United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-21904
(Investment Company Act File Number)
Federated MDT Series
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
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: 07/31/18
Date of Reporting Period: Six months ended 01/31/18
Item 1. | Reports to Stockholders |
Share Class | Ticker | A | QAACX | C | QCACX | Institutional | QIACX | R6 | QKACX |
Sector Composition | Percentage of Total Net Assets |
Financial Services | 20.3% |
Consumer Cyclicals | 18.1% |
Information Technology | 16.9% |
Health Care | 12.3% |
Consumer Staples | 8.8% |
Capital Goods | 6.1% |
Energy | 4.9% |
Public Utilities | 4.6% |
Basic Industries | 3.3% |
Transportation | 1.7% |
Consumer Durables | 1.2% |
Cash Equivalents2 | 1.6% |
Other Assets and Liabilities—Net3 | 0.2% |
TOTAL | 100.0% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, sector 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 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS—98.2% | |||
Basic Industries—3.3% | |||
5,600 | Domtar, Corp. | $287,616 | |
7,571 | Eastman Chemical Co. | 750,892 | |
6,626 | Newmont Mining Corp. | 268,419 | |
2,471 | Reliance Steel & Aluminum Co. | 216,435 | |
8,796 | Sherwin-Williams Co. | 3,668,900 | |
TOTAL | 5,192,262 | ||
Capital Goods—6.1% | |||
9,100 | AGCO Corp. | 660,842 | |
10,595 | Allison Transmission Holdings, Inc. | 468,723 | |
12,127 | Caterpillar, Inc. | 1,974,033 | |
15,252 | 1 | Colfax Corp. | 610,385 |
6,670 | �� | Danaher Corp. | 675,537 |
15,955 | Deere & Co. | 2,655,231 | |
1,146 | Grainger (W.W.), Inc. | 309,030 | |
6,829 | Kennametal, Inc. | 333,119 | |
14,800 | Pitney Bowes, Inc. | 208,828 | |
14,360 | 1 | SPX Corp. | 448,750 |
862 | 1 | United Rentals, Inc. | 156,117 |
3,060 | 1 | WESCO International, Inc. | 208,539 |
10,676 | Xylem, Inc. | 771,448 | |
TOTAL | 9,480,582 | ||
Consumer Cyclicals—18.1% | |||
8,000 | Abercrombie & Fitch Co., Class A | 165,680 | |
2,100 | 1 | Adtalem Global Education, Inc. | 96,600 |
3,441 | 1 | Alphabet, Inc. | 4,068,019 |
4,970 | 1 | American Outdoor Brands Corp. | 59,292 |
458 | 1 | AutoZone, Inc. | 350,572 |
7,800 | 1 | Avis Budget Group, Inc. | 350,688 |
16,403 | Bed Bath & Beyond, Inc. | 378,581 | |
2,900 | Big Lots, Inc. | 176,262 | |
1,700 | Children's Place, Inc./The | 254,660 | |
15,328 | Cintas Corp. | 2,582,002 | |
5,086 | Deluxe Corp. | 377,737 | |
5,980 | Dillards, Inc., Class A | 404,009 | |
12,539 | 1 | eBay, Inc. | 508,833 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Cyclicals—continued | |||
2,386 | Ennis, Inc. | $47,481 | |
20,698 | 1 | Facebook, Inc. | 3,868,249 |
3,583 | Foot Locker, Inc. | 176,104 | |
9,671 | 1 | Fossil, Inc. | 76,981 |
5,982 | GameStop Corp. | 100,557 | |
15,020 | Gap (The), Inc. | 499,265 | |
1,484 | Home Depot, Inc. | 298,136 | |
7,877 | 1 | IAC Interactive Corp. | 1,141,929 |
4,466 | 1 | Iconix Brand Group, Inc. | 5,582 |
17,820 | Kohl's Corp. | 1,154,201 | |
8,809 | Las Vegas Sands Corp. | 682,874 | |
43,653 | 1 | MSG Networks, Inc. | 1,047,672 |
17,948 | Macy's, Inc. | 465,751 | |
1,914 | 1 | NetFlix, Inc. | 517,354 |
7,059 | Nielsen Holdings PLC | 264,077 | |
5,800 | Nu Skin Enterprises, Inc., Class A | 416,672 | |
2,144 | 1 | O'Reilly Automotive, Inc. | 567,495 |
23,318 | 1 | PayPal, Inc. | 1,989,492 |
3,233 | R.R. Donnelley & Sons Co. | 26,414 | |
8,631 | 1 | Skechers USA, Inc., Class A | 355,511 |
26,257 | 1 | T-Mobile USA, Inc. | 1,709,331 |
4,151 | Tailored Brands, Inc. | 100,413 | |
26,546 | Target Corp. | 1,996,790 | |
29,963 | Viacom, Inc., Class B | 1,001,363 | |
TOTAL | 28,282,629 | ||
Consumer Durables—1.2% | |||
5,206 | D.R. Horton, Inc. | 255,354 | |
35,900 | Ford Motor Co. | 393,823 | |
15,062 | Goodyear Tire & Rubber Co. | 524,459 | |
1,377 | Lear Corp. | 265,954 | |
44 | 1 | NVR, Inc. | 139,840 |
2,270 | Stanley Black & Decker, Inc. | 377,342 | |
TOTAL | 1,956,772 | ||
Consumer Staples—8.8% | |||
8,425 | Dean Foods Co. | 87,367 | |
25,405 | Dr. Pepper Snapple Group, Inc. | 3,032,087 | |
19,003 | Estee Lauder Cos., Inc., Class A | 2,564,645 | |
7,300 | Fresh Del Monte Produce, Inc. | 345,363 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
8,480 | 1 | GNC Holdings, Inc. | $36,888 |
3,481 | 1 | Helen of Troy Ltd. | 324,255 |
3,770 | Libbey, Inc. | 26,654 | |
7,211 | McCormick & Co., Inc. | 784,340 | |
4,598 | 1 | National Beverage Corp. | 507,941 |
31,764 | PepsiCo, Inc. | 3,821,209 | |
10,225 | Procter & Gamble Co. | 882,827 | |
3,845 | Sanderson Farms, Inc. | 487,931 | |
2,246 | Smucker (J.M.) Co. | 284,995 | |
1,024 | Spectrum Brands Holdings, Inc. | 121,303 | |
7,554 | Tupperware Brands Corp. | 436,319 | |
TOTAL | 13,744,124 | ||
Energy—4.9% | |||
22,200 | 1 | Chesapeake Energy Corp. | 77,700 |
22,568 | Chevron Corp. | 2,828,899 | |
44,879 | ConocoPhillips | 2,639,334 | |
2,144 | Exxon Mobil Corp. | 187,171 | |
15,800 | Nabors Industries Ltd. | 123,872 | |
11,813 | 1 | Noble Corp. PLC | 55,403 |
8,200 | 1 | Superior Energy Services, Inc. | 85,690 |
16,951 | Valero Energy Corp. | 1,626,787 | |
TOTAL | 7,624,856 | ||
Financial Services—20.3% | |||
28,700 | Ally Financial, Inc. | 854,399 | |
868 | Ameriprise Financial, Inc. | 146,432 | |
21,412 | Assured Guaranty Ltd. | 762,053 | |
2,653 | 1 | Athene Holding Ltd. | 133,074 |
19,891 | Bank of America Corp. | 636,512 | |
8,388 | Citizens Financial Group, Inc. | 385,009 | |
29,600 | Fifth Third Bancorp | 979,760 | |
17,200 | Huntington Bancshares, Inc. | 278,296 | |
35,447 | JPMorgan Chase & Co. | 4,100,155 | |
30,200 | KeyCorp | 646,280 | |
864 | M&T Bank Corp. | 164,834 | |
2,449 | MSCI, Inc., Class A | 340,974 | |
25,020 | Mastercard, Inc. | 4,228,380 | |
25,900 | Navient Corp. | 369,075 | |
5,875 | Northern Trust Corp. | 619,166 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Financial Services—continued | |||
26,448 | PNC Financial Services Group | $4,179,313 | |
9,100 | Popular, Inc. | 369,824 | |
32,644 | Prudential Financial, Inc. | 3,878,760 | |
15,977 | State Street Corp. | 1,760,186 | |
34,933 | SunTrust Banks, Inc. | 2,469,763 | |
20,629 | The Travelers Cos., Inc. | 3,092,700 | |
8,070 | Visa, Inc., Class A | 1,002,536 | |
18,900 | Western Union Co. | 392,931 | |
TOTAL | 31,790,412 | ||
Health Care—12.3% | |||
13,654 | 1 | Align Technology, Inc. | 3,577,348 |
28,287 | Baxter International, Inc. | 2,037,512 | |
15,374 | 1 | Celgene Corp. | 1,555,234 |
27,966 | 1 | Community Health Systems, Inc. | 158,008 |
618 | Cooper Cos., Inc. | 151,206 | |
47,022 | Eli Lilly & Co. | 3,829,942 | |
3,674 | 1 | IDEXX Laboratories, Inc. | 687,185 |
1,779 | 1 | Inogen, Inc. | 216,753 |
21,178 | Johnson & Johnson | 2,926,588 | |
8,831 | Merck & Co., Inc. | 523,237 | |
3,753 | 1 | Molina Healthcare, Inc. | 342,874 |
1,633 | 1 | Orthofix International NV | 93,799 |
73,754 | Pfizer, Inc. | 2,731,848 | |
1,194 | 1 | Vertex Pharmaceuticals, Inc. | 199,243 |
2,031 | Zoetis, Inc. | 155,839 | |
TOTAL | 19,186,616 | ||
Information Technology—16.9% | |||
25,774 | Apple, Inc. | 4,315,341 | |
45,473 | Applied Materials, Inc. | 2,438,717 | |
2,931 | 1 | Arrow Electronics, Inc. | 238,407 |
14,906 | CA, Inc. | 534,380 | |
3,560 | Cognex Corp. | 222,037 | |
2,083 | Fortive Corp. | 158,350 | |
61,914 | Hewlett-Packard Co. | 1,443,834 | |
55,935 | Intel Corp. | 2,692,711 | |
31,818 | Juniper Networks, Inc. | 832,041 | |
17,265 | Lam Research Corp. | 3,306,593 | |
2,778 | Maxim Integrated Products, Inc. | 169,458 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
6,555 | Microchip Technology, Inc. | $624,167 | |
3,140 | NVIDIA Corp. | 771,812 | |
17,123 | NetApp, Inc. | 1,053,064 | |
988 | 1 | Palo Alto Networks, Inc. | 155,976 |
1,628 | 1 | Proofpoint, Inc. | 166,089 |
27,873 | 1 | Red Hat, Inc. | 3,661,955 |
21,859 | 1 | Salesforce.com, Inc. | 2,489,959 |
4,200 | 1 | Sanmina Corp. | 109,830 |
1,742 | 1 | ServiceNow, Inc. | 259,331 |
27,428 | Vishay Intertechnology, Inc. | 602,045 | |
7,350 | Xerox Corp. | 250,855 | |
TOTAL | 26,496,952 | ||
Public Utilities—4.6% | |||
24,600 | AES Corp. | 284,376 | |
24,694 | AT&T, Inc. | 924,790 | |
2,728 | Ameren Corp. | 154,487 | |
2,116 | American Electric Power Co., Inc. | 145,538 | |
1,996 | Consolidated Edison Co. | 160,399 | |
7,959 | Edison International | 497,676 | |
24,532 | Entergy Corp. | 1,930,423 | |
83,976 | NiSource, Inc. | 2,072,528 | |
25,561 | P G & E Corp. | 1,084,553 | |
TOTAL | 7,254,770 | ||
Transportation—1.7% | |||
4,639 | 1 | Atlas Air Worldwide Holdings, Inc. | 261,176 |
2,369 | GATX Corp. | 168,531 | |
21,800 | 1 | Jet Blue Airways Corp. | 454,748 |
1,333 | Kansas City Southern Industries, Inc. | 150,802 | |
9,662 | Old Dominion Freight Lines, Inc. | 1,415,000 | |
3,016 | SkyWest, Inc. | 168,142 | |
TOTAL | 2,618,399 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $131,297,605) | 153,628,374 |
Shares | Value | ||
INVESTMENT COMPANY—1.6% | |||
2,498,672 | 2 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.51%3 (IDENTIFIED COST $2,498,672) | $2,498,672 |
TOTAL INVESTMENT IN SECURITIES—99.8% (IDENTIFIED COST $133,796,277)4 | 156,127,046 | ||
OTHER ASSETS AND LIABILITIES - NET—0.2%5 | 261,196 | ||
TOTAL NET ASSETS—100% | $156,388,242 |
1 | Non-income-producing security. |
2 | Affiliated holding. |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2017 | 2,025,076 |
Purchases/Additions | 26,976,528 |
Sales/Reductions | (26,502,932) |
Balance of Shares Held 1/31/2018 | 2,498,672 |
Value | $2,498,672 |
Change in Unrealized Appreciation/Depreciation | $18 |
Net Realized Gain/(Loss) | $(443) |
Dividend Income | $16,293 |
3 | 7-day net yield. |
4 | Also represents cost for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 1/31/2018 | Year Ended July 31, | |||||
2017 | 2016 | 2015 | 2014 | 2013 | ||
Net Asset Value, Beginning of Period | $24.95 | $21.77 | $22.10 | $20.47 | $17.26 | $12.73 |
Income From Investment Operations: | ||||||
Net investment income | 0.041 | 0.26 | 0.191 | 0.111 | 0.081 | 0.091 |
Net realized and unrealized gain (loss) on investments | 4.30 | 3.11 | (0.33) | 1.55 | 3.23 | 4.49 |
TOTAL FROM INVESTMENT OPERATIONS | 4.34 | 3.37 | (0.14) | 1.66 | 3.31 | 4.58 |
Less Distributions: | ||||||
Distributions from net investment income | (0.11) | (0.19) | (0.19) | (0.03) | (0.10) | (0.05) |
Net Asset Value, End of Period | $29.18 | $24.95 | $21.77 | $22.10 | $20.47 | $17.26 |
Total Return2 | 17.44% | 15.56% | (0.61)% | 8.10% | 19.21% | 36.10% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.37%3 | 1.38% | 1.35% | 1.35% | 1.35% | 1.35% |
Net investment income | 0.30%3 | 0.69% | 0.94% | 0.51% | 0.41% | 0.59% |
Expense waiver/reimbursement4 | 0.00%3,5 | 0.00%5 | 0.03% | 0.00%5 | 0.08% | 0.16% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $37,690 | $33,799 | $33,753 | $40,433 | $44,678 | $34,092 |
Portfolio turnover | 47% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
5 | Represents less than 0.01%. |
Six Months Ended (unaudited) 1/31/2018 | Year Ended July 31, | |||||
2017 | 2016 | 2015 | 2014 | 2013 | ||
Net Asset Value, Beginning of Period | $23.66 | $20.66 | $21.00 | $19.57 | $16.55 | $12.26 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.05)1 | (0.19) | 0.031 | (0.05)1 | (0.07)1 | (0.03)1 |
Net realized and unrealized gain (loss) on investments | 4.07 | 3.23 | (0.33) | 1.48 | 3.09 | 4.32 |
TOTAL FROM INVESTMENT OPERATIONS | 4.02 | 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 | $27.68 | $23.66 | $20.66 | $21.00 | $19.57 | $16.55 |
Total Return2 | 16.99% | 14.72% | (1.43)% | 7.31% | 18.25% | 34.99% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.11%3 | 2.13% | 2.14% | 2.11% | 2.15% | 2.15% |
Net investment income (loss) | (0.43)%3 | (0.06)% | 0.15% | (0.26)% | (0.38)% | (0.21)% |
Expense waiver/reimbursement4 | 0.00%3,5 | 0.00%5 | 0.00%5 | 0.00%5 | 0.06% | 0.11% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $39,345 | $36,440 | $36,846 | $41,509 | $35,052 | $27,674 |
Portfolio turnover | 47% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
5 | Represents less than 0.01%. |
Six Months Ended (unaudited) 1/31/2018 | Year Ended July 31, | |||||
2017 | 2016 | 2015 | 2014 | 2013 | ||
Net Asset Value, Beginning of Period | $25.24 | $22.02 | $22.37 | $20.71 | $17.45 | $12.87 |
Income From Investment Operations: | ||||||
Net investment income | 0.081 | 0.39 | 0.251 | 0.181 | 0.131 | 0.121 |
Net realized and unrealized gain (loss) on investments | 4.35 | 3.09 | (0.34) | 1.57 | 3.27 | 4.55 |
TOTAL FROM INVESTMENT OPERATIONS | 4.43 | 3.48 | (0.09) | 1.75 | 3.40 | 4.67 |
Less Distributions: | ||||||
Distributions from net investment income | (0.19) | (0.26) | (0.26) | (0.09) | (0.14) | (0.09) |
Net Asset Value, End of Period | $29.48 | $25.24 | $22.02 | $22.37 | $20.71 | $17.45 |
Total Return2 | 17.60% | 15.90% | (0.34)% | 8.45% | 19.54% | 36.46% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.08%3 | 1.08% | 1.07%3 | 1.05% | 1.10% | 1.10% |
Net investment income | 0.59%3 | 1.01% | 1.22% | 0.80% | 0.65% | 0.84% |
Expense waiver/reimbursement4 | 0.00%3, 5 | 0.00%5 | 0.00%5 | 0.00%5 | 0.00%5 | 0.05% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $59,484 | $52,169 | $65,435 | $76,242 | $62,770 | $39,932 |
Portfolio turnover | 47% | 77% | 62% | 76% | 31% | 99% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
5 | Represents less than 0.01%. |
Six Months Ended (unaudited) 1/31/2018 | Year Ended July 31, | |||||
20171 | 2016 | 2015 | 2014 | 2013 | ||
Net Asset Value, Beginning of Period | $24.85 | $21.46 | $21.80 | $20.25 | $17.09 | $12.62 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.082 | 0.21 | 0.102 | 0.022 | (0.01)2 | 0.022 |
Net realized and unrealized gain (loss) on investments | 4.28 | 3.18 | (0.33) | 1.53 | 3.20 | 4.45 |
TOTAL FROM INVESTMENT OPERATIONS | 4.36 | 3.39 | (0.23) | 1.55 | 3.19 | 4.47 |
Less Distributions: | ||||||
Distributions from net investment income | (0.20) | — | (0.11) | — | (0.03) | — |
