United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-21904
(Investment Company Act File Number)
Federated MDT Series
_______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, Pennsylvania 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 07/31/14
Date of Reporting Period: 07/31/14
Item 1. Reports to Stockholders
Share Class | Ticker |
A | QAACX |
C | QCACX |
R | QKACX |
Institutional | QIACX |
1 | Please see the footnotes to the line graphs below for definitions of, and further information about, the Russell 3000® Index. |
2 | Morningstar has assigned the Fund to the Morningstar Large Cap Value Funds Average peer group, however, the MLBFA is being used for comparison purposes. The Fund invests in both value and growth stocks and therefore the Fund's Adviser believes that the MLBFA is more reflective of the Fund's investment style. Please see the footnotes to the line graphs below for definitions of, and further information about, the MLBFA. |
3 | The Russell Top 200® Index measures the performance of the largest cap segment of the U.S. equity universe. The Russell Top 200® Index is a subset of the Russell 3000® Index. It includes approximately 200 of the largest securities based on a combination of their market cap and current index membership and represents approximately 68% of the U.S. market. The Russell Top 200® Index is constructed to provide a comprehensive and unbiased barometer for this very large cap segment and is completely reconstituted annually to ensure new and growing equities are reflected. The Russell Top 200 Index is unmanaged, and it is not possible to invest directly in an index. |
4 | The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000® companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set. The Russell Midcap Index is unmanaged, and it is not possible to invest directly in an index. |
5 | Small-cap stocks may be less liquid and subject to greater price volatility than large-cap stocks. |
6 | The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. The Russell 2000 Index is unmanaged, and it is not possible to invest directly in an index. |
7 | The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000® Growth Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad growth market. The Russell 3000® Growth Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics. The Russell 3000 Growth Index is unmanaged, and it is not possible to invest directly in an index. |
8 | The Russell 3000® Value Index measures the performance of the broad value segment of U.S. equity value universe. It includes those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000® Value Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad value market. The Russell 3000® Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. The Russell 3000 Value Index is unmanaged, and it is not possible to invest directly in an index. |
Federated MDT All Cap Core Fund - | Class A Shares | Institutional Shares | R3000 | MLBFA |
F | F | I | I | |
7/31/2004 | 9,450 | 10,000 | 10,000 | 10,000 |
7/31/2005 | 11,509 | 12,214 | 11,691 | 11,472 |
7/31/2006 | 12,037 | 12,806 | 12,292 | 12,049 |
7/31/2007 | 13,803 | 14,717 | 14,269 | 13,952 |
7/31/2008 | 12,425 | 13,288 | 12,796 | 12,445 |
7/31/2009 | 8,813 | 9,455 | 10,209 | 9,986 |
7/31/2010 | 9,446 | 10,168 | 11,722 | 11,231 |
7/31/2011 | 11,229 | 12,114 | 14,177 | 13,296 |
7/31/2012 | 11,454 | 12,384 | 15,215 | 13,876 |
7/31/2013 | 15,588 | 16,900 | 19,303 | 17,423 |
7/31/2014 | 18,583 | 20,202 | 22,463 | 20,101 |
■ | Total returns shown include the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). |
1 Year | 5 Years | 10 Years | |
Class A Shares5 | 12.68% | 14.78% | 6.39% |
Class C Shares5 | 17.25% | 15.17% | 6.16% |
Class R Shares5 | 18.68% | 15.54% | 6.53% |
Institutional Shares | 19.54% | 16.40% | 7.29% |
R3000 | 16.37% | 17.08% | 8.43% |
MLBFA | 15.53% | 15.35% | 7.52% |
1 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450); for Class C Shares a 1.00% contingent deferred sales charge would be applied on any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The R3000 has been adjusted to reflect reinvestment of dividends of securities. |
2 | The Fund is the successor to the MDT All Cap Core Fund pursuant to a reorganization that took place on December 8, 2006. Prior to that date, the Fund had no investment operations. Accordingly, the performance information shown for periods prior to that date is that of the MDT All Cap Core Fund. |
3 | The R3000 measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The R3000 is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The index is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The R3000 is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. |
4 | Morningstar figures represent the average of the total returns reported by all the mutual funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges. |
5 | The start of performance date for the Fund's Class A Shares, Class C Shares and Class R Shares was October 1, 2002. Class A Shares, Class C Shares and Class R Shares commenced operations on February 12, 2003, September 15, 2005 and December 12, 2006, respectively. Performance results shown before those dates are for the Fund's Institutional Shares and have been adjusted for the maximum sales charge, maximum contingent deferred sales charge and total annual operating expenses applicable to each class. The Fund's Institutional Shares commenced operations on October 1, 2002. Subject to the expense adjustments described above, the Class A Shares, Class C Shares and Class R Shares annual returns would be substantially similar to those of the Institutional Shares because Shares of each class are invested in the same portfolio of securities. |
Industry Composition | Percentage of Total Net Assets |
Regional Banks | 4.5% |
Money Center Bank | 3.8% |
Biotechnology | 3.6% |
Services to Medical Professionals | 3.3% |
Property Liability Insurance | 2.8% |
Electric Utility | 2.4% |
Software Packaged/Custom | 2.2% |
Computer Peripherals | 2.1% |
Integrated Domestic Oil | 2.1% |
Crude Oil & Gas Production | 2.0% |
Defense Aerospace | 2.0% |
Specialty Retailing | 2.0% |
Computer Stores | 1.8% |
Construction Machinery | 1.8% |
Department Stores | 1.8% |
Ethical Drugs | 1.8% |
Commodity Chemicals | 1.7% |
Defense Electronics | 1.6% |
Telecommunication Equipment & Services | 1.6% |
Multi-Line Insurance | 1.5% |
Oil Refiner | 1.5% |
Computers - Midrange | 1.4% |
Integrated International Oil | 1.4% |
Life Insurance | 1.4% |
Medical Supplies | 1.4% |
Semiconductor Distribution | 1.4% |
Financial Services | 1.3% |
Soft Drinks | 1.3% |
Clothing Stores | 1.1% |
Securities Brokerage | 1.1% |
AT&T Divestiture | 1.0% |
Semiconductor Manufacturing | 1.0% |
Other2 | 36.3% |
Cash Equivalents3 | 2.5% |
Other Assets and Liabilities—Net4 | (0.5)% |
TOTAL | 100.0% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, industry classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | For purposes of this table, industry classifications which constitute less than 1.0% of the Fund's total net assets have been aggregated under the designation “Other”. |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS—98.0% | |||
Agricultural Chemicals—0.6% | |||
7,000 | Bunge Ltd. | $551,880 | |
200 | 1 | Graham Holdings Co. | 137,150 |
2,500 | Scotts Miracle-Gro Co. | 133,000 | |
TOTAL | 822,030 | ||
Agricultural Machinery—0.8% | |||
5,400 | AGCO Corp. | 263,034 | |
11,500 | Deere & Co. | 978,765 | |
TOTAL | 1,241,799 | ||
Airline - National—0.5% | |||
17,100 | 1 | United Continental Holdings, Inc. | 793,269 |
Airline - Regional—0.7% | |||
10,000 | Alaska Air Group, Inc. | 439,700 | |
19,400 | Southwest Airlines Co. | 548,632 | |
TOTAL | 988,332 | ||
Airlines—0.6% | |||
25,000 | Delta Air Lines, Inc. | 936,500 | |
Apparel—0.4% | |||
2,000 | 1 | Ann, Inc. | 73,500 |
1,300 | Carter's, Inc. | 99,528 | |
2,300 | Guess ?, Inc. | 59,823 | |
4,900 | V.F. Corp. | 300,223 | |
TOTAL | 533,074 | ||
AT&T Divestiture—1.0% | |||
33,400 | AT&T, Inc. | 1,188,706 | |
6,700 | Verizon Communications, Inc. | 337,814 | |
TOTAL | 1,526,520 | ||
Auto Components—0.5% | |||
12,500 | Goodyear Tire & Rubber Co. | 314,625 | |
4,100 | Lear Corp. | 386,097 | |
TOTAL | 700,722 | ||
Auto Manufacturing—0.7% | |||
26,800 | Ford Motor Co. | 456,136 | |
5,000 | 1 | TRW Automotive Holdings Corp. | 511,450 |
TOTAL | 967,586 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Auto Original Equipment Manufacturers—0.9% | |||
300 | 1 | AutoZone, Inc. | $155,109 |
15,600 | Johnson Controls, Inc. | 736,944 | |
1,800 | 1 | O'Reilly Automotive, Inc. | 270,000 |
2,200 | 1 | Tenneco Automotive, Inc. | 140,140 |
TOTAL | 1,302,193 | ||
Auto Rentals—0.5% | |||
6,700 | 1 | United Rentals, Inc. | 709,530 |
Biotechnology—3.6% | |||
6,800 | 1 | Alexion Pharmaceuticals, Inc. | 1,081,132 |
1,400 | Amgen, Inc. | 178,346 | |
3,200 | 1 | Biogen Idec, Inc. | 1,070,048 |
6,400 | 1 | Celgene Corp. | 557,760 |
13,300 | 1 | Gilead Sciences, Inc. | 1,217,615 |
4,500 | 1 | Illumina, Inc. | 719,595 |
1,500 | 1 | Regeneron Pharmaceuticals, Inc. | 474,330 |
TOTAL | 5,298,826 | ||
Broadcasting—0.8% | |||
13,589 | 1 | DIRECTV Group, Inc. | 1,169,334 |
Building Materials—0.3% | |||
4,200 | Fortune Brands Home & Security, Inc. | 158,718 | |
3,300 | Lennox International, Inc. | 281,556 | |
TOTAL | 440,274 | ||
Building Supply Stores—0.5% | |||
4,300 | Home Depot, Inc. | 347,655 | |
7,700 | Lowe's Cos., Inc. | 368,445 | |
TOTAL | 716,100 | ||
Cable TV—0.6% | |||
5,300 | Time Warner, Inc. | 440,006 | |
6,000 | Viacom, Inc., Class B | 496,020 | |
TOTAL | 936,026 | ||
Capital Markets—0.2% | |||
5,800 | Franklin Resources, Inc. | 314,070 | |
Closed End Fund—0.4% | |||
4,500 | 1 | Berkshire Hathaway, Inc. | 564,435 |
Clothing Stores—1.1% | |||
1,700 | Children's Place, Inc./The | 85,340 | |
14,000 | Gap (The), Inc. | 561,540 | |
4,900 | Hanesbrands, Inc. | 478,779 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Clothing Stores—continued | |||
5,300 | 1 | Michael Kors Holdings Ltd. | $431,844 |
TOTAL | 1,557,503 | ||
Commodity Chemicals—1.7% | |||
4,600 | Celanese Corp. | 267,766 | |
5,200 | Dow Chemical Co. | 265,564 | |
4,400 | Eastman Chemical Co. | 346,632 | |
7,800 | LyondellBasell Industries NV | 828,750 | |
1,500 | PPG Industries, Inc. | 297,540 | |
3,000 | RPM International, Inc. | 132,540 | |
4,800 | Westlake Chemical Corp. | 419,472 | |
TOTAL | 2,558,264 | ||
Communications Equipment—0.3% | |||
20,800 | Juniper Networks, Inc. | 489,632 | |
Computer Peripherals—2.1% | |||
6,400 | Lexmark International, Inc., Class A | 307,392 | |
19,800 | NetApp, Inc. | 769,032 | |
9,200 | Sandisk Corp. | 843,732 | |
12,000 | Western Digital Corp. | 1,197,960 | |
TOTAL | 3,118,116 | ||
Computer Services—0.3% | |||
4,100 | Global Payments, Inc. | 284,007 | |
2,634 | 1 | Synnex Corp. | 169,893 |
TOTAL | 453,900 | ||
Computer Stores—1.8% | |||
10,800 | GameStop Corp. | 453,276 | |
42,649 | 1 | Ingram Micro, Inc., Class A | 1,224,026 |
2,100 | 1 | Insight Enterprises, Inc. | 55,167 |
13,862 | 1 | Tech Data Corp. | 870,395 |
TOTAL | 2,602,864 | ||
Computers - High End—0.8% | |||
6,500 | IBM Corp. | 1,245,855 | |
Computers - Midrange—1.4% | |||
59,700 | Hewlett-Packard Co. | 2,125,917 | |
Construction Machinery—1.8% | |||
6,300 | Caterpillar, Inc. | 634,725 | |
4,900 | Joy Global, Inc. | 290,374 | |
38,200 | Trinity Industries, Inc. | 1,667,048 | |
TOTAL | 2,592,147 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Cosmetics & Toiletries—0.7% | |||
21,400 | Avon Products, Inc. | $282,480 | |
3,800 | Estee Lauder Cos., Inc., Class A | 279,148 | |
3,300 | International Flavors & Fragrances, Inc. | 333,267 | |
5,400 | 1 | Sally Beauty Holdings, Inc. | 140,130 |
TOTAL | 1,035,025 | ||
Crude Oil & Gas Production—2.0% | |||
11,200 | Apache Corp. | 1,149,792 | |
22,200 | Chesapeake Energy Corp. | 585,414 | |
6,700 | Devon Energy Corp. | 505,850 | |
6,100 | EOG Resources, Inc. | 667,584 | |
TOTAL | 2,908,640 | ||
Defense Aerospace—2.0% | |||
3,200 | Alliant Techsystems, Inc. | 415,776 | |
5,900 | 1 | B/E Aerospace, Inc. | 502,326 |
2,700 | Boeing Co. | 325,296 | |
5,500 | General Dynamics Corp. | 642,235 | |
6,800 | Lockheed Martin Corp. | 1,135,396 | |
TOTAL | 3,021,029 | ||
Defense Electronics—1.6% | |||
3,500 | L-3 Communications Holdings, Inc. | 367,360 | |
10,300 | Northrop Grumman Corp. | 1,269,681 | |
7,300 | Raytheon Co. | 662,621 | |
TOTAL | 2,299,662 | ||
Department Stores—1.8% | |||
2,600 | Dillards, Inc., Class A | 309,972 | |
14,900 | Kohl's Corp. | 797,746 | |
16,600 | Macy's, Inc. | 959,314 | |
10,900 | Target Corp. | 649,531 | |
TOTAL | 2,716,563 | ||
Discount Department Stores—0.7% | |||
5,400 | Foot Locker, Inc. | 256,662 | |
9,700 | Wal-Mart Stores, Inc. | 713,726 | |
TOTAL | 970,388 | ||
Diversified Leisure—0.6% | |||
7,200 | Las Vegas Sands Corp. | 531,720 | |
6,200 | Royal Caribbean Cruises Ltd. | 369,830 | |
TOTAL | 901,550 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Diversified Oil—0.9% | |||
9,000 | Murphy Oil Corp. | $559,170 | |
7,500 | Occidental Petroleum Corp. | 732,825 | |
TOTAL | 1,291,995 | ||
Diversified Tobacco—0.3% | |||
11,500 | Altria Group, Inc. | 466,900 | |
Drug Stores—0.5% | |||
10,200 | Walgreen Co. | 701,454 | |
Education & Training Services—0.3% | |||
11,000 | 1 | Apollo Group, Inc., Class A | 307,230 |
2,100 | DeVry Education Group, Inc. | 83,937 | |
1,500 | 1 | ITT Educational Services, Inc. | 21,345 |
TOTAL | 412,512 | ||
Electric Utilities—0.2% | |||
4,500 | Duke Energy Corp. | 324,585 | |
Electric Utility—2.4% | |||
24,600 | AES Corp. | 359,406 | |
9,400 | American Electric Power Co., Inc. | 488,706 | |
13,400 | Edison International | 734,320 | |
9,700 | Entergy Corp. | 706,451 | |
17,500 | Exelon Corp. | 543,900 | |
2,900 | PPL Corp. | 95,671 | |
16,700 | Public Service Enterprises Group, Inc. | 587,339 | |
TOTAL | 3,515,793 | ||
Electrical - Radio & TV—0.3% | |||
4,300 | Harman International Industries, Inc. | 466,765 | |
Electrical Equipment—0.1% | |||
4,200 | 1 | Sanmina Corp. | 97,818 |
Electronic Equipment Instruments & Components—0.2% | |||
4,600 | Garmin Ltd. | 253,184 | |
Electronic Test/Measuring Equipment—0.0% | |||
1,800 | 1 | Itron, Inc. | 64,764 |
Electronics Stores—0.3% | |||
16,800 | Best Buy Co., Inc. | 499,464 | |
Ethical Drugs—1.8% | |||
7,200 | Abbott Laboratories | 303,264 | |
11,400 | Eli Lilly & Co. | 696,084 | |
4,400 | Johnson & Johnson | 440,396 | |
2,100 | Merck & Co., Inc. | 119,154 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Ethical Drugs—continued | |||
27,500 | Pfizer, Inc. | $789,250 | |
3,700 | 1 | United Therapeutics Corp. | 336,478 |
TOTAL | 2,684,626 | ||
Financial Services—1.3% | |||
500 | American Express Co. | 44,000 | |
6,500 | Ameriprise Financial, Inc. | 777,400 | |
1,600 | BlackRock, Inc. | 487,568 | |
9,500 | Discover Financial Services | 580,070 | |
2,500 | Nelnet, Inc., Class A | 103,075 | |
TOTAL | 1,992,113 | ||
Food Wholesaling—0.3% | |||
5,900 | Ingredion, Inc. | 434,417 | |
Gas Utilities—0.1% | |||
2,300 | EQT Corp. | 215,786 | |
Generic Drugs—0.3% | |||
7,600 | 1 | Mylan, Inc. | 375,212 |
Grocery Chain—0.9% | |||
25,700 | Kroger Co. | 1,258,786 | |
Health Care Providers & Services—0.2% | |||
4,600 | 1 | Express Scripts Holding Co. | 320,390 |
Home Products—0.9% | |||
4,100 | Energizer Holdings, Inc. | 470,516 | |
2,600 | Kimberly-Clark Corp. | 270,062 | |
9,100 | Newell Rubbermaid, Inc. | 295,568 | |
4,600 | Tupperware Brands Corp. | 334,788 | |
TOTAL | 1,370,934 | ||
Hotels—0.4% | |||
5,000 | Marriott International, Inc., Class A | 323,550 | |
3,600 | Wyndham Worldwide Corp. | 271,980 | |
TOTAL | 595,530 | ||
Hotels and Motels—0.1% | |||
400 | Wynn Resorts Ltd. | 85,280 | |
Hotels Restaurants & Leisure—0.2% | |||
12,300 | 1 | MGM Resorts International | 330,132 |
Household Appliances—0.7% | |||
7,500 | Whirlpool Corp. | 1,069,800 | |
Household Durables—0.3% | |||
4,600 | Stanley Black & Decker, Inc. | 402,270 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Industrial Machinery—0.5% | |||
4,500 | Huntington Ingalls Industries, Inc. | $409,140 | |
9,100 | Terex Corp. | 314,041 | |
TOTAL | 723,181 | ||
Integrated Domestic Oil—2.1% | |||
17,600 | ConocoPhillips | 1,452,000 | |
8,200 | Hess Corp. | 811,636 | |
21,900 | Marathon Oil Corp. | 848,625 | |
TOTAL | 3,112,261 | ||
Integrated International Oil—1.4% | |||
8,300 | Chevron Corp. | 1,072,692 | |
9,500 | Exxon Mobil Corp. | 939,930 | |
TOTAL | 2,012,622 | ||
Internet Services—0.6% | |||
4,500 | IAC Interactive Corp. | 302,400 | |
700 | 1 | NetFlix, Inc. | 295,904 |
200 | 1 | Priceline.com, Inc. | 248,490 |
TOTAL | 846,794 | ||
Life Insurance—1.4% | |||
15,100 | Assured Guaranty Ltd. | 337,032 | |
4,700 | MetLife, Inc. | 247,220 | |
7,400 | Principal Financial Group, Inc. | 367,632 | |
11,700 | Prudential Financial, Inc. | 1,017,549 | |
2,900 | StanCorp Financial Group, Inc. | 174,986 | |
TOTAL | 2,144,419 | ||
Machinery—0.4% | |||
2,600 | Dover Corp. | 222,976 | |
6,600 | OshKosh Truck Corp. | 305,052 | |
TOTAL | 528,028 | ||
Mail Order—0.1% | |||
2,200 | HSN, Inc. | 122,958 | |
Medical Supplies—1.4% | |||
4,100 | 1 | Align Technology, Inc. | 222,261 |
7,600 | Baxter International, Inc. | 567,644 | |
7,400 | Cardinal Health, Inc. | 530,210 | |
7,400 | 1 | HCA, Inc. | 483,294 |
1,500 | McKesson Corp. | 287,790 | |
TOTAL | 2,091,199 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Medical Technology—0.6% | |||
7,300 | Medtronic, Inc. | $450,702 | |
6,500 | St. Jude Medical, Inc. | 423,735 | |
TOTAL | 874,437 | ||
Miscellaneous Components—0.3% | |||
27,428 | Vishay Intertechnology, Inc. | 404,015 | |
Miscellaneous Food Products—0.6% | |||
13,800 | Archer-Daniels-Midland Co. | 640,320 | |
7,300 | Fresh Del Monte Produce, Inc. | 218,562 | |
TOTAL | 858,882 | ||
Money Center Bank—3.8% | |||
62,500 | Bank of America Corp. | 953,125 | |
15,700 | Bank of New York Mellon Corp. | 612,928 | |
13,800 | Citigroup, Inc. | 674,958 | |
29,600 | JPMorgan Chase & Co. | 1,707,032 | |
14,000 | State Street Corp. | 986,160 | |
14,700 | U.S. Bancorp | 617,841 | |
TOTAL | 5,552,044 | ||
Motion Pictures—0.6% | |||
9,500 | Walt Disney Co. | 815,860 | |
Multi-Industry Capital Goods—0.6% | |||
2,100 | 3M Co. | 295,869 | |
16,300 | General Electric Co. | 409,945 | |
5,600 | Textron, Inc. | 203,672 | |
TOTAL | 909,486 | ||
Multi-Industry Transportation—0.2% | |||
2,100 | FedEx Corp. | 308,448 | |
Multi-Line Insurance—1.5% | |||
9,600 | Allstate Corp. | 561,120 | |
15,500 | American International Group, Inc. | 805,690 | |
5,500 | CIGNA Corp. | 495,220 | |
7,900 | Lincoln National Corp. | 413,881 | |
TOTAL | 2,275,911 | ||
Multi-Utilities—0.3% | |||
7,900 | Consolidated Edison Co. | 443,111 | |
Mutual Fund Adviser—0.5% | |||
1,200 | 1 | Affiliated Managers Group | 239,100 |
3,600 | T. Rowe Price Group, Inc. | 279,576 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Mutual Fund Adviser—continued | |||
3,700 | Waddell & Reed Financial, Inc., Class A | $195,323 | |
TOTAL | 713,999 | ||
Office Electronics—0.2% | |||
20,300 | Xerox Corp. | 269,178 | |
Office Equipment—0.3% | |||
14,800 | Pitney Bowes, Inc. | 400,488 | |
Office Supplies—0.1% | |||
4,500 | Avery Dennison Corp. | 212,445 | |
Oil Gas & Consumable Fuels—0.8% | |||
11,000 | Phillips 66 | 892,210 | |
4,500 | SM Energy Co. | 353,430 | |
TOTAL | 1,245,640 | ||
Oil Refiner—1.5% | |||
11,600 | HollyFrontier Corp. | 545,316 | |
7,900 | Marathon Petroleum Corp. | 659,492 | |
19,000 | Valero Energy Corp. | 965,200 | |
TOTAL | 2,170,008 | ||
Oil Service, Explore & Drill—0.5% | |||
6,400 | Helmerich & Payne, Inc. | 680,064 | |
Oil Well Supply—0.8% | |||
5,900 | Baker Hughes, Inc. | 405,743 | |
3,900 | Halliburton Co. | 269,061 | |
5,600 | National-Oilwell, Inc. | 453,824 | |
TOTAL | 1,128,628 | ||
Other Communications Equipment—0.8% | |||
7,600 | Harris Corp. | 518,852 | |
11,800 | Skyworks Solutions, Inc. | 598,968 | |
TOTAL | 1,117,820 | ||
Packaged Foods—0.8% | |||
20,300 | ConAgra Foods, Inc. | 611,639 | |
4,400 | Kellogg Co. | 263,252 | |
9,400 | Mondelez International, Inc. | 338,400 | |
TOTAL | 1,213,291 | ||
Paper & Forest Products—0.1% | |||
5,600 | Domtar, Corp. | 201,152 | |
Paper Products—0.5% | |||
7,800 | International Paper Co. | 370,500 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Paper Products—continued | |||
3,600 | Rock-Tenn Co. | $357,948 | |
TOTAL | 728,448 | ||
Personal & Household—0.2% | |||
5,800 | Nu Skin Enterprises, Inc., Class A | 340,402 | |
Personal Loans—0.7% | |||
13,700 | Capital One Financial Corp. | 1,089,698 | |
Personnel Agency—0.3% | |||
4,500 | Manpower, Inc. | 350,505 | |
3,400 | Robert Half International, Inc. | 165,410 | |
TOTAL | 515,915 | ||
Pharmaceuticals—0.2% | |||
6,300 | AbbVie, Inc. | 329,742 | |
Poultry Products—0.1% | |||
2,400 | Sanderson Farms, Inc. | 218,616 | |
Printing—0.1% | |||
9,700 | Donnelley (R.R.) & Sons Co. | 168,392 | |
Property Liability Insurance—2.8% | |||
6,900 | Ace Ltd. | 690,690 | |
4,500 | Chubb Corp. | 390,195 | |
5,200 | Everest Re Group Ltd. | 810,732 | |
10,700 | HCC Insurance Holdings, Inc. | 499,476 | |
5,200 | PartnerRe Ltd. | 542,672 | |
3,900 | Platinum Underwriters Holdings Ltd. | 228,540 | |
11,200 | The Travelers Cos., Inc. | 1,003,072 | |
TOTAL | 4,165,377 | ||
Railroad—0.2% | |||
3,700 | Union Pacific Corp. | 363,747 | |
Recreational Vehicles—0.1% | |||
1,400 | Polaris Industries, Inc., Class A | 206,556 | |
Regional Banks—4.5% | |||
23,300 | BB&T Corp. | 862,566 | |
1,700 | City National Corp. | 127,925 | |
7,300 | Comerica, Inc. | 366,898 | |
29,600 | Fifth Third Bancorp | 606,208 | |
17,200 | Huntington Bancshares, Inc. | 168,904 | |
30,200 | KeyCorp | 408,908 | |
12,900 | PNC Financial Services Group | 1,065,024 | |
9,100 | 1 | Popular, Inc. | 290,290 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Regional Banks—continued | |||
2,600 | 1 | SVB Financial Group | $283,452 |
22,700 | SunTrust Banks, Inc. | 863,735 | |
29,100 | Wells Fargo & Co. | 1,481,190 | |
7,200 | Zions Bancorp | 207,504 | |
TOTAL | 6,732,604 | ||
Rental & Leasing Services—0.1% | |||
3,200 | Rent-A-Center, Inc. | 76,608 | |
Restaurants—0.4% | |||
800 | 1 | Chipotle Mexican Grill, Inc. | 538,000 |
Road & Rail—0.2% | |||
2,700 | Norfolk Southern Corp. | 274,482 | |
Securities Brokerage—1.1% | |||
6,600 | Goldman Sachs Group, Inc. | 1,140,942 | |
10,700 | Morgan Stanley | 346,038 | |
6,000 | TD Ameritrade Holding Corp. | 192,720 | |
TOTAL | 1,679,700 | ||
Semiconductor Distribution—1.4% | |||
25,913 | 1 | Arrow Electronics, Inc. | 1,501,658 |
14,515 | Avnet, Inc. | 614,420 | |
TOTAL | 2,116,078 | ||
Semiconductor Manufacturing—1.0% | |||
23,500 | Intel Corp. | 796,415 | |
5,500 | 1 | Omnivision Technologies, Inc. | 123,200 |
12,800 | Texas Instruments, Inc. | 592,000 | |
TOTAL | 1,511,615 | ||
Semiconductors & Semiconductor Equipment—0.3% | |||
11,100 | Broadcom Corp. | 424,686 | |
Services to Medical Professionals—3.3% | |||
8,200 | Aetna, Inc. | 635,746 | |
2,000 | 1 | Henry Schein, Inc. | 232,500 |
7,600 | Humana, Inc. | 894,140 | |
3,100 | 1 | Laboratory Corp. of America Holdings | 321,439 |
2,800 | Omnicare, Inc. | 175,000 | |
7,600 | Quest Diagnostics, Inc. | 464,360 | |
12,700 | UnitedHealth Group, Inc. | 1,029,335 | |
10,773 | Wellpoint, Inc. | 1,182,983 | |
TOTAL | 4,935,503 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Soft Drinks—1.3% | |||
14,400 | Coca-Cola Enterprises, Inc. | $654,480 | |
13,800 | Dr. Pepper Snapple Group, Inc. | 810,888 | |
5,700 | PepsiCo, Inc. | 502,170 | |
TOTAL | 1,967,538 | ||
Software Packaged/Custom—2.2% | |||
19,200 | CA, Inc. | 554,496 | |
2,000 | 1 | Commvault Systems, Inc. | 96,040 |
7,300 | Computer Sciences Corp. | 455,447 | |
11,700 | 1 | Electronic Arts, Inc. | 393,120 |
2,700 | 1 | F5 Networks, Inc. | 303,993 |
14,900 | Oracle Corp. | 601,811 | |
35,500 | Symantec Corp. | 839,930 | |
TOTAL | 3,244,837 | ||
Specialty Chemicals—0.7% | |||
2,500 | Airgas, Inc. | 267,300 | |
4,200 | Ashland, Inc. | 439,530 | |
12,400 | Huntsman Corp. | 323,020 | |
TOTAL | 1,029,850 | ||
Specialty Retailing—2.0% | |||
8,000 | Abercrombie & Fitch Co., Class A | 314,720 | |
2,600 | 1 | AutoNation, Inc. | 138,632 |
8,100 | 1 | Bed Bath & Beyond, Inc. | 512,649 |
2,900 | Big Lots, Inc. | 126,875 | |
13,887 | CVS Caremark Corp. | 1,060,411 | |
4,500 | 1 | Dollar General Corp. | 248,535 |
3,800 | GNC Acquisition Holdings, Inc. | 124,678 | |
2,700 | Nordstrom, Inc. | 186,921 | |
16,300 | Staples, Inc. | 188,917 | |
1,400 | Williams-Sonoma, Inc. | 93,898 | |
TOTAL | 2,996,236 | ||
Technology Hardware & Equipment—0.2% | |||
11,900 | EMC Corp. | 348,670 | |
Telecommunication Equipment & Services—1.6% | |||
2,400 | 1 | Anixter International, Inc. | 206,328 |
29,900 | Cisco Systems, Inc. | 754,377 | |
22,800 | Corning, Inc. | 448,020 | |
12,300 | Qualcomm, Inc. | 906,510 | |
TOTAL | 2,315,235 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Telephone Utility—0.7% | |||
26,200 | CenturyLink, Inc. | $1,028,088 | |
Textiles Apparel & Luxury Goods—0.3% | |||
3,700 | PVH Corp. | 407,666 | |
Toys & Games—0.5% | |||
7,600 | Hasbro, Inc. | 379,696 | |
10,400 | Mattel, Inc. | 368,420 | |
TOTAL | 748,116 | ||
Undesignated Consumer Cyclicals—0.3% | |||
8,300 | Herbalife Ltd. | 434,920 | |
2,100 | Weight Watchers International, Inc. | 45,549 | |
TOTAL | 480,469 | ||
Uniforms—0.6% | |||
6,500 | Cintas Corp. | 406,900 | |
6,900 | Lam Research Corp. | 483,000 | |
TOTAL | 889,900 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $115,010,901) | 145,037,328 | ||
INVESTMENT COMPANY—2.5% | |||
3,599,784 | 2,3 | Federated Prime Value Obligations Fund, Institutional Shares, 0.07% (AT NET ASSET VALUE) | 3,599,784 |
TOTAL INVESTMENTS—100.5% (IDENTIFIED COST $118,610,685)4 | 148,637,112 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.5)%5 | (671,433) | ||
TOTAL NET ASSETS—100% | $147,965,679 |
1 | Non-income-producing security. |
2 | Affiliated holding. |
3 | 7-day net yield. |
4 | The cost of investments for federal tax purposes amounts to $118,740,467. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Year Ended July 31 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $17.26 | $12.73 | $12.48 | $10.54 | $9.91 |
Income From Investment Operations: | |||||
Net investment income | 0.081 | 0.091 | 0.061 | 0.031 | 0.051 |
Net realized and unrealized gain on investments | 3.23 | 4.49 | 0.19 | 1.96 | 0.67 |
TOTAL FROM INVESTMENT OPERATIONS | 3.31 | 4.58 | 0.25 | 1.99 | 0.72 |
Less Distributions: | |||||
Distributions from net investment income | (0.10) | (0.05) | — | (0.05) | (0.09) |
Net Asset Value, End of Period | $20.47 | $17.26 | $12.73 | $12.48 | $10.54 |
Total Return2 | 19.21% | 36.10% | 2.00% | 18.87% | 7.18% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.35% | 1.35% | 1.35% | 1.34% | 1.29% |
Net investment income | 0.41% | 0.59% | 0.48% | 0.21% | 0.44% |
Expense waiver/reimbursement3 | 0.08% | 0.16% | 0.40% | 0.31% | 0.25% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $44,678 | $34,092 | $29,365 | $40,227 | $54,437 |
Portfolio turnover | 31% | 99% | 164% | 154% | 135% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended July 31 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $16.55 | $12.26 | $12.12 | $10.27 | $9.66 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.07)1 | (0.03)1 | (0.04)1 | (0.07)1 | (0.04)1 |
Net realized and unrealized gain on investments | 3.09 | 4.32 | 0.18 | 1.92 | 0.65 |
TOTAL FROM INVESTMENT OPERATIONS | 3.02 | 4.29 | 0.14 | 1.85 | 0.61 |
Less Distributions: | |||||
Distributions from net investment income | — | — | — | — | (0.00)2 |
Net Asset Value, End of Period | $19.57 | $16.55 | $12.26 | $12.12 | $10.27 |
Total Return3 | 18.25% | 34.99% | 1.16% | 18.01% | 6.33% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.15% | 2.15% | 2.15% | 2.13% | 2.08% |
Net investment income (loss) | (0.38)% | (0.21)% | (0.32)% | (0.59)% | (0.36)% |
Expense waiver/reimbursement4 | 0.06% | 0.11% | 0.36% | 0.29% | 0.24% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $35,052 | $27,674 | $24,440 | $31,129 | $39,524 |
Portfolio turnover | 31% | 99% | 164% | 154% | 135% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $17.09 | $12.62 | $12.44 | $10.52 | $9.91 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.01)1 | 0.021 | (0.00)1,2 | (0.04)1 | (0.01)1 |
Net realized and unrealized gain on investments | 3.20 | 4.45 | 0.18 | 1.97 | 0.68 |
TOTAL FROM INVESTMENT OPERATIONS | 3.19 | 4.47 | 0.18 | 1.93 | 0.67 |
Less Distributions: | |||||
Distributions from net investment income | (0.03) | — | — | (0.01) | (0.06) |
Net Asset Value, End of Period | $20.25 | $17.09 | $12.62 | $12.44 | $10.52 |
Total Return3 | 18.68% | 35.42% | 1.45% | 18.33% | 6.71% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.81% | 1.83% | 1.85% | 1.83% | 1.75% |
Net investment income (loss) | (0.05)% | 0.11% | (0.02)% | (0.31)% | (0.09)% |
Expense waiver/reimbursement4 | 0.00%5 | 0.02% | 0.25% | 0.19% | 0.18% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $5,467 | $4,089 | $2,718 | $2,973 | $2,300 |
Portfolio turnover | 31% | 99% | 164% | 154% | 135% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
5 | Represents less than 0.01%. |
Year Ended July 31 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $17.45 | $12.87 | $12.61 | $10.66 | $10.02 |
Income From Investment Operations: | |||||
Net investment income | 0.131 | 0.121 | 0.091 | 0.051 | 0.081 |
Net realized and unrealized gain on investments | 3.27 | 4.55 | 0.19 | 1.99 | 0.68 |
TOTAL FROM INVESTMENT OPERATIONS | 3.40 | 4.67 | 0.28 | 2.04 | 0.76 |
Less Distributions: | |||||
Distributions from net investment income | (0.14) | (0.09) | (0.02) | (0.09) | (0.12) |
