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
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
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: 11/30/13
Date of Reporting Period: Six months ended 05/31/13
Item 1. Reports to Stockholders
![](https://capedge.com/proxy/N-CSRS/0001318148-13-001276/fedregcovsmall.gif)
Share Class | Ticker |
A | FSTBX |
B | FSBBX |
C | FSBCX |
R | FSBKX |
Institutional | SBFIX |
![](https://capedge.com/proxy/N-CSRS/0001318148-13-001276/donahuechrissigsmall.jpg)
Portfolio Composition | Percentage of Total Net Assets2 |
Domestic Equity Securities | 32.3% |
International Equity Securities | 26.9% |
Corporate Debt Securities | 8.6% |
Foreign Debt Securities | 7.0% |
U.S. Treasury and Agency Securities | 2.5% |
Asset-Backed Securities | 1.1% |
Trade Finance Agreements | 1.1% |
Mortgage-Backed Securities3 | 0.1% |
Municipal Securities4 | 0.0% |
Floating Rate Loan4 | 0.0% |
Purchased Put Option4 | 0.0% |
Derivative Contracts5 | 0.7% |
Cash Equivalents6 | 19.6% |
Other Assets and Liabilities—Net7 | 0.1% |
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. |
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 |
Financials | 22.3% |
Consumer Discretionary | 16.9% |
Information Technology | 13.2% |
Health Care | 11.8% |
Industrials | 9.9% |
Energy | 9.5% |
Consumer Staples | 7.9% |
Materials | 3.5% |
Telecommunication Services | 2.9% |
Utilities | 2.1% |
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—49.9% | |||
Consumer Discretionary—8.4% | |||
633 | Allison Transmission Holdings, Inc. | $15,065 | |
500 | 1 | AutoZone, Inc. | 204,415 |
1,600 | 1 | Bed Bath & Beyond, Inc. | 109,200 |
5,100 | Best Buy Co., Inc. | 140,505 | |
700 | 1 | BorgWarner, Inc. | 56,749 |
5,300 | Bridgestone Corp. | 170,685 | |
23,370 | Burberry Group PLC | 509,359 | |
17,500 | CBS Corp., Class B | 866,250 | |
788 | 1 | CST Brands, Inc. | 23,947 |
25,500 | Comcast Corp., Class A | 1,023,825 | |
6,789 | Compagnie Financiere Richemont SA, Class A | 596,723 | |
4,096 | Continental AG | 540,342 | |
14,791 | 1 | DISH Network Corp., Class A | 570,045 |
21,000 | Daihatsu Motor Co. Ltd. | 445,981 | |
3,800 | 1 | Dollar Tree, Inc. | 182,552 |
6,695 | Dollarama, Inc. | 469,667 | |
12,070 | Flight Centre Ltd. | 450,878 | |
144,400 | Ford Motor Co. | 2,264,192 | |
77,000 | Fuji Heavy Industries | 1,729,193 | |
1,100 | Gannett Co., Inc. | 23,650 | |
1,200 | Gap (The), Inc. | 48,660 | |
56,300 | 1 | Goodyear Tire & Rubber Co. | 852,382 |
32,700 | Home Depot, Inc. | 2,572,182 | |
235,314 | ITV PLC | 467,008 | |
8,980 | InterContinental Hotels Group PLC | 258,781 | |
38,000 | Isuzu Motors Ltd. | 283,674 | |
7,400 | Lear Corp. | 443,852 | |
6,960 | 1 | Liberty Media Corp. | 869,026 |
1,460 | 1 | Liberty Ventures, Series A | 119,092 |
6,700 | Luxottica Group S.p.A | 343,514 | |
2,400 | Macy's, Inc. | 116,016 | |
8,556 | Magna International, Inc. | 570,593 | |
19,172 | 1 | Michael Kors Holdings Ltd. | 1,204,385 |
10,000 | 1 | Mohawk Industries, Inc. | 1,111,700 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
600 | 1 | NVR, Inc. | $589,986 |
6,166 | Next PLC | 430,467 | |
4,557 | Nokian Renkaat Oyj | 190,149 | |
5,300 | PetSmart, Inc. | 357,750 | |
4,800 | 1 | Pulte Group, Inc. | 103,632 |
43,306 | Reed Elsevier PLC | 485,204 | |
9,600 | Ross Stores, Inc. | 617,280 | |
1,962 | 1 | Sears Hometown and Outlet Stores, Inc. | 109,126 |
3,000 | Sekisui House Ltd. | 38,715 | |
121,500 | 1 | Sirius XM Radio, Inc. | 422,820 |
6,057 | 1 | Starz - Liberty Capital | 139,796 |
1,224 | Swatch Group AG, Class B | 694,850 | |
50,300 | TJX Cos., Inc. | 2,545,683 | |
7,200 | 1 | TRW Automotive Holdings Corp. | 456,120 |
20,600 | Target Corp. | 1,431,700 | |
8,113 | Thor Industries, Inc. | 346,506 | |
10,119 | Time Warner Cable, Inc. | 966,466 | |
1,800 | Toyota Motor Corp. | 106,178 | |
51,272 | Tui Travel PLC | 275,518 | |
3,800 | USS Co. Ltd. | 438,957 | |
1,298 | Volkswagen AG | 278,268 | |
19,400 | Walt Disney Co. | 1,223,752 | |
1,300 | Whirlpool Corp. | 166,088 | |
10,202 | Whitbread PLC | 442,216 | |
TOTAL | 32,511,315 | ||
Consumer Staples—3.9% | |||
3,600 | Alimentation Couche-Tard, Inc., Class B | 201,399 | |
2,100 | Archer-Daniels-Midland Co. | 67,683 | |
5,207 | Beiersdorf AG | 470,350 | |
6,150 | Brown-Forman Corp., Class B | 423,243 | |
31,200 | CVS Corp. | 1,796,496 | |
4,540 | Coca-Cola Enterprises, Inc. | 168,706 | |
8,200 | 1 | Constellation Brands, Inc., Class A | 434,682 |
19,185 | Hillshire Brands Co. | 664,568 | |
2,300 | Hormel Foods Corp. | 91,586 | |
48,100 | Japan Tobacco, Inc. | 1,629,129 | |
32,710 | Koninklijke Ahold NV | 528,475 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
57,669 | Mondelez International, Inc. | $1,698,929 | |
2,835 | 1 | Monster Beverage Corp. | 154,763 |
5,324 | Nestle SA | 351,314 | |
29,000 | Nippon Meat Packers | 407,368 | |
6,315 | PepsiCo, Inc. | 510,063 | |
14,750 | Philip Morris International, Inc. | 1,340,923 | |
60,760 | Sainsbury (J) PLC | 345,004 | |
3,700 | 1 | Smithfield Foods, Inc. | 121,878 |
10,399 | Suedzucker AG | 353,560 | |
20,857 | Tate & Lyle | 258,243 | |
3,896 | The Coca-Cola Co. | 155,801 | |
29,100 | Tyson Foods, Inc., Class A | 727,500 | |
40,600 | Whole Foods Market, Inc. | 2,105,516 | |
31,147 | William Morrison Supermarkets | 128,922 | |
TOTAL | 15,136,101 | ||
Energy—4.7% | |||
4,136 | Aker Solutions ASA | 61,149 | |
31,448 | Amec PLC | 487,885 | |
21,800 | Anadarko Petroleum Corp. | 1,906,846 | |
80,017 | BG Group PLC | 1,456,298 | |
5,279 | BP PLC | 37,786 | |
7,528 | Caltex Australia | 160,423 | |
13,600 | Chevron Corp. | 1,669,400 | |
11,788 | ConocoPhillips | 723,076 | |
2,700 | Devon Energy Corp. | 153,495 | |
719 | ENI S.p.A | 16,258 | |
20,700 | Exxon Mobil Corp. | 1,872,729 | |
40,300 | Halliburton Co. | 1,686,555 | |
5,400 | Helmerich & Payne, Inc. | 333,396 | |
2,300 | HollyFrontier Corp. | 113,850 | |
10,900 | Husky Energy, Inc. | 307,944 | |
3,900 | Idemitsu Kosan Co. Ltd. | 317,210 | |
13,100 | Marathon Oil Corp. | 450,509 | |
676 | Marathon Petroleum Corp. | 55,770 | |
3,900 | Murphy Oil Corp. | 246,948 | |
1,200 | National-Oilwell, Inc. | 84,360 | |
1,600 | Noble Energy, Inc. | 92,240 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Energy—continued | |||
538 | OMV AG | $24,646 | |
23,930 | Occidental Petroleum Corp. | 2,203,235 | |
7,100 | Oceaneering International, Inc. | 514,608 | |
74,703 | Petroleum Geo-Services ASA | 1,104,159 | |
2,426 | Phillips 66 | 161,499 | |
8,403 | Royal Dutch Shell PLC, Class B | 290,312 | |
800 | Schlumberger Ltd. | 58,424 | |
483 | SeaDrill Ltd. | 19,591 | |
18,500 | Suncor Energy, Inc. | 561,201 | |
3,069 | 1 | Tenaris SA | 64,638 |
48,000 | TonenGeneral Sekiyu KK | 472,967 | |
2,557 | Total SA | 126,823 | |
7,100 | Valero Energy Corp. | 288,473 | |
3,400 | Williams Companies, Inc. | 119,612 | |
TOTAL | 18,244,315 | ||
Financials—11.1% | |||
5,496 | AGEAS | 200,026 | |
20,055 | AXA | 403,945 | |
71,515 | Aberdeen Asset Management PLC | 499,571 | |
10,300 | Aflac, Inc. | 573,607 | |
2,298 | Allianz SE | 355,144 | |
44,800 | Allstate Corp. | 2,161,152 | |
3,735 | American Tower Corp. | 290,732 | |
12,300 | Assurant, Inc. | 611,802 | |
11,237 | Australia & New Zealand Banking Group, Melbourne | 293,078 | |
3,200 | Axis Capital Holdings Ltd. | 139,392 | |
5,196 | BNP Paribas SA | 302,868 | |
125,500 | BOC Hong Kong (Holdings) Ltd. | 416,095 | |
83,551 | Banco Santander, S.A. | 600,206 | |
2,727 | 1 | Bank Hapoalim Ltd. | 12,591 |
56,860 | 1 | Bank Leumi Le-Israel | 197,831 |
1,415 | Bank of Nova Scotia | 80,580 | |
5,103 | 1 | Berkshire Hathaway, Inc., Class B | 582,099 |
11,600 | BioMed Realty Trust, Inc. | 242,788 | |
55,388 | British Land Co. | 506,528 | |
18,900 | CBOE Holdings, Inc. | 758,646 | |
