United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-21904
(Investment Company Act File Number)
Federated MDT Series
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 07/31/16
Date of Reporting Period: Six months ended 01/31/16
Item 1. Reports to Stockholders
Share Class | Ticker |
A | QAACX |
C | QCACX |
R | QKACX |
Institutional | QIACX |
Industry Composition | Percentage of Total Net Assets |
Internet Services | 4.8% |
Department Stores | 4.7% |
Oil Refiner | 4.7% |
Money Center Bank | 3.9% |
Property Liability Insurance | 3.8% |
Services to Medical Professionals | 3.5% |
Biotechnology | 3.3% |
Life Insurance | 3.3% |
Regional Banks | 3.3% |
Medical Supplies | 3.2% |
AT&T Divestiture | 2.7% |
Computers—Low End | 2.7% |
Computers—High End | 2.4% |
Software Packaged/Custom | 2.4% |
Ethical Drugs | 2.3% |
Commodity Chemicals | 2.1% |
Grocery Chain | 2.1% |
Electric Utility | 2.0% |
Computers—Midrange | 1.9% |
Computer Stores | 1.7% |
Specialty Retailing | 1.7% |
Airline—Regional | 1.6% |
Diversified Tobacco | 1.6% |
Construction Machinery | 1.4% |
Hospitals | 1.4% |
Soft Drinks | 1.4% |
Cable TV | 1.2% |
Airline—National | 1.1% |
Semiconductor Distribution | 1.1% |
Telephone Utility | 1.1% |
Auto Original Equipment Manufacturers | 1.0% |
Clothing Stores | 1.0% |
Multi-Line Insurance | 1.0% |
Personal Loans | 1.0% |
Other2 | 19.8% |
Industry Composition | Percentage of Total Net Assets |
Cash Equivalents3 | 1.7% |
Other Assets and Liabilities—Net4 | 0.1% |
TOTAL | 100.0% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, industry classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | For purposes of this table, industry classifications which constitute less than 1.0% of the Fund's total net assets have been aggregated under the designation “Other”. |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS—98.2% | |||
Agricultural Chemicals—0.7% | |||
9,000 | Bunge Ltd. | $558,090 | |
13,993 | Mosaic Co./The | 337,231 | |
TOTAL | 895,321 | ||
Agricultural Machinery—0.3% | |||
9,100 | AGCO Corp. | 443,807 | |
Airline - National—1.1% | |||
4,639 | 1 | Atlas Air Worldwide Holdings, Inc. | 170,391 |
21,800 | 1 | Jet Blue Airways Corp. | 464,558 |
17,100 | 1 | United Continental Holdings, Inc. | 825,588 |
TOTAL | 1,460,537 | ||
Airline - Regional—1.6% | |||
10,759 | Alaska Air Group, Inc. | 757,433 | |
39,085 | Southwest Airlines Co. | 1,470,378 | |
TOTAL | 2,227,811 | ||
Airlines—0.4% | |||
2,963 | Copa Holdings SA, Class A | 139,557 | |
10,479 | Delta Air Lines, Inc. | 464,115 | |
TOTAL | 603,672 | ||
Apparel—0.4% | |||
4,466 | 1 | Iconix Brand Group, Inc. | 29,654 |
7,800 | PVH Corp. | 572,364 | |
TOTAL | 602,018 | ||
AT&T Divestiture—2.7% | |||
71,971 | Verizon Communications, Inc. | 3,596,391 | |
Auto Manufacturing—0.7% | |||
35,900 | Ford Motor Co. | 428,646 | |
17,386 | General Motors Co. | 515,321 | |
TOTAL | 943,967 | ||
Auto Original Equipment Manufacturers—1.0% | |||
5,500 | Lear Corp. | 571,065 | |
2,869 | 1 | O'Reilly Automotive, Inc. | 748,522 |
TOTAL | 1,319,587 | ||
Auto Rentals—0.2% | |||
7,800 | 1 | Avis Budget Group, Inc. | 204,906 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Biotechnology—3.3% | |||
16,691 | Amgen, Inc. | $2,549,216 | |
22,636 | Gilead Sciences, Inc. | 1,878,788 | |
3,045 | 1 | Repligen Corp. | 67,447 |
TOTAL | 4,495,451 | ||
Cable TV—1.2% | |||
36,984 | Viacom, Inc., Class B | 1,687,950 | |
Capital Markets—0.3% | |||
11,629 | Bank of New York Mellon Corp. | 421,202 | |
Clothing Stores—1.0% | |||
9,671 | 1 | Fossil, Inc. | 315,275 |
33,449 | Gap (The), Inc. | 826,859 | |
3,816 | 1 | Michael Kors Holdings Ltd. | 152,258 |
TOTAL | 1,294,392 | ||
Commodity Chemicals—2.1% | |||
36,950 | LyondellBasell Investment LLC, Class A | 2,880,992 | |
Communications Equipment—0.2% | |||
1,780 | 1 | Palo Alto Networks, Inc. | 266,092 |
Computer Networking—0.6% | |||
31,818 | Juniper Networks, Inc. | 750,905 | |
Computer Peripherals—0.3% | |||
19,800 | NetApp, Inc. | 434,214 | |
Computer Services—0.2% | |||
3,888 | 1 | Salesforce.com, Inc. | 264,617 |
Computer Stores—1.7% | |||
10,800 | GameStop Corp. | 283,068 | |
42,649 | Ingram Micro, Inc., Class A | 1,202,702 | |
13,862 | 1 | Tech Data Corp. | 864,989 |
TOTAL | 2,350,759 | ||
Computers - High End—2.4% | |||
25,751 | IBM Corp. | 3,213,467 | |
Computers - Low End—2.7% | |||
37,001 | Apple, Inc. | 3,601,677 | |
Computers - Midrange—1.9% | |||
270,378 | 1 | Hewlett-Packard Co. | 2,625,370 |
Construction Machinery—1.4% | |||
5,920 | Caterpillar, Inc. | 368,461 | |
81,239 | Joy Global, Inc. | 809,953 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Construction Machinery—continued | |||
35,600 | Trinity Industries, Inc. | $762,552 | |
TOTAL | 1,940,966 | ||
Consumer Finance—0.2% | |||
25,900 | Navient Corp. | 247,604 | |
Contracting—0.2% | |||
8,300 | 1 | Jacobs Engineering Group, Inc. | 325,609 |
Cosmetics & Toiletries—0.3% | |||
21,400 | Avon Products, Inc. | 72,546 | |
3,481 | 1 | Helen of Troy Ltd. | 311,097 |
TOTAL | 383,643 | ||
Crude Oil & Gas Production—0.1% | |||
22,200 | Chesapeake Energy Corp. | 75,258 | |
Dairy Products—0.3% | |||
5,515 | Cal-Maine Foods, Inc. | 278,342 | |
8,425 | Dean Foods Co. | 168,332 | |
TOTAL | 446,674 | ||
Defense Aerospace—0.8% | |||
4,907 | General Dynamics Corp. | 656,409 | |
11,239 | 1 | Spirit Aerosystems Holdings, Inc., Class A | 476,534 |
TOTAL | 1,132,943 | ||
Department Stores—4.7% | |||
5,980 | Dillards, Inc., Class A | 421,052 | |
20,551 | Kohl's Corp. | 1,022,412 | |
38,446 | Macy's, Inc. | 1,553,603 | |
46,686 | Target Corp. | 3,381,000 | |
TOTAL | 6,378,067 | ||
Discount Department Stores—0.3% | |||
5,400 | Foot Locker, Inc. | 364,824 | |
Diversified Tobacco—1.6% | |||
35,790 | Altria Group, Inc. | 2,187,127 | |
Education & Training Services—0.1% | |||
11,000 | 1 | Apollo Group, Inc., Class A | 87,340 |
2,100 | DeVry Education Group, Inc. | 41,790 | |
TOTAL | 129,130 | ||
Electric Utility—2.0% | |||
24,600 | AES Corp. | 233,700 | |
8,083 | Entergy Corp. | 570,498 | |
83,976 | NiSource, Inc. | 1,764,336 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Electric Utility—continued | |||
3,495 | Public Service Enterprises Group, Inc. | $144,344 | |
TOTAL | 2,712,878 | ||
Electrical Equipment—0.5% | |||
7,785 | Emerson Electric Co. | 357,954 | |
4,200 | 1 | Sanmina Corp. | 78,708 |
29,400 | Xerox Corp. | 286,650 | |
TOTAL | 723,312 | ||
Electronics Stores—0.3% | |||
16,800 | Best Buy Co., Inc. | 469,224 | |
Energy Equipment & Services—0.1% | |||
11,813 | Noble Corp. PLC | 92,023 | |
Entertainment—0.5% | |||
38,331 | 1 | MSG Networks, Inc., Class A | 670,409 |
Ethical Drugs—2.3% | |||
78,872 | Pfizer, Inc. | 2,404,807 | |
6,195 | 1 | United Therapeutics Corp. | 763,100 |
TOTAL | 3,167,907 | ||
Financial Services—0.9% | |||
28,700 | 1 | Ally Financial, Inc. | 454,895 |
5,086 | Deluxe Corp. | 284,308 | |
4,846 | 1 | Synchrony Financial | 137,723 |
18,900 | Western Union Co. | 337,176 | |
TOTAL | 1,214,102 | ||
Grocery Chain—2.1% | |||
69,326 | Kroger Co. | 2,690,542 | |
5,103 | Whole Foods Market, Inc. | 149,569 | |
TOTAL | 2,840,111 | ||
Health Care Equipment & Supplies—0.0% | |||
1,779 | 1 | Inogen, Inc. | 59,134 |
Health Care Providers & Services—0.2% | |||
3,504 | 1 | Quintiles Transnational Holdings, Inc. | 213,148 |
Home Products—0.3% | |||
7,554 | Tupperware Brands Corp. | 350,732 | |
Hospitals—1.4% | |||
19,485 | 1 | Community Health Systems, Inc. | 418,538 |
17,656 | 1 | HCA, Inc. | 1,228,504 |
2,276 | Universal Health Services, Inc., Class B | 256,369 | |
TOTAL | 1,903,411 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Hotels—0.2% | |||
5,200 | Wyndham Worldwide Corp. | $337,480 | |
Industrial Machinery—0.6% | |||
9,600 | Dover Corp. | 561,120 | |
4,200 | Eaton Corp. PLC | 212,142 | |
TOTAL | 773,262 | ||
Internet Services—4.8% | |||
4,111 | 1 | Amazon.com, Inc. | 2,413,157 |
126,065 | 1 | eBay, Inc. | 2,957,485 |
7,910 | 1 | Facebook, Inc., Class A | 887,581 |
6,100 | IAC Interactive Corp. | 316,834 | |
TOTAL | 6,575,057 | ||
Life Insurance—3.3% | |||
20,871 | Aflac, Inc. | 1,209,683 | |
47,089 | Prudential Financial, Inc. | 3,299,997 | |
TOTAL | 4,509,680 | ||
Major Steel Producer—0.1% | |||
16,400 | United States Steel Corp. | 114,800 | |
Medical Supplies—3.2% | |||
91,807 | Baxter International, Inc. | 3,360,136 | |
5,572 | Cardinal Health, Inc. | 453,394 | |
11,584 | 1 | Hologic, Inc. | 393,161 |
1,633 | 1 | Orthofix International NV | 64,454 |
TOTAL | 4,271,145 | ||
Medical Technology—0.2% | |||
2,873 | 1 | Abiomed, Inc. | 245,153 |
Miscellaneous Components—0.2% | |||
27,428 | Vishay Intertechnology, Inc. | 314,325 | |
Miscellaneous Food Products—0.8% | |||
3,659 | Archer-Daniels-Midland Co. | 129,346 | |
7,300 | Fresh Del Monte Produce, Inc. | 297,913 | |
5,900 | Ingredion, Inc. | 594,248 | |
TOTAL | 1,021,507 | ||
Miscellaneous Machinery—0.5% | |||
26,403 | 1 | Colfax Corp. | 584,563 |
7,321 | SPX Corp. | 68,085 | |
TOTAL | 652,648 | ||
Money Center Bank—3.9% | |||
19,891 | Bank of America Corp. | 281,259 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Money Center Bank—continued | |||
32,741 | Citigroup, Inc. | $1,394,112 | |
60,257 | JPMorgan Chase & Co. | 3,585,291 | |
TOTAL | 5,260,662 | ||
Multi-Industry Capital Goods—0.2% | |||
1,259 | Acuity Brands, Inc. | 254,859 | |
Multi-Line Insurance—1.0% | |||
6,507 | Allstate Corp. | 394,324 | |
11,851 | American International Group, Inc. | 669,345 | |
8,300 | Hartford Financial Services Group, Inc. | 333,494 | |
TOTAL | 1,397,163 | ||
Office Equipment—0.2% | |||
14,800 | Pitney Bowes, Inc. | 289,784 | |
Office Supplies—0.0% | |||
2,386 | Ennis Business Forms, Inc. | 47,649 | |
Offshore Driller—0.1% | |||
15,800 | Nabors Industries Ltd. | 116,288 | |
Oil Gas & Consumable Fuels—0.4% | |||
6,104 | Phillips 66 | 489,236 | |
Oil Refiner—4.7% | |||
15,598 | HollyFrontier Corp. | 545,462 | |
42,182 | Marathon Petroleum Corp. | 1,762,786 | |
8,624 | Tesoro Petroleum Corp. | 752,444 | |
48,934 | Valero Energy Corp. | 3,321,151 | |
TOTAL | 6,381,843 | ||
Oil Well Supply—0.6% | |||
21,445 | National Oilwell Varco, Inc. | 697,820 | |
8,200 | Superior Energy Services, Inc. | 84,542 | |
TOTAL | 782,362 | ||
Outpatient Clinics—0.2% | |||
3,838 | 1 | Amsurg Corp. | 280,903 |
Paper Products—0.1% | |||
5,600 | Domtar, Corp. | 180,600 | |
Personal & Household—0.1% | |||
5,800 | Nu Skin Enterprises, Inc., Class A | 183,570 | |
Personal Loans—1.0% | |||
20,091 | Capital One Financial Corp. | 1,318,372 | |
Personal Products—0.3% | |||
4,693 | 1 | Edgewell Personal Care Co. | 347,329 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Poultry Products—0.5% | |||
16,900 | Pilgrim's Pride Corp. | $374,842 | |
4,000 | Sanderson Farms, Inc. | 324,880 | |
TOTAL | 699,722 | ||
Printed Circuit Boards—0.2% | |||
15,800 | Jabil Circuit, Inc. | 314,578 | |
Printing—0.1% | |||
9,700 | Donnelley (R.R.) & Sons Co. | 135,509 | |
Property Liability Insurance—3.8% | |||
21,412 | Assured Guaranty Ltd. | 509,177 | |
6,354 | Everest Re Group Ltd. | 1,136,985 | |
32,865 | The Travelers Cos., Inc. | 3,517,870 | |
TOTAL | 5,164,032 | ||
Recreational Goods—0.1% | |||
4,970 | 1 | Smith & Wesson Holding Corp. | 107,153 |
Regional Banks—3.3% | |||
4,342 | Comerica, Inc. | 148,930 | |
29,600 | Fifth Third Bancorp | 467,680 | |
17,200 | Huntington Bancshares, Inc. | 147,576 | |
30,200 | KeyCorp | 337,032 | |
8,926 | PNC Financial Services Group | 773,438 | |
9,100 | Popular, Inc. | 228,774 | |
47,638 | Wells Fargo & Co. | 2,392,857 | |
TOTAL | 4,496,287 | ||
Restaurants—0.4% | |||
3,686 | Cracker Barrel Old Country Store, Inc. | 483,714 | |
Rubber—0.3% | |||
15,017 | Goodyear Tire & Rubber Co. | 426,633 | |
Semiconductor Distribution—1.1% | |||
16,316 | 1 | Arrow Electronics, Inc. | 841,905 |
14,515 | Avnet, Inc. | 579,439 | |
866 | 1 | Tyler Technologies, Inc. | 136,014 |
TOTAL | 1,557,358 | ||
Semiconductor Manufacturing—0.9% | |||
34,400 | Intel Corp. | 1,067,088 | |
10,790 | 1 | Micron Technology, Inc. | 119,014 |
TOTAL | 1,186,102 | ||
Services to Medical Professionals—3.5% | |||
3,243 | Aetna, Inc. | 330,267 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Services to Medical Professionals—continued | |||
11,502 | Anthem, Inc. | $1,500,896 | |
24,143 | 1 | Express Scripts Holding Co. | 1,735,157 |
3,753 | 1 | Molina Healthcare, Inc. | 206,077 |
14,271 | Quest Diagnostics, Inc. | 937,177 | |
TOTAL | 4,709,574 | ||
Shipbuilding—0.9% | |||
9,357 | Huntington Ingalls Industries, Inc. | 1,196,573 | |
Shoes—0.2% | |||
8,631 | 1 | Skechers USA, Inc., Class A | 243,308 |
Soft Drinks—1.4% | |||
14,400 | Coca-Cola Enterprises, Inc. | 668,448 | |
13,800 | Dr. Pepper Snapple Group, Inc. | 1,294,992 | |
TOTAL | 1,963,440 | ||
Software Packaged/Custom—2.4% | |||
19,200 | CA, Inc. | 551,616 | |
15,100 | CDW Corp. | 580,595 | |
50,864 | Computer Sciences Corp. | 1,631,208 | |
6,686 | 1 | Electronic Arts, Inc. | 431,548 |
TOTAL | 3,194,967 | ||
Specialty Retailing—1.7% | |||
8,000 | Abercrombie & Fitch Co., Class A | 209,920 | |
4,700 | 1 | AutoNation, Inc. | 203,275 |
13,353 | 1 | Bed Bath & Beyond, Inc. | 576,449 |
2,900 | Big Lots, Inc. | 112,462 | |
1,700 | Children's Place, Inc./The | 110,670 | |
3,800 | GNC Holdings, Inc. | 106,438 | |
5,159 | Outerwall, Inc. | 174,374 | |
16,300 | Staples, Inc. | 145,396 | |
3,697 | 1 | Ulta Salon Cosmetics & Fragrance, Inc. | 669,786 |
TOTAL | 2,308,770 | ||
Telecommunication Equipment & Services—0.8% | |||
22,607 | Cisco Systems, Inc. | 537,820 | |
15,431 | Corning, Inc. | 287,171 | |
4,365 | 1 | Dycom Industries, Inc. | 289,225 |
TOTAL | 1,114,216 | ||
Telephone Utility—1.1% | |||
58,167 | CenturyLink, Inc. | 1,478,605 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Truck Manufacturing—0.9% | |||
8,589 | Cummins, Inc. | $772,065 | |
6,600 | OshKosh Truck Corp. | 217,338 | |
4,633 | PACCAR, Inc. | 227,342 | |
TOTAL | 1,216,745 | ||
Undesignated Consumer Cyclicals—0.3% | |||
8,300 | 1 | Herbalife Ltd. | 383,543 |
TOTAL COMMON STOCKS (IDENTIFIED COST $143,251,796) | 133,139,847 | ||
INVESTMENT COMPANY—1.7% | |||
2,330,676 | 2 | Federated Prime Value Obligations Fund, Institutional Shares, 0.35%3 (AT NET ASSET VALUE) | 2,330,676 |
TOTAL INVESTMENTS—99.9% (IDENTIFIED COST $145,582,472)4 | 135,470,523 | ||
OTHER ASSETS AND LIABILITIES - NET—0.1%5 | 127,165 | ||
TOTAL NET ASSETS—100% | $135,597,688 |
1 | Non-income-producing security. |
2 | Affiliated holding. |
3 | 7-day net yield. |
4 | The cost of investments for federal tax purposes amounts to $145,582,472. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 1/31/2016 | Year Ended July 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $22.10 | $20.47 | $17.26 | $12.73 | $12.48 | $10.54 |
Income From Investment Operations: | ||||||
Net investment income | 0.091 | 0.111 | 0.081 | 0.091 | 0.061 | 0.031 |
Net realized and unrealized gain (loss) on investments | (2.88) | 1.55 | 3.23 | 4.49 | 0.19 | 1.96 |
TOTAL FROM INVESTMENT OPERATIONS | (2.79) | 1.66 | 3.31 | 4.58 | 0.25 | 1.99 |
Less Distributions: | ||||||
Distributions from net investment income | (0.19) | (0.03) | (0.10) | (0.05) | — | (0.05) |
Net Asset Value, End of Period | $19.12 | $22.10 | $20.47 | $17.26 | $12.73 | $12.48 |
Total Return2 | (12.71)% | 8.10% | 19.21% | 36.10% | 2.00% | 18.87% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.35%3 | 1.35% | 1.35% | 1.35% | 1.35% | 1.34% |
Net investment income | 0.90%3 | 0.51% | 0.41% | 0.59% | 0.48% | 0.21% |
Expense waiver/reimbursement4 | 0.02%3 | 0.00%5 | 0.08% | 0.16% | 0.40% | 0.31% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $33,704 | $40,433 | $44,678 | $34,092 | $29,365 | $40,227 |
Portfolio turnover | 32% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
5 | Represents less than 0.01%. |
Six Months Ended (unaudited) 1/31/2016 | Year Ended July 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $21.00 | $19.57 | $16.55 | $12.26 | $12.12 | $10.27 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.011 | (0.05)1 | (0.07)1 | (0.03)1 | (0.04)1 | (0.07)1 |
Net realized and unrealized gain (loss) on investments | (2.75) | 1.48 | 3.09 | 4.32 | 0.18 | 1.92 |
TOTAL FROM INVESTMENT OPERATIONS | (2.74) | 1.43 | 3.02 | 4.29 | 0.14 | 1.85 |
Less Distributions: | ||||||
Distributions from net investment income | (0.04) | — | — | — | — | — |
Net Asset Value, End of Period | $18.22 | $21.00 | $19.57 | $16.55 | $12.26 | $12.12 |
Total Return2 | (13.07)% | 7.31% | 18.25% | 34.99% | 1.16% | 18.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.14%3 | 2.11% | 2.15% | 2.15% | 2.15% | 2.13% |
Net investment income (loss) | 0.11%3 | (0.26)% | (0.38)% | (0.21)% | (0.32)% | (0.59)% |
Expense waiver/reimbursement4 | 0.00%3,5 | 0.00%5 | 0.06% | 0.11% | 0.36% | 0.29% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $34,669 | $41,509 | $35,052 | $27,674 | $24,440 | $31,129 |
Portfolio turnover | 32% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
5 | Represents less than 0.01%. |
Six Months Ended (unaudited) 1/31/2016 | Year Ended July 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $21.80 | $20.25 | $17.09 | $12.62 | $12.44 | $10.52 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.051 | 0.021 | (0.01)1 | 0.021 | (0.00)1,2 | (0.04)1 |
Net realized and unrealized gain (loss) on investments | (2.85) | 1.53 | 3.20 | 4.45 | 0.18 | 1.97 |
TOTAL FROM INVESTMENT OPERATIONS | (2.80) | 1.55 | 3.19 | 4.47 | 0.18 | 1.93 |
Less Distributions: | ||||||
Distributions from net investment income | (0.11) | — | (0.03) | — | — | (0.01) |
Net Asset Value, End of Period | $18.89 | $21.80 | $20.25 | $17.09 | $12.62 | $12.44 |
Total Return3 | (12.90)% | 7.65% | 18.68% | 35.42% | 1.45% | 18.33% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.80%4 | 1.76% | 1.81% | 1.83% | 1.85% | 1.83% |
Net investment income (loss) | 0.46%4 | 0.09% | (0.05)% | 0.11% | (0.02)% | (0.31)% |
Expense waiver/reimbursement5 | 0.00%4,6 | 0.00%6 | 0.00%6 | 0.02% | 0.25% | 0.19% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $5,282 | $6,300 | $5,467 | $4,089 | $2,718 | $2,973 |
Portfolio turnover | 32% | 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. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
6 | Represents less than 0.01%. |
Six Months Ended (unaudited) 1/31/2016 | Year Ended July 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $22.37 | $20.71 | $17.45 | $12.87 | $12.61 | $10.66 |
Income From Investment Operations: | ||||||
Net investment income | 0.121 | 0.181 | 0.131 | 0.121 | 0.091 | 0.051 |
Net realized and unrealized gain (loss) on investments | (2.92) | 1.57 | 3.27 | 4.55 | 0.19 | 1.99 |
TOTAL FROM INVESTMENT OPERATIONS | (2.80) | 1.75 | 3.40 | 4.67 | 0.28 | 2.04 |
Less Distributions: | ||||||
Distributions from net investment income | (0.26) | (0.09) | (0.14) | (0.09) | (0.02) | (0.09) |
Net Asset Value, End of Period | $19.31 | $22.37 | $20.71 | $17.45 | $12.87 | $12.61 |
Total Return2 | (12.61)% | 8.45% | 19.54% | 36.46% | 2.23% | 19.14% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.07%3 | 1.05% | 1.10% | 1.10% | 1.10% | 1.08% |
Net investment income | 1.18%3 | 0.80% | 0.65% | 0.84% | 0.73% | 0.45% |
Expense waiver/reimbursement4 | 0.00%3,5 | 0.00%5 | 0.00%5 | 0.05% | 0.27% | 0.19% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $61,943 | $76,242 | $62,770 | $39,932 | $39,101 | $43,197 |
Portfolio turnover | 32% | 76% | 31% | 99% | 164% | 154% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
5 | Represents less than 0.01%. |
Assets: | ||
Total investment in securities, at value including $2,330,676 of investment in affiliated holding (Note 5) (identified cost $145,582,472) | $135,470,523 | |
Income receivable | 116,256 | |
Receivable for investments sold | 2,439,089 | |
Receivable for shares sold | 70,265 | |
TOTAL ASSETS | 138,096,133 | |
Liabilities: | ||
Payable for investments purchased | $2,089,891 | |
Payable for shares redeemed | 280,682 | |
Payable to adviser (Note 5) | 8,124 | |
Payable for distribution services fee (Note 5) | 24,750 | |
Payable for other service fees (Notes 2 and 5) | 20,103 | |
Accrued expenses (Note 5) | 74,895 | |
TOTAL LIABILITIES | 2,498,445 | |
Net assets for 7,152,186 shares outstanding | $135,597,688 | |
Net Assets Consist of: | ||
Paid-in capital | $217,663,867 | |
Net unrealized depreciation of investments | (10,111,949) | |
Accumulated net realized loss on investments | (71,990,219) | |
Undistributed net investment income | 35,989 | |
TOTAL NET ASSETS | $135,597,688 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($33,703,736 ÷ 1,762,740 shares outstanding), no par value, unlimited shares authorized | $19.12 | |
Offering price per share (100/94.50 of $19.12) | $20.23 | |
Redemption proceeds per share | $19.12 | |
Class C Shares: | ||
Net asset value per share ($34,668,506 ÷ 1,902,588 shares outstanding), no par value, unlimited shares authorized | $18.22 | |
Offering price per share | $18.22 | |
Redemption proceeds per share (99.00/100 of $18.22) | $18.04 | |
Class R Shares: | ||
Net asset value per share ($5,282,097 ÷ 279,588 shares outstanding), no par value, unlimited shares authorized | $18.89 | |
Offering price per share | $18.89 | |
Redemption proceeds per share | $18.89 | |
Institutional Shares: | ||
Net asset value per share ($61,943,349 ÷ 3,207,270 shares outstanding), no par value, unlimited shares authorized | $19.31 | |
Offering price per share | $19.31 | |
Redemption proceeds per share | $19.31 |
Investment Income: | |||
Dividends (including $2,609 received from an affiliated holding (Note 5) and net of foreign taxes withheld of $273) | $1,717,095 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $571,271 | ||
Administrative fee (Note 5) | 59,603 | ||
Custodian fees | 9,397 | ||
