United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-1
(Investment Company Act File Number)
Federated Global Allocation Fund
(formerly, Federated Asset Allocation Fund)
_______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, Pennsylvania 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, 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: 11/30/2012
Date of Reporting Period: 11/30/2012
Item 1. Reports to Stockholders
![](https://capedge.com/proxy/N-CSR/0001318148-13-000096/fedregcovsmall.jpg)
Share Class | Ticker |
A | FSTBX |
B | FSBBX |
C | FSBCX |
R | FSBKX |
Institutional | SBFIX |
![](https://capedge.com/proxy/N-CSR/0001318148-13-000096/donahuechrissigsmall.jpg)
1 | Morningstar's Moderate Allocation Funds Category Average is the category of funds which seek to provide both capital appreciation and income by investing in stocks, bonds and cash. These funds typically invest between 50% to 70% of assets in equities and the remainder in fixed income and cash. The average is unmanaged, and it is not possible to invest directly in an average. |
2 | The Russell 3000 Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000 Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The index is unmanaged, and it is not possible to invest directly in an index. |
3 | The MSCI ACWI (All Country World Index) ex-U.S. Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. As of November 2012, the MSCI ACWI consisted of 44 country indices comprising 24 developed and 21 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The emerging market country indices included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey. The index is unmanaged, and it is not possible to invest directly in an index. |
4 | Barclays Capital changed its name from “Barclays Capital U.S. Universal Index” to “Barclays U.S. Universal Index.” The Barclays U.S. Universal Index represents the union of the U.S. Aggregate Index, U.S. Corporate High-Yield, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment-grade or below investment-grade. The index is unmanaged, and it is not possible to invest directly in an index. |
5 | The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 92% of the U.S. market. The index is unmanaged, and it is not possible to invest directly in an index. |
6 | International investing involves special risks including currency risk, increased volatility, political risks, and differences in auditing and other financial standards. Prices of emerging markets securities can be significantly more volatile than the prices of securities in developed countries, and currency risk and political risks are accentuated in emerging markets. |
7 | The MSCI EAFE Index (Europe, Australasia, and the Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. As of November 2012, the MSCI EAFE Index consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The index is unmanaged, and it is not possible to invest directly in an index. |
8 | The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of November 2012, the MSCI Emerging Markets Index consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey. The index is unmanaged, and it is not possible to invest directly in an index. |
9 | Small company stocks may be less liquid and subject to greater price volatility than large company stocks. |
10 | Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices. |
11 | Barclays Capital changed the name of the BAB Index from “Barclays Capital Aggregate Bond Index” to “Barclays Aggregate Bond Index.” The Barclays Aggregate Bond Index (BAB) is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate, taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS. The index is unmanaged, and it is not possible to invest directly in an index. |
12 | Duration is a measure of a security's price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations. |
13 | Investment-grade securities are securities that are rated at least “BBB- (minus)” or unrated securities of a comparable quality. Noninvestment-grade securities are securities that are not rated at least “BBB- (minus)” or unrated securities of a comparable quality. Credit ratings are an indication of the risk that a security will default. They do not protect a security from credit risk. Lower-rated bonds typically offer higher yields to help compensate investors for the increased risk associated with them. Among these risks are lower credit-worthiness, greater price volatility, more risk to principal and income than with higher-rated securities and increased possibilities of default. |
14 | High-yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment-grade securities and may include higher volatility and higher risk of default. |
Share Class | 1 Year | 5 Years | 10 Years |
Class A Shares | 5.25% | 0.97% | 4.99% |
Class B Shares | 4.89% | 0.93% | 4.92% |
Class C Shares | 9.51% | 1.31% | 4.77% |
Class R Shares | 10.90% | 1.64% | 5.12% |
Institutional Shares | 11.69% | 2.22% | 5.54% |
![](https://capedge.com/proxy/N-CSR/0001318148-13-000096/fgalfarg0145401a.jpg)
Federated Asset Allocation Fund - Class A Shares | C000024797 | Blended Index | S&P 500 | BAB | LBFA | |
10/31/2002 | 9,450 | 10,000 | 10,000 | 10,000 | 10,000 | |
10/31/2003 | 10,687 | 11,752 | 12,080 | 10,490 | 11,346 | |
11/30/2003 | 10,767 | 11,875 | 12,186 | 10,515 | 11,453 | |
11/30/2004 | 11,617 | 13,186 | 13,752 | 10,982 | 12,464 | |
11/30/2005 | 12,169 | 14,189 | 14,915 | 11,245 | 13,270 | |
11/30/2006 | 13,696 | 15,987 | 17,038 | 11,913 | 14,694 | |
11/30/2007 | 15,049 | 17,270 | 18,354 | 12,634 | 15,746 | |
11/30/2008 | 11,229 | 12,989 | 11,362 | 12,853 | 11,114 | |
11/30/2009 | 13,682 | 16,094 | 14,246 | 14,348 | 13,953 | |
11/30/2010 | 15,099 | 17,630 | 15,662 | 15,212 | 15,215 | |
11/30/2011 | 14,078 | 18,511 | 16,889 | 16,051 | 15,761 | |
11/30/2012 | 16,272 | 20,703 | 19,613 | 16,936 | 17,465 |
■ | Total returns shown include the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). |
![](https://capedge.com/proxy/N-CSR/0001318148-13-000096/fgalfarg0145401b.jpg)
Federated Asset Allocation Fund - Class B Shares | C000024798 | Blended Index | S&P 500 | BAB | LBFA | |
10/31/2002 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | |
10/31/2003 | 11,222 | 11,752 | 12,080 | 10,490 | 11,346 | |
11/30/2003 | 11,298 | 11,875 | 12,186 | 10,515 | 11,453 | |
11/30/2004 | 12,099 | 13,186 | 13,752 | 10,982 | 12,464 | |
11/30/2005 | 12,576 | 14,189 | 14,915 | 11,245 | 13,270 | |
11/30/2006 | 14,033 | 15,987 | 17,038 | 11,913 | 14,694 | |
11/30/2007 | 15,304 | 17,270 | 18,354 | 12,634 | 15,746 | |
11/30/2008 | 11,329 | 12,989 | 11,362 | 12,853 | 11,114 | |
11/30/2009 | 13,691 | 16,094 | 14,246 | 14,348 | 13,953 | |
11/30/2010 | 14,766 | 17,630 | 15,662 | 15,212 | 15,215 | |
11/30/2011 | 14,884 | 18,511 | 16,889 | 16,051 | 15,761 | |
11/30/2012 | 16,163 | 20,703 | 19,613 | 16,936 | 17,465 |
■ | Total returns shown include the maximum contingent deferred sales charge of 5.50%, as applicable. |
![](https://capedge.com/proxy/N-CSR/0001318148-13-000096/fgalfarg0145401c.jpg)
Federated Asset Allocation Fund - Class C Shares | C000024799 | Blended Index | S&P 500 | BAB | LBFA | |
10/31/2002 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | |
10/31/2003 | 11,225 | 11,752 | 12,080 | 10,490 | 11,346 | |
11/30/2003 | 11,301 | 11,875 | 12,186 | 10,515 | 11,453 | |
11/30/2004 | 12,103 | 13,186 | 13,752 | 10,982 | 12,464 | |
11/30/2005 | 12,584 | 14,189 | 14,915 | 11,245 | 13,270 | |
11/30/2006 | 14,055 | 15,987 | 17,038 | 11,913 | 14,694 | |
11/30/2007 | 15,327 | 17,270 | 18,354 | 12,634 | 15,746 | |
11/30/2008 | 11,344 | 12,989 | 11,362 | 12,853 | 11,114 | |
11/30/2009 | 13,711 | 16,094 | 14,246 | 14,348 | 13,953 | |
11/30/2010 | 15,005 | 17,630 | 15,662 | 15,212 | 15,215 | |
11/30/2011 | 13,983 | 18,511 | 16,889 | 16,051 | 15,761 | |
11/30/2012 | 15,937 | 20,703 | 19,613 | 16,936 | 17,465 |
■ | Total returns shown include the maximum contingent deferred sales charge of 1.00%, as applicable. |
![](https://capedge.com/proxy/N-CSR/0001318148-13-000096/fgalfarg0145401r.jpg)
Federated Asset Allocation Fund - Class R Shares | C000024800 | Blended Index | S&P 500 | BAB | LBFA | |
10/31/2002 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | |
10/31/2003 | 11,262 | 11,752 | 12,080 | 10,490 | 11,346 | |
11/30/2003 | 11,334 | 11,875 | 12,186 | 10,515 | 11,453 | |
11/30/2004 | 12,200 | 13,186 | 13,752 | 10,982 | 12,464 | |
11/30/2005 | 12,721 | 14,189 | 14,915 | 11,245 | 13,270 | |
11/30/2006 | 14,244 | 15,987 | 17,038 | 11,913 | 14,694 | |
11/30/2007 | 15,589 | 17,270 | 18,354 | 12,634 | 15,746 | |
11/30/2008 | 11,573 | 12,989 | 11,362 | 12,853 | 11,114 | |
11/30/2009 | 14,038 | 16,094 | 14,246 | 14,348 | 13,953 | |
11/30/2010 | 15,405 | 17,630 | 15,662 | 15,212 | 15,215 | |
11/30/2011 | 14,708 | 18,511 | 16,889 | 16,051 | 15,761 | |
11/30/2012 | 16,474 | 20,703 | 19,613 | 16,936 | 17,465 |
![](https://capedge.com/proxy/N-CSR/0001318148-13-000096/fgalfar0145401is.jpg)
Federated Asset Allocation Fund - Institutional Shares | C000077842 | Blended Index | S&P 500 | BAB | LBFA | |
10/31/2002 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | |
10/31/2003 | 11,300 | 11,752 | 12,080 | 10,490 | 11,346 | |
11/30/2003 | 11,384 | 11,875 | 12,186 | 10,515 | 11,453 | |
11/30/2004 | 12,271 | 13,186 | 13,752 | 10,982 | 12,464 | |
11/30/2005 | 12,817 | 14,189 | 14,915 | 11,245 | 13,270 | |
11/30/2006 | 14,380 | 15,987 | 17,038 | 11,913 | 14,694 | |
11/30/2007 | 15,766 | 17,270 | 18,354 | 12,634 | 15,746 | |
11/30/2008 | 11,726 | 12,989 | 11,362 | 12,853 | 11,114 | |
11/30/2009 | 14,282 | 16,094 | 14,246 | 14,348 | 13,953 | |
11/30/2010 | 15,796 | 17,630 | 15,662 | 15,212 | 15,215 | |
11/30/2011 | 15,192 | 18,511 | 16,889 | 16,051 | 15,761 | |
11/30/2012 | 17,139 | 20,703 | 19,613 | 16,936 | 17,465 |
1 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: For Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450); for Class B Shares, the maximum contingent deferred sales charge is 5.50% on any redemption of shares held up to one year from the purchase date; for Class C Shares, the maximum contingent deferred sales charge is 1.00% on any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The Blended Index, S&P 500, BAB and LBFA have been adjusted to reflect reinvestment of dividends on securities in the indexes and the average. |
