United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-21904
(Investment Company Act File Number)
Federated MDT Series
_______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, Pennsylvania 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 7/31/15
Date of Reporting Period: 7/31/15
Item 1. Reports to Stockholders
Share Class | Ticker |
A | QAACX |
C | QCACX |
R | QKACX |
Institutional | QIACX |
1 | Please see the footnotes to the line graphs below for definitions of, and further information about, the Russell 3000® Index. |
2 | Morningstar has assigned the Fund to the Morningstar Large Cap Value Funds Average peer group; however, the MLBFA is being used for comparison purposes. The Fund invests in both value and growth stocks and therefore the Fund's Adviser believes that the MLBFA is more reflective of the Fund's investment style. Please see the footnotes to the line graphs below for definitions of, and further information about, the MLBFA. |
3 | Small-cap stocks may be less liquid and subject to greater price volatility than large-cap stocks. |
4 | The Russell Microcap® Index measures the performance of the microcap segment of the U.S. equity market. Microcap stocks make up less than 3% of the U.S. equity market (by market cap) and consist of the smallest 1,000 securities in the small-cap Russell 2000® Index, plus the next 1,000 smallest eligible securities by market cap. The Russell Microcap® Index is constructed to provide a comprehensive and unbiased barometer for the microcap segment trading on national exchanges and is completely reconstituted annually to ensure new and growing equities are reflected and companies continue to reflect appropriate capitalization and value characteristics. The Russell Microcap® Index is unmanaged, and it is not possible to invest directly in an index. |
5 | The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000® companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set. The Russell Midcap® Index is unmanaged, and it is not possible to invest directly in an index. |
6 | The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000® Growth Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad growth market and is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics. The Russell 3000® Growth Index is unmanaged, and it is not possible to invest directly in an index. |
7 | The Russell 3000® Value Index measures the performance of the broad value segment of U.S. equity value universe. It includes those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000® Value Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad value market and is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. The Russell 3000® Value Index is unmanaged, and it is not possible to invest directly in an index. |
8 | The Russell Microcap® Growth Index measures the performance of the microcap growth segment of the U.S. equity market. It includes Russell Microcap companies that are considered more growth oriented relative to the overall market as defined by Russell's leading style methodology. The Russell Microcap® Growth Index is constructed to provide a comprehensive and unbiased barometer for the microcap growth segment of the market. The Russell Microcap® Growth Index is completely reconstituted annually to ensure larger stocks do not distort performance and characteristics of the microcap opportunity set. The Russell Microcap® Growth Index is unmanaged, and it is not possible to invest directly in an index. |
9 | The Russell Microcap® Value Index measures the performance of the microcap value segment of the U.S. equity market. It includes Russell Microcap companies that are considered more value oriented relative to the overall market as defined by Russell's leading style methodology. The Russell Microcap® Value Index is constructed to provide a comprehensive and unbiased barometer for the microcap value segment of the market and is completely reconstituted annually to ensure larger stocks do not distort performance and characteristics of the microcap opportunity set. The Russell Microcap® Value Index is unmanaged, and it is not possible to invest directly in an index. |
10 | The Russell Midcap® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap® Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market. The Russell Midcap® Growth Index is unmanaged, and it is not possible to invest directly in an index. |
11 | The Russell Midcap® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap® Value Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap value market. The Russell Midcap® Value Index is unmanaged, and it is not possible to invest directly in an index. |
Federated MDT All Cap Core Fund - | Class A Shares | Institutional Shares | NA | R3000 | MLBFA |
F | F | NA | I | I | |
7/31/2005 | 9,450 | 10,000 | 10,000 | 10,000 | |
7/31/2006 | 9,883 | 10,485 | 10,514 | 10,503 | |
7/31/2007 | 11,334 | 12,050 | 12,205 | 12,161 | |
7/31/2008 | 10,202 | 10,880 | 10,945 | 10,848 | |
7/31/2009 | 7,237 | 7,742 | 8,733 | 8,705 | |
7/31/2010 | 7,757 | 8,325 | 10,027 | 9,790 | |
7/31/2011 | 9,220 | 9,918 | 12,127 | 11,590 | |
7/31/2012 | 9,405 | 10,140 | 13,015 | 12,096 | |
7/31/2013 | 12,800 | 13,837 | 16,511 | 15,188 | |
7/31/2014 | 15,259 | 16,540 | 19,214 | 17,522 | |
7/31/2015 | 16,493 | 17,938 | 21,383 | 19,033 |
■ | Total returns shown for the Class A Shares include the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). |
1 Year | 5 Years | 10 Years | |
Class A Shares5 | 2.16% | 14.99% | 5.13% |
Class C Shares5 | 6.31% | 15.38% | 4.91% |
Class R Shares5 | 7.65% | 15.74% | 5.27% |
Institutional Shares | 8.45% | 16.59% | 6.02% |
R3000 | 11.28% | 16.35% | 7.90% |
MLBFA | 8.95% | 14.66% | 7.02% |
1 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450); for Class C Shares a 1.00% contingent deferred sales charge would be applied on any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The R3000 has been adjusted to reflect reinvestment of dividends of securities. |
2 | The Fund is the successor to the MDT All Cap Core Fund pursuant to a reorganization that took place on December 8, 2006. Prior to that date, the Fund had no investment operations. Accordingly, the performance information shown for periods prior to that date is that of the MDT All Cap Core Fund. |
3 | The R3000 measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The R3000 is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The index is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The R3000 is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. |
4 | Morningstar figures represent the average of the total returns reported by all the mutual funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges. |
5 | The start of performance date for the Fund's Class A Shares, Class C Shares and Class R Shares was October 1, 2002. Class A Shares, Class C Shares and Class R Shares commenced operations on February 12, 2003, September 15, 2005 and December 12, 2006, respectively. Performance results shown before those dates are for the Fund's Institutional Shares and have been adjusted for the maximum sales charge, maximum contingent deferred sales charge and total annual operating expenses applicable to each class. The Fund's Institutional Shares commenced operations on October 1, 2002. Subject to the expense adjustments described above, the Class A Shares, Class C Shares and Class R Shares annual returns would be substantially similar to those of the Institutional Shares because Shares of each class are invested in the same portfolio of securities. |
Industry Composition | Percentage of Total Net Assets |
Biotechnology | 5.2% |
Regional Banks | 4.8% |
Oil Refiner | 4.5% |
Services to Medical Professionals | 4.0% |
Department Stores | 3.9% |
Specialty Retailing | 3.6% |
Money Center Bank | 3.4% |
Electronic Equipment Instruments & Components | 3.3% |
Property Liability Insurance | 3.3% |
AT&T Divestiture | 3.1% |
Securities Brokerage | 2.5% |
Life Insurance | 2.4% |
Ethical Drugs | 2.3% |
Computers - High End | 2.2% |
Commodity Chemicals | 2.0% |
Multi-Line Insurance | 2.0% |
Electric Utility | 1.7% |
Grocery Chain | 1.7% |
Airline - Regional | 1.6% |
Computer Peripherals | 1.6% |
Computer Stores | 1.5% |
Software Packaged/Custom | 1.4% |
Semiconductor Distribution | 1.3% |
Cable TV | 1.1% |
Computers - Midrange | 1.1% |
Hospitals | 1.1% |
Medical Supplies | 1.1% |
Soft Drinks | 1.1% |
Airline - National | 1.0% |
Auto Original Equipment Manufacturers | 1.0% |
Construction Machinery | 1.0% |
Discount Department Stores | 1.0% |
Financial Services | 1.0% |
Industry Composition | Percentage of Total Net Assets |
Telecommunication Equipment & Services | 1.0% |
Telephone Utility | 1.0% |
Truck Manufacturing | 1.0% |
Other2 | 21.3% |
Cash Equivalents3 | 2.0% |
Other Assets and Liabilities—Net4 | (0.1)% |
TOTAL | 100.0% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, industry classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | For purposes of this table, industry classifications which constitute less than 1.0% of the Fund's total net assets have been aggregated under the designation “Other.” |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS—98.1% | |||
Agricultural Chemicals—0.8% | |||
9,000 | Bunge Ltd. | $718,650 | |
13,993 | Mosaic Co./The | 600,859 | |
TOTAL | 1,319,509 | ||
Agricultural Machinery—0.4% | |||
9,100 | AGCO Corp. | 500,591 | |
2,479 | Deere & Co. | 234,439 | |
TOTAL | 735,030 | ||
Airline - National—1.0% | |||
4,639 | 1 | Atlas Air Worldwide Holdings, Inc. | 228,007 |
21,800 | 1 | Jet Blue Airways Corp. | 500,964 |
17,100 | 1 | United Continental Holdings, Inc. | 964,269 |
TOTAL | 1,693,240 | ||
Airline - Regional—1.6% | |||
12,641 | Alaska Air Group, Inc. | 957,556 | |
46,285 | Southwest Airlines Co. | 1,675,517 | |
TOTAL | 2,633,073 | ||
Airlines—0.7% | |||
25,000 | Delta Air Lines, Inc. | 1,108,500 | |
AT&T Divestiture—3.1% | |||
23,809 | AT&T, Inc. | 827,124 | |
90,292 | Verizon Communications, Inc. | 4,224,763 | |
TOTAL | 5,051,887 | ||
Auto Components—0.3% | |||
5,500 | Lear Corp. | 572,385 | |
Auto Manufacturing—0.9% | |||
35,900 | Ford Motor Co. | 532,397 | |
27,900 | General Motors Co. | 879,129 | |
TOTAL | 1,411,526 | ||
Auto Original Equipment Manufacturers—1.0% | |||
300 | 1 | AutoZone, Inc. | 210,282 |
6,130 | 1 | O'Reilly Automotive, Inc. | 1,473,100 |
TOTAL | 1,683,382 | ||
Auto Rentals—0.2% | |||
7,800 | 1 | Avis Budget Group, Inc. | 338,754 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Biotechnology—5.2% | |||
21,718 | Amgen, Inc. | $3,835,182 | |
36,087 | Gilead Sciences, Inc. | 4,253,214 | |
6,800 | 1 | Isis Pharmaceuticals, Inc. | 373,524 |
3,045 | 1 | Repligen Corp. | 106,605 |
TOTAL | 8,568,525 | ||
Building Supply Stores—0.6% | |||
13,412 | Lowe's Cos., Inc. | 930,256 | |
Cable TV—1.1% | |||
33,035 | Viacom, Inc., Class B | 1,882,995 | |
Clothing Stores—0.5% | |||
22,188 | Gap (The), Inc. | 809,418 | |
Commodity Chemicals—2.0% | |||
35,145 | LyondellBasell Investment LLC | 3,297,655 | |
Computer Networking—0.4% | |||
20,800 | Juniper Networks, Inc. | 591,136 | |
Computer Peripherals—1.6% | |||
34,200 | EMC Corp. | 919,638 | |
6,400 | Lexmark International, Inc., Class A | 217,536 | |
19,800 | NetApp, Inc. | 616,770 | |
10,800 | Western Digital Corp. | 929,448 | |
TOTAL | 2,683,392 | ||
Computer Stores—1.5% | |||
10,800 | GameStop Corp. | 495,180 | |
42,649 | 1 | Ingram Micro, Inc., Class A | 1,161,332 |
13,862 | 1 | Tech Data Corp. | 808,571 |
TOTAL | 2,465,083 | ||
Computers - High End—2.2% | |||
22,200 | IBM Corp. | 3,596,178 | |
Computers - Midrange—1.1% | |||
59,700 | Hewlett-Packard Co. | 1,822,044 | |
Construction Machinery—1.0% | |||
6,293 | Caterpillar, Inc. | 494,819 | |
5,800 | Joy Global, Inc. | 153,178 | |
35,600 | Trinity Industries, Inc. | 1,041,656 | |
TOTAL | 1,689,653 | ||
Consumer Finance—0.2% | |||
25,900 | Navient Corp. | 406,630 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Contracting—0.2% | |||
8,300 | 1 | Jacobs Engineering Group, Inc. | $349,596 |
Cosmetics & Toiletries—0.5% | |||
21,400 | Avon Products, Inc. | 121,338 | |
1,884 | 1 | Helen of Troy Ltd. | 165,378 |
2,900 | 1 | Ulta Salon Cosmetics & Fragrance, Inc. | 481,487 |
TOTAL | 768,203 | ||
Crude Oil & Gas Production—0.1% | |||
22,200 | Chesapeake Energy Corp. | 192,252 | |
Defense Aerospace—0.9% | |||
5,703 | General Dynamics Corp. | 850,374 | |
11,239 | 1 | Spirit Aerosystems Holdings, Inc., Class A | 632,756 |
TOTAL | 1,483,130 | ||
Defense Electronics—0.8% | |||
6,294 | Northrop Grumman Corp. | 1,088,925 | |
2,900 | Rockwell Collins, Inc. | 245,398 | |
TOTAL | 1,334,323 | ||
Department Stores—3.9% | |||
2,600 | Dillards, Inc., Class A | 264,888 | |
17,239 | Kohl's Corp. | 1,057,095 | |
19,048 | Macy's, Inc. | 1,315,455 | |
47,143 | Target Corp. | 3,858,655 | |
TOTAL | 6,496,093 | ||
Discount Department Stores—1.0% | |||
5,400 | Foot Locker, Inc. | 380,970 | |
17,599 | Wal-Mart Stores, Inc. | 1,266,776 | |
TOTAL | 1,647,746 | ||
Diversified Oil—0.2% | |||
9,000 | Murphy Oil Corp. | 295,110 | |
Diversified Tobacco—0.1% | |||
4,345 | Altria Group, Inc. | 236,281 | |
Education & Training Services—0.1% | |||
11,000 | 1 | Apollo Group, Inc., Class A | 140,910 |
2,100 | DeVry Education Group, Inc. | 63,798 | |
TOTAL | 204,708 | ||
Electric Utility—1.7% | |||
24,600 | AES Corp. | 314,880 | |
14,333 | Entergy Corp. | 1,017,930 | |
15,600 | P G & E Corp. | 819,156 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Electric Utility—continued | |||
13,996 | Public Service Enterprises Group, Inc. | $583,213 | |
TOTAL | 2,735,179 | ||
Electrical Equipment—0.2% | |||
4,449 | Emerson Electric Co. | 230,236 | |
4,200 | 1 | Sanmina Corp. | 92,694 |
TOTAL | 322,930 | ||
Electronic Equipment Instruments & Components—3.3% | |||
37,001 | Apple, Inc. | 4,488,221 | |
15,100 | CDW Corp. | 542,543 | |
15,800 | Jabil Circuit, Inc. | 319,950 | |
TOTAL | 5,350,714 | ||
Electronics Stores—0.3% | |||
16,800 | Best Buy Co., Inc. | 542,472 | |
Energy Equipment & Services—0.1% | |||
8,200 | Superior Energy Services, Inc. | 139,400 | |
Ethical Drugs—2.3% | |||
3,292 | Eli Lilly & Co. | 278,207 | |
69,070 | Pfizer, Inc. | 2,490,664 | |
5,662 | 1 | United Therapeutics Corp. | 958,916 |
TOTAL | 3,727,787 | ||
Financial Services—1.0% | |||
28,700 | 1 | Ally Financial, Inc. | 653,499 |
5,086 | Deluxe Corp. | 327,691 | |
3,435 | Outerwall, Inc. | 243,267 | |
18,900 | Western Union Co. | 382,536 | |
TOTAL | 1,606,993 | ||
Grocery Chain—1.7% | |||
69,326 | Kroger Co. | 2,720,352 | |
Health Care Equipment & Supplies—0.3% | |||
2,873 | 1 | Abiomed, Inc. | 222,543 |
2,142 | Stryker Corp. | 219,062 | |
TOTAL | 441,605 | ||
Health Care Providers & Services—0.2% | |||
3,504 | 1 | Quintiles Transnational Holdings, Inc. | 268,827 |
Home Products—0.2% | |||
4,600 | Tupperware Brands Corp. | 268,962 | |
Hospitals—1.1% | |||
2,791 | 1 | Community Health Systems, Inc. | 163,301 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Hospitals—continued | |||
17,656 | 1 | HCA, Inc. | $1,642,185 |
TOTAL | 1,805,486 | ||
Hotels—0.4% | |||
3,036 | Marriott International, Inc., Class A | 220,444 | |
5,200 | Wyndham Worldwide Corp. | 429,104 | |
TOTAL | 649,548 | ||
Industrial Machinery—0.7% | |||
9,600 | Dover Corp. | 615,072 | |
4,200 | Eaton Corp. PLC | 254,436 | |
9,100 | Terex Corp. | 201,656 | |
TOTAL | 1,071,164 | ||
Internet Services—0.3% | |||
6,100 | IAC Interactive Corp. | 471,286 | |
Life Insurance—2.4% | |||
15,100 | Assured Guaranty Ltd. | 369,346 | |
40,274 | Prudential Financial, Inc. | 3,558,611 | |
TOTAL | 3,927,957 | ||
Life Sciences Tools & Services—0.1% | |||
1,098 | 1 | Bio-Rad Laboratories, Inc., Class A | 165,513 |
Major Steel Producer—0.2% | |||
16,400 | United States Steel Corp. | 319,308 | |
Medical Supplies—1.1% | |||
8,532 | AmerisourceBergen Corp. | 902,259 | |
11,534 | Cardinal Health, Inc. | 980,159 | |
TOTAL | 1,882,418 | ||
Miscellaneous Components—0.2% | |||
27,428 | Vishay Intertechnology, Inc. | 314,873 | |
Miscellaneous Food Products—0.9% | |||
13,800 | Archer-Daniels-Midland Co. | 654,396 | |
7,300 | Fresh Del Monte Produce, Inc. | 288,496 | |
5,900 | Ingredion, Inc. | 520,380 | |
TOTAL | 1,463,272 | ||
Miscellaneous Machinery—0.1% | |||
3,200 | SPX Corp. | 209,312 | |
Money Center Bank—3.4% | |||
30,336 | Bank of America Corp. | 542,408 | |
13,644 | Citigroup, Inc. | 797,628 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Money Center Bank—continued | |||
61,423 | JPMorgan Chase & Co. | $4,209,318 | |
TOTAL | 5,549,354 | ||
Multi-Line Insurance—2.0% | |||
16,615 | Allstate Corp. | 1,145,604 | |
27,928 | American International Group, Inc. | 1,790,744 | |
8,300 | Hartford Financial Services Group, Inc. | 394,665 | |
TOTAL | 3,331,013 | ||
Office Electronics—0.2% | |||
29,400 | Xerox Corp. | 323,988 | |
Office Equipment—0.2% | |||
14,800 | Pitney Bowes, Inc. | 309,616 | |
Office Supplies—0.2% | |||
4,500 | Avery Dennison Corp. | 273,825 | |
2,386 | Ennis Business Forms, Inc. | 40,037 | |
TOTAL | 313,862 | ||
Offshore Driller—0.1% | |||
15,800 | Nabors Industries Ltd. | 183,438 | |
Oil Gas & Consumable Fuels—0.2% | |||
3,294 | Phillips 66 | 261,873 | |
Oil Refiner—4.5% | |||
15,598 | HollyFrontier Corp. | 752,759 | |
42,182 | Marathon Petroleum Corp. | 2,306,090 | |
7,100 | Tesoro Petroleum Corp. | 691,114 | |
55,280 | Valero Energy Corp. | 3,626,368 | |
TOTAL | 7,376,331 | ||
Oil Well Supply—0.9% | |||
11,200 | 1 | Cameron International Corp. | 565,152 |
21,445 | National Oilwell Varco, Inc. | 903,478 | |
TOTAL | 1,468,630 | ||
Other Communications Equipment—0.7% | |||
11,800 | Skyworks Solutions, Inc. | 1,128,906 | |
Paper & Forest Products—0.1% | |||
5,600 | Domtar, Corp. | 227,696 | |
Paper Products—0.3% | |||
10,500 | International Paper Co. | 502,635 | |
Personal & Household—0.1% | |||
5,800 | Nu Skin Enterprises, Inc., Class A | 229,970 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Personal Loans—0.8% | |||
15,800 | Capital One Financial Corp. | $1,284,540 | |
Personnel Agency—0.5% | |||
6,500 | Manpower, Inc. | 588,120 | |
5,700 | Robert Half International, Inc. | 313,671 | |
TOTAL | 901,791 | ||
Poultry Products—0.4% | |||
16,900 | Pilgrim's Pride Corp. | 365,716 | |
4,000 | Sanderson Farms, Inc. | 288,040 | |
TOTAL | 653,756 | ||
Printing—0.1% | |||
9,700 | Donnelley (R.R.) & Sons Co. | 170,235 | |
Property Liability Insurance—3.3% | |||
6,354 | Everest Re Group Ltd. | 1,163,545 | |
39,885 | The Travelers Cos., Inc. | 4,232,596 | |
TOTAL | 5,396,141 | ||
Recreational Goods—0.0% | |||
4,970 | 1 | Smith & Wesson Holding Corp. | 80,613 |
Regional Banks—4.8% | |||
27,867 | BB&T Corp. | 1,122,204 | |
11,000 | Comerica, Inc. | 521,730 | |
29,600 | Fifth Third Bancorp | 623,672 | |
17,200 | Huntington Bancshares, Inc. | 200,724 | |
30,200 | KeyCorp | 448,168 | |
22,754 | PNC Financial Services Group | 2,233,988 | |
9,100 | 1 | Popular, Inc. | 278,642 |
42,320 | Wells Fargo & Co. | 2,449,058 | |
TOTAL | 7,878,186 | ||
Restaurants—0.6% | |||
3,686 | Cracker Barrel Old Country Store, Inc. | 559,867 | |
4,800 | Darden Restaurants, Inc. | 354,048 | |
TOTAL | 913,915 | ||
Securities Brokerage—2.5% | |||
19,712 | Goldman Sachs Group, Inc. | 4,042,340 | |
Semiconductor Distribution—1.3% | |||
25,913 | 1 | Arrow Electronics, Inc. | 1,506,841 |
14,515 | Avnet, Inc. | 605,711 | |
TOTAL | 2,112,552 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Semiconductor Manufacturing—0.7% | |||
34,400 | Intel Corp. | $995,880 | |
10,790 | 1 | Micron Technology, Inc. | 199,723 |
TOTAL | 1,195,603 | ||
Semiconductor Manufacturing Equipment—0.1% | |||
2,547 | Lam Research Corp. | 195,788 | |
Semiconductors & Semiconductor Equipment—0.1% | |||
1,603 | 1 | Ambarella, Inc. | 185,740 |
Services to Medical Professionals—4.0% | |||
12,341 | 1 | Express Scripts Holding Co. | 1,111,554 |
3,753 | 1 | Molina Healthcare, Inc. | 283,089 |
14,271 | Quest Diagnostics, Inc. | 1,053,342 | |
34,104 | UnitedHealth Group, Inc. | 4,140,226 | |
TOTAL | 6,588,211 | ||
Shipbuilding—0.7% | |||
9,357 | Huntington Ingalls Industries, Inc. | 1,098,605 | |
Shoes—0.3% | |||
2,877 | 1 | Skechers USA, Inc., Class A | 432,845 |
Soft Drinks—1.1% | |||
14,400 | Coca-Cola Enterprises, Inc. | 735,552 | |
13,800 | Dr. Pepper Snapple Group, Inc. | 1,107,036 | |
TOTAL | 1,842,588 | ||
Software Packaged/Custom—1.4% | |||
19,200 | CA, Inc. | 559,392 | |
10,000 | Computer Sciences Corp. | 654,300 | |
4,497 | 1 | Electronic Arts, Inc. | 321,760 |
35,500 | Symantec Corp. | 807,270 | |
TOTAL | 2,342,722 | ||
Specialty Retailing—3.6% | |||
8,000 | Abercrombie & Fitch Co., Class A | 160,720 | |
4,700 | 1 | AutoNation, Inc. | 292,998 |
8,100 | 1 | Bed Bath & Beyond, Inc. | 528,363 |
2,900 | Big Lots, Inc. | 125,222 | |
38,852 | CVS Health Corp. | 4,369,684 | |
1,700 | Children's Place, Inc./The | 98,430 | |
3,800 | GNC Holdings, Inc. | 186,998 | |
16,300 | Staples, Inc. | 239,773 | |
TOTAL | 6,002,188 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Telecommunication Equipment & Services—1.0% | |||
35,683 | Cisco Systems, Inc. | $1,014,111 | |
22,800 | Corning, Inc. | 425,904 | |
2,513 | 1 | Dycom Industries, Inc. | 166,009 |
TOTAL | 1,606,024 | ||
Telephone Utility—1.0% | |||
58,167 | CenturyLink, Inc. | 1,663,576 | |
Textiles Apparel & Luxury Goods—0.8% | |||
5,500 | 1 | Fossil, Inc. | 378,125 |
7,800 | PVH Corp. | 905,112 | |
TOTAL | 1,283,237 | ||
Tools and Hardware—0.1% | |||
1,480 | Snap-On, Inc. | 243,904 | |
Toys & Games—0.4% | |||
2,744 | Hasbro, Inc. | 216,063 | |
15,700 | Mattel, Inc. | 364,397 | |
TOTAL | 580,460 | ||
Truck Manufacturing—1.0% | |||
2,773 | Cummins, Inc. | 359,187 | |
6,600 | OshKosh Truck Corp. | 241,164 | |
16,941 | PACCAR, Inc. | 1,098,454 | |
TOTAL | 1,698,805 | ||
Undesignated Consumer Cyclicals—0.3% | |||
8,300 | 1 | Herbalife Ltd. | 419,067 |
Uniforms—0.3% | |||
6,300 | Cintas Corp. | 538,650 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $143,711,587) | 161,262,445 | ||
INVESTMENT COMPANY—2.0% | |||
3,340,032 | 2 | Federated Prime Value Obligations Fund, Institutional Shares, 0.11%3 (AT NET ASSET VALUE) | 3,340,032 |
TOTAL INVESTMENTS—100.1% (IDENTIFIED COST $147,051,619)4 | 164,602,477 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.1)%5 | (119,082) | ||
TOTAL NET ASSETS—100% | $164,483,395 |
1 | Non-income-producing security. |
2 | Affiliated holding. |
3 | 7-day net yield. |
4 | The cost of investments for federal tax purposes amounts to $147,161,688. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Year Ended July 31 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $20.47 | $17.26 | $12.73 | $12.48 | $10.54 |
Income From Investment Operations: | |||||
Net investment income | 0.111 | 0.081 | 0.091 | 0.061 | 0.031 |
Net realized and unrealized gain on investments | 1.55 | 3.23 | 4.49 | 0.19 | 1.96 |
TOTAL FROM INVESTMENT OPERATIONS | 1.66 | 3.31 | 4.58 | 0.25 | 1.99 |
Less Distributions: | |||||
Distributions from net investment income | (0.03) | (0.10) | (0.05) | — | (0.05) |
Net Asset Value, End of Period | $22.10 | $20.47 | $17.26 | $12.73 | $12.48 |
Total Return2 | 8.10% | 19.21% | 36.10% | 2.00% | 18.87% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.35% | 1.35% | 1.35% | 1.35% | 1.34% |
Net investment income | 0.51% | 0.41% | 0.59% | 0.48% | 0.21% |
Expense waiver/reimbursement3 | 0.00%4 | 0.08% | 0.16% | 0.40% | 0.31% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $40,433 | $44,678 | $34,092 | $29,365 | $40,227 |
Portfolio turnover | 76% | 31% | 99% | 164% | 154% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
4 | Represents less than 0.01%. |
Year Ended July 31 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $19.57 | $16.55 | $12.26 | $12.12 | $10.27 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.05)1 | (0.07)1 | (0.03)1 | (0.04)1 | (0.07)1 |
Net realized and unrealized gain on investments | 1.48 | 3.09 | 4.32 | 0.18 | 1.92 |
TOTAL FROM INVESTMENT OPERATIONS | 1.43 | 3.02 | 4.29 | 0.14 | 1.85 |
Net Asset Value, End of Period | $21.00 | $19.57 | $16.55 | $12.26 | $12.12 |
Total Return2 | 7.31% | 18.25% | 34.99% | 1.16% | 18.01% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.11% | 2.15% | 2.15% | 2.15% | 2.13% |
Net investment income (loss) | (0.26)% | (0.38)% | (0.21)% | (0.32)% | (0.59)% |
Expense waiver/reimbursement3 | 0.00%4 | 0.06% | 0.11% | 0.36% | 0.29% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $41,509 | $35,052 | $27,674 | $24,440 | $31,129 |
Portfolio turnover | 76% | 31% | 99% | 164% | 154% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
4 | Represents less than 0.01%. |
Year Ended July 31 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $20.25 | $17.09 | $12.62 | $12.44 | $10.52 |
Income From Investment Operations: | |||||
Net investment income (loss) | 0.021 | (0.01)1 | 0.021 | (0.00)1,2 | (0.04)1 |
Net realized and unrealized gain on investments | 1.53 | 3.20 | 4.45 | 0.18 | 1.97 |
TOTAL FROM INVESTMENT OPERATIONS | 1.55 | 3.19 | 4.47 | 0.18 | 1.93 |
Less Distributions: | |||||
Distributions from net investment income | — | (0.03) | — | — | (0.01) |
Net Asset Value, End of Period | $21.80 | $20.25 | $17.09 | $12.62 | $12.44 |
Total Return3 | 7.65% | 18.68% | 35.42% | 1.45% | 18.33% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.76% | 1.81% | 1.83% | 1.85% | 1.83% |
Net investment income (loss) | 0.09% | (0.05)% | 0.11% | (0.02)% | (0.31)% |
Expense waiver/reimbursement4 | 0.00%5 | 0.00%5 | 0.02% | 0.25% | 0.19% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $6,300 | $5,467 | $4,089 | $2,718 | $2,973 |
Portfolio turnover | 76% | 31% | 99% | 164% | 154% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
5 | Represents less than 0.01%. |
Year Ended July 31 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $20.71 | $17.45 | $12.87 | $12.61 | $10.66 |
Income From Investment Operations: | |||||
Net investment income | 0.181 | 0.131 | 0.121 | 0.091 | 0.051 |
Net realized and unrealized gain on investments | 1.57 | 3.27 | 4.55 | 0.19 | 1.99 |
TOTAL FROM INVESTMENT OPERATIONS | 1.75 | 3.40 | 4.67 | 0.28 | 2.04 |
Less Distributions: | |||||
Distributions from net investment income | (0.09) | (0.14) | (0.09) | (0.02) | (0.09) |
Net Asset Value, End of Period | $22.37 | $20.71 | $17.45 | $12.87 | $12.61 |
Total Return2 | 8.45% | 19.54% | 36.46% | 2.23% | 19.14% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.05% | 1.10% | 1.10% | 1.10% | 1.08% |
Net investment income | 0.80% | 0.65% | 0.84% | 0.73% | 0.45% |
Expense waiver/reimbursement3 | 0.00%4 | 0.00%4 | 0.05% | 0.27% | 0.19% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $76,242 | $62,770 | $39,932 | $39,101 | $43,197 |
Portfolio turnover | 76% | 31% | 99% | 164% | 154% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
4 | Represents less than 0.01%. |
Assets: | ||
Total investment in securities, at value including $3,340,032 of investment in affiliated holding (Note 5) (identified cost $147,051,619) | $164,602,477 | |
Cash | 1,344 | |
Income receivable | 156,888 | |
Receivable for investments sold | 1,338,481 | |
Receivable for shares sold | 113,976 | |
TOTAL ASSETS | 166,213,166 | |
Liabilities: | ||
Payable for investments purchased | $1,352,008 | |
Payable for shares redeemed | 232,047 | |
Payable for transfer agent fee | 29,209 | |
Payable for distribution services fee (Note 5) | 28,991 | |
Payable for other service fees (Notes 2 and 5) | 20,791 | |
Accrued expenses (Note 5) | 66,725 | |
TOTAL LIABILITIES | 1,729,771 | |
Net assets for 7,504,519 shares outstanding | $164,483,395 | |
Net Assets Consist of: | ||
Paid-in capital | $224,738,234 | |
Net unrealized appreciation of investments | 17,550,858 | |
Accumulated net realized loss on investments | (78,493,605) | |
Undistributed net investment income | 687,908 | |
TOTAL NET ASSETS | $164,483,395 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($40,432,642 ÷ 1,829,649 shares outstanding), no par value, unlimited shares authorized | $22.10 | |
Offering price per share (100/94.50 of $22.10) | $23.39 | |
Redemption proceeds per share | $22.10 | |
Class C Shares: | ||
Net asset value per share ($41,508,635 ÷ 1,976,992 shares outstanding), no par value, unlimited shares authorized | $21.00 | |
Offering price per share | $21.00 | |
Redemption proceeds per share (99.00/100 of $21.00) | $20.79 | |
Class R Shares: | ||
Net asset value per share ($6,299,935 ÷ 288,976 shares outstanding), no par value, unlimited shares authorized | $21.80 | |
Offering price per share | $21.80 | |
Redemption proceeds per share | $21.80 | |
Institutional Shares: | ||
Net asset value per share ($76,242,183 ÷ 3,408,902 shares outstanding), no par value, unlimited shares authorized | $22.37 | |
Offering price per share | $22.37 | |
Redemption proceeds per share | $22.37 |
Investment Income: | ||
Dividends (including $2,593 received from an affiliated holding (Note 5)) | $2,954,514 | |
Expenses: | ||
Investment adviser fee (Note 5) | $1,195,626 | |
Administrative fee (Note 5) | 124,756 | |
Custodian fees | 12,694 | |
Transfer agent fee (Note 2) | 188,740 | |
Directors'/Trustees' fees (Note 5) | 2,310 | |
