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Name | Symbol | Market | Type |
---|---|---|---|
Federated Prudent Bear Fund - A (MM) | NASDAQ:BEARX | NASDAQ | Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-4017
(Investment Company Act File Number)
Federated Equity Funds
_______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, Pennsylvania 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 11/30/2012
Date of Reporting Period: 11/30/2012
Item 1. Reports to Stockholders
Share Class | Ticker |
Institutional | FGLEX |
1 | The MSCI ACWI is a free float-adjusted, market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. As of November 2012, the MSCI ACWI consisted of 45 country indices comprising 24 developed and 21 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and United States. The emerging market country indices included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey. The index is unmanaged, and it is not possible to invest directly in an index. |
2 | The MSCI USA Index is a free float adjusted market capitalization index that is designed to measure large and mid-cap U.S. equity market performance. The MSCI USA Index is a member of the MSCI international equity index series and represents the U.S. equity portion of the global benchmark MSCI ACWI (All Country World Index). The index is unmanaged, and it is not possible to invest directly in an index. |
3 | The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of November 2012, the MSCI Emerging Markets Index consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey. The index is unmanaged, and it is not possible to invest directly in an index. |
4 | The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets outside of North America (Europe, Australasia and the Far East). As of November 2012, the MSCI EAFE Index consisted of 22 developed market country indices. The developed market country indices included are: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The index is unmanaged, and it is not possible to invest directly in an index. |
5 | MSCI country indexes are constructed by identifying every listed security in the market. Securities are free float adjusted, classified in accordance with the Global Industry Classification Standard (GICS ® ), and screened by size, liquidity and minimum free float. The indexes are unmanaged, and it is not possible to invest directly in an index. |
6 | International investing involves special risks including currency risk, increased volatility of foreign securities, political risks and differences in auditing and other financial standards. Prices of emerging market securities can be significantly more volatile than the prices of securities in developed countries. Currency risk and political risks are accentuated in emerging markets. |
Share Class | 1 Year |
Start of
Performance* |
Institutional Shares | 14.69% | 5.45% |
* | The Fund's Institutional Shares commenced operations on 12/3/2010. |
1 | Represents a hypothetical investment of $10,000 in the Fund. The Fund's performance assumes the reinvestment of all dividends and distributions. The MSCI ACWI has been adjusted to reflect the reinvestment of dividends on securities in the index. |
2 | The MSCI ACWI is not adjusted to reflect sales charges, expenses and other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. The Index is unmanaged, and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. |
Country |
Percentage of
Total Net Assets |
United States | 43.8% |
Germany | 11.1% |
China | 9.4% |
Mexico | 8.2% |
Norway | 7.9% |
South Korea | 7.5% |
Brazil | 5.2% |
Japan | 3.5% |
Denmark | 2.9% |
Derivative Contracts 2 | 0.4% |
Cash Equivalents 3 | 0.7% |
Other Assets and Liabilities—Net 4 | (0.6)% |
TOTAL | 100.0% |
1 | Country allocations are based primarily on the country in which a company is incorporated. However, the Fund's Adviser may allocate a company to a country based on other factors such as location of the company's principal office, the location of the principal trading market for the company's securities or the country where a majority of the company's revenues are derived. |
2 | Based upon net realized 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) value or 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. |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
4 | Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities. |
Sector Classification |
Percentage of
Total Net Assets |
Information Technology | 16.9% |
Financials | 16.2% |
Consumer Discretionary | 14.9% |
Energy | 10.4% |
Health Care | 10.0% |
Consumer Staples | 8.9% |
Materials | 7.8% |
Industrials | 7.6% |
Telecommunication Services | 5.9% |
Utilities | 0.9% |
Derivative Contracts 2 | 0.4% |
Cash Equivalents 3 | 0.7% |
Other Assets and Liabilities—Net 4 | (0.6)% |
TOTAL | 100.0% |
5 | Except for Derivative Contracts, Cash Equivalents and Other Assets and Liabilities, sector classifications are based upon, and individual 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 |
Value in
U.S. Dollars |
||
COMMON STOCKS—99.5% | |||
Brazil—5.2% | |||
6,000 | Banco Do Brasil SA | $ 61,522 | |
2,660 | CIELO SA | 69,276 | |
1,000 | Companhia Brasileira de Distribuicao Groupo Pao de Acucar, ADR | 43,280 | |
1,800 | Companhia de Bebidas das Americas (AmBev), ADR | 74,898 | |
3,400 | Itau Unibanco Holding SA, ADR | 51,510 | |
2,500 | Localiza Rent A Car SA | 41,592 | |
6,000 | Marcopolo SA, Preference | 35,268 | |
3,200 | Petroleo Brasileiro SA, ADR | 56,160 | |
1,200 | Tim Participacoes S.A., ADR | 21,276 | |
7,000 | Vale SA, ADR | 119,630 | |
TOTAL | 574,412 | ||
China—9.4% | |||
84,000 | Air China | 56,251 | |
300 | 1 | Baidu.com, Inc., ADR | 28,893 |
200,000 | Bank of China Ltd. | 84,385 | |
100,000 | Bosideng International Holdings Ltd. | 30,580 | |
2,150 | China Mobile Ltd., ADR | 122,378 | |
32,000 | China Overseas Land & Investment | 94,965 | |
510 | CNOOC Ltd., ADR | 108,712 | |
30,000 | Dongfeng Motor Corp. | 42,193 | |
21,000 | Golden Eagle Retail Group Ltd. | 49,857 | |
70,000 | Guangdong Invest | 56,902 | |
12,000 | HSBC Holdings PLC | 122,603 | |
400 | PetroChina Co. Ltd., ADR | 53,260 | |
30,000 | PICC Property and Casualty Co., Ltd., Class H | 38,670 | |
8,800 | Prada Holding SpA | 72,669 | |
2,500 | Tencent Holdings Ltd. | 81,417 | |
TOTAL | 1,043,735 | ||
Denmark—2.9% | |||
5 | 1 | A P Moller-Maersk A/S | 35,702 |
2,400 | Chr.Hansen Holding | 77,695 | |
4,000 | Danske Bank A/S | 68,581 | |
2,800 | GN Store Nord AS | 39,562 | |
400 | Novo Nordisk A/S, ADR | 63,468 |
Shares |
Value in
U.S. Dollars |
||
COMMON STOCKS— continued | |||
Denmark—continued | |||
350 | Rockwool International A/S | $ 36,822 | |
TOTAL | 321,830 | ||
Germany—11.1% | |||
1,300 | Allianz SE | 168,986 | |
1,500 | BASF SE | 134,411 | |
1,300 | Bayerische Motoren Werke AG | 115,289 | |
700 | Continental AG | 77,473 | |
2,100 | Daimler AG | 103,729 | |
3,000 | Deutsche Telekom AG, Class REG | 33,047 | |
550 | Fresenius SE & Co KGaA | 63,576 | |
1,100 | Gerresheimer AG | 56,373 | |
600 | Hannover Rueckversicherung AG | 44,205 | |
700 | Muenchener Rueckversicherungs-Gesellschaft AG | 119,487 | |
1,000 | RWE AG | 41,702 | |
500 | SAP AG, ADR | 38,995 | |
1,800 | Siemens AG | 185,639 | |
1,600 | Suedzucker AG | 63,030 | |
TOTAL | 1,245,942 | ||
Japan—3.5% | |||
14,000 | Asahi Kasei Corp. | 79,820 | |
1,000 | Astellas Pharma, Inc. | 50,585 | |
2,500 | Chugai Pharmaceutical Co. Ltd. | 49,554 | |
2,000 | Japan Tobacco, Inc. | 59,926 | |
11,000 | Kaneka Corp. | 55,244 | |
11,000 | Mitsubishi Chemical Holdings Corp. | 48,038 | |
1,200 | Takeda Pharmaceutical Co. Ltd. | 54,880 | |
TOTAL | 398,047 | ||
Mexico—8.2% | |||
35,000 | Alfa SAB de C.V., Class A | 72,877 | |
6,000 | America Movil S.A.B. de C.V., Class L ADR | 141,540 | |
2,000 | Fomento Economico Mexicano, SA de C.V., ADR | 196,160 | |
27,100 | Grupo Financiero Banorte S.A. de C.V. | 154,657 | |
3,116 | 1 | Grupo Financiero Santander Mexico SAB de CV, ADR | 45,525 |
1,700 | Grupo Televisa S.A., GDR | 40,239 | |
1,250 | Industrias Penoles, S.A. de CV | 63,267 | |
42,107 | Nuevo Grupo Mexico SA, Class B | 138,366 | |
19,100 | Wal-Mart de Mexico SAB de CV | 59,943 | |
TOTAL | 912,574 |
Shares |
Value in
U.S. Dollars |
||
COMMON STOCKS— continued | |||
Norway—7.9% | |||
9,200 | DnB ASA | $114,585 | |
2,400 | Fred Olsen Energy ASA | 106,008 | |
4,200 | Seadrill Ltd. | 161,640 | |
7,600 | Statoil ASA | 185,826 | |
3,400 | Subsea 7 SA | 77,730 | |
3,800 | Telenor ASA | 77,148 | |
3,100 | Yara International ASA | 155,480 | |
TOTAL | 878,417 | ||
South Korea—7.5% | |||
150 | Hyundai Heavy | 29,228 | |
750 | Hyundai Motor Co. | 156,185 | |
2,200 | Kia Motors Corp. | 125,761 | |
280 | Samsung Electronics Co. | 363,559 | |
1,400 | Samsung Heavy Industries | 47,126 | |
380 | Samsung SDI Co. Ltd. | 54,569 | |
400 | SK Innovation Co. Ltd. | 61,135 | |
TOTAL | 837,563 | ||
United States—43.8% | |||
2,050 | Accenture PLC | 139,236 | |
500 | Apple, Inc. | 292,640 | |
2,500 | Automatic Data Processing, Inc. | 141,900 | |
6,000 | Bank of America Corp. | 59,160 | |
1,900 | Bank of New York Mellon Corp. | 45,486 | |
1,700 | 1 | BMC Software, Inc. | 69,632 |
11,100 | Cisco Systems, Inc. | 209,901 | |
3,800 | Citigroup, Inc. | 131,366 | |
900 | Coach, Inc. | 52,056 | |
1,000 | Diamond Offshore Drilling, Inc. | 69,000 | |
4,200 | Discover Financial Services | 174,762 | |
5,400 | 1 | DISH Network Corp., Class A | 200,016 |
1,200 | Exxon Mobil Corp. | 105,768 | |
3,700 | 1 | Forest Laboratories, Inc., Class A | 131,202 |
12,200 | Frontier Communications Corp. | 58,682 | |
10,400 | General Electric Co. | 219,752 | |
900 | 1 | Gilead Sciences, Inc. | 67,500 |
2,000 | HollyFrontier Corp. | 90,660 | |
300 | IBM Corp. | 57,021 | |
3,000 | KBR, Inc. | 83,400 |
Shares |
Value in
U.S. Dollars |
||
COMMON STOCKS— continued | |||
United States—continued | |||
6,400 | Kroger Co. | $ 167,936 | |
2,200 | Lincoln National Corp. | 54,340 | |
1,000 | 1 | Lululemon Athletica Inc. | 71,780 |
2,600 | Merck & Co., Inc. | 115,180 | |
1,600 | MetLife, Inc. | 53,104 | |
5,000 | 1 | MetroPCS Communications, Inc. | 53,250 |
8,000 | Microsoft Corp. | 212,960 | |
4,300 | 1 | Mylan Inc. | 116,874 |
1,100 | Nike, Inc., Class B | 107,228 | |
3,800 | Oracle Corp. | 121,980 | |
10,400 | Pfizer, Inc. | 260,208 | |
1,000 | Prudential Financial, Inc. | 52,120 | |
3,100 | Scripps Networks Interactive | 183,024 | |
3,700 | TD Ameritrade Holding Corp. | 59,940 | |
2,600 | Valero Energy Corp. | 83,876 | |
3,450 | Verizon Communications, Inc. | 152,214 | |
4,600 | Viacom, Inc., Class B | 237,406 | |
3,400 | Wal-Mart Stores, Inc. | 244,868 | |
600 | 1 | Waters Corp. | 50,730 |
900 | Whole Foods Market, Inc. | 84,024 | |
TOTAL | 4,882,182 | ||
TOTAL COMMON STOCKS
(IDENTIFIED COST $10,158,984) |
11,094,702 | ||
MUTUAL FUND—0.7% | |||
73,409 | 2,3 |
Federated Prime Value Obligations Fund, Institutional Shares, 0.15%
(AT NET ASSET VALUE) |
73,409 |
TOTAL INVESTMENTS—100.2%
(IDENTIFIED COST $10,232,393) 4 |
11,168,111 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.2)% 5 | (12,657) | ||
TOTAL NET ASSETS—100% | $11,155,454 |
1 | Non-income producing security. |
2 | Affiliated holding. |
3 | 7-Day net yield. |
4 | Also represents cost for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Valuation Inputs | ||||
Level 1—
Quoted Prices and Investments in Mutual Funds |
Level 2—
Other Significant Observable Inputs |
Level 3—
Significant Unobservable Inputs |
Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $4,882,182 | $— | $— | $4,882,182 |
International | 6,212,520 1 | — | — | 6,212,520 |
Mutual Fund | 73,409 | — | — | 73,409 |
TOTAL SECURITIES | $11,168,111 | $— | $— | $11,168,111 |
OTHER FINANCIAL INSTRUMENTS 2 | $— | $48,429 | $— | $48,429 |
1 | Includes $3,117,668 of common stock securities transferred from Level 2 to Level 1 because quoted prices on equity securities traded principally in foreign markets were utilized to value securities for which fair value factors were previously applied to account for significant post market close activity. These transfers represent the value of the securities at the beginning of the period. |
2 | Other financial instruments include foreign exchange contracts. |
ADR | —American Depositary Receipt |
BRL | —Brazilian Real |
CAD | —Canadian Dollars |
EUR | —Euro |
