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As Of Filer Filing For·On·As Docs:Size Issuer Agent 12/27/17 Federated Core Trust/PA N-CSR 10/31/17 3:1.3M Federated Admin… Svcs/FA → Emerging Markets Core Fund |
Document/Exhibit Description Pages Size 1: N-CSR Certified Annual Shareholder Report by a HTML 510K Management Investment Company 2: EX-99.CERT302 Miscellaneous Exhibit HTML 13K 3: EX-99.CERT906 Miscellaneous Exhibit HTML 5K
United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
(Investment Company Act File Number)
Federated Core Trust
_______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, Pennsylvania 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
Federated Investors Tower
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: 10/31/17
Date of Reporting Period: 10/31/17
Item 1. | Reports to Stockholders |
1 | Please see the footnotes to the line graphs under “Fund Performance and Growth of a $10,000 Investment” below for the definition of, and more information about, the BBEMAI. |
2 | International investing involves special risks including currency risk, increased volatility, political risks and differences in auditing and other financial standards. Prices of emerging market securities can be significantly more volatile than the prices of securities in developed countries, and currency risk and political risks are accentuated in emerging markets. |
3 | Duration is a measure of a security's price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities with shorter durations. |
4 | Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices. |
5 | The Fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional instruments. |
1 Year | 5 Years | 10 Years | ||
Fund | 6.35% | 3.25% | 6.13% | |
BBEMAI | 5.78% | 4.24% | 6.99% |
1 | The Fund's performance assumes the reinvestment of all dividends and distributions. The BBEMAI has been adjusted to reflect reinvestment of dividends on securities in the index. |
2 | The BBEMAI is a flagship hard currency emerging markets (EM) debt benchmark that included fixed- and floating-rate U.S. dollar-denominated debt issued from sovereign, quasi-sovereign and corporate EM issuers. Effective August 24, 2016, the name of the BBEMAI changed from “Barclays Emerging Markets USD Aggregate Index” to “Bloomberg Barclays Emerging Markets USD Aggregate Index.” The BBEMAI is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. The index is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. |
Country | Exposure as a Percentage of Total Net Assets1 |
China | 10.4% |
Brazil | 9.0% |
Mexico | 8.3% |
Argentina | 5.8% |
Turkey | 5.4% |
Russia | 4.7% |
Indonesia | 4.6% |
Peru | 3.1% |
India | 3.0% |
Egypt | 2.6% |
United Arab Emirates | 2.4% |
Chile | 2.2% |
Colombia | 2.1% |
Kazakhstan | 1.8% |
South Korea | 1.7% |
South Africa | 1.6% |
Lebanon | 1.5% |
Qatar | 1.5% |
Ukraine | 1.4% |
Uruguay | 1.2% |
Philippines | 1.2% |
Israel | 1.2% |
Venezuela | 1.1% |
Dominican Republic | 1.1% |
Panama | 1.0% |
Saudia Arabia | 1.0% |
Other2 | 14.3% |
Derivatives3 | 0.3% |
Other Security Type | 0.2% |
Cash Equivalents4 | 3.3% |
Other Assets and Liabilities—Net5 | 1.0% |
TOTAL | 100.0% |
1 | This table depicts the Fund's exposure to various countries through its investment in foreign fixed-income securities along with the Fund's holdings of cash equivalents and other assets and liabilities. With respect to foreign fixed-income securities, country allocations are based primarily on the country in which the issuing company (the “Issuer”) has registered the security. However, the Fund's Adviser may allocate the Issuer to a country based on other factors such as the location of the Issuer's head office, the jurisdiction of the Issuer's incorporation, the location of the principal trading market for the Issuer's securities or the country from which a majority of the Issuer's revenue is derived. |
2 | For purposes of this table, issuer country exposure which constitutes less than 1.00% of the Fund's total net assets have been aggregated under the designation “Other.” |
3 | Based upon net unrealized appreciation (depreciation) or value of the derivative contracts as applicable. Derivative contracts may consist of forwards and swaps. The impact of a derivative contract on the Fund's performance may be larger than its unrealized appreciation (depreciation) or value may indicate. In many cases, the notional value or amount of a derivative contract may provide a better indication of the contract's significance to the portfolio. More complete information regarding the Fund's direct investments in derivative contracts, including unrealized appreciation (depreciation), value, and notional values or amounts of such contracts, can be found in the table at the end of the Portfolio of Investments included in this Report. |
4 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. This does not include cash held in the Fund that is denominated in foreign currencies. See the Statements of Assets and Liabilities for information regarding the Fund's foreign cash position. |
5 | Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities. |
Principal, Foreign Currency Par Amount, Contracts or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS—60.4% | |||
Agency—0.1% | |||
$500,000 | Banco Nacional de Comercio Exterior, Series 144A, 3.80%, 8/11/2026 | $499,375 | |
Airport—0.1% | |||
600,000 | Mexico City Airport Trust, Series 144A, 5.50%, 7/31/2047 | 597,300 | |
Automotive—0.3% | |||
2,100,000 | Hyundai Capital America, Sr. Unsecd. Note, Series 144A, 3.10%, 4/5/2022 | 2,099,678 | |
300,000 | Tata Motors Ltd., Sr. Unsecd. Note, 4.625%, 4/30/2020 | 310,688 | |
TOTAL | 2,410,366 | ||
Banking—16.6% | |||
800,000 | ADCB Finance Cayman Ltd., Series EMTN, 4.50%, 3/6/2023 | 841,958 | |
1,000,000 | Access Bank PLC, Sr. Unsecd. Note, Series REGS, 10.50%, 10/19/2021 | 1,134,646 | |
1,000,000 | Alfa Bank (Alfa Bond), Sub., Series REGS, 7.50%, 9/26/2019 | 1,072,328 | |
460,000 | BBVA Banco Continental, Series REGS, 5.00%, 8/26/2022 | 501,975 | |
860,000 | BBVA Bancomer SA Mexico, Jr. Sub. Note, Series 144A, 5.35%, 11/12/2029 | 864,300 | |
466,000 | BBVA Bancomer SA Texas, Jr. Sub. Note, Series 144A, 7.25%, 4/22/2020 | 508,662 | |
1,200,000 | BBVA Bancomer SA Texas, Sub. Note, Series REGS, 6.50%, 3/10/2021 | 1,317,000 | |
1,250,000 | BBVA Bancomer SA Texas, Sub. Note, Series REGS, 6.75%, 9/30/2022 | 1,422,500 | |
300,000 | Banco Bradesco SA, Sub. Note, Series 144A, 5.90%, 1/16/2021 | 318,981 | |
400,000 | Banco Bradesco SA, Sub., Series 144A, 6.75%, 9/29/2019 | 426,600 | |
1,200,000 | Banco Bradesco SA, Sub., Series REGS, 5.75%, 3/1/2022 | 1,287,000 | |
500,000 | Banco Btg Pactual/Cayman, Series REGS, 5.75%, 9/28/2022 | 491,250 | |
500,000 | Banco Credito del Peru, Sr. Note, Series 144A, 5.375%, 9/16/2020 | 543,125 | |
400,000 | Banco De Bogota S.A., Sr. Unsecd. Note, Series 144A, 4.375%, 8/3/2027 | 403,400 | |
730,000 | Banco de Credito del Peru, Series REGS, 6.125%, 4/24/2027 | 808,475 | |
1,845,000 | Banco Do Brasil S.A., 3.875%, 10/10/2022 | 1,835,775 | |
400,000 | Banco Do Brasil S.A., Jr. Sub. Note, Series REGS, 8.50%, 10/29/2049 | 443,800 | |
1,000,000 | Banco Do Brasil S.A., Sr. Unsecd. Note, Series 144A, 4.625%, 1/15/2025 | 999,500 | |
500,000 | Banco Do Brasil S.A., Sub. Note, Series REGS, 5.875%, 1/19/2023 | 533,500 | |
400,000 | Banco General SA, Sr. Unsecd. Note, Series 144A, 4.125%, 8/7/2027 | 398,200 | |
ARS 29,600,000 | 1 | Banco Hipotecario SA, Sr. Unsecd. Note, Series REGS, 23.7083%, (30-35 Day Argentina Dep Rates BADLAR Priv Bks ARS +2.500%), 1/12/2020 | 1,669,378 |
$700,000 | Banco Inbursa SA Institucion de Banca Multiple, Sr. Unsecd. Note, Series 144A, 4.375%, 4/11/2027 | 696,500 | |
1,000,000 | Banco Internacional del Peru, Jr. Sub. Note, Series 144A, 8.50%, 4/23/2070 | 1,105,000 | |
ARS 31,300,000 | Banco Macro SA, Sr. Unsecd. Note, Series 144A, 17.50%, 5/8/2022 | 1,692,850 | |
$500,000 | Banco Mercantil Del Nort, Jr. Sub. Note, Series 144A, 6.875%, 10/6/2165 | 526,250 | |
500,000 | Banco Reservas Rep Domin, Series 144A, 7.00%, 2/1/2023 | 526,875 | |
250,000 | Banco Reservas Rep Domin, Series REGS, 7.00%, 2/1/2023 | 263,438 | |
1,000,000 | Bancolombia S.A., 5.95%, 6/3/2021 | 1,093,700 | |
800,000 | Bangkok Bank PCL, Sr. Unsecd. Note, Series REGS, 3.875%, 9/27/2022 | 840,507 | |
2,200,000 | Bank of China (Hong Kong) Ltd., Sr. Unsecd. Note, Series EMTN, 2.875%, 6/30/2020 | 2,224,510 | |
2,630,000 | Bank of China Ltd., Series 144A, 5.00%, 11/13/2024 | 2,843,940 | |
5,600,000 | Bank of China Ltd., Sub. Note, Series REGS, 5.00%, 11/13/2024 | 6,055,538 | |
400,000 | CBQ Finance Ltd., Sub., Series REGS, 7.50%, 11/18/2019 | 428,700 | |
700,000 | Caixa Economica Federal, Series REGS, 4.25%, 5/13/2019 | 712,950 | |
1,750,000 | Caixa Economica Federal, Sr. Unsecd. Note, Series REGS, 4.50%, 10/3/2018 | 1,783,617 |
Principal, Foreign Currency Par Amount, Contracts or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Banking—continued | |||
$2,000,000 | China Construction Bank Corp., Sub., Series EMTN, 4.25%, 8/20/2024 | $2,045,654 | |
725,000 | Compania General de Combustibles SA, Sr. Unsecd. Note, Series REGS, 9.50%, 11/7/2021 | 771,509 | |
1,030,000 | Corpbanca, Series 144A, 3.875%, 9/22/2019 | 1,057,800 | |
250,000 | CorpGroup Banking SA, Sr. Unsecd. Note, Series 144A, 6.75%, 3/15/2023 | 254,113 | |
1,400,000 | Credit Bank of Moscow Via CBOM Finance PLC, Sub. Note, Series 144A, 7.50%, 10/5/2027 | 1,304,422 | |
2,100,000 | Dib Tier 1 Sukuk 2 Ltd., Jr. Sub. Note, 6.75%, 7/20/2166 | 2,189,569 | |
600,000 | Export Credit Bank of Turkey, Sr. Unsecd. Note, Series 144A, 4.25%, 9/18/2022 | 583,463 | |
7,800,000 | Export-Import Bank Korea, Sr. Unsecd. Note, 2.625%, 12/30/2020 | 7,788,955 | |
200,000 | Export-Import Bank of China/The via Avi Funding Co. Ltd., Sr. Unsecd. Note, Series REGS, 3.80%, 9/16/2025 | 206,453 | |
2,000,000 | Export-Import Bank of India, Sr. Unsecd. Note, Series EMTN, 3.875%, 10/2/2019 | 2,051,884 | |
1,000,000 | Export-Import Bank of India, Sr. Unsecd. Note, Series EMTN, 4.00%, 1/14/2023 | 1,046,464 | |
1,000,000 | Finansbank AS, Sr. Unsecd. Note, Series 144A, 4.875%, 5/19/2022 | 989,289 | |
500,000 | Global Bank Corp., Sr. Unsecd. Note, Series 144A, 4.50%, 10/20/2021 | 513,125 | |
