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: 07/31/14
Date of Reporting Period: Six months ended 01/31/14
Item 1. Reports to Stockholders
Share Class | Ticker |
A | QAACX |
C | QCACX |
R | QKACX |
Institutional | QIACX |
Industry Composition | Percentage of Total Net Assets |
Regional Banks | 4.9% |
Money Center Bank | 3.8% |
Biotechnology | 3.2% |
Services to Medical Professionals | 3.2% |
Property Liability Insurance | 2.9% |
Electric Utility | 2.4% |
Financial Services | 2.4% |
Department Stores | 2.2% |
Defense Electronics | 2.1% |
Integrated Domestic Oil | 2.1% |
Software Packaged/Custom | 2.1% |
Specialty Retailing | 2.1% |
Computer Peripherals | 2.0% |
Defense Aerospace | 2.0% |
Computer Stores | 1.9% |
Ethical Drugs | 1.8% |
Construction Machinery | 1.7% |
Oil Refiner | 1.7% |
Crude Oil & Gas Production | 1.6% |
Computers - Midrange | 1.6% |
Semiconductor Distribution | 1.6% |
Internet Services | 1.5% |
Telecommunication Equipment & Services | 1.5% |
Industry Composition | Percentage of Total Net Assets |
Medical Supplies | 1.4% |
Grocery Chain | 1.3% |
Integrated International Oil | 1.3% |
Multi-Line Insurance | 1.2% |
Soft Drinks | 1.2% |
AT&T Divestiture | 1.1% |
Commodity Chemicals | 1.1% |
Life Insurance | 1.1% |
Securities Brokerage | 1.1% |
Agricultural Machinery | 1.0% |
Auto Manufacturing | 1.0% |
Broadcasting | 1.0% |
Home Products | 1.0% |
Other2 | 30.8% |
Cash Equivalents3 | 2.1% |
Other Assets and Liabilities—Net4 | (0.0)% |
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—97.9% | |||
Agricultural Chemicals—0.5% | |||
1,600 | CF Industries Holdings, Inc. | $369,376 | |
200 | 1 | Graham Holdings Co. | 125,212 |
2,500 | Scotts Miracle-Gro Co. | 148,475 | |
TOTAL | 643,063 | ||
Agricultural Machinery—1.0% | |||
5,400 | AGCO Corp. | 287,982 | |
9,900 | Deere & Co. | 851,004 | |
TOTAL | 1,138,986 | ||
Airline - National—0.7% | |||
17,100 | 1 | United Continental Holdings, Inc. | 783,864 |
Airline - Regional—0.3% | |||
5,000 | Alaska Air Group, Inc. | 395,350 | |
Airlines—0.3% | |||
12,100 | Delta Air Lines, Inc. | 370,381 | |
Apparel—0.3% | |||
2,000 | 1 | Ann, Inc. | 64,680 |
2,600 | Carter's, Inc. | 174,850 | |
2,300 | Guess ?, Inc. | 64,515 | |
1,600 | V.F. Corp. | 93,520 | |
TOTAL | 397,565 | ||
AT&T Divestiture—1.1% | |||
27,500 | AT&T, Inc. | 916,300 | |
9,100 | Verizon Communications, Inc. | 436,982 | |
TOTAL | 1,353,282 | ||
Auto Components—0.5% | |||
12,500 | Goodyear Tire & Rubber Co. | 295,750 | |
4,100 | Lear Corp. | 296,553 | |
TOTAL | 592,303 | ||
Auto Manufacturing—1.0% | |||
26,800 | Ford Motor Co. | 400,928 | |
12,800 | General Motors Co. | 461,824 | |
3,600 | 1 | TRW Automotive Holdings Corp. | 266,940 |
TOTAL | 1,129,692 | ||
Auto Original Equipment Manufacturers—0.3% | |||
300 | 1 | AutoZone, Inc. | 148,518 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Auto Original Equipment Manufacturers—continued | |||
1,000 | 1 | O'Reilly Automotive, Inc. | $130,980 |
2,200 | 1 | Tenneco Automotive, Inc. | 125,048 |
TOTAL | 404,546 | ||
Auto Rentals—0.3% | |||
5,000 | 1 | United Rentals, Inc. | 404,700 |
Biotechnology—3.2% | |||
3,600 | 1 | Alexion Pharmaceuticals, Inc. | 571,428 |
5,300 | Amgen, Inc. | 630,435 | |
2,600 | 1 | Biogen Idec, Inc. | 812,864 |
3,200 | 1 | Celgene Corp. | 486,176 |
6,500 | 1 | Gilead Sciences, Inc. | 524,225 |
2,700 | 1 | Illumina, Inc. | 410,400 |
2,600 | 1 | Jazz Pharmaceuticals PLC | 394,316 |
TOTAL | 3,829,844 | ||
Broadcasting—1.0% | |||
17,689 | 1 | DIRECTV Group, Inc. | 1,228,147 |
Building Materials—0.4% | |||
4,200 | Fortune Brands Home & Security, Inc. | 189,252 | |
3,300 | Lennox International, Inc. | 285,648 | |
TOTAL | 474,900 | ||
Building Supply Stores—0.7% | |||
5,800 | Home Depot, Inc. | 445,730 | |
7,700 | Lowe's Cos., Inc. | 356,433 | |
TOTAL | 802,163 | ||
Cable & Wireless Television—0.5% | |||
4,000 | Time Warner Cable, Inc. | 533,080 | |
Cable TV—0.9% | |||
5,200 | CBS Corp. (New), Class B | 305,344 | |
10,800 | Comcast Corp., Class A | 588,060 | |
2,600 | Time Warner, Inc. | 163,358 | |
TOTAL | 1,056,762 | ||
Capital Markets—0.1% | |||
3,000 | Franklin Resources, Inc. | 156,030 | |
Closed End Fund—0.5% | |||
5,400 | 1 | Berkshire Hathaway, Inc. | 602,640 |
Clothing Stores—0.8% | |||
1,700 | 1 | Children's Place Retail Stores, Inc. | 89,539 |
14,000 | Gap (The), Inc. | 533,120 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Clothing Stores—continued | |||
4,900 | Hanesbrands, Inc. | $348,586 | |
TOTAL | 971,245 | ||
Commodity Chemicals—1.1% | |||
7,800 | LyondellBasell Industries NV | 614,328 | |
1,500 | PPG Industries, Inc. | 273,540 | |
3,000 | RPM International, Inc. | 119,010 | |
2,400 | Westlake Chemical Corp. | 291,696 | |
TOTAL | 1,298,574 | ||
Computer Peripherals—2.0% | |||
3,700 | Lexmark International, Inc., Class A | 145,003 | |
11,800 | NetApp, Inc. | 499,612 | |
10,600 | Sandisk Corp. | 737,230 | |
12,000 | Western Digital Corp. | 1,034,040 | |
TOTAL | 2,415,885 | ||
Computer Services—0.6% | |||
1,300 | 1 | CACI International, Inc., Class A | 96,226 |
11,134 | 1 | Synnex Corp. | 625,174 |
TOTAL | 721,400 | ||
Computer Stores—1.9% | |||
10,800 | GameStop Corp. | 378,756 | |
42,649 | 1 | Ingram Micro, Inc., Class A | 1,067,078 |
2,100 | 1 | Insight Enterprises, Inc. | 44,310 |
13,862 | 1 | Tech Data Corp. | 747,439 |
TOTAL | 2,237,583 | ||
Computers - High End—0.9% | |||
5,700 | IBM Corp. | 1,007,076 | |
Computers - Midrange—1.6% | |||
64,300 | Hewlett-Packard Co. | 1,864,700 | |
Construction Machinery—1.7% | |||
6,300 | Caterpillar, Inc. | 591,633 | |
4,900 | Joy Global, Inc. | 258,671 | |
19,100 | Trinity Industries, Inc. | 1,112,193 | |
TOTAL | 1,962,497 | ||
Cosmetics & Toiletries—0.5% | |||
10,000 | Avon Products, Inc. | 148,900 | |
3,800 | Estee Lauder Cos., Inc., Class A | 261,212 | |
5,400 | 1 | Sally Beauty Holdings, Inc. | 153,252 |
TOTAL | 563,364 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Crude Oil & Gas Production—1.6% | |||
8,400 | Apache Corp. | $674,184 | |
14,100 | Chesapeake Energy Corp. | 379,431 | |
8,300 | Devon Energy Corp. | 491,526 | |
2,100 | EOG Resources, Inc. | 347,004 | |
TOTAL | 1,892,145 | ||
Defense Aerospace—2.0% | |||
3,200 | Alliant Techsystems, Inc. | 459,840 | |
1,900 | Boeing Co. | 237,994 | |
6,100 | General Dynamics Corp. | 617,991 | |
6,800 | Lockheed Martin Corp. | 1,026,188 | |
TOTAL | 2,342,013 | ||
Defense Electronics—2.1% | |||
4,300 | 1 | First Solar, Inc. | 217,494 |
3,500 | L-3 Communications Holdings, Inc. | 388,745 | |
10,300 | Northrop Grumman Corp. | 1,190,165 | |
7,300 | Raytheon Co. | 694,011 | |
TOTAL | 2,490,415 | ||
Department Stores—2.2% | |||
2,600 | Dillards, Inc., Class A | 226,980 | |
14,900 | Kohl's Corp. | 754,387 | |
16,600 | Macy's, Inc. | 883,120 | |
2,600 | 1 | Sears Holdings Corp. | 94,562 |
10,900 | Target Corp. | 617,376 | |
TOTAL | 2,576,425 | ||
Discount Department Stores—0.6% | |||
5,400 | Foot Locker, Inc. | 208,440 | |
6,400 | Wal-Mart Stores, Inc. | 477,952 | |
TOTAL | 686,392 | ||
Diversified Financial Services—0.2% | |||
4,100 | CIT Group, Inc. | 190,855 | |
Diversified Leisure—0.7% | |||
4,500 | 1 | Bally Technologies, Inc. | 329,940 |
7,200 | Las Vegas Sands Corp. | 550,944 | |
TOTAL | 880,884 | ||
Diversified Oil—0.9% | |||
9,000 | Murphy Oil Corp. | 509,490 | |
5,800 | Occidental Petroleum Corp. | 507,906 | |
TOTAL | 1,017,396 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Diversified Tobacco—0.3% | |||
7,000 | Lorillard, Inc. | $344,540 | |
Drug Store—0.4% | |||
8,300 | Walgreen Co. | 476,005 | |
Education & Training Services—0.4% | |||
11,000 | 1 | Apollo Group, Inc., Class A | 355,190 |
2,100 | DeVRY, Inc. | 75,894 | |
1,500 | 1 | ITT Educational Services, Inc. | 44,100 |
TOTAL | 475,184 | ||
Electric Utility—2.4% | |||
24,600 | AES Corp. | 345,876 | |
9,400 | American Electric Power Co., Inc. | 458,814 | |
13,400 | Edison International | 645,344 | |
6,300 | Entergy Corp. | 397,089 | |
13,300 | Exelon Corp. | 385,700 | |
6,600 | PPL Corp. | 201,762 | |
11,600 | Public Service Enterprises Group, Inc. | 386,744 | |
TOTAL | 2,821,329 | ||
Electrical - Radio & TV—0.2% | |||
1,800 | Harman International Industries, Inc. | 186,174 | |
Electrical Equipment—0.1% | |||
4,200 | 1 | Sanmina Corp. | 70,224 |
Electronic Test/Measuring Equipment—0.1% | |||
1,800 | 1 | Itron, Inc. | 72,684 |
Electronics Stores—0.2% | |||
10,500 | Best Buy Co., Inc. | 247,170 | |
Ethical Drugs—1.8% | |||
7,200 | Abbott Laboratories | 263,952 | |
11,400 | Eli Lilly & Co. | 615,714 | |
2,900 | Johnson & Johnson | 256,563 | |
3,900 | Merck & Co., Inc. | 206,583 | |
14,700 | Pfizer, Inc. | 446,880 | |
3,700 | 1 | United Therapeutics Corp. | 379,694 |
TOTAL | 2,169,386 | ||
Financial Services—2.4% | |||
2,900 | American Express Co. | 246,558 | |
6,500 | Ameriprise Financial, Inc. | 686,660 | |
1,000 | BlackRock, Inc. | 300,470 | |
7,400 | Discover Financial Services | 397,010 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Financial Services—continued | |||
3,300 | 1 | FleetCor Technologies, Inc. | $350,856 |
6,000 | Mastercard, Inc. | 454,080 | |
2,500 | Nelnet, Inc., Class A | 93,125 | |
10,100 | SLM Corp. | 229,876 | |
300 | Visa, Inc., Class A | 64,629 | |
TOTAL | 2,823,264 | ||
Food Wholesaling—0.2% | |||
3,800 | Ingredion, Inc. | 236,740 | |
Gas Utilities—0.0% | |||
100 | EQT Corp. | 9,281 | |
Generic Drugs—0.6% | |||
14,600 | 1 | Mylan, Inc. | 662,986 |
Grocery Chain—1.3% | |||
25,700 | Kroger Co. | 927,770 | |
17,900 | Safeway, Inc. | 559,196 | |
TOTAL | 1,486,966 | ||
Health Care Providers & Services—0.4% | |||
6,400 | 1 | Express Scripts Holding Co. | 478,016 |
Home Products—1.0% | |||
4,100 | Energizer Holdings, Inc. | 387,450 | |
2,600 | Kimberly-Clark Corp. | 284,362 | |
5,200 | Newell Rubbermaid, Inc. | 160,680 | |
4,600 | Tupperware Brands Corp. | 360,456 | |
TOTAL | 1,192,948 | ||
Hospitals—0.1% | |||
2,700 | 1 | Community Health Systems, Inc. | 111,807 |
Hotels—0.2% | |||
3,600 | Wyndham Worldwide Corp. | 255,384 | |
Hotels and Motels—0.3% | |||
1,400 | Wynn Resorts Ltd. | 304,388 | |
Household Appliances—0.8% | |||
7,500 | Whirlpool Corp. | 999,750 | |
Industrial Machinery—0.3% | |||
9,100 | Terex Corp. | 373,100 | |
Insurance Brokerage—0.4% | |||
11,100 | Aspen Insurance Holdings Ltd. | 431,790 | |
Integrated Domestic Oil—2.1% | |||
17,600 | ConocoPhillips | 1,143,120 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Integrated Domestic Oil—continued | |||
8,200 | Hess Corp. | $619,018 | |
21,900 | Marathon Oil Corp. | 718,101 | |
TOTAL | 2,480,239 | ||
Integrated International Oil—1.3% | |||
8,300 | Chevron Corp. | 926,529 | |
6,900 | Exxon Mobil Corp. | 635,904 | |
TOTAL | 1,562,433 | ||
Internet Services—1.5% | |||
7,500 | IAC Interactive Corp. | 525,300 | |
1,300 | 1 | NetFlix, Inc. | 532,129 |
500 | 1 | Priceline.com, Inc. | 572,445 |
4,000 | 1 | Yahoo, Inc. | 144,080 |
TOTAL | 1,773,954 | ||
Internet Software & Services—0.4% | |||
7,100 | 1 | Facebook, Inc. | 444,247 |
IT Services—0.4% | |||
4,400 | 1 | Cognizant Technology Solutions Corp. | 426,448 |
Life Insurance—1.1% | |||
4,700 | MetLife, Inc. | 230,535 | |
10,300 | Prudential Financial, Inc. | 869,217 | |
2,900 | StanCorp Financial Group, Inc. | 186,325 | |
TOTAL | 1,286,077 | ||
Machinery—0.4% | |||
2,600 | Dover Corp. | 225,056 | |
3,900 | OshKosh Truck Corp. | 211,146 | |
TOTAL | 436,202 | ||
Mail Order—0.1% | |||
2,200 | HSN, Inc. | 120,494 | |
Medical Supplies—1.4% | |||
4,100 | 1 | Align Technology, Inc. | 243,622 |
7,400 | Cardinal Health, Inc. | 503,348 | |
4,200 | 1 | HCA, Inc. | 211,134 |
4,300 | McKesson Corp. | 749,963 | |
TOTAL | 1,708,067 | ||
Medical Technology—0.7% | |||
3,000 | Medtronic, Inc. | 169,680 | |
1,400 | ResMed, Inc. | 61,054 | |
6,500 | St. Jude Medical, Inc. | 394,745 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Medical Technology—continued | |||
2,700 | Zimmer Holdings, Inc. | $253,719 | |
TOTAL | 879,198 | ||
Miscellaneous Components—0.3% | |||
27,428 | 1 | Vishay Intertechnology, Inc. | 372,472 |
Miscellaneous Food Products—0.6% | |||
13,800 | Archer-Daniels-Midland Co. | 544,824 | |
7,300 | Fresh Del Monte Produce, Inc. | 193,158 | |
TOTAL | 737,982 | ||
Money Center Bank—3.8% | |||
54,300 | Bank of America Corp. | 909,525 | |
10,700 | Bank of New York Mellon Corp. | 341,972 | |
13,800 | Citigroup, Inc. | 654,534 | |
25,000 | JPMorgan Chase & Co. | 1,384,000 | |
9,000 | State Street Corp. | 602,550 | |
14,700 | U.S. Bancorp | 584,031 | |
TOTAL | 4,476,612 | ||
Mortgage and Title—0.3% | |||
9,300 | 1 | CoreLogic, Inc. | 296,205 |
Multi-Industry Capital Goods—0.7% | |||
2,100 | 3M Co. | 269,199 | |
16,300 | General Electric Co. | 409,619 | |
5,600 | Textron, Inc. | 198,800 | |
TOTAL | 877,618 | ||
Multi-Industry Transportation—0.2% | |||
2,000 | FedEx Corp. | 266,640 | |
Multi-Line Insurance—1.2% | |||
2,700 | Allstate Corp. | 138,240 | |
15,500 | American International Group, Inc. | 743,380 | |
5,500 | CIGNA Corp. | 474,705 | |
600 | Cincinnati Financial Corp. | 29,070 | |
TOTAL | 1,385,395 | ||
Mutual Fund Adviser—0.2% | |||
1,200 | 1 | Affiliated Managers Group | 239,088 |
Office Electronics—0.2% | |||
20,300 | Xerox Corp. | 220,255 | |
Office Equipment—0.3% | |||
14,800 | Pitney Bowes, Inc. | 372,664 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Office Supplies—0.2% | |||
4,500 | Avery Dennison Corp. | $221,715 | |
Oil Gas & Consumable Fuels—0.7% | |||
11,000 | Phillips 66 | 803,990 | |
Oil Refiner—1.7% | |||
11,600 | HollyFrontier Corp. | 537,080 | |
6,300 | Marathon Petroleum Corp. | 548,415 | |
19,000 | Valero Energy Corp. | 970,900 | |
TOTAL | 2,056,395 | ||
Oil Service, Explore & Drill—0.5% | |||
6,400 | Helmerich & Payne, Inc. | 563,456 | |
Oil Well Supply—0.4% | |||
4,100 | Baker Hughes, Inc. | 232,224 | |
5,700 | Halliburton Co. | 279,357 | |
TOTAL | 511,581 | ||
Other Communications Equipment—0.4% | |||
7,600 | Harris Corp. | 526,984 | |
Paper & Forest Products—0.3% | |||
2,800 | Domtar, Corp. | 300,748 | |
Paper Products—0.6% | |||
7,800 | International Paper Co. | 372,372 | |
3,600 | Rock-Tenn Co. | 365,328 | |
TOTAL | 737,700 | ||
Personal & Household—0.4% | |||
5,800 | Nu Skin Enterprises, Inc., Class A | 493,870 | |
Personal Loans—0.5% | |||
8,000 | Capital One Financial Corp. | 564,880 | |
Personnel Agency—0.4% | |||
4,500 | Manpower, Inc. | 350,550 | |
3,400 | Robert Half International, Inc. | 142,052 | |
TOTAL | 492,602 | ||
Poultry Products—0.5% | |||
14,500 | Tyson Foods, Inc., Class A | 542,300 | |
Printing—0.2% | |||
9,700 | Donnelley (R.R.) & Sons Co. | 179,159 | |
Property Liability Insurance—2.9% | |||
3,400 | Ace Ltd. | 318,954 | |
3,200 | Chubb Corp. | 270,528 | |
5,200 | Everest Re Group Ltd. | 752,752 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Property Liability Insurance—continued | |||
10,700 | HCC Insurance Holdings, Inc. | $459,137 | |
5,200 | PartnerRe Ltd. | 510,484 | |
3,900 | Platinum Underwriters Holdings Ltd. | 221,676 | |
11,200 | The Travelers Cos., Inc. | 910,336 | |
TOTAL | 3,443,867 | ||
Recreational Vehicles—0.1% | |||
1,400 | Polaris Industries, Inc., Class A | 175,280 | |
Regional Banks—4.9% | |||
23,300 | BB&T Corp. | 871,653 | |
1,700 | City National Corp. | 122,995 | |
7,300 | Comerica, Inc. | 334,340 | |
29,599 | Fifth Third Bancorp | 622,192 | |
17,200 | Huntington Bancshares, Inc. | 156,004 | |
17,600 | KeyCorp | 224,576 | |
12,900 | PNC Financial Services Group | 1,030,452 | |
22,700 | SunTrust Banks, Inc. | 840,354 | |
29,100 | Wells Fargo & Co. | 1,319,394 | |
7,200 | Zions Bancorp | 207,000 | |
TOTAL | 5,728,960 | ||
Rental & Leasing Services—0.1% | |||
3,200 | Rent-A-Center, Inc. | 79,808 | |
Restaurants—0.2% | |||
3,600 | Green Mountain Coffee, Inc. | 291,600 | |
Road & Rail—0.2% | |||
3,100 | Norfolk Southern Corp. | 287,029 | |
Securities Brokerage—1.1% | |||
5,800 | Goldman Sachs Group, Inc. | 951,896 | |
10,700 | Morgan Stanley | 315,757 | |
TOTAL | 1,267,653 | ||
Semiconductor Distribution—1.6% | |||
25,913 | 1 | Arrow Electronics, Inc. | 1,331,410 |
14,515 | Avnet, Inc. | 596,131 | |
TOTAL | 1,927,541 | ||
Semiconductor Manufacturing—0.6% | |||
23,500 | Intel Corp. | 576,690 | |
5,500 | 1 | Omnivision Technologies, Inc. | 84,645 |
400 | Xilinx, Inc. | 18,568 | |
TOTAL | 679,903 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Semiconductors & Semiconductor Equipment—0.3% | |||
11,100 | Broadcom Corp. | $330,336 | |
Services to Medical Professionals—3.2% | |||
1,800 | Aetna, Inc. | 122,994 | |
2,000 | 1 | Henry Schein, Inc. | 229,780 |
7,600 | Humana, Inc. | 739,480 | |
3,100 | 1 | Laboratory Corp. of America Holdings | 278,473 |
4,800 | Omnicare, Inc. | 299,808 | |
7,600 | Quest Diagnostics, Inc. | 399,000 | |
12,700 | UnitedHealth Group, Inc. | 917,956 | |
8,573 | Wellpoint, Inc. | 737,278 | |
TOTAL | 3,724,769 | ||
Soft Drinks—1.2% | |||
14,400 | Coca-Cola Enterprises, Inc. | 623,376 | |
13,800 | Dr. Pepper Snapple Group, Inc. | 660,744 | |
1,700 | PepsiCo, Inc. | 136,612 | |
TOTAL | 1,420,732 | ||
Software Packaged/Custom—2.1% | |||
19,200 | CA, Inc. | 615,936 | |
2,000 | 1 | Commvault Systems, Inc. | 138,140 |
7,300 | Computer Sciences Corp. | 440,993 | |
6,800 | 1 | Electronic Arts, Inc. | 179,520 |
4,600 | Microsoft Corp. | 174,110 | |
12,300 | Oracle Corp. | 453,870 | |
22,200 | Symantec Corp. | 475,302 | |
TOTAL | 2,477,871 | ||
Specialty Chemicals—0.8% | |||
2,500 | Airgas, Inc. | 258,100 | |
4,200 | Ashland, Inc. | 389,802 | |
12,400 | Huntsman Corp. | 271,808 | |
TOTAL | 919,710 | ||
Specialty Retailing—2.1% | |||
8,000 | Abercrombie & Fitch Co., Class A | 283,040 | |
2,600 | 1 | AutoNation, Inc. | 128,414 |
4,800 | 1 | Bed Bath & Beyond, Inc. | 306,480 |
2,900 | 1 | Big Lots, Inc. | 77,691 |
15,487 | CVS Caremark Corp. | 1,048,780 | |
500 | 1 | Dollar General Corp. | 28,160 |
3,800 | GNC Acquisition Holdings, Inc. | 194,218 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Specialty Retailing—continued | |||
2,700 | Nordstrom, Inc. | $155,115 | |
16,300 | Staples, Inc. | 214,508 | |
1,400 | Williams-Sonoma, Inc. | 76,328 | |
TOTAL | 2,512,734 | ||
Technology Hardware & Equipment—0.1% | |||
6,300 | EMC Corp. | 152,712 | |
Telecommunication Equipment & Services—1.5% | |||
2,400 | 1 | Anixter International, Inc. | 210,528 |
22,700 | Cisco Systems, Inc. | 497,357 | |
15,500 | Corning, Inc. | 266,755 | |
4,000 | Motorola, Inc. | 255,200 | |
7,200 | Qualcomm, Inc. | 534,384 | |
TOTAL | 1,764,224 | ||
Telephone Utility—0.6% | |||
26,200 | CenturyLink, Inc. | 756,132 | |
Toys & Games—0.3% | |||
7,600 | Hasbro, Inc. | 373,312 | |
Undesignated Consumer Cyclicals—0.5% | |||
8,300 | Herbalife Ltd. | 534,271 | |
2,100 | Weight Watchers International, Inc. | 56,763 | |
TOTAL | 591,034 | ||
Uniforms—0.6% | |||
6,500 | Cintas Corp. | 370,955 | |
6,900 | 1 | Lam Research Corp. | 349,209 |
TOTAL | 720,164 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $92,910,351) | 115,628,304 | ||
INVESTMENT COMPANY—2.1% | |||
2,491,974 | 2,3 | Federated Prime Value Obligations Fund, Institutional Shares, 0.06% (AT NET ASSET VALUE) | 2,491,974 |
TOTAL INVESTMENTS—100.0% (IDENTIFIED COST $95,402,325)4 | 118,120,278 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.0)%5 | (54,113) | ||
TOTAL NET ASSETS—100% | $118,066,165 |
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) 1/31/2014 | Year Ended July 31, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $17.26 | $12.73 | $12.48 | $10.54 | $9.91 | $14.05 |
Income From Investment Operations: | ||||||
Net investment income | 0.041 | 0.091 | 0.061 | 0.031 | 0.051 | 0.061 |
Net realized and unrealized gain (loss) on investments | 1.42 | 4.49 | 0.19 | 1.96 | 0.67 | (4.15) |
TOTAL FROM INVESTMENT OPERATIONS | 1.46 | 4.58 | 0.25 | 1.99 | 0.72 | (4.09) |
Less Distributions: | ||||||
Distributions from net investment income | (0.10) | (0.05) | — | (0.05) | (0.09) | (0.05) |
Net Asset Value, End of Period | $18.62 | $17.26 | $12.73 | $12.48 | $10.54 | $9.91 |
Total Return2 | 8.44% | 36.10% | 2.00% | 18.87% | 7.18% | (29.07)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.35%3 | 1.35% | 1.35% | 1.34% | 1.29% | 1.34% |
Net investment income | 0.41%3 | 0.59% | 0.48% | 0.21% | 0.44% | 0.64% |
Expense waiver/reimbursement4 | 0.12%3 | 0.16% | 0.40% | 0.31% | 0.25% | 0.14% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $39,749 | $34,092 | $29,365 | $40,227 | $54,437 | $81,898 |
Portfolio turnover | 18% | 99% | 164% | 154% | 135% | 290% |
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) 1/31/2014 | Year Ended July 31, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $16.55 | $12.26 | $12.12 | $10.27 | $9.66 | $13.73 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.03)1 | (0.03)1 | (0.04)1 | (0.07)1 | (0.04)1 | (0.02)1 |
Net realized and unrealized gain (loss) on investments | 1.35 | 4.32 | 0.18 | 1.92 | 0.65 | (4.05) |
TOTAL FROM INVESTMENT OPERATIONS | 1.32 | 4.29 | 0.14 | 1.85 | 0.61 | (4.07) |
Less Distributions: | ||||||
Distributions from net investment income | — | — | — | — | (0.00)2 | — |
Net Asset Value, End of Period | $17.87 | $16.55 | $12.26 | $12.12 | $10.27 | $9.66 |
Total Return3 | 7.98% | 34.99% | 1.16% | 18.01% | 6.33% | (29.64)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.15%4 | 2.15% | 2.15% | 2.13% | 2.08% | 2.14% |
Net investment income (loss) | (0.39)%4 | (0.21)% | (0.32)% | (0.59)% | (0.36)% | (0.17)% |
Expense waiver/reimbursement5 | 0.10%4 | 0.11% | 0.36% | 0.29% | 0.24% | 0.17% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $31,011 | $27,674 | $24,440 | $31,129 | $39,524 | $52,546 |
Portfolio turnover | 18% | 99% | 164% | 154% | 135% | 290% |
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) 1/31/2014 | Year Ended July 31, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $17.09 | $12.62 | $12.44 | $10.52 | $9.91 | $14.10 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.00)1,2 | 0.021 | (0.00)1,2 | (0.04)1 | (0.01)1 | 0.011 |
Net realized and unrealized gain (loss) on investments | 1.40 | 4.45 | 0.18 | 1.97 | 0.68 | (4.16) |
TOTAL FROM INVESTMENT OPERATIONS | 1.40 | 4.47 | 0.18 | 1.93 | 0.67 | (4.15) |
Less Distributions: | ||||||
Distributions from net investment income | (0.03) | — | — | (0.01) | (0.06) | (0.04) |
Net Asset Value, End of Period | $18.46 | $17.09 | $12.62 | $12.44 | $10.52 | $9.91 |
Total Return3 | 8.19% | 35.42% | 1.45% | 18.33% | 6.71% | (29.42)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.80%4 | 1.83% | 1.85% | 1.83% | 1.75% | 1.80% |
Net investment income (loss) | (0.03)%4 | 0.11% | (0.02)% | (0.31)% | (0.09)% | 0.15% |
Expense waiver/reimbursement5 | 0.01%4 | 0.02% | 0.25% | 0.19% | 0.18% | 0.11% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $4,306 | $4,089 | $2,718 | $2,973 | $2,300 | $1,937 |
Portfolio turnover | 18% | 99% | 164% | 154% | 135% | 290% |
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. |
Six Months Ended (unaudited) 1/31/2014 | Year Ended July 31, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $17.45 | $12.87 | $12.61 | $10.66 | $10.02 | $14.22 |
Income From Investment Operations: | ||||||
Net investment income | 0.061 | 0.121 | 0.091 | 0.051 | 0.081 | 0.091 |
Net realized and unrealized gain (loss) on investments | 1.44 | 4.55 | 0.19 | 1.99 | 0.68 | (4.20) |
TOTAL FROM INVESTMENT OPERATIONS | 1.50 | 4.67 | 0.28 | 2.04 | 0.76 | (4.11) |
Less Distributions: | ||||||
Distributions from net investment income | (0.14) | (0.09) | (0.02) | (0.09) | (0.12) | (0.09) |
Net Asset Value, End of Period | $18.81 | $17.45 | $12.87 | $12.61 | $10.66 | $10.02 |
Total Return2 | 8.57% | 36.46% | 2.23% | 19.14% | 7.54% | (28.84)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.10%3 | 1.10% | 1.10% | 1.08% | 1.01% | 1.06% |
Net investment income | 0.66%3 | 0.84% | 0.73% | 0.45% | 0.69% | 0.90% |
