N-Q 1 form.htm

United States

Securities and Exchange Commission

Washington, D.C. 20549

 

Form N-Q

Quarterly Schedule of Portfolio Holdings of Registered Management Investment Companies

 

 

 

 

811-8519

 

(Investment Company Act File Number)

 

 

Federated Core Trust

 

___________________________________________

 

(Exact Name of Registrant as Specified in Charter)

 

 

 

Federated Investors Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

(Address of Principal Executive Offices)

 

 

(412) 288-1900

(Registrant's Telephone Number)

 

 

Peter J. Germain, Esquire

Federated Investors Tower

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222-3779

(Name and Address of Agent for Service)

(Notices should be sent to the Agent for Service)

 

 

 

 

 

 

Date of Fiscal Year End: 10/31/19

 

 

Date of Reporting Period: Quarter ended 01/31/19

 

 

 

 

 

 
 

 

 

Item 1.Schedule of Investments

 

Emerging Markets Core Fund
Portfolio of Investments
January 31, 2019 (unaudited)
Principal
Amount,
Foreign
Currency
Par Amount
or Shares 		    Value in
U.S. Dollars
    CORPORATE BONDS—65.9%  
    Aerospace & Defense—0.3%  
$1,800,000   Embraer Overseas Ltd., Sr. Unsecd. Note, 144A, 5.696%, 9/16/2023 $1,908,000
    Air Transportation—0.4%  
1,300,000   Embraer Netherlands BV, Sr. Unsecd. Note, 5.050%, 6/15/2025 1,354,288
1,970,000   Gol Finance, Sr. Unsecd. Note, 144A, 7.000%, 1/31/2025 1,834,563
    TOTAL 3,188,851
    Airport—0.3%  
900,000   Aeropuerto Internacional de Tocumen SA, 144A, 6.000%, 11/18/2048 934,875
366,000   Mexico City Airport Trust, 144A, 3.875%, 4/30/2028 324,917
1,003,000   Mexico City Airport Trust, Sec. Fac. Bond, 144A, 5.500%, 10/31/2046 900,192
    TOTAL 2,159,984
    Automotive—0.5%  
1,000,000   Hyundai Capital America, Sr. Unsecd. Note, REGS, 2.750%, 9/27/2026 884,131
2,450,000   Hyundai Capital Services, Inc., Sr. Unsecd. Note, 144A, 3.625%, 8/29/2027 2,313,987
700,000   Nemak SAB de CV, Sr. Unsecd. Note, 144A, 4.750%, 1/23/2025 679,000
    TOTAL 3,877,118
    Banking—14.8%  
2,000,000   ADCB Finance Cayman Ltd., Sr. Unsecd. Note, REGS, 4.000%, 3/29/2023 2,005,120
2,000,000   Akbank TAS, Sub. Note, REGS, 6.797%, 4/27/2028 1,770,070
2,000,000   Al Ahli Bank of Kuwait, Jr. Sub. Note, 7.250%, 3/26/2167 2,031,250
1,500,000   Alfa Bank (Alfa Bond), Jr. Sub. Note, 8.000%, 2/3/2168 1,475,625
2,000,000   Axiata SPV2 Bhd, Sr. Unsecd. Note, Series EMTN, 4.357%, 3/24/2026 2,020,610
960,000   BBVA Banco Continental, REGS, 5.000%, 8/26/2022 994,656
1,160,000   BBVA Bancomer SA Mexico, Jr. Sub. Note, 144A, 5.350%, 11/12/2029 1,097,174
2,400,000   BBVA Bancomer SA Texas, Sub. Note, REGS, 6.500%, 3/10/2021 2,492,400
1,000,000   BDO Unibank, Inc., Sr. Unsecd. Note, Series EMTN, 2.625%, 10/24/2021 972,843
300,000   Banco Bradesco SA, Sub. Note, 144A, 5.900%, 1/16/2021 311,400
400,000   Banco Bradesco SA, Sub., 144A, 6.750%, 9/29/2019 409,400
900,000   Banco Bradesco SA, Sub., REGS, 5.750%, 3/1/2022 939,600
350,000   Banco Daycoval SA, REGS, 5.750%, 3/19/2019 351,094
1,550,000   Banco De Bogota S.A., Sr. Unsecd. Note, REGS, 4.375%, 8/3/2027 1,486,450
1,000,000   Banco De Bogota S.A., Sub., REGS, 6.250%, 5/12/2026 1,048,500
1,130,000   Banco de Credito del Peru, REGS, 6.125%, 4/24/2027 1,194,975
700,000   Banco de Credito E Inversiones, Sr. Unsecd. Note, REGS, 3.500%, 10/12/2027 659,838
700,000   Banco Do Brasil S.A., 3.875%, 10/10/2022 691,425
900,000   Banco Do Brasil S.A., Jr. Sub. Note, 144A, 8.500%, 4/20/2167 961,659
2,500,000   Banco Do Brasil S.A., Sr. Unsecd. Note, 144A, 4.625%, 1/15/2025 2,461,025
1,200,000   Banco Do Brasil S.A., Sr. Unsecd. Note, 144A, 4.875%, 4/19/2023 1,215,000
1,270,000   Banco Do Brasil S.A., Sr. Unsecd. Note, REGS, 5.375%, 1/15/2021 1,304,290
300,000   Banco do Estado do Rio Grande do Sul SA, Sub., 144A, 7.375%, 2/2/2022 316,497
700,000   Banco General SA, Sr. Unsecd. Note, 144A, 4.125%, 8/7/2027 663,250
ARS 18,200,000 1 Banco Hipotecario SA, Unsecd. Note, 144A, 48.062% (30-35 Day Argentina Dep Rates BADLAR Priv Bks ARS +4.000%), 11/7/2022 520,732
$1,000,000   Banco Internacional del Peru SAA Interbank, Jr. Sub. Note, 144A, 8.500%, 4/23/2070 1,055,000
1
Principal
Amount,
Foreign
Currency
Par Amount
or Shares 		    Value in
U.S. Dollars
    CORPORATE BONDS—continued  
    Banking—continued  
$500,000   Banco Internacional del Peru SAA Interbank, Unsecd. Note, 144A, 3.375%, 1/18/2023 $487,500
ARS 6,300,000   Banco Macro SA, Sr. Unsecd. Note, 144A, 17.500%, 5/8/2022 107,223
$300,000   Banco Macro SA, Sub. Note, 144A, 6.750%, 11/4/2026 252,750
1,000,000   Banco Mercantil Del Nort, Jr. Sub. Note, 144A, 5.750%, 10/4/2031 942,600
1,000,000   Banco Mercantil Del Nort, Jr. Sub. Note, 144A, 6.875%, 10/6/2067 993,750
500,000   Banco Reservas Rep Domin, 144A, 7.000%, 2/1/2023 505,255
250,000   Banco Reservas Rep Domin, REGS, 7.000%, 2/1/2023 252,628
1,200,000   Bancolombia S.A., 5.950%, 6/3/2021 1,257,000
1,900,000   Bancolombia S.A., Sub., 4.875%, 10/18/2027 1,884,895
1,300,000   Bangkok Bank Public Co. Ltd. (HK), Sr. Unsecd. Note, 144A, 4.050%, 3/19/2024 1,323,692
2,630,000   Bank of China Ltd., 144A, 5.000%, 11/13/2024 2,742,083
5,600,000   Bank of China Ltd., Sub. Note, REGS, 5.000%, 11/13/2024 5,838,655
500,000   Caixa Economica Federal, 144A, 3.500%, 11/7/2022 485,600
900,000   Caixa Economica Federal, Sr. Unsecd. Note, 144A, 4.250%, 5/13/2019 901,782
500,000   Caixa Economica Federal, Sub. Note, 144A, 7.250%, 7/23/2024 508,480
2,300,000   China Construction Bank Corp., Sub., Series EMTN, 4.250%, 8/20/2024 2,303,206
800,000   DBS Group Holdings Ltd., Sr. Sub., 144A, 4.520%, 12/11/2028 819,754
2,000,000   DIB Tier 1 Sukuk 2 Ltd., Jr. Sub. Note, 6.750%, 7/20/2167 2,047,000
500,000   Development Bank of Mongolia, Sr. Unsecd. Note, 144A, 7.250%, 10/23/2023 500,251
1,200,000   Emirates NBD Tier 1 Ltd., Jr. Sub. Note, 5.750%, 11/30/2067 1,202,448
1,300,000   Export-Import Bank of India, Sr. Unsecd. Note, 144A, 3.875%, 2/1/2028 1,231,751
1,000,000   Export-Import Bank of India, Sr. Unsecd. Note, Series EMTN, 4.000%, 1/14/2023 1,005,582
1,100,000   Global Bank Corp., Sr. Unsecd. Note, 144A, 5.125%, 10/30/2019 1,112,925
500,000   Grupo Financiero Santander Mexico SAB de CV, Jr. Sub. Deb., 8.500%, 4/20/2167 525,000
1,000,000   Halyk Savings Bank of Kazakhstan JSC, Sr. Unsecd. Note, REGS, 5.500%, 12/21/2022 998,000
200,000   ICICI Bank Ltd., REGS, 5.750%, 11/16/2020 205,849
1,000,000   ICICI Bank Ltd., Sr. Unsecd. Note, 144A, 5.750%, 11/16/2020 1,029,247
2,500,000   Industrial & Commercial Bank of China, Sr. Unsecd. Note, 3.538%, 11/8/2027 2,419,933
3,050,000   Industrial and Commercial Bank of China Ltd., 144A, 6.000%, 12/10/2067 3,088,607
4,600,000   Industrial and Commercial Bank of China Ltd., Jr. Sub. Note, REGS, 6.000%, 12/10/2067 4,658,227