GBP | —Great Britain Pound |
GDR | —Global Depositary Receipt |
INR | —Indian Rupee |
JPY | —Japanese Yen |
NZD | —New Zealand Dollar |
RUB | —Russian Ruble |
TRY | —Turkish Lira |
Year Ended
11/30/2012 |
Period Ended
11/30/2011 1 |
|
Net Asset Value, Beginning of Period | $ 9.67 | $10.00 |
Income From Investment Operations: | ||
Net investment income | 0.14 | 0.12 |
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions | 1.27 | (0.43) |
TOTAL FROM INVESTMENT OPERATIONS | 1.41 | (0.31) |
Less Distributions: | ||
Distributions from net investment income | (0.03) | (0.02) |
Net Asset Value, End of Period | $ 11.05 | $ 9.67 |
Total Return 2 | 14.69% | (3.09)% |
Ratios to Average Net Assets: | ||
Net expenses | 1.15% | 1.15% 3 |
Net investment income | 1.31% | 1.14% 3 |
Expense waiver/reimbursement 4 | 2.99% | 3.13% 3 |
Supplemental Data: | ||
Net assets, end of period (000 omitted) | $11,155 | $ 9,695 |
Portfolio turnover | 51% | 49% |
1 | Reflects operations for the period from December 3, 2010 (date of initial investment) to November 30, 2011. |
2 | Based on net asset value. Total returns for less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Assets: | ||
Total investment in securities, at value including $73,409 of investment in an affiliated holding (Note 5) (identified cost $10,232,393) | $11,168,111 | |
Cash denominated in foreign currencies (identified cost $8,818) | 8,810 | |
Receivable for investments sold | 124,029 | |
Unrealized appreciation on foreign exchange contracts | 54,096 | |
Income receivable | 26,820 | |
TOTAL ASSETS | 11,381,866 | |
Liabilities: | ||
Payable for investments purchased | $118,144 | |
Unrealized depreciation on foreign exchange contracts | 5,667 | |
Payable for portfolio accounting fees | 56,577 | |
Payable for auditing fees | 25,000 | |
Payable to adviser (Note 5) | 1,270 | |
Payable for Directors'/Trustees' fees | 174 | |
Payable for share registration costs | 8,335 | |
Accrued expenses | 11,245 | |
TOTAL LIABILITIES | 226,412 | |
Net assets for 1,009,774 shares outstanding | $11,155,454 | |
Net Assets Consist of: | ||
Paid-in capital | $10,099,376 | |
Net unrealized appreciation of investments and translation of assets and liabilities in foreign currency | 983,771 | |
Accumulated net realized loss on investments, futures contracts and foreign currency transactions | (37,870) | |
Undistributed net investment income | 110,177 | |
TOTAL NET ASSETS | $11,155,454 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Institutional Shares: | ||
$11,155,454 ÷ 1,009,774 shares outstanding, no par value, unlimited shares authorized | $11.05 |
Investment Income: | |||
Dividends (including $418 received from an affiliated holding (Note 5) and net of foreign taxes withheld of $18,372) | $ 258,672 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $ 94,447 | ||
Administrative fee (Note 5) | 114,846 | ||
Custodian fees | 13,586 | ||
Transfer and dividend disbursing agent fees and expenses | 3,502 | ||
Directors'/Trustees' fees | 888 | ||
Auditing fees | 25,000 | ||
Legal fees | 9,347 | ||
Portfolio accounting fees | 121,755 | ||
Share registration costs | 26,261 | ||
Printing and postage | 15,207 | ||
Insurance premiums | 3,856 | ||
Miscellaneous | 6,107 | ||
TOTAL EXPENSES | 434,802 | ||
Waivers and Reimbursements (Note 5): | |||
Waiver/reimbursement of investment adviser fee | $ (94,447) | ||
Waiver of administrative fee | (18,708) | ||
Reimbursement of other operating expenses | (200,449) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | (313,604) | ||
Net expenses | 121,198 | ||
Net investment income | 137,474 | ||
Realized and Unrealized Gain on Investments and Foreign Currency Transactions: | |||
Net realized gain on investments and foreign currency transactions | 81,725 | ||
Net change in unrealized depreciation of investments and translation of assets and liabilities in foreign currency | 1,199,342 | ||
Net realized and unrealized gain on investments and foreign currency transactions | 1,281,067 | ||
Change in net assets resulting from operations | $1,418,541 |
Year Ended
11/30/2012 |
Period Ended
11/30/2011 1 |
|
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $ 137,474 | $ 117,604 |
Net realized gain (loss) on investments, futures contracts and foreign currency transactions | 81,725 | (207,619) |
Net change in unrealized appreciation/depreciation of investments and translation of assets and liabilities in foreign currency | 1,199,342 | (215,571) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 1,418,541 | (305,586) |
Distributions to Shareholders: | ||
Distributions from net investment income | (34,777) | (22,100) |
Share Transactions: | ||
Proceeds from sale of shares | 61,002 | 10,001,100 |
Net asset value of shares issued to shareholders in payment of distributions declared | 34,777 | 22,100 |
Cost of shares redeemed | (19,489) | (114) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 76,290 | 10,023,086 |
Change in net assets | 1,460,054 | 9,695,400 |
Net Assets: | ||
Beginning of period | 9,695,400 | — |
End of period (including undistributed net investment income of $110,177 and $28,383, respectively) | $11,155,454 | $ 9,695,400 |
1 | Reflects operations for the period from December 3, 2010 (date of initial investment) to November 30, 2011. |
■ | 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. |
■ | Shares of other mutual funds are valued based upon their reported NAVs. |
■ | 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 Fund's Board of Trustees (the “ Trustees”). |
■ | Fixed-income securities 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), which approximates market value. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the purchase price of the security, information obtained by contacting the issuer, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded and public trading in similar securities of the issuer or comparable issuers. |
■ | With respect to securities traded in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts; |
■ | Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded; and |
■ | Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Forward Currency
Contracts |
|
Foreign exchange contracts | $100,074 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Forward Currency
Contracts |
|
Foreign exchange contracts | $39,266 |
Year Ended
11/30/2012 |
Period Ended
11/30/2011 1 |
|
Shares sold | 5,665 | 1,000,105 |
Shares issued to shareholders in payment of distributions declared | 3,708 | 2,131 |
Shares redeemed | (1,825) | (10) |
NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS | 7,548 | 1,002,226 |
1 | Reflects operations for the period from December 3, 2010 (date of initial investment) to November 30, 2011. |
Increase (Decrease) | |
Undistributed
Net Investment Income (Loss) |
Accumulated
Net Realized Gain (Loss) |
$(20,903) | $20,903 |
2012 | 2011 1 | |
Ordinary income | $34,777 | $22,100 |
1 | Reflects operations for the period from December 3, 2010 (date of initial investment) to November 30, 2011. |
Undistributed ordinary income | $110,177 |
Undistributed long-term capital gains | $ 6,687 |
Net unrealized appreciation | $939,214 |
Federated
Prime Value Obligations Fund, Institutional Shares |
|
Balance of Shares Held 11/30/2011 | 20,231 |
Purchases/Additions | 2,278,614 |
Sales/Reductions | 2,225,436 |
Balance of Shares Held 11/30/2012 | 73,409 |
Value | $ 73,409 |
Dividend Income | $ 418 |
Beginning
Account Value 6/1/2012 |
Ending
Account Value 11/30/2012 |
Expenses Paid
During Period 1 |
|
Actual | $1,000 | $1,135.70 | $6.14 |
Hypothetical (assuming a 5% return
before expenses) |
$1,000 | $1,019.25 | $5.81 |
1 | Expenses are equal to the Fund's annualized net expense ratio of 1.15%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half-year period). |
Name
Birth Date Positions Held with Trust Date Service Began |
Principal Occupation(s) for Past Five Years,
Other Directorships Held and Previous Position(s) |
John F. Donahue*
Birth Date: July 28, 1924 Trustee Began serving: May 1992 |
Principal Occupations
: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee.
Previous Positions : Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling. |
J. Christopher Donahue*
Birth Date: April 11, 1949 President and Trustee Began serving: May 1992 |
Principal Occupations
: Principal Executive Officer and President of the Federated Fund Family; Director or Trustee of some of the Funds in the Federated Fund Family; President, Chief Executive Officer and
Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.;
Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services
Company.
Previous Positions : President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd. |
* | Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries. |
Name
Birth Date Positions Held with Trust Date Service Began |
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications |
John F. Cunningham
Birth Date: March 5, 1943 Trustee Began serving: January 1999 |
Principal Occupation
: Director or Trustee of the Federated Fund Family.
Other Directorships Held : Chairman, President and Chief Executive Officer, Cunningham & Co., Inc. (strategic business consulting); Trustee Associate, Boston College. Previous Positions : President and Chief Operating Officer, Wang Laboratories; Chairman of the Board and Chief Executive Officer, Computer Consoles, Inc.; Director, First National Bank of Boston; Director, EMC Corporation (computer storage systems); Director, Apollo Computer, Inc.; Director, Redgate Communications. Qualifications : Business management and director experience. |
Maureen Lally-Green
Birth Date: July 5, 1949 Trustee Began serving: August 2009 |
Principal Occupations
: Director or Trustee of the Federated Fund Family; Director, Office of Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law.
Other Directorships Held : Director, Auberle; Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh; Chair and Director, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society, Allegheny County; Director, Our Campaign for the Church Alive, Inc.; Associate General Secretary of the Diocese of Pittsburgh. Previous Position : Pennsylvania Superior Court Judge. Qualifications : Legal and director experience. |
Peter E. Madden
Birth Date: March 16, 1942 Trustee Began serving: May 1992 |
Principal Occupation
: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family.
Previous Positions : Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications : Business management, mutual fund services and director experience. |
Name
Birth Date Positions Held with Trust Date Service Began |
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr.
Birth Date: April 10, 1945 Trustee Began serving: January 1999 |
Principal Occupations
: Director or Trustee of the Federated Fund Family; Management Consultant.
Previous Positions : Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications : Banking, business management, education and director experience. |
Thomas M. O'Neill
Birth Date: June 14, 1951 Trustee Began serving: October 2006 |
Principal Occupations
: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting).
Other Directorships Held : Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions : Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications : Business management, mutual fund, director and investment experience. |
John S. Walsh
Birth Date: November 28, 1957 Trustee Began serving: January 1999 |
Principal Occupations
: Director or Trustee, Chairman of the Audit Committee of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and
Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc.
Previous Position : Vice President, Walsh & Kelly, Inc. Qualifications : Business management and director experience. |
Name
Birth Date Positions Held with Trust Date Service Began |
Principal Occupation(s) and Previous Position(s) |
John W. McGonigle
Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: May 1992 |
Principal Occupations
: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc.
Previous Positions : Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp. |
Richard A. Novak
Birth Date: December 25, 1963 TREASURER Officer since: January 2006 |
Principal Occupations
: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated
Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc.