Expense waiver/reimbursement4 | 0.03%3 | 0.05% | 0.27% | 0.19% | 0.20% | 0.12% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $43,000 | $39,932 | $39,101 | $43,197 | $41,958 | $50,031 |
Portfolio turnover | 18% | 99% | 164% | 154% | 135% | 290% |
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 $2,491,974 of investment in an affiliated holding (Note 5) (identified cost $95,402,325) | $118,120,278 | |
Income receivable | 66,823 | |
Receivable for investments sold | 287,432 | |
Receivable for shares sold | 201,586 | |
TOTAL ASSETS | 118,676,119 | |
Liabilities: | ||
Payable for investments purchased | $438,541 | |
Payable for shares redeemed | 65,880 | |
Payable for transfer agent fee | 35,579 | |
Payable for portfolio accounting fees | 13,785 | |
Payable for distribution services fee (Note 5) | 21,977 | |
Payable for shareholder services fee (Note 5) | 14,028 | |
Accrued expenses (Note 5) | 20,164 | |
TOTAL LIABILITIES | 609,954 | |
Net assets for 6,389,476 shares outstanding | $118,066,165 | |
Net Assets Consist of: | ||
Paid-in capital | $201,879,615 | |
Net unrealized appreciation of investments | 22,717,953 | |
Accumulated net realized loss on investments | (106,680,382) | |
Undistributed net investment income | 148,979 | |
TOTAL NET ASSETS | $118,066,165 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($39,749,067 ÷ 2,135,117 shares outstanding), no par value, unlimited shares authorized | $18.62 | |
Offering price per share (100/94.50 of $18.62) | $19.70 | |
Redemption proceeds per share | $18.62 | |
Class C Shares: | ||
Net asset value per share ($31,011,366 ÷ 1,735,247 shares outstanding), no par value, unlimited shares authorized | $17.87 | |
Offering price per share | $17.87 | |
Redemption proceeds per share (99.00/100 of $17.87) | $17.69 | |
Class R Shares: | ||
Net asset value per share ($4,305,969 ÷ 233,244 shares outstanding), no par value, unlimited shares authorized | $18.46 | |
Offering price per share | $18.46 | |
Redemption proceeds per share | $18.46 | |
Institutional Shares: | ||
Net asset value per share ($42,999,763 ÷ 2,285,868 shares outstanding), no par value, unlimited shares authorized | $18.81 | |
Offering price per share | $18.81 | |
Redemption proceeds per share | $18.81 |
Investment Income: | |||
Dividends (including $741 received from an affiliated holding (Note 5)) | $977,422 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $416,358 | ||
Administrative fee (Note 5) | 43,357 | ||
Custodian fees | 5,382 | ||
Transfer agent fee (Note 2) | 89,660 | ||
Directors'/Trustees' fees (Note 5) | 791 | ||
Auditing fees | 11,931 | ||
Legal fees | 4,425 | ||
Portfolio accounting fees | 40,422 | ||
Distribution services fee (Note 5) | 122,525 | ||
Shareholder services fee (Note 5) | 82,544 | ||
Share registration costs | 24,937 | ||
Printing and postage | 20,369 | ||
Insurance premiums (Note 5) | 2,090 | ||
Miscellaneous (Note 5) | 4,782 | ||
TOTAL EXPENSES | 869,573 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(2,905) | ||
Reimbursement of transfer agent fee (Note 2) | (38,768) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (41,673) | ||
Net expenses | 827,900 | ||
Net investment income | 149,522 | ||
Realized and Unrealized Gain on Investments: | |||
Net realized gain on investments | 4,931,827 | ||
Net change in unrealized appreciation of investments | 3,527,127 | ||
Net realized and unrealized gain on investments | 8,458,954 | ||
Change in net assets resulting from operations | $8,608,476 |
Six Months Ended (unaudited) 1/31/2014 | Year Ended 7/31/2013 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $149,522 | $486,387 |
Net realized gain on investments | 4,931,827 | 16,243,619 |
Net change in unrealized appreciation/depreciation of investments | 3,527,127 | 14,544,294 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 8,608,476 | 31,274,300 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (197,693) | (106,540) |
Class R Shares | (7,299) | — |
Institutional Shares | (281,874) | (261,222) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (486,866) | (367,762) |
Share Transactions: | ||
Proceeds from sale of shares | 18,805,843 | 11,741,209 |
Net asset value of shares issued to shareholders in payment of distributions declared | 472,234 | 356,920 |
Cost of shares redeemed | (15,120,366) | (32,842,623) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 4,157,711 | (20,744,494) |
Change in net assets | 12,279,321 | 10,162,044 |
Net Assets: | ||
Beginning of period | 105,786,844 | 95,624,800 |
End of period (including undistributed net investment income of $148,979 and $486,323, respectively) | $118,066,165 | $105,786,844 |
■ | 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 or non-exchange-traded investment companies 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 and repurchase agreements acquired with remaining maturities of 60 days or less are valued at their amortized cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security. |
■ | 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. |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $32,969 | $(20,333) |
Class C Shares | 32,360 | (14,238) |
Class R Shares | 5,867 | — |
Institutional Shares | 18,464 | (4,197) |
TOTAL | $89,660 | $(38,768) |
Six Months Ended 1/31/2014 | Year Ended 7/31/2013 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 356,433 | $6,566,166 | 231,485 | $3,568,491 |
Shares issued to shareholders in payment of distributions declared | 9,944 | 190,534 | 7,539 | 102,227 |
Shares redeemed | (206,853) | (3,709,611) | (570,687) | (8,308,541) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 159,524 | $3,047,089 | (331,663) | $(4,637,823) |
Six Months Ended 1/31/2014 | Year Ended 7/31/2013 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 250,678 | $4,321,555 | 266,944 | $3,858,944 |
Shares redeemed | (187,856) | (3,242,558) | (588,695) | (8,276,741) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 62,822 | $1,078,997 | (321,751) | $(4,417,797) |
Six Months Ended 1/31/2014 | Year Ended 7/31/2013 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 55,649 | $996,758 | 92,593 | $1,367,905 |
Shares issued to shareholders in payment of distributions declared | 385 | 7,299 | — | — |
Shares redeemed | (62,072) | (1,117,773) | (68,716) | (1,004,027) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | (6,038) | $(113,716) | 23,877 | $363,878 |
Six Months Ended 1/31/2014 | Year Ended 7/31/2013 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 366,183 | $6,921,364 | 199,183 | $2,945,869 |
Shares issued to shareholders in payment of distributions declared | 14,181 | 274,402 | 18,604 | 254,693 |
Shares redeemed | (382,789) | (7,050,425) | (967,066) | (15,253,314) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (2,425) | $145,341 | (749,279) | $(12,052,752) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 213,883 | $4,157,711 | (1,378,816) | $(20,744,494) |
Expiration Year | Short-Term | Long-Term | Total |
2017 | $41,884,059 | NA | $41,884,059 |
2018 | $69,590,881 | NA | $69,590,881 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
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 | $111,696 |
Class R Shares | 10,829 |
TOTAL | $122,525 |
Service Fees Incurred | |
Class A Shares | $45,312 |
Class C Shares | 37,232 |
TOTAL | $82,544 |
Federated Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2013 | 2,182,008 |
Purchases/Additions | 15,783,180 |
Sales/Reductions | (15,473,214) |
Balance of Shares Held 1/31/2014 | 2,491,974 |
Value | $2,491,974 |
Dividend Income | $741 |
Purchases | $22,992,420 |
Sales | $19,332,476 |
Beginning Account Value 8/1/2013 | Ending Account Value 1/31/2014 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,084.40 | $7.09 |
Class C Shares | $1,000 | $1,079.80 | $11.27 |
Class R Shares | $1,000 | $1,081.90 | $9.45 |
Institutional Shares | $1,000 | $1,085.70 | $5.78 |
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 | $1,016.13 | $9.15 |
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 | 1.80% |
Institutional Shares | 1.10% |
Name | For | Withheld |
John T. Collins | 13,608,392.908 | 253,752.799 |
Maureen Lally-Green | 13,676,380.969 | 185,764.738 |
Thomas M. O'Neill | 13,614,614.261 | 247,531.446 |
P. Jerome Richey | 13,657,897.750 | 204,247.957 |
1 | The following Trustees continued their terms: John F. Donahue, J. Christopher Donahue, Maureen Lally-Green (having been previously appointed by the Board), Peter E. Madden, Charles F. Mansfield, Jr., Thomas M. O'Neill (having been previously appointed by the Board), and John S. Walsh. |
The Board also received financial information about Federated, including information regarding the compensation and benefits Federated derived from its relationships with the Federated funds. This information covered not only the fees under the advisory contracts, but also fees received by Federated's subsidiaries for providing other services to the Federated funds under separate contracts (e.g., for serving as the Federated funds' administrator). The information also detailed any indirect benefit Federated may derive from its receipt of research services from brokers who execute Federated fund trades. In addition, the Board considered the fact that, in order for a fund to be competitive in the marketplace, Federated and its affiliates frequently waived fees and/or reimbursed expenses and have disclosed to fund investors and/or indicated to the Board their intention to do so in the future, where appropriate. Moreover, the Board receives regular reporting as to the institution, adjustment or elimination of these voluntary waivers.
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R205
CUSIP 31421R718
CUSIP 31421R304
2014 ©Federated Investors, Inc.
Share Class | Ticker |
A | QABGX |
C | QCBGX |
R | QKBGX |
Institutional | QIBGX |
Security Type | Percentage of Total Net Assets |
Domestic Equity Securities | 56.5% |
Corporate Debt Securities | 13.9% |
International Equity Securities (including International Exchange-Traded Fund) | 10.4% |
Mortgage-Backed Securities2 | 4.7% |
U.S. Treasury Securities3 | 3.7% |
Collateralized Mortgage Obligations | 2.3% |
Trade Finance Agreements | 0.9% |
Asset-Backed Securities | 0.8% |
Foreign Debt Securities | 0.6% |
Commercial Mortgage-Backed Securities | 0.3% |
Municipal Security | 0.1% |
Floating Rate Loan4 | 0.0% |
Cash Equivalents5 | 6.4% |
Derivative Contracts6 | (0.1)% |
Other Assets and Liabilities—Net7 | (0.5)% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus for a description of the principal types of securities in which the Fund invests. As of the date specified above, the Fund owned shares of one or more affiliated investment companies. For purposes of this table, the affiliated investment company (other than an affiliated money market mutual fund) is not treated as a single portfolio security, but rather the Fund is treated as owning a pro rata portion of each security and each other asset and liability owned by the affiliated investment company. Accordingly, the percentages of total net assets shown in the table will differ from those presented on the Portfolio of Investments. |
2 | For purposes of this table, Mortgage-Backed Securities include mortgage-backed securities guaranteed by Government Sponsored Entities. |
3 | Also includes $90,703 held in U.S. Treasuries pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts. |
4 | Represents less than 0.1%. |
5 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
6 | Based upon net unrealized appreciation (depreciation) or value of the derivative contracts as applicable. Derivative contracts may consist of futures, forwards, options and swaps. The impact of a derivative contract on the Fund's performance may be larger than its unrealized appreciation (depreciation) or value may indicate. In many cases, the notional value or amount of a derivative contract may provide a better indication of the contract's significance to the portfolio. More complete information regarding the Fund's direct investments in derivative contracts, including unrealized appreciation (depreciation), value and notional values or amounts of such contracts, can be found in the table at the end of the Portfolio of Investments included in this Report. |
7 | Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities. |
Industry Composition | Percentage of Equity Securities |
Regional Banks | 4.5% |
Money Center Bank | 3.8% |
Real Estate Investment Trusts | 3.3% |
Biotechnology | 2.9% |
Services to Medical Professionals | 2.9% |
Property Liability Insurance | 2.7% |
Software Packaged/Custom | 2.6% |
Specialty Retailing | 2.6% |
Computer Peripherals | 2.2% |
Defense Aerospace | 2.2% |
Electric Utility | 2.2% |
Financial Services | 2.1% |
Integrated Domestic Oil | 2.1% |
Telecommunication Equipment & Services | 2.1% |
Defense Electronics | 2.0% |
Department Stores | 2.0% |
Oil Refiner | 1.9% |
Ethical Drugs | 1.7% |
Construction Machinery | 1.6% |
Oil Gas & Consumable Fuels | 1.6% |
Grocery Chain | 1.5% |
Semiconductor Distribution | 1.5% |
Broadcasting | 1.4% |
Computers–Midrange | 1.4% |
Multi-Line Insurance | 1.3% |
AT&T Divestiture | 1.2% |
Internet Services | 1.2% |
Medical Supplies | 1.2% |
Computer Stores | 1.1% |
Crude Oil & Gas Production | 1.1% |
Integrated International Oil | 1.1% |
Industry Composition | Percentage of Equity Securities |
Life Insurance | 1.1% |
Clothing Stores | 1.0% |
Securities Brokerage | 1.0% |
Soft Drinks | 1.0% |
Other9 | 32.9% |
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—58.8% | |||
Agricultural Chemicals—0.3% | |||
1,100 | CF Industries Holdings, Inc. | $253,946 | |
1,600 | Scotts Co. | 95,024 | |
TOTAL | 348,970 | ||
Agricultural Machinery—0.6% | |||
4,100 | AGCO Corp. | 218,653 | |
6,000 | Deere & Co. | 515,760 | |
170 | Lindsay Manufacturing Co. | 14,450 | |
TOTAL | 748,863 | ||
Air Freight & Logistics—0.0% | |||
300 | FedEx Corp. | 39,996 | |
Airline - National—0.4% | |||
12,800 | 1 | United Continental Holdings, Inc. | 586,752 |
Airline - Regional—0.2% | |||
3,562 | Alaska Air Group, Inc. | 281,648 | |
417 | 1 | Spirit Airlines, Inc. | 19,557 |
TOTAL | 301,205 | ||
Airlines—0.2% | |||
6,500 | Delta Air Lines, Inc. | 198,965 | |
Apparel—0.3% | |||
2,036 | 1 | Ann, Inc. | 65,844 |
1,700 | Carter's, Inc. | 114,325 | |
927 | 1 | Express, Inc. | 16,056 |
507 | 1 | G-III Apparel Group Ltd. | 35,475 |
3,800 | Guess?, Inc. | 106,590 | |
1,600 | V.F. Corp. | 93,520 | |
TOTAL | 431,810 | ||
AT&T Divestiture—0.7% | |||
17,800 | AT&T, Inc. | 593,096 | |
6,900 | Verizon Communications | 331,338 | |
TOTAL | 924,434 | ||
Auto Components—0.4% | |||
3,300 | Lear Corp. | 238,689 | |
1,800 | 1 | TRW Automotive Holdings Corp. | 133,470 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Auto Components—continued | |||
2,394 | 1 | Tenneco Automotive, Inc. | $136,075 |
TOTAL | 508,234 | ||
Auto Manufacturing—0.4% | |||
19,700 | Ford Motor Co. | 294,712 | |
6,100 | General Motors Co. | 220,088 | |
TOTAL | 514,800 | ||
Auto Part Replacement—0.0% | |||
446 | Standard Motor Products, Inc. | 14,589 | |
Auto Rentals—0.2% | |||
3,400 | 1 | United Rentals, Inc. | 275,196 |
Biotechnology—1.7% | |||
42 | 1 | Aegerion Pharmaceuticals, Inc. | 2,519 |
305 | 1 | Air Methods Corp. | 15,686 |
2,400 | 1 | Alexion Pharmaceuticals, Inc. | 380,952 |
3,100 | Amgen, Inc. | 368,745 | |
1,900 | 1 | Biogen Idec, Inc. | 594,016 |
1,800 | 1 | Celgene Corp. | 273,474 |
4,900 | 1 | Gilead Sciences, Inc. | 395,185 |
603 | 1 | INSYS Therapeutics, Inc. | 35,474 |
1,900 | 1 | Medivation, Inc. | 151,240 |
582 | 1 | Oncomed Pharmaceuticals, Inc. | 17,559 |
786 | 1 | Portola Pharmaceuticals, Inc. | 20,963 |
520 | Questcor Pharmaceuticals, Inc. | 34,845 | |
351 | 1 | Seattle Genetics, Inc. | 15,746 |
TOTAL | 2,306,404 | ||
Broadcasting—0.8% | |||
4,800 | American Tower Corp. | 388,224 | |
10,100 | 1 | DirecTV | 701,243 |
TOTAL | 1,089,467 | ||
Building Materials—0.3% | |||
3,500 | Fortune Brands Home & Security, Inc. | 157,710 | |
2,200 | Lennox International, Inc. | 190,432 | |
311 | 1 | Trex Co., Inc. | 21,873 |
170 | Watsco, Inc. | 16,085 | |
TOTAL | 386,100 | ||
Building Supply Stores—0.4% | |||
4,000 | Home Depot, Inc. | 307,400 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Building Supply Stores—continued | |||
6,100 | Lowe's Cos., Inc. | $282,369 | |
TOTAL | 589,769 | ||
Cable & Wireless Television—0.2% | |||
2,400 | Time Warner Cable, Inc. | 319,848 | |
Cable TV—0.4% | |||
3,500 | CBS Corp., Class B | 205,520 | |
5,600 | Comcast Corp., Class A | 304,920 | |
TOTAL | 510,440 | ||
Chemicals—0.3% | |||
5,500 | LyondellBasell Industries NV - Class A | 433,180 | |
Closed End Fund—0.3% | |||
4,100 | 1 | Berkshire Hathaway, Inc., Class B | 457,560 |
Clothing Stores—0.6% | |||
1,200 | 1 | Children's Place Retail Stores, Inc. | 63,204 |
8,200 | Gap (The), Inc. | 312,256 | |
5,300 | Hanesbrands, Inc. | 377,042 | |
TOTAL | 752,502 | ||
Commercial Banks—0.1% | |||
6,300 | 1 | Popular, Inc. | 166,320 |
Commodity Chemicals—0.3% | |||
1,000 | PPG Industries, Inc. | 182,360 | |
2,100 | RPM International, Inc. | 83,307 | |
1,400 | Westlake Chemical Corp. | 170,156 | |
TOTAL | 435,823 | ||
Computer Peripherals—1.3% | |||
4,200 | EMC Corp. Mass | 101,808 | |
2,800 | Lexmark International, Inc. | 109,732 | |
6,500 | NetApp, Inc. | 275,210 | |
7,300 | Sandisk Corp. | 507,715 | |
581 | 1 | Synaptics, Inc. | 33,907 |
8,600 | Western Digital Corp. | 741,062 | |
TOTAL | 1,769,434 | ||
Computer Services—0.1% | |||
900 | 1 | CACI International, Inc., Class A | 66,618 |
288 | Fair Isaac & Co., Inc. | 15,656 | |
892 | 1 | Manhattan Associates, Inc. | 30,078 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Computer Services—continued | |||
394 | 1 | Syntel, Inc. | $33,194 |
TOTAL | 145,546 | ||
Computer Stores—0.7% | |||
7,400 | GameStop Corp. | 259,518 | |
1,900 | 1 | Insight Enterprises, Inc. | 40,090 |
11,300 | 1 | Tech Data Corp. | 609,296 |
TOTAL | 908,904 | ||
Computers - High End—0.5% | |||
3,800 | International Business Machines Corp. | 671,384 | |
Computers - Midrange—0.8% | |||
39,200 | Hewlett-Packard Co. | 1,136,800 | |
Construction Machinery—1.0% | |||
2,400 | Caterpillar, Inc. | 225,384 | |
4,300 | Joy Global, Inc. | 226,997 | |
14,400 | Trinity Industries, Inc. | 838,512 | |
TOTAL | 1,290,893 | ||
Consumer Finance—0.1% | |||
1,900 | American Express Co. | 161,538 | |
Cosmetics & Toiletries—0.3% | |||
9,700 | Avon Products, Inc. | 144,433 | |
1,200 | Estee Lauder Cos., Inc., Class A | 82,488 | |
591 | Inter Parfums, Inc. | 19,231 | |
4,519 | 1 | Sally Beauty Holdings, Inc. | 128,249 |
TOTAL | 374,401 | ||
Crude Oil & Gas Production—0.7% | |||
4,600 | Apache Corp. | 369,196 | |
6,400 | Chesapeake Energy Corp. | 172,224 | |
5,300 | Devon Energy Corp. | 313,866 | |
768 | Energy XXI Bermuda | 17,626 | |
735 | 1 | Stone Energy Corp. | 22,748 |
TOTAL | 895,660 | ||
Defense Aerospace—1.3% | |||
2,200 | Alliant Techsystems, Inc. | 316,140 | |
2,300 | 1 | B/E Aerospace, Inc. | 182,781 |
1,500 | Boeing Co. | 187,890 | |
2,100 | General Dynamics Corp. | 212,751 | |
375 | 1 | Hexcel Corp. | 15,630 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Defense Aerospace—continued | |||
3,900 | Lockheed Martin Corp. | $588,549 | |
315 | 1 | Teledyne Technologies, Inc. | 28,939 |
6,600 | Textron, Inc. | 234,300 | |
TOTAL | 1,766,980 | ||
Defense Electronics—1.2% | |||
3,400 | 1 | First Solar, Inc. | 171,972 |
2,400 | L-3 Communications Holdings, Inc. | 266,568 | |
6,900 | Northrop Grumman Corp. | 797,295 | |
3,800 | Raytheon Co. | 361,266 | |
TOTAL | 1,597,101 | ||
Department Stores—1.2% | |||
10,400 | Kohl's Corp. | 526,552 | |
11,000 | Macy's, Inc. | 585,200 | |
2,000 | 1 | Sears Holdings Corp. | 72,740 |
7,200 | Target Corp. | 407,808 | |
TOTAL | 1,592,300 | ||
Discount Department Stores—0.3% | |||
4,700 | Foot Locker, Inc. | 181,420 | |
3,800 | Wal-Mart Stores, Inc. | 283,784 | |
TOTAL | 465,204 | ||
Diversified Consumer Services—0.2% | |||
300 | 1 | Grahm Holdings Co. | 187,818 |
224 | 1 | Outerwall, Inc. | 14,405 |
TOTAL | 202,223 | ||
Diversified Leisure—0.4% | |||
3,300 | 1 | Bally Technologies, Inc. | 241,956 |
4,400 | Las Vegas Sand Corp. | 336,688 | |
TOTAL | 578,644 | ||
Drug Store—0.2% | |||
5,800 | Walgreen Co. | 332,630 | |
Education & Training Services—0.3% | |||
8,100 | 1 | Apollo Education Group, Inc. | 261,549 |
1,500 | DeVry Education Group, Inc. | 54,210 | |
702 | 1 | Grand Canyon Education, Inc. | 30,762 |
1,794 | 1 | ITT Educational Services, Inc. | 52,743 |
TOTAL | 399,264 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Electric & Electronic Original Equipment Manufactures—0.0% | |||
648 | 1 | Generac Holdings, Inc. | $31,188 |
Electric Utility—1.3% | |||
15,600 | AES Corp. | 219,336 | |
4,600 | Ameren Corp. | 174,064 | |
3,400 | American Electric Power Co., Inc. | 165,954 | |
7,000 | Edison International | 337,120 | |
4,200 | Entergy Corp. | 264,726 | |
7,300 | Exelon Corp. | 211,700 | |
4,300 | PPL Corp. | 131,451 | |
6,800 | Public Service Enterprises Group, Inc. | 226,712 | |
TOTAL | 1,731,063 | ||
Electrical - Radio & TV—0.1% | |||
1,400 | Harman International Industries, Inc. | 144,802 | |
Electrical Equipment—0.0% | |||
484 | EnerSys, Inc. | 32,941 | |
40 | Littelfuse, Inc. | 3,580 | |
TOTAL | 36,521 | ||
Electronic Equipment Instruments & Components—0.1% | |||
7,000 | 1 | Sanmina Corp. | 117,040 |
Electronic Instruments—0.0% | |||
668 | 1 | IRobot Corp. | 23,607 |
362 | Methode Electronics, Inc., Class A | 12,185 | |
TOTAL | 35,792 | ||
Electronic Test/Measuring Equipment—0.0% | |||
1,400 | 1 | Itron, Inc. | 56,532 |
Energy Equipment & Services—0.1% | |||
2,700 | Baker Hughes, Inc. | 152,928 | |
Ethical Drugs—1.0% | |||
5,400 | Abbott Laboratories | 197,964 | |
467 | 1 | Ligand Pharmaceuticals, Inc., Class B | 28,926 |
7,500 | Lilly (Eli) & Co. | 405,075 | |
1,400 | Merck & Co., Inc. | 74,158 | |
9,500 | Pfizer, Inc. | 288,800 | |
3,300 | 1 | United Therapeutics Corp. | 338,646 |
TOTAL | 1,333,569 | ||
Financial Services—1.3% | |||
4,600 | Ameriprise Financial, Inc. | 485,944 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Financial Services—continued | |||
677 | Deluxe Corp. | $32,868 | |
4,200 | Discover Financial Services | 225,330 | |
1,700 | Dun & Bradstreet Corp. | 187,000 | |
532 | Financial Engines, Inc. | 32,410 | |
1,400 | 1 | FleetCor Technologies, Inc. | 148,848 |
261 | Heartland Payment Systems, Inc. | 11,252 | |
4,000 | Mastercard, Inc., Class A | 302,720 | |
1,600 | Nelnet, Inc., Class A | 59,600 | |
542 | 1 | Portfolio Recovery Associates, Inc. | 27,219 |
6,900 | SLM Holding Corp. | 157,044 | |
616 | 1 | Xoom Corp. | 16,872 |
TOTAL | 1,687,107 | ||
Food Wholesaling—0.1% | |||
2,600 | Ingredion, Inc. | 161,980 | |
Furniture—0.0% | |||
677 | 1 | Select Comfort Corp. | 11,083 |
Generic Drugs—0.4% | |||
1,211 | 1 | Impax Laboratories, Inc. | 28,023 |
341 | 1 | Lannett Co., Inc. | 12,044 |
12,400 | 1 | Mylan, Inc. | 563,084 |
TOTAL | 603,151 | ||
Grocery Chain—0.9% | |||
397 | Casey's General Stores, Inc. | 27,262 | |
20,000 | Kroger Co. | 722,000 | |
13,700 | Safeway, Inc. | 427,988 | |
TOTAL | 1,177,250 | ||
Health Care Providers & Services—0.3% | |||
3,800 | 1 | Express Scripts Holding Co. | 283,822 |
3,100 | 1 | HCA Holdings, Inc. | 155,837 |
TOTAL | 439,659 | ||
Home Building—0.0% | |||
4 | Ryland Group, Inc. | 179 | |
Home Health Care—0.0% | |||
472 | 1 | Wellcare Health Plans, Inc. | 30,732 |
Home Products—0.5% | |||
3,100 | Energizer Holdings, Inc. | 292,950 | |
3,800 | Newell Rubbermaid, Inc. | 117,420 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Home Products—continued | |||
2,898 | Tupperware Brands Corp. | $227,087 | |