Transfer agent fee (Note 2) | 101,022 | ||
Directors'/Trustees' fees (Note 5) | 1,478 | ||
Auditing fees | 12,300 | ||
Legal fees | 4,047 | ||
Portfolio accounting fees | 40,694 | ||
Distribution services fee (Note 5) | 159,976 | ||
Other service fees (Notes 2 and 5) | 95,730 | ||
Share registration costs | 26,681 | ||
Printing and postage | 14,611 | ||
Miscellaneous (Note 5) | 7,031 | ||
TOTAL EXPENSES | 1,103,841 | ||
Reimbursements: | |||
Reimbursement of investment adviser fee (Note 5) | $(1,615) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (4,224) | ||
TOTAL REIMBURSEMENTS | (5,839) | ||
Net expenses | 1,098,002 | ||
Net investment income | 619,093 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments | 6,503,386 | ||
Net change in unrealized appreciation of investments | (27,662,807) | ||
Net realized and unrealized loss on investments | (21,159,421) | ||
Change in net assets resulting from operations | $(20,540,328) |
Six Months Ended (unaudited) 1/31/2016 | Year Ended 7/31/2015 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $619,093 | $688,318 |
Net realized gain on investments | 6,503,386 | 23,954,092 |
Net change in unrealized appreciation/depreciation of investments | (27,662,807) | (12,475,569) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (20,540,328) | 12,166,841 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (331,676) | (54,414) |
Class C Shares | (74,346) | — |
Class R Shares | (30,147) | — |
Institutional Shares | (834,843) | (280,741) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (1,271,012) | (335,155) |
Share Transactions: | ||
Proceeds from sale of shares | 10,849,142 | 46,770,875 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,208,182 | 324,870 |
Cost of shares redeemed | (19,131,691) | (42,409,715) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (7,074,367) | 4,686,030 |
Change in net assets | (28,885,707) | 16,517,716 |
Net Assets: | ||
Beginning of period | 164,483,395 | 147,965,679 |
End of period (including undistributed net investment income of $35,989 and $687,908, respectively) | $135,597,688 | $164,483,395 |
■ | Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market. |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | Fixed-income securities acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Board of Trustees (the “Trustees”). |
■ | Fixed-income securities and repurchase agreements acquired with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $27,842 | $(3,838) |
Class C Shares | 31,464 | (386) |
Class R Shares | 9,290 | — |
Institutional Shares | 32,426 | — |
TOTAL | $101,022 | $(4,224) |
Other Service Fees Incurred | |
Class A Shares | $47,284 |
Class C Shares | 48,446 |
TOTAL | $95,730 |
Six Months Ended 1/31/2016 | Year Ended 7/31/2015 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 165,705 | $3,480,874 | 495,711 | $10,691,452 |
Shares issued to shareholders in payment of distributions declared | 15,315 | 317,790 | 2,376 | 52,057 |
Shares redeemed | (247,929) | (5,109,968) | (851,485) | (18,382,289) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (66,909) | $(1,311,304) | (353,398) | $(7,638,780) |
Six Months Ended 1/31/2016 | Year Ended 7/31/2015 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 135,513 | $2,670,162 | 612,017 | $12,394,286 |
Shares issued to shareholders in payment of distributions declared | 3,342 | 66,135 | — | — |
Shares redeemed | (213,259) | (4,107,740) | (426,212) | (8,772,133) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (74,404) | $(1,371,443) | 185,805 | $3,622,153 |
Six Months Ended 1/31/2016 | Year Ended 7/31/2015 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 38,133 | $768,461 | 127,210 | $2,715,467 |
Shares issued to shareholders in payment of distributions declared | 1,465 | 30,064 | — | — |
Shares redeemed | (48,986) | (991,527) | (108,214) | (2,323,679) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | (9,388) | $(193,002) | 18,996 | $391,788 |
Six Months Ended 1/31/2016 | Year Ended 7/31/2015 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 187,287 | $3,929,645 | 963,004 | $20,969,670 |
Shares issued to shareholders in payment of distributions declared | 37,891 | 794,193 | 12,322 | 272,813 |
Shares redeemed | (426,810) | (8,922,456) | (597,814) | (12,931,614) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (201,632) | $(4,198,618) | 377,512 | $8,310,869 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (352,333) | $(7,074,367) | 288,915 | $4,686,030 |
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 | $145,340 |
Class R Shares | 14,636 |
TOTAL | $159,976 |
Federated Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2015 | 3,340,032 |
Purchases/Additions | 10,457,411 |
Sales/Reductions | (11,466,767) |
Balance of Shares Held 1/31/2016 | 2,330,676 |
Value | $2,330,676 |
Dividend Income | $2,609 |
Purchases | $47,203,583 |
Sales | $54,130,997 |
Beginning Account Value 8/1/2015 | Ending Account Value 1/31/2016 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $872.90 | $6.36 |
Class C Shares | $1,000 | $869.30 | $10.06 |
Class R Shares | $1,000 | $871.00 | $8.47 |
Institutional Shares | $1,000 | $873.90 | $5.04 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.35 | $6.85 |
Class C Shares | $1,000 | $1,014.38 | $10.84 |
Class R Shares | $1,000 | $1,016.09 | $9.12 |
Institutional Shares | $1,000 | $1,019.76 | $5.43 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.35% |
Class C Shares | 2.14% |
Class R Shares | 1.80% |
Institutional Shares | 1.07% |
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
2016 ©Federated Investors, Inc.
Share Class | Ticker |
A | QABGX |
C | QCBGX |
R | QKBGX |
Institutional | QIBGX |
Security Type | Percentage of Total Net Assets |
Domestic Equity Securities | 48.2% |
Corporate Debt Securities | 16.7% |
International Equity Securities (including International Exchange-Traded Fund) | 9.1% |
Mortgage-Backed Securities2 | 7.3% |
Collateralized Mortgage Obligations | 3.6% |
U.S. Treasury Securities3 | 2.6% |
Asset-Backed Securities | 1.6% |
Trade Finance Agreements | 1.6% |
Floating Rate Loan | 1.2% |
Commercial Mortgage-Backed Securities | 0.8% |
Foreign Debt Securities | 0.4% |
Municipal Bond | 0.1% |
Derivative Contracts4 | (0.1)% |
Other Security Types5,6 | 0.0% |
Cash Equivalents7 | 6.9% |
Other Assets and Liabilities—Net5,8 | 0.0% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus for a description of the principal types of securities in which the Fund invests. As of the date specified above, the Fund owned shares of one or more affiliated investment companies. For purposes of this table, the affiliated investment company (other than an affiliated money market mutual fund) is not treated as a single portfolio security, but rather the Fund is treated as owning a pro rata portion of each security and each other asset and liability owned by the affiliated investment company. Accordingly, the percentages of total net assets shown in the table will differ from those presented on the Portfolio of Investments. |
2 | For purposes of this table, Mortgage-Backed Securities include mortgage-backed securities guaranteed by Government Sponsored Entities and adjustable rate mortgage-backed securities. |
3 | Also includes $169,711 held in U.S. Treasuries pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts. |
4 | 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. |
5 | Represents less than 0.1%. |
6 | Other Security Types consist of a domestic exchange-traded fund and purchased put options. |
7 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
8 | Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities. |
Industry Composition | Percentage of Equity Securities |
Real Estate Investment Trusts | 8.5% |
Insurance | 7.6% |
Technology Hardware Storage & Peripherals | 6.7% |
Banks | 6.1% |
Oil Gas & Consumable Fuels | 5.0% |
Health Care Providers & Services | 4.9% |
Multiline Retail | 4.8% |
Specialty Retail | 4.0% |
Biotechnology | 3.6% |
Diversified Telecommunication Services | 3.6% |
Machinery | 3.4% |
Airlines | 2.8% |
Chemicals | 2.7% |
Electronic Equipment Instruments & Components | 2.7% |
Health Care Equipment & Supplies | 2.7% |
Food & Staples Retailing | 2.3% |
Internet Software & Services | 2.3% |
Pharmaceuticals | 2.1% |
Food Products | 1.9% |
Consumer Finance | 1.8% |
IT Services | 1.8% |
Media | 1.7% |
Internet & Catalog Retail | 1.6% |
Software | 1.5% |
Aerospace & Defense | 1.4% |
Multi-Utilities | 1.4% |
Communications Equipment | 1.3% |
Beverages | 1.1% |
Other9 | 8.7% |
TOTAL | 100.0% |
8 | Industry classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
9 | For purposes of this table, industry classifications which constitute less than 1.0% of the Fund's equity securities have been aggregated under the designation “Other.” |
Shares or Principal Amount | Value | ||
COMMON STOCKS—50.5% | |||
Aerospace & Defense—0.7% | |||
2,148 | General Dynamics Corp. | $287,338 | |
3,466 | Huntington Ingalls Industries, Inc. | 443,232 | |
5,308 | 1 | Spirit Aerosystems Holdings, Inc., Class A | 225,059 |
TOTAL | 955,629 | ||
Air Freight & Logistics—0.1% | |||
2,035 | 1 | Atlas Air Worldwide Holdings, Inc. | 74,746 |
Airlines—1.4% | |||
5,706 | Alaska Air Group, Inc. | 401,702 | |
10,647 | Delta Air Lines, Inc. | 471,556 | |
3,004 | 1 | Jet Blue Airways Corp. | 64,015 |
14,845 | Southwest Airlines Co. | 558,469 | |
7,181 | 1 | United Continental Holdings, Inc. | 346,699 |
TOTAL | 1,842,441 | ||
Auto Components—0.5% | |||
13,840 | Goodyear Tire & Rubber Co. | 393,194 | |
2,119 | Lear Corp. | 220,016 | |
TOTAL | 613,210 | ||
Automobiles—0.3% | |||
24,635 | Ford Motor Co. | 294,142 | |
5,314 | General Motors Co. | 157,507 | |
TOTAL | 451,649 | ||
Banks—3.1% | |||
11,267 | Bank of America Corp. | 159,315 | |
12,369 | Citigroup, Inc. | 526,672 | |
1,979 | Comerica, Inc. | 67,880 | |
20,900 | Fifth Third Bancorp | 330,220 | |
13,300 | Huntington Bancshares, Inc. | 114,114 | |
26,363 | JPMorgan Chase & Co. | 1,568,598 | |
16,358 | KeyCorp | 182,555 | |
6,300 | Popular, Inc. | 158,382 | |
18,481 | Wells Fargo & Co. | 928,301 | |
TOTAL | 4,036,037 | ||
Beverages—0.6% | |||
6,058 | Coca-Cola Enterprises, Inc. | 281,212 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Beverages—continued | |||
5,157 | Dr. Pepper Snapple Group, Inc. | $483,933 | |
TOTAL | 765,145 | ||
Biotechnology—1.8% | |||
7,398 | Amgen, Inc. | 1,129,897 | |
9,772 | Gilead Sciences, Inc. | 811,076 | |
3,678 | 1 | United Therapeutics Corp. | 453,056 |
TOTAL | 2,394,029 | ||
Capital Markets—0.1% | |||
634 | Ameriprise Financial, Inc. | 57,472 | |
3,625 | The Bank of New York Mellon Corp. | 131,298 | |
TOTAL | 188,770 | ||
Chemicals—1.4% | |||
5,832 | Axiall Corp. | 104,568 | |
1,151 | Celanese Corp. | 73,284 | |
18,808 | LyondellBasell Industries NV – Class A | 1,466,459 | |
6,208 | Mosaic Co./The | 149,613 | |
TOTAL | 1,793,924 | ||
Commercial Services—0.3% | |||
1,162 | Deluxe Corp. | 64,956 | |
7,600 | Donnelley (R.R.) & Sons Co. | 106,172 | |
1,032 | Ennis Business Forms, Inc. | 20,609 | |
10,000 | Pitney Bowes, Inc. | 195,800 | |
TOTAL | 387,537 | ||
Communications Equipment—0.6% | |||
7,152 | Cisco Systems, Inc. | 170,146 | |
23,286 | Juniper Networks, Inc. | 549,550 | |
770 | 1 | Palo Alto Networks, Inc. | 115,107 |
TOTAL | 834,803 | ||
Construction & Engineering—0.2% | |||
1,991 | 1 | Dycom Industries, Inc. | 131,924 |
4,000 | 1 | Jacobs Engineering Group, Inc. | 156,920 |
TOTAL | 288,844 | ||
Consumer Finance—0.9% | |||
8,000 | 1 | Ally Financial, Inc. | 126,800 |
11,160 | Capital One Financial Corp. | 732,319 | |
17,976 | Navient Corp. | 171,850 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Consumer Finance—continued | |||
6,104 | 1 | Synchrony Financial | $173,476 |
TOTAL | 1,204,445 | ||
Diversified Consumer Services—0.1% | |||
8,100 | 1 | Apollo Education Group, Inc. | 64,314 |
1,500 | DeVry Education Group, Inc. | 29,850 | |
TOTAL | 94,164 | ||
Diversified Telecommunication Services—1.8% | |||
33,189 | CenturyLink, Inc. | 843,664 | |
30,670 | Verizon Communications | 1,532,580 | |
TOTAL | 2,376,244 | ||
Electric Utilities—0.1% | |||
981 | Entergy Corp. | 69,239 | |
Electrical Equipment—0.2% | |||
1,227 | Acuity Brands, Inc., Holding Company | 248,382 | |
1,307 | Eaton Corp PLC | 66,016 | |
TOTAL | 314,398 | ||
Electronic Equipment Instruments & Components—1.4% | |||
7,100 | Avnet, Inc. | 283,432 | |
5,300 | CDW Corp. | 203,785 | |
1,900 | 1 | Insight Enterprises, Inc. | 44,897 |
9,200 | Jabil Circuit, Inc. | 183,172 | |
7,000 | 1 | Sanmina Corp. | 131,180 |
11,300 | 1 | Tech Data Corp. | 705,120 |
22,000 | Vishay Intertechnology, Inc. | 252,120 | |
TOTAL | 1,803,706 | ||
Energy Equipment & Services—0.2% | |||
4,395 | Ensco PLC | 42,983 | |
3,838 | National Oilwell Varco, Inc. | 124,889 | |
10,600 | Noble Corp. PLC | 82,574 | |
TOTAL | 250,446 | ||
Food & Staples Retailing—1.1% | |||
36,694 | Kroger Co. | 1,424,094 | |
2,439 | Whole Foods Market, Inc. | 71,487 | |
TOTAL | 1,495,581 | ||
Food Products—0.9% | |||
2,017 | Bunge Ltd. | 125,074 | |
2,708 | Cal-Maine Foods, Inc. | 136,673 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Food Products—continued | |||
3,483 | Dean Foods Co. | $69,590 | |
4,289 | Fresh Del Monte Produce, Inc. | 175,034 | |
3,700 | Ingredion, Inc. | 372,664 | |
8,300 | Pilgrims Pride Corp. | 184,094 | |
2,100 | Sanderson Farms, Inc. | 170,562 | |
TOTAL | 1,233,691 | ||
Health Care Equipment & Supplies—1.4% | |||
1,081 | 1 | Abiomed, Inc. | 92,242 |
41,199 | Baxter International, Inc. | 1,507,883 | |
5,137 | 1 | Hologic, Inc. | 174,350 |
TOTAL | 1,774,475 | ||
Health Care Providers & Services—2.5% | |||
1,599 | Aetna, Inc. | 162,842 | |
5,668 | Anthem, Inc. | 739,617 | |
5,358 | Cardinal Health, Inc. | 435,981 | |
15,524 | 1 | Community Health Systems, Inc. | 333,456 |
10,023 | 1 | Express Scripts Holding Co. | 720,353 |
6,902 | 1 | HCA Holdings, Inc. | 480,241 |
5,493 | Quest Diagnostics, Inc. | 360,725 | |
TOTAL | 3,233,215 | ||
Hotels Restaurants & Leisure—0.2% | |||
943 | Cracker Barrel Old Country Store, Inc. | 123,750 | |
1,824 | Wyndham Worldwide Corp. | 118,377 | |
TOTAL | 242,127 | ||
Household Durables—0.3% | |||
2,483 | D. R. Horton, Inc. | 68,307 | |
745 | 1 | Helen of Troy Ltd. | 66,581 |
5,423 | Tupperware Brands Corp. | 251,790 | |
TOTAL | 386,678 | ||
Independent Power and Renewable Electricity Producers—0.1% | |||
15,600 | AES Corp. | 148,200 | |
Insurance—3.8% | |||
11,975 | Aflac, Inc. | 694,071 | |
4,177 | Allstate Corp. | 253,126 | |
13,907 | Assured Guaranty Ltd. | 330,708 | |
2,571 | Everest Re Group Ltd. | 460,055 | |
23,485 | Prudential Financial | 1,645,829 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Insurance—continued | |||
15,467 | The Travelers Cos, Inc. | $1,655,588 | |
TOTAL | 5,039,377 | ||
Internet & Catalog Retail—0.8% | |||
1,794 | 1 | Amazon.com, Inc. | 1,053,078 |
Internet Software & Services—1.2% | |||
56,917 | 1 | eBay, Inc. | 1,335,273 |
1,180 | 1 | Facebook, Inc., Class A | 132,408 |
1,389 | IAC Interactive Corp. | 72,144 | |
TOTAL | 1,539,825 | ||
IT Services—0.9% | |||
22,773 | Computer Sciences Corp. | 730,330 | |
1,081 | Global Payments, Inc. | 63,725 | |
1,457 | 1 | Vantiv, Inc. | 68,552 |
10,000 | Western Union Co. | 178,400 | |
14,300 | Xerox Corp. | 139,425 | |
TOTAL | 1,180,432 | ||
Machinery—1.7% | |||
4,100 | AGCO Corp. | 199,957 | |
2,547 | Allison Transmission Holdings, Inc. | 60,593 | |
15,401 | 1 | Colfax Corp. | 340,978 |
6,583 | Cummins, Inc. | 591,746 | |
2,525 | Dover Corp. | 147,586 | |
38,281 | Joy Global, Inc. | 381,662 | |
3,100 | OshKosh Truck Corp. | 102,083 | |
10,666 | SPX Corp. | 99,194 | |
15,300 | Trinity Industries, Inc. | 327,726 | |
TOTAL | 2,251,525 | ||
Media—0.9% | |||
28,128 | 1 | MSG Networks, Inc., Class A | 491,959 |
14,600 | Viacom, Inc., Class B - New | 666,344 | |
TOTAL | 1,158,303 | ||
Metals & Mining—0.0% | |||
7,500 | United States Steel Corp. | 52,500 | |
Multi-Utilities—0.7% | |||
35,274 | NiSource, Inc. | 741,106 | |
3,776 | Public Service Enterprises Group, Inc. | 155,949 | |
TOTAL | 897,055 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Multiline Retail—2.4% | |||
2,400 | Big Lots, Inc. | $93,072 | |
2,169 | Dillards, Inc., Class A | 152,719 | |
13,170 | Kohl's Corp. | 655,208 | |
16,834 | Macy's, Inc. | 680,262 | |
22,314 | Target Corp. | 1,615,980 | |
TOTAL | 3,197,241 | ||
Oil Gas & Consumable Fuels—2.5% | |||
8,120 | HollyFrontier Corp. | 283,956 | |
18,920 | Marathon Petroleum Corp. | 790,667 | |
3,019 | Phillips 66 | 241,973 | |
5,184 | Tesoro Petroleum Corp. | 452,304 | |
23,000 | Valero Energy Corp. | 1,561,010 | |
TOTAL | 3,329,910 | ||
Paper & Forest Products—0.1% | |||
3,600 | Domtar Corp. | 116,100 | |
Personal Products—0.4% | |||
9,700 | Avon Products, Inc. | 32,883 | |
3,103 | 1 | Edgewell Personal Care Co. | 229,653 |
4,055 | 1 | Herbalife Ltd. | 187,381 |
3,147 | Nu Skin Enterprises, Inc. | 99,603 | |
TOTAL | 549,520 | ||
Pharmaceuticals—1.1% | |||
2,200 | 1 | Lannett Co., Inc. | 56,122 |
1,760 | Merck & Co., Inc. | 89,179 | |
41,365 | Pfizer, Inc. | 1,261,219 | |
TOTAL | 1,406,520 | ||
Real Estate Investment Trusts—4.3% | |||
6,300 | Acadia Realty Trust | 214,830 | |
8,500 | American Campus Communities, Inc. | 358,700 | |
2,900 | Avalonbay Communities, Inc. | 497,321 | |
1,200 | Boston Properties, Inc. | 139,452 | |
9,100 | Coresite Realty Corp. - REIT | 583,674 | |
16,600 | CubeSmart, REIT | 519,414 | |
3,900 | DCT Industrial Trust, Inc. | 139,581 | |
17,500 | DDR Corp. | 299,425 | |
1,400 | Equity Lifestyle Properties, Inc. | 92,288 | |
700 | Essex Property Trust, Inc. | 149,177 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Real Estate Investment Trusts—continued | |||
7,000 | Extra Space Storage, Inc. | $634,830 | |
5,000 | Hudson Pacific Properties, Inc. | 127,050 | |
5,150 | Mid-American Apartment Communities, Inc. | 483,173 | |
43,500 | New Residential Investment Corp. | 495,465 | |
4,000 | ProLogis, Inc. | 157,880 | |
1,800 | Simon Property Group, Inc. | 335,304 | |
8,000 | UDR, Inc. | 284,720 | |
5,000 | Urban Edge Properties | 121,500 | |
TOTAL | 5,633,784 | ||
Road & Rail—0.0% | |||
1,429 | 1 | Avis Budget Group, Inc. | 37,540 |
Semiconductors & Semiconductor Equipment—0.4% | |||
12,322 | Intel Corp. | 382,228 | |
8,223 | 1 | Micron Technology, Inc. | 90,700 |
2,213 | NVIDIA Corp. | 64,819 | |
TOTAL | 537,747 | ||
Software—0.8% | |||
14,300 | CA, Inc. | 410,839 | |
890 | 1 | Citrix Systems, Inc. | 62,709 |
2,079 | 1 | Electronic Arts, Inc. | 134,189 |
4,307 | 1 | Nuance Communications, Inc. | 75,932 |
1,365 | 1 | Salesforce.com, Inc. | 92,902 |
1,278 | 1 | Tyler Technologies, Inc. | 200,723 |
TOTAL | 977,294 | ||
Specialty Retail—2.0% | |||
5,200 | Abercrombie & Fitch Co., Class A | 136,448 | |
5,828 | 1 | Bed Bath & Beyond, Inc. | 251,595 |
7,100 | Best Buy Co., Inc. | 198,303 | |
1,200 | Children's Place, Inc./The | 78,120 | |
1,847 | Foot Locker, Inc. | 124,783 | |
2,703 | GNC Holdings, Inc. | 75,711 | |
7,400 | GameStop Corp. | 193,954 | |
15,027 | Gap (The), Inc. | 371,468 | |
3,800 | Guess ?, Inc. | 70,452 | |
1,917 | 1 | O'Reilly Automotive, Inc. | 500,145 |
1,474 | Outerwall, Inc. | 49,821 | |
2,300 | Rent-A-Center, Inc. | 31,326 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Specialty Retail—continued | |||
3,900 | 1 | Sally Beauty Holdings, Inc. | $107,484 |
13,300 | Staples, Inc. | 118,636 | |
1,917 | 1 | Ulta Salon Cosmetics & Fragrance, Inc. | 347,303 |
1,135 | 1 | Zumiez, Inc. | 20,555 |
TOTAL | 2,676,104 | ||
Technology Hardware Storage & Peripherals—3.4% | |||
12,968 | Apple, Inc. | 1,262,305 | |
143,736 | 1 | HP, Inc. | 1,395,677 |
12,569 | International Business Machines Corp. | 1,568,486 | |
10,850 | NetApp, Inc. | 237,940 | |
TOTAL | 4,464,408 | ||
Textiles Apparel & Luxury Goods—0.4% | |||
2,073 | 1 | Fossil Group, Inc. | 67,580 |
3,200 | PVH Corp. | 234,816 | |
7,184 | 1 | Skechers USA, Inc., Class A | 202,517 |
TOTAL | 504,913 | ||
Tobacco—0.4% | |||
8,546 | Altria Group, Inc. | 522,246 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $71,322,953) | 66,378,795 | ||
ASSET-BACKED SECURITIES—1.0% | |||
Auto Receivables—0.3% | |||
$300,000 | BMW Vehicle Trust 2014-1, A4, 0.990%, 08/21/2017 | 299,868 | |
23,588 | CS First Boston Mortgage Securities Corp. 2002-HE4, AF, 5.510%, 08/25/2032 | 27,167 | |
100,000 | Navient Student Loan Trust 2014-1, A2, 0.736%, 03/27/2023 | 98,921 | |
25,000 | Santander Drive Auto Receivables Trust 2013-1, D, 2.270%, 01/15/2019 | 25,045 | |
TOTAL | 451,001 | ||
Credit Card—0.7% | |||
350,000 | Capital One Multi-Asset Execution Trust 2004-B3, B3, 1.156%, 01/18/2022 | 349,448 | |
250,000 | Citibank Credit Card Issuance Trust 2014-A2, A2, 1.02%, 02/22/2019 | 249,915 | |
300,000 | 2,3 | Penarth Master Issuer 2015-1A, A1, 0.826%, 03/18/2019 | 299,492 |
TOTAL | 898,855 | ||
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $1,349,963) | 1,349,856 |
Shares or Principal Amount | Value | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—2.4% | |||
Commercial Mortgage—2.4% | |||
$829 | 4 | Bear Stearns Mortgage Securities, Inc. 1997-6 1A, 6.333%, 3/25/2031 | $851 |
200,000 | Citigroup Commercial Mortgage Trust 2013-GC11 B, 3.732%, 4/10/2046 | 199,051 | |
350,000 | Citigroup Commercial Mortgage Trust 2015-GC33 AS, 4.114%, 9/10/2058 | 360,228 | |
70,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1 AM, 3.912%, 5/15/2045 | 73,578 | |
125,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1 B, 4.612%, 5/15/2045 | 135,181 | |
200,000 | 2,3 | Commercial Mortgage Trust 2013-CR8 B, 4.098%, 6/10/2046 | 204,103 |
200,000 | Commercial Mortgage Trust 2014-LC17 B, 4.490%, 10/10/2047 | 209,042 | |
