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, 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: 11/30/13
Date of Reporting Period: 11/30/13
Item 1. Reports to Stockholders
![](https://capedge.com/proxy/N-CSR/0001318148-14-000091/fedregcovsmall.gif)
Share Class | Ticker |
A | FSTBX |
B | FSBBX |
C | FSBCX |
R | FSBKX |
Institutional | SBFIX |
![](https://capedge.com/proxy/N-CSR/0001318148-14-000091/donahuechrissigsmall.jpg)
1 | Please see the footnotes to the line graphs under “Fund Performance and Growth of a $10,000 Investment” below for the definition of, and more information about, the Blended Index. |
2 | Please see the footnotes to the line graphs under “Fund Performance and Growth of a $10,000 Investment” below for the definition of, and more information about, the MWAFA. |
3 | The Fund's broad-based security market indexes are the S&P 500 Index and the Barclays U.S. Aggregate Bond Index, which had total returns of 30.30% and -1.61%, respectively. Please see the footnotes to the line graphs under “Fund Performance and Growth of a $10,000 Investment” below for the definition of, and more information about, the S&P 500 Index and the Barclays U.S. Aggregate Bond Index. |
4 | The MSCI All Country World Index captures large- and mid-cap representation across 23 developed markets countries and 21 emerging markets countries. With 2,436 constituents, the index covers approximately 85% of the global investable equity opportunity set. The index is unmanaged, and it is not possible to invest directly in an index. |
5 | The MSCI USA Index is a free float adjusted market capitalization index that is designed to measure large- and mid-cap U.S. equity market performance. The index is unmanaged, and it is not possible to invest directly in an index. |
6 | The MSCI World ex USA Index captures large- and mid-cap representation across 22 of 23 developed markets countries, excluding the United States. With 1,002 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. |
7 | The MSCI Japan Index is designed to measure the performance of the large- and mid-cap segments of the Japanese market. With 320 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in Japan. The index is unmanaged, and it is not possible to invest directly in an index. |
8 | The MSCI Emerging Markets Index captures large- and mid-cap representation across 21 Emerging Markets (EM) countries. With 824 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. The index is unmanaged, and it is not possible to invest directly in an index. |
9 | The MSCI China Index captures large- and mid-cap representation across China H shares, B shares, Red chips and P chips. With 138 constituents, the index covers about 85% of the Chinese equity universe. The index is unmanaged, and it is not possible to invest directly in an index. |
10 | 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. |
11 | Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices.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. |
12 | 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. Small company stocks may be less liquid and subject to greater price volatility than large company stocks. |
Share Class | 1 Year | 5 Years | 10 Years |
Class A Shares | 11.24% | 10.63% | 5.62% |
Class B Shares | 11.32% | 10.70% | 5.55% |
Class C Shares | 15.89% | 11.00% | 5.40% |
Class R Shares | 17.29% | 11.38% | 5.76% |
Institutional Shares | 18.07% | 12.13% | 6.21% |
![](https://capedge.com/proxy/N-CSR/0001318148-14-000091/fgalfarg0145401a.jpg)
Federated Global Allocation Fund - | Class A Shares | Blended Index | S&P 500 | BAB | MWAFA |
11/30/2003 | 9,450 | 10,000 | 10,000 | 10,000 | 10,000 |
11/30/2004 | 10,196 | 11,522 | 11,286 | 10,444 | 11,667 |
11/30/2005 | 10,680 | 12,194 | 12,239 | 10,695 | 12,515 |
11/30/2006 | 12,020 | 14,192 | 13,980 | 11,330 | 14,664 |
11/30/2007 | 13,208 | 15,980 | 15,059 | 12,015 | 16,625 |
11/30/2008 | 9,855 | 11,577 | 9,323 | 12,224 | 11,032 |
11/30/2009 | 12,008 | 14,959 | 11,690 | 13,646 | 14,206 |
11/30/2010 | 13,252 | 15,617 | 12,852 | 14,468 | 15,256 |
11/30/2011 | 12,356 | 15,977 | 13,859 | 15,266 | 15,456 |
11/30/2012 | 14,279 | 17,598 | 16,094 | 16,107 | 16,657 |
11/30/2013 | 16,810 | 19,910 | 20,971 | 15,848 | 18,137 |
■ | Total returns shown include the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). |
Growth of a $10,000 Investment–class B shares
![](https://capedge.com/proxy/N-CSR/0001318148-14-000091/fgalfarg0145401b.jpg)
Federated Global Allocation Fund - | Class B Shares | Blended Index | S&P 500 | BAB | MWAFA |
11/30/2003 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 |
11/30/2004 | 10,708 | 11,522 | 11,286 | 10,444 | 11,667 |
11/30/2005 | 11,131 | 12,194 | 12,239 | 10,695 | 12,515 |
11/30/2006 | 12,421 | 14,192 | 13,980 | 11,330 | 14,664 |
11/30/2007 | 13,545 | 15,980 | 15,059 | 12,015 | 16,625 |
11/30/2008 | 10,027 | 11,577 | 9,323 | 12,224 | 11,032 |
11/30/2009 | 12,118 | 14,959 | 11,690 | 13,646 | 14,206 |
11/30/2010 | 13,069 | 15,617 | 12,852 | 14,468 | 15,256 |
11/30/2011 | 13,173 | 15,977 | 13,859 | 15,266 | 15,456 |
11/30/2012 | 14,551 | 17,598 | 16,094 | 16,107 | 16,657 |
11/30/2013 | 16,265 | 19,910 | 20,971 | 15,848 | 18,137 |
■ | Total returns shown include the maximum contingent deferred sales charge of 5.50%, as applicable. |
![](https://capedge.com/proxy/N-CSR/0001318148-14-000091/fgalfarg0145401c.jpg)
Federated Global Allocation Fund - | Class C Shares | Blended Index | S&P 500 | BAB | MWAFA |
11/30/2003 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 |
11/30/2004 | 10,709 | 11,522 | 11,286 | 10,444 | 11,667 |
11/30/2005 | 11,135 | 12,194 | 12,239 | 10,695 | 12,515 |
11/30/2006 | 12,436 | 14,192 | 13,980 | 11,330 | 14,664 |
11/30/2007 | 13,562 | 15,980 | 15,059 | 12,015 | 16,625 |
11/30/2008 | 10,038 | 11,577 | 9,323 | 12,224 | 11,032 |
11/30/2009 | 12,132 | 14,959 | 11,690 | 13,646 | 14,206 |
11/30/2010 | 13,278 | 15,617 | 12,852 | 14,468 | 15,256 |
11/30/2011 | 12,373 | 15,977 | 13,859 | 15,266 | 15,456 |
11/30/2012 | 14,102 | 17,598 | 16,094 | 16,107 | 16,657 |
11/30/2013 | 16,484 | 19,910 | 20,971 | 15,848 | 18,137 |
■ | Total returns shown include the maximum contingent deferred sales charge of 1.00%, as applicable. |
![](https://capedge.com/proxy/N-CSR/0001318148-14-000091/fgalfarg0145401r.jpg)
Federated Global Allocation Fund - | Class R Shares | Blended Index | S&P 500 | BAB | MWAFA |
11/30/2003 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 |
11/30/2004 | 10,764 | 11,522 | 11,286 | 10,444 | 11,667 |
11/30/2005 | 11,223 | 12,194 | 12,239 | 10,695 | 12,515 |
11/30/2006 | 12,568 | 14,192 | 13,980 | 11,330 | 14,664 |
11/30/2007 | 13,754 | 15,980 | 15,059 | 12,015 | 16,625 |
11/30/2008 | 10,211 | 11,577 | 9,323 | 12,224 | 11,032 |
11/30/2009 | 12,385 | 14,959 | 11,690 | 13,646 | 14,206 |
11/30/2010 | 13,592 | 15,617 | 12,852 | 14,468 | 15,256 |
11/30/2011 | 12,977 | 15,977 | 13,859 | 15,266 | 15,456 |
11/30/2012 | 14,535 | 17,598 | 16,094 | 16,107 | 16,657 |
11/30/2013 | 17,048 | 19,910 | 20,971 | 15,848 | 18,137 |
![](https://capedge.com/proxy/N-CSR/0001318148-14-000091/fgalfar0145401is.jpg)
Federated Global Allocation Fund - | Institutional Shares | Blended Index | S&P 500 | BAB | MWAFA |
11/30/2003 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 |
11/30/2004 | 10,779 | 11,522 | 11,286 | 10,444 | 11,667 |
11/30/2005 | 11,259 | 12,194 | 12,239 | 10,695 | 12,515 |
11/30/2006 | 12,632 | 14,192 | 13,980 | 11,330 | 14,664 |
11/30/2007 | 13,850 | 15,980 | 15,059 | 12,015 | 16,625 |
11/30/2008 | 10,301 | 11,577 | 9,323 | 12,224 | 11,032 |
11/30/2009 | 12,546 | 14,959 | 11,690 | 13,646 | 14,206 |
11/30/2010 | 13,876 | 15,617 | 12,852 | 14,468 | 15,256 |
11/30/2011 | 13,346 | 15,977 | 13,859 | 15,266 | 15,456 |
11/30/2012 | 15,056 | 17,598 | 16,094 | 16,107 | 16,657 |
11/30/2013 | 17,776 | 19,910 | 20,971 | 15,848 | 18,137 |
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 MWAFA have been adjusted to reflect reinvestment of dividends on securities in the indexes and the average. |
2 | The Blended Index is a custom blended index comprised of 60% of the MSCI ACWI and 40% of the BGA. The MSCI ACWI captures large- and mid-cap representation across 23 developed markets countries and 21 emerging markets countries. With 2,436 constituents, the index covers approximately 85% of the global investable equity opportunity set. The BGA is a measure of global investment grade debt from twenty-three different local currency markets. This multi-currency benchmark includes fixed-rate treasury, government-related, corporate and securitized bonds from both developed and emerging markets issuers. The indexes are not adjusted to reflect sales loads, 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 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 index is not adjusted to reflect sales loads, expenses or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. |
4 | The 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, mortgage-backed securities (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities and commercial mortgage-backed securities. The index is not adjusted to reflect sales loads, expenses or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. |
5 | Morningstar figures represent the average of the total returns reported by all the mutual funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges. |