Previous Positions : Controller of Federated Investors, Inc.; Vice President, Finance of Federated Services Company; held various financial management positions within The Mercy Hospital of Pittsburgh; Auditor, Arthur Andersen & Co. |
Peter J. Germain
Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005 |
Principal Occupations
: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and
Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined
Federated in 1984 and is a member of the Pennsylvania Bar Association.
Previous Positions : Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Richard B. Fisher
Birth Date: May 17, 1923 VICE PRESIDENT Officer since: May 1992 |
Principal Occupations
: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp.
Previous Positions : President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp. |
Brian P. Bouda
Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: January 2006 |
Principal Occupations
: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of
its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin.
Previous Positions : Served in Senior Management positions with a large regional banking organization. |
Name
Birth Date Positions Held with Trust Date Service Began |
Principal Occupation(s) and Previous Position(s) |
Stephen F. Auth
Birth Date: September 3, 1956 450 Lexington Avenue Suite 3700 New York, NY 10017-3943 CHIEF INVESTMENT OFFICER Officer since: November 2002 |
Principal Occupations
: Mr. Auth is Chief Investment Officer of this Fund and various other Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global
Investment Management Corp. and Federated Equity Management Company of Pennsylvania.
Previous Positions : Executive Vice President, Federated Investment Management Company, and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
Audrey H. Kaplan
Birth Date: February 20, 1967 VICE PRESIDENT Officer since: February 2011 Portfolio Manager since: February 2011 |
Principal Occupations : Audrey H. Kaplan has been the Fund's Portfolio Manager since February 2011. She is Vice President of the Trust with respect to the Fund. Prior to joining Federated, Ms. Kaplan was employed with Rochdale Investment Management LLC where she served as a Portfolio Manager for several portfolios including the Rochdale Investment Trust Atlas Portfolio and Senior Vice President in Quantitative Research from February 2004 to August 2007. Prior to joining Rochdale, Ms. Kaplan was a Hedge Fund Consultant at BlueCrest Capital Management from December 2002 to December 2003, Vice President and European Quantitative Strategist with Merrill Lynch International from August 2000 to December 2002, and Project Manager of Global Emerging Markets Research with Robert Fleming & Co., Ltd from February 1998 to December 1999. Ms. Kaplan has 23 years of experience in quantitative analysis, portfolio strategy, and research. Ms. Kaplan earned her B.S. in Computer and Systems Engineering from Rensselear Polytechnic Institute and her Masters in Finance from London Business School. |
1 | The MSCI ACWI ex USA is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. As of November 2012, the MSCI ACWI ex USA consisted of 44 country indices comprising 23 developed and 21 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The emerging market country indices included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey. The index is unmanaged, and it is not possible to invest directly in an index. |
2 | The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets outside of North America (Europe, Australasia and the Far East). As of November 2012, the MSCI EAFE Index consisted of 22 developed market country indices. The developed market country indices included are: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The index is unmanaged, and it is not possible to invest directly in an index. |
3 | The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of November 2012, the MSCI Emerging Markets Index consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey. The index is unmanaged, and it is not possible to invest directly in an index. |
4 | MSCI country indexes are constructed by identifying every listed security in the market. Securities are free float adjusted, classified in accordance with the Global Industry Classification Standard (GICS ® ), and screened by size, liquidity and minimum free float. The indices are unmanaged, and it is not possible to invest directly in an index. |
5 | International investing involves special risks including currency risk, increased volatility of foreign securities, political risks and differences in auditing and other financial standards. International small company stocks may be less liquid and subject to greater price volatility than international large company stocks. |
Share Class | 1 Year | 5 Years | 10 Years |
Class A Shares | 6.96% | (5.82)% | 9.52% |
Class B Shares | 6.84% | (5.83)% | 9.54% |
Class C Shares | 11.34% | (5.49)% | 9.37% |
Class R Shares | 13.00% | (5.06)% | 9.80% |
Institutional Shares | 13.56% | (4.44)% | 10.32% |
■ | Total returns shown include the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). |
■ | Total returns shown include the maximum contingent deferred sales charge of 5.50% as applicable. |
■ | Total returns shown include the maximum contingent deferred sales charge of 1.00% as applicable. |
1 | Federated InterContinental Fund is the successor to Rochdale Atlas Portfolio pursuant to a reorganization that took place on August 24, 2007. Shareholders of the Rochdale Atlas Portfolio received Class A Shares of the Fund as a result of the reorganization. The information presented above, for the periods prior to August 24, 2007, is historical information for Rochdale Atlas Portfolio. The fiscal year end of Rochdale Atlas Portfolio was December 31. The Fund's Class B, Class C, Class R and Institutional Shares commenced operations on August 25, 2007. For the period prior to the commencement of operations of the Fund's Class B Shares, Class C Shares and Class R Shares, the performance information shown is for the Fund's Class A Shares, adjusted to reflect the expenses of each new share class. For the period prior to the commencement of operations of Institutional Shares, the performance information shown is for the Fund's Class A Shares. The performance of the Class A Shares has not been adjusted to reflect the expenses of the Institutional Shares since the Institutional Shares have a lower expense ratio than the expense ratio of the Class A Shares. The performance of the Class A Shares has been adjusted to remove any voluntary waiver of Fund expenses related to the Class A Shares that may have occurred during the period prior to the commencement of operations of the Institutional Shares. |
2 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: For Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450); For Class B Shares, the maximum contingent deferred sales charge is 5.50% on any redemption less than one year from purchase date; For Class C Shares, the maximum contingent deferred sales charge is 1.00% on any redemption less than one year from purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The MSCI ACWI ex USA has been adjusted to reflect reinvestment of dividends on securities in the index. |
3 | The MSCI ACWI ex USA is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. The index is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. |
Country |
Percentage of
Total Net Assets |
Germany | 18.2% |
Japan | 15.1% |
China | 12.2% |
Norway | 12.1% |
South Korea | 11.2% |
Mexico | 10.9% |
Brazil | 8.6% |
Denmark | 7.9% |
United Kingdom | 0.3% |
U.S. Treasury Security | 0.1% |
Cash Equivalents 2 | 2.6% |
Derivative Contracts 3 | 0.6% |
Other Assets and Liabilities—Net 4 | 0.2% |
TOTAL | 100.0% |
1 | Country allocations are based primarily on the country in which a company is incorporated. However, the Fund's Adviser may allocate a company to a country based on other factors such as location of the company's principal office, the location of the principal trading market for the company's securities or the country where a majority of the company's revenues are derived. |
2 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
3 | 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. |
4 | Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities. |
Sector Classification |
Percentage of
Total Net Assets |
Financials | 17.4% |
Consumer Discretionary | 13.6% |
Materials | 13.3% |
Industrials | 10.3% |
Energy | 10.2% |
Consumer Staples | 8.4% |
Information Technology | 8.2% |
Health Care | 7.9% |
Telecommunication Services | 4.9% |
Utilities | 2.3% |
U.S. Treasury Security | 0.1% |
Cash Equivalents 2 | 2.6% |
Derivative Contracts 3 | 0.6% |
Other Assets and Liabilities—Net 4 | 0.2% |
TOTAL | 100.0% |
5 | Except for U.S. Treasury Security, Derivative Contracts, Cash Equivalents and Other Assets and Liabilities, sector classifications are based upon, and individual securities 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—96.5% | |||
Brazil—8.6% | |||
372,000 | Banco Do Brasil SA | $ 3,814,358 | |
370,000 | BM&F Bovespa SA | 2,223,325 | |
157,000 | CIELO SA | 4,088,848 | |
59,000 | Companhia Brasileira de Distribuicao Groupo Pao de Acucar, ADR | 2,553,520 | |
107,000 | Companhia de Bebidas das Americas (AmBev), ADR | 4,452,270 | |
97,000 | Embraer—Empresa Brasileira de Aeronautica SA, ADR | 2,418,210 | |
157,000 | Itau Unibanco Holding SA, ADR | 2,378,550 | |
175,500 | Localiza Rent A Car SA | 2,919,798 | |
320,000 | Marcopolo SA, Preference | 1,880,943 | |
160,000 | Petroleo Brasileiro SA, ADR | 2,808,000 | |
150,000 | Porto Seguro SA | 1,581,571 | |
300,000 | Randon Participacoes SA, Preference | 1,600,524 | |
132,000 | Tim Participacoes SA, ADR | 2,340,360 | |
187,000 | Tractebel Energia SA | 3,049,864 | |
513,000 | Vale SA, ADR | 8,767,170 | |
TOTAL | 46,877,311 | ||
China—12.2% | |||
5,900,000 | Air China | 3,950,995 | |
15,000 | 1 | Baidu.com, Inc., ADR | 1,444,650 |
6,500,000 | Bank of China Ltd. | 2,742,510 | |
4,000,000 | Beijing Datang Power, Class H | 1,398,674 | |
8,900,000 | Bosideng International Holdings Ltd. | 2,721,607 | |
152,832 | Burberry Group PLC | 3,151,352 | |
103,000 | China Mobile Ltd., ADR | 5,862,760 | |
1,600,000 | China Overseas Land & Investment | 4,748,265 | |
27,000 | CNOOC Ltd., ADR | 5,755,320 | |
1,500,000 | Dongfeng Motor Corp. | 2,109,623 | |
1,100,000 | Golden Eagle Retail Group Ltd. | 2,611,545 | |
900,000 | Great Wall Motor Company Ltd. | 2,967,020 | |
3,500,000 | Guangdong Invest | 2,845,088 | |
1,172,899 | HSBC Holdings PLC | 11,983,429 | |
23,500 | PetroChina Co. Ltd., ADR | 3,129,025 | |
1,500,000 | PICC Property and Casualty Co., Ltd., Class H | 1,933,498 | |
450,000 | Prada Holding SpA | 3,716,033 |
Shares or
Principal Amount |
Value in
U.S. Dollars |
||
COMMON STOCKS— continued | |||
China—continued | |||
120,000 | Tencent Holdings Ltd. | $ 3,908,028 | |
TOTAL | 66,979,422 | ||
Denmark—7.9% | |||
500 | A.P. Moller Maersk A/S | 3,570,246 | |
60,000 | Carlsberg A/S, Class B | 5,841,745 | |
140,570 | Chr. Hansen Holding | 4,550,642 | |
305,000 | 1 | Danske Bank A/S | 5,229,285 |
162,000 | DSV, De Sammensluttede Vognmad AS | 3,823,859 | |
180,000 | GN Store Nord A/S | 2,543,277 | |
350,000 | Nordea Bank AB | 3,203,649 | |
72,500 | Novo Nordisk A/S, ADR | 11,503,575 | |
31,200 | Rockwool International A/S | 3,282,464 | |
TOTAL | 43,548,742 | ||
Germany—18.2% | |||
89,600 | Allianz SE | 11,647,033 | |
118,200 | BASF SE | 10,591,591 | |
25,000 | Bayer AG | 2,261,318 | |
91,000 | Bayerische Motoren Werke AG | 8,070,242 | |
48,682 | Continental AG | 5,387,936 | |
211,500 | Daimler AG | 10,446,957 | |
215,000 | Deutsche Telekom AG, Class REG | 2,368,353 | |
127,500 | Deutsche Wohnen AG | 2,465,731 | |
15,437 | Fresenius SE & Co KGaA | 1,784,397 | |
42,000 | Gerresheimer AG | 2,152,410 | |
88,000 | Hannover Rueckversicherung AG | 6,483,464 | |
42,000 | Leoni AG | 1,457,063 | |
56,900 | Muenchener Rueckversicherungs-Gesellschaft AG | 9,712,613 | |
58,000 | RWE AG | 2,418,710 | |
35,300 | SAP AG, ADR | 2,753,047 | |
161,100 | Siemens AG | 16,614,727 | |
88,500 | Suedzucker AG | 3,486,318 | |
TOTAL | 100,101,910 | ||
Japan—15.1% | |||
125,000 | Aisin Seiki Co. | 3,693,819 | |
1,485,000 | Asahi Kasei Corp. | 8,466,671 | |
95,500 | Astellas Pharma, Inc. | 4,830,897 | |
35,000 | Autobacs Seven Co. Ltd. | 1,365,015 |
Shares or
Principal Amount |
Value in
U.S. Dollars |
||
COMMON STOCKS— continued | |||