4,767 | CNP Assurances | 71,427 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
7,300 | Canadian Imperial Bank of Commerce | $551,681 | |
38,000 | Capitacommercial Trust | 45,569 | |
73,500 | CapitalSource, Inc. | 691,635 | |
9,100 | Citigroup, Inc. | 473,109 | |
67,140 | Credit Suisse Group AG | 1,991,257 | |
21,461 | DDR Corp. | 374,709 | |
16 | Dai-ichi Life Insurance Co., Ltd. | 21,994 | |
1,000 | Daito Trust Construction Co. | 93,211 | |
23,000 | Daiwa House Industry Co. Ltd. | 431,774 | |
2,300 | Digital Realty Trust, Inc. | 140,093 | |
41,200 | Discover Financial Services | 1,953,292 | |
1,581 | Erste Group Bank AG | 50,164 | |
800 | Everest Re Group Ltd. | 103,688 | |
7,000 | Extra Space Storage, Inc. | 293,230 | |
23,300 | Fifth Third Bancorp | 424,060 | |
81,000 | Fukuoka Financial Group, Inc. | 329,722 | |
7,100 | 1 | Genworth Financial, Inc., Class A | 76,751 |
900 | Goldman Sachs Group, Inc. | 145,872 | |
24,977 | HSBC Holdings PLC | 273,597 | |
5,562 | Hannover Rueckversicherung SE | 419,847 | |
32,459 | Hargreaves Lansdown PLC | 470,468 | |
16,100 | Hartford Financial Services Group, Inc. | 493,143 | |
3,500 | Home Properties, Inc. | 212,695 | |
38,800 | Huntington Bancshares, Inc. | 300,700 | |
199,508 | 1 | ING Groep N.V. | 1,865,278 |
81,834 | Insurance Australia Group Ltd. | 441,534 | |
46,851 | Interactive Brokers Group, Inc., Class A | 738,840 | |
17,400 | Investor AB, Class B | 498,617 | |
62,900 | J.P. Morgan Chase & Co. | 3,433,711 | |
51 | Japan Prime Realty Investment Corp. | 159,102 | |
96 | Japan Retail Fund Investment Corp. | 181,582 | |
192,242 | Legal & General Group PLC | 520,484 | |
41,829 | Lend Lease Corp. Ltd. | 398,320 | |
22,200 | Lincoln National Corp. | 791,652 | |
68,234 | Link REIT | 350,771 | |
9,200 | MetLife, Inc. | 406,732 | |
116,000 | Mizuho Financial Group, Inc. | 219,484 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
2,959 | Muenchener Rueckversicherungs-Gesellschaft AG - REG | $553,915 | |
111,749 | Natixis | 525,586 | |
41 | Nomura Real Estate Office Fund, Inc. | 232,936 | |
7,100 | Old Republic International Corp. | 96,631 | |
35,150 | Orix Corp. | 462,088 | |
686 | Partners Group Holding AG | 174,308 | |
3,100 | Plum Creek Timber Co., Inc. | 147,870 | |
4,433 | Pohjola Bank PLC, Class A | 72,268 | |
4,400 | Post Properties, Inc. | 210,320 | |
4,000 | ProLogis, Inc. | 161,200 | |
5,941 | Prudential Corp. PLC | 100,128 | |
402 | Raiffeisen Bank International AG | 13,564 | |
5,006 | Reinsurance Group of America, Inc. | 329,845 | |
3,600 | RenaissanceRe Holdings Ltd. | 309,456 | |
12,300 | Royal Bank of Canada, Montreal | 729,992 | |
5,470 | 1 | Royal Bank of Scotland PLC, Edinburgh | 27,345 |
2,400 | SEI Investments Co. | 73,464 | |
1,800 | SL Green Realty Corp. | 156,564 | |
36,200 | SLM Holding Corp. | 859,388 | |
13,521 | Schroders PLC | 479,924 | |
2,300 | Simon Property Group, Inc. | 382,812 | |
34,000 | Sino Land Co. | 50,025 | |
34,318 | Standard Life PLC | 201,788 | |
31,100 | 1 | Strategic Hotels & Resorts, Inc. | 250,044 |
11,300 | Sumitomo Mitsui Financial Group, Inc. | 442,315 | |
24,700 | 1 | Sunstone Hotel Investors, Inc. | 297,882 |
5,900 | SunTrust Banks, Inc. | 189,331 | |
87,400 | Synovus Financial Corp. | 239,476 | |
12,890 | 1 | The Carlyle Group LP | 375,872 |
9,000 | Tokyu Land Corp. | 81,765 | |
43,000 | United Overseas Land Ltd. | 226,736 | |
16,500 | Waddell & Reed Financial, Inc., Class A | 759,660 | |
100,400 | Wells Fargo & Co. | 4,071,220 | |
TOTAL | 42,954,194 | ||
Health Care—5.9% | |||
4,873 | Amgen, Inc. | 489,883 | |
4,890 | 1 | Actelion Ltd. | 292,215 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
4,800 | Aetna, Inc. | $289,824 | |
13,700 | AmerisourceBergen Corp. | 740,896 | |
9,900 | Astellas Pharma, Inc. | 506,091 | |
13,538 | AstraZeneca PLC | 690,634 | |
961 | Bayer AG | 103,374 | |
5,600 | Becton, Dickinson & Co. | 552,272 | |
700 | 1 | Biogen Idec, Inc. | 166,243 |
2,800 | 1 | BioMarin Pharmaceutical, Inc. | 175,560 |
9,081 | CSL Ltd. | 514,798 | |
5,528 | Celesio AG | 114,266 | |
600 | 1 | Cerner Corp. | 58,968 |
5,444 | Cochlear Ltd. | 335,073 | |
1,100 | Coloplast, Class B | 62,555 | |
1,800 | Cooper Cos., Inc. | 203,418 | |
18,700 | 1 | Forest Laboratories, Inc., Class A | 743,325 |
1,014,200 | 1 | Genomma Lab Internacional SA | 2,150,907 |
36,900 | 1 | Gilead Sciences, Inc. | 2,010,312 |
18,700 | Johnson & Johnson | 1,574,166 | |
16,200 | Lilly (Eli) & Co. | 861,192 | |
7,408 | McKesson Corp. | 843,475 | |
6,700 | Merck & Co., Inc. | 312,890 | |
2,291 | Novartis AG - REG | 164,163 | |
1,875 | Novo Nordisk A/S, Class B | 301,013 | |
700 | 1 | Onyx Pharmaceuticals, Inc. | 66,815 |
799 | Orion Oyj | 19,647 | |
129,722 | Pfizer, Inc. | 3,532,330 | |
3,664 | Ramsay Health Care Ltd. | 120,847 | |
900 | 1 | Regeneron Pharmaceuticals, Inc. | 217,683 |
7,300 | ResMed, Inc. | 350,400 | |
4,397 | Roche Holding AG-GENUSSCHEIN | 1,087,995 | |
500 | 1 | Salix Pharmaceuticals Ltd. | 30,335 |
112 | Sanofi | 11,779 | |
41,200 | Sanofi ADR | 2,187,308 | |
11,800 | Takeda Pharmaceutical Co. Ltd. | 522,380 | |
5,235 | UnitedHealth Group, Inc. | 327,868 | |
TOTAL | 22,732,900 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—5.0% | |||
55 | 3M Co. | $6,065 | |
1,499 | ACS Actividades de Constuccion y Servicios, S.A. | 41,938 | |
7,200 | 1 | Aecom Technology Corp. | 221,688 |
1,342,000 | Air China | 1,090,752 | |
57,428 | Balfour Beatty PLC | 201,592 | |
74,400 | Bombardier, Inc., Class B | 337,285 | |
8,263 | Bouygues SA | 217,650 | |
1,895 | Canadian National Railway, Co. | 192,306 | |
5,900 | Chicago Bridge & Iron Co., N.V. | 373,470 | |
200 | 1 | Copart, Inc. | 6,878 |
4,100 | DSV, De Sammensluttede Vognmad AS | 98,236 | |
25,400 | Danaher Corp. | 1,570,228 | |
15,263 | Deutsche Post AG | 385,197 | |
1,900 | Dover Corp. | 148,675 | |
700 | Dun & Bradstreet Corp. | 68,698 | |
900 | Emerson Electric Co. | 51,714 | |
3,549 | 1 | Engility Holdings, Inc. | 90,748 |
15,800 | FedEx Corp. | 1,522,172 | |
4,600 | Fluor Corp. | 290,766 | |
55,700 | 1 | Fortune Brands Home & Security, Inc. | 2,354,996 |
41,035 | General Electric Co. | 956,936 | |
2,598 | Huntington Ingalls Industries, Inc. | 143,462 | |
600 | 1 | IHS, Inc., Class A | 63,078 |
12,190 | ITT Corp. | 367,528 | |
3,300 | Ingersoll-Rand PLC | 189,849 | |
21,000 | Itochu Corp. | 260,661 | |
608 | Kone Corp. OYJ, Class B | 53,449 | |
3,300 | L-3 Communications Holdings, Inc. | 280,797 | |
5,200 | Lennox International, Inc. | 332,748 | |
1,000 | Lincoln Electric Holdings | 59,800 | |
3,300 | Lockheed Martin Corp. | 349,239 | |
80,301 | 1 | MRC Global, Inc. | 2,279,745 |
40,000 | Marubeni Corp. | 277,412 | |
15,000 | Masco Corp. | 315,300 | |
9,600 | Northrop Grumman Corp. | 790,944 | |
6,900 | 1 | OshKosh Truck Corp. | 274,758 |
500 | Parker-Hannifin Corp. | 49,880 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
1,600 | Pitney Bowes, Inc. | $23,488 | |
10,707 | Randstad Holdings N.V. | 454,298 | |
4,100 | Raytheon Co. | 273,224 | |
3,447 | Societe BIC SA | 366,670 | |
105,788 | Sydney Airpot | 368,382 | |
2,000 | 1 | Terex Corp. | 71,740 |
984 | The ADT Corp. | 39,941 | |
12,400 | Toro Co. | 590,984 | |
500 | Toyota Tsusho Corp. | 13,249 | |
1,200 | Tyco International Ltd. | 40,572 | |
300 | Union Pacific Corp. | 46,386 | |
2,600 | 1 | Verisk Analytics, Inc. | 152,932 |
1,300 | W. W. Grainger, Inc. | 334,672 | |
1,300 | Waste Connections, Inc. | 52,312 | |
TOTAL | 19,145,490 | ||
Information Technology—6.6% | |||
2,200 | 1 | AOL, Inc. | 76,252 |
625 | ASML Holding N.V. | 51,535 | |
2,657 | Accenture PLC | 218,166 | |
12,000 | 1 | Alliance Data Systems Corp. | 2,125,080 |
2,853 | Apple, Inc. | 1,282,937 | |
1,400 | 1 | Autodesk, Inc. | 52,822 |
1,000 | 1 | BMC Software, Inc. | 45,295 |
