United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-21904
(Investment Company Act File Number)
Federated MDT Series
_______________________________________________________________
(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: 07/31/2012
Date of Reporting Period: 07/31/2012
Item 1. Reports to Stockholders
Share Class | Ticker |
A | QAACX |
C | QCACX |
R | QKACX |
Institutional | QIACX |
1 | The Russell 3000® offers investors access to the broad U.S. equity universe representing approximately 98% of the U.S. market. The Russell 3000® is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure that new and growing equities are reflected. The index is unmanaged, and it is not possible to invest directly in an index. |
2 | Russell Top 200® Index measures the performance of the 200 largest companies in the Russell 1000® Index and represents approximately 66% of the total market capitalization of the Russell 1000® Index. The index is unmanaged, and it is not possible to invest directly in an index. |
3 | The Russell Midcap® Index measures the performance of the 800 smallest companies in the Russell 1000® Index and represents approximately 27% of the total market capitalization of the Russell 1000® Index. The index is unmanaged, and it is not possible to invest directly in an index. |
4 | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index and represents approximately 7% of the total market capitalization of the Russell 3000® Index. The index is unmanaged, and it is not possible to invest directly in an index. |
5 | The Russell 3000 Growth® Index measures the performance of those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell 1000 Growth® or the Russell 2000 Growth® indexes. The index is unmanaged, and it is not possible to invest directly in an index. |
6 | The Russell 3000 Value® Index measures the performance of those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The stocks in this index are also members of either the Russell 1000 Value® or the Russell 2000 Value® indexes. The index is unmanaged, and it is not possible to invest directly in an index. |
Share Class | 1 Year | 5 Years | Start of Performance* |
Class A Shares | -3.63% | -4.74% | 4.78% |
Class C Shares | 0.16% | -4.42% | 4.58% |
Class R Shares | 1.45% | -4.11% | 4.91% |
Institutional Shares | 2.23% | -3.39% | 5.65% |
* | The Fund's start of performance date was October 1, 2002. |
Federated MDT All Cap Core Fund - Class A Shares | C000035043 | Russell 3000® |
10/1/2002 | 9,450 | 10,000 |
7/31/2003 | 11,108 | 12,016 |
7/31/2004 | 13,056 | 13,615 |
7/31/2005 | 15,900 | 15,917 |
7/31/2006 | 16,629 | 16,735 |
7/31/2007 | 19,069 | 19,426 |
7/31/2008 | 17,166 | 17,421 |
7/31/2009 | 12,176 | 13,900 |
7/31/2010 | 13,051 | 15,959 |
7/31/2011 | 15,514 | 19,301 |
7/31/2012 | 15,824 | 20,715 |
■ | Total returns shown include the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). |
Federated MDT All Cap Core Fund - Class C Shares | C000035044 | Russell 3000® |
10/1/2002 | 10,000 | 10,000 |
7/31/2003 | 11,681 | 12,016 |
7/31/2004 | 13,628 | 13,615 |
7/31/2005 | 16,473 | 15,917 |
7/31/2006 | 17,107 | 16,735 |
7/31/2007 | 19,469 | 19,426 |
7/31/2008 | 17,387 | 17,421 |
7/31/2009 | 12,233 | 13,900 |
7/31/2010 | 13,007 | 15,959 |
7/31/2011 | 15,350 | 19,301 |
7/31/2012 | 15,528 | 20,715 |
■ | Total returns shown include the maximum contingent deferred sales charge of 1.00%, as applicable. |
Federated MDT All Cap Core Fund - Class R Shares | C000043497 | Russell 3000® |
10/1/2002 | 10,000 | 10,000 |
7/31/2003 | 11,703 | 12,016 |
7/31/2004 | 13,682 | 13,615 |
7/31/2005 | 16,587 | 15,917 |
7/31/2006 | 17,262 | 16,735 |
7/31/2007 | 19,765 | 19,426 |
7/31/2008 | 17,722 | 17,421 |
7/31/2009 | 12,508 | 13,900 |
7/31/2010 | 13,347 | 15,959 |
7/31/2011 | 15,793 | 19,301 |
7/31/2012 | 16,022 | 20,715 |
Federated MDT All Cap Core Fund - Institutional Shares | C000035045 | Russell 3000® |
10/1/2002 | 10,000 | 10,000 |
7/31/2003 | 11,775 | 12,016 |
7/31/2004 | 13,869 | 13,615 |
7/31/2005 | 16,939 | 15,917 |
7/31/2006 | 17,761 | 16,735 |
7/31/2007 | 20,411 | 19,426 |
7/31/2008 | 18,429 | 17,421 |
7/31/2009 | 13,113 | 13,900 |
7/31/2010 | 14,102 | 15,959 |
7/31/2011 | 16,800 | 19,301 |
7/31/2012 | 17,176 | 20,715 |
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 a 1.00% contingent deferred sales charge would be applied on any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The Russell 3000® has been adjusted to reflect reinvestment of dividends of securities in the index. |
2 | The Fund is the successor to the MDT All Cap Core Fund pursuant to a reorganization that was completed on or about the close of business on December 8, 2006. Prior to that date, the Fund had no investment operations. Accordingly, the performance information shown for periods prior to that date for Class A Shares, Class C Shares and Class R Shares is historical information for the MDT All Cap Core Fund. The MDT All Cap Core Fund was managed by MDT Advisers and had similar investment objectives and strategies as the Fund. |
3 | The Russell 3000® offers investors access to the broad U.S. equity universe representing approximately 98% of the U.S. market. The Russell 3000® is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure that new and growing equities are reflected. The index is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The Russell 3000® 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. |
Industry Composition | Percentage of Total Net Assets |
Specialty Retailing | 6.5% |
Regional Banks | 5.5% |
Discount Department Stores | 4.6% |
Integrated Domestic Oil | 4.6% |
Money Center Bank | 4.4% |
Services to Medical Professionals | 4.3% |
Property Liability Insurance | 4.2% |
Multi-Line Insurance | 4.1% |
Department Stores | 3.8% |
Personal Loans | 3.5% |
Financial Services | 3.2% |
Ethical Drugs | 3.1% |
Broadcasting | 2.7% |
Diversified Leisure | 2.2% |
Hotels | 2.1% |
Auto Manufacturing | 1.8% |
Computers - Midrange | 1.8% |
Cable & Wireless Television | 1.7% |
Computer Stores | 1.6% |
Cosmetics & Toiletries | 1.6% |
Life Insurance | 1.6% |
Drug Store | 1.5% |
Semiconductor Distribution | 1.4% |
Building Supply Stores | 1.3% |
Oil Refiner | 1.3% |
Specialty Chemicals | 1.2% |
Soft Drinks | 1.1% |
Airline - Regional | 1.0% |
Diversified Oil | 1.0% |
Other2 | 19.7% |
Cash Equivalents3 | 1.4% |
Other Assets and Liabilities—Net4 | 0.2% |
TOTAL | 100.0% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, industry classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | For purposes of this table, industry classifications which constitute less than 1.0% of the Fund's total net assets have been aggregated under the designation “Other.” |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS—98.4% | |||
Agricultural Chemicals—0.1% | |||
2,500 | Scotts Miracle-Gro Co. | $99,750 | |
Agricultural Machinery—0.1% | |||
1,800 | Lindsay Manufacturing Co. | 127,620 | |
Airline - Regional—1.0% | |||
28,534 | 1 | Alaska Air Group, Inc. | 994,410 |
Aluminum—0.2% | |||
4,400 | Kaiser Aluminum Corp. | 239,976 | |
Apparel—0.8% | |||
8,800 | 1 | Carter's, Inc. | 445,896 |
2,300 | Guess ?, Inc. | 69,230 | |
2,500 | 1 | Warnaco Group, Inc. | 106,650 |
4,400 | 1 | Zumiez, Inc. | 159,852 |
TOTAL | 781,628 | ||
AT&T Divestiture—0.2% | |||
5,200 | Verizon Communications, Inc. | 234,728 | |
Auto Manufacturing—1.8% | |||
26,800 | Ford Motor Co. | 247,632 | |
62,000 | 1 | General Motors Co. | 1,222,020 |
6,600 | 1 | TRW Automotive Holdings Corp. | 259,380 |
TOTAL | 1,729,032 | ||
Auto Original Equipment Manufacturers—0.2% | |||
6,700 | Johnson Controls, Inc. | 165,155 | |
2,200 | 1 | Tenneco Automotive, Inc. | 64,438 |
TOTAL | 229,593 | ||
Auto Part Replacement—0.6% | |||
8,600 | Genuine Parts Co. | 550,658 | |
Auto Rentals—0.1% | |||
1,400 | 1 | Dollar Thrifty Automotive Group | 104,160 |
Broadcasting—2.7% | |||
52,889 | 1 | DIRECTV Group, Inc., Class A | 2,626,468 |
Building Materials—0.2% | |||
7,100 | 1 | Fortune Brands Home & Security, Inc. | 157,052 |
1,800 | Lennox International, Inc. | 78,606 | |
TOTAL | 235,658 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Building Supply Stores—1.3% | |||
49,400 | Lowe's Cos., Inc. | $1,253,278 | |
Cable & Wireless Television—1.7% | |||
19,200 | Time Warner Cable, Inc. | 1,630,656 | |
Cable TV—0.3% | |||
3,700 | 1 | Charter Communications, Inc. | 284,604 |
Carpets—0.3% | |||
3,900 | 1 | Mohawk Industries, Inc. | 259,077 |
Clothing Stores—0.9% | |||
1,700 | 1 | Children's Place Retail Stores, Inc. | 86,360 |
22,200 | Gap (The), Inc. | 654,678 | |
3,000 | 1 | Hanesbrands, Inc. | 90,060 |
TOTAL | 831,098 | ||
Commodity Chemicals—0.4% | |||
3,000 | PPG Industries, Inc. | 328,380 | |
3,000 | RPM International, Inc. | 79,500 | |
TOTAL | 407,880 | ||
Computer Peripherals—0.1% | |||
3,700 | Lexmark International Group, Class A | 64,713 | |
Computer Services—0.6% | |||
1,300 | 1 | CACI International, Inc., Class A | 73,385 |
11,134 | 1 | Synnex Corp. | 376,663 |
1,500 | Syntel, Inc. | 87,195 | |
TOTAL | 537,243 | ||
Computer Stores—1.6% | |||
6,500 | GameStop Corp. | 104,130 | |
46,849 | 1 | Ingram Micro, Inc., Class A | 702,267 |
2,100 | 1 | Insight Enterprises, Inc. | 35,196 |
13,862 | 1 | Tech Data Corp. | 694,486 |
TOTAL | 1,536,079 | ||
Computers - Low End—0.6% | |||
46,400 | Dell, Inc. | 551,232 | |
Computers - Midrange—1.8% | |||
96,300 | Hewlett-Packard Co. | 1,756,512 | |
Construction Machinery—0.4% | |||
12,700 | Trinity Industries, Inc. | 355,600 | |
Cosmetics & Toiletries—1.6% | |||
5,700 | Avon Products, Inc. | 88,293 | |
14,400 | Estee Lauder Cos., Inc., Class A | 754,272 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Cosmetics & Toiletries—continued | |||
7,900 | 1 | Ulta Salon Cosmetics & Fragrance, Inc. | $670,552 |
TOTAL | 1,513,117 | ||
Crude Oil & Gas Production—0.1% | |||
2,100 | 1 | PDC Energy, Inc. | 55,020 |
Defense Aerospace—0.2% | |||
1,800 | 1 | Transdigm Group, Inc. | 222,048 |
Department Stores—3.8% | |||
1,500 | Dillards, Inc., Class A | 97,845 | |
14,900 | Kohl's Corp. | 740,828 | |
16,600 | Macy's, Inc. | 594,944 | |
8,400 | Penney (J.C.) Co., Inc. | 189,084 | |
200 | 1 | Sears Holdings Corp. | 9,898 |
32,400 | Target Corp. | 1,965,060 | |
TOTAL | 3,597,659 | ||
Discount Department Stores—4.6% | |||
16,000 | 1 | Dollar Tree, Inc. | 805,440 |
4,200 | Family Dollar Stores, Inc. | 277,536 | |
45,200 | Wal-Mart Stores, Inc. | 3,364,236 | |
TOTAL | 4,447,212 | ||
Diversified Leisure—2.2% | |||
4,500 | 1 | Bally Technologies, Inc. | 196,695 |
52,800 | Carnival Corp. | 1,757,184 | |
200 | 1 | Coinstar, Inc. | 9,498 |
5,800 | Royal Caribbean Cruises Ltd. | 144,884 | |
TOTAL | 2,108,261 | ||
Diversified Oil—1.0% | |||
18,600 | Murphy Oil Corp. | 998,076 | |
Drug Store—1.5% | |||
39,600 | Walgreen Co. | 1,439,856 | |
Education & Training Services—0.4% | |||
11,000 | 1 | Apollo Group, Inc., Class A | 299,200 |
2,100 | DeVRY, Inc. | 41,223 | |
1,500 | 1 | ITT Educational Services, Inc. | 58,230 |
TOTAL | 398,653 | ||
Electrical Equipment—0.1% | |||
1,400 | 1 | WESCO International, Inc. | 77,994 |
Electronic Instruments—0.3% | |||
6,700 | 1 | Trimble Navigation Ltd. | 296,542 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Electronic Test/Measuring Equipment—0.1% | |||
1,800 | 1 | Itron, Inc. | $70,146 |
Ethical Drugs—3.1% | |||
60,200 | Eli Lilly & Co. | 2,650,606 | |
10,200 | 1 | Forest Laboratories, Inc., Class A | 342,210 |
TOTAL | 2,992,816 | ||
Financial Services—3.2% | |||
10,300 | Ameriprise Financial, Inc. | 532,716 | |
7,600 | SLM Corp. | 121,524 | |
18,500 | Visa, Inc., Class A | 2,387,795 | |
TOTAL | 3,042,035 | ||
Food Wholesaling—0.9% | |||
29,700 | Sysco Corp. | 872,883 | |
Gas Distributor—0.1% | |||
1,400 | Southwest Gas Corp. | 62,524 | |
Grocery Chain—0.9% | |||
1,500 | 1 | Fresh Market, Inc. | 88,335 |
25,700 | Kroger Co. | 569,769 | |
13,700 | Safeway, Inc. | 213,035 | |
TOTAL | 871,139 | ||
Health Care Equipment & Supplies—0.1% | |||
2,200 | Hill-Rom Holdings, Inc. | 57,530 | |
Home Building—0.1% | |||
5,400 | D. R. Horton, Inc. | 95,202 | |
Home Products—0.8% | |||
4,100 | Energizer Holdings, Inc. | 318,857 | |
3,100 | Jarden Corp. | 140,120 | |
5,200 | Newell Rubbermaid, Inc. | 91,780 | |
3,400 | Tupperware Brands Corp. | 178,228 | |
TOTAL | 728,985 | ||
Hospitals—0.1% | |||
2,700 | 1 | Community Health Systems, Inc. | 66,447 |
Hotels—2.1% | |||
26,300 | Marriott International, Inc., Class A | 957,846 | |
20,400 | Wyndham Worldwide Corp. | 1,061,820 | |
TOTAL | 2,019,666 | ||
Household Appliances—0.6% | |||
1,800 | 1 | Middleby Corp. | 176,256 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Household Appliances—continued | |||
6,100 | Whirlpool Corp. | $412,116 | |
TOTAL | 588,372 | ||
Household Durables—0.7% | |||
10,500 | Stanley Black & Decker, Inc. | 702,345 | |
Insurance Brokerage—0.4% | |||
4,900 | Aspen Insurance Holdings Ltd. | 140,826 | |
500 | 1 | Markel Corp. | 216,030 |
TOTAL | 356,856 | ||
Integrated Domestic Oil—4.6% | |||
62,000 | ConocoPhillips | 3,375,280 | |
3,500 | Hess Corp. | 165,060 | |
33,300 | Marathon Oil Corp. | 881,451 | |
TOTAL | 4,421,791 | ||
Integrated International Oil—0.9% | |||
7,500 | Chevron Corp. | 821,850 | |
Life Insurance—1.6% | |||
18,200 | Protective Life Corp. | 507,962 | |
20,100 | Prudential Financial, Inc. | 970,428 | |
5,400 | Symetra Financial Corp. | 62,802 | |
TOTAL | 1,541,192 | ||
Lumber Products—0.2% | |||
18,300 | 1 | Louisiana-Pacific Corp. | 188,856 |
Mail Order—0.1% | |||
2,200 | HSN, Inc. | 93,192 | |
Maritime—0.1% | |||
7,000 | Ship Finance International Ltd. | 101,360 | |
Meat Packing—0.5% | |||
28,300 | 1 | Smithfield Foods, Inc. | 523,550 |
Medical Supplies—0.2% | |||
3,900 | 1 | Align Technology, Inc. | 132,444 |
1,400 | 1 | CareFusion Corp. | 34,174 |
TOTAL | 166,618 | ||
Medical Technology—0.1% | |||
2,600 | St. Jude Medical, Inc. | 97,136 | |
Metal Fabrication—0.2% | |||
2,800 | Reliance Steel & Aluminum Co. | 144,144 | |
1,900 | Timken Co. | 68,780 | |
TOTAL | 212,924 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Miscellaneous Communications—0.1% | |||
800 | 1 | Equinix, Inc. | $142,544 |
Miscellaneous Components—0.5% | |||
14,297 | 1 | Fairchild Semiconductor International, Inc., Class A | 198,157 |
27,428 | 1 | Vishay Intertechnology, Inc. | 270,714 |
TOTAL | 468,871 | ||
Miscellaneous Food Products—0.2% | |||
6,000 | Fresh Del Monte Produce, Inc. | 147,000 | |
Miscellaneous Machinery—0.4% | |||
7,600 | Nordson Corp. | 389,576 | |
Money Center Bank—4.4% | |||
98,100 | JPMorgan Chase & Co. | 3,531,600 | |
1,600 | Northern Trust Corp. | 72,640 | |
16,200 | State Street Corp. | 654,156 | |
TOTAL | 4,258,396 | ||
Mortgage and Title—0.0% | |||
2,500 | Fidelity National Financial, Inc., Class A | 46,550 | |
Multi-Industry Capital Goods—0.5% | |||
17,500 | Textron, Inc. | 455,875 | |
Multi-Line Insurance—4.1% | |||
50,600 | Allstate Corp. | 1,735,580 | |
54,900 | 1 | American International Group, Inc. | 1,716,723 |
6,200 | CNA Financial Corp. | 161,882 | |
10,200 | Montpelier Re Holdings Ltd. | 206,652 | |
200 | White Mountains Insurance Group, Inc. | 102,118 | |
TOTAL | 3,922,955 | ||
Newspaper Publishing—0.1% | |||
200 | Washington Post Co., Class B | 67,700 | |
Office Equipment—0.1% | |||
5,600 | Pitney Bowes, Inc. | 74,816 | |
Office Supplies—0.1% | |||
4,500 | Avery Dennison Corp. | 138,555 | |
Oil Refiner—1.3% | |||
9,400 | Marathon Petroleum Corp. | 444,620 | |
9,000 | 1 | Tesoro Petroleum Corp. | 248,850 |
18,500 | Valero Energy Corp. | 508,750 | |
TOTAL | 1,202,220 | ||
Oil Service, Explore & Drill—0.1% | |||
4,400 | 1 | Helix Energy Solutions Group, Inc. | 78,672 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Other Communications Equipment—0.1% | |||
3,100 | Harris Corp. | $129,115 | |
Paint & Related Materials—0.1% | |||
600 | Sherwin-Williams Co. | 80,610 | |
Paper Products—0.0% | |||
5,700 | 1 | Boise, Inc. | 42,180 |
Personal & Household—0.1% | |||
1,100 | Nu Skin Enterprises, Inc., Class A | 56,111 | |
Personal Loans—3.5% | |||
59,700 | Capital One Financial Corp. | 3,372,453 | |
Personnel Agency—0.3% | |||
4,500 | Manpower, Inc. | 160,110 | |
3,400 | Robert Half International, Inc. | 91,834 | |
TOTAL | 251,944 | ||
Printed Circuit Boards—0.1% | |||
3,500 | 1 | Benchmark Electronics, Inc. | 55,160 |
4,200 | 1 | Sanmina-SCI Corp. | 35,868 |
TOTAL | 91,028 | ||
Printing—0.1% | |||
4,800 | Donnelley (R.R.) & Sons Co. | 58,176 | |
Property Liability Insurance—4.2% | |||
2,700 | Everest Re Group Ltd. | 274,590 | |
7,100 | ProAssurance Corp. | 635,947 | |
49,100 | The Travelers Cos., Inc. | 3,076,115 | |
TOTAL | 3,986,652 | ||
Regional Banks—5.5% | |||
16,400 | BB&T Corp. | 514,468 | |
1,700 | City National Corp. | 83,776 | |
7,300 | Comerica, Inc. | 220,533 | |
1,100 | Commerce Bancshares, Inc. | 43,318 | |
13,600 | Fifth Third Bancorp | 187,952 | |
17,200 | Huntington Bancshares, Inc. | 106,898 | |
8,400 | KeyCorp | 67,032 | |
17,600 | SunTrust Banks, Inc. | 416,240 | |
105,900 | Wells Fargo & Co. | 3,580,479 | |
3,700 | Zions Bancorp | 67,340 | |
TOTAL | 5,288,036 | ||
Rental & Leasing Services—0.1% | |||
3,200 | Rent-A-Center, Inc. | 113,792 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Restaurants—0.3% | |||
1,800 | 1 | Panera Bread Co. | $283,482 |
Semiconductor Distribution—1.4% | |||
25,913 | 1 | Arrow Electronics, Inc. | 874,564 |
14,515 | 1 | Avnet, Inc. | 457,222 |
TOTAL | 1,331,786 | ||
Semiconductor Manufacturing—0.1% | |||
6,500 | 1 | Omnivision Technologies, Inc. | 91,130 |
Services to Medical Professionals—4.3% | |||
13,800 | Aetna, Inc. | 497,628 | |
3,600 | Coventry Health Care, Inc. | 119,988 | |
2,900 | 1 | Henry Schein, Inc. | 216,949 |
1,500 | Humana, Inc. | 92,400 | |
2,300 | Omnicare, Inc. | 72,243 | |
41,400 | UnitedHealth Group, Inc. | 2,115,126 | |
19,273 | Wellpoint, Inc. | 1,027,058 | |
TOTAL | 4,141,392 | ||
Soft Drinks—1.1% | |||
14,400 | Coca-Cola Enterprises, Inc. | 422,208 | |
13,800 | Dr. Pepper Snapple Group, Inc. | 629,004 | |
TOTAL | 1,051,212 | ||
Software Packaged/Custom—0.8% | |||
6,000 | CA, Inc. | 144,420 | |
7,300 | Computer Sciences Corp. | 179,726 | |
6,800 | 1 | Electronic Arts, Inc. | 74,936 |
22,200 | 1 | Symantec Corp. | 349,650 |
TOTAL | 748,732 | ||
Specialty Chemicals—1.2% | |||
5,300 | Airgas, Inc. | 420,396 | |
11,900 | Cabot Corp. | 464,100 | |
5,900 | Rockwood Holdings, Inc. | 260,898 | |
TOTAL | 1,145,394 | ||
Specialty Retailing—6.5% | |||
8,000 | Abercrombie & Fitch Co., Class A | 270,400 | |
5,100 | Advance Auto Parts, Inc. | 357,765 | |
3,600 | 1 | Ascena Retail Group, Inc. | 66,024 |
6,300 | 1 | AutoNation, Inc. | 248,409 |
2,900 | 1 | Big Lots, Inc. | 117,479 |
47,587 | CVS Caremark Corp. | 2,153,312 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Specialty Retailing—continued | |||
1,600 | 1 | Cabela's, Inc., Class A | $73,504 |
8,600 | Expedia, Inc. | 490,114 | |
5,400 | Foot Locker, Inc. | 178,308 | |
12,700 | GNC Acquisition Holdings, Inc. | 489,331 | |
3,600 | 1 | Mattress Firm Holding Corp. | 104,976 |
10,800 | Nordstrom, Inc. | 584,712 | |
3,900 | Signet Jewelers Ltd. | 171,288 | |
16,300 | Staples, Inc. | 207,662 | |
2,900 | Tractor Supply Co. | 263,523 | |
3,600 | 1 | Vitamin Shoppe Industries, Inc. | 197,712 |
6,100 | Williams-Sonoma, Inc. | 211,975 | |
TOTAL | 6,186,494 | ||
Telecommunication Equipment & Services—0.2% | |||
1,200 | 1 | Anixter International, Inc. | 68,292 |
4,000 | 1 | TW Telecom, Inc. | 100,520 |
TOTAL | 168,812 | ||
Tools and Hardware—0.2% | |||
2,700 | Snap-On, Inc. | 183,006 | |
Toys & Games—0.4% | |||
9,500 | Hasbro, Inc. | 340,290 | |
Truck Manufacturing—0.1% | |||
3,500 | 1 | Navistar International Corp. | 86,100 |
Uniforms—0.3% | |||
6,500 | Cintas Corp. | 257,595 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $89,504,226) | 94,150,758 | ||
MUTUAL FUND—1.4% | |||
1,319,746 | 2,3 | Federated Prime Value Obligations Fund, Institutional Shares, 0.22% (AT NET ASSET VALUE) | 1,319,746 |
TOTAL INVESTMENTS—99.8% (IDENTIFIED COST $90,823,972)4 | 95,470,504 | ||
OTHER ASSETS AND LIABILITIES - NET—0.2%5 | 154,296 | ||
TOTAL NET ASSETS—100% | $95,624,800 |
1 | Non-income producing security. |
2 | Affiliated holding. |
3 | 7-Day net yield. |
4 | The cost of investments for federal tax purposes amounts to $91,167,688. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Year Ended July 31 | 2012 | 2011 | 2010 | 2009 | 2008 |
Net Asset Value, Beginning of Period | $12.48 | $10.54 | $9.91 | $14.05 | $16.74 |
Income From Investment Operations: | |||||
Net investment income | 0.061 | 0.031 | 0.051 | 0.061 | 0.06 |
Net realized and unrealized gain (loss) on investments | 0.19 | 1.96 | 0.67 | (4.15) | (1.56) |
TOTAL FROM INVESTMENT OPERATIONS | 0.25 | 1.99 | 0.72 | (4.09) | (1.50) |
Less Distributions: | |||||
Distributions from net investment income | — | (0.05) | (0.09) | (0.05) | — |
Distributions from net realized gain on investments | — | — | — | — | (1.19) |
TOTAL DISTRIBUTIONS | — | (0.05) | (0.09) | (0.05) | (1.19) |
Net Asset Value, End of Period | $12.73 | $12.48 | $10.54 | $9.91 | $14.05 |
Total Return2 | 2.00% | 18.87% | 7.18% | (29.07)% | (9.98)% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.35% | 1.34% | 1.29% | 1.34% | 1.29% |
Net investment income | 0.48% | 0.21% | 0.44% | 0.64% | 0.43% |
Expense waiver/reimbursement3 | 0.40% | 0.31% | 0.25% | 0.14% | 0.00%4 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $29,365 | $40,227 | $54,437 | $81,898 | $194,867 |
Portfolio turnover | 164% | 154% | 135% | 290% | 199% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
4 | Represents less than 0.01%. |
Year Ended July 31 | 2012 | 2011 | 2010 | 2009 | 2008 |
Net Asset Value, Beginning of Period | $12.12 | $10.27 | $9.66 | $13.73 | $16.51 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.04)1 | (0.07)1 | (0.04)1 | (0.02)1 | (0.04) |
Net realized and unrealized gain (loss) on investments | 0.18 | 1.92 | 0.65 | (4.05) | (1.55) |
TOTAL FROM INVESTMENT OPERATIONS | 0.14 | 1.85 | 0.61 | (4.07) | (1.59) |
Less Distributions: | |||||
Distributions from net investment income | — | — | (0.00)2 | — | — |
Distributions from net realized gain on investments | — | — | — | — | (1.19) |
TOTAL DISTRIBUTIONS | — | — | (0.00)2 | — | (1.19) |
Net Asset Value, End of Period | $12.26 | $12.12 | $10.27 | $9.66 | $13.73 |
Total Return3 | 1.16% | 18.01% | 6.33% | (29.64)% | (10.69)% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.15% | 2.13% | 2.08% | 2.14% | 2.08% |
Net investment income (loss) | (0.32)% | (0.59)% | (0.36)% | (0.17)% | (0.36)% |
Expense waiver/reimbursement4 | 0.36% | 0.29% | 0.24% | 0.17% | 0.00%5 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $24,440 | $31,129 | $39,524 | $52,546 | $96,601 |
Portfolio turnover | 164% | 154% | 135% | 290% | 199% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
5 | Represents less than 0.01%. |
Year Ended July 31 | 2012 | 2011 | 2010 | 2009 | 2008 |
Net Asset Value, Beginning of Period | $12.44 | $10.52 | $9.91 | $14.10 | $16.86 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.00)1,2 | (0.04)1 | (0.01)1 | 0.011 | (0.00)2 |
Net realized and unrealized gain (loss) on investments | 0.18 | 1.97 | 0.68 | (4.16) | (1.57) |
TOTAL FROM INVESTMENT OPERATIONS | 0.18 | 1.93 | 0.67 | (4.15) | (1.57) |
Less Distributions: | |||||
Distributions from net investment income | — | (0.01) | (0.06) | (0.04) | — |
Distributions from net realized gain on investments | — | — | — | — | (1.19) |
TOTAL DISTRIBUTIONS | — | (0.01) | (0.06) | (0.04) | (1.19) |
Net Asset Value, End of Period | $12.62 | $12.44 | $10.52 | $9.91 | $14.10 |
Total Return3 | 1.45% | 18.33% | 6.71% | (29.42)% | (10.34)% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.85% | 1.83% | 1.75% | 1.80% | 1.75% |
Net investment income (loss) | (0.02)% | (0.31)% | (0.09)% | 0.15% | (0.00)%4 |
Expense waiver/reimbursement5 | 0.25% | 0.19% | 0.18% | 0.11% | 0.00%4 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $2,718 | $2,973 | $2,300 | $1,937 | $1,393 |
Portfolio turnover | 164% | 154% | 135% | 290% | 199% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value. |
4 | Represents less than 0.01%. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2012 | 2011 | 2010 | 2009 | 2008 |
Net Asset Value, Beginning of Period | $12.61 | $10.66 | $10.02 | $14.22 | $16.88 |
Income From Investment Operations: | |||||
Net investment income | 0.091 | 0.051 | 0.081 | 0.091 | 0.10 |
Net realized and unrealized gain (loss) on investments | 0.19 | 1.99 | 0.68 | (4.20) | (1.57) |
TOTAL FROM INVESTMENT OPERATIONS | 0.28 | 2.04 | 0.76 | (4.11) | (1.47) |
Less Distributions: | |||||
Distributions from net investment income | (0.02) | (0.09) | (0.12) | (0.09) | — |
Distributions from net realized gain on investments | — | — | — | — | (1.19) |
TOTAL DISTRIBUTIONS | (0.02) | (0.09) | (0.12) | (0.09) | (1.19) |
Net Asset Value, End of Period | $12.87 | $12.61 | $10.66 | $10.02 | $14.22 |
Total Return2 | 2.23% | 19.14% | 7.54% | (28.84)% | (9.71)% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.10% | 1.08% | 1.01% | 1.06% | 1.01% |
Net investment income | 0.73% | 0.45% | 0.69% | 0.90% | 0.72% |
Expense waiver/reimbursement3 | 0.27% | 0.19% | 0.20% | 0.12% | 0.00%4 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $39,101 | $43,197 | $41,958 | $50,031 | $86,681 |
Portfolio turnover | 164% | 154% | 135% | 290% | 199% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
4 | Represents less than 0.01%. |
Assets: | ||
Total investment in securities, at value including $1,319,746 of investment in an affiliated holding (Note 5) (identified cost $90,823,972) | $95,470,504 | |
Income receivable | 74,870 | |
Receivable for investments sold | 1,017,697 | |
Receivable for shares sold | 29,088 | |
TOTAL ASSETS | 96,592,159 | |
Liabilities: | ||
Payable for investments purchased | $557,102 | |
Payable for shares redeemed | 279,363 | |
Payable for transfer and dividend disbursing agent fees and expenses | 44,121 | |
Payable for Directors'/Trustees' fees | 407 | |
Payable for auditing fees | 23,400 | |
Payable for distribution services fee (Note 5) | 16,817 | |
Payable for shareholder services fee (Note 5) | 11,582 | |
Accrued expenses | 34,567 | |
TOTAL LIABILITIES | 967,359 | |
Net assets for 7,554,409 shares outstanding | $95,624,800 | |
Net Assets Consist of: | ||
Paid-in capital | $218,466,398 | |
Net unrealized appreciation of investments | 4,646,532 | |
Accumulated net realized loss on investments | (127,855,828) | |
Undistributed net investment income | 367,698 | |
TOTAL NET ASSETS | $95,624,800 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($29,365,462 ÷ 2,307,256 shares outstanding), no par value, unlimited shares authorized | $12.73 | |
Offering price per share (100/94.50 of $12.73) | $13.47 | |
Redemption proceeds per share | $12.73 | |
Class C Shares: | ||
Net asset value per share ($24,440,419 ÷ 1,994,176 shares outstanding), no par value, unlimited shares authorized | $12.26 | |
Offering price per share | $12.26 | |
Redemption proceeds per share (99.00/100 of $12.26) | $12.14 | |
Class R Shares: | ||
Net asset value per share ($2,717,730 ÷ 215,405 shares outstanding), no par value, unlimited shares authorized | $12.62 | |
Offering price per share | $12.62 | |
Redemption proceeds per share | $12.62 | |
Institutional Shares: | ||
Net asset value per share ($39,101,189 ÷ 3,037,572 shares outstanding), no par value, unlimited shares authorized | $12.87 | |
Offering price per share | $12.87 | |
Redemption proceeds per share | $12.87 |
Investment Income: | |||
Dividends (including $3,364 received from an affiliated holding (Note 5)) | $1,875,813 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $765,989 | ||
Administrative fee (Note 5) | 270,000 | ||
Custodian fees | 22,124 | ||
Transfer and dividend disbursing agent fees and expenses (Note 2) | 214,935 | ||
Directors'/Trustees' fees | 2,733 | ||
Auditing fees | 23,376 | ||
Legal fees | 7,939 | ||
Portfolio accounting fees | 80,079 | ||
Distribution services fee (Note 5) | 211,047 | ||
Shareholder services fee (Note 5) | 147,805 | ||
Account administration fee (Note 2) | 181 | ||
Share registration costs | 49,735 | ||
Printing and postage | 39,738 | ||
Insurance premiums | 4,040 | ||
Miscellaneous | 9,708 | ||
TOTAL EXPENSES | 1,849,429 | ||
Waivers and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(198,934) | ||
Waiver of administrative fee (Note 5) | (53,977) | ||
Waiver of distribution services fee (Note 5) | (175) | ||
Reimbursement of transfer and dividend disbursing agent fees and expenses (Note 2) and (Note 5) | (88,236) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | (341,322) | ||
Net expenses | 1,508,107 | ||
Net investment income | 367,706 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments | 2,904,136 | ||
Net change in unrealized appreciation of investments | (2,143,917) | ||
Net realized and unrealized gain on investments | 760,219 | ||
Change in net assets resulting from operations | $1,127,925 |
Year Ended July 31 | 2012 | 2011 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $367,706 | $68,486 |
Net realized gain on investments | 2,904,136 | 21,524,570 |
Net change in unrealized appreciation/depreciation of investments | (2,143,917) | 824,024 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 1,127,925 | 22,417,080 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | — | (193,416) |
Class R Shares | — | (1,842) |
Institutional Shares | (67,721) | (276,596) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (67,721) | (471,854) |
Share Transactions: | ||
Proceeds from sale of shares | 7,857,700 | 22,465,156 |
Net asset value of shares issued to shareholders in payment of distributions declared | 65,854 | 434,830 |
Cost of shares redeemed | (30,884,509) | (65,538,863) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (22,960,955) | (42,638,877) |
Change in net assets | (21,900,751) | (20,693,651) |
Net Assets: | ||
Beginning of period | 117,525,551 | 138,219,202 |
End of period (including undistributed net investment income of $367,698 and $67,713, respectively) | $95,624,800 | $117,525,551 |
■ | 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 or options contracts; |
■ | With respect to price evaluations of fixed-income securities determined before the close of regular trading on the NYSE, actions by the Federal Reserve Open Market Committee and other significant trends in U.S. fixed-income markets; |
■ | 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. |
Transfer and Dividend Disbursing Agent Fees Incurred | Transfer and Dividend Disbursing Agent Fees Reimbursed | Account Administration Fees Incurred | |
Class A Shares | $86,120 | $(50,788) | $181 |
Class C Shares | 70,435 | (29,915) | — |
Class R Shares | 10,012 | — | — |
Institutional Shares | 48,368 | (7,533) | — |
TOTAL | $214,935 | $(88,236) | $181 |
Year Ended July 31 | 2012 | 2011 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 174,952 | $2,147,251 | 328,142 | $4,029,120 |
Shares issued to shareholders in payment of distributions declared | — | — | 15,294 | 183,529 |
Shares redeemed | (1,090,509) | (13,285,030) | (2,285,365) | (27,236,700) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (915,557) | $(11,137,779) | (1,941,929) | $(23,024,051) |
Year Ended July 31 | 2012 | 2011 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 246,589 | $2,944,629 | 355,709 | $4,287,880 |
Shares redeemed | (821,569) | (9,611,299) | (1,633,873) | (18,969,226) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (574,980) | $(6,666,670) | (1,278,164) | $(14,681,346) |
Year Ended July 31 | 2012 | 2011 | ||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 94,213 | $1,129,971 | 125,054 | $1,537,837 |
Shares issued to shareholders in payment of distributions declared | — | — | 153 | 1,842 |
Shares redeemed | (117,870) | (1,436,974) | (104,836) | (1,281,271) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | (23,657) | $(307,003) | 20,371 | $258,408 |
Year Ended July 31 | 2012 | 2011 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 136,805 | $1,635,849 | 971,643 | $12,610,319 |
Shares issued to shareholders in payment of distributions declared | 5,447 | 65,854 | 20,599 | 249,459 |
Shares redeemed | (529,245) | (6,551,206) | (1,504,407) | (18,051,666) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (386,993) | $(4,849,503) | (512,165) | $(5,191,888) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (1,901,187) | $(22,960,955) | (3,711,887) | $(42,638,877) |
2012 | 2011 | |
Ordinary income | $67,721 | $471,854 |
Undistributed ordinary income | $367,698 |
Net unrealized appreciation | $4,302,816 |
Capital loss carryforwards | $(127,512,112) |
Expiration Year | Short-Term | Long-Term | Total |
2016 | $13,181 | NA | $13,181 |
2017 | $57,908,050 | NA | $57,908,050 |
2018 | $69,590,881 | NA | $69,590,881 |
Administrative Fee | Average Aggregate Daily Net Assets of the Federated Funds |
0.150% | on the first $5 billion |
0.125% | on the next $5 billion |
0.100% | on the next $10 billion |
0.075% | on assets in excess of $20 billion |
Share Class Name | Percentage of Average Daily Net Assets of Class |
Class A Shares | 0.05% |
Class C Shares | 0.75% |
Class R Shares | 0.50% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Class C Shares | $197,062 | $— |
Class R Shares | 13,985 | (175) |
TOTAL | $211,047 | $(175) |
Service Fees Incurred | |
Class A Shares | $82,118 |
Class C Shares | 65,687 |
TOTAL | $147,805 |
Federated Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2011 | 2,027,952 |
Purchases/Additions | 17,620,937 |
Sales/Reductions | 18,329,143 |
Balance of Shares Held 7/31/2012 | 1,319,746 |
Value | $1,319,746 |
Dividend Income | $3,364 |
Purchases | $166,684,378 |
Sales | $189,138,124 |
Beginning Account Value 2/1/2012 | Ending Account Value 7/31/2012 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,020.00 | $6.78 |
Class C Shares | $1,000 | $1,015.70 | $10.78 |
Class R Shares | $1,000 | $1,017.70 | $9.28 |
Institutional Shares | $1,000 | $1,020.60 | $5.53 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.15 | $6.77 |
Class C Shares | $1,000 | $1,014.17 | $10.77 |
Class R Shares | $1,000 | $1,015.66 | $9.27 |
Institutional Shares | $1,000 | $1,019.39 | $5.52 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.35% |
Class C Shares | 2.15% |
Class R Shares | 1.85% |
Institutional Shares | 1.10% |
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: June 2006 | 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 2006 | 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 |
Nicholas P. Constantakis, CPA Birth Date: September 3, 1939 Trustee Began serving: June 2006 | Principal Occupation: Director or Trustee of the Federated Fund Family. Other Directorship Held: Director, Chairman of the Audit Committee, and member of the Compensation Committee, Michael Baker Corporation (architecture, engineering and construction services). Previous Position: Partner, Andersen Worldwide SC. Qualifications: Public accounting and director experience. |
John F. Cunningham Birth Date: March 5, 1943 Trustee Began serving: June 2006 | 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: Director, Redgate Communications and EMC Corporation (computer storage systems); Chairman of the Board and Chief Executive Officer, Computer Consoles, Inc.; President and Chief Operating Officer, Wang Laboratories; Director, First National Bank of Boston; Director, Apollo Computer, Inc. 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. Previous Position: Pennsylvania Superior Court Judge. Qualifications: Legal and director experience. |
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: June 2006 | 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: June 2006 | 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: June 2006 | 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 Secretary Began serving: May 2006 | 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 Began serving: May 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. |
Stephen F. Auth Birth Date: September 3, 1956 450 Lexington Avenue Suite 3700 New York, NY 10017-3943 CHIEF INVESTMENT OFFICER Began serving: June 2012 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of this Fund and various other Funds in the Federated Fund Complex; 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. |
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Began serving: June 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. |
Daniel Mahr Birth Date: April 9, 1981 125 High Street Oliver Tower 21st Floor Boston, MA 02110-2704 Vice President Began serving: June 2012 | Principal Occupations: Daniel Mahr has been the Fund's Portfolio Manager since August 2006. Mr. Mahr joined the MDT Advisers Investment Team in 2002. As Managing Director, Research, he is responsible for leading the Investment Team as it relates to the ongoing design, development and implementation of the Optimum Q Process. He is Vice President of the Trust with respect to the Fund. Mr. Mahr received his A.B., Computer Science from Harvard College and his S.M., Computer Science from Harvard University. |
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R205
CUSIP 31421R718
CUSIP 31421R304
2012 ©Federated Investors, Inc.