Auditing fees | 23,800 | |
Legal fees | 9,087 | |
Portfolio accounting fees | 81,909 | |
Distribution services fee (Note 5) | 330,536 | |
Other service fees (Notes 2 and 5) | 205,518 | |
Share registration costs | 57,309 | |
Printing and postage | 25,021 | |
Miscellaneous (Note 5) | 12,547 | |
TOTAL EXPENSES | 2,269,853 | |
Reimbursement of investment adviser fee (Note 5) | (3,657) | |
Net expenses | 2,266,196 | |
Net investment income | 688,318 | |
Realized and Unrealized Gain (Loss) on Investments: | ||
Net realized gain on investments | 23,954,092 | |
Net change in unrealized appreciation of investments | (12,475,569) | |
Net realized and unrealized gain on investments | 11,478,523 | |
Change in net assets resulting from operations | $12,166,841 |
Year Ended July 31 | 2015 | 2014 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $688,318 | $335,289 |
Net realized gain on investments | 23,954,092 | 9,164,512 |
Net change in unrealized appreciation/depreciation of investments | (12,475,569) | 10,835,601 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 12,166,841 | 20,335,402 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (54,414) | (197,693) |
Class R Shares | — | (7,299) |
Institutional Shares | (280,741) | (281,875) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (335,155) | (486,867) |
Share Transactions: | ||
Proceeds from sale of shares | 46,770,875 | 49,369,736 |
Net asset value of shares issued to shareholders in payment of distributions declared | 324,870 | 472,234 |
Cost of shares redeemed | (42,409,715) | (27,511,670) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 4,686,030 | 22,330,300 |
Change in net assets | 16,517,716 | 42,178,835 |
Net Assets: | ||
Beginning of period | 147,965,679 | 105,786,844 |
End of period (including undistributed net investment income of $687,908 and $334,745, respectively) | $164,483,395 | $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 | |
Class A Shares | $57,224 |
Class C Shares | 57,890 |
Class R Shares | 17,875 |
Institutional Shares | 55,751 |
TOTAL | $188,740 |
Other Service Fees Incurred | |
Class A Shares | $105,397 |
Class C Shares | 100,121 |
TOTAL | $205,518 |
Year Ended July 31 | 2015 | 2014 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 495,711 | $10,691,452 | 642,335 | $12,308,397 |
Shares issued to shareholders in payment of distributions declared | 2,376 | 52,057 | 9,944 | 190,534 |
Shares redeemed | (851,485) | (18,382,289) | (444,825) | (8,470,347) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (353,398) | $(7,638,780) | 207,454 | $4,028,584 |
Year Ended July 31 | 2015 | 2014 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 612,017 | $12,394,286 | 489,748 | $8,920,830 |
Shares redeemed | (426,212) | (8,772,133) | (370,986) | (6,763,414) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 185,805 | $3,622,153 | 118,762 | $2,157,416 |
Year Ended July 31 | 2015 | 2014 | ||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 127,210 | $2,715,467 | 135,839 | $2,583,244 |
Shares issued to shareholders in payment of distributions declared | — | — | 384 | 7,299 |
Shares redeemed | (108,214) | (2,323,679) | (105,525) | (1,968,844) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 18,996 | $391,788 | 30,698 | $621,699 |
Year Ended July 31 | 2015 | 2014 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 963,004 | $20,969,670 | 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 | (597,814) | (12,931,614) | (547,542) | (10,309,065) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 377,512 | $8,310,869 | 743,097 | $15,522,601 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 228,915 | $4,686,030 | 1,100,011 | $22,330,300 |
2015 | 2014 | |
Ordinary income | $335,155 | $486,867 |
Undistributed ordinary income | $687,908 |
Net unrealized appreciation | $17,440,789 |
Capital loss carryforwards | $(78,383,536) |
Expiration Year | Short-Term | Long-Term | Total |
2017 | $8,792,655 | NA | $8,792,655 |
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 | $300,363 |
Class R Shares | 30,173 |
TOTAL | $330,536 |
Federated Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2014 | 3,599,784 |
Purchases/Additions | 30,745,485 |
Sales/Reductions | (31,005,237) |
Balance of Shares Held 7/31/2015 | 3,340,032 |
Value | $3,340,032 |
Dividend Income | $2,593 |
Purchases | $123,601,907 |
Sales | $118,779,958 |
September 23, 2015
Beginning Account Value 2/1/2015 | Ending Account Value 7/31/2015 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,054.90 | $6.88 |
Class C Shares | $1,000 | $1,051.10 | $10.73 |
Class R Shares | $1,000 | $1,052.60 | $8.96 |
Institutional Shares | $1,000 | $1,056.70 | $5.35 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.10 | $6.76 |
Class C Shares | $1,000 | $1,014.33 | $10.54 |
Class R Shares | $1,000 | $1,016.07 | $8.80 |
Institutional Shares | $1,000 | $1,019.59 | $5.26 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.35% |
Class C Shares | 2.11% |
Class R Shares | 1.76% |
Institutional Shares | 1.05% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John F. Donahue* Birth Date: July 28, 1924 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling. |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: May 2006 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd. |
* | Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Director, Chair of the Compensation Committee, Audit Committee member, KLX Corp. Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director, FleetBoston Financial Corp.; Director and Audit Committee Member, Bank of America Corp. and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; Retired. Other Directorships Held: Director, Chair of the Audit Committee, Governance Committee, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP. Mr. Hough is an Executive Committee member of the United States Golf Association, he serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Adjunct Professor of Law, Duquesne University School of Law. Other Directorships Held: Director, CONSOL Energy Inc. Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously served as: Associate General Secretary, Diocese of Pittsburgh; Professor of Law, Duquesne University School of Law and was a member of the Superior Court of Pennsylvania. Judge Lally-Green also holds the positions of: Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute; and Director, Cardinal Wuerl North Catholic High School, Inc. Judge Lally-Green has held the positions of: Director, Auberle; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; and Director, Catholic High Schools of the Diocese of Pittsburgh, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Peter E. Madden Birth Date: March 16, 1942 Trustee Indefinite Term Began serving: June 2006 | Principal Occupation: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; Retired. Other Directorships Held: None. Qualifications: Mr. Madden has served in several business management, mutual fund services and directorship positions throughout his career. Mr. Madden previously served as President, Chief Operating Officer and Director, State Street Bank and Trust Company (custodian bank) and State Street Corporation (financial services). He was Director, VISA USA and VISA International and Chairman and Director, Massachusetts Bankers Association. Mr. Madden served as Director, Depository Trust Corporation and Director, The Boston Stock Exchange. Mr. Madden also served as a Representative to the Commonwealth of Massachusetts General Court. |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Mansfield has served in several banking, business management and educational roles and directorship positions throughout his career. Mr. Mansfield previously served as Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly, Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President DVC Group, Inc. (marketing, communications and technology). |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: October 2006 | Principal Occupations: Director or Trustee, Vice Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey serves as Board Member, Epilepsy Foundation of Western Pennsylvania and Board member, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
John W. McGonigle Birth Date: October 26, 1938 Secretary Officer since: May 2006 | Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: June 2006 | Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Stephen F. Auth Birth Date: September 3, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: June 2012 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Daniel Mahr Birth Date: April 9, 1981 125 High Street Oliver Tower 21st Floor Boston, MA 02110-2704 Vice President Officer since: June 2012 Portfolio Manager since: August 2008 | Principal Occupations: Daniel Mahr has been the Fund's Portfolio Manager since August 2008. Mr. Mahr joined the MDT Advisers Investment Team in 2002. As Managing Director, Research, he is responsible for leading the Investment Team as it relates to the ongoing design, development and implementation of the Optimum Q Process. He is Vice President of the Trust with respect to the Fund. Mr. Mahr received his A.B., Computer Science from Harvard College and his S.M., Computer Science from Harvard University. |
The Board also received financial information about Federated, including information regarding the compensation and benefits Federated derived from its relationships with the Federated funds. This information covered not only the fees under the advisory contracts, but also fees received by Federated's subsidiaries for providing other services to the Federated funds under separate contracts (e.g., for serving as the Federated funds' administrator). The information also detailed any indirect benefit Federated may derive from its receipt of research services from brokers who execute Federated fund trades. In addition, the Board considered the fact that, in order for a fund to be
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 |
1 | The Fund's Blended Index, which reflects 60% of the S&P 500 and 40% of the BAB, is being used for comparison purposes because, although it is not the Fund's broad-based securities market index, the Fund's Adviser believes it is more reflective of the Fund's balanced investment style. |
2 | Please see the footnotes to the line graphs below for definitions of, and further information about, the S&P 500, one of the Fund's broad-based securities market indices. The S&P 500's return for the 12-month reporting period was 11.21%. |
3 | Please see the footnotes to the line graphs below for definitions of, and further information about, the BAB, one of the Fund's broad-based securities market indices. The BAB's return for the 12-month reporting period was 2.82%. |
4 | Please see the footnotes to the line graphs below for definitions of, and further information about, the MMAFA. |
5 | The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The index is unmanaged, and it is not possible to invest directly in an index. |
6 | The Russell Microcap® Index measures the performance of the microcap segment of the U.S. equity market. Microcap stocks make up less than 3% of the U.S. equity market (by market cap) and consist of the smallest 1,000 securities in the small-cap Russell 2000® Index, plus the next 1,000 smallest eligible securities by market cap. The Russell Microcap® Index is constructed to provide a comprehensive and unbiased barometer for the microcap segment trading on national exchanges and is completely reconstituted annually to ensure new and growing equities are reflected and companies continue to reflect appropriate capitalization and value characteristics. The Russell Microcap® Index is unmanaged, and it is not possible to invest directly in an index. |
7 | The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000® companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set. The index is unmanaged, and it is not possible to invest directly in an index. |
8 | The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000® Growth Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad growth market and is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics. The Russell 3000® Growth Index is unmanaged, and it is not possible to invest directly in an index. |
9 | The Russell 3000® Value Index measures the performance of the broad value segment of U.S. equity value universe. It includes those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000® Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad value market and is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. The Russell 3000® Value Index is unmanaged, and it is not possible to invest directly in an index. |
10 | International investing involves special risks including currency risk, increased volatility of foreign securities, political risks and differences in auditing and other financial standards. |
11 | The MSCI EAFE Index is an equity index which captures large and mid cap representation across Developed Markets countries around the world, excluding the U.S. and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country. The index is unmanaged, and it is not possible to invest directly in an index. |
12 | Prices of emerging markets securities can be significantly more volatile than the prices of securities in developed countries, and currency risks and political risks are accentuated in emerging markets. |
13 | The MSCI Emerging Markets Index captures large and mid cap representation across 23 Emerging Markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country. The index is unmanaged, and it is not possible to invest directly in an index. |
14 | The MSCI US REIT Index is a free float-adjusted market capitalization index that is comprised of equity REITs. It represents about 99% of the US REIT universe and securities are classified in the REIT sector according to the Global Industry Classification Standard (GICS®). It however excludes Mortgage REIT and selected Specialized REITs. The index is unmanaged, and it is not possible to invest directly in an index. |
15 | Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices. |
16 | Investments in REITs involve special risks associated with an investment in real estate, such as limited liquidity and interest rate risks. |
17 | High-yield, lower-rated securities generally entail greater market, credit and liquidity risk than investment-grade securities and may include higher volatility and higher risk of default. |
Federated MDT Balanced Fund - | Class A Shares | Institutional Shares | S&P 500 | BAB | Blended Index | MMAFA |
F | F | I | I | I | I | |
7/31/2005 | 9,450 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 |
7/31/2006 | 9,956 | 10,562 | 10,538 | 10,146 | 10,385 | 10,493 |
7/31/2007 | 10,990 | 11,682 | 12,238 | 10,712 | 11,620 | 11,767 |
7/31/2008 | 10,374 | 11,060 | 10,881 | 11,371 | 11,121 | 11,033 |
7/31/2009 | 8,679 | 9,276 | 8,709 | 12,263 | 10,126 | 9,746 |
7/31/2010 | 9,417 | 10,087 | 9,914 | 13,355 | 11,364 | 10,904 |
7/31/2011 | 10,705 | 11,498 | 11,862 | 13,948 | 12,910 | 12,373 |
7/31/2012 | 10,881 | 11,713 | 12,945 | 14,960 | 14,047 | 12,770 |
7/31/2013 | 12,980 | 14,012 | 16,181 | 14,675 | 15,956 | 14,584 |
7/31/2014 | 14,675 | 15,875 | 18,922 | 15,257 | 17,822 | 16,086 |
7/31/2015 | 15,539 | 16,848 | 21,043 | 15,688 | 19,229 | 16,727 |
■ | Total returns shown for Class A Shares include the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). |
1 Year | 5 Years | 10 Years | |
Class A Shares6 | 0.04% | 9.30% | 4.51% |
Class C Shares6 | 4.12% | 9.72% | 4.30% |
Class R Shares6 | 5.61% | 10.11% | 4.68% |
Institutional Shares6 | 6.13% | 10.81% | 5.35% |
S&P 500 | 11.21% | 16.24% | 7.72% |
BAB | 2.82% | 3.27% | 4.61% |
Blended Index | 7.90% | 11.09% | 6.76% |
MMAFA | 4.25% | 9.47% | 5.83% |
1 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450); for Class C Shares, a 1.00% contingent deferred sales charge would be applied on any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 and BAB and MMAFA have been adjusted to reflect reinvestment of dividends on securities in the indexes. |
2 | The Fund is the successor to the MDT Balanced Fund pursuant to a reorganization that took place on December 8, 2006. Prior to that date, the Fund had no investment operations. Accordingly, the performance information shown for periods prior to that date is that of the MDT Balanced Fund. |
3 | The S&P 500 Index, a broad-based securities market index of the Fund, is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The S&P 500 is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The S& P 500 is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. |
4 | The BAB Index, a broad-based securities market index of the Fund, is an unmanaged index composed of securities from the Barclay's Government/Corporate Bond Index, Mortgage-Backed Securities Index and the Asset-Backed Securities Index. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. Indices are rebalanced monthly by market capitalization. The BAB is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The BAB is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. |
5 | Morningstar figures represent the average of the total returns reported by all the mutual funds designated by Morningstar as falling into the respective category indicated. Morningstar figures do not reflect sales charges. It is not possible to invest directly in an average. |
6 | The start of performance date for the Fund's Class A Shares, Class C Shares and Class R Shares was October 1, 2002. Class A Shares and Class C Shares commenced operations on September 15, 2005, and Class R Shares commenced operations on December 12, 2006, respectively. Performance results shown before those dates are for the Fund's Institutional Shares and have been adjusted for the maximum sales charges, maximum contingent deferred sales charges and total annual operating expenses applicable to each class. The Fund's Institutional Shares commenced operations on October 1, 2002. Subject to the expense adjustments noted above, the Fund's Class A Shares, Class C Shares and Class R Shares annual returns would be substantially similar to those of the Institutional Shares because Shares of each class are invested in the same portfolio of securities. |
Security Type | Percentage of Total Net Assets |
Domestic Equity Securities | 50.3% |
Corporate Debt Securities | 15.8% |
International Equity Securities (including International Exchange-Traded Fund) | 14.1% |
Mortgage-Backed Securities2 | 6.8% |
Collateralized Mortgage Obligations | 2.7% |
Asset-Backed Securities | 1.5% |
Trade Finance Agreements | 1.4% |
U.S. Treasury Securities3 | 1.3% |
Floating Rate Loan | 0.8% |
Commercial Mortgage-Backed Securities | 0.4% |
Foreign Debt Securities | 0.3% |
Municipal Bond | 0.1% |
Derivative Contracts4,5 | (0.0)% |
Other Security Types4,6 | 0.0% |
Cash Equivalents7 | 5.6% |
Other Assets and Liabilities—Net8 | (1.1)% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus for a description of the principal types of securities in which the Fund invests. As of the date specified above, the Fund owned shares of one or more affiliated investment companies. For purposes of this table, the affiliated investment company (other than an affiliated money market mutual fund) is not treated as a single portfolio security, but rather the Fund is treated as owning a pro rata portion of each security and each other asset and liability owned by the affiliated investment company. Accordingly, the percentages of total net assets shown in the table will differ from those presented on the Portfolio of Investments. |
2 | 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 $170,536 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 a domestic exchange-traded fund and purchased call 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 | 7.1% | |
Insurance | 6.7% | |
Technology Hardware Storage & Peripherals | 6.4% | |
Biotechnology | 5.2% | |
Health Care Providers & Services | 5.2% | |
Real Estate Investment Trusts | 5.0% | |
Oil Gas & Consumable Fuels | 4.7% | |
Specialty Retail | 4.6% | |
Food & Staples Retailing | 4.2% | |
Multiline Retail | 3.6% | |
Diversified Telecommunication Services | 3.5% | |
Electronic Equipment Instruments & Components | 3.3% | |
Airlines | 2.8% | |
Pharmaceuticals | 2.7% | |
Chemicals | 2.6% | |
Aerospace & Defense | 2.5% | |
Capital Markets | 2.4% | |
Machinery | 2.3% | |
Food Products | 1.7% | |
Semiconductors & Semiconductor Equipment | 1.4% | |
Textiles Apparel & Luxury Goods | 1.4% | |
Communications Equipment | 1.3% | |
Consumer Finance | 1.2% | |
Media | 1.1% | |
Software | 1.1% | |
Beverages | 1.0% | |
IT Services | 1.0% | |
Other10 | 14.0% | |
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—52.3% | |||
Aerospace & Defense—1.3% | |||
1,817 | General Dynamics Corp. | $270,933 | |
3,466 | Huntington Ingalls Industries, Inc. | 406,943 | |
4,876 | Northrop Grumman Corp. | 843,597 | |
1,100 | Rockwell Collins | 93,082 | |
5,308 | 1 | Spirit Aerosystems Holdings, Inc., Class A | 298,840 |
717 | 1 | Taser International, Inc. | 19,517 |
TOTAL | 1,932,912 | ||
Airline - National—0.1% | |||
2,035 | 1 | Atlas Air Worldwide Holdings, Inc. | 100,020 |
Airline - Regional—0.0% | |||
1,392 | 1 | Hawaiian Holdings, Inc. | 30,234 |
Airlines—1.5% | |||
6,940 | Alaska Air Group, Inc. | 525,705 | |
11,400 | Delta Air Lines, Inc. | 505,476 | |
16,269 | Southwest Airlines Co. | 588,938 | |
9,800 | 1 | United Continental Holdings, Inc. | 552,622 |
TOTAL | 2,172,741 | ||
Apparel—0.1% | |||
190 | Columbia Sportswear Co. | 13,592 | |
1,954 | 1 | Express, Inc. | 37,204 |
597 | 1 | Iconix Brand Group, Inc. | 12,973 |
76 | Oxford Industries, Inc. | 6,379 | |
TOTAL | 70,148 | ||
Auto Components—0.3% | |||
7,100 | Goodyear Tire & Rubber Co. | 213,923 | |
2,691 | Lear Corp. | 280,052 | |
TOTAL | 493,975 | ||
Auto Original Equipment Manufacturers—0.1% | |||
1,642 | 1 | American Axle & Manufacturing Holdings, Inc. | 32,807 |
641 | Dana Holding Corp. | 11,897 | |
116 | 1 | Gentherm, Inc. | 5,838 |
2,273 | 1 | Meritor, Inc. | 32,004 |
482 | 1 | Tower International, Inc. | 12,595 |
TOTAL | 95,141 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Automobiles—0.4% | |||
19,700 | Ford Motor Co. | $292,151 | |
7,371 | General Motors Co. | 232,260 | |
TOTAL | 524,411 | ||
Banks—3.7% | |||
10,961 | BB&T Corp. | 441,399 | |
11,267 | Bank of America Corp. | 201,454 | |
6,415 | Citigroup, Inc. | 375,021 | |
5,200 | Comerica, Inc. | 246,636 | |
20,900 | Fifth Third Bancorp | 440,363 | |
13,300 | Huntington Bancshares, Inc. | 155,211 | |
25,108 | JPMorgan Chase & Co. | 1,720,651 | |
16,358 | KeyCorp | 242,753 | |
9,494 | PNC Financial Services Group | 932,121 | |
6,300 | 1 | Popular, Inc. | 192,906 |
9,510 | Wells Fargo & Co. | 550,344 | |
TOTAL | 5,498,859 | ||
Beverages—0.5% | |||
7,500 | Coca-Cola Enterprises, Inc. | 383,100 | |
5,000 | Dr. Pepper Snapple Group, Inc. | 401,100 | |
TOTAL | 784,200 | ||
Biotechnology—2.7% | |||
687 | 1 | Air Methods Corp. | 27,061 |
7,440 | Amgen, Inc. | 1,313,830 | |
954 | 1 | Cambrex Corp. | 46,985 |
705 | 1 | Emergent Biosolutions, Inc. | 23,145 |
2,054 | 1 | Exelixis, Inc. | 11,769 |
4,150 | 1 | Geron Corp. | 16,808 |
15,817 | Gilead Sciences, Inc. | 1,864,192 | |
1,103 | 1 | Halozyme Therapeutics, Inc. | 25,744 |
124 | 1 | Intrexon Corp. | 8,091 |
3,665 | 1 | Isis Pharmaceuticals, Inc. | 201,318 |
520 | 1 | Luminex Corp. | 8,960 |
412 | 1 | MacroGenics, Inc. | 15,491 |
295 | 1 | Neurocrine Biosciences, Inc. | 14,785 |
533 | 1 | NewLink Genetics Corp. | 27,796 |
6,733 | 1 | Opko Health, Inc. | 110,219 |
5,737 | PDL BioPharma, Inc. | 33,389 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Biotechnology—continued | |||
1,126 | 1 | Repligen Corp. | $39,421 |
1,236 | 1 | United Therapeutics Corp. | 209,329 |
TOTAL | 3,998,333 | ||
Building Materials—0.0% | |||
829 | 1 | U.S. Concrete, Inc. | 35,092 |
Building Products—0.1% | |||
1,101 | Smith (A.O.) Corp. | 79,074 | |
Capital Markets—1.3% | |||
8,399 | Goldman Sachs Group, Inc. | 1,722,383 | |
2,883 | The Bank of New York Mellon Corp. | 125,122 | |
TOTAL | 1,847,505 | ||
Carpets—0.0% | |||
1,069 | Interface, Inc. | 27,762 | |
Chemicals—1.3% | |||
17,249 | LyondellBasell Industries NV - Class - A | 1,618,474 | |
6,208 | Mosaic Co./The | 266,571 | |
1,600 | Scotts Co. | 96,624 | |
TOTAL | 1,981,669 | ||
Clothing Stores—0.0% | |||
1,395 | American Eagle Outfitters, Inc. | 24,762 | |
125 | Cato Corp., Class A | 4,801 | |
TOTAL | 29,563 | ||
Cogeneration—0.0% | |||
243 | 1 | Headwaters, Inc. | 4,619 |
Commercial Services—0.4% | |||
151 | 1 | Cimpress NV | 9,744 |
2,300 | Cintas Corp. | 196,650 | |
7,600 | Donnelley (R.R.) & Sons Co. | 133,380 | |
910 | 1 | Lifelock, Inc. | 7,207 |
10,000 | Pitney Bowes, Inc. | 209,200 | |
TOTAL | 556,181 | ||
Commodity Chemicals—0.0% | |||
192 | Stepan Co. | 9,410 | |
Communications Equipment—0.7% | |||
22,127 | Cisco Systems, Inc. | 628,849 | |
1,397 | 1 | Gigamon, Inc. | 37,552 |
2,178 | 1 | Infinera Corp. | 52,141 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Communications Equipment—continued | |||
885 | 1 | Infoblox, Inc. | $20,798 |
8,200 | Juniper Networks, Inc. | 233,044 | |
TOTAL | 972,384 | ||
Computer Networking—0.0% | |||
1,812 | 1 | Dot Hill Systems Corp. | 11,452 |
Computer Peripherals—0.0% | |||
2,178 | 1 | Zagg, Inc. | 16,923 |
Computer Services—0.0% | |||
868 | 1 | Manhattan Associates, Inc. | 56,264 |
Construction & Engineering—0.2% | |||
989 | 1 | Dycom Industries, Inc. | 65,333 |
4,000 | 1 | Jacobs Engineering Group, Inc. | 168,480 |
TOTAL | 233,813 | ||
Consumer Finance—0.7% | |||
8,000 | 1 | Ally Financial, Inc. | 182,160 |
7,181 | Capital One Financial Corp. | 583,815 | |
507 | 1 | Enova International, Inc. | 9,167 |
11,100 | Navient Corp. | 174,270 | |
TOTAL | 949,412 | ||
Containers & Packaging—0.1% | |||
2,800 | Avery Dennison Corp. | 170,380 | |
Contracting—0.0% | |||
570 | Comfort Systems USA, Inc. | 15,755 | |
Cosmetics & Toiletries—0.0% | |||
398 | 1 | Helen of Troy Ltd. | 34,936 |
Dairy Products—0.0% | |||
729 | Cal-Maine Foods, Inc. | 39,483 | |
Defense Aerospace—0.0% | |||
404 | 1 | Ducommun, Inc. | 9,676 |
Diversified Consumer Services—0.1% | |||
283 | 1 | 2U, Inc. | 9,081 |
8,100 | 1 | Apollo Education Group, Inc. | 103,761 |
1,500 | DeVry Education Group, Inc. | 45,570 | |
TOTAL | 158,412 | ||
Diversified Financial Services—0.1% | |||
1,651 | Voya Financial, Inc. | 77,514 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Diversified Leisure—0.0% | |||
1,708 | 1 | Isle of Capri Casinos, Inc. | $31,154 |
718 | 1 | Pinnacle Entertainment, Inc. | 27,643 |
TOTAL | 58,797 | ||
Diversified Telecommunication Services—1.8% | |||
6,817 | AT&T, Inc. | 236,823 | |
24,859 | CenturyLink, Inc. | 710,967 | |
37,307 | Verizon Communications | 1,745,595 | |
TOTAL | 2,693,385 | ||
Education & Training Services—0.0% | |||
172 | Capella Education Co. | 8,860 | |
191 | 1 | Grand Canyon Education, Inc. | 8,295 |
501 | 1 | Strayer Education, Inc. | 27,860 |
TOTAL | 45,015 | ||
Electric & Electronic Original Equipment Manufacturers—0.0% | |||
1,216 | General Cable Corp. | 19,845 | |
Electric Utilities—0.3% | |||
5,738 | Entergy Corp. | 407,513 | |
Electrical Equipment—0.1% | |||
900 | Acuity Brands, Inc. Holding Company | 181,071 | |
198 | 1 | Rofin-Sinar Technologies, Inc. | 4,938 |
TOTAL | 186,009 | ||
Electronic Equipment Instruments & Components—1.7% | |||
12,400 | 1 | Arrow Electronics, Inc. | 721,060 |
7,100 | Avnet, Inc. | 296,283 | |
5,300 | CDW Corp. | 190,429 | |
2,141 | 1 | Insight Enterprises, Inc. | 57,786 |
9,200 | Jabil Circuit, Inc. | 186,300 | |
661 | 1 | Newport Corp. | 10,470 |
7,000 | 1 | Sanmina Corp. | 154,490 |
11,300 | 1 | Tech Data Corp. | 659,129 |
22,000 | Vishay Intertechnology, Inc. | 252,560 | |
TOTAL | 2,528,507 | ||
Electronics Stores—0.0% | |||
474 | 1 | REX American Resources Corp. | 24,477 |
Energy Equipment & Services—0.5% | |||
7,000 | 1 | Cameron International Corp. | 353,220 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Energy Equipment & Services—continued | |||
8,048 | National Oilwell Varco, Inc. | $339,062 | |
TOTAL | 692,282 | ||
Financial Services—0.1% | |||
1,986 | Deluxe Corp. | 127,958 | |
773 | 1 | Encore Capital Group, Inc. | 33,247 |
1,555 | WisdomTree Investments, Inc. | 38,719 | |
TOTAL | 199,924 | ||
Food & Staples Retailing—2.2% | |||
14,668 | CVS Health Corp. | 1,649,710 | |
30,970 | Kroger Co. | 1,215,263 | |
5,274 | Wal-Mart Stores, Inc. | 379,622 | |
TOTAL | 3,244,595 | ||
Food Products—0.9% | |||
4,500 | Archer-Daniels-Midland Co. | 213,390 | |
3,100 | Bunge Ltd. | 247,535 | |
273 | Dean Foods Co. | 4,860 | |
4,289 | Fresh Del Monte Produce, Inc. | 169,501 | |
3,700 | Ingredion, Inc. | 326,340 | |
8,300 | Pilgrims Pride Corp. | 179,612 | |
2,803 | Sanderson Farms, Inc. | 201,844 | |
TOTAL | 1,343,082 | ||
Furniture—0.0% | |||
504 | Bassett Furniture Industries, Inc. | 16,526 | |
258 | Ethan Allen Interiors, Inc. | 7,789 | |
1,152 | 1 | Select Comfort Corp. | 29,998 |
TOTAL | 54,313 | ||
