United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-1
(Investment Company Act File Number)
Federated Global Allocation Fund
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 11/30/14
Date of Reporting Period: Six months ended 05/31/14
Item 1. Reports to Stockholders
Share Class | Ticker |
A | FSTBX |
B | FSBBX |
C | FSBCX |
R | FSBKX |
Institutional | SBFIX |
Portfolio Composition | Percentage of Total Net Assets2 |
Domestic Equity Securities | 26.3% |
International Equity Securities | 25.8% |
Corporate Debt Securities | 9.5% |
Foreign Debt Securities | 6.7% |
U.S. Treasury and Agency Securities | 2.9% |
Trade Finance Agreements | 1.1% |
Mortgage-Backed Securities3 | 0.7% |
Collateralized Mortgage-Backed Obligations | 0.2% |
Asset-Backed Securities | 0.1% |
Floating Rate Loan4 | 0.0% |
Municipal Securities4 | 0.0% |
Other Security Type4,5 | 0.0% |
Derivative Contracts6 | 0.3% |
Cash Equivalents7 | 25.7% |
Other Assets and Liabilities—Net8 | 0.7% |
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 | Other Security Type consists of purchased put and call options. |
6 | 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. |
7 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
8 | 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 | 19.8% |
Consumer Discretionary | 18.7% |
Industrials | 13.9% |
Information Technology | 10.3% |
Health Care | 11.5% |
Energy | 7.7% |
Consumer Staples | 7.6% |
Utilities | 4.4% |
Telecommunication Services | 3.8% |
Materials | 2.3% |
TOTAL | 100.0% |
9 | Sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—47.1% | |||
Consumer Discretionary—8.8% | |||
8,063 | Bayerische Motoren Werke AG (BMW) | $1,012,348 | |
7,300 | Bridgestone Corp. | 264,783 | |
7,100 | CBS Corp. - Class B | 423,231 | |
34,000 | Comcast Corp., Class A | 1,774,800 | |
8,552 | Compagnie Financiere Richemont SA | 902,725 | |
3,303 | Continental AG | 781,265 | |
5,908 | Crown Ltd. | 89,345 | |
29,000 | Daihatsu Motor Co. Ltd. | 502,368 | |
4,749 | Daimler AG | 451,317 | |
11,338 | Delphi Automotive PLC | 783,002 | |
6,265 | Dollarama, Inc. | 528,506 | |
13,121 | Flight Centre Travel Group Ltd. | 607,231 | |
8,203 | 1 | Fossil Group, Inc. | 859,346 |
23,960 | Fuji Heavy Industries | 638,693 | |
6,200 | Gannett Co., Inc. | 172,298 | |
1,200 | Gap (The), Inc. | 49,476 | |
24,900 | Home Depot, Inc. | 1,997,727 | |
225,153 | ITV PLC | 688,662 | |
10,100 | Johnson Controls, Inc. | 488,436 | |
109,279 | Kingfisher PLC | 721,856 | |
6,806 | 1 | Liberty Media Corp. | 865,247 |
11,540 | Luxottica Group S.p.A | 659,700 | |
8,165 | Magna International, Inc. | 835,401 | |
17,000 | Mazda Motor Corp. | 74,047 | |
6,358 | Michelin, Class B | 785,565 | |
600 | 1 | NVR, Inc. | 668,184 |
7,000 | Next PLC | 779,556 | |
17,009 | Persimmon PLC | 382,146 | |
4,800 | PetSmart, Inc. | 275,856 | |
1,140 | ProSieben Sat.1 Media AG | 51,865 | |
3,400 | Ralph Lauren Corp. | 521,832 | |
5,684 | Realestate.com.au Ltd. | 240,613 | |
49,000 | Reed Elsevier PLC | 781,489 | |
9,200 | Ross Stores, Inc. | 629,740 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
10,916 | Scripps Networks Interactive | $834,637 | |
18,000 | Sekisui House Ltd. | 237,896 | |
11,900 | Starbucks Corp. | 871,556 | |
18,400 | Sumitomo Rubber Industries, Ltd. | 274,004 | |
1,261 | Swatch Group AG, Class B | 745,566 | |
34,500 | TJX Cos., Inc. | 1,878,525 | |
11,200 | Target Corp. | 635,712 | |
4,435 | 1 | Tesla Motors, Inc. | 921,460 |
36 | Thor Industries, Inc. | 2,160 | |
7,022 | Time Warner Cable, Inc. | 991,225 | |
9,100 | Time Warner, Inc. | 635,453 | |
4,600 | Toyoda Gosei Co., Ltd. | 91,689 | |
9,700 | Toyota Motor Corp. | 547,916 | |
93,816 | Tui Travel PLC | 645,659 | |
10,300 | Tupperware Brands Corp. | 862,316 | |
11,891 | Twenty-First Century Fox, Inc. | 421,060 | |
44,110 | USS Co. Ltd. | 724,669 | |
14,600 | Viacom, Inc., Class B - New | 1,245,818 | |
1,487 | Volkswagen AG | 391,685 | |
21,500 | Walt Disney Co. | 1,806,215 | |
4,900 | Whirlpool Corp. | 703,395 | |
10,519 | Whitbread PLC | 738,617 | |
23,800 | Wynn Macau Ltd. | 98,996 | |
TOTAL | 37,594,885 | ||
Consumer Staples—3.6% | |||
29,800 | Altria Group, Inc. | 1,238,488 | |
21,900 | Archer-Daniels-Midland Co. | 984,186 | |
16,500 | CVS Corp. | 1,292,280 | |
20,700 | ConAgra Foods, Inc. | 668,610 | |
3,293 | Danone | 245,413 | |
50,800 | Dean Foods Co. | 882,904 | |
551,000 | Golden Agri-Resources Ltd. | 252,706 | |
14,000 | Herbalife Ltd. | 907,620 | |
34,800 | Japan Tobacco, Inc. | 1,181,536 | |
7,100 | Kimberly-Clark Corp. | 797,685 | |
35,984 | Koninklijke Ahold NV | 654,449 | |
2,044 | L'Oreal SA | 357,013 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
26,590 | Mondelez International, Inc. | $1,000,316 | |
6,445 | Nestle SA | 506,209 | |
15,000 | Nippon Meat Packers | 293,144 | |
4,400 | Nu Skin Enterprises, Inc. | 324,896 | |
3,515 | PepsiCo, Inc. | 310,480 | |
14,550 | Philip Morris International Inc. | 1,288,257 | |
10,400 | Procter & Gamble Co. | 840,216 | |
108,768 | Sainsbury (J) PLC | 632,522 | |
12,200 | Swedish Match AB | 426,147 | |
65,234 | William Morrison Supermarkets | 220,824 | |
TOTAL | 15,305,901 | ||
Energy—3.6% | |||
43 | Aker Solutions ASA | 757 | |
35,498 | Amec PLC | 719,349 | |
319 | 1 | Antero Resources Corp. | 19,618 |
131,016 | BP PLC | 1,103,439 | |
5,600 | Core Laboratories NV | 895,160 | |
317 | Delek Group Ltd. | 134,491 | |
9,894 | EOG Resources, Inc. | 1,046,785 | |
7,800 | Exxon Mobil Corp. | 784,134 | |
4,986 | Fugro NV- CVA, GDR | 288,012 | |
15,400 | Halliburton Co. | 995,456 | |
4,500 | Helmerich & Payne, Inc. | 494,775 | |
600 | Hess Corp. | 54,780 | |
13,600 | Husky Energy, Inc. | 458,685 | |
20,800 | Idemitsu Kosan Co. Ltd. | 433,586 | |
2,109 | Neste Oil Oyj | 43,177 | |
13,300 | Noble Energy, Inc. | 958,531 | |
538 | OMV AG | 22,282 | |
10,900 | Occidental Petroleum Corp. | 1,086,621 | |
28,335 | Royal Dutch Shell PLC, Class B | 1,156,397 | |
6,900 | Schlumberger Ltd. | 717,876 | |
483 | SeaDrill Ltd. | 18,220 | |
28,500 | Showa Shell Sekiyu K.K. | 308,605 | |
54,200 | Suncor Energy, Inc. | 2,085,923 | |
5,195 | Teekay Corp. | 300,531 | |
477 | Tenaris SA | 10,695 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Energy—continued | |||
62,000 | TonenGeneral Sekiyu KK | $596,435 | |
3,390 | Total SA | 238,038 | |
4,899 | 1 | Unit Corp. | 311,185 |
3,767 | Valero Energy Corp. | 211,140 | |
TOTAL | 15,494,683 | ||
Financials—9.3% | |||
7,302 | AGEAS | 307,113 | |
26,180 | AXA | 647,067 | |
10,300 | Ace, Ltd. | 1,068,213 | |
28,856 | Admiral Group PLC | 707,062 | |
4,300 | 1 | Affiliated Managers Group | 810,980 |
4,812 | Allianz SE | 816,080 | |
21,800 | Allstate Corp. | 1,270,068 | |
5,900 | American Express Co. | 539,850 | |
3,735 | American Tower Corp. | 334,768 | |
8,500 | Ameriprise Financial, Inc. | 957,185 | |
39,000 | Aozora Bank Ltd. | 119,834 | |
14,988 | Australia & New Zealand Banking Group, Melbourne | 466,770 | |
5,176 | BNP Paribas SA | 362,893 | |
224,000 | BOC Hong Kong (Holdings) Ltd. | 671,097 | |
3,275 | Banco Bilbao Vizcaya Argentaria SA | 42,027 | |
105,958 | Banco Santander, SA | 1,087,796 | |
805 | Bank Hapoalim Ltd. | 4,703 | |
49,465 | 1 | Bank Leumi Le-Israel | 196,137 |
74,500 | Bank of America Corp. | 1,127,930 | |
1,800 | Bank of Montreal | 126,629 | |
3,140 | Bank of Nova Scotia | 201,640 | |
52,478 | Bank of Queensland | 585,549 | |
49,000 | Bank of Yokohama Ltd. | 274,298 | |
5,697 | 1 | Berkshire Hathaway, Inc., - Class B | 731,153 |
9,700 | BioMed Realty Trust, Inc. | 210,490 | |
1,500 | Boston Properties, Inc. | 181,020 | |
7,500 | CBOE Holdings, Inc. | 380,100 | |
5,635 | CNP Assurances | 121,562 | |
7,700 | Canadian Imperial Bank of Commerce | 679,316 | |
9,700 | Capital One Financial Corp. | 765,233 | |
2,916 | Commonwealth Bank of Australia, Sydney | 221,267 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
17,200 | Cousins Properties, Inc. | $206,400 | |
4,582 | Credit Agricole SA | 71,462 | |
20,774 | Credit Suisse Group AG | 618,175 | |
7,000 | DBS Group Holdings Ltd. | 94,623 | |
26,800 | DCT Industrial Trust, Inc. | 212,256 | |
1,200 | Daito Trust Construction Co. | 130,386 | |