6 | The Fund's Institutional Shares commenced operation on June 12, 2009. The Fund offers four other classes of shares: Class A Shares, Class B Shares, Class C Shares and Class R Shares. For the period prior to the commencement of operations of Institutional Shares, the performance information shown is for the Fund's Class A 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, 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 | 27.0% |
International Equity Securities | 26.7% |
Corporate Debt Securities | 9.0% |
Foreign Debt Securities | 7.1% |
U.S. Treasury and Agency Securities | 2.9% |
Trade Finance Agreements | 1.1% |
Commercial Mortgage-Backed Securities | 0.1% |
Mortgage-Backed Securities3 | 0.1% |
Asset-Backed Securities4 | 0.0% |
Floating Rate Loan4 | 0.0% |
Municipal Securities4 | 0.0% |
Derivative Contracts5 | 1.2% |
Cash Equivalents6 | 24.6% |
Other Assets and Liabilities—Net7 | 0.2% |
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. |
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 | 22.2% |
Consumer Discretionary | 18.3% |
Industrials | 10.9% |
Information Technology | 10.9% |
Health Care | 9.4% |
Energy | 9.2% |
Consumer Staples | 8.8% |
Materials | 4.0% |
Utilities | 3.7% |
Telecommunication Services | 2.6% |
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—46.3% | |||
Consumer Discretionary—8.5% | |||
10,600 | 1 | AMC Networks, Inc. | $680,414 |
7,600 | American Eagle Outfitters, Inc. | 123,652 | |
6,200 | Bridgestone Corp. | 226,995 | |
6,800 | CBS Corp., Class B | 398,208 | |
38,100 | Comcast Corp., Class A | 1,900,047 | |
7,484 | Compagnie Financiere Richemont SA | 760,413 | |
3,566 | Continental AG | 744,586 | |
25,000 | Daihatsu Motor Co. Ltd. | 457,408 | |
7,234 | Daimler AG | 599,471 | |
15,457 | Delphi Automotive PLC | 905,007 | |
6,679 | Dollarama, Inc. | 538,923 | |
11,017 | Electrolux AB, Class B | 268,197 | |
11,432 | Flight Centre Travel Group Ltd. | 507,112 | |
60,800 | Ford Motor Co. | 1,038,464 | |
36,100 | Fuji Heavy Industries | 1,019,294 | |
1,200 | Gap (The), Inc. | 49,164 | |
33,400 | Goodyear Tire & Rubber Co. | 743,484 | |
26,700 | Home Depot, Inc. | 2,153,889 | |
198,173 | ITV PLC | 616,302 | |
43,000 | Isuzu Motors Ltd. | 274,562 | |
500 | Johnson Controls, Inc. | 25,255 | |
2,273 | Kabel Deutschland Holding AG | 296,436 | |
11,800 | 1 | Lamar Advertising Co. | 589,056 |
5,628 | 1 | Liberty Media Corp. | 863,673 |
2 | 1 | Liberty Ventures, Series A | 243 |
9,948 | Luxottica Group S.p.A | 526,790 | |
2,400 | Macy's, Inc. | 127,824 | |
7,273 | Magna International, Inc. | 589,592 | |
15,000 | 1 | Mazda Motor Corp. | 68,977 |
11,201 | 1 | Michael Kors Holdings Ltd. | 913,442 |
5,300 | 1 | Mohawk Industries, Inc. | 742,106 |
700 | 1 | NVR, Inc. | 678,986 |
6,619 | Next PLC | 595,327 | |
14,976 | Persimmon PLC | 284,348 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
4,500 | PetSmart, Inc. | $333,495 | |
1,140 | ProSieben Sat.1 Media AG | 51,285 | |
46,070 | Reed Elsevier PLC | 666,601 | |
10,300 | Regal Entertainment Group | 200,644 | |
8,700 | Ross Stores, Inc. | 665,202 | |
15,000 | Sekisui House Ltd. | 206,932 | |
16,000 | Sumitomo Rubber Industries, Ltd. | 225,882 | |
1,198 | Swatch Group AG, Class B | 785,054 | |
36,700 | TJX Cos., Inc. | 2,307,696 | |
25,700 | Target Corp. | 1,643,001 | |
5,492 | 1 | Tesla Motors, Inc. | 699,022 |
36 | Thor Industries, Inc. | 1,947 | |
5,483 | Time Warner Cable, Inc. | 757,860 | |
9,500 | Time Warner, Inc. | 624,245 | |
3,900 | Toyoda Gosei Co., Ltd. | 95,877 | |
5,300 | Toyota Motor Corp. | 330,134 | |
93,632 | Tui Travel PLC | 562,913 | |
5,748 | Twenty-First Century Fox, Inc. | 192,500 | |
39,470 | USS Co. Ltd. | 542,195 | |
11,600 | Viacom, Inc., Class B - New | 929,972 | |
1,263 | Volkswagen AG | 328,830 | |
22,000 | Walt Disney Co. | 1,551,880 | |
1,600 | Whirlpool Corp. | 244,416 | |
10,614 | Whitbread PLC | 619,695 | |
22,700 | Wynn Macau Ltd. | 86,962 | |
TOTAL | 34,961,887 | ||
Consumer Staples—4.1% | |||
33,000 | Altria Group, Inc. | 1,220,340 | |
38,900 | CVS Corp. | 2,604,744 | |
19,200 | Dean Foods Co. | 345,216 | |
22,843 | Hillshire Brands Co. | 763,413 | |
2,480 | Ingredion, Inc. | 171,517 | |
46,400 | Japan Tobacco, Inc. | 1,567,430 | |
34,286 | Koninklijke Ahold NV | 624,139 | |
17,184 | Kraft Foods Group, Inc. | 912,814 | |
54,159 | Mondelez International, Inc. | 1,815,951 | |
5,116 | Nestle SA | 373,633 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
31,000 | Nippon Meat Packers | $500,600 | |
5,715 | PepsiCo, Inc. | 482,689 | |
13,450 | Philip Morris International, Inc. | 1,150,513 | |
89,313 | Sainsbury (J) PLC | 595,568 | |
9,396 | The Coca-Cola Co. | 377,625 | |
20,400 | Tyson Foods, Inc., Class A | 646,476 | |
16,200 | Walgreen Co. | 959,040 | |
19,100 | Whole Foods Market, Inc. | 1,081,060 | |
131,786 | William Morrison Supermarkets | 572,703 | |
TOTAL | 16,765,471 | ||
Energy—4.3% | |||
1,697 | Aker Solutions ASA | 30,114 | |
31,318 | Amec PLC | 580,278 | |
14,100 | Anadarko Petroleum Corp. | 1,252,362 | |
72,610 | BG Group PLC | 1,483,818 | |
81,723 | BP PLC | 644,744 | |
8,200 | Cabot Oil & Gas Corp., Class A | 282,490 | |
5,872 | Caltex Australia | 101,912 | |
10,600 | Chevron Corp. | 1,297,864 | |
10,688 | ConocoPhillips | 778,086 | |
105 | Delek Group Ltd. | 39,723 | |
3,100 | 1 | Dril-Quip, Inc. | 336,536 |
719 | ENI S.p.A | 17,298 | |
5,200 | EOG Resources, Inc. | 858,000 | |
19,300 | Exxon Mobil Corp. | 1,804,164 | |
1,747 | Fugro NV | 106,241 | |
21,400 | Halliburton Co. | 1,127,352 | |
12,000 | Husky Energy, Inc. | 338,838 | |
4,500 | Idemitsu Kosan Co. Ltd. | 404,198 | |
11,100 | Marathon Oil Corp. | 400,044 | |
2,503 | Marathon Petroleum Corp. | 207,098 | |
538 | OMV AG | 26,348 | |
13,480 | Occidental Petroleum Corp. | 1,280,061 | |
3,300 | Oceaneering International, Inc. | 254,727 | |
9,006 | PBF Energy, Inc. | 259,823 | |
7,295 | Phillips 66 | 507,805 | |
26,206 | Royal Dutch Shell PLC, Class B | 919,862 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Energy—continued | |||
6,400 | Schlumberger Ltd. | $565,888 | |
483 | SeaDrill Ltd. | 20,561 | |
23,300 | Showa Shell Sekiyu K.K. | 258,876 | |
21,000 | Suncor Energy, Inc. | 720,102 | |
477 | Tenaris SA | 10,731 | |
51,000 | TonenGeneral Sekiyu KK | 492,946 | |
2,868 | Total SA | 173,750 | |
TOTAL | 17,582,640 | ||
Financials—10.3% | |||
6,123 | AGEAS | 258,277 | |
21,919 | AXA | 574,249 | |
84,721 | Aberdeen Asset Management PLC | 682,679 | |
9,300 | Aflac, Inc. | 617,241 | |
4,084 | Allianz SE | 709,326 | |
30,300 | Allstate Corp. | 1,644,381 | |
5,500 | American Express Co. | 471,900 | |
3,735 | American Tower Corp. | 290,471 | |
8,000 | Ameriprise Financial, Inc. | 866,000 | |
33,000 | Aozora Bank Ltd. | 95,045 | |
13,675 | Aspen Insurance Holdings Ltd. | 552,744 | |
12,834 | Australia & New Zealand Banking Group, Melbourne | 372,988 | |
11,400 | Axis Capital Holdings Ltd. | 560,082 | |
4,371 | BNP Paribas SA | 328,075 | |
163,000 | BOC Hong Kong (Holdings) Ltd. | 551,908 | |
3,275 | Banco Bilbao Vizcaya Argentaria SA | 39,125 | |
91,022 | Banco Santander, SA | 809,064 | |
805 | Bank Hapoalim Ltd. | 4,487 | |
51,553 | 1 | Bank Leumi Le-Israel | 209,665 |
22,800 | Bank of America Corp. | 360,696 | |
1,415 | Bank of Nova Scotia | 86,877 | |
42,000 | Bank of Yokohama Ltd. | 230,042 | |
5,289 | 1 | Berkshire Hathaway, Inc., Class B | 616,327 |
12,400 | CBOE Holdings, Inc. | 648,272 | |
4,767 | CNP Assurances | 91,085 | |
8,000 | Canadian Imperial Bank of Commerce | 686,112 | |
12,000 | Capitacommercial Trust | 14,199 | |
20,500 | Citigroup, Inc. | 1,084,860 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
3,569 | Credit Agricole SA | $44,752 | |
35,325 | Credit Suisse Group AG | 1,051,430 | |
1,000 | DBS Group Holdings Ltd. | 13,689 | |
26,800 | DCT Industrial Trust, Inc. | 199,928 | |
21,461 | DDR Corp. | 343,161 | |
1,000 | Daito Trust Construction Co. | 94,899 | |
28,000 | Daiwa Securities Group, Inc. | 272,004 | |
6,253 | Deutsche Bank AG | 301,477 | |
25,700 | Discover Financial Services | 1,369,810 | |
42,900 | 1 | E*Trade Financial Corp. | 768,768 |
2,398 | Erste Group Bank AG | 84,407 | |
9,200 | Extra Space Storage, Inc. | 385,664 | |
89,000 | Fukuoka Financial Group, Inc. | 398,838 | |
1,300 | Great-West Lifeco, Inc. | 40,024 | |
106,330 | HSBC Holdings PLC | 1,187,060 | |
22,087 | HSBC Holdings PLC | 246,521 | |
6,112 | Hannover Rueck SE | 508,900 | |
31,708 | Hargreaves Lansdown PLC | 629,024 | |
46,026 | 1 | ING Groep N.V. | 597,627 |
16,660 | ING US, Inc. | 582,100 | |
1,738 | Industrivarden AB, Class A | 33,959 | |
93,036 | Insurance Australia Group Ltd. | 512,801 | |
2,277 | Invesco Ltd. | 79,353 | |
19,400 | Investor AB, Class B | 634,135 | |
4,740 | J.P. Morgan Chase & Co. | 271,223 | |
110 | Japan Retail Fund Investment Corp. | 216,939 | |
11,100 | Kite Realty Group Trust | 72,705 | |
181,837 | Legal & General Group PLC | 636,633 | |
3,484 | Lend Lease Corp. Ltd. | 35,074 | |
74,734 | Link REIT | 365,830 | |
9,033 | Macquarie Group Ltd. | 445,875 | |
700 | Manulife Financial Corp. | 13,498 | |
7,900 | MetLife, Inc. | 412,301 | |
129,400 | Mizuho Financial Group, Inc. | 271,623 | |
8,918 | Muenchener Rueckversicherungs-Gesellschaft AG - REG | 1,950,532 | |
600 | National Bank of Canada, Montreal | 52,232 | |