Net Asset Value, End of Period | $20.71 | $17.45 | $12.87 | $12.61 | $10.66 |
Total Return2 | 19.54% | 36.46% | 2.23% | 19.14% | 7.54% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.10% | 1.10% | 1.10% | 1.08% | 1.01% |
Net investment income | 0.65% | 0.84% | 0.73% | 0.45% | 0.69% |
Expense waiver/reimbursement3 | 0.00%4 | 0.05% | 0.27% | 0.19% | 0.20% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $62,770 | $39,932 | $39,101 | $43,197 | $41,958 |
Portfolio turnover | 31% | 99% | 164% | 154% | 135% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
4 | Represents less than 0.01%. |
Assets: | ||
Total investment in securities, at value including $3,599,784 of investment in an affiliated holding (Note 5) (identified cost $118,610,685) | $148,637,112 | |
Income receivable | 113,069 | |
Receivable for shares sold | 224,394 | |
TOTAL ASSETS | 148,974,575 | |
Liabilities: | ||
Payable for investments purchased | $791,598 | |
Payable for shares redeemed | 61,971 | |
Payable for transfer agent fee | 38,505 | |
Payable for distribution services fee (Note 5) | 25,194 | |
Payable for other service fees (Notes 2 and 5) | 19,097 | |
Payable for share registration costs | 25,750 | |
Accrued expenses (Note 5) | 46,781 | |
TOTAL LIABILITIES | 1,008,896 | |
Net assets for 7,275,604 shares outstanding | $147,965,679 | |
Net Assets Consist of: | ||
Paid-in capital | $220,052,204 | |
Net unrealized appreciation of investments | 30,026,427 | |
Accumulated net realized loss on investments | (102,447,697) | |
Undistributed net investment income | 334,745 | |
TOTAL NET ASSETS | $147,965,679 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($44,677,766 ÷ 2,183,047 shares outstanding), no par value, unlimited shares authorized | $20.47 | |
Offering price per share (100/94.50 of $20.47) | $21.66 | |
Redemption proceeds per share | $20.47 | |
Class C Shares: | ||
Net asset value per share ($35,051,656 ÷ 1,791,187 shares outstanding), no par value, unlimited shares authorized | $19.57 | |
Offering price per share | $19.57 | |
Redemption proceeds per share (99.00/100 of $19.57) | $19.37 | |
Class R Shares: | ||
Net asset value per share ($5,466,612 ÷ 269,980 shares outstanding), no par value, unlimited shares authorized | $20.25 | |
Offering price per share | $20.25 | |
Redemption proceeds per share | $20.25 | |
Institutional Shares: | ||
Net asset value per share ($62,769,645 ÷ 3,031,390 shares outstanding), no par value, unlimited shares authorized | $20.71 | |
Offering price per share | $20.71 | |
Redemption proceeds per share | $20.71 |
Investment Income: | |||
Dividends (including $1,690 received from an affiliated holding (Note 5)) | $2,138,129 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $911,171 | ||
Administrative fee (Note 5) | 94,908 | ||
Custodian fees | 10,294 | ||
Transfer agent fee (Note 2) | 180,170 | ||
Directors'/Trustees' fees (Note 5) | 1,570 | ||
Auditing fees | 23,800 | ||
Legal fees | 14,057 | ||
Portfolio accounting fees | 80,532 | ||
Distribution services fee (Note 5) | 260,427 | ||
Other service fees (Notes 2 and 5) | 177,709 | ||
Share registration costs | 49,495 | ||
Printing and postage | 36,709 | ||
Miscellaneous (Note 5) | 13,357 | ||
TOTAL EXPENSES | 1,854,199 | ||
Reimbursements: | |||
Reimbursement of investment adviser fee (Note 5) | $(3,059) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (48,300) | ||
TOTAL REIMBURSEMENTS | (51,359) | ||
Net expenses | 1,802,840 | ||
Net investment income | 335,289 | ||
Realized and Unrealized Gain on Investments: | |||
Net realized gain on investments | 9,164,512 | ||
Net change in unrealized appreciation of investments | 10,835,601 | ||
Net realized and unrealized gain on investments | 20,000,113 | ||
Change in net assets resulting from operations | $20,335,402 |
Year Ended July 31 | 2014 | 2013 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $335,289 | $486,387 |
Net realized gain on investments | 9,164,512 | 16,243,619 |
Net change in unrealized appreciation/depreciation of investments | 10,835,601 | 14,544,294 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 20,335,402 | 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 | (281,875) | (261,222) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (486,867) | (367,762) |
Share Transactions: | ||
Proceeds from sale of shares | 49,369,736 | 11,741,209 |
Net asset value of shares issued to shareholders in payment of distributions declared | 472,234 | 356,920 |
Cost of shares redeemed | (27,511,670) | (32,842,623) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 22,330,300 | (20,744,494) |
Change in net assets | 42,178,835 | 10,162,044 |
Net Assets: | ||
Beginning of period | 105,786,844 | 95,624,800 |
End of period (including undistributed net investment income of $334,745 and $486,323, respectively) | $147,965,679 | $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 | $66,136 | $(30,506) |
Class C Shares | $61,821 | $(17,794) |
Class R Shares | $13,732 | $— |
Institutional Shares | $38,481 | $— |
TOTAL | $180,170 | $(48,300) |
Other Service Fees Incurred | |
Class A Shares | $98,630 |
Class C Shares | 79,079 |
TOTAL | $177,709 |
Year Ended July 31 | 2014 | 2013 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 642,335 | $12,308,397 | 231,485 | $3,568,491 |
Shares issued to shareholders in payment of distributions declared | 9,944 | 190,534 | 7,539 | 102,227 |
Shares redeemed | (444,825) | (8,470,347) | (570,687) | (8,308,541) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 207,454 | $4,028,584 | (331,663) | $(4,637,823) |
Year Ended July 31 | 2014 | 2013 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 489,748 | $8,920,830 | 266,944 | $3,858,944 |
Shares redeemed | (370,986) | (6,763,414) | (588,695) | (8,276,741) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 118,762 | $2,157,416 | (321,751) | $(4,417,797) |
Year Ended July 31 | 2014 | 2013 | ||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 135,839 | $2,583,244 | 92,593 | $1,367,905 |
Shares issued to shareholders in payment of distributions declared | 384 | 7,299 | — | — |
Shares redeemed | (105,525) | (1,968,844) | (68,716) | (1,004,027) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 30,698 | $621,699 | 23,877 | $363,878 |
Year Ended July 31 | 2014 | 2013 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,276,458 | $25,557,265 | 199,183 | $2,945,869 |
Shares issued to shareholders in payment of distributions declared | 14,181 | 274,401 | 18,604 | 254,693 |
Shares redeemed | (547,542) | (10,309,065) | (967,066) | (15,253,314) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 743,097 | $15,522,601 | (749,279) | $(12,052,752) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 1,100,011 | $22,330,300 | (1,378,816) | $(20,744,494) |
2014 | 2013 | |
Ordinary income | $486,867 | $367,762 |
Undistributed ordinary income | $334,745 |
Net unrealized appreciation | $29,896,645 |
Capital loss carryforwards | $(102,317,915) |
Expiration Year | Short-Term | Long-Term | Total |
2017 | $32,727,034 | NA | $32,727,034 |
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 | $237,236 |
Class R Shares | 23,191 |
TOTAL | $260,427 |
Federated Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2013 | 2,182,008 |
Purchases/Additions | 42,417,265 |
Sales/Reductions | (40,999,489) |
Balance of Shares Held 7/31/2014 | 3,599,784 |
Value | $3,599,784 |
Federated Prime Value Obligations Fund, Institutional Shares | |
Dividend Income | $1,690 |
Purchases | $58,464,367 |
Sales | $36,936,348 |
September 23, 2014
Beginning Account Value 2/1/2014 | Ending Account Value 7/31/2014 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,099.40 | $7.03 |
Class C Shares | $1,000 | $1,095.10 | $11.17 |
Class R Shares | $1,000 | $1,097.00 | $9.46 |
Institutional Shares | $1,000 | $1,101.00 | $5.73 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.10 | $6.76 |
Class C Shares | $1,000 | $1,014.13 | $10.74 |
Class R Shares | $1,000 | $1,015.77 | $9.10 |
Institutional Shares | $1,000 | $1,019.34 | $5.51 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (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 | 1.82% |
Institutional Shares | 1.10% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John F. Donahue* Birth Date: July 28, 1924 Trustee Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling. |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Began serving: May 2006 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd. |
* | Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Chairman Emeriti, Bentley University; Director, Sterling Suffolk Downs, Inc.; Former Director, National Association of Printers and Lithographers. Previous Positions: Director and Audit Committee Member, Bank of America Corp. Qualifications: Business management and director experience. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Associate General Secretary and Director, Office for Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law; Superior Court of Pennsylvania (service began 1998 and ended July 2009). Other Directorships Held: Director, Consol Energy (service started June 2013); Director, Auberle (service ended December 2013); Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh (service ended December 2013); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society (service ended December 2013); Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute (2013-present); Director, Cardinal Wuerl North Catholic High School (2013-present). Previous Position: Professor of Law, Duquesne University School of Law, Pittsburgh (1983-1998). Qualifications: Legal and director experience. |
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: June 2006 | Principal Occupation: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications: Business management, mutual fund services and director experience. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications: Banking, business management, education and director experience. |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Began serving: October 2006 | Principal Occupations: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions: Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications: Business management, mutual fund, director and investment experience. |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; General Counsel, University of Pittsburgh. Other Directorships Held: Board Chairman, Epilepsy Foundation of Western Pennsylvania; Board Member, World Affairs Council of Pittsburgh. Previous Positions: Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). Qualifications: Business management, legal and director experience. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Began serving: June 2006 | Principal Occupations: Director or Trustee, Chairman of the Audit Committee of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Previous Position: Vice President, Walsh & Kelly, Inc. Qualifications: Business management and director experience. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
John W. McGonigle Birth Date: October 26, 1938 Secretary Officer since: May 2006 | Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp. |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: June 2006 | Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Stephen F. Auth Birth Date: September 3, 1956 450 Lexington Avenue Suite 3700 New York, NY 10017-3943 CHIEF INVESTMENT OFFICER Officer since: June 2012 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: June 2006 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin. Previous Positions: Served in Senior Management positions with a large regional banking organization. |
Daniel Mahr Birth Date: April 9, 1981 125 High Street Oliver Tower 21st Floor Boston, MA 02110-2704 Vice President Officer since: June 2012 Portfolio Manager since: August 2008 | Principal Occupations: Daniel Mahr has been the Fund's Portfolio Manager since August 2008. Mr. Mahr joined the MDT Advisers Investment Team in 2002. As Managing Director, Research, he is responsible for leading the Investment Team as it relates to the ongoing design, development and implementation of the Optimum Q Process. He is Vice President of the Trust with respect to the Fund. Mr. Mahr received his A.B., Computer Science from Harvard College and his S.M., Computer Science from Harvard University. |
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
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 |
1 | The Fund's Blended Index, which reflects 60% of the S&P 500 and 40% of the BAB, is being used for comparison purposes because, although it is not the Fund's broad-based securities market index, the Fund's Adviser believes it is more reflective of the Fund's balanced investment style. |
2 | Please see the footnotes to the line graphs below for definitions of, and further information about, the S&P 500 Index, one of the Fund's broad-based securities market indices. The S&P 500's return for the 12-month reporting period was 16.93%. |
3 | Please see the footnotes to the line graphs below for definitions of, and further information about, the BAB, one of the Fund's broad-based securities market indices. The BAB's return for the 12-month reporting period was 3.97%. |
4 | Please see the footnotes to the line graphs below for definitions of, and further information about, the MMAFA. |
5 | The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The index is unmanaged, and it is not possible to invest directly in an index. |
6 | The Russell Top 200® Index measures the performance of the largest cap segment of the U.S. equity universe. The Russell Top 200® Index is a subset of the Russell 3000® Index. It includes approximately 200 of the largest securities based on a combination of their market cap and current index membership and represents approximately 68% of the U.S. market. The Russell Top 200® Index is constructed to provide a comprehensive and unbiased barometer for this very large cap segment and is completely reconstituted annually to ensure new and growing equities are reflected. The index is unmanaged, and it is not possible to invest directly in an index. |
7 | The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000® companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set. The index is unmanaged, and it is not possible to invest directly in an index. |
8 | Small-cap stocks may be less liquid and subject to greater price volatility than large-cap stocks. |
9 | The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. The index is unmanaged, and it is not possible to invest directly in an index. |
10 | The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000® Growth Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad growth market. The Russell 3000® Growth Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics. The index is unmanaged, and it is not possible to invest directly in an index. |
11 | The Russell 3000® Value Index measures the performance of the broad value segment of U.S. equity value universe. It includes those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000® Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad value market. The Russell 3000® Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. The index is unmanaged, and it is not possible to invest directly in an index. |
12 | International investing involves special risks including currency risk, increased volatility of foreign securities, political risks and differences in auditing and other financial standards. |
13 | The MSCI EAFE Index measures international equity performance. It comprises 22 MSCI country indices, representing the developed markets outside of North America. The index is unmanaged, and it is not possible to invest directly in an index. |
14 | Prices of emerging markets securities can be significantly more volatile than the prices of securities in developed countries, and currency risks and political risks are accentuated in emerging markets. |
15 | The MSCI Emerging Markets Index is an unmanaged index consisting of 21 emerging market countries. The index is unmanaged, and it is not possible to invest directly in an index. |
16 | Investments in real estate investment trusts (REITs) involve special risks associated with an investment in real estate, such as limited liquidity and interest rate risks. |
17 | The MSCI US REIT Index broadly and fairly represents the equity REIT opportunity set with proper investability screens to ensure that the index is investable and replicable. The index represents approximately 85% of the US REIT universe. The index is unmanaged, and it is not possible to invest directly in an index. |
18 | High-yield, lower-rated securities generally entail greater market, credit and liquidity risk than investment-grade securities and may include higher volatility and higher risk of default. Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices. |
Federated MDT Balanced Fund - | Class A Shares | Institutional Shares | S&P 500 | BAB | Blended Index | Morningstar Moderate Allocation Average |
F | F | I | I | I | I | |
7/31/2004 | 9,450 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 |
7/31/2005 | 11,011 | 11,681 | 11,405 | 10,479 | 11,037 | 11,215 |
7/31/2006 | 11,600 | 12,337 | 12,019 | 10,632 | 11,461 | 11,768 |
7/31/2007 | 12,805 | 13,646 | 13,958 | 11,225 | 12,825 | 13,197 |
7/31/2008 | 12,088 | 12,919 | 12,410 | 11,915 | 12,274 | 12,373 |
7/31/2009 | 10,112 | 10,835 | 9,933 | 12,850 | 11,175 | 10,930 |
7/31/2010 | 10,972 | 11,782 | 11,307 | 13,995 | 12,542 | 12,229 |
7/31/2011 | 12,473 | 13,430 | 13,529 | 14,616 | 14,248 | 13,876 |
7/31/2012 | 12,679 | 13,682 | 14,764 | 15,676 | 15,503 | 14,321 |
7/31/2013 | 15,124 | 16,367 | 18,455 | 15,378 | 17,610 | 16,356 |
7/31/2014 | 17,099 | 18,543 | 21,581 | 15,988 | 19,669 | 18,040 |
■ | Total returns shown include the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). |
1 Year | 5 Years | 10 Years | |
Class A Shares6 | 6.81% | 9.83% | 5.51% |
Class C Shares6 | 11.14% | 10.24% | 5.30% |
Class R Shares6 | 12.72% | 10.61% | 5.66% |
Institutional Shares6 | 13.30% | 11.35% | 6.37% |
S&P 500 | 16.94% | 16.79% | 8.00% |
BAB | 3.97% | 4.47% | 4.80% |
Blended Index | 11.69% | 11.97% | 7.00% |
MMAFA | 10.59% | 10.96% | 6.51% |
1 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450); for Class C Shares, a 1.00% contingent deferred sales charge would be applied on any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 and BAB and MMAA have been adjusted to reflect reinvestment of dividends on securities in the indexes. |
2 | The Fund is the successor to the MDT Balanced Fund pursuant to a reorganization that took place on December 8, 2006. Prior to that date, the Fund had no investment operations. Accordingly, the performance information shown for periods prior to that date is that of the MDT Balanced Fund. |
3 | The S&P 500 Index, a broad-based securities market index of the Fund, is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The S&P 500 is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The S&P 500 is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. |
4 | The BAB Index, a broad-based securities market index of the Fund, is an unmanaged index composed of securities from the Barclay's Government/Corporate Bond Index, Mortgage-Backed Securities Index and the Asset-Backed Securities Index. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. Indices are rebalanced monthly by market capitalization. The BAB is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The BAB is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. |
5 | Morningstar figures represent the average of the total returns reported by all the mutual funds designated by Morningstar as falling into the respective category indicated. Morningstar figures do not reflect sales charges. It is not possible to invest directly in an average. |
6 | The start of performance date for the Fund's Class A Shares, Class C Shares and Class R Shares was October 1, 2002. Class A Shares and Class C Shares commenced operations on September 15, 2005, and Class R Shares commenced operations on December 12, 2006, respectively. Performance results shown before those dates are for the Fund's Institutional Shares and have been adjusted for the maximum sales charges, maximum contingent deferred sales charges and total annual operating expenses applicable to each class. The Fund's Institutional Shares commenced operations on October 1, 2002. Subject to the expense adjustments noted above, the Fund's Class A Shares, Class C Shares and Class R Shares annual returns would be substantially similar to those of the Institutional Shares because Shares of each class are invested in the same portfolio of securities. |
Security Type | Percentage of Total Net Assets |
Domestic Equity Securities | 55.9% |
Corporate Debt Securities | 15.0% |
International Equity Securities (including International Exchange-Traded Fund) | 10.4% |
Mortgage-Backed Securities2 | 5.3% |
Collateralized Mortgage Obligations | 2.2% |
U.S. Treasury Securities3 | 2.0% |
Asset-Backed Securities | 1.3% |
Trade Finance Agreements | 1.0% |
Commercial Mortgage-Backed Securities | 0.3% |
Foreign Debt Securities | 0.2% |
Municipal Bond | 0.1% |
Floating Rate Loan4 | 0.0% |
Derivative Contracts4,5 | 0.0% |
Other Security Types4,6 | 0.0% |
Cash Equivalents7 | 7.3% |
Other Assets and Liabilities—Net8 | (1.0)% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus for a description of the principal types of securities in which the Fund invests. As of the date specified above, the Fund owned shares of one or more affiliated investment companies. For purposes of this table, the affiliated investment company (other than an affiliated money market mutual fund) is not treated as a single portfolio security, but rather the Fund is treated as owning a pro rata portion of each security and each other asset and liability owned by the affiliated investment company. Accordingly, the percentages of total net assets shown in the table will differ from those presented on the Portfolio of Investments. |
2 | For purposes of this table, Mortgage-Backed Securities include mortgage-backed securities guaranteed by Government Sponsored Entities and adjustable rate mortgage-backed securities. |
3 | Also includes $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 | 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. |
6 | Other Security Types consist of purchased call options and purchased put options. |
7 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
8 | Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities. |
Industry Composition | Percentage of Equity Securities |
Oil Gas & Consumable Fuels | 8.4% |
Banks | 7.6% |
Real Estate Investment Trusts | 6.5% |
Health Care Providers & Services | 5.0% |
Insurance | 5.0% |
Technology Hardware Storage & Peripherals | 4.4% |
Electronic Equipment Instruments & Components | 3.8% |
Aerospace & Defense | 3.6% |
Specialty Retail | 3.6% |
Capital Markets | 3.4% |
Biotechnology | 3.1% |
Machinery | 3.1% |
Food & Staples Retailing | 2.7% |
Chemicals | 2.6% |
Multiline Retail | 2.3% |
Diversified Telecommunication Services | 2.0% |
Food Products | 1.9% |
Communications Equipment | 1.8% |
Semiconductors & Semiconductor Equipment | 1.8% |
Pharmaceuticals | 1.7% |
Airlines | 1.6% |
Electric Utilities | 1.6% |
Household Durables | 1.5% |
Software | 1.5% |
Auto Components | 1.3% |
Beverages | 1.3% |
Media | 1.3% |
Consumer Finance | 1.1% |
IT Services | 1.1% |
Energy Equipment & Services | 1.0% |
Industry Composition | Percentage of Equity Securities |
Health Care Equipment & Supplies | 1.0% |
Personal Products | 1.0% |
Textiles Apparel & Luxury Goods | 1.0% |
Other10 | 9.4% |
TOTAL | 100.0% |
9 | 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. |
10 | 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—58.1% | |||
Aerospace & Defense—2.1% | |||
1,700 | Alliant Techsystems, Inc. | $220,881 | |
2,300 | 1 | B/E Aerospace, Inc. | 195,822 |
900 | Boeing Co. | 108,432 | |
1,500 | General Dynamics Corp. | 175,155 | |
1,500 | Huntington Ingalls Industries, Inc. | 136,380 | |
2,400 | L-3 Communications Holdings, Inc. | 251,904 | |
3,500 | Lockheed Martin Corp. | 584,395 | |
6,900 | Northrop Grumman Corp. | 850,563 | |
3,800 | Raytheon Co. | 344,926 | |
1,600 | Textron, Inc. | 58,192 | |
TOTAL | 2,926,650 | ||
Air Freight & Logistics—0.1% | |||
1,100 | FedEx Corp. | 161,568 | |
Airlines—0.9% | |||
6,600 | Alaska Air Group, Inc. | 290,202 | |
9,700 | Delta Air Lines, Inc. | 363,362 | |
7,800 | Southwest Airlines Co. | 220,584 | |
9,800 | 1 | United Continental Holdings, Inc. | 454,622 |
TOTAL | 1,328,770 | ||
Auto Components—0.8% | |||
7,100 | Goodyear Tire & Rubber Co. | 178,707 | |
5,900 | Johnson Controls, Inc. | 278,716 | |
3,300 | Lear Corp. | 310,761 | |
1,800 | 1 | TRW Automotive Holdings Corp. | 184,122 |
1,800 | 1 | Tenneco, Inc. | 114,660 |
TOTAL | 1,066,966 | ||
Automobiles—0.2% | |||
19,700 | Ford Motor Co. | 335,294 | |
Banks—4.4% | |||
12,700 | BB&T Corp. | 470,154 | |
37,800 | Bank of America Corp. | 576,450 | |
8,000 | Citigroup, Inc. | 391,280 | |
5,200 | Comerica, Inc. | 261,352 | |
20,900 | Fifth Third Bancorp | 428,032 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Banks—continued | |||
13,300 | Huntington Bancshares, Inc. | $130,606 | |
16,600 | JPMorgan Chase & Co. | 957,322 | |
21,000 | KeyCorp | 284,340 | |
7,800 | PNC Financial Services Group | 643,968 | |
6,300 | 1 | Popular, Inc. | 200,970 |
19,500 | SunTrust Banks, Inc. | 741,975 | |
8,000 | U.S. Bancorp | 336,240 | |
13,800 | Wells Fargo & Co. | 702,420 | |
2,400 | Zions Bancorp | 69,168 | |
TOTAL | 6,194,277 | ||
Beverages—0.7% | |||
7,500 | Coca-Cola Enterprises, Inc. | 340,875 | |
7,900 | Dr. Pepper Snapple Group, Inc. | 464,204 | |
2,600 | PepsiCo, Inc. | 229,060 | |
TOTAL | 1,034,139 | ||
Biotechnology—1.8% | |||
3,500 | 1 | Alexion Pharmaceuticals, Inc. | 556,465 |
300 | Amgen, Inc. | 38,217 | |
1,600 | 1 | Biogen Idec, Inc. | 535,024 |
2,900 | 1 | Celgene Corp. | 252,735 |
7,200 | 1 | Gilead Sciences, Inc. | 659,160 |
500 | 1 | Regeneron Pharmaceuticals, Inc. | 158,110 |
3,300 | 1 | United Therapeutics Corp. | 300,102 |
TOTAL | 2,499,813 | ||
Building Products—0.1% | |||
200 | Fortune Brands Home & Security, Inc. | 7,558 | |
2,200 | Lennox International, Inc. | 187,704 | |
TOTAL | 195,262 | ||
Capital Markets—2.0% | |||
800 | 1 | Affiliated Managers Group | 159,400 |
4,600 | Ameriprise Financial, Inc. | 550,160 | |
300 | Blackrock, Inc. | 91,419 | |
1,600 | Franklin Resources, Inc. | 86,640 | |
4,000 | Goldman Sachs Group, Inc. | 691,480 | |
7,600 | Morgan Stanley | 245,784 | |
7,600 | State Street Corp. | 535,344 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Capital Markets—continued | |||
10,900 | The Bank of New York Mellon Corp. | $425,536 | |
TOTAL | 2,785,763 | ||
Chemicals—1.5% | |||
1,000 | Airgas, Inc. | 106,920 | |
3,300 | Ashland, Inc. | 345,345 | |
1,500 | Dow Chemical Co. | 76,605 | |
2,000 | Eastman Chemical Co. | 157,560 | |
8,400 | Huntsman Corp. | 218,820 | |
5,500 | LyondellBasell Industries NV - Class - A | 584,375 | |
1,000 | PPG Industries, Inc. | 198,360 | |
2,100 | RPM International, Inc. | 92,778 | |
1,600 | Scotts Co. | 85,120 | |
2,800 | Westlake Chemical Corp. | 244,692 | |
TOTAL | 2,110,575 | ||
Commercial Services—0.3% | |||
1,500 | Cintas Corp. | 93,900 | |
7,600 | Donnelley (R.R.) & Sons Co. | 131,936 | |
10,000 | Pitney Bowes, Inc. | 270,600 | |
TOTAL | 496,436 | ||
Communications Equipment—1.1% | |||
21,300 | Cisco Systems, Inc. | 537,399 | |
5,900 | Harris Corp. | 402,793 | |
8,200 | Juniper Networks, Inc. | 193,028 | |
4,700 | Qualcomm, Inc. | 346,390 | |
TOTAL | 1,479,610 | ||
Consumer Finance—0.6% | |||
6,100 | Capital One Financial Corp. | 485,194 | |
5,900 | Discover Financial Services | 360,254 | |
1,600 | Nelnet, Inc., Class A | 65,968 | |
TOTAL | 911,416 | ||
Containers & Packaging—0.2% | |||
2,800 | Avery Dennison Corp. | 132,188 | |
1,800 | Rock-Tenn Co. | 178,974 | |
TOTAL | 311,162 | ||
Diversified Consumer Services—0.4% | |||
8,100 | 1 | Apollo Education Group, Inc. | 226,233 |
1,500 | DeVry Education Group, Inc. | 59,955 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Diversified Consumer Services—continued | |||
300 | 1 | Graham Holdings, Co. | $205,725 |
1,200 | 1 | ITT Educational Services, Inc. | 17,076 |
TOTAL | 508,989 | ||
Diversified Financial Services—0.2% | |||
2,200 | 1 | Berkshire Hathaway, Inc., Class B | 275,946 |
Diversified Telecommunication Services—1.1% | |||
21,000 | AT&T, Inc. | 747,390 | |
18,800 | CenturyLink, Inc. | 737,712 | |
2,400 | Verizon Communications | 121,008 | |
TOTAL | 1,606,110 | ||
Electric Utilities—1.0% | |||
3,400 | American Electric Power Co., Inc. | 176,766 | |
7,000 | Edison International | 383,600 | |
5,600 | Entergy Corp. | 407,848 | |
9,500 | Exelon Corp. | 295,260 | |
2,300 | PPL Corp. | 75,877 | |
TOTAL | 1,339,351 | ||
Electronic Equipment Instruments & Components—2.2% | |||
1,900 | 1 | Anixter International, Inc. | 163,343 |
16,800 | 1 | Arrow Electronics, Inc. | 973,560 |
7,100 | Avnet, Inc. | 300,543 | |
9,700 | Corning, Inc. | 190,605 | |
4,700 | 1 | Ingram Micro, Inc., Class A | 134,890 |
1,900 | 1 | Insight Enterprises, Inc. | 49,913 |
1,400 | 1 | Itron, Inc. | 50,372 |
7,000 | 1 | Sanmina Corp. | 163,030 |
11,300 | 1 | Tech Data Corp. | 709,527 |
22,000 | Vishay Intertechnology, Inc. | 324,060 | |
TOTAL | 3,059,843 | ||
Energy Equipment & Services—0.6% | |||
2,800 | Baker Hughes, Inc. | 192,556 | |
100 | Bristow Group, Inc. | 7,137 | |
4,200 | Helmerich & Payne, Inc. | 446,292 | |
1,900 | National-Oilwell, Inc. | 153,976 | |
TOTAL | 799,961 | ||
