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, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 07/31/2013
Date of Reporting Period: Six months ended 01/31/2013
Item 1. Reports to Stockholders
Share Class | Ticker |
A | QAACX |
C | QCACX |
R | QKACX |
Institutional | QIACX |
Industry Composition | Percentage of Total Net Assets |
Money Center Bank | 4.6% |
Regional Banks | 4.6% |
Specialty Retailing | 4.2% |
Services to Medical Professionals | 3.7% |
Integrated Domestic Oil | 3.4% |
Oil Refiner | 3.4% |
AT&T Divestiture | 2.9% |
Ethical Drugs | 2.8% |
Property Liability Insurance | 2.7% |
Software Packaged/Custom | 2.3% |
Medical Technology | 2.2% |
Department Stores | 2.1% |
Financial Services | 2.1% |
Telecommunication Equipment & Services | 2.1% |
Computer Stores | 1.8% |
Defense Aerospace | 1.8% |
Computers - Midrange | 1.6% |
Construction Machinery | 1.5% |
Defense Electronics | 1.5% |
Semiconductor Distribution | 1.5% |
Diversified Oil | 1.4% |
Electric Utility | 1.4% |
Home Products | 1.4% |
Industry Composition | Percentage of Total Net Assets |
Integrated International Oil | 1.4% |
Soft Drinks | 1.4% |
Broadcasting | 1.3% |
Cable TV | 1.3% |
Household Appliances | 1.2% |
Life Insurance | 1.2% |
Agricultural Chemicals | 1.1% |
Securities Brokerage | 1.1% |
Biotechnology | 1.0% |
Clothing Stores | 1.0% |
Electronic Instruments | 1.0% |
Grocery Chain | 1.0% |
Multi-Line Insurance | 1.0% |
Specialty Chemicals | 1.0% |
Other2 | 25.2% |
Cash Equivalents3 | 1.9% |
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—98.2% | |||
Agricultural Chemicals—1.1% | |||
3,000 | CF Industries Holdings, Inc. | $687,510 | |
2,900 | Monsanto Co. | 293,915 | |
2,500 | Scotts Miracle-Gro Co. | 109,300 | |
TOTAL | 1,090,725 | ||
Agricultural Machinery—0.6% | |||
6,900 | Deere & Co. | 649,014 | |
Airline - National—0.4% | |||
17,100 | 1 | United Continental Holdings, Inc. | 412,965 |
Airline - Regional—0.2% | |||
5,000 | 1 | Alaska Air Group, Inc. | 230,650 |
Aluminum—0.1% | |||
2,000 | Kaiser Aluminum Corp. | 124,320 | |
Apparel—0.5% | |||
2,000 | 1 | Ann, Inc. | 61,680 |
2,600 | 1 | Carter's, Inc. | 156,598 |
2,300 | Guess ?, Inc. | 62,307 | |
1,400 | V.F. Corp. | 206,612 | |
TOTAL | 487,197 | ||
AT&T Divestiture—2.9% | |||
44,600 | AT&T, Inc. | 1,551,634 | |
33,000 | Verizon Communications, Inc. | 1,439,130 | |
TOTAL | 2,990,764 | ||
Auto Manufacturing—0.8% | |||
26,800 | Ford Motor Co. | 347,060 | |
16,300 | 1 | General Motors Co. | 457,867 |
TOTAL | 804,927 | ||
Auto Original Equipment Manufacturers—0.3% | |||
500 | 1 | AutoZone, Inc. | 184,850 |
200 | 1 | O'Reilly Automotive, Inc. | 18,530 |
2,200 | 1 | Tenneco Automotive, Inc. | 76,912 |
TOTAL | 280,292 | ||
Biotechnology—1.0% | |||
7,200 | Amgen, Inc. | 615,312 | |
4,400 | 1 | Celgene Corp. | 435,424 |
TOTAL | 1,050,736 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Broadcasting—1.3% | |||
25,089 | 1 | DIRECTV Group, Inc. | $1,283,052 |
Building Materials—0.2% | |||
3,300 | Lennox International, Inc. | 189,783 | |
Building Supply Stores—0.3% | |||
7,700 | Lowe's Cos., Inc. | 294,063 | |
Cable & Wireless Television—0.4% | |||
4,800 | Time Warner Cable, Inc. | 428,832 | |
Cable TV—1.3% | |||
4,100 | 1 | Charter Communications, Inc. | 319,677 |
18,400 | Comcast Corp., Class A | 700,672 | |
4,500 | Viacom, Inc., Class B | 271,575 | |
TOTAL | 1,291,924 | ||
Carpets—0.7% | |||
7,000 | 1 | Mohawk Industries, Inc. | 711,620 |
Closed End Fund—0.3% | |||
3,600 | 1 | Berkshire Hathaway, Inc. | 348,948 |
Clothing Stores—1.0% | |||
1,700 | 1 | Children's Place Retail Stores, Inc. | 84,728 |
19,700 | Gap (The), Inc. | 643,796 | |
4,900 | 1 | Hanesbrands, Inc. | 183,652 |
1,300 | 1 | Urban Outfitters, Inc. | 55,627 |
TOTAL | 967,803 | ||
Commodity Chemicals—0.4% | |||
5,700 | Du Pont (E.I.) de Nemours & Co. | 270,465 | |
3,000 | RPM International, Inc. | 93,630 | |
TOTAL | 364,095 | ||
Computer Peripherals—0.6% | |||
3,700 | Lexmark International Group, Class A | 89,022 | |
1,900 | 1 | NetApp, Inc. | 68,400 |
9,700 | 1 | Sandisk Corp. | 484,903 |
TOTAL | 642,325 | ||
Computer Services—0.6% | |||
1,300 | 1 | CACI International, Inc., Class A | 69,719 |
5,000 | 1 | Riverbed Technology, Inc. | 97,000 |
11,134 | 1 | Synnex Corp. | 400,267 |
TOTAL | 566,986 | ||
Computer Stores—1.8% | |||
10,800 | GameStop Corp. | 250,560 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Computer Stores—continued | |||
46,849 | 1 | Ingram Micro, Inc., Class A | $851,715 |
2,100 | 1 | Insight Enterprises, Inc. | 41,160 |
13,862 | 1 | Tech Data Corp. | 705,714 |
TOTAL | 1,849,149 | ||
Computers - High End—0.7% | |||
3,600 | IBM Corp. | 731,052 | |
Computers - Low End—0.9% | |||
70,000 | Dell, Inc. | 926,800 | |
Computers - Midrange—1.6% | |||
96,300 | Hewlett-Packard Co. | 1,589,913 | |
Construction Machinery—1.5% | |||
5,700 | Caterpillar, Inc. | 560,823 | |
3,200 | Joy Global, Inc. | 202,144 | |
19,100 | Trinity Industries, Inc. | 758,270 | |
TOTAL | 1,521,237 | ||
Cosmetics & Toiletries—0.9% | |||
5,700 | Avon Products, Inc. | 96,786 | |
3,800 | Estee Lauder Cos., Inc., Class A | 231,534 | |
5,400 | 1 | Sally Beauty Holdings, Inc. | 143,316 |
4,100 | 1 | Ulta Salon Cosmetics & Fragrance, Inc. | 401,062 |
TOTAL | 872,698 | ||
Crude Oil & Gas Production—0.4% | |||
3,500 | EOG Resources, Inc. | 437,430 | |
Defense Aerospace—1.8% | |||
3,200 | Alliant Techsystems, Inc. | 207,104 | |
2,900 | Boeing Co. | 214,223 | |
6,100 | General Dynamics Corp. | 404,430 | |
7,900 | Lockheed Martin Corp. | 686,273 | |
4,200 | Triumph Group, Inc. | 295,554 | |
TOTAL | 1,807,584 | ||
Defense Electronics—1.5% | |||
9,000 | 1 | First Solar, Inc. | 253,620 |
3,500 | L-3 Communications Holdings, Inc. | 265,720 | |
10,300 | Northrop Grumman Corp. | 669,912 | |
5,700 | Raytheon Co. | 300,276 | |
TOTAL | 1,489,528 | ||
Department Stores—2.1% | |||
1,500 | Dillards, Inc., Class A | 126,615 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Department Stores—continued | |||
14,900 | Kohl's Corp. | $689,721 | |
16,600 | Macy's, Inc. | 655,866 | |
8,400 | Penney (J.C.) Co., Inc. | 170,772 | |
2,600 | 1 | Sears Holdings Corp. | 122,070 |
5,500 | Target Corp. | 332,255 | |
TOTAL | 2,097,299 | ||
Discount Department Stores—0.4% | |||
5,400 | Foot Locker, Inc. | 185,490 | |
2,900 | Wal-Mart Stores, Inc. | 202,855 | |
TOTAL | 388,345 | ||
Diversified Leisure—0.3% | |||
4,500 | 1 | Bally Technologies, Inc. | 216,720 |
2,300 | 1 | Coinstar, Inc. | 117,024 |
TOTAL | 333,744 | ||
Diversified Oil—1.4% | |||
16,400 | Murphy Oil Corp. | 976,128 | |
4,900 | Occidental Petroleum Corp. | 432,523 | |
TOTAL | 1,408,651 | ||
Drug Store—0.3% | |||
6,500 | Walgreen Co. | 259,740 | |
Education & Training Services—0.3% | |||
11,000 | 1 | Apollo Group, Inc., Class A | 222,420 |
2,100 | DeVRY, Inc. | 52,857 | |
1,500 | 1 | ITT Educational Services, Inc. | 25,260 |
TOTAL | 300,537 | ||
Electric Utility—1.4% | |||
5,200 | American Electric Power Co., Inc. | 235,508 | |
7,600 | Edison International | 366,244 | |
4,700 | Entergy Corp. | 303,620 | |
3,100 | NextEra Energy, Inc. | 223,355 | |
9,300 | PPL Corp. | 281,697 | |
TOTAL | 1,410,424 | ||
Electrical - Radio & TV—0.1% | |||
1,800 | Harman International Industries, Inc. | 80,604 | |
Electrical Equipment—0.3% | |||
4,200 | 1 | Sanmina Corp. | 39,984 |
3,900 | 1 | WESCO International, Inc. | 284,427 |
TOTAL | 324,411 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Electronic Instruments—1.0% | |||
8,700 | Thermo Fisher Scientific, Inc. | $627,618 | |
6,700 | 1 | Trimble Navigation Ltd. | 418,750 |
TOTAL | 1,046,368 | ||
Electronic Test/Measuring Equipment—0.1% | |||
1,800 | 1 | Itron, Inc. | 83,502 |
Ethical Drugs—2.8% | |||
7,200 | Abbott Laboratories | 243,936 | |
14,500 | Eli Lilly & Co. | 778,505 | |
3,500 | 1 | Forest Laboratories, Inc., Class A | 127,050 |
1,400 | Johnson & Johnson | 103,488 | |
18,200 | Merck & Co., Inc. | 787,150 | |
19,600 | Pfizer, Inc. | 534,688 | |
16,000 | Warner Chilcott PLC | 226,720 | |
TOTAL | 2,801,537 | ||
Financial Services—2.1% | |||
6,500 | Ameriprise Financial, Inc. | 431,080 | |
1,600 | BlackRock, Inc. | 378,048 | |
11,200 | Discover Financial Services | 429,968 | |
2,500 | Nelnet, Inc., Class A | 76,075 | |
5,400 | Visa, Inc., Class A | 852,714 | |
TOTAL | 2,167,885 | ||
Food Wholesaling—0.9% | |||
3,800 | Ingredion, Inc. | 251,066 | |
21,000 | Sysco Corp. | 667,170 | |
TOTAL | 918,236 | ||
Generic Drugs—0.8% | |||
11,600 | 1 | Endo Health Solutions, Inc. | 367,256 |
14,600 | 1 | Mylan, Inc. | 412,742 |
TOTAL | 779,998 | ||
Grocery Chain—1.0% | |||
25,700 | Kroger Co. | 711,890 | |
13,700 | Safeway, Inc. | 263,725 | |
TOTAL | 975,615 | ||
Health Care Equipment & Supplies—0.1% | |||
2,200 | Hill-Rom Holdings, Inc. | 72,996 | |
Home Products—1.4% | |||
4,100 | Energizer Holdings, Inc. | 356,741 | |
3,900 | 1 | Jarden Corp. | 229,476 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Home Products—continued | |||
2,400 | Kimberly-Clark Corp. | $214,824 | |
5,200 | Newell Rubbermaid, Inc. | 122,096 | |
3,300 | Procter & Gamble Co. | 248,028 | |
3,400 | Tupperware Brands Corp. | 259,080 | |
TOTAL | 1,430,245 | ||
Hospitals—0.1% | |||
2,700 | 1 | Community Health Systems, Inc. | 103,491 |
Hotels—0.2% | |||
3,600 | Wyndham Worldwide Corp. | 200,844 | |
Household Appliances—1.2% | |||
2,200 | 1 | Middleby Corp. | 310,992 |
8,100 | Whirlpool Corp. | 934,578 | |
TOTAL | 1,245,570 | ||
Industrial Machinery—0.3% | |||
9,100 | 1 | Terex Corp. | 294,658 |
Insurance Brokerage—0.4% | |||
11,100 | Aspen Insurance Holdings Ltd. | 378,621 | |
Integrated Domestic Oil—3.4% | |||
30,100 | ConocoPhillips | 1,745,800 | |
9,400 | Hess Corp. | 631,304 | |
33,300 | Marathon Oil Corp. | 1,119,213 | |
TOTAL | 3,496,317 | ||
Integrated International Oil—1.4% | |||
7,500 | Chevron Corp. | 863,625 | |
6,700 | Exxon Mobil Corp. | 602,799 | |
TOTAL | 1,466,424 | ||
Internet Services—0.6% | |||
4,000 | 1 | eBay, Inc. | 223,720 |
3,800 | IAC Interactive Corp. | 156,750 | |
400 | 1 | Priceline.com, Inc. | 274,188 |
TOTAL | 654,658 | ||
IT Services—0.3% | |||
4,400 | Accenture PLC | 316,316 | |
Life Insurance—1.2% | |||
18,600 | Prudential Financial, Inc. | 1,076,568 | |
2,900 | StanCorp Financial Group, Inc. | 112,781 | |
TOTAL | 1,189,349 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Life Sciences Tools & Services—0.4% | |||
6,500 | 1 | Life Technologies Corp. | $420,485 |
Mail Order—0.1% | |||
2,200 | HSN, Inc. | 131,120 | |
Meat Packing—0.7% | |||
28,300 | 1 | Smithfield Foods, Inc. | 659,673 |
Medical Supplies—0.7% | |||
5,600 | Cardinal Health, Inc. | 245,336 | |
4,300 | McKesson Corp. | 452,489 | |
TOTAL | 697,825 | ||
Medical Technology—2.2% | |||
13,900 | Medtronic, Inc. | 647,740 | |
14,600 | ResMed, Inc. | 639,480 | |
13,500 | St. Jude Medical, Inc. | 549,450 | |
4,700 | Zimmer Holdings, Inc. | 350,620 | |
TOTAL | 2,187,290 | ||
Metal Fabrication—0.4% | |||
2,800 | Reliance Steel & Aluminum Co. | 181,216 | |
4,200 | Timken Co. | 225,162 | |
TOTAL | 406,378 | ||
Miscellaneous Components—0.3% | |||
27,428 | 1 | Vishay Intertechnology, Inc. | 301,434 |
Miscellaneous Food Products—0.2% | |||
7,300 | Fresh Del Monte Produce, Inc. | 192,355 | |
Money Center Bank—4.6% | |||
22,500 | Bank of America Corp. | 254,700 | |
10,700 | Bank of New York Mellon Corp. | 290,612 | |
17,300 | Citigroup, Inc. | 729,368 | |
40,400 | JPMorgan Chase & Co. | 1,900,820 | |
18,700 | State Street Corp. | 1,040,655 | |
14,700 | U.S. Bancorp | 486,570 | |
TOTAL | 4,702,725 | ||
Mortgage and Title—0.2% | |||
9,300 | 1 | CoreLogic, Inc. | 244,032 |
Multi-Industry Capital Goods—0.7% | |||
16,300 | General Electric Co. | 363,164 | |
13,300 | Textron, Inc. | 382,508 | |
TOTAL | 745,672 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Multi-Industry Transportation—0.2% | |||
2,200 | FedEx Corp. | $223,190 | |
Multi-Line Insurance—1.0% | |||
17,500 | 1 | American International Group, Inc. | 662,025 |
4,900 | Cincinnati Financial Corp. | 207,956 | |
4,400 | Validus Holdings Ltd. | 160,204 | |
TOTAL | 1,030,185 | ||
Newspaper Publishing—0.3% | |||
10,300 | Gannett Co., Inc. | 202,189 | |
200 | Washington Post Co., Class B | 77,136 | |
TOTAL | 279,325 | ||
Office Equipment—0.2% | |||
14,800 | Pitney Bowes, Inc. | 213,268 | |
Office Supplies—0.2% | |||
4,500 | Avery Dennison Corp. | 173,295 | |
Offshore Driller—0.2% | |||
4,400 | Bristow Group, Inc. | 250,712 | |
Oil Refiner—3.4% | |||
9,600 | HollyFrontier Corp. | 501,312 | |
10,300 | Marathon Petroleum Corp. | 764,363 | |
13,700 | Tesoro Petroleum Corp. | 667,053 | |
33,600 | Valero Energy Corp. | 1,469,328 | |
TOTAL | 3,402,056 | ||
Other Communications Equipment—0.3% | |||
7,600 | Harris Corp. | 351,120 | |
Packaged Foods—0.3% | |||
8,400 | ConAgra Foods, Inc. | 274,596 | |
Paint & Related Materials—0.3% | |||
1,800 | Sherwin-Williams Co. | 291,852 | |
Paper Products—0.0% | |||
5,700 | 1 | Boise, Inc. | 47,025 |
Personal & Household—0.2% | |||
5,800 | Nu Skin Enterprises, Inc., Class A | 245,688 | |
Personnel Agency—0.3% | |||
4,500 | Manpower, Inc. | 231,750 | |
3,400 | Robert Half International, Inc. | 119,816 | |
TOTAL | 351,566 | ||
Printing—0.0% | |||
4,800 | Donnelley (R.R.) & Sons Co. | 44,160 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Property Liability Insurance—2.7% | |||
5,200 | Everest Re Group Ltd. | $602,212 | |
12,600 | HCC Insurance Holdings, Inc. | 487,368 | |
5,200 | PartnerRe Ltd. | 455,988 | |
3,900 | Platinum Underwriters Holdings Ltd. | 190,047 | |
12,500 | The Travelers Cos., Inc. | 980,750 | |
TOTAL | 2,716,365 | ||
Recreational Vehicles—0.1% | |||
1,400 | Polaris Industries, Inc., Class A | 121,926 | |
Regional Banks—4.6% | |||
23,300 | BB&T Corp. | 705,524 | |
1,700 | City National Corp. | 90,032 | |
7,300 | Comerica, Inc. | 250,828 | |
29,600 | Fifth Third Bancorp | 482,184 | |
17,200 | Huntington Bancshares, Inc. | 119,712 | |
17,600 | KeyCorp | 165,440 | |
9,400 | PNC Financial Services Group | 580,920 | |
22,700 | SunTrust Banks, Inc. | 643,999 | |
44,200 | Wells Fargo & Co. | 1,539,486 | |
3,700 | Zions Bancorp | 86,284 | |
TOTAL | 4,664,409 | ||
Rental & Leasing Services—0.1% | |||
3,200 | Rent-A-Center, Inc. | 114,176 | |
Restaurants—0.5% | |||
2,400 | 1 | Panera Bread Co. | 383,544 |
2,400 | Starbucks Corp. | 134,688 | |
TOTAL | 518,232 | ||
Securities Brokerage—1.1% | |||
5,800 | Goldman Sachs Group, Inc. | 857,588 | |
10,700 | Morgan Stanley | 244,495 | |
TOTAL | 1,102,083 | ||
Semiconductor Distribution—1.5% | |||
25,913 | 1 | Arrow Electronics, Inc. | 995,578 |
14,515 | 1 | Avnet, Inc. | 513,250 |
TOTAL | 1,508,828 | ||
Semiconductor Manufacturing—0.7% | |||
30,600 | Intel Corp. | 643,824 | |
5,500 | 1 | Omnivision Technologies, Inc. | 84,535 |
TOTAL | 728,359 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Services to Medical Professionals—3.7% | |||
15,400 | Aetna, Inc. | $742,742 | |
2,900 | 1 | Henry Schein, Inc. | 250,386 |
6,000 | Humana, Inc. | 446,160 | |
2,300 | Omnicare, Inc. | 89,585 | |
25,500 | UnitedHealth Group, Inc. | 1,407,855 | |
12,573 | Wellpoint, Inc. | 814,982 | |
TOTAL | 3,751,710 | ||
Soft Drinks—1.4% | |||
14,400 | Coca-Cola Enterprises, Inc. | 502,128 | |
13,800 | Dr. Pepper Snapple Group, Inc. | 621,966 | |
4,400 | PepsiCo, Inc. | 320,540 | |
TOTAL | 1,444,634 | ||
Software Packaged/Custom—2.3% | |||
5,900 | 1 | BMC Software, Inc. | 245,145 |
15,700 | CA, Inc. | 389,674 | |
2,000 | 1 | Commvault Systems, Inc. | 153,460 |
7,300 | Computer Sciences Corp. | 305,140 | |
6,800 | 1 | Electronic Arts, Inc. | 106,964 |
9,300 | Microsoft Corp. | 255,471 | |
9,900 | Oracle Corp. | 351,549 | |
22,200 | 1 | Symantec Corp. | 483,294 |
TOTAL | 2,290,697 | ||
Specialty Chemicals—1.0% | |||
5,300 | Airgas, Inc. | 504,772 | |
4,200 | Ashland, Inc. | 329,742 | |
12,400 | Huntsman Corp. | 218,612 | |
TOTAL | 1,053,126 | ||
Specialty Retailing—4.2% | |||
8,000 | Abercrombie & Fitch Co., Class A | 400,000 | |
4,400 | 1 | AutoNation, Inc. | 213,400 |
2,900 | 1 | Big Lots, Inc. | 93,235 |
24,787 | CVS Caremark Corp. | 1,269,094 | |
2,400 | 1 | Cabela's, Inc., Class A | 123,888 |
500 | 1 | Dollar General Corp. | 23,110 |
8,200 | Expedia, Inc. | 535,050 | |
12,700 | GNC Acquisition Holdings, Inc. | 456,438 | |
2,700 | Nordstrom, Inc. | 149,121 | |
3,900 | Signet Jewelers Ltd. | 244,062 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Specialty Retailing—continued | |||
16,300 | Staples, Inc. | $219,724 | |
4,200 | 1 | Vitamin Shoppe Industries, Inc. | 256,536 |
6,100 | Williams-Sonoma, Inc. | 268,400 | |
TOTAL | 4,252,058 | ||
Telecommunication Equipment & Services—2.1% | |||
1,200 | 1 | Anixter International, Inc. | 80,736 |
22,700 | Cisco Systems, Inc. | 466,939 | |
17,200 | Motorola, Inc. | 1,004,308 | |
8,500 | Qualcomm, Inc. | 561,255 | |
TOTAL | 2,113,238 | ||
Telephone Utility—0.7% | |||
18,100 | CenturyLink, Inc. | 732,145 | |
Textiles Apparel & Luxury Goods—0.5% | |||
4,000 | PVH Corp. | 475,480 | |
Toys & Games—0.6% | |||
9,500 | Hasbro, Inc. | 355,015 | |
6,000 | Mattel, Inc. | 225,780 | |
TOTAL | 580,795 | ||
Truck Manufacturing—0.3% | |||
1,900 | Cummins, Inc. | 218,177 | |
3,500 | 1 | Navistar International Corp. | 91,315 |
TOTAL | 309,492 | ||
Undesignated Consumer Cyclicals—0.4% | |||
8,300 | Herbalife Ltd. | 301,456 | |
2,100 | Weight Watchers International, Inc. | 112,287 | |
TOTAL | 413,743 | ||
Uniforms—0.3% | |||
6,500 | Cintas Corp. | 274,690 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $92,312,734) | 99,696,010 | ||
MUTUAL FUND—1.9% | |||
1,922,673 | 2,3 | Federated Prime Value Obligations Fund, Institutional Shares, 0.13% (AT NET ASSET VALUE) | 1,922,673 |
TOTAL INVESTMENTS—100.1% (IDENTIFIED COST $94,235,407)4 | 101,618,683 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.1)%5 | (64,327) | ||
TOTAL NET ASSETS—100% | $101,554,356 |
1 | Non-income producing security. |
2 | Affiliated holding. |
3 | 7-Day net yield. |
4 | Also represents cost for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 1/31/2013 | Year Ended July 31, | |||||
2012 | 2011 | 2010 | 2009 | 2008 | ||
Net Asset Value, Beginning of Period | $12.73 | $12.48 | $10.54 | $9.91 | $14.05 | $16.74 |
Income From Investment Operations: | ||||||
Net investment income | 0.041 | 0.061 | 0.031 | 0.051 | 0.061 | 0.06 |
Net realized and unrealized gain (loss) on investments | 1.96 | 0.19 | 1.96 | 0.67 | (4.15) | (1.56) |
TOTAL FROM INVESTMENT OPERATIONS | 2.00 | 0.25 | 1.99 | 0.72 | (4.09) | (1.50) |
Less Distributions: | ||||||
Distributions from net investment income | (0.05) | — | (0.05) | (0.09) | (0.05) | — |
Distributions from net realized gain on investments | — | — | — | — | — | (1.19) |
TOTAL DISTRIBUTIONS | (0.05) | — | (0.05) | (0.09) | (0.05) | (1.19) |
Net Asset Value, End of Period | $14.68 | $12.73 | $12.48 | $10.54 | $9.91 | $14.05 |
Total Return2 | 15.75% | 2.00% | 18.87% | 7.18% | (29.07)% | (9.98)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.35%3 | 1.35% | 1.34% | 1.29% | 1.34% | 1.29% |
Net investment income | 0.65%3 | 0.48% | 0.21% | 0.44% | 0.64% | 0.43% |
Expense waiver/reimbursement4 | 0.21%3 | 0.40% | 0.31% | 0.25% | 0.14% | 0.00%5 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $30,262 | $29,365 | $40,227 | $54,437 | $81,898 | $194,867 |
Portfolio turnover | 84% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
5 | Represents less than 0.01%. |
Six Months Ended (unaudited) 1/31/2013 | Year Ended July 31, | |||||
2012 | 2011 | 2010 | 2009 | 2008 | ||
Net Asset Value, Beginning of Period | $12.26 | $12.12 | $10.27 | $9.66 | $13.73 | $16.51 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.01)1 | (0.04)1 | (0.07)1 | (0.04)1 | (0.02)1 | (0.04) |
Net realized and unrealized gain (loss) on investments | 1.88 | 0.18 | 1.92 | 0.65 | (4.05) | (1.55) |
TOTAL FROM INVESTMENT OPERATIONS | 1.87 | 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 | $14.13 | $12.26 | $12.12 | $10.27 | $9.66 | $13.73 |
Total Return3 | 15.25% | 1.16% | 18.01% | 6.33% | (29.64)% | (10.69)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.15%4 | 2.15% | 2.13% | 2.08% | 2.14% | 2.08% |
Net investment income (loss) | (0.15)%4 | (0.32)% | (0.59)% | (0.36)% | (0.17)% | (0.36)% |