102,975 | Natixis | 568,519 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
3,000 | Oversea-Chinese Banking Corp. Ltd. | $24,955 | |
2,045 | Partners Group Holding AG | 509,191 | |
9,005 | Pebblebrook Hotel Trust | 273,122 | |
4,200 | Plum Creek Timber Co., Inc. | 183,708 | |
4,433 | Pohjola Bank PLC- Class A | 83,709 | |
4,000 | ProLogis, Inc. | 151,720 | |
1,300 | Public Storage | 198,510 | |
402 | Raiffeisen Bank International AG | 14,805 | |
4,503 | Reinsurance Group of America, Inc. | 337,635 | |
7,800 | RenaissanceRe Holdings Ltd. | 738,660 | |
14,000 | Royal Bank of Canada, Montreal | 928,500 | |
6,700 | SEI Investments Co. | 224,986 | |
2,800 | SL Green Realty Corp. | 253,316 | |
17,000 | SLM Holding Corp. | 453,050 | |
7,175 | Sampo Oyj, Class A | 334,525 | |
13,263 | Schroders PLC | 535,341 | |
36,600 | Schwab (Charles) Corp. | 895,968 | |
1,284 | Scor Regroupe | 44,925 | |
1,300 | Simon Property Group, Inc. | 194,805 | |
34,000 | Sino Land Co. | 46,487 | |
38,227 | Standard Life PLC | 219,871 | |
30,600 | 1 | Strategic Hotels & Resorts, Inc. | 273,258 |
12,700 | Sumitomo Mitsui Financial Group, Inc. | 628,645 | |
7,000 | Sumitomo Mitsui Trust Holdings, Inc. | 34,376 | |
5,564 | Suncorp Group Ltd. | 66,861 | |
19,500 | Sunstone Hotel Investors, Inc. | 254,865 | |
32,680 | The Carlyle Group LP | 1,062,100 | |
2,000 | Tokio Marine Holdings, Inc. | 66,390 | |
49,000 | United Overseas Land Ltd. | 242,453 | |
18,547 | Validus Holdings Ltd. | 742,807 | |
3,200 | Ventas, Inc. | 181,856 | |
2,300 | Vornado Realty Trust | 202,239 | |
11,800 | Waddell & Reed Financial, Inc., Class A | 752,014 | |
45,800 | Wells Fargo & Co. | 2,016,116 | |
TOTAL | 42,321,261 | ||
Health Care—4.3% | |||
10,000 | Abbott Laboratories | 381,900 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
5,312 | 1 | Actelion Ltd. | $442,447 |
1,000 | AmerisourceBergen Corp. | 70,530 | |
4,423 | Amgen, Inc. | 504,576 | |
10,200 | Astellas Pharma, Inc. | 604,481 | |
961 | Bayer AG | 128,202 | |
5,800 | 1 | Bio Rad Laboratories, Inc., Class A | 711,196 |
10,281 | CSL Ltd. | 643,760 | |
5,764 | Celesio AG | 184,797 | |
7,444 | Cochlear Ltd. | 396,603 | |
1,100 | Coloplast, Class B | 72,197 | |
3,000 | 1 | Community Health Systems, Inc. | 123,750 |
12,879 | 1 | Express Scripts Holding Co. | 867,401 |
4,500 | 1 | Forest Laboratories, Inc., Class A | 230,895 |
558,800 | 1 | Genomma Lab Internacional SA | 1,648,771 |
22,100 | 1 | Gilead Sciences, Inc. | 1,653,301 |
1,406 | Grifols SA | 64,283 | |
4,500 | 1 | Health Management Association, Class A | 58,905 |
16,700 | Lilly (Eli) & Co. | 838,674 | |
46 | 1 | Mallinckrodt PLC | 2,390 |
8,400 | Merck & Co., Inc. | 418,572 | |
1,964 | Novartis AG - REG | 155,244 | |
2,075 | Novo Nordisk A/S, Class B | 371,652 | |
799 | Orion Oyj | 21,047 | |
96,622 | Pfizer, Inc. | 3,065,816 | |
4,072 | Ramsay Health Care Ltd. | 143,717 | |
1,800 | 1 | Regeneron Pharmaceuticals, Inc. | 528,948 |
4,722 | Roche Holding AG-GENUSSCHEIN | 1,316,398 | |
112 | Sanofi | 11,844 | |
30,300 | Sanofi ADR | 1,600,749 | |
12,500 | Takeda Pharmaceutical Co. Ltd. | 607,152 | |
1,100 | 1 | Tenet Healthcare Corp. | 47,465 |
TOTAL | 17,917,663 | ||
Industrials—5.1% | |||
55 | 3M Co. | 7,343 | |
3 | A P Moller-Maersk A/S | 30,431 | |
1,582 | ACS Actividades de Constuccion y Servicios, SA | 51,107 | |
11,802 | Adecco SA | 908,798 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
6,400 | 1 | Aecom Technology Corp. | $185,984 |
830 | Aggreko PLC | 21,805 | |
56,221 | Aurizon Hldgs. Ltd. | 239,198 | |
12,200 | Avery Dennison Corp. | 596,580 | |
84,909 | BAE Systems PLC | 593,997 | |
9,000 | Boeing Co. | 1,208,250 | |
82,000 | Bombardier, Inc., Class B | 369,042 | |
9,019 | Bouygues SA | 340,124 | |
2,000 | CP Railway Ltd. | 304,849 | |
2,020 | Canadian National Railway, Co. | 227,295 | |
200 | 1 | Copart, Inc. | 6,886 |
4,100 | DSV, De Sammensluttede Vognmad AS | 125,441 | |
19,300 | Danaher Corp. | 1,443,640 | |
5,764 | Deutsche Lufthansa AG | 125,169 | |
16,523 | Deutsche Post AG | 584,282 | |
1,700 | Dover Corp. | 154,258 | |
37,497 | Edenred | 1,352,448 | |
6,600 | FedEx Corp. | 915,420 | |
26,335 | Fortune Brands Home & Security, Inc. | 1,148,206 | |
2,400 | General Dynamics Corp. | 219,984 | |
24,035 | General Electric Co. | 640,773 | |
4,676 | Graco, Inc. | 361,127 | |
31,087 | Grupo Ferrovial, SA | 588,287 | |
1,700 | Honeywell International, Inc. | 150,467 | |
1,168 | Huntington Ingalls Industries, Inc. | 96,045 | |
6,200 | IDEX Corp. | 442,246 | |
10,033 | ITT Corp. | 409,547 | |
3,000 | Ingersoll-Rand PLC | 214,260 | |
23,000 | Itochu Corp. | 290,124 | |
608 | Kone Corp. OYJ, Class B | 55,877 | |
30,464 | Koninklijke Philips NV | 1,090,297 | |
4,800 | LIXIL Group Corp. | 124,235 | |
4,600 | Lennox International, Inc. | 379,040 | |
1,000 | Lincoln Electric Holdings | 71,480 | |
3,000 | Lockheed Martin Corp. | 425,010 | |
44,000 | Marubeni Corp. | 319,180 | |
13,600 | Masco Corp. | 304,912 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
7,505 | Nielsen Holdings N.V. | $323,916 | |
7,600 | Northrop Grumman Corp. | 856,368 | |
6,400 | OshKosh Truck Corp. | 312,000 | |
9,568 | Randstad Holdings N.V. | 596,094 | |
3,700 | Raytheon Co. | 328,116 | |
1,779 | Smith (A.O.) Corp. | 96,333 | |
3,440 | Societe BIC SA | 421,620 | |
3,375 | The ADT Corp. | 136,890 | |
9,700 | Toro Co. | 598,587 | |
200 | Union Pacific Corp. | 32,408 | |
TOTAL | 20,825,776 | ||
Information Technology—5.0% | |||
17,484 | ARM Holdings PLC | 291,329 | |
625 | ASML Holding N.V. | 58,492 | |
12,300 | Activision Blizzard, Inc. | 211,683 | |
6,500 | 1 | Alliance Data Systems Corp. | 1,574,690 |
6,353 | Apple, Inc. | 3,532,713 | |
58,200 | Applied Materials, Inc. | 1,006,860 | |
16,800 | Avnet, Inc. | 670,320 | |
46,893 | 1 | Brocade Communications Systems, Inc. | 412,190 |
29,500 | Cisco Systems, Inc. | 626,875 | |
3,700 | Computer Sciences Corp. | 194,694 | |
2,295 | 1 | CoreLogic, Inc. | 80,853 |
1,200 | DST Systems, Inc. | 105,960 | |
17,500 | 1 | eBay, Inc. | 884,100 |
1,708 | 1 | Electronic Arts, Inc. | 37,883 |
1,548 | 1 | Google, Inc. | 1,640,245 |
7,100 | Hewlett-Packard Co. | 194,185 | |
4,300 | LSI Logic Corp. | 34,701 | |
1,200 | Mastercard, Inc., Class A | 912,972 | |
2,000 | Murata Manufacturing Co. Ltd. | 172,028 | |
8,700 | 1 | Neustar, Inc, Class A | 424,125 |
71,600 | 1 | ON Semiconductor Corp. | 507,644 |
5,800 | Omron Corp. | 238,682 | |
18,920 | Oracle Corp. | 667,687 | |
3,100 | Otsuka Corp. | 396,183 | |
23,600 | Qualcomm, Inc. | 1,736,488 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Information Technology—continued | �� | ||
1,605 | STMicroelectronics N.V. | $12,624 | |
11,000 | 1 | Salesforce.com, Inc. | 572,990 |
3,380 | Symantec Corp. | 76,016 | |
13,800 | 1 | Tech Data Corp. | 715,392 |
21,200 | Texas Instruments, Inc. | 911,600 | |
5,900 | United Internet AG | 236,968 | |
4,400 | 1 | VMware, Inc., Class A | 354,772 |
12,100 | 1 | Verisign, Inc. | 688,006 |
8,200 | Western Digital Corp. | 615,328 | |
TOTAL | 20,797,278 | ||
Materials—1.8% | |||
26,175 | Admiral Group PLC | 532,542 | |
2,800 | Agrium, Inc. | 252,055 | |
17,000 | Asahi Kasei Corp. | 134,108 | |
25,578 | Boliden AB | 374,343 | |
34,820 | CRH PLC | 882,673 | |
2,400 | Cytec Industries, Inc. | 214,752 | |
1,140 | EMS-Chemie Holdings AG | 402,449 | |
9,400 | Eagle Materials, Inc. | 733,200 | |
121,775 | Fortescue Metals Group Ltd. | 630,157 | |
8,900 | JSR Corp. | 163,619 | |
7,210 | LyondellBasell Industries NV, Class A | 556,468 | |
6,100 | Nitto Denko Corp. | 310,286 | |
4,500 | PPG Industries, Inc. | 828,270 | |
10,300 | Packaging Corp. of America | 630,978 | |
3,900 | Sherwin-Williams Co. | 713,817 | |
2,000 | Westlake Chemical Corp. | 225,160 | |
453 | Yara International ASA | 19,749 | |
TOTAL | 7,604,626 | ||
Telecommunication Services—1.2% | |||
13,420 | Belgacom | 398,714 | |
375,095 | HKT Trust and HKT Ltd. | 329,003 | |
3,500 | KDDI Corp. | 219,722 | |
11,100 | Nippon Telegraph and Telephone Corp. | 557,032 | |
48,565 | Orange SA | 634,355 | |
53,000 | PCCW Ltd. | 22,902 | |
148,000 | StarHub Ltd. | 501,175 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Telecommunication Services—continued | |||
32,217 | Tele2 AB, Class B | $392,881 | |
14,111 | Telenor ASA | 339,009 | |
6,826 | Telstra Corp. Ltd. | 31,467 | |
26,900 | Verizon Communications | 1,334,778 | |
35,510 | Vodafone Group PLC | 131,823 | |
TOTAL | 4,892,861 | ||
Utilities—1.7% | |||
37,800 | AES Corp. | 550,746 | |
7,300 | American Electric Power Co., Inc. | 343,538 | |
37,200 | CMS Energy Corp. | 987,288 | |
16,702 | Electricite De France | 621,697 | |
9,148 | Enagas SA | 240,660 | |
26,663 | GDF Suez | 618,304 | |
16,000 | Hong Kong Electric Holdings Ltd. | 130,020 | |
2,100 | MDU Resources Group, Inc. | 62,307 | |
16,609 | NV Energy, Inc. | 392,803 | |
16,600 | OGE Energy Corp. | 571,372 | |
1,600 | Public Service Enterprises Group, Inc. | 52,304 | |
16,801 | SSE PLC | 364,923 | |
8,300 | Sempra Energy | 734,052 | |
8,148 | Snam Rete Gas S.p.A | 43,833 | |
32,675 | Suez Enviorment SA | 561,521 | |
119,849 | Terna S.p.A | 578,644 | |
4,700 | UGI Corp. | 189,222 | |
2,600 | Vectren Corp. | 90,168 | |
TOTAL | 7,133,402 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $152,887,818) | 190,802,865 | ||
COMMERCIAL MORTGAGE-BACKED SECURITY—0.1% | |||
Agency Commercial Mortgage-Backed Security—0.1% | |||
