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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 11-K

 

x   ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

For the fiscal year ended December 31, 2012

 

OR

 

o    TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

for the transition period from     to    

 

Commission file number 1-16625

 

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

 

Bunge Savings Plan – Supplement A

c/o Bunge North America, Inc.

11720 Borman Drive

St. Louis, Missouri 63146

 

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

 

Bunge Limited

50 Main Street

White Plains, NY 10606

 

 



Table of Contents

 

TABLE OF CONTENTS

 

 

Page

 

 

Report of Independent Registered Public Accounting Firm

1

 

 

 

 

Financial Statements

 

 

 

Statements of Net Assets Available for Benefits as of December 31, 2012 and 2011

2

 

 

Statements of Changes in Net Assets Available for Benefits for the Years ended
December 31, 2012 and 2011

3

 

 

Notes to Financial Statements

4

 

 

 

 

Supplemental Schedule

 

 

 

Schedule of Assets (Held at End of Year) as of December 31, 2012

14

 

NOTE:

All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

 

Signature

16

 

 

Exhibit 23.1 Consent of Independent Registered Public Accounting Firm

17

 

 



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Report of Independent Registered Public Accounting Firm

 

 

To Participants, Administrator and Investment Committee of the

Bunge Savings Plan - Supplement A

 

We have audited the accompanying statements of net assets available for benefits of the Bunge Savings Plan - Supplement A as of December 31, 2012 and 2011, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Bunge Savings Plan - Supplement A as of December 31, 2012 and 2011, and the changes in its net assets available for benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America.

 

Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental schedule of assets (held at end of year) is presented for the purpose of additional analysis and is not a required part of the financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.

 

 

/s/Brown Smith Wallace LLC

St. Louis, Missouri

June 18, 2013

 

 



Table of Contents

 

BUNGE SAVINGS PLAN – SUPPLEMENT A

 

 

 

 

 

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

 

AS OF DECEMBER 31, 2012 AND 2011

 

 

 

 

 

 

 

2012

 

 

2011

 

 

 

 

 

 

 

 

 

INVESTMENTS, at fair value:

 

 

 

 

 

 

 

Interest bearing cash

 

 

$

5,513

 

 

$

6,376

 

Mutual funds

 

 

3,225,627

 

 

2,735,730

 

Interest in Bunge Limited common shares

 

 

136,262

 

 

116,860

 

 

 

 

 

 

 

 

 

Total Plan interest in Bunge Defined Contribution Plans Master Trust

 

 

3,367,402

 

 

2,858,966

 

 

 

 

 

 

 

 

 

RECEIVABLES:

 

 

 

 

 

 

 

Notes receivable from participants

 

 

123,549

 

 

147,569

 

Participant contributions

 

 

3,938

 

 

4,431

 

 

 

 

 

 

 

 

 

Total receivables

 

 

127,487

 

 

152,000

 

 

 

 

 

 

 

 

 

NET ASSETS AVAILABLE FOR BENEFITS

 

 

$

3,494,889

 

 

$

3,010,966

 

 

 

See notes to financial statements.

 

 

-2-



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BUNGE SAVINGS PLAN – SUPPLEMENT A

 

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011

 

 

 

 

 

2012

 

 

2011

 

 

 

 

 

 

 

 

 

ADDITIONS:

 

 

 

 

 

 

 

Participants’ contributions

 

 

$

226,150

 

 

$

211,187

 

Interest income on notes receivable from participants

 

 

5,299

 

 

7,087

 

Plan interest in Bunge Defined Contribution Plans Master Trust:

 

 

 

 

 

 

 

Investment income — dividends

 

 

55,186

 

 

47,503

 

Investment income — interest

 

 

741

 

 

757

 

Net appreciation (depreciation) in value of investments

 

 

297,767

 

 

(134,647

)

 

 

 

 

 

 

 

 

Net appreciation (depreciation) of Plan interest in Bunge
Defined Contribution Plans Master Trust

 

 

353,694

 

 

(86,387

)

 

 

 

 

 

 

 

 

Total

 

 

585,143

 

 

