United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-1
(Investment Company Act File Number)
Federated Global Allocation Fund
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 11/30/15
Date of Reporting Period: Six months ended 05/31/15
Item 1. Reports to Stockholders
Share Class | Ticker |
A | FSTBX |
B | FSBBX |
C | FSBCX |
R | FSBKX |
Institutional | SBFIX |
Portfolio Composition | Percentage of Total Net Assets2 |
Domestic Equity Securities | 25.7% |
International Equity Securities | 24.6% |
Corporate Debt Securities | 13.2% |
Foreign Debt Securities | 7.3% |
Mortgage-Backed Securities3 | 3.0% |
Trade Finance Agreements | 2.7% |
Collateralized Mortgage-Backed Obligations | 0.8% |
Asset-Backed Securities | 0.2% |
U.S. Treasury and Agency Securities | 0.1% |
Floating Rate Loan4 | 0.0% |
Municipal Securities4 | 0.0% |
Other Security Types5 | 9.0% |
Derivative Contracts6 | (0.1)% |
Cash Equivalents7 | 8.4% |
Other Assets and Liabilities—Net8 | 5.1% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for a description of these security types. |
2 | As of the date specified above, the Fund owned shares of one or more affiliated investment companies. For purposes of this table, the affiliated investment company (other than an affiliated money market mutual fund) is not treated as a single portfolio security, but rather the Fund is treated as owning a pro rata portion of each security and each other asset and liability owned by the affiliated investment company. Accordingly, the percentages of total net assets shown in the table will differ from those presented on the Portfolio of Investments. |
3 | For purposes of this table, Mortgage-Backed Securities include mortgage-backed securities guaranteed by Government Sponsored Entities and adjustable rate mortgage-backed securities. |
4 | Represents less than 0.1%. |
5 | Other Security Types consists of exchange-traded funds and purchased put 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 | 23.4% |
Consumer Discretionary | 20.5% |
Health Care | 14.9% |
Information Technology | 11.4% |
Industrials | 10.4% |
Telecommunication Services | 4.8% |
Utilities | 4.5% |
Consumer Staples | 4.1% |
Energy | 3.8% |
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—50.3% | |||
Consumer Discretionary—10.3% | |||
2,900 | Abercrombie & Fitch Co., Class A | $59,363 | |
12,800 | Aisin Seiki Co. | 590,057 | |
900 | 1 | Amazon.com, Inc. | 386,307 |
8,188 | Bayerische Motoren Werke AG (BMW) | 905,758 | |
3,000 | 1 | Bed Bath & Beyond, Inc. | 213,960 |
13,500 | Benesse Corp. | 352,336 | |
11,500 | Bridgestone Corp. | 477,349 | |
38,579 | Burberry Group PLC | 1,001,018 | |
1,900 | Carnival Corp. | 88,027 | |
47,600 | Comcast Corp., Class A | 2,782,696 | |
2,974 | Compagnie Financiere Richemont SA | 257,667 | |
5,077 | Continental Ag | 1,172,556 | |
17,773 | D. R. Horton, Inc. | 464,231 | |
22,000 | Daihatsu Motor Co. Ltd. | 321,512 | |
3,216 | Daimler AG | 301,300 | |
15,800 | Darden Restaurants, Inc. | 1,035,532 | |
13,100 | 1 | Deckers Outdoor Corp. | 892,765 |
4,369 | Delphi Automotive PLC | 380,016 | |
17,259 | 1 | DirecTV | 1,571,259 |
17,975 | Dollarama, Inc. | 995,592 | |
13,950 | Flight Centre Travel Group Ltd. | 494,447 | |
6,063 | 1 | Fossil Group, Inc. | 430,534 |
6,800 | Gannett Co., Inc. | 243,372 | |
3,500 | Gap (The), Inc. | 134,155 | |
27,590 | General Motors Co. | 992,412 | |
59,680 | Hakuhodo DY Holdings, Inc. | 642,294 | |
1,971 | 1 | Hilton Worldwide Holdings, Inc. | 57,080 |
16,600 | Home Depot, Inc. | 1,849,572 | |
4,200 | Husqvarna AB, Class B | 31,977 | |
293,219 | ITV PLC | 1,222,478 | |
3,000 | Isuzu Motors Ltd. | 40,672 | |
2,900 | Johnson Controls, Inc. | 150,858 | |
183,816 | Kingfisher PLC | 1,040,914 | |
38,000 | Li & Fung Ltd. | 32,853 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
5,300 | 1 | Liberty Interactive Corp. | $148,241 |
22,374 | 1 | Liberty Media Corp., Class C | 849,317 |
626 | 1 | Liberty TripAdvisor Holdings, Inc. | 17,515 |
3,100 | Lowe's Cos., Inc. | 216,938 | |
1,042 | Luxottica Group S.p.A | 70,240 | |
21,300 | Macy's, Inc. | 1,426,035 | |
20,817 | Magna International, Inc. | 1,196,358 | |
2,800 | McDonald's Corp. | 268,604 | |
21,116 | 1 | Michael Kors Holdings Ltd. | 981,894 |
10,283 | Michelin, Class B | 1,105,090 | |
500 | 1 | NVR, Inc. | 680,300 |
11,400 | Nike, Inc., Class B | 1,159,038 | |
108,000 | Nissan Motor Co. Ltd. | 1,123,976 | |
648 | Pandora A/S | 65,335 | |
28,407 | Persimmon PLC | 853,269 | |
3,036 | Pirelli & Co. Ord | 51,551 | |
8,900 | Polaris Industries, Inc. | 1,273,145 | |
6,300 | Ralph Lauren Corp. | 821,520 | |
14,658 | Realestate.com.au Ltd. | 434,994 | |
1,600 | Royal Caribbean Cruises, Ltd. | 121,568 | |
52,000 | SJM Holdings Ltd. | 66,456 | |
800 | Sands China Ltd. | 3,092 | |
4,000 | Sekisui Chemical Co. | 53,853 | |
2,855 | 1 | ServiceMaster Global Holdings, Inc. | 95,899 |
15,066 | 1 | Sirius XM Holdings, Inc. | 58,155 |
44,300 | Sony Corp. | 1,368,959 | |
9,000 | Starbucks Corp. | 467,640 | |
900 | Starwood Hotels & Resorts | 74,484 | |
29,300 | Sumitomo Rubber Industries, Ltd. | 515,458 | |
22,300 | TJX Cos., Inc. | 1,435,674 | |
2,600 | Target Corp. | 206,232 | |
22,900 | Time Warner, Inc. | 1,934,592 | |
3,600 | Toyoda Gosei Co., Ltd. | 89,149 | |
14,900 | Toyota Motor Corp. | 1,027,332 | |
18,845 | Twenty-First Century Fox, Inc. | 633,192 | |
9,800 | Viacom, Inc., Class B - New | 655,424 | |
28,362 | Vivendi SA | 724,395 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
545 | Volkswagen AG | $131,399 | |
4,638 | WPP PLC | 109,351 | |
19,700 | Walt Disney Co. | 2,174,289 | |
1,100 | Whirlpool Corp. | 202,675 | |
12,433 | Whitbread PLC | 974,144 | |
36,500 | Wynn Macau Ltd. | 68,273 | |
6,597 | 1 | Zulily, Inc. | 87,245 |
TOTAL | 47,635,209 | ||
Consumer Staples—2.1% | |||
2,700 | Alimentation Couche-Tard, Inc., Class B | 105,212 | |
6,057 | CVS Health Corp. | 620,116 | |
6,100 | Colgate-Palmolive Co. | 407,419 | |
5,877 | ConAgra Foods, Inc. | 226,911 | |
12,900 | Familymart Co. | 540,960 | |
5,300 | 1 | Herbalife Ltd. | 275,759 |
3,900 | Japan Tobacco, Inc. | 141,516 | |
5,354 | Kimberly-Clark Corp. | 582,836 | |
5,000 | Kellogg Co. | 313,850 | |
59,186 | Koninklijke Ahold NV | 1,205,914 | |
9,279 | Metro, Inc. | 256,448 | |
5,000 | Molson Coors Brewing Co., Class B | 366,900 | |
23,000 | NH Foods Ltd. | 496,088 | |
10,855 | Nestle SA | 843,308 | |
7,550 | Philip Morris International, Inc. | 627,179 | |
8,800 | Procter & Gamble Co. | 689,832 | |
18,200 | Swedish Match AB | 542,370 | |
30,500 | The Coca-Cola Co. | 1,249,280 | |
450 | Unilever N.V. Class CVA | 19,200 | |
TOTAL | 9,511,098 | ||
Energy—1.9% | |||
242,898 | BP PLC | 1,673,942 | |
1,764 | Caltex Australia | 45,281 | |
1,600 | Canadian Natural Resources Ltd. | 49,379 | |
511 | Delek Group Ltd. | 147,496 | |
2,900 | Devon Energy Corp. | 189,138 | |
3,600 | Exxon Mobil Corp. | 306,720 | |
5,052 | Halliburton Co. | 229,361 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Energy—continued | |||
87,000 | Inpex Corp. | $1,071,232 | |
28,995 | Kinder Morgan, Inc. | 1,203,003 | |
538 | OMV AG | 15,279 | |
49,794 | Royal Dutch Shell PLC, Class B | 1,505,443 | |
37,502 | Suncor Energy, Inc. | 1,096,171 | |
932 | Tenaris SA | 13,456 | |
5,018 | Total SA | 253,962 | |
15,970 | Valero Energy Corp. | 946,063 | |
TOTAL | 8,745,926 | ||
Financials—11.8% | |||
26,100 | AEON Credit Service Ltd. | 630,415 | |
5,655 | AGEAS | 211,798 | |
41,299 | AXA | 1,043,648 | |
7,516 | Allianz SE | 1,178,442 | |
6,800 | Allstate Corp. | 457,776 | |
8,100 | Ameriprise Financial, Inc. | 1,009,179 | |
27,000 | Ascendas Real Estate Investment Trust | 48,005 | |
24,733 | Australia & New Zealand Banking Group, Melbourne | 624,384 | |
6,802 | BNP Paribas SA | 412,062 | |
289,500 | BOC Hong Kong (Holdings) Ltd. | 1,192,711 | |
231 | Banco Bilbao Vizcaya Argentaria SA | 2,282 | |
174,336 | Banco Santander, SA | 1,241,576 | |
805 | Bank Hapoalim Ltd. | 4,221 | |
74,804 | 1 | Bank Leumi Le-Israel | 292,446 |
116,800 | Bank of America Corp. | 1,927,200 | |
2,800 | Bank of Montreal | 170,913 | |
4,990 | Bank of Nova Scotia | 262,420 | |
79,000 | Bank Of Yokohama Ltd. | 489,800 | |
121,562 | Barclays PLC | 501,671 | |
21,664 | 1 | Berkshire Hathaway, Inc., - Class B | 3,097,952 |
900 | Blackrock, Inc. | 329,202 | |
5,395 | Brookfield Asset Management, Inc., - Class A | 190,812 | |
8,720 | CNP Assurances | 144,231 | |
12,500 | Canadian Imperial Bank of Commerce | 953,884 | |
5,100 | Capital One Financial Corp. | 426,156 | |
200 | Citigroup, Inc. | 10,816 | |
4,696 | Commonwealth Bank of Australia, Sydney | 303,427 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
255,976 | Corp Mapfre Sa | $913,000 | |
5,603 | Credit Agricole SA | 84,017 | |
2,900 | DBS Group Holdings Ltd. | 43,480 | |
6,700 | Danske Bank | 196,521 | |
2,505 | Deutsche Wohnen AG | 61,022 | |
2,505 | 1 | Deutsche Wohnen AG - RTS | 83 |
14,324 | Direct Line Insurance Group PLC | 73,922 | |
6,700 | Discover Financial Services | 390,409 | |
13,908 | DnB ASA | 244,643 | |
14,400 | 1 | E*Trade Financial Corp. | 424,224 |
126,000 | Fukuoka Financial Group, Inc. | 674,291 | |
3,032 | General Property Trust Group | 10,651 | |
23,479 | Gjensidige Forsikring ASA | 362,246 | |
1,400 | Goldman Sachs Group, Inc. | 288,666 | |
1,600 | Great-West Lifeco, Inc. | 46,356 | |
3,360 | Groupe Bruxelles Lambert SA | 279,472 | |
225,454 | HSBC Holdings PLC | 2,146,608 | |
35,200 | Hang Seng Bank Ltd. | 704,643 | |
10,514 | Hannover Rueck SE | 1,021,528 | |
6,500 | Hartford Financial Services Group, Inc. | 267,215 | |
667 | Intact Financial Corp. | 47,837 | |
12,478 | Intesa Sanpaolo | 45,014 | |
33,346 | Investec PLC | 305,691 | |
28,400 | Investor AB, Class B | 1,121,981 | |
