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Federated Global Allocation Fund

PORTFOLIO AS OF DECEMBER 31, 2019 CURRENT NET ASSETS - $407,342,229

Principal Amount or Shares Value COMMON STOCKS - 63.6% Communication Services - 4.6% 5,003 1 AMC Networks, Inc. $197,618 27,827 AT&T, Inc. 1,087,479 345 1 Alphabet, Inc., Class A 462,090 107 1 Alphabet, Inc., Class C 143,061 422 1 Anterix, Inc. 18,235 51,321 PLC 405,593 353 1 Boingo Wireless, Inc. 3,865 3,778 1 Central European Media Enterprises Ltd., Class A 17,114 318 1 Charter Communications, Inc. 154,255 552 Cheil Communications, Inc. 11,476 4,000 China Mobile Ltd. 33,775 1,500 Cyber Agent Ltd. 52,222 33,156 Deutsche Telekom AG, Class REG 541,821 101 1 EverQuote, Inc. 3,469 2,405 1 Facebook, Inc. 493,626 1,338 1 Glu Mobile, Inc. 8,095 601 1 Gray Television, Inc. 12,885 453,095 HKT Trust and HKT Ltd. 638,761 6,921 Hellenic Telecommunication Organization SA 110,704 5,575 1 IAC Interactive Corp. 1,388,788 946 1 Imax Corp. 19,327 663 Info Edge India Ltd. 23,603 1,346 1 Intelsat SA 9,462 2,100 Konami Corp. 86,591 4,301 1 Liberty Media Corp., Class C 197,695 22,546 1 Liberty Media Group, Class A 987,064 20,412 1 Lions Gate Entertainment Corp., Class A 217,592 25,526 1 Lions Gate Entertainment Corp., Class B 253,473 20,190 1 Live Nation Entertainment, Inc. 1,442,979 666 1 Loral Space & Communications Ltd. 21,525 40 Marcus Corp. 1,271 4,051 1 Match Group, Inc. 332,628 400 Nintendo Co. Ltd. 161,459 20,983 Pearson PLC 177,496 1,627 Proximus 46,592 8,328 Rogers Communications, Inc., Class B 413,530 28 SK Telecom Co. Ltd. 5,760 9,331 Sinclair Broadcast Group, Inc. 311,096 106,000 Singapore Press Holdings Ltd. 171,870 7,800 SoftBank Group Corp. 339,585 30,973 1 Sprint Corp. 161,369 7,550 1 T-Mobile USA, Inc. 592,071 816 1 TechTarget, Inc. 21,298 37,556 Telefonica Deutschland Holding AG 108,852

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Principal Amount or Shares Value 2,242 1 Telekomunikacja Polska S.A. 4,206 6,002 Telenet Group Holding NV 270,354 211,330 Telstra Corp. Ltd. 526,487 29,000 Tencent Holdings Ltd. 1,398,918 83,477 Tim Participacoes S.A. 320,017 242 Co. 3,185 22,458 1 Twitter, Inc. 719,779 3,752 Verizon Communications, Inc. 230,373 22,621 Vivendi SA 655,672 2,460 1 Vonage Holdings Corp. 18,229 786 1 Yelp, Inc. 27,376 7,854 1 Zayo Group Holdings, Inc. 272,141 1,357 1 Group, Inc., Class A 62,069 28,865 1 Zillow Group, Inc., Class C 1,326,058 191,507 1 Zynga, Inc. 1,172,023 TOTAL 18,896,007 Consumer Discretionary - 7.5% 3,200 ABC-Mart, Inc. 218,132 367 Aaron's, Inc. 20,959 134 Abercrombie & Fitch Co., Class A 2,317 4,027 Adidas AG 1,308,803 38 1 Adtalem Global Education, Inc. 1,329 9,043 1 Alibaba Group Holding Ltd., ADR 1,918,020 940 1 Altus San Nicolas, Corp. 10 2,044 1 Amazon.com, Inc. 3,776,985 258 1 America's Car-Mart, Inc. 28,292 777 American Eagle Outfitters, Inc. 11,422 211 1 Asbury Automotive Group, Inc. 23,588 3,842 BBX Capital Corp. 18,326 2,216 PLC 143,698 944 Bloomin Brands, Inc. 20,834 224 Bluegreen Vacations Corp. 2,316 121 1 Booking Holdings, Inc. 248,501 496 1 Boot Barn Holdings, Inc. 22,087 121 Bosch Ltd. 25,982 5,425 1 Bright Horizons Family Solutions, Inc. 815,323 129 Brinker International, Inc. 5,418 6,295 Group PLC 184,228 6,168 Canadian Tire Corp. Ltd. 663,800 363 1 Career Education Corp. 6,676 873 Carriage Services, Inc. 22,349 9,400 Casio Computer Co. Ltd. 188,892 30 1 Cavco Industries, Inc. 5,861 6,111 Columbia Sportswear Co. 612,261 26,698 PLC 668,808 889 1 CROCs, Inc. 37,240 5,077 D. R. Horton, Inc. 267,812 855 Dana, Inc. 15,561 352 Dave & Buster's Entertainment, Inc. 14,140 392 1 Deckers Outdoor Corp. 66,193 2,167 1 Denny's Corp. 43,080 3,400 Denso Corp. 153,372 377 Dine Brands Global, Inc. 31,487 14,822 Dollarama, Inc. 509,419 11,969 eBay, Inc. 432,201 9,307 Extended Stay America, Inc. 138,302 3,597 Faurecia 195,030 10,700 Feng Tay Enterprise Co. Ltd. 69,631 9,539 Fiat Chrysler Automobiles NV 141,275

FGAF-2

Principal Amount or Shares Value 24,669 Ford Motor Co. 229,422 28,000 Formosa Taffeta Co. 31,951 2,414 1 Frontdoor, Inc. 114,472 18,871 Gentex Corp. 546,882 15 1 Gentherm, Inc. 666 8,675 Gildan Activewear, Inc. 256,465 155,500 Great Wall Motor Company Limited 115,244 258 Group 1 Automotive, Inc. 25,800 100,891 Harvey Norman Holdings Ltd. 288,698 161 1 Helen of Troy Ltd. 28,946 9,925 Hennes & Mauritz AB, Class B 201,753 9,687 Hilton Worldwide Holdings, Inc. 1,074,385 9,379 Home Depot, Inc. 2,048,186 15,100 Honda Motor Co., Ltd. 425,929 286 Hyundai Mobis 63,244 11,800 Iida Group Holdings Co. Ltd. 206,548 19,894 Industria de Diseno Textil SA 704,704 441 Jack in the Box, Inc. 34,411 179 Johnson Outdoors, Inc., Class A 13,729 636 Kering 418,979 2,800 Koito Manufacturing Co. Ltd. 129,593 588 LCI Industries 62,992 2,778 LVMH Moet Hennessy Louis Vuitton SA 1,293,801 1,240 La-Z-Boy, Inc. 39,035 640 Las Vegas Sands Corp. 44,186 1,496 1 Laureate Education, Inc. 26,345 5,400 Lowe's Cos., Inc. 646,704 185 M.D.C. Holdings, Inc. 7,060 9,886 Magna International, Inc. 542,053 542 Marine Products Corp. 7,805 238 Marriott Vacations Worldwide Corp. 30,645 17,300 Mazda Motor Corp. 147,241 400 McDonald's Holdings Co. (Japan), Ltd. 19,276 412 1 Meritage Corp. 25,177 1,936 Michelin, Class B 237,478 12,600 Mitsubishi Motors Corp. 52,449 7,528 Moncler S.p.A 338,595 267 Movado Group, Inc. 5,805 101 1 NVR, Inc. 384,649 918 Naspers Ltd., Class N 150,049 6,254 582,313 2,000 Nien Made Enterprise Co. Ltd. 18,504 5,900 Nikon Corp. 72,117 9,223 Office Depot, Inc. 25,271 578 PVH Corp. 60,777 164 Page Industries Ltd. 53,452 55,100 Panasonic Corp. 516,801 3,489 125,688 39,943 Petrobras Distribuidora SA 298,954 19,044 Peugeot SA 456,091 88,000 Pou Chen Corp. 115,105 185 1 RH 39,497 908 Rent-A-Center, Inc. 26,187 2,207 1 Rubicon Project, Inc./The 18,009 761 1 SeaWorld Entertainment, Inc. 24,131 4,400 Sega Sammy Holdings, Inc. 64,087 12,700 Sekisui House Ltd. 271,222 7,129 1 ServiceMaster Global Holdings, Inc. 275,607 3,700 Shimamura Co. Ltd. 282,345

FGAF-3

Principal Amount or Shares Value 289 Shoe Carnival, Inc. 10,774 8,307 Sodexo SA 985,249 102 Sonic Automotive, Inc. 3,162 398 Standard Motor Products, Inc. 21,182 549 Starbucks Corp. 48,268 5,900 Subaru Corp. 145,880 3,000 Suzuki Motor Corp. 125,660 371 1 Taylor Morrison Home Corp. 8,110 15,301 Titan Industries Ltd. 255,589 608 Toll Brothers, Inc. 24,022 132 1 TopBuild Corp. 13,607 13,700 Toyoda Gosei Co. Ltd. 341,906 1,019 Twin River Worldwide Holdings, Inc. 26,137 1,545 V.F. Corp. 153,975 338 1 Vera Bradley, Inc. 3,988 13,085 1 Vipshop Holdings Ltd., ADR 185,414 302 Volkswagen AG 58,690 452 Wyndham Destinations, Inc. 23,364 573 Wyndham Hotels & Resorts, Inc. 35,990 29,200 Yamada Denki Co. Ltd. 154,554 300 Yamaha Corp. 16,537 14,300 Yamaha Motor Co. 285,846 5,800 Yokohama Rubber Co. Ltd./The 112,235 13,500 Zhongsheng Group Holdings 54,904 204 1 Zumiez, Inc. 7,046 TOTAL 30,529,559 Consumer Staples - 5.1% 6,000 AEON Co. Ltd. 123,608 4,319 Alimentation Couche-Tard, Inc., Class B 137,065 2,746 Archer-Daniels-Midland Co. 127,277 17,232 1 Atacadao Distribuicao Comercio e Industria Ltda 100,252 22,251 BIM Birlesik Magazalar AS 174,632 352 1 BJ's Wholesale Club Holdings, Inc. 8,004 882 1 Beyond Meat, Inc. 66,679 281 Bid Corp. Ltd. 6,628 2,916 PLC 124,237 3,237 Brown-Forman Corp. 203,187 3,307 Bunge Ltd. 190,318 384 Calavo Growers, Inc. 34,787 1,600 Calbee, Inc. 52,037 408 Carlsberg A/S, Class B 60,864 16,000 China Mengniu Dairy Co. Ltd. 64,839 3,087 Church and Dwight, Inc. 217,140 9,750 Clicks Group, Ltd. 178,791 27,789 Coca-Cola Amatil Ltd. 216,074 65 Coca-Cola Bottling Co. 18,463 238 Colgate-Palmolive Co. 16,384 57,504 Davide Campari - Milano SpA 525,163 24,991 PLC 1,053,112 699 1 Edgewell Personal Care Co. 21,641 2,764 Empire Co. Ltd., Class A 64,835 1,540 Essity Aktiebolag 49,647 1,062 Estee Lauder Cos., Inc., Class A 219,346 13,000 Fraser & Neave Holdings Bhd 110,675 7,818 George Weston Ltd. 620,238 26,225 Godrej Consumer Products Ltd. 250,732 2,800 Growell Holdings Co., Ltd. 178,354 78 1 HF Foods Group, Inc. 1,521 6,873 1 Herbalife Ltd. 327,636

