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: 11/30/14
Date of Reporting Period: 11/30/14
Item 1. Reports to Stockholders
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Share Class | Ticker |
A | FSTBX |
B | FSBBX |
C | FSBCX |
R | FSBKX |
Institutional | SBFIX |
![](https://capedge.com/proxy/N-CSR/0001623632-15-000115/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 | 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 16.86% and 5.27%, 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. |
3 | 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. |
4 | The MSCI All Country World Index captures large- and mid-cap representation across 23 developed markets countries and 21 emerging markets countries. 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 | International investing involves special risks including currency risk, increased volatility, political risks, and differences in auditing and other financial standards. |
7 | The MSCI World ex USA Index captures large- and mid-cap representation across 22 of 23 developed markets countries, excluding the United States. 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. |
8 | The MSCI Japan Index is designed to measure the performance of the large- and mid-cap segments of the Japanese market. 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. |
9 | 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. |
10 | The MSCI Emerging Markets Index captures large- and mid-cap representation across 21 Emerging Markets (EM) countries. 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. |
11 | The MSCI country indexes are constructed by identifying every listed security in the market. Securities are free float adjusted, classified in accordance with the Global Industry Classification Standard (GICS®), and screened by size, liquidity and minimum free float. The indices are unmanaged, and it is not possible to invest directly in an index. |
12 | The U.S. Dollar Index indicates the general international value of the U.S. dollar by averaging the exchange rates between the U.S. dollar and six major world currencies. The index is unmanaged, and it is not possible to invest directly in an index. |
13 | Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices. |
14 | High-yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment-grade securities and may include higher volatility and higher risk of default. |
15 | The Fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities or other traditional instruments. |
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Federated Global Allocation Fund - | Class A Shares | Blended Index | S&P 500 | BAB | MWAFA |
F | I | I | I | I | |
11/30/2004 | 9,450 | 10,000 | 10,000 | 10,000 | 10,000 |
11/30/2005 | 9,899 | 10,565 | 10,844 | 10,240 | 10,727 |
11/30/2006 | 11,141 | 12,290 | 12,388 | 10,848 | 12,569 |
11/30/2007 | 12,242 | 13,853 | 13,344 | 11,504 | 14,249 |
11/30/2008 | 9,135 | 9,729 | 8,261 | 11,704 | 9,456 |
11/30/2009 | 11,130 | 12,589 | 10,358 | 13,065 | 12,177 |
11/30/2010 | 12,283 | 13,183 | 11,388 | 13,852 | 13,076 |
11/30/2011 | 11,452 | 13,525 | 12,280 | 14,616 | 13,248 |
11/30/2012 | 13,234 | 14,913 | 14,261 | 15,422 | 14,277 |
11/30/2013 | 15,581 | 16,782 | 18,581 | 15,174 | 15,546 |
11/30/2014 | 16,598 | 17,638 | 21,714 | 15,973 | 16,225 |
■ | Total returns shown include the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). |
1 Year | 5 Years | 10 Years | |
Class A Shares | 0.67% | 7.68% | 5.48% |
Class B Shares | 0.51% | 7.73% | 5.40% |
Class C Shares | 4.76% | 8.07% | 5.26% |
Class R Shares | 6.06% | 8.43% | 5.60% |
Institutional Shares6 | 6.85% | 9.22% | 6.11% |
Blended Index | 5.10% | 6.98% | 5.84% |
S&P 500 | 16.86% | 15.96% | 8.06% |
BAB | 5.27% | 4.10% | 4.79% |
MWAFA | 4.40% | 7.80% | 5.97% |
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 23 emerging markets countries. The index covers approximately 85% of the global investable equity opportunity set. The BGA is a measure of global investment grade debt from twenty-four 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 | 27.9% |
International Equity Securities | 24.7% |
Corporate Debt Securities | 10.8% |
Foreign Debt Securities | 7.6% |
Mortgage-Backed Securities3 | 1.3% |
Trade Finance Agreements | 1.1% |
Collateralized Mortgage-Backed Obligations | 0.3% |
Asset-Backed Securities | 0.1% |
U.S. Treasury and Agency Securities | 0.1% |
Municipal Securities4 | 0.0% |
Other Security Type5 | 9.1% |
Derivative Contracts6 | 1.1% |
Cash Equivalents7 | 13.3% |
Other Assets and Liabilities—Net8 | 2.6% |
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 exchange-traded funds, 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 | 22.7% |
Consumer Discretionary | 20.3% |
Industrials | 13.4% |
Health Care | 12.6% |
Information Technology | 9.4% |
Consumer Staples | 6.6% |
Utilities | 5.3% |
Energy | 4.5% |
Telecommunication Services | 3.0% |
Materials | 2.2% |
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—52.6% | |||
Consumer Discretionary—10.7% | |||
21,800 | Aisin Seiki Co. | $779,522 | |
800 | 1 | Amazon.com, Inc. | 270,912 |
8,503 | Bayerische Motoren Werke AG (BMW) | 972,193 | |
13,200 | Benesse Corp. | 401,954 | |
10,900 | Bridgestone Corp. | 374,566 | |
7,600 | CBS Corp. - Class B | 417,088 | |
44,500 | Comcast Corp., Class A | 2,538,280 | |
12,519 | Compagnie Financiere Richemont SA | 1,177,078 | |
5,113 | Continental Ag | 1,075,733 | |
21,000 | Daihatsu Motor Co. Ltd. | 287,807 | |
3,937 | Daimler AG | 331,912 | |
3,105 | Delphi Automotive PLC | 226,510 | |
17,059 | 1 | DirecTV | 1,496,245 |
17,106 | Dollarama, Inc. | 807,804 | |
19,379 | Flight Centre Travel Group Ltd. | 666,674 | |
9,767 | 1 | Fossil Group, Inc. | 1,091,169 |
6,800 | Gannett Co., Inc. | 221,340 | |
1,200 | Gap (The), Inc. | 47,520 | |
3,200 | General Motors Co. | 106,976 | |
16,420 | Hakuhodo DY Holdings, Inc. | 159,615 | |
19,600 | Home Depot, Inc. | 1,948,240 | |
310,304 | ITV PLC | 1,038,216 | |
10,600 | Johnson Controls, Inc. | 530,000 | |
166,991 | Kingfisher PLC | 813,820 | |
300 | Las Vegas Sand Corp. | 19,107 | |
38,000 | Li & Fung Ltd. | 42,286 | |
1,437 | 1 | Liberty Broadband Corp.- C | 78,173 |
5,750 | 1 | Liberty Media Corp. - C | 210,048 |
5,600 | 1 | Live Nation | 150,080 |
5,400 | Macy's, Inc. | 350,514 | |
10,767 | Magna International, Inc. | 1,160,878 | |
16,286 | 1 | Michael Kors Holdings Ltd. | 1,249,299 |
10,328 | Michelin, Class B | 949,692 | |
700 | 1 | NVR, Inc. | 881,069 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
87,000 | Nhk Spring Co. | $753,367 | |
10,800 | Nike, Inc., Class B | 1,072,332 | |
26,098 | Persimmon PLC | 624,928 | |
2,800 | PetSmart, Inc. | 220,528 | |
4,400 | Polaris Industries, Inc. | 689,524 | |
13,354 | Realestate.com.au Ltd. | 516,104 | |
67,474 | Reed Elsevier PLC | 1,173,039 | |
9,800 | Ross Stores, Inc. | 896,504 | |
800 | Sands China Ltd. | 4,792 | |
5,578 | Scripps Networks Interactive | 436,032 | |
54,300 | Sony Corp. | 1,189,235 | |
2,400 | Stanley Black & Decker, Inc. | 226,656 | |
4,900 | Starbucks Corp. | 397,929 | |
5,012 | 1 | Starz Series A | 165,346 |
27,900 | Sumitomo Rubber Industries, Ltd. | 424,910 | |
22,800 | TJX Cos., Inc. | 1,508,448 | |
7,900 | 1 | TRW Automotive Holdings Corp. | 816,860 |
10,100 | Target Corp. | 747,400 | |
1,082 | 1 | Taylor Morrison Home Corp - A | 20,926 |
5,069 | 1 | Tesla Motors, Inc. | 1,239,472 |
5,592 | Time Warner Cable, Inc. | 834,774 | |
9,800 | Time Warner, Inc. | 834,176 | |
3,600 | Toyoda Gosei Co., Ltd. | 70,475 | |
14,000 | Toyota Motor Corp. | 862,536 | |
144,707 | Tui Travel PLC | 1,005,166 | |
11,300 | Tupperware Brands Corp. | 759,925 | |
6,563 | Twenty-First Century Fox, Inc. | 241,518 | |
57,000 | USS Co. Ltd. | 822,482 | |
1,300 | V.F. Corp. | 97,721 | |
15,200 | Viacom, Inc., Class B - New | 1,149,576 | |
1,721 | Volkswagen AG | 389,262 | |
18,200 | Walt Disney Co. | 1,683,682 | |
2,600 | Whirlpool Corp. | 484,042 | |
14,509 | Whitbread PLC | 1,039,554 | |
36,500 | Wynn Macau Ltd. | 119,545 | |
TOTAL | 46,391,086 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Staples—3.5% | |||
2,700 | Alimentation Couche-Tard, Inc., Class B | $95,651 | |
30,000 | Altria Group, Inc. | 1,507,800 | |
22,300 | Archer-Daniels-Midland Co. | 1,174,764 | |
8,100 | CVS Health Corp. | 740,016 | |
3,600 | Church and Dwight, Inc. | 276,156 | |
154 | Coca-Cola Enterprises, Inc. | 6,767 | |
5,700 | Colgate-Palmolive Co. | 396,663 | |
6,177 | ConAgra Foods, Inc. | 225,584 | |
13,200 | Herbalife Ltd. | 570,900 | |
3,100 | Japan Tobacco, Inc. | 99,295 | |
6,900 | Kimberly-Clark Corp. | 804,471 | |
10,000 | Kao Corp. | 370,299 | |
9,200 | Kellogg Co. | 609,500 | |
63,098 | Koninklijke Ahold NV | 1,114,513 | |
5,000 | Molson Coors Brewing Co., Class B | 386,750 | |
21,000 | 1 | NH Foods Ltd. | 421,539 |
9,186 | Nestle SA | 689,722 | |
1,415 | PepsiCo, Inc. | 141,642 | |
19,650 | Philip Morris International, Inc. | 1,708,174 | |
15,300 | Procter & Gamble Co. | 1,383,579 | |
182,722 | Sainsbury (J) PLC | 666,151 | |
18,400 | Swedish Match AB | 635,414 | |
22,200 | The Coca-Cola Co. | 995,226 | |
TOTAL | 15,020,576 | ||
Energy—2.4% | |||
57,250 | 1 | Amec Foster Wheeler PLC | 835,672 |
1,743 | 1 | Amec Foster Wheeler PLC - SPON ADR | 25,221 |
204,540 | BP PLC | 1,342,503 | |
1,600 | Canadian Natural Resources Ltd. | 53,380 | |
480 | Delek Group Ltd. | 162,585 | |
4,300 | Devon Energy Corp. | 253,571 | |
4,800 | Exxon Mobil Corp. | 434,592 | |
36,886 | Fugro NV- CVA, GDR | 845,309 | |
4,100 | Halliburton Co. | 173,020 | |
20,700 | Husky Energy, Inc. | 441,153 | |
31,600 | Idemitsu Kosan Co. Ltd. | 539,022 | |
14,000 | Inpex Corp. | 148,296 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Energy—continued | |||
5,003 | 1 | Kosmos Energy LLC | $41,725 |
5,300 | Nabors Industries Ltd. | 69,536 | |
6,144 | Neste Oil Oyj | 145,767 | |
538 | OMV AG | 15,560 | |
52,089 | Royal Dutch Shell PLC, Class B | 1,808,700 | |
6,200 | Schlumberger Ltd. | 532,890 | |
43,500 | Showa Shell Sekiyu K.K. | 362,393 | |
44,100 | Suncor Energy, Inc. | 1,394,925 | |
477 | Tenaris SA | 7,889 | |
5,094 | Total SA | 284,973 | |
4,109 | Valero Energy Corp. | 199,738 | |
2,900 | 1 | Whiting Petroleum Corp. | 121,133 |
TOTAL | 10,239,553 | ||
Financials—11.9% | |||
23,400 | AEON Credit Service Ltd. | 504,998 | |
38,468 | AXA | 928,678 | |
1,900 | Ace, Ltd. | 217,246 | |
42,278 | Admiral Group PLC | 818,874 | |
17,900 | Aflac, Inc. | 1,069,167 | |
7,328 | Allianz SE | 1,261,557 | |
7,200 | Allstate Corp. | 490,680 | |