300,000 | Commercial Mortgage Trust 2015-DC1 AM, 3.724%, 2/10/2048 | 300,318 | |
200,000 | 2,3 | FREMF Mortgage Trust 2013-K25, B, 3.743%, 11/25/2045 | 198,316 |
2,468 | Federal Home Loan Mortgage Corp. REMIC 1311 K, 7.000%, 7/15/2022 | 2,684 | |
4,942 | Federal Home Loan Mortgage Corp. REMIC 1384 D, 7.000%, 9/15/2022 | 5,455 | |
8,665 | Federal Home Loan Mortgage Corp. REMIC 2497 JH, 6.000%, 9/15/2032 | 9,838 | |
300,000 | Federal Home Loan Mortgage Corp., 2.724%, 9/25/2020 | 309,590 | |
10,907 | Federal National Mortgage Association REMIC 1993-113 SB, 9.749%, 7/25/2023 | 12,110 | |
35 | Federal National Mortgage Association REMIC 2001-37 GA, 8.000%, 7/25/2016 | 35 | |
2,121 | Federal National Mortgage Association REMIC 2003-35 UC, 3.750%, 5/25/2033 | 2,225 | |
100,000 | GS Mortgage Securities Corp. II 2012-GCJ7 AS, 4.085%, 5/10/2045 | 105,738 | |
135,000 | GS Mortgage Securities Corp. II 2012-GCJ7 B, 4.74%, 5/10/2045 | 144,534 | |
8,556 | Government National Mortgage Association REMIC 2002-17 B, 6.000%, 3/20/2032 | 9,656 | |
100,000 | Merrill Lynch Mortgage Trust 2008-C1 AM, 6.475%, 2/12/2051 | 107,192 | |
50,000 | Morgan Stanley Capital I 2007-IQ16 AM, 6.258%, 12/12/2049 | 52,556 | |
100,000 | Morgan Stanley Capital I 2012-C4 AS, 3.773%, 3/15/2045 | 104,153 | |
150,000 | 2,3 | UBS-Barclays Commercial Mortgage Trust 2013-C6 B, 3.875%, 4/10/2046 | 150,817 |
25,000 | WF-RBS Commercial Mortgage Trust 2012-C6 B, 4.697%, 4/15/2045 | 26,676 | |
300,000 | WF-RBS Commercial Mortgage Trust 2014-C25 AS, 3.984%, 11/15/2047 | 306,937 | |
150,000 | WF-RBS Commercial Mortgage Trust 2014-C25 B, 4.236%, 11/15/2047 | 152,463 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $3,186,172) | 3,183,327 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—12.9% | |||
Basic Industry - Chemicals—0.1% | |||
$35,000 | 2,3 | Incitec Pivot Finance LLC, Company Guarantee, Series 144A, 6.000%, 12/10/2019 | $37,908 |
70,000 | RPM International, Inc., 6.500%, 02/15/2018 | 75,007 | |
20,000 | RPM International, Inc., Sr. Unsecd. Note, 6.125%, 10/15/2019 | 22,217 | |
22,000 | Rohm & Haas Co., 6.000%, 09/15/2017 | 23,407 | |
TOTAL | 158,539 | ||
Basic Industry - Metals & Mining—0.7% | |||
100,000 | Alcoa, Inc., 5.870%, 02/23/2022 | 88,937 | |
80,000 | Allegheny Technologies, Inc., Sr. Note, 9.375%, 06/01/2019 | 59,440 | |
15,000 | Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 04/15/2040 | 10,463 | |
100,000 | Anglogold Ashanti Holdings PLC, Sr. Unsecd. Note, 5.125%, 08/01/2022 | 80,875 | |
62,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 4.450%, 03/01/2023 | 60,210 | |
40,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 5.200%, 07/15/2021 | 40,938 | |
20,000 | 2,3 | Newcrest Finance Property Ltd., Sr. Unsecd. Note, Series 144A, 4.200%, 10/01/2022 | 17,146 |
100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 04/15/2023 | 93,581 | |
85,000 | Rio Tinto Finance USA Ltd., Company Guarantee, 6.500%, 07/15/2018 | 91,384 | |
150,000 | Rio Tinto Finance USA Ltd., Sr. Unsecd. Note, 2.250%, 12/14/2018 | 145,537 | |
20,000 | Southern Copper Corp., Note, 6.750%, 04/16/2040 | 16,959 | |
160,000 | Worthington Industries, Inc., Sr. Unsecd. Note, 6.500%, 04/15/2020 | 180,008 | |
TOTAL | 885,478 | ||
Basic Industry - Paper—0.0% | |||
10,000 | Plum Creek Timberlands LP, Sr. Unsecd. Note, 3.250%, 03/15/2023 | 9,793 | |
20,000 | Plum Creek Timberlands LP, Sr. Unsecd. Note, 4.700%, 03/15/2021 | 21,643 | |
TOTAL | 31,436 | ||
Capital Goods - Aerospace & Defense—0.2% | |||
211,000 | 2,3 | Embraer Overseas Ltd., Sr. Unsecd. Note, Series 144A, 5.696%, 09/16/2023 | 205,461 |
20,000 | Raytheon Co., Sr. Note, 4.400%, 02/15/2020 | 22,157 | |
10,000 | Rockwell Collins, Inc., Sr. Unsecd. Note, 3.100%, 11/15/2021 | 10,347 | |
40,000 | 2,3 | Textron Financial Corp., Jr. Sub. Note, Series 144A, 6.000%, 2/15/2067 | 28,500 |
50,000 | Textron Inc., Sr. Unsecd. Note, 4.300%, 03/01/2024 | 51,399 | |
TOTAL | 317,864 | ||
Capital Goods - Construction Machinery—0.0% | |||
40,000 | AGCO Corp., Sr. Unsecd. Note, 5.875%, 12/01/2021 | 43,983 | |
Capital Goods - Diversified Manufacturing—0.3% | |||
15,000 | Avery Dennison Corp., Sr. Unsecd. Note, 5.375%, 04/15/2020 | 16,335 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Capital Goods - Diversified Manufacturing—continued | |||
$60,000 | Dover Corp., Note, 5.450%, 03/15/2018 | $64,824 | |
200,000 | General Electric Co., Sr. Unsecd. Note, 4.125%, 10/09/2042 | 197,586 | |
80,000 | Hubbell, Inc., 5.950%, 06/01/2018 | 87,254 | |
50,000 | Pentair, Ltd., Company Guarantee, 5.000%, 05/15/2021 | 53,393 | |
15,000 | Thomas & Betts Corp., Sr. Unsecd. Note, 5.625%, 11/15/2021 | 17,269 | |
14,000 | Valmont Industries, Inc., Sr. Unsecd. Note, 6.625%, 04/20/2020 | 15,724 | |
TOTAL | 452,385 | ||
Capital Goods - Environmental—0.1% | |||
85,000 | Republic Services, Inc., Company Guarantee, 5.500%, 9/15/2019 | 93,985 | |
Capital Goods - Packaging—0.1% | |||
45,000 | Packaging Corp. of America, Sr. Unsecd. Note, 3.900%, 06/15/2022 | 46,771 | |
10,000 | Rock-Tenn Co., Sr. Unsecd. Note, 4.000%, 03/01/2023 | 10,182 | |
10,000 | Rock-Tenn Co., Sr. Unsecd. Note, 4.450%, 03/01/2019 | 10,514 | |
TOTAL | 67,467 | ||
Communications - Cable & Satellite—0.3% | |||
200,000 | 2,3 | CCO Safari II LLC, Series 144A, 4.908%, 7/23/2025 | 200,317 |
90,000 | NBC Universal, Inc., Sr. Unsecd. Note, 5.150%, 04/30/2020 | 101,185 | |
30,000 | Time Warner Cable, Inc., Company Guarantee, 8.250%, 04/01/2019 | 34,574 | |
TOTAL | 336,076 | ||
Communications - Media & Entertainment—0.5% | |||
75,000 | 21st Century Fox America, 8.000%, 10/17/2016 | 78,382 | |
75,000 | 21st Century Fox America, Inc., Sr. Unsecd. Note, 5.400%, 10/01/2043 | 75,449 | |
30,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 01/31/2046 | 29,809 | |
30,000 | Interpublic Group of Cos., Inc., Sr. Unsecd. Note, 2.250%, 11/15/2017 | 29,972 | |
25,000 | Moody's Corp., Sr. Unsecd. Note, 5.500%, 09/01/2020 | 27,892 | |
20,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.625%, 05/01/2022 | 20,583 | |
100,000 | 2,3 | Pearson Funding Two PLC, Sr. Unsecd. Note, Series 144A, 4.000%, 05/17/2016 | 100,783 |
30,000 | Viacom, Inc., 2.500%, 09/01/2018 | 29,846 | |
25,000 | Viacom, Inc., Sr. Unsecd. Note, 2.500%, 12/15/2016 | 25,118 | |
100,000 | Viacom, Inc., Sr. Unsecd. Note, 3.875%, 04/01/2024 | 91,582 | |
150,000 | WPP Finance 2010, Sr. Unsecd. Note, 5.625%, 11/15/2043 | 150,755 | |
TOTAL | 660,171 | ||
Communications - Telecom Wireless—0.3% | |||
100,000 | American Tower Corp., Sr. Unsecd. Note, 3.400%, 02/15/2019 | 102,535 | |
50,000 | American Tower Corp., Sr. Unsecd. Note, 4.500%, 01/15/2018 | 52,195 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Communications - Telecom Wireless—continued | |||
$100,000 | 2,3 | Crown Castle Towers LLC, Sr. Secd. Note, Series 144A, 5.495%, 01/15/2017 | $101,792 |
30,000 | 2,3 | SBA Tower Trust, Series 144A, 5.101%, 04/17/2017 | 30,474 |
90,000 | Telefonaktiebolaget LM Ericsson, Sr. Unsecd. Note, 4.125%, 05/15/2022 | 93,970 | |
TOTAL | 380,966 | ||
Communications - Telecom Wirelines—0.3% | |||
10,000 | CenturyLink, Inc., Sr. Unsecd. Note, 7.650%, 3/15/2042 | 7,550 | |
90,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 03/15/2024 | 93,692 | |
175,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 5.150%, 09/15/2023 | 193,958 | |
60,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 6.350%, 04/01/2019 | 67,820 | |
TOTAL | 363,020 | ||
Consumer Cyclical - Automotive—0.6% | |||
175,000 | American Honda Finance Co, Series MTN, 0.794%, 07/14/2017 | 174,604 | |
175,000 | American Honda Finance Co, Unsecd. Deb., Series MTN, 2.250%, 8/15/2019 | 177,842 | |
10,000 | DaimlerChrysler North America Holding Corp., Company Guarantee, 8.500%, 01/18/2031 | 14,767 | |
100,000 | Ford Motor Co., Sr. Unsecd. Note, 4.750%, 01/15/2043 | 91,794 | |
150,000 | General Motors Financial Company, Inc., Sr. Unsecd. Note, 3.100%, 01/15/2019 | 148,842 | |
20,000 | 2,3 | Harley-Davidson Financial Services, Inc., Company Guarantee, Series 144A, 3.875%, 03/15/2016 | 20,076 |
10,000 | 2,3 | Harley-Davidson Financial Services, Inc., Sr. Unsecd. Note, Series 144A, 2.700%, 03/15/2017 | 10,151 |
100,000 | 2,3 | Hyundai Capital America, Sr. Unsecd. Note, Series 144A, 2.875%, 08/09/2018 | 101,766 |
65,000 | 2,3 | RCI Banque SA, Sr. Unsecd. Note, Series 144A, 3.500%, 4/03/2018 | 65,177 |
20,000 | 2,3 | RCI Banque SA, Sr. Unsecd. Note, Series 144A, 4.600%, 04/12/2016 | 20,086 |
TOTAL | 825,105 | ||
Consumer Cyclical - Leisure—0.2% | |||
200,000 | 2 | Football Trust V, Pass Thru Cert., Series 144A, 5.350%, 10/05/2020 | 221,557 |
Consumer Cyclical - Lodging—0.1% | |||
30,000 | Hyatt Hotels Corp., Sr. Unsecd. Note, 3.375%, 07/15/2023 | 28,727 | |
50,000 | Marriott International, Inc., Sr. Unsecd. Note, 3.000%, 03/01/2019 | 51,070 | |
TOTAL | 79,797 | ||
Consumer Cyclical - Retailers—0.6% | |||
50,000 | Advance Auto Parts, Inc., 4.500%, 12/01/2023 | 51,318 | |
250,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 04/15/2025 | 245,219 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Consumer Cyclical - Retailers—continued | |||
$160,000 | Dollar General Corp., Sr. Unsecd. Note, 4.150%, 11/01/2025 | $163,924 | |
10,000 | O'Reilly Automotive, Inc., Company Guarantee, 4.875%, 01/14/2021 | 10,983 | |
35,000 | Wal-Mart Stores, Inc., Sr. Unsecd. Note, 3.300%, 04/22/2024 | 36,730 | |
300,000 | Wal-Mart Stores, Inc., Sr. Unsecd. Note, 4.300%, 04/22/2044 | 312,030 | |
TOTAL | 820,204 | ||
Consumer Cyclical - Services—0.1% | |||
65,000 | Expedia, Inc., Company Guarantee, 5.950%, 08/15/2020 | 71,103 | |
10,000 | University of Southern California, Sr. Unsecd. Note, 5.250%, 10/01/2111 | 11,908 | |
70,000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | 71,272 | |
TOTAL | 154,283 | ||
Consumer Non-Cyclical - Food/Beverage—0.4% | |||
100,000 | Bottling Group LLC, Note, 5.500%, 04/01/2016 | 100,827 | |
200,000 | 2,3 | Kerry Group Financial Services, Sr. Unsecd. Note, Series 144A, 3.200%, 04/09/2023 | 193,877 |
50,000 | Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025 | 51,374 | |
150,000 | PepsiCo, Inc., 2.750%, 4/30/2025 | 149,171 | |
30,000 | The Coca-Cola Co., Sr. Unsecd. Note, 1.800%, 9/01/2016 | 30,184 | |
35,000 | Tyson Foods, Inc., Sr. Unsecd. Note, 4.500%, 06/15/2022 | 37,609 | |
TOTAL | 563,042 | ||
Consumer Non-Cyclical - Health Care—0.0% | |||
15,000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 3.200%, 10/01/2022 | 14,902 | |
10,000 | Laboratory Corp. of America Holdings, Sr. Unsecd. Note, 3.750%, 08/23/2022 | 10,140 | |
10,000 | Zimmer Holdings, Inc., Sr. Note, 5.750%, 11/30/2039 | 11,157 | |
TOTAL | 36,199 | ||
Consumer Non-Cyclical - Pharmaceuticals—0.3% | |||
10,000 | Dentsply International, Inc., Sr. Unsecd. Note, 2.750%, 08/15/2016 | 10,074 | |
300,000 | Eli Lilly & Co., 3.700%, 03/01/2045 | 291,413 | |
30,000 | Pfizer, Inc., Sr. Unsecd. Note, 6.200%, 03/15/2019 | 33,942 | |
TOTAL | 335,429 | ||
Consumer Non-Cyclical - Tobacco—0.0% | |||
24,000 | Altria Group, Inc., 9.250%, 08/06/2019 | 29,396 | |
30,000 | Philip Morris International, Inc., 5.650%, 05/16/2018 | 32,775 | |
TOTAL | 62,171 | ||
Energy - Independent—0.2% | |||
30,000 | EOG Resources, Inc., Note, 5.625%, 06/01/2019 | 32,442 | |
75,000 | XTO Energy, Inc., 6.375%, 06/15/2038 | 100,731 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Energy - Independent—continued | |||
$60,000 | XTO Energy, Inc., 6.750%, 08/01/2037 | $84,487 | |
TOTAL | 217,660 | ||
Energy - Integrated—0.2% | |||
30,000 | BP Capital Markets America, Inc., Company Guarantee, 4.200%, 06/15/2018 | 31,189 | |
75,000 | Husky Energy, Inc., 4.000%, 04/15/2024 | 60,845 | |
100,000 | Husky Oil Ltd., Deb., 7.550%, 11/15/2016 | 102,041 | |
90,000 | Petrobras Global Finance BV, Sr. Unsecd. Note, 4.375%, 05/20/2023 | 59,507 | |
50,000 | Petrobras International Finance Co., Sr. Unsecd. Note, 5.375%, 01/27/2021 | 37,687 | |
25,000 | Petroleos Mexicanos, Sr. Unsecd. Note, 4.875%, 1/18/2024 | 22,685 | |
TOTAL | 313,954 | ||
Energy - Midstream—0.4% | |||
100,000 | Energy Transfer Partners , Sr. Unsecd. Note, 4.050%, 3/15/2025 | 82,108 | |
75,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.900%, 02/01/2024 | 63,852 | |
10,000 | 2,3 | Florida Gas Transmission Co. LLC, Sr. Unsecd. Note, Series 144A, 5.450%, 07/15/2020 | 10,774 |
150,000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, 5.000%, 03/01/2043 | 108,493 | |
100,000 | Kinder Morgan, Inc., 5.050%, 2/15/2046 | 73,152 | |
20,000 | 2,3 | Texas Eastern Transmission LP, Sr. Unsecd. Note, Series 144A, 2.800%, 10/15/2022 | 18,112 |
200,000 | Williams Partners LP, 5.100%, 09/15/2045 | 130,086 | |
40,000 | Williams Partners LP, 5.250%, 03/15/2020 | 33,351 | |
30,000 | Williams Partners LP, Sr. Unsecd. Note, 4.125%, 11/15/2020 | 23,273 | |
TOTAL | 543,201 | ||
Energy - Oil Field Services—0.1% | |||
15,000 | Nabors Industries, Inc., Company Guarantee, 5.000%, 09/15/2020 | 12,049 | |
20,000 | Nabors Industries, Inc., Sr. Unsecd. Note, 4.625%, 09/15/2021 | 14,891 | |
50,000 | Nabors Industries, Inc., Sr. Unsecd. Note, 5.100%, 09/15/2023 | 35,335 | |
15,000 | Noble Holding International Ltd., Company Guarantee, 4.900%, 08/01/2020 | 9,046 | |
TOTAL | 71,321 | ||
Energy - Refining—0.2% | |||
10,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 03/01/2041 | 9,263 | |
50,000 | Phillips 66, Sr. Unsecd. Note, 4.300%, 04/01/2022 | 51,195 | |
30,000 | Valero Energy Corp., 7.500%, 04/15/2032 | 32,473 | |
10,000 | Valero Energy Corp., 9.375%, 03/15/2019 | 11,753 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Energy - Refining—continued | |||
$95,000 | Valero Energy Corp., Sr. Unsecd. Note, 6.625%, 06/15/2037 | $92,558 | |
TOTAL | 197,242 | ||
Financial Institution - Banking—3.1% | |||
74,000 | American Express Co., 2.650%, 12/02/2022 | 72,192 | |
50,000 | American Express Credit Corp., Sr. Unsecd. Note, Series MTN, 2.800%, 09/19/2016 | 50,570 | |
40,000 | Associated Banc-Corp., Sr. Unsecd. Note, 5.125%, 03/28/2016 | 40,109 | |
50,000 | BB&T Corp., Sr. Unsecd. Note, Series MTN, 2.250%, 02/01/2019 | 50,590 | |
100,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 5.000%, 5/13/2021 | 109,684 | |
200,000 | Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025 | 195,427 | |
50,000 | Bank of Montreal, Sr. Unsecd. Note, Series MTN, 1.450%, 04/09/2018 | 49,821 | |
250,000 | Branch Banking & Trust Co., Sub. Note, 3.800%, 10/30/2026 | 258,655 | |
120,000 | Capital One Financial Corp., Sr. Sub., 4.200%, 10/29/2025 | 120,479 | |
250,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.300%, 04/27/2025 | 244,540 | |
100,000 | Citigroup, Inc., Sub. Note, 4.450%, 09/29/2027 | 99,158 | |
25,000 | City National Corp., Sr. Unsecd. Note, 5.250%, 09/15/2020 | 27,897 | |
30,000 | Comerica, Inc., 3.800%, 7/22/2026 | 30,253 | |
200,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 1.350%, 06/01/2017 | 199,766 | |
80,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 2.875%, 7/27/2020 | 81,002 | |
275,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.625%, 01/22/2023 | 278,989 | |
25,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.125%, 02/15/2033 | 29,069 | |
30,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.150%, 04/01/2018 | 32,506 | |
150,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.250%, 02/01/2041 | 177,545 | |
50,000 | HSBC Holdings PLC, Sr. Unsecd. Note, 5.100%, 04/05/2021 | 55,683 | |
250,000 | Huntington National Bank, Sr. Unsecd. Note, 2.200%, 04/01/2019 | 249,109 | |
175,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 4.850%, 02/01/2044 | 186,592 | |
400,000 | JPMorgan Chase & Co., Sub. Note, 3.375%, 05/01/2023 | 389,917 | |
250,000 | Manufacturers & Traders T, Sr. Unsecd. Note, Series BKNT, 0.919%, 07/25/2017 | 248,671 | |
65,000 | Morgan Stanley, Sr. Unsecd. Note, 4.750%, 03/22/2017 | 67,340 | |
150,000 | Morgan Stanley, Sr. Unsecd. Note, 6.375%, 07/24/2042 | 185,009 | |
175,000 | Morgan Stanley, Sub. Note, Series MTN, 4.100%, 5/22/2023 | 177,474 | |
20,000 | Murray Street Investment Trust I, Sr. Unsecd. Note, 4.647%, 03/09/2017 | 20,553 | |
30,000 | Wachovia Corp., Sr. Unsecd. Note, Series MTN, 5.750%, 2/01/2018 | 32,396 | |
85,000 | Wells Fargo & Co., Sub. Note, Series GMTN, 4.900%, 11/17/2045 | 86,036 | |
70,000 | Westpac Banking Corp., Sr. Unsecd. Note, 4.875%, 11/19/2019 | 76,943 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Banking—continued | |||
$100,000 | Wilmington Trust Corp., Sub. Note, 8.500%, 04/02/2018 | $112,870 | |
TOTAL | 4,036,845 | ||
Financial Institution - Broker/Asset Mgr/Exchange—0.2% | |||
80,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | 81,843 | |
40,000 | Jefferies Group LLC, Sr. Unsecd. Note, 6.500%, 01/20/2043 | 37,222 | |
125,000 | Jefferies Group LLC, Sr. Unsecd. Note, 6.875%, 04/15/2021 | 141,077 | |
13,000 | Raymond James Financial, Inc., Sr. Unsecd. Note, 5.625%, 04/01/2024 | 14,640 | |
TOTAL | 274,782 | ||
Financial Institution - Finance Companies—0.0% | |||
30,000 | General Electric Capital, Sr. Unsecd. Note, Series GMTN, 3.100%, 01/09/2023 | 31,170 | |
Financial Institution - Insurance - Health—0.1% | |||
45,000 | UnitedHealth Group, Inc., Sr. Unsecd. Note, 4.750%, 07/15/2045 | 48,379 | |
50,000 | Wellpoint, Inc., 5.850%, 01/15/2036 | 56,666 | |
TOTAL | 105,045 | ||
Financial Institution - Insurance - Life—0.8% | |||
200,000 | Aflac, Inc., Sr. Unsecd. Note, 3.625%, 06/15/2023 | 208,139 | |
10,000 | Aflac, Inc., Sr. Unsecd. Note, 6.900%, 12/17/2039 | 13,066 | |
25,000 | American International Group, Inc., 4.500%, 7/16/2044 | 21,887 | |
35,000 | American International Group, Inc., Sr. Unsecd. Note, 4.125%, 02/15/2024 | 35,059 | |
10,000 | Lincoln National Corp., Sr. Unsecd. Note, 4.200%, 03/15/2022 | 10,461 | |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/01/2039 | 15,380 | |
250,000 | MetLife, Inc., Sr. Unsecd. Note, 3.600%, 04/10/2024 | 254,294 | |
250,000 | MetLife, Inc., Sr. Unsecd. Note, 4.050%, 03/01/2045 | 225,795 | |
15,000 | 2,3 | Penn Mutual Life Insurance Co., Sr. Note, Series 144A, 7.625%, 06/15/2040 | 20,240 |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.125%, 05/15/2023 | 9,926 | |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.300%, 09/15/2022 | 10,198 | |
150,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 5.625%, 05/12/2041 | 164,929 | |
50,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040 | 58,787 | |
TOTAL | 1,048,161 | ||
Financial Institution - Insurance - P&C—0.3% | |||
1,000 | ACE INA Holdings, Inc., Sr. Note, 5.700%, 02/15/2017 | 1,044 | |
75,000 | CNA Financial Corp., 6.500%, 08/15/2016 | 76,969 | |
30,000 | CNA Financial Corp., Sr. Unsecd. Note, 7.350%, 11/15/2019 | 34,605 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Insurance - P&C—continued | |||
$20,000 | Chubb Corp., Sr. Note, 5.750%, 05/15/2018 | $21,889 | |
100,000 | 2,3 | Liberty Mutual Group, Inc., 4.850%, Series 144A, 8/01/2044 | 95,366 |
65,000 | 2,3 | Nationwide Mutual Insurance Co., Sub. Note, Series 144A, 9.375%, 08/15/2039 | 96,766 |
TOTAL | 326,639 | ||
Financial Institution - REIT - Apartment—0.0% | |||
20,000 | Post Apartment Homes LP, Sr. Unsecd. Note, 3.375%, 12/01/2022 | 20,059 | |
10,000 | UDR, Inc., Company Guarantee, 4.625%, 01/10/2022 | 10,887 | |
TOTAL | 30,946 | ||
Financial Institution - REIT - Healthcare—0.1% | |||
40,000 | Health Care REIT, Inc., Sr. Unsecd. Note, 6.125%, 04/15/2020 | 45,301 | |
50,000 | Healthcare Trust of America, 3.700%, 04/15/2023 | 49,596 | |
TOTAL | 94,897 | ||
Financial Institution - REIT - Office—0.1% | |||
50,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.900%, 06/15/2023 | 50,461 | |
50,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 4.600%, 04/01/2022 | 53,484 | |
55,000 | Boston Properties LP, Sr. Unsecd. Note, 5.875%, 10/15/2019 | 61,446 | |
TOTAL | 165,391 | ||
Financial Institution - REIT - Other—0.2% | |||
75,000 | Liberty Property LP, 6.625%, 10/01/2017 | 80,180 | |
50,000 | ProLogis LP, Sr. Unsecd. Note, 3.350%, 02/01/2021 | 51,156 | |
75,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 04/01/2024 | 75,319 | |
TOTAL | 206,655 | ||
Financial Institution - REIT - Retail—0.1% | |||
20,000 | Equity One, Inc., Bond, 6.000%, 09/15/2017 | 21,182 | |
50,000 | Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/01/2022 | 50,658 | |
20,000 | Regency Centers LP, Company Guarantee, 4.800%, 04/15/2021 | 21,788 | |
30,000 | Tanger Properties LP, Sr. Unsecd. Note, 6.125%, 06/01/2020 | 34,391 | |
TOTAL | 128,019 | ||
Sovereign—0.0% | |||
30,000 | Corp Andina De Fomento, Sr. Unsecd. Note, 4.375%, 06/15/2022 | 32,805 | |
Technology—0.7% | |||
45,000 | Apple, Inc., Sr. Unsecd. Note, 1.000%, 05/03/2018 | 44,793 | |
30,000 | Apple, Inc., Sr. Unsecd. Note, 2.400%, 05/03/2023 | 29,479 | |
115,000 | Autodesk, Inc., Sr. Unsecd. Note, 4.375%, 6/15/2025 | 115,514 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Technology—continued | |||
$140,000 | Automatic Data Processing, Inc., 3.375%, 9/15/2025 | $145,407 | |
60,000 | Cisco Systems, Inc., Sr. Unsecd. Note, 5.500%, 02/22/2016 | 60,184 | |
20,000 | Corning, Inc., Unsecd. Note, 4.750%, 03/15/2042 | 19,473 | |
180,000 | Fidelity National Informa, Sr. Unsecd. Note, 5.000%, 10/15/2025 | 188,262 | |
100,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.500%, 04/15/2023 | 96,771 | |
70,000 | 2,3 | Hewlett Packard Enterprise Co., Sr. Unsecd. Note, Series 144A, 3.600%, 10/15/2020 | 70,259 |
20,000 | Ingram Micro, Inc., Sr. Unsecd. Note, 5.000%, 08/10/2022 | 20,275 | |
30,000 | Intel Corp., Sr. Unsecd. Note, 4.900%, 7/29/2045 | 31,159 | |
10,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 09/12/2022 | 10,304 | |
25,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.875%, 01/15/2019 | 26,365 | |
