Federated Global Allocation Fund

PORTFOLIO AS OF MARCH 31, 2020 CURRENT NET ASSETS - $332,688,885

Principal Amount or Shares Value COMMON STOCKS - 62.2% Communication Services - 4.4% 28,418 AT&T, Inc. $828,385 1,039 1 Alphabet, Inc., Class A 1,207,266 1,041 1 Alphabet, Inc., Class C 1,210,485 4,337 1 Altice NV 16,765 11,619 1 Altice USA, Inc. 258,988 53,007 Auto Trader Group PLC 288,074 374 1 Boingo Wireless, Inc. 3,968 4,009 1 Central European Media Enterprises Ltd., Class A 12,548 325 1 Charter Communications, Inc. 141,801 591 Cheil Communications, Inc. 7,609 6,500 China Mobile Ltd. 49,107 1,600 Cyber Agent Ltd. 62,090 33,825 Deutsche Telekom AG, Class REG 447,861 7,028 1 Facebook, Inc. 1,172,270 638 1 Gray Television, Inc. 6,852 474,095 HKT Trust and HKT Ltd. 643,653 19,600 Hakuhodo DY Holdings, Inc. 197,702 4,549 Hellenic Telecommunication Organization SA 55,259 1,659 1 IAC Interactive Corp. 297,343 1,005 1 Imax Corp. 9,095 716 Info Edge India Ltd. 19,267 7,751 1 Intelsat SA 11,859 13,700 Intouch Holdings Public Co. Ltd. 20,868 2,000 Konami Corp. 61,316 4,392 1 Liberty Media Corp. 119,594 30,158 1 Liberty Media Group 778,680 20,847 1 Lions Gate Entertainment Corp. 126,750 706 1 Loral Space & Communications Ltd. 11,472 42 Marcus Corp. 517 221 1 NetFlix, Inc. 82,985 600 Co. Ltd. 231,416 1,372 Proximus 31,485 31 SK Telecom Co. Ltd. 4,487 372 Scholastic Corp. 9,482 111,900 Singapore Press Holdings Ltd. 144,146 31,629 1 Sprint Corp. 272,642 2,100 Square Enix Holdings Co. Ltd. 93,848 4,255 1 T-Mobile USA, Inc. 356,994 643 1 TechTarget, Inc. 13,252 6,194 Telenet Group Holding NV 186,699 226,139 Telstra Corp. Ltd. 431,604 31,100 Tencent Holdings Ltd. 1,516,485 71,718 Tim Participacoes S.A. 171,700 3,831 Verizon Communications, Inc. 205,840 23,305 Vivendi SA 500,047 2,716 1 Vonage Holdings Corp. 19,637 817 1 Yelp, Inc. 14,731 25,951 1 Group, Inc. 934,755

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Principal Amount or Shares Value 212,213 1 Zynga, Inc. 1,453,659 TOTAL 14,743,338 Consumer Discretionary - 7.2% 3,300 ABC-Mart, Inc. 165,511 389 Aaron's, Inc. 8,861 4,165 Adidas AG 958,149 39 1 Adtalem Global Education, Inc. 1,045 9,693 1 Alibaba Group Holding Ltd., ADR 1,885,095 940 1 Altus San Nicolas, Corp. 5 2,028 1 .com, Inc. 3,954,032 274 1 America's Car-Mart, Inc. 15,440 224 1 Asbury Automotive Group, Inc. 12,371 3,887 Berkeley Group Holdings PLC 173,753 954 Bloomin Brands, Inc. 6,812 237 Bluegreen Vacations Corp. 1,370 124 1 Booking Holdings, Inc. 166,820 526 1 Boot Barn Holdings, Inc. 6,801 5,540 1 Bright Horizons Family Solutions, Inc. 565,080 137 Brinker International, Inc. 1,645 6,351 Burberry Group PLC 103,903 6,464 Canadian Tire Corp. Ltd. 390,146 927 Carriage Services, Inc. 14,971 10,200 Casio Computer Co. Ltd. 143,086 31 1 Cavco Industries, Inc. 4,493 6,241 Columbia Sportswear Co. 435,435 27,749 Compass Group PLC 433,567 943 1 CROCs, Inc. 16,022 5,185 D. R. Horton, Inc. 176,290 740 Dana, Inc. 5,779 373 Dave & Buster's Entertainment, Inc. 4,879 416 1 Deckers Outdoor Corp. 55,744 2,299 1 Denny's Corp. 17,656 5,600 Denso Corp. 180,892 399 Dine Brands Global, Inc. 11,443 15,533 Dollarama, Inc. 430,902 12,224 eBay, Inc. 367,453 737 1 Everi Holdings, Inc. 2,432 200 Fast Retailing Co. Ltd. 81,723 3,678 Faurecia 110,089 10,700 Feng Tay Enterprise Co. Ltd. 46,008 7,550 Fiat Chrysler Automobiles NV 54,407 25,194 Ford Motor Co. 121,687 31,000 Formosa Taffeta Co. 31,576 2,465 1 Frontdoor, Inc. 85,733 19,273 Gentex Corp. 427,090 15 1 Gentherm, Inc. 471 9,091 Gildan Activewear, Inc. 115,890 169,000 Great Wall Motor Company Limited 107,677 274 Group 1 Automotive, Inc. 12,127 107,770 Harvey Norman Holdings Ltd. 194,410 171 1 Helen of Ltd. 24,629 10,267 Hennes & Mauritz AB, Class B 132,105 9,893 Hilton Worldwide Holdings, Inc. 675,098 8,955 Home Depot, Inc. 1,671,988 23,400 Honda Motor Co., Ltd. 526,259

FGAF-2

Principal Amount or Shares Value 308 Hyundai Mobis 42,415 12,500 Iida Group Holdings Co. Ltd. 173,157 20,594 Industria de Diseno Textil SA 534,656 20,500 JTEKT Corp. 139,203 468 Jack in the Box, Inc. 16,403 190 Johnson Outdoors, Inc., Class A 11,913 7,300 Koito Manufacturing Co. Ltd. 247,047 605 LCI Industries 40,432 2,868 LVMH Moet Hennessy Louis Vuitton SA 1,064,588 1,212 La-Z-Boy, Inc. 24,907 653 Las Vegas Sands Corp. 27,733 1,587 1 Laureate Education, Inc. 16,679 805 Lotte Shopping Co. Ltd. 49,065 6,311 Lowe's Cos., Inc. 543,062 197 M.D.C. Holdings, Inc. 4,570 7,690 MGM Resorts International 90,742 10,527 Magna International, Inc. 335,939 575 Marine Products Corp. 4,646 253 Marriott Vacations Worldwide Corp. 14,062 18,800 Mazda Motor Corp. 99,464 300 McDonald's Holdings Co. (Japan), Ltd. 13,549 437 1 Meritage Corp. 15,955 1,996 Michelin, Class B 177,655 13,600 Mitsubishi Motors Corp. 38,511 7,801 Moncler S.p.A 284,776 102 1 NVR, Inc. 262,049 1,054 Naspers Ltd., Class N 149,743 6,433 Next PLC 324,036 14,400 Nikon Corp. 133,018 9,785 Office Depot, Inc. 16,047 590 PVH Corp. 22,208 68 Page Industries Ltd. 15,011 59,800 Panasonic Corp. 456,498 385 1 Perdoceo Education Corp. 4,154 3,548 Persimmon PLC 84,025 41,411 Petrobras Distribuidora SA 123,609 19,487 Peugeot SA 259,809 98,000 Pou Chen Corp. 83,139 197 1 RH 19,793 964 Rent-A-Center, Inc. 13,631 800 Rinnai Corp. 56,708 2,341 1 Rubicon Project, Inc./The 12,993 808 1 SeaWorld Entertainment, Inc. 8,904 4,400 Sega Sammy Holdings, Inc. 53,574 13,300 Sekisui House Ltd. 219,800 3,800 Shimamura Co. Ltd. 229,512 172 Shoe Carnival, Inc. 3,572 8,542 Sodexo SA 578,829 108 Sonic Automotive, Inc. 1,434 422 Standard Motor Products, Inc. 17,543 6,200 Subaru Corp. 119,038 4,400 Suzuki Motor Corp. 105,283 393 1 Taylor Morrison Home Corp. 4,323 330 1 Tesla, Inc. 172,920 16,229 Titan Industries Ltd. 199,025

FGAF-3

Principal Amount or Shares Value 620 Toll Brothers, Inc. 11,935 140 1 TopBuild Corp. 10,030 14,800 Toyoda Gosei Co. Ltd. 253,764 1,082 Twin River Worldwide Holdings, Inc. 14,077 1,578 V.F. Corp. 85,338 14,165 1 Vipshop Holdings Ltd., ADR 220,691 311 Volkswagen AG 42,149 213 1 WW International, Inc. 3,602 461 Wyndham Destinations, Inc. 10,004 3,046 Wyndham Hotels & Resorts, Inc. 95,979 30,800 Yamada Denki Co. Ltd. 122,983 15,600 Yamaha Motor Co. 188,436 6,200 Yokohama Rubber Co. Ltd./The 76,925 15,000 Zhongsheng Group Holdings 52,216 216 1 Zumiez, Inc. 3,741 TOTAL 24,090,077 Consumer Staples - 5.7% 6,300 AEON Co. Ltd. 140,026 4,524 Alimentation Couche-Tard, Inc., Class B 106,566 18,822 Altria Group, Inc. 727,847 2,804 Archer-Daniels-Midland Co. 98,645 22,568 BIM Birlesik Magazalar AS 169,799 292 1 BJ's Wholesale Club Holdings, Inc. 7,437 130 Barry Callebaut AG 261,393 901 1 Beyond Meat, Inc. 60,007 298 Bid Corp. Ltd. 3,527 3,020 British American Tobacco PLC 103,128 848 Brown-Forman Corp., Class B 47,073 3,377 Bunge Ltd. 138,558 408 Calavo Growers, Inc. 23,538 1,600 Calbee, Inc. 43,331 1,153 Carlsberg A/S, Class B 130,884 18,000 China Mengniu Dairy Co. Ltd. 62,344 10,238 Clicks Group, Ltd. 147,236 140 Clorox Co. 24,255 29,676 Coca-Cola Amatil Ltd. 164,016 69 Coca-Cola Bottling Co. 14,389 306 Costco Wholesale Corp. 87,250 59,818 Davide Campari - Milano SpA 430,272 26,310 Diageo PLC 842,675 743 1 Edgewell Personal Care Co. 17,891 2,896 Empire Co. Ltd., Class A 56,652 1,593 Essity Aktiebolag 49,124 1,086 Estee Lauder Cos., Inc., Class A 173,043 14,000 Fraser & Neave Holdings Bhd 100,383 8,192 George Weston Ltd. 585,775 23,953 Godrej Consumer Products Ltd. 163,254 2,900 Growell Holdings Co., Ltd. 204,176 16,312 1 Herbalife Ltd. 475,658 5,036 Hindustan Lever Ltd. 151,585 9,245 Imperial Brands PLC 171,365 60,600 Indofood CBP Sukses Makmur TBK PT 37,874 45,567 JBS S.A. 178,371 1,971 Kimberly-Clark Corp. 252,032 5,873 Kimberly-Clark de Mexico 8,927