2 | Barclays Capital changed the name of the BUSU Index and BAB Index from “Barclays Capital U.S. Universal Index” and “Barclays Capital Aggregate Bond Index” to “Barclays U.S. Universal Index” and “Barclays Aggregate Bond Index”. The Blended Index is a custom blended index comprised of 50% of the RU3000, 10% of the MSCI ACWI ex U.S. and 40% of the BUSU. The RU300 measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000 Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The MSCI ACWI ex U.S. (All Country World ex U.S.) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. As of May 27, 2010, the MSCI ACWI ex U.S. consisted of 45 country indices comprising 24 developed and 21 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indices included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey. The BUSU represents the union of the U.S. Aggregate Index, U.S. Corporate High-Yield, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or below investment grade. The S&P 500 is an unmanaged, capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The BAB is an unmanaged index composed of securities from the Barclay's Government/Corporate Bond Index, Mortgage- Backed Securities Index and the Asset-Backed Securities Index. The RU300, MSCI ACWI ex U.S., BUSU, S&P 500 and BAB are not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission (SEC) requires to be reflected in the Fund's performance. The indexes are unmanaged and, unlike the Fund, are not affected by cash flows. It is not possible to invest directly in an index. |
3 | The LBFA represents the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the category indicated, and is not adjusted to reflect any sales charges. However, these total returns are reported net of expenses or other fees that the SEC requires to be reflected in the Fund's performance. |
4 | The Fund's Class R Shares commenced operations on April 8, 2003. The Fund's Institutional Shares commenced operation on June 12, 2009. The Fund offers three other classes of shares: Class A Shares, Class B Shares and Class C Shares. For the period prior to the commencement of operations of Class R Shares and Institutional Shares, the performance information shown is for the Fund's Class A Shares. In relation to Class R Shares, the performance of Class A Shares has been adjusted to reflect expenses applicable to Class R Shares. In relation to the Institutional Shares, the performance of Class A Shares has not been adjusted to reflect the expenses of Institutional Shares since Institutional Shares have a lower expense ratio than the expense ratio of the Class A Shares. The performance of Class A Shares has been adjusted to remove any voluntary waiver of Fund expenses related to the Class A Shares that may have occurred during the period prior to the commencement of operations of Institutional Shares. Additionally, for both the Class R Shares and Institutional Shares, the performance information shown below has been adjusted to reflect the absence of sales charges applicable to Class A Shares. |
Portfolio Composition | Percentage of Total Net Assets2 |
Domestic Equity Securities | 42.9% |
U.S. Treasury and Agency Securities | 11.8% |
International Equity Securities | 8.9% |
Mortgage-Backed Securities3 | 6.9% |
Corporate Debt Securities | 5.6% |
Asset-Backed Securities | 2.5% |
Trade Finance Agreements | 1.4% |
Foreign Debt Securities | 0.3% |
Municipal Securities4 | 0.0% |
Floating Rate Loan4 | 0.0% |
Derivative Contracts5 | (0.1)% |
Cash Equivalents6 | 21.0% |
Other Assets and Liabilities—Net7 | (1.2)% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for a description of these security types. |
2 | As of the date specified above, the Fund owned shares of one or more affiliated investment companies. For purposes of this table, the affiliated investment company (other than an affiliated money market mutual fund) is not treated as a single portfolio security, but rather the Fund is treated as owning a pro rata portion of each security and each other asset and liability owned by the affiliated investment company. Accordingly, the percentages of total net assets shown in the table will differ from those presented on the Portfolio of Investments. |
3 | For purposes of this table, Mortgage-Backed Securities include mortgage-backed securities guaranteed by Government Sponsored Entities and adjustable rate mortgage-backed securities. |
4 | Represents less than 0.1%. |
5 | Based upon net unrealized appreciation (depreciation) or value of the derivative contracts as applicable. Derivative contracts may consist of futures, forwards, options and swaps. The impact of a derivative contract on the Fund's performance may be larger than its unrealized appreciation (depreciation) or value may indicate. In many cases, the notional value or amount of a derivative contract may provide a better indication of the contract's significance to the portfolio. More complete information regarding the Fund's direct investments in derivative contracts, including unrealized appreciation (depreciation), value and notional values or amounts of such contracts, can be found in the table at the end of the Portfolio of Investments included in this Report. |
6 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
7 | Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities. |
Sector Composition of Equity Holdings | Percentage of Equity Securities |
Information Technology | 20.6% |
Financials | 18.0% |
Consumer Discretionary | 13.7% |
Health Care | 12.3% |
Energy | 10.4% |
Industrials | 9.8% |
Consumer Staples | 9.4% |
Materials | 3.4% |
Telecommunication Services | 1.2% |
Utilities | 1.2% |
TOTAL | 100.0% |
8 | Sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—47.2% | |||
Consumer Discretionary—6.5% | |||
633 | Allison Transmission Holdings, Inc. | $13,160 | |
700 | 1 | AutoZone, Inc. | 268,639 |
5,200 | 1 | Bed Bath & Beyond, Inc. | 305,344 |
7,900 | Best Buy Co., Inc. | 103,569 | |
2,800 | 1 | BorgWarner, Inc. | 185,640 |
18,300 | CBS Corp., Class B | 658,434 | |
42,000 | Comcast Corp., Class A | 1,561,560 | |
6,000 | 1 | Dollar Tree, Inc. | 250,440 |
266,600 | Ford Motor Co. | 3,052,570 | |
1,300 | Gap (The), Inc. | 44,798 | |
4,000 | 1 | General Motors Co. | 103,520 |
86,300 | 1 | Goodyear Tire & Rubber Co. | 1,087,380 |
14,400 | Harman International Industries, Inc. | 569,664 | |
4,300 | Home Depot, Inc. | 279,801 | |
56,500 | Lennar Corp., Class A | 2,149,260 | |
2,328 | 1 | Liberty Ventures, Series A | 136,304 |
18,300 | 1 | Lululemon Athletica, Inc. | 1,313,574 |
3,700 | Macy's, Inc. | 143,190 | |
14,108 | 1 | Michael Kors Holdings Ltd. | 749,840 |
300 | Nike, Inc., Class B | 29,244 | |
8,100 | PetSmart, Inc. | 572,346 | |
1,800 | Polaris Industries, Inc. | 152,658 | |
13,800 | 1 | Pulte Group, Inc. | 231,978 |
14,700 | Ross Stores, Inc. | 836,724 | |
79,900 | TJX Cos., Inc. | 3,542,766 | |
400 | 1 | TRW Automotive Holdings Corp. | 20,256 |
25,600 | Target Corp. | 1,616,128 | |
5,862 | Thor Industries, Inc. | 221,232 | |
12,790 | Time Warner Cable, Inc. | 1,213,643 | |
32,200 | Walt Disney Co. | 1,599,052 | |
73,500 | 1 | Yoox SpA | 1,136,571 |
TOTAL | 24,149,285 | ||
Consumer Staples—4.5% | |||
33,700 | Altria Group, Inc. | 1,139,397 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
11,000 | Archer-Daniels-Midland Co. | $293,700 | |
2,450 | Brown-Forman Corp., Class B | 171,941 | |
48,600 | CVS Corp. | 2,260,386 | |
21,729 | Coca-Cola Enterprises, Inc. | 677,510 | |
14,000 | 1 | Constellation Brands, Inc., Class A | 502,320 |
32,500 | Herbalife Ltd. | 1,494,025 | |
30,991 | Hillshire Brands Co. | 863,100 | |
3,300 | Hormel Foods Corp. | 102,333 | |
53,000 | Japan Tobacco, Inc. | 1,588,039 | |
29,143 | 1 | Kraft Foods, Group, Inc. | 1,317,847 |
42,544 | Mondelez International, Inc. | 1,101,464 | |
4,516 | 1 | Monster Beverage Corp. | 235,058 |
9,915 | PepsiCo, Inc. | 696,132 | |
25,050 | Philip Morris International, Inc. | 2,251,494 | |
1,300 | 1 | Ralcorp Holdings, Inc. | 115,882 |
5,500 | 1 | Smithfield Foods, Inc. | 123,035 |
15,396 | The Coca-Cola Co. | 583,816 | |
59,900 | Tyson Foods, Inc., Class A | 1,148,283 | |
TOTAL | 16,665,762 | ||
Energy—4.9% | |||
22,500 | Anadarko Petroleum Corp. | 1,646,775 | |
21,600 | Chevron Corp. | 2,282,904 | |
18,788 | ConocoPhillips | 1,069,789 | |
4,000 | Devon Energy Corp. | 206,680 | |
45,600 | Energy XXI Ltd. | 1,444,608 | |
32,600 | Exxon Mobil Corp. | 2,873,364 | |
38,500 | Golar LNG Ltd. | 1,504,580 | |
1,500 | Halliburton Co. | 50,025 | |
8,200 | Helmerich & Payne, Inc. | 428,040 | |
3,600 | HollyFrontier Corp. | 163,188 | |
20,400 | Marathon Oil Corp. | 629,340 | |
822 | Marathon Petroleum Corp. | 48,942 | |
8,900 | Murphy Oil Corp. | 504,986 | |
19,300 | National-Oilwell, Inc. | 1,318,190 | |
1,200 | Noble Energy, Inc. | 117,300 | |
30,930 | Occidental Petroleum Corp. | 2,326,245 | |
11,300 | Oceaneering International, Inc. | 595,284 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Energy—continued | |||
9,694 | Phillips 66 | $507,675 | |
1,000 | Schlumberger Ltd. | 71,620 | |
11,400 | Valero Energy Corp. | 367,764 | |
10 | 1 | WPX Energy, Inc. | 158 |
5,500 | Williams Companies, Inc. | 180,620 | |
TOTAL | 18,338,077 | ||
Financials—8.5% | |||
14,600 | Aflac, Inc. | 773,654 | |
52,000 | Allstate Corp. | 2,104,960 | |
6,800 | American Campus Communities, Inc. | 297,840 | |
6,235 | American Tower Corp. | 467,188 | |
6,200 | Assurant, Inc. | 212,102 | |
8,600 | BB&T Corp. | 242,262 | |
10,738 | 1 | Berkshire Hathaway, Inc., Class B | 945,803 |
126,300 | CapitalSource, Inc. | 1,016,715 | |
2,600 | Chubb Corp. | 200,174 | |
1,800 | Citigroup, Inc. | 62,226 | |
2,500 | Digital Realty Trust, Inc. | 161,350 | |
63,700 | Discover Financial Services | 2,650,557 | |
1,600 | Everest Re Group Ltd. | 173,552 | |
12,800 | Extra Space Storage, Inc. | 449,920 | |
4,200 | Federal Realty Investment Trust | 436,968 | |
4,400 | Fidelity National Financial, Inc., Class A | 106,524 | |
37,800 | Fifth Third Bancorp | 553,392 | |
10,600 | 1 | Genworth Financial, Inc., Class A | 63,070 |
15,961 | Hatteras Financial Corp. | 425,520 | |
3,500 | Home Properties, Inc. | 206,115 | |
62,800 | Huntington Bancshares, Inc. | 386,220 | |
58,300 | J.P. Morgan Chase & Co. | 2,394,964 | |
42,000 | Lincoln National Corp. | 1,037,400 | |
36,800 | MFA Mortgage Investments, Inc. | 309,488 | |
9,700 | MetLife, Inc. | 321,943 | |
9,076 | Pebblebrook Hotel Trust | 189,235 | |
28,000 | People's United Financial, Inc. | 341,320 | |
15,500 | Plum Creek Timber Co., Inc. | 664,175 | |
4,400 | Post Properties, Inc. | 216,172 | |
22,200 | Principal Financial Group | 602,730 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
6,100 | Protective Life Corp. | $165,615 | |
79,100 | Regions Financial Corp. | 527,597 | |
8,857 | Reinsurance Group of America, Inc. | 453,478 | |
10,400 | SLM Holding Corp. | 172,120 | |
4,900 | Simon Property Group, Inc. | 745,437 | |
18,600 | 1 | Sunstone Hotel Investors, Inc. | 191,952 |
54,800 | SunTrust Banks, Inc. | 1,487,820 | |
145,300 | Synovus Financial Corp. | 344,361 | |
7,400 | Taubman Centers, Inc. | 573,278 | |
11,300 | The Travelers Cos, Inc. | 800,266 | |
19,500 | Torchmark Corp. | 1,013,805 | |
39,600 | U.S. Bancorp | 1,277,496 | |
2,147 | Validus Holdings Ltd. | 76,133 | |
175,900 | Wells Fargo & Co. | 5,806,459 | |
TOTAL | 31,649,356 | ||
Health Care—5.8% | |||
3,726 | Amgen, Inc. | 330,869 | |
