United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-21904
(Investment Company Act File Number)
Federated MDT Series
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 07/31/15
Date of Reporting Period: Six months ended 01/31/15
Item 1. Reports to Stockholders
Share Class | Ticker |
A | QAACX |
C | QCACX |
R | QKACX |
Institutional | QIACX |
Industry Composition | Percentage of Total Net Assets |
Regional Banks | 4.2% |
Biotechnology | 3.8% |
Electric Utility | 3.6% |
Money Center Bank | 3.4% |
Services to Medical Professionals | 2.6% |
Property Liability Insurance | 2.5% |
Specialty Retailing | 2.5% |
Computer Peripherals | 2.1% |
Software Packaged/Custom | 2.1% |
Multi-Line Insurance | 2.0% |
Department Stores | 1.9% |
Oil Refiner | 1.8% |
Semiconductor Manufacturing | 1.8% |
Commodity Chemicals | 1.6% |
Telecommunication Equipment & Services | 1.6% |
Computer Stores | 1.5% |
Construction Machinery | 1.5% |
Defense Aerospace | 1.5% |
Ethical Drugs | 1.5% |
Computers - Midrange | 1.4% |
Life Insurance | 1.4% |
Financial Services | 1.3% |
Medical Supplies | 1.3% |
Semiconductor Distribution | 1.3% |
Soft Drinks | 1.3% |
Health Care Providers & Services | 1.2% |
Integrated Domestic Oil | 1.2% |
Securities Brokerage | 1.2% |
Industry Composition | Percentage of Total Net Assets |
Grocery Chain | 1.1% |
Airline - Regional | 1.0% |
Auto Original Equipment Manufacturers | 1.0% |
Oil Well Supply | 1.0% |
Other Communications Equipment | 1.0% |
Other2 | 37.6% |
Cash Equivalents3 | 2.1% |
Other Assets and Liabilities—Net4 | 0.1% |
TOTAL | 100.0% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, industry classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | For purposes of this table, industry classifications which constitute less than 1.0% of the Fund's total net assets have been aggregated under the designation “Other”. |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS—97.8% | |||
Agricultural Chemicals—0.9% | |||
7,000 | Bunge Ltd. | $626,710 | |
1,400 | CF Industries Holdings, Inc. | 427,532 | |
200 | 1 | Graham Holdings Co. | 187,064 |
2,500 | Scotts Miracle-Gro Co. | 158,575 | |
TOTAL | 1,399,881 | ||
Agricultural Machinery—0.8% | |||
9,100 | AGCO Corp. | 394,394 | |
10,200 | Deere & Co. | 868,938 | |
TOTAL | 1,263,332 | ||
Airline - National—0.8% | |||
17,100 | 1 | United Continental Holdings, Inc. | 1,186,227 |
Airline - Regional—1.0% | |||
10,000 | Alaska Air Group, Inc. | 678,700 | |
19,400 | Southwest Airlines Co. | 876,492 | |
TOTAL | 1,555,192 | ||
Airlines—0.8% | |||
25,000 | Delta Air Lines, Inc. | 1,182,750 | |
Apparel—0.2% | |||
2,000 | 1 | Ann, Inc. | 66,200 |
1,300 | Carter's, Inc. | 105,937 | |
2,300 | Guess ?, Inc. | 43,194 | |
1,400 | V.F. Corp. | 97,118 | |
TOTAL | 312,449 | ||
AT&T Divestiture—0.7% | |||
33,400 | AT&T, Inc. | 1,099,528 | |
Auto Components—0.6% | |||
12,500 | Goodyear Tire & Rubber Co. | 303,000 | |
5,500 | Lear Corp. | 551,925 | |
TOTAL | 854,925 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Auto Manufacturing—0.3% | |||
26,800 | Ford Motor Co. | $394,228 | |
Auto Original Equipment Manufacturers—1.0% | |||
300 | 1 | AutoZone, Inc. | 179,088 |
15,600 | Johnson Controls, Inc. | 724,932 | |
2,700 | 1 | O'Reilly Automotive, Inc. | 505,872 |
2,200 | 1 | Tenneco, Inc. | 113,124 |
TOTAL | 1,523,016 | ||
Auto Rentals—0.6% | |||
7,800 | 1 | Avis Budget Group, Inc. | 447,018 |
6,700 | 1 | United Rentals, Inc. | 555,095 |
TOTAL | 1,002,113 | ||
Beverages—0.3% | |||
3,500 | 1 | Monster Beverage Co. | 409,325 |
Biotechnology—3.8% | |||
6,800 | 1 | Alexion Pharmaceuticals, Inc. | 1,246,032 |
6,100 | Amgen, Inc. | 928,786 | |
3,600 | 1 | Biogen Idec, Inc. | 1,400,976 |
1,800 | 1 | Celgene Corp. | 214,488 |
13,300 | 1 | Gilead Sciences, Inc. | 1,394,239 |
2,000 | 1 | Pharmacyclics, Inc. | 337,500 |
1,100 | 1 | Regeneron Pharmaceuticals, Inc. | 458,326 |
TOTAL | 5,980,347 | ||
Building Materials—0.1% | |||
1,700 | Lennox International, Inc. | 167,127 | |
Building Supply Stores—0.6% | |||
4,300 | Home Depot, Inc. | 449,006 | |
7,700 | Lowe's Cos., Inc. | 521,752 | |
TOTAL | 970,758 | ||
Cable TV—0.9% | |||
7,700 | Time Warner, Inc. | 600,061 | |
11,900 | Viacom, Inc., Class B | 766,598 | |
TOTAL | 1,366,659 | ||
Closed End Fund—0.6% | |||
6,800 | 1 | Berkshire Hathaway, Inc. | 978,588 |
Clothing Stores—0.7% | |||
14,000 | Gap (The), Inc. | 576,660 | |
1,200 | Hanesbrands, Inc. | 133,656 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Clothing Stores—continued | |||
5,300 | 1 | Michael Kors Holdings Ltd. | $375,187 |
TOTAL | 1,085,503 | ||
Commodity Chemicals—1.6% | |||
4,600 | Celanese Corp. | 247,296 | |
4,700 | Dow Chemical Co. | 212,252 | |
4,400 | Eastman Chemical Co. | 311,916 | |
11,200 | LyondellBasell Investment LLC | 885,808 | |
1,500 | PPG Industries, Inc. | 334,320 | |
3,000 | RPM International, Inc. | 143,580 | |
4,800 | Westlake Chemical Corp. | 275,088 | |
TOTAL | 2,410,260 | ||
Computer Networking—0.3% | |||
20,800 | Juniper Networks, Inc. | 472,784 | |
Computer Peripherals—2.1% | |||
22,300 | EMC Corp. | 578,239 | |
6,400 | Lexmark International, Inc., Class A | 255,424 | |
19,800 | NetApp, Inc. | 748,440 | |
4,800 | Sandisk Corp. | 364,368 | |
10,800 | Western Digital Corp. | 1,050,084 | |
18,900 | Western Union Co. | 321,300 | |
TOTAL | 3,317,855 | ||
Computer Services—0.2% | |||
4,100 | Global Payments, Inc. | 357,971 | |
Computer Stores—1.5% | |||
10,800 | GameStop Corp. | 380,700 | |
42,649 | 1 | Ingram Micro, Inc., Class A | 1,073,902 |
2,100 | 1 | Insight Enterprises, Inc. | 49,707 |
13,862 | 1 | Tech Data Corp. | 791,520 |
TOTAL | 2,295,829 | ||
Computers - High End—0.7% | |||
7,300 | IBM Corp. | 1,119,163 | |
Computers - Midrange—1.4% | |||
59,700 | Hewlett-Packard Co. | 2,156,961 | |
Construction Machinery—1.5% | |||
14,100 | Caterpillar, Inc. | 1,127,577 | |
5,800 | Joy Global, Inc. | 243,252 | |
35,600 | Trinity Industries, Inc. | 942,332 | |
TOTAL | 2,313,161 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Finance—0.2% | |||
18,800 | Navient Corp. | $371,112 | |
Copper—0.3% | |||
23,800 | Freeport-McMoRan, Inc. | 400,078 | |
Cosmetics & Toiletries—0.7% | |||
21,400 | Avon Products, Inc. | 165,636 | |
3,800 | Estee Lauder Cos., Inc., Class A | 268,242 | |
700 | International Flavors & Fragrances, Inc. | 74,277 | |
5,400 | 1 | Sally Beauty Holdings, Inc. | 167,832 |
2,900 | 1 | Ulta Salon Cosmetics & Fragrance, Inc. | 382,626 |
TOTAL | 1,058,613 | ||
Crude Oil & Gas Production—0.8% | |||
13,600 | Apache Corp. | 850,952 | |
22,200 | Chesapeake Energy Corp. | 425,796 | |
400 | EOG Resources, Inc. | 35,612 | |
TOTAL | 1,312,360 | ||
Defense Aerospace—1.5% | |||
3,200 | Alliant Techsystems, Inc. | 416,992 | |
5,300 | Boeing Co. | 770,461 | |
5,600 | General Dynamics Corp. | 745,976 | |
8,100 | 1 | Spirit Aerosystems Holdings, Inc., Class A | 364,824 |
TOTAL | 2,298,253 | ||
Defense Electronics—0.2% | |||
1,200 | Northrop Grumman Corp. | 188,340 | |
1,300 | Raytheon Co. | 130,065 | |
TOTAL | 318,405 | ||
Department Stores—1.9% | |||
2,600 | Dillards, Inc., Class A | 295,360 | |
14,900 | Kohl's Corp. | 889,828 | |
16,600 | Macy's, Inc. | 1,060,408 | |
9,000 | Target Corp. | 662,490 | |
TOTAL | 2,908,086 | ||
Discount Department Stores—0.6% | |||
5,400 | Foot Locker, Inc. | 287,388 | |
7,700 | Wal-Mart Stores, Inc. | 654,346 | |
TOTAL | 941,734 | ||
Diversified Leisure—0.5% | |||
7,300 | Carnival Corp. | 320,908 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Diversified Leisure—continued | |||
6,200 | Royal Caribbean Cruises Ltd. | $468,410 | |
TOTAL | 789,318 | ||
Diversified Oil—0.3% | |||
9,000 | Murphy Oil Corp. | 404,190 | |
900 | Occidental Petroleum Corp. | 72,000 | |
TOTAL | 476,190 | ||
Diversified Tobacco—0.3% | |||
8,600 | Altria Group, Inc. | 456,660 | |
Education & Training Services—0.2% | |||
11,000 | 1 | Apollo Group, Inc., Class A | 277,860 |
2,100 | DeVry Education Group, Inc. | 89,061 | |
TOTAL | 366,921 | ||
Electric Utilities—0.1% | |||
1,200 | Duke Energy Corp. | 104,568 | |
Electric Utility—3.6% | |||
24,600 | AES Corp. | 300,612 | |
9,400 | American Electric Power Co., Inc. | 590,414 | |
7,900 | Consolidated Edison Co. | 547,312 | |
13,400 | Edison International | 913,210 | |
10,000 | Entergy Corp. | 875,100 | |
17,500 | Exelon Corp. | 630,700 | |
15,600 | P G & E Corp. | 917,436 | |
2,900 | PPL Corp. | 102,950 | |
16,700 | Public Service Enterprises Group, Inc. | 712,756 | |
TOTAL | 5,590,490 | ||
Electrical Equipment—0.4% | |||
8,900 | Emerson Electric Co. | 506,766 | |
4,200 | 1 | Sanmina Corp. | 88,956 |
TOTAL | 595,722 | ||
Electronic Equipment Instruments & Components—0.7% | |||
4,600 | Apple, Inc. | 538,936 | |
10,100 | CDW Corp. | 346,026 | |
4,600 | Garmin Ltd. | 240,856 | |
TOTAL | 1,125,818 | ||
Electronic Test/Measuring Equipment—0.0% | |||
1,800 | 1 | Itron, Inc. | 66,978 |
Electronics Stores—0.4% | |||
16,800 | Best Buy Co., Inc. | 591,360 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Energy Equipment & Services—0.1% | |||
8,200 | Superior Energy Services, Inc. | $164,000 | |
Ethical Drugs—1.5% | |||
1,500 | Abbott Laboratories | 67,140 | |
4,600 | Eli Lilly & Co. | 331,200 | |
1,500 | Johnson & Johnson | 150,210 | |
4,500 | Merck & Co., Inc. | 271,260 | |
32,200 | Pfizer, Inc. | 1,006,250 | |
3,700 | 1 | United Therapeutics Corp. | 522,181 |
TOTAL | 2,348,241 | ||
Financial Services—1.3% | |||
4,800 | American Express Co. | 387,312 | |
6,500 | Ameriprise Financial, Inc. | 812,110 | |
11,600 | Discover Financial Services | 630,808 | |
2,500 | Nelnet, Inc., Class A | 109,350 | |
TOTAL | 1,939,580 | ||
Generic Drugs—0.2% | |||
6,800 | 1 | Mylan, Inc. | 361,420 |
Grocery Chain—1.1% | |||
25,700 | Kroger Co. | 1,774,585 | |
Health Care Equipment & Supplies—0.0% | |||
500 | 1 | Medtronic PLC | 35,700 |
Health Care Providers & Services—1.2% | |||
10,773 | 1 | Anthem, Inc. | 1,453,924 |
5,800 | 1 | Quintiles Transnational Holdings, Inc. | 350,900 |
TOTAL | 1,804,824 | ||
Home Products—0.8% | |||
4,100 | Energizer Holdings, Inc. | 524,841 | |
9,100 | Newell Rubbermaid, Inc. | 335,517 | |
4,600 | Tupperware Brands Corp. | 311,006 | |
TOTAL | 1,171,364 | ||
Hospitals—0.6% | |||
13,400 | 1 | HCA, Inc. | 948,720 |
Hotels—0.6% | |||
7,100 | Marriott International, Inc., Class A | 528,950 | |
5,200 | Wyndham Worldwide Corp. | 435,708 | |
TOTAL | 964,658 | ||
Household Appliances—0.9% | |||
6,800 | Whirlpool Corp. | 1,353,744 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Household Durables—0.3% | |||
4,600 | Stanley Black & Decker, Inc. | $430,790 | |
Industrial Machinery—0.9% | |||
9,600 | Dover Corp. | 672,384 | |
8,800 | Eaton Corp. PLC | 555,192 | |
9,100 | Terex Corp. | 204,568 | |
TOTAL | 1,432,144 | ||
Integrated Domestic Oil—1.2% | |||
13,500 | ConocoPhillips | 850,230 | |
6,900 | Hess Corp. | 465,681 | |
21,900 | Marathon Oil Corp. | 582,540 | |
TOTAL | 1,898,451 | ||
Integrated International Oil—0.8% | |||
10,900 | Chevron Corp. | 1,117,577 | |
2,000 | Exxon Mobil Corp. | 174,840 | |
TOTAL | 1,292,417 | ||
Internet Services—0.0% | |||
300 | IAC Interactive Corp. | 18,285 | |
Internet Software & Services—0.5% | |||
3,300 | 1 | LinkedIn Corp. | 741,642 |
Life Insurance—1.4% | |||
15,100 | Assured Guaranty Ltd. | 368,742 | |
8,500 | MetLife, Inc. | 395,250 | |
7,400 | Principal Financial Group, Inc. | 347,282 | |
11,700 | Prudential Financial, Inc. | 887,796 | |
2,900 | StanCorp Financial Group, Inc. | 179,916 | |
TOTAL | 2,178,986 | ||
Magazine Publishing—0.0% | |||
500 | McGraw Hill Financial, Inc | 44,720 | |
Mail Order—0.1% | |||
2,200 | HSN, Inc. | 170,368 | |
Major Steel Producer—0.3% | |||
16,400 | United States Steel Corp. | 400,816 | |
Medical Supplies—1.3% | |||
1,900 | 1 | Align Technology, Inc. | 100,795 |
5,300 | AmerisourceBergen Corp. | 503,765 | |
7,600 | Baxter International, Inc. | 534,356 | |
7,200 | Cardinal Health, Inc. | 598,968 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Medical Supplies—continued | |||
1,500 | McKesson Corp. | $318,975 | |
TOTAL | 2,056,859 | ||
Medical Technology—0.6% | |||
3,900 | 1 | Edwards Lifesciences Corp. | 488,865 |
500 | 1 | Intuitive Surgical, Inc. | 247,240 |
4,000 | St. Jude Medical, Inc. | 263,480 | |
TOTAL | 999,585 | ||
Miscellaneous Components—0.3% | |||
3,000 | Amphenol Corp., Class A | 161,130 | |
27,428 | Vishay Intertechnology, Inc. | 373,569 | |
TOTAL | 534,699 | ||
Miscellaneous Food Products—0.9% | |||
13,800 | Archer-Daniels-Midland Co. | 643,494 | |
7,300 | Fresh Del Monte Produce, Inc. | 245,499 | |
5,900 | Ingredion, Inc. | 475,776 | |
TOTAL | 1,364,769 | ||
Miscellaneous Machinery—0.4% | |||
3,100 | Parker-Hannifin Corp. | 361,026 | |
3,200 | SPX Corp. | 267,424 | |
TOTAL | 628,450 | ||
Money Center Bank—3.4% | |||
62,500 | Bank of America Corp. | 946,875 | |
15,700 | Bank of New York Mellon Corp. | 565,200 | |
16,800 | Citigroup, Inc. | 788,760 | |
29,600 | JPMorgan Chase & Co. | 1,609,648 | |
10,600 | State Street Corp. | 758,006 | |
14,700 | U.S. Bancorp | 616,077 | |
TOTAL | 5,284,566 | ||
Motion Pictures—0.4% | |||
6,800 | Walt Disney Co. | 618,528 | |
Multi-Industry Capital Goods—0.6% | |||
500 | 3M Co. | 81,150 | |
26,700 | General Electric Co. | 637,863 | |
5,600 | Textron, Inc. | 238,336 | |
TOTAL | 957,349 | ||
Multi-Industry Transportation—0.5% | |||
4,500 | FedEx Corp. | 760,995 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Multi-Line Insurance—2.0% | |||
9,600 | Allstate Corp. | $669,984 | |
16,500 | American International Group, Inc. | 806,355 | |
8,900 | CIGNA Corp. | 950,787 | |
8,300 | Hartford Financial Services Group, Inc. | 322,870 | |
7,900 | Lincoln National Corp. | 394,842 | |
TOTAL | 3,144,838 | ||
Mutual Fund Adviser—0.3% | |||
5,800 | Franklin Resources, Inc. | 298,874 | |
3,700 | Waddell & Reed Financial, Inc., Class A | 165,427 | |
TOTAL | 464,301 | ||
Office Electronics—0.3% | |||
29,400 | Xerox Corp. | 387,198 | |
Office Equipment—0.2% | |||
14,800 | Pitney Bowes, Inc. | 354,904 | |
Office Supplies—0.2% | |||
4,500 | Avery Dennison Corp. | 235,215 | |
Offshore Driller—0.1% | |||
15,800 | Nabors Industries Ltd. | 181,858 | |
Oil Gas & Consumable Fuels—0.6% | |||
9,900 | Phillips 66 | 696,168 | |
4,500 | SM Energy Co. | 170,190 | |
TOTAL | 866,358 | ||
Oil Refiner—1.8% | |||
11,600 | HollyFrontier Corp. | 416,672 | |
7,900 | Marathon Petroleum Corp. | 731,461 | |
7,100 | Tesoro Petroleum Corp. | 580,283 | |
19,000 | Valero Energy Corp. | 1,004,720 | |
TOTAL | 2,733,136 | ||
Oil Service, Explore & Drill—0.2% | |||
6,400 | Helmerich & Payne, Inc. | 381,184 | |
Oil Well Supply—1.0% | |||
11,200 | 1 | Cameron International Corp. | 501,536 |
5,800 | Halliburton Co. | 231,942 | |
15,500 | National-Oilwell, Inc. | 843,665 | |
TOTAL | 1,577,143 | ||
Other Communications Equipment—1.0% | |||
7,600 | Harris Corp. | 510,188 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Other Communications Equipment—continued | |||
11,800 | Skyworks Solutions, Inc. | $979,990 | |
TOTAL | 1,490,178 | ||
Packaged Foods—0.9% | |||
20,300 | ConAgra Foods, Inc. | 719,229 | |
4,400 | Kellogg Co. | 288,552 | |
9,400 | Mondelez International, Inc. | 331,256 | |
TOTAL | 1,339,037 | ||
Paint & Related Materials—0.3% | |||
1,500 | Sherwin-Williams Co. | 406,905 | |
Paper & Forest Products—0.1% | |||
5,600 | Domtar, Corp. | 214,480 | |
Paper Products—0.7% | |||
10,500 | International Paper Co. | 552,930 | |
7,200 | Rock-Tenn Co. | 467,280 | |
TOTAL | 1,020,210 | ||
Personal & Household—0.2% | |||
5,800 | Nu Skin Enterprises, Inc., Class A | 237,684 | |
Personal Loans—0.6% | |||
13,700 | Capital One Financial Corp. | 1,002,977 | |
Personnel Agency—0.4% | |||
6,500 | Manpower, Inc. | 473,720 | |
3,400 | Robert Half International, Inc. | 197,404 | |
TOTAL | 671,124 | ||
Pharmaceuticals—0.7% | |||
17,600 | AbbVie, Inc. | 1,062,160 | |
Poultry Products—0.4% | |||
11,800 | Pilgrim's Pride Corp. | 320,370 | |
4,000 | Sanderson Farms, Inc. | 319,840 | |
TOTAL | 640,210 | ||
Printing—0.1% | |||
9,700 | Donnelley (R.R.) & Sons Co. | 159,759 | |
Property Liability Insurance—2.5% | |||
4,900 | Ace Ltd. | 529,004 | |
3,200 | Chubb Corp. | 313,280 | |
4,500 | Everest Re Group Ltd. | 771,210 | |
10,700 | HCC Insurance Holdings, Inc. | 570,738 | |
5,200 | PartnerRe Ltd. | 594,880 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Property Liability Insurance—continued | |||
11,200 | The Travelers Cos., Inc. | $1,151,584 | |
TOTAL | 3,930,696 | ||
Railroad—0.4% | |||
5,000 | Union Pacific Corp. | 586,050 | |
Regional Banks—4.2% | |||
23,300 | BB&T Corp. | 822,257 | |
11,000 | Comerica, Inc. | 456,500 | |
29,600 | Fifth Third Bancorp | 512,080 | |
17,200 | Huntington Bancshares, Inc. | 172,344 | |
30,200 | KeyCorp | 392,298 | |
12,900 | PNC Financial Services Group | 1,090,566 | |
9,100 | 1 | Popular, Inc. | 280,553 |
2,600 | 1 | SVB Financial Group | 293,540 |
22,700 | SunTrust Banks, Inc. | 872,134 | |
29,100 | Wells Fargo & Co. | 1,510,872 | |
7,200 | Zions Bancorp | 172,512 | |
TOTAL | 6,575,656 | ||
Rental & Leasing Services—0.1% | |||
3,200 | Rent-A-Center, Inc. | 109,696 | |
Restaurants—0.6% | |||
1,200 | 1 | Chipotle Mexican Grill, Inc. | 851,808 |
Road & Rail—0.1% | |||
1,400 | Norfolk Southern Corp. | 142,758 | |
Securities Brokerage—1.2% | |||
7,400 | Goldman Sachs Group, Inc. | 1,275,834 | |
18,900 | Morgan Stanley | 639,009 | |
TOTAL | 1,914,843 | ||
Semiconductor Distribution—1.3% | |||
25,913 | 1 | Arrow Electronics, Inc. | 1,426,252 |
14,515 | Avnet, Inc. | 604,114 | |
TOTAL | 2,030,366 | ||
Semiconductor Manufacturing—1.8% | |||
11,100 | Broadcom Corp. | 471,029 | |
34,400 | Intel Corp. | 1,136,576 | |
17,700 | 1 | Micron Technology, Inc. | 517,990 |
12,800 | Texas Instruments, Inc. | 684,160 | |
TOTAL | 2,809,755 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Semiconductor Manufacturing Equipment—0.3% | |||
6,900 | Lam Research Corp. | $527,436 | |
Services to Medical Professionals—2.6% | |||
13,300 | Aetna, Inc. | 1,221,206 | |
1,000 | 1 | Express Scripts Holding Co. | 80,710 |
200 | 1 | Henry Schein, Inc. | 27,614 |
4,500 | Humana, Inc. | 658,980 | |
3,100 | 1 | Laboratory Corp. of America Holdings | 355,818 |
2,800 | Omnicare, Inc. | 209,944 | |
7,600 | Quest Diagnostics, Inc. | 540,132 | |
9,100 | UnitedHealth Group, Inc. | 966,875 | |
TOTAL | 4,061,279 | ||
Shipbuilding—0.3% | |||
4,500 | Huntington Ingalls Industries, Inc. | 524,700 | |
Soft Drinks—1.3% | |||
14,400 | Coca-Cola Enterprises, Inc. | 606,240 | |
13,800 | Dr. Pepper Snapple Group, Inc. | 1,066,326 | |
4,400 | PepsiCo, Inc. | 412,632 | |
TOTAL | 2,085,198 | ||
Software Packaged/Custom—2.1% | |||
19,200 | CA, Inc. | 581,760 | |
10,000 | Computer Sciences Corp. | 606,800 | |
11,700 | 1 | Electronic Arts, Inc. | 641,862 |
3,800 | 1 | F5 Networks, Inc. | 424,156 |
3,400 | Oracle Corp. | 142,426 | |
35,500 | Symantec Corp. | 879,335 | |
TOTAL | 3,276,339 | ||
Specialty Chemicals—0.6% | |||
2,500 | Airgas, Inc. | 281,600 | |
3,100 | Ashland, Inc. | 367,412 | |
12,400 | Huntsman Corp. | 272,304 | |
TOTAL | 921,316 | ||
Specialty Retailing—2.5% | |||
8,000 | Abercrombie & Fitch Co., Class A | 204,160 | |
2,600 | 1 | AutoNation, Inc. | 155,012 |
8,100 | 1 | Bed Bath & Beyond, Inc. | 605,637 |
2,900 | Big Lots, Inc. | 133,139 | |
13,887 | CVS Health Corp. | 1,363,148 | |
1,700 | Children's Place, Inc./The | 101,915 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Specialty Retailing—continued | |||
6,600 | Expedia, Inc. | $567,138 | |
3,800 | GNC Holdings, Inc. | 168,492 | |
2,700 | Nordstrom, Inc. | 205,740 | |
16,300 | Staples, Inc. | 277,915 | |
1,400 | Williams-Sonoma, Inc. | 109,550 | |
TOTAL | 3,891,846 | ||
Telecommunication Equipment & Services—1.6% | |||
2,400 | 1 | Anixter International, Inc. | 180,864 |
12,500 | 1 | Arris Group, Inc. | 327,750 |
29,900 | Cisco Systems, Inc. | 788,314 | |
22,800 | Corning, Inc. | 541,956 | |
9,100 | Qualcomm, Inc. | 568,386 | |
TOTAL | 2,407,270 | ||
Telephone Utility—0.6% | |||
26,200 | CenturyLink, Inc. | 973,854 | |
Textiles Apparel & Luxury Goods—0.8% | |||
6,000 | Nike, Inc., Class B | 553,500 | |
6,400 | PVH Corp. | 705,664 | |
TOTAL | 1,259,164 | ||
Tools and Hardware—0.2% | |||
2,500 | Snap-On, Inc. | 331,775 | |
Toys & Games—0.5% | |||
7,600 | Hasbro, Inc. | 417,392 | |
15,700 | Mattel, Inc. | 422,330 | |
TOTAL | 839,722 | ||
Truck Manufacturing—0.8% | |||
4,000 | Cummins, Inc. | 557,840 | |
6,600 | OshKosh Truck Corp. | 282,810 | |
6,900 | PACCAR, Inc. | 414,759 | |
TOTAL | 1,255,409 | ||
Undesignated Consumer Cyclicals—0.2% | |||
8,300 | 1 | Herbalife Ltd. | 252,984 |
2,100 | Weight Watchers International, Inc. | 34,776 | |
TOTAL | 287,760 | ||
Uniforms—0.2% | |||
4,600 | Cintas Corp. | 362,020 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $125,640,884) | 152,157,428 |
Shares | Value | ||
INVESTMENT COMPANy—2.1% | |||
3,270,412 | 2,3 | Federated Prime Value Obligations Fund, Institutional Shares, 0.07% (AT NET ASSET VALUE) | $3,270,412 |
TOTAL INVESTMENTS—99.9% (IDENTIFIED COST $128,911,296)4 | 155,427,840 | ||
OTHER ASSETS AND LIABILITIES - NET—0.1%5 | 196,579 | ||
TOTAL NET ASSETS—100% | $155,624,419 |
1 | Non-income-producing security. |
2 | Affiliated holding. |
3 | 7-day net yield. |
4 | Also represents cost for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 1/31/2015 | Year Ended July 31, | |||||
2014 | 2013 | 2012 | 2011 | 2010 | ||
Net Asset Value, Beginning of Period | $20.47 | $17.26 | $12.73 | $12.48 | $10.54 | $9.91 |
Income From Investment Operations: | ||||||
Net investment income | 0.051 | 0.081 | 0.091 | 0.061 | 0.031 | 0.051 |
Net realized and unrealized gain on investments | 0.46 | 3.23 | 4.49 | 0.19 | 1.96 | 0.67 |
TOTAL FROM INVESTMENT OPERATIONS | 0.51 | 3.31 | 4.58 | 0.25 | 1.99 | 0.72 |
Less Distributions: | ||||||
Distributions from net investment income | (0.03) | (0.10) | (0.05) | — | (0.05) | (0.09) |
Net Asset Value, End of Period | $20.95 | $20.47 | $17.26 | $12.73 | $12.48 | $10.54 |
Total Return2 | 2.47% | 19.21% | 36.10% | 2.00% | 18.87% | 7.18% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.35%3 | 1.35% | 1.35% | 1.35% | 1.34% | 1.29% |
Net investment income | 0.49%3 | 0.41% | 0.59% | 0.48% | 0.21% | 0.44% |
Expense waiver/reimbursement4 | 0.02%3 | 0.08% | 0.16% | 0.40% | 0.31% | 0.25% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $41,337 | $44,678 | $34,092 | $29,365 | $40,227 | $54,437 |
Portfolio turnover | 20% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2015 | Year Ended July 31, | |||||
2014 | 2013 | 2012 | 2011 | 2010 | ||
Net Asset Value, Beginning of Period | $19.57 | $16.55 | $12.26 | $12.12 | $10.27 | $9.66 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.03)1 | (0.07)1 | (0.03)1 | (0.04)1 | (0.07)1 | (0.04)1 |
Net realized and unrealized gain on investments | 0.44 | 3.09 | 4.32 | 0.18 | 1.92 | 0.65 |
TOTAL FROM INVESTMENT OPERATIONS | 0.41 | 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 | $19.98 | $19.57 | $16.55 | $12.26 | $12.12 | $10.27 |
Total Return3 | 2.10% | 18.25% | 34.99% | 1.16% | 18.01% | 6.33% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.12%4 | 2.15% | 2.15% | 2.15% | 2.13% | 2.08% |
Net investment income (loss) | (0.28)%4 | (0.38)% | (0.21)% | (0.32)% | (0.59)% | (0.36)% |
Expense waiver/reimbursement5 | 0.00%4,6 | 0.06% | 0.11% | 0.36% | 0.29% | 0.24% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $40,116 | $35,052 | $27,674 | $24,440 | $31,129 | $39,524 |
Portfolio turnover | 20% | 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. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