$400,000 | 2,3 | FREMF Mortgage Trust 2013-K25, B, 3.742%, 11/25/2045 (IDENTIFIED COST $401,661) | 367,776 |
COLLATERALIZED MORTGAGE OBLIGATIONS—0.0% | |||
820 | 2 | SMFC Trust Asset-Backed Certificates, 1997-A B1-4, 1.000%, 1/28/2027 | 750 |
50,000 | WF-RBS Commercial Mortgage Trust 2012-C6 B, 4.697%, 4/15/2045 | 52,245 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $58,063) | 52,995 |
Shares or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—1.9% | |||
Basic Industry - Chemicals—0.0% | |||
$50,000 | RPM International, Inc., 6.500%, 02/15/2018 | $57,603 | |
15,000 | RPM International, Inc., Sr. Unsecd. Note, 6.125%, 10/15/2019 | 17,098 | |
TOTAL | 74,701 | ||
Basic Industry - Metals & Mining—0.1% | |||
90,000 | Allegheny Technologies, Inc., Sr. Note, 9.375%, 06/01/2019 | 111,300 | |
250,000 | Anglogold Ashanti Holdings PLC, Sr. Unsecd. Note, 8.500%, 07/30/2020 | 263,125 | |
150,000 | Barrick Gold Corp., Sr. Unsecd. Note, 4.100%, 05/01/2023 | 135,434 | |
TOTAL | 509,859 | ||
Basic Industry - Paper—0.0% | |||
30,000 | International Paper Co., Sr. Unsecd. Note, 7.500%, 08/15/2021 | 37,094 | |
150,000 | 1,4,5 | Pope & Talbot, Inc., 8.375%, 12/01/2099 | 0 |
TOTAL | 37,094 | ||
Capital Goods - Aerospace & Defense—0.0% | |||
50,000 | 2,3 | BAE Systems Holdings, Inc., Series 144A, 5.200%, 8/15/2015 | 53,351 |
Capital Goods - Diversified Manufacturing—0.1% | |||
100,000 | Roper Industries, Inc., Sr. Unsecd. Note, 6.250%, 09/01/2019 | 117,035 | |
90,000 | 2,3 | Textron Financial Corp., Jr. Sub. Note, Series 144A, 6.000%, 2/15/2067 | 80,325 |
TOTAL | 197,360 | ||
Capital Goods - Environmental—0.0% | |||
110,000 | Republic Services, Inc., Company Guarantee, Series WI, 5.500%, 09/15/2019 | 125,698 | |
25,000 | Waste Management, Inc., 7.375%, 03/11/2019 | 30,474 | |
TOTAL | 156,172 | ||
Communications - Media & Cable—0.0% | |||
20,000 | Time Warner Cable, Inc., Company Guarantee, 8.250%, 04/01/2019 | 23,497 | |
Communications - Media Noncable—0.0% | |||
100,000 | Interpublic Group of Cos., Inc., Sr. Unsecd. Note, 2.250%, 11/15/2017 | 99,373 | |
Communications - Telecom Wirelines—0.1% | |||
15,000 | CenturyLink, Inc., Sr. Note, Series Q, 6.150%, 09/15/2019 | 15,862 | |
135,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 6.550%, 09/15/2043 | 154,099 | |
TOTAL | 169,961 | ||
Consumer Cyclical - Automotive—0.1% | |||
2,300,000 | BMW Finance N.V., Series EMTN, 3.500%, 07/17/2015 | 383,264 | |
50,000 | 2,3 | RCI Banque SA, Sr. Unsecd. Note, Series 144A, 4.600%, 04/12/2016 | 53,098 |
TOTAL | 436,362 |
Shares or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Consumer Cyclical - Retailers—0.1% | |||
$100,000 | Advance Auto Parts, Inc., 4.500%, 12/01/2023 | $100,070 | |
148,299 | 2,3 | CVS Caremark Corp., Pass Thru Cert., Series 144A, 5.298%, 1/11/2027 | 163,888 |
TOTAL | 263,958 | ||
Consumer Non-Cyclical - Food/Beverage—0.0% | |||
90,000 | 2,3 | Bacardi Ltd., Sr. Note, Series 144A, 7.45%, 4/01/2014 | 91,973 |
Consumer Non-Cyclical - Health Care—0.0% | |||
20,000 | Express Scripts, Inc., Sr. Unsecd. Note, 7.250%, 06/15/2019 | 24,534 | |
Consumer Non-Cyclical - Tobacco—0.0% | |||
24,000 | Altria Group, Inc., 9.250%, 08/06/2019 | 32,039 | |
60,000 | Altria Group, Inc., Sr. Unsecd. Note, 4.000%, 01/31/2024 | 59,194 | |
TOTAL | 91,233 | ||
Energy - Independent—0.0% | |||
100,000 | Petroleos Mexicanos, 6.500%, 06/02/2041 | 101,582 | |
20,000 | XTO Energy, Inc., 6.750%, 08/01/2037 | 26,542 | |
TOTAL | 128,124 | ||
Energy - Integrated—0.0% | |||
100,000 | Husky Energy, Inc., Sr. Unsecd. Note, 3.950%, 04/15/2022 | 101,053 | |
35,000 | Petro-Canada, Deb., 7.000%, 11/15/2028 | 43,697 | |
TOTAL | 144,750 | ||
Energy - Oil Field Services—0.0% | |||
50,000 | Noble Drilling Corp., Sr. Note, 7.500%, 03/15/2019 | 58,727 | |
Energy - Refining—0.0% | |||
25,000 | Valero Energy Corp., 9.375%, 03/15/2019 | 32,561 | |
Financial Institution - Banking—0.1% | |||
100,000 | 2,3 | Barclays Bank PLC, Jr. Sub. Note, Series 144A, 5.926%, 09/29/2049 | 106,250 |
2,000 | Citigroup, Inc., Sr. Unsecd. Note, 5.125%, 5/05/2014 | 2,040 | |
60,000 | 2,3 | Commonwealth Bank of Australia, Sr. Unsecd. Note, Series 144A, 3.750%, 10/15/2014 | 61,681 |
5,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 5.750%, 01/24/2022 | 5,650 | |
50,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.125%, 2/15/2033 | 55,956 | |
50,000 | J.P. Morgan Chase & Co., Sub. Note, 3.375%, 05/01/2023 | 46,556 | |
223,103 | 2,3,4 | Regional Diversified Funding, Series 144A, 9.25%, 3/15/2030 | 146,467 |
40,000 | Wilmington Trust Corp., Sub. Note, 8.500%, 04/02/2018 | 48,094 | |
TOTAL | 472,694 | ||
Financial Institution - Brokerage—0.1% | |||
30,000 | Janus Capital Group, Inc., Sr. Note, 6.700%, 06/15/2017 | 33,985 | |
95,000 | Jefferies Group, Inc., Sr. Unsecd. Note, 8.500%, 07/15/2019 | 116,375 |
Shares or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Financial Institution - Brokerage—continued | |||
$30,000 | Nuveen Investments, Sr. Unsecd. Note, 5.500%, 9/15/2015 | $30,150 | |
TOTAL | 180,510 | ||
Financial Institution - Finance Noncaptive—0.4% | |||
184,000 | American Express Co., 2.650%, 12/02/2022 | 172,682 | |
830,000 | GE Capital European Funding, Company Guarantee, Series EMTN, 4.625%, 01/18/2016 | 1,448,211 | |
30,000 | General Electric Capital, Note, Series MTNA, 6.75%, 3/15/2032 | 37,271 | |
TOTAL | 1,658,164 | ||
Financial Institution - Insurance - Health—0.0% | |||
50,000 | Wellpoint, Inc., 5.850%, 01/15/2036 | 53,890 | |
Financial Institution - Insurance - Life—0.2% | |||
10,000 | MetLife, Inc., Jr. Sub. Note, 10.75%, 8/01/2039 | 14,875 | |
750,000 | 2 | Union Central Life Insurance Co., Note, Series 144A, 8.200%, 11/01/2026 | 841,178 |
TOTAL | 856,053 | ||
Financial Institution - Insurance - P&C—0.1% | |||
50,000 | Horace Mann Educators Corp., Sr. Note, 6.850%, 04/15/2016 | 54,607 | |
100,000 | 2,3 | Liberty Mutual Group, Inc., Unsecd. Note, Series 144A, 5.750%, 03/15/2014 | 101,239 |
30,000 | 2,3 | Nationwide Mutual Insurance Co., Sub. Note, Series 144A, 9.375%, 08/15/2039 | 42,685 |
TOTAL | 198,531 | ||
Financial Institution - REITs—0.1% | |||
45,000 | Avalonbay Communities, Inc., Sr. Unsecd. Note, Series MTN, 5.700%, 03/15/2017 | 50,615 | |
40,000 | Equity One, Inc., Bond, 6.000%, 09/15/2017 | 45,301 | |
100,000 | Health Care REIT, Inc., Sr. Unsecd. Note, 4.125%, 04/01/2019 | 106,692 | |
40,000 | Liberty Property LP, 6.625%, 10/01/2017 | 46,271 | |
100,000 | ProLogis LP, Sr. Unsecd. Note, 3.350%, 02/01/2021 | 98,242 | |
TOTAL | 347,121 | ||
Foreign-Local-Government—0.1% | |||
50,000 | Quebec, Province of, Note, Series MTNA, 7.035%, 03/10/2026 | 63,941 | |
290,000 | Queensland Treasury Corp., 4.000%, 06/21/2019 | 263,004 | |
TOTAL | 326,945 | ||
Municipal Services—0.1% | |||
140,000 | 2,3 | Army Hawaii Family Housing, Series 144A, 5.524%, 6/15/2050 | 137,768 |
Shares or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Municipal Services—continued | |||
$100,000 | 2,3 | Camp Pendleton & Quantico Housing LLC, Series 144A, 5.572%, 10/01/2050 | $99,492 |
TOTAL | 237,260 | ||
Technology—0.0% | |||
105,000 | Fiserv, Inc., Sr. Note, 6.800%, 11/20/2017 | 122,759 | |
Transportation - Railroads—0.0% | |||
45,000 | Union Pacific Corp., Bond, 6.625%, 02/01/2029 | 54,474 | |
Transportation - Services—0.1% | |||
75,000 | 2,3 | Enterprise Rent-A-Car USA, Series 144A, 6.375%, 10/15/2017 | 87,240 |
100,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.450%, 11/15/2018 | 100,104 | |
TOTAL | 187,344 | ||
Utility - Electric—0.1% | |||
60,000 | Appalachian Power Co., Sr. Unsecd. Note, 7.950%, 01/15/2020 | 75,061 | |
50,000 | Cleveland Electric Illuminating Co., Sr. Unsecd. Note, 5.950%, 12/15/2036 | 50,433 | |
39,281 | 2,3 | Great River Energy, 1st Mtg. Note, Series 144A, 5.829%, 7/01/2017 | 41,898 |
60,000 | PPL Energy Supply LLC, Sr. Unsecd. Note, 6.000%, 12/15/2036 | 57,892 | |
75,000 | PSEG Power LLC, Sr. Unsecd. Note, 4.300%, 11/15/2023 | 75,170 | |
40,000 | Progress Energy, Inc., 7.050%, 03/15/2019 | 48,513 | |
TOTAL | 348,967 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $7,492,360) | 7,638,302 | ||
FOREIGN GOVERNMENTS/AGENCIES—4.0% | |||
Sovereign—4.0% | |||
940,000 | Bonos Y Oblig Del Estado, 3.250%, 4/30/2016 | 1,324,755 | |
670,000 | Bonos Y Oblig Del Estado, Bond, 3.150%, 01/31/2016 | 941,005 | |
300,000 | Bonos Y Oblig Del Estado, Sr. Unsub., 4.000%, 04/30/2020 | 424,606 | |
880,000 | Buoni Poliennali Del Tes, 2.750%, 12/01/2015 | 1,230,890 | |
900,000 | Buoni Poliennali Del Tes, 3.750%, 08/01/2016 | 1,292,397 | |
900,000 | Buoni Poliennali Del Tes, Bond, 4.250%, 2/01/2015 | 1,271,556 | |
700,000 | Canada, Government of, Bond, 4.000%, 06/01/2016 | 705,444 | |
400,000 | France, Government of, Bond, 3.500%, 04/25/2026 | 593,534 | |
157,000,000 | Japan, Government of, Series 105, 0.200%, 06/20/2017 | 1,536,132 | |
183,000,000 | Japan, Government of, Series 324, 0.100%, 01/15/2015 | 1,786,961 | |
55,500,000 | Japan, Government of, Series 327, 0.100%, 4/15/2015 | 541,960 | |
88,000,000 | Japan, Government of, Series 327, 0.800%, 12/20/2022 | 877,691 | |
78,000,000 | Japan, Government of, Series 85, 2.100%, 03/20/2026 | 879,575 |
Shares or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Sovereign—continued | |||
$2,190,000 | Kingdom of Denmark, 2.500%, 11/15/2016 | $426,220 | |