Share Class | Ticker |
A | QABGX |
C | QCBGX |
R | QKBGX |
Institutional | QIBGX |
1 | The S&P 500 Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged, and it is not possible to invest directly in an index. |
2 | Barclays Capital changed the name of the BAB Index from “Barclays Capital U.S. Aggregate Bond Index” to “Barclays U.S. Aggregate Bond Index.” The BAB Index is an unmanaged index composed of securities from the Barclay's Government/Corporate Bond Index, Mortgage-Backed Securities Index and the Asset-Backed Securities Index. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. Indices are rebalanced monthly by market capitalization. The index is unmanaged, and it is not possible to invest directly in an index. |
3 | The Russell 3000® Index offers investors access to the broad U.S. equity universe representing approximately 98% of the U.S. market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The index is unmanaged, and it is not possible to invest directly in an index. |
4 | The Russell Top 200® Index measures the performance of the 200 largest companies in the Russell 1000® Index, which represents approximately 68% of the total market capitalization of the Russell 1000® Index. The index is unmanaged, and it is not possible to invest directly in an index. |
5 | The Russell Midcap® Index measures the performance of the 800 smallest companies in the Russell 1000® Index, which represent approximately 31% of the total market capitalization of the Russell 1000® Index. The index is unmanaged, and it is not possible to invest directly in an index. |
6 | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 10% of the total market capitalization of the Russell 3000® Index. The index is unmanaged, and it is not possible to invest directly in an index. |
7 | The Russell 3000® Growth Index measures the performance of those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell 1000® Growth or the Russell 2000® Growth indexes. The index is unmanaged, and it is not possible to invest directly in an index. |
8 | The Russell 3000® Value Index measures the performance of those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The stocks in this index are also members of either the Russell 1000® Value or the Russell 2000® Value indexes. The index is unmanaged, and it is not possible to invest directly in an index. |
9 | The S&P REIT Index tracks the market performance of U.S. Real Estate Investment Trusts, known as REITs. It consists of 100 REITs chosen for their liquidity and importance in representing a diversified real estate portfolio. Investments in REITs involve special risks associated with an investment in real estate, such as limited liquidity and interest rate risks. The index is unmanaged, and it is not possible to invest directly in an index. |
10 | International investing involves special risks including currency risk, increased volatility of foreign securities, political risks and differences in auditing and other financial standards. |
11 | The MSCI EAFE Index measures international equity performance. It comprises 22 MSCI country indices, representing the developed markets outside of North America. The index is unmanaged, and it is not possible to invest directly in an index. |
12 | Prices of emerging markets securities can be significantly more volatile than the prices of securities in developed countries, and currency risks and political risks are accentuated in emerging markets. |
13 | The MSCI Emerging Markets Free Index is an unmanaged index consisting of 21 emerging market countries. The index is unmanaged, and it is not possible to invest directly in an index. |
14 | High-yield, lower-rated securities generally entail greater market, credit and liquidity risk than investment-grade securities and may include higher volatility and higher risk of default. Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices. |
15 | The value of some mortgage-backed securities may be particularly sensitive to changes in prevailing interest rates, and although the securities are generally supported by some form of government or private insurance, there is no assurance that private guarantors or insurers will meet their obligations. Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices. |
Share Class | 1 Year | 5 Years | Start of Performance* |
Class A Shares | -3.95% | -1.32% | 5.31% |
Class C Shares | -0.07% | -0.93% | 5.11% |
Class R Shares | 1.19% | -0.67% | 5.44% |
Institutional Shares | 1.87% | 0.05% | 6.17% |
* | The Fund's start of performance date was October 1, 2002. |
Federated MDT Balanced Fund - Class A Shares | C000035055 | S&P 500 | Barclays U.S. Aggregate Bond Index |
10/1/2002 | 9,450 | 10,000 | 10,000 |
7/31/2003 | 10,768 | 12,333 | 10,201 |
7/31/2004 | 12,393 | 13,956 | 10,695 |
7/31/2005 | 14,440 | 15,918 | 11,207 |
7/31/2006 | 15,213 | 16,770 | 11,371 |
7/31/2007 | 16,796 | 19,478 | 12,005 |
7/31/2008 | 15,855 | 17,317 | 12,744 |
7/31/2009 | 13,264 | 13,861 | 13,743 |
7/31/2010 | 14,392 | 15,778 | 14,968 |
7/31/2011 | 16,360 | 18,878 | 15,631 |
7/31/2012 | 16,699 | 20,691 | 16,764 |
■ | Total returns shown include the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). |
Federated MDT Balanced Fund - Class C Shares | C000035056 | S&P 500 | Barclays U.S. Aggregate Bond Index |
10/1/2002 | 10,000 | 10,000 | 10,000 |
7/31/2003 | 11,324 | 12,333 | 10,201 |
7/31/2004 | 12,937 | 13,956 | 10,695 |
7/31/2005 | 14,961 | 15,918 | 11,207 |
7/31/2006 | 15,627 | 16,770 | 11,371 |
7/31/2007 | 17,112 | 19,478 | 12,005 |
7/31/2008 | 16,037 | 17,317 | 12,744 |
7/31/2009 | 13,319 | 13,861 | 13,743 |
7/31/2010 | 14,335 | 15,778 | 14,968 |
7/31/2011 | 16,177 | 18,878 | 15,631 |
7/31/2012 | 16,395 | 20,691 | 16,764 |
■ | Total returns shown include the maximum contingent deferred sales charge of 1.00%, as applicable. |
Federated MDT Balanced Fund - Class R Shares | C000043498 | S&P 500 | Barclays U.S. Aggregate Bond Index |
10/1/2002 | 10,000 | 10,000 | 10,000 |
7/31/2003 | 11,348 | 12,333 | 10,201 |
7/31/2004 | 12,996 | 13,956 | 10,695 |
7/31/2005 | 15,067 | 15,918 | 11,207 |
7/31/2006 | 15,794 | 16,770 | 11,371 |
7/31/2007 | 17,402 | 19,478 | 12,005 |
7/31/2008 | 16,355 | 17,317 | 12,744 |
7/31/2009 | 13,615 | 13,861 | 13,743 |
7/31/2010 | 14,706 | 15,778 | 14,968 |
7/31/2011 | 16,630 | 18,878 | 15,631 |
7/31/2012 | 16,898 | 20,691 | 16,764 |
Federated MDT Balanced Fund - Institutional Shares | C000035057 | S&P 500 | Barclays U.S. Aggregate Bond Index |
10/1/2002 | 10,000 | 10,000 | 10,000 |
7/31/2003 | 11,418 | 12,333 | 10,201 |
7/31/2004 | 13,174 | 13,956 | 10,695 |
7/31/2005 | 15,388 | 15,918 | 11,207 |
7/31/2006 | 16,252 | 16,770 | 11,371 |
7/31/2007 | 17,977 | 19,478 | 12,005 |
7/31/2008 | 17,019 | 17,317 | 12,744 |
7/31/2009 | 14,274 | 13,861 | 13,743 |
7/31/2010 | 15,521 | 15,778 | 14,968 |
7/31/2011 | 17,692 | 18,878 | 15,631 |
7/31/2012 | 18,097 | 20,691 | 16,764 |
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, a 1.00% contingent deferred sales charge would be applied on any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 and BAB have been adjusted to reflect reinvestment of dividends on securities in the indexes. |
2 | The Fund is the successor to the MDT Balanced Fund pursuant to a reorganization that took place on December 8, 2006. Prior to that date, the Fund had no investment operations. Accordingly, the performance information shown for periods prior to that date is that of the MDT Balanced Fund. |
3 | Barclays Capital changed the name of the BAB Index from “Barclays Capital U.S. Aggregate Bond Index” to “Barclays U.S. Aggregate Bond Index.” The S&P 500 and the BAB are 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 indexes are unmanaged and, unlike the Fund, are not affected by cash flows. It is not possible to invest directly in an index. |
Security Type | Percentage of Total Net Assets |
Domestic Equity Securities | 59.8% |
Corporate Debt Securities | 16.3% |
Mortgage-Backed Securities2 | 8.7% |
International Equity Securities (including International Exchange-Traded Funds) | 6.9% |
U.S. Treasury Securities3 | 1.8% |
Collateralized Mortgage Obligations | 1.3% |
Asset-Backed Securities | 0.7% |
Foreign Debt Securities | 0.7% |
Trade Finance Agreements | 0.6% |
Municipal Securities | 0.3% |
Floating Rate Loan4 | 0.0% |
Cash Equivalents5 | 4.8% |
Derivative Contracts4,6 | (0.0)% |
Other Assets and Liabilities—Net7 | (1.9)% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus for a description of the principal types of securities in which the Fund invests. As of the date specified above, the Fund owned shares of one or more affiliated investment companies. For purposes of this table, the affiliated investment company (other than an affiliated money market mutual fund) is not treated as a single portfolio security, but rather the Fund is treated as owning a pro rata portion of each security and each other asset and liability owned by the affiliated investment company. Accordingly, the percentages of total net assets shown in the table will differ from those presented on the Portfolio of Investments. |
2 | For purposes of this table, Mortgage-Backed Securities include mortgage-backed securities guaranteed by Government Sponsored Entities and adjustable rate mortgage-backed securities. |
3 | Also includes $122,692 held in U.S. Treasuries pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts. |
4 | Represents less than 0.1%. |
5 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
6 | Based upon net unrealized appreciation (depreciation) or value of the derivative contracts as applicable. Derivative contracts may consist of futures, forwards, options and swaps. The impact of a derivative contract on the Fund's performance may be larger than its unrealized appreciation (depreciation) or value may indicate. In many cases, the notional value or amount of a derivative contract may provide a better indication of the contract's significance to the portfolio. More complete information regarding the Fund's direct investments in derivative contracts, including unrealized appreciation (depreciation), value and notional values or amounts of such contracts, can be found in the table at the end of the Portfolio of Investments included in this Report. |
7 | Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities. |
Industry Composition | Percentage of Equity Securities |
Real Estate Investment Trusts | 11.0% |
Specialty Retailing | 5.8% |
Regional Banks | 4.6% |
Discount Department Stores | 3.9% |
Services to Medical Professionals | 3.9% |
Money Center Bank | 3.7% |
Integrated Domestic Oil | 3.5% |
Property Liability Insurance | 3.5% |
Broadcasting | 3.3% |
Multi-Line Insurance | 3.3% |
Department Stores | 3.1% |
Financial Services | 3.1% |
Personal Loans | 2.9% |
Ethical Drugs | 2.8% |
Diversified Leisure | 1.9% |
Auto Manufacturing | 1.6% |
Computers—Midrange | 1.6% |
Hotels | 1.6% |
Cosmetics & Toiletries | 1.5% |
Life Insurance | 1.4% |
Specialty Chemicals | 1.4% |
Apparel | 1.3% |
Drug Store | 1.2% |
Cable & Wireless Television | 1.1% |
Grocery Chain | 1.1% |
Oil Refiner | 1.0% |
Soft Drinks | 1.0% |
Software Packaged/Custom | 1.0% |
Other9 | 22.9% |
TOTAL | 100.0% |
8 | Industry classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
9 | For purposes of this table, industry classifications which constitute less than 1.0% of the Fund's equity securities have been aggregated under the designation “Other.” |
Principal Amount or Shares | Value | ||
COMMON STOCKS—61.6% | |||
Agricultural Chemical—0.0% | |||
1,100 | Scotts Co. | $43,890 | |
Agricultural Machinery—0.1% | |||
1,100 | Lindsay Manufacturing Co. | 77,990 | |
Airline - Regional—0.5% | |||
19,939 | 1 | Alaska Air Group, Inc. | 694,874 |
Aluminum—0.1% | |||
2,800 | Kaiser Aluminum Corp. | 152,712 | |
Apparel—0.8% | |||
3,582 | 1 | Ann, Inc. | 97,001 |
8,012 | 1 | Carter's, Inc. | 405,968 |
1,187 | Columbia Sportswear Co. | 60,050 | |
2,392 | 1 | Express, Inc. | 38,511 |
1,500 | Guess ?, Inc. | 45,150 | |
558 | 1 | Maidenform Brands, Inc. | 11,763 |
571 | Oxford Industries, Inc. | 24,690 | |
1,012 | True Religion Apparel, Inc. | 26,555 | |
4,538 | 1 | Warnaco Group, Inc. | 193,591 |
3,442 | 1 | Zumiez, Inc. | 125,048 |
TOTAL | 1,028,327 | ||
AT&T Divestiture—0.0% | |||
1,100 | Verizon Communications | 49,654 | |
Auto Dealership—0.0% | |||
670 | Group 1 Automotive, Inc. | 36,012 | |
Auto Manufacturing—1.0% | |||
19,700 | Ford Motor Co. | 182,028 | |
45,800 | 1 | General Motors Co. | 902,718 |
4,800 | 1 | TRW Automotive Holdings Corp. | 188,640 |
TOTAL | 1,273,386 | ||
Auto Original Equipment Manufacturers—0.2% | |||
4,698 | Dana Holding Corp. | 61,920 | |
4,400 | Johnson Controls, Inc. | 108,460 | |
1,566 | 1 | Meritor, Inc. | 7,329 |
4,722 | 1 | Tenneco Automotive, Inc. | 138,307 |
TOTAL | 316,016 |
Principal Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Auto Part Replacement—0.3% | |||
5,900 | Genuine Parts Co. | $377,777 | |
Auto Rental—0.2% | |||
2,826 | 1 | Dollar Thrifty Automotive Group | 210,254 |
Baking—0.0% | |||
432 | Snyders-Lance, Inc. | 10,122 | |
Biotechnology—0.1% | |||
663 | 1 | Incyte Genomics, Inc. | 16,568 |
1,518 | 1 | Questcor Pharmaceuticals, Inc. | 55,969 |
TOTAL | 72,537 | ||
Broadcasting—2.0% | |||
9,300 | American Tower Corp. | 672,483 | |
38,700 | 1 | DIRECTV-Class A | 1,921,842 |
TOTAL | 2,594,325 | ||
Building Materials—0.2% | |||
4,600 | 1 | Fortune Brands Home & Security, Inc. | 101,752 |
1,100 | Lennox International, Inc. | 48,037 | |
1,216 | Watsco, Inc. | 82,615 | |
TOTAL | 232,404 | ||
Building Supply Store—0.6% | |||
29,100 | Lowe's Cos., Inc. | 738,267 | |
Cable & Wireless Television—0.7% | |||
10,100 | Time Warner Cable, Inc. | 857,793 | |
Cable TV—0.2% | |||
1,600 | 1 | Charter Communications, Inc. | 123,072 |
2,500 | 1 | Liberty Global, Inc., Class A | 131,950 |
TOTAL | 255,022 | ||
Carpets—0.2% | |||
817 | Interface, Inc. | 10,833 | |
2,700 | 1 | Mohawk Industries, Inc. | 179,361 |
TOTAL | 190,194 | ||
Cement—0.0% | |||
568 | Eagle Materials, Inc. | 19,738 | |
Clothing Stores—0.6% | |||
3,042 | 1 | Aeropostale, Inc. | 59,988 |
685 | Cato Corp., Class A | 19,180 | |
1,971 | 1 | Children's Place Retail Stores, Inc. | 100,127 |
Principal Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Clothing Stores—continued | |||
13,200 | Gap (The), Inc. | $389,268 | |
1,900 | 1 | Hanesbrands, Inc. | 57,038 |
1,258 | 1 | Jos A. Bank Clothiers, Inc. | 53,163 |
757 | 1 | Rue21, Inc. | 18,653 |
TOTAL | 697,417 | ||
Commodity Chemicals—0.3% | |||
618 | Georgia Gulf Corp. | 20,258 | |
419 | Innospec, Inc. | 13,039 | |
170 | Newmarket Corp. | 39,080 | |
2,300 | PPG Industries, Inc. | 251,758 | |
2,100 | RPM International, Inc. | 55,650 | |
76 | Stepan Co. | 6,738 | |
TOTAL | 386,523 | ||
Computer Networking—0.0% | |||
707 | 1 | NetScout Systems, Inc. | 16,515 |
Computer Peripherals—0.1% | |||
2,800 | Lexmark International Group, Class A | 48,972 | |
973 | 1 | Silicon Graphics International Corp. | 6,471 |
553 | 1 | Synaptics, Inc. | 14,588 |
TOTAL | 70,031 | ||
Computer Services—0.2% | |||
1,149 | 1 | CACI International, Inc., Class A | 64,861 |
1,134 | Fair Isaac & Co., Inc. | 49,091 | |
1,253 | Syntel, Inc. | 72,837 | |
1,435 | 1 | Unisys Corporation | 27,882 |
TOTAL | 214,671 | ||
Computer Stores—0.5% | |||
4,200 | GameStop Corp. | 67,284 | |
1,900 | 1 | Insight Enterprises, Inc. | 31,844 |
11,300 | 1 | Tech Data Corp. | 566,130 |
TOTAL | 665,258 | ||
Computers - Low End—0.3% | |||
31,800 | Dell, Inc. | 377,784 | |
Computers - Midrange—1.0% | |||
68,300 | Hewlett-Packard Co. | 1,245,792 | |
Construction Machinery—0.2% | |||
236 | NACCO Industries, Inc., Class A | 23,635 |
Principal Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Construction Machinery—continued | |||
8,000 | Trinity Industries, Inc. | $224,000 | |
TOTAL | 247,635 | ||
Consumer Finance—0.0% | |||
565 | 1 | Green Dot Corp. | 5,899 |
Consumer Goods—0.0% | |||
1,428 | Pool Corp. | 52,636 | |
Cosmetics & Toiletries—0.9% | |||
3,800 | Avon Products, Inc. | 58,862 | |
778 | 1 | Elizabeth Arden, Inc. | 30,350 |
8,600 | Estee Lauder Cos., Inc., Class A | 450,468 | |
1,642 | 1 | Revlon, Inc., Class A | 23,891 |
4,132 | 1 | Sally Beauty Holdings, Inc. | 109,167 |
5,600 | 1 | Ulta Salon Cosmetics & Fragrance, Inc. | 475,328 |
TOTAL | 1,148,066 | ||
Crude Oil & Gas Production—0.1% | |||
2,138 | Energy XXI Ltd. | 66,663 | |
2,145 | 1 | Stone Energy Corp. | 56,328 |
1,876 | W&T Offshore, Inc. | 34,687 | |
TOTAL | 157,678 | ||
Defense Aerospace—0.1% | |||
849 | 1 | Hexcel Corp. | 19,773 |
662 | Kaman Corp., Class A | 21,568 | |
855 | 1 | Orbital Sciences Corp. | 11,200 |
246 | 1 | Teledyne Technologies, Inc. | 15,326 |
900 | 1 | Transdigm Group, Inc. | 111,024 |
TOTAL | 178,891 | ||
Department Stores—1.9% | |||
10,400 | Kohl's Corp. | 517,088 | |
11,000 | Macy's, Inc. | 394,240 | |
6,500 | Penney (J.C.) Co., Inc. | 146,315 | |
2,321 | 1 | Saks, Inc. | 24,208 |
2,900 | 1 | Sears Holdings Corp. | 143,521 |
19,500 | Target Corp. | 1,182,675 | |
TOTAL | 2,408,047 | ||
Discount Department Stores—2.4% | |||
11,200 | 1 | Dollar Tree, Inc. | 563,808 |
1,700 | Family Dollar Stores, Inc. | 112,336 |
Principal Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Discount Department Stores—continued | |||
31,400 | Wal-Mart Stores, Inc. | $2,337,102 | |
TOTAL | 3,013,246 | ||
Diversified Leisure—1.2% | |||
3,300 | 1 | Bally Technologies, Inc. | 144,243 |
35,000 | Carnival Corp. | 1,164,800 | |
2,240 | 1 | Coinstar, Inc. | 106,378 |
3,900 | Royal Caribbean Cruises, Ltd. | 97,422 | |
TOTAL | 1,512,843 | ||
Diversified Oil—0.5% | |||
11,700 | Murphy Oil Corp. | 627,822 | |
Drug Store—0.8% | |||
26,600 | Walgreen Co. | 967,176 | |
Education & Training Services—0.3% | |||
8,100 | 1 | Apollo Group, Inc., Class A | 220,320 |
1,241 | 1 | Bridgepoint Education, Inc. | 11,293 |
590 | 1 | Capella Education Co. | 15,647 |
1,500 | DeVry, Inc. | 29,445 | |
818 | 1 | Grand Canyon Education, Inc. | 13,611 |
1,352 | 1 | ITT Educational Services, Inc. | 52,485 |
415 | Strayer Education, Inc. | 30,154 | |
TOTAL | 372,955 | ||
Electrical Equipment—0.1% | |||
1,591 | Belden, Inc. | 51,119 | |
530 | 1 | Rofin-Sinar Technologies, Inc. | 9,609 |
900 | Smith (A.O.) Corp. | 44,478 | |
1,400 | 1 | WESCO International, Inc. | 77,994 |
TOTAL | 183,200 | ||
Electronic Instruments—0.2% | |||
818 | 1 | IRobot Corp. | 18,618 |
4,400 | 1 | Trimble Navigation Ltd. | 194,744 |
TOTAL | 213,362 | ||
Electronic Test/Measuring Equipment—0.1% | |||
1,400 | 1 | Itron, Inc. | 54,558 |
542 | MTS Systems Corp. | 23,561 | |
TOTAL | 78,119 | ||
Ethical Drugs—1.7% | |||
7,100 | 1 | Forest Laboratories, Inc., Class A | 238,205 |
Principal Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Ethical Drugs—continued | |||
43,800 | Lilly (Eli) & Co. | $1,928,514 | |
TOTAL | 2,166,719 | ||
Financial Services—1.9% | |||
6,900 | Ameriprise Financial, Inc. | 356,868 | |
1,377 | Deluxe Corp. | 38,997 | |
590 | 1 | Encore Capital Group, Inc. | 16,520 |
24,700 | SLM Holding Corp. | 394,953 | |
12,600 | Visa, Inc., Class A | 1,626,282 | |
TOTAL | 2,433,620 | ||
Food Wholesaling—0.5% | |||
21,700 | Sysco Corp. | 637,763 | |
Furniture—0.0% | |||
1,068 | 1 | Select Comfort Corp. | 27,779 |
Gas Distributor—0.0% | |||
1,300 | Southwest Gas Corp. | 58,058 | |
Generic Drug—0.1% | |||
3,137 | Medicis Pharmaceutical Corp., Class A | 103,270 | |
Grocery Chain—0.7% | |||
1,467 | Casey's General Stores, Inc. | 87,184 | |
1,906 | Harris Teeter Supermarkets, Inc. | 78,794 | |
20,000 | Kroger Co. | 443,400 | |
10,600 | Safeway, Inc. | 164,830 | |
1,000 | 1 | The Fresh Market, Inc. | 58,890 |
TOTAL | 833,098 | ||
Health Care Equipment & Supplies—0.1% | |||
1,500 | Hill-Rom Holdings, Inc. | 39,225 | |
1,600 | St. Jude Medical, Inc. | 59,776 | |
TOTAL | 99,001 | ||
Home Building—0.1% | |||
4,700 | D. R. Horton, Inc. | 82,861 | |
Home Health Care—0.0% | |||
827 | 1 | Wellcare Health Plans, Inc. | 53,606 |
Home Products—0.5% | |||
3,100 | Energizer Holdings, Inc. | 241,087 | |
1,800 | Jarden Corp. | 81,360 | |
3,800 | Newell Rubbermaid, Inc. | 67,070 | |
1,155 | 1 | Spectrum Brands Holdings, Inc. | 42,539 |
Principal Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Home Products—continued | |||
4,253 | Tupperware Brands Corp. | $222,942 | |
TOTAL | 654,998 | ||
Hotels—1.0% | |||
16,300 | Marriott International, Inc., Class A | 593,646 | |
12,900 | Wyndham Worldwide Corp. | 671,445 | |
TOTAL | 1,265,091 | ||
Hotels and Motels—0.0% | |||
658 | Ameristar Casinos, Inc. | 11,100 | |
562 | Six Flags Entertainment Corp. | 32,377 | |
TOTAL | 43,477 | ||
Household Appliances—0.3% | |||
1,300 | 1 | Middleby Corp. | 127,296 |
4,300 | Whirlpool Corp. | 290,508 | |
TOTAL | 417,804 | ||
Household Durable—0.4% | |||
6,900 | Stanley Black & Decker, Inc. | 461,541 | |
Industrial Machinery—0.1% | |||
1,255 | Actuant Corp. | 35,717 | |
519 | Tennant Co. | 21,627 | |
674 | Watts Industries, Inc., Class A | 22,673 | |
TOTAL | 80,017 | ||
Insurance Brokerage—0.2% | |||
3,100 | Aspen Insurance Holdings Ltd. | 89,094 | |
300 | 1 | Markel Corp. | 129,618 |
TOTAL | 218,712 | ||
Integrated Domestic Oil—2.1% | |||
38,800 | ConocoPhillips | 2,112,272 | |
2,300 | Hess Corp. | 108,468 | |
18,000 | Marathon Oil Corp. | 476,460 | |
TOTAL | 2,697,200 | ||
Integrated International Oil—0.4% | |||
4,900 | Chevron Corp. | 536,942 | |
Internet Service—0.0% | |||
712 | 1 | Travelzoo, Inc. | 15,386 |
Life Insurance—0.9% | |||
12,100 | Protective Life Corp. | 337,711 | |
15,000 | Prudential Financial | 724,200 |
Principal Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Life Insurance—continued | |||
3,900 | Symetra Financial Corp | $45,357 | |
TOTAL | 1,107,268 | ||
Lumber Product—0.1% | |||
13,000 | 1 | Louisiana-Pacific Corp. | 134,160 |
Machined Parts Original Equipment Manufacturers—0.1% | |||
1,525 | Applied Industrial Technologies, Inc. | 56,669 | |
300 | Titan International, Inc. | 6,201 | |
TOTAL | 62,870 | ||
Mail Order—0.1% | |||
3,530 | HSN, Inc. | 149,531 | |
Maritime—0.1% | |||
4,500 | Ship Finance International Ltd. | 65,160 | |
161 | TAL International Group, Inc. | 5,498 | |
TOTAL | 70,658 | ||
Meat Packing—0.4% | |||
24,600 | 1 | Smithfield Foods, Inc. | 455,100 |
Medical Supplies—0.2% | |||
3,369 | 1 | Align Technology, Inc. | 114,411 |
800 | 1 | CareFusion Corporation | 19,528 |
329 | 1 | Orthofix International NV | 13,493 |
2,653 | Owens & Minor, Inc. | 74,841 | |
2,108 | Steris Corp. | 63,514 | |
TOTAL | 285,787 | ||
Medical Technology—0.1% | |||
716 | 1 | Arthrocare Corporation | 21,179 |
976 | 1 | Integra Lifesciences Corp. | 37,537 |