7,400 | Aetna, Inc. | 319,606 | |
100 | 1 | Amerigroup Corp. | 9,182 |
22,200 | AmerisourceBergen Corp. | 937,284 | |
1,100 | 1 | Biogen Idec, Inc. | 163,999 |
10,100 | 1 | BioMarin Pharmaceutical, Inc. | 490,860 |
9,693 | Cardinal Health, Inc. | 392,082 | |
24,600 | 1 | Celgene Corp. | 1,933,314 |
700 | 1 | Cerner Corp. | 54,054 |
9,700 | 1 | Forest Laboratories, Inc., Class A | 343,962 |
28,200 | 1 | Gilead Sciences, Inc. | 2,115,000 |
14,000 | Humana, Inc. | 915,740 | |
29,800 | Johnson & Johnson | 2,077,954 | |
25,800 | Lilly (Eli) & Co. | 1,265,232 | |
12,708 | McKesson Corp. | 1,200,525 | |
10,300 | Merck & Co., Inc. | 456,290 | |
176,022 | Pfizer, Inc. | 4,404,070 | |
11,800 | ResMed, Inc. | 484,862 | |
51,100 | Sanofi ADR | 2,280,082 | |
27,835 | UnitedHealth Group, Inc. | 1,513,946 | |
TOTAL | 21,688,913 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—4.6% | |||
55 | 3M Co. | $5,002 | |
19,300 | Caterpillar, Inc. | 1,645,132 | |
4,500 | Chicago Bridge & Iron Co., N.V. | 182,835 | |
2,800 | 1 | Copart, Inc. | 84,588 |
30,400 | Danaher Corp. | 1,640,688 | |
3,000 | Dover Corp. | 190,770 | |
1,100 | Dun & Bradstreet Corp. | 87,098 | |
1,200 | Emerson Electric Co. | 60,276 | |
18,800 | FedEx Corp. | 1,683,164 | |
5,400 | Fluor Corp. | 286,632 | |
3,181 | 1 | Fortune Brands Home & Security, Inc. | 95,398 |
3,900 | General Dynamics Corp. | 259,350 | |
73,735 | General Electric Co. | 1,558,020 | |
4,109 | Huntington Ingalls Industries, Inc. | 167,853 | |
900 | 1 | IHS, Inc., Class A | 82,926 |
4,930 | ITT Corp. | 110,284 | |
5,400 | Ingersoll-Rand PLC | 263,412 | |
1,500 | Lincoln Electric Holdings | 71,265 | |
5,100 | Lockheed Martin Corp. | 475,830 | |
40,162 | 1 | MRC Global, Inc. | 1,125,741 |
7,600 | Northrop Grumman Corp. | 506,920 | |
8,900 | Pall Corp. | 529,372 | |
8,400 | Parker-Hannifin Corp. | 690,060 | |
287 | Pentair Ltd. | 13,917 | |
1,600 | Pitney Bowes, Inc. | 17,904 | |
599 | Precision Castparts Corp. | 109,850 | |
6,400 | Raytheon Co. | 365,632 | |
1,200 | Rockwell Automation, Inc. | 95,088 | |
20,300 | Siemens AG, ADR | 2,101,050 | |
1,202 | The ADT Corp. | 55,172 | |
900 | Toro Co. | 40,374 | |
1,200 | Tyco International Ltd. | 34,044 | |
4,700 | URS Corp. | 177,096 | |
400 | Union Pacific Corp. | 49,112 | |
12,500 | United Technologies Corp. | 1,001,375 | |
4,300 | 1 | Verisk Analytics, Inc. | 214,312 |
4,900 | W. W. Grainger, Inc. | 950,698 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
1,900 | Waste Connections, Inc. | $62,548 | |
7,365 | Xylem, Inc. | 192,153 | |
TOTAL | 17,282,941 | ||
Information Technology—9.7% | |||
3,100 | 1 | AOL, Inc. | 116,312 |
5,952 | Accenture PLC | 404,260 | |
2,100 | 1 | Alliance Data Systems Corp. | 299,229 |
15,397 | Apple, Inc. | 9,011,556 | |
2,000 | 1 | Autodesk, Inc. | 66,260 |
15,400 | Avago Technologies Ltd. | 540,540 | |
1,300 | 1 | BMC Software, Inc. | 53,248 |
17,073 | 1 | Brocade Communications Systems, Inc. | 96,975 |
12,300 | CA, Inc. | 272,568 | |
25,700 | Cisco Systems, Inc. | 485,987 | |
1,752 | 1 | CoreLogic, Inc. | 45,272 |
400 | Dell, Inc. | 3,856 | |
54,600 | 1 | EMC Corp. Mass | 1,355,172 |
39,400 | 1 | eBay, Inc. | 2,081,108 |
700 | 1 | Gartner Group, Inc., Class A | 33,516 |
4,800 | 1 | Google, Inc. | 3,352,176 |
12,492 | International Business Machines Corp. | 2,374,354 | |
6,482 | Intuit, Inc. | 388,337 | |
40,100 | 1 | LSI Logic Corp. | 270,274 |
1,900 | Mastercard, Inc., Class A | 928,492 | |
37,100 | Maxim Integrated Products, Inc. | 1,082,949 | |
176,818 | Microsoft Corp. | 4,706,895 | |
26,320 | Oracle Corp. | 844,872 | |
34,900 | Qualcomm, Inc. | 2,220,338 | |
1,296 | Samsung Electronics Co. | 1,682,759 | |
4,900 | 1 | Skyworks Solutions, Inc. | 110,985 |
28,080 | 1 | Symantec Corp. | 526,781 |
10,900 | 1 | VMware, Inc., Class A | 991,355 |
7,400 | 1 | Verisign, Inc. | 252,562 |
7,300 | Visa, Inc., Class A Shares | 1,092,883 | |
2 | 1 | VistaPrint NV | 62 |
17,100 | Western Digital Corp. | 571,824 | |
TOTAL | 36,263,757 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Materials—1.6% | |||
2,100 | CF Industries Holdings, Inc. | $449,463 | |
5,300 | Du Pont (E.I.) de Nemours & Co. | 228,642 | |
21,600 | Eagle Materials, Inc. | 1,149,552 | |
5,300 | FMC Corp. | 293,938 | |
6,537 | LyondellBasell Industries, Class A | 325,085 | |
14,000 | Monsanto Co. | 1,282,260 | |
3,300 | PPG Industries, Inc. | 410,091 | |
13,318 | Reliance Steel & Aluminum Co. | 751,135 | |
11,700 | Rio Tinto PLC, ADR | 582,660 | |
700 | Sherwin-Williams Co. | 106,764 | |
7,789 | Southern Copper Corp. | 282,741 | |
1,400 | Westlake Chemical Corp. | 101,374 | |
TOTAL | 5,963,705 | ||
Telecommunication Services—0.6% | |||
48,100 | Verizon Communications | 2,122,172 | |
Utilities—0.5% | |||
1,900 | Aqua America, Inc. | 48,526 | |
40,400 | CMS Energy Corp. | 986,972 | |
53,700 | CenterPoint Energy, Inc. | 1,059,501 | |
TOTAL | 2,094,999 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $149,783,056) | 176,218,967 | ||
Asset-Backed Securities—1.1% | |||
$4,369 | 2,3 | 125 Home Loan Owner Trust 1998-1A, B1, 9.760%, 02/15/2029 | 3,642 |
500,000 | Ally Master Owner Trust 2011-1 A1, 1.078%, 1/15/2016 | 503,273 | |
250,000 | Banc of America Commercial Mortgage, Inc. 2007-4 A4, 5.919%, 2/10/2051 | 295,445 | |
797,417 | Citigroup/Deutsche Bank Commercial Mortgage 2007-CD5, 5.886%, 11/15/2044 | 958,320 | |
500,000 | Discover Card Master Trust I 2012—B3, 0.659%, 5/15/2018 | 500,585 | |
500,000 | Ford Credit Floorplan Master Owner Trust 2011-1, A2, 0.808%, 2/15/2016 | 500,979 | |
750,000 | GE Dealer Floorplan Master Note Trust 2012-3, A, 0.700%, 6/20/2017 | 753,285 | |
100,000 | Merrill Lynch Mortgage Trust 2008-C1 AM, 6.470%, 2/12/2051 | 109,560 | |
315,000 | Morgan Stanley Capital I 2006-IQ12 A4, 5.332%, 12/15/2043 | 364,209 | |
226,817 | 2,3 | SMART Series 2011-2US Trust, A2B, 0.959%, 11/14/2013 | 226,954 |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $3,946,982) | 4,216,252 |
Shares or Principal Amount | Value in U.S. Dollars | ||
Collateralized Mortgage Obligations—1.3% | |||
$800,000 | Citigroup/Deutsche Bank Commercial Mortgage 2007-CD4 A3, 5.293%, 12/11/2049 | $836,639 | |
459,379 | 2,3 | Commercial Mortgage Pass-Through Certificates 2010-C1 A1, 3.156%, 7/10/2046 | 485,224 |
500,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1 AM, 3.912%, 5/15/2045 | 545,462 | |
265,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1 B, 4.612%, 5/15/2045 | 291,347 | |
200,000 | GS Mortgage Securities Corp. II 2012-GCJ7 AS, 4.085%, 5/10/2045 | 217,409 | |
275,000 | GS Mortgage Securities Corp. II 2012-GCJ7 B B, 4.740%, 5/10/2045 | 306,529 | |
569,562 | 2,3 | JP Morgan Chase Commercial Mortgage Securities, 2010-C1 A1, 3.853%, 6/15/2043 | 607,798 |
100,000 | Morgan Stanley Capital I 2007-IQ16 AM, 6.110%, 12/12/2049 | 115,530 | |
700,000 | Morgan Stanley Capital I 2012-C4 AS, 3.773%, 3/15/2045 | 740,238 | |
1,138 | 2 | SMFC Trust Asset-Backed Certificates, 1997-A B1-4, 1.000%, 1/28/2027 | 995 |
475,000 | UBS-Citigroup Commercial Mortgage Trust 2011-C1 A3, 3.595%, 1/10/2045 | 526,962 | |
50,000 | WF-RBS Commercial Mortgage Trust 2012-C6 B, 4.697%, 4/15/2045 | 53,699 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $4,469,790) | 4,727,832 | ||
Corporate Bonds—3.0% | |||
Basic Industry - Chemicals—0.0% | |||
50,000 | RPM International, Inc., 6.500%, 02/15/2018 | 60,544 | |
15,000 | RPM International, Inc., Sr. Unsecd. Note, 6.125%, 10/15/2019 | 17,601 | |
35,000 | Rohm & Haas Co., 6.000%, 09/15/2017 | 41,465 | |
TOTAL | 119,610 | ||
Basic Industry - Metals & Mining—0.1% | |||
80,000 | Alcan, Inc., 5.000%, 06/01/2015 | 87,745 | |
90,000 | Allegheny Technologies, Inc., Sr. Note, 9.375%, 06/01/2019 | 115,382 | |
TOTAL | 203,127 | ||
Basic Industry - Paper—0.0% | |||
30,000 | International Paper Co., Sr. Unsecd. Note, 7.500%, 08/15/2021 | 39,585 | |
150,000 | 4 | Pope & Talbot, Inc., 8.375%, 06/01/2013 | 0 |
TOTAL | 39,585 | ||
Capital Goods - Aerospace & Defense—0.0% | |||
50,000 | 2,3 | BAE Systems Holdings, Inc., Series 144A, 5.200%, 8/15/2015 | 54,937 |
Capital Goods - Diversified Manufacturing—0.1% | |||
20,000 | Dover Corp., Note, 5.450%, 03/15/2018 | 23,901 | |
70,000 | Emerson Electric Co., 4.875%, 10/15/2019 | 84,637 |
Shares or Principal Amount | Value in U.S. Dollars | ||
Corporate Bonds—continued | |||
Capital Goods - Diversified Manufacturing—continued | |||
$68,000 | 2,3 | Hutchison Whampoa International Ltd., Series 144A, 6.500%, 2/13/2013 | $68,782 |
100,000 | Roper Industries, Inc., Sr. Unsecd. Note, 6.250%, 09/01/2019 | 120,769 | |
90,000 | 2,3 | Textron Financial Corp., Jr. Sub. Note, Series 144A, 6.000%, 2/15/2067 | 79,213 |
TOTAL | 377,302 | ||
Capital Goods - Environmental—0.0% | |||
110,000 | Republic Services, Inc., Company Guarantee, Series WI, 5.500%, 09/15/2019 | 131,277 | |
25,000 | Waste Management, Inc., 7.375%, 03/11/2019 | 32,126 | |
TOTAL | 163,403 | ||
Communications - Media & Cable—0.1% | |||
27,000 | Comcast Cable Communications Holdings, Company Guarantee, 8.375%, 03/15/2013 | 27,591 | |
100,000 | Comcast Corp., Company Guarantee, 6.500%, 01/15/2017 | 121,452 | |
20,000 | Time Warner Cable, Inc., Company Guarantee, 8.250%, 04/01/2019 | 26,698 | |
TOTAL | 175,741 | ||
Communications - Media Noncable—0.1% | |||
100,000 | Interpublic Group of Cos., Inc., Sr. Unsecd. Note, 2.250%, 11/15/2017 | 98,783 | |
90,000 | News America, Inc., Company Guarantee, 5.650%, 08/15/2020 | 108,811 | |
TOTAL | 207,594 | ||
Communications - Telecom Wireless—0.1% | |||
130,000 | AT&T Wireless Services, Inc., 8.750%, 03/01/2031 | 215,804 | |
90,000 | America Movil S.A.B. de C.V., Note, 5.750%, 01/15/2015 | 99,529 | |
TOTAL | 315,333 | ||
Communications - Telecom Wirelines—0.1% | |||
15,000 | CenturyLink, Inc., Sr. Note, Series Q, 6.150%, 9/15/2019 | 16,577 | |
150,000 | Deutsche Telekom International Finance BV, 4.875%, 07/08/2014 | 159,216 | |
45,000 | France Telecom SA, Sr. Unsecd. Note, 5.375%, 07/08/2019 | 53,143 | |
100,000 | Telefonica SA, Sr. Note, 5.855%, 02/04/2013 | 100,755 | |
50,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 6.350%, 04/01/2019 | 63,911 | |
TOTAL | 393,602 | ||
Consumer Cyclical - Automotive—0.0% | |||
70,000 | DaimlerChrysler North America Holding Corp., 6.500%, 11/15/2013 | 73,812 | |
50,000 | 2,3 | RCI Banque SA, Sr. Unsecd. Note, Series 144A, 4.600%, 04/12/2016 | 52,953 |
TOTAL | 126,765 | ||
Consumer Cyclical - Entertainment—0.0% | |||
50,000 | Viacom, Inc., Sr. Unsecd. Note, 2.500%, 12/15/2016 | 52,441 |
Shares or Principal Amount | Value in U.S. Dollars | ||
Corporate Bonds—continued | |||
Consumer Cyclical - Retailers—0.1% | |||
$156,116 | 2,3 | CVS Caremark Corp., Pass Thru Cert., Series 144A, 5.298%, 1/11/2027 | $170,409 |
40,000 | Wal-Mart Stores, Inc., Sr. Unsecd. Note, 6.200%, 04/15/2038 | 55,463 | |
TOTAL | 225,872 | ||
Consumer Non-Cyclical - Food/Beverage—0.1% | |||