Net Asset Value, End of Period | $29.01 | $24.85 | $21.46 | $21.80 | $20.25 | $17.09 |
Total Return3 | 17.60% | 15.80% | (1.05)% | 7.65% | 18.68% | 35.42% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.04%4 | 1.07% | 1.80% | 1.76% | 1.81% | 1.83% |
Net investment income (loss) | 0.63%4 | 0.95% | 0.49% | 0.09% | (0.05)% | 0.11% |
Expense waiver/reimbursement5 | 0.00%4,6 | 0.00%6 | 0.00%6 | 0.00%6 | 0.00%6 | 0.02% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $19,869 | $17,363 | $5,717 | $6,300 | $5,467 | $4,089 |
Portfolio turnover | 47% | 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. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
6 | Represents less than 0.01%. |
Assets: | ||
Investment in securities, at value including $2,498,672 of investment in an affiliated holding (identified cost $133,796,277) | $156,127,046 | |
Income receivable | 92,858 | |
Receivable for investments sold | 1,268,722 | |
Receivable for shares sold | 147,047 | |
TOTAL ASSETS | 157,635,673 | |
Liabilities: | ||
Payable for investments purchased | $995,920 | |
Payable for shares redeemed | 113,920 | |
Payable to adviser (Note 5) | 3,222 | |
Payable for administrative fees (Note 5) | 345 | |
Payable for Directors'/Trustees' fees (Note 5) | 308 | |
Payable for portfolio accounting fees | 38,481 | |
Payable for distribution services fee (Note 5) | 24,789 | |
Payable for other service fees (Notes 2 and 5) | 16,744 | |
Accrued expenses (Note 5) | 53,702 | |
TOTAL LIABILITIES | 1,247,431 | |
Net assets for 5,415,540 shares outstanding | $156,388,242 | |
Net Assets Consist of: | ||
Paid-in capital | $178,761,433 | |
Net unrealized appreciation of investments | 22,330,769 | |
Accumulated net realized loss on investments | (44,712,340) | |
Undistributed net investment income | 8,380 | |
TOTAL NET ASSETS | $156,388,242 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($37,690,381 ÷ 1,291,787 shares outstanding), no par value, unlimited shares authorized | $29.18 | |
Offering price per share (100/94.50 of $29.18) | $30.88 | |
Redemption proceeds per share | $29.18 | |
Class C Shares: | ||
Net asset value per share ($39,345,043 ÷ 1,421,334 shares outstanding), no par value, unlimited shares authorized | $27.68 | |
Offering price per share | $27.68 | |
Redemption proceeds per share (99.00/100 of $27.68) | $27.40 | |
Institutional Shares: | ||
Net asset value per share ($59,483,829 ÷ 2,017,548 shares outstanding), no par value, unlimited shares authorized | $29.48 | |
Offering price per share | $29.48 | |
Redemption proceeds per share | $29.48 | |
Class R6 Shares: | ||
Net asset value per share ($19,868,989 ÷ 684,871 shares outstanding), no par value, unlimited shares authorized | $29.01 | |
Offering price per share | $29.01 | |
Redemption proceeds per share | $29.01 |
Investment Income: | ||
Dividends (including $16,293 received from an affiliated holding, see footnotes to Portfolio of Investments and net of foreign taxes withheld of $455) | $1,215,443 | |
Expenses: | ||
Investment adviser fee (Note 5) | $543,384 | |
Administrative fee (Note 5) | 57,941 | |
Custodian fees | 9,981 | |
Transfer agent fee (Note 2) | 68,445 | |
Directors'/Trustees' fees (Note 5) | 1,434 | |
Auditing fees | 13,309 | |
Legal fees | 4,583 | |
Portfolio accounting fees | 37,474 | |
Distribution services fee (Note 5) | 140,697 | |
Other service fees (Notes 2 and 5) | 91,080 | |
Share registration costs | 29,207 | |
Printing and postage | 16,041 | |
Miscellaneous (Note 5) | 13,294 | |
TOTAL EXPENSES | 1,026,870 | |
Reimbursement: | ||
Reimbursement of investment adviser fee (Notes 2 and 5) | (1,256) | |
Net expenses | 1,025,614 | |
Net investment income | 189,829 | |
Realized and Unrealized Gain (Loss) on Investments: | ||
Net realized gain on investments (including net realized loss of $(443) on sales of investments in an affiliated holding) | 9,880,444 | |
Net change in unrealized appreciation of investments (including net change in unrealized depreciation of $18 on investments in an affiliated holding) | 13,257,405 | |
Net realized and unrealized gain on investments | 23,137,849 | |
Change in net assets resulting from operations | $23,327,678 |
Six Months Ended (unaudited) 1/31/2018 | Year Ended 7/31/2017 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $189,829 | $900,715 |
Net realized gain on investments | 9,880,444 | 13,356,886 |
Net change in unrealized appreciation/depreciation of investments | 13,257,405 | 5,750,189 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 23,327,678 | 20,007,790 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (150,867) | (281,217) |
Class C Shares | — | (65,140) |
Institutional Shares | (353,878) | (754,521) |
Class R6 Shares | (139,150) | — |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (643,895) | (1,100,878) |
Share Transactions: | ||
Proceeds from sale of shares | 15,821,750 | 39,731,276 |
Net asset value of shares issued to shareholders in payment of distributions declared | 596,689 | 1,043,477 |
Cost of shares redeemed | (22,484,774) | (61,662,149) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (6,066,335) | (20,887,396) |
Change in net assets | 16,617,448 | (1,980,484) |
Net Assets: | ||
Beginning of period | 139,770,794 | 141,751,278 |
End of period (including undistributed net investment income of $8,380 and $462,446, respectively) | $156,388,242 | $139,770,794 |
■ | 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 | |
Class A Shares | $21,698 |
Class C Shares | 21,250 |
Institutional Shares | 22,055 |
Class R6 Shares | 3,442 |
TOTAL | $68,445 |
Other Service Fees Incurred | |
Class A Shares | $44,181 |
Class C Shares | 46,899 |
TOTAL | $91,080 |
Six Months Ended 1/31/2018 | Year Ended 7/31/2017 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 87,790 | $2,334,783 | 238,856 | $5,600,940 |
Shares issued to shareholders in payment of distributions declared | 5,033 | 139,021 | 11,576 | 265,655 |
Shares redeemed | (155,682) | (4,131,509) | (446,290) | (10,342,947) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (62,859) | $(1,657,705) | (195,858) | $(4,476,352) |
Six Months Ended 1/31/2018 | Year Ended 7/31/2017 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 94,093 | $2,408,720 | 274,783 | $6,059,213 |
Shares issued to shareholders in payment of distributions declared | — | — | 2,697 | 58,957 |
Shares redeemed | (212,800) | (5,396,653) | (520,492) | (11,483,866) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (118,707) | $(2,987,933) | (243,012) | $(5,365,696) |
Six Months Ended 1/31/2018 | Year Ended 7/31/2017 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 363,815 | $10,075,488 | 513,112 | $12,168,267 |
Shares issued to shareholders in payment of distributions declared | 11,422 | 318,781 | 31,013 | 718,865 |
Shares redeemed | (424,411) | (11,435,944) | (1,449,097) | (34,263,696) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (49,174) | $(1,041,675) | (904,972) | $(21,376,564) |
Six Months Ended 1/31/2018 | Year Ended 7/31/2017 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 37,482 | $1,002,759 | 689,644 | $15,902,856 |
Shares issued to shareholders in payment of distributions declared | 5,058 | 138,887 | — | — |
Shares redeemed | (56,506) | (1,520,668) | (257,198) | (5,571,640) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (13,966) | $(379,022) | 432,446 | $10,331,216 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (244,706) | $(6,066,335) | (911,396) | $(20,887,396) |
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 |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
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 | $140,697 |
Purchases | $67,289,306 |
Sales | $74,045,728 |
Beginning Account Value 8/1/2017 | Ending Account Value 1/31/2018 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,174.40 | $7.51 |
Class C Shares | $1,000 | $1,169.90 | $11.54 |
Institutional Shares | $1,000 | $1,176.00 | $5.92 |
Class R6 Shares | $1,000 | $1,176.00 | $5.70 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.30 | $6.97 |
Class C Shares | $1,000 | $1,014.60 | $10.71 |
Institutional Shares | $1,000 | $1,019.80 | $5.50 |
Class R6 Shares | $1,000 | $1,020.00 | $5.30 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.37% |
Class C Shares | 2.11% |
Institutional Shares | 1.08% |
Class R6 Shares | 1.04% |
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
2018 ©Federated Investors, Inc.
Share Class | Ticker | A | QABGX | C | QCBGX | Institutional | QIBGX | R6 | QKBGX |
Security Type | Percentage of Total Net Assets |
Domestic Equity Securities | 59.5% |
Corporate Debt Securities | 14.6% |
Mortgage-Backed Securities2 | 4.2% |
Collateralized Mortgage Obligations | 2.3% |
Trade Finance Agreements | 1.8% |
U.S. Treasury Securities3 | 1.5% |
Floating Rate Loans | 1.3% |
International Equity Securities (including International Exchange-Traded Fund) | 1.2% |
Asset-Backed Securities | 0.9% |
Foreign Debt Securities | 0.4% |
Commercial Mortgage-Backed Securities | 0.2% |
Municipal Bonds | 0.2% |
Derivative Contracts4,5 | 0.0% |
Other Security Types6 | 9.5% |
Cash Equivalents7 | 2.0% |
Other Assets and Liabilities—Net8 | 0.4% |
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 $45,452 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. |
Sector Composition | Percentage of Equity Securities |
Software | 10.6% |
Semiconductors & Semiconductor Equipment | 6.6% |
Pharmaceuticals | 6.2% |
Commercial Banks | 6.1% |
Machinery | 5.1% |
Insurance | 5.0% |
Oil Gas & Consumable Fuels | 4.7% |
Beverages | 4.5% |
Specialty Retail | 4.5% |
IT Services | 4.1% |
Diversified Financial Services | 2.9% |
Multiline Retail | 2.8% |
Medical Supplies | 2.4% |
Equity Real Estate Investment Trusts (REITs) | 2.3% |
Multi-Utilities | 2.3% |
Electronic Equipment Instruments & Components | 2.2% |
Electric Utilities | 1.9% |
Commercial Services & Supplies | 1.9% |
Personal Products | 1.8% |
Food Products | 1.8% |
Capital Markets | 1.8% |
Health Care Equipment & Supplies | 1.7% |
Biotechnology | 1.5% |
Technology Hardware Storage & Peripherals | 1.5% |
Household Durables | 1.2% |
Auto Components | 1.0% |
Other10 | 11.6% |
TOTAL | 100.0% |
9 | Sector 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, sector 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—60.6% | |||
Basic Industries—0.1% | |||
714 | 1 | Acco Brands Corp. | $8,461 |
593 | 1 | AgroFresh Solutions, Inc. | 4,471 |
706 | Commercial Metals Corp. | 16,972 | |
652 | Essendant, Inc. | 5,901 | |
641 | Gold Resource Corp. | 2,897 | |
672 | Hecla Mining Co. | 2,580 | |
404 | 1 | Intrepid Potash, Inc. | 1,572 |
148 | KMG Chemicals, Inc. | 8,991 | |
285 | Schnitzer Steel Industries, Inc., Class A | 9,747 | |
47 | The Eastern Co. | 1,257 | |
TOTAL | 62,849 | ||
Capital Goods—0.1% | |||
158 | 1 | Chart Industries, Inc. | 7,832 |
422 | 1 | Harsco Corp. | 7,554 |
235 | Hurco Cos., Inc. | 10,610 | |
323 | 1 | Kimball Electronics, Inc. | 5,975 |
198 | 1 | Mastec, Inc. | 10,573 |
166 | 1 | Proto Labs, Inc. | 18,152 |
468 | Spartan Motors, Inc. | 6,271 | |
241 | 1 | Team, Inc. | 4,097 |
546 | 1 | Titan Machinery, Inc. | 11,734 |
372 | Wabash National Corp. | 9,609 | |
TOTAL | 92,407 | ||
Consumer Cyclicals—0.1% | |||
93 | 1 | America's Car-Mart, Inc. | 4,287 |
104 | 1 | AutoWeb, Inc. | 859 |
479 | Big 5 Sporting Goods Corp. | 2,706 | |
505 | Buckle, Inc. | 10,125 | |
152 | 1 | Build-A-Bear Workshop, Inc. | 1,307 |
109 | 1 | Career Education Corp. | 1,352 |
1,079 | Chicos Fas, Inc. | 10,261 | |
301 | 1 | Francesca's Holdings Corp. | 1,755 |
148 | 1 | Genesco, Inc. | 5,158 |
488 | 1 | Gray Television, Inc. | 7,979 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Consumer Cyclicals—continued | |||
160 | 1 | K12, Inc. | $2,776 |
136 | Movado Group, Inc. | 4,162 | |
882 | National CineMedia, Inc. | 5,909 | |
251 | Nutri/System, Inc. | 10,856 | |
685 | Office Depot, Inc. | 2,226 | |
63 | 1 | Perry Ellis International, Inc. | 1,511 |
288 | Quad Graphics, Inc. | 6,371 | |
299 | 1 | Rush enterprises, Inc., Class A | 16,161 |
298 | 1 | Scientific Games Corp. | 13,902 |
365 | 1 | Sears Holdings Corp. | 938 |
255 | Tailored Brands, Inc. | 6,168 | |
576 | Tile Shop Holdings., Inc. | 5,386 | |
806 | Travelport Worldwide Ltd. | 10,970 | |
236 | 1 | Yelp, Inc. | 10,341 |
TOTAL | 143,466 | ||
Consumer Discretionary—5.4% | |||
5,200 | Abercrombie & Fitch Co., Class A | 107,692 | |
1,500 | 1 | Adtalem Global Education, Inc. | 69,000 |
109 | 1 | AutoZone, Inc. | 83,433 |
7,113 | Bed Bath & Beyond, Inc. | 164,168 | |
2,400 | Big Lots, Inc. | 145,872 | |
1,300 | Children's Place, Inc./The | 194,740 | |
645 | 1 | Cooper-Standard Holding, Inc. | 80,361 |
2,483 | D. R. Horton, Inc. | 121,791 | |
2,169 | Dillards, Inc., Class A | 146,538 | |
24,635 | Ford Motor Co. | 270,246 | |
4,082 | 1 | Fossil Group, Inc. | 32,493 |
5,745 | 1 | GNC Holdings, Inc. | 24,991 |
5,192 | GameStop Corp. | 87,277 | |
7,998 | Gap (The), Inc. | 265,853 | |
4,741 | Goodyear Tire & Rubber Co. | 165,082 | |
3,800 | Guess ?, Inc. | 69,806 | |
745 | 1 | Helen of Troy Ltd. | 69,397 |
820 | Home Depot, Inc. | 164,738 | |
10,075 | Kohl's Corp. | 652,558 | |
3,666 | Las Vegas Sand Corp. | 284,188 | |
1,236 | Libbey, Inc. | 8,738 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
28,128 | 1 | MSG Networks, Inc. | $675,072 |
10,944 | Macy's, Inc. | 283,997 | |
989 | 1 | Murphy USA, Inc. | 84,372 |
23 | 1 | NVR, Inc. | 73,098 |
1,456 | 1 | NetFlix, Inc. | 393,557 |
1,770 | 1 | O'Reilly Automotive, Inc. | 468,501 |
2,300 | Rent-A-Center, Inc. | 24,909 | |
3,900 | 1 | Sally Beauty Holdings, Inc. | 64,779 |
7,184 | 1 | Skechers USA, Inc., Class A | 295,909 |
16,959 | Target Corp. | 1,275,656 | |
5,423 | Tupperware Brands Corp. | 313,232 | |
9,289 | Viacom, Inc., Class B - New | 310,438 | |
465 | Wynn Resorts Ltd. | 76,999 | |
1,135 | 1 | Zumiez, Inc. | 23,551 |
TOTAL | 7,573,032 | ||
Consumer Durables—0.1% | |||