Expense waiver/reimbursement5 | 0.18%4 | 0.36% | 0.29% | 0.24% | 0.17% | 0.00%6 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $25,188 | $24,440 | $31,129 | $39,524 | $52,546 | $96,601 |
Portfolio turnover | 84% | 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. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
6 | Represents less than 0.01%. |
Six Months Ended (unaudited) 1/31/2013 | Year Ended July 31, | |||||
2012 | 2011 | 2010 | 2009 | 2008 | ||
Net Asset Value, Beginning of Period | $12.62 | $12.44 | $10.52 | $9.91 | $14.10 | $16.86 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.011 | (0.00)1,2 | (0.04)1 | (0.01)1 | 0.011 | (0.00)2 |
Net realized and unrealized gain (loss) on investments | 1.94 | 0.18 | 1.97 | 0.68 | (4.16) | (1.57) |
TOTAL FROM INVESTMENT OPERATIONS | 1.95 | 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 | $14.57 | $12.62 | $12.44 | $10.52 | $9.91 | $14.10 |
Total Return3 | 15.45% | 1.45% | 18.33% | 6.71% | (29.42)% | (10.34)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.85%4 | 1.85% | 1.83% | 1.75% | 1.80% | 1.75% |
Net investment income (loss) | 0.15%4 | (0.02)% | (0.31)% | (0.09)% | 0.15% | (0.00)%6 |
Expense waiver/reimbursement5 | 0.06%4 | 0.25% | 0.19% | 0.18% | 0.11% | 0.00%6 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $3,172 | $2,718 | $2,973 | $2,300 | $1,937 | $1,393 |
Portfolio turnover | 84% | 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. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
6 | Represents less than 0.01%. |
Six Months Ended (unaudited) 1/31/2013 | Year Ended July 31, | |||||
2012 | 2011 | 2010 | 2009 | 2008 | ||
Net Asset Value, Beginning of Period | $12.87 | $12.61 | $10.66 | $10.02 | $14.22 | $16.88 |
Income From Investment Operations: | ||||||
Net investment income | 0.061 | 0.091 | 0.051 | 0.081 | 0.091 | 0.10 |
Net realized and unrealized gain (loss) on investments | 1.99 | 0.19 | 1.99 | 0.68 | (4.20) | (1.57) |
TOTAL FROM INVESTMENT OPERATIONS | 2.05 | 0.28 | 2.04 | 0.76 | (4.11) | (1.47) |
Less Distributions: | ||||||
Distributions from net investment income | (0.09) | (0.02) | (0.09) | (0.12) | (0.09) | — |
Distributions from net realized gain on investments | — | — | — | — | — | (1.19) |
TOTAL DISTRIBUTIONS | (0.09) | (0.02) | (0.09) | (0.12) | (0.09) | (1.19) |
Net Asset Value, End of Period | $14.83 | $12.87 | $12.61 | $10.66 | $10.02 | $14.22 |
Total Return2 | 15.97% | 2.23% | 19.14% | 7.54% | (28.84)% | (9.71)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.10%.3 | 1.10% | 1.08% | 1.01% | 1.06% | 1.01% |
Net investment income | 0.90%3 | 0.73% | 0.45% | 0.69% | 0.90% | 0.72% |
Expense waiver/reimbursement4 | 0.08%3 | 0.27% | 0.19% | 0.20% | 0.12% | 0.00%5 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $42,932 | $39,101 | $43,197 | $41,958 | $50,031 | $86,681 |
Portfolio turnover | 84% | 164% | 154% | 135% | 290% | 199% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
5 | Represents less than 0.01%. |
Assets: | ||
Total investment in securities, at value including $1,922,673 of investment in an affiliated holding (Note 5) (identified cost $94,235,407) | $101,618,683 | |
Income receivable | 94,759 | |
Receivable for investments sold | 844,483 | |
Receivable for shares sold | 27,254 | |
TOTAL ASSETS | 102,585,179 | |
Liabilities: | ||
Payable for investments purchased | $753,237 | |
Payable for shares redeemed | 177,055 | |
Payable for transfer and dividend disbursing agent fees and expenses | 44,995 | |
Payable for Directors'/Trustees' fees | 251 | |
Payable for distribution services fee (Note 5) | 17,108 | |
Payable for shareholder services fee (Note 5) | 7,114 | |
Accrued expenses | 31,063 | |
TOTAL LIABILITIES | 1,030,823 | |
Net assets for 6,957,449 shares outstanding | $101,554,356 | |
Net Assets Consist of: | ||
Paid-in capital | $210,401,027 | |
Net unrealized appreciation of investments | 7,383,276 | |
Accumulated net realized loss on investments | (116,497,720) | |
Undistributed net investment income | 267,773 | |
TOTAL NET ASSETS | $101,554,356 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($30,262,324 ÷ 2,061,556 shares outstanding), no par value, unlimited shares authorized | $14.68 | |
Offering price per share (100/94.50 of $14.68) | $15.53 | |
Redemption proceeds per share | $14.68 | |
Class C Shares: | ||
Net asset value per share ($25,187,747 ÷ 1,782,360 shares outstanding), no par value, unlimited shares authorized | $14.13 | |
Offering price per share | $14.13 | |
Redemption proceeds per share (99.00/100 of $14.13) | $13.99 | |
Class R Shares: | ||
Net asset value per share ($3,172,012 ÷ 217,712 shares outstanding), no par value, unlimited shares authorized | $14.57 | |
Offering price per share | $14.57 | |
Redemption proceeds per share | $14.57 | |
Institutional Shares: | ||
Net asset value per share ($42,932,273 ÷ 2,895,821 shares outstanding), no par value, unlimited shares authorized | $14.83 | |
Offering price per share | $14.83 | |
Redemption proceeds per share | $14.83 |
Investment Income: | |||
Dividends (including $1,359 received from an affiliated holding (Note 5) | $995,297 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $372,501 | ||
Administrative fee (Note 5) | 55,252 | ||
Custodian fees | 8,160 | ||
Transfer and dividend disbursing agent fees and expenses (Note 2) | 92,560 | ||
Directors'/Trustees' fees | 832 | ||
Auditing fees | 11,796 | ||
Legal fees | 3,997 | ||
Portfolio accounting fees | 40,188 | ||
Distribution services fee (Note 5) | 100,378 | ||
Shareholder services fee (Note 5) | 68,063 | ||
Share registration costs | 26,570 | ||
Printing and postage | 12,749 | ||
Insurance premiums | 2,020 | ||
Miscellaneous | 3,753 | ||
TOTAL EXPENSES | 798,819 | ||
Waivers and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(24,615) | ||
Waiver of administrative fee (Note 5) | (4,588) | ||
Reimbursement of transfer and dividend disbursing agent fees and expenses (Note 2 and Note 5) | (42,156) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | (71,359) | ||
Net expenses | 727,460 | ||
Net investment income | 267,837 | ||
Realized and Unrealized Gain on Investments: | |||
Net realized gain on investments | 11,358,108 | ||
Net change in unrealized appreciation of investments | 2,736,744 | ||
Net realized and unrealized gain on investments | 14,094,852 | ||
Change in net assets resulting from operations | $14,362,689 |
Six Months Ended (unaudited) 1/31/2013 | Year Ended 7/31/2012 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $267,837 | $367,706 |
Net realized gain on investments | 11,358,108 | 2,904,136 |
Net change in unrealized appreciation/depreciation of investments | 2,736,744 | (2,143,917) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 14,362,689 | 1,127,925 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (106,540) | — |
Institutional Shares | (261,222) | (67,721) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (367,762) | (67,721) |
Share Transactions: | ||
Proceeds from sale of shares | 4,470,890 | 7,857,700 |
Net asset value of shares issued to shareholders in payment of distributions declared | 356,919 | 65,854 |
Cost of shares redeemed | (12,893,180) | (30,884,509) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (8,065,371) | (22,960,955) |
Change in net assets | 5,929,556 | (21,900,751) |
Net Assets: | ||
Beginning of period | 95,624,800 | 117,525,551 |
End of period (including undistributed net investment income of $267,773 and $367,698, respectively) | $101,554,356 | $95,624,800 |
■ | 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 Board of Trustees (the “Trustees”). |
■ | Fixed-income securities acquired with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), which approximates market value. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the purchase price of the security, information obtained by contacting the issuer, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded and public trading in similar securities of the issuer or comparable issuers. |
■ | With respect to securities traded in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts; |
■ | Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded; and |
■ | Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry. |
Transfer and Dividend Disbursing Agent Fees Incurred | Transfer and Dividend Disbursing Agent Fees Reimbursed | |
Class A Shares | $35,754 | $(23,261) |
Class C Shares | 31,409 | (15,170) |
Class R Shares | 4,951 | — |
Institutional Shares | 20,446 | (3,725) |
TOTAL | $92,560 | $(42,156) |
Six Months Ended 1/31/2013 | Year Ended 7/31/2012 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 77,065 | $1,087,451 | 174,952 | $2,147,251 |
Shares issued to shareholders in payment of distributions declared | 7,539 | 102,227 | — | — |
Shares redeemed | (330,304) | (4,530,102) | (1,090,509) | (13,285,030) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (245,700) | $(3,340,424) | (915,557) | $(11,137,779) |
Six Months Ended 1/31/2013 | Year Ended 7/31/2012 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 108,128 | $1,422,067 | 246,589 | $2,944,629 |
Shares redeemed | (319,944) | (4,183,980) | (821,569) | (9,611,299) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (211,816) | $(2,761,913) | (574,980) | $(6,666,670) |
Six Months Ended 1/31/2013 | Year Ended 7/31/2012 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 37,866 | $511,782 | 94,213 | $1,129,971 |
Shares redeemed | (35,559) | (481,202) | (117,870) | (1,436,974) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 2,307 | $30,580 | (23,657) | $(307,003) |
Six Months Ended 1/31/2013 | Year Ended 7/31/2012 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 105,238 | $1,449,590 | 136,805 | $1,635,849 |
Shares issued to shareholders in payment of distributions declared | 18,604 | 254,692 | 5,447 | 65,854 |
Shares redeemed | (265,593) | (3,697,896) | (529,245) | (6,551,206) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (141,751) | $(1,993,614) | (386,993) | $(4,849,503) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (596,960) | $(8,065,371) | (1,901,187) | $(22,960,955) |
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 | |
Class C Shares | $92,881 |
Class R Shares | 7,497 |
TOTAL | $100,378 |
Service Fees Incurred | |
Class A Shares | $37,103 |
Class C Shares | 30,960 |
TOTAL | $68,063 |
Federated Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2012 | 1,319,746 |
Purchases/Additions | 8,687,587 |
Sales/Reductions | 8,084,660 |
Balance of Shares Held 1/31/2013 | 1,922,673 |
Value | $1,922,673 |
Dividend Income | $1,359 |
Purchases | $80,735,700 |
Sales | $89,273,964 |
Beginning Account Value 8/1/2012 | Ending Account Value 1/31/2013 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,157.50 | $7.34 |
Class C Shares | $1,000 | $1,152.50 | $11.66 |
Class R Shares | $1,000 | $1,154.50 | $10.05 |
Institutional Shares | $1,000 | $1,159.70 | $5.99 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.40 | $6.87 |
Class C Shares | $1,000 | $1,014.37 | $10.92 |
Class R Shares | $1,000 | $1,015.88 | $9.40 |
Institutional Shares | $1,000 | $1,019.66 | $5.60 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.35% |
Class C Shares | 2.15% |
Class R Shares | 1.85% |
Institutional Shares | 1.10% |
Contract–May 2012
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R205
CUSIP 31421R718
CUSIP 31421R304
2013 ©Federated Investors, Inc.
Share Class | Ticker |
A | QABGX |
C | QCBGX |
R | QKBGX |
Institutional | QIBGX |
Security Type | Percentage of Total Net Assets |
Domestic Equity Securities (including Domestic Exchange-Traded Funds) | 55.7% |
Corporate Debt Securities | 11.7% |
International Equity Securities (including International Exchange-Traded Funds) | 9.0% |
U.S. Treasury Securities2 | 8.2% |
Mortgage-Backed Securities3 | 6.0% |
Collateralized Mortgage Obligations | 1.4% |
Foreign Debt Securities | 0.8% |
Trade Finance Agreements | 0.8% |
Asset-Backed Securities | 0.7% |
Municipal Security | 0.1% |
Floating Rate Loan4 | 0.0% |
Cash Equivalents5 | 5.5% |
Derivative Contracts4,6 | 0.0% |
Other Assets and Liabilities—Net7 | 0.1% |
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 | Also includes $45,461 held in U.S. Treasuries pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts. |
3 | For purposes of this table, Mortgage-Backed Securities include mortgage-backed securities guaranteed by Government Sponsored Entities. |
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 |
Money Center Bank | 4.5% |
Regional Banks | 4.5% |
Specialty Retailing | 4.4% |
Services to Medical Professionals | 3.7% |
Integrated Domestic Oil | 3.4% |
Oil Refiner | 3.3% |
Real Estate Investment Trusts | 3.1% |
AT&T Divestiture | 2.9% |
Property Liability Insurance | 2.8% |
Ethical Drugs | 2.7% |
Software Packaged/Custom | 2.5% |
Financial Services | 2.2% |
Medical Technology | 2.1% |
Broadcasting | 2.0% |
Telecommunication Equipment & Services | 2.0% |
Department Stores | 1.9% |
Defense Aerospace | 1.7% |
Computers—Midrange | 1.6% |
Construction Machinery | 1.5% |
Defense Electronics | 1.4% |
Integrated International Oil | 1.4% |
Soft Drinks | 1.4% |
Diversified Oil | 1.3% |
Electric Utility | 1.3% |
Home Products | 1.3% |
Computers—Low End | 1.2% |
Household Appliances | 1.2% |
Semiconductor Distribution | 1.2% |
Agricultural Chemicals | 1.1% |
Computer Stores | 1.1% |
Grocery Chain | 1.1% |
Life Insurance | 1.1% |
Industry Composition | Percentage of Equity Securities |
Semiconductor Manufacturing | 1.1% |
Specialty Chemicals | 1.1% |
Biotechnology | 1.0% |
Cable TV | 1.0% |
Cosmetics & Toiletries | 1.0% |
Electronic Instruments | 1.0% |
Securities Brokerage | 1.0% |
Other9 | 23.9% |
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.” |
Shares or Principal Amount | Value | ||
COMMON STOCKS—55.4% | |||
Agricultural Chemicals—0.6% | |||
2,100 | CF Industries Holdings, Inc. | $481,257 | |
2,000 | Monsanto Co. | 202,700 | |
1,600 | Scotts Co. | 69,952 | |
TOTAL | 753,909 | ||
Agricultural Machinery—0.3% | |||
4,700 | Deere & Co. | 442,082 | |
Airline - National—0.2% | |||
12,800 | 1 | United Continental Holdings, Inc. | 309,120 |
Airline - Regional—0.1% | |||
3,300 | 1 | Alaska Air Group, Inc. | 152,229 |
Aluminum—0.1% | |||
2,000 | Kaiser Aluminum Corp. | 124,320 | |
Apparel—0.3% | |||
1,400 | 1 | Ann, Inc. | 43,176 |
1,700 | 1 | Carter's, Inc. | 102,391 |
1,500 | Guess?, Inc. | 40,635 | |
1,100 | V.F. Corp. | 162,338 | |
TOTAL | 348,540 | ||
AT&T Divestiture—1.6% | |||
30,300 | AT&T, Inc. | 1,054,137 | |
22,900 | Verizon Communications | 998,669 | |
TOTAL | 2,052,806 | ||
Auto Manufacturing—0.4% | |||
19,700 | Ford Motor Co. | 255,115 | |
10,800 | 1 | General Motors Co. | 303,372 |
TOTAL | 558,487 | ||
Auto Original Equipment Manufacturers—0.2% | |||
300 | 1 | AutoZone, Inc. | 110,910 |
200 | 1 | O'Reilly Automotive, Inc. | 18,530 |
1,800 | 1 | Tenneco Automotive, Inc. | 62,928 |
TOTAL | 192,368 | ||
Biotechnology—0.6% | |||
5,000 | Amgen, Inc. | 427,300 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Biotechnology—continued | |||
3,000 | 1 | Celgene Corp. | $296,880 |
TOTAL | 724,180 | ||
Broadcasting—1.1% | |||
6,800 | American Tower Corp. | 517,820 | |
17,600 | 1 | DIRECTV | 900,064 |
TOTAL | 1,417,884 | ||
Building Materials—0.1% | |||
2,200 | Lennox International, Inc. | 126,522 | |
Building Supply Stores—0.2% | |||
6,100 | Lowe's Cos., Inc. | 232,959 | |
Cable & Wireless Television—0.2% | |||
3,000 | Time Warner Cable, Inc. | 268,020 | |
Cable TV—0.5% | |||
2,900 | 1 | Charter Communications, Inc. | 226,113 |
6,700 | Comcast Corp., Class A | 255,136 | |
3,400 | Viacom, Inc., Class B—New | 205,190 | |
TOTAL | 686,439 | ||
Carpets—0.4% | |||
4,900 | 1 | Mohawk Industries, Inc. | 498,134 |
Closed End Fund—0.2% | |||
2,400 | 1 | Berkshire Hathaway, Inc., Class B | 232,632 |
Clothing Stores—0.5% | |||
1,200 | 1 | Children's Place Retail Stores, Inc. | 59,808 |
13,200 | Gap (The), Inc. | 431,376 | |
3,700 | 1 | Hanesbrands, Inc. | 138,676 |
800 | 1 | Urban Outfitters, Inc. | 34,232 |
TOTAL | 664,092 | ||
Commodity Chemicals—0.2% | |||
3,900 | Du Pont (E.I.) de Nemours & Co. | 185,055 | |
2,100 | RPM International, Inc. | 65,541 | |
TOTAL | 250,596 | ||
Computer Peripherals—0.3% | |||
2,800 | Lexmark International Group, Class A | 67,368 | |
6,700 | 1 | Sandisk Corp. | 334,933 |
TOTAL | 402,301 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Computer Services—0.1% | |||
900 | 1 | CACI International, Inc., Class A | $48,267 |
3,700 | 1 | Riverbed Technology, Inc. | 71,780 |
TOTAL | 120,047 | ||
Computer Stores—0.6% | |||
7,400 | GameStop Corp. | 171,680 | |
1,900 | 1 | Insight Enterprises, Inc. | 37,240 |
11,300 | 1 | Tech Data Corp. | 575,283 |
TOTAL | 784,203 | ||
Computers - High End—0.4% | |||
2,500 | International Business Machines Corp. | 507,675 | |
Computers - Low End—0.7% | |||
65,300 | Dell, Inc. | 864,572 | |
Computers - Midrange—0.9% | |||
68,300 | Hewlett-Packard Co. | 1,127,633 | |
Construction Machinery—0.8% | |||
3,800 | Caterpillar, Inc. | 373,882 | |
2,200 | Joy Global, Inc. | 138,974 | |
14,400 | Trinity Industries, Inc. | 571,680 | |
TOTAL | 1,084,536 | ||
Cosmetics & Toiletries—0.5% | |||
5,200 | Avon Products, Inc. | 88,296 | |
3,800 | Estee Lauder Cos., Inc., Class A | 231,534 | |
3,900 | 1 | Sally Beauty Holdings, Inc. | 103,506 |
2,800 | 1 | Ulta Salon Cosmetics & Fragrance, Inc. | 273,896 |
TOTAL | 697,232 | ||
Crude Oil & Gas Production—0.2% | |||
2,400 | EOG Resources, Inc. | 299,952 | |
Defense Aerospace—0.9% | |||
2,200 | Alliant Techsystems, Inc. | 142,384 | |
100 | 1 | B/E Aerospace, Inc. | 5,149 |
1,500 | Boeing Co. | 110,805 | |
4,100 | General Dynamics Corp. | 271,830 | |
5,500 | Lockheed Martin Corp. | 477,785 | |
2,800 | Triumph Group, Inc. | 197,036 | |
TOTAL | 1,204,989 | ||
Defense Electronics—0.8% | |||
6,000 | 1 | First Solar, Inc. | 169,080 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Defense Electronics—continued | |||
2,400 | L-3 Communications Holdings, Inc. | $182,208 | |
6,900 | Northrop Grumman Corp. | 448,776 | |
3,800 | Raytheon Co. | 200,184 | |
TOTAL | 1,000,248 | ||
Department Stores—1.0% | |||
10,400 | Kohl's Corp. | 481,416 | |
11,000 | Macy's, Inc. | 434,610 | |
6,500 | Penney (J.C.) Co., Inc. | 132,145 | |
2,900 | 1 | Sears Holdings Corp. | 136,155 |
2,500 | Target Corp. | 151,025 | |
TOTAL | 1,335,351 | ||
Discount Department Stores—0.2% | |||
4,700 | Foot Locker, Inc. | 161,445 | |
1,600 | Wal-Mart Stores, Inc. | 111,920 | |
TOTAL | 273,365 | ||
Diversified Leisure—0.2% | |||
3,300 | 1 | Bally Technologies, Inc. | 158,928 |
1,600 | 1 | Coinstar, Inc. | 81,408 |
TOTAL | 240,336 | ||
Diversified Oil—0.7% | |||
10,700 | Murphy Oil Corp. | 636,864 | |
3,300 | Occidental Petroleum Corp. | 291,291 | |
TOTAL | 928,155 | ||
Drug Store—0.2% | |||
4,800 | Walgreen Co. | 191,808 | |
Education & Training Services—0.2% | |||
8,100 | 1 | Apollo Group, Inc., Class A | 163,782 |
1,500 | DeVry, Inc. | 37,755 | |
1,200 | 1 | ITT Educational Services, Inc. | 20,208 |
TOTAL | 221,745 | ||
Electric Utility—0.7% | |||
3,400 | American Electric Power Co., Inc. | 153,986 | |
4,600 | Edison International | 221,674 | |
3,200 | Entergy Corp. | 206,720 | |
2,000 | NextEra Energy, Inc. | 144,100 | |
6,200 | PPL Corp. | 187,798 | |
TOTAL | 914,278 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Electrical - Radio & TV—0.1% | |||
1,400 | Harman International Industries, Inc. | $62,692 | |
Electrical Equipment—0.2% | |||
2,600 | 1 | WESCO International, Inc. | 189,618 |
Electronic Equipment Instruments & Components—0.1% | |||
7,000 | 1 | Sanmina Corp. | 66,640 |
Electronic Instruments—0.5% | |||
5,900 | Thermo Fisher Scientific, Inc. | 425,626 | |
4,400 | 1 | Trimble Navigation Ltd. | 275,000 |
TOTAL | 700,626 | ||
Electronic Test/Measuring Equipment—0.1% | |||
1,400 | 1 | Itron, Inc. | 64,946 |
Ethical Drugs—1.5% | |||
5,400 | Abbott Laboratories | 182,952 | |
2,500 | 1 | Forest Laboratories, Inc., Class A | 90,750 |
1,100 | Johnson & Johnson | 81,312 | |
9,700 | Lilly (Eli) & Co. | 520,793 | |
12,400 | Merck & Co., Inc. | 536,300 | |
13,300 | Pfizer, Inc. | 362,824 | |
10,900 | Warner Chilcott PLC | 154,453 | |
