. |
5 | The High Yield Bond Core Fund is a diversified portfolio of below investment grade bonds. |
6 | Also represents cost of investments for federal tax purposes. |
7 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following is a summary of the inputs used, as of May 31, 2024, 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 | $128,540,894 | $708,236 | $1,421 | $129,250,551 |
International | 6,834,971 | 52,132,030 | — | 58,967,001 |
Debt Securities: | ||||
Foreign Governments/Agencies | — | 21,136,746 | — | 21,136,746 |
Corporate Bonds | — | 17,154,256 | 4,867 | 17,159,123 |
Asset-Backed Securities | — | 3,898,899 | — | 3,898,899 |
Collateralized Mortgage Obligations | — | 1,370,326 | — | 1,370,326 |
U.S. Treasuries | — | 1,070,043 | — | 1,070,043 |
Commercial Mortgage-Backed Securities | — | 833,536 | — | 833,536 |
Mortgage-Backed Securities | — | 24,625 | — | 24,625 |
Purchased Call Options | 893 | 2,114 | — | 3,007 |
Purchased Put Option | — | 6 | — | 6 |
Investment Companies1 | 42,626,844 | — | — | 46,827,781 |
TOTAL SECURITIES | $178,003,602 | $98,330,817 | $6,288 | $280,541,644 |
Other Financial Instruments: | ||||
Assets | ||||
Futures Contracts | $5,100 | $— | $— | $5,100 |
Foreign Exchange Contracts | — | 254,477 | — | 254,477 |
Liabilities | ||||
Futures Contracts | (48,784) | — | — | (48,784) |
Foreign Exchange Contracts | — | (448,041) | — | (448,041) |
Written Options Contracts | — | (8,806) | — | (8,806) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $(43,684) | $(202,370) | $— | $(246,054) |
1 | As permitted by U.S. generally accepted accounting principles (GAAP), an Investment Company valued at $4,200,937 is measured at fair value using the net assets value (NAV) per share practical expedient and has not been categorized in the fair value hierarchy chart above. The price of shares redeemed of Project and Trade Finance Core Fund (PTCORE), a portfolio of Federated Hermes Core Trust III, may be determined as of the closing NAV of the fund up to twenty-four days after receipt of a shareholder redemption request. The investment objective of PTCORE is to provide total return. Copies of the PTCORE financial statements are available on the EDGAR database on the SEC’s website or upon request from the Fund. |
The following acronym(s) are used throughout this portfolio: | ||
ADR | —American Depositary Receipt | |
AUD | —Australian Dollar | |
BKNT | —Bank Notes | |
BRL | —Brazilian Real | |
CAD | —Canadian Dollar | |
CHF | —Swiss Franc | |
CNY | —Chinese Yuan Renminbi | |
EUR | —Euro | |
FHLMC | —Federal Home Loan Mortgage Corporation | |
FNMA | —Federal National Mortgage Association | |
GBP | —British Pound | |
GDR | —Global Depository Receipt | |
INR | —Indian Rupee | |
JPY | —Japanese Yen | |
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 | |
PLN | —Polish Zloty | |
REIT | —Real Estate Investment Trust | |
REMIC | —Real Estate Mortgage Investment Conduit | |
SOFR | —Secured Overnight Financing Rate | |
USD | —United States Dollar |
Six Months Ended (unaudited) 5/31/2024 | Year Ended November 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $18.08 | $17.75 | $23.08 | $21.46 | $19.83 | $19.08 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.19 | 0.38 | 0.31 | 0.28 | 0.25 | 0.31 |
Net realized and unrealized gain (loss) | 1.49 | 0.25 | (2.45) | 1.87 | 1.82 | 1.44 |
Total From Investment Operations | 1.68 | 0.63 | (2.14) | 2.15 | 2.07 | 1.75 |
Less Distributions: | ||||||
Distributions from net investment income | (0.20) | (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 | (0.20) | (0.30) | (3.19) | (0.53) | (0.44) | (1.00) |
Net Asset Value, End of Period | $19.56 | $18.08 | $17.75 | $23.08 | $21.46 | $19.83 |
Total Return2 | 9.30% | 3.61% | (11.01)% | 10.09% | 10.70% | 9.89% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.14%4 | 1.14% | 1.14% | 1.14% | 1.14% | 1.15% |