39,140 | J.P. Morgan Chase & Co. | 2,574,629 | |
11,337 | KBC Groupe | 760,633 | |
51,900 | KeyCorp | 756,702 | |
1,300 | Kinnevik Investment AB | 43,429 | |
3,603 | Lazard Ltd., Class A | 200,183 | |
294,175 | Legal & General Group PLC | 1,196,644 | |
68,954 | Lend Lease Corp. Ltd. | 872,641 | |
4,700 | Lincoln National Corp. | 267,947 | |
55,000 | Link REIT | 319,909 | |
17,400 | MSCI, Inc., Class A | 1,079,670 | |
5,447 | Macquarie Group Ltd. | 338,368 | |
24,100 | Manulife Financial Corp. | 442,428 | |
90,700 | Mitsubishi UFJ Financial Group, Inc. | 668,312 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
237,000 | Mizuho Financial Group, Inc. | $520,660 | |
5,965 | Muenchener Rueckversicherungs-Gesellschaft AG - REG | 1,100,777 | |
1,258 | 1 | NN Group NV | 35,198 |
1,700 | National Bank of Canada, Montreal | 66,313 | |
46,868 | Navient Corp. | 903,146 | |
248,218 | Old Mutual PLC | 839,345 | |
2,000 | Oversea-Chinese Banking Corp. Ltd. | 15,109 | |
4,100 | PNC Financial Services Group | 392,329 | |
3,399 | Partners Group Holding AG | 1,066,386 | |
12,233 | Prudential Corp. PLC | 304,796 | |
402 | Raiffeisen Bank International AG | 6,184 | |
15,200 | Regions Financial Corp. | 153,368 | |
21,300 | Royal Bank of Canada, Montreal | 1,354,287 | |
23,200 | SEI Investments Co. | 1,109,888 | |
11,766 | Sampo Oyj, Class A | 555,651 | |
22,341 | Schroders PLC | 1,152,107 | |
14,309 | Scor Regroupe | 490,571 | |
3,900 | Skand Enskilda BKN, Class A | 48,208 | |
702 | Societe Generale, Paris | 32,789 | |
20,700 | Sumitomo Mitsui Financial Group, Inc. | 937,413 | |
9,000 | Sumitomo Mitsui Trust Holdings, Inc. | 40,994 | |
500 | Sun Life Financial Services of Canada | 15,962 | |
6,750 | 1 | Synchrony Financial | 217,958 |
140,326 | Three I Group | 1,208,120 | |
3,500 | Tokio Marine Holdings, Inc. | 144,050 | |
18,200 | Toronto-Dominion Bank | 792,482 | |
1,900 | 1 | United Mizrahi Bank Ltd. | 21,609 |
802 | Vienna Insurance Group | 30,494 | |
18,506 | Voya Financial, Inc. | 838,507 | |
59,500 | Wells Fargo & Co. | 3,329,620 | |
726 | Westpac Banking Corp. Ltd. | 18,541 | |
TOTAL | 54,175,306 | ||
Health Care—7.5% | |||
11,817 | Amgen, Inc. | 1,846,524 | |
4,857 | AbbVie, Inc. | 323,428 | |
1,648 | 1 | Actavis PLC | 505,623 |
8,935 | 1 | Actelion Ltd. | 1,249,763 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
11,100 | Aetna, Inc. | $1,309,467 | |
24,396 | Agilent Technologies, Inc. | 1,004,871 | |
1,825 | 1 | Alkermes PLC | 111,507 |
3,150 | Anthem, Inc. | 528,727 | |
5,000 | 1 | Bio Rad Laboratories, Inc., Class A | 721,850 |
4,900 | Bristol-Myers Squibb Co. | 316,540 | |
10,700 | 1 | Bruker Corp. | 212,288 |
17,458 | CSL Ltd. | 1,242,554 | |
11,000 | Cardinal Health, Inc. | 969,870 | |
1,095 | 1 | Catamaran Corp. | 65,554 |
2,306 | Celesio AG | 67,117 | |
2,370 | 1 | Celgene Corp. | 271,223 |
471 | 1 | Centene Corp. | 35,485 |
15,137 | Cochlear Ltd. | 1,020,937 | |
1,850 | Coloplast, Class B | 139,709 | |
13,252 | 1 | Community Health Systems, Inc. | 732,968 |
4,116 | 1 | Express Scripts Holding Co. | 358,668 |
13,500 | Gilead Sciences, Inc. | 1,515,645 | |
9,900 | 1 | Health Net, Inc. | 616,176 |
17,300 | 1 | Hologic, Inc. | 618,821 |
11,601 | 1 | IMS Health Holdings, Inc. | 345,246 |
33,100 | Johnson & Johnson | 3,314,634 | |
19,400 | Lilly (Eli) & Co. | 1,530,660 | |
6,600 | Medtronic PLC | 503,712 | |
40,300 | Merck & Co., Inc. | 2,453,867 | |
17,898 | Novo Nordisk A/S, Class B | 1,014,203 | |
6,930 | Novartis AG - REG | 713,203 | |
1,711 | Orion Oyj | 57,277 | |
17,100 | Otsuka Holdings Co., Ltd. | 532,271 | |
91,422 | Pfizer, Inc. | 3,176,914 | |
22,550 | 1 | Qiagen NV | 553,941 |
7,973 | Ramsay Health Care Ltd. | 385,800 | |
500 | 1 | Regeneron Pharmaceuticals, Inc. | 256,280 |
9,354 | Roche Holding AG-GENUSSCHEIN | 2,754,088 | |
4,508 | Sanofi | 441,846 | |
21 | Shire PLC | 1,818 | |
15,000 | Sumitomo Dainippon Pharma Co., Ltd. | 169,941 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
8,000 | 1 | Tenet Healthcare Corp. | $425,520 |
TOTAL | 34,416,536 | ||
Industrials—5.2% | |||
1,585 | Abertis Infraestructuras SA | 27,860 | |
2,406 | Adecco SA | 191,647 | |
14,263 | Alaska Air Group, Inc. | 921,960 | |
6,250 | Allison Transmission Holdings, Inc. | 191,250 | |
1,089 | Andritz AG | 67,356 | |
151,498 | BAE Systems PLC | 1,193,321 | |
2,478 | Boeing Co. | 348,208 | |
16,999 | Bouygues SA | 669,625 | |
39,437 | Bunzl PLC | 1,143,248 | |
2,500 | CP Railway Ltd. | 411,949 | |
50,100 | CSX Corp. | 1,707,408 | |
10,982 | Canadian National Railway, Co. | 651,449 | |
5,464 | Cobham PLC | 24,701 | |
5,925 | DSV, De Sammensluttede Vognmad AS | 206,450 | |
43,000 | Dai Nippon Printing Co. Ltd. | 452,792 | |
3,700 | Danaher Corp. | 319,384 | |
17,100 | Delta Air Lines, Inc. | 733,932 | |
30,786 | Deutsche Post AG | 928,067 | |
40,318 | Edenred | 1,018,659 | |
24,000 | Fuji Electric Co. | 114,155 | |
3,045 | Geberit International AG | 1,097,089 | |
2,300 | General Dynamics Corp. | 322,368 | |
522,000 | Hutchison Port Holdings TR-U | 343,200 | |
5,700 | Ingersoll-Rand PLC | 392,046 | |
1,356 | 1 | International Consolidated Airlines Group SA | 11,464 |
9,200 | Komatsu Ltd. | 193,248 | |
174 | Kone Corp. OYJ, Class B | 7,298 | |
1,300 | L-3 Communications Holdings, Inc. | 153,153 | |
15,000 | Mitsubishi Electric Corp. | 204,708 | |
46,000 | NWS Holdings Ltd. | 74,739 | |
15,220 | Nielsen NV | 684,748 | |
15,258 | Randstad Holdings N.V. | 884,283 | |
452 | Schindler Holding AG | 79,363 | |
2,800 | Securitas AB, Class B | 38,037 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
38,000 | Singapore Technologies Engineering Ltd. | $95,715 | |
34,700 | Southwest Airlines Co. | 1,285,635 | |
2,900 | Stanley Black & Decker, Inc. | 297,076 | |
71,000 | Sumitomo Heavy Industries | 464,550 | |
72,573 | TNT Express NV | 612,800 | |
20,000 | Toto Ltd. | 329,685 | |
24,594 | Union Pacific Corp. | 2,481,780 | |
7,447 | 1 | United Continental Holdings, Inc. | 406,532 |
9,200 | United Parcel Service, Inc. | 912,824 | |
925 | Vallourec (Usines) | 22,893 | |
1,200 | Vestas Wind Systems A/S | 61,504 | |
19,502 | West Japan Railway Co. | 1,156,535 | |
3,000 | Yamato Holdings Co. Ltd. | 61,020 | |
4,200 | Yangzijiang Shipbuilding Holdings Ltd. | 4,497 | |
TOTAL | 24,002,211 | ||
Information Technology—5.7% | |||
1,500 | 1 | Alliance Data Systems Corp. | 447,045 |
58,444 | Apple, Inc. | 7,614,084 | |
8,500 | Applied Materials, Inc. | 171,105 | |
7,788 | 1 | Arris Group, Inc. | 257,082 |
37,345 | Brocade Communications Systems, Inc. | 461,771 | |
6,705 | CDW Corp. | 248,756 | |
66,400 | Cisco Systems, Inc. | 1,946,184 | |
22,500 | Corning, Inc. | 470,700 | |
10,100 | EMC Corp. Mass | 266,034 | |
4,000 | 1 | eBay, Inc. | 245,440 |
13,923 | Ericsson LM - B | 156,388 | |
4,071 | 1 | Facebook, Inc. | 322,382 |
22,700 | 1 | Freescale Semiconductor Ltd. | 1,024,224 |
806 | 1 | Google, Inc., Class A | 439,528 |
48,700 | Hewlett-Packard Co. | 1,626,580 | |
1,800 | Hoya Corp. | 66,160 | |
6,300 | 1 | Ingram Micro, Inc., Class A | 168,903 |
87,600 | Intel Corp. | 3,018,696 | |
23,700 | Itochu Techno-Science Corp. | 558,902 | |
24,100 | 1 | Micron Technology, Inc. | 673,113 |
11,900 | NVIDIA Corp. | 263,347 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
4,500 | Nexon Co., Ltd. | $60,162 | |
2,489 | Nice Systems Ltd. | 156,426 | |
29,698 | Nokia Oyj | 217,061 | |
10,500 | Omron Corp. | 487,146 | |
4,500 | Qualcomm, Inc. | 313,560 | |
1,605 | STMicroelectronics N.V. | 13,716 | |
13,300 | Skyworks Solutions, Inc. | 1,454,488 | |
23,426 | 1 | SunPower Corp. | 711,916 |
1,541 | TE Connectivity Ltd. | 106,329 | |
7,100 | 1 | Tech Data Corp. | 448,152 |
24,600 | 1 | Trimble Navigation Ltd. | 576,624 |
10,173 | United Internet AG | 475,378 | |
2,500 | 1 | VMware, Inc., Class A | 218,300 |
2,956 | 1 | Vantiv, Inc. | 118,240 |
7,000 | Western Digital Corp. | 681,520 | |
TOTAL | 26,485,442 | ||
Materials—1.1% | |||
33,000 | Asahi Kasei Corp. | 291,807 | |
2,466 | EMS-Chemie Holdings Ag | 1,050,553 | |
2,800 | Eagle Materials, Inc. | 233,744 | |
275,420 | Fortescue Metals Group Ltd. | 504,787 | |
21 | Givaudan SA | 38,500 | |
78,200 | Kuraray Co. Ltd. | 1,023,928 | |
1,500 | Martin Marietta Materials | 223,515 | |
9,600 | Nitto Denko Corp. | 741,509 | |
10,700 | Potash Corp. of Saskatchewan, Inc. | 336,762 | |
1,000 | Sherwin-Williams Co. | 288,180 | |
69 | Sika AG | 237,136 | |
2,109 | Voest-alpine Stahl | 87,752 | |
94 | Yara International ASA | 4,755 | |
TOTAL | 5,062,928 | ||
Telecommunication Services—2.4% | |||
5,400 | AT&T, Inc. | 186,516 | |
210,229 | BT Group PLC | 1,437,270 | |
81,181 | Deutsche Telekom AG | 1,395,030 | |
467,095 | HKT Trust and HKT Ltd. | 587,420 | |
19,800 | KDDI Corp. | 444,628 |
Shares or Principal Amount | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Telecommunication Services—continued | |||
38,220 | NTT DOCOMO, Inc. | $685,351 | |
18,400 | Nippon Telegraph and Telephone Corp. | 1,278,591 | |
10,678 | Orange SA | 169,210 | |
193,000 | PCCW Ltd. | 120,639 | |
294,000 | StarHub Ltd. | 873,389 | |
1,592 | 1 | T-Mobile US, Inc. | 61,897 |
66,903 | Tele2 AB, Class B | 787,246 | |
44,917 | Telecom Italia S.p.A | 55,059 | |
11,000 | TeliaSonera AB | 64,861 | |
87,232 | Telstra Corp. Ltd. | 412,849 | |
52,500 | Verizon Communications | 2,595,600 | |
TOTAL | 11,155,556 | ||
Utilities—2.3% | |||
75,600 | AES Corp. | 1,028,160 | |
6,394 | CMS Energy Corp. | 218,291 | |
43,600 | 1 | Calpine Corp. | 876,360 |
1,389 | E.On AG | 20,401 | |
27,986 | Electricite De France | 688,025 | |
32,505 | Enagas SA | 935,111 | |
230,742 | Enel S.p.A | 1,120,432 | |
49,406 | 1 | Engie | 997,770 |
25,600 | FirstEnergy Corp. | 913,408 | |
12,500 | Power Assets Holdings Ltd. | 119,565 | |