TOTAL | 1,929,384 | ||
Financial Services—1.2% | |||
4,600 | Ameriprise Financial, Inc. | 305,072 | |
1,100 | Blackrock, Inc. | 259,908 | |
6,600 | Discover Financial Services | 253,374 | |
1,700 | Dun & Bradstreet Corp. | 138,618 | |
1,600 | Nelnet, Inc., Class A | 48,688 | |
3,700 | Visa, Inc., Class A | 584,267 | |
TOTAL | 1,589,927 | ||
Food Wholesaling—0.5% | |||
2,600 | Ingredion, Inc. | 171,782 | |
13,400 | Sysco Corp. | 425,718 | |
TOTAL | 597,500 | ||
Generic Drugs—0.4% | |||
7,900 | 1 | Endo Health Solutions, Inc. | 250,114 |
10,100 | 1 | Mylan, Inc. | 285,527 |
TOTAL | 535,641 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Grocery Chain—0.6% | |||
20,000 | Kroger Co. | $554,000 | |
10,600 | Safeway, Inc. | 204,050 | |
TOTAL | 758,050 | ||
Home Products—0.7% | |||
3,100 | Energizer Holdings, Inc. | 269,731 | |
3,200 | 1 | Jarden Corp. | 188,288 |
3,800 | Newell Rubbermaid, Inc. | 89,224 | |
2,300 | Procter & Gamble Co. | 172,868 | |
2,600 | Tupperware Brands Corp. | 198,120 | |
TOTAL | 918,231 | ||
Hospitals—0.1% | |||
1,900 | 1 | Community Health Systems, Inc. | 72,827 |
Hotels—0.1% | |||
2,700 | Wyndham Worldwide Corp. | 150,633 | |
Household Appliances—0.7% | |||
1,600 | 1 | Middleby Corp. | 226,176 |
5,400 | Whirlpool Corp. | 623,052 | |
TOTAL | 849,228 | ||
Industrial Machinery—0.2% | |||
6,200 | 1 | Terex Corp. | 200,756 |
Insurance Brokerage—0.2% | |||
8,400 | Aspen Insurance Holdings Ltd. | 286,524 | |
Integrated Domestic Oil—1.9% | |||
20,700 | ConocoPhillips | 1,200,600 | |
5,300 | Hess Corp. | 355,948 | |
24,600 | Marathon Oil Corp. | 826,806 | |
TOTAL | 2,383,354 | ||
Integrated International Oil—0.8% | |||
4,900 | Chevron Corp. | 564,235 | |
4,500 | Exxon Mobil Corp. | 404,865 | |
TOTAL | 969,100 | ||
Internet Services—0.2% | |||
2,900 | IAC Interactive Corp. | 119,625 | |
200 | 1 | Priceline.com, Inc. | 137,094 |
TOTAL | 256,719 | ||
IT Services—0.2% | |||
2,900 | Accenture PLC | 208,481 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Life Insurance—0.6% | |||
12,300 | Prudential Financial | $711,924 | |
1,900 | StanCorp Financial Group, Inc. | 73,891 | |
TOTAL | 785,815 | ||
Life Sciences Tools & Services—0.2% | |||
4,400 | 1 | Life Technologies, Inc. | 284,636 |
Mail Order—0.1% | |||
1,300 | HSN, Inc. | 77,480 | |
Meat Packing—0.4% | |||
24,600 | 1 | Smithfield Foods, Inc. | 573,426 |
Medical Supplies—0.4% | |||
3,800 | Cardinal Health, Inc. | 166,478 | |
1,500 | Hill-Rom Holdings, Inc. | 49,770 | |
2,900 | McKesson Corp. | 305,167 | |
TOTAL | 521,415 | ||
Medical Technology—1.2% | |||
9,500 | Medtronic, Inc. | 442,700 | |
10,000 | ResMed, Inc. | 438,000 | |
9,200 | St. Jude Medical, Inc. | 374,440 | |
3,200 | Zimmer Holdings, Inc. | 238,720 | |
TOTAL | 1,493,860 | ||
Metal Fabrication—0.2% | |||
2,000 | Reliance Steel & Aluminum Co. | 129,440 | |
2,800 | Timken Co. | 150,108 | |
TOTAL | 279,548 | ||
Miscellaneous Components—0.2% | |||
22,000 | 1 | Vishay Intertechnology, Inc. | 241,780 |
Miscellaneous Food Products—0.1% | |||
4,500 | Fresh Del Monte Produce, Inc. | 118,575 | |
Money Center Bank—2.5% | |||
15,900 | Bank of America Corp. | 179,988 | |
10,500 | Citigroup, Inc. | 442,680 | |
27,600 | JPMorgan Chase & Co. | 1,298,580 | |
11,900 | State Street Corp. | 662,235 | |
7,900 | The Bank of New York Mellon Corp. | 214,564 | |
11,000 | U.S. Bancorp | 364,100 | |
TOTAL | 3,162,147 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Mortgage and Title—0.1% | |||
6,200 | 1 | CoreLogic, Inc. | $162,688 |
Multi-Industry Capital Goods—0.4% | |||
11,100 | General Electric Co. | 247,308 | |
9,000 | Textron, Inc. | 258,840 | |
TOTAL | 506,148 | ||
Multi-Line Insurance—0.5% | |||
11,300 | 1 | American International Group, Inc. | 427,479 |
2,800 | Cincinnati Financial Corp. | 118,832 | |
2,900 | Validus Holdings Ltd. | 105,589 | |
TOTAL | 651,900 | ||
Newspaper Publishing—0.2% | |||
7,700 | Gannett Co., Inc. | 151,151 | |
100 | Washington Post Co., Class B | 38,568 | |
TOTAL | 189,719 | ||
Office Equipment—0.1% | |||
10,000 | Pitney Bowes, Inc. | 144,100 | |
Office Supplies—0.1% | |||
2,800 | Avery Dennison Corp. | 107,828 | |
Offshore Driller—0.1% | |||
3,200 | Bristow Group, Inc. | 182,336 | |
Oil Refiner—1.8% | |||
6,400 | HollyFrontier Corp. | 334,208 | |
6,900 | Marathon Petroleum Corp. | 512,049 | |
9,600 | Tesoro Petroleum Corp. | 467,424 | |
23,100 | Valero Energy Corp. | 1,010,163 | |
TOTAL | 2,323,844 | ||
Other Communications Equipment—0.2% | |||
5,000 | Harris Corp. | 231,000 | |
Packaged Foods—0.1% | |||
5,700 | ConAgra Foods, Inc. | 186,333 | |
Paint & Related Materials—0.2% | |||
1,200 | Sherwin-Williams Co. | 194,568 | |
Paper Products—0.0% | |||
5,800 | 1 | Boise, Inc. | 47,850 |
Personal & Household—0.1% | |||
4,300 | Nu Skin Enterprises, Inc. | 182,148 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Personnel Agency—0.2% | |||
3,500 | Manpower, Inc. | $180,250 | |
3,000 | Robert Half International, Inc. | 105,720 | |
TOTAL | 285,970 | ||
Printing—0.0% | |||
3,500 | Donnelley (R.R.) & Sons Co. | 32,200 | |
Property Liability Insurance—1.5% | |||
3,200 | Everest Re Group Ltd. | 370,592 | |
9,400 | HCC Insurance Holdings, Inc. | 363,592 | |
4,700 | PartnerRe Ltd. | 412,143 | |
3,600 | Platinum Underwriters Holdings Ltd. | 175,428 | |
8,200 | The Travelers Cos, Inc. | 643,372 | |
TOTAL | 1,965,127 | ||
Railroad—0.1% | |||
1,100 | Union Pacific Corp. | 144,606 | |
Real Estate Investment Trusts—1.7% | |||
2,300 | American Campus Communities, Inc. | 107,111 | |
2,300 | Digital Realty Trust, Inc. | 156,193 | |
10,000 | Extra Space Storage, Inc. | 398,400 | |
1,700 | Home Properties, Inc. | 104,499 | |
11,500 | Plum Creek Timber Co., Inc. | 554,070 | |
1,300 | Public Storage | 200,109 | |
1,691 | Simon Property Group, Inc. | 270,864 | |
10,000 | 1 | Sunstone Hotel Investors, Inc. | 115,700 |
3,200 | Taubman Centers, Inc. | 260,800 | |
TOTAL | 2,167,746 | ||
Recreational Vehicles—0.0% | |||
700 | Polaris Industries, Inc. | 60,963 | |
Regional Banks—2.5% | |||
15,700 | BB&T Corp. | 475,396 | |
5,200 | Comerica, Inc. | 178,672 | |
20,900 | Fifth Third Bancorp | 340,461 | |
13,300 | Huntington Bancshares, Inc. | 92,568 | |
21,000 | KeyCorp | 197,400 | |
6,700 | PNC Financial Services Group | 414,060 | |
16,000 | SunTrust Banks, Inc. | 453,920 | |
28,900 | Wells Fargo & Co. | 1,006,587 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Regional Banks—continued | |||
2,400 | Zions Bancorp | $55,968 | |
TOTAL | 3,215,032 | ||
Rental & Leasing Services—0.1% | |||
2,300 | Rent-A-Center, Inc. | 82,064 | |
Restaurants—0.2% | |||
1,600 | 1 | Panera Bread Co. | 255,696 |
Securities Brokerage—0.6% | |||
3,800 | Goldman Sachs Group, Inc. | 561,868 | |
7,600 | Morgan Stanley | 173,660 | |
TOTAL | 735,528 | ||
Semiconductor Distribution—0.7% | |||
16,800 | 1 | Arrow Electronics, Inc. | 645,456 |
5,200 | 1 | Avnet, Inc. | 183,872 |
TOTAL | 829,328 | ||
Semiconductor Manufacturing—0.6% | |||
38,800 | Intel Corp. | 816,352 | |
Services to Medical Professionals—2.0% | |||
11,700 | Aetna, Inc. | 564,291 | |
200 | 1 | Henry Schein, Inc. | 17,268 |
4,900 | Humana, Inc. | 364,364 | |
2,000 | Omnicare, Inc. | 77,900 | |
17,800 | UnitedHealth Group, Inc. | 982,738 | |
9,300 | Wellpoint, Inc. | 602,826 | |
TOTAL | 2,609,387 | ||
Soft Drinks—0.8% | |||
10,400 | Coca-Cola Enterprises, Inc. | 362,648 | |
9,700 | Dr. Pepper Snapple Group, Inc. | 437,179 | |
3,000 | PepsiCo, Inc. | 218,550 | |
TOTAL | 1,018,377 | ||
Software Packaged/Custom—1.4% | |||
4,000 | 1 | BMC Software, Inc. | 166,200 |
14,300 | CA, Inc. | 354,926 | |
1,600 | 1 | Commvault Systems, Inc. | 122,768 |
5,400 | Computer Sciences Corp. | 225,720 | |
4,500 | 1 | Electronic Arts, Inc. | 70,785 |
6,200 | Microsoft Corp. | 170,314 | |
7,000 | Oracle Corp. | 248,570 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Software Packaged/Custom—continued | |||
16,000 | 1 | Symantec Corp. | $348,320 |
500 | 1 | VMware, Inc., Class A | 38,240 |
TOTAL | 1,745,843 | ||
Specialty Chemicals—0.6% | |||
4,200 | Airgas, Inc. | 400,008 | |
3,300 | Ashland, Inc. | 259,083 | |
8,400 | Huntsman Corp. | 148,092 | |
TOTAL | 807,183 | ||
Specialty Retailing—2.4% | |||
5,200 | Abercrombie & Fitch Co., Class A | 260,000 | |
3,200 | 1 | AutoNation, Inc. | 155,200 |
2,400 | 1 | Big Lots, Inc. | 77,160 |
17,400 | CVS Corp. | 890,880 | |
2,000 | 1 | Cabela's, Inc. Class A | 103,240 |
6,050 | Expedia, Inc. | 394,763 | |
9,400 | GNC Acquisition Holdings, Inc. | 337,836 | |
2,500 | Nordstrom, Inc. | 138,075 | |
2,800 | Signet Jewelers Ltd. | 175,224 | |
13,300 | Staples, Inc. | 179,284 | |
3,300 | 1 | Vitamin Shoppe Industries, Inc. | 201,564 |
4,200 | Williams-Sonoma, Inc. | 184,800 | |
TOTAL | 3,098,026 | ||
Surveillance-Detection—0.0% | |||
1,600 | Diebold, Inc. | 47,104 | |
Telecommunication Equipment & Services—1.1% | |||
900 | 1 | Anixter International, Inc. | 60,552 |
15,300 | Cisco Systems, Inc. | 314,721 | |
11,300 | Motorola Solutions, Inc. | 659,807 | |
5,700 | Qualcomm, Inc. | 376,371 | |
TOTAL | 1,411,451 | ||
Telephone Utility—0.4% | |||
12,300 | CenturyLink, Inc. | 497,535 | |
Textiles Apparel & Luxury Goods—0.3% | |||
2,700 | PVH Corp. | 320,949 | |
Toys & Games—0.3% | |||
6,900 | Hasbro, Inc. | 257,853 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Toys & Games—continued | |||
4,600 | Mattel, Inc. | $173,098 | |
TOTAL | 430,951 | ||
Truck Manufacturing—0.2% | |||
1,300 | Cummins, Inc. | 149,279 | |
2,600 | 1 | Navistar International Corp. | 67,834 |
TOTAL | 217,113 | ||
Undesignated Consumer Cyclicals—0.2% | |||
6,100 | Herbalife Ltd. | 221,552 | |
Uniforms—0.2% | |||
5,200 | Cintas Corp. | 219,752 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $66,426,473) | 70,909,601 | ||
Asset-Backed Securities—0.6% | |||
$29,403 | CS First Boston Mortgage Securities Corp. 2002-HE4, AF, 5.510%, 8/25/2032 | 30,571 | |
300,000 | Discover Card Master Trust I 2012—B3, B3, 0.655%, 5/15/2018 | 300,351 | |
400,000 | GE Dealer Floorplan Master Note Trust 2012-3, A, 0.694%, 6/20/2017 | 401,663 | |
25,000 | Santander Drive Auto Receivables Trust 2013-1, D, 2.270%, 1/15/2019 | 25,019 | |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $754,638) | 757,604 | ||
Collateralized Mortgage Obligations—0.8% | |||
1,597 | Bear Stearns Mortgage Securities, Inc. 1997-6 1A, 6.429%, 3/25/2031 | 1,637 | |
70,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1 AM, 3.912%, 5/15/2045 | 75,501 | |
125,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1 B, 4.612%, 5/15/2045 | 138,178 | |
5,220 | Federal Home Loan Mortgage Corp. REMIC 1311 K, 7.000%, 7/15/2022 | 5,812 | |
10,248 | Federal Home Loan Mortgage Corp. REMIC 1384 D, 7.000%, 9/15/2022 | 11,689 | |
971 | Federal Home Loan Mortgage Corp. REMIC 1595 D, 7.000%, 10/15/2013 | 982 | |
21,114 | Federal Home Loan Mortgage Corp. REMIC 2497 JH, 6.000%, 9/15/2032 | 23,657 | |
23,341 | Federal National Mortgage Association REMIC 1993-113 SB, 9.748%, 7/25/2023 | 26,249 | |
1,824 | Federal National Mortgage Association REMIC 2001-37 GA, 8.000%, 7/25/2016 | 1,937 | |
4,917 | Federal National Mortgage Association REMIC 2003-35 UC, 3.750%, 5/25/2033 | 5,219 |
Shares or Principal Amount | Value | ||
Collateralized Mortgage Obligations—continued | |||
$100,000 | GS Mortgage Securities Corp. II 2012-GCJ7 AS, 4.085%, 5/10/2045 | $108,938 | |
135,000 | GS Mortgage Securities Corp. II 2012-GCJ7 B, 4.740%, 5/10/2045 | 150,136 | |
16,986 | Government National Mortgage Association REMIC 2002-17 B, 6.000%, 3/20/2032 | 19,241 | |
100,000 | Merrill Lynch Mortgage Trust 2008-C1 AM, 6.294%, 2/12/2051 | 107,727 | |
50,000 | Morgan Stanley Capital I 2007-IQ16 AM, 6.100%, 12/12/2049 | 58,509 | |
100,000 | Morgan Stanley Capital I 2012-C4 AS, 3.773%, 3/15/2045 | 106,603 | |
105,000 | UBS-Citigroup Commercial Mortgage Trust 2011-C1 A3, 3.595%, 1/10/2045 | 113,761 | |
25,000 | WF-RBS Commercial Mortgage Trust 2012-C6 B, 4.697%, 4/15/2045 | 27,713 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $913,223) | 983,489 | ||
Corporate Bonds—8.8% | |||
Basic Industry - Chemicals—0.3% | |||
100,000 | Albemarle Corp., Sr. Note, 5.100%, 02/01/2015 | 107,574 | |
30,000 | Du Pont (E.I.) de Nemours & Co., 6.000%, 07/15/2018 | 36,916 | |
20,000 | 2,3 | Incitec Pivot Finance LLC, Company Guarantee, Series 144A, 4.000%, 12/07/2015 | 21,010 |
35,000 | 2,3 | Incitec Pivot Finance LLC, Company Guarantee, Series 144A, 6.000%, 12/10/2019 | 39,521 |
70,000 | RPM International, Inc., 6.500%, 02/15/2018 | 82,405 | |
20,000 | RPM International, Inc., Sr. Unsecd. Note, 6.125%, 10/15/2019 | 23,321 | |
75,000 | Rohm & Haas Co., 6.000%, 09/15/2017 | 88,201 | |
30,000 | Sherwin-Williams Co., 3.125%, 12/15/2014 | 31,346 | |
TOTAL | 430,294 | ||
Basic Industry - Metals & Mining—0.4% | |||
50,000 | Alcan, Inc., 5.000%, 06/01/2015 | 54,600 | |
80,000 | Allegheny Technologies, Inc., Sr. Note, 9.375%, 06/01/2019 | 104,398 | |
15,000 | Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 04/15/2040 | 15,258 | |
10,000 | Anglogold Ashanti Holdings PLC, Sr. Unsecd. Note, 5.125%, 08/01/2022 | 10,163 | |
50,000 | ArcelorMittal, Sr. Unsecd. Note, 5.375%, 06/01/2013 | 50,526 | |
40,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 5.200%, 07/15/2021 | 42,442 | |
20,000 | 2,3 | Newcrest Finance Property Ltd., Sr. Unsecd. Note, Series 144A, 4.200%, 10/01/2022 | 20,546 |
85,000 | Rio Tinto Finance USA Ltd., Company Guarantee, 6.500%, 07/15/2018 | 105,283 | |
20,000 | Southern Copper Corp., Note, 6.750%, 04/16/2040 | 23,609 | |
60,000 | Worthington Industries, Inc., Sr. Unsecd. Note, 6.500%, 04/15/2020 | 65,309 | |
TOTAL | 492,134 |
Shares or Principal Amount | Value | ||
Corporate Bonds—continued | |||
Basic Industry - Paper—0.0% | |||
$10,000 | Plum Creek Timberlands LP, Sr. Unsecd. Note, 3.250%, 03/15/2023 | $9,757 | |
20,000 | Plum Creek Timberlands LP, Sr. Unsecd. Note, 4.700%, 03/15/2021 | 21,891 | |
TOTAL | 31,648 | ||
Capital Goods - Aerospace & Defense—0.1% | |||
50,000 | 2,3 | BAE Systems Holdings, Inc, Series 144A, 5.200%, 08/15/2015 | 54,616 |
20,000 | Raytheon Co., Sr. Note, 4.400%, 02/15/2020 | 22,631 | |
10,000 | Rockwell Collins, Inc., Sr. Unsecd. Note, 3.100%, 11/15/2021 | 10,335 | |
TOTAL | 87,582 | ||
Capital Goods - Building Materials—0.0% | |||
40,000 | Valmont Industries, Inc., Sr. Unsecd. Note, 6.625%, 04/20/2020 | 47,374 | |
Capital Goods - Construction Machinery—0.0% | |||
40,000 | AGCO Corp., Sr. Unsecd. Note, 5.875%, 12/01/2021 | 43,344 | |
Capital Goods - Diversified Manufacturing—0.3% | |||
15,000 | ABB Finance USA, Inc., Sr. Unsecd. Note, 2.875%, 05/08/2022 | 15,057 | |
15,000 | Avery Dennison Corp., Sr. Unsecd. Note, 5.375%, 04/15/2020 | 16,368 | |
60,000 | Dover Corp., Note, 5.450%, 03/15/2018 | 71,663 | |
30,000 | Emerson Electric Co., 4.875%, 10/15/2019 | 35,581 | |
80,000 | Hubbell, Inc., 5.950%, 06/01/2018 | 96,163 | |
50,000 | Pentair, Ltd., Company Guarantee, 5.000%, 05/15/2021 | 55,735 | |
90,000 | Roper Industries, Inc., 6.625%, 08/15/2013 | 92,758 | |
40,000 | 2,3 | Textron Financial Corp., Jr. Sub. Note, Series 144A, 6.000%, 02/15/2067 | 36,400 |
15,000 | Thomas & Betts Corp., Sr. Unsecd. Note, 5.625%, 11/15/2021 | 18,305 | |
TOTAL | 438,030 | ||
Capital Goods - Environmental—0.1% | |||
85,000 | Republic Services, Inc., Company Guarantee, Series WI, 5.500%, 09/15/2019 | 100,812 | |
25,000 | Waste Management, Inc., 7.375%, 03/11/2019 | 31,497 | |
TOTAL | 132,309 | ||
Capital Goods - Packaging—0.1% | |||
45,000 | Packaging Corp. of America, Sr. Unsecd. Note, 3.900%, 06/15/2022 | 46,083 | |
10,000 | 2,3 | Rock-Tenn Co., Sr. Unsecd. Note, Series 144A, 4.000%, 03/01/2023 | 9,993 |
10,000 | 2,3 | Rock-Tenn Co., Sr. Unsecd. Note, Series 144A, 4.450%, 03/01/2019 | 10,706 |
TOTAL | 66,782 | ||
Communications - Media & Cable—0.1% | |||
24,000 | Cox Communications, Inc., Unsecd. Note, 5.450%, 12/15/2014 | 26,131 |
Shares or Principal Amount | Value | ||
Corporate Bonds—continued | |||
Communications - Media & Cable—continued | |||
$30,000 | Time Warner Cable, Inc., Company Guarantee, 8.250%, 04/01/2019 | $39,711 | |
TOTAL | 65,842 | ||
Communications - Media Noncable—0.2% | |||
25,000 | Discovery Communications LLC, Company Guarantee, 5.050%, 06/01/2020 | 28,703 | |
10,000 | Interpublic Group of Cos., Inc., Sr. Unsecd. Note, 10.000%, 07/15/2017 | 10,875 | |
30,000 | Interpublic Group of Cos., Inc., Sr. Unsecd. Note, 2.25%, 11/15/2017 | 29,776 | |
25,000 | Moody's Corp., Sr. Unsecd. Note, 5.500%, 09/01/2020 | 27,759 | |
75,000 | News America Holdings, Inc., Company Guarantee, 8.000%, 10/17/2016 | 91,814 | |
20,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.625%, 05/01/2022 | 20,581 | |
100,000 | 2,3 | Pearson Funding Two PLC, Sr. Unsecd. Note, Series 144A, 4.000%, 05/17/2016 | 107,092 |
TOTAL | 316,600 | ||
Communications - Telecom Wireless—0.2% | |||
100,000 | America Movil S.A.B. de C.V., Note, 5.750%, 01/15/2015 | 109,210 | |
100,000 | 2,3 | Crown Castle Towers LLC, Sr. Secd. Note, Series 144A, 5.495%, 01/15/2017 | 114,526 |
30,000 | 2,3 | SBA Tower Trust, Series 144A, 5.101%, 04/17/2017 | 33,759 |
40,000 | Telefonaktiebolaget LM Ericsson, Sr. Unsecd. Note, 4.125%, 05/15/2022 | 40,856 | |
TOTAL | 298,351 | ||
Communications - Telecom Wirelines—0.1% | |||
10,000 | CenturyLink, Inc., Sr. Unsecd. Note, 7.65%, 3/15/2042 | 10,326 | |
40,000 | France Telecom SA, Sr. Unsecd. Note, 5.375%, 07/08/2019 | 46,745 | |
60,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 6.350%, 04/01/2019 | 74,509 | |
TOTAL | 131,580 | ||
Consumer Cyclical - Automotive—0.4% | |||
100,000 | 2,3 | American Honda Finance Corp., Series 144A, 4.625%, 04/02/2013 | 100,693 |
70,000 | 2,3 | Daimler Finance NA LLC, Company Guarantee, Series 144A, 1.950%, 03/28/2014 | 70,826 |
75,000 | DaimlerChrysler North America Holding Corp., 6.500%, 11/15/2013 | 78,353 | |
10,000 | DaimlerChrysler North America Holding Corp., Company Guarantee, 8.500%, 01/18/2031 | 15,409 | |
100,000 | Ford Motor Co., Sr. Unsecd. Note, 4.750%, 01/15/2043 | 94,422 | |
20,000 | 2,3 | Harley-Davidson Financial Services, Inc., Company Guarantee, Series 144A, 3.875%, 03/15/2016 | 21,370 |
10,000 | 2,3 | Harley-Davidson Financial Services, Inc., Sr. Unsecd. Note, Series 144A, 2.700%, 03/15/2017 | 10,284 |
Shares or Principal Amount | Value | ||
Corporate Bonds—continued | |||
Consumer Cyclical - Automotive—continued | |||
$80,000 | 2,3 | Nissan Motor Acceptance Corp., Note, Series 144A, 4.500%, 01/30/2015 | $85,558 |
10,000 | 2,3 | Nissan Motor Acceptance Corp., Sr. Unsecd. Note, Series 144A, 1.950%, 09/12/2017 | 10,116 |
20,000 | 2,3 | RCI Banque SA, Sr. Unsecd. Note, Series 144A, 4.600%, 04/12/2016 | 21,028 |
TOTAL | 508,059 | ||
Consumer Cyclical - Entertainment—0.3% | |||
200,000 | 2 | Football Trust V, Pass Thru Cert., Series 144A, 5.350%, 10/05/2020 | 233,414 |
90,000 | NBC Universal, Inc., Sr. Unsecd. Note, 5.150%, 04/30/2020 | 104,994 | |
25,000 | Viacom, Inc., Sr. Unsecd. Note, 2.500%, 12/15/2016 | 26,146 | |
TOTAL | 364,554 | ||
Consumer Cyclical - Lodging—0.0% | |||
50,000 | Marriott International, Inc., Sr. Unsecd. Note, 3.000%, 03/01/2019 | 51,992 | |
Consumer Cyclical - Retailers—0.1% | |||
15,000 | Advance Auto Parts, Inc., Company Guarantee, 4.500%, 01/15/2022 | 15,371 | |
70,000 | Best Buy Co., Inc., Sr. Unsecd. Note, 7.25%, 07/15/2013 | 71,575 | |
10,000 | O'Reilly Automotive, Inc., Company Guarantee, 4.875%, 01/14/2021 | 10,915 | |
TOTAL | 97,861 | ||
Consumer Cyclical - Services—0.0% | |||
15,000 | Expedia, Inc., Company Guarantee, 5.950%, 08/15/2020 | 16,559 | |
10,000 | University of Southern California, Sr. Unsecd. Note, 5.250%, 10/01/2111 | 12,217 | |
TOTAL | 28,776 | ||
Consumer Non-Cyclical - Food/Beverage—0.4% | |||
100,000 | 2,3 | Bacardi Ltd., Sr. Note, Series 144A, 7.45%, 04/01/2014 | 107,592 |
100,000 | Bottling Group LLC, Note, 5.500%, 04/01/2016 | 114,013 | |
50,000 | ConAgra Foods, Inc., Sr. Unsecd. Note, 3.200%, 01/25/2023 | 50,176 | |
60,000 | Diageo Capital PLC, Company Guarantee, 7.375%, 01/15/2014 | 63,813 | |
20,000 | Sysco Corp., Sr. Note, 5.375%, 03/17/2019 | 24,141 | |
50,000 | Sysco Corp., Sr. Unsecd. Note, 4.200%, 02/12/2013 | 50,036 | |