FGAF-4

Principal Amount or Shares Value 114 Korea Tobacco & Ginseng Corp. 6,942 15,216 Co./The 376,444 5,529 L'Oreal SA 1,451,285 12,600 Lion Corp. 270,324 17,373 Loblaw Cos. Ltd. 895,624 49,565 1 Marico Ltd. 179,105 8,240 Metro, Inc., Class A 333,219 15,457 1 Monster Beverage Corp. 869,611 1,287 Nestle India Ltd. 276,808 8,559 Nestle S.A. 882,161 1,570 Orkla ASA 13,435 56,000 PT Gudang Garam Tbk 140,983 52,900 PT Indofood Sukses Makmur 20,549 1,060 1 Performance Food Group Co. 26,203 3,700 Perlis Plantations Bhd 14,038 698 Philip Morris International, Inc. 50,926 31,574 Pick'n Pay Stores Ltd. 106,613 41,337 1 Pilgrim's Pride Corp. 749,026 7,953 Procter & Gamble Co. 874,830 196 Sanfilippo (John B. & Sons), Inc. 17,522 1,700 Seven & I Holdings Co. Ltd. 56,138 5,500 Sundrug Co. Ltd. 176,520 5,100 Suntory Beverage and Food Ltd. 192,992 7,643 Sysco Corp. 348,750 10,000 Tingyi (Cayman Isln) Hldg Co. 16,292 4,000 Toyo Suisan Kaisha Ltd. 193,662 700 Tsuruha Holdings, Inc. 92,554 10,222 Tyson Foods, Inc., Class A 591,547 4,803 1 US Foods Holding Corp. 85,061 148 1 USANA Health Sciences, Inc. 8,548 17,734 Unilever PLC 895,275 253 Universal Corp. 11,185 5,340 Vector Group Ltd. 50,303 66 WD 40 Co. 13,256 120,833 Wal-Mart de Mexico SAB de C.V. 284,682 7,172 , Inc. 814,883 21,933 Woolworth's Ltd. 479,236 2,300 Yakult Honsha Co. Ltd. 136,208 30,900 Yamazaki Baking Co. Ltd. 647,000 TOTAL 19,110,046 Energy - 1.6% 219 Arch Coal, Inc. 6,329 603,300 Banpu Public Co. Ltd. 98,458 1,279 CVR Energy, Inc. 21,142 693 Cactus, Inc. 8,039 10,803 Chevron Corp. 782,785 66,000 China Oilfield Services Ltd. 50,452 22,973 Coal India Ltd. 41,982 5,968 ConocoPhillips 183,814 620 1 Dril-Quip, Inc. 18,910 1,907 Exxaro Resources Ltd. 10,535 4,499 Exxon Mobil Corp. 170,827 2,050 1 Frank's International N.V. 5,309 28,834 Imperial Oil Ltd. 325,978 167 Liberty Oilfield Services, Inc. 449

FGAF-5

Principal Amount or Shares Value 6,539 Marathon Petroleum Corp. 154,451 763 1 Matrix Services Co. 7,226 9,926 National Oilwell Varco, Inc. 97,573 9,215 Neste Oyj 312,126 2,661 1 Nextier Oilfield Solutions, Inc. 3,113 519 Nordic American Tankers Ltd. 2,351 947 OMV AG 26,175 5,284 PBF Energy, Inc. 37,411 14,900 PTT Exploration and Production Public Co. 31,134 197,300 PTT Public Co. Ltd. 184,821 14,589 1 Petroleo Brasileiro SA 39,701 71,013 Petronet LNG Ltd. 186,389 14,216 Phillips 66 762,688 4,276 Reliance Industries Ltd. 62,161 44 1 Seacor Holdings, Inc. 1,186 31,002 Tatneft 216,530 419 Teekay Tankers Ltd., Class A 9,319 20,675 Total S.A. 801,765 410 Tupras Turkiye Petrol Rafinerileri A.S. 4,614 10,147 Valero Energy Corp. 460,268 388 1 W&T Offshore, Inc. 660 1,758 World Fuel Services Corp. 44,266 58,000 Yanzhou Coal Mining Co. Ltd., Class H 45,295 TOTAL 5,216,232 Financials - 9.7% 133 1st Source Corp. 4,313 40,385 3i Group PLC 395,232 12,218 AXA SA 211,578 14,010 Admiral Group PLC 386,581 14,558 Aflac, Inc. 498,466 7,791 Ageas 324,186 807,000 Agricultural Bank of China 322,478 7,400 Allianz SE 1,275,623 8,609 Ally Financial, Inc. 124,228 684 Amalgamated Bank 7,401 1,842 American Equity Investment Life Holding Co. 34,630 3,466 Co. 296,724 3,796 Ameriprise Financial, Inc. 389,014 466 Ares Commercial Real Estate Corp. 3,257 2,126 Artisan Partners Asset Management, Inc. 45,688 783 1 AssetMark Financial Holdings, Inc. 15,965 6,456 Assicurazioni Generali SpA 87,950 26,246 Australia & New Zealand Banking Group, Melbourne 283,055 33,925 BB Seguridade Participacoes SA 162,244 29,298 BS Financial Group, Inc. 105,808 35,848 B3 SA - Brasil Bolsa Balcao 247,675 287 Bajaj Ltd. 8,267 100 BancFirst Corp. 3,337 6,369 1 Banco BTG Pactual SA 40,743 431,169 Banco de Chile 34,810 99,950 Banco de Oro 204,906 401,089 Banco Santander Chile SA 14,977 1,136 1 Bancorp, Inc., DE 6,895 710 BancorpSouth Bank 13,433 10,524 Bank Hapoalim BM 63,266

FGAF-6

Principal Amount or Shares Value 49,774 Bank Leumi Le-Israel 275,207 68,296 Corp. 1,449,924 199,000 Bank of Communications Ltd. 121,405 440 Bank of Marin Bancorp 13,200 2,686 Bank of New York Mellon Corp. 90,464 911 Bank Zachodni WBK S.A. 38,116 1,291 1 Berkshire Hathaway, Inc., Class B 236,033 564 1 Blucora, Inc. 6,796 892 1 , Inc. 21,560 1,668 Brightsphere Investment Group, Inc. 10,658 906 CBTX, Inc. 16,100 15,613 CI Financial Corp. 154,987 155 CNA Financial Corp. 4,811 19,571 CNP Assurances 191,569 179 Camden National Corp. 5,629 198 1 Cannae Holdings, Inc. 6,631 6,837 Financial Corp. 344,721 231 Carolina Financial Corp. 5,976 1,161 Cathay Bancorp, Inc. 26,645 10,545 Challenger Financial Sevices Group Ltd. 26,848 219,180 Chang Hwa Bank 138,086 15,348 Charles Schwab Corp. 516,000 522,000 China CITIC Bank Corp. Ltd. 257,059 320,000 China Construction Bank Corp. 260,823 76,000 China Everbright Bank Co. Ltd. 29,021 263,500 China Galaxy Securities Co. 127,171 446,000 China Huarong Asset Management Co. Ltd. 56,166 101,400 China Insurance International Holdings Co. Ltd. 165,247 135,000 China Life Insurance Co. Ltd. 264,826 79,500 China Merchants Bank Co. Ltd. 356,906 172,000 China Minsheng Banking Corp. Ltd. 127,361 40,000 China Pacific Insurance Group Co. Ltd. 120,252 377 City Holding Co. 25,082 38,600 Concordia Financial Group Ltd. 112,437 1,595 ConnectOne Bancorp, Inc. 21,437 9,974,866 Corpbanca 25,861 7,600 DBS Group Holdings Ltd. 99,371 15,893 DNB Bank ASA 178,243 4,131 Deutsche Boerse AG 567,468 2,540 Discover 90,602 202 Dongbu Insurance Co. Ltd. 5,728 13,428 E*Trade Financial Corp. 460,849 332,698 E.Sun Financial Holding Co. Ltd. 266,853 682 Eagle Bancorp, Inc. 20,603 11,905 East West Bancorp, Inc. 306,435 658 Employers Holdings, Inc. 26,656 2,613 1 Enova International, Inc. 37,862 1,846 Erste Group Bank AG 34,215 936 Essent Group Ltd. 24,654 8,796 Exor NV 453,079 110,000 Far East Horizon 88,302 673 Farmers National Banc Corp. 7,827 3,465 First BanCorp 18,434 523 First Bancorp, Inc. 12,071 113 First Commmonwealth Financial Corp. 1,033

FGAF-7

Principal Amount or Shares Value 985 First Defiance Financial Corp. 14,519 1,206 First Financial Bankshares, Inc. 32,369 47,048 FirstRand Ltd. 105,702 11,309 Gjensidige Forsikring ASA 193,515 161 Great Southern Bancorp, Inc. 6,504 1,117 Great-West Lifeco, Inc. 19,295 50,321 Grupo Financiero Banorte S.A. de C.V. 137,880 312 1 HDFC Asset Management Co. Ltd. 8,551 2,914 1 HDFC Life Insurance Co. Ltd. 16,691 2,920 Hannover Rueckversicherung SE 426,925 17,549 Hargreaves Lansdown PLC 300,697 65,700 Hong Leong Bank Berhad 202,566 2,300 Hong Leong Credit Berhad 7,207 589 Houlihan Lokey, Inc. 30,699 2,452 Housing Development Finance Corp. Ltd. 52,109 129,000 Hua Nan Financial Holdings Co. Ltd. 77,011 6,750 Hyundai Marine & Fire Insurance Co. 124,015 15,279 ICICI Lombard General Insurance Co. Ltd. 220,184 18,994 IGM Financial, Inc. 315,149 29,182 IRB Brasil Resserguros S/A 54,364 5,858 iA Financial Corp., Inc. 184,153 517 Iberiabank Corp. 18,695 68,000 Industrial & Commercial Bank of China 46,397 24,944 Industrial Bank of Korea 152,139 1,771 Intact Financial Corp. 153,064 751 International Bancshares Corp. 20,187 2,663 Invesco Mortgage Capital, Inc. 9,081 4,841 Investors Bancorp, Inc. 38,680 520 Ltd. 1,395 4,673 Israel Discount Bank 13,841 9,656 JPMorgan Chase & Co. 869,330 3,711 KB Financial Group, Inc. 103,544 988 KBC Groupe 45,593 42 Komercni Banka A.S. 798 72,582 Korea Life Insurance Co., Ltd. 82,004 9,618 LG Investment & Securities Co. Ltd. 70,160 2,543 LPL Investment Holdings, Inc. 138,415 1,065 Ladder Capital Corp. 5,048 84,890 Legal & General Group PLC 203,087 4,238 Stock Exchange Group PLC 381,851 645 Luther Burbank Corp. 5,915 1,752 1 MBIA Insurance Corp. 12,509 97,441 Medibank Private Ltd. 158,994 24,845 MetLife, Inc. 759,512 4,096 Mizrahi Tefahot Bank Ltd. 76,519 308,100 Mizuho Financial Group, Inc. 352,612 30,547 1,038,598 4,974 Muenchener Rueckversicherungs-Gesellschaft AG 1,005,466 955 1 NMI Holdings, Inc. 11,087 34,296 NN Group NV 926,297 1,009 National General Holdings Corp. 16,699 70 National Western Life Insurance Co., Class A 12,040 12,000 New China Life Insurance Co. Ltd. 37,203 69,829 Nordea Bank Abp 394,177 2,418 OTP Bank RT 70,142