395 | 1 | Beazer Homes USA, Inc. | 7,323 |
162 | 1 | CaesarStone Ltd. | 3,435 |
375 | Dana, Inc. | 12,371 | |
174 | 1 | IRobot Corp. | 15,443 |
133 | 1 | Installed Building Products, Inc. | 9,569 |
763 | KB HOME | 24,050 | |
72 | 1 | RH | 6,767 |
TOTAL | 78,958 | ||
Consumer Staples—5.1% | |||
2,708 | 1 | Cal-Maine Foods, Inc. | 115,225 |
3,483 | Dean Foods Co. | 36,119 | |
13,706 | Dr. Pepper Snapple Group, Inc. | 1,635,811 | |
9,983 | Estee Lauder Cos., Inc., Class A | 1,347,306 | |
4,289 | Fresh Del Monte Produce, Inc. | 202,912 | |
6,031 | McCormick & Co., Inc. | 655,992 | |
1,006 | 1 | National Beverage Corp. | 111,133 |
3,147 | Nu Skin Enterprises, Inc. | 226,080 | |
16,986 | PepsiCo, Inc. | 2,043,416 | |
1,854 | 1 | Post Holdings, Inc. | 140,292 |
3,032 | Procter & Gamble Co. | 261,783 | |
2,018 | Sanderson Farms, Inc. | 256,084 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
1,274 | Smucker (J.M.) Co. | $161,658 | |
115 | 1 | USANA Health Sciences, Inc. | 8,585 |
TOTAL | 7,202,396 | ||
Energy—3.0% | |||
13,324 | Chevron Corp. | 1,670,163 | |
1,458 | 1 | Cloud Peak Energy, Inc. | 7,290 |
21,593 | ConocoPhillips | 1,269,884 | |
9,781 | Ensco PLC | 57,708 | |
334 | 1 | Exterran Corp. | 9,646 |
2,806 | Exxon Mobil Corp. | 244,964 | |
5,217 | HollyFrontier Corp. | 250,207 | |
274 | 1 | Key Energy Services, Inc. | 4,058 |
908 | 1 | NOW, Inc. | 10,705 |
10,600 | 1 | Noble Corp. PLC | 49,714 |
3,698 | 1 | Rowan Companies PLC | 54,435 |
92 | 1 | Unit Corp. | 2,229 |
5,653 | Valero Energy Corp. | 542,519 | |
1,502 | 1 | W&T Offshore, Inc. | 7,270 |
191 | 1 | Westmoreland Coal Co. | 206 |
TOTAL | 4,180,998 | ||
Financial Services—0.2% | |||
80 | BancorpSouth Bank | 2,684 | |
295 | Beneficial Mutual Bancorp | 4,794 | |
647 | Charter Financial Corp. | 12,442 | |
634 | 1 | Enova International, Inc. | 11,349 |
134 | Enterprise Financial Services Corp. | 6,519 | |
568 | 1 | Everi Holdings, Inc. | 4,396 |
1,188 | 1 | Ezcorp, Inc., Class A | 14,018 |
109 | 1 | FCB Financial Holdings, Inc. | 5,973 |
147 | Farmers Capital Bank Corp. | 5,777 | |
59 | Federal Agricultural Mortgage Association, Class C | 4,735 | |
36 | Financial Institutions, Inc. | 1,121 | |
427 | First Bancorp, Inc. | 15,543 | |
42 | First Busey Corp. | 1,301 | |
136 | First Business Financial Services, Inc. | 3,328 | |
213 | First Defiance Financial Corp. | 11,834 | |
50 | First Financial Corp. | 2,315 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Financial Services—continued | |||
74 | 1 | First Foundation, Inc. | $1,439 |
216 | First Guaranty Bancshares, Inc. | 5,681 | |
160 | First Merchants Corp. | 6,906 | |
1,166 | 1 | First NBC Bank Holding Co. | 12 |
488 | Fulton Financial Corp. | 8,882 | |
132 | Hancock Holding Co. | 7,088 | |
66 | Heartland Financial USA, Inc. | 3,508 | |
69 | 1 | Hometrust Bancshares, Inc. | 1,749 |
46 | Iberiabank Corp. | 3,887 | |
41 | Lakeland Financial Corp. | 1,971 | |
1,037 | 1 | MGIC Investment Corp. | 15,368 |
76 | Mercantile Bank Corp. | 2,652 | |
243 | Meridian Bancorp, Inc. | 4,969 | |
68 | Meta Financial Group, Inc. | 7,956 | |
99 | Midland States Bancorp, Inc. | 3,177 | |
110 | MidSouth Bancorp, Inc. | 1,557 | |
143 | National Bank Holdings Corp. - CL A | 4,753 | |
45 | 1 | Nicolet Bankshares, Inc. | 2,443 |
152 | OFG Bancorp. | 1,733 | |
70 | Ohio Valley Banc Corp. | 2,877 | |
263 | Peapack-Gladstone Financial Corp. | 9,342 | |
85 | Preferred Bank Los Angeles, CA | 5,476 | |
156 | Republic Bancorp, Inc. | 6,012 | |
50 | Sandy Spring Bancorp, Inc. | 1,891 | |
183 | Sierra Bancorp | 5,011 | |
60 | Simmons 1st National Corp., Class A | 3,531 | |
192 | The Bank of NT Butterfield & Son Ltd. | 7,717 | |
152 | TriCo Bancshares | 5,621 | |
89 | UMB Financial Corp. | 6,780 | |
227 | Union Bankshares Corp. | 8,569 | |
243 | Universal Insurance Holdings, Inc. | 7,144 | |
286 | Valley National Bancorp | 3,595 | |
313 | WSFS Financial Corp. | 15,994 | |
971 | Waterstone Financial, Inc. | 16,604 | |
537 | Western New England Bancorp, Inc. | 5,826 | |
92 | Wintrust Financial Corp. | 7,903 | |
TOTAL | 313,753 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Financials—10.4% | |||
8,000 | Ally Financial, Inc. | $238,160 | |
13,907 | Assured Guaranty Ltd. | 494,950 | |
1,536 | 1 | Athene Holding Ltd. | 77,046 |
11,267 | Bank of America Corp. | 360,544 | |
9,200 | Blackstone Mortgage Trust, Inc. - CLA | 285,200 | |
2,010 | Citizens Financial Group, Inc. | 92,259 | |
5,209 | Comerica, Inc. | 496,001 | |
20,900 | Fifth Third Bancorp | 691,790 | |
231 | First Citizens Bancshares, Inc., Class A | 98,270 | |
13,300 | Huntington Bancshares, Inc. | 215,194 | |
18,626 | JPMorgan Chase & Co. | 2,154,469 | |
16,358 | KeyCorp | 350,061 | |
17,976 | Navient Corp. | 256,158 | |
20,700 | New Residential Investment Corp. | 357,903 | |
4,640 | Northern Trust Corp. | 489,010 | |
13,704 | PNC Financial Services Group | 2,165,506 | |
6,300 | Popular, Inc. | 256,032 | |
17,537 | Prudential Financial | 2,083,746 | |
330 | 1 | SVB Financial Group | 81,362 |
9,558 | State Street Corp. | 1,053,005 | |
8,859 | SunTrust Banks, Inc. | 626,331 | |
11,100 | The Travelers Cos., Inc. | 1,664,112 | |
8,000 | Two Harbors Investment Corp. | 118,000 | |
TOTAL | 14,705,109 | ||
Health Care—7.7% | |||
260 | 1 | AMAG Pharmaceutical, Inc. | 3,731 |
800 | AbbVie, Inc. | 89,776 | |
406 | 1 | Abiomed, Inc. | 95,410 |
7,720 | 1 | Align Technology, Inc. | 2,022,640 |
206 | 1 | American Renal Associates Holdings, Inc. | 3,895 |
11,260 | Baxter International, Inc. | 811,058 | |
37 | 1 | Bluebird Bio, Inc. | 7,581 |
405 | 1 | Care.com, Inc. | 7,428 |
8,317 | 1 | Celgene Corp. | 841,348 |
15,956 | 1 | Community Health Systems, Inc. | 90,151 |
1,006 | Cooper Cos., Inc. | 246,138 | |
5,799 | Danaher Corp. | 587,323 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
1,140 | 1 | DepoMed, Inc. | $8,379 |
499 | 1 | Emergent Biosolutions, Inc. | 24,346 |
263 | 1 | Enzo Biochem, Inc. | 1,936 |
337 | 1 | Heron Therapeutics, Inc. | 7,296 |
1,206 | 1 | IDEXX Laboratories, Inc. | 225,570 |
218 | 1 | Integer Holdings Corp. | 10,933 |
311 | 1 | Intra-Cellular Therapies, Inc. | 5,293 |
211 | 1 | Iradimed Corp. | 3,123 |
11,998 | Johnson & Johnson | 1,658,004 | |
249 | 1 | Lannett Co., Inc. | 5,067 |
294 | 1 | Lantheus Holdings, Inc. | 6,762 |
168 | LeMaitre Vascular, Inc. | 5,846 | |
24,619 | Lilly (Eli) & Co. | 2,005,218 | |
92 | Medifast, Inc. | 6,321 | |
1,427 | Merck & Co., Inc. | 84,550 | |
136 | 1 | Merrimack Pharmaceuticals, Inc. | 1,428 |
468 | 1 | MiMedx Group, Inc. | 7,839 |
57 | 1 | Myokardia, Inc. | 2,941 |
108 | 1 | Nektar Therapeutics | 9,030 |
364 | 1 | Orthofix International NV | 20,908 |
4,589 | 1 | PDL BioPharma, Inc. | 12,666 |
289 | 1 | PRA Health Sciences, Inc. | 26,316 |
299 | PetMed Express, Inc. | 13,515 | |
38,013 | Pfizer, Inc. | 1,408,002 | |
8 | 1 | SAGE Therapeutics, Inc. | 1,518 |
601 | 1 | Sangamo BioSciences, Inc. | 12,531 |
78 | 1 | Sarepta Therapeutics, Inc. | 5,112 |
93 | 1 | Tactile Systems Technology, Inc. | 2,932 |
2,366 | 1 | Vertex Pharmaceuticals, Inc. | 394,814 |
65 | 1 | Weight Watchers International, Inc. | 4,179 |
127 | 1 | Zafgen, Inc. | 873 |
1,071 | Zoetis, Inc. | 82,178 | |
TOTAL | 10,871,905 | ||
Industrials—5.6% | |||
2,951 | AGCO Corp. | 214,302 | |
13,295 | Allison Transmission Holdings, Inc. | 588,171 | |
2,035 | 1 | Atlas Air Worldwide Holdings, Inc. | 114,570 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
5,663 | Caterpillar, Inc. | $921,823 | |
8,467 | Cintas Corp. | 1,426,266 | |
8,376 | 1 | Colfax Corp. | 335,208 |
8,758 | Deere & Co. | 1,457,506 | |
1,445 | Deluxe Corp. | 107,320 | |
1,032 | Ennis, Inc. | 20,537 | |
1,097 | Fortive Corp. | 83,394 | |
3,004 | 1 | Jet Blue Airways Corp. | 62,663 |
9,838 | Nielsen Holdings PLC | 368,040 | |
3,998 | Old Dominion Freight Lines, Inc. | 585,507 | |
10,000 | Pitney Bowes, Inc. | 141,100 | |
2,889 | R.R. Donnelley & Sons Co. | 23,603 | |
10,992 | 1 | SPX Corp. | 343,500 |
1,562 | Stanley Black & Decker, Inc. | 259,651 | |
3,342 | Trinity Industries, Inc. | 115,199 | |
2,182 | Union Pacific Corp. | 291,297 | |
454 | 1 | United Rentals, Inc. | 82,224 |
527 | W. W. Grainger, Inc. | 142,111 | |
3,360 | Xylem, Inc. | 242,794 | |
TOTAL | 7,926,786 | ||
Information Technology—16.4% | |||
1,546 | 1 | Advanced Energy Industries, Inc. | 109,967 |
342 | 1 | Alpha & Omega Semiconductor Ltd. | 5,742 |
1,828 | 1 | Alphabet Inc.-Class A Shares | 2,161,098 |
6,503 | Apple, Inc. | 1,088,797 | |
15,491 | Applied Materials, Inc. | 830,782 | |
78 | Belden, Inc. | 6,612 | |
123 | Black Box Corp. | 431 | |
12,270 | CA, Inc. | 439,879 | |
125 | 1 | Cirrus Logic, Inc. | 6,196 |
184 | 1 | Commvault Systems, Inc. | 9,816 |
240 | 1 | Cray, Inc. | 5,820 |
94 | 1 | Diodes, Inc. | 2,650 |
2,655 | 1 | eBay, Inc. | 107,740 |
98 | Ebix, Inc. | 8,046 | |
85 | Entegris, Inc. | 2,767 | |
9,745 | 1 | Facebook, Inc. | 1,821,243 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
80 | 1 | FormFactor, Inc. | $1,148 |
20,830 | HP, Inc. | 485,756 | |
4,733 | 1 | IAC Interactive Corp. | 686,143 |
1,900 | 1 | Insight Enterprises, Inc. | 70,528 |
37,097 | Intel Corp. | 1,785,850 | |
21,211 | Juniper Networks, Inc. | 554,668 | |
1,092 | KLA-Tencor Corp. | 119,902 | |
8,533 | Lam Research Corp. | 1,634,240 | |
160 | MKS Instruments, Inc. | 16,368 | |
12,681 | Mastercard, Inc., Class A | 2,143,089 | |
7,315 | Maxim Integrated Products, Inc. | 446,215 | |
7,100 | Microchip Technology, Inc. | 676,062 | |
176 | Monolithic Power Systems | 20,965 | |
1,889 | NVIDIA Corp. | 464,316 | |
10,850 | NetApp, Inc. | 667,275 | |
130 | 1 | Paycom Software, Inc. | 11,913 |
165 | 1 | Paylocity Holding Corp. | 8,628 |
13,959 | 1 | PayPal Holdings, Inc. | 1,190,982 |
200 | 1 | Proofpoint, Inc. | 20,404 |
158 | 1 | Qualys, Inc. | 9,875 |
14,772 | 1 | Red Hat, Inc. | 1,940,745 |
13,337 | 1 | Salesforce.com, Inc. | 1,519,218 |
7,000 | 1 | Sanmina Corp. | 183,050 |
1,043 | 1 | ServiceNow, Inc. | 155,271 |
98 | 1 | Silicon Laboratories, Inc. | 9,428 |
326 | TTEC Holdings, Inc. | 12,942 | |
524 | 1 | TTM Technologies | 8,641 |
128 | 1 | Varonis Systems, Inc. | 6,950 |
5,006 | Visa, Inc., Class A Shares | 621,895 | |
22,768 | Vishay Intertechnology, Inc. | 499,758 | |
155 | 1 | Web.com Group, Inc. | 3,604 |
10,000 | Western Union Co. | 207,900 | |
2,218 | 1 | Workday, Inc. | 265,916 |
3,575 | Xerox Corp. | 122,015 | |
TOTAL | 23,179,246 | ||
Materials—1.9% | |||
3,600 | Domtar Corp. | 184,896 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Materials—continued | |||
3,018 | Eastman Chemical Co. | $299,325 | |
689 | LyondellBasell Industries NV - Class - A | 82,570 | |
5,150 | Newmont Mining Corp. | 208,627 | |
4,593 | Sherwin-Williams Co. | 1,915,786 | |
TOTAL | 2,691,204 | ||
Public Utilities—0.0% | |||
1,254 | Frontier Communications Corp. | 10,270 | |
235 | ONE Gas, Inc. | 16,645 | |
451 | Portland General Electric Co. | 19,100 | |
204 | Southwest Gas Holdings, Inc. | 15,010 | |
TOTAL | 61,025 | ||
Real Estate—1.1% | |||
763 | 1 | Altisource Portfolio Solutions S.A. | 21,364 |
1,200 | American Tower Corp. | 177,240 | |
1,400 | Coresite Realty Corp., REIT | 151,648 | |
2,600 | DCT Industrial Trust, Inc. | 153,894 | |
13,000 | Independence Realty Trust | 119,470 | |
8,000 | Rexford Industrial Realty, Inc. | 237,520 | |
800 | Simon Property Group, Inc. | 130,696 | |
2,100 | Sun Communities, Inc. | 186,564 | |
7,500 | Sunstone Hotel Investors, Inc. | 126,375 | |
5,400 | Terreno Realty Corp. | 192,240 | |
3,000 | Weyerhaeuser Co. | 112,620 | |
TOTAL | 1,609,631 | ||
Telecommunication Services—0.7% | |||
8,238 | AT&T, Inc. | 308,513 | |
10,568 | 1 | T-Mobile USA, Inc. | 687,977 |
TOTAL | 996,490 | ||
Transportation—0.0% | |||
172 | Greenbrier Cos., Inc. | 8,626 | |
1,264 | 1 | Overseas Shipholding Group, Inc. | 2,667 |
119 | 1 | XPO Logistics, Inc. | 11,238 |
TOTAL | 22,531 | ||
Utilities—2.7% | |||
15,600 | AES Corp. | 180,336 | |
3,117 | Consolidated Edison Co. | 250,482 | |
5,583 | Edison International | 349,105 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Utilities—continued | |||
16,365 | Entergy Corp. | $1,287,762 | |
32,785 | NiSource, Inc. | 809,134 | |
21,350 | P G & E Corp. | 905,880 | |
TOTAL | 3,782,699 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $74,124,809) | 85,494,485 | ||
ASSET-BACKED SECURITIES—0.5% | |||
Auto Receivables—0.1% | |||
$100,000 | Santander Drive Auto Receivables Trust 2016-2, Class C, 2.66%, 11/15/2021 | 100,173 | |
Credit Card—0.2% | |||
350,000 | 2 | Capital One Multi-Asset Execution Trust 2004-B3, Class B3, 2.289%, (1-month USLIBOR +0.730%) 01/18/2022 | 351,910 |
Home Equity Loan—0.0% | |||
18,309 | CS First Boston Mortgage Securities Corp. 2002-HE4, Class AF, 5.51%, 08/25/2032 | 19,925 | |
Other—0.2% | |||
115,000 | 2 | Navistar Financial Dealer Note Master Trust 2016-1, Class A, 2.911%, (1-month USLIBOR +1.350%) 09/27/2021 | 115,755 |
128,000 | PFS Financing Corp. 2016-BA, Class A, 1.87%, 10/15/2021 | 125,980 | |
TOTAL | 241,735 | ||
Student Loans—0.0% | |||
13,278 | 2 | Navient Student Loan Trust 2014-1, Class A2, 1.871%, (1-month USLIBOR +0.310%) 03/27/2023 | 13,281 |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $725,605) | 727,024 | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—2.1% | |||
Commercial Mortgage—2.1% | |||
$170,000 | Banc of America Commercial Mortgage Trust 2016-UBS10, Class A4, 3.17%, 7/15/2049 | 167,827 | |
190,000 | Bank, Class A4, 3.488%, 11/15/2050 | 191,468 | |
525 | 3 | Bear Stearns Mortgage Securities, Inc. 1997-6, Class 1A, 6.231%, 3/25/2031 | 533 |
190,000 | CD Commercial Mortgage Trust 2016-CD1, Class A4, 2.724%, 8/10/2049 | 180,943 | |
200,000 | Citigroup Commercial Mortgage Trust 2013-GC11, Class B, 3.732%, 4/10/2046 | 201,310 | |
70,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1, Class AM, 3.912%, 5/15/2045 | 71,760 |
Shares or Principal Amount | Value | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—continued | |||
