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: 07/31/17
Date of Reporting Period: Six months ended 01/31/17
Item 1. | Reports to Stockholders |
Share Class | Ticker |
A | QAACX |
C | QCACX |
Institutional | QIACX |
R6 | QKACX |
Industry Composition | Percentage of Total Net Assets |
Life Insurance | 5.3% |
Internet Services | 3.9% |
Money Center Bank | 3.4% |
AT&T Divestiture | 3.2% |
Department Stores | 3.2% |
Property Liability Insurance | 3.0% |
Financial Services | 2.9% |
Commodity Chemicals | 2.8% |
Services to Medical Professionals | 2.8% |
Regional Banks | 2.7% |
Ethical Drugs | 2.6% |
Oil Refiner | 2.6% |
Biotechnology | 2.5% |
Computers - High End | 2.5% |
Medical Supplies | 2.5% |
Software Packaged/Custom | 2.3% |
Computers - Low End | 2.2% |
Computers - Midrange | 2.2% |
Auto Original Equipment Manufacturers | 2.1% |
Semiconductor Manufacturing Equipment | 2.1% |
Crude Oil & Gas Production | 2.0% |
Packaged Foods | 2.0% |
Semiconductor Manufacturing | 1.9% |
Defense Aerospace | 1.8% |
Airline - National | 1.7% |
Poultry Products | 1.7% |
Soft Drinks | 1.6% |
Electric Utility | 1.5% |
Miscellaneous Food Products | 1.4% |
Pollution Control | 1.4% |
Broadcasting | 1.3% |
Medical Technology | 1.3% |
Miscellaneous Machinery | 1.1% |
Specialty Retailing | 1.1% |
Telephone Utility | 1.1% |
Hospitals | 1.0% |
Other2 | 17.6% |
Industry Composition | Percentage of Total Net Assets |
Cash Equivalents3 | 1.9% |
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—98.3% | |||
Agricultural Machinery—0.4% | |||
9,100 | AGCO Corp. | $571,480 | |
Airline - National—1.7% | |||
4,639 | 1 | Atlas Air Worldwide Holdings, Inc. | 244,707 |
21,800 | 1 | Jet Blue Airways Corp. | 427,498 |
24,378 | 1 | United Continental Holdings, Inc. | 1,717,918 |
TOTAL | 2,390,123 | ||
Airline - Regional—0.3% | |||
2,027 | Alaska Air Group, Inc. | 190,173 | |
5,206 | Southwest Airlines Co. | 272,326 | |
TOTAL | 462,499 | ||
Airlines—0.6% | |||
17,262 | Delta Air Lines, Inc. | 815,457 | |
Apparel—0.2% | |||
4,466 | 1 | Iconix Brand Group, Inc. | 45,955 |
2,984 | PVH Corp. | 279,929 | |
TOTAL | 325,884 | ||
AT&T Divestiture—3.2% | |||
24,694 | AT&T, Inc. | 1,041,099 | |
73,684 | Verizon Communications, Inc. | 3,611,253 | |
TOTAL | 4,652,352 | ||
Auto Manufacturing—0.3% | |||
35,900 | Ford Motor Co. | 443,724 | |
Auto Original Equipment Manufacturers—2.1% | |||
394 | 1 | AutoZone, Inc. | 285,642 |
18,948 | Lear Corp. | 2,692,321 | |
TOTAL | 2,977,963 | ||
Auto Rentals—0.5% | |||
5,141 | 1 | United Rentals, Inc. | 650,388 |
Biotechnology—2.5% | |||
23,183 | Amgen, Inc. | 3,632,312 | |
Broadcasting—1.3% | |||
29,577 | CBS Corp., Class B | 1,907,421 | |
Cable TV—0.9% | |||
29,963 | Viacom, Inc., Class B | 1,262,641 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Capital Markets—0.6% | |||
18,565 | Bank of New York Mellon Corp. | $830,412 | |
Clothing Stores—0.7% | |||
9,671 | 1 | Fossil, Inc. | 247,287 |
33,449 | Gap (The), Inc. | 770,331 | |
TOTAL | 1,017,618 | ||
Commercial Services—0.0% | |||
3,233 | R.R. Donnelley & Sons Co. | 55,446 | |
Commodity Chemicals—2.8% | |||
2,018 | Celanese Corp. | 170,319 | |
20,478 | Eastman Chemical Co. | 1,587,045 | |
23,622 | LyondellBasell Investment LLC | 2,203,224 | |
TOTAL | 3,960,588 | ||
Computer Networking—0.6% | |||
31,818 | Juniper Networks, Inc. | 852,086 | |
Computer Peripherals—0.9% | |||
4,539 | NVIDIA Corp. | 495,568 | |
19,800 | NetApp, Inc. | 758,736 | |
TOTAL | 1,254,304 | ||
Computer Stores—0.1% | |||
5,982 | GameStop Corp. | 146,499 | |
Computers - High End—2.5% | |||
20,378 | IBM Corp. | 3,556,369 | |
Computers - Low End—2.2% | |||
25,774 | Apple, Inc. | 3,127,675 | |
Computers - Midrange—2.2% | |||
209,751 | Hewlett-Packard Co. | 3,156,753 | |
Consumer Durables & Apparel—0.1% | |||
4,970 | 1 | American Outdoor Brands Corp. | 105,861 |
Consumer Finance—0.3% | |||
25,900 | Navient Corp. | 389,536 | |
Cosmetics & Toiletries—0.7% | |||
21,400 | 1 | Avon Products, Inc. | 125,618 |
3,481 | 1 | Helen of Troy Ltd. | 324,777 |
1,912 | 1 | Ulta Beauty, Inc. | 520,600 |
TOTAL | 970,995 | ||
Crude Oil & Gas Production—2.0% | |||
22,200 | 1 | Chesapeake Energy Corp. | 143,190 |
19,321 | Cimarex Energy Co. | 2,612,393 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Crude Oil & Gas Production—continued | |||
740 | Pioneer Natural Resources, Inc. | $133,370 | |
TOTAL | 2,888,953 | ||
Dairy Products—0.3% | |||
5,515 | Cal-Maine Foods, Inc. | 229,975 | |
8,425 | Dean Foods Co. | 167,321 | |
TOTAL | 397,296 | ||
Defense Aerospace—1.8% | |||
42,691 | Spirit Aerosystems Holdings, Inc., Class A | 2,563,595 | |
Defense Electronics—0.3% | |||
1,828 | Northrop Grumman Corp. | 418,758 | |
Department Stores—3.2% | |||
5,980 | Dillards, Inc., Class A | 337,511 | |
20,551 | Kohl's Corp. | 818,546 | |
41,805 | Macy's, Inc. | 1,234,920 | |
33,297 | Target Corp. | 2,146,991 | |
TOTAL | 4,537,968 | ||
Discount Department Stores—0.4% | |||
5,400 | Foot Locker, Inc. | 370,116 | |
2,187 | Wal-Mart Stores, Inc. | 145,960 | |
TOTAL | 516,076 | ||
Diversified Oil—0.3% | |||
6,853 | Occidental Petroleum Corp. | 464,428 | |
Electric Utility—1.5% | |||
24,600 | AES Corp. | 281,424 | |
83,976 | NiSource, Inc. | 1,878,543 | |
TOTAL | 2,159,967 | ||
Electrical Equipment—0.4% | |||
4,200 | 1 | Sanmina Corp. | 163,590 |
3,060 | 1 | WESCO International, Inc. | 216,342 |
29,400 | Xerox Corp. | 203,742 | |
TOTAL | 583,674 | ||
Electronics Stores—0.5% | |||
16,800 | Best Buy Co., Inc. | 747,936 | |
Energy Equipment & Services—0.1% | |||
11,813 | Noble Corp. PLC | 79,738 | |
Entertainment—0.7% | |||
43,653 | 1 | MSG Networks, Inc., Class A | 1,012,750 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Ethical Drugs—2.6% | |||
87,183 | Pfizer, Inc. | $2,766,316 | |
6,195 | 1 | United Therapeutics Corp. | 1,013,688 |
TOTAL | 3,780,004 | ||
Financial Services—2.9% | |||
28,700 | Ally Financial, Inc. | 606,144 | |
4,023 | American Express Co. | 307,277 | |
8,853 | Ameriprise Financial, Inc. | 993,926 | |
5,086 | Deluxe Corp. | 370,515 | |
19,558 | Discover Financial Services | 1,354,978 | |
4,846 | Synchrony Financial | 173,584 | |
18,900 | Western Union Co. | 370,062 | |
TOTAL | 4,176,486 | ||
Grocery Chain—0.9% | |||
37,418 | Kroger Co. | 1,270,715 | |
Health Care Equipment & Supplies—0.1% | |||
1,779 | 1 | Inogen, Inc. | 114,514 |
Home Building—0.1% | |||
5,206 | D. R. Horton, Inc. | 155,711 | |
Home Products—0.4% | |||
3,770 | Libbey, Inc. | 64,505 | |
7,554 | Tupperware Brands Corp. | 455,959 | |
TOTAL | 520,464 | ||
Hospitals—1.0% | |||
27,966 | 1 | Community Health Systems, Inc. | 178,982 |
15,835 | 1 | HCA, Inc. | 1,271,234 |
TOTAL | 1,450,216 | ||
Hotels—0.7% | |||
13,361 | Wyndham Worldwide Corp. | 1,056,321 | |
Internet Services—3.9% | |||
316 | 1 | Amazon.com, Inc. | 260,220 |
83,530 | 1 | eBay, Inc. | 2,658,760 |
20,698 | 1 | Facebook, Inc. | 2,697,363 |
TOTAL | 5,616,343 | ||
Life Insurance—5.3% | |||
42,596 | Aflac, Inc. | 2,981,294 | |
21,412 | Assured Guaranty Ltd. | 833,141 | |
35,430 | Prudential Financial, Inc. | 3,724,047 | |
TOTAL | 7,538,482 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Medical Supplies—2.5% | |||
65,948 | Baxter International, Inc. | $3,159,569 | |
7,878 | 1 | Hologic, Inc. | 319,295 |
1,633 | 1 | Orthofix International NV | 58,690 |
TOTAL | 3,537,554 | ||
Medical Technology—1.3% | |||
4,748 | 1 | IDEXX Laboratories, Inc. | 580,823 |
10,449 | Zimmer Biomet Holdings, Inc. | 1,236,430 | |
TOTAL | 1,817,253 | ||
Metal Fabrication—0.1% | |||
2,471 | Reliance Steel & Aluminum Co. | 196,815 | |
Miscellaneous Components—0.3% | |||
27,428 | Vishay Intertechnology, Inc. | 455,305 | |
Miscellaneous Food Products—1.4% | |||
7,300 | Fresh Del Monte Produce, Inc. | 417,925 | |
12,745 | Ingredion, Inc. | 1,633,782 | |
TOTAL | 2,051,707 | ||
Miscellaneous Machinery—1.1% | |||
32,533 | 1 | Colfax Corp. | 1,268,787 |
14,360 | 1 | SPX Corp. | 358,282 |
TOTAL | 1,627,069 | ||
Miscellaneous Metals—0.2% | |||
6,829 | Kennametal, Inc. | 244,068 | |
Money Center Bank—3.4% | |||
19,891 | Bank of America Corp. | 450,332 | |
14,483 | JPMorgan Chase & Co. | 1,225,696 | |
42,328 | State Street Corp. | 3,225,394 | |
TOTAL | 4,901,422 | ||
Office Equipment—0.2% | |||
14,800 | Pitney Bowes, Inc. | 235,616 | |
Office Supplies—0.0% | |||
2,386 | Ennis, Inc. | 40,323 | |
Offshore Driller—0.2% | |||
15,800 | Nabors Industries Ltd. | 256,750 | |
Oil Refiner—2.6% | |||
15,598 | HollyFrontier Corp. | 451,874 | |
50,526 | Valero Energy Corp. | 3,322,590 | |
TOTAL | 3,774,464 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Oil Service, Explore & Drill—0.1% | |||
967 | 1 | Concho Resources, Inc. | $134,838 |
Oil Well Supply—0.1% | |||
8,200 | 1 | Superior Energy Services, Inc. | 144,894 |
Packaged Foods—2.0% | |||
20,715 | Smucker (J.M.) Co. | 2,814,133 | |
Paper Products—0.2% | |||
5,600 | Domtar, Corp. | 244,664 | |
Pharmaceuticals—0.7% | |||
17,127 | AbbVie, Inc. | 1,046,631 | |
Pollution Control—1.4% | |||
14,855 | Danaher Corp. | 1,246,632 | |
10,410 | Waste Management, Inc. | 723,495 | |
TOTAL | 1,970,127 | ||
Poultry Products—1.7% | |||
16,900 | Pilgrim's Pride Corp. | 323,466 | |
10,329 | Sanderson Farms, Inc. | 939,939 | |
17,863 | Tyson Foods, Inc., Class A | 1,121,618 | |
TOTAL | 2,385,023 | ||
Property Liability Insurance—3.0% | |||
3,226 | Everest Re Group Ltd. | 709,494 | |
30,616 | The Travelers Cos., Inc. | 3,605,953 | |
TOTAL | 4,315,447 | ||
Regional Banks—2.7% | |||
29,600 | Fifth Third Bancorp | 772,560 | |
17,200 | Huntington Bancshares, Inc. | 232,716 | |
30,200 | KeyCorp | 542,694 | |
9,100 | Popular, Inc. | 404,313 | |
33,335 | SunTrust Banks, Inc. | 1,894,095 | |
TOTAL | 3,846,378 | ||
Rubber—0.4% | |||
19,439 | Goodyear Tire & Rubber Co. | 629,629 | |
Securities Brokerage—0.7% | |||
4,603 | Goldman Sachs Group, Inc. | 1,055,560 | |
Semiconductor Distribution—0.2% | |||
2,931 | 1 | Arrow Electronics, Inc. | 215,487 |
Semiconductor Manufacturing—1.9% | |||
75,550 | Intel Corp. | 2,781,751 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Semiconductor Manufacturing Equipment—2.1% | |||
56,753 | Applied Materials, Inc. | $1,943,790 | |
9,374 | Lam Research Corp. | 1,076,698 | |
TOTAL | 3,020,488 | ||
Services to Medical Professionals—2.8% | |||
10,689 | Anthem, Inc. | 1,647,602 | |
22,577 | 1 | Express Scripts Holding Co. | 1,555,104 |
1,084 | 1 | Laboratory Corp. of America Holdings | 145,484 |
3,753 | 1 | Molina Healthcare, Inc. | 212,870 |
2,643 | UnitedHealth Group, Inc. | 428,430 | |
TOTAL | 3,989,490 | ||
Shoes—0.2% | |||
8,631 | 1 | Skechers USA, Inc., Class A | 216,811 |
Soft Drinks—1.6% | |||
7,639 | Dr. Pepper Snapple Group, Inc. | 696,677 | |
15,258 | PepsiCo, Inc. | 1,583,475 | |
TOTAL | 2,280,152 | ||
Software Packaged/Custom—2.3% | |||
19,200 | CA, Inc. | 600,384 | |
5,526 | CDW Corp. | 284,644 | |
19,131 | 1 | Citrix Systems, Inc. | 1,744,556 |
3,922 | Marketaxess Holdings, Inc. | 734,395 | |
TOTAL | 3,363,979 | ||
Specialty Retailing—1.1% | |||
8,000 | Abercrombie & Fitch Co., Class A | 92,880 | |
16,403 | Bed Bath & Beyond, Inc. | 661,861 | |
2,900 | Big Lots, Inc. | 145,000 | |
1,700 | Children's Place, Inc./The | 164,900 | |
8,480 | GNC Holdings, Inc. | 75,217 | |
5,296 | Nordstrom, Inc. | 234,189 | |
16,300 | Staples, Inc. | 149,960 | |
4,151 | Tailored Brands, Inc. | 88,209 | |
TOTAL | 1,612,216 | ||
Telecommunication Equipment & Services—0.7% | |||
16,930 | Cisco Systems, Inc. | 520,089 | |
5,907 | 1 | Dycom Industries, Inc. | 476,459 |
TOTAL | 996,548 | ||
Telephone Utility—1.1% | |||
62,812 | CenturyLink, Inc. | 1,624,318 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Truck Manufacturing—0.2% | |||
4,620 | OshKosh Truck Corp. | $321,691 | |
Undesignated Consumer Cyclicals—0.7% | |||
7,800 | 1 | Avis Budget Group, Inc. | 290,316 |
2,100 | DeVry Education Group, Inc. | 70,350 | |
5,969 | 1 | Herbalife Ltd. | 335,458 |
5,800 | Nu Skin Enterprises, Inc., Class A | 300,904 | |
TOTAL | 997,028 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $133,089,187) | 140,712,410 | ||
INVESTMENT COMPANY—1.9% | |||
2,807,631 | 2 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 0.84%3 (IDENTIFIED COST $2,807,912) | 2,807,912 |
TOTAL INVESTMENTS—100.2% (IDENTIFIED COST $135,897,099)4 | 143,520,322 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.2)%5 | (321,256) | ||
TOTAL NET ASSETS—100% | $143,199,066 |
1 | Non-income-producing security. |
2 | Affiliated holding. |
3 | 7-day net yield. |
4 | The cost of investments for federal tax purposes amounts to $135,897,099. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 1/31/2017 | Year Ended July 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $21.77 | $22.10 | $20.47 | $17.26 | $12.73 | $12.48 |
Income From Investment Operations: | ||||||
Net investment income1 | 0.07 | 0.19 | 0.11 | 0.08 | 0.09 | 0.06 |
Net realized and unrealized gain (loss) on investments | 1.61 | (0.33) | 1.55 | 3.23 | 4.49 | 0.19 |
TOTAL FROM INVESTMENT OPERATIONS | 1.68 | (0.14) | 1.66 | 3.31 | 4.58 | 0.25 |
Less Distributions: | ||||||
Distributions from net investment income | (0.19) | (0.19) | (0.03) | (0.10) | (0.05) | — |
Net Asset Value, End of Period | $23.26 | $21.77 | $22.10 | $20.47 | $17.26 | $12.73 |
Total Return2 | 7.73% | (0.61)% | 8.10% | 19.21% | 36.10% | 2.00% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.39%3 | 1.35% | 1.35% | 1.35% | 1.35% | 1.35% |
Net investment income | 0.67%3 | 0.94% | 0.51% | 0.41% | 0.59% | 0.48% |
Expense waiver/reimbursement4 | 0.00%3,5 | 0.03% | 0.00%5 | 0.08% | 0.16% | 0.40% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $34,145 | $33,753 | $40,433 | $44,678 | $34,092 | $29,365 |
Portfolio turnover | 30% | 62% | 76% | 31% | 99% | 164% |
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) 1/31/2017 | Year Ended July 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $20.66 | $21.00 | $19.57 | $16.55 | $12.26 | $12.12 |
Income From Investment Operations: | ||||||
Net investment income (loss) 1 | (0.01) | 0.03 | (0.05) | (0.07) | (0.03) | (0.04) |
Net realized and unrealized gain (loss) on investments | 1.53 | (0.33) | 1.48 | 3.09 | 4.32 | 0.18 |
TOTAL FROM INVESTMENT OPERATIONS | 1.52 | (0.30) | 1.43 | 3.02 | 4.29 | 0.14 |
Less Distributions: | ||||||
Distributions from net investment income | (0.04) | (0.04) | — | — | — | — |
Net Asset Value, End of Period | $22.14 | $20.66 | $21.00 | $19.57 | $16.55 | $12.26 |
Total Return2 | 7.35% | (1.43)% | 7.31% | 18.25% | 34.99% | 1.16% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.14%3 | 2.14% | 2.11% | 2.15% | 2.15% | 2.15% |
Net investment income (loss) | (0.09)%3 | 0.15% | (0.26)% | (0.38)% | (0.21)% | (0.32)% |
Expense waiver/reimbursement4 | 0.00%3,5 | 0.00%5 | 0.00%5 | 0.06% | 0.11% | 0.36% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $38,778 | $36,846 | $41,509 | $35,052 | $27,674 | $24,440 |
Portfolio turnover | 30% | 62% | 76% | 31% | 99% | 164% |
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) 1/31/2017 | Year Ended July 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $22.02 | $22.37 | $20.71 | $17.45 | $12.87 | $12.61 |
Income From Investment Operations: | ||||||
Net investment income1 | 0.11 | 0.25 | 0.18 | 0.13 | 0.12 | 0.09 |
Net realized and unrealized gain (loss) on investments | 1.63 | (0.34) | 1.57 | 3.27 | 4.55 | 0.19 |
TOTAL FROM INVESTMENT OPERATIONS | 1.74 | (0.09) | 1.75 | 3.40 | 4.67 | 0.28 |
Less Distributions: | ||||||
Distributions from net investment income | (0.26) | (0.26) | (0.09) | (0.14) | (0.09) | (0.02) |
Net Asset Value, End of Period | $23.50 | $22.02 | $22.37 | $20.71 | $17.45 | $12.87 |
Total Return2 | 7.91% | (0.34)% | 8.45% | 19.54% | 36.46% | 2.23% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.08%3 | 1.07% | 1.05% | 1.10% | 1.10% | 1.10% |
Net investment income | 1.00%3 | 1.22% | 0.80% | 0.65% | 0.84% | 0.73% |
Expense waiver/reimbursement4 | 0.00%3,5 | 0.00%5 | 0.00%5 | 0.00%5 | 0.05% | 0.27% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $54,254 | $65,435 | $76,242 | $62,770 | $39,932 | $39,101 |
Portfolio turnover | 30% | 62% | 76% | 31% | 99% | 164% |
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%. |
Six Months Ended (unaudited) 1/31/2017 | Year Ended July 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $21.46 | $21.80 | $20.25 | $17.09 | $12.62 | $12.44 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.05 | 0.10 | 0.02 | (0.01) | 0.02 | (0.00)2 |
Net realized and unrealized gain (loss) on investments | 1.62 | (0.33) | 1.53 | 3.20 | 4.45 | 0.18 |
TOTAL FROM INVESTMENT OPERATIONS | 1.67 | (0.23) | 1.55 | 3.19 | 4.47 | 0.18 |
Less Distributions: | ||||||
Distributions from net investment income | — | (0.11) | — | (0.03) | — | — |
Net Asset Value, End of Period | $23.13 | $21.46 | $21.80 | $20.25 | $17.09 | $12.62 |
Total Return3 | 7.78% | (1.05)% | 7.65% | 18.68% | 35.42% | 1.45% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.26%4 | 1.80% | 1.76% | 1.81% | 1.83% | 1.85% |
Net investment income (loss) | 0.47%4 | 0.49% | 0.09% | (0.05)% | 0.11% | (0.02)% |
Expense waiver/reimbursement5 | 0.01%4 | 0.00%6 | 0.00%6 | 0.00%6 | 0.02% | 0.25% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $16,022 | $5,717 | $6,300 | $5,467 | $4,089 | $2,718 |
Portfolio turnover | 30% | 62% | 76% | 31% | 99% | 164% |
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%. |
Assets: | ||
Total investment in securities, at value including $2,807,912 of investment in an affiliated holding (Note 5) (identified cost $135,897,099) | $143,520,322 | |
Income receivable | 86,424 | |
Receivable for investments sold | 1,874,845 | |
Receivable for shares sold | 204,230 | |
TOTAL ASSETS | 145,685,821 | |
Liabilities: | ||
Payable for investments purchased | $2,220,296 | |
Payable for shares redeemed | 146,524 | |
Payable to adviser (Note 5) | 2,926 | |
Payable for administrative fee (Note 5) | 306 | |
Payable for distribution services fee (Note 5) | 24,539 | |
Payable for other service fees (Notes 2 and 5) | 16,922 | |
Accrued expenses (Note 5) | 75,242 | |
TOTAL LIABILITIES | 2,486,755 | |
Net assets for 6,220,110 shares outstanding | $143,199,066 | |
Net Assets Consist of: | ||
Paid-in capital | $198,119,917 | |
Net unrealized appreciation of investments | 7,623,223 | |
Accumulated net realized loss on investments | (62,538,094) | |
Distributions in excess of net investment income | (5,980) | |
TOTAL NET ASSETS | $143,199,066 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($34,145,026 ÷ 1,467,734 shares outstanding), no par value, unlimited shares authorized | $23.26 | |
Offering price per share (100/94.50 of $23.26) | $24.61 | |
Redemption proceeds per share | $23.26 | |
Class C Shares: | ||
Net asset value per share ($38,777,870 ÷ 1,751,101 shares outstanding), no par value, unlimited shares authorized | $22.14 | |
Offering price per share | $22.14 | |
Redemption proceeds per share (99.00/100 of $22.14) | $21.92 | |
Institutional Shares: | ||
Net asset value per share ($54,253,710 ÷ 2,308,472 shares outstanding), no par value, unlimited shares authorized | $23.50 | |
Offering price per share | $23.50 | |
Redemption proceeds per share | $23.50 | |
Class R6 Shares: | ||
Net asset value per share ($16,022,460 ÷ 692,803 shares outstanding), no par value, unlimited shares authorized | $23.13 | |
Offering price per share | $23.13 | |
Redemption proceeds per share | $23.13 |
Investment Income: | |||
Dividends (including $1,907 received from an affiliated holding (Note 5) and net of foreign taxes withheld of $273) | $1,434,981 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $523,103 | ||
Administrative fee (Note 5) | 54,577 | ||
Custodian fees | 6,466 | ||
Transfer agent fee (Note 2) | 77,727 | ||
Directors'/Trustees' fees (Note 5) | 1,351 | ||
Auditing fees | 12,840 | ||
Legal fees | 5,808 | ||
Portfolio accounting fees | 35,897 | ||
Distribution services fee (Note 5) | 140,173 | ||
Other service fees (Notes 2 and 5) | 87,865 | ||
Share registration costs | 30,652 | ||
Printing and postage | 14,066 | ||
Miscellaneous (Note 5) | 10,356 | ||
Interest expense | 3,135 | ||
TOTAL EXPENSES | 1,004,016 | ||
Reimbursements: | |||
Reimbursement of investment adviser fee (Note 5) | $(1,227) | ||
Reimbursements of other operating expenses (Notes 2 and 5) | (97) | ||
TOTAL REIMBURSEMENTS | (1,324) | ||
Net expenses | 1,002,692 | ||
Net investment income | 432,289 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments | 5,411,576 | ||
Net change in unrealized appreciation of investments | 4,300,048 | ||
Net realized and unrealized gain on investments | 9,711,624 | ||
Change in net assets resulting from operations | $10,143,913 |
Six Months Ended (unaudited) 1/31/2017 | Year Ended 7/31/2016 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $432,289 | $1,245,713 |
Net realized gain on investments | 5,411,576 | 10,543,935 |
Net change in unrealized appreciation/depreciation of investments | 4,300,048 | (14,227,683) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 10,143,913 | (2,438,035) |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (281,217) | (331,676) |
Class C Shares | (65,140) | (74,346) |
Institutional Shares | (754,521) | (834,843) |
Class R6 Shares | — | (30,147) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (1,100,878) | (1,271,012) |
Share Transactions: | ||
Proceeds from sale of shares | 25,100,814 | 16,202,436 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,043,477 | 1,208,182 |
Cost of shares redeemed | (33,739,538) | (36,433,688) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (7,595,247) | (19,023,070) |
Change in net assets | 1,447,788 | (22,732,117) |
Net Assets: | ||
Beginning of period | 141,751,278 | 164,483,395 |
End of period (including undistributed (distributions in excess of) net investment income of $(5,980) and $662,609, respectively) | $143,199,066 | $141,751,278 |
■ | 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 are fair valued using price evaluations provided by a pricing service approved by the Board of Trustees (the “Trustees”). |
■ | 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 | $23,927 | $— |
Class C Shares | 25,791 | — |
Institutional Shares | 25,604 | — |
Class R6 Shares | 2,405 | (97) |
TOTAL | $77,727 | $(97) |
Other Service Fees Incurred | |
Class A Shares | $41,940 |
Class C Shares | 45,925 |
TOTAL | $87,865 |
Six Months Ended 1/31/2017 | Year Ended 7/31/2016 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 90,625 | $2,030,869 | 219,344 | $4,566,247 |
Shares issued to shareholders in payment of distributions declared | 11,575 | 265,655 | 15,315 | 317,790 |
Shares redeemed | (184,970) | (4,089,637) | (513,803) | (10,627,905) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (82,770) | $(1,793,113) | (279,144) | $(5,743,868) |
Six Months Ended 1/31/2017 | Year Ended 7/31/2016 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 193,092 | $4,195,549 | 219,633 | $4,264,493 |
Shares issued to shareholders in payment of distributions declared | 2,697 | 58,957 | 3,342 | 66,135 |
Shares redeemed | (227,741) | (4,782,109) | (416,914) | (8,026,807) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (31,952) | $(527,603) | (193,939) | $(3,696,179) |
Six Months Ended 1/31/2017 | Year Ended 7/31/2016 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 165,495 | $3,737,666 | 269,327 | $5,611,013 |
Shares issued to shareholders in payment of distributions declared | 31,012 | 718,865 | 37,891 | 794,193 |
Shares redeemed | (859,729) | (19,912,506) | (744,427) | (15,527,614) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (663,222) | $(15,455,975) | (437,209) | $(9,122,408) |
Six Months Ended 1/31/2017 | Year Ended 7/31/2016 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 657,949 | $15,136,730 | 87,503 | $1,760,683 |
Shares issued to shareholders in payment of distributions declared | — | — | 1,465 | 30,064 |
Shares redeemed | (231,537) | (4,955,286) | (111,552) | (2,251,362) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 426,412 | $10,181,444 | (22,584) | $(460,615) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (351,532) | $(7,595,247) | (932,876) | $(19,023,070) |
Expiration Year | Short-Term | Long-Term | Total |
2017 | $423,018 | NA | 423,018 |
2018 | $67,478,860 | NA | $67,478,860 |
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 | $137,775 |
Class R Shares (re-designated as Class R6 Shares) | 2,398 |
TOTAL | $140,173 |
Balance of Shares Held 7/31/2016 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 1/31/2017 | Value | Dividend Income | |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | 2,073,572 | 23,058,351 | (22,324,292) | 2,807,631 | $2,807,912 | $1,907 |
Purchases | $40,244,735 |
Sales | $48,338,649 |
Beginning Account Value 8/1/2016 | Ending Account Value 1/31/2017 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,077.30 | $7.28 |
Class C Shares | $1,000 | $1,073.50 | $11.18 |
Institutional Shares | $1,000 | $1,079.10 | $5.66 |
Class R6 Shares | $1,000 | $1,077.80 | $6.60 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.20 | $7.07 |
Class C Shares | $1,000 | $1,014.40 | $10.87 |
Institutional Shares | $1,000 | $1,019.80 | $5.50 |
Class R6 Shares | $1,000 | $1,018.80 | $6.41 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.39% |
Class C Shares | 2.14% |
Institutional Shares | 1.08% |
Class R6 Shares | 1.26% |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R205
CUSIP 31421R304
CUSIP 31421R718
2017 ©Federated Investors, Inc.