90,000 | 2,3 | Bacardi Ltd., Sr. Note, Series 144A, 7.450%, 4/01/2014 | 97,560 |
70,000 | Bottling Group LLC, Note, 5.500%, 04/01/2016 | 80,558 | |
80,000 | Diageo Capital PLC, Company Guarantee, 7.375%, 01/15/2014 | 85,932 | |
15,000 | Sysco Corp., Sr. Note, 5.375%, 03/17/2019 | 18,261 | |
30,000 | The Coca-Cola Co., Sr. Unsecd. Note, Series WI, 1.800%, 09/01/2016 | 31,088 | |
TOTAL | 313,399 | ||
Consumer Non-Cyclical - Health Care—0.0% | |||
50,000 | Boston Scientific Corp., 4.500%, 01/15/2015 | 53,322 | |
20,000 | Express Scripts, Inc., Sr. Unsecd. Note, 7.250%, 06/15/2019 | 25,701 | |
75,000 | Quest Diagnostics, Inc., Sr. Unsecd. Note, 6.400%, 07/01/2017 | 89,050 | |
TOTAL | 168,073 | ||
Consumer Non-Cyclical - Pharmaceuticals—0.1% | |||
100,000 | Genentech, Inc., Note, 4.750%, 07/15/2015 | 110,490 | |
80,000 | Pfizer, Inc., Sr. Unsecd. Note, 6.200%, 03/15/2019 | 102,219 | |
TOTAL | 212,709 | ||
Consumer Non-Cyclical - Tobacco—0.0% | |||
24,000 | Altria Group, Inc., 9.250%, 08/06/2019 | 33,461 | |
Energy - Independent—0.1% | |||
120,000 | Canadian Natural Resources Ltd., 4.900%, 12/01/2014 | 129,627 | |
30,000 | EOG Resources, Inc., Note, 5.625%, 06/01/2019 | 37,182 | |
25,000 | Pemex Project Funding Master, 5.750%, 12/15/2015 | 28,000 | |
100,000 | Petroleos Mexicanos, 6.500%, 06/02/2041 | 126,250 | |
80,000 | Petroleos Mexicanos, Company Guarantee, Series WI, 4.875%, 03/15/2015 | 86,400 | |
20,000 | XTO Energy, Inc., 6.750%, 08/01/2037 | 31,629 | |
TOTAL | 439,088 | ||
Energy - Integrated—0.1% | |||
60,000 | Conoco, Inc., Sr. Unsecd. Note, 6.950%, 04/15/2029 | 85,065 | |
100,000 | ConocoPhillips Australia Funding Co., 5.500%, 04/15/2013 | 101,792 | |
100,000 | Husky Energy, Inc., Sr. Unsecd. Note, 3.950%, 04/15/2022 | 107,608 | |
35,000 | Petro-Canada, Deb., 7.000%, 11/15/2028 | 45,685 | |
100,000 | 2,3 | Statoil ASA, Series 144A, 5.125%, 04/30/2014 | 106,347 |
TOTAL | 446,497 |
Shares or Principal Amount | Value in U.S. Dollars | ||
Corporate Bonds—continued | |||
Energy - Oil Field Services—0.0% | |||
$50,000 | Noble Drilling Corp., Sr. Note, 7.500%, 03/15/2019 | $61,051 | |
Energy - Refining—0.0% | |||
25,000 | Valero Energy Corp., 9.375%, 03/15/2019 | 34,330 | |
Financial Institution - Banking—0.4% | |||
50,000 | Bank of America Corp., Sr. Note, 5.375%, 06/15/2014 | 52,974 | |
120,000 | Bank of America Corp., Sr. Note, 7.375%, 05/15/2014 | 130,352 | |
100,000 | 2,3 | Barclays Bank PLC, Series 144A, 5.926%, 9/29/2049 | 97,000 |
70,000 | Capital One Financial Corp., Sr. Note, 7.375%, 05/23/2014 | 76,562 | |
50,000 | Citigroup, Inc., Note, 5.125%, 05/05/2014 | 52,781 | |
60,000 | 2,3 | Commonwealth Bank of Australia, Sr. Unsecd. Note, Series 144A, 3.750%, 10/15/2014 | 63,209 |
50,000 | Goldman Sachs Group, Inc., 6.125%, 02/15/2033 | 57,941 | |
320,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 5.125%, 01/15/2015 | 344,365 | |
5,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 5.750%, 01/24/2022 | 5,941 | |
75,000 | Household Finance Corp., Unsecd. Note, 4.750%, 07/15/2013 | 76,795 | |
100,000 | Morgan Stanley Group, Inc., 5.300%, 03/01/2013 | 101,111 | |
30,000 | Northern Trust Corp., 4.625%, 05/01/2014 | 31,724 | |
223,102 | 2,3,4 | Regional Diversified Funding, Series 144A, 9.250%, 3/15/2030 | 167,664 |
100,000 | U.S. Bank N.A., Series BKNT, 6.300%, 2/04/2014 | 106,570 | |
140,000 | Wachovia Corp., 5.750%, 02/01/2018 | 168,846 | |
40,000 | Wilmington Trust Corp., Sub. Note, 8.500%, 04/02/2018 | 50,116 | |
TOTAL | 1,583,951 | ||
Financial Institution - Brokerage—0.1% | |||
50,000 | Charles Schwab Corp., Sr. Unsecd. Note, 4.950%, 06/01/2014 | 53,200 | |
100,000 | 2,3 | FMR LLC, Series 144A, 4.750%, 3/01/2013 | 100,883 |
30,000 | Janus Capital Group, Inc., Sr. Note, 6.700%, 06/15/2017 | 34,484 | |
95,000 | Jefferies Group, Inc., Sr. Unsecd. Note, 8.500%, 07/15/2019 | 111,863 | |
30,000 | Nuveen Investments, 5.500%, 09/15/2015 | 28,650 | |
TOTAL | 329,080 | ||
Financial Institution - Finance Noncaptive—0.2% | |||
160,000 | American Express Co., Sr. Unsecd. Note, 8.125%, 05/20/2019 | 220,957 | |
60,000 | American Express Credit Corp., Sr. Unsecd. Note, 5.125%, 08/25/2014 | 64,531 | |
120,000 | Berkshire Hathaway, Inc., Company Guarantee, 5.000%, 08/15/2013 | 123,873 | |
120,000 | Capital One Capital IV, 6.745%, 02/17/2037 | 121,050 | |
20,000 | Capital One Capital V, 10.250%, 08/15/2039 | 20,200 | |
30,000 | General Electric Capital, Note, Series MTNA, 6.750%, 3/15/2032 | 39,193 | |
TOTAL | 589,804 |
Shares or Principal Amount | Value in U.S. Dollars | ||
Corporate Bonds—continued | |||
Financial Institution - Insurance - Health—0.0% | |||
$50,000 | UnitedHealth Group, Inc., Sr. Unsecd. Note, 6.000%, 02/15/2018 | $61,250 | |
50,000 | Wellpoint, Inc., 5.850%, 01/15/2036 | 60,210 | |
TOTAL | 121,460 | ||
Financial Institution - Insurance - Life—0.3% | |||
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/01/2039 | 15,362 | |
80,000 | 2,3 | New York Life Insurance Co., Sub. Note, Series 144A, 6.750%, 11/15/2039 | 113,066 |
50,000 | Prudential Financial, Inc., Series MTN, 5.150%, 1/15/2013 | 50,267 | |
10,000 | Prudential Financial, Inc., Sr. Note, Series MTND, 7.375%, 6/15/2019 | 12,787 | |
100,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 4.750%, 9/17/2015 | 110,241 | |
750,000 | 2 | Union Central Life Insurance Co., Note, Series 144A, 8.200%, 11/01/2026 | 870,071 |
TOTAL | 1,171,794 | ||
Financial Institution - Insurance - P&C—0.1% | |||
80,000 | CNA Financial Corp., 6.500%, 08/15/2016 | 92,623 | |
15,000 | Chubb Corp., Sr. Note, 5.750%, 05/15/2018 | 18,602 | |
50,000 | Horace Mann Educators Corp., Sr. Note, 6.850%, 04/15/2016 | 54,964 | |
100,000 | 2,3 | Liberty Mutual Group, Inc., Unsecd. Note, Series 144A, 5.750%, 3/15/2014 | 105,062 |
30,000 | 2,3 | Nationwide Mutual Insurance Co., Sub. Note, Series 144A, 9.375%, 08/15/2039 | 43,632 |
10,000 | The Travelers Cos., Inc., Sr. Unsecd. Note, 5.500%, 12/01/2015 | 11,370 | |
TOTAL | 326,253 | ||
Financial Institution - REITs—0.1% | |||
45,000 | Avalonbay Communities, Inc., Sr. Unsecd. Note, Series MTN, 5.700%, 03/15/2017 | 52,531 | |
75,000 | Boston Properties LP, Sr. Unsecd. Note, 5.875%, 10/15/2019 | 89,608 | |
40,000 | Equity One, Inc., Bond, 6.000%, 09/15/2017 | 46,104 | |
100,000 | Health Care REIT, Inc., Sr. Unsecd. Note, 4.125%, 04/01/2019 | 107,706 | |
40,000 | Liberty Property LP, 6.625%, 10/01/2017 | 48,191 | |
20,000 | ProLogis, Inc., Sr. Unsecd. Note, Series WI, 7.625%, 08/15/2014 | 21,926 | |
40,000 | Simon Property Group LP, 6.750%, 05/15/2014 | 42,861 | |
TOTAL | 408,927 | ||
Foreign-Local-Government—0.0% | |||
50,000 | Quebec, Province of, Note, Series MTNA, 7.035%, 03/10/2026 | 71,899 | |
Municipal Services—0.1% | |||
140,000 | 2,3 | Army Hawaii Family Housing, Series 144A, 5.524%, 6/15/2050 | 144,360 |
Shares or Principal Amount | Value in U.S. Dollars | ||
Corporate Bonds—continued | |||
Municipal Services—continued | |||
$100,000 | 2,3 | Camp Pendleton & Quantic, Series 144A, 5.572%, 10/01/2050 | $105,906 |
TOTAL | 250,266 | ||
Technology—0.1% | |||
20,000 | Cisco Systems, Inc., Sr. Unsecd. Note, 5.500%, 02/22/2016 | 22,988 | |
40,000 | Dell Computer Corp., Deb., 7.100%, 04/15/2028 | 48,885 | |
105,000 | Fiserv, Inc., Sr. Note, 6.800%, 11/20/2017 | 127,114 | |
60,000 | Hewlett-Packard Co., Note, 5.400%, 03/01/2017 | 63,763 | |
50,000 | Hewlett-Packard Co., Sr. Unsecd. Note, 3.300%, 12/09/2016 | 49,753 | |
TOTAL | 312,503 | ||
Transportation - Railroads—0.0% | |||
100,000 | Burlington Northern Santa Fe Corp., 4.875%, 01/15/2015 | 108,120 | |
45,000 | Union Pacific Corp., Bond, 6.625%, 02/01/2029 | 61,838 | |
TOTAL | 169,958 | ||
Transportation - Services—0.1% | |||
75,000 | 2,3 | Enterprise Rent-A-Car USA, Series 144A, 6.375%, 10/15/2017 | 91,750 |
100,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 3.150%, 3/02/2015 | 103,513 | |
TOTAL | 195,263 | ||
Utility - Electric—0.3% | |||
60,000 | Appalachian Power Co., Sr. Unsecd. Note, 7.950%, 01/15/2020 | 82,162 | |
50,000 | Cleveland Electric Illuminating Co., Sr. Unsecd. Note, 5.950%, 12/15/2036 | 57,996 | |
50,000 | Commonwealth Edison Co., 1st Mtg. Bond, 5.800%, 03/15/2018 | 60,917 | |
10,000 | Consolidated Edison Co., Sr. Unsecd. Note, 6.650%, 04/01/2019 | 12,878 | |
40,000 | Consolidated Edison Co., Sr. Unsecd. Note, Series 2006-C, 5.500%, 9/15/2016 | 46,603 | |
60,000 | 2,3 | Electricite De France SA, Series 144A, 5.500%, 01/26/2014 | 62,863 |
90,000 | FirstEnergy Solutions Corp., Company Guarantee, 4.800%, 02/15/2015 | 96,997 | |
50,000 | FirstEnergy Solutions Corp., Company Guarantee, 6.050%, 08/15/2021 | 57,102 | |
49,597 | 2,3 | Great River Energy, 1st Mtg. Note, Series 144A, 5.829%, 7/01/2017 | 53,434 |
120,000 | MidAmerican Energy Co., 4.650%, 10/01/2014 | 128,510 | |
100,000 | National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, 10.375%, 11/01/2018 | 148,665 | |
30,000 | Northern States Power Co., MN, 1st Mtg. Bond, 5.250%, 03/01/2018 | 36,350 | |
60,000 | PPL Energy Supply LLC, Sr. Unsecd. Note, 6.000%, 12/15/2036 | 67,170 | |
40,000 | Progress Energy, Inc., 7.050%, 03/15/2019 | 50,936 | |
TOTAL | 962,583 | ||
Utility - Natural Gas Distributor—0.0% | |||
15,000 | Atmos Energy Corp., 8.500%, 03/15/2019 | 20,312 |
Shares or Principal Amount | Value in U.S. Dollars | ||
Corporate Bonds—continued | |||
Utility - Natural Gas Distributor—continued | |||
$60,000 | Sempra Energy, Sr. Unsecd. Note, 6.500%, 06/01/2016 | $70,985 | |
TOTAL | 91,297 | ||
Utility - Natural Gas Pipelines—0.1% | |||
100,000 | Duke Capital Corp., Sr. Note, 6.250%, 02/15/2013 | 101,060 | |
70,000 | Enbridge, Inc., Sr. Note, 5.600%, 04/01/2017 | 81,224 | |
110,000 | Enterprise Products Operating LLC, Company Guarantee, Series O, 9.750%, 01/31/2014 | 121,130 | |
TOTAL | 303,414 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $9,988,502) | 11,052,372 | ||
Governments/Agencies—0.0% | |||
Sovereign—0.0% | |||
75,000 | United Mexican States, 6.625%, 03/03/2015 | 84,225 | |
30,000 | United Mexican States, Series MTNA, 6.750%, 09/27/2034 | 43,245 | |
TOTAL GOVERNMENTS/AGENCIES (IDENTIFIED COST $105,923) | 127,470 | ||
Mortgage-Backed Securities—0.2% | |||
5,065 | Federal Home Loan Mortgage Corp. Pool C00592, 7.000%, 3/1/2028 | 5,761 | |
4,034 | Federal Home Loan Mortgage Corp. Pool C00896, 7.500%, 12/1/2029 | 4,713 | |
10,233 | Federal Home Loan Mortgage Corp. Pool C17281, 6.500%, 11/1/2028 | 11,617 | |
7,920 | Federal Home Loan Mortgage Corp. Pool C19588, 6.500%, 12/1/2028 | 9,006 | |
3,311 | Federal Home Loan Mortgage Corp. Pool C25621, 6.500%, 5/1/2029 | 3,746 | |
10,546 | Federal Home Loan Mortgage Corp. Pool C76361, 6.000%, 2/1/2033 | 11,682 | |
24,948 | Federal Home Loan Mortgage Corp. Pool E01545, 5.000%, 15 Year, 1/1/2019 | 26,868 | |
256 | Federal Home Loan Mortgage Corp. Pool E77591, 6.500%, 7/1/2014 | 264 | |
5,661 | Federal Home Loan Mortgage Corp. Pool E99510, 5.500%, 9/1/2018 | 6,068 | |