11,243 | 1 | Brocade Communications Systems, Inc. | 61,050 |
7,800 | CA, Inc. | 213,018 | |
15,700 | Cisco Systems, Inc. | 378,056 | |
4,100 | Computer Sciences Corp. | 182,901 | |
2,295 | 1 | CoreLogic, Inc. | 60,129 |
1,200 | 1 | Cree, Inc. | 74,820 |
400 | Dell, Inc. | 5,340 | |
36,000 | 1 | EMC Corp. Mass | 891,360 |
34,900 | 1 | eBay, Inc. | 1,888,090 |
600 | 1 | F5 Networks, Inc. | 49,926 |
700 | 1 | Gartner Group, Inc., Class A | 39,627 |
2,600 | 1 | Google, Inc. | 2,263,066 |
1,500 | Hewlett-Packard Co. | 36,630 | |
9,300 | Intel Corp. | 225,804 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
7,892 | International Business Machines Corp. | $1,641,694 | |
35,900 | 1 | LSI Logic Corp. | 265,660 |
1,700 | Mastercard, Inc., Class A | 969,425 | |
1,600 | Maxim Integrated Products, Inc. | 47,184 | |
58,918 | Microsoft Corp. | 2,055,060 | |
14,100 | NVIDIA Corp. | 204,309 | |
40,581 | 1 | NXP Semiconductors NV | 1,251,924 |
64,720 | Oracle Corp. | 2,184,947 | |
2,900 | Otsuka Corp. | 269,114 | |
2,804 | 1 | Palo Alto Networks, Inc. | 136,050 |
20,600 | Qualcomm, Inc. | 1,307,688 | |
3,600 | 1 | Research in Motion Ltd. | 50,176 |
1,686 | STMicroelectronics N.V. | 15,579 | |
1,187 | Samsung Electronics Co. | 1,600,758 | |
1,200 | 1 | Solarwinds, Inc. | 50,580 |
17,180 | 1 | Symantec Corp. | 384,660 |
38,100 | 1 | Teradyne, Inc. | 683,514 |
6,800 | 1 | VMware, Inc., Class A | 483,616 |
27,822 | 1 | Vantiv, Inc. | 740,344 |
4,600 | 1 | Verisign, Inc. | 216,384 |
10,700 | Western Digital Corp. | 677,524 | |
32 | 1 | Workday, Inc. | 2,055 |
TOTAL | 25,460,149 | ||
Materials—1.8% | |||
8,527 | Admiral Group PLC | 172,767 | |
4,400 | Agrium, Inc. | 406,833 | |
23,868 | Boliden AB | 341,008 | |
25,300 | Eagle Materials, Inc. | 1,865,875 | |
23,881 | Fortescue Metals Group Ltd. | 75,661 | |
14,005 | Fresnillo PLC | 244,536 | |
85,038 | Glencore Xstrata PLC | 414,603 | |
200 | International Paper Co. | 9,230 | |
48,038 | James Hardie Industries NV | 453,847 | |
2,656,155 | 1 | Kenmare Resources PLC | 1,231,572 |
755 | Koninklijke DSM NV | 49,153 | |
181 | Lanxess | 13,466 | |
1,459 | LyondellBasell Industries NV, Class A | 97,242 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Materials—continued | |||
1,600 | Monsanto Co. | $161,024 | |
5,500 | Nitto Denko Corp. | 328,369 | |
8,800 | Potash Corp. of Saskatchewan, Inc. | 372,202 | |
880 | Rio Tinto PLC | 37,969 | |
1,336 | Syngenta AG | 524,252 | |
453 | Yara International ASA | 20,292 | |
TOTAL | 6,819,901 | ||
Telecommunication Services—1.4% | |||
13,358 | Belgacom | 295,519 | |
51,564 | France Telecom SA | 523,936 | |
328,095 | 1 | HKT Trust and HKT Ltd. | 384,264 |
3,200 | KDDI Corp. | 144,622 | |
6,075 | Millicom International Cellular S.A. | 486,543 | |
11,200 | Nippon Telegraph and Telephone Corp. | 552,072 | |
124,000 | StarHub Ltd. | 389,348 | |
43,066 | Telefonica SA | 589,804 | |
13,225 | Telenor ASA | 276,766 | |
38,700 | Verizon Communications | 1,876,176 | |
27,567 | Vodafone Group PLC | 79,888 | |
TOTAL | 5,598,938 | ||
Utilities—1.1% | |||
3,300 | Aqua America, Inc. | 102,597 | |
43,000 | CMS Energy Corp. | 1,158,850 | |
7,400 | Chubu Electric Power Co., Inc. | 96,072 | |
22,327 | Electricite De France | 504,549 | |
25,448 | GDF Suez | 513,275 | |
15,000 | Hong Kong Electric Holdings Ltd. | 130,779 | |
1,800 | ITC Holdings Corp. | 155,826 | |
19,281 | NV Energy, Inc. | 451,947 | |
2,200 | National Fuel Gas Co. | 134,640 | |
32,635 | Suez Environnement SA | 416,415 | |
104,574 | Terna S.p.A | 464,023 | |
TOTAL | 4,128,973 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $159,046,397) | 192,732,276 |
Shares or Principal Amount | Value in U.S. Dollars | ||
Commercial Mortgage-Backed SecuritY—0.1% | |||
Agency Commercial Mortgage-Backed Security—0.1% | |||
$400,000 | 2,3 | FREMF Mortgage Trust 2013-K25, B, 3.617%, 11/25/2045 (IDENTIFIED COST $401,661) | $395,430 |
Asset-Backed Security—0.0% | |||
100,000 | Santander Drive Auto Receivables Trust 2013-1, D, 2.27%, 01/15/2019 (IDENTIFIED COST $99,988) | 98,907 | |
Collateralized Mortgage Obligations—1.0% | |||
800,000 | Citigroup/Deutsche Bank Commercial Mortgage 2007-CD4 A3, 5.293%, 12/11/2049 | 825,299 | |
500,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1 AM, 3.912%, 5/15/2045 | 526,098 | |
265,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1 B, 4.612%, 5/15/2045 | 284,705 | |
200,000 | GS Mortgage Securities Corp. II 2012-GCJ7 AS, 4.085%, 5/10/2045 | 214,167 | |
275,000 | GS Mortgage Securities Corp. II 2012-GCJ7 B, 4.74%, 5/10/2045 | 301,595 | |
100,000 | Merrill Lynch Mortgage Trust 2008-C1 AM, 6.252%, 2/12/2051 | 117,227 | |
100,000 | Morgan Stanley Capital I 2007-IQ16 AM, 6.093%, 12/12/2049 | 116,662 | |
700,000 | Morgan Stanley Capital I 2012-C4 AS, 3.773%, 3/15/2045 | 732,409 | |
1,093 | 2 | SMFC Trust Asset-Backed Certificates, 1997-A B1-4, 1.00%, 1/28/2027 | 1,006 |
475,000 | UBS-Citigroup Commercial Mortgage Trust 2011-C1 A3, 3.595%, 1/10/2045 | 499,372 | |
50,000 | WF-RBS Commercial Mortgage Trust 2012-C6 B, 4.697%, 4/15/2045 | 55,077 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $3,520,586) | 3,673,617 | ||
Corporate Bonds—1.9% | |||
Basic Industry - Chemicals—0.0% | |||
50,000 | RPM International, Inc., 6.500%, 02/15/2018 | 58,387 | |
15,000 | RPM International, Inc., Sr. Unsecd. Note, 6.125%, 10/15/2019 | 17,674 | |
TOTAL | 76,061 | ||
Basic Industry - Metals & Mining—0.1% | |||
90,000 | Allegheny Technologies, Inc., Sr. Note, 9.375%, 06/01/2019 | 113,657 | |
150,000 | 2,3 | Barrick Gold Corp., Sr. Unsecd. Note, Series 144A, 4.100%, 05/01/2023 | 143,092 |
TOTAL | 256,749 | ||
Basic Industry - Paper—0.0% | |||
30,000 | International Paper Co., Sr. Unsecd. Note, 7.500%, 08/15/2021 | 38,740 | |
150,000 | 1,4,5 | Pope & Talbot, Inc., 8.375%, 12/01/2099 | 0 |
TOTAL | 38,740 | ||
Capital Goods - Aerospace & Defense—0.0% | |||
50,000 | 2,3 | BAE Systems Holdings, Inc., Series 144A, 5.200%, 8/15/2015 | 54,069 |
Shares or Principal Amount | Value in U.S. Dollars | ||
Corporate Bonds—continued | |||
Capital Goods - Diversified Manufacturing—0.1% | |||
$100,000 | Roper Industries, Inc., Sr. Unsecd. Note, 6.250%, 09/01/2019 | $119,662 | |
90,000 | 2,3 | Textron Financial Corp., Jr. Sub. Note, Series 144A, 6.000%, 2/15/2067 | 83,250 |
TOTAL | 202,912 | ||
Capital Goods - Environmental—0.0% | |||
110,000 | Republic Services, Inc., Company Guarantee, Series WI, 5.500%, 09/15/2019 | 127,858 | |
25,000 | Waste Management, Inc., 7.375%, 03/11/2019 | 31,030 | |
TOTAL | 158,888 | ||
Communications - Media & Cable—0.0% | |||
20,000 | Time Warner Cable, Inc., Company Guarantee, 8.250%, 04/01/2019 | 25,814 | |
Communications - Media Noncable—0.0% | |||
100,000 | Interpublic Group of Cos., Inc., Sr. Unsecd. Note, 2.250%, 11/15/2017 | 99,525 | |
Communications - Telecom Wireless—0.0% | |||
90,000 | America Movil S.A.B. de C.V., Note, 5.750%, 01/15/2015 | 97,048 | |
Communications - Telecom Wirelines—0.0% | |||
15,000 | CenturyLink, Inc., Sr. Note, Series Q, 6.150%, 09/15/2019 | 16,200 | |
Consumer Cyclical - Automotive—0.1% | |||
2,300,000 | BMW Finance N.V., Series EMTN, 3.500%, 07/17/2015 | 403,729 | |
50,000 | 2,3 | RCI Banque SA, Sr. Unsecd. Note, Series 144A, 4.600%, 04/12/2016 | 52,768 |
TOTAL | 456,497 | ||
Consumer Cyclical - Retailers—0.1% | |||
152,259 | 2,3 | CVS Caremark Corp., Pass Thru Cert., Series 144A, 5.298%, 1/11/2027 | 168,857 |
Consumer Non-Cyclical - Food/Beverage—0.0% | |||
90,000 | 2,3 | Bacardi Ltd., Sr. Note, Series 144A, 7.450%, 4/01/2014 | 94,847 |
Consumer Non-Cyclical - Health Care—0.0% | |||
20,000 | Express Scripts, Inc., Sr. Unsecd. Note, 7.250%, 06/15/2019 | 25,332 | |
Consumer Non-Cyclical - Tobacco—0.0% | |||
24,000 | Altria Group, Inc., 9.250%, 08/06/2019 | 32,921 | |
