United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-07309
(Investment Company Act File Number)
Federated Total Return Government Bond 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: 02/28/14
Date of Reporting Period: Six months ended 08/31/13
Item 1. Reports to Stockholders
Share Class | Ticker |
Institutional | FTRGX |
Service | FTGSX |
Type of Investment | Percentage of Total Net Assets |
U.S. Government Agency Securities | 34.3% |
U.S. Government Agency Commercial Mortgage-Backed Securities | 30.4% |
U.S. Treasury Securities | 20.2% |
U.S. Government Agency Mortgage-Backed Securities | 14.7% |
Repurchase Agreements—Collateral2 | 9.4% |
Repurchase Agreements—Cash | 0.1% |
Other Assets and Liabilities—Net3 | (9.1)% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests. |
2 | Includes repurchase agreements purchased with cash collateral or proceeds received in securities lending and/or dollar-roll transactions, as well as cash covering when-issued and delayed-delivery transactions. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount | Value | ||
U.S. TREASURY—20.2% | |||
U.S. Treasury Bonds—5.1% | |||
$2,200,000 | 11.250%, 2/15/2015 | $2,547,488 | |
4,000,000 | 3.500%, 2/15/2039 | 3,904,219 | |
30,000,000 | 4.375%, 5/15/2040 - 5/15/2041 | 33,787,030 | |
3,000,000 | 1 | 4.750%, 2/15/2041 | 3,581,778 |
TOTAL | 43,820,515 | ||
U.S. Treasury Notes—15.1% | |||
22,000,000 | 0.375%, 3/15/2015 | 22,024,970 | |
42,000,000 | 1 | 0.250%, 8/15/2015 - 5/15/2016 | 41,615,300 |
7,500,000 | 4.250%, 8/15/2015 | 8,057,239 | |
14,000,000 | 2.000%, 4/30/2016 - 11/15/2021 | 13,602,309 | |
3,380,000 | 5.125%, 5/15/2016 | 3,781,166 | |
10,000,000 | 0.625%, 7/15/2016 | 9,963,791 | |
8,000,000 | 1 | 1.375%, 7/31/2018 | 7,912,266 |
22,000,000 | 1.875%, 6/30/2020 | 21,541,524 | |
TOTAL | 128,498,565 | ||
TOTAL U.S. TREASURY (IDENTIFIED COST $167,584,013) | 172,319,080 | ||
GOVERNMENT AGENCIES—34.3% | |||
Federal Farm Credit System—3.4% | |||
500,000 | 5.550%, 7/23/2014 | 523,666 | |
20,000,000 | 1.625%, 11/19/2014 | 20,333,638 | |
1,000,000 | 4.300%, 12/15/2014 | 1,051,834 | |
1,000,000 | 5.200%, 1/7/2015 | 1,065,966 | |
1,000,000 | 5.570%, 11/23/2016 | 1,143,341 | |
4,300,000 | 3.875%, 1/12/2021 | 4,603,082 | |
249,000 | 5.800%, 11/10/2021 | 299,986 | |
TOTAL | 29,021,513 | ||
Federal Home Loan Bank System—8.9% | |||
1,000,000 | 2.750%, 12/12/2014 | 1,030,445 | |
1,000,000 | 2.875%, 6/12/2015 | 1,043,158 | |
16,100,000 | 4.750%, 9/11/2015 - 12/16/2016 | 17,507,332 | |
23,000,000 | 3.125%, 3/11/2016 | 24,365,075 | |
14,000,000 | 5.375%, 5/18/2016 | 15,715,202 | |
15,000,000 | 3.625%, 3/12/2021 | 15,795,470 | |
TOTAL | 75,456,682 |
Principal Amount | Value | ||
GOVERNMENT AGENCIES—continued | |||
Federal Home Loan Mortgage Corporation—9.2% | |||
$18,000,000 | 1 | 4.750%, 1/19/2016 | $19,743,124 |
14,000,000 | 5.250%, 4/18/2016 | 15,623,665 | |
7,000,000 | 1 | 2.500%, 5/27/2016 | 7,316,046 |
10,000,000 | 1.750%, 5/30/2019 | 9,759,475 | |
23,000,000 | 1 | 2.375%, 1/13/2022 | 21,966,985 |
70,000 | 6.750%, 9/15/2029 | 93,930 | |
3,300,000 | 6.250%, 7/15/2032 | 4,266,579 | |
TOTAL | 78,769,804 | ||
Federal National Mortgage Association—7.5% | |||
30,000,000 | 1.250%, 9/28/2016 | 30,240,570 | |
10,000,000 | 1 | 1.875%, 9/18/2018 | 9,982,552 |
25,000,000 | 1.550%, 10/4/2019 | 23,686,908 | |
TOTAL | 63,910,030 | ||