1,005 | 1 | MedAssets, Inc. | 13,256 |
TOTAL | 71,972 | ||
Metal Fabrication—0.2% | |||
1,158 | Barnes Group, Inc. | 27,630 | |
2,000 | Reliance Steel & Aluminum Co. | 102,960 | |
1,300 | Timken Co. | 47,060 | |
3,502 | Worthington Industries, Inc. | 75,993 | |
TOTAL | 253,643 | ||
Miscellaneous Communications—0.1% | |||
600 | 1 | Equinix, Inc. | 106,908 |
Principal Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Miscellaneous Communications—continued | |||
1,728 | 1 | Leap Wireless International, Inc. | $9,815 |
TOTAL | 116,723 | ||
Miscellaneous Components—0.3% | |||
11,200 | 1 | Fairchild Semiconductor International, Inc., Class A | 155,232 |
1,195 | 1 | TriMas Corp. | 25,979 |
22,000 | 1 | Vishay Intertechnology, Inc. | 217,140 |
TOTAL | 398,351 | ||
Miscellaneous Food Products—0.1% | |||
3,700 | Fresh Del Monte Produce, Inc. | 90,650 | |
Miscellaneous Machinery—0.2% | |||
4,800 | Nordson Corp. | 246,048 | |
Miscellaneous Metals—0.0% | |||
701 | AMCOL International Corp. | 21,521 | |
662 | Matthews International Corp., Class A | 19,198 | |
TOTAL | 40,719 | ||
Money Center Bank—2.2% | |||
65,700 | JPMorgan Chase & Co. | 2,365,200 | |
1,100 | Northern Trust Corp. | 49,940 | |
10,800 | State Street Corp. | 436,104 | |
TOTAL | 2,851,244 | ||
Mortgage and Title—0.0% | |||
1,800 | Fidelity National Financial, Inc., Class A | 33,516 | |
Multi-Industry Basic—0.0% | |||
494 | Olin Corp. | 9,999 | |
Multi-Industry Capital Goods—0.3% | |||
1,991 | Acuity Brands, Inc. Holding Company | 115,358 | |
10,500 | Textron, Inc. | 273,525 | |
TOTAL | 388,883 | ||
Multi-Industry Transportation—0.0% | |||
1,658 | Brinks Co. (The) | 38,466 | |
256 | 1 | Hub Group, Inc. | 7,616 |
TOTAL | 46,082 | ||
Multi-Line Insurance—2.1% | |||
34,800 | Allstate Corp. | 1,193,640 | |
36,300 | 1 | American International Group, Inc. | 1,135,101 |
3,800 | CNA Financial Corp. | 99,218 | |
6,800 | Montpelier Re Holdings Ltd. | 137,768 |
Principal Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Multi-Line Insurance—continued | |||
100 | White Mountains Insurance Group, Inc. | $51,059 | |
TOTAL | 2,616,786 | ||
Newspaper Publishing—0.0% | |||
100 | Washington Post Co., Class B | 33,850 | |
Office Equipment—0.0% | |||
3,800 | Pitney Bowes, Inc. | 50,768 | |
Office Furniture—0.1% | |||
1,160 | HNI Corp. | 30,821 | |
2,319 | Knoll, Inc. | 31,747 | |
1,316 | Miller Herman, Inc. | 24,083 | |
TOTAL | 86,651 | ||
Office Supplies—0.1% | |||
2,800 | Avery Dennison Corp. | 86,212 | |
1,274 | United Stationers, Inc. | 32,117 | |
TOTAL | 118,329 | ||
Oil Refiner—0.6% | |||
5,700 | Marathon Petroleum Corp. | 269,610 | |
6,300 | 1 | Tesoro Petroleum Corp. | 174,195 |
10,700 | Valero Energy Corp. | 294,250 | |
3,219 | Western Refining, Inc. | 75,743 | |
TOTAL | 813,798 | ||
Oil Service, Explore & Drill—0.1% | |||
1,702 | 1 | C&J Energy Services, Inc. | 31,964 |
2,700 | 1 | Helix Energy Solutions Group, Inc. | 48,276 |
TOTAL | 80,240 | ||
Other Communications Equipment—0.1% | |||
1,300 | Harris Corp. | 54,145 | |
549 | 1 | Netgear, Inc. | 19,012 |
TOTAL | 73,157 | ||
Packaged Food—0.1% | |||
1,919 | 1 | United Natural Foods, Inc. | 104,202 |
Paper Product—0.0% | |||
5,800 | 1 | Boise, Inc. | 42,920 |
Personal & Household—0.2% | |||
4,193 | Nu Skin Enterprises, Inc. | 213,885 |
Principal Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Personal Loans—1.8% | |||
39,200 | Capital One Financial Corp. | $2,214,408 | |
507 | Cash America International, Inc. | 19,428 | |
611 | 1 | Ezcorp, Inc., Class A | 13,748 |
TOTAL | 2,247,584 | ||
Personnel Agency—0.2% | |||
3,500 | Manpower, Inc. | 124,530 | |
2,100 | Robert Half International, Inc. | 56,721 | |
697 | 1 | TrueBlue, Inc. | 10,608 |
TOTAL | 191,859 | ||
Photo-Optical Component-Equipment—0.0% | |||
365 | 1 | Coherent, Inc. | 17,823 |
Plastic—0.0% | |||
1,857 | Polyone Corp. | 27,354 | |
Printed Circuit Boards—0.1% | |||
2,400 | 1 | Benchmark Electronics, Inc. | 37,824 |
7,000 | 1 | Sanmina-SCI Corporation | 59,780 |
TOTAL | 97,604 | ||
Printing—0.1% | |||
366 | 1 | Consolidated Graphics, Inc. | 8,678 |
3,500 | Donnelley (R.R.) & Sons Co. | 42,420 | |
1,834 | 1 | Valassis Communications, Inc. | 41,356 |
TOTAL | 92,454 | ||
Professional Services—0.0% | |||
934 | Hillenbrand, Inc. | 16,149 | |
376 | Insperity, Inc. | 9,866 | |
TOTAL | 26,015 | ||
Property Liability Insurance—2.1% | |||
2,300 | Everest Re Group Ltd. | 233,910 | |
4,200 | ProAssurance Corp. | 376,194 | |
1,800 | RenaissanceRe Holdings Ltd. | 133,182 | |
31,200 | The Travelers Cos, Inc. | 1,954,680 | |
TOTAL | 2,697,966 | ||
Real Estate Investment Trusts—6.8% | |||
6,000 | American Campus Communities, Inc. | 285,960 | |
12,000 | American Capital Agency Corp. | 421,680 | |
30,000 | Annaly Capital Management, Inc. | 522,900 | |
2,000 | Boston Properties, Inc. | 221,800 |
Principal Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Real Estate Investment Trusts—continued | |||
48,000 | CYS Investments, Inc. | $694,080 | |
5,300 | Digital Realty Trust, Inc. | 413,771 | |
47,000 | Hatteras Financial Corp. | 1,374,750 | |
9,000 | Home Properties, Inc. | 590,490 | |
11,000 | LaSalle Hotel Properties | 288,860 | |
65,000 | MFA Mortgage Investments, Inc. | 525,200 | |
19,000 | Pebblebrook Hotel Trust | 431,680 | |
17,500 | Plum Creek Timber Co., Inc. | 710,325 | |
10,000 | Post Properties, Inc. | 516,500 | |
1,300 | Public Storage | 193,635 | |
1,591 | Simon Property Group, Inc. | 255,340 | |
49,000 | 1 | Sunstone Hotel Investors, Inc. | 490,490 |
3,300 | Taubman Centers, Inc. | 255,816 | |
16,000 | UDR, Inc. | 425,760 | |
TOTAL | 8,619,037 | ||
Recreational Goods—0.0% | |||
618 | Sturm Ruger & Co., Inc. | 30,548 | |
Recreational Vehicle—0.0% | |||
2,712 | Brunswick Corp. | 59,637 | |
Regional Banks—2.8% | |||
10,400 | BB&T Corp. | 326,248 | |
1,000 | City National Corp. | 49,280 | |
5,200 | Comerica, Inc. | 157,092 | |
1,100 | Commerce Bancshares, Inc. | 43,318 | |
7,200 | Fifth Third Bancorp | 99,504 | |
13,300 | Huntington Bancshares, Inc. | 82,659 | |
21,000 | KeyCorp | 167,580 | |
10,500 | SunTrust Banks, Inc. | 248,325 | |
837 | 1 | SVB Financial Group | 48,387 |
68,100 | Wells Fargo & Co. | 2,302,461 | |
2,400 | Zions Bancorp | 43,680 | |
TOTAL | 3,568,534 | ||
Rental & Leasing Service—0.1% | |||
2,300 | Rent-A-Center, Inc. | 81,788 | |
Restaurants—0.2% | |||
572 | CEC Entertainment, Inc. | 19,711 | |
944 | Cracker Barrel Old Country Store, Inc. | 59,151 |
Principal Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Restaurants—continued | |||
792 | 1 | DineEquity, Inc. | $42,214 |
900 | 1 | Panera Bread Co. | 141,741 |
439 | 1 | Red Robin Gourmet Burgers | 13,104 |
TOTAL | 275,921 | ||
Roofing & Wallboard—0.0% | |||
960 | 1 | Beacon Roofing Supply, Inc. | 25,449 |
986 | 1 | U.S.G. Corp. | 16,013 |
TOTAL | 41,462 | ||
Rubber—0.0% | |||
1,480 | Cooper Tire & Rubber Co. | 25,856 | |
Semiconductor Distribution—0.4% | |||
16,800 | 1 | Arrow Electronics, Inc. | 567,000 |
Semiconductor Manufacturing—0.1% | |||
1,115 | 1 | Cirrus Logic, Inc. | 40,998 |
4,933 | 1 | Omnivision Technologies, Inc. | 69,161 |
TOTAL | 110,159 | ||
Semiconductor Manufacturing Equipment—0.1% | |||
1,691 | Brooks Automation, Inc. | 15,659 | |
1,150 | 1 | Mentor Graphics Corp. | 17,572 |
2,045 | 1 | Veeco Instruments, Inc. | 73,027 |
TOTAL | 106,258 | ||
Services to Medical Professionals—2.4% | |||
10,100 | Aetna, Inc. | 364,206 | |
2,116 | 1 | Centene Corp. | 80,492 |
3,000 | Coventry Health Care, Inc. | 99,990 | |
2,200 | 1 | Henry Schein, Inc. | 164,582 |
1,100 | Humana, Inc. | 67,760 | |
1,985 | 1 | Molina Healthcare, Inc. | 48,454 |
2,000 | Omnicare, Inc. | 62,820 | |
1,894 | 1 | PSS World Medical, Inc. | 39,566 |
1,184 | 1 | Team Health Holdings, Inc. | 31,613 |
27,100 | UnitedHealth Group, Inc. | 1,384,539 | |
13,200 | Wellpoint, Inc. | 703,428 | |
TOTAL | 3,047,450 | ||
Shoes—0.1% | |||
4,129 | 1 | CROCs, Inc. | 63,380 |
Principal Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Shoes—continued | |||
397 | 1 | Genesco, Inc. | $26,289 |
TOTAL | 89,669 | ||
Silver Production—0.0% | |||
1,856 | 1 | Coeur d'Alene Mines Corp. | 30,271 |
Soft Drinks—0.6% | |||
10,400 | Coca-Cola Enterprises, Inc. | 304,928 | |
9,700 | Dr. Pepper Snapple Group, Inc. | 442,126 | |
TOTAL | 747,054 | ||
Software Packaged/Custom—0.6% | |||
4,200 | CA, Inc. | 101,094 | |
5,400 | Computer Sciences Corp. | 132,948 | |
4,500 | 1 | Electronic Arts, Inc. | 49,590 |
513 | 1 | MicroStrategy, Inc., Class A | 59,744 |
3,711 | 1 | Parametric Technology Corp. | 79,935 |
1,820 | 1 | Progress Software Corp. | 35,381 |
16,000 | 1 | Symantec Corp. | 252,000 |
756 | 1 | Verint Systems, Inc. | 21,100 |
1,894 | 1 | Websense, Inc. | 28,429 |
TOTAL | 760,221 | ||
Specialty Chemicals—0.8% | |||
4,200 | Airgas, Inc. | 333,144 | |
8,500 | Cabot Corp. | 331,500 | |
415 | Chemed Corp. | 26,050 | |
1,745 | 1 | Chemtura Corp. | 23,592 |
1,050 | 1 | Kraton Performance Polymers, Inc. | 24,591 |
1,385 | 1 | LSB Industries, Inc. | 44,500 |
171 | Quaker Chemical Corp. | 7,570 | |
5,861 | Rockwood Holdings, Inc. | 259,173 | |
255 | 1 | TPC Group, Inc. | 9,818 |
TOTAL | 1,059,938 | ||
Specialty Retailing—3.6% | |||
5,200 | Abercrombie & Fitch Co., Class A | 175,760 | |
3,500 | Advance Auto Parts, Inc. | 245,525 | |
8,684 | 1 | Ascena Retail Group, Inc. | 159,265 |
4,700 | 1 | AutoNation, Inc. | 185,321 |
2,400 | 1 | Big Lots, Inc. | 97,224 |
32,900 | CVS Corp. | 1,488,725 |
Principal Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Specialty Retailing—continued | |||
450 | 1 | Cabela's, Inc., Class A | $20,673 |
4,950 | Expedia, Inc. | 282,100 | |
1,208 | Finish Line, Inc., Class A | 25,223 | |
3,700 | Foot Locker, Inc. | 122,174 | |
379 | 1 | Francesca's Holdings Corp. | 11,904 |
9,823 | GNC Acquisition Holdings, Inc. | 378,480 | |
471 | 1 | Hibbett Sports, Inc. | 28,623 |
804 | 1 | Lumber Liquidators Holdings, Inc. | 34,001 |
2,400 | 1 | Mattress Firm Holding Corp. | 69,984 |
6,900 | Nordstrom, Inc. | 373,566 | |
2,442 | Penske Automotive Group, Inc. | 58,364 | |
2,800 | Signet Jewelers Ltd. | 122,976 | |
13,300 | Staples, Inc. | 169,442 | |
2,338 | Tractor Supply Co. | 212,454 | |
738 | 1 | Vera Bradley, Inc. | 16,819 |
2,213 | 1 | Vitamin Shoppe Industries, Inc. | 121,538 |
4,200 | Williams-Sonoma, Inc. | 145,950 | |
TOTAL | 4,546,091 | ||
Surveillance-Detection—0.0% | |||
749 | Mine Safety Appliances Co. | 25,706 | |
Telecommunication Equipment & Services—0.2% | |||
2,567 | 1 | Anixter International, Inc. | 146,088 |
2,678 | 1 | CIENA Corp. | 42,928 |
3,500 | 1 | TW Telecom, Inc. | 87,955 |
TOTAL | 276,971 | ||
Textiles Apparel & Luxury Goods—0.0% | |||
1,211 | 1 | Fifth & Pacific Co., Inc. | 13,418 |
Tools and Hardware—0.1% | |||
1,800 | Snap-On, Inc. | 122,004 | |
Toys & Games—0.2% | |||
6,900 | Hasbro, Inc. | 247,158 | |
Truck Manufacturing—0.1% | |||
2,600 | 1 | Navistar International Corp. | 63,960 |
Uniforms—0.2% | |||
5,200 | Cintas Corp. | 206,076 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $74,676,493) | 78,128,439 |
Principal Amount or Shares | Value | ||
Asset-Backed Securities—0.6% | |||
$29,591 | CS First Boston Mortgage Securities Corp. 2002-HE4, AF, 5.510%, 8/25/2032 | $27,551 | |
400,000 | GE Dealer Floorplan Master Note Trust 2012-3 A, 0.735%, 6/20/2017 | 400,000 | |
100,000 | Merrill Lynch Mortgage Trust 2008-C1 AM, 6.262%, 2/12/2051 | 107,685 | |
250,000 | Merrill Lynch/Countrywide Commercial Mortgage 2007-6, 5.485%, 3/12/2051 | 277,000 | |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $780,418) | 812,236 | ||
Collateralized Mortgage Obligations—0.7% | |||
1,751 | Bear Stearns Mortgage Securities, Inc. 1997-6 1A, 7.098%, 3/25/2031 | 1,793 | |
70,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1 AM, 3.912%, 5/15/2045 | 70,609 | |
125,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1 B, 4.612%, 5/15/2045 | 128,104 | |
75,000 | Commercial Mortgage Pass-Through Certificates 2012-LC4 B, 4.934%, 12/10/2044 | 79,239 | |
5,720 | Federal Home Loan Mortgage Corp. REMIC 1311 K, 7.000%, 7/15/2022 | 6,382 | |
11,140 | Federal Home Loan Mortgage Corp. REMIC 1384 D, 7.000%, 9/15/2022 | 12,756 | |
2,356 | Federal Home Loan Mortgage Corp. REMIC 1595 D, 7.000%, 10/15/2013 | 2,409 | |
24,817 | Federal Home Loan Mortgage Corp. REMIC 2497 JH, 6.000%, 9/15/2032 | 27,800 | |
26,701 | Federal National Mortgage Association REMIC 1993-113 SB, 9.748%, 7/25/2023 | 31,714 | |
2,242 | Federal National Mortgage Association REMIC 2001-37 GA, 8.000%, 7/25/2016 | 2,404 | |
5,871 | Federal National Mortgage Association REMIC 2003-35 UC, 3.750%, 5/25/2033 | 6,197 | |
100,000 | GS Mortgage Securities Corp. II 2012-GCJ7 AS, 4.085%, 5/10/2045 | 104,453 | |
135,000 | GS Mortgage Securities Corp. II 2012-GCJ7 BB, 4.740%, 5/10/2045 | 141,458 | |
19,255 | Government National Mortgage Association REMIC 2002-17 B, 6.000%, 3/20/2032 | 21,581 | |
50,000 | Morgan Stanley Capital I 2007-IQ16 AM, 6.110%, 12/12/2049 | 53,733 | |
100,000 | Morgan Stanley Capital I 2012-C4 AS, 3.773%, 3/15/2045 | 101,914 | |
105,000 | UBS-Citigroup Commercial Mortgage Trust 2011-C1 A3, 3.595%, 1/10/2045 | 114,625 | |
25,000 | WF-RBS Commercial Mortgage Trust 2012-C6 B, 4.697%, 4/15/2045 | 26,218 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $903,125) | 933,389 |
Principal Amount or Shares | Value | ||
Corporate Bonds—13.9% | |||
Basic Industry - Chemicals—0.4% | |||
$100,000 | Albemarle Corp., Sr. Note, 5.100%, 02/01/2015 | $108,949 | |
70,000 | Dow Chemical Co., Note, 8.550%, 05/15/2019 | 95,269 | |
2,000 | Du Pont (E.I.) de Nemours & Co., 5.000%, 01/15/2013 | 2,041 | |
30,000 | Du Pont (E.I.) de Nemours & Co., 6.000%, 07/15/2018 | 37,899 | |
20,000 | FMC Corp., Sr. Unsecd. Note, 3.950%, 02/01/2022 | 21,356 | |
20,000 | 2,3 | Incitec Pivot Finance LLC, Company Guarantee, Series 144A, 4.000%, 12/07/2015 | 20,718 |
35,000 | 2,3 | Incitec Pivot Finance LLC, Company Guarantee, Series 144A, 6.000%, 12/10/2019 | 39,063 |
70,000 | RPM International, Inc., 6.500%, 02/15/2018 | 81,374 | |
20,000 | RPM International, Inc., Sr. Unsecd. Note, 6.125%, 10/15/2019 | 23,218 | |
75,000 | Rohm & Haas Co., 6.000%, 09/15/2017 | 88,297 | |
30,000 | Sherwin-Williams Co., 3.125%, 12/15/2014 | 31,672 | |
TOTAL | 549,856 | ||
Basic Industry - Metals & Mining—0.6% | |||
50,000 | Alcan, Inc., 5.000%, 06/01/2015 | 55,540 | |
85,000 | Alcoa, Inc., Note, 5.550%, 02/01/2017 | 93,952 | |
80,000 | Allegheny Technologies, Inc., Sr. Note, 9.375%, 06/01/2019 | 104,064 | |
15,000 | Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 04/15/2040 | 15,371 | |
10,000 | Anglogold Ashanti Holdings PLC, Sr. Unsecd. Note, 5.125%, 08/01/2022 | 10,295 | |
10,000 | ArcelorMittal, 6.125%, 06/01/2018 | 10,353 | |
75,000 | ArcelorMittal, Sr. Unsecd. Note, 4.500%, 02/25/2017 | 74,340 | |
50,000 | ArcelorMittal, Sr. Unsecd. Note, 5.375%, 06/01/2013 | 51,409 | |
40,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 5.200%, 07/15/2021 | 42,588 | |
50,000 | Newmont Mining Corp., Company Guarantee, 5.875%, 04/01/2035 | 55,823 | |
85,000 | Rio Tinto Finance USA Ltd., Company Guarantee, 6.500%, 07/15/2018 | 106,265 | |
20,000 | Southern Copper Corp., Note, 6.750%, 04/16/2040 | 23,341 | |
60,000 | Worthington Industries, Inc., Sr. Unsecd. Note, 6.500%, 04/15/2020 | 67,480 | |
TOTAL | 710,821 | ||
Basic Industry - Paper—0.1% | |||
20,000 | Plum Creek Timberlands LP, Sr. Unsecd. Note, 4.700%, 03/15/2021 | 21,159 | |
50,000 | Weyerhaeuser Co., Sr. Unsecd. Note, 7.375%, 03/15/2032 | 58,960 | |
TOTAL | 80,119 | ||
Capital Goods - Aerospace & Defense—0.1% | |||
50,000 | 2,3 | BAE Systems Holdings, Inc., Series 144A, 5.200%, 08/15/2015 | 54,616 |
40,000 | Goodrich Corp., Sr. Unsecd. Note, 3.600%, 02/01/2021 | 44,314 | |
20,000 | Raytheon Co., Sr. Note, 4.400%, 02/15/2020 | 23,069 |
Principal Amount or Shares | Value | ||
Corporate Bonds—continued | |||
Capital Goods - Aerospace & Defense—continued | |||
$10,000 | Rockwell Collins, Inc., Sr. Unsecd. Note, 3.100%, 11/15/2021 | $10,623 | |
TOTAL | 132,622 | ||
Capital Goods - Building Materials—0.1% | |||
20,000 | Masco Corp., Sr. Unsecd. Note, 5.950%, 03/15/2022 | 20,967 | |
40,000 | Valmont Industries, Inc., Sr. Unsecd. Note, 6.625%, 04/20/2020 | 47,991 | |
TOTAL | 68,958 | ||
Capital Goods - Construction Machinery—0.0% | |||
40,000 | AGCO Corp., Sr. Unsecd. Note, 5.875%, 12/01/2021 | 43,246 | |
Capital Goods - Diversified Manufacturing—0.5% | |||
15,000 | ABB Finance USA, Inc., Sr. Unsecd. Note, 2.875%, 05/08/2022 | 15,668 | |
15,000 | Avery Dennison Corp., Sr. Unsecd. Note, 5.375%, 04/15/2020 | 16,189 | |
60,000 | Dover Corp., Note, 5.450%, 03/15/2018 | 71,380 | |
30,000 | Emerson Electric Co., 4.875%, 10/15/2019 | 36,203 | |
160,000 | Harsco Corp., 5.750%, 05/15/2018 | 179,438 | |
80,000 | Hubbell, Inc., 5.950%, 06/01/2018 | 96,244 | |
60,000 | Ingersoll-Rand Global Holding Co. Ltd., 6.875%, 08/15/2018 | 74,214 | |
50,000 | Pentair, Inc., Company Guarantee, 5.000%, 05/15/2021 | 56,429 | |
90,000 | Roper Industries, Inc., 6.625%, 08/15/2013 | 94,513 | |
40,000 | 2,3 | Textron Financial Corp., Jr. Sub. Note, Series 144A, 6.000%, 02/15/2067 | 32,200 |
15,000 | Thomas & Betts Corp., Sr. Unsecd. Note, 5.625%, 11/15/2021 | 18,276 | |
TOTAL | 690,754 | ||
Capital Goods - Environmental—0.1% | |||
85,000 | Republic Services, Inc., Company Guarantee, Series WI, 5.500%, 09/15/2019 | 100,307 | |
25,000 | Waste Management, Inc., 7.375%, 03/11/2019 | 31,938 | |
TOTAL | 132,245 | ||
Capital Goods - Packaging—0.1% | |||
45,000 | Packaging Corp. of America, Sr. Unsecd. Note, 3.900%, 06/15/2022 | 47,320 | |
10,000 | 2,3 | Rock-Tenn Co., Sr. Unsecd. Note, Series 144A, 4.450%, 03/01/2019 | 10,582 |
30,000 | Sonoco Products Co., Sr. Unsecd. Note, 5.750%, 11/01/2040 | 35,005 | |
TOTAL | 92,907 | ||
Communications - Media & Cable—0.2% | |||
20,000 | Cox Communications, Inc., 7.125%, 10/01/ | 20,207 | |
75,000 | Cox Communications, Inc., Unsecd. Note, 5.450%, 12/15/2014 | 82,928 | |
50,000 | DIRECTV Holdings LLC, Company Guarantee, 6.375%, 03/01/2041 | 61,373 |
Principal Amount or Shares | Value | ||
Corporate Bonds—continued | |||
Communications - Media & Cable—continued | |||
$30,000 | Time Warner Cable, Inc., Company Guarantee, 8.250%, 04/01/2019 | $39,998 | |
TOTAL | 204,506 | ||
Communications - Media Noncable—0.3% | |||
25,000 | Discovery Communications LLC, Company Guarantee, 5.050%, 06/01/2020 | 29,194 | |
50,000 | Interpublic Group of Cos., Inc., Sr. Unsecd. Note, 4.000%, 03/15/2022 | 51,896 | |
10,000 | Interpublic Group of Cos., Inc., Sr. Unsecd. Note, 10.000%, 07/15/2017 | 11,300 | |
25,000 | Moody's Corp., Sr. Unsecd. Note, 5.500%, 09/01/2020 | 27,655 | |
75,000 | News America Holdings, Inc., Company Guarantee, 8.000%, 10/17/2016 | 93,522 | |
20,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.625%, 05/01/2022 | 21,343 | |
100,000 | 2,3 | Pearson Funding Two PLC, Sr. Unsecd. Note, Series 144A, 4.000%, 05/17/2016 | 106,823 |
TOTAL | 341,733 | ||
Communications - Telecom Wireless—0.3% | |||
100,000 | America Movil S.A.B. de C.V., Note, 5.750%, 01/15/2015 | 111,607 | |
100,000 | 2,3 | Crown Castle Towers LLC, Sr. Secd. Note, Series 144A, 5.495%, 01/15/2017 | 111,814 |
30,000 | 2,3 | SBA Tower Trust, Series 144A, 5.101%, 04/17/2017 | 32,933 |
40,000 | Telefonaktiebolaget LM Ericsson, Sr. Unsecd. Note, 4.125%, 05/15/2022 | 40,884 | |
100,000 | Vodafone Group PLC, Note, 5.625%, 02/27/2017 | 118,792 | |
TOTAL | 416,030 | ||
Communications - Telecom Wirelines—0.1% | |||
10,000 | CenturyLink, Inc., Sr. Unsecd. Note, 7.650%, 03/15/2042 | 10,323 | |
40,000 | France Telecom SA, Sr. Unsecd. Note, 5.375%, 07/08/2019 | 46,499 | |
30,000 | Telefonica Emisiones Sau, Company Guarantee, 5.462%, 02/16/2021 | 27,070 | |
60,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 6.350%, 04/01/2019 | 76,625 | |
TOTAL | 160,517 | ||
Consumer Cyclical - Automotive—0.4% | |||
100,000 | 2,3 | American Honda Finance Corp., Series 144A, 4.625%, 04/02/2013 | 102,772 |
70,000 | 2,3 | Daimler Finance NA LLC, Company Guarantee, Series 144A, 1.950%, 03/28/2014 | 70,921 |
75,000 | DaimlerChrysler North America Holding Corp., 6.500%, 11/15/2013 | 80,482 | |
10,000 | DaimlerChrysler North America Holding Corp., Company Guarantee, 8.500%, 01/18/2031 | 15,943 | |
20,000 | 2,3 | Harley-Davidson Financial Services, Inc., Company Guarantee, Series 144A, 3.875%, 03/15/2016 | 21,254 |
Principal Amount or Shares | Value | ||
Corporate Bonds—continued | |||
Consumer Cyclical - Automotive—continued | |||
$10,000 | 2,3 | Harley-Davidson Financial Services, Inc., Sr. Unsecd. Note, Series 144A, 2.700%, 03/15/2017 | $10,211 |
25,000 | Johnson Controls, Inc., Sr. Unsecd. Note, 5.000%, 03/30/2020 | 28,524 | |
80,000 | 2,3 | Nissan Motor Acceptance Corp., Note, Series 144A, 4.500%, 01/30/2015 | 85,715 |
20,000 | 2,3 | RCI Banque SA, Sr. Unsecd. Note, Series 144A, 4.600%, 04/12/2016 | 20,089 |
100,000 | 2,3 | Volkswagen International Finance NV, Company Guarantee, Series 144A, 2.375%, 03/22/2017 | 103,422 |
TOTAL | 539,333 | ||
Consumer Cyclical - Entertainment—0.4% | |||
200,000 | 2 | Football Trust V, Pass Thru Cert., Series 144A, 5.350%, 10/05/2020 | 220,289 |
90,000 | NBC Universal, Inc., Sr. Unsecd. Note, 5.150%, 04/30/2020 | 107,036 | |
60,000 | Time Warner, Inc., Company Guarantee, 6.200%, 03/15/2040 | 74,605 | |
40,000 | Time Warner, Inc., Company Guarantee, 6.250%, 03/29/2041 | 50,605 | |
25,000 | Viacom, Inc., Sr. Unsecd. Note, 2.500%, 12/15/2016 | 26,090 | |
10,000 | Viacom, Inc., Sr. Unsecd. Note, 3.500%, 04/01/2017 | 10,852 | |
TOTAL | 489,477 | ||
Consumer Cyclical - Lodging—0.2% | |||
50,000 | Choice Hotels International, Inc., Company Guarantee, 5.700%, 08/28/2020 | 52,937 | |
50,000 | Marriott International, Inc., Sr. Unsecd. Note, 3.000%, 03/01/2019 | 51,305 | |
180,000 | Wyndham Worldwide Corp., Sr. Unsecd. Note, 4.250%, 03/01/2022 | 184,875 | |
TOTAL | 289,117 | ||
Consumer Cyclical - Retailers—0.2% | |||
15,000 | Advance Auto Parts, Inc., Company Guarantee, 4.500%, 01/15/2022 | 16,134 | |
70,000 | Best Buy Co., Inc., Sr. Unsecd. Note, 6.750%, 07/15/2013 | 72,805 | |
30,000 | Home Depot, Inc., Sr. Unsecd. Note, 5.950%, 04/01/2041 | 42,205 | |
10,000 | O'Reilly Automotive, Inc., Company Guarantee, 4.875%, 01/14/2021 | 10,972 | |
20,000 | Wal-Mart Stores, Inc., Sr. Unsecd. Note, 5.625%, 04/15/2041 | 28,118 | |
40,000 | Wal-Mart Stores, Inc., Sr. Unsecd. Note, 6.200%, 04/15/2038 | 58,919 | |
TOTAL | 229,153 | ||
Consumer Cyclical - Services—0.0% | |||
15,000 | Expedia, Inc., Company Guarantee, 5.950%, 08/15/2020 | 16,096 | |