30,000 | The Coca-Cola Co., Sr. Unsecd. Note, Series WI, 1.800%, 09/01/2016 | 31,055 | |
50,000 | Tyson Foods, Inc., Sr. Unsecd. Note, 4.500%, 06/15/2022 | 54,029 | |
TOTAL | 494,855 | ||
Consumer Non-Cyclical - Health Care—0.2% | |||
40,000 | Baxter International, Inc., 6.250%, 12/01/2037 | 53,427 | |
50,000 | Boston Scientific Corp., 4.500%, 01/15/2015 | 53,178 | |
10,000 | Laboratory Corp. of America Holdings, Sr. Unsecd. Note, 3.750%, 08/23/2022 | 10,360 |
Shares or Principal Amount | Value | ||
Corporate Bonds—continued | |||
Consumer Non-Cyclical - Health Care—continued | |||
$40,000 | Life Technologies Corp., Sr. Note, 3.375%, 03/01/2013 | $40,079 | |
90,000 | Quest Diagnostics, Inc., Sr. Unsecd. Note, 6.400%, 07/01/2017 | 105,226 | |
10,000 | Zimmer Holdings, Inc., Sr. Note, 5.750%, 11/30/2039 | 11,821 | |
TOTAL | 274,091 | ||
Consumer Non-Cyclical - Pharmaceuticals—0.0% | |||
10,000 | Dentsply International, Inc., Sr. Unsecd. Note, 2.750%, 08/15/2016 | 10,355 | |
30,000 | Pfizer, Inc., Sr. Unsecd. Note, 6.200%, 03/15/2019 | 37,633 | |
TOTAL | 47,988 | ||
Consumer Non-Cyclical - Products—0.1% | |||
10,000 | Clorox Co., Sr. Unsecd. Note, 3.550%, 11/01/2015 | 10,599 | |
80,000 | Whirlpool Corp., Series MTN, 5.500%, 03/01/2013 | 80,289 | |
TOTAL | 90,888 | ||
Consumer Non-Cyclical - Tobacco—0.1% | |||
24,000 | Altria Group, Inc., 9.250%, 08/06/2019 | 33,186 | |
30,000 | Philip Morris International, Inc., 5.650%, 05/16/2018 | 36,152 | |
TOTAL | 69,338 | ||
Energy - Independent—0.2% | |||
50,000 | Canadian Natural Resources Ltd., 4.900%, 12/01/2014 | 53,783 | |
30,000 | EOG Resources, Inc., Note, 5.625%, 06/01/2019 | 36,655 | |
10,000 | Talisman Energy, Inc., Sr. Unsecd. Note, 3.750%, 02/01/2021 | 10,516 | |
10,000 | Talisman Energy, Inc., Sr. Unsecd. Note, 5.500%, 05/15/2042 | 10,886 | |
75,000 | XTO Energy, Inc., 6.375%, 06/15/2038 | 106,487 | |
60,000 | XTO Energy, Inc., 6.750%, 08/01/2037 | 89,497 | |
TOTAL | 307,824 | ||
Energy - Integrated—0.2% | |||
30,000 | BP Capital Markets America, Inc., Company Guarantee, 4.200%, 06/15/2018 | 33,200 | |
20,000 | BP Capital Markets PLC, Company Guarantee, 3.125%, 10/01/2015 | 21,201 | |
100,000 | Husky Oil Ltd., Deb., 7.550%, 11/15/2016 | 120,178 | |
20,000 | Phillips 66, Sr. Unsecd. Note, Series WI, 1.950%, 03/05/2015 | 20,410 | |
50,000 | Phillips 66, Sr. Unsecd. Note, Series WI, 4.300%, 04/01/2022 | 54,925 | |
20,000 | Petrobras International Finance Co., Sr. Unsecd. Note, 2.875%, 02/06/2015 | 20,462 | |
TOTAL | 270,376 | ||
Energy - Oil Field Services—0.1% | |||
15,000 | Nabors Industries, Inc., Company Guarantee, 5.000%, 09/15/2020 | 15,736 | |
15,000 | Nabors Industries, Inc., Company Guarantee, 9.250%, 01/15/2019 | 19,033 |
Shares or Principal Amount | Value | ||
Corporate Bonds—continued | |||
Energy - Oil Field Services—continued | |||
$20,000 | Nabors Industries, Inc., Sr. Unsecd. Note, 4.625%, 09/15/2021 | $20,567 | |
15,000 | Noble Holding International Ltd., Company Guarantee, 4.900%, 08/01/2020 | 16,657 | |
10,000 | 2,3 | Schlumberger Investment SA, Company Guarantee, Series 144A, 1.950%, 09/14/2016 | 10,271 |
TOTAL | 82,264 | ||
Energy - Refining—0.1% | |||
10,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 03/01/2041 | 12,257 | |
10,000 | Valero Energy Corp., 9.375%, 03/15/2019 | 13,712 | |
35,000 | Valero Energy Corp., Note, 4.750%, 04/01/2014 | 36,552 | |
TOTAL | 62,521 | ||
Financial Institution - Banking—1.4% | |||
74,000 | 2,3 | American Express Co., Sr. Unsecd. Note, Series 144A, 2.650%, 12/02/2022 | 72,005 |
50,000 | American Express Credit Corp., Sr. Unsecd. Note, Series MTN, 2.800%, 09/19/2016 | 52,865 | |
40,000 | Associated Banc-Corp., Sr. Unsecd. Note, 5.125%, 03/28/2016 | 43,911 | |
60,000 | Bank of America Corp., Note, 4.500%, 04/01/2015 | 63,904 | |
125,000 | 2,3 | Barclays Bank PLC, Series 144A, 5.926%, 09/29/2049 | 124,375 |
50,000 | Capital One Financial Corp., Sr. Note, 7.375%, 05/23/2014 | 54,192 | |
20,000 | Citigroup, Inc., Sr. Unsecd. Note, 4.450%, 01/10/2017 | 21,974 | |
100,000 | Citigroup, Inc., Sr. Unsecd. Note, 4.587%, 12/15/2015 | 108,779 | |
25,000 | City National Corp., Note, 5.250%, 09/15/2020 | 27,448 | |
40,000 | 2,3 | Commonwealth Bank of Australia, Sr. Unsecd. Note, Series 144A, 3.750%, 10/15/2014 | 41,975 |
130,000 | Credit Suisse AG New York, Sr. Unsecd. Note, 5.500%, 05/01/2014 | 137,895 | |
40,000 | Deutsche Bank AG London, Sr. Unsecd. Note, Series 1, 3.250%, 01/11/2016 | 42,548 | |
20,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 3.625%, 01/25/2016 | 21,340 | |
25,000 | Goldman Sachs Group, Inc., 6.125%, 02/15/2033 | 29,392 | |
75,000 | Goldman Sachs Group, Inc., Bond, 5.150%, 01/15/2014 | 78,148 | |
50,000 | Goldman Sachs Group, Inc., Series MTN, 6.000%, 05/01/2014 | 53,119 | |
70,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 5.125%, 01/15/2015 | 75,148 | |
30,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.150%, 04/01/2018 | 35,287 | |
50,000 | HSBC Holdings PLC, Sr. Unsecd. Note, 5.100%, 04/05/2021 | 57,914 | |
150,000 | HSBC USA, Inc., Sr. Unsecd. Note, 2.375%, 02/13/2015 | 154,782 | |
65,000 | Morgan Stanley, Sr. Unsecd. Note, 4.750%, 03/22/2017 | 71,062 | |
20,000 | Murray Street Investment Trust I, Sr. Unsecd. Note, 4.647%, 03/09/2017 | 21,681 |
Shares or Principal Amount | Value | ||
Corporate Bonds—continued | |||
Financial Institution - Banking—continued | |||
$30,000 | Northern Trust Corp., 4.625%, 05/01/2014 | $31,521 | |
100,000 | 2,3 | Santander US Debt SA Unipersonal, Bank Guarantee, Series 144A, 3.781%, 10/07/2015 | 102,032 |
30,000 | Wachovia Corp., 5.750%, 02/01/2018 | 35,842 | |
70,000 | Westpac Banking Corp., Sr. Unsecd. Note, 4.875%, 11/19/2019 | 82,151 | |
100,000 | Wilmington Trust Corp., Sub. Note, 8.500%, 04/02/2018 | 125,087 | |
TOTAL | 1,766,377 | ||
Financial Institution - Brokerage—0.2% | |||
20,000 | 2,3 | CME Group Index Services LLC, Company Guarantee, Series 144A, 4.400%, 03/15/2018 | 22,584 |
80,000 | Janus Capital Group, Inc., Sr. Note, 6.700%, 06/15/2017 | 91,155 | |
40,000 | Jefferies Group, Inc., Sr. Unsecd. Note, 6.500%, 01/20/2043 | 40,879 | |
25,000 | Jefferies Group, Inc., Sr. Unsecd. Note, 6.875%, 04/15/2021 | 28,625 | |
50,000 | TD Ameritrade Holding Corp., Company Guarantee, 4.150%, 12/01/2014 | 53,200 | |
TOTAL | 236,443 | ||
Financial Institution - Finance Noncaptive—0.2% | |||
30,000 | General Electric Capital Corp., Sr. Unsecd. Note, Series MTN, 3.100%, 01/09/2023 | 29,701 | |
200,000 | 2,3 | ILFC E-Capital Trust I, Floating Rate Note—Sr. Sub Note, Series 144A, 4.540%, 12/21/2065 | 160,000 |
TOTAL | 189,701 | ||
Financial Institution - Insurance - Health—0.1% | |||
50,000 | UnitedHealth Group, Inc., Sr. Unsecd. Note, 6.000%, 02/15/2018 | 60,356 | |
50,000 | Wellpoint, Inc., 5.850%, 01/15/2036 | 57,980 | |
TOTAL | 118,336 | ||
Financial Institution - Insurance - Life—0.2% | |||
10,000 | Aflac, Inc., Sr. Unsecd. Note, 6.900%, 12/17/2039 | 12,996 | |
10,000 | Lincoln National Corp., Sr. Unsecd. Note, 4.200%, 03/15/2022 | 10,672 | |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 08/01/2039 | 15,425 | |
85,000 | 2,3 | Pacific Life Global Fund, Sr. Secd. Note, Series 144A, 5.150%, 04/15/2013 | 85,785 |
15,000 | 2,3 | Penn Mutual Life Insurance Co., Sr. Note, Series 144A, 7.625%, 06/15/2040 | 18,767 |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.125%, 05/15/2023 | 9,910 | |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.300%, 09/15/2022 | 10,115 | |
50,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040 | 59,418 | |
TOTAL | 223,088 |
Shares or Principal Amount | Value | ||
Corporate Bonds—continued | |||
Financial Institution - Insurance - P&C—0.4% | |||
$90,000 | ACE INA Holdings, Inc., 5.600%, 05/15/2015 | $99,852 | |
1,000 | ACE INA Holdings, Inc., Sr. Note, 5.700%, 02/15/2017 | 1,169 | |
75,000 | CNA Financial Corp., 6.500%, 08/15/2016 | 86,568 | |
30,000 | CNA Financial Corp., Sr. Unsecd. Note, 7.350%, 11/15/2019 | 37,935 | |
20,000 | Chubb Corp., Sr. Note, 5.750%, 05/15/2018 | 24,438 | |
100,000 | 2,3 | Liberty Mutual Group, Inc, Unsecd. Note, Series 144A, 5.750%, 3/15/2014 | 104,400 |
65,000 | 2,3 | Nationwide Mutual Insurance Co., Sub. Note, Series 144A, 9.375%, 08/15/2039 | 94,978 |
50,000 | The Travelers Cos., Inc., Sr. Unsecd. Note, 5.500%, 12/01/2015 | 56,420 | |
TOTAL | 505,760 | ||
Financial Institution - REITs—0.4% | |||
40,000 | AMB Property LP, Series MTN, 6.300%, 06/01/2013 | 40,651 | |
50,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 4.600%, 04/01/2022 | 53,552 | |
15,000 | Avalonbay Communities, Inc., Sr. Unsecd. Note, Series MTN, 5.700%, 03/15/2017 | 17,479 | |
55,000 | Boston Properties LP, Sr. Unsecd. Note, 5.875%, 10/15/2019 | 65,567 | |
20,000 | Equity One, Inc., Bond, 6.000%, 09/15/2017 | 22,856 | |
40,000 | Health Care REIT, Inc., Sr. Unsecd. Note, 6.125%, 04/15/2020 | 46,741 | |
75,000 | Liberty Property LP, 6.625%, 10/01/2017 | 89,109 | |
20,000 | Post Apartment Homes LP, Sr. Unsecd. Note, 3.375%, 12/01/2022 | 19,698 | |
20,000 | Regency Centers LP, Company Guarantee, 4.800%, 04/15/2021 | 21,900 | |
35,000 | Simon Property Group LP, 6.750%, 05/15/2014 | 37,156 | |
30,000 | Tanger Properties LP, Sr. Unsecd. Note, 6.125%, 06/01/2020 | 36,433 | |
10,000 | UDR, Inc., Company Guarantee, 4.625%, 01/10/2022 | 10,987 | |
TOTAL | 462,129 | ||
Sovereign—0.0% | |||
30,000 | Corp Andina De Fomento, Sr. Unsecd. Note, 4.375%, 06/15/2022 | 32,771 | |
Technology—0.3% | |||
15,000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 3.200%, 10/01/2022 | 14,805 | |
60,000 | Cisco Systems, Inc., Sr. Unsecd. Note, 5.500%, 02/22/2016 | 68,513 | |
20,000 | Corning, Inc., Unsecd. Note, 4.750%, 03/15/2042 | 20,690 | |
20,000 | Hewlett-Packard Co., Sr. Unsecd. Note, 2.600%, 09/15/2017 | 19,610 | |
20,000 | Hewlett-Packard Co., Sr. Unsecd. Note, 3.300%, 12/09/2016 | 20,598 | |
100,000 | Hewlett-Packard Co., Sr. Unsecd. Note, 4.750%, 06/02/2014 | 104,202 | |
20,000 | Ingram Micro, Inc., Sr. Unsecd. Note, 5.000%, 08/10/2022 | 20,205 | |
10,000 | Juniper Networks, Inc., Sr. Unsecd. Note, 5.950%, 03/15/2041 | 11,286 |
Shares or Principal Amount | Value | ||
Corporate Bonds—continued | |||
Technology—continued | |||
$30,000 | Maxim Integrated Products, Inc., Note, 3.450%, 06/14/2013 | $30,312 | |
10,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 09/12/2022 | 10,229 | |
25,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.875%, 01/15/2019 | 26,593 | |
20,000 | Xerox Corp., Sr. Unsecd. Note, 2.950%, 03/15/2017 | 20,321 | |
TOTAL | 367,364 | ||
Transportation - Airlines—0.1% | |||
130,000 | Southwest Airlines Co., Sr. Unsecd. Note, 5.125%, 03/01/2017 | 142,942 | |
Transportation - Railroads—0.1% | |||
75,000 | Burlington Northern Santa Fe Corp., 4.875%, 01/15/2015 | 80,835 | |
50,000 | Burlington Northern Santa Fe Corp., Deb., 5.750%, 05/01/2040 | 59,974 | |
TOTAL | 140,809 | ||
Transportation - Services—0.2% | |||
90,000 | 2,3 | Enterprise Rent-A-Car USA, Series 144A, 6.375%, 10/15/2017 | 108,291 |
60,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 3.150%, 03/02/2015 | 61,908 | |
30,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 3.125%, 01/15/2021 | 31,769 | |
TOTAL | 201,968 | ||
Utility - Electric—0.7% | |||
70,000 | Appalachian Power Co., Sr. Unsecd. Note, 7.950%, 01/15/2020 | 93,874 | |
100,000 | Cleveland Electric Illuminating Co., Sr. Unsecd. Note, 5.950%, 12/15/2036 | 112,617 | |
5,000 | Consolidated Edison Co., Sr. Unsecd. Note, 6.650%, 04/01/2019 | 6,345 | |
10,000 | Duke Energy Ohio, Inc., 1st Mtg. Bond, 2.100%, 06/15/2013 | 10,062 | |
70,000 | 2,3 | Electricite de France SA, Note, Series 144A, 5.600%, 01/27/2040 | 79,751 |
100,000 | Exelon Generation Co. LLC, Note, 5.350%, 01/15/2014 | 104,313 | |
50,000 | FirstEnergy Solutions Corp., Company Guarantee, 4.800%, 02/15/2015 | 53,686 | |
40,000 | FirstEnergy Solutions Corp., Company Guarantee, 6.050%, 08/15/2021 | 45,850 | |
10,000 | Great Plains Energy, Inc., Note, 4.850%, 06/01/2021 | 10,848 | |
24,799 | 2,3 | Great River Energy, 1st Mtg. Note, Series 144A, 5.829%, 07/01/2017 | 26,819 |
25,000 | National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, 8.000%, 03/01/2032 | 37,230 | |
80,000 | Northern States Power Co., MN, 1st Mtg. Bond, 5.250%, 03/01/2018 | 95,740 | |
50,000 | PPL Energy Supply LLC, Sr. Unsecd. Note, 6.000%, 12/15/2036 | 54,454 | |
20,000 | PSEG Power LLC, Company Guarantee, 2.500%, 04/15/2013 | 20,085 | |
75,000 | PSI Energy, Inc., Bond, 6.050%, 06/15/2016 | 85,880 | |
50,000 | Progress Energy, Inc., 7.050%, 03/15/2019 | 63,024 | |
10,000 | TECO Finance, Inc., Company Guarantee, 5.150%, 03/15/2020 | 11,570 |
Shares or Principal Amount | Value | ||
Corporate Bonds—continued | |||
Utility - Electric—continued | |||
$40,000 | UIL Holdings Corp., Sr. Unsecd. Note, 4.625%, 10/01/2020 | $42,015 | |
TOTAL | 954,163 | ||
Utility - Natural Gas Distributor—0.1% | |||
20,000 | Atmos Energy Corp., 8.500%, 03/15/2019 | 26,982 | |
10,000 | 2,3 | Florida Gas Transmission Co. LLC, Sr. Unsecd. Note, Series 144A, 5.450%, 07/15/2020 | 11,531 |
55,000 | Sempra Energy, Sr. Unsecd. Note, 6.500%, 06/01/2016 | 64,310 | |
TOTAL | 102,823 | ||
Utility - Natural Gas Pipelines—0.3% | |||
75,000 | Duke Capital Corp., Sr. Note, 6.250%, 02/15/2013 | 75,120 | |
40,000 | Enbridge, Inc., Sr. Note, 5.600%, 04/01/2017 | 45,824 | |
65,000 | Enterprise Products Operating LLC, Company Guarantee, Series O, 9.750%, 01/31/2014 | 70,619 | |
100,000 | Enterprise Products Operating LP, Company Guarantee, 5.900%, 04/15/2013 | 100,957 | |
50,000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, 5.000%, 12/15/2013 | 51,784 | |
20,000 | 2,3 | Texas Eastern Transmission LP, Sr. Unsecd. Note, Series 144A, 2.800%, 10/15/2022 | 19,818 |
40,000 | Williams Partners LP, 5.250%, 03/15/2020 | 45,839 | |
30,000 | Williams Partners LP, Sr. Unsecd. Note, 4.125%, 11/15/2020 | 32,307 | |
TOTAL | 442,268 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $10,175,697) | 11,220,199 | ||
FOREIGN Government/AgenCY—0.1% | |||
Sovereign—0.1% | |||
75,000 | United Mexican States, 6.625%, 03/03/2015 (IDENTIFIED COST $77,177) | 83,344 | |
Mortgage-Backed Securities—0.0% | |||
Federal National Mortgage Association—0.0% | |||
2,536 | Federal National Mortgage Association Pool 512255, 7.500%, 9/1/2014 | 2,642 | |
5,625 | Federal National Mortgage Association Pool 609554, 7.500%, 10/1/2016 | 6,094 | |
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $8,456) | 8,736 | ||
MUNICIPAL SECURITY—0.1% | |||
Municipal Services—0.1% | |||
70,000 | Chicago, IL Metropolitan Water Reclamation District, Direct Payment Taxable Limited GO Build America Bonds, 5.720%, 12/01/2038 (IDENTIFIED COST $70,000) | 90,483 |
Shares or Principal Amount | Value | ||
U.S. Treasury—8.2% | |||
$1,328,106 | U.S. Treasury Inflation-Protected Note, Series D-2021, 0.625%, 7/15/2021 | $1,504,941 | |
400,000 | United States Treasury Bond, 2.750%, 8/15/2042 | 368,488 | |
200,000 | United States Treasury Bond, 3.000%, 5/15/2042 | 194,556 | |
2,000,000 | United States Treasury Note, 0.500%, 7/31/2017 | 1,976,672 | |
900,000 | United States Treasury Note, 0.625%, 9/30/2017 | 892,596 | |
1,300,000 | United States Treasury Note, 0.750%, 10/31/2017 | 1,295,541 | |
800,000 | 4 | United States Treasury Note, 0.875%, 11/30/2016 | 808,219 |
1,000,000 | United States Treasury Note, 1.000%, 8/31/2016 | 1,016,187 | |
200,000 | United States Treasury Note, 3.375%, 11/15/2019 | 226,938 | |
1,150,000 | United States Treasury Note, 3.500%, 5/15/2020 | 1,315,726 | |
800,000 | United States Treasury Note, 3.625%, 2/15/2021 | 923,319 | |
TOTAL U.S. TREASURY (IDENTIFIED COST $10,568,828) | 10,523,183 | ||
EXCHANGE-TRADED FUNDS—9.3% | |||
89,400 | iShares MSCI Emerging Markets Fund | 3,953,268 | |
96,000 | iShares MSCI EAFE Index Fund | 5,662,080 | |
41,500 | 1 | PowerShares DB Precious Metals Fund | 2,372,555 |
TOTAL EXCHANGE-TRADED FUNDS (IDENTIFIED COST $11,237,700) | 11,987,903 | ||
MUTUAL FUNDS—16.3%5 | |||
55,577 | Emerging Markets Fixed Income Core Fund | 1,924,418 | |
877,000 | Federated Mortgage Core Portfolio | 8,892,778 | |
5,868,874 | 6 | Federated Prime Value Obligations Fund, Institutional Shares, 0.13% | 5,868,874 |
130,645 | Federated Project and Trade Finance Core Fund | 1,277,710 | |
429,781 | High Yield Bond Portfolio | 2,892,427 | |
TOTAL MUTUAL FUNDS (IDENTIFIED COST $20,352,683) | 20,856,207 | ||
TOTAL INVESTMENTS—99.6% (IDENTIFIED COST $120,584,875)7 | 127,420,749 | ||
OTHER ASSETS AND LIABILITIES - NET—0.4%8 | 543,323 | ||
TOTAL NET ASSETS—100% | $127,964,072 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation/ (Depreciation) |
1United States Treasury Note 5-Year Long Futures | 60 | $7,424,063 | March 2013 | $(33,409) |
1United States Treasury Note 10-Year Long Futures | 55 | $7,220,469 | March 2013 | $(85,202) |
1United States Treasury Note 2-Year Short Futures | 100 | $22,042,188 | March 2013 | $(6,475) |
1United States Treasury Bond 30-Year Short Futures | 20 | $2,869,375 | March 2013 | $104,486 |
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $(20,600) |
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 January 31, 2013, these restricted securities amounted to $2,192,432, which represented 1.7% 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 January 31, 2013, these liquid restricted securities amounted to $1,959,018, which represented 1.5% 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 $120,584,214. |
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 | $68,889,521 | $— | $— | $68,889,521 |
International | 2,020,080 | — | — | 2,020,080 |
Debt Securities: | ||||
Asset-Backed Securities | — | 757,604 | — | 757,604 |
Collateralized Mortgage Obligations | — | 983,489 | — | 983,489 |
Corporate Bonds | — | 11,220,199 | — | 11,220,199 |
Foreign Government/Agency | — | 83,344 | — | 83,344 |
Mortgage-Backed Securities | — | 8,736 | — | 8,736 |
Municipal Security | — | 90,483 | — | 90,483 |
U.S. Treasury | — | 10,523,183 | — | 10,523,183 |
Exchange-Traded Funds | 11,987,903 | — | — | 11,987,903 |
Mutual Funds | 19,578,497 | 1,277,710 | — | 20,856,207 |
TOTAL SECURITIES | $102,476,001 | $24,944,748 | $— | $127,420,749 |
OTHER FINANCIAL INSTRUMENTS2 | $(20,600) | $— | $— | $(20,600) |
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 |
MTN | —Medium Term Note |
REIT(s) | —Real Estate Investment Trust(s) |
REMIC | —Real Estate Mortgage Investment Conduit |
Six Months Ended (unaudited) 1/31/2013 | Year Ended July 31, | |||||
2012 | 2011 | 2010 | 2009 | 2008 | ||
Net Asset Value, Beginning of Period | $12.20 | $12.17 | $10.86 | $10.17 | $12.51 | $13.75 |
Income From Investment Operations: | ||||||
Net investment income | 0.071 | 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 | 1.05 | 0.02 | 1.33 | 0.71 | (2.27) | (1.00) |
TOTAL FROM INVESTMENT OPERATIONS | 1.12 | 0.19 | 1.48 | 0.87 | (2.07) | (0.72) |
Less Distributions: | ||||||
Distributions from net investment income | (0.18) | (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 | (0.18) | (0.16) | (0.17) | (0.18) | (0.27) | (0.52) |
Net Asset Value, End of Period | $13.14 | $12.20 | $12.17 | $10.86 | $10.17 | $12.51 |
Total Return2 | 9.22% | 1.65% | 13.67% | 8.51% | (16.35)% | (5.60)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.30%3 | 1.30% | 1.28% | 1.21% | 1.30% | 1.31% |
Net investment income | 1.11%3 | 1.43% | 1.27% | 1.47% | 2.03% | 2.08% |
Expense waiver/reimbursement4 | 0.14%3 | 0.28% | 0.23% | 0.25% | 0.14% | 0.03% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $50,144 | $48,774 | $57,358 | $86,018 | $105,635 | $153,458 |
Portfolio turnover | 73% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2013 | Year Ended July 31, | |||||
2012 | 2011 | 2010 | 2009 | 2008 | ||
Net Asset Value, Beginning of Period | $12.03 | $11.99 | $10.70 | $10.03 | $12.30 | $13.60 |
Income From Investment Operations: | ||||||
Net investment income | 0.021 | 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 | 1.04 | 0.03 | 1.31 | 0.69 | (2.23) | (1.00) |
TOTAL FROM INVESTMENT OPERATIONS | 1.06 | 0.11 | 1.37 | 0.77 | (2.10) | (0.81) |
Less Distributions: | ||||||
Distributions from net investment income | (0.07) | (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) | (0.07) | (0.08) | (0.10) | (0.17) | (0.49) |