Net investment income | 1.97%4 | 2.14% | 1.66% | 1.24% | 1.28% | 1.65% |
Expense waiver/reimbursement5 | 0.29%4 | 0.29% | 0.23% | 0.14% | 0.18% | 0.20% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $141,976 | $135,780 | $143,502 | $183,613 | $176,368 | $181,579 |
Portfolio turnover6 | 52% | 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. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 5/31/2024 | Year Ended November 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $17.43 | $17.12 | $22.35 | $20.80 | $19.22 | $18.52 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.11 | 0.23 | 0.16 | 0.10 | 0.09 | 0.16 |
Net realized and unrealized gain (loss) | 1.42 | 0.24 | (2.35) | 1.80 | 1.78 | 1.40 |
Total From Investment Operations | 1.53 | 0.47 | (2.19) | 1.90 | 1.87 | 1.56 |
Less Distributions: | ||||||
Distributions from net investment income | (0.12) | (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 | (0.12) | (0.16) | (3.04) | (0.35) | (0.29) | (0.86) |
Net Asset Value, End of Period | $18.84 | $17.43 | $17.12 | $22.35 | $20.80 | $19.22 |
Total Return2 | 8.82% | 2.81% | (11.66)% | 9.20% | 9.87% | 9.06% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.93%4 | 1.93% | 1.93% | 1.93% | 1.93% | 1.92% |
Net investment income | 1.19%4 | 1.35% | 0.87% | 0.45% | 0.50% | 0.89% |
Expense waiver/reimbursement5 | 0.27%4 | 0.27% | 0.19% | 0.12% | 0.15% | 0.20% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $34,457 | $33,078 | $38,482 | $52,288 | $58,092 | $64,600 |
Portfolio turnover6 | 52% | 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. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 5/31/2024 | Year Ended November 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $17.92 | $17.59 | $22.89 | $21.30 | $19.67 | $18.94 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.15 | 0.30 | 0.23 | 0.18 | 0.17 | 0.24 |
Net realized and unrealized gain (loss) | 1.46 | 0.25 | (2.42) | 1.84 | 1.82 | 1.41 |
Total From Investment Operations | 1.61 | 0.55 | (2.19) | 2.02 | 1.99 | 1.65 |
Less Distributions: | ||||||
Distributions from net investment income | (0.16) | (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 | (0.16) | (0.22) | (3.11) | (0.43) | (0.36) | (0.92) |
Net Asset Value, End of Period | $19.37 | $17.92 | $17.59 | $22.89 | $21.30 | $19.67 |
Total Return2 | 8.99% | 3.20% | (11.37)% | 9.55% | 10.31% | 9.38% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.57%4 | 1.57% | 1.57% | 1.57% | 1.57% | 1.56% |
Net investment income | 1.55%4 | 1.71% | 1.24% | 0.81% | 0.85% | 1.26% |
Expense waiver/reimbursement5 | 0.27%4 | 0.27% | 0.24% | 0.13% | 0.16% | 0.19% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $39,908 | $38,237 | $36,898 | $45,723 | $43,197 | $42,860 |
Portfolio turnover6 | 52% | 98% | 114% | 101% | 80% | 85% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 5/31/2024 | Year Ended November 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $18.22 | $17.89 | $23.23 | $21.60 | $19.95 | $19.19 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.22 | 0.43 | 0.37 | 0.35 | 0.31 | 0.37 |
Net realized and unrealized gain (loss) | 1.49 | 0.25 | (2.46) | 1.87 | 1.84 | 1.45 |
Total From Investment Operations | 1.71 | 0.68 | (2.09) | 2.22 | 2.15 | 1.82 |
Less Distributions: | ||||||
Distributions from net investment income | (0.22) | (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 | (0.22) | (0.35) | (3.25) | (0.59) | (0.50) | (1.06) |
Net Asset Value, End of Period | $19.71 | $18.22 | $17.89 | $23.23 | $21.60 | $19.95 |
Total Return2 | 9.44% | 3.90% | (10.72)% | 10.39% | 11.06% | 10.21% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.85%4 | 0.85% | 0.85% | 0.85% | 0.85% | 0.86% |
Net investment income | 2.26%4 | 2.42% | 1.93% | 1.52% | 1.58% | 1.95% |