Grocery Chain—0.0% | |||
116 | Casey's General Stores, Inc. | 11,857 | |
Health Care Equipment & Supplies—0.3% | |||
1,777 | 1 | Abiomed, Inc. | 137,646 |
4,300 | 1 | Boston Scientific Corp. | 74,562 |
155 | 1 | Dexcom, Inc. | 13,121 |
1,824 | 1 | Hologic, Inc. | 75,988 |
1,035 | 1 | Inogen, Inc. | 46,016 |
1,153 | 1 | MiMedx Group, Inc. | 12,372 |
1,395 | 1 | RTI Surgical, Inc. | 10,156 |
694 | 1 | Surgical Care Affiliates, Inc. | 26,386 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Health Care Equipment & Supplies—continued | |||
604 | 1 | Zeltiq Aesthetics, Inc. | $20,747 |
TOTAL | 416,994 | ||
Health Care Providers & Services—2.7% | |||
2,454 | AmerisourceBergen Corp. | 259,511 | |
4,426 | Cardinal Health, Inc. | 376,121 | |
1,192 | 1 | Community Health Systems, Inc. | 69,744 |
4,862 | 1 | Express Scripts Holding Co. | 437,920 |
6,902 | 1 | HCA Holdings, Inc. | 641,955 |
6,522 | Quest Diagnostics, Inc. | 481,389 | |
14,513 | UnitedHealth Group, Inc. | 1,761,878 | |
TOTAL | 4,028,518 | ||
Home Health Care—0.0% | |||
956 | 1 | Amedisys, Inc. | 41,710 |
Home Products—0.1% | |||
3,002 | Tupperware Brands Corp. | 175,527 | |
Hospitals—0.0% | |||
345 | Ensign Group, Inc. | 17,636 | |
Hotels Restaurants & Leisure—0.1% | |||
1,731 | 1 | Boyd Gaming Corp. | 29,583 |
772 | 1 | Diamond Resorts International, Inc. | 24,195 |
144 | Marriott Vacations Worldwide Corp. | 12,038 | |
247 | SeaWorld Entertainment, Inc. | 4,283 | |
820 | Wyndham Worldwide Corp. | 67,666 | |
TOTAL | 137,765 | ||
Independent Power and Renewable Electricity Producers—0.1% | |||
15,600 | AES Corp. | 199,680 | |
Industrial Machinery—0.2% | |||
1,446 | 1 | Blount International, Inc. | 12,088 |
2,525 | Dover Corp. | 161,777 | |
242 | Hyster-Yale Materials Handling, Inc. | 16,376 | |
2,100 | SPX Corp. | 137,361 | |
TOTAL | 327,602 | ||
Insurance—3.5% | |||
6,489 | Allstate Corp. | 447,417 | |
12,198 | American International Group, Inc. | 782,136 | |
193 | Employers Holdings, Inc. | 4,632 | |
2,571 | Everest Re Group Ltd. | 470,801 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Insurance—continued | |||
18,379 | Prudential Financial | $1,623,968 | |
17,750 | The Travelers Cos, Inc. | 1,883,630 | |
TOTAL | 5,212,584 | ||
Internet & Catalog Retail—0.1% | |||
1,300 | HSN, Inc. | 95,563 | |
375 | 1 | Zulily, Inc. | 4,954 |
TOTAL | 100,517 | ||
Internet Services—0.1% | |||
3,752 | EarthLink Network, Inc. | 27,540 | |
1,703 | 1 | Web.com Group, Inc. | 42,387 |
TOTAL | 69,927 | ||
Internet Software & Services—0.2% | |||
612 | 1 | Brightcove, Inc. | 3,348 |
3,000 | IAC Interactive Corp. | 231,780 | |
543 | 1 | LogMeIn, Inc. | 39,954 |
TOTAL | 275,082 | ||
IT Services—0.5% | |||
5,400 | Computer Sciences Corp. | 353,322 | |
446 | 1 | EPAM Systems, Inc. | 33,053 |
234 | Evertec, Inc. | 4,404 | |
333 | 1 | Globant SA | 10,589 |
10,000 | Western Union Co. | 202,400 | |
14,300 | Xerox Corp. | 157,586 | |
TOTAL | 761,354 | ||
Jewelry Stores—0.0% | |||
653 | Movado Group, Inc. | 16,541 | |
Life Insurance—0.1% | |||
8,409 | Assured Guaranty Ltd. | 205,684 | |
Machinery—1.2% | |||
4,100 | AGCO Corp. | 225,541 | |
464 | Altra Industrial Motion Corp. | 11,786 | |
1,453 | Cummins, Inc. | 188,207 | |
1,175 | Deere & Co. | 111,120 | |
997 | Global Brass & Copper Holdings, Inc. | 16,799 | |
3,000 | Joy Global, Inc. | 79,230 | |
3,100 | OshKosh Truck Corp. | 113,274 | |
6,068 | PACCAR, Inc. | 393,449 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Machinery—continued | |||
6,200 | Terex Corp. | $137,392 | |
15,300 | Trinity Industries, Inc. | 447,678 | |
2,259 | 1 | Wabash National Corp. | 31,039 |
TOTAL | 1,755,515 | ||
Media—0.6% | |||
870 | 1 | Madison Square Garden Co./The | 72,558 |
538 | 1 | Townsquare Media, Inc., Class A | 6,994 |
13,160 | Viacom, Inc., Class B - New | 750,120 | |
TOTAL | 829,672 | ||
Medical Supplies—0.0% | |||
271 | Landauer, Inc. | 9,615 | |
629 | 1 | Medidata Solutions, Inc. | 33,840 |
255 | PetMed Express, Inc. | 4,297 | |
TOTAL | 47,752 | ||
Medical Technology—0.1% | |||
487 | 1 | Integra Lifesciences Corp. | 31,231 |
1,091 | 1 | MedAssets, Inc. | 25,420 |
1,095 | 1 | Natus Medical, Inc. | 49,450 |
768 | 1 | Vascular Solutions, Inc. | 28,593 |
TOTAL | 134,694 | ||
Metal Fabrication—0.0% | |||
298 | Worthington Industries, Inc. | 8,064 | |
Metals & Mining—0.1% | |||
7,500 | United States Steel Corp. | 146,025 | |
Miscellaneous Communications—0.0% | |||
1,294 | West Corp. | 37,332 | |
Miscellaneous Components—0.0% | |||
1,125 | 1 | Rambus, Inc. | 14,726 |
Mortgage Banks—0.0% | |||
978 | 1 | Altisource Portfolio Solutions S.A. | 31,942 |
184 | 1 | LendingTree.com, Inc. | 15,257 |
TOTAL | 47,199 | ||
Multi-Industry Capital Goods—0.0% | |||
506 | 1 | DXP Enterprises, Inc. | 18,570 |
Multi-Utilities—0.5% | |||
4,405 | P G & E Corp. | 231,306 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Multi-Utilities—continued | |||
10,067 | Public Service Enterprises Group, Inc. | $419,492 | |
TOTAL | 650,798 | ||
Multiline Retail—1.9% | |||
2,941 | Big Lots, Inc. | 126,992 | |
6,759 | Kohl's Corp. | 414,462 | |
9,492 | Macy's, Inc. | 655,518 | |
19,554 | Target Corp. | 1,600,495 | |
TOTAL | 2,797,467 | ||
Office Furniture—0.0% | |||
430 | HNI Corp. | 21,324 | |
1,408 | Knoll, Inc. | 34,073 | |
TOTAL | 55,397 | ||
Office Supplies—0.0% | |||
1,032 | Ennis Business Forms, Inc. | 17,317 | |
275 | Essendant, Inc. | 10,125 | |
TOTAL | 27,442 | ||
Oil Gas & Consumable Fuels—2.5% | |||
5,300 | HollyFrontier Corp. | 255,778 | |
18,920 | Marathon Petroleum Corp. | 1,034,356 | |
5,400 | Murphy Oil Corp. | 177,066 | |
2,847 | Phillips 66 | 226,337 | |
3,000 | Tesoro Petroleum Corp. | 292,020 | |
24,780 | Valero Energy Corp. | 1,625,568 | |
TOTAL | 3,611,125 | ||
Oil Refiner—0.0% | |||
346 | Delek US Holdings, Inc. | 12,342 | |
196 | Western Refining, Inc. | 8,655 | |
TOTAL | 20,997 | ||
Oil Service, Explore & Drill—0.0% | |||
3,822 | 1 | PetroQuest Energy, Inc. | 5,313 |
3,691 | 1 | Pioneer Energy Services Corp. | 13,509 |
TOTAL | 18,822 | ||
Other Communications Equipment—0.0% | |||
508 | 1 | Netgear, Inc. | 17,013 |
Outpatient Clinics—0.0% | |||
171 | U.S. Physical Therapy, Inc. | 9,039 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Packaging—0.0% | |||
228 | 1 | Berry Plastics Group, Inc. | $7,424 |
Paper & Forest Products—0.3% | |||
3,600 | Domtar Corp. | 146,376 | |
5,300 | International Paper Co. | 253,711 | |
302 | Kapstone Paper and Packaging Corp. | 7,067 | |
TOTAL | 407,154 | ||
Personal Loans—0.1% | |||
481 | Cash America International, Inc. | 13,338 | |
178 | 1 | Credit Acceptance Corp. | 42,757 |
588 | 1 | World Acceptance Corp. | 31,999 |
TOTAL | 88,094 | ||
Personal Products—0.3% | |||
9,700 | Avon Products, Inc. | 54,999 | |
5,400 | 1 | Herbalife Ltd. | 272,646 |
3,147 | Nu Skin Enterprises, Inc. | 124,779 | |
TOTAL | 452,424 | ||
Personnel Agency—0.1% | |||
1,162 | 1 | AMN Healthcare Services, Inc. | 34,198 |
129 | Korn/Ferry International | 4,319 | |
414 | Maximus, Inc. | 28,239 | |
TOTAL | 66,756 | ||
Pharmaceuticals—1.4% | |||
439 | 1 | Anacor Pharmaceuticals, Inc. | 65,494 |
3,576 | Johnson & Johnson | 358,351 | |
2,632 | 1 | Lannett Co., Inc. | 156,867 |
897 | Lilly (Eli) & Co. | 75,806 | |
7,525 | Merck & Co., Inc. | 443,674 | |
1,111 | 1 | Merrimack Pharmaceuticals, Inc. | 11,221 |
26,671 | Pfizer, Inc. | 961,756 | |
1,773 | 1 | Sucampo Pharmaceuticals, Inc. | 38,634 |
TOTAL | 2,111,803 | ||
Professional Services—0.3% | |||
448 | Insperity, Inc. | 22,525 | |
3,500 | Manpower Group, Inc. | 316,680 | |
1,716 | Robert Half International, Inc. | 94,432 | |
TOTAL | 433,637 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Property Liability Insurance—0.1% | |||
686 | HCI Group, Inc. | $30,788 | |
420 | 1 | Heritage Insurance Holdings, Inc. | 10,382 |
2,301 | Universal Insurance Holdings, Inc. | 63,094 | |
TOTAL | 104,264 | ||
Railroad—0.0% | |||
481 | Greenbrier Cos., Inc. | 22,006 | |
Real Estate Investment Trusts—2.6% | |||
1,450 | Avalonbay Communities, Inc. | 249,893 | |
1,200 | Boston Properties, Inc. | 147,936 | |
6,000 | Brixmor Property Group, Inc. | 146,820 | |
19,000 | CubeSmart, REIT | 497,040 | |
3,500 | Equity Residential Properties Trust | 261,835 | |
2,000 | Essex Property Trust, Inc. | 449,820 | |
5,500 | Extra Space Storage, Inc. | 404,360 | |
3,200 | Kilroy Realty Corp. | 226,720 | |
3,725 | Kite Realty Group Trust | 98,340 | |
15,000 | New Residential Investment Corp. | 235,350 | |
5,200 | Pebblebrook Hotel Trust | 211,640 | |
1,450 | Simon Property Group, Inc. | 271,469 | |
21,000 | 1 | Strategic Hotels & Resorts, Inc. | 287,070 |
25,000 | Two Harbors Investment Corp. | 255,500 | |
3,500 | UDR, Inc. | 118,335 | |
TOTAL | 3,862,128 | ||
Recreational Goods—0.0% | |||
1,182 | 1 | Nautilus, Inc. | 24,976 |
308 | Sturm Ruger & Co., Inc. | 18,486 | |
TOTAL | 43,462 | ||
Restaurants—0.3% | |||
1,775 | Cracker Barrel Old Country Store, Inc. | 269,605 | |
2,300 | Darden Restaurants, Inc. | 169,648 | |
1,150 | 1 | Denny's Corp. | 13,524 |
205 | Jack in the Box, Inc. | 19,475 | |
237 | Papa Johns International, Inc. | 17,908 | |
384 | Sonic Corp. | 11,412 | |
TOTAL | 501,572 | ||
Road & Rail—0.1% | |||
1,429 | 1 | Avis Budget Group, Inc. | 62,061 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Semiconductor Distribution—0.0% | |||
194 | 1 | Tyler Technologies, Inc. | $27,071 |
Semiconductor Manufacturing—0.0% | |||
292 | 1 | Cirrus Logic, Inc. | 9,639 |
1,095 | 1 | Integrated Device Technology, Inc. | 20,925 |
163 | Monolithic Power Systems | 8,429 | |
TOTAL | 38,993 | ||
Semiconductor Manufacturing Equipment—0.0% | |||
507 | 1 | Advanced Energy Industries, Inc. | 13,278 |
820 | Mentor Graphics Corp. | 21,394 | |
509 | Tessera Technologies, Inc. | 17,642 | |
TOTAL | 52,314 | ||
Semiconductors & Semiconductor Equipment—0.7% | |||
479 | 1 | Ambarella, Inc. | 55,502 |
14,400 | Intel Corp. | 416,880 | |
6,256 | Skyworks Solutions, Inc. | 598,511 | |
TOTAL | 1,070,893 | ||
Services to Medical Professionals—0.1% | |||
633 | 1 | Molina Healthcare, Inc. | 47,747 |
482 | 1 | Team Health Holdings, Inc. | 32,492 |
152 | 1 | WebMd Health Corp. | 6,624 |
TOTAL | 86,863 | ||
Soft Drinks—0.0% | |||
114 | Coca-Cola Bottling Co. | 18,468 | |
Software—0.6% | |||
14,300 | CA, Inc. | 416,630 | |
1,012 | 1 | Electronic Arts, Inc. | 72,409 |
122 | 1 | Paylocity Holding Corp. | 4,382 |
16,000 | Symantec Corp. | 363,840 | |
TOTAL | 857,261 | ||
Software Packaged/Custom—0.1% | |||
207 | 1 | Barracuda Networks, Inc. | 5,680 |
74 | Blackbaud, Inc. | 4,526 | |
370 | 1 | BroadSoft, Inc. | 12,921 |
1,608 | CSG Systems International, Inc. | 50,009 | |
900 | Ebix, Inc. | 27,891 | |
489 | 1 | Ellie Mae, Inc. | 38,362 |
90 | Marketaxess Holdings, Inc. | 8,802 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Software Packaged/Custom—continued | |||
345 | 1 | Omnicell, Inc. | $12,599 |
283 | Quality Systems, Inc. | 3,608 | |
275 | 1 | VASCO Data Security International, Inc. | 5,607 |
TOTAL | 170,005 | ||
Specialty Chemicals—0.1% | |||
238 | Chemed Corp. | 35,334 | |
1,559 | KMG Chemicals, Inc. | 34,033 | |
1,409 | 1 | Trinseo SA | 34,323 |
TOTAL | 103,690 | ||
Specialty Retail—2.4% | |||
5,200 | Abercrombie & Fitch Co., Class A | 104,468 | |
351 | 1 | Asbury Automotive Group, Inc. | 30,993 |
1,800 | 1 | AutoNation, Inc. | 112,212 |
397 | 1 | AutoZone, Inc. | 278,273 |
7,100 | Best Buy Co., Inc. | 229,259 | |
1,131 | 1 | Build-A-Bear Workshop, Inc. | 19,736 |
1,286 | Children's Place, Inc./The | 74,460 | |
4,700 | Foot Locker, Inc. | 331,585 | |
7,400 | GameStop Corp. | 339,290 | |
9,845 | Gap (The), Inc. | 359,146 | |
3,800 | Guess ?, Inc. | 83,182 | |
292 | 1 | Kirkland's, Inc. | 7,966 |
1,857 | Lowe's Cos., Inc. | 128,802 | |
1,996 | 1 | Lumber Liquidators Holdings, Inc. | 38,523 |
2,669 | 1 | O'Reilly Automotive, Inc. | 641,387 |
2,217 | Outerwall, Inc. | 157,008 | |
128 | Penske Automotive Group, Inc. | 6,912 | |
2,300 | Rent-A-Center, Inc. | 61,617 | |
3,900 | 1 | Sally Beauty Holdings, Inc. | 116,181 |
13,300 | Staples, Inc. | 195,643 | |
312 | 1 | Tile Shop Hldgs., Inc. | 4,455 |
1,400 | 1 | Ulta Salon Cosmetics & Fragrance, Inc. | 232,442 |
1,876 | 1 | Vera Bradley, Inc. | 20,373 |
TOTAL | 3,573,913 | ||
Technology Hardware Storage & Peripherals—3.4% | |||
15,278 | Apple, Inc. | 1,853,222 | |
4,561 | EMC Corp. Mass | 122,645 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Technology Hardware Storage & Peripherals—continued | |||
23,300 | Hewlett-Packard Co. | $711,116 | |
10,369 | International Business Machines Corp. | 1,679,674 | |
2,800 | Lexmark International, Inc. | 95,172 | |
8,700 | NetApp, Inc. | 271,005 | |
2,970 | Western Digital Corp. | 255,598 | |
TOTAL | 4,988,432 | ||
Telecommunication Equipment & Services—0.1% | |||
743 | Alliance Fiber Optic Product | 14,912 | |
1,883 | 1 | Neustar, Inc., Class A | 58,128 |
2,922 | 1 | Polycom, Inc. | 33,252 |
4,427 | 1 | Sonus Networks, Inc. | 35,726 |
TOTAL | 142,018 | ||
Textiles Apparel & Luxury Goods—0.7% | |||
1,005 | 1 | Fossil Group, Inc. | 69,094 |
190 | 1 | G-III Apparel Group Ltd. | 13,724 |
3,200 | PVH Corp. | 371,328 | |
3,482 | 1 | Skechers USA, Inc., Class A | 523,867 |
7,178 | 1 | Vince Holding Corp. | 70,416 |
TOTAL | 1,048,429 | ||
Thrifts & Mortgage Finance—0.0% | |||
824 | 1 | MGIC Investment Corp. | 9,122 |
Tobacco—0.1% | |||
2,091 | Altria Group, Inc. | 113,709 | |
Undesignated Consumer Cyclicals—0.1% | |||
342 | 1 | Parexel International Corp. | 23,584 |
218 | 1 | Steiner Leisure Ltd. | 12,579 |
14,473 | Weight Watchers International, Inc. | 57,892 | |
TOTAL | 94,055 | ||
Undesignated Consumer Staples—0.1% | |||
1,351 | 1 | Medifast, Inc. | 41,705 |
178 | Nutri/System, Inc. | 5,349 | |
215 | 1 | USANA, Inc. | 26,800 |
TOTAL | 73,854 | ||
Undesignated Energy—0.0% | |||
160 | Green Plains, Inc. | 3,592 | |
Wireless Communications—0.0% | |||
235 | InterDigital, Inc. | 12,707 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Wireless Communications—continued | |||
144 | 1 | Straight Path Communications, Inc. | $3,394 |
TOTAL | 16,101 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $68,907,483) | 77,414,192 | ||
ASSET-BACKED SECURITIES—1.1% | |||
Auto Receivables—0.2% | |||
$300,000 | BMW Vehicle Trust 2014-1, A4, 0.99%, 08/21/2017 | 300,212 | |
24,239 | CS First Boston Mortgage Securities Corp. 2002-HE4, AF, 5.51%, 08/25/2032 | 27,011 | |
25,000 | Santander Drive Auto Receivables Trust 2013-1, D, 2.27%, 01/15/2019 | 25,238 | |
TOTAL | 352,461 | ||
Credit Card—0.8% | |||
350,000 | Capital One Multi-Asset Execution Trust 2004-B3, B3, 0.917%, 01/18/2022 | 351,225 | |
250,000 | Citibank Credit Card Issuance Trust 2014-A2, A2, 1.02%, 02/22/2019 | 250,031 | |
300,000 | Discover Card Master Trust I 2012—B3, B3, 0.637%, 05/15/2018 | 300,058 | |
300,000 | 2,3 | Penarth Master Issuer 2015-1A, A1,0.588%, 03/18/2019 | 299,797 |
TOTAL | 1,201,111 | ||
Other—0.1% | |||
100,000 | Navient Student Loan Trust 2014-1, A2, 0.500%,03/27/2023 | 99,483 | |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $1,650,698) | 1,653,055 | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—1.7% | |||
Commercial Mortgage—1.7% | |||
916 | 4 | Bear Stearns Mortgage Securities, Inc. 1997-6 1A, 6.356%, 3/25/2031 | 942 |
200,000 | Citigroup Commercial Mortgage Trust 2013-GC11 B,3.732%, 4/10/2046 | 200,872 | |
70,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1 AM, 3.912%, 5/15/2045 | 74,145 | |
125,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1 B, 4.612%, 5/15/2045 | 134,114 | |
200,000 | 2,3 | Commercial Mortgage Trust 2013-CR8 B, 3.967%, 6/10/2046 | 205,740 |
200,000 | Commercial Mortgage Trust 2014-LC17 B, 4.490%,10/10/2047 | 208,237 | |
300,000 | Commercial Mortgage Trust 2015-DC1 AM, 3.724%,2/10/2048 | 302,765 | |
200,000 | 2,3 | FREMF Mortgage Trust 2013-K25, B, 3.618%,11/25/2045 | 202,821 |
2,836 | Federal Home Loan Mortgage Corp. REMIC 1311 K, 7.000%, 7/15/2022 | 3,101 | |
5,373 | Federal Home Loan Mortgage Corp. REMIC 1384 D, 7.000%, 9/15/2022 | 5,974 |
Shares or Principal Amount | Value | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—continued | |||
Commercial Mortgage—continued | |||
$9,719 | Federal Home Loan Mortgage Corp. REMIC 2497 JH, 6.000%, 9/15/2032 | $10,960 | |
12,623 | Federal National Mortgage Association REMIC 1993-113 SB, 9.749%, 7/25/2023 | 14,002 | |
178 | Federal National Mortgage Association REMIC 2001-37 GA, 8.000%, 7/25/2016 | 181 | |
2,380 | Federal National Mortgage Association REMIC 2003-35 UC, 3.750%, 5/25/2033 | 2,497 | |
100,000 | GS Mortgage Securities Corp. II 2012-GCJ7 AS, 4.085%, 5/10/2045 | 106,096 | |
135,000 | GS Mortgage Securities Corp. II 2012-GCJ7 B, 4.74%, 5/10/2045 | 145,632 | |
9,413 | Government National Mortgage Association REMIC 2002-17 B, 6.000%, 3/20/2032 | 10,568 | |
100,000 | Merrill Lynch Mortgage Trust 2008-C1 AM, 6.266%, 2/12/2051 | 110,181 | |
50,000 | Morgan Stanley Capital I 2007-IQ16 AM, 6.073%,12/12/2049 | 54,253 | |
100,000 | Morgan Stanley Capital I 2012-C4 AS, 3.773%, 3/15/2045 | 104,247 | |
150,000 | 2,3 | UBS-Barclays Commercial Mortgage Trust 2013-C6 B, 3.875%,4/10/2046 | 152,035 |
25,000 | WF-RBS Commercial Mortgage Trust 2012-C6 B, 4.697%, 4/15/2045 | 26,881 | |
300,000 | WF-RBS Commercial Mortgage Trust 2014-C25 AS, 3.984%, 11/15/2047 | 308,488 | |
150,000 | WF-RBS Commercial Mortgage Trust 2014-C25 B, 4.236%,11/15/2047 | 153,550 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $2,521,798) | 2,538,282 | ||
CORPORATE BONDS—11.9% | |||
Basic Industry - Chemicals—0.1% | |||
20,000 | 2,3 | Incitec Pivot Finance LLC, Company Guarantee, Series 144A, 4.000%, 12/07/2015 | 20,176 |
35,000 | 2,3 | Incitec Pivot Finance LLC, Company Guarantee, Series 144A, 6.000%, 12/10/2019 | 38,727 |
70,000 | RPM International, Inc., 6.500%, 02/15/2018 | 77,265 | |
20,000 | RPM International, Inc., Sr. Unsecd. Note, 6.125%, 10/15/2019 | 22,557 | |
22,000 | Rohm & Haas Co., 6.000%, 09/15/2017 | 23,964 | |
TOTAL | 182,689 | ||
Basic Industry - Metals & Mining—0.7% | |||
100,000 | Alcoa, Inc., 5.870%, 02/23/2022 | 106,375 | |
80,000 | Allegheny Technologies, Inc., Sr. Note, 9.375%, 06/01/2019 | 90,000 | |
15,000 | Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 04/15/2040 | 12,075 | |
100,000 | Anglogold Ashanti Holdings PLC, Sr. Unsecd. Note, 5.125%, 08/01/2022 | 86,375 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Basic Industry - Metals & Mining—continued | |||
$100,000 | Anglogold Ashanti Holdings PLC, Sr. Unsecd. Note, 8.500%, 07/30/2020 | $102,660 | |
62,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 4.450%, 03/01/2023 | 61,166 | |
40,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 5.200%, 07/15/2021 | 42,305 | |
20,000 | 2,3 | Newcrest Finance Property Ltd., Sr. Unsecd. Note, Series 144A, 4.200%, 10/01/2022 | 18,298 |
100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 04/15/2023 | 99,851 | |
85,000 | Rio Tinto Finance USA Ltd., Company Guarantee, 6.500%, 07/15/2018 | 95,632 | |
150,000 | Rio Tinto Finance USA Ltd., Sr. Unsecd. Note, 2.250%, 12/14/2018 | 150,300 | |
20,000 | Southern Copper Corp., Note, 6.750%, 04/16/2040 | 19,849 | |
160,000 | Worthington Industries, Inc., Sr. Unsecd. Note, 6.500%, 04/15/2020 | 181,711 | |
TOTAL | 1,066,597 | ||
Basic Industry - Paper—0.0% | |||
10,000 | Plum Creek Timberlands LP, Sr. Unsecd. Note, 3.250%, 03/15/2023 | 9,748 | |
20,000 | Plum Creek Timberlands LP, Sr. Unsecd. Note, 4.700%, 03/15/2021 | 21,519 | |
TOTAL | 31,267 | ||
Capital Goods - Aerospace & Defense—0.3% | |||
50,000 | 2,3 | BAE Systems Holdings, Inc, Series 144A, 5.2%, 8/15/2015 | 50,060 |
211,000 | 2,3 | Embraer Overseas Ltd., Sr. Unsecd. Note, Series 144A, 5.696%, 09/16/2023 | 219,967 |
20,000 | Raytheon Co., Sr. Note, 4.400%, 02/15/2020 | 21,967 | |
10,000 | Rockwell Collins, Inc., Sr. Unsecd. Note, 3.100%, 11/15/2021 | 10,362 | |
40,000 | 2,3 | Textron Financial Corp., Jr. Sub. Note, Series 144A, 6.000%, 2/15/2067 | 32,500 |
50,000 | Textron Inc., Sr. Unsecd. Note, 4.300%, 03/01/2024 | 51,724 | |
TOTAL | 386,580 | ||
Capital Goods - Building Materials—0.0% | |||
14,000 | Valmont Industries, Inc., Sr. Unsecd. Note, 6.625%, 04/20/2020 | 16,081 | |
Capital Goods - Construction Machinery—0.0% | |||
40,000 | AGCO Corp., Sr. Unsecd. Note, 5.875%, 12/01/2021 | 44,561 | |
Capital Goods - Diversified Manufacturing—0.3% | |||
15,000 | ABB Finance USA, Inc., Sr. Unsecd. Note, 2.875%, 05/08/2022 | 14,823 | |
15,000 | Avery Dennison Corp., Sr. Unsecd. Note, 5.375%, 04/15/2020 | 16,413 | |
60,000 | Dover Corp., Note, 5.450%, 03/15/2018 | 65,968 | |
30,000 | Emerson Electric Co., 4.875%, 10/15/2019 | 33,269 | |
200,000 | General Electric Co., Sr. Unsecd. Note, 4.125%, 10/09/2042 | 197,797 | |
80,000 | Hubbell, Inc., 5.950%, 06/01/2018 | 89,139 | |
50,000 | Pentair, Ltd., Company Guarantee, 5.000%, 05/15/2021 | 54,949 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Capital Goods - Diversified Manufacturing—continued | |||
$15,000 | Thomas & Betts Corp., Sr. Unsecd. Note, 5.625%, 11/15/2021 | $17,601 | |
TOTAL | 489,959 | ||
Capital Goods - Environmental—0.1% | |||
85,000 | Republic Services, Inc., Company Guarantee, 5.5%, 9/15/2019 | 95,019 | |
Capital Goods - Packaging—0.0% | |||
45,000 | Packaging Corp. of America, Sr. Unsecd. Note, 3.900%, 06/15/2022 | 45,500 | |
10,000 | Rock-Tenn Co., Sr. Unsecd. Note, 4.000%, 03/01/2023 | 10,234 | |
10,000 | Rock-Tenn Co., Sr. Unsecd. Note, 4.450%, 03/01/2019 | 10,644 | |
TOTAL | 66,378 | ||
Communications - Cable & Satellite—0.2% | |||
200,000 | 2,3 | CCO Safari II LLC, Series 144A, 4.908%, 7/23/2025 | 200,455 |
90,000 | NBC Universal, Inc., Sr. Unsecd. Note, 5.150%, 04/30/2020 | 101,214 | |
30,000 | Time Warner Cable, Inc., Company Guarantee, 8.250%, 04/01/2019 | 35,314 | |
TOTAL | 336,983 | ||
Communications - Media & Entertainment—0.4% | |||
75,000 | 21st Century Fox America, 8%, 10/17/2016 | 80,946 | |
75,000 | 21st Century Fox America, Inc., Sr. Unsecd. Note, 5.400%, 10/01/2043 | 81,479 | |
30,000 | Interpublic Group of Cos., Inc., Sr. Unsecd. Note, 2.250%, 11/15/2017 | 30,201 | |
25,000 | Moody's Corp., Sr. Unsecd. Note, 5.500%, 09/01/2020 | 28,170 | |
20,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.625%, 05/01/2022 | 20,238 | |
100,000 | 2,3 | Pearson Funding Two PLC, Sr. Unsecd. Note, Series 144A, 4.000%, 05/17/2016 | 102,314 |
30,000 | Viacom, Inc., 2.500%, 09/01/2018 | 30,256 | |
25,000 | Viacom, Inc., Sr. Unsecd. Note, 2.500%, 12/15/2016 | 25,340 | |
100,000 | Viacom, Inc., Sr. Unsecd. Note, 3.875%, 04/01/2024 | 97,110 | |
150,000 | WPP Finance 2010, Sr. Unsecd. Note, 5.625%, 11/15/2043 | 161,141 | |
TOTAL | 657,195 | ||
Communications - Telecom Wireless—0.3% | |||
100,000 | American Tower Corp., Sr. Unsecd. Note, 3.400%, 02/15/2019 | 102,232 | |
50,000 | American Tower Corp., Sr. Unsecd. Note, 4.500%, 01/15/2018 | 52,647 | |
100,000 | 2,3 | Crown Castle Towers LLC, Sr. Secd. Note, Series 144A, 5.495%, 01/15/2017 | 103,071 |
90,000 | Orange SA, Sr. Unsecd. Note, 5.375%, 07/08/2019 | 100,515 | |
30,000 | 2,3 | SBA Tower Trust, Series 144A, 5.101%, 04/17/2017 | 31,052 |
90,000 | Telefonaktiebolaget LM Ericsson, Sr. Unsecd. Note, 4.125%, 05/15/2022 | 93,997 | |
TOTAL | 483,514 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Communications - Telecom Wirelines—0.2% | |||
$10,000 | CenturyLink, Inc., Sr. Unsecd. Note, 7.65%, 3/15/2042 | $8,900 | |
90,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 03/15/2024 | 92,987 | |
175,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 5.150%, 09/15/2023 | 193,139 | |
60,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 6.350%, 04/01/2019 | 68,620 | |
TOTAL | 363,646 | ||
Consumer Cyclical - Automotive—0.5% | |||
175,000 | American Honda Finance Co, Series MTN, 0.455%, 7/14/2017 | 175,027 | |
175,000 | American Honda Finance Co, Unsecd. Deb., Series MTN, 2.25%, 8/15/2019 | 176,467 | |
10,000 | DaimlerChrysler North America Holding Corp., Company Guarantee, 8.500%, 01/18/2031 | 14,948 | |
100,000 | Ford Motor Co., Sr. Unsecd. Note, 4.750%, 01/15/2043 | 98,798 | |
20,000 | 2,3 | Harley-Davidson Financial Services, Inc., Company Guarantee, Series 144A, 3.875%, 03/15/2016 | 20,373 |
10,000 | 2,3 | Harley-Davidson Financial Services, Inc., Sr. Unsecd. Note, Series 144A, 2.700%, 03/15/2017 | 10,224 |
100,000 | 2,3 | Hyundai Capital America, Sr. Unsecd. Note, Series 144A, 2.875%, 08/09/2018 | 102,337 |
65,000 | 2,3 | RCI Banque SA, Sr. Unsecd. Note, Series 144A, 3.5%, 4/03/2018 | 67,489 |
20,000 | 2,3 | RCI Banque SA, Sr. Unsecd. Note, Series 144A, 4.600%, 04/12/2016 | 20,454 |
TOTAL | 686,117 | ||
Consumer Cyclical - Leisure—0.2% | |||
200,000 | 2 | Football Trust V, Pass Thru Cert., Series 144A, 5.35%, 10/05/2020 | 221,747 |
Consumer Cyclical - Lodging—0.1% | |||
30,000 | Hyatt Hotels Corp., Sr. Unsecd. Note, 3.375%, 07/15/2023 | 29,464 | |
50,000 | Marriott International, Inc., Sr. Unsecd. Note, 3.000%, 03/01/2019 | 51,329 | |
TOTAL | 80,793 | ||
Consumer Cyclical - Retailers—0.4% | |||
50,000 | Advance Auto Parts, Inc., 4.5%, 12/01/2023 | 52,476 | |
250,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.25%, 4/15/2025 | 242,642 | |
10,000 | O'Reilly Automotive, Inc., Company Guarantee, 4.875%, 01/14/2021 | 11,003 | |
35,000 | Wal-Mart Stores, Inc., Sr. Unsecd. Note, 3.300%, 04/22/2024 | 35,669 | |
300,000 | Wal-Mart Stores, Inc., Sr. Unsecd. Note, 4.300%, 04/22/2044 | 311,747 | |
TOTAL | 653,537 | ||
Consumer Cyclical - Services—0.1% | |||
65,000 | Expedia, Inc., Company Guarantee, 5.950%, 08/15/2020 | 72,484 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Consumer Cyclical - Services—continued | |||
$10,000 | University of Southern California, Sr. Unsecd. Note, 5.250%, 10/01/2111 | $12,254 | |
TOTAL | 84,738 | ||
Consumer Non-Cyclical - Food/Beverage—0.4% | |||
100,000 | Bottling Group LLC, Note, 5.500%, 04/01/2016 | 103,243 | |
200,000 | 2,3 | Kerry Group Financial Services, Sr. Unsecd. Note, Series 144A, 3.200%, 04/09/2023 | 195,164 |
25,000 | Mondelez International, Inc., Sr. Unsecd. Note, 4.000%, 02/01/2024 | 25,980 | |
150,000 | PepsiCo, Inc., 2.75%, 4/30/2025 | 144,591 | |
30,000 | The Coca-Cola Co., Sr. Unsecd. Note, 1.8%, 9/01/2016 | 30,335 | |
50,000 | Tyson Foods, Inc., Sr. Unsecd. Note, 4.500%, 06/15/2022 | 53,190 | |
TOTAL | 552,503 | ||
Consumer Non-Cyclical - Health Care—0.1% | |||
10,000 | Laboratory Corp. of America Holdings, Sr. Unsecd. Note, 3.750%, 08/23/2022 | 10,216 | |
70,000 | Stryker Corp., Sr. Unsecd. Note, 1.300%, 04/01/2018 | 69,564 | |
10,000 | Zimmer Holdings, Inc., Sr. Note, 5.750%, 11/30/2039 | 11,379 | |
TOTAL | 91,159 | ||
Consumer Non-Cyclical - Pharmaceuticals—0.2% | |||
10,000 | Dentsply International, Inc., Sr. Unsecd. Note, 2.750%, 08/15/2016 | 10,150 | |
300,000 | Eli Lilly & Co., 3.7%, 3/01/2045 | 279,253 | |
30,000 | Pfizer, Inc., Sr. Unsecd. Note, 6.200%, 03/15/2019 | 34,374 | |
TOTAL | 323,777 | ||
Consumer Non-Cyclical - Products—0.0% | |||
10,000 | Clorox Co., Sr. Unsecd. Note, 3.550%, 11/01/2015 | 10,072 | |
Consumer Non-Cyclical - Tobacco—0.1% | |||
24,000 | Altria Group, Inc., 9.250%, 08/06/2019 | 30,014 | |
30,000 | Altria Group, Inc., Sr. Unsecd. Note, 4.000%, 01/31/2024 | 30,985 | |
30,000 | Philip Morris International, Inc., 5.650%, 05/16/2018 | 33,245 | |
TOTAL | 94,244 | ||
Energy - Independent—0.2% | |||
30,000 | EOG Resources, Inc., Note, 5.625%, 06/01/2019 | 33,795 | |
25,000 | Petroleos Mexicanos, Sr. Unsecd. Note, 4.875%, 1/18/2024 | 25,747 | |
75,000 | XTO Energy, Inc., 6.375%, 06/15/2038 | 102,850 | |
60,000 | XTO Energy, Inc., 6.750%, 08/01/2037 | 85,947 | |
TOTAL | 248,339 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Energy - Integrated—0.3% | |||
$30,000 | BP Capital Markets America, Inc., Company Guarantee, 4.200%, 06/15/2018 | $31,987 | |
20,000 | BP Capital Markets PLC, Company Guarantee, 3.125%, 10/01/2015 | 20,079 | |
75,000 | Husky Energy, Inc., 4.000%, 04/15/2024 | 73,553 | |
100,000 | Husky Oil Ltd., Deb., 7.550%, 11/15/2016 | 106,914 | |
90,000 | Petrobras Global Finance BV, Sr. Unsecd. Note, 4.375%, 05/20/2023 | 75,730 | |
50,000 | Petrobras International Finance Co., Sr. Unsecd. Note, 5.375%, 1/27/2021 | 46,673 | |
50,000 | Phillips 66, Sr. Unsecd. Note, 4.300%, 04/01/2022 | 52,804 | |
TOTAL | 407,740 | ||
Energy - Midstream—0.4% | |||
100,000 | Energy Transfer Partners , Sr. Unsecd. Note, 4.05%, 3/15/2025 | 93,664 | |
75,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.900%, 02/01/2024 | 75,143 | |
10,000 | 2,3 | Florida Gas Transmission Co. LLC, Sr. Unsecd. Note, Series 144A, 5.450%, 07/15/2020 | 11,094 |
150,000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, 5.000%, 03/01/2043 | 128,544 | |
100,000 | Kinder Morgan, Inc., 5.05%, 2/15/2046 | 85,467 | |
20,000 | 2,3 | Texas Eastern Transmission LP, Sr. Unsecd. Note, Series 144A, 2.800%, 10/15/2022 | 18,772 |
200,000 | Williams Partners LP, 5.1%, 9/15/2045 | 174,929 | |
40,000 | Williams Partners LP, 5.250%, 03/15/2020 | 43,440 | |
30,000 | Williams Partners LP, Sr. Unsecd. Note, 4.125%, 11/15/2020 | 31,099 | |
TOTAL | 662,152 | ||
Energy - Oil Field Services—0.1% | |||
15,000 | Nabors Industries, Inc., Company Guarantee, 5.000%, 09/15/2020 | 15,611 | |