6 | Represents less than 0.01%. |
Six Months Ended (unaudited) 1/31/2015 | Year Ended July 31, | |||||
2014 | 2013 | 2012 | 2011 | 2010 | ||
Net Asset Value, Beginning of Period | $20.25 | $17.09 | $12.62 | $12.44 | $10.52 | $9.91 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.011 | (0.01)1 | 0.021 | (0.00)1,2 | (0.04)1 | (0.01)1 |
Net realized and unrealized gain on investments | 0.45 | 3.20 | 4.45 | 0.18 | 1.97 | 0.68 |
TOTAL FROM INVESTMENT OPERATIONS | 0.46 | 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 | $20.71 | $20.25 | $17.09 | $12.62 | $12.44 | $10.52 |
Total Return3 | 2.27% | 18.68% | 35.42% | 1.45% | 18.33% | 6.71% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.76%4 | 1.81% | 1.83% | 1.85% | 1.83% | 1.75% |
Net investment income (loss) | 0.08%4 | (0.05)% | 0.11% | (0.02)% | (0.31)% | (0.09)% |
Expense waiver/reimbursement5 | 0.00%4,6 | 0.00%6 | 0.02% | 0.25% | 0.19% | 0.18% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $5,968 | $5,467 | $4,089 | $2,718 | $2,973 | $2,300 |
Portfolio turnover | 20% | 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. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
6 | Represents less than 0.01%. |
Six Months Ended (unaudited) 1/31/2015 | Year Ended July 31, | |||||
2014 | 2013 | 2012 | 2011 | 2010 | ||
Net Asset Value, Beginning of Period | $20.71 | $17.45 | $12.87 | $12.61 | $10.66 | $10.02 |
Income From Investment Operations: | ||||||
Net investment income | 0.091 | 0.131 | 0.121 | 0.091 | 0.051 | 0.081 |
Net realized and unrealized gain on investments | 0.46 | 3.27 | 4.55 | 0.19 | 1.99 | 0.68 |
TOTAL FROM INVESTMENT OPERATIONS | 0.55 | 3.40 | 4.67 | 0.28 | 2.04 | 0.76 |
Less Distributions: | ||||||
Distributions from net investment income | (0.09) | (0.14) | (0.09) | (0.02) | (0.09) | (0.12) |
Net Asset Value, End of Period | $21.17 | $20.71 | $17.45 | $12.87 | $12.61 | $10.66 |
Total Return2 | 2.63% | 19.54% | 36.46% | 2.23% | 19.14% | 7.54% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.04%3 | 1.10% | 1.10% | 1.10% | 1.08% | 1.01% |
Net investment income | 0.79%3 | 0.65% | 0.84% | 0.73% | 0.45% | 0.69% |
Expense waiver/reimbursement4 | 0.00%3,5 | 0.00%5 | 0.05% | 0.27% | 0.19% | 0.20% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $68,204 | $62,770 | $39,932 | $39,101 | $43,197 | $41,958 |
Portfolio turnover | 20% | 31% | 99% | 164% | 154% | 135% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
5 | Represents less than 0.01%. |
Assets: | ||
Total investment in securities, at value including $3,270,412 of investment in an affiliated holding (Note 5) (identified cost $128,911,296) | $155,427,840 | |
Income receivable | 190,061 | |
Receivable for investments sold | 1,805,603 | |
Receivable for shares sold | 416,384 | |
TOTAL ASSETS | 157,839,888 | |
Liabilities: | ||
Payable for investments purchased | $1,978,243 | |
Payable for shares redeemed | 111,408 | |
Payable for distribution services fee (Note 5) | 28,340 | |
Payable for other service fees (Notes 2 and 5) | 20,833 | |
Accrued expenses (Note 5) | 76,645 | |
TOTAL LIABILITIES | 2,215,469 | |
Net assets for 7,490,102 shares outstanding | $155,624,419 | |
Net Assets Consist of: | ||
Paid-in capital | $224,330,341 | |
Net unrealized appreciation of investments | 26,516,544 | |
Accumulated net realized loss on investments | (95,541,478) | |
Undistributed net investment income | 319,012 | |
TOTAL NET ASSETS | $155,624,419 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($41,336,940 ÷ 1,972,995 shares outstanding), no par value, unlimited shares authorized | $20.95 | |
Offering price per share (100/94.50 of $20.95) | $22.17 | |
Redemption proceeds per share | $20.95 | |
Class C Shares: | ||
Net asset value per share ($40,115,960 ÷ 2,007,720 shares outstanding), no par value, unlimited shares authorized | $19.98 | |
Offering price per share | $19.98 | |
Redemption proceeds per share (99.00/100 of $19.98) | $19.78 | |
Class R Shares: | ||
Net asset value per share ($5,967,678 ÷ 288,127 shares outstanding), no par value, unlimited shares authorized | $20.71 | |
Offering price per share | $20.71 | |
Redemption proceeds per share | $20.71 | |
Institutional Shares: | ||
Net asset value per share ($68,203,841 ÷ 3,221,260 shares outstanding), no par value, unlimited shares authorized | $21.17 | |
Offering price per share | $21.17 | |
Redemption proceeds per share | $21.17 |
Investment Income: | |||
Dividends (including $1,030 received from an affiliated holding (Note 5)) | $1,415,540 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $578,298 | ||
Administrative fee (Note 5) | 60,347 | ||
Custodian fees | 5,975 | ||
Transfer agent fee (Note 2) | 89,787 | ||
Directors'/Trustees' fees (Note 5) | 1,161 | ||
Auditing fees | 11,931 | ||
Legal fees | 5,671 | ||
Portfolio accounting fees | 40,109 | ||
Distribution services fee (Note 5) | 158,499 | ||
Other service fees (Notes 2 and 5) | 100,751 | ||
Share registration costs | 28,112 | ||
Printing and postage | 14,778 | ||
Miscellaneous (Note 5) | 6,875 | ||
TOTAL EXPENSES | 1,102,294 | ||
Reimbursements: | |||
Reimbursement of investment adviser fee (Note 5) | $(1,819) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (4,356) | ||
TOTAL REIMBURSEMENTS | (6,175) | ||
Net expenses | 1,096,119 | ||
Net investment income | 319,421 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments | 6,906,219 | ||
Net change in unrealized appreciation of investments | (3,509,883) | ||
Net realized and unrealized gain on investments | 3,396,336 | ||
Change in net assets resulting from operations | $3,715,757 |
Six Months Ended (unaudited) 1/31/2015 | Year Ended 7/31/2014 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $319,421 | $335,289 |
Net realized gain on investments | 6,906,219 | 9,164,512 |
Net change in unrealized appreciation/depreciation of investments | (3,509,883) | 10,835,601 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 3,715,757 | 20,335,402 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (54,413) | (197,693) |
Class R Shares | — | (7,299) |
Institutional Shares | (280,741) | (281,875) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (335,154) | (486,867) |
Share Transactions: | ||
Proceeds from sale of shares | 28,388,576 | 49,369,736 |
Net asset value of shares issued to shareholders in payment of distributions declared | 324,869 | 472,234 |
Cost of shares redeemed | (24,435,308) | (27,511,670) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 4,278,137 | 22,330,300 |
Change in net assets | 7,658,740 | 42,178,835 |
Net Assets: | ||
Beginning of period | 147,965,679 | 105,786,844 |
End of period (including undistributed net investment income of $319,012 and $334,745, respectively) | $155,624,419 | $147,965,679 |
■ | 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 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, except that options are valued at the mean of closing bid and asked quotations. |
■ | 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 last traded or purchase price of the security, information obtained by contacting the issuer or dealers, 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, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $32,275 | $(4,356) |
Class C Shares | 27,238 | — |
Class R Shares | 8,142 | — |
Institutional Shares | 22,132 | — |
TOTAL | $89,787 | $(4,356) |
Other Service Fees Incurred | |
Class A Shares | $52,719 |
Class C Shares | 48,032 |
TOTAL | $100,751 |
Six Months Ended 1/31/2015 | Year Ended 7/31/2014 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 272,121 | $5,738,227 | 642,335 | $12,308,397 |
Shares issued to shareholders in payment of distributions declared | 2,376 | 52,056 | 9,944 | 190,534 |
Shares redeemed | (484,549) | (10,247,344) | (444,825) | (8,470,347) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (210,052) | $(4,457,061) | 207,454 | $4,028,584 |
Six Months Ended 1/31/2015 | Year Ended 7/31/2014 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 420,294 | $8,361,000 | 489,748 | $8,920,830 |
Shares redeemed | (203,761) | (4,082,508) | (370,986) | (6,763,414) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 216,533 | $4,278,492 | 118,762 | $2,157,416 |
Six Months Ended 1/31/2015 | Year Ended 7/31/2014 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 61,471 | $1,284,347 | 135,839 | $2,583,244 |
Shares issued to shareholders in payment of distributions declared | — | — | 384 | 7,299 |
Shares redeemed | (43,324) | (903,747) | (105,525) | (1,968,844) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 18,147 | $380,600 | 30,698 | $621,699 |
Six Months Ended 1/31/2015 | Year Ended 7/31/2014 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 608,275 | $13,005,002 | 1,276,458 | $25,557,265 |
Shares issued to shareholders in payment of distributions declared | 12,322 | 272,813 | 14,181 | 274,401 |
Shares redeemed | (430,727) | (9,201,709) | (547,542) | (10,309,065) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 189,870 | $4,076,106 | 743,097 | $15,522,601 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 214,498 | $4,278,137 | 1,100,011 | $22,330,300 |
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 | $144,096 |
Class R Shares | 14,403 |
TOTAL | $158,499 |
Federated Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2014 | 3,599,784 |
Purchases/Additions | 13,193,207 |
Sales/Reductions | (13,522,579) |
Balance of Shares Held 1/31/2015 | 3,270,412 |
Value | $3,270,412 |
Dividend Income | $1,030 |
Purchases | $33,610,810 |
Sales | $29,811,835 |
Beginning Account Value 8/1/2014 | Ending Account Value 1/31/2015 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,024.70 | $6.89 |
Class C Shares | $1,000 | $1,021.00 | $10.80 |
Class R Shares | $1,000 | $1,022.70 | $8.97 |
Institutional Shares | $1,000 | $1,026.30 | $5.31 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.40 | $6.87 |
Class C Shares | $1,000 | $1,014.52 | $10.76 |
Class R Shares | $1,000 | $1,016.33 | $8.94 |
Institutional Shares | $1,000 | $1,019.96 | $5.30 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.35% |
Class C Shares | 2.12% |
Class R Shares | 1.76% |
Institutional Shares | 1.04% |
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R205
CUSIP 31421R718
CUSIP 31421R304
2015 ©Federated Investors, Inc.
Share Class | Ticker |
A | QABGX |
C | QCBGX |
R | QKBGX |
Institutional | QIBGX |
Security Type | Percentage of Total Net Assets |
Domestic Equity Securities | 56.9% |
Corporate Debt Securities | 15.2% |
International Equity Securities (including International Exchange-Traded Fund) | 9.6% |
Mortgage-Backed Securities2 | 6.8% |
Collateralized Mortgage Obligations | 2.5% |
U.S. Treasury Securities3 | 2.0% |
Asset-Backed Securities | 1.2% |
Trade Finance Agreements | 1.1% |
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 | 5.9% |
Other Assets and Liabilities—Net8 | (1.8)% |
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 $176,714 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 |
Banks | 6.9% |
Real Estate Investment Trusts | 6.9% |
Oil Gas & Consumable Fuels | 5.2% |
Health Care Providers & Services | 5.0% |
Insurance | 4.7% |
Biotechnology | 4.6% |
Specialty Retail | 4.0% |
Electronic Equipment Instruments & Components | 3.7% |
Technology Hardware Storage & Peripherals | 3.5% |
Machinery | 2.9% |
Capital Markets | 2.8% |
Food Products | 2.5% |
Semiconductors & Semiconductor Equipment | 2.5% |
Airlines | 2.4% |
Food & Staples Retailing | 2.1% |
Multiline Retail | 2.1% |
Chemicals | 1.9% |
Communications Equipment | 1.8% |
Pharmaceuticals | 1.8% |
Diversified Telecommunication Services | 1.6% |
Aerospace & Defense | 1.5% |
Consumer Finance | 1.5% |
Electric Utilities | 1.5% |
Beverages | 1.4% |
IT Services | 1.3% |
Software | 1.3% |
Energy Equipment & Services | 1.2% |
Hotels Restaurants & Leisure | 1.2% |
Health Care Equipment & Supplies | 1.1% |
Multi-Utilities | 1.1% |
Household Durables | 1.0% |
Textiles Apparel & Luxury Goods | 1.0% |
Other10 | 16.0% |
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—58.9% | |||
Aerospace & Defense—0.9% | |||
2,600 | Boeing Co. | $377,962 | |
2,900 | General Dynamics Corp. | 386,309 | |
1,500 | Huntington Ingalls Industries, Inc. | 174,900 | |
4,000 | 1 | Spirit Aerosystems Holdings, Inc., Class A | 180,160 |
1,601 | 1 | Taser International, Inc. | 43,243 |
1,600 | Textron, Inc. | 68,096 | |
TOTAL | 1,230,670 | ||
Air Freight & Logistics—0.3% | |||
2,100 | FedEx Corp. | 355,131 | |
Airlines—1.4% | |||
6,600 | Alaska Air Group, Inc. | 447,942 | |
11,400 | Delta Air Lines, Inc. | 539,334 | |
7,800 | Southwest Airlines Co. | 352,404 | |
9,800 | 1 | United Continental Holdings, Inc. | 679,826 |
TOTAL | 2,019,506 | ||
Apparel—0.0% | |||
921 | Columbia Sportswear Co. | 39,142 | |
703 | 1 | Zumiez, Inc. | 26,215 |
TOTAL | 65,357 | ||
Auto Components—0.6% | |||
7,100 | Goodyear Tire & Rubber Co. | 172,104 | |
5,900 | Johnson Controls, Inc. | 274,173 | |
3,300 | Lear Corp. | 331,155 | |
TOTAL | 777,432 | ||
Auto Original Equipment Manufacturers—0.1% | |||
685 | 1 | Gentherm, Inc. | 25,194 |
1,750 | 1 | Meritor, Inc. | 22,400 |
2,457 | 1 | Tenneco, Inc. | 126,339 |
TOTAL | 173,933 | ||
Auto Part Replacement—0.1% | |||
1,700 | Genuine Parts Co. | 157,998 | |
Automobiles—0.2% | |||
19,700 | Ford Motor Co. | 289,787 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Banks—4.1% | |||
12,700 | BB&T Corp. | $448,183 | |
37,800 | Bank of America Corp. | 572,670 | |
8,000 | Citigroup, Inc. | 375,600 | |
5,200 | Comerica, Inc. | 215,800 | |
20,900 | Fifth Third Bancorp | 361,570 | |
13,300 | Huntington Bancshares, Inc. | 133,266 | |
16,600 | JPMorgan Chase & Co. | 902,708 | |
21,000 | KeyCorp | 272,790 | |
7,800 | PNC Financial Services Group | 659,412 | |
6,300 | 1 | Popular, Inc. | 194,229 |
19,500 | SunTrust Banks, Inc. | 749,190 | |
5,000 | U.S. Bancorp | 209,550 | |
12,600 | Wells Fargo & Co. | 654,192 | |
2,400 | Zions Bancorp | 57,504 | |
TOTAL | 5,806,664 | ||
Beverages—0.9% | |||
7,500 | Coca-Cola Enterprises, Inc. | 315,750 | |
7,900 | Dr. Pepper Snapple Group, Inc. | 610,433 | |
1,700 | 1 | Monster Beverage Corp. | 198,815 |
900 | PepsiCo, Inc. | 84,402 | |
TOTAL | 1,209,400 | ||
Biotechnology—2.7% | |||
3,500 | 1 | Alexion Pharmaceuticals, Inc. | 641,340 |
3,000 | Amgen, Inc. | 456,780 | |
626 | 1 | Anika Therapeutics, Inc. | 24,527 |
2,100 | 1 | Biogen Idec, Inc. | 817,236 |
800 | 1 | Celgene Corp. | 95,328 |
651 | 1 | Enanta Pharmaceuticals, Inc. | 28,280 |
7,200 | 1 | Gilead Sciences, Inc. | 754,776 |
594 | 1 | Isis Pharmaceuticals, Inc. | 40,695 |
647 | 1 | NewLink Genetics Corp. | 23,674 |
634 | 1 | Ophthotech Corp. | 35,663 |
900 | 1 | Pharmacyclics, Inc. | 151,875 |
155 | 1 | Puma Biotechnology, Inc. | 32,717 |
500 | 1 | Regeneron Pharmaceuticals, Inc. | 208,330 |
1,622 | 1 | Repligen Corp. | 39,398 |
211 | 1 | Synageva BioPharma Corp. | 24,311 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Biotechnology—continued | |||
3,300 | 1 | United Therapeutics Corp. | $465,729 |
TOTAL | 3,840,659 | ||
Building Materials—0.0% | |||
747 | Apogee Enterprises, Inc. | 32,315 | |
Capital Markets—1.7% | |||
4,600 | Ameriprise Financial, Inc. | 574,724 | |
2,000 | Franklin Resources, Inc. | 103,060 | |
3,600 | Goldman Sachs Group, Inc. | 620,676 | |
9,900 | Morgan Stanley | 334,719 | |
5,600 | State Street Corp. | 400,456 | |
9,300 | The Bank of New York Mellon Corp. | 334,800 | |
TOTAL | 2,368,435 | ||
Chemicals—1.1% | |||
1,000 | Airgas, Inc. | 112,640 | |
1,000 | Ashland, Inc. | 118,520 | |
400 | CF Industries Holdings, Inc. | 122,152 | |
4,400 | Dow Chemical Co. | 198,704 | |
2,000 | Eastman Chemical Co. | 141,780 | |
8,400 | Huntsman Corp. | 184,464 | |
4,700 | LyondellBasell Industries NV - Class - A | 371,723 | |
600 | PPG Industries, Inc. | 133,728 | |
700 | RPM International, Inc. | 33,502 | |
1,600 | Scotts Co. | 101,488 | |
1,700 | Westlake Chemical Corp. | 97,427 | |
TOTAL | 1,616,128 | ||
Commercial Services—0.3% | |||
1,500 | Cintas Corp. | 118,050 | |
7,600 | Donnelley (R.R.) & Sons Co. | 125,172 | |
10,000 | Pitney Bowes, Inc. | 239,800 | |
TOTAL | 483,022 | ||
Communications Equipment—1.1% | |||
6,900 | 1 | Arris Group, Inc. | 180,918 |
2,276 | 1 | Aruba Networks, Inc. | 37,736 |
16,600 | Cisco Systems, Inc. | 437,659 | |
1,200 | 1 | F5 Networks, Inc. | 133,944 |
5,900 | Harris Corp. | 396,067 | |
2,045 | 1 | Infinera Corp. | 32,966 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Communications Equipment—continued | |||
8,200 | Juniper Networks, Inc. | $186,386 | |
2,200 | Qualcomm, Inc. | 137,412 | |
TOTAL | 1,543,088 | ||
Computer Services—0.1% | |||
830 | 1 | EPAM Systems, Inc. | 40,612 |
389 | Fair Isaac & Co., Inc. | 27,755 | |
964 | 1 | Manhattan Associates, Inc. | 43,033 |
TOTAL | 111,400 | ||
Consumer Finance—0.9% | |||
2,400 | American Express Co. | 193,656 | |
7,100 | Capital One Financial Corp. | 519,791 | |
5,900 | Discover Financial Services | 320,842 | |
11,100 | Navient Corp. | 219,114 | |
200 | Nelnet, Inc., Class A | 8,748 | |
TOTAL | 1,262,151 | ||
Containers & Packaging—0.3% | |||
2,800 | Avery Dennison Corp. | 146,356 | |
3,600 | Rock-Tenn Co., Class A | 233,640 | |
TOTAL | 379,996 | ||
Defense Aerospace—0.0% | |||
254 | 1 | Teledyne Technologies, Inc. | 24,140 |
Diversified Consumer Services—0.4% | |||
8,100 | 1 | Apollo Education Group, Inc. | 204,606 |
1,500 | DeVry Education Group, Inc. | 63,615 | |
300 | 1 | Graham Holdings, Co. | 280,596 |
TOTAL | 548,817 | ||
Diversified Financial Services—0.4% | |||
3,900 | 1 | Berkshire Hathaway, Inc., Class B | 561,249 |
Diversified Telecommunication Services—0.9% | |||
21,000 | AT&T, Inc. | 691,320 | |
16,800 | CenturyLink, Inc. | 624,456 | |
TOTAL | 1,315,776 | ||
Education & Training Services—0.1% | |||
870 | 1 | Grand Canyon Education, Inc. | 38,123 |
497 | 1 | Strayer Education, Inc. | 33,299 |
TOTAL | 71,422 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Electric Utilities—0.9% | |||
3,400 | American Electric Power Co., Inc. | $213,554 | |
4,000 | Edison International | 272,600 | |
4,000 | Entergy Corp. | 350,040 | |
7,800 | Exelon Corp. | 281,112 | |
2,900 | PPL Corp. | 102,950 | |
TOTAL | 1,220,256 | ||
Electrical Equipment—0.4% | |||
370 | Belden, Inc. | 30,688 | |
4,500 | Eaton Corp PLC | 283,905 | |
3,700 | Emerson Electric Co. | 210,678 | |
484 | EnerSys, Inc. | 28,256 | |
TOTAL | 553,527 | ||
Electronic Equipment Instruments & Components—2.2% | |||
1,479 | 1 | Anixter International, Inc. | 111,458 |
15,700 | 1 | Arrow Electronics, Inc. | 864,128 |
7,100 | Avnet, Inc. | 295,502 | |
5,300 | CDW Corp. | 181,578 | |
6,700 | Corning, Inc. | 159,259 | |
4,700 | 1 | Ingram Micro, Inc., Class A | 118,346 |
1,900 | 1 | Insight Enterprises, Inc. | 44,973 |
1,400 | 1 | Itron, Inc. | 52,094 |
9,200 | Jabil Circuit, Inc. | 189,612 | |
7,000 | 1 | Sanmina Corp. | 148,260 |
11,300 | 1 | Tech Data Corp. | 645,230 |
22,000 | Vishay Intertechnology, Inc. | 299,640 | |
TOTAL | 3,110,080 | ||
Electronics Stores—0.0% | |||
502 | 1 | REX American Resources Corp. | 27,866 |
Energy Equipment & Services—0.7% | |||
100 | Bristow Group, Inc. | 5,571 | |
7,000 | 1 | Cameron International Corp. | 313,460 |
800 | Halliburton Co. | 31,992 | |
4,200 | Helmerich & Payne, Inc. | 250,152 | |
6,800 | National-Oilwell, Inc. | 370,124 | |
511 | US Silica Holdings, Inc. | 12,877 | |
TOTAL | 984,176 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Financial Services—0.0% | |||
681 | Deluxe Corp. | $44,217 | |
Food & Staples Retailing—1.2% | |||
7,300 | CVS Health Corp. | 716,568 | |
12,400 | Kroger Co. | 856,220 | |
2,000 | Wal-Mart Stores, Inc. | 169,960 | |
TOTAL | 1,742,748 | ||
Food Products—1.5% | |||
9,300 | Archer-Daniels-Midland Co. | 433,659 | |
3,100 | Bunge Ltd. | 277,543 | |
9,700 | ConAgra Foods, Inc. | 343,671 | |
4,289 | Fresh Del Monte Produce, Inc. | 144,239 | |
3,700 | Ingredion, Inc. | 298,368 | |
2,900 | Kellogg Co. | 190,182 | |
8,300 | 1 | Pilgrims Pride Corp. | 225,345 |
2,641 | Sanderson Farms, Inc. | 211,174 | |
TOTAL | 2,124,181 | ||
Furniture—0.0% | |||
1,450 | 1 | Select Comfort Corp. | 43,268 |
Generic Drugs—0.0% | |||
909 | 1 | Lannett Co., Inc. | 43,114 |
Grocery Chain—0.0% | |||
341 | Casey's General Stores, Inc. | 31,133 | |
Health Care Equipment & Supplies—0.7% | |||
700 | Abbott Laboratories | 31,332 | |
1,000 | Bard (C.R.), Inc. | 171,030 | |
2,500 | Baxter International, Inc. | 175,775 | |
14,300 | 1 | Boston Scientific Corp. | 211,783 |
1,600 | 1 | Edwards Lifesciences Corp. | 200,560 |
200 | 1 | Intuitive Surgical, Inc. | 98,896 |
1,161 | 1 | Zeltiq Aesthetics, Inc. | 37,396 |
TOTAL | 926,772 | ||
Health Care Providers & Services—2.9% | |||
7,400 | Aetna, Inc. | 679,468 | |
2,600 | AmerisourceBergen Corp. | 247,130 | |
5,100 | 1 | Anthem, Inc. | 688,296 |
5,100 | CIGNA Corp. | 544,833 | |
2,700 | Cardinal Health, Inc. | 224,613 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Health Care Providers & Services—continued | |||
600 | 1 | Express Scripts Holding Co. | $48,426 |
6,200 | 1 | HCA Holdings, Inc. | 438,960 |
1,900 | Humana, Inc. | 278,236 | |
2,100 | 1 | Laboratory Corp. of America Holdings | 241,038 |
500 | McKesson Corp. | 106,325 | |
3,700 | Quest Diagnostics, Inc. | 262,959 | |
3,700 | UnitedHealth Group, Inc. | 393,125 | |
TOTAL | 4,153,409 | ||
Home Products—0.2% | |||
246 | Spectrum Brands Holdings, Inc. | 22,061 | |
3,001 | Tupperware Brands Corp. | 202,898 | |
TOTAL | 224,959 | ||
Hotels Restaurants & Leisure—0.7% | |||
500 | 1 | Chipotle Mexican Grill, Inc. | 354,920 |
4,900 | Marriott International, Inc., Class A | 365,050 | |
2,000 | Royal Caribbean Cruises, Ltd. | 151,100 | |
1,200 | Wyndham Worldwide Corp. | 100,548 | |
TOTAL | 971,618 | ||
Household Durables—0.6% | |||
3,100 | Garmin Ltd. | 162,316 | |
3,800 | Newell Rubbermaid, Inc. | 140,106 | |
2,600 | Whirlpool Corp. | 517,608 | |
TOTAL | 820,030 | ||
Household Products—0.0% | |||
400 | Energizer Holdings, Inc. | 51,204 | |
Independent Power and Renewable Electricity Producers—0.1% | |||
15,600 | AES Corp. | 190,632 | |
Industrial Conglomerates—0.3% | |||
200 | 3M Co. | 32,460 | |
14,200 | General Electric Co. | 339,238 | |
TOTAL | 371,698 | ||
Industrial Machinery—0.4% | |||
1,034 | 1 | Chart Industries, Inc. | 29,469 |
5,400 | Dover Corp. | 378,216 | |
945 | 1 | Rexnord Corp. | 23,389 |
2,100 | SPX Corp. | 175,497 | |
TOTAL | 606,571 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Insurance—2.8% | |||
2,400 | Ace, Ltd. | $259,104 | |
3,600 | Allstate Corp. | 251,244 | |
6,900 | American International Group, Inc. | 337,203 | |
2,300 | Chubb Corp. | 225,170 | |
2,200 | Everest Re Group Ltd. | 377,036 | |
7,400 | HCC Insurance Holdings, Inc. | 394,716 | |
3,000 | Lincoln National Corp. | 149,940 | |
2,200 | MetLife, Inc. | 102,300 | |
4,100 | PartnerRe Ltd. | 469,040 | |
7,300 | Prudential Financial | 553,924 | |
1,900 | StanCorp Financial Group, Inc. | 117,876 | |
6,900 | The Travelers Cos, Inc. | 709,458 | |
TOTAL | 3,947,011 | ||
Insurance Brokerage—0.0% | |||
867 | AmTrust Financial Services, Inc. | 43,888 | |
Internet & Catalog Retail—0.3% | |||
2,500 | Expedia, Inc. | 214,825 | |
1,763 | HSN, Inc. | 136,527 | |
TOTAL | 351,352 | ||
Internet Software & Services—0.3% | |||
753 | 1 | Envestnet, Inc. | 38,757 |
300 | IAC Interactive Corp. | 18,285 | |
1,600 | 1 | LinkedIn Corp. | 359,584 |
800 | 1 | LogMeIn, Inc. | 38,040 |
TOTAL | 454,666 | ||
IT Services—0.8% | |||
4,000 | Amdocs Ltd. | 192,720 | |
5,400 | Computer Sciences Corp. | 327,672 | |
2,400 | Global Payments, Inc. | 209,544 | |