Share Class | Ticker |
A | QABGX |
C | QCBGX |
Institutional | QIBGX |
R6 | QKBGX |
Security Type | Percentage of Total Net Assets |
Domestic Equity Securities | 55.7% |
Corporate Debt Securities | 17.1% |
International Equity Securities (including International Exchange-Traded Fund) | 7.6% |
Mortgage-Backed Securities2 | 5.1% |
Collateralized Mortgage Obligations | 2.2% |
Trade Finance Agreements | 1.9% |
Asset-Backed Securities | 1.6% |
U.S. Treasury Securities3 | 1.3% |
Floating Rate Loans | 1.1% |
Commercial Mortgage-Backed Securities | 0.8% |
Foreign Debt Securities | 0.3% |
Municipal Bond | 0.1% |
Derivative Contracts4,5 | 0.0% |
Other Security Types5,6 | 0.0% |
Cash Equivalents7 | 5.1% |
Other Assets and Liabilities—Net8 | 0.1% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus for a description of the principal types of securities in which the Fund invests. As of the date specified above, the Fund owned shares of one or more affiliated investment companies. For purposes of this table, the affiliated investment company (other than an affiliated money market mutual fund) is not treated as a single portfolio security, but rather the Fund is treated as owning a pro rata portion of each security and each other asset and liability owned by the affiliated investment company. Accordingly, the percentages of total net assets shown in the table will differ from those presented on the Portfolio of Investments. |
2 | For purposes of this table, Mortgage-Backed Securities include mortgage-backed securities guaranteed by Government Sponsored Entities and adjustable rate mortgage-backed securities. |
3 | Also includes $108,551 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 | Other Security Types consist of a domestic exchange-traded fund and purchased put options. |
6 | Represents less than 0.1%. |
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 |
Insurance | 7.6% |
Technology Hardware Storage & Peripherals | 5.6% |
Food Products | 4.4% |
Oil Gas & Consumable Fuels | 4.4% |
Semiconductors & Semiconductor Equipment | 4.3% |
Biotechnology | 4.2% |
Health Care Equipment & Supplies | 4.2% |
Diversified Telecommunication Services | 3.9% |
Capital Markets | 3.8% |
Health Care Providers & Services | 3.4% |
Internet Software & Services | 3.4% |
Equity Real Estate Investment Trusts (REITs) | 3.1% |
Banks | 2.9% |
Multiline Retail | 2.9% |
Mortgage Real Estate Investment Trusts (REITs) | 2.8% |
Specialty Retail | 2.8% |
Chemicals | 2.5% |
Media | 2.5% |
Auto Components | 2.3% |
Consumer Finance | 2.1% |
Airlines | 1.9% |
Beverages | 1.8% |
Pharmaceuticals | 1.8% |
Aerospace & Defense | 1.7% |
Machinery | 1.6% |
Software | 1.6% |
Commercial Services & Supplies | 1.3% |
Hotels Restaurants & Leisure | 1.2% |
Communications Equipment | 1.1% |
Electronic Equipment Instruments & Components | 1.1% |
Food & Staples Retailing | 1.1% |
Other10 | 10.7% |
TOTAL | 100.0% |
9 | Industry classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
10 | For purposes of this table, industry classifications which constitute less than 1.0% of the Fund's equity securities have been aggregated under the designation “Other.” |
Principal Amount or Shares | Value | ||
COMMON STOCKS—58.1% | |||
Aerospace & Defense—1.0% | |||
1,941 | 1 | DigitalGlobe, Inc. | $54,445 |
297 | Northrop Grumman Corp. | 68,037 | |
20,509 | Spirit Aerosystems Holdings, Inc., Class A | 1,231,565 | |
TOTAL | 1,354,047 | ||
Air Freight & Logistics—0.1% | |||
2,035 | 1 | Atlas Air Worldwide Holdings, Inc. | 107,346 |
Airline - Regional—0.1% | |||
1,538 | 1 | Hawaiian Holdings, Inc. | 78,361 |
Airlines—1.1% | |||
2,298 | Alaska Air Group, Inc. | 215,598 | |
8,210 | Delta Air Lines, Inc. | 387,840 | |
3,004 | 1 | Jet Blue Airways Corp. | 58,909 |
11,220 | 1 | United Continental Holdings, Inc. | 790,674 |
TOTAL | 1,453,021 | ||
Apparel—0.0% | |||
1,828 | 1 | Express, Inc. | 19,431 |
1,254 | 1 | Iconix Brand Group, Inc. | 12,904 |
437 | 1 | Perry Ellis International, Inc. | 10,309 |
TOTAL | 42,644 | ||
Auto Components—1.4% | |||
1,580 | 1 | Cooper-Standard Holding, Inc. | 166,342 |
13,840 | Goodyear Tire & Rubber Co. | 448,278 | |
8,513 | Lear Corp. | 1,209,612 | |
TOTAL | 1,824,232 | ||
Auto Original Equipment Manufacturers—0.1% | |||
493 | Dana, Inc. | 9,929 | |
1,296 | Superior Industries International, Inc. | 29,873 | |
299 | 1 | Tenneco, Inc. | 20,167 |
TOTAL | 59,969 | ||
Automobiles—0.2% | |||
24,635 | Ford Motor Co. | 304,489 | |
Banks—1.7% | |||
11,267 | Bank of America Corp. | 255,085 | |
20,900 | Fifth Third Bancorp | 545,490 |
Principal Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Banks—continued | |||
13,300 | Huntington Bancshares, Inc. | $179,949 | |
2,772 | J.P. Morgan Chase & Co. | 234,594 | |
16,358 | KeyCorp | 293,953 | |
599 | PNC Financial Services Group | 72,156 | |
6,300 | Popular, Inc. | 279,909 | |
7,813 | SunTrust Banks, Inc. | 443,935 | |
TOTAL | 2,305,071 | ||
Beverages—1.1% | |||
4,050 | Dr. Pepper Snapple Group, Inc. | 369,360 | |
10,414 | PepsiCo, Inc. | 1,080,765 | |
TOTAL | 1,450,125 | ||
Biotechnology—2.4% | |||
1,939 | 1 | AMAG Pharmaceutical, Inc. | 46,730 |
11,541 | Amgen, Inc. | 1,808,244 | |
10,083 | AbbVie, Inc. | 616,172 | |
2,501 | 1 | BioCryst Pharmaceuticals, Inc. | 15,756 |
5,764 | 1 | Celldex Therapeutics, Inc. | 18,791 |
727 | 1 | ChemoCentryx, Inc. | 5,285 |
5,890 | 1,2 | Dynavax Technologies Corp. | 24,149 |
2,066 | 1 | Exelixis, Inc. | 37,436 |
1,538 | 1 | INSYS Therapeutics, Inc. | 15,749 |
1,052 | 1 | NewLink Genetics Corp. | 12,803 |
23,421 | PDL BioPharma, Inc. | 51,526 | |
3,678 | 1 | United Therapeutics Corp. | 601,831 |
1,940 | 1 | Zafgen, Inc. | 8,168 |
TOTAL | 3,262,640 | ||
Bituminous Coal—0.0% | |||
1,243 | 1 | Westmoreland Coal Co. | 22,560 |
Broadcasting—0.1% | |||
2,605 | Sinclair Broadcast Group, Inc. | 87,919 | |
Capital Markets—2.2% | |||
3,306 | Ameriprise Financial, Inc. | 371,165 | |
2,230 | Goldman Sachs Group, Inc. | 511,383 | |
1,428 | MarketAxess Holdings, Inc. | 267,393 | |
19,389 | State Street Corp. | 1,477,442 | |
7,896 | The Bank of New York Mellon Corp. | 353,188 | |
TOTAL | 2,980,571 |
Principal Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Chemicals—1.5% | |||
2,694 | Celanese Corp. | $227,374 | |
1,146 | Chemours Co./The | 30,277 | |
7,104 | Eastman Chemical Co. | 550,560 | |
12,273 | LyondellBasell Industries NV, Class A | 1,144,703 | |
TOTAL | 1,952,914 | ||
Clothing Stores—0.1% | |||
3,027 | American Eagle Outfitters, Inc. | 45,738 | |
1,378 | 1 | Francesca's Holdings Corp. | 24,032 |
TOTAL | 69,770 | ||
Commercial Services & Supplies—0.8% | |||
2,061 | Deluxe Corp. | 150,144 | |
1,032 | Ennis Business Forms, Inc. | 17,441 | |
10,000 | Pitney Bowes, Inc. | 159,200 | |
2,533 | R.R. Donnelley & Sons Co. | 43,441 | |
9,599 | Waste Management, Inc. | 667,130 | |
TOTAL | 1,037,356 | ||
Communications Equipment—0.6% | |||
6,435 | Cisco Systems, Inc. | 197,683 | |
1,844 | 1 | CommScope Holdings Co., Inc. | 69,740 |
21,211 | Juniper Networks, Inc. | 568,031 | |
826 | 1 | Lumentum Holdings, Inc. | 31,347 |
TOTAL | 866,801 | ||
Computer Networking—0.0% | |||
1,224 | Black Box Corp. | 16,341 | |
3,791 | 1 | Extreme Networks, Inc. | 20,964 |
TOTAL | 37,305 | ||
Computer Peripherals—0.0% | |||
523 | 1 | Synaptics, Inc. | 29,487 |
Construction & Engineering—0.2% | |||
579 | Argan, Inc. | 42,701 | |
2,710 | 1 | Dycom Industries, Inc. | 218,589 |
TOTAL | 261,290 | ||
Construction Machinery—0.0% | |||
5,315 | Manitowoc, Inc. | 36,301 | |
Consumer Durables & Apparel—0.0% | |||
1,710 | 1 | American Outdoor Brands Corp. | 36,423 |
Principal Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Finance—1.3% | |||
8,000 | Ally Financial, Inc. | $168,960 | |
4,294 | American Express Co. | 327,976 | |
10,603 | Discover Financial Services | 734,576 | |
3,196 | 1 | Enova International, Inc. | 45,063 |
17,976 | Navient Corp. | 270,359 | |
3,955 | Synchrony Financial | 141,668 | |
TOTAL | 1,688,602 | ||
Containers & Packaging—0.3% | |||
3,992 | International Paper Co. | 225,947 | |
1,457 | Packaging Corp. of America | 134,306 | |
TOTAL | 360,253 | ||
Contracting—0.1% | |||
1,084 | Comfort Systems USA, Inc. | 36,693 | |
1,608 | 1 | Harsco Corp. | 21,467 |
TOTAL | 58,160 | ||
Defense Aerospace—0.0% | |||
531 | 1 | Ducommun, Inc. | 15,734 |
Diversified Consumer Services—0.1% | |||
444 | 1 | American Public Education, Inc. | 10,789 |
3,423 | DeVry Education Group, Inc. | 114,671 | |
TOTAL | 125,460 | ||
Diversified Telecommunication Services—2.2% | |||
8,238 | AT&T, Inc. | 347,314 | |
38,155 | CenturyLink, Inc. | 986,689 | |
34,523 | Verizon Communications, Inc. | 1,691,972 | |
TOTAL | 3,025,975 | ||
Electric & Electronic Original Equipment Manufacturers—0.0% | |||
1,087 | 1 | Generac Holdings, Inc. | 43,763 |
Electric Utility—0.2% | |||
705 | Avista Corp. | 27,241 | |
5,990 | FirstEnergy Corp. | 181,617 | |
1,129 | Northwestern Corp. | 64,477 | |
TOTAL | 273,335 | ||
Electronic Equipment Instruments & Components—0.6% | |||
2,387 | CDW Corp. | 122,954 | |
2,409 | 1 | Insight Enterprises, Inc. | 89,446 |
7,445 | 1 | Sanmina Corp. | 289,983 |
Principal Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Electronic Equipment Instruments & Components—continued | |||
22,000 | Vishay Intertechnology, Inc. | $365,200 | |
TOTAL | 867,583 | ||
Electronic Instruments—0.0% | |||
2,447 | 1 | Ixia | 47,594 |
Electronic Test/Measuring Equipment—0.0% | |||
1,393 | 1 | Finisar Corp. | 41,191 |
Energy Equipment & Services—0.2% | |||
9,781 | Ensco PLC | 106,809 | |
10,600 | Noble Corp. PLC | 71,550 | |
3,698 | 1 | Rowan Companies PLC | 66,268 |
TOTAL | 244,627 | ||
Equity Real Estate Investment Trusts (REITs)—1.8% | |||
1,800 | Alexandria Real Estate Equities, Inc. | 199,476 | |
850 | Avalonbay Communities, Inc. | 147,313 | |
2,000 | Boston Properties, Inc. | 261,800 | |
1,500 | Coresite Realty Corp., REIT | 129,195 | |
2,600 | DCT Industrial Trust, Inc. | 116,194 | |
1,600 | Digital Realty Trust, Inc. | 172,208 | |
4,500 | Douglas Emmett, Inc. | 170,280 | |
1,600 | EastGroup Properties, Inc. | 113,232 | |
9,000 | Hersha Hospitality Trust | 179,910 | |
25,000 | Independence Realty Trust | 230,750 | |
9,000 | Rexford Industrial Realty, Inc. | 204,390 | |
2,200 | Simon Property Group, Inc. | 404,294 | |
1,000 | Vornado Realty Trust | 106,310 | |
TOTAL | 2,435,352 | ||
Financial Services—0.2% | |||
3,092 | 1 | Ambac Financial Group, Inc. | 64,685 |
782 | 1 | America's Car-Mart, Inc. | 32,805 |
171 | Banco Latinoamericano de Comercio Exterior SA | 4,651 | |
815 | Evercore Partners, Inc., Class A | 63,122 | |
256 | First Financial Corp. | 12,377 | |
1,028 | MainSource Financial Group, Inc. | 33,780 | |
1,105 | Union Bankshares Corp. | 40,620 | |
TOTAL | 252,040 | ||
Food & Staples Retailing—0.6% | |||
15,816 | Kroger Co. | 537,111 |
Principal Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Food & Staples Retailing—continued | |||
1,096 | SpartanNash Co. | $41,495 | |
4,275 | Wal-Mart Stores, Inc. | 285,313 | |
TOTAL | 863,919 | ||
Food Products—2.5% | |||
2,708 | Cal-Maine Foods, Inc. | 112,924 | |
7,609 | Dean Foods Co. | 151,115 | |
4,289 | Fresh Del Monte Produce, Inc. | 245,545 | |
4,803 | Ingredion, Inc. | 615,696 | |
8,300 | Pilgrims Pride Corp. | 158,862 | |
4,258 | Sanderson Farms, Inc. | 387,478 | |
9,329 | Smucker (J.M.) Co. | 1,267,345 | |
7,677 | Tyson Foods, Inc., Class A | 482,039 | |
TOTAL | 3,421,004 | ||
Food Wholesaling—0.0% | |||
902 | Omega Protein Corp. | 22,505 | |
2,512 | 1 | SUPERVALU, Inc. | 9,847 |
TOTAL | 32,352 | ||
Furniture—0.0% | |||
1,092 | Ethan Allen Interiors, Inc. | 31,777 | |
Gas Distributor—0.0% | |||
392 | Northwest Natural Gas Co. | 23,089 | |
Health Care Equipment & Supplies—2.4% | |||
27,108 | Baxter International, Inc. | 1,298,744 | |
1,908 | 1 | Cardiovascular Systems, Inc. | 47,128 |
7,936 | Danaher Corp. | 665,989 | |
3,618 | 1 | Hologic, Inc. | 146,638 |
944 | 1 | IDEXX Laboratories, Inc. | 115,479 |
1,065 | 1 | Iradimed Corp. | 9,745 |
5,885 | 1 | Lantheus Holdings, Inc. | 50,022 |
2,275 | LeMaitre Vascular, Inc. | 51,665 | |
7,608 | Zimmer Biomet Holdings, Inc. | 900,255 | |
TOTAL | 3,285,665 | ||
Health Care Providers & Services—2.0% | |||
3,153 | 1 | Adeptus Health, Inc., Class A | 22,607 |
4,339 | Anthem, Inc. | 668,813 | |
19,067 | 1 | Community Health Systems, Inc. | 122,029 |
1,875 | 1 | Diplomat Pharmacy, Inc. | 25,763 |
Principal Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care Providers & Services—continued | |||
10,542 | 1 | Express Scripts Holding Co. | $726,133 |
8,102 | 1 | HCA Holdings, Inc. | 650,429 |
3,069 | 1 | Laboratory Corp. of America Holdings | 411,890 |
1,301 | 1 | Radnet, Inc. | 7,546 |
TOTAL | 2,635,210 | ||
Home Building—0.0% | |||
423 | 1 | Beazer Homes USA, Inc. | 6,032 |
2,200 | KB Home | 36,036 | |
TOTAL | 42,068 | ||
Home Health Care—0.0% | |||
2,005 | 1 | Cross Country Healthcare, Inc. | 29,012 |
Hotels Restaurants & Leisure—0.7% | |||
412 | Domino's Pizza, Inc. | 71,911 | |
464 | 1 | Noodles & Co. | 2,042 |
11,441 | Wyndham Worldwide Corp. | 904,525 | |
TOTAL | 978,478 | ||
Household Durables—0.4% | |||
2,483 | D. R. Horton, Inc. | 74,267 | |
745 | 1 | Helen of Troy Ltd. | 69,508 |
3,181 | Libbey, Inc. | 54,427 | |
5,423 | Tupperware Brands Corp. | 327,332 | |
TOTAL | 525,534 | ||
Independent Power and Renewable Electricity Producers—0.1% | |||
15,600 | AES Corp. | 178,464 | |
Insurance—4.4% | |||
20,383 | Aflac, Inc. | 1,426,606 | |
907 | Allstate Corp. | 68,215 | |
13,907 | Assured Guaranty Ltd. | 541,121 | |
963 | Everest Re Group Ltd. | 211,793 | |
17,215 | Prudential Financial, Inc. | 1,809,469 | |
553 | Reinsurance Group of America, Inc. | 69,385 | |
3,323 | State National Companies, Inc. | 45,725 | |
15,090 | The Travelers Cos., Inc. | 1,777,300 | |
TOTAL | 5,949,614 | ||
International Bank—0.0% | |||
454 | Preferred Bank Los Angeles, CA | 25,156 |
Principal Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Internet & Catalog Retail—0.1% | |||
4,251 | Travelport Worldwide Ltd. | $61,044 | |
Internet Software & Services—2.0% | |||
151 | 1 | Alphabet, Inc., Class A | 123,849 |
1,920 | 1 | Brightcove, Inc. | 13,824 |
2,933 | 1 | Carbonite, Inc. | 50,594 |
1,003 | 1 | Care.com, Inc. | 8,465 |
38,659 | 1 | eBay, Inc. | 1,230,516 |
9,341 | 1 | Facebook, Inc. | 1,217,319 |
TOTAL | 2,644,567 | ||
IT Services—0.2% | |||
10,000 | Western Union Co. | 195,800 | |
Lumber Products—0.0% | |||
2,503 | 1 | Louisiana-Pacific Corp. | 47,882 |
Machinery—0.9% | |||
2,951 | AGCO Corp. | 185,323 | |
15,401 | 1 | Colfax Corp. | 600,639 |
1,133 | Global Brass & Copper Holdings, Inc. | 37,559 | |
13,151 | 1 | SPX Corp. | 328,117 |
3,342 | Trinity Industries, Inc. | 92,039 | |
TOTAL | 1,243,677 | ||
Major Steel Producer—0.0% | |||
1,590 | 1 | AK Steel Holding Corp. | 12,847 |
Maritime—0.0% | |||
6,451 | Overseas Shipholding Group, Inc. | 31,674 | |
1,560 | Teekay Tankers Ltd., Class A | 3,822 | |
TOTAL | 35,496 | ||
Media—1.5% | |||
12,865 | CBS Corp., Class B | 829,664 | |
33,288 | 1 | MSG Networks, Inc. | 772,282 |
9,289 | Viacom, Inc., Class B - New | 391,438 | |
TOTAL | 1,993,384 | ||
Media - Non-Cable—0.0% | |||
3,375 | MDC Partners, Inc. | 21,600 | |
Medical Supplies—0.1% | |||
1,868 | 1 | Orthofix International NV | 67,136 |
Metal Fabrication—0.0% | |||
700 | Worthington Industries, Inc. | 33,453 |
Principal Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Metals & Mining—0.0% | |||
7,543 | 1 | Cloud Peak Energy, Inc. | $42,919 |
713 | 1 | Ryerson Holding Corp. | 7,558 |
TOTAL | 50,477 | ||
Miscellaneous Communications—0.1% | |||
3,112 | West Corp. | 75,528 | |
Miscellaneous Components—0.0% | |||
2,249 | 1 | Amkor Technology, Inc. | 21,163 |
Mortgage and Title—0.1% | |||
3,565 | 1 | MGIC Investment Corp. | 37,967 |
3,829 | Radian Group, Inc. | 70,454 | |
TOTAL | 108,421 | ||
Mortgage Real Estate Investment Trusts (REITs)—1.6% | |||
29,700 | Blackstone Mortgage Trust, Inc., Class A | 905,553 | |
69,800 | New Residential Investment Corp. | 1,057,470 | |
28,000 | Two Harbors Investment Corp. | 245,560 | |
TOTAL | 2,208,583 | ||
Multi-Industry Capital Goods—0.0% | |||
381 | 1 | DXP Enterprises, Inc. | 14,409 |
Multi-Utilities—0.5% | |||
32,785 | NiSource, Inc. | 733,400 | |
Multiline Retail—1.7% | |||
2,400 | Big Lots, Inc. | 120,000 | |
2,169 | Dillards, Inc., Class A | 122,418 | |
13,170 | Kohl's Corp. | 524,561 | |
18,284 | Macy's, Inc. | 540,109 | |
15,643 | Target Corp. | 1,008,661 | |
TOTAL | 2,315,749 | ||
Mutual Fund Adviser—0.0% | |||
2,137 | Waddell & Reed Financial, Inc., Class A | 38,573 | |
Office Supplies—0.0% | |||
3,645 | 1 | Acco Brands Corp. | 46,474 |
Oil Gas & Consumable Fuels—2.5% | |||
718 | 1 | California Resources Corp. | 15,380 |
9,621 | Cimarex Energy Co. | 1,300,855 | |
1,327 | 1 | Concho Resources, Inc. | 185,037 |
699 | EOG Resources, Inc. | 71,004 | |
8,120 | HollyFrontier Corp. | 235,236 |
Principal Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Oil Gas & Consumable Fuels—continued | |||
599 | Pioneer Natural Resources, Inc. | $107,958 | |
23,052 | Valero Energy Corp. | 1,515,900 | |
TOTAL | 3,431,370 | ||
Oil Service, Explore & Drill—0.0% | |||
1,098 | 1 | Unit Corp. | 28,548 |
Paint & Related Materials—0.0% | |||
1,921 | 1 | Ferro Corp. | 27,163 |
Paper & Forest Products—0.1% | |||
3,600 | Domtar Corp. | 157,284 | |
1,049 | Kapstone Paper and Packaging Corp. | 25,155 | |
TOTAL | 182,439 | ||
Personal Loans—0.1% | |||
5,991 | 1 | Ezcorp, Inc., Class A | 59,311 |
Personal Products—0.3% | |||
9,700 | 1 | Avon Products, Inc. | 56,939 |
3,095 | 1 | Herbalife Ltd. | 173,939 |
3,147 | Nu Skin Enterprises, Inc. | 163,266 | |
TOTAL | 394,144 | ||
Pharmaceuticals—1.1% | |||
5,909 | 1 | Impax Laboratories, Inc. | 77,703 |
42,583 | Pfizer, Inc. | 1,351,159 | |
1,801 | 1 | Tetraphase Pharmaceuticals, Inc. | 6,898 |
TOTAL | 1,435,760 | ||
Photo-Optical Component-Equipment—0.1% | |||
531 | 1 | Coherent, Inc. | 83,755 |
Printed Circuit Boards—0.1% | |||
5,393 | 1 | TTM Technologies | 79,978 |
Printing—0.0% | |||
1,342 | Quad Graphics, Inc. | 35,147 | |
Property Liability Insurance—0.0% | |||
1,302 | Heritage Insurance Holdings, Inc. | 18,463 | |
1,015 | Universal Insurance Holdings, Inc. | 26,542 | |
TOTAL | 45,005 | ||
Real Estate Management & Development—0.0% | |||
1,383 | 1 | Altisource Portfolio Solutions S.A. | 39,416 |
Principal Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Recreational Goods—0.0% | |||
589 | 1 | Scientific Games Holdings Corp. | $10,013 |
Regional Banks—0.5% | |||
213 | BancFirst Corp. | 20,097 | |
195 | Cathay Bancorp, Inc. | 7,106 | |
2,762 | CenterState Banks of Florida | 67,365 | |
564 | Columbia Banking Systems, Inc. | 22,425 | |
158 | ConnectOne Bancorp, Inc. | 3,903 | |
1,744 | Enterprise Financial Services Corp. | 72,638 | |
127 | 1 | FCB Financial Holdings, Inc. | 5,963 |
714 | Farmers Capital Bank Corp. | 26,525 | |
180 | Financial Institutions, Inc. | 5,931 | |
2,746 | First Bancorp, Inc. | 80,375 | |
700 | First Business Financial Services, Inc. | 16,961 | |
299 | First Interstate BancSystem, Inc., Class A | 12,304 | |
821 | First Merchants Corp. | 31,469 | |
5,226 | 1 | First NBC Bank Holding Co. | 20,904 |
405 | Hancock Holding Co. | 18,569 | |
863 | Heartland Financial USA, Inc. | 40,388 | |
283 | Independent Bank Corp. | 5,943 | |
1,142 | LegacyTexas Financial Group, Inc. | 47,187 | |
955 | Mercantile Bank Corp. | 30,846 | |
543 | Midland States Bancorp, Inc. | 18,386 | |
566 | MidSouth Bancorp, Inc. | 8,179 | |
769 | OFG Bancorp. | 10,189 | |
1,374 | Peapack-Gladstone Financial Corp. | 41,502 | |
744 | Republic Bancorp, Inc. | 25,780 | |
182 | Sandy Spring Bancorp, Inc. | 7,457 | |
1,054 | Sierra Bancorp | 28,205 | |
1,027 | TriCo Bancshares | 37,865 | |
81 | UMB Financial Corp. | 6,248 | |
TOTAL | 720,710 | ||
Rubber—0.1% | |||
1,956 | Cooper Tire & Rubber Co. | 70,905 | |
Savings & Loan—0.0% | |||
1,016 | First Defiance Financial Corp. | 49,235 | |
Securities Brokerage—0.1% | |||
834 | 1 | Piper Jaffray Cos., Inc. | 58,797 |
Principal Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Semiconductor Manufacturing—0.1% | |||
2,763 | 1 | Advanced Micro Devices, Inc. | $28,652 |
924 | 1 | Ceva, Inc. | 32,663 |
1,038 | 1 | Cirrus Logic, Inc. | 62,612 |
544 | Monolithic Power Systems | 47,459 | |
TOTAL | 171,386 | ||
Semiconductor Manufacturing Equipment—0.0% | |||
1,755 | 1 | Alpha & Omega Semiconductor Ltd. | 35,714 |
Semiconductors & Semiconductor Equipment—2.5% | |||
2,311 | 1 | Advanced Energy Industries, Inc. | 135,979 |
24,469 | Applied Materials, Inc. | 838,063 | |
48,228 | Intel Corp. | 1,775,755 | |
3,166 | Lam Research Corp. | 363,647 | |
2,781 | NVIDIA Corp. | 303,630 | |
TOTAL | 3,417,074 | ||
Software—0.9% | |||
12,270 | CA, Inc. | 383,683 | |
8,211 | 1 | Citrix Systems, Inc. | 748,761 |
4,307 | 1 | Nuance Communications, Inc. | 68,309 |
664 | 1 | Proofpoint, Inc. | 53,226 |
674 | 1 | Varonis Systems, Inc. | 20,153 |
TOTAL | 1,274,132 | ||
Software Packaged/Custom—0.0% | |||
1,410 | 1 | Five9, Inc. | 21,799 |
526 | 1 | Paycom Software, Inc. | 24,322 |
TOTAL | 46,121 | ||
Specialty Chemicals—0.1% | |||
561 | KMG Chemicals, Inc. | 20,678 | |