Japan—continued | |||
125,000 | Chugai Pharmaceutical Co. Ltd. | $ 2,477,710 | |
100,000 | Daiwa House Industry Co. Ltd. | 1,528,477 | |
750,000 | Hitachi Ltd. | 4,330,685 | |
228,600 | Japan Tobacco, Inc. | 6,849,542 | |
810,000 | Kaneka Corp. | 4,067,932 | |
19,000 | KDDI Corp. | 1,405,956 | |
200,000 | Kuraray Co. Ltd. | 2,462,546 | |
60,600 | Miraca Holdings, Inc. | 2,458,992 | |
670,000 | Mitsubishi Chemical Holdings Corp. | 2,925,942 | |
752,000 | Mitsubishi UFJ Financial Group, Inc. | 3,439,122 | |
84,000 | Murata Manufacturing Co. Ltd. | 4,758,658 | |
58,000 | Nitto Denko Corp. | 3,021,896 | |
1,900 | NTT Docomo, Inc. | 2,740,462 | |
365,000 | Shionogi and Co. | 6,181,113 | |
425,000 | Shiseido Co., Ltd. | 6,160,915 | |
620,000 | Taiyo Nippon Sanso Corp. | 3,437,132 | |
96,000 | Takeda Pharmaceutical Co. Ltd. | 4,390,368 | |
360,000 | Tokyo Gas Co. | 1,768,666 | |
TOTAL | 82,762,516 | ||
Mexico—10.9% | |||
3,050,000 | Alfa, SA de CV, Class A | 6,350,703 | |
375,500 | America Movil SAB de CV, Class L, ADR | 8,858,045 | |
106,000 | Fomento Economico Mexicano, SA de CV, ADR | 10,396,480 | |
660,000 | 1 | Genomma Lab Internacional SA | 1,311,483 |
29,900 | Grupo Aeroportuario del Sureste SAB de CV, Class B, ADR | 3,043,521 | |
1,402,100 | Grupo Financiero Banorte SA de CV | 8,001,655 | |
149,289 | 1 | Grupo Financiero Santander Mexico SAB de CV, ADR | 2,181,112 |
90,200 | Grupo Televisa SA, GDR | 2,135,034 | |
99,000 | Industrias Penoles SA de CV | 5,010,758 | |
1,906,940 | Nuevo Grupo Mexico SA, Class B | 6,266,306 | |
2,020,000 | Wal-Mart de Mexico SAB de CV | 6,339,515 | |
TOTAL | 59,894,612 | ||
Norway—12.1% | |||
646,277 | DnB Bank ASA | 8,049,297 | |
162,264 | Fred Olsen Energy ASA | 7,167,236 | |
188,000 | 1 | Seadrill Ltd. | 7,235,301 |
645,943 | Statoil ASA | 15,793,785 |
Shares or
Principal Amount |
Value in
U.S. Dollars |
||
COMMON STOCKS— continued | |||
Norway—continued | |||
235,390 | Subsea 7 SA | $ 5,381,459 | |
161,100 | Telenor ASA | 3,270,662 | |
168,658 | TGS Nopec Geophysical Co. ASA | 5,344,581 | |
274,500 | Yara International ASA | 13,767,524 | |
TOTAL | 66,009,845 | ||
South Korea—11.2% | |||
6,700 | Hyundai Heavy | 1,305,536 | |
55,000 | Hyundai Marine & Fire Insurance Co. | 1,698,989 | |
56,000 | Hyundai Motor Co. | 11,661,818 | |
156,000 | Kia Motors Corp. | 8,917,579 | |
48,000 | Korea Electric Power Corp. | 1,183,543 | |
19,000 | Mando Corp. | 2,149,421 | |
14,650 | Samsung Electronics Co. | 19,021,933 | |
115,000 | Samsung Heavy Industries | 3,871,035 | |
30,600 | Samsung SDI Co. Ltd. | 4,394,237 | |
30,000 | Samsung Techwin Co., Ltd | 1,606,871 | |
21,600 | SK Innovation Co. Ltd. | 3,301,288 | |
59,700 | Woongjin Coway Co. Ltd. | 2,199,778 | |
TOTAL | 61,312,028 | ||
United Kingdom—0.3% | |||
50,000 | Shire Ltd. | 1,446,745 | |
TOTAL COMMON STOCKS
(IDENTIFIED COST $448,668,635) |
528,933,131 | ||
U.S. TREASURY—0.1% | |||
$ 800,000 | 2,3 |
United States Treasury Bill, 0.09%, 2/21/2013
(IDENTIFIED COST $799,836) |
799,866 |
MUTUAL FUND—2.6% | |||
14,434,630 | 4,5 |
Federated Prime Value Obligations Fund, Institutional Shares, 0.15%
(AT NET ASSET VALUE) |
14,434,630 |
TOTAL INVESTMENTS—99.2%
(IDENTIFIED COST $463,903,101) 6 |
544,167,627 | ||
OTHER ASSETS AND LIABILITIES - NET—0.8% 7 | 3,851,907 | ||
TOTAL NET ASSETS—100% | $548,019,534 |
Description |
Number of
Contracts |
Notional
Value |
Expiration
Date |
Unrealized
Appreciation |
1 DAX Index Long Futures | 13 | $3,135,835 | December 2012 | $7,485 |
1 | Non-income producing security. |
2 | Discount rate at the time of purchase. |
3 | Pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts. |
4 | Affiliated holding. |
5 | 7-Day net yield. |
6 | Also represents cost for federal tax purposes. |
7 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Valuation Inputs | ||||
Level 1—
Quoted Prices and Investments in Mutual Funds |
Level 2—
Other Significant Observable Inputs |
Level 3—
Significant Unobservable Inputs |
Total | |
Equity Securities: | ||||
Common Stock | ||||
International | $528,933,131 1 | $— | $— | $528,933,131 |
Debt Securities: | ||||
U.S. Treasury | — | 799,866 | — | 799,866 |
Mutual Fund | 14,434,630 | — | — | 14,434,630 |
TOTAL SECURITIES | $543,367,761 | $799,866 | $— | $544,167,627 |
OTHER FINANCIAL INSTRUMENTS 2 | $7,485 | $3,503,728 | $— | $3,511,213 |
1 | Includes $305,251,538 of common stock securities transferred from Level 2 to Level 1 because quoted prices on equity securities traded principally in foreign markets were utilized to value securities for which fair value factors were previously applied to account for significant post market close activity. These transfers represent the value of the securities at the beginning of the period. |
2 | Other financial instruments include futures contracts and foreign exchange contracts. |
ADR | —American Depositary Receipt |
BRL | —Brazil Real |
CAD | —Canadian Dollar |
EUR | —Euro |
GBP | —Great Britain Pound |
GDR | —Global Depositary Receipt |
INR | —Indian Rupee |
JPY | —Japanese Yen |
NZD | —New Zealand Dollar |
RUB | —Russian Ruble |
TRY | —Turkish Lira |
Year Ended November 30 | 2012 | 2011 | 2010 | 2009 | 2008 |
Net Asset Value, Beginning of Period | $42.91 | $45.68 | $43.37 | $31.59 | $70.32 |
Income From Investment Operations: | |||||
Net investment income 1 | 0.68 | 0.60 | 0.33 | 0.41 | 1.34 |
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions | 4.89 | (3.09) | 2.94 | 13.22 | (37.24) |
TOTAL FROM INVESTMENT OPERATIONS | 5.57 | (2.49) | 3.27 | 13.63 | (35.90) |
Less Distributions: | |||||
Distributions from net investment income | (0.47) | (0.28) | (0.97) | (1.87) | (0.47) |
Distributions from net realized gain on investments, futures contracts and foreign currency transactions | — | — | — | — | (2.36) |
TOTAL DISTRIBUTIONS | (0.47) | (0.28) | (0.97) | (1.87) | (2.83) |
Redemption Fees | — | — | 0.00 2 | 0.00 2 | 0.00 2 |
Regulatory Settlement Proceeds | — | — | 0.01 3 | 0.02 4 | — |
Net Asset Value, End of Period | $48.01 | $42.91 | $45.68 | $43.37 | $31.59 |
Total Return 5 | 13.20% | (5.54)% | 7.69% 3 | 45.34% 4 | (53.15)% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.48% | 1.48% 6 | 1.48% 6 | 1.50% | 1.50% |
Net investment income | 1.52% | 1.21% | 0.78% | 1.17% | 2.45% |
Expense waiver/reimbursement 7 | 0.07% | 0.07% | 0.10% | 0.13% | 0.08% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $262,870 | $290,181 | $503,104 | $467,912 | $382,447 |
Portfolio turnover | 54% | 53% | 71% | 121% | 65% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | During the year ended November 30, 2010, the Fund received a regulatory settlement from an unaffiliated third party, which had an impact of 0.05% on the total return. |
4 | During the year ended November 30, 2009, the Fund received a regulatory settlement from an unaffiliated third party, which had an impact of 0.07% on the total return. |
5 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
6 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 1.48% and 1.48% for the years ended November 30, 2011 and 2010, respectively, after taking into account these expense reductions. |
7 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Year Ended November 30 | 2012 | 2011 | 2010 | 2009 | 2008 |
Net Asset Value, Beginning of Period | $42.59 | $45.45 | $43.19 | $31.32 | $70.20 |
Income From Investment Operations: | |||||
Net investment income 1 | 0.31 | 0.15 | 0.00 2 | 0.17 | 1.02 |
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions | 4.93 | (3.01) | 2.91 | 13.14 | (37.14) |
TOTAL FROM INVESTMENT OPERATIONS | 5.24 | (2.86) | 2.91 | 13.31 | (36.12) |
Less Distributions: | |||||
Distributions from net investment income | (0.11) | — | (0.66) | (1.46) | (0.40) |
Distributions from net realized gain on investments, futures contracts and foreign currency transactions | — | — | — | — | (2.36) |
TOTAL DISTRIBUTIONS | (0.11) | — | (0.66) | (1.46) | (2.76) |
Redemption Fees | — | — | 0.00 2 | 0.00 2 | 0.00 2 |
Regulatory Settlement Proceeds | — | — | 0.01 3 | 0.02 4 | — |
Net Asset Value, End of Period | $47.72 | $42.59 | $45.45 | $43.19 | $31.32 |
Total Return 5 | 12.34% | (6.29)% | 6.84% 3 | 44.21% 4 | (53.51)% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.27% | 2.27% 6 | 2.27% 6 | 2.29% | 2.29% |
Net investment income | 0.69% | 0.30% | 0.00% 7 | 0.49% | 1.89% |
Expense waiver/reimbursement 8 | 0.23% | 0.17% | 0.18% | 0.19% | 0.12% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $10,583 | $12,734 | $17,381 | $20,886 | $17,344 |
Portfolio turnover | 54% | 53% | 71% | 121% | 65% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | During the year ended November 30, 2010, the Fund received a regulatory settlement from an unaffiliated third party, which had an impact of 0.05% on the total return. |
4 | During the year ended November 30, 2009, the Fund received a regulatory settlement from an unaffiliated third party, which had an impact of 0.10% on the total return. |
5 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
6 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 2.27% and 2.27% for the years ended November 30, 2011 and 2010, respectively, after taking into account these expense reductions. |
7 | Represents less than 0.01%. |
8 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Year Ended November 30 | 2012 | 2011 | 2010 | 2009 | 2008 |
Net Asset Value, Beginning of Period | $42.49 | $45.34 | $43.09 | $31.31 | $70.19 |
Income From Investment Operations: | |||||
Net investment income (loss) 1 | 0.30 | 0.14 | (0.00) 2 | 0.18 | 1.01 |
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions | 4.93 | (2.99) | 2.90 | 13.10 | (37.11) |
TOTAL FROM INVESTMENT OPERATIONS | 5.23 | (2.85) | 2.90 | 13.28 | (36.10) |
Less Distributions: | |||||
Distributions from net investment income | (0.11) | — | (0.66) | (1.52) | (0.42) |
Distributions from net realized gain on investments, futures contracts and foreign currency transactions | — | — | — | — | (2.36) |
TOTAL DISTRIBUTIONS | (0.11) | — | (0.66) | (1.52) | (2.78) |
Redemption Fees | — | — | 0.00 2 | 0.00 2 | 0.00 2 |
Regulatory Settlement Proceeds | — | — | 0.01 3 | 0.02 4 | — |
Net Asset Value, End of Period | $47.61 | $42.49 | $45.34 | $43.09 | $31.31 |
Total Return 5 | 12.34% | (6.29)% | 6.84% 3 | 44.20% 4 | (53.51)% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.27% | 2.27% 6 | 2.27% 6 | 2.27% | 2.28% |
Net investment income (loss) | 0.67% | 0.29% | (0.01)% | 0.51% | 1.89% |
Expense waiver/reimbursement 7 | 0.06% | 0.08% | 0.10% | 0.11% | 0.10% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $43,430 | $47,097 | $64,512 | $69,582 | $59,407 |
Portfolio turnover | 54% | 53% | 71% | 121% | 65% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | During the year ended November 30, 2010, the Fund received a regulatory settlement from an unaffiliated third party, which had an impact of 0.02% on the total return. |
4 | During the year ended November 30, 2009, the Fund received a regulatory settlement from an unaffiliated third party, which had an impact of 0.07% on the total return. |
5 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
6 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 2.27% and 2.27% for the years ended November 30, 2011 and 2010, respectively, after taking into account these expense reductions. |
7 | This expense decrease is reflected in both the net expense and net investment income (loss) ratios shown above. |
Year Ended November 30 | 2012 | 2011 | 2010 | 2009 | 2008 |
Net Asset Value, Beginning of Period | $42.28 | $45.02 | $42.91 | $31.45 | $70.24 |
Income From Investment Operations: | |||||
Net investment income (loss) 1 | 0.55 | 0.43 | 0.24 | (0.09) | 0.73 |
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions | 4.85 | (2.97) | 2.80 | 13.47 | (36.77) |
TOTAL FROM INVESTMENT OPERATIONS | 5.40 | (2.54) | 3.04 | 13.38 | (36.04) |
Less Distributions: | |||||
Distributions from net investment income | (0.50) | (0.20) | (0.94) | (1.92) | (0.39) |
Distributions from net realized gain on investments, futures contracts and foreign currency transactions | — | — | — | — | (2.36) |
TOTAL DISTRIBUTIONS | (0.50) | (0.20) | (0.94) | (1.92) | (2.75) |
Redemption Fees | — | — | 0.00 2 | 0.00 2 | 0.00 2 |
Regulatory Settlement Proceeds | — | — | 0.01 3 | 0.00 2,4 | — |
Net Asset Value, End of Period | $47.18 | $42.28 | $45.02 | $42.91 | $31.45 |
Total Return 5 | 13.00% | (5.71)% | 7.22% 3 | 44.73% | (53.35)% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.67% | 1.67% 6 | 1.91% 6 | 1.91% | 1.95% |