10,000 | Western Union Co. | 170,000 | |
14,300 | Xerox Corp. | 188,331 | |
TOTAL | 1,088,267 | ||
Leisure Equipment & Products—0.2% | |||
3,200 | Hasbro, Inc. | 175,744 | |
4,800 | Mattel, Inc. | 129,120 | |
TOTAL | 304,864 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Machinery—1.7% | |||
4,100 | AGCO Corp. | $177,694 | |
7,200 | Caterpillar, Inc. | 575,784 | |
2,400 | Cummins, Inc. | 334,704 | |
2,700 | Deere & Co. | 230,013 | |
3,000 | Joy Global, Inc. | 125,820 | |
3,100 | OshKosh Truck Corp. | 132,835 | |
2,900 | PACCAR, Inc. | 174,319 | |
6,200 | Terex Corp. | 139,376 | |
19,700 | Trinity Industries, Inc. | 521,459 | |
TOTAL | 2,412,004 | ||
Media—0.4% | |||
4,300 | Time Warner, Inc. | 335,099 | |
4,400 | Viacom, Inc., Class B - New | 283,448 | |
TOTAL | 618,547 | ||
Medical Supplies—0.1% | |||
883 | 1 | NuVasive, Inc. | 40,901 |
780 | Owens & Minor, Inc. | 26,699 | |
660 | Steris Corp. | 43,045 | |
TOTAL | 110,645 | ||
Medical Technology—0.1% | |||
676 | Abaxis, Inc. | 41,560 | |
1,205 | 1 | Masimo Corp. | 30,752 |
1,146 | 1 | Natus Medical, Inc. | 43,090 |
TOTAL | 115,402 | ||
Metal Fabrication—0.1% | |||
532 | CIRCOR International, Inc. | 26,275 | |
1,238 | Mueller Industries, Inc. | 38,861 | |
931 | Worthington Industries, Inc. | 27,865 | |
TOTAL | 93,001 | ||
Metals & Mining—0.3% | |||
14,100 | Freeport-McMoRan, Inc. | 237,021 | |
7,500 | United States Steel Corp. | 183,300 | |
TOTAL | 420,321 | ||
Miscellaneous Communications—0.0% | |||
897 | West Corp. | 29,332 | |
Multi-Utilities—0.7% | |||
1,100 | Ameren Corp. | 49,808 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Multi-Utilities—continued | |||
2,500 | Consolidated Edison Co. | $173,200 | |
7,500 | P G & E Corp. | 441,075 | |
6,800 | Public Service Enterprises Group, Inc. | 290,224 | |
TOTAL | 954,307 | ||
Multiline Retail—1.3% | |||
2,400 | Big Lots, Inc. | 110,184 | |
884 | 1 | Burlington Stores, Inc. | 44,103 |
10,400 | Kohl's Corp. | 621,088 | |
9,200 | Macy's, Inc. | 587,696 | |
700 | Nordstrom, Inc. | 53,340 | |
100 | 1 | Sears Holdings Corp. | 3,184 |
4,800 | Target Corp. | 353,328 | |
TOTAL | 1,772,923 | ||
Office Furniture—0.0% | |||
883 | HNI Corp. | 43,488 | |
Oil Gas & Consumable Fuels—3.1% | |||
6,000 | Apache Corp. | 375,420 | |
16,300 | Chesapeake Energy Corp. | 312,634 | |
4,400 | Chevron Corp. | 451,132 | |
6,100 | ConocoPhillips | 384,178 | |
300 | Exxon Mobil Corp. | 26,226 | |
3,200 | Hess Corp. | 215,968 | |
6,700 | HollyFrontier Corp. | 240,664 | |
14,900 | Marathon Oil Corp. | 396,340 | |
3,500 | Marathon Petroleum Corp. | 324,065 | |
5,400 | Murphy Oil Corp. | 242,514 | |
5,400 | Phillips 66 | 379,728 | |
3,700 | Tesoro Petroleum Corp. | 302,401 | |
13,900 | Valero Energy Corp. | 735,032 | |
TOTAL | 4,386,302 | ||
Oil Refiner—0.0% | |||
942 | Delek US Holdings, Inc. | 29,061 | |
Oil Well Supply—0.0% | |||
796 | Carbo Ceramics, Inc. | 26,093 | |
Packaged Foods—0.0% | |||
450 | 1 | United Natural Foods, Inc. | 34,776 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Packaging—0.0% | |||
968 | 1 | Berry Plastics Group, Inc. | $32,738 |
Paint & Related Materials—0.0% | |||
588 | Fuller (H.B.) Co. | 24,196 | |
Paper & Forest Products—0.3% | |||
1,103 | 1 | Boise Cascade Co. | 44,605 |
3,600 | Domtar Corp. | 137,880 | |
5,300 | International Paper Co. | 279,098 | |
TOTAL | 461,583 | ||
Personal Loans—0.0% | |||
176 | 1 | Credit Acceptance Corp. | 27,745 |
Personal Products—0.4% | |||
9,700 | Avon Products, Inc. | 75,078 | |
2,200 | Estee Lauder Cos., Inc., Class A | 155,298 | |
5,400 | 1 | Herbalife Ltd. | 164,592 |
4,300 | Nu Skin Enterprises, Inc. | 176,214 | |
TOTAL | 571,182 | ||
Personnel Agency—0.0% | |||
795 | Maximus, Inc. | 44,297 | |
Pharmaceuticals—1.1% | |||
7,800 | AbbVie, Inc. | 470,730 | |
1,146 | 1 | Impax Laboratories, Inc. | 42,024 |
1,800 | Lilly (Eli) & Co. | 129,600 | |
2,900 | Merck & Co., Inc. | 174,812 | |
2,500 | 1 | Mylan, Inc. | 132,875 |
303 | 1 | Pacira Pharmaceuticals, Inc. | 32,527 |
16,300 | Pfizer, Inc. | 509,375 | |
TOTAL | 1,491,943 | ||
Plastic—0.0% | |||
812 | Polyone Corp. | 28,899 | |
Professional Services—0.4% | |||
1,100 | Dun & Bradstreet Corp. | 126,621 | |
3,500 | Manpower Group, Inc. | 255,080 | |
3,000 | Robert Half International, Inc. | 174,180 | |
TOTAL | 555,881 | ||
Property Liability Insurance—0.0% | |||
1,288 | Universal Insurance Holdings, Inc. | 29,920 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Railroad—0.0% | |||
811 | Greenbrier Cos., Inc. | $42,115 | |
Real Estate Investment Trusts—4.1% | |||
2,900 | American Tower Corp. | 281,155 | |
2,200 | Avalonbay Communities, Inc. | 380,578 | |
9,000 | BioMed Realty Trust, Inc. | 220,050 | |
1,200 | Boston Properties, Inc. | 166,560 | |
9,000 | CubeSmart, REIT | 221,760 | |
5,500 | DCT Industrial Trust, Inc. | 207,680 | |
2,000 | Essex Property Trust, Inc. | 452,100 | |
3,500 | Extra Space Storage, Inc. | 231,000 | |
11,000 | General Growth Properties, Inc. | 331,980 | |
24,000 | Hersha Hospitality Trust | 160,320 | |
6,000 | Kilroy Realty Corp. | 444,900 | |
17,725 | Kite Realty Group Trust | 541,676 | |
8,000 | LaSalle Hotel Properties | 323,680 | |
7,500 | Pebblebrook Hotel Trust | 348,300 | |
6,300 | Regency Centers Corp. | 431,928 | |
1,500 | Simon Property Group, Inc. | 297,990 | |
25,000 | 1 | Strategic Hotels & Resorts, Inc. | 335,500 |
9,586 | Sunstone Hotel Investors, Inc. | 163,441 | |
1,000 | 1 | Urban Edge Properties | 23,740 |
2,000 | Vornado Realty Trust | 220,880 | |
TOTAL | 5,785,218 | ||
Recreational Vehicles—0.0% | |||
596 | Brunswick Corp. | 32,351 | |
Regional Banks—0.1% | |||
1,017 | Bank of the Ozarks, Inc. | 32,981 | |
1,703 | 1 | Western Alliance Bancorp | 43,784 |
TOTAL | 76,765 | ||
Restaurants—0.1% | |||
293 | Cracker Barrel Old Country Store, Inc. | 39,411 | |
302 | DineEquity, Inc. | 32,238 | |
502 | Jack in the Box, Inc. | 42,565 | |
1,077 | Sonic Corp. | 32,601 | |
TOTAL | 146,815 | ||
Road & Rail—0.3% | |||
2,400 | 1 | Avis Budget Group, Inc. | 137,544 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Road & Rail—continued | |||
400 | Norfolk Southern Corp. | $40,788 | |
2,400 | Union Pacific Corp. | 281,304 | |
TOTAL | 459,636 | ||
Semiconductor Distribution—0.0% | |||
405 | 1 | Tyler Technologies, Inc. | 42,962 |
Semiconductor Manufacturing—0.0% | |||
2,430 | 1 | Integrated Device Technology, Inc. | 44,445 |
Semiconductor Manufacturing Equipment—0.1% | |||
1,205 | Mentor Graphics Corp. | 27,727 | |
1,078 | Tessera Technologies, Inc. | 39,972 | |
TOTAL | 67,699 | ||
Semiconductors & Semiconductor Equipment—1.5% | |||
704 | 1 | Ambarella, Inc. | 38,938 |
6,800 | Broadcom Corp. | 288,558 | |
14,400 | Intel Corp. | 475,776 | |
3,700 | Lam Research Corp. | 282,828 | |
10,100 | 1 | Micron Technology, Inc. | 295,577 |
5,500 | Skyworks Solutions, Inc. | 456,775 | |
4,700 | Texas Instruments, Inc. | 251,215 | |
TOTAL | 2,089,667 | ||
Services to Medical Professionals—0.1% | |||
902 | 1 | Bio-Reference Laboratories, Inc. | 30,244 |
325 | 1 | Centene Corp. | 35,477 |
521 | 1 | Molina Healthcare, Inc. | 26,524 |
635 | 1 | Team Health Holdings, Inc. | 32,830 |
TOTAL | 125,075 | ||
Shoes—0.0% | |||
1,006 | Brown Shoe Co., Inc. | 28,560 | |
490 | 1 | Genesco, Inc. | 35,011 |
TOTAL | 63,571 | ||
Software—0.8% | |||
14,300 | CA, Inc. | 433,290 | |
4,500 | 1 | Electronic Arts, Inc. | 246,870 |
789 | SS&C Technologies Holdings, Inc. | 43,655 | |
16,000 | Symantec Corp. | 396,320 | |
TOTAL | 1,120,135 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Software Packaged/Custom—0.3% | |||
1,009 | 1 | Aspen Technology, Inc. | $35,663 |
970 | 1 | Barracuda Networks, Inc. | 32,844 |
722 | Blackbaud, Inc. | 31,559 | |
815 | 1 | Fleetmatics Group PLC | 28,859 |
565 | 1 | Guidewire Software, Inc. | 28,307 |
188 | 1 | MicroStrategy, Inc., Class A | 30,381 |
823 | 1 | Omnicell, Inc. | 26,196 |
830 | 1 | PTC, Inc. | 27,730 |
1,281 | Pegasystems, Inc. | 25,069 | |
748 | 1 | Qualys, Inc. | 28,439 |
1,230 | 1 | Take-Two Interactive Software, Inc. | 36,556 |
1,398 | 1 | VASCO Data Security International, Inc. | 30,057 |
TOTAL | 361,660 | ||
Specialty Chemicals—0.2% | |||
389 | Chemed Corp. | 39,344 | |
1,000 | Sherwin-Williams Co. | 271,270 | |
TOTAL | 310,614 | ||
Specialty Machinery—0.0% | |||
742 | Woodward Governor Co. | 33,101 | |
Specialty Retail—2.3% | |||
5,200 | Abercrombie & Fitch Co., Class A | 132,704 | |
1,400 | 1 | Ann, Inc. | 46,340 |
1,800 | 1 | AutoNation, Inc. | 107,316 |
300 | 1 | AutoZone, Inc. | 179,088 |
2,600 | 1 | Bed Bath & Beyond, Inc. | 194,402 |
7,100 | Best Buy Co., Inc. | 249,920 | |
1,200 | Children's Place, Inc./The | 71,940 | |
4,700 | Foot Locker, Inc. | 250,134 | |
7,400 | GameStop Corp. | 260,850 | |
8,200 | Gap (The), Inc. | 337,758 | |
3,800 | Guess ?, Inc. | 71,364 | |
1,400 | Home Depot, Inc. | 146,188 | |
4,800 | Lowe's Cos., Inc. | 325,248 | |
1,400 | 1 | O'Reilly Automotive, Inc. | 262,304 |
542 | 1 | Outerwall, Inc. | 33,647 |
637 | Penske Automotive Group, Inc. | 30,799 | |
2,300 | Rent-A-Center, Inc. | 78,844 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Specialty Retail—continued | |||
3,900 | 1 | Sally Beauty Holdings, Inc. | $121,212 |
13,300 | Staples, Inc. | 226,765 | |
1,400 | 1 | Ulta Salon Cosmetics & Fragrance, Inc. | 184,716 |
TOTAL | 3,311,539 | ||
Specialty Retailing—0.0% | |||
592 | 1 | Asbury Automotive Group, Inc. | 43,932 |
Technology Hardware Storage & Peripherals—2.0% | |||
2,700 | Apple, Inc. | 316,332 | |
1,600 | Diebold, Inc. | 49,920 | |
6,600 | EMC Corp. Mass | 171,138 | |
26,600 | Hewlett-Packard Co. | 961,058 | |
3,800 | International Business Machines Corp. | 582,578 | |
2,800 | Lexmark International, Inc. | 111,748 | |
8,700 | NetApp, Inc. | 328,860 | |
3,800 | Western Digital Corp. | 369,474 | |
TOTAL | 2,891,108 | ||
Telecommunication Equipment & Services—0.1% | |||
1,027 | 1 | Neustar, Inc, Class A | 27,000 |
577 | Plantronics, Inc. | 26,444 | |
2,388 | 1 | Polycom, Inc. | 31,760 |
TOTAL | 85,204 | ||
Textiles Apparel & Luxury Goods—0.6% | |||
900 | Carter's, Inc. | 73,341 | |
334 | 1 | G-III Apparel Group Ltd. | 32,465 |
2,300 | Nike, Inc., Class B | 212,175 | |
2,400 | PVH Corp. | 264,624 | |
3,921 | 1 | Skechers USA, Inc., Class A | 236,632 |
TOTAL | 819,237 | ||
Tobacco—0.1% | |||
3,400 | Altria Group, Inc. | 180,540 | |
Trading Companies & Distributors—0.2% | |||
3,400 | 1 | United Rentals, Inc. | 281,690 |
Trucking—0.1% | |||
1,312 | Knight Transportation, Inc. | 37,379 | |
471 | 1 | Old Dominion Freight Lines, Inc. | 33,026 |
TOTAL | 70,405 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Undesignated Consumer Cyclicals—0.1% | |||
676 | 1 | Euronet Worldwide, Inc. | $30,684 |
490 | 1 | Parexel International Corp. | 29,870 |
1,413 | Weight Watchers International, Inc. | 23,399 | |
TOTAL | 83,953 | ||
Undesignated Consumer Staples—0.0% | |||
793 | 1 | Medifast, Inc. | 25,130 |
411 | 1 | USANA, Inc. | 40,295 |
TOTAL | 65,425 | ||
Undesignated Health—0.0% | |||
1,024 | HealthSouth Corp. | 45,158 | |
Wireless Communications—0.0% | |||
860 | InterDigital, Inc. | 42,983 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $69,818,753) | 83,713,572 | ||
ASSET-BACKED SECURITIES—1.1% | |||
Auto Receivables—1.1% | |||
$300,000 | BMW Vehicle Trust 2014-1, A4, 0.990%, 08/21/2017 | 300,211 | |
250,000 | Bank of America Credit Card Trust 2014-A2, A, 0.436%, 09/16/2019 | 249,833 | |
24,362 | CS First Boston Mortgage Securities Corp. 2002-HE4, AF, 5.510%, 08/25/2032 | 27,779 | |
250,000 | Citibank Credit Card Issuance Trust 2014-A2, A2, 1.020%, 02/22/2019 | 250,294 | |
300,000 | Discover Card Master Trust I 2012—B3, B3, 0.616%, 05/15/2018 | 300,197 | |
400,000 | GE Dealer Floorplan Master Note Trust 2012-3, A, 0.658%, 06/20/2017 | 400,405 | |
100,000 | Navient Student Loan Trust 2014-1, A2, 0.478%, 03/27/2023 | 99,958 | |
25,000 | Santander Drive Auto Receivables Trust 2013-1, D, 2.270%, 01/15/2019 | 25,086 | |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $1,649,225) | 1,653,763 | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—1.4% | |||
Commercial Mortgage—1.4% | |||
1,031 | Bear Stearns Mortgage Securities, Inc., 1997-6 1A, 6.391%, 3/25/2031 | 1,062 | |
200,000 | Citigroup Commercial Mortgage Trust 2013-GC11 B, 3.732%, 4/10/2046 | 208,675 | |
70,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1 AM, 3.912%, 5/15/2045 | 76,221 | |
125,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1 B, 4.612%, 5/15/2045 | 138,324 | |
200,000 | 2,3 | Commercial Mortgage Trust 2013-CR8 B, 3.968%, 6/10/2046 | 213,568 |
200,000 | Commercial Mortgage Trust 2014-LC17 B, 4.490%, 10/10/2047 | 221,039 |
Shares or Principal Amount | Value | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—continued | |||
Commercial Mortgage—continued | |||
$200,000 | 2,3 | FREMF Mortgage Trust 2013-K25, B, 3.618%, 11/25/2045 | $209,024 |
3,289 | Federal Home Loan Mortgage Corp. REMIC 1311 K, 7.000%, 7/15/2022 | 3,622 | |
5,850 | Federal Home Loan Mortgage Corp. REMIC 1384 D, 7.000%, 9/15/2022 | 6,566 | |
11,031 | Federal Home Loan Mortgage Corp. REMIC 2497 JH, 6.000%, 9/15/2032 | 12,495 | |
14,199 | Federal National Mortgage Association REMIC 1993-113 SB, 9.749%, 7/25/2023 | 15,860 | |
427 | Federal National Mortgage Association REMIC 2001-37 GA, 8.000%, 7/25/2016 | 441 | |
2,662 | Federal National Mortgage Association REMIC 2003-35 UC, 3.750%, 5/25/2033 | 2,801 | |
100,000 | GS Mortgage Securities Corp. II 2012-GCJ7 AS, 4.085%, 5/10/2045 | 109,613 | |
135,000 | GS Mortgage Securities Corp. II 2012-GCJ7 B, 4.740%, 5/10/2045 | 150,958 | |
10,484 | Government National Mortgage Association REMIC 2002-17 B, 6.000%, 3/20/2032 | 11,853 | |
100,000 | Merrill Lynch Mortgage Trust 2008-C1 AM, 6.266%, 2/12/2051 | 112,581 | |
50,000 | Morgan Stanley Capital I 2007-IQ16 AM, 6.083%, 12/12/2049 | 55,239 | |
100,000 | Morgan Stanley Capital I 2012-C4 AS, 3.773%, 3/15/2045 | 107,896 | |
150,000 | 2,3 | UBS-Barclays Commercial Mortgage Trust 2013-C6 B, 3.875%, 4/10/2046 | 158,153 |
25,000 | WF-RBS Commercial Mortgage Trust 2012-C6 B, 4.697%, 4/15/2045 | 27,886 | |
150,000 | WF-RBS Commercial Mortgage Trust 2014-C25 B, 4.236%, 11/15/2047 | 161,969 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $1,894,566) | 2,005,846 | ||
CORPORATE BONDS—12.1% | |||
Basic Industry - Chemicals—0.2% | |||
100,000 | Albemarle Corp., Sr. Note, 5.100%, 02/01/2015 | 100,000 | |
20,000 | 2,3 | Incitec Pivot Finance LLC, Company Guarantee, Series 144A, 4.000%, 12/07/2015 | 20,438 |
35,000 | 2,3 | Incitec Pivot Finance LLC, Company Guarantee, Series 144A, 6.000%, 12/10/2019 | 39,724 |
70,000 | RPM International, Inc., 6.500%, 02/15/2018 | 78,861 | |
20,000 | RPM International, Inc., Sr. Unsecd. Note, 6.125%, 10/15/2019 | 23,150 | |
22,000 | Rohm & Haas Co., 6.000%, 09/15/2017 | 24,429 | |
TOTAL | 286,602 | ||
Basic Industry - Metals & Mining—0.8% | |||
50,000 | Alcan, Inc., 5.000%, 06/01/2015 | 50,744 | |
100,000 | Alcoa, Inc., 5.870%, 02/23/2022 | 112,496 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Basic Industry - Metals & Mining—continued | |||
$80,000 | Allegheny Technologies, Inc., Sr. Note, 9.375%, 06/01/2019 | $94,474 | |
15,000 | Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 04/15/2040 | 13,542 | |
100,000 | Anglogold Ashanti Holdings PLC, Sr. Unsecd. Note, 5.125%, 08/01/2022 | 95,239 | |
100,000 | Anglogold Ashanti Holdings PLC, Sr. Unsecd. Note, 8.500%, 07/30/2020 | 108,013 | |
62,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 4.450%, 03/01/2023 | 64,575 | |
40,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 5.200%, 07/15/2021 | 44,123 | |
20,000 | 2,3 | Newcrest Finance Property Ltd., Sr. Unsecd. Note, Series 144A, 4.200%, 10/01/2022 | 18,893 |
100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 04/15/2023 | 100,590 | |
85,000 | Rio Tinto Finance USA Ltd., Company Guarantee, 6.500%, 07/15/2018 | 98,159 | |
150,000 | Rio Tinto Finance USA Ltd., Sr. Unsecd. Note, 2.250%, 12/14/2018 | 152,483 | |
20,000 | Southern Copper Corp., Note, 6.750%, 04/16/2040 | 21,243 | |
160,000 | Worthington Industries, Inc., Sr. Unsecd. Note, 6.500%, 04/15/2020 | 185,667 | |
TOTAL | 1,160,241 | ||
Basic Industry - Paper—0.0% | |||
10,000 | Plum Creek Timberlands LP, Sr. Unsecd. Note, 3.250%, 03/15/2023 | 10,203 | |
20,000 | Plum Creek Timberlands LP, Sr. Unsecd. Note, 4.700%, 03/15/2021 | 22,379 | |
TOTAL | 32,582 | ||
Capital Goods - Aerospace & Defense—0.3% | |||
50,000 | 2,3 | BAE Systems Holdings, Inc., Series 144A, 5.200%, 8/15/2015 | 51,171 |
211,000 | 2,3 | Embraer Overseas Ltd., Sr. Unsecd. Note, Series 144A, 5.696%, 09/16/2023 | 227,880 |
20,000 | Raytheon Co., Sr. Note, 4.400%, 02/15/2020 | 22,328 | |
10,000 | Rockwell Collins, Inc., Sr. Unsecd. Note, 3.100%, 11/15/2021 | 10,612 | |
50,000 | Textron, Inc., Sr. Unsecd. Note, 4.300%, 03/01/2024 | 54,277 | |
TOTAL | 366,268 | ||
Capital Goods - Building Materials—0.0% | |||
14,000 | Valmont Industries, Inc., Sr. Unsecd. Note, 6.625%, 04/20/2020 | 16,783 | |
Capital Goods - Construction Machinery—0.0% | |||
40,000 | AGCO Corp., Sr. Unsecd. Note, 5.875%, 12/01/2021 | 46,247 | |
Capital Goods - Diversified Manufacturing—0.4% | |||
15,000 | ABB Finance USA, Inc., Sr. Unsecd. Note, 2.875%, 05/08/2022 | 15,603 | |
15,000 | Avery Dennison Corp., Sr. Unsecd. Note, 5.375%, 04/15/2020 | 16,710 | |
60,000 | Dover Corp., Note, 5.450%, 03/15/2018 | 67,379 | |
30,000 | Emerson Electric Co., 4.875%, 10/15/2019 | 34,311 | |
200,000 | General Electric Co., Sr. Unsecd. Note, 4.125%, 10/09/2042 | 222,261 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Capital Goods - Diversified Manufacturing—continued | |||
$80,000 | Hubbell, Inc., 5.950%, 06/01/2018 | $91,023 | |
50,000 | Pentair, Ltd., Company Guarantee, 5.000%, 05/15/2021 | 57,077 | |
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 | 18,154 | |
TOTAL | 558,918 | ||
Capital Goods - Environmental—0.1% | |||
85,000 | Republic Services, Inc., Company Guarantee, 5.500%, 9/15/2019 | 97,562 | |
Capital Goods - Packaging—0.0% | |||
45,000 | Packaging Corp. of America, Sr. Unsecd. Note, 3.900%, 06/15/2022 | 47,104 | |
10,000 | Rock-Tenn Co., Sr. Unsecd. Note, 4.000%, 03/01/2023 | 10,599 | |
10,000 | Rock-Tenn Co., Sr. Unsecd. Note, 4.450%, 03/01/2019 | 10,775 | |
TOTAL | 68,478 | ||
Communications - Cable & Satellite—0.1% | |||
90,000 | NBC Universal, Inc., Sr. Unsecd. Note, 5.150%, 04/30/2020 | 104,322 | |
30,000 | Time Warner Cable, Inc., Company Guarantee, 8.250%, 04/01/2019 | 37,194 | |
TOTAL | 141,516 | ||
Communications - Media & Entertainment—0.5% | |||
75,000 | 21st Century Fox America, Inc., Sr. Unsecd. Note, 5.400%, 10/01/2043 | 97,103 | |
30,000 | Interpublic Group of Cos., Inc., Sr. Unsecd. Note, 2.250%, 11/15/2017 | 30,292 | |
25,000 | Moody's Corp., Sr. Unsecd. Note, 5.500%, 09/01/2020 | 29,049 | |
75,000 | News America Holdings, Inc., Company Guarantee, 8.000%, 10/17/2016 | 83,749 | |
20,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.625%, 05/01/2022 | 21,194 | |
100,000 | 2,3 | Pearson Funding Two PLC, Sr. Unsecd. Note, Series 144A, 4.000%, 05/17/2016 | 103,712 |
30,000 | Viacom, Inc., 2.500%, 09/01/2018 | 30,664 | |
25,000 | Viacom, Inc., Sr. Unsecd. Note, 2.500%, 12/15/2016 | 25,649 | |
100,000 | Viacom, Inc., Sr. Unsecd. Note, 3.875%, 04/01/2024 | 103,812 | |
150,000 | WPP Finance 2010, Sr. Unsecd. Note, 5.625%, 11/15/2043 | 186,396 | |
TOTAL | 711,620 | ||
Communications - Telecom Wireless—0.3% | |||
100,000 | American Tower Corp., Sr. Unsecd. Note, 3.400%, 02/15/2019 | 103,352 | |
50,000 | American Tower Corp., Sr. Unsecd. Note, 4.500%, 01/15/2018 | 53,554 | |
100,000 | 2,3 | Crown Castle Towers LLC, Sr. Secd. Note, Series 144A, 5.495%, 01/15/2017 | 106,081 |
90,000 | Orange SA, Sr. Unsecd. Note, 5.375%, 07/08/2019 | 102,890 | |
30,000 | 2,3 | SBA Tower Trust, Series 144A, 5.101%, 04/17/2017 | 31,577 |
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 | $97,228 | |
TOTAL | 494,682 | ||
Communications - Telecom Wirelines—0.3% | |||
10,000 | CenturyLink, Inc., Sr. Unsecd. Note, 7.650%, 3/15/2042 | 10,150 | |
90,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 03/15/2024 | 97,110 | |
175,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 5.150%, 09/15/2023 | 201,135 | |
60,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 6.350%, 04/01/2019 | 70,441 | |
TOTAL | 378,836 | ||
Consumer Cyclical - Automotive—0.5% | |||
175,000 | American Honda Finance Co., Series MTN, 0.422%, 7/14/2017 | 174,801 | |
175,000 | American Honda Finance Co., Unsecd. Deb., Series MTN, 2.250%, 8/15/2019 | 179,178 | |
10,000 | DaimlerChrysler North America Holding Corp., Company Guarantee, 8.500%, 01/18/2031 | 16,150 | |
100,000 | Ford Motor Co., Sr. Unsecd. Note, 4.750%, 01/15/2043 | 112,566 | |
20,000 | 2,3 | Harley-Davidson Financial Services, Inc., Company Guarantee, Series 144A, 3.875%, 03/15/2016 | 20,718 |
10,000 | 2,3 | Harley-Davidson Financial Services, Inc., Sr. Unsecd. Note, Series 144A, 2.700%, 03/15/2017 | 10,306 |
100,000 | 2,3 | Hyundai Capital America, Sr. Unsecd. Note, Series 144A, 2.875%, 08/09/2018 | 102,758 |
65,000 | 2,3 | RCI Banque SA, Sr. Unsecd. Note, Series 144A, 3.500%, 4/03/2018 | 68,027 |
20,000 | 2,3 | RCI Banque SA, Sr. Unsecd. Note, Series 144A, 4.600%, 04/12/2016 | 20,796 |
TOTAL | 705,300 | ||
Consumer Cyclical - Leisure—0.2% | |||
200,000 | 2 | Football Trust V, Pass Thru Cert., Series 144A, 5.350%, 10/05/2020 | 227,444 |
Consumer Cyclical - Lodging—0.1% | |||
30,000 | Hyatt Hotels Corp., Sr. Unsecd. Note, 3.375%, 07/15/2023 | 30,854 | |
50,000 | Marriott International, Inc., Sr. Unsecd. Note, 3.000%, 03/01/2019 | 52,152 | |
TOTAL | 83,006 | ||
Consumer Cyclical - Retailers—0.3% | |||
50,000 | Advance Auto Parts, Inc., 4.500%, 12/01/2023 | 54,465 | |
10,000 | O'Reilly Automotive, Inc., Company Guarantee, 4.875%, 01/14/2021 | 11,266 | |
35,000 | Wal-Mart Stores, Inc., Sr. Unsecd. Note, 3.300%, 04/22/2024 | 37,759 | |
300,000 | Wal-Mart Stores, Inc., Sr. Unsecd. Note, 4.300%, 04/22/2044 | 348,083 | |
TOTAL | 451,573 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Consumer Cyclical - Services—0.1% | |||
$65,000 | Expedia, Inc., Company Guarantee, 5.950%, 08/15/2020 | $73,256 | |
10,000 | University of Southern California, Sr. Unsecd. Note, 5.250%, 10/01/2111 | 14,789 | |
TOTAL | 88,045 | ||
Consumer Non-Cyclical - Food/Beverage—0.7% | |||
100,000 | Bottling Group LLC, Note, 5.500%, 04/01/2016 | 105,731 | |
37,000 | ConAgra Foods, Inc., Sr. Unsecd. Note, 3.200%, 01/25/2023 | 37,352 | |
116,000 | ConAgra Foods, Inc., Sr. Unsecd. Note, 4.650%, 01/25/2043 | 126,678 | |
200,000 | 2,3 | Kerry Group Financial Services, Sr. Unsecd. Note, Series 144A, 3.200%, 04/09/2023 | 203,301 |
25,000 | Mondelez International, Inc., Sr. Unsecd. Note, 4.000%, 02/01/2024 | 27,230 | |
20,000 | Sysco Corp., Sr. Note, 5.375%, 03/17/2019 | 22,952 | |
130,000 | Sysco Corp., Sr. Unsecd. Note, 3.500%, 10/02/2024 | 136,374 | |
250,000 | Sysco Corp., Sr. Unsecd. Note, 4.500%, 10/02/2044 | 277,420 | |
30,000 | The Coca-Cola Co., Sr. Unsecd. Note, 1.800%, 9/01/2016 | 30,618 | |
50,000 | Tyson Foods, Inc., Sr. Unsecd. Note, 4.500%, 06/15/2022 | 56,096 | |
TOTAL | 1,023,752 | ||
Consumer Non-Cyclical - Health Care—0.1% | |||
40,000 | Baxter International, Inc., 6.250%, 12/01/2037 | 55,556 | |
10,000 | Laboratory Corp. of America Holdings, Sr. Unsecd. Note, 3.750%, 08/23/2022 | 10,555 | |
70,000 | Stryker Corp., Sr. Unsecd. Note, 1.300%, 04/01/2018 | 69,959 | |
10,000 | Zimmer Holdings, Inc., Sr. Note, 5.750%, 11/30/2039 | 12,749 | |
TOTAL | 148,819 | ||