FGAF-8

Principal Amount or Shares Value 5,722 Onex Corp. 209,437 408 1 Oportun Financial Corp. 4,304 2,700 Oversea-Chinese Banking Corp. Ltd. 16,425 98,000 PICC Property and Casualty Co., Ltd., Class H 94,261 5,564 PNC Financial Services Group 532,586 172,500 PT 291,686 16,800 PT Bank Rakyat Indonesia Tbk 3,089 12 Pacific Premier Bancorp, Inc. 226 470 Pennymac Financial Services, Inc. 10,392 699,000 People's Insurance, Co. (Group) of China Ltd. 229,686 400 People's Utah Bancorp 7,748 48,500 Ping An Insurance (Group) Co. of China Ltd. 474,435 447,000 Postal Savings Bank of China Co. Ltd. 271,325 22,191 Powszechna Kasa Oszczednosci Bank Polski SA 121,087 310 Preferred Bank Los Angeles, CA 10,484 1,202 Principal Financial Group, Inc. 37,671 111 1 ProSight Global, Inc. 1,082 1,180 Provident Financial Services, Inc. 15,175 314 RBB Bancorp 4,308 33,600 RHB Capital Berhad 36,165 76 RLI Corp. 6,683 52,741 RMB Holdings Ltd. 145,584 2,707 Radian Group, Inc. 35,056 3,708 Raymond James Financial, Inc. 234,346 195 Republic Bancorp, Inc. 6,441 313 Fire & Marine Insurance 39,149 3,427 Samsung Life Insurance Co., Ltd. 119,949 11,568 Scor SA 254,884 873 Selective Insurance Group, Inc. 43,388 895,528 Shin Kong Financial Holdings Co. Ltd. 225,998 12,086 Shinhan Financial Group Co. Ltd. 281,270 6,600 Singapore Exchange Ltd. 42,497 25,202 Standard Bank Group Ltd. 144,110 1,517 Sterling Bancorp, Inc./MI 6,523 165 Stifel Financial Corp. 6,811 3,031 Sun Life Financial Services of Canada 97,501 27,156 Svenska Handelsbanken AB 227,410 18,722 Swedbank AB 209,064 970 Swiss Life Holding AG 330,255 7,375 Swiss Re AG 568,640 8,969 144,311 4,162 TRYG A/S 102,666 669,100 Taiwan Business Bank 214,441 425,401 Taiwan Cooperative Financial Holding Co. Ltd. 258,178 1,431 The Bank of NT Butterfield & Son Ltd. 24,370 754 The First of Long Island Corp. 13,082 8,776 The Travelers Cos., Inc. 871,896 847 United Community Banks, Inc. 15,509 30,700 United Overseas Bank Ltd. 420,421 1,204 Univest Corp. 19,649 114 Virtus Investment Partners, Inc. 8,676 1,251 , Inc. 32,476 31,395 & Co. 901,036 1,014 Wendel SA 81,118 1,426 Wesbanco, Inc. 33,796

FGAF-9

Principal Amount or Shares Value 275 Zurich Insurance Group AG 97,614 TOTAL 32,361,584 Health Care - 7.1% 9,856 1 Achillion Pharmaceuticals, Inc. 4,534 14,296 1 Adaptive Biotechnologies Corp. 397,143 120 1 Addus Homecare Corp. 8,112 16,700 Alfresa Holdings Corp. 311,500 462 1 Amedisys, Inc. 84,796 8,240 AmerisourceBergen Corp. 729,240 11,903 1 Amneal Pharmaceuticals, Inc. 41,422 219 1 Amphastar Pharmaceuticals, Inc. 3,250 1,981 Anthem, Inc. 449,766 1,630 1 Antigenics, Inc. 3,994 3,933 1 Arcus Biosciences, Inc. 54,590 2,979 AstraZeneca PLC 266,108 11,696 , Inc. 949,598 3,694 1 BeyondSpring, Inc. 47,320 4,119 1 Bio-Rad Laboratories, Inc., Class A 1,443,957 1,794 1 BioDelivery Sciences International, Inc. 6,799 166 1 BioTelemetry, Inc. 6,393 12,978 Bristol-Myers Squibb Co. 723,394 172 CONMED Corp. 9,850 1,681 1 Cabaletta Bio, Inc. 12,271 4,096 Cardinal Health, Inc. 196,362 293 1 Cardiovascular Systems, Inc. 10,317 5,266 1 Catalyst Pharmaceutical Partners, Inc. 20,274 407 1 Celltrion, Inc. 76,326 1,461 1 ChemoCentryx, Inc. 58,703 865 1 Clovis Oncology, Inc. 5,501 2,027 Coloplast A.S., Class B 294,916 537 1 Constellation Pharmaceuticals, Inc. 16,878 736 1 Corvel Corp. 40,119 390 1 Cutera, Inc. 5,093 4,444 Divi's Laboratories Ltd. 115,185 4,600 Eisai Co. Ltd. 337,639 381 Ensign Group, Inc. 14,329 22,646 1 Exelixis, Inc. 389,964 2,632 Fresenius Medical Care AG & Co. KGaA 175,564 175 1 Genmab A/S 35,521 52,134 GlaxoSmithKline PLC 977,896 426 1 Globus Medical, Inc. 18,118 4,181 HCA Healthcare, Inc. 375,663 372 1 HMS Holdings Corp. 9,400 655 1 Haemonetics Corp. 65,277 1,363 1 Halozyme Therapeutics, Inc. 24,520 2,700 Hisamitsu Pharmaceutical Co., Inc. 125,887 2,756 Humana, Inc. 865,439 13,595 1 Immunogen, Inc. 46,359 16,710 1 Incyte Genomics, Inc. 1,223,673 96 1 Inogen, Inc. 4,959 231 1 Integer Holdings Corp. 14,521 8,629 1 Ionis Pharmaceuticals, Inc. 407,979 538 Johnson & Johnson 70,548 2,454 Koninklijke NV 99,325 488 1 LHC Group, Inc. 68,418

FGAF-10

Principal Amount or Shares Value 262 1 Livongo Health, Inc. 7,475 460 1 MacroGenics, Inc. 2,677 566 1 Magellan Health, Inc. 27,230 4,533 1 Magenta Therapeutics, Inc. 28,467 8,232 McKesson Corp. 1,113,460 25,200 Medipal Holdings Corp. 470,966 517 1 Medpace Holdings, Inc. 37,938 2,156 Merck & Co., Inc. 165,883 545 1 Merit Medical Systems, Inc. 17,031 1,196 1 Moderna, Inc. 35,820 3,306 1 NGM Biopharmaceuticals, Inc. 40,763 176 1 Natus Medical, Inc. 4,071 8,387 1 Neurocrine Biosciences, Inc. 725,895 330 1 NextGen Healthcare, Inc. 3,445 20,782 Novartis AG 1,717,529 11,092 Novo Nordisk A/S 669,085 429 1 Omnicell, Inc. 28,134 40,145 1 Opko Health, Inc. 53,794 100 1 OraSure Technologies, Inc. 1,076 6,290 1 Organogenesis Holdings, Inc. 20,317 2,613 Orion Oyj 107,189 165 1 Orthofix Medical, Inc. 4,622 357 1 PetIQ, Inc. 8,293 2,978 Pfizer, Inc. 97,202 252 1 Precigen, Inc. 857 5,011 1 Precision Biosciences, Inc. 30,216 1,809 1 Progenics Pharmaceuticals, Inc. 6,874 166 1 Progyny, Inc. 3,518 333 1 Providence Service Corp. 18,275 656 1 RAPT Therapeutics, Inc. 13,953 553 1 R1 RCM, Inc. 5,027 2,387 Recordati SPA 101,121 2,559 1 Regeneron Pharmaceuticals, Inc. 1,249,534 1,508 1 Retrophin, Inc. 22,002 922 Roche Holding AG 299,755 2,975 Sanofi 261,921 3,600 Shionogi and Co. 177,142 7,178 1 Siga Technologies, Inc. 34,311 300 Simulations , Inc. 10,476 26,400 Sinopharm Group Co. Ltd. 59,121 115 1 Staar Surgical Co. 3,710 327 1 SurModics, Inc. 10,896 6,700 Suzuken Co. Ltd. 244,201 248 1 Tactile Systems Technology, Inc. 9,960 1,300 Taisho Pharmaceutical Holdings Co. Ltd. 79,923 294 1 Tandem Diabetes Care, Inc. 18,919 1,077 1 Teva Pharmaceutical Industries Ltd., ADR 9,671 140 1 Tivity Health, Inc. 881 949 1 Translate Bio, Inc. 9,462 512 1 Triple-S Management Corp., Class B 7,219 380 UCB SA 32,997 8,230 UnitedHealth Group, Inc. 2,052,397 4,858 1 Vanda Pharmaceuticals, Inc. 50,329 7,404 1 Vertex Pharmaceuticals, Inc. 1,761,782

FGAF-11

Principal Amount or Shares Value 212 1 Zynex, Inc. 2,347 TOTAL 23,721,869 Industrials - 7.1% 100,622 ADT, Inc. 434,687 693 AZZ, Inc. 19,487 12,935 Adecco Group AG 510,360 134,900 Airports of Thailand Public Co. Ltd. 211,061 207 Albany International Corp., Class A 9,797 56,318 Alfa, S.A. de C.V., Class A 15,051 47 Allegiant Travel Co. 3,845 11,744 Allison Transmission Holdings, Inc. 382,972 26,600 Amada Holdings Co. Ltd. 209,991 64 1 American Woodmark Corp. 2,916 6,347 Ametek, Inc. 457,111 701 Andritz AG 22,057 161 Apogee Enterprises, Inc. 3,352 703 Applied Industrial Technologies, Inc. 32,141 325 ArcBest Corp. 5,694 77 Arcosa, Inc. 3,060 15,111 Ashtead Group PLC 335,625 1,190 1 Atkore International Group, Inc. 25,073 111,315 Aurizon Holdings Ltd. 288,370 306 1 Avis Budget Group, Inc. 4,253 275 1 BMC Stock Holdings, Inc. 4,876 21,700 BOC Aviation Ltd. 137,226 125,300 BTS Group Holdings PCL 34,735 244 1 Blue Bird Corp. 2,667 1,007 1 Builders Firstsource, Inc. 12,316 1,126 1 CBIZ, Inc. 23,556 939 CIMIC Group Ltd. 13,375 993 1 CIRCOR International, Inc. 11,549 576 CSW Industrials, Inc. 37,354 8,093 CSX Corp. 463,729 246 Cheil Jedang Corp. 12,870 260,000 1 China COSCO Holdings Co. Ltd., Class H 71,496 25,000 China Lesso Group Holdings Ltd. 32,807 230,000 China Railway Construction Corp. Ltd. 256,619 365,000 China Railway Group Ltd. 193,829 222 1 Cimpress PLC 11,810 238,000 Citic Pacific Ltd. 247,796 548 Comfort Systems USA, Inc. 20,029 1,332 Curtiss Wright Corp. 123,090 3,003 DSV Panalpina A/S 273,433 292 1 DXP Enterprises, Inc. 3,580 16,200 Dai Nippon Printing Co. Ltd. 345,041 1,700 Daifuku Co. 107,742 96 Dassault Aviation SA 79,001 12,904 Delta Air Lines, Inc. 368,151 459 Deluxe Corp. 11,902 522 Dover Corp. 43,817 166 ESCO Technologies, Inc. 12,601 887 Eiffage SA 62,819 9,451 1 Embraer - Empresa Brasileira de Aeronautica S/A 17,352 485 Emcor Group, Inc. 29,740 176 Encore Wire Corp. 7,390