600,000 | Global Bank Corp., Sr. Unsecd. Note, Series 144A, 5.125%, 10/30/2019 | 629,100 | |
1,600,000 | Hazine Mustesarligi Varlik Kiralama A.S., Sr. Unsecd. Note, Series 144A, 5.004%, 4/6/2023 | 1,629,162 | |
200,000 | ICICI Bank Ltd., Series REGS, 5.75%, 11/16/2020 | 217,556 | |
2,000,000 | ICICI Bank Ltd., Sr. Unsecd. Note, Series 144A, 5.75%, 11/16/2020 | 2,175,558 | |
1,750,000 | Industrial & Commercial Bank of China, Sr. Unsecd. Note, Series MTN, 2.905%, 11/13/2020 | 1,759,425 | |
4,600,000 | Industrial and Commercial Bank of China, Ltd., Jr. Sub. Note, Series REGS, 6.00%, 12/29/2049 | 4,800,914 | |
3,050,000 | Industrial and Commercial Bank of China, Ltd., Series 144A, 6.00%, 12/31/2049 | 3,183,215 | |
2,300,000 | Industrial Bank of Korea, Sr. Unsecd. Note, Series 144A, 2.00%, 4/23/2020 | 2,264,827 | |
200,000 | Industrial Senior Trust, Sr. Unsecd. Note, Series REGS, 5.50%, 11/1/2022 | 204,450 | |
1,100,000 | Itau Unibanco Holding SA, Sub. Note, Series REGS, 5.65%, 3/19/2022 | 1,168,750 | |
1,500,000 | Itau Unibanco Holding SA, Sub., Series REGS, 5.50%, 8/6/2022 | 1,593,750 | |
900,000 | Itau Unibanco Holding SA, Sub., Series REGS, 6.20%, 12/21/2021 | 981,000 | |
500,000 | Itau Unibanco Holding SA, Sub., Series REGS, 6.20%, 4/15/2020 | 532,250 | |
400,000 | Krung Thai Bank PCL/Cayman Islands, Sub., Series EMTN, 5.25%, 12/26/2024 | 415,892 | |
1,663,000 | MTN Mauritius Investment Ltd., Sr. Unsecd. Note, Series 144A, 5.373%, 2/13/2022 | 1,715,506 | |
521,070 | Medjool Ltd., 3.875%, 3/19/2023 | 524,809 | |
3,000,000 | National Bank of Abu Dhabi, 5.25%, 12/29/2049 | 3,079,125 | |
2,500,000 | Ojsc Russ Agric Bk (Rshb), Sub. Note, Series REGS, 8.50%, 10/16/2023 | 2,828,870 | |
1,750,000 | Pampa Energia SA, Sr. Unsecd. Note, Series 144A, 7.50%, 1/24/2027 | 1,917,650 | |
1,000,000 | 1 | QIB Sukuk Ltd., Sr. Unsecd. Note, 2.8163%, (3-month USLIBOR +1.500%), 8/18/2019 | 995,712 |
550,000 | Sberbank (Sb Cap Sa), Sr. Unsecd. Note, Series 7, 5.717%, 6/16/2021 | 596,376 | |
600,000 | Sberbank (Sb Cap Sa), Sub. Note, Series REGS, 5.50%, 2/26/2024 | 615,223 | |
1,000,000 | Shinhan Bank, Series REGS, 2.25%, 4/15/2020 | 990,095 | |
700,000 | Siam Commercial Bank PLC, Sr. Unsecd. Note, Series REGS, 3.50%, 4/7/2019 | 711,508 | |
2,100,000 | Sinopec Group Overseas Development 2016 Ltd., Sr. Unsecd. Note, Series 144A, 2.00%, 9/29/2021 | 2,054,136 | |
700,000 | T.C. Ziraat Bankasi A.S., Sr. Unsecd. Note, Series 144A, 5.125%, 9/29/2023 | 688,677 | |
1,000,000 | T.C. Ziraat Bankasi A.S., Sr. Unsecd. Note, Series REGS, 4.75%, 4/29/2021 | 997,894 | |
2,200,000 | Turkiye Garanti Bankasi AS, Sr. Unsecd. Note, Series 144A, 5.875%, 3/16/2023 | 2,269,500 | |
3,200,000 | Turkiye Garanti Bankasi AS, Sub., Series 144A, 6.125%, 5/24/2027 | 3,169,600 | |
2,000,000 | Turkiye Is Bankasi (Isbank) A.S., Series REGS, 5.50%, 4/21/2019 | 2,037,794 | |
2,000,000 | Turkiye Is Bankasi (Isbank) A.S., Sub., Series 144A, 7.00%, 6/29/2028 | 1,965,268 | |
1,000,000 | Turkiye Vakiflar Bankasi T.A.O., Series 144A, 5.00%, 10/31/2018 | 1,010,404 | |
2,310,000 | Turkiye Vakiflar Bankasi T.A.O., Sr. Unsecd. Note, Series 144A, 5.50%, 10/27/2021 | 2,322,322 | |
2,100,000 | Turkiye Vakiflar Bankasi T.A.O., Sub., Series REGS, 6.00%, 11/1/2022 | 2,075,438 |
Principal, Foreign Currency Par Amount, Contracts or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Banking—continued | |||
$1,000,000 | United Bank for Africa PLC, Sr. Unsecd. Note, Series REGS, 7.75%, 6/8/2022 | $1,019,210 | |
1,200,000 | VTB Bank OJSC, Series REGS, 9.50%, 12/29/2049 | 1,372,650 | |
2,850,000 | VTB Capital SA, Sub., Series REGS, 6.95%, 10/17/2022 | 3,105,793 | |
1,000,000 | Vnesheconombank (VEB), Series REGS, 6.025%, 7/5/2022 | 1,087,804 | |
2,000,000 | Wanda Properties International Co., Sr. Unsecd. Note, 7.25%, 1/29/2024 | 2,029,406 | |
300,000 | Woori Bank, Series REGS, 5.00%, 6/10/2045 | 307,719 | |
500,000 | Woori Bank, Sr. Unsecd. Note, Series 144A, 2.625%, 7/20/2021 | 496,353 | |
800,000 | Woori Bank, Sub. Note, Series 144A, 5.875%, 4/13/2021 | 875,091 | |
1,500,000 | Yapi ve Kredi Bankasi A.S., Sr. Unsecd. Note, Series 144A, 5.85%, 6/21/2024 | 1,482,702 | |
1,000,000 | Zenith Bank Ltd., Sr. Unsecd. Note, Series 144A, 7.375%, 5/30/2022 | 1,040,970 | |
TOTAL | 126,358,882 | ||
Beverage & Tobacco—0.2% | |||
500,000 | Becle SA de CV, Sr. Unsecd. Note, Series 144A, 3.75%, 5/13/2025 | 502,692 | |
700,000 | Embotelladora Andina S.A., Sr. Unsecd. Note, Series REGS, 5.00%, 10/1/2023 | 772,298 | |
TOTAL | 1,274,990 | ||
Broadcast Radio & TV—0.1% | |||
430,000 | Grupo Televisa S.A., Sr. Note, 8.50%, 3/11/2032 | 580,416 | |
Building & Development—0.1% | |||
300,000 | Doosan Heavy Industries and Construction Co. Ltd., Sr. Unsecd. Note, Series REGS, 2.125%, 4/27/2020 | 295,173 | |
400,000 | Odebrecht SA, Company Guarantee, Series 144A, 7.50%, 9/29/2049 | 150,600 | |
700,000 | Turkiye Sise ve Cam Fabrikalari A.S., Sr. Unsecd. Note, Series REGS, 4.25%, 5/9/2020 | 710,142 | |
TOTAL | 1,155,915 | ||
Building Materials—0.2% | |||
800,000 | Cemex, Sab De Cv, Series REGS, 6.125%, 5/5/2025 | 855,200 | |
400,000 | St. Marys Cement, Inc., Sr. Unsecd. Note, Series 144A, 5.75%, 1/28/2027 | 423,580 | |
300,000 | West China Cement Ltd., Sr. Unsecd. Note, 6.50%, 9/11/2019 | 310,386 | |
TOTAL | 1,589,166 | ||
Business Equipment & Services—0.1% | |||
1,100,000 | GNL Quintero SA, Sr. Unsecd. Note, Series REGS, 4.634%, 7/31/2029 | 1,149,500 | |
Cable & Wireless Television—0.2% | |||
1,100,000 | Vtr Finance Bv, Series REGS, 6.875%, 1/15/2024 | 1,169,025 | |
Chemicals & Plastics—0.8% | |||
500,000 | Braskem Finance Ltd., 6.45%, 2/3/2024 | 572,800 | |
400,000 | Braskem Netherlands Finance BV, Sr. Unsecd. Note, Series 144A, 3.50%, 1/10/2023 | 400,380 | |
800,000 | Braskem Netherlands Finance BV, Sr. Unsecd. Note, Series 144A, 4.50%, 1/10/2028 | 796,520 | |
1,075,000 | Groupe Office Cherifien des Phosphates SA, Sr. Unsecd. Note, Series 144A, 5.625%, 4/25/2024 | 1,156,947 | |
1,100,000 | Mexichem SA de CV, Sr. Unsecd. Note, Series 144A, 5.50%, 1/15/2048 | 1,070,520 | |
900,000 | PTT Global Chemical PCL, Series REGS, 4.25%, 9/19/2022 | 952,131 | |
1,000,000 | Phosagro OAO via Phosagro Bond Funding DAC, Sr. Unsecd. Note, Series 144A, 3.95%, 11/3/2021 | 1,012,700 | |
TOTAL | 5,961,998 | ||
Conglomerates—0.0% | |||
200,000 | Arcos Dorados Holdings, Inc., Sr. Unsecd. Note, Series 144A, 5.875%, 4/4/2027 | 212,500 | |
Consumer Products—0.4% | |||
2,280,000 | Fomento Economico Mexicano, SA de C.V., 2.875%, 5/10/2023 | 2,266,703 | |
720,000 | Mastellone Hermanos SA, Sr. Unsecd. Note, Series REGS, 12.625%, 7/3/2021 | 812,153 | |
TOTAL | 3,078,856 |
Principal, Foreign Currency Par Amount, Contracts or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Corporate—0.4% | |||
$3,000,000 | 1MDB Global Investments Ltd., Sr. Unsecd. Note, Series REGS, 4.40%, 3/9/2023 | $2,895,420 | |
Farming & Agriculture—0.6% | |||
4,840,000 | Kazagro Natl Mgmt Hldng., Series 144A, 4.625%, 5/24/2023 | 4,889,658 | |
Finance—1.5% | |||
1,000,000 | Corp Financi De Desarrol, Sr. Unsecd. Note, Series 144A, 4.75%, 2/8/2022 | 1,065,000 | |
1,700,000 | Corp Financi De Desarrol, Sr. Unsecd. Note, Series 144A, 4.75%, 7/15/2025 | 1,827,500 | |
600,000 | Corp Financi De Desarrol, Sub. Note, Series 144A, 5.25%, 7/15/2029 | 636,000 | |
1,600,000 | Gazprombk (GPB Finance), Sub. Note, 7.496%, 12/28/2023 | 1,668,094 | |
500,000 | Gruposura Finance, Sr. Unsecd. Note, Series 144A, 5.50%, 4/29/2026 | 545,000 | |
1,500,000 | Latam Finance Ltd., Sr. Unsecd. Note, Series 144A, 6.875%, 4/11/2024 | 1,593,000 | |
1,300,000 | MAF Global Securities, Jr. Sub. Note, 5.50%, 9/7/2065 | 1,347,866 | |
650,000 | SURA Asset Management SA, Sr. Unsecd. Note, Series 144A, 4.375%, 4/11/2027 | 660,530 | |
2,000,000 | Sukuk Funding Number 3 Ltd., 4.348%, 12/3/2018 | 2,042,530 | |
TOTAL | 11,385,520 | ||
Financial Intermediaries—1.4% | |||
2,300,000 | ADIB Capital Invest 1 Ltd., 6.375%, 10/29/2049 | 2,359,167 | |
1,500,000 | Huarong Finance II Co. Ltd., Sr. Unsecd. Note, Series EMTN, 3.25%, 6/3/2021 | 1,499,580 | |
1,700,000 | Investcorp SA, Series 144A, 8.25%, 11/1/2017 | 1,700,000 | |
2,500,000 | Ooredoo International Finance Ltd., Series REGS, 3.875%, 1/31/2028 | 2,508,375 | |
2,500,000 | Ooredoo International Finance Ltd., Sr. Unsecd. Note, Series REGS, 5.00%, 10/19/2025 | 2,715,625 | |
TOTAL | 10,782,747 | ||
Food & Drug Retailers—0.1% | |||
300,000 | Cencosud SA, Sr. Unsecd. Note, Series 144A, 6.625%, 2/12/2045 | 328,109 | |
650,000 | Smu Sa, Sr. Unsecd. Note, Series 144A, 7.75%, 2/8/2020 | 669,097 | |
TOTAL | 997,206 | ||
Food Products—0.9% | |||
1,000,000 | BFF International Ltd., Sr. Unsecd. Note, Series 144A, 7.25%, 1/28/2020 | 1,082,500 | |
500,000 | Cosan Overseas Ltd., 8.25%, 11/29/2049 | 512,625 | |
300,000 | ESAL GmbH, Sr. Unsecd. Note, Series REGS, 6.25%, 2/5/2023 | 290,250 | |
846,000 | Grupo Bimbo SAB de CV, Series 144A, 4.875%, 6/27/2044 | 846,660 | |
300,000 | JBS Investments GmbH, Series REGS, 7.75%, 10/28/2020 | 307,275 | |
500,000 | JBS Investments GmbH, Sr. Unsecd. Note, Series 144A, 7.25%, 4/3/2024 | 495,625 | |
300,000 | JGSH Philippines Ltd., Sr. Unsecd. Note, 4.375%, 1/23/2023 | 312,453 | |
350,000 | MHP SA, Sr. Unsecd. Note, Series 144A, 7.75%, 5/10/2024 | 378,612 | |
800,000 | Marfrig Holding Europe BV, Sr. Unsecd. Note, Series 144A, 7.00%, 3/15/2024 | 808,000 | |
750,000 | Sigma Alimentos SA, Sr. Unsecd. Note, Series 144A, 4.125%, 5/2/2026 | 751,875 | |
1,300,000 | Sigma Alimentos SA, Sr. Unsecd. Note, Series REGS, 4.125%, 5/2/2026 | 1,303,250 | |
TOTAL | 7,089,125 | ||
Forest Products—0.2% | |||
500,000 | Bahia SUL Holdings GmbH, Sr. Unsecd. Note, Series 144A, 5.75%, 7/14/2026 | 539,750 | |
300,000 | Inversiones CMPC SA, Sr. Unsecd. Note, Series 144A, 4.50%, 4/25/2022 | 315,270 | |
600,000 | Suzano Austria GmbH, Sr. Unsecd. Note, Series 144A, 7.00%, 3/16/2047 | 671,700 | |
TOTAL | 1,526,720 | ||
Home Products & Furnishings—0.1% | |||
1,000,000 | Arcelik AS, Sr. Unsecd. Note, Series REGS, 5.00%, 4/3/2023 | 1,024,984 | |
Industrial Products & Equipment—0.1% | |||
200,000 | Cemex Finance LLC, Series REGS, 6.00%, 4/1/2024 | 212,000 |
Principal, Foreign Currency Par Amount, Contracts or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Industrial Products & Equipment—continued | |||