TOTAL | 637,457 | ||
Hospitals—0.1% | |||
1,900 | 1 | Community Health Systems, Inc. | 78,679 |
Hotels—0.2% | |||
4,100 | Wyndham Worldwide Corp. | 290,854 | |
Household Appliances—0.5% | |||
57 | 1 | Middleby Corp. | 14,055 |
4,800 | Whirlpool Corp. | 639,840 | |
TOTAL | 653,895 | ||
Industrial Conglomerates—0.2% | |||
11,100 | General Electric Co. | 278,943 | |
Industrial Machinery—0.2% | |||
20 | ACTUANT CORP. | 684 | |
915 | 1 | Rexnord Corp. | 23,772 |
6,200 | Terex Corp. | 254,200 | |
TOTAL | 278,656 | ||
Insurance Brokerage—0.2% | |||
8,400 | Aspen Insurance Holdings Ltd. | 326,760 | |
71 | 1 | Texas Capital Bancshares, Inc. | 4,222 |
TOTAL | 330,982 | ||
Integrated Domestic Oil—1.2% | |||
12,000 | ConocoPhillips | 779,400 | |
5,300 | Hess Corp. | 400,097 | |
14,900 | Marathon Oil Corp. | 488,571 | |
TOTAL | 1,668,068 | ||
Integrated International Oil—0.7% | |||
3,900 | Chevron Corp. | 435,357 | |
4,900 | Exxon Mobil Corp. | 451,584 | |
TOTAL | 886,941 | ||
Internet Services—0.7% | |||
3,300 | IAC Interactive Corp. | 231,132 | |
1,000 | 1 | NetFlix, Inc. | 409,330 |
693 | 1 | Overstock.com, Inc. | 14,595 |
200 | 1 | Priceline.com, Inc. | 228,978 |
949 | 1 | Web.com Group, Inc. | 32,076 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Internet Services—continued | |||
1,600 | 1 | Yahoo, Inc. | $57,632 |
TOTAL | 973,743 | ||
Internet Software & Services—0.2% | |||
3,400 | 1 | Facebook, Inc. | 212,738 |
IT Services—0.2% | |||
2,200 | 1 | Cognizant Technology Solutions Corp. | 213,224 |
Life Insurance—0.7% | |||
3,400 | MetLife, Inc. | 166,770 | |
7,300 | Prudential Financial | 616,047 | |
1,900 | StanCorp Financial Group, Inc. | 122,075 | |
TOTAL | 904,892 | ||
Machined Parts Original Equipment Manufacturers—0.0% | |||
433 | Applied Industrial Technologies, Inc. | 21,884 | |
Machinery—0.1% | |||
162 | Hyster-Yale Materials Handling, Inc. | 13,893 | |
3,100 | OshKosh Truck Corp. | 167,834 | |
TOTAL | 181,727 | ||
Mail Order—0.1% | |||
1,657 | HSN, Inc. | 90,754 | |
Maritime—0.0% | |||
218 | TAL International Group, Inc. | 9,381 | |
Medical Supplies—0.7% | |||
601 | 1 | Align Technology, Inc. | 35,712 |
4,300 | Cardinal Health, Inc. | 292,486 | |
464 | 1 | Haemonetics Corp. | 17,581 |
107 | 1 | MWI Veterinary Supply, Inc. | 19,930 |
2,900 | McKesson Corp. | 505,789 | |
110 | 1 | Medidata Solutions, Inc. | 6,941 |
645 | Owens & Minor, Inc. | 22,343 | |
408 | Steris Corp. | 18,723 | |
612 | West Pharmaceutical Services, Inc. | 29,039 | |
TOTAL | 948,544 | ||
Medical Technology—0.4% | |||
638 | Cantel Medical Corp. | 20,225 | |
487 | 1 | Cyberonics, Inc. | 32,531 |
406 | 1 | Integra Lifesciences Corp. | 18,863 |
1,900 | Medtronic, Inc. | 107,464 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Medical Technology—continued | |||
3,600 | St. Jude Medical, Inc. | $218,628 | |
1,800 | Zimmer Holdings, Inc. | 169,146 | |
TOTAL | 566,857 | ||
Metal Fabrication—0.0% | |||
324 | Mueller Industries, Inc. | 20,166 | |
793 | Worthington Industries, Inc. | 32,148 | |
TOTAL | 52,314 | ||
Miscellaneous Components—0.3% | |||
855 | 1 | Microsemi Corp. | 20,041 |
306 | Power Integrations, Inc. | 18,124 | |
299 | 1 | Proto Labs, Inc. | 23,729 |
22,000 | 1 | Vishay Intertechnology, Inc. | 298,760 |
TOTAL | 360,654 | ||
Miscellaneous Food Products—0.4% | |||
9,300 | Archer-Daniels-Midland Co. | 367,164 | |
4,500 | Fresh Del Monte Produce, Inc. | 119,070 | |
TOTAL | 486,234 | ||
Money Center Bank—2.3% | |||
29,200 | Bank of America Corp. | 489,100 | |
9,300 | Citigroup, Inc. | 441,099 | |
16,600 | JPMorgan Chase & Co. | 918,976 | |
7,600 | State Street Corp. | 508,820 | |
7,900 | The Bank of New York Mellon Corp. | 252,484 | |
11,000 | U.S. Bancorp | 437,030 | |
TOTAL | 3,047,509 | ||
Mortgage and Title—0.1% | |||
3,500 | 1 | CoreLogic, Inc. | 111,475 |
Multi-Industry Basic—0.0% | |||
2,294 | 1 | Graphic Packaging Holding Co. | 21,793 |
1,025 | Olin Corp. | 26,353 | |
TOTAL | 48,146 | ||
Multi-Industry Capital Goods—0.2% | |||
1,500 | 3M Co. | 192,285 | |
257 | Acuity Brands, Inc. Holding Company | 32,649 | |
TOTAL | 224,934 | ||
Multi-Industry Transportation—0.0% | |||
511 | Brinks Co. (The) | 16,168 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Multi-Line Insurance—0.8% | |||
11,300 | American International Group, Inc. | $541,948 | |
5,900 | CIGNA Corp. | 509,229 | |
TOTAL | 1,051,177 | ||
Mutual Fund Adviser—0.1% | |||
800 | 1 | Affiliated Managers Group | 159,392 |
Office Electronics—0.1% | |||
14,300 | Xerox Corp. | 155,155 | |
Office Equipment—0.2% | |||
10,000 | Pitney Bowes, Inc. | 251,800 | |
Office Supplies—0.1% | |||
2,800 | Avery Dennison Corp. | 137,956 | |
Offshore Driller—0.0% | |||
100 | Bristow Group, Inc. | 7,179 | |
Oil Gas & Consumable Fuels—1.0% | |||
1,400 | EOG Resources, Inc. | 231,336 | |
5,400 | Murphy Oil Corp. | 305,694 | |
2,500 | Occidental Petroleum Corp. | 218,925 | |
7,300 | Phillips 66 | 533,557 | |
TOTAL | 1,289,512 | ||
Oil Refiner—1.1% | |||
1,126 | Alon USA Energy, Inc. | 17,689 | |
684 | Delek US Holdings, Inc. | 20,725 | |
8,100 | HollyFrontier Corp. | 375,030 | |
4,300 | Marathon Petroleum Corp. | 374,315 | |
13,900 | Valero Energy Corp. | 710,290 | |
842 | Western Refining, Inc. | 32,931 | |
TOTAL | 1,530,980 | ||
Oil Service, Explore & Drill—0.3% | |||
4,200 | Helmerich & Payne, Inc. | 369,768 | |
Oil Well Supply—0.2% | |||
111 | 1 | Dril-Quip, Inc. | 11,162 |
3,900 | Halliburton Co. | 191,139 | |
TOTAL | 202,301 | ||
Other Communications Equipment—0.4% | |||
6,800 | Harris Corp. | 471,512 | |
594 | 1 | Netgear, Inc. | 18,955 |
TOTAL | 490,467 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Packaged Foods—0.0% | |||
257 | 1 | Hain Celestial Group, Inc. | $23,616 |
258 | 1 | United Natural Foods, Inc. | 17,433 |
TOTAL | 41,049 | ||
Paint & Related Materials—0.0% | |||
481 | Fuller (H.B.) Co. | 22,405 | |
Paper & Forest Products—0.1% | |||
1,800 | Domtar Corp. | 193,338 | |
Paper Products—0.3% | |||
5,300 | International Paper Co. | 253,022 | |
1,800 | Rock-Tenn Co. | 182,664 | |
TOTAL | 435,686 | ||
Personal & Household—0.3% | |||
4,566 | Nu Skin Enterprises, Inc. | 388,795 | |
Personal Loans—0.3% | |||
6,100 | Capital One Financial Corp. | 430,721 | |
457 | Cash America International, Inc. | 16,785 | |
149 | 1 | Credit Acceptance Corp. | 20,738 |
TOTAL | 468,244 | ||
Personnel Agency—0.3% | |||
3,500 | Manpower Group, Inc. | 272,650 | |
329 | Maximus, Inc. | 13,940 | |
3,000 | Robert Half International, Inc. | 125,340 | |
TOTAL | 411,930 | ||
Pharmaceuticals—0.2% | |||
1,500 | 1 | Jazz Pharmaceuticals PLC. | 227,490 |
Poultry Products—0.3% | |||
222 | Sanderson Farms, Inc. | 16,506 | |
10,300 | Tyson Foods, Inc., Class A | 385,220 | |
TOTAL | 401,726 | ||
Printing—0.1% | |||
7,600 | Donnelley (R.R.) & Sons Co. | 140,372 | |
Professional Services—0.0% | |||
190 | 1 | CoStar Group, Inc. | 32,688 |
Property Liability Insurance—1.6% | |||
3,200 | Everest Re Group Ltd. | 463,232 | |
9,400 | HCC Insurance Holdings, Inc. | 403,354 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Property Liability Insurance—continued | |||
4,700 | PartnerRe Ltd. | $461,399 | |
3,600 | Platinum Underwriters Holdings Ltd. | 204,624 | |
7,500 | The Travelers Cos, Inc. | 609,600 | |
TOTAL | 2,142,209 | ||
Real Estate Investment Trusts—1.9% | |||
22,000 | DCT Industrial Trust, Inc. | 158,400 | |
8,000 | DDR Corp. | 125,360 | |
22,000 | DiamondRock Hospitality Co. | 254,760 | |
2,700 | EastGroup Properties, Inc. | 160,218 | |
5,300 | Extra Space Storage, Inc. | 241,998 | |
18,900 | Kite Realty Group Trust | 121,905 | |
12,000 | Pebblebrook Hotel Trust | 361,560 | |
2,400 | Plum Creek Timber Co., Inc. | 103,368 | |
2,500 | SL Green Realty Corp. | 234,425 | |
22,000 | 1 | Strategic Hotels & Resorts, Inc. | 204,820 |
25,000 | Sunstone Hotel Investors, Inc. | 320,750 | |
3,700 | Vornado Realty Trust | 339,771 | |
TOTAL | 2,627,335 | ||
Recreational Goods—0.0% | |||
435 | Sturm Ruger & Co., Inc. | 33,134 | |
Recreational Vehicles—0.1% | |||
753 | Brunswick Corp. | 31,219 | |
700 | Polaris Industries, Inc. | 87,640 | |
TOTAL | 118,859 | ||
Regional Banks—2.7% | |||
12,700 | BB&T Corp. | 475,107 | |
314 | Bank of the Ozarks, Inc. | 19,908 | |
5,200 | Comerica, Inc. | 238,160 | |
20,900 | Fifth Third Bancorp | 439,318 | |
13,300 | Huntington Bancshares, Inc. | 120,631 | |
21,000 | KeyCorp | 267,960 | |
7,800 | PNC Financial Services Group | 623,064 | |
19,500 | SunTrust Banks, Inc. | 721,890 | |
13,800 | Wells Fargo & Co. | 625,692 | |
2,400 | Zions Bancorp | 69,000 | |
TOTAL | 3,600,730 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Rental & Leasing Services—0.0% | |||
2,300 | Rent-A-Center, Inc. | $57,362 | |
Restaurants—0.2% | |||
308 | Cracker Barrel Old Country Store, Inc. | 30,495 | |
406 | Domino's Pizza, Inc. | 28,668 | |
2,400 | Green Mountain Coffee, Inc. | 194,400 | |
278 | 1 | Red Robin Gourmet Burgers | 17,911 |
TOTAL | 271,474 | ||
Road & Rail—0.1% | |||
1,800 | Norfolk Southern Corp. | 166,662 | |
723 | 1 | Swift Transportation Co. | 15,761 |
TOTAL | 182,423 | ||
Roofing & Wallboard—0.0% | |||
245 | 1 | Beacon Roofing Supply, Inc. | 9,259 |
Securities Brokerage—0.6% | |||
3,500 | Goldman Sachs Group, Inc. | 574,420 | |
7,600 | Morgan Stanley | 224,276 | |
TOTAL | 798,696 | ||
Semiconductor Distribution—0.9% | |||
16,800 | 1 | Arrow Electronics, Inc. | 863,184 |
7,100 | Avnet, Inc. | 291,597 | |
300 | 1 | Tyler Technologies, Inc. | 31,635 |
TOTAL | 1,186,416 | ||
Semiconductor Manufacturing—0.3% | |||
1,068 | 1 | Cirrus Logic, Inc. | 18,700 |
14,400 | Intel Corp. | 353,376 | |
133 | 1 | Semtech Corp. | 3,034 |
300 | Xilinx, Inc. | 13,926 | |
TOTAL | 389,036 | ||
Semiconductor Manufacturing Equipment—0.0% | |||
1,130 | Mentor Graphics Corp. | 23,504 | |
Semiconductors & Semiconductor Equipment—0.3% | |||
6,800 | Broadcom Corp. | 202,368 | |
3,700 | 1 | Lam Research Corp. | 187,257 |
TOTAL | 389,625 | ||
Services to Medical Professionals—1.7% | |||
1,200 | Aetna, Inc. | 81,996 | |
621 | 1 | Bio-Reference Laboratories, Inc. | 16,699 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Services to Medical Professionals—continued | |||
569 | 1 | Centene Corp. | $34,481 |
228 | Healthcare Services Group, Inc. | 6,186 | |
500 | 1 | Henry Schein, Inc. | 57,445 |
4,900 | Humana, Inc. | 476,770 | |
2,100 | 1 | Laboratory Corp. of America Holdings | 188,643 |
4,000 | Omnicare, Inc. | 249,840 | |
3,400 | Quest Diagnostics, Inc. | 178,500 | |
583 | 1 | Team Health Holdings, Inc. | 25,162 |
7,500 | UnitedHealth Group, Inc. | 542,100 | |
740 | 1 | WebMd Health Corp. | 35,446 |
4,800 | Wellpoint, Inc. | 412,800 | |
TOTAL | 2,306,068 | ||
Shoes—0.1% | |||
1,259 | 1 | CROCs, Inc. | 19,326 |
407 | 1 | Deckers Outdoor Corp. | 31,725 |
390 | 1 | Genesco, Inc. | 27,386 |
TOTAL | 78,437 | ||
Soft Drinks—0.6% | |||
7,500 | Coca-Cola Enterprises, Inc. | 324,675 | |
7,900 | Dr. Pepper Snapple Group, Inc. | 378,252 | |
700 | PepsiCo, Inc. | 56,252 | |
TOTAL | 759,179 | ||
Software Packaged/Custom—1.5% | |||
551 | 1 | Advent Software, Inc. | 18,106 |
582 | 1 | Aspen Technology, Inc. | 26,522 |
14,300 | CA, Inc. | 458,744 | |
2,057 | 1 | Commvault Systems, Inc. | 142,077 |
5,400 | Computer Sciences Corp. | 326,214 | |
4,500 | 1 | Electronic Arts, Inc. | 118,800 |
793 | 1 | Electronics for Imaging, Inc. | 33,600 |
841 | 1 | IGATE Capital Corp. | 28,384 |
4,400 | Microsoft Corp. | 166,540 | |
8,100 | Oracle Corp. | 298,890 | |
654 | 1 | PTC, Inc. | 23,334 |
684 | Pegasystems, Inc. | 31,081 | |
446 | 1 | SS&C Technologies Holdings, Inc. | 17,314 |
16,000 | Symantec Corp. | 342,560 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Software Packaged/Custom—continued | |||
556 | 1 | Synchronoss Technologies, Inc. | $14,823 |
752 | 1 | ValueClick, Inc. | 16,168 |
TOTAL | 2,063,157 | ||
Specialty Chemicals—0.5% | |||
1,000 | Airgas, Inc. | 103,240 | |
710 | American Vanguard Corp. | 16,500 | |
3,300 | Ashland, Inc. | 306,273 | |
388 | Chemed Corp. | 30,621 | |
8,400 | Huntsman Corp. | 184,128 | |
TOTAL | 640,762 | ||
Specialty Retailing—1.5% | |||
5,200 | Abercrombie & Fitch Co., Class A | 183,976 | |
616 | 1 | Asbury Automotive Group, Inc. | 28,964 |
1,800 | 1 | AutoNation, Inc. | 88,902 |
300 | 1 | AutoZone, Inc. | 148,518 |
7,100 | Best Buy Co., Inc. | 167,134 | |
2,400 | 1 | Big Lots, Inc. | 64,296 |
9,700 | CVS Corp. | 656,884 | |
384 | 1 | Cabela's, Inc., Class A | 25,674 |
375 | 1 | Conn's, Inc. | 22,766 |
3,150 | GNC Acquisition Holdings, Inc. | 160,997 | |
515 | Lithia Motors, Inc., Class A | 28,989 | |
330 | 1 | Lumber Liquidators Holdings, Inc. | 29,367 |
1,500 | Nordstrom, Inc. | 86,175 | |
800 | 1 | O'Reilly Automotive, Inc. | 104,784 |
527 | Penske Automotive Group, Inc. | 22,613 | |
529 | 1 | Restoration Hardware Holdings, Inc. | 30,016 |
13,300 | Staples, Inc. | 175,028 | |
TOTAL | 2,025,083 | ||
Surveillance-Detection—0.1% | |||
1,600 | Diebold, Inc. | 53,744 | |
319 | Mine Safety Appliances Co. | 16,071 | |
TOTAL | 69,815 | ||
Telecommunication Equipment & Services—1.2% | |||
4,000 | Amdocs Ltd. | 173,040 | |
2,268 | 1 | Anixter International, Inc. | 198,949 |
1,417 | 1 | CIENA Corp. | 33,059 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Telecommunication Equipment & Services—continued | |||
21,300 | Cisco Systems, Inc. | $466,683 | |
9,700 | Corning, Inc. | 166,937 | |
227 | 1 | Mastec, Inc. | 8,158 |
3,200 | Motorola Solutions, Inc. | 204,160 | |
380 | Plantronics, Inc. | 16,313 | |
4,700 | Qualcomm, Inc. | 348,834 | |
799 | 1 | Ubiquiti Networks, Inc. | 32,919 |
TOTAL | 1,649,052 | ||
Telephone Utility—0.4% | |||
18,800 | CenturyLink, Inc. | 542,568 | |
Tobacco—0.2% | |||
6,200 | Lorillard, Inc. | 305,164 | |
Toys & Games—0.1% | |||
3,200 | Hasbro, Inc. | 157,184 | |
Trucking—0.0% | |||
391 | 1 | Old Dominion Freight Lines, Inc. | 21,208 |
Undesignated Consumer Cyclicals—0.4% | |||
503 | 1 | Euronet Worldwide, Inc. | 21,559 |
8,200 | Herbalife Ltd. | 527,834 | |
456 | 1 | Parexel International Corp. | 22,257 |
TOTAL | 571,650 | ||
Undesignated Consumer Staples—0.0% | |||
654 | 1 | Medifast, Inc. | 17,350 |
379 | 1 | USANA, Inc. | 22,691 |
TOTAL | 40,041 | ||
Undesignated Health—0.0% | |||
1,037 | HealthSouth Corp. | 32,271 | |
Uniforms—0.1% | |||
1,500 | Cintas Corp. | 85,605 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $64,805,316) | 79,543,078 | ||
ASSET-BACKED SECURITIES—0.7% | |||
$26,772 | CS First Boston Mortgage Securities Corp. 2002-HE4, AF, 5.510%, 08/25/2032 | 27,969 | |
300,000 | Discover Card Master Trust I 2012 - B3, B3, 0.610%, 05/15/2018 | 299,498 | |
200,000 | 2,3 | FREMF Mortgage Trust 2013-K25, B, 3.617%, 11/25/2045 | 187,751 |
400,000 | GE Dealer Floorplan Master Note Trust 2012-3, A, 0.647%, 06/20/2017 | 400,202 |
Shares or Principal Amount | Value | ||
ASSET-BACKED SECURITIES—continued | |||
$25,000 | Santander Drive Auto Receivables Trust 2013-1, D, 2.270%, 01/15/2019 | $25,201 | |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $952,817) | 940,621 | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—1.1% | |||
1,361 | Bear Stearns Mortgage Securities, Inc., 1997-6 1A, 6.378%, 3/25/2031 | 1,411 | |
200,000 | Citigroup Commercial Mortgage Trust 2013-GC11 B, 3.732%, 4/10/2046 | 192,490 | |
70,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1 AM, 3.912%, 5/15/2045 | 71,103 | |
125,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1 B, 4.612%, 5/15/2045 | 129,150 | |
200,000 | 2,3 | Commercial Mortgage Trust 2013-CR8 B, 3.971%, 6/10/2046 | 196,377 |
3,979 | Federal Home Loan Mortgage Corp. REMIC 1311 K, 7.000%, 7/15/2022 | 4,381 | |
7,917 | Federal Home Loan Mortgage Corp. REMIC 1384 D, 7.000%, 9/15/2022 | 8,866 | |
14,327 | Federal Home Loan Mortgage Corp. REMIC 2497 JH, 6.000%, 9/15/2032 | 15,963 | |
17,686 | Federal National Mortgage Association REMIC 1993-113 SB, 9.749%, 7/25/2023 | 19,781 | |
1,066 | Federal National Mortgage Association REMIC 2001-37 GA, 8.000%, 7/25/2016 | 1,120 | |
3,377 | Federal National Mortgage Association REMIC 2003-35 UC, 3.750%, 5/25/2033 | 3,539 | |
100,000 | GS Mortgage Securities Corp. II 2012-GCJ7 AS, 4.085%, 5/10/2045 | 103,518 | |
135,000 | GS Mortgage Securities Corp. II 2012-GCJ7 B, 4.740%, 5/10/2045 | 140,886 | |
12,848 | Government National Mortgage Association REMIC 2002-17 B, 6.000%, 3/20/2032 | 14,264 | |
100,000 | Merrill Lynch Mortgage Trust 2008-C1 AM, 6.263%, 2/12/2051 | 116,066 | |
50,000 | Morgan Stanley Capital I 2007-IQ16 AM, 6.097%, 12/12/2049 | 56,667 | |
100,000 | Morgan Stanley Capital I 2012-C4 AS, 3.773%, 3/15/2045 | 102,193 | |
150,000 | 2,3 | UBS-Barclays Commercial Mortgage Trust 2013-C6 B, 3.875%, 4/10/2046 | 146,108 |
105,000 | UBS-Citigroup Commercial Mortgage Trust 2011-C1 A3, 3.595%, 1/10/2045 | 107,691 | |
25,000 | WF-RBS Commercial Mortgage Trust 2012-C6 B, 4.697%, 4/15/2045 | 26,137 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $1,453,984) | 1,457,711 | ||
CORPORATE BONDS—9.9% | |||
Basic Industry - Chemicals—0.2% | |||
100,000 | Albemarle Corp., Sr. Note, 5.100%, 02/01/2015 | 104,099 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Basic Industry - Chemicals—continued | |||
$20,000 | 2,3 | Incitec Pivot Finance LLC, Company Guarantee, Series 144A, 4.000%, 12/07/2015 | $20,819 |
35,000 | 2,3 | Incitec Pivot Finance LLC, Company Guarantee, Series 144A, 6.000%, 12/10/2019 | 38,911 |
70,000 | RPM International, Inc., 6.500%, 02/15/2018 | 80,877 | |
20,000 | RPM International, Inc., Sr. Unsecd. Note, 6.125%, 10/15/2019 | 22,780 | |
22,000 | Rohm & Haas Co., 6.000%, 09/15/2017 | 25,221 | |
30,000 | Sherwin-Williams Co., 3.125%, 12/15/2014 | 30,695 | |
TOTAL | 323,402 | ||
Basic Industry - Metals & Mining—0.8% | |||
50,000 | Alcan, Inc., 5.000%, 06/01/2015 | 52,731 | |
100,000 | Alcoa, Inc., 5.870%, 02/23/2022 | 105,201 | |
80,000 | Allegheny Technologies, Inc., Sr. Note, 9.375%, 06/01/2019 | 98,494 | |
15,000 | Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 04/15/2040 | 11,956 | |
100,000 | Anglogold Ashanti Holdings PLC, Sr. Unsecd. Note, 5.125%, 08/01/2022 | 86,390 | |
100,000 | Anglogold Ashanti Holdings PLC, Sr. Unsecd. Note, 8.500%, 07/30/2020 | 105,250 | |
62,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 4.450%, 03/01/2023 | 61,431 | |
40,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 5.200%, 07/15/2021 | 42,021 | |
20,000 | 2,3 | Newcrest Finance Property Ltd., Sr. Unsecd. Note, Series 144A, 4.200%, 10/01/2022 | 16,726 |
100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 04/15/2023 | 100,625 | |
85,000 | Rio Tinto Finance USA Ltd., Company Guarantee, 6.500%, 07/15/2018 | 101,241 | |
150,000 | Rio Tinto Finance USA Ltd., Sr. Unsecd. Note, 2.250%, 12/14/2018 | 150,985 | |
20,000 | Southern Copper Corp., Note, 6.750%, 04/16/2040 | 19,538 | |
60,000 | Worthington Industries, Inc., Sr. Unsecd. Note, 6.500%, 04/15/2020 | 65,153 | |
TOTAL | 1,017,742 | ||
Basic Industry - Paper—0.0% | |||
10,000 | Plum Creek Timberlands LP, Sr. Unsecd. Note, 3.250%, 03/15/2023 | 9,269 | |
20,000 | Plum Creek Timberlands LP, Sr. Unsecd. Note, 4.700%, 03/15/2021 | 21,144 | |
TOTAL | 30,413 | ||
Capital Goods - Aerospace & Defense—0.3% | |||
50,000 | 2,3 | BAE Systems Holdings, Inc., Series 144A, 5.200%, 8/15/2015 | 53,037 |
211,000 | 2,3 | Embraer Overseas Ltd., Sr. Unsecd. Note, Series 144A, 5.696%, 09/16/2023 | 213,110 |
20,000 | Raytheon Co., Sr. Note, 4.400%, 02/15/2020 | 22,094 | |
10,000 | Rockwell Collins, Inc., Sr. Unsecd. Note, 3.100%, 11/15/2021 | 10,017 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Capital Goods - Aerospace & Defense—continued | |||
$50,000 | Textron Inc., Sr. Unsecd. Note, 4.300%, 03/01/2024 | $50,582 | |
TOTAL | 348,840 | ||
Capital Goods - Building Materials—0.0% | |||
40,000 | Valmont Industries, Inc., Sr. Unsecd. Note, 6.625%, 04/20/2020 | 46,562 | |
Capital Goods - Construction Machinery—0.0% | |||
40,000 | AGCO Corp., Sr. Unsecd. Note, 5.875%, 12/01/2021 | 43,698 | |
Capital Goods - Diversified Manufacturing—0.2% | |||
15,000 | ABB Finance USA, Inc., Sr. Unsecd. Note, 2.875%, 05/08/2022 | 14,654 | |
15,000 | Avery Dennison Corp., Sr. Unsecd. Note, 5.375%, 04/15/2020 | 15,479 | |
60,000 | Dover Corp., Note, 5.450%, 03/15/2018 | 68,776 | |
30,000 | Emerson Electric Co., 4.875%, 10/15/2019 | 34,003 | |
80,000 | Hubbell, Inc., 5.950%, 06/01/2018 | 92,135 | |
50,000 | Pentair, Ltd., Company Guarantee, 5.000%, 05/15/2021 | 53,911 | |
40,000 | 2,3 | Textron Financial Corp., Jr. Sub. Note, Series 144A, 6.000%, 2/15/2067 | 36,300 |
15,000 | Thomas & Betts Corp., Sr. Unsecd. Note, 5.625%, 11/15/2021 | 17,515 | |
TOTAL | 332,773 | ||
Capital Goods - Environmental—0.1% | |||
85,000 | Republic Services, Inc., Company Guarantee, Series WI, 5.500%, 09/15/2019 | 96,853 | |
25,000 | Waste Management, Inc., 7.375%, 03/11/2019 | 30,873 | |
TOTAL | 127,726 | ||
Capital Goods - Packaging—0.0% | |||
45,000 | Packaging Corp. of America, Sr. Unsecd. Note, 3.900%, 06/15/2022 | 44,921 | |
10,000 | Rock-Tenn Co., Sr. Unsecd. Note, 4.000%, 03/01/2023 | 9,981 | |
10,000 | Rock-Tenn Co., Sr. Unsecd. Note, 4.450%, 03/01/2019 | 10,757 | |
TOTAL | 65,659 | ||
Communications - Media & Cable—0.0% | |||
24,000 | Cox Communications, Inc., Unsecd. Note, 5.450%, 12/15/2014 | 25,003 | |
30,000 | Time Warner Cable, Inc., Company Guarantee, 8.250%, 04/01/2019 | 35,536 | |
TOTAL | 60,539 | ||
Communications - Media Noncable—0.2% | |||
25,000 | Discovery Communications LLC, Company Guarantee, 5.050%, 06/01/2020 | 27,814 | |
30,000 | Interpublic Group of Cos., Inc., Sr. Unsecd. Note, 2.250%, 11/15/2017 | 29,619 | |
25,000 | Moody's Corp., Sr. Unsecd. Note, 5.500%, 09/01/2020 | 27,670 | |
75,000 | News America Holdings, Inc., Company Guarantee, 8.000%, 10/17/2016 | 88,581 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Communications - Media Noncable—continued | |||
$20,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.625%, 05/01/2022 | $20,000 | |
100,000 | 2,3 | Pearson Funding Two PLC, Sr. Unsecd. Note, Series 144A, 4.000%, 05/17/2016 | 105,876 |
TOTAL | 299,560 | ||
Communications - Telecom Wireless—0.4% | |||
50,000 | America Movil S.A.B. de C.V., 3.125%, 07/16/2022 | 46,506 | |
100,000 | America Movil S.A.B. de C.V., Note, 5.750%, 01/15/2015 | 104,730 | |
100,000 | American Tower Corp., Sr. Unsecd. Note, 3.400%, 02/15/2019 | 103,524 | |
50,000 | American Tower Corp., Sr. Unsecd. Note, 4.500%, 01/15/2018 | 54,526 | |
100,000 | 2,3 | Crown Castle Towers LLC, Sr. Secd. Note, Series 144A, 5.495%, 01/15/2017 | 109,402 |
30,000 | 2,3 | SBA Tower Trust, Series 144A, 5.101%, 04/17/2017 | 32,544 |
90,000 | Telefonaktiebolaget LM Ericsson, Sr. Unsecd. Note, 4.125%, 05/15/2022 | 90,669 | |
TOTAL | 541,901 | ||
Communications - Telecom Wirelines—0.3% | |||
10,000 | CenturyLink, Inc., Sr. Unsecd. Note, 7.650%, 3/15/2042 | 8,975 | |
90,000 | Orange SA, Sr. Unsecd. Note, 5.375%, 07/08/2019 | 101,272 | |
175,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 5.150%, 09/15/2023 | 190,856 | |
60,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 6.350%, 04/01/2019 | 71,181 | |
TOTAL | 372,284 | ||
Consumer Cyclical - Automotive—0.2% | |||
10,000 | DaimlerChrysler North America Holding Corp., Company Guarantee, 8.500%, 01/18/2031 | 14,860 | |
100,000 | Ford Motor Co., Sr. Unsecd. Note, 4.750%, 01/15/2043 | 93,702 | |
20,000 | 2,3 | Harley-Davidson Financial Services, Inc., Company Guarantee, Series 144A, 3.875%, 03/15/2016 | 21,195 |
10,000 | 2,3 | Harley-Davidson Financial Services, Inc., Sr. Unsecd. Note, Series 144A, 2.700%, 03/15/2017 | 10,381 |
100,000 | 2,3 | Hyundai Capital America, Sr. Unsecd. Note, Series 144A, 2.875%, 08/09/2018 | 102,205 |
65,000 | 2,3 | RCI Banque SA, Sr. Unsecd. Note, 3.500%, 04/03/2018 | 67,146 |