Consumer Non-Cyclical - Pharmaceuticals—0.0% | |||
10,000 | Dentsply International, Inc., Sr. Unsecd. Note, 2.750%, 08/15/2016 | 10,217 | |
30,000 | Pfizer, Inc., Sr. Unsecd. Note, 6.200%, 03/15/2019 | 35,630 | |
TOTAL | 45,847 | ||
Consumer Non-Cyclical - Products—0.0% | |||
10,000 | Clorox Co., Sr. Unsecd. Note, 3.550%, 11/01/2015 | 10,223 | |
Consumer Non-Cyclical - Tobacco—0.1% | |||
24,000 | Altria Group, Inc., 9.250%, 08/06/2019 | 31,340 | |
30,000 | Altria Group, Inc., Sr. Unsecd. Note, 4.000%, 01/31/2024 | 32,667 | |
30,000 | Philip Morris International, Inc., 5.650%, 05/16/2018 | 34,192 | |
TOTAL | 98,199 | ||
Energy - Independent—0.2% | |||
30,000 | EOG Resources, Inc., Note, 5.625%, 06/01/2019 | 34,483 | |
25,000 | Petroleos Mexicanos, Sr. Unsecd. Note, 4.875%, 1/18/2024 | 26,060 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Energy - Independent—continued | |||
$75,000 | XTO Energy, Inc., 6.375%, 06/15/2038 | $114,146 | |
60,000 | XTO Energy, Inc., 6.750%, 08/01/2037 | 94,632 | |
TOTAL | 269,321 | ||
Energy - Integrated—0.3% | |||
30,000 | BP Capital Markets America, Inc., Company Guarantee, 4.200%, 06/15/2018 | 32,261 | |
20,000 | BP Capital Markets PLC, Company Guarantee, 3.125%, 10/01/2015 | 20,333 | |
75,000 | Husky Energy, Inc., 4.000%, 04/15/2024 | 75,049 | |
100,000 | Husky Oil Ltd., Deb., 7.550%, 11/15/2016 | 109,814 | |
90,000 | Petrobras Global Finance BV, Sr. Unsecd. Note, 4.375%, 05/20/2023 | 74,313 | |
20,000 | Petrobras International Finance Co., Sr. Unsecd. Note, 2.875%, 02/06/2015 | 19,970 | |
50,000 | Petrobras International Finance Co., Sr. Unsecd. Note, 5.375%, 1/27/2021 | 45,172 | |
20,000 | Phillips 66, Sr. Unsecd. Note, 1.950%, 03/05/2015 | 20,029 | |
50,000 | Phillips 66, Sr. Unsecd. Note, 4.300%, 04/01/2022 | 54,830 | |
TOTAL | 451,771 | ||
Energy - Midstream—0.2% | |||
75,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.900%, 02/01/2024 | 81,551 | |
10,000 | 2,3 | Florida Gas Transmission Co. LLC, Sr. Unsecd. Note, Series 144A, 5.450%, 07/15/2020 | 11,370 |
150,000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, 5.000%, 03/01/2043 | 152,270 | |
20,000 | 2,3 | Texas Eastern Transmission LP, Sr. Unsecd. Note, Series 144A, 2.800%, 10/15/2022 | 19,443 |
40,000 | Williams Partners LP, 5.250%, 03/15/2020 | 43,819 | |
30,000 | Williams Partners LP, Sr. Unsecd. Note, 4.125%, 11/15/2020 | 31,501 | |
TOTAL | 339,954 | ||
Energy - Oil Field Services—0.1% | |||
15,000 | Nabors Industries, Inc., Company Guarantee, 5.000%, 09/15/2020 | 14,313 | |
20,000 | Nabors Industries, Inc., Sr. Unsecd. Note, 4.625%, 09/15/2021 | 18,598 | |
50,000 | Nabors Industries, Inc., Sr. Unsecd. Note, 5.100%, 09/15/2023 | 45,896 | |
15,000 | Noble Holding International Ltd., Company Guarantee, 4.900%, 08/01/2020 | 13,686 | |
TOTAL | 92,493 | ||
Energy - Refining—0.1% | |||
10,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 03/01/2041 | 12,107 | |
30,000 | Valero Energy Corp., 7.500%, 04/15/2032 | 38,707 | |
10,000 | Valero Energy Corp., 9.375%, 03/15/2019 | 12,568 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Energy - Refining—continued | |||
$95,000 | Valero Energy Corp., Sr. Unsecd. Note, 6.625%, 06/15/2037 | $115,503 | |
TOTAL | 178,885 | ||
Financial Institution - Banking—2.8% | |||
74,000 | American Express Co., 2.650%, 12/02/2022 | 75,201 | |
50,000 | American Express Credit Corp., Sr. Unsecd. Note, Series MTN, 2.800%, 09/19/2016 | 51,607 | |
40,000 | Associated Banc-Corp., Sr. Unsecd. Note, 5.125%, 03/28/2016 | 41,602 | |
50,000 | BB&T Corp., Sr. Unsecd. Note, Series MTN, 2.250%, 02/01/2019 | 51,189 | |
60,000 | Bank of America Corp., Sr. Unsecd. Note, 4.500%, 04/01/2015 | 60,381 | |
100,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 5.000%, 5/13/2021 | 113,932 | |
50,000 | Bank of Montreal, Sr. Unsecd. Note, Series MTN, 1.450%, 04/09/2018 | 50,071 | |
250,000 | Branch Banking & Trust Co., Sub. Note, 3.800%, 10/30/2026 | 269,133 | |
20,000 | Citigroup, Inc., Sr. Unsecd. Note, 4.450%, 01/10/2017 | 21,197 | |
25,000 | City National Corp., Sr. Unsecd. Note, 5.250%, 09/15/2020 | 29,041 | |
30,000 | Comerica, Inc., 3.800%, 7/22/2026 | 31,245 | |
40,000 | Deutsche Bank AG London, Sr. Unsecd. Note, 3.250%, 01/11/2016 | 40,896 | |
200,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 1.350%, 06/01/2017 | 200,950 | |
20,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 3.625%, 01/25/2016 | 20,524 | |
275,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.625%, 01/22/2023 | 287,675 | |
25,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.125%, 02/15/2033 | 32,291 | |
30,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.150%, 04/01/2018 | 33,935 | |
150,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.250%, 02/01/2041 | 200,122 | |
50,000 | HSBC Holdings PLC, Sr. Unsecd. Note, 5.100%, 04/05/2021 | 57,883 | |
200,000 | HSBC Holdings PLC, Sub. Note, 5.250%, 03/14/2044 | 239,681 | |
150,000 | HSBC USA, Inc., Sr. Unsecd. Note, 2.375%, 02/13/2015 | 150,094 | |
250,000 | Huntington National Bank, Sr. Unsecd. Note, 2.200%, 04/01/2019 | 253,515 | |
175,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 4.850%, 02/01/2044 | 206,978 | |
400,000 | JPMorgan Chase & Co., Sub. Note, 3.375%, 05/01/2023 | 399,818 | |
250,000 | Manufacturers & Traders T, Sr. Unsecd. Note, Series BKNT, 0.556%, 7/25/2017 | 248,792 | |
65,000 | Morgan Stanley, Sr. Unsecd. Note, 4.750%, 03/22/2017 | 69,468 | |
150,000 | Morgan Stanley, Sr. Unsecd. Note, 6.375%, 07/24/2042 | 205,655 | |
175,000 | Morgan Stanley, Sub. Note, Series MTN, 4.100%, 5/22/2023 | 181,593 | |
20,000 | Murray Street Investment Trust I, Sr. Unsecd. Note, 4.647%, 03/09/2017 | 21,297 | |
100,000 | 2,3 | Santander US Debt SA Unipersonal, Bank Guarantee, Series 144A, 3.781%, 10/07/2015 | 102,013 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Banking—continued | |||
$30,000 | Wachovia Corp., Sr. Unsecd. Note, Series MTN, 5.750%, 2/01/2018 | $33,731 | |
70,000 | Westpac Banking Corp., Sr. Unsecd. Note, 4.875%, 11/19/2019 | 79,492 | |
100,000 | Wilmington Trust Corp., Sub. Note, 8.500%, 04/02/2018 | 118,978 | |
TOTAL | 3,979,980 | ||
Financial Institution - Broker/Asset Mgr/Exchange—0.2% | |||
20,000 | 2,3 | CME Group Index Services LLC, Company Guarantee, Series 144A, 4.400%, 03/15/2018 | 21,807 |
80,000 | Janus Capital Group, Inc., Sr. Note, 6.700%, 06/15/2017 | 88,777 | |
40,000 | Jefferies Group LLC, Sr. Unsecd. Note, 6.500%, 01/20/2043 | 41,425 | |
125,000 | Jefferies Group LLC, Sr. Unsecd. Note, 6.875%, 04/15/2021 | 143,851 | |
13,000 | Raymond James Financial, Inc., Sr. Unsecd. Note, 5.625%, 04/01/2024 | 15,393 | |
TOTAL | 311,253 | ||
Financial Institution - Finance Companies—0.0% | |||
30,000 | General Electric Capital Corp., Sr. Unsecd. Note, 3.100%, 1/09/2023 | 31,484 | |
Financial Institution - Insurance - Health—0.0% | |||
50,000 | Wellpoint, Inc., 5.850%, 01/15/2036 | 64,977 | |
Financial Institution - Insurance - Life—0.8% | |||
200,000 | Aflac, Inc., Sr. Unsecd. Note, 3.625%, 06/15/2023 | 212,363 | |
10,000 | Aflac, Inc., Sr. Unsecd. Note, 6.900%, 12/17/2039 | 14,361 | |
25,000 | American International Group, Inc., 4.500%, 7/16/2044 | 27,617 | |
35,000 | American International Group, Inc., Sr. Unsecd. Note, 4.125%, 02/15/2024 | 38,528 | |
150,000 | American International Group, Inc., Sr. Unsecd. Note, 6.250%, 05/01/2036 | 201,659 | |
10,000 | Lincoln National Corp., Sr. Unsecd. Note, 4.200%, 03/15/2022 | 10,920 | |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/01/2039 | 16,550 | |
250,000 | MetLife, Inc., Sr. Unsecd. Note, 3.600%, 04/10/2024 | 267,746 | |
15,000 | 2,3 | Penn Mutual Life Insurance Co., Sr. Note, Series 144A, 7.625%, 06/15/2040 | 23,575 |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.125%, 05/15/2023 | 10,227 | |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.300%, 09/15/2022 | 10,319 | |
150,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 5.625%, 05/12/2041 | 190,573 | |
50,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040 | 67,599 | |
TOTAL | 1,092,037 | ||
Financial Institution - Insurance - P&C—0.4% | |||
90,000 | ACE INA Holdings, Inc., 5.600%, 05/15/2015 | 91,225 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Insurance - P&C—continued | |||
$1,000 | ACE INA Holdings, Inc., Sr. Note, 5.700%, 02/15/2017 | $1,094 | |
75,000 | CNA Financial Corp., 6.500%, 08/15/2016 | 81,040 | |
30,000 | CNA Financial Corp., Sr. Unsecd. Note, 7.350%, 11/15/2019 | 36,766 | |
20,000 | Chubb Corp., Sr. Note, 5.750%, 05/15/2018 | 22,818 | |
100,000 | 2,3 | Liberty Mutual Group, Inc., Series 144A, 4.850%, 8/01/2044 | 110,049 |
65,000 | 2,3 | Nationwide Mutual Insurance Co., Sub. Note, Series 144A, 9.375%, 08/15/2039 | 109,186 |
50,000 | The Travelers Cos., Inc., Sr. Unsecd. Note, 5.500%, 12/01/2015 | 52,088 | |
TOTAL | 504,266 | ||
Financial Institution - REIT - Apartment—0.0% | |||
20,000 | Post Apartment Homes LP, Sr. Unsecd. Note, 3.375%, 12/01/2022 | 20,463 | |
10,000 | UDR, Inc., Company Guarantee, 4.625%, 01/10/2022 | 11,091 | |
TOTAL | 31,554 | ||
Financial Institution - REIT - Healthcare—0.1% | |||
40,000 | Health Care REIT, Inc., Sr. Unsecd. Note, 6.125%, 04/15/2020 | 47,034 | |
50,000 | Healthcare Trust of America, 3.700%, 04/15/2023 | 51,174 | |
TOTAL | 98,208 | ||
Financial Institution - REIT - Office—0.1% | |||
50,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.900%, 06/15/2023 | 52,045 | |
50,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 4.600%, 04/01/2022 | 54,894 | |
55,000 | Boston Properties LP, Sr. Unsecd. Note, 5.875%, 10/15/2019 | 64,697 | |
TOTAL | 171,636 | ||
Financial Institution - REIT - Other—0.1% | |||
75,000 | Liberty Property LP, 6.625%, 10/01/2017 | 84,319 | |
50,000 | ProLogis LP, Sr. Unsecd. Note, 3.350%, 02/01/2021 | 52,409 | |
75,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 04/01/2024 | 79,960 | |
TOTAL | 216,688 | ||
Financial Institution - REIT - Retail—0.1% | |||
20,000 | Equity One, Inc., Bond, 6.000%, 09/15/2017 | 22,032 | |
20,000 | Regency Centers LP, Company Guarantee, 4.800%, 04/15/2021 | 22,394 | |
30,000 | Tanger Properties LP, Sr. Unsecd. Note, 6.125%, 06/01/2020 | 35,422 | |
TOTAL | 79,848 | ||
Sovereign—0.0% | |||
30,000 | Corp Andina De Fomento, Sr. Unsecd. Note, 4.375%, 06/15/2022 | 33,375 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Technology—0.3% | |||
$15,000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 3.200%, 10/01/2022 | $15,167 | |
45,000 | Apple, Inc., Sr. Unsecd. Note, 1.000%, 05/03/2018 | 44,837 | |
30,000 | Apple, Inc., Sr. Unsecd. Note, 2.400%, 05/03/2023 | 29,964 | |
60,000 | Cisco Systems, Inc., Sr. Unsecd. Note, 5.500%, 02/22/2016 | 63,215 | |
20,000 | Corning, Inc., Unsecd. Note, 4.750%, 03/15/2042 | 22,795 | |
100,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.500%, 04/15/2023 | 102,508 | |
20,000 | Hewlett-Packard Co., Sr. Unsecd. Note, 3.300%, 12/09/2016 | 20,772 | |
20,000 | Ingram Micro, Inc., Sr. Unsecd. Note, 5.000%, 08/10/2022 | 21,683 | |
10,000 | Juniper Networks, Inc., Sr. Unsecd. Note, 5.950%, 03/15/2041 | 10,892 | |
10,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 09/12/2022 | 10,710 | |
25,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.875%, 01/15/2019 | 27,405 | |
20,000 | Xerox Corp., Sr. Unsecd. Note, 2.950%, 03/15/2017 | 20,677 | |
TOTAL | 390,625 | ||
Transportation - Airlines—0.1% | |||
130,000 | Southwest Airlines Co., Sr. Unsecd. Note, 5.125%, 03/01/2017 | 139,605 | |
Transportation - Railroads—0.1% | |||
50,000 | Burlington Northern Santa Fe Corp., Deb., 5.750%, 05/01/2040 | 66,232 | |
30,000 | Kansas City Southern de Mexico SA de CV, Sr. Unsecd. Note, 3.000%, 05/15/2023 | 30,276 | |
TOTAL | 96,508 | ||
Transportation - Services—0.2% | |||
90,000 | 2,3 | Enterprise Rent-A-Car USA Finance Co., Series 144A, 6.375%, 10/15/2017 | 101,439 |
50,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.450%, 11/15/2018 | 51,320 | |
60,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 3.150%, 03/02/2015 | 60,118 | |
30,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 3.125%, 01/15/2021 | 32,302 | |
TOTAL | 245,179 | ||
Utility - Electric—0.5% | |||
70,000 | Appalachian Power Co., Sr. Unsecd. Note, 7.950%, 01/15/2020 | 89,059 | |
5,000 | Consolidated Edison Co., Sr. Unsecd. Note, 6.650%, 04/01/2019 | 6,008 | |
70,000 | 2,3 | Electricite de France SA, Note, Series 144A, 5.600%, 01/27/2040 | 90,355 |
100,000 | Exelon Generation Co. LLC, Sr. Unsecd. Note, 4.250%, 06/15/2022 | 107,170 | |
10,000 | Great Plains Energy, Inc., Note, 4.850%, 06/01/2021 | 11,292 | |
14,571 | 2,3 | Great River Energy, 1st Mtg. Note, Series 144A, 5.829%, 7/01/2017 | 15,488 |
25,000 | National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, Series MTNC, 8.000%, 3/01/2032 | 38,774 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Utility - Electric—continued | |||
$50,000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 2.700%, 09/15/2019 | $51,601 | |
80,000 | Northern States Power Co., MN, 1st Mtg. Bond, 5.250%, 03/01/2018 | 89,987 | |
25,000 | PSEG Power LLC, Sr. Unsecd. Note, 4.300%, 11/15/2023 | 27,409 | |
75,000 | PSI Energy, Inc., Bond, 6.050%, 06/15/2016 | 80,423 | |
50,000 | Progress Energy, Inc., 7.050%, 03/15/2019 | 60,274 | |
10,000 | TECO Finance, Inc., Company Guarantee, 5.150%, 03/15/2020 | 11,375 | |
40,000 | UIL Holdings Corp., Sr. Unsecd. Note, 4.625%, 10/01/2020 | 43,575 | |
TOTAL | 722,790 | ||
Utility - Natural Gas—0.3% | |||
20,000 | Atmos Energy Corp., 8.500%, 03/15/2019 | 25,236 | |
100,000 | Atmos Energy Corp., Sr. Unsecd. Note, 4.125%, 10/15/2044 | 113,098 | |
50,000 | Enbridge Energy Partners LP, Sr. Unsecd. Note, 4.200%, 09/15/2021 | 53,049 | |
40,000 | Enbridge, Inc., Sr. Note, 5.600%, 04/01/2017 | 43,057 | |
65,000 | National Fuel Gas Co., Sr. Unsecd. Note, 3.750%, 03/01/2023 | 68,178 | |
55,000 | Sempra Energy, Sr. Unsecd. Note, 6.500%, 06/01/2016 | 59,131 | |
TOTAL | 361,749 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $15,786,645) | 17,146,729 | ||
FOREIGN GOVERNMENTS/AGENCY—0.1% | |||
Sovereign—0.1% | |||
75,000 | United Mexican States, 6.625%, 03/03/2015 (IDENTIFIED COST $75,090) | 75,038 | |
MORTGAGE-BACKED SECURITY—0.0% | |||
Federal National Mortgage Association—0.0% | |||
2,777 | Federal National Mortgage Association Pool 609554, 7.500%, 10/1/2016 (IDENTIFIED COST $2,881) | 2,907 | |
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) | 92,600 | |
U.S. TREASURY—2.0% | |||
357,745 | U.S. Treasury Inflation-Protected Bond, Series TIPS of , 1.375%, 2/15/2044 | 440,886 | |
417,420 | U.S. Treasury Inflation-Protected Note, Series A-2022, 0.125%, 1/15/2022 | 423,897 | |
174,076 | 4 | U.S. Treasury Inflation-Protected Note, Series D-2024, 0.125%, 7/15/2024 | 176,714 |
Shares or Principal Amount | Value | ||
U.S. TREASURY—continued | |||
$100,000 | United States Treasury Bond, 3.000%, 11/15/2044 | $116,523 | |
150,000 | United States Treasury Bond, 3.375%, 5/15/2044 | 186,591 | |
50,000 | United States Treasury Bond, 3.625%, 2/15/2044 | 64,827 | |
300,000 | United States Treasury Note, 1.625%, 12/31/2019 | 306,562 | |
550,000 | United States Treasury Note, 2.250%, 11/15/2024 | 579,219 | |
400,000 | United States Treasury Note, 2.375%, 8/15/2024 | 425,343 | |
100,000 | United States Treasury Note, 3.500%, 5/15/2020 | 111,596 | |
TOTAL U.S. TREASURY (IDENTIFIED COST $2,691,369) | 2,832,158 | ||
EXCHANGE-TRADED FUND—7.6% | |||
177,000 | iShares MSCI EAFE ETF (IDENTIFIED COST $10,596,479) | 10,834,170 | |
INVESTMENT COMPANIES—16.5%5 | |||
14,886 | Emerging Markets Fixed Income Core Fund | 507,560 | |
1,198,235 | Federated Mortgage Core Portfolio | 12,054,245 | |
5,172,646 | 6 | Federated Prime Value Obligations Fund, Institutional Shares, 0.07% | 5,172,646 |
201,917 | Federated Project and Trade Finance Core Fund | 1,891,961 | |
608,587 | High Yield Bond Portfolio | 3,876,699 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $23,769,759) | 23,503,111 | ||
TOTAL INVESTMENTS—99.8% (IDENTIFIED COST $126,354,767)7 | 141,859,894 | ||
OTHER ASSETS AND LIABILITIES - NET—0.2%8 | 185,640 | ||
TOTAL NET ASSETS—100% | $142,045,534 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation (Depreciation) |
1United States Treasury Note 2-Year Long Futures | 38 | $8,351,094 | March 2015 | $38,945 |
1United States Treasury Note 5-Year Short Futures | 44 | $5,339,125 | March 2015 | $(91,234) |
1United States Treasury Note 10-Year Short Futures | 6 | $785,250 | March 2015 | $(12,014) |
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $(64,303) |
1 | Non-income-producing security. |
2 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At January 31, 2015, these restricted securities amounted to $2,474,696, which represented 1.7% of total net assets. |
3 | Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At January 31, 2015, these liquid restricted securities amounted to $2,247,252, which represented 1.6% 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 $126,354,617. |
8 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $80,914,709 | $— | $— | $80,914,709 |
International | 2,798,863 | — | — | 2,798,863 |
Debt Securities: | ||||
Asset-Backed Securities | — | 1,653,763 | — | 1,653,763 |
Collateralized Mortgage Obligations | — | 2,005,846 | — | 2,005,846 |
Corporate Bonds | — | 17,146,729 | — | 17,146,729 |
Foreign Governments/Agency | — | 75,038 | — | 75,038 |
Mortgage-Backed Security | — | 2,907 | — | 2,907 |
Municipal Bond | — | 92,600 | — | 92,600 |
U.S. Treasury | — | 2,832,158 | — | 2,832,158 |
Exchange-Traded Fund | 10,834,170 | — | — | 10,834,170 |
Investment Companies1 | 5,172,646 | 18,330,4652 | — | 23,503,111 |
TOTAL SECURITIES | $99,720,388 | $42,139,506 | $— | $141,859,894 |
OTHER FINANCIAL INSTRUMENTS3 | $(64,303) | $— | $— | $(64,303) |
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. Investments in these funds are deemed Level 2 due to the fact that the net asset value (the NAV) is not publicly available and, with respect to Federated Project and Trade Finance Core Fund, due to fact that the price of shares redeemed may be determined as of the closing NAV of the fund up to twenty-four days after receipt of a shareholder redemption request. |
2 | Includes $16,356,355 of affiliated investment company holdings transferred from Level 1 to Level 2 because the Adviser determined that these investments more appropriately meet the definition of Level 2. Transfers shown represent the value of the investments at the beginning of the period. |
3 | Other financial instruments include futures contracts. |
GO | —General Obligation |
MTN | —Medium Term Note |
REIT | —Real Estate Investment Trust |
REMIC | —Real Estate Mortgage Investment Conduit |
TIPS | —Treasury Inflation Protected Notes |
Six Months Ended (unaudited) 1/31/2015 | Year Ended July 31, | |||||
2014 | 2013 | 2012 | 2011 | 2010 | ||
Net Asset Value, Beginning of Period | $16.07 | $14.35 | $12.20 | $12.17 | $10.86 | $10.17 |
Income From Investment Operations: | ||||||
Net investment income | 0.091 | 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 | 0.30 | 1.70 | 2.19 | 0.02 | 1.33 | 0.71 |
TOTAL FROM INVESTMENT OPERATIONS | 0.39 | 1.87 | 2.33 | 0.19 | 1.48 | 0.87 |
Less Distributions: | ||||||
Distributions from net investment income | (0.18) | (0.15) | (0.18) | (0.16) | (0.17) | (0.18) |
Net Asset Value, End of Period | $16.28 | $16.07 | $14.35 | $12.20 | $12.17 | $10.86 |
Total Return2 | 2.43% | 13.06% | 19.28% | 1.65% | 13.67% | 8.51% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.30%3 | 1.30% | 1.30% | 1.30% | 1.28% | 1.21% |
Net investment income | 1.11%3 | 1.10% | 1.10% | 1.43% | 1.27% | 1.47% |
Expense waiver/reimbursement4 | 0.10%3 | 0.10% | 0.11% | 0.28% | 0.23% | 0.25% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $57,674 | $55,634 | $50,340 | $48,774 | $57,358 | $86,018 |
Portfolio turnover | 27% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2015 | Year Ended July 31, | |||||
2014 | 2013 | 2012 | 2011 | 2010 | ||
Net Asset Value, Beginning of Period | $15.84 | $14.16 | $12.03 | $11.99 | $10.70 | $10.03 |
Income From Investment Operations: | ||||||
Net investment income | 0.031 | 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 | 0.30 | 1.67 | 2.16 | 0.03 | 1.31 | 0.69 |
TOTAL FROM INVESTMENT OPERATIONS | 0.33 | 1.72 | 2.20 | 0.11 | 1.37 | 0.77 |
Less Distributions: | ||||||
Distributions from net investment income | (0.06) | (0.04) | (0.07) | (0.07) | (0.08) | (0.10) |
Net Asset Value, End of Period | $16.11 | $15.84 | $14.16 | $12.03 | $11.99 | $10.70 |
Total Return2 | 2.08% | 12.14% | 18.41% | 0.93% | 12.85% | 7.63% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.05%3 | 2.05% | 2.05% | 2.05% | 2.04% | 1.96% |
Net investment income | 0.36%3 | 0.34% | 0.36% | 0.68% | 0.52% | 0.71% |
Expense waiver/reimbursement4 | 0.06%3 | 0.07% | 0.08% | 0.24% | 0.19% | 0.22% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $31,154 | $34,522 | $35,450 | $34,193 | $45,512 | $49,907 |
Portfolio turnover | 27% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2015 | Year Ended July 31, | |||||
2014 | 2013 | 2012 | 2011 | 2010 | ||
Net Asset Value, Beginning of Period | $16.05 | $14.33 | $12.17 | $12.12 | $10.83 | $10.14 |
Income From Investment Operations: | ||||||
Net investment income | 0.071 | 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 | 0.30 | 1.69 | 2.19 | 0.03 | 1.32 | 0.72 |
TOTAL FROM INVESTMENT OPERATIONS | 0.37 | 1.82 | 2.28 | 0.14 | 1.41 | 0.82 |
Less Distributions: | ||||||
Distributions from net investment income | (0.15) | (0.10) | (0.12) | (0.09) | (0.12) | (0.13) |
Net Asset Value, End of Period | $16.27 | $16.05 | $14.33 | $12.17 | $12.12 | $10.83 |
Total Return2 | 2.28% | 12.72% | 18.84% | 1.19% | 13.08% | 8.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.56%3 | 1.57% | 1.69% | 1.80% | 1.79% | 1.70% |
Net investment income | 0.87%3 | 0.84% | 0.70% | 0.93% | 0.77% | 0.96% |
Expense waiver/reimbursement4 | 0.03%3 | 0.05% | 0.06% | 0.22% | 0.17% | 0.21% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $527 | $464 | $417 | $526 | $665 | $673 |
Portfolio turnover | 27% | 34% | 105% | 149% | 139% | 130% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2015 | Year Ended July 31, | |||||
2014 | 2013 | 2012 | 2011 | 2010 | ||
Net Asset Value, Beginning of Period | $16.11 | $14.39 | $12.23 | $12.21 | $10.90 | $10.21 |
Income From Investment Operations: | ||||||
Net investment income | 0.111 | 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 | 0.30 | 1.69 | 2.19 | 0.02 | 1.34 | 0.71 |
TOTAL FROM INVESTMENT OPERATIONS | 0.41 | 1.90 | 2.37 | 0.22 | 1.52 | 0.90 |
Less Distributions: | ||||||
Distributions from net investment income | (0.22) | (0.18) | (0.21) | (0.20) | (0.21) | (0.21) |
Net Asset Value, End of Period | $16.30 | $16.11 | $14.39 | $12.23 | $12.21 | $10.90 |
Total Return2 | 2.54% | 13.30% | 19.63% | 1.87% | 13.99% | 8.74% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.05%3 | 1.05% | 1.05% | 1.05% | 1.04% | 0.96% |
Net investment income | 1.36%3 | 1.35% | 1.35% | 1.69% | 1.52% | 1.71% |
Expense waiver/reimbursement4 | 0.04%3 | 0.06% | 0.07% | 0.23% | 0.18% | 0.21% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $52,690 | $49,667 | $46,365 | $43,341 | $47,473 | $49,127 |
Portfolio turnover | 27% | 34% | 105% | 149% | 139% | 130% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Total investment in securities, at value including $23,503,111 of investment in affiliated holdings (Note 5) (identified cost $126,354,767) | $141,859,894 | |
Cash | 4,918 | |
Income receivable | 339,187 | |