9,000 | Public Service Enterprises Group, Inc. | 383,670 | |
1,820 | Red Electrica de Espana | 153,139 | |
32,535 | SSE PLC | 829,359 | |
1,500 | Sempra Energy | 161,205 | |
70,716 | Snam Rete Gas S.p.A | 349,983 | |
54,189 | Suez Environnement SA | 1,045,572 | |
145,459 | Terna S.p.A | 693,560 | |
TOTAL | 10,534,011 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $202,900,913) | 231,724,223 | ||
ASSET-BACKED SECURITIES—0.1% | |||
$150,000 | American Express Credit Account Master Trust 2014-1, A, 0.555%, 12/15/2021 | 149,999 | |
300,000 | AmeriCredit Automobile Receivables Trust 2015-1, A3, 1.26%, 11/08/2019 | 299,861 |
Shares or Principal Amount | Value in U.S. Dollars | ||
ASSET-BACKED SECURITIES—continued | |||
$150,000 | Navient Student Loan Trust 2014-1, A2, 0.491%, 3/27/2023 | $149,939 | |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $599,983) | 599,799 | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—0.2% | |||
450,000 | Commercial Mortgage Trust 2015-DC1 AM, 3.724%, 2/10/2048 | 465,892 | |
50,000 | WF-RBS Commercial Mortgage Trust 2012-C6 B, 4.697%, 4/15/2045 | 54,971 | |
400,000 | WF-RBS Commercial Mortgage Trust 2014-C25 AS, 3.984%, 11/15/2047 | 426,488 | |
100,000 | WF-RBS Commercial Mortgage Trust 2014-C25 B, 4.236%, 11/15/2047 | 105,923 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $1,048,958) | 1,053,274 | ||
CORPORATE BONDS—4.5% | |||
Basic Industry - Chemicals—0.2% | |||
300,000 | Albemarle Corp., Sr. Unsecd. Note, 5.45%, 12/01/2044 | 308,717 | |
50,000 | RPM International, Inc., 6.500%, 02/15/2018 | 55,520 | |
285,000 | RPM International, Inc., Sr. Unsecd. Note, 5.250%, 6/01/2045 | 279,358 | |
15,000 | RPM International, Inc., Sr. Unsecd. Note, 6.125%, 10/15/2019 | 17,012 | |
250,000 | Valspar Corp., Sr. Unsecd. Note, 3.300%, 2/01/2025 | 247,180 | |
TOTAL | 907,787 | ||
Basic Industry - Metals & Mining—0.1% | |||
90,000 | Allegheny Technologies, Inc., Sr. Note, 9.375%, 06/01/2019 | 107,325 | |
100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 04/15/2023 | 99,551 | |
300,000 | Southern Copper Corp., Note, 6.750%, 04/16/2040 | 319,614 | |
TOTAL | 526,490 | ||
Basic Industry - Paper—0.0% | |||
30,000 | International Paper Co., Sr. Unsecd. Note, 7.500%, 08/15/2021 | 37,805 | |
150,000 | 1,2,3 | Pope & Talbot, Inc., 8.375%, 12/01/2099 | 0 |
TOTAL | 37,805 | ||
Capital Goods - Aerospace & Defense—0.0% | |||
50,000 | 4,5 | BAE Systems Holdings, Inc., Series 144A, 5.200%, 8/15/2015 | 50,449 |
Capital Goods - Building Materials—0.1% | |||
185,000 | Masco Corp., Unsecd. Note, 4.45%, 4/01/2025 | 190,319 | |
300,000 | Valmont Industries, Inc., 5.25%, 10/01/2054 | 278,726 | |
TOTAL | 469,045 | ||
Capital Goods - Diversified Manufacturing—0.1% | |||
100,000 | General Electric Co., Sr. Unsecd. Note, 4.125%, 10/09/2042 | 99,854 | |
200,000 | 4,5 | Hutchison Whampoa International 14 Ltd., Unsecd. Note, Series 144A, 1.625%, 10/31/2017 | 199,965 |
100,000 | Roper Industries, Inc., Sr. Unsecd. Note, 6.250%, 09/01/2019 | 115,164 |
Shares or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Capital Goods - Diversified Manufacturing—continued | |||
$90,000 | 4,5 | Textron Financial Corp., Jr. Sub. Note, Series 144A, 6.000%, 2/15/2067 | $79,763 |
TOTAL | 494,746 | ||
Capital Goods - Environmental—0.0% | |||
110,000 | Republic Services, Inc., Company Guarantee, 5.500%, 9/15/2019 | 124,399 | |
Communications - Cable & Satellite—0.1% | |||
300,000 | DIRECTV Holdings LLC, Sr. Unsecd. Note, 5.150%, 03/15/2042 | 293,422 | |
20,000 | Time Warner Cable, Inc., Company Guarantee, 8.250%, 04/01/2019 | 23,720 | |
TOTAL | 317,142 | ||
Communications - Media & Entertainment—0.1% | |||
100,000 | 21st Century Fox America, Inc., Sr. Unsecd. Note, 5.400%, 10/01/2043 | 112,269 | |
310,000 | 4,5 | British Sky Broadcasting Group PLC, 3.75%, Series 144A, 9/16/2024 | 313,098 |
200,000 | Viacom, Inc., Sr. Unsecd. Note, 3.875%, 04/01/2024 | 199,430 | |
TOTAL | 624,797 | ||
Communications - Telecom Wirelines—0.1% | |||
15,000 | CenturyLink, Inc., Sr. Note, Series Q, 6.150%, 09/15/2019 | 16,275 | |
200,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 03/15/2024 | 211,439 | |
TOTAL | 227,714 | ||
Consumer Cyclical - Automotive—0.1% | |||
70,000 | General Motors Co., Sr. Unsecd. Note, 4.000%, 4/01/2025 | 69,896 | |
200,000 | Magna International, Inc., 3.625%, 6/15/2024 | 200,335 | |
50,000 | 4,5 | RCI Banque SA, Sr. Unsecd. Note, Series 144A, 4.600%, 04/12/2016 | 51,502 |
TOTAL | 321,733 | ||
Consumer Cyclical - Retailers—0.2% | |||
100,000 | Advance Auto Parts, Inc., 4.500%, 12/01/2023 | 105,658 | |
300,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.25%, 4/15/2025 | 295,559 | |
135,772 | 4,5 | CVS Caremark Corp., Pass Thru Cert., Series 144A, 5.298%, 1/11/2027 | 150,028 |
300,000 | Tiffany & Co., Sr. Unsecd. Note, 4.900%, 10/01/2044 | 296,132 | |
50,000 | Wal-Mart Stores, Inc., Sr. Unsecd. Note, 3.300%, 04/22/2024 | 51,546 | |
TOTAL | 898,923 | ||
Consumer Non-Cyclical - Food/Beverage—0.2% | |||
66,000 | ConAgra Foods, Inc., Sr. Unsecd. Note, 4.650%, 01/25/2043 | 61,493 | |
625,000 | Heineken NV, Series EMTN, 2.875%, 8/4/2025 | 783,561 | |
150,000 | PepsiCo, Inc., 2.75%, 4/30/2025 | 146,263 | |
TOTAL | 991,317 | ||
Consumer Non-Cyclical - Health Care—0.0% | |||
20,000 | Express Scripts, Inc., Sr. Unsecd. Note, 7.250%, 06/15/2019 | 23,873 |
Shares or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Consumer Non-Cyclical - Pharmaceuticals—0.2% | |||
$300,000 | AbbVie, Inc., Sr. Unsecd. Note, 2.500%, 5/14/2020 | $300,125 | |
450,000 | Eli Lilly & Co., 3.700%, 3/01/2045 | 419,304 | |
TOTAL | 719,429 | ||
Consumer Non-Cyclical - Tobacco—0.0% | |||
24,000 | Altria Group, Inc., 9.250%, 08/06/2019 | 30,530 | |
60,000 | Altria Group, Inc., Sr. Unsecd. Note, 4.000%, 01/31/2024 | 62,209 | |
TOTAL | 92,739 | ||
Energy - Independent—0.1% | |||
100,000 | Apache Corp., 4.25%, 1/15/2044 | 91,869 | |
100,000 | Petroleos Mexicanos, 6.500%, 06/02/2041 | 110,500 | |
150,000 | Petroleos Mexicanos, Sr. Unsecd. Note, 4.875%, 1/18/2024 | 156,938 | |
20,000 | XTO Energy, Inc., 6.750%, 08/01/2037 | 29,145 | |
TOTAL | 388,452 | ||
Energy - Integrated—0.1% | |||
155,000 | Husky Energy, Inc., 4.000%, 04/15/2024 | 157,568 | |
100,000 | Husky Energy, Inc., Sr. Unsecd. Note, 3.950%, 04/15/2022 | 101,909 | |
35,000 | Petro-Canada, Deb., 7.000%, 11/15/2028 | 45,443 | |
TOTAL | 304,920 | ||
Energy - Midstream—0.2% | |||
325,000 | Energy Transfer Partners, Sr. Unsecd. Note, 4.05%, 3/15/2025 | 316,952 | |
350,000 | Energy Transfer Partners, Sr. Unsecd. Note, 5.15%, 3/15/2045 | 328,055 | |
100,000 | Kinder Morgan, Inc., 5.05%, 2/15/2046 | 91,651 | |
100,000 | Williams Partners LP, 4.900%, 1/15/2045 | 92,318 | |
300,000 | Williams Partners LP, 5.100%, 9/15/2045 | 283,478 | |
TOTAL | 1,112,454 | ||
Energy - Oil Field Services—0.0% | |||
100,000 | Nabors Industries, Inc., Company Guarantee, 5.000%, 09/15/2020 | 103,673 | |
100,000 | Weatherford International Ltd., Sr. Unsecd. Note, 5.950%, 04/15/2042 | 90,431 | |
TOTAL | 194,104 | ||
Energy - Refining—0.1% | |||
250,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.75%, 9/15/2044 | 243,286 | |
25,000 | Valero Energy Corp., 9.375%, 03/15/2019 | 31,160 | |
100,000 | Valero Energy Corp., Sr. Unsecd. Note, 6.625%, 06/15/2037 | 118,505 | |
TOTAL | 392,951 | ||
Financial Institution - Banking—0.6% | |||
340,000 | Associated Banc-Corp., Sub., 4.25%, 1/15/2025 | 341,229 |
Shares or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Financial Institution - Banking—continued | |||
$100,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 4.875%, 4/01/2044 | $106,797 | |
355,000 | Bank of America Corp., Sub. Note, Series L, 3.95%, 4/21/2025 | 351,750 | |
300,000 | Bank of America Corp., Sub. Note, Series MTN, 4.000%, 1/22/2025 | 298,968 | |
250,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.300%, 4/27/2025 | 245,884 | |
100,000 | Citigroup, Inc., Sr. Unsecd. Note, 4.950%, 11/07/2043 | 109,668 | |
250,000 | Compass Bank, Birmingham, Sub. Note, Series BKNT, 3.875%, 4/10/2025 | 243,628 | |
400,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.500%, 1/23/2025 | 396,337 | |
5,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 5.750%, 01/24/2022 | 5,763 | |
50,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.125%, 02/15/2033 | 61,409 | |
100,000 | J.P. Morgan Chase & Co., 6.750%, 1/29/2049 | 109,125 | |
50,000 | J.P. Morgan Chase & Co., Sub. Note, 3.375%, 05/01/2023 | 49,628 | |
300,000 | Morgan Stanley, Sr. Unsecd. Note, 1.417%, 1/27/2020 | 304,263 | |
100,000 | Morgan Stanley, Sr. Unsecd. Note, 6.375%, 07/24/2042 | 127,099 | |
165,325 | 3,4 | Regional Diversified Funding, Series 144A, 9.250%, 03/15/2030 | 87,785 |
40,000 | Wilmington Trust Corp., Sub. Note, 8.500%, 04/02/2018 | 46,653 | |
TOTAL | 2,885,986 | ||
Financial Institution - Broker/Asset Mgr/Exchange—0.0% | |||
30,000 | Janus Capital Group, Inc., Sr. Note, 6.700%, 06/15/2017 | 32,786 | |
95,000 | Jefferies Group LLC, Sr. Unsecd. Note, 8.500%, 07/15/2019 | 114,145 | |
70,000 | 4,5 | TIAA Asset Management Finance Co., LLC, Sr. Unsecd. Note, Series 144A, 4.125%, 11/01/2024 | 72,525 |
TOTAL | 219,456 | ||
Financial Institution - Finance Companies—0.0% | |||
30,000 | General Electric Capital, Note, Series MTNA, 6.75%, 3/15/2032 | 40,350 | |
Financial Institution - Insurance - Health—0.0% | |||
50,000 | Wellpoint, Inc., 5.850%, 01/15/2036 | 58,292 | |
Financial Institution - Insurance - Life—0.5% | |||
100,000 | Aflac, Inc., Sr. Unsecd. Note, 6.450%, 08/15/2040 | 127,183 | |
100,000 | American International Group, Inc., Sr. Unsecd. Note, 6.250%, 05/01/2036 | 123,336 | |
400,000 | American International Group, Inc., Unsecd. Note, 3.875%, 1/15/2035 | 377,932 | |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.75%, 8/01/2039 | 16,575 | |