$450,000 | Grupo Kuo SAB DE CV, Sr. Unsecd. Note, Series 144A, 5.75%, 7/7/2027 | $462,015 | |
TOTAL | 674,015 | ||
Metals & Mining—4.9% | |||
400,000 | Abja Investment Co., 5.95%, 7/31/2024 | 427,900 | |
750,000 | Anglogold Ashanti Holdings PLC, Sr. Unsecd. Note, 5.125%, 8/1/2022 | 790,312 | |
900,000 | CSN Islands XII Corp., Sr. Unsecd. Note, Series 144A, 7.00%, 9/29/2049 | 737,550 | |
800,000 | Chinalco Capital Holdings Ltd., Sr. Unsecd. Note, 4.00%, 8/25/2021 | 809,486 | |
2,200,000 | Codelco, Inc., Sr. Unsecd. Note, Series 144A, 4.25%, 7/17/2042 | 2,242,400 | |
1,933,000 | Codelco, Inc., Sr. Unsecd. Note, Series 144A, 4.50%, 9/16/2025 | 2,086,877 | |
500,000 | Codelco, Inc., Sr. Unsecd. Note, Series 144A, 4.875%, 11/4/2044 | 557,987 | |
400,000 | Codelco, Inc., Sr. Unsecd. Note, Series 144A, 6.15%, 10/24/2036 | 502,151 | |
500,000 | Evraz Group SA, Sr. Unsecd. Note, 8.25%, 1/28/2021 | 565,000 | |
3,000,000 | Evraz Group SA, Sr. Unsecd. Note, Series 144A, 5.375%, 3/20/2023 | 3,102,150 | |
1,000,000 | Fresnillo PLC, Series REGS, 5.50%, 11/13/2023 | 1,103,750 | |
500,000 | GTL Trade Finance, Inc., Sr. Unsecd. Note, Series 144A, 5.893%, 4/29/2024 | 542,200 | |
1,100,000 | GTL Trade Finance, Inc., Sr. Unsecd. Note, Series 144A, 7.25%, 4/16/2044 | 1,211,045 | |
500,000 | GTL Trade Finance, Inc., Sr. Unsecd. Note, Series REGS, 5.893%, 4/29/2024 | 542,200 | |
1,050,000 | Gerdau Trade, Inc., Sr. Unsecd. Note, Series 144A, 4.875%, 10/24/2027 | 1,054,725 | |
400,000 | JSW Steel Ltd., Sr. Unsecd. Note, 4.75%, 11/12/2019 | 409,452 | |
1,200,000 | JSW Steel Ltd., Sr. Unsecd. Note, 5.25%, 4/13/2022 | 1,241,515 | |
1,800,000 | Metalloinvest Finance DAC, Sr. Unsecd. Note, Series 144A, 4.85%, 5/2/2024 | 1,835,033 | |
2,500,000 | Minmetals Bounteous Finance BVI Ltd., Sr. Unsecd. Note, 4.20%, 7/27/2026 | 2,623,450 | |
300,000 | Severstal OAO Via Steel Capital SA, Sr. Unsecd. Note, Series REGS, 5.90%, 10/17/2022 | 334,125 | |
410,000 | Southern Copper Corp., Sr. Unsecd. Note, 3.875%, 4/23/2025 | 426,735 | |
2,000,000 | Southern Copper Corp., Sr. Unsecd. Note, 5.25%, 11/8/2042 | 2,177,691 | |
1,140,000 | Southern Copper Corp., Sr. Unsecd. Note, 5.875%, 4/23/2045 | 1,336,587 | |
800,000 | VM Holding S.A., Sr. Unsecd. Note, Series 144A, 5.375%, 5/4/2027 | 848,800 | |
3,000,000 | Vale Overseas Ltd., 4.375%, 1/11/2022 | 3,135,900 | |
290,000 | Vale Overseas Ltd., 6.875%, 11/21/2036 | 348,870 | |
420,000 | Vale Overseas Ltd., Sr. Unsecd. Note, 5.875%, 6/10/2021 | 460,950 | |
780,000 | Vale Overseas Ltd., Sr. Unsecd. Note, 6.25%, 8/10/2026 | 900,526 | |
1,000,000 | Vale Overseas Ltd., Sr. Unsecd. Note, 6.875%, 11/10/2039 | 1,199,700 | |
650,000 | Vale Overseas Ltd., Sr. Unsecd. Note, 8.25%, 1/17/2034 | 841,750 | |
150,000 | Vale SA, 5.625%, 9/11/2042 | 159,187 | |
550,000 | Vedanta Resources PLC, Series REGS, 8.25%, 6/7/2021 | 616,000 | |
1,900,000 | Vedanta Resources PLC, Sr. Unsecd. Note, Series 144A, 6.125%, 8/9/2024 | 1,943,227 | |
400,000 | Vedanta Resources PLC, Sr. Unsecd. Note, Series REGS, 7.125%, 5/31/2023 | 432,400 | |
TOTAL | 37,547,631 | ||
Oil & Gas—14.2% | |||
1,400,000 | Abu Dhabi Crude Oil Pipeline, Series 144A, 4.60%, 11/2/2047 | 1,432,770 | |
800,000 | Bharat Petroleum Corp. Ltd., Sr. Unsecd. Note, Series EMTN, 4.00%, 5/8/2025 | 824,150 | |
3,000,000 | CNOOC Finance 2013 Ltd., 4.25%, 5/9/2043 | 3,071,475 | |
8,500,000 | CNOOC Finance 2014 ULC, 4.25%, 4/30/2024 | 9,075,611 | |
1,000,000 | CNPC General Capital Ltd., Sr. Unsecd. Note, Series EMTN, 2.70%, 11/25/2019 | 1,006,335 | |
60,000 | Ecopetrol SA, 4.25%, 9/18/2018 | 61,110 | |
475,000 | Ecopetrol SA, Sr. Unsecd. Note, 5.375%, 6/26/2026 | 508,868 | |
1,000,000 | Ecopetrol SA, Sr. Unsecd. Note, 5.875%, 5/28/2045 | 992,500 |
Principal, Foreign Currency Par Amount, Contracts or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Oil & Gas—continued | |||
$1,883,000 | Ecopetrol SA, Sr. Unsecd. Note, 5.875%, 9/18/2023 | $2,127,790 | |
900,000 | Empresa Nacional del Petroleo, Note, Series 144A, 5.25%, 8/10/2020 | 962,723 | |
1,170,000 | Equate Petrochemical BV, Sr. Unsecd. Note, Series 144A, 3.00%, 3/3/2022 | 1,160,055 | |
500,000 | Gaz Capital SA, Sr. Unsecd. Note, Series REGS, 4.95%, 2/6/2028 | 512,868 | |
1,500,000 | Gazprom Via Gaz Capital SA, Sr. Unsecd. Note, Series 144A, 4.95%, 3/23/2027 | 1,539,725 | |
2,000,000 | Gazprom Via Gaz Capital SA, Sr. Unsecd. Note, Series REGS, 4.95%, 7/19/2022 | 2,096,988 | |
400,000 | Geopark Ltd., Series 144A, 6.50%, 9/21/2024 | 411,200 | |
1,300,000 | KazMunayGas National Co. JSC, Sr. Unsecd. Note, Series 144A, 4.75%, 4/19/2027 | 1,331,353 | |
1,700,000 | KazMunayGas National Co. JSC, Sr. Unsecd. Note, Series 144A, 5.75%, 4/19/2047 | 1,714,255 | |
1,000,000 | Lukoil International Finance BV, Series REGS, 4.563%, 4/24/2023 | 1,040,100 | |
3,163,000 | ONGC Videsh Ltd., 3.75%, 5/7/2023 | 3,252,099 | |
419,300 | Odbrcht Offshore Drilling Finance Ltd., Series REGS, 6.625%, 10/1/2022 | 150,948 | |
350,000 | Offshore Drilling Holding SA, Series 144A, 8.375%, 9/20/2020 | 141,750 | |
2,100,000 | Oil & Gas Holdings, Sr. Unsecd. Note, Series 144A, 7.50%, 10/25/2027 | 2,184,042 | |
500,000 | PTT Public Co. Ltd., Sr. Unsecd. Note, Series 144A, 3.375%, 10/25/2022 | 511,882 | |
626,000 | PTTEP Treasury Center Co. Ltd., Jr. Sub. Note, Series REGS, 4.875%, 6/18/2066 | 638,449 | |
3,600,000 | Pertamina Persero PT, Sr. Unsecd. Note, Series REGS, 5.625%, 5/20/2043 | 3,951,212 | |
351,000 | Pertamina PT, Note, Series REGS, 5.25%, 5/23/2021 | 379,644 | |
1,700,000 | Pertamina PT, Series 144A, 4.30%, 5/20/2023 | 1,799,870 | |
500,000 | Perusahaan Gas Negara PT, Sr. Unsecd. Note, Series REGS, 5.125%, 5/16/2024 | 543,596 | |
900,000 | Petrobras Global Finance BV, Sec. Fac. Bond, 7.25%, 3/17/2044 | 946,125 | |
800,000 | Petrobras Global Finance BV, Sr. Unsecd. Note, 4.375%, 5/20/2023 | 797,200 | |
3,500,000 | Petrobras Global Finance BV, Sr. Unsecd. Note, 6.25%, 3/17/2024 | 3,761,975 | |
200,000 | Petrobras Global Finance BV, Sr. Unsecd. Note, 6.85%, 6/5/2115 | 192,150 | |
3,000,000 | Petrobras Global Finance BV, Sr. Unsecd. Note, 7.375%, 1/17/2027 | 3,336,000 | |
1,890,000 | Petrobras Global Finance BV, Sr. Unsecd. Note, 8.75%, 5/23/2026 | 2,293,988 | |
2,700,000 | Petrobras Global Finance BV, Sr. Unsecd. Note, Series 144A, 5.299%, 1/27/2025 | 2,712,150 | |
7,339,000 | Petrobras Global Finance BV, Sr. Unsecd. Note, Series 144A, 5.999%, 1/27/2028 | 7,436,168 | |
500,000 | Petrobras International Finance Co., 6.875%, 1/20/2040 | 510,625 | |
1,200,000 | 2,3 | Petroleos de Venezuela SA, Sr. Secd. Note, Series 144A, 8.50%, 10/27/2020 | 1,005,000 |
4,600,000 | 2,3 | Petroleos de Venezuela, S.A., Company Guarantee, 5.375%, 4/12/2027 | 1,340,900 |
10,900,000 | Petroleos de Venezuela, S.A., Sr. Unsecd. Note, Series REGS, 6.00%, 11/15/2026 | 3,024,750 | |
3,150,000 | Petroleos de Venezuela, S.A., Unsecd. Note, Series REGS, 6.00%, 5/16/2024 | 882,000 | |
400,000 | Petroleos del Peru SA, Sr. Unsecd. Note, Series 144A, 5.625%, 6/19/2047 | 422,080 | |
200,000 | Petroleos Mexicanos, 5.50%, 6/27/2044 | 181,180 | |
500,000 | Petroleos Mexicanos, 6.50%, 6/2/2041 | 507,500 | |
2,000,000 | Petroleos Mexicanos, Sr. Unsecd. Note, 4.25%, 1/15/2025 | 1,973,800 | |
1,000,000 | Petroleos Mexicanos, Sr. Unsecd. Note, 4.50%, 1/23/2026 | 988,400 | |
1,000,000 | Petroleos Mexicanos, Sr. Unsecd. Note, 4.875%, 1/24/2022 | 1,042,400 | |
2,700,000 | Petroleos Mexicanos, Sr. Unsecd. Note, 5.625%, 1/23/2046 | 2,467,800 | |
1,060,000 | Petroleos Mexicanos, Sr. Unsecd. Note, 6.75%, 9/21/2047 | 1,095,192 | |
6,410,000 | Petroleos Mexicanos, Sr. Unsecd. Note, 6.875%, 8/4/2026 | 7,223,429 | |
2,000,000 | Petroleos Mexicanos, Sr. Unsecd. Note, Series 144A, 6.50%, 3/13/2027 | 2,185,300 | |
3,550,000 | Petroleos Mexicanos, Sr. Unsecd. Note, Series 144A, 6.50%, 3/13/2027 | 3,878,907 | |
500,000 | Petroleum Co. of Trinidad and Tobago Ltd., Sr. Unsecd. Note, Series REGS, 9.75%, 8/14/2019 | 535,000 | |
600,000 | Petronas Capital Ltd., Sr. Unsecd. Note, Series REGS, 4.50%, 3/18/2045 | 672,769 | |
250,000 | Reliance Industries Ltd., Sr. Unsecd. Note, Series 144A, 4.125%, 1/28/2025 | 260,883 |
Principal, Foreign Currency Par Amount, Contracts or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Oil & Gas—continued | |||
$1,500,000 | Reliance Industries Ltd., Sr. Unsecd. Note, Series 144A, 4.875%, 2/10/2045 | $1,638,921 | |
1,900,000 | Rosneft Oil Co., Series 144A, 4.199%, 3/6/2022 | 1,919,490 | |
2,000,000 | Sinochem Offshore Capital Co. Ltd., Sr. Unsecd. Note, Series REGS, 3.25%, 4/29/2019 | 2,025,166 | |
1,400,000 | Sinopec Group Overseas Development 2015 Ltd., Sr. Unsecd. Note, Series 144A, 3.25%, 4/28/2025 | 1,408,428 | |
1,400,000 | Southern Gas Corridor CJSC, Unsecd. Note, Series 144A, 6.875%, 3/24/2026 | 1,585,388 | |
500,000 | Thai Oil PCL, Series 144A, 4.875%, 1/23/2043 | 539,186 | |
1,100,000 | Transport de Gas Peru, Series 144A, 4.25%, 4/30/2028 | 1,139,875 | |
500,000 | Trinidad Generation Unlimited, Sr. Unsecd. Note, Series 144A, 5.25%, 11/4/2027 | 507,500 | |
2,500,000 | Turkiye Petrol Rafinerileri AS, Sr. Unsecd. Note, Series 144A, 4.50%, 10/18/2024 | 2,450,315 | |
TOTAL | 108,311,308 | ||
Paper Products—0.1% | |||
800,000 | Fibria Overseas Finance, Sr. Unsecd. Note, 5.50%, 1/17/2027 | 859,000 | |
199,000 | Suzano Trading Ltd., Sr. Unsecd. Note, Series 144A, 5.875%, 1/23/2021 | 214,920 | |
TOTAL | 1,073,920 | ||
Pharmaceuticals—0.3% | |||
700,000 | Teva Pharmaceutical Finance III BV, Sr. Unsecd. Note, 3.15%, 10/1/2026 | 621,460 | |
1,400,000 | Teva Pharmaceutical Industries Ltd., Sr. Unsecd. Note, 2.95%, 12/18/2022 | 1,321,835 | |
TOTAL | 1,943,295 | ||
Printing & Publishing—0.1% | |||
600,000 | Myriad International Holdings BV, Sr. Unsecd. Note, Series 144A, 4.85%, 7/6/2027 | 617,384 | |
Rail Industry—0.0% | |||
200,000 | Georgian Railway JSC, Sr. Unsecd. Note, Series REGS, 7.75%, 7/11/2022 | 224,127 | |
Real Estate—2.3% | |||
5,300,000 | China Overseas Finance Cayman V Ltd., Sr. Unsecd. Note, Series A, 3.95%, 11/15/2022 | 5,526,347 | |
2,000,000 | Country Garden Holdings Co., Sr. Unsecd. Note, 7.50%, 3/9/2020 | 2,101,358 | |
600,000 | EMG Sukuk LTD., Sr. Unsecd. Note, 4.564%, 6/18/2024 | 628,051 | |
600,000 | Ezdan Sukuk Co Ltd., Sr. Unsecd. Note, 4.875%, 4/5/2022 | 580,136 | |