FGAF-12

Principal Amount or Shares Value 14,482 Experian PLC 403,153 359 Exponent, Inc. 25,816 282 1 FTI Consulting, Inc. 33,775 75,000 Far Eastern New Century Corp. 55,935 405 Federal Signal Corp. 11,048 7,208 Ferguson PLC 450,722 1,091 1 Foundation Building Materials, Inc. 11,226 59 1 Franklin Covey Co. 917 286 1 GMS, Inc. 4,499 11,746 Genivar Income Fund 667,051 2,369 1 Great Lakes Dredge & Dock Corp. 19,663 14,432 Grupo Aeroportuario del Pacifico SA, Class B 78,029 6,748 Han Wha 83,817 789 Hawaiian Holdings, Inc. 8,237 582 Heidrick & Struggles International, Inc. 13,095 11,244 Honeywell International, Inc. 1,504,335 700 Hubbell, Inc. 80,318 4,999 1 IAA Spinco, Inc. 149,770 613 Insperity, Inc. 22,865 621 Insteel Industries, Inc. 8,228 10,446 InterGlobe Aviation Ltd. 147,507 2,620 International Container Terminal Services, Inc. 3,826 7,633 Intertek Group PLC 446,141 13,600 JGC Holdings Corp. 109,090 3,913 1 Jet Blue Airways Corp. 35,021 604 KForce Com, Inc. 15,444 24,000 Kajima Corp. 246,305 514 Koc Holding A.S. 1,042 34 Kone Corp. OYJ, Class B 1,930 1,263 LG Corp. 60,607 716 L3Harris Technologies, Inc. 128,966 18,410 Latam Airlines Group SA 47,321 216 1 Lawson Products, Inc. 5,772 4,630 Lotte Corp. 90,575 7,900 MISC Bhd 13,574 296 MOOG, Inc., Class A 14,957 1,736 1 MRC Global, Inc. 7,395 3,137 MTU Aero Engines GmbH 459,579 524 1 MYR Group, Inc. 13,724 2,396 Manpower, Inc. 126,964 93,100 Marubeni Corp. 464,161 311 1 Masonite International Corp. 14,757 325 1 Mastec, Inc. 10,637 2,202 1 Meritor, Inc. 29,177 356 Miller Herman, Inc. 7,903 5,300 Misumi Corp. 115,576 71,300 Mitsubishi Electric Corp. 879,961 1,065 Mueller Industries, Inc. 25,496 221,000 NWS Holdings Ltd. 226,186 1,800 Nippon Express Co. Ltd. 88,144 17,300 Obayashi Corp. 148,196 82 Park-Ohio Holdings Corp. 1,553 4,191 Parker-Hannifin Corp. 543,698 114 Patrick Industries, Inc. 3,210 8,300 Persol Holdings Co. Ltd. 83,369

FGAF-13

Principal Amount or Shares Value 509 Primoris Services Corp. 8,093 1,977 Quanex Building Products Corp. 19,928 98 Randstand NV 3,463 15,066 Relx PLC 322,972 191 Resources Connection, Inc. 2,095 1,656 Rexnord Corp. 37,542 4,108 Roper Technologies, Inc. 1,280,916 183 Rush Enterprises, Inc. 5,841 6,500 SG Holdings Co. Ltd. 155,064 50 SGS SA 115,982 8,535 SKF Ab, Class B 117,424 528 1 SPX Corp. 17,234 1,399 Safran SA 122,967 110 1 Saia, Inc. 8,089 14,936 Sandvik AB 212,110 7,876 Schneider Electric SA 678,112 1,700 Secom Co. Ltd. 141,342 32,300 Shimizu Corp. 252,632 76,100 Sime Darby BHD 29,594 25,000 Sinotruk Hong Kong Ltd. 41,380 13,985 Skanska AB, Class B 213,152 966 SkyWest, Inc. 25,300 9,084 Southwest Airlines Co. 323,481 130 1 Spirit Airlines, Inc. 1,676 1,142 Steelcase, Inc., Class A 11,272 451 Systemax, Inc. 7,996 6,600 Taisei Corp. 201,764 2,657 1 Teledyne Technologies, Inc. 789,846 645 Tetra Tech, Inc. 45,550 5,888 Thomson Reuters Corp. 401,152 45,300 Toppan Printing Co. Ltd. 694,276 4,700 Corp. 103,470 10,000 Toto Ltd. 332,871 13,100 Toyota Tsusho Corp. 308,417 7,760 Trane Technologies PLC 640,898 191 1 Trex Co., Inc. 15,307 1,508 1 TriMas Corp. 34,835 115 1 TrueBlue, Inc. 1,467 172 Unifirst Corp. 25,987 1,637 Union Pacific Corp. 230,882 2,994 1 , Inc. 94,461 369 Universal Forest Products, Inc. 13,723 140 Universal Truckload Services, Inc. 1,834 1,381 Vinci SA 114,271 13,230 Volvo AB, Class B 159,087 31,317 Weg SA 202,327 140,000 Weichai Power Co. Ltd., Class H 224,064 225 Wolters Kluwer NV 15,997 17,200 Yamato Holdings Co. Ltd. 269,943 126,000 Zoomlion Heavy Industry Science and Technology Co., Ltd. 91,346 TOTAL 23,470,896 Information Technology - 10.7% 2,098 ASML Holding N.V. 557,565 550 1 A10 Networks, Inc. 3,416 3,817 1 Adobe, Inc. 1,214,722

FGAF-14

Principal Amount or Shares Value 317 1 Adyen BV 268,286 573 American Software, Inc., Class A 8,142 3,004 1 Amkor Technology, Inc. 23,401 471 1 International, Inc. 41,387 16,484 Apple, Inc. 4,191,716 10,521 Automatic Data Processing, Inc. 1,438,010 801 1 Avalara, Inc. 59,755 1,298 Benchmark Electronics, Inc. 25,947 92 Blackbaud, Inc. 5,111 897 1 Box, Inc. 12,594 23,700 Brother Industries Ltd. 362,261 1,928 1 CGI, Inc., Class A 104,380 864 CSG Systems International, Inc. 36,158 10,973 1 Cadence Design Systems, Inc. 724,657 1,982 Capgemini SE 167,667 482 Cass Information Systems, Inc. 16,947 634 1 Cirrus Logic, Inc. 41,609 40,944 Cisco Systems, Inc. 1,609,509 11,284 1 CommScope Holdings Co., Inc. 102,797 775 1 Commvault Systems, Inc. 31,372 253,000 Compal Electronics, Inc. 144,752 174 Constellation Software, Inc. 158,139 397 1 Cornerstone OnDemand, Inc. 12,605 72 1 Diodes, Inc. 2,926 1,168 1 EPAM Systems, Inc. 216,851 360 1 ePlus, Inc. 22,543 359 1 Exlservice Holding, Inc. 18,679 588 1 Fabrinet 32,081 4,462 1 Fortinet, Inc. 451,421 4,700 Fujitsu Ltd. 424,124 24,184 Halma PLC 574,579 2,000 Hitachi High-Tech Corp. 148,453 496 1 Ichor Holdings Ltd. 9,503 45,546 Infosys Ltd. 381,587 628 1 Insight Enterprises, Inc. 26,458 38,934 Intel Corp. 2,107,108 323 InterDigital, Inc. 14,416 8,000 Itochu Techno-Solutions Corp. 228,201 380 j2 Global, Inc. 28,443 430 KBR, Inc. 8,892 974 Kemet Corp. 23,532 698 1 Kimball Electronics, Inc. 7,622 1,019 Lam Research Corp. 244,560 1,878 1 Lattice Semiconductor Corp. 33,466 57,200 Legend Holdings Corp. 70,359 442,000 Lenovo Group Ltd. 236,094 143,000 Lite-On Technology Corp. 193,409 780 ManTech International Corp., Class A 56,683 6,703 Mastercard, Inc. 1,619,177 441 Maximus, Inc. 25,666 1,014 Methode Electronics, Inc., Class A 26,800 28,595 Microsoft Corp. 4,509,717 134 1 MicroStrategy, Inc., Class A 15,825 1,997 1 Mobile Iron, Inc. 7,589 1,625 NIC, Inc. 37,375

FGAF-15

Principal Amount or Shares Value 101 1 Napco Security Technologies, Inc. 1,532 4,300 Omron Corp. 223,701 9,300 Otsuka Corp. 397,897 5,161 Paychex, Inc. 324,730 882 1 Paycom Software, Inc. 178,173 720 1 Paylocity Corp. 63,590 17,799 1 PayPal Holdings, Inc. 1,704,076 556 1 Perficient, Inc. 15,062 3 1 Photronics, Inc. 31 21 1 Plexus Corp. 1,146 33,000 Powertech Technology, Inc. 92,418 142 Progress Software Corp. 4,544 1,442 1 Qorvo, Inc. 116,268 257 1 Qualys, Inc. 22,356 434 1 Rapid7, Inc. 18,805 2,300 Rohm Co. Ltd. 125,954 6,842 SK Hynix, Inc. 462,849 176 1 SMART Global Holdings, Inc. 4,277 504 1 SPS Commerce, Inc. 23,441 15,449 STMicroelectronics N.V. 336,227 35,219 Samsung Electronics Co. Ltd. 1,368,755 1,127 Samsung SDS Co. Ltd. 136,601 234 1 Sanmina Corp. 6,384 468 1 ScanSource, Inc. 10,011 408 Science Applications International Corp. 30,449 15,500 1 Semiconductor Manufacturing International Corp. 24,239 1,073 1 Semtech Corp. 40,238 4,703 Skyworks Solutions, Inc. 420,354 4,300 Sunny Opitcal Technology Group Co. Ltd. 57,353 406 1 Synaptics, Inc. 23,495 156,000 Synnex Technology International Corp. 189,989 10,886 1 Synopsys, Inc. 1,402,008 136,000 Taiwan Semiconductor Manufacturing Co. Ltd. 1,213,938 8,888 Tata Consultancy Services Ltd. 212,163 32 1 Tech Data Corp. 4,187 956 1 Tenable Holdings, Inc. 20,898 13,766 Texas Instruments, Inc. 1,375,636 1,900 Tokyo Electron Ltd. 357,275 556 1 Twilio, Inc. 49,756 540 1 Ultra Clean Holdings, Inc. 7,452 278 1 Verra Mobility Corp. 1,985 2,662 Visa, Inc., Class A 428,901 1,139 Vishay Intertechnology, Inc. 16,413 222 1 Vishay Precision Group, Inc. 4,458 8,000 Walsin Technology Corp. 41,783 11,000 Wistron Corp. 8,914 329 1 Workiva, Inc. 10,637 835 XPERI Corp. 11,615 25,445 Xerox Holdings Corp. 481,928 30,000 Xinyi Solar Holdings Ltd. 16,744 15,981 Yageo Corp. 142,257 900 Yokogawa Electric Corp. 10,840 10,200 1 ZTE Corp. 31,498 TOTAL 35,443,275