5,150,000 | Mex Bonos Desarr Fix Rate, Series M, 6.500%, 6/10/2021 | 409,265 | |
620,000 | Singapore, Government of, Sr. Unsecd. Note, 2.500%, 06/01/2019 | 524,495 | |
5,820,000 | Sweden, Government of, Series 1050, 3.000%, 7/12/2016 | 931,486 | |
410,000 | United Kingdom, Government of, 1.750%, 09/07/2022 | 626,461 | |
75,000 | United Mexican States, 6.625%, 03/03/2015 | 80,250 | |
30,000 | United Mexican States, Series MTNA, 6.750%, 09/27/2034 | 34,695 | |
TOTAL FOREIGN GOVERNMENTS/AGENCIES (IDENTIFIED COST $16,934,019) | 16,439,378 | ||
MORTGAGE-BACKED SECURITIES—0.1% | |||
4,084 | Federal Home Loan Mortgage Corp. Pool C00592, 7.000%, 3/1/2028 | 4,732 | |
3,088 | Federal Home Loan Mortgage Corp. Pool C00896, 7.500%, 12/1/2029 | 3,662 | |
8,299 | Federal Home Loan Mortgage Corp. Pool C17281, 6.500%, 11/1/2028 | 9,324 | |
5,695 | Federal Home Loan Mortgage Corp. Pool C19588, 6.500%, 12/1/2028 | 6,408 | |
2,284 | Federal Home Loan Mortgage Corp. Pool C25621, 6.500%, 5/1/2029 | 2,560 | |
4,174 | Federal Home Loan Mortgage Corp. Pool C76361, 6.000%, 2/1/2033 | 4,636 | |
16,362 | Federal Home Loan Mortgage Corp. Pool E01545, 5.000%, 15 Year, 1/1/2019 | 17,381 | |
63 | Federal Home Loan Mortgage Corp. Pool E77591, 6.500%, 7/1/2014 | 64 | |
3,320 | Federal Home Loan Mortgage Corp. Pool E99510, 5.500%, 9/1/2018 | 3,544 | |
6,865 | Federal Home Loan Mortgage Corp. Pool G01444, 6.500%, 8/1/2032 | 7,763 | |
4,840 | Federal National Mortgage Association Pool 251697, 6.500%, 30 Year, 5/1/2028 | 5,425 | |
16,888 | Federal National Mortgage Association Pool 252334, 6.500%, 30 Year, 2/1/2029 | 19,090 | |
16,902 | Federal National Mortgage Association Pool 254720, 4.500%, 5/1/2018 | 17,981 | |
18,133 | Federal National Mortgage Association Pool 254802, 4.500%, 7/1/2018 | 19,291 | |
11,473 | Federal National Mortgage Association Pool 254905, 6.000%, 10/1/2033 | 12,722 | |
20,963 | Federal National Mortgage Association Pool 255075, 5.500%, 2/1/2024 | 22,913 | |
22,829 | Federal National Mortgage Association Pool 255079, 5.000%, 2/1/2019 | 24,257 | |
1,747 | Federal National Mortgage Association Pool 303168, 9.500%, 30 Year, 2/1/2025 | 2,152 | |
775 | Federal National Mortgage Association Pool 323159, 7.500%, 4/1/2028 | 911 | |
6,728 | Federal National Mortgage Association Pool 323640, 7.500%, 4/1/2029 | 7,909 | |
44 | Federal National Mortgage Association Pool 323970, 7.000%, 15 Year, 10/1/2014 | 45 | |
13,225 | Federal National Mortgage Association Pool 428865, 7.000%, 6/1/2028 | 14,966 |
Shares or Principal Amount | Value in U.S. Dollars | ||
MORTGAGE-BACKED SECURITIES—continued | |||
$560 | Federal National Mortgage Association Pool 443215, 6.000%, 10/1/2028 | $620 | |
46 | Federal National Mortgage Association Pool 514184, 7.500%, 9/1/2029 | 55 | |
18,591 | Federal National Mortgage Association Pool 545993, 6.000%, 11/1/2032 | 20,595 | |
7,559 | Federal National Mortgage Association Pool 555272, 6.000%, 3/1/2033 | 8,373 | |
8,312 | Federal National Mortgage Association Pool 713974, 5.500%, 7/1/2033 | 9,131 | |
17,944 | Federal National Mortgage Association Pool 721502, 5.000%, 7/1/2033 | 19,520 | |
14,148 | Government National Mortgage Association Pool 2796, 7.000%, 8/20/2029 | 16,730 | |
7,911 | Government National Mortgage Association Pool 3040, 7.000%, 2/20/2031 | 9,393 | |
17,243 | Government National Mortgage Association Pool 3188, 6.500%, 1/20/2032 | 19,963 | |
28,117 | Government National Mortgage Association Pool 3239, 6.500%, 5/20/2032 | 32,479 | |
793 | Government National Mortgage Association Pool 352214, 7.000%, 4/15/2023 | 913 | |
3,009 | Government National Mortgage Association Pool 451522, 7.500%, 30 Year, 10/15/2027 | 3,597 | |
3,632 | Government National Mortgage Association Pool 462556, 6.500%, 2/15/2028 | 4,177 | |
425 | Government National Mortgage Association Pool 462739, 7.500%, 5/15/2028 | 508 | |
331 | Government National Mortgage Association Pool 464835, 6.500%, 9/15/2028 | 381 | |
7,174 | Government National Mortgage Association Pool 469699, 7.000%, 11/15/2028 | 8,475 | |
6,317 | Government National Mortgage Association Pool 486760, 6.500%, 12/15/2028 | 7,272 | |
1,109 | Government National Mortgage Association Pool 780339, 8.000%, 30 Year, 12/15/2023 | 1,307 | |
8,491 | Government National Mortgage Association Pool 780453, 7.500%, 30 Year, 12/15/2025 | 10,041 | |
6,909 | Government National Mortgage Association Pool 780584, 7.000%, 30 Year, 6/15/2027 | 8,085 | |
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $350,472) | 389,351 | ||
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) | 98,780 |
Shares or Principal Amount | Value in U.S. Dollars | ||
U.S. TREASURY—2.9% | |||
$1,833,570 | 6 | U.S. Treasury Inflation-Protected Note, 0.625%, 7/15/2021 | $1,895,550 |
2,570,000 | 6.7 | United States Treasury Bill, 0.050%, 12/5/2013 | 2,569,997 |
2,345,000 | 6.7 | United States Treasury Bill, 0.060%, 12/12/2013 | 2,344,986 |
2,160,000 | 6.7 | United States Treasury Bill, 0.030%, 1/2/2014 | 2,159,972 |
550,000 | 6,7 | United States Treasury Bill, 0.050%, 2/6/2014 | 549,957 |
300,000 | 6,7 | United States Treasury Bill, 0.080%, 2/20/2014 | 299,965 |
1,115,000 | 7 | United States Treasury Bill, 0.080%, 2/27/2014 | 1,114,825 |
950,000 | United States Treasury Note, 1.875%, 6/30/2020 | 944,870 | |
TOTAL U.S. TREASURY (IDENTIFIED COST $11,903,365) | 11,880,122 | ||
INVESTMENT COMPANIES—43.4%8 | |||
992,899 | Emerging Markets Fixed Income Core Fund | 32,960,683 | |
564,524 | Federated InterContinental Fund, Institutional Shares | 31,054,488 | |
99,036,040 | 9 | Federated Prime Value Obligations Fund, Institutional Shares, 0.07% | 99,036,040 |
535,127 | Federated Project and Trade Finance Core Fund | 5,212,136 | |
1,602,610 | High Yield Bond Portfolio | 10,705,432 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $173,683,341) | 178,968,779 | ||
TOTAL INVESTMENTS—98.7% (IDENTIFIED COST $363,801,099)10 | 406,638,348 | ||
OTHER ASSETS AND LIABILITIES - NET—1.3%11 | 5,286,510 | ||
TOTAL NET ASSETS—100% | $411,924,858 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation/ (Depreciation) |
1FTSE 100 Index Short Futures | 130 | $8,646,300 | December 2013 | $(189,648) |
1FTSE/MIB Index Short Futures | 3 | $285,555 | December 2013 | $1,195 |
1IBEX 35 Index Short Futures | 7 | $687,736 | December 2013 | $(10,370) |
1KOSPI2 Index Short Futures | 36 | $4,862,700,000 | December 2013 | $(83,985) |
1MEX Bolsa Index Short Futures | 180 | $76,374,000 | December 2013 | $(177,664) |
1MSCI Singapore IX ETS Short Futures | 232 | $17,084,480 | December 2013 | $(67,702) |
1OMXS 30 Index Short Futures | 322 | $42,206,150 | December 2013 | $(128,190) |
1SPI 200 Short Futures | 5 | $666,125 | December 2013 | $9,959 |
1United States Treasury Bonds Short Futures | 14 | $1,830,500 | March 2014 | $(3,313) |
1United States Treasury Bonds Ultra Short Futures | 7 | $973,875 | March 2014 | $(5,320) |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation/ (Depreciation) |
1United States Treasury Notes 2-Year Short Futures | 55 | $12,116,328 | March 2014 | $(5,280) |
1Amsterdam Index Long Futures | 197 | $15,633,920 | December 2013 | $156,265 |
1BIST 30 Long Futures | 327 | $3,038,648 | December 2013 | $(79,138) |
1CAC40 10 Euro Long Futures | 57 | $2,443,020 | December 2013 | $28,150 |
1DAX Index Long Futures | 48 | $11,293,200 | December 2013 | $1,203,888 |
1Hang Seng Index Long Futures | 34 | $40,665,700 | December 2013 | $44,119 |
1MSCI Taiwan Index Long Futures | 272 | $8,062,080 | December 2013 | $232,560 |
1Mini MSCI EAFE Long Futures | 46 | $4,308,360 | December 2013 | $(34,125) |
1Mini MSCI Emerging Market Long Futures | 384 | $19,466,880 | December 2013 | $117,652 |
1Russell 2000 Mini Long Futures | 72 | $8,220,240 | December 2013 | $559,106 |
1S&P 500 Long Futures | 91 | $41,043,275 | December 2013 | $2,109,904 |
1S&P MidCap 400 E-Mini Long Futures | 33 | $4,300,230 | December 2013 | $111,050 |
1S&P/TSX 60 Index Long Futures | 38 | $5,861,120 | December 2013 | $218,882 |
1SGX CNX Nifty Long Futures | 25 | $311,400 | December 2013 | $2,700 |
1Swiss Market Index Long Futures | 12 | $993,240 | December 2013 | $(3,637) |
1Topix Index Long Futures | 85 | $1,073,125,000 | December 2013 | $552,321 |
1United States Treasury Notes 5-Year Long Futures | 145 | $17,533,672 | March 2014 | $6,471 |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $4,565,850 |
Settlement Date | Foreign Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation/ (Depreciation) |
Contracts Purchased: | |||
12/3/2013 | 2,650,000 Mexican Peso | $199,849 | $2,348 |
12/5/2013 | 461,538 Australian Dollar | 453,402 Canadian Dollar | $(6,429) |
12/5/2013 | 1,076,923 Australian Dollar | 1,069,385 Canadian Dollar | $ (25,780) |
12/5/2013 | 698,176 Canadian Dollar | 800,000 New Zealand Dollar | $6,556 |
12/5/2013 | 1,700,000 Euro | 233,314,800 Japanese Yen | $31,499 |
12/5/2013 | 1,100,000 Euro | 1,781,120 New Zealand Dollar | $45,520 |
12/5/2013 | 1,114,286 Euro | 9,940,654 Swedish Krona | $ (2,435) |
12/5/2013 | 107,524,300 Japanese Yen | 1,300,000 New Zealand Dollar | $ (7,664) |
12/5/2013 | 108,711,200 Japanese Yen | 1,300,000 New Zealand Dollar | $3,925 |
12/5/2013 | 73,500,000 Japanese Yen | $748,168 | $ (30,557) |
12/5/2013 | 73,500,000 Japanese Yen | $743,626 | $ (26,015) |
12/5/2013 | 8,760,400 Swedish Krona | $1,309,986 | $26,187 |
12/24/2013 | 87,000 Euro | $115,982 | $2,206 |