10,000 | University of Southern California, Sr. Unsecd. Note, 5.250%, 10/01/2111 | 13,570 | |
TOTAL | 29,666 | ||
Consumer Non-Cyclical - Food/Beverage—0.6% | |||
100,000 | 2,3 | Bacardi Ltd., Sr. Note, Series 144A, 7.450%, 04/01/2014 | 110,225 |
Principal Amount or Shares | Value | ||
Corporate Bonds—continued | |||
Consumer Non-Cyclical - Food/Beverage—continued | |||
$100,000 | Bottling Group LLC, Note, 5.500%, 04/01/2016 | $116,360 | |
60,000 | Diageo Capital PLC, Company Guarantee, 7.375%, 01/15/2014 | 65,884 | |
30,000 | Dr. Pepper Snapple Group, Inc., Company Guarantee, 2.350%, 12/21/2012 | 30,216 | |
90,000 | General Mills, Inc., Note, 5.700%, 02/15/2017 | 107,835 | |
40,000 | Kellogg Co., Sr. Unsub., 5.125%, 12/03/2012 | 40,629 | |
90,000 | Kraft Foods, Inc., Sr. Unsecd. Note, 6.125%, 02/01/2018 | 110,403 | |
20,000 | Ralcorp Holdings, Inc., Sr. Secd. Note, 6.625%, 08/15/2039 | 21,524 | |
20,000 | Sysco Corp., Sr. Note, 5.375%, 03/17/2019 | 24,622 | |
50,000 | Sysco Corp., Sr. Unsecd. Note, 4.200%, 02/12/2013 | 50,938 | |
30,000 | The Coca-Cola Co., Sr. Unsecd. Note, Series WI, 1.800%, 09/01/2016 | 31,243 | |
50,000 | Tyson Foods, Inc., Sr. Unsecd. Note, 4.500%, 06/15/2022 | 50,750 | |
TOTAL | 760,629 | ||
Consumer Non-Cyclical - Health Care—0.4% | |||
40,000 | Baxter International, Inc., 6.250%, 12/01/2037 | 57,694 | |
50,000 | Boston Scientific Corp., 4.500%, 01/15/2015 | 53,551 | |
75,000 | Boston Scientific Corp., 6.000%, 01/15/2020 | 90,638 | |
20,000 | Express Scripts, Inc., Sr. Unsecd. Note, 7.250%, 06/15/2019 | 25,451 | |
40,000 | Life Technologies Corp., Sr. Note, 3.375%, 03/01/2013 | 40,463 | |
90,000 | Quest Diagnostics, Inc., Sr. Unsecd. Note, 6.400%, 07/01/2017 | 108,079 | |
50,000 | Thermo Fisher Scientific, Inc., Sr. Unsecd. Note, 2.150%, 12/28/2012 | 50,242 | |
10,000 | Zimmer Holdings, Inc., Sr. Note, 5.750%, 11/30/2039 | 12,659 | |
TOTAL | 438,777 | ||
Consumer Non-Cyclical - Pharmaceuticals—0.1% | |||
40,000 | Bio-Rad Laboratories, Inc., Sr. Unsecd. Note, 4.875%, 12/15/2020 | 42,482 | |
10,000 | Dentsply International, Inc., Sr. Unsecd. Note, 2.750%, 08/15/2016 | 10,244 | |
40,000 | Gilead Sciences, Inc., Sr. Unsecd. Note, 4.500%, 04/01/2021 | 45,689 | |
30,000 | Pfizer, Inc., Sr. Unsecd. Note, 6.200%, 03/15/2019 | 38,738 | |
TOTAL | 137,153 | ||
Consumer Non-Cyclical - Products—0.1% | |||
10,000 | Clorox Co., Sr. Unsecd. Note, 3.550%, 11/01/2015 | 10,658 | |
80,000 | Whirlpool Corp., Series MTN, 5.500%, 03/01/2013 | 81,944 | |
TOTAL | 92,602 | ||
Consumer Non-Cyclical - Supermarkets—0.0% | |||
40,000 | Kroger Co., Bond, 6.900%, 04/15/2038 | 50,931 | |
Consumer Non-Cyclical - Tobacco—0.1% | |||
70,000 | Altria Group, Inc., 9.250%, 08/06/2019 | 98,982 |
Principal Amount or Shares | Value | ||
Corporate Bonds—continued | |||
Consumer Non-Cyclical - Tobacco—continued | |||
$10,000 | Lorillard Tobacco Co., Sr. Unsecd. Note, 7.000%, 08/04/2041 | $11,521 | |
30,000 | Philip Morris International, Inc., 5.650%, 05/16/2018 | 36,882 | |
TOTAL | 147,385 | ||
Energy - Independent—0.4% | |||
100,000 | Apache Corp., Sr. Unsecd. Note, 5.100%, 09/01/2040 | 124,338 | |
50,000 | Canadian Natural Resources Ltd., 4.900%, 12/01/2014 | 54,725 | |
30,000 | EOG Resources, Inc., Note, 5.625%, 06/01/2019 | 36,691 | |
50,000 | 2,3 | Petroleos Mexicanos, Company Guarantee, Series 144A, 6.500%, 06/02/2041 | 63,500 |
15,000 | Petroleos Mexicanos, Company Guarantee, Series WI, 6.000%, 03/05/2020 | 18,075 | |
10,000 | Talisman Energy, Inc., Sr. Unsecd. Note, 3.750%, 02/01/2021 | 10,338 | |
10,000 | Talisman Energy, Inc., Sr. Unsecd. Note, 5.500%, 05/15/2042 | 11,173 | |
75,000 | XTO Energy, Inc., 6.375%, 06/15/2038 | 116,159 | |
60,000 | XTO Energy, Inc., 6.750%, 08/01/2037 | 97,046 | |
TOTAL | 532,045 | ||
Energy - Integrated—0.4% | |||
30,000 | BP Capital Markets America, Inc., Company Guarantee, 4.200%, 06/15/2018 | 33,257 | |
20,000 | BP Capital Markets PLC, Company Guarantee, 3.125%, 10/01/2015 | 21,406 | |
40,000 | BP Capital Markets PLC, Company Guarantee, 4.742%, 03/11/2021 | 47,720 | |
100,000 | Hess Corp., Sr. Unsecd. Note, 5.600%, 02/15/2041 | 114,422 | |
75,000 | Husky Energy, Inc., Sr. Unsecd. Note, 3.950%, 04/15/2022 | 79,456 | |
100,000 | Husky Oil Ltd., Deb., 7.550%, 11/15/2016 | 119,148 | |
30,000 | Petrobras International Finance Co., Company Guarantee, 6.750%, 01/27/2041 | 37,894 | |
20,000 | Petrobras International Finance Co., Sr. Unsecd. Note, 2.875%, 02/06/2015 | 20,501 | |
20,000 | 2,3 | Phillips 66, Sr. Unsecd. Note, Series 144A, 1.950%, 03/05/2015 | 20,348 |
50,000 | 2,3 | Phillips 66, Sr. Unsecd. Note, Series 144A, 4.300%, 04/01/2022 | 54,882 |
TOTAL | 549,034 | ||
Energy - Oil Field Services—0.1% | |||
15,000 | Nabors Industries, Inc., Company Guarantee, 5.000%, 09/15/2020 | 16,432 | |
15,000 | Nabors Industries, Inc., Company Guarantee, 9.250%, 01/15/2019 | 19,536 | |
20,000 | Nabors Industries, Inc., Sr. Unsecd. Note, 4.625%, 9/15/2021 | 21,498 | |
15,000 | Noble Holding International Ltd., Company Guarantee, 4.900%, 08/01/2020 | 16,696 | |
10,000 | 2,3 | Schlumberger Investment SA, Company Guarantee, Series 144A, 1.950%, 09/14/2016 | 10,334 |
Principal Amount or Shares | Value | ||
Corporate Bonds—continued | |||
Energy - Oil Field Services—continued | |||
$80,000 | Weatherford International Ltd., 6.000%, 03/15/2018 | $92,023 | |
TOTAL | 176,519 | ||
Energy - Refining—0.2% | |||
10,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 03/01/2041 | 12,234 | |
115,000 | Valero Energy Corp., 7.500%, 04/15/2032 | 146,866 | |
10,000 | Valero Energy Corp., 9.375%, 03/15/2019 | 13,548 | |
35,000 | Valero Energy Corp., Note, 4.750%, 04/01/2014 | 36,951 | |
TOTAL | 209,599 | ||
Financial Institution - Banking—2.1% | |||
65,000 | American Express Co., Sr. Unsecd. Note, 8.125%, 05/20/2019 | 88,593 | |
50,000 | American Express Credit Corp., Sr. Unsecd. Note, Series MTN, 2.800%, 09/19/2016 | 53,597 | |
40,000 | Associated Banc-Corp., Sr. Unsecd. Note, 5.125%, 03/28/2016 | 43,143 | |
60,000 | Bank of America Corp., Note, 4.500%, 04/01/2015 | 63,077 | |
20,000 | Bank of America Corp., Sr. Unsecd. Note, 5.000%, 05/13/2021 | 21,619 | |
20,000 | Bank of America Corp., Sr. Unsecd. Note, 5.875%, 01/05/2021 | 22,733 | |
125,000 | 2,3 | Barclays Bank PLC, Series 144A, 5.926%, 09/29/2049 | 114,688 |
50,000 | Capital One Financial Corp., Sr. Note, 7.375%, 05/23/2014 | 55,170 | |
20,000 | Citigroup, Inc., Sr. Unsecd. Note, 4.450%, 01/10/2017 | 21,397 | |
100,000 | Citigroup, Inc., Sr. Unsecd. Note, 4.587%, 12/15/2015 | 106,479 | |
20,000 | Citigroup, Inc., Sr. Unsecd. Note, 6.000%, 12/13/2013 | 21,062 | |
155,000 | Citigroup, Inc., Sr. Unsecd. Note, 6.875%, 03/05/2038 | 195,923 | |
25,000 | City National Corp., Note, 5.250%, 09/15/2020 | 27,145 | |
40,000 | 2,3 | Commonwealth Bank of Australia, Sr. Unsecd. Note, Series 144A, 3.750%, 10/15/2014 | 42,094 |
130,000 | Credit Suisse AG New York, Sr. Unsecd. Note, 5.500%, 05/01/2014 | 138,745 | |
40,000 | Deutsche Bank AG London, Sr. Unsecd. Note, Series 1, 3.250%, 01/11/2016 | 41,578 | |
20,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 3.625%, 01/25/2016 | 21,353 | |
25,000 | Goldman Sachs Group, Inc., 6.125%, 02/15/2033 | 27,137 | |
75,000 | Goldman Sachs Group, Inc., Bond, 5.150%, 01/15/2014 | 78,322 | |
50,000 | Goldman Sachs Group, Inc., Series MTN, 6.000%, 05/01/2014 | 53,389 | |
70,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 5.125%, 01/15/2015 | 74,228 | |
30,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.150%, 04/01/2018 | 33,712 | |
50,000 | HSBC Holdings PLC, Sr. Unsecd. Note, 5.100%, 04/05/2021 | 57,629 | |
150,000 | HSBC USA, Inc., Sr. Unsecd. Note, 2.375%, 02/13/2015 | 153,450 | |
10,000 | Huntington Bancshares, Inc., Sub. Note, 7.000%, 12/15/2020 | 11,941 | |
200,000 | JP Morgan Chase & Co., Sr. Unsecd. Note, 4.500%, 01/24/2022 | 222,297 |
Principal Amount or Shares | Value | ||
Corporate Bonds—continued | |||
Financial Institution - Banking—continued | |||
$65,000 | Morgan Stanley, Sr. Unsecd. Note, 4.750%, 03/22/2017 | $66,034 | |
50,000 | Morgan Stanley, Sr. Unsecd. Note, 6.375%, 07/24/2042 | 50,508 | |
35,000 | Morgan Stanley, Sr. Unsecd. Note, Series MTN, 5.950%, 12/28/2017 | 36,613 | |
70,000 | Morgan Stanley, Sr. Unsecd. Note, Series MTN, 6.000%, 04/28/2015 | 74,214 | |
110,000 | Morgan Stanley, Sr. Unsecd. Note, Series MTN, 6.625%, 4/01/2018 | 117,892 | |
20,000 | Murray Street Investment Trust I, Sr. Unsecd. Note, 4.647%, 03/09/2017 | 20,584 | |
30,000 | Northern Trust Corp., 4.625%, 05/01/2014 | 32,150 | |
100,000 | PNC Funding Corp., Sub. Note, 5.625%, 02/01/2017 | 113,590 | |
100,000 | 2,3 | Santander US Debt SA Unipersonal, Bank Guarantee, Series 144A, 3.781%, 10/07/2015 | 91,962 |
20,000 | SunTrust Banks, Inc., Sr. Unsecd. Note, 3.600%, 04/15/2016 | 20,941 | |
30,000 | Wachovia Corp., 5.750%, 02/01/2018 | 35,747 | |
70,000 | Westpac Banking Corp., Sr. Unsecd. Note, 4.875%, 11/19/2019 | 79,614 | |
100,000 | Wilmington Trust Corp., Sub. Note, 8.500%, 04/02/2018 | 121,376 | |
TOTAL | 2,651,726 | ||
Financial Institution - Brokerage—0.5% | |||
20,000 | 2,3 | CME Group Index Services LLC, Company Guarantee, Series 144A, 4.400%, 03/15/2018 | 21,646 |
20,000 | 2,3 | Cantor Fitzgerald LP, Bond, Series 144A, 7.875%, 10/15/2019 | 20,403 |
45,000 | Charles Schwab Corp., Sr. Unsecd. Note, 4.950%, 06/01/2014 | 48,369 | |
120,000 | Eaton Vance Corp., 6.500%, 10/02/2017 | 138,113 | |
150,000 | 2,3 | FMR LLC, Bond, Series 144A, 7.570%, 06/15/2029 | 193,990 |
80,000 | Janus Capital Group, Inc., Sr. Note, 6.700%, 06/15/2017 | 86,825 | |
25,000 | Jefferies Group, Inc., Sr. Unsecd. Note, 6.875%, 04/15/2021 | 25,875 | |
55,000 | Raymond James Financial, Inc., 8.600%, 08/15/2019 | 67,715 | |
30,000 | Raymond James Financial, Inc., Sr. Unsecd. Note, 5.625%, 04/01/2024 | 32,889 | |
50,000 | TD Ameritrade Holding Corp., Company Guarantee, 4.150%, 12/01/2014 | 53,085 | |
TOTAL | 688,910 | ||
Financial Institution - Finance Noncaptive—0.5% | |||
120,000 | Capital One Capital IV, 6.745%, 02/17/2037 | 121,512 | |
25,000 | Capital One Capital V, 10.250%, 08/15/2039 | 26,000 | |
10,000 | Capital One Capital VI, 8.875%, 05/15/2040 | 10,225 | |
170,000 | General Electric Capital Corp., Sr. Unsecd. Note, 2.900%, 01/09/2017 | 178,185 | |
100,000 | HSBC Finance Capital Trust IX, Note, 5.911%, 11/30/2035 | 96,500 | |
200,000 | 2,3 | ILFC E-Capital Trust I, Floating Rate Note—Sr. Sub Note, Series 144A, 4.280%, 12/21/2065 | 139,000 |
Principal Amount or Shares | Value | ||
Corporate Bonds—continued | |||
Financial Institution - Finance Noncaptive—continued | |||
$60,000 | International Lease Finance, Sr. Unsecd. Note, 4.875%, 4/01/2015 | $61,136 | |
TOTAL | 632,558 | ||
Financial Institution - Insurance - Health—0.1% | |||
50,000 | UnitedHealth Group, Inc., Sr. Unsecd. Note, 6.000%, 02/15/2018 | 61,886 | |
50,000 | Wellpoint, Inc., 5.850%, 01/15/2036 | 61,047 | |
TOTAL | 122,933 | ||
Financial Institution - Insurance - Life—0.6% | |||
100,000 | AXA-UAP, Sub. Note, 8.600%, 12/15/2030 | 110,231 | |
10,000 | Aflac, Inc., Sr. Unsecd. Note, 6.900%, 12/17/2039 | 12,907 | |
35,000 | Aflac, Inc., Sr. Unsecd. Note, 8.500%, 05/15/2019 | 46,477 | |
25,000 | Hartford Financial Services Group, Inc., Sr. Unsecd. Note, 5.125%, 04/15/2022 | 26,679 | |
15,000 | Lincoln National Corp., Sr. Note, 7.000%, 06/15/2040 | 18,489 | |
10,000 | Lincoln National Corp., Sr. Unsecd. Note, 4.200%, 03/15/2022 | 10,360 | |
80,000 | 2,3 | Massachusetts Mutual Life Insurance Co., Sub. Note, Series 144A, 8.875%, 06/01/2039 | 118,702 |
70,000 | MetLife, Inc., 6.750%, 06/01/2016 | 82,856 | |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 08/01/2039 | 14,500 | |
50,000 | 2,3 | New York Life Insurance Co, Sub. Note, Series 144A, 6.750%, 11/15/2039 | 69,469 |
85,000 | 2,3 | Pacific Life Global Fund, Sr. Secd. Note, Series 144A, 5.150%, 04/15/2013 | 87,727 |
15,000 | 2,3 | Penn Mutual Life Insurance Co., Sr. Note, Series 144A, 7.625%, 06/15/2040 | 19,059 |
85,000 | Prudential Financial, Inc., Series MTN, 6.625%, 12/01/2037 | 102,224 | |
50,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040 | 57,531 | |
TOTAL | 777,211 | ||
Financial Institution - Insurance - P&C—0.4% | |||
90,000 | ACE INA Holdings, Inc., 5.600%, 05/15/2015 | 101,083 | |
1,000 | ACE INA Holdings, Inc., Sr. Note, 5.700%, 02/15/2017 | 1,190 | |
75,000 | CNA Financial Corp., 6.500%, 08/15/2016 | 85,311 | |
30,000 | CNA Financial Corp., Sr. Unsecd. Note, 7.350%, 11/15/2019 | 36,630 | |
20,000 | Chubb Corp., Sr. Note, 5.750%, 05/15/2018 | 24,796 | |
100,000 | 2,3 | Liberty Mutual Group, Inc., Unsecd. Note, Series 144A, 5.750%, 03/15/2014 | 105,615 |
65,000 | 2,3 | Nationwide Mutual Insurance Co., Sub. Note, Series 144A, 9.375%, 08/15/2039 | 90,748 |
Principal Amount or Shares | Value | ||
Corporate Bonds—continued | |||
Financial Institution - Insurance - P&C—continued | |||
$50,000 | The Travelers Cos., Inc., Sr. Unsecd. Note, 5.500%, 12/01/2015 | $56,773 | |
TOTAL | 502,146 | ||
Financial Institution - REITs—0.5% | |||
40,000 | AMB Property LP, Series MTN, 6.300%, 06/01/2013 | 41,285 | |
50,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 4.600%, 04/01/2022 | 52,009 | |
15,000 | Avalonbay Communities, Inc., Sr. Unsecd. Note, Series MTN, 5.700%, 03/15/2017 | 17,569 | |
55,000 | Boston Properties LP, Sr. Unsecd. Note, 5.875%, 10/15/2019 | 64,969 | |
20,000 | Equity One, Inc., Bond, 6.000%, 09/15/2017 | 22,307 | |
20,000 | Equity One, Inc., Sr. Unsecd. Note, 6.250%, 12/15/2014 | 21,643 | |
40,000 | Health Care REIT, Inc., Sr. Unsecd. Note, 6.125%, 04/15/2020 | 46,734 | |
75,000 | Liberty Property LP, 6.625%, 10/01/2017 | 88,433 | |
20,000 | Regency Centers LP, Company Guarantee, 4.800%, 04/15/2021 | 21,855 | |
95,000 | Simon Property Group LP, 6.125%, 05/30/2018 | 114,321 | |
35,000 | Simon Property Group LP, 6.750%, 05/15/2014 | 37,977 | |
30,000 | Tanger Properties LP, Sr. Unsecd. Note, 6.125%, 06/01/2020 | 35,573 | |
10,000 | UDR, Inc., Company Guarantee, 4.625%, 01/10/2022 | 10,852 | |
TOTAL | 575,527 | ||
Sovereign—0.1% | |||
40,000 | Corp Andina De Fomento, Sr. Unsecd. Note, 3.750%, 01/15/2016 | 41,990 | |
30,000 | Corp Andina De Fomento, Sr. Unsecd. Note, 4.375%, 06/15/2022 | 32,646 | |
TOTAL | 74,636 | ||
Technology—0.7% | |||
40,000 | BMC Software, Inc., 7.250%, 06/01/2018 | 48,748 | |
25,000 | BMC Software, Inc., Sr. Unsecd. Note, 4.250%, 02/15/2022 | 25,709 | |
50,000 | Cisco Systems, Inc., Sr. Unsecd. Note, 3.150%, 03/14/2017 | 55,035 | |
60,000 | Cisco Systems, Inc., Sr. Unsecd. Note, 5.500%, 02/22/2016 | 70,174 | |
20,000 | Corning, Inc., Unsecd. Note, 4.750%, 03/15/2042 | 22,110 | |
100,000 | Dell Computer Corp., Deb., 7.100%, 04/15/2028 | 126,704 | |
90,000 | Fiserv, Inc., Sr. Note, 6.800%, 11/20/2017 | 108,262 | |
20,000 | Hewlett-Packard Co., Sr. Unsecd. Note, 2.600%, 09/15/2017 | 19,984 | |
20,000 | Hewlett-Packard Co., Sr. Unsecd. Note, 3.300%, 12/09/2016 | 20,868 | |
100,000 | Hewlett-Packard Co., Sr. Unsecd. Note, 4.750%, 06/02/2014 | 105,949 | |
100,000 | IBM Corp., Deb., 8.375%, 11/01/2019 | 144,052 | |
10,000 | Juniper Networks, Inc., Sr. Unsecd. Note, 5.950%, 03/15/2041 | 11,540 | |
30,000 | Maxim Integrated Products, Inc., Note, 3.450%, 06/14/2013 | 30,720 |
Principal Amount or Shares | Value | ||
Corporate Bonds—continued | |||
Technology—continued | |||
$25,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.875%, 01/15/2019 | $27,133 | |
20,000 | Xerox Corp., Sr. Unsecd. Note, 2.950%, 03/15/2017 | 20,245 | |
TOTAL | 837,233 | ||
Transportation - Airlines—0.1% | |||
130,000 | Southwest Airlines Co., Sr. Unsecd. Note, 5.125%, 03/01/2017 | 143,688 | |
Transportation - Railroads—0.2% | |||
75,000 | Burlington Northern Santa Fe Corp., 4.875%, 01/15/2015 | 82,083 | |
50,000 | Burlington Northern Santa Fe Corp., Deb., 5.750%, 05/01/2040 | 63,798 | |
100,000 | Canadian Pacific RR, 7.125%, 10/15/2031 | 128,515 | |
TOTAL | 274,396 | ||
Transportation - Services—0.2% | |||
90,000 | 2,3 | Enterprise Rent-A-Car USA, Series 144A, 6.375%, 10/15/2017 | 105,961 |
60,000 | 2,3 | Penske Truck Leasing Co. LP & PTL Finance Corp., Series 144A, 3.750%, 05/11/2017 | 60,926 |
60,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 3.150%, 03/02/2015 | 62,164 | |
30,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 3.125%, 01/15/2021 | 32,731 | |
TOTAL | 261,782 | ||
Utility - Electric—0.9% | |||
70,000 | Appalachian Power Co., Sr. Unsecd. Note, 7.950%, 01/15/2020 | 95,209 | |
100,000 | Cleveland Electric Illuminating Co., Sr. Unsecd. Note, 5.950%, 12/15/2036 | 115,949 | |
5,000 | Consolidated Edison Co., Sr. Unsecd. Note, 6.650%, 04/01/2019 | 6,425 | |
10,000 | Duke Energy Ohio, Inc., 1st Mtg. Bond, 2.100%, 06/15/2013 | 10,143 | |
45,000 | 2,3 | Electricite De France SA, Note, Series 144A, 5.600%, 01/27/2040 | 50,994 |
100,000 | Exelon Generation Co. LLC, Note, 5.350%, 01/15/2014 | 105,882 | |
50,000 | FirstEnergy Solutions Corp., Company Guarantee, 4.800%, 02/15/2015 | 53,486 | |
40,000 | FirstEnergy Solutions Corp., Company Guarantee, 6.050%, 08/15/2021 | 44,714 | |
10,000 | Great Plains Energy, Inc., Note, 4.850%, 06/01/2021 | 10,937 | |
24,798 | 2,3 | Great River Energy, 1st Mtg. Note, Series 144A, 5.829%, 7/01/2017 | 26,487 |
80,000 | Northern States Power Co., MN, 1st Mtg. Bond, 5.250%, 03/01/2018 | 96,393 | |
50,000 | PPL Energy Supply LLC, Sr. Unsecd. Note, 6.000%, 12/15/2036 | 55,642 | |
20,000 | PSEG Power LLC, Company Guarantee, 2.500%, 04/15/2013 | 20,273 | |
75,000 | PSI Energy, Inc., Bond, 6.050%, 06/15/2016 | 87,876 | |
50,000 | Progress Energy, Inc., 7.050%, 03/15/2019 | 63,965 | |
10,000 | TECO Finance, Inc., Company Guarantee, 5.150%, 03/15/2020 | 11,571 | |
40,000 | UIL Holdings Corp., Sr. Unsecd. Note, 4.625%, 10/01/2020 | 42,582 | |
90,000 | Union Electric Co., 6.000%, 04/01/2018 | 107,494 |
Principal Amount or Shares | Value | ||
Corporate Bonds—continued | |||
Utility - Electric—continued | |||
$90,000 | Virginia Electric & Power Co., Sr. Unsecd. Note, 5.100%, 11/30/2012 | $91,373 | |
TOTAL | 1,097,395 | ||
Utility - Natural Gas Distributor—0.1% | |||
40,000 | Atmos Energy Corp., 5.125%, 01/15/2013 | 40,795 | |
20,000 | Atmos Energy Corp., 8.500%, 03/15/2019 | 26,983 | |
10,000 | 2,3 | Florida Gas Transmission Co. LLC, Sr. Unsecd. Note, Series 144A, 5.450%, 07/15/2020 | 11,343 |
30,000 | National Fuel Gas Co., Sr. Unsecd. Note, 4.900%, 12/01/2021 | 32,849 | |
55,000 | Sempra Energy, Sr. Unsecd. Note, 6.500%, 06/01/2016 | 65,495 | |
TOTAL | 177,465 | ||
Utility - Natural Gas Pipelines—0.4% | |||
75,000 | Duke Capital Corp., Sr. Note, 6.250%, 02/15/2013 | 77,054 | |
40,000 | Enbridge, Inc., Sr. Note, 5.600%, 04/01/2017 | 45,962 | |
65,000 | Enterprise Products Operating LLC, Company Guarantee, Series O, 9.750%, 01/31/2014 | 73,302 | |
100,000 | Enterprise Products Operating LP, Company Guarantee, 5.900%, 04/15/2013 | 103,592 | |
80,000 | Kinder Morgan Energy Partners LP, Note, 6.550%, 09/15/2040 | 97,924 | |
50,000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, 5.000%, 12/15/2013 | 52,740 | |
40,000 | Williams Partners LP, 5.250%, 03/15/2020 | 46,231 | |
30,000 | Williams Partners LP, Sr. Unsecd. Note, 4.125%, 11/15/2020 | 32,708 | |
TOTAL | 529,513 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $15,743,164) | 17,642,853 | ||
FOREIGN Government/AgencY—0.1% | |||
Sovereign—0.1% | |||
75,000 | United Mexican States, 6.625%, 03/03/2015 (IDENTIFIED COST $77,673) | 85,012 | |
Mortgage-Backed Securities—0.0% | |||
Federal National Mortgage Association—0.0% | |||
$1,256 | Federal National Mortgage Association Pool 408761, 7.000%, 12/1/2012 | 1,269 | |
3,281 | Federal National Mortgage Association Pool 512255, 7.500%, 9/1/2014 | 3,444 | |
6,269 | Federal National Mortgage Association Pool 609554, 7.500%, 10/1/2016 | 6,825 | |
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $11,180) | 11,538 |
Principal Amount or Shares | Value | ||
MUNICIPAL SECURITIES—0.3% | |||
Municipal Services—0.3% | |||
$70,000 | Chicago, IL Metropolitan Water Reclamation District, Direct Payment Taxable Limited GO Build America Bonds, 5.720%, 12/01/2038 | $92,662 | |
250,000 | Chicago, IL, Taxable Project and Refunding (Series 2012B) GO Bonds, 5.432%, 01/01/2042 | 257,225 | |
TOTAL MUNICIPAL SECURITIES (IDENTIFIED COST $320,000) | 349,887 | ||
U.S. TREASURY—1.8% | |||
1,050,610 | 4 | U.S. Treasury Inflation-Protected Note, Series A-2021, 1.125%, 1/15/2021 | 1,227,868 |
866,745 | U.S. Treasury Inflation-Protected Note, Series D-2021, 0.625%, 7/15/2021 | 981,697 | |
TOTAL U.S. TREASURY (IDENTIFIED COST $1,993,056) | 2,209,565 | ||
EXCHANGE-TRADED FUNDS—5.1% | |||
34,000 | iShares MSCI Emerging Markets Fund | 1,330,080 | |
103,000 | iShares MSCI EAFE Index Fund | 5,150,000 | |
TOTAL EXCHANGE-TRADED FUNDS (IDENTIFIED COST $6,121,452) | 6,480,080 | ||
MUTUAL FUNDS—15.7%5 | |||
43,041 | Emerging Markets Fixed Income Core Fund | 1,421,437 | |
1,111,788 | Federated Mortgage Core Portfolio | 11,406,940 | |
3,699,581 | 6 | Federated Prime Value Obligations Fund, Institutional Shares, 0.22% | 3,699,581 |
95,499 | Federated Project and Trade Finance Core Fund | 933,977 | |
368,556 | High Yield Bond Portfolio | 2,439,838 | |
TOTAL MUTUAL FUNDS (IDENTIFIED COST $18,859,359) | 19,901,773 | ||
TOTAL INVESTMENTS—99.8% (IDENTIFIED COST $119,485,920)7 | 126,554,772 | ||
OTHER ASSETS AND LIABILITIES - NET—0.2%8 | 278,872 | ||
TOTAL NET ASSETS—100% | $126,833,644 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation/ (Depreciation) |
1United States Treasury Note 5-Year Long Futures | 26 | $3,244,313 | September 2012 | $29,598 |
1United States Treasury Note 10-Year Long Futures | 55 | $7,406,094 | September 2012 | $128,789 |
1United States Treasury Bond 30-Year Short Futures | 15 | $2,265,469 | September 2012 | $(72,573) |
1United States Treasury Bond Ultra Long Short Futures | 3 | $517,500 | September 2012 | $(29,139) |
1United States Treasury Note 2-Year Short Futures | 100 | $22,060,938 | September 2012 | $(42,413) |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $14,262 |
1 | Non-income producing security. |
2 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At July 31, 2012, these restricted securities amounted to $2,673,525, which represented 2.1% of total net assets. |
3 | Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At July 31, 2012, these liquid restricted securities amounted to $2,453,236, which represented 1.9% of total net assets. |
4 | All or a portion of this security is pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts. |
5 | Affiliated holdings. |
6 | 7-Day net yield. |