Energy - Independent—0.1% | |||
100,000 | Petroleos Mexicanos, 6.500%, 06/02/2041 | 112,500 | |
80,000 | Petroleos Mexicanos, Company Guarantee, 4.875%, 03/15/2015 | 84,760 | |
20,000 | XTO Energy, Inc., 6.750%, 08/01/2037 | 29,181 | |
TOTAL | 226,441 | ||
Energy - Integrated—0.0% | |||
100,000 | Husky Energy, Inc., Sr. Unsecd. Note, 3.950%, 04/15/2022 | 105,696 | |
35,000 | Petro-Canada, Deb., 7.000%, 11/15/2028 | 45,093 | |
TOTAL | 150,789 |
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 | $59,105 | |
Energy - Refining—0.0% | |||
25,000 | Valero Energy Corp., 9.375%, 03/15/2019 | 33,929 | |
Financial Institution - Banking—0.1% | |||
100,000 | 2,3 | Barclays Bank PLC, Jr. Sub. Note, Series 144A, 5.926%, 9/29/2049 | 103,875 |
2,000 | Citigroup, Inc., Sr. Unsecd. Note, 5.125%, 5/05/2014 | 2,079 | |
60,000 | 2,3 | Commonwealth Bank of Australia, Sr. Unsecd. Note, Series 144A, 3.750%, 10/15/2014 | 62,576 |
5,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 5.750%, 01/24/2022 | 5,741 | |
50,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.125%, 2/15/2033 | 57,457 | |
50,000 | J.P. Morgan Chase & Co., Sub. Note, 3.375%, 5/01/2023 | 47,677 | |
223,103 | 2,3 | Regional Diversified Funding, Series 144A, 9.250%, 3/15/2030 | 154,820 |
40,000 | Wilmington Trust Corp., Sub. Note, 8.500%, 04/02/2018 | 49,481 | |
TOTAL | 483,706 | ||
Financial Institution - Brokerage—0.1% | |||
30,000 | Janus Capital Group, Inc., Sr. Note, 6.700%, 06/15/2017 | 34,399 | |
95,000 | Jefferies Group, Inc., Sr. Unsecd. Note, 8.500%, 07/15/2019 | 120,650 | |
30,000 | Nuveen Investments, Sr. Unsecd. Note, 5.500%, 9/15/2015 | 30,300 | |
TOTAL | 185,349 | ||
Financial Institution - Finance Noncaptive—0.4% | |||
184,000 | American Express Co., 2.650%, 12/02/2022 | 177,001 | |
830,000 | GE Capital European Funding, Company Guarantee, Series EMTN, 4.625%, 01/18/2016 | 1,367,748 | |
30,000 | General Electric Capital, Note, Series MTNA, 6.750%, 3/15/2032 | 37,561 | |
TOTAL | 1,582,310 | ||
Financial Institution - Insurance - Health—0.0% | |||
50,000 | Wellpoint, Inc., 5.850%, 01/15/2036 | 58,090 | |
Financial Institution - Insurance - Life—0.2% | |||
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/01/2039 | 16,087 | |
750,000 | 2 | Union Central Life Insurance Co., Note, Series 144A, 8.200%, 11/01/2026 | 883,943 |
TOTAL | 900,030 | ||
Financial Institution - Insurance - P&C—0.1% | |||
50,000 | Horace Mann Educators Corp., Sr. Note, 6.850%, 04/15/2016 | 55,275 | |
100,000 | 2,3 | Liberty Mutual Group, Inc., Unsecd. Note, Series 144A, 5.750%, 3/15/2014 | 103,165 |
Shares or Principal Amount | Value in U.S. Dollars | ||
Corporate Bonds—continued | |||
Financial Institution - Insurance - P&C—continued | |||
$30,000 | 2,3 | Nationwide Mutual Insurance Co., Sub. Note, Series 144A, 9.375%, 08/15/2039 | $44,476 |
TOTAL | 202,916 | ||
Financial Institution - REITs—0.1% | |||
45,000 | Avalonbay Communities, Inc., Sr. Unsecd. Note, Series MTN, 5.700%, 03/15/2017 | 51,695 | |
40,000 | Equity One, Inc., Bond, 6.000%, 09/15/2017 | 45,657 | |
100,000 | Health Care REIT, Inc., Sr. Unsecd. Note, 4.125%, 04/01/2019 | 108,130 | |
40,000 | Liberty Property LP, 6.625%, 10/01/2017 | 46,910 | |
20,000 | ProLogis, Inc., Sr. Unsecd. Note, 7.625%, 8/15/2014 | 21,672 | |
TOTAL | 274,064 | ||
Foreign-Local-Government—0.1% | |||
50,000 | Quebec, Province of, Note, Series MTNA, 7.035%, 03/10/2026 | 67,812 | |
340,000 | Queensland Treasury Corp., 4.000%, 06/21/2019 | 329,915 | |
TOTAL | 397,727 | ||
Municipal Services—0.1% | |||
140,000 | 2,3 | Army Hawaii Family Housing, Series 144A, 5.524%, 6/15/2050 | 144,326 |
100,000 | 2,3 | Camp Pendleton & Quantico, Series 144A, 5.572%, 10/01/2050 | 103,291 |
TOTAL | 247,617 | ||
Technology—0.1% | |||
105,000 | Fiserv, Inc., Sr. Note, 6.800%, 11/20/2017 | 124,701 | |
60,000 | Hewlett-Packard Co., Note, 5.400%, 03/01/2017 | 66,436 | |
50,000 | Hewlett-Packard Co., Sr. Unsecd. Note, 3.300%, 12/09/2016 | 52,499 | |
TOTAL | 243,636 | ||
Transportation - Railroads—0.0% | |||
45,000 | Union Pacific Corp., Bond, 6.625%, 02/01/2029 | 58,384 | |
Transportation - Services—0.0% | |||
75,000 | 2,3 | Enterprise Rent-A-Car USA, Series 144A, 6.375%, 10/15/2017 | 89,109 |
Utility - Electric—0.1% | |||
60,000 | Appalachian Power Co., Sr. Unsecd. Note, 7.950%, 01/15/2020 | 78,885 | |
50,000 | Cleveland Electric Illuminating Co., Sr. Unsecd. Note, 5.950%, 12/15/2036 | 56,288 | |
60,000 | 2,3 | Electricite De France SA, Series 144A, 5.500%, 01/26/2014 | 61,913 |
49,597 | 2,3 | Great River Energy, 1st Mtg. Note, Series 144A, 5.829%, 7/01/2017 | 54,053 |
60,000 | PPL Energy Supply LLC, Sr. Unsecd. Note, 6.000%, 12/15/2036 | 63,505 |
Shares or Principal Amount | Value in U.S. Dollars | ||
Corporate Bonds—continued | |||
Utility - Electric—continued | |||
$40,000 | Progress Energy, Inc., 7.050%, 03/15/2019 | $49,994 | |
TOTAL | 364,638 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $7,106,931) | 7,362,300 | ||
FOREIGN GOVERNMENTS/AGENCIES—3.8% | |||
Sovereign—3.8% | |||
940,000 | Bonos Y Oblig Del Estado, 3.250%, 4/30/2016 | 1,245,121 | |
670,000 | Bonos Y Oblig Del Estado, Bond, 3.150%, 01/31/2016 | 885,765 | |
300,000 | Bonos Y Oblig Del Estado, Sr. Unsub., 4.000%, 04/30/2020 | 392,689 | |
660,000 | Buoni Poliennali Del Tes, 2.750%, 12/01/2015 | 874,288 | |
900,000 | Buoni Poliennali Del Tes, 3.750%, 08/01/2016 | 1,221,759 | |
900,000 | Buoni Poliennali Del Tes, Bond, 4.250%, 2/01/2015 | 1,224,941 | |
700,000 | Canada, Government of, Bond, 4.000%, 06/01/2016 | 729,472 | |
400,000 | France, Government of, Bond, 3.500%, 04/25/2026 | 578,295 | |
157,000,000 | Japan, Government of, Series 105, 0.200%, 06/20/2017 | 1,557,453 | |
183,000,000 | Japan, Government of, Series 324, 0.100%, 01/15/2015 | 1,820,919 | |
88,000,000 | Japan, Government of, Series 327, 0.800%, 12/20/2022 | 873,197 | |
78,000,000 | Japan, Government of, Series 85, 2.100%, 03/20/2026 | 868,422 | |
1,190,000 | Kingdom of Denmark, 2.500%, 11/15/2016 | 223,461 | |
5,150,000 | Mex Bonos Desarr Fix Rate, Series M, 6.500%, 6/10/2021 | 435,090 | |
670,000 | Singapore, Government of, Sr. Unsecd. Note, 2.500%, 06/01/2019 | 568,571 | |
3,520,000 | Sweden, Government of, Series 1050, 3.000%, 7/12/2016 | 563,186 | |
410,000 | United Kingdom, Government of, 1.750%, 09/07/2022 | 609,566 | |
75,000 | United Mexican States, 6.625%, 03/03/2015 | 81,675 | |
30,000 | United Mexican States, Series MTNA, 6.750%, 09/27/2034 | 38,325 | |
TOTAL FOREIGN GOVERNMENTS/AGENCIES (IDENTIFIED COST $15,578,742) | 14,792,195 | ||
Mortgage-Backed Securities—0.1% | |||
4,555 | Federal Home Loan Mortgage Corp. Pool C00592, 7.000%, 3/1/2028 | 5,297 | |
3,454 | Federal Home Loan Mortgage Corp. Pool C00896, 7.500%, 12/1/2029 | 4,033 | |
9,416 | Federal Home Loan Mortgage Corp. Pool C17281, 6.500%, 11/1/2028 | 10,678 | |
7,186 | Federal Home Loan Mortgage Corp. Pool C19588, 6.500%, 12/1/2028 | 8,160 | |
2,821 | Federal Home Loan Mortgage Corp. Pool C25621, 6.500%, 5/1/2029 | 3,188 | |
5,322 | Federal Home Loan Mortgage Corp. Pool C76361, 6.000%, 2/1/2033 | 5,948 | |
20,181 | Federal Home Loan Mortgage Corp. Pool E01545, 5.000%, 15 Year, 1/1/2019 | 21,437 | |
159 | Federal Home Loan Mortgage Corp. Pool E77591, 6.500%, 7/1/2014 | 162 | |
4,197 | Federal Home Loan Mortgage Corp. Pool E99510, 5.500%, 9/1/2018 | 4,518 |
Shares or Principal Amount | Value in U.S. Dollars | ||
Mortgage-Backed Securities—continued | |||
$8,201 | Federal Home Loan Mortgage Corp. Pool G01444, 6.500%, 8/1/2032 | $9,375 | |
5,792 | Federal National Mortgage Association Pool 251697, 6.500%, 30 Year, 5/1/2028 | 6,625 | |
19,047 | Federal National Mortgage Association Pool 252334, 6.500%, 30 Year, 2/1/2029 | 21,458 | |