9,617 | Federal Home Loan Mortgage Corp. Pool G01444, 6.500%, 8/1/2032 | 10,957 | |
6,585 | Federal National Mortgage Association Pool 251697, 6.500%, 30 Year, 5/1/2028 | 7,568 | |
20,652 | Federal National Mortgage Association Pool 252334, 6.500%, 30 Year, 2/1/2029 | 23,528 | |
26,517 | Federal National Mortgage Association Pool 254720, 4.500%, 5/1/2018 | 28,508 | |
27,943 | Federal National Mortgage Association Pool 254802, 4.500%, 7/1/2018 | 30,041 | |
16,535 | Federal National Mortgage Association Pool 254905, 6.000%, 10/1/2033 | 18,534 | |
29,792 | Federal National Mortgage Association Pool 255075, 5.500%, 2/1/2024 | 32,608 | |
32,783 | Federal National Mortgage Association Pool 255079, 5.000%, 2/1/2019 | 35,516 |
Shares or Principal Amount | Value in U.S. Dollars | ||
Mortgage-Backed Securities—continued | |||
$1,989 | Federal National Mortgage Association Pool 303168, 9.500%, 30 Year, 2/1/2025 | $2,297 | |
1,015 | Federal National Mortgage Association Pool 323159, 7.500%, 4/1/2028 | 1,187 | |
8,538 | Federal National Mortgage Association Pool 323640, 7.500%, 4/1/2029 | 9,990 | |
134 | Federal National Mortgage Association Pool 323970, 7.000%, 15 Year, 10/1/2014 | 139 | |
15,341 | Federal National Mortgage Association Pool 428865, 7.000%, 6/1/2028 | 17,220 | |
1,182 | Federal National Mortgage Association Pool 443215, 6.000%, 10/1/2028 | 1,314 | |
106 | Federal National Mortgage Association Pool 514184, 7.500%, 9/1/2029 | 123 | |
27,787 | Federal National Mortgage Association Pool 545993, 6.000%, 11/1/2032 | 31,062 | |
11,257 | Federal National Mortgage Association Pool 555272, 6.000%, 3/1/2033 | 12,581 | |
14,780 | Federal National Mortgage Association Pool 713974, 5.500%, 7/1/2033 | 16,284 | |
30,622 | Federal National Mortgage Association Pool 721502, 5.000%, 7/1/2033 | 33,335 | |
17,223 | Government National Mortgage Association Pool 2796, 7.000%, 8/20/2029 | 19,963 | |
9,805 | Government National Mortgage Association Pool 3040, 7.000%, 2/20/2031 | 11,401 | |
21,002 | Government National Mortgage Association Pool 3188, 6.500%, 1/20/2032 | 24,098 | |
35,749 | Government National Mortgage Association Pool 3239, 6.500%, 5/20/2032 | 41,055 | |
947 | Government National Mortgage Association Pool 352214, 7.000%, 4/15/2023 | 1,076 | |
3,134 | Government National Mortgage Association Pool 451522, 7.500%, 30 Year, 10/15/2027 | 3,663 | |
4,231 | Government National Mortgage Association Pool 462556, 6.500%, 2/15/2028 | 4,809 | |
442 | Government National Mortgage Association Pool 462739, 7.500%, 5/15/2028 | 517 | |
436 | Government National Mortgage Association Pool 464835, 6.500%, 9/15/2028 | 497 | |
9,158 | Government National Mortgage Association Pool 469699, 7.000%, 11/15/2028 | 10,607 | |
7,693 | Government National Mortgage Association Pool 486760, 6.500%, 12/15/2028 | 8,774 | |
1,330 | Government National Mortgage Association Pool 780339, 8.000%, 30 Year, 12/15/2023 | 1,544 | |
9,653 | Government National Mortgage Association Pool 780453, 7.500%, 30 Year, 12/15/2025 | 11,203 |
Shares or Principal Amount | Value in U.S. Dollars | ||
Mortgage-Backed Securities—continued | |||
$8,514 | Government National Mortgage Association Pool 780584, 7.000%, 30 Year, 6/15/2027 | $9,791 | |
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $489,072) | 541,515 | ||
MUNICIPAL—0.0% | |||
Illinois—0.0% | |||
90,000 | Chicago, IL Metropolitan Water Reclamation District, Direct Payment Taxable Limited GO Build America Bonds, 5.720%, 12/01/2038 (IDENTIFIED COST $90,000) | 119,106 | |
U.S. Treasury—11.8% | |||
2,053,140 | U.S. Treasury Inflation-Protected Note, 0.625%, 7/15/2021 | 2,350,525 | |
60,000 | 5,6 | United States Treasury Bill, 0.090%, 2/21/2013 | 59,990 |
1,400,000 | 5,6 | United States Treasury Bill, 0.100%, 2/28/2013 | 1,399,738 |
2,500,000 | 5,6 | United States Treasury Bill, 0.120%, 12/6/2012 | 2,499,988 |
1,650,000 | 5,6 | United States Treasury Bill, 0.145%, 12/13/2012 | 1,649,975 |
1,050,000 | United States Treasury Bond, 2.750%, 8/15/2042 | 1,038,663 | |
1,375,000 | United States Treasury Bond, 3.000%, 5/15/2042 | 1,434,275 | |
1,750,000 | United States Treasury Bond, 3.750%, 8/15/2041 | 2,102,570 | |
2,700,000 | United States Treasury Bond, 4.500%, 2/15/2036 | 3,620,531 | |
250,000 | United States Treasury Note, 0.500%, 7/31/2017 | 249,153 | |
2,000,000 | United States Treasury Note, 0.625%, 9/30/2017 | 2,002,418 | |
3,200,000 | United States Treasury Note, 0.875%, 11/30/2016 | 3,252,950 | |
7,100,000 | United States Treasury Note, 1.000%, 8/31/2016 | 7,248,767 | |
12,200,000 | United States Treasury Note, 1.000%, 9/30/2016 | 12,459,060 | |
700,000 | United States Treasury Note, 1.625%, 11/15/2022 | 700,602 | |
1,750,000 | United States Treasury Note, 3.500%, 5/15/2020 | 2,049,373 | |
TOTAL U.S. TREASURY (IDENTIFIED COST $43,433,414) | 44,118,578 | ||
MUTUAL FUNDS—35.9%7 | |||
68,316 | Emerging Markets Fixed Income Core Fund | 2,372,556 | |
366,317 | Federated InterContinental Fund, Institutional Shares | 17,575,893 | |
2,517,115 | Federated Mortgage Core Portfolio | 25,699,740 | |
73,330,877 | 8 | Federated Prime Value Obligations Fund, Institutional Shares, 0.15% | 73,330,877 |
610,715 | Federated Project and Trade Finance Core Fund | 5,991,111 |
Shares or Principal Amount | Value in U.S. Dollars | ||
MUTUAL FUNDS—continued7 | |||
1,315,938 | High Yield Bond Portfolio | $8,764,150 | |
TOTAL MUTUAL FUNDS (IDENTIFIED COST $128,460,704) | 133,734,327 | ||
TOTAL INVESTMENTS—100.5% (IDENTIFIED COST $340,767,443)9 | 374,856,419 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.5)%10 | (1,717,908) | ||
TOTAL NET ASSETS—100% | $373,138,511 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation/ (Depreciation) |
1AEX Index Short Futures | 50 | $3,366,000 | December 2012 | $(54,135) |
1ASX SPI 200 Index Short Futures | 37 | $4,177,300 | December 2012 | $(59,393) |
1CAC 40 Index Short Futures | 137 | $4,864,870 | December 2012 | $(259,459) |
1Topix Index Short Futures | 19 | $148,390,000 | December 2012 | $(109,734) |
1United States Treasury Bonds 30-Year Short Futures | 17 | $2,551,063 | March 2013 | $(23,280) |
1United States Treasury Notes 2-Year Short Futures | 55 | $12,124,922 | March 2013 | $(5,280) |
1DAX Index Long Futures | 22 | $4,080,450 | December 2012 | $46,602 |
1FTSE 100 Index Long Futures | 54 | $3,171,690 | December 2012 | $43,045 |
1FTSE/MIB Index Long Futures | 50 | $3,951,500 | December 2012 | $7,478 |
1Hang Seng Index Long Futures | 21 | $23,124,150 | December 2012 | $769 |
1MSCI Emerging Market Mini Long Futures | 121 | $6,082,065 | December 2012 | $41,875 |
1OMX 30 Index Long Futures | 248 | $26,932,800 | December 2012 | $81,631 |
1Russell 2000 Mini Index Long Futures | 152 | $12,474,640 | December 2012 | $(189,734) |
1S&P 500 Index Long Futures | 66 | $23,337,600 | December 2012 | $(56,440) |
1S&P Midcap 400 E-Mini Index Long Futures | 47 | $4,697,180 | December 2012 | $41,057 |
1S&P/TSE 60 Index Long Futures | 28 | $3,930,640 | December 2012 | $(67,174) |
1SGX MSCI Singapore Index Long Futures | 70 | $4,879,000 | December 2012 | $98,282 |
1Swiss Market Index Long Futures | 40 | $2,727,200 | December 2012 | $114,745 |
1United States Treasury Notes 5-Year Long Futures | 123 | $15,340,406 | March 2013 | $52,589 |
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $(296,556) |
1 | Non-income producing security. |
2 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At November 30, 2012, these restricted securities amounted to $3,973,714, which represented 1.1% of total net assets. |
3 | Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At November 30, 2012, these liquid restricted securities amounted to $3,102,648, which represented 0.8% of total net assets. |
4 | Market quotations and price evaluations are not available. Fair value determined in accordance with procedures established by and under the general supervision of the Trustees. |
5 | Pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts. |
6 | Discount rate at time of purchase. |
7 | Affiliated holdings. |
8 | 7-Day net yield. |
9 | The cost of investments for federal tax purposes amounts to $342,912,014. |
10 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Valuation Inputs | ||||
Level 1— Quoted Prices and Investments in Mutual Funds1 | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $159,973,553 | $— | $— | $159,973,553 |
International | 16,245,414 | — | — | 16,245,414 |
Debt Securities: | ||||
Asset-Backed Securities | — | 4,212,610 | 3,6422 | 4,216,252 |
Collateralized Mortgage Obligations | — | 4,726,837 | 9952 | 4,727,832 |
Corporate Bonds | — | 10,884,708 | 167,6643 | 11,052,372 |
Governments/Agencies | — | 127,470 | — | 127,470 |
Mortgage-Backed Securities | — | 541,515 | — | 541,515 |
Municipal | — | 119,106 | — | 119,106 |
U.S. Treasury | — | 44,118,578 | — | 44,118,578 |
Mutual Funds | 127,743,216 | 5,991,111 | — | 133,734,327 |
TOTAL SECURITIES | $303,962,183 | $70,721,935 | $172,301 | $374,856,419 |
OTHER FINANCIAL INSTRUMENTS4 | $(296,556) | $— | $— | $(296,556) |
1 | Emerging Markets Fixed Income Core Fund, Federated Mortgage Core Portfolio and High Yield Bond Portfolio are affiliated holdings offered only to registered investment companies and other accredited investors. |
2 | Includes $4,677 of an asset-backed security and $3,318 of a collateralized mortgage obligations security transferred from Level 2 to Level 3 because the Adviser determined, based on an analysis of the valuation inputs, that these securities more appropriately meets the definition of Level 3. Transfers shown represent the value of the securities at the beginning of the period. |
3 | Includes $231,126 of a corporate bond security transferred from Level 2 to Level 3 because fair value was determined using valuation techniques utilizing unobservable market data due to observable market data being unavailable. Transfer shown represents the value of the security at the beginning of the period. |
4 | Other financial instruments include futures contracts. |
ADR | —American Depositary Receipt |
GO | —General Obligation |
MTN | —Medium Term Note |
REIT(s) | —Real Estate Investment Trust(s) |
Year Ended November 30 | 2012 | 2011 | 2010 | 2009 | 2008 |
Net Asset Value, Beginning of Period | $16.98 | $16.87 | $15.65 | $13.11 | $19.99 |
Income From Investment Operations: | |||||
Net investment income | 0.181 | 0.201 | 0.191 | 0.29 | 0.40 |
Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts and foreign currency transactions | 1.74 | 0.08 | 1.05 | 2.52 | (4.91) |
TOTAL FROM INVESTMENT OPERATIONS | 1.92 | 0.28 | 1.24 | 2.81 | (4.51) |
Less Distributions: | |||||
Distributions from net investment income | (0.22) | (0.17) | (0.02) | (0.27) | (0.42) |
Distributions from net realized gain on investments, futures contracts, swap contracts and foreign currency transactions | — | — | — | — | (1.95) |
TOTAL DISTRIBUTIONS | (0.22) | (0.17) | (0.02) | (0.27) | (2.37) |