330,000 | MetLife, Inc., Sr. Unsecd. Note, 4.05%, 3/01/2045 | 314,825 | |
100,000 | 4,5 | Principal Life Global Funding II, Series 144A, 2.200%, 4/08/2020 | 100,155 |
200,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 4.600%, 05/15/2044 | 200,197 |
Shares or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Financial Institution - Insurance - Life—continued | |||
$750,000 | 4 | Union Central Life Insurance Co., Note, Series 144A, 8.200%, 11/01/2026 | $1,008,394 |
TOTAL | 2,268,597 | ||
Financial Institution - Insurance - P&C—0.1% | |||
75,000 | ACE INA Holdings, Inc., Sr. Unsecd. Note, 3.350%, 05/15/2024 | 77,088 | |
50,000 | Horace Mann Educators Corp., Sr. Note, 6.850%, 04/15/2016 | 52,444 | |
300,000 | 4,5 | Liberty Mutual Group, Inc, Sr. Unsecd. Note, Series 144A, 6.500%, 3/15/2035 | 360,179 |
30,000 | 4,5 | Nationwide Mutual Insurance Co., Sub. Note, Series 144A, 9.375%, 08/15/2039 | 46,438 |
TOTAL | 536,149 | ||
Financial Institution - REIT - Apartment—0.1% | |||
300,000 | Mid-America Apartment Communities LP, Sr. Unsecd. Note, 3.750%, 06/15/2024 | 303,872 | |
Financial Institution - REIT - Healthcare—0.0% | |||
100,000 | Health Care REIT, Inc., Sr. Unsecd. Note, 4.125%, 04/01/2019 | 106,764 | |
Financial Institution - REIT - Office—0.1% | |||
300,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 4.500%, 7/30/2029 | 308,033 | |
Financial Institution - REIT - Other—0.1% | |||
40,000 | Liberty Property LP, 6.625%, 10/01/2017 | 44,300 | |
100,000 | ProLogis LP, Sr. Unsecd. Note, 3.350%, 02/01/2021 | 103,019 | |
160,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 04/01/2024 | 164,301 | |
TOTAL | 311,620 | ||
Financial Institution - REIT - Retail—0.0% | |||
40,000 | Equity One, Inc., Bond, 6.000%, 09/15/2017 | 43,616 | |
Financial Institution - REITs—0.0% | |||
200,000 | Host Hotels & Resorts LP, Sr. Unsecd. Note, Series E, 4.000%, 6/15/2025 | 204,188 | |
Foreign - Local - Government—0.1% | |||
255,000 | 4,5 | Queensland Treasury Corp., Sr. Unsecd. Note, 4.000%, 6/21/2019 | 207,230 |
50,000 | Quebec, Province of, Note, Series MTNA, 7.035%, 03/10/2026 | 66,390 | |
TOTAL | 273,620 | ||
Municipal Services—0.1% | |||
140,000 | 4,5 | Army Hawaii Family Housing, Series 144A, 5.524%, 6/15/2050 | 156,845 |
100,000 | 4,5 | Camp Pendleton & Quantico Housing LLC, Series 144A, 5.572%, 10/01/2050 | 110,321 |
TOTAL | 267,166 |
Shares or Principal Amount | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Technology—0.3% | |||
$300,000 | Adobe Systems, Inc., Sr. Unsecd. Note, 3.25%, 2/01/2025 | $301,380 | |
250,000 | Apple, Inc., Sr. Unsecd. Note, 3.45%, 2/09/2045 | 217,439 | |
100,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.875%, 06/05/2024 | 101,729 | |
300,000 | 4,5 | Keysight Technologies, I, Sr. Unsecd. Note, Series 144A, 4.55%, 10/30/2024 | 297,206 |
380,000 | 4,5 | Molex Electronics Technologies LLC, Unsecd. Note, Series 144A, 3.900%, 4/15/2025 | 376,207 |
TOTAL | 1,293,961 | ||
Transportation - Railroads—0.1% | |||
140,000 | Burlington Northern Santa Fe Corp., Sr. Unsecd. Note, 4.15%, 4/01/2045 | 133,564 | |
45,000 | Union Pacific Corp., Bond, 6.625%, 02/01/2029 | 61,038 | |
135,000 | Union Pacific Corp., Sr. Unsecd. Note, 3.875%, 2/01/2055 | 124,754 | |
TOTAL | 319,356 | ||
Transportation - Services—0.1% | |||
75,000 | 4,5 | Enterprise Rent-A-Car USA Finance Co., Series 144A, 6.375%, 10/15/2017 | 83,474 |
62,000 | 4,5 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, Series 144A, 3.850%, 11/15/2024 | 63,730 |
100,000 | 4,5 | Penske Truck Leasing Co. LP & PTL Finance Corp., Series 144A, 2.500%, 06/15/2019 | 99,559 |
335,000 | 4,5 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, Series 144A, 3.375%, 2/01/2022 | 331,480 |
100,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.450%, 11/15/2018 | 101,789 | |
TOTAL | 680,032 | ||
Utility - Electric—0.2% | |||
29,142 | 4,5 | Great River Energy, 1st Mtg. Note, Series 144A, 5.829%, 7/01/2017 | 30,494 |
300,000 | National Rural Utilities Cooperative Finance Corp., 2.000%, 1/27/2020 | 299,787 | |
200,000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 2.400%, 09/15/2019 | 201,789 | |
400,000 | Northeast Utilities, Sr. Unsecd. Note, Series H, 3.15%, 1/15/2025 | 397,436 | |
75,000 | PSEG Power LLC, Sr. Unsecd. Note, 4.300%, 11/15/2023 | 79,285 | |
40,000 | Progress Energy, Inc., 7.050%, 03/15/2019 | 47,351 | |
TOTAL | 1,056,142 | ||
Utility - Natural Gas—0.1% | |||
300,000 | Sempra Energy, Sr. Unsecd. Note, 3.550%, 06/15/2024 | 307,349 | |
TOTAL CORPORATE BONDS (IDENTIFIED COST $20,808,285) | 20,705,818 |
Shares or Principal Amount | Value in U.S. Dollars | ||
MORTGAGE-BACKED SECURITIES—0.1% | |||
$3,089 | Federal Home Loan Mortgage Corp. Pool C00592, 7.000%, 3/1/2028 | $3,594 | |
2,189 | Federal Home Loan Mortgage Corp. Pool C00896, 7.500%, 12/1/2029 | 2,619 | |
5,459 | Federal Home Loan Mortgage Corp. Pool C17281, 6.500%, 11/1/2028 | 6,308 | |
3,250 | Federal Home Loan Mortgage Corp. Pool C19588, 6.500%, 12/1/2028 | 3,772 | |
1,783 | Federal Home Loan Mortgage Corp. Pool C25621, 6.500%, 5/1/2029 | 2,070 | |
3,926 | Federal Home Loan Mortgage Corp. Pool C76361, 6.000%, 2/1/2033 | 4,514 | |
8,817 | Federal Home Loan Mortgage Corp. Pool E01545, 5.000%, 15 Year, 1/1/2019 | 9,290 | |
1,461 | Federal Home Loan Mortgage Corp. Pool E99510, 5.500%, 9/1/2018 | 1,550 | |
4,747 | Federal Home Loan Mortgage Corp. Pool G01444, 6.500%, 8/1/2032 | 5,504 | |
3,617 | Federal National Mortgage Association Pool 251697, 6.500%, 30 Year, 5/1/2028 | 4,182 | |
12,520 | Federal National Mortgage Association Pool 252334, 6.500%, 30 Year, 2/1/2029 | 14,322 | |
8,188 | Federal National Mortgage Association Pool 254720, 4.500%, 5/1/2018 | 8,554 | |
9,303 | Federal National Mortgage Association Pool 254802, 4.500%, 7/1/2018 | 9,718 | |
8,207 | Federal National Mortgage Association Pool 254905, 6.000%, 10/1/2033 | 9,398 | |
14,613 | Federal National Mortgage Association Pool 255075, 5.500%, 2/1/2024 | 16,516 | |
12,365 | Federal National Mortgage Association Pool 255079, 5.000%, 2/1/2019 | 13,024 | |
1,331 | Federal National Mortgage Association Pool 303168, 9.500%, 30 Year, 2/1/2025 | 1,603 | |
612 | Federal National Mortgage Association Pool 323159, 7.500%, 4/1/2028 | 720 | |
5,090 | Federal National Mortgage Association Pool 323640, 7.500%, 4/1/2029 | 5,991 | |
3,430 | Federal National Mortgage Association Pool 428865, 7.000%, 6/1/2028 | 3,677 | |
502 | Federal National Mortgage Association Pool 443215, 6.000%, 10/1/2028 | 572 | |
1 | Federal National Mortgage Association Pool 514184, 7.500%, 9/1/2029 | 1 | |
12,845 | Federal National Mortgage Association Pool 545993, 6.000%, 11/1/2032 | 14,729 | |
5,298 | Federal National Mortgage Association Pool 555272, 6.000%, 3/1/2033 | 6,074 | |
5,422 | Federal National Mortgage Association Pool 713974, 5.500%, 7/1/2033 | 6,152 | |
11,186 | Federal National Mortgage Association Pool 721502, 5.000%, 7/1/2033 | 12,474 | |
11,192 | Government National Mortgage Association Pool 2796, 7.000%, 8/20/2029 | 13,170 | |
5,974 | Government National Mortgage Association Pool 3040, 7.000%, 2/20/2031 | 7,071 | |
13,722 | Government National Mortgage Association Pool 3188, 6.500%, 1/20/2032 | 16,040 | |
22,030 | Government National Mortgage Association Pool 3239, 6.500%, 5/20/2032 | 25,688 |
Shares or Principal Amount | Value in U.S. Dollars | ||
MORTGAGE-BACKED SECURITIES—continued | |||
$621 | Government National Mortgage Association Pool 352214, 7.000%, 4/15/2023 | $703 | |
2,416 | Government National Mortgage Association Pool 451522, 7.500%, 30 Year, 10/15/2027 | 2,895 | |
2,712 | Government National Mortgage Association Pool 462556, 6.500%, 2/15/2028 | 3,125 | |
396 | Government National Mortgage Association Pool 462739, 7.500%, 5/15/2028 | 474 | |
219 | Government National Mortgage Association Pool 464835, 6.500%, 9/15/2028 | 256 | |
5,775 | Government National Mortgage Association Pool 469699, 7.000%, 11/15/2028 | 6,800 | |
4,989 | Government National Mortgage Association Pool 486760, 6.500%, 12/15/2028 | 5,811 | |
735 | Government National Mortgage Association Pool 780339, 8.000%, 30 Year, 12/15/2023 | 850 | |
6,550 | Government National Mortgage Association Pool 780453, 7.500%, 30 Year, 12/15/2025 | 7,711 | |
5,251 | Government National Mortgage Association Pool 780584, 7.000%, 30 Year, 6/15/2027 | 6,102 | |
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $233,843) | 263,624 | ||
FOREIGN GOVERNMENTS/AGENCIES—5.1% | |||
Sovereign—5.1% | |||
746,000 | Belgium, Government of, Series 68, 2.250%, 06/22/2023 | 927,928 | |
1,235,000 | Bonos Y Oblig Del Estado, 2.750%, 04/30/2019 | 1,471,152 | |
1,360,000 | 4,5 | Bonos Y Oblig Del Estado, Sr. Unsecd. Note, 2.750%, 10/31/2024 | 1,612,854 |
400,000 | 4,5 | Bonos Y Oblig Del Estado, Sr. Unsub., 4.000%, 04/30/2020 | 505,394 |
650,000 | Buoni Poliennali Del Tes, 2.15%, 12/15/2021 | 749,865 | |
200,000 | Buoni Poliennali Del Tes, 2.500%, 5/01/2019 | 235,468 | |
1,000,000 | Buoni Poliennali Del Tes, 3.750%, 05/01/2021 | 1,258,728 | |
220,000 | Buoni Poliennali Del Tes, 4.250%, 03/01/2020 | 279,966 | |
2,200,000 | Buoni Poliennali Del Tes, 4.500%, 05/01/2023 | 2,934,758 | |
58,000 | 4,5 | Buoni Poliennali Del Tes, Unsecd. Note, 3.25%, 9/01/2046 | 68,914 |
200,000 | Canada, Government of, Bond, 3.250%, 06/01/2021 | 180,912 | |
400,000 | Canada, Government of, Bond, 4.000%, 06/01/2016 | 333,458 | |
536,000 | France, Government of, 0.500%, 05/25/2025 | 571,300 | |
700,000 | France, Government of, 3.250%, 10/25/2021 | 911,383 | |
400,000 | France, Government of, Bond, 4.500%, 04/25/2041 | 722,324 | |
600,000 | Germany, Government of, 1.75%, 2/15/2024 | 736,153 | |
157,000,000 | Japan, Government of, Series 105, 0.200%, 06/20/2017 | 1,270,114 |