20,000 | 2,3 | RCI Banque SA, Sr. Unsecd. Note, Series 144A, 4.600%, 04/12/2016 | 21,239 |
TOTAL | 330,728 | ||
Consumer Cyclical - Entertainment—0.3% | |||
200,000 | 2 | Football Trust V, Pass Thru Cert., Series 144A, 5.350%, 10/05/2020 | 221,853 |
90,000 | NBC Universal, Inc., Sr. Unsecd. Note, 5.150%, 04/30/2020 | 102,205 | |
30,000 | Viacom, Inc., 2.500%, 09/01/2018 | 30,683 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Consumer Cyclical - Entertainment—continued | |||
$25,000 | Viacom, Inc., Sr. Unsecd. Note, 2.500%, 12/15/2016 | $25,978 | |
TOTAL | 380,719 | ||
Consumer Cyclical - Lodging—0.1% | |||
30,000 | Hyatt Hotels Corp., Sr. Unsecd. Note, 3.375%, 07/15/2023 | 28,368 | |
50,000 | Marriott International, Inc., Sr. Unsecd. Note, 3.000%, 03/01/2019 | 51,252 | |
TOTAL | 79,620 | ||
Consumer Cyclical - Retailers—0.0% | |||
50,000 | Advance Auto Parts, Inc., 4.500%, 12/01/2023 | 51,075 | |
10,000 | O'Reilly Automotive, Inc., Company Guarantee, 4.875%, 01/14/2021 | 10,768 | |
TOTAL | 61,843 | ||
Consumer Cyclical - Services—0.1% | |||
65,000 | Expedia, Inc., Company Guarantee, 5.950%, 08/15/2020 | 71,447 | |
10,000 | University of Southern California, Sr. Unsecd. Note, 5.250%, 10/01/2111 | 11,319 | |
TOTAL | 82,766 | ||
Consumer Non-Cyclical - Food/Beverage—0.4% | |||
100,000 | 2,3 | Bacardi Ltd., Sr. Note, Series 144A, 7.450%, 4/01/2014 | 101,104 |
100,000 | Bottling Group LLC, Note, 5.500%, 04/01/2016 | 110,258 | |
50,000 | ConAgra Foods, Inc., Sr. Unsecd. Note, 3.200%, 01/25/2023 | 47,868 | |
200,000 | 2,3 | Kerry Group Financial Services, Sr. Unsecd. Note, Series 144A, 3.200%, 04/09/2023 | 187,444 |
25,000 | Mondelez International, Inc., Sr. Unsecd. Note, 4.000%, 02/01/2024 | 25,395 | |
20,000 | Sysco Corp., Sr. Note, 5.375%, 03/17/2019 | 23,008 | |
30,000 | The Coca-Cola Co., Sr. Unsecd. Note, Series WI, 1.800%, 09/01/2016 | 30,858 | |
50,000 | Tyson Foods, Inc., Sr. Unsecd. Note, 4.500%, 06/15/2022 | 52,265 | |
TOTAL | 578,200 | ||
Consumer Non-Cyclical - Health Care—0.1% | |||
40,000 | Baxter International, Inc., 6.250%, 12/01/2037 | 49,543 | |
10,000 | Laboratory Corp. of America Holdings, Sr. Unsecd. Note, 3.750%, 08/23/2022 | 9,946 | |
70,000 | Stryker Corp., Sr. Unsecd. Note, 1.300%, 04/01/2018 | 69,112 | |
10,000 | Zimmer Holdings, Inc., Sr. Note, 5.750%, 11/30/2039 | 11,574 | |
TOTAL | 140,175 | ||
Consumer Non-Cyclical - Pharmaceuticals—0.0% | |||
10,000 | Dentsply International, Inc., Sr. Unsecd. Note, 2.750%, 08/15/2016 | 10,403 | |
30,000 | Pfizer, Inc., Sr. Unsecd. Note, 6.200%, 03/15/2019 | 35,904 | |
TOTAL | 46,307 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Consumer Non-Cyclical - Products—0.0% | |||
$10,000 | Clorox Co., Sr. Unsecd. Note, 3.550%, 11/01/2015 | $10,487 | |
Consumer Non-Cyclical - Tobacco—0.1% | |||
24,000 | Altria Group, Inc., 9.250%, 08/06/2019 | 31,964 | |
30,000 | Altria Group, Inc., Sr. Unsecd. Note, 4.000%, 01/31/2024 | 30,057 | |
30,000 | Philip Morris International, Inc., 5.650%, 05/16/2018 | 34,809 | |
TOTAL | 96,830 | ||
Energy - Independent—0.2% | |||
50,000 | Canadian Natural Resources Ltd., 4.900%, 12/01/2014 | 51,790 | |
30,000 | EOG Resources, Inc., Note, 5.625%, 06/01/2019 | 34,974 | |
25,000 | 2,3 | Petroleos Mexicanos, Sr. Unsecd. Note, Series 144A, 4.875%, 01/18/2024 | 24,975 |
75,000 | XTO Energy, Inc., 6.375%, 06/15/2038 | 98,324 | |
60,000 | XTO Energy, Inc., 6.750%, 08/01/2037 | 82,686 | |
TOTAL | 292,749 | ||
Energy - Integrated—0.3% | |||
30,000 | BP Capital Markets America, Inc., Company Guarantee, 4.200%, 06/15/2018 | 32,655 | |
20,000 | BP Capital Markets PLC, Company Guarantee, 3.125%, 10/01/2015 | 20,856 | |
100,000 | Husky Oil Ltd., Deb., 7.550%, 11/15/2016 | 116,021 | |
90,000 | Petrobras Global Finance BV, Sr. Unsecd. Note, 4.375%, 05/20/2023 | 80,300 | |
20,000 | Petrobras International Finance Co., Sr. Unsecd. Note, 2.875%, 02/06/2015 | 20,330 | |
50,000 | Petrobras International Finance Co., Sr. Unsecd. Note, 5.375%, 01/27/2021 | 49,665 | |
20,000 | Phillips 66, Sr. Unsecd. Note, 1.950%, 03/05/2015 | 20,305 | |
50,000 | Phillips 66, Sr. Unsecd. Note, 4.300%, 04/01/2022 | 52,257 | |
TOTAL | 392,389 | ||
Energy - Oil Field Services—0.1% | |||
15,000 | Nabors Industries, Inc., Company Guarantee, 5.000%, 09/15/2020 | 16,001 | |
20,000 | Nabors Industries, Inc., Sr. Unsecd. Note, 4.625%, 09/15/2021 | 20,555 | |
50,000 | 2,3 | Nabors Industries, Inc., Sr. Unsecd. Note, Series 144A, 5.100%, 09/15/2023 | 51,630 |
15,000 | Noble Holding International Ltd., Company Guarantee, 4.900%, 08/01/2020 | 16,240 | |
TOTAL | 104,426 | ||
Energy - Refining—0.2% | |||
10,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 03/01/2041 | 11,890 | |
30,000 | Valero Energy Corp., 7.500%, 04/15/2032 | 37,635 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Energy - Refining—continued | |||
$10,000 | Valero Energy Corp., 9.375%, 03/15/2019 | $13,168 | |
35,000 | Valero Energy Corp., Note, 4.750%, 04/01/2014 | 35,233 | |
95,000 | Valero Energy Corp., Sr. Unsecd. Note, 6.625%, 06/15/2037 | 112,146 | |
TOTAL | 210,072 | ||
Financial Institution - Banking—1.9% | |||
74,000 | American Express Co., 2.650%, 12/02/2022 | 70,099 | |
50,000 | American Express Credit Corp., Sr. Unsecd. Note, Series MTN, 2.800%, 09/19/2016 | 52,275 | |
40,000 | Associated Banc-Corp., Sr. Unsecd. Note, 5.125%, 03/28/2016 | 42,733 | |
50,000 | BB&T Corp., Sr. Unsecd. Note, Series MTN, 2.250%, 02/01/2019 | 50,078 | |
60,000 | Bank of America Corp., Sr. Unsecd. Note, 4.500%, 04/01/2015 | 62,565 | |
100,000 | Bank of America Corp., Sr. Unsecd. Note, 5.000%, 05/13/2021 | 109,725 | |
50,000 | Bank of Montreal, Sr. Unsecd. Note, Series MTN, 1.450%, 04/09/2018 | 49,504 | |
125,000 | 2,3 | Barclays Bank PLC, Jr. Sub. Note, Series 144A, 5.926%, 09/29/2049 | 132,500 |
50,000 | Capital One Financial Corp., Sr. Note, 7.375%, 05/23/2014 | 51,048 | |
20,000 | Citigroup, Inc., Sr. Unsecd. Note, 4.450%, 01/10/2017 | 21,683 | |
100,000 | Citigroup, Inc., Sr. Unsecd. Note, 4.587%, 12/15/2015 | 106,738 | |
25,000 | City National Corp., Sr. Unsecd. Note, 5.250%, 9/15/2020 | 27,528 | |
40,000 | 2,3 | Commonwealth Bank of Australia, Sr. Unsecd. Note, Series 144A, 3.750%, 10/15/2014 | 40,928 |
40,000 | Deutsche Bank AG London, Sr. Unsecd. Note, 3.250%, 01/11/2016 | 41,879 | |
20,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 3.625%, 01/25/2016 | 21,032 | |
275,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.625%, 01/22/2023 | 269,232 | |
70,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 5.125%, 01/15/2015 | 72,892 | |
50,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.000%, 5/01/2014 | 50,660 | |
25,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.125%, 2/15/2033 | 28,823 | |
30,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.150%, 04/01/2018 | 34,517 | |
50,000 | HSBC Holdings PLC, Sr. Unsecd. Note, 5.100%, 04/05/2021 | 56,024 | |
150,000 | HSBC USA, Inc., Sr. Unsecd. Note, 2.375%, 02/13/2015 | 152,948 | |
400,000 | JPMorgan Chase & Co., Sub. Note, 3.375%, 05/01/2023 | 376,852 | |
65,000 | Morgan Stanley, Sr. Unsecd. Note, 4.750%, 03/22/2017 | 71,196 | |
175,000 | Morgan Stanley, Sub. Note, 4.100%, 05/22/2023 | 170,962 | |
20,000 | Murray Street Investment Trust I, Sr. Unsecd. Note, 4.647%, 03/09/2017 | 21,635 | |
30,000 | Northern Trust Corp., Sr. Unsecd. Note, 4.625%, 5/01/2014 | 30,310 | |
100,000 | 2,3 | Santander US Debt SA Unipersonal, Bank Guarantee, Series 144A, 3.781%, 10/07/2015 | 103,056 |
30,000 | Wachovia Corp., Sr. Unsecd. Note, 5.750%, 2/01/2018 | 34,746 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Banking—continued | |||
$70,000 | Westpac Banking Corp., Sr. Unsecd. Note, 4.875%, 11/19/2019 | $78,718 | |
100,000 | Wilmington Trust Corp., Sub. Note, 8.500%, 04/02/2018 | 119,157 | |
TOTAL | 2,552,043 | ||
Financial Institution - Brokerage—0.3% | |||
20,000 | 2,3 | CME Group Index Services LLC, Company Guarantee, Series 144A, 4.400%, 03/15/2018 | 21,747 |
80,000 | Janus Capital Group, Inc., Sr. Note, 6.700%, 06/15/2017 | 89,647 | |
125,000 | Jefferies Group LLC, Sr. Unsecd. Note, 6.875%, 04/15/2021 | 145,387 | |
40,000 | Jefferies Group, Inc., Sr. Unsecd. Note, 6.500%, 01/20/2043 | 41,704 | |
13,000 | Raymond James Financial, Inc., Sr. Unsecd. Note, 5.625%, 04/01/2024 | 14,243 | |
50,000 | TD Ameritrade Holding Corp., Company Guarantee, 4.150%, 12/01/2014 | 51,523 | |
TOTAL | 364,251 | ||
Financial Institution - Finance Noncaptive—0.2% | |||
30,000 | General Electric Capital Corp., Sr. Unsecd. Note, Series MTN, 3.100%, 01/09/2023 | 29,009 | |
200,000 | 2,3 | ILFC E-Capital Trust I, Floating Rate Note - Sr. Sub Note, Series 144A, 5.460%, 12/21/2065 | 184,750 |
TOTAL | 213,759 | ||
Financial Institution - Insurance - Health—0.1% | |||
50,000 | UnitedHealth Group, Inc., Sr. Unsecd. Note, 6.000%, 02/15/2018 | 58,236 | |
50,000 | Wellpoint, Inc., 5.850%, 01/15/2036 | 56,256 | |
TOTAL | 114,492 | ||
Financial Institution - Insurance - Life—0.3% | |||
200,000 | Aflac, Inc., Sr. Unsecd. Note, 3.625%, 06/15/2023 | 199,374 | |
10,000 | Aflac, Inc., Sr. Unsecd. Note, 6.900%, 12/17/2039 | 12,806 | |
35,000 | American International Group, Inc., Sr. Unsecd. Note, 4.125%, 02/15/2024 | 35,548 | |
10,000 | Lincoln National Corp., Sr. Unsecd. Note, 4.200%, 03/15/2022 | 10,437 | |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/01/2039 | 14,850 | |
15,000 | 2,3 | Penn Mutual Life Insurance Co., Sr. Note, Series 144A, 7.625%, 06/15/2040 | 19,709 |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.125%, 05/15/2023 | 9,480 | |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.300%, 09/15/2022 | 9,776 | |
50,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040 | 58,782 | |
TOTAL | 370,762 | ||
Financial Institution - Insurance - P&C—0.4% | |||
90,000 | ACE INA Holdings, Inc., 5.600%, 05/15/2015 | 95,723 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Insurance - P&C—continued | |||
$1,000 | ACE INA Holdings, Inc., Sr. Note, 5.700%, 02/15/2017 | $1,129 | |
75,000 | CNA Financial Corp., 6.500%, 08/15/2016 | 84,374 | |
30,000 | CNA Financial Corp., Sr. Unsecd. Note, 7.350%, 11/15/2019 | 36,710 | |
20,000 | Chubb Corp., Sr. Note, 5.750%, 05/15/2018 | 23,196 | |
100,000 | 2,3 | Liberty Mutual Group, Inc., Unsecd. Note, Series 144A, 5.750%, 03/15/2014 | 100,557 |
65,000 | 2,3 | Nationwide Mutual Insurance Co., Sub. Note, Series 144A, 9.375%, 08/15/2039 | 96,023 |
50,000 | The Travelers Cos., Inc., Sr. Unsecd. Note, 5.500%, 12/01/2015 | 54,475 | |
TOTAL | 492,187 | ||
Financial Institution - REITs—0.4% | |||
50,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.900%, 06/15/2023 | 47,747 | |
50,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 4.600%, 04/01/2022 | 51,522 | |
15,000 | Avalonbay Communities, Inc., Sr. Unsecd. Note, Series MTN, 5.700%, 03/15/2017 | 16,886 | |
55,000 | Boston Properties LP, Sr. Unsecd. Note, 5.875%, 10/15/2019 | 63,915 | |
20,000 | Equity One, Inc., Bond, 6.000%, 09/15/2017 | 22,443 | |
40,000 | Health Care REIT, Inc., Sr. Unsecd. Note, 6.125%, 04/15/2020 | 45,951 | |
50,000 | Healthcare Trust of America, 3.700%, 04/15/2023 | 47,540 | |
75,000 | Liberty Property LP, 6.625%, 10/01/2017 | 85,926 | |
20,000 | Post Apartment Homes LP, Sr. Unsecd. Note, 3.375%, 12/01/2022 | 18,872 | |
50,000 | ProLogis LP, Sr. Unsecd. Note, 3.350%, 02/01/2021 | 49,525 | |
20,000 | Regency Centers LP, Company Guarantee, 4.800%, 04/15/2021 | 21,359 | |
35,000 | Simon Property Group LP, 6.750%, 05/15/2014 | 35,053 | |
30,000 | Tanger Properties LP, Sr. Unsecd. Note, 6.125%, 06/01/2020 | 34,842 | |
10,000 | UDR, Inc., Company Guarantee, 4.625%, 01/10/2022 | 10,563 | |
TOTAL | 552,144 | ||
Sovereign—0.0% | |||
30,000 | Corp Andina De Fomento, Sr. Unsecd. Note, 4.375%, 06/15/2022 | 30,517 | |
Technology—0.4% | |||
15,000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 3.200%, 10/01/2022 | 14,156 | |
45,000 | Apple, Inc., Sr. Unsecd. Note, 1.000%, 05/03/2018 | 43,938 | |
30,000 | Apple, Inc., Sr. Unsecd. Note, 2.400%, 05/03/2023 | 27,559 | |
60,000 | Cisco Systems, Inc., Sr. Unsecd. Note, 5.500%, 02/22/2016 | 65,939 | |
20,000 | Corning, Inc., Unsecd. Note, 4.750%, 03/15/2042 | 20,274 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Technology—continued | |||
$100,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.500%, 04/15/2023 | $94,013 | |
20,000 | Hewlett-Packard Co., Sr. Unsecd. Note, 3.300%, 12/09/2016 | 21,115 | |
100,000 | Hewlett-Packard Co., Sr. Unsecd. Note, 4.750%, 06/02/2014 | 101,386 | |
20,000 | Ingram Micro, Inc., Sr. Unsecd. Note, 5.000%, 08/10/2022 | 20,431 | |
10,000 | Juniper Networks, Inc., Sr. Unsecd. Note, 5.950%, 03/15/2041 | 9,957 | |
10,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 09/12/2022 | 9,971 | |
25,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.875%, 01/15/2019 | 26,904 | |
20,000 | Xerox Corp., Sr. Unsecd. Note, 2.950%, 03/15/2017 | 20,684 | |
TOTAL | 476,327 | ||
Transportation - Airlines—0.1% | |||
130,000 | Southwest Airlines Co., Sr. Unsecd. Note, 5.125%, 03/01/2017 | 142,679 | |
Transportation - Railroads—0.1% | |||
75,000 | Burlington Northern Santa Fe Corp., 4.875%, 01/15/2015 | 77,996 | |
50,000 | Burlington Northern Santa Fe Corp., Deb., 5.750%, 05/01/2040 | 57,518 | |
30,000 | Kansas City Southern de Mexico SA de CV, Sr. Unsecd. Note, 3.000%, 05/15/2023 | 28,266 | |
TOTAL | 163,780 | ||
Transportation - Services—0.2% | |||
90,000 | 2,3 | Enterprise Rent-A-Car USA Finance Co., Series 144A, 6.375%, 10/15/2017 | 104,494 |
50,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.450%, 11/15/2018 | 50,209 | |
60,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 3.150%, 03/02/2015 | 61,600 | |
30,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 3.125%, 01/15/2021 | 30,851 | |
TOTAL | 247,154 | ||
Utility - Electric—0.6% | |||
70,000 | Appalachian Power Co., Sr. Unsecd. Note, 7.950%, 01/15/2020 | 89,187 | |
100,000 | Cleveland Electric Illuminating Co., Sr. Unsecd. Note, 5.950%, 12/15/2036 | 106,052 | |
5,000 | Consolidated Edison Co., Sr. Unsecd. Note, 6.650%, 04/01/2019 | 6,080 | |
70,000 | 2,3 | Electricite de France SA, Note, Series 144A, 5.600%, 01/27/2040 | 76,024 |
100,000 | Exelon Generation Co. LLC, Sr. Unsecd. Note, 4.250%, 06/15/2022 | 98,787 | |
25,000 | FirstEnergy Corp., Sr. Unsecd. Note, 4.250%, 03/15/2023 | 24,346 | |
30,000 | FirstEnergy Solutions Corp., Company Guarantee, 6.050%, 08/15/2021 | 33,316 | |
10,000 | Great Plains Energy, Inc., Note, 4.850%, 06/01/2021 | 10,782 | |
19,641 | 2,3 | Great River Energy, 1st Mtg. Note, Series 144A, 5.829%, 7/01/2017 | 21,314 |
25,000 | National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, 8.000%, 03/01/2032 | 34,850 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Utility - Electric—continued | |||
$80,000 | Northern States Power Co., MN, 1st Mtg. Bond, 5.250%, 03/01/2018 | $91,138 | |
50,000 | PPL Energy Supply LLC, Sr. Unsecd. Note, 6.000%, 12/15/2036 | 48,950 | |
25,000 | PSEG Power LLC, Sr. Unsecd. Note, 4.300%, 11/15/2023 | 25,612 | |
75,000 | PSI Energy, Inc., Bond, 6.050%, 06/15/2016 | 83,990 | |
50,000 | Progress Energy, Inc., 7.050%, 03/15/2019 | 60,592 | |
10,000 | TECO Finance, Inc., Company Guarantee, 5.150%, 03/15/2020 | 11,212 | |
40,000 | UIL Holdings Corp., Sr. Unsecd. Note, 4.625%, 10/01/2020 | 41,883 | |
TOTAL | 864,115 | ||
Utility - Natural Gas Distributor—0.1% | |||
20,000 | Atmos Energy Corp., 8.500%, 03/15/2019 | 25,861 | |
10,000 | 2,3 | Florida Gas Transmission Co. LLC, Sr. Unsecd. Note, Series 144A, 5.450%, 07/15/2020 | 10,979 |
65,000 | National Fuel Gas Co., Sr. Unsecd. Note, 3.750%, 03/01/2023 | 63,412 | |
55,000 | Sempra Energy, Sr. Unsecd. Note, 6.500%, 06/01/2016 | 61,903 | |
TOTAL | 162,155 | ||
Utility - Natural Gas Pipelines—0.2% | |||
50,000 | Enbridge Energy Partners LP, Sr. Unsecd. Note, 4.200%, 09/15/2021 | 51,662 | |
40,000 | Enbridge, Inc., Sr. Note, 5.600%, 04/01/2017 | 44,518 | |
75,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.900%, 02/01/2024 | 77,202 | |
20,000 | 2,3 | Texas Eastern Transmission LP, Sr. Unsecd. Note, Series 144A, 2.800%, 10/15/2022 | 18,468 |
40,000 | Williams Partners LP, 5.250%, 03/15/2020 | 44,455 | |
30,000 | Williams Partners LP, Sr. Unsecd. Note, 4.125%, 11/15/2020 | 31,441 | |
TOTAL | 267,746 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $12,755,488) | 13,432,521 | ||
FOREIGN GOVERNMENTS/AGENCY—0.1% | |||
Sovereign—0.1% | |||
75,000 | United Mexican States, 6.625%, 03/03/2015 (IDENTIFIED COST $76,160) | 79,650 | |
MORTGAGE-BACKED SECURITIES—0.0% | |||
Federal National Mortgage Association—0.0% | |||
$958 | Federal National Mortgage Association Pool 512255, 7.500%, 9/1/2014 | 971 | |
4,255 | Federal National Mortgage Association Pool 609554, 7.500%, 10/1/2016 | 4,539 | |
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $5,404) | 5,510 |
Shares or Principal Amount | Value | ||
MUNICIPAL BOND—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) | $79,060 | |
U.S. TREASURY—3.7% | |||
514,910 | U.S. Treasury Inflation-Protected Note, Series A-2022, 0.125%, 1/15/2022 | 508,731 | |
1,277,200 | U.S. Treasury Inflation-Protected Note, Series D-2021, 0.625%, 7/15/2021 | 1,328,667 | |
750,000 | 4 | United States Treasury Note, 0.875%, 11/30/2016 | 754,949 |
500,000 | United States Treasury Note, 1.250%, 10/31/2018 | 496,090 | |
800,000 | United States Treasury Note, 1.875%, 6/30/2020 | 795,512 | |
1,100,000 | United States Treasury Note, 3.500%, 5/15/2020 | 1,205,119 | |
TOTAL U.S. TREASURY (IDENTIFIED COST $5,259,635) | 5,089,068 | ||
EXCHANGE-TRADED FUND—8.1% | |||
173,500 | iShares MSCI EAFE ETF (IDENTIFIED COST $9,998,277) | 11,036,335 | |
INVESTMENT COMPANIES—17.5%5 | |||
52,155 | Emerging Markets Fixed Income Core Fund | 1,729,533 | |
885,137 | Federated Mortgage Core Portfolio | 8,692,047 | |
7,419,234 | 6 | Federated Prime Value Obligations Fund, Institutional Shares, 0.06% | 7,419,234 |
157,761 | Federated Project and Trade Finance Core Fund | 1,523,969 | |
640,761 | High Yield Bond Portfolio | 4,248,248 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $23,675,688) | 23,613,031 | ||
TOTAL INVESTMENTS—100.0% (IDENTIFIED COST $119,052,769)7 | 135,276,585 | ||
OTHER ASSETS AND LIABILITIES - NET—0.0%8 | 33,373 | ||
TOTAL NET ASSETS—100% | $135,309,958 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation/ (Depreciation) |
1United States Treasury Note 5-Year Long Futures | 105 | $12,665,625 | March 2014 | $(26,486) |
1United States Treasury Note 10-Year Long Futures | 55 | $6,916,250 | March 2014 | $19,673 |
1United States Treasury Bond Ultra Short Futures | 14 | $2,013,375 | March 2014 | $(78,438) |
1United States Treasury Long Bond Short Futures | 15 | $2,003,906 | March 2014 | $(46,206) |
1United States Treasury Note 2-Year Short Futures | 100 | $22,020,313 | March 2014 | $(225) |
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $(131,682) |
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, 2014, these restricted securities amounted to $2,896,682, which represented 2.1% of total net assets. |
3 | Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At January 31, 2014, these liquid restricted securities amounted to $2,674,829, which represented 2.0% of total net assets. |
4 | All or a portion of this security is pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts. |
5 | Affiliated holdings. |
6 | 7-day net yield. |
7 | The cost of investments for federal tax purposes amounts to $119,061,509. |
8 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Valuation Inputs | ||||
Level 1— Quoted Prices and Investments in Certain Investment Companies | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $76,422,503 | $— | $— | $76,422,503 |
International | 3,120,575 | — | — | 3,120,575 |
Debt Securities: | ||||
Asset-Backed Securities | — | 940,621 | — | 940,621 |
Collateralized Mortgage Obligations | — | 1,457,711 | — | 1,457,711 |
Corporate Bonds | — | 13,432,521 | — | 13,432,521 |
Foreign Government/Agency | — | 79,650 | — | 79,650 |
Mortgage-Backed Securities | — | 5,510 | — | 5,510 |
Municipal Bond | — | 79,060 | — | 79,060 |
U.S. Treasury | — | 5,089,068 | — | 5,089,068 |
Exchange-Traded Fund | 11,036,335 | — | — | 11,036,335 |
Investment Companies1 | 22,089,062 | 1,523,969 | — | 23,613,031 |
TOTAL SECURITIES | $112,668,475 | $22,608,110 | $— | $135,276,585 |
OTHER FINANCIAL INSTRUMENTS2 | $(131,682) | $— | $— | $(131,682) |
1 | Emerging Markets Fixed Income Core Fund, Federated Mortgage Core Portfolio, Federated Project and Trade Finance Core Fund 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 Investments Trust(s) |
REMIC | —Real Estate Mortgage Investment Conduit |
Six Months Ended (unaudited) 1/31/2014 | Year Ended July 31, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $14.35 | $12.20 | $12.17 | $10.86 | $10.17 | $12.51 |
Income From Investment Operations: | ||||||
Net investment income | 0.071 | 0.141 | 0.171 | 0.151 | 0.161 | 0.201 |
Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts and foreign currency transactions | 0.75 | 2.19 | 0.02 | 1.33 | 0.71 | (2.27) |
TOTAL FROM INVESTMENT OPERATIONS | 0.82 | 2.33 | 0.19 | 1.48 | 0.87 | (2.07) |
Less Distributions: | ||||||
Distributions from net investment income | (0.15) | (0.18) | (0.16) | (0.17) | (0.18) | (0.27) |
Net Asset Value, End of Period | $15.02 | $14.35 | $12.20 | $12.17 | $10.86 | $10.17 |
Total Return2 | 5.68% | 19.28% | 1.65% | 13.67% | 8.51% | (16.35)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.30%3 | 1.30% | 1.30% | 1.28% | 1.21% | 1.30% |
Net investment income | 0.90%3 | 1.10% | 1.43% | 1.27% | 1.47% | 2.03% |
Expense waiver/reimbursement4 | 0.11%3 | 0.11% | 0.28% | 0.23% | 0.25% | 0.14% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $52,321 | $50,340 | $48,774 | $57,358 | $86,018 | $105,635 |
Portfolio turnover | 17% | 105% | 149% | 139% | 130% | 231% |
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) 1/31/2014 | Year Ended July 31, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $14.16 | $12.03 | $11.99 | $10.70 | $10.03 | $12.30 |
Income From Investment Operations: | ||||||
Net investment income | 0.011 | 0.041 | 0.081 | 0.061 | 0.081 | 0.131 |
Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts and foreign currency transactions | 0.74 | 2.16 | 0.03 | 1.31 | 0.69 | (2.23) |
TOTAL FROM INVESTMENT OPERATIONS | 0.75 | 2.20 | 0.11 | 1.37 | 0.77 | (2.10) |
Less Distributions: | ||||||
Distributions from net investment income | (0.04) | (0.07) | (0.07) | (0.08) | (0.10) | (0.17) |
Net Asset Value, End of Period | $14.87 | $14.16 | $12.03 | $11.99 | $10.70 | $10.03 |
Total Return2 | 5.28% | 18.41% | 0.93% | 12.85% | 7.63% | (16.95)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.05%3 | 2.05% | 2.05% | 2.04% | 1.96% | 2.05% |
Net investment income | 0.15%3 | 0.36% | 0.68% | 0.52% | 0.71% | 1.28% |
Expense waiver/reimbursement4 | 0.08%3 | 0.08% | 0.24% | 0.19% | 0.22% | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $34,874 | $35,450 | $34,193 | $45,512 | $49,907 | $55,582 |
Portfolio turnover | 17% | 105% | 149% | 139% | 130% | 231% |
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) 1/31/2014 | Year Ended July 31, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $14.33 | $12.17 | $12.12 | $10.83 | $10.14 | $12.51 |
Income From Investment Operations: | ||||||
Net investment income | 0.051 | 0.091 | 0.111 | 0.091 | 0.101 | 0.151 |
Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts and foreign currency transactions | 0.75 | 2.19 | 0.03 | 1.32 | 0.72 | (2.27) |
TOTAL FROM INVESTMENT OPERATIONS | 0.80 | 2.28 | 0.14 | 1.41 | 0.82 | (2.12) |
Less Distributions: | ||||||
Distributions from net investment income | (0.10) | (0.12) | (0.09) | (0.12) | (0.13) | (0.25) |
Net Asset Value, End of Period | $15.03 | $14.33 | $12.17 | $12.12 | $10.83 | $10.14 |