Net Asset Value, End of Period | $13.02 | $12.03 | $11.99 | $10.70 | $10.03 | $12.30 |
Total Return2 | 8.87% | 0.93% | 12.85% | 7.63% | (16.95)% | (6.28)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.05%3 | 2.05% | 2.04% | 1.96% | 2.05% | 2.05% |
Net investment income | 0.36%3 | 0.68% | 0.52% | 0.71% | 1.28% | 1.41% |
Expense waiver/reimbursement4 | 0.12%3 | 0.24% | 0.19% | 0.22% | 0.10% | 0.03% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $33,877 | $34,193 | $45,512 | $49,907 | $55,582 | $82,033 |
Portfolio turnover | 73% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2013 | Year Ended July 31, | |||||
2012 | 2011 | 2010 | 2009 | 2008 | ||
Net Asset Value, Beginning of Period | $12.17 | $12.12 | $10.83 | $10.14 | $12.51 | $13.77 |
Income From Investment Operations: | ||||||
Net investment income | 0.041 | 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 | 1.05 | 0.03 | 1.32 | 0.72 | (2.27) | (0.98) |
TOTAL FROM INVESTMENT OPERATIONS | 1.09 | 0.14 | 1.41 | 0.82 | (2.12) | (0.78) |
Less Distributions: | ||||||
Distributions from net investment income | (0.12) | (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 | (0.12) | (0.09) | (0.12) | (0.13) | (0.25) | (0.48) |
Net Asset Value, End of Period | $13.14 | $12.17 | $12.12 | $10.83 | $10.14 | $12.51 |
Total Return2 | 8.97% | 1.19% | 13.08% | 8.01% | (16.75)% | (6.01)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.80%3 | 1.80% | 1.79% | 1.70% | 1.79% | 1.77% |
Net investment income | 0.61%3 | 0.93% | 0.77% | 0.96% | 1.56% | 1.53% |
Expense waiver/reimbursement4 | 0.10%3 | 0.22% | 0.17% | 0.21% | 0.09% | 0.02% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $553 | $526 | $665 | $673 | $597 | $708 |
Portfolio turnover | 73% | 149% | 139% | 130% | 231% | 158% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2013 | Year Ended July 31, | |||||
2012 | 2011 | 2010 | 2009 | 2008 | ||
Net Asset Value, Beginning of Period | $12.23 | $12.21 | $10.90 | $10.21 | $12.57 | $13.79 |
Income From Investment Operations: | ||||||
Net investment income | 0.091 | 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 | 1.05 | 0.02 | 1.34 | 0.71 | (2.28) | (0.98) |
TOTAL FROM INVESTMENT OPERATIONS | 1.14 | 0.22 | 1.52 | 0.90 | (2.05) | (0.68) |
Less Distributions: | ||||||
Distributions from net investment income | (0.21) | (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 | (0.21) | (0.20) | (0.21) | (0.21) | (0.31) | (0.54) |
Net Asset Value, End of Period | $13.16 | $12.23 | $12.21 | $10.90 | $10.21 | $12.57 |
Total Return2 | 9.40% | 1.87% | 13.99% | 8.74% | (16.13)% | (5.33)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.05%3 | 1.05% | 1.04% | 0.96% | 1.05% | 1.06% |
Net investment income | 1.36%3 | 1.69% | 1.52% | 1.71% | 2.29% | 2.22% |
Expense waiver/reimbursement4 | 0.10%3 | 0.23% | 0.18% | 0.21% | 0.09% | 0.03% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $43,391 | $43,341 | $47,473 | $49,127 | $50,161 | $71,949 |
Portfolio turnover | 73% | 149% | 139% | 130% | 231% | 158% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Total investment in securities, at value including $20,856,207 of investment in affiliated holdings (Note 5) (identified cost $120,584,875) | $127,420,749 | |
Income receivable | 246,892 | |
Receivable for investments sold | 698,694 | |
Receivable for shares sold | 173,946 | |
TOTAL ASSETS | 128,540,281 | |
Liabilities: | ||
Payable for investments purchased | $410,024 | |
Payable for shares redeemed | 12,869 | |
Payable for daily variation margin | 5,313 | |
Payable for transfer and dividend disbursing agent fees and expenses | 32,103 | |
Payable for Directors'/Trustees' fees | 287 | |
Payable for auditing fees | 13,864 | |
Payable for portfolio accounting fees | 14,986 | |
Payable for distribution services fee (Note 5) | 21,583 | |
Payable for shareholder services fee (Note 5) | 31,633 | |
Payable for share registration costs | 15,317 | |
Accrued expenses | 18,230 | |
TOTAL LIABILITIES | 576,209 | |
Net assets for 9,755,880 shares outstanding | $127,964,072 | |
Net Assets Consist of: | ||
Paid-in capital | $166,490,130 | |
Net unrealized appreciation of investments and futures contracts | 6,815,274 | |
Accumulated net realized loss on investments, futures contracts and swap contracts | (45,445,066) | |
Undistributed net investment income | 103,734 | |
TOTAL NET ASSETS | $127,964,072 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($50,143,730 ÷ 3,814,766 shares outstanding), no par value, unlimited shares authorized | $13.14 | |
Offering price per share (100/94.50 of $13.14) | $13.90 | |
Redemption proceeds per share | $13.14 | |
Class C Shares: | ||
Net asset value per share ($33,876,756 ÷ 2,602,721 shares outstanding), no par value, unlimited shares authorized | $13.02 | |
Offering price per share | $13.02 | |
Redemption proceeds per share (99.00/100 of $13.02) | $12.89 | |
Class R Shares: | ||
Net asset value per share ($552,848 ÷ 42,077 shares outstanding), no par value, unlimited shares authorized | $13.14 | |
Offering price per share | $13.14 | |
Redemption proceeds per share | $13.14 | |
Institutional Shares: | ||
Net asset value per share ($43,390,738 ÷ 3,296,316 shares outstanding), no par value, unlimited shares authorized | $13.16 | |
Offering price per share | $13.16 | |
Redemption proceeds per share | $13.16 |
Investment Income: | |||
Dividends (including $259,226 received from affiliated holdings (Note 5)) | $1,142,699 | ||
Interest | 382,947 | ||
Investment income allocated from affiliated partnership (Note 5) | 26,615 | ||
TOTAL INCOME | 1,552,261 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $481,935 | ||
Administrative fee (Note 5) | 64,632 | ||
Custodian fees | 16,778 | ||
Transfer and dividend disbursing agent fees and expenses (Note 2) | 74,026 | ||
Directors'/Trustees' fees | 891 | ||
Auditing fees | 13,864 | ||
Legal fees | 3,996 | ||
Portfolio accounting fees | 60,569 | ||
Distribution services fee (Note 5) | 130,166 | ||
Shareholder services fee (Note 5) | 72,702 | ||
Account administration fee (Note 2) | 24,779 | ||
Share registration costs | 26,030 | ||
Printing and postage | 14,948 | ||
Insurance premiums | 2,061 | ||
Miscellaneous | 4,926 | ||
TOTAL EXPENSES | 992,303 |
Waivers and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(56,815) | ||
Waiver of administrative fee (Note 5) | (4,563) | ||
Reimbursement of transfer and dividend disbursing agent fees and expenses (Note 2 and Note 5) | (17,401) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | (78,779) | ||
Net expenses | $913,524 | ||
Net investment income | 638,737 | ||
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | |||
Net realized gain on investments (including realized gain of $825,628 on sales of investments in affiliated holdings) (Note 5) | 10,782,287 | ||
Net realized gain on futures contracts | 17,892 | ||
Net realized gain on investments allocated from affiliated partnership (Note 5) | 16,958 | ||
Realized gain distribution from affiliated investment company shares (Note 5) | 12,124 | ||
Net change in unrealized appreciation of investments | (232,978) | ||
Net change in unrealized appreciation of futures contracts | (34,862) | ||
Net realized and unrealized gain on investments and futures contracts | 10,561,421 | ||
Change in net assets resulting from operations | $11,200,158 |
Six Months Ended (unaudited) 1/31/2013 | Year Ended 7/31/2012 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $638,737 | $1,744,575 |
Net realized gain on investments including allocations from partnership, futures contracts and swap contracts | 10,829,261 | 2,486,940 |
Net change in unrealized appreciation/depreciation of investments, futures contracts and swap contracts | (267,840) | (2,836,562) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 11,200,158 | 1,394,953 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (667,680) | (687,022) |
Class C Shares | (196,512) | (236,475) |
Class R Shares | (4,964) | (3,971) |
Institutional Shares | (706,650) | (746,612) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (1,575,806) | (1,674,080) |
Share Transactions: | ||
Proceeds from sale of shares | 5,012,714 | 7,982,107 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,433,859 | 1,539,146 |
Cost of shares redeemed | (14,940,497) | (33,416,917) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (8,493,924) | (23,895,664) |
Change in net assets | 1,130,428 | (24,174,791) |
Net Assets: | ||
Beginning of period | 126,833,644 | 151,008,435 |
End of period (including undistributed net investment income of $103,734 and $1,040,803, respectively) | $127,964,072 | $126,833,644 |
■ | 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 contracts; |
■ | Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded; and |
■ | Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry. |
Transfer and Dividend Disbursing Agent Fees Incurred | Transfer and Dividend Disbursing Agent Fees Reimbursed | Account Administration Fees Incurred | |
Class A Shares | $37,020 | $(11,999) | $6,760 |
Class C Shares | 17,481 | (3,412) | 18,019 |
Class R Shares | 892 | — | — |
Institutional Shares | 18,633 | (1,990) | — |
TOTAL | $74,026 | $(17,401) | $24,779 |
Security | Acquisition Date | Cost | Market Value |
Football Trust V, Pass Thru Cert., Series 144A, 5.350%, 10/05/2020 | 3/24/2010 | $200,000 | $233,414 |
Fair Value of Derivative Instruments | ||
Liability | ||
Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||
Interest rate contracts | Payable for daily variation margin | $20,600* |
* | Includes cumulative depreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Futures | |
Interest rate contracts | $17,892 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures | |
Interest rate contracts | $(34,862) |
Six Months Ended 1/31/2013 | Year Ended 7/31/2012 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 260,828 | $3,323,792 | 440,545 | $5,224,494 |
Shares issued to shareholders in payment of distributions declared | 46,305 | 582,053 | 52,895 | 609,880 |
Shares redeemed | (489,832) | (6,207,140) | (1,208,672) | (14,191,970) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (182,699) | $(2,301,295) | (715,232) | $(8,357,596) |
Six Months Ended 1/31/2013 | Year Ended 7/31/2012 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 79,763 | $1,004,057 | 132,751 | $1,556,075 |
Shares issued to shareholders in payment of distributions declared | 14,589 | 181,786 | 19,395 | 221,494 |
Shares redeemed | (333,989) | (4,181,219) | (1,104,241) | (12,992,765) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (239,637) | $(2,995,376) | (952,095) | $(11,215,196) |
Six Months Ended 1/31/2013 | Year Ended 7/31/2012 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 708 | $9,017 | 3,336 | $40,659 |
Shares issued to shareholders in payment of distributions declared | 395 | 4,965 | 345 | 3,971 |
Shares redeemed | (2,227) | (28,682) | (15,330) | (176,806) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | (1,124) | $(14,700) | (11,649) | $(132,176) |
Six Months Ended 1/31/2013 | Year Ended 7/31/2012 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 53,300 | $675,848 | 96,867 | $1,160,879 |
Shares issued to shareholders in payment of distributions declared | 52,824 | 665,055 | 60,988 | 703,801 |
Shares redeemed | (352,232) | (4,523,456) | (503,403) | (6,055,376) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (246,108) | $(3,182,553) | (345,548) | $(4,190,696) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (669,568) | $(8,493,924) | (2,024,524) | $(23,895,664) |
Expiration Year | Short-Term | Long-Term | Total |
2017 | $24,852,999 | NA | $24,852,999 |
2018 | $30,979,906 | NA | $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 | $128,794 |
Class R Shares | 1,372 |
TOTAL | $130,166 |
Service Fees Incurred | |
Class A Shares | $48,848 |
Class C Shares | 23,854 |
TOTAL | $72,702 |
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 7/31/2012 | 43,041 | 1,111,788 | 3,699,581 | 95,499 | 368,556 | 5,318,465 |
Purchases/Additions | 37,557 | 81,693 | 24,829,919 | 35,146 | 196,317 | 25,180,632 |
Sales/Reductions | 25,021 | 316,481 | 22,660,626 | — | 135,092 | 23,137,220 |
Balance of Shares Held 1/31/2013 | 55,577 | 877,000 | 5,868,874 | 130,645 | 429,781 | 7,361,877 |
Value | $1,924,418 | $8,892,778 | $5,868,874 | $1,277,710 | $2,892,427 | $20,856,207 |
Dividend Income/Allocated Investment Income | $26,615 | $137,739 | $4,424 | $26,255 | $90,808 | $285,841 |
Capital Gain Distributions/Allocated Net Realized Gain | $16,958 | $— | $— | $2,935 | $9,189 | $29,082 |
Purchases | $76,777,685 |
Sales | $97,091,176 |
Beginning Account Value 8/1/2012 | Ending Account Value 1/31/2013 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,092.20 | $6.86 |
Class C Shares | $1,000 | $1,088.70 | $10.79 |
Class R Shares | $1,000 | $1,089.70 | $9.48 |
Institutional Shares | $1,000 | $1,094.00 | $5.54 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.65 | $6.61 |
Class C Shares | $1,000 | $1,014.87 | $10.41 |
Class R Shares | $1,000 | $1,016.13 | $9.15 |
Institutional Shares | $1,000 | $1,019.91 | $5.35 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.30% |
Class C Shares | 2.05% |
Class R Shares | 1.80% |
Institutional Shares | 1.05% |
Contract–May 2012
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R833
CUSIP 31421R692
CUSIP 31421R825
2013 ©Federated Investors, Inc.
Share Class | Ticker |
A | QALGX |
B | QBLGX |
C | QCLGX |
Institutional | QILGX |
Industry Composition | Percentage of Total Net Assets |
Soft Drinks | 6.6% |
Biotechnology | 5.9% |
AT&T Divestiture | 4.9% |
Discount Department Stores | 4.8% |
Financial Services | 4.8% |
Software Packaged/Custom | 4.5% |
Computers—Low End | 4.4% |
Cable TV | 4.1% |
Ethical Drugs | 3.5% |
Semiconductor Manufacturing | 3.2% |
Food Wholesaling | 3.0% |
Auto Part Replacement | 2.9% |
Restaurants | 2.9% |
Hotels | 2.8% |
Specialty Retailing | 2.8% |
Medical Technology | 2.5% |
Defense Aerospace | 2.3% |
Clothing Stores | 2.1% |
Industry Composition | Percentage of Total Net Assets |
Cosmetics & Toiletries | 2.1% |
Grocery Chain | 2.1% |
Medical Supplies | 2.0% |
Computer Peripherals | 1.7% |
Agricultural Machinery | 1.6% |
Electronic Instruments | 1.5% |
Internet Services | 1.3% |
Other Communications Equipment | 1.3% |
Toys & Games | 1.3% |
Computer Services | 1.2% |
Crude Oil & Gas Production | 1.2% |
Construction Machinery | 1.0% |
Other2 | 11.7% |
Cash Equivalents3 | 2.5% |
Other Assets and Liabilities—Net4 | (0.5)% |
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—98.0% | |||
Agricultural Chemicals—0.6% | |||
8,035 | Scotts Miracle-Gro Co. | $351,290 | |
Agricultural Machinery—1.6% | |||
10,700 | Deere & Co. | 1,006,442 | |
Airline - National—0.3% | |||
7,827 | 1 | United Continental Holdings, Inc. | 189,022 |
AT&T Divestiture—4.9% | |||
70,536 | Verizon Communications, Inc. | 3,076,075 | |
Auto Manufacturing—0.5% | |||
25,317 | Ford Motor Co. | 327,855 | |
Auto Part Replacement—2.9% | |||
26,207 | Genuine Parts Co. | 1,782,862 | |
Baking—0.4% | |||
8,232 | Flowers Foods, Inc. | 221,276 | |
Biotechnology—5.9% | |||
6,355 | 1 | Alexion Pharmaceuticals, Inc. | 597,307 |
21,073 | 1 | Celgene Corp. | 2,085,384 |
2,104 | 1 | Gilead Sciences, Inc. | 83,003 |
2,222 | 1 | Onyx Pharmaceuticals, Inc. | 172,249 |
4,385 | 1 | Regeneron Pharmaceuticals, Inc. | 762,727 |
TOTAL | 3,700,670 | ||
Broadcasting—0.2% | |||
1,953 | 1 | DIRECTV Group, Inc. | 99,876 |
Building Supply Stores—0.9% | |||
8,300 | Home Depot, Inc. | 555,436 | |
Cable TV—4.1% | |||
5,793 | 1 | AMC Networks, Inc. | 330,027 |
14,488 | 1 | Charter Communications, Inc. | 1,129,630 |
28,441 | Comcast Corp., Class A | 1,083,033 | |
TOTAL | 2,542,690 | ||
Cellular Communications—0.1% | |||
11,271 | 1 | NII Holdings, Inc. | 78,897 |
Clothing Stores—2.1% | |||
24,415 | Gap (The), Inc. | 797,882 | |
9,129 | 1 | Hanesbrands, Inc. | 342,155 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Clothing Stores—continued | |||
4,300 | 1 | Urban Outfitters, Inc. | $183,997 |
TOTAL | 1,324,034 | ||
Commodity Chemicals—0.8% | |||
15,925 | RPM International, Inc. | 497,019 | |
Computer Peripherals—1.7% | |||
14,000 | 1 | NetApp, Inc. | 504,000 |
12,120 | Western Digital Corp. | 569,640 | |
TOTAL | 1,073,640 | ||
Computer Services—1.2% | |||
8,054 | 1 | Cognizant Technology Solutions Corp. | 629,662 |
7,320 | 1 | Riverbed Technology, Inc. | 142,008 |
TOTAL | 771,670 | ||
Computers - High End—0.9% | |||
2,600 | IBM Corp. | 527,982 | |
Computers - Low End—4.4% | |||
3,895 | Apple, Inc. | 1,773,433 | |
73,255 | Dell, Inc. | 969,896 | |
TOTAL | 2,743,329 | ||
Construction Machinery—1.0% | |||
6,100 | Caterpillar, Inc. | 600,179 | |
Cosmetics & Toiletries—2.1% | |||
15,906 | Avon Products, Inc. | 270,084 | |
10,584 | 1 | Ulta Salon Cosmetics & Fragrance, Inc. | 1,035,327 |
TOTAL | 1,305,411 | ||
Crude Oil & Gas Production—1.2% | |||
6,752 | 1 | Continental Resources, Inc. | 561,226 |
6,083 | 1 | Newfield Exploration Co. | 179,449 |
TOTAL | 740,675 | ||
Defense Aerospace—2.3% | |||
28,008 | 1 | B/E Aerospace, Inc. | 1,442,132 |
Discount Department Stores—4.8% | |||
43,132 | Wal-Mart Stores, Inc. | 3,017,083 | |
Education & Training Services—0.1% | |||
3,604 | 1 | ITT Educational Services, Inc. | 60,691 |
Electronic Instruments—1.5% | |||
14,619 | 1 | Trimble Navigation Ltd. | 913,688 |
Ethical Drugs—3.5% | |||
33,191 | Eli Lilly & Co. | 1,782,025 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Ethical Drugs—continued | |||
3,891 | 1 | Salix Pharmaceuticals Ltd. | $186,379 |
13,300 | Warner Chilcott PLC | 188,461 | |
TOTAL | 2,156,865 | ||
Financial Services—4.8% | |||
19,094 | Visa, Inc., Class A | 3,015,134 | |
Food Wholesaling—3.0% | |||
58,917 | Sysco Corp. | 1,871,793 | |
Grocery Chain—2.1% | |||
48,177 | Kroger Co. | 1,334,503 | |
Health Care Technology—0.5% | |||
3,600 | 1 | Cerner Corp. | 297,180 |
Hotels—2.8% | |||
43,738 | Marriott International, Inc., Class A | 1,748,645 | |
Internet Services—1.3% | |||
1,146 | 1 | Priceline.com, Inc. | 785,549 |
IT Services—0.3% | |||
17,255 | SAIC, Inc. | 208,786 | |
Medical Supplies—2.0% | |||
28,248 | Cardinal Health, Inc. | 1,237,545 | |
Medical Technology—2.5% | |||
1,147 | 1 | Intuitive Surgical, Inc. | 658,814 |
22,232 | St. Jude Medical, Inc. | 904,842 | |
TOTAL | 1,563,656 | ||
Multi-Industry Capital Goods—0.4% | |||
5,307 | Crane Co. | 266,836 | |
Multi-Line Insurance—0.8% | |||
6,000 | Allied World Assurance Holdings Ltd. | 508,980 | |
Office Equipment—0.7% | |||
28,428 | Pitney Bowes, Inc. | 409,648 | |
Office Supplies—0.7% | |||
11,485 | Avery Dennison Corp. | 442,287 | |
Other Communications Equipment—1.3% | |||
18,017 | Harris Corp. | 832,385 | |
Plastic Containers—0.6% | |||
15,128 | 1 | Owens-Illinois, Inc. | 360,046 |
Printing—0.2% | |||
11,646 | Donnelley (R.R.) & Sons Co. | 107,143 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Property Liability Insurance—0.3% | |||
2,306 | The Travelers Cos., Inc. | $180,929 | |
Recreational Goods—0.3% | |||
11,642 | International Game Technology | 178,938 | |
Restaurants—2.9% | |||
6,666 | 1 | Panera Bread Co. | 1,065,293 |
12,691 | Starbucks Corp. | 712,219 | |
TOTAL | 1,777,512 | ||
Semiconductor Manufacturing—3.2% | |||
93,331 | Intel Corp. | 1,963,684 | |
Soft Drinks—6.6% | |||
33,494 | Coca-Cola Enterprises, Inc. | 1,167,936 | |
26,130 | Dr. Pepper Snapple Group, Inc. | 1,177,679 | |
24,410 | PepsiCo, Inc. | 1,778,268 | |
TOTAL | 4,123,883 | ||
Software Packaged/Custom—4.5% | |||
35,613 | CA, Inc. | 883,915 | |
4,217 | 1 | Solarwinds, Inc. | 229,489 |
76,908 | 1 | Symantec Corp. | 1,674,287 |
388 | 1 | VMware, Inc., Class A | 29,674 |
TOTAL | 2,817,365 | ||
Specialty Retailing—2.8% | |||
7,089 | Advance Auto Parts, Inc. | 521,184 | |
5,900 | 1 | Big Lots, Inc. | 189,685 |
15,616 | GNC Acquisition Holdings, Inc. | 561,239 | |
6,136 | Nordstrom, Inc. | 338,891 | |
1,349 | Tractor Supply Co. | 139,851 | |
TOTAL | 1,750,850 | ||
Telecommunication Equipment & Services—0.5% | |||
14,240 | 1 | Level 3 Communications, Inc. | 339,197 |
Telephone Utility—0.4% | |||