FGAF-4

Principal Amount or Shares Value 4,647 Hindustan Lever Ltd. 125,040 22,659 PLC 561,455 55,900 Indofood CBP Sukses Makmur TBK PT 44,920 42,408 JBS S.A. 272,217 1,929 Kimberly-Clark Corp. 265,334 5,521 Kimberly-Clark de Mexico 10,988 103 Korea Tobacco & Ginseng Corp. 8,350 14,899 Co./The 478,705 5,404 L'Oreal SA 1,604,847 12,300 Lion Corp. 240,075 16,575 Loblaw Cos. Ltd. 855,204 45,633 Marico Ltd. 217,946 7,864 Metro, Inc., Class A 324,540 4,633 MetroWholesale & Food Specialist AG 74,680 15,135 1 Monster Beverage Corp. 961,829 1,333 Nestle India Ltd. 276,359 8,320 Nestle S.A. 901,360 2,223 Orkla ASA 22,530 51,000 PT Gudang Garam Tbk 194,247 48,300 PT Indofood Sukses Makmur 27,564 998 1 Performance Food Group Co. 51,377 3,400 Perlis Plantations Bhd 15,670 684 Philip Morris International, Inc. 58,202 36,307 Pick'n Pay Stores Ltd. 165,476 40,475 1 Pilgrim's Pride Corp. 1,324,140 7,787 Procter & Gamble Co. 972,596 176 Sanfilippo (John B. & Sons), Inc. 16,065 1,600 Seven & I Holdings Co. Ltd. 58,542 5,200 Sundrug Co. Ltd. 187,927 7,892 Sysco Corp. 675,082 1,700 Toyo Suisan Kaisha Ltd. 72,305 10,009 Tyson Foods, Inc., Class A 911,219 4,702 1 US Foods Holding Corp. 196,967 139 1 USANA Health Sciences, Inc. 10,918 16,942 PLC 969,917 238 Universal Corp. 13,580 5,058 Vector Group Ltd. 67,727 62 WD 40 Co. 12,037 115,034 Wal-Mart de Mexico SAB de C.V. 330,242 7,024 WalMart, Inc. 834,732 10,504 Woolworth's Ltd. 267,270 29,200 Yamazaki Baking Co. Ltd. 521,741 TOTAL 20,746,088 Energy - 2.3% 207 Arch Coal, Inc. 14,850 6,944 BP PLC 43,590 548,900 Banpu Public Co. Ltd. 217,358 1,205 CVR Energy, Inc. 48,718 653 Cactus, Inc. 22,411 17,274 Caltex Australia 412,625 8,217 Chevron Corp. 990,231 50,000 China Oilfield Services Ltd. 78,496 21,214 Coal India Ltd. 62,898 941 1 Comstock Resources, Inc. 7,744 5,844 ConocoPhillips 380,035 183 DMC Global, Inc. 8,224 431 Delek US Holdings, Inc. 14,451 585 1 Dril-Quip, Inc. 27,442 2,203 Equinor ASA 44,057

FGAF-5

Principal Amount or Shares Value 1,817 Exxaro Resources Ltd. 17,004 4,405 Exxon Mobil Corp. 307,381 364,100 IRPC PCL 44,485 27,508 Imperial Oil Ltd. 727,658 158 Liberty Oilfield Services, Inc. 1,757 6,403 Marathon Petroleum Corp. 385,781 719 1 Matrix Services Co. 16,451 8,884 Neste Oyj 309,128 508 1 Nextier Oilfield Solutions, Inc. 3,404 922 OMV AG 51,795 5,173 PBF Energy, Inc. 162,277 13,900 PTT Exploration and Production Public Co. 57,469 181,100 PTT Public Co. Ltd. 265,041 164 Peabody Energy Corp. 1,496 13,600 1 Petroleo Brasileiro SA 108,444 65,721 Petronet LNG Ltd. 247,050 13,920 Phillips 66 1,550,827 5,884 Reliance Industries Ltd. 125,144 189 1 Seacor Holdings, Inc. 8,155 30,689 Tatneft 375,671 20,024 Total S.A. 1,106,571 382 Tupras Turkiye Petrol Rafinerileri A.S. 8,146 9,260 Valero Energy Corp. 867,199 366 1 W&T Offshore, Inc. 2,035 1,657 World Fuel Services Corp. 71,947 28,000 Yanzhou Coal Mining Co. Ltd., Class H 25,162 TOTAL 9,220,608 Financials - 11.2% 39,130 Group PLC 570,324 3,482 AXA SA 98,236 13,563 PLC 415,360 14,255 Aflac, Inc. 754,089 7,679 Ageas 454,282 791,000 Agricultural Bank of China 348,816 7,159 Allianz SE 1,755,464 8,429 Ally Financial, Inc. 257,590 645 Amalgamated Bank 12,545 1,736 American Equity Investment Life Holding Co. 51,958 3,395 American Express Co. 422,644 3,718 Ameriprise Financial, Inc. 619,344 439 Ares Commercial Real Estate Corp. 6,954 2,222 Artisan Partners Asset Management, Inc. 71,815 738 1 AssetMark Financial Holdings, Inc. 21,417 6,217 Assicurazioni Generali SpA 128,339 7,600 Assured Guaranty Ltd. 372,552 24,666 Australia & New Zealand Banking Group, Melbourne 427,328 660 B. Riley Financial, Inc. 16,619 33,997 BB Seguridade Participacoes SA 318,984 26,864 BS Financial Group, Inc. 177,490 33,771 B3 SA - Brasil Bolsa Balcao 360,870 265 Bajaj Finance Ltd. 15,705 535 Baloise Holdings AG 96,693 94 BancFirst Corp. 5,869 271,650 Banco de Chile 28,503 91,540 Banco de Oro 285,369 19,252 Banco Santander Brasil SA 234,338 374,736 Banco Santander Chile SA 21,600 1,070 1 Bancorp, Inc., DE 13,878 10,014 Bank Hapoalim BM 83,186

FGAF-6

Principal Amount or Shares Value 49,075 Bank Leumi Le-Israel 357,649 66,872 Corp. 2,355,232 184,000 Bank of Communications Ltd. 131,150 415 Bank of Marin Bancorp 18,696 854 Bank Zachodni WBK S.A. 69,244 1,262 1 Berkshire Hathaway, Inc., Class B 285,843 532 1 Blucora, Inc. 13,906 874 1 , Inc. 34,287 1,572 Brightsphere Investment Group, Inc. 16,066 14,897 CI Financial Corp. 249,058 154 CNA Financial Corp. 6,901 18,974 CNP Assurances 378,036 186 1 Cannae Holdings, Inc. 6,917 6,694 Capital One Financial Corp. 688,880 218 Carolina Financial Corp. 9,424 1,094 Cathay Bancorp, Inc. 41,627 9,752 Challenger Financial Sevices Group Ltd. 55,543 200,180 Chang Hwa Bank 151,604 15,029 Charles Schwab Corp. 714,779 488,000 China CITIC Bank Corp. Ltd. 293,106 296,000 China Construction Bank Corp. 256,259 8,000 China Ding Yi Feng Holdings Ltd. 625 70,000 China Everbright Bank Co. Ltd. 32,532 412,000 China Huarong Asset Management Co. Ltd. 65,062 93,800 China Insurance International Holdings Co. Ltd. 233,252 125,000 China Life Insurance Co. Ltd. 348,236 75,500 China Merchants Bank Co. Ltd. 389,151 159,000 China Minsheng Banking Corp. Ltd. 120,417 37,000 China Pacific Insurance Group Co. Ltd. 146,107 35,000 Concordia Financial Group Ltd. 143,569 1,503 ConnectOne Bancorp, Inc. 38,657 9,193,620 Corpbanca 53,005 6,700 DBS Group Holdings Ltd. 129,144 16,594 DNB Bank ASA 310,971 4,542 Deutsche Boerse AG 714,312 2,487 Services 210,947 13,149 E*Trade Financial Corp. 596,570 342,698 E.Sun Financial Holding Co. Ltd. 319,253 643 Eagle Bancorp, Inc. 31,269 11,657 East West Bancorp, Inc. 567,696 621 Employers Holdings, Inc. 25,927 2,463 1 Enova International, Inc. 59,260 577 Enterprise Financial Services Corp. 27,817 1,785 Erste Group Bank AG 67,137 882 Essent Group Ltd. 45,855 8,527 Exor NV 661,290 101,000 Far East Horizon 94,783 184 Federal Agricultural Mortgage Association, Class C 15,364 3,266 First BanCorp 34,587 493 First Bancorp, Inc. 19,676 107 First Commmonwealth Financial Corp. 1,553 928 First Defiance Financial Corp. 29,223 61,172 FirstRand Ltd. 275,114 11,027 Gjensidige Forsikring ASA 231,708 152 Great Southern Bancorp, Inc. 9,625 1,067 Great-West Lifeco, Inc. 27,329 47,684 Grupo Financiero Banorte S.A. de C.V. 266,218 296 HDFC Asset Management Co Ltd. 13,249 2,710 HDFC Life Insurance Co Ltd. 23,639