20,000 | Nabors Industries, Inc., Sr. Unsecd. Note, 4.625%, 09/15/2021 | 19,652 | |
50,000 | Nabors Industries, Inc., Sr. Unsecd. Note, 5.100%, 09/15/2023 | 50,091 | |
15,000 | Noble Holding International Ltd., Company Guarantee, 4.900%, 08/01/2020 | 14,483 | |
TOTAL | 99,837 | ||
Energy - Refining—0.1% | |||
10,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 03/01/2041 | 11,342 | |
30,000 | Valero Energy Corp., 7.500%, 04/15/2032 | 36,930 | |
10,000 | Valero Energy Corp., 9.375%, 03/15/2019 | 12,317 | |
95,000 | Valero Energy Corp., Sr. Unsecd. Note, 6.625%, 06/15/2037 | 109,089 | |
TOTAL | 169,678 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Banking—2.8% | |||
$74,000 | American Express Co., 2.650%, 12/02/2022 | $71,333 | |
50,000 | American Express Credit Corp., Sr. Unsecd. Note, Series MTN, 2.800%, 09/19/2016 | 51,017 | |
40,000 | Associated Banc-Corp., Sr. Unsecd. Note, 5.125%, 03/28/2016 | 40,779 | |
50,000 | BB&T Corp., Sr. Unsecd. Note, Series MTN, 2.250%, 02/01/2019 | 50,407 | |
100,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 5%, 5/13/2021 | 110,204 | |
200,000 | Bank of America Corp., Sub. Note, Series L, 3.95%, 4/21/2025 | 195,051 | |
50,000 | Bank of Montreal, Sr. Unsecd. Note, Series MTN, 1.450%, 04/09/2018 | 49,797 | |
250,000 | Branch Banking & Trust Co., Sub. Note, 3.8%, 10/30/2026 | 255,340 | |
250,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.3%, 4/27/2025 | 242,744 | |
20,000 | Citigroup, Inc., Sr. Unsecd. Note, 4.450%, 01/10/2017 | 20,845 | |
25,000 | City National Corp., Sr. Unsecd. Note, 5.250%, 09/15/2020 | 28,379 | |
30,000 | Comerica, Inc., 3.8%, 7/22/2026 | 29,594 | |
40,000 | Deutsche Bank AG London, Sr. Unsecd. Note, 3.250%, 01/11/2016 | 40,416 | |
200,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 1.350%, 06/01/2017 | 199,794 | |
80,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 2.875%, 7/27/2020 | 80,411 | |
20,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 3.625%, 01/25/2016 | 20,263 | |
275,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.625%, 01/22/2023 | 278,134 | |
25,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.125%, 02/15/2033 | 30,189 | |
30,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.150%, 04/01/2018 | 33,275 | |
150,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.250%, 02/01/2041 | 180,966 | |
50,000 | HSBC Holdings PLC, Sr. Unsecd. Note, 5.100%, 04/05/2021 | 55,724 | |
200,000 | HSBC Holdings PLC, Sub. Note, 5.250%, 03/14/2044 | 211,114 | |
250,000 | Huntington National Bank, Sr. Unsecd. Note, 2.200%, 04/01/2019 | 249,238 | |
175,000 | J.P. Morgan Chase & Co., Sr. Unsecd. Note, 4.850%, 02/01/2044 | 186,082 | |
400,000 | J.P. Morgan Chase & Co., Sub. Note, 3.375%, 05/01/2023 | 392,882 | |
250,000 | Manufacturers & Traders T, Sr. Unsecd. Note, Series BKNT, 0.595%, 7/25/2017 | 248,959 | |
65,000 | Morgan Stanley, Sr. Unsecd. Note, 4.750%, 03/22/2017 | 68,503 | |
150,000 | Morgan Stanley, Sr. Unsecd. Note, 6.375%, 07/24/2042 | 188,778 | |
175,000 | Morgan Stanley, Sub. Note, Series MTN, 4.1%, 5/22/2023 | 178,151 | |
20,000 | Murray Street Investment Trust I, Sr. Unsecd. Note, 4.647%, 03/09/2017 | 20,944 | |
100,000 | 2,3 | Santander US Debt SA Unipersonal, Bank Guarantee, Series 144A, 3.781%, 10/07/2015 | 100,482 |
30,000 | Wachovia Corp., Sr. Unsecd. Note, Series MTN, 5.75%, 2/01/2018 | 33,017 | |
70,000 | Westpac Banking Corp., Sr. Unsecd. Note, 4.875%, 11/19/2019 | 77,707 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Banking—continued | |||
$100,000 | Wilmington Trust Corp., Sub. Note, 8.500%, 04/02/2018 | $115,682 | |
TOTAL | 4,136,201 | ||
Financial Institution - Broker/Asset Mgr/Exchange—0.2% | |||
80,000 | Janus Capital Group, Inc., Sr. Note, 6.700%, 06/15/2017 | 86,857 | |
40,000 | Jefferies Group LLC, Sr. Unsecd. Note, 6.500%, 01/20/2043 | 40,293 | |
125,000 | Jefferies Group LLC, Sr. Unsecd. Note, 6.875%, 04/15/2021 | 143,427 | |
13,000 | Raymond James Financial, Inc., Sr. Unsecd. Note, 5.625%, 04/01/2024 | 14,673 | |
TOTAL | 285,250 | ||
Financial Institution - Finance Companies—0.0% | |||
30,000 | General Electric Capital , Sr. Unsecd. Note, 3.1%, 1/09/2023 | 30,192 | |
Financial Institution - Insurance - Health—0.1% | |||
45,000 | UnitedHealth Group, Inc., Sr. Unsecd. Note, 4.75%, 07/15/2045 | 47,340 | |
50,000 | Wellpoint, Inc., 5.850%, 01/15/2036 | 54,164 | |
TOTAL | 101,504 | ||
Financial Institution - Insurance - Life—0.8% | |||
200,000 | Aflac, Inc., Sr. Unsecd. Note, 3.625%, 06/15/2023 | 203,706 | |
10,000 | Aflac, Inc., Sr. Unsecd. Note, 6.900%, 12/17/2039 | 12,869 | |
25,000 | American International Group, Inc., 4.5%, 7/16/2044 | 24,225 | |
35,000 | American International Group, Inc., Sr. Unsecd. Note, 4.125%, 02/15/2024 | 36,367 | |
150,000 | American International Group, Inc., Sr. Unsecd. Note, 6.250%, 05/01/2036 | 180,599 | |
10,000 | Lincoln National Corp., Sr. Unsecd. Note, 4.200%, 03/15/2022 | 10,593 | |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.75%, 8/01/2039 | 15,855 | |
250,000 | MetLife, Inc., Sr. Unsecd. Note, 3.600%, 04/10/2024 | 252,545 | |
250,000 | MetLife, Inc., Sr. Unsecd. Note, 4.05%, 3/01/2045 | 236,240 | |
15,000 | 2,3 | Penn Mutual Life Insurance Co., Sr. Note, Series 144A, 7.625%, 06/15/2040 | 20,383 |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.125%, 05/15/2023 | 9,852 | |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.300%, 09/15/2022 | 10,023 | |
150,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 5.625%, 05/12/2041 | 169,346 | |
50,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040 | 59,743 | |
TOTAL | 1,242,346 | ||
Financial Institution - Insurance - P&C—0.3% | |||
1,000 | ACE INA Holdings, Inc., Sr. Note, 5.700%, 02/15/2017 | 1,068 | |
75,000 | CNA Financial Corp., 6.500%, 08/15/2016 | 78,993 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Insurance - P&C—continued | |||
$30,000 | CNA Financial Corp., Sr. Unsecd. Note, 7.350%, 11/15/2019 | $35,557 | |
20,000 | Chubb Corp., Sr. Note, 5.750%, 05/15/2018 | 22,296 | |
100,000 | 2,3 | Liberty Mutual Group, Inc., 4.85%, Series 144A, 8/01/2044 | 98,394 |
65,000 | 2,3 | Nationwide Mutual Insurance Co., Sub. Note, Series 144A, 9.375%, 08/15/2039 | 100,127 |
50,000 | The Travelers Cos., Inc., Sr. Unsecd. Note, 5.500%, 12/01/2015 | 50,812 | |
TOTAL | 387,247 | ||
Financial Institution - REIT - Apartment—0.0% | |||
20,000 | Post Apartment Homes LP, Sr. Unsecd. Note, 3.375%, 12/01/2022 | 19,520 | |
10,000 | UDR, Inc., Company Guarantee, 4.625%, 01/10/2022 | 10,773 | |
TOTAL | 30,293 | ||
Financial Institution - REIT - Healthcare—0.1% | |||
40,000 | Health Care REIT, Inc., Sr. Unsecd. Note, 6.125%, 04/15/2020 | 45,806 | |
50,000 | Healthcare Trust of America, 3.700%, 04/15/2023 | 48,844 | |
TOTAL | 94,650 | ||
Financial Institution - REIT - Office—0.1% | |||
50,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.900%, 06/15/2023 | 49,957 | |
50,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 4.600%, 04/01/2022 | 53,148 | |
55,000 | Boston Properties LP, Sr. Unsecd. Note, 5.875%, 10/15/2019 | 62,634 | |
TOTAL | 165,739 | ||
Financial Institution - REIT - Other—0.1% | |||
75,000 | Liberty Property LP, 6.625%, 10/01/2017 | 82,449 | |
50,000 | ProLogis LP, Sr. Unsecd. Note, 3.350%, 02/01/2021 | 50,488 | |
75,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 04/01/2024 | 76,032 | |
TOTAL | 208,969 | ||
Financial Institution - REIT - Retail—0.1% | |||
20,000 | Equity One, Inc., Bond, 6.000%, 09/15/2017 | 21,666 | |
20,000 | Regency Centers LP, Company Guarantee, 4.800%, 04/15/2021 | 21,793 | |
30,000 | Tanger Properties LP, Sr. Unsecd. Note, 6.125%, 06/01/2020 | 34,328 | |
TOTAL | 77,787 | ||
Financial Institution - REITs—0.2% | |||
240,000 | Host Hotels & Resorts LP, Sr. Unsecd. Note, Series E, 4%, 6/15/2025 | 238,195 | |
Sovereign—0.0% | |||
30,000 | Corp Andina De Fomento, Sr. Unsecd. Note, 4.375%, 06/15/2022 | 32,642 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Technology—0.4% | |||
$15,000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 3.200%, 10/01/2022 | $14,729 | |
45,000 | Apple, Inc., Sr. Unsecd. Note, 1.000%, 05/03/2018 | 44,562 | |
30,000 | Apple, Inc., Sr. Unsecd. Note, 2.400%, 05/03/2023 | 28,718 | |
115,000 | Autodesk, Inc., Sr. Unsecd. Note, 4.375%, 6/15/2025 | 116,617 | |
60,000 | Cisco Systems, Inc., Sr. Unsecd. Note, 5.500%, 02/22/2016 | 61,677 | |
20,000 | Corning, Inc., Unsecd. Note, 4.750%, 03/15/2042 | 20,964 | |
100,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.500%, 04/15/2023 | 98,062 | |
20,000 | Hewlett-Packard Co., Sr. Unsecd. Note, 3.300%, 12/09/2016 | 20,474 | |
20,000 | Ingram Micro, Inc., Sr. Unsecd. Note, 5.000%, 08/10/2022 | 21,029 | |
30,000 | Intel Corp., Sr. Unsecd. Note, 4.9%, 7/29/2045 | 30,974 | |
10,000 | Juniper Networks, Inc., Sr. Unsecd. Note, 5.950%, 03/15/2041 | 10,246 | |
10,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 09/12/2022 | 10,167 | |
25,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.875%, 01/15/2019 | 26,721 | |
50,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 5.5%, 6/15/2045 | 50,302 | |
20,000 | Xerox Corp., Sr. Unsecd. Note, 2.950%, 03/15/2017 | 20,429 | |
TOTAL | 575,671 | ||
Transportation - Airlines—0.1% | |||
130,000 | Southwest Airlines Co., Sr. Unsecd. Note, 5.125%, 03/01/2017 | 137,584 | |
Transportation - Railroads—0.1% | |||
50,000 | Burlington Northern Santa Fe Corp., Deb., 5.750%, 05/01/2040 | 59,482 | |
30,000 | Kansas City Southern de Mexico SA de CV, Sr. Unsecd. Note, 3.000%, 05/15/2023 | 29,041 | |
TOTAL | 88,523 | ||
Transportation - Services—0.1% | |||
90,000 | 2,3 | Enterprise Rent-A-Car USA Finance Co., Series 144A, 6.375%, 10/15/2017 | 98,867 |
50,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.450%, 11/15/2018 | 50,715 | |
30,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 3.125%, 01/15/2021 | 30,922 | |
TOTAL | 180,504 | ||
Utility - Electric—0.4% | |||
5,000 | Consolidated Edison Co., Sr. Unsecd. Note, 6.650%, 04/01/2019 | 5,784 | |
70,000 | 2,3 | Electricite de France SA, Note, Series 144A, 5.600%, 01/27/2040 | 80,396 |
100,000 | Exelon Generation Co. LLC, Sr. Unsecd. Note, 4.250%, 06/15/2022 | 103,046 | |
10,000 | Great Plains Energy, Inc., Note, 4.850%, 06/01/2021 | 11,017 | |
9,600 | 2,3 | Great River Energy, 1st Mtg. Note, Series 144A, 5.829%, 7/01/2017 | 9,985 |
25,000 | National Rural Utilities, Sr. Unsecd. Note, Series MTNC, 8%, 3/01/2032 | 35,127 |
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 | $50,559 | |
80,000 | Northern States Power Co., MN, 1st Mtg. Bond, 5.250%, 03/01/2018 | 87,860 | |
25,000 | PSEG Power LLC, Sr. Unsecd. Note, 4.300%, 11/15/2023 | 25,959 | |
75,000 | PSI Energy, Inc., Bond, 6.050%, 06/15/2016 | 78,313 | |
50,000 | Progress Energy, Inc., 7.050%, 03/15/2019 | 58,076 | |
10,000 | TECO Finance, Inc., Company Guarantee, 5.150%, 03/15/2020 | 11,195 | |
40,000 | UIL Holdings Corp., Sr. Unsecd. Note, 4.625%, 10/01/2020 | 42,789 | |
TOTAL | 600,106 | ||
Utility - Natural Gas—0.2% | |||
20,000 | Atmos Energy Corp., 8.500%, 03/15/2019 | 24,290 | |
100,000 | Atmos Energy Corp., Sr. Unsecd. Note, 4.125%, 10/15/2044 | 96,870 | |
50,000 | Enbridge Energy Partners LP, Sr. Unsecd. Note, 4.200%, 09/15/2021 | 51,288 | |
40,000 | Enbridge, Inc., Sr. Note, 5.600%, 04/01/2017 | 42,375 | |
65,000 | National Fuel Gas Co., Sr. Unsecd. Note, 3.750%, 03/01/2023 | 61,093 | |
55,000 | Sempra Energy, Sr. Unsecd. Note, 6.500%, 06/01/2016 | 57,436 | |
TOTAL | 333,352 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $17,097,564) | 17,553,657 | ||
MORTGAGE-BACKED SECURITY—0.0% | |||
Federal National Mortgage Association—0.0% | |||
1,927 | Federal National Mortgage Association Pool 609554, 7.500%, 10/1/2016 (IDENTIFIED COST $1,998) | 1,987 | |
MUNICIPAL BOND—0.1% | |||
Municipal Services—0.1% | |||
70,000 | Chicago, IL Metropolitan Water Reclamation District, Direct Payment Taxable Limited GO Build America Bonds, 5.720%, 12/01/2038 (IDENTIFIED COST $70,000) | 83,082 | |
U.S. TREASURY—1.2% | |||
300,000 | United States Treasury Note, 1.625%, 12/31/2019 | 302,470 | |
285,000 | United States Treasury Note, 2.125%, 5/15/2025 | 283,352 | |
210,000 | United States Treasury Note, 2.250%, 11/15/2024 | 211,283 | |
65,630 | U.S. Treasury Inflation-Protected Bond, 0.750%, 2/15/2045 | 60,841 | |
360,131 | U.S. Treasury Inflation-Protected Bond, Series TIPS of, 1.375%, 2/15/2044 | 389,251 | |
420,204 | U.S. Treasury Inflation-Protected Note, Series A-2022, 0.125%, 1/15/2022 | 414,991 |
Shares or Principal Amount | Value | ||
U.S. TREASURY—continued | |||
$175,236 | 5 | U.S. Treasury Inflation-Protected Note, Series D-2024, 0.125%, 7/15/2024 | $170,536 |
TOTAL U.S. TREASURY (IDENTIFIED COST $1,863,499) | 1,832,724 | ||
EXCHANGE-TRADED FUNDS—12.1% | |||
239,500 | iShares Currency Hedged MSCI EAFE ETF | 6,665,285 | |
172,000 | iShares MSCI EAFE ETF | 11,142,160 | |
TOTAL EXCHANGE-TRADED FUNDS (IDENTIFIED COST $18,318,114) | 17,807,445 | ||
INVESTMENT COMPANIES—19.2%6 | |||
33,683 | Emerging Markets Fixed Income Core Fund | 1,181,677 | |
117,879 | Federated Bank Loan Core Fund | 1,192,938 | |
1,325,624 | Federated Mortgage Core Portfolio | 13,163,446 | |
5,521,116 | 7 | Federated Prime Value Obligations Fund, Institutional Shares, 0.11% | 5,521,116 |
241,956 | Federated Project and Trade Finance Core Fund | 2,259,873 | |
811,201 | High Yield Bond Portfolio | 5,110,565 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $28,986,855) | 28,429,615 | ||
TOTAL INVESTMENTS—99.6% (IDENTIFIED COST $139,418,009)8 | 147,314,039 | ||
OTHER ASSETS AND LIABILITIES - NET—0.4%9 | 635,910 | ||
TOTAL NET ASSETS—100% | $147,949,949 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation (Depreciation) |
1United States Treasury Note 2-Year Long Futures | 60 | $13,143,750 | September 2015 | $11,425 |
1United States Treasury Note 5-Year Short Futures | 20 | $2,396,875 | September 2015 | $(15,516) |
1United States Treasury Note 10-Year Short Futures | 35 | $4,460,313 | September 2015 | $(47,097) |
1United States Treasury Ultra Bond Short Futures | 1 | $159,531 | September 2015 | $(1,907) |
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $(53,095) |
1 | Non-income-producing security. |
2 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At July 31, 2015, these restricted securities amounted to $2,853,301, which represented 1.9% of total net assets. |
3 | Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At July 31, 2015, these liquid restricted securities amounted to $2,631,554, which represented 1.8% of total net assets. |
4 | JPMorgan Chase & Co. has fully and unconditionally guaranteed Bear Stearns' outstanding registered debt securities. |
5 | 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. |
6 | Affiliated holdings. |
7 | 7-day net yield. |
8 | The cost of investments for federal tax purposes amounts to $139,250,995. |
9 | 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 | $74,400,932 | $— | $— | $74,400,932 |
International | 3,013,260 | — | — | 3,013,260 |
Debt Securities: | ||||
Asset-Backed Securities | — | 1,653,055 | — | 1,653,055 |
Collateralized Mortgage Obligations | — | 2,538,282 | — | 2,538,282 |
Corporate Bonds | — | 17,553,657 | — | 17,553,657 |
Mortgage-Backed Security | — | 1,987 | — | 1,987 |
Municipal Bond | — | 83,082 | — | 83,082 |
U.S. Treasury | — | 1,832,724 | — | 1,832,724 |
Exchange-Traded Funds | 17,807,445 | — | — | 17,807,445 |
Investment Companies1 | 5,521,116 | 22,908,4992 | — | 28,429,615 |
TOTAL SECURITIES | $100,742,753 | $46,571,286 | $— | $147,314,039 |
OTHER FINANCIAL INSTRUMENTS3 | $(53,095) | $— | $— | $(53,095) |
1 | Emerging Markets Fixed Income Core Fund, Federated Bank Loan 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 the 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 $19,618,362 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 |
REMIC | —Real Estate Mortgage Investment Conduit |
REIT | —Real Estate Investment Trust |
TIPS | —Treasury Inflation-Protected Notes |
Year Ended July 31 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $16.07 | $14.35 | $12.20 | $12.17 | $10.86 |
Income From Investment Operations: | |||||
Net investment income | 0.201 | 0.171 | 0.141 | 0.171 | 0.151 |
Net realized and unrealized gain on investments, futures contracts, swap contracts and foreign currency transactions | 0.74 | 1.70 | 2.19 | 0.02 | 1.33 |
TOTAL FROM INVESTMENT OPERATIONS | 0.94 | 1.87 | 2.33 | 0.19 | 1.48 |
Less Distributions: | |||||
Distributions from net investment income | (0.18) | (0.15) | (0.18) | (0.16) | (0.17) |
Net Asset Value, End of Period | $16.83 | $16.07 | $14.35 | $12.20 | $12.17 |
Total Return2 | 5.89% | 13.06% | 19.28% | 1.65% | 13.67% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.30% | 1.30% | 1.30% | 1.30% | 1.28% |
Net investment income | 1.21% | 1.10% | 1.10% | 1.43% | 1.27% |
Expense waiver/reimbursement3 | 0.09% | 0.10% | 0.11% | 0.28% | 0.23% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $62,555 | $55,634 | $50,340 | $48,774 | $57,358 |
Portfolio turnover | 89% | 34% | 105% | 149% | 139% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended July 31 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $15.84 | $14.16 | $12.03 | $11.99 | $10.70 |
Income From Investment Operations: | |||||
Net investment income | 0.071 | 0.051 | 0.041 | 0.081 | 0.061 |
Net realized and unrealized gain on investments, futures contracts, swap contracts and foreign currency transactions | 0.74 | 1.67 | 2.16 | 0.03 | 1.31 |
TOTAL FROM INVESTMENT OPERATIONS | 0.81 | 1.72 | 2.20 | 0.11 | 1.37 |
Less Distributions: | |||||
Distributions from net investment income | (0.06) | (0.04) | (0.07) | (0.07) | (0.08) |
Net Asset Value, End of Period | $16.59 | $15.84 | $14.16 | $12.03 | $11.99 |
Total Return2 | 5.12% | 12.14% | 18.41% | 0.93% | 12.85% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.05% | 2.05% | 2.05% | 2.05% | 2.04% |
Net investment income | 0.45% | 0.34% | 0.36% | 0.68% | 0.52% |
Expense waiver/reimbursement3 | 0.06% | 0.07% | 0.08% | 0.24% | 0.19% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $31,571 | $34,522 | $35,450 | $34,193 | $45,512 |
Portfolio turnover | 89% | 34% | 105% | 149% | 139% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended July 31 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $16.05 | $14.33 | $12.17 | $12.12 | $10.83 |
Income From Investment Operations: | |||||
Net investment income | 0.161 | 0.131 | 0.091 | 0.111 | 0.091 |
Net realized and unrealized gain on investments, futures contracts, swap contracts and foreign currency transactions | 0.74 | 1.69 | 2.19 | 0.03 | 1.32 |
TOTAL FROM INVESTMENT OPERATIONS | 0.90 | 1.82 | 2.28 | 0.14 | 1.41 |
Less Distributions: | |||||
Distributions from net investment income | (0.15) | (0.10) | (0.12) | (0.09) | (0.12) |
Net Asset Value, End of Period | $16.80 | $16.05 | $14.33 | $12.17 | $12.12 |
Total Return2 | 5.61% | 12.72% | 18.84% | 1.19% | 13.08% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.56% | 1.57% | 1.69% | 1.80% | 1.79% |
Net investment income | 0.96% | 0.84% | 0.70% | 0.93% | 0.77% |
Expense waiver/reimbursement3 | 0.03% | 0.05% | 0.06% | 0.22% | 0.17% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $532 | $464 | $417 | $526 | $665 |
Portfolio turnover | 89% | 34% | 105% | 149% | 139% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended July 31 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $16.11 | $14.39 | $12.23 | $12.21 | $10.90 |
Income From Investment Operations: | |||||
Net investment income | 0.241 | 0.211 | 0.181 | 0.201 | 0.181 |
Net realized and unrealized gain on investments, futures contracts, swap contracts and foreign currency transactions | 0.74 | 1.69 | 2.19 | 0.02 | 1.34 |
TOTAL FROM INVESTMENT OPERATIONS | 0.98 | 1.90 | 2.37 | 0.22 | 1.52 |
Less Distributions: | |||||
Distributions from net investment income | (0.22) | (0.18) | (0.21) | (0.20) | (0.21) |
Net Asset Value, End of Period | $16.87 | $16.11 | $14.39 | $12.23 | $12.21 |
Total Return2 | 6.13% | 13.30% | 19.63% | 1.87% | 13.99% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.05% | 1.05% | 1.05% | 1.05% | 1.04% |
Net investment income | 1.46% | 1.35% | 1.35% | 1.69% | 1.52% |
Expense waiver/reimbursement3 | 0.04% | 0.06% | 0.07% | 0.23% | 0.18% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $53,291 | $49,667 | $46,365 | $43,341 | $47,473 |
Portfolio turnover | 89% | 34% | 105% | 149% | 139% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Total investment in securities, at value including $28,429,615 of investment in affiliated holdings (Note 5) (identified cost $139,418,009) | $147,314,039 | |
Restricted cash (Note 2) | 37,190 | |
Income receivable | 298,148 | |
Receivable for investments sold | 933,585 | |
Receivable for shares sold | 118,307 | |
TOTAL ASSETS | 148,701,269 | |
Liabilities: | ||
Payable for investments purchased | $392,411 | |
Payable for shares redeemed | 124,800 | |
Bank overdraft | 1,250 | |
Payable for daily variation margin | 51,134 | |
Payable for transfer agent fee (Note 2) | 24,149 | |
Payable for auditing fees | 29,400 | |
Payable for distribution services fee (Note 5) | 20,222 | |
Payable for other service fees (Notes 2 and 5) | 49,126 | |
Payable for share registration costs | 35,840 | |
Accrued expenses (Note 5) | 22,988 | |
TOTAL LIABILITIES | 751,320 | |
Net assets for 8,810,512 shares outstanding | $147,949,949 | |
Net Assets Consist of: | ||
Paid-in capital | $153,132,776 | |
Net unrealized appreciation of investments and futures contracts | 7,842,935 | |
Accumulated net realized loss on investments and futures contracts | (14,128,840) | |
Undistributed net investment income | 1,103,078 | |
TOTAL NET ASSETS | $147,949,949 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($62,555,497 ÷ 3,717,603 shares outstanding), no par value, unlimited shares authorized | $16.83 | |
Offering price per share (100/94.50 of $16.83) | $17.81 | |
Redemption proceeds per share | $16.83 | |
Class C Shares: | ||
Net asset value per share ($31,571,239 ÷ 1,903,228 shares outstanding), no par value, unlimited shares authorized | $16.59 | |
Offering price per share | $16.59 | |
Redemption proceeds per share (99.00/100 of $16.59) | $16.42 | |
Class R Shares: | ||
Net asset value per share ($531,808 ÷ 31,649 shares outstanding), no par value, unlimited shares authorized | $16.80 | |
Offering price per share | $16.80 | |
Redemption proceeds per share | $16.80 | |
Institutional Shares: | ||
Net asset value per share ($53,291,405 ÷ 3,158,032 shares outstanding), no par value, unlimited shares authorized | $16.87 | |
Offering price per share | $16.87 | |
Redemption proceeds per share | $16.87 |
Investment Income: | |||
Dividends (including $719,225 received from affiliated holdings (Note 5)) | $2,696,470 | ||
Interest | 873,304 | ||
Investment income allocated from affiliated partnership (Note 5) | 56,956 | ||
TOTAL INCOME | 3,626,730 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,082,860 | ||
Administrative fee (Note 5) | 112,991 | ||
Custodian fees | 25,386 | ||
Transfer agent fee (Note 2) | 142,892 | ||
Directors'/Trustees' fees (Note 5) | 2,444 | ||
Auditing fees | 29,400 | ||
Legal fees | 9,208 | ||
Portfolio accounting fees | 110,524 | ||
Distribution services fee (Note 5) | 244,589 | ||
Other service fees (Notes 2 and 5) | 221,628 | ||
Share registration costs | 57,753 | ||
Printing and postage | 33,424 | ||
Miscellaneous (Note 5) | 15,025 | ||
EXPENSES BEFORE ALLOCATION | 2,088,124 | ||
Expenses allocated from affiliated partnership (Note 2) | 659 | ||
TOTAL EXPENSES | 2,088,783 |
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(39,440) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (54,371) | ||
TOTAL WAIVER AND REIMBURSEMENTS | $(93,811) | ||
Net expenses | $1,994,972 | ||
Net investment income | 1,631,758 | ||
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | |||
Net realized gain on investments (including realized gain of $58,325 on sales of investments in affiliated holdings (Note 5)) | 18,865,443 | ||
Net realized loss on futures contracts | (76,931) | ||
Net realized loss on investments, swap contracts and foreign currency transactions allocated from affiliated partnership (Note 5) | (24,664) | ||
Realized gain distribution from affiliated investment company shares (Note 5) | 48,137 | ||
Net change in unrealized appreciation of investments | (12,381,711) | ||
Net change in unrealized appreciation of futures contracts | (100,841) | ||
Net realized and unrealized gain on investments and futures contracts | 6,329,433 | ||
Change in net assets resulting from operations | $7,961,191 |
Year Ended July 31 | 2015 | 2014 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $1,631,758 | $1,365,702 |
Net realized gain on investments including allocations from partnership and futures contracts | 18,811,985 | 8,248,465 |
Net change in unrealized appreciation/depreciation of investments and futures contracts | (12,482,552) | 6,983,114 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 7,961,191 | 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 | 27,367,111 | 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 | (27,563,013) | (24,662,752) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 1,178,312 | (7,697,215) |
Change in net assets | 7,662,435 | 7,716,978 |
Net Assets: | ||
Beginning of period | 140,287,514 | 132,570,536 |
End of period (including undistributed net investment income of $1,103,078 and $913,816, respectively) | $147,949,949 | $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 | $74,515 | $(36,590) |
Class C Shares | 30,216 | (10,360) |
Class R Shares | 299 | — |
Institutional Shares | 37,862 | (7,421) |
TOTAL | $142,892 | $(54,371) |
Other Service Fees Incurred | |
Class A Shares | $142,024 |
Class C Shares | 79,604 |
TOTAL | $221,628 |
Security | Acquisition Date | Cost | Market Value |
Football Trust V, Pass Thru Cert., Series 144A, 5.35%, 10/05/2020 | 3/24/2010 | $200,000 | $221,747 |
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 | $53,095* |
* | Includes cumulative appreciation/depreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Futures | |
Interest rate contracts | $(76,931) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures | |
Interest rate contracts | $(100,841) |
Year Ended July 31 | 2015 | 2014 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 877,364 | $14,585,649 | 643,550 | $9,836,746 |
Shares issued to shareholders in payment of distributions declared | 33,893 | 561,953 | 29,125 | 445,325 |
Shares redeemed | (656,048) | (10,848,975) | (717,458) | (10,905,514) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 255,209 | $4,298,627 | (44,783) | $(623,443) |
Year Ended July 31 | 2015 | 2014 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 291,257 | $4,780,270 | 218,934 | $3,310,479 |
Shares issued to shareholders in payment of distributions declared | 6,665 | 109,378 | 5,709 | 86,485 |
Shares redeemed | (573,519) | (9,319,128) | (549,307) | (8,354,126) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (275,597) | $(4,429,480) | (324,664) | $(4,957,162) |
Year Ended July 31 | 2015 | 2014 | ||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 5,140 | $84,844 | 2,339 | $35,057 |
Shares issued to shareholders in payment of distributions declared | 276 | 4,573 | 182 | 2,791 |
Shares redeemed | (2,687) | (44,528) | (2,669) | (40,215) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 2,729 | $44,889 | (148) | $(2,367) |
Year Ended July 31 | 2015 | 2014 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 476,302 | $7,916,348 | 175,356 | $2,698,037 |
Shares issued to shareholders in payment of distributions declared | 42,067 | 698,310 | 35,965 | 550,617 |
Shares redeemed | (442,803) | (7,350,382) | (350,470) | (5,362,897) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 75,566 | $1,264,276 | (139,149) | $(2,114,243) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 57,907 | $1,178,312 | (508,744) | $(7,697,215) |
Increase (Decrease) | ||
Paid-In Capital | Undistributed Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) |
$(2,482) | $34,572 | $(32,090) |
2015 | 2014 | |
Ordinary income | $1,477,068 | $1,183,088 |
Undistributed ordinary income | $1,103,078 |
Net unrealized appreciation | $8,063,044 |
Capital loss carryforwards | $(14,348,949) |
Expiration Year | Short-Term | Long-Term | Total |
2018 | $14,348,949 | NA | $14,349,949 |
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 | $241,999 |
Class R Shares | 2,590 |
TOTAL | $244,589 |
Emerging Markets Fixed Income Core Fund | Federated Bank Loan 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 | 47,870 | 117,879 | 464,848 | 33,891,499 | 56,704 | 287,789 | 34,866,589 |
Sales/ Reductions | (46,262) | — | (117,746) | (36,087,294) | — | — | (36,251,302) |
Balance of Shares Held 7/31/2015 | 33,683 | 117,879 | 1,325,624 | 5,521,116 | 241,956 | 811,201 | 8,051,459 |
Value | $1,181,677 | $1,192,938 | $13,163,446 | $5,521,116 | $2,259,873 | $5,110,565 | $28,429,615 |
Dividend Income/ Allocated Investment Income | $56,956 | $6,860 | $349,646 | $5,167 | $77,456 | $280,096 | $776,181 |