Net Asset Value, End of Period | $18.68 | $16.98 | $16.87 | $15.65 | $13.11 |
Total Return2 | 11.38% | 1.62% | 7.91% | 21.84% | (25.39)% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.22% | 1.25%3 | 1.25%3 | 1.25%3 | 1.25%3 |
Net investment income | 1.01% | 1.14% | 1.20% | 2.00% | 2.48% |
Expense waiver/reimbursement4 | 0.07% | 0.10% | 0.21% | 0.26% | 0.19% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $185,414 | $178,971 | $135,002 | $149,696 | $125,373 |
Portfolio turnover | 85% | 215% | 184% | 254% | 190% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 1.25%, 1.24%, 1.24% and 1.25% for the years ended November 30, 2011, 2010, 2009 and 2008, respectively, after taking into account these expense reductions. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended November 30 | 2012 | 2011 | 2010 | 2009 | 2008 |
Net Asset Value, Beginning of Period | $16.78 | $16.69 | $15.61 | $13.09 | $19.96 |
Income From Investment Operations: | |||||
Net investment income | 0.031 | 0.061 | 0.071 | 0.15 | 0.26 |
Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts and foreign currency transactions | 1.72 | 0.08 | 1.03 | 2.55 | (4.89) |
TOTAL FROM INVESTMENT OPERATIONS | 1.75 | 0.14 | 1.10 | 2.70 | (4.63) |
Less Distributions: | |||||
Distributions from net investment income | (0.07) | (0.05) | (0.02) | (0.18) | (0.29) |
Distributions from net realized gain on investments, futures contracts, swap contracts and foreign currency transactions | — | — | — | — | (1.95) |
TOTAL DISTRIBUTIONS | (0.07) | (0.05) | (0.02) | (0.18) | (2.24) |
Net Asset Value, End of Period | $18.46 | $16.78 | $16.69 | $15.61 | $13.09 |
Total Return2 | 10.39% | 0.80% | 7.03% | 20.86% | (25.97)% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.05% | 2.05%3 | 2.05%3 | 2.05%3 | 2.05%3 |
Net investment income | 0.19% | 0.33% | 0.42% | 1.23% | 1.72% |
Expense waiver/reimbursement4 | 0.07% | 0.12% | 0.21% | 0.26% | 0.17% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $28,853 | $30,424 | $14,541 | $20,151 | $21,637 |
Portfolio turnover | 85% | 215% | 184% | 254% | 190% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 2.05%, 2.04%, 2.04% and 2.05% for the years ended November 30, 2011, 2010, 2009 and 2008, respectively, after taking into account these expense reductions. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended November 30 | 2012 | 2011 | 2010 | 2009 | 2008 |
Net Asset Value, Beginning of Period | $16.72 | $16.62 | $15.55 | $13.04 | $19.90 |
Income From Investment Operations: | |||||
Net investment income | 0.041 | 0.061 | 0.061 | 0.18 | 0.26 |
Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts and foreign currency transactions | 1.71 | 0.09 | 1.03 | 2.51 | (4.87) |
TOTAL FROM INVESTMENT OPERATIONS | 1.75 | 0.15 | 1.09 | 2.69 | (4.61) |
Less Distributions: | |||||
Distributions from net investment income | (0.07) | (0.05) | (0.02) | (0.18) | (0.30) |
Distributions from net realized gain on investments, futures contracts, swap contracts and foreign currency transactions | — | — | — | — | (1.95) |
TOTAL DISTRIBUTIONS | (0.07) | (0.05) | (0.02) | (0.18) | (2.25) |
Net Asset Value, End of Period | $18.40 | $16.72 | $16.62 | $15.55 | $13.04 |
Total Return2 | 10.51% | 0.90% | 6.99% | 20.86% | (25.98)% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.98% | 2.02%3 | 2.05%3 | 2.05%3 | 2.05%3 |
Net investment income | 0.24% | 0.36% | 0.40% | 1.18% | 1.66% |
Expense waiver/reimbursement4 | 0.07% | 0.10% | 0.17% | 0.21% | 0.16% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $60,315 | $52,187 | $36,415 | $28,278 | $20,603 |
Portfolio turnover | 85% | 215% | 184% | 254% | 190% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 2.02%, 2.04%, 2.04% and 2.05% for the years ended November 30, 2011, 2010, 2009 and 2008, respectively, after taking into account these expense reductions. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended November 30 | 2012 | 2011 | 2010 | 2009 | 2008 |
Net Asset Value, Beginning of Period | $16.92 | $16.81 | $15.68 | $13.13 | $20.02 |
Income From Investment Operations: | |||||
Net investment income | 0.111 | 0.121 | 0.111 | 0.26 | 0.30 |
Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts and foreign currency transactions | 1.73 | 0.09 | 1.04 | 2.50 | (4.90) |
TOTAL FROM INVESTMENT OPERATIONS | 1.84 | 0.21 | 1.15 | 2.76 | (4.60) |
Less Distributions: | |||||
Distributions from net investment income | (0.14) | (0.10) | (0.02) | (0.21) | (0.34) |
Distributions from net realized gain on investments, futures contracts, swap contracts and foreign currency transactions | — | — | — | — | (1.95) |
TOTAL DISTRIBUTIONS | (0.14) | (0.10) | (0.02) | (0.21) | (2.29) |
Net Asset Value, End of Period | $18.62 | $16.92 | $16.81 | $15.68 | $13.13 |
Total Return2 | 10.90% | 1.23% | 7.32% | 21.30% | (25.76)% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.65% | 1.68%3 | 1.74%3 | 1.75%3 | 1.75%3 |
Net investment income | 0.58% | 0.71% | 0.71% | 1.41% | 1.93% |
Expense waiver/reimbursement4 | 0.07% | 0.10% | 0.14% | 0.18% | 0.14% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $62,627 | $54,878 | $53,749 | $47,254 | $18,947 |
Portfolio turnover | 85% | 215% | 184% | 254% | 190% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 1.68%, 1.73%, 1.74% and 1.75% for the years ended November 30, 2011, 2010, 2009 and 2008, respectively, after taking into account these expense reductions. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended November 30, | Period Ended 11/30/20091 | |||
2012 | 2011 | 2010 | ||
Net Asset Value, Beginning of Period | $17.04 | $16.91 | $15.65 | $14.06 |
Income From Investment Operations: | ||||
Net investment income (loss) | 0.242 | 0.242 | 0.232 | 0.13 |
Net realized and unrealized gain on investments, futures contracts, swap contracts and foreign currency transactions | 1.74 | 0.10 | 1.05 | 1.56 |
TOTAL FROM INVESTMENT OPERATIONS | 1.98 | 0.34 | 1.28 | 1.69 |
Less Distributions: | ||||
Distributions from net investment income | (0.28) | (0.21) | (0.02) | (0.10) |
Net Asset Value, End of Period | $18.74 | $17.04 | $16.91 | $15.65 |
Total Return3 | 11.69% | 1.99% | 8.16% | 12.07% |
Ratios to Average Net Assets: | ||||
Net expenses | 0.94% | 0.95%4 | 1.00%4 | 1.00%4,5 |
Net investment loss | 1.29% | 1.40% | 1.47% | 1.91%5 |
Expense waiver/reimbursement6 | 0.07% | 0.10% | 0.19% | 0.13%5 |
Supplemental Data: | ||||
Net assets, end of period (000 omitted) | $35,929 | $33,979 | $12,421 | $2,776 |
Portfolio turnover | 85% | 215% | 184% | 254%7 |
1 | Reflects operations for the period from June 12, 2009 (date of initial investment) to November 30, 2009. |
2 | Per share numbers have been calculated using the average shares method. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.95%, 0.99%, and 1.00% for the years ended November 30, 2011 and 2010 and for the period ended November 30, 2009, respectively, after taking into account these expense reductions. |
5 | Computed on an annualized basis. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
7 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended November 30, 2009. |
Assets: | ||
Total investment in securities, at value including $133,734,327 of investments in affiliated holdings (Note 5) (identified cost $340,767,443) | $374,856,419 | |
Cash denominated in foreign currencies (identified cost $16,551) | 16,484 | |
Income receivable | 726,162 | |
Receivable for investments sold | 1,183,716 | |
Receivable for shares sold | 230,943 | |
Other receivables | 3,387 | |
TOTAL ASSETS | 377,017,111 | |
Liabilities: | ||
Payable for investments purchased | $3,000,171 | |
Payable for shares redeemed | 417,452 | |
Payable for daily variation margin | 51,208 | |
Income distribution payable | 27,025 | |
Payable for transfer and dividend disbursing agent fees and expenses | 151,138 | |
Payable for Directors'/Trustees' fees | 1,954 | |
Payable for distribution services fee (Note 5) | 79,748 | |
Payable for shareholder services fee (Note 5) | 56,247 | |
Accrued expenses | 93,657 | |
TOTAL LIABILITIES | 3,878,600 | |
Net assets for 20,048,194 shares outstanding | $373,138,511 | |
Net Assets Consist of: | ||
Paid-in capital | $346,346,818 | |
Net unrealized appreciation of investments, futures contracts, swap contracts and translation of assets and liabilities in foreign currency | 33,806,739 | |
Accumulated net realized loss on investments, futures contracts, swap contracts and foreign currency transactions | (7,243,651) | |
Undistributed net investment income | 228,605 | |
TOTAL NET ASSETS | $373,138,511 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($185,414,202 ÷ 9,926,305 shares outstanding), no par value, unlimited shares authorized | $18.68 | |
Offering price per share (100/94.50 of $18.68) | $19.77 | |
Redemption proceeds per share | $18.68 | |
Class B Shares: | ||
Net asset value per share ($28,852,841 ÷ 1,562,715 shares outstanding), no par value, unlimited shares authorized | $18.46 | |
Offering price per share | $18.46 | |
Redemption proceeds per share (94.50/100 of $18.46) | $17.44 | |
Class C Shares: | ||
Net asset value per share ($60,315,465 ÷ 3,277,452 shares outstanding), no par value, unlimited shares authorized | $18.40 | |
Offering price per share | $18.40 | |
Redemption proceeds per share (99.00/100 of $18.40) | $18.22 | |
Class R Shares: | ||
Net asset value per share ($62,626,932 ÷ 3,364,215 shares outstanding), no par value, unlimited shares authorized | $18.62 | |
Offering price per share | $18.62 | |
Redemption proceeds per share | $18.62 | |
Institutional Shares: | ||
Net asset value per share ($35,929,071 ÷ 1,917,507 shares outstanding), no par value, unlimited shares authorized | $18.74 | |
Offering price per share | $18.74 | |
Redemption proceeds per share | $18.74 |
Investment Income: | |||
Dividends (including $2,874,732 received from affiliated holdings (Note 5) and net of foreign taxes withheld of $4,522) | $6,348,269 | ||
Interest | 1,598,957 | ||
Investment income allocated from affiliated partnership (Note 5) | 298,607 | ||
TOTAL INCOME | 8,245,833 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $2,423,279 | ||
Administrative fee (Note 5) | 306,089 | ||
Custodian fees | 43,436 | ||
Transfer and dividend disbursing agent fees and expenses (Note 2) | 826,414 | ||
Directors'/Trustees' fees | 10,172 | ||
Auditing fees | 27,250 | ||
Legal fees | 10,033 | ||
Portfolio accounting fees | 156,934 | ||
Distribution services fee (Note 5) | 955,785 | ||
Shareholder services fee (Note 5) | 674,488 | ||
Account administration fee (Note 2) | 1,700 | ||
Share registration costs | 94,825 | ||
Printing and postage | 53,014 | ||
Insurance premiums | 4,127 | ||
Miscellaneous | 13,999 | ||
TOTAL EXPENSES | 5,601,545 | ||
Reimbursement and Waiver (Note 5): | |||
Reimbursement of investment adviser fee | $(229,542) | ||
Waiver of administrative fee | (22,956) | ||
TOTAL REIMBURSEMENT AND WAIVER | (252,498) | ||
