United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-21904
(Investment Company Act File Number)
Federated MDT Series
_______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, Pennsylvania 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, 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: 07/31/17
Item 1. | Reports to Stockholders |
Share Class | Ticker |
A | QAACX |
C | QCACX |
Institutional | QIACX |
R6 | QKACX |
1 | Prior to September 1, 2016, Class R6 Shares were known as Class R Shares and included 12b-1 fees and certain other expenses. As of September 1, 2016, Class R6 does not include such 12b-1 fees and certain other expenses, and the performance for Class R6 prior to September 1, 2016, reflects the higher Class R expenses. |
2 | Please see the footnotes to the line graphs below for definitions of, and further information about, the Russell 3000® Index. |
3 | Morningstar has assigned the Fund to the Morningstar Large Cap Value Funds Average peer group, however, the MLBFA is being used for comparison purposes. The Fund invests in both value and growth stocks and therefore the Fund's Adviser believes that the MLBFA is more reflective of the Fund's investment style. Please see the footnotes to the line graphs below for definitions of, and further information about, the MLBFA. |
4 | Small-cap stocks may be less liquid and subject to greater price volatility than large-cap stocks. |
5 | The Russell Microcap® Index measures the performance of the microcap segment of the U.S. equity market. Microcap stocks make up less than 3% of the U.S. equity market (by market cap) and consist of the smallest 1,000 securities in the small-cap Russell 2000® Index, plus the next 1,000 smallest eligible securities by market cap. The Russell Microcap® Index is constructed to provide a comprehensive and unbiased barometer for the microcap segment trading on national exchanges and is completely reconstituted annually to ensure new and growing equities are reflected and companies continue to reflect appropriate capitalization and value characteristics.* |
6 | The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.* |
7 | The Russell Top 200® Index measures the performance of the largest cap segment of the U.S. equity universe. The Russell Top 200® Index is a subset of the Russell 3000® Index. It includes approximately 200 of the largest securities based on a combination of their market cap and current index membership and represents approximately 68% of the U.S. market. The Russell Top 200® Index is constructed to provide a comprehensive and unbiased barometer for this very large cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.* |
8 | The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000® companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.* |
9 | The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000® Growth Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad growth market. The Russell 3000 Growth Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.* |
10 | The Russell 3000® Value Index measures the performance of the broad value segment of U.S. equity value universe. It includes those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000® Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad value market. The Russell 3000 Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.* |
* | The index is unmanaged, and it is not possible to invest directly in an index. |
Federated MDT All Cap Core Fund - | Institutional Shares | Class C Shares | R3000 | MLBFA |
F | F | I | I | |
7/31/2007 | 10,000 | 10,000 | 10,000 | 10,000 |
7/31/2008 | 9,029 | 8,931 | 8,968 | 8,920 |
7/31/2009 | 6,425 | 6,283 | 7,155 | 7,158 |
7/31/2010 | 6,909 | 6,681 | 8,215 | 8,050 |
7/31/2011 | 8,231 | 7,884 | 9,936 | 9,530 |
7/31/2012 | 8,415 | 7,976 | 10,663 | 9,946 |
7/31/2013 | 11,483 | 10,766 | 13,528 | 12,488 |
7/31/2014 | 13,727 | 12,731 | 15,743 | 14,408 |
7/31/2015 | 14,887 | 13,661 | 17,519 | 15,651 |
7/31/2016 | 14,835 | 13,466 | 18,298 | 15,913 |
7/31/2017 | 17,194 | 15,448 | 21,250 | 18,296 |
■ | Total returns shown for the Class C Shares include the maximum contingent deferred sales charge of 1.00% as applicable. |
1 Year | 5 Years | 10 Years | |
Class A Shares | 9.19% | 13.74% | 4.68% |
Class C Shares | 13.72% | 14.14% | 4.44% |
Institutional Shares | 15.90% | 15.36% | 5.57% |
Class R6 Shares4 | 15.80% | 14.67% | 4.86% |
R3000 | 16.14% | 14.79% | 7.83% |
MLBFA | 15.08% | 13.50% | 6.74% |
1 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450); for Class C Shares a 1.00% contingent deferred sales charge would be applied on any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The R3000 and MLBFA have been adjusted to reflect reinvestment of dividends of securities. |
2 | The R3000 measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The R3000 is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The index is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The R3000 is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. |
3 | Morningstar figures represent the average of the total returns reported by all the funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges. The Morningstar figures in the Growth of $10,000 line graph are based on historical return information published by Morningstar and reflect the return of the funds comprising the category in the year of publication. Because the funds designated by Morningstar as falling into the category can change over time, the Morningstar figures in the line graph may not match the Morningstar figures in the Average Annual Total Returns table, which reflect the return of the funds that currently comprise the category. |
4 | Prior to September 1, 2016, Class R6 Shares were known as Class R Shares and included 12b-1 fees and certain other expenses. As of September 1, 2016, Class R6 does not include such 12b-1 fees and certain other expenses, and the performance shown above for Class R6 prior to September 1, 2016, reflects the higher Class R expenses. |
Industry Composition | Percentage of Total Net Assets |
Ethical Drugs | 6.3% |
Soft Drinks | 5.4% |
Money Center Bank | 5.3% |
Life Insurance | 4.5% |
Electric Utility | 4.2% |
Medical Supplies | 4.2% |
Semiconductor Manufacturing Equipment | 4.2% |
Internet Services | 3.7% |
Property Liability Insurance | 3.4% |
Multi-Industry Capital Goods | 2.8% |
Computers—Low End | 2.7% |
Integrated International Oil | 2.7% |
Software Packaged/Custom | 2.6% |
Financial Services | 2.5% |
Specialty Retailing | 2.4% |
Agricultural Machinery | 2.2% |
Semiconductor Manufacturing | 2.2% |
Undesignated Consumer Cyclicals | 2.1% |
Regional Banks | 2.0% |
Computers—Midrange | 1.6% |
Discount Department Stores | 1.5% |
Industry Composition | Percentage of Total Net Assets |
Department Stores | 1.4% |
Medical Technology | 1.4% |
Miscellaneous Food Products | 1.4% |
Biotechnology | 1.3% |
Cellular Communications | 1.3% |
Commodity Chemicals | 1.2% |
Defense Aerospace | 1.2% |
Oil Refiner | 1.1% |
Clothing Stores | 1.0% |
Computer Peripherals | 1.0% |
Securities Brokerage | 1.0% |
Telephone Utility | 1.0% |
Other2 | 15.4% |
Cash Equivalents3 | 1.5% |
Other Assets and Liabilities—Net4 | 0.3% |
TOTAL | 100.0% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, industry classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | For purposes of this table, industry classifications which constitute less than 1.0% of the Fund's total net assets have been aggregated under the designation “Other”. |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS—98.2% | |||
Advertising—0.4% | |||
13,937 | Nielsen Holdings PLC | $599,430 | |
Agricultural Machinery—2.2% | |||
9,100 | AGCO Corp. | 656,474 | |
18,333 | Deere & Co. | 2,351,757 | |
TOTAL | 3,008,231 | ||
Air Freight—0.2% | |||
4,639 | 1 | Atlas Air Worldwide Holdings, Inc. | 275,557 |
Airline - National—0.9% | |||
21,800 | 1 | Jet Blue Airways Corp. | 478,074 |
10,981 | 1 | United Continental Holdings, Inc. | 743,194 |
TOTAL | 1,221,268 | ||
Apparel—0.3% | |||
4,466 | 1 | Iconix Brand Group, Inc. | 29,788 |
2,984 | PVH Corp. | 355,962 | |
TOTAL | 385,750 | ||
AT&T Divestiture—0.7% | |||
24,694 | AT&T, Inc. | 963,066 | |
Auto Manufacturing—0.3% | |||
35,900 | Ford Motor Co. | 402,798 | |
Auto Original Equipment Manufacturers—0.2% | |||
2,337 | Lear Corp. | 346,320 | |
Auto Rentals—0.2% | |||
7,800 | 1 | Avis Budget Group, Inc. | 240,084 |
Biotechnology—1.3% | |||
10,757 | 1 | Celgene Corp. | 1,456,605 |
2,167 | 1 | Vertex Pharmaceuticals, Inc. | 328,994 |
TOTAL | 1,785,599 | ||
Building Supply Stores—0.3% | |||
2,222 | Home Depot, Inc. | 332,411 | |
1,670 | Lowe's Cos., Inc. | 129,258 | |
TOTAL | 461,669 | ||
Cable TV—0.7% | |||
29,963 | Viacom, Inc., Class B | 1,046,308 | |
Cellular Communications—1.3% | |||
28,563 | 1 | T-Mobile USA, Inc. | 1,761,195 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Clothing Stores—1.0% | |||
8,000 | Abercrombie & Fitch Co., Class A | $78,720 | |
1,700 | Children's Place, Inc./The | 179,605 | |
3,583 | Foot Locker, Inc. | 169,082 | |
9,671 | 1 | Fossil, Inc. | 108,799 |
33,449 | Gap (The), Inc. | 797,090 | |
4,151 | Tailored Brands, Inc. | 52,053 | |
TOTAL | 1,385,349 | ||
Commodity Chemicals—1.2% | |||
20,478 | Eastman Chemical Co. | 1,702,950 | |
Computer Networking—0.6% | |||
31,818 | Juniper Networks, Inc. | 889,313 | |
Computer Peripherals—1.0% | |||
3,140 | NVIDIA Corp. | 510,281 | |
19,800 | NetApp, Inc. | 859,716 | |
TOTAL | 1,369,997 | ||
Computers - Low End—2.7% | |||
25,774 | Apple, Inc. | 3,833,367 | |
Computers - Midrange—1.6% | |||
117,452 | Hewlett-Packard Co. | 2,243,333 | |
Construction Machinery—0.2% | |||
2,774 | 1 | United Rentals, Inc. | 329,995 |
Contracting—0.1% | |||
2,301 | 1 | Dycom Industries, Inc. | 208,471 |
Cosmetics & Toiletries—0.4% | |||
1,481 | Estee Lauder Cos., Inc., Class A | 146,604 | |
3,481 | 1 | Helen of Troy Ltd. | 350,711 |
TOTAL | 497,315 | ||
Crude Oil & Gas Production—0.6% | |||
22,200 | 1 | Chesapeake Energy Corp. | 110,112 |
6,746 | Cimarex Energy Co. | 668,056 | |
TOTAL | 778,168 | ||
Dairy Products—0.1% | |||
8,425 | Dean Foods Co. | 126,375 | |
Defense Aerospace—1.2% | |||
28,723 | Spirit AeroSystems Holdings, Inc., Class A | 1,735,731 | |
Department Stores—1.4% | |||
5,980 | Dillards, Inc., Class A | 441,443 | |
20,551 | Kohl's Corp. | 849,784 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Department Stores—continued | |||
17,948 | Macy's, Inc. | $426,265 | |
5,296 | Nordstrom, Inc. | 257,227 | |
TOTAL | 1,974,719 | ||
Discount Department Stores—1.5% | |||
2,900 | Big Lots, Inc. | 144,043 | |
33,297 | Target Corp. | 1,886,941 | |
TOTAL | 2,030,984 | ||
Diversified Leisure—0.7% | |||
43,653 | 1 | MSG Networks, Inc. | 934,174 |
Electric Utility—4.2% | |||
24,600 | AES Corp. | 275,028 | |
2,728 | Ameren Corp. | 153,041 | |
36,332 | Exelon Corp. | 1,392,969 | |
83,976 | NiSource, Inc. | 2,188,415 | |
15,235 | P G & E Corp. | 1,031,257 | |
6,360 | Public Service Enterprises Group, Inc. | 286,009 | |
8,173 | SCANA Corp. | 526,096 | |
TOTAL | 5,852,815 | ||
Electrical Equipment—0.1% | |||
3,060 | 1 | WESCO International, Inc. | 156,825 |
Electronic Instruments—0.2% | |||
7,350 | Xerox Corp. | 225,424 | |
Electronics Stores—0.7% | |||
16,800 | Best Buy Co., Inc. | 980,112 | |
Ethical Drugs—6.3% | |||
49,813 | AbbVie, Inc. | 3,482,427 | |
18,847 | Eli Lilly & Co. | 1,557,893 | |
6,508 | Johnson & Johnson | 863,742 | |
87,183 | Pfizer, Inc. | 2,890,988 | |
TOTAL | 8,795,050 | ||
Financial Services—2.5% | |||
28,700 | Ally Financial, Inc. | 649,768 | |
12,916 | Discover Financial Services | 787,101 | |
25,900 | Navient Corp. | 382,025 | |
2,232 | 1 | Vantiv, Inc. | 141,844 |
11,092 | Visa, Inc., Class A | 1,104,319 | |
18,900 | Western Union Co. | 373,275 | |
TOTAL | 3,438,332 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Grocery Chain—0.1% | |||
8,480 | GNC Holdings, Inc. | $80,645 | |
Home Building—0.1% | |||
5,206 | D. R. Horton, Inc. | 185,802 | |
Home Products—0.4% | |||
3,770 | Libbey, Inc. | 33,930 | |
1,024 | Spectrum Brands Holdings, Inc. | 118,211 | |
7,554 | Tupperware Brands Corp. | 458,603 | |
TOTAL | 610,744 | ||
Hospitals—0.1% | |||
27,966 | 1 | Community Health Systems, Inc. | 199,957 |
Industrial Machinery—0.6% | |||
15,252 | 1 | Colfax Corp. | 629,603 |
6,829 | Kennametal, Inc. | 251,990 | |
TOTAL | 881,593 | ||
Integrated International Oil—2.7% | |||
33,248 | Chevron Corp. | 3,630,349 | |
1,807 | Exxon Mobil Corp. | 144,632 | |
TOTAL | 3,774,981 | ||
Internet Services—3.7% | |||
19,857 | 1 | eBay, Inc. | 709,491 |
964 | Expedia, Inc. | 150,837 | |
20,698 | 1 | Facebook, Inc. | 3,503,137 |
1,914 | 1 | NetFlix, Inc. | 347,697 |
8,899 | 1 | PayPal, Inc. | 521,036 |
TOTAL | 5,232,198 | ||
Life Insurance—4.5% | |||
31,903 | Aflac, Inc. | 2,544,264 | |
33,135 | Prudential Financial, Inc. | 3,751,876 | |
TOTAL | 6,296,140 | ||
Medical Supplies—4.2% | |||
16,922 | 1 | Align Technology, Inc. | 2,829,866 |
32,548 | Baxter International, Inc. | 1,968,503 | |
1,779 | 1 | Inogen, Inc. | 167,902 |
10,391 | Medtronic PLC | 872,532 | |
1,633 | 1 | Orthofix International NV | 70,840 |
TOTAL | 5,909,643 | ||
Medical Technology—1.4% | |||
2,368 | 1 | Edwards Lifesciences Corp. | 272,746 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Medical Technology—continued | |||
8,117 | 1 | IDEXX Laboratories, Inc. | $1,351,156 |
700 | 1 | Mettler-Toledo International, Inc. | 401,156 |
TOTAL | 2,025,058 | ||
Metal Distribution—0.1% | |||
2,471 | Reliance Steel & Aluminum Co. | 178,802 | |
Miscellaneous Components—0.3% | |||
27,428 | Vishay Intertechnology, Inc. | 489,590 | |
Miscellaneous Food Products—1.4% | |||
7,300 | Fresh Del Monte Produce, Inc. | 375,731 | |
12,745 | Ingredion, Inc. | 1,571,713 | |
TOTAL | 1,947,444 | ||
Miscellaneous Machinery—0.3% | |||
14,360 | 1 | SPX Corp. | 395,187 |
Money Center Bank—5.3% | |||
19,891 | Bank of America Corp. | 479,771 | |
37,163 | JPMorgan Chase & Co. | 3,411,563 | |
18,612 | PNC Financial Services Group | 2,397,226 | |
11,768 | State Street Corp. | 1,097,131 | |
TOTAL | 7,385,691 | ||
Mortgage and Title—0.7% | |||
21,412 | Assured Guaranty Ltd. | 963,754 | |
Multi-Industry Capital Goods—2.8% | |||
3,321 | Danaher Corp. | 270,628 | |
15,517 | Roper Technologies, Inc. | 3,607,082 | |
TOTAL | 3,877,710 | ||
Office Equipment—0.2% | |||
14,800 | Pitney Bowes, Inc. | 232,952 | |
Offshore Driller—0.1% | |||
15,800 | Nabors Industries Ltd. | 121,818 | |
11,813 | 1 | Noble Corp. PLC | 47,252 |
TOTAL | 169,070 | ||
Oil Refiner—1.1% | |||
21,545 | Valero Energy Corp. | 1,485,959 | |
Oil Well Supply—0.1% | |||
8,200 | 1 | Superior Energy Services, Inc. | 88,232 |
Packaged Foods—0.3% | |||
3,397 | Smucker (J.M.) Co. | 414,094 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Paint & Related Materials—0.7% | |||
2,976 | Sherwin-Williams Co. | $1,003,715 | |
Paper Products—0.2% | |||
5,600 | Domtar, Corp. | 218,736 | |
Personal Loans—0.1% | |||
4,846 | Synchrony Financial | 146,931 | |
Photo - Optical Component - Equipment—0.1% | |||
1,780 | Cognex Corp. | 169,207 | |
Pollution Control—0.2% | |||
3,188 | Waste Management, Inc. | 239,578 | |
Poultry Products—0.9% | |||
16,900 | 1 | Pilgrim's Pride Corp. | 410,501 |
6,689 | Sanderson Farms, Inc. | 874,587 | |
TOTAL | 1,285,088 | ||
Printing—0.3% | |||
5,086 | Deluxe Corp. | 367,209 | |
2,386 | Ennis, Inc. | 45,931 | |
3,233 | R.R. Donnelley & Sons Co. | 39,960 | |
TOTAL | 453,100 | ||
Property Liability Insurance—3.4% | |||
3,874 | Everest Re Group Ltd. | 1,016,499 | |
28,682 | The Travelers Cos., Inc. | 3,673,877 | |
TOTAL | 4,690,376 | ||
Recreational Goods—0.1% | |||
4,970 | 1 | American Outdoor Brands Corp. | 102,730 |
Regional Banks—2.0% | |||
4,063 | Citizens Financial Group, Inc. | 142,530 | |
29,600 | Fifth Third Bancorp | 790,320 | |
17,200 | Huntington Bancshares, Inc. | 227,900 | |
30,200 | KeyCorp | 544,808 | |
9,100 | Popular, Inc. | 383,474 | |
12,689 | SunTrust Banks, Inc. | 726,953 | |
TOTAL | 2,815,985 | ||
Rubber—0.4% | |||
19,439 | Goodyear Tire & Rubber Co. | 612,523 | |
Securities Brokerage—1.0% | |||
6,375 | Goldman Sachs Group, Inc. | 1,436,479 | |
Semiconductor Distribution—0.2% | |||
2,931 | 1 | Arrow Electronics, Inc. | 238,261 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Semiconductor Manufacturing—2.2% | |||
75,550 | Intel Corp. | $2,679,759 | |
4,537 | KLA-Tencor Corp. | 420,262 | |
TOTAL | 3,100,021 | ||
Semiconductor Manufacturing Equipment—4.2% | |||
56,753 | Applied Materials, Inc. | 2,514,725 | |
20,626 | Lam Research Corp. | 3,289,022 | |
TOTAL | 5,803,747 | ||
Services to Medical Professionals—0.2% | |||
3,753 | 1 | Molina Healthcare, Inc. | 250,700 |
Shoes—0.2% | |||
8,631 | 1 | Skechers USA, Inc., Class A | 242,445 |
Soft Drinks—5.4% | |||
38,398 | Dr. Pepper Snapple Group, Inc. | 3,500,362 | |
4,598 | 1 | National Beverage Corp. | 469,548 |
30,520 | PepsiCo, Inc. | 3,558,937 | |
TOTAL | 7,528,847 | ||
Software Packaged/Custom—2.6% | |||
6,299 | 1 | Adobe Systems, Inc. | 922,740 |
14,906 | CA, Inc. | 462,682 | |
1,628 | 1 | Proofpoint, Inc. | 138,771 |
17,727 | 1 | Salesforce.com, Inc. | 1,609,612 |
5,175 | 1 | ServiceNow, Inc. | 571,579 |
TOTAL | 3,705,384 | ||
Specialty Retailing—2.4% | |||
4,382 | 1 | AutoZone, Inc. | 2,365,491 |
16,403 | Bed Bath & Beyond, Inc. | 490,450 | |
5,982 | GameStop Corp. | 129,750 | |
2,144 | 1 | O'Reilly Automotive, Inc. | 438,019 |
TOTAL | 3,423,710 | ||
System Instruments—0.1% | |||
4,200 | 1 | Sanmina Corp. | 150,570 |
Telecommunication Equipment & Services—0.3% | |||
11,391 | Cisco Systems, Inc. | 358,247 | |
Telephone Utility—1.0% | |||
62,812 | CenturyLink, Inc. | 1,461,635 | |
Truck Manufacturing—0.1% | |||
3,582 | Allison Transmission Holdings, Inc. | 135,400 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Undesignated Consumer Cyclicals—2.1% | |||
2,100 | Adtalem Global Education, Inc. | $68,250 | |
8,875 | 1 | CoStar Group, Inc. | 2,445,506 |
5,800 | Nu Skin Enterprises, Inc., Class A | 367,488 | |
TOTAL | 2,881,244 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $128,192,597) | 137,265,979 | ||
INVESTMENT COMPANY—1.5% | |||
2,025,076 | 2 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.16%3 (IDENTIFIED COST $2,025,499) | 2,025,481 |
TOTAL INVESTMENTS—99.7% (IDENTIFIED COST $130,218,096)4 | 139,291,460 | ||
OTHER ASSETS AND LIABILITIES - NET—0.3%5 | 479,334 | ||
TOTAL NET ASSETS—100% | $139,770,794 |
1 | Non-income-producing security. |
2 | Affiliated holding. |
3 | 7-day net yield. |
4 | The cost of investments for federal tax purposes amounts to $130,221,133. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Year Ended July 31 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $21.77 | $22.10 | $20.47 | $17.26 | $12.73 |
Income From Investment Operations: | |||||
Net investment income | 0.26 | 0.191 | 0.111 | 0.081 | 0.091 |
Net realized and unrealized gain (loss) on investments | 3.11 | (0.33) | 1.55 | 3.23 | 4.49 |
TOTAL FROM INVESTMENT OPERATIONS | 3.37 | (0.14) | 1.66 | 3.31 | 4.58 |
Less Distributions: | |||||
Distributions from net investment income | (0.19) | (0.19) | (0.03) | (0.10) | (0.05) |
Net Asset Value, End of Period | $24.95 | $21.77 | $22.10 | $20.47 | $17.26 |
Total Return2 | 15.56% | (0.61)% | 8.10% | 19.21% | 36.10% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.38% | 1.35% | 1.35% | 1.35% | 1.35% |
Net investment income | 0.69% | 0.94% | 0.51% | 0.41% | 0.59% |
Expense waiver/reimbursement3 | 0.00%4 | 0.03% | 0.00%4 | 0.08% | 0.16% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $33,799 | $33,753 | $40,433 | $44,678 | $34,092 |
Portfolio turnover | 77% | 62% | 76% | 31% | 99% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
4 | Represents less than 0.01%. |
Year Ended July 31 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $20.66 | $21.00 | $19.57 | $16.55 | $12.26 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.19) | 0.031 | (0.05)1 | (0.07)1 | (0.03)1 |
Net realized and unrealized gain (loss) on investments | 3.23 | (0.33) | 1.48 | 3.09 | 4.32 |
TOTAL FROM INVESTMENT OPERATIONS | 3.04 | (0.30) | 1.43 | 3.02 | 4.29 |
Less Distributions: | |||||
Distributions from net investment income | (0.04) | (0.04) | — | — | — |
Net Asset Value, End of Period | $23.66 | $20.66 | $21.00 | $19.57 | $16.55 |
Total Return2 | 14.72% | (1.43)% | 7.31% | 18.25% | 34.99% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.13% | 2.14% | 2.11% | 2.15% | 2.15% |
Net investment income (loss) | (0.06)% | 0.15% | (0.26)% | (0.38)% | (0.21)% |
Expense waiver/reimbursement3 | 0.00%4 | 0.00%4 | 0.00%4 | 0.06% | 0.11% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $36,440 | $36,846 | $41,509 | $35,052 | $27,674 |
Portfolio turnover | 77% | 62% | 76% | 31% | 99% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
4 | Represents less than 0.01%. |
Year Ended July 31 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $22.02 | $22.37 | $20.71 | $17.45 | $12.87 |
Income From Investment Operations: | |||||
Net investment income | 0.39 | 0.251 | 0.181 | 0.131 | 0.121 |
Net realized and unrealized gain (loss) on investments | 3.09 | (0.34) | 1.57 | 3.27 | 4.55 |
TOTAL FROM INVESTMENT OPERATIONS | 3.48 | (0.09) | 1.75 | 3.40 | 4.67 |
Less Distributions: | |||||
Distributions from net investment income | (0.26) | (0.26) | (0.09) | (0.14) | (0.09) |
Net Asset Value, End of Period | $25.24 | $22.02 | $22.37 | $20.71 | $17.45 |
Total Return2 | 15.90% | (0.34)% | 8.45% | 19.54% | 36.46% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.08% | 1.07% | 1.05% | 1.10% | 1.10% |
Net investment income | 1.01% | 1.22% | 0.80% | 0.65% | 0.84% |
Expense waiver/reimbursement3 | 0.00%4 | 0.00%4 | 0.00%4 | 0.00%4 | 0.05% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $52,169 | $65,435 | $76,242 | $62,770 | $39,932 |
Portfolio turnover | 77% | 62% | 76% | 31% | 99% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
4 | Represents less than 0.01%. |
Year Ended July 31 | 20171 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $21.46 | $21.80 | $20.25 | $17.09 | $12.62 |
Income From Investment Operations: | |||||
Net investment income (loss) | 0.21 | 0.102 | 0.022 | (0.01)2 | 0.022 |
Net realized and unrealized gain (loss) on investments | 3.18 | (0.33) | 1.53 | 3.20 | 4.45 |
TOTAL FROM INVESTMENT OPERATIONS | 3.39 | (0.23) | 1.55 | 3.19 | 4.47 |
Less Distributions: | |||||
Distributions from net investment income | — | (0.11) | — | (0.03) | — |
Net Asset Value, End of Period | $24.85 | $21.46 | $21.80 | $20.25 | $17.09 |
Total Return3 | 15.80% | (1.05)% | 7.65% | 18.68% | 35.42% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.07% | 1.80% | 1.76% | 1.81% | 1.83% |
Net investment income (loss) | 0.95% | 0.49% | 0.09% | (0.05)% | 0.11% |
Expense waiver/reimbursement4 | 0.00%5 | 0.00%5 | 0.00%5 | 0.00%5 | 0.02% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $17,363 | $5,717 | $6,300 | $5,467 | $4,089 |
Portfolio turnover | 77% | 62% | 76% | 31% | 99% |
1 | Effective September 1, 2016, the Fund's Class R Shares were redesignated as Class R6 Shares. |
2 | Per share numbers have been calculated using the average shares method. |
3 | Based on net asset value. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
5 | Represents less than 0.01%. |
Assets: | ||
Total investment in securities, at value including $2,025,481 of investment in an affiliated holding (Note 5) (identified cost $130,218,096) | $139,291,460 | |
Income receivable | 106,756 | |
Receivable for investments sold | 1,323,182 | |
Receivable for shares sold | 73,293 | |
TOTAL ASSETS | 140,794,691 | |
Liabilities: | ||
Payable for investments purchased | $835,158 | |
Payable for shares redeemed | 39,565 | |
Payable to adviser (Note 5) | 2,867 | |
Payable for administrative fees (Note 5) | 302 | |
Payable for auditing fees | 25,800 | |
Payable for distribution services fee (Note 5) | 23,156 | |
Payable for other service fees (Notes 2 and 5) | 15,491 | |
Payable for share registration costs | 32,774 | |
Accrued expenses (Note 5) | 48,784 | |
TOTAL LIABILITIES | 1,023,897 | |
Net assets for 5,660,246 shares outstanding | $139,770,794 | |
Net Assets Consist of: | ||
Paid-in capital | $184,827,768 | |
Net unrealized appreciation of investments | 9,073,364 | |
Accumulated net realized loss on investments | (54,592,784) | |
Undistributed net investment income | 462,446 | |
TOTAL NET ASSETS | $139,770,794 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($33,798,711 ÷ 1,354,646 shares outstanding), no par value, unlimited shares authorized | $24.95 | |
Offering price per share (100/94.50 of $24.95) | $26.40 | |
Redemption proceeds per share | $24.95 | |
Class C Shares: | ||
Net asset value per share ($36,439,793 ÷ 1,540,041 shares outstanding), no par value, unlimited shares authorized | $23.66 | |
Offering price per share | $23.66 | |
Redemption proceeds per share (99.00/100 of $23.66) | $23.42 | |
Institutional Shares: | ||
Net asset value per share ($52,169,176 ÷ 2,066,722 shares outstanding), no par value, unlimited shares authorized | $25.24 | |
Offering price per share | $25.24 | |
Redemption proceeds per share | $25.24 | |
Class R6 Shares: | ||
Net asset value per share ($17,363,114 ÷ 698,837 shares outstanding), no par value, unlimited shares authorized | $24.85 | |
Offering price per share | $24.85 | |
Redemption proceeds per share | $24.85 |
Investment Income: | |||
Dividends (including $17,683 received from an affiliated holding (Note 5) and net of foreign taxes withheld of $728) | $2,897,192 | ||
Interest | 1,459 | ||
TOTAL INCOME | 2,898,651 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,045,975 | ||
Administrative fee (Note 5) | 109,423 | ||
Custodian fees | 14,553 | ||
Transfer agent fee (Note 2) | 143,461 | ||
Directors'/Trustees' fees (Note 5) | 2,740 | ||
Auditing fees | 28,486 | ||
Legal fees | 10,769 | ||
Portfolio accounting fees | 70,128 | ||
Distribution services fee (Note 5) | 281,349 | ||
Other service fees (Notes 2 and 5) | 175,622 | ||
Share registration costs | 63,883 | ||
Printing and postage | 27,578 | ||
Miscellaneous (Note 5) | 27,175 | ||
TOTAL EXPENSES | 2,001,142 | ||
Reimbursements: | |||
Reimbursement of investment adviser fee (Note 5) | $(2,562) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (644) | ||
TOTAL REIMBURSEMENTS | (3,206) | ||
Net expenses | 1,997,936 | ||
Net investment income | 900,715 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments (including realized gain of $674 on sales of investments in an affiliated holding (Note 5)) | 13,356,886 | ||
Net change in unrealized appreciation of investments | 5,750,189 | ||
Net realized and unrealized gain on investments | 19,107,075 | ||
Change in net assets resulting from operations | $20,007,790 |
Year Ended July 31 | 2017 | 2016 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $900,715 | $1,245,713 |
Net realized gain on investments | 13,356,886 | 10,543,935 |
Net change in unrealized appreciation/depreciation of investments | 5,750,189 | (14,227,683) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 20,007,790 | (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 Shares1 | — | (30,147) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (1,100,878) | (1,271,012) |
Share Transactions: | ||
Proceeds from sale of shares | 39,731,276 | 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 | (61,662,149) | (36,433,688) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (20,887,396) | (19,023,070) |
Change in net assets | (1,980,484) | (22,732,117) |
Net Assets: | ||
Beginning of period | 141,751,278 | 164,483,395 |
End of period (including undistributed net investment income of $462,446 and $662,609, respectively) | $139,770,794 | $141,751,278 |
1 | Effective September 1, 2016, the Fund's Class R Shares were redesignated as Class R6 Shares. |
■ | 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 | $44,089 | $(156) |
Class C Shares | 48,924 | (169) |
Institutional Shares | 45,947 | (308) |
Class R6 Shares | 4,501 | (11) |
TOTAL | $143,461 | $(644) |
Other Service Fees Incurred | |
Class A Shares | $82,639 |
Class C Shares | 92,983 |
TOTAL | $175,622 |
Year Ended 7/31/2017 | Year Ended 7/31/2016 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 238,856 | $5,600,940 | 219,344 | $4,566,247 |
Shares issued to shareholders in payment of distributions declared | 11,576 | 265,655 | 15,315 | 317,790 |
Shares redeemed | (446,290) | (10,342,947) | (513,803) | (10,627,905) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (195,858) | $(4,476,352) | (279,144) | $(5,743,868) |
Year Ended 7/31/2017 | Year Ended 7/31/2016 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 274,783 | $6,059,213 | 219,633 | $4,264,493 |
Shares issued to shareholders in payment of distributions declared | 2,697 | 58,957 | 3,342 | 66,135 |
Shares redeemed | (520,492) | (11,483,866) | (416,914) | (8,026,807) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (243,012) | $(5,365,696) | (193,939) | $(3,696,179) |
Year Ended 7/31/2017 | Year Ended 7/31/2016 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 513,112 | $12,168,267 | 269,327 | $5,611,013 |
Shares issued to shareholders in payment of distributions declared | 31,013 | 718,865 | 37,891 | 794,193 |
Shares redeemed | (1,449,097) | (34,263,696) | (744,427) | (15,527,614) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (904,972) | $(21,376,564) | (437,209) | $(9,122,408) |
Year Ended 7/31/20171 | Year Ended 7/31/2016 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 689,644 | $15,902,856 | 87,503 | $1,760,683 |
Shares issued to shareholders in payment of distributions declared | — | — | 1,465 | 30,064 |
Shares redeemed | (257,198) | (5,571,640) | (111,552) | (2,251,362) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 432,446 | $10,331,216 | (22,584) | $(460,615) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (911,396) | $(20,887,396) | (932,876) | $(19,023,070) |
1 | Effective September 1, 2016, the Fund's Class R Shares were redesignated as Class R6 Shares. |
2017 | 2016 | |
Ordinary income | $1,100,878 | $1,271,012 |
2017 | |
Undistributed ordinary income | $462,446 |
Net unrealized appreciation | $9,070,327 |
Capital loss carryforwards and deferrals | $(54,589,747) |
Expiration Year | Short-Term | Long-Term | Total |
2018 | $54,589,747 | NA | $54,589,747 |
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 | $278,951 |
Class R Shares (re-designated as Class R6 Shares) | 2,398 |
TOTAL | $281,349 |
Balance of Shares Held 7/31/2016 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 7/31/2017 | Value | Dividend Income | |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | 2,073,572 | 43,635,167 | (43,683,663) | 2,025,076 | $2,025,481 | $17,683 |
Purchases | $105,163,976 |
Sales | $126,018,634 |
Administrative Services Fee Rate | Average Daily Net Assets of the Investment Complex |
0.100 of 1% | on assets up to $50 billion |
0.075 of 1% | on assets over $50 billion |
September 25, 2017
Beginning Account Value 2/1/2017 | Ending Account Value 7/31/2017 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,072.70 | $7.09 |
Class C Shares | $1,000 | $1,068.70 | $10.93 |
Institutional Shares | $1,000 | $1,074.00 | $5.55 |
Class R6 Shares | $1,000 | $1,074.40 | $5.30 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.00 | $6.90 |
Class C Shares | $1,000 | $1,014.20 | $10.64 |
Institutional Shares | $1,000 | $1,019.40 | $5.41 |
Class R6 Shares | $1,000 | $1,019.70 | $5.16 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.38% |
Class C Shares | 2.13% |
Institutional Shares | 1.08% |
Class R6 Shares | 1.03% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: May 2006 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of certain of the Funds in the Federated Fund Family; Vice President, Federated Investors, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President of some of the Funds in the Federated Fund Complex and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Investors, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
* | Reasons for “interested” status: J. Christopher Donahue and John B. Fisher are interested due to their beneficial ownership of shares of Federated Investors, Inc. and due to positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Director, Current Chair of the Compensation Committee, KLX Corp. Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO, The Collins Group, Inc. (a private equity firm). Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Governance Committee, Publix Super Markets, Inc.; Director, Member of the Audit Committee and Technology Committee of Equifax, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough is an Executive Committee member of the United States Golf Association, he serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Dean of the Duquesne University School of Law; Adjunct Professor of Law, Duquesne University School of Law; formerly, Interim Dean of the Duquesne University School of Law; Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CONSOL Energy Inc. Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously served as: Associate General Secretary, Diocese of Pittsburgh; a member of the Superior Court of Pennsylvania; and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on either a public or not for profit Board of Directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Director, Saint Vincent College; Member, Pennsylvania State Board of Education (public); and Director and Chair, Cardinal Wuerl North Catholic High School, Inc. Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director, Catholic High Schools of the Diocese of Pittsburgh, Inc.; and Director, Pennsylvania Bar Institute. |
Peter E. Madden Birth Date: March 16, 1942 Trustee Indefinite Term Began serving: June 2006 | Principal Occupation: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; Retired. Other Directorships Held: None. Qualifications: Mr. Madden has served in several business management, mutual fund services and directorship positions throughout his career. Mr. Madden previously served as President, Chief Operating Officer and Director, State Street Bank and Trust Company (custodian bank) and State Street Corporation (financial services). He was Director, VISA USA and VISA International and Chairman and Director, Massachusetts Bankers Association. Mr. Madden served as Director, Depository Trust Corporation and Director, The Boston Stock Exchange. Mr. Madden also served as a Representative to the Commonwealth of Massachusetts General Court. |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
John W. McGonigle Birth Date: October 26, 1938 Secretary Officer since: May 2006 | Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp. |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: June 2006 | Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Stephen F. Auth Birth Date: September 13, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: June 2012 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Following such evaluation, and full deliberations, the Board concluded that the performance of the Fund supported renewal of the Fund's advisory contract.