FGAF-7

Principal Amount or Shares Value 24,426 HSBC Holdings PLC 191,821 1,226 Corp. 53,797 1,911 Hannover Rueckversicherung SE 369,471 17,137 PLC 441,256 970 Heritage Commerce Corp. 12,445 49 Hingham Institution for Savings 10,300 1,045 1 HomeStreet, Inc. 35,530 60,800 Hong Leong Bank Berhad 257,164 2,000 Hong Leong Credit Berhad 8,264 448 Houlihan Lokey, Inc. 21,894 2,160 Housing Development Finance Corp. Ltd. 73,162 117,000 Hua Nan Financial Holdings Co. Ltd. 85,883 6,189 Hyundai Marine & Fire Insurance Co. 144,035 14,094 ICICI Lombard General Insurance Co. Ltd. 272,651 31,021 IRB Brasil Resserguros S/A 300,576 487 Iberiabank Corp. 36,442 63,000 Industrial & Commercial Bank of China 48,630 23,114 Industrial Bank of Korea 235,790 707 International Bancshares Corp. 30,450 2,510 Invesco Mortgage Capital, Inc. 41,792 4,563 Investors Bancorp, Inc. 54,368 9,903 JPMorgan Chase & Co. 1,380,478 44 James River Group Holdings Ltd. 1,813 6,004 KB Financial Group, Inc. 247,913 872 KBC Groupe 65,754 37 Komercni Banka A.S. 1,355 64,746 Korea Life Insurance Co., Ltd. 129,071 18,378 L E Lundbergforetagen AB 807,340 2,490 LPL Investment Holdings, Inc. 229,703 1,401 Ladder Capital Corp. 25,274 706 Ladenburg Thalmann Financial Services, Inc. 2,457 82,653 Legal & General Group PLC 332,990 4,140 Group PLC 427,629 608 Luther Burbank Corp. 7,010 1,651 1 MBIA Insurance Corp. 15,354 90,715 Medibank Private Ltd. 201,287 24,327 MetLife, Inc. 1,239,947 3,884 Mizrahi Tefahot Bank Ltd. 103,577 286,800 Mizuho Financial Group, Inc. 441,087 29,911 Morgan Stanley 1,529,050 4,845 Muenchener Rueckversicherungs-Gesellschaft AG 1,429,345 816 1 NMI Holdings, Inc. 27,075 31,779 NN Group NV 1,208,399 950 National General Holdings Corp. 20,995 66 National Western Life Insurance Co., Class A 19,198 11,100 New China Life Insurance Co. Ltd. 47,839 4,790 Nordea Bank Abp 38,747 679 OFG Bancorp. 16,031 2,251 OTP Bank RT 117,810 5,460 Onex Corp. 345,499 2,655 Orange Life Insurance Ltd. 64,616 2,800 Oversea-Chinese Banking Corp. Ltd. 22,895 90,000 PICC Property and Casualty Co., Ltd., Class H 108,519 5,612 PNC Financial Services Group 895,844 171,800 PT Bank Central Asia 412,728 60,900 PT Bank Rakyat Indonesia Tbk 19,220 645,000 People's Insurance, Co. (Group) of China Ltd. 268,558 378 People's Utah Bancorp 11,385 45,000 Ping An Insurance (Group) Co. of China Ltd. 533,082

FGAF-8

Principal Amount or Shares Value 434,000 Postal Savings Bank of China Co. Ltd. 295,289 11,772 Power Corp. of Canada 303,241 20,640 Powszechna Kasa Oszczednosci Bank Polski SA 187,631 292 Preferred Bank , CA 17,546 1,111 Provident Financial Services, Inc. 27,386 296 RBB Bancorp 6,266 15,100 RHB Capital Berhad 21,338 50,238 RMB Holdings Ltd. 288,998 2,552 Radian Group, Inc. 64,208 3,632 Raymond James Financial, Inc. 324,919 184 Republic Bancorp, Inc. 8,611 287 Samsung Fire & Marine Insurance 60,394 3,116 Samsung Life Insurance Co., Ltd. 200,237 11,152 Scor SA 468,525 822 Selective Insurance Group, Inc. 53,586 813,528 Shin Kong Financial Holdings Co. Ltd. 281,187 9,521 Shinhan Financial Group Co. Ltd. 356,083 1,761 Simmons 1st National Corp., Class A 47,177 6,400 Singapore Exchange Ltd. 42,218 36,673 Skand Enskilda BKN, Class A 344,986 24,861 Standard Bank Group Ltd. 299,200 1,429 Sterling Bancorp, Inc./MI 11,575 156 Stifel Financial Corp. 9,461 6,200 Sumitomo Mitsui Trust Holdings, Inc. 244,664 442 Swiss Life Holding AG 221,752 7,120 Swiss Re AG 800,246 8,782 Synchrony Financial 316,240 4,334 TRYG A/S 128,474 608,100 Taiwan Business Bank 255,642 420,401 Taiwan Cooperative Financial Holding Co. Ltd. 291,059 1,349 The Bank of NT Butterfield & Son Ltd. 49,940 710 The First of Long Island Corp. 17,807 5,592 The Travelers Cos., Inc. 765,824 797 United Community Banks, Inc. 24,611 1,742 United Community Financial Corp. 20,312 29,900 United Overseas Bank Ltd. 588,131 516 Univest Corp. 13,818 30,741 Wells Fargo & Co. 1,653,866 981 Wendel SA 130,565 1,344 Wesbanco, Inc. 50,790 TOTAL 45,778,895 Health Care - 6.2% 9,668 1 Achillion Pharmaceuticals, Inc. 58,298 5,235 1 Adaptive Biotechnologies Corp. 156,631 113 1 Addus Homecare Corp. 10,986 15,173 1 Akorn, Inc. 22,759 16,200 Alfresa Holdings Corp. 330,750 454 1 Amedisys, Inc. 75,782 8,068 AmerisourceBergen Corp. 685,941 778 1 Amneal Pharmaceuticals, Inc. 3,750 207 1 Amphastar Pharmaceuticals, Inc. 3,993 1,838 Anthem, Inc. 555,131 1,434 1 Apellis Pharmaceuticals, Inc. 43,909 6,098 1 Arcus Biosciences, Inc. 61,590 2,852 AstraZeneca PLC 285,339 1,874 1 Avrobio, Inc. 37,724 11,452 , Inc. 957,616 4,582 1 BeyondSpring, Inc. 71,021 4,073 1 Bio-Rad Laboratories, Inc., Class A 1,507,132

FGAF-9

Principal Amount or Shares Value 157 1 BioTelemetry, Inc. 7,269 12,708 Bristol-Myers Squibb Co. 815,727 4,011 Cardinal Health, Inc. 202,876 277 1 Cardiovascular Systems, Inc. 13,459 4,963 1 Catalyst Pharmaceutical Partners, Inc. 18,611 380 1 Celltrion, Inc. 59,038 2,207 1 ChemoCentryx, Inc. 87,287 2,218 Coloplast A.S., Class B 275,748 697 1 Corvel Corp. 60,890 73 1 Cutera, Inc. 2,614 4,088 Divi's Laboratories Ltd. 105,300 4,300 Eisai Co. Ltd. 320,272 359 Ensign Group, Inc. 16,288 18,577 1 Exelixis, Inc. 327,327 2,556 Fresenius Medical Care AG & Co. KGaA 189,573 50,162 GlaxoSmithKline PLC 1,180,101 402 1 Globus Medical, Inc. 23,670 4,094 HCA Healthcare, Inc. 605,134 351 1 HMS Holdings Corp. 10,390 618 1 Haemonetics Corp. 71,008 816 1 Halozyme Therapeutics, Inc. 14,468 21 1 HealthEquity, Inc. 1,555 2,500 Hisamitsu Pharmaceutical Co., Inc. 121,616 3,287 Humana, Inc. 1,204,751 14,374 1 Immunogen, Inc. 73,379 16,362 1 Incyte Genomics, Inc. 1,428,730 90 1 Inogen, Inc. 6,150 218 1 Integer Holdings Corp. 17,534 237 1 Intrexon Corp. 1,299 7,908 1 Ionis Pharmaceuticals, Inc. 477,722 79 Johnson & Johnson 11,524 2,370 Koninklijke Philips NV 115,867 460 1 LHC Group, Inc. 63,370 247 1 Livongo Health, Inc. 6,190 434 1 MacroGenics, Inc. 4,722 534 1 Magellan Health, Inc. 41,785 4,757 1 Magenta Therapeutics, Inc. 72,116 8,061 McKesson Corp. 1,114,998 23,600 Medipal Holdings Corp. 520,592 487 1 Medpace Holdings, Inc. 40,937 2,111 Merck & Co., Inc. 191,995 968 1 Merit Medical Systems, Inc. 30,221 11,700 Mitsubishi Tanabe Pharma Corp. 215,778 1,171 1 Moderna, Inc. 22,905 3,787 1 NGM Biopharmaceuticals, Inc. 70,022 111 1 Natus Medical, Inc. 3,662 8,212 1 Neurocrine Biosciences, Inc. 882,708 311 1 NextGen Healthcare, Inc. 4,998 19,848 Novartis AG 1,880,446 10,796 Novo Nordisk A/S 626,164 404 1 Omnicell, Inc. 33,015 35,759 1 Opko Health, Inc. 52,566 94 1 OraSure Technologies, Inc. 755 2,338 Orion Oyj 108,210 156 1 Orthofix Medical, Inc. 7,204 336 1 PetIQ, Inc. 8,417 3,523 1 Precision Biosciences, Inc. 48,934 1,705 1 Progenics Pharmaceuticals, Inc. 8,678 314 1 Providence Service Corp. 18,583

FGAF-10

Principal Amount or Shares Value 522 1 R1 RCM, Inc. 6,776 1,505 Recordati SPA 63,455 3,138 1 Regeneron Pharmaceuticals, Inc. 1,178,256 901 Roche Holding AG 292,156 3,500 Shionogi and Co. 216,241 6,767 1 Siga Technologies, Inc. 32,279 282 Simulations Plus, Inc. 8,198 25,200 Sinopharm Group Co. Ltd. 92,172 607 1 Spectrum Pharmaceuticals, Inc. 2,209 109 1 Staar Surgical Co. 3,834 102 Straumann Holding AG 100,118 4,100 Sumitomo Dainippon Pharma Co., Ltd. 79,990 308 1 SurModics, Inc. 12,760 6,300 Suzuken Co. Ltd. 256,368 233 1 Tactile Systems Technology, Inc. 15,730 278 1 Tandem Diabetes Care, Inc. 16,572 132 1 Tivity Health, Inc. 2,686 483 1 Triple-S Management Corp., Class B 8,931 371 UCB SA 29,521 8,059 UnitedHealth Group, Inc. 2,369,185 211 1 Vanda Pharmaceuticals, Inc. 3,462 7,683 1 Vertex Pharmaceuticals, Inc. 1,682,193 377 1 Xencor, Inc. 12,965 TOTAL 25,301,557 Industrials - 7.7% 95,809 ADT, Inc. 759,765 653 AZZ, Inc. 30,005 12,593 Adecco Group AG 796,131 1,322 Airbus Group SE 193,961 123,600 Airports of Thailand Public Co. Ltd. 305,454 321 Alamo Group, Inc. 40,302 195 Albany International Corp., Class A 14,804 52,925 Alfa, S.A. de C.V., Class A 43,835 15 Allegiant Travel Co. 2,611 11,499 Allison Transmission Holdings, Inc. 555,632 24,500 Amada Holdings Co. Ltd. 278,242 61 1 American Woodmark Corp. 6,375 6,215 Ametek, Inc. 619,884 680 Andritz AG 29,276 663 Applied Industrial Technologies, Inc. 44,215 487 ArcBest Corp. 13,441 14,780 PLC 472,969 1,121 1 Atkore International Group, Inc. 45,356 104,143 Aurizon Holdings Ltd. 383,124 288 1 , Inc. 9,285 259 1 BMC Stock Holdings, Inc. 7,431 27,300 BOC Aviation Ltd. 277,338 114,800 BTS Group Holdings PCL 50,460 95 Barrett Business Services, Inc. 8,594 948 1 Builders Firstsource, Inc. 24,089 1,061 1 CBIZ, Inc. 28,605 897 CIMIC Group Ltd. 20,928 936 1 CIRCOR International, Inc. 43,281 543 CSW Industrials, Inc. 41,811 7,925 CSX Corp. 573,453 229 Cheil Jedang Corp. 19,112 240,000 1 China COSCO Holdings Co. Ltd., Class H 97,499 22,000 China Lesso Group Holdings Ltd. 28,244 231,500 China Railway Construction Corp. Ltd. 253,815