131,887

 

 

 

 

 

 

 

 

 

DEDUCTIONS:

 

 

 

 

 

 

 

Benefits paid to participants

 

 

98,419

 

 

32,838

 

Plan transfers

 

 

-

 

 

50,825

 

Administrative expenses

 

 

2,801

 

 

2,841

 

 

 

 

 

 

 

 

 

Total

 

 

101,220

 

 

86,504

 

 

 

 

 

 

 

 

 

INCREASE IN NET ASSETS

 

 

483,923

 

 

45,383

 

 

 

 

 

 

 

 

 

NET ASSETS AVAILABLE FOR BENEFITS — Beginning of year

 

 

3,010,966

 

 

2,965,583

 

 

 

 

 

 

 

 

 

NET ASSETS AVAILABLE FOR BENEFITS — End of year

 

 

$

3,494,889

 

 

$

3,010,966

 

 

 

See notes to financial statements.

 

 

-3-



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BUNGE SAVINGS PLAN - SUPPLEMENT A

 

NOTES TO FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011

 

 

1.     BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

 

The Bunge Savings Plan – Supplement A (the “Plan”) is a subplan of the Bunge Savings Plan (the “Savings Plan”), which was established as of April 1, 1996. Prior to January 1, 2004, the Plan was a stand-alone Plan known as the Central Soya 401(k) Plan for Hourly Employees. The Savings Plan was amended effective January 1, 2004, to transfer the assets of the Central Soya 401(k) Plan for Hourly Employees to the Savings Plan and master trust. The Savings Plan was further amended to provide that the Plan provisions applicable to the participants in the Central Soya 401(k) Plan for Hourly Employees are set forth in a separate subplan known as the Bunge Savings Plan – Supplement A. Effective January 1, 2005, Bunge Limited (the parent of the Plan sponsor) separated the Plan from the Savings Plan.

 

Basis of Accounting — The accompanying financial statements of the Plan have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

 

Investment Valuation and Income Recognition — The Plan’s investment in the Bunge Defined Contribution Plans Master Trust (the “Trust”) is presented at fair value, which has been determined based on the fair value of the underlying investments of the Trust. The Trust’s investments in mutual funds, Bunge Limited common shares and other common stock holdings are stated at estimated fair value, which is based on quoted market prices. Sales and purchases of investments are accounted for on a trade date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Earnings on investments are allocated to participants based on account balances. See Note 10 for discussion of fair value measurements.

 

Administrative Expenses —Administrative expenses of the Plan are paid by the participants as provided in the plan document.

 

Use of Estimates — The preparation of financial statements in conformity with GAAP requires plan management to make estimates and assumptions that affect the reported amounts of assets, liabilities, accompanying notes and financial statements, and changes therein and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

 

Risks and Uncertainties — The Plan invests in the Trust which holds various securities, including mutual funds, Bunge Limited common shares, and other common stock holdings. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities may occur in the near term and that such changes could materially affect the amounts reported in the financial statements.

 

 

-4-



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BUNGE SAVINGS PLAN - SUPPLEMENT A

 

NOTES TO FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011

 

 

2.     PLAN DESCRIPTION

 

The Plan is a defined contribution plan designed to qualify under Section 401(k) of the Internal Revenue Code (“IRC”) and is administered by the Investment Committee (the “Committee”) appointed by the Board of Directors of Bunge North America, Inc. (the “Company”). The Company has appointed Fidelity Management Trust Company (“Fidelity”) to serve as record keeper, administrator, and trustee of both the Plan and the Trust. The descriptions of Plan terms in the following notes to financial statements are provided for general information purposes only and are qualified in their entirety by reference to the Plan document. Participants should refer to the plan document for a more complete description of the applicable provisions of the Plan. All regular hourly employees of Bunge North America (East), L.L.C., whose terms and conditions of employment are subject to a collective bargaining agreement that bargained to participate in the Plan, are eligible participants. Individual accounts are maintained for each Plan participant. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

 

3.     CONTRIBUTIONS AND WITHDRAWALS

 

Contribution limits for participants are based on their respective collective bargaining agreements. As determined by the IRC’s qualified retirement plan limits, the total amount which a participant could elect to contribute to the Plan on a pre-tax basis in 2012 and 2011 could not exceed $17,000 and $16,500, respectively. However, in 2012 and 2011, if a participant reached age 50 by December 31 of that year, they were able to contribute an additional $5,500 in “catch up” contributions to the Plan on a pre-tax basis.