Food & Staples Retailing—1.6% | |||
7,300 | CVS Corp. | 557,428 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Food & Staples Retailing—continued | |||
20,000 | Kroger Co. | $979,600 | |
3,800 | Wal-Mart Stores, Inc. | 279,604 | |
5,800 | Walgreen Co. | 398,866 | |
TOTAL | 2,215,498 | ||
Food Products—1.1% | |||
9,300 | Archer-Daniels-Midland Co. | 431,520 | |
3,100 | Bunge Ltd. | 244,404 | |
9,700 | ConAgra Foods, Inc. | 292,261 | |
4,500 | Fresh Del Monte Produce, Inc. | 134,730 | |
3,700 | Ingredion, Inc. | 272,431 | |
2,900 | Kellogg Co. | 173,507 | |
TOTAL | 1,548,853 | ||
Health Care Equipment & Supplies—0.6% | |||
3,800 | Abbott Laboratories | 160,056 | |
3,000 | Baxter International, Inc. | 224,070 | |
3,600 | Medtronic, Inc. | 222,264 | |
3,600 | St. Jude Medical, Inc. | 234,684 | |
TOTAL | 841,074 | ||
Health Care Providers & Services—2.8% | |||
4,500 | Aetna, Inc. | 348,885 | |
5,100 | CIGNA Corp. | 459,204 | |
5,300 | Cardinal Health, Inc. | 379,745 | |
2,200 | 1 | Express Scripts Holding Co. | 153,230 |
3,100 | 1 | HCA Holdings, Inc. | 202,461 |
500 | 1 | Henry Schein, Inc. | 58,125 |
4,900 | Humana, Inc. | 576,485 | |
2,100 | 1 | Laboratory Corp. of America Holdings | 217,749 |
500 | McKesson Corp. | 95,930 | |
4,600 | Quest Diagnostics, Inc. | 281,060 | |
6,700 | UnitedHealth Group, Inc. | 543,035 | |
6,100 | Wellpoint, Inc. | 669,841 | |
TOTAL | 3,985,750 | ||
Hotels Restaurants & Leisure—0.5% | |||
2,600 | Las Vegas Sand Corp. | 192,010 | |
2,800 | Royal Caribbean Cruises, Ltd. | 167,020 | |
4,100 | Wyndham Worldwide Corp. | 309,755 | |
TOTAL | 668,785 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Household Durables—0.9% | |||
2,200 | Harman International Industries, Inc. | $238,810 | |
3,800 | Newell Rubbermaid, Inc. | 123,424 | |
2,600 | Tupperware Brands Corp. | 189,228 | |
4,800 | Whirlpool Corp. | 684,672 | |
TOTAL | 1,236,134 | ||
Household Products—0.2% | |||
3,100 | Energizer Holdings, Inc. | 355,756 | |
Independent Power and Renewable Electricity Producers—0.2% | |||
15,600 | AES Corp. | 227,916 | |
Industrial Conglomerates—0.3% | |||
1,500 | 3M Co. | 211,335 | |
11,100 | General Electric Co. | 279,165 | |
TOTAL | 490,500 | ||
Insurance—2.9% | |||
3,000 | Ace, Ltd. | 300,300 | |
8,600 | American International Group, Inc. | 447,028 | |
1,200 | Chubb Corp. | 104,052 | |
3,200 | Everest Re Group Ltd. | 498,912 | |
9,400 | HCC Insurance Holdings, Inc. | 438,792 | |
3,400 | MetLife, Inc. | 178,840 | |
4,700 | PartnerRe Ltd. | 490,492 | |
3,600 | Platinum Underwriters Holdings Ltd. | 210,960 | |
7,300 | Prudential Financial | 634,881 | |
1,900 | StanCorp Financial Group, Inc. | 114,646 | |
7,500 | The Travelers Cos, Inc. | 671,700 | |
TOTAL | 4,090,603 | ||
Internet & Catalog Retail—0.1% | |||
1,300 | HSN, Inc. | 72,657 | |
300 | 1 | NetFlix, Inc. | 126,816 |
TOTAL | 199,473 | ||
Internet Software & Services—0.1% | |||
1,500 | IAC Interactive Corp. | 100,800 | |
IT Services—0.6% | |||
4,000 | Amdocs Ltd. | 181,360 | |
5,400 | Computer Sciences Corp. | 336,906 | |
2,400 | Global Payments, Inc. | 166,248 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
IT Services—continued | |||
14,300 | Xerox Corp. | $189,618 | |
TOTAL | 874,132 | ||
Leisure Equipment & Products—0.3% | |||
3,200 | Hasbro, Inc. | 159,872 | |
4,800 | Mattel, Inc. | 170,040 | |
700 | Polaris Industries, Inc. | 103,278 | |
TOTAL | 433,190 | ||
Life Sciences Tools & Services—0.3% | |||
2,400 | 1 | Illumina, Inc. | 383,784 |
Machinery—1.8% | |||
4,100 | AGCO Corp. | 199,711 | |
2,400 | Caterpillar, Inc. | 241,800 | |
6,000 | Deere & Co. | 510,660 | |
4,300 | Joy Global, Inc. | 254,818 | |
3,100 | OshKosh Truck Corp. | 143,282 | |
6,200 | Terex Corp. | 213,962 | |
22,500 | Trinity Industries, Inc. | 981,900 | |
TOTAL | 2,546,133 | ||
Media—0.8% | |||
6,700 | 1 | DirecTV | 576,535 |
2,300 | Viacom, Inc., Class B - New | 190,141 | |
3,500 | Walt Disney Co. | 300,580 | |
TOTAL | 1,067,256 | ||
Multi-Utilities—0.4% | |||
4,600 | Ameren Corp. | 176,870 | |
2,500 | Consolidated Edison Co. | 140,225 | |
6,800 | Public Service Enterprises Group, Inc. | 239,156 | |
TOTAL | 556,251 | ||
Multi-Line Retail—1.3% | |||
2,400 | Big Lots, Inc. | 105,000 | |
10,400 | Kohl's Corp. | 556,816 | |
11,000 | Macy's, Inc. | 635,690 | |
1,500 | Nordstrom, Inc. | 103,845 | |
100 | 1 | Sears Holdings Corp. | 3,815 |
7,200 | Target Corp. | 429,048 | |
TOTAL | 1,834,214 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Oil Gas & Consumable Fuels—4.9% | |||
6,000 | Apache Corp. | $615,960 | |
6,400 | Chesapeake Energy Corp. | 168,768 | |
4,400 | Chevron Corp. | 568,656 | |
11,200 | ConocoPhillips | 924,000 | |
3,500 | Devon Energy Corp. | 264,250 | |
2,800 | EOG Resources, Inc. | 306,432 | |
500 | EQT Corp. | 46,910 | |
4,300 | Exxon Mobil Corp. | 425,442 | |
3,200 | Hess Corp. | 316,736 | |
6,700 | HollyFrontier Corp. | 314,967 | |
14,900 | Marathon Oil Corp. | 577,375 | |
4,300 | Marathon Petroleum Corp. | 358,964 | |
5,400 | Murphy Oil Corp. | 335,502 | |
4,400 | Occidental Petroleum Corp. | 429,924 | |
6,500 | Phillips 66 | 527,215 | |
13,900 | Valero Energy Corp. | 706,120 | |
TOTAL | 6,887,221 | ||
Paper & Forest Products—0.3% | |||
3,600 | Domtar Corp. | 129,312 | |
5,300 | International Paper Co. | 251,750 | |
TOTAL | 381,062 | ||
Personal Products—0.6% | |||
9,700 | Avon Products, Inc. | 128,040 | |
2,200 | Estee Lauder Cos., Inc., Class A | 161,612 | |
5,400 | Herbalife Ltd. | 282,960 | |
4,300 | Nu Skin Enterprises, Inc. | 252,367 | |
TOTAL | 824,979 | ||
Pharmaceuticals—1.0% | |||
2,500 | AbbVie, Inc. | 130,850 | |
2,400 | Johnson & Johnson | 240,216 | |
6,400 | Lilly (Eli) & Co. | 390,784 | |
300 | Merck & Co., Inc. | 17,022 | |
4,300 | 1 | Mylan, Inc. | 212,291 |
14,000 | Pfizer, Inc. | 401,800 | |
TOTAL | 1,392,963 | ||
Poultry Products—0.1% | |||
1,300 | Sanderson Farms, Inc. | 118,417 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Professional Services—0.4% | |||
1,700 | Dun & Bradstreet Corp. | $187,051 | |
3,500 | Manpower Group, Inc. | 272,615 | |
3,000 | Robert Half International, Inc. | 145,950 | |
TOTAL | 605,616 | ||
Real Estate Investment Trusts—3.8% | |||
6,400 | American Tower Corp. | 604,096 | |
3,000 | Boston Properties, Inc. | 358,350 | |
21,000 | Cousins Properties, Inc. | 259,980 | |
22,000 | DCT Industrial Trust, Inc. | 172,260 | |
8,000 | Douglas Emmett, Inc. | 227,920 | |
2,700 | EastGroup Properties, Inc. | 168,372 | |
5,300 | Extra Space Storage, Inc. | 274,169 | |
23,000 | Host Hotels & Resorts, Inc. | 500,020 | |
58,900 | Kite Realty Group Trust | 359,290 | |
10,000 | Pebblebrook Hotel Trust | 364,000 | |
4,200 | Post Properties, Inc. | 227,640 | |
2,500 | SL Green Realty Corp. | 269,500 | |
51,000 | 1 | Strategic Hotels & Resorts, Inc. | 581,910 |
38,000 | Sunstone Hotel Investors, Inc. | 539,220 | |
3,700 | Vornado Realty Trust | 392,274 | |
TOTAL | 5,299,001 | ||
Restaurant—0.1% | |||
300 | 1 | Chipotle Mexican Grill, Inc. | 201,750 |
Road & Rail—0.1% | |||
1,700 | Union Pacific Corp. | 167,127 | |
Semiconductors & Semiconductor Equipment—1.0% | |||
6,800 | Broadcom Corp. | 260,168 | |
14,400 | Intel Corp. | 488,016 | |
3,700 | Lam Research Corp. | 259,000 | |
4,200 | Skyworks Solutions, Inc. | 213,192 | |
4,700 | Texas Instruments, Inc. | 217,375 | |
TOTAL | 1,437,751 | ||
Software—0.9% | |||
14,300 | CA, Inc. | 412,984 | |
4,500 | 1 | Electronic Arts, Inc. | 151,200 |
6,600 | Oracle Corp. | 266,574 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Software—continued | |||
16,000 | Symantec Corp. | $378,560 | |
TOTAL | 1,209,318 | ||
Specialty Chemicals—0.1% | |||
800 | International Flavors & Fragrances, Inc. | 80,792 | |
Specialty Retail—2.1% | |||
5,200 | Abercrombie & Fitch Co., Class A | 204,568 | |
1,400 | 1 | Ann, Inc. | 51,450 |
1,800 | 1 | AutoNation, Inc. | 95,976 |
300 | 1 | AutoZone, Inc. | 155,109 |
2,600 | 1 | Bed Bath & Beyond, Inc. | 164,554 |
7,100 | Best Buy Co., Inc. | 211,083 | |
1,200 | Children's Place, Inc./The | 60,240 | |
4,700 | Foot Locker, Inc. | 223,391 | |
2,600 | GNC Acquisition Holdings, Inc. | 85,306 | |
7,400 | GameStop Corp. | 310,578 | |
8,200 | Gap (The), Inc. | 328,902 | |
3,800 | Guess ?, Inc. | 98,838 | |
2,000 | Home Depot, Inc. | 161,700 | |
6,100 | Lowe's Cos., Inc. | 291,885 | |
1,400 | 1 | O'Reilly Automotive, Inc. | 210,000 |
2,300 | Rent-A-Center, Inc. | 55,062 | |
3,900 | 1 | Sally Beauty Holdings, Inc. | 101,205 |
13,300 | Staples, Inc. | 154,147 | |
TOTAL | 2,963,994 | ||
Technology Hardware Storage & Peripherals—2.6% | |||
1,600 | Diebold, Inc. | 60,288 | |
4,200 | EMC Corp. Mass | 123,060 | |
33,300 | Hewlett-Packard Co. | 1,185,813 | |
3,800 | International Business Machines Corp. | 728,346 | |
2,800 | Lexmark International, Inc. | 134,484 | |
8,700 | NetApp, Inc. | 337,908 | |
4,200 | Sandisk Corp. | 385,182 | |
6,400 | Western Digital Corp. | 638,912 | |
TOTAL | 3,593,993 | ||
Textiles Apparel & Luxury Goods—0.6% | |||
1,700 | Carter's, Inc. | 130,152 | |
5,300 | Hanesbrands, Inc. | 517,863 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Textiles Apparel & Luxury Goods—continued | |||
1,600 | PVH Corp. | $176,288 | |
TOTAL | 824,303 | ||
Tobacco—0.1% | |||
3,400 | Altria Group, Inc. | 138,040 | |
Trading Companies & Distributors—0.3% | |||
3,400 | 1 | United Rentals, Inc. | 360,060 |
TOTAL COMMON STOCKS (IDENTIFIED COST $63,517,417) | 81,570,390 | ||
ASSET-BACKED SECURITIES—1.2% | |||
$300,000 | BMW Vehicle Trust 2014-1, A4, 0.99%, 08/21/2017 | 300,055 | |
250,000 | Bank of America Credit Card Trust 2014-A2, A, 0.422%, 09/16/2019 | 250,462 | |
25,115 | CS First Boston Mortgage Securities Corp. 2002-HE4, AF, 5.51%, 08/25/2032 | 27,483 | |
250,000 | Citibank Credit Card Issuance Trust 2014-A2, A2, 1.02%, 02/22/2019 | 248,977 | |
300,000 | Discover Card Master Trust I 2012—B3, B3, 0.602%, 05/15/2018 | 300,579 | |
400,000 | GE Dealer Floorplan Master Note Trust 2012-3, A, 0.646%, 06/20/2017 | 401,141 | |
100,000 | Navient Student Loan Trust 2014-1, A2, 0.497%, 03/27/2023 | 100,094 | |
25,000 | Santander Drive Auto Receivables Trust 2013-1, D, 2.27%, 01/15/2019 | 25,204 | |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $1,649,945) | 1,653,995 | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—1.1% | |||
Commercial Mortgage—1.1% | |||
1,176 | Bear Stearns Mortgage Securities, Inc., 1997-6 1A, 6.366%, 3/25/2031 | 1,217 | |
200,000 | Citigroup Commercial Mortgage Trust 2013-GC11 B, 3.732%, 4/10/2046 | 198,632 | |
70,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1 AM, 3.912%, 5/15/2045 | 73,033 | |
125,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1 B, 4.612%, 5/15/2045 | 133,317 | |
200,000 | 2,3 | Commercial Mortgage Trust 2013-CR8 B, 3.969%, 6/10/2046 | 202,778 |
200,000 | 2,3 | FREMF Mortgage Trust 2013-K25, B, 3.617%, 11/25/2045 | 198,496 |
3,643 | Federal Home Loan Mortgage Corp. REMIC 1311 K, 7.000%, 7/15/2022 | 4,013 | |
7,020 | Federal Home Loan Mortgage Corp. REMIC 1384 D, 7.000%, 9/15/2022 | 7,876 | |
12,429 | Federal Home Loan Mortgage Corp. REMIC 2497 JH, 6.000%, 9/15/2032 | 13,927 | |
16,080 | Federal National Mortgage Association REMIC 1993-113 SB, 9.749%, 7/25/2023 | 17,909 |
Shares or Principal Amount | Value | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—continued | |||
Commercial Mortgage—continued | |||
$723 | Federal National Mortgage Association REMIC 2001-37 GA, 8.000%, 7/25/2016 | $750 | |
2,993 | Federal National Mortgage Association REMIC 2003-35 UC, 3.750%, 5/25/2033 | 3,134 | |
100,000 | GS Mortgage Securities Corp. II 2012-GCJ7 AS, 4.085%, 5/10/2045 | 105,747 | |
135,000 | GS Mortgage Securities Corp. II 2012-GCJ7 B, 4.74%, 5/10/2045 | 145,426 | |
11,479 | Government National Mortgage Association REMIC 2002-17 B, 6.000%, 3/20/2032 | 12,827 | |
100,000 | Merrill Lynch Mortgage Trust 2008-C1 AM, 6.283%, 2/12/2051 | 114,046 | |
50,000 | Morgan Stanley Capital I 2007-IQ16 AM, 6.089%, 12/12/2049 | 56,077 | |
100,000 | Morgan Stanley Capital I 2012-C4 AS, 3.773%, 3/15/2045 | 103,491 | |
150,000 | 2,3 | UBS-Barclays Commercial Mortgage Trust 2013-C6 B, 3.875%, 4/10/2046 | 150,519 |
25,000 | WF-RBS Commercial Mortgage Trust 2012-C6 B, 4.697%, 4/15/2045 | 26,781 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $1,540,935) | 1,569,996 | ||
CORPORATE BONDS—12.1% | |||
Basic Industry - Chemicals—0.2% | |||
100,000 | Albemarle Corp., Sr. Note, 5.100%, 02/01/2015 | 102,159 | |
20,000 | 2,3 | Incitec Pivot Finance LLC, Company Guarantee, Series 144A, 4.000%, 12/07/2015 | 20,719 |
35,000 | 2,3 | Incitec Pivot Finance LLC, Company Guarantee, Series 144A, 6.000%, 12/10/2019 | 39,584 |
70,000 | RPM International, Inc., 6.500%, 02/15/2018 | 79,788 | |
20,000 | RPM International, Inc., Sr. Unsecd. Note, 6.125%, 10/15/2019 | 22,871 | |
22,000 | Rohm & Haas Co., 6.000%, 09/15/2017 | 24,880 | |
30,000 | Sherwin-Williams Co., 3.125%, 12/15/2014 | 30,297 | |
TOTAL | 320,298 | ||
Basic Industry - Metals & Mining—0.8% | |||
50,000 | Alcan, Inc., 5.000%, 06/01/2015 | 51,824 | |
100,000 | Alcoa, Inc., 5.870%, 02/23/2022 | 108,763 | |
80,000 | Allegheny Technologies, Inc., Sr. Note, 9.375%, 06/01/2019 | 99,370 | |
15,000 | Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 04/15/2040 | 14,268 | |
100,000 | Anglogold Ashanti Holdings PLC, Sr. Unsecd. Note, 5.125%, 08/01/2022 | 97,580 | |
100,000 | Anglogold Ashanti Holdings PLC, Sr. Unsecd. Note, 8.500%, 07/30/2020 | 113,525 | |
62,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 4.450%, 03/01/2023 | 63,657 | |
40,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 5.200%, 07/15/2021 | 42,838 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Basic Industry - Metals & Mining—continued | |||
$20,000 | 2,3 | Newcrest Finance Property Ltd., Sr. Unsecd. Note, Series 144A, 4.200%, 10/01/2022 | $18,889 |
100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 04/15/2023 | 102,698 | |
85,000 | Rio Tinto Finance USA Ltd., Company Guarantee, 6.500%, 07/15/2018 | 99,555 | |
150,000 | Rio Tinto Finance USA Ltd., Sr. Unsecd. Note, 2.250%, 12/14/2018 | 151,703 | |
20,000 | Southern Copper Corp., Note, 6.750%, 04/16/2040 | 22,000 | |
160,000 | Worthington Industries, Inc., Sr. Unsecd. Note, 6.500%, 04/15/2020 | 181,047 | |
TOTAL | 1,167,717 | ||
Basic Industry - Paper—0.0% | |||
10,000 | Plum Creek Timberlands LP, Sr. Unsecd. Note, 3.250%, 03/15/2023 | 9,544 | |
20,000 | Plum Creek Timberlands LP, Sr. Unsecd. Note, 4.700%, 03/15/2021 | 21,776 | |
TOTAL | 31,320 | ||
Capital Goods - Aerospace & Defense—0.3% | |||
50,000 | 2,3 | BAE Systems Holdings, Inc., Series 144A, 5.200%, 8/15/2015 | 52,100 |
211,000 | 2,3 | Embraer Overseas Ltd., Sr. Unsecd. Note, Series 144A, 5.696%, 09/16/2023 | 228,408 |
20,000 | Raytheon Co., Sr. Note, 4.400%, 02/15/2020 | 22,009 | |
10,000 | Rockwell Collins, Inc., Sr. Unsecd. Note, 3.100%, 11/15/2021 | 10,064 | |
50,000 | Textron, Inc., Sr. Unsecd. Note, 4.300%, 03/01/2024 | 51,557 | |
TOTAL | 364,138 | ||
Capital Goods - Building Materials—0.0% | |||
40,000 | Valmont Industries, Inc., Sr. Unsecd. Note, 6.625%, 04/20/2020 | 47,285 | |
Capital Goods - Construction Machinery—0.0% | |||
40,000 | AGCO Corp., Sr. Unsecd. Note, 5.875%, 12/01/2021 | 45,374 | |
Capital Goods - Diversified Manufacturing—0.4% | |||
15,000 | ABB Finance USA, Inc., Sr. Unsecd. Note, 2.875%, 05/08/2022 | 14,842 | |
15,000 | Avery Dennison Corp., Sr. Unsecd. Note, 5.375%, 04/15/2020 | 15,759 | |
60,000 | Dover Corp., Note, 5.450%, 03/15/2018 | 67,312 | |
30,000 | Emerson Electric Co., 4.875%, 10/15/2019 | 33,902 | |
200,000 | General Electric Co., Sr. Unsecd. Note, 4.125%, 10/09/2042 | 198,893 | |
80,000 | Hubbell, Inc., 5.950%, 06/01/2018 | 91,542 | |
50,000 | Pentair, Ltd., Company Guarantee, 5.000%, 05/15/2021 | 55,052 | |
40,000 | 2,3 | Textron Financial Corp., Jr. Sub. Note, Series 144A, 6.000%, 2/15/2067 | 36,400 |
15,000 | Thomas & Betts Corp., Sr. Unsecd. Note, 5.625%, 11/15/2021 | 17,473 | |
TOTAL | 531,175 | ||
Capital Goods - Environmental—0.1% | |||
85,000 | Republic Services, Inc., Company Guarantee, Series WI, 5.500%, 09/15/2019 | 97,045 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Capital Goods - Environmental—continued | |||
$25,000 | Waste Management, Inc., 7.375%, 03/11/2019 | $30,438 | |
TOTAL | 127,483 | ||
Capital Goods - Packaging—0.0% | |||
45,000 | Packaging Corp. of America, Sr. Unsecd. Note, 3.900%, 06/15/2022 | 46,169 | |
10,000 | Rock-Tenn Co., Sr. Unsecd. Note, 4.000%, 03/01/2023 | 10,207 | |
10,000 | Rock-Tenn Co., Sr. Unsecd. Note, 4.450%, 03/01/2019 | 10,839 | |
TOTAL | 67,215 | ||
Communications - Cable & Satellite—0.1% | |||
24,000 | Cox Communications, Inc., Unsecd. Note, 5.450%, 12/15/2014 | 24,426 | |
90,000 | NBC Universal, Inc., Sr. Unsecd. Note, 5.150%, 04/30/2020 | 102,531 | |
30,000 | Time Warner Cable, Inc., Company Guarantee, 8.250%, 04/01/2019 | 37,728 | |
TOTAL | 164,685 | ||
Communications - Media & Entertainment—0.5% | |||
75,000 | 21st Century Fox America, Inc., Sr. Unsecd. Note, 5.400%, 10/01/2043 | 81,915 | |
25,000 | Discovery Communications LLC, Company Guarantee, 5.050%, 06/01/2020 | 27,921 | |
30,000 | Interpublic Group of Cos., Inc., Sr. Unsecd. Note, 2.250%, 11/15/2017 | 30,412 | |
25,000 | Moody's Corp., Sr. Unsecd. Note, 5.500%, 09/01/2020 | 28,273 | |
75,000 | News America Holdings, Inc., Company Guarantee, 8.000%, 10/17/2016 | 86,107 | |
20,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.625%, 05/01/2022 | 20,387 | |
100,000 | 2,3 | Pearson Funding Two PLC, Sr. Unsecd. Note, Series 144A, 4.000%, 05/17/2016 | 104,849 |
30,000 | Viacom, Inc., 2.500%, 09/01/2018 | 30,482 | |
25,000 | Viacom, Inc., Sr. Unsecd. Note, 2.500%, 12/15/2016 | 25,724 | |
100,000 | Viacom, Inc., Sr. Unsecd. Note, 3.875%, 04/01/2024 | 100,679 | |
150,000 | WPP Finance 2010, Sr. Unsecd. Note, 5.625%, 11/15/2043 | 163,386 | |
TOTAL | 700,135 | ||
Communications - Telecom Wireless—0.5% | |||
50,000 | America Movil S.A.B. de C.V., 3.125%, 07/16/2022 | 48,650 | |
100,000 | America Movil S.A.B. de C.V., Note, 5.750%, 01/15/2015 | 102,274 | |
100,000 | American Tower Corp., Sr. Unsecd. Note, 3.400%, 02/15/2019 | 103,779 | |
50,000 | American Tower Corp., Sr. Unsecd. Note, 4.500%, 01/15/2018 | 54,111 | |
100,000 | 2,3 | Crown Castle Towers LLC, Sr. Secd. Note, Series 144A, 5.495%, 01/15/2017 | 107,752 |
90,000 | Orange SA, Sr. Unsecd. Note, 5.375%, 07/08/2019 | 102,112 | |
30,000 | 2,3 | SBA Tower Trust, Series 144A, 5.101%, 04/17/2017 | 32,006 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Communications - Telecom Wireless—continued | |||
$90,000 | Telefonaktiebolaget LM Ericsson, Sr. Unsecd. Note, 4.125%, 05/15/2022 | $93,746 | |
TOTAL | 644,430 | ||
Communications - Telecom Wirelines—0.3% | |||
10,000 | CenturyLink, Inc., Sr. Unsecd. Note, 7.65%, 3/15/2042 | 10,100 | |
90,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 03/15/2024 | 93,260 | |
175,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 5.150%, 09/15/2023 | 193,778 | |
60,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 6.350%, 04/01/2019 | 70,519 | |
TOTAL | 367,657 | ||
Consumer Cyclical - Automotive—0.4% | |||
175,000 | American Honda Finance Corp., 0.404%, 7/14/2017 | 175,023 | |
10,000 | DaimlerChrysler North America Holding Corp., Company Guarantee, 8.500%, 01/18/2031 | 15,105 | |
100,000 | Ford Motor Co., Sr. Unsecd. Note, 4.750%, 01/15/2043 | 100,726 | |
20,000 | 2,3 | Harley-Davidson Financial Services, Inc., Company Guarantee, Series 144A, 3.875%, 03/15/2016 | 20,964 |
10,000 | 2,3 | Harley-Davidson Financial Services, Inc., Sr. Unsecd. Note, Series 144A, 2.700%, 03/15/2017 | 10,321 |
100,000 | 2,3 | Hyundai Capital America, Sr. Unsecd. Note, Series 144A, 2.875%, 08/09/2018 | 102,487 |
65,000 | 2,3 | RCI Banque SA, Sr. Unsecd. Note, 3.500%, 04/03/2018 | 67,406 |
20,000 | 2,3 | RCI Banque SA, Sr. Unsecd. Note, Series 144A, 4.600%, 04/12/2016 | 21,135 |
TOTAL | 513,167 | ||
Consumer Cyclical - Leisure—0.1% | |||
200,000 | 2 | Football Trust V, Pass Thru Cert., Series 144A, 5.35%, 10/05/2020 | 216,104 |
Consumer Cyclical - Lodging—0.1% | |||
30,000 | Hyatt Hotels Corp., Sr. Unsecd. Note, 3.375%, 07/15/2023 | 29,200 | |
50,000 | Marriott International, Inc., Sr. Unsecd. Note, 3.000%, 03/01/2019 | 51,627 | |
TOTAL | 80,827 | ||
Consumer Cyclical - Retailers—0.3% | |||
50,000 | Advance Auto Parts, Inc., 4.500%, 12/01/2023 | 52,553 | |
10,000 | O'Reilly Automotive, Inc., Company Guarantee, 4.875%, 01/14/2021 | 10,912 | |
300,000 | Wal-Mart Stores, Inc., Sr. Unsecd. Note, 4.300%, 04/22/2044 | 301,565 | |
TOTAL | 365,030 | ||
Consumer Cyclical - Services—0.1% | |||
65,000 | Expedia, Inc., Company Guarantee, 5.950%, 08/15/2020 | 73,336 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Consumer Cyclical - Services—continued | |||
$10,000 | University of Southern California, Sr. Unsecd. Note, 5.250%, 10/01/2111 | $12,014 | |
TOTAL | 85,350 | ||
Consumer Non-Cyclical - Food/Beverage—0.5% | |||
100,000 | Bottling Group LLC, Note, 5.500%, 04/01/2016 | 107,970 | |
50,000 | ConAgra Foods, Inc., Sr. Unsecd. Note, 3.200%, 01/25/2023 | 48,753 | |
175,000 | ConAgra Foods, Inc., Sr. Unsecd. Note, 4.650%, 01/25/2043 | 173,951 | |
200,000 | 2,3 | Kerry Group Financial Services, Sr. Unsecd. Note, Series 144A, 3.200%, 04/09/2023 | 192,797 |
25,000 | Mondelez International, Inc., Sr. Unsecd. Note, 4.000%, 02/01/2024 | 26,004 | |
20,000 | Sysco Corp., Sr. Note, 5.375%, 03/17/2019 | 22,595 | |
30,000 | The Coca-Cola Co., Sr. Unsecd. Note, Series WI, 1.800%, 09/01/2016 | 30,658 | |
50,000 | Tyson Foods, Inc., Sr. Unsecd. Note, 4.500%, 06/15/2022 | 52,672 | |
TOTAL | 655,400 | ||
Consumer Non-Cyclical - Health Care—0.1% | |||
40,000 | Baxter International, Inc., 6.250%, 12/01/2037 | 51,076 | |
10,000 | Laboratory Corp. of America Holdings, Sr. Unsecd. Note, 3.750%, 08/23/2022 | 10,106 | |
70,000 | Stryker Corp., Sr. Unsecd. Note, 1.300%, 04/01/2018 | 68,885 | |
10,000 | Zimmer Holdings, Inc., Sr. Note, 5.750%, 11/30/2039 | 11,662 | |
TOTAL | 141,729 | ||
Consumer Non-Cyclical - Pharmaceuticals—0.0% | |||
10,000 | Dentsply International, Inc., Sr. Unsecd. Note, 2.750%, 08/15/2016 | 10,326 | |
30,000 | Pfizer, Inc., Sr. Unsecd. Note, 6.200%, 03/15/2019 | 35,282 | |
TOTAL | 45,608 | ||
Consumer Non-Cyclical - Products—0.0% | |||
10,000 | Clorox Co., Sr. Unsecd. Note, 3.550%, 11/01/2015 | 10,339 | |
Consumer Non-Cyclical - Tobacco—0.1% | |||
24,000 | Altria Group, Inc., 9.250%, 08/06/2019 | 31,499 | |
30,000 | Altria Group, Inc., Sr. Unsecd. Note, 4.000%, 01/31/2024 | 30,622 | |
30,000 | Philip Morris International, Inc., 5.650%, 05/16/2018 | 34,159 | |
TOTAL | 96,280 | ||
Energy - Independent—0.2% | |||
50,000 | Canadian Natural Resources Ltd., 4.900%, 12/01/2014 | 50,737 | |
30,000 | EOG Resources, Inc., Note, 5.625%, 06/01/2019 | 34,607 | |
25,000 | 2,3 | Petroleos Mexicanos, Sr. Unsecd. Note, 4.875%, 01/18/2024 | 26,562 |
75,000 | XTO Energy, Inc., 6.375%, 06/15/2038 | 102,529 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Energy - Independent—continued | |||
$60,000 | XTO Energy, Inc., 6.750%, 08/01/2037 | $86,523 | |
TOTAL | 300,958 | ||
Energy - Integrated—0.3% | |||
30,000 | BP Capital Markets America, Inc., Company Guarantee, 4.200%, 06/15/2018 | 32,282 | |
20,000 | BP Capital Markets PLC, Company Guarantee, 3.125%, 10/01/2015 | 20,601 | |
75,000 | Husky Energy, Inc., 4.000%, 04/15/2024 | 77,505 | |
100,000 | Husky Oil Ltd., Deb., 7.550%, 11/15/2016 | 114,099 | |
90,000 | Petrobras Global Finance BV, Sr. Unsecd. Note, 4.375%, 05/20/2023 | 85,766 | |
20,000 | Petrobras International Finance Co., Sr. Unsecd. Note, 2.875%, 02/06/2015 | 20,213 | |
50,000 | Petrobras International Finance Co., Sr. Unsecd. Note, 5.375%, 01/27/2021 | 51,753 | |
20,000 | Phillips 66, Sr. Unsecd. Note, 1.950%, 03/05/2015 | 20,180 | |
50,000 | Phillips 66, Sr. Unsecd. Note, 4.300%, 04/01/2022 | 53,275 | |
TOTAL | 475,674 | ||
Energy - Midstream—0.2% | |||
75,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.900%, 02/01/2024 | 80,304 | |
10,000 | 2,3 | Florida Gas Transmission Co. LLC, Sr. Unsecd. Note, Series 144A, 5.450%, 07/15/2020 | 11,174 |
150,000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, 5.000%, 03/01/2043 | 144,729 | |
20,000 | 2,3 | Texas Eastern Transmission LP, Sr. Unsecd. Note, Series 144A, 2.800%, 10/15/2022 | 18,834 |
40,000 | Williams Partners LP, 5.250%, 03/15/2020 | 44,776 | |
30,000 | Williams Partners LP, Sr. Unsecd. Note, 4.125%, 11/15/2020 | 31,782 | |
TOTAL | 331,599 | ||
Energy - Oil Field Services—0.1% | |||
15,000 | Nabors Industries, Inc., Company Guarantee, 5.000%, 09/15/2020 | 16,693 | |
20,000 | Nabors Industries, Inc., Sr. Unsecd. Note, 4.625%, 09/15/2021 | 21,623 | |
50,000 | Nabors Industries, Inc., Sr. Unsecd. Note, 5.100%, 09/15/2023 | 54,898 | |
15,000 | Noble Holding International Ltd., Company Guarantee, 4.900%, 08/01/2020 | 16,408 | |
TOTAL | 109,622 | ||
Energy - Refining—0.1% | |||
10,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 03/01/2041 | 12,186 | |
30,000 | Valero Energy Corp., 7.500%, 04/15/2032 | 39,978 | |
10,000 | Valero Energy Corp., 9.375%, 03/15/2019 | 13,003 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Energy - Refining—continued | |||
$95,000 | Valero Energy Corp., Sr. Unsecd. Note, 6.625%, 06/15/2037 | $116,058 | |
TOTAL | 181,225 | ||
Financial Institution - Banking—2.8% | |||
74,000 | American Express Co., 2.650%, 12/02/2022 | 71,527 | |
50,000 | American Express Credit Corp., Sr. Unsecd. Note, Series MTN, 2.800%, 09/19/2016 | 51,969 | |
40,000 | Associated Banc-Corp., Sr. Unsecd. Note, 5.125%, 03/28/2016 | 42,392 | |
50,000 | BB&T Corp., Sr. Unsecd. Note, Series MTN, 2.250%, 02/01/2019 | 50,311 | |
60,000 | Bank of America Corp., Sr. Unsecd. Note, 4.500%, 04/01/2015 | 61,575 | |
100,000 | Bank of America Corp., Sr. Unsecd. Note, 5.000%, 05/13/2021 | 110,663 | |
50,000 | Bank of Montreal, Sr. Unsecd. Note, Series MTN, 1.450%, 04/09/2018 | 49,245 | |
20,000 | Citigroup, Inc., Sr. Unsecd. Note, 4.450%, 01/10/2017 | 21,461 | |
100,000 | Citigroup, Inc., Sr. Unsecd. Note, 4.587%, 12/15/2015 | 105,142 | |
25,000 | City National Corp., Sr. Unsecd. Note, 5.250%, 09/15/2020 | 27,895 | |
30,000 | Comerica, Inc., 3.800%, 7/22/2026 | 29,748 | |
40,000 | 2,3 | Commonwealth Bank of Australia, Sr. Unsecd. Note, Series 144A, 3.750%, 10/15/2014 | 40,275 |
40,000 | Deutsche Bank AG London, Sr. Unsecd. Note, 3.250%, 01/11/2016 | 41,405 | |
200,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 1.350%, 06/01/2017 | 200,032 | |
20,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 3.625%, 01/25/2016 | 20,829 | |
275,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.625%, 01/22/2023 | 273,543 | |
70,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 5.125%, 01/15/2015 | 71,430 | |
25,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.125%, 02/15/2033 | 30,005 | |
30,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.150%, 04/01/2018 | 34,138 | |
150,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.250%, 02/01/2041 | 181,431 | |
50,000 | HSBC Holdings PLC, Sr. Unsecd. Note, 5.100%, 04/05/2021 | 56,660 | |
200,000 | HSBC Holdings PLC, Sub. Note, 5.250%, 03/14/2044 | 212,877 | |
150,000 | HSBC USA, Inc., Sr. Unsecd. Note, 2.375%, 02/13/2015 | 151,574 | |
250,000 | Huntington National Bank, Sr. Unsecd. Note, 2.200%, 04/01/2019 | 249,154 | |
175,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 4.850%, 02/01/2044 | 183,235 | |
400,000 | JPMorgan Chase & Co., Sub. Note, 3.375%, 05/01/2023 | 389,236 | |
250,000 | Manufacturers & Traders T, Sr. Unsecd. Note, Series BKNT, 0.534%, 7/25/2017 | 250,032 | |
65,000 | Morgan Stanley, Sr. Unsecd. Note, 4.750%, 03/22/2017 | 70,404 | |
150,000 | Morgan Stanley, Sr. Unsecd. Note, 6.375%, 07/24/2042 | 189,200 | |
175,000 | Morgan Stanley, Sub. Note, 4.100%, 05/22/2023 | 175,784 | |
20,000 | Murray Street Investment Trust I, Sr. Unsecd. Note, 4.647%, 03/09/2017 | 21,541 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Banking—continued | |||
$100,000 | 2,3 | Santander US Debt SA Unipersonal, Bank Guarantee, Series 144A, 3.781%, 10/07/2015 | $103,040 |
30,000 | Wachovia Corp., Sr. Unsecd. Note, 5.75%, 2/01/2018 | 34,032 | |
70,000 | Westpac Banking Corp., Sr. Unsecd. Note, 4.875%, 11/19/2019 | 78,604 | |
100,000 | Wilmington Trust Corp., Sub. Note, 8.500%, 04/02/2018 | 121,052 | |
TOTAL | 3,801,441 | ||
Financial Institution - Broker/Asset Mgr/Exchange—0.3% | |||
20,000 | 2,3 | CME Group Index Services LLC, Company Guarantee, Series 144A, 4.400%, 03/15/2018 | 21,776 |
80,000 | Janus Capital Group, Inc., Sr. Note, 6.700%, 06/15/2017 | 90,075 | |
40,000 | Jefferies Group LLC, Sr. Unsecd. Note, 6.500%, 01/20/2043 | 45,165 | |
125,000 | Jefferies Group LLC, Sr. Unsecd. Note, 6.875%, 04/15/2021 | 148,400 | |
13,000 | Raymond James Financial, Inc., Sr. Unsecd. Note, 5.625%, 04/01/2024 | 14,580 | |
50,000 | TD Ameritrade Holding Corp., Company Guarantee, 4.150%, 12/01/2014 | 50,604 | |
TOTAL | 370,600 | ||
Financial Institution - Finance Companies—0.2% | |||
30,000 | General Electric Capital Corp., Sr. Unsecd. Note, Series MTN, 3.100%, 01/09/2023 | 29,783 | |
200,000 | 2,3 | ILFC E-Capital Trust I, Floating Rate Note - Sr. Sub Note, Series 144A, 5.020%, 12/21/2065 | 193,000 |
TOTAL | 222,783 | ||
Financial Institution - Insurance - Health—0.1% | |||
50,000 | UnitedHealth Group, Inc., Sr. Unsecd. Note, 6.000%, 02/15/2018 | 57,310 | |
50,000 | Wellpoint, Inc., 5.850%, 01/15/2036 | 59,312 | |
TOTAL | 116,622 | ||
Financial Institution - Insurance - Life—0.7% | |||
200,000 | Aflac, Inc., Sr. Unsecd. Note, 3.625%, 06/15/2023 | 203,591 | |
10,000 | Aflac, Inc., Sr. Unsecd. Note, 6.900%, 12/17/2039 | 13,315 | |
25,000 | American International Group, 4.5%, 7/16/2044 | 24,763 | |