Commercial Mortgage—continued | |||
$125,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1, Class B, 4.612%, 5/15/2045 | $129,795 | |
200,000 | Commercial Mortgage Trust 2013-CR8, Class B, 4.0938% 6/10/2046 | 201,073 | |
200,000 | Commercial Mortgage Trust 2014-LC17, Class B, 4.49% 10/10/2047 | 206,752 | |
300,000 | Commercial Mortgage Trust 2015-DC1, Class AM, 3.724%, 2/10/2048 | 302,260 | |
200,000 | FREMF Mortgage Trust 2013-K25, Class B, 3.619%, 11/25/2045 | 201,756 | |
1,555 | Federal Home Loan Mortgage Corp. REMIC 1311 K, 7.000%, 7/15/2022 | 1,636 | |
1,971 | Federal Home Loan Mortgage Corp. REMIC 1384 D, 7.000%, 9/15/2022 | 2,091 | |
5,312 | Federal Home Loan Mortgage Corp. REMIC 2497 JH, 6.000%, 9/15/2032 | 5,737 | |
75,516 | Federal Home Loan Mortgage Corp., 2.263%, 4/25/2025 | 73,707 | |
300,000 | Federal Home Loan Mortgage Corp., 2.566%, 9/25/2020 | 300,434 | |
6,014 | 2 | Federal National Mortgage Association REMIC 1993-113 SB, 9.749% (10-year Constant Maturity Treasury +48.285%), Maximum Rate 9.749%, 7/25/2023 | 6,407 |
1,331 | Federal National Mortgage Association REMIC 2003-35 UC, 3.750%, 5/25/2033 | 1,349 | |
100,000 | GS Mortgage Securities Corp. II 2012-GCJ7, Class AS, 4.085%, 5/10/2045 | 103,674 | |
5,837 | Government National Mortgage Association REMIC 2002-17 B, 6.000%, 3/20/2032 | 6,338 | |
200,000 | JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.1413%, 12/15/2049 | 196,688 | |
50,000 | JPMDB Commercial Mortgage Securities Trust 2017-C5, Class A5, 3.6939%, 3/15/2050 | 51,246 | |
100,000 | Morgan Stanley Capital I 2012-C4, Class AS, 3.773%, 3/15/2045 | 102,847 | |
150,000 | UBS-Barclays Commercial Mortgage Trust 2013-C6, Class B, 3.875%, 4/10/2046 | 151,499 | |
25,000 | WF-RBS Commercial Mortgage Trust 2012-C6, Class B, 4.697%, 4/15/2045 | 26,200 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $2,942,839) | 2,885,330 | ||
CORPORATE BONDS—12.2% | |||
Basic Industry - Chemicals—0.1% | |||
35,000 | Incitec Pivot Finance LLC, Company Guarantee, Series 144A, 6.000%, 12/10/2019 | 36,832 | |
70,000 | RPM International, Inc., 6.500%, 02/15/2018 | 70,105 | |
20,000 | RPM International, Inc., Sr. Unsecd. Note, 6.125%, 10/15/2019 | 21,122 | |
TOTAL | 128,059 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Basic Industry - Metals & Mining—0.4% | |||
$15,000 | Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 04/15/2040 | $15,975 | |
100,000 | Anglogold Ashanti Holdings PLC, Sr. Unsecd. Note, 5.125%, 08/01/2022 | 104,375 | |
62,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 4.450%, 03/01/2023 | 62,723 | |
40,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 5.200%, 07/15/2021 | 41,330 | |
20,000 | Newcrest Finance Property Ltd., Sr. Unsecd. Note, Series 144A, 4.2%, 10/01/2022 | 20,537 | |
100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 04/15/2023 | 104,469 | |
20,000 | Southern Copper Corp., Sr. Unsecd. Note, 6.75%, 04/16/2040 | 26,455 | |
160,000 | Worthington Industries, Inc., Sr. Unsecd. Note, 6.500%, 04/15/2020 | 172,045 | |
TOTAL | 547,909 | ||
Basic Industry - Paper—0.0% | |||
10,000 | Weyerhaeuser Co., Sr. Unsecd. Note, 3.25%, 03/15/2023 | 10,044 | |
20,000 | Weyerhaeuser Co., Sr. Unsecd. Note, 4.7%, 03/15/2021 | 20,979 | |
TOTAL | 31,023 | ||
Capital Goods - Aerospace & Defense—0.4% | |||
100,000 | Arconic, Inc., 5.870%, 02/23/2022 | 108,625 | |
211,000 | Embraer Overseas Ltd., Sr. Unsecd. Note, Series 144A, 5.696%, 09/16/2023 | 227,352 | |
20,000 | Raytheon Co., Sr. Note, 4.400%, 02/15/2020 | 20,779 | |
10,000 | Rockwell Collins, Inc., Sr. Unsecd. Note, 3.100%, 11/15/2021 | 10,038 | |
40,000 | 2 | Textron Financial Corp., Jr. Sub. Note, Series 144A, 3.151%, (3-month USLIBOR +1.735%) 2/15/2042 | 36,000 |
50,000 | Textron Inc., Sr. Unsecd. Note, 4.000%, 03/15/2026 | 51,458 | |
50,000 | Textron Inc., Sr. Unsecd. Note, 4.300%, 03/01/2024 | 52,339 | |
TOTAL | 506,591 | ||
Capital Goods - Building Materials—0.1% | |||
80,000 | Masco Corp., Sr. Unsecd. Note, 4.375%, 04/01/2026 | 83,600 | |
Capital Goods - Construction Machinery—0.0% | |||
40,000 | AGCO Corp., Sr. Unsecd. Note, 5.875%, 12/01/2021 | 42,736 | |
Capital Goods - Diversified Manufacturing—0.1% | |||
15,000 | Avery Dennison Corp., Sr. Unsecd. Note, 5.375%, 04/15/2020 | 15,744 | |
30,000 | General Electric Capital Corp., Sr. Unsecd. Note, Series GMTN, 3.1%, 01/09/2023 | 29,851 | |
15,000 | Thomas & Betts Corp., Sr. Unsecd. Note, 5.625%, 11/15/2021 | 16,447 | |
14,000 | Valmont Industries, Inc., Sr. Unsecd. Note, 6.625%, 04/20/2020 | 15,141 | |
50,000 | Xylem, Inc., Sr. Unsecd. Note, 4.375%, 11/01/2046 | 52,413 | |
TOTAL | 129,596 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Capital Goods - Environmental—0.1% | |||
$85,000 | Republic Services, Inc., Company Guarantee, 5.5%, 9/15/2019 | $88,915 | |
Capital Goods - Packaging—0.0% | |||
45,000 | Packaging Corp. of America, Sr. Unsecd. Note, 3.900%, 06/15/2022 | 46,463 | |
10,000 | WestRock Co., Sr. Unsecd. Note, 4.45%, 03/01/2019 | 10,193 | |
TOTAL | 56,656 | ||
Communications - Cable & Satellite—0.2% | |||
200,000 | CCO Safari II LLC, 4.908%, 07/23/2025 | 209,438 | |
90,000 | NBC Universal, Inc., Sr. Unsecd. Note, 5.150%, 04/30/2020 | 95,236 | |
30,000 | Time Warner Cable, Inc., Company Guarantee, 8.250%, 04/01/2019 | 31,883 | |
TOTAL | 336,557 | ||
Communications - Media & Entertainment—0.4% | |||
75,000 | 21st Century Fox America, Inc., Sr. Unsecd. Note, 5.400%, 10/01/2043 | 91,797 | |
30,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 01/31/2046 | 34,836 | |
25,000 | Moody's Corp., Sr. Unsecd. Note, 5.500%, 09/01/2020 | 26,667 | |
250,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.600%, 04/15/2026 | 249,165 | |
20,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.625%, 05/01/2022 | 20,480 | |
150,000 | WPP Finance 2010, Sr. Unsecd. Note, 5.625%, 11/15/2043 | 172,414 | |
TOTAL | 595,359 | ||
Communications - Telecom Wireless—0.2% | |||
100,000 | American Tower Corp., Sr. Unsecd. Note, 3.400%, 02/15/2019 | 100,877 | |
150,000 | Crown Castle International Corp., Sr. Unsecd. Note, 3.7%, 06/15/2026 | 146,868 | |
TOTAL | 247,745 | ||
Communications - Telecom Wirelines—0.1% | |||
90,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 03/15/2024 | 93,927 | |
Consumer Cyclical - Automotive—0.7% | |||
175,000 | American Honda Finance Corp., Unsecd. Deb., Series MTN, 2.25%, 8/15/2019 | 174,707 | |
10,000 | DaimlerChrysler North America Holding Corp., Company Guarantee, 8.500%, 01/18/2031 | 14,877 | |
100,000 | Ford Motor Co., Sr. Unsecd. Note, 4.750%, 01/15/2043 | 98,260 | |
200,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.336%, 03/18/2021 | 201,012 | |
150,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.100%, 01/15/2019 | 151,014 | |
160,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.200%, 07/06/2021 | 160,215 | |
100,000 | Hyundai Capital America, Sr. Unsecd. Note, Series 144A, 2.875%, 08/09/2018 | 100,186 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Consumer Cyclical - Automotive—continued | |||
$65,000 | RCI Banque SA, Sr. Unsecd. Note, Series 144A, 3.5%, 4/03/2018 | $65,154 | |
TOTAL | 965,425 | ||
Consumer Cyclical - Leisure—0.1% | |||
200,000 | Football Trust V, Pass Thru Cert., 5.35%, 10/05/2020 | 210,927 | |
Consumer Cyclical - Lodging—0.1% | |||
30,000 | Hyatt Hotels Corp., Sr. Unsecd. Note, 3.375%, 07/15/2023 | 30,148 | |
50,000 | Marriott International, Inc., Sr. Unsecd. Note, 3.000%, 03/01/2019 | 50,231 | |
TOTAL | 80,379 | ||
Consumer Cyclical - Retailers—0.4% | |||
50,000 | Advance Auto Parts, Inc., 4.5%, 12/01/2023 | 52,058 | |
40,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.125%, 04/21/2026 | 38,405 | |
250,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 04/15/2025 | 245,206 | |
175,000 | CVS Health Corp., Sr. Unsecd. Note, 2.875%, 06/01/2026 | 164,083 | |
10,000 | O'Reilly Automotive, Inc., Company Guarantee, 4.875%, 01/14/2021 | 10,516 | |
80,000 | Under Armour, Inc., Sr. Unsecd. Note, 3.25%, 06/15/2026 | 70,136 | |
TOTAL | 580,404 | ||
Consumer Cyclical - Services—0.2% | |||
200,000 | Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.8%, 06/06/2023 | 196,289 | |
65,000 | Expedia, Inc., Company Guarantee, 5.950%, 08/15/2020 | 69,776 | |
10,000 | University of Southern California, Sr. Unsecd. Note, 5.250%, 10/01/2111 | 12,399 | |
70,000 | Visa, Inc., Sr. Unsecd. Note, 3.15%, 12/14/2025 | 69,991 | |
TOTAL | 348,455 | ||
Consumer Non-Cyclical - Food/Beverage—0.3% | |||
140,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.5%, 10/01/2026 | 135,957 | |
200,000 | Kerry Group Financial Services, Sr. Unsecd. Note, Series 144A, 3.200%, 04/09/2023 | 198,492 | |
60,000 | McCormick & Co., Inc., Sr. Unsecd. Note, 3.4%, 08/15/2027 | 59,379 | |
50,000 | Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025 | 52,105 | |
TOTAL | 445,933 | ||
Consumer Non-Cyclical - Health Care—0.0% | |||
15,000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 3.200%, 10/01/2022 | 14,973 | |
10,000 | Laboratory Corp. of America Holdings, Sr. Unsecd. Note, 3.750%, 08/23/2022 | 10,228 | |
30,000 | Stryker Corp., Sr. Unsecd. Note, 3.5%, 03/15/2026 | 30,471 | |
TOTAL | 55,672 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Consumer Non-Cyclical - Products—0.1% | |||
$200,000 | Newell Rubbermaid, Inc., Sr. Unsecd. Note, 4.2%, 04/01/2026 | $204,204 | |
Consumer Non-Cyclical - Tobacco—0.0% | |||
24,000 | Altria Group, Inc., 9.250%, 08/06/2019 | 26,395 | |
30,000 | Philip Morris International, Inc., 5.650%, 05/16/2018 | 30,336 | |
TOTAL | 56,731 | ||
Energy - Independent—0.3% | |||
250,000 | Canadian Natural Resources Ltd., 3.900%, 02/01/2025 | 254,534 | |
30,000 | EOG Resources, Inc., Note, 5.625%, 06/01/2019 | 31,239 | |
100,000 | Marathon Oil Corp., Sr. Unsecd. Note, 3.85%, 6/01/2025 | 101,252 | |
TOTAL | 387,025 | ||
Energy - Integrated—0.2% | |||
30,000 | BP Capital Markets America, Inc., Company Guarantee, 4.200%, 06/15/2018 | 30,230 | |
135,000 | BP Capital Markets PLC, 3.119%, 5/04/2026 | 133,485 | |
75,000 | Husky Energy, Inc., 4.000%, 04/15/2024 | 77,188 | |
53,000 | Petrobras Global Finance BV, Sr. Unsecd. Note, Series 144A, 5.299%, 01/27/2025 | 53,464 | |
25,000 | Petroleos Mexicanos, Sr. Unsecd. Note, 4.875%, 1/18/2024 | 25,898 | |
TOTAL | 320,265 | ||
Energy - Midstream—0.6% | |||
100,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.05%, 3/15/2025 | 99,718 | |
75,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.900%, 02/01/2024 | 78,590 | |
170,000 | Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.95%, 02/15/2027 | 175,156 | |
10,000 | Florida Gas Transmission Co. LLC, Sr. Unsecd. Note, Series 144A, 5.450%, 07/15/2020 | 10,610 | |
150,000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, 5.000%, 03/01/2043 | 154,861 | |
100,000 | Kinder Morgan, Inc., 5.05%, 2/15/2046 | 105,785 | |
40,000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 03/01/2027 | 40,707 | |
75,000 | ONEOK, Inc., Sr Unsecured Note, Series 0, 4.95%, 07/13/2047 | 80,155 | |
20,000 | Texas Eastern Transmission LP, Sr. Unsecd. Note, Series 144A, 2.800%, 10/15/2022 | 19,631 | |
30,000 | Williams Partners LP, Sr. Unsecd. Note, 4.125%, 11/15/2020 | 30,965 | |
TOTAL | 796,178 | ||
Energy - Oil Field Services—0.1% | |||
15,000 | Nabors Industries, Inc., Company Guarantee, 5.000%, 09/15/2020 | 15,300 | |
20,000 | Nabors Industries, Inc., Sr. Unsecd. Note, 4.625%, 09/15/2021 | 19,650 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Energy - Oil Field Services—continued | |||
$50,000 | Nabors Industries, Inc., Sr. Unsecd. Note, 5.100%, 09/15/2023 | $48,875 | |
TOTAL | 83,825 | ||
Energy - Refining—0.0% | |||
10,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 03/01/2041 | 12,850 | |
10,000 | Valero Energy Corp., 9.375%, 03/15/2019 | 10,760 | |
TOTAL | 23,610 | ||
Financial Institution - Banking—2.9% | |||
74,000 | American Express Co., 2.650%, 12/02/2022 | 72,863 | |
250,000 | American Express Credit Corp., Sr. Unsecd. Note, Series MTN, 2.25%, 05/05/2021 | 245,945 | |
50,000 | BB&T Corp., Sr. Unsecd. Note, Series MTN, 2.250%, 02/01/2019 | 50,067 | |
300,000 | Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.5%, 04/19/2026 | 302,401 | |
250,000 | 2 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 2.345%, (3-month USLIBOR +0.650%) 10/01/2021 | 252,075 |
100,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 5%, 5/13/2021 | 106,934 | |
200,000 | Bank of America Corp., Sub. Note, Series L, 3.95%, 4/21/2025 | 203,730 | |
50,000 | Bank of Montreal, Sr. Unsecd. Note, Series MTN, 1.450%, 04/09/2018 | 49,969 | |
200,000 | Citigroup, Inc., Sr. Unsecd. Note, 2.7%, 03/30/2021 | 198,834 | |
250,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.300%, 04/27/2025 | 248,158 | |
170,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.4%, 05/01/2026 | 168,724 | |
100,000 | Citigroup, Inc., Sub. Note, 4.450%, 09/29/2027 | 104,413 | |
25,000 | City National Corp., Sr. Unsecd. Note, 5.250%, 09/15/2020 | 26,610 | |
30,000 | Comerica, Inc., 3.8%, 7/22/2026 | 30,031 | |
80,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 2.875%, 7/27/2020 | 80,454 | |
275,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.625%, 01/22/2023 | 280,134 | |
25,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.125%, 02/15/2033 | 31,062 | |
30,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.150%, 04/01/2018 | 30,206 | |
150,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.250%, 02/01/2041 | 198,898 | |
50,000 | HSBC Holdings PLC, Sr. Unsecd. Note, 5.100%, 04/05/2021 | 53,357 | |
250,000 | Huntington National Bank, Sr. Unsecd. Note, 2.200%, 04/01/2019 | 249,198 | |
400,000 | JPMorgan Chase & Co., Sub. Note, 3.375%, 05/01/2023 | 402,686 | |
120,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 2.500%, 04/21/2021 | 118,550 | |
210,000 | Regions Financial Corp., Sr. Unsecd. Note, 3.2%, 02/08/2021 | 211,850 | |