500 | American Express Co. | 46,210 | |
7,435 | American Tower Corp. | 780,749 | |
7,900 | Ameriprise Financial, Inc. | 1,040,983 | |
60,000 | Aozora Bank Ltd. | 195,089 | |
700 | Assured Guaranty Ltd. | 17,892 | |
23,066 | Australia & New Zealand Banking Group, Melbourne | 626,489 | |
2,766 | Avalonbay Communities, Inc. | 444,745 | |
7,485 | BNP Paribas SA | 479,880 | |
318,500 | BOC Hong Kong (Holdings) Ltd. | 1,127,343 | |
231 | Banco Bilbao Vizcaya Argentaria SA | 2,481 | |
162,386 | Banco Santander, SA | 1,463,710 | |
805 | Bank Hapoalim Ltd. | 4,010 | |
74,804 | 1 | Bank Leumi Le-Israel | 263,640 |
97,800 | Bank of America Corp. | 1,666,512 | |
2,700 | Bank of Montreal | 198,976 | |
4,772 | Bank of Nova Scotia | 296,127 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
72,000 | Bank of Yokohama Ltd. | $405,745 | |
41,752 | 1 | Bankia SA | 73,202 |
41,416 | Barclays PLC | 158,592 | |
3,091 | 1 | Berkshire Hathaway, Inc., - Class B | 459,601 |
16,400 | BioMed Realty Trust, Inc. | 351,780 | |
600 | Blackrock, Inc. | 215,448 | |
2,900 | Boston Properties, Inc. | 375,956 | |
8,720 | CNP Assurances | 161,451 | |
11,900 | Canadian Imperial Bank of Commerce | 1,112,054 | |
5,400 | Capital One Financial Corp. | 449,280 | |
1,300 | Citigroup, Inc. | 70,161 | |
4,490 | Commonwealth Bank of Australia, Sydney | 308,394 | |
256,152 | Corp Mapfre Sa | 939,930 | |
28,300 | Cousins Properties, Inc. | 346,392 | |
5,603 | Credit Agricole SA | 78,763 | |
27,896 | CubeSmart, REIT | 600,880 | |
10,000 | DBS Group Holdings Ltd. | 152,053 | |
4,725 | DCT Industrial Trust, Inc. | 161,264 | |
47,000 | Daiwa Securities Group, Inc. | 377,655 | |
8,400 | Discover Financial Services | 550,620 | |
13,908 | DnB ASA | 230,959 | |
23,900 | 1 | E*Trade Financial Corp. | 545,159 |
3,300 | Equity Residential Properties Trust | 233,772 | |
2,700 | Essex Property Trust, Inc. | 546,507 | |
1,700 | Federal Realty Investment Trust | 225,522 | |
19,400 | Fifth Third Bancorp | 390,328 | |
8,000 | Fulton Financial Corp. | 95,520 | |
3,300 | 1 | Genworth Financial, Inc., Class A | 29,997 |
23,479 | Gjensidige Forsikring ASA | 402,615 | |
1,600 | Great-West Lifeco, Inc. | 47,503 | |
3,360 | Groupe Bruxelles Lambert SA | 303,949 | |
118,001 | HSBC Holdings PLC | 1,174,103 | |
33,000 | Hang Seng Bank Ltd. | 549,770 | |
10,450 | Hannover Rueck SE | 932,453 | |
43,762 | Hargreaves Lansdown PLC | 666,815 | |
5,200 | Hartford Financial Services Group, Inc. | 214,760 | |
64,400 | Hersha Hospitality Trust | 477,204 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
2,304 | Intesa Sanpaolo | $7,099 | |
28,400 | Investor AB, Class B | 1,066,826 | |
11,140 | J.P. Morgan Chase & Co. | 670,182 | |
72,600 | KeyCorp | 980,100 | |
1,300 | Kinnevik Investment AB | 45,103 | |
13,775 | Kite Realty Group Trust | 375,782 | |
3,603 | Lazard Ltd., Class A | 185,627 | |
299,551 | Legal & General Group PLC | 1,154,306 | |
62,146 | Lend Lease Corp. Ltd. | 810,651 | |
3,700 | Lincoln National Corp. | 209,531 | |
360,178 | 1 | Lloyds TSB Group PLC | 452,047 |
6,403 | London Stock Exchange Group PLC | 225,533 | |
5,363 | Macquarie Group Ltd. | 266,638 | |
23,200 | Manulife Financial Corp. | 462,174 | |
18,500 | MetLife, Inc. | 1,028,785 | |
28,400 | Mitsubishi UFJ Financial Group, Inc. | 164,206 | |
227,400 | Mizuho Financial Group, Inc. | 391,722 | |
5,868 | Muenchener Rueckversicherungs-Gesellschaft AG - REG | 1,208,676 | |
1,700 | National Bank of Canada, Montreal | 79,105 | |
2,000 | Oversea-Chinese Banking Corp. Ltd. | 16,072 | |
4,300 | PNC Financial Services Group | 376,121 | |
3,418 | Partners Group Holding AG | 981,625 | |
8,651 | Pebblebrook Hotel Trust | 373,464 | |
402 | Raiffeisen Bank International AG | 8,318 | |
9,100 | Regions Financial Corp. | 91,637 | |
4,800 | RenaissanceRe Holdings Ltd. | 470,016 | |
20,400 | Royal Bank of Canada, Montreal | 1,492,848 | |
3,200 | SL Green Realty Corp. | 371,648 | |
12,971 | Sampo Oyj, Class A | 639,829 | |
23,052 | Schroders PLC | 970,394 | |
13,658 | Scor Regroupe | 426,105 | |
3,300 | Simon Property Group, Inc. | 596,640 | |
35,819 | Sprit Realty Capital, Inc. | 419,441 | |
67,185 | Standard Life PLC | 444,958 | |
34,400 | 1 | Strategic Hotels & Resorts, Inc. | 456,832 |
20,800 | Sumitomo Mitsui Financial Group, Inc. | 784,063 | |
9,000 | Sumitomo Mitsui Trust Holdings, Inc. | 37,406 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
500 | Sun Life Financial Services of Canada | $18,706 | |
5,300 | TCF Financial Corp. | 82,256 | |
3,500 | Tokio Marine Holdings, Inc. | 114,406 | |
17,200 | Toronto-Dominion Bank | 869,100 | |
900 | U.S. Bancorp | 39,780 | |
1,900 | 1 | United Mizrahi Bank Ltd. | 20,122 |
975 | Validus Holdings Ltd. | 40,463 | |
802 | Vienna Insurance Group | 39,895 | |
3,300 | Vornado Realty Trust | 368,148 | |
54,400 | Wells Fargo & Co. | 2,963,712 | |
726 | Westpac Banking Corp. Ltd. | 20,108 | |
TOTAL | 51,680,399 | ||
Health Care—6.6% | |||
7,243 | AbbVie, Inc. | 501,216 | |
1,706 | 1 | Actavis PLC | 461,661 |
8,498 | 1 | Actelion Ltd. | 1,010,525 |
14,100 | Aetna, Inc. | 1,230,084 | |
9,616 | Amgen, Inc | 1,589,621 | |
700 | 1 | Bio Rad Laboratories, Inc., Class A | 83,153 |
65,300 | 1 | Boston Scientific Corp. | 840,411 |
5,200 | Bristol-Myers Squibb Co. | 307,060 | |
1,000 | CIGNA Corp. | 102,890 | |
17,265 | CSL Ltd. | 1,213,019 | |
10,500 | Cardinal Health, Inc. | 862,995 | |
2,787 | Celesio AG | 92,875 | |
2,549 | 1 | Celgene Corp. | 289,796 |
4,000 | 1 | Centene Corp. | 395,080 |
14,931 | Cochlear Ltd. | 883,618 | |
2,650 | Coloplast, Class B | 229,628 | |
7,955 | 1 | Community Health Systems, Inc. | 374,521 |
15,269 | 1 | Express Scripts Holding Co. | 1,269,617 |
13,000 | 1 | Gilead Sciences, Inc. | 1,304,160 |
862 | 1 | Halyard Health, Inc. | 33,799 |
38,000 | 1 | Hologic, Inc. | 1,018,400 |
22,900 | Johnson & Johnson | 2,478,925 | |
18,200 | Lilly (Eli) & Co. | 1,239,784 | |
38,600 | Medipal Holdings Corp. | 428,871 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
7,600 | Medtronic, Inc. | $561,412 | |
9,300 | Merck & Co., Inc. | 561,720 | |
5,000 | 1 | Mylan, Inc. | 293,050 |
16,985 | Novo Nordisk A/S, Class B | 774,639 | |
5,578 | Novartis AG - REG | 539,760 | |
1,711 | Orion Oyj | 58,678 | |
74,522 | Pfizer, Inc. | 2,321,360 | |
28,713 | 1 | Premier, Inc. | 976,816 |
2,770 | 1 | Qiagen NV | 66,286 |
7,443 | Ramsay Health Care Ltd. | 342,945 | |
700 | 1 | Regeneron Pharmaceuticals, Inc. | 291,277 |
9,352 | Roche Holding AG-GENUSSCHEIN | 2,801,003 | |
4,367 | Sanofi | 422,791 | |
21 | Shire PLC | 1,495 | |
15,000 | Sumitomo Dainippon Pharma Co., Ltd. | 155,035 | |
1,700 | Wellpoint, Inc. | 217,447 | |
TOTAL | 28,627,423 | ||
Industrials—7.0% | |||
55 | 3M Co. | 8,805 | |
15 | A P Moller-Maersk A/S | 31,285 | |
1,585 | Abertis Infraestructuras SA | 33,919 | |
4,609 | Alaska Air Group, Inc. | 272,069 | |
9,174 | Allegion PLC | 494,020 | |
20,787 | Allison Transmission Holdings, Inc. | 683,684 | |
81,401 | Aurizon Hldgs. Ltd. | 319,308 | |
148,989 | BAE Systems PLC | 1,119,620 | |
7,700 | Boeing Co. | 1,034,572 | |
16,914 | Bouygues SA | 636,315 | |
712 | Bunzl PLC | 19,863 | |
3,700 | CP Railway Ltd. | 715,409 | |
6,500 | CSX Corp. | 237,185 | |
10,523 | Canadian National Railway, Co. | 748,435 | |
200 | 1 | Copart, Inc. | 7,268 |
7,925 | DSV, De Sammensluttede Vognmad AS | 248,198 | |
4,700 | Danaher Corp. | 392,732 | |
27,500 | Delta Air Lines, Inc. | 1,283,425 | |
30,312 | Deutsche Post AG | 1,006,927 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
8,200 | Dover Corp. | $631,318 | |
29,734 | Edenred | 857,398 | |
7,800 | FedEx Corp. | 1,389,804 | |
24,000 | Fuji Electric Co. | 105,328 | |
2,282 | Geberit International AG | 794,951 | |
5,300 | General Dynamics Corp. | 770,408 | |
9,335 | General Electric Co. | 247,284 | |
1,419 | Huntington Ingalls Industries, Inc. | 154,628 | |
356,000 | Hutchison Port Holdings TR-U | 243,860 | |
12,200 | IDEX Corp. | 937,082 | |
8,000 | Ingersoll-Rand PLC | 504,480 | |
174 | Kone Corp. OYJ, Class B | 8,005 | |
2,900 | L-3 Communications Holdings, Inc. | 361,340 | |
3,821 | Leighton Holdings Ltd. | 65,448 | |
6,200 | Lockheed Martin Corp. | 1,187,672 | |
79,000 | Marubeni Corp. | 497,963 | |
14,600 | Mitsui & Co., Ltd. | 201,386 | |
8,772 | Nielsen NV | 366,406 | |
7,800 | Norfolk Southern Corp. | 870,792 | |
6,900 | Northrop Grumman Corp. | 972,417 | |
15,332 | Randstad Holdings N.V. | 756,578 | |
7,700 | Raytheon Co. | 821,590 | |
10,400 | Securitas AB, Class B | 125,597 | |
38,000 | Singapore Technologies Engineering Ltd. | 98,194 | |
3,283 | Societe BIC SA | 437,617 | |
37,600 | Southwest Airlines Co. | 1,572,432 | |
39,293 | TNT Express NV | 264,815 | |
5,574 | The ADT Corp. | 194,756 | |
20,000 | Toto Ltd. | 238,723 | |
23,744 | Union Pacific Corp. | 2,772,587 | |
12,700 | United Parcel Service, Inc. | 1,395,984 | |
1,200 | 1 | Vestas Wind Systems A/S | 44,200 |
21,780 | West Japan Railway Co. | 1,039,510 | |
9,271 | Xylem, Inc. | 355,450 | |
31,000 | Yangzijiang Shipbuilding Holdings Ltd. | 29,119 | |
TOTAL | 30,608,161 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Information Technology—4.9% | |||
1 | ASML Holding N.V. | $106 | |
1,700 | 1 | Alliance Data Systems Corp. | 485,979 |
53,467 | Apple, Inc. | 6,358,830 | |
10,100 | Applied Materials, Inc. | 242,905 | |
3,198 | 1 | Arris Group, Inc. | 95,205 |
36,913 | Brocade Communications Systems, Inc. | 417,486 | |
6,485 | CDW Corp. | 227,494 | |
14,700 | Canon, Inc. | 470,724 | |
65,200 | Cisco Systems, Inc. | 1,802,128 | |
23,925 | 1 | CommScope Holdings Co., Inc. | 531,135 |
4,700 | Corning, Inc. | 98,794 | |
6,000 | 1 | eBay, Inc. | 329,280 |
6,975 | Ericsson LM - B | 87,836 | |
18,879 | 1 | Facebook, Inc. | 1,466,898 |
923 | 1 | Google, Inc., Class A | 506,801 |
48,700 | Hewlett-Packard Co. | 1,902,222 | |
1,800 | Hoya Corp. | 63,985 | |
6,300 | 1 | Ingram Micro, Inc., Class A | 172,809 |
1,400 | Intel Corp. | 52,150 | |
6,900 | 1 | Micron Technology, Inc. | 248,055 |
7,300 | Microsoft Corp. | 349,013 | |
3,000 | Murata Manufacturing Co. Ltd. | 324,096 | |
10,600 | NVIDIA Corp. | 222,282 | |
2,643 | Nokia Oyj | 21,986 | |
9,700 | Omron Corp. | 451,030 | |
16,620 | Oracle Corp. | 704,854 | |
15,100 | Otsuka Corp. | 519,593 | |
6,500 | Qualcomm, Inc. | 473,850 | |
1,605 | STMicroelectronics N.V. | 12,028 | |
8,700 | 1 | Tech Data Corp. | 542,271 |
24,000 | 1 | Trimble Navigation Ltd. | 675,000 |
9,854 | United Internet AG | 434,061 | |
3,400 | 1 | VMware, Inc., Class A | 299,064 |
7,500 | Western Digital Corp. | 774,525 | |