33,000 | Daiwa Securities Group, Inc. | 267,841 | |
25,600 | DiamondRock Hospitality Co. | 317,952 | |
20,700 | Discover Financial Services | 1,223,991 | |
9,009 | DnB ASA | 169,353 | |
7,500 | Douglas Emmett, Inc. | 212,925 | |
36,000 | 1 | E*Trade Financial Corp. | 733,320 |
5,200 | Extra Space Storage, Inc. | 272,220 | |
103,000 | Fukuoka Financial Group, Inc. | 448,202 | |
1,300 | Great-West Lifeco, Inc. | 34,829 | |
21,223 | HSBC Holdings PLC | 223,682 | |
93,742 | HSBC Holdings PLC | 987,311 | |
28,600 | Hang Seng Bank Ltd. | 471,186 | |
6,914 | Hannover Rueck SE | 614,773 | |
28,170 | Hargreaves Lansdown PLC | 576,210 | |
2,277 | Invesco Ltd. | 83,566 | |
20,000 | Investor AB, Class B | 785,454 | |
19,640 | J.P. Morgan Chase & Co. | 1,091,395 | |
130 | Japan Retail Fund Investment Corp. | 286,282 | |
3,700 | Kinnevik Investment AB | 146,895 | |
11,100 | Kite Realty Group Trust | 68,931 | |
15,172 | LPL Investment Holdings, Inc. | 711,567 | |
194,734 | Legal & General Group PLC | 751,993 | |
4,200 | London Stock Exchange Group PLC | 137,939 | |
3,446 | Macquarie Group Ltd. | 192,375 | |
15,200 | Manulife Financial Corp. | 278,262 | |
20,000 | Mitsubishi UFJ Financial Group, Inc. | 113,220 | |
151,300 | Mizuho Financial Group, Inc. | 295,463 | |
3,871 | Muenchener Rueckversicherungs-Gesellschaft AG - REG | 857,961 | |
1,200 | National Bank of Canada, Montreal | 50,355 | |
3,000 | Oversea-Chinese Banking Corp. Ltd. | 23,335 | |
2,363 | Partners Group Holding AG | 627,342 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
3,998 | Post Properties, Inc. | $204,498 | |
402 | Raiffeisen Bank International AG | 13,487 | |
15,800 | Royal Bank of Canada, Montreal | 1,087,625 | |
2,800 | SL Green Realty Corp. | 306,572 | |
9,450 | Sampo Oyj, Class A | 477,637 | |
15,009 | Schroders PLC | 651,240 | |
4,564 | Scor Regroupe | 159,400 | |
1,300 | Simon Property Group, Inc. | 216,398 | |
43,782 | Standard Life PLC | 293,794 | |
30,600 | 1 | Strategic Hotels & Resorts, Inc. | 333,540 |
14,600 | Sumitomo Mitsui Financial Group, Inc. | 592,531 | |
7,000 | Sumitomo Mitsui Trust Holdings, Inc. | 28,415 | |
500 | Sun Life Financial Services of Canada | 16,923 | |
6,540 | Suncorp Group Ltd. | 81,204 | |
19,500 | Sunstone Hotel Investors, Inc. | 286,455 | |
4,250 | 1 | TFS Financial Corp. | 57,290 |
2,300 | Tokio Marine Holdings, Inc. | 73,029 | |
11,200 | Toronto-Dominion Bank | 555,300 | |
128 | United Urban Investment Corp. | 205,020 | |
975 | Validus Holdings Ltd. | 36,397 | |
3,400 | Vornado Realty Trust | 364,072 | |
11,000 | Waddell & Reed Financial, Inc., Class A | 664,180 | |
650 | 1 | Washington Prime Group, Inc. - W/I | 12,928 |
52,700 | Wells Fargo & Co. | 2,676,106 | |
TOTAL | 39,799,303 | ||
Health Care—5.4% | |||
5,500 | Abbott Laboratories | 220,055 | |
5,081 | 1 | Actavis PLC | 1,074,835 |
6,089 | 1 | Actelion Ltd. | 605,729 |
9,080 | Amgen, Inc. | 1,053,189 | |
61,400 | Astellas Pharma, Inc. | 789,990 | |
1,136 | Bayer AG | 164,285 | |
6,700 | 1 | Bio Rad Laboratories, Inc., Class A | 808,891 |
11,851 | CSL Ltd. | 778,173 | |
13,086 | Cochlear Ltd. | 728,639 | |
1,750 | Coloplast, Class B | 151,187 | |
21,266 | 1 | Community Health Systems, Inc. | 888,281 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
11,935 | 1 | Express Scripts Holding Co. | $852,995 |
17,300 | 1 | Gilead Sciences, Inc. | 1,404,933 |
1,662 | Grifols SA | 90,328 | |
21,586 | Hill-Rom Holdings, Inc. | 856,748 | |
36,300 | 1 | Hologic, Inc. | 887,172 |
5,300 | 1 | Hospira, Inc. | 260,601 |
4,700 | Johnson & Johnson | 476,862 | |
16,800 | Lilly (Eli) & Co. | 1,005,648 | |
15,900 | Medtronic, Inc. | 970,377 | |
10,893 | 1 | Novo Nordisk A/S, Class B | 460,741 |
2,943 | Novartis AG - REG | 264,436 | |
85,622 | Pfizer, Inc. | 2,536,980 | |
38,160 | 1 | Qiagen NV | 876,154 |
4,862 | Ramsay Health Care Ltd. | 214,060 | |
1,400 | 1 | Regeneron Pharmaceuticals, Inc. | 429,744 |
9,192 | Roche Holding AG-GENUSSCHEIN | 2,711,980 | |
112 | Sanofi | 12,000 | |
15,500 | Sanofi ADR | 826,150 | |
1,735 | Shire PLC | 99,967 | |
14,500 | Takeda Pharmaceutical Co. Ltd. | 658,379 | |
TOTAL | 23,159,509 | ||
Industrials—6.5% | |||
55 | 3M Co. | 7,840 | |
15 | A P Moller-Maersk A/S | 39,203 | |
1,000 | 1 | AMERCO | 276,100 |
1,585 | 1 | Abertis Infraestructuras SA | 34,732 |
5,010 | Adecco SA | 418,550 | |
7,100 | 1 | Aecom Technology Corp. | 228,194 |
17,900 | Alaska Air Group, Inc. | 1,762,434 | |
8,460 | Allegion PLC | 443,219 | |
64,612 | Aurizon Hldgs. Ltd. | 297,496 | |
98,873 | BAE Systems PLC | 702,350 | |
16,500 | Boeing Co. | 2,231,625 | |
55,900 | Bombardier, Inc., Class B | 190,234 | |
10,369 | Bouygues SA | 482,716 | |
712 | Bunzl PLC | 20,034 | |
2,400 | CP Railway Ltd. | 401,690 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
6,925 | Canadian National Railway, Co. | $419,983 | |
200 | 1 | Copart, Inc. | 7,114 |
4,900 | DSV, De Sammensluttede Vognmad AS | 163,464 | |
12,700 | Danaher Corp. | 996,061 | |
6,813 | Deutsche Lufthansa AG | 179,697 | |
19,506 | Deutsche Post AG | 723,692 | |
4,900 | Dover Corp. | 427,182 | |
35,966 | Edenred | 1,128,179 | |
23,071 | Exelis, Inc. | 394,053 | |
9,300 | FedEx Corp. | 1,340,688 | |
10,649 | Fortune Brands Home & Security, Inc. | 425,747 | |
17,000 | Fuji Electric Co. | 75,072 | |
168 | Geberit International AG | 55,662 | |
2,500 | General Dynamics Corp. | 295,300 | |
31,735 | General Electric Co. | 850,181 | |
7,077 | Graco, Inc. | 516,479 | |
33,466 | Grupo Ferrovial, SA | 726,145 | |
580 | Hochtief AG | 52,767 | |
1,295 | Huntington Ingalls Industries, Inc. | 129,280 | |
11,200 | IDEX Corp. | 858,816 | |
3,300 | Ingersoll-Rand PLC | 197,406 | |
27,000 | Itochu Corp. | 320,385 | |
1,216 | Kone Corp. OYJ, Class B | 50,165 | |
13,233 | Koninklijke Philips NV | 418,283 | |
7,300 | L-3 Communications Holdings, Inc. | 884,541 | |
5,700 | LIXIL Group Corp. | 148,395 | |
5,000 | Lennox International, Inc. | 424,600 | |
6,500 | Lockheed Martin Corp. | 1,063,725 | |
53,000 | Marubeni Corp. | 362,761 | |
8,300 | Masco Corp. | 176,790 | |
1,300 | Nidec Corp. | 76,016 | |
7,964 | Nielsen NV | 384,343 | |
7,700 | Northrop Grumman Corp. | 935,935 | |
6,200 | OshKosh Truck Corp. | 335,110 | |
10,126 | Randstad Holdings N.V. | 590,048 | |
7,000 | Raytheon Co. | 682,990 | |
1,779 | Smith (A.O.) Corp. | 87,847 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
3,963 | Societe BIC SA | $518,111 | |
41,500 | Southwest Airlines Co. | 1,097,675 | |
9,157 | TNT Express NV | 81,905 | |
5,058 | The ADT Corp. | 162,868 | |
4,800 | Toro Co. | 309,984 | |
6,600 | Union Pacific Corp. | 1,315,182 | |
100 | United Parcel Service, Inc. | 10,388 | |
31,000 | Yangzijiang Shipbuilding Holdings Ltd. | 24,980 | |
TOTAL | 27,962,412 | ||
Information Technology—4.9% | |||
19,703 | ARM Holdings PLC | 304,263 | |
625 | ASML Holding N.V. | 53,699 | |
3,100 | 1 | Alliance Data Systems Corp. | 793,755 |
7,653 | Apple, Inc. | 4,844,349 | |
22,400 | Applied Materials, Inc. | 452,256 | |
7,500 | Avnet, Inc. | 326,775 | |
34,238 | Brocade Communications Systems, Inc. | 312,251 | |
6,430 | CDW Corp. | 189,106 | |
64,500 | Cisco Systems, Inc. | 1,587,990 | |
1,900 | DST Systems, Inc. | 173,185 | |
12,500 | 1 | eBay, Inc. | 634,125 |
2,282 | 1 | Facebook, Inc. | 144,451 |
1,700 | 1 | Freescale Semiconductor Ltd. | 37,723 |
1,100 | Global Payments, Inc. | 75,416 | |
1,267 | 1 | Google, Inc., Class A | 724,281 |
997 | 1 | Google, Inc., Class C | 559,297 |
37,000 | Hewlett-Packard Co. | 1,239,500 | |
1,500 | Hoya Corp. | 46,650 | |
10,200 | Intuit, Inc. | 808,758 | |
5,100 | Mastercard, Inc., Class A | 389,895 | |
2,300 | Murata Manufacturing Co. Ltd. | 195,927 | |
6,500 | Omron Corp. | 245,700 | |
24,820 | Oracle Corp. | 1,042,936 | |
3,400 | Otsuka Corp. | 466,936 | |
17,300 | Qualcomm, Inc. | 1,391,785 | |
1,605 | STMicroelectronics N.V. | 16,071 | |
13,200 | 1 | Tech Data Corp. | 785,532 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
4,300 | 1 | U.S. Cellular Corp. | $184,685 |
6,510 | United Internet AG | 300,834 | |
13,000 | 1 | Verisign, Inc. | 651,040 |
4,400 | Visa, Inc., Class A Shares | 945,252 | |