35,000 | American International Group, Inc., Sr. Unsecd. Note, 4.125%, 02/15/2024 | 36,476 | |
150,000 | American International Group, Inc., Sr. Unsecd. Note, 6.250%, 05/01/2036 | 186,432 | |
10,000 | Lincoln National Corp., Sr. Unsecd. Note, 4.200%, 03/15/2022 | 10,623 | |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.75%, 8/01/2039 | 16,088 | |
250,000 | MetLife, Inc., Sr. Unsecd. Note, 3.600%, 04/10/2024 | 253,811 | |
15,000 | 2,3 | Penn Mutual Life Insurance Co., Sr. Note, Series 144A, 7.625%, 06/15/2040 | 20,370 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Insurance - Life—continued | |||
$10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.125%, 05/15/2023 | $9,727 | |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.300%, 09/15/2022 | 9,938 | |
150,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 5.625%, 05/12/2041 | 174,075 | |
50,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040 | 62,405 | |
TOTAL | 1,021,614 | ||
Financial Institution - Insurance - P&C—0.3% | |||
90,000 | ACE INA Holdings, Inc., 5.600%, 05/15/2015 | 93,571 | |
1,000 | ACE INA Holdings, Inc., Sr. Note, 5.700%, 02/15/2017 | 1,112 | |
75,000 | CNA Financial Corp., 6.500%, 08/15/2016 | 83,129 | |
30,000 | CNA Financial Corp., Sr. Unsecd. Note, 7.350%, 11/15/2019 | 36,749 | |
20,000 | Chubb Corp., Sr. Note, 5.750%, 05/15/2018 | 22,757 | |
100,000 | 2,3 | Liberty Mutual Group, Inc., Series 144A, 4.85%, 8/01/2044 | 99,602 |
65,000 | 2,3 | Nationwide Mutual Insurance Co., Sub. Note, Series 144A, 9.375%, 08/15/2039 | 101,566 |
50,000 | The Travelers Cos., Inc., Sr. Unsecd. Note, 5.500%, 12/01/2015 | 53,222 | |
TOTAL | 491,708 | ||
Financial Institution - REIT - Apartment—0.0% | |||
15,000 | Avalonbay Communities, Inc., Sr. Unsecd. Note, Series MTN, 5.700%, 03/15/2017 | 16,675 | |
20,000 | Post Apartment Homes LP, Sr. Unsecd. Note, 3.375%, 12/01/2022 | 19,456 | |
10,000 | UDR, Inc., Company Guarantee, 4.625%, 01/10/2022 | 10,816 | |
TOTAL | 46,947 | ||
Financial Institution - REIT - Healthcare—0.1% | |||
40,000 | Health Care REIT, Inc., Sr. Unsecd. Note, 6.125%, 04/15/2020 | 46,345 | |
50,000 | Healthcare Trust of America, 3.700%, 04/15/2023 | 49,128 | |
TOTAL | 95,473 | ||
Financial Institution - REIT - Office—0.1% | |||
50,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.900%, 06/15/2023 | 49,671 | |
50,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 4.600%, 04/01/2022 | 52,698 | |
55,000 | Boston Properties LP, Sr. Unsecd. Note, 5.875%, 10/15/2019 | 63,809 | |
TOTAL | 166,178 | ||
Financial Institution - REIT - Other—0.1% | |||
75,000 | Liberty Property LP, 6.625%, 10/01/2017 | 85,323 | |
50,000 | ProLogis LP, Sr. Unsecd. Note, 3.350%, 02/01/2021 | 50,431 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - REIT - Other—continued | |||
$75,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 04/01/2024 | $77,379 | |
TOTAL | 213,133 | ||
Financial Institution - REIT - Retail—0.1% | |||
20,000 | Equity One, Inc., Bond, 6.000%, 09/15/2017 | 22,251 | |
20,000 | Regency Centers LP, Company Guarantee, 4.800%, 04/15/2021 | 21,866 | |
30,000 | Tanger Properties LP, Sr. Unsecd. Note, 6.125%, 06/01/2020 | 34,926 | |
TOTAL | 79,043 | ||
Sovereign—0.0% | |||
30,000 | Corp Andina De Fomento, Sr. Unsecd. Note, 4.375%, 06/15/2022 | 32,100 | |
Technology—0.3% | |||
15,000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 3.200%, 10/01/2022 | 14,488 | |
45,000 | Apple, Inc., Sr. Unsecd. Note, 1.000%, 05/03/2018 | 44,044 | |
30,000 | Apple, Inc., Sr. Unsecd. Note, 2.400%, 05/03/2023 | 28,361 | |
60,000 | Cisco Systems, Inc., Sr. Unsecd. Note, 5.500%, 02/22/2016 | 64,559 | |
20,000 | Corning, Inc., Unsecd. Note, 4.750%, 03/15/2042 | 21,217 | |
100,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.500%, 04/15/2023 | 98,606 | |
20,000 | Hewlett-Packard Co., Sr. Unsecd. Note, 3.300%, 12/09/2016 | 20,967 | |
20,000 | Ingram Micro, Inc., Sr. Unsecd. Note, 5.000%, 08/10/2022 | 20,919 | |
25,000 | Juniper Networks, Inc., Sr. Unsecd. Note, 4.500%, 03/15/2024 | 25,820 | |
10,000 | Juniper Networks, Inc., Sr. Unsecd. Note, 5.950%, 03/15/2041 | 10,908 | |
10,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 09/12/2022 | 10,303 | |
25,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.875%, 01/15/2019 | 26,818 | |
20,000 | Xerox Corp., Sr. Unsecd. Note, 2.950%, 03/15/2017 | 20,811 | |
TOTAL | 407,821 | ||
Transportation - Airlines—0.1% | |||
130,000 | Southwest Airlines Co., Sr. Unsecd. Note, 5.125%, 03/01/2017 | 141,111 | |
Transportation - Railroads—0.1% | |||
75,000 | Burlington Northern Santa Fe Corp., 4.875%, 01/15/2015 | 76,512 | |
50,000 | Burlington Northern Santa Fe Corp., Deb., 5.750%, 05/01/2040 | 59,913 | |
30,000 | Kansas City Southern de Mexico SA de CV, Sr. Unsecd. Note, 3.000%, 05/15/2023 | 28,422 | |
TOTAL | 164,847 | ||
Transportation - Services—0.2% | |||
90,000 | 2,3 | Enterprise Rent-A-Car USA Finance Co., Series 144A, 6.375%, 10/15/2017 | 103,166 |
50,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.450%, 11/15/2018 | 50,635 | |
60,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 3.150%, 03/02/2015 | 60,929 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Transportation - Services—continued | |||
$30,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 3.125%, 01/15/2021 | $31,130 | |
TOTAL | 245,860 | ||
Utility - Electric—0.6% | |||
70,000 | Appalachian Power Co., Sr. Unsecd. Note, 7.950%, 01/15/2020 | 88,656 | |
100,000 | Cleveland Electric Illuminating Co., Sr. Unsecd. Note, 5.950%, 12/15/2036 | 114,041 | |
5,000 | Consolidated Edison Co., Sr. Unsecd. Note, 6.650%, 04/01/2019 | 5,980 | |
70,000 | 2,3 | Electricite de France SA, Note, Series 144A, 5.600%, 01/27/2040 | 80,001 |
100,000 | Exelon Generation Co. LLC, Sr. Unsecd. Note, 4.250%, 06/15/2022 | 103,799 | |
25,000 | FirstEnergy Corp., Sr. Unsecd. Note, 4.250%, 03/15/2023 | 24,842 | |
30,000 | FirstEnergy Solutions Corp., Company Guarantee, 6.050%, 08/15/2021 | 33,101 | |
10,000 | Great Plains Energy, Inc., Note, 4.850%, 06/01/2021 | 11,024 | |
14,571 | 2,3 | Great River Energy, 1st Mtg. Note, Series 144A, 5.829%, 7/01/2017 | 15,797 |
25,000 | National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, 8.000%, 03/01/2032 | 36,213 | |
50,000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 2.700%, 09/15/2019 | 50,725 | |
80,000 | Northern States Power Co., MN, 1st Mtg. Bond, 5.250%, 03/01/2018 | 89,428 | |
25,000 | PSEG Power LLC, Sr. Unsecd. Note, 4.300%, 11/15/2023 | 26,031 | |
75,000 | PSI Energy, Inc., Bond, 6.050%, 06/15/2016 | 81,992 | |
50,000 | Progress Energy, Inc., 7.050%, 03/15/2019 | 60,329 | |
10,000 | TECO Finance, Inc., Company Guarantee, 5.150%, 03/15/2020 | 11,214 | |
40,000 | UIL Holdings Corp., Sr. Unsecd. Note, 4.625%, 10/01/2020 | 41,770 | |
TOTAL | 874,943 | ||
Utility - Natural Gas—0.2% | |||
20,000 | Atmos Energy Corp., 8.500%, 03/15/2019 | 25,377 | |
50,000 | Enbridge Energy Partners LP, Sr. Unsecd. Note, 4.200%, 09/15/2021 | 53,096 | |
40,000 | Enbridge, Inc., Sr. Note, 5.600%, 04/01/2017 | 44,326 | |
65,000 | National Fuel Gas Co., Sr. Unsecd. Note, 3.750%, 03/01/2023 | 64,023 | |
55,000 | Sempra Energy, Sr. Unsecd. Note, 6.500%, 06/01/2016 | 60,478 | |
TOTAL | 247,300 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $16,039,673) | 16,927,348 | ||
FOREIGN GOVERNMENTS/AGENCY—0.1% | |||
Sovereign—0.1% | |||
75,000 | United Mexican States, 6.625%, 03/03/2015 (IDENTIFIED COST $75,639) | 77,137 |
Shares or Principal Amount | Value | ||
MORTGAGE-BACKED SECURITIES—0.0% | |||
Federal National Mortgage Association—0.0% | |||
$121 | Federal National Mortgage Association Pool 512255, 7.500%, 9/1/2014 | $121 | |
3,531 | Federal National Mortgage Association Pool 609554, 7.500%, 10/1/2016 | 3,732 | |
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $3,788) | 3,853 | ||
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) | 83,831 | |
U.S. TREASURY—2.0% | |||
255,165 | U.S. Treasury Inflation-Protected Bond, 1.375%, 2/15/2044 | 282,326 | |
525,490 | U.S. Treasury Inflation-Protected Note, 0.125%, 1/15/2022 | 525,752 | |
150,000 | United States Treasury Bond, 3.375%, 5/15/2044 | 151,500 | |
50,000 | United States Treasury Bond, 3.625%, 2/15/2044 | 52,913 | |
100,000 | United States Treasury Note, 0.375%, 3/31/2016 | 99,994 | |
650,000 | 4 | United States Treasury Note, 0.875%, 11/30/2016 | 652,444 |
500,000 | United States Treasury Note, 1.250%, 10/31/2018 | 493,115 | |
500,000 | United States Treasury Note, 3.500%, 5/15/2020 | 542,748 | |
TOTAL U.S. TREASURY (IDENTIFIED COST $2,833,306) | 2,800,792 | ||
EXCHANGE-TRADED FUND—8.2% | |||
173,500 | iShares MSCI EAFE ETF (IDENTIFIED COST $9,998,277) | 11,553,365 | |
INVESTMENT COMPANIES—16.9%5 | |||
32,075 | Emerging Markets Fixed Income Core Fund | 1,144,502 | |
978,522 | Federated Mortgage Core Portfolio | 9,648,225 | |
7,716,911 | 6 | Federated Prime Value Obligations Fund, Institutional Shares, 0.07% | 7,716,911 |
185,252 | Federated Project and Trade Finance Core Fund | 1,783,981 | |
523,412 | High Yield Bond Portfolio | 3,449,285 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $23,976,890) | 23,742,904 | ||
TOTAL INVESTMENTS—99.8% (IDENTIFIED COST $119,705,870)7 | 139,983,611 | ||
OTHER ASSETS AND LIABILITIES - NET—0.2%8 | 303,903 | ||
TOTAL NET ASSETS—100% | $140,287,514 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation/ (Depreciation) |
1United States Treasury Long Bond Long Futures | 3 | $412,219 | September 2014 | $4,493 |
1United States Treasury Bond Ultra Long Futures | 2 | $301,688 | September 2014 | $6,996 |
1United States Treasury Note 2-Year Long Futures | 44 | $9,654,563 | September 2014 | $(6,141) |
1United States Treasury Note 5-Year Short Futures | 35 | $4,159,258 | September 2014 | $26,171 |
1United States Treasury Note 10-Year Short Futures | 45 | $5,607,422 | September 2014 | $16,227 |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $47,746 |
1 | Non-income-producing security. |
2 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At July 31, 2014, these restricted securities amounted to $2,658,877, which represented 1.9% of total net assets. |
3 | Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At July 31, 2014, these liquid restricted securities amounted to $2,442,773, which represented 1.7% 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 $119,453,107. |
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 | $78,518,311 | $— | $— | $78,518,311 |
International | 3,052,079 | — | — | 3,052,079 |
Debt Securities: | ||||
Asset-Backed Securities | — | 1,653,995 | — | 1,653,995 |
Collateralized Mortgage Obligations | — | 1,569,996 | — | 1,569,996 |
Corporate Bonds | — | 16,927,348 | — | 16,927,348 |
Foreign Government/Agency | — | 77,137 | — | 77,137 |
Mortgage-Backed Securities | — | 3,853 | — | 3,853 |
Municipal Bond | — | 83,831 | — | 83,831 |
U.S. Treasury | — | 2,800,792 | — | 2,800,792 |
Exchange-Traded Fund | 11,553,365 | — | — | 11,553,365 |
Investment Companies1 | 21,958,923 | 1,783,981 | — | 23,742,904 |
TOTAL SECURITIES | $115,082,678 | $24,900,933 | $— | $139,983,611 |
OTHER FINANCIAL INSTRUMENTS2 | $47,746 | $— | $— | $47,746 |
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. Federated Project and Trade Finance Core Fund is classified as Level 2 due to the fact that the price of shares redeemed will be determined as of the closing net asset value (the NAV) of the fund up to twenty-four days after receipt of a shareholder redemption request. |
2 | Other financial instruments include futures contracts. |
GO | —General Obligation |
MTN | —Medium Term Note |
REIT | —Real Estate Investments Trust |
REMIC | —Real Estate Mortgage Investment Conduit |
Year Ended July 31 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $14.35 | $12.20 | $12.17 | $10.86 | $10.17 |
Income From Investment Operations: | |||||
Net investment income | 0.171 | 0.141 | 0.171 | 0.151 | 0.161 |
Net realized and unrealized gain on investments, futures contracts, swap contracts and foreign currency transactions | 1.70 | 2.19 | 0.02 | 1.33 | 0.71 |
TOTAL FROM INVESTMENT OPERATIONS | 1.87 | 2.33 | 0.19 | 1.48 | 0.87 |
Less Distributions: | |||||
Distributions from net investment income | (0.15) | (0.18) | (0.16) | (0.17) | (0.18) |
Net Asset Value, End of Period | $16.07 | $14.35 | $12.20 | $12.17 | $10.86 |
Total Return2 | 13.06% | 19.28% | 1.65% | 13.67% | 8.51% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.30% | 1.30% | 1.30% | 1.28% | 1.21% |
Net investment income | 1.10% | 1.10% | 1.43% | 1.27% | 1.47% |
Expense waiver/reimbursement3 | 0.10% | 0.11% | 0.28% | 0.23% | 0.25% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $55,634 | $50,340 | $48,774 | $57,358 | $86,018 |
Portfolio turnover | 34% | 105% | 149% | 139% | 130% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended July 31 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $14.16 | $12.03 | $11.99 | $10.70 | $10.03 |
Income From Investment Operations: | |||||
Net investment income | 0.051 | 0.041 | 0.081 | 0.061 | 0.081 |
Net realized and unrealized gain on investments, futures contracts, swap contracts and foreign currency transactions | 1.67 | 2.16 | 0.03 | 1.31 | 0.69 |
TOTAL FROM INVESTMENT OPERATIONS | 1.72 | 2.20 | 0.11 | 1.37 | 0.77 |
Less Distributions: | |||||
Distributions from net investment income | (0.04) | (0.07) | (0.07) | (0.08) | (0.10) |
Net Asset Value, End of Period | $15.84 | $14.16 | $12.03 | $11.99 | $10.70 |
Total Return2 | 12.14% | 18.41% | 0.93% | 12.85% | 7.63% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.05% | 2.05% | 2.05% | 2.04% | 1.96% |
Net investment income | 0.34% | 0.36% | 0.68% | 0.52% | 0.71% |
Expense waiver/reimbursement3 | 0.07% | 0.08% | 0.24% | 0.19% | 0.22% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $34,522 | $35,450 | $34,193 | $45,512 | $49,907 |
Portfolio turnover | 34% | 105% | 149% | 139% | 130% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended July 31 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $14.33 | $12.17 | $12.12 | $10.83 | $10.14 |
Income From Investment Operations: | |||||
Net investment income | 0.131 | 0.091 | 0.111 | 0.091 | 0.101 |
Net realized and unrealized gain on investments, futures contracts, swap contracts and foreign currency transactions | 1.69 | 2.19 | 0.03 | 1.32 | 0.72 |
TOTAL FROM INVESTMENT OPERATIONS | 1.82 | 2.28 | 0.14 | 1.41 | 0.82 |
Less Distributions: | |||||
Distributions from net investment income | (0.10) | (0.12) | (0.09) | (0.12) | (0.13) |
Net Asset Value, End of Period | $16.05 | $14.33 | $12.17 | $12.12 | $10.83 |
Total Return2 | 12.72% | 18.84% | 1.19% | 13.08% | 8.01% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.57% | 1.69% | 1.80% | 1.79% | 1.70% |
Net investment income | 0.84% | 0.70% | 0.93% | 0.77% | 0.96% |
Expense waiver/reimbursement3 | 0.05% | 0.06% | 0.22% | 0.17% | 0.21% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $464 | $417 | $526 | $665 | $673 |
Portfolio turnover | 34% | 105% | 149% | 139% | 130% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended July 31 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $14.39 | $12.23 | $12.21 | $10.90 | $10.21 |
Income From Investment Operations: | |||||
Net investment income | 0.211 | 0.181 | 0.201 | 0.181 | 0.191 |
Net realized and unrealized gain on investments, futures contracts, swap contracts and foreign currency transactions | 1.69 | 2.19 | 0.02 | 1.34 | 0.71 |
TOTAL FROM INVESTMENT OPERATIONS | 1.90 | 2.37 | 0.22 | 1.52 | 0.90 |
Less Distributions: | |||||
Distributions from net investment income | (0.18) | (0.21) | (0.20) | (0.21) | (0.21) |
Net Asset Value, End of Period | $16.11 | $14.39 | $12.23 | $12.21 | $10.90 |
Total Return2 | 13.30% | 19.63% | 1.87% | 13.99% | 8.74% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.05% | 1.05% | 1.05% | 1.04% | 0.96% |
Net investment income | 1.35% | 1.35% | 1.69% | 1.52% | 1.71% |
Expense waiver/reimbursement3 | 0.06% | 0.07% | 0.23% | 0.18% | 0.21% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $49,667 | $46,365 | $43,341 | $47,473 | $49,127 |
Portfolio turnover | 34% | 105% | 149% | 139% | 130% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Total investment in securities, at value including $23,742,904 of investment in affiliated holdings (Note 5) (identified cost $119,705,870) | $139,983,611 | |
Income receivable | 281,257 | |
Receivable for investments sold | 597,289 | |
Receivable for shares sold | 54,265 | |
Receivable for daily variation margin | 5,672 | |
TOTAL ASSETS | 140,922,094 | |
Liabilities: | ||
Payable for investments purchased | $349,017 | |
Payable for shares redeemed | 96,720 | |
Payable for transfer agent fee (Note 2) | 28,628 | |
Payable for auditing fees | 29,400 | |
Payable for portfolio accounting fees | 18,366 | |
Payable for distribution services fee (Note 5) | 22,823 | |
Payable for other service fees (Notes 2 and 5) | 48,633 | |
Payable for share registration costs | 32,987 | |
Accrued expenses (Note 5) | 8,006 | |
TOTAL LIABILITIES | 634,580 | |
Net assets for 8,752,605 shares outstanding | $140,287,514 | |
Net Assets Consist of: | ||
Paid-in capital | $151,956,946 | |
Net unrealized appreciation of investments and futures contracts | 20,325,487 | |
Accumulated net realized loss on investments and futures contracts | (32,908,735) | |
Undistributed net investment income | 913,816 | |
TOTAL NET ASSETS | $140,287,514 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($55,634,052 ÷ 3,462,394 shares outstanding), no par value, unlimited shares authorized | $16.07 | |
Offering price per share (100/94.50 of $16.07) | $17.01 | |
Redemption proceeds per share | $16.07 | |
Class C Shares: | ||
Net asset value per share ($34,521,886 ÷ 2,178,825 shares outstanding), no par value, unlimited shares authorized | $15.84 | |
Offering price per share | $15.84 | |
Redemption proceeds per share (99.00/100 of $15.84) | $15.68 | |
Class R Shares: | ||
Net asset value per share ($464,260 ÷ 28,920 shares outstanding), no par value, unlimited shares authorized | $16.05 | |
Offering price per share | $16.05 | |
Redemption proceeds per share | $16.05 | |
Institutional Shares: | ||
Net asset value per share ($49,667,316 ÷ 3,082,466 shares outstanding), no par value, unlimited shares authorized | $16.11 | |
Offering price per share | $16.11 | |
Redemption proceeds per share | $16.11 |
Investment Income: | |||
Dividends (including $612,136 received from affiliated holdings (Note 5)) | $2,423,064 | ||
Interest | 786,882 | ||
Investment income allocated from affiliated partnership (Note 5) | 98,621 | ||
TOTAL INCOME | 3,308,567 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,031,931 | ||
Administrative fee (Note 5) | 107,482 | ||
Custodian fees | 25,580 | ||
Transfer agent fee (Note 2) | 140,620 | ||
Directors'/Trustees' fees (Note 5) | 1,716 | ||
Auditing fees | 29,401 | ||
Legal fees | 14,057 | ||
Portfolio accounting fees | 111,169 | ||
Distribution services fee (Note 5) | 269,514 | ||
Other service fees (Notes 2 and 5) | 214,247 | ||
Share registration costs | 52,472 | ||
Printing and postage | 37,857 | ||
Miscellaneous (Note 5) | 16,203 | ||
TOTAL EXPENSES | 2,052,249 |
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(66,761) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (42,623) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (109,384) | ||
Net expenses | 1,942,865 | ||
Net investment income | 1,365,702 | ||
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | |||
Net realized gain on investments (including realized gain of $389,971 on sales of investments in affiliated holdings (Note 5)) | $8,494,569 | ||
Net realized loss on futures contracts | (308,948) | ||
Net realized gain on investments, futures contracts, swap contracts and foreign currency transactions allocated from affiliated partnership (Note 5) | 24,420 | ||
Realized gain distribution from affiliated investment company shares (Note 5) | 38,424 | ||
Net change in unrealized appreciation of investments | 6,823,007 | ||
Net change in unrealized depreciation of futures contracts | 160,107 | ||
Net realized and unrealized gain on investments and futures contracts | 15,231,579 | ||
Change in net assets resulting from operations | $16,597,281 |
Year Ended July 31 | 2014 | 2013 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $1,365,702 | $1,266,929 |
Net realized gain on investments including allocations from partnership and futures contracts | 8,248,465 | 15,112,927 |
Net change in unrealized appreciation/depreciation of investments and futures contracts | 6,983,114 | 6,259,259 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 16,597,281 | 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 | 15,880,319 | 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 | (24,662,752) | (28,175,403) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (7,697,215) | (15,326,416) |
Change in net assets | 7,716,978 | 5,736,892 |
Net Assets: | ||
Beginning of period | 132,570,536 | 126,833,644 |
End of period (including undistributed net investment income of $913,816 and $734,024, respectively) | $140,287,514 | $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 | |
Class A Shares | $70,845 | $(29,950) |
Class C Shares | 33,789 | (8,667) |
Class R Shares | 344 | — |
Institutional Shares | 35,642 | (4,006) |
TOTAL | $140,620 | $(42,623) |
Other Service Fees Incurred | |
Class A Shares | $126,740 |
Class C Shares | 87,507 |
TOTAL | $214,247 |
Security | Acquisition Date | Cost | Market Value |
Football Trust V, Pass Thru Cert., Series 144A, 5.350%, 10/05/2020 | 3/24/2010 | $200,000 | $216,104 |
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 | $47,746* |
* | Includes cumulative appreciation 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 | $(308,948) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures | |
Interest rate contracts | $160,107 |
Year Ended July 31 | 2014 | 2013 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 643,550 | $9,836,746 | 527,475 | $6,996,469 |
Shares issued to shareholders in payment of distributions declared | 29,125 | 445,325 | 46,305 | 582,053 |
Shares redeemed | (717,458) | (10,905,514) | (1,064,068) | (14,149,462) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (44,783) | $(623,443) | (490,288) | $(6,570,940) |
Year Ended July 31 | 2014 | 2013 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 218,934 | $3,310,479 | 182,902 | $2,406,143 |
Shares issued to shareholders in payment of distributions declared | 5,709 | 86,485 | 14,589 | 181,786 |
Shares redeemed | (549,307) | (8,354,126) | (536,360) | (6,939,271) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (324,664) | $(4,957,162) | (338,869) | $(4,351,342) |
Year Ended July 31 | 2014 | 2013 | ||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,339 | $35,057 | 3,579 | $48,415 |
Shares issued to shareholders in payment of distributions declared | 182 | 2,791 | 395 | 4,965 |
Shares redeemed | (2,669) | (40,215) | (18,107) | (245,247) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | (148) | $ (2,367) | (14,133) | $(191,867) |
Year Ended July 31 | 2014 | 2013 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 175,356 | $2,698,037 | 146,925 | $1,964,101 |
Shares issued to shareholders in payment of distributions declared | 35,965 | 550,617 | 52,824 | 665,055 |
Shares redeemed | (350,470) | (5,362,897) | (520,558) | (6,841,423) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (139,149) | $(2,114,243) | (320,809) | $(4,212,267) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (508,744) | $(7,697,215) | (1,164,099) | $(15,326,416) |
Increase (Decrease) | ||
Paid-In Capital | Undistributed Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) |
$(2,813) | $(2,822) | $5,635 |
2014 | 2013 | |
Ordinary income1 | $1,183,088 | $1,575,807 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income2 | $913,816 |
Net unrealized appreciation | $20,530,504 |
Capital loss carryforwards | $(33,113,752) |
2 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Expiration Year | Short-Term | Long-Term | Total |
2017 | $2,133,846 | NA | $2,133,846 |
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 | $267,310 |
Class R Shares | 2,204 |
TOTAL | $269,514 |
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 | 157,501 | 35,911,660 | 51,593 | 83,622 | 36,210,358 |
Sales/Reductions | (29,484) | — | (35,648,706) | — | (136,404) | (35,814,594) |
Balance of Shares Held 7/31/2014 | 32,075 | 978,522 | 7,716,911 | 185,252 | 523,412 | 9,436,172 |
Value | $1,144,502 | $9,648,225 | $7,716,911 | $1,783,981 | $3,449,285 | $23,742,904 |
Dividend Income/ Allocated Investment Income | $98,621 | $272,085 | $5,586 | $62,511 | $271,954 | $710,757 |
Realized Gain Distribution/ Allocated Net Realized Gain | $24,420 | $— | $— | $3,002 | $35,422 | $62,844 |
Purchases | $41,492,485 |
Sales | $45,995,805 |
September 23, 2014
Beginning Account Value 2/1/2014 | Ending Account Value 7/31/2014 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,069.90 | $6.67 |
Class C Shares | $1,000 | $1,065.20 | $10.50 |
Class R Shares | $1,000 | $1,067.90 | $7.95 |
Institutional Shares | $1,000 | $1,070.40 | $5.39 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.35 | $6.51 |
Class C Shares | $1,000 | $1,014.63 | $10.24 |
Class R Shares | $1,000 | $1,017.11 | $7.75 |
Institutional Shares | $1,000 | $1,019.59 | $5.26 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (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 | 1.55% |
Institutional Shares | 1.05% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John F. Donahue* Birth Date: July 28, 1924 Trustee Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling. |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Began serving: May 2006 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd. |
* | Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Chairman Emeriti, Bentley University; Director, Sterling Suffolk Downs, Inc.; Former Director, National Association of Printers and Lithographers. Previous Positions: Director and Audit Committee Member, Bank of America Corp. Qualifications: Business management and director experience. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Associate General Secretary and Director, Office for Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law; Superior Court of Pennsylvania (service began 1998 and ended July 2009). Other Directorships Held: Director, Consol Energy (service started June 2013); Director, Auberle (service ended December 2013); Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh (service ended December 2013); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society (service ended December 2013); Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute (2013-present); Director, Cardinal Wuerl North Catholic High School (2013-present). Previous Position: Professor of Law, Duquesne University School of Law, Pittsburgh (1983-1998). Qualifications: Legal and director experience. |
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: June 2006 | Principal Occupation: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications: Business management, mutual fund services and director experience. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications: Banking, business management, education and director experience. |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Began serving: October 2006 | Principal Occupations: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions: Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications: Business management, mutual fund, director and investment experience. |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; General Counsel, University of Pittsburgh. Other Directorships Held: Board Chairman, Epilepsy Foundation of Western Pennsylvania; Board Member, World Affairs Council of Pittsburgh. Previous Positions: Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). Qualifications: Business management, legal and director experience. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Began serving: June 2006 | Principal Occupations: Director or Trustee, Chairman of the Audit Committee of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Previous Position: Vice President, Walsh & Kelly, Inc. Qualifications: Business management and director experience. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
John W. McGonigle Birth Date: October 26, 1938 Secretary Officer since: May 2006 | Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp. |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: June 2006 | Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: June 2006 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin. Previous Positions: Served in Senior Management positions with a large regional banking organization. |
Stephen F. Auth Birth Date: September 3, 1956 450 Lexington Avenue Suite 3700 New York, NY 10017-3943 CHIEF INVESTMENT OFFICER Officer since: June 2012 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
John F. Sherman Birth Date: August 28, 1967 125 High Street Oliver Tower 21st Floor Boston, MA 02110-2704 Vice President Officer since: June 2012 Portfolio Manager since: October 2002 | Principal Occupations: John F. Sherman has been the Fund's Portfolio Manager since October 2002. Mr. Sherman joined MDT Advisers Investment Team in 2000. He is Vice President of the Trust with respect to the Fund. Mr. Sherman is a member of the CFA Institute and the Boston Security Analysts Society. He received a B.S.B.A. from North Adams State College and an M.B.A. from Boston University Graduate School of Management. |
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R833
CUSIP 31421R692
CUSIP 31421R825
2014 ©Federated Investors, Inc.