Total Return2 | 5.56% | 18.84% | 1.19% | 13.08% | 8.01% | (16.75)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.58%3 | 1.69% | 1.80% | 1.79% | 1.70% | 1.79% |
Net investment income | 0.62%3 | 0.70% | 0.93% | 0.77% | 0.96% | 1.56% |
Expense waiver/reimbursement4 | 0.06%3 | 0.06% | 0.22% | 0.17% | 0.21% | 0.09% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $421 | $417 | $526 | $665 | $673 | $597 |
Portfolio turnover | 17% | 105% | 149% | 139% | 130% | 231% |
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) 1/31/2014 | Year Ended July 31, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $14.39 | $12.23 | $12.21 | $10.90 | $10.21 | $12.57 |
Income From Investment Operations: | ||||||
Net investment income | 0.091 | 0.181 | 0.201 | 0.181 | 0.191 | 0.231 |
Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts and foreign currency transactions | 0.75 | 2.19 | 0.02 | 1.34 | 0.71 | (2.28) |
TOTAL FROM INVESTMENT OPERATIONS | 0.84 | 2.37 | 0.22 | 1.52 | 0.90 | (2.05) |
Less Distributions: | ||||||
Distributions from net investment income | (0.18) | (0.21) | (0.20) | (0.21) | (0.21) | (0.31) |
Net Asset Value, End of Period | $15.05 | $14.39 | $12.23 | $12.21 | $10.90 | $10.21 |
Total Return2 | 5.84% | 19.63% | 1.87% | 13.99% | 8.74% | (16.13)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.05%3 | 1.05% | 1.05% | 1.04% | 0.96% | 1.05% |
Net investment income | 1.15%3 | 1.35% | 1.69% | 1.52% | 1.71% | 2.29% |
Expense waiver/reimbursement4 | 0.06%3 | 0.07% | 0.23% | 0.18% | 0.21% | 0.09% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $47,694 | $46,365 | $43,341 | $47,473 | $49,127 | $50,161 |
Portfolio turnover | 17% | 105% | 149% | 139% | 130% | 231% |
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 $23,613,031 of investment in affiliated holdings (Note 5) (identified cost $119,052,769) | $135,276,585 | |
Income receivable | 226,404 | |
Receivable for investments sold | 344,691 | |
Receivable for shares sold | 63,856 | |
Receivable for daily variation margin | 18,164 | |
TOTAL ASSETS | 135,929,700 | |
Liabilities: | ||
Payable for investments purchased | $415,541 | |
Payable for shares redeemed | 53,751 | |
Payable for transfer agent fee | 33,532 | |
Payable for auditing fees | 14,586 | |
Payable for portfolio accounting fees | 18,062 | |
Payable for distribution services fee (Note 5) | 23,276 | |
Payable for shareholder services fee (Note 5) | 37,375 | |
Accrued expenses (Note 5) | 23,619 | |
TOTAL LIABILITIES | 619,742 | |
Net assets for 9,026,619 shares outstanding | $135,309,958 | |
Net Assets Consist of: | ||
Paid-in capital | $156,211,976 | |
Net unrealized appreciation of investments and futures contracts | 16,092,134 | |
Accumulated net realized loss on investments and futures contracts | (37,083,328) | |
Undistributed net investment income | 89,176 | |
TOTAL NET ASSETS | $135,309,958 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($52,321,001 ÷ 3,482,990 shares outstanding), no par value, unlimited shares authorized | $15.02 | |
Offering price per share (100/94.50 of $15.02) | $15.89 | |
Redemption proceeds per share | $15.02 | |
Class C Shares: | ||
Net asset value per share ($34,873,826 ÷ 2,345,572 shares outstanding), no par value, unlimited shares authorized | $14.87 | |
Offering price per share | $14.87 | |
Redemption proceeds per share (99.00/100 of $14.87) | $14.72 | |
Class R Shares: | ||
Net asset value per share ($421,212 ÷ 28,031 shares outstanding), no par value, unlimited shares authorized | $15.03 | |
Offering price per share | $15.03 | |
Redemption proceeds per share | $15.03 | |
Institutional Shares: | ||
Net asset value per share ($47,693,919 ÷ 3,170,026 shares outstanding), no par value, unlimited shares authorized | $15.05 | |
Offering price per share | $15.05 | |
Redemption proceeds per share | $15.05 |
Investment Income: | |||
Dividends (including $308,715 received from affiliated holdings (Note 5)) | $1,093,648 | ||
Interest | 371,058 | ||
Investment income allocated from affiliated partnership (Note 5) | 40,426 | ||
TOTAL INCOME | 1,505,132 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $511,437 | ||
Administrative fee (Note 5) | 53,258 | ||
Custodian fees | 15,091 | ||
Transfer agent fee (Note 2) | 71,385 | ||
Directors'/Trustees' fees (Note 5) | 865 | ||
Auditing fees | 14,587 | ||
Legal fees | 4,425 | ||
Portfolio accounting fees | 56,150 | ||
Distribution services fee (Note 5) | 137,373 | ||
Shareholder services fee (Note 5) | 87,032 | ||
Account administration fee (Note 2) | 18,924 | ||
Share registration costs | 26,208 | ||
Printing and postage | 20,019 | ||
Insurance premiums (Note 5) | 2,117 | ||
Miscellaneous (Note 5) | 6,307 | ||
TOTAL EXPENSES | 1,025,178 |
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(37,552) | ||
Reimbursement of transfer agent fee (Note 2) | (20,734) | ||
TOTAL WAIVER AND REIMBURSEMENTS | $(58,286) | ||
Net expenses | $966,892 | ||
Net investment income | 538,240 | ||
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | |||
Net realized gain on investments (including realized gain of $68,175 on sales of investments in affiliated holdings) (Note 5) | 3,998,254 | ||
Net realized gain on futures contracts | 36,200 | ||
Net realized gain allocated from affiliated partnership (Note 5) | 5,965 | ||
Realized gain distribution from affiliated investment company shares (Note 5) | 39,088 | ||
Net change in unrealized appreciation of investments | 2,769,082 | ||
Net change in unrealized depreciation of futures contracts | (19,321) | ||
Net realized and unrealized gain on investments and futures contracts | 6,829,268 | ||
Change in net assets resulting from operations | $7,367,508 |
Six Months Ended (unaudited) 1/31/2014 | Year Ended 7/31/2013 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $538,240 | $1,266,929 |
Net realized gain on investments including allocations from partnership and futures contracts | 4,079,507 | 15,112,927 |
Net change in unrealized appreciation/depreciation of investments and futures contracts | 2,749,761 | 6,259,259 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 7,367,508 | 22,639,115 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (505,105) | (667,680) |
Class C Shares | (91,490) | (196,512) |
Class R Shares | (2,791) | (4,965) |
Institutional Shares | (583,702) | (706,650) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (1,183,088) | (1,575,807) |
Share Transactions: | ||
Proceeds from sale of shares | 8,117,952 | 11,415,128 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,085,218 | 1,433,859 |
Cost of shares redeemed | (12,648,168) | (28,175,403) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (3,444,998) | (15,326,416) |
Change in net assets | 2,739,422 | 5,736,892 |
Net Assets: | ||
Beginning of period | 132,570,536 | 126,833,644 |
End of period (including undistributed net investment income of $89,176 and $734,024, respectively) | $135,309,958 | $132,570,536 |
■ | 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 and repurchase agreements acquired with remaining maturities of 60 days or less are valued at their amortized cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security. |
■ | Shares of other mutual funds or non-exchange-traded investment companies 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 Agent Fees Incurred | Transfer Agent Fees Reimbursed | Account Administration Fees Incurred | |
Class A Shares | $35,974 | $(14,955) | $5,742 |
Class C Shares | 17,066 | (3,873) | 13,182 |
Class R Shares | 203 | — | — |
Institutional Shares | 18,142 | (1,906) | — |
TOTAL | $71,385 | $(20,734) | $18,924 |
Security | Acquisition Date | Cost | Market Value |
Football Trust V, Pass Thru Cert., Series 144A, 5.350%, 10/05/2020 | 3/24/2010 | $200,000 | $221,853 |
Fair Value of Derivative Instruments | ||
Asset | ||
Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||
Interest rate contracts | Receivable for daily variation margin | $(131,682)* |
* | 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 | $36,200 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures | |
Interest rate contracts | $(19,321) |
Six Months Ended 1/31/2014 | Year Ended 7/31/2013 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 360,374 | $5,372,608 | 527,475 | $6,996,469 |
Shares issued to shareholders in payment of distributions declared | 29,125 | 445,325 | 46,305 | 582,053 |
Shares redeemed | (413,686) | (6,130,067) | (1,064,068) | (14,149,462) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (24,187) | $(312,134) | (490,288) | $(6,570,940) |
Six Months Ended 1/31/2014 | Year Ended 7/31/2013 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 99,249 | $1,440,819 | 182,902 | $2,406,143 |
Shares issued to shareholders in payment of distributions declared | 5,709 | 86,485 | 14,589 | 181,786 |
Shares redeemed | (262,875) | (3,882,931) | (536,360) | (6,939,271) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (157,917) | $(2,355,627) | (338,869) | $(4,351,342) |
Six Months Ended 1/31/2014 | Year Ended 7/31/2013 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,331 | $19,006 | 3,579 | $48,415 |
Shares issued to shareholders in payment of distributions declared | 182 | 2,791 | 395 | 4,965 |
Shares redeemed | (2,550) | (38,302) | (18,107) | (245,247) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | (1,037) | $(16,505) | (14,133) | $(191,867) |
Six Months Ended 1/31/2014 | Year Ended 7/31/2013 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 85,499 | $1,285,519 | 146,925 | $1,964,101 |
Shares issued to shareholders in payment of distributions declared | 35,965 | 550,617 | 52,824 | 665,055 |
Shares redeemed | (173,053) | (2,596,868) | (520,558) | (6,841,423) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (51,589) | $(760,732) | (320,809) | $(4,212,267) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (234,730) | $(3,444,998) | (1,164,099) | $(15,326,416) |
Expiration Year | Short-Term | Long-Term | Total |
2017 | $10,473,712 | NA | $10,473,712 |
2018 | $30,979,906 | NA | $30,979,906 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
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 | $136,285 |
Class R Shares | 1,088 |
TOTAL | $137,373 |
Service Fees Incurred | |
Class A Shares | $55,546 |
Class C Shares | 31,486 |
TOTAL | $87,032 |
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 7/31/2013 | 55,577 | 821,021 | 7,453,957 | 133,659 | 576,194 | 9,040,408 |
Purchases/Additions | 5,982 | 64,116 | 12,927,369 | 24,102 | 64,567 | 13,086,136 |
Sales/Reductions | (9,404) | — | (12,962,092) | — | — | (12,971,496) |
Balance of Shares Held 1/31/2014 | 52,155 | 885,137 | 7,419,234 | 157,761 | 640,761 | 9,155,048 |
Value | $1,729,533 | $8,692,047 | $7,419,234 | $1,523,969 | $4,248,248 | $23,613,031 |
Dividend Income/Allocated Investment Income | $40,426 | $130,242 | $3,056 | $31,009 | $144,408 | $349,141 |
Capital Gain Distributions/ Allocated Net Realized Gain | $5,965 | $— | $— | $3,666 | $35,422 | $45,053 |
Purchases | $20,689,898 |
Sales | $23,300,860 |
Beginning Account Value 8/1/2013 | Ending Account Value 1/31/2014 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,056.80 | $6.74 |
Class C Shares | $1,000 | $1,052.80 | $10.61 |
Class R Shares | $1,000 | $1,055.60 | $8.19 |
Institutional Shares | $1,000 | $1,058.40 | $5.45 |
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 | $1,017.24 | $8.03 |
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 | 1.58% |
Institutional Shares | 1.05% |
Name | For | Withheld |
John T. Collins | 13,608,392.908 | 253,752.799 |
Maureen Lally-Green | 13,676,380.969 | 185,764.738 |
Thomas M. O'Neill | 13,614,614.261 | 247,531.446 |
P. Jerome Richey | 13,657,897.750 | 204,247.957 |
1 | The following Trustees continued their terms: John F. Donahue, J. Christopher Donahue, Maureen Lally-Green (having been previously appointed by the Board), Peter E. Madden, Charles F. Mansfield, Jr., Thomas M. O'Neill (having been previously appointed by the Board), and John S. Walsh. |
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R833
CUSIP 31421R692
CUSIP 31421R825
2014 ©Federated Investors, Inc.
Share Class | Ticker |
A | QALGX |
B | QBLGX |
C | QCLGX |
Institutional | QILGX |
Industry Composition | Percentage of Total Net Assets |
Biotechnology | 5.7% |
Internet Services | 4.4% |
Software Packaged/Custom | 4.4% |
Soft Drinks | 3.8% |
Specialty Retailing | 3.8% |
Computer Peripherals | 3.2% |
Financial Services | 2.7% |
Semiconductor Manufacturing | 2.5% |
Medical Supplies | 2.4% |
Defense Aerospace | 2.1% |
Textiles, Apparel & Luxury Goods | 1.8% |
Clothing Stores | 1.8% |
Construction Machinery | 1.8% |
Commodity Chemicals | 1.7% |
Crude Oil & Gas Production | 1.6% |
Ethical Drugs | 1.6% |
Grocery Chain | 1.6% |
Computers - High End | 1.5% |
Health Care Providers & Services | 1.5% |
Cable TV | 1.4% |
Discount Department Stores | 1.4% |
Other Communications Equipment | 1.4% |
Telecommunication Equipment & Services | 1.4% |
Toys & Games | 1.4% |
Agricultural Machinery | 1.2% |
Broadcasting | 1.2% |
Computer Services | 1.1% |
Cable & Wireless Television | 1.1% |
Computers - Low End | 1.1% |
Mutual Fund Adviser | 1.1% |
Drug Store | 1.0% |
Industry Composition | Percentage of Total Net Assets |
Other2 | 33.1% |
Cash Equivalents3 | 2.3% |
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—97.8% | |||
Agricultural Chemicals—0.6% | |||
8,035 | Scotts Miracle-Gro Co. | $477,199 | |
Agricultural Machinery—1.2% | |||
11,800 | Deere & Co. | 1,014,328 | |
Airline - National—0.9% | |||
17,327 | 1 | United Continental Holdings, Inc. | 794,270 |
Airline - Regional—0.3% | |||
3,700 | Alaska Air Group, Inc. | 292,559 | |
Airlines—0.7% | |||
1,100 | Copa Holdings SA, Class A | 143,770 | |
13,700 | Delta Air Lines, Inc. | 419,357 | |
TOTAL | 563,127 | ||
Apparel—0.3% | |||
4,800 | L Brands, Inc. | 251,328 | |
AT&T Divestiture—0.9% | |||
15,136 | Verizon Communications, Inc. | 726,831 | |
Auto Components—0.4% | |||
14,600 | Goodyear Tire & Rubber Co. | 345,436 | |
Auto Manufacturing—0.4% | |||
25,317 | Ford Motor Co. | 378,742 | |
Auto Original Equipment Manufacturers—0.5% | |||
2,400 | BorgWarner, Inc. | 128,880 | |
3,500 | Delphi Automotive PLC | 213,115 | |
900 | 1 | O'Reilly Automotive, Inc. | 117,882 |
TOTAL | 459,877 | ||
Auto Part Replacement—0.9% | |||
8,907 | Genuine Parts Co. | 732,601 | |
Auto Rentals—0.6% | |||
6,300 | 1 | United Rentals, Inc. | 509,922 |
Baking—0.3% | |||
12,348 | Flowers Foods, Inc. | 258,690 | |
Biotechnology—5.7% | |||
4,300 | 1 | Alexion Pharmaceuticals, Inc. | 682,539 |
4,600 | Amgen, Inc. | 547,170 | |
3,000 | 1 | Biogen Idec, Inc. | 937,920 |
3,573 | 1 | Celgene Corp. | 542,846 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Biotechnology—continued | |||
7,400 | 1 | Gilead Sciences, Inc. | $596,810 |
3,100 | 1 | Illumina, Inc. | 471,200 |
3,400 | 1 | Jazz Pharmaceuticals PLC | 515,644 |
4,500 | 1 | Medivation, Inc. | 358,200 |
5,900 | 1 | Myriad Genetics, Inc. | 163,017 |
TOTAL | 4,815,346 | ||
Broadcasting—1.2% | |||
14,653 | 1 | DIRECTV Group, Inc. | 1,017,358 |
Building Materials—0.3% | |||
6,000 | Fortune Brands Home & Security, Inc. | 270,360 | |
Building Supply Stores—0.6% | |||
6,700 | Home Depot, Inc. | 514,895 | |
Cable & Wireless Television—1.1% | |||
6,900 | Time Warner Cable, Inc. | 919,563 | |
Cable TV—1.4% | |||
5,793 | 1 | AMC Networks, Inc. | 373,301 |
3,800 | CBS Corp. (New), Class B | 223,136 | |
8,641 | Comcast Corp., Class A | 470,502 | |
1,100 | Viacom, Inc., Class B | 90,310 | |
TOTAL | 1,157,249 | ||
Capital Markets—0.4% | |||
6,800 | Franklin Resources, Inc. | 353,668 | |
Chemicals—0.7% | |||
1,700 | Eastman Chemical Co. | 132,532 | |
5,900 | LyondellBasell Industries NV | 464,684 | |
TOTAL | 597,216 | ||
Clothing Stores—1.8% | |||
23,415 | Gap (The), Inc. | 891,643 | |
9,129 | Hanesbrands, Inc. | 649,437 | |
TOTAL | 1,541,080 | ||
Commodity Chemicals—1.7% | |||
4,200 | DuPont (E.I.) de Nemours & Co. | 256,242 | |
1,800 | PPG Industries, Inc. | 328,248 | |
15,925 | RPM International, Inc. | 631,745 | |
1,700 | Westlake Chemical Corp. | 206,618 | |
TOTAL | 1,422,853 | ||
Computer Peripherals—3.2% | |||
14,800 | EMC Corp. | 358,752 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Computer Peripherals—continued | |||
14,000 | NetApp, Inc. | $592,760 | |
8,300 | Sandisk Corp. | 577,265 | |
13,800 | Western Digital Corp. | 1,189,146 | |
TOTAL | 2,717,923 | ||
Computer Services—1.1% | |||
5,654 | 1 | Cognizant Technology Solutions Corp. | 547,986 |
2,600 | 1 | Fiserv, Inc. | 145,730 |
3,500 | Global Payments, Inc. | 231,315 | |
TOTAL | 925,031 | ||
Computers - High End—1.5% | |||
7,200 | IBM Corp. | 1,272,096 | |
Computers - Low End—1.1% | |||
1,895 | Apple, Inc. | 948,637 | |
Construction Machinery—1.8% | |||
11,100 | Caterpillar, Inc. | 1,042,401 | |
8,900 | Joy Global, Inc. | 469,831 | |
TOTAL | 1,512,232 | ||
Consumer Non-Cyclical - Products—0.2% | |||
1,900 | Mead Johnson Nutrition Co. | 146,091 | |
Cosmetics & Toiletries—0.8% | |||
15,906 | Avon Products, Inc. | 236,840 | |
4,800 | Estee Lauder Cos., Inc., Class A | 329,952 | |
3,500 | 1 | Sally Beauty Holdings, Inc. | 99,330 |
TOTAL | 666,122 | ||
Crude Oil & Gas Production—1.6% | |||
600 | Cabot Oil & Gas Corp., Class A | 23,988 | |
6,100 | EOG Resources, Inc. | 1,007,964 | |
6,083 | 1 | Newfield Exploration Co. | 150,676 |
4,700 | 1 | Southwestern Energy Co. | 191,243 |
TOTAL | 1,373,871 | ||
Defense Aerospace—2.1% | |||
4,908 | 1 | B/E Aerospace, Inc. | 390,039 |
3,700 | Boeing Co. | 463,462 | |
6,000 | Lockheed Martin Corp. | 905,460 | |
TOTAL | 1,758,961 | ||
Department Stores—0.9% | |||
2,000 | Dillards, Inc., Class A | 174,600 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Department Stores—continued | |||
9,900 | Target Corp. | $560,736 | |
TOTAL | 735,336 | ||
Discount Department Stores—1.4% | |||
2,700 | Family Dollar Stores, Inc. | 166,914 | |
13,232 | Wal-Mart Stores, Inc. | 988,166 | |
TOTAL | 1,155,080 | ||
Diversified Consumer Services—0.2% | |||
4,500 | Block (H&R), Inc. | 136,800 | |
Diversified Leisure—0.6% | |||
6,900 | Las Vegas Sands Corp. | 527,988 | |
Diversified Tobacco—0.4% | |||
3,600 | Altria Group, Inc. | 126,792 | |
4,300 | Lorillard, Inc. | 211,646 | |
TOTAL | 338,438 | ||
Drug Store—1.0% | |||
14,800 | Walgreen Co. | 848,780 | |
Education & Training Services—0.3% | |||
5,400 | 1 | Apollo Group, Inc., Class A | 174,366 |
3,604 | 1 | ITT Educational Services, Inc. | 105,957 |
TOTAL | 280,323 | ||
Electrical Equipment—0.3% | |||
3,400 | Emerson Electric Co. | 224,196 | |
Ethical Drugs—1.6% | |||
17,791 | Eli Lilly & Co. | 960,892 | |
3,600 | 1 | United Therapeutics Corp. | 369,432 |
TOTAL | 1,330,324 | ||
Financial Services—2.7% | |||
4,100 | American Express Co. | 348,582 | |
1,100 | BlackRock, Inc. | 330,517 | |
4,100 | 1 | FleetCor Technologies, Inc. | 435,912 |
8,000 | Mastercard, Inc. | 605,440 | |
6,700 | 1 | Verifone Systems, Inc. | 194,367 |
694 | Visa, Inc., Class A | 149,508 | |
12,400 | Western Union Co. | 190,960 | |
TOTAL | 2,255,286 | ||
Food Products—0.7% | |||
5,300 | Kellogg Co. | 307,294 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Food Products—continued | |||
4,700 | Kraft Foods Group, Inc. | $246,045 | |
TOTAL | 553,339 | ||
Gas Utilities—0.3% | |||
2,300 | EQT Corp. | 213,463 | |
Generic Drugs—0.7% | |||
12,400 | 1 | Mylan, Inc. | 563,084 |
Grocery Chain—1.6% | |||
34,777 | Kroger Co. | 1,255,450 | |
2,300 | Whole Foods Market, Inc. | 120,198 | |
TOTAL | 1,375,648 | ||
Health Care Equipment & Supplies—0.2% | |||
2,600 | Stryker Corp. | 201,760 | |
Health Care Providers & Services—1.5% | |||
6,200 | 1 | Express Scripts Holding Co. | 463,078 |
5,000 | 1 | HCA, Inc. | 251,350 |
5,800 | 1 | Laboratory Corp. of America Holdings | 521,014 |
TOTAL | 1,235,442 | ||
Home Products—0.3% | |||
3,600 | Tupperware Brands Corp. | 282,096 | |
Hotels and Motels—0.9% | |||
5,100 | Wyndham Worldwide Corp. | 361,794 | |
1,800 | Wynn Resorts Ltd. | 391,356 | |
TOTAL | 753,150 | ||
Household Durables—0.2% | |||
5,200 | Newell Rubbermaid, Inc. | 160,680 | |
Industrial Machinery—0.7% | |||
1,800 | Dover Corp. | 155,808 | |
5,000 | Ingersoll-Rand PLC, Class A | 293,950 | |
1,100 | Valmont Industries, Inc. | 161,018 | |
TOTAL | 610,776 | ||
Insurance—0.2% | |||
1,800 | Aon PLC | 144,828 | |
Internet Services—4.4% | |||
9,900 | 1 | eBay, Inc. | 526,680 |
500 | 1 | Google, Inc. | 590,485 |
13,000 | IAC Interactive Corp. | 910,520 | |
2,200 | 1 | NetFlix, Inc. | 900,526 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Internet Services—continued | |||
646 | 1 | Priceline.com, Inc. | $739,599 |
TOTAL | 3,667,810 | ||
Internet Software & Services—0.4% | |||
5,200 | 1 | Facebook, Inc. | 325,364 |
IT Services—0.4% | |||
3,000 | Accenture PLC | 239,640 | |
1,800 | Automatic Data Processing, Inc. | 137,880 | |
TOTAL | 377,520 | ||
Life Insurance—0.8% | |||
7,600 | Prudential Financial, Inc. | 641,364 | |
Medical Supplies—2.4% | |||
900 | Allergan, Inc. | 103,140 | |
1,900 | Becton, Dickinson & Co. | 205,428 | |
14,848 | Cardinal Health, Inc. | 1,009,961 | |
4,100 | McKesson Corp. | 715,081 | |
TOTAL | 2,033,610 | ||
Medical Technology—0.8% | |||
10,732 | St. Jude Medical, Inc. | 651,754 | |
Miscellaneous Machinery—0.2% | |||
100 | Illinois Tool Works, Inc. | 7,887 | |
1,600 | Rockwell Automation, Inc. | 183,744 | |
TOTAL | 191,631 | ||
Multi-Industry Capital Goods—0.5% | |||
1,600 | 3M Co. | 205,104 | |
2,700 | Honeywell International, Inc. | 246,321 | |
TOTAL | 451,425 | ||
Multi-Line Insurance—0.7% | |||
6,000 | Allied World Assurance Holdings Ltd. | 617,520 | |
Multiline Retail—0.5% | |||
7,500 | Macy's, Inc. | 399,000 | |
Mutual Fund Adviser—1.1% | |||
2,000 | 1 | Affiliated Managers Group | 398,480 |
4,600 | T. Rowe Price Group, Inc. | 360,824 | |
2,300 | Waddell & Reed Financial, Inc., Class A | 149,086 | |
TOTAL | 908,390 | ||
Office Equipment—0.9% | |||
28,428 | Pitney Bowes, Inc. | 715,817 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Office Supplies—0.7% | |||
11,485 | Avery Dennison Corp. | $565,866 | |
Offshore Driller—0.2% | |||
1,900 | Oceaneering International, Inc. | 129,485 | |
Oil Refiner—0.2% | |||
3,500 | CVR Energy, Inc. | 129,815 | |
Oil Well Supply—0.9% | |||
1,400 | 1 | Dril-Quip, Inc. | 140,784 |
7,100 | Halliburton Co. | 347,971 | |
3,500 | Schlumberger Ltd. | 306,495 | |
TOTAL | 795,250 | ||
Other Communications Equipment—1.4% | |||
14,517 | Harris Corp. | 1,006,609 | |
4,900 | 1 | Skyworks Solutions, Inc. | 148,225 |
TOTAL | 1,154,834 | ||
Packaged Foods—0.1% | |||
900 | Hershey Foods Corp. | 89,460 | |
Paper Products—0.8% | |||
3,900 | International Paper Co. | 186,186 | |
5,200 | Rock-Tenn Co. | 527,696 | |
TOTAL | 713,882 | ||
Personal & Household—0.4% | |||
4,400 | Nu Skin Enterprises, Inc., Class A | 374,660 | |
Personal Products—0.5% | |||
3,600 | Kimberly-Clark Corp. | 393,732 | |
Plastic Containers—0.6% | |||
15,128 | 1 | Owens-Illinois, Inc. | 484,701 |
Pollution Control—0.1% | |||
1,500 | Danaher Corp. | 111,585 | |
Printing—0.3% | |||
11,646 | Donnelley (R.R.) & Sons Co. | 215,102 | |
Professional Services—0.3% | |||
2,200 | Dun & Bradstreet Corp. | 242,000 | |
Property Liability Insurance—0.7% | |||
6,906 | The Travelers Cos., Inc. | 561,320 | |
Railroad—0.6% | |||
1,700 | Union Pacific Corp. | 296,208 | |
3,000 | Wabtec Corp. | 221,430 | |
TOTAL | 517,638 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Recreational Goods—0.2% | |||
11,642 | International Game Technology | $167,994 | |
Recreational Vehicles—0.4% | |||
2,400 | Polaris Industries, Inc., Class A | 300,480 | |
Restaurants—0.3% | |||
3,200 | Green Mountain Coffee, Inc. | 259,200 | |
Semiconductor Manufacturing—2.5% | |||