9,000 | Western Digital Corp. | 790,650 | |
TOTAL | 20,715,073 | ||
Materials—1.1% | |||
21,000 | Asahi Kasei Corp. | 157,545 | |
17,260 | Croda International PLC | 762,302 | |
1,380 | EMS-Chemie Holdings AG | 518,147 | |
5,000 | Eagle Materials, Inc. | 434,850 | |
136,811 | Fortescue Metals Group Ltd. | 560,734 | |
4,902 | Heidelberger Zement AG | 422,067 | |
573 | Johnson Matthey | 30,866 | |
4,846 | LyondellBasell Industries NV, Class A | 482,516 | |
6,900 | Nitto Denko Corp. | 319,415 | |
3,700 | Sherwin-Williams Co. | 757,057 | |
46 | Sika AG | 182,652 | |
2,130 | Voest-alpine Stahl | 98,647 | |
94 | Yara International ASA | 4,293 | |
TOTAL | 4,731,091 | ||
Telecommunication Services—1.8% | |||
27,600 | AT&T, Inc. | 978,972 | |
17,175 | Belgacom | 570,776 | |
15,012 | Deutsche Telekom AG | 252,185 | |
401,095 | HKT Trust and HKT Ltd. | 430,379 | |
4,000 | KDDI Corp. | 239,269 | |
13,400 | Nippon Telegraph and Telephone Corp. | 798,865 | |
53,000 | PCCW Ltd. | 28,857 | |
3,700 | Softbank Corporation | 269,253 | |
171,000 | StarHub Ltd. | 574,101 | |
4,342 | TDC AS | 42,232 | |
53,629 | Tele2 AB, Class B | 634,878 | |
80,494 | Telecom Italia S.p.A | 100,037 | |
17,214 | Telenor ASA | 408,975 | |
19,500 | TeliaSonera AB | 144,547 | |
22,273 | Telstra Corp. Ltd. | 110,779 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Telecommunication Services—continued | |||
23,800 | Verizon Communications | $1,189,048 | |
91,415 | Windstream Holdings, Inc. | 874,842 | |
TOTAL | 7,647,995 | ||
Utilities—2.1% | |||
42,600 | AES Corp. | 600,660 | |
2,800 | Alliant Energy Corp. | 163,240 | |
17,200 | Ameren Corp. | 676,820 | |
7,900 | American Electric Power Co., Inc. | 421,465 | |
13,900 | CMS Energy Corp. | 413,525 | |
3,000 | Cheung Kong Infrastructure Holdings Ltd. | 20,626 | |
7,926 | EQT Corp. | 847,131 | |
17,940 | Electricite De France | 630,835 | |
10,871 | Enagas SA | 320,280 | |
15,180 | Enel S.p.A | 85,981 | |
400 | Entergy Corp. | 30,168 | |
30,593 | GDF Suez | 855,845 | |
2,100 | MDU Resources Group, Inc. | 71,148 | |
7,000 | OGE Energy Corp. | 257,110 | |
18,943 | Power Assets Holdings Ltd. | 164,734 | |
1,600 | Public Service Enterprises Group, Inc. | 62,336 | |
621 | Red Electrica de Espana | 53,273 | |
19,336 | SSE PLC | 505,793 | |
8,500 | Sempra Energy | 852,975 | |
33,156 | Snam Rete Gas S.p.A | 194,742 | |
35,387 | Suez Environment SA | 712,232 | |
132,118 | Terna S.p.A | 701,550 | |
5,200 | UGI Corp. | 253,084 | |
300 | Vectren Corp. | 11,964 | |
TOTAL | 8,907,517 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $168,924,693) | 201,318,369 | ||
ASSET-BACKED SECURITIES—0.1% | |||
150,000 | American Express Credit Account Master Trust 2014-1, A, 0.521%, 12/15/2021 | 149,999 | |
150,000 | Navient Student Loan Trust 2014-1, A2, 0.457%, 03/27/2023 | 150,123 | |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $300,000) | 300,122 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COLLATERALIZED MORTGAGE OBLIGATION—0.0% | |||
$50,000 | WF-RBS Commercial Mortgage Trust 2012-C6 B, 4.697%, 4/15/2045 (IDENTIFIED COST $50,499) | $53,970 | |
CORPORATE BONDS—2.2% | |||
Basic Industry - Chemicals—0.0% | |||
50,000 | RPM International, Inc., 6.500%, 02/15/2018 | 57,585 | |
15,000 | RPM International, Inc., Sr. Unsecd. Note, 6.125%, 10/15/2019 | 17,391 | |
TOTAL | 74,976 | ||
Basic Industry - Metals & Mining—0.1% | |||
90,000 | Allegheny Technologies, Inc., Sr. Note, 9.375%, 06/01/2019 | 112,508 | |
150,000 | Barrick Gold Corp., Sr. Unsecd. Note, 4.100%, 05/01/2023 | 146,295 | |
100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 04/15/2023 | 102,526 | |
TOTAL | 361,329 | ||
Basic Industry - Paper—0.0% | |||
30,000 | International Paper Co., Sr. Unsecd. Note, 7.500%, 08/15/2021 | 38,236 | |
150,000 | 1,2,3 | Pope & Talbot, Inc., 8.375%, 12/01/2099 | 0 |
TOTAL | 38,236 | ||
Capital Goods - Aerospace & Defense—0.0% | |||
50,000 | 4,5 | BAE Systems Holdings, Inc., Series 144A, 5.200%, 8/15/2015 | 52,517 |
Capital Goods - Diversified Manufacturing—0.1% | |||
100,000 | General Electric Co., Sr. Unsecd. Note, 4.125%, 10/09/2042 | 98,937 | |
100,000 | Roper Industries, Inc., Sr. Unsecd. Note, 6.250%, 09/01/2019 | 118,075 | |
90,000 | 4,5 | Textron Financial Corp., Jr. Sub. Note, Series 144A, 6.00%, 2/15/2067 | 80,100 |
TOTAL | 297,112 | ||
Capital Goods - Environmental—0.0% | |||
110,000 | Republic Services, Inc., Company Guarantee, Series WI, 5.500%, 09/15/2019 | 126,968 | |
25,000 | Waste Management, Inc., 7.375%, 03/11/2019 | 30,783 | |
TOTAL | 157,751 | ||
Communications - Media & Cable—0.0% | |||
20,000 | Time Warner Cable, Inc., Company Guarantee, 8.250%, 04/01/2019 | 25,484 | |
Communications - Media Noncable—0.0% | |||
100,000 | 21st Century Fox America, Inc., Sr. Unsecd. Note, 5.400%, 10/01/2043 | 112,468 | |
Communications - Telecom Wirelines—0.1% | |||
15,000 | CenturyLink, Inc., Sr. Note, Series Q, 6.150%, 09/15/2019 | 16,425 | |
200,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 03/15/2024 | 209,696 | |
TOTAL | 226,121 | ||
Consumer Cyclical - Automotive—0.1% | |||
1,100,000 | BMW Finance N.V., Series EMTN, 3.500%, 07/17/2015 | 186,919 |
Shares or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Consumer Cyclical - Automotive—continued | |||
$50,000 | 4,5 | RCI Banque SA, Sr. Unsecd. Note, Series 144A, 4.600%, 04/12/2016 | $53,071 |
TOTAL | 239,990 | ||
Consumer Cyclical - Entertainment—0.0% | |||
200,000 | Viacom, Inc., Sr. Unsecd. Note, 3.875%, 04/01/2024 | 204,607 | |
Consumer Cyclical - Retailers—0.1% | |||
100,000 | Advance Auto Parts, Inc., 4.500%, 12/01/2023 | 106,312 | |
144,233 | 4,5 | CVS Caremark Corp., Pass Thru Cert., Series 144A, 5.298%, 1/11/2027 | 156,473 |
TOTAL | 262,785 | ||
Consumer Non-Cyclical - Food/Beverage—0.0% | |||
100,000 | ConAgra Foods, Inc., Sr. Unsecd. Note, 4.650%, 01/25/2043 | 99,851 | |
Consumer Non-Cyclical - Health Care—0.0% | |||
20,000 | Express Scripts, Inc., Sr. Unsecd. Note, 7.250%, 06/15/2019 | 24,428 | |
Consumer Non-Cyclical - Tobacco—0.0% | |||
24,000 | Altria Group, Inc., 9.250%, 08/06/2019 | 32,125 | |
60,000 | Altria Group, Inc., Sr. Unsecd. Note, 4.000%, 01/31/2024 | 61,996 | |
TOTAL | 94,121 | ||
Energy - Independent—0.1% | |||
100,000 | Apache Corp., 4.25%, 1/15/2044 | 98,355 | |
100,000 | Petroleos Mexicanos, 6.500%, 06/02/2041 | 117,400 | |
150,000 | 4,5 | Petroleos Mexicanos, Sr. Unsecd. Note, 4.875%, 01/18/2024 | 160,125 |
20,000 | XTO Energy, Inc., 6.750%, 08/01/2037 | 28,877 | |
TOTAL | 404,757 | ||
Energy - Integrated—0.1% | |||
155,000 | Husky Energy, Inc., 4.000%, 04/15/2024 | 162,089 | |
100,000 | Husky Energy, Inc., Sr. Unsecd. Note, 3.950%, 04/15/2022 | 105,973 | |
35,000 | Petro-Canada, Deb., 7.000%, 11/15/2028 | 45,319 | |
TOTAL | 313,381 | ||
Energy - Oil Field Services—0.1% | |||
100,000 | Nabors Industries, Inc., Company Guarantee, 5.000%, 09/15/2020 | 111,404 | |
50,000 | Noble Drilling Corp., Sr. Note, 7.500%, 03/15/2019 | 58,769 | |
100,000 | Weatherford International Ltd., Sr. Unsecd. Note, 5.950%, 04/15/2042 | 112,314 | |
TOTAL | 282,487 | ||
Energy - Refining—0.0% | |||
25,000 | Valero Energy Corp., 9.375%, 03/15/2019 | 32,918 | |
100,000 | Valero Energy Corp., Sr. Unsecd. Note, 6.625%, 06/15/2037 | 125,118 | |
TOTAL | 158,036 |
Shares or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Financial Institution - Banking—0.2% | |||
$100,000 | Bank of America Corp., Sr. Unsecd. Note, 4.875%, 04/01/2044 | $104,447 | |
100,000 | Citigroup, Inc., Sr. Unsecd. Note, 4.950%, 11/07/2043 | 106,295 | |
60,000 | 4,5 | Commonwealth Bank of Australia, Sr. Unsecd. Note, Series 144A, 3.750%, 10/15/2014 | 60,785 |
5,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 5.750%, 01/24/2022 | 5,789 | |
50,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.125%, 02/15/2033 | 59,636 | |
100,000 | J.P. Morgan Chase & Co., 6.750%, 1/29/2049 | 108,500 | |
50,000 | J.P. Morgan Chase & Co., Sub. Note, 3.375%, 05/01/2023 | 48,893 | |
100,000 | Morgan Stanley, Sr. Unsecd. Note, 6.375%, 07/24/2042 | 126,373 | |
188,658 | 3,4 | Regional Diversified Funding, Series 144A, 9.250%, 03/15/2030 | 116,581 |
40,000 | Wilmington Trust Corp., Sub. Note, 8.500%, 04/02/2018 | 48,684 | |
