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

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

 

 

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

 



 

Report of Independent Registered Public Accounting Firm

 

 

To Participants, Administrator, and Investment Committee of the

Bunge Savings Plan

 

We have audited the accompanying statements of net assets available for benefits of the Bunge Savings Plan 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 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

 



 

BUNGE SAVINGS PLAN

 

 

 

 

 

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

 

AS OF DECEMBER 31, 2012 AND 2011

 

 

 

 

 

 

 

2012

 

 

2011

 

 

 

 

 

 

 

 

 

INVESTMENTS, at fair value :

 

 

 

 

 

 

 

Interest bearing cash

 

 

$

64,006

 

 

$

90,866

 

Mutual funds

 

 

5,876,297

 

 

4,892,207

 

Interest in Bunge Limited common shares

 

 

497,859

 

 

367,999

 

Common stock

 

 

86,268

 

 

54,215

 

 

 

 

 

 

 

 

 

Total Plan interest in Bunge Defined Contribution Plans Master Trust

 

 

6,524,430

 

 

5,405,287

 

 

 

 

 

 

 

 

 

RECEIVABLES:

 

 

 

 

 

 

 

Participant contributions

 

 

12,187

 

 

13,578

 

Employer contributions

 

 

2,883

 

 

2,821

 

 

 

 

 

 

 

 

 

Total receivables

 

 

15,070

 

 

16,399

 

 

 

 

 

 

 

 

 

NET ASSETS AVAILABLE FOR BENEFITS

 

 

$

6,539,500

 

 

$

5,421,686

 

 

 

See notes to financial statements.

 

-2-



 

BUNGE SAVINGS PLAN

 

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011

 

 

 

 

 

2012

 

 

2011

 

 

 

 

 

 

 

 

 

ADDITIONS:

 

 

 

 

 

 

 

Participants’ contributions

 

 

$

683,534

 

 

$

623,417

 

Rollover contributions

 

 

166

 

 

209,551

 

Employer contributions

 

 

152,141

 

 

141,703

 

Plan interest in Bunge Defined Contribution Plans Master Trust:

 

 

 

 

 

 

 

Investment income — dividends

 

 

116,876

 

 

94,509

 

Investment income — interest

 

 

949

 

 

1,021

 

Net appreciation (depreciation) in value of investments

 

 

605,048

 

 

(269,920)

 

 

 

 

 

 

 

 

 

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

 

 

722,873

 

 

(174,390)

 

 

 

 

 

 

 

 

 

Total

 

 

1,558,714

 

 

800,281

 

 

 

 

 

 

 

 

 

DEDUCTIONS:

 

 

 

 

 

 

 

Benefits paid to participants

 

 

414,836

 

 

357,185

 

Plan transfers

 

 

15,222

 

 

7,498

 

Administrative expenses

 

 

10,842

 

 

10,140

 

 

 

 

 

 

 

 

 

Total

 

 

440,900

 

 

374,823

 

 

 

 

 

 

 

 

 

INCREASE IN NET ASSETS

 

 

1,117,814

 

 

425,458

 

 

 

 

 

 

 

 

 

NET ASSETS AVAILABLE FOR BENEFITS — Beginning of year

 

 

5,421,686

 

 

4,996,228

 

 

 

 

 

 

 

 

 

NET ASSETS AVAILABLE FOR BENEFITS — End of year

 

 

$

6,539,500

 

 

$

5,421,686

 

 

 

See notes to financial statements.

 

-3-



 

BUNGE SAVINGS PLAN

 

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 (the “Plan”) was established as of April 1, 1996. The Plan was amended effective January 1, 2004, to change the Plan name to the Bunge Savings Plan, transfer assets attributable to non-union participants in the Plan to the Bunge Retirement Savings Plan and transfer the assets of the Central Soya 401(k) Plan for Hourly Employees (“CSY Plan”) to the Plan. The Plan was further amended to provide that Plan provisions applicable to participants in the CSY Plan are set forth in a separate subplan known as Supplement A to the Plan. Effective January 1, 2005, the assets attributable to Supplement A participants were transferred to the Bunge Savings Plan — Supplement A. Plan assets attributable to the subplan covering Supplement A participants may only be used to pay benefits for Supplement A participants, and trust assets attributable to the subplan covering the remaining participants may only be used to pay benefits for such participants. Significant accounting policies followed by the Plan are as follows.

 

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 9 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-



 

BUNGE SAVINGS PLAN

 

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, except those regular hourly employees of Bunge North America (East), L.L.C. (collectively “Employer Group”) 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” contribution 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.

 

The employer match in cash for participant contributions, if any, is subject to participant collective bargaining agreements. Such matching contributions are credited to individual participants’ accounts, and vest at a rate of 20% per year and all matching contributions become 100% vested following five years of continuous service. Participants will forfeit any non-vested portion of their account balance upon leaving the Company’s employment for any reason other than normal retirement. Any such forfeited amounts are redistributed to continuing participants in the manner specified in the Plan.