Expense waiver/reimbursement5 | 0.32%4 | 0.31% | 0.26% | 0.16% | 0.19% | 0.22% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $58,350 | $62,136 | $87,202 | $130,562 | $100,317 | $99,564 |
Portfolio turnover6 | 52% | 98% | 114% | 101% | 80% | 85% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 5/31/2024 | Year Ended November 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $18.09 | $17.76 | $23.08 | $21.47 | $19.84 | $19.09 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.22 | 0.43 | 0.37 | 0.35 | 0.31 | 0.38 |
Net realized and unrealized gain (loss) | 1.48 | 0.25 | (2.44) | 1.86 | 1.82 | 1.44 |
Total From Investment Operations | 1.70 | 0.68 | (2.07) | 2.21 | 2.13 | 1.82 |
Less Distributions: | ||||||
Distributions from net investment income | (0.23) | (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 | (0.23) | (0.35) | (3.25) | (0.60) | (0.50) | (1.07) |
Net Asset Value, End of Period | $19.56 | $18.09 | $17.76 | $23.08 | $21.47 | $19.84 |
Total Return2 | 9.41% | 3.92% | (10.67)% | 10.41% | 11.04% | 10.26% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.83%4 | 0.83% | 0.83% | 0.83% | 0.83% | 0.84% |
Net investment income | 2.28%4 | 2.45% | 2.03% | 1.54% | 1.58% | 1.97% |
Expense waiver/reimbursement5 | 0.27%4 | 0.27% | 0.21% | 0.12% | 0.15% | 0.19% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $6,688 | $6,236 | $6,399 | $4,866 | $7,056 | $6,275 |
Portfolio turnover6 | 52% | 98% | 114% | 101% | 80% | 85% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Assets: | |
Investment in securities, at value including $46,827,781 of investments in affiliated holdings* (identified cost $244,443,838, including $45,346,413 of identified cost in affiliated holdings) | $280,541,644 |
Cash | 104,534 |
Due from broker (Note 2) | 410,617 |
Income receivable | 940,622 |
Income receivable from affiliated holdings | 256,678 |
Receivable for shares sold | 87,951 |
Unrealized appreciation on foreign exchange contracts | 254,477 |
Receivable for variation margin on futures contracts | 40,737 |
Total Assets | 282,637,260 |
Liabilities: | |
Payable for investments purchased | 231,271 |
Payable for shares redeemed | 178,196 |
Written options outstanding, at value (premium received $3,399) | 8,806 |
Unrealized depreciation on foreign exchange contracts | 448,041 |
Bank overdraft denominated in foreign currencies (identified cost $68,524) | 26,713 |
Payable for investment adviser fee (Note 5) | 3,289 |
Payable for administrative fee (Note 5) | 592 |
Payable for custodian fees | 89,656 |
Payable for Directors’/Trustees’ fees (Note 5) | 152 |
Payable for auditing fees | 34,059 |
Payable for portfolio accounting fees | 60,104 |
Payable for transfer agent fees (Note 2) | 55,511 |
Payable for distribution services fee (Note 5) | 38,912 |
Payable for other service fees (Notes 2 and 5) | 36,812 |
Accrued expenses (Note 5) | 46,826 |
Total Liabilities | 1,258,940 |
Net assets for 14,451,381 shares outstanding | $281,378,320 |
Net Assets Consist of: | |
Paid-in capital | $310,390,059 |
Total distributable earnings (loss) | (29,011,739) |
Total Net Assets | $281,378,320 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($141,975,515 ÷ 7,260,077 shares outstanding), no par value, unlimited shares authorized | $19.56 |
Offering price per share (100/94.50 of $19.56) | $20.70 |
Redemption proceeds per share | $19.56 |
Class C Shares: | |
Net asset value per share ($34,457,125 ÷ 1,828,689 shares outstanding), no par value, unlimited shares authorized | $18.84 |
Offering price per share | $18.84 |
Redemption proceeds per share (99.00/100 of $18.84) | $18.65 |
Class R Shares: | |
Net asset value per share ($39,907,819 ÷ 2,059,789 shares outstanding), no par value, unlimited shares authorized | $19.37 |
Offering price per share | $19.37 |