388 | 1 | Koppers Holdings, Inc. | 15,695 |
1,103 | Rayonier Advanced Materials, Inc. | 14,968 | |
919 | Trinseo SA | 59,505 | |
TOTAL | 110,846 | ||
Specialty Retail—1.7% | |||
5,200 | Abercrombie & Fitch Co., Class A | 60,372 | |
202 | 1 | AutoZone, Inc. | 146,446 |
7,113 | Bed Bath & Beyond, Inc. | 287,010 | |
5,221 | Best Buy Co., Inc. | 232,439 | |
2,400 | Big 5 Sporting Goods Corp. | 36,960 |
Principal Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Specialty Retail—continued | |||
1,174 | 1 | Build-A-Bear Workship, Inc. | $14,088 |
2,008 | Children's Place, Inc./The | 194,776 | |
939 | Foot Locker, Inc. | 64,359 | |
8,191 | GNC Holdings, Inc. | 72,654 | |
5,192 | GameStop Corp. | 127,152 | |
15,027 | Gap (The), Inc. | 346,072 | |
3,800 | Guess ?, Inc. | 48,526 | |
989 | 1 | Murphy USA, Inc. | 62,999 |
2,972 | Office Depot, Inc. | 13,225 | |
2,508 | Pier 1 Imports, Inc. | 18,233 | |
4,717 | Rent-A-Center, Inc. | 42,264 | |
3,900 | 1 | Sally Beauty Holdings, Inc. | 92,820 |
13,300 | Staples, Inc. | 122,360 | |
1,558 | Tailored Brands, Inc. | 33,108 | |
687 | 1 | Ulta Salon Cosmetics & Fragrance, Inc. | 187,056 |
1,135 | 1 | Zumiez, Inc. | 22,757 |
TOTAL | 2,225,676 | ||
Technology Hardware Storage & Peripherals—3.3% | |||
6,503 | Apple, Inc. | 789,139 | |
577 | CPI Card Group, Inc. | 2,625 | |
96,047 | HP, Inc. | 1,445,508 | |
9,606 | International Business Machines Corp. | 1,676,439 | |
10,850 | NetApp, Inc. | 415,772 | |
14,300 | Xerox Corp. | 99,099 | |
TOTAL | 4,428,582 | ||
Telecommunication Equipment & Services—0.1% | |||
321 | 1 | CIENA Corp. | 7,813 |
1,178 | 1 | Mastec, Inc. | 43,881 |
583 | 1 | Ubiquiti Networks, Inc. | 36,379 |
TOTAL | 88,073 | ||
Telecommunication Services—0.0% | |||
6,831 | 1 | Intelsat S.A. | 24,660 |
Textiles Apparel & Luxury Goods—0.2% | |||
3,861 | 1 | Fossil Group, Inc. | 98,726 |
7,184 | 1 | Skechers USA, Inc., Class A | 180,462 |
TOTAL | 279,188 |
Principal Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Thrifts & Mortgage Finance—0.1% | |||
1,710 | Beneficial Mutual Bancorp | $30,523 | |
700 | Meta Financial Group, Inc. | 61,495 | |
1,070 | 1 | Walter Investment Management Corp. | 4,066 |
TOTAL | 96,084 | ||
Trading Companies & Distributors—0.3% | |||
2,690 | 1 | United Rentals, Inc. | 340,312 |
Truck Manufacturing—0.1% | |||
2,380 | Spartan Motors, Inc. | 18,802 | |
2,604 | Wabash National Corp. | 45,961 | |
TOTAL | 64,763 | ||
Undesignated Consumer Cyclicals—0.1% | |||
1,080 | 1 | Career Education Corp. | 10,552 |
3,285 | Convergys Corp. | 81,534 | |
832 | 1 | Weight Watchers International, Inc. | 10,358 |
TOTAL | 102,444 | ||
Undesignated Consumer Staples—0.0% | |||
1,009 | Medifast, Inc. | 42,550 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $75,428,718) | 78,630,617 | ||
ASSET-BACKED SECURITIES—1.0% | |||
Auto Receivables—0.2% | |||
$115,000 | 3,4 | Navistar Financial Dealer Note Master Trust 2016-1, Class A, 2.106%, 09/27/2021 | 114,534 |
25,000 | Santander Drive Auto Receivables Trust 2013-1, Class D, 2.270%, 01/15/2019 | 25,078 | |
100,000 | Santander Drive Auto Receivables Trust 2016-2, Class C, 2.660%, 11/15/2021 | 100,300 | |
TOTAL | 239,912 | ||
Credit Card—0.6% | |||
350,000 | Capital One Multi-Asset Execution Trust 2004-B3, Class B3, 1.498%, 01/18/2022 | 351,839 | |
250,000 | Citibank Credit Card Issuance Trust 2014-A2, Class A2, 1.020%, 02/22/2019 | 249,987 | |
300,000 | 3,4 | Penarth Master Issuer 2015-1A, Class A1, 1.168%, 03/18/2019 | 300,053 |
TOTAL | 901,879 | ||
Home Equity Loan—0.0% | |||
19,826 | CS First Boston Mortgage Securities Corp. 2002-HE4, Class AF, 5.510%, 08/25/2032 | 22,210 |
Principal Amount or Shares | Value | ||
ASSET-BACKED SECURITIES—continued | |||
Other—0.1% | |||
$128,000 | 3,4 | PFS Financing Corp. 2016-BA, Class A, 1.870%, 10/15/2021 | $127,016 |
Student Loan—0.1% | |||
83,487 | Navient Student Loan Trust 2014-1, Class A2, 1.066%, 03/27/2023 | 83,425 | |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $1,372,435) | 1,374,442 | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—2.2% | |||
Commercial Mortgage—2.2% | |||
170,000 | Banc of America Commercial Mortgage Trust 2016-UBS10, Class A4, 3.170%, 06/15/2049 | 169,252 | |
671 | 5 | Bear Stearns Mortgage Securities, Inc., 1997-6, Class 1A, 6.288%, 03/25/2031 | 687 |
190,000 | CD Commercial Mortgage Trust 2016-CD1, Class A4, 2.724%, 08/10/2049 | 182,941 | |
200,000 | Citigroup Commercial Mortgage Trust 2013-GC11, Class B, 3.732%, 04/10/2046 | 203,426 | |
70,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1, Class AM, 3.912%, 05/15/2045 | 73,449 | |
125,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1, Class B, 4.612%, 05/15/2045 | 134,716 | |
200,000 | 3,4 | Commercial Mortgage Trust 2013-CR8, Class B, 3.963%, 06/10/2046 | 205,833 |
200,000 | Commercial Mortgage Trust 2014-LC17, Class B, 4.490%, 10/10/2047 | 211,624 | |
300,000 | Commercial Mortgage Trust 2015-DC1, Class AM, 3.724%, 02/10/2048 | 302,229 | |
200,000 | 3,4 | FREMF Mortgage Trust 2013-K25, Class B, 3.619%, 11/25/2045 | 204,065 |
1,980 | Federal Home Loan Mortgage Corp. REMIC 1311 K, 7.000%, 07/15/2022 | 2,130 | |
2,920 | Federal Home Loan Mortgage Corp. REMIC 1384 D, 7.000%, 09/15/2022 | 3,174 | |
6,859 | Federal Home Loan Mortgage Corp. REMIC 2497 JH, 6.000%, 09/15/2032 | 7,635 | |
78,495 | Federal Home Loan Mortgage Corp., 2.263%, 04/25/2025 | 77,773 | |
300,000 | Federal Home Loan Mortgage Corp., 2.566%, 09/25/2020 | 305,922 | |
8,172 | Federal National Mortgage Association REMIC 1993-113 SB, 9.749%, 07/25/2023 | 8,913 | |
1,680 | Federal National Mortgage Association REMIC 2003-35 UC, 3.750%, 05/25/2033 | 1,736 | |
100,000 | GS Mortgage Securities Corp. II 2012-GCJ7, Class AS, 4.085%, 05/10/2045 | 107,512 | |
135,000 | GS Mortgage Securities Corp. II 2012-GCJ7, Class B, 4.740%, 05/10/2045 | 145,926 | |
7,166 | Government National Mortgage Association REMIC 2002-17, Class B, 6.000%, 03/20/2032 | 7,916 |
Principal Amount or Shares | Value | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—continued | |||
Commercial Mortgage—continued | |||
$200,000 | JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049 | $198,807 | |
100,000 | Merrill Lynch Mortgage Trust 2008-C1, Class AM, 6.283%, 02/12/2051 | 103,329 | |
50,000 | Morgan Stanley Capital I 2007-IQ16, Class AM, 6.051%, 12/12/2049 | 51,136 | |
100,000 | Morgan Stanley Capital I 2012-C4, Class AS, 3.773%, 03/15/204 | 104,882 | |
150,000 | 3,4 | UBS-Barclays Commercial Mortgage Trust 2013-C6, Class B, 3.875%, 04/10/2046 | 156,615 |
25,000 | WF-RBS Commercial Mortgage Trust 2012-C6, Class B, 4.697%, 04/15/2045 | 26,957 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $2,994,565) | 2,998,585 | ||
CORPORATE BONDS—14.4% | |||
Basic Industry - Chemicals—0.1% | |||
35,000 | 3,4 | Incitec Pivot Finance LLC, Company Guarantee, Series 144A, 6.000%, 12/10/2019 | 37,724 |
70,000 | RPM International, Inc., 6.500%, 02/15/2018 | 73,274 | |
20,000 | RPM International, Inc., Sr. Unsecd. Note, 6.125%, 10/15/2019 | 21,848 | |
22,000 | Rohm & Haas Co., 6.000%, 09/15/2017 | 22,628 | |
TOTAL | 155,474 | ||
Basic Industry - Metals & Mining—0.5% | |||
100,000 | Alcoa, Inc., 5.870%, 02/23/2022 | 107,890 | |
15,000 | Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 04/15/2040 | 15,045 | |
100,000 | Anglogold Ashanti Holdings PLC, Sr. Unsecd. Note, 5.125%, 08/01/2022 | 103,850 | |
62,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 4.450%, 03/01/2023 | 61,826 | |
40,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 5.200%, 07/15/2021 | 40,421 | |
20,000 | 3,4 | Newcrest Finance Property Ltd., Sr. Unsecd. Note, Series 144A, 4.200%, 10/01/2022 | 20,426 |
100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 04/15/2023 | 103,007 | |
20,000 | Southern Copper Corp., Note, 6.750%, 04/16/2040 | 22,077 | |
160,000 | Worthington Industries, Inc., Sr. Unsecd. Note, 6.500%, 04/15/2020 | 176,023 | |
TOTAL | 650,565 | ||
Basic Industry - Paper—0.0% | |||
10,000 | Plum Creek Timberlands LP, Sr. Unsecd. Note, 3.250%, 03/15/2023 | 10,010 | |
20,000 | Plum Creek Timberlands LP, Sr. Unsecd. Note, 4.700%, 03/15/2021 | 21,269 | |
TOTAL | 31,279 | ||
Capital Goods - Aerospace & Defense—0.3% | |||
211,000 | 3,4 | Embraer Overseas Ltd., Sr. Unsecd. Note, Series 144A, 5.696%, 09/16/2023 | 224,451 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Capital Goods - Aerospace & Defense—continued | |||
$20,000 | Raytheon Co., Sr. Note, 4.400%, 02/15/2020 | $21,409 | |
10,000 | Rockwell Collins, Inc., Sr. Unsecd. Note, 3.100%, 11/15/2021 | 10,165 | |
40,000 | 3,4 | Textron Financial Corp., Jr. Sub. Note, Series 144A, 6.000%, 02/15/2067 | 29,800 |
50,000 | Textron, Inc., Sr. Unsecd. Note, 4.000%, 03/15/2026 | 50,838 | |
50,000 | Textron, Inc., Sr. Unsecd. Note, 4.300%, 03/01/2024 | 52,021 | |
TOTAL | 388,684 | ||
Capital Goods - Building Materials—0.1% | |||
80,000 | Masco Corp., Sr. Unsecd. Note, 4.375%, 04/01/2026 | 82,530 | |
Capital Goods - Construction Machinery—0.0% | |||
40,000 | AGCO Corp., Sr. Unsecd. Note, 5.875%, 12/01/2021 | 42,904 | |
Capital Goods - Diversified Manufacturing—0.2% | |||
15,000 | Avery Dennison Corp., Sr. Unsecd. Note, 5.375%, 04/15/2020 | 16,013 | |
30,000 | General Electric Capital, Sr. Unsecd. Note, Series GMTN, 3.100%, 01/09/2023 | 30,740 | |
80,000 | Hubbell, Inc., 5.950%, 06/01/2018 | 84,449 | |
50,000 | Pentair, Ltd., Company Guarantee, 5.000%, 05/15/2021 | 53,048 | |
15,000 | Thomas & Betts Corp., Sr. Unsecd. Note, 5.625%, 11/15/2021 | 16,985 | |
14,000 | Valmont Industries, Inc., Sr. Unsecd. Note, 6.625%, 04/20/2020 | 15,571 | |
50,000 | Xylem, Inc., Sr. Unsecd. Note, 4.375%, 11/01/2046 | 49,277 | |
TOTAL | 266,083 | ||
Capital Goods - Environmental—0.1% | |||
85,000 | Republic Services, Inc., Company Guarantee, 5.500%, 09/15/2019 | 92,441 | |
Capital Goods - Packaging—0.1% | |||
45,000 | Packaging Corp. of America, Sr. Unsecd. Note, 3.900%, 06/15/2022 | 47,309 | |
10,000 | Rock-Tenn Co., Sr. Unsecd. Note, 4.000%, 03/01/2023 | 10,361 | |
10,000 | Rock-Tenn Co., Sr. Unsecd. Note, 4.450%, 03/01/2019 | 10,400 | |
TOTAL | 68,070 | ||
Communications - Cable & Satellite—0.3% | |||
200,000 | CCO Safari II LLC, 4.908%, 07/23/2025 | 210,062 | |
90,000 | NBC Universal, Inc., Sr. Unsecd. Note, 5.150%, 04/30/2020 | 98,524 | |
30,000 | Time Warner Cable, Inc., Company Guarantee, 8.250%, 04/01/2019 | 33,626 | |
TOTAL | 342,212 | ||
Communications - Media & Entertainment—0.5% | |||
75,000 | 21st Century Fox America, Inc., Sr. Unsecd. Note, 5.400%, 10/01/2043 | 82,227 | |
30,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 01/31/2046 | 29,653 | |
30,000 | Interpublic Group of Cos., Inc., Sr. Unsecd. Note, 2.250%, 11/15/2017 | 30,146 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Communications - Media & Entertainment—continued | |||
$25,000 | Moody's Corp., Sr. Unsecd. Note, 5.500%, 09/01/2020 | $27,444 | |
250,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.600%, 04/15/2026 | 248,231 | |
20,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.625%, 05/01/2022 | 20,612 | |
30,000 | Viacom, Inc., 2.500%, 09/01/2018 | 30,205 | |
100,000 | Viacom, Inc., Sr. Unsecd. Note, 3.875%, 04/01/2024 | 97,106 | |
150,000 | WPP Finance 2010, Sr. Unsecd. Note, 5.625%, 11/15/2043 | 162,069 | |
TOTAL | 727,693 | ||
Communications - Telecom Wireless—0.3% | |||
100,000 | American Tower Corp., Sr. Unsecd. Note, 3.400%, 02/15/2019 | 102,513 | |
50,000 | American Tower Corp., Sr. Unsecd. Note, 4.500%, 01/15/2018 | 51,286 | |
150,000 | Crown Castle International Corp., Sr. Unsecd. Note, 3.700%, 06/15/2026 | 146,433 | |
90,000 | Telefonaktiebolaget LM Ericsson, Sr. Unsecd. Note, 4.125%, 05/15/2022 | 91,271 | |
TOTAL | 391,503 | ||
Communications - Telecom Wirelines—0.2% | |||
90,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 03/15/2024 | 93,550 | |
175,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 5.150%, 09/15/2023 | 193,490 | |
TOTAL | 287,040 | ||
Consumer Cyclical - Automotive—0.8% | |||
175,000 | American Honda Finance Co., Series MTN, 1.193%, 07/14/2017 | 175,171 | |
175,000 | American Honda Finance Co., Unsecd. Deb., Series MTN, 2.250%, 08/15/2019 | 176,378 | |
10,000 | DaimlerChrysler North America Holding Corp., Company Guarantee, 8.500%, 01/18/2031 | 15,077 | |
100,000 | Ford Motor Co., Sr. Unsecd. Note, 4.750%, 01/15/2043 | 93,887 | |
200,000 | Ford Motor Credit Co., Sr. Unsecd. Note, 3.336%, 03/18/2021 | 202,205 | |
150,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.100%, 01/15/2019 | 151,935 | |
160,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.200%, 07/06/2021 | 159,395 | |
10,000 | 3,4 | Harley-Davidson Financial Services, Inc., Sr. Unsecd. Note, Series 144A, 2.700%, 03/15/2017 | 10,022 |
100,000 | 3,4 | Hyundai Capital America, Sr. Unsecd. Note, Series 144A, 2.875%, 08/09/2018 | 101,238 |
65,000 | 3,4 | RCI Banque SA, Sr. Unsecd. Note, Series 144A, 3.500%, 04/03/2018 | 66,164 |
TOTAL | 1,151,472 | ||
Consumer Cyclical - Leisure—0.2% | |||
200,000 | 3 | Football Trust V, Pass Thru Cert., Series 144A, 5.350%, 10/05/2020 | 212,826 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Consumer Cyclical - Lodging—0.1% | |||
$30,000 | Hyatt Hotels Corp., Sr. Unsecd. Note, 3.375%, 07/15/2023 | $29,986 | |
50,000 | Marriott International, Inc., Sr. Unsecd. Note, 3.000%, 03/01/2019 | 50,907 | |
TOTAL | 80,893 | ||
Consumer Cyclical - Retailers—0.6% | |||
50,000 | Advance Auto Parts, Inc., 4.500%, 12/01/2023 | 52,864 | |
40,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.125%, 04/21/2026 | 38,257 | |
250,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 04/15/2025 | 244,342 | |
175,000 | CVS Health Corp., Sr. Unsecd. Note, 2.875%, 06/01/2026 | 166,224 | |
160,000 | Dollar General Corp., Sr. Unsecd. Note, 4.150%, 11/01/2025 | 164,384 | |
10,000 | O'Reilly Automotive, Inc., Company Guarantee, 4.875%, 01/14/2021 | 10,783 | |
80,000 | Under Armour, Inc., Sr. Unsecd. Note, 3.250%, 06/15/2026 | 73,960 | |
35,000 | Wal-Mart Stores, Inc., Sr. Unsecd. Note, 3.300%, 04/22/2024 | 35,977 | |
TOTAL | 786,791 | ||
Consumer Cyclical - Services—0.1% | |||
65,000 | Expedia, Inc., Company Guarantee, 5.950%, 08/15/2020 | 71,520 | |
10,000 | University of Southern California, Sr. Unsecd. Note, 5.250%, 10/01/2111 | 11,500 | |
70,000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | 69,908 | |
TOTAL | 152,928 | ||
Consumer Non-Cyclical - Food/Beverage—0.3% | |||
140,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/01/2026 | 134,050 | |
200,000 | 3,4 | Kerry Group Financial Services, Sr. Unsecd. Note, Series 144A, 3.200%, 04/09/2023 | 196,001 |
50,000 | Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025 | 51,296 | |
TOTAL | 381,347 | ||
Consumer Non-Cyclical - Health Care—0.0% | |||
15,000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 3.200%, 10/01/2022 | 15,089 | |
10,000 | Laboratory Corp. of America Holdings, Sr. Unsecd. Note, 3.750%, 08/23/2022 | 10,339 | |
30,000 | Stryker Corp., Sr. Unsecd. Note, 3.500%, 03/15/2026 | 30,236 | |
TOTAL | 55,664 | ||
Consumer Non-Cyclical - Products—0.2% | |||
200,000 | Newell Rubbermaid, Inc., Sr. Unsecd. Note, 4.200%, 04/01/2026 | 207,388 | |
Consumer Non-Cyclical - Tobacco—0.0% | |||
24,000 | Altria Group, Inc., 9.250%, 08/06/2019 | 28,260 | |
30,000 | Philip Morris International, Inc., 5.650%, 05/16/2018 | 31,535 | |
TOTAL | 59,795 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Energy - Independent—0.4% | |||
$250,000 | Canadian Natural Resources Ltd., 3.900%, 02/01/2025 | $252,085 | |
30,000 | EOG Resources, Inc., Note, 5.625%, 06/01/2019 | 32,521 | |
100,000 | Marathon Oil Corp., Sr. Unsecd. Note, 3.850%, 06/01/2025 | 97,764 | |
75,000 | XTO Energy, Inc., 6.375%, 06/15/2038 | 99,296 | |
60,000 | XTO Energy, Inc., 6.750%, 08/01/2037 | 81,830 | |
TOTAL | 563,496 | ||
Energy - Integrated—0.2% | |||
30,000 | BP Capital Markets America, Inc., Company Guarantee, 4.200%, 06/15/2018 | 30,965 | |
135,000 | BP Capital Markets PLC, 3.119%, 05/04/2026 | 130,766 | |
75,000 | Husky Energy, Inc., 4.000%, 04/15/2024 | 76,823 | |
50,000 | Petrobras International Finance Co., Sr. Unsecd. Note, 5.375%, 01/27/2021 | 50,500 | |
25,000 | Petroleos Mexicanos, Sr. Unsecd. Note, 4.875%, 01/18/2024 | 24,188 | |
TOTAL | 313,242 | ||
Energy - Midstream—0.5% | |||
75,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.900%, 02/01/2024 | 78,612 | |
100,000 | Energy Transfer Partners, Sr. Unsecd. Note, 4.050%, 03/15/2025 | 99,597 | |
170,000 | Enterprise Products Opera, Sr. Unsecd. Note, 3.950%, 02/15/2027 | 173,685 | |
10,000 | 3,4 | Florida Gas Transmission Co. LLC, Sr. Unsecd. Note, Series 144A, 5.450%, 07/15/2020 | 10,761 |
150,000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, 5.000%, 03/01/2043 | 147,114 | |
100,000 | Kinder Morgan, Inc., 5.050%, 02/15/2046 | 99,774 | |
20,000 | 3,4 | Texas Eastern Transmission LP, Sr. Unsecd. Note, Series 144A, 2.800%, 10/15/2022 | 19,656 |
30,000 | Williams Partners LP, Sr. Unsecd. Note, 4.125%, 11/15/2020 | 31,387 | |
TOTAL | 660,586 | ||
Energy - Oil Field Services—0.1% | |||
15,000 | Nabors Industries, Inc., Company Guarantee, 5.000%, 09/15/2020 | 15,645 | |
20,000 | Nabors Industries, Inc., Sr. Unsecd. Note, 4.625%, 09/15/2021 | 20,500 | |
50,000 | Nabors Industries, Inc., Sr. Unsecd. Note, 5.100%, 09/15/2023 | 52,375 | |
2,000 | Noble Holding International Ltd., Company Guarantee, 4.900%, 08/01/2020 | 2,008 | |
TOTAL | 90,528 | ||
Energy - Refining—0.2% | |||
10,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 03/01/2041 | 10,848 | |
50,000 | Phillips 66, Sr. Unsecd. Note, 4.300%, 04/01/2022 | 53,736 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Energy - Refining—continued | |||
$30,000 | Valero Energy Corp., 7.500%, 04/15/2032 | $38,188 | |
10,000 | Valero Energy Corp., 9.375%, 03/15/2019 | 11,490 | |
95,000 | Valero Energy Corp., Sr. Unsecd. Note, 6.625%, 06/15/2037 | 112,717 | |
TOTAL | 226,979 | ||
Financial Institution - Banking—3.4% | |||
74,000 | American Express Co., 2.650%, 12/02/2022 | 73,046 | |
250,000 | American Express Credit Corp., Sr. Unsecd. Note, Series MTN, 2.250%, 05/05/2021 | 246,999 | |
50,000 | BB&T Corp., Sr. Unsecd. Note, Series MTN, 2.250%, 02/01/2019 | 50,371 | |
300,000 | Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.500%, 04/19/2026 | 295,431 | |
100,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 5.000%, 05/13/2021 | 108,567 | |
200,000 | Bank of America Corp., Sub. Note, Series L, 3.950%, 04/21/2025 | 198,754 | |
50,000 | Bank of Montreal, Sr. Unsecd. Note, Series MTN, 1.450%, 04/09/2018 | 49,942 | |
120,000 | Capital One Financial Corp., Sr. Sub., 4.200%, 10/29/2025 | 120,907 | |
200,000 | Citigroup, Inc., Sr. Unsecd. Note, 2.700%, 03/30/2021 | 199,016 | |
250,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.300%, 04/27/2025 | 244,608 | |
170,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.400%, 05/01/2026 | 164,398 | |
100,000 | Citigroup, Inc., Sub. Note, 4.450%, 09/29/2027 | 101,655 | |
25,000 | City National Corp., Sr. Unsecd. Note, 5.250%, 09/15/2020 | 27,469 | |
30,000 | Comerica, Inc., 3.800%, 07/22/2026 | 29,655 | |
200,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 1.350%, 06/01/2017 | 200,117 | |
80,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 2.875%, 7/27/2020 | 81,352 | |
275,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.625%, 01/22/2023 | 280,876 | |
25,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.125%, 02/15/2033 | 30,140 | |
30,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.150%, 04/01/2018 | 31,488 | |
150,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.250%, 02/01/2041 | 187,661 | |
50,000 | HSBC Holdings PLC, Sr. Unsecd. Note, 5.100%, 04/05/2021 | 54,165 | |
250,000 | Huntington National Bank, Sr. Unsecd. Note, 2.200%, 04/01/2019 | 250,734 | |
400,000 | J.P. Morgan Chase & Co., Sub. Note, 3.375%, 05/01/2023 | 400,395 | |
250,000 | Manufacturers & Traders Trust Co., Sr. Unsecd. Note, Series BKNT, 1.338%, 07/25/2017 | 250,240 | |
65,000 | Morgan Stanley, Sr. Unsecd. Note, 4.750%, 03/22/2017 | 65,327 | |
120,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 2.500%, 04/21/2021 | 118,593 | |
175,000 | Morgan Stanley, Sub. Note, Series MTN, 4.100%, 05/22/2023 | 180,010 | |
20,000 | Murray Street Investment Trust I, Sr. Unsecd. Note, 4.647%, 03/09/2017 | 20,062 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Banking—continued | |||
$210,000 | Regions Financial Corp., Sr. Unsecd. Note, 3.200%, 02/08/2021 | $213,840 | |
130,000 | SunTrust Banks, Inc., Sr. Unsecd. Note, 2.900%, 03/03/2021 | 131,589 | |
30,000 | Wachovia Corp., Sr. Unsecd. Note, Series MTN, 5.750%, 02/01/2018 | 31,193 | |
70,000 | Westpac Banking Corp., Sr. Unsecd. Note, 4.875%, 11/19/2019 | 75,195 | |
100,000 | Wilmington Trust Corp., Sub. Note, 8.500%, 04/02/2018 | 107,131 | |
TOTAL | 4,620,926 | ||
Financial Institution - Broker/Asset Mgr/Exchange—0.2% | |||
80,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 01/15/2026 | 81,360 | |
125,000 | Jefferies Group LLC, Sr. Unsecd. Note, 6.875%, 04/15/2021 | 142,223 | |
13,000 | Raymond James Financial, Inc., Sr. Unsecd. Note, 5.625%, 04/01/2024 | 14,520 | |
TOTAL | 238,103 | ||