TOTAL | 21,364,475 | ||
Materials—1.2% | |||
32,000 | Asahi Kasei Corp. | 278,179 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Materials—continued | |||
2,067 | EMS-Chemie Holdings AG | $766,903 | |
2,300 | Eagle Materials, Inc. | 189,497 | |
233,112 | Fortescue Metals Group Ltd. | 583,164 | |
164,808 | Glencore Xstrata PLC | 824,806 | |
80,500 | Kuraray Co. Ltd. | 979,847 | |
2,248 | LyondellBasell Industries NV, Class A | 177,277 | |
1,700 | Martin Marietta Materials | 204,068 | |
9,400 | Nitto Denko Corp. | 495,912 | |
1,000 | Sherwin-Williams Co. | 244,860 | |
69 | Sika AG | 262,646 | |
2,109 | Voest-alpine Stahl | 87,589 | |
94 | Yara International ASA | 3,997 | |
TOTAL | 5,098,745 | ||
Telecommunication Services—1.6% | |||
20,909 | Belgacom | 825,348 | |
60,600 | Deutsche Telekom AG | 1,032,337 | |
525,095 | HKT Trust and HKT Ltd. | 657,448 | |
6,000 | KDDI Corp. | 384,315 | |
17,200 | Nippon Telegraph and Telephone Corp. | 920,163 | |
10,222 | Orange SA | 180,045 | |
193,000 | PCCW Ltd. | 128,663 | |
260,000 | StarHub Ltd. | 825,365 | |
4,342 | TDC AS | 35,194 | |
67,075 | Tele2 AB, Class B | 868,510 | |
98,707 | Telecom Italia S.p.A | 111,200 | |
33,691 | Telstra Corp. Ltd. | 163,119 | |
11,400 | Verizon Communications | 576,726 | |
6,338 | Vivendi SA | 161,403 | |
TOTAL | 6,869,836 | ||
Utilities—2.8% | |||
49,200 | AES Corp. | 682,404 | |
15,400 | Ameren Corp. | 663,894 | |
8,200 | American Electric Power Co., Inc. | 471,910 | |
7,200 | CMS Energy Corp. | 238,320 | |
14,200 | 1 | Calpine Corp. | 326,032 |
3,000 | Cheung Kong Infrastructure Holdings Ltd. | 22,243 | |
1,389 | E.On AG | 24,620 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Utilities—continued | |||
27,108 | Electricite De France | $811,507 | |
18,927 | Enagas SA | 633,792 | |
203,188 | Enel S.p.A | 980,298 | |
400 | Entergy Corp. | 33,560 | |
28,400 | FirstEnergy Corp. | 1,047,392 | |
47,170 | GDF Suez | 1,162,220 | |
28,000 | Power Assets Holdings Ltd. | 267,354 | |
26,600 | Public Service Enterprises Group, Inc. | 1,111,348 | |
1,820 | Red Electrica de Espana | 166,721 | |
30,355 | SSE PLC | 777,598 | |
4,200 | Sempra Energy | 469,266 | |
50,335 | Snam Rete Gas S.p.A | 266,880 | |
54,501 | Suez Environment SA | 966,390 | |
152,136 | Terna S.p.A | 734,750 | |
8,550 | UGI Corp. | 322,420 | |
TOTAL | 12,180,919 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $197,855,616) | 228,081,173 | ||
ASSET-BACKED SECURITIES—0.1% | |||
$150,000 | American Express Credit Account Master Trust 2014-1, A, 0.524%, 12/15/2021 | 149,596 | |
150,000 | Navient Student Loan Trust 2014-1, A2, 0.462%, 03/27/2023 | 149,929 | |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $300,000) | 299,525 | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—0.0% | |||
50,000 | WF-RBS Commercial Mortgage Trust 2012-C6 B, 4.697%, 4/15/2045 | 54,445 | |
100,000 | WF-RBS Commercial Mortgage Trust 2014-C25 B, 4.236%, 11/15/2047 | 103,000 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $153,497) | 157,445 | ||
CORPORATE BONDS—2.3% | |||
Basic Industry - Chemicals—0.0% | |||
50,000 | RPM International, Inc., 6.500%, 02/15/2018 | 56,834 | |
15,000 | RPM International, Inc., Sr. Unsecd. Note, 6.125%, 10/15/2019 | 17,251 | |
TOTAL | 74,085 | ||
Basic Industry - Metals & Mining—0.1% | |||
90,000 | Allegheny Technologies, Inc., Sr. Note, 9.375%, 06/01/2019 | 104,868 | |
150,000 | Barrick Gold Corp., Sr. Unsecd. Note, 4.100%, 5/01/2023 | 147,193 |
Shares or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Basic Industry - Metals & Mining—continued | |||
$100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 04/15/2023 | $100,827 | |
TOTAL | 352,888 | ||
Basic Industry - Paper—0.0% | |||
30,000 | International Paper Co., Sr. Unsecd. Note, 7.500%, 08/15/2021 | 37,572 | |
150,000 | 1,2,3 | Pope & Talbot, Inc., 8.375%, 12/01/2099 | 0 |
TOTAL | 37,572 | ||
Capital Goods - Aerospace & Defense—0.0% | |||
50,000 | 4,5 | BAE Systems Holdings, Inc., Series 144A, 5.200%, 8/15/2015 | 51,651 |
Capital Goods - Diversified Manufacturing—0.1% | |||
100,000 | General Electric Co., Sr. Unsecd. Note, 4.125%, 10/09/2042 | 103,196 | |
100,000 | Roper Industries, Inc., Sr. Unsecd. Note, 6.250%, 09/01/2019 | 116,912 | |
90,000 | 4,5 | Textron Financial Corp., Jr. Sub. Note, Series 144A, 6.000%, 2/15/2067 | 83,025 |
TOTAL | 303,133 | ||
Capital Goods - Environmental—0.0% | |||
110,000 | Republic Services, Inc., Company Guarantee, 5.500%, 9/15/2019 | 125,559 | |
25,000 | Waste Management, Inc., 7.375%, 03/11/2019 | 30,275 | |
TOTAL | 155,834 | ||
Communications - Cable & Satellite—0.0% | |||
20,000 | Time Warner Cable, Inc., Company Guarantee, 8.250%, 04/01/2019 | 24,776 | |
Communications - Media & Entertainment—0.1% | |||
100,000 | 21st Century Fox America, Inc., Sr. Unsecd. Note, 5.400%, 10/01/2043 | 117,062 | |
310,000 | 4,5 | British Sky Broadcasting Group PLC, 3.75%, Series 144A, 9/16/2024 | 315,904 |
200,000 | Viacom, Inc., Sr. Unsecd. Note, 3.875%, 04/01/2024 | 203,020 | |
TOTAL | 635,986 | ||
Communications - Telecom Wirelines—0.1% | |||
15,000 | CenturyLink, Inc., Sr. Note, Series Q, 6.150%, 09/15/2019 | 16,350 | |
200,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 03/15/2024 | 211,149 | |
TOTAL | 227,499 | ||
Conglomerates—0.0% | |||
200,000 | 4,5 | Hutchison Whampoa International 14 Ltd., Unsecd. Note, Series 144A, 1.625%, 10/31/2017 | 199,390 |
Consumer Cyclical - Automotive—0.1% | |||
70,000 | General Motors Co., Sr. Unsecd. Note, 4.00%, 4/01/2025 | 70,241 | |
200,000 | Magna International, Inc., 3.625%, 6/15/2024 | 201,611 | |
50,000 | 4,5 | RCI Banque SA, Sr. Unsecd. Note, Series 144A, 4.600%, 04/12/2016 | 52,281 |
TOTAL | 324,133 |
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 | $106,887 | |
140,058 | 4,5 | CVS Caremark Corp., Pass Thru Cert., Series 144A, 5.298%, 1/11/2027 | 152,664 |
50,000 | Wal-Mart Stores, Inc., Sr. Unsecd. Note, 3.300%, 04/22/2024 | 51,930 | |
TOTAL | 311,481 | ||
Consumer Non-Cyclical - Food/Beverage—0.0% | |||
66,000 | ConAgra Foods, Inc., Sr. Unsecd. Note, 4.650%, 01/25/2043 | 67,188 | |
Consumer Non-Cyclical - Health Care—0.0% | |||
20,000 | Express Scripts, Inc., Sr. Unsecd. Note, 7.250%, 06/15/2019 | 24,253 | |
50,000 | Thermo Fisher Scientific, Sr. Unsecd. Note, 3.300%, 2/15/2022 | 50,584 | |
TOTAL | 74,837 | ||
Consumer Non-Cyclical - Tobacco—0.1% | |||
24,000 | Altria Group, Inc., 9.250%, 08/06/2019 | 31,110 | |
60,000 | Altria Group, Inc., Sr. Unsecd. Note, 4.000%, 01/31/2024 | 62,677 | |
200,000 | Bat Holdings BV, Sr. Unsecd. Note, Series EMTN, 4.000%, 07/07/2020 | 292,022 | |
TOTAL | 385,809 | ||
Energy - Independent—0.1% | |||
100,000 | Apache Corp., 4.25%, 1/15/2044 | 90,476 | |
100,000 | Petroleos Mexicanos, 6.500%, 06/02/2041 | 116,250 | |
150,000 | Petroleos Mexicanos, Sr. Unsecd. Note, 4.875%, 1/18/2024 | 157,875 | |
20,000 | XTO Energy, Inc., 6.750%, 08/01/2037 | 29,243 | |
TOTAL | 393,844 | ||
Energy - Integrated—0.1% | |||
155,000 | Husky Energy, Inc., 4.000%, 04/15/2024 | 157,813 | |
100,000 | Husky Energy, Inc., Sr. Unsecd. Note, 3.950%, 04/15/2022 | 103,466 | |
35,000 | Petro-Canada, Deb., 7.000%, 11/15/2028 | 46,366 | |
TOTAL | 307,645 | ||
Energy - Midstream—0.0% | |||
100,000 | Williams Partners LP, 4.900%, 1/15/2045 | 98,832 | |
Energy - Oil Field Services—0.1% | |||
100,000 | Nabors Industries, Inc., Company Guarantee, 5.000%, 09/15/2020 | 106,012 | |
50,000 | Noble Drilling Corp., Sr. Note, 7.500%, 03/15/2019 | 58,042 | |
100,000 | Weatherford International Ltd., Sr. Unsecd. Note, 5.950%, 04/15/2042 | 98,270 | |
TOTAL | 262,324 | ||
Energy - Refining—0.0% | |||
25,000 | Valero Energy Corp., 9.375%, 03/15/2019 | 31,526 | |
100,000 | Valero Energy Corp., Sr. Unsecd. Note, 6.625%, 06/15/2037 | 122,362 | |
TOTAL | 153,888 |
Shares or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Financial Institution - Banking—0.2% | |||
$140,000 | Associated Banc-Corp., Sub., 4.25%, 1/15/2025 | $141,364 | |
100,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 4.875%, 4/01/2044 | 109,353 | |
100,000 | Citigroup, Inc., Sr. Unsecd. Note, 4.950%, 11/07/2043 | 112,401 | |
5,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 5.750%, 01/24/2022 | 5,802 | |
50,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.125%, 02/15/2033 | 61,651 | |
100,000 | J.P. Morgan Chase & Co., 6.750%, 1/29/2049 | 107,000 | |
50,000 | J.P. Morgan Chase & Co., Sub. Note, 3.375%, 05/01/2023 | 49,340 | |
100,000 | Morgan Stanley, Sr. Unsecd. Note, 6.375%, 07/24/2042 | 131,307 | |
188,658 | 3,4 | Regional Diversified Funding, Series 144A, 9.250%, 03/15/2030 | 115,266 |
40,000 | Wilmington Trust Corp., Sub. Note, 8.500%, 04/02/2018 | 47,403 | |
TOTAL | 880,887 | ||
Financial Institution - Broker/Asset Mgr/Exchange—0.1% | |||
30,000 | Janus Capital Group, Inc., Sr. Note, 6.700%, 06/15/2017 | 33,507 | |
95,000 | Jefferies Group LLC, Sr. Unsecd. Note, 8.500%, 07/15/2019 | 117,075 | |
70,000 | 4,5 | TIAA Asset Management Finance Co., LLC, Sr. Unsecd. Note, Series 144A, 4.125%, 11/01/2024 | 71,353 |
TOTAL | 221,935 | ||
Financial Institution - Finance Companies—0.0% | |||
30,000 | General Electric Capital, Note, Series MTNA, 6.75%, 3/15/2032 | 40,425 | |
Financial Institution - Insurance - Health—0.0% | |||
50,000 | Wellpoint, Inc., 5.850%, 01/15/2036 | 60,738 | |
Financial Institution - Insurance - Life—0.3% | |||
100,000 | Aflac, Inc., Sr. Unsecd. Note, 6.450%, 08/15/2040 | 128,343 | |
100,000 | American International Group, Inc., Sr. Unsecd. Note, 6.250%, 05/01/2036 | 128,015 | |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.75%, 8/01/2039 | 16,325 | |
200,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 4.600%, 05/15/2044 | 206,401 | |
750,000 | 4 | Union Central Life Insurance Co., Note, Series 144A, 8.200%, 11/01/2026 | 1,014,840 |
TOTAL | 1,493,924 | ||
Financial Institution - Insurance - P&C—0.0% | |||
75,000 | ACE INA Holdings, Inc., Sr. Unsecd. Note, 3.350%, 05/15/2024 | 76,231 | |
50,000 | Horace Mann Educators Corp., Sr. Note, 6.850%, 04/15/2016 | 53,837 | |
30,000 | 4,5 | Nationwide Mutual Insurance Co., Sub. Note, Series 144A, 9.375%, 08/15/2039 | 47,306 |
TOTAL | 177,374 |
Shares or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Financial Institution - REIT - Apartment—0.1% | |||
$45,000 | Avalonbay Communities, Inc., Sr. Unsecd. Note, Series MTN, 5.700%, 03/15/2017 | $49,549 | |
300,000 | Mid-America Apartment Communities LP, Sr. Unsecd. Note, 3.750%, 06/15/2024 | 303,346 | |
TOTAL | 352,895 | ||
Financial Institution - REIT - Healthcare—0.0% | |||