FGAF-16

Principal Amount or Shares Value Materials - 3.8% 169,440 Alumina Ltd. 151,043 13,166 Anglo American PLC 230,066 3,456 Anglogold Ltd. 59,062 14,500 Anhui Conch Cement Co. Ltd., Class H 100,238 65,000 Asia Cement Corp. 84,700 568 BHP Billiton Ltd. 10,326 29,725 BHP Group PLC 459,755 20,573 Berger Paints India Ltd. 133,632 936 Boise Cascade Co. 22,258 865 CF Industries Holdings, Inc. 23,528 230 Celanese Corp. 16,880 14,805 Cherepovets MK Severstal 163,103 240,000 China National Building Material Co. Ltd. 260,524 214,000 China Resources Cement Holdings Ltd. 254,213 31,188 Companhia Siderurgica Nacional SA 41,895 18,303 Corteva, Inc. 430,120 3,370 Domtar, Corp. 72,927 7,207 Dow, Inc. 210,733 714 Ecolab, Inc. 111,263 1,252 Ems-Chemie Holdings Ag 788,033 40,743 Evraz PLC 116,270 5,107 1,2 Ferroglobe Representation & Warranty Insurance Trust 0 69,000 Formosa Plastic Corp. 171,387 319 1 Forterra, Inc. 1,908 84,237 Fortescue Metals Group Ltd. 514,501 254 FutureFuel Corp. 2,863 149 Glatfelter (P.H.) Co. 1,821 45,050 Gold Fields Ltd. 218,556 30 Greif, Inc. 1,202 130 Hawkins, Inc. 4,628 6,839 Impala Platinum Holdings Ltd. 28,886 315 1 Ingevity Corp. 11,088 2,578 KGHM Polska Miedz SA 37,159 155 Kaiser Aluminum Corp. 10,738 9,923 Koninklijke DSM NV 1,127,591 104 1 Koppers Holdings, Inc. 1,286 25,096 LafargeHolcim Ltd. 917,429 712 Louisiana-Pacific Corp. 12,232 628 Materion Corp. 21,986 25,300 Mitsubishi Gas Chemical Co., Inc. 274,816 8,800 Mitsubishi Materials Corp. 180,362 1,173 Myers Industries, Inc. 12,610 25,575 Newmont Corp. 1,158,036 7,100 Nitto Denko Corp. 316,944 1,177 1 Norilsk Nickel 291,548 3,683 Novolipetski Metallurgicheski Komb OAO 5,787 24,000 PT Indah Kiat Pulp & Paper Corp. 5,875 125,400 Petronas Chemicals BHD 145,160 3,076 3 Phosagro OAO, GDR 31,744 806 Polyus PJSC 109,839 4,315 1 Queen's Road Capital Investment Ltd. 1,027 17,172 Rio Tinto PLC 788,242 596 Schnitzer Steel Industries, Inc., Class A 7,772 6,100 Showa Denko KK 126,121

FGAF-17

Principal Amount or Shares Value 3,871 Sika AG 640,482 20,011 Southern Copper Corp. 563,510 249 Stepan Co. 22,026 7,000 Taiheiyo Cement Corp. 119,720 15,000 Taiwan Cement Corp. 19,596 8,300 Teijin Ltd. 140,617 22,600 Tosoh Corp. 257,128 1,373 Tredegar Industries, Inc. 21,460 1,208 Trinseo SA 21,877 12,083 UPM - Kymmene Oyj 333,037 543 Umicore SA 18,988 3,813 Va Stahl Ag 77,637 1,856 Valhi, Inc. 1,912 585 1 Verso Corp. 6,599 1,086 Warrior Met Coal, Inc. 11,533 1,324 West Fraser Timber Co. Ltd. 25,251 441 Worthington Industries, Inc. 11,576 134,000 Zijin Mining Group Co. Ltd. 49,944 TOTAL 12,624,606 Real Estate - 2.3% 2,000 Agile Group Holdings Ltd. 2,153 221 American Assets Trust, Inc. 5,525 5,392 American Tower Corp. 1,174,108 427 Armada Hoffler Properties, Inc. 4,569 34,700 Ascendas Real Estate Investment Trust 69,146 1,053 Avalonbay Communities, Inc. 154,970 13,926 Brixmor Property Group, Inc. 132,297 108,000 CIFI Holdings Group Co. Ltd. 77,462 3,700 CapitaLand Commercial Trust Ltd. 3,986 64,900 CapitaLand Mall Trust 81,795 2,165 CareTrust REIT, Inc. 32,020 4,864 CatchMark Timber Trust, Inc. 35,118 59,000 China Aoyuan Group Ltd. 68,667 4,000 China Resources Bejing Land 16,411 7,900 China Vanke Co. Ltd. 25,876 871 CoreCivic, Inc. 9,729 2,426 Corepoint Lodging, Inc. 9,510 221,000 Country Garden Holdings Co. 265,316 524 Crown Castle International Corp. 75,666 2,000 Daito Trust Construction Co. Ltd. 186,541 2,707 DiamondRock Hospitality Co. 13,752 13,253 Duke Realty Corp. 429,132 2,742 Easterly Government Properties, Inc. 67,563 616 EastGroup Properties, Inc. 64,360 17,802 Properties Trust 1,098,561 744 Essential Properties Realty Trust, Inc. 9,717 139 Essex Property Trust, Inc. 30,613 110,000 Evergrande Real Estate Group Limited 181,074 7,788 Fibra Uno Administracion SA 6,113 744 First Industrial Realty Trust 24,723 148,000 Franshion Properties of China Ltd. 95,227 1,082 Geo Group, Inc. 13,157 209 Global Medical REIT, Inc. 2,115 54,203 H&R Real Estate Investment Trust 343,944 125,900 Henderson Land Development Co. Ltd. 478,152

FGAF-18

Principal Amount or Shares Value 106,000 1 Kaisa Group Holdings Ltd. 38,954 1,392 Kite Realty Group Trust 13,182 1,311 Lexington Realty Trust 13,018 1,111 Life Storage, Inc. 105,045 28,000 Logan Property Holdings Co .Ltd. 42,914 3,500 Longfor Properties 16,937 4,433 Mid-American Apartment Communities, Inc. 456,732 1,500 Monmouth Real Estate Investment Corp. 18,075 719 National Storage Affiliates Trust 21,282 8,551 New Senior Investment Group, Inc. 21,891 1,784 Newmark Group, Inc. 7,582 1,721 Physicians Realty Trust 23,991 861 RLJ Lodging Trust 6,647 7,679 Properties of America, Inc. 39,700 260 Retail Value, Inc. 3,185 63,900 Robinson's Land Corp., Class B 18,539 497 STAG Industrial, Inc. 11,192 287,804 Scentre Group 284,955 240,000 Seazen Group Ltd. 215,520 202,000 Shenzhen Investment Ltd. 62,521 27,500 Shimao Property Holdings Ltd. 96,252 260,893 Stockland Trust Group 417,969 61,000 Sunac China Holdings 280,546 628 Terreno Realty Corp. 32,499 404,000 Yuexiu Property Co., Ltd. 72,611 TOTAL 7,610,807 Utilities - 2.6% 11,474 AES Corp. 156,046 16,631 AGL Energy Ltd. 178,103 11,160 American Electric Power Co., Inc. 892,577 418 American States Water Co. 34,167 497,580 AusNet Services 525,606 80 Avista Corp. 3,399 1,540 CEZ A.S. 25,247 48,500 CLP Holdings Ltd. 445,795 175 Chesapeake Utilities Corp. 14,999 174,000 China Power International Development Ltd. 32,050 24,000 China Resources Logic Ltd. 120,486 599 1 Companhia de Saneamento Basico do Estado de Sao Paulo 4,509 4,358 DTE Energy Co. 413,879 374 Duke Energy Corp. 30,249 11,800 ENN Energy Holdings Ltd. 113,481 41,469 Endesa SA 887,818 26,960 Enel SpA 187,653 33,997 Equatorial Energia SA 115,153 24,538 Gail India Ltd. 24,525 817,500 3 HK Electric Investments Ltd. 785,144 57,040 Hong Kong and China Gas Co. Ltd. 93,802 56,434 Iberdrola SA 557,229 5,510 Manila Electric Co. 24,252 7,653 NextEra Energy, Inc. 1,841,465 1,020 Northwestern Corp. 61,027 3,104,911 OJSC Inter Rao Ues 192,323 362 ONE Gas, Inc. 30,270 863 Orsted A/S 84,751

FGAF-19

Principal Amount or Shares Value 290 Otter Tail Corp. 12,893 1,420 Portland General Electric Co. 68,075 14,600 Ratchaburi Group PCL 25,608 6,882 Severn Trent PLC 194,103 3,375 Southern Co. 182,723 23,300 1 Tokyo Electric Power Co. Holdings, Inc. 81,417 5,259 Uniper SE 131,985 1,017 Unitil Corp. 53,209 TOTAL 8,626,018 TOTAL COMMON STOCKS 207,018,748 ASSET-BACKED SECURITIES - 0.3% 10,340 Sofi Consumer Loan Program Trust 2016-3, Class A, 3.050%, 12/26/2025 10,202 700,000 4 Trillium Trust II 2020-1A, Class A, 1.294% (1-month USLIBOR +0.370%), 12/26/2024 638,953 477,357 World Omni Auto Receivables Trust 2018-B, Class A3, 2.870%, 7/17/2023 470,410 TOTAL ASSET-BACKED SECURITIES 1,119,565 COLLATERALIZED MORTGAGE OBLIGATIONS - 0.4% 255,000 Bank, Class A4, 3.488%, 11/15/2050 273,510 200,000 Commercial Mortgage Trust 2015-GC33, Class AS, 4.114%, 9/10/2058 209,629 450,000 Commercial Mortgage Trust 2015-DC1, Class AM, 3.724%, 2/10/2048 446,228 300,000 JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049 315,359 50,000 WF-RBS Commercial Mortgage Trust 2012-C6, Class B, 4.697%, 4/15/2045 50,174 100,000 WF-RBS Commercial Mortgage Trust 2014-C25, Class B, 4.236%, 11/15/2047 97,755 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS 1, 3 9 2 , 65 5 COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.4% Agency Commercial Mortgage-Backed Securities - 0.4% 131,246 Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025 134,279 500,000 Federal Home Loan Mortgage Corp. REMIC, Series K106, Class A1, 1.783%, 5/25/2029 513,750 500,000 Federal Home Loan Mortgage Corp. REMIC, Series K737, Class A2, 2.530%, 10/25/2026 530,365 TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES 1,178 , 39 4 CORPORATE BONDS - 6.2% Basic Industry - Metals & Mining - 0.0% 100,000 Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 4/15/2023 99,121 Capital Goods - Aerospace & Defense - 0.1% 145,000 Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, 144A, 3.844%, 5/1/2025 149,468 180,000 Lockheed Martin Corp., Sr. Unsecd. Note, 3.550%, 1/15/2026 195,050 90,000 4 Textron Financial Corp., Jr. Sub. Note, 144A, 3.426% (3-month USLIBOR +1.735%), 2/15/2042 51,003 TOTAL 395,521 Capital Goods - Building Materials - 0.1% 125,000 Allegion PLC, Sr. Unsecd. Note, 3.500%, 10/1/2029 121,946 130,000 Masco Corp., Sr. Unsecd. Note, 4.375%, 4/1/2026 128,878 185,000 Masco Corp., Unsecd. Note, 4.450%, 4/1/2025 189,289 TOTAL 440,113 Capital Goods - Construction Machinery - 0.1% 195,000 Deere & Co., Sr. Unsecd. Note, 2.750%, 4/15/2025 202,041 Capital Goods - Diversified Manufacturing - 0.0% 30,000 General Electric Capital Corp., Note, Series MTNA, 6.750%, 3/15/2032 36,426 Communications - Cable & Satellite - 0.1% 30,000 Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., 5.050%, 3/30/2029 32,636 120,000 Charter Communications, Inc., 4.200%, 3/15/2028 123,458 265,000 Comcast Corp., Sr. Unsecd. Note, 3.100%, 4/1/2025 280,387 TOTAL 436,481