1,500,000   Industrial Bank of Korea, Jr. Sub. Deb., REGS, 3.900%, 1/31/2168 1,451,624
550,000   Industrial Senior Trust, Sr. Unsecd. Note, REGS, 5.500%, 11/1/2022 554,125
1,300,000   Itau Unibanco Holding SA, Sub., REGS, 5.500%, 8/6/2022 1,350,700
500,000   Itau Unibanco Holding SA, Sub., REGS, 6.200%, 4/15/2020 515,000
1,000,000   Kasikornbank Public Co. Ltd, Sr. Unsecd. Note, Series EMTN, 3.256%, 7/12/2023 981,093
400,000   Krung Thai Bank PCL/Cayman Islands, Sub., Series EMTN, 5.200%, 12/26/2024 403,514
1,000,000   MTN Mauritius Investment Ltd., Sr. Unsecd. Note, 144A, 5.373%, 2/13/2022 998,166
800,000   MTN Mauritius Investment Ltd., Sr. Unsecd. Note, REGS, 4.755%, 11/11/2024 759,155
2,000,000   Multibank, Inc., Sr. Unsecd. Note, 144A, 4.375%, 11/9/2022 1,980,000
3,000,000   NBK Tier 1 Financing Ltd., Jr. Sub. Note, 5.750%, 10/9/2167 3,046,500
2,800,000   Sberbank of Russia, REGS, 5.125%, 10/29/2022 2,814,563
1,500,000   Shinhan Bank, Sub., 144A, 3.875%, 3/24/2026 1,462,905
3,025,000   Shinhan Bank, Sub., REGS, 3.750%, 9/20/2027 2,860,183
500,000   Shinhan Financial Group Co. Ltd., Jr. Sub. Note, 5.875%, 2/13/2167 501,253
1,000,000   Syndicate Bank of London, Sr. Unsecd. Note, Series EMTN, 3.875%, 12/4/2019 997,812
700,000   T.C. Ziraat Bankasi A.S., Sr. Unsecd. Note, 144A, 5.125%, 9/29/2023 636,020
1,500,000   Talent Yield Investments, Sr. Unsecd. Note, REGS, 4.500%, 4/25/2022 1,522,329
2
Principal
Amount,
Foreign
Currency
Par Amount
or Shares 		    Value in
U.S. Dollars
    CORPORATE BONDS—continued  
    Banking—continued  
$1,000,000   Turkiye Garanti Bankasi AS, Sr. Unsecd. Note, 144A, 5.875%, 3/16/2023 $967,295
2,000,000   Turkiye Halk Bankasi AS, Sr. Unsecd. Note, REGS, 4.750%, 2/11/2021 1,830,962
2,000,000   Turkiye Is Bankasi (Isbank) A.S., Sr. Unsecd. Note, REGS, 6.125%, 4/25/2024 1,791,274
1,200,000   Turkiye Vakiflar Bankasi T.A.O., Sr. Unsecd. Note, REGS, 5.750%, 1/30/2023 1,111,171
1,000,000   Turkiye Vakiflar Bankasi T.A.O., Sub., REGS, 6.000%, 11/1/2022 901,418
1,500,000   Turkiye Vakiflar Bankasi T.A.O., Sub., REGS, 6.875%, 2/3/2025 1,352,534
1,200,000   United Bank for Africa PLC, Sr. Unsecd. Note, REGS, 7.750%, 6/8/2022 1,221,540
1,200,000   VTB Bank OJSC, Sub. Note, REGS, 9.500%, 12/6/2067 1,207,807
2,850,000   VTB Capital SA, Sub., REGS, 6.950%, 10/17/2022 2,926,237
2,000,000   Wanda Properties International Co., Sr. Unsecd. Note, 7.250%, 1/29/2024 1,957,310
1,600,000   Woori Bank, Jr. Sub. Deb., 144A, 5.250%, 11/16/2167 1,610,613
300,000   Woori Bank, REGS, 5.000%, 6/10/2045 301,068
800,000   Woori Bank, Sub. Note, 144A, 5.875%, 4/13/2021 841,207
    TOTAL 112,936,934
    Beverage & Tobacco—0.2%  
1,070,000   Central American Bottling Corp., Sr. Unsecd. Note, REGS, 5.750%, 1/31/2027 1,068,662
361,000   Embotelladora Andina S.A., Sr. Unsecd. Note, REGS, 5.000%, 10/1/2023 377,670
    TOTAL 1,446,332
    Broadcast Radio & TV—0.4%  
1,800,000   Globo Communicacoes Part, Sr. Unsecd. Note, REGS, 4.875%, 4/11/2022 1,817,568
430,000   Grupo Televisa S.A., Sr. Note, 8.500%, 3/11/2032 551,106
750,000   TV Azteca SA de CV, Sr. Unsecd. Note, 8.250%, 8/9/2024 746,250
    TOTAL 3,114,924
    Building & Development—0.0%  
450,000 2,3 Odebrecht SA, Company Guarantee, 144A, 7.500%, 12/14/2067 57,375
    Building Materials—0.4%  
1,000,000   Cemex, Sab De Cv, 144A, 7.750%, 4/16/2026 1,082,500
800,000   Cemex, Sab De Cv, REGS, 6.125%, 5/5/2025 816,400
500,000   Votorantim Celulose e Papel SA, Company Guarantee, 144A, 7.250%, 4/5/2041 527,010
240,000   West China Cement Ltd., Sr. Unsecd. Note, 6.500%, 9/11/2019 241,099
    TOTAL 2,667,009
    Business Equipment & Services—0.3%  
2,400,000   GNL Quintero SA, Sr. Unsecd. Note, REGS, 4.634%, 7/31/2029 2,391,000
    Cable & Wireless Television—0.3%  
2,570,000   Vtr Finance Bv, REGS, 6.875%, 1/15/2024 2,656,481
    Chemicals & Plastics—3.7%  
1,300,000   Alfa S.A., Sr. Unsecd. Note, REGS, 6.875%, 3/25/2044 1,330,875
1,000,000   Alpek Sa De Cv, Sr. Unsecd. Note, 144A, 5.375%, 8/8/2023 1,031,500
2,200,000   Alpek Sa De Cv, Sr. Unsecd. Note, REGS, 4.500%, 11/20/2022 2,202,750
1,000,000   Braskem Finance Ltd., REGS, 5.750%, 4/15/2021 1,041,510
1,250,000   Braskem Netherlands Finance BV, Sr. Unsecd. Note, 144A, 4.500%, 1/10/2028 1,221,875
3,100,000   CNAC HK Finbridge Co. Ltd., Sr. Unsecd. Note, 3.500%, 7/19/2022 3,047,430
1,000,000   CNAC HK Finbridge Co. Ltd., Sr. Unsecd. Note, 4.125%, 3/14/2021 1,004,096
3,200,000   CNAC HK Finbridge Co. Ltd., Sr. Unsecd. Note, 4.125%, 7/19/2027 3,137,325
2,500,000   CNAC HK Finbridge Co. Ltd., Sr. Unsecd. Note, 4.875%, 3/14/2025 2,579,683
800,000   Cydsa SAB de CV, Sr. Unsecd. Note, 144A, 6.250%, 10/4/2027 742,000
1,000,000   Mexichem SA de CV, 144A, 4.875%, 9/19/2022 1,022,500
3
Principal
Amount,
Foreign
Currency
Par Amount
or Shares 		    Value in
U.S. Dollars
    CORPORATE BONDS—continued  
    Chemicals & Plastics—continued  
$1,600,000   Mexichem SA de CV, Sr. Unsecd. Note, 144A, 5.500%, 1/15/2048 $1,444,000
1,000,000   Mexichem SA de CV, Sr. Unsecd. Note, REGS, 5.875%, 9/17/2044 936,250
400,000   OCP SA, Sr. Unsecd. Note, REGS, 4.500%, 10/22/2025 392,738
900,000   PTT Global Chemical PCL, REGS, 4.250%, 9/19/2022 911,482
2,500,000   Petkim Petrokimya Holding A.S., Sr. Unsecd. Note, 144A, 5.875%, 1/26/2023 2,371,308
1,250,000   SABIC Capital I BV, Sr. Unsecd. Note, 144A, 4.500%, 10/10/2028 1,277,400
2,000,000   Sasol Financing USA LLC, Sr. Unsecd. Note, 5.875%, 3/27/2024 2,065,452
    TOTAL 27,760,174
    Consumer Products—0.1%  
567,000   Controladora Mabe S.A. de C.V., Sr. Unsecd. Note, 144A, 5.600%, 10/23/2028 554,951
    Farming & Agriculture—0.4%  
3,000,000   Kazagro Natl Mgmt Hldng., 144A, 4.625%, 5/24/2023 3,039,144
    Finance—2.6%  
500,000   CIELO S.A./ Cielo USA, Inc., Sr. Unsecd. Note, 144A, 3.750%, 11/16/2022 484,375
2,500,000   China Overseas Finance Cayman VII Ltd., Sr. Unsecd. Note, 4.750%, 4/26/2028 2,568,972
1,000,000   Corp Financi De Desarrol, Sr. Unsecd. Note, 144A, 4.750%, 7/15/2025 1,028,250
1,200,000   Corp Financi De Desarrol, Sub. Note, 144A, 5.250%, 7/15/2029 1,218,000
1,250,000   Credito Real Sab de CV, Sr. Unsecd. Note, 144A, 9.500%, 2/7/2026 1,250,000
600,000   Grupo Aval Ltd., Sr. Unsecd. Note, 144A, 4.750%, 9/26/2022 592,800
1,000,000   Gruposura Finance, Sr. Unsecd. Note, 144A, 5.500%, 4/29/2026 1,034,000
2,800,000   Huarong Finance 2017 Co. Ltd., Sr. Unsecd. Note, Series EMTN, 4.250%, 11/7/2027 2,614,268
2,500,000   ICD Sukuk Co. Ltd., Sr. Unsecd. Note, Series EMTN, 5.000%, 2/1/2027 2,485,070
2,000,000   MAF Global Securities, Jr. Sub. Deb., 6.375%, 9/20/2167 1,858,098
1,300,000   MAF Global Securities, Jr. Sub. Note, 5.500%, 9/7/2167 1,251,406
3,000,000   Ooredoo Intl Finance, Sr. Unsecd. Note, REGS, 3.750%, 6/22/2026 2,924,415
650,000   SURA Asset Management SA, Sr. Unsecd. Note, 144A, 4.375%, 4/11/2027 627,250
    TOTAL 19,936,904