50,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 5.500%, 6/15/2045 | 47,992 | |
20,000 | Xerox Corp., Sr. Unsecd. Note, 2.950%, 03/15/2017 | 20,056 | |
TOTAL | 926,293 | ||
Transportation - Airlines—0.1% | |||
130,000 | Southwest Airlines Co., Sr. Unsecd. Note, 5.125%, 03/01/2017 | 134,839 | |
Transportation - Railroads—0.1% | |||
50,000 | Burlington Northern Santa Fe Corp., Deb., 5.750%, 05/01/2040 | 57,374 | |
30,000 | 2,3 | Kansas City Southern Industries, Inc., Sr. Unsecd. Note, Series 144A, 3.000%, 5/15/2023 | 29,157 |
TOTAL | 86,531 | ||
Transportation - Services—0.1% | |||
90,000 | 2,3 | Enterprise Rent-A-Car USA Finance Co., Series 144A, 6.375%, 10/15/2017 | 96,380 |
50,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.450%, 11/15/2018 | 50,232 | |
30,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 3.125%, 01/15/2021 | 31,569 | |
TOTAL | 178,181 | ||
Utility - Electric—0.4% | |||
5,000 | Consolidated Edison Co., Sr. Unsecd. Note, 6.650%, 04/01/2019 | 5,702 | |
70,000 | 2,3 | Electricite de France SA, Note, Series 144A, 5.600%, 01/27/2040 | 77,501 |
100,000 | Exelon Generation Co. LLC, Sr. Unsecd. Note, 4.250%, 06/15/2022 | 97,219 | |
10,000 | Great Plains Energy, Inc., Note, 4.850%, 06/01/2021 | 10,911 | |
9,600 | 2,3 | Great River Energy, 1st Mtg. Note, Series 144A, 5.829%, 7/01/2017 | 9,834 |
25,000 | National Rural Utilities, Sr. Unsecd. Note, Series MTNC, 8.000%, 3/01/2032 | 35,312 | |
50,000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 2.700%, 09/15/2019 | 50,186 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Utility - Electric—continued | |||
$80,000 | Northern States Power Co., MN, 1st Mtg. Bond, 5.250%, 03/01/2018 | $86,273 | |
75,000 | PSI Energy, Inc., Bond, 6.050%, 06/15/2016 | 76,441 | |
50,000 | Progress Energy, Inc., 7.050%, 03/15/2019 | 57,118 | |
10,000 | TECO Finance, Inc., Company Guarantee, 5.150%, 03/15/2020 | 10,842 | |
40,000 | UIL Holdings Corp., Sr. Unsecd. Note, 4.625%, 10/01/2020 | 42,788 | |
TOTAL | 560,127 | ||
Utility - Natural Gas—0.2% | |||
20,000 | Atmos Energy Corp., 8.500%, 03/15/2019 | 23,514 | |
100,000 | Atmos Energy Corp., Sr. Unsecd. Note, 4.125%, 10/15/2044 | 99,745 | |
50,000 | Enbridge Energy Partners LP, Sr. Unsecd. Note, 4.200%, 09/15/2021 | 47,925 | |
40,000 | Enbridge, Inc., Sr. Note, 5.600%, 04/01/2017 | 41,203 | |
65,000 | National Fuel Gas Co., Sr. Unsecd. Note, 3.750%, 03/01/2023 | 55,318 | |
55,000 | Sempra Energy, Sr. Unsecd. Note, 6.500%, 06/01/2016 | 55,974 | |
TOTAL | 323,679 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $16,896,984) | 16,923,540 | ||
MORTGAGE-BACKED SECURITY—0.0% | |||
Federal National Mortgage Association—0.0% | |||
1,108 | Federal National Mortgage Association Pool 609554, 7.500%, 10/1/2016 (IDENTIFIED COST $1,149) | 1,128 | |
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) | 83,535 | |
U.S. TREASURY—2.6% | |||
850,000 | United States Treasury Note, 1.000%, 12/31/2017 | 853,400 | |
550,000 | United States Treasury Note, 1.375%, 10/31/2020 | 551,479 | |
50,000 | United States Treasury Note, 1.625%, 12/31/2019 | 50,821 | |
10,000 | United States Treasury Note, 2.250%, 11/15/2024 | 10,302 | |
600,000 | United States Treasury Note, 2.250%, 11/15/2025 | 617,344 | |
300,000 | United States Treasury Bond, 3.000%, 11/15/2045 | 315,445 | |
25,198 | U.S. Treasury Inflation-Protected Bond, 0.750%, 2/15/2045 | 22,656 | |
359,502 | U.S. Treasury Inflation-Protected Bond, Series TIPS of, 1.375%, 2/15/2044 | 376,820 | |
250,220 | U.S. Treasury Inflation-Protected Note, 0.375%, 7/15/2025 | 247,178 | |
157,302 | U.S. Treasury Inflation-Protected Note, Series A-2022, 0.125%, 1/15/2022 | 155,496 |
Shares or Principal Amount | Value | ||
U.S. TREASURY—continued | |||
$174,932 | 5 | U.S. Treasury Inflation-Protected Note, Series D-2024, 0.125%, 7/15/2024 | $169,711 |
TOTAL U.S. TREASURY (IDENTIFIED COST $3,366,338) | 3,370,652 | ||
EXCHANGE-TRADED FUNDS—6.8% | |||
111,500 | iShares Currency Hedged MSCI EAFE ETF | 2,712,795 | |
113,000 | iShares MSCI EAFE ETF | 6,269,240 | |
TOTAL EXCHANGE-TRADED FUNDS (IDENTIFIED COST $10,837,195) | 8,982,035 | ||
INVESTMENT COMPANIES—22.3%6 | |||
38,253 | Emerging Markets Fixed Income Core Fund | 1,288,916 | |
157,625 | Federated Bank Loan Core Fund | 1,521,084 | |
1,337,026 | Federated Mortgage Core Portfolio | 13,316,782 | |
6,416,038 | Federated Prime Value Obligations Fund, Institutional Shares, 0.35%7 | 6,416,038 | |
261,401 | Federated Project and Trade Finance Core Fund | 2,444,102 | |
737,926 | High Yield Bond Portfolio | 4,228,314 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $30,393,937) | 29,215,236 | ||
TOTAL INVESTMENTS—98.6% (IDENTIFIED COST $137,424,691)8 | 129,488,104 | ||
OTHER ASSETS AND LIABILITIES - NET—1.4%9 | 1,869,415 | ||
TOTAL NET ASSETS—100% | $131,357,519 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation (Depreciation) |
1United States Treasury Note 2-Year Long Futures | 70 | $15,303,750 | March 2016 | $70,308 |
1United States Treasury Ultra Bond Long Futures | 8 | $1,329,500 | March 2016 | $61,629 |
1United States Treasury Note 5-Year Short Futures | 43 | $5,188,891 | March 2016 | $(88,452) |
1United States Treasury Note 10-Year Short Futures | 37 | $4,794,391 | March 2016 | $(123,399) |
1United States Treasury Long Bond Short Futures | 2 | $322,062 | March 2016 | $(14,755) |
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $(94,669) |
1 | Non-income-producing security. |
2 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At January 31, 2016, these restricted securities amounted to $2,732,188, which represented 2.1% of total net assets. |
3 | Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At January 31, 2016, these liquid restricted securities amounted to $2,510,631, which represented 1.9% 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 $137,424,475. |
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 | $63,409,203 | $— | $— | $63,409,203 |
International | 2,969,592 | — | — | 2,969,592 |
Debt Securities: | ||||
Asset-Backed Securities | — | 1,349,856 | — | 1,349,856 |
Collateralized Mortgage Obligations | — | 3,183,327 | — | 3,183,327 |
Corporate Bonds | — | 16,923,540 | — | 16,923,540 |
Mortgage-Backed Security | — | 1,128 | — | 1,128 |
Municipal Bond | — | 83,535 | — | 83,535 |
U.S. Treasury | — | 3,370,652 | — | 3,370,652 |
Exchange-Traded Funds | 8,982,035 | — | — | 8,982,035 |
Investment Companies1 | 6,416,038 | 22,799,198 | — | 29,215,236 |
TOTAL SECURITIES | $81,776,868 | $47,711,236 | $— | $129,488,104 |
Other Financial Instruments2 | ||||
Assets | $— | $— | $— | $— |
Liabilities | (94,669) | — | — | (94,669) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $(94,669) | $— | $— | $(94,669) |
1 | Emerging Markets Fixed Income Core Fund, Federated Mortgage Core Portfolio, Federated Project and Trade Finance Core Fund and High Yield Bond Portfolio are affiliated holdings offered only to registered investment companies and other accredited investors. Investments in these funds are deemed Level 2 due to the fact that the net asset value (the NAV) is not publicly available and, with respect to Federated Project and Trade Finance Core Fund, due to 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 | 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 |
Six Months Ended (unaudited) 1/31/2016 | Year Ended July 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $16.83 | $16.07 | $14.35 | $12.20 | $12.17 | $10.86 |
Income From Investment Operations: | ||||||
Net investment income | 0.121 | 0.201 | 0.171 | 0.141 | 0.171 | 0.151 |
Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts and foreign currency transactions | (1.57) | 0.74 | 1.70 | 2.19 | 0.02 | 1.33 |
TOTAL FROM INVESTMENT OPERATIONS | (1.45) | 0.94 | 1.87 | 2.33 | 0.19 | 1.48 |
Less Distributions: | ||||||
Distributions from net investment income | (0.24) | (0.18) | (0.15) | (0.18) | (0.16) | (0.17) |
Net Asset Value, End of Period | $15.14 | $16.83 | $16.07 | $14.35 | $12.20 | $12.17 |
Total Return2 | (8.69)% | 5.89% | 13.06% | 19.28% | 1.65% | 13.67% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.31%3 | 1.30% | 1.30% | 1.30% | 1.30% | 1.28% |
Net investment income | 1.45%3 | 1.21% | 1.10% | 1.10% | 1.43% | 1.27% |
Expense waiver/reimbursement4 | 0.11%3 | 0.09% | 0.10% | 0.11% | 0.28% | 0.23% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $56,523 | $62,555 | $55,634 | $50,340 | $48,774 | $57,358 |
Portfolio turnover | 51% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2016 | Year Ended July 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $16.59 | $15.84 | $14.16 | $12.03 | $11.99 | $10.70 |
Income From Investment Operations: | ||||||
Net investment income | 0.061 | 0.071 | 0.051 | 0.041 | 0.081 | 0.061 |
Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts and foreign currency transactions | (1.56) | 0.74 | 1.67 | 2.16 | 0.03 | 1.31 |
TOTAL FROM INVESTMENT OPERATIONS | (1.50) | 0.81 | 1.72 | 2.20 | 0.11 | 1.37 |
Less Distributions: | ||||||
Distributions from net investment income | (0.10) | (0.06) | (0.04) | (0.07) | (0.07) | (0.08) |
Net Asset Value, End of Period | $14.99 | $16.59 | $15.84 | $14.16 | $12.03 | $11.99 |
Total Return2 | (9.05)% | 5.12% | 12.14% | 18.41% | 0.93% | 12.85% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.06%3 | 2.05% | 2.05% | 2.05% | 2.05% | 2.04% |
Net investment income | 0.70%3 | 0.45% | 0.34% | 0.36% | 0.68% | 0.52% |
Expense waiver/reimbursement4 | 0.08%3 | 0.06% | 0.07% | 0.08% | 0.24% | 0.19% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $28,313 | $31,571 | $34,522 | $35,450 | $34,193 | $45,512 |
Portfolio turnover | 51% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2016 | Year Ended July 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $16.80 | $16.05 | $14.33 | $12.17 | $12.12 | $10.83 |
Income From Investment Operations: | ||||||
Net investment income | 0.101 | 0.161 | 0.131 | 0.091 | 0.111 | 0.091 |
Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts and foreign currency transactions | (1.57) | 0.74 | 1.69 | 2.19 | 0.03 | 1.32 |
TOTAL FROM INVESTMENT OPERATIONS | (1.47) | 0.90 | 1.82 | 2.28 | 0.14 | 1.41 |
Less Distributions: | ||||||
Distributions from net investment income | (0.20) | (0.15) | (0.10) | (0.12) | (0.09) | (0.12) |
Net Asset Value, End of Period | $15.13 | $16.80 | $16.05 | $14.33 | $12.17 | $12.12 |
Total Return2 | (8.79)% | 5.61% | 12.72% | 18.84% | 1.19% | 13.08% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.56%3 | 1.56% | 1.57% | 1.69% | 1.80% | 1.79% |
Net investment income | 1.21%3 | 0.96% | 0.84% | 0.70% | 0.93% | 0.77% |
Expense waiver/reimbursement4 | 0.04%3 | 0.03% | 0.05% | 0.06% | 0.22% | 0.17% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $558 | $532 | $464 | $417 | $526 | $665 |
Portfolio turnover | 51% | 89% | 34% | 105% | 149% | 139% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2016 | Year Ended July 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $16.87 | $16.11 | $14.39 | $12.23 | $12.21 | $10.90 |
Income From Investment Operations: | ||||||
Net investment income | 0.141 | 0.241 | 0.211 | 0.181 | 0.201 | 0.181 |
Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts and foreign currency transactions | (1.57) | 0.74 | 1.69 | 2.19 | 0.02 | 1.34 |
TOTAL FROM INVESTMENT OPERATIONS | (1.43) | 0.98 | 1.90 | 2.37 | 0.22 | 1.52 |
Less Distributions: | ||||||
Distributions from net investment income | (0.28) | (0.22) | (0.18) | (0.21) | (0.20) | (0.21) |
Net Asset Value, End of Period | $15.16 | $16.87 | $16.11 | $14.39 | $12.23 | $12.21 |
Total Return2 | (8.57)% | 6.13% | 13.30% | 19.63% | 1.87% | 13.99% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.06%3 | 1.05% | 1.05% | 1.05% | 1.05% | 1.04% |
Net investment income | 1.70%3 | 1.46% | 1.35% | 1.35% | 1.69% | 1.52% |
Expense waiver/reimbursement4 | 0.06%3 | 0.04% | 0.06% | 0.07% | 0.23% | 0.18% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $45,963 | $53,291 | $49,667 | $46,365 | $43,341 | $47,473 |
Portfolio turnover | 51% | 89% | 34% | 105% | 149% | 139% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Total investment in securities, at value including $29,215,236 of investment in affiliated holdings (Note 5) (identified cost $137,424,691) | $129,488,104 | |
Income receivable | 293,028 | |
Receivable for investments sold | 2,267,190 | |
Receivable for shares sold | 179,275 | |
TOTAL ASSETS | 132,227,597 | |
Liabilities: | ||
Payable for investments purchased | $570,481 | |
Payable for shares redeemed | 119,189 | |
Bank overdraft | 7,234 | |
Payable for daily variation margin on futures contracts | 14,244 | |
Payable to adviser (Note 5) | 7,316 | |
Payable for transfer agent fee | 25,842 | |
Payable for portfolio accounting fees | 37,141 | |
Payable for distribution services fee (Note 5) | 18,587 | |
Payable for other service fees (Notes 2 and 5) | 46,835 | |
Accrued expenses (Note 5) | 23,209 | |
TOTAL LIABILITIES | 870,078 | |
Net assets for 8,690,955 shares outstanding | $131,357,519 | |
Net Assets Consist of: | ||
Paid-in capital | $151,400,015 | |
Net unrealized depreciation of investments and futures contracts | (8,031,256) | |
Accumulated net realized loss on investments and futures contracts | (12,141,962) | |
Undistributed net investment income | 130,722 | |
TOTAL NET ASSETS | $131,357,519 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($56,522,529 ÷ 3,733,969 shares outstanding), no par value, unlimited shares authorized | $15.14 | |
Offering price per share (100/94.50 of $15.14) | $16.02 | |
Redemption proceeds per share | $15.14 | |
Class C Shares: | ||
Net asset value per share ($28,313,426 ÷ 1,888,805 shares outstanding), no par value, unlimited shares authorized | $14.99 | |
Offering price per share | $14.99 | |
Redemption proceeds per share (99.00/100 of $14.99) | $14.84 | |
Class R Shares: | ||
Net asset value per share ($558,340 ÷ 36,903 shares outstanding), no par value, unlimited shares authorized | $15.13 | |
Offering price per share | $15.13 | |
Redemption proceeds per share | $15.13 | |
Institutional Shares: | ||
Net asset value per share ($45,963,224 ÷ 3,031,278 shares outstanding), no par value, unlimited shares authorized | $15.16 | |
Offering price per share | $15.16 | |
Redemption proceeds per share | $15.16 |
Investment Income: | |||
Dividends (including $416,553 received from affiliated holdings (Note 5) and net of foreign taxes withheld of $189) | $1,464,745 | ||
Interest | 461,602 | ||
Investment income allocated from affiliated partnership (Note 5) | 31,631 | ||
TOTAL INCOME | 1,957,978 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $533,045 | ||
Administrative fee (Note 5) | 55,615 | ||
Custodian fees | 23,280 | ||
Transfer agent fee (Note 2) | 74,434 | ||
Directors'/Trustees' fees (Note 5) | 1,341 | ||
Auditing fees | 15,231 | ||
Legal fees | 3,915 | ||
Portfolio accounting fees | 55,318 | ||
Distribution services fee (Note 5) | 115,699 | ||
Other service fees (Notes 2 and 5) | 111,478 | ||
Share registration costs | 29,162 | ||
Printing and postage | 15,285 | ||
Miscellaneous (Note 5) | 7,786 | ||
EXPENSES BEFORE ALLOCATION | 1,041,589 | ||
Expenses allocated from affiliated partnership (Note 2) | 365 | ||
TOTAL EXPENSES | 1,041,954 |
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(31,065) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (30,912) | ||
TOTAL WAIVER AND REIMBURSEMENTS | $(61,977) | ||
Net expenses | $979,977 | ||
Net investment income | 978,001 | ||
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | |||
Net realized gain on investments (including realized gain of $167,502 on sales of investments in affiliated holdings (Note 5)) | 2,149,706 | ||
Net realized loss on futures contracts | (109,600) | ||
Net realized loss on investments, swap contracts and foreign currency transactions allocated from affiliated partnership (Note 5) | (53,228) | ||
Net change in unrealized appreciation of investments | (15,832,617) | ||
Net change in unrealized depreciation of futures contracts | (41,574) | ||
Net realized and unrealized loss on investments and futures contracts | (13,887,313) | ||
Change in net assets resulting from operations | $(12,909,312) |
Six Months Ended (unaudited) 1/31/2016 | Year Ended 7/31/2015 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $978,001 | $1,631,758 |
Net realized gain on investments including allocations from partnership and futures contracts | 1,986,878 | 18,811,985 |
Net change in unrealized appreciation/depreciation of investments and futures contracts | (15,874,191) | (12,482,552) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (12,909,312) | 7,961,191 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (912,021) | (627,231) |
Class C Shares | (200,679) | (120,251) |
Class R Shares | (7,400) | (4,641) |
Institutional Shares | (830,257) | (724,945) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (1,950,357) | (1,477,068) |
Share Transactions: | ||
Proceeds from sale of shares | 11,491,426 | 27,367,111 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,804,806 | 1,374,214 |
Cost of shares redeemed | (15,028,993) | (27,563,013) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (1,732,761) | 1,178,312 |
Change in net assets | (16,592,430) | 7,662,435 |
Net Assets: | ||
Beginning of period | 147,949,949 | 140,287,514 |
End of period (including undistributed net investment income of $130,722 and $1,103,078, respectively) | $131,357,519 | $147,949,949 |
■ | 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 | $39,995 | $(20,189) |
Class C Shares | 15,286 | (6,161) |
Class R Shares | 160 | — |
Institutional Shares | 18,993 | (4,562) |
TOTAL | $74,434 | $(30,912) |
Other Service Fees Incurred | |
Class A Shares | $73,748 |
Class C Shares | 37,730 |
TOTAL | $111,478 |
Security | Acquisition Date | Cost | Market Value |
Football Trust V, Pass Thru Cert., Series 144A, 5.350%, 10/05/2020 | 3/24/2010 | $200,000 | $221,557 |
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 on futures contracts | $94,669* |
* | Includes cumulative depreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $(109,600) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $(41,574) |
Six Months Ended 1/31/2016 | Year Ended 7/31/2015 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 371,548 | $5,980,217 | 877,364 | $14,585,649 |
Shares issued to shareholders in payment of distribution declared | 51,346 | 816,911 | 33,893 | 561,953 |
Shares redeemed | (406,528) | (6,400,980) | (656,048) | (10,848,975) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 16,366 | $396,148 | 255,209 | $4,298,627 |
Six Months Ended 1/31/2016 | Year Ended 7/31/2015 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 227,747 | $3,616,575 | 291,257 | $4,780,270 |
Shares issued to shareholders in payment of distribution declared | 11,610 | 182,981 | 6,665 | 109,378 |
Shares redeemed | (253,780) | (3,981,617) | (573,519) | (9,319,128) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (14,423) | $(182,061) | (275,597) | $(4,429,480) |
Six Months Ended 1/31/2016 | Year Ended 7/31/2015 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 6,011 | $96,508 | 5,140 | $84,844 |
Shares issued to shareholders in payment of distribution declared | 401 | 6,380 | 276 | 4,573 |
Shares redeemed | (1,158) | (18,312) | (2,687) | (44,528) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 5,254 | $84,576 | 2,729 | $44,889 |
Six Months Ended 1/31/2016 | Year Ended 7/31/2015 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 111,974 | $1,798,126 | 476,302 | $7,916,348 |
Shares issued to shareholders in payment of distribution declared | 50,128 | 798,534 | 42,067 | 698,310 |
Shares redeemed | (288,856) | (4,628,084) | (442,803) | (7,350,382) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (126,754) | $(2,031,424) | 75,566 | $1,264,276 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (119,557) | $(1,732,761) | 57,907 | $1,178,312 |
Expiration Year | Short-Term | Long-Term | Total |
2018 | $14,348,949 | NA | $14,348,949 |
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 | $114,308 |
Class R Shares | 1,391 |
TOTAL | $115,699 |
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 7/31/2015 | 33,683 | 117,879 | 1,325,624 | 5,521,116 | 241,956 | 811,201 | 8,051,459 |
Purchases/ Additions | 8,140 | 39,746 | 315,319 | 27,173,637 | 19,445 | 207,865 | 27,764,152 |
Sales/ Reductions | (3,570) | — | (303,917) | (26,278,715) | — | (281,140) | (26,867,342) |
Balance of Shares Held 1/31/2016 | 38,253 | 157,625 | 1,337,026 | 6,416,038 | 261,401 | 737,926 | 8,948,269 |
Value | $1,288,916 | $1,521,084 | $13,316,782 | $6,416,038 | $2,444,102 | $4,228,314 | $29,215,236 |
Dividend Income/ Allocated Investment Income | $31,631 | $32,118 | $173,475 | $5,783 | $45,649 | $159,528 | $448,184 |
Realized Gain Distribution/ Allocated Net Realized Gain (Loss) | $(53,228) | $— | $— | $— | $— | $— | $(53,228) |
Purchases | $62,701,117 |
Sales | $69,221,941 |
Beginning Account Value 8/1/2015 | Ending Account Value 1/31/2016 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $913.10 | $6.30 |
Class C Shares | $1,000 | $909.50 | $9.89 |
Class R Shares | $1,000 | $912.10 | $7.50 |
Institutional Shares | $1,000 | $914.30 | $5.10 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.55 | $6.65 |
Class C Shares | $1,000 | $1,014.78 | $10.43 |
Class R Shares | $1,000 | $1,017.29 | $7.91 |
Institutional Shares | $1,000 | $1,019.81 | $5.38 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.31% |
Class C Shares | 2.06% |
Class R Shares | 1.56% |
Institutional Shares | 1.06% |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R833
CUSIP 31421R692
CUSIP 31421R825
2016 ©Federated Investors, Inc.