Tennessee Valley Authority Bonds—5.3% | |||
37,550,000 | 5.500%, 7/18/2017 | 43,163,522 | |
2,000,000 | 5.250%, 9/15/2039 | 2,178,163 | |
TOTAL | 45,341,685 | ||
TOTAL GOVERNMENT AGENCIES (IDENTIFIED COST $285,925,958) | 292,499,714 | ||
MORTGAGE-BACKED SECURITIES—4.8% | |||
Federal National Mortgage Association—2.5% | |||
17,689,039 | 3.000%, 6/1/2027 | 18,078,750 | |
2,388,800 | 3.500%, 8/1/2026 | 2,495,083 | |
897,158 | 4.000%, 2/1/2042 | 926,596 | |
TOTAL | 21,500,429 | ||
Government National Mortgage Association—0.0% | |||
85,506 | 6.500%, 10/15/2031 | 97,868 | |
25,808 | 7.500%, 10/15/2026 - 10/15/2027 | 30,319 | |
TOTAL | 128,187 | ||
Government Agency—2.3% | |||
19,949,661 | 2,3 | FDIC Trust 2013-R1, Class A, 1.150%, 3/25/2033 | 19,737,431 |
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $42,138,956) | 41,366,047 | ||
Commercial Mortgage-Backed Securities—30.4% | |||
Agency Commercial Mortgage-Backed Securities—30.4% | |||
12,433,547 | FHLMC REMIC K017 A1, 1.891%, 12/25/2020 | 12,424,054 | |
15,000,000 | FHLMC REMIC K705 A2, 2.303%, 9/25/2018 | 15,023,582 | |
20,500,000 | FHLMC REMIC K703 A2, 2.699%, 5/25/2018 | 20,994,706 |
Principal Amount | Value | ||
Commercial Mortgage-Backed Securities—continued | |||
Agency Commercial Mortgage-Backed Securities—continued | |||
$16,932,768 | FHLMC REMIC K014 A1, 2.724%, 10/25/2020 | $17,513,748 | |
7,000,000 | FHLMC REMIC K018 A2, 2.789%, 1/25/2022 | 6,757,177 | |
19,026,282 | FHLMC REMIC K011 A1, 2.917%, 8/25/2020 | 19,767,614 | |
20,000,000 | FHLMC REMIC K702 A2, 3.154%, 2/25/2018 | 20,906,238 | |
19,490,413 | FHLMC REMIC K010 A1, 3.320%, 7/25/2020 | 20,527,987 | |
7,311,749 | FHLMC REMIC K007 A1, 3.342%, 12/25/2019 | 7,706,837 | |
5,042,000 | FHLMC REMIC K013 A2, 3.974%, 1/25/2021 | 5,330,481 | |
17,000,000 | FNMA REMIC 2013-M1 ASQ2, 1.074%, 11/25/2016 | 16,821,665 | |
30,000,000 | FNMA REMIC 2013-M3 ASQ2, 1.083%, 2/25/2016 | 29,994,219 | |
11,617,189 | FNMA REMIC 2012-M1 A1, 1.811%, 10/25/2021 | 11,492,419 | |
15,028,289 | FNMA REMIC 2011-M7 A1, 2.049%, 9/25/2018 | 15,303,089 | |
15,070,622 | FNMA REMIC 2010-M6 A1, 2.210%, 9/25/2020 | 15,305,773 | |
16,000,000 | FNMA REMIC 2011-M7 A2, 2.578%, 9/25/2018 | 16,293,570 | |
7,598,769 | FNMA REMIC 2012-M14 AL, 2.987%, 9/25/2027 | 6,811,098 | |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $258,993,649) | 258,974,257 | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—9.9% | |||
Federal Home Loan Mortgage Corporation—1.5% | |||
6,879,280 | REMIC 2601 DA, 4.000%, 4/15/2023 | 7,217,741 | |
5,698,446 | REMIC 3322 FB, 0.574%, 5/15/2037 | 5,687,311 | |
TOTAL | 12,905,052 | ||
Federal National Mortgage Association—4.9% | |||
6,076 | REMIC 1988-16 B, 9.500%, 6/25/2018 | 6,756 | |
3,306 | REMIC 1989-35 G, 9.500%, 7/25/2019 | 3,764 | |
3,000,772 | REMIC 2007-46 FA, 0.554%, 5/25/2037 | 2,993,964 | |
2,337,201 | REMIC 2008-17 PA, 4.500%, 10/25/2037 | 2,446,038 | |
4,416,972 | REMIC 2009-14 PB, 3.500%, 3/25/2024 | 4,604,594 | |
16,862,074 | REMIC 2012-116 FA, 0.484%, 10/25/2042 | 16,822,587 | |
14,316,954 | REMIC 2012-119 FB, 0.534%, 11/25/2042 | 14,198,179 | |
TOTAL | 41,075,882 | ||
Government National Mortgage Association—3.5% | |||
29,918,686 | REMIC 2013-H16 FA, 0.735%, 7/20/2063 | 29,826,416 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $84,057,761) | 83,807,350 |
Principal Amount | Value | ||
Repurchase Agreements—9.5% | |||