    Financial Intermediaries—1.3%  
1,500,000   Huarong Finance II Co. Ltd., Sr. Unsecd. Note, Series EMTN, 3.250%, 6/3/2021 1,463,805
1,500,000   Huarong Finance II Co. Ltd., Sr. Unsecd. Note, Series EMTN, 3.625%, 11/22/2021 1,470,188
1,500,000   Huarong Finance II Co. Ltd., Sr. Unsecd. Note, Series EMTN, 5.000%, 11/19/2025 1,501,161
1,500,000   ICD Funding Ltd., Sr. Unsecd. Note, 4.625%, 5/21/2024 1,503,631
2,500,000   Ooredoo International Finance Ltd., Sr. Unsecd. Note, REGS, 5.000%, 10/19/2025 2,624,977
1,000,000   Trust F/1401, Sr. Unsecd. Note, 144A, 5.250%, 1/30/2026 997,300
    TOTAL 9,561,062
    Food & Drug Retailers—0.2%  
200,000   Cencosud SA, REGS, 4.875%, 1/20/2023 200,165
1,000,000   Cencosud SA, Sr. Unsecd. Note, 144A, 5.500%, 1/20/2021 1,027,500
    TOTAL 1,227,665
    Food Products—2.4%  
850,000   BFF International Ltd., Sr. Unsecd. Note, 144A, 7.250%, 1/28/2020 868,062
1,500,000   BFF International Ltd., Sr. Unsecd. Note, REGS, 7.250%, 1/28/2020 1,531,875
2,000,000   ESAL GmbH, Sr. Unsecd. Note, REGS, 6.250%, 2/5/2023 2,017,500
1,583,000   Gruma Sab De Cv, Sr. Unsecd. Note, REGS, 4.875%, 12/1/2024 1,611,510
500,000   Grupo Bimbo S.A.B. de CV, Sr. Unsecd. Note, 144A, 4.700%, 11/10/2047 465,625
4,300,000   Grupo Bimbo S.A.B. de CV, Sub., 144A, 5.950%, 7/17/2167 4,272,910
500,000   JBS Investments GmbH, Sr. Unsecd. Note, 144A, 7.250%, 4/3/2024 518,910
4
Principal
Amount,
Foreign
Currency
Par Amount
or Shares 		    Value in
U.S. Dollars
    CORPORATE BONDS—continued  
    Food Products—continued  
$900,000   JBS USA LLC/JBS USA Finance, Inc., Sr. Unsecd. Note, 144A, 7.250%, 6/1/2021 $912,978
2,500,000   MHP SA, Sr. Unsecd. Note, REGS, 7.750%, 5/10/2024 2,412,350
500,000   Marfrig Holding Europe BV, Sr. Unsecd. Note, 144A, 7.000%, 3/15/2024 490,375
700,000   Marfrig Holding Europe BV, Sr. Unsecd. Note, REGS, 6.875%, 6/24/2019 707,000
700,000   Minerva Luxembourg SA, Sr. Unsecd. Note, 144A, 6.500%, 9/20/2026 672,210
1,500,000   SIGMA Finance NL, Sr. Unsecd. Note, 144A, 4.875%, 3/27/2028 1,490,625
    TOTAL 17,971,930
    Food Services—0.2%  
1,900,000   MARB BondCo PLC, Sr. Unsecd. Note, 144A, 6.875%, 1/19/2025 1,822,100
    Forest Products—0.8%  
1,000,000   Celulosa Arauco y Constitucion S.A., Sr. Unsecd. Note, 5.500%, 11/2/2047 963,750
300,000   Inversiones CMPC SA, Sr. Unsecd. Note, 144A, 4.500%, 4/25/2022 304,200
400,000   Klabin Finance SA, Sr. Unsecd. Note, 144A, 4.875%, 9/19/2027 376,500
650,000   Suzano Austria GmbH, Sr. Unsecd. Note, 144A, 6.000%, 1/15/2029 683,475
3,400,000   Suzano Austria GmbH, Sr. Unsecd. Note, 144A, 7.000%, 3/16/2047 3,695,800
    TOTAL 6,023,725
    Hotels, Motels, Inns & Casinos—0.0%  
300,000   Grupo Posadas SA de C.V., Sr. Secd. Note, REGS, 7.875%, 6/30/2022 298,386
    Industrial Products & Equipment—0.4%  
400,000 1 BOC Aviation Ltd., Sr. Unsecd. Note, 144A, 3.787% (3-month USLIBOR +1.050%), 5/2/2021 401,890
1,000,000   Cemex Finance LLC, REGS, 6.000%, 4/1/2024 1,021,510
1,897,000   Grupo Kuo SAB DE CV, Sr. Unsecd. Note, 144A, 5.750%, 7/7/2027 1,821,310
    TOTAL 3,244,710
    Insurance—0.3%  
2,400,000   Kyobo Life Insurance Co. Ltd., Sub., REGS, 3.950%, 7/24/2047 2,335,153
    Metals & Mining—4.6%  
1,000,000   Chinalco Capital Holdings Ltd., Sr. Unsecd. Note, 4.000%, 8/25/2021 969,669
1,000,000   Cia Brasileira de Alumin, Sr. Unsecd. Note, 144A, 4.750%, 6/17/2024 1,005,000
1,000,000   Cia Brasileira de Alumin, Sr. Unsecd. Note, REGS, 6.750%, 4/5/2021 1,050,000
950,000   Codelco, Inc., Sr. Unsecd. Note, 144A, 4.250%, 7/17/2042 907,781
433,000   Codelco, Inc., Sr. Unsecd. Note, 144A, 4.500%, 9/16/2025 446,811
1,000,000   Codelco, Inc., Sr. Unsecd. Note, 144A, 4.875%, 11/4/2044 1,041,445
2,500,000   Evraz Group SA, Sr. Unsecd. Note, 8.250%, 1/28/2021 2,658,750
1,500,000   Evraz Group SA, Sr. Unsecd. Note, REGS, 5.375%, 3/20/2023 1,502,475
700,000   GTL Trade Finance, Inc., Sr. Unsecd. Note, 144A, 7.250%, 4/16/2044 756,000
1,300,000   GTL Trade Finance, Inc., Sr. Unsecd. Note, REGS, 5.893%, 4/29/2024 1,374,360
800,000   Gerdau Trade, Inc., Sr. Unsecd. Note, 144A, 4.875%, 10/24/2027 783,000
400,000   JSW Steel Ltd., Sr. Unsecd. Note, 4.750%, 11/12/2019 399,312
400,000   JSW Steel Ltd., Sr. Unsecd. Note, 5.250%, 4/13/2022 398,166
2,610,000   Metinvest BV, Sr. Unsecd. Note, REGS, 7.750%, 4/23/2023 2,495,497
2,500,000   Minmetals Bounteous Finance BVI Ltd., Sr. Unsecd. Note, 4.200%, 7/27/2026 2,470,213
1,300,000   PT Indonesia Asahan Aluminium Tbk, Sr. Unsecd. Note, 144A, 5.230%, 11/15/2021 1,344,365
1,300,000   PT Indonesia Asahan Aluminium Tbk, Sr. Unsecd. Note, 144A, 5.710%, 11/15/2023 1,370,447
1,200,000   PT Indonesia Asahan Aluminium Tbk, Sr. Unsecd. Note, 144A, 6.530%, 11/15/2028 1,320,260
1,500,000   Severstal OAO Via Steel Capital SA, Sr. Unsecd. Note, REGS, 3.850%, 8/27/2021 1,472,457
2,000,000   Southern Copper Corp., Sr. Unsecd. Note, 5.250%, 11/8/2042 1,997,285
1,000,000   VM Holding S.A., Sr. Unsecd. Note, 144A, 5.375%, 5/4/2027 993,700
5
Principal
Amount,
Foreign
Currency
Par Amount
or Shares 		    Value in
U.S. Dollars
    CORPORATE BONDS—continued  
    Metals & Mining—continued  
$5,051,000   Vale Overseas Ltd., Sr. Unsecd. Note, 6.250%, 8/10/2026 $5,436,139
1,450,000   Vedanta Resources PLC, REGS, 8.250%, 6/7/2021 1,495,675
500,000   Vedanta Resources PLC, Sr. Unsecd. Note, 144A, 6.125%, 8/9/2024 456,077
1,000,000   Volcan Compania Minera S.A.A., 144A, 5.375%, 2/2/2022 1,021,247
    TOTAL 35,166,131
    Oil & Gas—14.5%  
1,267,000   AI Candelaria Spain SLU, Sr. Secd. Note, 144A, 7.500%, 12/15/2028 1,246,728
700,000   Abu Dhabi Crude Oil Pipeline, 144A, 4.600%, 11/2/2047 710,073
800,000   Bprl, Int. Singa, Sr. Unsecd. Note, Series EMTN, 4.375%, 1/18/2027 783,190
3,000,000   CNOOC Finance 2013 Ltd., 4.250%, 5/9/2043 2,950,122
7,000,000   CNOOC Finance 2014 ULC, 4.250%, 4/30/2024 7,198,345
1,100,000   CNOOC Finance 2015 U.S.A. LLC, Sr. Unsecd. Note, 3.750%, 5/2/2023 1,104,673
1,250,000   CNOOC Finance 2015 U.S.A. LLC, Sr. Unsecd. Note, 4.375%, 5/2/2028 1,293,294
1,000,000   Cosan Ltd., Sr. Unsecd. Note, 144A, 5.950%, 9/20/2024 1,007,500
1,883,000   Ecopetrol SA, Sr. Unsecd. Note, 5.875%, 9/18/2023 2,004,830
200,000   Ecopetrol SA, Sr. Unsecd. Note, 5.875%, 5/28/2045 197,950
1,150,000   Empresa Nacional del Petroleo, Sr. Unsecd. Note, 144A, 5.250%, 11/6/2029 1,213,986
2,000,000   Equate Petrochemical BV, Sr. Unsecd. Note, REGS, 4.250%, 11/3/2026 1,994,792
1,000,000   Gaz Capital SA, Sr. Unsecd. Note, REGS, 4.950%, 2/6/2028 979,605
4,000,000   Gazprom Via Gaz Capital SA, Sr. Unsecd. Note, REGS, 4.950%, 3/23/2027 3,924,500
700,000   Gran Tierra Energy, Inc., Sr. Unsecd. Note, 144A, 6.250%, 2/15/2025 662,375
1,800,000   Hunt Oil Co. of Peru, Sr. Unsecd. Note, 144A, 6.375%, 6/1/2028 1,903,050
1,100,000   KazMunayGas National Co. JSC, Sr. Unsecd. Note, 144A, 4.750%, 4/19/2027 1,115,268