Financial Institution - Finance Companies—0.1% | |||
170,000 | AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.950%, 02/01/2022 | 173,522 | |
Financial Institution - Insurance - Health—0.2% | |||
170,000 | Aetna, Inc., Sr. Unsecd. Note, 3.200%, 06/15/2026 | 170,270 | |
45,000 | UnitedHealth Group, Inc., Sr. Unsecd. Note, 4.750%, 07/15/2045 | 49,466 | |
50,000 | Wellpoint, Inc., 5.850%, 01/15/2036 | 57,213 | |
TOTAL | 276,949 | ||
Financial Institution - Insurance - Life—0.7% | |||
200,000 | Aflac, Inc., Sr. Unsecd. Note, 3.625%, 06/15/2023 | 207,486 | |
25,000 | American International Group, Inc., 4.500%, 07/16/2044 | 24,479 | |
35,000 | American International Group, Inc., Sr. Unsecd. Note, 4.125%, 02/15/2024 | 36,426 | |
10,000 | Lincoln National Corp., Sr. Unsecd. Note, 4.200%, 03/15/2022 | 10,549 | |
275,000 | 3,4 | Mass Mutual Global Funding II, Series 144A, 2.000%, 04/15/2021 | 268,706 |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 08/01/2039 | 15,500 | |
250,000 | MetLife, Inc., Sr. Unsecd. Note, 3.600%, 04/10/2024 | 256,746 | |
15,000 | 3,4 | Penn Mutual Life Insurance Co., Sr. Note, Series 144A, 7.625%, 06/15/2040 | 18,652 |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.125%, 05/15/2023 | 9,996 | |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.300%, 09/15/2022 | 10,133 | |
50,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040 | 62,231 | |
TOTAL | 920,904 | ||
Financial Institution - Insurance - P&C—0.2% | |||
1,000 | ACE INA Holdings, Inc., Sr. Note, 5.700%, 02/15/2017 | 1,002 | |
80,000 | Berkshire Hathaway, Inc., Sr. Unsecd. Note, 3.125%, 03/15/2026 | 79,410 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Insurance - P&C—continued | |||
$30,000 | CNA Financial Corp., Sr. Unsecd. Note, 7.350%, 11/15/2019 | $34,180 | |
20,000 | Chubb Corp., Sr. Note, 5.750%, 05/15/2018 | 21,055 | |
100,000 | 3,4 | Liberty Mutual Group, Inc., Series 144A, 4.850%, 08/01/2044 | 99,146 |
65,000 | 3,4 | Nationwide Mutual Insurance Co., Sub. Note, Series 144A, 9.375%, 08/15/2039 | 100,859 |
TOTAL | 335,652 | ||
Financial Institution - REIT - Apartment—0.1% | |||
20,000 | Post Apartment Homes LP, Sr. Unsecd. Note, 3.375%, 12/01/2022 | 19,941 | |
10,000 | UDR, Inc., Company Guarantee, 4.625%, 01/10/2022 | 10,689 | |
70,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 09/01/2026 | 65,210 | |
TOTAL | 95,840 | ||
Financial Institution - REIT - Healthcare—0.1% | |||
40,000 | Health Care REIT, Inc., Sr. Unsecd. Note, 6.125%, 04/15/2020 | 44,455 | |
50,000 | Healthcare Trust of America, 3.700%, 04/15/2023 | 50,183 | |
TOTAL | 94,638 | ||
Financial Institution - REIT - Office—0.1% | |||
50,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.900%, 06/15/2023 | 50,952 | |
50,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 4.600%, 04/01/2022 | 52,971 | |
55,000 | Boston Properties LP, Sr. Unsecd. Note, 5.875%, 10/15/2019 | 59,912 | |
TOTAL | 163,835 | ||
Financial Institution - REIT - Other—0.1% | |||
50,000 | ProLogis LP, Sr. Unsecd. Note, 3.350%, 02/01/2021 | 51,511 | |
75,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 04/01/2024 | 76,797 | |
TOTAL | 128,308 | ||
Financial Institution - REIT - Retail—0.1% | |||
50,000 | Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/01/2022 | 50,832 | |
20,000 | Regency Centers LP, Company Guarantee, 4.800%, 04/15/2021 | 21,561 | |
30,000 | Tanger Properties LP, Sr. Unsecd. Note, 6.125%, 06/01/2020 | 33,188 | |
TOTAL | 105,581 | ||
Sovereign—0.0% | |||
30,000 | Corp Andina De Fomento, Sr. Unsecd. Note, 4.375%, 06/15/2022 | 32,030 | |
Technology—1.0% | |||
45,000 | Apple, Inc., Sr. Unsecd. Note, 1.000%, 05/03/2018 | 44,859 | |
30,000 | Apple, Inc., Sr. Unsecd. Note, 2.400%, 05/03/2023 | 29,368 | |
115,000 | Autodesk, Inc., Sr. Unsecd. Note, 4.375%, 06/15/2025 | 118,336 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Technology—continued | |||
$140,000 | Automatic Data Processing, Inc., 3.375%, 09/15/2025 | $143,965 | |
20,000 | Corning, Inc., Unsecd. Note, 4.750%, 03/15/2042 | 19,938 | |
240,000 | 3,4 | Diamond 1 Finance Corp./Diamond 2 Finance Corp., Term Loan - 1st Lien, Series 144A, 6.020%, 06/15/2026 | 259,564 |
125,000 | Equifax, Inc., Sr. Unsecd. Note, 2.300%, 06/01/2021 | 123,177 | |
100,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.500%, 04/15/2023 | 101,943 | |
180,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 5.000%, 10/15/2025 | 195,993 | |
70,000 | Hewlett Packard Enterprise Co., Sr. Unsecd. Note, Series WI, 3.600%, 10/15/2020 | 71,909 | |
20,000 | Ingram Micro, Inc., Sr. Unsecd. Note, 5.000%, 08/10/2022 | 19,691 | |
50,000 | Total System Services, Inc., Sr. Unsecd. Note, 4.800%, 04/01/2026 | 53,681 | |
10,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 09/12/2022 | 10,424 | |
25,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.875%, 01/15/2019 | 26,277 | |
50,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 5.500%, 06/15/2045 | 52,979 | |
20,000 | Xerox Corp., Sr. Unsecd. Note, 2.950%, 03/15/2017 | 20,039 | |
TOTAL | 1,292,143 | ||
Transportation - Airlines—0.1% | |||
130,000 | Southwest Airlines Co., Sr. Unsecd. Note, 5.125%, 03/01/2017 | 130,429 | |
Transportation - Railroads—0.2% | |||
50,000 | Burlington Northern Santa Fe Corp., Deb., 5.750%, 05/01/2040 | 61,314 | |
30,000 | Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.000%, 05/15/2023 | 29,257 | |
225,000 | Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.125%, 06/01/2026 | 214,274 | |
TOTAL | 304,845 | ||
Transportation - Services—0.1% | |||
90,000 | 3,4 | Enterprise Rent-A-Car USA Finance Co., Series 144A, 6.375%, 10/15/2017 | 92,968 |
50,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.450%, 11/15/2018 | 50,475 | |
30,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 3.125%, 01/15/2021 | 31,017 | |
TOTAL | 174,460 | ||
Utility - Electric—1.2% | |||
5,000 | Consolidated Edison Co., Sr. Unsecd. Note, 6.650%, 04/01/2019 | 5,504 | |
110,000 | Duke Energy Corp., Sr. Unsecd. Note, 2.650%, 09/01/2026 | 102,940 | |
70,000 | 3,4 | Electricite de France SA, Note, Series 144A, 5.600%, 01/27/2040 | 77,016 |
140,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 06/15/2046 | 142,846 | |
170,000 | EverSource Energy, Sr. Unsecd. Note, 3.350%, 03/15/2026 | 167,114 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Utility - Electric—continued | |||
$200,000 | Exelon Corp., Sr. Unsecd. Note, 3.400%, 04/15/2026 | $195,706 | |
100,000 | Exelon Generation Co. LLC, Sr. Unsecd. Note, 4.250%, 06/15/2022 | 104,036 | |
10,000 | Great Plains Energy, Inc., Note, 4.850%, 06/01/2021 | 10,714 | |
4,756 | 3,4 | Great River Energy, 1st Mtg. Note, Series 144A, 5.829%, 07/01/2017 | 4,814 |
70,000 | Indiana Michigan Power Co., Sr. Unsecd. Note, Series K, 4.550%, 03/15/2046 | 73,668 | |
110,000 | National Rural Utilities, Sr. Sub., 5.250%, 04/20/2046 | 114,578 | |
25,000 | National Rural Utilities, Sr. Unsecd. Note, Series MTNC, 8.000%, 03/01/2032 | 35,834 | |
50,000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 2.700%, 09/15/2019 | 50,562 | |
80,000 | Northern States Power Co., MN, 1st Mtg. Bond, 5.250%, 03/01/2018 | 83,293 | |
250,000 | PPL Capital Funding, Inc., Sr. Unsecd. Note, 3.100%, 05/15/2026 | 240,329 | |
50,000 | Progress Energy, Inc., 7.050%, 03/15/2019 | 55,151 | |
175,000 | Southern Co., Sr. Unsecd. Note, 3.250%, 07/01/2026 | 169,847 | |
10,000 | TECO Finance, Inc., Company Guarantee, 5.150%, 03/15/2020 | 10,715 | |
40,000 | UIL Holdings Corp., Sr. Unsecd. Note, 4.625%, 10/01/2020 | 41,578 | |
TOTAL | 1,686,245 | ||
Utility - Natural Gas—0.1% | |||
20,000 | Atmos Energy Corp., 8.500%, 03/15/2019 | 22,660 | |
50,000 | Enbridge Energy Partners LP, Sr. Unsecd. Note, 4.200%, 09/15/2021 | 52,301 | |
40,000 | Enbridge, Inc., Sr. Note, 5.600%, 04/01/2017 | 40,293 | |
65,000 | National Fuel Gas Co., Sr. Unsecd. Note, 3.750%, 03/01/2023 | 64,601 | |
TOTAL | 179,855 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $18,955,526) | 19,424,678 | ||
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) | 84,372 | |
U.S. TREASURY—1.1% | |||
310,692 | U.S. Treasury Inflation-Protected Bond, 1.375%, 02/15/2044 | 343,618 | |
992,930 | 6 | U.S. Treasury Inflation-Protected Note, 0.125%, 04/15/2021 | 1,007,317 |
159,962 | U.S. Treasury Inflation-Protected Note, Series A-2022, 0.125%, 01/15/2022 | 162,005 | |
10,000 | United States Treasury Note, 2.250%, 11/15/2024 | 9,931 | |
TOTAL U.S. TREASURY (IDENTIFIED COST $1,501,461) | 1,522,871 |
Principal Amount or Shares | Value | ||
EXCHANGE-TRADED FUND—5.2% | |||
118,000 | iShares MSCI EAFE ETF (IDENTIFIED COST $7,706,053) | $7,036,340 | |
INVESTMENT COMPANIES—17.6%2 | |||
119,049 | Emerging Markets Core Fund | 1,186,918 | |
163,897 | Federated Bank Loan Core Fund | 1,666,837 | |
958,355 | Federated Mortgage Core Portfolio | 9,382,299 | |
314,645 | Federated Project and Trade Finance Core Fund | 2,923,054 | |
5,725,386 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 0.84%7 | 5,725,958 | |
468,162 | High Yield Bond Portfolio | 2,982,191 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $24,520,742) | 23,867,257 | ||
TOTAL INVESTMENTS—99.7% (IDENTIFIED COST $132,549,500)8 | 134,939,162 | ||
OTHER ASSETS AND LIABILITIES - NET—0.3%9 | 342,697 | ||
TOTAL NET ASSETS—100% | $135,281,859 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation (Depreciation) |
1United States Treasury Note 2-Year Long Futures | 128 | $27,750,000 | March 2017 | $2,269 |
1United States Treasury Ultra Bond Long Futures | 11 | $1,767,563 | March 2017 | $(5,182) |
1United States Treasury Note 5-Year Short Futures | 26 | $3,064,547 | March 2017 | $8,665 |
1United States Treasury Note 10-Year Short Futures | 69 | $8,588,344 | March 2017 | $8,867 |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $14,619 |
1 | Non-income-producing security. |
2 | Affiliated company or holdings. |
3 | 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, 2017, these restricted securities amounted to $2,958,910, which represented 2.2% of total net assets. |
4 | 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, 2017, these liquid restricted securities amounted to $2,746,084, which represented 2.0% of total net assets. |
5 | JPMorgan Chase & Co. has fully and unconditionally guaranteed Bear Stearns' outstanding registered debt securities. |
6 | 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. |
7 | 7-day net yield. |
8 | Also represents the cost of investments for federal tax purposes. |
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 | $75,431,151 | $— | $— | $75,431,151 |
International | 3,199,466 | — | — | 3,199,466 |
Debt Securities: | ||||
Asset-Backed Securities | — | 1,374,442 | — | 1,374,442 |
Collateralized Mortgage Obligations | — | 2,998,585 | — | 2,998,585 |
Corporate Bonds | — | 19,424,678 | — | 19,424,678 |
Municipal Bond | — | 84,372 | — | 84,372 |
U.S. Treasury | — | 1,522,871 | — | 1,522,871 |
Exchange-Traded Fund | 7,036,340 | — | — | 7,036,340 |
Investment Companies1 | 5,725,958 | — | — | 23,867,257 |
TOTAL SECURITIES | $91,392,915 | $25,404,948 | $— | $134,939,162 |
Other Financial Instruments2 | ||||
Assets | $19,801 | $— | $— | $19,801 |
Liabilities | (5,182) | — | — | (5,182) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $14,619 | $— | $— | $14,619 |
1 | As permitted by U.S. generally accepted accounting principles (GAAP), Investment Companies valued at $18,141,299 are measured at fair value using the net asset value (NAV) per share practical expedient and have not been categorized in the chart above but are included in the Total column. The amount included herein is intended to permit reconciliation of the fair value classifications to the amounts presented on the Statement of Assets and Liabilities. The price of shares redeemed in Emerging Markets Core Fund, Federated Bank Loan Core Fund, Federated Mortgage Core Portfolio and High Yield Bond Portfolio is the next determined NAV after receipt of a shareholder redemption request. The price of shares redeemed of Federated Project and Trade Finance Core Fund 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. |
ETF | —Exchange-Traded Fund |
FREMF | —Freddie Mac Multifamily K-Deals |
GO | —General Obligation |
MTN | —Medium Term Note |
REIT(s) | —Real Estate Investment Trust(s) |
REMIC | —Real Estate Mortgage Investment Conduit |
Period Ended (unaudited) 1/31/2017 | Year Ended July 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $16.52 | $16.83 | $16.07 | $14.35 | $12.20 | $12.17 |
Income From Investment Operations: | ||||||
Net investment income | 0.131 | 0.241 | 0.201 | 0.171 | 0.141 | 0.171 |
Net realized and unrealized gain (loss) on investments and futures contracts | 0.41 | (0.31) | 0.74 | 1.70 | 2.19 | 0.02 |
TOTAL FROM INVESTMENT OPERATIONS | 0.54 | (0.07) | 0.94 | 1.87 | 2.33 | 0.19 |
Less Distributions: | ||||||
Distributions from net investment income | (0.27) | (0.24) | (0.18) | (0.15) | (0.18) | (0.16) |
Net Asset Value, End of Period | $16.79 | $16.52 | $16.83 | $16.07 | $14.35 | $12.20 |
Total Return2 | 3.27% | (0.37)% | 5.89% | 13.06% | 19.28% | 1.65% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.20%3 | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% |
Net investment income | 1.56%3 | 1.51% | 1.21% | 1.10% | 1.10% | 1.43% |
Expense waiver/reimbursement4 | 0.21%3 | 0.10% | 0.09% | 0.10% | 0.11% | 0.28% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $58,215 | $61,245 | $62,555 | $55,634 | $50,340 | $48,774 |
Portfolio turnover | 40% | 98% | 89% | 34% | 105% | 149% |
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. |
Period Ended (unaudited) 1/31/2017 | Year Ended July 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $16.30 | $16.59 | $15.84 | $14.16 | $12.03 | $11.99 |
Income From Investment Operations: | ||||||
Net investment income | 0.071 | 0.121 | 0.071 | 0.051 | 0.041 | 0.081 |
Net realized and unrealized gain (loss) on investments and futures contracts | 0.40 | (0.31) | 0.74 | 1.67 | 2.16 | 0.03 |
TOTAL FROM INVESTMENT OPERATIONS | 0.47 | (0.19) | 0.81 | 1.72 | 2.20 | 0.11 |
Less Distributions: | ||||||
Distributions from net investment income | (0.14) | (0.10) | (0.06) | (0.04) | (0.07) | (0.07) |
Net Asset Value, End of Period | $16.63 | $16.30 | $16.59 | $15.84 | $14.16 | $12.03 |
Total Return2 | 2.91% | (1.10)% | 5.12% | 12.14% | 18.41% | 0.93% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.95%3 | 2.05% | 2.05% | 2.05% | 2.05% | 2.05% |
Net investment income | 0.80%3 | 0.76% | 0.45% | 0.34% | 0.36% | 0.68% |
Expense waiver/reimbursement4 | 0.18%3 | 0.08% | 0.06% | 0.07% | 0.08% | 0.24% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $28,945 | $29,152 | $31,571 | $34,522 | $35,450 | $34,193 |
Portfolio turnover | 40% | 98% | 89% | 34% | 105% | 149% |
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. |
Period Ended (unaudited) 1/31/2017 | Year Ended July 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $16.57 | $16.87 | $16.11 | $14.39 | $12.23 | $12.21 |
Income From Investment Operations: | ||||||
Net investment income | 0.151 | 0.281 | 0.241 | 0.211 | 0.181 | 0.201 |
Net realized and unrealized gain (loss) on investments and futures contracts | 0.41 | (0.30) | 0.74 | 1.69 | 2.19 | 0.02 |
TOTAL FROM INVESTMENT OPERATIONS | 0.56 | (0.02) | 0.98 | 1.90 | 2.37 | 0.22 |
Less Distributions: | ||||||
Distributions from net investment income | (0.31) | (0.28) | (0.22) | (0.18) | (0.21) | (0.20) |
Net Asset Value, End of Period | $16.82 | $16.57 | $16.87 | $16.11 | $14.39 | $12.23 |
Total Return2 | 3.40% | (0.07)% | 6.13% | 13.30% | 19.63% | 1.87% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.95%3 | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% |
Net investment income | 1.83%3 | 1.76% | 1.46% | 1.35% | 1.35% | 1.69% |
Expense waiver/reimbursement4 | 0.17%3 | 0.05% | 0.04% | 0.06% | 0.07% | 0.23% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $37,953 | $47,757 | $53,291 | $49,667 | $46,365 | $43,341 |
Portfolio turnover | 40% | 98% | 89% | 34% | 105% | 149% |
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. |
Period Ended (unaudited) 1/31/2017 | Year Ended July 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $16.49 | $16.80 | $16.05 | $14.33 | $12.17 | $12.12 |
Income From Investment Operations: | ||||||
Net investment income | 0.081 | 0.201 | 0.161 | 0.131 | 0.091 | 0.111 |
Net realized and unrealized gain (loss) on investments and futures contracts | 0.48 | (0.31) | 0.74 | 1.69 | 2.19 | 0.03 |
TOTAL FROM INVESTMENT OPERATIONS | 0.56 | (0.11) | 0.90 | 1.82 | 2.28 | 0.14 |
Less Distributions: | ||||||
Distributions from net investment income | (0.25) | (0.20) | (0.15) | (0.10) | (0.12) | (0.09) |
Net Asset Value, End of Period | $16.80 | $16.49 | $16.80 | $16.05 | $14.33 | $12.17 |
Total Return2 | 3.41% | (0.59)% | 5.61% | 12.72% | 18.84% | 1.19% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.05%3 | 1.56% | 1.56% | 1.57% | 1.69% | 1.80% |
Net investment income | 0.96%3 | 1.27% | 0.96% | 0.84% | 0.70% | 0.93% |
Expense waiver/reimbursement4 | 0.10%3 | 0.04% | 0.03% | 0.05% | 0.06% | 0.22% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $10,169 | $577 | $532 | $464 | $417 | $526 |
Portfolio turnover | 40% | 98% | 89% | 34% | 105% | 149% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Total investment in securities, at value including $23,867,257 of investment in affiliated holdings (identified cost $132,549,500) | $134,939,162 | |
Cash | 1,474,461 | |
Income receivable | 344,246 | |
Receivable for investments sold | 1,440,651 | |
Receivable for shares sold | 123,353 | |
TOTAL ASSETS | 138,321,873 | |
Liabilities: | ||
Payable for investments purchased | $2,773,313 | |
Payable for shares redeemed | 92,254 | |
Payable for daily variation margin on futures contracts | 7,062 | |
Payable to adviser (Note 5) | 2,591 | |
Payable for administrative fee (Note 5) | 290 | |
Payable for distribution services fee (Note 5) | 18,433 | |
Payable for other service fees (Notes 2 and 5) | 43,871 | |
Accrued expenses (Note 5) | 102,200 | |
TOTAL LIABILITIES | 3,040,014 | |
Net assets for 8,069,158 shares outstanding | $135,281,859 | |
Net Assets Consist of: | ||
Paid-in capital | $141,214,918 | |
Net unrealized appreciation of investments and futures contracts | 2,404,281 | |
Accumulated net realized loss on investments and futures contracts | (8,473,412) | |
Undistributed net investment income | 136,072 | |
TOTAL NET ASSETS | $135,281,859 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($58,215,172 ÷ 3,466,557 shares outstanding), no par value, unlimited shares authorized | $16.79 | |
Offering price per share (100/94.50 of $16.79) | $17.77 | |
Redemption proceeds per share | $16.79 | |
Class C Shares: | ||
Net asset value per share ($28,944,900 ÷ 1,740,844 shares outstanding), no par value, unlimited shares authorized | $16.63 | |
Offering price per share | $16.63 | |
Redemption proceeds per share (99.00/100 of $16.63) | $16.46 | |
Institutional Shares: | ||
Net asset value per share ($37,952,541 ÷ 2,256,304 shares outstanding), no par value, unlimited shares authorized | $16.82 | |
Offering price per share | $16.82 | |
Redemption proceeds per share | $16.82 | |
Class R6 Shares: | ||
Net asset value per share ($10,169,246 ÷ 605,453 shares outstanding), no par value, unlimited shares authorized | $16.80 | |
Offering price per share | $16.80 | |
Redemption proceeds per share | $16.80 |
Investment Income: | |||
Dividends (including $484,159 received from affiliated holdings (Note 5) and net of foreign taxes withheld of $194) | $1,378,130 | ||
Interest | 506,727 | ||
TOTAL INCOME | 1,884,857 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $512,483 | ||
Administrative fee (Note 5) | 53,469 | ||
Custodian fees | 12,093 | ||
Transfer agent fee (Note 2) | 66,619 | ||
Directors'/Trustees' fees (Note 5) | 1,345 | ||
Auditing fees | 15,830 | ||
Legal fees | 5,808 | ||
Portfolio accounting fees | 52,977 | ||
Distribution services fee (Note 5) | 109,273 | ||
Other service fees (Notes 2 and 5) | 108,621 | ||
Share registration costs | 32,412 | ||
Printing and postage | 14,028 | ||
Miscellaneous (Note 5) | 15,144 | ||
TOTAL EXPENSES | 1,000,102 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(31,035) | ||
Reimbursements of other operating expenses (Notes 2 and 5) | (97,636) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (128,671) | ||
Net expenses | 871,431 | ||
Net investment income | 1,013,426 | ||
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | |||
Net realized gain on investments (including realized loss of $(64,067) on sales of investments in affiliated companies (Note 5)) | 2,629,079 | ||
Net realized loss on futures contracts | (43,829) | ||
Realized gain distribution from registered investment company shares (Note 5) | 10,281 | ||
Net change in unrealized appreciation of investments | 715,844 | ||
Net change in unrealized appreciation of futures contracts | (37,465) | ||
Net realized and unrealized gain on investments and futures contracts | 3,273,910 | ||
Change in net assets resulting from operations | $4,287,336 |
Six Months Ended (unaudited) 1/31/2017 | Year Ended 7/31/2016 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $1,013,426 | $1,971,102 |