Share Class | Ticker |
A | QALGX |
B | QBLGX |
C | QCLGX |
Institutional | QILGX |
1 | Please see the footnotes to the line graphs below for definitions of, and further information about, the R1000G. |
2 | Please see the footnotes to the line graphs below for definitions of, and further information about, the MLGFA. |
3 | The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market, and is completely reconstituted annually to ensure new and growing equities are reflected. The index is unmanaged, and it is not possible to invest directly in an index. |
4 | The Russell Top 200® Index measures the performance of the largest cap segment of the U.S. equity universe. The Russell Top 200® Index is a subset of the Russell 3000® Index. It includes approximately 200 of the largest securities based on a combination of their market cap and current index membership and represents approximately 68% of the U.S. market. The Russell Top 200® Index is constructed to provide a comprehensive and unbiased barometer for this very large cap segment and is completely reconstituted annually to ensure new and growing equities are reflected. The index is unmanaged, and it is not possible to invest directly in an index. |
5 | The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000® companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set. The index is unmanaged, and it is not possible to invest directly in an index. |
6 | Small-cap stocks may be less liquid and subject to greater price volatility than large-cap stocks. |
7 | The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. The index is unmanaged, and it is not possible to invest directly in an index. |
8 | The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000® Growth Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad growth market. The Russell 3000 Growth Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics. The index is unmanaged, and it is not possible to invest directly in an index. |
9 | The Russell 3000® Value Index measures the performance of the broad value segment of U.S. equity value universe. It includes those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000® Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad value market. The Russell 3000 Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. The index is unmanaged, and it is not possible to invest directly in an index. |
Federated MDT Large Cap Growth Fund - | Class A Shares | Institutional Shares | R1000G | MLGFA |
F | F | I | I | |
9/15/2005 | 9,450 | 10,000 | 10,000 | 10,000 |
7/31/2006 | 9,620 | 10,210 | 10,027 | 10,033 |
7/31/2007 | 11,569 | 12,322 | 11,979 | 11,836 |
7/31/2008 | 10,903 | 11,639 | 11,225 | 11,022 |
7/31/2009 | 8,100 | 8,676 | 9,253 | 8,823 |
7/31/2010 | 9,006 | 9,656 | 10,516 | 9,859 |
7/31/2011 | 11,190 | 12,033 | 13,119 | 12,116 |
7/31/2012 | 11,286 | 12,169 | 14,203 | 12,422 |
7/31/2013 | 14,473 | 15,639 | 17,277 | 15,312 |
7/31/2014 | 17,212 | 18,647 | 20,505 | 18,006 |
■ | Total returns shown for Class A Shares include the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). |
1 Year | 5 Years | Start of Performance* | |
Class A Shares | 12.39% | 14.97% | 6.31% |
Class B Shares5 | 12.58% | 15.17% | 6.31% |
Class C Shares | 17.10% | 15.38% | 6.18% |
Institutional Shares | 19.24% | 16.54% | 7.27% |
R1000G | 18.69% | 17.25% | 8.43% |
MLGFA | 17.52% | 15.64% | 6.90% |
* | The Fund's start of performance date was September 15, 2005. |
1 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charges = $9,450); for Class B Shares, the maximum contingent deferred sales charge is 5.50% on any redemption less than one year from the purchase date; for Class C Shares, a 1.00% contingent deferred sales charge would be applied to any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The R1000G has been adjusted to reflect reinvestment of dividends on securities. |
2 | The Fund is the successor to the MDT Large Cap Growth Fund pursuant to a reorganization that took place on December 8, 2006. Prior to that date, the Fund had no investment operations. Accordingly, the performance information shown for the periods prior to that date is that of the MDT Large Cap Growth Fund. |
3 | The R1000G measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. The R1000G is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. The R1000G is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics. The R1000G is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The R1000G is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. |
4 | Morningstar figures represent the average of the total returns reported by all the mutual funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges. |
5 | The start of performance date for the Fund was September 15, 2005. Class B Shares of the Fund were offered beginning March 29, 2007. Performance results shown before that date are for the Fund's Institutional Shares and have been adjusted for the maximum contingent deferred sales charge and total annual operating expenses applicable to the Fund's Class B Shares. The Fund's Institutional Shares commenced operations on September 15, 2005. Subject to the expense adjustments described above, the Fund's Class B Shares annual returns would have been substantially similar to those of the Fund's Institutional Shares because Shares of each class are invested in the same portfolio of securities. |
Industry Composition | Percentage of Total Net Assets |
Biotechnology | 4.8% |
Software Packaged/Custom | 4.6% |
Soft Drinks | 4.0% |
Specialty Retailing | 3.9% |
Technology Hardware Storage & Peripherals | 3.7% |
Computers—Low End | 2.8% |
Internet Services | 2.8% |
Crude Oil & Gas Production | 2.5% |
Semiconductor Manufacturing | 2.3% |
Textiles, Apparel & Luxury Goods | 2.2% |
Clothing Stores | 2.0% |
Defense Aerospace | 1.9% |
Medical Supplies | 1.8% |
Food Products | 1.7% |
Health Care Providers & Services | 1.7% |
Toys & Games | 1.7% |
Computers—High End | 1.6% |
Broadcasting | 1.5% |
Commodity Chemicals | 1.5% |
Financial Services | 1.5% |
Construction Machinery | 1.4% |
Other Communications Equipment | 1.4% |
Grocery Chain | 1.3% |
Hotels and Motels | 1.3% |
Mutual Fund Adviser | 1.3% |
Agricultural Machinery | 1.2% |
Airlines | 1.2% |
Drug Stores | 1.2% |
Life Insurance | 1.2% |
Telecommunication Equipment & Services | 1.2% |
Discount Department Stores | 1.1% |
Department Stores | 1.0% |
Ethical Drugs | 1.0% |
Other2 | 31.9% |
Cash Equivalents3 | 1.9% |
Other Assets and Liabilities—Net4 | (0.1)% |
TOTAL | 100.0% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, industry classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | For purposes of this table, industry classifications which constitute less than 1.0% of the Fund's total net assets have been aggregated under the designation “Other.” |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS—98.2% | |||
Aerospace & Defense—0.2% | |||
1,800 | Huntington Ingalls Industries, Inc. | $163,656 | |
Agricultural Chemicals—0.5% | |||
8,035 | Scotts Miracle-Gro Co. | 427,462 | |
Agricultural Machinery—1.2% | |||
11,800 | Deere & Co. | 1,004,298 | |
Air Freight & Logistics—0.6% | |||
3,700 | FedEx Corp. | 543,456 | |
Airline - National—0.9% | |||
17,327 | 1 | United Continental Holdings, Inc. | 803,800 |
Airline - Regional—0.4% | |||
7,400 | Alaska Air Group, Inc. | 325,378 | |
Airlines—1.2% | |||
1,100 | Copa Holdings SA, Class A | 167,057 | |
13,700 | Delta Air Lines, Inc. | 513,202 | |
5,700 | Southwest Airlines Co. | 161,196 | |
2,400 | 1 | Spirit Airlines, Inc. | 157,008 |
TOTAL | 998,463 | ||
Apparel—0.3% | |||
3,700 | L Brands, Inc. | 214,489 | |
AT&T Divestiture—0.9% | |||
15,136 | Verizon Communications, Inc. | 763,157 | |
Auto Components—0.4% | |||
14,600 | Goodyear Tire & Rubber Co. | 367,482 | |
Auto Manufacturing—0.5% | |||
25,317 | Ford Motor Co. | 430,895 | |
Auto Original Equipment Manufacturers—0.2% | |||
2,400 | BorgWarner, Inc. | 149,400 | |
Auto Part Replacement—0.9% | |||
8,907 | Genuine Parts Co. | 737,678 | |
Auto Rentals—0.6% | |||
5,100 | 1 | United Rentals, Inc. | 540,090 |
Baking—0.3% | |||
12,348 | Flowers Foods, Inc. | 235,723 | |
Biotechnology—4.8% | |||
6,400 | 1 | Alexion Pharmaceuticals, Inc. | 1,017,536 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Biotechnology—continued | |||
2,400 | 1 | Biogen Idec, Inc. | $802,536 |
11,700 | 1 | Gilead Sciences, Inc. | 1,071,135 |
3,700 | 1 | Illumina, Inc. | 591,667 |
2,300 | 1 | Medivation, Inc. | 170,729 |
5,900 | 1 | Myriad Genetics, Inc. | 212,990 |
1,500 | 1 | Pharmacyclics, Inc. | 180,660 |
TOTAL | 4,047,253 | ||
Broadcasting—1.5% | |||
14,653 | 1 | DIRECTV Group, Inc. | 1,260,891 |
Building Materials—0.3% | |||
6,000 | Fortune Brands Home & Security, Inc. | 226,740 | |
Cable TV—0.3% | |||
3,600 | Viacom, Inc., Class B | 297,612 | |
Capital Markets—0.4% | |||
5,900 | Franklin Resources, Inc. | 319,485 | |
Chemicals—0.9% | |||
1,700 | Eastman Chemical Co. | 133,926 | |
5,900 | LyondellBasell Industries NV | 626,875 | |
TOTAL | 760,801 | ||
Clothing Stores—2.0% | |||
20,915 | Gap (The), Inc. | 838,901 | |
9,129 | Hanesbrands, Inc. | 891,994 | |
TOTAL | 1,730,895 | ||
Commodity Chemicals—1.5% | |||
4,200 | DuPont (E.I.) de Nemours & Co. | 270,102 | |
15,925 | RPM International, Inc. | 703,567 | |
3,400 | Westlake Chemical Corp. | 297,126 | |
TOTAL | 1,270,795 | ||
Computer Services—0.5% | |||
1,000 | 1 | Cognizant Technology Solutions Corp. | 49,050 |
2,600 | 1 | Fiserv, Inc. | 160,342 |
3,500 | Global Payments, Inc. | 242,445 | |
TOTAL | 451,837 | ||
Computers - High End—1.6% | |||
7,200 | IBM Corp. | 1,380,024 | |
Computers - Low End—2.8% | |||
24,865 | Apple, Inc. | 2,376,348 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Construction Machinery—1.4% | |||
6,700 | Caterpillar, Inc. | $675,025 | |
8,900 | Joy Global, Inc. | 527,414 | |
TOTAL | 1,202,439 | ||
Cosmetics & Toiletries—0.9% | |||
15,906 | Avon Products, Inc. | 209,959 | |
5,600 | Estee Lauder Cos., Inc., Class A | 411,376 | |
5,600 | 1 | Sally Beauty Holdings, Inc. | 145,320 |
TOTAL | 766,655 | ||
Crude Oil & Gas Production—2.5% | |||
9,600 | EOG Resources, Inc. | 1,050,624 | |
6,083 | 1 | Newfield Exploration Co. | 245,145 |
1,000 | Pioneer Natural Resources, Inc. | 221,460 | |
5,700 | SM Energy Co. | 447,678 | |
4,700 | 1 | Southwestern Energy Co. | 190,726 |
TOTAL | 2,155,633 | ||
Defense Aerospace—1.9% | |||
4,908 | 1 | B/E Aerospace, Inc. | 417,867 |
2,900 | Boeing Co. | 349,392 | |
5,100 | Lockheed Martin Corp. | 851,547 | |
TOTAL | 1,618,806 | ||
Department Stores—1.0% | |||
2,000 | Dillards, Inc., Class A | 238,440 | |
9,900 | Target Corp. | 589,941 | |
TOTAL | 828,381 | ||
Discount Department Stores—1.1% | |||
500 | Family Dollar Stores, Inc. | 37,375 | |
11,832 | Wal-Mart Stores, Inc. | 870,599 | |
TOTAL | 907,974 | ||
Diversified Consumer Services—0.2% | |||
4,500 | Block (H&R), Inc. | 144,585 | |
Diversified Leisure—0.5% | |||
5,700 | Las Vegas Sands Corp. | 420,945 | |
Diversified Tobacco—0.2% | |||
3,600 | Altria Group, Inc. | 146,160 | |
Drug Stores—1.2% | |||
14,800 | Walgreen Co. | 1,017,796 | |
Education & Training Services—0.2% | |||
5,400 | 1 | Apollo Group, Inc., Class A | 150,822 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Education & Training Services—continued | |||
3,604 | 1 | ITT Educational Services, Inc. | $51,285 |
TOTAL | 202,107 | ||
Electrical - Radio & TV—0.3% | |||
2,000 | Harman International Industries, Inc. | 217,100 | |
Electrical Equipment—0.3% | |||
3,400 | Emerson Electric Co. | 216,410 | |
Ethical Drugs—1.0% | |||
8,791 | Eli Lilly & Co. | 536,778 | |
3,600 | 1 | United Therapeutics Corp. | 327,384 |
TOTAL | 864,162 | ||
Financial Services—1.5% | |||
3,600 | American Express Co. | 316,800 | |
1,100 | BlackRock, Inc. | 335,203 | |
4,000 | Lazard Ltd., Class A | 209,200 | |
6,700 | 1 | Verifone Systems, Inc. | 224,517 |
12,400 | Western Union Co. | 216,628 | |
TOTAL | 1,302,348 | ||
Food Products—1.7% | |||
17,200 | ConAgra Foods, Inc. | 518,236 | |
11,000 | Kellogg Co. | 658,130 | |
4,700 | Kraft Foods Group, Inc. | 251,849 | |
TOTAL | 1,428,215 | ||
Gas Utilities—0.8% | |||
6,800 | EQT Corp. | 637,976 | |
Grocery Chain—1.3% | |||
16,677 | Kroger Co. | 816,839 | |
7,500 | Whole Foods Market, Inc. | 286,650 | |
TOTAL | 1,103,489 | ||
Health Care Equipment & Supplies—0.2% | |||
2,600 | Stryker Corp. | 207,402 | |
Health Care Providers & Services—1.7% | |||
5,500 | 1 | Express Scripts Holding Co. | 383,075 |
5,000 | 1 | HCA, Inc. | 326,550 |
5,800 | 1 | Laboratory Corp. of America Holdings | 601,402 |
2,900 | 1 | Quintiles Transnational Holdings, Inc. | 159,297 |
TOTAL | 1,470,324 | ||
Home Products—0.3% | |||
3,600 | Tupperware Brands Corp. | 262,008 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Hotels and Motels—1.3% | |||
4,700 | Marriott International, Inc., Class A | $304,137 | |
6,200 | Wyndham Worldwide Corp. | 468,410 | |
1,400 | Wynn Resorts Ltd. | 298,480 | |
TOTAL | 1,071,027 | ||
Household Durables—0.5% | |||
200 | 1 | NVR, Inc. | 225,292 |
5,200 | Newell Rubbermaid, Inc. | 168,896 | |
TOTAL | 394,188 | ||
Industrial Machinery—0.7% | |||
1,800 | Dover Corp. | 154,368 | |
5,000 | Ingersoll-Rand PLC, Class A | 293,950 | |
1,100 | Valmont Industries, Inc. | 160,193 | |
TOTAL | 608,511 | ||
Insurance—0.2% | |||
1,800 | Aon PLC | 151,848 | |
Internet Services—2.8% | |||
12,400 | 1 | eBay, Inc. | 654,720 |
1,100 | 1 | Google, Inc. | 637,505 |
13,000 | IAC Interactive Corp. | 873,600 | |
400 | 1 | NetFlix, Inc. | 169,088 |
TOTAL | 2,334,913 | ||
IT Services—0.6% | |||
4,300 | Accenture PLC | 340,904 | |
4,500 | Paychex, Inc. | 184,545 | |
TOTAL | 525,449 | ||
Life Insurance—1.2% | |||
12,000 | Prudential Financial, Inc. | 1,043,640 | |
Media—0.4% | |||
3,800 | Walt Disney Co. | 326,344 | |
Medical Supplies—1.8% | |||
900 | Allergan, Inc. | 149,274 | |
1,300 | Bard (C.R.), Inc. | 193,999 | |
1,900 | Baxter International, Inc. | 141,911 | |
1,900 | Becton, Dickinson & Co. | 220,856 | |
9,348 | Cardinal Health, Inc. | 669,784 | |
3,400 | Patterson Cos., Inc. | 132,634 | |
TOTAL | 1,508,458 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Medical Technology—0.8% | |||
9,932 | St. Jude Medical, Inc. | $647,467 | |
Miscellaneous Components—0.2% | |||
2,100 | Amphenol Corp., Class A | 201,957 | |
Miscellaneous Machinery—0.1% | |||
400 | Rockwell Automation, Inc. | 44,664 | |
Multi-Industry Capital Goods—0.3% | |||
1,200 | 3M Co. | 169,068 | |
1,400 | Honeywell International, Inc. | 128,562 | |
TOTAL | 297,630 | ||
Multi-Line Insurance—0.8% | |||
18,000 | Allied World Assurance Holdings Ltd. | 648,180 | |
Multiline Retail—0.5% | |||
7,500 | Macy's, Inc. | 433,425 | |
Mutual Fund Adviser—1.3% | |||
2,400 | 1 | Affiliated Managers Group | 478,200 |
6,000 | T. Rowe Price Group, Inc. | 465,960 | |
2,300 | Waddell & Reed Financial, Inc., Class A | 121,417 | |
TOTAL | 1,065,577 | ||
Office Equipment—0.9% | |||
28,428 | Pitney Bowes, Inc. | 769,262 | |
Office Supplies—0.6% | |||
11,485 | Avery Dennison Corp. | 542,207 | |
Offshore Driller—0.2% | |||
1,900 | Oceaneering International, Inc. | 129,029 | |
Oil Gas & Consumable Fuels—0.6% | |||
2,900 | Marathon Petroleum Corp. | 242,092 | |
3,100 | Phillips 66 | 251,441 | |
TOTAL | 493,533 | ||
Oil Refiner—0.2% | |||
3,500 | CVR Energy, Inc. | 164,780 | |
Oil Service, Explore & Drill—0.6% | |||
3,400 | Helmerich & Payne, Inc. | 361,284 | |
4,200 | Patterson-UTI Energy, Inc. | 144,270 | |
TOTAL | 505,554 | ||
Oil Well Supply—0.9% | |||
4,100 | 1 | Cameron International Corp. | 290,731 |
100 | 1 | Dril-Quip, Inc. | 10,077 |
5,300 | Halliburton Co. | 365,647 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Oil Well Supply—continued | |||
800 | Schlumberger Ltd. | $86,712 | |
TOTAL | 753,167 | ||
Other Communications Equipment—1.4% | |||
10,717 | Harris Corp. | 731,650 | |
700 | 1 | SBA Communications Corp. | 74,851 |
8,200 | Skyworks Solutions, Inc. | 416,232 | |
TOTAL | 1,222,733 | ||
Outpatient Clinics—0.2% | |||
2,100 | 1 | DaVita HealthCare Partners, Inc. | 147,924 |
Paper Products—0.9% | |||
5,200 | International Paper Co. | 247,000 | |
5,200 | Rock-Tenn Co. | 517,036 | |
TOTAL | 764,036 | ||
Personal & Household—0.4% | |||
5,300 | Nu Skin Enterprises, Inc., Class A | 311,057 | |
Personal Products—0.4% | |||
3,600 | Kimberly-Clark Corp. | 373,932 | |
Pharmaceuticals—0.4% | |||
6,600 | AbbVie, Inc. | 345,444 | |
Plastic Containers—0.6% | |||
15,128 | 1 | Owens-Illinois, Inc. | 471,842 |
Pollution Control—0.1% | |||
800 | Danaher Corp. | 59,104 | |
Printing—0.2% | |||
11,646 | Donnelley (R.R.) & Sons Co. | 202,175 | |
Professional Services—0.3% | |||
2,200 | Dun & Bradstreet Corp. | 242,066 | |
Property Liability Insurance—0.7% | |||
6,906 | The Travelers Cos., Inc. | 618,501 | |
Railroad—0.8% | |||
4,400 | Union Pacific Corp. | 432,564 | |
3,000 | Wabtec Corp. | 242,040 | |
TOTAL | 674,604 | ||
Restaurant—0.3% | |||
4,700 | Darden Restaurants, Inc. | 219,725 | |
Restaurants—0.5% | |||
600 | 1 | Chipotle Mexican Grill, Inc. | 403,500 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Semiconductor Manufacturing—2.3% | |||
19,500 | Broadcom Corp. | $746,070 | |
35,931 | Intel Corp. | 1,217,702 | |
TOTAL | 1,963,772 | ||
Semiconductors & Semiconductor Equipment—0.8% | |||
7,300 | Microchip Technology, Inc. | 328,646 | |
8,200 | Texas Instruments, Inc. | 379,250 | |
TOTAL | 707,896 | ||
Services to Medical Professionals—0.3% | |||
2,300 | 1 | Henry Schein, Inc. | 267,375 |
Soft Drinks—4.0% | |||
19,594 | Coca-Cola Enterprises, Inc. | 890,547 | |
25,130 | Dr. Pepper Snapple Group, Inc. | 1,476,639 | |
11,910 | PepsiCo, Inc. | 1,049,271 | |
TOTAL | 3,416,457 | ||
Software Packaged/Custom—4.6% | |||
35,613 | CA, Inc. | 1,028,504 | |
2,300 | 1 | Commvault Systems, Inc. | 110,446 |
10,700 | 1 | Electronic Arts, Inc. | 359,520 |
3,400 | 1 | F5 Networks, Inc. | 382,806 |
6,700 | Microsoft Corp. | 289,172 | |
10,400 | Oracle Corp. | 420,056 | |
53,408 | Symantec Corp. | 1,263,633 | |
TOTAL | 3,854,137 | ||
Specialty Chemicals—0.3% | |||
2,500 | Airgas, Inc. | 267,300 | |
Specialty Retailing—3.9% | |||
800 | 1 | AutoZone, Inc. | 413,624 |
7,400 | 1 | Bed Bath & Beyond, Inc. | 468,346 |
5,900 | Big Lots, Inc. | 258,125 | |
1,500 | Costco Wholesale Corp. | 176,310 | |
5,300 | 1 | Dollar General Corp. | 292,719 |
5,000 | Expedia, Inc. | 397,100 | |
4,516 | GNC Acquisition Holdings, Inc. | 148,170 | |
8,300 | Lowe's Cos., Inc. | 397,155 | |
6,136 | Nordstrom, Inc. | 424,795 | |
4,200 | PetSmart, Inc. | 286,188 | |
TOTAL | 3,262,532 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Technology Hardware Storage & Peripherals—3.7% | |||
20,400 | EMC Corp. | $597,720 | |
19,800 | NetApp, Inc. | 769,032 | |
7,700 | Sandisk Corp. | 706,167 | |
4,300 | 1 | Teradata Corp. | 181,288 |
8,800 | Western Digital Corp. | 878,504 | |
TOTAL | 3,132,711 | ||
Telecommunication Equipment & Services—1.2% | |||
6,400 | Motorola, Inc. | 407,552 | |
8,200 | Qualcomm, Inc. | 604,340 | |
TOTAL | 1,011,892 | ||
Telephone Utility—0.4% | |||
28,204 | Windstream Corp. | 323,218 | |
Textiles Apparel & Luxury Goods—2.2% | |||
12,800 | Coach, Inc. | 442,368 | |
2,700 | 1 | Fossil, Inc. | 264,600 |
1,200 | 1 | Michael Kors Holdings Ltd. | 97,776 |
4,700 | PVH Corp. | 517,846 | |
3,300 | Ralph Lauren Corp. | 514,338 | |
TOTAL | 1,836,928 | ||
Tobacco—0.3% | |||
2,700 | Philip Morris International, Inc. | 221,427 | |
Toys & Games—1.7% | |||
19,065 | Hasbro, Inc. | 952,487 | |
14,800 | Mattel, Inc. | 524,290 | |
TOTAL | 1,476,777 | ||
Trading Companies & Distributors—0.4% | |||
1,400 | Grainger (W.W.), Inc. | 329,210 | |
Truck Manufacturing—0.4% | |||
2,400 | Cummins, Inc. | 334,536 | |
Undesignated Consumer Cyclicals—0.8% | |||
5,300 | 1 | Avis Budget Group, Inc. | 297,807 |
6,300 | Herbalife Ltd. | 330,120 | |
3,300 | Weight Watchers International, Inc. | 71,577 | |
TOTAL | 699,504 | ||
Uniforms—0.3% | |||
4,736 | Cintas Corp. | 296,474 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $69,038,521) | 83,068,622 |
Shares | Value | ||
INVESTMENT COMPANY—1.9% | |||
1,586,489 | 2,3 | Federated Prime Value Obligations Fund, Institutional Shares, 0.07% (AT NET ASSET VALUE) | $1,586,489 |
TOTAL INVESTMENTS—100.1% (IDENTIFIED COST $70,625,010)4 | 84,655,111 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.1)%5 | (69,468) | ||
TOTAL NET ASSETS—100% | $84,585,643 |
1 | Non-income-producing security. |
2 | Affiliated holding. |
3 | 7-day net yield. |
4 | The cost of investments for federal tax purposes amounts to $70,620,282. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Year Ended July 31 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $13.58 | $10.59 | $10.50 | $8.45 | $7.60 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.03 | 0.04 | (0.02) | (0.03) | (0.01) |
Net realized and unrealized gain on investments | 2.54 | 2.95 | 0.11 | 2.08 | 0.86 |
TOTAL FROM INVESTMENT OPERATIONS | 2.57 | 2.99 | 0.09 | 2.05 | 0.85 |
Net Asset Value, End of Period | $16.15 | $13.58 | $10.59 | $10.50 | $8.45 |
Total Return2 | 18.92% | 28.23% | 0.86% | 24.26% | 11.18% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Net investment income (loss) | 0.17% | 0.34% | (0.23)% | (0.28)% | (0.08)% |
Expense waiver/reimbursement3 | 0.11% | 0.27% | 0.78% | 0.74% | 0.55% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $54,573 | $49,018 | $40,676 | $44,762 | $45,993 |
Portfolio turnover | 51% | 135% | 258% | 208% | 217% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $13.05 | $10.25 | $10.24 | $8.30 | $7.53 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.09) | (0.05) | (0.10) | (0.10) | (0.07) |
Net realized and unrealized gain on investments | 2.45 | 2.85 | 0.11 | 2.04 | 0.84 |
TOTAL FROM INVESTMENT OPERATIONS | 2.36 | 2.80 | 0.01 | 1.94 | 0.77 |
Net Asset Value, End of Period | $15.41 | $13.05 | $10.25 | $10.24 | $8.30 |
Total Return2 | 18.08% | 27.32% | 0.10% | 23.37% | 10.23% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% |
Net investment income (loss) | (0.59)% | (0.44)% | (0.98)% | (1.04)% | (0.86)% |
Expense waiver/reimbursement3 | 0.11% | 0.26% | 0.78% | 0.74% | 0.56% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $10,519 | $7,428 | $4,932 | $6,680 | $7,506 |
Portfolio turnover | 51% | 135% | 258% | 208% | 217% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $12.76 | $10.03 | $10.02 | $8.12 | $7.37 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.08) | (0.05) | (0.09) | (0.10) | (0.07) |
Net realized and unrealized gain on investments | 2.39 | 2.78 | 0.10 | 2.00 | 0.82 |
TOTAL FROM INVESTMENT OPERATIONS | 2.31 | 2.73 | 0.01 | 1.90 | 0.75 |
Net Asset Value, End of Period | $15.07 | $12.76 | $10.03 | $10.02 | $8.12 |
Total Return2 | 18.10% | 27.22% | 0.10% | 23.40% | 10.18% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% |
Net investment income (loss) | (0.59)% | (0.43)% | (0.98)% | (1.05)% | (0.86)% |
Expense waiver/reimbursement3 | 0.11% | 0.27% | 0.78% | 0.74% | 0.56% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $11,991 | $9,830 | $7,001 | $7,564 | $6,816 |
Portfolio turnover | 51% | 135% | 258% | 208% | 217% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $13.88 | $10.80 | $10.68 | $8.57 | $7.70 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.06 | 0.07 | 0.002 | (0.00)2 | 0.01 |
Net realized and unrealized gain on investments | 2.61 | 3.01 | 0.12 | 2.11 | 0.86 |
TOTAL FROM INVESTMENT OPERATIONS | 2.67 | 3.08 | 0.12 | 2.11 | 0.87 |
Net Asset Value, End of Period | $16.55 | $13.88 | $10.80 | $10.68 | $8.57 |
Total Return3 | 19.24% | 28.52% | 1.12% | 24.62% | 11.30% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
Net investment income (loss) | 0.40% | 0.58% | 0.02% | (0.05)% | 0.14% |
Expense waiver/reimbursement4 | 0.10% | 0.27% | 0.78% | 0.74% | 0.56% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $7,502 | $5,002 | $3,774 | $4,565 | $4,179 |
Portfolio turnover | 51% | 135% | 258% | 208% | 217% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Assets: | ||
Total investment in securities, at value including $1,586,489 of investment in an affiliated holding (Note 5) (identified cost $70,625,010) | $84,655,111 | |
Income receivable | 61,741 | |
Receivable for investments sold | 847,283 | |
Receivable for shares sold | 62,069 | |
TOTAL ASSETS | 85,626,204 | |
Liabilities: | ||
Payable for investments purchased | $629,460 | |
Payable for shares redeemed | 252,169 | |
Payable for transfer agent fee | 35,913 | |
Payable for distribution services fee (Note 5) | 14,687 | |
Payable for other service fees (Notes 2 and 5) | 31,366 | |
Payable for share registration costs | 33,593 | |
Accrued expenses (Note 5) | 43,373 | |
TOTAL LIABILITIES | 1,040,561 | |
Net assets for 5,311,196 shares outstanding | $84,585,643 | |
Net Assets Consist of: | ||
Paid-in capital | $74,577,557 | |
Net unrealized appreciation of investments | 14,030,101 | |
Accumulated net realized loss on investments | (4,023,743) | |
Undistributed net investment income | 1,728 | |