1,000,000   KazMunayGas National Co. JSC, Sr. Unsecd. Note, 144A, 5.375%, 4/24/2030 1,036,953
1,100,000   KazMunayGas National Co. JSC, Sr. Unsecd. Note, REGS, 4.750%, 4/19/2027 1,115,268
2,500,000   KazMunayGas National Co. JSC, Sr. Unsecd. Note, REGS, 5.750%, 4/19/2047 2,528,187
300,000   Koc Holding A.S., Sr. Unsecd. Note, REGS, 5.250%, 3/15/2023 293,887
1,500,000   Lukoil International Finance BV, REGS, 4.563%, 4/24/2023 1,502,550
2,163,000   ONGC Videsh Ltd., 3.750%, 5/7/2023 2,133,258
310,000   Odebrecht Drill VIII/IX, 144A, 6.350%, 12/1/2021 302,250
3,300,000   Oil & Gas Holdings, Sr. Unsecd. Note, 144A, 7.625%, 11/7/2024 3,511,933
1,300,000   PTTEP Treasury Center Co. Ltd., Jr. Sub. Deb., REGS, 4.600%, 1/17/2168 1,236,769
1,026,000   PTTEP Treasury Center Co. Ltd., Jr. Sub. Note, REGS, 4.875%, 12/18/2067 1,021,824
1,150,000   Pertamina Persero PT, Sr. Unsecd. Note, 144A, 6.500%, 11/7/2048 1,275,000
1,950,000   Pertamina Persero PT, Sr. Unsecd. Note, REGS, 5.625%, 5/20/2043 1,970,104
1,700,000   Pertamina PT, 144A, 4.300%, 5/20/2023 1,723,686
351,000   Pertamina PT, Note, REGS, 5.250%, 5/23/2021 362,561
500,000   Perusahaan Gas Negara PT, Sr. Unsecd. Note, REGS, 5.125%, 5/16/2024 512,796
363,000   Petrobras Global Finance BV, Sr. Unsecd. Note, 4.375%, 5/20/2023 362,819
3,850,000   Petrobras Global Finance BV, Sr. Unsecd. Note, 5.750%, 2/1/2029 3,776,080
505,000   Petrobras Global Finance BV, Sr. Unsecd. Note, 6.125%, 1/17/2022 532,245
1,900,000   Petrobras Global Finance BV, Sr. Unsecd. Note, 6.250%, 3/17/2024 2,012,348
3,300,000   Petrobras Global Finance BV, Sr. Unsecd. Note, 7.375%, 1/17/2027 3,595,350
521,000   Petrobras Global Finance BV, Sr. Unsecd. Note, 8.375%, 5/23/2021 574,272
906,000   Petrobras Global Finance BV, Sr. Unsecd. Note, Series WI, 5.299%, 1/27/2025 911,436
5,005,000   Petrobras Global Finance BV, Sr. Unsecd. Note, Series WI, 5.999%, 1/27/2028 4,993,989
3,000,000   Petroleos Mexicanos, Sr. Unsecd. Note, 4.875%, 1/24/2022 2,934,000
6
Principal
Amount,
Foreign
Currency
Par Amount
or Shares 		    Value in
U.S. Dollars
    CORPORATE BONDS—continued  
    Oil & Gas—continued  
$3,375,000   Petroleos Mexicanos, Sr. Unsecd. Note, 6.500%, 3/13/2027 $3,244,725
850,000   Petroleos Mexicanos, Sr. Unsecd. Note, 6.750%, 9/21/2047 742,908
3,410,000   Petroleos Mexicanos, Sr. Unsecd. Note, 6.875%, 8/4/2026 3,375,900
4,470,000   Petroleos Mexicanos, Sr. Unsecd. Note, Series WI, 5.350%, 2/12/2028 3,922,425
3,870,000   Petroleos Mexicanos, Sr. Unsecd. Note, Series WI, 6.350%, 2/12/2048 3,250,800
1,890,000   Petroleos Mexicanos, Sr. Unsecd. Note, Series WI, 6.500%, 1/23/2029 1,782,270
431,958   Petroleum Co. of Trinidad and Tobago Ltd., Sr. Unsecd. Note, REGS, 6.000%, 5/8/2022 394,702
600,000   Petronas Capital Ltd., Sr. Unsecd. Note, REGS, 4.500%, 3/18/2045 627,702
500,000   Puma International Financing SA, Sr. Unsecd. Note, 144A, 5.125%, 10/6/2024 440,300
1,000,000   Reliance Holding USA, Inc., Sr. Unsecd. Note, 144A, 5.400%, 2/14/2022 1,042,521
1,000,000   Reliance Industries Ltd., Sr. Unsecd. Note, 144A, 3.667%, 11/30/2027 938,132
2,900,000   Rosneft Oil Co., 144A, 4.199%, 3/6/2022 2,843,868
800,000   SEPLAT Petroleum Development Co. PLC, Sr. Unsecd. Note, 144A, 9.250%, 4/1/2023 824,000
2,500,000   Saka Energi Indonesia PT, Sr. Unsecd. Note, 144A, 4.450%, 5/5/2024 2,347,600
1,400,000   Sinopec Group Overseas Development 2015 Ltd., Sr. Unsecd. Note, 144A, 3.250%, 4/28/2025 1,362,942
1,500,000   Sinopec Group Overseas Development 2015 Ltd., Sr. Unsecd. Note, REGS, 4.100%, 4/28/2045 1,441,213
2,100,000   Sinopec Group Overseas Development 2017 Ltd., Sr. Unsecd. Note, 144A, 3.625%, 4/12/2027 2,053,025
1,000,000   Southern Gas Corridor CJSC, Unsecd. Note, 144A, 6.875%, 3/24/2026 1,112,960
1,000,000   State Oil Co Of The Azer, Series EMTN, 4.750%, 3/13/2023 1,010,589
1,500,000   Thaioil Treasury Center Co. Ltd., Sr. Unsecd. Note, 144A, 5.375%, 11/20/2048 1,604,482
900,000   Transport de Gas Peru, 144A, 4.250%, 4/30/2028 898,875
300,000   Transprtdra De Gas Intl, Sr. Unsecd. Note, 144A, 5.550%, 11/1/2028 316,365
2,000,000   Tullow Oil PLC, Sr. Unsecd. Note, 144A, 7.000%, 3/1/2025 1,958,035
700,000   Ultrapar International SA, Sr. Unsecd. Note, 144A, 5.250%, 10/6/2026 704,557
1,300,000   YPF Sociedad Anonima, Sr. Unsecd. Note, 144A, 6.950%, 7/21/2027 1,168,960
250,000   YPF Sociedad Anonima, Sr. Unsecd. Note, 144A, 8.500%, 3/23/2021 255,559
    TOTAL 110,175,261
    Paper Products—0.2%  
1,500,000   Fibria Overseas Finance, Sr. Unsecd. Note, 4.000%, 1/14/2025 1,462,140
    Pharmaceuticals—0.7%  
2,700,000   Inretail Pharma SA, Sr. Unsecd. Note, 144A, 5.375%, 5/2/2023 2,776,095
2,000,000   Teva Pharmaceutical Finance Netherlands III BV, Sr. Unsecd. Note, 2.800%, 7/21/2023 1,809,439
1,000,000   Teva Pharmaceutical Finance Netherlands III BV, Sr. Unsecd. Note, 3.150%, 10/1/2026 831,813
    TOTAL 5,417,347
    Rail Industry—0.1%  
200,000   Georgian Railway JSC, Sr. Unsecd. Note, REGS, 7.750%, 7/11/2022 211,126
605,488   Panama Canal Railway Co., Sec. Fac. Bond, 144A, 7.000%, 11/1/2026 621,382
    TOTAL 832,508
    Real Estate—3.6%  
1,500,000   China Evergrande Group, Sec. Fac. Bond, 6.250%, 6/28/2021 1,414,418
1,575,000   China Great Wall International Holdings III Ltd., Sr. Unsecd. Note, Series EMTN, 3.875%, 8/31/2027 1,471,020
5,300,000   China Overseas Finance Cayman V Ltd., Sr. Unsecd. Note, Series A, 3.950%, 11/15/2022 5,305,342
1,800,000   Country Garden Holdings Co., 4.750%, 1/17/2023 1,673,834
2,000,000   Country Garden Holdings Co., Sr. Unsecd. Note, 7.500%, 3/9/2020 2,036,166
1,200,000   Dar Al-Arkan Sukuk Co. Ltd., Sr. Unsecd. Note, 6.500%, 5/28/2019 1,206,138
3,400,000   Emaar Sukuk Ltd., Sr. Unsecd. Note, Series EMTN, 3.635%, 9/15/2026 3,140,050
2,000,000   Franshion Brilliant Ltd., Sr. Unsecd. Note, 3.600%, 3/3/2022 1,954,416
7
Principal
Amount,
Foreign
Currency
Par Amount
or Shares 		    Value in
U.S. Dollars
    CORPORATE BONDS—continued  
    Real Estate—continued  
$2,500,000   Franshion Brilliant Ltd., Sub. Note, 5.750%, 7/17/2067 $2,256,007
2,200,000   Longfor Properties, Sr. Unsecd. Note, 3.875%, 7/13/2022 2,146,791
2,000,000   Longfor Properties, Sr. Unsecd. Note, 4.500%, 1/16/2028 1,825,094
1,400,000   Shimao Property Holdings Ltd., Sr. Unsecd. Note, 4.750%, 7/3/2022 1,367,321
1,511,000   Yanlord Land Group Ltd., Sr. Unsecd. Note, 5.875%, 1/23/2022 1,507,442
    TOTAL 27,304,039
    Retailers—1.0%  
1,000,000   Eurotorg (Bonitron DAC), Sr. Unsecd. Note, REGS, 8.750%, 10/30/2022 1,010,900
1,100,000   Golden Eagle Retail Group Ltd., Sr. Unsecd. Note, REGS, 4.625%, 5/21/2023 968,000
2,200,000   JD.com, Inc., Sr. Unsecd. Note, 3.875%, 4/29/2026 2,061,984
400,000   SM Investments Corp., Sr. Unsecd. Note, 4.250%, 10/17/2019 401,266
2,700,000   Saci Falabella, REGS, 3.750%, 4/30/2023 2,702,832