Settlement Date | Foreign Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation/ (Depreciation) |
12/24/2013 | 183,000 Euro | $244,567 | $4,036 |
12/24/2013 | 810,000 Euro | $1,095,747 | $4,627 |
12/24/2013 | 1,290,000 Euro | $1,725,233 | $27,214 |
1/17/2014 | 850,000 Euro | 118,575,000 Japanese Yen | $ (3,344) |
1/30/2014 | 33,780,750 Japanese Yen | 4,380,000 Mexican Peso | $ (2,824) |
1/30/2014 | 82,035,720 Japanese Yen | 5,400,000 Swedish Krona | $ (21,426) |
Contracts Sold: | |||
12/3/2013 | 2,650,000 Mexican Peso | $197,121 | $ (5,076) |
12/5/2013 | 1,538,462 Australian Dollar | 1,521,462 Canadian Dollar | $30,962 |
12/5/2013 | 698,928 Canadian Dollar | 800,000 New Zealand Dollar | $ (7,264) |
12/5/2013 | 1,700,000 Euro | 233,510,300 Japanese Yen | $ (29,590) |
12/5/2013 | 550,000 Euro | 893,217 New Zealand Dollar | $ (20,599) |
12/5/2013 | 550,000 Euro | 896,143 New Zealand Dollar | $ (18,219) |
12/5/2013 | 1,114,286 Euro | 9,953,134 Swedish Krona | $4,339 |
12/5/2013 | 46,308,043 Japanese Yen | 557,143 New Zealand Dollar | $1,076 |
12/5/2013 | 61,960,228 Japanese Yen | 742,857 New Zealand Dollar | $ (676) |
12/5/2013 | 107,485,300 Japanese Yen | 1,300,000 New Zealand Dollar | $8,044 |
12/5/2013 | 147,000,000 Japanese Yen | $1,504,745 | $69,523 |
12/5/2013 | 4,379,085 Swedish Krona | $657,118 | $ (10,798) |
12/5/2013 | 4,381,315 Swedish Krona | $657,560 | $ (10,696) |
12/24/2013 | 150,000 Euro | $201,533 | $ (2,240) |
12/24/2013 | 2,220,000 Euro | $2,967,230 | $ (48,610) |
1/17/2014 | 850,000 Euro | 117,869,500 Japanese Yen | $ (3,547) |
NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS | $ (15,727) |
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, 2013, these restricted securities amounted to $2,477,059, which represented 0.6% 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, 2013, these liquid restricted securities amounted to $1,635,131, which represented 0.4% 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 $363,470,386. |
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 Investment Companies | Level 2 – Other Significant Observable Inputs | Level 3 – Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $111,434,787 | $— | $— | $111,434,787 |
International | 79,368,078 | — | — | 79,368,078 |
Debt Securities: | ||||
Commercial Mortgage-Backed Security | — | 367,776 | — | 367,776 |
Collateralized Mortgage Obligations | — | 52,9951 | — | 52,995 |
Corporate Bonds | — | 7,491,835 | 146,467 | 7,638,302 |
Foreign Governments/Agencies | — | 16,439,378 | — | 16,439,378 |
Mortgage-Backed Securities | — | 389,351 | — | 389,351 |
Municipal | — | 98,780 | — | 98,780 |
U.S. Treasury | — | 11,880,122 | — | 11,880,122 |
Investment Companies2 | 173,756,643 | 5,212,136 | — | 178,968,779 |
TOTAL SECURITIES | $364,559,508 | $41,932,373 | $146,467 | $406,638,348 |
OTHER FINANCIAL INSTRUMENTS3 | $4,565,850 | $(15,727) | $— | $4,550,123 |
1 | Includes $995 of a collateralized mortgage obligations 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. |
2 | Emerging Markets Fixed Income Core Fund, Federated Project and Trade Finance Core Fund and High Yield Bond Portfolio are affiliated holdings offered only to registered investment companies and other accredited investors. |
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) |
Year Ended November 30 | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $18.68 | $16.98 | $16.87 | $15.65 | $13.11 |
Income From Investment Operations: | |||||
Net investment income | 0.171 | 0.181 | 0.201 | 0.191 | 0.29 |
Net realized and unrealized gain on investments, futures contracts, swap contracts and foreign currency transactions | 3.07 | 1.74 | 0.08 | 1.05 | 2.52 |
TOTAL FROM INVESTMENT OPERATIONS | 3.24 | 1.92 | 0.28 | 1.24 | 2.81 |
Less Distributions: | |||||
Distributions from net investment income | (0.16) | (0.22) | (0.17) | (0.02) | (0.27) |
Distributions from net realized gain on investments, futures contracts, swap contracts and foreign currency transactions | (0.29) | — | — | — | — |
TOTAL DISTRIBUTIONS | (0.45) | (0.22) | (0.17) | (0.02) | (0.27) |
Net Asset Value, End of Period | $21.47 | $18.68 | $16.98 | $16.87 | $15.65 |
Total Return2 | 17.73% | 11.38% | 1.62% | 7.91% | 21.84% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.17% | 1.22% | 1.25%3 | 1.25%3 | 1.25%3 |
Net investment income | 0.88% | 1.01% | 1.14% | 1.20% | 2.00% |
Expense waiver/reimbursement4 | 0.10% | 0.07% | 0.10% | 0.21% | 0.26% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $193,678 | $185,414 | $178,971 | $135,002 | $149,696 |
Portfolio turnover | 106% | 85% | 215% | 184% | 254% |
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% and 1.24% for the years ended November 30, 2011, 2010 and 2009, 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 | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $18.46 | $16.78 | $16.69 | $15.61 | $13.09 |
Income From Investment Operations: | |||||
Net investment income | 0.011 | 0.031 | 0.061 | 0.071 | 0.15 |
Net realized and unrealized gain on investments, futures contracts, swap contracts and foreign currency transactions | 3.04 | 1.72 | 0.08 | 1.03 | 2.55 |
TOTAL FROM INVESTMENT OPERATIONS | 3.05 | 1.75 | 0.14 | 1.10 | 2.70 |
Less Distributions: | |||||
Distributions from net investment income | (0.05) | (0.07) | (0.05) | (0.02) | (0.18) |
Distributions from net realized gain on investments, futures contracts, swap contracts and foreign currency transactions | (0.29) | — | — | — | — |
TOTAL DISTRIBUTIONS | (0.34) | (0.07) | (0.05) | (0.02) | (0.18) |
Net Asset Value, End of Period | $21.17 | $18.46 | $16.78 | $16.69 | $15.61 |
Total Return2 | 16.82% | 10.39% | 0.80% | 7.03% | 20.86% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.99% | 2.05% | 2.05%3 | 2.05%3 | 2.05%3 |
Net investment income | 0.06% | 0.19% | 0.33% | 0.42% | 1.23% |
Expense waiver/reimbursement4 | 0.10% | 0.07% | 0.12% | 0.21% | 0.26% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $30,675 | $28,853 | $30,424 | $14,541 | $20,151 |
Portfolio turnover | 106% | 85% | 215% | 184% | 254% |
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% and 2.04% for the years ended November 30, 2011, 2010 and 2009, 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 | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $18.40 | $16.72 | $16.62 | $15.55 | $13.04 |
Income From Investment Operations: | |||||
Net investment income | 0.021 | 0.041 | 0.061 | 0.061 | 0.18 |
Net realized and unrealized gain on investments, futures contracts, swap contracts and foreign currency transactions | 3.03 | 1.71 | 0.09 | 1.03 | 2.51 |
TOTAL FROM INVESTMENT OPERATIONS | 3.05 | 1.75 | 0.15 | 1.09 | 2.69 |
Less Distributions: | |||||
Distributions from net investment income | (0.05) | (0.07) | (0.05) | (0.02) | (0.18) |
Distributions from net realized gain on investments, futures contracts, swap contracts and foreign currency transactions | (0.29) | — | — | — | — |
TOTAL DISTRIBUTIONS | (0.34) | (0.07) | (0.05) | (0.02) | (0.18) |
Net Asset Value, End of Period | $21.11 | $18.40 | $16.72 | $16.62 | $15.55 |
Total Return2 | 16.89% | 10.51% | 0.90% | 6.99% | 20.86% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.95% | 1.98% | 2.02%3 | 2.05%3 | 2.05%3 |
Net investment income | 0.10% | 0.24% | 0.36% | 0.40% | 1.18% |
Expense waiver/reimbursement4 | 0.10% | 0.07% | 0.10% | 0.17% | 0.21% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $71,450 | $60,315 | $52,187 | $36,415 | $28,278 |
Portfolio turnover | 106% | 85% | 215% | 184% | 254% |
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% and 2.04% for the years ended November 30, 2011, 2010 and 2009, 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 | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $18.62 | $16.92 | $16.81 | $15.68 | $13.13 |
Income From Investment Operations: | |||||
Net investment income | 0.091 | 0.111 | 0.121 | 0.111 | 0.261 |
Net realized and unrealized gain on investments, futures contracts, swap contracts and foreign currency transactions | 3.07 | 1.73 | 0.09 | 1.04 | 2.50 |
TOTAL FROM INVESTMENT OPERATIONS | 3.16 | 1.84 | 0.21 | 1.15 | 2.76 |
Less Distributions: | |||||
Distributions from net investment income | (0.09) | (0.14) | (0.10) | (0.02) | (0.21) |
Distributions from net realized gain on investments, futures contracts, swap contracts and foreign currency transactions | (0.29) | — | — | — | — |
TOTAL DISTRIBUTIONS | (0.38) | (0.14) | (0.10) | (0.02) | (0.21) |
Net Asset Value, End of Period | $21.40 | $18.62 | $16.92 | $16.81 | $15.68 |
Total Return2 | 17.29% | 10.90% | 1.23% | 7.32% | 21.30% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.57% | 1.65% | 1.68%3 | 1.74%3 | 1.75%3 |
Net investment income | 0.48% | 0.58% | 0.71% | 0.71% | 1.41% |
Expense waiver/reimbursement4 | 0.10% | 0.07% | 0.10% | 0.14% | 0.18% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $67,769 | $62,627 | $54,878 | $53,749 | $47,254 |
Portfolio turnover | 106% | 85% | 215% | 184% | 254% |
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% and 1.74% for the years ended November 30, 2011, 2010 and 2009, 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 | ||||
2013 | 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 | 0.232 | 0.242 | 0.242 | 0.232 | 0.13 |
Net realized and unrealized gain on investments, futures contracts, swap contracts and foreign currency transactions | 3.08 | 1.74 | 0.10 | 1.05 | 1.56 |