Receivable for investments sold | 524,840 | |
Receivable for shares sold | 146,191 | |
TOTAL ASSETS | 142,875,030 | |
Liabilities: | ||
Payable for investments purchased | $536,182 | |
Payable for shares redeemed | 138,073 | |
Payable for daily variation margin | 16,094 | |
Payable for transfer agent fee (Note 2) | 28,364 | |
Payable for portfolio accounting fees | 18,546 | |
Payable for distribution services fee (Note 5) | 20,466 | |
Payable for other service fees (Notes 2 and 5) | 47,142 | |
Accrued expenses (Note 5) | 24,629 | |
TOTAL LIABILITIES | 829,496 | |
Net assets for 8,742,071 shares outstanding | $142,045,534 | |
Net Assets Consist of: | ||
Paid-in capital | $151,973,092 | |
Net unrealized appreciation of investments and futures contracts | 15,440,824 | |
Accumulated net realized loss on investments and futures contracts | (25,531,875) | |
Undistributed net investment income | 163,493 | |
TOTAL NET ASSETS | $142,045,534 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($57,674,409 ÷ 3,543,436 shares outstanding), no par value, unlimited shares authorized | $16.28 | |
Offering price per share (100/94.50 of $16.28) | $17.23 | |
Redemption proceeds per share | $16.28 | |
Class C Shares: | ||
Net asset value per share ($31,154,025 ÷ 1,934,337 shares outstanding), no par value, unlimited shares authorized | $16.11 | |
Offering price per share | $16.11 | |
Redemption proceeds per share (99.00/100 of $16.11) | $15.95 | |
Class R Shares: | ||
Net asset value per share ($527,213 ÷ 32,395 shares outstanding), no par value, unlimited shares authorized | $16.27 | |
Offering price per share | $16.27 | |
Redemption proceeds per share | $16.27 | |
Institutional Shares: | ||
Net asset value per share ($52,689,887 ÷ 3,231,903 shares outstanding), no par value, unlimited shares authorized | $16.30 | |
Offering price per share | $16.30 | |
Redemption proceeds per share | $16.30 |
Investment Income: | |||
Dividends (including $328,644 received from affiliated holdings (Note 5)) | $1,262,186 | ||
Interest | 421,716 | ||
Investment income allocated from affiliated partnership (Notes 2 and 5) | 27,630 | ||
TOTAL INCOME | 1,711,532 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $531,746 | ||
Administrative fee (Note 5) | 55,490 | ||
Custodian fees | 8,441 | ||
Transfer agent fee (Note 2) | 71,552 | ||
Directors'/Trustees' fees (Note 5) | 1,232 | ||
Auditing fees | 14,821 | ||
Legal fees | 5,800 | ||
Portfolio accounting fees | 55,286 | ||
Distribution services fee (Note 5) | 124,670 | ||
Other service fees (Notes 2 and 5) | 109,485 | ||
Share registration costs | 26,964 | ||
Printing and postage | 20,313 | ||
Miscellaneous (Note 5) | 7,482 | ||
EXPENSES BEFORE ALLOCATION | 1,033,282 | ||
Expenses allocated from affiliated partnership (Note 2) | 304 | ||
TOTAL EXPENSES | 1,033,586 |
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(23,767) | ||
Reimbursement of transfer agent fee (Notes 2 and 5) | (25,032) | ||
TOTAL WAIVER AND REIMBURSEMENTS | $(48,799) | ||
Net expenses | $984,787 | ||
Net investment income | 726,745 | ||
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | |||
Net realized gain on investments (including realized gain of $2,336 on sales of investments in affiliated holdings (Note 5)) | 7,529,156 | ||
Net realized loss on futures contracts | (162,969) | ||
Net realized loss on investments, futures contracts, swap contracts and foreign currency transactions allocated from affiliated partnership (Note 5) | (29,274) | ||
Realized gain distribution from affiliated investment company shares (Note 5) | 39,947 | ||
Net change in unrealized appreciation of investments | (4,772,614) | ||
Net change in unrealized appreciation of futures contracts | (112,049) | ||
Net realized and unrealized gain on investments and futures contracts | 2,492,197 | ||
Change in net assets resulting from operations | $3,218,942 |
Six Months Ended (unaudited) 1/31/2015 | Year Ended 7/31/2014 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $726,745 | $1,365,702 |
Net realized gain on investments including allocations from partnership and futures contracts | 7,376,860 | 8,248,465 |
Net change in unrealized appreciation/depreciation of investments and futures contracts | (4,884,663) | 6,983,114 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 3,218,942 | 16,597,281 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (627,231) | (505,105) |
Class C Shares | (120,251) | (91,490) |
Class R Shares | (4,641) | (2,791) |
Institutional Shares | (724,945) | (583,702) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (1,477,068) | (1,183,088) |
Share Transactions: | ||
Proceeds from sale of shares | 14,683,196 | 15,880,319 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,374,214 | 1,085,218 |
Cost of shares redeemed | (16,041,264) | (24,662,752) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 16,146 | (7,697,215) |
Change in net assets | 1,758,020 | 7,716,978 |
Net Assets: | ||
Beginning of period | 140,287,514 | 132,570,536 |
End of period (including undistributed net investment income of $163,493 and $913,816, respectively) | $142,045,534 | $140,287,514 |
■ | 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 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, except that options are valued at the mean of closing bid and asked quotations. |
■ | 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 last traded or purchase price of the security, information obtained by contacting the issuer or dealers, 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, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
■ | With respect to securities traded principally 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; |
■ | Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or 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 | $37,282 | $(17,562) |
Class C Shares | 15,671 | (4,936) |
Class R Shares | 154 | — |
Institutional Shares | 18,445 | (2,534) |
TOTAL | $71,552 | $(25,032) |
Other Service Fees Incurred | |
Class A Shares | $68,722 |
Class C Shares | 40,763 |
TOTAL | $109,485 |
Security | Acquisition Date | Cost | Market Value |
Football Trust V, Pass Thru Cert., Series 144A, 5.350%, 10/05/2020 | 3/24/2010 | $200,000 | $227,444 |
Fair Value of Derivative Instruments | ||
Liability | ||
Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||
Interest rate contracts | Payable for daily variation margin | $64,303* |
* | Includes cumulative depreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Futures | |
Interest rate contracts | $(162,969) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures | |
Interest rate contracts | $(112,049) |
Six Months Ended 1/31/2015 | Year Ended 7/31/2014 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 399,594 | $6,542,578 | 643,550 | $9,836,746 |
Shares issued to shareholders in payment of distributions declared | 33,894 | 561,954 | 29,125 | 445,325 |
Shares redeemed | (352,446) | (5,734,011) | (717,458) | (10,905,514) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 81,042 | $1,370,521 | (44,783) | $(623,443) |
Six Months Ended 1/31/2015 | Year Ended 7/31/2014 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 145,162 | $2,347,810 | 218,934 | $3,310,479 |
Shares issued to shareholders in payment of distributions declared | 6,665 | 109,378 | 5,709 | 86,485 |
Shares redeemed | (396,315) | (6,370,901) | (549,307) | (8,354,126) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (244,488) | $(3,913,713) | (324,664) | $(4,957,162) |
Six Months Ended 1/31/2015 | Year Ended 7/31/2014 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 4,031 | $66,188 | 2,339 | $35,057 |
Shares issued to shareholders in payment of distributions declared | 276 | 4,572 | 182 | 2,791 |
Shares redeemed | (832) | (13,372) | (2,669) | (40,215) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 3,475 | $57,388 | (148) | $ (2,367) |
Six Months Ended 1/31/2015 | Year Ended 7/31/2014 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 346,061 | $5,726,620 | 175,356 | $2,698,037 |
Shares issued to shareholders in payment of distributions declared | 42,067 | 698,310 | 35,965 | 550,617 |
Shares redeemed | (238,691) | (3,922,980) | (350,470) | (5,362,897) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 149,437 | $2,501,950 | (139,149) | $(2,114,243) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (10,534) | $16,146 | (508,744) | $(7,697,215) |
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 | $123,434 |
Class R Shares | 1,236 |
TOTAL | $124,670 |
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 7/31/2014 | 32,075 | 978,522 | 7,716,911 | 185,252 | 523,412 | 9,436,172 |
Purchases/Additions | 13,491 | 262,872 | 15,882,623 | 16,665 | 85,175 | 16,260,826 |
Sales/Reductions | (30,680) | (43,159) | (18,426,888) | — | — | (18,500,727) |
Balance of Shares Held 1/31/2015 | 14,886 | 1,198,235 | 5,172,646 | 201,917 | 608,587 | 7,196,271 |
Value | $507,560 | $12,054,245 | $5,172,646 | $1,891,961 | $3,876,699 | $23,503,111 |
Dividend Income/Allocated Investment Income | $27,630 | $163,026 | $2,143 | $39,566 | $123,909 | $356,274 |
Realized Gain Distribution/ Allocated Net Realized Gain (Loss) | $(29,274) | $— | $— | $— | $39,947 | $10,673 |
Purchases | $36,035,866 |
Sales | $33,422,006 |
Beginning Account Value 8/1/2014 | Ending Account Value 1/31/2015 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,024.30 | $6.63 |
Class C Shares | $1,000 | $1,020.80 | $10.44 |
Class R Shares | $1,000 | $1,022.80 | $7.95 |
Institutional Shares | $1,000 | $1,025.40 | $5.36 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.65 | $6.61 |
Class C Shares | $1,000 | $1,014.87 | $10.41 |
Class R Shares | $1,000 | $1,017.34 | $7.93 |
Institutional Shares | $1,000 | $1,019.91 | $5.35 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.30% |
Class C Shares | 2.05% |
Class R Shares | 1.56% |
Institutional Shares | 1.05% |
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R833
CUSIP 31421R692
CUSIP 31421R825
2015 ©Federated Investors, Inc.
Share Class | Ticker |
A | QALGX |
B | QBLGX |
C | QCLGX |
Institutional | QILGX |
Industry Composition | Percentage of Total Net Assets |
Biotechnology | 5.2% |
Software Packaged/Custom | 4.9% |
Computers—Low End | 3.8% |
Semiconductor Manufacturing | 3.3% |
Specialty Retailing | 3.0% |
Technology Hardware Storage & Peripherals | 3.0% |
Textiles Apparel & Luxury Goods | 3.0% |
Soft Drinks | 2.8% |
Internet Services | 2.4% |
Medical Supplies | 2.1% |
Grocery Chain | 1.8% |
Toys & Games | 1.8% |
Computers—High End | 1.7% |
Financial Services | 1.7% |
Oil Gas & Consumable Fuels | 1.7% |
Crude Oil & Gas Production | 1.6% |
Other Communications Equipment | 1.6% |
Services to Medical Professionals | 1.6% |
Medical Technology | 1.5% |
Packaged Foods | 1.5% |
Airline—National | 1.4% |
Auto Original Equipment Manufacturers | 1.3% |
Commodity Chemicals | 1.3% |
Industrial Machinery | 1.3% |
Clothing Stores | 1.2% |
Agricultural Machinery | 1.1% |
Airline—Regional | 1.1% |
Cosmetics & Toiletries | 1.1% |
Department Stores | 1.1% |
Discount Department Stores | 1.1% |
Hotels and Motels | 1.1% |
Paper Products | 1.1% |
Telecommunication Equipment & Services | 1.1% |
AT&T Divestiture | 1.0% |
Construction Machinery | 1.0% |
Ethical Drugs | 1.0% |
Life Insurance | 1.0% |
Industry Composition | Percentage of Total Net Assets |
Oil Well Supply | 1.0% |
Other2 | 27.9% |
Cash Equivalents3 | 2.6% |
Other Assets and Liabilities—Net4 | (0.8)% |
TOTAL | 100.0% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, industry classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | For purposes of this table, industry classifications which constitute less than 1.0% of the Fund's total net assets have been aggregated under the designation “Other.” |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS—98.2% | |||
Agricultural Chemicals—0.6% | |||
8,035 | Scotts Miracle-Gro Co. | $509,660 | |
Agricultural Machinery—1.1% | |||
11,800 | Deere & Co. | 1,005,242 | |
Air Freight & Logistics—0.5% | |||
2,700 | FedEx Corp. | 456,597 | |
Airline - National—1.4% | |||
17,327 | 1 | United Continental Holdings, Inc. | 1,201,974 |
Airline - Regional—1.1% | |||
7,400 | Alaska Air Group, Inc. | 502,238 | |
5,700 | Southwest Airlines Co. | 257,526 | |
2,400 | 1 | Spirit Airlines, Inc. | 177,936 |
TOTAL | 937,700 | ||
Airlines—0.8% | |||
1,100 | Copa Holdings SA, Class A | 118,261 | |
12,500 | Delta Air Lines, Inc. | 591,375 | |
TOTAL | 709,636 | ||
Apparel—0.2% | |||
2,000 | Carter's, Inc. | 162,980 | |
600 | L Brands, Inc. | 50,778 | |
TOTAL | 213,758 | ||
AT&T Divestiture—1.0% | |||
19,536 | Verizon Communications, Inc. | 892,991 | |
Auto Components—0.4% | |||
14,600 | Goodyear Tire & Rubber Co. | 353,904 | |
Auto Manufacturing—0.4% | |||
25,317 | Ford Motor Co. | 372,413 | |
Auto Original Equipment Manufacturers—1.3% | |||
900 | 1 | AutoZone, Inc. | 537,264 |
2,400 | BorgWarner, Inc. | 129,624 | |
1,800 | Lear Corp. | 180,630 | |
1,800 | 1 | O'Reilly Automotive, Inc. | 337,248 |
TOTAL | 1,184,766 | ||
Auto Part Replacement—0.9% | |||
8,907 | Genuine Parts Co. | 827,817 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Auto Rentals—0.2% | |||
2,600 | 1 | United Rentals, Inc. | $215,410 |
Baking—0.3% | |||
12,348 | Flowers Foods, Inc. | 241,527 | |
Beverages—0.4% | |||
2,900 | 1 | Monster Beverage Co. | 339,155 |
Biotechnology—5.2% | |||
5,700 | 1 | Alexion Pharmaceuticals, Inc. | 1,044,468 |
5,400 | Amgen, Inc. | 822,204 | |
2,300 | 1 | Biogen Idec, Inc. | 895,068 |
5,600 | 1 | Gilead Sciences, Inc. | 587,048 |
900 | 1 | Illumina, Inc. | 175,671 |
5,900 | 1 | Myriad Genetics, Inc. | 220,778 |
2,500 | 1 | Pharmacyclics, Inc. | 421,875 |
1,100 | 1 | Regeneron Pharmaceuticals, Inc. | 458,326 |
TOTAL | 4,625,438 | ||
Broadcasting—0.3% | |||
9,100 | 1 | Discovery Communications, Inc. | 263,764 |
Cable TV—0.5% | |||
6,300 | Viacom, Inc., Class B | 405,846 | |
Capital Markets—0.2% | |||
4,000 | Lazard Ltd., Class A | 183,200 | |
Chemicals—0.7% | |||
1,700 | Eastman Chemical Co. | 120,513 | |
5,900 | LyondellBasell Investment LLC | 466,631 | |
TOTAL | 587,144 | ||
Clothing Stores—1.2% | |||
20,915 | Gap (The), Inc. | 861,489 | |
4,300 | 1 | Urban Outfitters, Inc. | 149,898 |
TOTAL | 1,011,387 | ||
Commodity Chemicals—1.3% | |||
2,700 | DuPont (E.I.) de Nemours & Co. | 192,267 | |
15,925 | RPM International, Inc. | 762,170 | |
3,400 | Westlake Chemical Corp. | 194,854 | |
TOTAL | 1,149,291 | ||
Computer Services—0.9% | |||
5,300 | 1 | Cognizant Technology Solutions Corp. | 286,889 |
2,600 | 1 | Fiserv, Inc. | 188,578 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Computer Services—continued | |||
3,500 | Global Payments, Inc. | $305,585 | |
TOTAL | 781,052 | ||
Computers - High End—1.7% | |||
10,000 | IBM Corp. | 1,533,100 | |
Computers - Low End—3.8% | |||
28,865 | Apple, Inc. | 3,381,823 | |
Construction & Engineering—0.2% | |||
5,300 | Chicago Bridge & Iron Co., N.V. | 182,903 | |
Construction Machinery—1.0% | |||
6,700 | Caterpillar, Inc. | 535,799 | |
8,900 | Joy Global, Inc. | 373,266 | |
TOTAL | 909,065 | ||
Cosmetics & Toiletries—1.1% | |||
15,906 | Avon Products, Inc. | 123,112 | |
5,600 | Estee Lauder Cos., Inc., Class A | 395,304 | |
5,600 | 1 | Sally Beauty Holdings, Inc. | 174,048 |
2,400 | 1 | Ulta Salon Cosmetics & Fragrance, Inc. | 316,656 |
TOTAL | 1,009,120 | ||
Crude Oil & Gas Production—1.6% | |||
9,700 | EOG Resources, Inc. | 863,591 | |
6,083 | 1 | Newfield Exploration Co. | 181,152 |
5,700 | SM Energy Co. | 215,574 | |
4,700 | 1 | Southwestern Energy Co. | 116,513 |
TOTAL | 1,376,830 | ||
Defense Aerospace—0.6% | |||
2,900 | Boeing Co. | 421,573 | |
500 | Lockheed Martin Corp. | 94,185 | |
TOTAL | 515,758 | ||
Defense Electronics—0.5% | |||
1,900 | Grainger (W.W.), Inc. | 448,096 | |
Department Stores—1.1% | |||
2,000 | Dillards, Inc., Class A | 227,200 | |
9,900 | Target Corp. | 728,739 | |
TOTAL | 955,939 | ||
Discount Department Stores—1.1% | |||
11,832 | Wal-Mart Stores, Inc. | 1,005,483 | |
Distillers—0.3% | |||
2,700 | 1 | Constellation Brands, Inc., Class A | 298,215 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Diversified Consumer Services—0.2% | |||
4,500 | Block (H&R), Inc. | $154,260 | |
Diversified Leisure—0.2% | |||
2,500 | Las Vegas Sands Corp. | 135,925 | |
Diversified Tobacco—0.4% | |||
7,300 | Altria Group, Inc. | 387,630 | |
Education & Training Services—0.2% | |||
5,400 | 1 | Apollo Group, Inc., Class A | 136,404 |
Electrical - Radio & TV—0.0% | |||
300 | Harman International Industries, Inc. | 38,889 | |
Electrical Equipment—0.7% | |||
11,500 | Emerson Electric Co. | 654,810 | |
Electronic Equipment Instruments & Components—0.3% | |||
7,600 | CDW Corp. | 260,376 | |
Ethical Drugs—1.0% | |||
4,991 | Eli Lilly & Co. | 359,352 | |
3,600 | 1 | United Therapeutics Corp. | 508,068 |
TOTAL | 867,420 | ||
Financial Services—1.7% | |||
3,600 | American Express Co. | 290,484 | |
100 | Automatic Data Processing, Inc. | 8,253 | |
400 | BlackRock, Inc. | 136,204 | |
2,200 | Dun & Bradstreet Corp. | 253,242 | |
1,600 | Moody's Corp. | 146,128 | |
4,500 | Paychex, Inc. | 203,670 | |
6,700 | 1 | Verifone Systems, Inc. | 210,313 |
12,400 | Western Union Co. | 210,800 | |
TOTAL | 1,459,094 | ||
Food Products—0.2% | |||
2,200 | Kraft Foods Group, Inc. | 143,748 | |
Grocery Chain—1.8% | |||
16,677 | Kroger Co. | 1,151,547 | |
8,800 | Whole Foods Market, Inc. | 458,436 | |
TOTAL | 1,609,983 | ||
Health Care Equipment & Supplies—0.2% | |||
1,400 | Stryker Corp. | 127,470 | |
Health Care Providers & Services—0.4% | |||
5,000 | 1 | HCA, Inc. | 354,000 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Home Building—0.1% | |||
100 | 1 | NVR, Inc. | $125,423 |
Home Products—0.8% | |||
2,100 | Kimberly-Clark Corp. | 226,716 | |
1,600 | Spectrum Brands Holdings, Inc. | 143,488 | |
5,000 | Tupperware Brands Corp. | 338,050 | |
TOTAL | 708,254 | ||
Hotels and Motels—1.1% | |||
6,500 | Marriott International, Inc., Class A | 484,250 | |
6,200 | Wyndham Worldwide Corp. | 519,498 | |
TOTAL | 1,003,748 | ||
Household Appliances—0.2% | |||
4,500 | Fortune Brands Home & Security, Inc. | 201,555 | |
Household Durables—0.2% | |||
5,200 | Newell Rubbermaid, Inc. | 191,724 | |
Industrial Machinery—1.3% | |||
9,600 | Dover Corp. | 672,384 | |
5,000 | Ingersoll-Rand PLC, Class A | 332,000 | |
1,100 | Valmont Industries, Inc. | 132,132 | |
TOTAL | 1,136,516 | ||
Insurance—0.3% | |||
2,600 | Aon PLC | 234,130 | |
Insurance Brokerage—0.1% | |||
2,100 | Marsh & McLennan Cos., Inc. | 112,917 | |
Internet Services—2.4% | |||
1,000 | 1 | Amazon.com, Inc. | 354,530 |
10,200 | 1 | eBay, Inc. | 540,600 |
900 | 1 | Google, Inc. | 483,795 |
12,100 | IAC Interactive Corp. | 737,495 | |
TOTAL | 2,116,420 | ||
Internet Software & Services—0.7% | |||
2,800 | 1 | LinkedIn Corp. | 629,272 |
IT Services—0.3% | |||
2,900 | Accenture PLC | 243,687 | |
Life Insurance—1.0% | |||
12,000 | Prudential Financial, Inc. | 910,560 | |
Life Sciences Tools & Services—0.2% | |||
2,900 | 1 | Quintiles Transnational Holdings, Inc. | 175,450 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Media—0.5% | |||
4,900 | Walt Disney Co. | $445,704 | |
Medical Supplies—2.1% | |||
2,000 | 1 | Align Technology, Inc. | 106,100 |
4,100 | AmerisourceBergen Corp. | 389,705 | |
1,300 | Bard (C.R.), Inc. | 222,339 | |
3,700 | Baxter International, Inc. | 260,147 | |
8,348 | Cardinal Health, Inc. | 694,470 | |
3,400 | Patterson Cos., Inc. | 170,306 | |
TOTAL | 1,843,067 | ||
Medical Technology—1.5% | |||
2,500 | 1 | Edwards Lifesciences Corp. | 313,375 |
1,000 | 1 | IDEXX Laboratories, Inc. | 158,420 |
400 | 1 | Intuitive Surgical, Inc. | 197,792 |
9,932 | St. Jude Medical, Inc. | 654,221 | |
TOTAL | 1,323,808 | ||
Miscellaneous Components—0.2% | |||
3,200 | Amphenol Corp., Class A | 171,872 | |
Miscellaneous Machinery—0.1% | |||
400 | Rockwell Automation, Inc. | 43,568 | |
Multi-Industry Capital Goods—0.5% | |||
1,000 | Acuity Brands, Inc. | 149,890 | |
6,500 | 1 | HD Supply, Inc. | 187,395 |
1,400 | Honeywell International, Inc. | 136,864 | |
TOTAL | 474,149 | ||
Multi-Line Insurance—0.8% | |||
18,000 | Allied World Assurance Holdings Ltd. | 696,060 | |
Multiline Retail—0.7% | |||
9,900 | Macy's, Inc. | 632,412 | |
Mutual Fund Adviser—0.6% | |||
300 | 1 | Affiliated Managers Group | 61,656 |
5,900 | Franklin Resources, Inc. | 304,027 | |
1,200 | T. Rowe Price Group, Inc. | 94,464 | |
2,300 | Waddell & Reed Financial, Inc., Class A | 102,833 | |
TOTAL | 562,980 | ||
Office Equipment—0.8% | |||
28,428 | Pitney Bowes, Inc. | 681,703 | |
Office Supplies—0.7% | |||
11,485 | Avery Dennison Corp. | 600,321 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Offshore Driller—0.1% | |||
1,900 | Oceaneering International, Inc. | $99,484 | |
Oil Gas & Consumable Fuels—1.7% | |||
4,000 | EQT Corp. | 297,760 | |
7,800 | Marathon Petroleum Corp. | 722,202 | |
6,800 | Phillips 66 | 478,176 | |
TOTAL | 1,498,138 | ||
Oil Refiner—0.5% | |||
4,900 | Tesoro Petroleum Corp. | 400,477 | |
Oil Service, Explore & Drill—0.4% | |||
4,100 | Helmerich & Payne, Inc. | 244,196 | |
6,800 | Patterson-UTI Energy, Inc. | 116,688 | |
TOTAL | 360,884 | ||
Oil Well Supply—1.0% | |||
11,000 | 1 | Cameron International Corp. | 492,580 |
5,300 | Halliburton Co. | 211,947 | |
1,700 | Schlumberger Ltd. | 140,063 | |
TOTAL | 844,590 | ||
Other Communications Equipment—1.6% | |||
10,717 | Harris Corp. | 719,432 | |
8,200 | Skyworks Solutions, Inc. | 681,010 | |
TOTAL | 1,400,442 | ||
Outpatient Clinics—0.2% | |||
2,100 | 1 | DaVita HealthCare Partners, Inc. | 157,626 |
Packaged Foods—1.5% | |||
17,200 | ConAgra Foods, Inc. | 609,396 | |
11,000 | Kellogg Co. | 721,380 | |
TOTAL | 1,330,776 | ||
Paper Products—1.1% | |||
5,200 | International Paper Co. | 273,832 | |
10,400 | Rock-Tenn Co. | 674,960 | |
TOTAL | 948,792 | ||
Personal & Household—0.3% | |||
5,300 | Nu Skin Enterprises, Inc., Class A | 217,194 | |
Personnel Agency—0.2% | |||
3,200 | Robert Half International, Inc. | 185,792 | |
Pharmaceuticals—0.8% | |||
12,300 | AbbVie, Inc. | 742,305 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Plastic Containers—0.4% | |||
15,128 | 1 | Owens-Illinois, Inc. | $353,239 |
Printing—0.2% | |||
11,646 | Donnelley (R.R.) & Sons Co. | 191,810 | |
Professional Services—0.2% | |||
4,600 | Nielsen N.V. | 200,376 | |
Property Liability Insurance—0.8% | |||
6,906 | The Travelers Cos., Inc. | 710,075 | |
Railroad—0.7% | |||
3,200 | Union Pacific Corp. | 375,072 | |
3,000 | Wabtec Corp. | 250,350 | |
TOTAL | 625,422 | ||
Restaurants—0.6% | |||
700 | 1 | Chipotle Mexican Grill, Inc. | 496,888 |
400 | Darden Restaurants, Inc. | 24,552 | |
TOTAL | 521,440 | ||
Semiconductor Manufacturing—3.3% | |||
19,500 | Broadcom Corp. | 827,482 | |
31,631 | Intel Corp. | 1,045,088 | |
4,900 | Microchip Technology, Inc. | 220,990 | |
14,300 | 1 | Micron Technology, Inc. | 418,490 |
8,200 | Texas Instruments, Inc. | 438,290 | |
TOTAL | 2,950,340 | ||
Services to Medical Professionals—1.6% | |||
5,500 | 1 | Express Scripts Holding Co. | 443,905 |
1,900 | 1 | Henry Schein, Inc. | 262,333 |
5,800 | 1 | Laboratory Corp. of America Holdings | 665,724 |
TOTAL | 1,371,962 | ||
Shipbuilding—0.3% | |||
2,400 | Huntington Ingalls Industries, Inc. | 279,840 | |
Shoes—0.0% | |||
400 | 1 | Deckers Outdoor Corp. | 26,420 |
Soft Drinks—2.8% | |||
19,594 | Coca-Cola Enterprises, Inc. | 824,907 | |
15,130 | Dr. Pepper Snapple Group, Inc. | 1,169,095 | |
5,210 | PepsiCo, Inc. | 488,594 | |
TOTAL | 2,482,596 | ||
Software Packaged/Custom—4.9% | |||