Realized Gain Distribution/ Allocated Net Realized Gain (Loss) | $(24,664) | $— | $— | $— | $— | $48,137 | $23,473 |
Purchases | $120,647,375 |
Sales | $115,847,450 |
September 23, 2015
Beginning Account Value 2/1/2015 | Ending Account Value 7/31/2015 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,033.80 | $6.56 |
Class C Shares | $1,000 | $1,029.80 | $10.32 |
Class R Shares | $1,000 | $1,032.60 | $7.86 |
Institutional Shares | $1,000 | $1,035.00 | $5.30 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.35 | $6.51 |
Class C Shares | $1,000 | $1,014.63 | $10.24 |
Class R Shares | $1,000 | $1,017.06 | $7.80 |
Institutional Shares | $1,000 | $1,019.59 | $5.26 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.30% |
Class C Shares | 2.05% |
Class R Shares | 1.56% |
Institutional Shares | 1.05% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John F. Donahue* Birth Date: July 28, 1924 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling. |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: May 2006 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd. |
* | Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Director, Chair of the Compensation Committee, Audit Committee member, KLX Corp. Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director, FleetBoston Financial Corp.; Director and Audit Committee Member, Bank of America Corp. and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; Retired. Other Directorships Held: Director, Chair of the Audit Committee, Governance Committee, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP. Mr. Hough is an Executive Committee member of the United States Golf Association, he serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Adjunct Professor of Law, Duquesne University School of Law. Other Directorships Held: Director, CONSOL Energy Inc. Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously served as: Associate General Secretary, Diocese of Pittsburgh; Professor of Law, Duquesne University School of Law and was a member of the Superior Court of Pennsylvania. Judge Lally-Green also holds the positions of: Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute; and Director, Cardinal Wuerl North Catholic High School, Inc. Judge Lally-Green has held the positions of: Director, Auberle; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; and Director, Catholic High Schools of the Diocese of Pittsburgh, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Peter E. Madden Birth Date: March 16, 1942 Trustee Indefinite Term Began serving: June 2006 | Principal Occupation: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; Retired. Other Directorships Held: None. Qualifications: Mr. Madden has served in several business management, mutual fund services and directorship positions throughout his career. Mr. Madden previously served as President, Chief Operating Officer and Director, State Street Bank and Trust Company (custodian bank) and State Street Corporation (financial services). He was Director, VISA USA and VISA International and Chairman and Director, Massachusetts Bankers Association. Mr. Madden served as Director, Depository Trust Corporation and Director, The Boston Stock Exchange. Mr. Madden also served as a Representative to the Commonwealth of Massachusetts General Court. |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Mansfield has served in several banking, business management and educational roles and directorship positions throughout his career. Mr. Mansfield previously served as Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly, Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President DVC Group, Inc. (marketing, communications and technology). |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: October 2006 | Principal Occupations: Director or Trustee, Vice Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey serves as Board Member, Epilepsy Foundation of Western Pennsylvania and Board member, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
John W. McGonigle Birth Date: October 26, 1938 Secretary Officer since: May 2006 | Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: June 2006 | Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Stephen F. Auth Birth Date: September 3, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: June 2012 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
John F. Sherman Birth Date: August 28, 1967 125 High Street Oliver Tower 21st Floor Boston, MA 02110-2704 Vice President Officer since: June 2012 Portfolio Manager since: October 2002 | Principal Occupations: John F. Sherman has been the Fund's Portfolio Manager since October 2002. Mr. Sherman joined MDT Advisers Investment Team in 2000. He is Vice President of the Trust with respect to the Fund. Mr. Sherman is a member of the CFA Institute and the Boston Security Analysts Society. He received a B.S.B.A. from North Adams State College and an M.B.A. from Boston University Graduate School of Management. |
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 |
1 | Please see the footnotes to the line graphs below for definitions of, and further information about, the R1000G. |
2 | Please see the footnotes to the line graphs below for definitions of, and further information about, the MLGFA. |
3 | The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market, and is completely reconstituted annually to ensure new and growing equities are reflected. The index is unmanaged, and it is not possible to invest directly in an index. |
4 | Small-cap stocks may be less liquid and subject to greater price volatility than large-cap stocks. |
5 | The Russell Microcap® Index measures the performance of the microcap segment of the U.S. equity market. Microcap stocks make up less than 3% of the U.S. equity market (by market cap) and consist of the smallest 1,000 securities in the small-cap Russell 2000® Index, plus the next 1,000 smallest eligible securities by market cap. The Russell Microcap® Index is constructed to provide a comprehensive and unbiased barometer for the microcap segment trading on national exchanges and is completely reconstituted annually to ensure new and growing equities are reflected and companies continue to reflect appropriate capitalization and value characteristics. The Russell Microcap® Index is unmanaged, and it is not possible to invest directly in an index. |
6 | The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000® companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set. The Russell Midcap® Index is unmanaged, and it is not possible to invest directly in an index. |
7 | The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000® Growth Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad growth market and is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics. The Russell 3000® Growth Index is unmanaged, and it is not possible to invest directly in an index. |
8 | The Russell 3000® Value Index measures the performance of the broad value segment of U.S. equity value universe. It includes those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000® Value Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad value market and is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. The Russell 3000® Value Index is unmanaged, and it is not possible to invest directly in an index. |
9 | The Russell Microcap® Growth Index measures the performance of the microcap growth segment of the U.S. equity market. It includes Russell Microcap companies that are considered more growth oriented relative to the overall market as defined by Russell's leading style methodology. The Russell Microcap® Growth Index is constructed to provide a comprehensive and unbiased barometer for the microcap growth segment of the market. The Russell Microcap® Growth Index is completely reconstituted annually to ensure larger stocks do not distort performance and characteristics of the microcap opportunity set. The Russell Microcap® Growth Index is unmanaged, and it is not possible to invest directly in an index. |
10 | The Russell Microcap® Value Index measures the performance of the micro-cap value segment of the U.S. equity universe. It includes those Russell Microcap® Index companies with higher price-to-book ratios and lower forecasted growth values. The Russell Microcap® Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the micro-cap value market. The Russell Microcap Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. The index is unmanaged, and it is not possible to invest directly in an index. |
11 | The Russell Midcap® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap® Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market. The Russell Midcap® Growth Index is unmanaged, and it is not possible to invest directly in an index. |
12 | The Russell Midcap® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap® Value Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap value market. The Russell Midcap® Value Index is unmanaged, and it is not possible to invest directly in an index. |
Federated MDT Large Cap Growth Fund - | Class A Shares | Institutional Shares | NA | R1000G | MLGFA |
F | F | NA | I | I | |
9/15/2005 | 9,450 | 10,000 | 10,000 | 10,000 | |
7/31/2006 | 9,620 | 10,210 | 10,029 | 10,037 | |
7/31/2007 | 11,569 | 12,322 | 11,981 | 11,841 | |
7/31/2008 | 10,903 | 11,639 | 11,228 | 11,027 | |
7/31/2009 | 8,100 | 8,676 | 9,255 | 8,827 | |
7/31/2010 | 9,006 | 9,656 | 10,518 | 9,863 | |
7/31/2011 | 11,190 | 12,033 | 13,122 | 12,121 | |
7/31/2012 | 11,286 | 12,169 | 14,206 | 12,427 | |
7/31/2013 | 14,473 | 15,639 | 17,280 | 15,319 | |
7/31/2014 | 17,212 | 18,647 | 20,509 | 18,014 | |
7/31/2015 | 18,800 | 20,427 | 23,808 | 20,599 |
■ | Total returns shown for Class A Shares include the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). |
1 Year | 5 Years | Start of Performance* | |
Class A Shares | 3.22% | 14.56% | 6.60% |
Class B Shares5 | 2.94% | 14.79% | 6.60% |
Class C Shares | 7.43% | 15.01% | 6.41% |
Institutional Shares | 9.55% | 16.17% | 7.50% |
R1000G | 16.08% | 17.75% | 9.18% |
MLGFA | 14.35% | 16.13% | 8.07% |
* | The Fund's start of performance date was September 15, 2005. |
1 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charges = $9,450); for Class B Shares, the maximum contingent deferred sales charge is 5.50% on any redemption less than one year from the purchase date; for Class C Shares, a 1.00% contingent deferred sales charge would be applied to any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The R1000G has been adjusted to reflect reinvestment of dividends on securities. |
2 | The Fund is the successor to the MDT Large Cap Growth Fund pursuant to a reorganization that took place on December 8, 2006. Prior to that date, the Fund had no investment operations. Accordingly, the performance information shown for the periods prior to that date is that of the MDT Large Cap Growth Fund. |
3 | The R1000G measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. The R1000G is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. The R1000G is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics. The R1000G is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The R1000G is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. |
4 | Morningstar figures represent the average of the total returns reported by all the mutual funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges. |
5 | The start of performance date for the Fund was September 15, 2005. Class B Shares of the Fund were offered beginning March 29, 2007. Performance results shown before that date are for the Fund's Institutional Shares and have been adjusted for the maximum contingent deferred sales charge and total annual operating expenses applicable to the Fund's Class B Shares. The Fund's Institutional Shares commenced operations on September 15, 2005. Subject to the expense adjustments described above, the Fund's Class B Shares annual returns would have been substantially similar to those of the Fund's Institutional Shares because Shares of each class are invested in the same portfolio of securities. |
Industry Composition | Percentage of Total Net Assets |
Biotechnology | 7.2% |
Computers—Low End | 6.8% |
Specialty Retailing | 4.9% |
Medical Supplies | 4.0% |
Software Packaged/Custom | 3.6% |
Auto Original Equipment Manufacturers | 3.3% |
Cable TV | 3.2% |
Internet Services | 3.1% |
Health Care Providers & Services | 3.0% |
Airline—Regional | 2.9% |
Grocery Chain | 2.7% |
Chemicals | 2.6% |
AT&T Divestiture | 2.5% |
Computers—High End | 2.5% |
Media | 2.5% |
Financial Services | 2.1% |
Soft Drinks | 2.1% |
Other Communications Equipment | 2.0% |
Oil Gas & Consumable Fuels | 1.9% |
Technology Hardware Storage & Peripherals | 1.8% |
Textiles Apparel & Luxury Goods | 1.7% |
Industry Composition | Percentage of Total Net Assets |
Services to Medical Professionals | 1.6% |
Shipbuilding | 1.6% |
Semiconductor Manufacturing | 1.4% |
Truck Manufacturing | 1.4% |
Cosmetics & Toiletries | 1.2% |
Department Stores | 1.2% |
Life Insurance | 1.2% |
Multiline Retail | 1.1% |
Airline—National | 1.0% |
Other2 | 20.1% |
Cash Equivalents3 | 2.0% |
Other Assets and Liabilities—Net4 | (0.2)% |
TOTAL | 100.0% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, industry classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | For purposes of this table, industry classifications which constitute less than 1.0% of the Fund's total net assets have been aggregated under the designation “Other.” |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS—98.2% | |||
Agricultural Chemicals—0.5% | |||
8,035 | Scotts Miracle-Gro Co. | $485,234 | |
Airline - National—1.0% | |||
15,654 | 1 | United Continental Holdings, Inc. | 882,729 |
Airline - Regional—2.9% | |||
13,549 | Alaska Air Group, Inc. | 1,026,337 | |
45,149 | Southwest Airlines Co. | 1,634,394 | |
TOTAL | 2,660,731 | ||
Airlines—0.5% | |||
3,714 | Delta Air Lines, Inc. | 164,679 | |
13,961 | 1 | Jet Blue Airways Corp. | 320,824 |
TOTAL | 485,503 | ||
Apparel—0.2% | |||
1,695 | Carter's, Inc. | 171,890 | |
AT&T Divestiture—2.5% | |||
48,867 | Verizon Communications, Inc. | 2,286,487 | |
Auto Components—0.5% | |||
14,600 | Goodyear Tire & Rubber Co. | 439,898 | |
Auto Manufacturing—0.4% | |||
25,317 | Ford Motor Co. | 375,451 | |
Auto Original Equipment Manufacturers—3.3% | |||
1,037 | 1 | AutoZone, Inc. | 726,875 |
1,185 | Delphi Automotive PLC | 92,525 | |
3,467 | Lear Corp. | 360,811 | |
7,779 | 1 | O'Reilly Automotive, Inc. | 1,869,371 |
TOTAL | 3,049,582 | ||
Auto Rentals—0.1% | |||
1,678 | 1 | United Rentals, Inc. | 112,409 |
Baking—0.3% | |||
12,348 | Flowers Foods, Inc. | 267,458 | |
Biotechnology—7.2% | |||
13,619 | Amgen, Inc. | 2,404,979 | |
291 | 1 | Biogen, Inc. | 92,765 |
20,190 | Gilead Sciences, Inc. | 2,379,594 | |
905 | 1 | Incyte Genomics, Inc. | 94,373 |
5,900 | 1 | Myriad Genetics, Inc. | 201,308 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Biotechnology—continued | |||
5,432 | 1 | Opko Health, Inc. | $88,922 |
2,440 | 1 | Regeneron Pharmaceuticals, Inc. | 1,350,930 |
TOTAL | 6,612,871 | ||
Broadcasting—0.5% | |||
2,500 | CBS Corp., Class B | 133,675 | |
9,100 | 1 | Discovery Communications, Inc. | 300,482 |
TOTAL | 434,157 | ||
Building Supply Stores—0.3% | |||
2,582 | Home Depot, Inc. | 302,171 | |
Cable TV—3.2% | |||
1,248 | 1 | AMC Networks, Inc. | 105,107 |
8,452 | Comcast Corp., Class A | 527,489 | |
40,456 | Viacom, Inc., Class B | 2,305,992 | |
TOTAL | 2,938,588 | ||
Capital Markets—0.2% | |||
4,000 | Lazard Ltd., Class A | 221,640 | |
Chemicals—2.6% | |||
25,283 | LyondellBasell Investment LLC | 2,372,304 | |
Clothing Stores—0.9% | |||
23,255 | Gap (The), Inc. | 848,342 | |
Commercial Banks—0.2% | |||
1,302 | 1 | SVB Financial Group | 186,316 |
Computer Services—0.7% | |||
4,500 | Global Payments, Inc. | 504,405 | |
2,483 | 1 | Salesforce.com, Inc. | 182,004 |
TOTAL | 686,409 | ||
Computers - High End—2.5% | |||
14,293 | IBM Corp. | 2,315,323 | |
Computers - Low End—6.8% | |||
51,688 | Apple, Inc. | 6,269,754 | |
Construction & Engineering—0.3% | |||
5,300 | Chicago Bridge & Iron Co., N.V. | 281,642 | |
Construction Machinery—0.3% | |||
8,900 | Joy Global, Inc. | 235,049 | |
Cosmetics & Toiletries—1.2% | |||
15,906 | Avon Products, Inc. | 90,187 | |
5,600 | 1 | Sally Beauty Holdings, Inc. | 166,824 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Cosmetics & Toiletries—continued | |||
4,870 | 1 | Ulta Salon Cosmetics & Fragrance, Inc. | $808,566 |
TOTAL | 1,065,577 | ||
Defense Aerospace—0.9% | |||
15,012 | 1 | Spirit Aerosystems Holdings, Inc., Class A | 845,176 |
Defense Electronics—0.1% | |||
1,600 | Rockwell Collins, Inc. | 135,392 | |
Department Stores—1.2% | |||
2,873 | Dillards, Inc., Class A | 292,701 | |
9,900 | Target Corp. | 810,315 | |
TOTAL | 1,103,016 | ||
Discount Department Stores—0.7% | |||
9,435 | Wal-Mart Stores, Inc. | 679,131 | |
Diversified Consumer Services—0.1% | |||
2,697 | 1 | ServiceMaster Global Holdings, Inc. | 104,455 |
Diversified Tobacco—0.4% | |||
7,300 | Altria Group, Inc. | 396,974 | |
Education & Training Services—0.1% | |||
5,400 | 1 | Apollo Group, Inc., Class A | 69,174 |
Electrical Equipment—0.2% | |||
2,916 | Smith (A.O.) Corp. | 209,427 | |
Electronic Equipment Instruments & Components—0.3% | |||
8,520 | CDW Corp. | 306,124 | |
Ethical Drugs—0.8% | |||
3,541 | Eli Lilly & Co. | 299,250 | |
2,476 | 1 | United Therapeutics Corp. | 419,335 |
TOTAL | 718,585 | ||
Financial Services—2.1% | |||
14,400 | 1 | Ally Financial, Inc. | 327,888 |
5,303 | Ameriprise Financial, Inc. | 666,428 | |
44,090 | Western Union Co. | 892,382 | |
TOTAL | 1,886,698 | ||
Grocery Chain—2.7% | |||
60,896 | Kroger Co. | 2,389,559 | |
3,415 | Whole Foods Market, Inc. | 124,306 | |
TOTAL | 2,513,865 | ||
Health Care Equipment & Supplies—0.1% | |||
1,153 | 1 | Dexcom, Inc. | 97,601 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care Providers & Services—3.0% | |||
5,000 | 1 | HCA, Inc. | $465,050 |
19,170 | UnitedHealth Group, Inc. | 2,327,238 | |
TOTAL | 2,792,288 | ||
Home Building—0.2% | |||
100 | 1 | NVR, Inc. | 149,004 |
Home Products—0.7% | |||
3,000 | Spectrum Brands Holdings, Inc. | 317,850 | |
5,000 | Tupperware Brands Corp. | 292,350 | |
TOTAL | 610,200 | ||
Hotels and Motels—0.7% | |||
1,627 | Marriott International, Inc., Class A | 118,136 | |
6,200 | Wyndham Worldwide Corp. | 511,624 | |
TOTAL | 629,760 | ||
Industrial Machinery—0.1% | |||
1,100 | Valmont Industries, Inc. | 122,353 | |
International Bank—0.2% | |||
1,315 | 1 | Signature Bank | 191,451 |
Internet Services—3.1% | |||
2,527 | 1 | Amazon.com, Inc. | 1,354,851 |
2,312 | 1 | Facebook, Inc. | 217,351 |
16,209 | IAC Interactive Corp. | 1,252,308 | |
TOTAL | 2,824,510 | ||
IT Services—0.2% | |||
5,700 | Booz Allen Hamilton Holding Corp. | 158,061 | |
Life Insurance—1.2% | |||
12,000 | Prudential Financial, Inc. | 1,060,320 | |
Media—2.5% | |||
5,571 | Time Warner, Inc. | 490,471 | |
15,439 | Walt Disney Co. | 1,852,680 | |
TOTAL | 2,343,151 | ||
Medical Supplies—4.0% | |||
16,210 | AmerisourceBergen Corp. | 1,714,207 | |
474 | Bard (C.R.), Inc. | 93,212 | |
10,864 | Cardinal Health, Inc. | 923,223 | |
8,477 | 1 | Hologic, Inc. | 353,152 |
1,753 | McKesson Corp. | 386,659 | |
3,400 | Patterson Cos., Inc. | 170,544 | |
TOTAL | 3,640,997 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Medical Technology—0.4% | |||
1,694 | 1 | Edwards Lifesciences Corp. | $257,759 |
1,252 | St. Jude Medical, Inc. | 92,423 | |
TOTAL | 350,182 | ||
Multi-Industry Capital Goods—0.5% | |||
1,630 | Acuity Brands, Inc. | 327,940 | |
3,915 | 1 | HD Supply, Inc. | 140,157 |
TOTAL | 468,097 | ||
Multi-Line Insurance—0.8% | |||
18,000 | Allied World Assurance Holdings Ltd. | 760,680 | |
Multiline Retail—1.1% | |||
14,060 | Macy's, Inc. | 970,984 | |
Mutual Fund Adviser—0.1% | |||
2,300 | Waddell & Reed Financial, Inc., Class A | 103,293 | |
Office Equipment—0.6% | |||
28,428 | Pitney Bowes, Inc. | 594,714 | |
Office Supplies—0.5% | |||
6,959 | Avery Dennison Corp. | 423,455 | |
Oil Gas & Consumable Fuels—1.9% | |||
31,152 | Marathon Petroleum Corp. | 1,703,080 | |
Oil Well Supply—0.2% | |||
3,300 | 1 | Cameron International Corp. | 166,518 |
Other Communications Equipment—2.0% | |||
19,257 | Skyworks Solutions, Inc. | 1,842,317 | |
Paper Products—0.3% | |||
5,200 | International Paper Co. | 248,924 | |
Personal & Household—0.2% | |||
5,300 | Nu Skin Enterprises, Inc., Class A | 210,145 | |
Personal Loans—0.6% | |||
2,260 | 1 | Credit Acceptance Corp. | 542,875 |
Plastic Containers—0.4% | |||
15,128 | 1 | Owens-Illinois, Inc. | 322,983 |
Printing—0.2% | |||
11,646 | Donnelley (R.R.) & Sons Co. | 204,387 | |
Property Liability Insurance—0.8% | |||
6,906 | The Travelers Cos., Inc. | 732,865 | |
Restaurants—0.0% | |||
400 | Darden Restaurants, Inc. | 29,504 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Semiconductor Manufacturing—1.4% | |||
2,000 | 1 | IPG Photonics Corp. | $184,440 |
24,193 | Intel Corp. | 700,387 | |
20,600 | 1 | Micron Technology, Inc. | 381,306 |
TOTAL | 1,266,133 | ||
Services to Medical Professionals—1.6% | |||
13,379 | 1 | Express Scripts Holding Co. | 1,205,046 |
3,531 | 1 | MEDNAX. Inc. | 298,864 |
TOTAL | 1,503,910 | ||
Shipbuilding—1.6% | |||
12,312 | Huntington Ingalls Industries, Inc. | 1,445,552 | |
Shoes—0.8% | |||
3,800 | 1 | Deckers Outdoor Corp. | 276,944 |
3,066 | 1 | Skechers USA, Inc., Class A | 461,280 |
TOTAL | 738,224 | ||
Soft Drinks—2.1% | |||
19,594 | Coca-Cola Enterprises, Inc. | 1,000,861 | |
11,830 | Dr. Pepper Snapple Group, Inc. | 949,003 | |
TOTAL | 1,949,864 | ||
Software Packaged/Custom—3.6% | |||
35,613 | CA, Inc. | 1,037,585 | |
2,643 | 1 | Electronic Arts, Inc. | 189,107 |
4,532 | 1 | Fortinet, Inc. | 216,358 |
2,779 | 1 | Splunk, Inc. | 194,363 |
45,405 | Symantec Corp. | 1,032,532 | |
6,513 | 1 | Tableau Software, Inc. | 682,171 |
TOTAL | 3,352,116 | ||
Specialty Retailing—4.9% | |||
7,544 | 1 | AutoNation, Inc. | 470,293 |
4,766 | 1 | Bed Bath & Beyond, Inc. | 310,886 |
5,900 | Big Lots, Inc. | 254,762 | |
11,054 | CVS Health Corp. | 1,243,244 | |
2,259 | Expedia, Inc. | 274,333 | |
4,516 | GNC Holdings, Inc. | 222,232 | |
24,859 | Lowe's Cos., Inc. | 1,724,220 | |
TOTAL | 4,499,970 | ||
Technology Hardware Storage & Peripherals—1.8% | |||
20,400 | EMC Corp. | 548,556 | |
16,792 | NetApp, Inc. | 523,071 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Technology Hardware Storage & Peripherals—continued | |||
4,349 | 1 | Teradata Corp. | $161,391 |
4,553 | Western Digital Corp. | 391,831 | |
TOTAL | 1,624,849 | ||
Textiles Apparel & Luxury Goods—1.7% | |||
4,900 | 1 | Fossil, Inc. | 336,875 |
2,304 | 1 | Michael Kors Holdings Ltd. | 96,745 |
6,900 | PVH Corp. | 800,676 | |
2,767 | Ralph Lauren Corp. | 348,338 | |
TOTAL | 1,582,634 | ||
Toys & Games—0.5% | |||
2,543 | Hasbro, Inc. | 200,236 | |
12,517 | Mattel, Inc. | 290,519 | |
TOTAL | 490,755 | ||
Truck Manufacturing—1.4% | |||
3,000 | Cummins, Inc. | 388,590 | |
13,312 | PACCAR, Inc. | 863,150 | |
TOTAL | 1,251,740 | ||
Undesignated Consumer Cyclicals—0.7% | |||
7,400 | 1 | Avis Budget Group, Inc. | 321,382 |
6,300 | 1 | Herbalife Ltd. | 318,087 |
3,300 | Weight Watchers International, Inc. | 13,200 | |
TOTAL | 652,669 | ||
Uniforms—0.8% | |||
8,225 | Cintas Corp. | 703,237 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $82,158,677) | 90,311,884 | ||
INVESTMENT COMPANY—2.0% | |||
1,864,649 | 2 | Federated Prime Value Obligations Fund, Institutional Shares, 0.11%3 (AT NET ASSET VALUE) | 1,864,649 |
TOTAL INVESTMENTS—100.2% (IDENTIFIED COST $84,023,326)4 | 92,176,533 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.2)%5 | (175,970) | ||
TOTAL NET ASSETS—100% | $92,000,563 |
1 | Non-income-producing security. |
2 | Affiliated holding. |
3 | 7-day net yield. |
4 | The cost of investments for federal tax purposes amounts to $84,015,306. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Year Ended July 31 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $16.15 | $13.58 | $10.59 | $10.50 | $8.45 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.02 | 0.03 | 0.04 | (0.02) | (0.03) |
Net realized and unrealized gain on investments | 1.47 | 2.54 | 2.95 | 0.11 | 2.08 |
TOTAL FROM INVESTMENT OPERATIONS | 1.49 | 2.57 | 2.99 | 0.09 | 2.05 |
Net Asset Value, End of Period | $17.64 | $16.15 | $13.58 | $10.59 | $10.50 |
Total Return2 | 9.23% | 18.92% | 28.23% | 0.86% | 24.26% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Net investment income (loss) | 0.13% | 0.17% | 0.34% | (0.23)% | (0.28)% |
Expense waiver/reimbursement3 | 0.03% | 0.11% | 0.27% | 0.78% | 0.74% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $55,033 | $54,573 | $49,018 | $40,676 | $44,762 |
Portfolio turnover | 91% | 51% | 135% | 258% | 208% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $15.41 | $13.05 | $10.25 | $10.24 | $8.30 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.11) | (0.09) | (0.05) | (0.10) | (0.10) |
Net realized and unrealized gain on investments | 1.41 | 2.45 | 2.85 | 0.11 | 2.04 |
TOTAL FROM INVESTMENT OPERATIONS | 1.30 | 2.36 | 2.80 | 0.01 | 1.94 |
Net Asset Value, End of Period | $16.71 | $15.41 | $13.05 | $10.25 | $10.24 |
Total Return2 | 8.44% | 18.08% | 27.32% | 0.10% | 23.37% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% |
Net investment income (loss) | (0.65)% | (0.59)% | (0.44)% | (0.98)% | (1.04)% |
Expense waiver/reimbursement3 | 0.03% | 0.11% | 0.26% | 0.78% | 0.74% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $16,175 | $10,519 | $7,428 | $4,932 | $6,680 |
Portfolio turnover | 91% | 51% | 135% | 258% | 208% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $15.07 | $12.76 | $10.03 | $10.02 | $8.12 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.10) | (0.08) | (0.05) | (0.09) | (0.10) |
Net realized and unrealized gain on investments | 1.37 | 2.39 | 2.78 | 0.10 | 2.00 |
TOTAL FROM INVESTMENT OPERATIONS | 1.27 | 2.31 | 2.73 | 0.01 | 1.90 |
Net Asset Value, End of Period | $16.34 | $15.07 | $12.76 | $10.03 | $10.02 |
Total Return2 | 8.43% | 18.10% | 27.22% | 0.10% | 23.40% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% |
Net investment income (loss) | (0.63)% | (0.59)% | (0.43)% | (0.98)% | (1.05)% |
Expense waiver/reimbursement3 | 0.03% | 0.11% | 0.27% | 0.78% | 0.74% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $12,904 | $11,991 | $9,830 | $7,001 | $7,564 |
Portfolio turnover | 91% | 51% | 135% | 258% | 208% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $16.55 | $13.88 | $10.80 | $10.68 | $8.57 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.07 | 0.06 | 0.07 | 0.002 | (0.00)2 |
Net realized and unrealized gain on investments | 1.51 | 2.61 | 3.01 | 0.12 | 2.11 |
TOTAL FROM INVESTMENT OPERATIONS | 1.58 | 2.67 | 3.08 | 0.12 | 2.11 |
Net Asset Value, End of Period | $18.13 | $16.55 | $13.88 | $10.80 | $10.68 |
Total Return3 | 9.55% | 19.24% | 28.52% | 1.12% | 24.62% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
Net investment income (loss) | 0.37% | 0.40% | 0.58% | 0.02% | (0.05)% |
Expense waiver/reimbursement4 | 0.03% | 0.10% | 0.27% | 0.78% | 0.74% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $7,888 | $7,502 | $5,002 | $3,774 | $4,565 |
Portfolio turnover | 91% | 51% | 135% | 258% | 208% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Assets: | ||
Total investment in securities, at value including $1,864,649 of investment in an affiliated holding (Note 5) (identified cost $84,023,326) | $92,176,533 | |
Cash | 12 | |
Income receivable | 52,638 | |
Receivable for investments sold | 1,039,808 | |
Receivable for shares sold | 14,442 | |
TOTAL ASSETS | 93,283,433 | |
Liabilities: | ||
Payable for investments purchased | $1,049,449 | |
Payable for shares redeemed | 78,208 | |
Payable for transfer agent fee | 30,379 | |
Payable for distribution services fee (Note 5) | 18,474 | |
Payable for other service fees (Notes 2 and 5) | 33,199 | |
Payable for share registration costs | 32,922 | |
Accrued expenses (Note 5) | 40,239 | |
TOTAL LIABILITIES | 1,282,870 | |
Net assets for 5,312,177 shares outstanding | $92,000,563 | |
Net Assets Consist of: | ||
Paid-in capital | $74,408,080 | |
Net unrealized appreciation of investments | 8,153,207 | |
Accumulated net realized gain on investments | 9,500,990 | |
Accumulated net investment income (loss) | (61,714) | |
TOTAL NET ASSETS | $92,000,563 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($55,033,252 ÷ 3,119,052 shares outstanding), no par value, unlimited shares authorized | $17.64 | |
Offering price per share (100/94.50 of $17.64) | $18.67 | |
Redemption proceeds per share | $17.64 | |
Class B Shares: | ||
Net asset value per share ($16,175,041 ÷ 968,256 shares outstanding), no par value, unlimited shares authorized | $16.71 | |
Offering price per share | $16.71 | |
Redemption proceeds per share (94.50/100 of $16.71) | $15.79 | |
Class C Shares: | ||
Net asset value per share ($12,904,274 ÷ 789,702 shares outstanding), no par value, unlimited shares authorized | $16.34 | |