300,000   Saci Falabella, Sr. Unsecd. Note, 144A, 3.750%, 4/30/2023 300,315
    TOTAL 7,445,297
    Sovereign—0.1%  
500,000   Kazakhstan Temir Zholy, Sr. Unsecd. Note, REGS, 6.950%, 7/10/2042 557,713
    State/Provincial—0.3%  
780,000   Brazil Minas SPE, 144A, 5.333%, 2/15/2028 795,405
400,000   Buenos Aires, City of, Sr. Unsecd. Note, 144A, 8.950%, 2/19/2021 404,000
1,400,000   Provincia De Buenos Aires, Sr. Unsecd. Note, 144A, 7.875%, 6/15/2027 1,148,000
    TOTAL 2,347,405
    Technology Services—1.6%  
2,300,000   Alibaba Group Holding Ltd., Sr. Unsecd. Note, 3.400%, 12/6/2027 2,199,046
2,000,000   Alibaba Group Holding Ltd., Sr. Unsecd. Note, 3.600%, 11/28/2024 2,016,278
1,600,000   Baidu, Inc., Sr. Unsecd. Note, 3.625%, 7/6/2027 1,522,351
1,500,000   Baidu, Inc., Sr. Unsecd. Note, 3.875%, 9/29/2023 1,499,756
2,000,000   Baidu, Inc., Sr. Unsecd. Note, 4.375%, 3/29/2028 2,003,216
500,000   Tencent Holdings Ltd., Sr. Unsecd. Note, 144A, 3.595%, 1/19/2028 486,981
2,500,000   Tencent Holdings Ltd., Sr. Unsecd. Note, 144A, 3.800%, 2/11/2025 2,519,084
    TOTAL 12,246,712
    Telecommunications & Cellular—2.6%  
500,000   America Movil S.A.B. de C.V., 3.125%, 7/16/2022 495,342
MXN 84,500,000   America Movil S.A.B. de C.V., Sr. Secd. Note, 6.000%, 6/9/2019 4,356,099
$500,000   Axtel SAB de CV, 144A, 6.375%, 11/14/2024 483,125
1,500,000   Colombia Telecomunicaciones SA ESP, Sr. Unsecd. Note, REGS, 5.375%, 9/27/2022 1,517,265
1,500,000   Comcel Trust, REGS, 6.875%, 2/6/2024 1,554,707
257,000   Digicel Group One Ltd., 144A, 8.250%, 12/30/2022 213,310
243,000   Digicel Group Two Ltd., Sr. Unsecd. Note, 144A, 8.250%, 9/30/2022 131,828
500,000   Digicel Ltd., Sr. Unsecd. Note, REGS, 6.750%, 3/1/2023 411,100
800,000   Empresa Nacional de Telecomunicaciones S.A., Sr. Unsecd. Note, 144A, 4.750%, 8/1/2026 772,318
1,000,000   GTH Finance B.V., Sr. Unsecd. Note, REGS, 7.250%, 4/26/2023 1,054,135
1,500,000   HTA Group Ltd., Sr. Unsecd. Note, 144A, 9.125%, 3/8/2022 1,552,500
700,000   IHS Netherlands Holdco BV, Sr. Unsecd. Note, REGS, 9.500%, 10/27/2021 724,102
800,000   Liquid Telecommunications Financing PLC, Sec. Fac. Bond, 144A, 8.500%, 7/13/2022 819,486
700,000   Millicom International Cellular S. A., Sr. Unsecd. Note, 144A, 6.625%, 10/15/2026 716,625
1,800,000   Oztel Holdings SPC Ltd., Sec. Fac. Bond, 144A, 6.625%, 4/24/2028 1,701,058
1,000,000   Oztel Holdings SPC Ltd., Sec. Fac. Bond, REGS, 6.625%, 4/24/2028 945,032
8
Principal
Amount,
Foreign
Currency
Par Amount
or Shares 		    Value in
U.S. Dollars
    CORPORATE BONDS—continued  
    Telecommunications & Cellular—continued  
$460,000   Turkcell Iletisim Hizmetleri A.S., Sr. Unsecd. Note, 144A, 5.800%, 4/11/2028 $423,465
2,000,000   Veon Holdings BV, Sr. Unsecd. Note, REGS, 3.950%, 6/16/2021 1,965,100
    TOTAL 19,836,597
    Transportation—1.2%  
1,000,000   CAR, Inc., Sr. Unsecd. Note, REGS, 6.125%, 2/4/2020 992,000
1,700,000   DP World Crescent Ltd, Sr. Unsecd. Note, 144A, 4.848%, 9/26/2028 1,719,703
200,000   DP World Ltd., REGS, 6.850%, 7/2/2037 234,226
2,000,000   DP World Ltd., Sr. Unsecd. Note, REGS, 5.625%, 9/25/2048 1,986,038
1,050,000   Empresa De Transporte ME, Sr. Unsecd. Note, 144A, 5.000%, 1/25/2047 1,071,871
1,000,000   Lima Metro Line 2 Finance Ltd., 144A, 5.875%, 7/5/2034 1,023,725
2,000,000   Rumo Luxembourg Sarl, Sr. Unsecd. Note, 144A, 5.875%, 1/18/2025 1,991,690
    TOTAL 9,019,253
    Utilities—5.1%  
1,000,000   ACWA Power Management and Investments One Ltd., Sec. Fac. Bond, REGS, 5.950%, 12/15/2039 984,710
2,000,000   Abu Dhabi National Energy Co. PJSC, Sr. Unsecd. Note, 144A, 4.875%, 4/23/2030 2,082,460
1,200,000   Azure Power Energy Ltd., 144A, 5.500%, 11/3/2022 1,169,982
500,000   Cemig Geracao E Transmissao SA, Sr. Unsecd. Note, 144A, 9.250%, 12/5/2024 547,493
700,000   Centrais Eletricas Brasileiras SA, Sr. Unsecd. Note, REGS, 6.875%, 7/30/2019 709,625
2,151,000   China Oil & Gas Group Ltd., Sr. Unsecd. Note, 5.000%, 5/7/2020 2,156,377
1,400,000   Colbun SA, Sr. Unsecd. Note, 144A, 3.950%, 10/11/2027 1,349,425
1,000,000   Colbun SA, Sr. Unsecd. Note, REGS, 4.500%, 7/10/2024 1,012,821
515,000   Enersis Americas SA, Sr. Unsecd. Note, 4.000%, 10/25/2026 502,125
1,700,000   Eskom Holdings Ltd., Sr. Unsecd. Note, 144A, 6.350%, 8/10/2028 1,745,701
1,400,000   Eskom Holdings Ltd., Sr. Unsecd. Note, REGS, 5.750%, 1/26/2021 1,374,734
2,000,000   Eskom Holdings Ltd., Unsecd. Note, REGS, 7.125%, 2/11/2025 1,976,504
1,600,000   Hrvatska Elektroprivreda, Sr. Unsecd. Note, 144A, 5.875%, 10/23/2022 1,684,000
1,000,000   Indo Energy Finance II, REGS, 6.375%, 1/24/2023 975,406
1,400,000   Inkia Energy Ltd., Sr. Unsecd. Note, REGS, 5.875%, 11/9/2027 1,343,496
850,000   Instituto Costarricense de Electricidad, Sr. Unsecd. Note, REGS, 6.375%, 5/15/2043 627,938
1,400,000   Israel Electric Corp. Ltd., Sec. Fac. Bond, Series GMTN, 4.250%, 8/14/2028 1,392,930
250,000   LLPL Capital Pte. Ltd., 144A, 6.875%, 2/4/2039 261,895
750,000   Minejesa Capital BV, Sec. Fac. Bond, 144A, 4.625%, 8/10/2030 706,481
1,050,000   Minejesa Capital BV, Sec. Fac. Bond, 144A, 5.625%, 8/10/2037 987,947
1,500,000   NTPC Ltd., Sr. Unsecd. Note, Series EMTN, 4.500%, 3/19/2028 1,467,753
1,900,000   OMGRID Funding Ltd., Sr. Unsecd. Note, 144A, 5.196%, 5/16/2027 1,675,581
3,000,000   Perusahaan Listrik Negara PT, Sr. Unsecd. Note, 144A, 4.125%, 5/15/2027 2,900,352
500,000   SK E&S Co. Ltd., Sub. Note, REGS, 4.875%, 5/26/2167 495,000
2,000,000   Saudi Electricity Global Sukuk Co. 4, Sr. Unsecd. Note, 4.723%, 9/27/2028 2,021,410
3,000,000   State Grid Overseas Investment 2016 Ltd., 144A, 3.500%, 5/4/2027 2,931,237
2,400,000   State Grid Overseas Investment 2016 Ltd., Sr. Unsecd. Note, 144A, 4.250%, 5/2/2028 2,483,965
1,000,000   TNB Global Ventures Capital Bhd, Sr. Unsecd. Note, Series EMTN, 3.244%, 10/19/2026 932,453
300,000   Termocandelaria Power, Sr. Unsecd. Note, 144A, 7.875%, 1/30/2029 310,125
300,000   Yingde Gases Investment Ltd., 144A, 6.250%, 1/19/2023 289,959
    TOTAL 39,099,885
    TOTAL CORPORATE BONDS
(IDENTIFIED COST $500,215,730) 		501,090,200
9
Principal
Amount,
Foreign
Currency
Par Amount
or Shares 		    Value in
U.S. Dollars
    FOREIGN GOVERNMENTS/AGENCIES—32.3%  
    Banking—0.1%  
$500,000   Banque Centrale de Tunisia International Bond, Sr. Unsecd. Note, REGS, 5.750%, 1/30/2025 $433,708
600,000   Export Credit Bank of Turkey, Sr. Unsecd. Note, 144A, 4.250%, 9/18/2022 556,526
    TOTAL 990,234
    Corporate—0.1%  
1,000,000   1MDB Global Investments Ltd., Sr. Unsecd. Note, REGS, 4.400%, 3/9/2023 935,059
    Sovereign—31.9%  
1,000,000   Angola, Government of, Sr. Unsecd. Note, 144A, 8.250%, 5/9/2028 1,029,760
187,500   Angola, Government of, Sr. Unsecd. Note, 7.000%, 8/17/2019 187,969
1,600,000   Angola, Government of, Sr. Unsecd. Note, REGS, 9.375%, 5/8/2048 1,686,752