TOTAL FROM INVESTMENT OPERATIONS | 3.31 | 1.98 | 0.34 | 1.28 | 1.69 |
Less Distributions: | |||||
Distributions from net investment income | (0.22) | (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 | (0.51) | (0.28) | (0.21) | (0.02) | (0.10) |
Net Asset Value, End of Period | $21.54 | $18.74 | $17.04 | $16.91 | $15.65 |
Total Return3 | 18.07% | 11.69% | 1.99% | 8.16% | 12.07% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.89% | 0.94% | 0.95%4 | 1.00%4 | 1.00%4,5 |
Net investment income | 1.16% | 1.29% | 1.40% | 1.47% | 1.91%5 |
Expense waiver/reimbursement6 | 0.10% | 0.07% | 0.10% | 0.19% | 0.13%5 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $48,353 | $35,929 | $33,979 | $12,421 | $2,776 |
Portfolio turnover | 106% | 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. |
November 30, 2013
Assets: | ||
Total investment in securities, at value including $178,968,779 of investment in affiliated holdings (Note 5) (identified cost $363,801,099) | $406,638,348 | |
Cash denominated in foreign currencies (identified cost $177,924) | 177,101 | |
Restricted cash (Note 2) | 548,822 | |
Income receivable | 775,717 | |
Receivable for investments sold | 5,471,000 | |
Receivable for shares sold | 180,863 | |
Unrealized appreciation on foreign exchange contracts | 268,062 | |
Receivable for daily variation margin | 175,680 | |
TOTAL ASSETS | 414,235,593 | |
Liabilities: | ||
Payable for investments purchased | $99,690 | |
Payable for shares redeemed | 404,417 | |
Unrealized depreciation on foreign exchange contracts | 283,789 | |
Bank overdraft | 1,076,840 | |
Income distribution payable | 16,549 | |
Payable for custodian fees | 30,707 | |
Payable for transfer agent fee | 159,725 | |
Payable for Directors'/Trustees' fees (Note 5) | 1,130 | |
Payable for distribution services fee (Note 5) | 90,191 | |
Payable for shareholder services fee (Note 5) | 60,345 | |
Accrued expenses (Note 5) | 87,352 | |
TOTAL LIABILITIES | 2,310,735 | |
Net assets for 19,264,486 shares outstanding | $411,924,858 | |
Net Assets Consist of: | ||
Paid-in capital | $330,733,445 | |
Net unrealized appreciation on investments, futures contracts and translation of assets and liabilities in foreign currency | 47,427,844 | |
Accumulated net realized gain on investments, futures contracts, swap contracts and foreign currency transactions | 33,754,828 | |
Undistributed net investment income | 8,741 | |
TOTAL NET ASSETS | $411,924,858 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($193,678,375 ÷ 9,018,821 shares outstanding), no par value, unlimited shares authorized | $21.47 | |
Offering price per share (100/94.50 of $21.47) | $22.72 | |
Redemption proceeds per share | $21.47 | |
Class B Shares: | ||
Net asset value per share ($30,674,943 ÷ 1,448,904 shares outstanding), no par value, unlimited shares authorized | $21.17 | |
Offering price per share | $21.17 | |
Redemption proceeds per share (94.50/100 of $21.17) | $20.01 | |
Class C Shares: | ||
Net asset value per share ($71,449,576 ÷ 3,384,889 shares outstanding), no par value, unlimited shares authorized | $21.11 | |
Offering price per share | $21.11 | |
Redemption proceeds per share (99.00/100 of $21.11) | $20.90 | |
Class R Shares: | ||
Net asset value per share ($67,769,444 ÷ 3,167,475 shares outstanding), no par value, unlimited shares authorized | $21.40 | |
Offering price per share | $21.40 | |
Redemption proceeds per share | $21.40 | |
Institutional Shares: | ||
Net asset value per share ($48,352,520 ÷ 2,244,397 shares outstanding), no par value, unlimited shares authorized | $21.54 | |
Offering price per share | $21.54 | |
Redemption proceeds per share | $21.54 |
Year Ended November 30, 2013
Investment Income: | |||
Dividends (including $1,570,050 received from affiliated holdings (Note 5) and net of foreign taxes withheld of $152,699) | $5,508,220 | ||
Interest | 882,303 | ||
Investment income allocated from affiliated partnership (Note 5) | 1,557,589 | ||
TOTAL INCOME | 7,948,112 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $2,512,260 | ||
Administrative fee (Note 5) | 302,177 | ||
Custodian fees | 136,473 | ||
Transfer agent fee (Note 2) | 774,808 | ||
Directors'/Trustees' fees (Note 5) | 7,404 | ||
Auditing fees | 30,000 | ||
Legal fees | 9,720 | ||
Portfolio accounting fees | 154,063 | ||
Distribution services fee (Note 5) | 1,035,349 | ||
Shareholder services fee (Note 5) | 691,497 | ||
Account administration fee (Note 2) | 1,498 | ||
Share registration costs | 81,228 | ||
Printing and postage | 66,876 | ||
Insurance premiums (Note 5) | 4,873 | ||
Miscellaneous (Note 5) | 16,126 | ||
TOTAL EXPENSES | 5,824,352 | ||
Reimbursements: | |||
Reimbursement of investment adviser fee (Note 5) | $(392,040) | ||
Reimbursement of transfer agent fee (Note 2) | (903) | ||
TOTAL REIMBURSEMENTS | (392,943) | ||
Net expenses | 5,431,409 | ||
Net investment income | 2,516,703 |
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Swap Contracts and Foreign Currency Transactions: | |||
Net realized gain on investments and foreign currency transactions (including realized gain of $1,117,132 on sales of investments in affiliated holdings) (Note 5) | 34,118,327 | ||
Net realized gain on futures contracts | 12,597,127 | ||
Net realized loss on allocation from affiliated partnership (Note 5) | (196,917) | ||
Realized gain distribution from affiliated investment company shares (Note 5) | 76,487 | ||
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency | 8,735,270 | ||
Net change in unrealized appreciation of futures contracts | 4,862,406 | ||
Net change in unrealized appreciation of swap contracts | 23,429 | ||
Net realized and unrealized gain on investments, futures contracts, swap contracts and foreign currency transactions | 60,216,129 | ||
Change in net assets resulting from operations | $62,732,832 |
Year Ended November 30 | 2013 | 2012 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $2,516,703 | $2,896,786 |
Net realized gain on investments including allocation from affiliated partnership, futures contracts, swap contracts and foreign currency transactions | 46,595,024 | 14,072,865 |
Net change in unrealized appreciation/depreciation of investments, futures contracts, swap contracts and translation of assets and liabilities in foreign currency | 13,621,105 | 21,452,432 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 62,732,832 | 38,422,083 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (1,549,599) | (2,271,341) |
Class B Shares | (77,096) | (118,896) |
Class C Shares | (175,283) | (221,782) |
Class R Shares | (296,460) | (452,141) |
Institutional Shares | (471,943) | (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 | (8,337,407) | (3,616,714) |
Share Transactions: | ||
Proceeds from sale of shares | 69,869,133 | 70,454,395 |
Net asset value of shares issued to shareholders in payment of distributions declared | 7,938,489 | 3,413,034 |
Cost of shares redeemed | (93,416,700) | (85,972,923) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (15,609,078) | (12,105,494) |
Change in net assets | 38,786,347 | 22,699,875 |
Net Assets: | ||
Beginning of period | 373,138,511 | 350,438,636 |
End of period (including undistributed net investment income of $8,741 and $228,605, respectively) | $411,924,858 | $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 or non-exchange-traded investment companies 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 Agent Fees Incurred | Transfer Agent Fees Reimbursed | Account Administration Fees Incurred | |
Class A Shares | $319,699 | $(375) | $1,498 |
Class B Shares | 69,055 | (108) | — |
Class C Shares | 125,869 | (345) | — |
Class R Shares | 205,277 | — | — |
Institutional Shares | 54,908 | (75) | — |
TOTAL | $774,808 | $(903) | $1,498 |
Security | Acquisition Date | Cost | Market Value |
SMFC Trust Asset-Backed Certificates, 1997-A B1-4, 1.00%, 1/28/2027 | 2/4/1998 | $7,564 | $750 |
Union Central Life Insurance Co., Note, Series 144A, 8.200%, 11/01/2026 | 3/31/1999 | $790,785 | $841,178 |
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 | Receivable for daily variation margin | $(7,442)* | ||
Equity contracts | Receivable for daily variation margin | $4,573,292* | ||
Foreign exchange contracts | Receivable for foreign exchange contracts | $268,062 | Payable for foreign exchange contracts | $283,789 |
Total derivatives not accounted for as hedging instruments under ASC Topic 815 | $4,833,912 | $283,789 |
* | 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 | Option Contracts | Total | |
Interest rate contracts | $110,648 | $— | $— | $110,648 |
Equity contracts | 12,486,479 | — | — | 12,486,479 |
Foreign exchange contracts | — | 52,227 | (58,686) | (6,459) |
TOTAL | $12,597,127 | $52,227 | $(58,686) | $12,590,668 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |||
Futures | Forward Currency Contracts | Total | |
Interest rate contracts | $(26,191) | $— | $(26,191) |
Equity contracts | 4,888,597 | — | 4,888,597 |
Foreign exchange contracts | — | (15,727) | (15,727) |
TOTAL | $4,862,406 | $(15,727) | $4,846,679 |
Year Ended November 30 | 2013 | 2012 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 846,888 | $16,749,013 | 1,136,462 | $20,462,220 |
Shares issued to shareholders in payment of distributions declared | 219,394 | 4,094,005 | 118,002 | 2,105,970 |