130,000 | SunTrust Banks, Inc., Sr. Unsecd. Note, 2.9%, 03/03/2021 | 130,283 | |
30,000 | Wachovia Corp., Sr. Unsecd. Note, Series MTN, 5.75%, 2/01/2018 | 30,000 | |
70,000 | Westpac Banking Corp., Sr. Unsecd. Note, 4.875%, 11/19/2019 | 72,926 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Banking—continued | |||
$100,000 | Wilmington Trust Corp., Sub. Note, 8.500%, 04/02/2018 | $101,076 | |
TOTAL | 4,051,434 | ||
Financial Institution - Broker/Asset Mgr/Exchange—0.2% | |||
80,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.75%, 1/15/2026 | 81,180 | |
125,000 | Jefferies Group LLC, Sr. Unsecd. Note, 6.875%, 04/15/2021 | 138,626 | |
13,000 | Raymond James Financial, Inc., Sr. Unsecd. Note, 5.625%, 04/01/2024 | 14,623 | |
TOTAL | 234,429 | ||
Financial Institution - Finance Companies—0.1% | |||
170,000 | AerCap Ireland Capital Ltd / AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.95%, 02/01/2022 | 173,649 | |
Financial Institution - Insurance - Health—0.0% | |||
45,000 | UnitedHealth Group, Inc., Sr. Unsecd. Note, 4.75%, 07/15/2045 | 52,304 | |
Financial Institution - Insurance - Life—0.6% | |||
200,000 | Aflac, Inc., Sr. Unsecd. Note, 3.625%, 06/15/2023 | 205,779 | |
25,000 | American International Group, Inc., 4.500%, 07/16/2044 | 26,031 | |
35,000 | American International Group, Inc., Sr. Unsecd. Note, 4.125%, 02/15/2024 | 36,400 | |
10,000 | Lincoln National Corp., Sr. Unsecd. Note, 4.200%, 03/15/2022 | 10,382 | |
275,000 | Mass Mutual Global Funding II, Series 144A, 2.000%, 04/15/2021 | 268,056 | |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.75%, 8/01/2039 | 16,625 | |
250,000 | MetLife, Inc., Sr. Unsecd. Note, 3.600%, 04/10/2024 | 255,473 | |
15,000 | Penn Mutual Life Insurance Co., Sr. Note, Series 144A, 7.625%, 06/15/2040 | 20,461 | |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.125%, 05/15/2023 | 9,918 | |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.300%, 09/15/2022 | 10,055 | |
50,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040 | 65,643 | |
TOTAL | 924,823 | ||
Financial Institution - Insurance - P&C—0.2% | |||
80,000 | Berkshire Hathaway, Inc., Sr. Unsecd. Note, 3.125%, 03/15/2026 | 79,128 | |
20,000 | Chubb Ltd., Sr. Unsecd. Note, 5.75%, 05/15/2018 | 20,176 | |
100,000 | Liberty Mutual Group, Inc., 4.85%, Series 144A, 8/01/2044 | 109,134 | |
65,000 | Nationwide Mutual Insurance Co., Sub. Note, Series 144A, 9.375%, 08/15/2039 | 107,746 | |
TOTAL | 316,184 | ||
Financial Institution - REIT - Apartment—0.1% | |||
20,000 | Post Apartment Homes LP, Sr. Unsecd. Note, 3.375%, 12/01/2022 | 19,997 | |
10,000 | UDR, Inc., Company Guarantee, Series 0001, 4.625%, 01/10/2022 | 10,524 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - REIT - Apartment—continued | |||
$70,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.95%, 09/01/2026 | $66,128 | |
TOTAL | 96,649 | ||
Financial Institution - REIT - Healthcare—0.1% | |||
40,000 | Health Care REIT, Inc., Sr. Unsecd. Note, 6.125%, 04/15/2020 | 42,893 | |
50,000 | Healthcare Trust of America, 3.700%, 04/15/2023 | 50,516 | |
TOTAL | 93,409 | ||
Financial Institution - REIT - Office—0.2% | |||
50,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.900%, 06/15/2023 | 51,189 | |
70,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.95%, 01/15/2028 | 70,040 | |
50,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 4.600%, 04/01/2022 | 52,557 | |
55,000 | Boston Properties LP, Sr. Unsecd. Note, 5.875%, 10/15/2019 | 57,749 | |
TOTAL | 231,535 | ||
Financial Institution - REIT - Other—0.1% | |||
75,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 04/01/2024 | 77,353 | |
Financial Institution - REIT - Retail—0.1% | |||
50,000 | Kimco Realty Corp., Sr. Unsecd. Note, 3.4%, 11/01/2022 | 50,534 | |
20,000 | Regency Centers LP, Company Guarantee, 4.800%, 04/15/2021 | 20,955 | |
TOTAL | 71,489 | ||
Sovereign—0.0% | |||
30,000 | Corp Andina De Fomento, Sr. Unsecd. Note, 4.375%, 06/15/2022 | 31,798 | |
Technology—0.8% | |||
45,000 | Apple, Inc., Sr. Unsecd. Note, 1.000%, 05/03/2018 | 44,930 | |
30,000 | Apple, Inc., Sr. Unsecd. Note, 2.400%, 05/03/2023 | 29,209 | |
115,000 | Autodesk, Inc., Sr. Unsecd. Note, 4.375%, 6/15/2025 | 119,063 | |
140,000 | Automatic Data Processing, Inc., 3.375%, 9/15/2025 | 142,830 | |
20,000 | Corning, Inc., Unsecd. Note, 4.750%, 03/15/2042 | 22,322 | |
240,000 | Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr. Secd. Note, Series 144A, 6.02%, 06/15/2026 | 263,154 | |
125,000 | Equifax, Inc., Sr. Unsecd. Note, 2.3%, 06/01/2021 | 122,621 | |
53,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.500%, 04/15/2023 | 53,626 | |
51,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 5%, 10/15/2025 | 55,414 | |
70,000 | Hewlett Packard Enterprise Co., Sr. Unsecd. Note, 3.6%, 10/15/2020 | 71,190 | |
20,000 | Ingram Micro, Inc., Sr. Unsecd. Note, 5.000%, 08/10/2022 | 19,973 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Technology—continued | |||
$50,000 | Total System Services, Inc., Sr. Unsecd. Note, 4.8%, 04/01/2026 | $53,539 | |
10,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 09/12/2022 | 10,373 | |
25,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.875%, 01/15/2019 | 25,543 | |
50,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 5.500%, 06/15/2045 | 56,898 | |
TOTAL | 1,090,685 | ||
Transportation - Railroads—0.2% | |||
50,000 | Burlington Northern Santa Fe Corp., Deb., 5.750%, 05/01/2040 | 64,026 | |
30,000 | Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3%, 05/15/2023 | 29,323 | |
225,000 | Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.125%, 06/01/2026 | 213,913 | |
TOTAL | 307,262 | ||
Transportation - Services—0.1% | |||
50,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.450%, 11/15/2018 | 50,068 | |
70,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.8%, 03/01/2022 | 69,230 | |
30,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 3.125%, 01/15/2021 | 30,565 | |
TOTAL | 149,863 | ||
Utility - Electric—1.2% | |||
5,000 | Consolidated Edison Co., Sr. Unsecd. Note, 6.650%, 04/01/2019 | 5,235 | |
110,000 | Duke Energy Corp., Sr. Unsecd. Note, 2.65%, 09/01/2026 | 102,675 | |
70,000 | Electricite de France SA, Note, Series 144A, 5.600%, 01/27/2040 | 82,155 | |
140,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.75%, 06/15/2046 | 147,816 | |
170,000 | EverSource Energy, Sr. Unsecd. Note, 3.350%, 03/15/2026 | 168,159 | |
200,000 | Exelon Corp., Sr. Unsecd. Note, 3.4%, 04/15/2026 | 197,938 | |
100,000 | Exelon Generation Co. LLC, Sr. Unsecd. Note, 4.250%, 06/15/2022 | 104,055 | |
10,000 | Great Plains Energy, Inc., Note, 4.850%, 06/01/2021 | 10,526 | |
20,000 | Indiana Michigan Power Co., Sr Unsecured Note, Series L, 3.75%, 07/01/2047 | 19,853 | |
70,000 | Indiana Michigan Power Co., Sr. Unsecd. Note, Series K, 4.55%, 03/15/2046 | 78,323 | |
110,000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub., 5.250%, 04/20/2046 | 117,367 | |
25,000 | National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, Series MTNC, 8%, 3/01/2032 | 35,612 | |
50,000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 2.700%, 09/15/2019 | 50,154 | |
60,000 | NiSource Finance Corp., Sr. Unsecd. Note, 4.375%, 05/15/2047 | 64,163 | |
250,000 | PPL Capital Funding, Inc., Sr. Unsecd. Note, 3.1%, 05/15/2026 | 240,727 | |
50,000 | Progress Energy, Inc., 7.050%, 03/15/2019 | 52,524 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Utility - Electric—continued | |||
$175,000 | Southern Co., Sr. Unsecd. Note, 3.25%, 07/01/2026 | $169,058 | |
10,000 | TECO Finance, Inc., Company Guarantee, 5.150%, 03/15/2020 | 10,455 | |
40,000 | UIL Holdings Corp., Sr. Unsecd. Note, 4.625%, 10/01/2020 | 41,580 | |
TOTAL | 1,698,375 | ||
Utility - Natural Gas—0.1% | |||
20,000 | Atmos Energy Corp., 8.500%, 03/15/2019 | 21,293 | |
50,000 | Enbridge Energy Partners LP, Sr. Unsecd. Note, 4.200%, 09/15/2021 | 51,598 | |
65,000 | National Fuel Gas Co., Sr. Unsecd. Note, 3.750%, 03/01/2023 | 64,998 | |
TOTAL | 137,889 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $16,745,515) | 17,186,836 | ||
MUNICIPAL BONDS—0.2% | |||
Illinois—0.1% | |||
70,000 | Chicago, IL Metropolitan Water Reclamation District, Direct Payment Taxable Limited GO Build America Bonds, 5.720%, 12/01/2038 | 88,280 | |
Ohio—0.1% | |||
135,000 | Ohio State, UT GO Infrastructure Improvement Refunding Bonds (Series 2017B), 5.000%, 09/01/2028 | 165,359 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $240,059) | 253,639 | ||
U.S. TREASURY—1.5% | |||
132,300 | U.S. Treasury Inflation-Protected Bond, 1.375%, 2/15/2044 | 150,726 | |
104,077 | 4 | U.S. Treasury Inflation-Protected Note, 0.125%, 4/15/2021 | 103,120 |
163,476 | U.S. Treasury Inflation-Protected Note, 0.125%, 1/15/2022 | 161,720 | |
202,856 | U.S. Treasury Inflation-Protected Note, 0.125%, 4/15/2022 | 199,902 | |
100,001 | U.S. Treasury Inflation-Protected Note, 0.500%, 1/15/2028 | 98,911 | |
310,000 | United States Treasury Bond, 2.750%, 8/15/2047 | 297,604 | |
50,000 | United States Treasury Bond, 3.000%, 5/15/2047 | 50,465 | |
125,000 | United States Treasury Note, 1.875%, 12/31/2019 | 124,371 | |
60,000 | United States Treasury Note, 1.875%, 03/31/2022 | 58,611 | |
250,000 | United States Treasury Note, 2.125%, 12/31/2022 | 245,371 | |
10,000 | United States Treasury Note, 2.250%, 11/15/2024 | 9,745 | |
275,000 | United States Treasury Note, 2.250%, 12/31/2024 | 267,886 | |
150,000 | United States Treasury Note, 2.500%, 1/31/2025 | 148,465 | |
200,000 | United States Treasury Note, 2.250%, 8/15/2027 | 192,070 | |
50,000 | United States Treasury Note, 2.250%, 11/15/2027 | 47,984 | |
TOTAL U.S. TREASURY (IDENTIFIED COST $2,167,772) | 2,156,951 |
Shares or Principal Amount | Value | ||
EXCHANGE-TRADED FUNDS—9.4% | |||
141,500 | iShares MSCI EAFE ETF | $10,448,360 | |
45,700 | iShares Core MSCI Emerging Markets ETF | 2,807,808 | |
TOTAL EXCHANGE-TRADED FUNDS (IDENTIFIED COST $12,115,412) | 13,256,168 | ||
5 | INVESTMENT COMPANIES—13.0% | ||
166,593 | Emerging Markets Core Fund | 1,679,259 | |
183,916 | Federated Bank Loan Core Fund | 1,863,067 | |
767,750 | Federated Mortgage Core Portfolio | 7,424,147 | |
328,042 | Federated Project and Trade Finance Core Fund | 2,968,776 | |
1,927,633 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.51%6 | 1,927,633 | |
388,352 | High Yield Bond Portfolio | 2,481,570 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $19,107,395) | 18,344,452 | ||
TOTAL INVESTMENT IN SECURITIES—99.5% (IDENTIFIED COST $128,169,406)7 | 140,304,885 | ||
OTHER ASSETS AND LIABILITIES - NET—0.5%8 | 671,062 | ||
TOTAL NET ASSETS—100% | $140,975,947 |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
1United States Treasury Note 5-Year Long Futures | 5 | $573,555 | March 2018 | $(6,129) |
1United States Treasury Long Bond Long Futures | 1 | $147,813 | March 2018 | $(3,971) |
1United States Treasury Ultra Bond Long Futures | 17 | $2,752,937 | March 2018 | $(75,542) |
1United States Treasury Note 2-Year Short Futures | 11 | $2,345,578 | March 2018 | $5,537 |
1United States Treasury Note 10-Year Short Futures | 25 | $3,039,453 | March 2018 | $60,662 |
1United States Treasury Notes 10-Year Ultra Short Futures | 6 | $781,219 | March 2018 | $18,923 |
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $(520) |
1 | Non-income-producing security. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. |
3 | JPMorgan Chase & Co. has fully and unconditionally guaranteed Bear Stearns' outstanding registered debt securities. |
4 | All or a portion of this security is pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts. |
5 | Affiliated holdings. |
Affiliates | Balance of Shares Held 7/31/2017 | Purchases/ Additions | Sales/ Reductions |
Emerging Markets Core Fund | 121,734 | 62,628 | (17,769) |
Federated Bank Loan Core Fund | 167,174 | 55,396 | (38,654) |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | 3,984,935 | 22,714,752 | (24,772,054) |
Federated Mortgage Core Portfolio | 819,800 | 154,166 | (206,216) |
Federated Project and Trade Finance Core Fund | 320,743 | 7,299 | — |
High Yield Bond Portfolio | 482,432 | 108,804 | (202,884) |
TOTAL OF AFFILIATED TRANSACTIONS | 5,896,818 | 23,103,045 | (25,237,577) |
Balance of Shares Held 1/31/2018 | Value | Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/(Loss) | Dividend Income | Gain Distributions Received |
166,593 | $1,679,259 | $(15,347) | $(1,056) | $51,902 | $2,133 |
183,916 | $1,863,067 | $(11,217) | $6,753 | $51,459 | — |
1,927,633 | $1,927,633 | $119 | $(845) | $18,108 | — |
767,750 | $7,424,147 | $(129,207) | $(19,863) | $123,680 | — |
328,042 | $2,968,776 | $(38,867) | $— | $66,418 | — |
388,352 | $2,481,570 | $(35,958) | $(14,833) | $101,518 | — |
3,762,286 | $18,344,452 | $(230,477) | $(29,844) | $413,085 | $2,133 |
6 | 7-day net yield. |
7 | Also represents cost of investments for federal tax purposes. |
8 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $83,808,222 | $— | $— | $83,808,222 |
International | 1,686,263 | — | — | 1,686,263 |
Debt Securities: | ||||
Asset-Backed Securities | — | 727,024 | — | 727,024 |
Collateralized Mortgage Obligations | — | 2,885,330 | — | 2,885,330 |
Corporate Bonds | — | 17,186,836 | — | 17,186,836 |
Municipal Bonds | — | 253,639 | — | 253,639 |
U.S. Treasury | — | 2,156,951 | — | 2,156,951 |
Exchange-Traded Funds | 13,256,168 | — | — | 13,256,168 |
Investment Companies1 | 1,927,633 | — | — | 18,344,452 |
TOTAL SECURITIES | $100,678,286 | $23,209,780 | $— | $140,304,885 |
Other Financial Instruments2 | ||||
Assets | $85,122 | $— | $— | $85,122 |
Liabilities | (85,642) | — | — | (85,642) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $(520) | $— | $— | $(520) |
1 | As permitted by U.S. generally accepted accounting principles (GAAP), Investment Companies valued at $16,416,819 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 |
LIBOR | —London Interbank Offered Rate |