Net realized gain on investments, including allocation from affiliated partnership and futures contracts | 2,595,531 | 3,110,250 |
Net change in unrealized appreciation/depreciation of investments and futures contracts | 678,379 | (6,117,033) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 4,287,336 | (1,035,681) |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (931,701) | (912,021) |
Class C Shares | (247,433) | (200,679) |
Institutional Shares | (864,627) | (830,257) |
Class R6 Shares | (7,781) | (7,400) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (2,051,542) | (1,950,357) |
Share Transactions: | ||
Proceeds from sale of shares | 17,723,131 | 17,267,895 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,893,322 | 1,804,807 |
Cost of shares redeemed | (25,302,127) | (25,304,874) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (5,685,674) | (6,232,172) |
Change in net assets | (3,449,880) | (9,218,210) |
Net Assets: | ||
Beginning of period | 138,731,739 | 147,949,949 |
End of period (including undistributed net investment income of $136,072 and $1,174,188, respectively) | $135,281,859 | $138,731,739 |
■ | 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 are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (“Trustees”). |
■ | 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 | $36,344 | $(16,950) |
Class C Shares | 13,521 | (4,223) |
Institutional Shares | 16,428 | (2,231) |
Class R6 Shares | 326 | — |
TOTAL | $66,619 | $(23,404) |
Other Service Fees Incurred | |
Class A Shares | $72,711 |
Class C Shares | 35,910 |
TOTAL | $108,621 |
Security | Acquisition Date | Cost | Market Value |
Football Trust V, Pass Thru Cert., Series 144A, 5.350%, 10/05/2020 | 3/24/2010 | $200,000 | $212,826 |
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 | $(14,619)* |
* | Includes cumulative net appreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Futures | |
Interest rate contracts | $(43,829) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures | |
Interest rate contracts | $(37,465) |
Six Months Ended 1/31/2017 | Year Ended 7/31/2016 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 272,890 | $4,533,693 | 587,548 | $9,377,136 |
Shares issued to shareholders in payment of distributions declared | 49,514 | 823,411 | 51,346 | 816,912 |
Shares redeemed | (562,706) | (9,324,292) | (649,638) | (10,261,256) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (240,302) | $(3,967,188) | (10,744) | $(67,208) |
Six Months Ended 1/31/2017 | Year Ended 7/31/2016 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 91,657 | $1,503,266 | 302,928 | $4,781,444 |
Shares issued to shareholders in payment of distributions declared | 13,630 | 224,489 | 11,611 | 182,981 |
Shares redeemed | (152,836) | (2,498,260) | (429,374) | (6,745,049) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (47,549) | $(770,505) | (114,835) | $(1,780,624) |
Six Months Ended 1/31/2017 | Year Ended 7/31/2016 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 122,949 | $2,047,703 | 187,245 | $2,978,562 |
Shares issued to shareholders in payment of distributions declared | 50,388 | 838,960 | 50,127 | 798,534 |
Shares redeemed | (799,183) | (13,397,967) | (513,254) | (8,215,712) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (625,846) | $(10,511,304) | (275,882) | $(4,438,616) |
Six Months Ended 1/31/2017 | Year Ended 7/31/2016 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 575,089 | $9,638,469 | 8,198 | $131,010 |
Shares issued to shareholders in payment of distributions declared | 388 | 6,462 | 402 | 6,380 |
Shares redeemed | (5,017) | (81,608) | (5,256) | (82,857) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 570,460 | 9,563,323 | 3,344 | $54,533 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (343,237) | $(5,685,674) | (398,117) | $(6,231,915) |
Expiration Year | Short-Term | Long-Term | Total |
2018 | $10,992,401 | NA | $10,992,401 |
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 | $109,028 |
Class R Shares (re-designated as Class R6 Shares) | 245 |
TOTAL | $109,273 |
Balance of Shares Held 7/31/2016 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 1/31/2017 | Value | Dividend Income | |
Dynavax Technologies Corp. | — | 5,890 | — | 5,890 | $24,149 | $— |
Balance of Shares Held 7/31/16 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 1/31/17 | Value | Dividend Income | Realized Gain Distribution | |
Emerging Markets Core Fund | 166,883 | 5,184 | (53,018) | 119,049 | $1,186,918 | $52,157 | $10,281 |
Federated Bank Loan Core Fund | 220,091 | 24,915 | (81,109) | 163,897 | $1,666,837 | $51,660 | $— |
Balance of Shares Held 7/31/16 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 1/31/17 | Value | Dividend Income | Realized Gain Distribution | |
Federated Institutional Prime Value Obligation Fund, Institutional Shares | 4,202,435 | 26,354,403 | (24,831,452) | 5,725,386 | $5,725,958 | $10,891 | $— |
Federated Mortgage Core Fund | 1,511,148 | 112,833 | (665,626) | 958,355 | $9,382,299 | $176,296 | $— |
Federated Project and Trade Finance Core Fund | 307,620 | 7,025 | — | 314,645 | $2,923,054 | $65,088 | $— |
High Yield Bond Portfolio | 826,313 | 20,289 | (378,440) | 468,162 | $2,982,191 | $128,067 | $— |
TOTAL OF AFFILIATED TRANSACTIONS | 7,234,490 | 26,524,649 | (26,009,645) | 7,749,494 | $23,867,257 | $484,159 | $10,281 |
Purchases | $52,306,330 |
Sales | $60,125,649 |
Beginning Account Value 8/1/2016 | Ending Account Value 1/31/2017 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,032.70 | $6.15 |
Class C Shares | $1,000 | $1,029.10 | $9.97 |
Institutional Shares | $1,000 | $1,034.00 | $4.87 |
Class R6 Shares | $1,000 | $1,034.10 | $5.38 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.20 | $6.11 |
Class C Shares | $1,000 | $1,015.40 | $9.91 |
Institutional Shares | $1,000 | $1,020.40 | $4.84 |
Class R6 Shares | $1,000 | $1,019.90 | $5.35 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.20% |
Class C Shares | 1.95% |
Institutional Shares | 0.95% |
Class R6 Shares | 1.05% |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R833
CUSIP 31421R825
CUSIP 31421R692
2017 ©Federated Investors, Inc.
Share Class | Ticker |
A | QALGX |
B | QBLGX |
C | QCLGX |
Institutional | QILGX |
Industry Composition | Percentage of Total Net Assets |
Internet Services | 7.9% |
Computers - Low End | 5.6% |
Semiconductor Manufacturing Equipment | 4.4% |
Financial Services | 4.2% |
Soft Drinks | 4.1% |
Auto Original Equipment Manufacturers | 3.8% |
Biotechnology | 3.6% |
Software Packaged/Custom | 3.4% |
Services to Medical Professionals | 3.0% |
Computer Peripherals | 2.9% |
Internet Software & Services | 2.9% |
Ethical Drugs | 2.6% |
Hotels and Motels | 2.6% |
Computers - High End | 2.5% |
Defense Aerospace | 2.5% |
Chemicals | 2.4% |
Cable TV | 2.2% |
AT&T Divestiture | 2.0% |
Medical Supplies | 2.0% |
Medical Technology | 2.0% |
Specialty Retailing | 2.0% |
Broadcasting | 1.9% |
Miscellaneous Food Products | 1.9% |
Pharmaceuticals | 1.8% |
Grocery Chain | 1.6% |
Life Insurance | 1.6% |
Multiline Retail | 1.5% |
Telecommunication Equipment & Services | 1.5% |
Airlines | 1.3% |
Hospitals | 1.3% |
Pollution Control | 1.3% |
Airline – National | 1.1% |
Clothing Stores | 1.1% |
Property Liability Insurance | 1.1% |
Industry Composition | Percentage of Total Net Assets |
Other2 | 10.5% |
Cash Equivalents3 | 1.8% |
Other Assets and Liabilities—Net4 | 0.1% |
TOTAL | 100.0% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, industry classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | For purposes of this table, industry classifications which constitute less than 1.0% of the Fund's total net assets have been aggregated under the designation “Other.” |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS—98.1% | |||
Airline - National—1.1% | |||
13,961 | 1 | Jet Blue Airways Corp. | $273,775 |
8,151 | 1 | United Continental Holdings, Inc. | 574,401 |
TOTAL | 848,176 | ||
Airlines—1.3% | |||
20,294 | Delta Air Lines, Inc. | 958,689 | |
AT&T Divestiture—2.0% | |||
30,459 | Verizon Communications, Inc. | 1,492,796 | |
Auto Manufacturing—0.4% | |||
25,317 | Ford Motor Co. | 312,918 | |
Auto Original Equipment Manufacturers—3.8% | |||
1,745 | 1 | AutoZone, Inc. | 1,265,090 |
11,342 | Lear Corp. | 1,611,585 | |
TOTAL | 2,876,675 | ||
Auto Rentals—0.8% | |||
5,144 | 1 | United Rentals, Inc. | 650,767 |
Baking—0.3% | |||
12,348 | Flowers Foods, Inc. | 248,318 | |
Biotechnology—3.6% | |||
12,695 | Amgen, Inc. | 1,989,052 | |
1,942 | 1 | Biogen, Inc. | 538,400 |
2,817 | Gilead Sciences, Inc. | 204,092 | |
3,637 | 1 | Myriad Genetics, Inc. | 58,847 |
TOTAL | 2,790,391 | ||
Broadcasting—1.9% | |||
1,248 | 1 | AMC Networks, Inc. | 71,573 |
17,772 | CBS Corp., Class B | 1,146,116 | |
9,100 | 1 | Discovery Communications, Inc. | 257,985 |
TOTAL | 1,475,674 | ||
Building Supply Stores—0.6% | |||
6,483 | Lowe's Cos., Inc. | 473,778 | |
Cable TV—2.2% | |||
73,976 | 1 | MSG Networks, Inc. | 1,716,243 |
Chemicals—2.4% | |||
19,526 | LyondellBasell Investment LLC | 1,821,190 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Clothing Stores—1.1% | |||
5,804 | 1 | Fossil, Inc. | $148,408 |
23,364 | Gap (The), Inc. | 538,073 | |
4,310 | 1 | Michael Kors Holdings Ltd. | 184,511 |
TOTAL | 870,992 | ||
Commercial Services & Supplies—0.1% | |||
3,882 | R.R. Donnelley & Sons Co. | 66,576 | |
Computer Peripherals—2.9% | |||
14,780 | NVIDIA Corp. | 1,613,680 | |
16,792 | NetApp, Inc. | 643,470 | |
TOTAL | 2,257,150 | ||
Computers - High End—2.5% | |||
11,155 | IBM Corp. | 1,946,771 | |
Computers - Low End—5.6% | |||
35,355 | Apple, Inc. | 4,290,329 | |
Contracting—0.1% | |||
2,771 | Chicago Bridge & Iron Co., N.V. | 92,025 | |
Cosmetics & Toiletries—0.7% | |||
15,906 | 1 | Avon Products, Inc. | 93,368 |
5,600 | 1 | Sally Beauty Holdings, Inc. | 133,280 |
1,012 | 1 | Ulta Beauty, Inc. | 275,548 |
TOTAL | 502,196 | ||
Defense Aerospace—2.5% | |||
32,264 | Spirit Aerosystems Holdings, Inc., Class A | 1,937,453 | |
Defense Electronics—0.3% | |||
843 | Northrop Grumman Corp. | 193,114 | |
Department Stores—0.2% | |||
2,873 | Dillards, Inc., Class A | 162,152 | |
Discount Department Stores—0.6% | |||
6,847 | Foot Locker, Inc. | 469,293 | |
Diversified Consumer Services—0.1% | |||
2,697 | 1 | ServiceMaster Global Holdings, Inc. | 99,735 |
Ethical Drugs—2.6% | |||
9,757 | Bristol-Myers Squibb Co. | 479,654 | |
9,258 | 1 | United Therapeutics Corp. | 1,514,887 |
TOTAL | 1,994,541 | ||
Financial Services—4.2% | |||
14,400 | Ally Financial, Inc. | 304,128 | |
16,156 | Ameriprise Financial, Inc. | 1,813,834 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Financial Services—continued | |||
2,223 | Mastercard, Inc. | $236,372 | |
44,090 | Western Union Co. | 863,282 | |
TOTAL | 3,217,616 | ||
Grocery Chain—1.6% | |||
35,260 | Kroger Co. | 1,197,430 | |
Home Building—0.1% | |||
3,390 | D. R. Horton, Inc. | 101,395 | |
Home Health Care—0.1% | |||
621 | 1 | Wellcare Health Plans, Inc. | 90,380 |
Home Products—0.7% | |||
9,449 | Tupperware Brands Corp. | 570,342 | |
Hospitals—1.3% | |||
12,720 | 1 | HCA, Inc. | 1,021,162 |
Hotels and Motels—2.6% | |||
25,321 | Wyndham Worldwide Corp. | 2,001,878 | |
Internet Services—7.9% | |||
2,746 | 1 | Amazon.com, Inc. | 2,261,276 |
49,814 | 1 | eBay, Inc. | 1,585,580 |
16,798 | 1 | Facebook, Inc. | 2,189,115 |
TOTAL | 6,035,971 | ||
Internet Software & Services—2.9% | |||
2,710 | 1 | Alphabet, Inc. | 2,222,715 |
Life Insurance—1.6% | |||
12,000 | Prudential Financial, Inc. | 1,261,320 | |
Medical Supplies—2.0% | |||
32,239 | Baxter International, Inc. | 1,544,570 | |
Medical Technology—2.0% | |||
3,039 | 1 | IDEXX Laboratories, Inc. | 371,761 |
9,744 | Zimmer Biomet Holdings, Inc. | 1,153,007 | |
TOTAL | 1,524,768 | ||
Miscellaneous Food Products—1.9% | |||
11,363 | Ingredion, Inc. | 1,456,623 | |
Multi-Industry Capital Goods—0.5% | |||
8,247 | 1 | HD Supply, Inc. | 348,848 |
Multiline Retail—1.5% | |||
38,769 | Macy's, Inc. | 1,145,236 | |
Mutual Fund Adviser—0.1% | |||
2,300 | Waddell & Reed Financial, Inc., Class A | 41,515 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Office Equipment—0.6% | |||
28,428 | Pitney Bowes, Inc. | $452,574 | |
Personal Loans—0.2% | |||
727 | 1 | Credit Acceptance Corp. | 149,239 |
Pharmaceuticals—1.8% | |||
22,128 | AbbVie, Inc. | 1,352,242 | |
Pollution Control—1.3% | |||
13,995 | Waste Management, Inc. | 972,653 | |
Poultry Products—0.6% | |||
7,476 | Tyson Foods, Inc., Class A | 469,418 | |
Property Liability Insurance—1.1% | |||
6,906 | The Travelers Cos., Inc. | 813,389 | |
Restaurant—0.9% | |||
3,896 | Domino's Pizza, Inc. | 680,008 | |
Rubber—0.6% | |||
14,600 | Goodyear Tire & Rubber Co. | 472,894 | |
Semiconductor Manufacturing—0.9% | |||
18,872 | Intel Corp. | 694,867 | |
Semiconductor Manufacturing Equipment—4.4% | |||
56,340 | Applied Materials, Inc. | 1,929,645 | |
12,554 | Lam Research Corp. | 1,441,952 | |
TOTAL | 3,371,597 | ||
Services to Medical Professionals—3.0% | |||
22,732 | 1 | Express Scripts Holding Co. | 1,565,780 |
4,266 | UnitedHealth Group, Inc. | 691,519 | |
TOTAL | 2,257,299 | ||
Shoes—0.3% | |||
9,198 | 1 | Skechers USA, Inc., Class A | 231,054 |
Soft Drinks—4.1% | |||
13,249 | Dr. Pepper Snapple Group, Inc. | 1,208,309 | |
18,425 | PepsiCo, Inc. | 1,912,146 | |
TOTAL | 3,120,455 | ||
Software Packaged/Custom—3.4% | |||
35,613 | CA, Inc. | 1,113,619 | |
2,379 | CDW Corp. | 122,542 | |
8,469 | 1 | Citrix Systems, Inc. | 772,288 |
4,155 | 1 | Electronic Arts, Inc. | 346,652 |
567 | 1 | F5 Networks, Inc. | 75,995 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Software Packaged/Custom—continued | |||
772 | Marketaxess Holdings, Inc. | $144,557 | |
TOTAL | 2,575,653 | ||
Specialty Retailing—2.0% | |||
27,388 | Bed Bath & Beyond, Inc. | 1,105,106 | |
5,900 | Big Lots, Inc. | 295,000 | |
4,516 | GNC Holdings, Inc. | 40,057 | |
698 | Signet Jewelers Ltd. | 54,213 | |
TOTAL | 1,494,376 | ||
Telecommunication Equipment & Services—1.5% | |||
10,326 | 1 | CommScope Holdings Co., Inc. | 390,529 |
9,070 | Motorola, Inc. | 732,040 | |
TOTAL | 1,122,569 | ||
Undesignated Consumer Cyclicals—0.6% | |||
2,009 | 1 | Herbalife Ltd. | 112,906 |
5,300 | Nu Skin Enterprises, Inc., Class A | 274,964 | |
3,300 | 1 | Weight Watchers International, Inc. | 41,085 |
TOTAL | 428,955 | ||
Undesignated Consumer Staples—0.1% | |||
3,283 | Block (H&R), Inc. | 70,453 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $67,375,073) | 75,059,406 | ||
INVESTMENT COMPANY—1.8% | |||
1,362,552 | 2 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 0.84%3 (IDENTIFIED COST $1,362,595) | 1,362,688 |
TOTAL INVESTMENTS—99.9% (IDENTIFIED COST $68,737,668)4 | 76,422,094 | ||
OTHER ASSETS AND LIABILITIES - NET—0.1%5 | 46,644 | ||
TOTAL NET ASSETS—100% | $76,468,738 |
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) 1/31/2017 | Year Ended July 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $15.18 | $17.64 | $16.15 | $13.58 | $10.59 | $10.50 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.002 | 0.04 | 0.02 | 0.03 | 0.04 | (0.02) |
Net realized and unrealized gain (loss) on investments | 1.03 | (0.70) | 1.47 | 2.54 | 2.95 | 0.11 |
TOTAL FROM INVESTMENT OPERATIONS | 1.03 | (0.66) | 1.49 | 2.57 | 2.99 | 0.09 |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (0.09) | (1.80) | — | — | — | — |
TOTAL DISTRIBUTIONS | (0.09) | (1.80) | — | — | — | — |
Net Asset Value, End of Period | $16.12 | $15.18 | $17.64 | $16.15 | $13.58 | $10.59 |
Total Return3 | 6.79% | (3.62)% | 9.23% | 18.92% | 28.23% | 0.86% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.52%4 | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Net investment income (loss) | 0.12%4 | 0.28% | 0.13% | 0.17% | 0.34% | (0.23)% |
Expense waiver/reimbursement5 | 0.10%4 | 0.07% | 0.03% | 0.11% | 0.27% | 0.78% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $45,152 | $45,661 | $55,033 | $54,573 | $49,018 | $40,676 |
Portfolio turnover | 34% | 69% | 91% | 51% | 135% | 258% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than 0.01%. |
3 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2017 | Year Ended July 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $14.16 | $16.71 | $15.41 | $13.05 | $10.25 | $10.24 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.11) | (0.07) | (0.11) | (0.09) | (0.05) | (0.10) |
Net realized and unrealized gain (loss) on investments | 1.02 | (0.68) | 1.41 | 2.45 | 2.85 | 0.11 |
TOTAL FROM INVESTMENT OPERATIONS | 0.91 | (0.75) | 1.30 | 2.36 | 2.80 | 0.01 |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (0.09) | (1.80) | — | — | — | — |
TOTAL DISTRIBUTIONS | (0.09) | (1.80) | — | — | — | — |
Net Asset Value, End of Period | $14.98 | $14.16 | $16.71 | $15.41 | $13.05 | $10.25 |
Total Return2 | 6.43% | (4.41)% | 8.44% | 18.08% | 27.32% | 0.10% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.27%3 | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% |
Net investment income (loss) | (0.63)%3 | (0.49)% | (0.65)% | (0.59)% | (0.44)% | (0.98)% |
Expense waiver/reimbursement4 | 0.10%3 | 0.08% | 0.03% | 0.11% | 0.26% | 0.78% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $14,556 | $14,925 | $16,175 | $10,519 | $7,428 | $4,932 |
Portfolio turnover | 34% | 69% | 91% | 51% | 135% | 258% |
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) 1/31/2017 | Year Ended July 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $13.81 | $16.34 | $15.07 | $12.76 | $10.03 | $10.02 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.06) | (0.06) | (0.10) | (0.08) | (0.05) | (0.09) |
Net realized and unrealized gain (loss) on investments | 0.95 | (0.67) | 1.37 | 2.39 | 2.78 | 0.10 |
TOTAL FROM INVESTMENT OPERATIONS | 0.89 | (0.73) | 1.27 | 2.31 | 2.73 | 0.01 |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (0.09) | (1.80) | — | — | — | — |
TOTAL DISTRIBUTIONS | (0.09) | (1.80) | — | — | — | — |
Net Asset Value, End of Period | $14.61 | $13.81 | $16.34 | $15.07 | $12.76 | $10.03 |
Total Return2 | 6.45% | (4.39)% | 8.43% | 18.10% | 27.22% | 0.10% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.27%3 | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% |
Net investment income (loss) | (0.63)%3 | (0.46)% | (0.63)% | (0.59)% | (0.43)% | (0.98)% |
Expense waiver/reimbursement4 | 0.10%3 | 0.07% | 0.03% | 0.11% | 0.27% | 0.78% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $10,390 | $10,052 | $12,904 | $11,991 | $9,830 | $7,001 |
Portfolio turnover | 34% | 69% | 91% | 51% | 135% | 258% |
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) 1/31/2017 | Year Ended July 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $15.69 | $18.13 | $16.55 | $13.88 | $10.80 | $10.68 |
Income From Investment Operations: | ||||||
Net investment income1 | 0.15 | 0.08 | 0.07 | 0.06 | 0.07 | 0.002 |
Net realized and unrealized gain (loss) on investments | 0.93 | (0.72) | 1.51 | 2.61 | 3.01 | 0.12 |
TOTAL FROM INVESTMENT OPERATIONS | 1.08 | (0.64) | 1.58 | 2.67 | 3.08 | 0.12 |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (0.09) | (1.80) | — | — | — | — |
TOTAL DISTRIBUTIONS | (0.09) | (1.80) | — | — | — | — |
Net Asset Value, End of Period | $16.68 | $15.69 | $18.13 | $16.55 | $13.88 | $10.80 |
Total Return3 | 6.88% | (3.40)% | 9.55% | 19.24% | 28.52% | 1.12% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.27%4 | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
Net investment income | 0.38%4 | 0.52% | 0.37% | 0.40% | 0.58% | 0.02% |
Expense waiver/reimbursement5 | 0.10%4 | 0.07% | 0.03% | 0.10% | 0.27% | 0.78% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $6,372 | $7,469 | $7,888 | $7,502 | $5,002 | $3,774 |
Portfolio turnover | 34% | 69% | 91% | 51% | 135% | 258% |
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 ratios shown above. |
Assets: | ||
Total investment in securities, at value including $1,362,688 of investment in an affiliated holding (Note 5) (identified cost $68,737,668) | $76,422,094 | |
Cash | 72,889 | |
Income receivable | 49,453 | |
Receivable for investments sold | 1,755,329 | |
Receivable for shares sold | 40,722 | |
TOTAL ASSETS | 78,340,487 | |
Liabilities: | ||
Payable for investments purchased | $1,594,260 | |
Payable for shares redeemed | 150,688 | |
Payable to adviser (Note 5) | 1,399 | |
Payable for administrative fee (Note 5) | 164 | |
Payable for distribution services fee (Note 5) | 15,850 | |
Payable for other service fees (Notes 2 and 5) | 24,579 | |
Accrued expenses (Note 5) | 84,809 | |
TOTAL LIABILITIES | 1,871,749 | |
Net assets for 4,866,005 shares outstanding | $76,468,738 | |
Net Assets Consist of: | ||
Paid-in capital | $68,236,452 | |
Net unrealized appreciation of investments | 7,684,426 | |
Accumulated net realized gain on investments | 585,654 | |
Accumulated net investment income (loss) | (37,794) | |
TOTAL NET ASSETS | $76,468,738 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($45,151,954 ÷ 2,800,893 shares outstanding), no par value, unlimited shares authorized | $16.12 | |
Offering price per share (100/94.50 of $16.12) | $17.06 | |
Redemption proceeds per share | $16.12 | |
Class B Shares: | ||