FGAF-20

Principal Amount or Shares Value Communications - Media & Entertainment - 0.2% 20,000 Discovery Communications LLC, Sr. Unsecd. Note, 4.900%, 3/11/2026 20,380 70,000 Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046 79,669 400,000 ViacomCBS, Inc., Sr. Unsecd. Note, 4.750%, 5/15/2025 399,003 TOTAL 499,052 Communications - Telecom Wireless - 0.1% 375,000 Vodafone Group PLC, Sr. Unsecd. Note, 4.250%, 9/17/2050 386,838 75,000 Vodafone Group PLC, Sr. Unsecd. Note, 4.875%, 6/19/2049 83,870 TOTAL 470,708 Communications - Telecom Wirelines - 0.2% 300,000 AT&T, Inc., Sr. Unsecd. Note, 5.150%, 3/15/2042 345,528 105,000 Verizon Communications, Inc., Sr. Unsecd. Note, 3.150%, 3/22/2030 113,152 200,000 Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 3/15/2024 217,400 TOTAL 676,080 Consumer Cyclical - Automotive - 0.1% 275,000 Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.336%, 3/18/2021 264,000 70,000 General Motors Co., Sr. Unsecd. Note, 4.000%, 4/1/2025 59,147 TOTAL 323,147 Consumer Cyclical - Retailers - 0.2% 100,000 Advance Auto Parts, Inc., 4.500%, 12/1/2023 102,925 300,000 AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 4/15/2025 299,616 87,932 CVS Health Corp., Pass Thru Cert., 144A, 5.298%, 1/11/2027 98,059 185,000 O'Reilly Automotive, Inc., Sr. Unsecd. Note, 4.200%, 4/1/2030 191,970 TOTAL 692,570 Consumer Cyclical - Services - 0.1% 200,000 Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.800%, 6/6/2023 203,631 130,000 Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 141,940 TOTAL 345,571 Consumer Non-Cyclical - Food/Beverage - 0.3% 210,000 Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026 227,770 250,000 Kraft Heinz Foods Co., Sr. Unsecd. Note, 3.950%, 7/15/2025 246,255 120,000 Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025 131,180 370,000 PepsiCo, Inc., Sr. Unsecd. Note, 3.625%, 3/19/2050 440,339 70,000 PepsiCo, Inc., Sr. Unsecd. Note, 4.450%, 4/14/2046 91,886 TOTAL 1,137,430 Consumer Non-Cyclical - Health Care - 0.2% 210,000 Agilent Technologies, Inc., Sr. Unsecd. Note, 2.750%, 9/15/2029 204,618 400,000 PerkinElmer, Inc., Sr. Unsecd. Note, 3.300%, 9/15/2029 380,383 75,000 Thermo Fisher Scientific, Inc., Sr. Unsecd. Note, 4.133%, 3/25/2025 80,452 TOTAL 665,453 Consumer Non-Cyclical - Pharmaceuticals - 0.0% 90,000 Gilead Sciences, Inc., Sr. Unsecd. Note, 3.650%, 3/1/2026 98,293 Consumer Non-Cyclical - Products - 0.1% 235,000 Procter & Gamble Co., Sr. Unsecd. Note, 2.450%, 3/25/2025 246,530 Consumer Non-Cyclical - Tobacco - 0.4% 870,000 Philip Morris International, Inc., Sr. Unsecd. Note, 2.875%, 5/14/2029 1,010,452 200,000 Reynolds American, Inc., Sr. Unsecd. Note, 5.850%, 8/15/2045 216,082 TOTAL 1,226,534 Energy - Independent - 0.0% 170,000 Occidental Petroleum Corp., Sr. Unsecd. Note, 2.900%, 8/15/2024 92,821 Energy - Integrated - 0.2% 340,000 Exxon Mobil Corp., Sr. Unsecd. Note, 2.992%, 3/19/2025 358,500 100,000 Husky Energy, Inc., Sr. Unsecd. Note, 3.950%, 4/15/2022 90,615 35,000 Petro-Canada, Deb., 7.000%, 11/15/2028 37,557 TOTAL 486,672

FGAF-21

Principal Amount or Shares Value Energy - Midstream - 0.1% 325,000 Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 284,676 80,000 MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 68,381 TOTAL 353,057 Energy - Refining - 0.1% 250,000 Marathon Petroleum Corp., Sr. Unsecd. Note, 4.750%, 9/15/2044 191,002 Financial Institution - Banking - 0.6% 100,000 Bank of America Corp., Sr. Unsecd. Note, Series MTN, 4.875%, 4/1/2044 113,750 300,000 Bank of America Corp., Sub. Note, Series MTN, 4.000%, 1/22/2025 317,353 300,000 Citigroup, Inc., Sr. Unsecd. Note, 2.700%, 3/30/2021 301,351 250,000 Citizens Bank N.A., Sr. Unsecd. Note, Series BKNT, 3.750%, 2/18/2026 255,499 250,000 Compass Bank, Birmingham, Sub. Note, Series BKNT, 3.875%, 4/10/2025 237,102 5,000 Goldman Sachs Group, Inc., Sr. Unsecd. Note, 5.750%, 1/24/2022 5,309 100,000 JPMorgan Chase & Co., Series S, 6.750%, 8/1/2068 104,570 50,000 JPMorgan Chase & Co., Sub. Note, 3.375%, 5/1/2023 52,245 400,000 Morgan Stanley, 4.300%, 1/27/2045 486,175 32,417 2 Regional Diversified Funding, 144A, 9.250%, 3/15/2030 24,313 230,000 Truist Financial Corp., Sr. Unsecd. Note, 2.900%, 3/3/2021 230,587 TOTAL 2,128,254 Financial Institution - Broker/Asset Mgr/Exchange - 0.3% 140,000 Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 150,878 400,000 Raymond James Financial, Inc., Sr. Unsecd. Note, 4.650%, 4/1/2030 419,165 240,000 Stifel Financial Corp., Sr. Unsecd. Note, 3.500%, 12/1/2020 235,260 70,000 TIAA Asset Management Finance Co. LLC, Sr. Unsecd. Note, 144A, 4.125%, 11/1/2024 66,978 TOTAL 872,281 Financial Institution - Finance Companies - 0.1% 210,000 AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.950%, 2/1/2022 183,073 Financial Institution - Insurance - Life - 0.3% 27,000 Aflac, Inc., Sr. Unsecd. Note, 6.450%, 8/15/2040 36,040 325,000 Mass Mutual Global Funding II, 144A, 2.000%, 4/15/2021 324,251 10,000 MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039 13,938 295,000 Metlife, Inc., Sr. Unsecd. Note, 4.550%, 3/23/2030 332,484 105,000 Northwestern Mutual Life Insurance Co., Sr. Unsecd. Note, 144A, 3.625%, 9/30/2059 92,710 100,000 Principal Life Global Funding II, 144A, 2.200%, 4/8/2020 99,954 TOTAL 899,377 Financial Institution - Insurance - P&C - 0.0% 30,000 Nationwide Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039 46,602 Financial Institution - REIT - Apartment - 0.1% 300,000 Mid-America Apartment Communities LP, Sr. Unsecd. Note, 3.750%, 6/15/2024 296,190 140,000 UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026 136,332 TOTAL 432,522 Financial Institution - REIT - Office - 0.0% 100,000 Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028 102,648 Financial Institution - REIT - Other - 0.1% 180,000 ProLogis LP, Sr. Unsecd. Note, 4.375%, 2/1/2029 202,777 90,000 WP Carey, Inc., Sr. Unsecd. Note, 3.850%, 7/15/2029 88,010 160,000 WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024 160,696 TOTAL 451,483 Financial Institution - REIT - Retail - 0.0% 30,000 Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/1/2022 29,716 Foreign-Local-Government - 0.0% 50,000 Quebec, Province of, Note, Series MTNA, 7.035%, 3/10/2026 65,761 Municipal Services - 0.1% 133,414 Army Hawaii Family Housing, 144A, 5.524%, 6/15/2050 184,481

FGAF-22

Principal Amount or Shares Value 100,000 Camp Pendleton & Quantico Housing LLC, 5.572%, 10/1/2050 140,079 TOTAL 324,560 Sovereign - 0.1% 30,000,000 KFW, 2.050%, 2/16/2026 316,727 Technology - 0.8% 400,000 Apple, Inc., Sr. Unsecd. Note, 2.950%, 9/11/2049 424,202 320,000 Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr. Secd. Note, 144A, 6.020%, 6/15/2026 341,176 28,000 Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.875%, 6/5/2024 29,731 260,000 Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029 276,725 150,000 Hewlett Packard Enterprise Co., Sr. Unsecd. Note, 3.600%, 10/15/2020 150,193 280,000 Intel Corp., Sr. Unsecd. Note, 3.400%, 3/25/2025 303,088 300,000 Keysight Technologies, Inc., 4.550%, 10/30/2024 313,872 380,000 Electronics Technologies LLC, Unsecd. Note, 144A, 3.900%, 4/15/2025 409,681 450,000 Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 3/15/2029 476,072 TOTAL 2,724,740 Transportation - Services - 0.1% 62,000 Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 3.850%, 11/15/2024 62,914 160,000 United Parcel Service, Inc., Sr. Unsecd. Note, 3.900%, 4/1/2025 173,569 TOTAL 236,483 Utility - Electric - 0.8% 155,000 Berkshire Hathaway Energy Co., Sr. Unsecd. Note, 144A, 4.050%, 4/15/2025 167,288 135,000 Consolidated Edison Co., Sr. Unsecd. Note, Series 20B, 3.950%, 4/1/2050 141,202 275,000 Electricite de France SA, Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028 303,700 190,000 Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 175,905 400,000 Enel Finance International NV, Sr. Unsecd. Note, 144A, 2.650%, 9/10/2024 382,616 300,000 Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026 291,494 160,000 Florida Power & Light Co., Sec. Fac. Bond, 2.850%, 4/1/2025 168,375 140,000 National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 133,597 200,000 NiSource Finance Corp., Sr. Unsecd. Note, 3.950%, 3/30/2048 204,401 400,000 Northeast Utilities, Sr. Unsecd. Note, Series H, 3.150%, 1/15/2025 406,272 125,000 Wisconsin Electric Power Co., Sr. Unsecd. Note, 4.300%, 12/15/2045 137,688 TOTAL 2,512,538 Utility - Natural Gas - 0.1% 200,000 Sempra Energy, Sr. Unsecd. Note, 2.850%, 11/15/2020 199,452 TOTAL CORPORATE BONDS 20,640,840 MORTGAGE-BACKED SECURITIES - 0.0% 1,256 Federal Home Loan Mortgage Corp., Pool C00592, 7.000%, 3/1/2028 1,413 894 Federal Home Loan Mortgage Corp., Pool C00896, 7.500%, 12/1/2029 1,032 68 Federal Home Loan Mortgage Corp., Pool C17281, 6.500%, 11/1/2028 69 1,021 Federal Home Loan Mortgage Corp., Pool C19588, 6.500%, 12/1/2028 1,157 804 Federal Home Loan Mortgage Corp., Pool C25621, 6.500%, 5/1/2029 909 1,292 Federal Home Loan Mortgage Corp., Pool C76361, 6.000%, 2/1/2033 1,485 1,844 Federal Home Loan Mortgage Corp., Pool G01444, 6.500%, 8/1/2032 2,122 1,106 Federal National Mortgage Association, Pool 251697, 6.500%, 5/1/2028 1,236 4,826 Federal National Mortgage Association, Pool 252334, 6.500%, 2/1/2029 5,345 3,190 Federal National Mortgage Association, Pool 254905, 6.000%, 10/1/2033 3,666 3,520 Federal National Mortgage Association, Pool 255075, 5.500%, 2/1/2024 3,854 341 Federal National Mortgage Association, Pool 303168, 9.500%, 2/1/2025 377 214 Federal National Mortgage Association, Pool 323159, 7.500%, 4/1/2028 243 2,083 Federal National Mortgage Association, Pool 323640, 7.500%, 4/1/2029 2,354 4,770 Federal National Mortgage Association, Pool 545993, 6.000%, 11/1/2032 5,465 2,013 Federal National Mortgage Association, Pool 555272, 6.000%, 3/1/2033 2,303 1,507 Federal National Mortgage Association, Pool 713974, 5.500%, 7/1/2033 1,703 3,333 Federal National Mortgage Association, Pool 721502, 5.000%, 7/1/2033 3,692