21,300 | Broadcom Corp. | 633,888 | |
58,931 | Intel Corp. | 1,446,167 | |
TOTAL | 2,080,055 | ||
Semiconductors & Semiconductor Equipment—0.7% | |||
7,300 | Microchip Technology, Inc. | 327,478 | |
200 | Texas Instruments, Inc. | 8,480 | |
5,800 | Xilinx, Inc. | 269,236 | |
TOTAL | 605,194 | ||
Services to Medical Professionals—0.4% | |||
3,300 | 1 | Henry Schein, Inc. | 379,137 |
Shoes—0.4% | |||
4,000 | 1 | Deckers Outdoor Corp. | 311,800 |
Soft Drinks—3.8% | |||
24,994 | Coca-Cola Enterprises, Inc. | 1,081,990 | |
25,130 | Dr. Pepper Snapple Group, Inc. | 1,203,224 | |
10,910 | PepsiCo, Inc. | 876,728 | |
TOTAL | 3,161,942 | ||
Software Packaged/Custom—4.4% | |||
35,613 | CA, Inc. | 1,142,465 | |
3,700 | 1 | Citrix Systems, Inc. | 200,059 |
2,300 | 1 | Commvault Systems, Inc. | 158,861 |
8,800 | 1 | Electronic Arts, Inc. | 232,320 |
1,400 | 1 | F5 Networks, Inc. | 149,800 |
6,700 | Microsoft Corp. | 253,595 | |
10,400 | Oracle Corp. | 383,760 | |
53,409 | Symantec Corp. | 1,143,465 | |
TOTAL | 3,664,325 | ||
Specialty Chemicals—0.3% | |||
2,500 | Airgas, Inc. | 258,100 | |
Specialty Retailing—3.8% | |||
800 | 1 | AutoZone, Inc. | 396,048 |
6,400 | 1 | Bed Bath & Beyond, Inc. | 408,640 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Specialty Retailing—continued | |||
5,900 | 1 | Big Lots, Inc. | $158,061 |
3,000 | Costco Wholesale Corp. | 337,080 | |
5,300 | 1 | Dollar General Corp. | 298,496 |
5,000 | Expedia, Inc. | 324,900 | |
6,516 | GNC Acquisition Holdings Inc. | 333,033 | |
8,300 | Lowe's Cos., Inc. | 384,207 | |
6,136 | Nordstrom, Inc. | 352,513 | |
3,300 | PetSmart, Inc. | 207,900 | |
TOTAL | 3,200,878 | ||
Telecommunication Equipment & Services—1.4% | |||
6,400 | Motorola, Inc. | 408,320 | |
10,100 | Qualcomm, Inc. | 749,622 | |
TOTAL | 1,157,942 | ||
Telephone Utility—0.2% | |||
28,204 | Windstream Corp. | 210,966 | |
Textiles Apparel & Luxury Goods—1.8% | |||
10,900 | Coach, Inc. | 522,001 | |
2,700 | 1 | Fossil, Inc. | 301,941 |
4,400 | 1 | Michael Kors Holdings Ltd. | 351,692 |
2,100 | Ralph Lauren Corp. | 329,469 | |
TOTAL | 1,505,103 | ||
Toys & Games—1.4% | |||
21,165 | Hasbro, Inc. | 1,039,625 | |
4,600 | Mattel, Inc. | 174,064 | |
TOTAL | 1,213,689 | ||
Trading Companies & Distributors—0.2% | |||
600 | Grainger (W.W.), Inc. | 140,688 | |
Truck Manufacturing—0.5% | |||
3,300 | Cummins, Inc. | 419,034 | |
Undesignated Consumer Cyclicals—0.6% | |||
6,300 | Herbalife Ltd. | 405,531 | |
3,300 | Weight Watchers International, Inc. | 89,199 | |
TOTAL | 494,730 | ||
Uniforms—0.6% | |||
9,236 | Cintas Corp. | 527,098 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $68,140,488) | 82,181,169 |
Shares | Value | ||
INVESTMENT COMPANY—2.3% | |||
1,898,003 | 2,3 | Federated Prime Value Obligations Fund, Institutional Shares, 0.06% (AT NET ASSET VALUE) | $1,898,003 |
TOTAL INVESTMENTS—100.1% (IDENTIFIED COST $70,038,491)4 | 84,079,172 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.1)%5 | (44,610) | ||
TOTAL NET ASSETS—100% | $84,034,562 |
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) 1/31/2014 | Year Ended July 31, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $13.58 | $10.59 | $10.50 | $8.45 | $7.60 | $10.23 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.03 | 0.04 | (0.02) | (0.03) | (0.01) | 0.002 |
Net realized and unrealized gain (loss) on investments | 1.39 | 2.95 | 0.11 | 2.08 | 0.86 | (2.63) |
TOTAL FROM INVESTMENT OPERATIONS | 1.42 | 2.99 | 0.09 | 2.05 | 0.85 | (2.63) |
Net Asset Value, End of Period | $15.00 | $13.58 | $10.59 | $10.50 | $8.45 | $7.60 |
Total Return3 | 10.46% | 28.23% | 0.86% | 24.26% | 11.18% | (25.71)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.50%4 | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Net investment income (loss) | 0.15%4 | 0.34% | (0.23)% | (0.28)% | (0.08)% | 0.04% |
Expense waiver/reimbursement5 | 0.13%4 | 0.27% | 0.78% | 0.74% | 0.55% | 0.52% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $56,956 | $49,018 | $40,676 | $44,762 | $45,993 | $68,963 |
Portfolio turnover | 23% | 135% | 258% | 208% | 217% | 380% |
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) 1/31/2014 | Year Ended July 31, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $13.05 | $10.25 | $10.24 | $8.30 | $7.53 | $10.21 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.04) | (0.05) | (0.10) | (0.10) | (0.07) | (0.05) |
Net realized and unrealized gain (loss) on investments | 1.35 | 2.85 | 0.11 | 2.04 | 0.84 | (2.63) |
TOTAL FROM INVESTMENT OPERATIONS | 1.31 | 2.80 | 0.01 | 1.94 | 0.77 | (2.68) |
Net Asset Value, End of Period | $14.36 | $13.05 | $10.25 | $10.24 | $8.30 | $7.53 |
Total Return2 | 10.04% | 27.32% | 0.10% | 23.37% | 10.23% | (26.25)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.25%3 | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% |
Net investment income (loss) | (0.60)%3 | (0.44)% | (0.98)% | (1.04)% | (0.86)% | (0.72)% |
Expense waiver/reimbursement4 | 0.13%3 | 0.26% | 0.78% | 0.74% | 0.56% | 0.52% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $9,020 | $7,428 | $4,932 | $6,680 | $7,506 | $8,532 |
Portfolio turnover | 23% | 135% | 258% | 208% | 217% | 380% |
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) 1/31/2014 | Year Ended July 31, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $12.76 | $10.03 | $10.02 | $8.12 | $7.37 | $9.99 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.04) | (0.05) | (0.09) | (0.10) | (0.07) | (0.05) |
Net realized and unrealized gain (loss) on investments | 1.33 | 2.78 | 0.10 | 2.00 | 0.82 | (2.57) |
TOTAL FROM INVESTMENT OPERATIONS | 1.29 | 2.73 | 0.01 | 1.90 | 0.75 | (2.62) |
Net Asset Value, End of Period | $14.05 | $12.76 | $10.03 | $10.02 | $8.12 | $7.37 |
Total Return2 | 10.11% | 27.22% | 0.10% | 23.40% | 10.18% | (26.23)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.25%3 | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% |
Net investment income (loss) | (0.60)%3 | (0.43)% | (0.98)% | (1.05)% | (0.86)% | (0.71)% |
Expense waiver/reimbursement4 | 0.13%3 | 0.27% | 0.78% | 0.74% | 0.56% | 0.52% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $11,176 | $9,830 | $7,001 | $7,564 | $6,816 | $7,333 |
Portfolio turnover | 23% | 135% | 258% | 208% | 217% | 380% |
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) 1/31/2014 | Year Ended July 31, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $13.88 | $10.80 | $10.68 | $8.57 | $7.70 | $10.33 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.03 | 0.07 | 0.002 | (0.00)2 | 0.01 | 0.02 |
Net realized and unrealized gain (loss) on investments | 1.44 | 3.01 | 0.12 | 2.11 | 0.86 | (2.65) |
TOTAL FROM INVESTMENT OPERATIONS | 1.47 | 3.08 | 0.12 | 2.11 | 0.87 | (2.63) |
Net Asset Value, End of Period | $15.35 | $13.88 | $10.80 | $10.68 | $8.57 | $7.70 |
Total Return3 | 10.59% | 28.52% | 1.12% | 24.62% | 11.30% | (25.46)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.25%4 | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
Net investment income (loss) | 0.38%4 | 0.58% | 0.02% | (0.05)% | 0.14% | 0.28% |
Expense waiver/reimbursement5 | 0.13%4 | 0.27% | 0.78% | 0.74% | 0.56% | 0.52% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $6,883 | $5,002 | $3,774 | $4,565 | $4,179 | $4,769 |
Portfolio turnover | 23% | 135% | 258% | 208% | 217% | 380% |
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 $1,898,003 of investment in an affiliated holding (Note 5) (identified cost $70,038,491) | $84,079,172 | |
Income receivable | 44,102 | |
Receivable for investments sold | 921,500 | |
Receivable for shares sold | 270,013 | |
TOTAL ASSETS | 85,314,787 | |
Liabilities: | ||
Payable for investments purchased | $962,646 | |
Payable for shares redeemed | 197,861 | |
Payable for transfer agent fee | 39,615 | |
Payable for distribution services fee (Note 5) | 13,026 | |
Payable for shareholder services fee (Note 5) | 29,494 | |
Accrued expenses (Note 5) | 37,583 | |
TOTAL LIABILITIES | 1,280,225 | |
Net assets for 5,670,429 shares outstanding | $84,034,562 | |
Net Assets Consist of: | ||
Paid-in capital | $80,344,303 | |
Net unrealized appreciation of investments | 14,040,681 | |
Accumulated net realized loss on investments | (10,345,059) | |
Accumulated net investment income (loss) | (5,363) | |
TOTAL NET ASSETS | $84,034,562 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($56,956,096 ÷ 3,798,036 shares outstanding), no par value, unlimited shares authorized | $15.00 | |
Offering price per share (100/94.50 of $15.00) | $15.87 | |
Redemption proceeds per share | $15.00 | |
Class B Shares: | ||
Net asset value per share ($9,019,686 ÷ 628,232 shares outstanding), no par value, unlimited shares authorized | $14.36 | |
Offering price per share | $14.36 | |
Redemption proceeds per share (94.50/100 of $14.36) | $13.57 | |
Class C Shares: | ||
Net asset value per share ($11,176,271 ÷ 795,738 shares outstanding), no par value, unlimited shares authorized | $14.05 | |
Offering price per share | $14.05 | |
Redemption proceeds per share (99.00/100 of $14.05) | $13.91 | |
Institutional Shares: | ||
Net asset value per share ($6,882,509 ÷ 448,423 shares outstanding), no par value, unlimited shares authorized | $15.35 | |
Offering price per share | $15.35 | |
Redemption proceeds per share | $15.35 |
Investment Income: | ||
Dividends (including $562 received from an affiliated holding (Note 5)) | $644,663 | |
Expenses: | ||
Investment adviser fee (Note 5) | $292,514 | |
Administrative fee (Note 5) | 30,460 | |
Custodian fees | 5,475 | |
Transfer agent fee | 102,171 | |
Directors'/Trustees' fees (Note 5) | 695 | |
Auditing fees | 11,931 | |
Legal fees | 4,425 | |
Portfolio accounting fees | 39,947 | |
Distribution services fee (Note 5) | 71,495 | |
Shareholder services fee (Note 5) | 88,437 | |
Account administration fee (Note 2) | 660 | |
Share registration costs | 26,854 | |
Printing and postage | 21,268 | |
Insurance premiums (Note 5) | 2,051 | |
Miscellaneous (Note 5) | 3,380 | |
TOTAL EXPENSES | 701,763 | |
Waiver and Reimbursement (Note 5): | ||
Waiver/reimbursement of investment adviser fee | (51,737) | |
Net expenses | 650,026 | |
Net investment income (loss) | (5,363) | |
Realized and Unrealized Gain on Investments: | ||
Net realized gain on investments | 3,608,386 | |
Net change in unrealized appreciation of investments | 3,843,453 | |
Net realized and unrealized gain on investments | 7,451,839 | |
Change in net assets resulting from operations | $7,446,476 |
Six Months Ended (unaudited) 1/31/2014 | Year Ended 7/31/2013 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(5,363) | $110,130 |
Net realized gain on investments | 3,608,386 | 8,367,659 |
Net change in unrealized appreciation/depreciation of investments | 3,843,453 | 7,058,250 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 7,446,476 | 15,536,039 |
Share Transactions: | ||
Proceeds from sale of shares | 12,055,447 | 12,798,303 |
Cost of shares redeemed | (6,745,172) | (13,440,268) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 5,310,275 | (641,965) |
Change in net assets | 12,756,751 | 14,894,074 |
Net Assets: | ||
Beginning of period | 71,277,811 | 56,383,737 |
End of period (including accumulated net investment income (loss) of $(5,363) and $0, respectively) | $84,034,562 | $71,277,811 |
■ | 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 or non-exchange-traded investment companies 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 and repurchase agreements acquired with remaining maturities of 60 days or less are valued at their amortized cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security. |
■ | 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. |
Account Administration Fees Incurred | |
Class A Shares | $660 |
Six Months Ended 1/31/2014 | Year Ended 7/31/2013 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 474,446 | $6,974,806 | 427,339 | $5,091,052 |
Shares redeemed | (286,731) | (4,119,650) | (658,699) | (7,736,460) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 187,715 | $2,855,156 | (231,360) | $(2,645,408) |
Six Months Ended 1/31/2014 | Year Ended 7/31/2013 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 130,970 | $1,785,284 | 311,135 | $3,500,256 |
Shares redeemed | (72,022) | (989,048) | (222,897) | (2,512,835) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | 58,948 | $796,236 | 88,238 | $987,421 |
Six Months Ended 1/31/2014 | Year Ended 7/31/2013 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 106,760 | $1,463,054 | 280,843 | $3,155,642 |
Shares redeemed | (81,140) | (1,111,892) | (208,807) | (2,310,108) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 25,620 | $351,162 | 72,036 | $845,534 |
Six Months Ended 1/31/2014 | Year Ended 7/31/2013 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 123,519 | $1,832,303 | 85,726 | $1,051,353 |
Shares redeemed | (35,512) | (524,582) | (74,931) | (880,865) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 88,007 | $1,307,721 | 10,795 | $170,488 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 360,290 | $5,310,275 | (60,291) | $(641,965) |
Expiration Year | Short-Term | Long-Term | Total |
2017 | $12,338,134 | NA | $12,338,134 |
2018 | $1,600,627 | NA | $1,600,627 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
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 | $31,764 |
Class C Shares | 39,731 |
TOTAL | $71,495 |
Service Fees Incurred | |
Class A Shares | $64,630 |
Class B Shares | 10,563 |
Class C Shares | 13,244 |
TOTAL | $88,437 |
Federated Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2013 | 1,252,177 |
Purchases/Additions | 7,012,504 |
Sales/Reductions | (6,366,678) |
Balance of Shares Held 1/31/2014 | 1,898,003 |
Value | $1,898,003 |
Dividend Income | $562 |
Purchases | $22,115,797 |
Sales | $17,089,746 |
Beginning Account Value 8/1/2013 | Ending Account Value 1/31/2014 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,104.60 | $7.96 |
Class B Shares | $1,000 | $1,100.40 | $11.91 |
Class C Shares | $1,000 | $1,101.10 | $11.92 |
Institutional Shares | $1,000 | $1,105.90 | $6.64 |
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% |
Name | For | Withheld |
John T. Collins | 13,608,392.908 | 253,752.799 |
Maureen Lally-Green | 13,676,380.969 | 185,764.738 |
Thomas M. O'Neill | 13,614,614.261 | 247,531.446 |
P. Jerome Richey | 13,657,897.750 | 204,247.957 |
1 | The following Trustees continued their terms: John F. Donahue, J. Christopher Donahue, Maureen Lally-Green (having been previously appointed by the Board), Peter E. Madden, Charles F. Mansfield, Jr., Thomas M. O'Neill (having been previously appointed by the Board), and John S. Walsh. |
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R684
CUSIP 31421R809
CUSIP 31421R882
2014 ©Federated Investors, Inc.
Share Class | Ticker |
A | QASCX |
C | QCSCX |
Institutional | QISCX |
Industry Composition | Percentage of Total Net Assets |
Regional Banks | 9.0% |
Financial Services | 4.7% |
Software Packaged/Custom | 4.6% |
Specialty Retailing | 3.1% |
Savings & Loan | 2.8% |
Medical Supplies | 2.6% |
Biotechnology | 2.3% |
Medical Technology | 2.2% |
Multi-Line Insurance | 2.0% |
Property Liability Insurance | 2.0% |
Personnel Agency | 1.7% |
Telecommunication Equipment & Services | 1.7% |
Electrical Equipment | 1.6% |
Life Insurance | 1.5% |
Services to Medical Professionals | 1.5% |
Semiconductor Manufacturing | 1.4% |
Building Materials | 1.3% |
Computer Services | 1.2% |
Electric Utility | 1.2% |
Furniture | 1.2% |
Shoes | 1.2% |
Apparel | 1.1% |
Electric & Electronic Original Equipment Manufacturers | 1.1% |
Recreational Goods | 1.1% |
Airline—Regional | 1.0% |
Education & Training Services | 1.0% |
Metal Fabrication | 1.0% |
Industry Composition | Percentage of Total Net Assets |
Undesignated Consumer Staples | 1.0% |
Other2 | 39.9% |
Cash Equivalents3 | 1.9% |
Other Assets and Liabilities—Net4 | 0.1% |
TOTAL | 100% |
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—0.2% | |||
3,887 | 1 | Triple-S Management Corp., Class B | $69,344 |
Agricultural Machinery—0.4% | |||
2,800 | Alamo Group, Inc. | 140,616 | |
Airline - National—0.5% | |||
21,440 | 1 | Jet Blue Airways Corp. | 187,814 |
Airline - Regional—1.0% | |||
356 | Alaska Air Group, Inc. | 28,149 | |
12,514 | 1 | Republic Airways Holdings, Inc. | 122,763 |
5,627 | SkyWest, Inc. | 73,207 | |
3,700 | 1 | Spirit Airlines, Inc. | 173,530 |
TOTAL | 397,649 | ||
Apparel—1.1% | |||
2,100 | 1 | Ann, Inc. | 67,914 |
1,937 | 1 | Express, Inc. | 33,549 |
4,500 | 1 | G-III Apparel Group Ltd. | 314,865 |
TOTAL | 416,328 | ||
Auto Original Equipment Manufacturers—0.6% | |||
4,100 | 1 | Stoneridge, Inc. | 46,658 |
3,454 | 1 | Tenneco Automotive, Inc. | 196,325 |
TOTAL | 242,983 | ||
Auto Part Replacement—0.4% | |||
4,385 | Standard Motor Products, Inc. | 143,433 | |
Auto Rentals—0.1% | |||
109 | 1 | AMERCO | 24,278 |
Automotive—0.4% | |||
1,500 | Remy International, Inc. | 30,015 | |
5,900 | 1,2 | Tower International, Inc. | 131,157 |
TOTAL | 161,172 | ||
Biotechnology—2.3% | |||
13,900 | 1 | Affymetrix, Inc. | 130,521 |
1,200 | 1 | Air Methods Corp. | 61,716 |
4,400 | 1 | Anika Therapeutics, Inc. | 146,388 |
2,600 | 1 | INSYS Therapeutics, Inc. | 152,958 |
8,400 | 1 | Neurocrine Biosciences, Inc. | 143,556 |
3,900 | 1 | Oncomed Pharmaceuticals, Inc. | 117,663 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Biotechnology—continued | |||
4,800 | 1 | Portola Pharmaceuticals, Inc. | $128,016 |
TOTAL | 880,818 | ||
Book Publishing—0.4% | |||
4,400 | Scholastic Corp. | 145,156 | |
Building Materials—1.3% | |||
3,750 | Aaon, Inc. | 111,225 | |
3,300 | 1 | Trex Co., Inc. | 232,089 |
3,100 | Universal Forest Products, Inc. | 162,905 | |
TOTAL | 506,219 | ||
Building Products—0.3% | |||
3,400 | Simpson Manufacturing Co., Inc. | 110,840 | |
Business Services—0.3% | |||
3,041 | 1 | Euronet Worldwide, Inc. | 130,337 |
Carpets—0.1% | |||
1,965 | Culp, Inc. | 39,713 | |
Clothing Stores—0.4% | |||
2,300 | 1 | Children's Place Retail Stores, Inc. | 121,141 |
4,000 | Stein Mart, Inc. | 49,520 | |
TOTAL | 170,661 | ||
Commercial Services—0.4% | |||
1,600 | Convergys Corp. | 32,592 | |
9,500 | 1 | Furmanite Corp. | 110,960 |
TOTAL | 143,552 | ||
Communications Equipment—0.9% | |||
10,200 | 1 | Finisar Corp. | 241,842 |
11,400 | 1 | Shoretel, Inc. | 87,780 |
TOTAL | 329,622 | ||
Computer Networking—0.8% | |||
2,751 | Black Box Corp. | 75,405 | |
3,700 | 1 | NetScout Systems, Inc. | 130,684 |
4,800 | 1 | Super Micro Computer, Inc. | 98,688 |
TOTAL | 304,777 | ||
Computer Peripherals—0.6% | |||
4,100 | Bel Fuse, Inc. | 78,597 | |
2,500 | 1 | Synaptics, Inc. | 145,900 |
TOTAL | 224,497 | ||
Computer Services—1.2% | |||
1,105 | 1 | CACI International, Inc., Class A | 81,792 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Computer Services—continued | |||
4,900 | 1 | Sykes Enterprises, Inc. | $102,704 |
1,244 | 1 | Synnex Corp. | 69,851 |
2,300 | 1 | Syntel, Inc. | 193,775 |
TOTAL | 448,122 | ||
Computer Stores—0.8% | |||
5,471 | 1 | Insight Enterprises, Inc. | 115,438 |
8,869 | 1 | PC Connections, Inc. | 181,460 |
TOTAL | 296,898 | ||
Construction & Engineering—0.5% | |||
4,300 | 1 | Pike Electric Corp. | 45,322 |
5,900 | 1 | Tutor Perini Corp. | 133,340 |
TOTAL | 178,662 | ||
Consumer Finance—0.3% | |||
5,300 | 1 | Green Dot Corp. | 119,356 |
Cosmetics & Toiletries—0.8% | |||
3,200 | 1 | Helen of Troy Ltd. | 176,128 |
4,000 | Inter Parfums, Inc. | 130,160 | |
TOTAL | 306,288 | ||
Crude Oil & Gas Production—0.7% | |||
439 | CVR Energy, Inc. | 16,283 | |
7,700 | 1 | Stone Energy Corp. | 238,315 |
TOTAL | 254,598 | ||
Dairy Products—0.2% | |||
1,500 | Cal-Maine Foods, Inc. | 75,570 | |
Defense Aerospace—0.6% | |||
7,400 | AAR Corp. | 197,210 | |
1,900 | 1 | Ducommun, Inc. | 54,150 |
TOTAL | 251,360 | ||
Defense Electronics—0.5% | |||
2,600 | American Railcar Industries, Inc. | 127,192 | |
1,030 | 1 | First Solar, Inc. | 52,097 |
TOTAL | 179,289 | ||
Department Stores—0.0% | |||
1,400 | Bon-Ton Stores, Inc. | 15,050 | |
Diversified Financials—0.2% | |||
5,500 | Janus Capital Group, Inc. | 60,445 | |
Diversified Leisure—0.1% | |||
1,400 | 1 | Live Nation, Inc. | 29,778 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Drug Store—0.2% | |||
11,900 | 1 | Rite Aid Corp. | $66,045 |
Education & Training Services—1.0% | |||
223 | Capella Education Co. | 13,913 | |
12,185 | 1 | Corinthian Colleges, Inc. | 17,912 |
2,200 | 1 | Grand Canyon Education, Inc. | 96,404 |
8,144 | 1 | ITT Educational Services, Inc. | 239,434 |
100 | 1 | Strayer Education, Inc. | 3,496 |
TOTAL | 371,159 | ||
Electric & Electronic Original Equipment Manufacturers—1.1% | |||
5,871 | 1 | Generac Holdings, Inc. | 282,571 |
5,300 | General Cable Corp. | 151,209 | |
TOTAL | 433,780 | ||
Electric Utility—1.2% | |||
3,700 | Avista Corp. | 106,671 | |
900 | El Paso Electric Co. | 32,787 | |
4,300 | Idacorp, Inc. | 226,739 | |
1,300 | MGE Energy, Inc. | 74,022 | |
1,100 | Portland General Electric Co. | 33,198 | |
TOTAL | 473,417 | ||
Electrical - Radio & TV—0.2% | |||
1,700 | 1 | Universal Electronics, Inc. | 60,758 |
Electrical Equipment—1.6% | |||
2,100 | Brady (W.H.) Co. | 57,456 | |
2,800 | Encore Wire Corp. | 143,052 | |
4,600 | EnerSys, Inc. | 313,076 | |
2,000 | Smith (A.O.) Corp. | 94,440 | |
TOTAL | 608,024 | ||
Electronic Components—0.3% | |||
3,200 | Methode Electronics, Inc., Class A | 107,712 | |
Electronic Equipment Instruments & Components—0.5% | |||
11,667 | 1 | Sanmina Corp. | 195,072 |
Electronic Instruments—0.2% | |||
2,100 | 1 | iRobot Corp. | 74,214 |
Energy Equipment & Services—0.9% | |||
4,600 | 1 | Argan, Inc. | 130,686 |
4,000 | 1 | Exterran Holdings, Inc. | 138,960 |
8,300 | 1 | Renewable Energy Group, Inc. | 83,083 |
TOTAL | 352,729 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Ethical Drugs—0.9% | |||
800 | 1 | Ligand Pharmaceuticals, Inc., Class B | $49,552 |
12,098 | 1 | PharMerica Corp. | 294,465 |
TOTAL | 344,017 | ||
Financial Services—4.7% | |||
5,035 | Deluxe Corp. | 244,449 | |
1,300 | Evercore Partners, Inc., Class A | 72,592 | |
2,000 | Financial Engines, Inc. | 121,840 | |
9,600 | 1 | Global Cash Access LLC | 81,408 |
3,700 | 1 | Huron Consulting Group, Inc. | 245,088 |
2,400 | Lakeland Financial Corp. | 87,912 | |
10,058 | MainSource Financial Group, Inc. | 164,046 | |
3,807 | Nelnet, Inc., Class A | 141,811 | |
3,755 | 1 | PHH Corp. | 91,134 |
5,087 | 1 | Portfolio Recovery Associates, Inc. | 255,469 |
9,800 | Provident Financial Services, Inc. | 169,736 | |
5,800 | 1 | Xoom Corp. | 158,862 |
TOTAL | 1,834,347 | ||
Food Wholesaling—0.4% | |||
1,200 | Core-Mark Holding Co., Inc. | 90,780 | |
3,000 | 1 | Omega Protein Corp. | 30,390 |
7,300 | 1 | SUPERVALU, Inc. | 42,194 |
TOTAL | 163,364 | ||
Furniture—1.2% | |||
5,600 | Haverty Furniture Cos., Inc. | 155,792 | |
4,959 | Kimball International, Inc., Class B | 73,740 | |
8,900 | La-Z Boy Chair Co. | 239,588 | |
TOTAL | 469,120 | ||
Gas Distributor—0.6% | |||
3,000 | New Jersey Resources Corp. | 136,800 | |
1,700 | Southwest Gas Corp. | 91,341 | |
TOTAL | 228,141 | ||
Generic Drugs—0.4% | |||
4,700 | 1 | Lannett Co., Inc. | 166,004 |
Grocery Chain—0.4% | |||
1,500 | Casey's General Stores, Inc. | 103,005 | |
2,100 | Ingles Markets, Inc., Class A | 57,078 | |
TOTAL | 160,083 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care Equipment & Supplies—0.5% | |||
8,600 | 1 | Zeltiq Aesthetics, Inc. | $176,214 |
Health Care Providers & Services—0.3% | |||
2,200 | 1 | Centene Corp. | 133,320 |
Home Building—0.1% | |||
5,300 | 1 | PGT, Inc. | 56,604 |
Home Health Care—0.7% | |||
5,400 | 1 | Addus Homecare Corp. | 127,656 |
3,000 | 1 | Providence Service Corp. | 79,170 |
1,219 | 1 | Wellcare Health Plans, Inc. | 79,369 |