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 |
1 | Prior to September 1, 2016, Class R6 Shares were known as Class R Shares and included 12b-1 fees and certain other expenses. As of September 1, 2016, Class R6 does not include such 12b-1 fees and certain other expenses, and the performance for Class R6 prior to September 1, 2016, reflects the higher Class R expenses. |
2 | The Fund's Blended Index, which reflects 60% of the S&P 500 and 40% of the BAB, is being used for comparison purposes because, although it is not the Fund's broad-based securities market index, the Fund's Adviser believes it is more reflective of the Fund's balanced investment style. |
3 | Please see the footnotes to the line graphs below for definitions of, and further information about, the S&P 500 Index, one of the Fund's broad-based securities market indices. The S&P 500's return for the 12-month reporting period was 16.04%. |
4 | Please see the footnotes to the line graphs below for definitions of, and further information about, the BAB, one of the Fund's broad-based securities market indices. The BAB's return for the 12-month reporting period was -0.51%. |
5 | Please see the footnotes to the line graphs below for definitions of, and further information about, the MA50-70. |
6 | The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected.* |
7 | The Russell Microcap® Index measures the performance of the microcap segment of the U.S. equity market. Microcap stocks make up less than 3% of the U.S. equity market (by market cap) and consist of the smallest 1,000 securities in the small-cap Russell 2000® Index, plus the next 1,000 smallest eligible securities by market cap. The Russell Microcap® Index is constructed to provide a comprehensive and unbiased barometer for the microcap segment trading on national exchanges and is completely reconstituted annually to ensure new and growing equities are reflected and companies continue to reflect appropriate capitalization and value characteristics.* |
8 | The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.* |
9 | The Russell Top 200® Index measures the performance of the largest cap segment of the U.S. equity universe. The Russell Top 200® Index is a subset of the Russell 3000® Index. It includes approximately 200 of the largest securities based on a combination of their market cap and current index membership and represents approximately 68% of the U.S. market. The Russell Top 200® Index is constructed to provide a comprehensive and unbiased barometer for this very large cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.* |
10 | The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000® companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.* |
11 | The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000® Growth Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad growth market. The Russell 3000® Growth Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.* |
12 | The Russell 3000® Value Index measures the performance of the broad value segment of U.S. equity value universe. It includes those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000® Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad value market. The Russell 3000® Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.* |
13 | International investing involves special risks including currency risk, increased volatility of foreign securities, political risks and differences in auditing and other financial standards. |
14 | The MSCI EAFE Index is an equity index which captures large- and mid-cap representation across developed markets countries around the world, excluding the U.S. and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country.* |
15 | Prices of emerging-market securities can be significantly more volatile than the prices of securities in developed countries, and currency risks and political risks are accentuated in emerging-markets. |
16 | The MSCI Emerging Markets Index captures large- and mid-cap representation across emerging-market countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country.* |
17 | The MSCI US REIT Index is a free float-adjusted market capitalization index that is comprised of equity REITs. The index is based on MSCI USA Investable Market Index, its parent index which captures large-, mid- and small-cap securities. It represents about 99% of the US REIT universe and securities are classified in the Equity REITs Industry (under the Real Estate sector) according to the Global Industry Classification Standard (GICS®). It however excludes Mortgage REITs and selected Specialized REITs.* |
18 | Investments in REITs involve special risks associated with an investment in real estate, such as limited liquidity and interest rate risks. |
19 | Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices. |
20 | High-yield, lower-rated securities generally entail greater market, credit/default and liquidity risks and may be more volatile than investment-grade securities. |
* | The index is unmanaged, and it is not possible to invest directly in an index. |
Federated MDT Balanced Fund - | Institutional Shares | Class C Shares | S&P 500 | BAB | Blended Index | MA50-70 |
F | F | I | I | I | I | |
7/31/2007 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 |
7/31/2008 | 9,467 | 9,372 | 8,891 | 10,615 | 9,570 | 9,376 |
7/31/2009 | 7,940 | 7,783 | 7,116 | 11,448 | 8,714 | 8,282 |
7/31/2010 | 8,634 | 8,377 | 8,101 | 12,468 | 9,779 | 9,266 |
7/31/2011 | 9,842 | 9,454 | 9,693 | 13,021 | 11,109 | 10,515 |
7/31/2012 | 10,026 | 9,542 | 10,578 | 13,965 | 12,088 | 10,852 |
7/31/2013 | 11,994 | 11,298 | 13,222 | 13,699 | 13,731 | 12,394 |
7/31/2014 | 13,589 | 12,670 | 15,462 | 14,243 | 15,337 | 13,670 |
7/31/2015 | 14,422 | 13,319 | 17,194 | 14,645 | 16,548 | 14,215 |
7/31/2016 | 14,412 | 13,173 | 18,160 | 15,515 | 17,541 | 14,467 |
7/31/2017 | 15,761 | 14,257 | 21,073 | 15,435 | 19,152 | 15,832 |
■ | Total returns shown for Class C Shares include the maximum contingent deferred sales charge of 1.00% as applicable. |
1 Year | 5 Years | 10 Years | |
Class A Shares | 3.12% | 7.97% | 3.80% |
Class C Shares | 7.23% | 8.36% | 3.61% |
Institutional Shares | 9.36% | 9.47% | 4.65% |
Class R6 Shares5 | 9.32% | 8.98% | 4.05% |
S&P 500 | 16.04% | 14.78% | 7.74% |
BAB | -0.51% | 2.02% | 4.44% |
Blended Index | 9.19% | 9.64% | 6.71% |
MA50-70 | 9.44% | 8.05% | 5.23% |
1 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450); for Class C Shares, a 1.00% contingent deferred sales charge would be applied on any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 and BAB and MA50-70 have been adjusted to reflect reinvestment of dividends on securities in the indexes. |
2 | The S&P 500 Index, a broad-based securities market index of the Fund, is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The S&P 500 is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The S& P 500 is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission (SEC) requires to be reflected in the Fund's performance. |
3 | The BAB Index, a broad-based securities market index of the Fund is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market. The BAB is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The BAB is not adjusted to reflect sales charges, expenses or other fees that the SEC requires to be reflected in the Fund's performance. |
4 | Morningstar figures represent the average of the total returns reported by all the funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges. The Morningstar figures in the Growth of $10,000 line graph are based on historical return information published by Morningstar and reflect the return of the funds comprising the category in the year of publication. Because the funds designated by Morningstar as falling into the category can change over time, the Morningstar figures in the line graph may not match the Morningstar figures in the Average Annual Total Returns table, which reflect the return of the funds that currently comprise the category. |
5 | Prior to September 1, 2016, Class R6 Shares were known as Class R Shares and included 12b-1 fees and certain other expenses. As of September 1, 2016, Class R6 does not include such 12b-1 fees and certain other expenses, and the performance shown above for Class R6 prior to September 1, 2016, reflects the higher Class R expenses. |
Security Type | Percentage of Total Net Assets |
Domestic Equity Securities | 58.0% |
Corporate Debt Securities | 15.9% |
Mortgage-Backed Securities2 | 4.7% |
Collateralized Mortgage Obligations | 2.1% |
International Equity Securities (including International Exchange-Traded Fund) | 1.8% |
Trade Finance Agreements | 1.7% |
Floating Rate Loans | 1.2% |
U.S. Treasury Securities3 | 1.1% |
Asset-Backed Securities | 1.0% |
Commercial Mortgage-Backed Securities | 0.4% |
Foreign Debt Securities | 0.3% |
Municipal Bond4 | 0.0% |
Derivative Contracts4,5 | 0.0% |
Other Security Types6 | 8.1% |
Cash Equivalents7 | 3.9% |
Other Assets and Liabilities—Net8 | (0.2)% |
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 $108,661 held in U.S. Treasuries pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts. |
4 | Represents less than 0.1%. |
5 | Based upon net unrealized appreciation (depreciation) or value of the derivative contracts as applicable. Derivative contracts may consist of futures, forwards, options and swaps. The impact of a derivative contract on the Fund's performance may be larger than its unrealized appreciation (depreciation) or value may indicate. In many cases, the notional value or amount of a derivative contract may provide a better indication of the contract's significance to the portfolio. More complete information regarding the Fund's direct investments in derivative contracts, including unrealized appreciation (depreciation), value and notional values or amounts of such contracts, can be found in the table at the end of the Portfolio of Investments included in this Report. |
6 | Other Security Types consist of a domestic exchange-traded fund and purchased put options. |
7 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
8 | Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities. |
Industry Composition | Percentage of Equity Securities |
Insurance | 7.5% |
Banks | 7.0% |
Semiconductors & Semiconductor Equipment | 6.8% |
Health Care Equipment & Supplies | 5.2% |
Beverages | 4.7% |
Specialty Retail | 4.4% |
Oil Gas & Consumable Fuels | 4.1% |
Internet Software & Services | 4.1% |
Biotechnology | 3.8% |
Technology Hardware Storage & Peripherals | 3.5% |
Software | 3.3% |
Pharmaceuticals | 3.3% |
Equity Real Estate Investment Trusts (REITs) | 3.1% |
Machinery | 3.1% |
Multiline Retail | 2.9% |
IT Services | 2.3% |
Industrial Conglomerates | 2.3% |
Food Products | 2.2% |
Electric Utilities | 2.1% |
Multi-Utilities | 1.8% |
Chemicals | 1.7% |
Capital Markets | 1.7% |
Mortgage Real Estate Investment Trusts (REITs) | 1.6% |
Diversified Telecommunication Services | 1.4% |
Aerospace & Defense | 1.4% |
Media | 1.1% |
Wireless Telecommunication Services | 1.0% |
Communications Equipment | 1.0% |
Other10 | 11.6% |
TOTAL | 100.0% |
9 | Industry classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
10 | For purposes of this table, industry classifications which constitute less than 1.0% of the Fund's equity securities have been aggregated under the designation “Other.” |
Shares or Principal Amount | Value | ||
COMMON STOCKS—59.8% | |||
Aerospace & Defense—0.8% | |||
19,042 | Spirit AeroSystems Holdings, Inc., Class A | $1,150,708 | |
Air Freight & Logistics—0.1% | |||
2,035 | 1 | Atlas Air Worldwide Holdings, Inc. | 120,879 |
Airlines—0.4% | |||
3,004 | 1 | Jet Blue Airways Corp. | 65,878 |
8,064 | 1 | United Continental Holdings, Inc. | 545,771 |
TOTAL | 611,649 | ||
Auto Components—0.3% | |||
13,840 | Goodyear Tire & Rubber Co. | 436,098 | |
Auto Part Replacement—0.1% | |||
771 | 1 | Cooper-Standard Holding, Inc. | 78,842 |
289 | Superior Industries International, Inc. | 5,650 | |
TOTAL | 84,492 | ||
Auto Rentals—0.0% | |||
449 | 1 | Hertz Global Holdings, Inc. | 6,138 |
Automobiles—0.2% | |||
24,635 | Ford Motor Co. | 276,405 | |
Banks—4.2% | |||
11,267 | Bank of America Corp. | 271,760 | |
2,010 | Citizens Financial Group, Inc. | 70,511 | |
5,209 | Comerica, Inc. | 376,663 | |
20,900 | Fifth Third Bancorp | 558,030 | |
235 | First Citizens Bancshares, Inc., Class A | 86,485 | |
13,300 | Huntington Bancshares, Inc. | 176,225 | |
21,827 | JPMorgan Chase & Co. | 2,003,718 | |
16,358 | KeyCorp | 295,098 | |
11,016 | PNC Financial Services Group | 1,418,861 | |
6,300 | Popular, Inc. | 265,482 | |
5,707 | SunTrust Banks, Inc. | 326,954 | |
TOTAL | 5,849,787 | ||
Beverages—2.8% | |||
21,137 | Dr. Pepper Snapple Group, Inc. | 1,926,849 | |
16,978 | PepsiCo, Inc. | 1,979,805 | |
TOTAL | 3,906,654 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Biotechnology—2.3% | |||
219 | 1 | AMAG Pharmaceutical, Inc. | $4,303 |
26,429 | AbbVie, Inc. | 1,847,651 | |
200 | 1 | Cara Therapeutics, Inc. | 2,808 |
6,846 | 1 | Celgene Corp. | 927,017 |
371 | 1 | Dynavax Technologies Corp. | 5,880 |
230 | 1 | Epizyme, Inc. | 2,622 |
72 | 1 | Exact Sciences Corp. | 2,794 |
217 | 1 | Exelixis, Inc. | 5,883 |
529 | 1 | Intra-Cellular Therapies, Inc. | 6,120 |
105 | 1 | Kite Pharma, Inc. | 11,383 |
235 | 1 | NewLink Genetics Corp. | 1,697 |
5,226 | 1 | PDL BioPharma, Inc. | 11,863 |
102 | 1 | PTC Therapeutics, Inc. | 2,103 |
241 | 1 | Portola Pharmaceuticals, Inc. | 14,870 |
52 | 1 | Puma Biotechnology, Inc. | 4,943 |
2,366 | 1 | Vertex Pharmaceuticals, Inc. | 359,206 |
281 | 1 | Zafgen, Inc. | 950 |
TOTAL | 3,212,093 | ||
Bituminous Coal—0.0% | |||
1,683 | 1 | Cloud Peak Energy, Inc. | 5,823 |
423 | 1 | Westmoreland Coal Co. | 1,823 |
TOTAL | 7,646 | ||
Capital Markets—1.0% | |||
3,502 | Goldman Sachs Group, Inc. | 789,106 | |
7,108 | State Street Corp. | 662,679 | |
TOTAL | 1,451,785 | ||
Chemicals—1.0% | |||
7,104 | Eastman Chemical Co. | 590,769 | |
2,574 | Sherwin-Williams Co. | 868,133 | |
TOTAL | 1,458,902 | ||
Clothing Stores—0.1% | |||
152 | Buckle, Inc. | 2,599 | |
1,300 | Chicos Fas, Inc. | 11,895 | |
860 | 1 | Express, Inc. | 5,212 |
4,351 | 1 | Fossil Group, Inc. | 48,949 |
307 | 1 | Francesca's Holdings Corp. | 2,987 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Clothing Stores—continued | |||
288 | Tailored Brands, Inc. | $3,611 | |
TOTAL | 75,253 | ||
Commercial Services & Supplies—0.3% | |||
1,465 | Deluxe Corp. | 105,773 | |
1,032 | Ennis, Inc. | 19,866 | |
10,000 | Pitney Bowes, Inc. | 157,400 | |
2,474 | Waste Management, Inc. | 185,921 | |
TOTAL | 468,960 | ||
Communications Equipment—0.6% | |||
4,412 | Cisco Systems, Inc. | 138,757 | |
1,844 | 1 | CommScope Holdings Co., Inc. | 67,822 |
21,211 | Juniper Networks, Inc. | 592,848 | |
TOTAL | 799,427 | ||
Computer Networking—0.0% | |||
273 | Black Box Corp. | 2,157 | |
Computer Peripherals—0.0% | |||
44 | 1 | Synaptics, Inc. | 2,315 |
Computer Services—0.0% | |||
493 | Convergys Corp. | 11,817 | |
425 | Syntel, Inc. | 8,284 | |
TOTAL | 20,101 | ||
Construction & Engineering—0.1% | |||
2,063 | 1 | Dycom Industries, Inc. | 186,908 |
Construction Machinery—0.0% | |||
509 | 1 | Titan Machinery, Inc. | 9,086 |
Consumer Finance—0.5% | |||
8,000 | Ally Financial, Inc. | 181,120 | |
3,140 | Discover Financial Services | 191,351 | |
17,976 | Navient Corp. | 265,146 | |
3,955 | Synchrony Financial | 119,916 | |
TOTAL | 757,533 | ||
Contracting—0.0% | |||
232 | 1 | Mastec, Inc. | 10,718 |
96 | 1 | Team, Inc. | 1,381 |
TOTAL | 12,099 | ||
Cosmetics & Toiletries—0.0% | |||
112 | 1 | USANA Health Sciences, Inc. | 6,395 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Crude Oil & Gas Production—0.0% | |||
50 | 1 | Bonanza Creek Energy, Inc. | $1,452 |
369 | 1 | Halcon Resources Corp. | 2,421 |
TOTAL | 3,873 | ||
Defense Electronics—0.0% | |||
648 | 1 | Kratos Defense & Security Solutions, Inc. | 7,131 |
Diversified Consumer Services—0.0% | |||
1,500 | Adtalem Global Education, Inc. | 48,750 | |
Diversified Leisure—0.0% | |||
651 | 1 | Pinnacle Entertainment, Inc. | 12,369 |
342 | 1 | Scientific Games Holdings Corp. | 12,671 |
851 | Travelport Worldwide Ltd. | 12,169 | |
TOTAL | 37,209 | ||
Diversified Telecommunication Services—0.9% | |||
8,238 | AT&T, Inc. | 321,282 | |
38,155 | CenturyLink, Inc. | 887,867 | |
TOTAL | 1,209,149 | ||
Electric & Electronic Original Equipment Manufacturers—0.0% | |||
243 | 1 | Generac Holdings, Inc. | 8,741 |
Electric Utilities—1.3% | |||
23,192 | Exelon Corp. | 889,181 | |
3,764 | FirstEnergy Corp. | 120,109 | |
9,745 | P G & E Corp. | 659,639 | |
2,537 | Southern Co. | 121,599 | |
TOTAL | 1,790,528 | ||
Electric Utility—0.0% | |||
702 | Portland General Electric Co. | 31,372 | |
Electrical Equipment—0.0% | |||
338 | 1 | Kimball Electronics, Inc. | 6,574 |
Electronic Equipment Instruments & Components—0.1% | |||
1,900 | 1 | Insight Enterprises, Inc. | 76,988 |
Electronic Test/Measuring Equipment—0.0% | |||
72 | Cohu, Inc. | 1,312 | |
Energy Equipment & Services—0.1% | |||
9,781 | Ensco PLC | 51,741 | |
10,600 | 1 | Noble Corp. PLC | 42,400 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Energy Equipment & Services—continued | |||
3,698 | 1 | Rowan Companies PLC | $43,156 |
TOTAL | 137,297 | ||
Equity Real Estate Investment Trusts (REITs)—1.9% | |||
7,000 | American Homes 4 Rent | 161,070 | |
1,200 | American Tower Corp. | 163,596 | |
1,400 | Coresite Realty Corp., REIT | 152,012 | |
2,600 | DCT Industrial Trust, Inc. | 146,484 | |
1,200 | Digital Realty Trust, Inc. | 138,408 | |
7,700 | GGP, Inc. | 174,097 | |
25,000 | Independence Realty Trust | 252,750 | |
8,000 | Rexford Industrial Realty, Inc. | 228,160 | |
7,000 | STAG Industrial, Inc. | 191,030 | |
800 | Simon Property Group, Inc. | 126,800 | |
5,200 | Starwood Waypoint Homes | 181,792 | |
2,100 | Sun Communities, Inc. | 186,921 | |
5,400 | Terreno Realty Corp. | 186,948 | |
10,400 | Weyerhaeuser Co. | 343,408 | |
TOTAL | 2,633,476 | ||
Ethical Drugs—0.0% | |||
59 | 1 | Clovis Oncology, Inc. | 5,004 |
402 | 1 | Tetraphase Pharmaceuticals, Inc. | 2,629 |
TOTAL | 7,633 | ||
Financial Services—0.0% | |||
1,021 | 1 | Altisource Portfolio Solutions S.A. | 26,638 |
538 | 1 | Everi Holdings, Inc. | 4,013 |
TOTAL | 30,651 | ||
Food & Staples Retailing—0.3% | |||
4,275 | Wal-Mart Stores, Inc. | 341,957 | |
1,204 | Walgreens Boots Alliance, Inc. | 97,127 | |
TOTAL | 439,084 | ||
Food Products—1.3% | |||
2,708 | Cal-Maine Foods, Inc. | 103,310 | |
3,483 | Dean Foods Co. | 52,245 | |
4,289 | Fresh Del Monte Produce, Inc. | 220,755 | |
4,803 | Ingredion, Inc. | 592,306 | |
8,300 | 1 | Pilgrims Pride Corp. | 201,607 |
3,030 | Sanderson Farms, Inc. | 396,172 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Food Products—continued | |||
2,565 | Smucker (J.M.) Co. | $312,674 | |
TOTAL | 1,879,069 | ||
Furniture—0.0% | |||
244 | Ethan Allen Interiors, Inc. | 7,820 | |
Gas Distributor—0.0% | |||
222 | ONE Gas, Inc. | 16,157 | |
Generic Drugs—0.0% | |||
590 | 1 | Cempra Holdings LLC | 2,360 |
241 | 1 | Immunogen, Inc. | 1,432 |
TOTAL | 3,792 | ||
Gold Production—0.0% | |||
633 | Gold Resource Corp. | 2,684 | |
Health Care Equipment & Supplies—3.1% | |||
9,735 | 1 | Align Technology, Inc. | 1,627,984 |
12,067 | Baxter International, Inc. | 729,812 | |
925 | Danaher Corp. | 75,378 | |
1,338 | 1 | Edwards Lifesciences Corp. | 154,111 |
4,538 | 1 | IDEXX Laboratories, Inc. | 755,396 |
8,684 | Medtronic PLC | 729,195 | |
365 | Teleflex, Inc. | 75,635 | |
1,602 | Zimmer Biomet Holdings, Inc. | 194,355 | |
TOTAL | 4,341,866 | ||
Home Building—0.0% | |||
495 | 1 | Beazer Homes USA, Inc. | 6,564 |
253 | 1 | Installed Building Products, Inc. | 13,611 |
1,081 | KB HOME | 24,777 | |
TOTAL | 44,952 | ||
Home Health Care—0.0% | |||
338 | 1 | Care.com, Inc. | 4,911 |
99 | 1 | Weight Watchers International, Inc. | 3,546 |
TOTAL | 8,457 | ||
Hospitals—0.1% | |||
992 | 1 | Adeptus Health, Inc., Class A | 1,111 |
16,315 | 1 | Community Health Systems, Inc. | 116,652 |
TOTAL | 117,763 | ||
Hotels Restaurants & Leisure—0.1% | |||
412 | Domino's Pizza, Inc. | 76,838 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Hotels Restaurants & Leisure—continued | |||
1,026 | Wyndham Worldwide Corp. | $107,084 | |
TOTAL | 183,922 | ||
Household Durables—0.4% | |||
2,483 | D. R. Horton, Inc. | 88,618 | |
745 | 1 | Helen of Troy Ltd. | 75,059 |
1,359 | Libbey, Inc. | 12,231 | |
5,423 | Tupperware Brands Corp. | 329,230 | |
TOTAL | 505,138 | ||
Household Products—0.1% | |||
905 | Procter & Gamble Co. | 82,192 | |
Independent Power and Renewable Electricity Producers—0.1% | |||
15,600 | AES Corp. | 174,408 | |
Industrial Conglomerates—1.4% | |||
8,405 | Roper Technologies, Inc. | 1,953,826 | |
Industrial Machinery—0.0% | |||
171 | 1 | Chart Industries, Inc. | 5,814 |
210 | 1 | DXP Enterprises, Inc. | 6,004 |
TOTAL | 11,818 | ||
Insurance—4.5% | |||
15,600 | Aflac, Inc. | 1,244,100 | |
13,907 | Assured Guaranty Ltd. | 625,954 | |
1,579 | Everest Re Group Ltd. | 414,314 | |
16,810 | Prudential Financial | 1,903,396 | |
553 | Reinsurance Group of America, Inc. | 77,531 | |
15,706 | The Travelers Cos., Inc. | 2,011,781 | |
TOTAL | 6,277,076 | ||
Internet & Direct Marketing Retail—0.3% | |||
970 | Expedia, Inc. | 151,776 | |
1,456 | 1 | NetFlix, Inc. | 264,497 |
TOTAL | 416,273 | ||
Internet Services—0.0% | |||
231 | 1 | Autobytel.com, Inc. | 2,543 |
302 | 1 | Blucora, Inc. | 6,765 |
474 | 1 | TrueCar, Inc. | 8,973 |
TOTAL | 18,281 | ||
Internet Software & Services—2.4% | |||
4,937 | 1 | CoStar Group, Inc. | 1,360,391 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Internet Software & Services—continued | |||
12,536 | 1 | eBay, Inc. | $447,911 |
9,341 | 1 | Facebook, Inc. | 1,580,964 |
TOTAL | 3,389,266 | ||
IT Services—1.4% | |||
313 | Alliance Data Systems Corp. | 75,568 | |
9,223 | 1 | PayPal Holdings, Inc. | 540,007 |
3,495 | 1 | Vantiv, Inc. | 222,107 |
9,256 | Visa, Inc., Class A | 921,527 | |
10,000 | Western Union Co. | 197,500 | |
TOTAL | 1,956,709 | ||
Jewelry Stores—0.0% | |||
179 | Movado Group, Inc. | 4,403 | |
Life Sciences Tools & Services—0.3% | |||
643 | 1 | Mettler Toledo International, Inc. | 368,490 |
Machine Tools—0.0% | |||
147 | Hurco Cos., Inc. | 4,844 | |
Machinery—1.8% | |||
2,951 | AGCO Corp. | 212,885 | |
9,383 | Allison Transmission Holdings, Inc. | 354,678 | |
8,376 | 1 | Colfax Corp. | 345,761 |
9,899 | Deere & Co. | 1,269,844 | |
949 | Parker-Hannifin Corp. | 157,515 | |
1,059 | Stanley Black & Decker, Inc. | 148,991 | |
3,342 | Trinity Industries, Inc. | 91,604 | |
TOTAL | 2,581,278 | ||
Maritime—0.0% | |||
1,440 | 1 | Overseas Shipholding Group, Inc. | 4,435 |
348 | Teekay Tankers Ltd., Class A | 627 | |
TOTAL | 5,062 | ||
Media—0.7% | |||
28,128 | 1 | MSG Networks, Inc. | 601,939 |
9,289 | Viacom, Inc., Class B - New | 324,372 | |
TOTAL | 926,311 | ||
Medical Supplies—0.1% | |||
238 | 1 | Iradimed Corp. | 2,344 |
296 | 1 | Lantheus Holdings, Inc. | 5,461 |
522 | LeMaitre Vascular, Inc. | 18,829 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Medical Supplies—continued | |||
772 | 1 | OraSure Technologies, Inc. | $13,541 |
429 | 1 | Orthofix International NV | 18,610 |
348 | PetMed Express, Inc. | 16,544 | |
TOTAL | 75,329 | ||
Medical Technology—0.0% | |||
260 | 1 | DepoMed, Inc. | 2,681 |
152 | 1 | Masimo Corp. | 14,379 |
TOTAL | 17,060 | ||
Metal Fabrication—0.0% | |||
113 | NN, Inc. | 3,130 | |
105 | The Eastern Co. | 3,056 | |
TOTAL | 6,186 | ||
Mini-Mill Producer—0.0% | |||
711 | Commercial Metals Corp. | 13,225 | |
Miscellaneous Components—0.3% | |||
391 | 1 | Alpha & Omega Semiconductor Ltd. | 6,921 |
22,696 | Vishay Intertechnology, Inc. | 405,123 | |
TOTAL | 412,044 | ||
Miscellaneous Food Products—0.0% | |||
201 | Omega Protein Corp. | 3,216 | |
Miscellaneous Machinery—0.2% | |||
11,115 | 1 | SPX Corp. | 305,885 |
Mortgage and Title—0.0% | |||
1,051 | 1 | MGIC Investment Corp. | 12,265 |
Mortgage Real Estate Investment Trusts (REITs)—1.0% | |||
12,200 | Blackstone Mortgage Trust, Inc. - CLA | 376,614 | |
19,000 | New Residential Investment Corp. | 323,000 | |
9,400 | Starwood Property Trust, Inc. | 207,176 | |
46,000 | Two Harbors Investment Corp. | 454,940 | |
TOTAL | 1,361,730 | ||
Multi-Line Insurance—0.0% | |||
997 | CNO Financial Group, Inc. | 22,811 | |
Multi-Utilities—1.1% | |||
32,785 | NiSource, Inc. | 854,377 | |
4,925 | Public Service Enterprises Group, Inc. | 221,477 | |
6,315 | SCANA Corp. | 406,497 | |
TOTAL | 1,482,351 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Multiline Retail—1.7% | |||
2,400 | Big Lots, Inc. | $119,208 | |
2,169 | Dillards, Inc., Class A | 160,116 | |
13,170 | Kohl's Corp. | 544,579 | |
10,944 | Macy's, Inc. | 259,920 | |
23,193 | Target Corp. | 1,314,347 | |
TOTAL | 2,398,170 | ||
Office Supplies—0.0% | |||
813 | 1 | Acco Brands Corp. | 9,471 |
679 | Essendant, Inc. | 8,474 | |
TOTAL | 17,945 | ||
Oil Gas & Consumable Fuels—2.5% | |||
19,121 | Chevron Corp. | 2,087,822 | |
4,474 | Cimarex Energy Co. | 443,060 | |
5,217 | HollyFrontier Corp. | 150,459 | |
11,058 | Valero Energy Corp. | 762,670 | |
TOTAL | 3,444,011 | ||
Oil Service, Explore & Drill—0.0% | |||
505 | 1 | NOW, Inc. | 8,045 |
285 | 1 | Unit Corp. | 5,124 |
TOTAL | 13,169 | ||
Oil Well Supply—0.0% | |||
243 | 1 | Exterran Corp. | 6,729 |
Other Communications Equipment—0.0% | |||
261 | 1 | Netgear, Inc. | 12,502 |
Paper & Forest Products—0.1% | |||
3,600 | Domtar Corp. | 140,616 | |
Personal Loans—0.0% | |||
713 | 1 | Enova International, Inc. | 10,338 |
1,337 | 1 | Ezcorp, Inc., Class A | 10,429 |
TOTAL | 20,767 | ||
Personal Products—0.4% | |||
3,158 | Estee Lauder Cos., Inc., Class A | 312,610 | |
3,147 | Nu Skin Enterprises, Inc. | 199,394 | |
TOTAL | 512,004 | ||
Personnel Agency—0.0% | |||
280 | 1 | TrueBlue, Inc. | 7,154 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Pharmaceuticals—2.0% | |||
3,188 | Johnson & Johnson | $423,112 | |
11,120 | Lilly (Eli) & Co. | 919,179 | |
42,583 | Pfizer, Inc. | 1,412,052 | |
TOTAL | 2,754,343 | ||
Printed Circuit Boards—0.0% | |||
985 | 1 | TTM Technologies | 17,119 |
Printing—0.0% | |||
371 | Quad Graphics, Inc. | 8,333 | |
2,904 | R.R. Donnelley & Sons Co. | 35,893 | |
TOTAL | 44,226 | ||
Professional Services—0.4% | |||
11,632 | Nielsen Holdings PLC | 500,292 | |
Property Liability Insurance—0.0% | |||
481 | State National Companies, Inc. | 10,043 | |
277 | Universal Insurance Holdings, Inc. | 6,607 | |
TOTAL | 16,650 | ||
Regional Banks—0.1% | |||
47 | BancFirst Corp. | 5,017 | |
291 | Beneficial Mutual Bancorp | 4,540 | |
43 | Cathay Bancorp, Inc. | 1,610 | |
58 | Columbia Banking Systems, Inc. | 2,311 | |
295 | Enterprise Financial Services Corp. | 11,667 | |
125 | 1 | FCB Financial Holdings, Inc. | 5,894 |
159 | Farmers Capital Bank Corp. | 5,970 | |