100,000 | Health Care REIT, Inc., Sr. Unsecd. Note, 4.125%, 04/01/2019 | 107,331 | |
Financial Institution - REIT - Other—0.1% | |||
40,000 | Liberty Property LP, 6.625%, 10/01/2017 | 45,255 | |
100,000 | ProLogis LP, Sr. Unsecd. Note, 3.350%, 02/01/2021 | 102,012 | |
160,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 04/01/2024 | 168,645 | |
TOTAL | 315,912 | ||
Financial Institution - REIT - Retail—0.0% | |||
40,000 | Equity One, Inc., Bond, 6.000%, 09/15/2017 | 44,280 | |
Foreign-Local-Government—0.1% | |||
255,000 | 4,5 | Queensland Treasury Corp., Sr. Unsecd. Note, 4.000%, 6/21/2019 | 227,519 |
50,000 | Quebec, Province of, Note, Series MTNA, 7.035%, 03/10/2026 | 67,325 | |
TOTAL | 294,844 | ||
Municipal Services—0.1% | |||
140,000 | 4,5 | Army Hawaii Family Housing, Series 144A, 5.524%, 6/15/2050 | 154,232 |
100,000 | 4,5 | Camp Pendleton & Quantico Housing LLC, Series 144A, 5.572%, 10/01/2050 | 109,972 |
TOTAL | 264,204 | ||
Sovereign—0.0% | |||
20,000,000 | KfW, 2.050%, 02/16/2026 | 198,460 | |
Technology—0.0% | |||
100,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.875%, 06/05/2024 | 102,736 | |
Transportation - Railroads—0.0% | |||
45,000 | Union Pacific Corp., Bond, 6.625%, 02/01/2029 | 60,618 | |
Transportation - Services—0.1% | |||
75,000 | 4,5 | Enterprise Rent-A-Car USA Finance Co., Series 144A, 6.375%, 10/15/2017 | 85,071 |
62,000 | 4,5 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, Series 144A, 3.850%, 11/15/2024 | 63,323 |
100,000 | 4,5 | Penske Truck Leasing Co. LP & PTL Finance Corp., Series 144A, 2.500%, 06/15/2019 | 100,231 |
100,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.450%, 11/15/2018 | 101,274 | |
TOTAL | 349,899 |
Shares or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Utility - Electric—0.1% | |||
$60,000 | Appalachian Power Co., Sr. Unsecd. Note, 7.950%, 01/15/2020 | $76,090 | |
50,000 | Cleveland Electric Illuminating Co., Sr. Unsecd. Note, 5.950%, 12/15/2036 | 58,558 | |
29,143 | 4,5 | Great River Energy, 1st Mtg. Note, Series 144A, 5.829%, 7/01/2017 | 31,232 |
200,000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 2.400%, 09/15/2019 | 201,213 | |
75,000 | PSEG Power LLC, Sr. Unsecd. Note, 4.300%, 11/15/2023 | 79,175 | |
40,000 | Progress Energy, Inc., 7.050%, 03/15/2019 | 47,878 | |
TOTAL | 494,146 | ||
Utility - Natural Gas—0.1% | |||
300,000 | Sempra Energy, Sr. Unsecd. Note, 3.550%, 06/15/2024 | 306,144 | |
TOTAL CORPORATE BONDS (IDENTIFIED COST $9,815,245) | 10,209,547 | ||
MORTGAGE-BACKED SECURITIES—0.1% | |||
3,398 | Federal Home Loan Mortgage Corp. Pool C00592, 7.000%, 3/1/2028 | 3,961 | |
2,466 | Federal Home Loan Mortgage Corp. Pool C00896, 7.500%, 12/1/2029 | 2,938 | |
6,260 | Federal Home Loan Mortgage Corp. Pool C17281, 6.500%, 11/1/2028 | 7,211 | |
3,334 | Federal Home Loan Mortgage Corp. Pool C19588, 6.500%, 12/1/2028 | 3,859 | |
1,866 | Federal Home Loan Mortgage Corp. Pool C25621, 6.500%, 5/1/2029 | 2,159 | |
4,011 | Federal Home Loan Mortgage Corp. Pool C76361, 6.000%, 2/1/2033 | 4,582 | |
11,067 | Federal Home Loan Mortgage Corp. Pool E01545, 5.000%, 15 Year, 1/1/2019 | 11,755 | |
1,954 | Federal Home Loan Mortgage Corp. Pool E99510, 5.500%, 9/1/2018 | 2,094 | |
5,256 | Federal Home Loan Mortgage Corp. Pool G01444, 6.500%, 8/1/2032 | 6,031 | |
3,984 | Federal National Mortgage Association Pool 251697, 6.500%, 30 Year, 5/1/2028 | 4,595 | |
13,912 | Federal National Mortgage Association Pool 252334, 6.500%, 30 Year, 2/1/2029 | 15,903 | |
10,805 | Federal National Mortgage Association Pool 254720, 4.500%, 5/1/2018 | 11,387 | |
11,926 | Federal National Mortgage Association Pool 254802, 4.500%, 7/1/2018 | 12,569 | |
8,937 | Federal National Mortgage Association Pool 254905, 6.000%, 10/1/2033 | 10,173 | |
16,332 | Federal National Mortgage Association Pool 255075, 5.500%, 2/1/2024 | 18,265 | |
15,667 | Federal National Mortgage Association Pool 255079, 5.000%, 2/1/2019 | 16,687 | |
1,458 | Federal National Mortgage Association Pool 303168, 9.500%, 30 Year, 2/1/2025 | 1,766 | |
674 | Federal National Mortgage Association Pool 323159, 7.500%, 4/1/2028 | 795 | |
5,641 | Federal National Mortgage Association Pool 323640, 7.500%, 4/1/2029 | 6,648 | |
4,054 | Federal National Mortgage Association Pool 428865, 7.000%, 6/1/2028 | 4,385 |
Shares or Principal Amount | Value in U.S. Dollars | ||
MORTGAGE-BACKED SECURITIES—continued | |||
$522 | Federal National Mortgage Association Pool 443215, 6.000%, 10/1/2028 | $591 | |
3 | Federal National Mortgage Association Pool 514184, 7.500%, 9/1/2029 | 3 | |
14,278 | Federal National Mortgage Association Pool 545993, 6.000%, 11/1/2032 | 16,274 | |
5,923 | Federal National Mortgage Association Pool 555272, 6.000%, 3/1/2033 | 6,750 | |
6,150 | Federal National Mortgage Association Pool 713974, 5.500%, 7/1/2033 | 6,925 | |
11,989 | Federal National Mortgage Association Pool 721502, 5.000%, 7/1/2033 | 13,357 | |
12,003 | Government National Mortgage Association Pool 2796, 7.000%, 8/20/2029 | 14,085 | |
6,361 | Government National Mortgage Association Pool 3040, 7.000%, 2/20/2031 | 7,474 | |
14,868 | Government National Mortgage Association Pool 3188, 6.500%, 1/20/2032 | 17,277 | |
23,564 | Government National Mortgage Association Pool 3239, 6.500%, 5/20/2032 | 27,416 | |
681 | Government National Mortgage Association Pool 352214, 7.000%, 4/15/2023 | 772 | |
2,477 | Government National Mortgage Association Pool 451522, 7.500%, 30 Year, 10/15/2027 | 2,939 | |
2,846 | Government National Mortgage Association Pool 462556, 6.500%, 2/15/2028 | 3,272 | |
406 | Government National Mortgage Association Pool 462739, 7.500%, 5/15/2028 | 481 | |
227 | Government National Mortgage Association Pool 464835, 6.500%, 9/15/2028 | 264 | |
6,846 | Government National Mortgage Association Pool 469699, 7.000%, 11/15/2028 | 8,019 | |
5,562 | Government National Mortgage Association Pool 486760, 6.500%, 12/15/2028 | 6,451 | |
825 | Government National Mortgage Association Pool 780339, 8.000%, 30 Year, 12/15/2023 | 960 | |
7,049 | Government National Mortgage Association Pool 780453, 7.500%, 30 Year, 12/15/2025 | 8,247 | |
5,778 | Government National Mortgage Association Pool 780584, 7.000%, 30 Year, 6/15/2027 | 6,691 | |
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $263,649) | 296,011 | ||
FOREIGN GOVERNMENTS/AGENCIES—4.2% | |||
Sovereign—4.2% | |||
300,000 | 4,5 | Austria, Government of, Sr. Unsecd. Note, 3.65%, 4/20/2022 | 458,126 |
420,000 | Belgium, Government of, Series 68, 2.250%, 06/22/2023 | 586,371 | |
1,200,000 | Bonos Y Oblig Del Estado, 4.100%, 07/30/2018 | 1,673,196 |
Shares or Principal Amount | Value in U.S. Dollars | ||
FOREIGN GOVERNMENTS/AGENCIES—continued | |||
Sovereign—continued | |||
$370,000 | 4,5 | Bonos Y Oblig Del Estado, Sr. Unsecd. Note, 2.75%, 10/31/2024 | $494,564 |
400,000 | Bonos Y Oblig Del Estado, Sr. Unsub., 4.000%, 04/30/2020 | 574,489 | |
200,000 | Buoni Poliennali Del Tes, 2.500%, 5/01/2019 | 265,596 | |
1,100,000 | Buoni Poliennali Del Tes, 3.500%, 12/01/2018 | 1,509,485 | |
200,000 | Canada, Government of, Bond, 3.250%, 06/01/2021 | 193,403 | |
400,000 | Canada, Government of, Bond, 4.000%, 06/01/2016 | 365,565 | |
700,000 | France, Government of, 3.250%, 10/25/2021 | 1,033,503 | |
400,000 | France, Government of, Bond, 3.500%, 04/25/2026 | 620,435 | |
600,000 | Germany, Government of, 1.750%, 2/15/2024 | 821,035 | |
2,850,000 | Hong Kong, Government of, 1.340%, 6/24/2019 | 371,032 | |
157,000,000 | Japan, Government of, Series 105, 0.200%, 06/20/2017 | 1,328,688 | |
160,000,000 | Japan, Government of, Series 327, 0.100%, 4/15/2015 | 1,348,453 | |
60,000,000 | Japan, Government of, Series 453, 0.00%, 5/20/2015 | 505,502 | |
70,000,000 | Japan, Government of, Series 65, 1.900%, 12/20/2023 | 670,001 | |
120,000,000 | Japan-313(10 Year Issue), Series 313, 1.300%, 3/20/2021 | 1,082,933 | |
200,000 | 4,5 | Netherlands, Government of, 1.750%, 07/15/2023 | 270,905 |
1,240,000 | Sweden, Government of, Series 1050, 3.00%, 7/12/2016 | 174,353 | |
1,410,000 | United Kingdom, Government of, 1.750%, 09/07/2022 | 2,211,009 | |
180,000 | United Kingdom, Government of, 3.250%, 01/22/2044 | 313,943 | |
670,000 | United Kingdom, Government, 2.750%, 9/07/2024 | 1,122,833 | |
75,000 | United Mexican States, 6.625%, 03/03/2015 | 76,135 | |
30,000 | United Mexican States, Series MTNA, 6.750%, 09/27/2034 | 38,775 | |
TOTAL FOREIGN GOVERNMENTS/AGENCIES (IDENTIFIED COST $19,550,037) | 18,110,330 | ||
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) | 108,347 | |
U.S. TREASURY—0.1% | |||
86,710 | U.S. Treasury Inflation-Protected Note, Series A-2024, 0.625%, 1/15/2024 | 88,262 | |
147,853 | U.S. Treasury Inflation-Protected Note, Series D-2021, 0.625%, 7/15/2021 | 152,241 | |
250,000 | United States Treasury Bond, 3.625%, 2/15/2044 | 285,326 | |
TOTAL U.S. TREASURY (IDENTIFIED COST $503,202) | 525,829 |
Shares or Principal Amount | Value in U.S. Dollars | ||
EXCHANGE-TRADED FUNDS—9.1% | |||
$569,404 | iShares Core MSCI Emerging Markets ETF | $28,344,931 | |
95,127 | iShares Russell 2000 ETF | 11,107,980 | |
TOTAL EXCHANGE-TRADED FUNDS (IDENTIFIED COST $40,465,066) | 39,452,911 | ||
INVESTMENT COMPANIES—27.9%6 | |||
1,389,580 | Emerging Markets Fixed Income Core Fund | 49,200,680 | |
676,871 | Federated Mortgage Core Portfolio | 6,755,176 | |
656,892 | Federated Project and Trade Finance Core Fund | 6,279,892 | |
53,040,222 | 7 | Federated Prime Value Obligations Fund, Institutional Shares, 0.07% | 53,040,222 |
873,938 | High Yield Bond Portfolio | 5,698,075 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $123,427,808) | 120,974,045 | ||
TOTAL INVESTMENTS—96.4% (IDENTIFIED COST $392,424,120)8 | 418,215,163 | ||
OTHER ASSETS AND LIABILITIES - NET—3.6%9 | 15,758,204 | ||
TOTAL NET ASSETS—100% | $433,973,367 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation (Depreciation) |
1CAC40 10 Euro Short Futures | 527 | $23,098,410 | December 2014 | $(851,356) |
1FTSE 100 Index Short Futures | 190 | $12,788,900 | December 2014 | $(431,571) |
1FTSE/JSE Top 40 Short Futures | 121 | $53,634,460 | December 2014 | $125,527 |
1Hang Seng Index Short Futures | 44 | $52,756,000 | December 2014 | $(13,792) |
1IBEX 35 Index Short Futures | 9 | $968,427 | December 2014 | $(10,811) |
1MEX Bolsa Index Short Futures | 581 | $256,668,370 | December 2014 | $159,456 |
1Mini MSCI Emerging Market Short Futures | 290 | $14,475,350 | December 2014 | $227,817 |
1MSCI Taiwan Index Short Futures | 69 | $2,369,460 | December 2014 | $(12,075) |