TOTAL | 785,983 | ||
Financial Institution - Brokerage—0.0% | |||
30,000 | Janus Capital Group, Inc., Sr. Note, 6.700%, 06/15/2017 | 33,917 | |
95,000 | Jefferies Group LLC, Sr. Unsecd. Note, 8.500%, 07/15/2019 | 118,840 | |
30,000 | Nuveen Investments, Sr. Unsecd. Note, 5.500%, 9/15/2015 | 31,125 | |
TOTAL | 183,882 | ||
Financial Institution - Finance Noncaptive—0.4% | |||
830,000 | GE Capital European Funding, Company Guarantee, Series EMTN, 4.625%, 01/18/2016 | 1,465,676 | |
30,000 | General Electric Capital, Note, Series MTNA, 6.75%, 3/15/2032 | 39,697 | |
TOTAL | 1,505,373 | ||
Financial Institution - Insurance - Health—0.0% | |||
50,000 | Wellpoint, Inc., 5.850%, 01/15/2036 | 59,194 | |
Financial Institution - Insurance - Life—0.3% | |||
100,000 | Aflac, Inc., Sr. Unsecd. Note, 6.450%, 08/15/2040 | 128,188 | |
100,000 | American International Group, Inc., Sr. Unsecd. Note, 6.250%, 05/01/2036 | 127,420 | |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.75%, 8/01/2039 | 15,650 | |
200,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 4.600%, 05/15/2044 | 202,636 | |
750,000 | 4 | Union Central Life Insurance Co., Note, Series 144A, 8.200%, 11/01/2026 | 859,587 |
TOTAL | 1,333,481 | ||
Financial Institution - Insurance - P&C—0.0% | |||
75,000 | ACE INA Holdings, Inc., Sr. Unsecd. Note, 3.350%, 05/15/2024 | 75,645 | |
50,000 | Horace Mann Educators Corp., Sr. Note, 6.850%, 04/15/2016 | 54,597 |
Shares or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Financial Institution - Insurance - P&C—continued | |||
$30,000 | 4,5 | Nationwide Mutual Insurance Co., Sub. Note, Series 144A, 9.375%, 08/15/2039 | $47,392 |
TOTAL | 177,634 | ||
Financial Institution - REITs—0.1% | |||
45,000 | Avalonbay Communities, Inc., Sr. Unsecd. Note, Series MTN, 5.700%, 03/15/2017 | 50,546 | |
40,000 | Equity One, Inc., Bond, 6.000%, 09/15/2017 | 44,931 | |
100,000 | Health Care REIT, Inc., Sr. Unsecd. Note, 4.125%, 04/01/2019 | 108,129 | |
40,000 | Liberty Property LP, 6.625%, 10/01/2017 | 45,990 | |
100,000 | ProLogis LP, Sr. Unsecd. Note, 3.350%, 02/01/2021 | 102,244 | |
160,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 04/01/2024 | 167,073 | |
TOTAL | 518,913 | ||
Foreign-Local-Government—0.1% | |||
50,000 | Quebec, Province of, Note, Series MTNA, 7.035%, 03/10/2026 | 65,601 | |
255,000 | Queensland Treasury Corp., 4.000%, 06/21/2019 | 243,328 | |
TOTAL | 308,929 | ||
Municipal Services—0.1% | |||
140,000 | 4,5 | Army Hawaii Family Housing, Series 144A, 5.524%, 6/15/2050 | 148,751 |
100,000 | 4,5 | Camp Pendleton & Quantico Housing LLC, Series 144A, 5.572%, 10/01/2050 | 105,726 |
TOTAL | 254,477 | ||
Technology—0.0% | |||
100,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.875%, 06/05/2024 | 100,220 | |
50,000 | Juniper Networks, Inc., Sr. Unsecd. Note, 4.500%, 03/15/2024 | 52,466 | |
TOTAL | 152,686 | ||
Transportation - Railroads—0.0% | |||
45,000 | Union Pacific Corp., Bond, 6.625%, 02/01/2029 | 59,255 | |
Transportation - Services—0.1% | |||
75,000 | 4,5 | Enterprise Rent-A-Car USA Finance Co., Series 144A, 6.375%, 10/15/2017 | 86,493 |
62,000 | 4,5 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, Series 144A, 3.850%, 11/15/2024 | 62,742 |
100,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.450%, 11/15/2018 | 101,814 | |
TOTAL | 251,049 | ||
Utility - Electric—0.1% | |||
60,000 | Appalachian Power Co., Sr. Unsecd. Note, 7.950%, 01/15/2020 | 77,193 | |
50,000 | Cleveland Electric Illuminating Co., Sr. Unsecd. Note, 5.950%, 12/15/2036 | 57,046 |
Shares or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Utility - Electric—continued | |||
$39,282 | 4,5 | Great River Energy, 1st Mtg. Note, Series 144A, 5.829%, 7/01/2017 | $42,082 |
75,000 | PSEG Power LLC, Sr. Unsecd. Note, 4.300%, 11/15/2023 | 78,631 | |
40,000 | Progress Energy, Inc., 7.050%, 03/15/2019 | 48,870 | |
TOTAL | 303,822 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $8,963,045) | 9,325,115 | ||
FOREIGN GOVERNMENTS/AGENCIES—3.3% | |||
Sovereign—3.3% | |||
420,000 | Belgium, Government of, Series 68, 2.250%, 06/22/2023 | 598,745 | |
1,200,000 | Bonos Y Oblig Del Estado, 4.100%, 07/30/2018 | 1,818,987 | |
400,000 | Bonos Y Oblig Del Estado, Sr. Unsub., 4.000%, 04/30/2020 | 611,727 | |
1,000,000 | Buoni Poliennali Del Tes, 2.500%, 5/01/2019 | 1,415,768 | |
1,100,000 | Buoni Poliennali Del Tes, 3.500%, 12/01/2018 | 1,624,595 | |
200,000 | Canada, Government of, Bond, 3.250%, 06/01/2021 | 201,407 | |
400,000 | Canada, Government of, Bond, 4.000%, 06/01/2016 | 390,361 | |
400,000 | France, Government of, Bond, 3.500%, 04/25/2026 | 627,712 | |
157,000,000 | Japan, Government of, Series 105, 0.200%, 06/20/2017 | 1,546,445 | |
183,000,000 | Japan, Government of, Series 324, 0.100%, 01/15/2015 | 1,798,218 | |
160,000,000 | Japan, Government of, Series 327, 0.100%, 4/15/2015 | 1,572,145 | |
60,000,000 | Japan, Government of, Series 453, 0.00% 5/20/2015 | 589,209 | |
440,000 | Singapore, Government of, Sr. Unsecd. Note, 2.500%, 06/01/2019 | 371,319 | |
1,240,000 | Sweden, Government of, Series 1050, 3.00%, 7/12/2016 | 194,762 | |
310,000 | United Kingdom, Government of, 1.750%, 09/07/2022 | 493,251 | |
75,000 | United Mexican States, 6.625%, 03/03/2015 | 78,075 | |
30,000 | United Mexican States, Series MTNA, 6.750%, 09/27/2034 | 38,962 | |
TOTAL FOREIGN GOVERNMENTS/AGENCIES (IDENTIFIED COST $14,362,967) | 13,971,688 | ||
MORTGAGE-BACKED SECURITIES—0.1% | |||
3,698 | Federal Home Loan Mortgage Corp. Pool C00592, 7.000%, 3/1/2028 | 4,296 | |
2,784 | Federal Home Loan Mortgage Corp. Pool C00896, 7.500%, 12/1/2029 | 3,322 | |
6,513 | Federal Home Loan Mortgage Corp. Pool C17281, 6.500%, 11/1/2028 | 7,465 | |
3,889 | Federal Home Loan Mortgage Corp. Pool C19588, 6.500%, 12/1/2028 | 4,470 | |
1,964 | Federal Home Loan Mortgage Corp. Pool C25621, 6.500%, 5/1/2029 | 2,255 | |
4,092 | Federal Home Loan Mortgage Corp. Pool C76361, 6.000%, 2/1/2033 | 4,648 | |
13,537 | Federal Home Loan Mortgage Corp. Pool E01545, 5.000%, 15 Year, 1/1/2019 | 14,404 | |
5 | Federal Home Loan Mortgage Corp. Pool E77591, 6.500%, 7/1/2014 | 5 | |
2,909 | Federal Home Loan Mortgage Corp. Pool E99510, 5.500%, 9/1/2018 | 3,112 |
Shares or Principal Amount | Value in U.S. Dollars | ||
MORTGAGE-BACKED SECURITIES—continued | |||
$5,943 | Federal Home Loan Mortgage Corp. Pool G01444, 6.500%, 8/1/2032 | $6,782 | |
4,420 | Federal National Mortgage Association Pool 251697, 6.500%, 30 Year, 5/1/2028 | 5,081 | |
15,563 | Federal National Mortgage Association Pool 252334, 6.500%, 30 Year, 2/1/2029 | 17,403 | |
13,651 | Federal National Mortgage Association Pool 254720, 4.500%, 5/1/2018 | 14,510 | |
14,848 | Federal National Mortgage Association Pool 254802, 4.500%, 7/1/2018 | 15,782 | |
10,049 | Federal National Mortgage Association Pool 254905, 6.000%, 10/1/2033 | 11,416 | |
18,595 | Federal National Mortgage Association Pool 255075, 5.500%, 2/1/2024 | 20,704 | |
18,819 | Federal National Mortgage Association Pool 255079, 5.000%, 2/1/2019 | 20,049 | |
1,642 | Federal National Mortgage Association Pool 303168, 9.500%, 30 Year, 2/1/2025 | 2,006 | |
723 | Federal National Mortgage Association Pool 323159, 7.500%, 4/1/2028 | 851 | |
6,178 | Federal National Mortgage Association Pool 323640, 7.500%, 4/1/2029 | 7,272 | |
12 | Federal National Mortgage Association Pool 323970, 7.000%, 15 Year, 10/1/2014 | 12 | |
4,605 | Federal National Mortgage Association Pool 428865, 7.000%, 6/1/2028 | 5,011 | |
541 | Federal National Mortgage Association Pool 443215, 6.000%, 10/1/2028 | 610 | |
6 | Federal National Mortgage Association Pool 514184, 7.500%, 9/1/2029 | 6 | |
16,265 | Federal National Mortgage Association Pool 545993, 6.000%, 11/1/2032 | 18,453 | |
6,683 | Federal National Mortgage Association Pool 555272, 6.000%, 3/1/2033 | 7,581 | |
6,537 | Federal National Mortgage Association Pool 713974, 5.500%, 7/1/2033 | 7,323 | |
15,689 | Federal National Mortgage Association Pool 721502, 5.000%, 7/1/2033 | 17,396 | |
12,942 | Government National Mortgage Association Pool 2796, 7.000%, 8/20/2029 | 15,339 | |
7,118 | Government National Mortgage Association Pool 3040, 7.000%, 2/20/2031 | 8,477 | |