TOTAL NET ASSETS | $84,585,643 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($54,572,705 ÷ 3,379,267 shares outstanding), no par value, unlimited shares authorized | $16.15 | |
Offering price per share (100/94.50 of $16.15) | $17.09 | |
Redemption proceeds per share | $16.15 | |
Class B Shares: | ||
Net asset value per share ($10,519,128 ÷ 682,831 shares outstanding), no par value, unlimited shares authorized | $15.41 | |
Offering price per share | $15.41 | |
Redemption proceeds per share (94.50/100 of $15.41) | $14.56 | |
Class C Shares: | ||
Net asset value per share ($11,991,469 ÷ 795,765 shares outstanding), no par value, unlimited shares authorized | $15.07 | |
Offering price per share | $15.07 | |
Redemption proceeds per share (99.00/100 of $15.07) | $14.92 | |
Institutional Shares: | ||
Net asset value per share ($7,502,341 ÷ 453,333 shares outstanding), no par value, unlimited shares authorized | $16.55 | |
Offering price per share | $16.55 | |
Redemption proceeds per share | $16.55 |
Investment Income: | |||
Dividends (including $1,034 received from an affiliated holding (Note 5)) | $1,362,063 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $611,234 | ||
Administrative fee (Note 5) | 63,664 | ||
Custodian fees | 10,794 | ||
Transfer agent fee | 199,022 | ||
Directors'/Trustees' fees (Note 5) | 1,378 | ||
Auditing fees | 23,800 | ||
Legal fees | 14,057 | ||
Portfolio accounting fees | 80,209 | ||
Distribution services fee (Note 5) | 152,578 | ||
Other service fees (Notes 2 and 5) | 185,683 | ||
Share registration costs | 56,072 | ||
Printing and postage | 38,171 | ||
Miscellaneous (Note 5) | 10,861 | ||
TOTAL EXPENSES | 1,447,523 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(86,544) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (115) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (86,659) | ||
Net expenses | 1,360,864 | ||
Net investment income | 1,199 | ||
Realized and Unrealized Gain on Investments: | |||
Net realized gain on investments | 9,927,275 | ||
Net change in unrealized appreciation of investments | 3,832,873 | ||
Net realized and unrealized gain on investments | 13,760,148 | ||
Change in net assets resulting from operations | $13,761,347 |
Year Ended July 31 | 2014 | 2013 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $1,199 | $110,130 |
Net realized gain on investments | 9,927,275 | 8,367,659 |
Net change in unrealized appreciation/depreciation of investments | 3,832,873 | 7,058,250 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 13,761,347 | 15,536,039 |
Share Transactions: | ||
Proceeds from sale of shares | 19,199,689 | 12,798,303 |
Cost of shares redeemed | (19,653,204) | (13,440,268) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (453,515) | (641,965) |
Change in net assets | 13,307,832 | 14,894,074 |
Net Assets: | ||
Beginning of period | 71,277,811 | 56,383,737 |
End of period (including undistributed net investment income of $1,728 and $0, respectively) | $84,585,643 | $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. |
Other Service Fees Incurred | Other Service Fees Reimbursed | |
Class A Shares | $134,811 | $— |
Class B Shares | 22,885 | (115) |
Class C Shares | 27,987 | — |
TOTAL | $185,683 | $(115) |
Year Ended July 31 | 2014 | 2013 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 647,555 | $9,705,466 | 427,339 | $5,091,052 |
Shares redeemed | (878,609) | (13,510,867) | (658,699) | (7,736,460) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (231,054) | $(3,805,401) | (231,360) | $(2,645,408) |
Year Ended July 31 | 2014 | 2013 | ||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 259,358 | 3,740,207 | 311,135 | $3,500,256 |
Shares redeemed | (145,811) | (2,107,202) | (222,897) | (2,512,835) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | 113,547 | $1,633,005 | 88,238 | $987,421 |
Year Ended July 31 | 2014 | 2013 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 220,874 | $3,158,663 | 280,843 | $3,155,642 |
Shares redeemed | (195,227) | (2,816,945) | (208,807) | (2,310,108) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 25,647 | $341,718 | 72,036 | $845,534 |
Year Ended July 31 | 2014 | 2013 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 170,790 | $2,595,353 | 85,726 | $1,051,353 |
Shares redeemed | (77,873) | (1,218,190) | (74,931) | (880,865) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 92,917 | $1,377,163 | 10,795 | $170,488 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 1,057 | $(453,515) | (60,291) | $(641,965) |
Increase (Decrease) | ||
Paid-In Capital | Undistributed Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) |
$(2,956) | $529 | $2,427 |
Net unrealized appreciation | $14,034,829 |
Capital loss carryforwards and deferrals | $(4,026,743) |
Expiration Year | Short-Term | Long-Term | Total |
2017 | $2,424,248 | NA | $2,424,248 |
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 | $68,656 |
Class C Shares | 83,922 |
TOTAL | $152,578 |
Federated Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/13/2013 | 1,252,177 |
Purchases/Additions | 13,589,318 |
Sales/Reductions | (13,255,006) |
Balance of Shares Held 7/31/2014 | 1,586,489 |
Value | $1,586,489 |
Dividend Income | $1,034 |
Purchases | $40,642,116 |
Sales | $41,014,598 |
September 23, 2014
Beginning Account Value 2/1/2014 | Ending Account Value 7/31/2014 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,076.70 | $7.72 |
Class B Shares | $1,000 | $1,073.10 | $11.57 |
Class C Shares | $1,000 | $1,072.60 | $11.56 |
Institutional Shares | $1,000 | $1,078.20 | $6.44 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,017.36 | $7.50 |
Class B Shares | $1,000 | $1,013.64 | $11.23 |
Class C Shares | $1,000 | $1,013.64 | $11.23 |
Institutional Shares | $1,000 | $1,018.60 | $6.26 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (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 Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John F. Donahue* Birth Date: July 28, 1924 Trustee Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling. |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Began serving: May 2006 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd. |
* | Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Chairman Emeriti, Bentley University; Director, Sterling Suffolk Downs, Inc.; Former Director, National Association of Printers and Lithographers. Previous Positions: Director and Audit Committee Member, Bank of America Corp. Qualifications: Business management and director experience. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Associate General Secretary and Director, Office for Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law; Superior Court of Pennsylvania (service began 1998 and ended July 2009). Other Directorships Held: Director, Consol Energy (service started June 2013); Director, Auberle (service ended December 2013); Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh (service ended December 2013); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society (service ended December 2013); Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute (2013-present); Director, Cardinal Wuerl North Catholic High School (2013-present). Previous Position: Professor of Law, Duquesne University School of Law, Pittsburgh (1983-1998). Qualifications: Legal and director experience. |
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: June 2006 | Principal Occupation: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications: Business management, mutual fund services and director experience. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications: Banking, business management, education and director experience. |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Began serving: October 2006 | Principal Occupations: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions: Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications: Business management, mutual fund, director and investment experience. |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; General Counsel, University of Pittsburgh. Other Directorships Held: Board Chairman, Epilepsy Foundation of Western Pennsylvania; Board Member, World Affairs Council of Pittsburgh. Previous Positions: Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). Qualifications: Business management, legal and director experience. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Began serving: June 2006 | Principal Occupations: Director or Trustee, Chairman of the Audit Committee of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Previous Position: Vice President, Walsh & Kelly, Inc. Qualifications: Business management and director experience. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
John W. McGonigle Birth Date: October 26, 1938 Secretary Officer since: May 2006 | Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp. |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: June 2006 | Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Stephen F. Auth Birth Date: September 3, 1956 450 Lexington Avenue Suite 3700 New York, NY 10017-3943 CHIEF INVESTMENT OFFICER Officer since: June 2012 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: June 2006 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin. Previous Positions: Served in Senior Management positions with a large regional banking organization. |
Daniel Mahr Birth Date: April 9, 1981 125 High Street Oliver Tower 21st Floor Boston, MA 02110-2704 Vice President Officer since: June 2012 Portfolio Manager since: August 2008 | Principal Occupations: Daniel Mahr has been the Fund's Portfolio Manager since August 2008. Mr. Mahr joined the MDT Advisers Investment Team in 2002. As Managing Director, Research, he is responsible for leading the Investment Team as it relates to the ongoing design, development and implementation of the Optimum Q Process. He is Vice President of the Trust with respect to the Fund. Mr. Mahr received his A.B., Computer Science from Harvard College and his S.M., Computer Science from Harvard University. |
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R684
CUSIP 31421R809
CUSIP 31421R882
2014 ©Federated Investors, Inc.
Share Class | Ticker |
A | QASCX |
C | QCSCX |
Institutional | QISCX |
1 | Please see the footnotes to the line graphs below for definitions of, and further information about, the R2000. |
2 | Please see the footnotes to the line graphs below for definitions of, and further information about, the MSBFA. |
3 | The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The index is unmanaged, and it is not possible to invest directly in an index. |
4 | The Russell Top 200® Index measures the performance of the largest cap segment of the U.S. equity universe. The Russell Top 200® Index is a subset of the Russell 3000® Index. It includes approximately 200 of the largest securities based on a combination of their market cap and current index membership and represents approximately 68% of the U.S. market. The Russell Top 200® Index is constructed to provide a comprehensive and unbiased barometer for this very large cap segment and is completely reconstituted annually to ensure new and growing equities are reflected. The index is unmanaged, and it is not possible to invest directly in an index. |
5 | The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000® companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap® Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set. The index is unmanaged, and it is not possible to invest directly in an index. |
6 | Small-cap stocks may be less liquid and subject to greater price volatility than large-cap stocks. |
7 | The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. The index is unmanaged, and it is not possible to invest directly in an index. |
8 | The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000® Growth Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad growth market. The Russell 3000® Growth Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics. The index is unmanaged, and it is not possible to invest directly in an index. |
9 | The Russell 3000® Value Index measures the performance of the broad value segment of the U.S. equity value universe. It includes those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000® Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad value market. The Russell 3000® Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. The index is unmanaged, and it is not possible to invest directly in an index. |
Federated MDT Small Cap Core Fund - | Class A Shares | Institutional Shares | R2000 | MSBFA |
F | F | I | I | |
9/15/2005 | 9,450 | 10,000 | 10,000 | 10,000 |
7/31/2006 | 10,499 | 11,140 | 10,619 | 10,516 |
7/31/2007 | 12,493 | 13,280 | 11,906 | 11,959 |
7/31/2008 | 10,234 | 10,900 | 11,107 | 10,643 |
7/31/2009 | 6,595 | 7,030 | 8,805 | 8,470 |
7/31/2010 | 7,567 | 8,090 | 10,427 | 10,046 |
7/31/2011 | 9,903 | 10,603 | 12,922 | 12,451 |
7/31/2012 | 9,542 | 10,253 | 12,947 | 12,291 |
7/31/2013 | 13,732 | 14,781 | 17,447 | 16,423 |
7/31/2014 | 15,108 | 16,308 | 18,941 | 18,045 |
■ | Total returns shown include the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). |
1 Year | 5 Years | Start of Performance* | |
Class A Shares | 3.93% | 16.71% | 4.76% |
Class C Shares | 8.22% | 17.15% | 4.65% |
Institutional Shares | 10.33% | 18.33% | 5.66% |
R2000 | 8.56% | 16.56% | 7.46% |
MSBFA | 9.76% | 16.46% | 7.01% |
* | The Fund's start of performance date was September 15, 2005. |
1 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450); for Class C Shares, a 1.00% contingent deferred sales charge would be applied on any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The R2000 and MSBFA have been adjusted to reflect reinvestment of dividends on securities. |
2 | The Fund is the successor to MDT Small Cap Core Fund pursuant to a reorganization that took place on December 8, 2006. Prior to that date, the Fund had no investment operations. Accordingly, the performance information shown for periods prior to that date is that of the MDT Small Cap Core Fund. |
3 | The R2000 measures the performance of the small-cap segment of the U.S. equity universe. The R2000 is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The R2000 is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. The R2000 is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The R2000 is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. |
4 | Morningstar figures represent the average of the total returns reported by all the mutual funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges. |
Industry Composition | Percentage of Total Net Assets |
Regional Banks | 9.1% |
Financial Services | 4.3% |
Software Packaged/Custom | 3.4% |
Semiconductor Manufacturing | 2.7% |
Savings & Loan | 2.6% |
Multi-Line Insurance | 2.1% |
Property Liability Insurance | 2.1% |
Specialty Retailing | 2.1% |
Medical Technology | 2.0% |
Oil Service, Explore & Drill | 1.9% |
Miscellaneous Components | 1.7% |
Biotechnology | 1.6% |
Services to Medical Professionals | 1.6% |
Auto Original Equipment Manufacturers | 1.5% |
Education & Training Services | 1.5% |
Building Materials | 1.3% |
Computer Networking | 1.3% |
Shoes | 1.3% |
Apparel | 1.2% |
Electric Utility | 1.2% |
Electronic Equipment Instruments & Components | 1.2% |
Poultry Products | 1.2% |
Industry Composition | Percentage of Total Net Assets |
Commercial Services | 1.1% |
Electrical Equipment | 1.1% |
Internet Services | 1.1% |
Internet Software & Services | 1.1% |
Medical Supplies | 1.1% |
Personnel Agency | 1.1% |
Securities Brokerage | 1.1% |
Computer Stores | 1.0% |
Ethical Drugs | 1.0% |
Miscellaneous Food Products | 1.0% |
Plastic | 1.0% |
Other2 | 37.7% |
Cash Equivalents3 | 2.0% |
Other Assets and Liabilities—Net4 | (0.3)% |
TOTAL | 100.0% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, industry classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | For purposes of this table, industry classifications which constitute less than 1.0% of the Fund's total net assets have been aggregated under the designation “Other.” |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS—98.3% | |||
Accident & Health Insurance—0.1% | |||
1,487 | 1 | Triple-S Management Corp., Class B | $25,695 |
Advertising—0.1% | |||
1,800 | 1 | Conversant, Inc. | 42,066 |
Agricultural Machinery—0.3% | |||
1,700 | Alamo Group, Inc. | 80,801 | |
Airline - National—0.6% | |||
17,840 | 1 | Jet Blue Airways Corp. | 191,245 |
Airline - Regional—0.7% | |||
712 | Alaska Air Group, Inc. | 31,307 | |
7,314 | 1 | Republic Airways Holdings, Inc. | 72,701 |
4,427 | SkyWest, Inc. | 47,324 | |
900 | 1 | Spirit Airlines, Inc. | 58,878 |
TOTAL | 210,210 | ||
Aluminum—0.1% | |||
500 | Kaiser Aluminum Corp. | 38,610 | |
Apparel—1.2% | |||
1,500 | Columbia Sportswear Co. | 112,140 | |
700 | 1 | G-III Apparel Group Ltd. | 54,369 |
4,800 | 1 | Iconix Brand Group, Inc. | 202,704 |
TOTAL | 369,213 | ||
Auto Original Equipment Manufacturers—1.5% | |||
3,800 | 1 | Gentherm, Inc. | 159,030 |
9,700 | 1 | Meritor, Inc. | 121,929 |
3,300 | 1 | Stoneridge, Inc. | 36,201 |
500 | Strattec Security Corp. | 31,415 | |
1,754 | 1 | Tenneco Automotive, Inc. | 111,730 |
TOTAL | 460,305 | ||
Auto Part Replacement—0.7% | |||
2,700 | 1 | Motorcar Parts and Accessories, Inc. | 60,102 |
4,385 | Standard Motor Products, Inc. | 158,079 | |
TOTAL | 218,181 | ||
Automotive—0.6% | |||
1,200 | Remy International, Inc. | 26,616 | |
4,600 | 1 | Tower International, Inc. | 144,900 |
TOTAL | 171,516 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Biotechnology—1.6% | |||
10,900 | 1 | Affymetrix, Inc. | $93,740 |
2,800 | 1 | Anika Therapeutics, Inc. | 117,768 |
1,800 | 1 | Enanta Pharmaceuticals, Inc. | 67,698 |
9,500 | 1 | Repligen Corp. | 199,215 |
TOTAL | 478,421 | ||
Book Publishing—0.4% | |||
3,400 | Scholastic Corp. | 120,428 | |
Building Materials—1.3% | |||
2,800 | Aaon, Inc. | 54,936 | |
2,100 | 1 | Drew Industries, Inc. | 94,500 |
1,200 | 1 | Nortek, Inc. | 95,724 |
2,300 | 1 | Patrick Industries, Inc. | 95,795 |
1,200 | Universal Forest Products, Inc. | 52,536 | |
TOTAL | 393,491 | ||
Business Services—0.5% | |||
2,700 | 1 | Euronet Worldwide, Inc. | 135,108 |
Clothing Stores—0.4% | |||
1,800 | Children's Place, Inc./The | 90,360 | |
2,700 | Stein Mart, Inc. | 35,046 | |
TOTAL | 125,406 | ||
Commercial Services—1.1% | |||
6,300 | 1 | Parexel International Corp. | 337,428 |
Communications Equipment—0.4% | |||
5,800 | 1 | Polycom, Inc. | 74,356 |
8,900 | 1 | Shoretel, Inc. | 55,002 |
TOTAL | 129,358 | ||
Computer Networking—1.3% | |||
2,151 | Black Box Corp. | 44,526 | |
4,000 | 1 | NetScout Systems, Inc. | 170,120 |
7,100 | 1 | Super Micro Computer, Inc. | 185,807 |
TOTAL | 400,453 | ||
Computer Peripherals—0.3% | |||
5,800 | 1 | Aruba Networks, Inc. | 103,588 |
Computer Services—0.9% | |||
2,100 | 1 | EPAM Systems, Inc. | 81,186 |
4,000 | 1 | Manhattan Associates, Inc. | 117,440 |
3,900 | 1 | Sykes Enterprises, Inc. | 80,730 |
TOTAL | 279,356 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Computer Stores—1.0% | |||
5,971 | 1 | Insight Enterprises, Inc. | $156,858 |
6,869 | 1 | PC Connections, Inc. | 140,334 |
TOTAL | 297,192 | ||
Construction & Engineering—0.5% | |||
3,400 | 1 | Pike Electric Corp. | 27,404 |
4,600 | 1 | Tutor Perini Corp. | 125,258 |
TOTAL | 152,662 | ||
Cosmetics & Toiletries—0.3% | |||
1,700 | 1 | Helen of Troy Ltd. | 91,171 |
Crude Oil & Gas Production—0.2% | |||
500 | 1 | Clayton Williams Energy, Inc. | 53,205 |
Dairy Products—0.7% | |||
3,100 | Cal-Maine Foods, Inc. | 220,720 | |
Defense Aerospace—0.7% | |||
4,300 | AAR Corp. | 115,670 | |
1,500 | 1 | Ducommun, Inc. | 41,475 |
1,500 | Kaman Corp., Class A | 60,015 | |
TOTAL | 217,160 | ||
Department Stores—0.0% | |||
1,100 | Bon-Ton Stores, Inc. | 10,230 | |
Diversified Financials—0.2% | |||
5,100 | Janus Capital Group, Inc. | 58,089 | |
Diversified Leisure—0.1% | |||
1,900 | 1 | Live Nation, Inc. | 44,099 |
Drug Stores—0.3% | |||
12,200 | 1 | Rite Aid Corp. | 81,618 |
Education & Training Services—1.5% | |||
2,600 | 1 | Grand Canyon Education, Inc. | 111,800 |
6,344 | 1 | ITT Educational Services, Inc. | 90,275 |
4,600 | 1 | Strayer Education, Inc. | 238,372 |
TOTAL | 440,447 | ||
Electric & Electronic Original Equipment Manufacturers—0.6% | |||
7,700 | General Cable Corp. | 171,171 | |
Electric Utility—1.2% | |||
200 | Avista Corp. | 6,206 | |
2,700 | Empire Distribution Electric Co. | 66,177 | |
3,200 | Idacorp, Inc. | 171,360 | |
1,300 | Otter Tail Corp. | 36,348 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Electric Utility—continued | |||
2,600 | Portland General Electric Co. | $83,018 | |
TOTAL | 363,109 | ||
Electrical - Radio & TV—0.5% | |||
3,000 | 1 | Universal Electronics, Inc. | 142,890 |
Electrical Equipment—1.1% | |||
3,600 | Brady (W.H.) Co. | 94,140 | |
3,600 | EnerSys, Inc. | 228,348 | |
TOTAL | 322,488 | ||
Electronic Equipment Instruments & Components—1.2% | |||
1,800 | 1 | Itron, Inc. | 64,764 |
13,067 | 1 | Sanmina Corp. | 304,330 |
TOTAL | 369,094 | ||
Electronics Stores—0.7% | |||
2,500 | 1 | Rex Stores Corp. | 210,875 |
Energy Equipment & Services—0.4% | |||
2,500 | Exterran Holdings, Inc. | 105,625 | |
Ethical Drugs—1.0% | |||
10,698 | 1 | PharMerica Corp. | 288,739 |
Financial Services—4.3% | |||
10,600 | Boston Private Financial Holdings | 132,288 | |
800 | 1 | Cardtronics, Inc. | 30,848 |
6,335 | Deluxe Corp. | 348,488 | |
3,000 | 1 | Global Cash Access LLC | 25,110 |
2,100 | 1 | Huron Consulting Group, Inc. | 126,924 |
2,900 | Lakeland Financial Corp. | 105,531 | |
9,058 | MainSource Financial Group, Inc. | 147,917 | |
2,807 | Nelnet, Inc., Class A | 115,733 | |
3,900 | 1 | Outerwall, Inc. | 214,578 |
2,700 | Provident Financial Services, Inc. | 45,117 | |
TOTAL | 1,292,534 | ||
Food Wholesaling—0.5% | |||
6,400 | 1 | Omega Protein Corp. | 89,728 |
5,800 | 1 | SUPERVALU, Inc. | 53,186 |
TOTAL | 142,914 | ||
Furniture—0.4% | |||
4,400 | Haverty Furniture Cos., Inc. | 97,812 | |
2,259 | Kimball International, Inc., Class B | 35,624 | |
TOTAL | 133,436 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Gas Distributor—0.4% | |||
2,300 | New Jersey Resources Corp. | $117,484 | |
Generic Drugs—0.4% | |||
5,400 | 1 | Impax Laboratories, Inc. | 126,306 |
Grocery Chain—0.1% | |||
1,600 | Ingles Markets, Inc., Class A | 39,232 | |
Health Care Equipment & Supplies—0.3% | |||
6,000 | 1 | Merit Medical Systems, Inc. | 77,040 |
400 | 1 | Zeltiq Aesthetics, Inc. | 8,096 |
TOTAL | 85,136 | ||
Home Health Care—0.6% | |||
400 | 1 | Addus Homecare Corp. | 8,856 |
3,200 | 1 | Providence Service Corp. | 126,752 |
500 | 1 | Wellcare Health Plans, Inc. | 31,190 |
TOTAL | 166,798 | ||
Home Products—0.3% | |||
3,000 | 1 | Libbey, Inc. | 78,120 |
Hospitals—0.6% | |||
11,191 | Select Medical Holdings Corp. | 173,908 | |
Hotels Restaurants & Leisure—0.4% | |||
2,000 | 1 | Marriott Vacations Worldwide Corp. | 115,100 |
Household Appliances—0.1% | |||
3,342 | 1 | hhgregg, Inc. | 23,762 |
Industrial Machinery—0.2% | |||
1,900 | Columbus McKinnon Corp. | 44,175 | |
Industrial Services—0.2% | |||
5,100 | 1 | Willbros. Group, Inc. | 59,109 |
Insurance—0.0% | |||
400 | Kemper Corp. | 13,844 | |
Insurance Brokerage—0.7% | |||
3,600 | AmTrust Financial Services, Inc. | 153,504 | |
5,400 | Crawford & Co., Class B | 49,680 | |
TOTAL | 203,184 | ||
Integrated Domestic Oil—0.3% | |||
10,100 | 1 | Callon Petroleum Corp. | 99,788 |
International Bank—0.1% | |||
1,400 | 1 | Preferred Bank Los Angeles, CA | 31,066 |
Internet Services—1.1% | |||
3,400 | j2 Global, Inc. | 166,328 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Internet Services—continued | |||
1,900 | 1 | Orbitz Worldwide, Inc. | $16,815 |
5,700 | 1 | Web.com Group, Inc. | 151,335 |
TOTAL | 334,478 | ||
Internet Software & Services—1.1% | |||
4,900 | 1 | LogMeIn, Inc. | 199,479 |
2,500 | 1 | VistaPrint Ltd. | 123,150 |
TOTAL | 322,629 | ||
IT Services—0.3% | |||
5,500 | 1 | Moneygram International, Inc. | 79,475 |
Jewelry Stores—0.3% | |||
2,300 | Movado Group, Inc. | 94,139 | |
Leasing—0.2% | |||
2,700 | 1 | Willis Lease Finance Corp. | 61,506 |
Life Insurance—0.8% | |||
1,300 | 1 | Phoenix Companies, Inc. | 72,033 |
6,768 | Symetra Financial Corp. | 154,310 | |
TOTAL | 226,343 | ||
Machine Tools—0.1% | |||
900 | Hurco Co., Inc. | 28,899 | |
Machined Parts Original Equipment Manufacturers—0.3% | |||
2,100 | Applied Industrial Technologies, Inc. | 101,766 | |
Machinery—0.8% | |||
3,000 | Douglas Dynamics, Inc. | 50,100 | |
2,500 | Hyster-Yale Materials Handling, Inc. | 200,250 | |
TOTAL | 250,350 | ||
Magazine Publishing—0.1% | |||
600 | Meredith Corp. | 27,552 | |
Medical Supplies—1.1% | |||
200 | CONMED Corp. | 7,800 | |
3,500 | Invacare Corp. | 52,395 | |
1,600 | 1 | NuVasive, Inc. | 59,808 |
1,600 | Owens & Minor, Inc. | 52,944 | |
700 | PetMed Express, Inc. | 9,590 | |
2,800 | Steris Corp. | 142,464 | |
TOTAL | 325,001 | ||
Medical Technology—2.0% | |||
4,900 | 1 | Greatbatch Technologies, Inc. | 242,599 |
5,400 | 1 | Masimo Corp. | 130,032 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Medical Technology—continued | |||