28,204 | Windstream Corp. | 274,707 | |
Textiles Apparel & Luxury Goods—0.5% | |||
5,947 | 1 | Michael Kors Holdings Ltd. | 333,805 |
Toys & Games—1.3% | |||
21,165 | Hasbro, Inc. | 790,936 | |
Truck Manufacturing—0.1% | |||
2,227 | 1 | Navistar International Corp. | 58,102 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Uniforms—0.6% | |||
9,236 | Cintas Corp. | $390,313 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $55,452,561) | 61,077,126 | ||
MUTUAL FUND—2.5% | |||
1,568,141 | 2,3 | Federated Prime Value Obligations Fund, Institutional Shares, 0.13% (AT NET ASSET VALUE) | 1,568,141 |
TOTAL INVESTMENTS—100.5% (IDENTIFIED COST $57,020,702)4 | 62,645,267 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.5)%5 | (338,006) | ||
TOTAL NET ASSETS—100% | $62,307,261 |
1 | Non-income producing security. |
2 | Affiliated holding. |
3 | 7-Day net yield. |
4 | Also represents cost for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 1/31/2013 | Year Ended July 31, | |||||
2012 | 2011 | 2010 | 2009 | 2008 | ||
Net Asset Value, Beginning of Period | $10.59 | $10.50 | $8.45 | $7.60 | $10.23 | $12.12 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.02 | (0.02) | (0.03) | (0.01) | 0.002 | (0.06) |
Net realized and unrealized gain (loss) on investments | 1.12 | 0.11 | 2.08 | 0.86 | (2.63) | (0.48) |
TOTAL FROM INVESTMENT OPERATIONS | 1.14 | 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 | $11.73 | $10.59 | $10.50 | $8.45 | $7.60 | $10.23 |
Total Return3 | 10.76% | 0.86% | 24.26% | 11.18% | (25.71)% | (5.76)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.50%4 | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Net investment income (loss) | 0.32%4 | (0.23)% | (0.28)% | (0.08)% | 0.04% | (0.49)% |
Expense waiver/reimbursement5 | 0.37%4 | 0.78% | 0.74% | 0.55% | 0.52% | 0.14% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $43,230 | $40,676 | $44,762 | $45,993 | $68,963 | $102,600 |
Portfolio turnover | 79% | 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. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2013 | Year Ended July 31, | |||||
2012 | 2011 | 2010 | 2009 | 2008 | ||
Net Asset Value, Beginning of Period | $10.25 | $10.24 | $8.30 | $7.53 | $10.21 | $12.18 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.03) | (0.10) | (0.10) | (0.07) | (0.05) | (0.14) |
Net realized and unrealized gain (loss) on investments | 1.10 | 0.11 | 2.04 | 0.84 | (2.63) | (0.48) |
TOTAL FROM INVESTMENT OPERATIONS | 1.07 | 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 | $11.32 | $10.25 | $10.24 | $8.30 | $7.53 | $10.21 |
Total Return2 | 10.44% | 0.10% | 23.37% | 10.23% | (26.25)% | (6.43)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.25%3 | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% |
Net investment income (loss) | (0.49)%3 | (0.98)% | (1.04)% | (0.86)% | (0.72)% | (1.22)% |
Expense waiver/reimbursement4 | 0.37%3 | 0.78% | 0.74% | 0.56% | 0.52% | 0.14% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $6,815 | $4,932 | $6,680 | $7,506 | $8,532 | $22,138 |
Portfolio turnover | 79% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2013 | Year Ended July 31, | |||||
2012 | 2011 | 2010 | 2009 | 2008 | ||
Net Asset Value, Beginning of Period | $10.03 | $10.02 | $8.12 | $7.37 | $9.99 | $11.94 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.02) | (0.09) | (0.10) | (0.07) | (0.05) | (0.13) |
Net realized and unrealized gain (loss) on investments | 1.06 | 0.10 | 2.00 | 0.82 | (2.57) | (0.47) |
TOTAL FROM INVESTMENT OPERATIONS | 1.04 | 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 | $11.07 | $10.03 | $10.02 | $8.12 | $7.37 | $9.99 |
Total Return2 | 10.37% | 0.10% | 23.40% | 10.18% | (26.23)% | (6.39)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.25%3 | 2.25% | 2.25% | 2.25% | 2.25% | 2.22% |
Net investment income (loss) | (0.44)%3 | (0.98)% | (1.05)% | (0.86)% | (0.71)% | (1.21)% |
Expense waiver/reimbursement4 | 0.37%3 | 0.78% | 0.74% | 0.56% | 0.52% | 0.14% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $8,198 | $7,001 | $7,564 | $6,816 | $7,333 | $14,895 |
Portfolio turnover | 79% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2013 | Year Ended July 31, | |||||
2012 | 2011 | 2010 | 2009 | 2008 | ||
Net Asset Value, Beginning of Period | $10.80 | $10.68 | $8.57 | $7.70 | $10.33 | $12.20 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.03 | 0.002 | (0.00)2 | 0.01 | 0.02 | (0.03) |
Net realized and unrealized gain (loss) on investments | 1.15 | 0.12 | 2.11 | 0.86 | (2.65) | (0.49) |
TOTAL FROM INVESTMENT OPERATIONS | 1.18 | 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 | $11.98 | $10.80 | $10.68 | $8.57 | $7.70 | $10.33 |
Total Return3 | 10.93% | 1.12% | 24.62% | 11.30% | (25.46)% | (5.55)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.25%4 | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
Net investment income (loss) | 0.57%4 | 0.02% | (0.05)% | 0.14% | 0.28% | (0.28)% |
Expense waiver/reimbursement5 | 0.37%4 | 0.78% | 0.74% | 0.56% | 0.52% | 0.14% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $4,064 | $3,774 | $4,565 | $4,179 | $4,769 | $6,280 |
Portfolio turnover | 79% | 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. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | 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 $1,568,141 of investment in an affiliated holding (Note 5) (identified cost $57,020,702) | $62,645,267 | |
Income receivable | 40,541 | |
Receivable for investments sold | 1,233,410 | |
Receivable for shares sold | 6,404 | |
TOTAL ASSETS | 63,925,622 | |
Liabilities: | ||
Payable for investments purchased | $1,488,685 | |
Payable for shares redeemed | 25,919 | |
Payable for Directors'/Trustees' fees | 188 | |
Payable for distribution services fee (Note 5) | 9,050 | |
Payable for shareholder services fee (Note 5) | 20,913 | |
Accrued expenses | 73,606 | |
TOTAL LIABILITIES | 1,618,361 | |
Net assets for 5,367,166 shares outstanding | $62,307,261 | |
Net Assets Consist of: | ||
Paid-in capital | $75,771,804 | |
Net unrealized appreciation of investments | 5,624,565 | |
Accumulated net realized loss on investments | (18,989,402) | |
Accumulated net investment income (loss) | (99,706) | |
TOTAL NET ASSETS | $62,307,261 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($43,229,908 ÷ 3,685,013 shares outstanding), no par value, unlimited shares authorized | $11.73 | |
Offering price per share (100/94.50 of $11.73) | $12.41 | |
Redemption proceeds per share | $11.73 | |
Class B Shares: | ||
Net asset value per share ($6,815,278 ÷ 602,265 shares outstanding), no par value, unlimited shares authorized | $11.32 | |
Offering price per share | $11.32 | |
Redemption proceeds per share (94.50/100 of $11.32) | $10.70 | |
Class C Shares: | ||
Net asset value per share ($8,198,070 ÷ 740,551 shares outstanding), no par value, unlimited shares authorized | $11.07 | |
Offering price per share | $11.07 | |
Redemption proceeds per share (99.00/100 of $11.07) | $10.96 | |
Institutional Shares: | ||
Net asset value per share ($4,064,005 ÷ 339,337 shares outstanding), no par value, unlimited shares authorized | $11.98 | |
Offering price per share | $11.98 | |
Redemption proceeds per share | $11.98 |
Investment Income: | |||
Dividends (including $901 received from an affiliated holding (Note 5)) | $527,465 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $217,742 | ||
Administrative fee (Note 5) | 41,837 | ||
Custodian fees | 6,388 | ||
Transfer and dividend disbursing agent fees and expenses | 104,335 | ||
Directors'/Trustees' fees | 743 | ||
Auditing fees | 11,796 | ||
Legal fees | 3,996 | ||
Portfolio accounting fees | 39,397 | ||
Distribution services fee (Note 5) | 46,235 | ||
Shareholder services fee (Note 5) | 66,698 | ||
Account administration fee (Note 2) | 541 | ||
Share registration costs | 26,016 | ||
Printing and postage | 13,534 | ||
Insurance premiums | 1,987 | ||
Miscellaneous | 3,415 | ||
TOTAL EXPENSES | 584,660 | ||
Waivers and Reimbursements (Note 5): | |||
Waiver/reimbursement of investment adviser fee | $(102,238) | ||
Waiver of administrative fee | (4,623) | ||
Reimbursement of shareholder services fee | (115) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | (106,976) | ||
Net expenses | 477,684 | ||
Net investment income | 49,781 | ||
Realized and Unrealized Gain on Investments: | |||
Net realized gain on investments | 3,349,372 | ||
Net change in unrealized appreciation of investments | 2,485,587 | ||
Net realized and unrealized gain on investments | 5,834,959 | ||
Change in net assets resulting from operations | $5,884,740 |
Six Months Ended (unaudited) 1/31/2013 | Year Ended 7/31/2012 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $49,781 | $(214,957) |
Net realized gain on investments | 3,349,372 | 242,004 |
Net change in unrealized appreciation/depreciation of investments | 2,485,587 | 160,615 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 5,884,740 | 187,662 |
Share Transactions: | ||
Proceeds from sale of shares | 7,005,406 | 7,568,065 |
Cost of shares redeemed | (6,966,622) | (14,942,594) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 38,784 | (7,374,529) |
Change in net assets | 5,923,524 | (7,186,867) |
Net Assets: | ||
Beginning of period | 56,383,737 | 63,570,604 |
End of period (including accumulated net investment income (loss) of $(99,706) and $(149,487), respectively) | $62,307,261 | $56,383,737 |
■ | 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 contracts; |
■ | Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded; and |
■ | Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry. |
Account Administration Fees Incurred | |
Class A Shares | $541 |
Six Months Ended 1/31/2013 | Year Ended 7/31/2012 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 206,993 | $2,336,409 | 397,917 | $4,011,516 |
Shares redeemed | (363,661) | (4,034,113) | (818,755) | (8,329,325) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (156,668) | $(1,697,704) | (420,838) | $(4,317,809) |
Six Months Ended 1/31/2013 | Year Ended 7/31/2012 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 240,640 | $2,642,626 | 98,688 | $960,640 |
Shares redeemed | (119,421) | (1,261,703) | (269,626) | (2,628,632) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | 121,219 | $1,380,923 | (170,938) | $(1,667,992) |
Six Months Ended 1/31/2013 | Year Ended 7/31/2012 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 149,113 | $1,580,300 | 209,412 | $2,012,624 |
Shares redeemed | (106,644) | (1,110,769) | (265,950) | (2,580,209) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 42,469 | $469,531 | (56,538) | $(567,585) |
Six Months Ended 1/31/2013 | Year Ended 7/31/2012 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 39,063 | $446,071 | 56,279 | $583,285 |
Shares redeemed | (49,347) | (560,037) | (134,119) | (1,404,428) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (10,284) | $(113,966) | (77,840) | $(821,143) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (3,264) | $38,784 | (726,154) | $(7,374,529) |
Expiration Year | Short-Term | Long-Term | Total |
2017 | $20,666,560 | NA | $20,666,560 |
2018 | $ 1,600,627 | NA | $ 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 | $18,235 |
Class C Shares | 28,000 |
TOTAL | $46,235 |
Service Fees Incurred | Service Fees Reimbursed | |
Class A Shares | $51,285 | $— |
Class B Shares | 6,078 | (115) |
Class C Shares | 9,335 | — |
TOTAL | $66,698 | $(115) |
Federated Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2012 | 873,921 |
Purchases/Additions | 6,811,008 |
Sales/Reductions | 6,116,788 |
Balance of Shares Held 1/31/2013 | 1,568,141 |
Value | $1,568,141 |
Dividend Income | $901 |
Purchases | $44,378,394 |
Sales | $44,575,405 |
Beginning Account Value 8/1/2012 | Ending Account Value 1/31/2013 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,107.60 | $7.97 |
Class B Shares | $1,000 | $1,104.40 | $11.93 |
Class C Shares | $1,000 | $1,103.70 | $11.93 |
Institutional Shares | $1,000 | $1,109.30 | $6.65 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,017.64 | $7.63 |
Class B Shares | $1,000 | $1,013.86 | $11.42 |
Class C Shares | $1,000 | $1,013.86 | $11.42 |
Institutional Shares | $1,000 | $1,018.90 | $6.36 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.50% |
Class B Shares | 2.25% |
Class C Shares | 2.25% |
Institutional Shares | 1.25% |
Contract–May 2012
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R684
CUSIP 31421R809
CUSIP 31421R882
2013 ©Federated Investors, Inc.
Share Class | Ticker |
A | QASCX |
C | QCSCX |
Institutional | QISCX |
Industry Composition | Percentage of Total Net Assets |
Regional Banks | 7.7% |
Financial Services | 5.3% |
Software Packaged/Custom | 4.5% |
Specialty Retailing | 4.4% |
Computer Services | 3.2% |
Savings & Loan | 2.8% |
Biotechnology | 2.6% |
Paper Products | 2.6% |
Multi-Line Insurance | 2.4% |
Oil Refiner | 2.0% |
Semiconductor Manufacturing | 1.9% |
Telecommunication Equipment & Services | 1.8% |
Airline—Regional | 1.7% |
Home Health Care | 1.5% |
Personal Agency | 1.5% |
Defense Electronics | 1.4% |
Education & Training Services | 1.4% |
Apparel | 1.3% |
Medical Supplies | 1.3% |
Printing | 1.3% |
Property Liability Insurance | 1.3% |
Miscellaneous Food Products | 1.2% |
Other Tobacco Products | 1.2% |
Electric & Electronic Original Equipment Manufacturers | 1.1% |
Sevices to Medical Professionals | 1.1% |
Computer Peripherals | 1.0% |
Computer Stores | 1.0% |
Electrical Equipment | 1.0% |
Health Care | 1.0% |
Shoes | 1.0% |
Other2 | 34.5% |
Cash Equivalents3 | 2.2% |
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—98.0% | |||
Accident & Health Insurance—0.1% | |||
1,087 | 1 | Triple-S Management Corp., Class B | $19,642 |
Agricultural Machinery—0.4% | |||
805 | Lindsay Manufacturing Co. | 74,897 | |
Airline - National—0.8% | |||
15,940 | 1 | Jet Blue Airways Corp. | 92,611 |
3,393 | 1 | US Airways Group, Inc. | 48,452 |
TOTAL | 141,063 | ||
Airline - Regional—1.7% | |||
3,256 | 1 | Alaska Air Group, Inc. | 150,199 |
9,014 | 1 | Republic Airways Holdings, Inc. | 75,628 |
5,227 | SkyWest, Inc. | 66,069 | |
TOTAL | 291,896 | ||
Aluminum—0.1% | |||
1,454 | Noranda Aluminum, Inc. | 8,564 | |
Apparel—1.3% | |||
1,800 | 1 | Ann, Inc. | 55,512 |
3,437 | 1 | Express, Inc. | 63,172 |
1,300 | 1 | G-III Apparel Group Ltd. | 46,657 |
2,056 | 1 | Iconix Brand Group, Inc. | 49,447 |
TOTAL | 214,788 | ||
Auto Original Equipment Manufacturers—0.6% | |||
1,547 | Dana Holding Corp. | 24,876 | |
2,054 | 1 | Tenneco Automotive, Inc. | 71,808 |
TOTAL | 96,684 | ||
Auto Part Replacement—0.6% | |||
4,085 | Standard Motor Products, Inc. | 94,813 | |
Auto Rentals—0.2% | |||
309 | 1 | AMERCO | 41,548 |
Beer—0.3% | |||
300 | 1 | The Boston Beer Co., Inc., Class A | 42,102 |
Biotechnology—2.6% | |||
2,400 | 1 | Air Methods Corp. | 104,928 |
4,900 | 1 | Alkermes, Inc. | 112,945 |
3,244 | 1 | Cambrex Corp. | 38,117 |
12,413 | PDL BioPharma, Inc. | 85,401 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Biotechnology—continued | |||
741 | 1 | Pharmacyclics, Inc. | $51,374 |
1,460 | Questcor Pharmaceuticals, Inc. | 37,201 | |
TOTAL | 429,966 | ||
Building Materials—0.3% | |||
1,277 | Apogee Enterprises, Inc. | 31,223 | |
1,500 | 1 | Patrick Industries, Inc. | 24,690 |
TOTAL | 55,913 | ||
Business Services—0.3% | |||
2,241 | 1 | Euronet Worldwide, Inc. | 54,837 |
Carpets—0.6% | |||
5,465 | Culp, Inc. | 95,638 | |
Cellular Communications—0.2% | |||
4,994 | 1 | TeleNav, Inc. | 39,453 |
Cement—0.9% | |||
1,959 | Eagle Materials, Inc. | 126,884 | |
400 | 1 | Texas Industries, Inc. | 22,736 |
TOTAL | 149,620 | ||
Clothing Stores—0.7% | |||
700 | 1 | Jos A. Bank Clothiers, Inc. | 28,378 |
992 | Mens Wearhouse, Inc. | 30,107 | |
2,000 | 1 | Rue21, Inc. | 59,420 |
TOTAL | 117,905 | ||
Commercial Services—0.6% | |||
3,100 | Convergys Corp. | 52,762 | |
1,400 | 1 | Parexel International Corp. | 47,390 |
TOTAL | 100,152 | ||
Commodity Chemicals—0.3% | |||
1,094 | Innospec, Inc. | 44,034 | |
Computer Networking—0.3% | |||
1,951 | Black Box Corp. | 45,712 | |
Computer Peripherals—1.0% | |||
10,943 | Daktronics, Inc. | 129,784 | |
4,007 | 1 | Emulex Corp. | 30,613 |
TOTAL | 160,397 | ||
Computer Services—3.2% | |||
3,005 | 1 | CACI International, Inc., Class A | 161,158 |
957 | 1 | Manhattan Associates, Inc. | 65,564 |
2,600 | 1 | Sykes Enterprises, Inc. | 41,860 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Computer Services—continued | |||
4,144 | 1 | Synnex Corp. | $148,977 |
478 | Syntel, Inc. | 27,863 | |
3,715 | 1 | Unisys Corp. | 82,510 |
TOTAL | 527,932 | ||
Computer Stores—1.0% | |||
2,971 | 1 | Insight Enterprises, Inc. | 58,232 |
8,469 | 1 | PC Connections, Inc. | 104,592 |
TOTAL | 162,824 | ||
Construction & Engineering—0.4% | |||
3,600 | 1 | Tutor Perini Corp. | 59,724 |
Consumer Finance—0.3% | |||
4,300 | 1 | Netspend Holdings, Inc. | 46,612 |
Contracting—0.3% | |||
1,500 | Emcor Group, Inc. | 54,495 | |
Cosmetics & Toiletries—0.2% | |||
2,393 | 1 | Revlon, Inc. | 37,690 |
Crude Oil & Gas Production—0.4% | |||
1,039 | CVR Energy, Inc. | 61,041 | |
Dairy Products—0.2% | |||
900 | Cal-Maine Foods, Inc. | 37,512 | |
Defense Aerospace—0.7% | |||
1,100 | 1 | Esterline Technologies Corp. | 73,029 |
597 | 1 | MOOG, Inc., Class A | 26,149 |
265 | Triumph Group, Inc. | 18,648 | |
TOTAL | 117,826 | ||
Defense Electronics—1.4% | |||
4,630 | 1 | First Solar, Inc. | 130,473 |
1,900 | Standex International Corp. | 107,635 | |
TOTAL | 238,108 | ||
Department Stores—0.2% | |||
2,600 | Bon-Ton Stores, Inc. | 32,630 | |
Diversified Leisure—0.6% | |||
1,923 | 1 | Coinstar, Inc. | 97,842 |
Education & Training Services—1.4% | |||
1,323 | 1 | Capella Education Co. | 36,144 |
9,085 | 1 | Corinthian Colleges, Inc. | 22,349 |
4,100 | 1 | Grand Canyon Education, Inc. | 97,826 |
1,944 | 1 | ITT Educational Services, Inc. | 32,737 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Education & Training Services—continued | |||
800 | Strayer Education, Inc. | $45,520 | |
TOTAL | 234,576 | ||
Electric & Electronic Original Equipment Manufacturers—1.1% | |||
3,871 | 1 | Generac Holdings, Inc. | 143,924 |
1,256 | 1 | General Cable Corp. | 42,227 |
TOTAL | 186,151 | ||
Electric Utility—0.8% | |||
2,300 | Idacorp, Inc. | 106,743 | |
1,200 | Portland General Electric Co. | 34,464 | |
TOTAL | 141,207 | ||
Electrical Equipment—1.0% | |||
900 | Brady (W.H.) Co. | 31,401 | |
2,450 | 1 | EnerSys, Inc. | 100,279 |
500 | Smith (A.O.) Corp. | 34,640 | |
TOTAL | 166,320 | ||
Electronic Equipment Instruments & Components—0.7% | |||
6,767 | 1 | Sanmina Corp. | 64,422 |
6,900 | 1 | Taser International, Inc. | 57,753 |
TOTAL | 122,175 | ||
Energy Equipment & Services—0.2% | |||
1,400 | 1 | Exterran Holdings, Inc. | 32,536 |
Ethical Drugs—0.2% | |||
2,698 | 1 | PharMerica Corp. | 39,067 |
Financial Services—5.3% | |||
5,435 | Deluxe Corp. | 199,954 | |
4,664 | 1 | Global Cash Access LLC | 35,213 |
700 | Heartland Payment Systems, Inc. | 22,232 | |
8,258 | MainSource Financial Group, Inc. | 113,960 | |
7,607 | Nelnet, Inc., Class A | 231,481 | |
9,655 | 1 | PHH Corp. | 211,251 |
629 | 1 | Portfolio Recovery Associates, Inc. | 67,272 |
TOTAL | 881,363 | ||
Furniture—0.5% | |||
1,100 | 1 | American Woodmark Corp. | 30,591 |
3,200 | Haverty Furniture Cos., Inc. | 57,600 | |
59 | Kimball International, Inc., Class B | 637 | |
TOTAL | 88,828 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—1.0% | |||
4,610 | 1 | USANA, Inc. | $163,425 |
Home Building—0.4% | |||
1,846 | M.D.C. Holdings, Inc. | 72,585 | |
Home Health Care—1.5% | |||
4,016 | 1 | Gentiva Health Services, Inc. | 39,799 |
4,800 | 1 | Providence Service Corp. | 88,944 |
2,419 | 1 | Wellcare Health Plans, Inc. | 122,667 |
TOTAL | 251,410 | ||
Hospitals—0.8% | |||
2,680 | 1 | HealthSouth Corp. | 63,945 |
7,891 | 1 | Select Medical Holdings Corp. | 76,858 |
TOTAL | 140,803 | ||
Household Appliances—0.2% | |||
3,842 | 1 | hhgregg, Inc. | 32,580 |
Industrial Services—0.5% | |||
5,174 | 1 | EnerNOC, Inc. | 79,938 |
Insurance Brokerage—0.8% | |||
1,664 | AmTrust Financial Services, Inc. | 55,311 | |
5,200 | Crawford & Co., Class B | 37,804 | |