4,300,000 | Franshion Brilliant Ltd., 5.75%, 3/19/2019 | 4,475,887 | |
2,500,000 | Franshion Brilliant Ltd., Sub. Note, 5.75%, 12/29/2049 | 2,609,250 | |
1,311,000 | Yanlord Land Group Ltd., Sr. Unsecd. Note, 5.875%, 1/23/2022 | 1,370,926 | |
TOTAL | 17,291,955 | ||
Retailers—0.5% | |||
900,000 | Golden Eagle Retail Group Ltd., Sr. Unsecd. Note, Series REGS, 4.625%, 5/21/2023 | 859,500 | |
200,000 | InRetail Consumer, Sr. Unsecd. Note, Series 144A, 5.25%, 10/10/2021 | 211,300 | |
1,200,000 | JD.com, Inc., Sr. Unsecd. Note, 3.875%, 4/29/2026 | 1,225,551 | |
400,000 | SM Investments Corp., Sr. Unsecd. Note, 4.25%, 10/17/2019 | 414,569 | |
800,000 | Saci Falabella, Series REGS, 3.75%, 4/30/2023 | 819,692 | |
TOTAL | 3,530,612 | ||
Sovereign—0.5% | |||
500,000 | Angola, Government of, Sr. Unsecd. Note, 7.00%, 8/17/2019 | 515,080 | |
800,000 | KSA Sukuk Ltd., Sr. Unsecd. Note, Series 144A, 2.894%, 4/20/2022 | 800,880 | |
1,300,000 | KSA Sukuk Ltd., Sr. Unsecd. Note, Series 144A, 3.628%, 4/20/2027 | 1,319,500 | |
900,000 | Kazakhstan Temir Zholy, Sr. Unsecd. Note, Series REGS, 6.95%, 7/10/2042 | 1,010,997 | |
TOTAL | 3,646,457 | ||
State/Provincial—3.3% | |||
6,715,000 | Buenos Aires, City of, Sr. Unsecd. Note, Series 144A, 8.95%, 2/19/2021 | 7,512,742 | |
400,000 | Province of Santa Fe, Sr. Unsecd. Note, Series 144A, 6.90%, 11/1/2027 | 423,232 |
Principal, Foreign Currency Par Amount, Contracts or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
State/Provincial—continued | |||
$1,100,000 | Province of Santa Fe, Sr. Unsecd. Note, Series 144A, 7.00%, 3/23/2023 | $1,185,580 | |
6,400,000 | Provincia De Buenos Aires, Series REGS, 10.875%, 1/26/2021 | 7,337,984 | |
5,900,000 | Provincia De Buenos Aires, Sr. Unsecd. Note, Series 144A, 7.875%, 6/15/2027 | 6,540,150 | |
40,000 | Provincia De Buenos Aires, Sr. Unsecd. Note, Series REGS, 4.00%, 5/15/2035 | 33,040 | |
1,200,000 | Provincia De Cordoba, Sr. Unsecd. Note, Series 144A, 7.125%, 8/1/2027 | 1,278,240 | |
850,000 | Provincia De Cordoba, Sr. Unsecd. Note, Series 144A, 7.45%, 9/1/2024 | 935,756 | |
TOTAL | 25,246,724 | ||
Technology Services—0.9% | |||
4,000,000 | Alibaba Group Holding Ltd., Sr. Unsecd. Note, 3.60%, 11/28/2024 | 4,146,776 | |
2,500,000 | Tencent Holdings Ltd., Sr. Unsecd. Note, Series 144A, 3.80%, 2/11/2025 | 2,626,574 | |
TOTAL | 6,773,350 | ||
Telecommunications & Cellular—2.9% | |||
500,000 | America Movil S.A.B. de C.V., 3.125%, 7/16/2022 | 510,341 | |
400,000 | America Movil S.A.B. de C.V., 6.125%, 3/30/2040 | 498,625 | |
1,025,000 | America Movil S.A.B. de C.V., Company Guarantee, 5.00%, 3/30/2020 | 1,091,309 | |
MXN 84,500,000 | America Movil S.A.B. de C.V., Sr. Secd. Note, 6.00%, 6/9/2019 | 4,264,943 | |
$400,000 | Colombia Telecomunicaciones SA ESP, Sr. Unsecd. Note, Series REGS, 5.375%, 9/27/2022 | 410,000 | |
600,000 | Comcel Trust, Series REGS, 6.875%, 2/6/2024 | 636,000 | |
1,100,000 | Digicel Group Ltd., Sr. Unsecd. Note, Series REGS, 7.125%, 4/1/2022 | 1,040,875 | |
500,000 | Digicel Group Ltd., Sr. Unsecd. Note, Series REGS, 8.25%, 9/30/2020 | 496,250 | |
750,000 | Digicel Ltd., Sr. Unsecd. Note, Series 144A, 6.00%, 4/15/2021 | 740,828 | |
600,000 | GTH Finance B.V., Sr. Unsecd. Note, Series 144A, 6.25%, 4/26/2020 | 636,003 | |
1,000,000 | GTH Finance B.V., Sr. Unsecd. Note, Series 144A, 7.25%, 4/26/2023 | 1,134,855 | |
1,200,000 | HTA Group Ltd., Sr. Unsecd. Note, Series 144A, 9.125%, 3/8/2022 | 1,287,000 | |
500,000 | IHS Netherlands Holdco BV, Sr. Unsecd. Note, Series REGS, 9.50%, 10/27/2021 | 532,422 | |
3,100,000 | Proven Honour Capital, Sr. Unsecd. Note, 4.125%, 5/19/2025 | 3,232,751 | |
2,300,000 | Qtel International Finance Ltd., Series REGS, 3.25%, 2/21/2023 | 2,287,497 | |
200,000 | Telfon Celuar Del Paragu, Sr. Unsecd. Note, Series REGS, 6.75%, 12/13/2022 | 206,612 | |
700,000 | Turkcell Iletisim Hizmetleri A.S., Unsecd. Note, Series 144A, 5.75%, 10/15/2025 | 747,344 | |
2,000,000 | Vimpelcom, Sr. Unsecd. Note, Series 144A, 4.95%, 6/16/2024 | 2,051,520 | |
TOTAL | 21,805,175 | ||
Transportation—0.8% | |||
2,000,000 | Adani Ports and Special, Sr. Unsecd. Note, Series 144A, 3.95%, 1/19/2022 | 2,061,870 | |
300,000 | Adani Ports and Special, Sr. Unsecd. Note, Series REGS, 3.50%, 7/29/2020 | 305,565 | |
200,000 | DP World Ltd., Series REGS, 6.85%, 7/2/2037 | 248,124 | |
500,000 | Empresa De Transporte ME, Sr. Unsecd. Note, Series 144A, 5.00%, 1/25/2047 | 552,625 | |
200,000 | JSL Europe SA, Series 144A, 7.75%, 7/26/2024 | 213,250 | |
2,100,000 | Lima Metro Line 2 Finance Ltd., Series 144A, 5.875%, 7/5/2034 | 2,320,500 | |
400,000 | Rumo Luxembourg Sarl, Sr. Unsecd. Note, Series 144A, 7.375%, 2/9/2024 | 436,800 | |
TOTAL | 6,138,734 | ||
Utilities—5.1% | |||
400,000 | AES Argentina Generacion SA, Sr. Unsecd. Note, Series 144A, 7.75%, 2/2/2024 | 429,968 | |
2,600,000 | Abu Dhabi National Energy Co. PJSC, Sr. Unsecd. Note, Series REGS, 4.375%, 6/22/2026 | 2,686,455 | |
1,000,000 | Azure Power Energy Ltd., Series 144A, 5.50%, 11/3/2022 | 1,035,000 | |
600,000 | Centrais Eletricas Brasileiras SA, Sr. Unsecd. Note, Series 144A, 5.75%, 10/27/2021 | 638,616 | |
600,000 | Centrais Eletricas Brasileiras SA, Sr. Unsecd. Note, Series REGS, 6.875%, 7/30/2019 | 639,780 | |
1,951,000 | China Oil & Gas Group Ltd., Sr. Unsecd. Note, 5.00%, 5/7/2020 | 2,007,189 |
Principal, Foreign Currency Par Amount, Contracts or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Utilities—continued | |||
$600,000 | Colbun SA, Sr. Unsecd. Note, Series 144A, 3.95%, 10/11/2027 | $600,525 | |
200,000 | Comision Federal de Electricidad, Sr. Unsecd. Note, Series 144A, 4.75%, 2/23/2027 | 210,250 | |
1,650,000 | Comision Federal de Electricidad, Sr. Unsecd. Note, Series REGS, 4.875%, 1/15/2024 | 1,769,625 | |
1,000,000 | Empresa de Energia de Bogota SA, Sr. Unsecd. Note, Series REGS, 6.125%, 11/10/2021 | 1,026,000 | |
300,000 | Empresa Electrica Guarcolda SA, Sr. Unsecd. Note, Series REGS, 4.56%, 4/30/2025 | 293,852 | |
515,000 | Enersis Americas SA, Sr. Unsecd. Note, 4.00%, 10/25/2026 | 526,588 | |
2,600,000 | Eskom Holdings Ltd., Sr. Unsecd. Note, Series REGS, 5.75%, 1/26/2021 | 2,633,457 | |
550,000 | Generacion Mediterranea SA / Generacion Frias SA, Sr. Unsecd. Note, Series REGS, 9.625%, 7/27/2023 | 613,937 | |
606,000 | Genneia SA, Sr. Unsecd. Note, Series 144A, 8.75%, 1/20/2022 | 674,199 | |
500,000 | Greenko Investment Co., Sr. Secd. Note, Series REGS, 4.875%, 8/16/2023 | 498,875 | |
1,600,000 | Hrvatska Elektroprivreda, Sr. Unsecd. Note, Series 144A, 5.875%, 10/23/2022 | 1,778,803 | |
300,000 | Indo Energy Finance II, Series REGS, 6.375%, 1/24/2023 | 305,963 | |
1,827,000 | Inkia Energy Ltd., Series REGS, 8.375%, 4/4/2021 | 1,883,637 | |
600,000 | Instituto Costarricense de Electricidad, Sr. Unsecd. Note, Series REGS, 6.375%, 5/15/2043 | 566,982 | |
4,200,000 | Israel Electric Corp. Ltd., Series REGS, 7.25%, 1/15/2019 | 4,443,520 | |
200,000 | Majapahit Holding BV, Series REGS, 7.875%, 6/29/2037 | 272,260 | |
750,000 | Minejesa Capital BV, Sec. Fac. Bond, Series 144A, 4.625%, 8/10/2030 | 766,877 | |
1,050,000 | Minejesa Capital BV, Sec. Fac. Bond, Series 144A, 5.625%, 8/10/2037 | 1,119,094 | |
1,800,000 | NTPC Ltd., Series EMTN, 4.375%, 11/26/2024 | 1,919,615 | |
500,000 | Neerg Energy Ltd., Sr. Secd. Note, Series 144A, 6.00%, 2/13/2022 | 517,892 | |
3,000,000 | Perusahaan Listrik Negara PT, Sr. Unsecd. Note, Series 144A, 4.125%, 5/15/2027 | 3,012,706 | |
3,000,000 | State Grid Overseas Investment 2016 Ltd., Series 144A, 3.50%, 5/4/2027 | 3,065,438 | |
3,000,000 | TNB Global Ventures Capital Bhd, Sr. Unsecd. Note, Series EMTN, 3.244%, 10/19/2026 | 2,945,928 | |
TOTAL | 38,883,031 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $444,990,018) | 460,337,387 | ||
FOREIGN GOVERNMENTS/AGENCIES—34.8% | |||
Sovereign—34.8% | |||
2,000,000 | Angola, Government of, Sr. Unsecd. Note, 9.50%, 11/12/2025 | 2,180,000 | |
630,000 | Argentina, Government of, Sr. Unsecd. Note, 5.625%, 1/26/2022 | 661,500 | |
1,855,000 | Argentina, Government of, Sr. Unsecd. Note, 6.875%, 1/26/2027 | 2,022,877 | |
7,000,000 | Argentina, Government of, Sr. Unsecd. Note, 7.50%, 4/22/2026 | 7,910,000 | |
200,000 | Armenia, Government of, Sr. Unsecd. Note, 7.15%, 3/26/2025 | 223,350 | |
500,000 | Azerbaijan, Government of, Sr. Unsecd. Note, 4.75%, 3/18/2024 | 514,295 | |
400,000 | Bahrain, Government of, Sr. Unsecd. Note, Series 144A, 6.75%, 9/20/2029 | 397,840 | |
650,000 | Bahrain, Government of, Sr. Unsecd. Note, Series 144A, 7.00%, 10/12/2028 | 667,914 | |
1,500,000 | Bahrain, Government of, Sr. Unsecd. Note, 7.00%, 10/12/2028 | 1,541,340 | |
200,000 | Bahrain, Government of, Unsecd. Note, 6.00%, 9/19/2044 | 171,386 | |
500,000 | Banque Centrale de Tunisia International Bond, Sr. Unsecd. Note, 5.75%, 1/30/2025 | 495,746 | |
600,000 | Belarus, Government of, Sr. Unsecd. Note, Series 144A, 7.625%, 6/29/2027 | 661,500 | |
270,000 | Belize, Government of, Sr. Unsecd. Note, Series 144A, 4.9375%, 2/20/2034 | 167,400 | |
1,000,000 | Bermuda, Government of, Sr. Unsecd. Note, Series 144A, 4.138%, 1/3/2023 | 1,047,990 | |
400,000 | Bolivia, Government of, Sr. Unsecd. Note, Series 144A, 4.50%, 3/20/2028 | 389,000 | |
1,700,000 | Brazil, Government of, Sr. Unsecd. Note, 4.625%, 1/13/2028 | 1,689,800 | |
1,600,000 | Brazil, Government of, Sr. Unsecd. Note, 5.00%, 1/27/2045 | 1,480,613 | |
2,000,000 | Brazil, Government of, Sr. Unsecd. Note, 5.625%, 1/7/2041 | 2,027,000 | |
7,500,000 | Brazil, Government of, Sr. Unsecd. Note, 6.00%, 4/7/2026 | 8,321,250 |
Principal, Foreign Currency Par Amount, Contracts or Shares | Value in U.S. Dollars | ||
FOREIGN GOVERNMENTS/AGENCIES—continued | |||
Sovereign—continued | |||
1,800,000 | Cameroon, Government of, Sr. Unsecd. Note, Series 144A, 9.50%, 11/19/2025 | $2,133,288 | |
2,000,000 | Colombia, Government of, Sr. Unsecd. Note, 3.875%, 4/25/2027 | 2,013,000 | |
600,000 | Colombia, Government of, Sr. Unsecd. Note, 4.375%, 7/12/2021 | 636,000 | |
1,100,000 | Colombia, Government of, Sr. Unsecd. Note, 5.00%, 6/15/2045 | 1,131,625 | |
3,000,000 | Colombia, Government of, Sr. Unsecd. Note, 5.625%, 2/26/2044 | 3,342,000 | |
800,000 | Colombia, Government of, Sr. Unsecd. Note, 7.375%, 3/18/2019 | 856,000 | |
1,500,000 | Costa Rica, Government of, Series 144A, 4.25%, 1/26/2023 | 1,483,125 | |