MTN | —Medium Term Note |
REIT | —Real Estate Investment Trust |
REMIC | —Real Estate Mortgage Investment Conduit |
Six Months Ended (unaudited) 1/31/2018 | Year Ended July 31, | |||||
2017 | 2016 | 2015 | 2014 | 2013 | ||
Net Asset Value, Beginning of Period | $17.74 | $16.52 | $16.83 | $16.07 | $14.35 | $12.20 |
Income From Investment Operations: | ||||||
Net investment income | 0.111 | 0.261 | 0.241 | 0.201 | 0.171 | 0.141 |
Net realized and unrealized gain (loss) on investments and futures contracts | 1.77 | 1.23 | (0.31) | 0.74 | 1.70 | 2.19 |
TOTAL FROM INVESTMENT OPERATIONS | 1.88 | 1.49 | (0.07) | 0.94 | 1.87 | 2.33 |
Less Distributions: | ||||||
Distributions from net investment income | (0.25) | (0.27) | (0.24) | (0.18) | (0.15) | (0.18) |
Net Asset Value, End of Period | $19.37 | $17.74 | $16.52 | $16.83 | $16.07 | $14.35 |
Total Return2 | 10.66% | 9.11% | (0.37)% | 5.89% | 13.06% | 19.28% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.32%3 | 1.26% | 1.30% | 1.30% | 1.30% | 1.30% |
Net investment income | 1.23%3 | 1.51% | 1.51% | 1.21% | 1.10% | 1.10% |
Expense waiver/reimbursement4 | 0.09%3 | 0.15% | 0.10% | 0.09% | 0.10% | 0.11% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $60,401 | $61,405 | $61,245 | $62,555 | $55,634 | $50,340 |
Portfolio turnover | 40% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2018 | Year Ended July 31, | |||||
2017 | 2016 | 2015 | 2014 | 2013 | ||
Net Asset Value, Beginning of Period | $17.49 | $16.30 | $16.59 | $15.84 | $14.16 | $12.03 |
Income From Investment Operations: | ||||||
Net investment income | 0.041 | 0.131 | 0.121 | 0.071 | 0.051 | 0.041 |
Net realized and unrealized gain (loss) on investments and futures contracts | 1.75 | 1.20 | (0.31) | 0.74 | 1.67 | 2.16 |
TOTAL FROM INVESTMENT OPERATIONS | 1.79 | 1.33 | (0.19) | 0.81 | 1.72 | 2.20 |
Less Distributions: | ||||||
Distributions from net investment income | (0.11) | (0.14) | (0.10) | (0.06) | (0.04) | (0.07) |
Net Asset Value, End of Period | $19.17 | $17.49 | $16.30 | $16.59 | $15.84 | $14.16 |
Total Return2 | 10.28% | 8.23% | (1.10)% | 5.12% | 12.14% | 18.41% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.07%3 | 2.01% | 2.05% | 2.05% | 2.05% | 2.05% |
Net investment income | 0.47%3 | 0.75% | 0.76% | 0.45% | 0.34% | 0.36% |
Expense waiver/reimbursement4 | 0.07%3 | 0.13% | 0.08% | 0.06% | 0.07% | 0.08% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $30,521 | $29,007 | $29,152 | $31,571 | $34,522 | $35,450 |
Portfolio turnover | 40% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2018 | Year Ended July 31, | |||||
2017 | 2016 | 2015 | 2014 | 2013 | ||
Net Asset Value, Beginning of Period | $17.79 | $16.57 | $16.87 | $16.11 | $14.39 | $12.23 |
Income From Investment Operations: | ||||||
Net investment income | 0.141 | 0.301 | 0.281 | 0.241 | 0.211 | 0.181 |
Net realized and unrealized gain (loss) on investments and futures contracts | 1.78 | 1.23 | (0.30) | 0.74 | 1.69 | 2.19 |
TOTAL FROM INVESTMENT OPERATIONS | 1.92 | 1.53 | (0.02) | 0.98 | 1.90 | 2.37 |
Less Distributions: | ||||||
Distributions from net investment income | (0.30) | (0.31) | (0.28) | (0.22) | (0.18) | (0.21) |
Net Asset Value, End of Period | $19.41 | $17.79 | $16.57 | $16.87 | $16.11 | $14.39 |
Total Return2 | 10.84% | 9.36% | (0.07)% | 6.13% | 13.30% | 19.63% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.07%3 | 1.00% | 1.05% | 1.05% | 1.05% | 1.05% |
Net investment income | 1.47%3 | 1.77% | 1.76% | 1.46% | 1.35% | 1.35% |
Expense waiver/reimbursement4 | 0.05%3 | 0.12% | 0.05% | 0.04% | 0.06% | 0.07% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $38,792 | $39,136 | $47,757 | $53,291 | $49,667 | $46,365 |
Portfolio turnover | 40% | 82% | 98% | 89% | 34% | 105% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2018 | Year Ended July 31, | |||||
20171 | 2016 | 2015 | 2014 | 2013 | ||
Net Asset Value, Beginning of Period | $17.76 | $16.49 | $16.80 | $16.05 | $14.33 | $12.17 |
Income From Investment Operations: | ||||||
Net investment income | 0.142 | 0.282 | 0.202 | 0.162 | 0.132 | 0.092 |
Net realized and unrealized gain (loss) on investments and futures contracts | 1.78 | 1.24 | (0.31) | 0.74 | 1.69 | 2.19 |
TOTAL FROM INVESTMENT OPERATIONS | 1.92 | 1.52 | (0.11) | 0.90 | 1.82 | 2.28 |
Less Distributions: | ||||||
Distributions from net investment income | (0.30) | (0.25) | (0.20) | (0.15) | (0.10) | (0.12) |
Net Asset Value, End of Period | $19.38 | $17.76 | $16.49 | $16.80 | $16.05 | $14.33 |
Total Return3 | 10.87% | 9.32% | (0.59)% | 5.61% | 12.72% | 18.84% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.06%4 | 1.05% | 1.56% | 1.56% | 1.57% | 1.69% |
Net investment income | 1.48%4 | 1.64% | 1.27% | 0.96% | 0.84% | 0.70% |
Expense waiver/reimbursement5 | 0.04%4 | 0.06% | 0.04% | 0.03% | 0.05% | 0.06% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $11,262 | $10,439 | $577 | $532 | $464 | $417 |
Portfolio turnover | 40% | 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. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Investment in securities, at value including $18,344,452 of investment in affiliated holdings (identified cost $128,169,406) | $140,304,885 | |
Income receivable | 314,585 | |
Receivable for investments sold | 1,356,239 | |
Receivable for shares sold | 85,392 | |
Receivable for daily variation margin on futures contracts | 20,580 | |
TOTAL ASSETS | 142,081,681 | |
Liabilities: | ||
Payable for investments purchased | $817,372 | |
Payable for shares redeemed | 49,354 | |
Bank overdraft | 11,336 | |
Payable to adviser (Note 5) | 2,856 | |
Payable for administrative fees (Note 5) | 310 | |
Payable for transfer agent fee | 27,610 | |
Payable for Directors'/Trustees' fees (Note 5) | 304 | |
Payable for portfolio accounting fees | 85,254 | |
Payable for distribution services fee (Note 5) | 19,262 | |
Payable for other service fees (Notes 2 and 5) | 42,076 | |
Accrued expenses (Note 5) | 50,000 | |
TOTAL LIABILITIES | 1,105,734 | |
Net assets for 7,289,800 shares outstanding | $140,975,947 | |
Net Assets Consist of: | ||
Paid-in capital | $127,123,611 | |
Net unrealized appreciation of investments and futures contracts | 12,134,959 | |
Accumulated net realized gain on investments and futures contracts | 1,582,121 | |
Undistributed net investment income | 135,256 | |
TOTAL NET ASSETS | $140,975,947 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($60,400,874 ÷ 3,117,871 shares outstanding), no par value, unlimited shares authorized | $19.37 | |
Offering price per share (100/94.50 of $19.37) | $20.50 | |
Redemption proceeds per share | $19.37 | |
Class C Shares: | ||
Net asset value per share ($30,521,315 ÷ 1,591,765 shares outstanding), no par value, unlimited shares authorized | $19.17 | |
Offering price per share | $19.17 | |
Redemption proceeds per share (99.00/100 of $19.17) | $18.98 | |
Institutional Shares: | ||
Net asset value per share ($38,792,206 ÷ 1,999,019 shares outstanding), no par value, unlimited shares authorized | $19.41 | |
Offering price per share | $19.41 | |
Redemption proceeds per share | $19.41 | |
Class R6 Shares: | ||
Net asset value per share ($11,261,552 ÷ 581,145 shares outstanding), no par value, unlimited shares authorized | $19.38 | |
Offering price per share | $19.38 | |
Redemption proceeds per share | $19.38 |
Investment Income: | |||
Dividends (including $413,085 received from affiliated holdings, see footnotes to Portfolio of Investments and net of foreign taxes withheld of $319) | $1,326,668 | ||
Interest | 451,956 | ||
TOTAL INCOME | 1,778,624 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $526,096 | ||
Administrative fee (Note 5) | 56,092 | ||
Custodian fees | 21,441 | ||
Transfer agent fee (Note 2) | 65,897 | ||
Directors'/Trustees' fees (Note 5) | 1,423 | ||
Auditing fees | 16,405 | ||
Legal fees | 4,583 | ||
Portfolio accounting fees | 49,191 | ||
Distribution services fee (Note 5) | 110,646 | ||
Other service fees (Notes 2 and 5) | 107,299 | ||
Share registration costs | 29,526 | ||
Printing and postage | 16,060 | ||
Miscellaneous (Note 5) | 15,615 | ||
TOTAL EXPENSES | 1,020,274 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(31,004) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (17,921) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (48,925) | ||
Net expenses | 971,349 | ||
Net investment income | 807,275 |
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | |||
Net realized gain on investments (including net realized loss of $(29,844) on sales of investments in affiliated holdings) | $5,580,943 | ||
Net realized gain on futures contracts | 66,229 | ||
Realized gain distribution from affiliated investment company shares | 2,133 | ||
Net change in unrealized appreciation of investments (including net change in unrealized depreciation of $(230,477) on investments in affiliated holdings) | 7,618,089 | ||
Net change in unrealized appreciation of futures contracts | (1,792) | ||
Net realized and unrealized gain on investments and futures contracts | 13,265,602 | ||
Change in net assets resulting from operations | $14,072,877 |
Six Months Ended (unaudited) 1/31/2018 | Year Ended 7/31/2017 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $807,275 | $1,964,146 |
Net realized gain on investments and futures contracts | 5,649,305 | 7,012,040 |
Net change in unrealized appreciation/depreciation of investments and futures contracts | 7,616,297 | 2,792,760 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 14,072,877 | 11,768,946 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (820,337) | (931,700) |
Class C Shares | (182,113) | (247,434) |
Institutional Shares | (590,928) | (864,627) |
Class R6 Shares | (175,714) | (7,781) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (1,769,092) | (2,051,542) |
Share Transactions: | ||
Proceeds from sale of shares | 9,953,770 | 27,978,026 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,616,876 | 1,893,320 |
Cost of shares redeemed | (22,886,432) | (38,332,541) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (11,315,786) | (8,461,195) |
Change in net assets | 987,999 | 1,256,209 |
Net Assets: | ||
Beginning of period | 139,987,948 | 138,731,739 |
End of period (including undistributed net investment income of $135,256 and $1,097,073, respectively) | $140,975,947 | $139,987,948 |
■ | Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market. |
■ | Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (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 | $37,692 | $(13,511) |
Class C Shares | 13,093 | (3,766) |
Institutional Shares | 12,343 | (644) |
Class R6 Shares | 2,769 | — |
TOTAL | $65,897 | $(17,921) |
Other Service Fees Incurred | |
Class A Shares | $70,817 |
Class C Shares | 36,482 |
TOTAL | $107,299 |
Fair Value of Derivative Instruments | ||
Assets | ||
Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||
Interest rate contracts | Receivable for daily variation margin on futures contracts | $(520)* |
* | Includes cumulative net depreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $66,229 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $(1,792) |
Six Months Ended 1/31/2018 | Year Ended 7/31/2017 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 366,097 | $6,665,945 | 686,635 | $11,650,848 |
Shares issued to shareholders in payment of distributions declared | 37,690 | 704,802 | 49,513 | 823,409 |
Shares redeemed | (748,212) | (13,669,582) | (980,711) | (16,503,614) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (344,425) | $(6,298,835) | (244,563) | $(4,029,357) |
Six Months Ended 1/31/2018 | Year Ended 7/31/2017 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 45,855 | $837,164 | 158,017 | $2,631,546 |
Shares issued to shareholders in payment of distributions declared | 9,123 | 168,962 | 13,630 | 224,489 |
Shares redeemed | (121,308) | (2,188,551) | (301,945) | (5,040,678) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (66,330) | $(1,182,425) | (130,298) | $(2,184,643) |
Six Months Ended 1/31/2018 | Year Ended 7/31/2017 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 93,398 | $1,723,983 | 200,258 | $3,374,083 |
Shares issued to shareholders in payment of distributions declared | 30,373 | 568,576 | 50,388 | 838,960 |
Shares redeemed | (325,118) | (5,991,090) | (932,430) | (15,716,444) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (201,347) | $(3,698,531) | (681,784) | $(11,503,401) |
Six Months Ended 1/31/2018 | Year Ended 7/31/2017 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 39,388 | $726,678 | 614,503 | $10,321,549 |
Shares issued to shareholders in payment of distributions declared | 9,333 | 174,536 | 389 | 6,462 |
Shares redeemed | (55,322) | (1,037,209) | (62,139) | (1,071,805) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (6,601) | $(135,995) | 552,753 | $9,256,206 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (618,703) | $(11,315,786) | (503,892) | $(8,461,195) |
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 |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
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 | $110,646 |
Purchases | $48,655,065 |
Sales | $59,925,401 |
Beginning Account Value 8/1/2017 | Ending Account Value 1/31/2018 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,106.60 | $7.01 |
Class C Shares | $1,000 | $1,102.80 | $10.97 |
Institutional Shares | $1,000 | $1,108.40 | $5.69 |
Class R6 Shares | $1,000 | $1,108.70 | $5.63 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.50 | $6.72 |
Class C Shares | $1,000 | $1,014.80 | $10.51 |
Institutional Shares | $1,000 | $1,019.80 | $5.45 |
Class R6 Shares | $1,000 | $1,019.90 | $5.40 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.32% |
Class C Shares | 2.07% |
Institutional Shares | 1.07% |
Class R6 Shares | 1.06% |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R833
CUSIP 31421R825
CUSIP 31421R692
2018 ©Federated Investors, Inc.