$1,124,000 | Interest in $3,015,000,000 joint repurchase agreement 0.06%, dated 8/30/2013 under which Bank of America, N.A. will repurchase securities provided as collateral for $3,015,020,100 on 9/3/2013. The securities provided as collateral at the end of the period held with The Bank of New York Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 7/1/2042 and the market value of those underlying securities was $3,075,320,502. | $1,124,000 | |
79,971,000 | Interest in $3,015,000,000 joint repurchase agreement 0.06%, dated 8/30/2013 under which Bank of America, N.A. will repurchase securities provided as collateral for $3,015,020,100 on 9/3/2013. The securities provided as collateral at the end of the period held with The Bank of New York Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 7/1/2042 and the market value of those underlying securities was $3,075,320,502 (purchased with proceeds from securities lending collateral). | 79,971,000 | |
TOTAL REPURCHASE AGREEMENTS (AT COST) | 81,095,000 | ||
TOTAL INVESTMENTS—109.1% (IDENTIFIED COST $919,795,337)4 | 930,061,448 | ||
OTHER ASSETS AND LIABILITIES - NET—(9.1)%5 | (77,957,339) | ||
TOTAL NET ASSETS—100% | $852,104,109 |
1 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
2 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At August 31, 2013, this restricted security amounted to $19,737,431, which represented 2.3% of total net assets. |
3 | Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At August 31, 2013, this liquid restricted security amounted to $19,737,431, which represented 2.3% of total net assets. |
4 | Also represents cost for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
FDIC | —Federal Deposit Insurance Corporation |
FHLMC | —Federal Home Loan Mortgage Corporation |
FNMA | —Federal National Mortgage Association |
REMIC | —Real Estate Mortgage Investment Conduit |
Six Months Ended (unaudited) 8/31/2013 | Year Ended February 28 or 29, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $11.51 | $11.80 | $11.27 | $11.32 | $11.36 | $11.20 |
Income From Investment Operations: | ||||||
Net investment income | 0.10 | 0.24 | 0.27 | 0.30 | 0.40 | 0.50 |
Net realized and unrealized gain (loss) on investments and futures contracts | (0.40) | 0.04 | 0.63 | 0.05 | (0.02) | 0.16 |
TOTAL FROM INVESTMENT OPERATIONS | (0.30) | 0.28 | 0.90 | 0.35 | 0.38 | 0.66 |
Less Distributions: | ||||||
Distributions from net investment income | (0.10) | (0.24) | (0.27) | (0.30) | (0.39) | (0.50) |
Distributions from net realized gain on investments and futures contracts | (0.13) | (0.33) | (0.10) | (0.10) | (0.03) | — |
TOTAL DISTRIBUTIONS | (0.23) | (0.57) | (0.37) | (0.40) | (0.42) | (0.50) |
Net Asset Value, End of Period | $10.98 | $11.51 | $11.80 | $11.27 | $11.32 | $11.36 |
Total Return1 | (2.64)% | 2.40% | 8.08% | 3.11% | 3.40% | 6.07% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.31%2 | 0.31% | 0.28% | 0.28% | 0.26% | 0.26% |
Net investment income | 1.73%2 | 1.95% | 2.22% | 2.60% | 3.42% | 4.43% |
Expense waiver/reimbursement3 | 0.17%2 | 0.16% | 0.17% | 0.17% | 0.22% | 0.38% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $697,667 | $864,400 | $691,854 | $672,907 | $647,680 | $464,550 |
Portfolio turnover | 37% | 89% | 152% | 68% | 75% | 47% |
Portfolio turnover (excluding purchases and sales from dollar-roll transactions) | 33% | 40% | 103% | 68% | 71% | 42% |