Offering price per share | $16.34 | |
Redemption proceeds per share (99.00/100 of $16.34) | $16.18 | |
Institutional Shares: | ||
Net asset value per share ($7,887,996 ÷ 435,167 shares outstanding), no par value, unlimited shares authorized | $18.13 | |
Offering price per share | $18.13 | |
Redemption proceeds per share | $18.13 |
Investment Income: | |||
Dividends (including $1,417 received from an affiliated holding (Note 5) and net of foreign taxes withheld of $339) | $1,458,649 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $672,311 | ||
Administrative fee (Note 5) | 70,152 | ||
Custodian fees | 10,327 | ||
Transfer agent fee | 191,764 | ||
Directors'/Trustees' fees (Note 5) | 2,141 | ||
Auditing fees | 23,800 | ||
Legal fees | 9,087 | ||
Portfolio accounting fees | 78,927 | ||
Distribution services fee (Note 5) | 197,428 | ||
Other service fees (Notes 2 and 5) | 203,211 | ||
Share registration costs | 52,828 | ||
Printing and postage | 30,326 | ||
Miscellaneous (Note 5) | 11,561 | ||
TOTAL EXPENSES | 1,553,863 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(28,313) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (215) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (28,528) | ||
Net expenses | 1,525,335 | ||
Net investment income (loss) | (66,686) | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments | 13,523,659 | ||
Net change in unrealized appreciation of investments | (5,876,894) | ||
Net realized and unrealized gain on investments | 7,646,765 | ||
Change in net assets resulting from operations | $7,580,079 |
Year Ended July 31 | 2015 | 2014 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(66,686) | $1,199 |
Net realized gain on investments | 13,523,659 | 9,927,275 |
Net change in unrealized appreciation/depreciation of investments | (5,876,894) | 3,832,873 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 7,580,079 | 13,761,347 |
Share Transactions: | ||
Proceeds from sale of shares | 19,436,379 | 19,199,689 |
Cost of shares redeemed | (19,601,538) | (19,653,204) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (165,159) | (453,515) |
Change in net assets | 7,414,920 | 13,307,832 |
Net Assets: | ||
Beginning of period | 84,585,643 | 71,277,811 |
End of period (including accumulated net investment income (loss) of $(61,714) and $1,728, respectively) | $92,000,563 | $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 | $137,402 | $— |
Class B Shares | 33,663 | (215) |
Class C Shares | 32,146 | — |
TOTAL | $203,211 | $(215) |
Year Ended July 31 | 2015 | 2014 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 437,475 | $7,550,573 | 647,555 | $9,705,466 |
Shares redeemed | (697,690) | (11,932,507) | (878,609) | (13,510,867) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (260,215) | $(4,381,934) | (231,054) | $(3,805,401) |
Year Ended July 31 | 2015 | 2014 | ||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 435,608 | $7,148,957 | 259,358 | $3,740,207 |
Shares redeemed | (150,183) | (2,470,360) | (145,811) | (2,107,202) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | 285,425 | $4,678,597 | 113,547 | $1,633,005 |
Year Ended July 31 | 2015 | 2014 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 195,222 | $3,120,016 | 220,874 | $3,158,663 |
Shares redeemed | (201,285) | (3,220,353) | (195,227) | (2,816,945) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (6,063) | $(100,337) | 25,647 | $341,718 |
Year Ended July 31 | 2015 | 2014 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 93,199 | $1,616,833 | 170,790 | $2,595,353 |
Shares redeemed | (111,365) | (1,978,318) | (77,873) | (1,218,190) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (18,166) | $(361,485) | 92,917 | $1,377,163 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 981 | $(165,159) | 1,057 | $(453,515) |
Increase (Decrease) | ||
Paid-In Capital | Undistributed Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) |
$(4,318) | $3,244 | $1,074 |
Undistributed long-term capital gains | $9,492,970 |
Net unrealized appreciation | $8,161,227 |
Capital loss carryforwards and deferrals | $(61,714) |
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 | $100,990 |
Class C Shares | 96,438 |
TOTAL | $197,428 |
Federated Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2014 | 1,586,489 |
Purchases/Additions | 15,748,544 |
Sales/Reductions | (15,470,384) |
Balance of Shares Held 7/31/2015 | 1,864,649 |
Value | $1,864,649 |
Dividend Income | $1,417 |
Purchases | $80,145,040 |
Sales | $80,500,128 |
September 23, 2015
Beginning Account Value 2/1/2015 | Ending Account Value 7/31/2015 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,043.20 | $7.60 |
Class B Shares | $1,000 | $1,039.80 | $11.38 |
Class C Shares | $1,000 | $1,039.40 | $11.38 |
Institutional Shares | $1,000 | $1,045.00 | $6.34 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,017.36 | $7.50 |
Class B Shares | $1,000 | $1,013.64 | $11.23 |
Class C Shares | $1,000 | $1,013.64 | $11.23 |
Institutional Shares | $1,000 | $1,018.60 | $6.26 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.50% |
Class B Shares | 2.25% |
Class C Shares | 2.25% |
Institutional Shares | 1.25% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John F. Donahue* Birth Date: July 28, 1924 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling. |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: May 2006 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd. |
* | Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Director, Chair of the Compensation Committee, Audit Committee member, KLX Corp. Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director, FleetBoston Financial Corp.; Director and Audit Committee Member, Bank of America Corp. and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; Retired. Other Directorships Held: Director, Chair of the Audit Committee, Governance Committee, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP. Mr. Hough is an Executive Committee member of the United States Golf Association, he serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Adjunct Professor of Law, Duquesne University School of Law. Other Directorships Held: Director, CONSOL Energy Inc. Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously served as: Associate General Secretary, Diocese of Pittsburgh; Professor of Law, Duquesne University School of Law and was a member of the Superior Court of Pennsylvania. Judge Lally-Green also holds the positions of: Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute; and Director, Cardinal Wuerl North Catholic High School, Inc. Judge Lally-Green has held the positions of: Director, Auberle; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; and Director, Catholic High Schools of the Diocese of Pittsburgh, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Peter E. Madden Birth Date: March 16, 1942 Trustee Indefinite Term Began serving: June 2006 | Principal Occupation: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; Retired. Other Directorships Held: None. Qualifications: Mr. Madden has served in several business management, mutual fund services and directorship positions throughout his career. Mr. Madden previously served as President, Chief Operating Officer and Director, State Street Bank and Trust Company (custodian bank) and State Street Corporation (financial services). He was Director, VISA USA and VISA International and Chairman and Director, Massachusetts Bankers Association. Mr. Madden served as Director, Depository Trust Corporation and Director, The Boston Stock Exchange. Mr. Madden also served as a Representative to the Commonwealth of Massachusetts General Court. |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Mansfield has served in several banking, business management and educational roles and directorship positions throughout his career. Mr. Mansfield previously served as Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly, Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President DVC Group, Inc. (marketing, communications and technology). |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: October 2006 | Principal Occupations: Director or Trustee, Vice Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey serves as Board Member, Epilepsy Foundation of Western Pennsylvania and Board member, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
John W. McGonigle Birth Date: October 26, 1938 Secretary Officer since: May 2006 | Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: June 2006 | Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Stephen F. Auth Birth Date: September 3, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: June 2012 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Daniel Mahr Birth Date: April 9, 1981 125 High Street Oliver Tower 21st Floor Boston, MA 02110-2704 Vice President Officer since: June 2012 Portfolio Manager since: August 2008 | Principal Occupations: Daniel Mahr has been the Fund's Portfolio Manager since August 2008. Mr. Mahr joined the MDT Advisers Investment Team in 2002. As Managing Director, Research, he is responsible for leading the Investment Team as it relates to the ongoing design, development and implementation of the Optimum Q Process. He is Vice President of the Trust with respect to the Fund. Mr. Mahr received his A.B., Computer Science from Harvard College and his S.M., Computer Science from Harvard University. |
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 |
1 | Please see the footnotes to the line graphs below for definitions of, and further information about, the R2000. |
2 | Please see the footnotes to the line graphs below for definitions of, and further information about, the MSBFA. |
3 | The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The index is unmanaged, and it is not possible to invest directly in an index. |
4 | Small-cap stocks may be less liquid and subject to greater price volatility than large-cap stocks. |
5 | The Russell Microcap® Index measures the performance of the microcap segment of the U.S. equity market. Microcap stocks make up less than 3% of the U.S. equity market (by market cap) and consist of the smallest 1,000 securities in the small-cap Russell 2000® Index, plus the next 1,000 smallest eligible securities by market cap. The Russell Microcap® Index is constructed to provide a comprehensive and unbiased barometer for the microcap segment trading on national exchanges and is completely reconstituted annually to ensure new and growing equities are reflected and companies continue to reflect appropriate capitalization and value characteristics. The Russell Microcap® Index is unmanaged, and it is not possible to invest directly in an index. |
6 | The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000® companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set. The Russell Midcap® Index is unmanaged, and it is not possible to invest directly in an index. |
7 | The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000® Growth Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad growth market and is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics. The Russell 3000® Growth Index is unmanaged, and it is not possible to invest directly in an index. |
8 | The Russell 3000® Value Index measures the performance of the broad value segment of U.S. equity value universe. It includes those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000® Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad value market and is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. The Russell 3000® Value Index is unmanaged, and it is not possible to invest directly in an index. |
9 | The Russell Microcap® Growth Index measures the performance of the microcap growth segment of the U.S. equity market. It includes Russell Microcap companies that are considered more growth oriented relative to the overall market as defined by Russell's leading style methodology. The Russell Microcap® Growth Index is constructed to provide a comprehensive and unbiased barometer for the microcap growth segment of the market. The Russell Microcap® Growth Index is completely reconstituted annually to ensure larger stocks do not distort performance and characteristics of the microcap opportunity set. The Russell Microcap® Growth Index is unmanaged, and it is not possible to invest directly in an index. |
10 | The Russell Microcap® Value Index measures the performance of the micro-cap value segment of the U.S. equity universe. It includes those Russell Microcap® Index companies with higher price-to-book ratios and lower forecasted growth values. The Russell Microcap® Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the micro-cap value market. The Russell Microcap Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. The index is unmanaged, and it is not possible to invest directly in an index. |
11 | The Russell Midcap® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap® Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market. The Russell Midcap® Growth Index is unmanaged, and it is not possible to invest directly in an index. |
12 | The Russell Midcap® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap® Value Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap value market. The Russell Midcap® Value Index is unmanaged, and it is not possible to invest directly in an index. |
Federated MDT Small Cap Core Fund - | Class A Shares | Institutional Shares | NA | R2000 | MSBFA |
F | F | NA | I | I | |
9/15/2005 | 9,450 | 10,000 | 10,000 | 10,000 | |
7/31/2006 | 10,499 | 11,140 | 10,633 | 10,523 | |
7/31/2007 | 12,493 | 13,280 | 11,922 | 11,967 | |
7/31/2008 | 10,234 | 10,900 | 11,122 | 10,650 | |
7/31/2009 | 6,595 | 7,030 | 8,817 | 8,476 | |
7/31/2010 | 7,567 | 8,090 | 10,442 | 10,053 | |
7/31/2011 | 9,903 | 10,603 | 12,940 | 12,460 | |
7/31/2012 | 9,542 | 10,253 | 12,964 | 12,300 | |
7/31/2013 | 13,732 | 14,781 | 17,471 | 16,435 | |
7/31/2014 | 15,108 | 16,308 | 18,967 | 18,058 | |
7/31/2015 | 16,652 | 18,017 | 21,248 | 19,451 |
■ | Total returns shown for Class A Shares include the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). |
1 Year | 5 Years | Start of Performance* | |
Class A Shares | 4.14% | 15.76% | 5.30% |
Class C Shares | 8.41% | 16.21% | 5.12% |
Institutional Shares | 10.48% | 17.37% | 6.14% |
R2000 | 12.03% | 15.27% | 7.61% |
MSBFA | 7.70% | 14.07% | 7.12% |
* | The Fund's start of performance date was September 15, 2005. |
1 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450); for Class C Shares, a 1.00% contingent deferred sales charge would be applied on any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The R2000 and MSBFA have been adjusted to reflect reinvestment of dividends on securities. |
2 | The Fund is the successor to MDT Small Cap Core Fund pursuant to a reorganization that took place on December 8, 2006. Prior to that date, the Fund had no investment operations. Accordingly, the performance information shown for periods prior to that date is that of the MDT Small Cap Core Fund. |
3 | The R2000 measures the performance of the small-cap segment of the U.S. equity universe. The R2000 is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The R2000 is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. The R2000 is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The R2000 is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. |
4 | Morningstar figures represent the average of the total returns reported by all the mutual funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges. |
Industry Composition | Percentage of Total Net Assets |
Regional Banks | 6.8% |
Biotechnology | 4.5% |
Savings & Loan | 3.4% |
Software Packaged/Custom | 3.4% |
Financial Services | 3.1% |
Specialty Retailing | 2.9% |
Airline - National | 2.7% |
Property Liability Insurance | 2.4% |
Medical Technology | 2.1% |
Personal Loans | 2.0% |
Telecommunication Equipment & Services | 1.9% |
Office Supplies | 1.8% |
Apparel | 1.7% |
Oil Service, Explore & Drill | 1.7% |
Education & Training Services | 1.6% |
Computer Stores | 1.6% |
Construction & Engineering | 1.6% |
Specialty Chemicals | 1.6% |
Aluminum | 1.5% |
Computer Services | 1.5% |
Poultry Products | 1.5% |
Auto Original Equipment Manufacturers | 1.4% |
Diversified Leisure | 1.4% |
Services to Medical Professionals | 1.4% |
Health Care Equipment & Supplies | 1.3% |
Home Health Care | 1.3% |
Internet Services | 1.3% |
Restaurants | 1.3% |
Undesignated Consumer Cyclicals | 1.3% |
Cellular Communications | 1.2% |
Commercial Services | 1.2% |
Miscellaneous Communications | 1.2% |
Multi-Line Insurance | 1.2% |
Undesignated Consumer Staples | 1.1% |
Semiconductor Manufacturing Equipment | 1.1% |
Personnel Agency | 1.0% |
Other2 | 28.1% |
Industry Composition | Percentage of Total Net Assets |
Cash Equivalents3 | 2.0% |
Other Assets and Liabilities—Net4 | (0.1)% |
TOTAL | 100.0% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, industry classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | For purposes of this table, industry classifications which constitute less than 1.0% of the Fund's total net assets have been aggregated under the designation “Other.” |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS—98.1% | |||
Accident & Health Insurance—0.4% | |||
5,054 | 1 | Triple-S Management Corp., Class B | $109,065 |
Airline - National—2.7% | |||
8,473 | 1 | Atlas Air Worldwide Holdings, Inc. | 416,448 |
17,459 | 1 | Jet Blue Airways Corp. | 401,208 |
TOTAL | 817,656 | ||
Airline - Regional—0.6% | |||
7,882 | 1 | Hawaiian Holdings, Inc. | 171,197 |
Aluminum—1.5% | |||
48,874 | 1 | Century Aluminum Co. | 455,506 |
Apparel—1.7% | |||
14,615 | 1 | Express, Inc. | 278,269 |
4,971 | 1 | Iconix Brand Group, Inc. | 108,020 |
5,854 | 1 | Perry Ellis International, Inc. | 141,023 |
TOTAL | 527,312 | ||
Auto Original Equipment Manufacturers—1.4% | |||
9,338 | 1 | American Axle & Manufacturing Holdings, Inc. | 186,573 |
14,000 | 1 | Meritor, Inc. | 197,120 |
502 | Strattec Security Corp. | 35,286 | |
TOTAL | 418,979 | ||
Biotechnology—4.5% | |||
8,738 | 1 | Affymetrix, Inc. | 95,768 |
3,154 | 1 | Air Methods Corp. | 124,236 |
1,987 | 1 | Anacor Pharmaceuticals, Inc. | 296,441 |
3,894 | 1 | Cambrex Corp. | 191,780 |
1,151 | 1 | Isis Pharmaceuticals, Inc. | 63,224 |
5,399 | 1 | Merrimack Pharmaceuticals, Inc. | 54,530 |
11,250 | 1 | Opko Health, Inc. | 184,163 |
3,400 | 1 | Osiris Therapeutics, Inc. | 72,522 |
32,950 | PDL BioPharma, Inc. | 191,769 | |
3,335 | 1 | Repligen Corp. | 116,758 |
TOTAL | 1,391,191 | ||
Building Materials—0.8% | |||
5,543 | 1 | U.S. Concrete, Inc. | 234,635 |
Cellular Communications—1.2% | |||
38,195 | 1 | Intelsat (Luxembourg) S.A., ADR | 363,234 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Clothing Stores—0.7% | |||
12,338 | American Eagle Outfitters, Inc. | $218,999 | |
Cogeneration—0.2% | |||
2,910 | 1 | Headwaters, Inc. | 55,319 |
Commercial Banks—0.1% | |||
1,200 | First Financial Corp. | 39,816 | |
Commercial Services—1.2% | |||
11,627 | Convergys Corp. | 291,954 | |
6,271 | 1 | Lifelock, Inc. | 49,666 |
471 | 1 | Parexel International Corp. | 32,480 |
TOTAL | 374,100 | ||
Commodity Chemicals—0.2% | |||
1,686 | Innospec, Inc. | 72,920 | |
Communications Equipment—0.6% | |||
7,875 | 1 | Infinera Corp. | 188,528 |
Computer Networking—0.1% | |||
2,151 | Black Box Corp. | 33,685 | |
Computer Services—1.5% | |||
2,162 | 1 | CACI International, Inc., Class A | 177,565 |
4,244 | 1 | Manhattan Associates, Inc. | 275,096 |
TOTAL | 452,661 | ||
Computer Stores—1.6% | |||
2,845 | 1 | Insight Enterprises, Inc. | 76,787 |
6,869 | 1 | PC Connections, Inc. | 152,423 |
4,383 | 1 | Tech Data Corp. | 255,660 |
TOTAL | 484,870 | ||
Construction & Engineering—1.6% | |||
3,500 | 1 | Aegion Corp. | 69,195 |
6,420 | 1 | Dycom Industries, Inc. | 424,105 |
TOTAL | 493,300 | ||
Contracting—0.4% | |||
4,065 | Comfort Systems USA, Inc. | 112,357 | |
Cosmetics & Toiletries—0.7% | |||
2,285 | 1 | Helen of Troy Ltd. | 200,577 |
Crude Oil & Gas Production—0.2% | |||
12,526 | 1 | Bill Barrett Corp. | 71,148 |
Dairy Products—0.6% | |||
3,203 | Cal-Maine Foods, Inc. | 173,474 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Defense Aerospace—0.7% | |||
2,818 | 1 | Ducommun, Inc. | $67,491 |
4,822 | 1 | Taser International, Inc. | 131,255 |
TOTAL | 198,746 | ||
Diversified Leisure—1.4% | |||
14,311 | 1 | Isle of Capri Casinos, Inc. | 261,033 |
4,328 | 1 | Pinnacle Entertainment, Inc. | 166,628 |
TOTAL | 427,661 | ||
Education & Training Services—1.6% | |||
27,625 | 1 | Apollo Group, Inc., Class A | 353,876 |
2,698 | 1 | Strayer Education, Inc. | 150,036 |
TOTAL | 503,912 | ||
Electric & Electronic Original Equipment Manufacturers—0.8% | |||
8,551 | General Cable Corp. | 139,552 | |
3,300 | 1 | MYR Group, Inc. | 99,132 |
TOTAL | 238,684 | ||
Electric Utility—0.2% | |||
1,132 | Idacorp, Inc. | 70,309 | |
Electronic Equipment Instruments & Components—0.4% | |||
5,916 | 1 | Sanmina Corp. | 130,566 |
Electronic Test/Measuring Equipment—0.3% | |||
9,655 | Cohu, Inc. | 95,681 | |
Electronics Stores—0.4% | |||
2,431 | 1 | REX American Resources Corp. | 125,537 |
Ethical Drugs—0.1% | |||
4,601 | 1 | SciClone Pharmaceuticals, Inc. | 41,915 |
Financial Services—3.1% | |||
1,400 | 1 | America's Car-Mart, Inc. | 64,764 |
1,500 | 1 | CRA International, Inc. | 35,010 |
5,359 | Deluxe Corp. | 345,280 | |
3,600 | Fidelity Southern Corp. | 69,984 | |
2,736 | Janus Capital Group, Inc. | 44,816 | |
9,058 | MainSource Financial Group, Inc. | 198,279 | |
7,403 | WisdomTree Investments, Inc. | 184,335 | |
TOTAL | 942,468 | ||
Food Wholesaling—0.4% | |||
13,753 | 1 | SUPERVALU, Inc. | 126,803 |
Furniture—0.5% | |||
5,700 | 1 | Select Comfort Corp. | 148,428 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Generic Drugs—0.3% | |||
1,528 | 1 | Lannett Co., Inc. | $91,069 |
Grocery Chain—0.8% | |||
5,191 | Ingles Markets, Inc., Class A | 240,239 | |
Health Care—0.2% | |||
10,800 | 1 | Radnet, Inc. | 72,252 |
Health Care Equipment & Supplies—1.3% | |||
5,544 | 1 | Inogen, Inc. | 246,486 |
4,000 | 1 | Merit Medical Systems, Inc. | 102,240 |
1,052 | 1 | Zeltiq Aesthetics, Inc. | 36,136 |
TOTAL | 384,862 | ||
Home Building—0.4% | |||
4,096 | M.D.C. Holdings, Inc. | 122,307 | |
Home Health Care—1.3% | |||
5,041 | 1 | Amedisys, Inc. | 219,939 |
4,459 | 1 | LHC Group, Inc. | 179,653 |
TOTAL | 399,592 | ||
Hotels Restaurants & Leisure—0.7% | |||
9,323 | 1 | Boyd Gaming Corp. | 159,330 |
767 | Marriott Vacations Worldwide Corp. | 64,121 | |
TOTAL | 223,451 | ||
Industrial Machinery—0.7% | |||
5,906 | Actuant Corp. | 136,192 | |
11,100 | 1 | Blount International, Inc. | 92,796 |
TOTAL | 228,988 | ||
Insurance—0.5% | |||
5,500 | Fidelity & Guaranty Life | 143,165 | |
Insurance Brokerage—0.2% | |||
757 | AmTrust Financial Services, Inc. | 52,619 | |
International Bank—0.3% | |||
2,800 | Preferred Bank Los Angeles, CA | 88,256 | |
Internet Services—1.3% | |||
4,137 | 1 | DHI Group, Inc. | 32,972 |
21,830 | EarthLink Network, Inc. | 160,232 | |
8,842 | 1 | Web.com Group, Inc. | 220,077 |
TOTAL | 413,281 | ||
Internet Software & Services—0.7% | |||
2,832 | 1 | LogMeIn, Inc. | 208,379 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Jewelry Stores—0.3% | |||
4,029 | Movado Group, Inc. | $102,055 | |
Life Insurance—0.7% | |||
5,802 | American Equity Investment Life Holding Co. | 171,391 | |
2,181 | Symetra Financial Corp. | 54,612 | |
TOTAL | 226,003 | ||
Machinery—0.4% | |||
3,800 | Douglas Dynamics, Inc. | 77,976 | |
860 | Hyster-Yale Materials Handling, Inc. | 58,196 | |
TOTAL | 136,172 | ||
Medical Supplies—0.3% | |||
5,200 | PetMed Express, Inc. | 87,620 | |
Medical Technology—2.1% | |||
3,072 | 1 | Abiomed, Inc. | 237,957 |
2,548 | 1 | Integra Lifesciences Corp. | 163,403 |
5,210 | 1 | Natus Medical, Inc. | 235,284 |
TOTAL | 636,644 | ||
Metals & Mining—0.7% | |||
70,544 | 1 | Cloud Peak Energy, Inc. | 224,330 |
Mini-Mill Producer—0.6% | |||
12,781 | Commercial Metals Corp. | 196,955 | |
Miscellaneous Communications—1.2% | |||
13,123 | West Corp. | 378,599 | |
Miscellaneous Components—0.6% | |||
6,000 | 1 | Amkor Technology, Inc. | 26,460 |
16,500 | 1 | Qlogic Corp. | 146,355 |
TOTAL | 172,815 | ||
Multi-Line Insurance—1.2% | |||
9,946 | CNO Financial Group, Inc. | 177,437 | |
1,358 | FBL Financial Group, Inc., Class A | 77,419 | |
4,870 | Maiden Holdings Ltd. | 80,550 | |
412 | 1 | Navigators Group, Inc. | 32,210 |
TOTAL | 367,616 | ||
Office Furniture—0.9% | |||
2,311 | HNI Corp. | 114,602 | |
6,740 | Knoll, Inc. | 163,108 | |
TOTAL | 277,710 | ||
Office Supplies—1.8% | |||
20,158 | 1 | Acco Brands Corp. | 164,892 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Office Supplies—continued | |||
19,720 | Ennis Business Forms, Inc. | $330,902 | |
1,260 | Essendant, Inc. | 46,393 | |
TOTAL | 542,187 | ||
Oil Refiner—0.5% | |||
2,331 | Delek US Holdings, Inc. | 83,147 | |
1,437 | Western Refining, Inc. | 63,458 | |
TOTAL | 146,605 | ||
Oil Service, Explore & Drill—1.7% | |||
44,273 | Gulfmark Offshore, Inc. | 417,052 | |
29,879 | 1 | Pioneer Energy Services Corp. | 109,357 |
5,100 | 1 | Willbros. Group, Inc. | 4,131 |
TOTAL | 530,540 | ||
Other Communications Equipment—0.4% | |||
3,940 | 1 | Netgear, Inc. | 131,951 |
Other Tobacco Products—0.7% | |||
5,375 | Schweitzer-Mauduit International, Inc. | 213,388 | |
Paper Products—0.2% | |||
3,400 | 1 | Xerium Technologies, Inc. | 57,698 |
Personal Loans—2.0% | |||
3,300 | Cash America International, Inc. | 91,509 | |
1,228 | 1 | Credit Acceptance Corp. | 294,978 |
4,369 | 1 | World Acceptance Corp. | 237,761 |
TOTAL | 624,248 | ||
Personnel Agency—1.0% | |||
7,591 | 1 | AMN Healthcare Services, Inc. | 223,403 |
1,387 | Maximus, Inc. | 94,607 | |
TOTAL | 318,010 | ||
Pharmaceuticals—0.6% | |||
8,614 | 1 | Sucampo Pharmaceuticals, Inc., Class A | 187,699 |
Poultry Products—1.5% | |||
3,200 | Pilgrim's Pride Corp. | 69,248 | |
5,300 | Sanderson Farms, Inc. | 381,653 | |
TOTAL | 450,901 | ||
Printed Circuit Boards—0.6% | |||
17,637 | 1 | Sigma Designs, Inc. | 182,896 |
Professional Services—0.3% | |||
1,773 | Insperity, Inc. | 89,146 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Property Liability Insurance—2.4% | |||
3,791 | HCI Group, Inc. | $170,140 | |
6,200 | Selective Insurance Group, Inc. | 191,022 | |
13,206 | Universal Insurance Holdings, Inc. | 362,109 | |
TOTAL | 723,271 | ||
Railroad—0.3% | |||
1,827 | Greenbrier Cos., Inc. | 83,585 | |
Recreational Goods—0.6% | |||
8,039 | 1 | Nautilus, Inc. | 169,864 |
Regional Banks—6.8% | |||
2,040 | Arrow Financial Corp. | 56,182 | |
6,156 | Enterprise Financial Services Corp. | 148,544 | |
2,099 | Financial Institutions, Inc. | 51,509 | |
11,292 | 1 | First BanCorp | 48,668 |
600 | First Business Financial Services, Inc. | 26,250 | |
4,400 | First Interstate BancSystem, Inc., Class A | 122,012 | |
2,772 | First Merchants Corp. | 72,155 | |
4,100 | FirstMerit Corp. | 76,834 | |
3,863 | Flushing Financial Corp. | 80,196 | |
4,674 | Great Southern Bancorp, Inc. | 193,971 | |
5,168 | Hancock Holding Co. | 151,009 | |
8,594 | Heartland Financial USA, Inc. | 323,822 | |
3,676 | Metro Bancorp, Inc. | 89,952 | |
4,200 | MidSouth Bancorp, Inc. | 58,590 | |
21,472 | OFG Bancorp. | 173,064 | |
2,981 | Sandy Spring Bancorp, Inc. | 81,501 | |
3,426 | United Community Banks, Inc. | 71,501 | |
4,559 | Wintrust Financial Corp. | 245,821 | |
TOTAL | 2,071,581 | ||
Restaurants—1.3% | |||
1,284 | Cracker Barrel Old Country Store, Inc. | 195,027 | |
575 | Jack in the Box, Inc. | 54,625 | |
1,411 | Papa Johns International, Inc. | 106,615 | |
1,632 | Sonic Corp. | 48,503 | |
TOTAL | 404,770 | ||
Rubber—0.7% | |||
6,083 | Cooper Tire & Rubber Co. | 200,313 | |
Savings & Loan—3.4% | |||
8,836 | Berkshire Hills Bancorp, Inc. | 257,128 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Savings & Loan—continued | |||
6,699 | First Defiance Financial Corp. | $257,576 | |
6,448 | Provident Financial Holdings, Inc. | 103,748 | |
8,694 | WSFS Financial Corp. | 249,605 | |
7,095 | Washington Federal, Inc. | 165,172 | |
TOTAL | 1,033,229 | ||
Securities Brokerage—0.5% | |||
7,246 | Investment Technology Group, Inc. | 147,456 | |
Semiconductor Manufacturing—0.2% | |||
3,567 | 1 | Integrated Device Technology, Inc. | 68,165 |
Semiconductor Manufacturing Equipment—1.1% | |||
8,410 | Mentor Graphics Corp. | 219,417 | |
3,488 | Tessera Technologies, Inc. | 120,894 | |
TOTAL | 340,311 | ||
Semiconductors & Semiconductor Equipment—0.8% | |||
2,223 | 1 | Ambarella, Inc. | 257,579 |
Services to Medical Professionals—1.4% | |||
4,187 | 1 | MedAssets, Inc. | 97,557 |
3,050 | 1 | Molina Healthcare, Inc. | 230,061 |
1,670 | 1 | Team Health Holdings, Inc. | 112,575 |
TOTAL | 440,193 | ||
Shoes—0.7% | |||
1,460 | 1 | Skechers USA, Inc., Class A | 219,657 |
Soft Drinks—0.4% | |||
800 | Coca-Cola Bottling Co. | 129,600 | |
Software Packaged/Custom—3.4% | |||
1,738 | 1 | Barracuda Networks, Inc. | 47,691 |
10,512 | CSG Systems International, Inc. | 326,923 | |
7,185 | Ebix, Inc. | 222,663 | |
2,656 | 1 | Ellie Mae, Inc. | 208,363 |