6,900 | 1 | Natus Medical, Inc. | $198,513 |
2,800 | 1 | PhotoMedex, Inc. | 30,212 |
TOTAL | 601,356 | ||
Metal Fabrication—0.8% | |||
3,958 | NN, Inc. | 114,782 | |
1,500 | Olympic Steel, Inc. | 32,895 | |
2,300 | Worthington Industries, Inc. | 87,975 | |
TOTAL | 235,652 | ||
Metals & Mining—0.3% | |||
1,800 | US Silica Holdings, Inc. | 101,196 | |
Mini-Mill Producer—0.3% | |||
5,200 | Commercial Metals Corp. | 89,648 | |
Miscellaneous Communications—0.7% | |||
8,200 | West Corp. | 211,314 | |
Miscellaneous Components—1.7% | |||
14,600 | 1 | Amkor Technology, Inc. | 129,210 |
5,700 | 1 | International Rectifier Corp. | 141,588 |
1,500 | 1 | Proto Labs, Inc. | 121,500 |
14,400 | 1 | Qlogic Corp. | 131,040 |
TOTAL | 523,338 | ||
Miscellaneous Food Products—1.0% | |||
5,500 | Fresh Del Monte Produce, Inc. | 164,670 | |
2,650 | The Anderson's, Inc. | 143,153 | |
TOTAL | 307,823 | ||
Miscellaneous Machinery—0.4% | |||
1,900 | Curtiss Wright Corp. | 120,669 | |
Miscellaneous Metals—0.1% | |||
1,300 | Materion Corp. | 42,003 | |
Money Center Bank—0.0% | |||
178 | MidWestOne Financial Group, Inc. | 4,183 | |
Multi-Industry Basic—0.4% | |||
10,800 | 1 | Graphic Packaging Holding Co. | 129,600 |
Multi-Industry Transportation—0.4% | |||
4,500 | Brinks Co. (The) | 120,780 | |
Multi-Line Insurance—2.1% | |||
9,435 | CNO Financial Group, Inc. | 152,658 | |
2,975 | FBL Financial Group, Inc., Class A | 127,271 | |
6,525 | Montpelier Re Holdings Ltd. | 192,683 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Multi-Line Insurance—continued | |||
1,600 | 1 | Navigators Group, Inc. | $97,280 |
1,400 | Safety Insurance Group, Inc. | 70,014 | |
TOTAL | 639,906 | ||
Mutual Fund Adviser—0.4% | |||
1,500 | GAMCO Investors, Inc., Class A | 114,945 | |
Natural Gas Production—0.2% | |||
7,863 | 1 | VAALCO Energy, Inc. | 54,255 |
Nickel—0.1% | |||
900 | Globe Specialty Metals, Inc. | 17,127 | |
Office Supplies—0.5% | |||
3,526 | United Stationers, Inc. | 136,033 | |
Oil Gas & Consumable Fuels—0.3% | |||
3,300 | Comstock Resources, Inc. | 78,078 | |
Oil Refiner—0.3% | |||
3,522 | Delek US Holdings, Inc. | 102,913 | |
Oil Service, Explore & Drill—1.9% | |||
10,100 | 1 | Basic Energy Services, Inc. | 242,299 |
7,300 | 1 | Helix Energy Solutions Group, Inc. | 185,639 |
2,000 | 1 | Matrix Services Co. | 53,700 |
7,000 | 1 | Pioneer Energy Services Corp. | 102,970 |
TOTAL | 584,608 | ||
Oil Well Supply—0.2% | |||
800 | Park-Ohio Holdings Corp. | 47,488 | |
Other Communications Equipment—0.2% | |||
2,100 | 1 | Netgear, Inc. | 65,751 |
Paper & Forest Products—0.3% | |||
3,200 | 1 | Boise Cascade Co. | 90,080 |
Paper Products—0.8% | |||
1,900 | Kadant, Inc. | 72,466 | |
2,300 | Neenah Paper, Inc. | 114,126 | |
3,400 | 1 | Xerium Technologies, Inc. | 44,200 |
TOTAL | 230,792 | ||
Personal Loans—0.2% | |||
500 | 1 | Credit Acceptance Corp. | 56,863 |
Personnel Agency—1.1% | |||
1,500 | 1 | AMN Healthcare Services, Inc. | 19,650 |
6,500 | KForce Com, Inc. | 129,285 | |
3,435 | Kelly Services, Inc., Class A | 54,754 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Personnel Agency—continued | |||
1,400 | Maximus, Inc. | $57,904 | |
3,100 | 1 | On Assignment, Inc. | 83,731 |
TOTAL | 345,324 | ||
Pharmaceuticals—0.3% | |||
2,200 | 1 | Akorn, Inc. | 74,646 |
Photo-Optical Component-Equipment—0.2% | |||
1,600 | Cognex Corp. | 65,568 | |
Plastic—1.0% | |||
1,200 | Polyone Corp. | 45,540 | |
6,600 | Schulman (A.), Inc. | 262,284 | |
TOTAL | 307,824 | ||
Poultry Products—1.2% | |||
4,800 | 1 | Pilgrim's Pride Corp. | 134,208 |
2,600 | Sanderson Farms, Inc. | 236,834 | |
TOTAL | 371,042 | ||
Printed Circuit Boards—0.5% | |||
4,000 | 1 | Benchmark Electronics, Inc. | 96,600 |
11,747 | 1 | Sigma Designs, Inc. | 49,807 |
TOTAL | 146,407 | ||
Printing—0.1% | |||
1,594 | Quad Graphics, Inc. | 33,665 | |
Professional Services—0.2% | |||
2,100 | 1 | ICF International, Inc. | 72,597 |
Property Liability Insurance—2.1% | |||
2,770 | Argo Group International Holdings Ltd. | 137,974 | |
600 | 1 | Enstar Group Ltd. | 82,800 |
3,800 | Horace Mann Educators Corp. | 108,870 | |
6,100 | OneBeacon Insurance Group Ltd. | 90,280 | |
2,774 | Platinum Underwriters Holdings Ltd. | 162,556 | |
2,100 | Selective Insurance Group, Inc. | 46,809 | |
TOTAL | 629,289 | ||
Psychiatric Centers—0.0% | |||
200 | 1 | Acadia Healthcare Co., Inc. | 9,532 |
Railroad—0.6% | |||
3,000 | Greenbrier Cos., Inc. | 193,350 | |
Recreational Goods—0.3% | |||
1,700 | 1 | Smith & Wesson Holding Corp. | 20,995 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Recreational Goods—continued | |||
1,600 | Sturm Ruger & Co., Inc. | $79,936 | |
TOTAL | 100,931 | ||
Regional Banks—9.1% | |||
1,700 | Ameris Bancorp | 37,128 | |
2,000 | Arrow Financial Corp. | 50,800 | |
1,900 | BBCN Bancorp, Inc. | 28,538 | |
1,200 | BancFirst Corp. | 73,080 | |
3,700 | Bancorpsouth, Inc. | 77,219 | |
5,300 | Cathay Bancorp, Inc. | 135,627 | |
5,800 | Central Pacific Financial Corp. | 103,820 | |
1,870 | Community Trust Bancorp, Inc. | 65,431 | |
3,074 | Enterprise Financial Services Corp. | 53,641 | |
2,099 | Financial Institutions, Inc. | 46,598 | |
5,600 | First Financial Bancorp | 91,504 | |
4,400 | First Interstate BancSystem, Inc., Class A | 114,840 | |
5,100 | First Merchants Corp. | 101,643 | |
7,999 | First Midwest Bancorp, Inc. | 129,600 | |
2,300 | Great Southern Bancorp, Inc. | 71,714 | |
2,900 | Hancock Holding Co. | 94,076 | |
2,180 | Hanmi Financial Corp. | 46,042 | |
2,800 | MidSouth Bancorp, Inc. | 54,600 | |
3,900 | NBT Bancorp, Inc. | 91,143 | |
5,000 | OFG Bancorp. | 79,800 | |
880 | Peoples Bancorp, Inc. | 20,530 | |
5,700 | PrivateBancorp, Inc. | 164,160 | |
2,800 | S & T Bancorp, Inc. | 68,124 | |
1,800 | Sandy Spring Bancorp, Inc. | 42,138 | |
1,900 | Simmons 1st National Corp., Class A | 75,297 | |
3,570 | Southside Bancshares, Inc. | 104,637 | |
4,100 | Susquehanna Bankshares, Inc. | 41,738 | |
1,500 | Tompkins Financial Corporation | 66,720 | |
3,800 | Trustmark Corp. | 87,514 | |
7,700 | United Community Banks, Inc. | 127,435 | |
700 | Univest Corp. | 13,244 | |
2,500 | Wesbanco, Inc. | 74,700 | |
6,700 | 1 | Western Alliance Bancorp | 153,430 |
5,457 | Wilshire Bancorp, Inc. | 51,405 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Regional Banks—continued | |||
2,300 | Wintrust Financial Corp. | $106,559 | |
TOTAL | 2,744,475 | ||
Rental & Leasing Services—0.1% | |||
680 | Rent-A-Center, Inc. | 16,279 | |
Restaurant—0.6% | |||
800 | 1 | Buffalo Wild Wings, Inc. | 116,256 |
1,200 | 1 | Red Robin Gourmet Burgers | 77,232 |
TOTAL | 193,488 | ||
Road & Rail—0.2% | |||
2,300 | Knight Transportation, Inc. | 55,108 | |
Rubber—0.3% | |||
3,600 | Cooper Tire & Rubber Co. | 104,004 | |
Savings & Loan—2.6% | |||
2,737 | Banner Corp. | 110,137 | |
1,000 | 1 | BofI Holding, Inc. | 74,590 |
2,000 | First Defiance Financial Corp. | 54,020 | |
7,300 | 1 | Flagstar Bancorp, Inc. | 133,590 |
2,300 | Flushing Financial Corp. | 42,734 | |
1,500 | Glacier Bancorp, Inc. | 39,720 | |
1,500 | MB Financial, Inc. | 40,410 | |
6,448 | Provident Financial Holdings, Inc. | 91,884 | |
1,500 | WSFS Financial Corp. | 107,385 | |
3,200 | Webster Financial Corp. Waterbury | 91,744 | |
TOTAL | 786,214 | ||
Securities Brokerage—1.1% | |||
5,900 | 1 | Investment Technology Group, Inc. | 107,911 |
4,600 | 1 | Piper Jaffray Cos., Inc. | 237,360 |
TOTAL | 345,271 | ||
Semiconductor Distribution—0.6% | |||
1,000 | 1 | Tyler Technologies, Inc. | 90,730 |
9,200 | 1 | Ultra Clean Holdings, Inc. | 79,764 |
TOTAL | 170,494 | ||
Semiconductor Manufacturing—2.7% | |||
10,000 | 1 | Cirrus Logic, Inc. | 224,300 |
8,100 | 1 | Integrated Device Technology, Inc. | 116,316 |
2,100 | Monolithic Power Systems | 86,604 | |
9,910 | 1 | Omnivision Technologies, Inc. | 221,984 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Semiconductor Manufacturing—continued | |||
4,200 | 1 | Plexus Corp. | $165,186 |
TOTAL | 814,390 | ||
Semiconductor Manufacturing Equipment—0.4% | |||
5,953 | Mentor Graphics Corp. | 117,572 | |
Semiconductors & Semiconductor Equipment—0.8% | |||
3,200 | 1 | Cavium Networks, Inc. | 149,280 |
6,600 | Intersil Holding Corp. | 84,678 | |
TOTAL | 233,958 | ||
Services to Medical Professionals—1.6% | |||
1,300 | 1 | Bio-Reference Laboratories, Inc. | 40,807 |
3,600 | 1 | MedAssets, Inc. | 76,464 |
2,700 | 1 | Team Health Holdings, Inc. | 152,685 |
4,000 | 1 | WebMD Health Corp., Class A | 199,320 |
TOTAL | 469,276 | ||
Shoes—1.3% | |||
2,100 | Brown Shoe Co., Inc. | 59,199 | |
759 | 1 | Genesco, Inc. | 57,889 |
5,500 | 1 | Skechers USA, Inc., Class A | 286,935 |
TOTAL | 404,023 | ||
Software Packaged/Custom—3.4% | |||
3,800 | 1 | Aspen Technology, Inc. | 165,072 |
619 | CSG Systems International, Inc. | 16,119 | |
6,100 | 1 | Constant Contact, Inc. | 189,893 |
8,300 | Ebix, Inc. | 104,248 | |
1,030 | 1 | ePlus, Inc. | 56,331 |
1,500 | 1 | IGATE Capital Corp. | 53,520 |
3,200 | 1 | Omnicell, Inc. | 87,680 |
3,800 | 1 | PTC, Inc. | 136,648 |
3,900 | Pegasystems, Inc. | 83,343 | |
5,500 | 1 | Take-Two Interactive Software, Inc. | 123,090 |
TOTAL | 1,015,944 | ||
Specialty Chemicals—0.5% | |||
1,000 | Chemed Corp. | 101,850 | |
2,100 | 1 | Kraton Performance Polymers, Inc. | 43,281 |
608 | 1 | Omnova Solutions, Inc. | 4,907 |
TOTAL | 150,038 | ||
Specialty Machinery—0.4% | |||
2,600 | Woodward Governor Co. | 129,896 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Specialty Retail—0.7% | |||
9,500 | 1 | Barnes & Noble, Inc. | $197,790 |
Specialty Retailing—2.1% | |||
3,283 | 1 | Asbury Automotive Group, Inc. | 221,701 |
5,300 | Big 5 Sporting Goods Corp. | 52,523 | |
700 | 1 | Dorman Products, Inc. | 30,366 |
4,500 | Finish Line, Inc., Class A | 118,305 | |
400 | 1 | Kirkland's, Inc. | 7,524 |
1,200 | Lithia Motors, Inc., Class A | 106,620 | |
600 | Penske Automotive Group, Inc. | 27,870 | |
3,200 | Stage Stores, Inc. | 57,664 | |
TOTAL | 622,573 | ||
Technology Services—0.3% | |||
1,300 | VSE Corporation | 77,441 | |
Telecommunication Equipment & Services—0.7% | |||
289 | 1 | Anixter International, Inc. | 24,845 |
700 | 1 | CIENA Corp. | 13,671 |
1,700 | Comtech Telecommunications Corp. | 57,460 | |
4,300 | 1 | NeuStar, Inc., Class A | 119,798 |
TOTAL | 215,774 | ||
Telephone Utility—0.4% | |||
10,400 | Inteliquent, Inc. | 110,344 | |
Textiles Apparel & Luxury Goods—0.4% | |||
4,000 | 1 | Unifi, Inc. | 114,560 |
Thrifts & Mortgage Finance—0.1% | |||
2,200 | EverBank Financial Corp. | 41,800 | |
Truck Manufacturing—0.2% | |||
3,700 | Federal Signal Corp. | 53,502 | |
Undesignated Consumer Cyclicals—0.7% | |||
2,300 | ABM Industries, Inc. | 56,603 | |
7,400 | Weight Watchers International, Inc. | 160,506 | |
TOTAL | 217,109 | ||
Undesignated Consumer Staples—0.5% | |||
5,200 | 1 | Medifast, Inc. | 149,292 |
Undesignated Energy—0.5% | |||
1,100 | Green Plains, Inc. | 41,239 | |
4,600 | Ormat Technologies, Inc. | 118,634 | |
TOTAL | 159,873 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Wireless Communications—0.4% | |||
2,800 | InterDigital, Inc. | $123,452 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $28,808,444) | 29,640,013 | ||
INVESTMENT COMPANY—2.0% | |||
608,213 | 2,3 | Federated Prime Value Obligations Fund, Institutional Shares, 0.07% (AT NET ASSET VALUE) | 608,213 |
TOTAL INVESTMENTS—100.3% (IDENTIFIED COST $29,416,657)4 | 30,248,226 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.3)%5 | (77,716) | ||
TOTAL NET ASSETS—100% | $30,170,510 |
1 | Non-income-producing security. |
2 | Affiliated holding. |
3 | 7-day net yield. |
4 | The cost of investments for federal tax purposes amounts to $29,469,046. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Year Ended July 31 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $13.70 | $9.52 | $9.88 | $7.55 | $6.58 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.12)1 | (0.01)1 | (0.06)1 | (0.09)1 | (0.06)1 |
Net realized and unrealized gain (loss) on investments | 1.49 | 4.19 | (0.30) | 2.42 | 1.03 |
TOTAL FROM INVESTMENT OPERATIONS | 1.37 | 4.18 | (0.36) | 2.33 | 0.97 |
Net Asset Value, End of Period | $15.07 | $13.70 | $9.52 | $9.88 | $7.55 |
Total Return2 | 10.00% | 43.91% | (3.64)% | 30.86% | 14.74% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.70% | 1.70% | 1.71% | 1.75% | 1.75% |
Net investment income (loss) | (0.77)% | (0.05)% | (0.65)% | (0.96)% | (0.77)% |
Expense waiver/reimbursement3 | 0.52% | 1.09% | 4.24% | 3.75% | 5.41% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $5,346 | $3,694 | $2,550 | $3,469 | $3,184 |
Portfolio turnover | 174% | 184% | 200% | 210% | 192% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $12.91 | $9.04 | $9.45 | $7.28 | $6.39 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.21)1 | (0.09)1 | (0.12)1 | (0.15)1 | (0.11)1 |
Net realized and unrealized gain (loss) on investments | 1.40 | 3.96 | (0.29) | 2.32 | 1.00 |
TOTAL FROM INVESTMENT OPERATIONS | 1.19 | 3.87 | (0.41) | 2.17 | 0.89 |
Net Asset Value, End of Period | $14.10 | $12.91 | $9.04 | $9.45 | $7.28 |
Total Return2 | 9.22% | 42.81% | (4.34)% | 29.81% | 13.93% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.45% | 2.45% | 2.46% | 2.50% | 2.50% |
Net investment income (loss) | (1.50)% | (0.81)% | (1.41)% | (1.70)% | (1.53)% |
Expense waiver/reimbursement3 | 0.54% | 1.11% | 4.24% | 3.78% | 5.13% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $3,338 | $2,636 | $2,358 | $2,978 | $3,258 |
Portfolio turnover | 174% | 184% | 200% | 210% | 192% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $13.94 | $9.67 | $10.00 | $7.63 | $6.63 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.08)1 | 0.031 | (0.04)1 | (0.06)1 | (0.04)1 |
Net realized and unrealized gain (loss) on investments | 1.52 | 4.24 | (0.29) | 2.43 | 1.04 |
TOTAL FROM INVESTMENT OPERATIONS | 1.44 | 4.27 | (0.33) | 2.37 | 1.00 |
Net Asset Value, End of Period | $15.38 | $13.94 | $9.67 | $10.00 | $7.63 |
Total Return2 | 10.33% | 44.16% | (3.30)% | 31.06% | 15.08% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.45% | 1.45% | 1.46% | 1.50% | 1.50% |
Net investment income (loss) | (0.51)% | 0.23% | (0.44)% | (0.71)% | (0.52)% |
Expense waiver/reimbursement3 | 0.52% | 1.10% | 3.77% | 3.79% | 5.56% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $21,486 | $14,084 | $11,650 | $4,836 | $5,727 |
Portfolio turnover | 174% | 184% | 200% | 210% | 192% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Assets: | ||
Total investment in securities, at value including $608,213 of investment in an affiliated holding (Note 5) (identified cost $29,416,657) | $30,248,226 | |
Income receivable | 6,552 | |
Receivable for investments sold | 693,939 | |
Receivable for shares sold | 40,973 | |
TOTAL ASSETS | 30,989,690 | |
Liabilities: | ||
Payable for investments purchased | $720,477 | |
Payable for shares redeemed | 14,874 | |
Payable for auditing fees | 23,800 | |
Payable for distribution services fee (Note 5) | 2,511 | |
Payable for other service fees (Notes 2 and 5) | 4,178 | |
Payable for share registration costs | 28,426 | |
Accrued expenses (Note 5) | 24,914 | |
TOTAL LIABILITIES | 819,180 | |
Net assets for 1,988,630 shares outstanding | $30,170,510 | |
Net Assets Consist of: | ||
Paid-in capital | $31,413,479 | |
Net unrealized appreciation of investments | 831,569 | |
Accumulated net realized loss on investments | (1,905,233) | |
Accumulated net investment income (loss) | (169,305) | |
TOTAL NET ASSETS | $30,170,510 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($5,346,142 ÷ 354,765 shares outstanding), no par value, unlimited shares authorized | $15.07 | |
Offering price per share (100/94.50 of $15.07) | $15.95 | |
Redemption proceeds per share | $15.07 | |
Class C Shares: | ||
Net asset value per share ($3,338,032 ÷ 236,747 shares outstanding), no par value, unlimited shares authorized | $14.10 | |
Offering price per share | $14.10 | |
Redemption proceeds per share (99.00/100 of $14.10) | $13.96 | |
Institutional Shares: | ||
Net asset value per share ($21,486,336 ÷ 1,397,118 shares outstanding), no par value, unlimited shares authorized | $15.38 | |
Offering price per share | $15.38 | |
Redemption proceeds per share | $15.38 |
Investment Income: | |||
Dividends (including $420 received from an affiliated holding (Note 5) and net of foreign taxes withheld of $85) | $306,171 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $374,612 | ||
Administrative fee (Note 5) | 25,447 | ||
Custodian fees | 19,905 | ||
Transfer agent fee | 41,508 | ||
Directors'/Trustees' fees (Note 5) | 1,216 | ||
Auditing fees | 23,800 | ||
Legal fees | 14,057 | ||
Portfolio accounting fees | 68,346 | ||
Distribution services fee (Note 5) | 29,384 | ||
Other service fees (Notes 2 and 5) | 24,276 | ||
Share registration costs | 44,316 | ||
Printing and postage | 20,821 | ||
Miscellaneous (Note 5) | 10,469 | ||
TOTAL EXPENSES | 698,157 | ||
Waiver/reimbursement of investment adviser fee (Note 5) | (170,564) | ||
Net expenses | 527,593 | ||
Net investment income (loss) | (221,422) | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments | 5,669,313 | ||
Net change in unrealized appreciation of investments | (2,326,839) | ||
Net realized and unrealized gain on investments | 3,342,474 | ||
Change in net assets resulting from operations | $3,121,052 |
Year Ended July 31 | 2014 | 2013 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(221,422) | $7,721 |
Net realized gain on investments | 5,669,313 | 3,764,471 |
Net change in unrealized appreciation/depreciation of investments | (2,326,839) | 2,572,034 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 3,121,052 | 6,344,226 |
Share Transactions: | ||
Proceeds from sale of shares | 25,049,675 | 2,885,582 |
Cost of shares redeemed | (18,414,284) | (5,374,162) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 6,635,391 | (2,488,580) |
Change in net assets | 9,756,443 | 3,855,646 |
Net Assets: | ||
Beginning of period | 20,414,067 | 16,558,421 |
End of period (including accumulated net investment income (loss) of $(169,305) and $(50,143), respectively) | $30,170,510 | $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. |
Other Service Fees Incurred | |
Class A Shares | $14,511 |
Class C Shares | 9,765 |
TOTAL | $24,276 |
Year Ended July 31 | 2014 | 2013 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 476,541 | $7,334,303 | 58,995 | $721,385 |
Shares redeemed | (391,487) | (6,138,103) | (57,089) | (645,446) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 85,054 | $1,196,200 | 1,906 | $75,939 |
Year Ended July 31 | 2014 | 2013 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 122,191 | $1,646,975 | 31,008 | $338,769 |
Shares redeemed | (89,622) | (1,298,266) | (87,658) | (873,316) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 32,569 | $348,709 | (56,650) | $(534,547) |
Year Ended July 31 | 2014 | 2013 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,086,642 | $16,068,397 | 154,932 | $1,825,428 |
Shares redeemed | (699,809) | (10,977,915) | (349,832) | (3,855,400) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 386,833 | $5,090,482 | (194,900) | $(2,029,972) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 504,456 | $6,635,391 | (249,644) | $(2,488,580) |
Increase (Decrease) | |
Paid-In Capital | Undistributed Net Investment Income (Loss) |
$(102,260) | $102,260 |
Net unrealized appreciation | $779,180 |
Capital loss carryforwards and deferrals | $(2,022,149) |
Expiration Year | Short-Term | Long-Term | Total |
2018 | $1,852,844 | NA | $1,852,844 |
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 | $29,384 |
Affiliates | Balance of Shares Held 7/31/2013 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 7/31/2014 | Value |
*Tower International, Inc. | 2,800 | 3,100 | (1,300) | 4,600 | $144,900 |
RPX Corp. | 3,000 | 1,500 | (4,500) | — | — |
*Repligen Corp. | 3,900 | 9,500 | (3,900) | 9,500 | $199,215 |
TOTAL OF AFFILIATED COMPANIES | 9,700 | 14,100 | (9,700) | 14,100 | $344,115 |
Federated Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2013 | 485,617 |
Purchases/Additions | 15,889,876 |
Sales/Reductions | (15,767,280) |
Balance of Shares Held 7/31/2014 | 608,213 |
Value | $608,213 |
Dividend Income | $420 |
Purchases | $61,058,909 |
Sales | $54,843,778 |
September 23, 2014
Beginning Account Value 2/1/2014 | Ending Account Value 7/31/2014 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,012.80 | $8.48 |
Class C Shares | $1,000 | $1,008.60 | $12.20 |
Institutional Shares | $1,000 | $1,013.80 | $7.24 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,016.36 | $8.50 |
Class C Shares | $1,000 | $1,012.65 | $12.23 |
Institutional Shares | $1,000 | $1,017.60 | $7.25 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (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 Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John F. Donahue* Birth Date: July 28, 1924 Trustee Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling. |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Began serving: May 2006 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd. |
* | Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Chairman Emeriti, Bentley University; Director, Sterling Suffolk Downs, Inc.; Former Director, National Association of Printers and Lithographers. Previous Positions: Director and Audit Committee Member, Bank of America Corp. Qualifications: Business management and director experience. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Associate General Secretary and Director, Office for Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law; Superior Court of Pennsylvania (service began 1998 and ended July 2009). Other Directorships Held: Director, Consol Energy (service started June 2013); Director, Auberle (service ended December 2013); Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh (service ended December 2013); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society (service ended December 2013); Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute (2013-present); Director, Cardinal Wuerl North Catholic High School (2013-present). Previous Position: Professor of Law, Duquesne University School of Law, Pittsburgh (1983-1998). Qualifications: Legal and director experience. |
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: June 2006 | Principal Occupation: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications: Business management, mutual fund services and director experience. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications: Banking, business management, education and director experience. |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Began serving: October 2006 | Principal Occupations: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions: Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications: Business management, mutual fund, director and investment experience. |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; General Counsel, University of Pittsburgh. Other Directorships Held: Board Chairman, Epilepsy Foundation of Western Pennsylvania; Board Member, World Affairs Council of Pittsburgh. Previous Positions: Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). Qualifications: Business management, legal and director experience. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Began serving: June 2006 | Principal Occupations: Director or Trustee, Chairman of the Audit Committee of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Previous Position: Vice President, Walsh & Kelly, Inc. Qualifications: Business management and director experience. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
John W. McGonigle Birth Date: October 26, 1938 Secretary Officer since: May 2006 | Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp. |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: June 2006 | Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: June 2006 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin. Previous Positions: Served in Senior Management positions with a large regional banking organization. |
Stephen F. Auth Birth Date: September 3, 1956 450 Lexington Avenue Suite 3700 New York, NY 10017-3943 CHIEF INVESTMENT OFFICER Officer since: June 2012 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
Daniel Mahr Birth Date: April 9, 1981 125 High Street Oliver Tower 21st Floor Boston, MA 02110-2704 Vice President Officer since: June 2012 Portfolio Manager since: August 2008 | Principal Occupations: Daniel Mahr has been the Fund's Portfolio Manager since August 2008. Mr. Mahr joined the MDT Advisers Investment Team in 2002. As Managing Director, Research, he is responsible for leading the Investment Team as it relates to the ongoing design, development and implementation of the Optimum Q Process. He is Vice President of the Trust with respect to the Fund. Mr. Mahr received his A.B., Computer Science from Harvard College and his S.M., Computer Science from Harvard University. |
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R791
CUSIP 31421R783
2014 ©Federated Investors, Inc.