FGAF-23

Principal Amount or Shares Value 4,653 Government National Mortgage Association, Pool 2796, 7.000%, 8/20/2029 5,288 2,850 Government National Mortgage Association, Pool 3040, 7.000%, 2/20/2031 3,274 7,099 Government National Mortgage Association, Pool 3188, 6.500%, 1/20/2032 8,093 9,215 Government National Mortgage Association, Pool 3239, 6.500%, 5/20/2032 10,550 175 Government National Mortgage Association, Pool 352214, 7.000%, 4/15/2023 185 1,383 Government National Mortgage Association, Pool 451522, 7.500%, 10/15/2027 1,566 845 Government National Mortgage Association, Pool 462556, 6.500%, 2/15/2028 932 273 Government National Mortgage Association, Pool 462739, 7.500%, 5/15/2028 309 102 Government National Mortgage Association, Pool 464835, 6.500%, 9/15/2028 114 2,420 Government National Mortgage Association, Pool 469699, 7.000%, 11/15/2028 2,709 2,047 Government National Mortgage Association, Pool 486760, 6.500%, 12/15/2028 2,281 161 Government National Mortgage Association, Pool 780339, 8.000%, 12/15/2023 171 1,945 Government National Mortgage Association, Pool 780453, 7.500%, 12/15/2025 2,144 1,799 Government National Mortgage Association, Pool 780584, 7.000%, 6/15/2027 1,979 TOTAL MORTGAGE-BACKED SECURITIES 78,020 FOREIGN GOVERNMENTS/AGENCIES - 8.2% Sovereign - 8.2% 1,000,000 Australia, Government of, Sr. Unsecd. Note, Series 148, 2.750%, 11/21/2027 713,641 390,000 Belgium, Government of, Series 68, 2.250%, 6/22/2023 467,367 680,000 Belgium, Government of, Series 74, 0.800%, 6/22/2025 790,095 800,000 Canada, Government of, Bond, 3.250%, 6/1/2021 587,042 480,000 Canada, Government of, Series WL43, 5.750%, 6/1/2029 492,695 636,000 France, Government of, 0.500%, 5/25/2025 732,228 150,000 France, Government of, Bond, 4.500%, 4/25/2041 295,368 400,000 France, Government of, O.A.T., 5.500%, 4/25/2029 664,407 650,000 France, Government of, Unsecd. Note, 1.250%, 5/25/2036 812,667 300,000 France, Government of, Unsecd. Note, 1.750%, 6/25/2039 406,676 600,000 Germany, Government of, 0.250%, 2/15/2027 701,775 300,000 Germany, Government of, Bond, Series 03, 4.750%, 7/4/2034 577,164 100,000 Germany, Government of, Bond, Series 08, 4.750%, 7/4/2040 221,963 540,000 Germany, Government of, Unsecd. Note, 1.000%, 8/15/2025 649,521 1,000,000 Italy, Government of, 3.750%, 5/1/2021 1,144,448 680,000 Italy, Government of, Sr. Unsecd. Note, 0.650%, 10/15/2023 750,482 1,000,000 Italy, Government of, Sr. Unsecd. Note, 4.750%, 9/1/2028 1,398,216 950,000 Italy, Government of, Unsecd. Note, 1.600%, 6/1/2026 1,079,408 58,000 Italy, Government of, Unsecd. Note, 3.250%, 9/1/2046 74,785 70,000,000 Japan, Government of, Series 313, 1.300%, 3/20/2021 660,086 60,000,000 Japan, Government of, Series 65, 1.900%, 12/20/2023 599,905 142,000,000 Japan, Government of, Sr. Unsecd. Note, Series 114, 2.100%, 12/20/2029 1,587,046 185,000,000 Japan, Government of, Sr. Unsecd. Note, Series 153, 1.300%, 6/20/2035 1,981,569 50,000,000 Japan, Government of, Sr. Unsecd. Note, Series 351, 0.100%, 6/20/2028 472,439 155,000,000 Japan, Government of, Sr. Unsecd. Note, Series 44, 1.700%, 9/20/2044 1,889,494 30,000 Mexico, Government of, Series MTNA, 6.750%, 9/27/2034 39,450 31,800,000 Mexico, Government of, Sr. Unsecd. Note, Series M, 5.750%, 3/5/2026 1,266,638 450,000 Netherlands, Government of, Unsecd. Note, 2.500%, 1/15/2033 666,022 150,000 Spain, Government of, 4.200%, 1/31/2037 244,728 600,000 Spain, Government of, Sr. Unsecd. Note, 1.500%, 4/30/2027 708,711 590,000 Spain, Government of, Sr. Unsecd. Note, 1.950%, 7/30/2030 730,615 480,000 Spain, Government of, Sr. Unsecd. Note, 2.750%, 10/31/2024 590,678 350,000 UK TSY 1 5/8% 2028, Unsecd. Deb., 1.625%, 10/22/2028 486,266 270,000 United Kingdom, Government of, 2.750%, 9/7/2024 373,707 430,000 United Kingdom, Government of, 3.250%, 1/22/2044 812,133 250,000 United Kingdom, Government of, 4.250%, 12/7/2027 405,962 600,000 United Kingdom, Government of, Unsecd. Note, 1.500%, 7/22/2047 869,627 230,000 United Kingdom, Government of, Unsecd. Note, 4.250%, 6/7/2032 411,792

FGAF-24

Principal Amount or Shares Value TOTAL FOREIGN GOVERNMENTS/AGENCIES 27,356,816 U.S. TREASURIES - 1.9% 326,496 U.S. Treasury Inflation-Protected Notes, 0.125%, 4/15/2021 320,302 50,164 U.S. Treasury Inflation-Protected Notes, 0.250%, 2/15/2050 51,741 1,400,000 United States Treasury Bond, 2.000%, 2/15/2050 1,626,858 365,000 United States Treasury Bond, 2.375%, 11/15/2049 455,152 21,000 United States Treasury Bond, 2.500%, 5/15/2046 26,371 3,000 United States Treasury Bond, 3.000%, 11/15/2045 4,095 100,000 United States Treasury Bond, 4.375%, 2/15/2038 156,078 150,000 United States Treasury Note, 1.375%, 8/31/2026 158,091 80,000 United States Treasury Note, 1.500%, 2/15/2030 86,307 450,000 United States Treasury Note, 1.625%, 11/30/2026 482,052 100,000 United States Treasury Note, 1.750%, 12/31/2026 108,064 700,000 United States Treasury Note, 1.750%, 11/15/2029 769,826 1,250,000 United States Treasury Note, 2.125%, 5/31/2021 1,278,684 50,000 United States Treasury Note, 2.250%, 3/31/2026 55,210 385,000 United States Treasury Note, 2.500%, 1/31/2021 392,700 30,000 United States Treasury Note, 2.500%, 1/31/2025 33,041 145,000 United States Treasury Note, 2.875%, 9/30/2023 157,910 160,000 United States Treasury Note, 2.875%, 11/30/2023 174,844 TOTAL U.S. TREASURIES 6,337,326 MUNICIPAL BONDS - 0.2% Municipal Services - 0.2% 250,000 New York State Dormitory Authority State Personal Income Tax Revenue (New York State Personal Income Tax Revenue Bond Fund), State Personal Income Tax Revenue Bonds (Series 2019D), 4.000%, 2/15/2037 288,407 300,000 Washington State, Various Purpose GO Bonds (Series 2020C), 5.000%, 2/1/2044 376,800 TOTAL MUNICIPAL BONDS 665,207 PURCHASED CALL OPTIONS - 0.0% 2,097,900 1 JPM EUR CALL/USD PUT, Notional Amount $2,097,900, Exercise Price, $1.13, Expiration Date 4/17/2020 2,824 PURCHASED PUT OPTIONS - 0.0% 2,034,075 1 JPM EUR PUT/USD CALL, Notional Amount $2,034,075, Exercise Price, $1.10, Expiration Date 4/17/2020 13,468 INVESTMENT COMPANIES - 17.8% 198,691 Affiliated Federated Fund (Bank Loan) 1,708,741 3,006,507 Affiliated Federated Fund (Emerging Markets) 26,336,999 552,963 5 Affiliated Federated Fund (High Yield) 3,024,708 1,953,130 Affiliated Federated Fund (Mortgage) 19,668,025 555,206 Affiliated Federated Fund (Project and Trade Finance) 4,813,636 3,495,835 Federated Institutional Prime Value Obligations Fund, Institutional Shares, 0.82% 6 3,493,737 TOTAL INVESTMENT COMPANIES 59,045,846 TOTAL INVESTMENT IN SECURITIES $324,849,709