Shares or Principal Amount | Value in U.S. Dollars | ||
FOREIGN GOVERNMENTS/AGENCIES—continued | |||
Sovereign—continued | |||
70,000,000 | Japan, Government of, Series 65, 1.900%, 12/20/2023 | $639,775 | |
20,000,000 | Japan, Government of, Series 87, 2.200%, 03/20/2026 | 190,369 | |
247,000,000 | Japan, Government of, Sr. Unsecd. Note, Series 114, 2.100%, 12/20/2029 | 2,352,288 | |
120,000,000 | Japan-313(10 Year Issue), Series 313, 1.300%, 3/20/2021 | 1,032,288 | |
200,000 | 4,5 | Netherlands, Government of, 1.750%, 07/15/2023 | 241,884 |
240,000 | 4,5 | Spain, Government of, Sr. Unsecd. Note, 1.95%, 7/30/2030 | 249,500 |
3,950,000 | Sweden, Government of, Series 1058, 2.500%, 5/12/2025 | 544,425 | |
1,410,000 | United Kingdom, Government of, 1.750%, 09/07/2022 | 2,176,810 | |
180,000 | United Kingdom, Government of, 3.250%, 01/22/2044 | 315,856 | |
670,000 | United Kingdom, Government, 2.75%, 9/07/2024 | 1,105,336 | |
30,000 | United Mexican States, Series MTNA, 6.750%, 09/27/2034 | 39,375 | |
TOTAL FOREIGN GOVERNMENTS/AGENCIES (IDENTIFIED COST $25,667,387) | 23,658,577 | ||
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) | 108,173 | |
U.S. TREASURY—0.1% | |||
86,000 | U.S. Treasury Inflation-Protected Note, Series A-2024, 0.625%, 1/15/2024 | 88,485 | |
146,640 | 6 | U.S. Treasury Inflation-Protected Note, Series D-2021, 0.625%, 7/15/2021 | 152,265 |
4,000 | United States Treasury Bond, 2.500%, 2/15/2045 | 3,679 | |
266,000 | 6 | United States Treasury Bond, 3.000%, 11/15/2044 | 271,361 |
TOTAL U.S. TREASURY (IDENTIFIED COST $536,175) | 515,790 | ||
EXCHANGE-TRADED FUNDS—9.0% | |||
595,593 | iShares Core MSCI Emerging Markets ETF | 29,749,870 | |
92,538 | iShares Russell 2000 ETF | 11,467,309 | |
TOTAL EXCHANGE-TRADED FUNDS (IDENTIFIED COST $41,497,230) | 41,217,179 | ||
INVESTMENT COMPANIES—25.1%7 | |||
974,787 | Emerging Markets Fixed Income Core Fund | 34,845,790 | |
1,705,786 | Federated Mortgage Core Portfolio | 17,023,743 | |
1,497,559 | Federated Project and Trade Finance Core Fund | 14,032,123 | |
32,692,843 | 8 | Federated Prime Value Obligations Fund, Institutional Shares, 0.10% | 32,692,843 |
Shares or Principal Amount | Value in U.S. Dollars | ||
INVESTMENT COMPANIES—continued7 | |||
2,657,975 | High Yield Bond Portfolio | $17,117,358 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $118,535,225) | 115,711,857 | ||
TOTAL INVESTMENTS—94.5% (IDENTIFIED COST $411,917,999)9 | 435,558,314 | ||
OTHER ASSETS AND LIABILITIES - NET—5.5%10 | 25,257,193 | ||
TOTAL NET ASSETS—100% | $460,815,507 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation (Depreciation) |
1FTSE 100 Index Short Futures | 603 | $41,995,935 | June 2015 | $28,832 |
1FTSE/JSE Top 40 Short Futures | 193 | $89,675,520 | June 2015 | $142,253 |
1FTSE/MIB Index Short Futures | 236 | $27,757,140 | June 2015 | $(135,072) |
1Hang Seng Index Short Futures | 58 | $78,775,600 | June 2015 | $373,732 |
1MEX Bolsa Index Short Futures | 803 | $358,274,510 | June 2015 | $(49,270) |
1MSCI Taiwan Index Short Futures | 71 | $2,558,840 | June 2015 | $(35,145) |
1MSCI Singapore IX ETS Short Futures | 237 | $17,898,240 | June 2015 | $282,679 |
1NIKKEI 225 Short Futures | 35 | $719,600,000 | June 2015 | $(109,866) |
1Russell 2000 Mini Short Futures | 33 | $4,106,190 | June 2015 | $(4,634) |
1United States Treasury Notes 10-Year Short Futures | 114 | $14,556,375 | September 2015 | $(86,548) |
1Amsterdam Index Long Futures | 169 | $16,680,300 | June 2015 | $(256,138) |
1BIST 30 Long Futures | 1,892 | $19,194,340 | June 2015 | $(201,649) |
1CAC40 10 Euro Long Futures | 350 | $17,445,750 | June 2015 | $(249,891) |
1DAX Index Long Futures | 76 | $21,685,650 | June 2015 | $(124,117) |
1DJIA Mini E-CBOT Long Futures | 65 | $5,852,925 | June 2015 | $(60,574) |
1Euro STOXX 50 Long Futures | 424 | $15,102,880 | June 2015 | $(223,411) |
1IBEX 35 Index Long Futures | 118 | $13,183,196 | June 2015 | $(151,080) |
1KOSPI2 Index Long Futures | 201 | $26,250,600,000 | June 2015 | $(203,025) |
1Mini MSCI Emerging Market Long Futures | 63 | $3,140,235 | June 2015 | $(128,895) |
1OMXS 30 Index Long Futures | 549 | $90,214,425 | June 2015 | $(58,212) |
1SGX CNX Nifty Long Futures | 454 | $7,698,932 | June 2015 | $161,624 |
1S&P 500 Long Futures | 5 | $2,632,500 | June 2015 | $(12,766) |
1S&P/TSX 60 Index Long Futures | 16 | $2,795,520 | June 2015 | $(28,097) |
1SPI 200 Long Futures | 129 | $18,634,050 | June 2015 | $35,791 |
1TOPIX Index Long Futures | 122 | $2,038,620,000 | June 2015 | $364,505 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation (Depreciation) |
1United States Treasury Notes 2-Year Long Futures | 21 | $4,596,047 | September 2015 | $6,842 |
1United States Treasury Notes 5-Year Long Futures | 29 | $3,472,070 | September 2015 | $18,737 |
1United States Ultra Bond Long Futures | 24 | $3,846,750 | September 2015 | $19,147 |
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $(684,248) |
Settlement Date | Counterparty | Foreign Currency Units to Deliver/Receive | In Exchange For | Unrealized Gain/Loss |
Contracts Purchased: | ||||
6/3/2015 | JPMorgan Chase | 2,341,500 AUD | $1,816,135 | $(26,039) |
6/3/2015 | JPMorgan Chase | 241,500 CAD | $194,505 | $(319) |
6/3/2015 | JPMorgan Chase | 1,835,000 CHF | $1,933,305 | $19,193 |
6/3/2015 | JPMorgan Chase | 6,288,500 EUR | $6,866,985 | $39,755 |
6/3/2015 | JPMorgan Chase | 6,077,000 GBP | $9,534,785 | $(246,777) |
6/3/2015 | JPMorgan Chase | 668,800,000 JPY | $5,431,119 | $(42,538) |
6/3/2015 | JPMorgan Chase | 68,754,500 MXN | $4,491,234 | $(26,676) |
6/3/2015 | JPMorgan Chase | 23,050,000 NOK | $3,126,369 | $(160,398) |
6/3/2015 | JPMorgan Chase | 3,292,000 NZD | $2,430,662 | $(95,154) |
6/3/2015 | JPMorgan Chase | 45,050,000 SEK | $5,484,327 | $(200,708) |
6/3/2015 | JPMorgan Chase | 9,000,000 SGD | $6,798,713 | $(122,799) |
6/3/2015 | JPMorgan Chase | 16,796,000 TRY | $6,356,463 | $(51,689) |
6/10/2015 | JPMorgan Chase | 3,785,500 CAD | $3,051,789 | $(8,334) |
6/10/2015 | JPMorgan Chase | 7,004,000 CAD | $5,643,800 | $(12,745) |
6/10/2015 | JPMorgan Chase | 3,871,000 CHF | $4,080,329 | $39,443 |
6/10/2015 | JPMorgan Chase | 3,598,000 GBP | $5,535,020 | $(36,200) |
6/10/2015 | JPMorgan Chase | 20,673,000 SEK | $2,451,524 | $(26,625) |
6/29/2015 | JPMorgan Chase | 1,971,113 AUD | 1,400,000 EUR | $(33,312) |
6/29/2015 | JPMorgan Chase | 190,227,568 JPY | $1,600,000 | $(66,746) |
7/10/2015 | JPMorgan Chase | 1,800,000 AUD | 1,739,655 CAD | $(24,626) |
7/10/2015 | JPMorgan Chase | 1,600,000 CAD | 157,854,144 JPY | $13,298 |
7/10/2015 | JPMorgan Chase | 575,720 CAD | $475,000 | $(12,339) |
7/10/2015 | JPMorgan Chase | 1,317,867 CAD | $1,100,000 | $(40,932) |
7/10/2015 | JPMorgan Chase | 1,719,320 CAD | $1,425,000 | $(43,316) |
7/10/2015 | JPMorgan Chase | 1,700,000 EUR | 224,517,878 JPY | $58,168 |
7/10/2015 | Bank of America, N.A. | 1,700,000 EUR | 230,017,990 JPY | $13,830 |
7/10/2015 | JPMorgan Chase | 2,000,000 EUR | 270,450,320 JPY | $17,553 |
7/10/2015 | JPMorgan Chase | 2,000,000 EUR | 271,616,340 JPY | $8,154 |
Settlement Date | Counterparty | Foreign Currency Units to Deliver/Receive | In Exchange For | Unrealized Gain/Loss |
7/10/2015 | JPMorgan Chase | 1,100,000 EUR | 10,350,505 SEK | $(6,075) |
7/10/2015 | Barclays Bank PLC | 1,400,000 EUR | $1,571,878 | $(33,477) |
7/10/2015 | Barclays Bank PLC | 1,700,000 EUR | $1,894,973 | $(26,915) |
7/10/2015 | JPMorgan Chase | 1,850,000 EUR | $2,103,199 | $(70,312) |
7/10/2015 | JPMorgan Chase | 1,850,000 EUR | $2,109,257 | $(76,371) |
7/10/2015 | JPMorgan Chase | 400,000 GBP | 73,967,316 JPY | $14,923 |
7/10/2015 | JPMorgan Chase | 1,200,000 GBP | 223,407,948 JPY | $32,628 |
7/10/2015 | Barclays Bank PLC | 1,500,000 GBP | 283,330,500 JPY | $7,971 |
7/10/2015 | JPMorgan Chase | 1,500,000 GBP | 285,306,015 JPY | $(7,954) |
7/10/2015 | Barclays Bank PLC | 400,000 GBP | $602,612 | $8,578 |
7/10/2015 | JPMorgan Chase | 810,000 GBP | $1,266,827 | $(29,168) |
7/10/2015 | JPMorgan Chase | 810,000 GBP | $1,266,827 | $(29,168) |
7/10/2015 | JPMorgan Chase | 1,200,000 GBP | $1,840,788 | $(7,218) |
7/10/2015 | JPMorgan Chase | 114,746,529 JPY | $950,000 | $(25,002) |
7/10/2015 | JPMorgan Chase | 114,927,979 JPY | $950,000 | $(23,539) |
7/10/2015 | JPMorgan Chase | 229,702,096 JPY | $1,900,000 | $(48,319) |
7/10/2015 | Barclays Bank PLC | 4,542,846 NOK | $600,000 | $(16,038) |
7/10/2015 | Barclays Bank PLC | 4,559,793 NOK | $600,000 | $(13,860) |
7/10/2015 | JPMorgan Chase | 14,388,058 NOK | $1,900,000 | $(50,482) |
7/10/2015 | State Street | 295,890 NZD | $217,275 | $(8,079) |
7/10/2015 | JPMorgan Chase | 295,890 NZD | $219,244 | $(10,047) |
7/10/2015 | JPMorgan Chase | 295,890 NZD | $219,244 | $(10,047) |
7/10/2015 | JPMorgan Chase | 608,219 NZD | $445,819 | $(15,803) |
7/10/2015 | JPMorgan Chase | 820,000 NZD | $610,554 | $(30,808) |
7/10/2015 | State Street | 904,110 NZD | $663,897 | $(24,685) |
7/10/2015 | State Street | 1,200,000 NZD | $881,916 | $(33,507) |
7/10/2015 | JPMorgan Chase | 1,200,000 NZD | $883,560 | $(35,151) |
7/10/2015 | JPMorgan Chase | 1,200,000 NZD | $907,548 | $(59,139) |
7/10/2015 | JPMorgan Chase | 1,200,000 NZD | $907,548 | $(59,139) |
7/10/2015 | JPMorgan Chase | 1,580,000 NZD | $1,181,113 | $(64,042) |
7/10/2015 | JPMorgan Chase | 4,418,160 PLN | $1,200,000 | $(20,841) |
7/10/2015 | Bank of New York Mellon | 2,274,515 SGD | $1,700,000 | $(14,225) |
8/11/2015 | JPMorgan Chase | 1,926,714 DKK | 260,000 EUR | $(1,618) |
Contracts Sold: | ||||
6/3/2015 | JPMorgan Chase | 2,341,500 AUD | $1,871,113 | $81,016 |
6/3/2015 | JPMorgan Chase | 241,500 CAD | $199,928 | $5,742 |
6/3/2015 | JPMorgan Chase | 1,835,000 CHF | $1,992,080 | $39,581 |