1,000 | 1 | Texas Capital Bancshares, Inc. | 41,400 |
TOTAL | 134,515 | ||
Internet Services—0.6% | |||
7,313 | 1 | Overstock.com, Inc. | 98,287 |
IT Services—0.4% | |||
764 | 1 | WEX, Inc. | 60,058 |
Life Insurance—0.9% | |||
2,489 | Primerica, Inc. | 81,838 | |
4,868 | Symetra Financial Corp. | 67,909 | |
TOTAL | 149,747 | ||
Long-Term Care Centers—0.4% | |||
2,300 | 1 | Emeritus Corp. | 62,284 |
Lumber Products—0.5% | |||
8,100 | Officemax, Inc. | 87,318 | |
Machine Tools—0.3% | |||
1,100 | AZZ, Inc. | 47,069 | |
Machined Parts Original Equipment Manufacturers—0.1% | |||
878 | Titan International, Inc. | 21,327 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Mail Order—0.2% | |||
600 | HSN, Inc. | $35,760 | |
Medical Supplies—1.3% | |||
2,000 | Invacare Corp. | 31,460 | |
400 | 1 | MWI Veterinary Supply, Inc. | 44,924 |
1,100 | 1 | Orthofix International NV | 41,965 |
1,700 | West Pharmaceutical Services, Inc. | 100,657 | |
TOTAL | 219,006 | ||
Medical Technology—0.6% | |||
1,100 | 1 | Cyberonics, Inc. | 47,696 |
1,100 | 1 | Integra Lifesciences Corp. | 46,365 |
TOTAL | 94,061 | ||
Metal Fabrication—0.6% | |||
1,488 | Mueller Industries, Inc. | 79,400 | |
2,058 | 1 | NN, Inc. | 19,057 |
TOTAL | 98,457 | ||
Metals & Mining—0.4% | |||
4,008 | 1 | Cloud Peak Energy, Inc. | 70,180 |
Miscellaneous Components—0.1% | |||
2,669 | 1 | Amkor Technology, Inc. | 12,358 |
Miscellaneous Food Products—1.2% | |||
7,735 | Fresh Del Monte Produce, Inc. | 203,817 | |
Miscellaneous Machinery—0.3% | |||
1,363 | Curtiss Wright Corp. | 48,591 | |
Money Center Bank—0.0% | |||
78 | MidWestOne Financial Group, Inc. | 1,864 | |
Mortgage and Title—0.9% | |||
4,732 | First American Financial Corp. | 113,048 | |
1,400 | Stewart Information Services Corp. | 37,184 | |
TOTAL | 150,232 | ||
Multi-Industry Basic—0.6% | |||
4,328 | Olin Corp. | 100,669 | |
Multi-Line Insurance—2.4% | |||
17,735 | CNO Financial Group, Inc. | 182,138 | |
3,075 | FBL Financial Group, Inc., Class A | 107,410 | |
3,725 | Montpelier Re Holdings Ltd. | 90,816 | |
771 | Tower Group, Inc. | 14,880 | |
TOTAL | 395,244 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Natural Gas Production—0.3% | |||
6,663 | 1 | VAALCO Energy, Inc. | $56,569 |
Office Supplies—0.9% | |||
4,626 | United Stationers, Inc. | 154,231 | |
Offshore Driller—0.2% | |||
3,142 | 1 | Newpark Resources, Inc. | 27,084 |
Oil Refiner—2.0% | |||
3,772 | Alon USA Energy, Inc. | 74,007 | |
3,922 | Delek US Holdings, Inc. | 133,230 | |
3,972 | Western Refining, Inc. | 133,578 | |
TOTAL | 340,815 | ||
Oil Service, Explore & Drill—0.7% | |||
400 | 1 | Geospace Technologies Corp. | 36,064 |
13,337 | 1 | Parker Drilling Co. | 74,954 |
TOTAL | 111,018 | ||
Optical Reading Equipment—0.3% | |||
1,800 | 1 | ScanSource, Inc. | 52,308 |
Other Tobacco Products—1.2% | |||
2,380 | Schweitzer-Mauduit International, Inc. | 96,961 | |
2,000 | Universal Corp. | 108,760 | |
TOTAL | 205,721 | ||
Packaged Foods—0.2% | |||
2,578 | 1 | Dole Food Co., Inc. | 28,719 |
Paper Products—2.6% | |||
14,207 | 1 | Boise, Inc. | 117,208 |
3,606 | Buckeye Technologies, Inc. | 103,672 | |
2,000 | Glatfelter (P.H.) Co. | 37,160 | |
4,698 | Neenah Paper, Inc. | 145,356 | |
1,200 | Orchids Paper Products Co. | 26,316 | |
TOTAL | 429,712 | ||
Personal Loans—0.7% | |||
1,415 | Cash America International, Inc. | 67,792 | |
725 | 1 | World Acceptance Corp. | 56,224 |
TOTAL | 124,016 | ||
Personnel Agency—1.5% | |||
3,600 | 1 | AMN Healthcare Services, Inc. | 43,740 |
2,223 | Barrett Business Services, Inc. | 89,453 | |
3,035 | Kelly Services, Inc., Class A | 48,378 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Personnel Agency—continued | |||
4,000 | 1 | Korn/Ferry International | $68,720 |
TOTAL | 250,291 | ||
Photography—0.8% | |||
2,027 | 1 | AEP Industries, Inc. | 130,498 |
Printed Circuit Boards—0.4% | |||
11,747 | 1 | Sigma Designs, Inc. | 62,729 |
Printing—1.3% | |||
900 | 1 | Consolidated Graphics, Inc. | 32,967 |
2,494 | Quad Graphics, Inc. | 54,120 | |
4,644 | Valassis Communications, Inc. | 130,310 | |
TOTAL | 217,397 | ||
Professional Services—0.2% | |||
1,400 | Hillenbrand, Inc. | 34,650 | |
Property Liability Insurance—1.3% | |||
1,500 | Horace Mann Educators Corp. | 32,610 | |
1,974 | Platinum Underwriters Holdings Ltd. | 96,193 | |
1,908 | ProAssurance Corp. | 85,936 | |
TOTAL | 214,739 | ||
Psychiatric Centers—0.3% | |||
1,100 | 1 | Magellan Health Services, Inc. | 56,430 |
Recreational Goods—0.4% | |||
7,580 | 1 | Smith & Wesson Holding Corp. | 65,188 |
Recreational Vehicles—0.2% | |||
984 | Brunswick Corp. | 35,581 | |
Regional Banks—7.7% | |||
7,564 | Cardinal Financial Corp. | 123,596 | |
1,200 | City Holding Co. | 45,348 | |
3,174 | Enterprise Financial Services Corp. | 42,563 | |
3,099 | Financial Institutions, Inc. | 62,259 | |
18,640 | 1 | First BanCorp | 95,623 |
1,500 | First Interstate BancSystem, Inc., Class A | 25,845 | |
1,100 | Hancock Holding Co. | 33,242 | |
4,580 | 1 | Hanmi Financial Corp. | 75,341 |
2,100 | Heartland Financial USA, Inc. | 49,749 | |
1,000 | Iberiabank Corp. | 51,490 | |
6,100 | National Penn Bancshares, Inc. | 59,475 | |
680 | Peoples Bancorp, Inc. | 14,756 | |
3,000 | 1 | Pinnacle Financial Partners, Inc. | 64,410 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Regional Banks—continued | |||
2,600 | PrivateBancorp, Inc. | $44,642 | |
900 | SCBT Financial Corp. | 37,890 | |
3,800 | Susquehanna Bankshares, Inc. | 43,396 | |
7,589 | 1 | Taylor Capital Group, Inc. | 131,669 |
5,800 | Umpqua Holdings Corp. | 73,312 | |
1,600 | Union First Market Bankshares Corp. | 27,968 | |
1,600 | Wesbanco, Inc. | 37,104 | |
18,457 | 1 | Wilshire Bancorp, Inc. | 113,326 |
1,100 | Wintrust Financial Corp. | 40,777 | |
TOTAL | 1,293,781 | ||
Rental & Leasing Services—0.2% | |||
980 | Rent-A-Center, Inc. | 34,966 | |
Restaurant—0.4% | |||
1,000 | Domino's Pizza, Inc. | 46,570 | |
400 | 1 | Papa Johns International, Inc. | 22,440 |
TOTAL | 69,010 | ||
Roofing & Wallboard—0.3% | |||
1,300 | 1 | Beacon Roofing Supply, Inc. | 46,982 |
Rubber—0.6% | |||
3,819 | Cooper Tire & Rubber Co. | 97,232 | |
Savings & Loan—2.8% | |||
3,737 | Banner Corp. | 112,857 | |
5,370 | 1 | HomeStreet, Inc. | 135,432 |
6,548 | Provident Financial Holdings, Inc. | 108,959 | |
4,900 | Webster Financial Corp. Waterbury | 109,025 | |
TOTAL | 466,273 | ||
Semiconductor Manufacturing—1.9% | |||
2,194 | 1 | Cirrus Logic, Inc. | 61,937 |
7,310 | 1 | Omnivision Technologies, Inc. | 112,355 |
1,300 | 1 | Plexus Corp. | 33,176 |
8,700 | 1 | RF Micro Devices, Inc. | 43,500 |
5,751 | 1 | Spansion, Inc. | 66,136 |
TOTAL | 317,104 | ||
Semiconductor Manufacturing Equipment—0.7% | |||
6,553 | 1 | Mentor Graphics Corp. | 112,253 |
Services to Medical Professionals—1.1% | |||
1,700 | 1 | Bio-Reference Laboratories, Inc. | 47,209 |
2,700 | 1 | MedAssets, Inc. | 52,785 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Services to Medical Professionals—continued | |||
2,300 | 1 | Team Health Holdings, Inc. | $77,901 |
TOTAL | 177,895 | ||
Shoes—1.0% | |||
2,900 | Brown Shoe Co., Inc. | 49,996 | |
1,317 | 1 | CROCs, Inc. | 19,571 |
1,459 | 1 | Genesco, Inc. | 90,939 |
TOTAL | 160,506 | ||
Software Packaged/Custom—4.5% | |||
3,200 | 1 | Acxiom Corp. | 56,736 |
2,532 | 1 | Aspen Technology, Inc. | 77,479 |
4,319 | 1 | CSG Systems International, Inc. | 81,327 |
1,838 | 1 | Commvault Systems, Inc. | 141,030 |
2,630 | 1 | ePlus, Inc. | 122,532 |
2,668 | ManTech International Corp., Class A | 65,819 | |
3,400 | 1 | SeaChange International, Inc. | 37,910 |
1,500 | 1 | Sourcefire, Inc. | 63,900 |
3,027 | 1 | ValueClick, Inc. | 61,963 |
3,405 | 1 | Websense, Inc. | 49,815 |
TOTAL | 758,511 | ||
Specialty Chemicals—0.3% | |||
1,300 | American Vanguard Corp. | 44,070 | |
308 | 1 | Omnova Solutions, Inc. | 2,519 |
TOTAL | 46,589 | ||
Specialty Retailing—4.4% | |||
883 | 1 | Asbury Automotive Group, Inc. | 31,400 |
3,800 | 1 | Conn's, Inc. | 108,072 |
2,400 | 1 | Dorman Products, Inc. | 83,112 |
3,800 | Finish Line, Inc., Class A | 70,832 | |
1,200 | 1 | Five Below, Inc. | 44,400 |
2,700 | 1 | Francesca's Holdings Corp. | 76,680 |
500 | Lithia Motors, Inc., Class A | 21,635 | |
1,762 | 1 | Lumber Liquidators, Inc. | 104,275 |
3,820 | Natures Sunshine Products, Inc. | 55,084 | |
1,500 | Stage Stores, Inc. | 34,275 | |
1,600 | 1 | Vitamin Shoppe Industries, Inc. | 97,728 |
TOTAL | 727,493 | ||
Telecommunication Equipment & Services—1.8% | |||
1,889 | 1 | Anixter International, Inc. | 127,092 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Telecommunication Equipment & Services—continued | |||
2,700 | 1 | Arris Group, Inc. | $44,604 |
4,300 | 1 | Mastec, Inc. | 121,690 |
TOTAL | 293,386 | ||
Telephone Utility—0.9% | |||
4,613 | 1 | Hawaiian Telcom Holdco, Inc. | 92,352 |
21,665 | 1 | Vonage Holdings Corp. | 56,546 |
TOTAL | 148,898 | ||
Textiles Apparel & Luxury Goods—0.5% | |||
4,982 | The Jones Group, Inc. | 59,784 | |
1,300 | 1 | Unifi, Inc. | 17,550 |
TOTAL | 77,334 | ||
Toys & Games—0.5% | |||
9,669 | 1 | Leapfrog Enterprises, Inc. | 87,118 |
Trucking—0.9% | |||
3,338 | 1 | Saia, Inc. | 86,588 |
4,565 | 1 | Swift Transportation Co. | 62,358 |
TOTAL | 148,946 | ||
Undesignated Consumer Staples—0.2% | |||
1,600 | 1 | Medifast, Inc. | 39,248 |
Uniforms—0.4% | |||
800 | G & K Services, Inc., Class A | 32,544 | |
500 | Unifirst Corp. | 40,870 | |
TOTAL | 73,414 | ||
Water Utility—0.4% | |||
1,200 | American States Water Co. | 60,660 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $14,960,232) | 16,352,963 | ||
MUTUAL FUND—2.2% | |||
368,564 | 2,3 | Federated Prime Value Obligations Fund, Institutional Shares, 0.13% (AT NET ASSET VALUE) | 368,564 |
TOTAL INVESTMENTS—100.2% (IDENTIFIED COST $15,328,796)4 | 16,721,527 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.2)%5 | (31,566) | ||
TOTAL NET ASSETS—100% | $16,689,961 |
1 | Non-income producing security. |
2 | Affiliated holding. |
3 | 7-Day net yield. |
4 | Also represents cost for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 1/31/2013 | Year Ended July 31, | |||||
2012 | 2011 | 2010 | 2009 | 2008 | ||
Net Asset Value, Beginning of Period | $9.52 | $9.88 | $7.55 | $6.58 | $10.21 | $13.22 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.021 | (0.06)1 | (0.09)1 | (0.06)1 | (0.04)1 | (0.08)1 |
Net realized and unrealized gain (loss) on investments | 1.89 | (0.30) | 2.42 | 1.03 | (3.59) | (2.22) |
TOTAL FROM INVESTMENT OPERATIONS | 1.91 | (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 | $11.43 | $9.52 | $9.88 | $7.55 | $6.58 | $10.21 |
Total Return2 | 20.06% | (3.64)% | 30.86% | 14.74% | (35.55)% | (18.09)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.70%3 | 1.71% | 1.75% | 1.75% | 1.74% | 1.75% |
Net investment income (loss) | 0.46%3 | (0.65)% | (0.96)% | (0.77)% | (0.53)% | (0.68)% |
Expense waiver/reimbursement4 | 1.30%3 | 4.24% | 3.75% | 5.41% | 5.73% | 3.85% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $2,798 | $2,550 | $3,469 | $3,184 | $1,652 | $2,623 |
Portfolio turnover | 100% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2013 | Year Ended July 31, | |||||
2012 | 2011 | 2010 | 2009 | 2008 | ||
Net Asset Value, Beginning of Period | $9.04 | $9.45 | $7.28 | $6.39 | $9.99 | $13.04 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.02)1 | (0.12)1 | (0.15)1 | (0.11)1 | (0.08)1 | (0.16)1 |
Net realized and unrealized gain (loss) on investments | 1.79 | (0.29) | 2.32 | 1.00 | (3.52) | (2.18) |
TOTAL FROM INVESTMENT OPERATIONS | 1.77 | (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 | $10.81 | $9.04 | $9.45 | $7.28 | $6.39 | $9.99 |
Total Return2 | 19.58% | (4.34)% | 29.81% | 13.93% | (36.04)% | (18.66)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.45%3 | 2.46% | 2.50% | 2.50% | 2.49% | 2.46% |
Net investment income (loss) | (0.38)%3 | (1.41)% | (1.70)% | (1.53)% | (1.29)% | (1.40)% |
Expense waiver/reimbursement4 | 1.32%3 | 4.24% | 3.78% | 5.13% | 5.61% | 3.90% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $2,195 | $2,358 | $2,978 | $3,258 | $1,366 | $2,759 |
Portfolio turnover | 100% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2013 | Year Ended July 31, | |||||
2012 | 2011 | 2010 | 2009 | 2008 | ||
Net Asset Value, Beginning of Period | $9.67 | $10.00 | $7.63 | $6.63 | $10.28 | $13.28 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.041 | (0.04)1 | (0.06)1 | (0.04)1 | (0.02)1 | (0.05)1 |
Net realized and unrealized gain (loss) on investments | 1.90 | (0.29) | 2.43 | 1.04 | (3.63) | (2.24) |
TOTAL FROM INVESTMENT OPERATIONS | 1.94 | (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 | $11.61 | $9.67 | $10.00 | $7.63 | $6.63 | $10.28 |
Total Return2 | 20.06% | (3.30)% | 31.06% | 15.08% | (35.51)% | (17.92)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.45%3 | 1.46% | 1.50% | 1.50% | 1.49% | 1.50% |
Net investment income (loss) | 0.70%3 | (0.44)% | (0.71)% | (0.52)% | (0.30)% | (0.43)% |
Expense waiver/reimbursement4 | 1.31%3 | 3.77% | 3.79% | 5.56% | 5.22% | 3.55% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $11,697 | $11,650 | $4,836 | $5,727 | $3,319 | $10,064 |
Portfolio turnover | 100% | 222% | 210% | 192% | 222% | 243% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Assets: | ||
Total investment in securities, at value including $368,564 of investment in an affiliated holding (Note 5) (identified cost $15,328,796) | $16,721,527 | |
Income receivable | 1,980 | |
Receivable for investments sold | 2,094,839 | |
Receivable for shares sold | 28,293 | |
TOTAL ASSETS | 18,846,639 | |
Liabilities: | ||
Payable for investments purchased | $2,115,004 | |
Payable for shares redeemed | 187 | |
Payable for distribution services fee (Note 5) | 1,351 | |
Payable for shareholder services fee (Note 5) | 2,129 | |
Accrued expenses | 38,007 | |
TOTAL LIABILITIES | 2,156,678 | |
Net assets for 1,455,053 shares outstanding | $16,689,961 | |
Net Assets Consist of: | ||
Paid-in capital | $24,972,012 | |
Net unrealized appreciation of investments | 1,392,731 | |
Accumulated net realized loss on investments | (9,661,569) | |
Accumulated net investment income (loss) | (13,213) | |
TOTAL NET ASSETS | $16,689,961 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($2,797,648 ÷ 244,858 shares outstanding), no par value, unlimited shares authorized | $11.43 | |
Offering price per share (100/94.50 of $11.43) | $12.10 | |
Redemption proceeds per share | $11.43 | |
Class C Shares: | ||
Net asset value per share ($2,194,955 ÷ 203,083 shares outstanding), no par value, unlimited shares authorized | $10.81 | |
Offering price per share | $10.81 | |
Redemption proceeds per share (99.00/100 of $10.81) | $10.70 | |
Institutional Shares: | ||
Net asset value per share ($11,697,358 ÷ 1,007,112 shares outstanding), no par value, unlimited shares authorized | $11.61 | |
Offering price per share | $11.61 | |
Redemption proceeds per share | $11.61 |
Investment Income: | |||
Dividends (including $204 received from an affiliated holding (Note 5)) | $179,774 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $96,331 | ||
Administrative fee (Note 5) | 24,962 | ||
Custodian fees | 9,957 | ||
Transfer and dividend disbursing agent fees and expenses | 15,340 | ||
Directors'/Trustees' fees | 738 | ||
Auditing fees | 11,796 | ||
Legal fees | 4,597 | ||
Portfolio accounting fees | 33,833 | ||
Distribution services fee (Note 5) | 8,508 | ||
Shareholder services fee (Note 5) | 6,169 | ||
Share registration costs | 19,853 | ||
Printing and postage | 9,989 | ||
Insurance premiums | 1,943 | ||
Miscellaneous | 2,274 | ||
TOTAL EXPENSES | 246,290 | ||
Waivers and Reimbursements (Note 5): | |||
Waiver/reimbursement of investment adviser fee | $(96,331) | ||
Waiver of administrative fee | (3,808) | ||
Reimbursement of other operating expenses | (9,604) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | (109,743) | ||
Net expenses | 136,547 | ||
Net investment income | 43,227 | ||
Realized and Unrealized Gain on Investments: | |||
Net realized gain on investments | 2,129,893 | ||
Net change in unrealized appreciation of investments | 806,357 | ||
Net realized and unrealized gain on investments | 2,936,250 | ||
Change in net assets resulting from operations | $2,979,477 |
Six Months Ended (unaudited) 1/31/2013 | Year Ended 7/31/2012 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $43,227 | $(77,173) |
Net realized gain (loss) on investments | 2,129,893 | (9,436) |
Net change in unrealized appreciation/depreciation of investments | 806,357 | (74,338) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 2,979,477 | (160,947) |
Share Transactions: | ||
Proceeds from sale of shares | 1,005,098 | 8,745,470 |
Cost of shares redeemed | (3,853,035) | (3,308,401) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (2,847,937) | 5,437,069 |
Change in net assets | 131,540 | 5,276,122 |
Net Assets: | ||
Beginning of period | 16,558,421 | 11,282,299 |
End of period (including accumulated net investment loss of $(13,213) and $(56,440), respectively) | $16,689,961 | $16,558,421 |
■ | Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market. |
■ | Shares of other mutual funds are valued based upon their reported NAVs. |
■ | Fixed-income securities acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “ Trustees”). |
■ | Fixed-income securities acquired with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), which approximates market value. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the purchase price of the security, information obtained by contacting the issuer, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded and public trading in similar securities of the issuer or comparable issuers. |
■ | With respect to securities traded in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts; |
■ | Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded; and |
■ | Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry. |
Six Months Ended 1/31/2013 | Year Ended 7/31/2012 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 5,066 | $52,220 | 37,994 | $344,850 |
Shares redeemed | (28,013) | (289,938) | (121,394) | (1,100,407) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (22,947) | $(237,718) | (83,400) | $(755,557) |
Six Months Ended 1/31/2013 | Year Ended 7/31/2012 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 17,659 | $180,871 | 9,770 | $85,422 |
Shares redeemed | (75,404) | (729,550) | (64,102) | (552,087) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (57,745) | $(548,679) | (54,332) | $(466,665) |
Six Months Ended 1/31/2013 | Year Ended 7/31/2012 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 71,057 | $772,007 | 898,001 | $8,315,198 |
Shares redeemed | (269,130) | (2,833,547) | (176,188) | (1,655,907) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (198,073) | $(2,061,540) | 721,813 | $6,659,291 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (278,765) | $(2,847,937) | 584,081 | $5,437,069 |
Expiration Year | Short-Term | Long-Term | Total |
2016 | $955,201 | NA | $955,201 |
2017 | $6,139,530 | NA | $6,139,530 |
2018 | $4,626,785 | NA | $4,626,785 |
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 | $8,508 |
Service Fees Incurred | |
Class A Shares | $3,333 |
Class C Shares | 2,836 |
TOTAL | $6,169 |
Federated Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2012 | 296,930 |
Purchases/Additions | 2,483,548 |
Sales/Reductions | 2,411,914 |
Balance of Shares Held 1/31/2013 | 368,564 |
Value | $368,564 |
Dividend Income | $204 |
Purchases | $16,413,231 |
Sales | $19,293,465 |
Beginning Account Value 8/1/2012 | Ending Account Value 1/31/2013 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,200.60 | $9.43 |
Class C Shares | $1,000 | $1,195.80 | $13.56 |
Institutional Shares | $1,000 | $1,200.60 | $8.04 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,016.64 | $8.64 |
Class C Shares | $1,000 | $1,012.85 | $12.43 |
Institutional Shares | $1,000 | $1,017.90 | $7.37 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.70% |
Class C Shares | 2.45% |
Institutional Shares | 1.45% |
Contract–May 2012
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R791
CUSIP 31421R783
2013 ©Federated Investors, Inc.