Net investment income (loss) | 1.24% | 0.92% | 0.56% | (0.22)% | 2.08% |
Expense waiver/reimbursement 7 | 0.29% | 0.31% | 0.09% | 0.07% | 0.08% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $37,967 | $33,219 | $33,189 | $5,262 | $231 |
Portfolio turnover | 54% | 53% | 71% | 121% | 65% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | During the year ended November 30, 2010, the Fund received a regulatory settlement from an unaffiliated third party, which had an impact of 0.02% on the total return. |
4 | During the year ended November 30, 2009, the Fund received a regulatory settlement from an unaffiliated third party, which did not have any impact on the total return. |
5 | Based on net asset value. |
6 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 1.67% and 1.91% for the years ended November 30, 2011 and 2010, respectively, after taking into account these expense reductions. |
7 | This expense decrease is reflected in both the net expense and net investment income (loss) ratios shown above. |
Year Ended November 30 | 2012 | 2011 | 2010 | 2009 | 2008 |
Net Asset Value, Beginning of Period | $43.00 | $45.76 | $43.42 | $31.68 | $70.36 |
Income From Investment Operations: | |||||
Net investment income 1 | 0.78 | 0.67 | 0.46 | 0.57 | 1.67 |
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions | 4.92 | (3.01) | 2.95 | 13.18 | 0.12 |
TOTAL FROM INVESTMENT OPERATIONS | 5.70 | (2.34) | 3.41 | 13.75 | (35.79) |
Less Distributions: | |||||
Distributions from net investment income | (0.72) | (0.42) | (1.08) | (2.03) | (0.53) |
Distributions from net realized gain on investments, futures contracts and foreign currency transactions | — | — | — | — | (2.36) |
TOTAL DISTRIBUTIONS | (0.72) | (0.42) | (1.08) | (2.03) | (2.89) |
Redemption Fees | — | — | 0.00 2 | 0.00 2 | 0.00 2 |
Regulatory Settlement Proceeds | — | — | 0.01 3 | 0.02 4 | — |
Net Asset Value, End of Period | $47.98 | $43.00 | $45.76 | $43.42 | $31.68 |
Total Return 5 | 13.56% | (5.24)% | 8.03% 3 | 45.80% 4 | (53.00)% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.17% | 1.17% 6 | 1.16% 6 | 1.18% | 1.20% |
Net investment income | 1.73% | 1.38% | 1.06% | 1.62% | 3.12% |
Expense waiver/reimbursement 7 | 0.09% | 0.09% | 0.11% | 0.11% | 0.08% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $193,171 | $164,416 | $197,682 | $133,677 | $85,520 |
Portfolio turnover | 54% | 53% | 71% | 121% | 65% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | During the year ended November 30, 2010, the Fund received a regulatory settlement from an unaffiliated third party, which had an impact of 0.02% on the total return. |
4 | During the year ended November 30, 2009, the Fund received a regulatory settlement from an unaffiliated third party, which had an impact of 0.10% on the total return. |
5 | Based on net asset value. |
6 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 1.17% and 1.16% for the years ended November 30, 2011 and 2010, respectively, after taking into account these expense reductions. |
7 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Assets: | ||
Total investment in securities, at value including $14,434,630 of investment in an affiliated holding (Note 5) (identified cost $463,903,101) | $ 544,167,627 | |
Cash denominated in foreign currencies (identified cost $471,639) | 471,366 | |
Unrealized appreciation on foreign exchange contracts | 3,940,651 | |
Receivable for investments sold | 2,281,763 | |
Income receivable | 1,385,451 | |
Receivable for shares sold | 361,211 | |
Receivable for daily variation margin | 7,608 | |
TOTAL ASSETS | 552,615,677 | |
Liabilities: | ||
Payable for shares redeemed | $1,948,132 | |
Payable for investments purchased | 1,716,959 | |
Unrealized depreciation on foreign exchange contracts | 436,923 | |
Payable for transfer and dividend disbursing agent fees and expenses (Note 2) | 147,638 | |
Payable for portfolio accounting fees | 65,250 | |
Payable for shareholder services fee (Note 5) | 59,693 | |
Payable for distribution services fee (Note 5) | 40,149 | |
Payable for Directors'/Trustees' fees | 3,945 | |
Accrued expenses | 177,454 | |
TOTAL LIABILITIES | 4,596,143 | |
Net assets for 11,439,317 shares outstanding | $ 548,019,534 | |
Net Assets Consist of: | ||
Paid-in capital | $ 815,488,810 | |
Net unrealized appreciation of investments, futures contracts and translation of assets and liabilities in foreign currency | 83,669,621 | |
Accumulated net realized loss on investments, futures contracts and foreign currency transactions | (357,489,336) | |
Undistributed net investment income | 6,350,439 | |
TOTAL NET ASSETS | $ 548,019,534 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($262,869,697 ÷ 5,474,774 shares outstanding),
no par value, unlimited shares authorized |
$48.01 | |
Offering price per share (100/94.50 of $48.01) | $50.80 | |
Redemption proceeds per share | $48.01 | |
Class B Shares: | ||
Net asset value per share ($10,582,645 ÷ 221,769 shares outstanding),
no par value, unlimited shares authorized |
$47.72 | |
Offering price per share | $47.72 | |
Redemption proceeds per share (94.50/100 of $47.72) | $45.10 | |
Class C Shares: | ||
Net asset value per share ($43,429,749 ÷ 912,236 shares outstanding),
no par value, unlimited shares authorized |
$47.61 | |
Offering price per share | $47.61 | |
Redemption proceeds per share (99.00/100 of $47.61) | $47.13 | |
Class R Shares: | ||
Net asset value per share ($37,966,908 ÷ 804,721 shares outstanding),
no par value, unlimited shares authorized |
$47.18 | |
Offering price per share | $47.18 | |
Redemption proceeds per share | $47.18 | |
Institutional Shares: | ||
Net asset value per share ($193,170,535 ÷ 4,025,817 shares outstanding),
no par value, unlimited shares authorized |
$47.98 | |
Offering price per share | $47.98 | |
Redemption proceeds per share | $47.98 |
Investment Income: | |||
Dividends (including $24,914 received from an affiliated holding (Note 5) and net of foreign taxes withheld of $508,925) | $15,169,689 | ||
Interest (including income on securities loaned of $776,084) | 776,174 | ||
TOTAL INCOME | 15,945,863 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $5,384,656 | ||
Administrative fee (Note 5) | 420,084 | ||
Custodian fees | 172,879 | ||
Transfer and dividend disbursing agent fees and expenses (Note 2) | 749,056 | ||
Directors'/Trustees' fees | 8,735 | ||
Auditing fees | 25,000 | ||
Legal fees | 14,000 | ||
Portfolio accounting fees | 130,051 | ||
Distribution services fee (Note 5) | 595,662 | ||
Shareholder services fee (Note 5) | 813,102 | ||
Account administration fee (Note 2) | 10,821 | ||
Share registration costs | 81,967 | ||
Printing and postage | 58,988 | ||
Insurance premiums | 5,037 | ||
Miscellaneous | 11,520 | ||
TOTAL EXPENSES | 8,481,558 |
Waivers and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(210,571) | ||
Waiver of administrative fee (Note 5) | (7,647) | ||
Waiver of distribution services fee (Note 5) | (86,214) | ||
Reimbursement of transfer and dividend disbursing agent fees and expenses (Note 2) | (202,544) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | $(506,976) | ||
Net expenses | $ 7,974,582 | ||
Net investment income | 7,971,281 | ||
Realized and Unrealized Gain (Loss) on Investments,
Futures Contracts and Foreign Currency Transactions: |
|||
Net realized gain on investments and foreign currency transactions | 19,544,647 | ||
Net realized gain on futures contracts | 715,344 | ||
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency | 36,581,830 | ||
Net change in unrealized appreciation of futures contracts | (556,931) | ||
Net realized and unrealized gain on investments, futures
contracts and foreign currency transactions |
56,284,890 | ||
Change in net assets resulting from operations | $64,256,171 |
Year Ended November 30 | 2012 | 2011 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $ 7,971,281 | $ 9,678,519 |
Net realized gain on investments, futures contracts and foreign currency transactions | 20,259,991 | 11,306,198 |
Net change in unrealized appreciation/depreciation of investments, futures contracts and translation of assets and liabilities in foreign currency | 36,024,899 | (73,353,388) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 64,256,171 | (52,368,671) |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (3,030,893) | (3,062,687) |
Class B Shares | (30,684) | — |
Class C Shares | (113,864) | — |
Class R Shares | (2,717,446) | (1,803,225) |
Institutional Shares | (392,999) | (146,249) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (6,285,886) | (5,012,161) |
Share Transactions: | ||
Proceeds from sale of shares | 121,714,632 | 256,795,414 |
Net asset value of shares issued to shareholders in payment of distributions declared | 4,451,028 | 3,616,501 |
Cost of shares redeemed | (183,763,204) | (471,251,918) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (57,597,544) | (210,840,003) |
Change in net assets | 372,741 | (268,220,835) |
Net Assets: | ||
Beginning of period | 547,646,793 | 815,867,628 |
End of period (including undistributed net investment income of $6,350,439 and $6,284,423, respectively) | $ 548,019,534 | $ 547,646,793 |
■ | 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. |
■ | Shares of other mutual funds are valued based upon their reported NAVs. |
■ | 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 Fund's Board of Trustees (the “ Trustees”). |
■ | Fixed-income securities 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), which approximates market value. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the purchase price of the security, information obtained by contacting the issuer, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded and public trading in similar securities of the issuer or comparable issuers. |
■ | With respect to securities traded in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts; |
■ | Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded; and |
■ | Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry. |
* | 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 |
Total | |
Equity contracts | $715,344 | $ — | $ 715,344 |
Foreign exchange contracts | $ — | $9,868,152 | $ 9,868,152 |
TOTAL | $715,344 | $9,868,152 | $10,583,496 |
Year Ended November 30 | 2012 | 2011 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,370,179 | $ 62,515,461 | 3,327,022 | $ 165,487,357 |
Shares issued to shareholders in payment of distributions declared | 72,110 | 2,923,351 | 57,923 | 2,874,164 |
Shares redeemed | (2,730,333) | (120,572,883) | (7,636,815) | (340,024,043) |
NET CHANGE RESULTING FROM
CLASS A SHARE TRANSACTIONS |
(1,288,044) | $ (55,134,071) | (4,251,870) | $(171,662,522) |
Year Ended November 30 | 2012 | 2011 | ||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 10,201 | $ 457,455 | 51,795 | $ 2,590,162 |
Shares issued to shareholders in payment of distributions declared | 670 | 27,207 | — | — |
Shares redeemed | (88,062) | (3,958,409) | (135,271) | (6,547,699) |
NET CHANGE RESULTING FROM
CLASS B SHARE TRANSACTIONS |
(77,191) | $(3,473,747) | (83,476) | $(3,957,537) |
Year Ended November 30 | 2012 | 2011 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 122,613 | $ 5,492,665 | 187,915 | $ 9,205,425 |
Shares issued to shareholders in payment of distributions declared | 2,430 | 98,399 | — | — |
Shares redeemed | (321,114) | (14,334,948) | (502,388) | (23,837,649) |
NET CHANGE RESULTING FROM
CLASS C SHARE TRANSACTIONS |
(196,071) | $ (8,743,884) | (314,473) | $(14,632,224) |
Year Ended November 30 | 2012 | 2011 | ||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 179,128 | $ 8,148,571 | 480,877 | $ 21,250,263 |
Shares issued to shareholders in payment of distributions declared | 9,824 | 392,093 | 2,987 | 146,249 |
Shares redeemed | (169,907) | (7,589,304) | (435,344) | (20,070,001) |
NET CHANGE RESULTING FROM
CLASS R SHARE TRANSACTIONS |
19,045 | $ 951,360 | 48,520 | $ 1,326,511 |
Year Ended November 30 | 2012 | 2011 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,009,009 | $ 45,100,480 | 1,205,663 | $ 58,262,207 |
Shares issued to shareholders in payment of distributions declared | 24,999 | 1,009,978 | 12,023 | 596,088 |
Shares redeemed | (831,804) | (37,307,660) | (1,714,160) | (80,772,526) |
NET CHANGE RESULTING FROM
INSTITUTIONAL SHARE TRANSACTIONS |
202,204 | $ 8,802,798 | (496,474) | $ (21,914,231) |
NET CHANGE RESULTING FROM
TOTAL FUND SHARE TRANSACTIONS |
(1,340,057) | $(57,597,544) | (5,097,773) | $(210,840,003) |
Increase (Decrease) | ||
Paid-In Capital |