 

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.

 

Employer Group matching contributions are allocated to participants based upon the current contribution allocation among investment alternatives elected by the individual participants. Thereafter, employee and employer contributions may be reallocated by the participant among all investment alternatives.

 

-5-



 

BUNGE SAVINGS PLAN

 

NOTES TO FINANCIAL STATEMENTS

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

 

 

Participants may not withdraw pre-tax contributions except as provided for hardship withdrawals or age 59½ 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.

 

4.                    PLAN TERMINATION

 

Although it has not expressed any intention to do so, the Company has the right under the Plan to discontinue its contributions at any time and 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.

 

5.                    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.

 

6.                    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 $10,842 and $10,140 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 6,849 and 6,434 shares were allocated to the Plan at December 31, 2012 and 2011,

 

-6-



 

BUNGE SAVINGS PLAN

 

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 $6,948 and $5,672, respectively, and net appreciation (depreciation) in fair value of $106,110 and ($53,494), respectively, from Bunge Limited common shares.

 

7.                    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

 

$975,628

 

$    732,259

 

Fidelity Total Bond Fund (1)

 

527,960

 

430,838

 

Janus Adviser Forty Fund — Class S (2)

 

-*

 

1,002,754

 

T. Rowe Price Value Fund

 

467,888

 

336,823

 

Vanguard Institutional Index Fund — Institutional Shares

 

820,387

 

759,224

 

Interest in Bunge Limited common shares (1)

 

497,859

 

367,999

 

Fidelity Freedom 2025 (1)

 

336,415

 

296,230

 

T. Rowe Price New America Growth Fund (2)

 

1,095,266

 

-*

 

 

*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-



 

BUNGE SAVINGS PLAN

 

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

 

$

1,400

 

$

11,928

 

International

 

49,134

 

(47,058

)

Large Cap

 

299,635

 

(91,168

)

Mid Cap

 

31,751

 

(8,479

)

Small Cap

 

13,213

 

(4,551

)

Specialty

 

438

 

255

 

Blends

 

102,683

 

(45,720

)

Other

 

10,621

 

9

 

Interest in Bunge Limited common shares

 

106,110

 

(53,494

)

Common stock

 

(9,937

)

(31,642

)

Dividend income

 

116,876

 

94,509

 

Interest income

 

949

 

1,021

 

 

 

 

 

 

 

 

 

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

 

$

722,873

 

$

(174,390

)

 

8.                    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-



 

BUNGE SAVINGS PLAN

 

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 3% at December 31, 2012 and 2011.

 

-9-



 

BUNGE SAVINGS PLAN

 

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

)

 

 

 

9.                    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.

 

-10-



 

BUNGE SAVINGS PLAN

 

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-



 

BUNGE SAVINGS PLAN

 

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 $64,006 and $90,866, 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

 

 

$

594,384

 

 

 

$

-

 

 

 

$

-

 

 

 

$

594,384

 

International

 

 

308,983

 

 

 

-

 

 

 

-

 

 

 

308,983

 

Large Cap

 

 

2,383,541

 

 

 

-

 

 

 

-

 

 

 

2,383,542

 

Mid Cap

 

 

291,020

 

 

 

-

 

 

 

-

 

 

 

291,021

 

Small Cap

 

 

121,781

 

 

 

-

 

 

 

-

 

 

 

121,780

 

Specialty

 

 

9,357

 

 

 

-

 

 

 

-

 

 

 

9,357

 

Short Term

 

 

975,628

 

 

 

-

 

 

 

-

 

 

 

975,628

 

Blends

 

 

1,138,492

 

 

 

-

 

 

 

-

 

 

 

1,138,491

 

Other

 

 

53,111

 

 

 

-

 

 

 

-

 

 

 

53,111

 

Interest in Bunge Limited common shares

 

 

-

 

 

 

497,859

 

 

 

-

 

 

 

497,859

 

Common stock

 

 

86,268

 

 

 

-

 

 

 

-

 

 

 

86,268

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

$

5,962,565

 

 

 

$

497,859

 

 

 

$

-

 

 

 

$

6,460,424

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

$

481,083

 

 

 

$

-

 

 

 

$

-

 

 

 

$

481,083

 

International

 

 

256,205

 

 

 

-

 

 

 

-

 

 

 

256,205

 

Large Cap

 

 

2,098,802

 

 

 

-

 

 

 

-

 

 

 

2,098,802

 

Mid Cap

 

 

213,617

 

 

 

-

 

 

 

-

 

 

 

213,617

 

Small Cap

 

 

100,928

 

 

 

-

 

 

 

-

 

 

 

100,928

 

Specialty

 