1OMXS 30 Index Short Futures | 22 | $3,222,450 | December 2014 | $(14,330) |
1Russell 2000 Mini Short Futures | 6 | $702,960 | December 2014 | $1,000 |
1SGX CNX Nifty Short Futures | 531 | $9,160,281 | December 2014 | $(78,694) |
1Swiss Market Index Short Futures | 154 | $14,095,620 | December 2014 | $(311,920) |
1United States Long Bond Short Futures | 1 | $142,625 | March 2015 | $(2,507) |
1United States Treasury Notes 5-Year Short Futures | 15 | $1,792,383 | March 2015 | $(8,354) |
1United States Treasury Notes 10-Year Short Futures | 87 | $11,053,078 | March 2015 | $(88,555) |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation (Depreciation) |
1Amsterdam Index Long Futures | 166 | $14,143,200 | December 2014 | $571,951 |
1BIST 30 Long Futures | 449 | $4,828,995 | December 2014 | $189,208 |
1DAX Index Long Futures | 93 | $23,190,713 | December 2014 | $2,773,227 |
1Euro STOXX 50 Long Futures | 13 | $421,720 | December 2014 | $34,846 |
1FTSE/MIB Index Long Futures | 32 | $3,205,760 | December 2014 | $198,612 |
1KOSPI2 Index Long Futures | 100 | $12,700,000,000 | December 2014 | $87,451 |
1MSCI Singapore IX ETS Long Futures | 162 | $12,218,040 | December 2014 | $22,582 |
1S&P 500 Long Futures | 108 | $55,790,100 | December 2014 | $1,787,149 |
1S&P MidCap 400 E-Mini Long Futures | 24 | $3,457,920 | December 2014 | $64,682 |
1S&P/TSX 60 Index Long Futures | 69 | $11,894,220 | December 2014 | $26,232 |
1SPI 200 Long Futures | 81 | $10,809,450 | December 2014 | $(173,872) |
1TOPIX Index Long Futures | 83 | $1,170,715,000 | December 2014 | $288,070 |
1United States Treasury Notes 2-Year Long Futures | 67 | $14,682,422 | March 2015 | $21,834 |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $4,581,807 |
Settlement Date | Counterparty | Foreign Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
Contracts Purchased: | ||||
12/3/2014 | JPMorgan Chase | 2,548,000 CHF | $2,629,795 | $7,239 |
12/3/2014 | JPMorgan Chase | 2,369,000 GBP | $3,713,397 | $(13,039) |
12/3/2014 | JPMorgan Chase | 4,275,500 NZD | $3,361,483 | $(7,680) |
12/3/2014 | JPMorgan Chase | 260,800 NOK | $38,481 | $(1,307) |
12/3/2014 | JPMorgan Chase | 2,360,000 SGD | $1,809,414 | $178 |
12/3/2014 | JPMorgan Chase | 154,500 SEK | $20,739 | $(19) |
12/4/2014 | JPMorgan Chase | 1,167,089 CAD | $1,033,350 | $(13,148) |
12/5/2014 | JPMorgan Chase | 14,840 AUD | $12,932 | $(302) |
12/5/2014 | JPMorgan Chase | 93,359 AUD | $81,359 | $(1,900) |
12/5/2014 | JPMorgan Chase | 555,795 AUD | $483,057 | $(10,008) |
12/5/2014 | JPMorgan Chase | 681,159 AUD | $593,609 | $(13,860) |
12/5/2014 | JPMorgan Chase | 98,200 CAD | $86,691 | $(852) |
12/5/2014 | JPMorgan Chase | 1,098,022 CAD | $969,250 | $(9,444) |
12/5/2014 | JPMorgan Chase | 1,251,800 CAD | $1,112,638 | $(18,412) |
12/5/2014 | JPMorgan Chase | 1,712,786 CHF | $1,777,555 | $(3,956) |
12/5/2014 | JPMorgan Chase | 4,253,900 CHF | $4,409,955 | $(5,019) |
12/5/2014 | JPMorgan Chase | 4,428,366 EUR | $5,511,353 | $(1,053) |
12/5/2014 | JPMorgan Chase | 5,958,931 EUR | $7,445,900 | $(31,090) |
12/5/2014 | JPMorgan Chase | 1,375,827 GBP | $2,150,668 | $1,090 |
Settlement Date | Counterparty | Foreign Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
12/5/2014 | JPMorgan Chase | 1,719,601 GBP | $2,751,268 | $(61,855) |
12/5/2014 | JPMorgan Chase | 76,649,496 JPY | $658,973 | $(13,034) |
12/5/2014 | JPMorgan Chase | 274,312,611 JPY | $2,358,327 | $(46,645) |
12/5/2014 | JPMorgan Chase | 3,381,829 NZD | $2,612,480 | $37,589 |
12/5/2014 | JPMorgan Chase | 1,583,515 NZD | $1,251,580 | $(10,705) |
12/5/2014 | JPMorgan Chase | 3,878,465 NOK | $572,826 | $(21,555) |
12/5/2014 | JPMorgan Chase | 9,910,174 NOK | $1,463,674 | $(55,076) |
12/5/2014 | JPMorgan Chase | 1,755,928 SGD | $1,362,193 | $(14,935) |
12/5/2014 | JPMorgan Chase | 2,644,738 SGD | $2,037,900 | $(8,692) |
12/5/2014 | JPMorgan Chase | 1,007,285 SEK | $136,380 | $(1,269) |
12/5/2014 | JPMorgan Chase | 10,918,647 SEK | $1,473,700 | $(9,141) |
12/29/2014 | JPMorgan Chase | 2,545,930 AUD | 1,750,000 EUR | $(14,560) |
12/29/2014 | Barclays Bank PLC | 1,700,000 AUD | 1,869,507 NZD | $(17,066) |
12/29/2014 | Bank of America, N.A. | 3,300,000 AUD | 3,712,731 NZD | $(98,554) |
12/29/2014 | Bank of New York Mellon | 1,900,000 AUD | 11,958,980 SEK | $10,224 |
12/29/2014 | Barclays Bank PLC | 1,900,000 AUD | 3,736,540 TRY | $(60,566) |
12/29/2014 | JPMorgan Chase | 4,000,000 CAD | 372,990,880 JPY | $349,955 |
12/29/2014 | Bank of America, N.A. | 2,600,000 CAD | 15,629,900 NOK | $51,756 |
12/29/2014 | Bank of New York Mellon | 1,504,857 CAD | 850,000 GBP | $(14,503) |
12/29/2014 | Bank of New York Mellon | 1,509,345 CAD | 850,000 GBP | $(10,582) |
12/29/2014 | Bank of New York Mellon | 1,600,000 CAD | 10,380,800 SEK | $5,326 |
12/29/2014 | Bank of America, N.A. | 1,796,552 CAD | $1,600,000 | $(30,459) |
12/29/2014 | Bank of America, N.A. | 1,800,704 CAD | $1,600,000 | $(26,831) |
12/29/2014 | Morgan Stanley Capital SE | 2,601,806 CAD | $2,300,000 | $(26,956) |
12/29/2014 | Morgan Stanley Capital SE | 2,665,981 CAD | $2,350,000 | $(20,890) |
12/29/2014 | JPMorgan Chase | 2,200,000 EUR | 323,335,386 JPY | $11,869 |
12/29/2014 | Bank of America, N.A. | 625,000 EUR | 5,284,813 NOK | $27,263 |
12/29/2014 | Bank of America, N.A. | 1,075,000 EUR | 9,115,140 NOK | $43,305 |
12/29/2014 | Morgan Stanley Capital SE | 1,400,000 EUR | 11,922,848 NOK | $49,017 |
12/29/2014 | Morgan Stanley Capital SE | 1,600,000 EUR | 13,803,536 NOK | $30,822 |
12/29/2014 | Bank of New York Mellon | 800,000 EUR | 7,387,360 SEK | $4,625 |
12/29/2014 | Bank of New York Mellon | 800,000 EUR | 7,430,400 SEK | $(1,149) |
12/29/2014 | Bank of New York Mellon | 800,000 EUR | 7,430,400 SEK | $(1,149) |
12/29/2014 | JPMorgan Chase | 470,000 EUR | $586,768 | $(1,866) |
12/29/2014 | JPMorgan Chase | 1,410,000 EUR | $1,752,849 | $1,859 |
12/29/2014 | Barclays Bank PLC | 1,650,000 EUR | $2,107,339 | $(53,957) |
12/29/2014 | JPMorgan Chase | 1,800,000 EUR | $2,289,041 | $(48,988) |
12/29/2014 | JPMorgan Chase | 3,500,000 EUR | $4,389,209 | $(33,551) |
12/29/2014 | Barclays Bank PLC | 7,000,000 EUR | $8,871,030 | $(159,714) |
Settlement Date | Counterparty | Foreign Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
12/29/2014 | BNP Paribas SA | 275,343,803 JPY | $2,381,805 | $(60,439) |
12/29/2014 | BNP Paribas SA | 275,381,912 JPY | $2,381,805 | $(60,117) |
12/29/2014 | Morgan Stanley Capital SE | 348,486,600 JPY | $3,300,000 | $(361,982) |
12/29/2014 | Bank of America, N.A. | 392,448,400 JPY | $3,400,000 | $(91,349) |
12/29/2014 | BNP Paribas SA | 408,644,250 JPY | $3,500,000 | $(54,805) |
12/29/2014 | Morgan Stanley Capital SE | 2,800,000 NZD | $2,187,584 | $1,411 |
12/29/2014 | BNP Paribas SA | 18,084,600 NOK | 3,400,000 NZD | $(89,746) |
12/29/2014 | JPMorgan Chase | 7,800,000 NOK | 8,450,009 SEK | $(25,768) |
12/29/2014 | JPMorgan Chase | 14,200,000 NOK | 15,352,037 SEK | $(42,710) |
12/29/2014 | JPMorgan Chase | 11,647,043 NOK | $1,700,000 | $(45,924) |
12/29/2014 | JPMorgan Chase | 16,039,338 NOK | $2,350,000 | $(72,142) |
12/29/2014 | Morgan Stanley Capital SE | 15,562,260 NOK | $2,300,000 | $(89,895) |
12/29/2014 | Morgan Stanley Capital SE | 11,447,486 NOK | $1,700,000 | $(74,263) |
12/29/2014 | JPMorgan Chase | 1,650,000 GBP | 287,549,807 JPY | $155,955 |
12/29/2014 | BNP Paribas SA | 3,000,000 GBP | $4,763,610 | $(72,288) |
12/29/2014 | Bank of America, N.A. | 3,759,210 SEK | $525,000 | $(20,733) |
1/30/2015 | JPMorgan Chase | 1,100,000 EUR | $1,371,126 | $(1,848) |
1/30/2015 | BNP Paribas SA | 84,900,000 INR | $1,367,480 | $(16,168) |
Contracts Sold: | ||||
12/3/2014 | JPMorgan Chase | 295,900 AUD | $255,237 | $3,474 |
12/3/2014 | JPMorgan Chase | 5,666,000 EUR | $7,035,267 | $(7,671) |
12/3/2014 | JPMorgan Chase | 166,700,000 JPY | $1,409,383 | $5,154 |
12/4/2014 | JPMorgan Chase | 1,170,378 CAD | $1,033,350 | $10,273 |
12/5/2014 | JPMorgan Chase | 14,988 AUD | $12,932 | $175 |
12/5/2014 | JPMorgan Chase | 94,291 AUD | $81,359 | $1,106 |
12/5/2014 | JPMorgan Chase | 555,795 AUD | $480,319 | $7,270 |
12/5/2014 | JPMorgan Chase | 687,900 AUD | $593,609 | $8,122 |
12/5/2014 | JPMorgan Chase | 1,097,977 CAD | $969,250 | $9,484 |
12/5/2014 | JPMorgan Chase | 4,411,203 EUR | $5,511,353 | $22,409 |
12/5/2014 | JPMorgan Chase | 5,982,087 EUR | $7,445,900 | $2,276 |
12/5/2014 | JPMorgan Chase | 268,312,414 JPY | $2,358,327 | $97,210 |
12/5/2014 | JPMorgan Chase | 75,587,271 JPY | $658,973 | $21,985 |
12/5/2014 | JPMorgan Chase | 1,613,296 NZD | $1,251,580 | $(12,631) |
12/5/2014 | JPMorgan Chase | 3,304,160 NZD | $2,612,480 | $23,274 |
12/5/2014 | JPMorgan Chase | 3,886,444 NOK | $572,826 | $20,421 |
12/5/2014 | JPMorgan Chase | 9,943,834 NOK | $1,463,674 | $50,292 |
12/5/2014 | JPMorgan Chase | 1,355,153 GBP | $2,150,668 | $31,242 |
12/5/2014 | JPMorgan Chase | 1,760,576 GBP | $2,751,268 | $(2,228) |
12/5/2014 | JPMorgan Chase | 2,632,135 SGD | $2,037,900 | $18,361 |
Settlement Date | Counterparty | Foreign Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
12/5/2014 | JPMorgan Chase | 1,758,046 SGD | $1,361,843 | $12,960 |
12/5/2014 | JPMorgan Chase | 10,917,583 SEK | $1,473,700 | $9,283 |
12/5/2014 | JPMorgan Chase | 1,009,889 SEK | $136,380 | $919 |
12/5/2014 | JPMorgan Chase | 1,717,954 CHF | $1,777,555 | $(1,395) |
12/5/2014 | JPMorgan Chase | 4,254,567 CHF | $4,409,955 | $4,328 |
12/29/2014 | JPMorgan Chase | 1,269,159 AUD | 875,000 Euro | $10,514 |
12/29/2014 | JPMorgan Chase | 1,269,637 AUD | 875,000 Euro | $10,108 |
12/29/2014 | Barclays Bank PLC | 1,700,000 AUD | 1,864,560 NZD | $13,198 |
12/29/2014 | Bank of America, N.A. | 3,300,000 AUD | 3,692,370 NZD | $82,636 |
12/29/2014 | Bank of America, N.A. | 1,140,000 AUD | 7,244,130 SEK | $3,086 |
12/29/2014 | Bank of New York Mellon | 760,000 AUD | 4,908,308 SEK | $12,640 |
12/29/2014 | Barclays Bank PLC | 1,900,000 AUD | 3,713,740 TRY | $50,346 |
12/29/2014 | JPMorgan Chase | 750,000 CAD | 70,428,180 JPY | $(61,465) |
12/29/2014 | JPMorgan Chase | 750,000 CAD | 70,897,455 JPY | $(57,509) |
12/29/2014 | JPMorgan Chase | 2,500,000 CAD | 236,299,525 JPY | $(191,910) |
12/29/2014 | Bank of America, N.A. | 2,600,000 CAD | 15,554,630 NOK | $(62,445) |
12/29/2014 | Bank of New York Mellon | 3,007,853 CAD | 1,700,000 GBP | $30,633 |
12/29/2014 | Bank of New York Mellon | 1,600,000 CAD | 10,468,800 SEK | $6,479 |
12/29/2014 | Morgan Stanley Capital SE | 2,598,862 CAD | $2,300,000 | $29,528 |
12/29/2014 | Morgan Stanley Capital SE | 2,664,336 CAD | $2,350,000 | $22,327 |