Undistributed
Net Investment Income (Loss) |
Accumulated
Net Realized Gain (Loss) |
$(2,192) | $(1,619,379) | $1,621,571 |
2012 | 2011 | |
Ordinary income | $6,285,886 | $5,012,161 |
Undistributed ordinary income | $ 6,350,439 |
Net unrealized appreciation | $ 80,446,337 |
Capital loss carryforwards | $(354,266,052) |
Expiration Year | Short-Term | Long-Term | Total |
2016 | $103,783,407 | NA | $103,783,407 |
2017 | $250,482,645 | NA | $250,482,645 |
Distribution
Services Fees Incurred |
Distribution
Services Fees Waived |
|
Class B Shares | $ 86,794 | $ — |
Class C Shares | 336,869 | — |
Class R Shares | 171,999 | (86,214) |
TOTAL | $595,662 | $(86,214) |
Service Fees
Incurred |
|
Class A Shares | $672,105 |
Class B Shares | 28,932 |
Class C Shares | 112,065 |
TOTAL | $813,102 |
Federated
Prime Value Obligations Fund, Institutional Shares |
|
Balance of Shares Held 11/30/2011 | 2,269,464 |
Purchases/Additions | 204,091,870 |
Sales/Reductions | 191,926,704 |
Balance of Shares Held 11/30/2012 | 14,434,630 |
Value | $ 14,434,630 |
Dividend Income | $ 24,914 |
Purchases | $285,652,024 |
Sales | $346,776,248 |
Beginning
Account Value 6/1/2012 |
Ending
Account Value 11/30/2012 |
Expenses Paid
During Period 1 |
|
Actual: | |||
Class A Shares | $1,000 | $1,159.10 | $7.99 |
Class B Shares | $1,000 | $1,154.60 | $12.23 |
Class C Shares | $1,000 | $1,154.70 | $12.23 |
Class R Shares | $1,000 | $1,158.10 | $9.01 |
Institutional Shares | $1,000 | $1,160.90 | $6.32 |
Hypothetical (assuming a 5% return
before expenses): |
|||
Class A Shares | $1,000 | $1,017.60 | $7.47 |
Class B Shares | $1,000 | $1,013.65 | $11.43 |
Class C Shares | $1,000 | $1,013.65 | $11.43 |
Class R Shares | $1,000 | $1,016.65 | $8.42 |
Institutional Shares | $1,000 | $1,019.15 | $5.91 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
* | Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries. |
Name
Birth Date Positions Held with Trust Date Service Began |
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr.
Birth Date: April 10, 1945 Trustee Began serving: January 1999 |
Principal Occupations
: Director or Trustee of the Federated Fund Family; Management Consultant.
Previous Positions : Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications : Banking, business management, education and director experience. |
Thomas M. O'Neill
Birth Date: June 14, 1951 Trustee Began serving: October 2006 |
Principal Occupations
: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting).
Other Directorships Held : Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions : Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications : Business management, mutual fund, director and investment experience. |
John S. Walsh
Birth Date: November 28, 1957 Trustee Began serving: January 1999 |
Principal Occupations
: Director or Trustee, Chairman of the Audit Committee of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and
Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc.
Previous Position : Vice President, Walsh & Kelly, Inc. Qualifications : Business management and director experience. |
Name
Birth Date Address Positions Held with Trust Date Service Began |
Principal Occupation(s) for Past Five Years
and Previous Position(s) |
John W. McGonigle
Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: April 1984 |
Principal Occupations
: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc.
Previous Positions : Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp. |
Richard A. Novak
Birth Date: December 25, 1963 TREASURER Officer since: January 2006 |
Principal Occupations
: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated
Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc.
Previous Positions : Controller of Federated Investors, Inc.; Vice President, Finance of Federated Services Company; held various financial management positions within The Mercy Hospital of Pittsburgh; Auditor, Arthur Andersen & Co. |
Peter J. Germain
Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005 |
Principal Occupations
: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and
Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined
Federated in 1984 and is a member of the Pennsylvania Bar Association.
Previous Positions : Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Richard B. Fisher
Birth Date: May 17, 1923 VICE PRESIDENT Officer since: April 1987 |
Principal Occupations
: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp.
Previous Positions : President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp. |
Brian P. Bouda
Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: August 2004 |
Principal Occupations
: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of
its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin.
Previous Positions : Served in Senior Management positions with a large regional banking organization. |
Name
Birth Date Address Positions Held with Trust Date Service Began |
Principal Occupation(s) for Past Five Years
and Previous Position(s) |
Stephen F. Auth
Birth Date: September 3, 1956 450 Lexington Avenue Suite 3700 New York, NY 10017-3943 CHIEF INVESTMENT OFFICER Officer since: November 2002 |
Principal Occupations
: Mr. Auth is Chief Investment Officer of this Fund and various other Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global
Investment Management Corp. and Federated Equity Management Company of Pennsylvania.
Previous Positions : Executive Vice President, Federated Investment Management Company, and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
Audrey H. Kaplan
Birth Date: February 20, 1967 Vice President Officer since: February 2011 Portfolio Manager since: February 2004 |
Principal Occupations : Audrey H. Kaplan has been the Fund's Portfolio Manager since February 2004. She is Vice President of the Trust with respect to the Fund. Prior to joining Federated, Ms. Kaplan was employed with Rochdale Investment Management LLC where she served as a Portfolio Manager for several portfolios including the Rochdale Investment Trust Atlas Portfolio and Senior Vice President in Quantitative Research from February 2004 to August 2007. Prior to joining Rochdale, Ms. Kaplan was a Hedge Fund Consultant at BlueCrest Capital Management from December 2002 to December 2003, Vice President and European Quantitative Strategist with Merrill Lynch International from August 2000 to December 2002, and Project Manager of Global Emerging Markets Research with Robert Fleming & Co., Ltd from February 1998 to December 1999. Ms. Kaplan has 23 years of experience in quantitative analysis, portfolio strategy, and research. Ms. Kaplan earned her B.S. in Computer and Systems Engineering from Rensselear Polytechnic Institute and her Masters in Finance from London Business School. |
1 | The MSCI High Dividend Yield Index is a free float-adjusted market capitalization index designed to measure the performance of securities that offer a meaningfully higher than average dividend yield in the developed markets comprising the MSCI EAFE. The index is unmanaged, and it is not possible to invest directly in an index. |
2 | The MSCI EAFE Index is a market capitalization-weighted index comprising 22 of the 48 countries in the MSCI universe and representing the developed world outside of North America. The index is unmanaged, and it is not possible to invest directly in an index. |
3 | International investing involves special risks including currency risk, increased volatility of foreign securities, political risks and differences in auditing and other financial standards. |
4 | Represents the 30-day SEC yield for the Fund's Institutional shares. In the absence of temporary expense waivers or reimbursements the 30-day SEC yield would have been 4.09% for the Fund's Institutional shares. The dividend yield represents the average yield of the underlying securities within the portfolio. |
5 | There are no guarantees that dividend-paying stocks will continue to pay dividends. In addition, dividend-paying stocks may not experience the same capital appreciation potential as non-dividend-paying stocks. |
Share Class | 1 Year |
Start of
Performance 3 |
Class A Shares | 5.25% | -2.95% |
Class C Shares | 9.29% | -2.52% |
Institutional Shares | 11.66% | -1.55% |
■ | Total returns shown include the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). |
■ | Total returns shown include the maximum contingent deferred sales charge of 1.00% as applicable. |
1 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450); for Class C Shares, the maximum contingent deferred sales charge is 1.00% on any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The MSCI HDY and the MSCI EAFE have been adjusted to reflect reinvestment of dividends on securities in the indexes. |
2 | The MSCI HDY and the MSCI EAFE are not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission (SEC) requires to be reflected in the Fund's performance. The MSCI HDY represents the components of the MSCI Europe, Australasia and Far East Index (MSCI EAFE), which is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. As of November 30, 2012, the MSCI EAFE Index consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The MSCI HDY, however, only includes securities which have a dividend yield that is at least 30% higher than its relative parent index, the MSCI EAFE. Only securities with a reasonable payout and a non-negative, five-year Dividend Per Share (DPS) growth rate are eligible for inclusion in the MSCI HDY. The index is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. |
3 | The Fund's Class A Shares, Class C Shares and Institutional Shares commenced operations on June 4, 2008. |
Country |
Percentage of
Total Net Assets |
United Kingdom | 32.9% |
Canada | 15.0% |
Australia | 11.1% |
Switzerland | 9.1% |
Japan | 6.3% |
Brazil | 6.0% |
France | 4.9% |
Singapore | 3.4% |
Germany | 3.3% |
Italy | 3.0% |
Sweden | 1.7% |
Norway | 1.5% |
Cash Equivalents 2 | 1.6% |
Other Assets and Liabilities—Net 3 | 0.2% |
TOTAL | 100.0% |
1 | Country allocations are based primarily on the country in which a company is incorporated. However, the Fund's Adviser may allocate a company to a country based on other factors such as location of the company's principal office, the location of the principal trading market for the company's securities or the country where a majority of the company's revenues are derived. |
2 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
3 |
Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
|
Sector Classification |
Percentage of
Total Net Assets |
Telecommunication Services | 21.6% |
Health Care | 18.4% |
Financials | 18.1% |
Consumer Staples | 13.6% |
Energy | 12.8% |
Utilities | 11.4% |
Consumer Discretionary | 2.3% |
Cash Equivalents 2 | 1.6% |
Other Assets and Liabilities—Net 3 | 0.2% |
TOTAL | 100.0% |
4 | Except for Cash Equivalents and Other Assets and Liabilities, sector classifications are based upon, and individual securities 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 |
Value in
U.S. Dollars |
||
COMMON STOCKS—98.2% | |||
Banks—14.1% | |||
128,000 | Australia & New Zealand Banking Group, Melbourne | $ 3,254,034 | |
215,000 | Banco Do Brasil SA, ADR | 2,257,500 | |
135,600 | Bank of Montreal | 8,145,419 | |
77,200 | Canadian Imperial Bank of Commerce | 6,232,889 | |
214,000 | National Australia Bank Ltd., Melbourne | 5,426,938 | |
92,000 | Royal Bank of Canada, Montreal | 5,455,076 | |
64,000 | Svenska Handelsbanken AB, Class A | 2,274,944 | |
176,000 | Westpac Banking Corp. Ltd., Sydney | 4,683,684 | |
TOTAL | 37,730,484 | ||
Energy—12.8% | |||
935,000 | BP PLC | 6,465,426 | |
199,500 | Crescent Point Energy Corp. | 7,834,595 | |
336,100 | ENI SpA | 7,946,701 | |
158,705 | Statoil ASA | 3,880,455 | |
161,612 | Total SA | 8,086,800 | |
TOTAL | 34,213,977 | ||
Food & Staples Retailing—4.0% | |||
1,417,000 | Tesco PLC | 7,380,587 | |
106,600 | Woolworth's Ltd. | 3,257,339 | |
TOTAL | 10,637,926 | ||
Food Beverage & Tobacco—9.6% | |||
106,615 | British American Tobacco PLC | 5,592,436 | |
180,000 | Coca-Cola Amatil Ltd. | 2,581,036 | |
164,655 | Imperial Tobacco Group PLC | 6,587,150 | |
74,100 | Nestle SA | 4,849,644 | |
159,849 | Unilever PLC | 6,154,145 | |
TOTAL | 25,764,411 | ||
Health Care Equipment & Services—1.4% | |||
264,060 | Sonic Healthcare Ltd. | 3,703,707 | |
Insurance—4.0% | |||
17,975 | Muenchener Rueckversicherungs-Gesellschaft AG | 3,068,264 | |
4,023,700 | Royal & Sun Alliance Insurance Group PLC | 7,574,736 | |
TOTAL | 10,643,000 |
Shares |
Value in