Redemption proceeds per share | $19.37 |
Institutional Shares: | |
Net asset value per share ($58,349,751 ÷ 2,960,948 shares outstanding), no par value, unlimited shares authorized | $19.71 |
Offering price per share | $19.71 |
Redemption proceeds per share | $19.71 |
Class R6 Shares: | |
Net asset value per share ($6,688,110 ÷ 341,878 shares outstanding), no par value, unlimited shares authorized | $19.56 |
Offering price per share | $19.56 |
Redemption proceeds per share | $19.56 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |
Dividends (including $1,842,809 received from affiliated holdings* and net of foreign taxes withheld of $128,871) | $3,583,485 |
Interest | 818,464 |
TOTAL INCOME | 4,401,949 |
Expenses: | |
Investment adviser fee (Note 5) | 988,372 |
Administrative fee (Note 5) | 122,554 |
Custodian fees | 109,698 |
Transfer agent fees (Note 2) | 261,743 |
Directors’/Trustees’ fees (Note 5) | 3,806 |
Auditing fees | 19,058 |
Legal fees | 12,330 |
Portfolio accounting fees | 69,105 |
Distribution services fee (Note 5) | 229,716 |
Other service fees (Notes 2 and 5) | 218,009 |
Share registration costs | 38,354 |
Printing and postage | 19,837 |
Miscellaneous (Note 5) | 59,840 |
TOTAL EXPENSES | 2,152,422 |
Waivers and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (380,453) |
Waiver/reimbursements of other operating expenses (Notes 2 and 5) | (31,764) |
TOTAL WAIVERS AND REIMBURSEMENTS | (412,217) |
Net expenses | 1,740,205 |
Net investment income | 2,661,744 |
Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions, Foreign Exchange Contracts, Futures Contracts and Written Options: | |
Net realized gain on investments (including foreign taxes withheld of $(50,187) and (including net realized loss of $(1,244,874) on sales of investments in affiliated holdings*) | 4,962,556 |
Net realized loss on foreign currency transactions | (22,274) |
Net realized loss on foreign exchange contracts | (50,671) |
Net realized gain on futures contracts | 457,884 |
Net realized gain on written options | 3,386 |
Net change in unrealized appreciation of investments (including net change in unrealized depreciation of $2,645,100 on investments in affiliated holdings*) | 17,515,861 |
Net change in unrealized appreciation/depreciation of translation of assets and liabilities in foreign currency | (17,068) |
Net change in unrealized depreciation of foreign exchange contracts | (57,159) |
Net change in unrealized appreciation of futures contracts | (609,843) |
Net change in unrealized appreciation of written options | (7,637) |
Net realized and unrealized gain (loss) on investments, foreign currency transactions, foreign exchange contracts, futures contracts and written options | 22,175,035 |
Change in net assets resulting from operations | $24,836,779 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 5/31/2024 | Year Ended 11/30/2023 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $2,661,744 | $6,121,888 |
Net realized gain (loss) | 5,350,881 | (3,875,356) |
Net change in unrealized appreciation/depreciation | 16,824,154 | 7,601,233 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 24,836,779 | 9,847,765 |
Distributions to Shareholders: | ||
Class A Shares | (1,443,588) | (2,376,258) |
Class B Shares1 | — | (12,031) |
Class C Shares | (232,057) | (353,867) |
Class R Shares | (335,169) | (473,222) |
Institutional Shares | (723,558) | (1,595,012) |
Class R6 Shares | (77,847) | (124,893) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (2,812,219) | (4,935,283) |
Share Transactions: | ||
Proceeds from sale of shares | 14,899,309 | 33,186,297 |
Net asset value of shares issued to shareholders in payment of distributions declared | 2,718,145 | 4,774,694 |
Cost of shares redeemed | (33,730,584) | (82,107,876) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (16,113,130) | (44,146,885) |