12/29/2014 | Bank of America, N.A. | 3,588,832 CAD | $3,200,000 | $64,649 |
12/29/2014 | JPMorgan Chase | 2,200,000 EUR | 325,874,868 JPY | $9,541 |
12/29/2014 | Morgan Stanley Capital SE | 1,400,000 EUR | 11,922,540 NOK | $(49,060) |
12/29/2014 | Morgan Stanley Capital SE | 1,600,000 EUR | 13,533,424 NOK | $(69,182) |
12/29/2014 | Bank of America, N.A. | 1,700,000 EUR | 14,463,090 NOK | $(61,601) |
12/29/2014 | Bank of New York Mellon | 800,000 EUR | 7,399,520 SEK | $(2,994) |
12/29/2014 | Bank of New York Mellon | 1,600,000 EUR | 14,944,960 SEK | $13,587 |
12/29/2014 | Barclays Bank PLC | 1,650,000 EUR | $2,114,112 | $60,730 |
12/29/2014 | JPMorgan Chase | 1,800,000 EUR | $2,287,832 | $47,780 |
12/29/2014 | JPMorgan Chase | 1,880,000 EUR | $2,348,966 | $9,355 |
12/29/2014 | JPMorgan Chase | 7,000,000 EUR | $8,869,330 | $158,014 |
12/29/2014 | Barclays Bank PLC | 7,000,000 EUR | $9,006,641 | $295,325 |
12/29/2014 | Morgan Stanley Capital SE | 2,873,975 HKD | $370,000 | $(592) |
12/29/2014 | JPMorgan Chase | 269,095,344 JPY | $2,400,000 | $131,313 |
12/29/2014 | Morgan Stanley Capital SE | 349,166,400 JPY | $3,300,000 | $356,251 |
12/29/2014 | Bank of America, N.A. | 394,576,800 JPY | $3,400,000 | $73,405 |
12/29/2014 | BNP Paribas SA | 409,822,000 JPY | $3,500,000 | $44,876 |
12/29/2014 | BNP Paribas SA | 548,853,617 JPY | $4,763,610 | $136,340 |
12/29/2014 | BNP Paribas SA | 4,327,178 NOK | 816,000 NZD | $23,403 |
Settlement Date | Counterparty | Foreign Currency Units to Deliver/Receive | In Exchange For | Unrealized Appreciation (Depreciation) |
12/29/2014 | BNP Paribas SA | 4,680,691 NOK | 884,000 NZD | $26,360 |
12/29/2014 | BNP Paribas SA | 9,083,952 NOK | 1,700,000 NZD | $38,958 |
12/29/2014 | JPMorgan Chase | 3,968,413 NOK | $587,500 | $23,918 |
12/29/2014 | JPMorgan Chase | 7,800,000 NOK | 8,510,848 SEK | $33,929 |
12/29/2014 | JPMorgan Chase | 14,200,000 NOK | 15,351,100 SEK | $42,584 |
12/29/2014 | Morgan Stanley Capital SE | 11,445,956 NOK | $1,700,000 | $74,480 |
12/29/2014 | JPMorgan Chase | 11,662,525 NOK | $1,700,000 | $43,724 |
12/29/2014 | JPMorgan Chase | 12,009,972 NOK | $1,762,500 | $56,880 |
12/29/2014 | Morgan Stanley Capital SE | 15,515,375 NOK | $2,300,000 | $96,554 |
12/29/2014 | Morgan Stanley Capital SE | 2,800,000 NZD | $2,211,860 | $22,865 |
12/29/2014 | JPMorgan Chase | 1,650,000 GBP | 294,575,325 JPY | $(96,724) |
12/29/2014 | BNP Paribas SA | 3,000,000 GBP | $4,731,900 | $40,578 |
12/29/2014 | JPMorgan Chase | 3,795,802 SEK | $525,000 | $15,824 |
1/30/2015 | JPMorgan Chase | 1,100,000 EUR | $1,362,391 | $(6,887) |
1/30/2015 | BNP Paribas SA | 84,900,000 INR | $1,360,141 | $8,829 |
NET UNREALIZED APPRECIATION ON FOREIGN EXCHANGE CONTRACTS | $511,240 |
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 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 November 30, 2014, these restricted securities amounted to $4,098,855, which represented 0.9% 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 Fund's Board of Trustees (the “Trustees”). At November 30, 2014, these liquid restricted securities amounted to $2,968,749, which represented 0.7% of total net assets. |
6 | Affiliated holdings. |
7 | 7-day net yield. |
8 | The cost of investments for federal tax purposes amounts to $390,921,201. |
9 | 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 | $120,963,139 | $— | $— | $120,963,139 |
International | 106,667,677 | 450,3571 | — | 107,118,034 |
Debt Securities: | ||||
Asset-Backed Securities | — | 299,525 | — | 299,525 |
Collateralized Mortgage Obligations | — | 157,445 | — | 157,445 |
Corporate Bonds | — | 10,094,281 | 115,266 | 10,209,547 |
Foreign Governments/Agencies | — | 18,110,330 | — | 18,110,330 |
Mortgage-Backed Securities | — | 296,011 | — | 296,011 |
Municipal | — | 108,347 | — | 108,347 |
U.S. Treasury | — | 525,829 | — | 525,829 |
Exchange-Traded Funds | 39,452,911 | — | — | 39,452,911 |
Investment Companies2 | 114,694,153 | 6,279,892 | — | 120,974,045 |
TOTAL SECURITIES | $381,777,880 | $36,322,017 | $115,266 | $418,215,163 |
OTHER FINANCIAL INSTRUMENTS3 | $4,581,807 | $511,240 | $— | $5,093,047 |
1 | Includes $253,875 of 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 |
AUD | —Australian Dollar |
CAD | —Canadian Dollar |
CHF | —Swiss Franc |
EUR | —Euro Currency |
GBP | —British Pound |
GO | —General Obligation |
HKD | —Hong Kong Dollar |
INR | —Indian Rupee |
JPY | —Japanese Yen |
MTN | —Medium Term Note |
NOK | —Norwegian Krone |
NZD | —New Zealand Dollar |
REIT(s) | —Real Estate Investment Trust(s) |
SEK | —Swedish Krona |
SGD | —Singapore Dollar |
TRY | —Turkish Lira |
Year Ended November 30 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $21.47 | $18.68 | $16.98 | $16.87 | $15.65 |
Income From Investment Operations: | |||||
Net investment income | 0.181 | 0.171 | 0.181 | 0.201 | 0.191 |
Net realized and unrealized gain on investments, futures contracts, swap contracts, written options and foreign currency transactions | 1.10 | 3.07 | 1.74 | 0.08 | 1.05 |
TOTAL FROM INVESTMENT OPERATIONS | 1.28 | 3.24 | 1.92 | 0.28 | 1.24 |
Less Distributions: | |||||
Distributions from net investment income | (0.12) | (0.16) | (0.22) | (0.17) | (0.02) |
Distributions from net realized gain on investments, futures contracts, swap contracts, written options and foreign currency transactions | (2.34) | (0.29) | — | — | — |
TOTAL DISTRIBUTIONS | (2.46) | (0.45) | (0.22) | (0.17) | (0.02) |
Redemption Fees | 0.002 | — | — | — | — |
Net Asset Value, End of Period | $20.29 | $21.47 | $18.68 | $16.98 | $16.87 |
Total Return3 | 6.53% | 17.73% | 11.38% | 1.62% | 7.91% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.14% | 1.17% | 1.22% | 1.25%4 | 1.25%4 |
Net investment income | 0.93% | 0.88% | 1.01% | 1.14% | 1.20% |
Expense waiver/reimbursement5 | 0.10% | 0.10% | 0.07% | 0.10% | 0.21% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $196,067 | $193,678 | $185,414 | $178,971 | $135,002 |
Portfolio turnover | 100% | 106% | 85% | 215% | 184% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 1.25% and 1.24%, for the years ended November 30, 2011 and 2010, 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. |
Year Ended November 30 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $21.17 | $18.46 | $16.78 | $16.69 | $15.61 |
Income From Investment Operations: | |||||
Net investment income | 0.021 | 0.011 | 0.031 | 0.061 | 0.071 |
Net realized and unrealized gain on investments, futures contracts, swap contracts, written options and foreign currency transactions | 1.07 | 3.04 | 1.72 | 0.08 | 1.03 |
TOTAL FROM INVESTMENT OPERATIONS | 1.09 | 3.05 | 1.75 | 0.14 | 1.10 |
Less Distributions: | |||||
Distributions from net investment income | (0.06) | (0.05) | (0.07) | (0.05) | (0.02) |
Distributions from net realized gain on investments, futures contracts, swap contracts, written options and foreign currency transactions | (2.34) | (0.29) | — | — | — |
TOTAL DISTRIBUTIONS | (2.40) | (0.34) | (0.07) | (0.05) | (0.02) |
Redemption Fees | 0.002 | — | — | — | — |
Net Asset Value, End of Period | $19.86 | $21.17 | $18.46 | $16.78 | $16.69 |
Total Return3 | 5.67% | 16.82% | 10.39% | 0.80% | 7.03% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.95% | 1.99% | 2.05% | 2.05%4 | 2.05%4 |
Net investment income | 0.12% | 0.06% | 0.19% | 0.33% | 0.42% |
Expense waiver/reimbursement5 | 0.10% | 0.10% | 0.07% | 0.12% | 0.21% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $26,163 | $30,675 | $28,853 | $30,424 | $14,541 |
Portfolio turnover | 100% | 106% | 85% | 215% | 184% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 2.05% and 2.04% for the years ended November 30, 2011 and 2010, 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. |
Year Ended November 30 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $21.11 | $18.40 | $16.72 | $16.62 | $15.55 |
Income From Investment Operations: | |||||
Net investment income | 0.031 | 0.021 | 0.041 | 0.061 | 0.061 |
Net realized and unrealized gain on investments, futures contracts, swap contracts, written options and foreign currency transactions | 1.07 | 3.03 | 1.71 | 0.09 | 1.03 |
TOTAL FROM INVESTMENT OPERATIONS | 1.10 | 3.05 | 1.75 | 0.15 | 1.09 |
Less Distributions: | |||||
Distributions from net investment income | (0.07) | (0.05) | (0.07) | (0.05) | (0.02) |
Distributions from net realized gain on investments, futures contracts, swap contracts, written options and foreign currency transactions | (2.34) | (0.29) | — | — | — |
TOTAL DISTRIBUTIONS | (2.41) | (0.34) | (0.07) | (0.05) | (0.02) |
Redemption Fees | 0.002 | — | — | — | — |
Net Asset Value, End of Period | $19.80 | $21.11 | $18.40 | $16.72 | $16.62 |
Total Return3 | 5.70% | 16.89% | 10.51% | 0.90% | 6.99% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.89% | 1.95% | 1.98% | 2.02%4 | 2.05%4 |
Net investment income | 0.17% | 0.10% | 0.24% | 0.36% | 0.40% |
Expense waiver/reimbursement5 | 0.13% | 0.10% | 0.07% | 0.10% | 0.17% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $81,703 | $71,450 | $60,315 | $52,187 | $36,415 |
Portfolio turnover | 100% | 106% | 85% | 215% | 184% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 2.02% and 2.04% for the years ended November 30, 2011 and 2010, 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. |
Year Ended November 30 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $21.40 | $18.62 | $16.92 | $16.81 | $15.68 |
Income From Investment Operations: | |||||
Net investment income | 0.101 | 0.091 | 0.111 | 0.121 | 0.111 |
Net realized and unrealized gain on investments, futures contracts, swap contracts, written options and foreign currency transactions | 1.08 | 3.07 | 1.73 | 0.09 | 1.04 |
TOTAL FROM INVESTMENT OPERATIONS | 1.18 | 3.16 | 1.84 | 0.21 | 1.15 |
Less Distributions: | |||||
Distributions from net investment income | (0.08) | (0.09) | (0.14) | (0.10) | (0.02) |
Distributions from net realized gain on investments, futures contracts, swap contracts, written options and foreign currency transactions | (2.34) | (0.29) | — | — | — |
TOTAL DISTRIBUTIONS | (2.42) | (0.38) | (0.14) | (0.10) | (0.02) |
Redemption Fees | 0.002 | — | — | — | — |
Net Asset Value, End of Period | $20.16 | $21.40 | $18.62 | $16.92 | $16.81 |
Total Return3 | 6.06% | 17.29% | 10.90% | 1.23% | 7.32% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.57% | 1.57% | 1.65% | 1.68%4 | 1.74%4 |
Net investment income | 0.50% | 0.48% | 0.58% | 0.71% | 0.71% |
Expense waiver/reimbursement5 | 0.09% | 0.10% | 0.07% | 0.10% | 0.14% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $67,588 | $67,769 | $62,627 | $54,878 | $53,749 |