80 | Financial Institutions, Inc. | 2,352 | |
450 | First Bancorp, Inc. | 14,085 | |
156 | First Business Financial Services, Inc. | 3,317 | |
57 | First Financial Corp. | 2,625 | |
67 | First Interstate BancSystem, Inc., Class A | 2,449 | |
183 | First Merchants Corp. | 7,401 | |
196 | First Midwest Bancorp, Inc. | 4,353 | |
1,166 | 1 | First NBC Bank Holding Co. | 22 |
464 | Fulton Financial Corp. | 8,468 | |
150 | Hancock Holding Co. | 6,900 | |
65 | Heartland Financial USA, Inc. | 3,061 | |
63 | Independent Bank Corp.- Michigan | 1,336 | |
61 | Lakeland Financial Corp. | 2,806 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Regional Banks—continued | |||
229 | MainSource Financial Group, Inc. | $8,001 | |
174 | Mercantile Bank Corp. | 5,537 | |
77 | Meridian Bancorp, Inc. | 1,359 | |
75 | Meta Financial Group, Inc. | 5,347 | |
121 | Midland States Bancorp, Inc. | 3,843 | |
126 | MidSouth Bancorp, Inc. | 1,417 | |
160 | National Bank Holdings Corp. - CL A | 5,461 | |
172 | OFG Bancorp. | 1,729 | |
156 | Ohio Valley Banc Corp. | 5,281 | |
307 | Peapack-Gladstone Financial Corp. | 9,600 | |
78 | Preferred Bank Los Angeles, CA | 4,380 | |
166 | Republic Bancorp, Inc. | 5,959 | |
73 | Sandy Spring Bancorp, Inc. | 2,923 | |
184 | Sierra Bancorp | 5,042 | |
79 | The Bank of NT Butterfield & Son Ltd. | 2,693 | |
155 | TriCo Bancshares | 5,719 | |
59 | UMB Financial Corp. | 4,110 | |
246 | Union Bankshares Corp. | 7,599 | |
TOTAL | 182,184 | ||
Road & Rail—0.1% | |||
772 | Union Pacific Corp. | 79,485 | |
Savings & Loan—0.1% | |||
861 | Charter Financial Corp. | 15,481 | |
227 | First Defiance Financial Corp. | 11,747 | |
406 | WSFS Financial Corp. | 18,331 | |
961 | Waterstone Financial, Inc. | 18,115 | |
942 | Western New England Bancorp, Inc. | 9,373 | |
TOTAL | 73,047 | ||
Semiconductor Manufacturing—0.0% | |||
251 | Cabot Microelectronics Corp. | 18,612 | |
73 | 1 | Cirrus Logic, Inc. | 4,485 |
55 | 1 | Diodes, Inc. | 1,459 |
TOTAL | 24,556 | ||
Semiconductor Manufacturing Equipment—0.1% | |||
1,577 | 1 | Advanced Energy Industries, Inc. | 114,411 |
279 | Brooks Automation, Inc. | 6,852 | |
411 | 1 | IXYS Corp. | 7,152 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Semiconductor Manufacturing Equipment—continued | |||
66 | MKS Instruments, Inc. | $5,521 | |
TOTAL | 133,936 | ||
Semiconductors & Semiconductor Equipment—4.1% | |||
24,469 | Applied Materials, Inc. | 1,084,221 | |
807 | Broadcom Ltd. | 199,055 | |
48,228 | Intel Corp. | 1,710,647 | |
2,919 | KLA-Tencor Corp. | 270,387 | |
12,032 | Lam Research Corp. | 1,918,623 | |
2,754 | Microchip Technology, Inc. | 220,430 | |
1,889 | NVIDIA Corp. | 306,981 | |
TOTAL | 5,710,344 | ||
Soft Drinks—0.1% | |||
1,712 | 1 | National Beverage Corp. | 174,829 |
Software—2.0% | |||
6,400 | 1 | Adobe Systems, Inc. | 937,536 |
12,270 | CA, Inc. | 380,861 | |
4,307 | 1 | Nuance Communications, Inc. | 74,511 |
10,780 | 1 | Salesforce.com, Inc. | 978,824 |
2,897 | 1 | ServiceNow, Inc. | 319,973 |
771 | 1 | Workday, Inc. | 78,727 |
TOTAL | 2,770,432 | ||
Software Packaged/Custom—0.1% | |||
325 | 1 | Carbonite, Inc. | 7,670 |
165 | 1 | Commvault Systems, Inc. | 9,826 |
153 | 1 | Paycom Software, Inc. | 10,724 |
215 | 1 | Proofpoint, Inc. | 18,326 |
232 | 1 | RingCentral, Inc. | 8,074 |
150 | 1 | Varonis Systems, Inc. | 5,587 |
197 | 1 | Web.com Group, Inc. | 4,324 |
TOTAL | 64,531 | ||
Specialty Chemicals—0.0% | |||
152 | KMG Chemicals, Inc. | 7,695 | |
88 | Rayonier Advanced Materials, Inc. | 1,312 | |
605 | 1 | Univar, Inc. | 18,779 |
TOTAL | 27,786 | ||
Specialty Retail—2.7% | |||
5,200 | Abercrombie & Fitch Co., Class A | 51,168 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Specialty Retail—continued | |||
2,250 | 1 | AutoZone, Inc. | $1,214,595 |
7,113 | Bed Bath & Beyond, Inc. | 212,679 | |
5,221 | Best Buy Co., Inc. | 304,593 | |
1,351 | Children's Place, Inc./The | 142,733 | |
6,028 | GNC Holdings, Inc. | 57,326 | |
5,192 | GameStop Corp. | 112,615 | |
15,027 | Gap (The), Inc. | 358,093 | |
3,800 | Guess ?, Inc. | 49,628 | |
2,674 | Home Depot, Inc. | 400,030 | |
845 | Lowe's Cos., Inc. | 65,403 | |
989 | 1 | Murphy USA, Inc. | 74,897 |
2,139 | 1 | O'Reilly Automotive, Inc. | 436,998 |
2,300 | Rent-A-Center, Inc. | 30,406 | |
3,900 | 1 | Sally Beauty Holdings, Inc. | 78,897 |
443 | 1 | Ulta Beauty, Inc. | 111,286 |
1,135 | 1 | Zumiez, Inc. | 14,415 |
TOTAL | 3,715,762 | ||
Specialty Retailing—0.0% | |||
139 | 1 | America's Car-Mart, Inc. | 5,449 |
535 | Big 5 Sporting Goods Corp. | 5,751 | |
172 | 1 | Build-A-Bear Workshp, Inc. | 1,651 |
663 | Office Depot, Inc. | 3,892 | |
559 | Pier 1 Imports, Inc. | 2,577 | |
287 | 1 | Rush enterprises, Inc. Class A | 12,378 |
TOTAL | 31,698 | ||
System Instruments—0.2% | |||
7,229 | 1 | Sanmina Corp. | 259,160 |
Technology Hardware Storage & Peripherals—2.1% | |||
6,503 | Apple, Inc. | 967,191 | |
72,285 | HP, Inc. | 1,380,644 | |
10,850 | NetApp, Inc. | 471,107 | |
3,575 | Xerox Corp. | 109,645 | |
TOTAL | 2,928,587 | ||
Telecommunication Equipment & Services—0.0% | |||
175 | 1 | CIENA Corp. | 4,506 |
Telephone Utility—0.0% | |||
919 | Frontier Communications Corp. | 14,070 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Textiles Apparel & Luxury Goods—0.2% | |||
7,184 | 1 | Skechers USA, Inc., Class A | $201,799 |
Trading Companies & Distributors—0.1% | |||
831 | 1 | United Rentals, Inc. | 98,856 |
Truck Manufacturing—0.0% | |||
531 | Spartan Motors, Inc. | 4,699 | |
462 | Wabash National Corp. | 8,815 | |
TOTAL | 13,514 | ||
Undesignated Consumer Cyclicals—0.0% | |||
241 | 1 | Career Education Corp. | 2,027 |
128 | Nutri/System, Inc. | 7,136 | |
TOTAL | 9,163 | ||
Undesignated Health—0.0% | |||
154 | Medifast, Inc. | 6,574 | |
Undesignated Transportation—0.0% | |||
271 | 1 | XPO Logistics, Inc. | 16,290 |
Wireless Telecommunication Services—0.6% | |||
13,471 | 1 | T-Mobile USA, Inc. | 830,622 |
TOTAL COMMON STOCKS (IDENTIFIED COST $79,595,398) | 83,654,625 | ||
ASSET-BACKED SECURITIES—0.6% | |||
Auto Receivables—0.1% | |||
$20,554 | Santander Drive Auto Receivables Trust 2013-1, D, 2.270%, 01/15/2019 | 20,568 | |
100,000 | Santander Drive Auto Receivables Trust 2016-2, C, 2.660%, 11/15/2021 | 100,711 | |
TOTAL | 121,279 | ||
Credit Card—0.3% | |||
350,000 | Capital One Multi-Asset Execution Trust 2004-B3, B3, 1.955%, 01/18/2022 | 351,557 | |
Home Equity Loan—0.0% | |||
18,782 | CS First Boston Mortgage Securities Corp. 2002-HE4, AF, 5.510%, 08/25/2032 | 21,225 | |
Other—0.2% | |||
115,000 | 2,3 | Navistar Financial Dealer Note Master Trust 2016-1, A, 2.582%, 09/27/2021 | 115,605 |
128,000 | 2,3 | PFS Financing Corp. 2016-BA, A, 1.870%, 10/15/2021 | 127,563 |
TOTAL | 243,168 |
Shares or Principal Amount | Value | ||
ASSET-BACKED SECURITIES—continued | |||
Student Loan—0.0% | |||
$44,710 | Navient Student Loan Trust 2014-1, A2, 1.542%, 03/27/2023 | $44,730 | |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $778,197) | 781,959 | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—2.0% | |||
Commercial Mortgage—2.0% | |||
170,000 | Banc of America Commercial Mortgage Trust 2016-UBS10 A4, 3.170%, 7/15/2049 | 171,359 | |
593 | 4 | Bear Stearns Mortgage Securities, Inc. 1997-6 1A, 6.261%, 3/25/2031 | 605 |
190,000 | CD Commercial Mortgage Trust 2016-CD1 A4, 2.724%, 8/10/2049 | 185,738 | |
200,000 | Citigroup Commercial Mortgage Trust 2013-GC11 B, 3.732%, 4/10/2046 | 201,733 | |
70,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1 AM, 3.912%, 5/15/2045 | 73,828 | |
125,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1 B, 4.612%, 5/15/2045 | 133,437 | |
200,000 | 2,3 | Commercial Mortgage Trust 2013-CR8 B, 3.962%, 6/10/2046 | 204,852 |
200,000 | Commercial Mortgage Trust 2014-LC17 B, 4.490%, 10/10/2047 | 210,488 | |
300,000 | Commercial Mortgage Trust 2015-DC1 AM, 3.724%, 2/10/2048 | 308,882 | |
200,000 | 2,3 | FREMF Mortgage Trust 2013-K25, B, 3.618%, 11/25/2045 | 207,908 |
1,759 | Federal Home Loan Mortgage Corp. REMIC 1311 K, 7.000%, 7/15/2022 | 1,874 | |
2,255 | Federal Home Loan Mortgage Corp. REMIC 1384 D, 7.000%, 9/15/2022 | 2,420 | |
5,688 | Federal Home Loan Mortgage Corp. REMIC 2497 JH, 6.000%, 9/15/2032 | 6,300 | |
77,004 | Federal Home Loan Mortgage Corp., 2.263%, 4/25/2025 | 76,901 | |
300,000 | Federal Home Loan Mortgage Corp., 2.566%, 9/25/2020 | 305,397 | |
7,031 | Federal National Mortgage Association REMIC 1993-113 SB, 9.749%, 7/25/2023 | 7,620 | |
1,492 | Federal National Mortgage Association REMIC 2003-35 UC, 3.750%, 5/25/2033 | 1,533 | |
100,000 | GS Mortgage Securities Corp. II 2012-GCJ7 AS, 4.085%, 5/10/2045 | 106,299 | |
6,558 | Government National Mortgage Association REMIC 2002-17 B, 6.000%, 3/20/2032 | 7,241 | |
200,000 | JPMDB Commercial Mortgage Securities Trust 2016-C4 A3, 3.1413%, 12/15/2049 | 201,545 | |
100,000 | Merrill Lynch Mortgage Trust 2008-C1 AM, 6.381%, 2/12/2051 | 100,876 | |
50,000 | Morgan Stanley Capital I 2007-IQ16 AM, 6.144%, 12/12/2049 | 50,219 | |
100,000 | Morgan Stanley Capital I 2012-C4 AS, 3.773%, 3/15/2045 | 105,373 |
Shares or Principal Amount | Value | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—continued | |||
Commercial Mortgage—continued | |||
$150,000 | 2,3 | UBS-Barclays Commercial Mortgage Trust 2013-C6 B, 3.875%, 4/10/2046 | $153,711 |
25,000 | WF-RBS Commercial Mortgage Trust 2012-C6 B, 4.697%, 4/15/2045 | 26,754 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $2,851,102) | 2,852,893 | ||
CORPORATE BONDS—13.3% | |||
Basic Industry - Chemicals—0.1% | |||
35,000 | 2,3 | Incitec Pivot Finance LLC, Company Guarantee, Series 144A, 6.000%, 12/10/2019 | 37,389 |
70,000 | RPM International, Inc., 6.500%, 02/15/2018 | 71,826 | |
20,000 | RPM International, Inc., Sr. Unsecd. Note, 6.125%, 10/15/2019 | 21,678 | |
22,000 | Rohm & Haas Co., 6.000%, 09/15/2017 | 22,113 | |
TOTAL | 153,006 | ||
Basic Industry - Metals & Mining—0.4% | |||
15,000 | Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 04/15/2040 | 15,162 | |
100,000 | Anglogold Ashanti Holdings PLC, Sr. Unsecd. Note, 5.125%, 08/01/2022 | 104,350 | |
62,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 4.450%, 03/01/2023 | 63,350 | |
40,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 5.200%, 07/15/2021 | 41,860 | |
20,000 | 2,3 | Newcrest Finance Property, Sr. Unsecd. Note, Series 144A, 4.200%, 10/01/2022 | 20,838 |
100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 04/15/2023 | 106,460 | |
20,000 | Southern Copper Corp., Sr. Unsecd. Note, 6.750%, 04/16/2040 | 23,752 | |
160,000 | Worthington Industries, Inc., Sr. Unsecd. Note, 6.500%, 04/15/2020 | 176,866 | |
TOTAL | 552,638 | ||
Basic Industry - Paper—0.0% | |||
10,000 | Plum Creek Timberlands LP, Sr. Unsecd. Note, 3.250%, 03/15/2023 | 10,193 | |
20,000 | Plum Creek Timberlands LP, Sr. Unsecd. Note, 4.700%, 03/15/2021 | 21,416 | |
TOTAL | 31,609 | ||
Capital Goods - Aerospace & Defense—0.4% | |||
100,000 | Arconic, Inc., 5.870%, 02/23/2022 | 110,250 | |
211,000 | 2,3 | Embraer Overseas Ltd., Sr. Unsecd. Note, Series 144A, 5.696%, 09/16/2023 | 229,726 |
20,000 | Raytheon Co., Sr. Note, 4.400%, 02/15/2020 | 21,292 | |
10,000 | Rockwell Collins, Inc., Sr. Unsecd. Note, 3.100%, 11/15/2021 | 10,266 | |
40,000 | 2,3 | Textron Financial Corp., Jr. Sub. Note, Series 144A, 2.916%, 2/15/2042 | 35,300 |
50,000 | Textron, Inc., Sr. Unsecd. Note, 4.000%, 03/15/2026 | 52,413 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Capital Goods - Aerospace & Defense—continued | |||
$50,000 | Textron, Inc., Sr. Unsecd. Note, 4.300%, 03/01/2024 | $53,263 | |
TOTAL | 512,510 | ||
Capital Goods - Building Materials—0.1% | |||
80,000 | Masco Corp., Sr. Unsecd. Note, 4.375%, 04/01/2026 | 85,690 | |
Capital Goods - Construction Machinery—0.0% | |||
40,000 | AGCO Corp., Sr. Unsecd. Note, 5.875%, 12/01/2021 | 43,857 | |
Capital Goods - Diversified Manufacturing—0.1% | |||
15,000 | Avery Dennison Corp., Sr. Unsecd. Note, 5.375%, 04/15/2020 | 16,111 | |
30,000 | General Electric Capital, Sr. Unsecd. Note, Series GMTN, 3.100%, 01/09/2023 | 31,256 | |
80,000 | Hubbell, Inc., 5.950%, 06/01/2018 | 82,844 | |
15,000 | Thomas & Betts Corp., Sr. Unsecd. Note, 5.625%, 11/15/2021 | 16,959 | |
14,000 | Valmont Industries, Inc., Sr. Unsecd. Note, 6.625%, 04/20/2020 | 15,474 | |
50,000 | Xylem, Inc., Sr. Unsecd. Note, 4.375%, 11/01/2046 | 51,988 | |
TOTAL | 214,632 | ||
Capital Goods - Environmental—0.1% | |||
85,000 | Republic Services, Inc., Company Guarantee, 5.500%, 9/15/2019 | 91,319 | |
Capital Goods - Packaging—0.0% | |||
45,000 | Packaging Corp. of America, Sr. Unsecd. Note, 3.900%, 06/15/2022 | 47,406 | |
10,000 | Rock-Tenn Co., Sr. Unsecd. Note, 4.000%, 03/01/2023 | 10,567 | |
10,000 | Rock-Tenn Co., Sr. Unsecd. Note, 4.450%, 03/01/2019 | 10,372 | |
TOTAL | 68,345 | ||
Communications - Cable & Satellite—0.2% | |||
200,000 | CCO Safari II LLC, 4.908%, 07/23/2025 | 215,317 | |
90,000 | NBC Universal, Inc., Sr. Unsecd. Note, 5.150%, 04/30/2020 | 98,141 | |
30,000 | Time Warner Cable, Inc., Company Guarantee, 8.250%, 04/01/2019 | 33,019 | |
TOTAL | 346,477 | ||
Communications - Media & Entertainment—0.5% | |||
75,000 | 21st Century Fox America, Inc., Sr. Unsecd. Note, 5.400%, 10/01/2043 | 87,805 | |
30,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 01/31/2046 | 34,536 | |
30,000 | Interpublic Group of Cos., Inc., Sr. Unsecd. Note, 2.250%, 11/15/2017 | 30,006 | |
25,000 | Moody's Corp., Sr. Unsecd. Note, 5.500%, 09/01/2020 | 27,492 | |
250,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.600%, 04/15/2026 | 254,181 | |
20,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.625%, 05/01/2022 | 20,972 | |
100,000 | Viacom, Inc., Sr. Unsecd. Note, 3.875%, 04/01/2024 | 102,059 | |
150,000 | WPP Finance 2010, Sr. Unsecd. Note, 5.625%, 11/15/2043 | 174,121 | |
TOTAL | 731,172 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Communications - Telecom Wireless—0.2% | |||
$100,000 | American Tower Corp., Sr. Unsecd. Note, 3.400%, 02/15/2019 | $102,268 | |
150,000 | Crown Castle International Corp., Sr. Unsecd. Note, 3.700%, 06/15/2026 | 152,279 | |
TOTAL | 254,547 | ||
Communications - Telecom Wirelines—0.2% | |||
90,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 03/15/2024 | 94,646 | |
175,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 5.150%, 09/15/2023 | 195,089 | |
TOTAL | 289,735 | ||
Consumer Cyclical - Automotive—0.7% | |||
175,000 | American Honda Finance Co, Unsecd. Deb., Series MTN, 2.250%, 8/15/2019 | 176,778 | |
10,000 | DaimlerChrysler North America Holding Corp., Company Guarantee, 8.500%, 01/18/2031 | 15,102 | |
100,000 | Ford Motor Co., Sr. Unsecd. Note, 4.750%, 01/15/2043 | 97,257 | |
200,000 | Ford Motor Credit Co., Sr. Unsecd. Note, 3.336%, 03/18/2021 | 204,930 | |
150,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.100%, 01/15/2019 | 152,322 | |
160,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.200%, 07/06/2021 | 162,748 | |
100,000 | 2,3 | Hyundai Capital America, Sr. Unsecd. Note, Series 144A, 2.875%, 08/09/2018 | 100,782 |
65,000 | 2,3 | RCI Banque SA, Sr. Unsecd. Note, Series 144A, 3.500%, 4/03/2018 | 65,700 |
TOTAL | 975,619 | ||
Consumer Cyclical - Leisure—0.2% | |||
200,000 | 2 | Football Trust V, Pass Thru Cert., Series 144A, 5.350%, 10/05/2020 | 215,282 |
Consumer Cyclical - Lodging—0.1% | |||
30,000 | Hyatt Hotels Corp., Sr. Unsecd. Note, 3.375%, 07/15/2023 | 30,730 | |
50,000 | Marriott International, Inc., Sr. Unsecd. Note, 3.000%, 03/01/2019 | 50,802 | |
TOTAL | 81,532 | ||
Consumer Cyclical - Retailers—0.5% | |||
50,000 | Advance Auto Parts, Inc., 4.500%, 12/01/2023 | 53,459 | |
40,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.125%, 04/21/2026 | 38,932 | |
250,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 04/15/2025 | 247,080 | |
175,000 | CVS Health Corp., Sr. Unsecd. Note, 2.875%, 06/01/2026 | 170,849 | |
160,000 | Dollar General Corp., Sr. Unsecd. Note, 4.150%, 11/01/2025 | 170,133 | |
10,000 | O'Reilly Automotive, Inc., Company Guarantee, 4.875%, 01/14/2021 | 10,763 | |
80,000 | Under Armour, Inc., Sr. Unsecd. Note, 3.250%, 06/15/2026 | 74,677 | |
TOTAL | 765,893 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Consumer Cyclical - Services—0.1% | |||
$65,000 | Expedia, Inc., Company Guarantee, 5.950%, 08/15/2020 | $71,248 | |
10,000 | University of Southern California, Sr. Unsecd. Note, 5.250%, 10/01/2111 | 12,144 | |
70,000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | 71,750 | |
TOTAL | 155,142 | ||
Consumer Non-Cyclical - Food/Beverage—0.3% | |||
140,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/01/2026 | 139,389 | |
200,000 | 2,3 | Kerry Group Financial Services, Sr. Unsecd. Note, Series 144A, 3.200%, 04/09/2023 | 199,517 |
50,000 | Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025 | 54,266 | |
TOTAL | 393,172 | ||
Consumer Non-Cyclical - Health Care—0.0% | |||
15,000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 3.200%, 10/01/2022 | 15,336 | |
10,000 | Laboratory Corp. of America Holdings, Sr. Unsecd. Note, 3.750%, 08/23/2022 | 10,418 | |
30,000 | Stryker Corp., Sr. Unsecd. Note, 3.500%, 03/15/2026 | 31,122 | |
TOTAL | 56,876 | ||
Consumer Non-Cyclical - Products—0.1% | |||
200,000 | Newell Rubbermaid, Inc., Sr. Unsecd. Note, 4.200%, 04/01/2026 | 214,403 | |
Consumer Non-Cyclical - Tobacco—0.0% | |||
24,000 | Altria Group, Inc., 9.250%, 08/06/2019 | 27,534 | |
30,000 | Philip Morris International, Inc., 5.650%, 05/16/2018 | 30,971 | |
TOTAL | 58,505 | ||
Energy - Independent—0.4% | |||
250,000 | Canadian Natural Resources Ltd., 3.900%, 02/01/2025 | 255,646 | |
30,000 | EOG Resources, Inc., Note, 5.625%, 06/01/2019 | 31,953 | |
100,000 | Marathon Oil Corp., Sr. Unsecd. Note, 3.850%, 6/01/2025 | 99,919 | |
75,000 | XTO Energy, Inc., 6.375%, 06/15/2038 | 102,674 | |
60,000 | XTO Energy, Inc., 6.750%, 08/01/2037 | 83,894 | |
TOTAL | 574,086 | ||
Energy - Integrated—0.2% | |||
30,000 | BP Capital Markets America, Inc., Company Guarantee, 4.200%, 06/15/2018 | 30,662 | |
135,000 | BP Capital Markets PLC, 3.119%, 5/04/2026 | 135,456 | |
75,000 | Husky Energy, Inc., 4.000%, 04/15/2024 | 76,643 | |
50,000 | Petrobras International Finance Co., Sr. Unsecd. Note, 5.375%, 1/27/2021 | 51,500 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Energy - Integrated—continued | |||
$25,000 | Petroleos Mexicanos, Sr. Unsecd. Note, 4.875%, 1/18/2024 | $25,905 | |
TOTAL | 320,166 | ||
Energy - Midstream—0.6% | |||
75,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.900%, 02/01/2024 | 79,390 | |
100,000 | Energy Transfer Partners, Sr. Unsecd. Note, 4.050%, 3/15/2025 | 101,181 | |
170,000 | Enterprise Products Opera, Sr. Unsecd. Note, 3.950%, 02/15/2027 | 178,583 | |
10,000 | 2,3 | Florida Gas Transmission Co. LLC, Sr. Unsecd. Note, Series 144A, 5.450%, 07/15/2020 | 10,843 |
150,000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, 5.000%, 03/01/2043 | 147,440 | |
100,000 | Kinder Morgan, Inc., 5.050%, 2/15/2046 | 100,727 | |
40,000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 03/01/2027 | 40,858 | |
75,000 | ONEOK Inc, Sr Unsecured Note, Series 0, 4.950%, 07/13/2047 | 75,159 | |
20,000 | 2,3 | Texas Eastern Transmission LP, Sr. Unsecd. Note, Series 144A, 2.800%, 10/15/2022 | 19,842 |
30,000 | Williams Partners LP, Sr. Unsecd. Note, 4.125%, 11/15/2020 | 31,522 | |
TOTAL | 785,545 | ||
Energy - Oil Field Services—0.1% | |||
15,000 | Nabors Industries, Inc., Company Guarantee, 5.000%, 09/15/2020 | 15,037 | |
20,000 | Nabors Industries, Inc., Sr. Unsecd. Note, 4.625%, 09/15/2021 | 19,250 | |
50,000 | Nabors Industries, Inc., Sr. Unsecd. Note, 5.100%, 09/15/2023 | 47,625 | |
2,000 | Noble Holding International Ltd., Company Guarantee, 4.900%, 08/01/2020 | 1,850 | |
TOTAL | 83,762 | ||
Energy - Refining—0.2% | |||
10,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 03/01/2041 | 11,812 | |
50,000 | Phillips 66, Sr. Unsecd. Note, 4.300%, 04/01/2022 | 53,781 | |
30,000 | Valero Energy Corp., 7.500%, 04/15/2032 | 39,143 | |
10,000 | Valero Energy Corp., 9.375%, 03/15/2019 | 11,171 | |
95,000 | Valero Energy Corp., Sr. Unsecd. Note, 6.625%, 06/15/2037 | 118,887 | |
TOTAL | 234,794 | ||
Financial Institution - Banking—3.0% | |||
74,000 | American Express Co., 2.650%, 12/02/2022 | 74,521 | |
250,000 | American Express Credit C, Sr. Unsecd. Note, Series MTN, 2.250%, 05/05/2021 | 250,551 | |
50,000 | BB&T Corp., Sr. Unsecd. Note, Series MTN, 2.250%, 02/01/2019 | 50,443 | |
300,000 | Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.500%, 04/19/2026 | 303,826 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Banking—continued | |||
$100,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 5.000%, 5/13/2021 | $109,456 | |
200,000 | Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025 | 205,100 | |
50,000 | Bank of Montreal, Sr. Unsecd. Note, Series MTN, 1.450%, 04/09/2018 | 49,973 | |
120,000 | Capital One Financial Corp., Sr. Sub., 4.200%, 10/29/2025 | 122,855 | |
200,000 | Citigroup, Inc., Sr. Unsecd. Note, 2.700%, 03/30/2021 | 202,437 | |
250,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.300%, 04/27/2025 | 251,627 | |
170,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.400%, 05/01/2026 | 169,989 | |
100,000 | Citigroup, Inc., Sub. Note, 4.450%, 09/29/2027 | 105,450 | |
25,000 | City National Corp., Sr. Unsecd. Note, 5.250%, 09/15/2020 | 27,224 | |
30,000 | Comerica, Inc., 3.800%, 7/22/2026 | 30,608 | |
80,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 2.875%, 7/27/2020 | 82,088 | |
275,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.625%, 01/22/2023 | 285,347 | |
25,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.125%, 02/15/2033 | 31,399 | |
30,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.150%, 04/01/2018 | 30,873 | |
150,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.250%, 02/01/2041 | 197,697 | |
50,000 | HSBC Holdings PLC, Sr. Unsecd. Note, 5.100%, 04/05/2021 | 54,657 | |
250,000 | Huntington National Bank, Sr. Unsecd. Note, 2.200%, 04/01/2019 | 250,846 | |
400,000 | J.P. Morgan Chase & Co., Sub. Note, 3.375%, 05/01/2023 | 408,583 | |
120,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 2.500%, 04/21/2021 | 120,482 | |
175,000 | Morgan Stanley, Sub. Note, Series MTN, 4.100%, 05/22/2023 | 183,790 | |
210,000 | Regions Financial Corp., Sr. Unsecd. Note, 3.200%, 02/08/2021 | 215,396 | |
130,000 | SunTrust Banks, Inc., Sr. Unsecd. Note, 2.900%, 03/03/2021 | 132,536 | |
30,000 | Wachovia Corp., Sr. Unsecd. Note, Series MTN, 5.750%, 2/01/2018 | 30,640 | |
70,000 | Westpac Banking Corp., Sr. Unsecd. Note, 4.875%, 11/19/2019 | 74,627 | |
100,000 | Wilmington Trust Corp., Sub. Note, 8.500%, 04/02/2018 | 104,241 | |
TOTAL | 4,157,262 | ||
Financial Institution - Broker/Asset Mgr/Exchange—0.2% | |||
80,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | 83,278 | |
125,000 | Jefferies Group LLC, Sr. Unsecd. Note, 6.875%, 04/15/2021 | 142,990 | |
13,000 | Raymond James Financial, Inc., Sr. Unsecd. Note, 5.625%, 04/01/2024 | 14,890 | |
TOTAL | 241,158 | ||
Financial Institution - Finance Companies—0.1% | |||
170,000 | AerCap Ireland Capital Lt, Sr. Unsecd. Note, 3.950%, 02/01/2022 | 177,613 | |
Financial Institution - Insurance - Health—0.1% | |||
45,000 | UnitedHealth Group, Inc., Sr. Unsecd. Note, 4.750%, 07/15/2045 | 52,317 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Insurance - Health—continued | |||
$50,000 | Wellpoint, Inc., 5.850%, 01/15/2036 | $61,242 | |
TOTAL | 113,559 | ||
Financial Institution - Insurance - Life—0.7% | |||
200,000 | Aflac, Inc., Sr. Unsecd. Note, 3.625%, 06/15/2023 | 212,955 | |
25,000 | American International Group, Inc., 4.500%, 07/16/2044 | 26,035 | |
35,000 | American International Group, Inc., Sr. Unsecd. Note, 4.125%, 02/15/2024 | 37,268 | |
10,000 | Lincoln National Corp., Sr. Unsecd. Note, 4.200%, 03/15/2022 | 10,674 | |
275,000 | 2,3 | Mass Mutual Global Funding II, Series 144A, 2.000%, 04/15/2021 | 273,547 |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/01/2039 | 16,740 | |
250,000 | MetLife, Inc., Sr. Unsecd. Note, 3.600%, 04/10/2024 | 262,950 | |
15,000 | 2,3 | Penn Mutual Life Insurance Co., Sr. Note, Series 144A, 7.625%, 06/15/2040 | 20,666 |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.125%, 05/15/2023 | 10,228 | |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.300%, 09/15/2022 | 10,301 | |
50,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040 | 65,043 | |
TOTAL | 946,407 | ||
Financial Institution - Insurance - P&C—0.2% | |||
80,000 | Berkshire Hathaway, Inc., Sr. Unsecd. Note, 3.125%, 03/15/2026 | 81,635 | |
30,000 | CNA Financial Corp., Sr. Unsecd. Note, 7.350%, 11/15/2019 | 33,460 | |
20,000 | Chubb Corp., Sr. Unsecd. Note, 5.750%, 05/15/2018 | 20,661 | |
100,000 | 2,3 | Liberty Mutual Group, Inc., 4.850%, Series 144A, 8/01/2044 | 109,182 |
65,000 | 2,3 | Nationwide Mutual Insurance Co., Sub. Note, Series 144A, 9.375%, 08/15/2039 | 109,420 |
TOTAL | 354,358 | ||
Financial Institution - REIT - Apartment—0.1% | |||
20,000 | Post Apartment Homes LP, Sr. Unsecd. Note, 3.375%, 12/01/2022 | 20,434 | |
10,000 | UDR, Inc., Company Guarantee, Series 0001, 4.625%, 01/10/2022 | 10,713 | |
70,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 09/01/2026 | 66,956 | |
TOTAL | 98,103 | ||
Financial Institution - REIT - Healthcare—0.1% | |||
40,000 | Health Care REIT, Inc., Sr. Unsecd. Note, 6.125%, 04/15/2020 | 44,146 | |
50,000 | Healthcare Trust of America, 3.700%, 04/15/2023 | 51,420 | |
TOTAL | 95,566 | ||
Financial Institution - REIT - Office—0.2% | |||
70,000 | Alexandria Real Estate Eq, Sr. Unsecd. Note, 3.950%, 01/15/2028 | 71,517 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - REIT - Office—continued | |||
$50,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.900%, 06/15/2023 | $52,080 | |
50,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 4.600%, 04/01/2022 | 53,604 | |
55,000 | Boston Properties LP, Sr. Unsecd. Note, 5.875%, 10/15/2019 | 59,165 | |
TOTAL | 236,366 | ||
Financial Institution - REIT - Other—0.1% | |||
50,000 | ProLogis LP, Sr. Unsecd. Note, 3.350%, 02/01/2021 | 51,761 | |
75,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 04/01/2024 | 78,584 | |
TOTAL | 130,345 | ||
Financial Institution - REIT - Retail—0.1% | |||
50,000 | Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/01/2022 | 51,515 | |
20,000 | Regency Centers LP, Company Guarantee, 4.800%, 04/15/2021 | 21,365 | |
30,000 | Tanger Properties LP, Sr. Unsecd. Note, 6.125%, 06/01/2020 | 33,472 | |
TOTAL | 106,352 | ||
Other—0.0% | |||
50,000 | Total System Services, In, Sr. Unsecd. Note, 4.800%, 04/01/2026 | 54,966 | |
Sovereign—0.0% | |||
30,000 | Corp Andina De Fomento, Sr. Unsecd. Note, 4.375%, 06/15/2022 | 32,630 | |
Technology—0.8% | |||
45,000 | Apple, Inc., Sr. Unsecd. Note, 1.000%, 05/03/2018 | 44,879 | |