300,000   Argentina, Government of, Sr. Unsecd. Note, 4.625%, 1/11/2023 257,250
2,430,000   Argentina, Government of, Sr. Unsecd. Note, 5.625%, 1/26/2022 2,202,819
6,600,000   Argentina, Government of, Sr. Unsecd. Note, 5.875%, 1/11/2028 5,253,666
400,000   Argentina, Government of, Sr. Unsecd. Note, 6.250%, 4/22/2019 402,604
2,250,000   Argentina, Government of, Sr. Unsecd. Note, 6.875%, 4/22/2021 2,147,625
4,705,000   Argentina, Government of, Sr. Unsecd. Note, 6.875%, 1/26/2027 3,982,830
6,230,000   Argentina, Government of, Sr. Unsecd. Note, 6.875%, 1/11/2048 4,775,357
1,000,000   Argentina, Government of, Sr. Unsecd. Note, 7.125%, 6/28/2117 777,500
4,300,000   Argentina, Government of, Sr. Unsecd. Note, 7.500%, 4/22/2026 3,811,993
2,500,000   Argentina, Government of, Sr. Unsecd. Note, 8.000%, 10/8/2020 2,521,875
1,400,000   Argentina, Government of, Sr. Unsecd. Note, Series NY, 2.500%, 12/31/2038 829,500
2,600,000   Argentina, Government of, Unsecd. Note, 8.750%, 5/7/2024 2,575,326
450,000   Bahamas, Government of, Sr. Unsecd. Note, REGS, 6.950%, 11/20/2029 481,500
3,000,000   Bahrain, Government of, Sr. Unsecd. Note, 144A, 7.000%, 10/12/2028 3,099,240
800,000   Bahrain, Government of, Sr. Unsecd. Note, REGS, 6.750%, 9/20/2029 809,360
2,300,000   Bahrain, Government of, Sr. Unsecd. Note, REGS, 7.000%, 1/26/2026 2,431,652
2,000,000   Bolivia, Government of, Sr. Unsecd. Note, REGS, 4.500%, 3/20/2028 1,795,000
BRL 14,000,000   Brazil, Government of, Series NTNF, 10.000%, 1/1/2025 4,115,302
$1,350,000   Brazil, Government of, Sr. Secd. Note, 5.625%, 2/21/2047 1,341,913
6,300,000   Brazil, Government of, Sr. Unsecd. Note, 4.625%, 1/13/2028 6,271,713
1,000,000   Brazil, Government of, Sr. Unsecd. Note, 5.000%, 1/27/2045 921,010
800,000   Cameroon, Government of, Sr. Unsecd. Note, 144A, 9.500%, 11/19/2025 855,680
1,500,000   Colombia, Government of, Sr. Unsecd. Note, 3.875%, 4/25/2027 1,481,250
1,256,000   Colombia, Government of, Sr. Unsecd. Note, 4.500%, 3/15/2029 1,285,529
COP 5,900,000,000   Colombia, Government of, Sr. Unsecd. Note, Series B, 6.000%, 4/28/2028 1,815,883
$2,100,000   Costa Rica, Government of, 144A, 5.625%, 4/30/2043 1,687,245
1,500,000   Croatia, Government of, REGS, 6.000%, 1/26/2024 1,650,024
1,200,000   Dominican Republic, Government of, 144A, 5.875%, 4/18/2024 1,243,392
400,000   Dominican Republic, Government of, Sr. Unsecd. Note, 144A, 5.500%, 1/27/2025 406,000
1,400,000   Dominican Republic, Government of, Sr. Unsecd. Note, 144A, 5.950%, 1/25/2027 1,438,500
525,000   Dominican Republic, Government of, Sr. Unsecd. Note, 144A, 6.000%, 7/19/2028 540,750
1,200,000   Dominican Republic, Government of, Sr. Unsecd. Note, 144A, 6.850%, 1/27/2045 1,239,000
2,000,000   Dominican Republic, Government of, Sr. Unsecd. Note, REGS, 7.450%, 4/30/2044 2,175,000
3,200,000   Dominican Republic, Government of, Sr. Unsecd. Note, REGS, 7.500%, 5/6/2021 3,315,200
1,000,000   Dubai, Government of, Series EMTN, 5.250%, 1/30/2043 1,029,500
3,300,000   Ecuador, Government of, 144A, 7.950%, 6/20/2024 3,127,410
1,500,000   Ecuador, Government of, Sr. Unsecd. Note, 144A, 7.875%, 1/23/2028 1,330,050
1,200,000   Ecuador, Government of, Sr. Unsecd. Note, 144A, 8.875%, 10/23/2027 1,120,440
10
Principal
Amount,
Foreign
Currency
Par Amount
or Shares 		    Value in
U.S. Dollars
    FOREIGN GOVERNMENTS/AGENCIES—continued  
    Sovereign—continued  
$1,000,000   Ecuador, Government of, Sr. Unsecd. Note, 144A, 9.650%, 12/13/2026 $977,700
525,000   Ecuador, Government of, Sr. Unsecd. Note, 144A, 10.750%, 1/31/2029 535,658
500,000   Ecuador, Government of, Sr. Unsecd. Note, REGS, 10.500%, 3/24/2020 520,350
EGP 73,000,000 3,4 Egypt Treasury Bill, Unsecd. Deb., Series 273D, 19.930%, 6/18/2019 3,871,663
66,050,000 3,4 Egypt Treasury Bill, Unsecd. Note, Series 273D, 19.700%, 3/26/2019 3,649,341
$2,000,000   Egypt, Government of, Sr. Unsecd. Note, REGS, 6.588%, 2/21/2028 1,856,032
3,800,000   El Salvador, Government of, Sr. Unsecd. Note, REGS, 7.650%, 6/15/2035 3,798,746
300,000   Ethiopia, Government of, Sr. Unsecd. Note, REGS, 6.625%, 12/11/2024 301,752
700,000   Gabon, Government of, REGS, 6.375%, 12/12/2024 668,920
1,500,000   Ghana, Government of, Unsecd. Note, REGS, 10.750%, 10/14/2030 1,763,250
300,000   Guatemala, Government of, REGS, 4.875%, 2/13/2028 295,380
1,000,000   Guatemala, Government of, Sr. Unsecd. Note, REGS, 4.375%, 6/5/2027 952,000
1,000,000   Guatemala, Government of, Sr. Unsecd. Note, REGS, 5.750%, 6/6/2022 1,045,010
1,200,000   Honduras, Government of, REGS, 8.750%, 12/16/2020 1,287,804
500,000   Honduras, Government of, Sr. Unsecd. Note, REGS, 7.500%, 3/15/2024 537,855
250,000   Hungary, Government of, 6.375%, 3/29/2021 265,023
2,800,000   Indonesia, Government of, Sr. Unsecd. Note, 144A, 4.750%, 7/18/2047 2,772,918
1,800,000   Indonesia, Government of, Sr. Unsecd. Note, 4.100%, 4/24/2028 1,786,372
1,950,000   Indonesia, Government of, Sr. Unsecd. Note, 4.450%, 2/11/2024 1,995,971
1,200,000   Indonesia, Government of, Sr. Unsecd. Note, 4.750%, 2/11/2029 1,256,668
1,300,000   Indonesia, Government of, Sr. Unsecd. Note, 5.350%, 2/11/2049 1,396,329
6,700,000   Indonesia, Government of, Sr. Unsecd. Note, REGS, 4.750%, 1/8/2026 6,947,163
2,800,000   Indonesia, Government of, Sr. Unsecd. Note, REGS, 5.250%, 1/17/2042 2,938,113
2,400,000   Indonesia, Government of, Unsecd. Note, 144A, 4.350%, 9/10/2024 2,436,000
2,000,000   Iraq, Government of, Sr. Unsecd. Note, REGS, 6.752%, 3/9/2023 1,993,920
1,000,000   Ivory Coast, Government of, Sr. Unsecd. Note, 144A, 6.125%, 6/15/2033 892,500
2,313,180   Ivory Coast, Government of, Sr. Unsecd. Note, REGS, 5.750%, 12/31/2032 2,130,485
2,000,000   Ivory Coast, Government of, Sr. Unsecd. Note, REGS, 6.375%, 3/3/2028 1,912,560
1,250,000   Jamaica, Government of, Sr. Unsecd. Note, 6.750%, 4/28/2028 1,376,250
450,000   Jordan, Government of, Sr. Unsecd. Note, 144A, 7.375%, 10/10/2047 427,068
100,000   Kazakhstan, Government of, REGS, 4.875%, 10/14/2044 103,875
2,000,000   Kenya, Government of, REGS, 6.875%, 6/24/2024 1,995,800
700,000   Lebanon, Government of, Sr. Secd. Note, Series EMTN, 6.100%, 10/4/2022 608,538
1,000,000   Lebanon, Government of, Sr. Unsecd. Note, 6.850%, 3/23/2027 828,240
2,100,000   Mexico, Government of, 3.750%, 1/11/2028 2,004,450
400,000   Mexico, Government of, 4.000%, 10/2/2023 404,380
4,000,000   Mexico, Government of, 4.125%, 1/21/2026 3,970,000
MXN 37,000,000   Mexico, Government of, Series M, 6.500%, 6/10/2021 1,863,810
$1,500,000   Mexico, Government of, Series MTN, 4.750%, 3/8/2044 1,413,750
4,400,000   Mexico, Government of, Sr. Secd. Note, 4.350%, 1/15/2047 3,916,000
3,200,000   Mexico, Government of, Sr. Unsecd. Note, 3.600%, 1/30/2025 3,099,200
2,000,000   Mexico, Government of, Sr. Unsecd. Note, 4.500%, 4/22/2029 2,006,020