 

The contribution amounts and allocation between pre-tax and post-tax basis of participant accounts are subject to IRC discrimination tests and limitations. The participants’ contributions, plus any actual earnings thereon, vest immediately.

 

Plan participants may select from a number of investment alternatives for their contributions. Investment choices include various mutual funds, common stock and the Bunge Common Stock Fund (“the Bunge Fund”). The Bunge Fund pools participant’s money with that of other employees to buy common shares of Bunge Limited as well as short-term investments designed to allow participants to buy or sell without the usual trade settlement period for individual stock transactions. The value of the participant investment in the Bunge Fund will vary depending on the performance of Bunge Limited, the overall stock market, and the performance and amount of short-term investments held by the Bunge Fund, less any expenses accrued against the Bunge Fund.  All dividends and interest earned in the Bunge Fund are reinvested in the Bunge Fund.  Participant’s ownership in the Bunge Fund is measured in units of the Bunge Fund instead of common shares.

 

Participants may not withdraw pre-tax contributions except as provided for hardship withdrawals permitted by the Plan. Following normal retirement or termination of employment, participants must withdraw their entire account balances in a lump sum or any other form of payment allowed by the Plan prior to April 1 following the calendar year in which the participant attains age 70½. Participants with account balances less than or equal to $5,000 upon retirement or termination must withdraw their entire account balances in a lump sum or any other form of payment allowed by the Plan on the date the participant terminates employment. Withdrawals by participants are recorded upon distribution.

 

The Plan allows participants the option of making qualified (as defined by the Plan document and the IRC) rollover contributions into the Plan.

 

 

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BUNGE SAVINGS PLAN - SUPPLEMENT A

 

NOTES TO FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011

 

 

4.     NOTES RECEIVABLE FROM PARTICIPANTS

 

Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum of the lesser of $50,000 or 50% of their vested account balance. Loan terms range from one to five years with the exception of loans for the purchase of a primary residence, which may have a longer term and participants can have no more than two loans outstanding at any given time.  The loans are secured by the balance in the participant’s account and bear interest at rates commensurate with the prevailing interest rate charged on similar commercial loans by lending institutions as determined by the plan administrator. Loan payments, including interest due, are paid ratably through payroll deductions. As of December 31, 2012, participant loans bear interest rates from 3.75% to 7.75% and mature through July 2017.

 

5.     PLAN TERMINATION

 

Although it has not expressed any intention to do so, the Company has the right under the Plan to terminate the Plan subject to the provisions set forth in ERISA. In the event the Plan is terminated, participants will become 100% vested in their accounts.

 

6.     FEDERAL INCOME TAX STATUS

 

The Plan obtained its latest determination letter from the Internal Revenue Service on October 22, 2011, stating that the Plan and related trust was designed and in compliance with the applicable sections of the IRC.  The plan administrator believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC and the Plan and related trust continue to be tax exempt.  Accordingly, no provision for income taxes has been recorded in the Plan’s financial statements.

 

GAAP requires plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the state and federal taxing authorities. The plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2012, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The plan administrator believes it is no longer subject to income tax examinations for years prior to 2009.

 

7.     EXEMPT PARTY-IN-INTEREST TRANSACTIONS

 

Certain of the Trust’s investments are in shares of funds offered by the trustee. Therefore, these transactions qualify as exempt party-in-interest transactions under ERISA. Such investments as of December 31, 2012, are disclosed in the supplemental schedule of assets (held at end of year.) Fees paid by the Plan for the investment management services were $2,801 and $2,841 for the years ended December 31, 2012 and 2011, respectively.

 

Personnel and facilities of the Company have been used by the Plan for its accounting and other activities at no charge to the Plan.