Share Class | Ticker |
A | QALGX |
B | QBLGX |
C | QCLGX |
Institutional | QILGX |
Industry Composition | Percentage of Total Net Assets |
Internet Services | 7.0% |
Biotechnology | 5.9% |
Computers–Low End | 5.8% |
Medical Supplies | 5.3% |
Software Packaged/Custom | 4.6% |
Department Stores | 3.7% |
Financial Services | 3.4% |
Specialty Retailing | 3.1% |
Auto Original Equipment Manufacturers | 2.8% |
Grocery Chain | 2.7% |
AT&T Divestiture | 2.6% |
Cable TV | 2.6% |
Computers–High End | 2.6% |
Commodity Chemicals | 2.5% |
Services to Medical Professionals | 2.5% |
Airline–Regional | 2.4% |
Ethical Drugs | 2.4% |
Soft Drinks | 2.2% |
Shipbuilding | 2.1% |
Clothing Stores | 2.0% |
Computer Services | 1.7% |
Entertainment | 1.7% |
Diversified Tobacco | 1.6% |
Hotels and Motels | 1.4% |
Oil Refiner | 1.4% |
Airline–National | 1.3% |
Industry Composition | Percentage of Total Net Assets |
Defense Aerospace | 1.1% |
Life Insurance | 1.1% |
Semiconductor Manufacturing | 1.1% |
Property Liability Insurance | 1.0% |
Other2 | 16.6% |
Other Assets and Liabilities – Net3 | 1.8% |
TOTAL | 100.0% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, industry classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | For purposes of this table, industry classifications which constitute less than 1.0% of the Fund's total net assets have been aggregated under the designation “Other.” |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS—98.2% | |||
Agricultural Chemicals—0.4% | |||
4,580 | Scotts Miracle-Gro Co. | $314,554 | |
Airline - National—1.3% | |||
13,961 | 1 | Jet Blue Airways Corp. | 297,509 |
14,100 | 1 | United Continental Holdings, Inc. | 680,748 |
TOTAL | 978,257 | ||
Airline - Regional—2.4% | |||
8,976 | Alaska Air Group, Inc. | 631,910 | |
30,542 | Southwest Airlines Co. | 1,148,990 | |
TOTAL | 1,780,900 | ||
Airlines—0.5% | |||
7,987 | Delta Air Lines, Inc. | 353,744 | |
Apparel—0.7% | |||
6,900 | PVH Corp. | 506,322 | |
AT&T Divestiture—2.6% | |||
39,057 | Verizon Communications, Inc. | 1,951,678 | |
Auto Manufacturing—0.5% | |||
3,145 | Allison Transmission Holdings, Inc. | 74,820 | |
25,317 | Ford Motor Co. | 302,285 | |
TOTAL | 377,105 | ||
Auto Original Equipment Manufacturers—2.8% | |||
4,181 | Lear Corp. | 434,113 | |
6,517 | 1 | O'Reilly Automotive, Inc. | 1,700,286 |
TOTAL | 2,134,399 | ||
Auto Rentals—0.4% | |||
7,400 | 1 | Avis Budget Group, Inc. | 194,398 |
1,678 | 1 | United Rentals, Inc. | 80,393 |
TOTAL | 274,791 | ||
Baking—0.3% | |||
12,348 | Flowers Foods, Inc. | 253,628 | |
Biotechnology—5.9% | |||
12,526 | Amgen, Inc. | 1,913,096 | |
21,881 | Gilead Sciences, Inc. | 1,816,123 | |
3,637 | 1 | Myriad Genetics, Inc. | 141,734 |
1,418 | 1 | Regeneron Pharmaceuticals, Inc. | 595,687 |
TOTAL | 4,466,640 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Broadcasting—0.5% | |||
1,248 | 1 | AMC Networks, Inc. | $90,842 |
9,100 | 1 | Discovery Communications, Inc. | 251,069 |
TOTAL | 341,911 | ||
Building Supply Stores—0.6% | |||
6,324 | Lowe's Cos., Inc. | 453,178 | |
Cable TV—2.6% | |||
42,104 | Viacom, Inc., Class B | 1,921,627 | |
Clothing Stores—2.0% | |||
7,887 | 1 | Fossil, Inc. | 257,116 |
38,363 | Gap (The), Inc. | 948,334 | |
7,040 | 1 | Michael Kors Holdings Ltd. | 280,896 |
TOTAL | 1,486,346 | ||
Commodity Chemicals—2.5% | |||
23,683 | LyondellBasell Investment LLC | 1,846,564 | |
Communications Equipment—0.6% | |||
2,775 | 1 | Palo Alto Networks, Inc. | 414,835 |
Computer Peripherals—0.5% | |||
16,792 | NetApp, Inc. | 368,249 | |
Computer Services—1.7% | |||
7,190 | Global Payments, Inc. | 423,851 | |
12,507 | 1 | Salesforce.com, Inc. | 851,226 |
TOTAL | 1,275,077 | ||
Computers - High End—2.6% | |||
15,412 | IBM Corp. | 1,923,263 | |
Computers - Low End—5.8% | |||
45,160 | Apple, Inc. | 4,395,874 | |
Construction Machinery—0.1% | |||
8,900 | Joy Global, Inc. | 88,733 | |
Contracting—0.3% | |||
5,300 | Chicago Bridge & Iron Co., N.V. | 205,746 | |
Cosmetics & Toiletries—0.3% | |||
15,906 | Avon Products, Inc. | 53,921 | |
5,600 | 1 | Sally Beauty Holdings, Inc. | 154,336 |
TOTAL | 208,257 | ||
Defense Aerospace—1.1% | |||
1,420 | Boeing Co. | 170,584 | |
15,012 | 1 | Spirit Aerosystems Holdings, Inc., Class A | 636,509 |
TOTAL | 807,093 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Department Stores—3.7% | |||
2,873 | Dillards, Inc., Class A | $202,288 | |
46,431 | Macy's, Inc. | 1,876,277 | |
9,900 | Target Corp. | 716,958 | |
TOTAL | 2,795,523 | ||
Discount Department Stores—0.6% | |||
5,707 | Foot Locker, Inc. | 385,565 | |
1,494 | Wal-Mart Stores, Inc. | 99,142 | |
TOTAL | 484,707 | ||
Distillers—0.7% | |||
3,590 | Constellation Brands, Inc., Class A | 547,403 | |
Diversified Consumer Services—0.2% | |||
2,697 | 1 | ServiceMaster Global Holdings, Inc. | 113,840 |
Diversified Tobacco—1.6% | |||
19,561 | Altria Group, Inc. | 1,195,373 | |
Education & Training Services—0.1% | |||
5,400 | 1 | Apollo Group, Inc., Class A | 42,876 |
Entertainment—1.7% | |||
73,976 | 1 | MSG Networks, Inc., Class A | 1,293,840 |
Ethical Drugs—2.4% | |||
10,809 | Bristol-Myers Squibb Co. | 671,887 | |
9,258 | 1 | United Therapeutics Corp. | 1,140,401 |
TOTAL | 1,812,288 | ||
Financial Services—3.4% | |||
14,400 | 1 | Ally Financial, Inc. | 228,240 |
13,188 | Ameriprise Financial, Inc. | 1,195,492 | |
8,340 | Total System Services, Inc. | 334,934 | |
44,090 | Western Union Co. | 786,566 | |
TOTAL | 2,545,232 | ||
Grocery Chain—2.7% | |||
49,399 | Kroger Co. | 1,917,175 | |
3,415 | Whole Foods Market, Inc. | 100,094 | |
TOTAL | 2,017,269 | ||
Home Building—0.5% | |||
8,721 | D. R. Horton, Inc. | 239,915 | |
100 | 1 | NVR, Inc. | 165,100 |
TOTAL | 405,015 | ||
Home Products—0.6% | |||
9,449 | Tupperware Brands Corp. | 438,717 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Hospitals—0.5% | |||
5,000 | 1 | HCA, Inc. | $347,900 |
Hotels and Motels—1.4% | |||
16,495 | Wyndham Worldwide Corp. | 1,070,525 | |
Industrial Machinery—0.2% | |||
1,100 | Valmont Industries, Inc. | 117,249 | |
Internet Services—7.0% | |||
2,961 | 1 | Amazon.com, Inc. | 1,738,107 |
70,713 | 1 | eBay, Inc. | 1,658,927 |
9,339 | 1 | Facebook, Inc., Class A | 1,047,929 |
16,209 | IAC Interactive Corp. | 841,896 | |
TOTAL | 5,286,859 | ||
IT Services—0.7% | |||
3,016 | Booz Allen Hamilton Holding Corp. | 85,323 | |
4,349 | 1 | Teradata Corp. | 105,855 |
7,030 | 1 | Vantiv, Inc. | 330,761 |
TOTAL | 521,939 | ||
Life Insurance—1.1% | |||
12,000 | Prudential Financial, Inc. | 840,960 | |
Medical Supplies—5.3% | |||
3,540 | AmerisourceBergen Corp. | 317,042 | |
53,408 | Baxter International, Inc. | 1,954,733 | |
13,731 | Cardinal Health, Inc. | 1,117,292 | |
17,263 | 1 | Hologic, Inc. | 585,906 |
TOTAL | 3,974,973 | ||
Multi-Industry Capital Goods—0.4% | |||
1,041 | Acuity Brands, Inc. | 210,730 | |
3,915 | 1 | HD Supply, Inc. | 102,847 |
TOTAL | 313,577 | ||
Mutual Fund Adviser—0.1% | |||
2,300 | Waddell & Reed Financial, Inc., Class A | 63,112 | |
Office Equipment—0.7% | |||
28,428 | Pitney Bowes, Inc. | 556,620 | |
Office Supplies—0.1% | |||
1,525 | Avery Dennison Corp. | 92,857 | |
Oil Refiner—1.4% | |||
25,767 | Marathon Petroleum Corp. | 1,076,803 | |
Other Communications Equipment—0.3% | |||
3,251 | Skyworks Solutions, Inc. | 224,059 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Packaged Foods—0.1% | |||
1,647 | Campbell Soup Co. | $92,907 | |
Paper Products—0.1% | |||
2,988 | International Paper Co. | 102,219 | |
Personal & Household—0.2% | |||
5,300 | Nu Skin Enterprises, Inc., Class A | 167,745 | |
Personal Loans—0.5% | |||
2,260 | 1 | Credit Acceptance Corp. | 404,450 |
Pharmaceuticals—0.2% | |||
2,969 | 1 | Mallinckrodt PLC | 172,469 |
Plastic Containers—0.2% | |||
3,897 | Sealed Air Corp. | 157,945 | |
Printing—0.2% | |||
11,646 | Donnelley (R.R.) & Sons Co. | 162,695 | |
Property Liability Insurance—1.0% | |||
6,906 | The Travelers Cos., Inc. | 739,218 | |
Rubber—0.6% | |||
14,600 | Goodyear Tire & Rubber Co. | 414,786 | |
Semiconductor Manufacturing—1.1% | |||
18,872 | Intel Corp. | 585,409 | |
20,600 | 1 | Micron Technology, Inc. | 227,218 |
TOTAL | 812,627 | ||
Services to Medical Professionals—2.5% | |||
19,583 | 1 | Express Scripts Holding Co. | 1,407,430 |
3,818 | UnitedHealth Group, Inc. | 439,681 | |
TOTAL | 1,847,111 | ||
Shipbuilding—2.1% | |||
12,312 | Huntington Ingalls Industries, Inc. | 1,574,459 | |
Shoes—0.6% | |||
3,800 | 1 | Deckers Outdoor Corp. | 187,948 |
9,198 | 1 | Skechers USA, Inc., Class A | 259,292 |
TOTAL | 447,240 | ||
Soft Drinks—2.2% | |||
10,542 | Coca-Cola Enterprises, Inc. | 489,360 | |
12,774 | Dr. Pepper Snapple Group, Inc. | 1,198,712 | |
TOTAL | 1,688,072 | ||
Software Packaged/Custom—4.6% | |||
35,613 | CA, Inc. | 1,023,162 | |
8,520 | CDW Corp. | 327,594 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Software Packaged/Custom—continued | |||
4,407 | 1 | Citrix Systems, Inc. | $310,517 |
13,859 | 1 | Electronic Arts, Inc. | 894,529 |
1,001 | 1 | ServiceNow, Inc. | 62,272 |
27,652 | Symantec Corp. | 548,616 | |
1,814 | 1 | Ultimate Software Group, Inc. | 318,593 |
TOTAL | 3,485,283 | ||
Specialty Retailing—3.1% | |||
21,733 | 1 | Bed Bath & Beyond, Inc. | 938,214 |
5,900 | Big Lots, Inc. | 228,802 | |
862 | Expedia, Inc. | 87,096 | |
4,516 | GNC Holdings, Inc. | 126,493 | |
1,560 | Nordstrom, Inc. | 76,596 | |
4,870 | 1 | Ulta Salon Cosmetics & Fragrance, Inc. | 882,298 |
TOTAL | 2,339,499 | ||
Textiles Apparel & Luxury Goods—0.4% | |||
2,767 | Ralph Lauren Corp. | 311,287 | |
Truck Manufacturing—0.9% | |||
7,745 | Cummins, Inc. | 696,198 | |
Undesignated Consumer Cyclicals—0.4% | |||
6,300 | 1 | Herbalife Ltd. | 291,123 |
3,300 | Weight Watchers International, Inc. | 41,877 | |
TOTAL | 333,000 | ||
Uniforms—0.8% | |||
7,329 | Cintas Corp. | 629,708 | |
TOTAL INVESTMENTS—98.2% (IDENTIFIED COST $78,121,259)2 | 73,887,205 | ||
OTHER ASSETS AND LIABILITIES - NET—1.8%3 | 1,372,803 | ||
TOTAL NET ASSETS—100% | $75,260,008 |
1 | Non-income-producing security. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 1/31/2016 | Year Ended July 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $17.64 | $16.15 | $13.58 | $10.59 | $10.50 | $8.45 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.02 | 0.02 | 0.03 | 0.04 | (0.02) | (0.03) |
Net realized and unrealized gain (loss) on investments | (2.17) | 1.47 | 2.54 | 2.95 | 0.11 | 2.08 |
TOTAL FROM INVESTMENT OPERATIONS | (2.15) | 1.49 | 2.57 | 2.99 | 0.09 | 2.05 |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (1.80) | — | — | — | — | — |
Net Asset Value, End of Period | $13.69 | $17.64 | $16.15 | $13.58 | $10.59 | $10.50 |
Total Return2 | (13.08)% | 9.23% | 18.92% | 28.23% | 0.86% | 24.26% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.50%3 | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Net investment income (loss) | 0.19%3 | 0.13% | 0.17% | 0.34% | (0.23)% | (0.28)% |
Expense waiver/reimbursement4 | 0.07%3 | 0.03% | 0.11% | 0.27% | 0.78% | 0.74% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $45,565 | $55,033 | $54,573 | $49,018 | $40,676 | $44,762 |
Portfolio turnover | 39% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2016 | Year Ended July 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $16.71 | $15.41 | $13.05 | $10.25 | $10.24 | $8.30 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.04) | (0.11) | (0.09) | (0.05) | (0.10) | (0.10) |
Net realized and unrealized gain (loss) on investments | (2.05) | 1.41 | 2.45 | 2.85 | 0.11 | 2.04 |
TOTAL FROM INVESTMENT OPERATIONS | (2.09) | 1.30 | 2.36 | 2.80 | 0.01 | 1.94 |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (1.80) | — | — | — | — | — |
Net Asset Value, End of Period | $12.82 | $16.71 | $15.41 | $13.05 | $10.25 | $10.24 |
Total Return2 | (13.46)% | 8.44% | 18.08% | 27.32% | 0.10% | 23.37% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.25%3 | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% |
Net investment income (loss) | (0.57)%3 | (0.65)% | (0.59)% | (0.44)% | (0.98)% | (1.04)% |
Expense waiver/reimbursement4 | 0.07%3 | 0.03% | 0.11% | 0.26% | 0.78% | 0.74% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $13,234 | $16,175 | $10,519 | $7,428 | $4,932 | $6,680 |
Portfolio turnover | 39% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2016 | Year Ended July 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $16.34 | $15.07 | $12.76 | $10.03 | $10.02 | $8.12 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.04) | (0.10) | (0.08) | (0.05) | (0.09) | (0.10) |
Net realized and unrealized gain (loss) on investments | (2.00) | 1.37 | 2.39 | 2.78 | 0.10 | 2.00 |
TOTAL FROM INVESTMENT OPERATIONS | (2.04) | 1.27 | 2.31 | 2.73 | 0.01 | 1.90 |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (1.80) | — | — | — | — | — |
Net Asset Value, End of Period | $12.50 | $16.34 | $15.07 | $12.76 | $10.03 | $10.02 |
Total Return2 | (13.46)% | 8.43% | 18.10% | 27.22% | 0.10% | 23.40% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.25%3 | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% |
Net investment income (loss) | (0.55)%3 | (0.63)% | (0.59)% | (0.43)% | (0.98)% | (1.05)% |
Expense waiver/reimbursement4 | 0.07%3 | 0.03% | 0.11% | 0.27% | 0.78% | 0.74% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $10,188 | $12,904 | $11,991 | $9,830 | $7,001 | $7,564 |
Portfolio turnover | 39% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2016 | Year Ended July 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $18.13 | $16.55 | $13.88 | $10.80 | $10.68 | $8.57 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.04 | 0.07 | 0.06 | 0.07 | 0.002 | (0.00)2 |
Net realized and unrealized gain (loss) on investments | (2.24) | 1.51 | 2.61 | 3.01 | 0.12 | 2.11 |
TOTAL FROM INVESTMENT OPERATIONS | (2.20) | 1.58 | 2.67 | 3.08 | 0.12 | 2.11 |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (1.80) | — | — | — | — | — |
Net Asset Value, End of Period | $14.13 | $18.13 | $16.55 | $13.88 | $10.80 | $10.68 |
Total Return3 | (13.00)% | 9.55% | 19.24% | 28.52% | 1.12% | 24.62% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.25%4 | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
Net investment income (loss) | 0.45%4 | 0.37% | 0.40% | 0.58% | 0.02% | (0.05)% |
Expense waiver/reimbursement5 | 0.07%4 | 0.03% | 0.10% | 0.27% | 0.78% | 0.74% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $6,272 | $7,888 | $7,502 | $5,002 | $3,774 | $4,565 |
Portfolio turnover | 39% | 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. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Assets: | ||
Total investment in securities, at value (identified cost $78,121,259) | $73,887,205 | |
Income receivable | 45,948 | |
Receivable for investments sold | 2,673,570 | |
Receivable for shares sold | 138,583 | |
TOTAL ASSETS | 76,745,306 | |
Liabilities: | ||
Payable for investments purchased | $1,200,904 | |
Payable for shares redeemed | 63,100 | |
Bank overdraft | 93,272 | |
Payable to adviser (Note 5) | 3,724 | |
Payable for transfer agent fee | 32,333 | |
Payable for distribution services fee (Note 5) | 15,955 | |
Payable for other service fees (Notes 2 and 5) | 28,581 | |
Accrued expenses (Note 5) | 47,429 | |
TOTAL LIABILITIES | 1,485,298 | |
Net assets for 5,620,164 shares outstanding | $75,260,008 | |
Net Assets Consist of: | ||
Paid-in capital | $79,166,536 | |
Net unrealized depreciation of investments | (4,234,054) | |
Accumulated net realized gain on investments | 399,663 | |
Accumulated net investment income (loss) | (72,137) | |
TOTAL NET ASSETS | $75,260,008 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($45,565,257 ÷ 3,328,732 shares outstanding), no par value, unlimited shares authorized | $13.69 | |
Offering price per share (100/94.50 of $13.69) | $14.49 | |
Redemption proceeds per share | $13.69 | |
Class B Shares: | ||
Net asset value per share ($13,234,204 ÷ 1,032,577 shares outstanding), no par value, unlimited shares authorized | $12.82 | |
Offering price per share | $12.82 | |
Redemption proceeds per share (94.50/100 of $12.82) | $12.11 | |
Class C Shares: | ||
Net asset value per share ($10,188,183 ÷ 814,841 shares outstanding), no par value, unlimited shares authorized | $12.50 | |
Offering price per share | $12.50 | |
Redemption proceeds per share (99.00/100 of $12.50) | $12.38 | |
Institutional Shares: | ||
Net asset value per share ($6,272,364 ÷ 444,014 shares outstanding), no par value, unlimited shares authorized | $14.13 | |
Offering price per share | $14.13 | |
Redemption proceeds per share | $14.13 |
Investment Income: | ||
Dividends (including $1,489 received from an affiliated holding (Note 5) and net of foreign taxes withheld of $111) | $726,024 | |
Expenses: | ||
Investment adviser fee (Note 5) | $321,238 | |
Administrative fee (Note 5) | 33,516 | |
Custodian fees | 7,815 | |
Transfer agent fee | 96,023 | |
Directors'/Trustees' fees (Note 5) | 1,120 | |
Auditing fees | 12,301 | |
Legal fees | 4,047 | |
Portfolio accounting fees | 39,437 | |
Distribution services fee (Note 5) | 101,519 | |
Other service fees (Notes 2 and 5) | 97,433 | |
Share registration costs | 28,055 | |
Printing and postage | 15,869 | |
Miscellaneous (Note 5) | 6,258 | |
TOTAL EXPENSES | 764,631 | |
Waiver/reimbursement of investment adviser fee (Note 5) | (28,184) | |
Net expenses | 736,447 | |
Net investment income (loss) | (10,423) | |
Realized and Unrealized Gain (Loss) on Investments: | ||
Net realized gain on investments | 391,632 | |
Net change in unrealized appreciation of investments | (12,387,261) | |
Net realized and unrealized loss on investments | (11,995,629) | |
Change in net assets resulting from operations | $(12,006,052) |
Six Months Ended (unaudited) 1/31/2016 | Year Ended 7/31/2015 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(10,423) | $(66,686) |
Net realized gain on investments | 391,632 | 13,523,659 |
Net change in unrealized appreciation/depreciation of investments | (12,387,261) | (5,876,894) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (12,006,052) | 7,580,079 |
Distributions to Shareholders: | ||
Distributions from net realized gain on investments | ||
Class A Shares | (5,502,857) | — |
Class B Shares | (1,867,474) | — |
Class C Shares | (1,323,955) | — |
Institutional Shares | (798,673) | — |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (9,492,959) | — |
Share Transactions: | ||
Proceeds from sale of shares | 8,223,933 | 19,436,379 |
Net asset value of shares issued to shareholders in payment of distributions declared | 8,568,103 | — |
Cost of shares redeemed | (12,033,580) | (19,601,538) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 4,758,456 | (165,159) |
Change in net assets | (16,740,555) | 7,414,920 |
Net Assets: | ||
Beginning of period | 92,000,563 | 84,585,643 |
End of period (including accumulated net investment income (loss) of $(72,137) and $(61,714), respectively) | $75,260,008 | $92,000,563 |
■ | 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 | |
Class A Shares | $63,624 |
Class B Shares | 19,322 |
Class C Shares | 14,487 |