30,000 | Apple, Inc., Sr. Unsecd. Note, 2.400%, 05/03/2023 | 30,042 | |
115,000 | Autodesk, Inc., Sr. Unsecd. Note, 4.375%, 6/15/2025 | 122,729 | |
140,000 | Automatic Data Processing, Inc., 3.375%, 9/15/2025 | 146,572 | |
20,000 | Corning, Inc., Unsecd. Note, 4.750%, 03/15/2042 | 21,177 | |
240,000 | 2,3 | Diamond 1 Finance Corp./D, Term Loan—1st Lien, Series 144A, 6.020%, 06/15/2026 | 268,452 |
125,000 | Equifax, Inc., Sr. Unsecd. Note, 2.300%, 06/01/2021 | 124,480 | |
51,000 | Fidelity National Informa, Sr. Unsecd. Note, 5.000%, 10/15/2025 | 57,691 | |
53,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.500%, 04/15/2023 | 55,221 | |
70,000 | Hewlett Packard Enterpris, Sr. Unsecd. Note, 3.600%, 10/15/2020 | 72,486 | |
20,000 | Ingram Micro, Inc., Sr. Unsecd. Note, 5.000%, 08/10/2022 | 20,397 | |
10,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 09/12/2022 | 10,629 | |
25,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.875%, 01/15/2019 | 26,009 | |
50,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 5.500%, 06/15/2045 | 55,971 | |
TOTAL | 1,056,735 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Transportation - Railroads—0.2% | |||
$50,000 | Burlington Northern Santa Fe Corp., Deb., 5.750%, 05/01/2040 | $63,244 | |
225,000 | Kansas City Southern Indu, Sr. Unsecd. Note, 3.125%, 06/01/2026 | 217,563 | |
30,000 | Kansas City Southern Indu, Sr. Unsecd. Note, 3.000%, 05/15/2023 | 30,128 | |
TOTAL | 310,935 | ||
Transportation - Services—0.2% | |||
90,000 | 2,3 | Enterprise Rent-A-Car USA Finance Co., Series 144A, 6.375%, 10/15/2017 | 90,849 |
50,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.450%, 11/15/2018 | 50,349 | |
70,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.800%, 03/01/2022 | 71,087 | |
30,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 3.125%, 01/15/2021 | 31,288 | |
TOTAL | 243,573 | ||
Utility - Electric—1.3% | |||
5,000 | Consolidated Edison Co., Sr. Unsecd. Note, 6.650%, 04/01/2019 | 5,398 | |
110,000 | Duke Energy Corp., Sr. Unsecd. Note, 2.650%, 09/01/2026 | 106,675 | |
70,000 | 2,3 | Electricite de France SA, Note, Series 144A, 5.600%, 01/27/2040 | 79,978 |
140,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 06/15/2046 | 150,789 | |
170,000 | EverSource Energy, Sr. Unsecd. Note, 3.350%, 03/15/2026 | 170,287 | |
200,000 | Exelon Corp., Sr. Unsecd. Note, 3.400%, 04/15/2026 | 202,920 | |
100,000 | Exelon Generation Co. LLC, Sr. Unsecd. Note, 4.250%, 06/15/2022 | 106,303 | |
10,000 | Great Plains Energy, Inc., Note, 4.850%, 06/01/2021 | 10,678 | |
20,000 | Indiana Michigan Power Co, Sr Unsecured Note, Series L, 3.750%, 07/01/2047 | 19,873 | |
70,000 | Indiana Michigan Power Co, Sr. Unsecd. Note, Series K, 4.550%, 03/15/2046 | 77,474 | |
110,000 | National Rural Utilities, Sr. Sub., 5.250%, 04/20/2046 | 118,040 | |
25,000 | National Rural Utilities, Sr. Unsecd. Note, Series MTNC, 8.000%, 3/01/2032 | 37,066 | |
50,000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 2.700%, 09/15/2019 | 50,714 | |
60,000 | NiSource Finance Corp., Sr. Unsecd. Note, 4.375%, 05/15/2047 | 63,221 | |
80,000 | Northern States Power Co., MN, 1st Mtg. Bond, 5.250%, 03/01/2018 | 81,777 | |
250,000 | PPL Capital Funding, Inc., Sr. Unsecd. Note, 3.100%, 05/15/2026 | 247,625 | |
50,000 | Progress Energy, Inc., 7.050%, 03/15/2019 | 54,003 | |
175,000 | Southern Co., Sr. Unsecd. Note, 3.250%, 07/01/2026 | 174,565 | |
10,000 | TECO Finance, Inc., Company Guarantee, 5.150%, 03/15/2020 | 10,707 | |
40,000 | UIL Holdings Corp., Sr. Unsecd. Note, 4.625%, 10/01/2020 | 42,595 | |
TOTAL | 1,810,688 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Utility - Natural Gas—0.1% | |||
$20,000 | Atmos Energy Corp., 8.500%, 03/15/2019 | $22,109 | |
50,000 | Enbridge Energy Partners LP, Sr. Unsecd. Note, 4.200%, 09/15/2021 | 52,506 | |
65,000 | National Fuel Gas Co., Sr. Unsecd. Note, 3.750%, 03/01/2023 | 66,159 | |
TOTAL | 140,774 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $17,767,643) | 18,597,704 | ||
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) | 86,136 | |
U.S. TREASURY—1.0% | |||
125,000 | United States Treasury Note, 1.250%, 4/30/2019 | 124,810 | |
60,000 | United States Treasury Note, 1.875%, 03/31/2022 | 60,178 | |
10,000 | United States Treasury Note, 2.250%, 11/15/2024 | 10,079 | |
955,127 | 5 | U.S. Treasury Inflation-Protected Note, 0.125%, 4/15/2021 | 956,779 |
162,189 | U.S. Treasury Inflation-Protected Note, 0.125%, 1/15/2022 | 162,540 | |
131,258 | U.S. Treasury Inflation-Protected Bond, 1.375%, 2/15/2044 | 142,621 | |
TOTAL U.S. TREASURY (IDENTIFIED COST $1,459,699) | 1,457,007 | ||
EXCHANGE-TRADED FUNDS—8.0% | |||
146,000 | iShares MSCI EAFE ETF | 9,771,780 | |
27,000 | iShares Core MSCI Emerging Markets ETF | 1,425,330 | |
TOTAL EXCHANGE-TRADED FUNDS (IDENTIFIED COST $11,055,539) | 11,197,110 | ||
INVESTMENT COMPANIES—15.0%6 | |||
121,734 | Emerging Markets Core Fund | 1,235,597 | |
167,174 | Federated Bank Loan Core Fund | 1,698,489 | |
3,984,935 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.160%7 | 3,985,732 | |
819,800 | Federated Mortgage Core Portfolio | 8,075,036 | |
320,743 | Federated Project and Trade Finance Core Fund | 2,941,213 | |
482,432 | High Yield Bond Portfolio | 3,135,808 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $21,604,341) | 21,071,875 | ||
TOTAL INVESTMENTS—99.8% (IDENTIFIED COST $135,181,919)8 | 139,699,309 | ||
OTHER ASSETS AND LIABILITIES - NET—0.2%9 | 288,639 | ||
TOTAL NET ASSETS—100% | $139,987,948 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation (Depreciation) |
1United States Treasury Long Bond Long Futures | 3 | $458,906 | September 2017 | $(3,944) |
1United States Treasury Notes 2-Year Long Futures | 22 | $4,759,563 | September 2017 | $(1,083) |
1United States Treasury Ultra Bond Long Futures | 11 | $1,809,500 | September 2017 | $4,662 |
1United States Treasury Notes 5-Year Short Futures | 12 | $1,417,781 | September 2017 | $(656) |
1United States Treasury Notes 10-Year Short Futures | 17 | $2,140,141 | September 2017 | $(5) |
1United States Treasury Notes 10-Year Ultra Short Futures | 6 | $810,281 | September 2017 | $2,298 |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $1,272 |
1 | Non-income-producing security. |
2 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At July 31, 2017, these restricted securities amounted to $2,696,952, which represented 1.9% of total net assets. |
3 | Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At July 31, 2017, these liquid restricted securities amounted to $2,481,670, which represented 1.8% of total net assets. |
4 | JPMorgan Chase & Co. has fully and unconditionally guaranteed Bear Stearns' outstanding registered debt securities. |
5 | All or a portion of this security is pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts. |
6 | Affiliated holdings. |
7 | 7-day net yield. |
8 | The cost of investments for federal tax purposes amounts to $135,071,206. |
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 | $81,173,668 | $— | $— | $81,173,668 |
International | 2,480,957 | — | — | 2,480,957 |
Debt Securities: | ||||
Asset-Backed Securities | — | 781,959 | — | 781,959 |
Collateralized Mortgage Obligations | — | 2,852,893 | — | 2,852,893 |
Corporate Bonds | — | 18,597,704 | — | 18,597,704 |
Municipal Bond | — | 86,136 | — | 86,136 |
U.S. Treasury | — | 1,457,007 | — | 1,457,007 |
Exchange-Traded Funds | 11,197,110 | — | — | 11,197,110 |
Investment Companies1 | 3,985,732 | — | — | 21,071,875 |
TOTAL SECURITIES | $98,837,467 | $23,775,699 | $— | $139,699,309 |
Other Financial Instruments2 | ||||
Assets | $6,960 | $— | $— | $6,960 |
Liabilities | (5,688) | — | — | (5,688) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $1,272 | $— | $— | $1,272 |
1 | As permitted by U.S. generally accepted accounting principles (GAAP), Investment Companies valued at $17,086,143 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 are futures contracts. |
ETF | —Exchange-Traded Fund |
FREMF | —Freddie Mac Multifamily K-Deals |
GMTN | —Global Medium Term Note |
GO | —General Obligation |
MTN | —Medium Term Note |
REIT(s) | —Real Estate Investment Trust(s) |
REMIC | —Real Estate Mortgage Investment Conduit |
Year Ended July 31 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $16.52 | $16.83 | $16.07 | $14.35 | $12.20 |
Income From Investment Operations: | |||||
Net investment income | 0.261 | 0.241 | 0.201 | 0.171 | 0.141 |
Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts and foreign currency transactions | 1.23 | (0.31) | 0.74 | 1.70 | 2.19 |
TOTAL FROM INVESTMENT OPERATIONS | 1.49 | (0.07) | 0.94 | 1.87 | 2.33 |
Less Distributions: | |||||
Distributions from net investment income | (0.27) | (0.24) | (0.18) | (0.15) | (0.18) |
Net Asset Value, End of Period | $17.74 | $16.52 | $16.83 | $16.07 | $14.35 |
Total Return2 | 9.11% | (0.37)% | 5.89% | 13.06% | 19.28% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.26% | 1.30% | 1.30% | 1.30% | 1.30% |
Net investment income | 1.51% | 1.51% | 1.21% | 1.10% | 1.10% |
Expense waiver/reimbursement3 | 0.15% | 0.10% | 0.09% | 0.10% | 0.11% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $61,405 | $61,245 | $62,555 | $55,634 | $50,340 |
Portfolio turnover | 82% | 98% | 89% | 34% | 105% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended July 31 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $16.30 | $16.59 | $15.84 | $14.16 | $12.03 |
Income From Investment Operations: | |||||
Net investment income | 0.131 | 0.121 | 0.071 | 0.051 | 0.041 |
Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts and foreign currency transactions | 1.20 | (0.31) | 0.74 | 1.67 | 2.16 |
TOTAL FROM INVESTMENT OPERATIONS | 1.33 | (0.19) | 0.81 | 1.72 | 2.20 |
Less Distributions: | |||||
Distributions from net investment income | (0.14) | (0.10) | (0.06) | (0.04) | (0.07) |
Net Asset Value, End of Period | $17.49 | $16.30 | $16.59 | $15.84 | $14.16 |
Total Return2 | 8.23% | (1.10)% | 5.12% | 12.14% | 18.41% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.01% | 2.05% | 2.05% | 2.05% | 2.05% |
Net investment income | 0.75% | 0.76% | 0.45% | 0.34% | 0.36% |
Expense waiver/reimbursement3 | 0.13% | 0.08% | 0.06% | 0.07% | 0.08% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $29,007 | $29,152 | $31,571 | $34,522 | $35,450 |
Portfolio turnover | 82% | 98% | 89% | 34% | 105% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended July 31 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $16.57 | $16.87 | $16.11 | $14.39 | $12.23 |
Income From Investment Operations: | |||||
Net investment income | 0.301 | 0.281 | 0.241 | 0.211 | 0.181 |
Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts and foreign currency transactions | 1.23 | (0.30) | 0.74 | 1.69 | 2.19 |
TOTAL FROM INVESTMENT OPERATIONS | 1.53 | (0.02) | 0.98 | 1.90 | 2.37 |
Less Distributions: | |||||
Distributions from net investment income | (0.31) | (0.28) | (0.22) | (0.18) | (0.21) |
Net Asset Value, End of Period | $17.79 | $16.57 | $16.87 | $16.11 | $14.39 |
Total Return2 | 9.36% | (0.07)% | 6.13% | 13.30% | 19.63% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.00% | 1.05% | 1.05% | 1.05% | 1.05% |
Net investment income | 1.77% | 1.76% | 1.46% | 1.35% | 1.35% |
Expense waiver/reimbursement3 | 0.12% | 0.05% | 0.04% | 0.06% | 0.07% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $39,136 | $47,757 | $53,291 | $49,667 | $46,365 |
Portfolio turnover | 82% | 98% | 89% | 34% | 105% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended July 31 | 20171 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $16.49 | $16.80 | $16.05 | $14.33 | $12.17 |
Income From Investment Operations: | |||||
Net investment income | 0.282 | 0.202 | 0.162 | 0.132 | 0.092 |
Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts and foreign currency transactions | 1.24 | (0.31) | 0.74 | 1.69 | 2.19 |
TOTAL FROM INVESTMENT OPERATIONS | 1.52 | (0.11) | 0.90 | 1.82 | 2.28 |
Less Distributions: | |||||
Distributions from net investment income | (0.25) | (0.20) | (0.15) | (0.10) | (0.12) |
Net Asset Value, End of Period | $17.76 | $16.49 | $16.80 | $16.05 | $14.33 |
Total Return3 | 9.32% | (0.59)% | 5.61% | 12.72% | 18.84% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.05% | 1.56% | 1.56% | 1.57% | 1.69% |
Net investment income | 1.64% | 1.27% | 0.96% | 0.84% | 0.70% |
Expense waiver/reimbursement4 | 0.06% | 0.04% | 0.03% | 0.05% | 0.06% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $10,439 | $577 | $532 | $464 | $417 |
Portfolio turnover | 82% | 98% | 89% | 34% | 105% |
1 | Effective September 1, 2016, the Fund's Class R Shares were redesignated as Class R6 Shares. |
2 | Per share numbers have been calculated using the average shares method. |
3 | Based on net asset value. |
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 $21,071,875 of investment in affiliated holdings (identified cost $135,181,919) | $139,699,309 | |
Cash | 319 | |
Income receivable | 340,877 | |
Receivable for investments sold | 492,468 | |
Receivable for shares sold | 73,467 | |
TOTAL ASSETS | 140,606,440 | |
Liabilities: | ||
Payable for investments purchased | $372,432 | |
Payable for shares redeemed | 22,716 | |
Payable for daily variation margin on futures contracts | 595 | |
Payable to adviser (Note 5) | 2,596 | |
Payable for administrative fees (Note 5) | 302 | |
Payable for auditing fees | 31,800 | |
Payable for portfolio accounting fees | 54,913 | |
Payable for distribution services fee (Note 5) | 18,349 | |
Payable for other service fees (Notes 2 and 5) | 41,781 | |
Payable for share registration costs | 42,245 | |
Accrued expenses (Note 5) | 30,763 | |
TOTAL LIABILITIES | 618,492 | |
Net assets for 7,908,503 shares outstanding | $139,987,948 | |
Net Assets Consist of: | ||
Paid-in capital | $138,439,397 | |
Net unrealized appreciation of investments and futures contracts | 4,518,662 | |
Accumulated net realized loss on investments and futures contracts | (4,067,184) | |
Undistributed net investment income | 1,097,073 | |
TOTAL NET ASSETS | $139,987,948 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($61,405,043 ÷ 3,462,296 shares outstanding), no par value, unlimited shares authorized | $17.74 | |
Offering price per share (100/94.50 of $17.74) | $18.77 | |
Redemption proceeds per share | $17.74 | |
Class C Shares: | ||
Net asset value per share ($29,007,469 ÷ 1,658,095 shares outstanding), no par value, unlimited shares authorized | $17.49 | |
Offering price per share | $17.49 | |
Redemption proceeds per share (99.00/100 of $17.49) | $17.32 | |
Institutional Shares: | ||
Net asset value per share ($39,136,149 ÷ 2,200,366 shares outstanding), no par value, unlimited shares authorized | $17.79 | |
Offering price per share | $17.79 | |
Redemption proceeds per share | $17.79 | |
Class R6 Shares: | ||
Net asset value per share ($10,439,287 ÷ 587,746 shares outstanding), no par value, unlimited shares authorized | $17.76 | |
Offering price per share | $17.76 | |
Redemption proceeds per share | $17.76 |
Investment Income: | |||
Dividends (including $847,124 received from affiliated holdings (Note 5) and net of foreign taxes withheld of $514) | $2,818,764 | ||
Interest | 964,183 | ||
TOTAL INCOME | 3,782,947 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,026,410 | ||
Administrative fee (Note 5) | 107,378 | ||
Custodian fees | 32,896 | ||
Transfer agent fee (Note 2) | 129,657 | ||
Directors'/Trustees' fees (Note 5) | 2,715 | ||
Auditing fees | 34,486 | ||
Legal fees | 10,768 | ||
Portfolio accounting fees | 103,952 | ||
Distribution services fee (Note 5) | 217,081 | ||
Other service fees (Notes 2 and 5) | 212,558 | ||
Share registration costs | 64,690 | ||
Printing and postage | 28,576 | ||
Miscellaneous (Note 5) | 30,974 | ||
TOTAL EXPENSES | 2,002,141 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(69,097) | ||
Reimbursements of other operating expenses (Notes 2 and 5) | (114,243) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (183,340) | ||
Net expenses | 1,818,801 | ||
Net investment income | 1,964,146 | ||
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | |||
Net realized gain on investments (including realized loss of $(87,472) on sales of investments in affiliated holdings (Note 5)) | 7,072,852 | ||
Net realized loss on futures contracts | (71,093) | ||
Realized gain distribution from registered investment company shares (Note 5) | 10,281 | ||
Net change in unrealized appreciation of investments | 2,843,572 | ||
Net change in unrealized appreciation of futures contracts | (50,812) | ||
Net realized and unrealized gain on investments and futures contracts | 9,804,800 | ||
Change in net assets resulting from operations | $11,768,946 |
Year Ended July 31 | 2017 | 2016 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $1,964,146 | $1,971,102 |
Net realized gain on investments, including allocation from affiliated partnership and futures contracts | 7,012,040 | 3,110,250 |
Net change in unrealized appreciation/depreciation of investments and futures contracts | 2,792,760 | (6,117,033) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 11,768,946 | (1,035,681) |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (931,700) | (912,021) |
Class C Shares | (247,434) | (200,679) |
Institutional Shares | (864,627) | (830,257) |
Class R6 Shares1 | (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 | 27,978,026 | 17,267,895 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,893,320 | 1,804,807 |
Cost of shares redeemed | (38,332,541) | (25,304,874) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (8,461,195) | (6,232,172) |
Change in net assets | 1,256,209 | (9,218,210) |
Net Assets: | ||
Beginning of period | 138,731,739 | 147,949,949 |
End of period (including undistributed net investment income of $1,097,073 and $1,174,188, respectively) | $139,987,948 | $138,731,739 |
1 | Effective September 1, 2016, the Fund's Class R Shares were redesignated as Class R6 Shares. |
■ | 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 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 | $71,530 | $(28,662) |
Class C Shares | 26,193 | (7,891) |
Institutional Shares | 29,211 | (3,436) |
Class R6 Shares | 2,723 | — |
TOTAL | $129,657 | $(39,989) |
Other Service Fees Incurred | |
Class A Shares | $141,128 |
Class C Shares | 71,430 |
TOTAL | $212,558 |
Security | Acquisition Date | Cost | Market Value |
Football Trust V, Pass Thru Cert., Series 144A, 5.350%, 10/05/2020 | 3/24/2010 | $200,000 | $215,282 |
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 | $(1,272)* |
* | 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 Contracts | |
Interest rate contracts | $(71,093) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $(50,812) |
Year Ended July 31 | 2017 | 2016 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 686,635 | $11,650,848 | 587,548 | $9,377,136 |
Shares issued to shareholders in payment of distributions declared | 49,513 | 823,409 | 51,346 | 816,912 |
Shares redeemed | (980,711) | (16,503,614) | (649,638) | (10,261,256) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (244,563) | $(4,029,357) | (10,744) | $(67,208) |
Year Ended July 31 | 2017 | 2016 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 158,017 | $2,631,546 | 302,928 | $4,781,444 |
Shares issued to shareholders in payment of distributions declared | 13,630 | 224,489 | 11,611 | 182,981 |
Shares redeemed | (301,945) | (5,040,678) | (429,374) | (6,745,049) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (130,298) | $(2,184,643) | (114,835) | $(1,780,624) |
Year Ended July 31 | 2017 | 2016 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 200,258 | $3,374,083 | 187,245 | $2,978,562 |
Shares issued to shareholders in payment of distributions declared | 50,388 | 838,960 | 50,127 | 798,534 |
Shares redeemed | (932,430) | (15,716,444) | (513,254) | (8,215,712) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (681,784) | $(11,503,401) | (275,882) | $(4,438,616) |
Year Ended July 31 | 20171 | 2016 | ||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 614,503 | $10,321,549 | 8,198 | $131,010 |
Shares issued to shareholders in payment of distributions declared | 389 | 6,462 | 402 | 6,380 |
Shares redeemed | (62,139) | (1,071,805) | (5,256) | (82,857) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 552,753 | $9,256,206 | 3,344 | $54,533 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (503,892) | $(8,461,195) | (398,117) | $(6,231,915) |
1 | Effective September 1, 2016, the Fund's Class R Shares were redesignated as Class R6 Shares. |
Increase (Decrease) | |
Undistributed Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) |
$10,281 | $(10,281) |
2017 | 2016 | |
Ordinary income | $2,051,542 | $1,950,357 |
Undistributed ordinary income | $1,097,073 |
Net unrealized appreciation | $4,628,103 |
Capital loss carry forwards and deferrals | $(4,176,625) |
Expiration Year | Short-Term | Long-Term | Total |
2018 | $4,176,449 | NA | $4,176,449 |
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 | $216,836 |
Class R Shares (re-designated as Class R6 Shares) | 245 |
TOTAL | $217,081 |
Balance of Shares Held 7/31/2016 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 7/31/2017 | Value | Dividend Income | Realized Gain Distribution | |
Emerging Markets Core Fund | 166,883 | 7,869 | (53,018) | 121,734 | $1,235,597 | $85,346 | $10,281 |
Federated Bank Loan Core Fund | 220,091 | 28,191 | (81,108) | 167,174 | $1,698,489 | $92,507 | $— |
Federated Institutional Prime Value Obligation Fund, Institutional Shares | 4,202,435 | 43,453,284 | (43,670,784) | 3,984,935 | $3,985,732 | $29,463 | $— |
Federated Mortgage Core Portfolio | 1,511,148 | 125,296 | (816,644) | 819,800 | $8,075,036 | $298,345 | $— |
Federated Project and Trade Finance Core Fund | 307,620 | 13,123 | — | 320,743 | $2,941,213 | $121,440 | $— |
High Yield Bond Portfolio | 826,313 | 34,559 | (378,440) | 482,432 | $3,135,808 | $220,023 | $— |
TOTAL OF AFFILIATED TRANS- ACTIONS | 7,234,490 | 43,662,322 | (44,999,994) | 5,896,818 | $21,071,875 | $847,124 | $10,281 |
Purchases | $103,269,793 |
Sales | $111,067,229 |
Administrative Services Fee Rate | Average Daily Net Assets of the Investment Complex |
0.100 of 1% | on assets up to $50 billion |
0.075 of 1% | on assets over $50 billion |
September 25, 2017
Beginning Account Value 2/1/2017 | Ending Account Value 7/31/2017 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,056.60 | $6.73 |
Class C Shares | $1,000 | $1,051.70 | $10.53 |
Institutional Shares | $1,000 | $1,057.70 | $5.46 |
Class R6 Shares | $1,000 | $1,057.10 | $5.36 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.30 | $6.61 |
Class C Shares | $1,000 | $1,014.50 | $10.34 |
Institutional Shares | $1,000 | $1,019.50 | $5.36 |
Class R6 Shares | $1,000 | $1,019.60 | $5.26 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.32% |
Class C Shares | 2.07% |
Institutional Shares | 1.07% |
Class R6 Shares | 1.05% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: May 2006 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of certain of the Funds in the Federated Fund Family; Vice President, Federated Investors, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President of some of the Funds in the Federated Fund Complex and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Investors, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
* | Reasons for “interested” status: J. Christopher Donahue and John B. Fisher are interested due to their beneficial ownership of shares of Federated Investors, Inc. and due to positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Director, Current Chair of the Compensation Committee, KLX Corp. Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO, The Collins Group, Inc. (a private equity firm). Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Governance Committee, Publix Super Markets, Inc.; Director, Member of the Audit Committee and Technology Committee of Equifax, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough is an Executive Committee member of the United States Golf Association, he serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Dean of the Duquesne University School of Law; Adjunct Professor of Law, Duquesne University School of Law; formerly, Interim Dean of the Duquesne University School of Law; Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CONSOL Energy Inc. Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously served as: Associate General Secretary, Diocese of Pittsburgh; a member of the Superior Court of Pennsylvania; and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on either a public or not for profit Board of Directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Director, Saint Vincent College; Member, Pennsylvania State Board of Education (public); and Director and Chair, Cardinal Wuerl North Catholic High School, Inc. Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director, Catholic High Schools of the Diocese of Pittsburgh, Inc.; and Director, Pennsylvania Bar Institute. |
Peter E. Madden Birth Date: March 16, 1942 Trustee Indefinite Term Began serving: June 2006 | Principal Occupation: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; Retired. Other Directorships Held: None. Qualifications: Mr. Madden has served in several business management, mutual fund services and directorship positions throughout his career. Mr. Madden previously served as President, Chief Operating Officer and Director, State Street Bank and Trust Company (custodian bank) and State Street Corporation (financial services). He was Director, VISA USA and VISA International and Chairman and Director, Massachusetts Bankers Association. Mr. Madden served as Director, Depository Trust Corporation and Director, The Boston Stock Exchange. Mr. Madden also served as a Representative to the Commonwealth of Massachusetts General Court. |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
John W. McGonigle Birth Date: October 26, 1938 Secretary Officer since: May 2006 | Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp. |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: June 2006 | Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Stephen F. Auth Birth Date: September 13, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: June 2012 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
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 |
1 | Please see the footnotes to the line graphs below for definitions of, and further information about, the R1000G. |
2 | Morningstar has assigned the Fund to the Morningstar Large Blend Funds Average peer group, however, the MLGFA is being used for comparison purposes. The Fund invests in growth stocks, and therefore, the Fund's Adviser believes that the MLGFA is more reflective of the Fund's investment style. Please see the footnotes to the line graphs below for definitions of, and further information about, the MLGFA. |