 

The Plan allows for participants to invest in the Bunge Fund which holds Bunge Limited common shares, as well as, short-term investments. Bunge Limited is the parent company of the sponsoring Company. The Bunge Fund held 186,339 and 196,064 common shares of Bunge Limited at December 31, 2012 and 2011, respectively of which 1,875 and 2,043 shares were allocated to the Plan at December 31, 2012 and 2011,

 

 

-6-



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BUNGE SAVINGS PLAN - SUPPLEMENT A

 

NOTES TO FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011

 

 

respectively. During 2012 and 2011, the Plan recorded dividend income of $2,049 and $2,013, respectively, and net appreciation (depreciation) in fair value of $30,501 and ($18,055), respectively, from Bunge Limited common shares.

 

8.     INVESTMENTS

 

The Plan’s interest in the investments of the Trust that represented 5% or more of the Plan’s net assets available for benefits as of December 31, 2012 and 2011, are as follows:

 

 

 

2012

 

2011

 

 

 

 

 

 

 

Vanguard Prime Money Market Fund

 

$    808,153 

 

$    605,252

 

Fidelity International Discovery Fund (1)

 

199,763

 

170,471

 

Janus Advisor Forty Fund – Class S (2)

 

-*

 

297,359

 

T. Rowe Price Value Fund

 

624,677

 

570,586

 

T. Rowe Price New America Growth Fund (2)

 

334,337

 

-*

 

Fidelity Freedom 2015(1)

 

309,225

 

303,234

 

 

*Amount less than 5% of the Plan’s net assets available for benefits.

 

(1)Represents party-in-interest

 

(2)Janus Advisor Forty Fund was removed as an investment option in 2012; T. Rowe Price New American Growth Fund was added as an investment option in 2012

 

 

-7-



Table of Contents

 

BUNGE SAVINGS PLAN - SUPPLEMENT A

 

NOTES TO FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011

 

 

During the years ended December 31, 2012 and 2011, the Plan’s underlying interest in the Trust’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated (depreciated) in value as follows:

 

 

 

2012

 

2011

 

 

 

 

 

 

 

Net appreciation (depreciation) in fair value of investments:

 

 

 

 

 

Mutual funds:

 

 

 

 

 

Bond

 

$

662

 

$

7,777

 

International

 

33,120

 

(32,086

)

Large Cap

 

145,275

 

(46,228

)

Mid Cap

 

13,170

 

(5,801

)

Small Cap

 

4,435

 

(1,999

)

Specialty

 

2,421

 

1,602

 

Blends

 

68,074

 

(39,859

)

Other

 

109

 

2

 

Interest in Bunge Limited common shares

 

30,501

 

(18,055

)

Dividend income

 

55,186

 

47,503

 

Interest income

 

741

 

757

 

 

 

 

 

 

 

 

 

Net appreciation (depreciation) of Plan interest in Bunge Defined Contribution Plans Master Trust

 

$

353,694

 

$

(86,387

)

 

 

9.     INTEREST IN BUNGE DEFINED CONTRIBUTION PLANS MASTER TRUST

 

The Plan’s investment assets are held in the Trust which was established for the investment of the combined assets of the Plan and other defined contribution plans sponsored by the Company. Each participating plan has an undivided interest in the Trust. The assets of the Trust are held, managed, and administered by the trustee pursuant to the terms of the Bunge Defined Contribution Plans Master Trust. Investment income and administrative expenses relating to the Trust are allocated to the individual participants in the plans based upon individual participant activity.

 

The Trust is required to maintain separate accounts reflecting the equitable share of each participating plan in the Trust. The Plan’s equitable share of the Trust cannot be used for the payments of expenses or benefits allocable to any other participating plan.