TOTAL | $97,433 |
Six Months Ended 1/31/2016 | Year Ended 7/31/2015 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 188,382 | $3,026,465 | 437,475 | $7,550,573 |
Shares issued to shareholders in payment of distributions declared | 332,140 | 4,972,137 | — | — |
Shares redeemed | (310,842) | (4,898,720) | (697,690) | (11,932,507) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 209,680 | $3,099,882 | (260,215) | $(4,381,934) |
Six Months Ended 1/31/2016 | Year Ended 7/31/2015 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 207,958 | $3,177,420 | 435,608 | $7,148,957 |
Shares issued to shareholders in payment of distributions declared | 130,599 | 1,832,304 | — | — |
Shares redeemed | (274,236) | (3,815,737) | (150,183) | (2,470,360) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | 64,321 | $1,193,987 | 285,425 | $4,678,597 |
Six Months Ended 1/31/2016 | Year Ended 7/31/2015 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 100,883 | $1,494,694 | 195,222 | $3,120,016 |
Shares issued to shareholders in payment of distributions declared | 85,418 | 1,169,370 | ||
Shares redeemed | (161,162) | (2,388,448) | (201,285) | (3,220,353) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 25,139 | $275,616 | (6,063) | $(100,337) |
Six Months Ended 1/31/2016 | Year Ended 7/31/2015 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 31,153 | $525,354 | 93,199 | $1,616,833 |
Shares issued to shareholders in payment of distributions declared | 38,466 | 594,292 | ||
Shares redeemed | (60,772) | (930,675) | (111,365) | (1,978,318) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 8,847 | $188,971 | (18,166) | $(361,485) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 307,987 | $4,758,456 | 981 | $(165,159) |
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 | $58,056 |
Class C Shares | 43,463 |
TOTAL | $101,519 |
Federated Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2015 | 1,864,649 |
Purchases/Additions | 7,557,653 |
Sales/Reductions | (9,422,302) |
Balance of Shares Held 1/31/2016 | — |
Value | $— |
Dividend Income | $1,489 |
Purchases | $32,007,868 |
Sales | $36,436,506 |
Beginning Account Value 8/1/2015 | Ending Account Value 1/31/2016 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $869.20 | $7.05 |
Class B Shares | $1,000 | $865.40 | $10.55 |
Class C Shares | $1,000 | $865.40 | $10.55 |
Institutional Shares | $1,000 | $870.00 | $5.88 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,017.60 | $7.61 |
Class B Shares | $1,000 | $1,013.83 | $11.39 |
Class C Shares | $1,000 | $1,013.83 | $11.39 |
Institutional Shares | $1,000 | $1,018.85 | $6.34 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (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% |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R684
CUSIP 31421R809
CUSIP 31421R882
2016 ©Federated Investors, Inc.
Share Class | Ticker |
A | QASCX |
C | QCSCX |
Institutional | QISCX |
Industry Composition | Percentage of Total Net Assets |
Regional Banks | 8.2% |
Specialty Retailing | 3.8% |
Financial Services | 2.9% |
Property Liability Insurance | 2.8% |
Commodity Chemicals | 2.6% |
Apparel | 2.3% |
Home Health Care | 2.3% |
Telecommunication Equipment & Services | 2.3% |
Dairy Products | 2.1% |
Miscellaneous Communications | 2.1% |
Software Packaged/Custom | 2.0% |
Computer Networking | 1.9% |
Savings & Loan | 1.9% |
Undesignated Consumer Cyclicals | 1.9% |
Auto Original Equipment Manufacturers | 1.8% |
Biotechnology | 1.8% |
Clothing Stores | 1.8% |
Health Care Equipment & Supplies | 1.8% |
Airline—Regional | 1.7% |
Education & Training Services | 1.6% |
Semiconductor Manufacturing | 1.6% |
Computer Stores | 1.4% |
Printing | 1.4% |
Defense Aerospace | 1.3% |
Undesignated Consumer Staples | 1.3% |
Food Wholesaling | 1.2% |
Health Care Providers & Services | 1.2% |
Mortgage Banks | 1.2% |
Offshore Driller | 1.2% |
Airline—National | 1.1% |
Computer Services | 1.1% |
Internet Services | 1.1% |
Medical Supplies | 1.1% |
Personal Loans | 1.1% |
Rubber | 1.1% |
Semiconductor Distribution | 1.1% |
Truck Manufacturing | 1.1% |
Industry Composition | Percentage of Total Net Assets |
Aluminum | 1.0% |
Consumer Finance | 1.0% |
Life Insurance | 1.0% |
Office Supplies | 1.0% |
Oil Service, Explore & Drill | 1.0% |
Semiconductor Manufacturing Equipment | 1.0% |
Specialty Chemicals | 1.0% |
Telecommunication Services | 1.0% |
Other2 | 19.9% |
Cash Equivalents3 | 1.7% |
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—98.1% | |||
Airline - National—1.1% | |||
4,747 | 1 | Atlas Air Worldwide Holdings, Inc. | $174,357 |
5,632 | 1 | Jet Blue Airways Corp. | 120,018 |
TOTAL | 294,375 | ||
Airline - Regional—1.7% | |||
10,954 | 1 | Hawaiian Holdings, Inc. | 385,690 |
2,882 | 1 | Virgin America, Inc. | 88,910 |
TOTAL | 474,600 | ||
Aluminum—1.0% | |||
57,932 | 1 | Century Aluminum Co. | 273,439 |
Apparel—2.3% | |||
11,570 | 1 | Express, Inc. | 196,227 |
30,631 | 1 | Iconix Brand Group, Inc. | 203,390 |
5,854 | 1 | Perry Ellis International, Inc. | 111,285 |
7,023 | 1 | Zumiez, Inc. | 127,186 |
TOTAL | 638,088 | ||
Auto Original Equipment Manufacturers—1.8% | |||
7,938 | 1 | American Axle & Manufacturing Holdings, Inc. | 101,765 |
2,113 | 1 | Cooper-Standard Holding, Inc. | 146,347 |
4,570 | Dana Holding Corp. | 54,337 | |
14,000 | 1 | Meritor, Inc. | 95,620 |
3,652 | Tower International, Inc. | 84,069 | |
TOTAL | 482,138 | ||
Biotechnology—1.8% | |||
1,597 | 1 | Cambrex Corp. | 55,320 |
14,034 | 1 | Geron Corp. | 42,804 |
129,177 | PDL BioPharma, Inc. | 405,616 | |
TOTAL | 503,740 | ||
Carpets—0.4% | |||
6,137 | Interface, Inc. | 103,654 | |
Clothing Stores—1.8% | |||
6,533 | American Eagle Outfitters, Inc. | 95,643 | |
28,469 | Mens Wearhouse, Inc. | 390,310 | |
TOTAL | 485,953 | ||
Commodity Chemicals—2.6% | |||
33,381 | Axiall Corp. | 598,522 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Commodity Chemicals—continued | |||
5,180 | 1 | Trinseo SA | $123,232 |
TOTAL | 721,754 | ||
Computer Networking—1.9% | |||
45,426 | Black Box Corp. | 346,146 | |
1,872 | 1 | Cray, Inc. | 73,738 |
33,310 | 1 | Extreme Networks, Inc. | 91,936 |
TOTAL | 511,820 | ||
Computer Peripherals—0.5% | |||
15,895 | 1 | Zagg, Inc. | 146,552 |
Computer Services—1.1% | |||
2,727 | 1 | CACI International, Inc., Class A | 226,532 |
1,032 | Synnex Corp. | 86,636 | |
TOTAL | 313,168 | ||
Computer Stores—1.4% | |||
1,709 | 1 | Insight Enterprises, Inc. | 40,384 |
5,160 | 1 | PC Connections, Inc. | 116,461 |
3,851 | 1 | Tech Data Corp. | 240,302 |
TOTAL | 397,147 | ||
Construction & Engineering—0.1% | |||
2,017 | 1 | Aegion Corp. | 36,367 |
Consumer Finance—1.0% | |||
49,046 | 1 | Enova International, Inc. | 273,186 |
Contracting—0.4% | |||
4,341 | Comfort Systems USA, Inc. | 123,024 | |
Cosmetics & Toiletries—0.6% | |||
1,923 | 1 | Helen of Troy Ltd. | 171,858 |
Crude Oil & Gas Production—0.5% | |||
57,456 | 1 | Ultra Petroleum Corp. | 129,851 |
Dairy Products—2.1% | |||
4,947 | Cal-Maine Foods, Inc. | 249,675 | |
15,864 | Dean Foods Co. | 316,963 | |
TOTAL | 566,638 | ||
Defense Aerospace—1.3% | |||
19,636 | 1 | DigitalGlobe, Inc. | 257,232 |
2,818 | 1 | Ducommun, Inc. | 41,706 |
991 | 1 | MOOG, Inc., Class A | 45,913 |
TOTAL | 344,851 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Discount Department Stores—0.4% | |||
20,526 | 1 | Tuesday Morning Corp. | $114,330 |
Diversified Leisure—0.4% | |||
7,940 | 1 | Isle of Capri Casinos, Inc. | 100,520 |
Education & Training Services—1.6% | |||
53,673 | 1 | Apollo Group, Inc., Class A | 426,164 |
Electric & Electronic Original Equipment Manufacturers—0.3% | |||
6,341 | General Cable Corp. | 74,317 | |
Electronic Equipment Instruments & Components—0.5% | |||
7,443 | 1 | Sanmina Corp. | 139,482 |
Electronic Instruments—0.5% | |||
14,442 | 1 | Ixia | 138,210 |
Electronic Test/Measuring Equipment—0.3% | |||
7,185 | Cohu, Inc. | 87,010 | |
Financial Services—2.9% | |||
4,934 | 1 | America's Car-Mart, Inc. | 115,752 |
1,402 | Deluxe Corp. | 78,372 | |
2,409 | 1 | Encore Capital Group, Inc. | 55,214 |
3,475 | Fidelity Southern Corp. | 54,905 | |
1,200 | First Financial Corp. | 39,660 | |
9,058 | MainSource Financial Group, Inc. | 200,906 | |
7,790 | Nelnet, Inc., Class A | 252,941 | |
TOTAL | 797,750 | ||
Food & Staples Retailing—0.2% | |||
2,431 | SpartanNash Co. | 49,884 | |
Food Wholesaling—1.2% | |||
1,076 | Core-Mark Holding Co., Inc. | 87,468 | |
7,831 | 1 | Omega Protein Corp. | 176,902 |
13,753 | 1 | SUPERVALU, Inc. | 62,576 |
TOTAL | 326,946 | ||
Furniture—0.6% | |||
1,502 | 1 | American Woodmark Corp. | 103,638 |
966 | Bassett Furniture Industries, Inc. | 28,893 | |
1,925 | 1 | Select Comfort Corp. | 40,541 |
TOTAL | 173,072 | ||
Generic Drugs—0.5% | |||
7,363 | 1 | Cytokinetics, Inc. | 56,695 |
3,436 | 1 | Lannett Co., Inc. | 87,652 |
TOTAL | 144,347 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Grocery Chain—0.4% | |||
291 | Casey's General Stores, Inc. | $35,136 | |
2,120 | Ingles Markets, Inc., Class A | 81,323 | |
TOTAL | 116,459 | ||
Health Care Equipment & Supplies—1.8% | |||
2,056 | 1 | Cardiovascular Systems, Inc. | 17,373 |
13,357 | LeMaitre Vascular, Inc. | 195,012 | |
7,351 | 1 | Masimo Corp. | 270,150 |
TOTAL | 482,535 | ||
Health Care Providers & Services—1.2% | |||
3,366 | 1 | PRA Health Sciences, Inc. | 145,008 |
4,851 | 1 | PharMerica Corp. | 144,026 |
6,040 | 1 | Radnet, Inc. | 36,119 |
TOTAL | 325,153 | ||
Home Building—0.2% | |||
2,062 | M.D.C. Holdings, Inc. | 44,869 | |
Home Health Care—2.3% | |||
6,418 | 1 | Amedisys, Inc. | 229,444 |
11,517 | 1 | Cross Country Healthcare, Inc. | 165,845 |
5,884 | 1 | LHC Group, Inc. | 223,121 |
TOTAL | 618,410 | ||
Hotels and Motels—0.4% | |||
5,823 | 1 | Boyd Gaming Corp. | 103,708 |
Industrial Machinery—0.1% | |||
1,794 | 1 | Rexnord Corp. | 29,368 |
Insurance—0.3% | |||
3,739 | Employers Holdings, Inc. | 93,138 | |
International Bank—0.3% | |||
2,800 | Preferred Bank Los Angeles, CA | 91,000 | |
Internet & Catalog Retail—0.1% | |||
3,843 | 1 | RetailMeNot, Inc. | 34,971 |
Internet Services—1.1% | |||
21,830 | EarthLink Network, Inc. | 129,233 | |
8,842 | 1 | Web.com Group, Inc. | 166,495 |
TOTAL | 295,728 | ||
Internet Software & Services—0.2% | |||
962 | 1 | LogMeIn, Inc. | 50,255 |
IT Services—0.3% | |||
1,211 | 1 | Luxoft Holding, Inc. | 90,922 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Life Insurance—1.0% | |||
8,557 | American Equity Investment Life Holding Co. | $155,652 | |
2,508 | Primerica, Inc. | 112,885 | |
TOTAL | 268,537 | ||
Life Sciences Tools & Services—0.1% | |||
3,865 | 1 | Fluidigm Corp. | 25,934 |
Machined Parts Original Equipment Manufacturers—0.4% | |||
38,558 | Titan International, Inc. | 115,674 | |
Maritime—0.2% | |||
11,820 | DHT Maritime, Inc. | 68,320 | |
Medical Supplies—1.1% | |||
1,597 | 1 | ICU Medical, Inc. | 153,711 |
2,463 | 1 | Merit Medical Systems, Inc. | 40,763 |
2,806 | 1 | Orthofix International NV | 110,753 |
TOTAL | 305,227 | ||
Medical Technology—0.9% | |||
773 | 1 | Abiomed, Inc. | 65,960 |
5,260 | 1 | Natus Medical, Inc. | 185,573 |
TOTAL | 251,533 | ||
Metal Fabrication—0.8% | |||
25,247 | Timken Co. | 227,475 | |
Metals & Mining—0.5% | |||
87,932 | 1 | Cloud Peak Energy, Inc. | 131,898 |
Mini-Mill Producer—0.2% | |||
4,197 | Commercial Metals Corp. | 58,422 | |
Miscellaneous Communications—2.1% | |||
11,280 | 1 | FairPoint Communications, Inc. | 169,200 |
23,150 | West Corp. | 419,246 | |
TOTAL | 588,446 | ||
Miscellaneous Components—0.3% | |||
5,610 | 1 | Qlogic Corp. | 71,920 |
Mortgage and Title—0.3% | |||
13,315 | 1 | MGIC Investment Corp. | 88,145 |
Mortgage Banks—1.2% | |||
3,616 | 1 | Altisource Portfolio Solutions S.A. | 104,502 |
3,229 | 1 | LendingTree, Inc. | 237,945 |
TOTAL | 342,447 | ||
Multi-Industry Capital Goods—0.6% | |||
2,753 | 1 | DXP Enterprises, Inc. | 43,167 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Multi-Industry Capital Goods—continued | |||
4,289 | 1 | Lydall, Inc. | $121,164 |
TOTAL | 164,331 | ||
Office Furniture—0.6% | |||
6,311 | Miller Herman, Inc. | 161,688 | |
Office Supplies—1.0% | |||
20,158 | 1 | Acco Brands Corp. | 122,359 |
7,615 | Ennis Business Forms, Inc. | 152,072 | |
TOTAL | 274,431 | ||
Offshore Driller—1.2% | |||
40,362 | Atwood Oceanics, Inc. | 247,419 | |
13,234 | Tidewater, Inc. | 70,273 | |
TOTAL | 317,692 | ||
Oil Refiner—0.4% | |||
3,127 | Alon USA Energy, Inc. | 39,338 | |
1,837 | Western Refining, Inc. | 60,437 | |
TOTAL | 99,775 | ||
Oil Service, Explore & Drill—1.0% | |||
12,662 | 1 | Archrock, Inc. | 75,972 |
44,273 | 1 | Gulfmark Offshore, Inc. | 167,795 |
29,879 | 1 | Pioneer Energy Services Corp. | 40,934 |
TOTAL | 284,701 | ||
Other Communications Equipment—0.8% | |||
5,607 | 1 | Netgear, Inc. | 209,534 |
Other Tobacco Products—0.5% | |||
3,153 | Schweitzer-Mauduit International, Inc. | 132,426 | |
Outpatient Clinics—0.9% | |||
3,538 | 1 | Amsurg Corp. | 258,946 |
Personal Loans—1.1% | |||
5,787 | Cash America International, Inc. | 173,263 | |
4,373 | 1 | Ezcorp, Inc., Class A | 13,294 |
4,369 | 1 | World Acceptance Corp. | 126,439 |
TOTAL | 312,996 | ||
Personnel Agency—0.7% | |||
6,478 | 1 | AMN Healthcare Services, Inc. | 182,485 |
Pharmaceuticals—0.2% | |||
5,197 | 1 | Sucampo Pharmaceuticals, Inc., Class A | 65,742 |
Printed Circuit Boards—0.2% | |||
8,930 | 1 | Sigma Designs, Inc. | 59,206 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Printing—1.4% | |||
37,639 | Quad Graphics, Inc. | $379,401 | |
Property Liability Insurance—2.8% | |||
2,022 | Federated National Holding Co. | 50,024 | |
3,791 | HCI Group, Inc. | 126,051 | |
7,640 | Heritage Insurance Holdings, Inc. | 151,425 | |
7,056 | Selective Insurance Group, Inc. | 220,923 | |
11,393 | Universal Insurance Holdings, Inc. | 213,505 | |
TOTAL | 761,928 | ||
Recreational Goods—0.4% | |||
4,729 | 1 | Smith & Wesson Holding Corp. | 101,957 |
Recreational Vehicles—0.3% | |||
7,431 | Arctic Cat, Inc. | 91,476 | |
Regional Banks—8.2% | |||
2,992 | 1st Source Corp. | 90,418 | |
2,080 | Arrow Financial Corp. | 57,242 | |
1,719 | CNB Financial Corp. | 31,269 | |
1,388 | Central Pacific Financial Corp. | 29,079 | |
1,739 | Community Trust Bancorp, Inc. | 60,587 | |
6,156 | Enterprise Financial Services Corp. | 174,769 | |
825 | 1 | FCB Financial Holdings, Inc. | 27,736 |
2,099 | Financial Institutions, Inc. | 57,617 | |
19,248 | 1 | First BanCorp | 50,045 |
1,200 | First Business Financial Services, Inc. | 27,552 | |
1,718 | Flushing Financial Corp. | 37,796 | |
4,674 | Great Southern Bancorp, Inc. | 185,418 | |
8,076 | Great Western Bancorp, Inc. | 210,945 | |
8,694 | Hancock Holding Co. | 208,308 | |
8,594 | Heartland Financial USA, Inc. | 257,390 | |
3,017 | Mercantile Bancorporation, Inc. | 67,430 | |
4,200 | MidSouth Bancorp, Inc. | 32,298 | |
54,062 | OFG Bancorp. | 303,828 | |
6,758 | Old National Bancorp | 83,258 | |
2,981 | Sandy Spring Bancorp, Inc. | 79,295 | |
5,246 | Trustmark Corp. | 113,523 | |
5,316 | Umpqua Holdings Corp. | 76,976 | |
TOTAL | 2,262,779 | ||
Rubber—1.1% | |||
8,539 | Cooper Tire & Rubber Co. | 311,332 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Savings & Loan—1.9% | |||
1,818 | Berkshire Hills Bancorp, Inc. | $50,504 | |
3,620 | 1 | BofI Holding, Inc. | 62,119 |
4,505 | First Defiance Financial Corp. | 175,380 | |
3,368 | WSFS Financial Corp. | 97,874 | |
6,514 | Washington Federal, Inc. | 139,074 | |
TOTAL | 524,951 | ||
Securities Brokerage—0.1% | |||
797 | 1 | Piper Jaffray Cos., Inc. | 27,098 |
Semiconductor Distribution—1.1% | |||
1,923 | 1 | Tyler Technologies, Inc. | 302,026 |
Semiconductor Manufacturing—1.6% | |||
2,828 | 1 | Cirrus Logic, Inc. | 98,188 |
12,967 | 1 | Integrated Device Technology, Inc. | 330,399 |
TOTAL | 428,587 | ||
Semiconductor Manufacturing Equipment—1.0% | |||
16,386 | 1 | Photronics, Inc. | 195,649 |
2,646 | Tessera Technologies, Inc. | 76,258 | |
TOTAL | 271,907 | ||
Services to Medical Professionals—0.3% | |||
1,400 | 1 | Molina Healthcare, Inc. | 76,874 |
Shoes—0.9% | |||
14,030 | Wolverine World Wide, Inc. | 237,247 | |
Software Packaged/Custom—2.0% | |||
2,852 | CSG Systems International, Inc. | 99,649 | |
3,231 | Ebix, Inc. | 110,242 | |
2,913 | 1 | Fleetmatics Group PLC | 126,453 |
2,288 | 1 | Paylocity Corp. | 71,202 |
3,989 | 1 | RealPage, Inc. | 76,948 |
3,243 | 1 | Rovi Corp. | 63,109 |
TOTAL | 547,603 | ||
Specialty Chemicals—1.0% | |||
885 | Chemed Corp. | 124,183 | |
2,711 | KMG Chemicals, Inc. | 62,516 | |
14,086 | Rayonier Advanced Materials, Inc. | 98,602 | |
TOTAL | 285,301 | ||
Specialty Retailing—3.8% | |||
7,920 | 1 | Build-A-Bear Workshop, Inc. | 103,594 |
6,583 | Outerwall, Inc. | 222,505 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Specialty Retailing—continued | |||
71,238 | Pier 1 Imports, Inc. | $286,377 | |
31,864 | Stage Stores, Inc. | 264,471 | |
1,176 | 1 | Stamps.com, Inc. | 110,332 |
5,093 | 1 | Wesco Aircraft Holdings, Inc. | 57,500 |
TOTAL | 1,044,779 | ||
Telecommunication Equipment & Services—2.3% | |||
2,672 | 1 | Dycom Industries, Inc. | 177,047 |
2,780 | 1 | Gigamon, Inc. | 72,697 |
13,601 | 1 | NeuStar, Inc., Class A | 334,313 |
5,324 | 1 | Polycom, Inc. | 54,251 |
TOTAL | 638,308 | ||
Telecommunication Services—1.0% | |||
82,553 | 1 | Intelsat SA | 275,727 |
Telephone Utility—0.2% | |||
8,507 | 1 | Cincinnati Bell, Inc. | 27,563 |
5,400 | 1 | Windstream Holdings, Inc. | 31,158 |
TOTAL | 58,721 | ||
Textiles Apparel & Luxury Goods—0.6% | |||
34,096 | 1 | Vince Holding Corp. | 176,276 |
Truck Manufacturing—1.1% | |||
20,266 | 1 | Navistar International Corp. | 147,334 |
14,288 | 1 | Wabash National Corp. | 158,025 |
TOTAL | 305,359 | ||
Undesignated Consumer Cyclicals—1.9% | |||
1,629 | Convergys Corp. | 39,813 | |
1,813 | 1 | Euronet Worldwide, Inc. | 144,623 |
20,869 | Rent-A-Center, Inc. | 284,236 | |
4,928 | Weight Watchers International, Inc. | 62,536 | |
TOTAL | 531,208 | ||
Undesignated Consumer Staples—1.3% | |||
7,467 | Medifast, Inc. | 216,767 | |
1,028 | 1 | USANA, Inc. | 130,453 |
TOTAL | 347,220 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $32,352,223) | 26,996,747 |
Shares | Value | ||
INVESTMENT COMPANY—1.7% | |||
458,984 | 2 | Federated Prime Value Obligations Fund, Institutional Shares, 0.35%3 (AT NET ASSET VALUE) | $458,984 |
TOTAL INVESTMENTS—99.8% (IDENTIFIED COST $32,811,207)4 | 27,455,731 | ||
OTHER ASSETS AND LIABILITIES - NET—0.2%5 | 46,175 | ||
TOTAL NET ASSETS—100% | $27,501,906 |
1 | Non-income-producing security. |
2 | Affiliated holding. |
3 | 7-day net yield. |
4 | Also represents cost for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 1/31/2016 | Year Ended July 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $15.66 | $15.07 | $13.70 | $9.52 | $9.88 | $7.55 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.011 | (0.05)1 | (0.12)1 | (0.01)1 | (0.06)1 | (0.09)1 |
Net realized and unrealized gain (loss) on investments | (2.01) | 1.57 | 1.49 | 4.19 | (0.30) | 2.42 |