15,981 | Government National Mortgage Association Pool 3188, 6.500%, 1/20/2032 | 18,544 | |
25,556 | Government National Mortgage Association Pool 3239, 6.500%, 5/20/2032 | 29,682 | |
744 | Government National Mortgage Association Pool 352214, 7.000%, 4/15/2023 | 851 | |
2,943 | Government National Mortgage Association Pool 451522, 7.500%, 30 Year, 10/15/2027 | 3,510 | |
3,516 | Government National Mortgage Association Pool 462556, 6.500%, 2/15/2028 | 4,045 | |
416 | Government National Mortgage Association Pool 462739, 7.500%, 5/15/2028 | 496 |
Shares or Principal Amount | Value in U.S. Dollars | ||
MORTGAGE-BACKED SECURITIES—continued | |||
$283 | Government National Mortgage Association Pool 464835, 6.500%, 9/15/2028 | $327 | |
7,019 | Government National Mortgage Association Pool 469699, 7.000%, 11/15/2028 | 8,277 | |
5,889 | Government National Mortgage Association Pool 486760, 6.500%, 12/15/2028 | 6,808 | |
960 | Government National Mortgage Association Pool 780339, 8.000%, 30 Year, 12/15/2023 | 1,123 | |
8,093 | Government National Mortgage Association Pool 780453, 7.500%, 30 Year, 12/15/2025 | 9,537 | |
6,315 | Government National Mortgage Association Pool 780584, 7.000%, 30 Year, 6/15/2027 | 7,367 | |
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $300,601) | 336,608 | ||
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) | 106,648 | |
PURCHASED CALL OPTIONS—0.0% | |||
1,100,000 | Barclays AUD CALL/NZD PUT, Strike Price $1.10, Expiration Date 7/18/2014 | 8,574 | |
2,545,485 | CITI EUR CALL/USD PUT, Strike Price $1.41, Expiration Date 7/31/2014 | 2,095 | |
2,984,774 | JPM USD CALL/MXN PUT, Strike Price $12.90, Expiration Date 6/3/2014 | 2,388 | |
4,404,326 | Morgan Stanley USD CALL/JPY PUT, Strike Price $102.50, Expiration Date 6/6/2014 | 4,422 | |
TOTAL PURCHASED CALL OPTIONS (IDENTIFIED COST $44,333) | 17,479 | ||
PURCHASED PUT OPTION—0.0% | |||
2,444,388 | CITI EUR PUT/USD CALL, Strike Price $1.35, Expiration Date 7/31/2014 (IDENTIFIED COST $11,953) | 17,218 | |
U.S. TREASURY—2.8% | |||
1,011,504 | 6 | U.S. Treasury Inflation-Protected Note, 0.625%, 7/15/2021 | 1,065,421 |
10,645,000 | 6,7 | United States Treasury Bill, 0.020%, 8/7/2014 | 10,644,410 |
250,000 | United States Treasury Bond, 3.625%, 2/15/2044 | 264,688 | |
200,000 | United States Treasury Note, 0.875%, 5/15/2017 | 200,586 | |
TOTAL U.S. TREASURY (IDENTIFIED COST $12,158,000) | 12,175,105 |
Shares or Principal Amount | Value in U.S. Dollars | ||
INVESTMENT COMPANIES—43.6%8 | |||
1,176,912 | Emerging Markets Fixed Income Core Fund | $41,922,674 | |
397,642 | Federated InterContinental Fund, Institutional Shares | 21,623,790 | |
356,393 | Federated Mortgage Core Portfolio | 3,535,422 | |
107,519,474 | 9 | Federated Prime Value Obligations Fund, Institutional Shares, 0.07% | 107,519,474 |
612,482 | Federated Project and Trade Finance Core Fund | 5,892,081 | |
900,218 | High Yield Bond Portfolio | 6,040,464 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $181,498,141) | 186,533,905 | ||
TOTAL INVESTMENTS—99.2% (IDENTIFIED COST $386,704,232)10 | 424,156,227 | ||
OTHER ASSETS AND LIABILITIES - NET—0.8%11 | 3,581,992 | ||
TOTAL NET ASSETS—100% | $427,738,219 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation (Depreciation) |
1CAC40 10 Euro Short Futures | 142 | $6,397,100 | June 2014 | $(94,221) |
1FTSE 100 Index Short Futures | 106 | $7,231,850 | June 2014 | $(377,567) |
1IBEX 35 Index Short Futures | 23 | $2,476,548 | June 2014 | $(55,133) |
1KOSPI2 Index Short Futures | 16 | $2,086,800,000 | June 2014 | $(41,890) |
1MEX Bolsa Index Short Futures | 365 | $151,336,300 | June 2014 | $(555,203) |
1MSCI Singapore IX ETS Short Futures | 90 | $6,730,200 | June 2014 | $(20,539) |
1OMXS30 Index Short Futures | 303 | $42,465,450 | June 2014 | $(121,571) |
1SGX CNX Nifty Short Futures | 203 | $2,933,756 | June 2014 | $43,202 |
1SPI 200 Short Futures | 82 | $11,281,150 | June 2014 | $(118,613) |
1Swiss Market Index Short Futures | 55 | $4,766,300 | June 2014 | $(144,934) |
1United States Treasury Bonds Ultra Short Futures | 4 | $601,125 | September 2014 | $(10,634) |
1United States Treasury Notes 10-Year Short Futures | 91 | $11,421,922 | September 2014 | $(48,705) |
1Amsterdam Index Long Futures | 196 | $15,970,080 | June 2014 | $231,776 |
1BIST 30 Long Futures | 331 | $3,262,833 | June 2014 | $105,558 |
1DAX Index Long Futures | 39 | $9,690,525 | June 2014 | $510,796 |
1Hang Seng Index Long Futures | 13 | $14,891,500 | June 2014 | $5,131 |
1Mini MSCI Emerging Market Long Futures | 526 | $26,946,980 | June 2014 | $1,005,764 |
1MSCI Taiwan Index Long Futures | 23 | $745,890 | June 2014 | $1,265 |
1Russell 2000 Mini Long Futures | 79 | $8,952,280 | June 2014 | $(473,113) |
1S&P 500 Long Futures | 88 | $42,273,000 | June 2014 | $1,154,564 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation (Depreciation) |
1S&P MidCap 400 E-Mini Long Futures | 12 | $1,652,160 | June 2014 | $11,250 |
1S&P/TSX 60 Index Long Futures | 105 | $17,545,500 | June 2014 | $(24,710) |
1United States Treasury Notes 2-Year Long Futures | 64 | $14,065,000 | September 2014 | $3,873 |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $986,346 |
Settlement Date | Foreign Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
Contracts Purchased: | |||
6/6/2014 | 1,070,000 Pound Sterling | $1,812,034 | $(18,542) |
6/16/2014 | 1,700,000 Euro | 241,597,200 Japanese Yen | $(56,150) |
6/30/2014 | 645,000 Canadian Dollar | 60,379,740 Japanese Yen | $1,228 |
6/30/2014 | 370,000 Euro | 52,008,255 Japanese Yen | $(6,634) |
6/30/2014 | 930,000 Euro | 130,921,680 Japanese Yen | $(18,622) |
6/30/2014 | 103,082,000 Japanese Yen | $1,000,000 | $12,764 |
6/30/2014 | 49,697,400 Japanese Yen | 565,000 New Zealand Dollar | $9,577 |
6/30/2014 | 99,165,410 Japanese Yen | 1,130,000 New Zealand Dollar | $16,901 |
6/30/2014 | 21,465,824 Japanese Yen | 1,275,450 Norwegian Krone | $(2,236) |
6/30/2014 | 38,312,050 Japanese Yen | 470,000 Singapore Dollar | $1,699 |
6/30/2014 | 56,491,200 Japanese Yen | 3,600,000 Swedish Krona | $17,333 |
6/30/2014 | 275,863,590 Japanese Yen | $2,700,000 | $10,316 |
6/30/2014 | 152,709,000 Japanese Yen | $1,500,000 | $342 |
6/30/2014 | 94,438,153 Japanese Yen | $923,077 | $4,763 |
6/30/2014 | 40,515,545 Japanese Yen | $395,000 | $3,059 |
6/30/2014 | 39,349,231 Japanese Yen | $384,615 | $1,985 |
6/30/2014 | 22,824,931 Japanese Yen | $224,509 | $(258) |
6/30/2014 | 20,658,346 Japanese Yen | $201,923 | $1,042 |
6/30/2014 | 17,894,115 Japanese Yen | $175,491 | $316 |
6/30/2014 | 10,141,200 Japanese Yen | $100,000 | $(364) |
6/30/2014 | 600,000 New Zealand Dollar | $512,118 | $(3,773) |
7/1/2014 | 2,600,000 Euro | 359,869,900 Japanese Yen | $8,309 |
8/4/2014 | 535,000 Euro | $729,269 | $(5) |
Contracts Sold: | |||
6/6/2014 | 425,000 Pound Sterling | $720,664 | $8,296 |
6/6/2014 | 645,000 Pound Sterling | $1,092,388 | $11,264 |
6/16/2014 | 1,700,000 Euro | 240,119,900 Japanese Yen | $41,637 |
6/30/2014 | 645,000 Canadian Dollar | 60,399,735 Japanese Yen | $(1,032) |
6/30/2014 | 1,300,000 Euro | 183,452,100 Japanese Yen | $30,386 |
Settlement Date | Foreign Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
6/30/2014 | 49,513,493 Japanese Yen | 565,000 New Zealand Dollar | $(7,770) |
6/30/2014 | 49,605,870 Japanese Yen | 565,000 New Zealand Dollar | $(8,678) |
6/30/2014 | 49,685,309 Japanese Yen | 565,000 New Zealand Dollar | $(9,458) |
6/30/2014 | 21,722,504 Japanese Yen | 1,275,450 Norwegian Krone | $(286) |
6/30/2014 | 38,078,930 Japanese Yen | 470,000 Singapore Dollar | $592 |
6/30/2014 | 56,039,760 Japanese Yen | 3,600,000 Swedish Krona | $(12,898) |
6/30/2014 | 245,092,800 Japanese Yen | $2,400,000 | $(7,998) |
6/30/2014 | 109,697,445 Japanese Yen | $1,079,615 | $1,855 |
6/30/2014 | 102,090,000 Japanese Yen | $1,000,000 | $(3,018) |
6/30/2014 | 101,597,000 Japanese Yen | $1,000,000 | $1,825 |
6/30/2014 | 53,614,050 Japanese Yen | $525,000 | $(1,750) |
6/30/2014 | 50,850,670 Japanese Yen | $500,000 | $400 |
6/30/2014 | 50,766,690 Japanese Yen | $500,000 | $1,225 |
6/30/2014 | 10,153,321 Japanese Yen | $100,000 | $245 |