830,000 | Costa Rica, Government of, 4.375%, 4/30/2025 | 813,400 | |
1,000,000 | Costa Rica, Government of, Sr. Unsecd. Note, Series 144A, 7.158%, 3/12/2045 | 1,062,500 | |
1,200,000 | Dominican Republic, Government of, Series 144A, 5.875%, 4/18/2024 | 1,306,500 | |
2,400,000 | Dominican Republic, Government of, Sr. Unsecd. Note, Series 144A, 5.50%, 1/27/2025 | 2,547,000 | |
700,000 | Dominican Republic, Government of, Sr. Unsecd. Note, Series 144A, 6.85%, 1/27/2045 | 780,500 | |
1,000,000 | Dominican Republic, Government of, Sr. Unsecd. Note, 7.45%, 4/30/2044 | 1,187,500 | |
1,200,000 | Dominican Republic, Government of, Sr. Unsecd. Note, 7.50%, 5/6/2021 | 1,327,500 | |
800,000 | Dubai, Government of, 5.25%, 1/30/2043 | 823,400 | |
1,600,000 | Ecuador, Government of, 7.95%, 6/20/2024 | 1,616,000 | |
900,000 | Ecuador, Government of, Series 144A, 7.95%, 6/20/2024 | 909,000 | |
600,000 | Ecuador, Government of, Sr. Unsecd. Note, Series 144A, 8.875%, 10/23/2027 | 613,260 | |
400,000 | Ecuador, Government of, Sr. Unsecd. Note, Series 144A, 9.625%, 6/2/2027 | 430,000 | |
700,000 | Ecuador, Government of, Sr. Unsecd. Note, Series 144A, 9.65%, 12/13/2026 | 759,500 | |
EGP 56,600,000 | 4 | Egypt, Government of, Unsecd. Note, 19.00%, 2/6/2018 | 3,061,164 |
$1,605,000 | Egypt, Government of, Sr. Unsecd. Note, Series 144A, 6.125%, 1/31/2022 | 1,673,572 | |
1,700,000 | Egypt, Government of, Sr. Unsecd. Note, Series 144A, 8.50%, 1/31/2047 | 1,922,822 | |
EGP 77,300,000 | 4 | Egypt, Government of, Unsecd. Note, 20.10%, 11/7/2017 | 4,373,816 |
60,800,000 | 4 | Egypt, Government of, Unsecd. Note, 18.10%, 3/13/2018 | 3,232,825 |
106,300,000 | 4 | Egypt, Government of, Unsecd. Note, 18.10%, 4/10/2018 | 5,576,481 |
$850,000 | El Salvador, Government of, Series 144A, 6.375%, 1/18/2027 | 845,750 | |
515,000 | El Salvador, Government of, 7.625%, 2/1/2041 | 536,888 | |
200,000 | El Salvador, Government of, Bond, 7.75%, 1/24/2023 | 215,500 | |
300,000 | El Salvador, Government of, Sr. Unsecd. Note, 7.65%, 6/15/2035 | 312,750 | |
1,150,000 | El Salvador, Government of, Sr. Unsecd. Note, Series 144A, 8.625%, 2/28/2029 | 1,302,375 | |
200,000 | El Salvador, Government of, Sr. Unsecd. Note, 8.625%, 2/28/2029 | 226,500 | |
300,000 | Ethiopia, Government of, Sr. Unsecd. Note, 6.625%, 12/11/2024 | 309,000 | |
1,200,000 | Gabon, Government of, 6.375%, 12/12/2024 | 1,176,192 | |
3,000,000 | Ghana, Government of, 7.875%, 8/7/2023 | 3,243,900 | |
900,000 | Ghana, Government of, Sr. Unsecd. Note, 9.25%, 9/15/2022 | 1,015,920 | |
500,000 | Ghana, Government of, Unsecd. Note, 10.75%, 10/14/2030 | 666,200 | |
1,000,000 | Guatemala, Government of, Sr. Unsecd. Note, 5.75%, 6/6/2022 | 1,085,810 | |
700,000 | Honduras, Government of, 8.75%, 12/16/2020 | 795,816 | |
550,000 | Honduras, Government of, Sr. Unsecd. Note, Series 144A, 6.25%, 1/19/2027 | 593,104 | |
700,000 | Honduras, Government of, Sr. Unsecd. Note, 7.50%, 3/15/2024 | 794,500 | |
970,000 | Hungary, Government of, 5.75%, 11/22/2023 | 1,114,924 | |
250,000 | Hungary, Government of, 6.375%, 3/29/2021 | 279,688 | |
1,300,000 | Indonesia, Government of, 5.375%, 10/17/2023 | 1,463,368 | |
1,050,000 | Indonesia, Government of, Sr. Unsecd. Note, Series 144A, 3.85%, 7/18/2027 | 1,081,321 | |
800,000 | Indonesia, Government of, Sr. Unsecd. Note, Series 144A, 4.15%, 3/29/2027 | 824,800 | |
3,500,000 | Indonesia, Government of, Sr. Unsecd. Note, Series 144A, 4.55%, 3/29/2026 | 3,710,000 |
Principal, Foreign Currency Par Amount, Contracts or Shares | Value in U.S. Dollars | ||
FOREIGN GOVERNMENTS/AGENCIES—continued | |||
Sovereign—continued | |||
7,200,000 | Indonesia, Government of, Sr. Unsecd. Note, 4.75%, 1/8/2026 | $7,849,397 | |
250,000 | Indonesia, Government of, Sr. Unsecd. Note, Series 144A, 4.75%, 7/18/2047 | 264,588 | |
1,300,000 | Indonesia, Government of, Sr. Unsecd. Note, 5.25%, 1/17/2042 | 1,455,667 | |
6,600,000 | Indonesia, Government of, Unsecd. Note, Series 144A, 4.35%, 9/10/2024 | 6,949,800 | |
500,000 | Iraq, Government of, Bond, 5.80%, 1/15/2028 | 470,598 | |
2,400,000 | Israel, Government of, Sr. Unsecd. Note, 2.875%, 3/16/2026 | 2,405,069 | |
1,984,040 | Ivory Coast, Government of, Sr. Unsecd. Note, 5.75%, 12/31/2032 | 1,956,105 | |
1,000,000 | Ivory Coast, Government of, Sr. Unsecd. Note, Series 144A, 6.125%, 6/15/2033 | 986,100 | |
2,800,000 | Jamaica, Government of, Sr. Unsecd. Note, 6.75%, 4/28/2028 | 3,244,052 | |
450,000 | Jordan, Government of, Sr. Unsecd. Note, Series 144A, 7.375%, 10/10/2047 | 470,925 | |
2,500,000 | Kazakhstan, Government of, 4.875%, 10/14/2044 | 2,598,140 | |
1,100,000 | Kazakhstan, Government of, Company Guarantee, Series 144A, 6.375%, 10/6/2020 | 1,220,824 | |
700,000 | Kazakhstan, Government of, Sr. Unsecd. Note, Series 144A, 5.125%, 7/21/2025 | 778,036 | |
400,000 | Kenya, Government of, 6.875%, 6/24/2024 | 415,680 | |
300,000 | Kenya, Government of, Series 144A, 6.875%, 6/24/2024 | 311,760 | |
2,200,000 | Lebanon, Government of, Sr. Secd. Note, 6.10%, 10/4/2022 | 2,173,846 | |
3,600,000 | Lebanon, Government of, Sr. Unsecd. Note, 5.45%, 11/28/2019 | 3,604,176 | |
1,500,000 | Lebanon, Government of, Sr. Unsecd. Note, 6.25%, 11/4/2024 | 1,446,183 | |
1,250,000 | Lebanon, Government of, Sr. Unsecd. Note, 6.75%, 11/29/2027 | 1,204,265 | |
3,000,000 | Lebanon, Government of, Sr. Unsub., 8.25%, 4/12/2021 | 3,179,916 | |
400,000 | Mexico, Government of, 4.00%, 10/2/2023 | 419,000 | |
5,200,000 | Mexico, Government of, 4.125%, 1/21/2026 | 5,418,400 | |
2,300,000 | Mexico, Government of, 4.75%, 3/8/2044 | 2,298,551 | |
3,200,000 | Mexico, Government of, Sr. Secd. Note, 4.35%, 1/15/2047 | 3,009,600 | |
4,200,000 | Mexico, Government of, Sr. Unsecd. Note, 3.60%, 1/30/2025 | 4,252,500 | |
1,200,000 | Mexico, Government of, Sr. Unsecd. Note, 4.15%, 3/28/2027 | 1,247,400 | |
200,000 | Mexico, Government of, Sr. Unsecd. Note, 4.60%, 1/23/2046 | 195,148 | |
700,000 | Mexico, Government of, Sr. Unsecd. Note, 4.60%, 2/10/2048 | 684,950 | |
600,000 | Mongolia, Government of, Series 144A, 5.625%, 5/1/2023 | 601,565 | |
1,200,000 | Nigeria, Government of, Sr. Unsecd. Note, 6.375%, 7/12/2023 | 1,259,244 | |
600,000 | Nigeria, Government of, Unsecd. Note, Series 144A, 7.875%, 2/16/2032 | 659,088 | |
2,400,000 | Oman, Government of, Sr. Unsecd. Note, Series 144A, 6.50%, 3/8/2047 | 2,470,061 | |
1,000,000 | Pakistan, Government of, Unsecd. Note, Series 144A, 6.75%, 12/3/2019 | 1,041,907 | |
5,500,000 | Panama, Government of, Sr. Unsecd. Note, 3.75%, 3/16/2025 | 5,742,000 | |
200,000 | Panama, Government of, Sr. Unsecd. Note, 4.50%, 5/15/2047 | 211,200 | |
1,600,000 | Paraguay, Government of, Series 144A, 6.10%, 8/11/2044 | 1,828,000 | |
300,000 | Paraguay, Government of, Sr. Unsecd. Note, Series 144A, 4.70%, 3/27/2027 | 315,000 | |
400,000 | Peru, Government of, 6.55%, 3/14/2037 | 538,000 | |
600,000 | Peru, Government of, Bond, 8.75%, 11/21/2033 | 942,000 | |
1,500,000 | Peru, Government of, Sr. Unsecd. Note, 4.125%, 8/25/2027 | 1,644,000 | |
700,000 | Peru, Government of, Sr. Unsecd. Note, 5.625%, 11/18/2050 | 882,700 | |
PEN 7,300,000 | Peru, Government of, Sr. Unsecd. Note, Series 144A, 6.15%, 8/12/2032 | 2,347,898 | |
$2,600,000 | Philippines, Government of, 6.375%, 1/15/2032 | 3,403,075 | |
4,700,000 | Philippines, Government of, Sr. Unsecd. Note, 3.95%, 1/20/2040 | 4,852,397 | |
2,100,000 | Poland, Government of, Sr. Unsecd. Note, 3.25%, 4/6/2026 | 2,148,800 | |
1,700,000 | Qatar, Government of, Sr. Unsecd. Note, 4.625%, 6/2/2046 | 1,748,110 | |
2,700,000 | Romania, Government of, 4.375%, 8/22/2023 | 2,888,622 |
Principal, Foreign Currency Par Amount, Contracts or Shares | Value in U.S. Dollars | ||
FOREIGN GOVERNMENTS/AGENCIES—continued | |||
Sovereign—continued | |||
1,000,000 | Russia, Government of, 5.625%, 4/4/2042 | $1,102,920 | |
800,000 | Russia, Government of, Sr. Unsecd. Note, Series 144A, 4.75%, 5/27/2026 | 844,448 | |
3,200,000 | Russia, Government of, Sr. Unsecd. Note, Series 144A, 5.25%, 6/23/2047 | 3,276,000 | |
900,000 | Saudi Arabia, Government of, Sr. Unsecd. Note, Series 144A, 2.375%, 10/26/2021 | 884,736 | |
3,700,000 | Saudi Arabia, Government of, Sr. Unsecd. Note, Series 144A, 3.625%, 3/4/2028 | 3,672,250 | |
1,200,000 | Saudi Arabia, Government of, Sr. Unsecd. Note, 4.50%, 10/26/2046 | 1,202,098 | |
200,000 | Senegal, Government of, Unsecd. Note, Series 144A, 6.25%, 5/23/2033 | 206,730 | |
455,000 | Senegal, Government of, Unsecd. Note, 6.25%, 7/30/2024 | 488,807 | |
1,600,000 | Serbia, Government of, 7.25%, 9/28/2021 | 1,840,038 | |
1,800,000 | South Africa, Government of, Sr. Unsecd. Note, 4.665%, 1/17/2024 | 1,823,746 | |
1,100,000 | South Africa, Government of, Sr. Unsecd. Note, 5.65%, 9/27/2047 | 1,054,460 | |
ZAR 53,910,000 | South Africa, Government of, Unsecd. Note, 8.25%, 3/31/2032 | 3,349,819 | |
$5,600,000 | Sri Lanka, Government of, 6.85%, 11/3/2025 | 6,215,916 | |
200,000 | Suriname, Government of, Sr. Unsecd. Note, Series 144A, 9.25%, 10/26/2026 | 216,750 | |
1,900,000 | Turkey, Government of, 3.25%, 3/23/2023 | 1,791,434 | |
5,000,000 | Turkey, Government of, Sr. Unsecd. Note, 4.25%, 4/14/2026 | 4,722,500 | |
6,000,000 | Turkey, Government of, Sr. Unsecd. Note, 4.875%, 4/16/2043 | 5,173,836 | |
2,300,000 | Turkey, Government of, Sr. Unsecd. Note, 6.00%, 3/25/2027 | 2,422,360 | |
TRY 6,750,000 | Turkey, Government of, Unsecd. Note, 8.50%, 7/10/2019 | 1,676,223 | |
$1,500,000 | Ukraine, Government of, Sr. Unsecd. Note, 7.75%, 9/1/2020 | 1,599,075 | |
3,700,000 | Ukraine, Government of, Sr. Unsecd. Note, 7.75%, 9/1/2022 | 3,954,212 | |
2,600,000 | Ukraine, Government of, Sr. Unsecd. Note, 7.75%, 9/1/2024 | 2,725,310 | |
1,505,000 | 3 | Ukraine, Government of, Unsecd. Note, Series GDP, Series 144A, 0.00%, 5/31/2040 | 858,187 |
700,000 | Ukraine, Government of, Unsecd. Note, 7.75%, 9/1/2019 | 736,750 | |
412,000 | Ukraine, Government of, Unsecd. Note, Series 144A, 7.75%, 9/1/2019 | 433,630 | |
430,970 | Uruguay, Government of, 4.375%, 10/27/2027 | 465,879 | |
UYU 20,600,000 | Uruguay, Government of, Series 144A, 9.875%, 6/20/2022 | 751,616 | |
27,500,212 | Uruguay, Government of, Sr. Unsecd. Note, 4.375%, 12/15/2028 | 1,098,476 | |
$6,100,000 | Uruguay, Government of, Sr. Unsecd. Note, 5.10%, 6/18/2050 | 6,542,250 | |
UYU 12,000,000 | Uruguay, Government of, Sr. Unsecd. Note, Series 144A, 8.50%, 3/15/2028 | 416,381 | |