Share Class | Ticker | A | QALGX | B | QBLGX | C | QCLGX | Institutional | QILGX |
Sector Composition | Percentage of Total Net Assets |
Consumer Cyclicals | 28.6% |
Information Technology | 25.1% |
Health Care | 11.5% |
Financial Services | 11.2% |
Capital Goods | 8.8% |
Consumer Staples | 7.0% |
Transportation | 2.6% |
Basic Industries | 2.5% |
Other2 | 0.9% |
Cash Equivalents3 | 1.9% |
Other Assets and Liabilities—Net4 | (0.1)% |
TOTAL | 100.0% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, sector 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% | |||
Basic Industries—2.5% | |||
5,469 | Sherwin-Williams Co. | $2,281,176 | |
835 | Westlake Chemical Corp. | 94,021 | |
TOTAL | 2,375,197 | ||
Capital Goods—8.8% | |||
823 | 3M Co. | 206,161 | |
17,348 | Allison Transmission Holdings, Inc. | 767,476 | |
10,172 | Caterpillar, Inc. | 1,655,798 | |
10,276 | Deere & Co. | 1,710,132 | |
1,809 | Grainger (W.W.), Inc. | 487,815 | |
15,891 | IDEX Corp. | 2,280,041 | |
28,428 | Pitney Bowes, Inc. | 401,119 | |
9,013 | Xylem, Inc. | 651,279 | |
TOTAL | 8,159,821 | ||
Consumer Cyclicals—28.6% | |||
4,098 | 1 | Alphabet, Inc. | 4,844,738 |
2,746 | 1 | Amazon.com, Inc. | 3,984,144 |
14,365 | Bed Bath & Beyond, Inc. | 331,544 | |
5,900 | Big Lots, Inc. | 358,602 | |
13,045 | Cintas Corp. | 2,197,430 | |
2,873 | Dillards, Inc., Class A | 194,100 | |
9,100 | 1 | Discovery Communications, Inc. | 228,137 |
16,398 | 1 | Facebook, Inc. | 3,064,622 |
1,414 | Foot Locker, Inc. | 69,498 | |
5,804 | 1 | Fossil, Inc. | 46,200 |
2,106 | 1 | GoDaddy, Inc. | 116,315 |
1,731 | Hasbro, Inc. | 163,701 | |
10,491 | Home Depot, Inc. | 2,107,642 | |
6,333 | 1 | IAC Interactive Corp. | 918,095 |
73,976 | 1 | MSG Networks, Inc. | 1,775,424 |
8,123 | Macy's, Inc. | 210,792 | |
5,520 | 1 | NetFlix, Inc. | 1,492,056 |
6,025 | Nielsen Holdings PLC | 225,395 | |
4,017 | Nu Skin Enterprises, Inc., Class A | 288,581 | |
5,474 | 1 | O'Reilly Automotive, Inc. | 1,448,913 |
17,754 | 1 | PayPal, Inc. | 1,514,771 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Cyclicals—continued | |||
3,882 | R.R. Donnelley & Sons Co. | $31,716 | |
9,198 | 1 | Skechers USA, Inc., Class A | 378,866 |
3,730 | 1 | T-Mobile USA, Inc. | 242,823 |
2,207 | TJX Cos., Inc. | 177,266 | |
597 | Wynn Resorts Ltd. | 98,857 | |
1,097 | Yum! Brands, Inc. | 92,795 | |
TOTAL | 26,603,023 | ||
Consumer Durables—0.9% | |||
25,317 | Ford Motor Co. | 277,727 | |
969 | Lear Corp. | 187,153 | |
127 | 1 | NVR, Inc. | 403,628 |
TOTAL | 868,508 | ||
Consumer Staples—7.0% | |||
3,283 | Block (H&R), Inc. | 87,131 | |
2,175 | Dr. Pepper Snapple Group, Inc. | 259,586 | |
8,290 | Estee Lauder Cos., Inc., Class A | 1,118,818 | |
12,348 | Flowers Foods, Inc. | 242,144 | |
4,516 | 1 | GNC Holdings, Inc. | 19,645 |
16,988 | McCormick & Co., Inc. | 1,847,785 | |
18,842 | PepsiCo, Inc. | 2,266,693 | |
5,600 | 1 | Sally Beauty Holdings, Inc. | 93,016 |
9,449 | Tupperware Brands Corp. | 545,774 | |
TOTAL | 6,480,592 | ||
Financial Services—11.2% | |||
14,400 | Ally Financial, Inc. | 428,688 | |
1,567 | Ameriprise Financial, Inc. | 264,353 | |
28,222 | Citizens Financial Group, Inc. | 1,295,390 | |
4,827 | MSCI, Inc., Class A | 672,063 | |
15,019 | Mastercard, Inc. | 2,538,211 | |
5,148 | Paychex, Inc. | 351,351 | |
12,000 | Prudential Financial, Inc. | 1,425,840 | |
19,640 | Visa, Inc., Class A | 2,439,877 | |
2,300 | Waddell & Reed Financial, Inc., Class A | 52,900 | |
44,090 | Western Union Co. | 916,631 | |
TOTAL | 10,385,304 | ||
Health Care—11.5% | |||
443 | 1 | Abiomed, Inc. | 104,105 |
8,817 | 1 | Align Technology, Inc. | 2,310,054 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
4,641 | Baxter International, Inc. | $334,291 | |
9,981 | Bristol-Myers Squibb Co. | 624,811 | |
14,176 | 1 | Celgene Corp. | 1,434,044 |
2,877 | Cooper Cos., Inc. | 703,916 | |
27,309 | Eli Lilly & Co. | 2,224,318 | |
2,799 | 1 | IDEXX Laboratories, Inc. | 523,525 |
3,637 | 1 | Myriad Genetics, Inc. | 134,132 |
1,038 | 1 | Neurocrine Biosciences, Inc. | 88,718 |
1,397 | UnitedHealth Group, Inc. | 330,782 | |
1,455 | 1 | Vertex Pharmaceuticals, Inc. | 242,796 |
3,300 | 1 | Weight Watchers International, Inc. | 212,157 |
2,264 | 1 | Wellcare Health Plans, Inc. | 476,300 |
13,058 | Zoetis, Inc. | 1,001,940 | |
TOTAL | 10,745,889 | ||
Information Technology—25.1% | |||
2,360 | 1 | Adobe Systems, Inc. | 471,434 |
35,355 | Apple, Inc. | 5,919,488 | |
34,299 | Applied Materials, Inc. | 1,839,455 | |
1,014 | Broadcom Ltd. | 251,502 | |
35,613 | CA, Inc. | 1,276,726 | |
8,026 | Cognex Corp. | 500,582 | |
6,749 | Fortive Corp. | 513,059 | |
2,169 | IBM Corp. | 355,065 | |
18,872 | Intel Corp. | 908,498 | |
3,274 | KLA-Tencor Corp. | 359,485 | |
8,963 | Lam Research Corp. | 1,716,594 | |
22,815 | Microchip Technology, Inc. | 2,172,444 | |
2,681 | Microsoft Corp. | 254,722 | |
3,155 | NVIDIA Corp. | 775,499 | |
16,792 | NetApp, Inc. | 1,032,708 | |
1,177 | 1 | Palo Alto Networks, Inc. | 185,813 |
18,559 | 1 | Red Hat, Inc. | 2,438,281 |
19,862 | 1 | Salesforce.com, Inc. | 2,262,480 |
494 | Universal Display Corp. | 78,744 | |
TOTAL | 23,312,579 | ||
Transportation—2.6% | |||
13,961 | 1 | Jet Blue Airways Corp. | 291,227 |
12,423 | Old Dominion Freight Lines, Inc. | 1,819,348 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Transportation—continued | |||
2,921 | Southwest Airlines Co. | $177,597 | |
1,339 | 1 | XPO Logistics, Inc. | 126,455 |
TOTAL | 2,414,627 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $72,105,052) | 91,345,540 | ||
INVESTMENT COMPANY—1.9% | |||
1,777,096 | 2 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.51%3 (IDENTIFIED COST $1,776,931) | 1,777,096 |
TOTAL INVESTMENT IN SECURITIES—100.1% (IDENTIFIED COST $73,881,983)4 | 93,122,636 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.1)%5 | (118,915) | ||
TOTAL NET ASSETS—100% | $93,003,721 |
1 | Non-income-producing security. |
2 | Affiliated holding. |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2017 | 1,319,861 |
Purchases/Additions | 11,794,901 |
Sales/Reductions | (11,337,666) |
Balance of Shares Held 1/31/2018 | 1,777,096 |
Value | $1,777,096 |
Change in Unrealized Appreciation/Depreciation | $(34) |
Net Realized Gain/(Loss) | $(100) |
Dividend Income | $9,994 |
3 | 7-day net yield. |
4 | Also represents cost for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 1/31/2018 | Year Ended July 31 | |||||
2017 | 2016 | 2015 | 2014 | 2013 | ||
Net Asset Value, Beginning of Period | $17.46 | $15.18 | $17.64 | $16.15 | $13.58 | $10.59 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.03) | 0.01 | 0.04 | 0.02 | 0.03 | 0.04 |
Net realized and unrealized gain (loss) on investments | 3.59 | 2.36 | (0.70) | 1.47 | 2.54 | 2.95 |
TOTAL FROM INVESTMENT OPERATIONS | 3.56 | 2.37 | (0.66) | 1.49 | 2.57 | 2.99 |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (1.40) | (0.09) | (1.80) | — | — | — |
Net Asset Value, End of Period | $19.62 | $17.46 | $15.18 | $17.64 | $16.15 | $13.58 |
Total Return2 | 20.97% | 15.66% | (3.62)% | 9.23% | 18.92% | 28.23% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.52%3 | 1.52% | 1.50% | 1.50% | 1.50% | 1.50% |
Net investment income (loss) | (0.33)%3 | 0.02% | 0.28% | 0.13% | 0.17% | 0.34% |
Expense waiver/reimbursement4 | 0.04%3 | 0.08% | 0.07% | 0.03% | 0.11% | 0.27% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $59,731 | $49,794 | $45,661 | $55,033 | $54,573 | $49,018 |
Portfolio turnover | 58% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2018 | Year Ended July 31 | |||||
2017 | 2016 | 2015 | 2014 | 2013 | ||
Net Asset Value, Beginning of Period | $16.16 | $14.16 | $16.71 | $15.41 | $13.05 | $10.25 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.09) | (0.11) | (0.07) | (0.11) | (0.09) | (0.05) |
Net realized and unrealized gain (loss) on investments | 3.30 | 2.20 | (0.68) | 1.41 | 2.45 | 2.85 |
TOTAL FROM INVESTMENT OPERATIONS | 3.21 | 2.09 | (0.75) | 1.30 | 2.36 | 2.80 |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (1.40) | (0.09) | (1.80) | — | — | — |
Net Asset Value, End of Period | $17.97 | $16.16 | $14.16 | $16.71 | $15.41 | $13.05 |
Total Return2 | 20.48% | 14.81% | (4.41)% | 8.44% | 18.08% | 27.32% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.27%3 | 2.27% | 2.25% | 2.25% | 2.25% | 2.25% |
Net investment income (loss) | (1.08)%3 | (0.71)% | (0.49)% | (0.65)% | (0.59)% | (0.44)% |
Expense waiver/reimbursement4 | 0.04%3 | 0.08% | 0.08% | 0.03% | 0.11% | 0.26% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $15,194 | $13,654 | $14,925 | $16,175 | $10,519 | $7,428 |
Portfolio turnover | 58% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2018 | Year Ended July 31 | |||||
2017 | 2016 | 2015 | 2014 | 2013 | ||
Net Asset Value, Beginning of Period | $15.76 | $13.81 | $16.34 | $15.07 | $12.76 | $10.03 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.09) | (0.11) | (0.06) | (0.10) | (0.08) | (0.05) |
Net realized and unrealized gain (loss) on investments | 3.22 | 2.15 | (0.67) | 1.37 | 2.39 | 2.78 |
TOTAL FROM INVESTMENT OPERATIONS | 3.13 | 2.04 | (0.73) | 1.27 | 2.31 | 2.73 |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (1.40) | (0.09) | (1.80) | — | — | — |
Net Asset Value, End of Period | $17.49 | $15.76 | $13.81 | $16.34 | $15.07 | $12.76 |
Total Return2 | 20.50% | 14.82% | (4.39)% | 8.43% | 18.10% | 27.22% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.27%3 | 2.27% | 2.25% | 2.25% | 2.25% | 2.25% |
Net investment income (loss) | (1.08)%3 | (0.72)% | (0.46)% | (0.63)% | (0.59)% | (0.43)% |
Expense waiver/reimbursement4 | 0.04%3 | 0.08% | 0.07% | 0.03% | 0.11% | 0.27% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $10,995 | $9,672 | $10,052 | $12,904 | $11,991 | $9,830 |
Portfolio turnover | 58% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2018 | Year Ended July 31 | |||||
2017 | 2016 | 2015 | 2014 | 2013 | ||
Net Asset Value, Beginning of Period | $18.10 | $15.69 | $18.13 | $16.55 | $13.88 | $10.80 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.00)2 | 0.05 | 0.08 | 0.07 | 0.06 | 0.07 |
Net realized and unrealized gain (loss) on investments | 3.71 | 2.45 | (0.72) | 1.51 | 2.61 | 3.01 |
TOTAL FROM INVESTMENT OPERATIONS | 3.71 | 2.50 | (0.64) | 1.58 | 2.67 | 3.08 |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (1.40) | (0.09) | (1.80) | — | — | — |
Net Asset Value, End of Period | $20.41 | $18.10 | $15.69 | $18.13 | $16.55 | $13.88 |
Total Return3 | 21.06% | 15.98% | (3.40)% | 9.55% | 19.24% | 28.52% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.27%4 | 1.27% | 1.25% | 1.25% | 1.25% | 1.25% |
Net investment income (loss) | (0.05)%4 | 0.27% | 0.52% | 0.37% | 0.40% | 0.58% |
Expense waiver/reimbursement5 | 0.04%4 | 0.08% | 0.07% | 0.03% | 0.10% | 0.27% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $7,084 | $7,649 | $7,469 | $7,888 | $7,502 | $5,002 |
Portfolio turnover | 58% | 104% | 69% | 91% | 51% | 135% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Assets: | ||
Investment in securities, at value including $1,777,096 of investment in an affiliated holding (identified cost $73,881,983) | $93,122,636 | |
Income receivable | 44,866 | |
Receivable for investments sold | 909,483 | |
Receivable for shares sold | 98,597 | |
TOTAL ASSETS | 94,175,582 | |
Liabilities: | ||
Payable for investments purchased | $936,414 | |
Payable for shares redeemed | 77,023 | |
Payable to adviser (Note 5) | 1,912 | |
Payable for administrative fees (Note 5) | 205 | |
Payable for transfer agent fee | 30,638 | |
Payable for Directors'/Trustees' fees (Note 5) | 244 | |
Payable for portfolio accounting fees | 37,512 | |
Payable for distribution services fee (Note 5) | 16,259 | |
Payable for other service fees (Notes 2 and 5) | 29,613 | |
Accrued expenses (Note 5) | 42,041 | |
TOTAL LIABILITIES | 1,171,861 | |
Net assets for 4,865,370 shares outstanding | $93,003,721 | |
Net Assets Consist of: | ||
Paid-in capital | $68,678,350 | |
Net unrealized appreciation of investments | 19,240,653 | |
Accumulated net realized gain on investments | 5,306,497 | |
Accumulated net investment income (loss) | (221,779) | |
TOTAL NET ASSETS | $93,003,721 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($59,730,913 ÷ 3,044,555 shares outstanding), no par value, unlimited shares authorized | $19.62 | |
Offering price per share (100/94.50 of $19.62) | $20.76 | |
Redemption proceeds per share | $19.62 | |
Class B Shares: | ||
Net asset value per share ($15,193,606 ÷ 845,299 shares outstanding), no par value, unlimited shares authorized | $17.97 | |