Net expenses | 5,349,047 | ||
Net investment income | 2,896,786 |
Realized and Unrealized Gain on Investments, Futures Contracts, Swap Contracts and Foreign Currency Transactions: | |||
Net realized gain on investments and foreign currency transactions (including realized gain of $956,108 on sales of investments in affiliated holdings) (Note 5) | $7,053,004 | ||
Net realized gain on futures contracts | 5,996,252 | ||
Net realized gain on swap contracts | 871,722 | ||
Net realized gain/loss allocated from affiliated partnership (Note 5) | 115,835 | ||
Realized gain distribution from affiliated investment company shares (Note 5) | 36,052 | ||
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency | 22,807,857 | ||
Net change in unrealized appreciation of futures contracts | (1,365,311) | ||
Net change in unrealized appreciation of swap contracts | 9,886 | ||
Net realized and unrealized gain on investments, futures contracts, swap contracts and foreign currency transactions | 35,525,297 | ||
Change in net assets resulting from operations | $38,422,083 |
Year Ended November 30 | 2012 | 2011 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $2,896,786 | $2,636,668 |
Net realized gain on investments including allocation from affiliated partnership, futures contracts, swap contracts and foreign currency transactions | 14,072,865 | 13,734,784 |
Net change in unrealized appreciation/depreciation of investments, futures contracts, swap contracts and translation of assets and liabilities in foreign currency | 21,452,432 | (15,608,932) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 38,422,083 | 762,520 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (2,271,341) | (1,428,758) |
Class B Shares | (118,896) | (37,916) |
Class C Shares | (221,782) | (119,915) |
Class R Shares | (452,141) | (320,921) |
Institutional Shares | (552,554) | (296,237) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (3,616,714) | (2,203,747) |
Share Transactions: | ||
Proceeds from sale of shares | 70,454,395 | 93,989,914 |
Proceeds from shares issued in connection with the tax-free transfer of assets from EquiTrust Series Fund, Inc. – Managed Portfolio | — | 38,811,344 |
Proceeds from shares issued in connection with the tax-free transfer of assets from Federated Balanced Allocation Fund | — | 47,084,636 |
Net asset value of shares issued to shareholders in payment of distributions declared | 3,413,034 | 2,058,339 |
Cost of shares redeemed | (85,972,923) | (82,191,116) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (12,105,494) | 99,753,117 |
Change in net assets | 22,699,875 | 98,311,890 |
Net Assets: | ||
Beginning of period | 350,438,636 | 252,126,746 |
End of period (including undistributed net investment income of $228,605 and $534,516, respectively) | $373,138,511 | $350,438,636 |
Net investment income* | $ 2,944,550 |
Net realized and unrealized gain on investments | $892,424 |
Net increase in net assets resulting from operations | $ 3,836,974 |
* | Net investment income includes $28,844 of pro forma eliminated expenses. |
Shares of the Fund Issued | EquiTrust Series Fund, Inc. Managed Portfolio Net Assets Received | Unrealized Appreciation1 | Net Assets of the Fund Immediately Prior to Combination | Net Assets of the Fund Immediately After Combination |
2,115,649 | $38,811,344 | $5,446,437 | $287,321,994 | $326,133,338 |
1 | Unrealized Appreciation is included in the EquiTrust Series Fund, Inc. – Managed Portfolio Net Assets Received amount shown above. |
Net investment income* | $3,210,730 |
Net realized and unrealized loss on investments | $ (4,447,108) |
Net decrease in net assets resulting from operations | $ (1,236,378) |
* | Net investment income includes $33,061 of pro forma additional expenses. |
Shares of the Fund Issued | Federated Balanced Allocation Fund Net Assets Received | Unrealized Depreciation1 | Net Assets of the Fund Immediately Prior to Combination | Net Assets of the Fund Immediately After Combination |
2,837,329 | $47,084,636 | $(940,849) | $299,478,224 | $346,562,860 |
1 | Unrealized Depreciation is included in the Federated Balanced Allocation Fund Net Assets Received amount shown above. |
■ | 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. |
■ | Fixed-income securities acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Fixed-income securities acquired with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), which approximates market value. |
■ | Shares of other mutual funds are valued based upon their reported NAVs. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | 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 purchase price of the security, information obtained by contacting the issuer, 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 and public trading in similar securities of the issuer or comparable issuers. |
■ | With respect to securities traded 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; and |
■ | Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry. |
Transfer and Dividend Disbursing Agent Fees Incurred | Account Administration Fees Incurred | |
Class A Shares | $350,748 | $1,700 |
Class B Shares | 78,547 | — |
Class C Shares | 118,322 | — |
Class R Shares | 221,570 | — |
Institutional Shares | 57,227 | — |
TOTAL | $826,414 | $1,700 |
Security | Acquisition Date | Cost | Market Value |
SMFC Trust Asset-Backed Certificates, 1997-A B1-4, 1.000%, 1/28/2027 | 2/4/1998 | $7,172 | $995 |
Union Central Life Insurance Co., Note, Series 144A, 8.200%, 11/01/2026 | 3/31/1999 | $790,785 | $870,071 |
Fair Value of Derivative Instruments | ||
Liability | ||
Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||
Interest rate contracts | Payable for daily variation margin | $(24,029) |
Equity contracts | Payable for daily variation margin | $320,585 |
Total derivatives not accounted for as hedging instruments under ASC Topic 815 | $296,556* |
* | Includes cumulative appreciation/depreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |||
Credit Default Swaps | Futures | Total | |
Interest rate contracts | $— | $(1,627,039) | $(1,627,039) |
Equity contracts | — | 7,623,291 | 7,623,291 |
Credit contracts | 871,722 | — | 871,722 |
TOTAL | $871,722 | $5,996,252 | $6,867,974 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |||
Credit Default Swaps | Futures | Total | |
Interest rate contracts | $— | $10,760 | $10,760 |
Equity contracts | — | (1,376,071) | (1,376,071) |
Credit contracts | 9,886 | — | 9,886 |
TOTAL | $9,886 | $(1,365,311) | $(1,355,425) |
Year Ended November 30 | 2012 | 2011 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,136,462 | $20,462,220 | 1,337,660 | $23,774,223 |
Proceeds from shares issued in connection with the tax-free transfer of assets from EquiTrust Series Fund, Inc. - Managed Portfolio | — | — | 1,577,835 | 28,921,182 |
Proceeds from shares issued in connection with the tax-free transfer of assets from Federated Balanced Allocation Fund | — | — | 1,350,455 | 22,566,209 |
Shares issued to shareholders in payment of distributions declared | 118,002 | 2,105,970 | 73,944 | 1,308,770 |
Shares redeemed | (1,866,035) | (33,730,914) | (1,806,457) | (31,813,375) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (611,571) | $(11,162,724) | 2,533,437 | $44,757,009 |
Year Ended November 30 | 2012 | 2011 | ||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 210,800 | $3,787,396 | 247,806 | $4,331,709 |
Proceeds from shares issued in connection with the tax-free transfer of assets from Federated Balanced Allocation Fund | — | — | 1,033,347 | 17,052,529 |
Shares issued to shareholders in payment of distributions declared | 6,506 | 111,306 | 1,959 | 34,229 |
Shares redeemed | (467,190) | (8,337,452) | (341,857) | (5,977,413) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (249,884) | $(4,438,750) | 941,255 | $15,441,054 |
Year Ended November 30 | 2012 | 2011 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Share Sold | 1,197,071 | 21,322,578 | 1,520,024 | $26,471,042 |
Proceeds from shares issued in connection with the tax-free transfer of assets from Federated Balanced Allocation Fund | — | — | 453,527 | 7,465,898 |
Shares issued to shareholders in payment of distributions declared | 12,287 | 209,812 | 6,437 | 111,954 |
Shares redeemed | (1,052,693) | (18,657,178) | (1,049,773) | (18,257,084) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 156,665 | $2,875,212 | 930,215 | $15,791,810 |
Year Ended November 30 | 2012 | 2011 | ||
Class R Shares: | Shares | Amount | Shares | Amount |
Share Sold | 1,198,863 | 21,506,256 | 1,300,655 | $22,905,244 |
Shares issued to shareholders in payment of distributions declared | 25,219 | 444,589 | 17,893 | 315,875 |
Shares redeemed | (1,103,495) | (19,888,412) | (1,272,576) | (22,471,555) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 120,587 | $2,062,433 | 45,972 | $749,564 |
Year Ended November 30 | 2012 | 2011 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Share Sold | 186,407 | 3,375,945 | 922,359 | $16,507,696 |
Proceeds from shares issued in connection with the tax-free transfer of assets from EquiTrust Series Fund, Inc. - Managed Portfolio | — | — | 537,814 | 9,890,162 |
Shares issued to shareholders in payment of distributions declared | 30,148 | 541,357 | 16,302 | 287,511 |
Shares redeemed | (292,913) | (5,358,967) | (217,024) | (3,671,689) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (76,358) | (1,441,665) | 1,259,451 | $23,013,680 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (660,561) | (12,105,494) | 5,710,330 | $99,753,117 |
Increase (Decrease) | ||
Paid-In Capital | Undistributed Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) |
$(31,813) | $414,017 | $(382,204) |
2012 | 2011 | |
Ordinary income | $3,616,714 | $2,203,747 |
Undistributed ordinary income | $1,337,963 |
Undistributed long-term capital gains | $4,657,592 |
Net unrealized appreciation | $31,432,408 |
Capital loss carryforwards | $(10,636,270) |
Expiration Year | Short-Term | Long-Term | Total |
2015 | $2,829,851 | NA | $2,829,851 |
2016 | $2,922,616 | NA | $2,922,616 |
2017 | $676,009 | NA | $676,009 |
2018 | $4,207,794 | NA | $4,207,794 |
Administrative Fee | Average Aggregate Daily Net Assets of the Federated Funds |
0.150% | on the first $5 billion |
0.125% | on the next $5 billion |
0.100% | on the next $10 billion |
0.075% | on assets in excess of $20 billion |
Share Class Name | Percentage of Average Daily Net Assets of Class |
Class B Shares | 0.75% |
Class C Shares | 0.75% |
Class R Shares | 0.50% |
Distribution Services Fees Incurred | |
Class B Shares | $224,035 |
Class C Shares | 428,922 |
Class R Shares | 302,828 |
TOTAL | $955,785 |
Service Fees Incurred | |
Class A Shares | $459,120 |
Class B Shares | 74,678 |
Class C Shares | 140,690 |
TOTAL | $674,488 |
$271,188, respectively.