6/30/2014 | 600,000 New Zealand Dollar | $513,216 | $4,871 |
7/1/2014 | 917,647 Euro | 126,732,280 Japanese Yen | $(5,690) |
7/1/2014 | 917,647 Euro | 126,741,457 Japanese Yen | $(5,599) |
7/1/2014 | 764,706 Euro | 105,602,594 Japanese Yen | $(4,816) |
7/22/2014 | 275,000 Australian Dollar | 302,063 New Zealand Dollar | $360 |
NET UNREALIZED APPRECIATION ON FOREIGN EXCHANGE CONTRACTS | $17,013 |
1 | Non-income-producing security. |
2 | Issuer in default. |
3 | Market quotations and price evaluations are not available. Fair value determined in accordance with procedures established by and under the general supervision of the Fund's Board of Trustees (“Trustees”). |
4 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At May 31, 2014, these restricted securities amounted to $2,032,425, which represented 0.5% of total net assets. |
5 | 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 Trustees. At May 31, 2014, these liquid restricted securities amounted to $1,056,257, which represented 0.2% of total net assets. |
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 $386,735,691. |
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 | $112,439,690 | $— | $— | $112,439,690 |
International | 17,100,744 | 71,777,9351 | — | 88,878,679 |
Debt Securities: | ||||
Asset-Backed Securities | — | 300,122 | — | 300,122 |
Collateralized Mortgage Obligation | — | 53,970 | — | 53,970 |
Corporate Bonds | — | 9,208,534 | 116,581 | 9,325,115 |
Foreign Governments/Agencies | — | 13,971,688 | — | 13,971,688 |
Mortgage-Backed Securities | — | 336,608 | — | 336,608 |
Municipal | — | 106,648 | — | 106,648 |
U.S. Treasury | — | 12,175,105 | — | 12,175,105 |
Purchased Call Options | — | 17,479 | — | 17,479 |
Purchased Put Option | — | 17,218 | — | 17,218 |
Investment Companies2 | 180,641,824 | 5,892,081 | — | 186,533,905 |
TOTAL SECURITIES | $310,182,258 | $113,857,388 | $116,581 | $424,156,227 |
OTHER FINANCIAL INSTRUMENTS3 | $986,346 | $17,013 | $— | $1,003,359 |
1 | Includes $55,342,797 of international common stock securities transferred from Level 1 to Level 2 because fair value factors were applied to equity securities traded primarily in foreign markets to account for significant post market close activity. Transfers shown represent the value of the securities at the beginning of the period. |
2 | Emerging Markets Fixed Income Core Fund, Federated Mortgage Core Portfolio, High Yield Bond Portfolio and Federated Project and Trade Finance Core Fund are affiliated holdings offered only to registered investment companies and other accredited investors. Federated Project and Trade Finance Core Fund is classified as Level 2 due to the fact that the price of shares redeemed will be determined as of the closing net asset value (the NAV) of the fund up to twenty-four (24) days after receipt of a shareholder redemption request. |
3 | Other financial instruments include futures contracts and foreign exchange contracts. |
ADR | —American Depositary Receipt |
GO | —General Obligation |
MTN | —Medium Term Note |
REIT(s) | —Real Estate Investment Trust(s) |
Six Months Ended (unaudited) 5/31/2014 | Year Ended November 30, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $21.47 | $18.68 | $16.98 | $16.87 | $15.65 | $13.11 |
Income From Investment Operations: | ||||||
Net investment income | 0.111 | 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 | 0.61 | 3.07 | 1.74 | 0.08 | 1.05 | 2.52 |
TOTAL FROM INVESTMENT OPERATIONS | 0.72 | 3.24 | 1.92 | 0.28 | 1.24 | 2.81 |
Less Distributions: | ||||||
Distributions from net investment income | (0.10) | (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 | (2.34) | (0.29) | — | — | — | — |
TOTAL DISTRIBUTIONS | (2.44) | (0.45) | (0.22) | (0.17) | (0.02) | (0.27) |
Net Asset Value, End of Period | $19.75 | $21.47 | $18.68 | $16.98 | $16.87 | $15.65 |
Total Return2 | 3.64% | 17.73% | 11.38% | 1.62% | 7.91% | 21.84% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.14%3 | 1.17% | 1.22% | 1.25%4 | 1.25%4 | 1.25%4 |
Net investment income | 1.10%3 | 0.88% | 1.01% | 1.14% | 1.20% | 2.00% |
Expense waiver/reimbursement5 | 0.12%3 | 0.10% | 0.07% | 0.10% | 0.21% | 0.26% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $195,087 | $193,678 | $185,414 | $178,971 | $135,002 | $149,696 |
Portfolio turnover | 53% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 1.25%, 1.24% and 1.24% for the years ended November 30, 2011, 2010 and 2009, respectively, after taking into account these expense reductions. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 5/31/2014 | Year Ended November 30, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $21.17 | $18.46 | $16.78 | $16.69 | $15.61 | $13.09 |
Income From Investment Operations: | ||||||
Net investment income | 0.031 | 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 | 0.60 | 3.04 | 1.72 | 0.08 | 1.03 | 2.55 |
TOTAL FROM INVESTMENT OPERATIONS | 0.63 | 3.05 | 1.75 | 0.14 | 1.10 | 2.70 |
Less Distributions: | ||||||
Distributions from net investment income | (0.06) | (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 | (2.34) | (0.29) | — | — | — | — |
TOTAL DISTRIBUTIONS | (2.40) | (0.34) | (0.07) | (0.05) | (0.02) | (0.18) |
Net Asset Value, End of Period | $19.40 | $21.17 | $18.46 | $16.78 | $16.69 | $15.61 |
Total Return2 | 3.22% | 16.82% | 10.39% | 0.80% | 7.03% | 20.86% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.95%3 | 1.99% | 2.05% | 2.05%4 | 2.05%4 | 2.05%4 |
Net investment income | 0.29%3 | 0.06% | 0.19% | 0.33% | 0.42% | 1.23% |
Expense waiver/reimbursement5 | 0.11%3 | 0.10% | 0.07% | 0.12% | 0.21% | 0.26% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $29,596 | $30,675 | $28,853 | $30,424 | $14,541 | $20,151 |
Portfolio turnover | 53% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 2.05%, 2.04% and 2.04% for the years ended November 30, 2011, 2010 and 2009, respectively, after taking into account these expense reductions. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 5/31/2014 | Year Ended November 30, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $21.11 | $18.40 | $16.72 | $16.62 | $15.55 | $13.04 |
Income From Investment Operations: | ||||||
Net investment income | 0.041 | 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 | 0.58 | 3.03 | 1.71 | 0.09 | 1.03 | 2.51 |
TOTAL FROM INVESTMENT OPERATIONS | 0.62 | 3.05 | 1.75 | 0.15 | 1.09 | 2.69 |
Less Distributions: | ||||||
Distributions from net investment income | (0.06) | (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 | (2.34) | (0.29) | — | — | — | — |
TOTAL DISTRIBUTIONS | (2.40) | (0.34) | (0.07) | (0.05) | (0.02) | (0.18) |
Net Asset Value, End of Period | $19.33 | $21.11 | $18.40 | $16.72 | $16.62 | $15.55 |
Total Return2 | 3.19% | 16.89% | 10.51% | 0.90% | 6.99% | 20.86% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.89%3 | 1.95% | 1.98% | 2.02%4 | 2.05%4 | 2.05%4 |
Net investment income | 0.35%3 | 0.10% | 0.24% | 0.36% | 0.40% | 1.18% |
Expense waiver/reimbursement5 | 0.13%3 | 0.10% | 0.07% | 0.10% | 0.17% | 0.21% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $76,554 | $71,450 | $60,315 | $52,187 | $36,415 | $28,278 |
Portfolio turnover | 53% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 2.02%, 2.04% and 2.04% for the years ended November 30, 2011, 2010 and 2009, respectively, after taking into account these expense reductions. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 5/31/2014 | Year Ended November 30, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $21.40 | $18.62 | $16.92 | $16.81 | $15.68 | $13.13 |
Income From Investment Operations: | ||||||
Net investment income | 0.071 | 0.091 | 0.111 | 0.121 | 0.111 | 0.26 |
Net realized and unrealized gain on investments, futures contracts, swap contracts and foreign currency transactions | 0.59 | 3.07 | 1.73 | 0.09 | 1.04 | 2.50 |
TOTAL FROM INVESTMENT OPERATIONS | 0.66 | 3.16 | 1.84 | 0.21 | 1.15 | 2.76 |
Less Distributions: | ||||||
Distributions from net investment income | (0.07) | (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 | (2.34) | (0.29) | — | — | — | — |
TOTAL DISTRIBUTIONS | (2.41) | (0.38) | (0.14) | (0.10) | (0.02) | (0.21) |