1 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
2 | Computed on an annualized basis. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 8/31/2013 | Year Ended February 28 or 29, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $11.51 | $11.80 | $11.27 | $11.32 | $11.36 | $11.20 |
Income From Investment Operations: | ||||||
Net investment income | 0.08 | 0.20 | 0.23 | 0.26 | 0.36 | 0.46 |
Net realized and unrealized gain (loss) on investments and futures contracts | (0.40) | 0.04 | 0.63 | 0.06 | (0.02) | 0.16 |
TOTAL FROM INVESTMENT OPERATIONS | (0.32) | 0.24 | 0.86 | 0.32 | 0.34 | 0.62 |
Less Distributions: | ||||||
Distributions from net investment income | (0.08) | (0.20) | (0.23) | (0.27) | (0.35) | (0.46) |
Distributions from net realized gain on investments and futures contracts | (0.13) | (0.33) | (0.10) | (0.10) | (0.03) | — |
TOTAL DISTRIBUTIONS | (0.21) | (0.53) | (0.33) | (0.37) | (0.38) | (0.46) |
Net Asset Value, End of Period | $10.98 | $11.51 | $11.80 | $11.27 | $11.32 | $11.36 |
Total Return1 | (2.81)% | 2.05% | 7.71% | 2.76% | 3.05% | 5.71% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.65%2 | 0.65% | 0.62% | 0.62% | 0.60% | 0.60% |
Net investment income | 1.39%2 | 1.61% | 1.74% | 2.26% | 3.10% | 4.06% |
Expense waiver/reimbursement3 | 0.32%2 | 0.32% | 0.33% | 0.32% | 0.37% | 0.51% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $154,437 | $278,256 | $622,581 | $158,495 | $173,789 | $144,068 |
Portfolio turnover | 37% | 89% | 152% | 68% | 75% | 47% |
Portfolio turnover (excluding purchases and sales from dollar-roll transactions) | 33% | 40% | 103% | 68% | 71% | 42% |
1 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
2 | Computed on an annualized basis. |
3 | 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 $77,689,427 of securities loaned (identified cost $919,795,337) | $930,061,448 | |
Cash | 386 | |
Income receivable | 3,847,815 | |
Receivable for shares sold | 207,821 | |
TOTAL ASSETS | 934,117,470 | |
Liabilities: | ||
Payable for shares redeemed | $1,757,917 | |
Payable for collateral due to broker for securities lending | 79,971,000 | |
Income distribution payable | 153,945 | |
Payable for Directors'/Trustees' fees (Note 5) | 1,635 | |
Payable for distribution services fee (Note 5) | 12,064 | |
Payable for shareholder services fee (Note 5) | 35,763 | |
Accrued expenses (Note 5) | 81,037 | |
TOTAL LIABILITIES | 82,013,361 | |
Net assets for 77,635,924 shares outstanding | $852,104,109 | |
Net Assets Consist of: | ||
Paid-in capital | $845,503,628 | |
Net unrealized appreciation of investments | 10,266,111 | |
Accumulated net realized loss on investments and futures contracts | (3,745,988) | |
Undistributed net investment income | 80,358 | |
TOTAL NET ASSETS | $852,104,109 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Institutional Shares: | ||
Net asset value per share ($697,667,393 ÷ 63,564,455 shares outstanding), no par value, unlimited shares authorized | $10.98 | |
Service Shares: | ||
Net asset value per share ($154,436,716 ÷ 14,071,469 shares outstanding), no par value, unlimited shares authorized | $10.98 |
Investment Income: | |||
Interest (including income on securities loaned of $78,225) | $10,509,355 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,539,637 | ||
Administrative fee (Note 5) | 400,441 | ||
Custodian fees | 20,419 | ||