Change in net assets | 5,911,430 | (39,234,403) |
Net Assets: | ||
Beginning of period | 275,466,890 | 314,701,293 |
End of period | $281,378,320 | $275,466,890 |
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 | $115,804 | $(14,947) |
Class C Shares | 30,879 | — |
Class R Shares | 64,412 | (119) |
Institutional Shares | 47,932 | (16,698) |
Class R6 Shares | 2,716 | — |
TOTAL | $261,743 | $(31,764) |
Other Service Fees Incurred | |
Class A Shares | $174,996 |
Class C Shares | 43,013 |
TOTAL | $218,009 |
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 | $(43,684)* | $— | |
Foreign exchange contracts | Unrealized appreciation on foreign exchange contracts | 254,477 | Unrealized depreciation on foreign exchange contracts | 448,041 |
Foreign exchange contracts | — | Written options outstanding, at value | 8,806 | |
Foreign exchange contracts | Purchased options, within Investment in securities, at value | 3,013 | — | |
Total derivatives not accounted for as hedging instruments under ASC Topic 815 | $213,806 | $456,847 |
* | Includes cumulative net depreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |||||
Futures Contracts | Foreign Exchange Contracts | Purchased Options Contracts1 | Written Options Contracts | Total | |
Interest rate contracts | $(480,766) | $— | $— | $— | $(480,766) |
Equity contracts | 938,650 | — | — | — | 938,650 |
Foreign exchange contracts | — | (50,671) | (89,779) | 3,386 | (137,064) |
TOTAL | $457,884 | $(50,671) | $(89,779) | $3,386 | $320,820 |
1 | The net realized gain on Purchased Options Contracts is found within the Net realized gain on investments on the Statement of Operations. |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |||||
Futures Contracts | Foreign Exchange Contracts | Purchased Options Contracts1 | Written Options Contracts | Total | |
Interest rate contracts | $(105,707) | $— | $— | $— | $(105,707) |
Equity contracts | (504,136) | — | — | — | (504,136) |
Foreign exchange contracts | — | (57,159) | (3,344) | (7,637) | (68,140) |
TOTAL | $(609,843) | $(57,159) | $(3,344) | $(7,637) | $(677,983) |
1 | The net change in unrealized depreciation 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 | $254,477 | $(164,198.00) | $— | $90,279 | ||||
Purchased Option Contracts | 3,013 | (1,171) | — | 1,842 | ||||
TOTAL | $257,490 | $(165,369) | $— | $92,121 |
Transaction | Gross Liability Derivatives Presented In Statement of Assets and Liabilities | Financial Instrument | Collateral Received | Net Amount |
Foreign Exchange Contracts | $448,041 | $(164,198.00) | $— | $283,843 |
Written Option Contracts | 8,806 | (1,171) | — | 7,635 |
TOTAL | $456,847 | $(165,369) | $— | $291,478 |
Six Months Ended 5/31/2024 | Year Ended 11/30/2023 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 289,369 | $5,524,680 | 520,123 | $9,200,463 |
Shares issued to shareholders in payment of distributions declared | 71,574 | 1,362,922 | 127,906 | 2,234,771 |
Conversion of Class B Shares to Class A Shares1 | — | — | 118,745 | 2,155,217 |
Shares redeemed | (609,804) | (11,632,848) | (1,342,338) | (23,732,257) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (248,861) | $(4,745,246) | (575,564) | $(10,141,806) |
Six Months Ended 5/31/2024 | Year Ended 11/30/2023 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | — | $— | 122,335 | $2,155,238 |
Shares issued to shareholders in payment of distributions declared | — | — | 707 | 11,841 |
Conversion of Class B Shares to Class A Shares1 | — | — | (122,335) | (2,155,217) |
Shares redeemed | — | — | (129,522) | (2,277,125) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | — | $— | (128,815) | $(2,265,263) |
Six Months Ended 5/31/2024 | Year Ended 11/30/2023 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 138,464 | $2,546,919 | 300,178 | $5,125,817 |