Net Asset Value, End of Period | $19.65 | $21.40 | $18.62 | $16.92 | $16.81 | $15.68 |
Total Return2 | 3.36% | 17.29% | 10.90% | 1.23% | 7.32% | 21.30% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.57%3 | 1.57% | 1.65% | 1.68%4 | 1.74%4 | 1.75%4 |
Net investment income | 0.68%3 | 0.48% | 0.58% | 0.71% | 0.71% | 1.41% |
Expense waiver/reimbursement5 | 0.10%3 | 0.10% | 0.07% | 0.10% | 0.14% | 0.18% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $68,161 | $67,769 | $62,627 | $54,878 | $53,749 | $47,254 |
Portfolio turnover | 53% | 106% | 85% | 215% | 184% | 254% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 1.68%, 1.73% and 1.74% for the years ended November 30, 2011, 2010 and 2009, respectively, after taking into account these expense reductions. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 5/31/2014 | Year Ended November 30, | Period Ended 11/30/20091 | ||||
2013 | 2012 | 2011 | 2010 | |||
Net Asset Value, Beginning of Period | $21.54 | $18.74 | $17.04 | $16.91 | $15.65 | $14.06 |
Income From Investment Operations: | ||||||
Net investment income | 0.142 | 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 | 0.62 | 3.08 | 1.74 | 0.10 | 1.05 | 1.56 |
TOTAL FROM INVESTMENT OPERATIONS | 0.76 | 3.31 | 1.98 | 0.34 | 1.28 | 1.69 |
Less Distributions: | ||||||
Distributions from net investment income | (0.13) | (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 | (2.34) | (0.29) | — | — | — | — |
TOTAL DISTRIBUTIONS | (2.47) | (0.51) | (0.28) | (0.21) | (0.02) | (0.10) |
Net Asset Value, End of Period | $19.83 | $21.54 | $18.74 | $17.04 | $16.91 | $15.65 |
Total Return3 | 3.79% | 18.07% | 11.69% | 1.99% | 8.16% | 12.07% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.85%4 | 0.89% | 0.94% | 0.95%5 | 1.00%5 | 1.00%4,5 |
Net investment income | 1.40%4 | 1.16% | 1.29% | 1.40% | 1.47% | 1.91%4 |
Expense waiver/reimbursement6 | 0.13%4 | 0.10% | 0.07% | 0.10% | 0.19% | 0.13%4 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $58,340 | $48,353 | $35,929 | $33,979 | $12,421 | $2,776 |
Portfolio turnover | 53% | 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 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.95%, 0.99 and 1.00% for the years ended November 30, 2011 and 2010 and for the period ended November 30, 2009, respectively, after taking into account these expense reductions. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
7 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended November 30, 2009. |
Assets: | ||
Total investment in securities, at value including $186,533,905 of investment in affiliated holdings (Note 5) (identified cost $386,704,232) | $424,156,227 | |
Cash | 482 | |
Cash denominated in foreign currencies (identified cost $901,275) | 895,668 | |
Restricted cash (Note 2) | 216,110 | |
Income receivable | 940,498 | |
Income receivable from affiliated holdings | 64,561 | |
Receivable for investments sold | 2,224,756 | |
Receivable for shares sold | 586,408 | |
Unrealized appreciation on foreign exchange contracts | 192,590 | |
Receivable for daily variation margin | 20,679 | |
TOTAL ASSETS | 429,297,979 | |
Liabilities: | ||
Payable for investments purchased | $665,062 | |
Payable for shares redeemed | 319,965 | |
Unrealized depreciation on foreign exchange contracts | 175,577 | |
Income distribution payable | 60,235 | |
Payable to adviser (Note 5) | 1,279 | |
Payable for transfer agent fee | 102,724 | |
Payable for Directors'/Trustees' fees (Note 5) | 518 | |
Payable for portfolio accounting fees | 37,322 | |
Payable for distribution services fee (Note 5) | 95,169 | |
Payable for shareholder services fee (Note 5) | 63,054 | |
Accrued expenses (Note 5) | 38,855 | |
TOTAL LIABILITIES | 1,559,760 | |
Net assets for 21,774,719 shares outstanding | $427,738,219 | |
Net Assets Consist of: | ||
Paid-in capital | $379,201,584 | |
Net unrealized appreciation of investments, futures contracts, swap contracts and translation of assets and liabilities in foreign currency | 38,464,294 | |
Accumulated net realized gain on investments, futures contracts and foreign currency transactions | 10,187,115 | |
Distributions in excess net investment income | (114,774) | |
TOTAL NET ASSETS | $427,738,219 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($195,087,493 ÷ 9,878,687 shares outstanding), no par value, unlimited shares authorized | $19.75 | |
Offering price per share (100/94.50 of $19.75) | $20.90 | |
Redemption proceeds per share | $19.75 | |
Class B Shares: | ||
Net asset value per share ($29,596,336 ÷ 1,525,935 shares outstanding), no par value, unlimited shares authorized | $19.40 | |
Offering price per share | $19.40 | |
Redemption proceeds per share (94.50/100 of $19.40) | $18.33 | |
Class C Shares: | ||
Net asset value per share ($76,554,106 ÷ 3,959,405 shares outstanding), no par value, unlimited shares authorized | $19.33 | |
Offering price per share | $19.33 | |
Redemption proceeds per share (99.00/100 of $19.33) | $19.14 | |
Class R Shares: | ||
Net asset value per share ($68,160,700 ÷ 3,468,278 shares outstanding), no par value, unlimited shares authorized | $19.65 | |
Offering price per share | $19.65 | |
Redemption proceeds per share | $19.65 | |
Institutional Shares: | ||
Net asset value per share ($58,339,584 ÷ 2,942,414 shares outstanding), no par value, unlimited shares authorized | $19.83 | |
Offering price per share | $19.83 | |
Redemption proceeds per share | $19.83 |
Investment Income: | |||
Dividends (including $848,272 received from affiliated holdings (Note 5) and net of foreign taxes withheld of $182,304) | $3,656,848 | ||
Interest | 265,219 | ||
Investment income allocated from affiliated partnership (Note 5) | 738,289 | ||
TOTAL INCOME | 4,660,356 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,368,815 | ||
Administrative fee (Note 5) | 161,840 | ||
Custodian fees | 66,908 | ||
Transfer agent fee (Note 2) | 386,628 | ||
Directors'/Trustees' fees (Note 5) | 4,104 | ||
Auditing fees | 14,627 | ||
Legal fees | 4,764 | ||
Portfolio accounting fees | 79,533 | ||
Distribution services fee (Note 5) | 551,835 | ||
Shareholder services fee (Note 5) | 363,767 | ||
Account administration fee (Note 2) | 766 | ||
Share registration costs | 35,343 | ||
Printing and postage | 30,757 | ||
Miscellaneous (Note 5) | 7,638 | ||
TOTAL EXPENSES | 3,077,325 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(210,888) | ||
Reimbursement of transfer agent fee (Note 2) | (34,086) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (244,974) | ||
Net expenses | 2,832,351 | ||
Net investment income | 1,828,005 |
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 $16,975 on sales of investments in affiliated holdings (Note 5)) | $16,315,729 | ||
Net realized gain on futures contracts | 4,761,223 | ||
Net realized gain on allocation from affiliated partnership (Note 5) | 391,697 | ||
Realized gain distribution from affiliated investment company shares (Note 5) | 100,688 | ||
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency | (5,361,288) | ||
Net change in unrealized appreciation of futures contracts | (3,579,504) | ||
Net change in unrealized depreciation of swap contracts | (22,758) | ||
Net realized and unrealized gain on investments, futures contracts and foreign currency transactions | 12,605,787 | ||
Change in net assets resulting from operations | $14,433,792 |
Six Months Ended (unaudited) 5/31/2014 | Year Ended 11/30/2013 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $1,828,005 | $2,516,703 |
Net realized gain on investments including allocation from affiliated partnership, futures contracts and foreign currency transactions | 21,569,337 | 46,595,024 |
Net change in unrealized appreciation/depreciation of investments, futures contracts, swap contracts and translation of assets and liabilities in foreign currency | (8,963,550) | 13,621,105 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 14,433,792 | 62,732,832 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (1,015,655) | (1,549,599) |
Class B Shares | (95,378) | (77,096) |
Class C Shares | (239,144) | (175,283) |
Class R Shares | (255,151) | (296,460) |