21,260 | Federal National Mortgage Association Pool 254720, 4.500%, 5/1/2018 | 22,655 | |
22,630 | Federal National Mortgage Association Pool 254802, 4.500%, 7/1/2018 | 24,115 | |
13,859 | Federal National Mortgage Association Pool 254905, 6.000%, 10/1/2033 | 15,461 | |
24,836 | Federal National Mortgage Association Pool 255075, 5.500%, 2/1/2024 | 27,056 | |
26,984 | Federal National Mortgage Association Pool 255079, 5.000%, 2/1/2019 | 28,811 | |
1,837 | Federal National Mortgage Association Pool 303168, 9.500%, 30 Year, 2/1/2025 | 2,106 | |
868 | Federal National Mortgage Association Pool 323159, 7.500%, 4/1/2028 | 1,014 | |
7,548 | Federal National Mortgage Association Pool 323640, 7.500%, 4/1/2029 | 8,816 | |
86 | Federal National Mortgage Association Pool 323970, 7.000%, 15 Year, 10/1/2014 | 89 | |
14,248 | Federal National Mortgage Association Pool 428865, 7.000%, 6/1/2028 | 16,054 | |
726 | Federal National Mortgage Association Pool 443215, 6.000%, 10/1/2028 | 791 | |
49 | Federal National Mortgage Association Pool 514184, 7.500%, 9/1/2029 | 58 | |
22,847 | Federal National Mortgage Association Pool 545993, 6.000%, 11/1/2032 | 25,497 | |
9,262 | Federal National Mortgage Association Pool 555272, 6.000%, 3/1/2033 | 10,319 | |
10,580 | Federal National Mortgage Association Pool 713974, 5.500%, 7/1/2033 | 11,606 | |
21,796 | Federal National Mortgage Association Pool 721502, 5.000%, 7/1/2033 | 23,604 | |
15,853 | Government National Mortgage Association Pool 2796, 7.000%, 8/20/2029 | 18,347 | |
8,894 | Government National Mortgage Association Pool 3040, 7.000%, 2/20/2031 | 10,317 | |
19,594 | Government National Mortgage Association Pool 3188, 6.500%, 1/20/2032 | 23,065 | |
31,658 | Government National Mortgage Association Pool 3239, 6.500%, 5/20/2032 | 36,156 | |
909 | Government National Mortgage Association Pool 352214, 7.000%, 4/15/2023 | 1,027 | |
3,073 | Government National Mortgage Association Pool 451522, 7.500%, 30 Year, 10/15/2027 | 3,605 | |
4,119 | Government National Mortgage Association Pool 462556, 6.500%, 2/15/2028 | 4,752 | |
434 | Government National Mortgage Association Pool 462739, 7.500%, 5/15/2028 | 509 |
Shares or Principal Amount | Value in U.S. Dollars | ||
Mortgage-Backed Securities—continued | |||
$341 | Government National Mortgage Association Pool 464835, 6.500%, 9/15/2028 | $396 | |
8,133 | Government National Mortgage Association Pool 469699, 7.000%, 11/15/2028 | 9,405 | |
6,868 | Government National Mortgage Association Pool 486760, 6.500%, 12/15/2028 | 7,987 | |
1,233 | Government National Mortgage Association Pool 780339, 8.000%, 30 Year, 12/15/2023 | 1,428 | |
9,045 | Government National Mortgage Association Pool 780453, 7.500%, 30 Year, 12/15/2025 | 10,519 | |
7,656 | Government National Mortgage Association Pool 780584, 7.000%, 30 Year, 6/15/2027 | 8,774 | |
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $411,266) | 455,218 | ||
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) | 112,103 | |
U.S. Treasury—2.5% | |||
2,736,655 | 6 | U.S. Treasury Inflation-Protected Note, 0.625%, 7/15/2021 | 2,972,923 |
1,045,000 | 6,7 | United States Treasury Bill, 0.000%, 6/13/2013 | 1,044,994 |
2,570,000 | 6,7 | United States Treasury Bill, 0.000%, 6/6/2013 | 2,569,995 |
400,000 | 6,7 | United States Treasury Bill, 0.000%, 8/1/2013 | 399,980 |
165,000 | 6,7 | United States Treasury Bill, 0.000%, 8/22/2013 | 164,988 |
2,415,000 | 6,7 | United States Treasury Bill, 0.000%, 8/29/2013 | 2,414,811 |
150,000 | 6,7 | United States Treasury Bill, 0.000%, 8/8/2013 | 149,992 |
TOTAL U.S. TREASURY (IDENTIFIED COST $9,669,875) | 9,717,683 | ||
PURCHASED PUT Option—0.0% | |||
344,328 | Morgan Stanley AUD CALL/USD PUT (Call-Option), Strike Price $0.960, Expiration Date 6/6/2013 (IDENTIFIED COST $2,823) | 1,683 | |
MUTUAL FUNDS—40.2%8 | |||
904,111 | Emerging Markets Fixed Income Core Fund | 30,936,932 | |
725,363 | Federated InterContinental Fund, Institutional Shares | 36,333,411 | |
72,756,493 | 9 | Federated Prime Value Obligations Fund, Institutional Shares, 0.09% | 72,756,493 |
523,036 | Federated Project and Trade Finance Core Fund | 5,115,289 |
Shares or Principal Amount | Value in U.S. Dollars | ||
MUTUAL FUNDS—continued8 | |||
1,542,189 | High Yield Bond Portfolio | $10,409,779 | |
TOTAL MUTUAL FUNDS (IDENTIFIED COST $151,240,458) | 155,551,904 | ||
TOTAL INVESTMENTS—99.5% (IDENTIFIED COST $347,168,727)10 | 384,893,316 | ||
OTHER ASSETS AND LIABILITIES - NET—0.5%11 | 1,792,947 | ||
TOTAL NET ASSETS—100% | $386,686,263 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation/ (Depreciation) |
1BIST 30 Short Futures | 114 | $1,206,405 | June 2013 | $454 |
1FTSE 100 Index Short Futures | 33 | $2,169,255 | June 2013 | $(90,854) |
1FTSE/MIB Index Short Futures | 29 | $2,498,640 | June 2013 | $(185,227) |
1KOSPI2 Index Short Futures | 8 | $1,049,200,000 | June 2013 | $(18,766) |
1MEX Bolsa Index Short Futures | 104 | $43,216,160 | June 2013 | $17,040 |
1MSCI Singapore IX ETS Short Futures | 16 | $1,180,800 | June 2013 | $30,808 |
1OMX 30 Index Short Futures | 153 | $18,620,100 | June 2013 | $28,067 |
1SPI 200 Short Futures | 15 | $1,849,875 | June 2013 | $73,115 |
1United States Treasury Bonds Ultra Long Short Futures | 20 | $3,042,500 | September 2013 | $32,299 |
1United States Treasury Long Bond Short Futures | 14 | $1,960,438 | September 2013 | $26,257 |
1United States Treasury Notes 2-Year Short Futures | 55 | $12,107,734 | September 2013 | $13,626 |
1Amsterdam Index Long Futures | 97 | $7,051,900 | June 2013 | $(52,006) |
1CAC40 10 Euro Long Futures | 152 | $5,990,320 | June 2013 | $6,678 |
1DAX Index Long Futures | 33 | $6,902,363 | June 2013 | $401,012 |
1Hang Seng Index Long Futures | 14 | $15,521,100 | June 2013 | $(21,173) |
1IBEX 35 Index Long Futures | 8 | $665,624 | June 2013 | $(24,430) |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation/ (Depreciation) |
1Mini MSCI Emerging Market Long Futures | 159 | $7,861,755 | June 2013 | $(376,589) |
1MSCI Taiwan Index Long Futures | 101 | $2,980,510 | June 2013 | $(11,615) |
1Russell 2000 Mini Long Futures | 290 | $28,509,900 | June 2013 | $1,767,553 |
1S&P/TSX 60 Index Long Futures | 59 | $8,559,720 | June 2013 | $284,326 |
1S&P MidCap 400 E-Mini Long Futures | 2 | $236,680 | June 2013 | $4,974 |
1S&P 500 Long Futures | 18 | $7,330,500 | June 2013 | $131,067 |
1SGX CNX Nifty Long Futures | 212 | $2,539,124 | June 2013 | $(11,236) |
1Swiss Market Index Long Futures | 9 | $717,480 | June 2013 | $28,018 |
1Topix Index Long Futures | 59 | $668,175,000 | June 2013 | $599,490 |
1United States Treasury Notes 5-Year Long Futures | 118 | $14,444,859 | September 2013 | $(86,922) |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $2,565,966 |
Settlement Date | Foreign Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation/ (Depreciation) |
Contracts Purchased: | |||
6/4/2013 | 188,000 Euro | $245,171 | $(818) |
6/4/2013 | 50,000 Euro | $65,286 | $(298) |
6/11/2013 | 180,000 Australian Dollar | $172,719 | $(537) |
6/17/2013 | 546,783 Australian Dollar | 420,000 Euro | $(23,124) |
6/17/2013 | 500,000 Australian Dollar | 50,032,900 Japanese Yen | $(20,012) |
6/17/2013 | 6,568,640 Mexican Peso | $519,240 | $(5,831) |
Settlement Date | Foreign Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation/ (Depreciation) |
Contracts Sold: | |||
6/4/2013 | 50,000 Euro | $64,986 | $(2) |
6/4/2013 | 188,000 Euro | $243,554 | $(799) |
6/11/2013 | 180,000 Australian Dollar | $174,029 | $1,847 |
6/17/2013 | 550,791 Australian Dollar | 420,000 Euro | $19,292 |
6/17/2013 | 500,000 Australian Dollar | 50,086,000 Japanese Yen | $20,541 |
6/17/2013 | 6,568,640 Mexican Peso | $516,098 | $2,690 |
NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS | $(7,051) |