Shares issued to shareholders in payment of distributions declared | 12,643 | 232,022 | 21,068 | 353,811 |
Shares redeemed | (220,124) | (4,045,965) | (671,347) | (11,475,621) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (69,017) | $(1,267,024) | (350,101) | $(5,995,993) |
Six Months Ended 5/31/2024 | Year Ended 11/30/2023 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 212,989 | $4,025,991 | 433,981 | $7,601,012 |
Shares issued to shareholders in payment of distributions declared | 17,760 | 335,155 | 27,346 | 473,219 |
Shares redeemed | (304,946) | (5,779,292) | (424,757) | (7,451,968) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | (74,197) | $(1,418,146) | 36,570 | $622,263 |
Six Months Ended 5/31/2024 | Year Ended 11/30/2023 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 110,859 | $2,119,557 | 416,817 | $7,418,490 |
Shares issued to shareholders in payment of distributions declared | 37,224 | 713,718 | 89,897 | 1,581,654 |
Shares redeemed | (597,363) | (11,456,918) | (1,971,767) | (35,086,146) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (449,280) | $(8,623,643) | (1,465,053) | $(26,086,002) |
Six Months Ended 5/31/2024 | Year Ended 11/30/2023 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 35,716 | $682,162 | 94,630 | $1,685,277 |
Shares issued to shareholders in payment of distributions declared | 3,903 | 74,328 | 6,828 | 119,398 |
Shares redeemed | (42,479) | (815,561) | (117,147) | (2,084,759) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (2,860) | $(59,071) | (15,689) | $(280,084) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (844,215) | $(16,113,130) | (2,498,652) | $(44,146,885) |
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. |
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 C Shares | $129,039 |
Class R Shares | 100,677 |
TOTAL | $229,716 |
Purchases | $134,101,061 |
Sales | $140,513,521 |
![](https://capedge.com/proxy/N-CSRS/0001623632-24-001109/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 8. | Changes in and Disagreements with Accountants for Open-End Management Investment Companies |
Federated Hermes Global Allocation Fund: Not Applicable.
Item 9. | Proxy Disclosures for Open-End Management Investment Companies. |
Federated Hermes Global Allocation Fund: Not Applicable.
Item 10. | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. |
Federated Hermes Global Allocation Fund: The Fund’s disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.
Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract. |
Federated Hermes Global Allocation Fund: The Fund’s Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.
Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Portfolio Managers of Closed-End Management Investment Companies. |
Not Applicable
Item 14. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not Applicable
Item 15. | Submission of Matters to a Vote of Security Holders. |
No Changes to Report
Item 16. | Controls and Procedures. |
(a) The registrant’s Principal Executive Officer and Principal Financial Officer 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 as of a date within 90 days 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 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not Applicable
Item 18. | Recovery of Erroneously Awarded Compensation |
(a) Not Applicable
(b) Not Applicable
Item 19. | Exhibits |
(a)(1) | Not Applicable. |
(a)(2) | Certifications of Principal Executive Officer and Principal Financial Officer. |
(a)(3) | Not Applicable. |
(a)(4) | 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/ Jeremy D. Boughton
Jeremy D. Boughton, Principal Financial Officer
Date: July 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: July 23, 2024
By: /s/ Jeremy D. Boughton
Jeremy D. Boughton, Principal Financial Officer
Date: July 23, 2024