FGAF-11

Principal Amount or Shares Value 337,000 China Railway Group Ltd. 208,117 209 1 Cimpress PLC 26,286 220,000 Citic Pacific Ltd. 294,883 517 Comfort Systems USA, Inc. 25,772 183 1 Continental Building Products, Inc. 6,667 519 Cummins, Inc. 92,880 1,304 Curtiss Wright Corp. 183,721 2,941 DSV Panalpina A/S 340,446 276 1 DXP Enterprises, Inc. 10,988 15,700 Dai Nippon Printing Co. Ltd. 426,095 1,600 Daifuku Co. 96,753 70 Dassault Aviation SA 92,198 12,636 , Inc. 738,953 433 Deluxe Corp. 21,615 860 Eiffage SA 98,546 8,749 1 Embraer - Empresa Brasileira de Aeronautica S/A 42,715 395 Emcor Group, Inc. 34,088 166 Encore Wire Corp. 9,528 14,012 PLC 473,922 338 Exponent, Inc. 23,325 242 1 FTI Consulting, Inc. 26,780 68,000 Far Eastern New Century Corp. 67,781 382 Federal Signal Corp. 12,320 4,360 396,135 1,028 1 Foundation Building Materials, Inc. 19,892 270 1 GMS, Inc. 7,312 11,206 Genivar Income Fund 765,189 2,233 1 Great Lakes Dredge & Dock Corp. 25,300 13,395 Grupo Aeroportuario del Pacifico SA, Class B 159,224 2,720 Grupo Aeroportuario del Sureste SAB de CV, Class B 50,960 6,248 Han Wha 134,676 743 Hawaiian Holdings, Inc. 21,762 549 Heidrick & Struggles International, Inc. 17,842 11,009 Honeywell International, Inc. 1,948,593 1,700 Hoshizaki Electric Co., Ltd. 151,369 685 Hubbell, Inc. 101,257 185 ICF International, Inc. 16,950 7,598 Ingersoll-Rand PLC 1,009,926 578 Insperity, Inc. 49,731 9,609 InterGlobe Aviation Ltd. 179,821 4,460 International Container Terminal Services, Inc. 11,312 7,421 Group PLC 575,964 12,900 JGC Holdings Corp. 207,585 18,800 JTEKT Corp. 221,745 570 KForce Com, Inc. 22,629 22,400 Kajima Corp. 299,356 483 Koc Holding A.S. 1,651 1,164 LG Corp. 74,095 1,416 L3Harris Technologies, Inc. 280,184 17,079 Latam Group SA 171,507 1,649 Lotte Corp. 55,465 7,200 MISC Bhd 14,746 280 MOOG, Inc., Class A 23,892 1,636 1 MRC Global, Inc. 22,315 3,026 MTU Aero Engines GmbH 864,094 494 1 MYR Group, Inc. 16,099 2,345 Manpower, Inc. 227,699 85,900 Marubeni Corp. 634,752 144 1 Masonite International Corp. 10,398

FGAF-12

Principal Amount or Shares Value 306 1 Mastec, Inc. 19,633 2,075 1 Meritor, Inc. 54,344 335 Miller Herman, Inc. 13,953 4,900 Misumi Corp. 121,171 64,700 Mitsubishi Electric Corp. 879,737 1,003 Mueller Industries, Inc. 31,845 216,000 NWS Holdings Ltd. 303,182 1,700 Nippon Express Co. Ltd. 99,466 1,349 nVent Electric PLC 34,507 16,100 Obayashi Corp. 178,515 78 Park-Ohio Holdings Corp. 2,625 4,104 Parker-Hannifin Corp. 844,685 108 Patrick Industries, Inc. 5,662 7,800 Persol Holdings Co. Ltd. 146,610 480 Primoris Services Corp. 10,675 1,864 Quanex Building Products Corp. 31,837 98 Randstand NV 6,001 14,605 Relx PLC 368,443 180 Resources Connection, Inc. 2,939 1,560 1 Rexnord Corp. 50,887 4,023 Roper Technologies, Inc. 1,425,067 173 Rush Enterprises, Inc. 8,045 6,000 SG Holdings Co. Ltd. 135,434 49 SGS SA 134,135 8,297 SKF Ab, Class B 168,097 498 1 SPX Corp. 25,338 104 1 Saia, Inc. 9,684 14,554 Sandvik AB 284,453 7,725 Schneider Electric SA 794,656 29,900 Shimizu Corp. 304,204 70,100 Sime Darby BHD 38,075 23,000 Sinotruk Hong Kong Ltd. 49,079 13,620 Skanska AB, Class B 307,977 910 SkyWest, Inc. 58,813 8,895 Co. 480,152 123 1 Spirit Airlines, Inc. 4,958 1,076 Steelcase, Inc., Class A 22,015 12,800 Sumitomo Heavy Industries 362,841 180 Systemax, Inc. 4,529 3,800 Taisei Corp. 157,329 2,601 1 Teledyne Technologies, Inc. 901,351 604 Tetra Tech, Inc. 52,041 5,617 Thomson Reuters Corp. 401,804 42,700 Toppan Printing Co. Ltd. 880,276 4,400 Toshiba Corp. 149,065 7,800 Toto Ltd. 328,714 12,000 Toyota Tsusho Corp. 420,608 180 1 Trex Co., Inc. 16,178 1,421 1 TriMas Corp. 44,634 109 1 TrueBlue, Inc. 2,623 149 Unifirst Corp. 30,095 1,602 Union Pacific Corp. 289,626 2,458 1 Holdings, Inc. 216,525 348 Universal Forest Products, Inc. 16,600 132 Universal Truckload Services, Inc. 2,503 12,825 Volvo AB, Class B 215,223 39,974 Weg SA 344,636 158,000 Weichai Power Co. Ltd., Class H 334,296 1,098 1 Wesco Aircraft Holdings, Inc. 12,100

FGAF-13

Principal Amount or Shares Value 12,700 Yamato Holdings Co. Ltd. 217,184 116,800 Zoomlion Heavy Industry Science and Technology Co., Ltd. 98,057 TOTAL 31,220,870 Information Technology - 9.8% 110 1 ACI Worldwide, Inc. 4,167 2,043 ASML Holding N.V. 608,426 519 1 A10 Networks, Inc. 3,566 3,738 1 Adobe, Inc. 1,232,830 5,400 Advantest Corp. 305,523 289 1 Adyen BV 237,805 540 American Software, Inc., Class A 8,035 2,832 1 Amkor Technology, Inc. 36,816 444 1 International, Inc. 40,892 13,623 Apple, Inc. 4,000,394 10,301 Automatic Data Processing, Inc. 1,756,320 785 1 Avalara, Inc. 57,501 1,223 Benchmark Electronics, Inc. 42,022 844 1 Box, Inc. 14,162 16,500 Brother Industries Ltd. 339,744 3,230 CDW Corp. 461,373 1,841 1 CGI, Inc., Class A 154,065 814 CSG Systems International, Inc. 42,149 10,744 1 Cadence Design Systems, Inc. 745,204 147 Capgemini SE 18,007 454 Cass Information Systems, Inc. 26,214 504 1 Cirrus Logic, Inc. 41,535 40,894 Cisco Systems, Inc. 1,961,276 11,049 1 CommScope Holdings Co., Inc. 156,785 730 1 Commvault Systems, Inc. 32,587 229,000 Compal Electronics, Inc. 144,142 169 Constellation Software, Inc. 164,134 375 1 Cornerstone OnDemand, Inc. 21,956 178 Dassault Systemes SA 29,360 68 1 Diodes, Inc. 3,833 1,143 1 EPAM Systems, Inc. 242,499 339 1 ePlus, Inc. 28,574 338 1 Exlservice Holding, Inc. 23,477 554 1 Fabrinet 35,921 4,369 1 Fortinet, Inc. 466,434 4,800 Fujitsu Ltd. 452,942 23,456 658,495 5,603 Hewlett Packard Enterprise Co. 88,864 1,900 Hitachi High-Technologies Corp. 134,263 417 1 Ichor Holdings Ltd. 13,874 42,037 Infosys Ltd. 432,723 592 1 Insight Enterprises, Inc. 41,612 516 1 Instructure, Inc. 24,876 34,200 Intel Corp. 2,046,870 305 InterDigital, Inc. 16,619 7,700 Itochu Techno-Solutions Corp. 217,383 358 j2 Global, Inc. 33,548 405 KBR, Inc. 12,353 917 Kemet Corp. 24,805 658 1 Kimball Electronics, Inc. 11,548 998 Lam Research Corp. 291,815 1,770 1 Lattice Semiconductor Corp. 33,878 36,500 Legend Holdings Corp. 82,848 408,000 Lenovo Group Ltd. 274,478 126,000 Lite-On Technology Corp. 207,582