35,613 | CA, Inc. | 1,079,074 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Software Packaged/Custom—continued | |||
8,500 | 1 | Citrix Systems, Inc. | $503,710 |
2,300 | 1 | Commvault Systems, Inc. | 100,234 |
10,700 | 1 | Electronic Arts, Inc. | 587,002 |
3,400 | 1 | F5 Networks, Inc. | 379,508 |
1,100 | Microsoft Corp. | 44,440 | |
7,400 | Oracle Corp. | 309,986 | |
53,408 | Symantec Corp. | 1,322,916 | |
TOTAL | 4,326,870 | ||
Specialty Chemicals—0.3% | |||
2,500 | Airgas, Inc. | 281,600 | |
Specialty Retailing—3.0% | |||
3,100 | 1 | AutoNation, Inc. | 184,822 |
7,400 | 1 | Bed Bath & Beyond, Inc. | 553,298 |
5,900 | Big Lots, Inc. | 270,869 | |
100 | Costco Wholesale Corp. | 14,299 | |
5,000 | Expedia, Inc. | 429,650 | |
4,516 | GNC Holdings, Inc. | 200,240 | |
8,300 | Lowe's Cos., Inc. | 562,408 | |
6,136 | Nordstrom, Inc. | 467,563 | |
TOTAL | 2,683,149 | ||
Technology Hardware Storage & Peripherals—3.0% | |||
20,400 | EMC Corp. | 528,972 | |
19,800 | NetApp, Inc. | 748,440 | |
4,200 | Sandisk Corp. | 318,822 | |
4,300 | 1 | Teradata Corp. | 191,608 |
8,800 | Western Digital Corp. | 855,624 | |
TOTAL | 2,643,466 | ||
Telecommunication Equipment & Services—1.1% | |||
8,200 | 1 | Arris Group, Inc. | 215,004 |
6,400 | Motorola, Inc. | 399,424 | |
5,800 | Qualcomm, Inc. | 362,268 | |
TOTAL | 976,696 | ||
Telephone Utility—0.3% | |||
28,204 | Windstream Corp. | 224,222 | |
Textiles Apparel & Luxury Goods—3.0% | |||
12,800 | Coach, Inc. | 476,032 | |
3,500 | 1 | Fossil, Inc. | 342,300 |
3,100 | 1 | Michael Kors Holdings Ltd. | 219,449 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Textiles Apparel & Luxury Goods—continued | |||
4,400 | Nike, Inc., Class B | $405,900 | |
6,100 | PVH Corp. | 672,586 | |
3,300 | Ralph Lauren Corp. | 550,737 | |
TOTAL | 2,667,004 | ||
Tobacco—0.1% | |||
1,500 | Philip Morris International, Inc. | 120,360 | |
Toys & Games—1.8% | |||
19,065 | Hasbro, Inc. | 1,047,050 | |
19,500 | Mattel, Inc. | 524,550 | |
TOTAL | 1,571,600 | ||
Truck Manufacturing—0.8% | |||
3,000 | Cummins, Inc. | 418,380 | |
4,500 | PACCAR, Inc. | 270,495 | |
TOTAL | 688,875 | ||
Undesignated Consumer Cyclicals—0.8% | |||
7,400 | 1 | Avis Budget Group, Inc. | 424,094 |
6,300 | 1 | Herbalife Ltd. | 192,024 |
3,300 | Weight Watchers International, Inc. | 54,648 | |
TOTAL | 670,766 | ||
Uniforms—0.4% | |||
4,736 | Cintas Corp. | 372,723 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $73,507,379) | 86,808,664 | ||
INVESTMENT COMPANY—2.6% | |||
2,255,084 | 2,3 | Federated Prime Value Obligations Fund, Institutional Shares, 0.07% (AT NET ASSET VALUE) | 2,255,084 |
TOTAL INVESTMENTS—100.8% (IDENTIFIED COST $75,762,463)4 | 89,063,748 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.8)%5 | (670,867) | ||
TOTAL NET ASSETS—100% | $88,392,881 |
1 | Non-income-producing security. |
2 | Affiliated holding. |
3 | 7-day net yield. |
4 | Also represents cost for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 1/31/2015 | Year Ended July 31, | |||||
2014 | 2013 | 2012 | 2011 | 2010 | ||
Net Asset Value, Beginning of Period | $16.15 | $13.58 | $10.59 | $10.50 | $8.45 | $7.60 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.01 | 0.03 | 0.04 | (0.02) | (0.03) | (0.01) |
Net realized and unrealized gain on investments | 0.75 | 2.54 | 2.95 | 0.11 | 2.08 | 0.86 |
TOTAL FROM INVESTMENT OPERATIONS | 0.76 | 2.57 | 2.99 | 0.09 | 2.05 | 0.85 |
Net Asset Value, End of Period | $16.91 | $16.15 | $13.58 | $10.59 | $10.50 | $8.45 |
Total Return2 | 4.71% | 18.92% | 28.23% | 0.86% | 24.26% | 11.18% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.50%3 | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Net investment income (loss) | 0.18%3 | 0.17% | 0.34% | (0.23)% | (0.28)% | (0.08)% |
Expense waiver/reimbursement4 | 0.05%3 | 0.11% | 0.27% | 0.78% | 0.74% | 0.55% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $53,776 | $54,573 | $49,018 | $40,676 | $44,762 | $45,993 |
Portfolio turnover | 23% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2015 | Year Ended July 31, | |||||
2014 | 2013 | 2012 | 2011 | 2010 | ||
Net Asset Value, Beginning of Period | $15.41 | $13.05 | $10.25 | $10.24 | $8.30 | $7.53 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.05) | (0.09) | (0.05) | (0.10) | (0.10) | (0.07) |
Net realized and unrealized gain on investments | 0.71 | 2.45 | 2.85 | 0.11 | 2.04 | 0.84 |
TOTAL FROM INVESTMENT OPERATIONS | 0.66 | 2.36 | 2.80 | 0.01 | 1.94 | 0.77 |
Net Asset Value, End of Period | $16.07 | $15.41 | $13.05 | $10.25 | $10.24 | $8.30 |
Total Return2 | 4.28% | 18.08% | 27.32% | 0.10% | 23.37% | 10.23% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.25%3 | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% |
Net investment income (loss) | (0.60)%3 | (0.59)% | (0.44)% | (0.98)% | (1.04)% | (0.86)% |
Expense waiver/reimbursement4 | 0.06%3 | 0.11% | 0.26% | 0.78% | 0.74% | 0.56% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $13,553 | $10,519 | $7,428 | $4,932 | $6,680 | $7,506 |
Portfolio turnover | 23% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2015 | Year Ended July 31, | |||||
2014 | 2013 | 2012 | 2011 | 2010 | ||
Net Asset Value, Beginning of Period | $15.07 | $12.76 | $10.03 | $10.02 | $8.12 | $7.37 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.05) | (0.08) | (0.05) | (0.09) | (0.10) | (0.07) |
Net realized and unrealized gain on investments | 0.70 | 2.39 | 2.78 | 0.10 | 2.00 | 0.82 |
TOTAL FROM INVESTMENT OPERATIONS | 0.65 | 2.31 | 2.73 | 0.01 | 1.90 | 0.75 |
Net Asset Value, End of Period | $15.72 | $15.07 | $12.76 | $10.03 | $10.02 | $8.12 |
Total Return2 | 4.31% | 18.10% | 27.22% | 0.10% | 23.40% | 10.18% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.25%3 | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% |
Net investment income (loss) | (0.58)%3 | (0.59)% | (0.43)% | (0.98)% | (1.05)% | (0.86)% |
Expense waiver/reimbursement4 | 0.05%3 | 0.11% | 0.27% | 0.78% | 0.74% | 0.56% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $12,598 | $11,991 | $9,830 | $7,001 | $7,564 | $6,816 |
Portfolio turnover | 23% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2015 | Year Ended July 31, | |||||
2014 | 2013 | 2012 | 2011 | 2010 | ||
Net Asset Value, Beginning of Period | $16.55 | $13.88 | $10.80 | $10.68 | $8.57 | $7.70 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.04 | 0.06 | 0.07 | 0.002 | (0.00)2 | 0.01 |
Net realized and unrealized gain on investments | 0.76 | 2.61 | 3.01 | 0.12 | 2.11 | 0.86 |
TOTAL FROM INVESTMENT OPERATIONS | 0.80 | 2.67 | 3.08 | 0.12 | 2.11 | 0.87 |
Net Asset Value, End of Period | $17.35 | $16.55 | $13.88 | $10.80 | $10.68 | $8.57 |
Total Return3 | 4.83% | 19.24% | 28.52% | 1.12% | 24.62% | 11.30% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.25%4 | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
Net investment income (loss) | 0.41%4 | 0.40% | 0.58% | 0.02% | (0.05)% | 0.14% |
Expense waiver/reimbursement5 | 0.05%4 | 0.10% | 0.27% | 0.78% | 0.74% | 0.56% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $8,467 | $7,502 | $5,002 | $3,774 | $4,565 | $4,179 |
Portfolio turnover | 23% | 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. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Assets: | ||
Total investment in securities, at value including $2,255,084 of investment in an affiliated holding (Note 5) (identified cost $75,762,463) | $89,063,748 | |
Income receivable | 54,933 | |
Receivable for investments sold | 900,002 | |
Receivable for shares sold | 298,742 | |
TOTAL ASSETS | 90,317,425 | |
Liabilities: | ||
Payable for investments purchased | $1,647,281 | |
Payable for shares redeemed | 152,358 | |
Payable for distribution services fee (Note 5) | 16,058 | |
Payable for other service fees (Notes 2 and 5) | 31,711 | |
Accrued expenses (Note 5) | 77,136 | |
TOTAL LIABILITIES | 1,924,544 | |
Net assets for 5,313,956 shares outstanding | $88,392,881 | |
Net Assets Consist of: | ||
Paid-in capital | $74,558,281 | |
Net unrealized appreciation of investments | 13,301,285 | |
Accumulated net realized gain on investments | 536,784 | |
Accumulated net investment income (loss) | (3,469) | |
TOTAL NET ASSETS | $88,392,881 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($53,775,714 ÷ 3,180,751 shares outstanding), no par value, unlimited shares authorized | $16.91 | |
Offering price per share (100/94.50 of $16.91) | $17.89 | |
Redemption proceeds per share | $16.91 | |
Class B Shares: | ||
Net asset value per share ($13,552,547 ÷ 843,523 shares outstanding), no par value, unlimited shares authorized | $16.07 | |
Offering price per share | $16.07 | |
Redemption proceeds per share (94.50/100 of $16.07) | $15.19 | |
Class C Shares: | ||
Net asset value per share ($12,597,954 ÷ 801,607 shares outstanding), no par value, unlimited shares authorized | $15.72 | |
Offering price per share | $15.72 | |
Redemption proceeds per share (99.00/100 of $15.72) | $15.56 | |
Institutional Shares: | ||
Net asset value per share ($8,466,666 ÷ 488,075 shares outstanding), no par value, unlimited shares authorized | $17.35 | |
Offering price per share | $17.35 | |
Redemption proceeds per share | $17.35 |
Investment Income: | |||
Dividends (including $546 received from an affiliated holding (Note 5) and net of foreign taxes withheld of $56) | $728,388 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $325,954 | ||
Administrative fee (Note 5) | 34,015 | ||
Custodian fees | 4,951 | ||
Transfer agent fee | 96,235 | ||
Directors'/Trustees' fees (Note 5) | 1,140 | ||
Auditing fees | 11,930 | ||
Legal fees | 5,671 | ||
Portfolio accounting fees | 39,507 | ||
Distribution services fee (Note 5) | 90,088 | ||
Other service fees (Notes 2 and 5) | 98,216 | ||
Share registration costs | 26,377 | ||
Printing and postage | 17,419 | ||
Miscellaneous (Note 5) | 5,571 | ||
TOTAL EXPENSES | 757,074 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(23,384) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (105) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (23,489) | ||
Net expenses | 733,585 | ||
Net investment income (loss) | (5,197) | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments | 4,560,527 | ||
Net change in unrealized appreciation of investments | (728,816) | ||
Net realized and unrealized gain on investments | 3,831,711 | ||
Change in net assets resulting from operations | $3,826,514 |
Six Months Ended (unaudited) 1/31/2015 | Year Ended 7/31/2014 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(5,197) | $1,199 |
Net realized gain on investments | 4,560,527 | 9,927,275 |
Net change in unrealized appreciation/depreciation of investments | (728,816) | 3,832,873 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 3,826,514 | 13,761,347 |
Share Transactions: | ||
Proceeds from sale of shares | 9,639,136 | 19,199,689 |
Cost of shares redeemed | (9,658,412) | (19,653,204) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (19,276) | (453,515) |
Change in net assets | 3,807,238 | 13,307,832 |
Net Assets: | ||
Beginning of period | 84,585,643 | 71,277,811 |
End of period (including accumulated net investment income (loss) of $(3,469) and $1,728, respectively) | $88,392,881 | $84,585,643 |
■ | 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, except that options are valued at the mean of closing bid and asked quotations. |
■ | 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 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 last traded or purchase price of the security, information obtained by contacting the issuer or dealers, 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, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including, but not limited to, industry changes and relevant government actions. |
Other Service Fees Incurred | Other Service Fees Reimbursed | |
Class A Shares | $68,187 | $— |
Class B Shares | 14,347 | (105) |
Class C Shares | 15,682 | — |
TOTAL | $98,216 | $(105) |
Six Months Ended 1/31/2015 | Year Ended 7/31/2014 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 194,410 | $3,244,162 | 647,555 | $9,705,466 |
Shares redeemed | (392,926) | (6,521,009) | (878,609) | (13,510,867) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (198,516) | $(3,276,847) | (231,054) | $(3,805,401) |
Six Months Ended 1/31/2015 | Year Ended 7/31/2014 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 222,561 | $3,559,196 | 259,358 | $3,740,207 |
Shares redeemed | (61,869) | (985,952) | (145,811) | (2,107,202) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | 160,692 | $2,573,244 | 113,547 | $1,633,005 |
Six Months Ended 1/31/2015 | Year Ended 7/31/2014 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 107,741 | $1,680,092 | 220,874 | $3,158,663 |
Shares redeemed | (101,899) | (1,585,341) | (195,227) | (2,816,945) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 5,842 | $94,751 | 25,647 | $341,718 |
Six Months Ended 1/31/2015 | Year Ended 7/31/2014 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 67,774 | $1,155,686 | 170,790 | $2,595,353 |
Shares redeemed | (33,032) | (566,110) | (77,873) | (1,218,190) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 34,742 | $589,576 | 92,917 | $1,377,163 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 2,760 | $(19,276) | 1,057 | $(453,515) |
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 | $43,040 |
Class C Shares | 47,048 |
TOTAL | $90,088 |
Federated Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2014 | 1,586,489 |
Purchases/Additions | 7,604,900 |
Sales/Reductions | (6,936,305) |
Balance of Shares Held 1/31/2015 | 2,255,084 |
Value | $2,255,084 |
Dividend Income | $546 |
Purchases | $19,249,065 |
Sales | $19,314,056 |
Beginning Account Value 8/1/2014 | Ending Account Value 1/31/2015 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,047.10 | $7.74 |
Class B Shares | $1,000 | $1,042.80 | $11.59 |
Class C Shares | $1,000 | $1,043.10 | $11.59 |
Institutional Shares | $1,000 | $1,048.30 | $6.45 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,017.64 | $7.63 |
Class B Shares | $1,000 | $1,013.86 | $11.42 |
Class C Shares | $1,000 | $1,013.86 | $11.42 |
Institutional Shares | $1,000 | $1,018.90 | $6.36 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.50% |
Class B Shares | 2.25% |
Class C Shares | 2.25% |
Institutional Shares | 1.25% |
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R684
CUSIP 31421R809
CUSIP 31421R882
2015 ©Federated Investors, Inc.
Share Class | Ticker |
A | QASCX |
C | QCSCX |
Institutional | QISCX |
Industry Composition | Percentage of Total Net Assets |
Regional Banks | 8.5% |
Software Packaged/Custom | 4.0% |
Financial Services | 2.9% |
Multi-Line Insurance | 2.9% |
Savings & Loan | 2.7% |
Specialty Retailing | 2.4% |
Biotechnology | 2.3% |
Medical Technology | 2.3% |
Internet Software & Services | 1.9% |
Medical Supplies | 1.8% |
Property Liability Insurance | 1.8% |
Health Care Equipment & Supplies | 1.7% |
Auto Original Equipment Manufacturers | 1.5% |
Education & Training Services | 1.5% |
Electronic Equipment Instruments & Components | 1.5% |
Miscellaneous Components | 1.5% |
Shoes | 1.5% |
Personnel Agency | 1.4% |
Railroad | 1.3% |
Undesignated Consumer Staples | 1.3% |
Electric Utility | 1.2% |
Furniture | 1.2% |
Industrial Machinery | 1.2% |
Industry Composition | Percentage of Total Net Assets |
Poultry Products | 1.2% |
Services to Medical Professionals | 1.2% |
Airline - National | 1.1% |
Computer Stores | 1.1% |
Office Supplies | 1.1% |
Apparel | 1.0% |
Computer Services | 1.0% |
Miscellaneous Communications | 1.0% |
Multiline Retail | 1.0% |
Office Furniture | 1.0% |
Other2 | 36.7% |
Cash Equivalents3 | 2.2% |
Other Assets and Liabilities—Net4 | 0.1% |
TOTAL | 100% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, industry classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | For purposes of this table, industry classifications which constitute less than 1.0% of the Fund's total net assets have been aggregated under the designation “Other.” |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS—97.7% | |||
Accident & Health Insurance—0.5% | |||
6,287 | 1 | Triple-S Management Corp., Class B | $151,391 |
Air Freight & Logistics—0.2% | |||
2,000 | 1 | Echo Global Logistics, Inc. | 52,800 |
Airline - National—1.1% | |||
2,400 | 1 | Atlas Air Worldwide Holdings, Inc. | 108,480 |
11,440 | 1 | Jet Blue Airways Corp. | 192,078 |
TOTAL | 300,558 | ||
Airline - Regional—0.1% | |||
212 | Alaska Air Group, Inc. | 14,388 | |
Aluminum—0.8% | |||
10,100 | 1 | Century Aluminum Co. | 233,411 |
Apparel—1.0% | |||
1,700 | Columbia Sportswear Co. | 72,250 | |
500 | 1 | G-III Apparel Group Ltd. | 48,600 |
4,800 | 1 | Iconix Brand Group, Inc. | 159,552 |
TOTAL | 280,402 | ||
Auto Original Equipment Manufacturers—1.5% | |||
2,900 | 1 | American Axle & Manufacturing Holdings, Inc. | 70,615 |
14,000 | 1 | Meritor, Inc. | 179,200 |
100 | 1 | Remy International, Inc. | 2,127 |
3,300 | 1 | Stoneridge, Inc. | 41,646 |
1,300 | Strattec Security Corp. | 81,900 | |
954 | 1 | Tenneco, Inc. | 49,055 |
TOTAL | 424,543 | ||
Auto Part Replacement—0.0% | |||
185 | Standard Motor Products, Inc. | 6,745 | |
Automotive—0.4% | |||
4,500 | 1 | Tower International, Inc. | 106,515 |
Beer—0.2% | |||
200 | 1 | The Boston Beer Co., Inc., Class A | 62,904 |
Biotechnology—2.3% | |||
13,200 | 1 | Achillion Pharmaceuticals, Inc. | 196,020 |
20,300 | 1 | Affymetrix, Inc. | 224,112 |
4,600 | 1 | Cambrex Corp. | 103,178 |
1,300 | 1 | Enanta Pharmaceuticals, Inc. | 56,472 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Biotechnology—continued | |||
1,300 | 1 | Ophthotech Corp. | $73,125 |
TOTAL | 652,907 | ||
Building Materials—0.6% | |||
1,400 | Apogee Enterprises, Inc. | 60,564 | |
6,700 | Griffon Corp. | 98,423 | |
TOTAL | 158,987 | ||
Cable TV—0.4% | |||
3,800 | 1 | DTS, Inc. | 105,336 |
Cellular Communications—0.3% | |||
5,200 | 1 | Intelsat (Luxembourg) S.A., ADR | 81,900 |
Clothing Stores—0.6% | |||
2,500 | Cato Corp., Class A | 106,000 | |
2,400 | 1 | Citi Trends, Inc. | 54,936 |
900 | Stein Mart, Inc. | 12,384 | |
TOTAL | 173,320 | ||
Commercial Banks—0.4% | |||
1,200 | First Financial Corp. | 38,892 | |
4,100 | FirstMerit Corp. | 67,178 | |
TOTAL | 106,070 | ||
Commercial Services—0.3% | |||
6,200 | 1 | Lifelock, Inc. | 92,070 |
Communications Equipment—0.7% | |||
5,600 | 1 | Aruba Networks, Inc. | 92,848 |
6,100 | 1 | Infinera Corp. | 98,332 |
TOTAL | 191,180 | ||
Computer Networking—0.2% | |||
2,151 | Black Box Corp. | 45,193 | |
Computer Peripherals—0.3% | |||
2,200 | 1 | Super Micro Computer, Inc. | 80,454 |
Computer Services—1.0% | |||
500 | 1 | CACI International, Inc., Class A | 42,295 |
3,500 | 1 | Manhattan Associates, Inc. | 156,240 |
3,900 | 1 | Sykes Enterprises, Inc. | 87,828 |
TOTAL | 286,363 | ||
Computer Stores—1.1% | |||
5,971 | 1 | Insight Enterprises, Inc. | 141,333 |
6,869 | 1 | PC Connections, Inc. | 163,139 |
TOTAL | 304,472 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Construction & Engineering—0.4% | |||
4,600 | 1 | Tutor Perini Corp. | $99,866 |
Consumer Finance—0.5% | |||
4,800 | 1 | Springleaf Holdings, Inc. | 151,680 |
Contracting—0.5% | |||
2,000 | Emcor Group, Inc. | 80,720 | |
4,600 | Harsco Corp. | 67,896 | |
TOTAL | 148,616 | ||
Cosmetics & Toiletries—0.5% | |||
2,000 | 1 | Helen of Troy Ltd. | 150,440 |
Crude Oil & Gas Production—0.2% | |||
5,700 | 1 | Bill Barrett Corp. | 58,140 |
Dairy Products—0.1% | |||
400 | Cal-Maine Foods, Inc. | 14,020 | |
Defense Aerospace—0.8% | |||
2,600 | AAR Corp. | 74,516 | |
1,500 | 1 | Ducommun, Inc. | 38,955 |
200 | Kaman Corp., Class A | 7,604 | |
1,100 | 1 | Teledyne Technologies, Inc. | 104,544 |
TOTAL | 225,619 | ||
Defense Electronics—0.3% | |||
1,500 | American Railcar Industries, Inc. | 75,300 | |
Diversified Consumer Services—0.3% | |||
4,100 | 1 | 2U, Inc. | 72,939 |
Diversified Leisure—0.2% | |||
2,600 | 1 | Pinnacle Entertainment, Inc. | 54,990 |
Drug Stores—0.2% | |||
8,300 | 1 | Rite Aid Corp. | 57,934 |
Education & Training Services—1.5% | |||
1,700 | Capella Education Co. | 115,583 | |
3,500 | 1 | Grand Canyon Education, Inc. | 153,370 |
2,400 | 1 | Strayer Education, Inc. | 160,800 |
TOTAL | 429,753 | ||
Electric & Electronic Original Equipment Manufacturers—0.8% | |||
9,900 | General Cable Corp. | 113,256 | |
1,600 | 1 | Rogers Corp. | 118,176 |
TOTAL | 231,432 | ||
Electric Utility—1.2% | |||
200 | Black Hills Corp. | 10,032 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Electric Utility—continued | |||
2,700 | Empire Distribution Electric Co. | $82,269 | |
2,500 | Idacorp, Inc. | 169,775 | |
2,400 | Otter Tail Corp. | 74,208 | |
TOTAL | 336,284 | ||
Electrical Equipment—0.2% | |||
2,000 | Brady (W.H.) Co. | 52,340 | |
Electronic Equipment Instruments & Components—1.5% | |||
400 | 1 | Itron, Inc. | 14,884 |
13,067 | 1 | Sanmina Corp. | 276,759 |
5,300 | 1 | Taser International, Inc. | 143,153 |
TOTAL | 434,796 | ||
Electronics Stores—0.7% | |||
3,300 | 1 | REX American Resources Corp. | 183,183 |
Energy Equipment & Services—0.1% | |||
1,700 | Gulf Island Fabrication, Inc. | 28,169 | |
Ethical Drugs—0.6% | |||
21,100 | 1 | SciClone Pharmaceuticals, Inc. | 155,718 |
Financial Services—2.9% | |||
1,400 | 1 | America's Car-Mart, Inc. | 74,354 |
10,600 | Boston Private Financial Holdings | 116,600 | |
1,500 | 1 | CRA International, Inc. | 44,295 |
3,935 | Deluxe Corp. | 255,499 | |
3,600 | Fidelity Southern Corp. | 55,044 | |
3,000 | 1 | Global Cash Access LLC | 19,830 |
1,100 | Lakeland Financial Corp. | 41,514 | |
9,058 | MainSource Financial Group, Inc. | 173,914 | |
3,700 | 1 | Moneygram International, Inc. | 31,524 |
TOTAL | 812,574 | ||
Food Wholesaling—0.3% | |||
8,700 | 1 | SUPERVALU, Inc. | 84,738 |
Furniture—1.2% | |||
1,800 | Ethan Allen Interiors, Inc. | 48,996 | |
2,300 | Haverty Furniture Cos., Inc. | 56,189 | |
4,259 | Kimball International, Inc., Class B | 36,926 | |
6,600 | 1 | Select Comfort Corp. | 196,944 |
TOTAL | 339,055 | ||
Gas Distributor—0.7% | |||
2,700 | New Jersey Resources Corp. | 172,476 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Gas Distributor—continued | |||
300 | WGL Holdings, Inc. | $16,950 | |
TOTAL | 189,426 | ||
Generic Drugs—0.4% | |||
10,600 | 1 | Vanda Pharmaceuticals, Inc. | 117,978 |
Grocery Chain—0.4% | |||
2,400 | Ingles Markets, Inc., Class A | 102,360 | |
Health Care—0.3% | |||
10,800 | 1 | Radnet, Inc. | 85,212 |
Health Care Equipment & Supplies—1.7% | |||
6,000 | 1 | Merit Medical Systems, Inc. | 91,980 |
8,598 | 1 | PharMerica Corp. | 197,840 |
5,900 | 1 | Zeltiq Aesthetics, Inc. | 190,039 |
TOTAL | 479,859 | ||
Home Health Care—0.3% | |||
400 | 1 | Addus Homecare Corp. | 8,872 |
3,000 | 1 | Amedisys, Inc. | 84,540 |
TOTAL | 93,412 | ||
Hospitals—0.5% | |||
3,200 | HealthSouth Corp. | 141,120 | |
Hotels Restaurants & Leisure—0.3% | |||
1,700 | 1 | Diamond Resorts International, Inc. | 48,246 |
300 | Marriott Vacations Worldwide Corp. | 22,950 | |
TOTAL | 71,196 | ||
Industrial Machinery—1.2% | |||
5,800 | Actuant Corp. | 134,038 | |
11,100 | 1 | Blount International, Inc. | 172,050 |
1,500 | 1 | Chart Industries, Inc. | 42,750 |
TOTAL | 348,838 | ||
Insurance—0.4% | |||
5,500 | Fidelity & Guaranty Life | 118,855 | |
Insurance Brokerage—0.9% | |||
4,000 | AmTrust Financial Services, Inc. | 202,480 | |
5,400 | Crawford & Co., Class B | 50,490 | |
TOTAL | 252,970 | ||
International Bank—0.1% | |||
1,400 | Preferred Bank Los Angeles, CA | 36,554 | |
Internet Services—0.0% | |||
600 | 1 | Web.com Group, Inc. | 9,066 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Internet Software & Services—1.9% | |||