TOTAL FROM INVESTMENT OPERATIONS | (2.00) | 1.52 | 1.37 | 4.18 | (0.36) | 2.33 |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (1.63) | (0.93) | — | — | — | — |
Net Asset Value, End of Period | $12.03 | $15.66 | $15.07 | $13.70 | $9.52 | $9.88 |
Total Return2 | (13.92)% | 10.22% | 10.00% | 43.91% | (3.64)% | 30.86% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.13%3 | 1.48% | 1.70% | 1.70% | 1.71% | 1.75% |
Net investment income (loss) | 0.11%3 | (0.35)% | (0.77)% | (0.05)% | (0.65)% | (0.96)% |
Expense waiver/reimbursement4 | 1.14%3 | 0.76% | 0.52% | 1.09% | 4.24% | 3.75% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $7,499 | $7,160 | $5,346 | $3,694 | $2,550 | $3,469 |
Portfolio turnover | 90% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2016 | Year Ended July 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $14.48 | $14.10 | $12.91 | $9.04 | $9.45 | $7.28 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.04)1 | (0.16)1 | (0.21)1 | (0.09)1 | (0.12)1 | (0.15)1 |
Net realized and unrealized gain (loss) on investments | (1.85) | 1.47 | 1.40 | 3.96 | (0.29) | 2.32 |
TOTAL FROM INVESTMENT OPERATIONS | (1.89) | 1.31 | 1.19 | 3.87 | (0.41) | 2.17 |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (1.63) | (0.93) | — | — | — | — |
Net Asset Value, End of Period | $10.96 | $14.48 | $14.10 | $12.91 | $9.04 | $9.45 |
Total Return2 | (14.30)% | 9.41% | 9.22% | 42.81% | (4.34)% | 29.81% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.88%3 | 2.28% | 2.45% | 2.45% | 2.46% | 2.50% |
Net investment income (loss) | (0.64)%3 | (1.11)% | (1.50)% | (0.81)% | (1.41)% | (1.70)% |
Expense waiver/reimbursement4 | 1.14%3 | 0.72% | 0.54% | 1.11% | 4.24% | 3.78% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $2,642 | $3,031 | $3,338 | $2,636 | $2,358 | $2,978 |
Portfolio turnover | 90% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2016 | Year Ended July 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $16.04 | $15.38 | $13.94 | $9.67 | $10.00 | $7.63 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.031 | (0.02)1 | (0.08)1 | 0.031 | (0.04)1 | (0.06)1 |
Net realized and unrealized gain (loss) on investments | (2.07) | 1.61 | 1.52 | 4.24 | (0.29) | 2.43 |
TOTAL FROM INVESTMENT OPERATIONS | (2.04) | 1.59 | 1.44 | 4.27 | (0.33) | 2.37 |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (1.63) | (0.93) | — | — | — | — |
Net Asset Value, End of Period | $12.37 | $16.04 | $15.38 | $13.94 | $9.67 | $10.00 |
Total Return2 | (13.84)% | 10.48% | 10.33% | 44.16% | (3.30)% | 31.06% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.88%3 | 1.26% | 1.45% | 1.45% | 1.46% | 1.50% |
Net investment income (loss) | 0.36%3 | (0.11)% | (0.51)% | 0.23% | (0.44)% | (0.71)% |
Expense waiver/reimbursement4 | 1.14%3 | 0.74% | 0.52% | 1.10% | 3.77% | 3.79% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $17,361 | $20,504 | $21,486 | $14,084 | $11,650 | $4,836 |
Portfolio turnover | 90% | 166% | 174% | 184% | 200% | 210% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Assets: | ||
Total investment in securities, at value including $458,984 of investment in an affiliated holding (Note 5) (identified cost $32,811,207) | $27,455,731 | |
Income receivable | 16,402 | |
Receivable for investments sold | 423,366 | |
Receivable for shares sold | 56,557 | |
TOTAL ASSETS | 27,952,056 | |
Liabilities: | ||
Payable for investments purchased | $362,641 | |
Payable for shares redeemed | 33,379 | |
Payable to adviser (Note 5) | 454 | |
Payable for portfolio accounting fees | 22,773 | |
Payable for distribution services fee (Note 5) | 1,684 | |
Payable for other service fees (Notes 2 and 5) | 5,491 | |
Payable for share registration costs | 14,144 | |
Accrued expenses (Note 5) | 9,584 | |
TOTAL LIABILITIES | 450,150 | |
Net assets for 2,267,522 shares outstanding | $27,501,906 | |
Net Assets Consist of: | ||
Paid-in capital | $35,356,122 | |
Net unrealized depreciation of investments | (5,355,476) | |
Accumulated net realized loss on investments | (2,529,470) | |
Undistributed net investment income | 30,730 | |
TOTAL NET ASSETS | $27,501,906 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($7,498,873 ÷ 623,500 shares outstanding), no par value, unlimited shares authorized | $12.03 | |
Offering price per share (100/94.50 of $12.03) | $12.73 | |
Redemption proceeds per share | $12.03 | |
Class C Shares: | ||
Net asset value per share ($2,641,684 ÷ 240,922 shares outstanding), no par value, unlimited shares authorized | $10.96 | |
Offering price per share | $10.96 | |
Redemption proceeds per share (99/100 of $10.96) | $10.85 | |
Institutional Shares: | ||
Net asset value per share ($17,361,349 ÷ 1,403,100 shares outstanding), no par value, unlimited shares authorized | $12.37 | |
Offering price per share | $12.37 | |
Redemption proceeds per share | $12.37 |
Investment Income: | ||
Dividends (including $576 received from an affiliated holding (Note 5) and net of foreign taxes withheld of $968) | $187,861 | |
Expenses: | ||
Investment adviser fee (Note 5) | $172,911 | |
Administrative fee (Note 5) | 11,765 | |
Custodian fees | 11,658 | |
Transfer agent fee | 20,787 | |
Directors'/Trustees' fees (Note 5) | 863 | |
Auditing fees | 12,300 | |
Legal fees | 4,047 | |
Portfolio accounting fees | 33,805 | |
Distribution services fee (Note 5) | 10,926 | |
Other service fees (Notes 2 and 5) | 13,155 | |
Share registration costs | 20,611 | |
Printing and postage | 9,664 | |
Miscellaneous (Note 5) | 5,738 | |
TOTAL EXPENSES | 328,230 | |
Waiver/reimbursement of investment adviser fee (Note 5) | (171,099) | |
Net expenses | 157,131 | |
Net investment income | 30,730 | |
Realized and Unrealized Gain (Loss) on Investments: | ||
Net realized gain on investments | 1,229,694 | |
Net change in unrealized appreciation of investments | (5,768,253) | |
Net realized and unrealized loss on investments | (4,538,559) | |
Change in net assets resulting from operations | $(4,507,829) |
Six Months Ended (unaudited) 1/31/2016 | Year Ended 7/31/2015 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $30,730 | $(79,268) |
Net realized gain on investments | 1,229,694 | 3,442,659 |
Net change in unrealized appreciation/depreciation of investments | (5,768,253) | (418,792) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (4,507,829) | 2,944,599 |
Distributions to Shareholders: | ||
Distributions from net realized gain on investments | ||
Class A Shares | (924,111) | (330,893) |
Class C Shares | (354,574) | (208,105) |
Institutional Shares | (2,077,286) | (1,153,048) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (3,355,971) | (1,692,046) |
Share Transactions: | ||
Proceeds from sale of shares | 7,362,530 | 6,991,073 |
Net asset value of shares issued to shareholders in payment of distributions declared | 3,230,590 | 1,610,014 |
Cost of shares redeemed | (5,922,286) | (9,329,278) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 4,670,834 | (728,191) |
Change in net assets | (3,192,966) | 524,362 |
Net Assets: | ||
Beginning of period | 30,694,872 | 30,170,510 |
End of period (including undistributed net investment income of $30,730 and $0, respectively) | $27,501,906 | $30,694,872 |
■ | 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 | $9,513 |
Class C Shares | 3,642 |
TOTAL | $13,155 |
Six Months Ended 1/31/2016 | Year Ended 7/31/2015 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 189,513 | $2,790,748 | 195,981 | $3,035,389 |
Shares issued to shareholders in payment of distributions declared | 67,053 | 904,542 | 20,829 | 317,649 |
Shares redeemed | (90,293) | (1,208,560) | (114,348) | (1,754,885) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 166,273 | $2,486,730 | 102,462 | $1,598,153 |
Six Months Ended 1/31/2016 | Year Ended 7/31/2015 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 48,934 | $665,286 | 42,094 | $604,168 |
Shares issued to shareholders in payment of distributions declared | 22,980 | 282,655 | 11,327 | 160,392 |
Shares redeemed | (40,309) | (537,642) | (80,851) | (1,175,191) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 31,605 | $410,299 | (27,430) | $(410,631) |
Six Months Ended 1/31/2016 | Year Ended 7/31/2015 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 261,030 | $3,906,496 | 212,197 | $3,351,516 |
Shares issued to shareholders in payment of distributions declared | 147,325 | 2,043,393 | 72,562 | 1,131,973 |
Shares redeemed | (283,335) | (4,176,084) | (403,797) | (6,399,202) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 125,020 | $1,773,805 | (119,038) | $(1,915,713) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 322,898 | $4,670,834 | (44,006) | $(728,191) |
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 | $10,926 |
Federated Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2015 | 630,062 |
Purchases/Additions | 7,105,357 |
Sales/Reductions | (7,276,435) |
Balance of Shares Held 1/31/2016 | 458,984 |
Value | $458,984 |
Dividend Income | $576 |
Purchases | $27,783,080 |
Sales | $26,343,080 |
Beginning Account Value 8/1/2015 | Ending Account Value 1/31/2016 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $860.80 | $5.29 |
Class C Shares | $1,000 | $857.00 | $8.78 |
Institutional Shares | $1,000 | $861.60 | $4.12 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.46 | $5.74 |
Class C Shares | $1,000 | $1,015.69 | $9.53 |
Institutional Shares | $1,000 | $1,020.71 | $4.47 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.13% |
Class C Shares | 1.88% |
Institutional Shares | 0.88% |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R791
CUSIP 31421R783
2016 ©Federated Investors, Inc.
Share Class | Ticker |
A | QASGX |
B | QBSGX |
C | QCSGX |
Institutional | QISGX |
Industry Composition | Percentage of Total Net Assets |
Software Packaged/Custom | 5.7% |
Biotechnology | 4.9% |
Specialty Retailing | 4.3% |
Health Care Equipment & Supplies | 4.0% |
Telecommunication Equipment & Services | 3.4% |
Specialty Chemicals | 3.1% |
Semiconductor Manufacturing | 2.9% |
Clothing Stores | 2.7% |
Airline - Regional | 2.4% |
Home Health Care | 2.4% |
Auto Original Equipment Manufacturers | 2.3% |
Apparel | 2.2% |
Internet Services | 2.0% |
Property Liability Insurance | 2.0% |
Undesignated Consumer Cyclicals | 2.0% |
Dairy Products | 1.9% |
Life Sciences Tools & Services | 1.9% |
Undesignated Consumer Staples | 1.9% |
Home Products | 1.8% |
IT Services | 1.7% |
Semiconductor Distribution | 1.6% |
Building Materials | 1.5% |
Medical Technology | 1.5% |
Shoes | 1.4% |
Diversified Leisure | 1.3% |
Resorts | 1.3% |
Services to Medical Professionals | 1.3% |
Consumer Finance | 1.2% |
Medical Supplies | 1.2% |
Personnel Agency | 1.2% |
Textiles Apparel & Luxury Goods | 1.2% |
Financial Services | 1.1% |
Generic Drugs | 1.1% |
Hotels and Motels | 1.0% |
Industry Composition | Percentage of Total Net Assets |
Pharmaceuticals | 1.0% |
Recreational Goods | 1.0% |
Other2 | 23.4% |
Cash Equivalents3 | 2.3% |
Other Assets and Liabilities—Net4 | (1.1)% |
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—98.8% | |||
Airline - Regional—2.4% | |||
2,856 | Alaska Air Group, Inc. | $201,062 | |
549 | Allegiant Travel Co. | 88,098 | |
28,008 | 1 | Hawaiian Holdings, Inc. | 986,162 |
10,236 | 1 | Virgin America, Inc. | 315,781 |
TOTAL | 1,591,103 | ||
Apparel—2.2% | |||
38,822 | 1 | Express, Inc. | 658,421 |
11,000 | 1 | Iconix Brand Group, Inc. | 73,040 |
3,175 | Oxford Industries, Inc. | 221,806 | |
30,022 | 1 | Zumiez, Inc. | 543,698 |
TOTAL | 1,496,965 | ||
Auto Original Equipment Manufacturers—2.3% | |||
24,043 | 1 | American Axle & Manufacturing Holdings, Inc. | 308,231 |
77,507 | 1 | Commercial Vehicle Group, Inc. | 240,272 |
13,328 | Dana Holding Corp. | 158,470 | |
48,059 | 1 | Meritor, Inc. | 328,243 |
5,904 | 1 | Stoneridge, Inc. | 66,774 |
3,257 | 1 | Tenneco, Inc. | 124,450 |
13,943 | Tower International, Inc. | 320,968 | |
TOTAL | 1,547,408 | ||
Biotechnology—4.9% | |||
6,418 | 1 | Acorda Therapeutics, Inc. | 236,311 |
66,124 | 1 | Aegerion Pharmaceuticals, Inc. | 468,158 |
6,141 | 1 | Anika Therapeutics, Inc. | 231,024 |
10,548 | 1 | Cambrex Corp. | 365,383 |
1,012 | 1 | Eagle Pharmaceuticals, Inc. | 72,763 |
9,266 | 1 | Emergent Biosolutions, Inc. | 339,136 |
65,334 | 1 | Geron Corp. | 199,269 |
4,285 | 1 | Heska Corp. | 160,088 |
10,863 | 1 | INSYS Therapeutics, Inc. | 188,473 |
4,313 | 1 | Luminex Corp. | 82,766 |
9,162 | 1 | Myriad Genetics, Inc. | 357,043 |
1,958 | 1 | Neurocrine Biosciences, Inc. | 83,313 |
64,851 | 1 | Orexigen Therapeutics, Inc. | 118,677 |
84,021 | PDL BioPharma, Inc. | 263,829 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Biotechnology—continued | |||
18,162 | 1 | Sangamo BioSciences, Inc. | $109,880 |
TOTAL | 3,276,113 | ||
Broadcasting—0.5% | |||
9,284 | Sinclair Broadcast Group, Inc. | 306,372 | |
Building Materials—1.5% | |||
25,175 | 1 | Nortek, Inc. | 981,573 |
Carpets—0.5% | |||
19,808 | Interface, Inc. | 334,557 | |
Clothing Stores—2.7% | |||
28,732 | American Eagle Outfitters, Inc. | 420,636 | |
2,390 | Buckle, Inc. | 67,924 | |
25,384 | Chicos Fas, Inc. | 263,740 | |
78,527 | Mens Wearhouse, Inc. | 1,076,605 | |
TOTAL | 1,828,905 | ||
Cogeneration—0.0% | |||
4,028 | 1 | Rentech, Inc. | 7,855 |
Computer Networking—0.7% | |||
11,688 | 1 | Cray, Inc. | 460,390 |
Computer Peripherals—0.6% | |||
46,281 | 1 | Zagg, Inc. | 426,711 |
Computer Services—0.3% | |||
3,784 | 1 | Manhattan Associates, Inc. | 218,148 |
Computer Stores—0.2% | |||
6,322 | 1 | Insight Enterprises, Inc. | 149,389 |
Consumer Finance—1.2% | |||
129,724 | 1 | Enova International, Inc. | 722,563 |
2,179 | 1 | PRA Group, Inc. | 64,825 |
TOTAL | 787,388 | ||
Contracting—0.3% | |||
7,422 | Comfort Systems USA, Inc. | 210,339 | |
Cosmetics & Toiletries—0.4% | |||
3,224 | 1 | Helen of Troy Ltd. | 288,129 |
Crude Oil & Gas Production—0.7% | |||
218,674 | 1 | Ultra Petroleum Corp. | 494,203 |
Dairy Products—1.9% | |||
10,776 | Cal-Maine Foods, Inc. | 543,865 | |
35,493 | Dean Foods Co. | 709,150 | |
TOTAL | 1,253,015 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Defense Aerospace—0.2% | |||
7,587 | 1 | Ducommun, Inc. | $112,288 |
Discount Department Stores—0.8% | |||
100,435 | 1 | Tuesday Morning Corp. | 559,423 |
Diversified Leisure—1.3% | |||
32,072 | 1 | Isle of Capri Casinos, Inc. | 406,032 |
15,378 | 1 | Pinnacle Entertainment, Inc. | 469,644 |
TOTAL | 875,676 | ||
Education & Training Services—0.1% | |||
3,960 | 1 | American Public Education, Inc. | 62,489 |
Electric & Electronic Original Equipment Manufacturers—0.8% | |||
7,563 | 1 | Generac Holdings, Inc. | 214,940 |
28,630 | General Cable Corp. | 335,544 | |
TOTAL | 550,484 | ||
Electronic Instruments—0.7% | |||
48,954 | 1 | Ixia | 468,490 |
Electronics Stores—0.3% | |||
3,840 | 1 | REX American Resources Corp. | 205,171 |
Energy Equipment & Services—0.3% | |||
81,470 | 1 | FMSA Holdings, Inc. | 199,601 |
Financial Services—1.1% | |||
11,216 | Deluxe Corp. | 626,974 | |
3,490 | 1 | Encore Capital Group, Inc. | 79,991 |
TOTAL | 706,965 | ||
Food Wholesaling—0.2% | |||
1,900 | Core-Mark Holding Co., Inc. | 154,451 | |
Furniture—0.9% | |||
4,839 | 1 | American Woodmark Corp. | 333,891 |
6,897 | Bassett Furniture Industries, Inc. | 206,289 | |
2,730 | Ethan Allen Interiors, Inc. | 72,891 | |
TOTAL | 613,071 | ||
Generic Drugs—1.1% | |||
44,122 | 1 | Cytokinetics, Inc. | 339,740 |
16,483 | 1 | Lannett Co., Inc. | 420,481 |
TOTAL | 760,221 | ||
Grocery Chain—0.3% | |||
1,404 | Casey's General Stores, Inc. | 169,519 | |
Health Care Equipment & Supplies—4.0% | |||
32,218 | 1 | Cardiovascular Systems, Inc. | 272,242 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care Equipment & Supplies—continued | |||
3,700 | 1 | Globus Medical, Inc. | $92,315 |
4,587 | 1 | Inogen, Inc. | 152,472 |
5,897 | 1 | Insulet Corp. | 195,663 |
16,815 | 1 | iRadimed Corp. | 327,052 |
11,907 | 1 | Lantheus Holdings, Inc. | 25,838 |
31,107 | LeMaitre Vascular, Inc. | 454,162 | |
26,028 | 1 | Masimo Corp. | 956,529 |
36,232 | 1 | RTI Surgical, Inc. | 116,305 |
4,642 | 1 | Zeltiq Aesthetics, Inc. | 107,787 |
TOTAL | 2,700,365 | ||
Health Care Providers & Services—0.7% | |||
10,368 | 1 | PRA Health Sciences, Inc. | 446,653 |
Home Health Care—2.4% | |||
21,536 | 1 | Amedisys, Inc. | 769,912 |
42,759 | 1 | Cross Country Healthcare, Inc. | 615,729 |
3,205 | 1 | Wellcare Health Plans, Inc. | 243,516 |
TOTAL | 1,629,157 | ||
Home Products—1.8% | |||
57,834 | Libbey, Inc. | 925,344 | |
6,149 | Tupperware Brands Corp. | 285,498 | |
TOTAL | 1,210,842 | ||
Hotels and Motels—1.0% | |||
37,602 | 1 | Boyd Gaming Corp. | 669,692 |
Hotels Restaurants & Leisure—0.6% | |||
3,850 | 1 | Dave & Buster's Entertainment, Inc. | 139,640 |
14,860 | 1 | Diamond Resorts International, Inc. | 273,721 |
TOTAL | 413,361 | ||
Industrial Machinery—0.3% | |||
8,733 | 1 | Rexnord Corp. | 142,959 |
3,542 | Twin Disc, Inc. | 40,521 | |
TOTAL | 183,480 | ||
Internet Services—2.0% | |||
71,612 | EarthLink Network, Inc. | 423,943 | |
3,825 | j2 Global, Inc. | 277,351 | |
32,784 | 1 | Web.com Group, Inc. | 617,323 |
TOTAL | 1,318,617 | ||
Internet Software & Services—0.9% | |||
11,095 | 1 | Cornerstone OnDemand, Inc. | 340,505 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Internet Software & Services—continued | |||
5,336 | 1 | LogMeIn, Inc. | $278,753 |
TOTAL | 619,258 | ||
IT Services—1.7% | |||
4,448 | 1 | Cardtronics, Inc. | 137,043 |
7,854 | 1 | Globant SA | 238,919 |
19,503 | Hackett Group, Inc. | 288,059 | |
5,088 | 1 | Luxoft Holding, Inc. | 382,007 |
5,720 | Travelport Worldwide Ltd. | 62,291 | |
TOTAL | 1,108,319 | ||
Jewelry Stores—0.4% | |||
10,436 | Movado Group, Inc. | 268,205 | |
Life Sciences Tools & Services—1.9% | |||
65,365 | 1 | Fluidigm Corp. | 438,599 |
20,123 | 1 | INC Research Holdings, Inc. | 847,782 |
TOTAL | 1,286,381 | ||
Machinery—0.6% | |||
20,482 | Global Brass & Copper Holdings, Inc. | 424,182 | |
Medical Supplies—1.2% | |||
4,896 | 1 | ICU Medical, Inc. | 471,240 |
18,013 | 1 | NxStage Medical, Inc. | 340,806 |
TOTAL | 812,046 | ||
Medical Technology—1.5% | |||
3,817 | 1 | Abiomed, Inc. | 325,705 |
20,140 | 1 | Natus Medical, Inc. | 710,539 |
TOTAL | 1,036,244 | ||
Metal Fabrication—0.1% | |||
3,191 | Worthington Industries, Inc. | 97,613 | |
Metals & Mining—0.1% | |||
16,880 | SunCoke Energy, Inc. | 63,806 | |
Miscellaneous Communications—0.9% | |||
13,743 | 1 | FairPoint Communications, Inc. | 206,145 |
22,828 | West Corp. | 413,415 | |
TOTAL | 619,560 | ||
Miscellaneous Components—0.4% | |||
9,018 | 1 | Microsemi Corp. | 285,871 |
Miscellaneous Machinery—0.3% | |||
4,479 | John Bean Technologies Corp. | 205,183 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Mortgage and Title—0.3% | |||
30,798 | 1 | MGIC Investment Corp. | $203,883 |
Mortgage Banks—0.8% | |||
7,537 | 1 | LendingTree, Inc. | 555,402 |
Multi-Industry Capital Goods—0.2% | |||
7,258 | 1 | DXP Enterprises, Inc. | 113,805 |
Mutual Fund Adviser—0.4% | |||
9,100 | GAMCO Investors, Inc., Class A | 264,628 | |
Office Furniture—0.9% | |||
10,520 | Knoll, Inc. | 193,042 | |
14,110 | Miller Herman, Inc. | 361,498 | |