Share Class | Ticker |
A | QASGX |
B | QBSGX |
C | QCSGX |
Institutional | QISGX |
1 | Please see the footnotes to the line graphs below for definitions of, and further information about, the R2000G. |
2 | Please see the footnotes to the line graphs below for definitions of, and further information about, the MSGFA. |
3 | The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The index is unmanaged, and it is not possible to invest directly in an index. |
4 | The Russell Top 200® Index measures the performance of the largest cap segment of the U.S. equity universe. The Russell Top 200® Index is a subset of the Russell 3000® Index. It includes approximately 200 of the largest securities based on a combination of their market cap and current index membership and represents approximately 68% of the U.S. market. The Russell Top 200® Index is constructed to provide a comprehensive and unbiased barometer for this very large cap segment and is completely reconstituted annually to ensure new and growing equities are reflected. The index is unmanaged, and it is not possible to invest directly in an index. |
5 | The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000® companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap® Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set. The index is unmanaged, and it is not possible to invest directly in an index. |
6 | Small-cap stocks may be less liquid and subject to greater price volatility than large-cap stocks. |
7 | The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. The index is unmanaged, and it is not possible to invest directly in an index. |
8 | The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000® Growth Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad growth market. The Russell 3000® Growth Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics. The index is unmanaged, and it is not possible to invest directly in an index. |
9 | The Russell 3000® Value Index measures the performance of the broad value segment of the U.S. equity value universe. It includes those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000® Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad value market. The Russell 3000® Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. The index is unmanaged, and it is not possible to invest directly in an index. |
Federated MDT Small Cap Growth Fund - | Class A Shares | Institutional Shares | R2000G | MSGFA |
F | F | I | I | |
9/15/2005 | 9,450 | 10,000 | 10,000 | 10,000 |
7/31/2006 | 10,008 | 10,610 | 10,280 | 10,207 |
7/31/2007 | 12,238 | 13,020 | 12,011 | 12,030 |
7/31/2008 | 10,990 | 11,720 | 11,559 | 10,678 |
7/31/2009 | 7,456 | 7,970 | 9,148 | 8,424 |
7/31/2010 | 8,302 | 8,895 | 10,677 | 9,869 |
7/31/2011 | 11,512 | 12,373 | 13,807 | 12,773 |
7/31/2012 | 11,332 | 12,202 | 13,737 | 12,486 |
7/31/2013 | 15,312 | 16,524 | 18,598 | 16,442 |
7/31/2014 | 16,518 | 17,881 | 20,259 | 17,794 |
■ | Total returns shown for Class A Shares include the maximum sales charge of the 5.50% ($10,000 investment minus $550 sales charge = $9,450). |
1 Year | 5 Years | Start of Performance* | |
Class A Shares | 1.93% | 15.92% | 5.82% |
Class B Shares | 1.62% | 16.18% | 5.78% |
Class C Shares | 6.11% | 16.38% | 5.70% |
Institutional Shares | 8.21% | 17.54% | 6.77% |
R2000G | 8.93% | 17.24% | 8.28% |
MSGFA | 8.13% | 16.80% | 6.74% |
* | The Fund's start of performance date was September 15, 2005. |
1 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charges = $9,450); for Class B Shares, the maximum contingent deferred sales charge is 5.50% on any redemption less than one year from the purchase date; for Class C Shares, a 1.00% contingent deferred sales charge would be applied to any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The R2000G and MSGFA have been adjusted to reflect reinvestment of dividends on securities. |
2 | The Fund is the successor to the MDT Small Cap Growth Fund pursuant to a reorganization that took place on December 8, 2006. Prior to that date, the Fund had no investment operations. Accordingly, the performance information shown for periods prior to that date is that of the MDT Small Cap Growth Fund. |
3 | The R2000G measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000® Index companies with higher price-to-value ratios and higher forecasted growth values. The R2000G is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment. The R2000G is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect growth characteristics. The R2000G is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The R2000G is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. |
4 | Morningstar figures represent the average of the total returns reported by all the mutual funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges. |
Industry Composition | Percentage of Total Net Assets |
Software Packaged/Custom | 7.3% |
Specialty Retailing | 5.3% |
Biotechnology | 3.7% |
Apparel | 3.4% |
Services to Medical Professionals | 3.3% |
Financial Services | 2.9% |
Medical Supplies | 2.9% |
Telecommunication Equipment & Services | 2.7% |
Computer Services | 2.5% |
Restaurants | 2.5% |
Medical Technology | 2.0% |
Shoes | 2.0% |
Industrial Machinery | 1.9% |
Undesignated Consumer Cyclicals | 1.9% |
Crude Oil & Gas Production | 1.8% |
Semiconductor Manufacturing | 1.8% |
Internet Services | 1.7% |
Poultry Products | 1.7% |
Specialty Chemicals | 1.7% |
Auto Original Equipment Manufacturers | 1.5% |
Education & Training Services | 1.5% |
Generic Drugs | 1.5% |
Personnel Agency | 1.4% |
Home Products | 1.3% |
Oil Refiner | 1.3% |
Electrical Equipment | 1.1% |
Office Furniture | 1.1% |
Pharmaceuticals | 1.1% |
Undesignated Consumer Staples | 1.1% |
Airline—Regional | 1.0% |
Communications Equipment | 1.0% |
Personal Loans | 1.0% |
Recreational Vehicles | 1.0% |
Semiconductor & Semiconductor Equipment | 1.0% |
Specialty Machinery | 1.0% |
Other2 | 26.1% |
Industry Composition | Percentage of Total Net Assets |
Cash Equivalents3 | 1.9% |
Other Assets and Liabilities—Net4 | 0.1% |
TOTAL | 100.0% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, industry classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | For purposes of this table, industry classifications which constitute less than 1.0% of the Fund's total net assets have been aggregated under the designation “Other.” |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS—98.0% | |||
Airline - Regional—1.0% | |||
16,368 | Alaska Air Group, Inc. | $719,701 | |
Apparel—3.4% | |||
15,864 | 1 | Ann, Inc. | 583,002 |
5,005 | Columbia Sportswear Co. | 374,174 | |
8,700 | 1 | G-III Apparel Group Ltd. | 675,729 |
11,000 | 1 | Iconix Brand Group, Inc. | 464,530 |
1,436 | Oxford Industries, Inc. | 85,542 | |
10,033 | 1 | Zumiez, Inc. | 279,419 |
TOTAL | 2,462,396 | ||
Auto Original Equipment Manufacturers—1.5% | |||
6,741 | Dana Holding Corp. | 150,864 | |
20,065 | 1 | Meritor, Inc. | 252,217 |
11,473 | 1 | Tenneco Automotive, Inc. | 730,830 |
TOTAL | 1,133,911 | ||
Beer—0.1% | |||
500 | 1 | The Boston Beer Co., Inc., Class A | 110,200 |
Biotechnology—3.7% | |||
18,600 | 1 | Acorda Therapeutics, Inc. | 544,422 |
12,700 | 1 | Anika Therapeutics, Inc. | 534,162 |
11,100 | 1 | InterMune, Inc. | 486,957 |
10,700 | 1 | Isis Pharmaceuticals, Inc. | 331,593 |
2,000 | 1 | Oncomed Pharmaceuticals, Inc. | 43,180 |
32,900 | 1 | Repligen Corp. | 689,913 |
3,000 | 1 | Seattle Genetics, Inc. | 105,600 |
TOTAL | 2,735,827 | ||
Clothing Stores—0.2% | |||
8,187 | 1 | Aeropostale, Inc. | 27,181 |
3,308 | Cato Corp., Class A | 102,085 | |
TOTAL | 129,266 | ||
Commodity Chemicals—0.2% | |||
3,208 | Stepan Co. | 154,369 | |
Communications Equipment—1.0% | |||
43,000 | 1 | Aruba Networks, Inc. | 767,980 |
Computer Networking—0.6% | |||
9,800 | 1 | NetScout Systems, Inc. | 416,794 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Computer Peripherals—0.7% | |||
10,234 | 1 | Silicon Graphics, Inc. | $97,325 |
5,317 | 1 | Synaptics, Inc. | 384,047 |
TOTAL | 481,372 | ||
Computer Services—2.5% | |||
2,855 | Fair Isaac & Co., Inc. | 163,163 | |
11,200 | 1 | IGATE Capital Corp. | 399,616 |
22,000 | 1 | Manhattan Associates, Inc. | 645,920 |
3,623 | 1 | Syntel, Inc. | 312,919 |
14,941 | 1 | Unisys Corp. | 318,094 |
TOTAL | 1,839,712 | ||
Computer Stores—0.2% | |||
6,322 | 1 | Insight Enterprises, Inc. | 166,079 |
Containers & Packaging—0.7% | |||
21,300 | 1 | Berry Plastics Group, Inc. | 517,377 |
Contracting—0.2% | |||
3,000 | 1 | Team, Inc. | 118,830 |
Cosmetics & Toiletries—0.6% | |||
2,481 | 1 | Elizabeth Arden, Inc. | 51,183 |
14,034 | 1 | Sally Beauty Holdings, Inc. | 364,182 |
TOTAL | 415,365 | ||
Crude Oil & Gas Production—1.8% | |||
7,200 | 1 | Carrizo Oil & Gas, Inc. | 442,152 |
16,144 | 1 | Stone Energy Corp. | 614,279 |
19,484 | W&T Offshore, Inc. | 261,281 | |
TOTAL | 1,317,712 | ||
Defense Aerospace—0.9% | |||
5,600 | Kaman Corp., Class A | 224,056 | |
996 | 1 | Orbital Sciences Corp. | 25,567 |
4,300 | 1 | Teledyne Technologies, Inc. | 392,160 |
TOTAL | 641,783 | ||
Education & Training Services—1.5% | |||
3,960 | 1 | American Public Education, Inc. | 141,372 |
5,528 | Capella Education Co. | 353,571 | |
6,707 | 1 | Grand Canyon Education, Inc. | 288,401 |
5,812 | 1 | Strayer Education, Inc. | 301,178 |
TOTAL | 1,084,522 | ||
Electric & Electronic Original Equipment Manufacturers—0.4% | |||
10,200 | Altra Holdings, Inc. | 319,770 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Electrical Equipment—1.1% | |||
10,706 | EnerSys, Inc. | $679,081 | |
6,330 | 1 | Rofin-Sinar Technologies, Inc. | 138,184 |
TOTAL | 817,265 | ||
Electronic Instruments—0.1% | |||
3,289 | 1 | iRobot Corp. | 106,465 |
Electronic Test/Measuring Equipment—0.3% | |||
3,334 | MTS Systems Corp. | 220,044 | |
Ethical Drugs—0.8% | |||
11,300 | 1 | Ligand Pharmaceuticals, Inc., Class B | 555,621 |
Financial Services—2.9% | |||
14,068 | Deluxe Corp. | 773,881 | |
10,005 | Heartland Payment Systems, Inc. | 475,237 | |
7,879 | 1 | Outerwall, Inc. | 433,503 |
7,200 | 1 | Portfolio Recovery Associates, Inc. | 424,512 |
TOTAL | 2,107,133 | ||
Furniture—0.6% | |||
7,783 | Ethan Allen Interiors, Inc. | 178,386 | |
12,014 | 1 | Select Comfort Corp. | 242,683 |
TOTAL | 421,069 | ||
Generic Drugs—1.5% | |||
27,800 | 1 | Impax Laboratories, Inc. | 650,242 |
13,300 | 1 | Lannett Co., Inc. | 447,013 |
TOTAL | 1,097,255 | ||
Grocery Chain—0.1% | |||
1,350 | Casey's General Stores, Inc. | 89,329 | |
Health Care Equipment & Supplies—0.6% | |||
17,300 | 1 | Masimo Corp. | 416,584 |
Home Health Care—0.8% | |||
9,470 | 1 | Wellcare Health Plans, Inc. | 590,739 |
Home Products—1.3% | |||
4,900 | Spectrum Brands Holdings, Inc. | 408,660 | |
7,349 | Tupperware Brands Corp. | 534,860 | |
TOTAL | 943,520 | ||
Household Appliances—0.3% | |||
3,100 | 1 | Middleby Corp. | 225,866 |
Industrial Machinery—1.9% | |||
5,100 | Hyster-Yale Materials Handling, Inc. | 408,510 | |
18,400 | 1 | Rexnord Corp. | 495,144 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Industrial Machinery—continued | |||
2,945 | Tennant Co. | $214,838 | |
4,513 | Watts Industries, Inc., Class A | 263,830 | |
TOTAL | 1,382,322 | ||
Insurance Brokerage—0.8% | |||
13,600 | AmTrust Financial Services, Inc. | 579,904 | |
100 | 1 | Texas Capital Bancshares, Inc. | 5,205 |
TOTAL | 585,109 | ||
Internet Services—1.7% | |||
11,600 | j2 Global, Inc. | 567,472 | |
4,661 | 1 | Travelzoo, Inc. | 80,356 |
23,000 | 1 | Web.com Group, Inc. | 610,650 |
TOTAL | 1,258,478 | ||
Internet Software & Services—0.5% | |||
16,803 | 1 | Conversant, Inc. | 392,686 |
IT Services—0.5% | |||
10,300 | 1 | EPAM Systems, Inc. | 398,198 |
Machined Parts Original Equipment Manufacturers—0.7% | |||
10,278 | Applied Industrial Technologies, Inc. | 498,072 | |
Mail Order—0.4% | |||
5,570 | HSN, Inc. | 311,307 | |
Maritime—0.6% | |||
10,724 | TAL International Group, Inc. | 474,001 | |
Medical Supplies—2.9% | |||
8,400 | 1 | Align Technology, Inc. | 455,364 |
16,300 | Owens & Minor, Inc. | 539,367 | |
15,177 | Steris Corp. | 772,206 | |
8,300 | West Pharmaceutical Services, Inc. | 338,225 | |
TOTAL | 2,105,162 | ||
Medical Technology—2.0% | |||
15,200 | Cantel Medical Corp. | 509,656 | |
1,500 | 1 | Cyberonics, Inc. | 89,205 |
16,151 | 1 | MedAssets, Inc. | 343,047 |
18,500 | 1 | Natus Medical, Inc. | 532,245 |
TOTAL | 1,474,153 | ||
Metal Fabrication—0.8% | |||
15,038 | Worthington Industries, Inc. | 575,203 | |
Miscellaneous Components—0.7% | |||
6,300 | 1 | Proto Labs, Inc. | 510,300 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Miscellaneous Metals—0.7% | |||
8,098 | Materion Corp. | $261,646 | |
6,365 | Matthews International Corp., Class A | 276,814 | |
TOTAL | 538,460 | ||
Multi-Industry Basic—0.6% | |||
16,614 | Olin Corp. | 441,434 | |
Multi-Industry Capital Goods—0.0% | |||
280 | Acuity Brands, Inc. | 30,036 | |
Multi-Industry Transportation—0.7% | |||
10,389 | Brinks Co. (The) | 278,841 | |
5,080 | 1 | Hub Group, Inc. | 234,594 |
TOTAL | 513,435 | ||
Office Furniture—1.1% | |||
10,040 | HNI Corp. | 354,814 | |
14,535 | Knoll, Inc. | 244,333 | |
7,135 | Miller Herman, Inc. | 208,627 | |
TOTAL | 807,774 | ||
Office Supplies—0.7% | |||
793 | 1 | MSA Safety, Inc. | 41,062 |
11,631 | United Stationers, Inc. | 448,724 | |
TOTAL | 489,786 | ||
Oil Gas & Consumable Fuels—0.2% | |||
3,325 | CVR Energy, Inc. | 156,541 | |
Oil Refiner—1.3% | |||
26,400 | Alon USA Energy, Inc. | 339,240 | |
17,800 | Delek US Holdings, Inc. | 520,116 | |
2,450 | Western Refining, Inc. | 100,352 | |
TOTAL | 959,708 | ||
Oil Service, Explore & Drill—0.9% | |||
29,200 | 1 | Basic Energy Services, Inc. | 700,508 |
Other Communications Equipment—0.3% | |||
8,124 | 1 | Netgear, Inc. | 254,362 |
Packaged Foods—0.4% | |||
4,579 | 1 | United Natural Foods, Inc. | 268,421 |
Paint & Related Materials—0.6% | |||
9,700 | Fuller (H.B.) Co. | 433,105 | |
Paper Products—0.4% | |||
4,000 | 1 | Clearwater Paper Corp. | 270,400 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Personal & Household—0.5% | |||
6,000 | Nu Skin Enterprises, Inc., Class A | $352,140 | |
Personal Loans—1.0% | |||
8,577 | Cash America International, Inc. | 380,733 | |
3,300 | 1 | Credit Acceptance Corp. | 375,293 |
TOTAL | 756,026 | ||
Personnel Agency—1.4% | |||
22,700 | 1 | AMN Healthcare Services, Inc. | 297,370 |
10,900 | Maximus, Inc. | 450,824 | |
9,492 | 1 | TrueBlue, Inc. | 256,189 |
TOTAL | 1,004,383 | ||
Pharmaceuticals—1.1% | |||
8,600 | 1 | Pacira Pharmaceuticals, Inc. | 791,200 |
Photo-Optical Component-Equipment—0.2% | |||
2,997 | 1 | Coherent, Inc. | 176,553 |
Plastic—0.8% | |||
15,900 | Polyone Corp. | 603,405 | |
Poultry Products—1.7% | |||
18,000 | 1 | Pilgrim's Pride Corp. | 503,280 |
8,400 | Sanderson Farms, Inc. | 765,156 | |
TOTAL | 1,268,436 | ||
Recreational Goods—0.5% | |||
7,700 | Sturm Ruger & Co., Inc. | 384,692 | |
Recreational Vehicles—1.0% | |||
4,600 | Arctic Cat, Inc. | 163,760 | |
13,982 | Brunswick Corp. | 563,894 | |
TOTAL | 727,654 | ||
Regional Banks—0.8% | |||
7,600 | Bank of the Ozarks, Inc. | 233,852 | |
14,600 | 1 | Western Alliance Bancorp | 334,340 |
TOTAL | 568,192 | ||
Restaurants—2.5% | |||
3,700 | 1 | Buffalo Wild Wings, Inc. | 537,684 |
4,276 | Cracker Barrel Old Country Store, Inc. | 414,601 | |
5,500 | Domino's Pizza, Inc. | 396,000 | |
3,626 | Jack in the Box, Inc. | 207,371 | |
4,316 | 1 | Red Robin Gourmet Burgers | 277,778 |
TOTAL | 1,833,434 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Roofing & Wallboard—0.1% | |||
2,197 | 1 | Beacon Roofing Supply, Inc. | $60,725 |
Semiconductor Distribution—0.6% | |||
4,700 | 1 | Tyler Technologies, Inc. | 426,431 |
Semiconductor Manufacturing—1.8% | |||
412 | 1 | Cabot Microelectronics Corp. | 16,558 |
22,465 | 1 | Cirrus Logic, Inc. | 503,890 |
33,600 | 1 | Integrated Device Technology, Inc. | 482,496 |
7,894 | 1 | Plexus Corp. | 310,471 |
TOTAL | 1,313,415 | ||
Semiconductor Manufacturing Equipment—0.9% | |||
18,799 | Brooks Automation, Inc. | 191,374 | |
25,704 | Mentor Graphics Corp. | 507,654 | |
TOTAL | 699,028 | ||
Semiconductors & Semiconductor Equipment—1.0% | |||
2,700 | 1 | Ambarella, Inc. | 77,247 |
14,400 | 1 | Cavium Networks, Inc. | 671,760 |
TOTAL | 749,007 | ||
Services to Medical Professionals—3.3% | |||
14,809 | 1 | Bio-Reference Laboratories, Inc. | 464,854 |
8,317 | 1 | Centene Corp. | 599,573 |
13,423 | 1 | Team Health Holdings, Inc. | 759,071 |
12,600 | 1 | WebMD Health Corp., Class A | 627,858 |
TOTAL | 2,451,356 | ||
Shoes—2.0% | |||
8,021 | 1 | CROCs, Inc. | 127,293 |
9,220 | 1 | Genesco, Inc. | 703,210 |
11,800 | 1 | Skechers USA, Inc., Class A | 615,606 |
TOTAL | 1,446,109 | ||
Software Packaged/Custom—7.3% | |||
17,700 | 1 | Aspen Technology, Inc. | 768,888 |
16,472 | CSG Systems International, Inc. | 428,931 | |
3,200 | 1 | Commvault Systems, Inc. | 153,664 |
13,500 | 1 | Electronics for Imaging, Inc. | 594,945 |
1,679 | 1 | MicroStrategy, Inc., Class A | 240,315 |
21,407 | 1 | PTC, Inc. | 769,796 |
15,930 | 1 | Progress Software Corp. | 369,257 |
10,100 | 1 | SS&C Technologies Holdings, Inc. | 437,431 |
30,500 | 1 | Take-Two Interactive Software, Inc. | 682,590 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Software Packaged/Custom—continued | |||
5,600 | 1 | Ultimate Software Group, Inc. | $755,496 |
2,697 | 1 | Verint Systems, Inc. | 126,597 |
TOTAL | 5,327,910 | ||
Specialty Chemicals—1.7% | |||
15,500 | American Vanguard Corp. | 196,695 | |
7,933 | Chemed Corp. | 807,976 | |
6,434 | 1 | Chemtura Corp. | 149,655 |
1,638 | Quaker Chemical Corp. | 115,659 | |
TOTAL | 1,269,985 | ||
Specialty Machinery—1.0% | |||
14,400 | Woodward Governor Co. | 719,424 | |
Specialty Retailing—5.3% | |||
2,114 | Aaron's, Inc. | 55,767 | |
10,500 | 1 | Asbury Automotive Group, Inc. | 709,065 |
2,751 | 1 | Cabela's, Inc., Class A | 160,548 |
7,598 | Children's Place, Inc./The | 381,420 | |
8,700 | 1 | Dorman Products, Inc. | 377,406 |
10,402 | Finish Line, Inc., Class A | 273,469 | |
7,960 | GNC Acquisition Holdings, Inc. | 261,168 | |
3,445 | 1 | Kirkland's, Inc. | 64,800 |
8,200 | Lithia Motors, Inc., Class A | 728,570 | |
13,619 | Penske Automotive Group, Inc. | 632,603 | |
8,239 | Pier 1 Imports, Inc. | 124,079 | |
600 | 1 | Restoration Hardware, Inc. | 49,074 |
5,100 | 1 | Vera Bradley, Inc. | 101,133 |
TOTAL | 3,919,102 | ||
Telecommunication Equipment & Services—2.7% | |||
7,003 | Adtran, Inc. | 155,747 | |
7,531 | 1 | Anixter International, Inc. | 647,440 |
21,963 | 1 | CIENA Corp. | 428,937 |
18,800 | 1 | Ubiquiti Networks, Inc. | 718,724 |
TOTAL | 1,950,848 | ||
Thrifts & Mortgage Finance—0.8% | |||
7,700 | 1 | BofI Holding, Inc. | 574,343 |
Trucking—0.9% | |||
9,900 | 1 | Old Dominion Freight Lines, Inc. | 628,452 |
Undesignated Consumer Cyclicals—1.9% | |||
11,900 | 1 | Euronet Worldwide, Inc. | 595,476 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Undesignated Consumer Cyclicals—continued | |||
15,500 | 1 | Parexel International Corp. | $830,180 |
TOTAL | 1,425,656 | ||
Undesignated Consumer Staples—1.1% | |||
16,400 | 1 | Medifast, Inc. | 470,844 |
4,800 | 1 | USANA, Inc. | 306,480 |
TOTAL | 777,324 | ||
Undesignated Health—0.4% | |||
7,600 | HealthSouth Corp. | 291,308 | |
Wireless Communications—0.7% | |||
11,600 | InterDigital, Inc. | 511,444 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $64,328,334) | 71,960,799 | ||
INVESTMENT COMPANY—1.9% | |||
1,393,702 | 2,3 | Federated Prime Value Obligations Fund, Institutional Shares, 0.07% (AT NET ASSET VALUE) | 1,393,702 |
TOTAL INVESTMENTS—99.9% (IDENTIFIED COST $65,722,036)4 | 73,354,501 | ||
OTHER ASSETS AND LIABILITIES - NET—0.1%5 | 38,118 | ||
TOTAL NET ASSETS—100% | $73,392,619 |
1 | Non-income-producing security. |
2 | Affiliated holding. |
3 | 7-day net yield. |
4 | The cost of investments for federal tax purposes amounts to $65,765,145. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Year Ended July 31 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $16.12 | $11.93 | $12.12 | $8.74 | $7.85 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.18)1 | (0.07)1 | (0.09)1 | (0.13)1 | (0.10)1 |
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 1.45 | 4.26 | (0.10) | 3.51 | 0.99 |
TOTAL FROM INVESTMENT OPERATIONS | 1.27 | 4.19 | (0.19) | 3.38 | 0.89 |
Net Asset Value, End of Period | $17.39 | $16.12 | $11.93 | $12.12 | $8.74 |
Total Return2 | 7.88% | 35.12% | (1.57)% | 38.67% | 11.34% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
Net investment income (loss) | (1.05)% | (0.49)% | (0.79)% | (1.18)% | (1.17)% |
Expense waiver/reimbursement3 | 0.43% | 0.59% | 1.04% | 1.14% | 1.22% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $29,690 | $30,187 | $22,718 | $25,634 | $19,822 |
Portfolio turnover | 61% | 88% | 69% | 154% | 142% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $15.58 | $11.62 | $11.90 | $8.65 | $7.81 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.30)1 | (0.17)1 | (0.17)1 | (0.21)1 | (0.16)1 |
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 1.41 | 4.13 | (0.11) | 3.46 | 1.00 |
TOTAL FROM INVESTMENT OPERATIONS | 1.11 | 3.96 | (0.28) | 3.25 | 0.84 |
Net Asset Value, End of Period | $16.69 | $15.58 | $11.62 | $11.90 | $8.65 |
Total Return2 | 7.12% | 34.08% | (2.35)% | 37.57% | 10.76% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% |
Net investment income (loss) | (1.79)% | (1.25)% | (1.55)% | (1.93)% | (1.92)% |
Expense waiver/reimbursement3 | 0.43% | 0.59% | 1.06% | 1.15% | 1.22% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $1,842 | $2,016 | $1,640 | $2,541 | $2,350 |
Portfolio turnover | 61% | 88% | 69% | 154% | 142% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $15.19 | $11.33 | $11.60 | $8.43 | $7.62 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.30)1 | (0.16)1 | (0.17)1 | (0.21)1 | (0.16)1 |
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 1.38 | 4.02 | (0.10) | 3.38 | 0.97 |
TOTAL FROM INVESTMENT OPERATIONS | 1.08 | 3.86 | (0.27) | 3.17 | 0.81 |
Net Asset Value, End of Period | $16.27 | $15.19 | $11.33 | $11.60 | $8.43 |
Total Return2 | 7.11% | 34.07% | (2.33)% | 37.60% | 10.63% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.50% | 2.50% | 2.50% | 2.50% | 2.49% |
Net investment income (loss) | (1.79)% | (1.24)% | (1.54)% | (1.94)% | (1.91)% |
Expense waiver/reimbursement3 | 0.43% | 0.59% | 1.04% | 1.13% | 1.22% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $4,608 | $4,912 | $4,223 | $4,663 | $2,795 |
Portfolio turnover | 61% | 88% | 69% | 154% | 142% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $16.44 | $12.14 | $12.31 | $8.85 | $7.93 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.14)1 | (0.03)1 | (0.06)1 | (0.10)1 | (0.08)1 |
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 1.49 | 4.33 | (0.11) | 3.56 | 1.00 |
TOTAL FROM INVESTMENT OPERATIONS | 1.35 | 4.30 | (0.17) | 3.46 | 0.92 |
Net Asset Value, End of Period | $17.79 | $16.44 | $12.14 | $12.31 | $8.85 |
Total Return2 | 8.21% | 35.42% | (1.38)% | 39.10% | 11.60% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Net investment income (loss) | (0.80)% | (0.24)% | (0.54)% | (0.92)% | (0.92)% |
Expense waiver/reimbursement3 | 0.43% | 0.59% | 1.05% | 1.15% | 1.22% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $37,253 | $31,179 | $26,233 | $29,395 | $27,039 |
Portfolio turnover | 61% | 88% | 69% | 154% | 142% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Assets: | ||
Total investment in securities, at value including $1,393,702 of investment in an affiliated holding (Note 5) (identified cost $65,722,036) | $73,354,501 | |
Income receivable | 17,985 | |
Receivable for investments sold | 499,921 | |
Receivable for shares sold | 147,764 | |
TOTAL ASSETS | 74,020,171 | |
Liabilities: | ||
Payable for investments purchased | $395,034 | |
Payable for shares redeemed | 88,696 | |
Payable for transfer agent fee | 41,975 | |
Payable for auditing fees | 23,800 | |
Payable for distribution services fee (Note 5) | 4,423 | |
Payable for other service fees (Notes 2 and 5) | 18,640 | |
Payable for share registration costs | 33,900 | |
Accrued expenses (Note 5) | 21,084 | |
TOTAL LIABILITIES | 627,552 | |
Net assets for 4,194,600 shares outstanding | $73,392,619 | |
Net Assets Consist of: | ||
Paid-in capital | $68,876,329 | |
Net unrealized appreciation of investments | 7,632,465 | |
Accumulated net realized loss on investments and foreign currency transactions | (2,636,923) | |
Accumulated net investment income (loss) | (479,252) | |
TOTAL NET ASSETS | $73,392,619 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($29,690,115 ÷ 1,706,918 shares outstanding), no par value, unlimited shares authorized | $17.39 | |
Offering price per share (100/94.50 of $17.39) | $18.40 | |
Redemption proceeds per share | $17.39 | |
Class B Shares: | ||
Net asset value per share ($1,841,904 ÷ 110,381 shares outstanding), no par value, unlimited shares authorized | $16.69 | |
Offering price per share | $16.69 | |
Redemption proceeds per share (94.50/100 of $16.69) | $15.77 | |
Class C Shares: | ||
Net asset value per share ($4,607,702 ÷ 283,185 shares outstanding), no par value, unlimited shares authorized | $16.27 | |
Offering price per share | $16.27 | |
Redemption proceeds per share (99.00/100 of $16.27) | $16.11 | |
Institutional Shares: | ||
Net asset value per share ($37,252,898 ÷ 2,094,116 shares outstanding), no par value, unlimited shares authorized | $17.79 | |
Offering price per share | $17.79 | |
Redemption proceeds per share | $17.79 |
Investment Income: | |||
Dividends (including $885 received from an affiliated holding (Note 5)) | $514,522 | ||
Interest | 72 | ||
TOTAL INCOME | 514,594 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $838,235 | ||
Administrative fee (Note 5) | 56,940 | ||
Custodian fees | 10,247 | ||
Transfer agent fee | 269,270 | ||
Directors'/Trustees' fees (Note 5) | 1,378 | ||
Auditing fees | 23,800 | ||
Legal fees | 14,057 | ||
Portfolio accounting fees | 78,997 | ||
Distribution services fee (Note 5) | 54,894 | ||
Other service fees (Notes 2 and 5) | 96,073 | ||
Share registration costs | 53,649 | ||
Printing and postage | 50,786 | ||
Miscellaneous (Note 5) | 11,273 | ||
TOTAL EXPENSES | 1,559,599 | ||
Waiver/reimbursement of investment adviser fee (Note 5) | (311,711) | ||
Net expenses | 1,247,888 | ||
Net investment income (loss) | (733,294) | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments | 9,490,958 | ||
Net change in unrealized appreciation of investments | (3,333,015) | ||
Net realized and unrealized gain on investments | 6,157,943 | ||
Change in net assets resulting from operations | $5,424,649 |
Year Ended July 31 | 2014 | 2013 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(733,294) | $(273,634) |
Net realized gain on investments | 9,490,958 | 11,801,972 |
Net change in unrealized appreciation/depreciation of investments | (3,333,015) | 7,112,884 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 5,424,649 | 18,641,222 |
Share Transactions: | ||
Proceeds from sale of shares | 16,325,070 | 12,327,005 |
Cost of shares redeemed | (16,650,066) | (17,490,091) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (324,996) | (5,163,086) |
Change in net assets | 5,099,653 | 13,478,136 |
Net Assets: | ||
Beginning of period | 68,292,966 | 54,814,830 |
End of period (including accumulated net investment income (loss) of $(479,252) and $(275,991), respectively) | $73,392,619 | $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. |
Other Service Fees Incurred | |
Class A Shares | $77,825 |
Class B Shares | 5,264 |
Class C Shares | 12,984 |
TOTAL | $96,073 |
Year Ended July 31 | 2014 | 2013 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 141,156 | $2,490,198 | 331,847 | $4,237,900 |
Shares redeemed | (307,176) | (5,375,153) | (363,126) | (4,908,290) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (166,020) | $(2,884,955) | (31,279) | $(670,390) |
Year Ended July 31 | 2014 | 2013 | ||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 18,297 | $308,687 | 32,692 | $439,424 |
Shares redeemed | (37,296) | (634,098) | (44,499) | (581,084) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (18,999) | $(325,411) | (11,807) | $(141,660) |
Year Ended July 31 | 2014 | 2013 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 23,500 | $374,325 | 20,807 | $274,225 |
Shares redeemed | (63,678) | (1,059,481) | (70,218) | (912,217) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (40,178) | $(685,156) | (49,411) | $(637,992) |
Year Ended July 31 | 2014 | 2013 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 729,007 | $13,151,860 | 523,422 | $7,375,456 |
Shares redeemed | (531,135) | (9,581,334) | (787,972) | (11,088,500) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 197,872 | $3,570,526 | (264,550) | $(3,713,044) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (27,325) | $(324,996) | (357,047) | $(5,163,086) |
Increase (Decrease) | ||
Paid-In Capital | Undistributed Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) |
$(530,261) | $530,033 | $228 |
Net unrealized appreciation | $7,589,356 |
Capital loss carryforwards and deferrals | $(3,073,066) |
Expiration Year | Short-Term | Long-Term | Total |
2018 | $2,593,814 | NA | $2,593,814 |
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 | $15,822 |
Class C Shares | $39,072 |
TOTAL | $54,894 |
Federated Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2013 | 1,007,928 |
Purchases/Additions | 16,023,768 |
Sales/Reductions | (15,637,994) |
Balance of Shares Held 7/31/2014 | 1,393,702 |
Value | $1,393,702 |
Dividend Income | $885 |
Purchases | $43,305,769 |
Sales | $44,748,751 |
September 23, 2014
Beginning Account Value 2/1/2014 | Ending Account Value 7/31/2014 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $990.90 | $8.64 |
Class B Shares | $1,000 | $987.60 | $12.32 |
Class C Shares | $1,000 | $987.30 | $12.32 |
Institutional Shares | $1,000 | $992.20 | $7.41 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,016.12 | $8.75 |
Class B Shares | $1,000 | $1,012.40 | $12.47 |
Class C Shares | $1,000 | $1,012.40 | $12.47 |
Institutional Shares | $1,000 | $1,017.36 | $7.50 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (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 Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John F. Donahue* Birth Date: July 28, 1924 Trustee Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling. |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Began serving: June 2006 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd. |
* | Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Chairman Emeriti, Bentley University; Director, Sterling Suffolk Downs, Inc.; Former Director, National Association of Printers and Lithographers. Previous Positions: Director and Audit Committee Member, Bank of America Corp. Qualifications: Business management and director experience. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Associate General Secretary and Director, Office for Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law; Superior Court of Pennsylvania (service began 1998 and ended July 2009). Other Directorships Held: Director, Consol Energy (service started June 2013); Director, Auberle (service ended December 2013); Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh (service ended December 2013); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society (service ended December 2013); Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute (2013-present); Director, Cardinal Wuerl North Catholic High School (2013-present). Previous Position: Professor of Law, Duquesne University School of Law, Pittsburgh (1983-1998). Qualifications: Legal and director experience. |
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: June 2006 | Principal Occupation: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications: Business management, mutual fund services and director experience. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications: Banking, business management, education and director experience. |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Began serving: October 2006 | Principal Occupations: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions: Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications: Business management, mutual fund, director and investment experience. |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; General Counsel, University of Pittsburgh. Other Directorships Held: Board Chairman, Epilepsy Foundation of Western Pennsylvania; Board Member, World Affairs Council of Pittsburgh. Previous Positions: Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). Qualifications: Business management, legal and director experience. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Began serving: June 2006 | Principal Occupations: Director or Trustee, Chairman of the Audit Committee of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Previous Position: Vice President, Walsh & Kelly, Inc. Qualifications: Business management and director experience. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
John W. McGonigle Birth Date: October 26, 1938 Secretary Officer since: May 2006 | Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp. |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: June 2006 | Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: June 2006 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin. Previous Positions: Served in Senior Management positions with a large regional banking organization. |
Stephen F. Auth Birth Date: September 3, 1956 450 Lexington Avenue Suite 3700 New York, NY 10017-3943 CHIEF INVESTMENT OFFICER Officer since: June 2012 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
Daniel Mahr Birth Date: April 9, 1981 125 High Street Oliver Tower 21st Floor Boston, MA 02110-2704 Vice President Officer since: June 2012 Portfolio Manager since: August 2008 | Principal Occupations: Daniel Mahr has been the Fund's Portfolio Manager since August 2008. Mr. Mahr joined the MDT Advisers Investment Team in 2002. As Managing Director, Research, he is responsible for leading the Investment Team as it relates to the ongoing design, development and implementation of the Optimum Q Process. He is Vice President of the Trust with respect to the Fund. Mr. Mahr received his A.B., Computer Science from Harvard College and his S.M., Computer Science from Harvard University. |
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R676
CUSIP 31421R767
CUSIP 31421R759
2014 ©Federated Investors, Inc.
Item 2. Code of Ethics
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.
(c) Not Applicable
(d) Not Applicable
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. Audit Committee Financial Expert
The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: Charles F. Mansfield, Jr., Thomas M. O'Neill and John S. Walsh.
Item 4. Principal Accountant Fees and Services
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2014 - $124,600
Fiscal year ended 2013 – $121,600
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2014 - $76
Fiscal year ended 2013 – $182
Fiscal year ended 2014- Travel to Audit Committee Meeting.
Fiscal year ended 2013- Travel to Audit Committee Meeting.
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0, respectively.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2014 - $0
Fiscal year ended 2013 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0, respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2014 - $0
Fiscal year ended 2013 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $21,857 and $12,280, respectively. Fiscal year ended 2014- Service fee for analysis of potential Passive Foreign Investment Company holdings. Fiscal year ended 2013- Service fee for analysis of potential Passive Foreign Investment Company holdings.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate its responsibilities to pre-approve services performed by the independent auditor to management.
The Audit Committee has delegated pre-approval authority to its Chairman. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee must approve any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit Services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services, all other Audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain Audit-related services, all other Audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide Tax services to the Company such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services, all Tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of services other than audit, review or attest services the pre-approval requirement is waived if:
(1) | The aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant to its accountant during the fiscal year in which the services are provided; |
(2) | Such services were not recognized by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant at the time of the engagement to be non-audit services; and |
(3) | Such services are promptly brought to the attention of the Audit Committee of the issuer and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the board of directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, and would not impair the independence of the auditor.
The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of prohibited non-audit services and the applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2014 – 0%
Fiscal year ended 2013 – 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2014 – 0%
Fiscal year ended 2013 – 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2014 – 0%
Fiscal year ended 2013 – 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) | NA |
(g) | Non-Audit Fees billed to the registrant, the registrant’s investment adviser, and certain entities controlling, controlled by or under common control with the investment adviser: |
Fiscal year ended 2014 - $91,770
Fiscal year ended 2013 - $126,877
(h) The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants
Not Applicable
Item 6. Schedule of Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not Applicable |
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not Applicable |
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not Applicable |
Item 10. Submission of Matters to a Vote of Security Holders
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 September 22, 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 September 22, 2014
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date September 22, 2014