Transfer agent fee | 339,029 | ||
Directors'/Trustees' fees (Note 5) | 5,870 | ||
Auditing fees | 13,083 | ||
Legal fees | 4,306 | ||
Portfolio accounting fees | 88,857 | ||
Distribution services fee (Note 5) | 272,991 | ||
Shareholder services fee (Note 5) | 263,619 | ||
Account administration fee (Note 2) | 2,531 | ||
Share registration costs | 49,665 | ||
Printing and postage | 15,317 | ||
Insurance premiums (Note 5) | 3,020 | ||
Miscellaneous (Note 5) | 6,819 | ||
TOTAL EXPENSES | 3,025,604 | ||
Waivers (Note 5): | |||
Waiver of investment adviser fee | $(870,357) | ||
Waiver of distribution services fee | (167,923) | ||
TOTAL WAIVERS | (1,038,280) | ||
Net expenses | 1,987,324 | ||
Net investment income | 8,522,031 | ||
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | |||
Net realized loss on investments | (1,472,824) | ||
Net realized gain on futures contracts | 124,376 | ||
Net change in unrealized appreciation of investments | (34,376,007) | ||
Net change in unrealized depreciation of futures contracts | 227,793 | ||
Net realized and unrealized loss on investments and futures contracts | (35,496,662) | ||
Change in net assets resulting from operations | $(26,974,631) |
Six Months Ended (unaudited) 8/31/2013 | Year Ended 2/28/2013 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $8,522,031 | $22,749,709 |
Net realized gain (loss) on investments and futures contracts | (1,348,448) | 31,927,857 |
Net change in unrealized appreciation/depreciation of investments and futures contracts | (34,148,214) | (26,621,229) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (26,974,631) | 28,056,337 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Institutional Shares | (7,021,674) | (16,342,343) |
Service Shares | (1,527,502) | (7,833,220) |
Distributions from net realized gain on investments and futures contracts | ||
Institutional Shares | (9,589,417) | (22,782,089) |
Service Shares | (2,690,464) | (11,653,811) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (20,829,057) | (58,611,463) |
Share Transactions: | ||
Proceeds from sale of shares | 106,218,574 | 614,010,720 |
Proceeds from shares issued in connection with the tax-free transfer of assets from Federated U.S. Government Bond Fund | — | 36,852,332 |
Net asset value of shares issued to shareholders in payment of distributions declared | 18,577,809 | 51,526,558 |
Cost of shares redeemed | (367,544,497) | (843,613,789) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (242,748,114) | (141,224,179) |
Change in net assets | (290,551,802) | (171,779,305) |
Net Assets: | ||
Beginning of period | 1,142,655,911 | 1,314,435,216 |
End of period (including undistributed net investment income of $80,358 and $107,503, respectively) | $852,104,109 | $1,142,655,911 |
Net investment income* | $23,158,384 |
Net realized and unrealized gain on investments and futures contracts | $6,440,000 |
Net increase in net assets resulting from operations | $29,598,384 |
* | Net investment income includes $110,291 of pro forma eliminated expenses. |
Shares of the Trust Issued | U.S. Government Bond Fund Net Assets Received | Unrealized Appreciation1 | Net Assets of the Trust Immediately Prior to Combination | Net Assets of the Trust Immediately After Combination |
3,123,021 | $36,852,332 | $4,899,803 | $1,279,826,160 | $1,316,678,492 |