2,300 | 1 | Cvent, Inc. | $57,454 |
3,400 | 1 | EPAM Systems, Inc. | 166,362 |
2,000 | 1 | Envestnet, Inc. | 102,940 |
4,400 | 1 | LogMeIn, Inc. | 209,220 |
TOTAL | 535,976 | ||
IT Services—0.3% | |||
2,300 | 1 | Luxoft Holding, Inc. | 89,746 |
Jewelry Stores—0.1% | |||
1,700 | Movado Group, Inc. | 40,851 | |
Leasing—0.1% | |||
1,500 | 1 | Willis Lease Finance Corp. | 30,990 |
Life Insurance—0.4% | |||
100 | 1 | Phoenix Companies, Inc. | 6,203 |
5,768 | Symetra Financial Corp. | 117,148 | |
TOTAL | 123,351 | ||
Machine Tools—0.3% | |||
2,800 | Hurco Co., Inc. | 98,224 | |
Machinery—0.7% | |||
5,000 | Douglas Dynamics, Inc. | 100,950 | |
1,700 | Hyster-Yale Materials Handling, Inc. | 106,505 | |
TOTAL | 207,455 | ||
Maritime—0.2% | |||
3,300 | Ship Finance International Ltd. | 45,837 | |
Medical Supplies—1.8% | |||
200 | CONMED Corp. | 9,528 | |
1,800 | 1 | ICU Medical, Inc. | 150,444 |
3,500 | Invacare Corp. | 51,275 | |
3,900 | 1 | NuVasive, Inc. | 180,648 |
3,400 | 1 | Orthofix International NV | 103,700 |
TOTAL | 495,595 | ||
Medical Technology—2.3% | |||
3,600 | Abaxis, Inc. | 221,328 | |
6,100 | 1 | AngioDynamics, Inc. | 117,394 |
8,300 | 1 | Natus Medical, Inc. | 312,080 |
TOTAL | 650,802 | ||
Metal Fabrication—0.8% | |||
6,400 | Mueller Industries, Inc. | 200,896 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Metal Fabrication—continued | |||
700 | Worthington Industries, Inc. | $20,951 | |
TOTAL | 221,847 | ||
Mini-Mill Producer—0.2% | |||
5,200 | Commercial Metals Corp. | 69,784 | |
Miscellaneous Communications—1.0% | |||
2,500 | 1 | Constant Contact, Inc. | 94,550 |
5,500 | West Corp. | 179,850 | |
TOTAL | 274,400 | ||
Miscellaneous Components—1.5% | |||
5,400 | MKS Instruments, Inc. | 189,054 | |
16,500 | 1 | Qlogic Corp. | 220,440 |
TOTAL | 409,494 | ||
Miscellaneous Food Products—0.3% | |||
1,650 | The Anderson's, Inc. | 74,217 | |
Miscellaneous Machinery—0.3% | |||
4,500 | Briggs & Stratton Corp. | 82,845 | |
Miscellaneous Metals—0.2% | |||
1,600 | Materion Corp. | 52,720 | |
Money Center Bank—0.0% | |||
178 | MidWestOne Financial Group, Inc. | 4,988 | |
Mortgage and Title—0.2% | |||
1,400 | First American Financial Corp. | 47,628 | |
Multi-Industry Transportation—0.4% | |||
4,500 | Brinks Co. (The) | 100,845 | |
Multi-Line Insurance—2.9% | |||
1,400 | Amerisafe, Inc. | 56,980 | |
9,435 | CNO Financial Group, Inc. | 146,431 | |
1,975 | FBL Financial Group, Inc., Class A | 103,075 | |
4,700 | Maiden Holdings Ltd. | 58,750 | |
4,925 | Montpelier Re Holdings Ltd. | 173,016 | |
1,600 | 1 | Navigators Group, Inc. | 118,752 |
2,300 | Safety Insurance Group, Inc. | 142,485 | |
TOTAL | 799,489 | ||
Multiline Retail—1.0% | |||
5,500 | 1 | Burlington Stores, Inc. | 274,395 |
Office Furniture—1.0% | |||
3,600 | HNI Corp. | 177,300 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Office Furniture—continued | |||
4,600 | Knoll, Inc. | $94,254 | |
TOTAL | 271,554 | ||
Office Supplies—1.1% | |||
12,500 | 1 | Acco Brands Corp. | 99,000 |
4,100 | Ennis Business Forms, Inc. | 54,694 | |
3,526 | United Stationers, Inc. | 142,133 | |
TOTAL | 295,827 | ||
Offshore Driller—0.7% | |||
4,100 | 1 | Hornbeck Offshore Services, Inc. | 91,020 |
11,500 | 1 | Newpark Resources, Inc. | 99,360 |
TOTAL | 190,380 | ||
Oil Service, Explore & Drill—0.5% | |||
4,400 | 1 | Helix Energy Solutions Group, Inc. | 82,588 |
8,000 | 1 | Pioneer Energy Services Corp. | 33,120 |
5,100 | 1 | Willbros. Group, Inc. | 28,458 |
TOTAL | 144,166 | ||
Oil Well Supply—0.1% | |||
300 | Park-Ohio Holdings Corp. | 16,029 | |
Optical Reading Equipment—0.4% | |||
3,000 | 1 | ScanSource, Inc. | 103,440 |
Other Communications Equipment—0.2% | |||
2,100 | 1 | Netgear, Inc. | 70,917 |
Paper & Forest Products—0.6% | |||
4,300 | 1 | Boise Cascade Co. | 173,892 |
Paper Products—0.4% | |||
700 | 1 | Clearwater Paper Corp. | 51,814 |
3,400 | 1 | Xerium Technologies, Inc. | 52,326 |
TOTAL | 104,140 | ||
Personal Loans—0.4% | |||
800 | 1 | Credit Acceptance Corp. | 126,112 |
Personnel Agency—1.4% | |||
6,400 | 1 | AMN Healthcare Services, Inc. | 120,448 |
7,500 | 1 | Dice Holdings, Inc. | 62,025 |
3,435 | Kelly Services, Inc., Class A | 58,051 | |
2,600 | Maximus, Inc. | 144,872 | |
TOTAL | 385,396 | ||
Pharmaceuticals—0.4% | |||
5,000 | 1 | Amphastar Pharmaceuticals, Inc. | 60,650 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Pharmaceuticals—continued | |||
2,400 | 1 | Phibro Animal Health Corp. | $65,592 |
TOTAL | 126,242 | ||
Poultry Products—1.2% | |||
4,800 | Pilgrim's Pride Corp. | 130,320 | |
2,500 | Sanderson Farms, Inc. | 199,900 | |
TOTAL | 330,220 | ||
Printed Circuit Boards—0.7% | |||
5,400 | 1 | Benchmark Electronics, Inc. | 130,842 |
8,347 | 1 | Sigma Designs, Inc. | 53,087 |
TOTAL | 183,929 | ||
Printing—0.4% | |||
1,700 | Multi-Color Corp. | 98,974 | |
494 | Quad Graphics, Inc. | 9,900 | |
TOTAL | 108,874 | ||
Professional Services—0.2% | |||
800 | 1 | WageWorks, Inc. | 44,032 |
Property Liability Insurance—1.8% | |||
1,770 | Argo Group International Holdings Ltd. | 94,677 | |
1,700 | HCI Group, Inc. | 78,557 | |
2,900 | Horace Mann Educators Corp. | 88,363 | |
1,300 | OneBeacon Insurance Group Ltd. | 20,553 | |
2,100 | Selective Insurance Group, Inc. | 54,222 | |
6,900 | Universal Insurance Holdings, Inc. | 160,287 | |
TOTAL | 496,659 | ||
Railroad—1.3% | |||
3,100 | Freightcar America, Inc. | 72,354 | |
5,400 | Greenbrier Cos., Inc. | 280,422 | |
TOTAL | 352,776 | ||
Recreational Goods—0.3% | |||
6,600 | 1 | Nautilus, Inc. | 93,984 |
Regional Banks—8.5% | |||
700 | Ameris Bancorp | 16,891 | |
2,040 | Arrow Financial Corp. | 52,163 | |
1,900 | BBCN Bancorp, Inc. | 24,605 | |
1,200 | BancFirst Corp. | 69,192 | |
1,500 | Bancorpsouth, Inc. | 29,775 | |
200 | Bank of the Ozarks, Inc. | 6,486 | |
4,100 | Cathay Bancorp, Inc. | 97,949 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Regional Banks—continued | |||
1,870 | Community Trust Bancorp, Inc. | $59,055 | |
3,074 | Enterprise Financial Services Corp. | 58,744 | |
2,099 | Financial Institutions, Inc. | 46,241 | |
600 | First Business Financial Services, Inc. | 26,262 | |
2,800 | First Financial Bancorp | 46,256 | |
4,400 | First Interstate BancSystem, Inc., Class A | 105,160 | |
5,100 | First Merchants Corp. | 111,384 | |
6,600 | First Midwest Bancorp, Inc. | 101,640 | |
2,400 | 1 | First NBC Bank Holding Co. | 74,304 |
2,300 | Flushing Financial Corp. | 41,630 | |
2,300 | Great Southern Bancorp, Inc. | 83,076 | |
3,000 | Hancock Holding Co. | 78,330 | |
900 | Iberiabank Corp. | 49,149 | |
1,200 | Metro Bancorp Inc. | 30,552 | |
4,200 | MidSouth Bancorp, Inc. | 58,548 | |
1,900 | NBT Bancorp, Inc. | 43,719 | |
6,700 | OFG Bancorp. | 107,870 | |
800 | Park National Corp. | 64,328 | |
6,600 | PrivateBancorp, Inc. | 200,244 | |
3,700 | S & T Bancorp, Inc. | 101,713 | |
1,800 | Sandy Spring Bancorp, Inc. | 44,514 | |
5,000 | Trustmark Corp. | 106,800 | |
7,700 | United Community Banks, Inc. | 134,827 | |
2,000 | Univest Corp. | 37,040 | |
2,500 | Wesbanco, Inc. | 75,450 | |
5,700 | 1 | Western Alliance Bancorp | 146,547 |
1,100 | Wintrust Financial Corp. | 47,817 | |
TOTAL | 2,378,261 | ||
Restaurants—0.8% | |||
500 | DineEquity, Inc. | 53,375 | |
400 | Jack in the Box, Inc. | 33,916 | |
900 | Papa Johns International, Inc. | 57,114 | |
3,000 | Sonic Corp. | 90,810 | |
TOTAL | 235,215 | ||
Rubber—0.6% | |||
4,500 | Cooper Tire & Rubber Co. | 156,555 | |
Savings & Loan—2.7% | |||
2,737 | Banner Corp. | 110,520 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Savings & Loan—continued | |||
6,200 | Berkshire Hills Bancorp, Inc. | $154,380 | |
2,000 | First Defiance Financial Corp. | 60,920 | |
7,300 | 1 | Flagstar Bancorp, Inc. | 103,733 |
6,448 | Provident Financial Holdings, Inc. | 100,073 | |
1,500 | WSFS Financial Corp. | 110,790 | |
4,200 | Webster Financial Corp. Waterbury | 128,226 | |
TOTAL | 768,642 | ||
Securities Brokerage—0.8% | |||
3,000 | 1 | Investment Technology Group, Inc. | 62,250 |
3,100 | 1 | Piper Jaffray Cos., Inc. | 158,255 |
TOTAL | 220,505 | ||
Semiconductor Distribution—0.6% | |||
1,300 | 1 | Tyler Technologies, Inc. | 137,904 |
4,200 | 1 | Ultra Clean Holdings, Inc. | 36,960 |
TOTAL | 174,864 | ||
Semiconductor Manufacturing—0.8% | |||
9,800 | 1 | Integrated Device Technology, Inc. | 179,242 |
1,400 | 1 | Plexus Corp. | 53,046 |
TOTAL | 232,288 | ||
Semiconductor Manufacturing Equipment—0.9% | |||
3,753 | Mentor Graphics Corp. | 86,357 | |
4,400 | Tessera Technologies, Inc. | 163,152 | |
TOTAL | 249,509 | ||
Semiconductors & Semiconductor Equipment—0.6% | |||
3,200 | 1 | Ambarella, Inc. | 176,992 |
Services to Medical Professionals—1.2% | |||
5,500 | 1 | Bio-Reference Laboratories, Inc. | 184,415 |
5,500 | 1 | MedAssets, Inc. | 101,805 |
1,200 | 1 | Team Health Holdings, Inc. | 62,040 |
TOTAL | 348,260 | ||
Shoes—1.5% | |||
3,600 | Brown Shoe Co., Inc. | 102,204 | |
5,200 | 1 | Skechers USA, Inc., Class A | 313,820 |
TOTAL | 416,024 | ||
Soft Drinks—0.3% | |||
800 | Coca-Cola Bottling Co. | 78,032 | |
Software Packaged/Custom—4.0% | |||
2,600 | 1 | Barracuda Networks, Inc. | 88,036 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Software Packaged/Custom—continued | |||
2,000 | Blackbaud, Inc. | $87,420 | |
619 | CSG Systems International, Inc. | 15,178 | |
4,500 | Ebix, Inc. | 102,825 | |
1,930 | 1 | ePlus, Inc. | 130,159 |
2,300 | 1 | Fleetmatics Group PLC | 81,443 |
3,200 | 1 | Omnicell, Inc. | 101,856 |
3,500 | 1 | Qualys, Inc. | 133,070 |
1,200 | SS&C Technologies Holdings, Inc. | 66,396 | |
5,700 | 1 | Take-Two Interactive Software, Inc. | 169,404 |
6,600 | 1 | VASCO Data Security International, Inc. | 141,900 |
TOTAL | 1,117,687 | ||
Specialty Chemicals—0.3% | |||
500 | Chemed Corp. | 50,570 | |
2,100 | 1 | Kraton Performance Polymers, Inc. | 40,614 |
608 | 1 | Omnova Solutions, Inc. | 4,171 |
TOTAL | 95,355 | ||
Specialty Retailing—2.4% | |||
2,683 | 1 | Asbury Automotive Group, Inc. | 199,105 |
4,000 | 1 | Barnes & Noble, Inc. | 93,960 |
5,300 | Big 5 Sporting Goods Corp. | 63,123 | |
2,200 | 1 | Build-A-Bear Workshop, Inc. | 45,364 |
800 | Finish Line, Inc., Class A | 18,880 | |
2,500 | 1 | Outerwall, Inc. | 155,200 |
600 | Penske Automotive Group, Inc. | 29,010 | |
3,200 | Stage Stores, Inc. | 64,000 | |
TOTAL | 668,642 | ||
Telecommunication Equipment & Services—0.9% | |||
5,200 | 1 | NeuStar, Inc., Class A | 136,708 |
8,500 | 1 | Polycom, Inc. | 113,050 |
TOTAL | 249,758 | ||
Telephone Utility—0.4% | |||
1,000 | Atlantic Telephone Network, Inc. | 66,430 | |
3,000 | Inteliquent, Inc. | 50,460 | |
TOTAL | 116,890 | ||
Textiles Apparel & Luxury Goods—0.1% | |||
1,000 | 1 | Unifi, Inc. | 32,230 |
Thrifts & Mortgage Finance—0.6% | |||
14,100 | 1 | MGIC Investment Corp. | 120,132 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Thrifts & Mortgage Finance—continued | |||
3,500 | Oritani Financial Corp. | $49,385 | |
TOTAL | 169,517 | ||
Transportation - Services—0.2% | |||
800 | Bristow Group, Inc. | 44,568 | |
Truck Manufacturing—0.4% | |||
7,600 | Federal Signal Corp. | 116,052 | |
Trucking—0.4% | |||
3,700 | Knight Transportation, Inc. | 105,413 | |
Undesignated Consumer Cyclicals—0.4% | |||
7,400 | Weight Watchers International, Inc. | 122,544 | |
Undesignated Consumer Staples—1.3% | |||
4,500 | 1 | Medifast, Inc. | 142,605 |
2,600 | Nutri/System, Inc. | 46,332 | |
1,700 | 1 | USANA, Inc. | 166,668 |
TOTAL | 355,605 | ||
Undesignated Technology—0.2% | |||
5,900 | 1 | American Reprographics Co. | 54,103 |
Uniforms—0.1% | |||
300 | G & K Services, Inc., Class A | 21,030 | |
Wireless Communications—0.5% | |||
2,900 | InterDigital, Inc. | 144,942 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $26,121,859) | 27,355,872 | ||
INVESTMENT COMPANY—2.2% | |||
611,090 | 2,3 | Federated Prime Value Obligations Fund, Institutional Shares, 0.07% (AT NET ASSET VALUE) | 611,090 |
TOTAL INVESTMENTS—99.9% (IDENTIFIED COST $26,732,949)4 | 27,966,962 | ||
OTHER ASSETS AND LIABILITIES - NET—0.1%5 | 24,099 | ||
TOTAL NET ASSETS—100% | $27,991,061 |
1 | Non-income-producing security. |
2 | Affiliated holding. |
3 | 7-day net yield. |
4 | Also represents cost for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
ADR | —American Depositary Receipt |
Six Months Ended (unaudited) 1/31/2015 | Year Ended July 31, | |||||
2014 | 2013 | 2012 | 2011 | 2010 | ||
Net Asset Value, Beginning of Period | $15.07 | $13.70 | $9.52 | $9.88 | $7.55 | $6.58 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.03)1 | (0.12)1 | (0.01)1 | (0.06)1 | (0.09)1 | (0.06)1 |
Net realized and unrealized gain (loss) on investments | 0.44 | 1.49 | 4.19 | (0.30) | 2.42 | 1.03 |
TOTAL FROM INVESTMENT OPERATIONS | 0.41 | 1.37 | 4.18 | (0.36) | 2.33 | 0.97 |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (0.93) | — | — | — | — | — |
Net Asset Value, End of Period | $14.55 | $15.07 | $13.70 | $9.52 | $9.88 | $7.55 |
Total Return2 | 2.41% | 10.00% | 43.91% | (3.64)% | 30.86% | 14.74% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.70%3 | 1.70% | 1.70% | 1.71% | 1.75% | 1.75% |
Net investment income (loss) | (0.40)%3 | (0.77)% | (0.05)% | (0.65)% | (0.96)% | (0.77)% |
Expense waiver/reimbursement4 | 0.60%3 | 0.52% | 1.09% | 4.24% | 3.75% | 5.41% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $5,631 | $5,346 | $3,694 | $2,550 | $3,469 | $3,184 |
Portfolio turnover | 69% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2015 | Year Ended July 31, | |||||
2014 | 2013 | 2012 | 2011 | 2010 | ||
Net Asset Value, Beginning of Period | $14.10 | $12.91 | $9.04 | $9.45 | $7.28 | $6.39 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.08)1 | (0.21)1 | (0.09)1 | (0.12)1 | (0.15)1 | (0.11)1 |
Net realized and unrealized gain (loss) on investments | 0.41 | 1.40 | 3.96 | (0.29) | 2.32 | 1.00 |
TOTAL FROM INVESTMENT OPERATIONS | 0.33 | 1.19 | 3.87 | (0.41) | 2.17 | 0.89 |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (0.93) | — | — | — | — | — |
Net Asset Value, End of Period | $13.50 | $14.10 | $12.91 | $9.04 | $9.45 | $7.28 |
Total Return2 | 2.00% | 9.22% | 42.81% | (4.34)% | 29.81% | 13.93% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.45%3 | 2.45% | 2.45% | 2.46% | 2.50% | 2.50% |
Net investment income (loss) | (1.16)%3 | (1.50)% | (0.81)% | (1.41)% | (1.70)% | (1.53)% |
Expense waiver/reimbursement4 | 0.60%3 | 0.54% | 1.11% | 4.24% | 3.78% | 5.13% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $3,315 | $3,338 | $2,636 | $2,358 | $2,978 | $3,258 |
Portfolio turnover | 69% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2015 | Year Ended July 31, | |||||
2014 | 2013 | 2012 | 2011 | 2010 | ||
Net Asset Value, Beginning of Period | $15.38 | $13.94 | $9.67 | $10.00 | $7.63 | $6.63 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.01)1 | (0.08)1 | 0.031 | (0.04)1 | (0.06)1 | (0.04)1 |
Net realized and unrealized gain (loss) on investments | 0.44 | 1.52 | 4.24 | (0.29) | 2.43 | 1.04 |
TOTAL FROM INVESTMENT OPERATIONS | 0.43 | 1.44 | 4.27 | (0.33) | 2.37 | 1.00 |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (0.93) | — | — | — | — | — |
Net Asset Value, End of Period | $14.88 | $15.38 | $13.94 | $9.67 | $10.00 | $7.63 |
Total Return2 | 2.49% | 10.33% | 44.16% | (3.30)% | 31.06% | 15.08% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.45%3 | 1.45% | 1.45% | 1.46% | 1.50% | 1.50% |
Net investment income (loss) | (0.16)%3 | (0.51)% | 0.23% | (0.44)% | (0.71)% | (0.52)% |
Expense waiver/reimbursement4 | 0.60%3 | 0.52% | 1.10% | 3.77% | 3.79% | 5.56% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $19,045 | $21,486 | $14,084 | $11,650 | $4,836 | $5,727 |
Portfolio turnover | 69% | 174% | 184% | 200% | 210% | 192% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Assets: | ||
Total investment in securities, at value including $611,090 of investment in an affiliated holding (Note 5) (identified cost $26,732,949) | $27,966,962 | |
Income receivable | 33,176 | |
Receivable for investments sold | 382,239 | |
Receivable for shares sold | 45,800 | |
TOTAL ASSETS | 28,428,177 | |
Liabilities: | ||
Payable for investments purchased | $375,037 | |
Payable for shares redeemed | 8,323 | |
Payable for auditing fees | 11,998 | |
Payable for portfolio accounting fees | 11,909 | |
Payable for distribution services fee (Note 5) | 2,139 | |
Payable for other service fees (Notes 2 and 5) | 4,390 | |
Payable for share registration costs | 12,963 | |
Accrued expenses (Note 5) | 10,357 | |
TOTAL LIABILITIES | 437,116 | |
Net assets for 1,912,493 shares outstanding | $27,991,061 | |
Net Assets Consist of: | ||
Paid-in capital | $30,135,838 | |
Net unrealized appreciation of investments | 1,234,013 | |
Accumulated net realized loss on investments | (3,162,453) | |
Accumulated net investment income (loss) | (216,337) | |
TOTAL NET ASSETS | $27,991,061 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($5,631,224 ÷ 387,150 shares outstanding), no par value, unlimited shares authorized | $14.55 | |
Offering price per share (100/94.50 of $14.55) | $15.40 | |
Redemption proceeds per share | $14.55 | |
Class C Shares: | ||
Net asset value per share ($3,315,174 ÷ 245,597 shares outstanding), no par value, unlimited shares authorized | $13.50 | |
Offering price per share | $13.50 | |
Redemption proceeds per share (99.00/100 of $13.50) | $13.37 | |
Institutional Shares: | ||
Net asset value per share ($19,044,663 ÷ 1,279,746 shares outstanding), no par value, unlimited shares authorized | $14.88 | |
Offering price per share | $14.88 | |
Redemption proceeds per share | $14.88 |
Investment Income: | ||
Dividends (including $164 received from an affiliated holding (Note 5) and net of foreign taxes withheld of $90) | $190,519 | |
Expenses: | ||
Investment adviser fee (Note 5) | $169,036 | |
Administrative fee (Note 5) | 11,504 | |
Custodian fees | 12,773 | |
Transfer agent fee | 19,657 | |
Directors'/Trustees' fees (Note 5) | 915 | |
Auditing fees | 12,000 | |
Legal fees | 5,707 | |
Portfolio accounting fees | 34,044 | |
Distribution services fee (Note 5) | 12,613 | |
Other service fees (Notes 2 and 5) | 11,085 | |
Share registration costs | 20,660 | |
Printing and postage | 10,260 | |
Miscellaneous (Note 5) | 4,953 | |
TOTAL EXPENSES | 325,207 | |
Waiver/reimbursement of investment adviser fee (Note 5) | (87,656) | |
Net expenses | 237,551 | |
Net investment income (loss) | (47,032) | |
Realized and Unrealized Gain on Investments: | ||
Net realized gain on investments | 434,826 | |
Net change in unrealized appreciation of investments | 402,444 | |
Net realized and unrealized gain on investments | 837,270 | |
Change in net assets resulting from operations | $790,238 |
Six Months Ended (unaudited) 1/31/2015 | Year Ended 7/31/2014 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(47,032) | $(221,422) |
Net realized gain on investments | 434,826 | 5,669,313 |
Net change in unrealized appreciation/depreciation of investments | 402,444 | (2,326,839) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 790,238 | 3,121,052 |
Distributions to Shareholders: | ||
Distributions from net realized gain on investments | ||
Class A Shares | (330,893) | — |
Class C Shares | (208,105) | — |
Institutional Shares | (1,153,048) | — |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (1,692,046) | — |
Share Transactions: | ||
Proceeds from sale of shares | 2,761,245 | 25,049,675 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,610,014 | — |
Cost of shares redeemed | (5,648,900) | (18,414,284) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (1,277,641) | 6,635,391 |
Change in net assets | (2,179,449) | 9,756,443 |
Net Assets: | ||
Beginning of period | 30,170,510 | 20,414,067 |
End of period (including accumulated net investment income (loss) of $(216,337) and $(169,305), respectively) | $27,991,061 | $30,170,510 |
■ | 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 Trustees (the “Trustees”). |
■ | Fixed-income securities and repurchase agreements acquired with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), 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, except that options are valued at the mean of closing bid and asked quotations. |
■ | 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 last traded or purchase price of the security, information obtained by contacting the issuer or dealers, 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, public trading in similar securities or derivative contracts of the issuer or comparable issuers movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
Other Service Fees Incurred | |
Class A Shares | $6,903 |
Class C Shares | 4,182 |
TOTAL | $11,085 |
Six Months Ended 1/31/2015 | Year Ended 7/31/2014 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 77,578 | $1,177,858 | 476,541 | $7,334,303 |
Shares issued to shareholders in payment of distributions declared | 20,829 | 317,649 | — | — |
Shares redeemed | (66,022) | (998,154) | (391,487) | (6,138,103) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 32,385 | $497,353 | 85,054 | $1,196,200 |
Six Months Ended 1/31/2015 | Year Ended 7/31/2014 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 24,186 | $344,231 | 122,191 | $1,646,975 |
Shares issued to shareholders in payment of distributions declared | 11,327 | 160,392 | — | — |
Shares redeemed | (26,663) | (384,020) | (89,622) | (1,298,266) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 8,850 | $120,603 | 32,569 | $348,709 |
Six Months Ended 1/31/2015 | Year Ended 7/31/2014 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 80,198 | $1,239,156 | 1,086,642 | $16,068,397 |
Shares issued to shareholders in payment of distributions declared | 72,562 | 1,131,973 | — | — |
Shares redeemed | (270,132) | (4,266,726) | (699,809) | (10,977,915) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (117,372) | $(1,895,597) | 386,833 | $5,090,482 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (76,137) | $(1,277,641) | 504,456 | $6,635,391 |
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 | $12,613 |
Federated Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2014 | 608,213 |
Purchases/Additions | 4,068,460 |
Sales/Reductions | (4,065,583) |
Balance of Shares Held 1/31/2015 | 611,090 |
Value | $611,090 |
Dividend Income | $164 |
Purchases | $19,891,043 |
Sales | $22,960,400 |
Beginning Account Value 8/1/2014 | Ending Account Value 1/31/2015 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,024.10 | $8.67 2 |
Class C Shares | $1,000 | $1,020.00 | $12.47 3 |
Institutional Shares | $1,000 | $1,024.90 | $7.40 4 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,016.64 | $8.64 2 |
Class C Shares | $1,000 | $1,012.85 | $12.43 3 |
Institutional Shares | $1,000 | $1,017.90 | $7.37 4 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.70% |
Class C Shares | 2.45% |
Institutional Shares | 1.45% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund's Class A Shares current Fee Limit of 1.13% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.77 and $5.75, respectively. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund's Class C Shares current Fee Limit of 1.88% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $9.57 and $9.55, respectively. |
4 | Actual and Hypothetical expenses paid during the period utilizing the Fund's Institutional Shares current Fee Limit of 0.88% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $4.49 and $4.48, respectively. |
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R791
CUSIP 31421R783
2015 ©Federated Investors, Inc.