Portfolio turnover | 100% | 106% | 85% | 215% | 184% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 1.68% and 1.73% for the years ended November 30, 2011 and 2010, 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. |
Year Ended November 30 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $21.54 | $18.74 | $17.04 | $16.91 | $15.65 |
Income From Investment Operations: | |||||
Net investment income | 0.241 | 0.231 | 0.241 | 0.241 | 0.231 |
Net realized and unrealized gain on investments, futures contracts, swap contracts, written options and foreign currency transactions | 1.10 | 3.08 | 1.74 | 0.10 | 1.05 |
TOTAL FROM INVESTMENT OPERATIONS | 1.34 | 3.31 | 1.98 | 0.34 | 1.28 |
Less Distributions: | |||||
Distributions from net investment income | (0.14) | (0.22) | (0.28) | (0.21) | (0.02) |
Distributions from net realized gain on investments, futures contracts, swap contracts, written options and foreign currency transactions | (2.34) | (0.29) | — | — | — |
TOTAL DISTRIBUTIONS | (2.48) | (0.51) | (0.28) | (0.21) | (0.02) |
Redemption Fees | 0.002 | — | — | — | — |
Net Asset Value, End of Period | $20.40 | $21.54 | $18.74 | $17.04 | $16.91 |
Total Return3 | 6.85% | 18.07% | 11.69% | 1.99% | 8.16% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.85% | 0.89% | 0.94% | 0.95%4 | 1.00%4 |
Net investment income | 1.21% | 1.16% | 1.29% | 1.40% | 1.47% |
Expense waiver/reimbursement5 | 0.12% | 0.10% | 0.07% | 0.10% | 0.19% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $62,451 | $48,353 | $35,929 | $33,979 | $12,421 |
Portfolio turnover | 100% | 106% | 85% | 215% | 184% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.95% and 0.99% for the years ended November 30, 2011 and 2010, 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. |
Assets: | ||
Total investment in securities, at value including $120,974,045 of investment in affiliated holdings (Note 5) (identified cost $392,424,120) | $418,215,163 | |
Cash | 180,212 | |
Cash denominated in foreign currencies (identified cost $401,413) | 393,826 | |
Restricted cash (Note 2) | 14,023,968 | |
Income receivable | 889,454 | |
Receivable for shares sold | 231,126 | |
Unrealized appreciation on foreign exchange contracts | 3,371,048 | |
Receivable for daily variation margin | 173,523 | |
Other assets | 51,999 | |
TOTAL ASSETS | 437,530,319 | |
Liabilities: | ||
Payable for investments purchased | $103,127 | |
Payable for shares redeemed | 151,934 | |
Unrealized depreciation on foreign exchange contracts | 2,859,808 | |
Payable for daily variation margin | 24,578 | |
Payable for transfer agent fee | 148,692 | |
Payable for distribution services fee (Note 5) | 93,308 | |
Payable for other service fees (Notes 2 and 5) | 58,835 | |
Accrued expenses (Note 5) | 116,670 | |
TOTAL LIABILITIES | 3,556,952 | |
Net assets for 21,521,510 shares outstanding | $433,973,367 | |
Net Assets Consist of: | ||
Paid-in capital | $374,222,331 | |
Net unrealized appreciation of investments, futures contracts, written options and translation of assets and liabilities in foreign currency | 30,876,311 | |
Accumulated net realized gain on investments, futures contracts, swap contracts and foreign currency transactions | 28,453,678 | |
Undistributed net investment income | 421,047 | |
TOTAL NET ASSETS | $433,973,367 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($196,067,361 ÷ 9,662,918 shares outstanding), no par value, unlimited shares authorized | $20.29 | |
Offering price per share (100/94.50 of $20.29) | $21.47 | |
Redemption proceeds per share | $20.29 | |
Class B Shares: | ||
Net asset value per share ($26,163,123 ÷ 1,317,483 shares outstanding), no par value, unlimited shares authorized | $19.86 | |
Offering price per share | $19.86 | |
Redemption proceeds per share (94.50/100 of $19.86) | $18.77 | |
Class C Shares: | ||
Net asset value per share ($81,703,472 ÷ 4,126,063 shares outstanding), no par value, unlimited shares authorized | $19.80 | |
Offering price per share | $19.80 | |
Redemption proceeds per share (99.00/100 of $19.80) | $19.60 | |
Class R Shares: | ||
Net asset value per share ($67,588,441 ÷ 3,353,168 shares outstanding), no par value, unlimited shares authorized | $20.16 | |
Offering price per share | $20.16 | |
Redemption proceeds per share | $20.16 | |
Institutional Shares: | ||
Net asset value per share ($62,450,970 ÷ 3,061,878 shares outstanding), no par value, unlimited shares authorized | $20.40 | |
Offering price per share | $20.40 | |
Redemption proceeds per share | $20.40 |
Investment Income: | |||
Dividends (including $769,861 received from an affiliated holding (Note 5) and net of foreign taxes withheld of $255,194) | $6,218,453 | ||
Investment income allocated from affiliated partnership (Note 5) | 1,905,519 | ||
Interest | 615,903 | ||
TOTAL INCOME | 8,739,875 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $2,736,676 | ||
Administrative fee (Note 5) | 329,607 | ||
Custodian fees | 144,395 | ||
Transfer agent fee (Note 2) | 762,582 | ||
Directors'/Trustees' fees (Note 5) | 8,368 | ||
Auditing fees | 29,500 | ||
Legal fees | 13,922 | ||
Portfolio accounting fees | 159,714 | ||
Distribution services fee (Note 5) | 1,119,316 | ||
Other service fees (Notes 2 and 5) | 737,510 | ||
Share registration costs | 70,965 | ||
Printing and postage | 69,812 | ||
Miscellaneous (Note 5) | 18,684 | ||
TOTAL EXPENSES | 6,201,051 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(361,910) | ||
Reimbursement of transfer agent fee (Note 2) | (84,746) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (446,656) | ||
Net expenses | 5,754,395 | ||
Net investment income | 2,985,480 |
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Written Options and Foreign Currency Transactions: | |||
Net realized gain on investments and foreign currency transactions | 30,230,285 | ||
Net realized gain on futures contracts | 8,297,082 | ||
Net realized gain on written option contracts | 12,347 | ||
Net realized gain/loss allocated from affiliated partnership (Note 5) | 735,347 | ||
Realized gain distribution from affiliated investment company shares (Note 5) | 102,958 | ||
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency | (16,567,490) | ||
Net change in unrealized appreciation of futures contracts | 15,957 | ||
Net realized and unrealized gain on investments, futures contracts and foreign currency transactions | 22,826,486 | ||
Change in net assets resulting from operations | $25,811,966 |
Year Ended November 30 | 2014 | 2013 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $2,985,480 | $2,516,703 |
Net realized gain on investments including allocation from affiliated partnerships, futures contracts, written options and foreign currency transactions | 39,378,019 | 46,595,024 |
Net change in unrealized appreciation/depreciation of investments, futures contracts and translation of assets and liabilities in foreign currency | (16,551,533) | 13,621,105 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 25,811,966 | 62,732,832 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (1,122,430) | (1,549,599) |
Class B Shares | (95,208) | (77,096) |
Class C Shares | (239,144) | (175,283) |
Class R Shares | (265,178) | (296,460) |
Institutional Shares | (394,367) | (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 | (7,365,552) | (970,113) |
Institutional Shares | (5,424,526) | (581,958) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (47,253,377) | (8,337,407) |
Share Transactions: | ||
Proceeds from sale of shares | 90,680,055 | 69,869,133 |
Net asset value of shares issued to shareholders in payment of distributions declared | 44,798,299 | 7,938,489 |
Cost of shares redeemed | (92,043,932) | (93,416,700) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 43,434,422 | (15,609,078) |
Redemption Fees | 55,498 | — |
Change in net assets | 22,048,509 | 38,786,347 |
Net Assets: | ||
Beginning of period | 411,924,858 | 373,138,511 |
End of period (including undistributed net investment income of $421,047 and $8,741, respectively) | $433,973,367 | $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 | |
Class A Shares | $289,779 | $(31,558) |
Class B Shares | 59,534 | (4,284) |
Class C Shares | 135,215 | (30,690) |
Class R Shares | 208,797 | (1,465) |
Institutional Shares | 69,257 | (16,749) |
Total | $762,582 | $(84,746) |
Other Service Fees Incurred | |
Class A Shares | $479,397 |
Class B Shares | 71,983 |
Class C Shares | 186,130 |
Total | $737,510 |
Contracts | Number of Contracts | Premium |
Outstanding at 11/30/2013 | — | $— |
Contracts written | 2,200,000 | 13,698 |
Contracts bought back | (2,200,000) | (13,698) |
Outstanding at November 30, 2014 | — | $— |
Security | Acquisition Date | Cost | Market Value |
Regional Diversified Funding Series 144A, 9.25%, 03/15/2030 | 3/10/2000 | $183,413 | $115,266 |
Union Central Life Insurance Co., Note, Series 144A, 8.200%, 11/01/2026 | 3/31/1999 | $790,785 | $1,014,840 |
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 | — | Payable for daily variation margin | $77,582* |
Equity contracts | Receivable for daily variation margin | $4,659,389* | Payable for daily variation margin | — |
Foreign exchange contracts | Receivable for foreign exchange contracts | $3,371,048 | Payable for foreign exchange contracts | $2,859,808 |
Total derivatives not accounted for as hedging instruments under ASC Topic 815 | $8,030,437 | $2,937,390 |
* | 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 | Written Option Contracts | Purchased Option Contracts | Total | |
Interest rate contracts | $(511,764) | $— | $— | $— | $(511,764) |
Foreign exchange contracts | — | 1,161,922 | 12,347 | (212,190) | 962,079 |
Equity contracts | 8,808,846 | — | — | — | 8,808,846 |
TOTAL | $8,297,082 | $1,161,922 | $12,347 | $(212,190) | $9,259,161 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |||
Futures | Forward Currency Contracts | Total | |
Interest rate contracts | $(70,140) | $— | $(70,140) |
Foreign exchange contracts | — | 526,967 | 526,967 |
Equity contracts | 86,097 | — | 86,097 |
TOTAL | $15,957 | $526,967 | $542,924 |
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||
Transaction | Gross Asset Derivatives Presented in Statement of Assets and Liabilities | Financial Instrument | Collateral Received | Net Amount (not less than $0) |
Foreign Exchange Contracts | $3,371,048 | $(2,770,152) | $— | $600,896 |
TOTAL | $3,371,048 | $(2,770,152) | $— | $600,896 |