 

 

-8-



Table of Contents

 

BUNGE SAVINGS PLAN - SUPPLEMENT A

 

NOTES TO FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011

 

The investments of the Trust at December 31, 2012 and 2011 are summarized as follows:

 

 

 

2012

 

2011

 

 

 

 

 

 

 

Cash

 

$

2,467,216

 

$

1,950,420

 

 

 

 

 

 

 

Investments – at fair value:

 

 

 

 

 

Mutual funds:

 

 

 

 

 

Bond

 

25,380,084

 

21,622,451

 

International

 

10,419,267

 

9,498,544

 

Large Cap

 

64,334,390

 

57,550,950

 

Mid Cap

 

10,909,354

 

9,395,084

 

Small Cap

 

7,711,431

 

5,120,460

 

Specialty

 

2,575,088

 

1,489,068

 

Short Term

 

23,166,895

 

22,289,672

 

Blends

 

31,125,027

 

22,220,627

 

Other

 

520,362

 

1,529,851

 

Interest in Bunge Limited common shares

 

13,544,982

 

11,214,861

 

Common stock

 

1,775,783

 

1,264,389

 

 

 

 

 

 

 

Total investment at fair value

 

191,462,663

 

163,195,957

 

 

 

 

 

 

 

Total

 

$

193,929,879

 

$

165,146,377

 

 

The Plan’s interest in the net assets of the Trust was approximately 2% at December 31, 2012 and 2011.

 

 

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BUNGE SAVINGS PLAN - SUPPLEMENT A

 

NOTES TO FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011

 

The net investment earnings (losses) of the Trust for the years ended December 31, 2012 and 2011 are summarized below:

 

 

 

2012

 

2011

 

 

 

 

 

 

 

Net investment earnings (losses) in fair value of investments:

 

 

 

 

 

Mutual funds:

 

 

 

 

 

Bond

 

$

126,361

 

$

763,266

 

International

 

1,735,241

 

(1,816,860

)

Large Cap

 

8,302,731

 

(2,307,811

)

Mid Cap

 

1,326,706

 

(484,385

)

Small Cap

 

686,124

 

(234,561

)

Specialty

 

231,123

 

121,433

 

Blends

 

2,358,313

 

(1,190,573

)

Other

 

190,096

 

136

 

Interest in Bunge Limited common shares

 

3,002,804

 

(1,524,737

)

Common stock

 

47,550

 

(376,328

)

Dividend income

 

4,120,785

 

3,033,678

 

Interest income

 

31,436

 

33,705

 

 

 

 

 

 

 

Net investment earnings (losses) in Bunge Defined Contribution Plans Master Trust

 

$

22,159,270

 

$

(3,983,037

)

 

10.            FAIR VALUE MEASUREMENTS

 

ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), established a single authoritative definition of fair value, set a framework for measuring fair value, and requires additional disclosures about fair value measurements.

 

The various inputs that may be used to determine the value of the Plan’s and Trust’s investments are summarized in three broad levels. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

Level 1 — Quoted prices in active markets for identical securities.

 

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

 

Level 3 — Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).

 

Interest in Bunge Limited common shares represents participant investments in the Bunge Fund and is valued based upon unitized value of the quoted market price of the underlying common shares.

 

 

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Table of Contents

 

BUNGE SAVINGS PLAN - SUPPLEMENT A

 

NOTES TO FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011

 

The following tables set forth by level within the fair value hierarchy a summary of the Trust’s investments measured at fair value on a recurring basis at December 31, 2012 and 2011. Additionally, in accordance with ASC 820, the tables include the major categorization for debt and equity securities held by the Trust on the basis of the nature and risk of the Trust’s investment. The tables do not include the Trust’s cash of $2,467,216 and $1,950,420, respectively, in accordance with the disclosure requirements of ASC 820.