7 | The cost of investments for federal tax purposes amounts to $119,913,183. |
8 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Valuation Inputs | ||||
Level 1— Quoted Prices and Investments in Mutual Funds1 | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $75,862,262 | $— | $— | $75,862,262 |
International | 2,266,177 | — | — | 2,266,177 |
Debt Securities: | ||||
Asset-Backed Securities | — | 812,236 | — | 812,236 |
Collateralized Mortgage Obligations | — | 933,389 | — | 933,389 |
Corporate Bonds | — | 17,642,853 | — | 17,642,853 |
Foreign Government/Agency | — | 85,012 | — | 85,012 |
Mortgage-Backed Securities | — | 11,538 | — | 11,538 |
Municipal Securities | — | 349,887 | — | 349,887 |
U.S. Treasury | — | 2,209,565 | — | 2,209,565 |
Exchange-Traded Funds | 6,480,080 | — | — | 6,480,080 |
Mutual Funds | 18,967,796 | 933,977 | — | 19,901,773 |
TOTAL SECURITIES | $103,576,315 | $22,978,457 | $— | $126,554,772 |
OTHER FINANCIAL INSTRUMENTS2 | $14,262 | $— | $— | $14,262 |
1 | Emerging Markets Fixed Income Core Fund, Federated Mortgage Core Portfolio and High Yield Bond Portfolio are affiliated holdings offered only to registered investment companies and other accredited investors. |
2 | Other financial instruments include futures contracts. |
GO | —General Obligation |
REIT(s) | —Real Estate Investment Trust(s) |
REMIC | —Real Estate Mortgage Investment Conduit |
Year Ended July 31 | 2012 | 2011 | 2010 | 2009 | 2008 |
Net Asset Value, Beginning of Period | $12.17 | $10.86 | $10.17 | $12.51 | $13.75 |
Income From Investment Operations: | |||||
Net investment income | 0.171 | 0.151 | 0.161 | 0.201 | 0.281 |
Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts and foreign currency transactions | 0.02 | 1.33 | 0.71 | (2.27) | (1.00) |
TOTAL FROM INVESTMENT OPERATIONS | 0.19 | 1.48 | 0.87 | (2.07) | (0.72) |
Less Distributions: | |||||
Distributions from net investment income | (0.16) | (0.17) | (0.18) | (0.27) | (0.17) |
Distributions from net realized gain on investments, futures contracts, swap contracts and foreign currency transactions | — | — | — | — | (0.35) |
TOTAL DISTRIBUTIONS | (0.16) | (0.17) | (0.18) | (0.27) | (0.52) |
Net Asset Value, End of Period | $12.20 | $12.17 | $10.86 | $10.17 | $12.51 |
Total Return2 | 1.65% | 13.67% | 8.51% | (16.35)% | (5.60)% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.30% | 1.28% | 1.21% | 1.30% | 1.31% |
Net investment income | 1.43% | 1.27% | 1.47% | 2.03% | 2.08% |
Expense waiver/reimbursement3 | 0.28% | 0.23% | 0.25% | 0.14% | 0.03% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $48,774 | $57,358 | $86,018 | $105,635 | $153,458 |
Portfolio turnover | 149% | 139% | 130% | 231% | 158% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended July 31 | 2012 | 2011 | 2010 | 2009 | 2008 |
Net Asset Value, Beginning of Period | $11.99 | $10.70 | $10.03 | $12.30 | $13.60 |
Income From Investment Operations: | |||||
Net investment income | 0.081 | 0.061 | 0.081 | 0.131 | 0.191 |
Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts and foreign currency transactions | 0.03 | 1.31 | 0.69 | (2.23) | (1.00) |
TOTAL FROM INVESTMENT OPERATIONS | 0.11 | 1.37 | 0.77 | (2.10) | (0.81) |
Less Distributions: | |||||
Distributions from net investment income | (0.07) | (0.08) | (0.10) | (0.17) | (0.14) |
Distributions from net realized gain on investments, futures contracts, swap contracts and foreign currency transactions | — | — | — | — | (0.35) |
TOTAL DISTRIBUTIONS | (0.07) | (0.08) | (0.10) | (0.17) | (0.49) |
Net Asset Value, End of Period | $12.03 | $11.99 | $10.70 | $10.03 | $12.30 |
Total Return2 | 0.93% | 12.85% | 7.63% | (16.95)% | (6.28)% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.05% | 2.04% | 1.96% | 2.05% | 2.05% |
Net investment income | 0.68% | 0.52% | 0.71% | 1.28% | 1.41% |
Expense waiver/reimbursement3 | 0.24% | 0.19% | 0.22% | 0.10% | 0.03% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $34,193 | $45,512 | $49,907 | $55,582 | $82,033 |
Portfolio turnover | 149% | 139% | 130% | 231% | 158% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended July 31 | 2012 | 2011 | 2010 | 2009 | 2008 |
Net Asset Value, Beginning of Period | $12.12 | $10.83 | $10.14 | $12.51 | $13.77 |
Income From Investment Operations: | |||||
Net investment income | 0.111 | 0.091 | 0.101 | 0.151 | 0.201 |
Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts and foreign currency transactions | 0.03 | 1.32 | 0.72 | (2.27) | (0.98) |
TOTAL FROM INVESTMENT OPERATIONS | 0.14 | 1.41 | 0.82 | (2.12) | (0.78) |
Less Distributions: | |||||
Distributions from net investment income | (0.09) | (0.12) | (0.13) | (0.25) | (0.13) |
Distributions from net realized gain on investments, futures contracts, swap contracts and foreign currency transactions | — | — | — | — | (0.35) |
TOTAL DISTRIBUTIONS | (0.09) | (0.12) | (0.13) | (0.25) | (0.48) |
Net Asset Value, End of Period | $12.17 | $12.12 | $10.83 | $10.14 | $12.51 |
Total Return2 | 1.19% | 13.08% | 8.01% | (16.75)% | (6.01)% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.80% | 1.79% | 1.70% | 1.79% | 1.77% |
Net investment income | 0.93% | 0.77% | 0.96% | 1.56% | 1.53% |
Expense waiver/reimbursement3 | 0.22% | 0.17% | 0.21% | 0.09% | 0.02% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $526 | $665 | $673 | $597 | $708 |
Portfolio turnover | 149% | 139% | 130% | 231% | 158% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended July 31 | 2012 | 2011 | 2010 | 2009 | 2008 |
Net Asset Value, Beginning of Period | $12.21 | $10.90 | $10.21 | $12.57 | $13.79 |
Income From Investment Operations: | |||||
Net investment income | 0.201 | 0.181 | 0.191 | 0.231 | 0.301 |
Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts and foreign currency transactions | 0.02 | 1.34 | 0.71 | (2.28) | (0.98) |
TOTAL FROM INVESTMENT OPERATIONS | 0.22 | 1.52 | 0.90 | (2.05) | (0.68) |
Less Distributions: | |||||
Distributions from net investment income | (0.20) | (0.21) | (0.21) | (0.31) | (0.19) |
Distributions from net realized gain on investments, futures contracts, swap contracts and foreign currency transactions | — | — | — | — | (0.35) |
TOTAL DISTRIBUTIONS | (0.20) | (0.21) | (0.21) | (0.31) | (0.54) |
Net Asset Value, End of Period | $12.23 | $12.21 | $10.90 | $10.21 | $12.57 |
Total Return2 | 1.87% | 13.99% | 8.74% | (16.13)% | (5.33)% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.05% | 1.04% | 0.96% | 1.05% | 1.06% |
Net investment income | 1.69% | 1.52% | 1.71% | 2.29% | 2.22% |
Expense waiver/reimbursement3 | 0.23% | 0.18% | 0.21% | 0.09% | 0.03% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $43,341 | $47,473 | $49,127 | $50,161 | $71,949 |
Portfolio turnover | 149% | 139% | 130% | 231% | 158% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Total investment in securities, at value including $19,901,773 of investment in affiliated holdings (Note 5) (identified cost $119,485,920) | $126,554,772 | |
Income receivable | 296,936 | |
Receivable for investments sold | 629,151 | |
Receivable for shares sold | 49,557 | |
Receivable for daily variation margin | 4,875 | |
TOTAL ASSETS | 127,535,291 | |
Liabilities: | ||
Payable for investments purchased | $443,556 | |
Payable for shares redeemed | 86,424 | |
Payable for transfer and dividend disbursing agent fees and expenses | 29,086 | |
Payable for Directors'/Trustees' fees | 476 | |
Payable for auditing fees | 26,500 | |
Payable for portfolio accounting fees | 19,078 | |
Payable for distribution services fee (Note 5) | 21,995 | |
Payable for shareholder services fee (Note 5) | 33,731 | |
Payable for account administration fee | 13,394 | |
Accrued expenses | 27,407 | |
TOTAL LIABILITIES | 701,647 | |
Net assets for 10,425,448 shares outstanding | $126,833,644 | |
Net Assets Consist of: | ||
Paid-in capital | $174,984,054 | |
Net unrealized appreciation of investments and futures contracts | 7,083,114 | |
Accumulated net realized loss on investments, futures contracts and swap contracts | (56,274,327) | |
Undistributed net investment income | 1,040,803 | |
TOTAL NET ASSETS | $126,833,644 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($48,774,097 ÷ 3,997,465 shares outstanding), no par value, unlimited shares authorized | $12.20 | |
Offering price per share (100/94.50 of $12.20) | $12.91 | |
Redemption proceeds per share | $12.20 | |
Class C Shares: | ||
Net asset value per share ($34,192,897 ÷ 2,842,358 shares outstanding), no par value, unlimited shares authorized | $12.03 | |
Offering price per share | $12.03 | |
Redemption proceeds per share (99.00/100 of $12.03) | $11.91 | |
Class R Shares: | ||
Net asset value per share ($525,671 ÷ 43,201 shares outstanding), no par value, unlimited shares authorized | $12.17 | |
Offering price per share | $12.17 | |
Redemption proceeds per share | $12.17 | |
Institutional Shares: | ||
Net asset value per share ($43,340,979 ÷ 3,542,424 shares outstanding), no par value, unlimited shares authorized | $12.23 | |
Offering price per share | $12.23 | |
Redemption proceeds per share | $12.23 |
Investment Income: | |||
Dividends (including $703,684 received from affiliated holdings (Note 5)) | $2,527,164 | ||
Interest | 1,065,091 | ||
Investment income allocated from affiliated partnership (Note 5) | 87,924 | ||
TOTAL INCOME | 3,680,179 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,008,077 | ||
Administrative fee (Note 5) | 270,000 | ||
Custodian fees | 45,686 | ||
Transfer and dividend disbursing agent fees and expenses (Note 2) | 177,163 | ||
Directors'/Trustees' fees | 3,102 | ||
Auditing fees | 26,500 | ||
Legal fees | 7,937 | ||
Portfolio accounting fees | 122,554 | ||
Distribution services fee (Note 5) | 293,177 | ||
Shareholder services fee (Note 5) | 150,734 | ||
Account administration fee (Note 2) | 60,390 | ||
Share registration costs | 53,031 | ||
Printing and postage | 43,988 | ||
Insurance premiums | 4,088 | ||
Miscellaneous | 9,651 | ||
TOTAL EXPENSES | 2,276,078 |
Waivers and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(247,872) | ||
Waiver of administrative fee (Note 5) | (53,655) | ||
Reimbursement of transfer and dividend disbursing agent fees and expenses (Note 2) and (Note 5) | (38,947) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | $(340,474) | ||
Net expenses | $1,935,604 | ||
Net investment income | 1,744,575 | ||
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Swap Contracts: | |||
Net realized gain on investments (including realized gain of $223,247 on sales of investments in affiliated holdings) (Note 5) | 2,128,146 | ||
Net realized gain on futures contracts | 304,666 | ||
Net realized gain on swap contracts | 35,881 | ||
Net realized gain on investments allocated from affiliated partnership (Note 5) | 13,468 | ||
Realized gain distribution from affiliated investment company shares (Note 5) | 4,779 | ||
Net change in unrealized appreciation of investments | (2,866,764) | ||
Net change in unrealized depreciation of futures contracts | 23,764 | ||
Net change in unrealized depreciation of swap contracts | 6,438 | ||
Net realized and unrealized loss on investments, futures contracts and swap contracts | (349,622) | ||
Change in net assets resulting from operations | $1,394,953 |
Year Ended July 31 | 2012 | 2011 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $1,744,575 | $1,926,070 |
Net realized gain on investments including allocations from partnership, futures contracts and swap contracts | 2,486,940 | 20,679,642 |
Net change in unrealized appreciation/depreciation of investments, futures contracts and swap contracts | (2,836,562) | 60,771 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 1,394,953 | 22,666,483 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (687,022) | (961,404) |
Class C Shares | (236,475) | (341,788) |
Class R Shares | (3,971) | (7,358) |
Institutional Shares | (746,612) | (885,615) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (1,674,080) | (2,196,165) |
Share Transactions: | ||
Proceeds from sale of shares | 7,982,107 | 11,439,970 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,539,146 | 2,004,100 |
Cost of shares redeemed | (33,416,917) | (68,630,880) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (23,895,664) | (55,186,810) |
Change in net assets | (24,174,791) | (34,716,492) |
Net Assets: | ||
Beginning of period | 151,008,435 | 185,724,927 |
End of period (including undistributed net investment income of $1,040,803 and $939,557, respectively) | $126,833,644 | $151,008,435 |
■ | Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market. |
■ | Fixed-income securities acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Fixed-income securities 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. |
■ | Shares of other mutual funds are valued based upon their reported NAVs. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the purchase price of the security, information obtained by contacting the issuer, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded and public trading in similar securities of the issuer or comparable issuers. |
■ | With respect to securities traded in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures or options contracts; |
■ | With respect to price evaluations of fixed-income securities determined before the close of regular trading on the NYSE, actions by the Federal Reserve Open Market Committee and other significant trends in U.S. fixed-income markets; |
■ | 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. |
Transfer and Dividend Disbursing Agent Fees Incurred | Transfer and Dividend Disbursing Agent Fees Reimbursed | Account Administration Fees Incurred | |
Class A Shares | $84,293 | $(27,733) | $14,547 |
Class C Shares | 45,949 | (7,083) | 45,843 |
Class R Shares | 1,848 | — | — |
Institutional Shares | 45,073 | (4,131) | — |
TOTAL | $177,163 | $(38,947) | $60,390 |
Security | Acquisition Date | Cost | Market Value |
Football Trust V, Pass Thru Cert., Series 144A, 5.350%, 10/05/2020 | 3/24/2010 | $200,000 | $220,289 |
Fair Value of Derivative Instruments | ||
Asset | ||
Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||
Interest rate contracts | Receivable for daily variation margin | $14,262* |
* | 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 | |||
Credit Default Swaps | Futures | Total | |
Interest rate contracts | $— | $304,666 | $304,666 |
Credit contracts | 35,881 | — | 35,881 |
TOTAL | $35,881 | $304,666 | $340,547 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |||
Credit Default Swaps | Futures | Total | |
Interest rate contracts | $— | $23,764 | $23,764 |
Credit contracts | 6,438 | — | 6,438 |
TOTAL | $6,438 | $23,764 | $30,202 |
Year Ended July 31 | 2012 | 2011 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 440,545 | $5,224,494 | 657,966 | $7,743,593 |
Shares issued to shareholders in payment of distributions declared | 52,895 | 609,880 | 71,917 | 845,744 |
Shares redeemed | (1,208,672) | (14,191,970) | (3,939,209) | (46,147,902) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (715,232) | $(8,357,596) | (3,209,326) | $(37,558,565) |
Year Ended July 31 | 2012 | 2011 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 132,751 | $1,556,075 | 186,375 | $2,166,666 |
Shares issued to shareholders in payment of distributions declared | 19,395 | 221,494 | 27,581 | 321,040 |
Shares redeemed | (1,104,241) | (12,992,765) | (1,082,382) | (12,553,195) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (952,095) | $(11,215,196) | (868,426) | $(10,065,489) |
Year Ended July 31 | 2012 | 2011 | ||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 3,336 | $40,659 | 3,648 | $44,081 |
Shares issued to shareholders in payment of distributions declared | 345 | 3,971 | 626 | 7,358 |
Shares redeemed | (15,330) | (176,806) | (11,620) | (138,465) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | (11,649) | $(132,176) | (7,346) | $(87,026) |
Year Ended July 31 | 2012 | 2011 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 96,867 | $1,160,879 | 124,795 | $1,485,630 |
Shares issued to shareholders in payment of distributions declared | 60,988 | 703,801 | 70,455 | 829,958 |
Shares redeemed | (503,403) | (6,055,376) | (814,570) | (9,791,318) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (345,548) | $(4,190,696) | (619,320) | $(7,475,730) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (2,024,524) | $(23,895,664) | (4,704,418) | $(55,186,810) |
Increase (Decrease) | ||
Paid-In Capital | Undistributed Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) |
$(30,581) | $30,751 | $(170) |
2012 | 2011 | |
Ordinary income | $1,674,080 | $2,196,165 |
Undistributed ordinary income | $1,040,803 |
Net unrealized appreciation | $6,641,692 |
Capital loss carryforwards | $(55,832,905) |
Expiration Year | Short-Term | Long-Term | Total |
2017 | $24,852,999 | N/A | $24,852,999 |
2018 | $30,979,906 | N/A | $30,979,906 |
Administrative Fee | Average Aggregate Daily Net Assets of the Federated Funds |
0.150% | on the first $5 billion |
0.125% | on the next $5 billion |
0.100% | on the next $10 billion |
0.075% | on assets in excess of $20 billion |
Share Class Name | Percentage of Average Daily Net Assets of Class |
Class A Shares | 0.05% |
Class C Shares | 0.75% |
Class R Shares | 0.50% |
Distribution Services Fees Incurred | |
Class C Shares | $290,484 |
Class R Shares | 2,693 |
TOTAL | $293,177 |
Service Fees Incurred | |
Class A Shares | $102,259 |
Class C Shares | 48,475 |
TOTAL | $150,734 |
Emerging Markets Fixed Income Core Fund | Federated Mortgage Core Portfolio | Federated Prime Value Obligations Fund, Institutional Shares | Federated Project and Trade Finance Core Fund | High Yield Bond Portfolio | Total of Affiliated Transactions | |
Balance of Shares Held 7/31/2011 | 42,579 | 836,010 | 7,041,024 | 80,475 | 691,081 | 8,691,169 |
Purchases/Additions | 17,057 | 734,133 | 57,003,761 | 25,064 | 273,661 | 58,053,676 |
Sales/ Reductions | 16,595 | 458,355 | 60,345,204 | 10,040 | 596,186 | 61,426,380 |
Balance of Shares Held 7/31/2012 | 43,041 | 1,111,788 | 3,699,581 | 95,499 | 368,556 | 5,318,465 |
Value | $1,421,437 | $11,406,940 | $3,699,581 | $933,977 | $2,439,838 | $19,901,773 |
Dividend Income/ Allocated Investment Income | $87,924 | $346,130 | $13,023 | $45,937 | $298,594 | $791,608 |
Capital Gain Distributions/ Allocated Gain | $13,468 | $— | $— | $4,779 | $— | $18,247 |
Purchases | $180,162,527 |
Sales | $198,366,536 |
September 24, 2012
Beginning Account Value 2/1/2012 | Ending Account Value 7/31/2012 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,020.90 | $6.53 |
Class C Shares | $1,000 | $1,016.90 | $10.28 |
Class R Shares | $1,000 | $1,018.40 | $9.03 |
Institutional Shares | $1,000 | $1,021.70 | $5.28 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.40 | $6.52 |
Class C Shares | $1,000 | $1,014.67 | $10.27 |
Class R Shares | $1,000 | $1,015.91 | $9.02 |
Institutional Shares | $1,000 | $1,019.64 | $5.27 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.30% |
Class C Shares | 2.05% |
Class R Shares | 1.80% |
Institutional Shares | 1.05% |
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: June 2006 | 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 2006 | 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 |
Nicholas P. Constantakis, CPA Birth Date: September 3, 1939 Trustee Began serving: June 2006 | Principal Occupation: Director or Trustee of the Federated Fund Family. Other Directorship Held: Director, Chairman of the Audit Committee, and member of the Compensation Committee, Michael Baker Corporation (architecture, engineering and construction services). Previous Position: Partner, Andersen Worldwide SC. Qualifications: Public accounting and director experience. |
John F. Cunningham Birth Date: March 5, 1943 Trustee Began serving: June 2006 | 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: Director, Redgate Communications and EMC Corporation (computer storage systems); Chairman of the Board and Chief Executive Officer, Computer Consoles, Inc.; President and Chief Operating Officer, Wang Laboratories; Director, First National Bank of Boston; Director, Apollo Computer, Inc. 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. Previous Position: Pennsylvania Superior Court Judge. Qualifications: Legal and director experience. |
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: June 2006 | 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: June 2006 | 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: June 2006 | 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 Secretary Began serving: May 2006 | 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 Began serving: May 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. |
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Began serving: June 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. |
Stephen F. Auth Birth Date: September 3, 1956 450 Lexington Avenue Suite 3700 New York, NY 10017-3943 CHIEF INVESTMENT OFFICER Began serving: June 2012 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of this Fund and various other Funds in the Federated Fund Complex; 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. |
Robert J. Ostrowski Birth Date: April 26, 1963 Chief Investment Officer Began serving: June 2012 | Principal Occupations: Robert J. Ostrowski joined Federated in 1987 as an Investment Analyst and became a Portfolio Manager in 1990. He was named Chief Investment Officer of taxable fixed-income products in 2004 and also serves as a Senior Portfolio Manager. Mr. Ostrowski became an Executive Vice President of the Fund's Sub-Adviser in 2009 and served as a Senior Vice President of the Fund's Sub-Adviser from 1997 to 2009. Mr. Ostrowski has received the Chartered Financial Analyst designation. He received his M.S. in Industrial Administration from Carnegie Mellon University. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
John F. Sherman Birth Date: August 28, 1967 125 High Street Oliver Tower 21st Floor Boston, MA 02110-2704 Vice President Began serving: June 2012 | Principal Occupations: John F. Sherman has been the Fund's Portfolio Manager since October 2002. Mr. Sherman joined MDT Advisers Investment Team in 2000. He is Vice President of the Trust with respect to the Fund. Mr. Sherman is a member of the CFA Institute and the Boston Security Analysts Society. He received a B.S.B.A. from North Adams State College and an M.B.A. from Boston University Graduate School of Management. |
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R833
CUSIP 31421R692
CUSIP 31421R825
2012 ©Federated Investors, Inc.