Shares redeemed | (1,973,766) | (38,671,456) | (1,866,035) | (33,730,914) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (907,484) | $(17,828,438) | (611,571) | $(11,162,724) |
Year Ended November 30 | 2013 | 2012 | ||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 186,478 | $3,643,775 | 210,800 | $3,787,396 |
Shares issued to shareholders in payment of distributions declared | 27,470 | 497,862 | 6,506 | 111,306 |
Shares redeemed | (327,759) | (6,353,673) | (467,190) | (8,337,452) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (113,811) | $(2,212,036) | (249,884) | $(4,438,750) |
Year Ended November 30 | 2013 | 2012 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,035,747 | $20,015,809 | 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 | (987,686) | (19,146,194) | (1,052,693) | (18,657,178) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 107,437 | $1,942,997 | 156,665 | $2,875,212 |
Year Ended November 30 | 2013 | 2012 | ||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 892,929 | $17,412,343 | 1,198,863 | $21,506,256 |
Shares issued to shareholders in payment of distributions declared | 67,859 | 1,247,698 | 25,219 | 444,589 |
Shares redeemed | (1,157,528) | (22,690,199) | (1,103,495) | (19,888,412) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | (196,740) | $(4,030,158) | 120,587 | $2,062,433 |
Year Ended November 30 | 2013 | 2012 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 605,015 | $12,048,193 | 186,407 | $3,375,945 |
Shares issued to shareholders in payment of distributions declared | 54,277 | 1,025,542 | 30,148 | 541,357 |
Shares redeemed | (332,402) | (6,555,178) | (292,913) | (5,358,967) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 326,890 | $6,518,557 | (76,358) | $(1,441,665) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (783,708) | $(15,609,078) | (660,561) | $(12,105,494) |
Increase (Decrease) | ||
Paid-In Capital | Undistributed Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) |
$(4,295) | $(166,186) | $170,481 |
2013 | 2012 | |
Ordinary income | $3,679,773 | $3,616,714 |
Long-term capital gains | $4,657,634 | $— |
Undistributed ordinary income | $16,453,273 |
Undistributed long-term capital gains | $28,765,115 |
Net unrealized appreciation | $43,898,617 |
Capital loss carryforwards | $(7,925,592) |
Expiration Year | Short-Term | Long-Term | Total |
2015 | $1,054,760 | NA | $1,054,760 |
2016 | $1,987,029 | NA | $1,987,029 |
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 | $218,449 |
Class C Shares | 492,649 |
Class R Shares | 324,251 |
TOTAL | $1,035,349 |
Service Fees Incurred | |
Class A Shares | $456,500 |
Class B Shares | 72,816 |
Class C Shares | 162,181 |
TOTAL | $691,497 |
Emerging Markets Fixed Income Core Fund | Federated Inter-Continental Fund, Institutional Shares | Federated Mortgage Core Portfolio | Federated Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 11/30/2012 | 68,316 | 366,317 | 2,517,115 | 73,330,877 |
Purchases/Additions | 1,102,814 | 359,045 | 12,581 | 223,634,686 |
Sales/Reductions | (178,231) | (160,838) | (2,529,696) | (197,929,523) |
Balance of Shares Held 11/30/2013 | 992,899 | 564,524 | — | 99,036,040 |
Value | $32,960,683 | $31,054,488 | $— | $99,036,040 |
Dividend Income/Allocated Investment Income | $1,557,589 | $367,895 | $129,803 | $71,967 |
Capital Gain Distributions/Allocated Net Realized Gain (Loss) | $(196,917) | $— | $— | $— |
Federated Project and Trade Finance Core Fund | High Yield Bond Portfolio | Total of Affiliated Transactions | |
Balance of Shares Held 11/30/2012 | 610,715 | 1,315,938 | 78,209,278 |
Purchases/Additions | 26,661 | 286,672 | 225,422,459 |
Sales/Reductions | (102,249) | — | (200,900,537) |
Balance of Shares Held 11/30/2013 | 535,127 | 1,602,610 | 102,731,200 |
Value | $5,212,136 | $10,705,432 | $178,968,779 |
Dividend Income/Allocated Investment Income | $243,623 | $756,762 | $3,127,639 |
Capital Gain Distributions/Allocated Net Realized Gain (Loss) | $16,866 | $59,621 | $(120,430) |
Purchases | $317,745,229 |
Sales | $323,071,264 |
![](https://capedge.com/proxy/N-CSR/0001318148-14-000091/kpmgsig.jpg)
Beginning Account Value 6/1/2013 | Ending Account Value 11/30/2013 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,090.50 | $6.29 |
Class B Shares | $1,000 | $1,086.20 | $10.56 |
Class C Shares | $1,000 | $1,086.50 | $10.36 |
Class R Shares | $1,000 | $1,088.80 | $8.38 |
Institutional Shares | $1,000 | $1,091.70 | $4.77 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.05 | $6.07 |
Class B Shares | $1,000 | $1,014.94 | $10.20 |
Class C Shares | $1,000 | $1,015.14 | $10.00 |
Class R Shares | $1,000 | $1,017.05 | $8.09 |
Institutional Shares | $1,000 | $1,020.51 | $4.61 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.20% |
Class B Shares | 2.02% |
Class C Shares | 1.98% |
Class R Shares | 1.60% |
Institutional Shares | 0.91% |
Name | For | Withheld |
John T. Collins | 9,227,620.711 | 80,618.046 |
Maureen Lally-Green | 9,229,077.950 | 79,160.807 |
Thomas M. O'Neill | 9,213,147.287 | 95,091.470 |
P. Jerome Richey | 9,227,694.034 | 80,544.723 |
1 | The following Trustees continued their terms: John F. Donahue, J. Christopher Donahue, Maureen Lally-Green (having been previously appointed by the Board), Peter E. Madden, Charles F. Mansfield, Jr., Thomas M. O'Neill (having been previously appointed by the Board), and John S. Walsh. |
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. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Began serving: November 1998 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee 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 T. Collins Birth Date: January 24, 1947 Trustee Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Chairman Emeriti, Bentley University; Director, Sterling Suffolk Downs, Inc.; Former Director, National Association of Printers and Lithographers. Previous Positions: Director and Audit Committee Member, Bank of America Corp. Qualifications: Business management 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 |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Associate General Secretary and Director, Office for Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law; Superior Court of Pennsylvania (service began 1998 and ended July 2009). Other Directorships Held: Director, Consol Energy (service started June 2013); Director, Auberle (service ended December 2013); Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh (service ended December 2013); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society (service ended December 2013); Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute (2013-present); Director, Cardinal Wuerl North Catholic High School (2013-present). Previous Position: Professor of Law, Duquesne University School of Law, Pittsburgh (1983-1998). 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. |
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. |
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 |
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. |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; General Counsel, University of Pittsburgh. Other Directorships Held: Board Chairman, Epilepsy Foundation of Western Pennsylvania; Board Member, World Affairs Council of Pittsburgh. Previous Positions: Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). Qualifications: Business management, legal and director 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. |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | 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. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
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. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
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 certain 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. |
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: Stephen F. Auth is Chief Investment Officer of various 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 Officer 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. |
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-CSR/0001318148-14-000091/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
2014 ©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 2013 - $29,000
Fiscal year ended 2012 - $28,500
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2013 - $0
Fiscal year ended 2012 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $ and $0 respectively.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2013 - $0
Fiscal year ended 2012 - $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 2013 - $0
Fiscal year ended 2012 - $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 2013– 0%
Fiscal year ended 2012- 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 2013– 0%
Fiscal year ended 2012– 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 2013– 0%
Fiscal year ended 2012– 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 2013- $9,308
Fiscal year ended 2012- $18,075
(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
No Changes to Report
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 January 24, 2014
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 24, 2014
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date January 24, 2014