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 May 31, 2013, these restricted securities amounted to $2,798,866, which represented 0.7% 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 May 31, 2013, these liquid restricted securities amounted to $1,913,917, which represented 0.5% 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 | Issuer in default. |
6 | Pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts. |
7 | Discount rate at time of purchase. |
8 | Affiliated holdings. |
9 | 7-day net yield. |
10 | The cost of investments for federal tax purposes amounts to $347,168,055. |
11 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Valuation Inputs | ||||
Level 1— Quoted Prices and Investments in Certain Mutual Funds1 | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stock | ||||
Domestic | $124,869,182 | $— | $— | $124,869,182 |
International | 12,938,474 | 54,924,620 | — | 67,863,094 |
Debt Securities: | ||||
Commercial Mortgage-Backed Security | — | 395,430 | — | 395,430 |
Asset-Backed Security | — | 98,907 | — | 98,907 |
Collateralized Mortgage Obligations | — | 3,673,6172 | — | 3,673,617 |
Corporate Bonds | — | 7,207,480 | 154,820 | 7,362,300 |
Foreign Governments/Agencies | — | 14,792,195 | — | 14,792,195 |
Mortgage-Backed Securities | — | 455,218 | — | 455,218 |
Municipal | — | 112,103 | — | 112,103 |
U.S. Treasury | — | 9,717,683 | — | 9,717,683 |
Purchased Put Option | — | 1,683 | — | 1,683 |
Mutual Funds | 150,436,615 | 5,115,289 | — | 155,551,904 |
TOTAL SECURITIES | $288,244,271 | $96,494,225 | $154,820 | $384,893,316 |
OTHER FINANCIAL INSTRUMENTS3 | $2,565,966 | $(7,051) | $— | $2,558,915 |
1 | Emerging Markets Fixed Income Core Fund and High Yield Bond Portfolio are affiliated holdings offered only to registered investment companies and other accredited investors. |
2 | Includes $995 of a security transferred from Level 3 to Level 2 because observable market data was obtained for this security. Transfer shown represents the value of the security at the beginning of the period. |
3 | Other financial instruments include futures contracts and foreign exchange contracts. |
ADR | —American Depositary Receipt |
GO | —General Obligation |
MTN | —Medium Term Note |
REIT(s) | —Real Estate Investment Trust(s) |
Six Months Ended (unaudited) 5/31/2013 | Year Ended November 30, | |||||
2012 | 2011 | 2010 | 2009 | 2008 | ||
Net Asset Value, Beginning of Period | $18.68 | $16.98 | $16.87 | $15.65 | $13.11 | $19.99 |
Income From Investment Operations: | ||||||
Net investment income | 0.111 | 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 | 1.36 | 1.74 | 0.08 | 1.05 | 2.52 | (4.91) |
TOTAL FROM INVESTMENT OPERATIONS | 1.47 | 1.92 | 0.28 | 1.24 | 2.81 | (4.51) |
Less Distributions: | ||||||
Distributions from net investment income | (0.12) | (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 | (0.29) | — | — | — | — | (1.95) |
TOTAL DISTRIBUTIONS | (0.41) | (0.22) | (0.17) | (0.02) | (0.27) | (2.37) |
Net Asset Value, End of Period | $19.74 | $18.68 | $16.98 | $16.87 | $15.65 | $13.11 |
Total Return2 | 8.02% | 11.38% | 1.62% | 7.91% | 21.84% | (25.39)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.15%3 | 1.22% | 1.25%4 | 1.25%4 | 1.25%4 | 1.25%4 |
Net investment income | 1.16%3 | 1.01% | 1.14% | 1.20% | 2.00% | 2.48% |
Expense waiver/reimbursement5 | 0.11%3 | 0.07% | 0.10% | 0.21% | 0.26% | 0.19% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $185,181 | $185,414 | $178,971 | $135,002 | $149,696 | $125,373 |
Portfolio turnover | 67% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | 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. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 5/31/2013 | Year Ended November 30, | |||||
2012 | 2011 | 2010 | 2009 | 2008 | ||
Net Asset Value, Beginning of Period | $18.46 | $16.78 | $16.69 | $15.61 | $13.09 | $19.96 |
Income From Investment Operations: | ||||||
Net investment income | 0.031 | 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 | 1.35 | 1.72 | 0.08 | 1.03 | 2.55 | (4.89) |
TOTAL FROM INVESTMENT OPERATIONS | 1.38 | 1.75 | 0.14 | 1.10 | 2.70 | (4.63) |
Less Distributions: | ||||||
Distributions from net investment income | (0.05) | (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 | (0.29) | — | — | — | — | (1.95) |
TOTAL DISTRIBUTIONS | (0.34) | (0.07) | (0.05) | (0.02) | (0.18) | (2.24) |
Net Asset Value, End of Period | $19.50 | $18.46 | $16.78 | $16.69 | $15.61 | $13.09 |
Total Return2 | 7.60% | 10.39% | 0.80% | 7.03% | 20.86% | (25.97)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.97%3 | 2.05% | 2.05%4 | 2.05%4 | 2.05%4 | 2.05%4 |
Net investment income | 0.35%3 | 0.19% | 0.33% | 0.42% | 1.23% | 1.72% |
Expense waiver/reimbursement5 | 0.11%3 | 0.07% | 0.12% | 0.21% | 0.26% | 0.17% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $28,751 | $28,853 | $30,424 | $14,541 | $20,151 | $21,637 |
Portfolio turnover | 67% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | 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. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 5/31/2013 | Year Ended November 30, | |||||
2012 | 2011 | 2010 | 2009 | 2008 | ||
Net Asset Value, Beginning of Period | $18.40 | $16.72 | $16.62 | $15.55 | $13.04 | $19.90 |
Income From Investment Operations: | ||||||
Net investment income | 0.041 | 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 | 1.33 | 1.71 | 0.09 | 1.03 | 2.51 | (4.87) |
TOTAL FROM INVESTMENT OPERATIONS | 1.37 | 1.75 | 0.15 | 1.09 | 2.69 | (4.61) |
Less Distributions: | ||||||
Distributions from net investment income | (0.05) | (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 | (0.29) | — | — | — | — | (1.95) |
TOTAL DISTRIBUTIONS | (0.34) | (0.07) | (0.05) | (0.02) | (0.18) | (2.25) |
Net Asset Value, End of Period | $19.43 | $18.40 | $16.72 | $16.62 | $15.55 | $13.04 |
Total Return2 | 7.59% | 10.51% | 0.90% | 6.99% | 20.86% | (25.98)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.92%3 | 1.98% | 2.02%4 | 2.05%4 | 2.05%4 | 2.05%4 |
Net investment income | 0.40%3 | 0.24% | 0.36% | 0.40% | 1.18% | 1.66% |
Expense waiver/reimbursement5 | 0.11%3 | 0.07% | 0.10% | 0.17% | 0.21% | 0.16% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $65,189 | $60,315 | $52,187 | $36,415 | $28,278 | $20,603 |
Portfolio turnover | 67% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | 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. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 5/31/2013 | Year Ended November 30, | |||||
2012 | 2011 | 2010 | 2009 | 2008 | ||
Net Asset Value, Beginning of Period | $18.62 | $16.92 | $16.81 | $15.68 | $13.13 | $20.02 |
Income From Investment Operations: | ||||||
Net investment income | 0.071 | 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 | 1.35 | 1.73 | 0.09 | 1.04 | 2.50 | (4.90) |
TOTAL FROM INVESTMENT OPERATIONS | 1.42 | 1.84 | 0.21 | 1.15 | 2.76 | (4.60) |
Less Distributions: | ||||||
Distributions from net investment income | (0.08) | (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 | (0.29) | — | — | — | — | (1.95) |
TOTAL DISTRIBUTIONS | (0.37) | (0.14) | (0.10) | (0.02) | (0.21) | (2.29) |
Net Asset Value, End of Period | $19.67 | $18.62 | $16.92 | $16.81 | $15.68 | $13.13 |
Total Return2 | 7.78% | 10.90% | 1.23% | 7.32% | 21.30% | (25.76)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.55%3 | 1.65% | 1.68%4 | 1.74%4 | 1.75%4 | 1.75%4 |
Net investment income | 0.76%3 | 0.58% | 0.71% | 0.71% | 1.41% | 1.93% |
Expense waiver/reimbursement5 | 0.11%3 | 0.07% | 0.10% | 0.14% | 0.18% | 0.14% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $64,735 | $62,627 | $54,878 | $53,749 | $47,254 | $18,947 |
Portfolio turnover | 67% | 85% | 215% | 184% | 254% | 190% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | 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. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 5/31/2013 | Year Ended November 30, | Period Ended 11/30/20091 | |||