3,849 | Steelcase, Inc., Class A | 49,113 | |
TOTAL | 603,653 | ||
Office Supplies—0.1% | |||
2,312 | Essendant, Inc. | 69,036 | |
Oil Refiner—0.3% | |||
5,280 | Western Refining, Inc. | 173,712 | |
Oil Service, Explore & Drill—0.2% | |||
41,498 | 1 | PetroQuest Energy, Inc. | 19,504 |
58,262 | 1 | Pioneer Energy Services Corp. | 79,819 |
TOTAL | 99,323 | ||
Optical Reading Equipment—0.3% | |||
11,149 | 1 | Newport Corp. | 169,799 |
Other Communications Equipment—0.5% | |||
8,124 | 1 | Netgear, Inc. | 303,594 |
Packaged Foods—0.2% | |||
3,866 | 1 | United Natural Foods, Inc. | 135,387 |
Paper Products—0.1% | |||
1,733 | 1 | Clearwater Paper Corp. | 67,864 |
Personal Loans—0.6% | |||
5,177 | Cash America International, Inc. | 154,999 | |
9,565 | 1 | World Acceptance Corp. | 276,811 |
TOTAL | 431,810 | ||
Personnel Agency—1.2% | |||
23,323 | 1 | AMN Healthcare Services, Inc. | 657,009 |
4,337 | Korn/Ferry International | 133,623 | |
TOTAL | 790,632 | ||
Pharmaceuticals—1.0% | |||
3,441 | 1 | Anacor Pharmaceuticals, Inc. | 258,522 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Pharmaceuticals—continued | |||
11,380 | 1 | Innoviva, Inc. | $114,028 |
22,624 | 1 | Sucampo Pharmaceuticals, Inc., Class A | 286,194 |
TOTAL | 658,744 | ||
Property Liability Insurance—2.0% | |||
3,255 | Employers Holdings, Inc. | 81,082 | |
11,307 | HCI Group, Inc. | 375,958 | |
14,649 | Heritage Insurance Holdings, Inc. | 290,343 | |
29,997 | Universal Insurance Holdings, Inc. | 562,144 | |
TOTAL | 1,309,527 | ||
Railroad—0.2% | |||
6,396 | Greenbrier Cos., Inc. | 165,401 | |
Real Estate Management & Development—0.7% | |||
15,919 | 1 | Altisource Portfolio Solutions S.A. | 460,059 |
Recreational Goods—1.0% | |||
10,225 | 1 | Nautilus, Inc. | 199,183 |
21,204 | 1 | Smith & Wesson Holding Corp. | 457,158 |
TOTAL | 656,341 | ||
Recreational Vehicles—0.4% | |||
23,097 | Arctic Cat, Inc. | 284,324 | |
Resorts—1.3% | |||
6,671 | Marriott Vacations Worldwide Corp. | 329,481 | |
4,151 | Vail Resorts, Inc. | 518,875 | |
TOTAL | 848,356 | ||
Road & Rail—0.6% | |||
51,143 | 1 | Roadrunner Transportation Systems, Inc. | 405,053 |
Semiconductor Distribution—1.6% | |||
6,823 | 1 | Tyler Technologies, Inc. | 1,071,620 |
Semiconductor Manufacturing—2.9% | |||
16,046 | 1 | Cirrus Logic, Inc. | 557,117 |
45,749 | 1 | Integrated Device Technology, Inc. | 1,165,685 |
3,597 | Monolithic Power Systems | 225,064 | |
TOTAL | 1,947,866 | ||
Semiconductor Manufacturing Equipment—0.6% | |||
12,095 | Tessera Technologies, Inc. | 348,578 | |
7,155 | 1 | Xcerra Corp. | 39,209 |
TOTAL | 387,787 | ||
Services to Medical Professionals—1.3% | |||
8,546 | 1 | Molina Healthcare, Inc. | 469,261 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Services to Medical Professionals—continued | |||
7,624 | 1 | WebMD Health Corp., Class A | $389,662 |
TOTAL | 858,923 | ||
Shoes—1.4% | |||
56,130 | Wolverine World Wide, Inc. | 949,158 | |
Software Packaged/Custom—5.7% | |||
61,442 | 1 | Barracuda Networks, Inc. | 650,056 |
13,225 | CSG Systems International, Inc. | 462,082 | |
11,114 | Ebix, Inc. | 379,210 | |
1,636 | 1 | Ellie Mae, Inc. | 114,242 |
11,930 | 1 | Fleetmatics Group PLC | 517,881 |
4,848 | 1 | Imperva, Inc. | 249,963 |
392 | 1 | MicroStrategy, Inc., Class A | 67,624 |
9,534 | 1 | Paylocity Corp. | 296,698 |
6,336 | Pegasystems, Inc. | 148,896 | |
4,449 | 1 | Perficient, Inc. | 84,753 |
20,904 | 1 | RealPage, Inc. | 403,238 |
13,344 | 1 | Sapiens International Corp. NV | 134,241 |
13,168 | 1 | VASCO Data Security International, Inc. | 204,104 |
3,510 | 1 | Verint Systems, Inc. | 128,501 |
TOTAL | 3,841,489 | ||
Specialty Chemicals—3.1% | |||
3,655 | Chemed Corp. | 512,870 | |
24,480 | KMG Chemicals, Inc. | 564,509 | |
3,530 | 1 | Koppers Holdings, Inc. | 59,763 |
37,843 | 1 | LSB Industries, Inc. | 211,921 |
5,079 | Minerals Technologies, Inc. | 208,188 | |
20,531 | 1 | Trinseo SA | 488,432 |
TOTAL | 2,045,683 | ||
Specialty Retailing—4.3% | |||
5,846 | Big Lots, Inc. | 226,708 | |
23,375 | 1 | Build-A-Bear Workshop, Inc. | 305,745 |
42,580 | 1 | Container Store Group, Inc. | 183,946 |
9,938 | 1 | Hibbett Sports, Inc. | 319,606 |
17,708 | 1 | Kirkland's, Inc. | 209,486 |
20,412 | Outerwall, Inc. | 689,925 | |
236,752 | Pier 1 Imports, Inc. | 951,743 | |
TOTAL | 2,887,159 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Telecommunication Equipment & Services—3.4% | |||
10,864 | 1 | Dycom Industries, Inc. | $719,849 |
18,348 | 1 | Gigamon, Inc. | 479,800 |
31,608 | 1 | NeuStar, Inc., Class A | 776,924 |
24,668 | 1 | Polycom, Inc. | 251,367 |
13,827 | 1 | Sonus Networks, Inc. | 82,962 |
TOTAL | 2,310,902 | ||
Telephone Utility—0.1% | |||
15,033 | 1 | Windstream Holdings, Inc. | 86,740 |
Textiles Apparel & Luxury Goods—1.2% | |||
152,063 | 1 | Vince Holding Corp. | 786,166 |
Thrifts & Mortgage Finance—0.3% | |||
13,584 | 1 | BofI Holding, Inc. | 233,101 |
Truck Manufacturing—0.7% | |||
39,862 | 1 | Wabash National Corp. | 440,874 |
Trucking—0.3% | |||
8,544 | 1 | Saia, Inc. | 182,756 |
Undesignated Consumer Cyclicals—2.0% | |||
6,868 | 1 | Euronet Worldwide, Inc. | 547,860 |
7,980 | 1 | Parexel International Corp. | 510,401 |
23,090 | Weight Watchers International, Inc. | 293,012 | |
TOTAL | 1,351,273 | ||
Undesignated Consumer Staples—1.9% | |||
18,778 | 1 | Array BioPharma, Inc. | 58,024 |
23,609 | Medifast, Inc. | 685,369 | |
10,164 | Nutri/System, Inc. | 201,349 | |
2,784 | 1 | USANA, Inc. | 353,290 |
TOTAL | 1,298,032 | ||
Wireless Communications—0.3% | |||
4,657 | InterDigital, Inc. | 209,751 | |
Wireless Telecommunication Services—0.2% | |||
6,251 | 1 | RingCentral, Inc. | 136,397 |
TOTAL COMMON STOCKS (IDENTIFIED COST $76,903,883) | 66,291,257 |
Shares | Value | ||
INVESTMENT COMPANY—2.3% | |||
1,568,081 | 2 | Federated Prime Value Obligations Fund, Institutional Shares, 0.35%3 (AT NET ASSET VALUE) | $1,568,081 |
TOTAL INVESTMENTS—101.1% (IDENTIFIED COST $78,471,964)4 | 67,859,338 | ||
OTHER ASSETS AND LIABILITIES - NET—(1.1)%5 | (762,822) | ||
TOTAL NET ASSETS—100% | $67,096,516 |
1 | Non-income-producing security. |
2 | Affiliated holding. |
3 | 7-day net yield. |
4 | Also represents cost for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 1/31/2016 | Year Ended July 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $20.49 | $17.39 | $16.12 | $11.93 | $12.12 | $8.74 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.03)1 | (0.12)1 | (0.18)1 | (0.07)1 | (0.09)1 | (0.13)1 |
Net realized and unrealized gain (loss) on investments | (2.85) | 3.22 | 1.45 | 4.26 | (0.10) | 3.51 |
TOTAL FROM INVESTMENT OPERATIONS | (2.88) | 3.10 | 1.27 | 4.19 | (0.19) | 3.38 |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (3.09) | — | — | — | — | — |
Net Asset Value, End of Period | $14.52 | $20.49 | $17.39 | $16.12 | $11.93 | $12.12 |
Total Return2 | (15.89)% | 17.83% | 7.88% | 35.12% | (1.57)% | 38.67% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.13%3 | 1.54% | 1.75% | 1.75% | 1.75% | 1.75% |
Net investment income (loss) | (0.37)%3 | (0.66)% | (1.05)% | (0.49)% | (0.79)% | (1.18)% |
Expense waiver/reimbursement4 | 1.01%3 | 0.61% | 0.43% | 0.59% | 1.04% | 1.14% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $27,838 | $32,136 | $29,690 | $30,187 | $22,718 | $25,634 |
Portfolio turnover | 89% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2016 | Year Ended July 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $19.51 | $16.69 | $15.58 | $11.62 | $11.90 | $8.65 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.10)1 | (0.25)1 | (0.30)1 | (0.17)1 | (0.17)1 | (0.21)1 |
Net realized and unrealized gain (loss) on investments | (2.69) | 3.07 | 1.41 | 4.13 | (0.11) | 3.46 |
TOTAL FROM INVESTMENT OPERATIONS | (2.79) | 2.82 | 1.11 | 3.96 | (0.28) | 3.25 |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (3.09) | — | — | — | — | — |
Net Asset Value, End of Period | $13.63 | $19.51 | $16.69 | $15.58 | $11.62 | $11.90 |
Total Return2 | (16.24)% | 16.90% | 7.12% | 34.08% | (2.35)% | 37.57% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.88%3 | 2.27% | 2.50% | 2.50% | 2.50% | 2.50% |
Net investment income (loss) | (1.12)%3 | (1.38)% | (1.79)% | (1.25)% | (1.55)% | (1.93)% |
Expense waiver/reimbursement4 | 1.01%3 | 0.63% | 0.43% | 0.59% | 1.06% | 1.15% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,802 | $2,327 | $1,842 | $2,016 | $1,640 | $2,541 |
Portfolio turnover | 89% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2016 | Year Ended July 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $19.03 | $16.27 | $15.19 | $11.33 | $11.60 | $8.43 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.10)1 | (0.25)1 | (0.30)1 | (0.16)1 | (0.17)1 | (0.21)1 |
Net realized and unrealized gain (loss) on investments | (2.61) | 3.01 | 1.38 | 4.02 | (0.10) | 3.38 |
TOTAL FROM INVESTMENT OPERATIONS | (2.71) | 2.76 | 1.08 | 3.86 | (0.27) | 3.17 |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (3.09) | — | — | — | — | — |
Net Asset Value, End of Period | $13.23 | $19.03 | $16.27 | $15.19 | $11.33 | $11.60 |
Total Return2 | (16.23)% | 16.96% | 7.11% | 34.07% | (2.33)% | 37.60% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.88%3 | 2.31% | 2.50% | 2.50% | 2.50% | 2.50% |
Net investment income (loss) | (1.12)%3 | (1.44)% | (1.79)% | (1.24)% | (1.54)% | (1.94)% |
Expense waiver/reimbursement4 | 1.01%3 | 0.59% | 0.43% | 0.59% | 1.04% | 1.13% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $3,243 | $3,571 | $4,608 | $4,912 | $4,223 | $4,663 |
Portfolio turnover | 89% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2016 | Year Ended July 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $21.01 | $17.79 | $16.44 | $12.14 | $12.31 | $8.85 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.01)1 | (0.08)1 | (0.14)1 | (0.03)1 | (0.06)1 | (0.10)1 |
Net realized and unrealized gain (loss) on investments | (2.93) | 3.30 | 1.49 | 4.33 | (0.11) | 3.56 |
TOTAL FROM INVESTMENT OPERATIONS | (2.94) | 3.22 | 1.35 | 4.30 | (0.17) | 3.46 |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (3.09) | — | — | — | — | — |
Net Asset Value, End of Period | $14.98 | $21.01 | $17.79 | $16.44 | $12.14 | $12.31 |
Total Return2 | (15.77)% | 18.10% | 8.21% | 35.42% | (1.38)% | 39.10% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.88%3 | 1.30% | 1.50% | 1.50% | 1.50% | 1.50% |
Net investment income (loss) | (0.12)%3 | (0.43)% | (0.80)% | (0.24)% | (0.54)% | (0.92)% |
Expense waiver/reimbursement4 | 1.01%3 | 0.60% | 0.43% | 0.59% | 1.05% | 1.15% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $34,214 | $36,706 | $37,253 | $31,179 | $26,233 | $29,395 |
Portfolio turnover | 89% | 121% | 61% | 88% | 69% | 154% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Assets: | ||
Total investment in securities, at value including $1,568,081 of investment in an affiliated holding (Note 5) (identified cost $78,471,964) | $67,859,338 | |
Cash | 68,074 | |
Income receivable | 39,478 | |
Receivable for investments sold | 1,197,151 | |
Receivable for shares sold | 133,571 | |
TOTAL ASSETS | 69,297,612 | |
Liabilities: | ||
Payable for investments purchased | $1,721,958 | |
Payable for shares redeemed | 376,075 | |
Payable to adviser (Note 5) | 270 | |
Payable for distribution services fee (Note 5) | 3,254 | |
Payable for other service fees (Notes 2 and 5) | 17,430 | |
Accrued expenses (Note 5) | 82,109 | |
TOTAL LIABILITIES | 2,201,096 | |
Net assets for 4,579,229 shares outstanding | $67,096,516 | |
Net Assets Consist of: | ||
Paid-in capital | $75,062,577 | |
Net unrealized depreciation of investments | (10,612,626) | |
Accumulated net realized gain on investments | 2,892,984 | |
Accumulated net investment income (loss) | (246,419) | |
TOTAL NET ASSETS | $67,096,516 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($27,838,406 ÷ 1,917,334 shares outstanding), no par value, unlimited shares authorized | $14.52 | |
Offering price per share (100/94.50 of $14.52) | $15.37 | |
Redemption proceeds per share | $14.52 | |
Class B Shares: | ||
Net asset value per share ($1,801,649 ÷ 132,135 shares outstanding), no par value, unlimited shares authorized | $13.63 | |
Offering price per share | $13.63 | |
Redemption proceeds per share (94.50/100 of $13.63) | $12.88 | |
Class C Shares: | ||
Net asset value per share ($3,242,854 ÷ 245,159 shares outstanding), no par value, unlimited shares authorized | $13.23 | |
Offering price per share | $13.23 | |
Redemption proceeds per share (99.00/100 of $13.23) | $13.10 | |
Institutional Shares: | ||
Net asset value per share ($34,213,607 ÷ 2,284,601 shares outstanding), no par value, unlimited shares authorized | $14.98 | |
Offering price per share | $14.98 | |
Redemption proceeds per share | $14.98 |
Investment Income: | ||
Dividends (including $1,428 received from an affiliated holding (Note 5) | $285,596 | |
Interest | 611 | |
TOTAL INCOME | 286,207 | |
Expenses: | ||
Investment adviser fee (Note 5) | $428,904 | |
Administrative fee (Note 5) | 29,184 | |
Custodian fees | 13,566 | |
Transfer agent fee | 126,219 | |
Directors'/Trustees' fees (Note 5) | 1,044 | |
Auditing fees | 12,301 | |
Legal fees | 4,047 | |
Portfolio accounting fees | 39,544 | |
Distribution services fee (Note 5) | 21,500 | |
Other service fees (Notes 2 and 5) | 45,354 | |
Share registration costs | 27,358 | |
Printing and postage | 17,812 | |
Miscellaneous (Note 5) | 6,863 | |
TOTAL EXPENSES | 773,696 | |
Waiver/reimbursement of investment adviser fee (Note 5) | (376,809) | |
Net expenses | 396,887 | |
Net investment income (loss) | (110,680) | |
Realized and Unrealized Gain (Loss) on Investments: | ||
Net realized gain on investments | 2,892,984 | |
Net change in unrealized appreciation of investments | (14,975,478) | |
Net realized and unrealized loss on investments | (12,082,494) | |
Change in net assets resulting from operations | $(12,193,174) |
Six Months Ended (unaudited) 1/31/2016 | Year Ended 7/31/2015 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(110,680) | $(436,245) |
Net realized gain on investments | 2,892,984 | 15,656,300 |
Net change in unrealized appreciation/depreciation of investments | (14,975,478) | (3,269,613) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (12,193,174) | 11,950,442 |
Distributions to Shareholders: | ||
Distributions from net realized gain on investments | ||
Class A Shares | (5,047,941) | — |
Class B Shares | (351,767) | — |
Class C Shares | (643,484) | — |
Institutional Shares | (6,264,901) | — |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (12,308,093) | — |
Share Transactions: | ||
Proceeds from sale of shares | 18,997,158 | 16,906,335 |
Net asset value of shares issued to shareholders in payment of distributions declared | 11,779,980 | — |
Cost of shares redeemed | (13,920,057) | (27,508,694) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 16,857,081 | (10,602,359) |
Change in net assets | (7,644,186) | 1,348,083 |
Net Assets: | ||
Beginning of period | 74,740,702 | 73,392,619 |
End of period (including accumulated net investment income (loss) of $(246,419) and $(135,739), respectively) | $67,096,516 | $74,740,702 |
■ | 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 | $38,194 |
Class B Shares | 2,660 |
Class C Shares | 4,500 |
TOTAL | $45,354 |
Six Months Ended 1/31/2016 | Year Ended 7/31/2015 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 258,785 | $4,714,800 | 205,032 | $4,007,524 |
Shares issued to shareholders in payment of distributions declared | 280,540 | 4,637,343 | — | — |
Shares redeemed | (190,076) | (3,430,417) | (343,865) | (6,518,418) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 349,249 | $5,921,726 | (138,833) | $(2,510,894) |
Six Months Ended 1/31/2016 | Year Ended 7/31/2015 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 629 | $9,758 | 36,818 | $665,769 |
Shares issued to shareholders in payment of distributions declared | 21,942 | 340,760 | — | — |
Shares redeemed | (9,708) | (164,301) | (27,927) | (501,164) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | 12,863 | $186,217 | 8,891 | $164,605 |
Six Months Ended 1/31/2016 | Year Ended 7/31/2015 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 49,809 | $843,087 | 28,731 | $508,470 |
Shares issued to shareholders in payment of distributions declared | 37,877 | 570,799 | — | — |
Shares redeemed | (30,186) | (479,045) | (124,257) | (2,140,893) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 57,500 | $934,841 | (95,526) | $(1,632,423) |
Six Months Ended 1/31/2016 | Year Ended 7/31/2015 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 728,339 | $13,429,513 | 616,792 | $11,724,572 |
Shares issued to shareholders in payment of distributions declared | 365,674 | 6,231,078 | — | — |
Shares redeemed | (556,338) | (9,846,294) | (963,982) | (18,348,219) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 537,675 | $9,814,297 | (347,190) | $(6,623,647) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 957,287 | $16,857,081 | (572,658) | $(10,602,359) |
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 | $7,981 |
Class C Shares | 13,519 |
TOTAL | $21,500 |
Federated Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2015 | 1,422,241 |
Purchases/Additions | 14,625,023 |
Sales/Reductions | (14,479,183) |
Balance of Shares Held 1/31/2016 | 1,568,081 |
Value | $1,568,081 |
Dividend Income | $1,428 |
Purchases | $69,866,388 |
Sales | $63,978,646 |
Beginning Account Value 8/1/2015 | Ending Account Value 1/31/2016 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $841.10 | $5.23 |
Class B Shares | $1,000 | $837.60 | $8.68 |
Class C Shares | $1,000 | $837.70 | $8.68 |
Institutional Shares | $1,000 | $842.30 | $4.08 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.46 | $5.74 |
Class B Shares | $1,000 | $1,015.69 | $9.53 |
Class C Shares | $1,000 | $1,015.69 | $9.53 |
Institutional Shares | $1,000 | $1,020.71 | $4.47 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.13% |
Class B Shares | 1.88% |
Class C Shares | 1.88% |
Institutional Shares | 0.88% |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R676
CUSIP 31421R767
CUSIP 31421R759
2016 ©Federated Investors, Inc.
Item 2. Code of Ethics
Not Applicable
Item 3. Audit Committee Financial Expert
Not Applicable
Item 4. Principal Accountant Fees and Services
Not Applicable
Item 5. Audit Committee of Listed Registrants
Not Applicable
Item 6. Schedule of Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not Applicable |
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not Applicable |
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not Applicable |
Item 10. Submission of Matters to a Vote of Security Holders
No Changes to Report
Item 11. Controls and Procedures
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated MDT Series
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date March 24, 2016
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue, Principal Executive Officer
Date March 24, 2016
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date March 24, 2016