$1,500,000 | 2,3 | Venezuela, Government of, 8.25%, 10/13/2024 | 506,250 |
5,000,000 | 2,3 | Venezuela, Government of, Note, 7.65%, 4/21/2025 | 1,662,500 |
700,000 | Vietnam, Government of, Sr. Unsecd. Note, Series 144A, 6.75%, 1/29/2020 | 762,567 | |
2,000,000 | Zambia, Government of, 5.375%, 9/20/2022 | 1,910,400 | |
2,800,000 | Zambia, Government of, Series 144A, 8.97%, 7/30/2027 | 3,052,560 | |
TOTAL FOREIGN GOVERNMENTS/AGENCIES (IDENTIFIED COST $256,611,995) | 265,252,342 | ||
U.S. TREASURY—0.2% | |||
U.S. Treasury Notes—0.2% | |||
$1,200,000 | United States Treasury Note, 0.75%, 2/28/2018 (IDENTIFIED COST $1,197,422) | 1,198,176 | |
INVESTMENT COMPANY—3.3% | |||
25,428,708 | 5 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.21%6 (IDENTIFIED COST $25,431,250) | 25,431,250 |
TOTAL INVESTMENT IN SECURITIES—98.7% (IDENTIFIED COST $728,230,685)7 | 752,219,155 | ||
OTHER ASSETS AND LIABILITIES - NET—1.3%8 | 9,560,489 | ||
TOTAL NET ASSETS—100% | $761,779,644 |
Settlement Date | Counterparty | Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
Contracts Purchased: | ||||
11/22/2017 | Bank of America N.A. | 41,800,000 MXN | $2,236,610 | $(63,652) |
11/22/2017 | JPMorgan Chase | 42,200,000 MXN | $2,199,596 | $(5,844) |
11/24/2017 | Bank of America N.A. | 145,880,000 MXN | $7,600,292 | $(19,452) |
12/4/2017 | Citibank N.A. | 3,817,600 BRL | $1,196,777 | $(34,540) |
12/4/2017 | BNP Paribas SA | 39,282,600 BRL | $11,940,000 | $19,266 |
12/8/2017 | Citibank N.A. | 599,500 AUD | $470,530 | $(11,869) |
12/8/2017 | Citibank N.A. | 668,400 CAD | $531,287 | $(13,013) |
12/8/2017 | Citibank N.A. | 1,361,500 EUR | $1,606,216 | $(17,213) |
12/8/2017 | Citibank N.A. | 1,452,400 GBP | $1,932,534 | $(1,545) |
12/8/2017 | Barclays Bank PLC | 147,210,050 JPY | $1,300,000 | $(3,310) |
12/8/2017 | Bank of America N.A. | 169,663,200 JPY | $1,512,352 | $(17,885) |
12/8/2017 | Citibank N.A. | 560,600 NZD | $393,231 | $(9,862) |
12/20/2017 | Citibank N.A. | 29,420,000 TRY | $7,599,122 | $45,967 |
4/25/2018 | BNP Paribas SA | 72,504,000 ARS | $3,800,000 | $(84,881) |
Contracts Sold: | ||||
11/10/2017 | JPMorgan Chase | 6,720,000 EUR | 510,048,000 INR | $35,306 |
11/22/2017 | JPMorgan Chase | 84,000,000 MXN | $4,670,102 | $303,392 |
12/4/2017 | Citibank N.A. | 1,894,957 BRL | $594,142 | $17,238 |
12/4/2017 | Citibank N.A. | 1,922,643 BRL | $603,504 | $18,171 |
12/4/2017 | BNP Paribas SA | 14,278,600 BRL | $4,374,464 | $27,461 |
12/8/2017 | Citibank N.A. | 599,500 AUD | $475,692 | $17,030 |
12/8/2017 | Citibank N.A. | 668,400 CAD | $535,450 | $17,175 |
12/8/2017 | Citibank N.A. | 1,361,500 EUR | $1,628,384 | $39,381 |
12/8/2017 | Citibank N.A. | 1,452,400 GBP | $1,883,079 | $(47,909) |
12/8/2017 | Bank of America N.A. | 145,757,300 JPY | $1,300,000 | $16,106 |
12/8/2017 | Citibank N.A. | 169,663,200 JPY | $1,550,041 | $55,574 |
12/8/2017 | Citibank N.A. | 560,600 NZD | $401,792 | $18,424 |
NET UNREALIZED APPRECIATION ON FOREIGN EXCHANGE CONTRACTS | $299,516 |
Counterparty | Reference Entity | Buy/ Sell | Pay/ Receive Fixed Rate | Expiration Date | Implied Credit Spread at 10/31/20179 | Notional Amount | Market Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) |
OTC Swaps: | |||||||||
Barclays Capital, Inc. | CDX Index EM Series 28 | Buy | 1.00% | 12/20/2022 | 1.76% | $45,000,000 | $1,563,755 | $1,809,297 | $(245,542) |
Barclays Capital, Inc. | Government of South Korea | Buy | 1.00% | 12/20/2022 | 0.72% | $4,300,000 | $(57,230) | $(62,231) | $5,001 |
Barclays Capital, Inc. | Government of Turkey | Buy | 1.00% | 12/20/2022 | 1.87% | $2,100,000 | $83,319 | $84,235 | $(916) |
Barclays Capital, Inc. | Republic of South Africa | Buy | 1.00% | 12/20/2022 | 1.86% | $4,200,000 | $165,689 | $170,372 | $(4,683) |
TOTAL CREDIT DEFAULT SWAPS | $(246,140) |
1 | Floating/variable note with current rate and current maturity or next reset date shown. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Issuer in default. |
3 | Non-income-producing security. |
4 | Discount rate at time of purchase. |
5 | Affiliated holding. |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 10/31/2016 | 18,016,371 |
Purchases/Additions | 338,856,024 |
Sales/Reductions | (331,443,687) |
Balance of Shares Held 10/31/2017 | 25,428,708 |
Value | $25,431,250 |
Change in Unrealized Appreciation/Depreciation | $— |
Net Realized Gain/(Loss) | $1,989 |
Dividend Income | $129,895 |
6 | 7-day net yield. |
7 | The cost of investments for federal tax purposes amounts to $729,523,963. |
8 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
9 | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Debt Securities: | ||||
Corporate Bonds | $— | $460,337,387 | $— | $460,337,387 |
Foreign Governments/Agencies | — | 265,252,342 | — | 265,252,342 |
U.S. Treasury | — | 1,198,176 | — | 1,198,176 |
Investment Company | 25,431,250 | — | — | 25,431,250 |
TOTAL SECURITIES | $25,431,250 | $726,787,905 | $— | $752,219,155 |
Other Financial Instruments | ||||
Assets | ||||
Foreign Exchange Contracts | $— | $630,491 | $— | $630,491 |
Swap Contracts | — | 1,812,763 | — | 1,812,763 |
Liabilities | ||||
Foreign Exchange Contracts | — | (330,975) | — | (330,975) |
Swap Contracts | — | (57,230) | — | (57,230) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $— | $2,055,049 | $— | $2,055,049 |
ARS | —Argentine Peso |
AUD | —Australian Dollar |
BADLAR | —Buenos Aires Deposits Large Amount Rates |
BRL | —Brazilian Real |
CAD | —Canadian Dollar |
CJSC | —Closed Joint Stock Company |
EGP | —Egyptian Pound |
EMTN | —Euro Medium Term Note |
EUR | —Euro Currency |
GBP | —British Pound |
INR | —Indonesian Rupiah |
JPY | —Japanese Yen |
JSC | —Joint Stock Company |
MTN | —Medium Term Note |
MXN | —Mexican Peso |
NZD | —New Zealand Dollar |
OJSC | —Open Joint Stock Company |
OTC | —Over-the-counter |
PEN | —Peruvian Sol |
TRY | —Turkish Lira |
UYU | —Uruguayan Peso |
ZAR | —South African Rand |
Year Ended 10/31/2017 | Period Ended 10/31/20162 | Year Ended November 30 | ||||
2015 | 2014 | 2013 | 2012 | |||
Net Asset Value, Beginning of Period | $10.24 | $9.49 | $9.77 | $9.16 | $9.58 | $8.08 |
Income From Investment Operations: | ||||||
Net investment income3 | 0.56 | 0.53 | 0.54 | 0.54 | 0.52 | 0.53 |
Net realized and unrealized gain (loss) on investments, futures contracts, written options, swap contracts, foreign exchange contracts and foreign currency transactions | 0.06 | 0.41 | (0.82) | 0.07 | (0.94) | 0.97 |
TOTAL FROM INVESTMENT OPERATIONS | 0.62 | 0.94 | (0.28) | 0.61 | (0.42) | 1.50 |
Less Distributions: | ||||||
Distributions from net investment income | (0.57) | (0.19) | — | — | — | — |
Distributions from net realized gain on investments, futures contracts, swap contracts, foreign exchange contracts and foreign currency transactions | (0.08) | — | — | — | — | — |
TOTAL DISTRIBUTIONS | (0.65) | (0.19) | — | — | — | — |
Net Asset Value, End of Period | $10.21 | $10.24 | $9.49 | $9.77 | $9.16 | $9.58 |
Total Return4 | 6.35% | 9.95% | (2.86)% | 6.66% | (4.42)% | 18.65% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.06% | 0.07%5 | 0.06% | 0.04% | 0.00%6 | 0.00%6 |
Net investment income | 5.54% | 5.81%5 | 5.57% | 5.61% | 5.53% | 5.99% |
Expense waiver/reimbursement7 | 0.00%8 | —% | —% | 0.02% | 0.06% | 0.06% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $761,780 | $850,890 | $908,905 | $1,045,464 | $795,077 | $764,886 |
Portfolio turnover | 67% | 82% | 133% | 124% | 37% | 19% |
1 | Emerging Markets Fixed Income Core Fund (the “Predecessor Fund”) was reorganized into Emerging Markets Core Fund (the “Fund”) as of the close of business on June 17, 2016. The Fund is the successor to the Predecessor Fund. The performance information and financial information presented incorporates the operations of the Predecessor Fund, which, as a result of the reorganization, are the Fund's operations. As a result of reorganization, the Fund effected a 3.624 for 1 share split. As a result of the share split: (1) the number of outstanding Shares of the Fund increased by a factor of 3.624; and (2) since the Fund's total number of shares outstanding increased, the net asset value per Fund Share (NAV/Share) decreased. The share split did not affect the value of the Fund's net assets or each shareholders proportional ownership interest in those assets. Per share data has been restated for the periods prior to the reorganization. |
2 | The Fund has changed its fiscal year end from November 30 to October 31. This period represents the 11-month period from December 1, 2015 to October 31, 2016. |
3 | Per share numbers have been calculated using the average shares method. |
4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
5 | Computed on an annualized basis. |
6 | The Adviser reimbursed all operating expenses incurred by the Fund. |
7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
8 | Represents less than 0.01%. |
Assets: | ||
Investment in securities, at value including $25,431,250 of investment in an affiliated holding (identified cost $728,230,685) | $752,219,155 | |
Cash | 243,772 | |
Cash denominated in foreign currencies (identified cost $91,288) | 87,476 | |
Income receivable | 9,753,657 | |
Swaps, at value (premium paid $2,063,904) | 1,812,763 | |
Receivable for investments sold | 3,225,463 | |
Unrealized appreciation on foreign exchange contracts | 630,491 | |
TOTAL ASSETS | 767,972,777 | |
Liabilities: | ||
Payable for investments purchased | $2,889,913 | |
Unrealized depreciation on foreign exchange contracts | 330,975 | |
Due to broker | 1,419,934 | |
Income distribution payable | 1,122,244 | |
Swaps, at value (premium received $62,231) | 57,230 | |
Payable for periodic payments to swap contracts | 64,867 | |
Payable for portfolio accounting fees | 113,731 | |
Accrued expenses (Note 5) | 194,239 | |
TOTAL LIABILITIES | 6,193,133 | |
Net assets for 74,611,086 shares outstanding | $761,779,644 | |
Net Assets Consist of: | ||
Paid-in capital | $737,029,358 | |
Net unrealized appreciation of investments, swap contracts and translation of assets and liabilities in foreign currency | 24,057,403 | |
Accumulated net realized loss on investments, futures contracts, swap contracts, foreign exchange contracts and foreign currency transactions | (509,606) | |