2012 | 2011 | 2010 | |||
Net Asset Value, Beginning of Period | $18.74 | $17.04 | $16.91 | $15.65 | $14.06 |
Income From Investment Operations: | |||||
Net investment income (loss) | 0.142 | 0.242 | 0.242 | 0.232 | 0.13 |
Net realized and unrealized gain on investments, futures contracts, swap contracts and foreign currency transactions | 1.36 | 1.74 | 0.10 | 1.05 | 1.56 |
TOTAL FROM INVESTMENT OPERATIONS | 1.50 | 1.98 | 0.34 | 1.28 | 1.69 |
Less Distributions: | |||||
Distributions from net investment income | (0.15) | (0.28) | (0.21) | (0.02) | (0.10) |
Distributions from net realized gain on investments, futures contracts, swap contracts and foreign currency transactions | (0.29) | — | — | — | — |
TOTAL DISTRIBUTIONS | (0.44) | (0.28) | (0.21) | (0.02) | (0.10) |
Net Asset Value, End of Period | $19.80 | $18.74 | $17.04 | $16.91 | $15.65 |
Total Return3 | 8.15% | 11.69% | 1.99% | 8.16% | 12.07% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.87%4 | 0.94% | 0.95%5 | 1.00%5 | 1.00%4,5 |
Net investment income | 1.45%4 | 1.29% | 1.40% | 1.47% | 1.91%4 |
Expense waiver/reimbursement6 | 0.11%4 | 0.07% | 0.10% | 0.19% | 0.13%4 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $42,830 | $35,929 | $33,979 | $12,421 | $2,776 |
Portfolio turnover | 67% | 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 | Computed on an annualized basis. |
5 | 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. |
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 $155,551,904 of investment in affiliated holdings (Note 5) (identified cost $348,168,727) | $384,893,316 | |
Cash denominated in foreign currencies (identified cost $615,960) | 612,075 | |
Income receivable | 819,768 | |
Receivable for investments sold | 1,829,593 | |
Receivable for shares sold | 164,832 | |
Unrealized appreciation on foreign exchange contracts | 44,370 | |
Other receivables | 3,679 | |
TOTAL ASSETS | 388,367,633 | |
Liabilities: | ||
Payable for investments purchased | $2,823 | |
Payable for shares redeemed | 428,533 | |
Unrealized depreciation on foreign exchange contracts | 51,421 | |
Payable for daily variation margin | 877,953 | |
Income distribution payable | 39,671 | |
Payable for transfer and dividend disbursing agent fees and expenses | 118,400 | |
Payable for Directors'/Trustees' fees (Note 5) | 1,585 | |
Payable for distribution services fee (Note 5) | 88,870 | |
Payable for shareholder services fee (Note 5) | 62,010 | |
Accrued expenses (Note 5) | 10,104 | |
TOTAL LIABILITIES | 1,681,370 | |
Net assets for 19,667,682 shares outstanding | $386,686,263 | |
Net Assets Consist of: | ||
Paid-in capital | $338,653,741 | |
Net unrealized appreciation of investments, futures contracts and translation of assets and liabilities in foreign currency | 40,301,890 | |
Accumulated net realized gain on investments, futures contracts, swap contracts and foreign currency transactions | 7,723,687 | |
Undistributed net investment income | 6,945 | |
TOTAL NET ASSETS | $386,686,263 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($185,181,342 ÷ 9,383,220 shares outstanding), no par value, unlimited shares authorized | $19.74 | |
Offering price per share (100/94.50 of $19.74) | $20.89 | |
Redemption proceeds per share | $19.74 | |
Class B Shares: | ||
Net asset value per share ($28,750,921 ÷ 1,474,749 shares outstanding), no par value, unlimited shares authorized | $19.50 | |
Offering price per share | $19.50 | |
Redemption proceeds per share (94.50/100 of $19.50) | $18.43 | |
Class C Shares: | ||
Net asset value per share ($65,189,161 ÷ 3,354,535 shares outstanding), no par value, unlimited shares authorized | $19.43 | |
Offering price per share | $19.43 | |
Redemption proceeds per share (99.00/100 of $19.43) | $19.24 | |
Class R Shares: | ||
Net asset value per share ($64,735,201 ÷ 3,291,816 shares outstanding), no par value, unlimited shares authorized | $19.67 | |
Offering price per share | $19.67 | |
Redemption proceeds per share | $19.67 | |
Institutional Shares: | ||
Net asset value per share ($42,829,638 ÷ 2,163,362 shares outstanding), no par value, unlimited shares authorized | $19.80 | |
Offering price per share | $19.80 | |
Redemption proceeds per share | $19.80 |
Investment Income: | |||
Dividends (including $1,039,172 received from affiliated holdings (Note 5) and net of foreign taxes withheld of $101,110) | $3,242,772 | ||
Interest | 465,933 | ||
Investment income allocated from affiliated partnership (Note 5) | 707,245 | ||
TOTAL INCOME | 4,415,950 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,261,635 | ||
Administrative fee (Note 5) | 148,783 | ||
Custodian fees | 26,211 | ||
Transfer and dividend disbursing agent fees and expenses (Note 2) | 379,429 | ||
Directors'/Trustees' fees (Note 5) | 3,687 | ||
Auditing fees | 14,713 | ||
Legal fees | 4,215 | ||
Portfolio accounting fees | 73,969 | ||
Distribution services fee (Note 5) | 507,163 | ||
Shareholder services fee (Note 5) | 342,646 | ||
Account administration fee (Note 2) | 723 | ||
Share registration costs | 40,225 | ||
Printing and postage | 27,388 | ||
Insurance premiums (Note 5) | 2,335 | ||
Miscellaneous (Note 5) | 5,277 | ||
TOTAL EXPENSES | 2,838,399 | ||
Reimbursements: | |||
Reimbursement of investment adviser fee (Note 5) | $(206,059) | ||
Reimbursement of transfer and dividend disbursing agent fees and expenses (Note 2) and (Note 5) | (730) | ||
TOTAL REIMBURSEMENTS | (206,789) | ||
Net expenses | 2,631,610 | ||
Net investment income | 1,784,340 |
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions: | |||
Net realized gain on investments and foreign currency transactions (including realized gain of $334,554 on sales of investments in affiliated holdings) (Note 5) | $15,476,371 | ||
Net realized gain on futures contracts | 5,330,035 | ||
Net realized loss allocated from affiliated partnership (Note 5) | (131,855) | ||
Realized gain distribution from affiliated investment company shares (Note 5) | 59,813 | ||
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency | 3,632,629 | ||
Net change in unrealized depreciation of futures contracts | 2,862,522 | ||
Net realized and unrealized gain on investments, futures contracts and foreign currency transactions | 27,229,515 | ||
Change in net assets resulting from operations | $29,013,855 |
Six Months Ended (unaudited) 5/31/2013 | Year Ended 11/30/2012 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $1,784,340 | $2,896,786 |
Net realized gain on investments including allocation from affiliated partnership, futures contracts, swap contracts and foreign currency transactions | 20,734,364 | 14,072,865 |
Net change in unrealized appreciation/depreciation of investments, futures contracts, swap contracts and translation of assets and liabilities in foreign currency | 6,495,151 | 21,452,432 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 29,013,855 | 38,422,083 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (1,161,265) | (2,271,341) |
Class B Shares | (77,096) | (118,896) |
Class C Shares | (175,283) | (221,782) |
Class R Shares | (277,887) | (452,141) |
Institutional Shares | (314,469) | (552,554) |
Distributions from net realized gain on investments, futures contracts, swap contracts and foreign currency transactions | ||
Class A Shares | (2,815,132) | — |
Class B Shares | (449,540) | — |
Class C Shares | (950,283) | — |
Class R Shares | (970,113) | — |
Institutional Shares | (581,958) | — |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (7,773,026) | (3,616,714) |
Share Transactions: | ||
Proceeds from sale of shares | 36,172,333 | 70,454,395 |