Share Class | Ticker |
A | QASGX |
B | QBSGX |
C | QCSGX |
Institutional | QISGX |
Industry Composition | Percentage of Total Net Assets |
Software Packaged/Custom | 6.5% |
Specialty Retailing | 5.5% |
Medical Supplies | 4.1% |
Telecommunication Equipment & Services | 4.0% |
Services to Medical Professionals | 3.5% |
Apparel | 3.3% |
Financial Services | 3.3% |
Biotechnology | 3.2% |
Crude Oil & Gas Production | 2.8% |
Computer Services | 2.6% |
Clothing Stores | 2.4% |
Electrical Equipment | 2.3% |
Specialty Chemicals | 2.1% |
Mail Order | 2.0% |
Home Products | 1.9% |
Shoes | 1.7% |
Machined Parts Original Equipment Manufacturers | 1.6% |
Oil Refiner | 1.6% |
Cosmetics & Toiletries | 1.5% |
Semiconductor Manufacturing | 1.5% |
Computer Peripherals | 1.4% |
Diversified Leisure | 1.4% |
Education & Training Services | 1.4% |
Medical Technology | 1.4% |
Auto Original Equipment Manufacturers | 1.3% |
Restaurants | 1.3% |
Multi-Industry Transportation | 1.3% |
Airline-Regional | 1.1% |
Electric & Electronic Original Equipment Manufacturers | 1.1% |
Ethical Drugs | 1.1% |
Home Health Care | 1.1% |
Metal Fabrication | 1.1% |
Multi-Industry Capital Goods | 1.1% |
Personal & Household | 1.1% |
Defense Aerospace | 1.0% |
Grocery Chain | 1.0% |
Printing | 1.0% |
Industry Composition | Percentage of Total Net Assets |
Semiconductor Manufacturing Equipment | 1.0% |
Other2 | 19.9% |
Cash Equivalents3 | 2.0% |
Other Assets and Liabilities—Net4 | (0.5)% |
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—98.5% | |||
Agricultural Machinery—0.4% | |||
2,353 | Lindsay Manufacturing Co. | $218,923 | |
Airline - National—0.5% | |||
21,000 | 1 | US Airways Group, Inc. | 299,880 |
Airline - Regional—1.1% | |||
14,484 | 1 | Alaska Air Group, Inc. | 668,147 |
Apparel—3.3% | |||
21,364 | 1 | Ann, Inc. | 658,866 |
7,305 | Columbia Sportswear Co. | 373,212 | |
23,053 | 1 | Express, Inc. | 423,714 |
5,307 | 1 | Maidenform Brands, Inc. | 103,009 |
1,436 | Oxford Industries, Inc. | 70,910 | |
8,566 | True Religion Apparel, Inc. | 203,100 | |
10,033 | 1 | Zumiez, Inc. | 211,696 |
TOTAL | 2,044,507 | ||
Auto Original Equipment Manufacturers—1.3% | |||
19,241 | Dana Holding Corp. | 309,395 | |
13,665 | 1 | Meritor, Inc. | 62,313 |
11,473 | 1 | Tenneco Automotive, Inc. | 401,096 |
TOTAL | 772,804 | ||
Baking—0.1% | |||
2,843 | Snyders-Lance, Inc. | 72,297 | |
Beer—0.3% | |||
1,200 | 1 | The Boston Beer Co., Inc., Class A | 168,408 |
Biotechnology—3.2% | |||
13,500 | 1 | Air Methods Corp. | 590,220 |
28,800 | 1 | Alkermes, Inc. | 663,840 |
5,749 | 1 | Pharmacyclics, Inc. | 398,578 |
12,787 | Questcor Pharmaceuticals, Inc. | 325,813 | |
TOTAL | 1,978,451 | ||
Cement—0.9% | |||
8,150 | Eagle Materials, Inc. | 527,876 | |
Clothing Stores—2.4% | |||
22,787 | 1 | Aeropostale, Inc. | 308,308 |
3,308 | Cato Corp., Class A | 91,202 | |
7,598 | 1 | Children's Place Retail Stores, Inc. | 378,684 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Clothing Stores—continued | |||
11,022 | 1 | Jos A. Bank Clothiers, Inc. | $446,832 |
8,262 | 1 | Rue21, Inc. | 245,464 |
TOTAL | 1,470,490 | ||
Commodity Chemicals—0.4% | |||
4,408 | Stepan Co. | 258,573 | |
Computer Peripherals—1.4% | |||
20,500 | 1 | Aruba Networks, Inc. | 472,320 |
10,234 | 1 | Silicon Graphics, Inc. | 148,802 |
7,517 | 1 | Synaptics, Inc. | 263,697 |
TOTAL | 884,819 | ||
Computer Services—2.6% | |||
12,755 | Fair Isaac & Co., Inc. | 574,868 | |
6,300 | 1 | Manhattan Associates, Inc. | 431,613 |
4,423 | Syntel, Inc. | 257,817 | |
14,941 | 1 | Unisys Corp. | 331,839 |
TOTAL | 1,596,137 | ||
Computer Stores—0.2% | |||
6,322 | 1 | Insight Enterprises, Inc. | 123,911 |
Consumer Goods—0.6% | |||
7,422 | Pool Corp. | 340,076 | |
Consumer Services—0.4% | |||
8,819 | Hillenbrand, Inc. | 218,270 | |
Contracting—0.5% | |||
7,000 | 1 | Team, Inc. | 306,670 |
Cosmetics & Toiletries—1.5% | |||
5,381 | 1 | Elizabeth Arden, Inc. | 206,684 |
16,427 | 1 | Revlon, Inc. | 258,725 |
16,234 | 1 | Sally Beauty Holdings, Inc. | 430,851 |
TOTAL | 896,260 | ||
Crude Oil & Gas Production—2.8% | |||
10,490 | Berry Petroleum Co., Class A | 386,242 | |
19,105 | Energy XXI (Bermuda) Ltd. | 598,369 | |
18,044 | 1 | Stone Energy Corp. | 405,990 |
19,484 | W&T Offshore, Inc. | 342,918 | |
TOTAL | 1,733,519 | ||
Defense Aerospace—1.0% | |||
5,600 | Kaman Corp., Class A | 203,504 | |
7,896 | 1 | Orbital Sciences Corp. | 116,071 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Defense Aerospace—continued | |||
4,300 | 1 | Teledyne Technologies, Inc. | $293,518 |
TOTAL | 613,093 | ||
Department Stores—0.4% | |||
21,956 | 1 | Saks, Inc. | 237,344 |
Diversified Leisure—1.4% | |||
16,479 | 1 | Coinstar, Inc. | 838,452 |
Education & Training Services—1.4% | |||
1,560 | 1 | American Public Education, Inc. | 60,107 |
10,886 | 1 | Bridgepoint Education, Inc. | 114,847 |
5,528 | 1 | Capella Education Co. | 151,025 |
7,507 | 1 | Grand Canyon Education, Inc. | 179,117 |
5,300 | 1 | K12, Inc. | 97,838 |
4,512 | Strayer Education, Inc. | 256,733 | |
TOTAL | 859,667 | ||
Electric & Electronic Original Equipment Manufacturers—1.1% | |||
17,586 | 1 | Generac Holdings, Inc. | 653,847 |
Electrical Equipment—2.3% | |||
13,770 | Belden, Inc. | 663,025 | |
14,706 | 1 | EnerSys, Inc. | 601,917 |
6,330 | 1 | Rofin-Sinar Technologies, Inc. | 162,238 |
TOTAL | 1,427,180 | ||
Electronic Instruments—0.1% | |||
2,489 | 1 | iRobot Corp. | 56,948 |
Electronic Test/Measuring Equipment—0.6% | |||
6,434 | MTS Systems Corp. | 365,773 | |
Ethical Drugs—1.1% | |||
15,400 | 1 | Cubist Pharmaceuticals, Inc. | 662,816 |
Financial Services—3.3% | |||
16,768 | Deluxe Corp. | 616,895 | |
12,400 | 1 | Financial Engines, Inc. | 412,424 |
16,005 | Heartland Payment Systems, Inc. | 508,319 | |
4,500 | 1 | Portfolio Recovery Associates, Inc. | 481,275 |
TOTAL | 2,018,913 | ||
Furniture—0.7% | |||
5,283 | Ethan Allen Interiors, Inc. | 152,732 | |
12,014 | 1 | Select Comfort Corp. | 264,548 |
TOTAL | 417,280 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Generic Drugs—0.6% | |||
19,100 | 1 | Impax Laboratories, Inc. | $385,056 |
Grocery Chain—1.0% | |||
3,150 | Casey's General Stores, Inc. | 172,400 | |
11,327 | Harris Teeter Supermarkets, Inc. | 469,957 | |
TOTAL | 642,357 | ||
Home Health Care—1.1% | |||
12,970 | 1 | Wellcare Health Plans, Inc. | 657,709 |
Home Products—1.9% | |||
9,562 | Spectrum Brands Holdings, Inc. | 484,219 | |
9,049 | Tupperware Brands Corp. | 689,534 | |
TOTAL | 1,173,753 | ||
Industrial Machinery—0.7% | |||
4,145 | Tennant Co. | 190,836 | |
5,813 | Watts Industries, Inc., Class A | 267,979 | |
TOTAL | 458,815 | ||
Insurance Brokerage—0.8% | |||
11,700 | 1 | Texas Capital Bancshares, Inc. | 484,380 |
Internet Services—0.2% | |||
4,661 | 1 | Travelzoo, Inc. | 102,169 |
IT Services—0.5% | |||
3,842 | 1 | WEX, Inc. | 302,020 |
Long-Term Care Centers—0.7% | |||
16,300 | 1 | Emeritus Corp. | 441,404 |
Machined Parts Original Equipment Manufacturers—1.6% | |||
15,278 | Applied Industrial Technologies, Inc. | 671,621 | |
13,726 | Titan International, Inc. | 333,404 | |
TOTAL | 1,005,025 | ||
Mail Order—2.0% | |||
20,570 | HSN, Inc. | 1,225,972 | |
Maritime—0.5% | |||
7,424 | TAL International Group, Inc. | 311,066 | |
Medical Supplies—4.1% | |||
2,800 | 1 | MWI Veterinary Supply, Inc. | 314,468 |
6,760 | 1 | Orthofix International NV | 257,894 |
21,300 | Owens & Minor, Inc. | 651,993 | |
17,377 | Steris Corp. | 655,634 | |
10,450 | West Pharmaceutical Services, Inc. | 618,745 | |
TOTAL | 2,498,734 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Medical Technology—1.4% | |||
7,700 | 1 | Cyberonics, Inc. | $333,872 |
9,541 | 1 | Integra Lifesciences Corp. | 402,153 |
5,351 | 1 | MedAssets, Inc. | 104,612 |
TOTAL | 840,637 | ||
Metal Fabrication—1.1% | |||
23,638 | Worthington Industries, Inc. | 649,572 | |
Miscellaneous Communications—0.1% | |||
7,332 | 1 | Leap Wireless International, Inc. | 42,379 |
Miscellaneous Components—0.6% | |||
12,410 | 1 | TriMas Corp. | 383,345 |
Miscellaneous Metals—0.5% | |||
1,543 | AMCOL International Corp. | 45,565 | |
1,298 | Materion Corp | 34,916 | |
6,365 | Matthews International Corp., Class A | 208,517 | |
TOTAL | 288,998 | ||
Multi-Industry Basic—0.5% | |||
13,714 | Olin Corp. | 318,988 | |
Multi-Industry Capital Goods—1.1% | |||
9,780 | Acuity Brands, Inc. | 672,864 | |
Multi-Industry Transportation—1.3% | |||
15,589 | Brinks Co. (The) | 464,864 | |
8,680 | 1 | Hub Group, Inc. | 319,511 |
TOTAL | 784,375 | ||
Office Furniture—0.6% | |||
1,240 | HNI Corp. | 39,147 | |
14,535 | Knoll, Inc. | 240,990 | |
3,435 | Miller Herman, Inc. | 84,845 | |
TOTAL | 364,982 | ||
Office Supplies—0.6% | |||
11,631 | United Stationers, Inc. | 387,778 | |
Oil Gas & Consumable Fuels—0.3% | |||
3,325 | CVR Energy, Inc. | 195,344 | |
Oil Refiner—1.6% | |||
15,500 | Alon USA Energy, Inc. | 304,110 | |
20,650 | Western Refining, Inc. | 694,459 | |
TOTAL | 998,569 | ||
�� | Other Communications Equipment—0.3% | ||
4,424 | 1 | Netgear, Inc. | 155,327 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Packaged Foods—0.6% | |||
6,879 | 1 | United Natural Foods, Inc. | $371,328 |
Paint & Related Materials—0.1% | |||
7,299 | 1 | Ferro Corp. | 37,225 |
Paper Products—0.4% | |||
5,400 | 1 | Clearwater Paper Corp. | 244,674 |
Personal & Household—1.1% | |||
15,200 | Nu Skin Enterprises, Inc., Class A | 643,872 | |
Personal Loans—0.7% | |||
8,577 | Cash America International, Inc. | 410,924 | |
Personnel Agency—0.2% | |||
6,592 | 1 | TrueBlue, Inc. | 113,316 |
Photo-Optical Component-Equipment—0.3% | |||
2,997 | 1 | Coherent, Inc. | 166,064 |
Plastic—0.0% | |||
1,221 | Polyone Corp. | 26,667 | |
Poultry Products—0.2% | |||
2,600 | Sanderson Farms, Inc. | 131,248 | |
Printing—1.0% | |||
3,401 | 1 | Consolidated Graphics, Inc. | 124,578 |
18,280 | Valassis Communications, Inc. | 512,937 | |
TOTAL | 637,515 | ||
Recreational Vehicles—0.9% | |||
2,500 | 1 | Arctic Cat, Inc. | 90,350 |
12,182 | Brunswick Corp. | 440,501 | |
TOTAL | 530,851 | ||
Restaurants—1.3% | |||
5,605 | CEC Entertainment, Inc. | 184,741 | |
6,576 | Cracker Barrel Old Country Store, Inc. | 426,256 | |
1,126 | 1 | Jack in the Box, Inc. | 32,688 |
4,316 | 1 | Red Robin Gourmet Burgers | 159,562 |
TOTAL | 803,247 | ||
Roofing & Wallboard—0.9% | |||
14,697 | 1 | Beacon Roofing Supply, Inc. | 531,150 |
Rubber—0.6% | |||
14,191 | Cooper Tire & Rubber Co. | 361,303 | |
Semiconductor Manufacturing—1.5% | |||
4,312 | 1 | Cabot Microelectronics Corp. | 159,372 |
18,965 | 1 | Cirrus Logic, Inc. | 535,382 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Semiconductor Manufacturing—continued | |||
5,994 | 1 | Plexus Corp. | $152,967 |
13,710 | 1 | Triquint Semiconductor, Inc. | 71,977 |
TOTAL | 919,698 | ||
Semiconductor Manufacturing Equipment—1.0% | |||
18,799 | Brooks Automation, Inc. | 175,959 | |
25,704 | 1 | Mentor Graphics Corp. | 440,309 |
TOTAL | 616,268 | ||
Services to Medical Professionals—3.5% | |||
12,209 | 1 | Bio-Reference Laboratories, Inc. | 339,044 |
15,017 | 1 | Centene Corp. | 648,134 |
17,033 | 1 | Molina Healthcare, Inc. | 489,017 |
18,623 | 1 | Team Health Holdings, Inc. | 630,761 |
TOTAL | 2,106,956 | ||
Shoes—1.7% | |||
30,921 | 1 | CROCs, Inc. | 459,486 |
9,220 | 1 | Genesco, Inc. | 574,683 |
TOTAL | 1,034,169 | ||
Software Packaged/Custom—6.5% | |||
6,396 | 1 | Acxiom Corp. | 113,401 |
20,900 | 1 | Aspen Technology, Inc. | 639,540 |
4,072 | 1 | CSG Systems International, Inc. | 76,676 |
8,800 | 1 | Commvault Systems, Inc. | 675,224 |
4,479 | 1 | MicroStrategy, Inc., Class A | 449,109 |
21,807 | 1 | PTC, Inc. | 505,486 |
18,630 | 1 | Progress Software Corp. | 437,246 |
10,700 | 1 | Sourcefire, Inc. | 455,820 |
6,203 | 1 | ValueClick, Inc. | 126,975 |
6,597 | 1 | Verint Systems, Inc. | 222,979 |
18,482 | 1 | Websense, Inc. | 270,392 |
TOTAL | 3,972,848 | ||
Specialty Chemicals—2.1% | |||
7,000 | American Vanguard Corp. | 237,300 | |
4,461 | 1 | Axiall Corp. | 250,619 |
4,033 | Chemed Corp. | 304,693 | |
15,934 | 1 | Chemtura Corp. | 377,955 |
1,638 | Quaker Chemical Corp. | 93,644 | |
TOTAL | 1,264,211 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Specialty Retailing—5.5% | |||
2,114 | Aaron's, Inc. | $62,680 | |
25,984 | 1 | Ascena Retail Group, Inc. | 440,429 |
8,951 | 1 | Cabela's, Inc., Class A | 462,051 |
10,402 | Finish Line, Inc., Class A | 193,893 | |
13,960 | GNC Acquisition Holdings, Inc. | 501,722 | |
3,445 | 1 | Kirkland's, Inc. | 39,859 |
5,851 | 1 | Lumber Liquidators, Inc. | 346,262 |
13,619 | Penske Automotive Group, Inc. | 448,337 | |
10,939 | Pier 1 Imports, Inc. | 237,267 | |
5,100 | 1 | Vera Bradley, Inc. | 128,979 |
8,600 | 1 | Vitamin Shoppe Industries, Inc. | 525,288 |
TOTAL | 3,386,767 | ||
�� | Surveillance-Detection—0.5% | ||
6,593 | Mine Safety Appliances Co. | 304,728 | |
Telecommunication Equipment & Services—4.0% | |||
22,403 | Adtran, Inc. | 452,541 | |
11,931 | 1 | Anixter International, Inc. | 802,718 |
32,563 | 1 | CIENA Corp. | 509,936 |
23,358 | 1 | Mastec, Inc. | 661,031 |
TOTAL | 2,426,226 | ||
Trucking—0.6% | |||
9,900 | 1 | Old Dominion Freight Lines, Inc. | 369,072 |
Undesignated Consumer Staples—0.3% | |||
7,700 | 1 | Medifast, Inc. | 188,881 |
TOTAL COMMON STOCKS (IDENTIFIED COST $54,100,989) | 60,102,157 | ||
MUTUAL FUND—2.0% | |||
1,219,088 | 2,3 | Federated Prime Value Obligations Fund, Institutional Shares, 0.13% (AT NET ASSET VALUE) | 1,219,088 |
TOTAL INVESTMENTS—100.5% (IDENTIFIED COST $55,320,077)4 | 61,321,245 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.5)%5 | (334,082) | ||
TOTAL NET ASSETS—100% | $60,987,163 |
1 | Non-income producing security. |
2 | Affiliated holding. |
3 | 7-Day net yield. |
4 | Also represents cost for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 1/31/2013 | Year Ended July 31, | |||||
2012 | 2011 | 2010 | 2009 | 2008 | ||
Net Asset Value, Beginning of Period | $11.93 | $12.12 | $8.74 | $7.85 | $11.57 | $12.95 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.02)1 | (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 | 1.84 | (0.10) | 3.51 | 0.99 | (3.64) | (1.17) |
TOTAL FROM INVESTMENT OPERATIONS | 1.82 | (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 | $13.75 | $11.93 | $12.12 | $8.74 | $7.85 | $11.57 |
Total Return3 | 15.26% | (1.57)% | 38.67% | 11.34% | (32.15)%4 | (10.20)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.75%5 | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
Net investment income (loss) | (0.30)%5 | (0.79)% | (1.18)% | (1.17)% | (1.04)% | (1.20)% |
Expense waiver/reimbursement6 | 0.63%5 | 1.04% | 1.14% | 1.22% | 1.02% | 1.05% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $27,043 | $22,718 | $25,634 | $19,822 | $21,682 | $31,874 |
Portfolio turnover | 55% | 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. Total returns for periods of less than one year are not annualized. |
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 | 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. |
Six Months Ended (unaudited) 1/31/2013 | Year Ended July 31, | Period Ended 7/31/20081 | ||||
2012 | 2011 | 2010 | 2009 | |||
Net Asset Value, Beginning of Period | $11.62 | $11.90 | $8.65 | $7.81 | $11.61 | $11.26 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.07)2 | (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 | 1.79 | (0.11) | 3.46 | 1.00 | (3.66) | 0.44 |
TOTAL FROM INVESTMENT OPERATIONS | 1.72 | (0.28) | 3.25 | 0.84 | (3.80) | 0.35 |
Regulatory Settlement Proceeds | — | — | — | — | 0.003 | — |
Net Asset Value, End of Period | $13.34 | $11.62 | $11.90 | $8.65 | $7.81 | $11.61 |
Total Return4 | 14.80% | (2.35)% | 37.57% | 10.76% | (32.73)% | 3.11% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.50%5 | 2.50% | 2.50% | 2.50% | 2.50% | 2.50%5 |
Net investment income (loss) | (1.07)%5 | (1.55)% | (1.93)% | (1.92)% | (1.75)% | (1.96)%5 |
Expense waiver/reimbursement6 | 0.64%5 | 1.06% | 1.15% | 1.22% | 1.02% | 1.05%5 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,745 | $1,640 | $2,541 | $2,350 | $3,088 | $9,811 |
Portfolio turnover | 55% | 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. |
Six Months Ended (unaudited) 1/31/2013 | Year Ended July 31, | |||||
2012 | 2011 | 2010 | 2009 | 2008 | ||
Net Asset Value, Beginning of Period | $11.33 | $11.60 | $8.43 | $7.62 | $11.32 | $12.77 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.06)1 | (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 | 1.75 | (0.10) | 3.38 | 0.97 | (3.56) | (1.16) |
TOTAL FROM INVESTMENT OPERATIONS | 1.69 | (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 | $13.02 | $11.33 | $11.60 | $8.43 | $7.62 | $11.32 |
Total Return3 | 14.92% | (2.33)% | 37.60% | 10.63% | (32.69)% | (10.89)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.50%4 | 2.50% | 2.50% | 2.49% | 2.50% | 2.47% |
Net investment income (loss) | (1.06)%4 | (1.54)% | (1.94)% | (1.91)% | (1.79)% | (1.93)% |
Expense waiver/reimbursement5 | 0.64%4 | 1.04% | 1.13% | 1.22% | 1.02% | 1.07% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $4,569 | $4,223 | $4,663 | $2,795 | $4,069 | $6,450 |
Portfolio turnover | 55% | 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. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2013 | Year Ended July 31, | |||||
2012 | 2011 | 2010 | 2009 | 2008 | ||
Net Asset Value, Beginning of Period | $12.14 | $12.31 | $8.85 | $7.93 | $11.66 | $13.02 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.00)1,2 | (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 | 1.87 | (0.11) | 3.56 | 1.00 | (3.67) | (1.18) |
TOTAL FROM INVESTMENT OPERATIONS | 1.87 | (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 | $14.01 | $12.14 | $12.31 | $8.85 | $7.93 | $11.66 |
Total Return3 | 15.40% | (1.38)% | 39.10% | 11.60% | (31.99)% | (9.99)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.50%4 | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Net investment income (loss) | (0.06)%4 | (0.54)% | (0.92)% | (0.92)% | (0.80)% | (0.91)% |
Expense waiver/reimbursement5 | 0.64%4 | 1.05% | 1.15% | 1.22% | 1.02% | 1.09% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $27,631 | $26,233 | $29,395 | $27,039 | $39,246 | $62,209 |
Portfolio turnover | 55% | 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. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | 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 $1,219,088 of investment in an affiliated holding (Note 5) (identified cost $55,320,077) | $61,321,245 | |
Cash | 66,570 | |
Income receivable | 14,977 | |
Receivable for investments sold | 8,186,386 | |
Receivable for shares sold | 72,976 | |
TOTAL ASSETS | 69,662,154 | |
Liabilities: | ||
Payable for investments purchased | $8,287,487 | |
Payable for shares redeemed | 299,728 | |
Payable for Directors'/Trustees' fees | 183 | |
Payable for distribution services fee (Note 5) | 3,942 | |
Payable for shareholder services fee (Note 5) | 15,789 | |
Accrued expenses | 67,862 | |
TOTAL LIABILITIES | 8,674,991 | |
Net assets for 4,419,422 shares outstanding | $60,987,163 | |
Net Assets Consist of: | ||
Paid-in capital | $72,985,576 | |
Net unrealized appreciation of investments | 6,001,168 | |
Accumulated net realized loss on investments and foreign currency transactions | (17,667,818) | |
Accumulated net investment income (loss) | (331,763) | |
TOTAL NET ASSETS | $60,987,163 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($27,042,947 ÷ 1,966,083 shares outstanding), no par value, unlimited shares authorized | $13.75 | |
Offering price per share (100/94.50 of $13.75) | $14.55 | |
Redemption proceeds per share | $13.75 | |
Class B Shares: | ||
Net asset value per share ($1,744,982 ÷ 130,779 shares outstanding), no par value, unlimited shares authorized | $13.34 | |
Offering price per share | $13.34 | |
Redemption proceeds per share (94.50/100 of $13.34) | $12.61 | |
Class C Shares: | ||
Net asset value per share ($4,568,676 ÷ 350,994 shares outstanding), no par value, unlimited shares authorized | $13.02 | |
Offering price per share | $13.02 | |
Redemption proceeds per share (99.00/100 of $13.02) | $12.89 | |
Institutional Shares: | ||
Net asset value per share ($27,630,558 ÷ 1,971,566 shares outstanding), no par value, unlimited shares authorized | $14.01 | |
Offering price per share | $14.01 | |
Redemption proceeds per share | $14.01 |
Investment Income: | |||
Dividends (including $807 received from an affiliated holding (Note 5)) | $414,516 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $329,345 | ||
Administrative fee (Note 5) | 41,593 | ||
Custodian fees | 4,586 | ||
Transfer and dividend disbursing agent fees and expenses | 130,275 | ||
Directors'/Trustees' fees | 756 | ||
Auditing fees | 11,796 | ||
Legal fees | 3,996 | ||
Portfolio accounting fees | 39,831 | ||
Distribution services fee (Note 5) | 22,847 | ||
Shareholder services fee (Note 5) | 37,591 | ||
Account administration fee (Note 2) | 496 | ||
Share registration costs | 26,190 | ||
Printing and postage | 19,375 | ||
Insurance premiums | 1,984 | ||
Miscellaneous | 3,121 | ||
TOTAL EXPENSES | 673,782 | ||
Waivers and Reimbursement (Note 5): | |||
Waiver/reimbursement of investment adviser fee | $(177,241) | ||
Waiver of administrative fee | (4,624) | ||
TOTAL WAIVERS AND REIMBURSEMENT | (181,865) | ||
Net expenses | 491,917 | ||
Net investment income (loss) | (77,401) | ||
Realized and Unrealized Gain on Investments: | |||
Net realized gain on investments | 6,271,082 | ||
Net change in unrealized appreciation of investments | 2,148,572 | ||
Net realized and unrealized gain on investments | 8,419,654 | ||
Change in net assets resulting from operations | $8,342,253 |
Six Months Ended (unaudited) 1/31/2013 | Year Ended 7/31/2012 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(77,401) | $(422,764) |
Net realized gain on investments | 6,271,082 | 4,915,672 |
Net change in unrealized appreciation/depreciation of investments | 2,148,572 | (5,652,407) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 8,342,253 | (1,159,499) |
Share Transactions: | ||
Proceeds from sale of shares | 6,469,514 | 12,048,639 |
Cost of shares redeemed | (8,639,434) | (18,308,002) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (2,169,920) | (6,259,363) |
Change in net assets | 6,172,333 | (7,418,862) |
Net Assets: | ||
Beginning of period | 54,814,830 | 62,233,692 |
End of period (including accumulated net investment income (loss) of $(331,763) and $(254,362), respectively) | $60,987,163 | $54,814,830 |
■ | Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market. |
■ | Shares of other mutual funds are valued based upon their reported NAVs. |
■ | Fixed-income securities acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “ Trustees”). |
■ | Fixed-income securities acquired with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), which approximates market value. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the purchase price of the security, information obtained by contacting the issuer, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded and public trading in similar securities of the issuer or comparable issuers. |
■ | With respect to securities traded in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts; |
■ | Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded; and |
■ | Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry. |
Account Administration Fees Incurred | |
Class A Shares | $155 |
Class C Shares | 341 |
TOTAL | $496 |
Six Months Ended 1/31/2013 | Year Ended 7/31/2012 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 268,064 | $3,291,272 | 317,159 | $3,790,317 |
Shares redeemed | (206,198) | (2,623,617) | (527,438) | (6,080,816) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 61,866 | $667,655 | (210,279) | $(2,290,499) |
Six Months Ended 1/31/2013 | Year Ended 7/31/2012 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 11,383 | $141,327 | 8,120 | $92,002 |
Shares redeemed | (21,791) | (267,030) | (80,577) | (897,209) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (10,408) | $(125,703) | (72,457) | $(805,207) |
Six Months Ended 1/31/2013 | Year Ended 7/31/2012 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 9,869 | $121,868 | 46,175 | $510,922 |
Shares redeemed | (31,649) | (382,605) | (75,431) | (814,480) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (21,780) | $(260,737) | (29,256) | $(303,558) |
Six Months Ended 1/31/2013 | Year Ended 7/31/2012 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 221,006 | $2,915,047 | 680,052 | $7,655,398 |
Shares redeemed | (410,234) | (5,366,182) | (907,921) | (10,515,497) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (189,228) | $(2,451,135) | (227,869) | $(2,860,099) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (159,550) | $(2,169,920) | (539,861) | $(6,259,363) |
Expiration Year | Short-Term | Long-Term | Total |
2018 | $23,847,272 | NA | $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 | $6,324 |
Class C Shares | 16,523 |
TOTAL | $22,847 |
Service Fees Incurred | |
Class A Shares | $30,316 |
Class B Shares | 2,108 |
Class C Shares | 5,167 |
TOTAL | $37,591 |
Federated Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2012 | 839,624 |
Purchases/Additions | 7,778,746 |
Sales/Reductions | 7,399,282 |
Balance of Shares Held 1/31/2013 | 1,219,088 |
Value | $1,219,088 |
Dividend Income | $807 |
Purchases | $30,809,894 |
Sales | $32,972,204 |
Beginning Account Value 8/1/2012 | Ending Account Value 1/31/2013 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,152.60 | $9.50 |
Class B Shares | $1,000 | $1,148.00 | $13.54 |
Class C Shares | $1,000 | $1,149.20 | $13.54 |
Institutional Shares | $1,000 | $1,154.00 | $8.14 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,016.38 | $8.89 |
Class B Shares | $1,000 | $1,012.60 | $12.68 |
Class C Shares | $1,000 | $1,012.60 | $12.68 |
Institutional Shares | $1,000 | $1,017.64 | $7.63 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.75% |
Class B Shares | 2.50% |
Class C Shares | 2.50% |
Institutional Shares | 1.50% |
Contract–May 2012
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R676
CUSIP 31421R767
CUSIP 31421R759
2013 ©Federated Investors, Inc.
Item 2. Code of Ethics
Not Applicable
Item 3. Audit Committee Financial Expert
Not Applicable
Item 4. Principal Accountant Fees and Services
Not Applicable
Item 5. Audit Committee of Listed Registrants
Not Applicable
Item 6. Schedule of Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not Applicable |
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not Applicable |
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not Applicable |
Item 10. Submission of Matters to a Vote of Security Holders
Not Applicable
Item 11. Controls and Procedures
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated MDT Series
By /S/ Richard A. Novak
Richard A. Novak, Principal Financial Officer
Date March 21, 2013
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue, Principal Executive Officer
Date March 21, 2013
By /S/ Richard A. Novak
Richard A. Novak, Principal Financial Officer
Date March 21, 2013