TOTAL | 286,195 | ||
Home Products—0.3% | |||
5,200 | 1 | Libbey, Inc. | 112,008 |
Hospitals—0.8% | |||
8,500 | HealthSouth Corp. | 264,520 | |
3,191 | Select Medical Holdings Corp. | 34,463 | |
TOTAL | 298,983 | ||
Hotels Restaurants & Leisure—0.7% | |||
3,200 | 1 | Marriott Vacations Worldwide Corp. | 153,216 |
8,200 | 1 | Orient-Express Hotel Ltd. | 116,112 |
TOTAL | 269,328 | ||
Household Appliances—0.1% | |||
4,342 | 1 | hhgregg, Inc. | 35,865 |
Industrial Machinery—0.9% | |||
3,700 | 1 | Columbus McKinnon Corp. | 91,464 |
9,300 | 1 | Rexnord Corp. | 241,614 |
TOTAL | 333,078 | ||
Insurance—0.1% | |||
2,100 | Employers Holdings, Inc. | 51,597 | |
Insurance Brokerage—0.2% | |||
280 | AmTrust Financial Services, Inc. | 9,038 | |
6,900 | Crawford & Co., Class B | 55,821 | |
TOTAL | 64,859 | ||
International Bank—0.1% | |||
3,600 | Rockville Financial, Inc. | 47,808 | |
Internet Services—0.7% | |||
9,900 | 1 | Orbitz Worldwide, Inc. | 71,280 |
6,100 | 1 | Web.com Group, Inc. | 206,180 |
TOTAL | 277,460 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Internet Software & Services—0.4% | |||
300 | 1 | NIC, Inc. | $6,522 |
3,200 | 1 | VistaPrint Ltd. | 156,416 |
TOTAL | 162,938 | ||
IT Services—0.3% | |||
5,600 | 1 | Moneygram International, Inc. | 103,600 |
Jewelry Stores—0.3% | |||
3,000 | Movado Group, Inc. | 113,250 | |
Life Insurance—1.5% | |||
9,800 | American Equity Investment Life Holding Co. | 215,110 | |
3,900 | Primerica, Inc. | 164,307 | |
10,168 | Symetra Financial Corp. | 194,717 | |
TOTAL | 574,134 | ||
Machinery—0.3% | |||
1,500 | Hyster-Yale Materials Handling, Inc. | 128,640 | |
Magazine Publishing—0.2% | |||
1,500 | Meredith Corp. | 68,670 | |
Medical Supplies—2.6% | |||
6,600 | 1 | Align Technology, Inc. | 392,172 |
4,500 | Invacare Corp. | 90,810 | |
7,700 | 1 | NuVasive, Inc. | 288,288 |
5,500 | PetMed Express, Inc. | 72,765 | |
3,300 | West Pharmaceutical Services, Inc. | 156,585 | |
TOTAL | 1,000,620 | ||
Medical Technology—2.2% | |||
4,550 | Cantel Medical Corp. | 144,235 | |
3,200 | 1 | Cyberonics, Inc. | 213,760 |
3,300 | 1 | Greatbatch Technologies, Inc. | 140,283 |
800 | 1 | Hanger Orthopedic Group, Inc. | 27,048 |
1,600 | 1 | Integra Lifesciences Corp. | 74,336 |
5,400 | 1 | Natus Medical, Inc. | 139,806 |
3,500 | 1 | PhotoMedex, Inc. | 48,685 |
4,800 | 1 | Staar Surgical Co. | 78,816 |
TOTAL | 866,969 | ||
Metal Fabrication—1.0% | |||
2,000 | CIRCOR International, Inc. | 144,040 | |
2,058 | NN, Inc. | 36,406 | |
1,900 | Olympic Steel, Inc. | 52,611 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Metal Fabrication—continued | |||
4,100 | Worthington Industries, Inc. | $166,214 | |
TOTAL | 399,271 | ||
Mini-Mill Producer—0.1% | |||
2,300 | Commercial Metals Corp. | 43,838 | |
Miscellaneous Communications—0.2% | |||
4,400 | 1 | Internet Capital Group, Inc. | 83,556 |
Miscellaneous Components—0.8% | |||
1,300 | 1 | Proto Labs, Inc. | 103,168 |
18,400 | 1 | Qlogic Corp. | 212,888 |
TOTAL | 316,056 | ||
Miscellaneous Food Products—0.5% | |||
2,300 | The Anderson's, Inc. | 190,302 | |
Miscellaneous Metals—0.2% | |||
2,600 | Materion Corp | 69,082 | |
Money Center Bank—0.0% | |||
178 | MidWestOne Financial Group, Inc. | 4,375 | |
Mortgage and Title—0.2% | |||
3,500 | First American Financial Corp. | 90,720 | |
Multi-Industry Basic—0.4% | |||
7,500 | Aceto Corp. | 159,900 | |
Multi-Industry Capital Goods—0.5% | |||
1,500 | Acuity Brands, Inc. | 190,560 | |
Multi-Industry Transportation—0.5% | |||
6,700 | Brinks Co. (The) | 211,988 | |
Multi-Line Insurance—2.0% | |||
800 | Amerisafe, Inc. | 33,096 | |
14,135 | CNO Financial Group, Inc. | 239,447 | |
4,575 | FBL Financial Group, Inc., Class A | 176,732 | |
7,025 | Montpelier Re Holdings Ltd. | 195,787 | |
2,500 | Safety Insurance Group, Inc. | 135,200 | |
TOTAL | 780,262 | ||
Mutual Fund Adviser—0.3% | |||
1,300 | GAMCO Investors, Inc., Class A | 105,027 | |
Natural Gas Production—0.2% | |||
10,063 | 1 | VAALCO Energy, Inc. | 60,579 |
Office Supplies—0.5% | |||
4,526 | United Stationers, Inc. | 187,512 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Oil Refiner—0.8% | |||
7,400 | Alon USA Energy, Inc. | $116,254 | |
1,722 | Delek US Holdings, Inc. | 52,177 | |
4,072 | Western Refining, Inc. | 159,256 | |
TOTAL | 327,687 | ||
Oil Service, Explore & Drill—0.2% | |||
1,100 | 1 | Geospace Technologies Corp. | 87,472 |
Oil Well Supply—0.4% | |||
3,000 | 1 | Park-Ohio Holdings Corp. | 143,400 |
Optical Reading Equipment—0.1% | |||
700 | 1 | ScanSource, Inc. | 26,278 |
Paint & Related Materials—0.6% | |||
11,100 | 1 | Ferro Corp. | 139,638 |
2,000 | Fuller (H.B.) Co. | 93,160 | |
TOTAL | 232,798 | ||
Paper & Forest Products—0.7% | |||
8,800 | 1 | Boise Cascade Co. | 268,312 |
Paper Products—0.9% | |||
3,400 | Kadant, Inc. | 122,094 | |
2,400 | Orchids Paper Products Co. | 74,760 | |
8,600 | 1 | Xerium Technologies, Inc. | 144,136 |
TOTAL | 340,990 | ||
Personal Loans—0.5% | |||
300 | 1 | Credit Acceptance Corp. | 41,754 |
1,700 | 1 | World Acceptance Corp. | 162,673 |
TOTAL | 204,427 | ||
Personnel Agency—1.7% | |||
2,000 | 1 | AMN Healthcare Services, Inc. | 30,220 |
2,000 | Barrett Business Services, Inc. | 156,820 | |
6,400 | KForce Com, Inc. | 116,032 | |
4,435 | Kelly Services, Inc., Class A | 106,351 | |
8,100 | 1 | Korn/Ferry International | 190,026 |
2,200 | 1 | On Assignment, Inc. | 65,296 |
300 | 1 | TrueBlue, Inc. | 7,359 |
TOTAL | 672,104 | ||
Poultry Products—0.4% | |||
2,400 | 1 | Pilgrim's Pride Corp. | 40,152 |
1,600 | Sanderson Farms, Inc. | 118,960 | |
TOTAL | 159,112 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Printed Circuit Boards—0.4% | |||
4,200 | 1 | Benchmark Electronics, Inc. | $95,466 |
15,047 | 1 | Sigma Designs, Inc. | 70,571 |
TOTAL | 166,037 | ||
Printing—0.1% | |||
2,094 | Quad Graphics, Inc. | 48,016 | |
Professional Services—0.5% | |||
300 | 1 | CoStar Group, Inc. | 51,612 |
2,400 | 1 | FTI Consulting, Inc. | 88,968 |
1,900 | 1 | ICF International, Inc. | 63,954 |
TOTAL | 204,534 | ||
Property Liability Insurance—2.0% | |||
3,570 | Argo Group International Holdings Ltd. | 160,614 | |
5,200 | Horace Mann Educators Corp. | 145,080 | |
5,474 | Platinum Underwriters Holdings Ltd. | 311,142 | |
308 | ProAssurance Corp. | 14,310 | |
2,600 | Selective Insurance Group, Inc. | 61,152 | |
3,000 | United Fire & Casualty Co. | 75,300 | |
TOTAL | 767,598 | ||
Railroad—0.6% | |||
6,400 | 1 | Greenbrier Cos., Inc. | 234,816 |
Recreational Goods—1.1% | |||
14,200 | 1 | Smith & Wesson Holding Corp. | 185,878 |
3,200 | Sturm Ruger & Co., Inc. | 243,744 | |
TOTAL | 429,622 | ||
Recreational Vehicles—0.4% | |||
1,284 | Brunswick Corp. | 53,235 | |
4,200 | 1 | Winnebago Industries, Inc. | 100,632 |
TOTAL | 153,867 | ||
Regional Banks—9.0% | |||
7,700 | 1 | Ameris Bancorp | 157,619 |
2,500 | Arrow Financial Corp. | 62,325 | |
9,000 | BBCN Bancorp, Inc. | 135,450 | |
1,500 | BancFirst Corp. | 81,045 | |
5,300 | Bancorpsouth, Inc. | 124,921 | |
8,200 | Cathay Bancorp, Inc. | 192,700 | |
4,900 | Central Pacific Financial Corp. | 89,915 | |
3,100 | Chemical Financial Corp. | 89,528 | |
2,200 | Community Trust Bancorp, Inc. | 89,144 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Regional Banks—continued | |||
3,874 | Enterprise Financial Services Corp. | $72,134 | |
3,999 | Financial Institutions, Inc. | 83,499 | |
4,900 | First Interstate BancSystem, Inc., Class A | 125,734 | |
6,500 | First Merchants Corp. | 137,085 | |
10,200 | First Midwest Bancorp, Inc. | 162,894 | |
1,300 | Great Southern Bancorp, Inc. | 35,945 | |
2,700 | Hancock Holding Co. | 93,420 | |
6,280 | Hanmi Financial Corp. | 135,459 | |
1,600 | Heartland Financial USA, Inc. | 40,304 | |
1,080 | Peoples Bancorp, Inc. | 24,354 | |
1,800 | Pinnacle Financial Partners, Inc. | 58,752 | |
5,500 | PrivateBancorp, Inc. | 157,245 | |
3,500 | S & T Bancorp, Inc. | 81,865 | |
2,300 | Sandy Spring Bancorp, Inc. | 57,431 | |
2,400 | Simmons 1st National Corp., Class A | 82,872 | |
4,400 | Southside Bancshares, Inc. | 117,260 | |
5,300 | Susquehanna Bankshares, Inc. | 57,399 | |
1,500 | TriCo Bancshares | 37,140 | |
4,100 | Trustmark Corp. | 97,416 | |
7,700 | 1 | United Community Banks, Inc. | 128,436 |
1,700 | Washington Trust Bancorp | 55,998 | |
1,300 | Wesbanco, Inc. | 37,128 | |
5,700 | 1 | Western Alliance Bancorp | 127,794 |
24,857 | Wilshire Bancorp, Inc. | 247,576 | |
4,600 | Wintrust Financial Corp. | 201,618 | |
TOTAL | 3,479,405 | ||
Rental & Leasing Services—0.1% | |||
880 | Rent-A-Center, Inc. | 21,947 | |
Resorts—0.3% | |||
4,700 | Interval Leisure Group, Inc. | 124,080 | |
Restaurant—0.8% | |||
1,200 | Cracker Barrel Old Country Store, Inc. | 118,812 | |
1,200 | DineEquity, Inc. | 93,372 | |
800 | Domino's Pizza, Inc. | 56,488 | |
700 | Papa Johns International, Inc. | 33,691 | |
TOTAL | 302,363 | ||
Savings & Loan—2.8% | |||
537 | Banner Corp. | 19,778 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Savings & Loan—continued | |||
2,500 | First Defiance Financial Corp. | $64,300 | |
7,200 | 1 | Flagstar Bancorp, Inc. | 150,264 |
6,400 | Glacier Bancorp, Inc. | 169,152 | |
5,200 | MB Financial, Inc. | 146,120 | |
8,748 | Provident Financial Holdings, Inc. | 131,657 | |
1,800 | WSFS Financial Corp. | 129,240 | |
8,700 | Webster Financial Corp. Waterbury | 263,958 | |
TOTAL | 1,074,469 | ||
Semiconductor Distribution—0.7% | |||
1,800 | 1 | Tyler Technologies, Inc. | 189,810 |
8,000 | 1 | Ultra Clean Holdings, Inc. | 91,440 |
TOTAL | 281,250 | ||
Semiconductor Manufacturing—1.4% | |||
11,300 | 1 | Cirrus Logic, Inc. | 197,863 |
8,010 | 1 | Omnivision Technologies, Inc. | 123,274 |
2,600 | 1 | Plexus Corp. | 101,660 |
18,000 | 1 | RF Micro Devices, Inc. | 95,940 |
2,251 | 1 | Spansion, Inc. | 33,765 |
TOTAL | 552,502 | ||
Semiconductor Manufacturing Equipment—0.4% | |||
7,653 | Mentor Graphics Corp. | 159,182 | |
Semiconductors & Semiconductor Equipment—0.3% | |||
3,700 | 1 | Ambarella, Inc. | 118,511 |
Services to Medical Professionals—1.5% | |||
3,000 | 1 | Bio-Reference Laboratories, Inc. | 80,670 |
4,400 | 1 | MedAssets, Inc. | 96,976 |
1,300 | 1 | Team Health Holdings, Inc. | 56,108 |
7,000 | 1 | WebMD Health Corp., Class A | 335,300 |
TOTAL | 569,054 | ||
Shoes—1.2% | |||
8,600 | Brown Shoe Co., Inc. | 203,648 | |
1,459 | 1 | Genesco, Inc. | 102,451 |
5,500 | 1 | Skechers USA, Inc., Class A | 158,895 |
TOTAL | 464,994 | ||
Software Packaged/Custom—4.6% | |||
4,500 | 1 | Advent Software, Inc. | 147,870 |
5,819 | CSG Systems International, Inc. | 174,337 | |
5,400 | 1 | Calix Networks, Inc. | 42,822 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Software Packaged/Custom—continued | |||
3,138 | 1 | Commvault Systems, Inc. | $216,742 |
7,700 | 1 | Constant Contact, Inc. | 207,977 |
5,400 | 1 | Electronics for Imaging, Inc. | 228,798 |
1,330 | 1 | ePlus, Inc. | 71,740 |
4,600 | 1 | Fleetmatics Group PLC | 184,046 |
2,500 | 1 | PTC, Inc. | 89,200 |
4,400 | Pegasystems, Inc. | 199,936 | |
8,500 | 1 | Perficient, Inc. | 174,505 |
2,700 | 1 | ValueClick, Inc. | 58,050 |
TOTAL | 1,796,023 | ||
Specialty Chemicals—0.4% | |||
800 | Chemed Corp. | 63,136 | |
4,200 | FutureFuel Corp. | 68,712 | |
808 | 1 | Omnova Solutions, Inc. | 7,304 |
TOTAL | 139,152 | ||
Specialty Retailing—3.1% | |||
2,183 | 1 | Asbury Automotive Group, Inc. | 102,645 |
6,800 | Big 5 Sporting Goods Corp. | 116,688 | |
10,400 | Finish Line, Inc., Class A | 266,760 | |
5,200 | 1 | Kirkland's, Inc. | 97,916 |
2,600 | Lithia Motors, Inc., Class A | 146,354 | |
2,662 | 1 | Lumber Liquidators, Inc. | 236,891 |
4,720 | Natures Sunshine Products, Inc. | 76,795 | |
2,900 | Penske Automotive Group, Inc. | 124,439 | |
900 | 1 | Restoration Hardware, Inc. | 51,066 |
TOTAL | 1,219,554 | ||
Telecommunication Equipment & Services—1.7% | |||
7,500 | Alliance Fiber Optic Products, Inc. | 118,125 | |
1,489 | 1 | Anixter International, Inc. | 130,615 |
3,100 | 1 | CIENA Corp. | 72,323 |
7,900 | 1 | Ubiquiti Networks, Inc. | 325,480 |
TOTAL | 646,543 | ||
Telephone Utility—0.6% | |||
1,000 | 1 | Hawaiian Telcom Holdco, Inc. | 27,140 |
10,400 | Inteliquent, Inc. | 120,640 | |
19,565 | 1 | Vonage Holdings Corp. | 90,195 |
TOTAL | 237,975 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Transportation - Services—0.4% | |||
2,400 | Bristow Group, Inc. | $172,296 | |
Truck Manufacturing—0.3% | |||
10,700 | 1 | Federal Signal Corp. | 131,824 |
Undesignated Consumer Cyclicals—0.5% | |||
7,000 | ABM Industries, Inc. | 186,620 | |
Undesignated Consumer Staples—1.0% | |||
6,700 | 1 | Medifast, Inc. | 177,751 |
6,200 | Nutri/System, Inc. | 88,164 | |
2,210 | 1 | USANA, Inc. | 132,313 |
TOTAL | 398,228 | ||
Undesignated Energy—0.6% | |||
10,900 | Green Plains Renewable Energy, Inc. | 242,852 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $34,437,555) | 37,934,273 | ||
INVESTMENT COMPANY—1.9% | |||
728,870 | 2,3 | Federated Prime Value Obligations Fund, Institutional Shares, 0.06% (AT NET ASSET VALUE) | 728,870 |
TOTAL INVESTMENTS—99.9% (IDENTIFIED COST $35,166,425)4 | 38,663,143 | ||
OTHER ASSETS AND LIABILITIES - NET—0.1%5 | 45,734 | ||
TOTAL NET ASSETS—100% | $38,708,877 |
1 | Non-income-producing security. |
2 | Affiliated company and 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) 1/31/2014 | Year Ended July 31, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $13.70 | $9.52 | $9.88 | $7.55 | $6.58 | $10.21 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.06)1 | (0.01)1 | (0.06)1 | (0.09)1 | (0.06)1 | (0.04)1 |
Net realized and unrealized gain (loss) on investments | 1.24 | 4.19 | (0.30) | 2.42 | 1.03 | (3.59) |
TOTAL FROM INVESTMENT OPERATIONS | 1.18 | 4.18 | (0.36) | 2.33 | 0.97 | (3.63) |
Net Asset Value, End of Period | $14.88 | $13.70 | $9.52 | $9.88 | $7.55 | $6.58 |
Total Return2 | 8.61% | 43.91% | (3.64)% | 30.86% | 14.74% | (35.55)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.70%3 | 1.70% | 1.71% | 1.75% | 1.75% | 1.74% |
Net investment income (loss) | (0.75)%3 | (0.05)% | (0.65)% | (0.96)% | (0.77)% | (0.53)% |
Expense waiver/reimbursement4 | 0.52%3 | 1.09% | 4.24% | 3.75% | 5.41% | 5.73% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $8,652 | $3,694 | $2,550 | $3,469 | $3,184 | $1,652 |
Portfolio turnover | 23% | 184% | 200% | 210% | 192% | 222% |
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) 1/31/2014 | Year Ended July 31, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $12.91 | $9.04 | $9.45 | $7.28 | $6.39 | $9.99 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.10)1 | (0.09)1 | (0.12)1 | (0.15)1 | (0.11)1 | (0.08)1 |
Net realized and unrealized gain (loss) on investments | 1.17 | 3.96 | (0.29) | 2.32 | 1.00 | (3.52) |
TOTAL FROM INVESTMENT OPERATIONS | 1.07 | 3.87 | (0.41) | 2.17 | 0.89 | (3.60) |
Net Asset Value, End of Period | $13.98 | $12.91 | $9.04 | $9.45 | $7.28 | $6.39 |
Total Return2 | 8.29% | 42.81% | (4.34)% | 29.81% | 13.93% | (36.04)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.45%3 | 2.45% | 2.46% | 2.50% | 2.50% | 2.49% |
Net investment income (loss) | (1.43)%3 | (0.81)% | (1.41)% | (1.70)% | (1.53)% | (1.29)% |
Expense waiver/reimbursement4 | 0.53%3 | 1.11% | 4.24% | 3.78% | 5.13% | 5.61% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $4,015 | $2,636 | $2,358 | $2,978 | $3,258 | $1,366 |
Portfolio turnover | 23% | 184% | 200% | 210% | 192% | 222% |
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) 1/31/2014 | Year Ended July 31, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $13.94 | $9.67 | $10.00 | $7.63 | $6.63 | $10.28 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.03)1 | 0.031 | (0.04)1 | (0.06)1 | (0.04)1 | (0.02)1 |
Net realized and unrealized gain (loss) on investments | 1.26 | 4.24 | (0.29) | 2.43 | 1.04 | (3.63) |
TOTAL FROM INVESTMENT OPERATIONS | 1.23 | 4.27 | (0.33) | 2.37 | 1.00 | (3.65) |
Net Asset Value, End of Period | $15.17 | $13.94 | $9.67 | $10.00 | $7.63 | $6.63 |
Total Return2 | 8.82% | 44.16% | (3.30)% | 31.06% | 15.08% | (35.51)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.45%3 | 1.45% | 1.46% | 1.50% | 1.50% | 1.49% |
Net investment income (loss) | (0.46)%3 | 0.23% | (0.44)% | (0.71)% | (0.52)% | (0.30)% |
Expense waiver/reimbursement4 | 0.51%3 | 1.10% | 3.77% | 3.79% | 5.56% | 5.22% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $26,042 | $14,084 | $11,650 | $4,836 | $5,727 | $3,319 |
Portfolio turnover | 23% | 184% | 200% | 210% | 192% | 222% |
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 $728,870 of investment in an affiliated holding and $131,157 of investment in an affiliated company (Note 5) (identified cost $35,166,425) | $38,663,143 | |
Income receivable | 8,267 | |
Receivable for investments sold | 463,619 | |
Receivable for shares sold | 43,679 | |
TOTAL ASSETS | 39,178,708 | |
Liabilities: | ||
Payable for investments purchased | $405,152 | |
Payable for shares redeemed | 21,677 | |
Payable for auditing fees | 11,931 | |
Payable for distribution services fee (Note 5) | 2,709 | |
Payable for shareholder services fee (Note 5) | 4,343 | |
Payable for share registration costs | 11,428 | |
Accrued expenses (Note 5) | 12,591 | |
TOTAL LIABILITIES | 469,831 | |
Net assets for 2,585,083 shares outstanding | $38,708,877 | |
Net Assets Consist of: | ||
Paid-in capital | $41,002,116 | |
Net unrealized appreciation of investments | 3,496,718 | |
Accumulated net realized loss on investments | (5,644,545) | |
Accumulated net investment income (loss) | (145,412) | |
TOTAL NET ASSETS | $38,708,877 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($8,652,490 ÷ 581,303 shares outstanding), no par value, unlimited shares authorized | $14.88 | |
Offering price per share (100/94.50 of $14.88) | $15.75 | |
Redemption proceeds per share | $14.88 | |
Class C Shares: | ||
Net asset value per share ($4,014,800 ÷ 287,237 shares outstanding), no par value, unlimited shares authorized | $13.98 | |
Offering price per share | $13.98 | |
Redemption proceeds per share (99.00/100 of $13.98) | $13.84 | |
Institutional Shares: | ||
Net asset value per share ($26,041,587 ÷ 1,716,543 shares outstanding), no par value, unlimited shares authorized | $15.17 | |
Offering price per share | $15.17 | |
Redemption proceeds per share | $15.17 |
Investment Income: | |||
Dividends (including $246 received from an affiliated holding (Note 5)) | $151,899 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $176,106 | ||
Administrative fee (Note 5) | 11,960 | ||
Custodian fees | 8,788 | ||
Transfer agent fee | 16,487 | ||
Directors'/Trustees' fees (Note 5) | 613 | ||
Auditing fees | 11,931 | ||
Legal fees | 4,425 | ||
Portfolio accounting fees | 34,158 | ||
Distribution services fee (Note 5) | 13,852 | ||
Shareholder services fee (Note 5) | 10,519 | ||
Share registration costs | 21,828 | ||
Printing and postage | 10,353 | ||
Insurance premiums (Note 5) | 2,015 | ||
Miscellaneous (Note 5) | 3,168 | ||
TOTAL EXPENSES | 326,203 | ||
Waiver/reimbursement of investment adviser fee (Note 5) | (79,035) | ||
Net expenses | 247,168 | ||
Net investment income (loss) | (95,269) | ||
Realized and Unrealized Gain on Investments: | |||
Net realized gain on investments (including realized gain of $7,175 on sales of investments in an affiliated company (Note 5)) | 1,930,001 | ||
Net change in unrealized appreciation of investments | 338,310 | ||
Net realized and unrealized gain on investments | 2,268,311 | ||
Change in net assets resulting from operations | $2,173,042 |
Six Months Ended (unaudited) 1/31/2014 | Year Ended 7/31/2013 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(95,269) | $7,721 |
Net realized gain on investments | 1,930,001 | 3,764,471 |
Net change in unrealized appreciation/depreciation of investments | 338,310 | 2,572,034 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 2,173,042 | 6,344,226 |
Share Transactions: | ||
Proceeds from sale of shares | 19,023,034 | 2,885,582 |
Cost of shares redeemed | (2,901,266) | (5,374,162) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 16,121,768 | (2,488,580) |
Change in net assets | 18,294,810 | 3,855,646 |
Net Assets: | ||
Beginning of period | 20,414,067 | 16,558,421 |
End of period (including accumulated net investment income (loss) of $(145,412) and $(50,143), respectively) | $38,708,877 | $20,414,067 |
■ | 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 or non-exchange-traded investment companies 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 and repurchase agreements acquired with remaining maturities of 60 days or less are valued at their amortized cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security. |
■ | 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. |
Six Months Ended 1/31/2014 | Year Ended 7/31/2013 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 348,780 | $5,366,204 | 58,995 | $721,385 |
Shares redeemed | (37,188) | (556,787) | (57,089) | (645,446) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 311,592 | $4,809,417 | 1,906 | $75,939 |
Six Months Ended 1/31/2014 | Year Ended 7/31/2013 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 102,433 | $1,365,996 | 31,008 | $338,769 |
Shares redeemed | (19,374) | (265,435) | (87,658) | (873,316) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 83,059 | $1,100,561 | (56,650) | $(534,547) |
Six Months Ended 1/31/2014 | Year Ended 7/31/2013 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 843,686 | $12,290,834 | 154,932 | $1,825,428 |
Shares redeemed | (137,428) | (2,079,044) | (349,832) | (3,855,400) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 706,258 | $10,211,790 | (194,900) | $(2,029,972) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 1,100,909 | $16,121,768 | (249,644) | $(2,488,580) |
Expiration Year | Short-Term | Long-Term | Total |
2017 | $3,158,071 | NA | $3,158,071 |
2018 | $4,386,971 | NA | $4,386,971 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
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 | $13,852 |
Service Fees Incurred | |
Class A Shares | $5,901 |
Class C Shares | 4,618 |
TOTAL | $10,519 |
Affiliates | Balance of Shares Held 7/31/2013 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 1/31/2014 | Value |
Tower International, Inc. | 2,800 | 3,100 | — | 5,900 | $131,157 |
*RPX Corp. | 3,000 | 1,500 | (4,500) | — | — |
*Repligen Corp. | 3,900 | — | (3,900) | — | — |
TOTAL OF AFFILIATED COMPANIES | 9,700 | 4,600 | (8,400) | 5,900 | $131,157 |
* | At January 31, 2014, the Fund no longer has ownership of at least 5% of the voting shares. |
Federated Prime Value Obligations Fund, Institutional Shares | |||
Balance of Shares Held 7/31/2013 | 485,617 | ||
Purchases/Additions | 10,363,143 | ||
Sales/Reductions | (10,119,890) | ||
Balance of Shares Held 1/31/2014 | 728,870 | ||
Value | $728,870 | ||
Dividend Income | $246 |
Purchases | $22,115,797 |
Sales | $17,089,746 |
Beginning Account Value 8/1/2013 | Ending Account Value 1/31/2014 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,086.10 | $8.94 |
Class C Shares | $1,000 | $1,082.90 | $12.86 |
Institutional Shares | $1,000 | $1,088.20 | $7.63 |
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% |
Name | For | Withheld |
John T. Collins | 13,608,392.908 | 253,752.799 |
Maureen Lally-Green | 13,676,380.969 | 185,764.738 |
Thomas M. O'Neill | 13,614,614.261 | 247,531.446 |
P. Jerome Richey | 13,657,897.750 | 204,247.957 |
1 | The following Trustees continued their terms: John F. Donahue, J. Christopher Donahue, Maureen Lally-Green (having been previously appointed by the Board), Peter E. Madden, Charles F. Mansfield, Jr., Thomas M. O'Neill (having been previously appointed by the Board), and John S. Walsh. |
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R791
CUSIP 31421R783
2014 ©Federated Investors, Inc.