Net asset value of shares issued to shareholders in payment of distributions declared | 7,410,645 | 3,413,034 |
Cost of shares redeemed | (51,276,055) | (85,972,923) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (7,693,077) | (12,105,494) |
Change in net assets | 13,547,752 | 22,699,875 |
Net Assets: | ||
Beginning of period | 373,138,511 | 350,438,636 |
End of period (including undistributed net investment income of $6,945 and $228,605, respectively) | $386,686,263 | $373,138,511 |
■ | 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 and repurchase agreements acquired with remaining maturities of 60 days or less are valued at their amortized cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security. |
■ | 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 or options 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 | Transfer and Dividend Disbursing Agent Fees Reimbursed | Account Administration Fees Incurred | |
Class A Shares | $158,480 | $(448) | $723 |
Class B Shares | 33,459 | — | — |
Class C Shares | 58,560 | (179) | — |
Class R Shares | 102,777 | — | — |
Institutional Shares | 26,153 | (103) | — |
TOTAL | $379,429 | $(730) | $723 |
Security | Acquisition Date | Cost | Market Value |
SMFC Trust Asset-Backed Certificates, 1997-A B1-4, 1.00%, 1/28/2027 | 2/4/1998 | $7,170 | $1,006 |
Union Central Life Insurance Co., Note, Series 144A, 8.200%, 11/01/2026 | 3/31/1999 | $790,785 | $883,943 |
Fair Value of Derivative Instruments | ||||
Asset | Liability | |||
Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||||
Interest rate contracts | Payable for daily variation margin | $14,740* | ||
Equity contracts | Payable for daily variation margin | $(2,580,706)* | ||
Foreign exchange contracts | Receivable for foreign exchange contracts | $44,370 | Payable for foreign exchange contracts | $51,421 |
Total derivatives not accounted for as hedging instruments under ASC Topic 815 | $44,370 | $(2,514,545) |
* | 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 | ||||
Futures | Forward Currency Contracts | Options Purchased | Total | |
Interest rate contracts | $16,814 | $— | $— | $16,814 |
Equity contracts | 5,313,221 | — | — | 5,313,221 |
Foreign exchange contracts | — | 39,867 | (85,475) | (45,608) |
TOTAL | $5,330,035 | $39,867 | $(85,475) | $5,284,427 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | ||||
Futures | Forward Currency Contracts | Options Purchased | Total | |
Interest rate contracts | $(38,769) | $— | $— | $(38,769) |
Equity contracts | 2,901,291 | — | — | 2,901,291 |
Foreign exchange contracts | — | (7,051) | (1,140) | (8,191) |
TOTAL | $2,862,522 | $(7,051) | $(1,140) | $2,854,331 |
Six Months Ended 5/31/2013 | Year Ended 11/30/2012 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 410,084 | $7,857,857 | 1,136,462 | $20,462,220 |
Shares issued to shareholders in payment of distributions declared | 201,567 | 3,731,935 | 118,002 | 2,105,970 |
Shares redeemed | (1,154,736) | (22,127,853) | (1,866,035) | (33,730,914) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (543,085) | $(10,538,061) | (611,571) | $(11,162,724) |
Six Months Ended 5/31/2013 | Year Ended 11/30/2012 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 72,281 | $1,369,077 | 210,800 | $3,787,396 |
Shares issued to shareholders in payment of distributions declared | 27,469 | 497,862 | 6,506 | 111,306 |
Shares redeemed | (187,716) | (3,553,727) | (467,190) | (8,337,452) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (87,966) | $(1,686,788) | (249,884) | $(4,438,750) |
Six Months Ended 5/31/2013 | Year Ended 11/30/2012 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 568,659 | $10,716,017 | 1,197,071 | $21,322,578 |
Shares issued to shareholders in payment of distributions declared | 59,376 | 1,073,382 | 12,287 | 209,812 |
Shares redeemed | (550,952) | (10,428,892) | (1,052,693) | (18,657,178) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 77,083 | $1,360,507 | 156,665 | $2,875,212 |
Six Months Ended 5/31/2013 | Year Ended 11/30/2012 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 545,962 | $10,397,520 | 1,198,863 | $21,506,256 |
Shares issued to shareholders in payment of distributions declared | 66,912 | 1,229,153 | 25,219 | 444,589 |
Shares redeemed | (685,273) | (13,141,578) | (1,103,495) | (19,888,412) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | (72,399) | $(1,514,905) | 120,587 | $2,062,433 |
Six Months Ended 5/31/2013 | Year Ended 11/30/2012 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 304,239 | $5,831,862 | 186,407 | $3,375,945 |
Shares issued to shareholders in payment of distributions declared | 47,089 | 878,313 | 30,148 | 541,357 |
Shares redeemed | (105,473) | (2,024,005) | (292,913) | (5,358,967) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 245,855 | $4,686,170 | (76,358) | $(1,441,665) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (380,512) | $(7,693,077) | (660,561) | $(12,105,494) |
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 Daily Net Assets of the Investment Complex |
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 | $108,479 |
Class C Shares | 237,878 |
Class R Shares | 160,806 |
TOTAL | $507,163 |
Service Fees Incurred | |
Class A Shares | $228,247 |
Class B Shares | 36,160 |
Class C Shares | 78,239 |
TOTAL | $342,646 |
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 11/30/2012 | 68,316 | 366,317 | 2,517,115 | 73,330,877 | 610,715 | 1,315,938 | 78,209,278 |
Purchases/Additions | 1,014,026 | 359,046 | 12,581 | 149,963,790 | 14,570 | 226,251 | 151,590,264 |
Sales/ Reductions | (178,231) | — | (2,529,696) | (150,538,174) | (102,249) | — | (153,348,350) |
Balance of Shares Held 5/31/2013 | 904,111 | 725,363 | — | 72,756,493 | 523,036 | 1,542,189 | 76,451,192 |
Value | $30,936,932 | $36,333,411 | $— | $72,756,493 | $5,115,289 | $10,409,779 | $155,551,904 |
Dividend Income/ Allocated Investment Income | $707,245 | $367,895 | $129,802 | $42,069 | $125,649 | $373,757 | $1,746,417 |
Capital Gain Distributions/ Allocated Net Realized Gain (Loss) | $(131,855) | $— | $— | $— | $16,866 | $42,947 | $(72,042) |
Purchases | $203,336,616 |
Sales | $178,133,154 |
Beginning Account Value 12/1/2012 | Ending Account Value 5/31/2013 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,080.20 | $5.96 |
Class B Shares | $1,000 | $1,076.00 | $10.20 |
Class C Shares | $1,000 | $1,075.90 | $9.94 |
Class R Shares | $1,000 | $1,077.80 | $8.03 |
Institutional Shares | $1,000 | $1,081.50 | $4.51 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.20 | $5.79 |
Class B Shares | $1,000 | $1,015.11 | $9.90 |
Class C Shares | $1,000 | $1,015.36 | $9.65 |
Class R Shares | $1,000 | $1,017.20 | $7.80 |
Institutional Shares | $1,000 | $1,020.59 | $4.38 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.15% |
Class B Shares | 1.97% |
Class C Shares | 1.92% |
Class R Shares | 1.55% |
Institutional Shares | 0.87% |
Following a review and recommendation of approval by the Fund's independent trustees, the Fund's Board reviewed and approved at its May 2013 meetings the Fund's investment advisory and subadvisory contracts for an additional one-year term. The Board's decision regarding these contracts reflects the exercise of its business judgment on whether to continue the existing arrangements.
![](https://capedge.com/proxy/N-CSRS/0001318148-13-001276/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
Not Applicable
Item 3. Audit Committee Financial Expert
Not Applicable
Item 4. Principal Accountant Fees and Services
Not Applicable
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
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date July 19, 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 July 19, 2013
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date July 19, 2013