2,000,000   Mexico, Government of, Sr. Unsecd. Note, 4.600%, 1/23/2046 1,845,000
1,500,000   Nigeria, Government of, Sr. Unsecd. Note, 144A, 8.747%, 1/21/2031 1,585,260
1,500,000   Nigeria, Government of, Sr. Unsecd. Note, REGS, 9.248%, 1/21/2049 1,589,250
2,000,000   Oman, Government of, Sr. Unsecd. Note, 144A, 5.625%, 1/17/2028 1,819,136
600,000   Oman, Government of, Sr. Unsecd. Note, 144A, 6.500%, 3/8/2047 503,088
11
Principal
Amount,
Foreign
Currency
Par Amount
or Shares 		    Value in
U.S. Dollars
    FOREIGN GOVERNMENTS/AGENCIES—continued  
    Sovereign—continued  
$1,000,000   Oman, Government of, Sr. Unsecd. Note, REGS, 6.750%, 1/17/2048 $852,062
2,900,000   Pakistan, Government of, Sr. Secd. Note, REGS, 6.875%, 12/5/2027 2,828,080
500,000   Pakistan, Government of, Sr. Unsecd. Note, REGS, 6.750%, 12/3/2019 501,975
1,000,000   Pakistan, Government of, Unsecd. Note, 144A, 6.750%, 12/3/2019 1,003,950
2,300,000   Panama, Government of, Sr. Unsecd. Note, 3.750%, 3/16/2025 2,333,350
2,200,000   Panama, Government of, Sr. Unsecd. Note, 4.300%, 4/29/2053 2,156,000
2,150,000   Paraguay, Government of, 144A, 6.100%, 8/11/2044 2,343,500
PEN 6,700,000   Peru, Government of, Sr. Unsecd. Note, 6.150%, 8/12/2032 2,040,706
$600,000   Poland, Government of, Sr. Unsecd. Note, 3.250%, 4/6/2026 595,596
1,000,000   Qatar, Government of, Sr. Unsecd. Note, 144A, 4.500%, 4/23/2028 1,055,820
6,500,000   Qatar, Government of, Sr. Unsecd. Note, 144A, 5.103%, 4/23/2048 6,973,083
300,000   Romania, Government of, REGS, 4.375%, 8/22/2023 303,948
2,200,000   Russia, Government of, Sr. Unsecd. Note, 144A, 5.250%, 6/23/2047 2,173,230
600,000   Russia, Government of, Sr. Unsecd. Note, REGS, 4.250%, 6/23/2027 586,451
2,600,000   Russia, Government of, Sr. Unsecd. Note, REGS, 4.750%, 5/27/2026 2,647,840
1,000,000   Russia, Government of, Sr. Unsecd. Note, REGS, 5.250%, 6/23/2047 987,832
1,000,000   Russian Federation, Sr. Unsecd. Note, REGS, 4.375%, 3/21/2029 976,740
2,000,000   Saudi Arabia, Government of, 144A, 5.250%, 1/16/2050 2,050,400
600,000   Saudi Arabia, Government of, Sr. Unsecd. Note, 144A, 4.000%, 4/17/2025 606,600
3,660,000   Saudi Arabia, Government of, Sr. Unsecd. Note, 144A, 4.375%, 4/16/2029 3,726,978
2,000,000   Saudi Arabia, Government of, Sr. Unsecd. Note, REGS, 3.250%, 10/26/2026 1,910,000
3,200,000   Saudi Arabia, Government of, Sr. Unsecd. Note, REGS, 3.625%, 3/4/2028 3,090,886
3,500,000   Saudi Arabia, Government of, Sr. Unsecd. Note, REGS, 4.625%, 10/4/2047 3,294,165
1,500,000   Saudi Arabia, Government of, Sr. Unsecd. Note, REGS, 5.000%, 4/17/2049 1,486,080
200,000   Senegal, Government of, Unsecd. Note, 144A, 6.250%, 5/23/2033 185,398
300,000   Serbia, Government of, REGS, 7.250%, 9/28/2021 325,899
500,000   South Africa, Government of, Sr. Unsecd. Note, 5.650%, 9/27/2047 475,624
600,000   Sri Lanka, Government of, REGS, 6.850%, 11/3/2025 592,151
1,000,000   Sri Lanka, Government of, Sr. Unsecd. Note, 144A, 5.750%, 4/18/2023 967,416
3,400,000   Turkey, Government of, 3.250%, 3/23/2023 3,094,000
2,000,000   Turkey, Government of, Sr. Unsecd. Note, 4.250%, 4/14/2026 1,761,808
1,000,000   Turkey, Government of, Sr. Unsecd. Note, 4.875%, 4/16/2043 783,150
1,200,000   Turkey, Government of, Sr. Unsecd. Note, 5.125%, 3/25/2022 1,181,609
1,400,000   Turkey, Government of, Sr. Unsecd. Note, 5.625%, 3/30/2021 1,414,000
5,700,000   Turkey, Government of, Sr. Unsecd. Note, 5.750%, 5/11/2047 4,868,826
3,000,000   Turkey, Government of, Sr. Unsecd. Note, 6.125%, 10/24/2028 2,872,500
1,000,000   Turkey, Government of, Sr. Unsecd. Note, 8.000%, 2/14/2034 1,083,950
TRY 6,750,000   Turkey, Government of, Unsecd. Note, 8.500%, 7/10/2019 1,242,048
$500,000   Ukraine, Government of, Sr. Unsecd. Note, REGS, 7.750%, 9/1/2023 476,375
1,412,000   Ukraine, Government of, Unsecd. Note, 144A, 7.750%, 9/1/2019 1,412,361
700,000   Ukraine, Government of, Unsecd. Note, REGS, 7.750%, 9/1/2019 700,179
1,505,000 3 Ukraine, Government of, Unsecd. Note, Series GDP, 144A, 0.00%, 5/31/2040 918,023
UYU 20,600,000   Uruguay, Government of, 144A, 9.875%, 6/20/2022 635,008
$2,000,000   Uruguay, Government of, 4.375%, 10/27/2027 2,058,000
2,000,000   Uruguay, Government of, Sr. Unsecd. Note, 4.975%, 4/20/2055 2,010,000
1,400,000   Uruguay, Government of, Sr. Unsecd. Note, 5.100%, 6/18/2050 1,443,414
4,653,000   Venezuela, Government of, 7.000%, 3/31/2038 1,419,165
12
Principal
Amount,
Foreign
Currency
Par Amount
or Shares 		    Value in
U.S. Dollars
    FOREIGN GOVERNMENTS/AGENCIES—continued  
    Sovereign—continued  
$6,920,000   Venezuela, Government of, 8.250%, 10/13/2024 $2,150,044
2,000,000   Venezuela, Government of, 9.250%, 5/7/2028 621,400
    TOTAL 242,812,587
    Supranational—0.2%  
1,300,000   Corp Andina De Fomento, Sr. Unsecd. Note, 3.750%, 11/23/2023 1,332,260
    TOTAL FOREIGN GOVERNMENTS/AGENCIES
(IDENTIFIED COST $245,446,364) 		246,070,140
    U.S. TREASURY—0.1%  
500,000   United States Treasury Note, 1.000%, 11/15/2019
(IDENTIFIED COST $491,289) 		494,006
    PURCHASED PUT OPTION—0.0%  
7,200,000   Bank of America EUR PUT/PLN CALL, Notional Amount $7,200,000, Exercise Price $4.25, Expiration Date 4/16/2019
(IDENTIFIED COST $30,111) 		35,165
    INVESTMENT COMPANY—1.5%  
11,752,091   Federated Institutional Prime Value Obligations Fund, Institutional Shares, 2.57%5
(IDENTIFIED COST $11,754,364) 		11,754,441
    TOTAL INVESTMENT IN SECURITIES—99.8%
(IDENTIFIED COST $757,937,858) 		759,443,952
    OTHER ASSETS AND LIABILITIES - NET—0.2%6 1,282,891
    TOTAL NET ASSETS—100% $760,726,843
At January 31, 2019, the Fund had the following outstanding foreign exchange contracts:
Settlement Date Counterparty Currency
Units to
Deliver/Receive 		In
Exchange
For 		Unrealized
Appreciation
(Depreciation)
Contracts Purchased:
2/6/2019 Barclays Bank PLC Wholesale 58,859,190,000 IDR $3,910,910 $300,667
2/6/2019 Morgan Stanley 286,494,000 INR $3,895,228 $132,201
2/11/2019 Morgan Stanley 26,962,650 CNY $3,906,215 $114,760
2/25/2019 BNP Paribas SA 6,760,000,000 COP $2,084,490 $90,729
2/28/2019 Bank of America N.A. 66,700,000 THB $2,031,988 $104,118
3/5/2019 Bank of America N.A. 2,848,000 CAD $2,163,904 $5,211
3/5/2019 Bank of America N.A. 27,534,800 NOK $3,238,588 $30,615
4/8/2019 BNP Paribas SA 160,000,000 MXN $8,117,409 $171,043
Contracts Sold:
2/6/2019 Barclays Bank PLC Wholesale 58,859,190,000 IDR $3,997,229 $(214,348)
2/6/2019 Morgan Stanley 286,494,000 INR $3,980,465 $(46,963)
2/11/2019 Morgan Stanley 26,962,650 CNY $3,873,276 $(147,699)
3/5/2019 Bank of America N.A. 2,848,000 CAD $2,149,880 $(19,234)
3/5/2019 Bank of America N.A. 27,534,800 NOK $3,226,955 $(42,249)
4/8/2019 BNP Paribas SA 33,154,044 MXN $1,722,839 $5,366
4/8/2019 JPMorgan Chase Bank 126,845,956 MXN $6,597,938 $26,959
NET UNREALIZED APPRECIATION ON FOREIGN EXCHANGE CONTRACTS $511,176