Net asset value per share ($14,555,527 ÷ 971,952 shares outstanding), no par value, unlimited shares authorized | $14.98 | |
Offering price per share | $14.98 | |
Redemption proceeds per share (94.50/100 of $14.98) | $14.16 | |
Class C Shares: | ||
Net asset value per share ($10,389,622 ÷ 711,276 shares outstanding), no par value, unlimited shares authorized | $14.61 | |
Offering price per share | $14.61 | |
Redemption proceeds per share (99.00/100 of $14.61) | $14.46 | |
Institutional Shares: | ||
Net asset value per share ($6,371,635 ÷ 381,884 shares outstanding), no par value, unlimited shares authorized | $16.68 | |
Offering price per share | $16.68 | |
Redemption proceeds per share | $16.68 |
Investment Income: | |||
Dividends (including $2,472 received from an affiliated holding (Note 5) and net of foreign taxes withheld of $58) | $623,648 | ||
Interest | 871 | ||
TOTAL INCOME | 624,519 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $285,206 | ||
Administrative fee (Note 5) | 29,756 | ||
Custodian fees | 5,315 | ||
Transfer agent fee | 83,578 | ||
Directors'/Trustees' fees (Note 5) | 1,108 | ||
Auditing fees | 12,840 | ||
Legal fees | 5,781 | ||
Portfolio accounting fees | 37,565 | ||
Distribution services fee (Note 5) | 93,127 | ||
Other service fees (Notes 2 and 5) | 86,583 | ||
Share registration costs | 30,042 | ||
Printing and postage | 15,237 | ||
Miscellaneous (Note 5) | 12,991 | ||
TOTAL EXPENSES | 699,129 | ||
Waiver/reimbursement of investment adviser fee (Note 5) | (36,816) | ||
Net expenses | 662,313 | ||
Net investment income (loss) | (37,794) | ||
Realized and Unrealized Gain on Investments: | |||
Net realized gain on investments | 824,461 | ||
Net change in unrealized appreciation of investments | 4,033,414 | ||
Net realized and unrealized gain on investments | 4,857,875 | ||
Change in net assets resulting from operations | $4,820,081 |
Six Months Ended (unaudited) 1/31/2017 | Year Ended 7/31/2016 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(37,794) | $53,098 |
Net realized gain on investments | 824,461 | 199,433 |
Net change in unrealized appreciation/depreciation of investments | 4,033,414 | (4,502,195) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 4,820,081 | (4,249,664) |
Distributions to Shareholders: | ||
Distributions from net realized gain on investments | ||
Class A Shares | (251,151) | (5,502,857) |
Class B Shares | (89,003) | (1,867,474) |
Class C Shares | (63,861) | (1,323,955) |
Institutional Shares | (34,298) | (798,673) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (438,313) | (9,492,959) |
Share Transactions: | ||
Proceeds from sale of shares | 5,244,365 | 14,463,299 |
Net asset value of shares issued to shareholders in payment of distributions declared | 400,439 | 8,568,103 |
Cost of shares redeemed | (11,664,023) | (23,183,153) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (6,019,219) | (151,751) |
Change in net assets | (1,637,451) | (13,894,374) |
Net Assets: | ||
Beginning of period | 78,106,189 | 92,000,563 |
End of period (including accumulated net investment income (loss) of $(37,794) and $0, respectively) | $76,468,738 | $78,106,189 |
■ | 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 are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”). |
■ | 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 | $55,541 |
Class B Shares | 18,469 |
Class C Shares | 12,573 |
TOTAL | $86,583 |
Six Months Ended 1/31/2017 | Year Ended 7/31/2016 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 119,856 | $1,862,606 | 310,533 | $4,754,875 |
Shares issued to shareholders in payment of distributions declared | 14,089 | 224,849 | 332,140 | 4,972,137 |
Shares redeemed | (341,758) | (5,239,195) | (753,019) | (11,160,736) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (207,813) | $(3,151,740) | (110,346) | $(1,433,724) |
Six Months Ended 1/31/2017 | Year Ended 7/31/2016 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 112,914 | $1,626,428 | 332,457 | $4,849,130 |
Shares issued to shareholders in payment of distributions declared | 5,885 | 87,332 | 130,599 | 1,832,304 |
Shares redeemed | (201,057) | (2,880,869) | (377,102) | (5,173,438) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (82,258) | $(1,167,109) | 85,954 | $1,507,996 |
Six Months Ended 1/31/2017 | Year Ended 7/31/2016 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 75,529 | $1,065,604 | 166,717 | $2,348,511 |
Shares issued to shareholders in payment of distributions declared | 4,050 | 58,646 | 85,418 | 1,169,370 |
Shares redeemed | (96,078) | (1,350,044) | (314,062) | (4,374,197) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (16,499) | $(225,794) | (61,927) | $(856,316) |
Six Months Ended 1/31/2017 | Year Ended 7/31/2016 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 43,698 | $689,727 | 167,477 | $2,510,783 |
Shares issued to shareholders in payment of distributions declared | 1,792 | 29,612 | 38,466 | 594,292 |
Shares redeemed | (139,771) | (2,193,915) | (164,945) | (2,474,782) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (94,281) | $(1,474,576) | 40,998 | $630,293 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (400,851) | (6,019,219) | (45,321) | (151,751) |
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 | $55,407 |
Class C Shares | 37,720 |
TOTAL | $93,127 |
Balance of Shares Held 7/31/2016 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 1/31/2017 | Value | Dividend Income | |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | 1,355,892 | 8,936,754 | (8,930,094) | 1,362,552 | $1,362,688 | $2,472 |
Purchases | $25,011,331 |
Sales | $31,630,105 |
Beginning Account Value 8/1/2016 | Ending Account Value 1/31/2017 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,067.90 | $7.92 |
Class B Shares | $1,000 | $1,064.30 | $11.81 |
Class C Shares | $1,000 | $1,064.50 | $11.81 |
Institutional Shares | $1,000 | $1,068.80 | $6.62 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,017.50 | $7.73 |
Class B Shares | $1,000 | $1,013.80 | $11.52 |
Class C Shares | $1,000 | $1,013.80 | $11.52 |
Institutional Shares | $1,000 | $1,018.80 | $6.46 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.52% |
Class B Shares | 2.27% |
Class C Shares | 2.27% |
Institutional Shares | 1.27% |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R684
CUSIP 31421R809
CUSIP 31421R882
2017 ©Federated Investors, Inc.
Share Class | Ticker |
A | QASCX |
C | QCSCX |
Institutional | QISCX |
R6 | QLSCX |
Industry Composition | Percentage of Total Net Assets |
Regional Banks | 12.5% |
Financial Services | 5.3% |
Specialty Retailing | 3.8% |
Biotechnology | 3.5% |
Undesignated Consumer Cyclicals | 2.6% |
Auto Original Equipment Manufacturers | 2.5% |
Health Care Equipment & Supplies | 2.5% |
Semiconductor Manufacturing | 2.5% |
Telecommunication Equipment & Services | 1.9% |
Internet & Catalog Retail | 1.8% |
Mortgage and Title | 1.8% |
Electric Utility | 1.7% |
Clothing Stores | 1.6% |
Health Care Providers & Services | 1.6% |
Software Packaged/Custom | 1.6% |
Pharmaceuticals Biotechnology & Life Sciences | 1.5% |
Airline—Regional | 1.4% |
Broadcasting | 1.4% |
Photo-Optical Component—Equipment | 1.4% |
Thrifts & Mortgage Finance | 1.4% |
Cable TV | 1.3% |
Home Building | 1.3% |
Printed Circuit Boards | 1.3% |
Semiconductor Manufacturing Equipment | 1.3% |
Defense Aerospace | 1.2% |
Internet Software & Services | 1.2% |
Computer Peripherals | 1.1% |
Dairy Products | 1.1% |
Rubber | 1.1% |
Securities Brokerage | 1.1% |
Commodity Chemicals | 1.0% |
Industry Composition | Percentage of Total Net Assets |
Electric & Electronic Original Equipment Manufacturers | 1.0% |
Medical Supplies | 1.0% |
Truck Manufacturing | 1.0% |
Other2 | 25.4% |
Cash Equivalents3 | 6.4% |
Other Assets and Liabilities—Net4 | (2.1)% |
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—95.7% | |||
Airline - Regional—1.4% | |||
38,010 | 1 | Hawaiian Holdings, Inc. | $1,936,609 |
Apparel—0.6% | |||
19,301 | 1 | Iconix Brand Group, Inc. | 198,607 |
23,050 | 1 | Perry Ellis International, Inc. | 543,750 |
TOTAL | 742,357 | ||
Auto Original Equipment Manufacturers—2.5% | |||
20,944 | 1 | Cooper-Standard Holding, Inc. | 2,204,984 |
22,820 | Dana, Inc. | 459,595 | |
10,750 | 1 | Tenneco, Inc. | 725,088 |
TOTAL | 3,389,667 | ||
Biotechnology—3.5% | |||
57,492 | 1 | AMAG Pharmaceutical, Inc. | 1,385,557 |
72,697 | 1 | BioCryst Pharmaceuticals, Inc. | 457,991 |
80,364 | 1 | Celldex Therapeutics, Inc. | 261,987 |
44,948 | 1 | ChemoCentryx, Inc. | 326,772 |
160,557 | 1,2 | Dynavax Technologies Corp. | 658,284 |
59,522 | 1 | Exelixis, Inc. | 1,078,539 |
10,960 | 1 | NewLink Genetics Corp. | 133,383 |
148,018 | PDL BioPharma, Inc. | 325,639 | |
10,195 | 1 | Zafgen, Inc. | 42,921 |
TOTAL | 4,671,073 | ||
Bituminous Coal—0.2% | |||
16,977 | 1 | Westmoreland Coal Co. | 308,133 |
Broadcasting—1.4% | |||
56,181 | Sinclair Broadcast Group, Inc. | 1,896,109 | |
Cable TV—1.3% | |||
72,643 | 1 | MSG Networks, Inc. | 1,685,318 |
Chemicals—0.7% | |||
36,920 | Chemours Co./The | 975,426 | |
Clothing Stores—1.6% | |||
84,062 | American Eagle Outfitters, Inc. | 1,270,177 | |
54,546 | 1 | Francesca's Holdings Corp. | 951,282 |
TOTAL | 2,221,459 | ||
Cogeneration—0.1% | |||
10,459 | 1 | Pacific Ethanol, Inc. | 74,259 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Commodity Chemicals—1.0% | |||
21,595 | Trinseo SA | $1,398,276 | |
Communications Equipment—0.5% | |||
19,078 | 1 | Lumentum Holdings, Inc. | 724,010 |
Computer Networking—0.3% | |||
15,230 | Black Box Corp. | 203,321 | |
33,310 | 1 | Extreme Networks, Inc. | 184,204 |
TOTAL | 387,525 | ||
Computer Peripherals—1.1% | |||
26,464 | Bel Fuse, Inc. | 841,555 | |
11,493 | 1 | Synaptics, Inc. | 647,976 |
TOTAL | 1,489,531 | ||
Computer Stores—0.5% | |||
17,143 | 1 | Insight Enterprises, Inc. | 636,520 |
Construction & Engineering—0.9% | |||
16,806 | Argan, Inc. | 1,239,442 | |
Construction Machinery—0.7% | |||
109,979 | Manitowoc, Inc. | 751,157 | |
14,711 | 1 | NCI Building System, Inc. | 235,376 |
TOTAL | 986,533 | ||
Consumer Durables & Apparel—0.5% | |||
30,176 | 1 | American Outdoor Brands Corp. | 642,749 |
Consumer Finance—0.4% | |||
36,171 | 1 | Enova International, Inc. | 510,011 |
Contracting—0.2% | |||
20,933 | 1 | Harsco Corp. | 279,456 |
Dairy Products—1.1% | |||
77,021 | Dean Foods Co. | 1,529,637 | |
Defense Aerospace—1.2% | |||
46,801 | 1 | DigitalGlobe, Inc. | 1,312,768 |
11,199 | 1 | Ducommun, Inc. | 331,826 |
TOTAL | 1,644,594 | ||
Electric & Electronic Original Equipment Manufacturers—1.0% | |||
32,282 | 1 | Generac Holdings, Inc. | 1,299,673 |
Electric Utility—1.7% | |||
20,812 | Avista Corp. | 804,176 | |
26,900 | Northwestern Corp. | 1,536,259 | |
TOTAL | 2,340,435 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Electronic Equipment Instruments & Components—0.5% | |||
17,849 | 1 | Sanmina Corp. | $695,219 |
Electronic Instruments—0.9% | |||
60,841 | 1 | Ixia | 1,183,357 |
Electronic Test/Measuring Equipment—0.6% | |||
27,291 | 1 | Finisar Corp. | 806,995 |
Financial Services—5.3% | |||
51,303 | 1 | Ambac Financial Group, Inc. | 1,073,259 |
10,972 | Banco Latinoamericano de Comercio Exterior SA, Class E | 298,438 | |
23,666 | Deluxe Corp. | 1,724,068 | |
20,717 | Evercore Partners, Inc., Class A | 1,604,532 | |
20,397 | Federal Agricultural Mortgage Association, Class C | 1,135,297 | |
3,850 | First Financial Corp. | 186,147 | |
10,744 | MainSource Financial Group, Inc. | 353,048 | |
22,510 | Union Bankshares Corp. | 827,468 | |
TOTAL | 7,202,257 | ||
Food & Staples Retailing—0.7% | |||
23,405 | SpartanNash Co. | 886,113 | |
Food Wholesaling—0.5% | |||
25,706 | Omega Protein Corp. | 641,365 | |
Gas Distributor—0.3% | |||
6,335 | Northwest Natural Gas Co. | 373,131 | |
Generic Drugs—0.1% | |||
11,153 | 1 | Vanda Pharmaceuticals, Inc. | 157,815 |
Health Care Equipment & Supplies—2.5% | |||
41,084 | 1 | Cardiovascular Systems, Inc. | 1,014,775 |
21,107 | 1 | Glaukos Corp. | 870,030 |
11,295 | 1 | iRadimed Corp. | 103,349 |
63,280 | LeMaitre Vascular, Inc. | 1,437,089 | |
TOTAL | 3,425,243 | ||
Health Care Providers & Services—1.6% | |||
78,079 | 1 | Adeptus Health, Inc. | 559,827 |
58,069 | 1 | Diplomat Pharmacy, Inc. | 797,868 |
32,416 | 1 | Tivity Health, Inc. | 831,470 |
TOTAL | 2,189,165 | ||
Home Building—1.3% | |||
41,977 | 1 | Beazer Homes USA, Inc. | 598,592 |
67,271 | KB Home | 1,101,899 | |
TOTAL | 1,700,491 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Home Health Care—0.6% | |||
58,578 | 1 | Cross Country Healthcare, Inc. | $847,624 |
Home Products—0.3% | |||
23,869 | Libbey, Inc. | 408,399 | |
Hospitals—0.3% | |||
58,466 | 1 | Community Health Systems, Inc. | 374,182 |
Hotels Restaurants & Leisure—0.1% | |||
21,925 | 1 | Noodles & Co. | 96,470 |
Insurance—0.9% | |||
85,416 | State National Cos., Inc. | 1,175,324 | |
Insurance Brokerage—0.1% | |||
7,576 | Crawford & Co., Class B | 91,821 | |
International Bank—0.6% | |||
14,736 | Preferred Bank Los Angeles, CA | 816,522 | |
Internet & Catalog Retail—1.8% | |||
44,966 | 1 | FTD Companies, Inc. | 1,033,318 |
8,874 | 1 | RetailMeNot, Inc. | 80,310 |
90,394 | Travelport Worldwide Ltd. | 1,298,058 | |
TOTAL | 2,411,686 | ||
Internet Software & Services—1.2% | |||
18,700 | 1 | Brightcove, Inc. | 134,640 |
55,060 | 1 | Carbonite, Inc. | 949,785 |
31,227 | 1 | Five9, Inc. | 482,769 |
TOTAL | 1,567,194 | ||
Lumber Products—0.7% | |||
49,908 | 1 | Louisiana-Pacific Corp. | 954,740 |
Machinery—0.4% | |||
16,981 | Global Brass & Copper Holdings, Inc. | 562,920 | |
Major Steel Producer—0.3% | |||
50,475 | 1 | AK Steel Holding Corp. | 407,838 |
Maritime—0.8% | |||
186,799 | Overseas Shipholding Group, Inc. | 917,183 | |
92,545 | Teekay Tankers Ltd., Class A | 226,735 | |
TOTAL | 1,143,918 | ||
Media—0.3% | |||
72,209 | MDC Partners, Inc. | 462,138 | |
Medical Supplies—1.0% | |||
36,768 | 1 | Orthofix International NV | 1,321,442 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Metal Fabrication—0.6% | |||
17,614 | Worthington Industries, Inc. | $841,773 | |
Metals & Mining—0.7% | |||
15,983 | 1 | Cliffs Natural Resources, Inc. | 140,171 |
66,105 | 1 | Cloud Peak Energy, Inc. | 376,137 |
9,537 | 1 | Ryerson Holding Corp. | 101,092 |
34,502 | 1 | SunCoke Energy, Inc. | 304,308 |
TOTAL | 921,708 | ||
Mini-Mill Producer—0.3% | |||
16,416 | Schnitzer Steel Industries, Inc., Class A | 388,238 | |
Miscellaneous Communications—0.9% | |||
51,409 | West Corp. | 1,247,696 | |
Miscellaneous Components—0.4% | |||
36,015 | 1 | Amkor Technology, Inc. | 338,901 |
3,135 | Power Integrations, Inc. | 222,585 | |
TOTAL | 561,486 | ||
Miscellaneous Machinery—0.6% | |||
34,517 | 1 | SPX Corp. | 861,199 |
Mortgage and Title—1.8% | |||
71,566 | 1 | MGIC Investment Corp. | 762,178 |
87,056 | Radian Group, Inc. | 1,601,830 | |
TOTAL | 2,364,008 | ||
Mortgage Banks—0.2% | |||
10,481 | 1 | Altisource Portfolio Solutions S.A. | 298,709 |
Mutual Fund Adviser—0.6% | |||
42,757 | Waddell & Reed Financial, Inc., Class A | 771,764 | |
Office Supplies—0.9% | |||
93,763 | 1 | Acco Brands Corp. | 1,195,478 |
Offshore Driller—0.0% | |||
24,973 | 1 | Seadrill Ltd. | 46,700 |
Oil Gas & Consumable Fuels—0.3% | |||
16,232 | 1 | California Resources Corp. | 347,689 |
Oil Service, Explore & Drill—0.7% | |||
37,076 | 1 | Unit Corp. | 963,976 |
Paint & Related Materials—0.6% | |||
56,336 | 1 | Ferro Corp. | 796,591 |
Paper Products—0.4% | |||
24,977 | Kapstone Paper and Packaging Corp. | 598,948 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Personal Loans—0.6% | |||
85,213 | 1 | Ezcorp, Inc., Class A | $843,609 |
Pharmaceuticals Biotechnology & Life Sciences—1.5% | |||
158,087 | 1 | Impax Laboratories, Inc. | 2,078,844 |
Photo-Optical Component-Equipment—1.4% | |||
12,012 | 1 | Coherent, Inc. | 1,894,653 |
Printed Circuit Boards—1.3% | |||
120,089 | 1 | TTM Technologies | 1,780,920 |
Printing—0.7% | |||
35,018 | Quad Graphics, Inc. | 917,121 | |
Property Liability Insurance—0.6% | |||
31,750 | Universal Insurance Holdings, Inc. | 830,262 | |
Recreational Goods—0.3% | |||
20,986 | 1 | Scientific Games Holdings Corp. | 356,762 |
Regional Banks—12.5% | |||
5,357 | BancFirst Corp. | 505,433 | |
6,980 | Bryn Mawr Bank Corp. | 279,549 | |
4,909 | Cathay Bancorp, Inc. | 178,884 | |
38,995 | CenterState Banks of Florida | 951,088 | |
16,620 | Columbia Banking Systems, Inc. | 660,811 | |
6,947 | Community Trust Bancorp, Inc. | 321,299 | |
6,522 | ConnectOne Bancorp, Inc. | 161,093 | |
20,760 | Enterprise Financial Services Corp. | 864,654 | |
8,667 | 1 | FCB Financial Holdings, Inc. | 406,916 |
26,253 | Farmers Capital Bank Corp. | 975,299 | |
17,224 | Financial Institutions, Inc. | 567,531 | |
69,495 | First Bancorp, Inc. | 2,034,119 | |
5,502 | First Business Financial Services, Inc. | 133,313 | |
5,579 | First Commmonwealth Financial Corp. | 78,776 | |
21,815 | First Merchants Corp. | 836,169 | |
6,935 | First Midwest Bancorp, Inc. | 168,382 | |
107,163 | 1 | First NBC Bank Holding Co. | 428,652 |
2,948 | Great Southern Bancorp, Inc. | 147,547 | |
16,357 | Hancock Holding Co. | 749,968 | |
7,681 | Heartland Financial USA, Inc. | 359,471 | |
2,053 | Independent Bank Corp., Massachusetts | 128,005 | |
9,190 | Lakeland Bancorp, Inc. | 170,475 | |
27,285 | LegacyTexas Financial Group, Inc. | 1,127,416 | |
8,881 | Mercantile Bank Corp. | 286,856 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Regional Banks—continued | |||
12,747 | Midland States Bancorp, Inc. | $431,613 | |
4,200 | MidSouth Bancorp, Inc. | 60,690 | |
11,033 | OFG Bancorp. | 146,187 | |
24,470 | Peapack-Gladstone Financial Corp. | 739,116 | |
3,460 | Peoples Bancorp, Inc. | 107,433 | |
18,077 | QCR Holdings, Inc. | 758,330 | |
21,857 | Republic Bancorp, Inc. | 757,345 | |
3,130 | S & T Bancorp, Inc. | 117,751 | |
1,936 | Sandy Spring Bancorp, Inc. | 79,318 | |
8,625 | 1 | Seacoast Banking Corp. of Florida | 187,853 |
10,246 | Sterling Bancorp | 244,367 | |
5,238 | TriCo Bancshares | 193,125 | |
4,516 | UMB Financial Corp. | 348,364 | |
3,345 | Wintrust Financial Corp. | 239,502 | |
TOTAL | 16,932,700 | ||
Rubber—1.1% | |||
40,209 | Cooper Tire & Rubber Co. | 1,457,576 | |
Savings & Loan—0.7% | |||
19,083 | First Defiance Financial Corp. | 924,762 | |
Securities Brokerage—1.1% | |||
20,589 | 1 | Piper Jaffray Cos., Inc. | 1,451,524 |
Semiconductor Manufacturing—2.5% | |||
59,281 | 1 | Advanced Micro Devices, Inc. | 614,744 |
9,450 | 1 | Ceva, Inc. | 334,057 |
18,836 | 1 | Cirrus Logic, Inc. | 1,136,188 |
14,990 | Monolithic Power Systems | 1,307,728 | |
TOTAL | 3,392,717 | ||
Semiconductor Manufacturing Equipment—1.3% | |||
23,480 | 1 | Advanced Energy Industries, Inc. | 1,381,563 |
15,441 | 1 | Alpha & Omega Semiconductor Ltd. | 314,225 |
TOTAL | 1,695,788 | ||
Software Packaged/Custom—1.6% | |||
12,829 | 1 | Barracuda Networks, Inc. | 301,354 |
8,434 | 1 | Paycom Software, Inc. | 389,988 |
17,920 | 1 | Proofpoint, Inc. | 1,436,467 |
TOTAL | 2,127,809 | ||
Specialty Retailing—3.8% | |||
56,267 | Big 5 Sporting Goods Corp. | 866,512 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Specialty Retailing—continued | |||
7,920 | 1 | Build-A-Bear Workshop, Inc. | $95,040 |
23,458 | Children's Place, Inc./The | 2,275,426 | |
92,180 | GNC Holdings, Inc. | 817,636 | |
97,037 | Office Depot, Inc. | 431,815 | |
33,181 | Pier 1 Imports, Inc. | 241,226 | |
20,127 | Tailored Brands, Inc. | 427,699 | |
TOTAL | 5,155,354 | ||
Telecommunication Equipment & Services—1.9% | |||
12,848 | 1 | CIENA Corp. | 312,720 |
33,017 | 1 | Mastec, Inc. | 1,229,883 |
16,721 | 1 | Ubiquiti Networks, Inc. | 1,043,391 |
TOTAL | 2,585,994 | ||
Telecommunication Services—0.2% | |||
91,191 | 1 | Intelsat SA | 329,200 |
Thrifts & Mortgage Finance—1.4% | |||
35,534 | Beneficial Mutual Bancorp, Inc. | 634,282 | |
13,826 | Meta Financial Group, Inc. | 1,214,614 | |
26,166 | 1 | Walter Investment Management Corp. | 99,431 |
TOTAL | 1,948,327 | ||
Truck Manufacturing—1.0% | |||
29,286 | Spartan Motors, Inc. | 231,359 | |
60,060 | Wabash National Corp. | 1,060,059 | |
TOTAL | 1,291,418 | ||
Undesignated Consumer Cyclicals—2.6% | |||
31,997 | 1 | Career Education Corp. | 312,611 |
59,353 | Convergys Corp. | 1,473,141 | |
35,528 | DeVry Education Group, Inc. | 1,190,188 | |
23,638 | Rent-A-Center, Inc. | 211,797 | |
24,945 | 1 | Weight Watchers International, Inc. | 310,565 |
TOTAL | 3,498,302 | ||
Undesignated Consumer Staples—0.5% | |||
17,506 | Medifast, Inc. | 738,228 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $120,357,774) | 129,350,004 |
Shares | Value | ||
INVESTMENT COMPANY—6.4% | |||
8,696,841 | 2 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 0.84%3 (IDENTIFIED COST $8,697,206) | $8,697,711 |
TOTAL INVESTMENTS—102.1% (IDENTIFIED COST $129,054,980)4 | 138,047,715 | ||
OTHER ASSETS AND LIABILITIES - NET— (2.1)%5 | (2,885,209) | ||
TOTAL NET ASSETS—100% | $135,162,506 |
1 | Non-income-producing security. |
2 | Affiliated company or 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) 1/31/2017 | Year Ended July 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $15.08 | $15.66 | $15.07 | $13.70 | $9.52 | $9.88 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.01)1 | 0.031 | (0.05)1 | (0.12)1 | (0.01)1 | (0.06)1 |