Undistributed net investment income | 1,202,489 | |
TOTAL NET ASSETS | $761,779,644 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
$761,779,644 ÷ 74,611,086 shares outstanding, no par value, unlimited shares authorized | $10.21 |
Investment Income: | ||
Interest | $44,363,143 | |
Dividends (including $129,895 received from an affiliated holding, see footnotes to the Portfolio of Investments, and net of foreign taxes withheld of $8,101) | 121,794 | |
TOTAL INCOME | 44,484,937 | |
Expenses: | ||
Custodian fees | $138,410 | |
Transfer agent fee | 61,218 | |
Directors'/Trustees' fees (Note 5) | 6,173 | |
Auditing fees | 40,400 | |
Legal fees | 10,288 | |
Portfolio accounting fees | 167,354 | |
Share registration costs | 300 | |
Printing and postage | 11,697 | |
Taxes | 299 | |
Commitment fee (Note 8) | 11,594 | |
Miscellaneous (Note 5) | 23,010 | |
TOTAL EXPENSES | 470,743 | |
Reimbursement of other operating expenses (Note 2) | (19,785) | |
Net expenses | 450,958 | |
Net investment income | 44,033,979 | |
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Swap Contracts, Foreign Exchange Contracts and Foreign Currency Transactions: | ||
Net realized gain on investments (including realized gain of $1,989 on sales of investments in affiliated holding) | 1,501,995 | |
Net realized gain on foreign currency transactions | 991,185 | |
Net realized gain on foreign exchange contracts | 1,099,607 | |
Net realized gain on futures contracts | 1,236,929 | |
Net realized gain (loss) on swap contracts | (2,538,665) | |
Net change in unrealized appreciation of investments | 2,167,120 | |
Net change in unrealized appreciation of translation of assets and liabilities in foreign currency | 24,885 | |
Net change in unrealized appreciation of foreign currency exchange contracts | (135,737) | |
Net change in unrealized appreciation of swap contracts | (357,058) | |
Net realized and unrealized gain on investments, futures contracts, swap contracts and foreign currency transactions | 3,990,261 | |
Change in net assets resulting from operations | $48,024,240 |
Year Ended 10/31/2017 | Period Ended 10/31/20161 | Year Ended 11/30/2015 | |
Increase (Decrease) in Net Assets | |||
Operations: | |||
Net investment income | $44,033,979 | $46,761,821 | $51,615,226 |
Net realized gain (loss) on investments, futures contracts, written options, swap contracts, foreign exchange contracts and foreign currency transactions | 2,291,051 | (10,759,292) | (62,464,713) |
Net change in unrealized appreciation/depreciation of investments, futures contracts, written options, swap contracts, foreign exchange contracts and translation of assets and liabilities in foreign currency | 1,699,210 | 38,067,835 | (21,516,669) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 48,024,240 | 74,070,364 | (32,366,156) |
Distributions to Shareholders: | |||
Distributions from net investment income | (44,931,698) | (16,595,507) | — |
Distributions from net realized gain on investments | (6,611,760) | — | — |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (51,543,458) | (16,595,507) | — |
Share Transactions: | |||
Proceeds from sale of shares | 43,993,039 | 20,306,900 | — |
Contributions | — | 114,746,910 | 239,041,722 |
Net asset value of shares issued to shareholders in payment of distributions declared | 33,700,474 | 10,079,577 | — |
Cost of shares redeemed | (163,284,662) | (76,808,487) | — |
Withdrawals | — | (183,814,642) | (343,234,260) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (85,591,149) | (115,489,742) | (104,192,538) |
Change in net assets | (89,110,367) | (58,014,885) | (136,558,694) |
Net Assets: | |||
Beginning of period | 850,890,011 | 908,904,896 | 1,045,463,590 |
End of period (including undistributed net investment income of $1,202,489, $316,881 and $-, respectively (Note 2)) | $761,779,644 | $850,890,011 | $908,904,896 |
1 | The Fund has changed its fiscal year end from November 30 to October 31. This period represents the 11-month period from December 31, 2015 to October 31, 2016. |
■ | Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”). |
■ | Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
■ | With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts; |
■ | Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded; |
■ | Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry. |
Fair Value of Derivative Instruments | ||||
Asset | Liability | |||
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 | ||||
Foreign exchange contracts | Unrealized appreciation on foreign exchange contracts | $630,491 | Unrealized depreciation on foreign exchange contracts | $330,975 |
Credit contracts | Swaps, at value | 1,812,763 | Swaps, at value | 57,230 |
Total derivatives not accounted for as hedging instruments under ASC Topic 815 | $2,443,254 | $388,205 |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | ||||||
Credit Default Swaps | Interest Rate Swaps | Futures Contracts | Foreign Exchange Contracts | Purchased Option Contracts1 | Total | |
Interest rate contracts | $— | $138,000 | $1,236,929 | $— | $— | $1,374,929 |
Foreign exchange contracts | — | — | — | 1,099,607 | (698,738) | 400,869 |
Credit contracts | (2,676,665) | — | — | — | — | (2,676,665) |
TOTAL | $(2,676,665) | $138,000 | $1,236,929 | $1,099,607 | $(698,738) | $(900,867) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | ||||
Credit Default Swaps | Foreign Exchange Contracts | Purchased Option Contracts2 | Total | |
Foreign exchange contracts | $— | $(135,737) | $137,211 | $1,474 |
Credit contracts | (357,058) | — | — | (357,058) |
TOTAL | $(357,058) | $(135,737) | $137,211 | $(355,584) |
1 | The net realized gain on Purchased Option Contracts is found within the Net realized gain on investments on the Statement of Operations. |
2 | The net change in unrealized appreciation of Purchased Option 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 |
Swap Contracts | $1,812,763 | $(57,230) | $— | $1,755,533 |
Foreign Exchange Contracts | 630,491 | (330,975) | — | 299,516 |
TOTAL | $2,443,254 | $(388,205) | $— | $2,055,049 |
Transaction | Gross Liability/ Derivatives Presented in Statement of Assets and Liabilities | Financial Instrument | Collateral Received | Net Amount |
Swap Contracts | $57,230 | $(57,230) | $— | $— |
Foreign Exchange Contracts | 330,975 | (330,975) | — | — |
TOTAL | $388,205 | $(388,205) | $— | $— |
3. CONTRIBUTIONS/WITHDRAWALS AND SHARES OF BENEFICIAL INTEREST |
Year Ended 10/31/2017 | Period Ended 10/31/20162 | Year Ended 11/30/2015 | |
Shares sold | 4,344,275 | 1,116,586 | — |
Contributions | — | 12,174,564 | 25,013,716 |
Shares issued to shareholders in payment of distributions declared | 3,351,479 | 979,541 | — |
Shares redeemed | (16,156,260) | (7,457,492) | — |
Withdrawals | — | (19,512,744) | (36,254,679) |
TOTAL CHANGE RESULTING FROM CONTRIBUTIONS/SUBSCRIPTIONS AND WITHDRAWALS/REDEMPTIONS | (8,460,506) | (12,699,545) | (11,240,963) |
1 | Shares contributed and withdrawn prior to June, 20, 2016, have been adjusted to reflect a 3.624 share split. |
2 | The Fund has changed its fiscal year end from November 30 to October 31. This period represents the 11-month period from December 1, 2015 to October 31, 2016. |
Increase (Decrease) | |
Undistributed Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) |
$1,783,327 | $(1,783,327) |
2017 | 2016 | |
Ordinary income1 | $51,543,458 | $16,595,507 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income | $1,717,872 |
Net unrealized appreciation | $22,625,868 |
Undistributed long-term capital gains | $407,300 |
Capital loss carryforwards and deferrals | $(754) |
Purchases | $510,145,259 |
Sales | $609,228,664 |
Beginning Account Value 5/1/2017 | Ending Account Value 10/31/2017 | Expenses Paid During Period1 | |
Actual | $1,000 | $1,032.30 | $0.20 |
Hypothetical (assuming a 5% return before expenses) | $1,000 | $1,025.00 | $0.20 |
1 | Expenses are equal to the Fund's annualized net expense ratio of 0.04%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 Trustee Indefinite Term Began serving: November 2000 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive
Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management
Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
John B. Fisher* Birth Date: May 16, 1956 President and Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of certain of the Funds in the Federated Fund Family; Vice President,
Federated Investors, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated
Investment Counseling, Federated Investment Management Company; President of some of the Funds in the Federated Fund Complex and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Investors, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
* | Reasons for “interested” status: J. Christopher Donahue and John B. Fisher are interested due to their beneficial ownership of shares of Federated Investors, Inc. and due to positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Director, Current Chair of the Compensation Committee, KLX Corp. Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO, The Collins Group, Inc. (a private equity firm). Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Governance Committee, Publix Super Markets, Inc.; Director, Member of the Audit Committee and Technology Committee of Equifax, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough is an Executive Committee member of the United States Golf Association, he serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Dean of the Duquesne University School of Law; Adjunct Professor of Law, Duquesne University School of Law; formerly, Interim Dean of the
Duquesne University School of Law; Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CONSOL Energy Inc. Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously served as: Associate General Secretary, Diocese of Pittsburgh; a member of the Superior Court of Pennsylvania; and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on either a public or not for profit Board of Directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Director, Saint Vincent College; Member, Pennsylvania State Board of Education (public); and Director and Chair, Cardinal Wuerl North Catholic High School, Inc. Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director, Catholic High Schools of the Diocese of Pittsburgh, Inc.; and Director, Pennsylvania Bar Institute. |