6/3/2015 | JPMorgan Chase | 6,288,500 EUR | $7,163,039 | $256,298 |
6/3/2015 | JPMorgan Chase | 6,077,000 GBP | $9,349,085 | $61,077 |
Settlement Date | Counterparty | Foreign Currency Units to Deliver/Receive | In Exchange For | Unrealized Gain/Loss |
6/3/2015 | JPMorgan Chase | 668,800,000 JPY | $5,588,095 | $199,514 |
6/3/2015 | JPMorgan Chase | 68,754,500 MXN | $4,562,282 | $97,725 |
6/3/2015 | JPMorgan Chase | 23,050,000 NOK | $2,989,818 | $23,847 |
6/3/2015 | JPMorgan Chase | 3,292,000 NZD | $2,390,539 | $55,031 |
6/3/2015 | JPMorgan Chase | 45,050,000 SEK | $5,341,668 | $58,049 |
6/3/2015 | JPMorgan Chase | 9,000,000 SGD | $6,672,078 | $(3,836) |
6/3/2015 | JPMorgan Chase | 16,796,000 TRY | $6,489,332 | $184,557 |
6/10/2015 | JPMorgan Chase | 8,987,000 AUD | $6,967,919 | $99,879 |
6/10/2015 | JPMorgan Chase | 10,803,000 EUR | $11,797,898 | $(68,169) |
6/10/2015 | JPMorgan Chase | 165,763,000 JPY | $1,346,185 | $10,550 |
6/10/2015 | JPMorgan Chase | 85,796,500 MXN | $5,601,286 | $33,065 |
6/10/2015 | JPMorgan Chase | 9,255,000 NOK | $1,199,707 | $9,063 |
6/10/2015 | JPMorgan Chase | 1,254,000 NZD | $909,811 | $20,763 |
6/10/2015 | JPMorgan Chase | 2,273,500 SGD | $1,684,862 | $(1,286) |
6/10/2015 | JPMorgan Chase | 21,845,000 TRY | $8,249,965 | $66,635 |
6/29/2015 | JPMorgan Chase | 1,000,000 EUR | $1,082,686 | $(16,000) |
7/10/2015 | JPMorgan Chase | 1,800,000 AUD | 1,738,089 CAD | $23,367 |
7/10/2015 | JPMorgan Chase | 1,600,000 CAD | 158,598,096 JPY | $(7,301) |
7/10/2015 | JPMorgan Chase | 1,317,277 CAD | $1,100,000 | $41,407 |
7/10/2015 | JPMorgan Chase | 2,276,333 CAD | $1,900,000 | $70,688 |
7/10/2015 | JPMorgan Chase | 1,700,000 EUR | 223,408,900 JPY | $(67,108) |
7/10/2015 | Bank of America, N.A. | 1,700,000 EUR | 227,961,500 JPY | $(30,408) |
7/10/2015 | JPMorgan Chase | 2,000,000 EUR | 269,843,700 JPY | $(22,444) |
7/10/2015 | JPMorgan Chase | 2,000,000 EUR | 271,721,300 JPY | $(7,308) |
7/10/2015 | State Street | 4,000,000 EUR | 541,388,000 JPY | $(31,178) |
7/10/2015 | JPMorgan Chase | 1,100,000 EUR | 10,335,173 SEK | $4,275 |
7/10/2015 | Barclays Bank PLC | 1,400,000 EUR | $1,572,956 | $34,555 |
7/10/2015 | Barclays Bank PLC | 1,700,000 EUR | $1,872,635 | $4,577 |
7/10/2015 | JPMorgan Chase | 3,700,000 EUR | $4,236,028 | $170,255 |
7/10/2015 | JPMorgan Chase | 400,000 GBP | 73,010,096 JPY | $(22,639) |
7/10/2015 | JPMorgan Chase | 1,200,000 GBP | 224,413,692 JPY | $(24,520) |
7/10/2015 | State Street | 1,500,000 GBP | 282,187,500 JPY | $(17,185) |
7/10/2015 | JPMorgan Chase | 1,500,000 GBP | 284,586,195 JPY | $2,152 |
7/10/2015 | Barclays Bank PLC | 400,000 GBP | $595,744 | $(15,446) |
7/10/2015 | JPMorgan Chase | 810,000 GBP | $1,211,151 | $(26,508) |
7/10/2015 | JPMorgan Chase | 810,000 GBP | $1,262,715 | $25,056 |
7/10/2015 | JPMorgan Chase | 1,200,000 GBP | $1,853,287 | $19,718 |
7/10/2015 | JPMorgan Chase | 228,197,600 JPY | $1,900,000 | $60,447 |
7/10/2015 | JPMorgan Chase | 230,067,181 JPY | $1,900,000 | $45,376 |
Settlement Date | Counterparty | Foreign Currency Units to Deliver/Receive | In Exchange For | Unrealized Gain/Loss |
7/10/2015 | Barclays Bank PLC | 9,063,882 NOK | $1,200,000 | $34,880 |
7/10/2015 | JPMorgan Chase | 14,421,962 NOK | $1,900,000 | $46,124 |
7/10/2015 | State Street | 1,200,000 NZD | $881,460 | $33,051 |
7/10/2015 | JPMorgan Chase | 1,200,000 NZD | $893,525 | $45,116 |
7/10/2015 | JPMorgan Chase | 1,200,000 NZD | $897,108 | $48,699 |
7/10/2015 | State Street | 1,200,000 NZD | $901,176 | $52,767 |
7/10/2015 | JPMorgan Chase | 1,200,000 NZD | $903,914 | $55,505 |
7/10/2015 | JPMorgan Chase | 1,200,000 NZD | $912,833 | $64,424 |
7/10/2015 | JPMorgan Chase | 2,400,000 NZD | $1,840,224 | $143,407 |
7/10/2015 | JPMorgan Chase | 4,450,080 PLN | $1,200,000 | $12,321 |
7/10/2015 | Bank of New York Mellon | 2,264,740 SGD | $1,700,000 | $21,470 |
7/10/2015 | BNP Paribas SA | 10,918,359 ZAR | $900,000 | $6,709 |
NET UNREALIZED APPRECIATION ON FOREIGN EXCHANGE CONTRACTS | $151,595 |
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 May 31, 2015, these restricted securities amounted to $6,955,373, which represented 1.5% of total net assets. |
5 | Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At May 31, 2015, these liquid restricted securities amounted to $5,859,194, which represented 1.3% of total net assets. |
6 | Pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts. |
7 | Affiliated holdings. |
8 | 7-day net yield. |
9 | The cost of investments for federal tax purposes amounts to $411,931,595. |
10 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $118,449,797 | $— | $— | $118,449,797 |
International | 107,808,201 | 5,466,225 | — | 113,274,426 |
Debt Securities: | ||||
Asset-Backed Securities | — | 599,799 | — | 599,799 |
Collateralized Mortgage Obligations | — | 1,053,274 | — | 1,053,274 |
Corporate Bonds | — | 20,618,033 | 87,785 | 20,705,818 |
Foreign Governments/Agencies | — | 23,658,577 | — | 23,658,577 |
Mortgage-Backed Securities | — | 263,624 | — | 263,624 |
Municipal | — | 108,173 | — | 108,173 |
U.S. Treasury | — | 515,790 | — | 515,790 |
Exchange-Traded Funds | 41,217,179 | — | — | 41,217,179 |
Investment Companies1 | 32,692,843 | 83,019,0142 | — | 115,711,857 |
TOTAL SECURITIES | $300,168,020 | $135,302,509 | $87,785 | $435,558,314 |
OTHER FINANCIAL INSTRUMENTS3 | $(684,248) | $151,595 | $— | $(532,653) |
1 | Emerging Markets Fixed Income Core Fund, Federated Mortgage Core Portfolio, Federated Project and Trade Finance Core Fund and High Yield Bond Portfolio are affiliated holdings offered only to registered investment companies and other accredited investors. Investments in these funds are deemed Level 2 due to the fact that the net asset value (the NAV) is not publicly available and, with respect to Federated Project and Trade Finance Core Fund, due to fact that the price of shares redeemed may be determined as of the closing NAV of the fund up to twenty-four days after receipt of a shareholder redemption request. |
2 | Includes $68,867,887 of affiliated investment company holdings transferred from Level 1 to Level 2 because the Adviser determined that these investments more appropriately meet the definition of Level 2. Transfers shown represent the value of the investments at the beginning of the period. |
3 | Other financial instruments include futures contracts and foreign exchange contracts. |
AUD | —Australian Dollar |
CAD | —Canadian Dollar |
CHF | —Swiss Franc |
DKK | —Danish Krone |
EUR | —Euro Currency |
GBP | —British Pound |
GO | —General Obligation |
JPY | —Japanese Yen |
MTN | —Medium Term Note |
MXN | —Mexican Peso |
NOK | —Norwegian Krone |
NZD | —New Zealand Dollar |
PLN | —Polish Zloty |
REIT(s) | —Real Estate Investment Trust(s) |
SEK | —Swedish Krona |
SGD | —Singapore Dollar |
TRY | —Turkish Lira |
ZAR | —South African Rand |
Six Months Ended (unaudited) 5/31/2015 | Year Ended November 30, | |||||
2014 | 2013 | 2012 | 2011 | 2010 | ||
Net Asset Value, Beginning of Period | $20.29 | $21.47 | $18.68 | $16.98 | $16.87 | $15.65 |
Income From Investment Operations: | ||||||
Net investment income | 0.151 | 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 | 0.16 | 1.10 | 3.07 | 1.74 | 0.08 | 1.05 |
TOTAL FROM INVESTMENT OPERATIONS | 0.31 | 1.28 | 3.24 | 1.92 | 0.28 | 1.24 |
Less Distributions: | ||||||
Distributions from net investment income | (0.09) | (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 | (1.72) | (2.34) | (0.29) | — | — | — |
TOTAL DISTRIBUTIONS | (1.81) | (2.46) | (0.45) | (0.22) | (0.17) | (0.02) |
Redemption Fees | — | 0.002 | — | — | — | — |
Net Asset Value, End of Period | $18.79 | $20.29 | $21.47 | $18.68 | $16.98 | $16.87 |
Total Return3 | 1.77% | 6.53% | 17.73% | 11.38% | 1.62% | 7.91% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.15%4 | 1.14% | 1.17% | 1.22% | 1.25%5 | 1.25%5 |
Net investment income | 1.63%4 | 0.93% | 0.88% | 1.01% | 1.14% | 1.20% |
Expense waiver/reimbursement6 | 0.13%4 | 0.10% | 0.10% | 0.07% | 0.10% | 0.21% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $200,365 | $196,067 | $193,678 | $185,414 | $178,971 | $135,002 |
Portfolio turnover | 40% | 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. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 1.25% and 1.24%, for the years ended November 30, 2011 and 2010, respectively, after taking into account these expense reductions. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 5/31/2015 | Year Ended November 30, | |||||
2014 | 2013 | 2012 | 2011 | 2010 | ||
Net Asset Value, Beginning of Period | $19.86 | $21.17 | $18.46 | $16.78 | $16.69 | $15.61 |
Income From Investment Operations: | ||||||
Net investment income | 0.071 | 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 | 0.16 | 1.07 | 3.04 | 1.72 | 0.08 | 1.03 |
TOTAL FROM INVESTMENT OPERATIONS | 0.23 | 1.09 | 3.05 | 1.75 | 0.14 | 1.10 |
Less Distributions: | ||||||
Distributions from net investment income | (0.03) | (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 | (1.72) | (2.34) | (0.29) | — | — | — |
TOTAL DISTRIBUTIONS | (1.75) | (2.40) | (0.34) | (0.07) | (0.05) | (0.02) |
Redemption Fees | — | 0.002 | — | — | — | — |
Net Asset Value, End of Period | $18.34 | $19.86 | $21.17 | $18.46 | $16.78 | $16.69 |
Total Return3 | 1.37% | 5.67% | 16.82% | 10.39% | 0.80% | 7.03% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.96%4 | 1.95% | 1.99% | 2.05% | 2.05%5 | 2.05%5 |
Net investment income | 0.80%4 | 0.12% | 0.06% | 0.19% | 0.33% | 0.42% |
Expense waiver/reimbursement6 | 0.13%4 | 0.10% | 0.10% | 0.07% | 0.12% | 0.21% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $24,136 | $26,163 | $30,675 | $28,853 | $30,424 | $14,541 |