FGAF-14

Principal Amount or Shares Value 735 ManTech International Corp., Class A 58,712 6,929 Mastercard, Inc. 2,068,930 416 Maximus, Inc. 30,946 955 Methode Electronics, Inc., Class A 37,579 5,186 1 Micron Technology, Inc. 278,903 25,573 Corp. 4,032,862 127 1 MicroStrategy, Inc., Class A 18,114 1,882 1 Mobile Iron, Inc. 9,147 1,531 NIC, Inc. 34,218 4,100 Omron Corp. 238,853 127 1 Onto Innovation, Inc. 4,641 9,000 Otsuka Corp. 359,456 4,755 1 Pagerduty, Inc. 111,219 5,053 Paychex, Inc. 429,808 864 1 Paycom Software, Inc. 228,753 704 1 Paylocity Corp. 85,057 17,428 1 PayPal Holdings, Inc. 1,885,187 525 1 Perficient, Inc. 24,187 21 1 Plexus Corp. 1,616 134 Progress Software Corp. 5,568 242 1 Qualys, Inc. 20,176 409 1 Rapid7, Inc. 22,912 6,974 SK Hynix, Inc. 566,787 166 1 SMART Global Holdings, Inc. 6,298 476 1 SPS Commerce, Inc. 26,380 15,100 STMicroelectronics N.V. 407,539 33,834 Samsung Electronics Co. Ltd. 1,630,269 1,042 Samsung SDS Co. Ltd. 174,981 221 1 Sanmina Corp. 7,567 441 1 ScanSource, Inc. 16,295 384 Science Applications International Corp. 33,416 26,100 Seiko Epson Corp. 394,052 1,011 1 Semtech Corp. 53,482 4,605 Skyworks Solutions, Inc. 556,652 207 1 Synaptics, Inc. 13,614 141,000 Synnex Technology International Corp. 176,577 10,658 1 Synopsys, Inc. 1,483,594 124,000 1 Taiwan Semiconductor Manufacturing Co. Ltd. 1,373,234 8,811 Tata Consultancy Services Ltd. 267,147 31 1 Tech Data Corp. 4,452 900 1 Tenable Holdings, Inc. 21,564 13,615 Instruments, Inc. 1,746,668 1,800 Tokyo Electron Ltd. 395,555 545 1 Twilio, Inc. 53,563 509 1 Ultra Clean Holdings, Inc. 11,946 2,607 Visa, Inc., Class A 489,855 1,073 Vishay Intertechnology, Inc. 22,844 209 1 Vishay Precision Group, Inc. 7,106 8,000 Walsin Technology Corp. 63,797 310 1 Workiva, Inc. 13,036 787 XPERI Corp. 14,560 24,915 Xerox Holdings Corp. 918,616 12,981 Yageo Corp. 189,429 900 Yokogawa Electric Corp. 15,940 9,400 1 ZTE Corp. 28,800 797 1 Zscaler, Inc. 37,061 TOTAL 39,798,624 Materials - 4.2% 327 1 AdvanSix, Inc. 6,527

FGAF-15

Principal Amount or Shares Value 81,952 Alumina Ltd. 132,358 12,827 370,211 3,163 Anglogold Ltd. 70,890 13,000 Anhui Conch Cement Co. Ltd., Class H 94,993 17,437 ArcelorMittal SA 308,013 58,000 Asia Cement Corp. 92,843 28,526 BHP Group PLC 673,782 19,008 Berger Paints India Ltd. 137,521 3,805 1 Berry Global Group, Inc. 180,699 882 Boise Cascade Co. 32,219 848 CF Industries Holdings, Inc. 40,484 225 Celanese Corp. 27,702 13,958 Cherepovets MK Severstal 211,119 282,000 China National Building Material Co. Ltd. 315,036 214,000 China Resources Cement Holdings Ltd. 272,603 28,855 Companhia Siderurgica Nacional SA 100,621 16,196 Corteva, Inc. 478,754 3,300 Domtar, Corp. 126,192 13,074 Dow, Inc. 715,540 539 Ecolab, Inc. 104,022 1,216 Ems-Chemie Holdings Ag 800,236 40,397 PLC 216,820 333 1 Ferro Corp. 4,938 5,107 1,2 Ferroglobe Representation & Warranty Insurance Trust 0 62,000 Formosa Plastic Corp. 206,647 79,661 Fortescue Metals Group Ltd. 600,411 239 FutureFuel Corp. 2,961 44,288 Gold Fields Ltd. 297,600 29 Greif, Inc. 1,501 123 Hawkins, Inc. 5,635 6,468 1 Impala Platinum Holdings Ltd. 66,357 297 1 Ingevity Corp. 25,952 215,000 Jiangxi Copper Co. Ltd. 296,339 2,415 KGHM Polska Miedz SA 60,784 9,630 Koninklijke DSM NV 1,257,066 98 1 Koppers Holdings, Inc. 3,746 24,873 LafargeHolcim Ltd. 1,379,252 4,315 1 Lithion Energy 1,504 672 Louisiana-Pacific Corp. 19,938 592 Materion Corp. 35,194 23,000 Mitsubishi Gas Chemical Co., Inc. 349,515 8,200 Mitsubishi Materials Corp. 222,342 1,105 Myers Industries, Inc. 18,431 25,042 Newmont Goldcorp Corp. 1,088,075 4,800 Nissan Chemical Industries 200,665 4,900 Nitto Denko Corp. 274,915 1,330 Norilsk Nickel 409,879 9,849 Novolipetski Metallurgicheski Komb OAO 22,777 2,645 Nutrien Ltd. 126,633 22,100 PT Indah Kiat Pulp & Paper Corp. 12,193 128,100 Petronas Chemicals BHD 230,195 4,312 3 Phosagro OAO, GDR 54,763 751 Polyus PJSC 85,899 16,645 PLC 988,995 562 Schnitzer Steel Industries, Inc., Class A 12,184 3,600 Shin-Etsu Chemical Co. Ltd. 394,689 5,000 Showa Denko KK 131,705 3,747 Sika AG 705,631 19,593 Southern Copper Corp. 832,311

FGAF-16

Principal Amount or Shares Value 234 Stepan Co. 23,971 6,500 Taiheiyo Cement Corp. 190,180 13,000 Taiwan Cement Corp. 18,970 7,800 Teijin Ltd. 145,541 16,000 Tosoh Corp. 246,234 1,294 Tredegar Industries, Inc. 28,921 1,138 Trinseo SA 42,345 12,550 UPM - Kymmene Oyj 434,951 2,186 Va Stahl Ag 60,913 1,751 Valhi, Inc. 3,274 551 1 Verso Corp. 9,935 1,023 Warrior Met Coal, Inc. 21,616 1,265 West Fraser Timber Co. Ltd. 55,800 416 Worthington Industries, Inc. 17,547 TOTAL 17,237,005 Real Estate - 2.6% 2,000 Agile Group Holdings Ltd. 3,013 208 American Assets Trust, Inc. 9,547 5,177 American Tower Corp. 1,189,778 33,300 Ascendas Real Estate Investment Trust 73,569 1,030 Avalonbay Communities, Inc. 215,991 13,635 Brixmor Property Group, Inc. 294,652 98,000 CIFI Holdings Group Co. Ltd. 82,929 3,700 CapitaLand Commercial Trust Ltd. 5,478 62,500 CapitaLand Mall Trust 114,339 2,040 CareTrust REIT, Inc. 42,085 4,584 CatchMark Timber Trust, Inc. 52,578 54,000 China Aoyuan Group Ltd. 88,256 4,000 China Resources Bejing Land 19,931 7,300 China Vanke Co. Ltd. 31,163 820 CoreCivic, Inc. 14,252 2,286 Corepoint Lodging, Inc. 24,414 225,000 Country Garden Holdings Co. 361,549 514 Crown Castle International Corp. 73,065 2,100 Daito Trust Construction Co. Ltd. 260,087 1,366 DiamondRock Hospitality Co. 15,135 14,930 Duke Realty Corp. 517,623 584 EastGroup Properties, Inc. 77,479 17,431 Properties Trust 1,410,517 700 Essential Properties Realty Trust, Inc. 17,367 137 Essex Property Trust, Inc. 41,218 106,000 Evergrande Real Estate Group Limited 294,906 23,059 Fibra Uno Administracion SA 35,709 700 First Industrial Realty Trust 29,057 136,000 Franshion Properties of China Ltd. 106,048 1,019 Geo Group, Inc. 16,926 135 Global Medical REIT, Inc. 1,786 51,711 H&R Real Estate Investment Trust 840,247 97,900 Henderson Land Development Co. Ltd. 480,764 98,000 1 Kaisa Group Holdings Ltd. 46,906 1,087 Life Storage, Inc. 117,700 26,000 Logan Property Holdings Co .Ltd. 43,738 3,500 Longfor Properties 16,438 4,341 Mid-American Apartment Communities, Inc. 572,404 790 Monmouth Real Estate Investment Corp. 11,439 677 National Storage Affiliates Trust 22,761 8,061 New Senior Investment Group, Inc. 61,667 1,681 Newmark Group, Inc. 22,618 205 PS Business Parks, Inc. 33,798

FGAF-17

Principal Amount or Shares Value 10,875 Pennsylvania Real Estate Investment Trust 57,964 811 RLJ Lodging Trust 14,371 236 Retail Value, Inc. 8,685 1,240 Rexford Industrial Realty, Inc. 56,631 58,500 Robinson's Land Corp., Class B 31,832 469 STAG Industrial, Inc. 14,806 271,149 Scentre Group 729,992 246,000 Seazen Group Ltd. 300,150 186,000 Shenzhen Investment Ltd. 74,514 25,500 Shimao Property Holdings Ltd. 99,025 245,203 Stockland Trust Group 796,481 66,000 Sunac China Holdings 395,523 482 Terreno Realty Corp. 26,095 744 Urban Edge Properties 14,270 376,000 Yuexiu Property Co., Ltd. 87,001 TOTAL 10,498,267 Utilities - 2.4% 11,234 AES Corp. 223,557 15,712 AGL Energy Ltd. 226,794 10,928 American Electric Power Co., Inc. 1,032,805 530 American States Water Co. 45,919 469,016 AusNet Services 559,276 51 Avista Corp. 2,453 15,500 Beijing Enterprises Holdings Ltd. 71,208 1,430 CEZ A.S. 32,143 51,500 CLP Holdings Ltd. 542,278 165 Chesapeake Utilities Corp. 15,812 162,000 China Power International Development Ltd. 34,743 24,000 China Resources Logic Ltd. 131,918 4,760 DTE Energy Co. 618,181 367 Duke Energy Corp. 33,474 11,000 ENN Energy Holdings Ltd. 120,270 42,394 Endesa SA 1,131,838 22,888 Enel SpA 182,083 22,900 Gail India Ltd. 38,909 781,500 3 HK Electric Investments Ltd. 770,206 109,040 Hong Kong and China Gas Co. Ltd. 213,051 63,769 Iberdrola SA 656,759 8,700 Manila Electric Co. 54,342 7,849 NextEra Energy, Inc. 1,900,714 961 Northwestern Corp. 68,875 3,832,996 OJSC Inter Rao Ues 309,488 341 ONE Gas, Inc. 31,907 2,065 Orsted A/S 213,945 274 Otter Tail Corp. 14,054 1,367 Portland General Electric Co. 76,265 13,200 Ratchaburi Group PCL 30,225 6,697 PLC 223,503 1,773 Southern Co. 112,940 5,056 Uniper SE 167,343 958 Unitil Corp. 59,224 TOTAL 9,946,502 TOTAL COMMON STOCKS 259,173,982 ASSET-BACKED SECURITIES - 0.0% 29,490 Santander Drive Auto Receivables Trust 2016-2, Class C, 2.660%, 11/15/2021 29,505 19,091 Sofi Consumer Loan Program Trust 2016-3, Class A, 3.050%, 12/26/2025 19,126 TOTAL ASSET-BACKED SECURITIES 48,631 COLLATERALIZED MORTGAGE OBLIGATIONS - 0.4% 255,000 Bank, Class A4, 3.488%, 11/15/2050 271,260