Share Class | Ticker |
A | QASGX |
B | QBSGX |
C | QCSGX |
Institutional | QISGX |
Industry Composition | Percentage of Total Net Assets |
Software Packaged/Custom | 7.1% |
Specialty Retailing | 6.2% |
Biotechnology | 5.5% |
Medical Supplies | 3.9% |
Financial Services | 3.8% |
Services to Medical Professionals | 3.5% |
Apparel | 3.3% |
Telecommunication Equipment & Services | 3.1% |
Medical Technology | 2.7% |
Computer Services | 2.6% |
Oil Refiner | 2.3% |
Restaurants | 2.2% |
Education & Training Services | 1.9% |
Crude Oil & Gas Production | 1.7% |
Specialty Chemicals | 1.7% |
Auto Original Equipment Manufacturers | 1.6% |
Generic Drugs | 1.6% |
Industrial Machinery | 1.6% |
Shoes | 1.6% |
Electric & Electronic Original Equipment Manufacturers | 1.4% |
Recreational Vehicles | 1.3% |
Semiconductor Manufacturing | 1.3% |
Undesignated Consumer Staples | 1.3% |
Electrical Equipment | 1.2% |
Computer Peripherals | 1.2% |
Packaged Foods | 1.2% |
Undesignated Consumer Cyclicals | 1.2% |
Defense Aerospace | 1.1% |
Internet Services | 1.1% |
Industry Composition | Percentage of Total Net Assets |
Personal Loans | 1.1% |
Personnel Agency | 1.1% |
Airline–Regional | 1.0% |
Office Furniture | 1.0% |
Semiconductor Manufacturing Equipment | 1.0% |
Undesignated Health | 1.0% |
Other2 | 21.6% |
Cash Equivalents3 | 2.9% |
Other Assets and Liabilities—Net4 | (0.9)% |
TOTAL | 100% |
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 Machinery—0.2% | |||
1,653 | Lindsay Manufacturing Co. | $140,505 | |
Airline - Regional—1.0% | |||
9,284 | Alaska Air Group, Inc. | 734,086 | |
Apparel—3.3% | |||
15,864 | 1 | Ann, Inc. | 513,042 |
5,005 | Columbia Sportswear Co. | 372,122 | |
23,053 | 1 | Express, Inc. | 399,278 |
11,000 | 1 | G-III Apparel Group Ltd. | 769,670 |
1,436 | Oxford Industries, Inc. | 108,375 | |
10,033 | 1 | Zumiez, Inc. | 215,910 |
TOTAL | 2,378,397 | ||
Auto Original Equipment Manufacturers—1.6% | |||
19,241 | Dana Holding Corp. | 364,040 | |
13,665 | 1 | Meritor, Inc. | 150,042 |
11,473 | 1 | Tenneco Automotive, Inc. | 652,125 |
TOTAL | 1,166,207 | ||
Beer—0.4% | |||
1,400 | 1 | The Boston Beer Co., Inc., Class A | 291,634 |
Biotechnology—5.5% | |||
6,800 | 1 | Acorda Therapeutics, Inc. | 199,580 |
2,600 | 1 | Aegerion Pharmaceuticals, Inc. | 155,948 |
7,400 | 1 | Air Methods Corp. | 380,582 |
13,200 | 1 | INSYS Therapeutics, Inc. | 776,556 |
15,700 | 1 | Isis Pharmaceuticals, Inc. | 801,642 |
13,500 | 1 | Oncomed Pharmaceuticals, Inc. | 407,295 |
12,087 | Questcor Pharmaceuticals, Inc. | 809,950 | |
8,600 | 1 | Seattle Genetics, Inc. | 385,796 |
TOTAL | 3,917,349 | ||
Clothing Stores—0.8% | |||
8,187 | 1 | Aeropostale, Inc. | 57,718 |
3,308 | Cato Corp., Class A | 92,492 | |
7,598 | 1 | Children's Place Retail Stores, Inc. | 400,187 |
TOTAL | 550,397 | ||
Commodity Chemicals—0.3% | |||
3,208 | Stepan Co. | 203,355 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Computer Peripherals—1.2% | |||
10,234 | 1 | Silicon Graphics, Inc. | $133,144 |
12,717 | 1 | Synaptics, Inc. | 742,164 |
TOTAL | 875,308 | ||
Computer Services—2.6% | |||
2,855 | Fair Isaac & Co., Inc. | 155,198 | |
14,000 | 1 | Manhattan Associates, Inc. | 472,080 |
8,823 | 1 | Syntel, Inc. | 743,338 |
14,941 | 1 | Unisys Corp. | 512,028 |
TOTAL | 1,882,644 | ||
Computer Stores—0.2% | |||
6,322 | 1 | Insight Enterprises, Inc. | 133,394 |
Contracting—0.2% | |||
3,000 | 1 | Team, Inc. | 126,990 |
Cosmetics & Toiletries—0.7% | |||
2,481 | 1 | Elizabeth Arden, Inc. | 67,285 |
14,034 | 1 | Sally Beauty Holdings, Inc. | 398,285 |
TOTAL | 465,570 | ||
Crude Oil & Gas Production—1.7% | |||
15,205 | Energy XXI (Bermuda) Ltd. | 348,954 | |
18,044 | 1 | Stone Energy Corp. | 558,462 |
19,484 | W&T Offshore, Inc. | 279,011 | |
TOTAL | 1,186,427 | ||
Defense Aerospace—1.1% | |||
5,600 | Kaman Corp., Class A | 217,056 | |
7,896 | 1 | Orbital Sciences Corp. | 193,057 |
4,300 | 1 | Teledyne Technologies, Inc. | 395,041 |
TOTAL | 805,154 | ||
Education & Training Services—1.9% | |||
3,960 | 1 | American Public Education, Inc. | 167,627 |
5,528 | Capella Education Co. | 344,892 | |
14,907 | 1 | Grand Canyon Education, Inc. | 653,225 |
1,800 | 1 | K12, Inc. | 39,510 |
4,512 | 1 | Strayer Education, Inc. | 157,739 |
TOTAL | 1,362,993 | ||
Electric & Electronic Original Equipment Manufacturers—1.4% | |||
10,200 | Altra Holdings, Inc. | 319,872 | |
13,986 | 1 | Generac Holdings, Inc. | 673,146 |
TOTAL | 993,018 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Electrical Equipment—1.2% | |||
10,706 | EnerSys, Inc. | $728,650 | |
6,330 | 1 | Rofin-Sinar Technologies, Inc. | 146,223 |
TOTAL | 874,873 | ||
Electronic Instruments—0.5% | |||
10,389 | 1 | iRobot Corp. | 367,147 |
Electronic Test/Measuring Equipment—0.4% | |||
4,334 | MTS Systems Corp. | 304,810 | |
Financial Services—3.8% | |||
14,768 | Deluxe Corp. | 716,986 | |
10,500 | Financial Engines, Inc. | 639,660 | |
3,005 | Heartland Payment Systems, Inc. | 129,546 | |
4,579 | 1 | Outerwall, Inc. | 294,475 |
12,500 | 1 | Portfolio Recovery Associates, Inc. | 627,750 |
11,300 | 1 | Xoom Corp. | 309,507 |
TOTAL | 2,717,924 | ||
Furniture—0.6% | |||
7,783 | Ethan Allen Interiors, Inc. | 196,443 | |
12,014 | 1 | Select Comfort Corp. | 196,669 |
TOTAL | 393,112 | ||
Generic Drugs—1.6% | |||
29,500 | 1 | Impax Laboratories, Inc. | 682,630 |
13,300 | 1 | Lannett Co., Inc. | 469,756 |
TOTAL | 1,152,386 | ||
Grocery Chain—0.8% | |||
8,650 | Casey's General Stores, Inc. | 593,996 | |
Home Health Care—0.9% | |||
9,470 | 1 | Wellcare Health Plans, Inc. | 616,592 |
Home Products—0.8% | |||
7,349 | Tupperware Brands Corp. | 575,868 | |
Household Appliances—0.3% | |||
900 | 1 | Middleby Corp. | 221,922 |
Industrial Machinery—1.6% | |||
3,600 | Hyster-Yale Materials Handling, Inc. | 308,736 | |
15,800 | 1 | Rexnord Corp. | 410,484 |
2,945 | Tennant Co. | 188,863 | |
4,513 | Watts Industries, Inc., Class A | 252,818 | |
TOTAL | 1,160,901 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Insurance Brokerage—0.1% | |||
1,600 | 1 | Texas Capital Bancshares, Inc. | $95,152 |
Internet Services—1.1% | |||
4,661 | 1 | Travelzoo, Inc. | 103,847 |
19,300 | 1 | Web.com Group, Inc. | 652,340 |
TOTAL | 756,187 | ||
Machined Parts Original Equipment Manufacturers—0.7% | |||
10,278 | Applied Industrial Technologies, Inc. | 519,450 | |
Mail Order—0.4% | |||
5,570 | HSN, Inc. | 305,069 | |
Maritime—0.6% | |||
10,724 | TAL International Group, Inc. | 461,454 | |
Medical Supplies—3.9% | |||
13,700 | 1 | Align Technology, Inc. | 814,054 |
2,100 | 1 | MWI Veterinary Supply, Inc. | 391,146 |
1,600 | 1 | Medidata Solutions, Inc. | 100,960 |
16,300 | Owens & Minor, Inc. | 564,632 | |
6,977 | Steris Corp. | 320,175 | |
12,700 | West Pharmaceutical Services, Inc. | 602,615 | |
TOTAL | 2,793,582 | ||
Medical Technology—2.7% | |||
17,400 | Cantel Medical Corp. | 551,580 | |
11,100 | 1 | Cyberonics, Inc. | 741,480 |
9,541 | 1 | Integra Lifesciences Corp. | 443,275 |
8,851 | 1 | MedAssets, Inc. | 195,076 |
TOTAL | 1,931,411 | ||
Metal Fabrication—0.9% | |||
15,038 | Worthington Industries, Inc. | 609,641 | |
Miscellaneous Components—0.6% | |||
5,600 | 1 | Proto Labs, Inc. | 444,416 |
Miscellaneous Metals—0.9% | |||
6,643 | AMCOL International Corp. | 226,327 | |
4,498 | Materion Corp. | 119,512 | |
6,365 | Matthews International Corp., Class A | 270,640 | |
TOTAL | 616,479 | ||
Multi-Industry Basic—0.6% | |||
16,614 | Olin Corp. | 427,146 | |
Multi-Industry Capital Goods—0.8% | |||
4,380 | Acuity Brands, Inc. | 556,435 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Multi-Industry Transportation—0.8% | |||
10,389 | Brinks Co. (The) | $328,708 | |
6,680 | 1 | Hub Group, Inc. | 276,886 |
TOTAL | 605,594 | ||
Office Furniture—1.0% | |||
7,940 | HNI Corp. | 272,421 | |
14,535 | Knoll, Inc. | 241,281 | |
7,135 | Miller Herman, Inc. | 199,994 | |
TOTAL | 713,696 | ||
Office Supplies—0.7% | |||
11,631 | United Stationers, Inc. | 481,872 | |
Oil Gas & Consumable Fuels—0.2% | |||
3,325 | CVR Energy, Inc. | 123,324 | |
Oil Refiner—2.3% | |||
26,400 | Alon USA Energy, Inc. | 414,744 | |
15,400 | Delek US Holdings, Inc. | 466,620 | |
18,750 | Western Refining, Inc. | 733,313 | |
TOTAL | 1,614,677 | ||
Other Communications Equipment—0.4% | |||
8,124 | 1 | Netgear, Inc. | 259,237 |
Packaged Foods—1.2% | |||
5,100 | 1 | Hain Celestial Group, Inc. | 468,639 |
5,879 | 1 | United Natural Foods, Inc. | 397,244 |
TOTAL | 865,883 | ||
Paint & Related Materials—0.6% | |||
9,700 | Fuller (H.B.) Co. | 451,826 | |
Paper Products—0.2% | |||
2,600 | 1 | Clearwater Paper Corp. | 148,070 |
Personal & Household—0.7% | |||
6,000 | Nu Skin Enterprises, Inc., Class A | 510,900 | |
Personal Loans—1.1% | |||
8,577 | Cash America International, Inc. | 315,033 | |
3,300 | 1 | Credit Acceptance Corp. | 459,294 |
TOTAL | 774,327 | ||
Personnel Agency—1.1% | |||
22,700 | 1 | AMN Healthcare Services, Inc. | 342,997 |
5,000 | Maximus, Inc. | 211,850 | |
9,492 | 1 | TrueBlue, Inc. | 232,839 |
TOTAL | 787,686 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Photo-Optical Component-Equipment—0.3% | |||
2,997 | 1 | Coherent, Inc. | $200,319 |
Poultry Products—0.4% | |||
3,900 | Sanderson Farms, Inc. | 289,965 | |
Professional Services—0.8% | |||
3,400 | 1 | CoStar Group, Inc. | 584,936 |
Recreational Goods—0.8% | |||
7,700 | Sturm Ruger & Co., Inc. | 586,509 | |
Recreational Vehicles—1.3% | |||
4,600 | Arctic Cat, Inc. | 194,764 | |
17,082 | Brunswick Corp. | 708,220 | |
TOTAL | 902,984 | ||
Regional Banks—0.6% | |||
6,400 | Bank of the Ozarks, Inc. | 405,760 | |
Restaurants—2.2% | |||
6,576 | Cracker Barrel Old Country Store, Inc. | 651,089 | |
6,700 | Domino's Pizza, Inc. | 473,087 | |
3,926 | 1 | Jack in the Box, Inc. | 198,538 |
4,316 | 1 | Red Robin Gourmet Burgers | 278,080 |
TOTAL | 1,600,794 | ||
Roofing & Wallboard—0.1% | |||
2,197 | 1 | Beacon Roofing Supply, Inc. | 83,025 |
Semiconductor Distribution—0.9% | |||
5,900 | 1 | Tyler Technologies, Inc. | 622,155 |
Semiconductor Manufacturing—1.3% | |||
6,412 | 1 | Cabot Microelectronics Corp. | 258,532 |
18,965 | 1 | Cirrus Logic, Inc. | 332,077 |
5,994 | 1 | Plexus Corp. | 234,365 |
13,710 | 1 | Triquint Semiconductor, Inc. | 113,793 |
TOTAL | 938,767 | ||
Semiconductor Manufacturing Equipment—1.0% | |||
18,799 | Brooks Automation, Inc. | 190,810 | |
25,704 | Mentor Graphics Corp. | 534,643 | |
TOTAL | 725,453 | ||
Services to Medical Professionals—3.5% | |||
14,809 | 1 | Bio-Reference Laboratories, Inc. | 398,214 |
12,617 | 1 | Centene Corp. | 764,590 |
13,423 | 1 | Team Health Holdings, Inc. | 579,337 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Services to Medical Professionals—continued | |||
16,300 | 1 | WebMD Health Corp., Class A | $780,770 |
TOTAL | 2,522,911 | ||
Shoes—1.6% | |||
30,921 | 1 | CROCs, Inc. | 474,637 |
9,220 | 1 | Genesco, Inc. | 647,429 |
TOTAL | 1,122,066 | ||
Software Packaged/Custom—7.1% | |||
10,300 | 1 | Aspen Technology, Inc. | 469,371 |
16,472 | CSG Systems International, Inc. | 493,501 | |
8,800 | 1 | Commvault Systems, Inc. | 607,816 |
13,500 | 1 | Electronics for Imaging, Inc. | 571,995 |
11,800 | 1 | Fleetmatics Group PLC | 472,118 |
13,400 | 1 | IGATE Capital Corp. | 452,250 |
2,379 | 1 | MicroStrategy, Inc., Class A | 299,040 |
15,407 | 1 | PTC, Inc. | 549,722 |
15,930 | 1 | Progress Software Corp. | 385,028 |
8,000 | 1 | SS&C Technologies Holdings, Inc. | 310,560 |
16,803 | 1 | ValueClick, Inc. | 361,264 |
2,697 | 1 | Verint Systems, Inc. | 122,552 |
TOTAL | 5,095,217 | ||
Specialty Chemicals—1.7% | |||
15,500 | American Vanguard Corp. | 360,220 | |
8,333 | Chemed Corp. | 657,640 | |
3,934 | 1 | Chemtura Corp. | 98,665 |
1,638 | Quaker Chemical Corp. | 113,202 | |
TOTAL | 1,229,727 | ||
Specialty Retailing—6.2% | |||
2,114 | Aaron's, Inc. | 56,846 | |
10,500 | 1 | Asbury Automotive Group, Inc. | 493,710 |
5,151 | 1 | Cabela's, Inc., Class A | 344,396 |
10,402 | Finish Line, Inc., Class A | 266,811 | |
9,660 | GNC Acquisition Holdings, Inc. | 493,723 | |
3,445 | 1 | Kirkland's, Inc. | 64,869 |
10,800 | Lithia Motors, Inc., Class A | 607,932 | |
7,651 | 1 | Lumber Liquidators, Inc. | 680,863 |
13,619 | Penske Automotive Group, Inc. | 584,391 | |
8,239 | Pier 1 Imports, Inc. | 157,447 | |
9,400 | 1 | Restoration Hardware, Inc. | 533,356 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Specialty Retailing—continued | |||
5,100 | 1 | Vera Bradley, Inc. | $122,502 |
TOTAL | 4,406,846 | ||
Surveillance-Detection—0.5% | |||
6,593 | Mine Safety Appliances Co. | 332,155 | |
Telecommunication Equipment & Services—3.1% | |||
7,003 | Adtran, Inc. | 177,806 | |
8,431 | 1 | Anixter International, Inc. | 739,567 |
26,263 | 1 | CIENA Corp. | 612,716 |
16,900 | 1 | Ubiquiti Networks, Inc. | 696,280 |
TOTAL | 2,226,369 | ||
Trucking—0.8% | |||
9,900 | 1 | Old Dominion Freight Lines, Inc. | 536,976 |
Undesignated Consumer Cyclicals—1.2% | |||
11,900 | 1 | Euronet Worldwide, Inc. | 510,034 |
7,800 | 1 | Parexel International Corp. | 380,718 |
TOTAL | 890,752 | ||
Undesignated Consumer Staples—1.3% | |||
16,400 | 1 | Medifast, Inc. | 435,092 |
8,800 | 1 | USANA, Inc. | 526,856 |
TOTAL | 961,948 | ||
Undesignated Health—1.0% | |||
22,600 | HealthSouth Corp. | 703,312 | |
Wireless Communications—0.1% | |||
3,400 | InterDigital, Inc. | 97,750 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $57,279,718) | 70,113,169 | ||
INVESTMENT COMPANY—2.9% | |||
2,084,186 | 2,3 | Federated Prime Value Obligations Fund, Institutional Shares, 0.06% (AT NET ASSET VALUE) | 2,084,186 |
TOTAL INVESTMENTS—100.9% (IDENTIFIED COST $59,363,904)4 | 72,197,355 | ||
OTHER ASSETS AND LIABILITIES-NET—(0.9)%5 | (635,264) | ||
TOTAL NET ASSETS—100% | $71,562,091 |
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) 1/31/2014 | Year Ended July 31, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $16.12 | $11.93 | $12.12 | $8.74 | $7.85 | $11.57 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.09)1 | (0.07)1 | (0.09)1 | (0.13)1 | (0.10)1 | (0.08)1 |
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 1.52 | 4.26 | (0.10) | 3.51 | 0.99 | (3.64) |
TOTAL FROM INVESTMENT OPERATIONS | 1.43 | 4.19 | (0.19) | 3.38 | 0.89 | (3.72) |
Regulatory Settlement Proceeds | — | — | — | — | — | 0.002 |
Net Asset Value, End of Period | $17.55 | $16.12 | $11.93 | $12.12 | $8.74 | $7.85 |
Total Return3 | 8.87% | 35.12% | (1.57)% | 38.67% | 11.34% | (32.15)%4 |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.75%5 | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
Net investment income (loss) | (0.98)%5 | (0.49)% | (0.79)% | (1.18)% | (1.17)% | (1.04)% |
Expense waiver/reimbursement6 | 0.45%5 | 0.59% | 1.04% | 1.14% | 1.22% | 1.02% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $31,048 | $30,187 | $22,718 | $25,634 | $19,822 | $21,682 |
Portfolio turnover | 24% | 88% | 69% | 154% | 142% | 244% |
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) 1/31/2014 | Year Ended July 31, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $15.58 | $11.62 | $11.90 | $8.65 | $7.81 | $11.61 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.14)1 | (0.17)1 | (0.17)1 | (0.21)1 | (0.16)1 | (0.14)1 |
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 1.46 | 4.13 | (0.11) | 3.46 | 1.00 | (3.66) |
TOTAL FROM INVESTMENT OPERATIONS | 1.32 | 3.96 | (0.28) | 3.25 | 0.84 | (3.80) |
Regulatory Settlement Proceeds | — | — | — | — | — | 0.002 |
Net Asset Value, End of Period | $16.90 | $15.58 | $11.62 | $11.90 | $8.65 | $7.81 |
Total Return3 | 8.47% | 34.08% | (2.35)% | 37.57% | 10.76% | (32.73)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.50%4 | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% |
Net investment income (loss) | (1.73)%4 | (1.25)% | (1.55)% | (1.93)% | (1.92)% | (1.75)% |
Expense waiver/reimbursement5 | 0.45%4 | 0.59% | 1.06% | 1.15% | 1.22% | 1.02% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $2,123 | $2,016 | $1,640 | $2,541 | $2,350 | $3,088 |
Portfolio turnover | 24% | 88% | 69% | 154% | 142% | 244% |
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) 1/31/2014 | Year Ended July 31, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $15.19 | $11.33 | $11.60 | $8.43 | $7.62 | $11.32 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.14)1 | (0.16)1 | (0.17)1 | (0.21)1 | (0.16)1 | (0.14)1 |
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 1.43 | 4.02 | (0.10) | 3.38 | 0.97 | (3.56) |
TOTAL FROM INVESTMENT OPERATIONS | 1.29 | 3.86 | (0.27) | 3.17 | 0.81 | (3.70) |
Regulatory Settlement Proceeds | — | — | — | — | — | 0.002 |
Net Asset Value, End of Period | $16.48 | $15.19 | $11.33 | $11.60 | $8.43 | $7.62 |
Total Return3 | 8.49% | 34.07% | (2.33)% | 37.60% | 10.63% | (32.69)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.50%4 | 2.50% | 2.50% | 2.50% | 2.49% | 2.50% |
Net investment income (loss) | (1.73)%4 | (1.24)% | (1.54)% | (1.94)% | (1.91)% | (1.79)% |
Expense waiver/reimbursement5 | 0.45%4 | 0.59% | 1.04% | 1.13% | 1.22% | 1.02% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $5,286 | $4,912 | $4,223 | $4,663 | $2,795 | $4,069 |
Portfolio turnover | 24% | 88% | 69% | 154% | 142% | 244% |
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) 1/31/2014 | Year Ended July 31, | |||||
2013 | 2012 | 2011 | 2010 | 2009 | ||
Net Asset Value, Beginning of Period | $16.44 | $12.14 | $12.31 | $8.85 | $7.93 | $11.66 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.06)1 | (0.03)1 | (0.06)1 | (0.10)1 | (0.08)1 | (0.06)1 |
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 1.55 | 4.33 | (0.11) | 3.56 | 1.00 | (3.67) |
TOTAL FROM INVESTMENT OPERATIONS | 1.49 | 4.30 | (0.17) | 3.46 | 0.92 | (3.73) |
Regulatory Settlement Proceeds | — | — | — | — | — | 0.002 |
Net Asset Value, End of Period | $17.93 | $16.44 | $12.14 | $12.31 | $8.85 | $7.93 |
Total Return3 | 9.06% | 35.42% | (1.38)% | 39.10% | 11.60% | (31.99)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.50%4 | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Net investment income (loss) | (0.73)%4 | (0.24)% | (0.54)% | (0.92)% | (0.92)% | (0.80)% |
Expense waiver/reimbursement5 | 0.45%4 | 0.59% | 1.05% | 1.15% | 1.22% | 1.02% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $33,106 | $31,179 | $26,233 | $29,395 | $27,039 | $39,246 |
Portfolio turnover | 24% | 88% | 69% | 154% | 142% | 244% |
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 $2,084,186 of investment in an affiliated holding (Note 5) (identified cost $59,363,904) | $72,197,355 | |
Income receivable | 11,251 | |
Receivable for investments sold | 77,524 | |
Receivable for shares sold | 143,497 | |
TOTAL ASSETS | 72,429,627 | |
Liabilities: | ||
Payable for investments purchased | $686,437 | |
Payable for shares redeemed | 69,722 | |
Payable for transfer agent fee | 51,292 | |
Payable for distribution services fee (Note 5) | 4,905 | |
Payable for shareholder services fee (Note 5) | 19,187 | |
Accrued expenses (Note 5) | 35,993 | |
TOTAL LIABILITIES | 867,536 | |
Net assets for 4,061,553 shares outstanding | $71,562,091 | |
Net Assets Consist of: | ||
Paid-in capital | $66,939,744 | |
Net unrealized appreciation of investments | 12,833,451 | |
Accumulated net realized loss on investments and foreign currency transactions | (7,595,677) | |
Accumulated net investment income (loss) | (615,427) | |
TOTAL NET ASSETS | $71,562,091 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($31,047,647 ÷ 1,768,787 shares outstanding), no par value, unlimited shares authorized | $17.55 | |
Offering price per share (100/94.50 of $17.55) | $18.57 | |
Redemption proceeds per share | $17.55 | |
Class B Shares: | ||
Net asset value per share ($2,122,692 ÷ 125,585 shares outstanding), no par value, unlimited shares authorized | $16.90 | |
Offering price per share | $16.90 | |
Redemption proceeds per share (94.50/100 of $16.90) | $15.97 | |
Class C Shares: | ||
Net asset value per share ($5,285,651 ÷ 320,714 shares outstanding), no par value, unlimited shares authorized | $16.48 | |
Offering price per share | $16.48 | |
Redemption proceeds per share (99.00/100 of $16.48) | $16.32 | |
Institutional Shares: | ||
Net asset value per share ($33,106,101 ÷ 1,846,467 shares outstanding), no par value, unlimited shares authorized | $17.93 | |
Offering price per share | $17.93 | |
Redemption proceeds per share | $17.93 |
Investment Income: | ||
Dividends (including $415 received from an affiliated holding (Note 5)) | $276,572 | |
Expenses: | ||
Investment adviser fee (Note 5) | $412,192 | |
Administrative fee (Note 5) | 27,993 | |
Custodian fees | 5,611 | |
Transfer agent fee | 138,929 | |
Directors'/Trustees' fees (Note 5) | 695 | |
Auditing fees | 11,931 | |
Legal fees | 4,426 | |
Portfolio accounting fees | 39,849 | |
Distribution services fee (Note 5) | 28,128 | |
Shareholder services fee (Note 5) | 48,377 | |
Account administration fee (Note 2) | 105 | |
Share registration costs | 26,591 | |
Printing and postage | 27,840 | |
Insurance premiums (Note 5) | 2,052 | |
Miscellaneous (Note 5) | 3,611 | |
TOTAL EXPENSES | 778,330 | |
Waiver/reimbursement of investment adviser fee (Note 5) | (162,322) | |
Net expenses | 616,008 | |
Net investment income (loss) | (339,436) | |
Realized and Unrealized Gain on Investments: | ||
Net realized gain on investments | 4,532,432 | |
Net change in unrealized appreciation of investments | 1,867,971 | |
Net realized and unrealized gain on investments | 6,400,403 | |
Change in net assets resulting from operations | $6,060,967 |
Six Months Ended (unaudited) 1/31/2014 | Year Ended 7/31/2013 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(339,436) | $(273,634) |
Net realized gain on investments | 4,532,432 | 11,801,972 |
Net change in unrealized appreciation/depreciation of investments | 1,867,971 | 7,112,884 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 6,060,967 | 18,641,222 |
Share Transactions: | ||
Proceeds from sale of shares | 6,059,627 | 12,327,005 |
Cost of shares redeemed | (8,851,469) | (17,490,091) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (2,791,842) | (5,163,086) |
Change in net assets | 3,269,125 | 13,478,136 |
Net Assets: | ||
Beginning of period | 68,292,966 | 54,814,830 |
End of period (including accumulated net investment income (loss) of $(615,427) and $(275,991), respectively) | $71,562,091 | $68,292,966 |
■ | 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 or non-exchange-traded investment companies 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 and repurchase agreements acquired with remaining maturities of 60 days or less are valued at their amortized cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security. |
■ | 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. |
Account Administration Fees Incurred | |
Class A Shares | $105 |
Six Months Ended 1/31/2014 | Year Ended 7/31/2013 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 65,891 | $1,140,370 | 331,847 | $4,237,900 |
Shares redeemed | (170,042) | (2,918,956) | (363,126) | (4,908,290) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (104,151) | $(1,778,586) | (31,279) | $(670,390) |
Six Months Ended 1/31/2014 | Year Ended 7/31/2013 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 11,728 | $194,587 | 32,692 | $439,424 |
Shares redeemed | (15,523) | (262,668) | (44,499) | (581,084) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (3,795) | $(68,081) | (11,807) | $(141,660) |
Six Months Ended 1/31/2014 | Year Ended 7/31/2013 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 16,756 | $262,300 | 20,807 | $274,225 |
Shares redeemed | (19,405) | (313,749) | (70,218) | (912,217) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (2,649) | $(51,449) | (49,411) | $(637,992) |
Six Months Ended 1/31/2014 | Year Ended 7/31/2013 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 251,892 | $4,462,370 | 523,422 | $7,375,456 |
Shares redeemed | (301,669) | (5,356,096) | (787,972) | (11,088,500) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (49,777) | $(893,726) | (264,550) | $(3,713,044) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (160,372) | $(2,791,842) | (357,047) | $(5,163,086) |
Expiration Year | Short-Term | Long-Term | Total |
2018 | $12,108,355 | NA | $12,108,355 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
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 | $8,136 |
Class C Shares | 19,992 |
TOTAL | $28,128 |
Service Fees Incurred | |
Class A Shares | $39,029 |
Class B Shares | 2,702 |
Class C Shares | 6,646 |
TOTAL | $48,377 |
Federated Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2013 | 1,007,928 |
Purchases/Additions | 6,252,860 |
Sales/Reductions | (5,176,602) |
Balance of Shares Held 1/31/2014 | 2,084,186 |
Value | $2,084,186 |
Dividend Income | $415 |
Purchases | $16,356,792 |
Sales | $19,949,401 |
Beginning Account Value 8/1/2013 | Ending Account Value 1/31/2014 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,088.70 | $9.21 |
Class B Shares | $1,000 | $1,084.70 | $13.14 |
Class C Shares | $1,000 | $1,084.90 | $13.14 |
Institutional Shares | $1,000 | $1,090.60 | $7.90 |
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% |
Name | For | Withheld |
John T. Collins | 13,608,392.908 | 253,752.799 |
Maureen Lally-Green | 13,676,380.969 | 185,764.738 |
Thomas M. O'Neill | 13,614,614.261 | 247,531.446 |
P. Jerome Richey | 13,657,897.750 | 204,247.957 |
1 | The following Trustees continued their terms: John F. Donahue, J. Christopher Donahue, Maureen Lally-Green (having been previously appointed by the Board), Peter E. Madden, Charles F. Mansfield, Jr., Thomas M. O'Neill (having been previously appointed by the Board), and John S. Walsh. |
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R676
CUSIP 31421R767
CUSIP 31421R759
2014 ©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
No Changes to Report
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/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date March 24, 2014
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 24, 2014
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date March 24, 2014