U.S. Dollars |
||
COMMON STOCKS— continued | |||
Media—2.3% | |||
281,200 | Shaw Communications, Inc., Class B | $ 6,199,507 | |
Pharmaceuticals Biotechnology & Life Sciences—17.0% | |||
167,527 | AstraZeneca PLC | 7,962,203 | |
134,500 | Eisai Co. Ltd. | 5,645,296 | |
369,643 | GlaxoSmithKline PLC | 7,903,239 | |
126,600 | Novartis AG | 7,834,801 | |
24,700 | Roche Holding AG | 4,861,638 | |
55,653 | Sanofi - Aventis | 4,969,548 | |
140,600 | Takeda Pharmaceutical Co. Ltd. | 6,430,060 | |
TOTAL | 45,606,785 | ||
Retailing—0.0% | |||
21,320 | 1 | Woolworths Holdings Ltd. | 32,262 |
Telecommunication Services—21.6% | |||
531,502 | Deutsche Telekom AG, Class REG | 5,854,810 | |
3,390 | NTT DOCOMO, INC. | 4,889,562 | |
145,000 | Rogers Communications, Inc., Class B | 6,403,735 | |
3,374,385 | Singapore Telecom Ltd. | 9,150,593 | |
16,470 | Swisscom AG | 6,934,924 | |
358,950 | Telef Brasil, ADR | 7,875,363 | |
345,000 | TeliaSonera AB | 2,313,707 | |
1,503,515 | Telstra Corp. Ltd. | 6,762,695 | |
2,960,000 | Vodafone Group PLC | 7,642,335 | |
TOTAL | 57,827,724 | ||
Utilities—11.4% | |||
595,000 | Centrica PLC | 3,106,743 | |
265,500 | CPFL Energia SA, ADR | 5,798,520 | |
541,167 | National Grid PLC | 6,112,579 | |
383,700 | Scottish & Southern Energy PLC | 8,760,134 | |
616,770 | United Utilities Group PLC | 6,734,311 | |
TOTAL | 30,512,287 | ||
TOTAL COMMON STOCKS
(IDENTIFIED COST $251,908,495) |
262,872,070 |
Shares |
Value in
U.S. Dollars |
||
MUTUAL FUND—1.6% | |||
4,394,142 | 2,3 |
Federated Prime Value Obligations Fund, Institutional Shares, 0.15%
(AT NET ASSET VALUE) |
$ 4,394,142 |
TOTAL INVESTMENTS—99.8%
(IDENTIFIED COST $256,302,637) 4 |
267,266,212 | ||
OTHER ASSETS AND LIABILITIES - NET—0.2% 5 | 434,565 | ||
TOTAL NET ASSETS—100% | $267,700,777 |
1 | Non-income producing security. |
2 | Affiliated holding. |
3 | 7-Day net yield. |
4 | Also represents cost for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
ADR | —American Depositary Receipt |
Year Ended November 30, |
Period Ended
11/30/2008 1 |
||||
2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $3.61 | $3.47 | $3.64 | $3.05 | $5.00 |
Income From Investment Operations: | |||||
Net investment income 2 | 0.16 | 0.17 | 0.17 | 0.08 | 0.07 |
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 0.24 | 0.12 | (0.20) | 0.68 | (2.00) |
TOTAL FROM INVESTMENT OPERATIONS | 0.40 | 0.29 | (0.03) | 0.76 | (1.93) |
Less Distributions: | |||||
Distributions from net investment income | (0.13) | (0.15) | (0.14) | (0.17) | (0.02) |
Distributions from net realized gain on investments and foreign currency transactions | — | (0.00) 3 | — | — | — |
TOTAL DISTRIBUTIONS | (0.13) | (0.15) | (0.14) | (0.17) | (0.02) |
Redemption Fees | — | — | 0.00 3 | 0.00 3 | — |
Net Asset Value, End of Period | $3.88 | $3.61 | $3.47 | $3.64 | $3.05 |
Total Return 4 | 11.37% | 8.52% | (0.68)% | 25.86% | (38.78)% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.04% | 1.00% 5 | 1.00% 5 | 0.99% | 0.46% 6 |
Net investment income | 4.34% | 4.55% | 4.90% | 2.38% | 3.96% 6 |
Expense waiver/reimbursement 7 | 0.38% | 1.25% | 2.56% | 9.84% | 52.69% 6 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $110,082 | $38,968 | $19,060 | $1,083 | $11 |
Portfolio turnover | 26% | 38% | 23% | 31% | 22% |
1 | Reflects operations for the period from June 4, 2008 (date of initial investment) to November 30, 2008. |
2 | Per share numbers have been calculated using the average shares method. |
3 | Represents less than $0.01. |
4 | 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. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 1.00% and 1.00% for the years ended November 30, 2011 and 2010, respectively, after taking into account these expense reductions. |
6 | Computed on an annualized basis. |
7 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Year Ended November 30, |
Period Ended
11/30/2008 1 |
||||
2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $3.60 | $3.46 | $3.63 | $3.05 | $5.00 |
Income From Investment Operations: | |||||
Net investment income 2 | 0.13 | 0.15 | 0.13 | 0.09 | 0.07 |
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 0.23 | 0.12 | (0.19) | 0.63 | (2.00) |
TOTAL FROM INVESTMENT OPERATIONS | 0.36 | 0.27 | (0.06) | 0.72 | (1.93) |
Less Distributions: | |||||
Distributions from net investment income | (0.10) | (0.13) | (0.11) | (0.14) | (0.02) |
Distributions from net realized gain on investments and foreign currency transactions | — | (0.00) 3 | — | — | — |
TOTAL DISTRIBUTIONS | (0.10) | (0.13) | (0.11) | (0.14) | (0.02) |
Redemption Fees | — | — | 0.00 3 | 0.00 3 | — |
Net Asset Value, End of Period | $3.86 | $3.60 | $3.46 | $3.63 | $3.05 |
Total Return 4 | 10.29% | 7.76% | (1.43)% | 24.33% | (38.77)% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.79% | 1.75% 5 | 1.74% 5 | 1.75% | 1.23% 6 |
Net investment income | 3.56% | 3.94% | 3.72% | 2.82% | 3.29% 6 |
Expense waiver/reimbursement 7 | 0.37% | 1.25% | 3.01% | 10.38% | 52.36% 6 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $23,155 | $6,130 | $3,022 | $1,241 | $0 8 |
Portfolio turnover | 26% | 38% | 23% | 31% | 22% |
1 | Reflects operations for the period from June 4, 2008 (date of initial investment) to November 30, 2008. |
2 | Per share numbers have been calculated using the average shares method. |
3 | Represents less than $0.01. |
4 | 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. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 1.75% and 1.74% for the years ended November 30, 2011 and 2010, respectively, after taking into account these expense reductions. |
6 | Computed on an annualized basis. |
7 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
8 | Represents less than $1,000. |
Year Ended November 30, |
Period Ended
11/30/2008 1 |
||||
2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $3.61 | $3.47 | $3.64 | $3.05 | $5.00 |
Income From Investment Operations: | |||||
Net investment income 2 | 0.17 | 0.17 | 0.17 | 0.11 | 0.09 |
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 0.24 | 0.13 | (0.19) | 0.65 | (2.02) |
TOTAL FROM INVESTMENT OPERATIONS | 0.41 | 0.30 | (0.02) | 0.76 | (1.93) |
Less Distributions: | |||||
Distributions from net investment income | (0.14) | (0.16) | (0.15) | (0.17) | (0.02) |
Distributions from net realized gain on investments and foreign currency transactions | — | (0.00) 3 | — | — | — |
TOTAL DISTRIBUTIONS | (0.14) | (0.16) | (0.15) | (0.17) | (0.02) |
Redemption Fees | — | — | 0.00 3 | 0.00 3 | — |
Net Asset Value, End of Period | $3.88 | $3.61 | $3.47 | $3.64 | $3.05 |
Total Return 4 | 11.66% | 8.75% | (0.47)% | 25.97% | (38.77)% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.79% | 0.75% 5 | 0.75% 5 | 0.74% | 0.18% 6 |
Net investment income | 4.55% | 4.80% | 4.80% | 3.28% | 4.55% 6 |
Expense waiver/reimbursement 7 | 0.37% | 1.23% | 3.05% | 10.72% | 52.61% 6 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $134,463 | $37,527 | $13,644 | $8,592 | $782 |
Portfolio turnover | 26% | 38% | 23% | 31% | 22% |
1 | Reflects operations for the period from June 4, 2008 (date of initial investment) to November 30, 2008. |
2 | Per share numbers have been calculated using the average shares method. |
3 | Represents less than $0.01. |
4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.75% and 0.75% for the years ended November 30, 2011 and 2010, respectively, after taking into account these expense reductions. |
6 | Computed on an annualized basis. |
7 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Assets: | ||
Total investment in securities, at value including $4,394,142 of investment in an affiliated holding (Note 5) (identified cost $256,302,637) | $267,266,212 | |
Cash denominated in foreign currencies (identified cost $477,572) | 475,295 | |
Receivable for shares sold | 1,856,948 | |
Income receivable | 1,653,296 | |
TOTAL ASSETS | 271,251,751 | |
Liabilities: | ||
Payable for investments purchased | $3,178,472 | |
Payable for shares redeemed | 206,561 | |
Payable for shareholder services fee (Note 5) | 25,568 | |
Payable for distribution services fee (Note 5) | 13,398 | |
Accrued expenses | 126,975 | |
TOTAL LIABILITIES | 3,550,974 | |
Net assets for 69,063,020 shares outstanding | $267,700,777 | |
Net Assets Consist of: | ||
Paid-in capital | $255,736,435 | |
Net unrealized appreciation of investments and translation of assets and liabilities in foreign currency | 10,950,219 | |
Accumulated net realized gain on investments and foreign currency transactions | 119,397 | |
Undistributed net investment income | 894,726 | |
TOTAL NET ASSETS | $267,700,777 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($110,082,483 ÷ 28,400,493 shares outstanding), no par value, unlimited shares authorized | $3.88 | |
Offering price per share (100/94.50 of $3.88) | $4.11 | |
Redemption proceeds per share | $3.88 | |
Class C Shares: | ||
Net asset value per share ($23,155,372 ÷ 5,993,953 shares outstanding), no par value, unlimited shares authorized | $3.86 | |
Offering price per share | $3.86 | |
Redemption proceeds per share (99.00/100 of $3.86) | $3.82 | |
Institutional Shares: | ||
Net asset value per share ($134,462,922 ÷ 34,668,574 shares outstanding), no par value, unlimited shares authorized | $3.88 | |
Offering price per share | $3.88 | |
Redemption proceeds per share | $3.88 |
Investment Income: | |||
Dividends (including $7,304 received from an affiliated holding (Note 5) and net of foreign taxes withheld of $543,355) | $ 8,648,164 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,210,517 | ||
Administrative fee (Note 5) | 218,968 | ||
Custodian fees | 44,863 | ||
Transfer and dividend disbursing agent fees and expenses | 148,910 | ||
Directors'/Trustees' fees | 1,108 | ||
Auditing fees | 28,500 | ||
Legal fees | 9,300 | ||
Portfolio accounting fees | 128,747 | ||
Distribution services fee (Note 5) | 97,404 | ||
Shareholder services fee (Note 5) | 217,722 | ||
Share registration costs | 54,428 | ||
Printing and postage | 22,558 | ||
Insurance premiums | 3,692 | ||
Miscellaneous | 8,403 | ||
TOTAL EXPENSES | 2,195,120 | ||
Waivers and Reimbursement (Note 5): | |||
Waiver/reimbursement of investment adviser fee | $(570,717) | ||
Waiver of administrative fee | (32,788) | ||
TOTAL WAIVERS AND REIMBURSEMENT | (603,505) | ||
Net expenses | 1,591,615 | ||
Net investment income | 7,056,549 | ||
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: | |||
Net realized loss on investments and foreign currency transactions | (143,200) | ||
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency | 10,787,583 | ||
Net realized and unrealized gain on investments and foreign currency transactions | 10,644,383 | ||
Change in net assets resulting from operations | $17,700,932 |
Year Ended November 30 | 2012 | 2011 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $ 7,056,549 | $ 2,227,519 |
Net realized loss on investments and foreign currency transactions | (143,200) | (559,527) |
Net change in unrealized appreciation/depreciation of investments and translation of assets and liabilities in foreign currency | 10,787,583 | 1,409,835 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 17,700,932 | 3,077,827 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (2,626,680) | (1,033,936) |
Class C Shares | (363,856) | (148,788) |
Institutional Shares | (2,806,269) | (694,650) |
Distributions from net realized gain on investments and foreign currency transactions | ||
Class A Shares | — | (27,609) |
Class C Shares | — | (4,532) |
Institutional Shares | — | (17,861) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (5,796,805) | (1,927,376) |
Share Transactions: | ||
Proceeds from sale of shares | 218,219,793 | 54,613,583 |
Net asset value of shares issued to shareholders in payment of distributions declared | 5,099,342 | 1,803,263 |
Cost of shares redeemed | (50,146,899) | (10,669,281) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 173,172,236 | 45,747,565 |
Change in net assets | 185,076,363 | 46,898,016 |
Net Assets: | ||
Beginning of period | 82,624,414 | 35,726,398 |
End of period (including undistributed net investment income of $894,726 and $257,401, respectively) | $267,700,777 | $ 82,624,414 |
■ | 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. |
■ | Shares of other mutual funds are valued based upon their reported NAVs. |
■ | 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 Fund's Board of Trustees (the “ Trustees”). |