3 | The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market, and is completely reconstituted annually to ensure new and growing equities are reflected.* |
4 | Small-cap stocks may be less liquid and subject to greater price volatility than large-cap stocks. |
5 | The Russell Microcap® Index measures the performance of the microcap segment of the U.S. equity market. Microcap stocks make up less than 3% of the U.S. equity market (by market cap) and consist of the smallest 1,000 securities in the small-cap Russell 2000® Index, plus the next 1,000 smallest eligible securities by market cap. The Russell Microcap® Index is constructed to provide a comprehensive and unbiased barometer for the microcap segment trading on national exchanges and is completely reconstituted annually to ensure new and growing equities are reflected and companies continue to reflect appropriate capitalization and value characteristics.* |
6 | The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.* |
7 | The Russell Top 200® Index measures the performance of the largest cap segment of the U.S. equity universe. The Russell Top 200® Index is a subset of the Russell 3000® Index. It includes approximately 200 of the largest securities based on a combination of their market cap and current index membership and represents approximately 68% of the U.S. market. The Russell Top 200® Index is constructed to provide a comprehensive and unbiased barometer for this very large cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.* |
8 | The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000® companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.* |
9 | The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000® Growth Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad growth market. The Russell 3000 Growth Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.* |
10 | The Russell 3000® Value Index measures the performance of the broad value segment of U.S. equity value universe. It includes those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000® Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad value market. The Russell 3000 Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.* |
* | The index is unmanaged, and it is not possible to invest directly in an index. |
Federated MDT Large Cap Growth Fund - | Institutional Shares | Class C Shares | NA | R1000G | MLGFA |
F | F | NA | I | I | |
7/31/2007 | 10,000 | 10,000 | 10,000 | 10,000 | |
7/31/2008 | 9,445 | 9,361 | 9,371 | 9,312 | |
7/31/2009 | 7,041 | 6,906 | 7,724 | 7,455 | |
7/31/2010 | 7,836 | 7,609 | 8,779 | 8,330 | |
7/31/2011 | 9,765 | 9,389 | 10,952 | 10,237 | |
7/31/2012 | 9,875 | 9,399 | 11,857 | 10,495 | |
7/31/2013 | 12,691 | 11,957 | 14,423 | 12,937 | |
7/31/2014 | 15,133 | 14,122 | 17,118 | 15,213 | |
7/31/2015 | 16,577 | 15,312 | 19,871 | 17,384 | |
7/31/2016 | 16,015 | 14,639 | 20,735 | 17,313 | |
7/31/2017 | 18,574 | 16,809 | 24,478 | 20,332 |
■ | Total returns shown for Class C Shares include the maximum contingent deferred sales charge of 1.00% as applicable. |
1 Year | 5 Years | 10 Years | |
Class A Shares | 9.33% | 11.90% | 5.52% |
Class B Shares | 9.31% | 12.09% | 5.49% |
Class C Shares | 13.82% | 12.33% | 5.33% |
Institutional Shares | 15.98% | 13.47% | 6.39% |
R1000G | 18.05% | 15.60% | 9.36% |
MLGFA | 17.50% | 14.42% | 8.00% |
1 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charges = $9,450); for Class B Shares, the maximum contingent deferred sales charge is 5.50% on any redemption less than one year from the purchase date; for Class C Shares, a 1.00% contingent deferred sales charge would be applied to any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The R1000G and MLGFA have been adjusted to reflect reinvestment of dividends on securities. |
2 | The R1000G measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. The R1000G is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. The R1000G is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics. The R1000G is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The R1000G is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. |
3 | Morningstar figures represent the average of the total returns reported by all the funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges. The Morningstar figures in the Growth of $10,000 line graph are based on historical return information published by Morningstar and reflect the return of the funds comprising the category in the year of publication. Because the funds designated by Morningstar as falling into the category can change over time, the Morningstar figures in the line graph may not match the Morningstar figures in the Average Annual Total Returns table, which reflect the return of the funds that currently comprise the category. |
Industry Composition | Percentage of Total Net Assets |
Internet Services | 11.4% |
Software Packaged/Custom | 7.7% |
Computers—Low End | 6.5% |
Financial Services | 6.0% |
Ethical Drugs | 5.2% |
Semiconductor Manufacturing Equipment | 5.0% |
Soft Drinks | 4.8% |
Specialty Retailing | 3.6% |
Semiconductor Manufacturing | 3.3% |
Medical Technology | 3.1% |
Multi-Industry Capital Goods | 2.9% |
Building Supply Stores | 2.8% |
Medical Supplies | 2.5% |
Undesignated Consumer Cyclicals | 2.5% |
Diversified Leisure | 2.0% |
Biotechnology | 1.8% |
Miscellaneous Machinery | 1.8% |
Paint & Related Materials | 1.8% |
Life Insurance | 1.7% |
Advertising | 1.5% |
Computer Peripherals | 1.5% |
Services to Medical Professionals | 1.5% |
Miscellaneous Food Products | 1.2% |
Regional Banks | 1.2% |
Cellular Communications | 1.1% |
Defense Aerospace | 1.1% |
Property Liability Insurance | 1.1% |
Other2 | 11.6% |
Cash Equivalents3 | 1.6% |
Other Assets and Liabilities—Net4 | 0.2% |
TOTAL | 100.0% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, industry classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | For purposes of this table, industry classifications which constitute less than 1.0% of the Fund's total net assets have been aggregated under the designation “Other.” |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS—98.2% | |||
Advertising—1.5% | |||
27,422 | Nielsen Holdings PLC | $1,179,420 | |
Agricultural Machinery—0.8% | |||
5,015 | Deere & Co. | 643,324 | |
Airline - National—0.9% | |||
13,961 | 1 | Jet Blue Airways Corp. | 306,165 |
5,868 | 1 | United Continental Holdings, Inc. | 397,146 |
TOTAL | 703,311 | ||
Auto Manufacturing—0.3% | |||
25,317 | Ford Motor Co. | 284,057 | |
Baking—0.3% | |||
12,348 | Flowers Foods, Inc. | 217,201 | |
Biotechnology—1.8% | |||
7,761 | 1 | Celgene Corp. | 1,050,917 |
3,637 | 1 | Myriad Genetics, Inc. | 88,270 |
2,129 | 1 | Vertex Pharmaceuticals, Inc. | 323,225 |
TOTAL | 1,462,412 | ||
Broadcasting—0.3% | |||
9,100 | 1 | Discovery Communications, Inc. | 223,860 |
Building Supply Stores—2.8% | |||
11,540 | Home Depot, Inc. | 1,726,384 | |
6,483 | Lowe's Cos., Inc. | 501,784 | |
TOTAL | 2,228,168 | ||
Cable TV—0.1% | |||
1,248 | 1 | AMC Networks, Inc. | 79,810 |
Cellular Communications—1.1% | |||
14,720 | 1 | T-Mobile USA, Inc. | 907,635 |
Clothing Stores—0.8% | |||
1,414 | Foot Locker, Inc. | 66,727 | |
5,804 | 1 | Fossil, Inc. | 65,295 |
23,364 | Gap (The), Inc. | 556,764 | |
TOTAL | 688,786 | ||
Computer Peripherals—1.5% | |||
16,792 | NetApp, Inc. | 729,109 | |
3,155 | NVIDIA Corp. | 512,719 | |
TOTAL | 1,241,828 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Computers - Low End—6.5% | |||
35,355 | Apple, Inc. | $5,258,349 | |
Construction Machinery—0.1% | |||
786 | Caterpillar, Inc. | 89,565 | |
Contracting—0.1% | |||
2,771 | Chicago Bridge & Iron Co., N.V. | 51,929 | |
Cosmetics & Toiletries—0.3% | |||
1,626 | Estee Lauder Cos., Inc., Class A | 160,958 | |
5,600 | 1 | Sally Beauty Holdings, Inc. | 113,288 |
TOTAL | 274,246 | ||
Defense Aerospace—1.1% | |||
5,836 | Spirit AeroSystems Holdings, Inc., Class A | 352,669 | |
1,813 | 1 | Transdigm Group, Inc. | 511,520 |
TOTAL | 864,189 | ||
Department Stores—0.6% | |||
909 | 1 | Burlington Stores, Inc. | 79,110 |
2,873 | Dillards, Inc., Class A | 212,085 | |
8,123 | Macy's, Inc. | 192,921 | |
TOTAL | 484,116 | ||
Discount Department Stores—0.4% | |||
5,900 | Big Lots, Inc. | 293,053 | |
Diversified Leisure—2.0% | |||
73,976 | 1 | MSG Networks, Inc. | 1,583,086 |
597 | Wynn Resorts Ltd. | 77,216 | |
TOTAL | 1,660,302 | ||
Ethical Drugs—5.2% | |||
26,317 | AbbVie, Inc. | 1,839,822 | |
9,757 | Bristol-Myers Squibb Co. | 555,173 | |
21,464 | Eli Lilly & Co. | 1,774,214 | |
TOTAL | 4,169,209 | ||
Financial Services—6.0% | |||
14,400 | Ally Financial, Inc. | 326,016 | |
610 | Equifax, Inc. | 88,718 | |
21,344 | 1 | Vantiv, Inc. | 1,356,411 |
21,805 | Visa, Inc., Class A | 2,170,906 | |
44,090 | Western Union Co. | 870,778 | |
TOTAL | 4,812,829 | ||
Grocery Chain—0.1% | |||
4,516 | GNC Holdings, Inc. | 42,947 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Home Building—0.5% | |||
3,390 | D. R. Horton, Inc. | $120,989 | |
4,794 | Lennar Corp., Class A | 251,397 | |
TOTAL | 372,386 | ||
Home Health Care—0.1% | |||
3,300 | 1 | Weight Watchers International, Inc. | 118,206 |
Home Products—0.8% | |||
600 | Spectrum Brands Holdings, Inc. | 69,264 | |
9,449 | Tupperware Brands Corp. | 573,649 | |
TOTAL | 642,913 | ||
Industrial Machinery—0.5% | |||
2,586 | Parker-Hannifin Corp. | 429,224 | |
Internet Services—11.4% | |||
2,033 | 1 | Alphabet, Inc. | 1,922,202 |
2,746 | 1 | Amazon.com, Inc. | 2,712,444 |
5,362 | 1 | eBay, Inc. | 191,584 |
1,788 | Expedia, Inc. | 279,768 | |
15,443 | 1 | Facebook, Inc. | 2,613,728 |
2,106 | 1 | GoDaddy, Inc. | 90,516 |
3,782 | 1 | NetFlix, Inc. | 687,038 |
12,606 | 1 | PayPal, Inc. | 738,081 |
TOTAL | 9,235,361 | ||
Leasing—0.1% | |||
415 | 1 | Credit Acceptance Corp. | 103,376 |
Life Insurance—1.7% | |||
12,000 | Prudential Financial, Inc. | 1,358,760 | |
Medical Supplies—2.5% | |||
10,609 | 1 | Align Technology, Inc. | 1,774,143 |
4,641 | Baxter International, Inc. | 280,688 | |
TOTAL | 2,054,831 | ||
Medical Technology—3.1% | |||
1,411 | 1 | Edwards Lifesciences Corp. | 162,519 |
7,536 | 1 | IDEXX Laboratories, Inc. | 1,254,443 |
1,577 | 1 | Mettler-Toledo International, Inc. | 903,747 |
944 | 1 | Waters Corp. | 163,727 |
TOTAL | 2,484,436 | ||
Miscellaneous Food Products—1.2% | |||
7,925 | Ingredion, Inc. | 977,311 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Miscellaneous Machinery—1.8% | |||
8,310 | Grainger (W.W.), Inc. | $1,385,609 | |
671 | Nordson Corp. | 85,217 | |
TOTAL | 1,470,826 | ||
Multi-Industry Capital Goods—2.9% | |||
1,634 | 3M Co. | 328,712 | |
8,754 | Roper Technologies, Inc. | 2,034,955 | |
TOTAL | 2,363,667 | ||
Mutual Fund Adviser—0.1% | |||
2,300 | Waddell & Reed Financial, Inc., Class A | 47,541 | |
Office Equipment—0.5% | |||
28,428 | Pitney Bowes, Inc. | 447,457 | |
Paint & Related Materials—1.8% | |||
4,207 | Sherwin-Williams Co. | 1,418,895 | |
Personnel Agency—0.1% | |||
2,697 | 1 | ServiceMaster Global Holdings, Inc. | 118,560 |
Photo - Optical Component - Equipment—0.5% | |||
4,013 | Cognex Corp. | 381,476 | |
Pollution Control—0.8% | |||
8,383 | Waste Management, Inc. | 629,982 | |
Printing—0.1% | |||
3,882 | R.R. Donnelley & Sons Co. | 47,982 | |
Property Liability Insurance—1.1% | |||
6,906 | The Travelers Cos., Inc. | 884,590 | |
Railroad—0.8% | |||
6,610 | Union Pacific Corp. | 680,566 | |
Regional Banks—1.2% | |||
28,222 | Citizens Financial Group, Inc. | 990,028 | |
Restaurant—0.3% | |||
1,399 | McDonald's Corp. | 217,041 | |
Rubber—0.6% | |||
14,600 | Goodyear Tire & Rubber Co. | 460,046 | |
Semiconductor Manufacturing—3.3% | |||
3,293 | Broadcom Ltd. | 812,251 | |
18,872 | Intel Corp. | 669,390 | |
7,071 | KLA-Tencor Corp. | 654,987 | |
6,911 | Microchip Technology, Inc. | 553,156 | |
TOTAL | 2,689,784 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Semiconductor Manufacturing Equipment—5.0% | |||
46,573 | Applied Materials, Inc. | $2,063,650 | |
12,477 | Lam Research Corp. | 1,989,582 | |
TOTAL | 4,053,232 | ||
Services to Medical Professionals—1.5% | |||
3,115 | 1 | Henry Schein, Inc. | 567,584 |
2,086 | Humana, Inc. | 482,283 | |
905 | 1 | Wellcare Health Plans, Inc. | 160,176 |
TOTAL | 1,210,043 | ||
Shoes—0.3% | |||
9,198 | 1 | Skechers USA, Inc., Class A | 258,372 |
Soft Drinks—4.8% | |||
23,046 | Dr. Pepper Snapple Group, Inc. | 2,100,873 | |
15,132 | PepsiCo, Inc. | 1,764,543 | |
TOTAL | 3,865,416 | ||
Software Packaged/Custom—7.7% | |||
1,360 | Activision Blizzard, Inc. | 84,021 | |
14,317 | 1 | Adobe Systems, Inc. | 2,097,297 |
35,613 | CA, Inc. | 1,105,427 | |
2,681 | Microsoft Corp. | 194,909 | |
2,615 | 1 | Red Hat, Inc. | 258,545 |
16,932 | 1 | Salesforce.com, Inc. | 1,537,426 |
7,525 | 1 | ServiceNow, Inc. | 831,136 |
801 | 1 | Workday, Inc. | 81,790 |
TOTAL | 6,190,551 | ||
Specialty Retailing—3.6% | |||
2,369 | 1 | AutoZone, Inc. | 1,278,834 |
14,365 | Bed Bath & Beyond, Inc. | 429,513 | |
5,817 | 1 | O'Reilly Automotive, Inc. | 1,188,413 |
TOTAL | 2,896,760 | ||
Truck Manufacturing—0.2% | |||
4,189 | Allison Transmission Holdings, Inc. | 158,344 | |
Undesignated Consumer Cyclicals—2.5% | |||
6,037 | 1 | CoStar Group, Inc. | 1,663,495 |
5,300 | Nu Skin Enterprises, Inc., Class A | 335,808 | |
TOTAL | 1,999,303 | ||
Undesignated Consumer Staples—0.1% | |||
3,283 | Block (H&R), Inc. | 100,132 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Undesignated Transportation—0.1% | |||
1,339 | 1 | XPO Logistics, Inc. | $80,487 |
TOTAL COMMON STOCKS (IDENTIFIED COST $71,179,078) | 79,298,431 | ||
INVESTMENT COMPANY—1.6% | |||
1,319,861 | 2 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.16%3 (IDENTIFIED COST $1,319,926) | 1,320,125 |
TOTAL INVESTMENTS—99.8% (IDENTIFIED COST $72,499,004)4 | 80,618,556 | ||
OTHER ASSETS AND LIABILITIES - NET—0.2%5 | 151,242 | ||
TOTAL NET ASSETS—100% | $80,769,798 |
1 | Non-income-producing security. |
2 | Affiliated holding. |
3 | 7-day net yield. |
4 | The cost of investments for federal tax purposes amounts to $72,517,028. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Year Ended July 31 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $15.18 | $17.64 | $16.15 | $13.58 | $10.59 |
Income From Investment Operations: | |||||
Net investment income1 | 0.01 | 0.04 | 0.02 | 0.03 | 0.04 |
Net realized and unrealized gain (loss) on investments | 2.36 | (0.70) | 1.47 | 2.54 | 2.95 |
TOTAL FROM INVESTMENT OPERATIONS | 2.37 | (0.66) | 1.49 | 2.57 | 2.99 |
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 | $17.46 | $15.18 | $17.64 | $16.15 | $13.58 |
Total Return2 | 15.66% | (3.62)% | 9.23% | 18.92% | 28.23% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.52% | 1.50% | 1.50% | 1.50% | 1.50% |
Net investment income | 0.02% | 0.28% | 0.13% | 0.17% | 0.34% |
Expense waiver/reimbursement3 | 0.08% | 0.07% | 0.03% | 0.11% | 0.27% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $49,794 | $45,661 | $55,033 | $54,573 | $49,018 |
Portfolio turnover | 104% | 69% | 91% | 51% | 135% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended July 31 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $14.16 | $16.71 | $15.41 | $13.05 | $10.25 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.11) | (0.07) | (0.11) | (0.09) | (0.05) |
Net realized and unrealized gain (loss) on investments | 2.20 | (0.68) | 1.41 | 2.45 | 2.85 |
TOTAL FROM INVESTMENT OPERATIONS | 2.09 | (0.75) | 1.30 | 2.36 | 2.80 |
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 | $16.16 | $14.16 | $16.71 | $15.41 | $13.05 |
Total Return2 | 14.81% | (4.41)% | 8.44% | 18.08% | 27.32% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.27% | 2.25% | 2.25% | 2.25% | 2.25% |
Net investment income (loss) | (0.71)% | (0.49)% | (0.65)% | (0.59)% | (0.44)% |
Expense waiver/reimbursement3 | 0.08% | 0.08% | 0.03% | 0.11% | 0.26% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $13,654 | $14,925 | $16,175 | $10,519 | $7,428 |
Portfolio turnover | 104% | 69% | 91% | 51% | 135% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $13.81 | $16.34 | $15.07 | $12.76 | $10.03 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.11) | (0.06) | (0.10) | (0.08) | (0.05) |
Net realized and unrealized gain (loss) on investments | 2.15 | (0.67) | 1.37 | 2.39 | 2.78 |
TOTAL FROM INVESTMENT OPERATIONS | 2.04 | (0.73) | 1.27 | 2.31 | 2.73 |
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 | $15.76 | $13.81 | $16.34 | $15.07 | $12.76 |
Total Return2 | 14.82% | (4.39)% | 8.43% | 18.10% | 27.22% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.27% | 2.25% | 2.25% | 2.25% | 2.25% |
Net investment income (loss) | (0.72)% | (0.46)% | (0.63)% | (0.59)% | (0.43)% |
Expense waiver/reimbursement3 | 0.08% | 0.07% | 0.03% | 0.11% | 0.27% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $9,672 | $10,052 | $12,904 | $11,991 | $9,830 |
Portfolio turnover | 104% | 69% | 91% | 51% | 135% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $15.69 | $18.13 | $16.55 | $13.88 | $10.80 |
Income From Investment Operations: | |||||
Net investment income1 | 0.05 | 0.08 | 0.07 | 0.06 | 0.07 |
Net realized and unrealized gain (loss) on investments | 2.45 | (0.72) | 1.51 | 2.61 | 3.01 |
TOTAL FROM INVESTMENT OPERATIONS | 2.50 | (0.64) | 1.58 | 2.67 | 3.08 |
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 | $18.10 | $15.69 | $18.13 | $16.55 | $13.88 |
Total Return2 | 15.98% | (3.40)% | 9.55% | 19.24% | 28.52% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.27% | 1.25% | 1.25% | 1.25% | 1.25% |
Net investment income | 0.27% | 0.52% | 0.37% | 0.40% | 0.58% |
Expense waiver/reimbursement3 | 0.08% | 0.07% | 0.03% | 0.10% | 0.27% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $7,649 | $7,469 | $7,888 | $7,502 | $5,002 |
Portfolio turnover | 104% | 69% | 91% | 51% | 135% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Total investment in securities, at value including $1,320,125 of investment in an affiliated holding (Note 5) (identified cost $72,499,004) | $80,618,556 | |
Cash | 317 | |
Income receivable | 39,293 | |
Receivable for investments sold | 1,536,064 | |
Receivable for shares sold | 14,517 | |
TOTAL ASSETS | 82,208,747 | |
Liabilities: | ||
Payable for investments purchased | $1,248,091 | |
Payable for shares redeemed | 32,542 | |
Payable to adviser (Note 5) | 1,516 | |
Payable for administrative fees (Note 5) | 175 | |
Payable for transfer agent fee | 26,513 | |
Payable for distribution services fee (Note 5) | 15,114 | |
Payable for other service fees (Notes 2 and 5) | 25,707 | |
Payable for share registration costs | 39,793 | |
Accrued expenses (Note 5) | 49,498 | |
TOTAL LIABILITIES | 1,438,949 | |
Net assets for 4,732,765 shares outstanding | $80,769,798 | |
Net Assets Consist of: | ||
Paid-in capital | $66,253,247 | |
Net unrealized appreciation of investments | 8,119,552 | |
Accumulated net realized gain on investments | 6,396,999 | |
TOTAL NET ASSETS | $80,769,798 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($49,794,497 ÷ 2,851,645 shares outstanding), no par value, unlimited shares authorized | $17.46 | |
Offering price per share (100/94.50 of $17.46) | $18.48 | |
Redemption proceeds per share | $17.46 | |
Class B Shares: | ||
Net asset value per share ($13,654,225 ÷ 844,865 shares outstanding), no par value, unlimited shares authorized | $16.16 | |
Offering price per share | $16.16 | |
Redemption proceeds per share (94.50/100 of $16.16) | $15.27 | |
Class C Shares: | ||
Net asset value per share ($9,671,857 ÷ 613,543 shares outstanding), no par value, unlimited shares authorized | $15.76 | |
Offering price per share | $15.76 | |
Redemption proceeds per share (99.00/100 of $15.76) | $15.60 | |
Institutional Shares: | ||
Net asset value per share ($7,649,219 ÷ 422,712 shares outstanding), no par value, unlimited shares authorized | $18.10 | |
Offering price per share | $18.10 | |
Redemption proceeds per share | $18.10 |
Investment Income: | ||
Dividends (including $10,499 received from an affiliated holding (Note 5) and net of foreign taxes withheld of $116) | $1,207,581 | |
Expenses: | ||
Investment adviser fee (Note 5) | $585,912 | |
Administrative fee (Note 5) | 61,300 | |
Custodian fees | 12,716 | |
Transfer agent fee | 159,961 | |
Directors'/Trustees' fees (Note 5) | 2,231 | |
Auditing fees | 28,485 | |
Legal fees | 10,618 | |
Portfolio accounting fees | 73,330 | |
Distribution services fee (Note 5) | 185,483 | |
Other service fees (Notes 2 and 5) | 177,330 | |
Share registration costs | 60,301 | |
Printing and postage | 32,898 | |
Miscellaneous (Note 5) | 25,902 | |
TOTAL EXPENSES | 1,416,467 | |
Waiver/reimbursement of investment adviser fee (Note 5) | (60,806) | |
Net expenses | 1,355,661 | |
Net investment income (loss) | (148,080) | |
Realized and Unrealized Gain (Loss) on Investments: | ||
Net realized gain on investments (including realized gain of $88 on sales of investments in affiliated holding (Note 5)) | 6,784,048 | |
Net change in unrealized appreciation of investments | 4,468,540 | |
Net realized and unrealized gain on investments | 11,252,588 | |
Change in net assets resulting from operations | $11,104,508 |
Year Ended July 31 | 2017 | 2016 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(148,080) | $53,098 |
Net realized gain on investments | 6,784,048 | 199,433 |
Net change in unrealized appreciation/depreciation of investments | 4,468,540 | (4,502,195) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 11,104,508 | (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 | 14,714,896 | 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 | (23,117,921) | (23,183,153) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (8,002,586) | (151,751) |
Change in net assets | 2,663,609 | (13,894,374) |
Net Assets: | ||
Beginning of period | 78,106,189 | 92,000,563 |
End of period | $80,769,798 | $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 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 | $115,503 |
Class B Shares | 36,217 |
Class C Shares | 25,610 |
TOTAL | $177,330 |
Year Ended July 31 | 2017 | 2016 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 475,321 | $7,859,250 | 310,533 | $4,754,875 |
Shares issued to shareholders in payment of distributions declared | 14,088 | 224,849 | 332,140 | 4,972,137 |
Shares redeemed | (646,470) | (10,387,402) | (753,019) | (11,160,736) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (157,061) | $(2,303,303) | (110,346) | $(1,433,724) |
Year Ended July 31 | 2017 | 2016 | ||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 163,083 | $2,410,420 | 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 | (378,313) | (5,664,410) | (377,102) | (5,173,438) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (209,345) | $(3,166,658) | 85,954 | $1,507,996 |
Year Ended July 31 | 2017 | 2016 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 154,856 | $2,275,523 | 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 | (273,138) | (4,082,380) | (314,062) | (4,374,197) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (114,232) | $(1,748,211) | (61,927) | $(856,316) |
Year Ended July 31 | 2017 | 2016 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 129,360 | $2,169,703 | 167,477 | $2,510,783 |
Shares issued to shareholders in payment of distributions declared | 1,793 | 29,612 | 38,466 | 594,292 |
Shares redeemed | (184,606) | (2,983,729) | (164,945) | (2,474,782) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (53,453) | $(784,414) | 40,998 | $630,293 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (534,091) | $(8,002,586) | (45,321) | $(151,751) |
Increase (Decrease) | ||
Paid-In Capital | Undistributed Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) |
$162 | $148,080 | $(148,242) |
2017 | 2016 | |
Long-term capital gains | $438,313 | $9,492,959 |
Undistributed ordinary income | $3,734,212 |
Net unrealized appreciation | $8,101,528 |
Undistributed long-term capital gains | $2,680,811 |
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 | $108,652 |
Class C Shares | 76,831 |
TOTAL | $185,483 |
Balance of Shares Held 7/31/2016 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 7/31/2017 | Value | Dividend Income | |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | 1,355,892 | 17,028,328 | (17,064,359) | 1,319,861 | $1,320,125 | $10,499 |
Purchases | $79,866,399 |
Sales | $88,633,836 |
Administrative Services Fee Rate | Average Daily Net Assets of the Investment Complex |
0.100 of 1% | on assets up to $50 billion |
0.075 of 1% | on assets over $50 billion |
September 25, 2017
Beginning Account Value 2/1/2017 | Ending Account Value 7/31/2017 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,083.10 | $7.85 |
Class B Shares | $1,000 | $1,078.80 | $11.70 |
Class C Shares | $1,000 | $1,078.70 | $11.70 |
Institutional Shares | $1,000 | $1,085.10 | $6.57 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,017.30 | $7.60 |
Class B Shares | $1,000 | $1,013.50 | $11.33 |
Class C Shares | $1,000 | $1,013.50 | $11.33 |
Institutional Shares | $1,000 | $1,018.50 | $6.36 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (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% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: May 2006 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of certain of the Funds in the Federated Fund Family; Vice President, Federated Investors, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President of some of the Funds in the Federated Fund Complex and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Investors, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
* | Reasons for “interested” status: J. Christopher Donahue and John B. Fisher are interested due to their beneficial ownership of shares of Federated Investors, Inc. and due to positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Director, Current Chair of the Compensation Committee, KLX Corp. Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO, The Collins Group, Inc. (a private equity firm). Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Governance Committee, Publix Super Markets, Inc.; Director, Member of the Audit Committee and Technology Committee of Equifax, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough is an Executive Committee member of the United States Golf Association, he serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Dean of the Duquesne University School of Law; Adjunct Professor of Law, Duquesne University School of Law; formerly, Interim Dean of the Duquesne University School of Law; Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CONSOL Energy Inc. Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously served as: Associate General Secretary, Diocese of Pittsburgh; a member of the Superior Court of Pennsylvania; and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on either a public or not for profit Board of Directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Director, Saint Vincent College; Member, Pennsylvania State Board of Education (public); and Director and Chair, Cardinal Wuerl North Catholic High School, Inc. Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director, Catholic High Schools of the Diocese of Pittsburgh, Inc.; and Director, Pennsylvania Bar Institute. |