Share Class | Ticker |
A | QALGX |
B | QBLGX |
C | QCLGX |
Institutional | QILGX |
1 | The Russell 1000® Growth measures the performance of those Russell 1000® companies with higher price-to-book ratios and higher forecasted growth values. The index is unmanaged, and it is not possible to invest directly in an index. |
2 | The Russell 3000® Index offers investors access to the broad U.S. equity universe representing approximately 98% of the U.S. market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The index is unmanaged, and it is not possible to invest directly in an index. |
3 | The Russell Top 200® Index measures the performance of the 200 largest companies in the Russell 1000® Index and represents approximately 66% of the total market capitalization of the Russell 1000® Index. The index is unmanaged, and it is not possible to invest directly in an index. |
4 | The Russell Midcap® Index measures the performance of the 800 smallest companies in the Russell 1000® Index and represents approximately 27% of the total market capitalization of the Russell 1000® Index. The index is unmanaged, and it is not possible to invest directly in an index. |
5 | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index and represents approximately 7% of the total market capitalization of the Russell 3000® Index. The index is unmanaged, and it is not possible to invest directly in an index. |
6 | The Russell 3000® Growth Index measures the performance of those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell 1000® Growth or the Russell 2000® Growth indexes. The index is unmanaged, and it is not possible to invest directly in an index. |
7 | The Russell 3000® Value Index measures the performance of those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The stocks in this index are also members of either the Russell 1000® Value or the Russell 2000® Value indexes. The index is unmanaged, and it is not possible to invest directly in an index. |
8 | Underweighted in the portfolio as compared to the Russell 1000® Growth. |
Share Class | 1 Year | 5 Years | Start of Performance* |
Class A Shares | -4.68% | -1.62% | 1.78% |
Class B Shares | -5.40% | -1.60% | 1.89% |
Class C Shares | -0.90% | -1.23% | 1.84% |
Institutional Shares | 1.12% | -0.25% | 2.90% |
* | The Fund's start of performance date was September 15, 2005. |
Federated MDT Large Cap Growth Fund - Class A Shares | C000035049 | Russell 1000® Growth |
9/15/2005 | 9,450 | 10,000 |
7/31/2006 | 9,620 | 10,027 |
7/31/2007 | 11,569 | 11,979 |
7/31/2008 | 10,903 | 11,225 |
7/31/2009 | 8,100 | 9,253 |
7/31/2010 | 9,006 | 10,516 |
7/31/2011 | 11,192 | 13,119 |
7/31/2012 | 11,288 | 14,203 |
■ | Total returns shown include the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). |
Federated MDT Large Cap Growth Fund - Class B Shares | C000049171 | Russell 1000® Growth |
9/15/2005 | 10,000 | 10,000 |
7/31/2006 | 10,117 | 10,027 |
7/31/2007 | 12,111 | 11,979 |
7/31/2008 | 11,332 | 11,225 |
7/31/2009 | 8,131 | 9,253 |
7/31/2010 | 9,046 | 10,516 |
7/31/2011 | 11,265 | 13,119 |
7/31/2012 | 11,376 | 14,203 |
■ | Total returns shown include the maximum contingent deferred sales charge of 5.50%, as applicable. |
Federated MDT Large Cap Growth Fund - Class C Shares | C000035050 | Russell 1000® Growth |
9/15/2005 | 10,000 | 10,000 |
7/31/2006 | 10,110 | 10,027 |
7/31/2007 | 12,062 | 11,979 |
7/31/2008 | 11,291 | 11,225 |
7/31/2009 | 8,330 | 9,253 |
7/31/2010 | 9,178 | 10,516 |
7/31/2011 | 11,325 | 13,119 |
7/31/2012 | 11,336 | 14,203 |
■ | Total returns shown include the maximum contingent deferred sales charge of 1.00%, as applicable. |
Federated MDT Large Cap Growth Fund - Institutional Shares | C000035051 | Russell 1000® Growth |
9/15/2005 | 10,000 | 10,000 |
7/31/2006 | 10,210 | 10,027 |
7/31/2007 | 12,322 | 11,979 |
7/31/2008 | 11,639 | 11,225 |
7/31/2009 | 8,676 | 9,253 |
7/31/2010 | 9,656 | 10,516 |
7/31/2011 | 12,033 | 13,119 |
7/31/2012 | 12,169 | 14,203 |
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 charges = $9,450); for Class B Shares, the maximum contingent deferred sales charge is 5.50% on any redemption less than one year from the purchase date; for Class C Shares, a 1% contingent deferred sales charge would be applied to any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The Russell 1000® Growth has been adjusted to reflect reinvestment of dividends on securities in the index. |
2 | The Fund is the successor to the MDT Large Cap Growth Fund pursuant to a reorganization that took place on December 8, 2006. Prior to that date, the Fund had no investment operations. Accordingly, the performance information shown for the periods prior to that date is that of the MDT Large Cap Growth Fund. |
3 | The Russell 1000® Growth measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The index is unmanaged and, unlike the Fund, is not affected by cash flows. The Russell 1000® Growth is not adjusted to reflect sales charges, expenses or other fees that the Securities Exchange Commission requires to be reflected in the Fund's performance. It is not possible to invest directly in an index. |
Industry Composition | Percentage of Total Net Assets |
Software Packaged/Custom | 7.7% |
Computers - Low End | 6.0% |
Discount Department Stores | 5.0% |
AT&T Divestiture | 4.9% |
Biotechnology | 4.9% |
Financial Services | 4.5% |
Soft Drinks | 3.9% |
Ethical Drugs | 3.7% |
Telecommunication Equipment & Services | 3.6% |
Restaurants | 3.0% |
Grocery Chain | 2.7% |
Miscellaneous Communications | 2.7% |
Food Wholesaling | 2.6% |
Drug Store | 2.3% |
Specialty Retailing | 2.3% |
Medical Technology | 2.0% |
Offshore Driller | 2.0% |
Auto Manufacturing | 1.8% |
Computer Peripherals | 1.8% |
Services to Medical Professionals | 1.7% |
Cosmetics & Toiletries | 1.6% |
Health Care Technology | 1.6% |
Auto Part Replacement | 1.5% |
Hotels | 1.5% |
Defense Aerospace | 1.3% |
Other Communications Equipment | 1.3% |
Paint & Related Materials | 1.3% |
Cable TV | 1.2% |
Clothing Stores | 1.2% |
Internet Services | 1.2% |
Miscellaneous Machinery | 1.2% |
Education & Training Services | 1.1% |
Home Building | 1.1% |
Apparel | 1.0% |
Broadcasting | 1.0% |
Electronic Instruments | 1.0% |
Other2 | 9.2% |
Industry Composition | Percentage of Total Net Assets |
Cash Equivalents3 | 1.5% |
Other Assets and Liabilities—Net4 | 0.1% |
TOTAL | 100.0% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, industry classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | For purposes of this table, industry classifications which constitute less than 1.0% of the Fund's total net assets have been aggregated under the designation “Other.” |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS—98.4% | |||
Agricultural Chemicals—0.6% | |||
8,035 | Scotts Miracle-Gro Co. | $320,596 | |
Apparel—1.0% | |||
10,592 | 1 | Under Armour, Inc., Class A | 576,628 |
AT&T Divestiture—4.9% | |||
61,157 | Verizon Communications, Inc. | 2,760,627 | |
Auto Manufacturing—1.8% | |||
88,017 | Ford Motor Co. | 813,277 | |
4,859 | 1 | TRW Automotive Holdings Corp. | 190,959 |
TOTAL | 1,004,236 | ||
Auto Original Equipment Manufacturers—0.5% | |||
8,681 | 1 | LKQ Corp. | 306,700 |
Auto Part Replacement—1.5% | |||
13,492 | Genuine Parts Co. | 863,893 | |
Baking—0.3% | |||
8,232 | Flowers Foods, Inc. | 175,918 | |
Biotechnology—4.9% | |||
4,914 | 1 | Alexion Pharmaceuticals, Inc. | 515,233 |
16,652 | 1 | BioMarin Pharmaceutical, Inc. | 654,257 |
17,790 | 1 | Celgene Corp. | 1,217,903 |
2,920 | 1 | Regeneron Pharmaceuticals, Inc. | 393,178 |
TOTAL | 2,780,571 | ||
Broadcasting—1.0% | |||
19,022 | 1 | DISH Network Corp., Class A | 585,117 |
Cable TV—1.2% | |||
6,139 | 1 | Charter Communications, Inc. | 472,212 |
3,343 | 1 | Liberty Global, Inc., Class A | 176,443 |
TOTAL | 648,655 | ||
Cellular Communications—0.1% | |||
11,271 | 1 | NII Holdings, Inc. | 76,079 |
Clothing Stores—1.2% | |||
18,115 | Gap (The), Inc. | 534,211 | |
5,002 | 1 | Hanesbrands, Inc. | 150,160 |
TOTAL | 684,371 | ||
Commodity Chemicals—0.3% | |||
141 | PPG Industries, Inc. | 15,434 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Commodity Chemicals—continued | |||
6,401 | RPM International, Inc. | $169,626 | |
TOTAL | 185,060 | ||
Computer Peripherals—1.8% | |||
17,258 | 1 | NetApp, Inc. | 563,819 |
10,882 | 1 | Western Digital Corp. | 432,777 |
TOTAL | 996,596 | ||
Computers - Low End—6.0% | |||
3,804 | Apple, Inc. | 2,323,331 | |
89,255 | Dell, Inc. | 1,060,349 | |
TOTAL | 3,383,680 | ||
Cosmetics & Toiletries—1.6% | |||
10,584 | 1 | Ulta Salon Cosmetics & Fragrance, Inc. | 898,370 |
Crude Oil & Gas Production—0.4% | |||
7,828 | 1 | Newfield Exploration Co. | 238,989 |
Defense Aerospace—1.3% | |||
6,053 | 1 | Transdigm Group, Inc. | 746,698 |
Department Stores—0.4% | |||
3,677 | Target Corp. | 223,010 | |
Discount Department Stores—5.0% | |||
37,732 | Wal-Mart Stores, Inc. | 2,808,393 | |
Diversified Leisure—0.3% | |||
5,924 | Royal Caribbean Cruises Ltd. | 147,982 | |
Drug Store—2.3% | |||
35,931 | Walgreen Co. | 1,306,451 | |
Education & Training Services—1.1% | |||
15,639 | 1 | Apollo Group, Inc., Class A | 425,381 |
4,007 | DeVRY, Inc. | 78,657 | |
3,604 | 1 | ITT Educational Services, Inc. | 139,907 |
TOTAL | 643,945 | ||
Electronic Instruments—1.0% | |||
13,315 | 1 | Trimble Navigation Ltd. | 589,322 |
Ethical Drugs—3.7% | |||
47,560 | Eli Lilly & Co. | 2,094,067 | |
Financial Services—4.5% | |||
19,542 | Visa, Inc., Class A | 2,522,286 | |
Food Wholesaling—2.6% | |||
50,239 | Sysco Corp. | 1,476,524 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Grocery Chain—2.7% | |||
8,886 | 1 | Fresh Market, Inc. | $523,297 |
45,324 | Kroger Co. | 1,004,833 | |
TOTAL | 1,528,130 | ||
Health Care Providers & Services—0.3% | |||
6,774 | 1 | HCA, Inc. | 179,376 |
Health Care Technology—1.6% | |||
12,018 | 1 | Cerner Corp. | 888,371 |
Home Building—1.1% | |||
10,220 | Lennar Corp., Class A | 298,526 | |
11,757 | 1 | Toll Brothers, Inc. | 342,952 |
TOTAL | 641,478 | ||
Hotels—1.5% | |||
22,867 | Marriott International, Inc., Class A | 832,816 | |
Internet Services—1.2% | |||
981 | 1 | Priceline.com, Inc. | 649,167 |
Medical Technology—2.0% | |||
294 | 1 | Intuitive Surgical, Inc. | 141,561 |
26,485 | St. Jude Medical, Inc. | 989,480 | |
TOTAL | 1,131,041 | ||
Metal Fabrication—0.0% | |||
429 | Timken Co. | 15,530 | |
Miscellaneous Communications—2.7% | |||
8,444 | 1 | Equinix, Inc. | 1,504,552 |
Miscellaneous Machinery—1.2% | |||
13,467 | Nordson Corp. | 690,318 | |
Miscellaneous Metals—0.4% | |||
5,598 | Kennametal, Inc. | 206,566 | |
Multi-Industry Capital Goods—0.9% | |||
5,307 | Crane Co. | 206,973 | |
12,296 | Textron, Inc. | 320,311 | |
TOTAL | 527,284 | ||
Office Equipment—0.3% | |||
11,524 | Pitney Bowes, Inc. | 153,961 | |
Office Supplies—0.6% | |||
11,485 | Avery Dennison Corp. | 353,623 | |
Offshore Driller—2.0% | |||
21,296 | Oceaneering International, Inc. | 1,100,790 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Oil Well Supply—0.9% | |||
10,656 | 1 | Dresser-Rand Group, Inc. | $495,611 |
Other Communications Equipment—1.3% | |||
18,017 | Harris Corp. | 750,408 | |
Paint & Related Materials—1.3% | |||
5,623 | Sherwin-Williams Co. | 755,450 | |
Personal & Household—0.0% | |||
332 | Nu Skin Enterprises, Inc., Class A | 16,935 | |
Printing—0.3% | |||
11,646 | Donnelley (R.R.) & Sons Co. | 141,150 | |
Restaurants—3.0% | |||
3,721 | 1 | Chipotle Mexican Grill, Inc. | 1,087,760 |
3,807 | 1 | Panera Bread Co. | 599,564 |
TOTAL | 1,687,324 | ||
Services to Medical Professionals—1.7% | |||
12,754 | 1 | Henry Schein, Inc. | 954,127 |
Soft Drinks—3.9% | |||
33,494 | Coca-Cola Enterprises, Inc. | 982,044 | |
26,130 | Dr. Pepper Snapple Group, Inc. | 1,191,005 | |
TOTAL | 2,173,049 | ||
Software Packaged/Custom—7.7% | |||
35,613 | CA, Inc. | 857,205 | |
7,739 | 1 | Concur Technologies, Inc. | 522,692 |
4,771 | 1 | Red Hat, Inc. | 256,012 |
4,217 | 1 | Solarwinds, Inc. | 225,146 |
76,908 | 1 | Symantec Corp. | 1,211,301 |
13,823 | 1 | VMware, Inc., Class A | 1,254,575 |
TOTAL | 4,326,931 | ||
Specialty Retailing—2.3% | |||
13,250 | Expedia, Inc. | 755,117 | |
10,047 | Nordstrom, Inc. | 543,945 | |
TOTAL | 1,299,062 | ||
Surveillance-Detection—0.4% | |||
6,078 | Diebold, Inc. | 196,623 | |
Telecommunication Equipment & Services—3.6% | |||
20,129 | 1 | Crown Castle International Corp. | 1,245,582 |
10,706 | 1 | Level 3 Communications, Inc. | 206,305 |
23,098 | 1 | TW Telecom, Inc. | 580,453 |
TOTAL | 2,032,340 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Textiles Apparel & Luxury Goods—0.3% | |||
3,357 | 1 | Michael Kors Holdings Ltd. | $138,611 |
Toys & Games—0.9% | |||
14,547 | Hasbro, Inc. | 521,074 | |
Truck Manufacturing—0.5% | |||
10,527 | 1 | Navistar International Corp. | 258,964 |
Trucking—0.5% | |||
7,712 | Con-way, Inc. | 274,701 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $52,331,149) | 55,470,127 | ||
MUTUAL FUND—1.5% | |||
873,921 | 2,3 | Federated Prime Value Obligations Fund, Institutional Shares, 0.22% (AT NET ASSET VALUE) | 873,921 |
TOTAL INVESTMENTS—99.9% (IDENTIFIED COST $53,205,070)4 | 56,344,048 | ||
OTHER ASSETS AND LIABILITIES - NET—0.1%5 | 39,689 | ||
TOTAL NET ASSETS—100% | $56,383,737 |
1 | Non-income producing security. |
2 | Affiliated holding. |
3 | 7-Day net yield. |
4 | The cost of investments for federal tax purposes amounts to $53,276,657. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Year Ended July 31 | 2012 | 2011 | 2010 | 2009 | 2008 |
Net Asset Value, Beginning of Period | $10.50 | $8.45 | $7.60 | $10.23 | $12.12 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.02)1 | (0.03)1 | (0.01)1 | 0.001,2 | (0.06)1 |
Net realized and unrealized gain (loss) on investments | 0.11 | 2.08 | 0.86 | (2.63) | (0.48) |
TOTAL FROM INVESTMENT OPERATIONS | 0.09 | 2.05 | 0.85 | (2.63) | (0.54) |
Less Distributions: | |||||
Distributions from net realized gain on investments | — | — | — | — | (1.35) |
Net Asset Value, End of Period | $10.59 | $10.50 | $8.45 | $7.60 | $10.23 |
Total Return3 | 0.86% | 24.26% | 11.18% | (25.71)% | (5.76)% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Net investment income (loss) | (0.23)% | (0.28)% | (0.08)% | 0.04% | (0.49)% |
Expense waiver/reimbursement4 | 0.78% | 0.74% | 0.55% | 0.52% | 0.14% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $40,676 | $44,762 | $45,993 | $68,963 | $102,600 |
Portfolio turnover | 258% | 208% | 217% | 380% | 320% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2012 | 2011 | 2010 | 2009 | 2008 |
Net Asset Value, Beginning of Period | $10.24 | $8.30 | $7.53 | $10.21 | $12.18 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.10)1 | (0.10)1 | (0.07)1 | (0.05)1 | (0.14)1 |
Net realized and unrealized gain (loss) on investments | 0.11 | 2.04 | 0.84 | (2.63) | (0.48) |
TOTAL FROM INVESTMENT OPERATIONS | 0.01 | 1.94 | 0.77 | (2.68) | (0.62) |
Less Distributions: | |||||
Distributions from net realized gain on investments | — | — | — | — | (1.35) |
Net Asset Value, End of Period | $10.25 | $10.24 | $8.30 | $7.53 | $10.21 |
Total Return2 | 0.10% | 23.37% | 10.23% | (26.25)% | (6.43)% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% |
Net investment income (loss) | (0.98)% | (1.04)% | (0.86)% | (0.72)% | (1.22)% |
Expense waiver/reimbursement3 | 0.78% | 0.74% | 0.56% | 0.52% | 0.14% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $4,932 | $6,680 | $7,506 | $8,532 | $22,138 |
Portfolio turnover | 258% | 208% | 217% | 380% | 320% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2012 | 2011 | 2010 | 2009 | 2008 |
Net Asset Value, Beginning of Period | $10.02 | $8.12 | $7.37 | $9.99 | $11.94 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.09)1 | (0.10)1 | (0.07)1 | (0.05)1 | (0.13)1 |
Net realized and unrealized gain (loss) on investments | 0.10 | 2.00 | 0.82 | (2.57) | (0.47) |
TOTAL FROM INVESTMENT OPERATIONS | 0.01 | 1.90 | 0.75 | (2.62) | (0.60) |
Less Distributions: | |||||
Distributions from net realized gain on investments | — | — | — | — | (1.35) |
Net Asset Value, End of Period | $10.03 | $10.02 | $8.12 | $7.37 | $9.99 |
Total Return2 | 0.10% | 23.40% | 10.18% | (26.23)% | (6.39)% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.25% | 2.25% | 2.25% | 2.25% | 2.22% |
Net investment income (loss) | (0.98)% | (1.05)% | (0.86)% | (0.71)% | (1.21)% |
Expense waiver/reimbursement3 | 0.78% | 0.74% | 0.56% | 0.52% | 0.14% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $7,001 | $7,564 | $6,816 | $7,333 | $14,895 |
Portfolio turnover | 258% | 208% | 217% | 380% | 320% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2012 | 2011 | 2010 | 2009 | 2008 |
Net Asset Value, Beginning of Period | $10.68 | $8.57 | $7.70 | $10.33 | $12.20 |
Income From Investment Operations: | |||||
Net investment income (loss) | 0.001,2 | (0.00)1,2 | 0.011 | 0.021 | (0.03)1 |
Net realized and unrealized gain (loss) on investments | 0.12 | 2.11 | 0.86 | (2.65) | (0.49) |
TOTAL FROM INVESTMENT OPERATIONS | 0.12 | 2.11 | 0.87 | (2.63) | (0.52) |
Less Distributions: | |||||
Distributions from net realized gain on investments | — | — | — | — | (1.35) |
Net Asset Value, End of Period | $10.80 | $10.68 | $8.57 | $7.70 | $10.33 |
Total Return3 | 1.12% | 24.62% | 11.30% | (25.46)% | (5.55)% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
Net investment income (loss) | 0.02% | (0.05)% | 0.14% | 0.28% | (0.28)% |
Expense waiver/reimbursement4 | 0.78% | 0.74% | 0.56% | 0.52% | 0.14% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $3,774 | $4,565 | $4,179 | $4,769 | $6,280 |
Portfolio turnover | 258% | 208% | 217% | 380% | 320% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Assets: | ||
Total investment in securities, at value including $873,921 of investment in an affiliated holding (Note 5) (identified cost $53,205,070) | $56,344,048 | |
Income receivable | 43,829 | |
Receivable for investments sold | 3,363,289 | |
Receivable for shares sold | 5,576 | |
TOTAL ASSETS | 59,756,742 | |
Liabilities: | ||
Payable for investments purchased | $3,217,004 | |
Payable for shares redeemed | 39,275 | |
Payable for Directors'/Trustees' fees | 304 | |
Payable for distribution services fee (Note 5) | 7,577 | |
Payable for shareholder services fee (Note 5) | 20,182 | |
Accrued expenses | 88,663 | |
TOTAL LIABILITIES | 3,373,005 | |
Net assets for 5,370,430 shares outstanding | $56,383,737 | |
Net Assets Consist of: | ||
Paid-in capital | $75,733,020 | |
Net unrealized appreciation of investments | 3,138,978 | |
Accumulated net realized loss on investments | (22,338,774) | |
Accumulated net investment income (loss) | (149,487) | |
TOTAL NET ASSETS | $56,383,737 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($40,676,405 ÷ 3,841,681 shares outstanding), no par value, unlimited shares authorized | $10.59 | |
Offering price per share (100/94.50 of $10.59) | $11.21 | |
Redemption proceeds per share | $10.59 | |
Class B Shares: | ||
Net asset value per share ($4,931,790 ÷ 481,046 shares outstanding), no par value, unlimited shares authorized | $10.25 | |
Offering price per share | $10.25 | |
Redemption proceeds per share (94.50/100 of $10.25) | $9.69 | |
Class C Shares: | ||
Net asset value per share ($7,001,085 ÷ 698,082 shares outstanding), no par value, unlimited shares authorized | $10.03 | |
Offering price per share | $10.03 | |
Redemption proceeds per share (99.00/100 of $10.03) | $9.93 | |
Institutional Shares: | ||
Net asset value per share ($3,774,457 ÷ 349,621 shares outstanding), no par value, unlimited shares authorized | $10.80 | |
Offering price per share | $10.80 | |
Redemption proceeds per share | $10.80 |
Investment Income: | |||
Dividends (including $2,045 received from an affiliated holding (Note 5)) | $737,610 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $433,776 | ||
Administrative fee (Note 5) | 270,000 | ||
Custodian fees | 16,642 | ||
Transfer and dividend disbursing agent fees and expenses | 238,205 | ||
Directors'/Trustees' fees | 2,319 | ||
Auditing fees | 23,400 | ||
Legal fees | 7,848 | ||
Portfolio accounting fees | 78,858 | ||
Distribution services fee (Note 5) | 93,960 | ||
Shareholder services fee (Note 5) | 131,346 | ||
Account administration fee (Note 2) | 1,467 | ||
Share registration costs | 53,680 | ||
Printing and postage | 41,717 | ||
Insurance premiums | 3,942 | ||
Miscellaneous | 5,589 | ||
TOTAL EXPENSES | 1,402,749 | ||
Waivers and Reimbursement (Note 5): | |||
Waiver/reimbursement of investment adviser fee | $(395,762) | ||
Waiver of administrative fee | (54,420) | ||
TOTAL WAIVERS AND REIMBURSEMENT | (450,182) | ||
Net expenses | 952,567 | ||
Net investment income (loss) | (214,957) | ||
Realized and Unrealized Gain on Investments: | |||
Net realized gain on investments | 242,004 | ||
Net change in unrealized appreciation of investments | 160,615 | ||
Net realized and unrealized gain on investments | 402,619 | ||
Change in net assets resulting from operations | $187,662 |
Year Ended July 31 | 2012 | 2011 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(214,957) | $(285,946) |
Net realized gain on investments | 242,004 | 14,733,709 |
Net change in unrealized appreciation/depreciation of investments | 160,615 | (324,024) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 187,662 | 14,123,739 |
Share Transactions: | ||
Proceeds from sale of shares | 7,568,065 | 10,132,396 |
Cost of shares redeemed | (14,942,594) | (25,179,540) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (7,374,529) | (15,047,144) |
Change in net assets | (7,186,867) | (923,405) |
Net Assets: | ||
Beginning of period | 63,570,604 | 64,494,009 |
End of period (including accumulated net investment income (loss) of $(149,487) and $0, respectively) | $56,383,737 | $63,570,604 |
■ | 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. |
■ | 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 Board of Trustees (the “Trustees”). |
■ | Fixed-income securities acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Fixed-income securities 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. |
■ | 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 or options contracts; |
■ | With respect to price evaluations of fixed-income securities determined before the close of regular trading on the NYSE, actions by the Federal Reserve Open Market Committee and other significant trends in U.S. fixed-income markets; |
■ | 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. |
Account Administration Fees Incurred | |
Class A Shares | $1,324 |
Class C Shares | 143 |
TOTAL | $1,467 |
Year Ended July 31 | 2012 | 2011 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 397,917 | $4,011,516 | 497,745 | $4,919,437 |
Shares redeemed | (818,755) | (8,329,325) | (1,681,082) | (16,079,618) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (420,838) | $(4,317,809) | (1,183,337) | $(11,160,181) |
Year Ended July 31 | 2012 | 2011 | ||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 98,688 | $960,640 | 142,838 | $1,355,108 |
Shares redeemed | (269,626) | (2,628,632) | (395,142) | (3,795,078) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (170,938) | $(1,667,992) | (252,304) | $(2,439,970) |
Year Ended July 31 | 2012 | 2011 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 209,412 | $2,012,624 | 196,147 | $1,868,043 |
Shares redeemed | (265,950) | (2,580,209) | (280,790) | (2,640,242) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (56,538) | $(567,585) | (84,643) | $(772,199) |
Year Ended July 31 | 2012 | 2011 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 56,279 | $583,285 | 195,505 | $1,989,808 |
Shares redeemed | (134,119) | (1,404,428) | (255,680) | (2,664,602) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (77,840) | $(821,143) | (60,175) | $(674,794) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (726,154) | $(7,374,529) | (1,580,459) | $(15,047,144) |
Increase (Decrease) | |
Paid-In Capital | Undistributed Net Investment Income (Loss) |
$(65,470) | $65,470 |
Net unrealized appreciation | $3,067,391 |
Capital loss carryforwards and deferrals | $(22,416,674) |
Expiration Year | Short-Term | Long-Term | Total |
2017 | $20,666,560 | N/A | $20,666,560 |
2018 | $1,600,627 | N/A | $1,600,627 |
Administrative Fee | Average Aggregate Daily Net Assets of the Federated Funds |
0.150% | on the first $5 billion |
0.125% | on the next $5 billion |
0.100% | on the next $10 billion |
0.075% | on assets in excess of $20 billion |
Share Class Name | Percentage of Average Daily Net Assets of Class |
Class A Shares | 0.05% |
Class B Shares | 0.75% |
Class C Shares | 0.75% |
Distribution Services Fees Incurred | |
Class B Shares | $41,026 |
Class C Shares | 52,934 |
TOTAL | $93,960 |
Service Fees Incurred | |
Class A Shares | $100,160 |
Class B Shares | 13,675 |
Class C Shares | 17,511 |
TOTAL | $131,346 |
Federated Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2011 | 1,155,856 |
Purchases/Additions | 7,864,034 |
Sales/Reductions | 8,145,969 |
Balance of Shares Held 7/31/2012 | 873,921 |
Value | $873,921 |
Dividend Income | $2,045 |
Purchases | $147,805,879 |
Sales | $155,227,919 |
September 24, 2012
Beginning Account Value 2/1/2012 | Ending Account Value 7/31/2012 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,021.20 | $7.54 |
Class B Shares | $1,000 | $1,016.90 | $11.28 |
Class C Shares | $1,000 | $1,017.20 | $11.28 |
Institutional Shares | $1,000 | $1,022.70 | $6.29 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,017.40 | $7.52 |
Class B Shares | $1,000 | $1,013.67 | $11.27 |
Class C Shares | $1,000 | $1,013.67 | $11.27 |
Institutional Shares | $1,000 | $1,018.65 | $6.27 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.50% |
Class B Shares | 2.25% |
Class C Shares | 2.25% |
Institutional Shares | 1.25% |
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: June 2006 | 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 2006 | 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 |
Nicholas P. Constantakis, CPA Birth Date: September 3, 1939 Trustee Began serving: June 2006 | Principal Occupation: Director or Trustee of the Federated Fund Family. Other Directorship Held: Director, Chairman of the Audit Committee, and member of the Compensation Committee, Michael Baker Corporation (architecture, engineering and construction services). Previous Position: Partner, Andersen Worldwide SC. Qualifications: Public accounting and director experience. |
John F. Cunningham Birth Date: March 5, 1943 Trustee Began serving: June 2006 | 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: Director, Redgate Communications and EMC Corporation (computer storage systems); Chairman of the Board and Chief Executive Officer, Computer Consoles, Inc.; President and Chief Operating Officer, Wang Laboratories; Director, First National Bank of Boston; Director, Apollo Computer, Inc. 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. Previous Position: Pennsylvania Superior Court Judge. Qualifications: Legal and director experience. |
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: June 2006 | 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: June 2006 | 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: June 2006 | 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 Secretary Began serving: May 2006 | 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 Began serving: May 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. |
Stephen F. Auth Birth Date: September 3, 1956 450 Lexington Avenue Suite 3700 New York, NY 10017-3943 CHIEF INVESTMENT OFFICER Began serving: June 2012 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of this Fund and various other Funds in the Federated Fund Complex; 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. |
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Began serving: June 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. |
Daniel Mahr Birth Date: April 9, 1981 125 High Street Oliver Tower 21st Floor Boston, MA 02110-2704 Vice President Began serving: June 2012 | Principal Occupations: Daniel Mahr has been the Fund's Portfolio Manager since August 2006. Mr. Mahr joined the MDT Advisers Investment Team in 2002. As Managing Director, Research, he is responsible for leading the Investment Team as it relates to the ongoing design, development and implementation of the Optimum Q Process. He is Vice President of the Trust with respect to the Fund. Mr. Mahr received his A.B., Computer Science from Harvard College and his S.M., Computer Science from Harvard University. |
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R684
CUSIP 31421R809
CUSIP 31421R882
2012 ©Federated Investors, Inc.
Share Class | Ticker |
A | QASCX |
C | QCSCX |
Institutional | QISCX |
1 | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000®Index, which represents approximately 7% of the total market capitalization of the Russell 3000®Index. The index is unmanaged, and it is not possible to invest directly in an index. |
2 | The Russell 3000® Index offers investors access to the broad U.S. equity universe representing approximately 98% of the U.S. market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The index is unmanaged, and it is not possible to invest directly in an index. |
3 | The Russell Top 200® Index measures the performance of the 200 largest companies in the Russell 1000® Index and represents approximately 66% of the total market capitalization of the Russell 1000® Index. The index is unmanaged, and it is not possible to invest directly in an index. |
4 | The Russell Midcap® Index measures the performance of the 800 smallest companies in the Russell 1000® Index and represents approximately 27% of the total market capitalization of the Russell 1000® Index. The index is unmanaged, and it is not possible to invest directly in an index. |
5 | Small company stocks may be less liquid and subject to greater price volatility than large capitalization stocks. |
6 | The Russell 3000® Growth Index measures the performance of those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell 1000® Growth or the Russell 2000® Growth indexes. The index is unmanaged, and it is not possible to invest directly in an index. |
7 | The Russell 3000® Value Index measures the performance of those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The stocks in this index are also members of either the Russell 1000® Value or the Russell 2000® Value indexes. The index is unmanaged, and it is not possible to invest directly in an index. |
Share Class | 1 Year | 5 Years | Start of Performance* |
Class A Shares | -8.99% | -6.31% | -0.68% |
Class C Shares | -5.30% | -5.95% | -0.60% |
Institutional Shares | -3.30% | -5.04% | 0.36% |
* | The Fund's start of performance date was September 15, 2005. |
Federated MDT Small Cap Core Fund - Class A Shares | C000035058 | Russell 2000® Index |
9/15/2005 | 9,450 | 10,000 |
7/31/2006 | 10,499 | 10,633 |
7/31/2007 | 12,493 | 11,922 |
7/31/2008 | 10,234 | 11,122 |
7/31/2009 | 6,595 | 8,817 |
7/31/2010 | 7,567 | 10,442 |