Net realized and unrealized gain (loss) on investments | 2.57 | 1.02 | 1.57 | 1.49 | 4.19 | (0.30) |
TOTAL FROM INVESTMENT OPERATIONS | 2.56 | 1.05 | 1.52 | 1.37 | 4.18 | (0.36) |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (0.15) | (1.63) | (0.93) | — | — | — |
Net Asset Value, End of Period | $17.49 | $15.08 | $15.66 | $15.07 | $13.70 | $9.52 |
Total Return2 | 16.95% | 7.90% | 10.22% | 10.00% | 43.91% | (3.64)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.14%3 | 1.13% | 1.48% | 1.70% | 1.70% | 1.71% |
Net investment income (loss) | (0.07)%3 | 0.19% | (0.35)% | (0.77)% | (0.05)% | (0.65)% |
Expense waiver/reimbursement4 | 0.60%3 | 1.10% | 0.76% | 0.52% | 1.09% | 4.24% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $37,805 | $13,035 | $7,160 | $5,346 | $3,694 | $2,550 |
Portfolio turnover | 46% | 189% | 166% | 174% | 184% | 200% |
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) 1/31/2017 | Year Ended July 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $13.70 | $14.48 | $14.10 | $12.91 | $9.04 | $9.45 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.06)1 | (0.07)1 | (0.16)1 | (0.21)1 | (0.09)1 | (0.12)1 |
Net realized and unrealized gain (loss) on investments | 2.32 | 0.92 | 1.47 | 1.40 | 3.96 | (0.29) |
TOTAL FROM INVESTMENT OPERATIONS | 2.26 | 0.85 | 1.31 | 1.19 | 3.87 | (0.41) |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (0.15) | (1.63) | (0.93) | — | — | — |
Net Asset Value, End of Period | $15.81 | $13.70 | $14.48 | $14.10 | $12.91 | $9.04 |
Total Return2 | 16.47% | 7.12% | 9.41% | 9.22% | 42.81% | (4.34)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.89%3 | 1.88% | 2.28% | 2.45% | 2.45% | 2.46% |
Net investment income (loss) | (0.83)%3 | (0.56)% | (1.11)% | (1.50)% | (0.81)% | (1.41)% |
Expense waiver/reimbursement4 | 0.62%3 | 1.11% | 0.72% | 0.54% | 1.11% | 4.24% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $10,001 | $3,422 | $3,031 | $3,338 | $2,636 | $2,358 |
Portfolio turnover | 46% | 189% | 166% | 174% | 184% | 200% |
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) 1/31/2017 | Year Ended July 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $15.54 | $16.04 | $15.38 | $13.94 | $9.67 | $10.00 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.011 | 0.061 | (0.02)1 | (0.08)1 | 0.031 | (0.04)1 |
Net realized and unrealized gain (loss) on investments | 2.64 | 1.07 | 1.61 | 1.52 | 4.24 | (0.29) |
TOTAL FROM INVESTMENT OPERATIONS | 2.65 | 1.13 | 1.59 | 1.44 | 4.27 | (0.33) |
Less Distributions: | ||||||
Distributions from net investment income | (0.01) | — | — | — | — | — |
Distributions from net realized gain on investments | (0.15) | (1.63) | (0.93) | — | — | — |
TOTAL DISTRIBUTIONS | (0.16) | (1.63) | (0.93) | — | — | — |
Net Asset Value, End of Period | $18.03 | $15.54 | $16.04 | $15.38 | $13.94 | $9.67 |
Total Return2 | 17.00% | 8.24% | 10.48% | 10.33% | 44.16% | (3.30)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.89%3 | 0.88% | 1.26% | 1.45% | 1.45% | 1.46% |
Net investment income (loss) | 0.15%3 | 0.43% | (0.11)% | (0.51)% | 0.23% | (0.44)% |
Expense waiver/reimbursement4 | 0.56%3 | 1.11% | 0.74% | 0.52% | 1.10% | 3.77% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $87,253 | $24,529 | $20,504 | $21,486 | $14,084 | $11,650 |
Portfolio turnover | 46% | 189% | 166% | 174% | 184% | 200% |
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. |
Six Months Ended (unaudited) 1/31/2017 | Period Ended 7/31/20161 | |
Net Asset Value, Beginning of Period | $15.54 | $13.88 |
Income From Investment Operations: | ||
Net investment income (loss) | (0.05)2 | (0.01)2 |
Net realized and unrealized gain on investments | 2.69 | 1.67 |
TOTAL FROM INVESTMENT OPERATIONS | 2.64 | 1.66 |
Less Distributions: | ||
Distributions from net realized gain on investments | (0.15) | — |
Net Asset Value, End of Period | $18.03 | $15.54 |
Total Return3 | 17.00% | 11.96% |
Ratios to Average Net Assets: | ||
Net expenses | 0.87%4 | 0.87%4 |
Net investment income (loss) | (0.59)%4 | (0.04)%4 |
Expense waiver/reimbursement5 | 0.42%4 | 0.97%4 |
Supplemental Data: | ||
Net assets, end of period (000 omitted) | $103 | $06 |
Portfolio turnover | 46% | 189%7 |
1 | Reflects operations for the period from June 29, 2016 (date of initial investment) to July 31, 2016. |
2 | Per share numbers have been calculated using the average shares method. |
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 $1,000. |
7 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the period ended July 31, 2016. |
Assets: | ||
Total investment in securities, at value including $8,697,711 of investment in an affiliated holding (identified cost $129,054,980) | $138,047,715 | |
Income receivable | 40,912 | |
Receivable for investments sold | 464,202 | |
Receivable for shares sold | 2,730,195 | |
TOTAL ASSETS | 141,283,024 | |
Liabilities: | ||
Payable for investments purchased | $5,162,067 | |
Payable for shares redeemed | 897,444 | |
Payable to adviser (Note 5) | 2,715 | |
Payable for administrative fee (Note 5) | 287 | |
Payable for distribution services fee (Note 5) | 5,846 | |
Payable for other service fees (Notes 2 and 5) | 16,566 | |
Accrued expenses (Note 5) | 35,593 | |
TOTAL LIABILITIES | 6,120,518 | |
Net assets for 7,638,324 shares outstanding | $135,162,506 | |
Net Assets Consist of: | ||
Paid-in capital | $124,284,550 | |
Net unrealized appreciation of investments | 8,992,735 | |
Accumulated net realized gain on investments | 1,902,234 | |
Distributions in excess of net investment income (loss) | (17,013) | |
TOTAL NET ASSETS | $135,162,506 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($37,805,390 ÷ 2,161,992 shares outstanding), no par value, unlimited shares authorized | $17.49 | |
Offering price per share (100/94.50 of $17.49) | $18.51 | |
Redemption proceeds per share | $17.49 | |
Class C Shares: | ||
Net asset value per share ($10,001,314 ÷ 632,639 shares outstanding), no par value, unlimited shares authorized | $15.81 | |
Offering price per share | $15.81 | |
Redemption proceeds per share (99.00/100 of $15.81) | $15.65 | |
Institutional Shares: | ||
Net asset value per share ($87,252,501 ÷ 4,837,964 shares outstanding), no par value, unlimited shares authorized | $18.03 | |
Offering price per share | $18.03 | |
Redemption proceeds per share | $18.03 | |
Class R6 Shares: | ||
Net asset value per share ($103,301 ÷ 5,729 shares outstanding), no par value, unlimited shares authorized | $18.03 | |
Offering price per share | $18.03 | |
Redemption proceeds per share | $18.03 |
Investment Income: | |||
Dividends (including $10,652 received from an affiliated holding (Note 4) and net of foreign taxes withheld of $467) | $385,407 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $363,613 | ||
Administrative fee (Note 5) | 28,747 | ||
Custodian fees | 12,055 | ||
Transfer agent fee (Note 2) | 25,668 | ||
Directors'/Trustees' fees (Note 5) | 975 | ||
Auditing fees | 12,839 | ||
Legal fees | 5,852 | ||
Portfolio accounting fees | 37,918 | ||
Distribution services fee (Note 5) | 20,763 | ||
Other service fees (Notes 2 and 5) | 32,909 | ||
Share registration costs | 33,937 | ||
Printing and postage | 9,706 | ||
Miscellaneous (Note 5) | 6,745 | ||
TOTAL EXPENSES | 591,727 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(197,468) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (14,259) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (211,727) | ||
Net expenses | 380,000 | ||
Net investment income | 5,407 | ||
Realized and Unrealized Gain on Investments: | |||
Net realized gain on investments | 3,641,985 | ||
Net change in unrealized appreciation of investments | 6,045,254 | ||
Net realized and unrealized gain on investments | 9,687,239 | ||
Change in net assets resulting from operations | $9,692,646 |
Six Months Ended (unaudited) 1/31/2017 | Year Ended 7/31/2016 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $5,407 | $86,647 |
Net realized gain on investments | 3,641,985 | 238,839 |
Net change in unrealized appreciation/depreciation of investments | 6,045,254 | 2,534,704 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 9,692,646 | 2,860,190 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | — | (24,130) |
Class C Shares | — | (8,056) |
Institutional Shares | (22,420) | (54,461) |
Distributions from net realized gain on investments | ||
Class A Shares | (229,905) | (899,981) |
Class C Shares | (64,270) | (346,517) |
Institutional Shares | (502,694) | (2,022,825) |
Class R6 Shares | (1) | — |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (819,290) | (3,355,970) |
Share Transactions: | ||
Proceeds from sale of shares | 98,702,559 | 18,430,305 |
Net asset value of shares issued to shareholders in payment of distributions declared | 801,641 | 3,230,590 |
Cost of shares redeemed | (14,201,923) | (10,873,114) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 85,302,277 | 10,787,781 |
Change in net assets | 94,175,633 | 10,292,001 |
Net Assets: | ||
Beginning of period | 40,986,873 | 30,694,872 |
End of period (including distributions in excess of net investment income of $(17,013) and $0, respectively) | $135,162,506 | $40,986,873 |
■ | 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 are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (“Trustees”). |
■ | 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 | $8,389 | $(5,136) |
Class C Shares | 3,066 | (1,964) |
Institutional Shares | 14,211 | (7,159) |
Class R6 Shares | 2 | — |
TOTAL | $25,668 | $(14,259) |
Other Service Fees Incurred | |
Class A Shares | $26,233 |
Class C Shares | 6,676 |
TOTAL | $32,909 |
Six Months Ended 1/31/2017 | Year Ended 7/31/2016 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,525,084 | $25,969,857 | 499,161 | $7,058,133 |
Shares issued to shareholders in payment of distributions declared | 12,847 | 227,778 | 67,053 | 904,542 |
Shares redeemed | (240,203) | (3,971,954) | (159,177) | (2,155,066) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 1,297,728 | $22,225,681 | 407,037 | $5,807,609 |
Six Months Ended 1/31/2017 | Year Ended 7/31/2016 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 442,531 | $6,872,440 | 87,018 | $1,153,452 |
Shares issued to shareholders in payment of distributions declared | 3,710 | 59,508 | 22,980 | 282,655 |
Shares redeemed | (63,413) | (969,240) | (69,504) | (901,369) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 382,828 | $5,962,708 | 40,494 | $534,738 |
Six Months Ended 1/31/2017 | Year Ended 7/31/2016 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 3,786,597 | $65,757,474 | 705,662 | $10,218,620 |
Shares issued to shareholders in payment of distributions declared | 28,142 | 514,355 | 147,325 | 2,043,393 |
Shares redeemed | (555,621) | (9,260,729) | (552,221) | (7,816,679) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 3,259,118 | $57,011,100 | 300,766 | $4,445,334 |
Six Months Ended 1/31/2017 | Period Ended 7/31/20161 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 5,722 | $102,788 | 7.205 | $100 |
Shares issued to shareholders in payment of distributions declared | — | — | — | — |
Shares redeemed | (—) | (—) | (—) | (—) |
NET CHANGE RESULTING FROM CLASS R6 SHARES TRANSACTIONS | 5,722 | $102,788 | 7.205 | $100 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 4,945,396 | $85,302,277 | 748,304.205 | $10,787,781 |
1 | Reflects operations for the period from June 29, 2016 (date of initial investment) to July 31, 2016. |
Expiration Year | Short-Term | Long-Term | Total |
2018 | $537,274 | NA | $537,274 |
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 | $20,763 |
Balance of Shares Held 7/31/2016 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 1/31/2017 | Value | Dividend Income | |
Dynavax Technologies Corp | — | 160,557 | — | 160,557 | $658,284 | $— |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2016 | 803,721 |
Purchases/Additions | 50,369,455 |
Sales/Reductions | (42,476,335) |
Balance of Shares Held 1/31/2017 | 8,696,841 |
Value | $8,697,711 |
Dividend Income | $10,652 |
Purchases | $112,881,188 |
Sales | $33,604,153 |
Beginning Account Value 8/1/2016 | Ending Account Value 1/31/2017 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,169.50 | $6.23 |
Class C Shares | $1,000 | $1,164.70 | $10.31 |
Institutional Shares | $1,000 | $1,170.00 | $4.87 |
Class R6 Shares | $1,000 | $1,170.00 | $4.76 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.50 | $5.80 |
Class C Shares | $1,000 | $1,015.70 | $9.60 |
Institutional Shares | $1,000 | $1,020.70 | $4.53 |
Class R6 Shares | $1,000 | $1,020.80 | $4.43 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.14% |
Class C Shares | 1.89% |
Institutional Shares | 0.89% |
Class R6 Shares | 0.87% |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R791
CUSIP 31421R783
CUSIP 31421R627
2017 ©Federated Investors, Inc.
Share Class | Ticker |
A | QASGX |
B | QBSGX |
C | QCSGX |
Institutional | QISGX |
R6 | QLSGX |
Industry Composition | Percentage of Total Net Assets |
Biotechnology | 7.1% |
Specialty Retailing | 4.5% |
Software Packaged/Custom | 4.0% |
Semiconductor Manufacturing | 3.7% |
Auto Original Equipment Manufacturers | 3.2% |
Financial Services | 3.0% |
Medical Supplies | 2.9% |
Health Care Equipment & Supplies | 2.7% |
Insurance | 2.6% |
Internet Services | 2.6% |
Telecommunication Equipment & Services | 2.5% |
Specialty Chemicals | 2.3% |
Software | 2.2% |
IT Services | 2.1% |
Undesignated Consumer Cyclicals | 2.1% |
Photo-Optical Component Equipment | 1.9% |
Broadcasting | 1.8% |
Generic Drugs | 1.7% |
Health Care Providers & Services | 1.7% |
Pharmaceuticals | 1.7% |
Entertainment | 1.6% |
Airline - Regional | 1.4% |
Electric & Electronic Original Equipment Manufacturers | 1.3% |
Miscellaneous Machinery | 1.3% |
Clothing Stores | 1.2% |
Internet Software & Services | 1.2% |
Restaurants | 1.2% |
Semiconductor Manufacturing Equipment | 1.2% |
Construction & Engineering | 1.1% |
Dairy Products | 1.1% |
Metal Fabrication | 1.1% |
Undesignated Consumer Staples | 1.1% |
Cable TV | 1.0% |
Cosmetics & Toiletries | 1.0% |
Life Sciences Tools & Services | 1.0% |
Multi-Industry Capital Goods | 1.0% |
Property Liability Insurance | 1.0% |
Industry Composition | Percentage of Total Net Assets |
Other2 | 21.5% |
Cash Equivalents3 | 3.2% |
Other Assets and Liabilities—Net4 | (0.8)% |
TOTAL | 100.0% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, industry classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | For purposes of this table, industry classifications which constitute less than 1.0% of the Fund's total net assets have been aggregated under the designation “Other.” |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS—97.6% | |||
Airline - Regional—1.4% | |||
31,081 | 1 | Hawaiian Holdings, Inc. | $1,583,577 |
Auto Original Equipment Manufacturers—3.2% | |||
17,550 | 1 | American Axle & Manufacturing Holdings, Inc. | 358,020 |
77,507 | 1 | Commercial Vehicle Group, Inc. | 461,942 |
15,983 | 1 | Cooper-Standard Holding, Inc. | 1,682,690 |
19,006 | 1 | Stoneridge, Inc. | 311,889 |
10,554 | 1 | Tenneco, Inc. | 711,867 |
TOTAL | 3,526,408 | ||
Auto Part Replacement—0.2% | |||
10,232 | Supreme Industries, Inc. | 187,860 | |
Biotechnology—7.1% | |||
7,350 | 1 | Anika Therapeutics, Inc. | 371,469 |
45,938 | 1 | BioCryst Pharmaceuticals, Inc. | 289,409 |
23,880 | 1 | Blueprint Medicines Corp. | 813,830 |
11,451 | 1 | Cambrex Corp. | 600,605 |
104,454 | 1 | Celldex Therapeutics, Inc. | 340,520 |
58,211 | 1 | ChemoCentryx, Inc. | 423,194 |
7,722 | 1 | Clovis Oncology, Inc. | 500,386 |
86,569 | 1,2 | Dynavax Technologies Corp. | 354,933 |
22,535 | 1 | Exact Sciences Corp. | 427,038 |
41,102 | 1 | Exelixis, Inc. | 744,768 |
35,510 | 1 | INSYS Therapeutics, Inc. | 363,622 |
10,968 | 1 | MacroGenics, Inc. | 202,579 |
32,304 | 1 | NewLink Genetics Corp. | 393,140 |
84,022 | PDL BioPharma, Inc. | 184,848 | |
20,012 | 1 | Seres Therapeutics, Inc. | 197,919 |
5,291 | 1 | Tesaro, Inc. | 861,587 |
25,327 | 1 | Xencor, Inc. | 603,543 |
35,482 | 1 | Zafgen, Inc. | 149,379 |
TOTAL | 7,822,769 | ||
Broadcasting—1.8% | |||
57,175 | Sinclair Broadcast Group, Inc. | 1,929,656 | |
Building Products—0.5% | |||
34,885 | 1 | Ply Gem Holdings, Inc. | 563,393 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Cable TV—1.0% | |||
46,552 | 1 | MSG Networks, Inc. | $1,080,006 |
Chemicals—0.6% | |||
26,064 | Chemours Co./The | 688,611 | |
Clothing Stores—1.2% | |||
54,752 | American Eagle Outfitters, Inc. | 827,303 | |
27,545 | 1 | Francesca's Holdings Corp. | 480,385 |
TOTAL | 1,307,688 | ||
Cogeneration—0.2% | |||
86,100 | 1 | Rentech, Inc. | 221,707 |
Communications Equipment—0.6% | |||
17,053 | 1 | Lumentum Holdings, Inc. | 647,161 |
Computer Networking—0.1% | |||
19,941 | 1 | Extreme Networks, Inc. | 110,274 |
Computer Peripherals—0.8% | |||
7,274 | 1 | 3D Systems Corp. | 119,948 |
13,139 | 1 | Synaptics, Inc. | 740,777 |
TOTAL | 860,725 | ||
Computer Services—0.2% | |||
13,056 | 1 | Unisys Corp. | 167,770 |
Computer Stores—0.2% | |||
6,322 | 1 | Insight Enterprises, Inc. | 234,736 |
Construction & Engineering—1.1% | |||
15,998 | Argan, Inc. | 1,179,852 | |
Consumer Durables & Apparel—0.4% | |||
22,128 | 1 | American Outdoor Brands Corp. | 471,326 |
Consumer Finance—0.9% | |||
71,956 | 1 | Enova International, Inc. | 1,014,580 |
Contracting—0.9% | |||
28,205 | Comfort Systems USA, Inc. | 954,739 | |
Cosmetics & Toiletries—1.0% | |||
11,340 | 1 | Helen of Troy Ltd. | 1,058,022 |
Dairy Products—1.1% | |||
59,354 | Dean Foods Co. | 1,178,770 | |
Defense Aerospace—0.2% | |||
7,587 | 1 | Ducommun, Inc. | 224,803 |
Diversified Leisure—0.7% | |||
58,442 | 1 | Penn National Gaming, Inc. | 805,331 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Electric & Electronic Original Equipment Manufacturers—1.3% | |||
35,058 | 1 | Generac Holdings, Inc. | $1,411,435 |
Electronic Components—0.3% | |||
30,685 | 1 | Oclaro, Inc. | 301,020 |
Electronic Instruments—0.7% | |||
42,438 | 1 | Ixia | 825,419 |
Electronic Test/Measuring Equipment—0.9% | |||
16,109 | 1 | Itron, Inc. | 993,925 |
Entertainment—1.6% | |||
52,275 | 1 | Essent Group Ltd. | 1,807,147 |
Financial Services—3.0% | |||
19,601 | Deluxe Corp. | 1,427,933 | |
19,858 | Evercore Partners, Inc., Class A | 1,538,002 | |
26,420 | Liberty Tax, Inc. | 354,028 | |
TOTAL | 3,319,963 | ||
Furniture—0.8% | |||
7,576 | Bassett Furniture Industries, Inc. | 213,643 | |
22,001 | Ethan Allen Interiors, Inc. | 640,229 | |
TOTAL | 853,872 | ||
Generic Drugs—1.7% | |||
143,500 | 1 | Impax Laboratories, Inc. | 1,887,025 |
Health Care Equipment & Supplies—2.7% | |||
35,254 | 1 | Cardiovascular Systems, Inc. | 870,774 |
8,274 | 1 | iRadimed Corp. | 75,707 |
92,426 | 1 | Lantheus Holdings, Inc. | 785,621 |
48,269 | LeMaitre Vascular, Inc. | 1,096,189 | |
36,232 | 1 | RTI Surgical, Inc. | 117,754 |
TOTAL | 2,946,045 | ||
Health Care Providers & Services—1.7% | |||
37,113 | 1 | Adeptus Health, Inc. | 266,100 |
45,047 | 1 | Diplomat Pharmacy, Inc. | 618,946 |
17,605 | 1 | PRA Health Sciences, Inc. | 1,031,477 |
TOTAL | 1,916,523 | ||
Home Building—0.5% | |||
27,172 | 1 | Taylor Morrison Home Corp., Class A | 527,137 |
Home Health Care—0.7% | |||
50,996 | 1 | Cross Country Healthcare, Inc. | 737,912 |
Home Products—0.7% | |||
45,633 | Libbey, Inc. | 780,781 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Hotels Restaurants & Leisure—0.0% | |||
12,403 | 1 | Noodles & Co. | $54,573 |
Insurance—2.6% | |||
37,131 | National General Holdings Corp. | 909,338 | |
25,926 | Primerica, Inc. | 1,956,117 | |
TOTAL | 2,865,455 | ||
Insurance Brokerage—0.4% | |||
20,135 | Crawford & Co., Class B | 244,036 | |
12,716 | 1 | eHealth, Inc. | 155,898 |
TOTAL | 399,934 | ||
Internet & Catalog Retail—0.7% | |||
20,409 | HSN, Inc. | 719,417 | |
Internet Services—2.6% | |||
19,548 | 1 | Etsy, Inc. | 246,500 |
17,317 | j2 Global, Inc. | 1,451,338 | |
16,624 | 1 | Shutterfly, Inc. | 853,310 |
16,866 | 1 | Web.com Group, Inc. | 319,611 |
TOTAL | 2,870,759 | ||
Internet Software & Services—1.2% | |||
41,401 | 1 | Brightcove, Inc. | 298,087 |
34,007 | 1 | Carbonite, Inc. | 586,621 |
26,772 | 1 | Care.com, Inc. | 225,956 |
8,284 | 1 | MindBody, Inc. | 201,715 |
TOTAL | 1,312,379 | ||
IT Services—2.1% | |||
53,347 | Evertec, Inc. | 909,566 | |
24,988 | Hackett Group, Inc. | 406,055 | |
68,217 | Travelport Worldwide Ltd. | 979,596 | |
TOTAL | 2,295,217 | ||
Life Sciences Tools & Services—1.0% | |||
19,930 | 1 | INC Research Holdings, Inc. | 1,056,290 |
Lumber Products—0.8% | |||
43,633 | 1 | Louisiana-Pacific Corp. | 834,699 |
Machinery—0.7% | |||
22,779 | Global Brass & Copper Holdings, Inc. | 755,124 | |
Medical Supplies—2.9% | |||
39,384 | 1 | Cutera, Inc. | 728,604 |
10,598 | 1 | ICU Medical, Inc. | 1,452,986 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Medical Supplies—continued | |||
28,065 | 1 | Orthofix International NV | $1,008,656 |
TOTAL | 3,190,246 | ||
Metal Fabrication—1.1% | |||
25,027 | Worthington Industries, Inc. | 1,196,040 | |
Miscellaneous Communications—0.7% | |||
107,732 | 1 | Internap Corp. | 177,758 |