Peter E. Madden Birth Date: March 16, 1942 Trustee Indefinite Term Began serving: June 2006 | Principal Occupation: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; Retired. Other Directorships Held: None. Qualifications: Mr. Madden has served in several business management, mutual fund services and directorship positions throughout his career. Mr. Madden previously served as President, Chief Operating Officer and Director, State Street Bank and Trust Company (custodian bank) and State Street Corporation (financial services). He was Director, VISA USA and VISA International and Chairman and Director, Massachusetts Bankers Association. Mr. Madden served as Director, Depository Trust Corporation and Director, The Boston Stock Exchange. Mr. Madden also served as a Representative to the Commonwealth of Massachusetts General Court. |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
John W. McGonigle Birth Date: October 26, 1938 Secretary Officer since: May 2006 | Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp. |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: June 2006 | Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Stephen F. Auth Birth Date: September 13, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: June 2012 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
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 |
1 | Please see the footnotes to the line graphs below for definitions of, and further information about, the R2000. |
2 | Please see the footnotes to the line graphs below for definitions of, and further information about, the MSBFA. |
3 | The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected.* |
4 | Small-cap stocks may be less liquid and subject to greater price volatility than large-cap stocks. |
5 | The Russell Microcap® Index measures the performance of the microcap segment of the U.S. equity market. Microcap stocks make up less than 3% of the U.S. equity market (by market cap) and consist of the smallest 1,000 securities in the small-cap Russell 2000® Index, plus the next 1,000 smallest eligible securities by market cap. The Russell Microcap® Index is constructed to provide a comprehensive and unbiased barometer for the microcap segment trading on national exchanges and is completely reconstituted annually to ensure new and growing equities are reflected and companies continue to reflect appropriate capitalization and value characteristics.* |
6 | The Russell Top 200® Index measures the performance of the largest cap segment of the U.S. equity universe. The Russell Top 200® Index is a subset of the Russell 3000® Index. It includes approximately 200 of the largest securities based on a combination of their market cap and current index membership, and represents approximately 68% of the U.S. market. The Russell Top 200® Index is constructed to provide a comprehensive and unbiased barometer for this very large cap segment, and is completely reconstituted annually to ensure new and growing equities are reflected.* |
7 | The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000® companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap® Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.* |
8 | The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000® Growth Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad growth market. The Russell 3000® Growth Index is completely reconstituted annually to ensure new and growing equities are included, and that the represented companies continue to reflect growth characteristics.* |
9 | The Russell 3000® Value Index measures the performance of the broad value segment of the U.S. equity value universe. It includes those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000® Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad value market. The Russell 3000® Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.* |
* | The index is unmanaged, and it is not possible to invest directly in an index. |
Federated MDT Small Cap Core Fund - | Institutional Shares | Class C Shares | R2000 | MSBFA |
F | F | I | I | |
7/31/2007 | 10,000 | 10,000 | 10,000 | 10,000 |
7/31/2008 | 8,208 | 8,134 | 9,329 | 8,900 |
7/31/2009 | 5,294 | 5,203 | 7,396 | 7,083 |
7/31/2010 | 6,092 | 5,927 | 8,758 | 8,401 |
7/31/2011 | 7,984 | 7,694 | 10,854 | 10,412 |
7/31/2012 | 7,721 | 7,360 | 10,874 | 10,278 |
7/31/2013 | 11,130 | 10,511 | 14,654 | 13,733 |
7/31/2014 | 12,280 | 11,480 | 15,909 | 15,089 |
7/31/2015 | 13,567 | 12,560 | 17,822 | 16,254 |
7/31/2016 | 14,685 | 13,454 | 17,822 | 16,349 |
7/31/2017 | 18,391 | 16,680 | 21,111 | 18,968 |
■ | Total returns shown for Class C Shares include the maximum contingent deferred sales charge of 1.00%, as applicable. |
1 Year | 5 Years | 10 Years | |
Class A Shares | 18.08% | 17.34% | 5.44% |
Class C Shares | 22.98% | 17.78% | 5.25% |
Institutional Shares | 25.24% | 18.96% | 6.28% |
Class R6 Shares4 | 25.24% | 18.68% | 4.16% |
R2000 | 18.45% | 14.19% | 7.76% |
MSBFA | 15.99% | 13.03% | 6.83% |
1 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450); for Class C Shares, a 1.00% contingent deferred sales charge would be applied on any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The R2000 and MSBFA have been adjusted to reflect reinvestment of dividends on securities. |
2 | The R2000 measures the performance of the small-cap segment of the U.S. equity universe. The R2000 is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The R2000 is constructed to provide a comprehensive and unbiased small-cap barometer, and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. The R2000 is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The R2000 is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. |
3 | Morningstar figures represent the average of the total returns reported by all the funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges. The Morningstar figures in the Growth of $10,000 line graph are based on historical return information published by Morningstar and reflect the return of the funds comprising the category in the year of publication. Because the funds designated by Morningstar as falling into the category can change over time, the Morningstar figures in the line graph may not match the Morningstar figures in the Average Annual Total Returns table, which reflect the return of the funds that currently comprise the category. |
4 | The Fund's R6 Class commenced operations on June 29, 2016. It is anticipated that this class will have the lowest net expenses of all outstanding share classes. For the period prior to the commencement of operations of the R6 class, the R6 class performance information shown is for the Institutional Share class, adjusted to reflect the expenses of the Fund's R6 class for each period for which the Fund's R6 class gross expenses would have exceeded the actual expense paid by the Fund's Institutional Share class. |
Industry Composition | Percentage of Total Net Assets |
Regional Banks | 14.1% |
Biotechnology | 5.9% |
Savings & Loan | 5.1% |
Software Packaged/Custom | 4.7% |
Clothing Stores | 3.7% |
Home Building | 3.5% |
Medical Supplies | 3.2% |
Diversified Leisure | 3.0% |
Electric Utility | 2.8% |
Semiconductor Manufacturing Equipment | 2.4% |
Printing | 2.4% |
Medical Technology | 2.1% |
Multi-Line Insurance | 1.7% |
Specialty Retailing | 1.7% |
Oil Service, Explore & Drill | 1.6% |
Specialty Chemicals | 1.5% |
Miscellaneous Components | 1.5% |
Semiconductor Manufacturing | 1.5% |
Office Supplies | 1.5% |
Computer Services | 1.3% |
Contracting | 1.3% |
Financial Services | 1.3% |
Soft Drinks | 1.2% |
Undesignated Transportation | 1.2% |
Gas Distributor | 1.2% |
Internet Services | 1.2% |
Personal Loans | 1.1% |
Property Liability Insurance | 1.1% |
Services to Medical Professionals | 1.0% |
Other2 | 20.7% |
Cash Equivalents3 | 3.4% |
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—96.5% | |||
Air Freight—0.1% | |||
55,422 | 1 | Radiant Logistics, Inc. | $239,977 |
Apparel—0.1% | |||
16,484 | 1 | Perry Ellis International, Inc. | 323,746 |
Auto Part Replacement—0.9% | |||
19,594 | 1 | Cooper-Standard Holding, Inc. | 2,003,682 |
Auto Rentals—0.4% | |||
74,675 | 1 | Hertz Global Holdings, Inc. | 1,020,807 |
Biotechnology—5.9% | |||
29,060 | 1 | AMAG Pharmaceutical, Inc. | 571,029 |
25,900 | 1 | Blueprint Medicines Corp. | 1,355,347 |
38,062 | 1 | Cara Therapeutics, Inc. | 534,390 |
44,948 | 1 | ChemoCentryx, Inc. | 455,773 |
41,390 | 1 | Dynavax Technologies Corp. | 656,032 |
13,583 | 1 | Exact Sciences Corp. | 527,020 |
36,796 | 1 | Exelixis, Inc. | 997,540 |
86,871 | 1 | Intra-Cellular Therapies, Inc. | 1,005,097 |
15,800 | 1 | Kite Pharma, Inc. | 1,712,878 |
18,139 | 1 | Loxo Oncology, Inc. | 1,311,631 |
15,088 | 1 | Ophthotech Corp. | 36,211 |
148,018 | 1 | PDL BioPharma, Inc. | 336,001 |
40,045 | 1 | Portola Pharmaceuticals, Inc. | 2,470,777 |
11,309 | 1 | Puma Biotechnology, Inc. | 1,074,920 |
86,906 | 1 | Sangamo BioSciences, Inc. | 747,392 |
TOTAL | 13,792,038 | ||
Bituminous Coal—0.3% | |||
66,105 | 1 | Cloud Peak Energy, Inc. | 228,724 |
89,417 | 1 | Westmoreland Coal Co. | 385,387 |
TOTAL | 614,111 | ||
Clothing Stores—3.7% | |||
66,612 | Buckle, Inc. | 1,139,065 | |
139,541 | Chicos Fas, Inc. | 1,276,800 | |
21,273 | Children's Place, Inc./The | 2,247,492 | |
136,728 | 1 | Express, Inc. | 828,572 |
117,232 | 1 | Fossil, Inc. | 1,318,860 |
100,176 | 1 | Francesca's Holdings Corp. | 974,713 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Clothing Stores—continued | |||
58,552 | Tailored Brands, Inc. | $734,242 | |
TOTAL | 8,519,744 | ||
Computer Networking—0.1% | |||
15,230 | Black Box Corp. | 120,317 | |
Computer Peripherals—0.5% | |||
26,827 | Bel Fuse, Inc. | 677,382 | |
10,934 | 1 | Synaptics, Inc. | 575,237 |
TOTAL | 1,252,619 | ||
Computer Services—1.3% | |||
59,353 | Convergys Corp. | 1,422,691 | |
87,869 | Syntel, Inc. | 1,712,567 | |
TOTAL | 3,135,258 | ||
Construction Machinery—0.8% | |||
110,350 | 1 | Titan Machinery, Inc. | 1,969,747 |
Contracting—1.3% | |||
14,384 | Argan, Inc. | 927,049 | |
42,107 | 1 | Mastec, Inc. | 1,945,343 |
11,776 | 1 | Team, Inc. | 169,410 |
TOTAL | 3,041,802 | ||
Crude Oil & Gas Production—0.2% | |||
15,998 | 1 | Bonanza Creek Energy, Inc. | 464,582 |
Defense Aerospace—0.1% | |||
11,199 | 1 | Ducommun, Inc. | 324,323 |
Defense Electronics—0.6% | |||
118,719 | 1 | Kratos Defense & Security Solutions | 1,306,503 |
Diversified Leisure—3.0% | |||
30,413 | 1 | MSG Networks, Inc. | 650,838 |
116,998 | 1 | Pinnacle Entertainment, Inc. | 2,222,962 |
73,766 | 1 | Scientific Games Holdings Corp. | 2,733,031 |
90,394 | Travelport Worldwide Ltd. | 1,292,634 | |
TOTAL | 6,899,465 | ||
Electric & Electronic Original Equipment Manufacturers—0.5% | |||
32,282 | 1 | Generac Holdings, Inc. | 1,161,183 |
Electric Utility—2.8% | |||
33,918 | Northwestern Corp. | 1,960,121 | |
100,753 | Portland General Electric Co. | 4,502,652 | |
TOTAL | 6,462,773 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Electrical Equipment—0.5% | |||
57,846 | 1 | Kimball Electronics, Inc. | $1,125,105 |
Electronic Test/Measuring Equipment—0.5% | |||
58,558 | Cohu, Inc. | 1,066,927 | |
Ethical Drugs—0.5% | |||
8,974 | 1 | Clovis Oncology, Inc. | 761,085 |
45,618 | 1 | Tetraphase Pharmaceuticals, Inc. | 298,342 |
TOTAL | 1,059,427 | ||
Financial Services—1.3% | |||
23,114 | 1 | Altisource Portfolio Solutions S.A. | 603,044 |
107,536 | 1 | Everi Holdings, Inc. | 802,219 |
22,793 | Federal Agricultural Mortgage Association, Class C | 1,562,688 | |
TOTAL | 2,967,951 | ||
Gas Distributor—1.2% | |||
37,953 | ONE Gas, Inc. | 2,762,219 | |
Generic Drugs—0.4% | |||
16,841 | 1 | Amicus Therapeutics, Inc. | 218,091 |
32,640 | 1 | Lannett Co., Inc. | 664,224 |
TOTAL | 882,315 | ||
Gold Production—0.4% | |||
234,280 | Gold Resource Corp. | 993,347 | |
Grocery Chain—0.7% | |||
180,175 | GNC Holdings, Inc. | 1,713,464 | |
Home Building—3.5% | |||
78,985 | 1 | Beazer Homes USA, Inc. | 1,047,341 |
40,674 | 1 | Installed Building Products, Inc. | 2,188,261 |
209,059 | KB HOME | 4,791,633 | |
TOTAL | 8,027,235 | ||
Home Health Care—0.6% | |||
44,712 | 1 | Cross Country Healthcare, Inc. | 525,813 |
24,945 | 1 | Weight Watchers International, Inc. | 893,530 |
TOTAL | 1,419,343 | ||
Home Products—0.1% | |||
23,869 | Libbey, Inc. | 214,821 | |
Hospitals—0.3% | |||
85,890 | 1 | Adeptus Health, Inc. | 96,206 |
93,615 | 1 | Community Health Systems, Inc. | 669,347 |
TOTAL | 765,553 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Industrial Machinery—0.7% | |||
35,310 | 1 | Chart Industries, Inc. | $1,200,540 |
16,845 | 1 | DXP Enterprises, Inc. | 481,598 |
TOTAL | 1,682,138 | ||
Internet Services—1.2% | |||
41,634 | 1 | Autobytel.com, Inc. | 458,390 |
101,182 | 1 | Blucora, Inc. | 2,266,477 |
TOTAL | 2,724,867 | ||
Jewelry Stores—0.4% | |||
38,568 | Movado Group, Inc. | 948,773 | |
Machine Tools—0.6% | |||
39,056 | Hurco Co., Inc. | 1,286,895 | |
Maritime—0.3% | |||
186,799 | 1 | Overseas Shipholding Group, Inc. | 575,341 |
92,545 | Teekay Tankers Ltd., Class A | 166,581 | |
TOTAL | 741,922 | ||
Medical Supplies—3.2% | |||
15,788 | 1 | iRadimed Corp. | 155,512 |
56,991 | LeMaitre Vascular, Inc. | 2,055,665 | |
125,480 | 1 | OraSure Technologies, Inc. | 2,200,919 |
50,857 | 1 | Orthofix International NV | 2,206,177 |
18,614 | PetMed Express, Inc. | 884,910 | |
TOTAL | 7,503,183 | ||
Medical Technology—2.1% | |||
29,913 | 1 | Cardiovascular Systems, Inc. | 943,755 |
61,891 | 1 | DepoMed, Inc. | 638,097 |
34,147 | 1 | Masimo Corp. | 3,230,306 |
TOTAL | 4,812,158 | ||
Metal Fabrication—0.5% | |||
10,679 | Global Brass & Copper Holdings, Inc. | 342,262 | |
29,476 | NN, Inc. | 816,485 | |
TOTAL | 1,158,747 | ||
Mini-Mill Producer—0.4% | |||
39,422 | Schnitzer Steel Industries, Inc., Class A | 1,017,088 | |
Miscellaneous Components—1.5% | |||
15,441 | 1 | Alpha & Omega Semiconductor Ltd. | 273,305 |
29,146 | 1 | Kemet Corp. | 491,110 |
153,015 | Vishay Intertechnology, Inc. | 2,731,318 | |
TOTAL | 3,495,733 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Miscellaneous Food Products—0.2% | |||
25,706 | Omega Protein Corp. | $411,296 | |
Miscellaneous Machinery—0.4% | |||
34,517 | 1 | SPX Corp. | 949,908 |
Mortgage and Title—0.9% | |||
172,905 | 1 | MGIC Investment Corp. | 2,017,801 |
Multi-Line Insurance—1.7% | |||
173,402 | CNO Financial Group, Inc. | 3,967,438 | |
Mutual Fund Adviser—0.5% | |||
52,388 | Waddell & Reed Financial, Inc., Class A | 1,082,860 | |
Office Supplies—1.5% | |||
122,737 | 1 | Acco Brands Corp. | 1,429,886 |
162,689 | Essendant, Inc. | 2,030,359 | |
TOTAL | 3,460,245 | ||
Oil Service, Explore & Drill—1.6% | |||
86,878 | Archrock, Inc. | 951,314 | |
112,657 | 1 | Now, Inc. | 1,794,626 |
48,467 | 1 | Unit Corp. | 871,437 |
TOTAL | 3,617,377 | ||
Oil Well Supply—0.5% | |||
43,259 | 1 | Exterran Corp. | 1,197,842 |
Other Communications Equipment—0.8% | |||
38,074 | 1 | Netgear, Inc. | 1,823,745 |
Personal Loans—1.1% | |||
46,072 | 1 | Enova International, Inc. | 668,044 |
251,245 | 1 | Ezcorp, Inc., Class A | 1,959,711 |
TOTAL | 2,627,755 | ||
Personnel Agency—0.4% | |||
35,057 | 1 | TrueBlue, Inc. | 895,706 |
Photo-Optical Component-Equipment—0.3% | |||
7,373 | 1 | Applied Optoelectronics, Inc. | 718,794 |
Printed Circuit Boards—0.9% | |||
120,089 | 1 | TTM Technologies | 2,087,147 |
Printing—2.4% | |||
44,824 | Deluxe Corp. | 3,236,293 | |
58,336 | Quad Graphics, Inc. | 1,310,226 | |
81,575 | R.R. Donnelley & Sons Co. | 1,008,267 | |
TOTAL | 5,554,786 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Property Liability Insurance—1.1% | |||
64,166 | State National Companies, Inc. | $1,339,786 | |
51,439 | Universal Insurance Holdings, Inc. | 1,226,820 | |
TOTAL | 2,566,606 | ||
Regional Banks—14.1% | |||
5,357 | BancFirst Corp. | 571,860 | |
35,995 | Bancorpsouth, Inc. | 1,081,650 | |
35,534 | Beneficial Mutual Bancorp, Inc. | 554,330 | |
6,980 | Bryn Mawr Bank Corp. | 296,301 | |
4,909 | Cathay Bancorp, Inc. | 183,842 | |
9,590 | Columbia Banking Systems, Inc. | 382,066 | |
6,947 | Community Trust Bancorp, Inc. | 300,110 | |
20,760 | Enterprise Financial Services Corp. | 821,058 | |
18,767 | 1 | FCB Financial Holdings, Inc. | 884,864 |
26,253 | Farmers Capital Bank Corp. | 985,800 | |
23,382 | Financial Institutions, Inc. | 687,431 | |
69,495 | First Bancorp, Inc. | 2,175,193 | |
5,502 | First Business Financial Services, Inc. | 116,972 | |
5,839 | First Citizens Bancshares, Inc., Class A | 2,148,869 | |
6,901 | First Financial Corp. | 317,791 | |
21,815 | First Merchants Corp. | 882,199 | |
37,803 | First Midwest Bancorp, Inc. | 839,605 | |
124,151 | 1 | First NBC Bank Holding Co. | 2,359 |
95,368 | Fulton Financial Corp. | 1,740,466 | |
27,451 | Hancock Holding Co. | 1,262,746 | |
7,681 | Heartland Financial USA, Inc. | 361,775 | |
37,695 | 1 | Hometrust Bancshares, Inc. | 910,334 |
12,347 | Iberiabank Corp. | 998,255 | |
16,666 | Lakeland Financial Corp. | 766,636 | |
16,397 | MainSource Financial Group, Inc. | 572,911 | |
51,919 | Meridian Bancorp, Inc. | 916,370 | |
13,826 | Meta Financial Group, Inc. | 985,794 | |
12,747 | Midland States Bancorp, Inc. | 404,845 | |
23,791 | National Bank Holdings Corp. | 811,987 | |
14,168 | 1 | Nicolet Bankshares, Inc. | 767,481 |
11,033 | OFG Bancorp. | 110,882 | |
24,470 | Peapack-Gladstone Financial Corp. | 765,177 | |
17,312 | Preferred Bank Los Angeles, CA | 972,069 | |
21,857 | Republic Bancorp, Inc. | 784,666 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Regional Banks—continued | |||
16,701 | Sandy Spring Bancorp, Inc. | $668,708 | |
24,469 | 1 | Seacoast Banking Corp. of Florida | 571,840 |
11,241 | South State Corp. | 941,434 | |
16,394 | Sterling Bancorp | 378,701 | |
19,252 | The Bank of NT Butterfield & Son Ltd. | 656,301 | |
5,238 | TriCo Bancshares | 193,282 | |
14,298 | UMB Financial Corp. | 995,999 | |
22,510 | Union Bankshares Corp. | 695,334 | |
16,837 | Wintrust Financial Corp. | 1,267,994 | |
TOTAL | 32,734,287 | ||
Rubber—0.6% | |||
39,317 | Cooper Tire & Rubber Co. | 1,437,036 | |
Savings & Loan—5.1% | |||
95,038 | Charter Financial Corp. | 1,708,783 | |
34,703 | First Defiance Financial Corp. | 1,795,880 | |
25,562 | QCR Holdings, Inc. | 1,174,574 | |
54,367 | WSFS Financial Corp. | 2,454,670 | |
197,525 | Waterstone Financial, Inc. | 3,723,346 | |
108,805 | Western New England Bancorp, Inc. | 1,082,610 | |
TOTAL | 11,939,863 | ||
Securities Brokerage—0.3% | |||
13,036 | Piper Jaffray Cos., Inc. | 813,446 | |
Semiconductor Manufacturing—1.5% | |||
35,195 | Cabot Microelectronics Corp. | 2,609,710 | |
18,855 | 1 | Diodes, Inc. | 500,223 |
2,927 | Universal Display Corp. | 352,996 | |
TOTAL | 3,462,929 | ||
Semiconductor Manufacturing Equipment—2.4% | |||
32,386 | 1 | Advanced Energy Industries, Inc. | 2,349,604 |
50,251 | Brooks Automation, Inc. | 1,234,165 | |
79,502 | 1 | IXYS Corp. | 1,383,335 |
8,539 | MKS Instruments, Inc. | 714,287 | |
TOTAL | 5,681,391 | ||
Services to Medical Professionals—1.0% | |||
57,928 | 1 | Tivity Health, Inc. | 2,296,845 |
Soft Drinks—1.2% | |||
27,275 | 1 | National Beverage Corp. | 2,785,323 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Software Packaged/Custom—4.7% | |||
46,542 | 1 | Carbonite, Inc. | $1,098,391 |
33,072 | 1 | Commvault Systems, Inc. | 1,969,437 |
23,685 | 1 | Paycom Software, Inc. | 1,660,082 |
39,487 | 1 | Proofpoint, Inc. | 3,365,872 |
39,058 | 1 | RingCentral, Inc. | 1,359,218 |
17,187 | 1 | Varonis Systems, Inc. | 640,216 |
39,679 | 1 | Web.com Group, Inc. | 870,954 |
TOTAL | 10,964,170 | ||
Specialty Chemicals—1.5% | |||
63,863 | 1 | AgroFresh Solutions, Inc. | 498,131 |
37,680 | Rayonier Advanced Materials, Inc. | 561,809 | |
80,935 | 1 | Univar, Inc. | 2,512,223 |
TOTAL | 3,572,163 | ||
Specialty Retailing—1.7% | |||
56,267 | Big 5 Sporting Goods Corp. | 604,870 | |
35,942 | 1 | FTD Companies, Inc. | 706,261 |
97,037 | Office Depot, Inc. | 569,607 | |
46,914 | 1 | Rush Enterprises, Inc. | 2,023,401 |
TOTAL | 3,904,139 | ||
System Instruments—0.7% | |||
3,021 | Belden, Inc. | 217,330 | |
42,655 | 1 | Sanmina Corp. | 1,529,182 |
TOTAL | 1,746,512 | ||
Telephone Utility—0.9% | |||
134,141 | Frontier Communications Corp. | 2,053,699 | |
Truck Manufacturing—0.6% | |||
29,286 | Spartan Motors, Inc. | 259,181 | |
60,060 | Wabash National Corp. | 1,145,945 | |
TOTAL | 1,405,126 | ||
Undesignated Consumer Cyclicals—0.9% | |||
31,997 | 1 | Career Education Corp. | 269,095 |
31,870 | Nutri/System, Inc. | 1,776,752 | |
TOTAL | 2,045,847 | ||
Undesignated Health—0.3% | |||
15,693 | Medifast, Inc. | 669,934 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Undesignated Transportation—1.2% | |||
45,978 | 1 | XPO Logistics, Inc. | $2,763,738 |
TOTAL COMMON STOCKS (IDENTIFIED COST $210,374,241) | 224,277,642 | ||
INVESTMENT COMPANY—3.4% | |||
7,980,640 | 2 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.16%3 (IDENTIFIED COST $7,982,185) | 7,982,236 |
TOTAL INVESTMENTS—99.9% (IDENTIFIED COST $218,356,426)4 | 232,259,878 | ||
OTHER ASSETS AND LIABILITIES - NET—0.1%5 | 229,851 | ||
TOTAL NET ASSETS—100% | $232,489,729 |
1 | Non-income-producing security. |
2 | Affiliated holding. |
3 | 7-day net yield. |
4 | The cost of investments for federal tax purposes amounts to $218,533,148. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Year Ended July 31 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $15.08 | $15.66 | $15.07 | $13.70 | $9.52 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.02)1 | 0.031 | (0.05)1 | (0.12)1 | (0.01)1 |
Net realized and unrealized gain on investments | 3.78 | 1.02 | 1.57 | 1.49 | 4.19 |
TOTAL FROM INVESTMENT OPERATIONS | 3.76 | 1.05 | 1.52 | 1.37 | 4.18 |
Less Distributions: | |||||
Distributions from net realized gain on investments | (0.15) | (1.63) | (0.93) | — | — |
Net Asset Value, End of Period | $18.69 | $15.08 | $15.66 | $15.07 | $13.70 |
Total Return2 | 24.97% | 7.90% | 10.22% | 10.00% | 43.91% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.14% | 1.13% | 1.48% | 1.70% | 1.70% |
Net investment income (loss) | (0.13)% | 0.19% | (0.35)% | (0.77)% | (0.05)% |
Expense waiver/reimbursement3 | 0.55% | 1.10% | 0.76% | 0.52% | 1.09% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $37,031 | $13,035 | $7,160 | $5,346 | $3,694 |
Portfolio turnover | 91% | 189% | 166% | 174% | 184% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $13.70 | $14.48 | $14.10 | $12.91 | $9.04 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.14)1 | (0.07)1 | (0.16)1 | (0.21)1 | (0.09)1 |
Net realized and unrealized gain on investments | 3.42 | 0.92 | 1.47 | 1.40 | 3.96 |
TOTAL FROM INVESTMENT OPERATIONS | 3.28 | 0.85 | 1.31 | 1.19 | 3.87 |
Less Distributions: | |||||
Distributions from net realized gain on investments | (0.15) | (1.63) | (0.93) | — | — |
Net Asset Value, End of Period | $16.83 | $13.70 | $14.48 | $14.10 | $12.91 |
Total Return2 | 23.98% | 7.12% | 9.41% | 9.22% | 42.81% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.89% | 1.88% | 2.28% | 2.45% | 2.45% |
Net investment income (loss) | (0.89)% | (0.56)% | (1.11)% | (1.50)% | (0.81)% |
Expense waiver/reimbursement3 | 0.57% | 1.11% | 0.72% | 0.54% | 1.11% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $15,223 | $3,422 | $3,031 | $3,338 | $2,636 |
Portfolio turnover | 91% | 189% | 166% | 174% | 184% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $15.54 | $16.04 | $15.38 | $13.94 | $9.67 |
Income From Investment Operations: | |||||
Net investment income (loss) | 0.021 | 0.061 | (0.02)1 | (0.08)1 | 0.031 |
Net realized and unrealized gain on investments | 3.90 | 1.07 | 1.61 | 1.52 | 4.24 |
TOTAL FROM INVESTMENT OPERATIONS | 3.92 | 1.13 | 1.59 | 1.44 | 4.27 |
Less Distributions: | |||||
Distributions from net realized gain on investments | (0.16) | (1.63) | (0.93) | — | — |
Net Asset Value, End of Period | $19.30 | $15.54 | $16.04 | $15.38 | $13.94 |
Total Return2 | 25.24% | 8.24% | 10.48% | 10.33% | 44.16% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.89% | 0.88% | 1.26% | 1.45% | 1.45% |
Net investment income (loss) | 0.10% | 0.43% | (0.11)% | (0.51)% | 0.23% |
Expense waiver/reimbursement3 | 0.53% | 1.11% | 0.74% | 0.52% | 1.10% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $179,219 | $24,529 | $20,504 | $21,486 | $14,084 |
Portfolio turnover | 91% | 189% | 166% | 174% | 184% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended 7/31/2017 | Period Ended 7/31/20161 | |
Net Asset Value, Beginning of Period | $15.54 | $13.88 |
Income From Investment Operations: | ||
Net investment income (loss) | 0.01 | (0.01)2 |
Net realized and unrealized gain on investments | 3.91 | 1.67 |
TOTAL FROM INVESTMENT OPERATIONS | 3.92 | 1.66 |
Less Distributions: | ||
Distributions from net realized gain on investments | (0.16) | — |
Net Asset Value, End of Period | $19.30 | $15.54 |
Total Return3 | 25.24% | 11.96% |
Ratios to Average Net Assets: | ||
Net expenses | 0.88% | 0.87%4 |
Net investment income (loss) | 0.04% | (0.04)%4 |
Expense waiver/reimbursement5 | 0.41% | 0.97%4 |
Supplemental Data: | ||
Net assets, end of period (000 omitted) | $1,017 | $06 |
Portfolio turnover | 91% | 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. |
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 year ended July 31, 2016. |
Assets: | ||
Total investment in securities, at value including $7,982,236 of investment in an affiliated holding (identified cost $218,356,426) | $232,259,878 | |
Cash | 1,639 | |
Income receivable | 108,743 | |
Receivable for investments sold | 1,931,927 | |
Receivable for shares sold | 2,311,277 | |
TOTAL ASSETS | 236,613,464 | |
Liabilities: | ||
Payable for investments purchased | $3,854,563 | |
Payable for shares redeemed | 103,510 | |
Payable to adviser (Note 5) | 3,761 | |
Payable for administrative fees (Note 5) | 501 | |
Payable for distribution services fee (Note 5) | 9,503 | |
Payable for other service fees (Notes 2 and 5) | 21,265 | |
Accrued expenses (Note 5) | 130,632 | |
TOTAL LIABILITIES | 4,123,735 | |
Net assets for 12,225,747 shares outstanding | $232,489,729 | |
Net Assets Consist of: | ||
Paid-in capital | $209,649,008 | |
Net unrealized appreciation of investments | 13,903,452 | |
Accumulated net realized gain on investments | 8,937,269 | |