■ | Fixed-income securities 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), which approximates market value. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the purchase price of the security, information obtained by contacting the issuer, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded and public trading in similar securities of the issuer or comparable issuers. |
■ | With respect to securities traded in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts; |
■ | Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded; and |
■ | Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Forward
Currency Contracts |
|
Foreign exchange contracts | $(221,227) |
Year Ended November 30 | 2012 | 2011 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 23,377,302 | $ 87,029,143 | 6,805,149 | $25,077,220 |
Shares issued to shareholders in payment of distributions declared | 698,791 | 2,593,180 | 271,684 | 1,001,656 |
Shares redeemed | (6,481,918) | (24,215,511) | (1,770,785) | (6,592,521) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 17,594,175 | $ 65,406,812 | 5,306,048 | $19,486,355 |
Year Ended November 30 | 2012 | 2011 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 4,649,673 | $17,431,239 | 928,995 | $3,445,916 |
Shares issued to shareholders in payment of distributions declared | 92,245 | 341,828 | 40,764 | 150,737 |
Shares redeemed | (450,953) | (1,669,554) | (140,496) | (520,199) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 4,290,965 | $16,103,513 | 829,263 | $3,076,454 |
Year Ended November 30 | 2012 | 2011 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 30,270,699 | $113,759,411 | 7,262,820 | $26,090,447 |
Shares issued to shareholders in payment of distributions declared | 579,747 | 2,164,334 | 176,152 | 650,870 |
Shares redeemed | (6,574,943) | (24,261,834) | (979,074) | (3,556,561) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 24,275,503 | $ 91,661,911 | 6,459,898 | $23,184,756 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 46,160,643 | $173,172,236 | 12,595,209 | $45,747,565 |
Undistributed Net
Investment Income (Loss) |
Accumulated Net
Realized Gain (Loss) |
$(622,419) | $622,419 |
2012 | 2011 | |
Ordinary income 1 | $5,796,805 | $1,891,093 |
Long-term capital gain | — | $ 36,283 |
1 |
For tax purposes, short-term capital gain distributions are treated as ordinary income distributions.
|
Undistributed ordinary income 2 | $ 1,014,123 |
Net unrealized appreciation | $10,950,219 |
2 | For tax purposes, short-term capital gains are treated as ordinary income for distribution purposes. |
Share Class Name |
Percentage of Average Daily
Net Assets of Class |
Class A Shares | 0.05% |
Class C Shares | 0.75% |
Distribution
Services Fees Incurred |
|
Class C Shares | $97,404 |
Service Fees
Incurred |
|
Class A Shares | $185,460 |
Class C Shares | 32,262 |
TOTAL | $217,722 |
Federated
Prime Value Obligations Fund, Institutional Shares |
|
Balance of Shares Held 11/30/2011 | 3,382,762 |
Purchases/Additions | 106,563,182 |
Sales/Reductions | 105,551,802 |
Balance of Shares Held 11/30/2012 | 4,394,142 |
Value | $ 4,394,142 |
Dividend Income | $ 7,304 |
Beginning
Account Value 6/1/2012 |
Ending
Account Value 11/30/2012 |
Expenses Paid
During Period 1 |
|
Actual: | |||
Class A Shares | $1,000 | $1,144.70 | $5.58 |
Class C Shares | $1,000 | $1,138.60 | $9.57 |
Institutional Shares | $1,000 | $1,146.00 | $4.24 |
Hypothetical (assuming a 5% return
before expenses): |
|||
Class A Shares | $1,000 | $1,019.80 | $5.25 |
Class C Shares | $1,000 | $1,016.05 | $9.02 |
Institutional Shares | $1,000 | $1,021.05 | $3.99 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.04% |
Class C Shares | 1.79% |
Institutional Shares | 0.79% |
* | Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries. |
Name
Birth Date Positions Held with Trust Date Service Began |
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr.
Birth Date: April 10, 1945 Trustee Began serving: January 1999 |
Principal Occupations
: Director or Trustee of the Federated Fund Family; Management Consultant.
Previous Positions : Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications : Banking, business management, education and director experience. |
Thomas M. O'Neill
Birth Date: June 14, 1951 Trustee Began serving: October 2006 |
Principal Occupations
: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting).
Other Directorships Held : Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions : Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications : Business management, mutual fund, director and investment experience. |
John S. Walsh
Birth Date: November 28, 1957 Trustee Began serving: January 1999 |
Principal Occupations
: Director or Trustee, Chairman of the Audit Committee of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and
Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc.
Previous Position : Vice President, Walsh & Kelly, Inc. Qualifications : Business management and director experience. |
Name
Birth Date Address Positions Held with Trust Date Service Began |
Principal Occupation(s) for Past Five Years
and Previous Position(s) |
John W. McGonigle
Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: April 1984 |
Principal Occupations
: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc.
Previous Positions : Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp. |
Richard A. Novak
Birth Date: December 25, 1963 Treasurer Officer since: January 2006 |
Principal Occupations
: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated
Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc.
Previous Positions : Controller of Federated Investors, Inc.; Vice President, Finance of Federated Services Company; held various financial management positions within The Mercy Hospital of Pittsburgh; Auditor, Arthur Andersen & Co. |
Peter J. Germain
Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005 |
Principal Occupations
: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and
Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined
Federated in 1984 and is a member of the Pennsylvania Bar Association.
Previous Positions : Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Richard B. Fisher
Birth Date: May 17, 1923 Vice President Officer since: April 1987 |
Principal Occupations
: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp.
Previous Positions : President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp. |
Brian P. Bouda
Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: August 2004 |
Principal Occupations
: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of
its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin.
Previous Positions : Served in Senior Management positions with a large regional banking organization. |
Name
Birth Date Address Positions Held with Trust Date Service Began |
Principal Occupation(s) for Past Five Years
and Previous Position(s) |
Stephen F. Auth
Birth Date: September 3, 1956 450 Lexington Avenue Suite 3700 New York, NY 10017-3943 CHIEF INVESTMENT OFFICER Officer since: November 2002 |
Principal Occupations
: Mr. Auth is Chief Investment Officer of this Fund and various other Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global
Investment Management Corp. and Federated Equity Management Company of Pennsylvania.
Previous Positions : Executive Vice President, Federated Investment Management Company, and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
Walter C. Bean
Birth Date: June 22, 1945 VICE PRESIDENT Officer since: November 2006 Portfolio Manager since: June 2008 |
Principal Occupations : Walter C. Bean has been the Fund's Portfolio Manager since June 2008. He is Vice President of the Trust with respect to the Fund. Mr. Bean is a Senior Vice President, Senior Portfolio Manager and the Head of the Equity Income Management Team of the Fund's Adviser. Mr. Bean joined Federated in 2000. His previous associations included: various investment management and research positions with C.S. McKee & Company, First Chicago Investment Advisors, CIGNA Investment Advisors and Mellon Bank. Mr. Bean earned a Bachelors Degree in Business Administration from Ohio University and an M.B.A. from the Pennsylvania State University. Mr. Bean has received the Chartered Financial Analyst designation and has 43 years of investment experience. |
Item 2. Code of Ethics
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.
(c) Not Applicable
(d) Not Applicable
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. Audit Committee Financial Expert
The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: Charles F. Mansfield, Jr., Thomas M. O'Neill and John S. Walsh.
Item 4. Principal Accountant Fees and Services
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2012 - $383,700
Fiscal year ended 2011 - $381,700
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2012 - $145
Fiscal year ended 2011 - $0
Travel to Audit Committee Meetings.
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $8,370 and $2,328 respectively. Fiscal year ended 2012- Audit consent fees for N-14 merger document. Fiscal year ended 2011- Audit consent fees for N-14 merger documents.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2012 - $0
Fiscal year ended 2011 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $22,932 respectively. Fiscal year ended 2011- Tax preparation fees for fiscal year end 2010.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2012 - $0
Fiscal year ended 2011 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $18,894 and $41,364 respectively. Fiscal year ended 2012- Service fee for analysis of potential Passive Foreign Investment Company holdings. Fiscal year ended 2011- Service fee for analysis of potential Passive Foreign Investment Company holdings.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate its responsibilities to pre-approve services performed by the independent auditor to management.
The Audit Committee has delegated pre-approval authority to its Chairman. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee must approve any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit Services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services, all other Audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain Audit-related services, all other Audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide Tax services to the Company such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services, all Tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of services other than audit, review or attest services the pre-approval requirement is waived if:
(1) | The aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant to its accountant during the fiscal year in which the services are provided; |
(2) | Such services were not recognized by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant at the time of the engagement to be non-audit services; and |
(3) | Such services are promptly brought to the attention of the Audit Committee of the issuer and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the board of directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, and would not impair the independence of the auditor.
The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of prohibited non-audit services and the applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2012 – 0%
Fiscal year ended 2011 - 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2012 – 0%
Fiscal year ended 2011 – 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2012 – 0%
Fiscal year ended 2011 – 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) | NA |
(g) | Non-Audit Fees billed to the registrant, the registrant’s investment adviser, and certain entities controlling, controlled by or under common control with the investment adviser: |
Fiscal year ended 2012 - $403,127
Fiscal year ended 2011 - $517,596
(h) The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants
Not Applicable
Item 6. Schedule of Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not Applicable |
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not Applicable |
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not Applicable |
Item 10. Submission of Matters to a Vote of Security Holders
Not Applicable
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 Equity Funds
By /S/ Richard A. Novak
Richard A. Novak, Principal Financial Officer
Date January 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 January 22, 2013
By /S/ Richard A. Novak
Richard A. Novak, Principal Financial Officer
Date January 22, 2013
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