 

3,335

 

 

 

-

 

 

 

-

 

 

 

3,335

 

Short Term

 

 

732,259

 

 

 

-

 

 

 

-

 

 

 

732,259

 

Blends

 

 

971,518

 

 

 

-

 

 

 

-

 

 

 

971,518

 

Other

 

 

34,460

 

 

 

-

 

 

 

-

 

 

 

34,460

 

Interest in Bunge Limited common shares

 

 

-

 

 

 

367,999

 

 

 

-

 

 

 

367,999

 

Common stock

 

 

54,215

 

 

 

-

 

 

 

-

 

 

 

54,215

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

$

4,946,422

 

 

 

$

367,999

 

 

 

$

-

 

 

 

$

5,314,421

 

 

-12-



 

BUNGE SAVINGS PLAN

 

NOTES TO FINANCIAL STATEMENTS

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

 

 

 

10.   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-



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL SCHEDULE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

BUNGE SAVINGS PLAN

EIN 13-4977260           Plan Number 019

 

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

 

 

 

 

 

 

 

$

64,006

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST IN MUTUAL FUNDS:

 

 

 

 

 

 

 

 

 

 

American Century Heritage Fund – Investor Class

 

 

2,689.290

 

 

 

 

59,944

*

 

Fidelity Freedom Income

 

 

609.675

 

 

 

 

7,139

*

 

Fidelity Freedom 2000

 

 

0.058

 

 

 

 

1

*

 

Fidelity Freedom 2010

 

 

6,152.858

 

 

 

 

86,878

*

 

Fidelity Freedom 2015

 

 

18,400.258

 

 

 

 

217,307

*

 

Fidelity Freedom 2020

 

 

9,814.838

 

 

 

 

140,450

*

 

Fidelity Freedom 2025

 

 

28,151.851

 

 

 

 

336,415

*

 

Fidelity Freedom 2030

 

 

3,429.648

 

 

 

 

48,804

*

 

Fidelity Freedom 2035

 

 

2,775.476

 

 

 

 

32,834

*

 

Fidelity Freedom 2040

 

 

8,245.068

 

 

 

 

68,104

*

 

Fidelity Freedom 2045

 

 

7,619.171

 

 

 

 

74,516

*

 

Fidelity Freedom 2050

 

 

12,449.438

 

 

 

 

120,013

*

 

Fidelity Freedom 2055

 

 

610.436

 

 

 

 

6,031

*

 

Fidelity International Discovery Fund

 

 

9,142.817

 

 

 

 

302,353

*

 

Fidelity Total Bond Fund

 

 

48,215.531

 

 

 

 

527,960

*

 

Fidelity Spartan International Index Fund - Advantage Class

 

 

193.396

 

 

 

 

6,630

 

 

T. Rowe Price New America Growth Fund

 

 

30,491.818

 

 

 

 

1,095,266

 

 

T. Rowe Price New Horizons Fund

 

 

1,063.337

 

 

 

 

35,271

 

 

T. Rowe Price Value Fund

 

 

17,736.480

 

 

 

 

467,888

 

 

Vanguard Institutional Index Fund - Institutional Shares

 

 

6,285.530

 

 

 

 

820,387

 

 

Vanguard Long-Term Bond Index Fund – Institutional Shares

 

 

4,654.818

 

 

 

 

66,424

 

 

Vanguard Mid-Cap Index Fund - Institutional Shares

 

 

10,260.940

 

 

 

 

231,076

 

 

Vanguard Small-Cap Index Fund – Institutional Shares

 

 

2,231.930

 

 

 

 

86,510

 

 

Vanguard Prime Money Market Fund

 

 

975,628.180

 

 

 

 

975,628

 

 

Vanguard REIT Index Fund – Signal Shares

 

 

375.92

 

 

 

 

9,357

 

 

BrokerageLink Account - Mutual Funds

 

 

 

 

 

 

 

53,111

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest in mutual funds

 

 

 

 

 

 

 

5,876,297

 

(Continued)

 

-14-



 

BUNGE SAVINGS PLAN

EIN 13-4977260           Plan Number 019

 

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

 

 

 

 

 

 

 

$

497,859

 

 

BrokerageLink Account - Common Stock

 

 

 

 

 

 

 

86,268

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest in common stocks

 

 

 

 

 

 

 

584,127

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Plan interest in Bunge Defined Contribution Plans Master Trust

 

 

 

 

 

 

 

$

6,524,430

 

 

 

 

 

 

 

 

 

 

 

*

 

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-



 

SIGNATURES

 

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

 

 

 

 

Bunge Savings Plan

 

 

 

 

Date: June 18, 2013

 

By:

/s/Geralyn F. Hayes

 

 

 

 

Geralyn F. Hayes

 

 

 

 

Plan Administrator

 

 

-16-