1,585 | 1 | ePlus, Inc. | 121,902 |
3,736 | 1 | Infoblox, Inc. | 87,796 |
386 | Marketaxess Holdings, Inc. | 37,751 | |
TOTAL | 1,053,089 | ||
Specialty Chemicals—1.6% | |||
1,132 | Chemed Corp. | 168,056 | |
4,265 | 1 | Kraton Performance Polymers, Inc. | 87,518 |
9,508 | 1 | Trinseo SA | 231,615 |
TOTAL | 487,189 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Specialty Machinery—0.5% | |||
4,687 | 1 | Stratasys, Inc. | $144,032 |
Specialty Retailing—2.9% | |||
1,808 | 1 | Asbury Automotive Group, Inc. | 159,647 |
3,035 | 1 | Barnes & Noble, Inc. | 79,790 |
7,920 | 1 | Build-A-Bear Workshop, Inc. | 138,204 |
5,027 | Outerwall, Inc. | 356,012 | |
3,200 | Stage Stores, Inc. | 56,320 | |
1,500 | 1 | Stamps.com, Inc. | 102,900 |
TOTAL | 892,873 | ||
Telecommunication Equipment & Services—1.9% | |||
11,018 | 1 | NeuStar, Inc., Class A | 340,126 |
22,255 | 1 | Polycom, Inc. | 253,262 |
TOTAL | 593,388 | ||
Telephone Utility—0.4% | |||
21,109 | 1 | Vonage Holdings Corp. | 134,887 |
Thrifts & Mortgage Finance—0.2% | |||
6,380 | 1 | MGIC Investment Corp. | 70,627 |
Truck Manufacturing—0.6% | |||
14,288 | 1 | Wabash National Corp. | 196,317 |
Undesignated Consumer Cyclicals—1.3% | |||
2,012 | DeVry Education Group, Inc. | 61,125 | |
83,908 | Weight Watchers International, Inc. | 335,632 | |
TOTAL | 396,757 | ||
Undesignated Consumer Staples—1.1% | |||
7,497 | 1 | Medifast, Inc. | 231,433 |
822 | 1 | USANA, Inc. | 102,462 |
TOTAL | 333,895 | ||
Wireless Communications—0.2% | |||
886 | InterDigital, Inc. | 47,906 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $29,689,244) | 30,102,021 | ||
INVESTMENT COMPANY—2.0% | |||
630,062 | 2 | Federated Prime Value Obligations Fund, Institutional Shares, 0.11%3 (AT NET ASSET VALUE) | 630,062 |
TOTAL INVESTMENTS—100.1% (IDENTIFIED COST $30,319,306)4 | 30,732,083 | ||
OTHER ASSETS AND LIABILITIES - NET— (0.1)%5 | (37,211) | ||
TOTAL NET ASSETS—100% | $30,694,872 |
1 | Non-income-producing security. |
2 | Affiliated holding. |
3 | 7-day net yield. |
4 | The cost of investments for federal tax purposes amounts to $30,444,169. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
ADR | —American Depositary Receipt |
Year Ended July 31 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $15.07 | $13.70 | $9.52 | $9.88 | $7.55 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.05)1 | (0.12)1 | (0.01)1 | (0.06)1 | (0.09)1 |
Net realized and unrealized gain (loss) on investments | 1.57 | 1.49 | 4.19 | (0.30) | 2.42 |
TOTAL FROM INVESTMENT OPERATIONS | 1.52 | 1.37 | 4.18 | (0.36) | 2.33 |
Less Distributions: | |||||
Distributions from net realized gain on investments | (0.93) | — | — | — | — |
Net Asset Value, End of Period | $15.66 | $15.07 | $13.70 | $9.52 | $9.88 |
Total Return2 | 10.22% | 10.00% | 43.91% | (3.64)% | 30.86% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.48% | 1.70% | 1.70% | 1.71% | 1.75% |
Net investment income (loss) | (0.35)% | (0.77)% | (0.05)% | (0.65)% | (0.96)% |
Expense waiver/reimbursement3 | 0.76% | 0.52% | 1.09% | 4.24% | 3.75% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $7,160 | $5,346 | $3,694 | $2,550 | $3,469 |
Portfolio turnover | 166% | 174% | 184% | 200% | 210% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $14.10 | $12.91 | $9.04 | $9.45 | $7.28 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.16)1 | (0.21)1 | (0.09)1 | (0.12)1 | (0.15)1 |
Net realized and unrealized gain (loss) on investments | 1.47 | 1.40 | 3.96 | (0.29) | 2.32 |
TOTAL FROM INVESTMENT OPERATIONS | 1.31 | 1.19 | 3.87 | (0.41) | 2.17 |
Less Distributions: | |||||
Distributions from net realized gain on investments | (0.93) | — | — | — | — |
Net Asset Value, End of Period | $14.48 | $14.10 | $12.91 | $9.04 | $9.45 |
Total Return2 | 9.41% | 9.22% | 42.81% | (4.34)% | 29.81% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.28% | 2.45% | 2.45% | 2.46% | 2.50% |
Net investment income (loss) | (1.11)% | (1.50)% | (0.81)% | (1.41)% | (1.70)% |
Expense waiver/reimbursement3 | 0.72% | 0.54% | 1.11% | 4.24% | 3.78% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $3,031 | $3,338 | $2,636 | $2,358 | $2,978 |
Portfolio turnover | 166% | 174% | 184% | 200% | 210% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $15.38 | $13.94 | $9.67 | $10.00 | $7.63 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.02)1 | (0.08)1 | 0.031 | (0.04)1 | (0.06)1 |
Net realized and unrealized gain (loss) on investments | 1.61 | 1.52 | 4.24 | (0.29) | 2.43 |
TOTAL FROM INVESTMENT OPERATIONS | 1.59 | 1.44 | 4.27 | (0.33) | 2.37 |
Less Distributions: | |||||
Distributions from net realized gain on investments | (0.93) | — | — | ��� | — |
Net Asset Value, End of Period | $16.04 | $15.38 | $13.94 | $9.67 | $10.00 |
Total Return2 | 10.48% | 10.33% | 44.16% | (3.30)% | 31.06% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.26% | 1.45% | 1.45% | 1.46% | 1.50% |
Net investment income (loss) | (0.11)% | (0.51)% | 0.23% | (0.44)% | (0.71)% |
Expense waiver/reimbursement3 | 0.74% | 0.52% | 1.10% | 3.77% | 3.79% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $20,504 | $21,486 | $14,084 | $11,650 | $4,836 |
Portfolio turnover | 166% | 174% | 184% | 200% | 210% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Assets: | ||
Total investment in securities, at value including $630,062 of investment in an affiliated holding (Note 5) (identified cost $30,319,306) | $30,732,083 | |
Income receivable | 14,622 | |
Receivable for investments sold | 571,481 | |
Receivable for shares sold | 53,782 | |
TOTAL ASSETS | 31,371,968 | |
Liabilities: | ||
Payable for investments purchased | $587,090 | |
Payable for shares redeemed | 8,169 | |
Payable for auditing fees | 23,800 | |
Payable for distribution services fee (Note 5) | 1,913 | |
Payable for other service fees (Notes 2 and 5) | 5,069 | |
Payable for share registration costs | 31,083 | |
Accrued expenses (Note 5) | 19,972 | |
TOTAL LIABILITIES | 677,096 | |
Net assets for 1,944,624 shares outstanding | $30,694,872 | |
Net Assets Consist of: | ||
Paid-in capital | $30,685,288 | |
Net unrealized appreciation of investments | 412,777 | |
Accumulated net realized loss on investments | (403,193) | |
TOTAL NET ASSETS | $30,694,872 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($7,160,282 ÷ 457,227 shares outstanding), no par value, unlimited shares authorized | $15.66 | |
Offering price per share (100/94.50 of $15.66) | $16.57 | |
Redemption proceeds per share | $15.66 | |
Class C Shares: | ||
Net asset value per share ($3,030,779 ÷ 209,317 shares outstanding), no par value, unlimited shares authorized | $14.48 | |
Offering price per share | $14.48 | |
Redemption proceeds per share (99.00/100 of $14.48) | $14.34 | |
Institutional Shares: | ||
Net asset value per share ($20,503,811 ÷ 1,278,080 shares outstanding), no par value, unlimited shares authorized | $16.04 | |
Offering price per share | $16.04 | |
Redemption proceeds per share | $16.04 |
Investment Income: | ||
Dividends (including $468 received from an affiliated holding (Note 5) and net of foreign taxes withheld of $339) | $343,565 | |
Expenses: | ||
Investment adviser fee (Note 5) | $342,921 | |
Administrative fee (Note 5) | 23,336 | |
Custodian fees | 19,262 | |
Transfer agent fee | 38,024 | |
Directors'/Trustees' fees (Note 5) | 1,819 | |
Auditing fees | 23,800 | |
Legal fees | 9,088 | |
Portfolio accounting fees | 67,331 | |
Distribution services fee (Note 5) | 24,450 | |
Other service fees (Notes 2 and 5) | 23,361 | |
Share registration costs | 43,030 | |
Printing and postage | 16,392 | |
Miscellaneous (Note 5) | 10,327 | |
TOTAL EXPENSES | 643,141 | |
Waiver/reimbursement of investment adviser fee (Note 5) | (220,308) | |
Net expenses | 422,833 | |
Net investment income (loss) | (79,268) | |
Realized and Unrealized Gain (Loss) on Investments: | ||
Net realized gain on investments | 3,442,659 | |
Net change in unrealized appreciation of investments | (418,792) | |
Net realized and unrealized gain on investments | 3,023,867 | |
Change in net assets resulting from operations | $2,944,599 |
Year Ended July 31 | 2015 | 2014 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(79,268) | $(221,422) |
Net realized gain on investments | 3,442,659 | 5,669,313 |
Net change in unrealized appreciation/depreciation of investments | (418,792) | (2,326,839) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 2,944,599 | 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 | 6,991,073 | 25,049,675 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,610,014 | — |
Cost of shares redeemed | (9,329,278) | (18,414,284) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (728,191) | 6,635,391 |
Change in net assets | 524,362 | 9,756,443 |
Net Assets: | ||
Beginning of period | 30,170,510 | 20,414,067 |
End of period (including accumulated net investment income (loss) of $0 and $(169,305), respectively) | $30,694,872 | $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 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. |
Other Service Fees Incurred | |
Class A Shares | $15,233 |
Class C Shares | 8,128 |
TOTAL | $23,361 |
Year Ended July 31 | 2015 | 2014 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 195,981 | $3,035,389 | 476,541 | $7,334,303 |
Shares issued to shareholders in payment of distributions declared | 20,829 | 317,649 | — | — |
Shares redeemed | (114,348) | (1,754,885) | (391,487) | (6,138,103) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 102,462 | $1,598,153 | 85,054 | $1,196,200 |
Year Ended July 31 | 2015 | 2014 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 42,094 | $604,168 | 122,191 | $1,646,975 |
Shares issued to shareholders in payment of distributions declared | 11,327 | 160,392 | — | — |
Shares redeemed | (80,851) | (1,175,191) | (89,622) | (1,298,266) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (27,430) | $(410,631) | 32,569 | $348,709 |
Year Ended July 31 | 2015 | 2014 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 212,197 | $3,351,516 | 1,086,642 | $16,068,397 |
Shares issued to shareholders in payment of distributions declared | 72,562 | 1,131,973 | — | — |
Shares redeemed | (403,797) | (6,399,202) | (699,809) | (10,977,915) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (119,038) | $(1,915,713) | 386,833 | $5,090,482 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (44,006) | $(728,191) | 504,456 | $6,635,391 |
Increase (Decrease) | |
Undistributed Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) |
$248,573 | $(248,573) |
2015 | 2014 | |
Ordinary income1 | $3,125 | $— |
Long-term capital gains | $1,688,921 | $— |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income2 | $527,581 |
Net unrealized appreciation | $287,914 |
Capital loss carryforwards | $(805,911) |
2 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Expiration Year | Short-Term | Long-Term | Total |
2018 | $805,911 | NA | $805,911 |
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 | $24,450 |
Federated Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2014 | 608,213 |
Purchases/Additions | 7,843,883 |
Sales/Reductions | (7,822,034) |
Balance of Shares Held 7/31/2015 | 630,062 |
Value | $630,062 |
Dividend Income | $468 |
Purchases | $48,652,640 |
Sales | $51,211,780 |
September 23, 2015
Beginning Account Value 2/1/2015 | Ending Account Value 7/31/2015 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,076.30 | $6.691 |
Class C Shares | $1,000 | $1,072.60 | $10.742 |
Institutional Shares | $1,000 | $1,078.00 | $5.513 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.35 | $6.511 |
Class C Shares | $1,000 | $1,014.43 | $10.442 |
Institutional Shares | $1,000 | $1,019.49 | $5.363 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.30% |
Class C Shares | 2.09% |
Institutional Shares | 1.07% |
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 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.82 and $5.66, 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 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $9.66 and $9.39, 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 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $4.53 and $4.41, respectively. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John F. Donahue* Birth Date: July 28, 1924 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling. |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: May 2006 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd. |
* | Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Director, Chair of the Compensation Committee, Audit Committee member, KLX Corp. Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director, FleetBoston Financial Corp.; Director and Audit Committee Member, Bank of America Corp. and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; Retired. Other Directorships Held: Director, Chair of the Audit Committee, Governance Committee, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP. Mr. Hough is an Executive Committee member of the United States Golf Association, he serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Adjunct Professor of Law, Duquesne University School of Law. Other Directorships Held: Director, CONSOL Energy Inc. Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously served as: Associate General Secretary, Diocese of Pittsburgh; Professor of Law, Duquesne University School of Law and was a member of the Superior Court of Pennsylvania. Judge Lally-Green also holds the positions of: Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute; and Director, Cardinal Wuerl North Catholic High School, Inc. Judge Lally-Green has held the positions of: Director, Auberle; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; and Director, Catholic High Schools of the Diocese of Pittsburgh, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Peter E. Madden Birth Date: March 16, 1942 Trustee Indefinite Term Began serving: June 2006 | Principal Occupation: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; Retired. Other Directorships Held: None. Qualifications: Mr. Madden has served in several business management, mutual fund services and directorship positions throughout his career. Mr. Madden previously served as President, Chief Operating Officer and Director, State Street Bank and Trust Company (custodian bank) and State Street Corporation (financial services). He was Director, VISA USA and VISA International and Chairman and Director, Massachusetts Bankers Association. Mr. Madden served as Director, Depository Trust Corporation and Director, The Boston Stock Exchange. Mr. Madden also served as a Representative to the Commonwealth of Massachusetts General Court. |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Mansfield has served in several banking, business management and educational roles and directorship positions throughout his career. Mr. Mansfield previously served as Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly, Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President DVC Group, Inc. (marketing, communications and technology). |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: October 2006 | Principal Occupations: Director or Trustee, Vice Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey serves as Board Member, Epilepsy Foundation of Western Pennsylvania and Board member, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
John W. McGonigle Birth Date: October 26, 1938 Secretary Officer since: May 2006 | Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: June 2006 | Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Stephen F. Auth Birth Date: September 3, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: June 2012 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
Daniel Mahr Birth Date: April 9, 1981 125 High Street Oliver Tower 21st Floor Boston, MA 02110-2704 Vice President Officer since: June 2012 Portfolio Manager since: August 2008 | Principal Occupations: Daniel Mahr has been the Fund's Portfolio Manager since August 2008. Mr. Mahr joined the MDT Advisers Investment Team in 2002. As Managing Director, Research, he is responsible for leading the Investment Team as it relates to the ongoing design, development and implementation of the Optimum Q Process. He is Vice President of the Trust with respect to the Fund. Mr. Mahr received his A.B., Computer Science from Harvard College and his S.M., Computer Science from Harvard University. |
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 |
1 | Please see the footnotes to the line graphs below for definitions of, and further information about, the R2000G. |
2 | Please see the footnotes to the line graphs below for definitions of, and further information about, the MSGFA. |
3 | The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The index is unmanaged, and it is not possible to invest directly in an index. |
4 | Small-cap stocks may be less liquid and subject to greater price volatility than large-cap stocks. |
5 | The Russell Microcap® Index measures the performance of the microcap segment of the U.S. equity market. Microcap stocks make up less than 3% of the U.S. equity market (by market cap) and consist of the smallest 1,000 securities in the small-cap Russell 2000® Index, plus the next 1,000 smallest eligible securities by market cap. The Russell Microcap® Index is constructed to provide a comprehensive and unbiased barometer for the microcap segment trading on national exchanges and is completely reconstituted annually to ensure new and growing equities are reflected and companies continue to reflect appropriate capitalization and value characteristics. The Russell Microcap® Index is unmanaged, and it is not possible to invest directly in an index. |
6 | The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000® companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set. The Russell Midcap® Index is unmanaged, and it is not possible to invest directly in an index. |
7 | The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000® Growth Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad growth market and is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics. The Russell 3000® Growth Index is unmanaged, and it is not possible to invest directly in an index. |
8 | The Russell 3000® Value Index measures the performance of the broad value segment of U.S. equity value universe. It includes those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000® Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad value market and is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. The Russell 3000® Value Index is unmanaged, and it is not possible to invest directly in an index. |
9 | The Russell Microcap® Growth Index measures the performance of the microcap growth segment of the U.S. equity market. It includes Russell Microcap companies that are considered more growth oriented relative to the overall market as defined by Russell's leading style methodology. The Russell Microcap® Growth Index is constructed to provide a comprehensive and unbiased barometer for the microcap growth segment of the market. The Russell Microcap® Growth Index is completely reconstituted annually to ensure larger stocks do not distort performance and characteristics of the microcap opportunity set. The Russell Microcap® Growth Index is unmanaged, and it is not possible to invest directly in an index. |
10 | The Russell Microcap® Value Index measures the performance of the micro-cap value segment of the U.S. equity universe. It includes those Russell Microcap® Index companies with higher price-to-book ratios and lower forecasted growth values. The Russell Microcap® Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the micro-cap value market. The Russell Microcap Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. The index is unmanaged, and it is not possible to invest directly in an index. |
11 | The Russell Midcap® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap® Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market. The Russell Midcap® Growth Index is unmanaged, and it is not possible to invest directly in an index. |
12 | The Russell Midcap® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap® Value Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap value market. The Russell Midcap® Value Index is unmanaged, and it is not possible to invest directly in an index. |
Federated MDT Small Cap Growth Fund - | Class A Shares | Institutional Shares | NA | R2000G | MSGFA |
F | F | NA | I | I | |
9/15/2005 | 9,450 | 10,000 | 10,000 | 10,000 | |
7/31/2006 | 10,008 | 10,610 | 10,307 | 10,229 | |
7/31/2007 | 12,238 | 13,020 | 12,042 | 12,056 | |
7/31/2008 | 10,990 | 11,720 | 11,589 | 10,701 | |
7/31/2009 | 7,456 | 7,970 | 9,172 | 8,443 | |
7/31/2010 | 8,302 | 8,895 | 10,705 | 9,891 | |
7/31/2011 | 11,512 | 12,373 | 13,843 | 12,801 | |
7/31/2012 | 11,332 | 12,202 | 13,773 | 12,513 | |
7/31/2013 | 15,312 | 16,524 | 18,647 | 16,478 | |
7/31/2014 | 16,518 | 17,881 | 20,312 | 17,833 | |
7/31/2015 | 19,466 | 21,117 | 24,389 | 20,767 |
■ | Total returns shown for Class A Shares include the maximum sales charge of the 5.50% ($10,000 investment minus $550 sales charge = $9,450). |
1 Year | 5 Years | Start of Performance* | |
Class A Shares | 11.36% | 17.24% | 6.98% |
Class B Shares | 11.40% | 17.46% | 6.94% |
Class C Shares | 15.96% | 17.69% | 6.79% |
Institutional Shares | 18.10% | 18.88% | 7.86% |
R2000G | 20.07% | 17.90% | 9.16% |
MSGFA | 16.45% | 15.99% | 7.45% |
* | The Fund's start of performance date was September 15, 2005. |
1 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charges = $9,450); for Class B Shares, the maximum contingent deferred sales charge is 5.50% on any redemption less than one year from the purchase date; for Class C Shares, a 1.00% contingent deferred sales charge would be applied to any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The R2000G and MSGFA have been adjusted to reflect reinvestment of dividends on securities. |
2 | The Fund is the successor to the MDT Small Cap Growth Fund pursuant to a reorganization that took place on December 8, 2006. Prior to that date, the Fund had no investment operations. Accordingly, the performance information shown for periods prior to that date is that of the MDT Small Cap Growth Fund. |
3 | The R2000G measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000® Index companies with higher price-to-value ratios and higher forecasted growth values. The R2000G is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment. The R2000G is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect growth characteristics. The R2000G is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The R2000G is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. |
4 | Morningstar figures represent the average of the total returns reported by all the mutual funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges. |
Industry Composition | Percentage of Total Net Assets | |
Biotechnology | 7.6% | |
Medical Technology | 4.1% | |
Health Care Equipment & Supplies | 3.3% | |
Software Packaged/Custom | 3.3% | |
Telecommunication Equipment & Services | 3.2% | |
Specialty Retailing | 2.8% | |
Financial Services | 2.7% | |
Pharmaceuticals | 2.7% | |
Communications Equipment | 2.5% | |
Property Liability Insurance | 2.4% | |
Restaurants | 2.2% | |
Undesignated Consumer Cyclicals | 2.1% | |
Specialty Chemicals | 2.0% | |
Hotels Restaurants & Leisure | 1.9% | |
Services to Medical Professionals | 1.9% | |
Auto Original Equipment Manufacturers | 1.8% | |
Internet Services | 1.7% | |
Personnel Agency | 1.7% | |
Specialty Retail | 1.7% | |
Textiles Apparel & Luxury Goods | 1.7% | |
Undesignated Consumer Staples | 1.7% | |
Personal Loans | 1.6% | |
Poultry Products | 1.6% | |
Apparel | 1.5% | |
Computer Services | 1.4% | |
Construction & Engineering | 1.3% | |
Diversified Leisure | 1.3% | |
Semiconductors & Semiconductor Equipment | 1.3% | |
Office Furniture | 1.2% | |
Airline - Regional | 1.1% | |
Education & Training Services | 1.1% | |
IT Services | 1.1% | |
Medical Supplies | 1.1% | |
Semiconductor Manufacturing Equipment | 1.1% | |
Dairy Products | 1.0% | |
Furniture | 1.0% | |
Home Health Care | 1.0% |
Industry Composition | Percentage of Total Net Assets | |
Internet Software & Services | 1.0% | |
Mortgage Banks | 1.0% | |
Semiconductor Manufacturing | 1.0% | |
Other2 | 19.3% | |
Cash Equivalents3 | 1.9% | |
Other Assets and Liabilities—Net4 | 1.1% | |
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—97.0% | |||
Aerospace & Defense—0.5% | |||
13,505 | 1 | Taser International, Inc. | $367,606 |
Airline - Regional—1.1% | |||
4,668 | Alaska Air Group, Inc. | 353,601 | |
21,337 | 1 | Hawaiian Holdings, Inc. | 463,440 |
TOTAL | 817,041 | ||
Apparel—1.5% | |||
2,275 | Columbia Sportswear Co. | 162,754 | |
30,858 | 1 | Express, Inc. | 587,536 |
11,000 | 1 | Iconix Brand Group, Inc. | 239,030 |
1,436 | Oxford Industries, Inc. | 120,523 | |
TOTAL | 1,109,843 | ||
Auto Original Equipment Manufacturers—1.8% | |||
27,574 | 1 | American Axle & Manufacturing Holdings, Inc. | 550,929 |
7,727 | Dana Holding Corp. | 143,413 | |
36,777 | 1 | Meritor, Inc. | 517,820 |
5,047 | 1 | Tower International, Inc. | 131,878 |
TOTAL | 1,344,040 | ||
Biotechnology—7.6% | |||
11,662 | 1 | Air Methods Corp. | 459,366 |
14,642 | 1 | Cambrex Corp. | 721,118 |
12,943 | 1 | Emergent Biosolutions, Inc. | 424,919 |
44,530 | 1 | Exelixis, Inc. | 255,157 |
65,334 | 1 | Geron Corp. | 264,603 |
5,847 | 1 | Isis Pharmaceuticals, Inc. | 321,176 |
4,313 | 1 | Luminex Corp. | 74,313 |
6,216 | 1 | MacroGenics, Inc. | 233,722 |
5,744 | 1 | Neurocrine Biosciences, Inc. | 287,889 |
7,363 | 1 | NewLink Genetics Corp. | 383,980 |
6,642 | 1 | Ophthotech Corp. | 449,597 |
38,277 | 1 | Opko Health, Inc. | 626,594 |
84,022 | PDL BioPharma, Inc. | 489,008 | |
18,894 | 1 | Repligen Corp. | 661,479 |
TOTAL | 5,652,921 | ||
Building Materials—0.8% | |||
14,323 | 1 | U.S. Concrete, Inc. | 606,293 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Carpets—0.6% | |||
16,885 | Interface, Inc. | $438,503 | |
Clothing Stores—0.6% | |||
25,418 | American Eagle Outfitters, Inc. | 451,169 | |
Cogeneration—0.1% | |||
3,979 | 1 | Headwaters, Inc. | 75,641 |
Commercial Services—0.3% | |||
1,679 | 1 | Cimpress NV | 108,346 |
14,601 | 1 | Lifelock, Inc. | 115,640 |
TOTAL | 223,986 | ||
Commodity Chemicals—0.3% | |||
4,646 | Stepan Co. | 227,700 | |
Communications Equipment—2.5% | |||
25,041 | 1 | Gigamon, Inc. | 673,102 |
34,300 | 1 | Infinera Corp. | 821,142 |
14,869 | 1 | Infoblox, Inc. | 349,422 |
TOTAL | 1,843,666 | ||
Computer Networking—0.3% | |||
30,885 | 1 | Dot Hill Systems Corp. | 195,193 |
Computer Peripherals—0.4% | |||
36,168 | 1 | Zagg, Inc. | 281,025 |
Computer Services—1.4% | |||
14,621 | 1 | Manhattan Associates, Inc. | 947,733 |
15,030 | 1 | Merge Technologies, Inc. | 82,515 |
TOTAL | 1,030,248 | ||
Computer Stores—0.2% | |||
6,322 | 1 | Insight Enterprises, Inc. | 170,631 |
Construction & Engineering—1.3% | |||
15,035 | 1 | Dycom Industries, Inc. | 993,212 |
Consumer Finance—0.2% | |||
8,265 | 1 | Enova International, Inc. | 149,431 |
Containers & Packaging—0.2% | |||
5,757 | 1 | Berry Plastics Group, Inc. | 187,448 |
Contracting—0.3% | |||
9,372 | Comfort Systems USA, Inc. | 259,042 | |
Cosmetics & Toiletries—0.7% | |||
5,970 | 1 | Helen of Troy Ltd. | 524,047 |
Dairy Products—1.0% | |||
12,192 | Cal-Maine Foods, Inc. | 660,319 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Dairy Products—continued | |||
4,481 | Dean Foods Co. | $79,762 | |
TOTAL | 740,081 | ||
Defense Aerospace—0.2% | |||
7,587 | 1 | Ducommun, Inc. | 181,709 |
Diversified Consumer Services—0.2% | |||
4,512 | 1 | 2U, Inc. | 144,790 |
Diversified Leisure—1.3% | |||
27,813 | 1 | Isle of Capri Casinos, Inc. | 507,309 |
12,130 | 1 | Pinnacle Entertainment, Inc. | 467,005 |
TOTAL | 974,314 | ||
Education & Training Services—1.1% | |||
3,960 | 1 | American Public Education, Inc. | 102,445 |
3,284 | Capella Education Co. | 169,159 | |
2,885 | 1 | Grand Canyon Education, Inc. | 125,295 |
7,437 | 1 | Strayer Education, Inc. | 413,572 |
TOTAL | 810,471 | ||
Electric & Electronic Original Equipment Manufacturers—0.5% | |||
21,399 | General Cable Corp. | 349,232 | |
Electrical Equipment—0.2% | |||
719 | Mesa Laboratories, Inc. | 74,445 | |
3,786 | 1 | Rofin-Sinar Technologies, Inc. | 94,423 |
TOTAL | 168,868 | ||
Electronic Equipment Instruments & Components—0.2% | |||
11,149 | 1 | Newport Corp. | 176,600 |
Electronic Instruments—0.1% | |||
3,496 | Methode Electronics, Inc., Class A | 93,798 | |
Electronics Stores—0.5% | |||
7,221 | 1 | REX American Resources Corp. | 372,892 |
Financial Services—2.7% | |||
13,780 | Deluxe Corp. | 887,846 | |
11,938 | 1 | Encore Capital Group, Inc. | 513,453 |
23,942 | WisdomTree Investments, Inc. | 596,156 | |
TOTAL | 1,997,455 | ||
Furniture—1.0% | |||
6,897 | Bassett Furniture Industries, Inc. | 226,152 | |
2,730 | Ethan Allen Interiors, Inc. | 82,419 | |
17,017 | 1 | Select Comfort Corp. | 443,123 |
TOTAL | 751,694 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Generic Drugs—0.6% | |||