Share Class | Ticker |
A | QASGX |
B | QBSGX |
C | QCSGX |
Institutional | QISGX |
Industry Composition | Percentage of Total Net Assets |
Software Packaged/Custom | 6.7% |
Biotechnology | 5.9% |
Specialty Retailing | 4.1% |
Medical Supplies | 3.1% |
Apparel | 2.9% |
Services to Medical Professionals | 2.9% |
Generic Drugs | 2.6% |
Medical Technology | 2.6% |
Restaurants | 2.5% |
Computer Services | 2.4% |
Semiconductor Manufacturing | 2.3% |
Education & Training Services | 2.1% |
Semiconductor Manufacturing Equipment | 2.0% |
Industrial Machinery | 1.9% |
Shoes | 1.9% |
Regional Banks | 1.8% |
Telecommunication Equipment & Services | 1.8% |
Health Care Equipment & Supplies | 1.7% |
Poultry Products | 1.7% |
Auto Original Equipment Manufacturers | 1.6% |
Internet Software & Services | 1.6% |
Office Furniture | 1.5% |
Specialty Chemicals | 1.5% |
Undesignated Consumer Staples | 1.5% |
Electrical Equipment | 1.4% |
Furniture | 1.2% |
Semiconductor & Semiconductor Equipment | 1.2% |
Undesignated Consumer Cyclicals | 1.2% |
Financial Services | 1.1% |
IT Services | 1.1% |
Multiline Retail | 1.1% |
Semiconductor Distribution | 1.1% |
Home Products | 1.0% |
Insurance Brokerage | 1.0% |
Pharmaceuticals | 1.0% |
Railroad | 1.0% |
Undesignated Health | 1.0% |
Industry Composition | Percentage of Total Net Assets |
Other2 | 23.2% |
Cash Equivalents3 | 1.6% |
Other Assets and Liabilities—Net4 | 0.2% |
TOTAL | 100% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, industry classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | For purposes of this table, industry classifications which constitute less than 1.0% of the Fund's total net assets have been aggregated under the designation “Other.” |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS—98.2% | |||
Aerospace & Defense—0.7% | |||
18,600 | 1 | Taser International, Inc. | $502,386 |
Airline - Regional—0.5% | |||
4,668 | Alaska Air Group, Inc. | 316,817 | |
Apparel—2.9% | |||
8,864 | 1 | Ann, Inc. | 293,398 |
10,010 | Columbia Sportswear Co. | 425,425 | |
4,500 | 1 | G-III Apparel Group Ltd. | 437,400 |
11,000 | 1 | Iconix Brand Group, Inc. | 365,640 |
1,436 | Oxford Industries, Inc. | 80,330 | |
10,033 | 1 | Zumiez, Inc. | 374,131 |
TOTAL | 1,976,324 | ||
Auto Original Equipment Manufacturers—1.6% | |||
7,900 | 1 | Gentherm, Inc. | 290,562 |
20,065 | 1 | Meritor, Inc. | 256,832 |
9,673 | 1 | Tenneco, Inc. | 497,386 |
TOTAL | 1,044,780 | ||
Biotechnology—5.9% | |||
12,700 | 1 | Anika Therapeutics, Inc. | 497,586 |
11,800 | 1 | Enanta Pharmaceuticals, Inc. | 512,592 |
9,900 | 1 | Isis Pharmaceuticals, Inc. | 678,249 |
9,100 | 1 | NewLink Genetics Corp. | 332,969 |
2,000 | 1 | Oncomed Pharmaceuticals, Inc. | 45,720 |
11,300 | 1 | Ophthotech Corp. | 635,625 |
2,300 | 1 | Puma Biotechnology, Inc. | 485,484 |
28,900 | 1 | Repligen Corp. | 701,981 |
3,000 | 1 | Seattle Genetics, Inc. | 93,480 |
TOTAL | 3,983,686 | ||
Clothing Stores—0.2% | |||
3,308 | Cato Corp., Class A | 140,259 | |
Commodity Chemicals—0.2% | |||
3,208 | Stepan Co. | 123,187 | |
Communications Equipment—0.9% | |||
36,900 | 1 | Aruba Networks, Inc. | 611,802 |
Computer Peripherals—0.4% | |||
10,234 | 1 | Silicon Graphics, Inc. | 96,506 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Computer Peripherals—continued | |||
2,117 | 1 | Synaptics, Inc. | $162,607 |
TOTAL | 259,113 | ||
Computer Services—2.4% | |||
5,255 | Fair Isaac & Co., Inc. | 374,944 | |
16,200 | 1 | Manhattan Associates, Inc. | 723,168 |
5,646 | 1 | Syntel, Inc. | 244,190 |
11,641 | 1 | Unisys Corp. | 255,287 |
TOTAL | 1,597,589 | ||
Computer Stores—0.2% | |||
6,322 | 1 | Insight Enterprises, Inc. | 149,642 |
Containers & Packaging—0.7% | |||
14,000 | 1 | Berry Plastics Group, Inc. | 473,480 |
Contracting—0.2% | |||
3,000 | 1 | Team, Inc. | 114,420 |
Cosmetics & Toiletries—0.4% | |||
8,034 | 1 | Sally Beauty Holdings, Inc. | 249,697 |
Crude Oil & Gas Production—0.5% | |||
4,900 | 1 | Clayton Williams Energy, Inc. | 273,910 |
19,484 | W&T Offshore, Inc. | 98,589 | |
TOTAL | 372,499 | ||
Dairy Products—0.6% | |||
11,400 | Cal-Maine Foods, Inc. | 399,570 | |
Defense Aerospace—0.9% | |||
5,600 | Kaman Corp., Class A | 212,912 | |
4,300 | 1 | Teledyne Technologies, Inc. | 408,672 |
TOTAL | 621,584 | ||
Education & Training Services—2.1% | |||
3,960 | 1 | American Public Education, Inc. | 132,937 |
5,528 | Capella Education Co. | 375,849 | |
11,907 | 1 | Grand Canyon Education, Inc. | 521,765 |
5,812 | 1 | Strayer Education, Inc. | 389,404 |
TOTAL | 1,419,955 | ||
Electrical Equipment—1.4% | |||
4,200 | Belden, Inc. | 348,348 | |
7,006 | EnerSys, Inc. | 409,010 | |
6,330 | 1 | Rofin-Sinar Technologies, Inc. | 170,404 |
TOTAL | 927,762 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Electronic Instruments—0.2% | |||
3,289 | 1 | iRobot Corp. | $103,768 |
Electronics Stores—0.5% | |||
6,100 | 1 | REX American Resources Corp. | 338,611 |
Energy Equipment & Services—0.1% | |||
3,500 | US Silica Holdings, Inc. | 88,200 | |
Financial Services—1.1% | |||
11,368 | Deluxe Corp. | 738,124 | |
Furniture—1.2% | |||
7,783 | Ethan Allen Interiors, Inc. | 211,853 | |
19,414 | 1 | Select Comfort Corp. | 579,314 |
TOTAL | 791,167 | ||
Generic Drugs—2.6% | |||
19,600 | 1 | Impax Laboratories, Inc. | 718,732 |
14,800 | 1 | Lannett Co., Inc. | 701,964 |
29,200 | 1 | Vanda Pharmaceuticals, Inc. | 324,996 |
TOTAL | 1,745,692 | ||
Grocery Chain—0.4% | |||
3,050 | Casey's General Stores, Inc. | 278,465 | |
Health Care Equipment & Supplies—1.7% | |||
17,300 | 1 | Masimo Corp. | 441,496 |
21,000 | 1 | Zeltiq Aesthetics, Inc. | 676,410 |
TOTAL | 1,117,906 | ||
Home Products—1.0% | |||
3,000 | Spectrum Brands Holdings, Inc. | 269,040 | |
6,149 | Tupperware Brands Corp. | 415,734 | |
TOTAL | 684,774 | ||
Household Appliances—0.4% | |||
3,100 | 1 | Middleby Corp. | 294,562 |
Industrial Machinery—1.9% | |||
7,900 | Altra Holdings, Inc. | 201,845 | |
5,100 | Hyster-Yale Materials Handling, Inc. | 319,515 | |
15,700 | 1 | Rexnord Corp. | 388,575 |
2,945 | Tennant Co. | 192,044 | |
3,213 | Watts Industries, Inc., Class A | 188,378 | |
TOTAL | 1,290,357 | ||
Insurance Brokerage—1.0% | |||
13,500 | AmTrust Financial Services, Inc. | 683,370 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Internet & Catalog Retail—0.6% | |||
5,570 | HSN, Inc. | $431,341 | |
Internet Services—0.6% | |||
4,661 | 1 | Travelzoo, Inc. | 39,991 |
23,000 | 1 | Web.com Group, Inc. | 347,530 |
TOTAL | 387,521 | ||
Internet Software & Services—1.6% | |||
9,000 | 1 | Envestnet, Inc. | 463,230 |
12,900 | 1 | LogMeIn, Inc. | 613,395 |
TOTAL | 1,076,625 | ||
IT Services—1.1% | |||
14,900 | 1 | EPAM Systems, Inc. | 729,057 |
Machined Parts Original Equipment Manufacturers—0.4% | |||
6,478 | Applied Industrial Technologies, Inc. | 261,906 | |
Maritime—0.6% | |||
10,724 | TAL International Group, Inc. | 435,931 | |
Medical Supplies—3.1% | |||
4,800 | 1 | Align Technology, Inc. | 254,640 |
14,800 | 1 | NuVasive, Inc. | 685,536 |
12,600 | Owens & Minor, Inc. | 431,298 | |
11,277 | Steris Corp. | 735,486 | |
TOTAL | 2,106,960 | ||
Medical Technology—2.6% | |||
10,000 | Abaxis, Inc. | 614,800 | |
2,900 | Cantel Medical Corp. | 117,653 | |
16,151 | 1 | MedAssets, Inc. | 298,955 |
18,500 | 1 | Natus Medical, Inc. | 695,600 |
TOTAL | 1,727,008 | ||
Metal Fabrication—0.7% | |||
15,038 | Worthington Industries, Inc. | 450,087 | |
Miscellaneous Communications—0.9% | |||
18,000 | West Corp. | 588,600 | |
Miscellaneous Metals—0.4% | |||
8,098 | Materion Corp. | 266,829 | |
Multi-Industry Basic—0.5% | |||
13,814 | Olin Corp. | 346,317 | |
Multi-Industry Transportation—0.3% | |||
10,389 | Brinks Co. (The) | 232,817 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Multiline Retail—1.1% | |||
14,500 | 1 | Burlington Stores, Inc. | $723,405 |
Office Furniture—1.5% | |||
10,040 | HNI Corp. | 494,470 | |
14,535 | Knoll, Inc. | 297,822 | |
7,135 | Miller Herman, Inc. | 207,272 | |
TOTAL | 999,564 | ||
Office Supplies—0.7% | |||
793 | MSA Safety, Inc. | 34,622 | |
11,631 | United Stationers, Inc. | 468,846 | |
TOTAL | 503,468 | ||
Oil Refiner—0.8% | |||
8,100 | Alon USA Energy, Inc. | 97,848 | |
13,300 | Delek US Holdings, Inc. | 410,305 | |
TOTAL | 508,153 | ||
Oil Service, Explore & Drill—0.5% | |||
29,200 | 1 | Basic Energy Services, Inc. | 171,696 |
32,300 | 1 | Pioneer Energy Services Corp. | 133,722 |
TOTAL | 305,418 | ||
Other Communications Equipment—0.4% | |||
8,124 | 1 | Netgear, Inc. | 274,347 |
Paint & Related Materials—0.6% | |||
9,700 | Fuller (H.B.) Co. | 399,155 | |
Paper Products—0.4% | |||
4,000 | 1 | Clearwater Paper Corp. | 296,080 |
Personal & Household—0.4% | |||
6,000 | Nu Skin Enterprises, Inc., Class A | 245,880 | |
Personal Loans—0.2% | |||
5,177 | Cash America International, Inc. | 107,682 | |
Personnel Agency—0.6% | |||
22,700 | 1 | AMN Healthcare Services, Inc. | 427,214 |
Pharmaceuticals—1.0% | |||
6,000 | 1 | Pacira Pharmaceuticals, Inc. | 644,100 |
Photo-Optical Component-Equipment—0.5% | |||
4,100 | Cognex Corp. | 150,675 | |
2,997 | 1 | Coherent, Inc. | 185,454 |
TOTAL | 336,129 | ||
Plastic—0.6% | |||
11,900 | Polyone Corp. | 423,521 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Poultry Products—1.7% | |||
18,000 | Pilgrim's Pride Corp. | $488,700 | |
8,400 | Sanderson Farms, Inc. | 671,664 | |
TOTAL | 1,160,364 | ||
Railroad—1.0% | |||
12,500 | Greenbrier Cos., Inc. | 649,125 | |
Recreational Goods—0.5% | |||
7,700 | Sturm Ruger & Co., Inc. | 311,080 | |
Recreational Vehicles—0.9% | |||
4,600 | Arctic Cat, Inc. | 154,652 | |
8,382 | Brunswick Corp. | 454,975 | |
TOTAL | 609,627 | ||
Regional Banks—1.8% | |||
17,800 | Bank of the Ozarks, Inc. | 577,254 | |
24,100 | 1 | Western Alliance Bancorp | 619,611 |
TOTAL | 1,196,865 | ||
Restaurants—2.5% | |||
1,200 | 1 | Buffalo Wild Wings, Inc. | 213,984 |
4,676 | Cracker Barrel Old Country Store, Inc. | 628,969 | |
4,500 | Domino's Pizza, Inc. | 445,725 | |
4,826 | Jack in the Box, Inc. | 409,196 | |
TOTAL | 1,697,874 | ||
Roofing & Wallboard—0.1% | |||
2,197 | 1 | Beacon Roofing Supply, Inc. | 52,047 |
Semiconductor Distribution—1.1% | |||
6,800 | 1 | Tyler Technologies, Inc. | 721,344 |
Semiconductor Manufacturing—2.3% | |||
412 | 1 | Cabot Microelectronics Corp. | 20,357 |
11,865 | 1 | Cirrus Logic, Inc. | 314,422 |
39,100 | 1 | Integrated Device Technology, Inc. | 715,139 |
3,600 | Monolithic Power Systems | 170,964 | |
7,894 | 1 | Plexus Corp. | 299,104 |
TOTAL | 1,519,986 | ||
Semiconductor Manufacturing Equipment—2.0% | |||
18,799 | Brooks Automation, Inc. | 242,695 | |
25,704 | Mentor Graphics Corp. | 591,449 | |
14,000 | Tessera Technologies, Inc. | 519,120 | |
TOTAL | 1,353,264 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Semiconductors & Semiconductor Equipment—1.2% | |||
11,500 | 1 | Ambarella, Inc. | $636,065 |
2,400 | 1 | Cavium Networks, Inc. | 141,144 |
TOTAL | 777,209 | ||
Services to Medical Professionals—2.9% | |||
14,809 | 1 | Bio-Reference Laboratories, Inc. | 496,546 |
5,917 | 1 | Centene Corp. | 645,900 |
10,023 | 1 | Team Health Holdings, Inc. | 518,189 |
6,700 | 1 | WebMD Health Corp., Class A | 259,625 |
TOTAL | 1,920,260 | ||
Shoes—1.9% | |||
8,021 | 1 | CROCs, Inc. | 85,023 |
6,420 | 1 | Genesco, Inc. | 458,709 |
11,900 | 1 | Skechers USA, Inc., Class A | 718,165 |
TOTAL | 1,261,897 | ||
Software Packaged/Custom—6.7% | |||
12,100 | 1 | Aspen Technology, Inc. | 427,675 |
10,700 | 1 | Barracuda Networks, Inc. | 362,302 |
16,472 | CSG Systems International, Inc. | 403,893 | |
800 | 1 | Commvault Systems, Inc. | 34,864 |
2,379 | 1 | MicroStrategy, Inc., Class A | 384,446 |
11,607 | 1 | PTC, Inc. | 387,790 |
15,930 | 1 | Progress Software Corp. | 399,047 |
13,100 | SS&C Technologies Holdings, Inc. | 724,823 | |
26,100 | 1 | Take-Two Interactive Software, Inc. | 775,692 |
17,000 | 1 | VASCO Data Security International, Inc. | 365,500 |
4,297 | 1 | Verint Systems, Inc. | 229,374 |
TOTAL | 4,495,406 | ||
Specialty Chemicals—1.5% | |||
15,500 | American Vanguard Corp. | 173,290 | |
6,233 | Chemed Corp. | 630,406 | |
2,738 | Quaker Chemical Corp. | 216,083 | |
TOTAL | 1,019,779 | ||
Specialty Machinery—0.7% | |||
11,300 | Woodward Governor Co. | 504,093 | |
Specialty Retail—0.7% | |||
7,879 | 1 | Outerwall, Inc. | 489,128 |
Specialty Retailing—4.1% | |||
9,900 | 1 | Asbury Automotive Group, Inc. | 734,679 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Specialty Retailing—continued | |||
2,751 | 1 | Cabela's, Inc., Class A | $151,167 |
7,598 | Children's Place, Inc./The | 455,500 | |
10,402 | Finish Line, Inc., Class A | 245,487 | |
3,460 | GNC Holdings, Inc. | 153,416 | |
3,445 | 1 | Kirkland's, Inc. | 80,165 |
500 | Lithia Motors, Inc., Class A | 42,350 | |
13,619 | Penske Automotive Group, Inc. | 658,479 | |
8,239 | Pier 1 Imports, Inc. | 138,498 | |
5,100 | 1 | Vera Bradley, Inc. | 97,257 |
TOTAL | 2,756,998 | ||
Telecommunication Equipment & Services—1.8% | |||
7,003 | Adtran, Inc. | 154,836 | |
5,131 | 1 | Anixter International, Inc. | 386,672 |
8,263 | 1 | CIENA Corp. | 153,031 |
19,100 | 1 | NeuStar, Inc., Class A | 502,139 |
TOTAL | 1,196,678 | ||
Trucking—0.9% | |||
8,900 | 1 | Old Dominion Freight Lines, Inc. | 624,068 |
Undesignated Consumer Cyclicals—1.2% | |||
10,100 | 1 | Euronet Worldwide, Inc. | 458,439 |
5,700 | 1 | Parexel International Corp. | 347,472 |
TOTAL | 805,911 | ||
Undesignated Consumer Staples—1.5% | |||
14,100 | 1 | Medifast, Inc. | 446,829 |
5,800 | 1 | USANA, Inc. | 568,632 |
TOTAL | 1,015,461 | ||
Undesignated Health—1.0% | |||
14,700 | HealthSouth Corp. | 648,270 | |
Wireless Communications—0.7% | |||
10,100 | InterDigital, Inc. | 504,798 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $59,291,620) | 65,966,195 |
Shares | Value | ||
INVESTMENT COMPANY—1.6% | |||
1,105,227 | 2,3 | Federated Prime Value Obligations Fund, Institutional Shares, 0.07% (AT NET ASSET VALUE) | $1,105,227 |
TOTAL INVESTMENTS—99.8% (IDENTIFIED COST $60,396,847)4 | 67,071,422 | ||
OTHER ASSETS AND LIABILITIES - NET—0.2%5 | 133,829 | ||
TOTAL NET ASSETS—100% | $67,205,251 |
1 | Non-income-producing security. |
2 | Affiliated holding. |
3 | 7-day net yield. |
4 | Also represents cost for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 1/31/2015 | Year Ended July 31, | |||||
2014 | 2013 | 2012 | 2011 | 2010 | ||
Net Asset Value, Beginning of Period | $17.39 | $16.12 | $11.93 | $12.12 | $8.74 | $7.85 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.07)1 | (0.18)1 | (0.07)1 | (0.09)1 | (0.13)1 | (0.10)1 |
Net realized and unrealized gain (loss) on investments | 0.92 | 1.45 | 4.26 | (0.10) | 3.51 | 0.99 |
TOTAL FROM INVESTMENT OPERATIONS | 0.85 | 1.27 | 4.19 | (0.19) | 3.38 | 0.89 |
Net Asset Value, End of Period | $18.24 | $17.39 | $16.12 | $11.93 | $12.12 | $8.74 |
Total Return2 | 4.89% | 7.88% | 35.12% | (1.57)% | 38.67% | 11.34% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.75%3 | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
Net investment income (loss) | (0.81)%3 | (1.05)% | (0.49)% | (0.79)% | (1.18)% | (1.17)% |
Expense waiver/reimbursement4 | 0.42%3 | 0.43% | 0.59% | 1.04% | 1.14% | 1.22% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $28,700 | $29,690 | $30,187 | $22,718 | $25,634 | $19,822 |
Portfolio turnover | 30% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2015 | Year Ended July 31, | |||||
2014 | 2013 | 2012 | 2011 | 2010 | ||
Net Asset Value, Beginning of Period | $16.69 | $15.58 | $11.62 | $11.90 | $8.65 | $7.81 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.13)1 | (0.30)1 | (0.17)1 | (0.17)1 | (0.21)1 | (0.16)1 |
Net realized and unrealized gain (loss) on investments | 0.88 | 1.41 | 4.13 | (0.11) | 3.46 | 1.00 |
TOTAL FROM INVESTMENT OPERATIONS | 0.75 | 1.11 | 3.96 | (0.28) | 3.25 | 0.84 |
Net Asset Value, End of Period | $17.44 | $16.69 | $15.58 | $11.62 | $11.90 | $8.65 |
Total Return2 | 4.49% | 7.12% | 34.08% | (2.35)% | 37.57% | 10.76% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.50%3 | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% |
Net investment income (loss) | (1.53)%3 | (1.79)% | (1.25)% | (1.55)% | (1.93)% | (1.92)% |
Expense waiver/reimbursement4 | 0.42%3 | 0.43% | 0.59% | 1.06% | 1.15% | 1.22% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $2,012 | $1,842 | $2,016 | $1,640 | $2,541 | $2,350 |
Portfolio turnover | 30% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2015 | Year Ended July 31, | |||||
2014 | 2013 | 2012 | 2011 | 2010 | ||
Net Asset Value, Beginning of Period | $16.27 | $15.19 | $11.33 | $11.60 | $8.43 | $7.62 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.14)1 | (0.30)1 | (0.16)1 | (0.17)1 | (0.21)1 | (0.16)1 |
Net realized and unrealized gain (loss) on investments | 0.87 | 1.38 | 4.02 | (0.10) | 3.38 | 0.97 |
TOTAL FROM INVESTMENT OPERATIONS | 0.73 | 1.08 | 3.86 | (0.27) | 3.17 | 0.81 |
Net Asset Value, End of Period | $17.00 | $16.27 | $15.19 | $11.33 | $11.60 | $8.43 |
Total Return2 | 4.49% | 7.11% | 34.07% | (2.33)% | 37.60% | 10.63% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.50%3 | 2.50% | 2.50% | 2.50% | 2.50% | 2.49% |
Net investment income (loss) | (1.60)%3 | (1.79)% | (1.24)% | (1.54)% | (1.94)% | (1.91)% |
Expense waiver/reimbursement4 | 0.42%3 | 0.43% | 0.59% | 1.04% | 1.13% | 1.22% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $3,346 | $4,608 | $4,912 | $4,223 | $4,663 | $2,795 |
Portfolio turnover | 30% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2015 | Year Ended July 31, | |||||
2014 | 2013 | 2012 | 2011 | 2010 | ||
Net Asset Value, Beginning of Period | $17.79 | $16.44 | $12.14 | $12.31 | $8.85 | $7.93 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.05)1 | (0.14)1 | (0.03)1 | (0.06)1 | (0.10)1 | (0.08)1 |
Net realized and unrealized gain (loss) on investments | 0.94 | 1.49 | 4.33 | (0.11) | 3.56 | 1.00 |
TOTAL FROM INVESTMENT OPERATIONS | 0.89 | 1.35 | 4.30 | (0.17) | 3.46 | 0.92 |
Net Asset Value, End of Period | $18.68 | $17.79 | $16.44 | $12.14 | $12.31 | $8.85 |
Total Return2 | 5.00% | 8.21% | 35.42% | (1.38)% | 39.10% | 11.60% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.50%3 | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Net investment income (loss) | (0.58)%3 | (0.80)% | (0.24)% | (0.54)% | (0.92)% | (0.92)% |
Expense waiver/reimbursement4 | 0.42%3 | 0.43% | 0.59% | 1.05% | 1.15% | 1.22% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $33,146 | $37,253 | $31,179 | $26,233 | $29,395 | $27,039 |
Portfolio turnover | 30% | 61% | 88% | 69% | 154% | 142% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Assets: | ||
Total investment in securities, at value including $1,105,227 of investment in an affiliated holding (Note 5) (identified cost $60,396,847) | $67,071,422 | |
Income receivable | 114,583 | |
Receivable for investments sold | 428,070 | |
Receivable for shares sold | 77,808 | |
TOTAL ASSETS | 67,691,883 | |
Liabilities: | ||
Payable for investments purchased | $152,960 | |
Payable for shares redeemed | 224,114 | |
Payable for transfer agent fee | 47,140 | |
Payable for portfolio accounting fees | 13,508 | |
Payable for distribution services fee (Note 5) | 3,361 | |
Payable for other service fees (Notes 2 and 5) | 17,338 | |
Payable for share registration costs | 16,909 | |
Accrued expenses (Note 5) | 11,302 | |
TOTAL LIABILITIES | 486,632 | |
Net assets for 3,659,792 shares outstanding | $67,205,251 | |
Net Assets Consist of: | ||
Paid-in capital | $59,002,036 | |
Net unrealized appreciation of investments | 6,674,575 | |
Accumulated net realized gain on investments | 2,284,918 | |
Accumulated net investment income (loss) | (756,278) | |
TOTAL NET ASSETS | $67,205,251 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($28,700,354 ÷ 1,573,226 shares outstanding), no par value, unlimited shares authorized | $18.24 | |
Offering price per share (100/94.50 of $18.24) | $19.30 | |
Redemption proceeds per share | $18.24 | |
Class B Shares: | ||
Net asset value per share ($2,012,304 ÷ 115,415 shares outstanding), no par value, unlimited shares authorized | $17.44 | |
Offering price per share | $17.44 | |
Redemption proceeds per share (99.00/100 of $17.44) | $17.27 | |
Class C Shares: | ||
Net asset value per share ($3,346,211 ÷ 196,831 shares outstanding), no par value, unlimited shares authorized | $17.00 | |
Offering price per share | $17.00 | |
Redemption proceeds per share (99.00/100 of $17.00) | $16.83 | |
Institutional Shares: | ||
Net asset value per share ($33,146,382 ÷ 1,774,320 shares outstanding), no par value, unlimited shares authorized | $18.68 | |
Offering price per share | $18.68 | |
Redemption proceeds per share | $18.68 |
Investment Income: | |||
Dividends (including $336 received from an affiliated holding (Note 5)) | $338,980 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $419,549 | ||
Administrative fee (Note 5) | 28,554 | ||
Custodian fees | 5,852 | ||
Transfer agent fee | 140,845 | ||
Directors'/Trustees' fees (Note 5) | 1,031 | ||
Auditing fees | 11,931 | ||
Legal fees | 5,672 | ||
Portfolio accounting fees | 39,474 | ||
Distribution services fee (Note 5) | 22,539 | ||
Other service fees (Notes 2 and 5) | 44,443 | ||
Share registration costs | 24,498 | ||
Printing and postage | 18,712 | ||
Miscellaneous (Note 5) | 5,654 | ||
TOTAL EXPENSES | 768,754 | ||
Waiver/reimbursement of investment adviser fee (Note 5) | (152,748) | ||
Net expenses | 616,006 | ||
Net investment income (loss) | (277,026) | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments | 4,921,841 | ||
Net change in unrealized appreciation of investments | (957,890) | ||
Net realized and unrealized gain on investments | 3,963,951 | ||
Change in net assets resulting from operations | $3,686,925 |
Six Months Ended (unaudited) 1/31/2015 | Year Ended 7/31/2014 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(277,026) | $(733,294) |
Net realized gain on investments | 4,921,841 | 9,490,958 |
Net change in unrealized appreciation/depreciation of investments | (957,890) | (3,333,015) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 3,686,925 | 5,424,649 |
Share Transactions: | ||
Proceeds from sale of shares | 8,393,371 | 16,325,070 |
Cost of shares redeemed | (18,267,664) | (16,650,066) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (9,874,293) | (324,996) |
Change in net assets | (6,187,368) | 5,099,653 |
Net Assets: | ||
Beginning of period | 73,392,619 | 68,292,966 |
End of period (including accumulated net investment income (loss) of $(756,278) and $(479,252), respectively) | $67,205,251 | $73,392,619 |
■ | 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 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, except that options are valued at the mean of closing bid and ask quotations. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
Other Service Fees Incurred | |
Class A Shares | $36,973 |
Class B Shares | 2,277 |
Class C Shares | 5,193 |
TOTAL | $44,443 |
Six Months Ended 1/31/2015 | Year Ended 7/31/2014 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 59,922 | $1,082,581 | 141,156 | $2,490,198 |
Shares redeemed | (193,614) | (3,495,730) | (307,176) | (5,375,153) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (133,692) | $(2,413,149) | (166,020) | $(2,884,955) |
Six Months Ended 1/31/2015 | Year Ended 7/31/2014 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 19,676 | $340,556 | 18,297 | $308,687 |
Shares redeemed | (14,642) | (252,416) | (37,296) | (634,098) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | 5,034 | $88,140 | (18,999) | $(325,411) |
Six Months Ended 1/31/2015 | Year Ended 7/31/2014 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 14,837 | $247,273 | 23,500 | $374,325 |
Shares redeemed | (101,191) | (1,714,471) | (63,678) | (1,059,481) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (86,354) | $(1,467,198) | (40,178) | $(685,156) |
Six Months Ended 1/31/2015 | Year Ended 7/31/2014 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 374,134 | $6,722,961 | 729,007 | $13,151,860 |
Shares redeemed | (693,930) | (12,805,047) | (531,135) | (9,581,334) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (319,796) | $(6,082,086) | 197,872 | $3,570,526 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (534,808) | $(9,874,293) | (27,325) | $(324,996) |
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 | $6,922 |
Class C Shares | 15,617 |
TOTAL | $22,539 |
Federated Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2014 | 1,393,702 |
Purchases/Additions | 9,632,297 |
Sales/Reductions | (9,920,772) |
Balance of Shares Held 1/31/2015 | 1,105,227 |
Value | $1,105,227 |
Dividend Income | $336 |
Purchases | $21,437,468 |
Sales | $31,376,452 |
Beginning Account Value 8/1/2014 | Ending Account Value 1/31/2015 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,048.90 | $9.042 |
Class B Shares | $1,000 | $1,044.90 | $12.893 |
Class C Shares | $1,000 | $1,044.90 | $12.894 |
Institutional Shares | $1,000 | $1,050.00 | $7.755 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,016.38 | $8.892 |
Class B Shares | $1,000 | $1,012.60 | $12.683 |
Class C Shares | $1,000 | $1,012.60 | $12.684 |
Institutional Shares | $1,000 | $1,017.64 | $7.635 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.75% |
Class B Shares | 2.50% |
Class C Shares | 2.50% |
Institutional Shares | 1.50% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund's Class A Shares current Fee Limit of 1.14% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.89 and $5.80, respectively. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund's Class B Shares current Fee Limit of 1.89% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $9.74 and $9.60, respectively. |
4 | Actual and Hypothetical expenses paid during the period utilizing the Fund's Class C Shares current Fee Limit of 1.89% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $9.74 and $9.60, respectively. |
5 | Actual and Hypothetical expenses paid during the period utilizing the Fund's Institutional Shares current Fee Limit of 0.89% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $4.60 and $4.53, respectively. |
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R676
CUSIP 31421R767
CUSIP 31421R759
2015 ©Federated Investors, Inc.
Item 2. Code of Ethics
Not Applicable
Item 3. Audit Committee Financial Expert
Not Applicable
Item 4. Principal Accountant Fees and Services
Not Applicable
Item 5. Audit Committee of Listed Registrants
Not Applicable
Item 6. Schedule of Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not Applicable |
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not Applicable |
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not Applicable |
Item 10. Submission of Matters to a Vote of Security Holders
No Changes to Report
Item 11. Controls and Procedures
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated MDT Series
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date March 19, 2015
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue, Principal Executive Officer
Date March 19, 2015
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date March 19, 2015