Portfolio turnover | 40% | 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. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 2.05% and 2.04% for the years ended November 30, 2011 and 2010, respectively, after taking into account these expense reductions. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 5/31/2015 | Year Ended November 30, | |||||
2014 | 2013 | 2012 | 2011 | 2010 | ||
Net Asset Value, Beginning of Period | $19.80 | $21.11 | $18.40 | $16.72 | $16.62 | $15.55 |
Income From Investment Operations: | ||||||
Net investment income | 0.081 | 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 | 0.16 | 1.07 | 3.03 | 1.71 | 0.09 | 1.03 |
TOTAL FROM INVESTMENT OPERATIONS | 0.24 | 1.10 | 3.05 | 1.75 | 0.15 | 1.09 |
Less Distributions: | ||||||
Distributions from net investment income | (0.04) | (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 | (1.72) | (2.34) | (0.29) | — | — | — |
TOTAL DISTRIBUTIONS | (1.76) | (2.41) | (0.34) | (0.07) | (0.05) | (0.02) |
Redemption Fees | — | 0.002 | — | — | — | — |
Net Asset Value, End of Period | $18.28 | $19.80 | $21.11 | $18.40 | $16.72 | $16.62 |
Total Return3 | 1.40% | 5.70% | 16.89% | 10.51% | 0.90% | 6.99% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.90%4 | 1.89% | 1.95% | 1.98% | 2.02%5 | 2.05%5 |
Net investment income | 0.88%4 | 0.17% | 0.10% | 0.24% | 0.36% | 0.40% |
Expense waiver/reimbursement6 | 0.16%4 | 0.13% | 0.10% | 0.07% | 0.10% | 0.17% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $86,069 | $81,703 | $71,450 | $60,315 | $52,187 | $36,415 |
Portfolio turnover | 40% | 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. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 2.02% and 2.04% for the years ended November 30, 2011 and 2010, respectively, after taking into account these expense reductions. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 5/31/2015 | Year Ended November 30, | |||||
2014 | 2013 | 2012 | 2011 | 2010 | ||
Net Asset Value, Beginning of Period | $20.16 | $21.40 | $18.62 | $16.92 | $16.81 | $15.68 |
Income From Investment Operations: | ||||||
Net investment income | 0.111 | 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 | 0.16 | 1.08 | 3.07 | 1.73 | 0.09 | 1.04 |
TOTAL FROM INVESTMENT OPERATIONS | 0.27 | 1.18 | 3.16 | 1.84 | 0.21 | 1.15 |
Less Distributions: | ||||||
Distributions from net investment income | (0.05) | (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 | (1.72) | (2.34) | (0.29) | — | — | — |
TOTAL DISTRIBUTIONS | (1.77) | (2.42) | (0.38) | (0.14) | (0.10) | (0.02) |
Redemption Fees | — | 0.002 | — | — | — | — |
Net Asset Value, End of Period | $18.66 | $20.16 | $21.40 | $18.62 | $16.92 | $16.81 |
Total Return3 | 1.56% | 6.06% | 17.29% | 10.90% | 1.23% | 7.32% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.58%4 | 1.57% | 1.57% | 1.65% | 1.68%5 | 1.74%5 |
Net investment income | 1.19%4 | 0.50% | 0.48% | 0.58% | 0.71% | 0.71% |
Expense waiver/reimbursement6 | 0.14%4 | 0.09% | 0.10% | 0.07% | 0.10% | 0.14% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $64,844 | $67,588 | $67,769 | $62,627 | $54,878 | $53,749 |
Portfolio turnover | 40% | 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. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 1.68% and 1.73% for the years ended November 30, 2011 and 2010, respectively, after taking into account these expense reductions. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 5/31/2015 | Year Ended November 30, | |||||
2014 | 2013 | 2012 | 2011 | 2010 | ||
Net Asset Value, Beginning of Period | $20.40 | $21.54 | $18.74 | $17.04 | $16.91 | $15.65 |
Income From Investment Operations: | ||||||
Net investment income | 0.191 | 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 | 0.15 | 1.10 | 3.08 | 1.74 | 0.10 | 1.05 |
TOTAL FROM INVESTMENT OPERATIONS | 0.34 | 1.34 | 3.31 | 1.98 | 0.34 | 1.28 |
Less Distributions: | ||||||
Distributions from net investment income | (0.12) | (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 | (1.72) | (2.34) | (0.29) | — | — | — |
TOTAL DISTRIBUTIONS | (1.84) | (2.48) | (0.51) | (0.28) | (0.21) | (0.02) |
Redemption Fees | — | 0.002 | — | — | — | — |
Net Asset Value, End of Period | $18.90 | $20.40 | $21.54 | $18.74 | $17.04 | $16.91 |
Total Return3 | 1.91% | 6.85% | 18.07% | 11.69% | 1.99% | 8.16% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.86%4 | 0.85% | 0.89% | 0.94% | 0.95%5 | 1.00%5 |
Net investment income | 1.97%4 | 1.21% | 1.16% | 1.29% | 1.40% | 1.47% |
Expense waiver/reimbursement6 | 0.14%4 | 0.12% | 0.10% | 0.07% | 0.10% | 0.19% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $85,402 | $62,451 | $48,353 | $35,929 | $33,979 | $12,421 |
Portfolio turnover | 40% | 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. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.95% and 0.99% for the years ended November 30, 2011 and 2010, respectively, after taking into account these expense reductions. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Total investment in securities, at value including $115,711,857 of investment in affiliated holdings (Note 5) (identified cost $411,917,999) | $435,558,314 | |
Cash denominated in foreign currencies (identified cost $1,313,194) | 1,296,425 | |
Restricted cash (Note 2) | 20,744,602 | |
Income receivable | 1,285,865 | |
Receivable for investments sold | 1,008 | |
Receivable for shares sold | 3,367,950 | |
Unrealized appreciation on foreign exchange contracts | 2,642,232 | |
TOTAL ASSETS | 464,896,396 | |
Liabilities: | ||
Payable for shares redeemed | $392,507 | |
Unrealized depreciation on foreign exchange contracts | 2,490,637 | |
Bank overdraft | 39,892 | |
Payable for daily variation margin | 846,328 | |
Payable for Directors'/Trustees' fees (Note 5) | 1,374 | |
Payable for distribution services fee (Note 5) | 98,656 | |
Payable for other service fees (Notes 2 and 5) | 64,310 | |
Accrued expenses (Note 5) | 147,185 | |
TOTAL LIABILITIES | 4,080,889 | |
Net assets for 24,677,894 shares outstanding | $460,815,507 | |
Net Assets Consist of: | ||
Paid-in capital | $432,440,699 | |
Net unrealized appreciation of investments, futures contracts and translation of assets and liabilities in foreign currency | 23,068,841 | |
Accumulated net realized gain on investments, futures contracts, swap contracts and foreign currency transactions | 3,414,745 | |
Undistributed net investment income | 1,891,222 | |
TOTAL NET ASSETS | $460,815,507 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($200,365,142 ÷ 10,661,079 shares outstanding), no par value, unlimited shares authorized | $18.79 | |
Offering price per share (100/94.50 of $18.79) | $19.88 | |
Redemption proceeds per share | $18.79 | |
Class B Shares: | ||
Net asset value per share ($24,135,630 ÷ 1,316,005 shares outstanding), no par value, unlimited shares authorized | $18.34 | |
Offering price per share | $18.34 | |
Redemption proceeds per share (94.50/100 of $18.34) | $17.33 | |
Class C Shares: | ||
Net asset value per share ($86,068,653 ÷ 4,707,410 shares outstanding), no par value, unlimited shares authorized | $18.28 | |
Offering price per share | $18.28 | |
Redemption proceeds per share (99.00/100 of $18.28) | $18.10 | |
Class R Shares: | ||
Net asset value per share ($64,844,340 ÷ 3,475,274 shares outstanding), no par value, unlimited shares authorized | $18.66 | |
Offering price per share | $18.66 | |
Redemption proceeds per share | $18.66 | |
Institutional Shares: | ||
Net asset value per share ($85,401,742 ÷ 4,518,126 shares outstanding), no par value, unlimited shares authorized | $18.90 | |
Offering price per share | $18.90 | |
Redemption proceeds per share | $18.90 |
Investment Income: | |||
Dividends (including $860,432 received from affiliated holdings (Note 5) and net of foreign taxes withheld of $237,175) | $4,577,388 | ||
Investment income allocated from affiliated partnership (Note 5) | 1,029,370 | ||
Interest | 523,574 | ||
TOTAL INCOME | 6,130,332 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,498,703 | ||
Administrative fee (Note 5) | 171,937 | ||
Custodian fees | 91,771 | ||
Transfer agent fee (Note 2) | 387,647 | ||
Directors'/Trustees' fees (Note 5) | 4,940 | ||
Auditing fees | 15,543 | ||
Legal fees | 3,909 | ||
Portfolio accounting fees | 80,992 | ||
Distribution services fee (Note 5) | 572,854 | ||
Other service fees (Notes 2 and 5) | 377,708 | ||
Share registration costs | 39,880 | ||
Printing and postage | 23,321 | ||
Miscellaneous (Note 5) | 17,925 | ||
EXPENSES BEFORE ALLOCATION | 3,287,130 | ||
Expenses allocated from affiliated partnership (Note 2) | 12,049 | ||
TOTAL EXPENSES | 3,299,179 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(237,227) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (68,355) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (305,582) | ||
Net expenses | 2,993,597 | ||
Net investment income | 3,136,735 |
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions: | |||
Net realized gain on investments (including realized gain of $5,124,941 on sales of investments in affiliated holdings (Note 5)) and foreign currency transactions | $8,529,879 | ||
Net realized gain on futures contracts | 4,222,905 | ||
Net realized loss on investments and foreign currency transactions allocated from affiliated partnership (Note 5) | (1,043,241) | ||
Realized gain distribution from affiliated investment company shares (Note 5) | 58,614 | ||
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency | (2,541,415) | ||
Net change in unrealized appreciation of futures contracts | (5,266,055) | ||
Net realized and unrealized gain on investments, futures contracts and foreign currency transactions | 3,960,687 | ||
Change in net assets resulting from operations | $7,097,422 |
Six Months Ended (unaudited) 5/31/2015 | Year Ended 11/30/2014 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $3,136,735 | $2,985,480 |