Peter E. Madden Birth Date: March 16, 1942 Trustee Indefinite Term Began serving: November 2001 | Principal Occupation: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; Retired. Other Directorships Held: None. Qualifications: Mr. Madden has served in several business management, mutual fund services and directorship positions throughout his career. Mr. Madden previously served as President, Chief Operating Officer and Director, State Street Bank and Trust Company (custodian bank) and State Street Corporation (financial services). He was Director, VISA USA and VISA International and Chairman and Director, Massachusetts Bankers Association. Mr. Madden served as Director, Depository Trust Corporation and Director, The Boston Stock Exchange. Mr. Madden also served as a Representative to the Commonwealth of Massachusetts General Court. |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: November 2001 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant. |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President
and Chief Legal Officer, CONSOL Energy Inc. Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: November 2001 | Principal Occupations: Director or Trustee of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers
Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated
Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice
President, Federated Investors, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated
Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and
Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: August 2002 | Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of
certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Robert J. Ostrowski Birth Date: April 26, 1963 Chief Investment Officer Officer since: May 2004 | Principal Occupations: Robert J. Ostrowski joined Federated in 1987 as an Investment Analyst and became a Portfolio Manager in 1990. He was named Chief Investment Officer of Federated's taxable fixed-income products in 2004 and also serves as a Senior Portfolio Manager. Mr. Ostrowski became an Executive Vice President of the Fund's Adviser in 2009 and served as a Senior Vice President of the Fund's Adviser from 1997 to 2009. Mr. Ostrowski has received the Chartered Financial Analyst designation. He received his M.S. in Industrial Administration from Carnegie Mellon University. |
Item 2. | Code of Ethics |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.
(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. Audit Committee Financial Expert
The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: John T. Collins, G. Thomas Hough and Thomas M. O'Neill.
Item 4. | Principal Accountant Fees and Services |
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2017 - $138,820
Fiscal year ended 2016 - $131,400
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2017 - $0
Fiscal year ended 2016 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2017 - $0
Fiscal year ended 2016 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $5,333 and $5,952 respectively. Fiscal year ended 2017- Fees for review of Federal and state taxes. Fiscal year ended 2016- Fees for review of Federal and state taxes.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2017 - $0
Fiscal year ended 2016 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $31,567 and $32,464 respectively. Fiscal year ended 2017- Service fee for analysis of potential Passive Foreign Investment Company holdings. Fiscal year ended 2016- Service fee for analysis of potential Passive Foreign Investment Company holdings.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate its responsibilities to pre-approve services performed by the independent auditor to management.
The Audit Committee has delegated pre-approval authority to its Chairman. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee must approve any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit Services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services, all other Audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain Audit-related services, all other Audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide Tax services to the Company such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services, all Tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of services other than audit, review or attest services the pre-approval requirement is waived if:
(1) | The aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant to its accountant during the fiscal year in which the services are provided; |
(2) | Such services were not recognized by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant at the time of the engagement to be non-audit services; and |
(3) | Such services are promptly brought to the attention of the Audit Committee of the issuer and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the board of directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, and would not impair the independence of the auditor.
The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of prohibited non-audit services and the applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2017 – 0%
Fiscal year ended 2016 - 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2017 – 0%
Fiscal year ended 2016 – 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2017 – 0%
Fiscal year ended 2016 – 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) | NA |
(g) | Non-Audit Fees billed to the registrant, the registrant’s investment adviser, and certain entities controlling, controlled by or under common control with the investment adviser: |
Fiscal year ended 2017 - $153,447
Fiscal year ended 2016 - $206,166
(h) | The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
In its required communications to the Audit Committee of the registrant’s Board, Ernst & Young LLP (“EY”), the registrant’s independent public accountant, informed the Audit Committee that EY and/ or covered person professionals within EY maintain lending relationships with certain owners of greater than 10% of the shares of certain investment companies within the “investment company complex” as defined under Rule 2-01(f)(14) of Regulation S-X, which are affiliates of the registrant. EY has advised the Audit Committee that these lending relationships implicate Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the “Loan Rule”). The Loan Rule prohibits an independent public accountant, or covered person professionals at such firm, from having a financial relationship (such as a loan) with a lender that is a record or beneficial owner of more than 10% of an audit client’s equity securities. For purposes of the Loan Rule, audit clients include the registrant, as well as all registered investment companies advised by advisory subsidiaries of Federated Investors, Inc., the Adviser (for which EY serves as independent public accountant), and their respective affiliates (collectively, the “Federated Fund Complex”).
EY informed the Audit Committee that EY believes that these lending relationships described above do not and will not impair EY’s ability to exercise objective and impartial judgment in connection with the audits of the financial statements for the registrant and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of objective and impartial judgment on all issues encompassed within EY’s audits.
On June 20, 2016, the Division of Investment Management of the Securities and Exchange Commission (“SEC”) issued a no-action letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to similar Loan Rule matters as those described above (the “Letter”). In the Letter, the SEC Staff confirmed that it would not recommend enforcement action against an investment company that relied on the audit services performed by an independent public accountant where the Loan Rule was implicated in certain specified circumstances provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the Loan Rule is implicated because of lending relationships; and (3) notwithstanding such lending relationships that implicate the Loan Rule, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. The circumstances described in the Letter are substantially similar to the circumstances that implicated the Loan Rule with respect to EY and the registrant. On September 22, 2017, the SEC issued another no-action letter to Fidelity Management & Research Company et al extending the expiration of the Letter until the effectiveness of any amendments to the Loan Rule designed to address the concerns in the Letter (the “Letters”).
If it were to be determined that the relief available under the Letters was improperly relied upon, or that the independence requirements under the federal securities laws were not otherwise complied with regarding the registrant, for certain periods, any of the registrant’s filings with the SEC which contain financial statements of the registrant for such periods may not comply with applicable federal securities laws, the registrant’s ability to offer shares under its current registration statement may be impacted, and certain financial reporting and/or other covenants with, and representations and warranties to, the registrant’s lender under its committed line of credit may be impacted. Such events could have a material adverse effect on the registrant and the Federated Fund Complex.
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Core Trust
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date December 22, 2017
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/ John B. Fisher
John B. Fisher, Principal Executive Officer
Date December 22, 2017
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date December 22, 2017
This ‘N-CSR’ Filing | Date | Other Filings | ||
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Filed on / Effective on: | 12/27/17 | |||
12/22/17 | ||||
For Period End: | 10/31/17 | |||
9/22/17 | ||||
5/1/17 | ||||
12/31/16 | N-CSR, N-CSRS, NSAR-A, NSAR-B | |||
10/31/16 | N-CSR, NSAR-B | |||
8/24/16 | N-CSR, N-CSRS | |||
6/20/16 | ||||
6/17/16 | ||||
12/31/15 | N-CSR, N-CSRS, NSAR-A, NSAR-B | |||
12/1/15 | ||||
11/30/06 | ||||
11/13/00 | ||||
List all Filings |