Institutional Shares | (346,192) | (471,943) |
Distributions from net realized gain on investments, futures contracts and foreign currency transactions | ||
Class A Shares | (21,054,666) | (2,815,132) |
Class B Shares | (3,369,971) | (449,540) |
Class C Shares | (7,922,335) | (950,283) |
Class R Shares | (7,365,551) | (970,113) |
Institutional Shares | (5,424,527) | (581,958) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (47,088,570) | (8,337,407) |
Share Transactions: | ||
Proceeds from sale of shares | 52,907,096 | 69,869,133 |
Net asset value of shares issued to shareholders in payment of distributions declared | 44,645,226 | 7,938,489 |
Cost of shares redeemed | (49,084,183) | (93,416,700) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 48,468,139 | (15,609,078) |
Change in net assets | 15,813,361 | 38,786,347 |
Net Assets: | ||
Beginning of period | 411,924,858 | 373,138,511 |
End of period (including undistributed (distributions in excess of) net investment income of $(114,774) and $8,741, respectively) | $427,738,219 | $411,924,858 |
■ | 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 | $150,075 | $(14,185) | $766 |
Class B Shares | 31,218 | (1,524) | — |
Class C Shares | 65,772 | (11,065) | — |
Class R Shares | 105,360 | (795) | — |
Institutional Shares | 34,203 | (6,517) | — |
TOTAL | $386,628 | $(34,086) | $766 |
Security | Acquisition Date | Cost | Market Value |
Regional Diversified Funding, Series 144A, 9.250%, 03/15/2030 | 3/10/2000 | $183,413 | $116,581 |
Union Central Life Insurance Co., Note, Series 144A, 8.200%, 11/01/2026 | 3/31/1999 | $790,785 | $859,587 |
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 | $(55,466)* | ||
Equity contracts | Receivable for daily variation margin | $1,041,812* | ||
Foreign exchange contracts | Receivable for foreign exchange contracts | $192,590 | Payable for foreign exchange contracts | $175,577 |
Total derivatives not accounted for as hedging instruments under ASC Topic 815 | $1,178,936 | $175,577 |
* | 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 | $(341,840) | $— | $— | $(341,840) |
Equity contracts | 5,103,063 | — | — | 5,103,063 |
Foreign exchange contracts | — | 3,330 | (84,121) | (80,791) |
TOTAL | $4,761,223 | $3,330 | $(84,121) | $4,680,432 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |||||
Futures | Credit Default Swaps | Forward Currency Contracts | Option Contracts | Total | |
Interest rate contracts | $(48,024) | $— | $— | $— | $(48,024) |
Equity contracts | (3,531,480) | — | — | — | (3,531,480) |
Credit contracts | — | (22,758) | — | — | (22,758) |
Foreign exchange contracts | — | — | 32,740 | (21,589) | 11,151 |
TOTAL | $(3,579,504) | $(22,758) | $32,740 | $(21,589) | $(3,591,111) |
Six Months Ended 5/31/2014 | Year Ended 11/30/2013 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 760,478 | $14,848,090 | 846,888 | $16,749,013 |
Shares issued to shareholders in payment of distributions declared | 1,072,252 | 20,747,832 | 219,394 | 4,094,005 |
Shares redeemed | (972,864) | (18,967,581) | (1,973,766) | (38,671,456) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 859,866 | $16,628,341 | (907,484) | $(17,828,438) |
Six Months Ended 5/31/2014 | Year Ended 11/30/2013 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 105,019 | $2,018,435 | 186,478 | $3,643,775 |
Shares issued to shareholders in payment of distributions declared | 172,072 | 3,273,469 | 27,470 | 497,862 |
Shares redeemed | (200,060) | (3,834,186) | (327,759) | (6,353,673) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | 77,031 | $1,457,718 | (113,811) | $(2,212,036) |
Six Months Ended 5/31/2014 | Year Ended 11/30/2013 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 737,507 | $14,154,515 | 1,035,747 | $20,015,809 |
Shares issued to shareholders in payment of distributions declared | 409,658 | 7,768,876 | 59,376 | 1,073,382 |
Shares redeemed | (572,649) | (11,005,692) | (987,686) | (19,146,194) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 574,516 | $10,917,699 | 107,437 | $1,942,997 |
Six Months Ended 5/31/2014 | Year Ended 11/30/2013 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 500,825 | $9,754,097 | 892,929 | $17,412,343 |
Shares issued to shareholders in payment of distributions declared | 395,370 | 7,613,404 | 67,859 | 1,247,698 |
Shares redeemed | (595,392) | (11,590,991) | (1,157,528) | (22,690,199) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 300,803 | $5,776,510 | (196,740) | $(4,030,158) |
Six Months Ended 5/31/2014 | Year Ended 11/30/2013 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 615,650 | $12,131,959 | 605,015 | $12,048,193 |
Shares issued to shareholders in payment of distributions declared | 269,724 | 5,241,645 | 54,277 | 1,025,542 |
Shares redeemed | (187,357) | (3,685,733) | (332,402) | (6,555,178) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 698,017 | $13,687,871 | 326,890 | $6,518,557 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 2,510,233 | $48,468,139 | (783,708) | $(15,609,078) |
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 | $112,453 |
Class C Shares | 272,279 |
Class R Shares | 167,103 |
TOTAL | $551,835 |
Service Fees Incurred | |
Class A Shares | $237,197 |
Class B Shares | 37,484 |
Class C Shares | 89,086 |
TOTAL | $363,767 |
Emerging Markets Fixed Income Core Fund | Federated InterContinental Fund, Institutional Shares | Federated Mortgage Core Portfolio | |
Balance of Shares Held 11/30/2013 | 992,899 | 564,524 | — |
Purchases/Additions | 460,536 | 8,519 | 356,393 |
Sales/Reductions | (276,523) | (175,401) | — |
Balance of Shares Held 5/31/2014 | 1,176,912 | 397,642 | 356,393 |
Value | $41,922,674 | $21,623,790 | $3,535,422 |
Dividend Income/Allocated Investment Income | $738,289 | $457,613 | $5,934 |
Realized Gain Distribution/ Allocated Net Realized Gain (Loss) | $391,697 | $— | $— |
Federated Prime Value Obligations Fund, Institutional Shares | Federated Project and Trade Finance Core Fund | High Yield Bond Portfolio | Total of Affiliated Transactions | |
Balance of Shares Held 11/30/2013 | 99,036,040 | 535,127 | 1,602,610 | 102,731,200 |
Purchases/Additions | 222,737,169 | 77,355 | 109,606 | 223,749,578 |
Sales/Reductions | (214,253,735) | — | (811,998) | (215,517,657) |
Balance of Shares Held 5/31/2014 | 107,519,474 | 612,482 | 900,218 | 110,963,121 |
Value | $107,519,474 | $5,892,081 | $6,040,464 | $186,533,905 |
Dividend Income/Allocated Investment Income | $38,249 | $106,673 | $239,803 | $1,586,561 |
Realized Gain Distribution/ Allocated Net Realized Gain (Loss) | $— | $10,282 | $90,406 | $492,385 |
Purchases | $148,973,605 |
Sales | $152,653,680 |
Beginning Account Value 12/1/2013 | Ending Account Value 5/31/2014 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,036.40 | $5.79 |
Class B Shares | $1,000 | $1,032.20 | $9.88 |
Class C Shares | $1,000 | $1,031.90 | $9.57 |
Class R Shares | $1,000 | $1,033.60 | $7.96 |
Institutional Shares | $1,000 | $1,037.90 | $4.32 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.25 | $5.74 |
Class B Shares | $1,000 | $1,015.21 | $9.80 |
Class C Shares | $1,000 | $1,015.51 | $9.50 |
Class R Shares | $1,000 | $1,017.10 | $7.90 |
Institutional Shares | $1,000 | $1,020.69 | $4.28 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.14% |
Class B Shares | 1.95% |
Class C Shares | 1.89% |
Class R Shares | 1.57% |
Institutional Shares | 0.85% |
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
Not Applicable
Item 3. Audit Committee Financial Expert
Not Applicable
Item 4. Principal Accountant Fees and Services
Not Applicable
Item 5. Audit Committee of Listed Registrants
Not Applicable
Item 6. Schedule of Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not Applicable |
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not Applicable |
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not Applicable |
Item 10. Submission of Matters to a Vote of Security Holders
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 July 22, 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 July 22, 2014
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date July 22, 2014