Emerging Markets Fixed Income Core Fund | Federated Inter- Continental Fund, Institutional Shares | Federated Mortgage Core Portfolio | Federated Prime Value Obligations Fund, Institutional Shares | Federated Project and Trade Finance Core Fund | High Yield Bond Portfolio | Total of Affiliated Transactions | |
Balance of Shares Held 11/30/2011 | 46,964 | 359,943 | 2,963,092 | 34,678,095 | 477,108 | 1,660,062 | 40,185,264 |
Purchases/ Additions | 134,461 | 6,374 | 1,455,076 | 178,815,842 | 133,607 | 2,082,849 | 182,628,209 |
Sales/ Reductions | 113,109 | — | 1,901,053 | 140,163,060 | — | 2,426,973 | 144,604,195 |
Balance of Shares Held 11/30/2012 | 68,316 | 366,317 | 2,517,115 | 73,330,877 | 610,715 | 1,315,938 | 78,209,278 |
Value | $2,372,556 | $17,575,893 | $25,699,740 | $73,330,877 | $5,991,111 | $8,764,150 | $133,734,327 |
Dividend Income/ Allocated Investment Income | $298,607 | $257,506 | $899,442 | $123,539 | $279,389 | $1,314,856 | $3,173,339 |
Capital Gain Distributions/ Allocated Net Realized Gain | $115,835 | $— | $— | $— | $36,052 | $— | $151,887 |
Purchases | $226,295,342 |
Sales | $276,227,322 |
![](https://capedge.com/proxy/N-CSR/0001318148-13-000096/kpmgsig.jpg)
January 23, 2013
Beginning Account Value 6/1/2012 | Ending Account Value 11/30/2012 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,070.10 | $6.31 |
Class B Shares | $1,000 | $1,065.10 | $10.58 |
Class C Shares | $1,000 | $1,065.90 | $10.23 |
Class R Shares | $1,000 | $1,068.10 | $8.53 |
Institutional Shares | $1,000 | $1,071.90 | $4.87 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.90 | $6.16 |
Class B Shares | $1,000 | $1,014.75 | $10.33 |
Class C Shares | $1,000 | $1,015.10 | $9.97 |
Class R Shares | $1,000 | $1,016.75 | $8.32 |
Institutional Shares | $1,000 | $1,020.30 | $4.75 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.22% |
Class B Shares | 2.05% |
Class C Shares | 1.98% |
Class R Shares | 1.65% |
Institutional Shares | 0.94% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John F. Donahue* Birth Date: July 28, 1924 Trustee Began serving: December 1956 | Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling. |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Began serving: November 1998 | Principal Occupations: Principal Executive Officer and President of the Federated Fund Family; Director or Trustee of some of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd. |
* | Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John F. Cunningham Birth Date: March 5, 1943 Trustee Began serving: November 1998 | Principal Occupation: Director or Trustee of the Federated Fund Family. Other Directorships Held: Chairman, President and Chief Executive Officer, Cunningham & Co., Inc. (strategic business consulting); Trustee Associate, Boston College. Previous Positions: President and Chief Operating Officer, Wang Laboratories; Chairman of the Board and Chief Executive Officer, Computer Consoles, Inc.; Director, First National Bank of Boston; Director, EMC Corporation (computer storage systems); Director, Apollo Computer, Inc.; Director, Redgate Communications. Qualifications: Business management and director experience. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Director, Office of Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law. Other Directorships Held: Director, Auberle; Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh; Chair and Director, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society, Allegheny County; Director, Our Campaign for the Church Alive, Inc.; Associate General Secretary of the Diocese of Pittsburgh. Previous Position: Pennsylvania Superior Court Judge. Qualifications: Legal and director experience. |
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: August 1991 | Principal Occupation: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications: Business management, mutual fund services and director experience. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Began serving: November 1998 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications: Banking, business management, education and director experience. |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Began serving: October 2006 | Principal Occupations: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions: Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications: Business management, mutual fund, director and investment experience. |
John S. Walsh Birth Date: November 28, 1957 Trustee Began serving: November 1998 | Principal Occupations: Director or Trustee, Chairman of the Audit Committee of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Previous Position: Vice President, Walsh & Kelly, Inc. Qualifications: Business management and director experience. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: September 1969 | Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp. |
Richard A. Novak Birth Date: December 25, 1963 TREASURER Officer since: January 2006 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. Previous Positions: Controller of Federated Investors, Inc.; Vice President, Finance of Federated Services Company; held various financial management positions within The Mercy Hospital of Pittsburgh; Auditor, Arthur Andersen & Co. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: May 1976 | Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp. |
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: August 2004 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin. Previous Positions: Served in Senior Management positions with a large regional banking organization. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Stephen F. Auth Birth Date: September 3, 1956 450 Lexington Avenue Suite 3700 New York, NY 10017-3943 CHIEF INVESTMENT OFFICER Officer since: November 2002 | Principal Occupations: Mr. Auth is Chief Investment Officer of this Fund and various other Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company, and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
Philip Orlando Birth Date: June 22, 1958 450 Lexington Avenue Suite 3700 New York, NY 10017-3943 Vice President Office since: June 2012 Portfolio Manager since: August 2007 | Principal Occupations: Philip Orlando has been the Fund's Portfolio Manager since August 2007 and is responsible for the asset allocation and equity security selection of the Fund. He is Vice President of the Trust with respect to the Fund. Mr. Orlando joined the Fund's Adviser in March 2003 as a Senior Vice President and Senior Portfolio Manager and currently serves as Chief Equity Market Strategist. From November 1995 to March 2003, Mr. Orlando was the Chief Investment Officer and Senior Equity Portfolio Manager at Value Line Asset Management. Mr. Orlando has received the Chartered Financial Analyst designation and earned his B.A. in Journalism and M.B.A. with a concentration in Economics from New York University. |
![](https://capedge.com/proxy/N-CSR/0001318148-13-000096/fedlogok.jpg)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 314183203
CUSIP 314183302
CUSIP 314183401
CUSIP 314183500
2013 ©Federated Investors, Inc.
Item 2. Code of Ethics
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.
(c) Not Applicable
(d) Not Applicable
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. Audit Committee Financial Expert
The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: Charles F. Mansfield, Jr., Thomas M. O'Neill and John S. Walsh.
Item 4. Principal Accountant Fees and Services
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2012 - $28,500
Fiscal year ended 2011 - $27,000
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2012 - $0
Fiscal year ended 2011 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $4,855 respectively. Fiscal year ended 2011 - Audit consent fees for N-14 merger documents.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2012 - $0
Fiscal year ended 2011 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2012 - $0
Fiscal year ended 2011 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate its responsibilities to pre-approve services performed by the independent auditor to management.
The Audit Committee has delegated pre-approval authority to its Chairman. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee must approve any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit Services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services, all other Audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain Audit-related services, all other Audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide Tax services to the Company such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services, all Tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of services other than audit, review or attest services the pre-approval requirement is waived if:
(1) | The aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant to its accountant during the fiscal year in which the services are provided; |
(2) | Such services were not recognized by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant at the time of the engagement to be non-audit services; and |
(3) | Such services are promptly brought to the attention of the Audit Committee of the issuer and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the board of directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, and would not impair the independence of the auditor.
The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of prohibited non-audit services and the applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2012– 0%
Fiscal year ended 2011- 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2012– 0%
Fiscal year ended 2011– 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2012– 0%
Fiscal year ended 2011– 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) | NA |
(g) | Non-Audit Fees billed to the registrant, the registrant’s investment adviser, and certain entities controlling, controlled by or under common control with the investment adviser: |
Fiscal year ended 2012- $18,075
Fiscal year ended 2011- $18,623
(h) The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants
Not Applicable
Item 6. Schedule of Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not Applicable |
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not Applicable |
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not Applicable |
Item 10. Submission of Matters to a Vote of Security Holders
Not Applicable
Item 11. Controls and Procedures
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant | Federated Global Allocation Fund (formerly, Federated Asset Allocation Fund) |
By /S/ Richard A. Novak
Richard A. Novak, Principal Financial Officer
Date January 22, 2013
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue, Principal Executive Officer
Date January 22, 2013
By /S/ Richard A. Novak
Richard A. Novak, Principal Financial Officer
Date January 22, 2013