 

 

 

Fair Value Measurements
at December 31, 2012, Using

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quoted Prices

 

 

 

 

 

 

 

 

 

 

 

 

in Active

 

 

Significant

 

 

 

 

 

 

 

 

 

Markets for

 

 

Other

 

 

Significant

 

 

 

 

 

 

Identical

 

 

Observable

 

 

Unobservable

 

 

 

 

 

 

Assets

 

 

Inputs

 

 

Inputs

 

 

 

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds:

 

 

 

 

 

 

 

 

 

 

 

 

Bond

 

$

25,380,084

 

 

$

-

 

 

$

-

 

 

$

25,380,084

 

International

 

10,419,267

 

 

-

 

 

-

 

 

10,419,267

 

Large Cap

 

64,334,390

 

 

-

 

 

-

 

 

64,334,390

 

Mid Cap

 

10,909,354

 

 

-

 

 

-

 

 

10,909,354

 

Small Cap

 

7,711,431

 

 

-

 

 

-

 

 

7,711,431

 

Specialty

 

2,575,088

 

 

-

 

 

-

 

 

2,575,088

 

Short Term

 

23,166,895

 

 

-

 

 

-

 

 

23,166,895

 

Blends

 

31,125,027

 

 

-

 

 

-

 

 

31,125,027

 

Other

 

520,362

 

 

-

 

 

-

 

 

520,362

 

Interest in Bunge Limited common shares

 

-

 

 

13,544,982

 

 

-

 

 

13,544,982

 

Common stock

 

1,775,783

 

 

-

 

 

-

 

 

1,775,783

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

177,917,681

 

 

$

13,544,982

 

 

$

-

 

 

$

191,462,663

 

 

 

 

Fair Value Measurements
at December 31, 2011, Using

 

 

 

Quoted Prices

 

 

 

 

 

 

 

 

 

 

 

 

in Active

 

 

Significant

 

 

 

 

 

 

 

 

 

Markets for

 

 

Other

 

 

Significant

 

 

 

 

 

 

Identical

 

 

Observable

 

 

Unobservable

 

 

 

 

 

 

Assets

 

 

Inputs

 

 

Inputs

 

 

 

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds:

 

 

 

 

 

 

 

 

 

 

 

 

Bond

 

$

21,622,451

 

 

$

-

 

 

$

-

 

 

$

21,622,451

 

International

 

9,498,544

 

 

-

 

 

-

 

 

9,498,544

 

Large Cap

 

57,550,950

 

 

-

 

 

-

 

 

57,550,950

 

Mid Cap

 

9,395,084

 

 

-

 

 

-

 

 

9,395,084

 

Small Cap

 

5,120,460

 

 

-

 

 

-

 

 

5,120,460

 

Specialty

 

1,489,068

 

 

-

 

 

-

 

 

1,489,068

 

Short Term

 

22,289,672

 

 

-

 

 

-

 

 

22,289,672

 

Blends

 

22,220,627

 

 

-

 

 

-

 

 

22,220,627

 

Other

 

1,529,851

 

 

-

 

 

-

 

 

1,529,851

 

Interest in Bunge Limited common shares

 

-

 

 

11,214,861

 

 

-

 

 

11,214,861

 

Common stock

 

1,264,389

 

 

-

 

 

-

 

 

1,264,389

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

151,981,096

 

 

$

11,214,861

 

 

$

-

 

 

$

163,195,957

 

 

 

-11-



Table of Contents

 

BUNGE SAVINGS PLAN - SUPPLEMENT A

 

NOTES TO FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011

 

The following tables set forth by level within the fair value hierarchy a summary of the Plan’s underlying investments included in its interest in the Trust measured at fair value on a recurring basis at December 31, 2012 and 2011. Additionally, in accordance with ASC 820, the tables include the major categorization for debt and equity securities held by the Plan on the basis of the nature and risk of the Trust’s investment. The tables do not include the Plan’s cash of $5,513 and $6,376, respectively, in accordance with the disclosure requirements of ASC 820.

 

 

 

Fair Value Measurements
at December 31, 2012, Using

 

 

 

Quoted Prices

 

 

 

 

 

 

 

 

 

 

 

 

in Active

 

 

Significant

 

 

 

 

 

 

 

 

 

Markets for

 

 

Other

 

 

Significant

 

 

 

 

 

 

Identical

 

 

Observable

 

 

Unobservable

 

 

 

 

 

 

Assets

 

 

Inputs

 

 

Inputs

 

 

 

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds:

 

 

 

 

 

 

 

 

 

 

 

 

Bond

 

$

169,661

 

 

$          -

 

 

$

-

 

 

$

169,661

 