22,828 | West Corp. | 554,035 | |
TOTAL | 731,793 | ||
Miscellaneous Components—0.7% | |||
7,113 | 1 | Nanometrics, Inc. | 182,875 |
8,692 | Power Integrations, Inc. | 617,132 | |
TOTAL | 800,007 | ||
Miscellaneous Machinery—1.3% | |||
16,265 | John Bean Technologies Corp. | 1,404,483 | |
Multi-Industry Capital Goods—1.0% | |||
7,258 | 1 | DXP Enterprises, Inc. | 274,498 |
8,313 | 1 | Lydall, Inc. | 507,093 |
12,371 | Raven Industries, Inc. | 309,893 | |
TOTAL | 1,091,484 | ||
Office Furniture—0.5% | |||
21,307 | Knoll, Inc. | 556,326 | |
Oil Service, Explore & Drill—0.2% | |||
10,374 | 1 | PetroQuest Energy, Inc. | 43,778 |
33,657 | 1 | Pioneer Energy Services Corp. | 212,039 |
TOTAL | 255,817 | ||
Other Communications Equipment—0.5% | |||
9,138 | 1 | Netgear, Inc. | 519,952 |
Paint & Related Materials—0.6% | |||
44,731 | 1 | Ferro Corp. | 632,496 |
Paper Products—0.2% | |||
53,214 | 1 | Xerium Technologies, Inc. | 275,116 |
Personal Loans—0.2% | |||
4,623 | 1 | World Acceptance Corp. | 226,851 |
Personnel Agency—0.4% | |||
17,042 | KForce Com, Inc. | 391,966 | |
Pharmaceuticals—1.7% | |||
4,000 | 1 | ANI Pharmaceuticals, Inc. | 241,800 |
4,153 | 1 | Aerie Pharmaceuticals, Inc. | 182,317 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Pharmaceuticals—continued | |||
31,069 | 1 | Horizon Pharma PLC | $508,600 |
62,919 | 1 | Innoviva, Inc. | 666,941 |
48,505 | 1 | Lipocine, Inc. | 175,588 |
18,965 | 1 | Tetraphase Pharmaceuticals, Inc. | 72,636 |
TOTAL | 1,847,882 | ||
Photo-Optical Component-Equipment—1.9% | |||
13,234 | 1 | Coherent, Inc. | 2,087,399 |
Printing—0.5% | |||
22,027 | Quad Graphics, Inc. | 576,887 | |
Property Liability Insurance—1.0% | |||
7,143 | HCI Group, Inc. | 295,435 | |
14,649 | Heritage Insurance Holdings, Inc. | 207,723 | |
23,135 | Universal Insurance Holdings, Inc. | 604,980 | |
TOTAL | 1,108,138 | ||
Real Estate Management & Development—0.3% | |||
11,984 | 1 | Altisource Portfolio Solutions S.A. | 341,544 |
Recreational Goods—0.3% | |||
16,929 | 1 | Scientific Games Holdings Corp. | 287,793 |
Restaurants—1.2% | |||
18,977 | DineEquity, Inc. | 1,301,443 | |
Semiconductor Manufacturing—3.7% | |||
50,241 | 1 | Advanced Micro Devices, Inc. | 520,999 |
12,317 | 1 | Ceva, Inc. | 435,406 |
22,410 | 1 | Cirrus Logic, Inc. | 1,351,771 |
14,691 | Monolithic Power Systems | 1,281,643 | |
8,123 | 1 | Silicon Laboratories, Inc. | 529,620 |
TOTAL | 4,119,439 | ||
Semiconductor Manufacturing Equipment—1.2% | |||
23,044 | 1 | Advanced Energy Industries, Inc. | 1,355,909 |
Software—2.2% | |||
4,780 | 1 | HubSpot, Inc. | 245,214 |
16,563 | 1 | Proofpoint, Inc. | 1,327,690 |
22,871 | 1 | Rubicon Project, Inc./The | 193,717 |
17,581 | 1 | Varonis Systems, Inc. | 525,672 |
9,348 | 1 | Workiva, Inc. | 117,785 |
TOTAL | 2,410,078 | ||
Software & Services—0.1% | |||
11,197 | 1 | TrueCar, Inc. | 147,241 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Software Packaged/Custom—4.0% | |||
27,526 | 1 | 8x8, Inc. | $436,287 |
7,615 | 1 | Aspen Technology, Inc. | 404,433 |
19,418 | 1 | Barracuda Networks, Inc. | 456,129 |
3,721 | CSG Systems International, Inc. | 180,096 | |
6,653 | 1 | Commvault Systems, Inc. | 326,662 |
2,246 | Ebix, Inc. | 124,653 | |
3,499 | 1 | ePlus, Inc. | 392,063 |
27,169 | 1 | Five9, Inc. | 420,033 |
12,345 | 1 | Paycom Software, Inc. | 570,833 |
11,958 | 1 | Perficient, Inc. | 212,015 |
7,305 | Sapiens International Corp. NV | 97,595 | |
13,709 | 1 | Take-Two Interactive Software, Inc. | 735,488 |
TOTAL | 4,356,287 | ||
Specialty Chemicals—2.3% | |||
10,347 | KMG Chemicals, Inc. | 381,390 | |
17,583 | 1 | Koppers Holdings, Inc. | 711,232 |
13,131 | Rayonier Advanced Materials, Inc. | 178,188 | |
18,902 | Trinseo SA | 1,223,905 | |
TOTAL | 2,494,715 | ||
Specialty Retailing—4.5% | |||
29,798 | Big Lots, Inc. | 1,489,900 | |
7,589 | 1 | Build-A-Bear Workshop, Inc. | 91,068 |
18,073 | Children's Place, Inc./The | 1,753,081 | |
66,280 | GNC Holdings, Inc. | 587,904 | |
4,602 | Lithia Motors, Inc., Class A | 474,558 | |
27,476 | Tailored Brands, Inc. | 583,865 | |
TOTAL | 4,980,376 | ||
System Instruments—0.8% | |||
14,557 | 1 | iRobot Corp. | 881,572 |
Technology Hardware Storage & Peripherals—0.2% | |||
44,131 | CPI Card Group, Inc. | 200,796 | |
Telecommunication Equipment & Services—2.5% | |||
22,262 | 1 | CIENA Corp. | 541,857 |
26,852 | 1 | Mastec, Inc. | 1,000,237 |
8,393 | Plantronics, Inc. | 474,876 | |
13,827 | 1 | Sonus Networks, Inc. | 88,216 |
10,575 | 1 | Ubiquiti Networks, Inc. | 659,880 |
TOTAL | 2,765,066 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Thrifts & Mortgage Finance—0.5% | |||
18,271 | 1 | BofI Holding, Inc. | $538,994 |
Truck Manufacturing—0.9% | |||
55,548 | Wabash National Corp. | 980,422 | |
Undesignated Consumer Cyclicals—2.1% | |||
48,214 | Convergys Corp. | 1,196,671 | |
9,683 | 1 | Strayer Education, Inc. | 784,323 |
29,859 | 1 | Weight Watchers International, Inc. | 371,745 |
TOTAL | 2,352,739 | ||
Undesignated Consumer Staples—1.1% | |||
13,126 | Medifast, Inc. | 553,524 | |
10,184 | 1 | USANA Health Sciences, Inc. | 634,463 |
TOTAL | 1,187,987 | ||
Undesignated Technology—0.2% | |||
53,874 | 1 | American Reprographics Co. | 253,747 |
TOTAL COMMON STOCKS (IDENTIFIED COST $96,794,708) | 107,140,846 | ||
INVESTMENT COMPANY—3.2% | |||
3,535,754 | 2 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 0.84%3 (IDENTIFIED COST $3,535,900) | 3,536,107 |
TOTAL INVESTMENTS—100.8% (IDENTIFIED COST $100,330,608)4 | 110,676,953 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.8)%5 | (882,714) | ||
TOTAL NET ASSETS—100% | $109,794,239 |
1 | Non-income-producing security. |
2 | Affiliated company or 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) 1/31/2017 | Year Ended July 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $17.66 | $20.49 | $17.39 | $16.12 | $11.93 | $12.12 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.04)1 | (0.06)1 | (0.12)1 | (0.18)1 | (0.07)1 | (0.09)1 |
Net realized and unrealized gain (loss) on investments | 2.23 | 0.32 | 3.22 | 1.45 | 4.26 | (0.10) |
TOTAL FROM INVESTMENT OPERATIONS | 2.19 | 0.26 | 3.10 | 1.27 | 4.19 | (0.19) |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (0.32) | (3.09) | — | — | — | — |
TOTAL DISTRIBUTIONS | (0.32) | (3.09) | — | — | — | — |
Net Asset Value, End of Period | $19.53 | $17.66 | $20.49 | $17.39 | $16.12 | $11.93 |
Total Return2 | 12.42% | 2.30% | 17.83% | 7.88% | 35.12% | (1.57)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.15%3 | 1.13% | 1.54% | 1.75% | 1.75% | 1.75% |
Net investment income (loss) | (0.40)%3 | (0.34)% | (0.66)% | (1.05)% | (0.49)% | (0.79)% |
Expense waiver/reimbursement4 | 0.79%3 | 1.00% | 0.61% | 0.43% | 0.59% | 1.04% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $38,673 | $29,707 | $32,136 | $29,690 | $30,187 | $22,718 |
Portfolio turnover | 72% | 198% | 121% | 61% | 88% | 69% |
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) 1/31/2017 | Year Ended July 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $16.53 | $19.51 | $16.69 | $15.58 | $11.62 | $11.90 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.10)1 | (0.18)1 | (0.25)1 | (0.30)1 | (0.17)1 | (0.17)1 |
Net realized and unrealized gain (loss) on investments | 2.08 | 0.29 | 3.07 | 1.41 | 4.13 | (0.11) |
TOTAL FROM INVESTMENT OPERATIONS | 1.98 | 0.11 | 2.82 | 1.11 | 3.96 | (0.28) |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (0.32) | (3.09) | — | — | — | — |
TOTAL DISTRIBUTIONS | (0.32) | (3.09) | — | — | — | — |
Net Asset Value, End of Period | $18.19 | $16.53 | $19.51 | $16.69 | $15.58 | $11.62 |
Total Return2 | 11.99% | 1.58% | 16.90% | 7.12% | 34.08% | (2.35)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.90%3 | 1.88% | 2.27% | 2.50% | 2.50% | 2.50% |
Net investment income (loss) | (1.13)%3 | (1.09)% | (1.38)% | (1.79)% | (1.25)% | (1.55)% |
Expense waiver/reimbursement4 | 0.70%3 | 0.99% | 0.63% | 0.43% | 0.59% | 1.06% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,510 | $1,899 | $2,327 | $1,842 | $2,016 | $1,640 |
Portfolio turnover | 72% | 198% | 121% | 61% | 88% | 69% |
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) 1/31/2017 | Year Ended July 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $16.03 | $19.03 | $16.27 | $15.19 | $11.33 | $11.60 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.10)1 | (0.17)1 | (0.25)1 | (0.30)1 | (0.16)1 | (0.17)1 |
Net realized and unrealized gain (loss) on investments | 2.02 | 0.26 | 3.01 | 1.38 | 4.02 | (0.10) |
TOTAL FROM INVESTMENT OPERATIONS | 1.92 | 0.09 | 2.76 | 1.08 | 3.86 | (0.27) |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (0.32) | (3.09) | — | — | — | — |
TOTAL DISTRIBUTIONS | (0.32) | (3.09) | — | — | — | — |
Net Asset Value, End of Period | $17.63 | $16.03 | $19.03 | $16.27 | $15.19 | $11.33 |
Total Return2 | 11.99% | 1.51% | 16.96% | 7.11% | 34.07% | (2.33)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.90%3 | 1.88% | 2.31% | 2.50% | 2.50% | 2.50% |
Net investment income (loss) | (1.16)%3 | (1.09)% | (1.44)% | (1.79)% | (1.24)% | (1.54)% |
Expense waiver/reimbursement4 | 0.80%3 | 1.00% | 0.59% | 0.43% | 0.59% | 1.04% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $5,973 | $3,941 | $3,571 | $4,608 | $4,912 | $4,223 |
Portfolio turnover | 72% | 198% | 121% | 61% | 88% | 69% |
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) 1/31/2017 | Year Ended July 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $18.24 | $21.01 | $17.79 | $16.44 | $12.14 | $12.31 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.02)1 | (0.02)1 | (0.08)1 | (0.14)1 | (0.03)1 | (0.06)1 |
Net realized and unrealized gain (loss) on investments | 2.31 | 0.34 | 3.30 | 1.49 | 4.33 | (0.11) |
TOTAL FROM INVESTMENT OPERATIONS | 2.29 | 0.32 | 3.22 | 1.35 | 4.30 | (0.17) |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (0.32) | (3.09) | — | — | — | — |
TOTAL DISTRIBUTIONS | (0.32) | (3.09) | — | — | — | — |
Net Asset Value, End of Period | $20.21 | $18.24 | $21.01 | $17.79 | $16.44 | $12.14 |
Total Return2 | 12.57% | 2.56% | 18.10% | 8.21% | 35.42% | (1.38)% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.90%3 | 0.88% | 1.30% | 1.50% | 1.50% | 1.50% |
Net investment income (loss) | (0.16)%3 | (0.09)% | (0.43)% | (0.80)% | (0.24)% | (0.54)% |
Expense waiver/reimbursement4 | 0.73%3 | 0.99% | 0.60% | 0.43% | 0.59% | 1.05% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $63,526 | $43,337 | $36,706 | $37,253 | $31,179 | $26,233 |
Portfolio turnover | 72% | 198% | 121% | 61% | 88% | 69% |
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. |
Six Months Ended (unaudited) 1/31/2017 | Period Ended 7/31/20161 | |
Net Asset Value, Beginning of Period | $18.24 | $16.25 |
Income From Investment Operations: | ||
Net investment income (loss) | (0.02)2 | (0.07)2 |
Net realized and unrealized gain on investments | 2.31 | 2.06 |
TOTAL FROM INVESTMENT OPERATIONS | 2.29 | 1.99 |
Less Distributions: | ||
Distributions from net realized gain on investments | (0.32) | — |
TOTAL DISTRIBUTIONS | (0.32) | — |
Net Asset Value, End of Period | $20.21 | $18.24 |
Total Return3 | 12.57% | 12.25% |
Ratios to Average Net Assets: | ||
Net expenses | 0.90%4 | 0.87%4 |
Net investment income (loss) | (0.23)%4 | (0.41)%4 |
Expense waiver/reimbursement5 | 0.57%4 | 0.66%4 |
Supplemental Data: | ||
Net assets, end of period (000 omitted) | $113 | $06 |
Portfolio turnover | 72% | 198%7 |
1 | Reflects operations for the period from June 29, 2016 (date of initial investment) to July 31, 2016. |
2 | Per share numbers have been calculated using the average shares method. |
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 $1,000. |
7 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the period ended July 31, 2016. |
Assets: | ||
Total investment in securities, at value including $3,536,107 of investment in an affiliated holding (Note 5) (identified cost $100,330,608) | $110,676,953 | |
Cash | 200,065 | |
Income receivable | 6,430 | |
Receivable for shares sold | 604,606 | |
TOTAL ASSETS | 111,488,054 | |
Liabilities: | ||
Payable for investments purchased | $1,390,567 | |
Payable for shares redeemed | 187,237 | |
Payable to adviser (Note 5) | 1,431 | |
Payable for administrative fee (Note 5) | 233 | |
Payable for transfer agent fee | 30,126 | |
Payable for distribution services fee (Note 5) | 4,603 | |
Payable for other service fees (Notes 2 and 5) | 19,307 | |
Accrued expenses (Note 5) | 60,311 | |
TOTAL LIABILITIES | 1,693,815 | |
Net assets for 5,550,467 shares outstanding | $109,794,239 | |
Net Assets Consist of: | ||
Paid-in capital | $94,509,297 | |
Net unrealized appreciation of investments | 10,346,345 | |
Accumulated net realized gain on investments | 5,081,118 | |
Accumulated net investment income (loss) | (142,521) | |
TOTAL NET ASSETS | $109,794,239 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($38,672,614 ÷ 1,979,749 shares outstanding), no par value, unlimited shares authorized | $19.53 | |
Offering price per share (100/94.50 of $19.53) | $20.67 | |
Redemption proceeds per share | $19.53 | |
Class B Shares: | ||
Net asset value per share ($1,509,678 ÷ 83,015 shares outstanding), no par value, unlimited shares authorized | $18.19 | |
Offering price per share | $18.19 | |
Redemption proceeds per share (94.50/100 of $18.19) | $17.19 | |
Class C Shares: | ||
Net asset value per share ($5,973,185 ÷ 338,764 shares outstanding), no par value, unlimited shares authorized | $17.63 | |
Offering price per share | $17.63 | |
Redemption proceeds per share (99.00/100 of $17.63) | $17.45 | |
Institutional Shares: | ||
Net asset value per share ($63,526,019 ÷ 3,143,359 shares outstanding), no par value, unlimited shares authorized | $20.21 | |
Offering price per share | $20.21 | |
Redemption proceeds per share | $20.21 | |
Class R6 Shares: | ||
Net asset value per share ($112,743 ÷ 5,580 shares outstanding), no par value, unlimited shares authorized | $20.21 | |
Offering price per share | $20.21 | |
Redemption proceeds per share | $20.21 |
Investment Income: | |||
Dividends (including $5,868 received from an affiliated holding (Note 5)) | $335,949 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $446,115 | ||
Administrative fee (Note 5) | 35,263 | ||
Custodian fees | 10,891 | ||
Transfer agent fee | 121,119 | ||
Directors'/Trustees' fees (Note 5) | 1,114 | ||
Auditing fees | 12,840 | ||
Legal fees | 5,817 | ||
Portfolio accounting fees | 42,616 | ||
Distribution services fee (Note 5) | 23,761 | ||
Other service fees (Notes 2 and 5) | 48,072 | ||
Share registration costs | 39,411 | ||
Printing and postage | 17,883 | ||
Miscellaneous (Note 5) | 13,147 | ||
TOTAL EXPENSES | 818,049 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(259,854) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (79,725) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (339,579) | ||
Net expenses | 478,470 | ||
Net investment income (loss) | (142,521) | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments | 5,466,057 | ||
Net change in unrealized appreciation of investments | 5,277,017 | ||
Net realized and unrealized gain on investments | 10,743,074 | ||
Change in net assets resulting from operations | $10,600,553 |
Six Months Ended (unaudited) 1/31/2017 | Year Ended 7/31/2016 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(142,521) | $(198,274) |
Net realized gain on investments | 5,466,057 | 1,564,302 |
Net change in unrealized appreciation/depreciation of investments | 5,277,017 | 706,476 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 10,600,553 | 2,072,504 |
Distributions to Shareholders: | ||
Distributions from net realized gain on investments | ||
Class A Shares | (608,831) | (5,047,941) |
Class B Shares | (28,737) | (351,767) |
Class C Shares | (90,792) | (643,484) |
Institutional Shares | (885,123) | (6,264,901) |
Class R6 Shares | (1,745) | — |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (1,615,228) | (12,308,093) |
Share Transactions: | ||
Proceeds from sale of shares | 35,147,389 | 33,756,690 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,551,158 | 11,779,980 |
Cost of shares redeemed | (14,774,056) | (31,157,360) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 21,924,491 | 14,379,310 |
Change in net assets | 30,909,816 | 4,143,721 |
Net Assets: | ||
Beginning of period | 78,884,423 | 74,740,702 |
End of period (including accumulated net investment income (loss) of $(142,521) and $0, respectively) | $109,794,239 | $78,884,423 |
■ | 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 are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | 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 | $49,431 | $(34,115) |
Class B Shares | 1,788 | (998) |
Class C Shares | 7,295 | (5,194) |
Institutional Shares | 62,574 | (39,418) |
Class R6 Shares | 31 | — |
TOTAL | $121,119 | $(79,725) |
Other Service Fees Incurred | |
Class A Shares | $40,166 |
Class B Shares | 2,146 |
Class C Shares | 5,760 |
TOTAL | $48,072 |
Six Months Ended 1/31/2017 | Period Ended 7/31/2016 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 505,523 | $9,617,901 | 465,083 | $7,909,230 |
Shares issued to shareholders in payment of distributions declared | 28,970 | 558,543 | 280,541 | 4,637,343 |
Shares redeemed | (236,637) | (4,360,118) | (631,816) | (10,489,720) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 297,856 | $5,816,326 | 113,808 | $2,056,853 |
Six Months Ended 1/31/2017 | Year Ended 7/31/2016 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 57 | $1,025 | 628 | $9,758 |
Shares issued to shareholders in payment of distributions declared | 1,543 | 27,712 | 21,942 | 340,760 |
Shares redeemed | (33,493) | (580,224) | (26,934) | (420,323) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (31,893) | $(551,487) | (4,364) | $(69,805) |
Six Months Ended 1/31/2017 | Year Ended 7/31/2016 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 121,270 | $2,068,153 | 79,204 | $1,262,101 |
Shares issued to shareholders in payment of distributions declared | 4,785 | 83,338 | 37,876 | 570,799 |
Shares redeemed | (33,135) | (559,191) | (58,895) | (871,702) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 92,920 | $1,592,300 | 58,185 | $961,198 |
Six Months Ended 1/31/2017 | Year Ended 7/31/2016 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,196,452 | $23,264,744 | 1,403,762 | $24,575,501 |
Shares issued to shareholders in payment of distributions declared | 44,123 | 879,822 | 365,674 | 6,231,078 |
Shares redeemed | (473,048) | (9,181,061) | (1,140,530) | (19,375,615) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 767,527 | $14,963,505 | 628,906 | $11,430,964 |
Six Months Ended 1/31/2017 | Period Ended 7/31/20161 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 10,519 | $195,566 | 6 | $100 |
Shares issued to shareholders in payment of distributions declared | 88 | 1,743 | — | — |
Shares redeemed | (5,033) | (93,462) | (—) | (—) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 5,574 | $103,847 | 6 | $100 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 1,131,984 | $21,924,491 | 796,541 | $14,379,310 |
1 | Reflects operations for the period from June 29, 2016 (date of initial investment) to July 31, 2016. |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.150% | on the first $5 billion |
0.125% | on the next $5 billion |
0.100% | on the next $10 billion |
0.075% | on assets in excess of $20 billion |
Share Class Name | Percentage of Average Daily Net Assets of Class |
Class A Shares | 0.05% |
Class B Shares | 0.75% |
Class C Shares | 0.75% |
Distribution Services Fees Incurred | |
Class B Shares | $6,439 |
Class C Shares | 17,322 |
TOTAL | $23,761 |
Balance of Shares Held 7/31/2016 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 1/31/2017 | Value | Dividend Income | |
Dynavax Technologies Corp | — | 86,569 | — | 86,569 | $354,933 | $— |
Balance of Shares Held 7/31/2016 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 1/31/2017 | Value | Dividend Income | |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | 1,660,718 | 18,015,693 | (16,140,657) | 3,535,754 | $3,536,107 | $5,868 |
Purchases | $82,626,208 |
Sales | $63,603,759 |
Beginning Account Value 8/1/2016 | Ending Account Value 1/31/2017 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,124.20 | $6.16 |
Class B Shares | $1,000 | $1,119.90 | $10.15 |
Class C Shares | $1,000 | $1,119.90 | $10.15 |
Institutional Shares | $1,000 | $1,125.70 | $4.82 |
R6 Shares | $1,000 | $1,125.70 | $4.82 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.40 | $5.85 |
Class B Shares | $1,000 | $1,015.60 | $9.65 |
Class C Shares | $1,000 | $1,015.60 | $9.65 |
Institutional Shares | $1,000 | $1,020.70 | $4.58 |
R6 Shares | $1,000 | $1,020.70 | $4.58 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.15% |
Class B Shares | 1.90% |
Class C Shares | 1.90% |
Institutional Shares | 0.90% |
R6 Shares | 0.90% |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R676
CUSIP 31421R767
CUSIP 31421R759
CUSIP 31421R619
2017 ©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, 2017
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, 2017
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date March 24, 2017