Transaction | Gross Liability Derivatives Presented in Statement of Assets and Liabilities | Financial Instrument | Collateral Received | Net Amount (not less than $0) |
Foreign Exchange Contracts | $2,859,808 | $(2,770,152) | $— | $89,656 |
TOTAL | $2,859,808 | $(2,770,152) | $— | $89,656 |
Year Ended November 30 | 2014 | 2013 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,271,707 | $24,983,624 | 846,888 | $16,749,013 |
Shares issued to shareholders in payment of distributions declared | 1,077,269 | 20,848,247 | 219,394 | 4,094,005 |
Shares redeemed | (1,704,879) | (33,509,425) | (1,973,766) | (38,671,456) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 644,097 | $12,322,446 | (907,484) | $(17,828,438) |
Year Ended November 30 | 2014 | 2013 | ||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 144,477 | $2,789,113 | 186,478 | $3,643,775 |
Shares issued to shareholders in payment of distributions declared | 172,063 | 3,273,298 | 27,470 | 497,862 |
Shares redeemed | (447,961) | (8,651,857) | (327,759) | (6,353,673) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (131,421) | $(2,589,446) | (113,811) | $(2,212,036) |
Year Ended November 30 | 2014 | 2013 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,353,586 | $26,117,531 | 1,035,747 | $20,015,809 |
Shares issued to shareholders in payment of distributions declared | 409,657 | 7,768,862 | 59,376 | 1,073,382 |
Shares redeemed | (1,022,069) | (19,706,161) | (987,686) | (19,146,194) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 741,174 | $14,180,232 | 107,437 | $1,942,997 |
Year Ended November 30 | 2014 | 2013 | ||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 859,978 | $16,854,161 | 892,929 | $17,412,343 |
Shares issued to shareholders in payment of distributions declared | 395,870 | 7,623,369 | 67,859 | 1,247,698 |
Shares redeemed | (1,070,155) | (20,977,412) | (1,157,528) | (22,690,199) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 185,693 | $3,500,118 | (196,740) | $(4,030,158) |
Year Ended November 30 | 2014 | 2013 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,009,592 | $19,935,626 | 605,015 | $12,048,193 |
Shares issued to shareholders in payment of distributions declared | 271,859 | 5,284,523 | 54,277 | 1,025,542 |
Shares redeemed | (463,970) | (9,199,077) | (332,402) | (6,555,178) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 817,481 | $16,021,072 | 326,890 | $6,518,557 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 2,257,024 | $43,434,422 | (783,708) | $(15,609,078) |
Increase (Decrease) | ||
Paid-In Capital | Undistributed Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) |
$(1,034) | $(456,847) | $457,881 |
2014 | 2013 | |
Ordinary income1 | $18,488,219 | $3,679,773 |
Long-term capital gains | $28,765,158 | $4,657,634 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income2 | $8,075,013 |
Undistributed long-term capital gains | $29,313,561 |
Net unrealized appreciation | $27,812,855 |
Capital loss carryforwards and straddle loss deferrals | $(5,450,393) |
2 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Expiration Year | Short-Term | Long-Term | Total |
2016 | $490,093 | N/A | $490,093 |
2017 | $676,009 | N/A | $676,009 |
2018 | $4,207,794 | N/A | $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 | $215,949 |
Class C Shares | 567,284 |
Class R Shares | 336,083 |
TOTAL | $1,119,316 |
Emerging Markets Fixed Income Core Fund | Federated InterContinental Fund, Institutional Shares | Federated Mortgage Core Portfolio | Federated Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 11/30/2013 | 992,899 | 564,524 | — | 99,036,040 |
Purchases/Additions | 939,010 | 8,519 | 730,305 | 305,729,506 |
Sales/Reductions | (542,329) | (573,043) | (53,434) | (351,725,324) |
Balance of Shares Held 11/30/2014 | 1,389,580 | — | 676,871 | 53,040,222 |
Value | $49,200,680 | $— | $6,755,176 | $53,040,222 |
Dividend Income/Allocated Investment Income | $1,905,519 | $— | $84,988 | $63,929 |
Realized Gain Distribution/Allocated Net Realized Gain (Loss) | $735,347 | $— | $— | $— |
Federated Project and Trade Finance Core Fund | High Yield Bond Portfolio | Total of Affiliated Transactions | |
Balance of Shares Held 11/30/2013 | 535,127 | 1,602,610 | 102,731,200 |
Purchases/Additions | 121,765 | 420,811 | 307,949,916 |
Sales/Reductions | — | (1,149,483) | (354,043,613) |
Balance of Shares Held 11/30/2014 | 656,892 | 873,938 | 56,637,503 |
Value | $6,279,892 | $5,698,075 | $120,974,045 |
Dividend Income/Allocated Investment Income | $232,713 | $388,231 | $2,675,380 |
Realized Gain Distribution/Allocated Net Realized Gain (Loss) | $12,552 | $90,406 | $838,305 |
Purchases | $352,582,596 |
Sales | $(298,863,342) |
![](https://capedge.com/proxy/N-CSR/0001623632-15-000115/kpmgsig.jpg)
January 23, 2015
Beginning Account Value 6/1/2014 | Ending Account Value 11/30/2014 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,027.90 | $5.80 |
Class B Shares | $1,000 | $1,023.70 | $9.89 |
Class C Shares | $1,000 | $1,024.30 | $9.59 |
Class R Shares | $1,000 | $1,026.10 | $7.97 |
Institutional Shares | $1,000 | $1,029.60 | $4.32 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.35 | $5.77 |
Class B Shares | $1,000 | $1,015.29 | $9.85 |
Class C Shares | $1,000 | $1,015.59 | $9.55 |
Class R Shares | $1,000 | $1,017.20 | $7.94 |
Institutional Shares | $1,000 | $1,020.81 | $4.31 |
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 | 1.14% |
Class B Shares | 1.95% |
Class C Shares | 1.89% |
Class R Shares | 1.57% |
Institutional Shares | 0.85% |
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 Indefinite Term Began serving: December 1956 | Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling. |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term 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 Indefinite Term 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: Director, KLX Corp. Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director, Sterling Suffolk Downs, Inc. (racecourse); Director and Audit Committee Member, Bank of America Corp. and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term 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. Other Directorships Held: Director, CONSOL Energy Inc. Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously served as Professor of Law, Duquesne University School of Law and was a member of the Superior Court of Pennsylvania. Judge Lally-Green also holds the positions of: Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute; and Director, Catholic High Schools of the Diocese of Pittsburgh, Inc. Judge Lally-Green has held the positions of: Director, Auberle; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; and Director Cardinal Wuerl Catholic High School. |
Peter E. Madden Birth Date: March 16, 1942 Trustee Indefinite Term Began serving: August 1991 | Principal Occupation: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; Retired. Other Directorships Held: None. Qualifications: Mr. Madden has served in several business management, mutual fund services and directorship positions throughout his career. Mr. Madden previously served as President, Chief Operating Officer and Director, State Street Bank and Trust Company (custodian bank) and State Street Corporation (financial services). He was Director, VISA USA and VISA International and Chairman and Director, Massachusetts Bankers Association. Mr. Madden served as Director, Depository Trust Corporation and Director, The Boston Stock Exchange. Mr. Madden also served as a Representative to the Commonwealth of Massachusetts General Court. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: November 1998 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Mansfield has served in several banking, business management and educational roles and directorship positions throughout his career. Mr. Mansfield previously served as 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). |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: October 2006 | Principal Occupations: Director or Trustee, Vice Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as 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); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; General Counsel, University of Pittsburgh. Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey serves as Board Member, Epilepsy Foundation of Western Pennsylvania and Board member, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
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 S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: November 1998 | Principal Occupations: Director or Trustee, Chair 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. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
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. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: May 1976 | Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp. |
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: August 2004 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of 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 101 Park Avenue 41st Floor New York, NY 10178 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. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
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. |
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Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 314183203
CUSIP 314183302
CUSIP 314183401
CUSIP 314183500
2015 ©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: John T. Collins, 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 2014 - $30,300
Fiscal year ended 2013 - $29,000
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2014 - $0
Fiscal year ended 2013 - $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.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2014 - $0
Fiscal year ended 2013 - $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 2014 - $0
Fiscal year ended 2013 - $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; |
(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 2014– 0%
Fiscal year ended 2013- 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 2014– 0%
Fiscal year ended 2013– 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 2014– 0%
Fiscal year ended 2013– 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 2014- $20,081
Fiscal year ended 2013- $9,308
(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 21, 2015
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 21, 2015
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date January 21, 2015