FGAF-18

Principal Amount or Shares Value 200,000 Citigroup Commercial Mortgage Trust 2015-GC33, Class AS, 4.114%, 9/10/2058 215,157 450,000 Commercial Mortgage Trust 2015-DC1, Class AM, 3.724%, 2/10/2048 468,274 300,000 JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049 310,558 50,000 WF-RBS Commercial Mortgage Trust 2012-C6, Class B, 4.697%, 4/15/2045 52,199 100,000 WF-RBS Commercial Mortgage Trust 2014-C25, Class B, 4.236%, 11/15/2047 105,378 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS 1,422,826 COMMERCIAL MORTGAGE-BACKED SECURITY - 0.0% 134,098 Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025 134,042 CORPORATE BONDS - 5.7% Basic Industry - Metals & Mining - 0.0% 100,000 Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 4/15/2023 105,698 Basic Industry - Paper - 0.0% 150,000 1,2,4 Pope & Talbot, Inc., 8.375%, 6/1/2013 0 Capital Goods - Aerospace & Defense - 0.1% 180,000 Lockheed Martin Corp., Sr. Unsecd. Note, 3.550%, 1/15/2026 193,076 90,000 5 Textron Financial Corp., Jr. Sub. Note, 144A, 3.644% (3-month USLIBOR +1.735%), 2/15/2042 71,718 TOTAL 264,794 Capital Goods - Building Materials - 0.1% 125,000 Allegion PLC, Sr. Unsecd. Note, 3.500%, 10/1/2029 127,319 130,000 Masco Corp., Sr. Unsecd. Note, 4.375%, 4/1/2026 140,463 185,000 Masco Corp., Unsecd. Note, 4.450%, 4/1/2025 201,473 TOTAL 469,255 Capital Goods - Diversified Manufacturing - 0.1% 30,000 General Electric Capital Corp., Note, Series MTNA, 6.750%, 3/15/2032 38,510 300,000 Valmont Industries, Inc., 5.250%, 10/1/2054 298,946 TOTAL 337,456 Communications - Cable & Satellite - 0.1% 200,000 CCO Safari II LLC, 4.908%, 7/23/2025 220,312 150,000 Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., 5.050%, 3/30/2029 170,113 TOTAL 390,425 Communications - Media & Entertainment - 0.1% 310,000 British Sky Broadcasting Group PLC, 144A, 3.750%, 9/16/2024 331,992 20,000 Discovery Communications LLC, Sr. Unsecd. Note, 4.900%, 3/11/2026 22,318 70,000 Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046 84,446 TOTAL 438,756 Communications - Telecom Wireless - 0.1% 375,000 Group PLC, Sr. Unsecd. Note, 4.250%, 9/17/2050 391,847 75,000 Vodafone Group PLC, Sr. Unsecd. Note, 4.875%, 6/19/2049 87,067 TOTAL 478,914 Communications - Telecom Wirelines - 0.1% 300,000 AT&T, Inc., Sr. Unsecd. Note, 5.150%, 3/15/2042 350,288 200,000 Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 3/15/2024 215,463 TOTAL 565,751 Consumer Cyclical - Automotive - 0.1% 275,000 Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.336%, 3/18/2021 277,080 70,000 General Motors Co., Sr. Unsecd. Note, 4.000%, 4/1/2025 73,793 TOTAL 350,873 Consumer Cyclical - Retailers - 0.2% 100,000 , Inc., 4.500%, 12/1/2023 107,174 300,000 AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 4/15/2025 312,709 90,718 CVS Health Corp., Pass Thru Cert., 144A, 5.298%, 1/11/2027 96,934 120,000 Under Armour, Inc., Sr. Unsecd. Note, 3.250%, 6/15/2026 116,748 TOTAL 633,565 Consumer Cyclical - Services - 0.1% 200,000 Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.800%, 6/6/2023 202,763

FGAF-19

Principal Amount or Shares Value 130,000 Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 137,396 TOTAL 340,159 Consumer Non-Cyclical - Food/Beverage - 0.3% 425,000 Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 5.550%, 1/23/2049 551,342 210,000 Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026 214,275 250,000 Kraft Heinz Foods Co., Sr. Unsecd. Note, 3.950%, 7/15/2025 264,659 100,000 McCormick & Co., Inc., Sr. Unsecd. Note, 3.400%, 8/15/2027 104,262 120,000 Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025 131,131 70,000 PepsiCo, Inc., Sr. Unsecd. Note, 4.450%, 4/14/2046 85,860 TOTAL 1,351,529 Consumer Non-Cyclical - Health Care - 0.2% 210,000 Agilent Technologies, Inc., Sr. Unsecd. Note, 2.750%, 9/15/2029 208,634 400,000 PerkinElmer, Inc., Sr. Unsecd. Note, 3.300%, 9/15/2029 408,843 TOTAL 617,477 Consumer Non-Cyclical - Pharmaceuticals - 0.1% 125,000 Eli Lilly & Co., Sr. Unsecd. Note, 3.950%, 3/15/2049 144,527 90,000 Gilead Sciences, Inc., Sr. Unsecd. Note, 3.650%, 3/1/2026 96,854 TOTAL 241,381 Consumer Non-Cyclical - Supermarkets - 0.1% 375,000 Kroger Co., Sr. Unsecd. Note, 5.400%, 1/15/2049 457,440 Consumer Non-Cyclical - Tobacco - 0.3% 870,000 Philip Morris International, Inc., Sr. Unsecd. Note, 2.875%, 5/14/2029 1,142,715 200,000 Reynolds American, Inc., Sr. Unsecd. Note, 5.850%, 8/15/2045 229,290 TOTAL 1,372,005 Energy - Independent - 0.0% 170,000 Occidental Petroleum Corp., Sr. Unsecd. Note, 2.900%, 8/15/2024 172,808 Energy - Integrated - 0.0% 100,000 Husky Energy, Inc., Sr. Unsecd. Note, 3.950%, 4/15/2022 103,434 35,000 Petro-Canada, Deb., 7.000%, 11/15/2028 45,250 TOTAL 148,684 Energy - Midstream - 0.1% 325,000 Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 341,585 80,000 MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 84,013 TOTAL 425,598 Energy - Refining - 0.1% 250,000 Marathon Petroleum Corp., Sr. Unsecd. Note, 4.750%, 9/15/2044 274,506 Financial Institution - Banking - 0.6% 100,000 Bank of America Corp., Sr. Unsecd. Note, Series MTN, 4.875%, 4/1/2044 127,731 300,000 Bank of America Corp., Sub. Note, Series MTN, 4.000%, 1/22/2025 320,047 300,000 Citigroup, Inc., Sr. Unsecd. Note, 2.700%, 3/30/2021 302,856 250,000 Citizens Bank N.A., Sr. Unsecd. Note, Series BKNT, 3.750%, 2/18/2026 267,197 250,000 Compass Bank, Birmingham, Sub. Note, Series BKNT, 3.875%, 4/10/2025 262,555 5,000 Goldman Sachs Group, Inc., Sr. Unsecd. Note, 5.750%, 1/24/2022 5,367 100,000 JPMorgan Chase & Co., Series S, 6.750%, 8/1/2068 112,996 50,000 JPMorgan Chase & Co., Sub. Note, 3.375%, 5/1/2023 51,963 400,000 Morgan Stanley, 4.300%, 1/27/2045 469,821 300,000 5 Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 2.450% (3-month USLIBOR +0.550%), 2/10/2021 300,149 34,903 2 Regional Diversified Funding, 144A, 9.250%, 3/15/2030 26,178 230,000 Truist Financial Corp., Sr. Unsecd. Note, 2.900%, 3/3/2021 232,416 TOTAL 2,479,276 Financial Institution - Broker/Asset Mgr/Exchange - 0.1% 140,000 Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 149,231 240,000 Stifel Financial Corp., Sr. Unsecd. Note, 3.500%, 12/1/2020 243,084 70,000 TIAA Asset Management Finance Co. LLC, Sr. Unsecd. Note, 144A, 4.125%, 11/1/2024 76,049 TOTAL 468,364 Financial Institution - Finance Companies - 0.1% 210,000 AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.950%, 2/1/2022 216,967

FGAF-20

Principal Amount or Shares Value 325,000 GE Capital International Funding, Inc., Sr. Unsecd. Note, 4.418%, 11/15/2035 346,630 TOTAL 563,597 Financial Institution - Insurance - Life - 0.3% 27,000 Aflac, Inc., Sr. Unsecd. Note, 6.450%, 8/15/2040 37,266 400,000 American International Group, Inc., Unsecd. Note, 3.875%, 1/15/2035 424,527 325,000 Mass Mutual Global Funding II, 144A, 2.000%, 4/15/2021 325,533 10,000 MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039 16,719 105,000 Northwestern Mutual Life Insurance Co., Sr. Unsecd. Note, 144A, 3.625%, 9/30/2059 105,226 100,000 Principal Life Global Funding II, 144A, 2.200%, 4/8/2020 100,059 TOTAL 1,009,330 Financial Institution - Insurance - P&C - 0.1% 300,000 Liberty Mutual Group, Inc., Sr. Unsecd. Note, 144A, 3.951%, 10/15/2050 312,113 30,000 Nationwide Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039 50,958 TOTAL 363,071 Financial Institution - REIT - Apartment - 0.1% 300,000 Mid-America Apartment Communities LP, Sr. Unsecd. Note, 3.750%, 6/15/2024 316,392 140,000 UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026 142,512 TOTAL 458,904 Financial Institution - REIT - Healthcare - 0.1% 435,000 Healthcare Trust of America, Sr. Unsecd. Note, 3.100%, 2/15/2030 431,916 Financial Institution - REIT - Office - 0.1% 100,000 Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028 107,408 300,000 Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 4.500%, 7/30/2029 338,100 TOTAL 445,508 Financial Institution - REIT - Other - 0.1% 180,000 Liberty Property LP, Sr. Unsecd. Note, 4.375%, 2/1/2029 204,810 90,000 WP Carey, Inc., Sr. Unsecd. Note, 3.850%, 7/15/2029 95,035 160,000 WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024 171,537 TOTAL 471,382 Financial Institution - REIT - Retail - 0.0% 30,000 Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/1/2022 30,992 Financial Institution - REITs - 0.1% 300,000 Boston Properties, Inc., Sr. Unsecd. Note, 3.400%, 6/21/2029 313,411 Foreign-Local-Government - 0.0% 50,000 Quebec, Province of, Note, Series MTNA, 7.035%, 3/10/2026 62,628 Municipal Services - 0.1% 133,415 Army Hawaii Family Housing, 144A, 5.524%, 6/15/2050 162,311 100,000 Camp Pendleton & Quantico Housing LLC, 5.572%, 10/1/2050 121,972 TOTAL 284,283 Sovereign - 0.1% 30,000,000 KFW, 2.050%, 2/16/2026 315,929 Technology - 0.7% 300,000 Adobe, Inc., Sr. Unsecd. Note, 3.250%, 2/1/2025 316,834 400,000 Apple, Inc., Sr. Unsecd. Note, 2.950%, 9/11/2049 388,493 320,000 Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr. Secd. Note, 144A, 6.020%, 6/15/2026 368,310 28,000 Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.875%, 6/5/2024 29,794 260,000 Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029 273,435 150,000 Hewlett Packard Enterprise Co., Sr. Unsecd. Note, 3.600%, 10/15/2020 151,715 300,000 Keysight Technologies, Inc., 4.550%, 10/30/2024 326,878 380,000 Electronics Technologies LLC, Unsecd. Note, 144A, 3.900%, 4/15/2025 392,150 450,000 Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 3/15/2029 493,931 TOTAL 2,741,540 Transportation - Services - 0.1% 62,000 Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 3.850%, 11/15/2024 65,628 335,000 Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 3.375%, 2/1/2022 342,101 TOTAL 407,729