TOTAL NET ASSETS | $232,489,729 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($37,031,202 ÷ 1,981,657 shares outstanding), no par value, unlimited shares authorized | $18.69 | |
Offering price per share (100/94.50 of $18.69) | $19.78 | |
Redemption proceeds per share | $18.69 | |
Class C Shares: | ||
Net asset value per share ($15,222,504 ÷ 904,400 shares outstanding), no par value, unlimited shares authorized | $16.83 | |
Offering price per share | $16.83 | |
Redemption proceeds per share (99.00/100 of $16.83) | $16.66 | |
Institutional Shares: | ||
Net asset value per share ($179,218,885 ÷ 9,286,985 shares outstanding), no par value, unlimited shares authorized | $19.30 | |
Offering price per share | $19.30 | |
Redemption proceeds per share | $19.30 | |
Class R6 Shares: | ||
Net asset value per share ($1,017,138 ÷ 52,705 shares outstanding), no par value, unlimited shares authorized | $19.30 | |
Offering price per share | $19.30 | |
Redemption proceeds per share | $19.30 |
Investment Income: | |||
Dividends (including $39,115 received from an affiliated holding (Note 5) and net of foreign taxes withheld of $599) | $1,247,927 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,242,389 | ||
Administrative fee (Note 5) | 98,595 | ||
Custodian fees | 25,632 | ||
Transfer agent fee (Note 2) | 155,694 | ||
Directors'/Trustees' fees (Note 5) | 2,220 | ||
Auditing fees | 28,485 | ||
Legal fees | 10,520 | ||
Portfolio accounting fees | 74,217 | ||
Distribution services fee (Note 5) | 69,135 | ||
Other service fees (Notes 2 and 5) | 90,553 | ||
Share registration costs | 110,111 | ||
Printing and postage | 28,283 | ||
Miscellaneous (Note 5) | 18,686 | ||
TOTAL EXPENSES | 1,954,520 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(557,287) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (119,360) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (676,647) | ||
Net expenses | 1,277,873 | ||
Net investment income (loss) | (29,946) | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments (including realized gain of $1,353 on sales of investments in an affiliated holding (Note 5)) | 10,729,386 | ||
Net change in unrealized appreciation of investments | 10,955,971 | ||
Net realized and unrealized gain on investments | 21,685,357 | ||
Change in net assets resulting from operations | $21,655,411 |
Year Ended July 31 | 2017 | 2016 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(29,946) | $86,647 |
Net realized gain on investments | 10,729,386 | 238,839 |
Net change in unrealized appreciation/depreciation of investments | 10,955,971 | 2,534,704 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 21,655,411 | 2,860,190 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | — | (24,130) |
Class C Shares | — | (8,056) |
Institutional Shares | — | (54,461) |
Class R6 Shares | — | — |
Distributions from net realized gain on investments | ||
Class A Shares | (229,905) | (899,981) |
Class C Shares | (64,270) | (346,517) |
Institutional Shares | (525,114) | (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 | 234,400,654 | 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 | (64,535,560) | (10,873,114) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 170,666,735 | 10,787,781 |
Change in net assets | 191,502,856 | 10,292,001 |
Net Assets: | ||
Beginning of period | 40,986,873 | 30,694,872 |
End of period | $232,489,729 | $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 (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 | $33,116 | $(25,217) |
Class C Shares | 14,015 | (10,983) |
Institutional Shares | 108,546 | (83,160) |
Class R6 Shares | 17 | — |
TOTAL | $155,694 | $(119,360) |
Other Service Fees Incurred | |
Class A Shares | $67,883 |
Class C Shares | 22,670 |
TOTAL | $90,553 |
Year Ended July 31 | 2017 | 2016 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,543,276 | $44,263,084 | 499,161 | $7,058,133 |
Shares issued to shareholders in payment of distributions declared | 12,847 | 227,778 | 67,053 | 904,542 |
Shares redeemed | (1,438,730) | (25,497,861) | (159,177) | (2,155,066) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 1,117,393 | $18,993,001 | 407,037 | $5,807,609 |
Year Ended July 31 | 2017 | 2016 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 844,369 | $13,376,009 | 87,018 | $1,153,452 |
Shares issued to shareholders in payment of distributions declared | 3,710 | 59,508 | 22,980 | 282,655 |
Shares redeemed | (193,490) | (3,060,689) | (69,504) | (901,369) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 654,589 | $10,374,828 | 40,494 | $534,738 |
Year Ended July 31 | 2017 | 2016 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 9,680,146 | $175,632,372 | 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 | (2,000,149) | (35,852,755) | (552,221) | (7,816,679) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 7,708,139 | $140,293,972 | 300,766 | $4,445,334 |
Year Ended 7/31/2017 | Period Ended 7/31/20161 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 59,333 | $1,129,189 | 7.205 | $100 |
Shares issued to shareholders in payment of distributions declared | — | — | — | — |
Shares redeemed | (6,635) | (124,255) | — | — |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 52,698 | $1,004,934 | 7.205 | $100 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 9,532,819 | $170,666,735 | 748,304.205 | $10,787,781 |
1 | Reflects operations for the period from June 29, 2016 (date of initial investment) to July 31, 2016. |
Increase (Decrease) | |
Undistributed Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) |
$29,946 | $(29,946) |
2017 | 2016 | |
Ordinary income1 | $819,290 | $1,744,423 |
Long-term capital gains | $— | $1,611,547 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income2 | $8,642,712 |
Net unrealized appreciation | $13,726,730 |
Undistributed long-term capital gains | $739,916 |
Capital loss carryforwards | $268,637 |
2 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Expiration Year | Short-Term | Long-Term | Total |
2018 | $268,637 | NA | $268,637 |
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 | $69,135 |
Balance of Shares Held 7/31/2016 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 7/31/2017 | Value | Dividend Income | |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | 803,721 | 103,952,188 | (96,775,269) | 7,980,640 | $7,982,236 | $39,115 |
Purchases | $273,429,744 |
Sales | $111,214,408 |
Administrative Services Fee Rate | Average Daily Net Assets of the Investment Complex |
0.100 of 1% | on assets up to $50 billion |
0.075 of 1% | on assets over $50 billion |
September 25, 2017
Beginning Account Value 2/1/2017 | Ending Account Value 7/31/2017 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,068.60 | $5.85 |
Class C Shares | $1,000 | $1,064.50 | $9.67 |
Institutional Shares | $1,000 | $1,070.40 | $4.57 |
Class R6 Shares | $1,000 | $1,070.40 | $4.52 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.10 | $5.71 |
Class C Shares | $1,000 | $1,015.40 | $9.44 |
Institutional Shares | $1,000 | $1,020.40 | $4.46 |
Class R6 Shares | $1,000 | $1,020.40 | $4.41 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.14% |
Class C Shares | 1.89% |
Institutional Shares | 0.89% |
Class R6 Shares | 0.88% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: May 2006 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of certain of the Funds in the Federated Fund Family; Vice President, Federated Investors, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President of some of the Funds in the Federated Fund Complex and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Investors, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
* | Reasons for “interested” status: J. Christopher Donahue and John B. Fisher are interested due to their beneficial ownership of shares of Federated Investors, Inc. and due to positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Director, Current Chair of the Compensation Committee, KLX Corp. Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO, The Collins Group, Inc. (a private equity firm). Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Governance Committee, Publix Super Markets, Inc.; Director, Member of the Audit Committee and Technology Committee of Equifax, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough is an Executive Committee member of the United States Golf Association, he serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Dean of the Duquesne University School of Law; Adjunct Professor of Law, Duquesne University School of Law; formerly, Interim Dean of the Duquesne University School of Law; Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CONSOL Energy Inc. Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously served as: Associate General Secretary, Diocese of Pittsburgh; a member of the Superior Court of Pennsylvania; and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on either a public or not for profit Board of Directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Director, Saint Vincent College; Member, Pennsylvania State Board of Education (public); and Director and Chair, Cardinal Wuerl North Catholic High School, Inc. Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director, Catholic High Schools of the Diocese of Pittsburgh, Inc.; and Director, Pennsylvania Bar Institute. |
Peter E. Madden Birth Date: March 16, 1942 Trustee Indefinite Term Began serving: June 2006 | Principal Occupation: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; Retired. Other Directorships Held: None. Qualifications: Mr. Madden has served in several business management, mutual fund services and directorship positions throughout his career. Mr. Madden previously served as President, Chief Operating Officer and Director, State Street Bank and Trust Company (custodian bank) and State Street Corporation (financial services). He was Director, VISA USA and VISA International and Chairman and Director, Massachusetts Bankers Association. Mr. Madden served as Director, Depository Trust Corporation and Director, The Boston Stock Exchange. Mr. Madden also served as a Representative to the Commonwealth of Massachusetts General Court. |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
John W. McGonigle Birth Date: October 26, 1938 Secretary Officer since: May 2006 | Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp. |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: June 2006 | Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Stephen F. Auth Birth Date: September 13, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: June 2012 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
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 |
1 | Please see the footnotes to the line graphs below for definitions of, and further information about, the R2000G. |
2 | Please see the footnotes to the line graphs below for definitions of, and further information about, the MSGFA. |
3 | The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected.* |
4 | Small-cap stocks may be less liquid and subject to greater price volatility than large-cap stocks. |
5 | The Russell Microcap® Index measures the performance of the microcap segment of the U.S. equity market. Microcap stocks make up less than 3% of the U.S. equity market (by market cap) and consist of the smallest 1,000 securities in the small-cap Russell 2000® Index, plus the next 1,000 smallest eligible securities by market cap. The Russell Microcap® Index is constructed to provide a comprehensive and unbiased barometer for the microcap segment trading on national exchanges and is completely reconstituted annually to ensure new and growing equities are reflected and companies continue to reflect appropriate capitalization and value characteristics.* |
6 | The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.* |
7 | The Russell Top 200® Index measures the performance of the largest cap segment of the U.S. equity universe. The Russell Top 200® Index is a subset of the Russell 3000® Index. It includes approximately 200 of the largest securities based on a combination of their market cap and current index membership and represents approximately 68% of the U.S. market. The Russell Top 200® Index is constructed to provide a comprehensive and unbiased barometer for this very large cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.* |
8 | The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000® companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.* |
9 | The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000® Growth Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad growth market. The Russell 3000 Growth Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.* |
10 | The Russell 3000® Value Index measures the performance of the broad value segment of U.S. equity value universe. It includes those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000® Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad value market. The Russell 3000 Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.* |
* | The index is unmanaged, and it is not possible to invest directly in an index. |
Federated MDT Small Cap Growth Fund - | Institutional Shares | Class C Shares | NA | R2000G | MSGFA |
F | F | NA | I | I | |
7/31/2007 | 10,000 | 10,000 | 10,000 | 10,000 | |
7/31/2008 | 9,001 | 8,911 | 9,624 | 8,876 | |
7/31/2009 | 6,122 | 5,998 | 7,616 | 7,003 | |
7/31/2010 | 6,832 | 6,636 | 8,889 | 8,204 | |
7/31/2011 | 9,503 | 9,131 | 11,496 | 10,618 | |
7/31/2012 | 9,372 | 8,919 | 11,437 | 10,379 | |
7/31/2013 | 12,691 | 11,957 | 15,484 | 13,668 | |
7/31/2014 | 13,733 | 12,807 | 16,867 | 14,791 | |
7/31/2015 | 16,219 | 14,980 | 20,253 | 17,225 | |
7/31/2016 | 16,634 | 15,205 | 19,179 | 16,320 | |
7/31/2017 | 21,004 | 19,019 | 22,585 | 19,202 |
■ | Total returns shown for Class C Shares include the maximum contingent deferred sales charge of 1.00% as applicable. |
1 Year | 5 Years | 10 Years | |
Class A Shares | 19.06% | 15.92% | 6.84% |
Class B Shares | 19.48% | 16.12% | 6.79% |
Class C Shares | 24.08% | 16.35% | 6.64% |
Institutional Shares | 26.27% | 17.52% | 7.70% |
Class R6 Shares4 | 26.27% | 17.44% | 7.41% |
R2000G | 17.76% | 14.58% | 8.49% |
MSGFA | 17.64% | 13.33% | 7.61% |
1 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charges = $9,450); for Class B Shares, the maximum contingent deferred sales charge is 5.50% on any redemption less than one year from the purchase date; for Class C Shares, a 1.00% contingent deferred sales charge would be applied to any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The R2000G and MSGFA have been adjusted to reflect reinvestment of dividends on securities. |
2 | The R2000G measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000® Index companies with higher price-to-value ratios and higher forecasted growth values. The R2000G is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment. The R2000G is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect growth characteristics. The R2000G is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The R2000G is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. |
3 | Morningstar figures represent the average of the total returns reported by all the funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges. The Morningstar figures in the Growth of $10,000 line graph are based on historical return information published by Morningstar and reflect the return of the funds comprising the category in the year of publication. Because the funds designated by Morningstar as falling into the category can change over time, the Morningstar figures in the line graph may not match the Morningstar figures in the Average Annual Total Returns table, which reflect the return of the funds that currently comprise the category. |
4 | The Fund's Class R6 Shares commenced operations on June 29, 2016. It is anticipated that this class will have the lowest net expenses of all outstanding share classes. For the period prior to the commencement of operations of Class R6 Shares, the performance information shown is for the Fund's Institutional Shares adjusted to reflect expenses of the Class R6 Shares for each year for which the gross expenses of Class R6 Shares would have exceeded the actual expenses paid by Institutional Shares. |
Industry Composition | Percentage of Total Net Assets |
Biotechnology | 10.8% |
Software Packaged/Custom | 9.8% |
Medical Supplies | 5.0% |
Semiconductor Manufacturing Equipment | 3.8% |
Diversified Leisure | 3.7% |
Clothing Stores | 3.4% |
Printing | 3.3% |
Regional Banks | 2.9% |
Medical Technology | 2.8% |
Semiconductor Manufacturing | 2.7% |
Home Building | 2.5% |
Specialty Chemicals | 2.4% |
Computer Services | 2.4% |
Contracting | 2.3% |
Internet Services | 2.1% |
Services to Medical Professionals | 1.8% |
Life Insurance | 1.7% |
Generic Drugs | 1.6% |
Financial Services | 1.5% |
Undesignated Consumer Cyclicals | 1.3% |
Metal Fabrication | 1.3% |
Soft Drinks | 1.2% |
Home Health Care | 1.2% |
Electric & Electronic Original Equipment Manufacturers | 1.1% |
Plastic | 1.0% |
Specialty Machinery | 1.0% |
Household Appliances | 1.0% |
Building Materials | 1.0% |
Discount Department Stores | 1.0% |
Other2 | 19.6% |
Cash Equivalents3 | 2.8% |
Other Assets and Liabilities—Net4 | 0.0% |
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—97.2% | |||
Air Freight—0.2% | |||
108,742 | 1 | Radiant Logistics, Inc. | $470,853 |
Airline - Regional—0.6% | |||
28,872 | 1 | Hawaiian Holdings, Inc. | 1,195,301 |
Auto Original Equipment Manufacturers—0.6% | |||
90,210 | 1 | Commercial Vehicle Group, Inc. | 792,044 |
20,928 | 1 | Stoneridge, Inc. | 319,361 |
TOTAL | 1,111,405 | ||
Auto Part Replacement—0.8% | |||
14,704 | 1 | Cooper-Standard Holding, Inc. | 1,503,631 |
Biotechnology—10.8% | |||
6,360 | 1 | Aerie Pharmaceuticals, Inc. | 345,348 |
45,937 | 1 | Axovant Sciences Ltd. | 1,052,876 |
18,562 | 1 | Blueprint Medicines Corp. | 971,349 |
64,610 | 1 | ChemoCentryx, Inc. | 655,145 |
24,249 | 1 | Dynavax Technologies Corp. | 384,347 |
113,060 | 1 | Enzo Biochem, Inc. | 1,226,701 |
36,192 | 1 | Epizyme, Inc. | 412,589 |
30,999 | 1 | Exact Sciences Corp. | 1,202,761 |
35,142 | 1 | Exelixis, Inc. | 952,700 |
65,331 | 1 | Halozyme Therapeutics, Inc. | 828,397 |
85,134 | 1 | Innoviva, Inc. | 1,168,038 |
57,787 | 1 | Intra-Cellular Therapies, Inc. | 668,596 |
14,111 | 1 | Kite Pharma, Inc. | 1,529,774 |
56,383 | 1 | Lipocine, Inc. | 285,862 |
19,119 | 1 | Loxo Oncology, Inc. | 1,382,495 |
23,263 | 1 | MiMedx Group, Inc. | 348,014 |
29,590 | 1 | NewLink Genetics Corp. | 213,640 |
103,029 | 1 | PDL BioPharma, Inc. | 233,876 |
26,261 | 1 | PRA Health Sciences, Inc. | 1,953,818 |
32,765 | 1 | Portola Pharmaceuticals, Inc. | 2,021,601 |
2,949 | 1 | Prothena Corp. PLC | 182,130 |
13,234 | 1 | Puma Biotechnology, Inc. | 1,257,892 |
41,353 | 1 | RTI Surgical, Inc. | 235,712 |
15,019 | 1 | SAGE Therapeutics, Inc. | 1,197,765 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Biotechnology—continued | |||
59,980 | 1 | Sangamo BioSciences, Inc. | $515,828 |
TOTAL | 21,227,254 | ||
Broadcasting—0.9% | |||
47,993 | Sinclair Broadcast Group, Inc. | 1,730,148 | |
Building Materials—1.0% | |||
33,226 | 1 | Builders Firstsource, Inc. | 520,652 |
16,571 | Universal Forest Products, Inc. | 1,389,478 | |
TOTAL | 1,910,130 | ||
Clothing Stores—3.4% | |||
22,323 | Buckle, Inc. | 381,723 | |
290,568 | Chicos Fas, Inc. | 2,658,697 | |
22,676 | Children's Place, Inc./The | 2,395,719 | |
86,309 | 1 | Francesca's Holdings Corp. | 839,787 |
32,742 | Tailored Brands, Inc. | 410,585 | |
TOTAL | 6,686,511 | ||
Cogeneration—0.0% | |||
86,100 | 1 | Rentech, Inc. | 45,865 |
Computer Peripherals—0.5% | |||
17,721 | 1 | Synaptics, Inc. | 932,302 |
Computer Services—2.4% | |||
55,372 | Convergys Corp. | 1,327,267 | |
14,275 | Fair Isaac & Co., Inc. | 2,034,901 | |
68,402 | Syntel, Inc. | 1,333,155 | |
TOTAL | 4,695,323 | ||
Construction Machinery—0.1% | |||
11,443 | 1 | Harsco Corp. | 176,794 |
Contracting—2.3% | |||
18,888 | Argan, Inc. | 1,217,332 | |
32,668 | Comfort Systems USA, Inc. | 1,087,844 | |
46,432 | 1 | Mastec, Inc. | 2,145,158 |
TOTAL | 4,450,334 | ||
Cosmetics & Toiletries—0.9% | |||
29,902 | 1 | USANA Health Sciences, Inc. | 1,707,404 |
Discount Department Stores—1.0% | |||
38,447 | Big Lots, Inc. | 1,909,662 | |
Diversified Leisure—3.7% | |||
35,186 | 1 | MSG Networks, Inc. | 752,980 |
89,213 | 1 | Penn National Gaming, Inc. | 1,798,534 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Diversified Leisure—continued | |||
70,497 | 1 | Scientific Games Holdings Corp. | $2,611,914 |
142,917 | Travelport Worldwide Ltd. | 2,043,713 | |
TOTAL | 7,207,141 | ||
Electric & Electronic Original Equipment Manufacturers—1.1% | |||
48,720 | 1 | Generac Holdings, Inc. | 1,752,458 |
22,562 | General Cable Corp. | 435,447 | |
TOTAL | 2,187,905 | ||
Electrical Equipment—0.7% | |||
39,352 | 1 | Novoste Corp. | 1,452,089 |
Ethical Drugs—0.7% | |||
13,362 | 1 | Clovis Oncology, Inc. | 1,133,231 |
24,047 | 1 | Tetraphase Pharmaceuticals, Inc. | 157,268 |
TOTAL | 1,290,499 | ||
Financial Services—1.5% | |||
16,867 | 1 | Altisource Portfolio Solutions S.A. | 440,060 |
124,431 | 1 | Everi Holdings, Inc. | 928,255 |
61,996 | Evertec, Inc. | 1,106,629 | |
31,313 | Liberty Tax, Inc. | 441,513 | |
TOTAL | 2,916,457 | ||
Furniture—0.8% | |||
13,827 | Bassett Furniture Industries, Inc. | 514,365 | |
31,685 | Ethan Allen Interiors, Inc. | 1,015,504 | |
TOTAL | 1,529,869 | ||
Gas Distributor—0.0% | |||
3,061 | RGC Resources, Inc. | 82,188 | |
Generic Drugs—1.6% | |||
44,149 | 1 | Cempra Holdings LLC | 176,596 |
55,841 | 1 | Prestige Brands Holdings, Inc. | 2,994,753 |
TOTAL | 3,171,349 | ||
Gold Production—0.0% | |||
14,967 | Gold Resource Corp. | 63,460 | |
Grocery Chain—0.8% | |||
163,170 | GNC Holdings, Inc. | 1,551,747 | |
Home Building—2.5% | |||
35,016 | 1 | Installed Building Products, Inc. | 1,883,861 |
51,054 | M.D.C. Holdings, Inc. | 1,750,642 | |
52,586 | 1 | Taylor Morrison Home Corp. - A | 1,189,495 |
TOTAL | 4,823,998 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Home Health Care—1.2% | |||
64,226 | 1 | Care.com, Inc. | $933,204 |
44,385 | 1 | Cross Country Healthcare, Inc. | 521,968 |
23,869 | 1 | Weight Watchers International, Inc. | 854,987 |
TOTAL | 2,310,159 | ||
Home Products—0.2% | |||
52,750 | Libbey, Inc. | 474,750 | |
Hospitals—0.1% | |||
59,262 | 1 | Adeptus Health, Inc. | 66,380 |
36,491 | 1 | Quorum Health Corp. | 124,434 |
TOTAL | 190,814 | ||
Household Appliances—1.0% | |||
19,026 | 1 | iRobot Corp. | 2,007,433 |
Industrial Machinery—0.9% | |||
19,474 | 1 | DXP Enterprises, Inc. | 556,762 |
34,774 | Kennametal, Inc. | 1,283,160 | |
TOTAL | 1,839,922 | ||
Internet Services—2.1% | |||
66,378 | 1 | Shutterfly, Inc. | 3,255,177 |
49,377 | 1 | TrueCar, Inc. | 934,707 |
TOTAL | 4,189,884 | ||
Life Insurance—1.7% | |||
40,320 | Primerica, Inc. | 3,267,936 | |
Lumber Products—0.8% | |||
65,992 | 1 | Louisiana-Pacific Corp. | 1,657,059 |
Medical Supplies—5.0% | |||
39,384 | 1 | Cutera, Inc. | 1,025,953 |
16,842 | 1 | iRadimed Corp. | 165,894 |
46,836 | 1 | Lantheus Holdings, Inc. | 864,124 |
65,561 | LeMaitre Vascular, Inc. | 2,364,785 | |
123,502 | 1 | OraSure Technologies, Inc. | 2,166,225 |
50,473 | 1 | Orthofix International NV | 2,189,519 |
23,401 | PetMed Express, Inc. | 1,112,484 | |
TOTAL | 9,888,984 | ||
Medical Technology—2.8% | |||
40,093 | 1 | Cardiovascular Systems, Inc. | 1,264,934 |
77,355 | 1 | DepoMed, Inc. | 797,530 |
36,163 | 1 | Masimo Corp. | 3,421,020 |
TOTAL | 5,483,484 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Metal Fabrication—1.3% | |||
17,281 | Global Brass & Copper Holdings, Inc. | $553,856 | |
14,789 | NN, Inc. | 409,655 | |
29,667 | Worthington Industries, Inc. | 1,503,227 | |
TOTAL | 2,466,738 | ||
Miscellaneous Communications—0.4% | |||
52,666 | 1 | Chegg, Inc. | 729,424 |
Miscellaneous Components—0.5% | |||
32,405 | 1 | Kemet Corp. | 546,024 |
7,913 | 1 | Microsemi Corp. | 412,109 |
TOTAL | 958,133 | ||
Miscellaneous Machinery—0.6% | |||
40,157 | 1 | SPX Corp. | 1,105,121 |
Mortgage and Title—0.9% | |||
45,583 | 1 | Essent Group Ltd. | 1,751,299 |
Multi-Industry Capital Goods—0.5% | |||
27,837 | Raven Industries, Inc. | 957,593 | |
Multi-Line Insurance—0.1% | |||
23,745 | Crawford & Co., Class B | 213,230 | |
Office Furniture—0.4% | |||
52,118 | Steelcase, Inc., Class A | 711,411 | |
Office Supplies—0.7% | |||
69,885 | Knoll, Inc. | 1,352,974 | |
Other Communications Equipment—0.9% | |||
38,051 | 1 | Netgear, Inc. | 1,822,643 |
Personal Loans—0.9% | |||
52,375 | CPI Card Group, Inc. | 154,506 | |
85,454 | 1 | Enova International, Inc. | 1,239,083 |
4,623 | 1 | World Acceptance Corp. | 349,360 |
TOTAL | 1,742,949 | ||
Personnel Agency—0.2% | |||
19,854 | KForce Com, Inc. | 371,270 | |
Plastic—1.0% | |||
17,551 | 1 | Rogers Corp. | 2,070,491 |
Printing—3.3% | |||
67,488 | 1 | American Reprographics Co. | 233,508 |
60,468 | Deluxe Corp. | 4,365,790 | |
85,250 | Quad Graphics, Inc. | 1,914,715 | |
TOTAL | 6,514,013 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Property Liability Insurance—0.9% | |||
10,397 | HCI Group, Inc. | $468,800 | |
51,875 | Universal Insurance Holdings, Inc. | 1,237,219 | |
TOTAL | 1,706,019 | ||
Regional Banks—2.9% | |||
97,248 | Blue Hills Bancorp, Inc. | 1,842,850 | |
2,779 | County Bancorp, Inc. | 69,447 | |
4,685 | Guaranty Bancshares, Inc. | 144,958 | |
108,722 | National Bank Holdings Corp. | 3,710,682 | |
TOTAL | 5,767,937 | ||
Restaurants—0.8% | |||
36,834 | DineEquity, Inc. | 1,515,351 | |
Savings & Loan—0.3% | |||
3,902 | Hingham Institution for Savings | 690,264 | |
Semiconductor Manufacturing—2.7% | |||
6,156 | 1 | Ceva, Inc. | 284,715 |
22,024 | 1 | Cirrus Logic, Inc. | 1,353,154 |
14,180 | Monolithic Power Systems | 1,450,898 | |
15,983 | 1 | Semtech Corp. | 632,927 |
11,605 | 1 | Silicon Laboratories, Inc. | 871,535 |
5,401 | Universal Display Corp. | 651,361 | |
TOTAL | 5,244,590 | ||
Semiconductor Manufacturing Equipment—3.8% | |||
44,020 | 1 | Advanced Energy Industries, Inc. | 3,193,651 |
27,791 | Brooks Automation, Inc. | 682,547 | |
57,623 | 1 | Entegris, Inc. | 1,503,960 |
17,607 | MKS Instruments, Inc. | 1,472,826 | |
20,308 | 1 | Nanometrics, Inc. | 541,208 |
TOTAL | 7,394,192 | ||
Services to Medical Professionals—1.8% | |||
27,811 | 1 | Molina Healthcare, Inc. | 1,857,775 |
44,929 | 1 | Tivity Health, Inc. | 1,781,435 |
TOTAL | 3,639,210 | ||
Soft Drinks—1.2% | |||
23,453 | 1 | National Beverage Corp. | 2,395,020 |
Software Packaged/Custom—9.8% | |||
22,304 | 1 | Acxiom Corp. | 601,539 |
10,412 | 1 | AppFolio, Inc. | 363,899 |
27,809 | 1 | Barracuda Networks, Inc. | 624,868 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Software Packaged/Custom—continued | |||