7/31/2011 | 9,903 | 12,940 |
7/31/2012 | 9,542 | 12,964 |
■ | Total returns shown include the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). |
Federated MDT Small Cap Core Fund - Class C Shares | C000035059 | Russell 2000® Index |
9/15/2005 | 10,000 | 10,000 |
7/31/2006 | 11,050 | 10,633 |
7/31/2007 | 13,040 | 11,922 |
7/31/2008 | 10,606 | 11,122 |
7/31/2009 | 6,784 | 8,817 |
7/31/2010 | 7,729 | 10,442 |
7/31/2011 | 10,033 | 12,940 |
7/31/2012 | 9,598 | 12,964 |
■ | Total returns shown include the maximum contingent deferred sales charge of 1.00%, as applicable. |
Federated MDT Small Cap Core Fund - Institutional Shares | C000035060 | Russell 2000® Index |
9/15/2005 | 10,000 | 10,000 |
7/31/2006 | 11,140 | 10,633 |
7/31/2007 | 13,280 | 11,922 |
7/31/2008 | 10,900 | 11,122 |
7/31/2009 | 7,030 | 8,817 |
7/31/2010 | 8,090 | 10,442 |
7/31/2011 | 10,603 | 12,940 |
7/31/2012 | 10,253 | 12,964 |
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, a 1.00% contingent deferred sales charge would be applied on any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The Russell 2000® Index has been adjusted to reflect reinvestment of dividends on securities in the index. |
2 | The Fund is a successor to MDT Small Cap Core Fund pursuant to a reorganization that took place on December 8, 2006. Prior to that date, the Fund had no investment operations. Accordingly, the performance information shown for periods prior to that date is that of the MDT Small Cap Core Fund. |
3 | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 10% of the total market capitalization of the Russell 3000® Index. The index 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. It is not possible to invest directly in an index. |
Industry Composition | Percentage of Total Net Assets |
Regional Banks | 5.3% |
Financial Services | 4.5% |
Specialty Retailing | 4.0% |
Computer Services | 3.7% |
Paper Products | 2.4% |
Specialty Chemicals | 2.4% |
Miscellaneous Components | 2.3% |
Oil Service, Explore & Drill | 2.3% |
Miscellaneous Food Products | 2.1% |
Oil Refiner | 1.9% |
Airline - Regional | 1.8% |
Other Tobacco Products | 1.8% |
Auto Original Equipment Manufacturers | 1.7% |
Biotechnology | 1.7% |
Crude Oil & Gas Production | 1.7% |
Electrical Equipment | 1.7% |
Hotels and Motels | 1.7% |
Airline - National | 1.6% |
Apparel | 1.6% |
Professional Services | 1.6% |
Property Liability Insurance | 1.6% |
Diversified Leisure | 1.5% |
Personal Loans | 1.5% |
Software Packaged/Custom | 1.5% |
Auto Rentals | 1.4% |
Life Insurance | 1.4% |
Education & Training Services | 1.3% |
Printing | 1.3% |
Telecommunication Equipment & Services | 1.3% |
Generic Drugs | 1.2% |
Multi-Line Insurance | 1.2% |
Office Supplies | 1.2% |
Recreational Vehicles | 1.2% |
Rubber | 1.2% |
Semiconductor Manufacturing | 1.2% |
Clothing Stores | 1.1% |
Construction Machinery | 1.1% |
Industry Composition | Percentage of Total Net Assets |
Health Care | 1.1% |
Commodity Chemicals | 1.0% |
Computer Networking | 1.0% |
Defense Electronics | 1.0% |
Medical Supplies | 1.0% |
Metal Fabrication | 1.0% |
Recreational Goods | 1.0% |
Toys & Games | 1.0% |
Other2 | 20.3% |
Cash Equivalents3 | 1.8% |
Other Assets and Liabilities—Net4 | (0.2)% |
TOTAL | 100.0% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, industry classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | For purposes of this table, industry classifications which constitute less than 1.0% of the Fund's total net assets have been aggregated under the designation “Other.” |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS—98.4% | |||
Accident & Health Insurance—0.1% | |||
1,087 | 1 | Triple-S Management Corp., Class B | $19,805 |
Agricultural Machinery—0.2% | |||
534 | Lindsay Manufacturing Co. | 37,861 | |
Airline - National—1.6% | |||
19,427 | 1 | Jet Blue Airways Corp. | 107,043 |
13,570 | 1 | US Airways Group, Inc. | 155,512 |
TOTAL | 262,555 | ||
Airline - Regional—1.8% | |||
6,676 | 1 | Alaska Air Group, Inc. | 232,659 |
674 | 1 | Allegiant Travel Co. | 47,894 |
5,614 | 1 | Republic Airways Holdings, Inc. | 25,544 |
TOTAL | 306,097 | ||
Aluminum—0.2% | |||
554 | Kaiser Aluminum Corp. | 30,215 | |
1,454 | Noranda Aluminum, Inc. | 9,059 | |
TOTAL | 39,274 | ||
Apparel—1.6% | |||
5,237 | 1 | Express, Inc. | 84,316 |
1,249 | 1 | Iconix Brand Group, Inc. | 22,145 |
3,720 | 1 | Warnaco Group, Inc. | 158,695 |
TOTAL | 265,156 | ||
Auto Original Equipment Manufacturers—1.7% | |||
11,958 | Dana Holding Corp. | 157,606 | |
4,292 | 1 | Modine Manufacturing Co. | 28,799 |
3,454 | 1 | Tenneco Automotive, Inc. | 101,168 |
TOTAL | 287,573 | ||
Auto Rentals—1.4% | |||
2,502 | 1 | AMERCO | 233,687 |
Biotechnology—1.7% | |||
7,850 | 1 | Cambrex Corp. | 72,456 |
12,413 | PDL BioPharma, Inc. | 84,284 | |
2,179 | 1 | Questcor Pharmaceuticals, Inc. | 80,340 |
1,434 | 1 | Theravance, Inc. | 41,772 |
TOTAL | 278,852 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Broadcasting—0.5% | |||
2,504 | 1 | Fisher Communications, Inc. | $80,028 |
Building Materials—0.1% | |||
669 | Universal Forest Products, Inc. | 21,361 | |
Business Services—0.1% | |||
700 | 1 | Euronet Worldwide, Inc. | 12,796 |
Carpets—0.2% | |||
3,365 | Culp, Inc. | 33,650 | |
Cement—0.5% | |||
1,959 | Eagle Materials, Inc. | 68,075 | |
488 | Texas Industries, Inc. | 20,384 | |
TOTAL | 88,459 | ||
Clothing Stores—1.1% | |||
2,550 | 1 | Citi Trends, Inc. | 38,326 |
3,800 | Mens Wearhouse, Inc. | 103,550 | |
7,586 | 1 | New York & Co. | 34,516 |
TOTAL | 176,392 | ||
Commercial Services—0.0% | |||
377 | 1 | Darling International, Inc. | 6,228 |
Commodity Chemicals—1.0% | |||
2,494 | Innospec, Inc. | 77,613 | |
385 | Newmarket Corp. | 88,504 | |
TOTAL | 166,117 | ||
Computer Networking—1.0% | |||
1,951 | Black Box Corp. | 51,975 | |
9,449 | 1 | Cray, Inc. | 117,451 |
TOTAL | 169,426 | ||
Computer Peripherals—0.3% | |||
8,723 | 1 | Emulex Corp. | 56,438 |
Computer Services—3.7% | |||
4,359 | 1 | CACI International, Inc., Class A | 246,066 |
5,344 | 1 | Synnex Corp. | 180,787 |
778 | Syntel, Inc. | 45,225 | |
7,130 | 1 | Unisys Corp. | 138,536 |
TOTAL | 610,614 | ||
Computer Stores—0.6% | |||
8,469 | 1 | PC Connections, Inc. | 100,696 |
Construction Machinery—1.1% | |||
1,770 | NACCO Industries, Inc., Class A | 177,266 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Cosmetics & Toiletries—0.2% | |||
2,393 | 1 | Revlon, Inc. | $34,818 |
Crude Oil & Gas Production—1.7% | |||
4,955 | 1 | Energy Partners Ltd. | 83,740 |
6,185 | Energy XXI (Bermuda) Ltd. | 192,848 | |
TOTAL | 276,588 | ||
Defense Aerospace—0.5% | |||
3,068 | 1 | Hexcel Corp. | 71,454 |
265 | Triumph Group, Inc. | 16,570 | |
TOTAL | 88,024 | ||
Defense Electronics—1.0% | |||
10,275 | Miller Industries, Inc. | 168,716 | |
Diversified Leisure—1.5% | |||
5,494 | 1 | Carmike Cinemas, Inc. | 76,367 |
667 | 1 | Coinstar, Inc. | 31,676 |
5,032 | 1 | Isle of Capri Casinos, Inc. | 29,538 |
7,817 | 1 | Multimedia Games Holding Company, Inc. | 110,610 |
TOTAL | 248,191 | ||
Education & Training Services—1.3% | |||
5,336 | 1 | Bridgepoint Education, Inc. | 48,558 |
1,324 | 1 | Capella Education Co. | 35,112 |
9,085 | 1 | Corinthian Colleges, Inc. | 18,352 |
2,844 | 1 | ITT Educational Services, Inc. | 110,404 |
TOTAL | 212,426 | ||
Electric & Electronic Original Equipment Manufacturers—0.6% | |||
3,580 | 1 | General Cable Corp. | 93,545 |
Electrical Equipment—1.7% | |||
6,855 | 1 | EnerSys, Inc. | 234,098 |
1,128 | Robbins & Myers, Inc. | 51,708 | |
TOTAL | 285,806 | ||
Electronics Stores—0.2% | |||
2,255 | 1 | Rex Stores Corp. | 39,801 |
Ethical Drugs—0.4% | |||
2,572 | 1 | Auxilium Pharmaceutical, Inc. | 69,290 |
Financial Services—4.5% | |||
8,823 | Deluxe Corp. | 249,867 | |
2,917 | 1 | Encore Capital Group, Inc. | 81,676 |
4,664 | 1 | Global Cash Access LLC | 30,130 |
8,258 | MainSource Financial Group, Inc. | 96,454 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Financial Services—continued | |||
10,526 | Nelnet, Inc., Class A | $247,466 | |
455 | 1 | Portfolio Recovery Associates, Inc. | 38,529 |
TOTAL | 744,122 | ||
Food Wholesaling—0.3% | |||
1,552 | Nash Finch Co. | 29,736 | |
9,751 | SUPERVALU, Inc. | 24,085 | |
TOTAL | 53,821 | ||
Generic Drugs—1.2% | |||
4,151 | 1 | Hi-Tech Pharmacal Co., Inc. | 142,628 |
2,450 | 1 | Impax Laboratories, Inc. | 54,439 |
TOTAL | 197,067 | ||
Greeting Cards—0.6% | |||
7,686 | American Greetings Corp., Class A | 102,147 | |
Health Care—1.1% | |||
3,881 | 1 | USANA, Inc. | 174,567 |
Home Building—0.4% | |||
1,846 | M.D.C. Holdings, Inc. | 58,814 | |
Home Health Care—0.2% | |||
4,016 | 1 | Gentiva Health Services, Inc. | 26,747 |
Hospitals—0.5% | |||
7,891 | 1 | Select Medical Holdings Corp. | 84,039 |
Hotels and Motels—1.7% | |||
9,699 | Ameristar Casinos, Inc. | 163,622 | |
2,026 | Six Flags Entertainment Corp. | 116,718 | |
TOTAL | 280,340 | ||
Household Appliances—0.2% | |||
5,775 | 1 | hhgregg, Inc. | 39,732 |
Industrial Machinery—0.4% | |||
3,343 | Twin Disc, Inc. | 65,456 | |
Insurance Brokerage—0.4% | |||
1,513 | AmTrust Financial Services, Inc. | 45,072 | |
5,200 | Crawford & Co., Class B | 21,008 | |
TOTAL | 66,080 | ||
Internet Services—0.8% | |||
7,313 | 1 | Overstock.com, Inc. | 58,796 |
3,824 | 1 | Tree.com, Inc. | 49,406 |
6,969 | United Online, Inc. | 29,549 | |
TOTAL | 137,751 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Life Insurance—1.4% | |||
6,924 | American Equity Investment Life Holding Co. | $80,803 | |
2,989 | Primerica, Inc. | 81,809 | |
5,868 | Symetra Financial Corp. | 68,245 | |
TOTAL | 230,857 | ||
Machine Tools—0.3% | |||
2,328 | 1 | Hurco Co., Inc. | 47,491 |
Machined Parts Original Equipment Manufacturers—0.6% | |||
4,578 | Titan International, Inc. | 94,627 | |
Maritime—0.5% | |||
7,711 | Frontline Ltd. | 28,531 | |
1,363 | TAL International Group, Inc. | 46,546 | |
TOTAL | 75,077 | ||
Medical Supplies—1.0% | |||
2,798 | 1 | Align Technology, Inc. | 95,020 |
4,691 | Invacare Corp. | 66,096 | |
TOTAL | 161,116 | ||
Medical Technology—0.6% | |||
281 | 1 | Abaxis, Inc. | 10,029 |
3,466 | 1 | Cynosure, Inc., Class A | 86,789 |
TOTAL | 96,818 | ||
Metal Fabrication—1.0% | |||
2,058 | 1 | NN, Inc. | 18,522 |
6,985 | Worthington Industries, Inc. | 151,575 | |
TOTAL | 170,097 | ||
Miscellaneous Components—2.3% | |||
15,110 | 1 | Amkor Technology, Inc. | 80,536 |
7,180 | 1 | Pericom Semiconductor Corp. | 57,727 |
1,139 | Power Integrations, Inc. | 40,138 | |
10,147 | 1 | Qlogic Corp. | 117,097 |
8,349 | 1 | Vishay Intertechnology, Inc. | 82,405 |
TOTAL | 377,903 | ||
Miscellaneous Food Products—2.1% | |||
8,120 | Fresh Del Monte Produce, Inc. | 198,940 | |
4,058 | The Anderson's, Inc. | 154,082 | |
TOTAL | 353,022 | ||
Miscellaneous Machinery—0.5% | |||
1,586 | John Bean Technologies Corp. | 23,235 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Miscellaneous Machinery—continued | |||
5,734 | 1 | TMS International Corp. | $56,078 |
TOTAL | 79,313 | ||
Miscellaneous Metals—0.2% | |||
1,661 | Materion Corp | 32,605 | |
Money Center Bank—0.3% | |||
2,400 | MidWestOne Financial Group, Inc. | 51,072 | |
Multi-Industry Basic—0.3% | |||
2,276 | Olin Corp. | 46,066 | |
Multi-Industry Capital Goods—0.2% | |||
5 | 1 | DXP Enterprises, Inc. | 221 |
3,151 | 1 | Lydall, Inc. | 40,207 |
TOTAL | 40,428 | ||
Multi-Industry Transportation—0.9% | |||
6,147 | Brinks Co. (The) | 142,610 | |
Multi-Line Insurance—1.2% | |||
3,310 | Alterra Capital Holdings Ltd. | 77,024 | |
3,610 | FBL Financial Group, Inc., Class A | 111,730 | |
771 | Tower Group, Inc. | 14,371 | |
TOTAL | 203,125 | ||
Natural Gas Production—0.3% | |||
6,168 | 1 | VAALCO Energy, Inc. | 45,211 |
Office Supplies—1.2% | |||
9,163 | 1 | Acco Brands Corp. | 77,611 |
44 | Ennis Business Forms, Inc. | 631 | |
4,626 | United Stationers, Inc. | 116,621 | |
TOTAL | 194,863 | ||
Offshore Driller—0.1% | |||
3,142 | 1 | Newpark Resources, Inc. | 21,460 |
Oil Refiner—1.9% | |||
6,816 | Alon USA Energy, Inc. | 74,431 | |
9,973 | Western Refining, Inc. | 234,664 | |
TOTAL | 309,095 | ||
Oil Service, Explore & Drill—2.3% | |||
4,194 | 1 | C&J Energy Services, Inc. | 78,763 |
13,527 | 1 | Helix Energy Solutions Group, Inc. | 241,863 |
13,337 | 1 | Parker Drilling Co. | 61,750 |
TOTAL | 382,376 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Optical Reading Equipment—0.4% | |||
2,060 | 1 | ScanSource, Inc. | $59,472 |
Other Tobacco Products—1.8% | |||
1,590 | Schweitzer-Mauduit International, Inc. | 108,279 | |
4,263 | Universal Corp. | 194,137 | |
TOTAL | 302,416 | ||
Packaged Foods—0.6% | |||
8,178 | 1 | Dole Food Co., Inc. | 96,255 |
Paint & Related Materials—0.0% | |||
2,288 | 1 | Ferro Corp. | 7,024 |
Paper Products—2.4% | |||
17,407 | 1 | Boise, Inc. | 128,812 |
2,908 | Buckeye Technologies, Inc. | 87,589 | |
6,817 | Neenah Paper, Inc. | 183,104 | |
TOTAL | 399,505 | ||
Personal Loans—1.5% | |||
4,976 | Cash America International, Inc. | 190,680 | |
725 | 1 | World Acceptance Corp. | 51,671 |
TOTAL | 242,351 | ||
Personnel Agency—0.8% | |||
1,826 | Barrett Business Services, Inc. | 47,695 | |
7,535 | Kelly Services, Inc., Class A | 89,365 | |
TOTAL | 137,060 | ||
Plastic—0.6% | |||
4,664 | Schulman (A.), Inc. | 101,955 | |
Printed Circuit Boards—0.7% | |||
4,567 | 1 | Sanmina-SCI Corp. | 39,002 |
6,540 | 1 | TTM Technologies | 71,548 |
TOTAL | 110,550 | ||
Printing—1.3% | |||
1,417 | 1 | Consolidated Graphics, Inc. | 33,597 |
2,394 | Quad Graphics, Inc. | 36,844 | |
6,383 | 1 | Valassis Communications, Inc. | 143,936 |
TOTAL | 214,377 | ||
Professional Services—1.6% | |||
4,481 | Carriage Services, Inc. | 36,207 | |
3,970 | 1 | FTI Consulting, Inc. | 101,354 |
6,903 | Hillenbrand, Inc. | 119,353 | |
TOTAL | 256,914 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Property Liability Insurance—1.6% | |||
116 | 1 | American Safety Insurance Holdings, Ltd. | $2,071 |
5,930 | Meadowbrook Insurance Group, Inc. | 41,747 | |
1,374 | Platinum Underwriters Holdings Ltd. | 52,239 | |
1,854 | ProAssurance Corp. | 166,063 | |
TOTAL | 262,120 | ||
Recreational Goods—1.0% | |||
15,903 | 1 | Smith & Wesson Holding Corp. | 160,620 |
Recreational Vehicles—1.2% | |||
4,355 | 1 | Arctic Cat, Inc. | 191,620 |
Regional Banks—5.3% | |||
7,422 | 1 | Citizens Banking Corp. | 133,596 |
3,174 | Enterprise Financial Services Corp. | 39,834 | |
3,399 | Financial Institutions, Inc. | 58,463 | |
7,229 | 1 | First BanCorp | 27,326 |
11,071 | First Merchants Corp. | 157,540 | |
9,418 | 1 | Hanmi Financial Corp. | 103,127 |
3,206 | Heartland Financial USA, Inc. | 83,773 | |
4,104 | Peoples Bancorp, Inc. | 89,713 | |
3,270 | Republic Bancorp, Inc. | 77,205 | |
1,005 | Southside Bancshares, Inc. | 20,964 | |
12,745 | 1 | Wilshire Bancorp, Inc. | 80,803 |
TOTAL | 872,344 | ||
Restaurant—0.2% | |||
634 | 1 | Papa Johns International, Inc. | 32,340 |
Roofing & Wallboard—0.2% | |||
2,142 | 1 | USG Corp. | 34,786 |
Rubber—1.2% | |||
11,787 | Cooper Tire & Rubber Co. | 205,919 | |
Semiconductor Manufacturing—1.2% | |||
2,143 | 1 | Cirrus Logic, Inc. | 78,798 |
4,450 | 1 | Omnivision Technologies, Inc. | 62,389 |
5,751 | 1 | Spansion, Inc. | 58,948 |
TOTAL | 200,135 | ||
Semiconductor Manufacturing Equipment—0.7% | |||
7,153 | 1 | Mentor Graphics Corp. | 109,298 |
Shoes—0.3% | |||
3,507 | 1 | CROCs, Inc. | 53,832 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Silver Production—0.1% | |||
828 | 1 | Coeur d'Alene Mines Corp. | $13,505 |
Software Packaged/Custom—1.5% | |||
4,319 | 1 | CSG Systems International, Inc. | 76,144 |
4,868 | ManTech International Corp., Class A | 106,755 | |
1,662 | 1 | SS&C Technologies Holdings, Inc. | 40,387 |
2,170 | 1 | Websense, Inc. | 32,572 |
TOTAL | 255,858 | ||
Specialty Chemicals—2.4% | |||
14,176 | 1 | Chemtura Corp. | 191,660 |
2,409 | Koppers Holdings, Inc. | 79,352 | |
2,896 | 1 | LSB Industries, Inc. | 93,049 |
4,748 | 1 | Omnova Solutions, Inc. | 34,565 |
TOTAL | 398,626 | ||
Specialty Machinery—0.7% | |||
2,449 | Cascade Corp. | 115,372 | |
Specialty Retailing—4.0% | |||
2,020 | 1 | Asbury Automotive Group, Inc. | 52,843 |
4,807 | 1 | Conn's, Inc. | 85,805 |
1,421 | GNC Acquisition Holdings, Inc. | 54,751 | |
1,109 | 1 | Hibbett Sports, Inc. | 67,394 |
3,065 | Lithia Motors, Inc., Class A | 85,391 | |
1,217 | 1 | Lumber Liquidators, Inc. | 51,467 |
6,864 | 1 | MarineMax, Inc. | 51,068 |
3,820 | Natures Sunshine Products, Inc. | 59,057 | |
6,013 | Sonic Automotive, Inc. | 102,943 | |
814 | 1 | Vitamin Shoppe Industries, Inc. | 44,705 |
TOTAL | 655,424 | ||
Telecommunication Equipment & Services—1.3% | |||
3,381 | 1 | Anixter International, Inc. | 192,413 |
325 | 1 | Mastec, Inc. | 5,187 |
1,527 | 1 | Ubiquiti Networks, Inc. | 21,592 |
TOTAL | 219,192 | ||
Telephone Utility—0.7% | |||
4,613 | 1 | Hawaiian Telcom Holdco, Inc. | 83,034 |
21,665 | 1 | Vonage Holdings Corp. | 38,780 |
TOTAL | 121,814 | ||
Textiles Apparel & Luxury Goods—0.7% | |||
3,345 | R.G. Barry Corp. | 44,556 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Textiles Apparel & Luxury Goods—continued | |||
4,218 | The Jones Group, Inc. | $44,584 | |
2,412 | 1 | Unifi, Inc. | 26,725 |
TOTAL | 115,865 | ||
Toys & Games—1.0% | |||
14,140 | 1 | Leapfrog Enterprises, Inc. | 162,469 |
Water Utility—0.3% | |||
15,389 | Mueller Water Products, Inc. | 54,477 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $15,710,572) | 16,296,946 | ||
MUTUAL FUND—1.8% | |||
296,930 | 2,3 | Federated Prime Value Obligations Fund, Institutional Shares, 0.22% (AT NET ASSET VALUE) | 296,930 |
TOTAL INVESTMENTS—100.2% (IDENTIFIED COST $16,007,502)4 | 16,593,876 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.2)%5 | (35,455) | ||
TOTAL NET ASSETS—100% | $16,558,421 |
1 | Non-income producing security. |
2 | Affiliated holding. |
3 | 7-Day net yield. |
4 | The cost of investments for federal tax purposes amounts to $16,077,448. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Year Ended July 31 | 2012 | 2011 | 2010 | 2009 | 2008 |
Net Asset Value, Beginning of Period | $9.88 | $7.55 | $6.58 | $10.21 | $13.22 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.06)1 | (0.09)1 | (0.06)1 | (0.04)1 | (0.08)1 |
Net realized and unrealized gain (loss) on investments | (0.30) | 2.42 | 1.03 | (3.59) | (2.22) |
TOTAL FROM INVESTMENT OPERATIONS | (0.36) | 2.33 | 0.97 | (3.63) | (2.30) |
Less Distributions: | |||||
Distributions from net realized gain on investments | — | — | — | — | (0.71) |
Net Asset Value, End of Period | $9.52 | $9.88 | $7.55 | $6.58 | $10.21 |
Total Return2 | (3.64)% | 30.86% | 14.74% | (35.55)% | (18.09)% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.71% | 1.75% | 1.75% | 1.74% | 1.75% |
Net investment income (loss) | (0.65)% | (0.96)% | (0.77)% | (0.53)% | (0.68)% |
Expense waiver/reimbursement3 | 4.24% | 3.75% | 5.41% | 5.73% | 3.85% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $2,550 | $3,469 | $3,184 | $1,652 | $2,623 |
Portfolio turnover | 222% | 210% | 192% | 222% | 243% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2012 | 2011 | 2010 | 2009 | 2008 |
Net Asset Value, Beginning of Period | $9.45 | $7.28 | $6.39 | $9.99 | $13.04 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.12)1 | (0.15)1 | (0.11)1 | (0.08)1 | (0.16)1 |
Net realized and unrealized gain (loss) on investments | (0.29) | 2.32 | 1.00 | (3.52) | (2.18) |
TOTAL FROM INVESTMENT OPERATIONS | (0.41) | 2.17 | 0.89 | (3.60) | (2.34) |
Less Distributions: | |||||
Distributions from net realized gain on investments | — | — | — | — | (0.71) |
Net Asset Value, End of Period | $9.04 | $9.45 | $7.28 | $6.39 | $9.99 |
Total Return2 | (4.34)% | 29.81% | 13.93% | (36.04)% | (18.66)% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.46% | 2.50% | 2.50% | 2.49% | 2.46% |
Net investment income (loss) | (1.41)% | (1.70)% | (1.53)% | (1.29)% | (1.40)% |
Expense waiver/reimbursement3 | 4.24% | 3.78% | 5.13% | 5.61% | 3.90% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $2,358 | $2,978 | $3,258 | $1,366 | $2,759 |
Portfolio turnover | 222% | 210% | 192% | 222% | 243% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2012 | 2011 | 2010 | 2009 | 2008 |
Net Asset Value, Beginning of Period | $10.00 | $7.63 | $6.63 | $10.28 | $13.28 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.04)1 | (0.06)1 | (0.04)1 | (0.02)1 | (0.05)1 |
Net realized and unrealized gain (loss) on investments | (0.29) | 2.43 | 1.04 | (3.63) | (2.24) |
TOTAL FROM INVESTMENT OPERATIONS | (0.33) | 2.37 | 1.00 | (3.65) | (2.29) |
Less Distributions: | |||||
Distributions from net realized gain on investments | — | — | — | — | (0.71) |
Net Asset Value, End of Period | $9.67 | $10.00 | $7.63 | $6.63 | $10.28 |
Total Return2 | (3.30)% | 31.06% | 15.08% | (35.51)% | (17.92)% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.46% | 1.50% | 1.50% | 1.49% | 1.50% |
Net investment income (loss) | (0.44)% | (0.71)% | (0.52)% | (0.30)% | (0.43)% |
Expense waiver/reimbursement3 | 3.77% | 3.79% | 5.56% | 5.22% | 3.55% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $11,650 | $4,836 | $5,727 | $3,319 | $10,064 |
Portfolio turnover | 222% | 210% | 192% | 222% | 243% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Assets: | ||
Total investment in securities, at value including $296,930 of investment in an affiliated holding (Note 5) (identified cost $16,007,502) | $16,593,876 | |
Income receivable | 4,663 | |
Receivable for investments sold | 444,727 | |
Receivable for shares sold | 2,701 | |
TOTAL ASSETS | 17,045,967 | |
Liabilities: | ||
Payable for investments purchased | $423,807 | |
Payable for shares redeemed | 6,706 | |
Payable to adviser (Note 5) | 1,691 | |
Payable for auditing fees | 23,400 | |
Payable for portfolio accounting fees | 11,190 | |
Payable for distribution services fee (Note 5) | 1,520 | |
Payable for shareholder services fee (Note 5) | 2,267 | |
Accrued expenses | 16,965 | |
TOTAL LIABILITIES | 487,546 | |
Net assets for 1,733,818 shares outstanding | $16,558,421 | |
Net Assets Consist of: | ||
Paid-in capital | $27,819,949 | |
Net unrealized appreciation of investments | 586,374 | |
Accumulated net realized loss on investments | (11,791,462) | |
Accumulated net investment income (loss) | (56,440) | |
TOTAL NET ASSETS | $16,558,421 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($2,549,800 ÷ 267,805 shares outstanding), no par value, unlimited shares authorized | $9.52 | |
Offering price per share (100/94.50 of $9.52) | $10.07 | |
Redemption proceeds per share | $9.52 | |
Class C Shares: | ||
Net asset value per share ($2,358,253 ÷ 260,828 shares outstanding), no par value, unlimited shares authorized | $9.04 | |
Offering price per share | $9.04 | |
Redemption proceeds per share (99.00/100 of $9.04) | $8.95 | |
Institutional Shares: | ||
Net asset value per share ($11,650,368 ÷ 1,205,185 shares outstanding), no par value, unlimited shares authorized | $9.67 | |
Offering price per share | $9.67 | |
Redemption proceeds per share | $9.67 |
Investment Income: | |||
Dividends (including $358 received from an affiliated holding (Note 5) and net of foreign taxes withheld of $284) | $111,607 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $123,792 | ||
Administrative fee (Note 5) | 230,000 | ||
Custodian fees | 26,553 | ||
Transfer and dividend disbursing agent fees and expenses | 40,781 | ||
Directors'/Trustees' fees | 1,510 | ||
Auditing fees | 23,400 | ||
Legal fees | 6,663 | ||
Portfolio accounting fees | 67,876 | ||
Distribution services fee (Note 5) | 18,386 | ||
Shareholder services fee (Note 5) | 13,005 | ||
Share registration costs | 38,339 | ||
Printing and postage | 20,413 | ||
Insurance premiums | 3,856 | ||
Miscellaneous | 4,673 | ||
TOTAL EXPENSES | 619,247 | ||
Waivers and Reimbursements (Note 5): | |||
Waiver/reimbursement of investment adviser fee | $(123,792) | ||
Waiver of administrative fee | (44,892) | ||
Reimbursement of other operating expenses | (261,783) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | (430,467) | ||
Net expenses | 188,780 | ||
Net investment income (loss) | (77,173) | ||
Realized and Unrealized Loss on Investments: | |||
Net realized loss on investments | (9,436) | ||
Net change in unrealized appreciation of investments | (74,338) | ||
Net realized and unrealized loss on investments | (83,774) | ||
Change in net assets resulting from operations | $(160,947) |
Year Ended July 31 | 2012 | 2011 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(77,173) | $(125,344) |
Net realized gain (loss) on investments | (9,436) | 3,964,172 |
Net change in unrealized appreciation/depreciation of investments | (74,338) | (563,516) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (160,947) | 3,275,312 |
Share Transactions: | ||
Proceeds from sale of shares | 8,745,470 | 1,967,566 |
Cost of shares redeemed | (3,308,401) | (6,130,287) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 5,437,069 | (4,162,721) |
Change in net assets | 5,276,122 | (887,409) |
Net Assets: | ||
Beginning of period | 11,282,299 | 12,169,708 |
End of period (including accumulated net investment income (loss) of $(56,440) and $0, respectively) | $16,558,421 | $11,282,299 |
■ | 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 or options contracts; |
■ | With respect to price evaluations of fixed-income securities determined before the close of regular trading on the NYSE, actions by the Federal Reserve Open Market Committee and other significant trends in U.S. fixed-income markets; |
■ | 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. |
Year Ended July 31 | 2012 | 2011 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 37,994 | $344,850 | 94,156 | $934,802 |
Shares redeemed | (121,394) | (1,100,407) | (164,528) | (1,482,746) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (83,400) | $(755,557) | (70,372) | $(547,944) |
Year Ended July 31 | 2012 | 2011 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 9,770 | $85,422 | 34,730 | $323,061 |
Shares redeemed | (64,102) | (552,087) | (167,010) | (1,449,906) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (54,332) | $(466,665) | (132,280) | $(1,126,845) |
Year Ended July 31 | 2012 | 2011 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 898,001 | $8,315,198 | 70,439 | $709,703 |
Shares redeemed | (176,188) | (1,655,907) | (337,454) | (3,197,635) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 721,813 | $6,659,291 | (267,015) | $(2,487,932) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 584,081 | $5,437,069 | (469,667) | $(4,162,721) |
Increase (Decrease) | |
Paid-In Capital | Undistributed Net Investment Income (Loss) |
$(20,733) | $20,733 |
Net unrealized appreciation | $516,428 |
Capital loss carryforwards and deferrals | $(11,777,956) |
Expiration Year | Short-Term | Long-Term | Total |
2016 | $488,605 | N/A | $488,605 |
2017 | $6,139,530 | N/A | $6,139,530 |
2018 | $5,093,381 | N/A | $5,093,381 |
Administrative Fee | Average Aggregate Daily Net Assets of the Federated Funds |
0.150% | on the first $5 billion |
0.125% | on the next $5 billion |
0.100% | on the next $10 billion |
0.075% | on assets in excess of $20 billion |
Share Class Name | Percentage of Average Daily Net Assets of Class |
Class A Shares | 0.05% |
Class C Shares | 0.75% |
Distribution Services Fees Incurred | |
Class C Shares | $18,386 |
Service Fees Incurred | |
Class A Shares | $6,876 |
Class C Shares | 6,129 |
TOTAL | $13,005 |
Federated Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2011 | 116,597 |
Purchases/Additions | 3,570,494 |
Sales/Reductions | 3,390,161 |
Balance of Shares Held 7/31/2012 | 296,930 |
Value | $296,930 |
Dividend Income | $358 |
Purchases | $29,867,485 |
Sales | $24,639,296 |
September 24, 2012
Beginning Account Value 2/1/2012 | Ending Account Value 7/31/2012 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $988.60 | $8.41 |
Class C Shares | $1,000 | $984.70 | $12.09 |
Institutional Shares | $1,000 | $989.80 | $7.22 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,016.41 | $8.52 |
Class C Shares | $1,000 | $1,012.68 | $12.26 |
Institutional Shares | $1,000 | $1,017.60 | $7.32 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.70% |
Class C Shares | 2.45% |
Institutional Shares | 1.46% |
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: June 2006 | 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 2006 | 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 |
Nicholas P. Constantakis, CPA Birth Date: September 3, 1939 Trustee Began serving: June 2006 | Principal Occupation: Director or Trustee of the Federated Fund Family. Other Directorship Held: Director, Chairman of the Audit Committee, and member of the Compensation Committee, Michael Baker Corporation (architecture, engineering and construction services). Previous Position: Partner, Andersen Worldwide SC. Qualifications: Public accounting and director experience. |
John F. Cunningham Birth Date: March 5, 1943 Trustee Began serving: June 2006 | 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: Director, Redgate Communications and EMC Corporation (computer storage systems); Chairman of the Board and Chief Executive Officer, Computer Consoles, Inc.; President and Chief Operating Officer, Wang Laboratories; Director, First National Bank of Boston; Director, Apollo Computer, Inc. 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. Previous Position: Pennsylvania Superior Court Judge. Qualifications: Legal and director experience. |
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: June 2006 | 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: June 2006 | 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: June 2006 | 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 Secretary Began serving: May 2006 | 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 Began serving: May 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. |
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Began serving: June 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. |
Stephen F. Auth Birth Date: September 3, 1956 450 Lexington Avenue Suite 3700 New York, NY 10017-3943 CHIEF INVESTMENT OFFICER Began serving: June 2012 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of this Fund and various other Funds in the Federated Fund Complex; 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. |
Daniel Mahr Birth Date: April 9, 1981 125 High Street Oliver Tower 21st Floor Boston, MA 02110-2704 Vice President Began serving: June 2012 | Principal Occupations: Daniel Mahr has been the Fund's Portfolio Manager since August 2008. Mr. Mahr joined the MDT Advisers Investment Team in 2002. As Managing Director, Research, he is responsible for leading the Investment Team as it relates to the ongoing design, development and implementation of the Optimum Q Process. He is Vice President of the Trust with respect to the Fund. Mr. Mahr received his A.B., Computer Science from Harvard College and his S.M., Computer Science from Harvard University. |
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R791
CUSIP 31421R783
2012 ©Federated Investors, Inc.