FGAF-21

Principal Amount or Shares Value Utility - Electric - 0.6% 275,000 Electricite de France SA, Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028 305,760 190,000 Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 219,669 400,000 Enel Finance International NV, Sr. Unsecd. Note, 144A, 2.650%, 9/10/2024 401,423 300,000 Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026 313,389 375,000 Metropolitan Edison Co., Sr. Unsecd. Note, 144A, 4.300%, 1/15/2029 417,903 140,000 National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 151,767 200,000 NiSource Finance Corp., Sr. Unsecd. Note, 3.950%, 3/30/2048 210,581 400,000 Northeast Utilities, Sr. Unsecd. Note, Series H, 3.150%, 1/15/2025 412,696 125,000 Wisconsin Electric Power Co., Sr. Unsecd. Note, 4.300%, 12/15/2045 142,427 TOTAL 2,575,615 Utility - Natural Gas - 0.1% 200,000 Sempra Energy, Sr. Unsecd. Note, 2.850%, 11/15/2020 201,149 TOTAL CORPORATE BONDS 23,061,698 MORTGAGE-BACKED SECURITIES - 0.0% 1,297 Federal Home Loan Mortgage Corp., Pool C00592, 7.000%, 3/1/2028 1,457 916 Federal Home Loan Mortgage Corp., Pool C00896, 7.500%, 12/1/2029 1,055 90 Federal Home Loan Mortgage Corp., Pool C17281, 6.500%, 11/1/2028 92 1,042 Federal Home Loan Mortgage Corp., Pool C19588, 6.500%, 12/1/2028 1,176 822 Federal Home Loan Mortgage Corp., Pool C25621, 6.500%, 5/1/2029 925 1,310 Federal Home Loan Mortgage Corp., Pool C76361, 6.000%, 2/1/2033 1,486 1,922 Federal Home Loan Mortgage Corp., Pool G01444, 6.500%, 8/1/2032 2,207 1,151 Federal National Mortgage Association, Pool 251697, 6.500%, 5/1/2028 1,282 5,315 Federal National Mortgage Association, Pool 252334, 6.500%, 2/1/2029 5,840 3,278 Federal National Mortgage Association, Pool 254905, 6.000%, 10/1/2033 3,727 3,896 Federal National Mortgage Association, Pool 255075, 5.500%, 2/1/2024 4,193 360 Federal National Mortgage Association, Pool 303168, 9.500%, 2/1/2025 399 224 Federal National Mortgage Association, Pool 323159, 7.500%, 4/1/2028 253 2,184 Federal National Mortgage Association, Pool 323640, 7.500%, 4/1/2029 2,464 5,040 Federal National Mortgage Association, Pool 545993, 6.000%, 11/1/2032 5,701 2,099 Federal National Mortgage Association, Pool 555272, 6.000%, 3/1/2033 2,373 1,649 Federal National Mortgage Association, Pool 713974, 5.500%, 7/1/2033 1,839 3,634 Federal National Mortgage Association, Pool 721502, 5.000%, 7/1/2033 3,973 4,913 Government National Mortgage Association, Pool 2796, 7.000%, 8/20/2029 5,564 2,954 Government National Mortgage Association, Pool 3040, 7.000%, 2/20/2031 3,369 7,421 Government National Mortgage Association, Pool 3188, 6.500%, 1/20/2032 8,422 9,626 Government National Mortgage Association, Pool 3239, 6.500%, 5/20/2032 10,969 188 Government National Mortgage Association, Pool 352214, 7.000%, 4/15/2023 200 1,421 Government National Mortgage Association, Pool 451522, 7.500%, 10/15/2027 1,605 874 Government National Mortgage Association, Pool 462556, 6.500%, 2/15/2028 961 281 Government National Mortgage Association, Pool 462739, 7.500%, 5/15/2028 318 105 Government National Mortgage Association, Pool 464835, 6.500%, 9/15/2028 116 2,490 Government National Mortgage Association, Pool 469699, 7.000%, 11/15/2028 2,779 2,168 Government National Mortgage Association, Pool 486760, 6.500%, 12/15/2028 2,404 186 Government National Mortgage Association, Pool 780339, 8.000%, 12/15/2023 198 2,074 Government National Mortgage Association, Pool 780453, 7.500%, 12/15/2025 2,279 1,976 Government National Mortgage Association, Pool 780584, 7.000%, 6/15/2027 2,170 TOTAL MORTGAGE-BACKED SECURITIES 81,796 FOREIGN GOVERNMENTS/AGENCIES - 7.2% Sovereign - 7.2% 1,000,000 Australia, Government of, Sr. Unsecd. Note, Series 148, 2.750%, 11/21/2027 778,545 390,000 Belgium, Government of, Series 68, 2.250%, 6/22/2023 479,678 680,000 Belgium, Government of, Series 74, 0.800%, 6/22/2025 807,293 800,000 Canada, Government of, Bond, 3.250%, 6/1/2021 629,089 480,000 Canada, Government of, Series WL43, 5.750%, 6/1/2029 499,362 936,000 France, Government of, 0.500%, 5/25/2025 1,095,591 350,000 France, Government of, Bond, 4.500%, 4/25/2041 693,814 400,000 France, Government of, O.A.T., 5.500%, 4/25/2029 677,083 250,000 France, Government of, Unsecd. Note, 1.250%, 5/25/2036 313,658

FGAF-22

Principal Amount or Shares Value 400,000 France, Government of, Unsecd. Note, 1.750%, 6/25/2039 542,939 300,000 Germany, Government of, Bond, Series 03, 4.750%, 7/4/2034 571,413 100,000 Germany, Government of, Bond, Series 08, 4.750%, 7/4/2040 216,759 540,000 Germany, Government of, Unsecd. Note, 1.000%, 8/15/2025 655,283 1,000,000 Italy, Government of, 3.750%, 5/1/2021 1,179,849 220,000 Italy, Government of, 4.250%, 3/1/2020 248,533 680,000 Italy, Government of, Sr. Unsecd. Note, 0.650%, 10/15/2023 772,519 1,000,000 Italy, Government of, Sr. Unsecd. Note, 4.750%, 9/1/2028 1,448,002 500,000 Italy, Government of, Unsecd. Note, 1.600%, 6/1/2026 586,507 58,000 Italy, Government of, Unsecd. Note, 3.250%, 9/1/2046 76,810 100,000,000 Japan, Government of, Series 313, 1.300%, 3/20/2021 936,294 60,000,000 Japan, Government of, Series 65, 1.900%, 12/20/2023 596,852 142,000,000 Japan, Government of, Sr. Unsecd. Note, Series 114, 2.100%, 12/20/2029 1,581,531 205,000,000 Japan, Government of, Sr. Unsecd. Note, Series 153, 1.300%, 6/20/2035 2,213,408 50,000,000 Japan, Government of, Sr. Unsecd. Note, Series 351, 0.100%, 6/20/2028 466,803 155,000,000 Japan, Government of, Sr. Unsecd. Note, Series 44, 1.700%, 9/20/2044 1,882,340 30,000 Mexico, Government of, Series MTNA, 6.750%, 9/27/2034 41,100 31,800,000 Mexico, Government of, Sr. Unsecd. Note, Series M, 5.750%, 3/5/2026 1,593,406 350,000 Netherlands, Government of, 1.750%, 7/15/2023 424,603 750,000 Netherlands, Government of, Unsecd. Note, 2.500%, 1/15/2033 1,105,673 150,000 Spain, Government of, 4.200%, 1/31/2037 256,536 590,000 Spain, Government of, Sr. Unsecd. Note, 1.950%, 7/30/2030 758,162 880,000 Spain, Government of, Sr. Unsecd. Note, 2.750%, 10/31/2024 1,121,442 400,000 Spain, Government of, Sr. Unsub., 4.000%, 4/30/2020 455,147 270,000 United Kingdom, Government of, 2.750%, 9/7/2024 392,952 430,000 United Kingdom, Government of, 3.250%, 1/22/2044 792,135 350,000 United Kingdom, Government of, 4.250%, 12/7/2027 591,155 600,000 United Kingdom, Government of, Unsecd. Note, 1.500%, 7/22/2047 823,403 430,000 United Kingdom, Government of, Unsecd. Note, 4.250%, 6/7/2032 787,159 TOTAL FOREIGN GOVERNMENTS/AGENCIES 29,092,828 U.S. TREASURIES - 4.3% 325,722 U.S. Treasury Inflation-Protected Notes, 0.125%, 4/15/2021 324,999 26,453 U.S. Treasury Inflation-Protected Notes, 0.125%, 4/15/2022 26,415 5,260 U.S. Treasury Inflation-Protected Notes, 0.375%, 7/15/2027 5,363 714,203 U.S. Treasury Inflation-Protected Notes, 0.500%, 4/15/2024 725,710 414,388 U.S. Treasury Inflation-Protected Notes, 0.625%, 4/15/2023 420,774 313,172 U.S. Treasury Inflation-Protected Notes, 0.750%, 2/15/2042 325,144 78,263 U.S. Treasury Inflation-Protected Notes, 1.000%, 2/15/2048 86,664 818,096 U.S. Treasury Inflation-Protected Notes, 1.000%, 2/15/2049 909,236 525,000 Treasury Bond, 2.250%, 8/15/2049 509,244 75,000 United States Treasury Bond, 2.500%, 2/15/2045 76,584 81,000 United States Treasury Bond, 2.500%, 5/15/2046 82,738 225,000 United States Treasury Bond, 2.750%, 8/15/2047 241,466 3,000 United States Treasury Bond, 3.000%, 11/15/2045 3,358 55,000 United States Treasury Bond, 3.000%, 2/15/2048 61,820 350,000 United States Treasury Bond, 3.000%, 8/15/2048 394,118 75,000 United States Treasury Bond, 3.000%, 2/15/2049 84,574 100,000 United States Treasury Bond, 4.375%, 2/15/2038 132,992 1,300,000 United States Treasury Note, 1.375%, 8/31/2026 1,264,369 600,000 United States Treasury Note, 1.500%, 10/31/2021 599,095 1,550,000 United States Treasury Note, 1.500%, 11/30/2021 1,547,730 275,000 United States Treasury Note, 1.625%, 10/31/2026 271,555 800,000 United States Treasury Note, 1.625%, 11/30/2026 789,794 3,000,000 United States Treasury Note, 1.750%, 11/15/2029 2,954,029 600,000 United States Treasury Note, 1.875%, 6/30/2026 602,872 3,275,000 United States Treasury Note, 2.125%, 5/31/2021 3,298,311 180,000 United States Treasury Note, 2.250%, 3/31/2021 181,350 50,000 United States Treasury Note, 2.250%, 3/31/2026 51,375 385,000 United States Treasury Note, 2.500%, 1/31/2021 388,494