7,104 | 1 | Lannett Co., Inc. | $423,398 |
Grocery Chain—0.1% | |||
753 | Casey's General Stores, Inc. | 76,968 | |
Health Care Equipment & Supplies—3.3% | |||
1,768 | 1 | Dexcom, Inc. | 149,661 |
16,532 | 1 | Inogen, Inc. | 735,013 |
5,765 | LeMaitre Vascular, Inc. | 82,094 | |
3,732 | 1 | Masimo Corp. | 155,550 |
14,927 | 1 | MiMedx Group, Inc. | 160,167 |
36,232 | 1 | RTI Surgical, Inc. | 263,769 |
13,268 | 1 | Surgical Care Affiliates, Inc. | 504,449 |
11,178 | 1 | Zeltiq Aesthetics Inc. | 383,964 |
TOTAL | 2,434,667 | ||
Home Health Care—1.0% | |||
17,771 | 1 | Amedisys, Inc. | 775,349 |
Home Products—0.5% | |||
6,149 | Tupperware Brands Corp. | 359,532 | |
Hospitals—0.4% | |||
5,692 | Ensign Group, Inc. | 290,975 | |
Hotels Restaurants & Leisure—1.9% | |||
35,617 | 1 | Boyd Gaming Corp. | 608,695 |
14,154 | 1 | Diamond Resorts International, Inc. | 443,586 |
3,168 | Marriott Vacations Worldwide Corp. | 264,845 | |
4,160 | SeaWorld Entertainment, Inc. | 72,134 | |
TOTAL | 1,389,260 | ||
Industrial Machinery—0.8% | |||
7,900 | Altra Holdings, Inc. | 200,660 | |
8,669 | 1 | Blount International, Inc. | 72,473 |
4,062 | Hyster-Yale Materials Handling, Inc. | 274,876 | |
3,542 | Twin Disc, Inc. | 57,026 | |
TOTAL | 605,035 | ||
Internet Services—1.7% | |||
63,266 | EarthLink Network, Inc. | 464,373 | |
4,661 | 1 | Travelzoo, Inc. | 41,669 |
29,484 | 1 | Web.com Group, Inc. | 733,857 |
TOTAL | 1,239,899 | ||
Internet Software & Services—1.0% | |||
9,973 | 1 | LogMeIn, Inc. | 733,813 |
Shares | Value | ||
COMMON STOCKS—continued | |||
IT Services—1.1% | |||
7,336 | 1 | EPAM Systems, Inc. | $543,671 |
3,910 | Evertec, Inc. | 73,586 | |
5,690 | 1 | Globant SA | 180,942 |
TOTAL | 798,199 | ||
Jewelry Stores—0.3% | |||
10,436 | Movado Group, Inc. | 264,344 | |
Machinery—0.4% | |||
17,017 | Global Brass & Copper Holdings, Inc. | 286,736 | |
Media—0.1% | |||
8,888 | 1 | Townsquare Media, Inc., Class A | 115,544 |
Medical Supplies—1.1% | |||
4,344 | Landauer, Inc. | 154,125 | |
10,057 | 1 | Medidata Solutions, Inc. | 541,067 |
8,484 | PetMed Express, Inc. | 142,955 | |
TOTAL | 838,147 | ||
Medical Technology—4.1% | |||
11,242 | 1 | Abiomed, Inc. | 870,805 |
8,947 | 1 | Integra Lifesciences Corp. | 573,771 |
16,151 | 1 | MedAssets, Inc. | 376,318 |
16,767 | 1 | Natus Medical, Inc. | 757,198 |
12,785 | 1 | Vascular Solutions, Inc. | 475,986 |
TOTAL | 3,054,078 | ||
Metal Fabrication—0.1% | |||
3,191 | Worthington Industries, Inc. | 86,348 | |
Miscellaneous Communications—0.9% | |||
22,828 | West Corp. | 658,588 | |
Miscellaneous Components—0.3% | |||
19,627 | 1 | Rambus, Inc. | 256,917 |
Mortgage Banks—1.0% | |||
15,919 | 1 | Altisource Portfolio Solutions S.A. | 519,915 |
3,094 | 1 | LendingTree, Inc. | 256,554 |
TOTAL | 776,469 | ||
Multi-Industry Capital Goods—0.5% | |||
9,927 | 1 | DXP Enterprises, Inc. | 364,321 |
Office Furniture—1.2% | |||
8,191 | HNI Corp. | 406,192 | |
21,147 | Knoll, Inc. | 511,757 | |
TOTAL | 917,949 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Office Supplies—0.1% | |||
2,312 | Essendant, Inc. | $85,128 | |
Oil Refiner—0.5% | |||
6,807 | Delek US Holdings, Inc. | 242,806 | |
3,273 | Western Refining, Inc. | 144,535 | |
TOTAL | 387,341 | ||
Oil Service, Explore & Drill—0.4% | |||
41,498 | 1 | PetroQuest Energy, Inc. | 57,682 |
58,262 | 1 | Pioneer Energy Services Corp. | 213,239 |
TOTAL | 270,921 | ||
Other Communications Equipment—0.4% | |||
8,124 | 1 | Netgear, Inc. | 272,073 |
Outpatient Clinics—0.2% | |||
2,808 | U.S. Physical Therapy, Inc. | 148,431 | |
Paper & Forest Products—0.2% | |||
7,038 | Kapstone Paper and Packaging Corp. | 164,689 | |
Paper Products—0.1% | |||
1,733 | 1 | Clearwater Paper Corp. | 101,987 |
Personal Loans—1.6% | |||
5,177 | Cash America International, Inc. | 143,558 | |
2,580 | 1 | Credit Acceptance Corp. | 619,742 |
8,081 | 1 | World Acceptance Corp. | 439,768 |
TOTAL | 1,203,068 | ||
Personnel Agency—1.7% | |||
22,700 | 1 | AMN Healthcare Services, Inc. | 668,061 |
4,337 | Korn/Ferry International | 145,203 | |
6,496 | Maximus, Inc. | 443,092 | |
TOTAL | 1,256,356 | ||
Pharmaceuticals—2.7% | |||
7,489 | 1 | Anacor Pharmaceuticals, Inc. | 1,117,284 |
24,781 | 1 | Merrimack Pharmaceuticals, Inc. | 250,288 |
29,397 | 1 | Sucampo Pharmaceuticals, Inc., Class A | 640,561 |
TOTAL | 2,008,133 | ||
Poultry Products—1.6% | |||
15,200 | Pilgrim's Pride Corp. | 328,928 | |
12,201 | Sanderson Farms, Inc. | 878,594 | |
TOTAL | 1,207,522 | ||
Professional Services—0.4% | |||
6,351 | Insperity, Inc. | 319,328 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Property Liability Insurance—2.4% | |||
3,255 | Employers Holdings, Inc. | $78,120 | |
11,307 | HCI Group, Inc. | 507,458 | |
7,465 | 1 | Heritage Insurance Holdings, Inc. | 184,535 |
36,690 | Universal Insurance Holdings, Inc. | 1,006,040 | |
TOTAL | 1,776,153 | ||
Railroad—0.4% | |||
7,343 | Greenbrier Cos., Inc. | 335,942 | |
Recreational Goods—0.9% | |||
18,869 | 1 | Nautilus, Inc. | 398,702 |
5,096 | Sturm Ruger & Co., Inc. | 305,862 | |
TOTAL | 704,564 | ||
Restaurants—2.2% | |||
3,980 | Cracker Barrel Old Country Store, Inc. | 604,522 | |
20,262 | 1 | Denny's Corp. | 238,281 |
3,322 | Jack in the Box, Inc. | 315,590 | |
3,621 | Papa John's International, Inc. | 273,603 | |
6,415 | Sonic Corp. | 190,654 | |
TOTAL | 1,622,650 | ||
Semiconductor Distribution—0.6% | |||
3,289 | 1 | Tyler Technologies, Inc. | 458,947 |
Semiconductor Manufacturing—1.0% | |||
3,529 | 1 | Cirrus Logic, Inc. | 116,492 |
18,815 | 1 | Integrated Device Technology, Inc. | 359,555 |
2,993 | Monolithic Power Systems | 154,768 | |
3,010 | 1 | Plexus Corp. | 114,801 |
TOTAL | 745,616 | ||
Semiconductor Manufacturing Equipment—1.1% | |||
8,447 | 1 | Advanced Energy Industries, Inc. | 221,227 |
10,911 | Mentor Graphics Corp. | 284,668 | |
7,132 | Tessera Technologies, Inc. | 247,195 | |
7,155 | 1 | Xcerra Corp. | 44,969 |
TOTAL | 798,059 | ||
Semiconductors & Semiconductor Equipment—1.3% | |||
8,139 | 1 | Ambarella, Inc. | 943,066 |
Services to Medical Professionals—1.9% | |||
9,790 | 1 | Molina Healthcare, Inc. | 738,460 |
8,179 | 1 | Team Health Holdings, Inc. | 551,346 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Services to Medical Professionals—continued | |||
3,530 | 1 | WebMD Health Corp., Class A | $153,837 |
TOTAL | 1,443,643 | ||
Shoes—0.9% | |||
4,664 | 1 | Skechers USA, Inc., Class A | 701,699 |
Soft Drinks—0.3% | |||
1,262 | Coca-Cola Bottling Co. | 204,444 | |
Software—0.1% | |||
2,055 | 1 | Paylocity Corp. | 73,816 |
Software Packaged/Custom—3.3% | |||
3,561 | 1 | Barracuda Networks, Inc. | 97,714 |
1,224 | Blackbaud, Inc. | 74,860 | |
4,137 | 1 | BroadSoft, Inc. | 144,464 |
26,026 | CSG Systems International, Inc. | 809,408 | |
15,969 | Ebix, Inc. | 494,879 | |
8,068 | 1 | Ellie Mae, Inc. | 632,935 |
1,341 | Marketaxess Holdings, Inc. | 131,150 | |
4,348 | 1 | VASCO Data Security International, Inc. | 88,656 |
TOTAL | 2,474,066 | ||
Specialty Chemicals—2.0% | |||
2,950 | Chemed Corp. | 437,957 | |
24,480 | KMG Chemicals, Inc. | 534,398 | |
20,703 | 1 | Trinseo SA | 504,325 |
TOTAL | 1,476,680 | ||
Specialty Retail—1.7% | |||
23,375 | 1 | Build-A-Bear Workshop, Inc. | 407,894 |
11,940 | Outerwall, Inc. | 845,591 | |
TOTAL | 1,253,485 | ||
Specialty Retailing—2.8% | |||
6,150 | 1 | Asbury Automotive Group, Inc. | 543,045 |
8,648 | Big Lots, Inc. | 373,421 | |
1,386 | Children's Place, Inc./The | 80,249 | |
3,445 | 1 | Kirkland's, Inc. | 93,980 |
33,638 | 1 | Lumber Liquidators, Inc. | 649,213 |
5,185 | 1 | Tile Shop Hldgs., Inc. | 74,042 |
23,872 | 1 | Vera Bradley, Inc. | 259,250 |
TOTAL | 2,073,200 | ||
Telecommunication Equipment & Services—3.2% | |||
11,481 | Alliance Fiber Optic Products, Inc. | 230,423 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Telecommunication Equipment & Services—continued | |||
31,608 | 1 | NeuStar, Inc., Class A | $975,739 |
50,705 | 1 | Polycom, Inc. | 577,023 |
73,467 | 1 | Sonus Networks, Inc. | 592,879 |
TOTAL | 2,376,064 | ||
Textiles Apparel & Luxury Goods—1.7% | |||
3,244 | 1 | G-III Apparel Group Ltd. | 234,314 |
109,545 | 1 | Vince Holding Corp. | 1,074,637 |
TOTAL | 1,308,951 | ||
Thrifts & Mortgage Finance—0.2% | |||
13,997 | 1 | MGIC Investment Corp. | 154,947 |
Truck Manufacturing—0.8% | |||
43,766 | 1 | Wabash National Corp. | 601,345 |
Undesignated Consumer Cyclicals—2.1% | |||
5,128 | 1 | Parexel International Corp. | 353,627 |
4,044 | 1 | Steiner Leisure Ltd. | 233,339 |
246,853 | Weight Watchers International, Inc. | 987,412 | |
TOTAL | 1,574,378 | ||
Undesignated Consumer Staples—1.7% | |||
18,778 | 1 | Array BioPharma, Inc. | 109,100 |
21,071 | 1 | Medifast, Inc. | 650,462 |
2,863 | Nutri/System, Inc. | 86,033 | |
3,344 | 1 | USANA, Inc. | 416,830 |
TOTAL | 1,262,425 | ||
Undesignated Energy—0.1% | |||
2,369 | Green Plains, Inc. | 53,184 | |
Wireless Communications—0.3% | |||
2,379 | InterDigital, Inc. | 128,632 | |
2,733 | 1 | Straight Path Communications, Inc. | 64,417 |
TOTAL | 193,049 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $68,129,624) | 72,492,476 | ||
INVESTMENT COMPANY—1.9% | |||
1,422,241 | 2 | Federated Prime Value Obligations Fund, Institutional Shares, 0.11%3 (AT NET ASSET VALUE) | 1,422,241 |
TOTAL INVESTMENTS—98.9% (IDENTIFIED COST $69,551,865)4 | 73,914,717 | ||
OTHER ASSETS AND LIABILITIES - NET—1.1%5 | 825,985 | ||
TOTAL NET ASSETS—100% | $74,740,702 |
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. |
Year Ended July 31 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $17.39 | $16.12 | $11.93 | $12.12 | $8.74 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.12)1 | (0.18)1 | (0.07)1 | (0.09)1 | (0.13)1 |
Net realized and unrealized gain (loss) on investments | 3.22 | 1.45 | 4.26 | (0.10) | 3.51 |
TOTAL FROM INVESTMENT OPERATIONS | 3.10 | 1.27 | 4.19 | (0.19) | 3.38 |
Net Asset Value, End of Period | $20.49 | $17.39 | $16.12 | $11.93 | $12.12 |
Total Return2 | 17.83% | 7.88% | 35.12% | (1.57)% | 38.67% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.54% | 1.75% | 1.75% | 1.75% | 1.75% |
Net investment income (loss) | (0.66)% | (1.05)% | (0.49)% | (0.79)% | (1.18)% |
Expense waiver/reimbursement3 | 0.61% | 0.43% | 0.59% | 1.04% | 1.14% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $32,136 | $29,690 | $30,187 | $22,718 | $25,634 |
Portfolio turnover | 121% | 61% | 88% | 69% | 154% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $16.69 | $15.58 | $11.62 | $11.90 | $8.65 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.25)1 | (0.30)1 | (0.17)1 | (0.17)1 | (0.21)1 |
Net realized and unrealized gain (loss) on investments | 3.07 | 1.41 | 4.13 | (0.11) | 3.46 |
TOTAL FROM INVESTMENT OPERATIONS | 2.82 | 1.11 | 3.96 | (0.28) | 3.25 |
Net Asset Value, End of Period | $19.51 | $16.69 | $15.58 | $11.62 | $11.90 |
Total Return2 | 16.90% | 7.12% | 34.08% | (2.35)% | 37.57% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.27% | 2.50% | 2.50% | 2.50% | 2.50% |
Net investment income (loss) | (1.38)% | (1.79)% | (1.25)% | (1.55)% | (1.93)% |
Expense waiver/reimbursement3 | 0.63% | 0.43% | 0.59% | 1.06% | 1.15% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $2,327 | $1,842 | $2,016 | $1,640 | $2,541 |
Portfolio turnover | 121% | 61% | 88% | 69% | 154% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $16.27 | $15.19 | $11.33 | $11.60 | $8.43 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.25)1 | (0.30)1 | (0.16)1 | (0.17)1 | (0.21)1 |
Net realized and unrealized gain (loss) on investments | 3.01 | 1.38 | 4.02 | (0.10) | 3.38 |
TOTAL FROM INVESTMENT OPERATIONS | 2.76 | 1.08 | 3.86 | (0.27) | 3.17 |
Net Asset Value, End of Period | $19.03 | $16.27 | $15.19 | $11.33 | $11.60 |
Total Return2 | 16.96% | 7.11% | 34.07% | (2.33)% | 37.60% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.31% | 2.50% | 2.50% | 2.50% | 2.50% |
Net investment income (loss) | (1.44)% | (1.79)% | (1.24)% | (1.54)% | (1.94)% |
Expense waiver/reimbursement3 | 0.59% | 0.43% | 0.59% | 1.04% | 1.13% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $3,571 | $4,608 | $4,912 | $4,223 | $4,663 |
Portfolio turnover | 121% | 61% | 88% | 69% | 154% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $17.79 | $16.44 | $12.14 | $12.31 | $8.85 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.08)1 | (0.14)1 | (0.03)1 | (0.06)1 | (0.10)1 |
Net realized and unrealized gain (loss) on investments | 3.30 | 1.49 | 4.33 | (0.11) | 3.56 |
TOTAL FROM INVESTMENT OPERATIONS | 3.22 | 1.35 | 4.30 | (0.17) | 3.46 |
Net Asset Value, End of Period | $21.01 | $17.79 | $16.44 | $12.14 | $12.31 |
Total Return2 | 18.10% | 8.21% | 35.42% | (1.38)% | 39.10% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.30% | 1.50% | 1.50% | 1.50% | 1.50% |
Net investment income (loss) | (0.43)% | (0.80)% | (0.24)% | (0.54)% | (0.92)% |
Expense waiver/reimbursement3 | 0.60% | 0.43% | 0.59% | 1.05% | 1.15% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $36,706 | $37,253 | $31,179 | $26,233 | $29,395 |
Portfolio turnover | 121% | 61% | 88% | 69% | 154% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Assets: | ||
Total investment in securities, at value including $1,422,241 of investment in an affiliated holding (Note 5) (identified cost $69,551,865) | $73,914,717 | |
Income receivable | 27,240 | |
Receivable for investments sold | 1,024,857 | |
Receivable for shares sold | 953,282 | |
TOTAL ASSETS | 75,920,096 | |
Liabilities: | ||
Payable for investments purchased | $979,307 | |
Payable for shares redeemed | 68,914 | |
Payable for transfer agent fee | 38,344 | |
Payable for distribution services fee (Note 5) | 3,727 | |
Payable for other service fees (Notes 2 and 5) | 18,704 | |
Payable for share registration costs | 31,047 | |
Accrued expenses (Note 5) | 39,351 | |
TOTAL LIABILITIES | 1,179,394 | |
Net assets for 3,621,942 shares outstanding | $74,740,702 | |
Net Assets Consist of: | ||
Paid-in capital | $58,205,496 | |
Net unrealized appreciation of investments | 4,362,852 | |
Accumulated net realized gain on investments | 12,308,093 | |
Accumulated net investment income (loss) | (135,739) | |
TOTAL NET ASSETS | $74,740,702 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($32,136,131 ÷ 1,568,085 shares outstanding), no par value, unlimited shares authorized | $20.49 | |
Offering price per share (100/94.50 of $20.49) | $21.68 | |
Redemption proceeds per share | $20.49 | |
Class B Shares: | ||
Net asset value per share ($2,327,492 ÷ 119,272 shares outstanding), no par value, unlimited shares authorized | $19.51 | |
Offering price per share | $19.51 | |
Redemption proceeds per share (94.50/100 of $19.51) | $18.44 | |
Class C Shares: | ||
Net asset value per share ($3,570,632 ÷ 187,659 shares outstanding), no par value, unlimited shares authorized | $19.03 | |
Offering price per share | $19.03 | |
Redemption proceeds per share (99.00/100 of $19.03) | $18.84 | |
Institutional Shares: | ||
Net asset value per share ($36,706,447 ÷ 1,746,926 shares outstanding), no par value, unlimited shares authorized | $21.01 | |
Offering price per share | $21.01 | |
Redemption proceeds per share | $21.01 |
Investment Income: | |||
Dividends (including $961 received from an affiliated holding (Note 5)) | $635,439 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $832,161 | ||
Administrative fee (Note 5) | 56,630 | ||
Custodian fees | 11,255 | ||
Transfer agent fee | 267,710 | ||
Directors'/Trustees' fees (Note 5) | 2,049 | ||
Auditing fees | 23,800 | ||
Legal fees | 9,087 | ||
Portfolio accounting fees | 78,287 | ||
Distribution services fee (Note 5) | 44,058 | ||
Other service fees (Notes 2 and 5) | 90,157 | ||
Share registration costs | 47,896 | ||
Printing and postage | 32,417 | ||
Miscellaneous (Note 5) | 12,410 | ||
TOTAL EXPENSES | 1,507,917 | ||
Waiver/reimbursement of investment adviser fee (Note 5) | (436,233) | ||
Net expenses | 1,071,684 | ||
Net investment income (loss) | (436,245) | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments | 15,656,300 | ||
Net change in unrealized appreciation of investments | (3,269,613) | ||
Net realized and unrealized gain on investments | 12,386,687 | ||
Change in net assets resulting from operations | $11,950,442 |
Year Ended July 31 | 2015 | 2014 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(436,245) | $(733,294) |
Net realized gain on investments | 15,656,300 | 9,490,958 |
Net change in unrealized appreciation/depreciation of investments | (3,269,613) | (3,333,015) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 11,950,442 | 5,424,649 |
Share Transactions: | ||
Proceeds from sale of shares | 16,906,335 | 16,325,070 |
Cost of shares redeemed | (27,508,694) | (16,650,066) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (10,602,359) | (324,996) |
Change in net assets | 1,348,083 | 5,099,653 |
Net Assets: | ||
Beginning of period | 73,392,619 | 68,292,966 |
End of period (including accumulated net investment income (loss) of $(135,739) and $(479,252), respectively) | $74,740,702 | $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 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 | $75,543 |
Class B Shares | 5,067 |
Class C Shares | 9,547 |
TOTAL | $90,157 |
Year Ended July 31 | 2015 | 2014 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 205,032 | $4,007,524 | 141,156 | $2,490,198 |
Shares redeemed | (343,865) | (6,518,418) | (307,176) | (5,375,153) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (138,833) | $(2,510,894) | (166,020) | $(2,884,955) |
Year Ended July 31 | 2015 | 2014 | ||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 36,818 | $665,769 | 18,297 | $308,687 |
Shares redeemed | (27,927) | (501,164) | (37,296) | (634,098) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | 8,891 | $164,605 | (18,999) | $(325,411) |
Year Ended July 31 | 2015 | 2014 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 28,731 | $508,470 | 23,500 | $374,325 |
Shares redeemed | (124,257) | (2,140,893) | (63,678) | (1,059,481) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (95,526) | $(1,632,423) | (40,178) | $(685,156) |
Year Ended July 31 | 2015 | 2014 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 616,792 | $11,724,572 | 729,007 | $13,151,860 |
Shares redeemed | (963,982) | (18,348,219) | (531,135) | (9,581,334) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (347,190) | $(6,623,647) | 197,872 | $3,570,526 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (572,658) | $(10,602,359) | (27,325) | $(324,996) |
Increase (Decrease) | ||
Paid-In Capital | Undistributed Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) |
$(68,474) | $779,758 | $(711,284) |
Undistributed long-term capital gains | $12,308,093 |
Net unrealized appreciation | $4,362,852 |
Capital loss deferrals | $(135,739) |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.150% | on the first $5 billion |
0.125% | on the next $5 billion |
0.100% | on the next $10 billion |
0.075% | on assets in excess of $20 billion |
Share Class Name | Percentage of Average Daily Net Assets of Class |
Class A Shares | 0.05% |
Class B Shares | 0.75% |
Class C Shares | 0.75% |
Distribution Services Fees Incurred | |
Class B Shares | $15,290 |
Class C Shares | 28,768 |
TOTAL | $44,058 |
Federated Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2014 | 1,393,702 |
Purchases/Additions | 17,561,576 |
Sales/Reductions | (17,533,037) |
Balance of Shares Held 7/31/2015 | 1,422,241 |
Value | $1,422,241 |
Dividend Income | $961 |
Purchases | $86,183,720 |
Sales | $98,011,238 |
September 23, 2015
Beginning Account Value 2/1/2015 | Ending Account Value 7/31/2015 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,123.40 | $7.002 |
Class B Shares | $1,000 | $1,18.70 | $10.873 |
Class C Shares | $1,000 | $1,119.40 | $10.934 |
Institutional Shares | $1,000 | $1,124.70 | $5.695 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.20 | $6.662 |
Class B Shares | $1,000 | $1,014.53 | $10.343 |
Class C Shares | $1,000 | $1,014.48 | $10.394 |
Institutional Shares | $1,000 | $1,019.44 | $5.415 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.33% |
Class B Shares | 2.07% |
Class C Shares | 2.08% |
Institutional Shares | 1.08% |
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 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.95 and $5.66, respectively. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund's Class B 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 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $9.88 and $9.39, respectively. |
4 | 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 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $9.88 and $9.39, respectively. |
5 | 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 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $4.64 and $4.41, respectively. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John F. Donahue* Birth Date: July 28, 1924 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling. |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd. |
* | Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Director, Chair of the Compensation Committee, Audit Committee member, KLX Corp. Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director, FleetBoston Financial Corp.; Director and Audit Committee Member, Bank of America Corp. and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; Retired. Other Directorships Held: Director, Chair of the Audit Committee, Governance Committee, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP. Mr. Hough is an Executive Committee member of the United States Golf Association, he serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Adjunct Professor of Law, Duquesne University School of Law. Other Directorships Held: Director, CONSOL Energy Inc. Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously served as: Associate General Secretary, Diocese of Pittsburgh; Professor of Law, Duquesne University School of Law and was a member of the Superior Court of Pennsylvania. Judge Lally-Green also holds the positions of: Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute; and Director, Cardinal Wuerl North Catholic High School, Inc. Judge Lally-Green has held the positions of: Director, Auberle; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; and Director, Catholic High Schools of the Diocese of Pittsburgh, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Peter E. Madden Birth Date: March 16, 1942 Trustee Indefinite Term Began serving: June 2006 | Principal Occupation: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; Retired. Other Directorships Held: None. Qualifications: Mr. Madden has served in several business management, mutual fund services and directorship positions throughout his career. Mr. Madden previously served as President, Chief Operating Officer and Director, State Street Bank and Trust Company (custodian bank) and State Street Corporation (financial services). He was Director, VISA USA and VISA International and Chairman and Director, Massachusetts Bankers Association. Mr. Madden served as Director, Depository Trust Corporation and Director, The Boston Stock Exchange. Mr. Madden also served as a Representative to the Commonwealth of Massachusetts General Court. |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Mansfield has served in several banking, business management and educational roles and directorship positions throughout his career. Mr. Mansfield previously served as Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly, Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President DVC Group, Inc. (marketing, communications and technology). |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: October 2006 | Principal Occupations: Director or Trustee, Vice Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey serves as Board Member, Epilepsy Foundation of Western Pennsylvania and Board member, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
John W. McGonigle Birth Date: October 26, 1938 Secretary Officer since: May 2006 | Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: June 2006 | Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Stephen F. Auth Birth Date: September 3, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: June 2012 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
Daniel Mahr Birth Date: April 9, 1981 125 High Street Oliver Tower 21st Floor Boston, MA 02110-2704 Vice President Officer since: June 2012 Portfolio Manager since: August 2008 | Principal Occupations: Daniel Mahr has been the Fund's Portfolio Manager since August 2008. Mr. Mahr joined the MDT Advisers Investment Team in 2002. As Managing Director, Research, he is responsible for leading the Investment Team as it relates to the ongoing design, development and implementation of the Optimum Q Process. He is Vice President of the Trust with respect to the Fund. Mr. Mahr received his A.B., Computer Science from Harvard College and his S.M., Computer Science from Harvard University. |
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
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.
(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. Audit Committee Financial Expert
The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: John T. Collins, Thomas M. O'Neill and John S. Walsh.
Item 4. Principal Accountant Fees and Services
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2015 - $124,600
Fiscal year ended 2014 – $124,600
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2015 - $0
Fiscal year ended 2014 – $76
Fiscal year ended 2014- Travel to Audit Committee Meeting.
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $87 and $0, respectively. Fiscal year ended 2015- Travel expenses for attendance at Audit Committee meeting.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2015 - $0
Fiscal year ended 2014 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0, respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2015 - $0
Fiscal year ended 2014 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $31,263 and $21,857, respectively. Fiscal year ended 2015- Service fee for analysis of potential Passive Foreign Investment Company holdings. Fiscal year ended 2014- Service fee for analysis of potential Passive Foreign Investment Company holdings.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate its responsibilities to pre-approve services performed by the independent auditor to management.
The Audit Committee has delegated pre-approval authority to its Chairman. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee must approve any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit Services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services, all other Audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain Audit-related services, all other Audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide Tax services to the Company such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services, all Tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of services other than audit, review or attest services the pre-approval requirement is waived if:
(1) | The aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant to its accountant during the fiscal year in which the services are provided; |
(2) | Such services were not recognized by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant at the time of the engagement to be non-audit services; and |
(3) | Such services are promptly brought to the attention of the Audit Committee of the issuer and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the board of directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, and would not impair the independence of the auditor.
The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of prohibited non-audit services and the applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2015 – 0%
Fiscal year ended 2014 – 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2015 – 0%
Fiscal year ended 2014 – 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2015 – 0%
Fiscal year ended 2014 – 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) | NA |
(g) | Non-Audit Fees billed to the registrant, the registrant’s investment adviser, and certain entities controlling, controlled by or under common control with the investment adviser: |
Fiscal year ended 2015 - $69,178
Fiscal year ended 2014 - $91,770
(h) The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants
Not Applicable
Item 6. Schedule of Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not Applicable |
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not Applicable |
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not Applicable |
Item 10. Submission of Matters to a Vote of Security Holders
No Changes to Report
Item 11. Controls and Procedures
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated MDT Series
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date September 23, 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 September 23, 2015
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date September 23, 2015