Share Class | Ticker |
A | QASGX |
B | QBSGX |
C | QCSGX |
Institutional | QISGX |
1 | The Russell 2000 Growth® measures the performance of those Russell 2000® companies with higher price-to-book ratios and higher forecasted growth values. The index is unmanaged, and it is not possible to invest directly in an index. |
2 | The Russell 3000® Index offers investors access to the broad U.S. equity universe representing approximately 98% of the U.S. Market. The Russell 3000® is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is complete reconstituted annually to ensure that new and growing equities are reflected. The index is unmanaged, and it is not possible to invest directly in an index. |
3 | The Russell Top 200® Index measures the performance of the 200 largest companies in the Russell 1000® Index and represents approximately 66% of the total market capitalization of the Russell 1000® Index. The index is unmanaged, and it is not possible to invest directly in an index. |
4 | The Russell Midcap® Index measures the performance of the 800 smallest companies in the Russell 1000® Index and represents approximately 27% of the total market capitalization of the Russell 1000® Index. The index is unmanaged, and it is not possible to invest directly in an index. |
5 | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index and represents approximately 7% of the total market capitalization of the Russell 3000® Index. The index is unmanaged, and it is not possible to invest directly in an index. |
6 | Small company stocks may be less liquid and subject to greater price volatility than large capitalization stocks. |
7 | The Russell 3000 Growth® Index measures the performance of those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell 1000 Growth® or the Russell 2000 Growth® indexes. The index is unmanaged, and it is not possible to invest directly in an index. |
8 | The Russell 3000 Value® Index measures the performance of those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The stocks in this index are also members of either the Russell 1000 Value® or the Russell 2000 Value® indexes. The index is unmanaged, and it is not possible to invest directly in an index. |
Share Class | 1 Year | 5 Years | Start of Performance* |
Class A Shares | -7.01% | -2.63% | 1.84% |
Class B Shares | -7.72% | -2.67% | 1.91% |
Class C Shares | -3.30% | -2.26% | 1.91% |
Institutional Shares | -1.38% | -1.29% | 2.94% |
* | The Fund's start of performance date was September 15, 2005. |
Federated MDT Small Cap Growth Fund - Class A Shares | C000035061 | Russell 2000 Growth® |
9/15/2005 | 9,450 | 10,000 |
7/31/2006 | 10,009 | 10,280 |
7/31/2007 | 12,240 | 12,011 |
7/31/2008 | 10,992 | 11,559 |
7/31/2009 | 7,458 | 9,148 |
7/31/2010 | 8,303 | 10,677 |
7/31/2011 | 11,514 | 13,807 |
7/31/2012 | 11,332 | 13,737 |
■ | Total returns shown include the maximum sales charge of the 5.50% ($10,000 investment minus $550 sales charge = $9,450). |
Federated MDT Small Cap Growth Fund - Class B Shares | C000058510 | Russell 2000 Growth® |
9/15/2005 | 10,000 | 10,000 |
7/31/2006 | 10,518 | 10,280 |
7/31/2007 | 12,780 | 12,011 |
7/31/2008 | 11,383 | 11,559 |
7/31/2009 | 7,657 | 9,148 |
7/31/2010 | 8,481 | 10,677 |
7/31/2011 | 11,667 | 13,807 |
7/31/2012 | 11,393 | 13,737 |
■ | Total returns shown include the maximum contingent deferred sales charge of 5.50%, as applicable. |
Federated MDT Small Cap Growth Fund - Class C Shares | C000035062 | Russell 2000 Growth® |
9/15/2005 | 10,000 | 10,000 |
7/31/2006 | 10,520 | 10,280 |
7/31/2007 | 12,770 | 12,011 |
7/31/2008 | 11,379 | 11,559 |
7/31/2009 | 7,660 | 9,148 |
7/31/2010 | 8,474 | 10,677 |
7/31/2011 | 11,661 | 13,807 |
7/31/2012 | 11,389 | 13,737 |
■ | Total returns shown include the maximum contingent deferred sales charge of 1.00%, as applicable. |
Federated MDT Small Cap Growth Fund - Institutional Shares | C000035063 | Russell 2000 Growth® |
9/15/2005 | 10,000 | 10,000 |
7/31/2006 | 10,610 | 10,280 |
7/31/2007 | 13,020 | 12,011 |
7/31/2008 | 11,720 | 11,559 |
7/31/2009 | 7,970 | 9,148 |
7/31/2010 | 8,895 | 10,677 |
7/31/2011 | 12,373 | 13,807 |
7/31/2012 | 12,202 | 13,737 |
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 charges = $9,450); for Class B Shares, the maximum contingent deferred sales charge is 5.50% on any redemption less than one year from the purchase date; for Class C Shares, a 1.00% contingent deferred sales charge would be applied to any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The Russell 2000 Growth® has been adjusted to reflect reinvestment of dividends on securities in the index. |
2 | The Fund is the successor to the MDT Small Cap Growth Fund pursuant to a reorganization that took place on December 8, 2006. Prior to that date, the Fund had no investments operations. Accordingly, the performance information shown for periods prior to that date is that of the MDT Small Cap Growth Fund. |
3 | The Russell 2000 Growth® measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000® Growth is not adjusted to reflect sales charges, expenses or other fees that the Securities 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. |
Industry Composition | Percentage of Total Net Assets |
Apparel | 7.7% |
Specialty Retailing | 6.0% |
Specialty Chemicals | 4.1% |
Software Packaged/Custom | 3.9% |
Services to Medical Professionals | 3.2% |
Clothing Stores | 3.0% |
Medical Supplies | 2.9% |
Grocery Chain | 2.7% |
Auto Original Equipment Manufacturers | 2.6% |
Cosmetics & Toiletries | 2.6% |
Crude Oil & Gas Production | 2.5% |
Home Products | 2.5% |
Telecommunication Equipment & Services | 2.4% |
Restaurants | 2.3% |
Auto Rentals | 2.0% |
Multi-Industry Capital Goods | 2.0% |
Personal & Household | 1.9% |
Semiconductor Manufacturing Equipment | 1.9% |
Computer Services | 1.8% |
Metal Fabrication | 1.8% |
Generic Drugs | 1.7% |
Mail Order | 1.6% |
Packaged Foods | 1.6% |
Diversified Leisure | 1.5% |
Office Furniture | 1.5% |
Shoes | 1.5% |
Building Materials | 1.4% |
Biotechnology | 1.2% |
Education & Training Services | 1.2% |
Machined Parts Original Equipment Manufacturers | 1.2% |
Oil Refiner | 1.2% |
Electrical Equipment | 1.1% |
Industrial Machinery | 1.1% |
Medical Technology | 1.1% |
Semiconductor Manufacturing | 1.1% |
Home Health Care | 1.0% |
Recreational Vehicles | 1.0% |
Industry Composition | Percentage of Total Net Assets |
Other2 | 16.5% |
Cash Equivalents3 | 1.5% |
Other Assets and Liabilities—Net4 | 0.2% |
TOTAL | 100.0% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, industry classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | For purposes of this table, industry classifications which constitute less than 1.0% of the Fund's total net assets have been aggregated under the designation “Other.” |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS—98.3% | |||
Airline - Regional—0.3% | |||
4,833 | 1 | Alaska Air Group, Inc. | $168,430 |
Apparel—7.7% | |||
34,693 | 1 | Ann Inc. | 939,486 |
16,558 | 1 | Carter's, Inc. | 838,994 |
9,405 | Columbia Sportswear Co. | 475,799 | |
23,053 | 1 | Express, Inc. | 371,153 |
5,307 | 1 | Maidenform Brands, Inc. | 111,871 |
4,132 | Oxford Industries, Inc. | 178,668 | |
8,566 | True Religion Apparel, Inc. | 224,772 | |
22,559 | 1 | Warnaco Group, Inc. | 962,367 |
3,517 | 1 | Zumiez Inc. | 127,773 |
TOTAL | 4,230,883 | ||
Auto Dealership—0.1% | |||
1,316 | Group 1 Automotive, Inc. | 70,735 | |
Auto Original Equipment Manufacturers—2.6% | |||
44,641 | Dana Holding Corp. | 588,369 | |
13,665 | 1 | Meritor, Inc. | 63,952 |
26,173 | 1 | Tenneco Automotive, Inc. | 766,607 |
TOTAL | 1,418,928 | ||
Auto Rentals—2.0% | |||
527 | 1 | AMERCO | 49,222 |
14,216 | 1 | Dollar Thrifty Automotive Group | 1,057,670 |
TOTAL | 1,106,892 | ||
Baking—0.2% | |||
3,523 | Snyders-Lance, Inc. | 82,544 | |
Biotechnology—1.2% | |||
5,456 | 1 | Incyte Genomics, Inc. | 136,345 |
14,587 | 1 | Questcor Pharmaceuticals, Inc. | 537,823 |
TOTAL | 674,168 | ||
Building Materials—1.4% | |||
11,489 | Watsco, Inc. | 780,563 | |
Carpets—0.2% | |||
7,821 | Interface, Inc. | 103,706 | |
Cement—0.4% | |||
5,730 | Eagle Materials, Inc. | 199,117 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Clothing Stores—3.0% | |||
26,887 | 1 | Aeropostale, Inc. | $530,211 |
5,235 | Cato Corp., Class A | 146,580 | |
5,438 | 1 | Children's Place Retail Stores, Inc. | 276,250 |
11,022 | 1 | Jos A. Bank Clothiers, Inc. | 465,790 |
8,262 | 1 | Rue21, Inc. | 203,576 |
TOTAL | 1,622,407 | ||
Commodity Chemicals—0.9% | |||
4,461 | Georgia Gulf Corp. | 146,231 | |
1,534 | Newmarket Corp. | 352,636 | |
TOTAL | 498,867 | ||
Computer Peripherals—0.1% | |||
10,234 | 1 | Silicon Graphics, Inc. | 68,056 |
Computer Services—1.8% | |||
12,755 | Fair Isaac & Co., Inc. | 552,164 | |
2,023 | Syntel, Inc. | 117,597 | |
14,941 | 1 | Unisys Corp. | 290,304 |
TOTAL | 960,065 | ||
Computer Stores—0.2% | |||
6,322 | 1 | Insight Enterprises, Inc. | 105,957 |
Construction Machinery—0.4% | |||
2,265 | NACCO Industries, Inc., Class A | 226,840 | |
Consumer Goods—0.9% | |||
13,022 | Pool Corp. | 479,991 | |
Consumer Services—0.3% | |||
8,819 | Hillenbrand, Inc. | 152,481 | |
Cosmetics & Toiletries—2.6% | |||
5,381 | 1 | Elizabeth Arden, Inc. | 209,913 |
16,427 | 1 | Revlon, Inc. | 239,013 |
36,734 | 1 | Sally Beauty Holdings, Inc. | 970,512 |
TOTAL | 1,419,438 | ||
Crude Oil & Gas Production—2.5% | |||
17,285 | Energy XXI (Bermuda) Ltd. | 538,946 | |
18,044 | 1 | Stone Energy Corp. | 473,836 |
19,484 | W&T Offshore, Inc. | 360,259 | |
TOTAL | 1,373,041 | ||
Defense Aerospace—0.9% | |||
7,771 | 1 | Hexcel Corp. | 180,986 |
5,600 | Kaman Corp., Class A | 182,448 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Defense Aerospace—continued | |||
7,896 | 1 | Orbital Sciences Corp. | $103,438 |
TOTAL | 466,872 | ||
Department Stores—0.5% | |||
27,056 | 1 | Saks, Inc. | 282,194 |
Diversified Leisure—1.5% | |||
16,879 | 1 | Coinstar, Inc. | 801,584 |
Education & Training Services—1.2% | |||
10,886 | 1 | Bridgepoint Education, Inc. | 99,063 |
5,528 | 1 | Capella Education Co. | 146,602 |
7,507 | 1 | Grand Canyon Education, Inc. | 124,916 |
3,577 | Strayer Education, Inc. | 259,905 | |
TOTAL | 630,486 | ||
Electrical Equipment—1.1% | |||
14,770 | Belden, Inc. | 474,560 | |
6,330 | 1 | Rofin-Sinar Technologies, Inc. | 114,763 |
TOTAL | 589,323 | ||
Electronic Instruments—0.2% | |||
4,989 | 1 | iRobot Corp. | 113,550 |
Electronic Test/Measuring Equipment—0.5% | |||
6,434 | MTS Systems Corp. | 279,686 | |
Financial Services—0.8% | |||
12,068 | Deluxe Corp. | 341,766 | |
3,993 | 1 | Encore Capital Group, Inc. | 111,804 |
TOTAL | 453,570 | ||
Furniture—0.7% | |||
5,283 | Ethan Allen Interiors, Inc. | 108,988 | |
9,990 | 1 | Select Comfort Corp. | 259,840 |
TOTAL | 368,828 | ||
Generic Drugs—1.7% | |||
28,984 | Medicis Pharmaceutical Corp., Class A | 954,153 | |
Grocery Chain—2.7% | |||
13,050 | Casey's General Stores, Inc. | 775,562 | |
17,427 | Harris Teeter Supermarkets Inc. | 720,432 | |
TOTAL | 1,495,994 | ||
Home Health Care—1.0% | |||
8,483 | 1 | Wellcare Health Plans, Inc. | 549,868 |
Home Products—2.5% | |||
10,762 | 1 | Spectrum Brands Holdings, Inc. | 396,364 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Home Products—continued | |||
18,249 | Tupperware Brands Corp. | $956,613 | |
TOTAL | 1,352,977 | ||
Hotels and Motels—0.7% | |||
5,848 | Ameristar Casinos, Inc. | 98,656 | |
4,640 | Six Flags Entertainment Corp. | 267,310 | |
TOTAL | 365,966 | ||
Industrial Machinery—1.1% | |||
8,614 | Actuant Corp. | 245,155 | |
4,145 | Tennant Co. | 172,722 | |
5,813 | Watts Industries, Inc., Class A | 195,549 | |
TOTAL | 613,426 | ||
Internet Services—0.3% | |||
6,561 | 1 | Travelzoo, Inc. | 141,783 |
Machined Parts Original Equipment Manufacturers—1.2% | |||
15,278 | Applied Industrial Technologies, Inc. | 567,730 | |
3,047 | Titan International, Inc. | 62,982 | |
TOTAL | 630,712 | ||
Mail Order—1.6% | |||
20,670 | HSN, Inc. | 875,581 | |
Medical Supplies—2.9% | |||
6,445 | 1 | Align Technology, Inc. | 218,872 |
2,960 | 1 | Orthofix International NV | 121,390 |
24,300 | Owens & Minor, Inc. | 685,503 | |
19,577 | Steris Corp. | 589,855 | |
TOTAL | 1,615,620 | ||
Medical Technology—1.1% | |||
6,876 | 1 | Arthrocare Corp. | 203,392 |
7,941 | 1 | Integra Lifesciences Corp. | 305,411 |
5,351 | 1 | MedAssets, Inc. | 70,580 |
TOTAL | 579,383 | ||
Metal Fabrication—1.8% | |||
12,002 | Barnes Group, Inc. | 286,368 | |
33,538 | Worthington Industries, Inc. | 727,774 | |
TOTAL | 1,014,142 | ||
Miscellaneous Communications—0.2% | |||
17,232 | 1 | Leap Wireless International, Inc. | 97,878 |
Miscellaneous Components—0.5% | |||
12,410 | 1 | TriMas Corp. | 269,793 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Miscellaneous Metals—0.5% | |||
1,543 | AMCOL International Corp. | $47,370 | |
1,298 | Materion Corp | 25,480 | |
6,365 | Matthews International Corp., Class A | 184,585 | |
TOTAL | 257,435 | ||
Multi-Industry Basic—0.1% | |||
3,814 | Olin Corp. | 77,195 | |
Multi-Industry Capital Goods—2.0% | |||
19,314 | Acuity Brands, Inc. | 1,119,053 | |
Multi-Industry Transportation—0.8% | |||
15,589 | Brinks Co. (The) | 361,665 | |
3,054 | 1 | Hub Group, Inc. | 90,856 |
TOTAL | 452,521 | ||
Office Furniture—1.5% | |||
11,040 | HNI Corp. | 293,333 | |
23,535 | Knoll, Inc. | 322,194 | |
11,835 | Miller Herman, Inc. | 216,580 | |
TOTAL | 832,107 | ||
Office Supplies—0.5% | |||
11,631 | United Stationers, Inc. | 293,218 | |
Oil Refiner—1.2% | |||
28,650 | Western Refining, Inc. | 674,134 | |
Oil Service, Explore & Drill—0.4% | |||
12,820 | 1 | C&J Energy Services, Inc. | 240,760 |
Other Communications Equipment—0.3% | |||
4,702 | 1 | Netgear, Inc. | 162,830 |
Packaged Foods—1.6% | |||
16,579 | 1 | United Natural Foods, Inc. | 900,240 |
Paint & Related Materials—0.0% | |||
7,299 | 1 | Ferro Corp. | 22,408 |
Personal & Household—1.9% | |||
20,100 | Nu Skin Enterprises, Inc., Class A | 1,025,301 | |
Personal Loans—0.5% | |||
3,589 | Cash America International, Inc. | 137,530 | |
6,211 | 1 | Ezcorp, Inc., Class A | 139,748 |
TOTAL | 277,278 | ||
Personnel Agency—0.2% | |||
6,592 | 1 | TrueBlue, Inc. | 100,330 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Photo-Optical Component-Equipment—0.3% | |||
2,997 | 1 | Coherent, Inc. | $146,344 |
Plastic—0.2% | |||
8,421 | Polyone Corp. | 124,041 | |
Printing—0.9% | |||
3,401 | 1 | Consolidated Graphics, Inc. | 80,638 |
18,280 | 1 | Valassis Communications, Inc. | 412,214 |
TOTAL | 492,852 | ||
Recreational Goods—0.6% | |||
6,918 | Sturm Ruger & Co., Inc. | 341,957 | |
Recreational Vehicles—1.0% | |||
24,782 | Brunswick Corp. | 544,956 | |
Restaurants—2.3% | |||
5,605 | CEC Entertainment, Inc. | 193,148 | |
8,876 | Cracker Barrel Old Country Store, Inc. | 556,170 | |
7,459 | 1 | DineEquity Inc. | 397,565 |
4,316 | 1 | Red Robin Gourmet Burgers | 128,833 |
TOTAL | 1,275,716 | ||
Roofing & Wallboard—0.5% | |||
6,847 | 1 | Beacon Roofing Supply, Inc. | 181,514 |
7,380 | 1 | USG Corp. | 119,851 |
TOTAL | 301,365 | ||
Rubber—0.5% | |||
14,191 | Cooper Tire & Rubber Co. | 247,917 | |
Semiconductor Manufacturing—1.1% | |||
10,023 | 1 | Cirrus Logic, Inc. | 368,546 |
13,070 | 1 | Omnivision Technologies, Inc. | 183,242 |
13,710 | 1 | Triquint Semiconductor, Inc. | 77,324 |
TOTAL | 629,112 | ||
Semiconductor Manufacturing Equipment—1.9% | |||
18,799 | Brooks Automation, Inc. | 174,079 | |
8,517 | 1 | Mentor Graphics Corp. | 130,140 |
19,893 | 1 | Veeco Instruments, Inc. | 710,379 |
TOTAL | 1,014,598 | ||
Services to Medical Professionals—3.2% | |||
18,817 | 1 | Centene Corp. | 715,799 |
17,033 | 1 | Molina Healthcare, Inc. | 415,776 |
19,379 | 1 | PSS World Medical, Inc. | 404,827 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Services to Medical Professionals—continued | |||
8,480 | 1 | Team Health Holdings, Inc. | $226,416 |
TOTAL | 1,762,818 | ||
Shoes—1.5% | |||
42,221 | 1 | CROCs, Inc. | 648,092 |
2,377 | 1 | Genesco, Inc. | 157,405 |
TOTAL | 805,497 | ||
Silver Production—0.5% | |||
15,620 | 1 | Coeur d'Alene Mines Corp. | 254,762 |
Software Packaged/Custom—3.9% | |||
6,396 | 1 | Acxiom Corp. | 107,261 |
4,479 | 1 | MicroStrategy, Inc., Class A | 521,624 |
32,107 | 1 | Parametric Technology Corp. | 691,585 |
18,630 | 1 | Progress Software Corp. | 362,167 |
6,597 | 1 | Verint Systems, Inc. | 184,122 |
18,482 | 1 | Websense, Inc. | 277,415 |
TOTAL | 2,144,174 | ||
Specialty Chemicals—4.1% | |||
4,033 | Chemed Corp. | 253,151 | |
15,934 | 1 | Chemtura Corp. | 215,428 |
9,625 | 1 | Kraton Performance Polymers, Inc. | 225,417 |
13,220 | 1 | LSB Industries, Inc. | 424,759 |
1,638 | Quaker Chemical Corp. | 72,514 | |
22,339 | Rockwood Holdings, Inc. | 987,831 | |
1,883 | 1 | TPC Group, Inc. | 72,496 |
TOTAL | 2,251,596 | ||
Specialty Retailing—6.0% | |||
2,114 | Aaron's, Inc. | 62,004 | |
61,584 | 1 | Ascena Retail Group, Inc. | 1,129,450 |
3,737 | 1 | Cabela's, Inc., Class A | 171,678 |
10,402 | Finish Line, Inc., Class A | 217,194 | |
13,960 | GNC Acquisition Holdings Inc. | 537,879 | |
3,110 | 1 | Hibbett Sports Inc. | 188,995 |
3,445 | 1 | Kirkland's, Inc. | 37,240 |
5,851 | 1 | Lumber Liquidators, Inc. | 247,439 |
22,119 | Penske Automotive Group, Inc. | 528,644 | |
6,823 | 1 | Vera Bradley, Inc. | 155,496 |
TOTAL | 3,276,019 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Surveillance-Detection—0.4% | |||
6,593 | Mine Safety Appliances Co. | $226,272 | |
Telecommunication Equipment & Services—2.4% | |||
16,231 | 1 | Anixter International, Inc. | 923,706 |
24,043 | 1 | CIENA Corp. | 385,409 |
TOTAL | 1,309,115 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $50,017,803) | 53,870,399 | ||
MUTUAL FUND—1.5% | |||
839,624 | 2,3 | Federated Prime Value Obligations Fund, Institutional Shares, 0.22% (AT NET ASSET VALUE) | 839,624 |
TOTAL INVESTMENTS—99.8% (IDENTIFIED COST $50,857,427)4 | 54,710,023 | ||
OTHER ASSETS AND LIABILITIES - NET—0.2%5 | 104,807 | ||
TOTAL NET ASSETS—100% | $54,814,830 |
1 | Non-income producing security. |
2 | Affiliated holding. |
3 | 7-Day net yield. |
4 | The cost for federal tax purposes amounts to $50,949,055. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Year Ended July 31 | 2012 | 2011 | 2010 | 2009 | 2008 |
Net Asset Value, Beginning of Period | $12.12 | $8.74 | $7.85 | $11.57 | $12.95 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.09)1 | (0.13)1 | (0.10)1 | (0.08)1 | (0.14)1 |
Net realized and unrealized gain (loss) on investments and foreign currency transactions | (0.10) | 3.51 | 0.99 | (3.64) | (1.17) |
TOTAL FROM INVESTMENT OPERATIONS | (0.19) | 3.38 | 0.89 | (3.72) | (1.31) |
Less Distributions: | |||||
Distributions from net realized gain on investments | — | — | — | — | (0.07) |
Regulatory Settlement Proceeds | — | — | — | 0.002 | — |
Net Asset Value, End of Period | $11.93 | $12.12 | $8.74 | $7.85 | $11.57 |
Total Return3 | (1.57)% | 38.67% | 11.34% | (32.15)%4 | (10.20)% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
Net investment income (loss) | (0.79)% | (1.18)% | (1.17)% | (1.04)% | (1.20)% |
Expense waiver/reimbursement5 | 1.04% | 1.14% | 1.22% | 1.02% | 1.05% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $22,718 | $25,634 | $19,822 | $21,682 | $31,874 |
Portfolio turnover | 69% | 154% | 142% | 244% | 212% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
4 | During the period, the Fund received a regulatory settlement from an unaffiliated third party, which had an impact of 0.09% on the total return. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31, | Period Ended 7/31/20081 | ||||
2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $11.90 | $8.65 | $7.81 | $11.61 | $11.26 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.17)2 | (0.21)2 | (0.16)2 | (0.14)2 | (0.09)2 |
Net realized and unrealized gain (loss) on investments and foreign currency transactions | (0.11) | 3.46 | 1.00 | (3.66) | 0.44 |
TOTAL FROM INVESTMENT OPERATIONS | (0.28) | 3.25 | 0.84 | (3.80) | 0.35 |
Regulatory Settlement Proceeds | — | — | — | 0.003 | — |
Net Asset Value, End of Period | $11.62 | $11.90 | $8.65 | $7.81 | $11.61 |
Total Return4 | (2.35)% | 37.57% | 10.76% | (32.73)% | 3.11% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.50% | 2.50% | 2.50% | 2.50% | 2.50%5 |
Net investment income (loss) | (1.55)% | (1.93)% | (1.92)% | (1.75)% | (1.96)%5 |
Expense waiver/reimbursement6 | 1.06% | 1.15% | 1.22% | 1.02% | 1.05%5 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $1,640 | $2,541 | $2,350 | $3,088 | $9,811 |
Portfolio turnover | 69% | 154% | 142% | 244% | 212%7 |
1 | Reflects operations for the period from March 18, 2008 (date of initial investment) to July 31, 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 | Computed on an annualized basis. |
6 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
7 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended July 31, 2008. |
Year Ended July 31 | 2012 | 2011 | 2010 | 2009 | 2008 |
Net Asset Value, Beginning of Period | $11.60 | $8.43 | $7.62 | $11.32 | $12.77 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.17)1 | (0.21)1 | (0.16)1 | (0.14)1 | (0.22)1 |
Net realized and unrealized gain (loss) on investments and foreign currency transactions | (0.10) | 3.38 | 0.97 | (3.56) | (1.16) |
TOTAL FROM INVESTMENT OPERATIONS | (0.27) | 3.17 | 0.81 | (3.70) | (1.38) |
Less Distributions: | |||||
Distributions from net realized gain on investments | — | — | — | — | (0.07) |
Regulatory Settlement Proceeds | — | — | — | 0.002 | — |
Net Asset Value, End of Period | $11.33 | $11.60 | $8.43 | $7.62 | $11.32 |
Total Return3 | (2.33)% | 37.60% | 10.63% | (32.69)% | (10.89)% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.50% | 2.50% | 2.49% | 2.50% | 2.47% |
Net investment income (loss) | (1.54)% | (1.94)% | (1.91)% | (1.79)% | (1.93)% |
Expense waiver/reimbursement4 | 1.04% | 1.13% | 1.22% | 1.02% | 1.07% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $4,223 | $4,663 | $2,795 | $4,069 | $6,450 |
Portfolio turnover | 69% | 154% | 142% | 244% | 212% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2012 | 2011 | 2010 | 2009 | 2008 |
Net Asset Value, Beginning of Period | $12.31 | $8.85 | $7.93 | $11.66 | $13.02 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.06)1 | (0.10)1 | (0.08)1 | (0.06)1 | (0.11)1 |
Net realized and unrealized gain (loss) on investments and foreign currency transactions | (0.11) | 3.56 | 1.00 | (3.67) | (1.18) |
TOTAL FROM INVESTMENT OPERATIONS | (0.17) | 3.46 | 0.92 | (3.73) | (1.29) |
Less Distributions: | |||||
Distributions from net realized gain on investments | — | — | — | — | (0.07) |
Regulatory Settlement Proceeds | — | — | — | 0.002 | — |
Net Asset Value, End of Period | $12.14 | $12.31 | $8.85 | $7.93 | $11.66 |
Total Return3 | (1.38)% | 39.10% | 11.60% | (31.99)% | (9.99)% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Net investment income (loss) | (0.54)% | (0.92)% | (0.92)% | (0.80)% | (0.91)% |
Expense waiver/reimbursement4 | 1.05% | 1.15% | 1.22% | 1.02% | 1.09% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $26,233 | $29,395 | $27,039 | $39,246 | $62,209 |
Portfolio turnover | 69% | 154% | 142% | 244% | 212% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Assets: | ||
Total investment in securities, at value including $839,624 of investment in an affiliated holding (Note 5) (identified cost $50,857,427) | $54,710,023 | |
Cash | 200 | |
Income receivable | 12,638 | |
Receivable for investments sold | 454,767 | |
Receivable for shares sold | 99,339 | |
TOTAL ASSETS | 55,276,967 | |
Liabilities: | ||
Payable for investments purchased | $186,596 | |
Payable for shares redeemed | 164,719 | |
Payable for transfer and dividend disbursing agent fees and expenses | 43,313 | |
Payable for Directors'/Trustees' fees | 283 | |
Payable for auditing fees | 23,400 | |
Payable for portfolio accounting fees | 13,156 | |
Payable for distribution services fee (Note 5) | 3,772 | |
Payable for shareholder services fee (Note 5) | 14,497 | |
Accrued expenses | 12,401 | |
TOTAL LIABILITIES | 462,137 | |
Net assets for 4,578,972 shares outstanding | $54,814,830 | |
Net Assets Consist of: | ||
Paid-in capital | $75,155,496 | |
Net unrealized appreciation of investments | 3,852,596 | |
Accumulated net realized loss on investments and foreign currency transactions | (23,938,900) | |
Accumulated net investment income (loss) | (254,362) | |
TOTAL NET ASSETS | $54,814,830 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($22,718,242 ÷ 1,904,217 shares outstanding), no par value, unlimited shares authorized | $11.93 | |
Offering price per share (100/94.50 of $11.93) | $12.62 | |
Redemption proceeds per share | $11.93 | |
Class B Shares: | ||
Net asset value per share ($1,640,369 ÷ 141,187 shares outstanding), no par value, unlimited shares authorized | $11.62 | |
Offering price per share | $11.62 | |
Redemption proceeds per share (94.50/100 of $11.62) | $10.98 | |
Class C Shares: | ||
Net asset value per share ($4,222,923 ÷ 372,774 shares outstanding), no par value, unlimited shares authorized | $11.33 | |
Offering price per share | $11.33 | |
Redemption proceeds per share (99.00/100 of $11.33) | $11.22 | |
Institutional Shares: | ||
Net asset value per share ($26,233,296 ÷ 2,160,794 shares outstanding), no par value, unlimited shares authorized | $12.14 | |
Offering price per share | $12.14 | |
Redemption proceeds per share | $12.14 |
Investment Income: | |||
Dividends (including $2,109 received from an affiliated holding (Note 5)) | $542,583 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $647,389 | ||
Administrative fee (Note 5) | 270,000 | ||
Custodian fees | 13,446 | ||
Transfer and dividend disbursing agent fees and expenses | 292,857 | ||
Directors'/Trustees' fees | 2,415 | ||
Auditing fees | 23,424 | ||
Legal fees | 7,850 | ||
Portfolio accounting fees | 79,067 | ||
Distribution services fee (Note 5) | 45,885 | ||
Shareholder services fee (Note 5) | 71,463 | ||
Account administration fee (Note 2) | 821 | ||
Share registration costs | 49,685 | ||
Printing and postage | 38,785 | ||
Insurance premiums | 3,935 | ||
Miscellaneous | 6,755 | ||
TOTAL EXPENSES | 1,553,777 | ||
Waivers and Reimbursement (Note 5): | |||
Waiver/reimbursement of investment adviser fee | $(533,994) | ||
Waiver of administrative fee | (54,436) | ||
TOTAL WAIVERS AND REIMBURSEMENT | (588,430) | ||
Net expenses | 965,347 | ||
Net investment income (loss) | (422,764) | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments | 4,915,672 | ||
Net change in unrealized appreciation of investments | (5,652,407) | ||
Net realized and unrealized loss on investments | (736,735) | ||
Change in net assets resulting from operations | $(1,159,499) |
Year Ended July 31 | 2012 | 2011 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(422,764) | $(668,315) |
Net realized gain on investments | 4,915,672 | 16,788,945 |
Net change in unrealized appreciation/depreciation of investments | (5,652,407) | 2,272,284 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (1,159,499) | 18,392,914 |
Share Transactions: | ||
Proceeds from sale of shares | 12,048,639 | 14,184,989 |
Cost of shares redeemed | (18,308,002) | (22,350,403) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (6,259,363) | (8,165,414) |
Change in net assets | (7,418,862) | 10,227,500 |
Net Assets: | ||
Beginning of period | 62,233,692 | 52,006,192 |
End of period (including accumulated net investment income (loss) of $(254,362) and $0, respectively) | $54,814,830 | $62,233,692 |
■ | 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 or options contracts; |
■ | With respect to price evaluations of fixed-income securities determined before the close of regular trading on the NYSE, actions by the Federal Reserve Open Market Committee and other significant trends in U.S. fixed-income markets; |
■ | 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. |
Account Administration Fees Incurred | ||||
Class A Shares | $276 | |||
Class C Shares | 545 | |||
TOTAL | $821 |
Year Ended July 31 | 2012 | 2011 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 317,159 | $3,790,317 | 338,623 | $3,939,179 |
Shares redeemed | (527,438) | (6,080,816) | (490,937) | (5,523,025) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (210,279) | $(2,290,499) | (152,314) | $(1,583,846) |
Year Ended July 31 | 2012 | 2011 | ||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 8,120 | $92,002 | 43,028 | $480,622 |
Shares redeemed | (80,577) | (897,209) | (101,250) | (1,082,656) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (72,457) | $(805,207) | (58,222) | $(602,034) |
Year Ended July 31 | 2012 | 2011 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 46,175 | $510,922 | 146,991 | $1,747,238 |
Shares redeemed | (75,431) | (814,480) | (76,505) | (788,663) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (29,256) | $(303,558) | 70,486 | $958,575 |
Year Ended July 31 | 2012 | 2011 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 680,052 | $7,655,398 | 699,851 | $8,017,950 |
Shares redeemed | (907,921) | (10,515,497) | (1,364,704) | (14,956,059) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (227,869) | $(2,860,099) | (664,853) | $(6,938,109) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (539,861) | $(6,259,363) | (804,903) | $(8,165,414) |
Increase (Decrease) | |
Paid-In Capital | Undistributed Net Investment Income (Loss) |
$(168,402) | $168,402 |
Net unrealized appreciation | $3,760,968 |
Capital loss carryforwards and deferrals | $(24,101,634) |
Expiration Year | Short-Term | Long-Term | Total |
2018 | $23,847,272 | N/A | $23,847,272 |
Administrative Fee | Average Aggregate Daily Net Assets of the Federated Funds |
0.150% | on the first $5 billion |
0.125% | on the next $5 billion |
0.100% | on the next $10 billion |
0.075% | on assets in excess of $20 billion |
Share Class Name | Percentage of Average Daily Net Assets of Class |
Class A Shares | 0.05% |
Class B Shares | 0.75% |
Class C Shares | 0.75% |
Distribution Services Fees Incurred | |
Class B Shares | $14,256 |
Class C Shares | 31,629 |
TOTAL | $45,885 |
Service Fees Incurred | |
Class A Shares | $56,711 |
Class B Shares | 4,752 |
Class C Shares | 10,000 |
TOTAL | $71,463 |
Federated Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2011 | 1,095,096 |
Purchases/Additions | 12,746,779 |
Sales/Reductions | 13,002,251 |
Balance of Shares Held 7/31/2012 | 839,624 |
Value | $839,624 |
Dividend Income | $2,109 |
Purchases | $38,835,885 |
Sales | $45,504,499 |
September 24, 2012
Beginning Account Value 2/1/2012 | Ending Account Value 7/31/2012 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $990.90 | $8.66 |
Class B Shares | $1,000 | $988.10 | $12.36 |
Class C Shares | $1,000 | $987.80 | $12.36 |
Institutional Shares | $1,000 | $992.60 | $7.43 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,016.16 | $8.77 |
Class B Shares | $1,000 | $1,012.43 | $12.51 |
Class C Shares | $1,000 | $1,012.43 | $12.51 |
Institutional Shares | $1,000 | $1,017.40 | $7.52 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.75% |
Class B Shares | 2.50% |
Class C Shares | 2.50% |
Institutional Shares | 1.50% |
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: June 2006 | 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: June 2006 | 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 |
Nicholas P. Constantakis, CPA Birth Date: September 3, 1939 Trustee Began serving: June 2006 | Principal Occupation: Director or Trustee of the Federated Fund Family. Other Directorship Held: Director, Chairman of the Audit Committee, and member of the Compensation Committee, Michael Baker Corporation (architecture, engineering and construction services). Previous Position: Partner, Andersen Worldwide SC. Qualifications: Public accounting and director experience. |
John F. Cunningham Birth Date: March 5, 1943 Trustee Began serving: June 2006 | 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: Director, Redgate Communications and EMC Corporation (computer storage systems); Chairman of the Board and Chief Executive Officer, Computer Consoles, Inc.; President and Chief Operating Officer, Wang Laboratories; Director, First National Bank of Boston; Director, Apollo Computer, Inc. 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. Previous Position: Pennsylvania Superior Court Judge. Qualifications: Legal and director experience. |
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: June 2006 | 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: June 2006 | 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: June 2006 | 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 Secretary Began serving: May 2006 | 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 Began serving: May 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. |
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Began serving: June 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. |
Stephen F. Auth Birth Date: September 3, 1956 450 Lexington Avenue Suite 3700 New York, NY 10017-3943 CHIEF INVESTMENT OFFICER Began serving: June 2012 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of this Fund and various other Funds in the Federated Fund Complex; 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. |
Daniel Mahr Birth Date: April 9, 1981 125 High Street Oliver Tower 21st Floor Boston, MA 02110-2704 Vice President Began serving: June 2012 | Principal Occupations: Daniel Mahr has been the Fund's Portfolio Manager since August 2008. Mr. Mahr joined the MDT Advisers Investment Team in 2002. As Managing Director, Research, he is responsible for leading the Investment Team as it relates to the ongoing design, development and implementation of the Optimum Q Process. He is Vice President of the Trust with respect to the Fund. Mr. Mahr received his A.B., Computer Science from Harvard College and his S.M., Computer Science from Harvard University. |
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R676
CUSIP 31421R767
CUSIP 31421R759
2012 ©Federated Investors, Inc.
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: Nicholas P. Constantakis, 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 - $120,100
Fiscal year ended 2011 – $115,500
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2012 - $0
Fiscal year ended 2011 – $122
Travel to Audit Committee Meeting.
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 $0, respectively.
(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 $14,714, 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, $14,619 and $32,907, 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 - $350,676
Fiscal year ended 2011 - $343,526
(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 Annual 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 MDT Series
By /S/ Richard A. Novak
Richard A. Novak, Principal Financial Officer
Date September 24, 2012
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 September 24, 2012
By /S/ Richard A. Novak
Richard A. Novak, Principal Financial Officer
Date September 24, 2012