FGAF-23

Principal Amount or Shares Value 700,000 United States Treasury Note, 2.500%, 2/28/2021 706,906 30,000 United States Treasury Note, 2.500%, 1/31/2025 31,177 225,000 United States Treasury Note, 2.500%, 2/28/2026 234,417 145,000 United States Treasury Note, 2.875%, 9/30/2023 151,444 160,000 United States Treasury Note, 2.875%, 11/30/2023 167,356 TOTAL U.S. TREASURIES 17,651,473 PURCHASED CALL OPTIONS - 0.0% 3,300,000 1 BNP EUR CALL/JPY PUT, Notional Amount $3,300,000, Exercise Price $122.43, Expiration Date 1/30/2020 17,153 PURCHASED PUT OPTIONS - 0.0% 4,200,000 1 JPM AUD PUT/NZD CALL, Notional Amount $4,200,000, Exercise Price $1.04, Expiration Date 1/2/2020 657 INVESTMENT COMPANIES - 18.0% 221,558 Affiliated Federated Fund (Bank Loan) 2,182,349 3,967,692 Affiliated Federated Fund (Emerging Markets) 39,994,336 562,736 6 Affiliated Federated Fund (High Yield) 3,579,002 1,821,890 Affiliated Federated Fund (Mortgage) 18,000,275 549,781 Affiliated Federated Fund (Project and Trade Finance) 4,915,044 4,687,708 Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.75%7 4,688,645 TOTAL INVESTMENT COMPANIES 73,359,651 TOTAL INVESTMENT IN SECURITIES $404,044,737

At December 31, 2019, the Fund had the following outstanding futures contracts: Value and Unrealized Number of Appreciation Description Contracts Notional Value Expiration Date (Depreciation) 1Amsterdam Index Long Futures 3 $406,928 January 2020 $(3,313) 1Australia 10-Year Bond Long Futures 38 $3,812,193 March 2020 $(80,835) 1CAC 40 10-Year Euro Long Futures 17 $1,138,413 January 2020 $1,369 1Euro BTP Long Futures 7 $1,118,582 March 2020 $3,897 1Euro Bund Long Futures 25 $4,780,966 March 2020 $(72,299) 1FTSE/MIB Index Long Futures 7 $919,065 March 2020 $(17,113) 1Hang Seng Index Long Futures 3 $544,191 January 2020 $1,833 1IBEX 35 Index Long Futures 2 $213,758 January 2020 $(3,140) 1S&P 500 E-Mini Long Futures 37 $5,977,535 March 2020 $85,339 1SPI 200 Long Futures 9 $1,042,572 March 2020 $(20,922) 1TOPIX Index Long Futures 3 $475,174 March 2020 $3,698 1United States Treasury Notes 2-Year Long Futures 50 $10,775,000 March 2020 $(15,050) 1United States Treasury Notes 5-Year Long Futures 23 $2,728,016 March 2020 $(10,942) 1United States Treasury Notes 10-Year Long Futures 64 $8,219,000 March 2020 $(10,175) 1United States Treasury Notes 10-Year Ultra Long Futures 2 $281,406 March 2020 $396 1Canada 10-Year Bond Short Futures 19 $2,011,567 March 2020 $10,871 1DAX Index Short Futures 2 $742,930 March 2020 $9,233 1FTSE 100 Index Short Futures 49 $4,867,255 March 2020 $(76,904) 1FTSE JSE Top 40 Short Futures 15 $550,050 March 2020 $4,435 1Japan 10-Year Bond Short Futures 2 $2,801,160 March 2020 $(114) 1KOSPI2 Index Short Futures 4 $255,264 March 2020 $(2,364) 1Long GILT Short Futures 30 $5,220,778 March 2020 $(3,475) 1MSCI Singapore IX ETS Short Futures 56 $1,546,823 January 2020 $1,656 1MSCI Taiwan Index Short Futures 12 $551,520 January 2020 $3,680 1S&P/TSX 60 IX Short Futures 8 $1,247,422 March 2020 $12,514 1United States Treasury Ultra Bond Short Futures 2 $363,313 March 2020 $12,357 NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS $(165,368)

FGAF-24

At December 31, 2019, 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: 1/3/2020 1,133,000 AUD $783,494 $11,588 1/3/2020 2,936,000 CAD $2,232,312 $28,689 1/3/2020 1,387,000 CHF $1,422,900 $10,248 1/3/2020 3,089,000 EUR $3,449,842 $15,090 1/3/2020 499,000 GBP $654,671 $6,304 1/3/2020 5,020,000 MXN $265,414 $89 1/3/2020 15,056,000 NOK $1,707,679 $7,264 1/3/2020 2,625,000 NZD $1,736,330 $30,820 1/3/2020 5,989,000 SEK $635,606 $3,811 1/3/2020 457,000 SGD $337,067 $2,723 1/3/2020 1,593,000 TRY $267,371 $332 1/6/2020 1,030,909 AUD 1,072,281 NZD $1,639 1/6/2020 4,200,000 AUD 4,375,098 NZD $2,268 1/6/2020 250,427,000 JPY $2,287,819 $16,971 2/3/2020 500,000 EUR 60,559,405 JPY $3,748 2/3/2020 550,000 EUR $615,644 $2,479 2/3/2020 680,000 GBP $878,048 $23,482 2/3/2020 540,995,700 JPY $5,000,000 $(13,590) 2/3/2020 13,803,734 NOK $1,500,000 $72,529 2/3/2020 19,986,058 NOK $2,200,000 $76,822 2/3/2020 950,000 NZD $605,485 $34,311 2/4/2020 11,653,621 MXN $600,000 $13,429 2/4/2020 11,672,744 MXN $600,000 $14,436 2/18/2020 115,501 AUD $80,000 $1,146 2/18/2020 116,064 AUD $80,000 $1,541 2/18/2020 223,038 CAD $170,000 $1,793 2/18/2020 223,796 CAD $170,000 $2,376 2/18/2020 72,995 CHF $75,000 $653 2/18/2020 73,468 CHF $75,000 $1,143 2/18/2020 400,565 EUR $450,000 $601 2/18/2020 402,777 EUR $450,000 $3,089 2/18/2020 122,485 GBP $160,000 $2,452 2/18/2020 123,109 GBP $160,000 $3,280 2/18/2020 29,515,112 JPY $275,000 $(2,734) 2/18/2020 29,928,399 JPY $275,000 $1,079 2/18/2020 2,863,964 MXN $150,000 $439 2/18/2020 2,910,516 MXN $150,000 $2,885 2/28/2020 170,000 AUD $115,584 $3,879 2/28/2020 112,219 CAD $85,000 $1,437 2/28/2020 13,481,013 MXN $690,000 $17,078 2/28/2020 1,000,000 NOK $109,110 $4,817 2/28/2020 180,000 NZD $115,797 $5,473 2/28/2020 1,700,000 NZD $1,092,953 $52,370 3/19/2020 14,215,133,000 KRW $12,248,829 $66,282 Contracts Sold: 1/3/2020 1,133,000 AUD $790,131 $(4,952) 1/3/2020 2,936,000 CAD $2,244,386 $(16,614) 1/3/2020 1,387,000 CHF $1,414,156 $(18,991) 1/3/2020 3,089,000 EUR $3,423,562 $(41,369) 1/3/2020 499,000 GBP $645,689 $(15,287) 1/3/2020 5,020,000 MXN $264,491 $(1,012) 1/3/2020 15,056,000 NOK $1,683,134 $(31,809) 1/3/2020 2,625,000 NZD $1,758,342 $(8,808)

FGAF-25

Unrealized Settlement Foreign Currency Appreciation Date Units to Deliver/Receive In Exchange For (Depreciation) 1/3/2020 5,989,000 SEK $640,898 $1,482 1/3/2020 457,000 SGD $338,012 $(1,778) 1/3/2020 1,593,000 TRY $267,118 $(585) 1/6/2020 1,030,909 AUD 1,074,104 NZD $(411) 1/6/2020 1,030,909 AUD 1,074,875 NZD $108 1/6/2020 250,427,000 JPY $2,290,952 $(13,838) 2/3/2020 500,000 EUR 60,407,345 JPY $(5,150) 2/3/2020 20,089,073 NOK $2,200,000 $(88,558) 2/3/2020 950,000 NZD $606,914 $(32,883) 2/4/2020 23,308,824 MXN $1,200,000 $(26,942) 2/4/2020 30,715,926 MXN $1,600,000 $(16,840) 2/28/2020 111,942 CAD $85,000 $(1,224) 2/28/2020 13,275,600 MXN $690,000 $(6,303) 2/28/2020 940,000 NZD $606,018 $(27,279) 2/28/2020 940,000 NZD $613,035 $(20,262) 3/19/2020 3,695,146,000 KRW $3,180,535 $(20,710) 3/19/2020 5,017,883,000 KRW $4,332,185 $(14,998) 3/19/2020 5,502,104,000 KRW $4,739,189 $(27,493) NET UNREALIZED APPRECATION ON FOREIGN EXCHANGE CONTRACTS $94,055

At December 31, 2019, the Fund had the following outstanding written options contracts:

Notional Expiration Exercise Description Contracts Amount Date Price Value Morgan Stanley AUD CALL/USD PUT (CALL-Option) 58,268 $58,268 January 2020 $0.69 $(1,430) BNP EUR PUT/JPY CALL (PUT-Option) 3,300,000 $3,300,000 January 2020 $119.30 $(4,949) GBP PUT/USD CALL (PUT-Option) 698,175 $698,175 January 2020 $1.31 $(1,636) HSBC NZD PUT/USD CALL (PUT-Option) 699,825 $699,825 January 2020 $0.65 $(120) (Premiums Received $35,343) $(8,135)

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 December 31, 2019, these restricted securities amounted to $824,969, which represented 0.2% of total net assets. 4 Issuer in default. 5 Floating/variable note with current rate and current maturity or next reset date shown. 6 The High Yield Portfolio is a diversified portfolio of below investment grade bonds. 7 7-day net yield.

Note: The categories of investments are shown as a percentage of net assets $407,342,229 at the close of business on December 31, 2019, 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

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GDR --Global Depository Receipt GMTN --Global Medium Term Note JPY --Japanese Yen KRW --South Korean Won 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 SEK --Swedish Krona SGD --Singapore Dollar TRY --Turkish Lira

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.

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Federated Securities Corp., Distributor (32239) 12/31/2019

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