FGAF-25

At March 31, 2020, the Fund had the following outstanding futures contracts: Value and Unrealized Number of Appreciation Description Contracts Notional Value Expiration Date (Depreciation) 1 Amsterdam Index Long Futures 26 $2,768,207 April 2020 $91,120 1 Australia 10-Year Bond Long Futures 11 $1,019,047 June 2020 $40,061 1 CAC 40 10-Year Euro Long Futures 7 $339,307 April 2020 $27,909 1 Canada 10-Year Bond Long Futures 20 $2,091,096 June 2020 $(2,238) 1 DAX Index Long Futures 11 $3,004,918 June 2020 $253,781 1 Euro BTP Long Futures 30 $4,678,830 June 2020 $(84,017) 1 FTSE JSE Top 40 Long Futures 123 $2,822,353 June 2020 $233,177 1 FTSE/MIB Index Long Futures 37 $3,453,112 June 2020 $259,755 1 IBEX 35 Index Long Futures 20 $1,491,914 April 2020 $(2,329) 1 Japan 10-Year Bond Long Futures 2 $2,837,852 June 2020 $(752) 1 KOSPI2 Index Long Futures 40 $1,938,637 June 2020 $244,460 1 S&P 500 E-Mini Long Futures 97 $12,463,045 June 2020 $406,091 1 United States Treasury Notes 2-Year Long Futures 50 $11,019,141 June 2020 $92,760 1 United States Treasury Notes 10-Year Long Futures 187 $25,934,563 June 2020 $219,870 1 United States Treasury Notes 10-Year Ultra Long Futures 12 $1,872,375 June 2020 $13,585 1 United States Treasury Ultra Bond Long Futures 5 $1,109,375 June 2020 $44,181 1 Euro Bund Short Futures 121 $23,021,602 June 2020 $242,439 1 FTSE 100 Index Short Futures 91 $6,369,869 June 2020 $(132,035) 1 Hang Seng Index Short Futures 33 $5,048,273 April 2020 $(302,952) 1 Long GILT Short Futures 27 $4,567,364 June 2020 $(661) 1 MSCI Singapore IX ETS Short Futures 113 $2,237,183 April 2020 $(150,377) 1 MSCI Taiwan Index Short Futures 118 $4,377,800 April 2020 $(51,350) 1 S&P/TSX 60 IX Short Futures 8 $925,687 June 2020 $(59,150) 1 SPI 200 Short Futures 72 $5,656,582 June 2020 $(165,744) 1 TOPIX Index Short Futures 25 $3,262,032 June 2020 $(295,999) 1 United States Treasury Notes 5-Year Short Futures 12 $1,504,313 June 2020 $(5,371) NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS $916,214

FGAF-26

At March 31, 2020, the Fund had the following outstanding foreign exchange contracts: Unrealized Settlement Foreign Currency Appreciation Date Units to Deliver/Receive In Exchange For (Depreciation) Contracts Purchased: 4/3/2020 554,076 CHF $ 600,000 $ (24,312) 4/3/2020 1,027,104 CHF $ 1,100,000 $ (32,834) 4/21/2020 555,000 EUR $ 623,534 $ (11,000) 4/21/2020 740,000 EUR $ 816,136 $ 577 4/21/2020 740,000 EUR $ 828,737 $ (12,024) 4/21/2020 1,295,000 EUR $ 1,443,961 $ (14,713) 4/21/2020 1,850,000 EUR $ 2,025,955 $ 15,828 4/21/2020 1,850,000 EUR $ 2,055,400 $ (13,617) 4/30/2020 2,381,935 CAD $ 1,800,000 $ (106,828) 4/30/2020 2,679,923 CAD $ 2,000,000 $ (95,007) 4/30/2020 550,000 EUR $ 608,526 $ (1,284) 4/30/2020 600,000 EUR $ 671,637 $ (9,191) 4/30/2020 450,000 GBP $ 579,478 $ (20,196) 4/30/2020 1,000,000 GBP $ 1,261,235 $ (18,386) 4/30/2020 2,000,000 GBP $ 2,593,764 $ (108,067) 4/30/2020 542,189,900 JPY $ 5,000,000 $ 48,860 5/7/2020 151,615 AUD $ 100,000 $ (6,725) 5/7/2020 153,055 AUD $ 100,000 $ (5,839) 5/7/2020 236,097 AUD $ 160,000 $ (14,751) 5/7/2020 268,315 CAD $ 200,000 $ (9,262) 5/7/2020 335,193 CAD $ 250,000 $ (11,720) 5/7/2020 451,661 CAD $ 340,000 $ (18,926) 5/7/2020 85,314 CHF $ 90,000 $ (1,205) 5/7/2020 86,470 CHF $ 90,000 $ (1) 5/7/2020 145,121 CHF $ 150,000 $ 1,042 5/7/2020 534,403 EUR $ 600,000 $ (9,812) 5/7/2020 541,841 EUR $ 600,000 $ (1,597) 5/7/2020 813,038 EUR $ 900,000 $ (2,091) 5/7/2020 154,622 GBP $ 200,000 $ (7,801) 5/7/2020 155,844 GBP $ 200,000 $ (6,282) 5/7/2020 245,551 GBP $ 320,000 $ (14,773) 5/7/2020 191,776,200 JPY 1,400,000 GBP $ 46,213 5/7/2020 28,775,925 JPY $ 270,000 $ (1,944) 5/7/2020 29,531,774 JPY $ 275,000 $ 97 5/7/2020 60,076,253 JPY $ 550,000 $ 9,629 5/7/2020 3,784,101 MXN $ 190,000 $ (31,288) 5/7/2020 3,982,086 MXN $ 200,000 $ (32,984) 5/7/2020 5,656,479 MXN $ 300,000 $ (62,757) 5/28/2020 85,000 AUD $ 56,169 $ (3,875) 5/28/2020 1,858,185 CHF $ 2,000,000 $ (64,080) 5/28/2020 1,070,000 GBP $ 1,393,685 $ (63,211) 5/28/2020 2,779,291 MXN $ 140,000 $ (23,807) 5/28/2020 500,000 NOK $ 53,281 $ (5,175) 5/28/2020 2,075,000 NZD $ 1,314,263 $ (76,662) 5/28/2020 2,217,341 ZAR $ 140,000 $ (16,986) 6/2/2020 6,101,166 MXN $ 250,000 $ 4,874 Contracts Sold: 4/3/2020 561,109 CHF $ 600,000 $ 17,005 4/3/2020 1,026,821 CHF $ 1,100,000 $ 33,128

FGAF-27

4/13/2020 351,507,000 JPY $ 3,256,974 $ (13,420) 4/21/2020 185,000 EUR $ 206,760 $ 2,582 4/21/2020 370,000 EUR $ 407,332 $ (1,025) 4/21/2020 370,000 EUR $ 408,819 $ 463 4/21/2020 555,000 EUR $ 627,186 $ 14,651 4/21/2020 740,000 EUR $ 818,651 $ 1,938 4/21/2020 740,000 EUR $ 824,482 $ 7,769 4/21/2020 1,110,000 EUR $ 1,220,258 $ (4,812) 4/21/2020 1,110,000 EUR $ 1,240,960 $ 15,891 4/21/2020 1,850,000 EUR $ 2,098,287 $ 56,505 4/30/2020 2,381,974 CAD $ 1,800,000 $ 106,801 4/30/2020 2,684,266 CAD $ 2,000,000 $ 91,920 4/30/2020 2,350,000 EUR $ 2,617,729 $ 23,149 4/30/2020 690,904 GBP $ 900,000 $ 41,311 4/30/2020 900,000 GBP $ 1,099,827 $ (18,736) 4/30/2020 2,000,000 GBP $ 2,584,151 $ 98,454 4/30/2020 154,446,740 JPY $ 1,400,000 $ (38,205) 4/30/2020 30,568,280 MXN $ 1,600,000 $ 316,581 5/7/2020 152,172 AUD $ 100,000 $ 6,382 5/7/2020 239,098 AUD $ 160,000 $ 12,904 5/7/2020 333,742 CAD $ 250,000 $ 12,751 5/7/2020 449,639 CAD $ 340,000 $ 20,363 5/7/2020 85,880 CHF $ 90,000 $ 615 5/7/2020 146,748 CHF $ 150,000 $ (2,736) 5/7/2020 538,726 EUR $ 600,000 $ 5,037 5/7/2020 830,095 EUR $ 900,000 $ (16,747) 5/7/2020 156,305 GBP $ 200,000 $ 5,708 5/7/2020 246,387 GBP $ 320,000 $ 13,734 5/7/2020 193,030,796 JPY 1,400,000 GBP $ (57,900) 5/7/2020 29,573,068 JPY $ 275,000 $ (482) 5/7/2020 60,649,666 JPY $ 550,000 $ (14,970) 5/7/2020 3,741,300 MXN $ 190,000 $ 33,083 5/7/2020 5,642,550 MXN $ 300,000 $ 63,341 5/28/2020 85,000 AUD $ 56,264 $ 3,972 5/28/2020 951,768 CHF $ 1,000,000 $ 8,416 5/28/2020 964,171 CHF $ 1,000,000 $ (4,506) 5/28/2020 1,070,000 GBP $ 1,394,371 $ 63,896 5/28/2020 3,022,064 MXN $ 140,000 $ 13,658 5/28/2020 500,000 NOK $ 52,344 $ 4,239 5/28/2020 1,037,500 NZD $ 635,261 $ 16,461 5/28/2020 1,037,500 NZD $ 660,728 $ 41,927 5/28/2020 2,302,115 ZAR $ 140,000 $ 12,283 6/2/2020 5,827,388 MXN $ 250,000 $ 6,563 NET UNREALIZED APPRECIATION ON FOREIGN EXCHANGE CONTRACTS $ 166,049

At March 31, 2020, the Fund had the following outstanding written options contracts:

Notional Expiration Exercise Counterparty Description Amount Date Price Value Call Options: Bank of America USD CALL/ZAR PUT $140,000 May 2020 $15.75 $(17,966) Morgan Stanley USD CALL/MXN PUT $1,000,000 May 2020 $19.90 $(168,579)

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Put Options: Barclays USD PUT/MXN CALL $250,000 April 2020 $22.33 $(1,483) (Premiums Received $20,543) $(188,028)

1 Non-income-producing security. 2 Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established by and under the general supervision of the Fund's Board of Trustees. 3 Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At March 31, 2020, these restricted securities amounted to $816,888, which represented 0.2% of total net assets. 4 Floating/variable note with current rate and current maturity or next reset date shown. 5 The High Yield Portfolio is a diversified portfolio of below investment grade bonds. 6 7-day net yield.

Note: The categories of investments are shown as a percentage of net assets $332,688,885 at the close of business on March 31, 2020, and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement purposes. The following acronyms are used throughout this portfolio:

ADR --American Depositary Receipt AUD --Australian Dollar BKNT --Bank Notes CAD --Canadian Dollar CHF --Swiss Franc EUR --Euro Currency GBP --British Pound GDR --Global Depository Receipt JPY --Japanese Yen LIBOR --London Interbank Offered Rate LLC --Limited Liability Corporation LP --Limited Partnership MTN --Medium Term Note MXN --Mexican Peso NOK --Norwegian Krone NZD --New Zealand Dollar REIT --Real Estate Investment Trust REMIC --Real Estate Mortgage Investment Conduit ZAR --South African Rand

Portfolio holdings are shown as of the date indicated and are unaudited. Since market conditions fluctuate suddenly and frequently, the portfolio holdings may change and this list is not indicative of future portfolio composition. These portfolio holdings are not intended to be and do not constitute recommendations that others buy, sell, or hold any of the securities listed. For more complete information on the fund, visit www.FederatedInvestors.com for a prospectus or a summary prospectus. You should consider the fund's investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the fund's prospectus or summary prospectus, which you should read carefully before investing.

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NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Federated Securities Corp., Distributor (32239) 3/31/2020

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