16,531 | CSG Systems International, Inc. | $683,557 | |
38,740 | 1 | Carbonite, Inc. | 914,264 |
39,395 | 1 | Commvault Systems, Inc. | 2,345,972 |
2,270 | Ebix, Inc. | 131,093 | |
6,018 | 1 | ePlus, Inc. | 486,856 |
24,068 | 1 | Five9, Inc. | 530,940 |
25,532 | 1 | Hortonworks, Inc. | 342,129 |
2,353 | 1 | HubSpot, Inc. | 170,240 |
10,857 | 1 | Imperva, Inc. | 489,108 |
120,265 | 1 | Internap Corp. | 457,007 |
42,261 | 1 | Mitek Systems, Inc. | 401,480 |
29,448 | 1 | Paycom Software, Inc. | 2,064,010 |
12,885 | Pegasystems, Inc. | 778,898 | |
20,241 | Progress Software Corp. | 647,914 | |
26,381 | 1 | Proofpoint, Inc. | 2,248,716 |
18,605 | 1 | RealPage, Inc. | 720,944 |
56,058 | 1 | RingCentral, Inc. | 1,950,818 |
43,647 | 1 | Rubicon Project, Inc./The | 205,141 |
4,423 | 1 | Synchronoss Technologies, Inc. | 74,660 |
20,277 | 1 | Varonis Systems, Inc. | 755,318 |
60,491 | 1 | Web.com Group, Inc. | 1,327,778 |
TOTAL | 19,317,149 | ||
Specialty Chemicals—2.4% | |||
39,370 | 1 | Ferro Corp. | 757,479 |
30,160 | KMG Chemicals, Inc. | 1,526,699 | |
12,257 | 1 | Koppers Holdings, Inc. | 444,929 |
65,555 | 1 | Univar, Inc. | 2,034,827 |
TOTAL | 4,763,934 | ||
Specialty Machinery—1.0% | |||
27,988 | 1 | Proto Labs, Inc. | 2,068,313 |
Specialty Retailing—0.2% | |||
9,671 | 1 | Rush Enterprises, Inc. | 417,110 |
System Instruments—0.2% | |||
6,107 | Belden, Inc. | 439,338 | |
Telecommunication Equipment & Services—0.5% | |||
35,987 | 1 | CIENA Corp. | 926,665 |
17,825 | 1 | Sonus Networks, Inc. | 121,745 |
TOTAL | 1,048,410 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Truck Manufacturing—0.6% | |||
57,370 | Wabash National Corp. | $1,094,620 | |
Undesignated Consumer Cyclicals—1.3% | |||
27,932 | Hackett Group, Inc. | 458,643 | |
39,456 | Nutri/System, Inc. | 2,199,672 | |
TOTAL | 2,658,315 | ||
Undesignated Health—0.4% | |||
18,926 | Medifast, Inc. | 807,951 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $171,728,310) | 191,075,056 | ||
INVESTMENT COMPANY—2.8% | |||
5,448,430 | 2 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.16%3 (IDENTIFIED COST $5,449,478) | 5,449,520 |
TOTAL INVESTMENTS—100.0% (IDENTIFIED COST $177,177,788)4 | 196,524,576 | ||
OTHER ASSETS AND LIABILITIES - NET—0.0%5 | 72,712 | ||
TOTAL NET ASSETS—100% | $196,597,288 |
1 | Non-income-producing security. |
2 | Affiliated holding. |
3 | 7-day net yield. |
4 | The cost of investments for federal tax purposes amounts to $177,519,476. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Year Ended July 31 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $17.66 | $20.49 | $17.39 | $16.12 | $11.93 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.08)1 | (0.06)1 | (0.12)1 | (0.18)1 | (0.07)1 |
Net realized and unrealized gain (loss) on investments | 4.63 | 0.32 | 3.22 | 1.45 | 4.26 |
TOTAL FROM INVESTMENT OPERATIONS | 4.55 | 0.26 | 3.10 | 1.27 | 4.19 |
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 | $21.89 | $17.66 | $20.49 | $17.39 | $16.12 |
Total Return2 | 26.00% | 2.30% | 17.83% | 7.88% | 35.12% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.15% | 1.13% | 1.54% | 1.75% | 1.75% |
Net investment income (loss) | (0.39)% | (0.34)% | (0.66)% | (1.05)% | (0.49)% |
Expense waiver/reimbursement3 | 0.70% | 1.00% | 0.61% | 0.43% | 0.59% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $47,681 | $29,707 | $32,136 | $29,690 | $30,187 |
Portfolio turnover | 118% | 198% | 121% | 61% | 88% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $16.53 | $19.51 | $16.69 | $15.58 | $11.62 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.20)1 | (0.18)1 | (0.25)1 | (0.30)1 | (0.17)1 |
Net realized and unrealized gain (loss) on investments | 4.29 | 0.29 | 3.07 | 1.41 | 4.13 |
TOTAL FROM INVESTMENT OPERATIONS | 4.09 | 0.11 | 2.82 | 1.11 | 3.96 |
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 | $20.30 | $16.53 | $19.51 | $16.69 | $15.58 |
Total Return2 | 24.98% | 1.58% | 16.90% | 7.12% | 34.08% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.90% | 1.88% | 2.27% | 2.50% | 2.50% |
Net investment income (loss) | (1.13)% | (1.09)% | (1.38)% | (1.79)% | (1.25)% |
Expense waiver/reimbursement3 | 0.62% | 0.99% | 0.63% | 0.43% | 0.59% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $1,373 | $1,899 | $2,327 | $1,842 | $2,016 |
Portfolio turnover | 118% | 198% | 121% | 61% | 88% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $16.03 | $19.03 | $16.27 | $15.19 | $11.33 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.21)1 | (0.17)1 | (0.25)1 | (0.30)1 | (0.16)1 |
Net realized and unrealized gain (loss) on investments | 4.19 | 0.26 | 3.01 | 1.38 | 4.02 |
TOTAL FROM INVESTMENT OPERATIONS | 3.98 | 0.09 | 2.76 | 1.08 | 3.86 |
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 | $19.69 | $16.03 | $19.03 | $16.27 | $15.19 |
Total Return2 | 25.08% | 1.51% | 16.96% | 7.11% | 34.07% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.90% | 1.88% | 2.31% | 2.50% | 2.50% |
Net investment income (loss) | (1.15)% | (1.09)% | (1.44)% | (1.79)% | (1.24)% |
Expense waiver/reimbursement3 | 0.66% | 1.00% | 0.59% | 0.43% | 0.59% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $10,007 | $3,941 | $3,571 | $4,608 | $4,912 |
Portfolio turnover | 118% | 198% | 121% | 61% | 88% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $18.24 | $21.01 | $17.79 | $16.44 | $12.14 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.03)1 | (0.02)1 | (0.08)1 | (0.14)1 | (0.03)1 |
Net realized and unrealized gain (loss) on investments | 4.78 | 0.34 | 3.30 | 1.49 | 4.33 |
TOTAL FROM INVESTMENT OPERATIONS | 4.75 | 0.32 | 3.22 | 1.35 | 4.30 |
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 | $22.67 | $18.24 | $21.01 | $17.79 | $16.44 |
Total Return2 | 26.27% | 2.56% | 18.10% | 8.21% | 35.42% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.90% | 0.88% | 1.30% | 1.50% | 1.50% |
Net investment income (loss) | (0.15)% | (0.09)% | (0.43)% | (0.80)% | (0.24)% |
Expense waiver/reimbursement3 | 0.63% | 0.99% | 0.60% | 0.43% | 0.59% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $112,742 | $43,337 | $36,706 | $37,253 | $31,179 |
Portfolio turnover | 118% | 198% | 121% | 61% | 88% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2017 | 20161 |
Net Asset Value, Beginning of Period | $18.24 | $16.25 |
Income From Investment Operations: | ||
Net investment income (loss) | (0.01)2 | (0.07)2 |
Net realized and unrealized gain (loss) on investments | 4.76 | 2.06 |
TOTAL FROM INVESTMENT OPERATIONS | 4.75 | 1.99 |
Less Distributions: | ||
Distributions from net realized gain on investments | (0.32) | — |
TOTAL DISTRIBUTIONS | (0.32) | — |
Net Asset Value, End of Period | $22.67 | $18.24 |
Total Return3 | 26.27% | 12.25% |
Ratios to Average Net Assets: | ||
Net expenses | 0.88% | 0.87%4 |
Net investment income (loss) | (0.04)% | (0.41)%4 |
Expense waiver/reimbursement5 | 0.42% | 0.66%4 |
Supplemental Data: | ||
Net assets, end of period (000 omitted) | $24,795 | $06 |
Portfolio turnover | 118% | 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 year ended July 31, 2016. |
Assets: | ||
Total investment in securities, at value including $5,449,520 of investment in an affiliated holding (Note 5) (identified cost $177,177,788) | $196,524,576 | |
Cash | 4,265 | |
Income receivable | 52,626 | |
Receivable for investments sold | 1,844,921 | |
Receivable for shares sold | 1,764,501 | |
TOTAL ASSETS | 200,190,889 | |
Liabilities: | ||
Payable for investments purchased | $3,227,953 | |
Payable for shares redeemed | 194,694 | |
Payable to adviser (Note 5) | 3,205 | |
Payable for administrative fees (Note 5) | 424 | |
Payable for distribution services fee (Note 5) | 7,086 | |
Payable for other service fees (Notes 2 and 5) | 25,225 | |
Accrued expenses (Note 5) | 135,014 | |
TOTAL LIABILITIES | 3,593,601 | |
Net assets for 8,820,212 shares outstanding | $196,597,288 | |
Net Assets Consist of: | ||
Paid-in capital | $164,691,339 | |
Net unrealized appreciation of investments | 19,346,788 | |
Accumulated net realized gain on investments | 12,559,161 | |
TOTAL NET ASSETS | $196,597,288 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($47,681,189 ÷ 2,178,279 shares outstanding), no par value, unlimited shares authorized | $21.89 | |
Offering price per share (100/94.50 of $21.89) | $23.16 | |
Redemption proceeds per share | $21.89 | |
Class B Shares: | ||
Net asset value per share ($1,372,617 ÷ 67,607 shares outstanding), no par value, unlimited shares authorized | $20.30 | |
Offering price per share | $20.30 | |
Redemption proceeds per share (94.50/100 of $20.30) | $19.18 | |
Class C Shares: | ||
Net asset value per share ($10,007,223 ÷ 508,355 shares outstanding), no par value, unlimited shares authorized | $19.69 | |
Offering price per share | $19.69 | |
Redemption proceeds per share (99.00/100 of $19.69) | $19.49 | |
Institutional Shares: | ||
Net asset value per share ($112,741,661 ÷ 4,972,075 shares outstanding), no par value, unlimited shares authorized | $22.67 | |
Offering price per share | $22.67 | |
Redemption proceeds per share | $22.67 | |
Class R6 Shares: | ||
Net asset value per share ($24,794,598 ÷ 1,093,896 shares outstanding), no par value, unlimited shares authorized | $22.67 | |
Offering price per share | $22.67 | |
Redemption proceeds per share | $22.67 |
Investment Income: | |||
Dividends (including $29,461 received from an affiliated holding (Note 5)) | $898,270 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,176,086 | ||
Administrative fee (Note 5) | 93,287 | ||
Custodian fees | 20,625 | ||
Transfer agent fee | 267,470 | ||
Directors'/Trustees' fees (Note 5) | 2,336 | ||
Auditing fees | 28,486 | ||
Legal fees | 10,521 | ||
Portfolio accounting fees | 83,637 | ||
Distribution services fee (Note 5) | 59,528 | ||
Other service fees (Notes 2 and 5) | 109,474 | ||
Share registration costs | 83,758 | ||
Printing and postage | 39,792 | ||
Miscellaneous (Note 5) | 26,451 | ||
TOTAL EXPENSES | 2,001,451 | ||
Waiver/Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(586,043) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (180,092) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (766,135) | ||
Net expenses | 1,235,316 | ||
Net investment income (loss) | (337,046) | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments (including realized gain of $814 on sales of investments in an affiliated holding (Note 5)) | 13,281,149 | ||
Net change in unrealized appreciation of investments | 14,277,460 | ||
Net realized and unrealized gain on investments | 27,558,609 | ||
Change in net assets resulting from operations | $27,221,563 |
Year Ended July 31 | 2017 | 2016 | ||
Increase (Decrease) in Net Assets | ||||
Operations: | ||||
Net investment income (loss) | $(337,046) | $(198,274) | ||
Net realized gain on investments | 13,281,149 | 1,564,302 | ||
Net change in unrealized appreciation/depreciation of investments | 14,277,460 | 706,476 | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 27,221,563 | 2,072,504 | ||
Distributions to Shareholders: | ||||
Distributions from net realized gain on investments | ||||
Class A Shares | (608,834) | (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 | (1,615,231) | (12,308,093) | ||
Share Transactions: | ||||
Proceeds from sale of shares | 137,690,879 | 33,756,690 | ||
Net asset value of shares issued to shareholders in payment of distributions declared | 1,552,186 | 11,779,980 | ||
Cost of shares redeemed | (47,136,532) | (31,157,360) | ||
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 92,106,533 | 14,379,310 | ||
Change in net assets | 117,712,865 | 4,143,721 | ||
Net Assets: | ||||
Beginning of period | 78,884,423 | 74,740,702 | ||
End of period | $196,597,288 | $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 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. |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $98,892 | $(70,403) |
Class B Shares | 2,803 | (1,569) |
Class C Shares | 15,693 | (11,036) |
Institutional Shares | 147,884 | (97,084) |
Class R6 Shares | 2,198 | — |
TOTAL | $267,470 | $(180,092) |
Other Service Fees Incurred | |
Class A Shares | $89,648 |
Class B Shares | 3,884 |
Class C Shares | 15,942 |
TOTAL | $109,474 |
Year Ended July 31 | 2017 | 2016 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,398,965 | $28,165,070 | 465,083 | $7,909,230 |
Shares issued to shareholders in payment of distributions declared | 28,970 | 558,546 | 280,541 | 4,637,343 |
Shares redeemed | (931,549) | (18,494,456) | (631,816) | (10,489,720) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 496,386 | $10,229,160 | 113,808 | $2,056,853 |
Year Ended July 31 | 2017 | 2016 | ||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | — | $— | 628 | $9,758 |
Shares issued to shareholders in payment of distributions declared | 1,600 | 28,737 | 21,942 | 340,760 |
Shares redeemed | (48,901) | (874,335) | (26,934) | (420,323) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (47,301) | $(845,598) | (4,364) | $(69,805) |
Year Ended July 31 | 2017 | 2016 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 359,777 | $6,510,134 | 79,204 | $1,262,101 |
Shares issued to shareholders in payment of distributions declared | 4,784 | 83,338 | 37,876 | 570,799 |
Shares redeemed | (102,050) | (1,845,146) | (58,895) | (871,702) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 262,511 | $4,748,326 | 58,185 | $961,198 |
Year Ended July 31 | 2017 | 2016 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 3,776,089 | $78,624,940 | 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 | (1,223,969) | (25,449,962) | (1,140,530) | (19,375,615) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 2,596,243 | $54,054,800 | 628,906 | $11,430,964 |
Year Ended July 31 | 2017 | 20161 | ||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,116,388 | $24,390,735 | 6 | $100 |
Shares issued to shareholders in payment of distributions declared | 87 | 1,743 | — | — |
Shares redeemed | (22,585) | (472,633) | — | — |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 1,093,890 | $23,919,845 | 6 | $100 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 4,401,729 | $92,106,533 | 796,541 | $14,379,310 |
1 | Reflects operations for the period from June 29, 2016 (date of initial investment) to July 31, 2016. |
Increase (Decrease) | |
Undistributed Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) |
$337,046 | $(337,046) |
2017 | 2016 | |
Ordinary income | $568,066 | $— |
Long-term capital gains | $1,047,165 | $12,308,093 |
Undistributed ordinary income1 | $10,093,779 |
Net unrealized appreciation | $19,005,100 |
Undistributed long-term capital gains | $2,807,070 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary distributions. |
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 | $11,653 |
Class C Shares | 47,875 |
TOTAL | $59,528 |
Affiliates | Balance of Shares Held 7/31/2016 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 7/31/2017 | Value | Dividend Income |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | 1,660,718 | 77,805,891 | (74,018,179) | 5,448,430 | $5,449,520 | $29,461 |
Purchases | $224,474,813 |
Sales | $138,322,063 |
Administrative Services Fee Rate | Average Daily Net Assets of the Investment Complex |
0.100 of 1% | on assets up to $50 billion |
0.075 of 1% | on assets over $50 billion |
September 25, 2017
Beginning Account Value 2/1/2017 | Ending Account Value 7/31/2017 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,120.80 | $5.99 |
Class B Shares | $1,000 | $1,116.60 | $9.97 |
Class C Shares | $1,000 | $1,116.80 | $9.92 |
Institutional Shares | $1,000 | $1,121.70 | $4.68 |
R6 Shares | $1,000 | $1,122.30 | $4.63 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.10 | $5.71 |
Class B Shares | $1,000 | $1,015.40 | $9.49 |
Class C Shares | $1,000 | $1,015.40 | $9.44 |
Institutional Shares | $1,000 | $1,020.40 | $4.46 |
R6 Shares | $1,000 | $1,020.40 | $4.41 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.14% |
Class B Shares | 1.90% |
Class C Shares | 1.89% |
Institutional Shares | 0.89% |
R6 Shares | 0.88% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of certain of the Funds in the Federated Fund Family; Vice President, Federated Investors, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President of some of the Funds in the Federated Fund Complex and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Investors, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
* | Reasons for “interested” status: J. Christopher Donahue and John B. Fisher are interested due to their beneficial ownership of shares of Federated Investors, Inc. and due to positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Director, Current Chair of the Compensation Committee, KLX Corp. Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO, The Collins Group, Inc. (a private equity firm). Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Governance Committee, Publix Super Markets, Inc.; Director, Member of the Audit Committee and Technology Committee of Equifax, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough is an Executive Committee member of the United States Golf Association, he serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Dean of the Duquesne University School of Law; Adjunct Professor of Law, Duquesne University School of Law; formerly, Interim Dean of the Duquesne University School of Law; Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CONSOL Energy Inc. Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously served as: Associate General Secretary, Diocese of Pittsburgh; a member of the Superior Court of Pennsylvania; and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on either a public or not for profit Board of Directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Director, Saint Vincent College; Member, Pennsylvania State Board of Education (public); and Director and Chair, Cardinal Wuerl North Catholic High School, Inc. Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director, Catholic High Schools of the Diocese of Pittsburgh, Inc.; and Director, Pennsylvania Bar Institute. |
Peter E. Madden Birth Date: March 16, 1942 Trustee Indefinite Term Began serving: June 2006 | Principal Occupation: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; Retired. Other Directorships Held: None. Qualifications: Mr. Madden has served in several business management, mutual fund services and directorship positions throughout his career. Mr. Madden previously served as President, Chief Operating Officer and Director, State Street Bank and Trust Company (custodian bank) and State Street Corporation (financial services). He was Director, VISA USA and VISA International and Chairman and Director, Massachusetts Bankers Association. Mr. Madden served as Director, Depository Trust Corporation and Director, The Boston Stock Exchange. Mr. Madden also served as a Representative to the Commonwealth of Massachusetts General Court. |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
John W. McGonigle Birth Date: October 26, 1938 Secretary Officer since: May 2006 | Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp. |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: June 2006 | Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Stephen F. Auth Birth Date: September 13, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: June 2012 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
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 |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.
(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. Audit Committee Financial Expert
The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: John T. Collins, G. Thomas Hough and Thomas M. O'Neill.
Item 4. | Principal Accountant Fees and Services |
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2017 - $135,000
Fiscal year ended 2016 – $133,300
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2017 - $13,429
Fiscal year ended 2016 – $0
Fiscal year ended 2017- - Audit consents issued for N-1A filings.
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0, respectively.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2017 - $0
Fiscal year ended 2016 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0, respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2017 - $0
Fiscal year ended 2016 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $33,951 and $31,784, respectively. Fiscal year ended 2017- Service fee for analysis of potential Passive Foreign Investment Company holdings. Fiscal year ended 2016- Service fee for analysis of potential Passive Foreign Investment Company holdings.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate its responsibilities to pre-approve services performed by the independent auditor to management.
The Audit Committee has delegated pre-approval authority to its Chairman. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee must approve any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit Services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services, all other Audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain Audit-related services, all other Audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide Tax services to the Company such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services, all Tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of services other than audit, review or attest services the pre-approval requirement is waived if:
(1) | The aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant to its accountant during the fiscal year in which the services are provided; |
(2) | Such services were not recognized by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant at the time of the engagement to be non-audit services; and |
(3) | Such services are promptly brought to the attention of the Audit Committee of the issuer and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the board of directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, and would not impair the independence of the auditor.
The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of prohibited non-audit services and the applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2017 – 0%
Fiscal year ended 2016 – 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2017 – 0%
Fiscal year ended 2016 – 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2017 – 0%
Fiscal year ended 2016 – 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) | NA |
(g) | Non-Audit Fees billed to the registrant, the registrant’s investment adviser, and certain entities controlling, controlled by or under common control with the investment adviser: |
Fiscal year ended 2017 - $290,365
Fiscal year ended 2016 - $79,236
(h) | The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
In its required communications to the Audit Committee of the registrant’s Board, Ernst & Young LLP (“EY”), the registrant’s independent public accountant, informed the Audit Committee that EY and/ or covered person professionals within EY maintain lending relationships with certain owners of greater than 10% of the shares of the registrant and/or certain investment companies within the “investment company complex” as defined under Rule 2-01(f)(14) of Regulation S-X, which are affiliates of the registrant. EY has advised the Audit Committee that these lending relationships implicate Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the “Loan Rule”). The Loan Rule prohibits an independent public accountant, or covered person professionals at such firm, from having a financial relationship (such as a loan) with a lender that is a record or beneficial owner of more than 10% of an audit client’s equity securities. For purposes of the Loan Rule, audit clients include the registrant, as well as all registered investment companies advised by advisory subsidiaries of Federated Investors, Inc., including the registrant’s investment adviser (“Adviser”), for which EY serves as independent public accountant, the Adviser, and their respective affiliates (collectively, the “Federated Fund Complex”).
EY informed the Audit Committee that EY believes that these lending relationships described above do not and will not impair EY’s ability to exercise objective and impartial judgment in connection with the audits of the financial statements for the registrant and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of objective and impartial judgment on all issues encompassed within EY’s audits.
On June 20, 2016, the Division of Investment Management of the Securities and Exchange Commission (“SEC”) issued a no-action letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to similar Loan Rule matters as those described above. In that letter, the SEC Staff confirmed that it would not recommend enforcement action against an investment company that relied on the audit services performed by an independent public accountant where the Loan Rule was implicated in certain specified circumstances. In that letter, the SEC staff indicated that it would not recommend enforcement action against the investment company complex if the Loan Rule is implicated provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the Loan Rule is implicated because of lending relationships; and (3) notwithstanding such lending relationships that implicate the Loan Rule, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. The circumstances described in the no-action letter are substantially similar to the circumstances that implicated the Loan Rule with respect to EY and the registrant. The SEC No-Action Letter provides relief until the effectiveness of any amendments to the Loan Rule designed to address the concerns in that letter.
If it were to be determined that the relief available under the no-action letter was improperly relied upon, or that the independence requirements under the federal securities laws were not otherwise complied with regarding the registrant, for certain periods, any of the registrant’s filings with the SEC which contain financial statements of the registrant for such periods may not comply with applicable federal securities laws, the registrant’s ability to offer shares under its current registration statement may be impacted, and certain financial reporting and/or other covenants with, and representations and warranties to, the registrant’s lender under its committed line of credit may be impacted. Such events could have a material adverse effect on the registrant and the Federated Fund Complex.
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated MDT Series
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date September 25, 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 September 25, 2017
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date September 25, 2017