International

 

205,920

 

 

-

 

 

-

 

 

205,920

 

Large Cap

 

1,060,256

 

 

-

 

 

-

 

 

1,060,256

 

Mid Cap

 

92,773

 

 

-

 

 

-

 

 

92,773

 

Small Cap

 

39,233

 

 

-

 

 

-

 

 

39,233

 

Specialty

 

17,481

 

 

-

 

 

-

 

 

17,481

 

Short Term

 

808,153

 

 

-

 

 

-

 

 

808,153

 

Blends

 

832,150

 

 

-

 

 

-

 

 

832,150

 

Interest in Bunge Limited common shares

 

-

 

 

136,262

 

 

-

 

 

136,262

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

3,225,627

 

 

$136,262

 

 

$

-

 

 

$

3,361,889

 

 

 

 

 

 

 

Fair Value Measurements
at December 31, 2011, Using

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quoted Prices

 

 

 

 

 

 

 

 

 

 

 

 

in Active

 

 

Significant

 

 

 

 

 

 

 

 

 

Markets for

 

 

Other

 

 

Significant

 

 

 

 

 

 

Identical

 

 

Observable

 

 

Unobservable

 

 

 

 

 

 

Assets

 

 

Inputs

 

 

Inputs

 

 

 

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds:

 

 

 

 

 

 

 

 

 

 

 

 

Bond

 

$

150,725

 

 

$           -

 

 

$

-

 

 

$

150,725

 

International

 

175,204

 

 

-

 

 

-

 

 

175,204

 

Large Cap

 

947,037

 

 

-

 

 

-

 

 

947,037

 

Mid Cap

 

89,857

 

 

-

 

 

-

 

 

89,857

 

Small Cap

 

38,249

 

 

-

 

 

-

 

 

38,249

 

Specialty

 

19,763

 

 

-

 

 

-

 

 

19,763

 

Short Term

 

605,252

 

 

-

 

 

-

 

 

605,252

 

Blends

 

709,643

 

 

-

 

 

-

 

 

709,643

 

Interest in Bunge Limited common shares

 

-

 

 

116,860

 

 

-

 

 

116,860

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

2,735,730

 

 

$116,860

 

 

$

-

 

 

$

2,852,590

 

 

 

-12-



Table of Contents

 

BUNGE SAVINGS PLAN - SUPPLEMENT A

 

NOTES TO FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011

 

 

11.            PLAN TRANSFERS

 

Certain Plan participants also had accounts in another defined contribution plan sponsored by the Company or a company within the same control group. Plan transfers included in the statements of changes in net assets available for benefits reflect transfers made to combine multiple participant accounts into each participant’s active account. In addition, if a change in a participant’s employment classification occurs during a Plan year (for example, transfer from union to non-union classification), the assets related to such participant would be transferred to the applicable plan within the control group for such participant’s new employment status. Such transfer will be made within a reasonable period of time following the change in employment classification. Timing of those transfers may from time-to-time result in plan payables or receivables in the respective plans.

 

 

-13-



Table of Contents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL SCHEDULE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Table of Contents

 

BUNGE SAVINGS PLAN – SUPPLEMENT A

EIN 13-4977260           Plan Number 219

 

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

FORM 5500, SCHEDULE H, PART IV, LINE 4i —

AS OF DECEMBER 31, 2012

 

a)

b)

Identity of issue,
Borrower, lessor,
or similar party

 

c)

Number of shares/units

 

d)

Cost
**

  e)

Current
Value

 

 

 

INTEREST IN INTEREST BEARING CASH

 

 

 

 

 

 

 

$

5,513

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST IN MUTUAL FUNDS:

 

 

 

 

 

 

 

 

 

 

 

American Century Investments Heritage Fund – Investor Class

 

 

1,630.282

 

 

 

 

36,339

 

*

 

Fidelity Freedom Income

 

 

38.859

 

 

 

 

455

 

*

 

Fidelity Freedom 2000

 

 

1,054.069

 

 

 

 

13,039

 

*

 

Fidelity Freedom 2010

 

 

11,731.700

 