1 | Unrealized Appreciation is included in the U.S. Government Bond Fund Net Assets Received amount shown above. |
■ | 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. |
Account Administration Fees Incurred | |
Service Shares | $2,531 |
Market Value of Securities Loaned | Market Value of Collateral |
$77,689,427 | $79,971,000 |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Futures | |
Interest rate contracts | $124,376 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures | |
Interest rate contracts | $227,793 |
Six Months Ended 8/31/2013 | Year Ended 2/28/2013 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 7,576,132 | $86,189,358 | 31,104,188 | $365,734,096 |
Shares issued to shareholders in payment of distributions declared | 1,325,567 | 14,923,306 | 2,783,247 | 32,554,283 |
Shares redeemed | (20,417,976) | (229,706,836) | (17,440,940) | (204,285,709) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (11,516,277) | $(128,594,172) | 16,446,495 | $194,002,670 |
Six Months Ended 8/31/2013 | Year Ended 2/28/2013 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,766,895 | $20,029,216 | 21,105,270 | $248,276,624 |
Shares issued in connection with the tax-free transfer of assets from U.S. Government Bond Fund | — | — | 3,123,021 | 36,852,332 |
Shares issued to shareholders in payment of distributions declared | 324,727 | 3,654,503 | 1,616,687 | 18,972,275 |
Shares redeemed | (12,188,536) | (137,837,661) | (54,441,533) | (639,328,080) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (10,096,914) | $(114,153,942) | $(28,596,555) | $(335,226,849) |
NET CHANGE RESULTING FROM TOTAL TRUST SHARE TRANSACTIONS | (21,613,191) | $(242,748,114) | $(12,150,060) | $(141,224,179) |
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 |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Service Shares | $272,991 | $(167,923) |
Service Fees Incurred | |
Service Shares | $263,619 |
Purchases | $52,050,646 |
Sales | $79,707,950 |
Beginning Account Value 3/1/2013 | Ending Account Value 8/31/2013 | Expenses Paid During Period1 | |
Actual: | |||
Institutional Shares | $1,000 | $973.60 | $1.54 |
Service Shares | $1,000 | $971.90 | $3.23 |
Hypothetical (assuming a 5% return before expenses): | |||
Institutional Shares | $1,000 | $1,023.64 | $1.58 |
Service Shares | $1,000 | $1,021.93 | $3.31 |
1 | Expenses are equal to the Trust's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Institutional Shares | 0.31% |
Service Shares | 0.65% |
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31429A204
2013 ©Federated Investors, Inc.
Item 2. Code of Ethics
Not Applicable
Item 3. Audit Committee Financial Expert
Not Applicable
Item 4. Principal Accountant Fees and Services
Not Applicable
Item 5. Audit Committee of Listed Registrants
Not Applicable
Item 6. Schedule of Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not Applicable |
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not Applicable |
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not Applicable |
Item 10. Submission of Matters to a Vote of Security Holders
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 Total Return Government Bond Fund
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date October 22, 2013
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue, Principal Executive Officer
Date October 22, 2013
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date October 22, 2013