Net realized gain on investments including allocation from affiliated partnerships, futures contracts, written options and foreign currency transactions | 11,768,157 | 39,378,019 |
Net change in unrealized appreciation/depreciation of investments, futures contracts and translation of assets and liabilities in foreign currency | (7,807,470) | (16,551,533) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 7,097,422 | 25,811,966 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (909,647) | (1,122,430) |
Class B Shares | (42,464) | (95,208) |
Class C Shares | (154,821) | (239,144) |
Class R Shares | (172,009) | (265,178) |
Institutional Shares | (387,619) | (394,367) |
Distributions from net realized gain on investments, futures contracts and foreign currency transactions | ||
Class A Shares | (16,482,726) | (21,054,666) |
Class B Shares | (2,242,453) | (3,369,971) |
Class C Shares | (7,164,821) | (7,922,335) |
Class R Shares | (5,737,474) | (7,365,552) |
Institutional Shares | (5,179,616) | (5,424,526) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (38,473,650) | (47,253,377) |
Share Transactions: | ||
Proceeds from sale of shares | 75,841,773 | 90,680,055 |
Net asset value of shares issued to shareholders in payment of distributions declared | 36,452,723 | 44,798,299 |
Cost of shares redeemed | (54,076,128) | (92,043,932) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 58,218,368 | 43,434,422 |
Redemption Fees | — | 55,498 |
Change in net assets | 26,842,140 | 22,048,509 |
Net Assets: | ||
Beginning of period | 433,973,367 | 411,924,858 |
End of period (including undistributed net investment income of $1,891,222 and $421,047, respectively) | $460,815,507 | $433,973,367 |
■ | 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 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, except that options are valued at the mean of closing bid and asked quotations. |
■ | 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 last traded or purchase price of the security, information obtained by contacting the issuer or dealers, 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, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
■ | With respect to securities traded principally 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; |
■ | Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or 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 | $141,639 | $(22,201) |
Class B Shares | 25,753 | (3,049) |
Class C Shares | 71,317 | (21,051) |
Class R Shares | 110,792 | (11,122) |
Institutional Shares | 38,146 | (10,932) |
TOTAL | $387,647 | $(68,355) |
Other Service Fees Incurred | |
Class A Shares | $241,949 |
Class B Shares | 31,281 |
Class C Shares | 104,478 |
TOTAL | $377,708 |
Security | Acquisition Date | Cost | Market Value |
Regional Diversified Funding Series 144A, 9.25%, 03/15/2030 | 3/10/2000 | $160,493 | $87,785 |
Union Central Life Insurance Co., Note, Series 144A, 8.200%, 11/01/2026 | 3/31/1999 | $790,785 | $1,008,394 |
Fair Value of Derivative Instruments | ||||
Asset | Liability | |||
Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||||
Interest rate contracts | — | $— | Payable for daily variation margin | $41,822* |
Equity contracts | — | $— | Payable for daily variation margin | $642,426* |
Foreign exchange contracts | Unrealized appreciation on foreign exchange contracts | $2,642,232 | Unrealized depreciation on foreign exchange contracts | $2,490,637 |
Total derivatives not accounted for as hedging instruments under ASC Topic 815 | $2,642,232 | $3,174,885 |
* | 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 | Purchased Option Contracts | Total | |
Interest rate contracts | $(27,827) | $— | $— | $(27,827) |
Foreign exchange contracts | — | 2,137,542 | (63,153) | 2,074,389 |
Equity contracts | 4,250,732 | — | — | 4,250,732 |
TOTAL | $4,222,905 | $2,137,542 | $(63,153) | $6,297,294 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |||
Futures | Forward Currency Contracts | Total | |
Interest rate contracts | $35,760 | $— | $35,760 |
Foreign exchange contracts | — | (359,645) | (359,645) |
Equity contracts | (5,301,815) | — | (5,301,815) |
TOTAL | $(5,266,055) | $(359,645) | $(5,625,700) |
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 | $2,642,232 | $(2,430,068) | $— | $212,164 |
TOTAL | $2,642,232 | $(2,430,068) | $— | $212,164 |
Transaction | Gross Liability Derivatives Presented in Statement of Assets and Liabilities | Financial Instrument | Collateral Received | Net Amount (not less than $0) |
Foreign exchange contracts | $2,490,637 | $(2,430,068) | $— | $60,569 |
TOTAL | $2,490,637 | $(2,430,068) | $— | $60,569 |
Six Months Ended 5/31/2015 | Year Ended 11/30/2014 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,059,922 | $20,012,954 | 1,271,707 | $24,983,624 |
Shares issued to shareholders in payment of distributions declared | 889,514 | 16,328,843 | 1,077,269 | 20,848,247 |
Shares redeemed | (951,275) | (17,996,217) | (1,704,879) | (33,509,425) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 998,161 | $18,345,580 | 644,097 | $12,322,446 |
Six Months Ended 5/31/2015 | Year Ended 11/30/2014 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 80,880 | $1,493,040 | 144,477 | $2,789,113 |
Shares issued to shareholders in payment of distributions declared | 120,519 | 2,163,309 | 172,063 | 3,273,298 |
Shares redeemed | (202,877) | (3,745,534) | (447,961) | (8,651,857) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (1,478) | $(89,185) | (131,421) | $(2,589,446) |
Six Months Ended 5/31/2015 | Year Ended 11/30/2014 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 903,606 | $16,676,047 | 1,353,586 | $26,117,531 |
Shares issued to shareholders in payment of distributions declared | 381,957 | 6,833,199 | 409,657 | 7,768,862 |
Shares redeemed | (704,216) | (12,960,368) | (1,022,069) | (19,706,161) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 581,347 | $10,548,878 | 741,174 | $14,180,232 |
Six Months Ended 5/31/2015 | Year Ended 11/30/2014 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 437,449 | $8,218,720 | 859,978 | $16,854,161 |
Shares issued to shareholders in payment of distributions declared | 321,190 | 5,855,322 | 395,870 | 7,623,369 |
Shares redeemed | (636,533) | (11,964,974) | (1,070,155) | (20,977,412) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 122,106 | $2,109,068 | 185,693 | $3,500,118 |
Six Months Ended 5/31/2015 | Year Ended 11/30/2014 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,556,280 | $29,441,012 | 1,009,592 | $19,935,626 |
Shares issued to shareholders in payment of distributions declared | 285,701 | 5,272,050 | 271,859 | 5,284,523 |
Shares redeemed | (385,733) | (7,409,035) | (463,970) | (9,199,077) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 1,456,248 | $27,304,027 | 817,481 | $16,021,072 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 3,156,384 | $58,218,368 | 2,257,024 | $43,434,422 |
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 | $93,841 |
Class C Shares | 313,435 |
Class R Shares | 165,578 |
TOTAL | $572,854 |
Emerging Markets Fixed Income Core Fund | Federated Mortgage Core Portfolio | Federated Prime Value Obligations Fund, Institutional Shares | Federated Project and Trade Finance Core Fund | High Yield Bond Portfolio | Total of Affiliated Transactions | |
Balance of Shares Held 11/30/2014 | 1,389,580 | 676,871 | 53,040,222 | 656,892 | 873,938 | 56,637,503 |
Purchases/Additions | 116,533 | 1,413,898 | 96,425,545 | 840,667 | 1,784,037 | 100,580,680 |
Sales/Reductions | (531,326) | (384,983) | (116,772,924) | — | — | (117,689,233) |
Balance of Shares Held 5/31/2015 | 974,787 | 1,705,786 | 32,692,843 | 1,497,559 | 2,657,975 | 39,528,950 |
Value | $34,845,790 | $17,023,743 | $32,692,843 | $14,032,123 | $17,117,358 | $115,711,857 |
Dividend Income/Allocated Investment Income | $1,029,370 | $254,699 | $14,772 | $219,253 | $371,708 | $1,889,802 |
Realized Gain Distribution/ Allocated Net Realized Gain (Loss) | $(1,043,241) | $— | $— | $— | $58,614 | $(984,627) |
Purchases | $174,604,319 |
Sales | $140,391,303 |
Beginning Account Value 12/1/2014 | Ending Account Value 5/31/2015 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,017.70 | $5.78 |
Class B Shares | $1,000 | $1,013.70 | $9.84 |
Class C Shares | $1,000 | $1,014.00 | $9.54 |
Class R Shares | $1,000 | $1,015.60 | $7.94 |
Institutional Shares | $1,000 | $1,019.10 | $4.33 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.20 | $5.79 |
Class B Shares | $1,000 | $1,015.16 | $9.85 |
Class C Shares | $1,000 | $1,015.46 | $9.55 |
Class R Shares | $1,000 | $1,017.05 | $7.95 |
Institutional Shares | $1,000 | $1,020.64 | $4.33 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.15% |
Class B Shares | 1.96% |
Class C Shares | 1.90% |
Class R Shares | 1.58% |
Institutional Shares | 0.86% |
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
Not Applicable
Item 3. Audit Committee Financial Expert
Not Applicable
Item 4. Principal Accountant Fees and Services
Not Applicable
Item 5. Audit Committee of Listed Registrants
Not Applicable
Item 6. Schedule of Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not Applicable |
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not Applicable |
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not Applicable |
Item 10. Submission of Matters to a Vote of Security Holders
No Changes to Report
Item 11. Controls and Procedures
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Global Allocation Fund
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date July 23, 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 July 23, 2015
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date July 23, 2015