 

 

 

165,652

 

*

 

Fidelity Freedom 2015

 

 

26,183.317

 

 

 

 

309,225

 

*

 

Fidelity Freedom 2020

 

 

9,991.706

 

 

 

 

142,981

 

*

 

Fidelity Freedom 2025

 

 

6,477.853

 

 

 

 

77,410

 

*

 

Fidelity Freedom 2030

 

 

1,046.254

 

 

 

 

14,888

 

*

 

Fidelity Freedom 2035

 

 

5,107.392

 

 

 

 

60,420

 

*

 

Fidelity Freedom 2040

 

 

1,804.480

 

 

 

 

14,905

 

*

 

Fidelity Freedom 2045

 

 

479.499

 

 

 

 

4,689

 

*

 

Fidelity Freedom 2050

 

 

2,937.332

 

 

 

 

28,316

 

*

 

Fidelity Freedom 2055

 

 

17.217

 

 

 

 

170

 

*

 

Fidelity International Discovery Fund

 

 

6,040.617

 

 

 

 

199,763

 

*

 

Fidelity Total Bond Fund

 

 

12,239.443

 

 

 

 

134,022

 

*

 

Fidelity Spartan International Index Fund - Advantage Class

 

 

179.600

 

 

 

 

6,157

 

 

 

T. Rowe Price New America Growth Fund

 

 

9,307.817

 

 

 

 

334,337

 

 

 

T. Rowe Price New Horizons Fund

 

 

758.846

 

 

 

 

25,171

 

 

 

T. Rowe Price Value Fund

 

 

23,679.941

 

 

 

 

624,677

 

 

 

Vanguard Institutional Index Fund - Institutional Shares

 

 

775.681

 

 

 

 

101,242

 

 

 

Vanguard Long-Term Bond Index Fund – Institutional Shares

 

 

2,497.487

 

 

 

 

35,639

 

 

 

Vanguard Mid-Cap Index Fund - Institutional Shares

 

 

2,505.949

 

 

 

 

56,434

 

 

 

Vanguard Small-Cap Index Fund - Institutional Shares

 

 

362.790

 

 

 

 

14,062

 

 

 

Vanguard Prime Money Market Fund

 

 

808,152.610

 

 

 

 

808,153

 

 

 

Vanguard REIT Index Fund – Signal Shares

 

 

702.319

 

 

 

 

17,481

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest in mutual funds

 

 

 

 

 

 

 

3,225,627

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Continued)

 

 

 

-14-



Table of Contents

 

BUNGE SAVINGS PLAN – SUPPLEMENT A

EIN 13-4977260           Plan Number 219

 

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

FORM 5500, SCHEDULE H, PART IV, LINE 4i —

AS OF DECEMBER 31, 2012

 

a)

 

b)

 

Identity of issue,
Borrower, lessor,
or similar party

 

c)

 

Number of shares/units

 

d)

 

Cost
**

 

e)

 

Current
Value

 

 

 

 

 

INTEREST IN COMMON STOCK:

 

 

 

 

 

 

 

 

 

 

 

 

 

*

 

 

 

Interest in Bunge Limited common shares

 

 

 

 

 

 

 

 

 

 

 

136,262

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

 

 

 

NOTES RECEIVABLE FROM PARTICIPANTS:

 

 

 

Loan Fund, rates from 3.75% to 7.75%, maturities through July 2017

 

 

 

 

 

 

 

123,549

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total investments

 

 

 

 

 

 

 

 

 

 

 

$

3,490,951

 

 

 

*                                                                       Party-in-interest

**                                                                 Cost information is not required for participant-directed investments and, therefore, is not included.

 

 

 

See accompanying report of independent registered public accounting firm.

(Concluded)

 

 

 

-15-



Table of Contents

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the plan administrator of the Bunge Savings Plan – Supplement A has duly caused this Annual Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

Bunge Savings Plan – Supplement A

 

 

Date: June 18, 2013

By:

/s/Geralyn F. Hayes

 

 

 

Geralyn F. Hayes

 

 

Plan Administrator

 

 

-16-