The average value at settlement date payable and receivable of foreign exchange contracts purchased and sold by the Fund throughout the period was $663,636 and $667,216, respectively. This is based on the contracts held as of each month-end throughout the three-month fiscal period.
13
At January 31, 2019, the Fund had the following open swap contracts:
Credit Default Swap
Counterparty Reference
Entity 		Buy/
Sell 		Pay/
Receive
Fixed Rate 		Expiration
Date 		Implied
Credit
Spread at
1/31/20197 		Notional
Amount 		Market
Value 		Upfront
Premiums
Paid
(Received) 		Unrealized
Appreciation
(Depreciation)
OTC Swaps:                  
Citigroup, Inc. Republic of Brazil Buy 1.00% 12/20/2023 1.71% $3,800,000 $107,845 $141,093 $(33,248)
Goldman Sachs and Co. Republic of Argentina Buy 5.00% 12/20/2023 6.27% $5,600,000 $260,165 $356,372 $(96,207)
Goldman Sachs and Co. Republic of Colombia Buy 1.00% 12/20/2023 1.24% $1,900,000 $20,330 $20,330 $—
Goldman Sachs and Co. Republic of South Africa Buy 1.00% 12/20/2023 1.91% $5,000,000 $169,226 $239,595 $(70,369)
Goldman Sachs and Co. Russian Federation Buy 1.00% 12/20/2023 1.34% $5,800,000 $79,381 $149,601 $(70,220)
TOTAL CREDIT DEFAULT SWAPS $636,947 $906,991 $(270,044)
The average notional amount of credit default swap contracts held by the Fund throughout the period was $67,175,000. This is based on amounts held as of each month-end throughout the three-month fiscal period.
At January 31, 2019, the Fund had the following outstanding written options contract:
Description Notional Amount Expiration
Date 		Exercise Price Value
3Bank of America EUR Call/PLN Put (CALL-Option)
(PREMIUMS RECEIVED $44,022) 		$7,200,000 April 2019 $4.35 $(25,284)
The average market value of written call options held by the Fund throughout the period was $(6,321). This is based on amounts held as of each month-end throughout the three-month fiscal period.
The average market value of purchased put and call options held by the Fund throughout the period was $8,791and $21,743, respectively. This is based on amounts held as of each month-end throughout the three-month fiscal period.
Net Unrealized Appreciation/Depreciation on Foreign Exchange Contracts and the value of Swap Contracts and Written Option Contracts is included in “Other Assets and Liabilities—Net”.
Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with affiliated fund holdings during the period ended January 31, 2019, were as follows:
  Federated
Institutional
Prime Value
Obligations Fund,
Institutional Shares
Balance of Shares Held 10/31/2018 13,480,436
Purchases/Additions 103,058,980
Sales/Reductions (104,787,325)
Balance of Shares Held 1/31/2019 11,752,091
Value $11,754,441
Change in Unrealized Appreciation/Depreciation $644
Net Realized Gain/(Loss) $4,755
Dividend Income $63,381
1 Floating/variable note with current rate and current maturity or next reset date shown.
2 Issuer in default.
3 Non-income-producing security.
4 Discount rate at time of purchase.
5 7-day net yield.
6 Assets, other than investments in securities, less liabilities.
7 Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
Note: The categories of investments are shown as a percentage of total net assets at January 31, 2019.
14
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”).
■ Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.
■ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations.
■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund's valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share.
Fair Valuation and Significant Events Procedures
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated Investment Management Company (the “Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.
The Trustees also have adopted procedures requiring an investment to be priced at its fair value whenever the Adviser determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment's value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
■ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
■ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;
■ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry.
The Trustees have adopted procedures whereby the Valuation Committee uses a pricing service to determine the fair value of equity securities traded principally in foreign markets when the Adviser determines that there has been a significant trend in the U.S. equity markets or in index futures trading. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Fund will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Trustees. The Trustees have ultimate responsibility for any fair valuations made in response to a significant event.
15
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used, as of January 31, 2019, in valuing the Fund's assets carried at fair value:
Valuation Inputs        
  Level 1—
Quoted
Prices
Level 2—
Other
Significant
Observable
Inputs 		Level 3—
Significant
Unobservable
Inputs 		Total
Debt Securities:        
Corporate Bonds $— $501,090,200 $— $501,090,200
Foreign Governments/Agencies — 246,070,140 — 246,070,140
U.S. Treasury — 494,006 — 494,006
Purchased Put Option — 35,165 — 35,165
Investment Company 11,754,441 — — 11,754,441
TOTAL SECURITIES $11,754,441 $747,689,511 $— $759,443,952
Other Financial Instruments        
Assets        
Foreign Exchange Contracts $— $981,669 $— $981,669
Written Options Contract — — — —
Swap Contracts — 636,947 — 636,947
Liabilities        
Foreign Exchange Contracts — (470,493) — (470,493)
Written Options Contract — (25,284) — (25,284)
Swap Contracts — — — —
TOTAL OTHER FINANCIAL INSTRUMENTS $— $1,122,839 $— $1,122,839
The following acronyms are used throughout this portfolio:
ARS —Argentine Peso
BADLAR —Buenos Aires Deposits Large Amount Rates
CAD —Canadian Dollar
CJSC —Closed Joint Stock Company
CNY —Chinese Yuan
COP —Columbian Peso
EGP —Egyptian Pound
EMTN —Euro Medium Term Note
EUR —Euro Currency
GMTN —Global Medium Term Note
IDR —Indonesian Rupiah
INR —Indian Rupee
JSC —Joint Stock Company
LIBOR —London Interbank Offered Rate
MTN —Medium Term Note
MXN —Mexican Peso
NOK —Norwegian Krone
OJSC —Open Joint Stock Company
OTC —Over-the-counter
PEN —Peruvian Sol
PLN —Polish Zloty
PJSC —Public Joint Stock Company
THB —Thailand Baht
TRY —Turkish Lira
UYU —Uruguayan Peso
16

 

 

Item 2.Controls and Procedures

 

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-Q.

 

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3.Exhibits

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Registrant Federated Core Trust

 

By /S/ Lori A. Hensler

 

Lori A. Hensler

Principal Financial Officer

 

Date March 25, 2019

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By /S/ John B. Fisher

 

John B. Fisher

Principal Executive Officer

 

Date March 25, 2019

 

 

By /S/ Lori A. Hensler

 

Lori A. Hensler

Principal Financial Officer

 
 

 

Date March 25, 2019