Offering price per share | $17.97 | |
Redemption proceeds per share (94.50/100 of $17.97) | $16.98 | |
Class C Shares: | ||
Net asset value per share ($10,994,868 ÷ 628,458 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 ($7,084,334 ÷ 347,058 shares outstanding), no par value, unlimited shares authorized | $20.41 | |
Offering price per share | $20.41 | |
Redemption proceeds per share | $20.41 |
Investment Income: | ||
Dividends (including $9,994 received from an affiliated holding, see footnotes to Portfolio of Investments) | $508,093 | |
Expenses: | ||
Investment adviser fee (Note 5) | $319,071 | |
Administrative fee (Note 5) | 34,024 | |
Custodian fees | 10,378 | |
Transfer agent fee | 79,939 | |
Directors'/Trustees' fees (Note 5) | 1,166 | |
Auditing fees | 13,310 | |
Legal fees | 4,567 | |
Portfolio accounting fees | 36,941 | |
Distribution services fee (Note 5) | 90,824 | |
Other service fees (Notes 2 and 5) | 97,472 | |
Share registration costs | 29,234 | |
Printing and postage | 17,745 | |
Miscellaneous (Note 5) | 13,463 | |
TOTAL EXPENSES | 748,134 | |
Waiver/reimbursement of investment adviser fee (Note 5) | (18,262) | |
Net expenses | 729,872 | |
Net investment income (loss) | (221,779) | |
Realized and Unrealized Gain (Loss) on Investments: | ||
Net realized gain on investments (including net realized loss of $(100) on sales of investments in an affiliated holding) | 5,324,521 | |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(34) on investments in an affiliated fund holding) | 11,121,101 | |
Net realized and unrealized gain on investments | 16,445,622 | |
Change in net assets resulting from operations | $16,223,843 |
Six Months Ended (unaudited) 1/31/2018 | Year Ended 7/31/2017 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(221,779) | $(148,080) |
Net realized gain on investments | 5,324,521 | 6,784,048 |
Net change in unrealized appreciation/depreciation of investments | 11,121,101 | 4,468,540 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 16,223,843 | 11,104,508 |
Distributions to Shareholders: | ||
Distributions from net realized gain on investments | ||
Class A Shares | (4,029,431) | (251,151) |
Class B Shares | (1,111,920) | (89,003) |
Class C Shares | (797,120) | (63,861) |
Institutional Shares | (476,552) | (34,298) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (6,415,023) | (438,313) |
Share Transactions: | ||
Proceeds from sale of shares | 8,337,522 | 14,714,896 |
Net asset value of shares issued to shareholders in payment of distributions declared | 5,896,339 | 400,439 |
Cost of shares redeemed | (11,808,758) | (23,117,921) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 2,425,103 | (8,002,586) |
Change in net assets | 12,233,923 | 2,663,609 |
Net Assets: | ||
Beginning of period | 80,769,798 | 78,106,189 |
End of period (including accumulated net investment income (loss) of $(221,779) and $0, respectively) | $93,003,721 | $80,769,798 |
■ | Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market. |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”). |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
Other Service Fees Incurred | |
Class A Shares | $67,197 |
Class B Shares | 17,762 |
Class C Shares | 12,513 |
TOTAL | $97,472 |
Six Months Ended 1/31/2018 | Year Ended 7/31/2017 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 309,204 | $5,775,344 | 475,321 | $7,859,250 |
Shares issued to shareholders in payment of distributions declared | 197,851 | 3,618,696 | 14,088 | 224,849 |
Shares redeemed | (314,145) | (5,789,584) | (646,470) | (10,387,402) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 192,910 | $3,604,456 | (157,061) | $(2,303,303) |
Six Months Ended 1/31/2018 | Year Ended 7/31/2017 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 59,928 | $1,019,057 | 163,083 | $2,410,420 |
Shares issued to shareholders in payment of distributions declared | 64,835 | 1,087,294 | 5,885 | 87,332 |
Shares redeemed | (124,329) | (2,112,050) | (378,313) | (5,664,410) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | 434 | $(5,699) | (209,345) | $(3,166,658) |
Six Months Ended 1/31/2018 | Year Ended 7/31/2017 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 68,130 | $1,138,570 | 154,856 | $2,275,523 |
Shares issued to shareholders in payment of distributions declared | 47,820 | 780,418 | 4,050 | 58,646 |
Shares redeemed | (101,035) | (1,672,871) | (273,138) | (4,082,380) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 14,915 | $246,117 | (114,232) | $(1,748,211) |
Six Months Ended 1/31/2018 | Year Ended 7/31/2017 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 20,889 | $404,551 | 129,360 | $2,169,703 |
Shares issued to shareholders in payment of distributions declared | 21,553 | 409,931 | 1,793 | 29,612 |
Shares redeemed | (118,096) | (2,234,253) | (184,606) | (2,983,729) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (75,654) | $(1,419,771) | (53,453) | $(784,414) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 132,605 | $2,425,103 | (534,091) | $(8,002,586) |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
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 | $53,288 |
Class C Shares | 37,536 |
TOTAL | $90,824 |
Purchases | $48,032,613 |
Sales | $52,420,291 |
Beginning Account Value 8/1/2017 | Ending Account Value 1/31/2018 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,209.70 | $8.47 |
Class B Shares | $1,000 | $1,204.80 | $12.62 |
Class C Shares | $1,000 | $1,205.00 | $12.62 |
Institutional Shares | $1,000 | $1,210.60 | $7.08 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,017.50 | $7.73 |
Class B Shares | $1,000 | $1,013.80 | $11.52 |
Class C Shares | $1,000 | $1,013.80 | $11.52 |
Institutional Shares | $1,000 | $1,018.80 | $6.46 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.52% |
Class B Shares | 2.27% |
Class C Shares | 2.27% |
Institutional Shares | 1.27% |
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CUSIP 31421R684
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CUSIP 31421R882
2018 ©Federated Investors, Inc.
Share Class | Ticker | A | QASCX | C | QCSCX | Institutional | QISCX | R6 | QLSCX |
Sector Composition | Percentage of Total Net Assets |
Financial Services | 23.8% |
Health Care | 15.4% |
Information Technology | 14.9% |
Consumer Cyclicals | 13.7% |
Capital Goods | 7.1% |
Consumer Durables | 6.3% |
Basic Industries | 4.6% |
Public Utilities | 4.4% |
Energy | 3.3% |
Consumer Staples | 1.8% |
Transportation | 1.7% |
Cash Equivalents2 | 3.8% |
Other Assets and Liabilities—Net3 | (0.8)% |
TOTAL | 100.0% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, sector 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 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS—97.0% | |||
Basic Industries—4.6% | |||
162,316 | 1 | Acco Brands Corp. | $1,923,444 |
148,874 | 1 | AgroFresh Solutions, Inc. | 1,122,510 |
52,176 | Ampco-Pittsburgh Corp. | 709,594 | |
76,299 | DMC Global, Inc. | 1,747,247 | |
162,689 | Essendant, Inc. | 1,472,335 | |
234,280 | Gold Resource Corp. | 1,058,946 | |
21,338 | 1 | Rogers Corp. | 3,516,076 |
103,276 | Schnitzer Steel Industries, Inc., Class A | 3,532,039 | |
5,267 | The Eastern Co. | 140,892 | |
51,222 | 1 | UFP Technologies, Inc. | 1,493,121 |
68,149 | 1 | Univar, Inc. | 2,034,929 |
39,898 | 1 | Veritiv Corp. | 1,145,073 |
TOTAL | 19,896,206 | ||
Capital Goods—7.1% | |||
37,829 | Argan, Inc. | 1,649,344 | |
102,534 | CECO Environmental Corp. | 464,479 | |
42,587 | 1 | Chart Industries, Inc. | 2,111,038 |
67,371 | 1 | Generac Holdings, Inc. | 3,296,463 |
125,286 | 1 | Harsco Corp. | 2,242,619 |
77,315 | Hurco Co., Inc. | 3,490,772 | |
57,846 | 1 | Kimball Electronics, Inc. | 1,070,151 |
63,508 | 1 | Mastec, Inc. | 3,391,327 |
48,164 | 1 | Proto Labs, Inc. | 5,266,734 |
34,517 | 1 | SPX Corp. | 1,078,656 |
44,070 | Spartan Motors, Inc. | 590,538 | |
96,968 | 1 | Team, Inc. | 1,648,456 |
137,300 | 1 | Titan Machinery, Inc. | 2,950,577 |
60,060 | Wabash National Corp. | 1,551,350 | |
TOTAL | 30,802,504 | ||
Consumer Cyclicals—13.7% | |||
41,634 | 1 | AutoWeb, Inc. | 343,897 |
71,476 | Big 5 Sporting Goods Corp. | 403,839 | |
58,703 | 1 | Blucora, Inc. | 1,432,353 |
180,255 | Buckle, Inc. | 3,614,113 | |
31,997 | 1 | Career Education Corp. | 396,763 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Cyclicals—continued | |||
250,536 | Chicos Fas, Inc. | $2,382,597 | |
31,824 | Children's Place, Inc./The | 4,767,235 | |
57,156 | 1 | Cimpress NV | 7,282,246 |
84,176 | Deluxe Corp. | 6,251,752 | |
73,242 | 1 | Express, Inc. | 511,229 |
117,232 | 1 | Fossil, Inc. | 933,167 |
208,701 | 1 | Francesca's Holdings Corp. | 1,216,727 |
152,982 | 1 | Gray Television, Inc. | 2,501,256 |
88,711 | 1 | K12, Inc. | 1,539,136 |
38,627 | Movado Group, Inc. | 1,181,986 | |
90,417 | Nutri/System, Inc. | 3,910,535 | |
151,827 | Office Depot, Inc. | 493,438 | |
16,484 | 1 | Perry Ellis International, Inc. | 395,286 |
58,336 | Quad Graphics, Inc. | 1,290,392 | |
152,412 | R.R. Donnelley & Sons Co. | 1,245,206 | |
86,340 | 1 | Rush Enterprises, Inc. | 4,666,677 |
87,441 | 1 | Scientific Games Corp. | 4,079,123 |
77,359 | Tailored Brands, Inc. | 1,871,314 | |
251,483 | Tile Shop Holdings, Inc. | 2,351,366 | |
169,666 | Travelport Worldwide Ltd. | 2,309,154 | |
56,751 | 1 | Yelp, Inc. | 2,486,829 |
TOTAL | 59,857,616 | ||
Consumer Durables—6.3% | |||
120,824 | 1 | Beazer Homes USA, Inc. | 2,240,077 |
58,031 | 1 | Caesar Stone SDOT Yam Ltd. | 1,230,257 |
21,301 | 1 | Cooper-Standard Holding, Inc. | 2,653,892 |
150,279 | Dana, Inc. | 4,957,704 | |
32,726 | 1 | Installed Building Products, Inc. | 2,354,636 |
37,948 | 1 | iRobot Corp. | 3,367,885 |
199,120 | KB Home | 6,276,262 | |
81,122 | 1 | Meritor, Inc. | 2,213,008 |
21,526 | 1 | RH | 2,023,229 |
TOTAL | 27,316,950 | ||
Consumer Staples—1.8% | |||
180,175 | 1 | GNC Holdings, Inc. | 783,761 |
23,869 | Libbey, Inc. | 168,754 | |
41,002 | Sanderson Farms, Inc. | 5,203,154 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
34,045 | 1 | United Natural Foods, Inc. | $1,620,542 |
TOTAL | 7,776,211 | ||
Energy—3.3% | |||
16,074 | Arch Coal, Inc. | 1,446,821 | |
142,827 | Archrock, Inc. | 1,328,291 | |
66,105 | 1 | Cloud Peak Energy, Inc. | 330,525 |
79,728 | 1 | Exterran Corp. | 2,302,545 |
84,402 | Gulf Island Fabrication, Inc. | 1,088,786 | |
70,802 | 1 | Key Energy Services, Inc. | 1,048,578 |
204,421 | 1 | Now, Inc. | 2,410,124 |
51,023 | 1 | Unit Corp. | 1,236,287 |
611,135 | 1 | W&T Offshore, Inc. | 2,957,893 |
89,417 | 1 | Westmoreland Coal Co. | 96,570 |
TOTAL | 14,246,420 | ||
Financial Services—23.8% | |||
12,925 | 1st Source Corp. | 675,848 | |
44,520 | BancorpSouth Bank | 1,493,646 | |
35,534 | Beneficial Mutual Bancorp, Inc. | 577,428 | |
251,271 | CNO Financial Group, Inc. | 6,178,754 | |
4,909 | Cathay Bancorp, Inc. | 214,720 | |
133,450 | Charter Financial Corp. | 2,566,243 | |
6,695 | Chemical Financial Corp. | 391,055 | |
9,590 | Columbia Banking Systems, Inc. | 413,137 | |
46,072 | 1 | Enova International, Inc. | 824,689 |
20,760 | Enterprise Financial Services Corp. | 1,009,974 | |
164,125 | 1 | Everi Holdings, Inc. | 1,270,327 |
251,245 | 1 | Ezcorp, Inc., Class A | 2,964,691 |
18,767 | 1 | FCB Financial Holdings, Inc. | 1,028,432 |
26,253 | Farmers Capital Bank Corp. | 1,031,743 | |
22,793 | Federal Agricultural Mortgage Association, Class C | 1,829,138 | |
23,382 | Financial Institutions, Inc. | 728,349 | |
69,495 | First Bancorp, Inc. | 2,529,618 | |
44,062 | First Busey Corp. | 1,365,041 | |
5,839 | First Citizens Bancshares, Inc., Class A | 2,483,969 | |
75,090 | First Defiance Financial Corp. | 4,172,000 | |
6,901 | First Financial Corp. | 319,516 | |
48,836 | First Guaranty Bancshares, Inc. | 1,284,387 | |
21,815 | First Merchants Corp. | 941,535 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Financial Services—continued | |||
124,151 | 1 | First NBC Bank Holding Co. | $1,242 |
136,848 | Fulton Financial Corp. | 2,490,634 | |
39,399 | Hancock Holding Co. | 2,115,726 | |
40,909 | 1 | Hometrust Bancshares, Inc. | 1,037,043 |
29,427 | Iberiabank Corp. | 2,486,581 | |
13,817 | Lakeland Financial Corp. | 664,183 | |
311,365 | 1 | MGIC Investment Corp. | 4,614,429 |
133,451 | Meridian Bancorp, Inc. | 2,729,073 | |
13,826 | Meta Financial Group, Inc. | 1,617,642 | |
12,747 | Midland States Bancorp, Inc. | 409,051 | |
30,902 | National Bank Holdings Corp. | 1,027,182 | |
22,234 | 1 | Nicolet Bankshares, Inc. | 1,207,084 |
111,874 | Old National Bancorp | 1,935,420 | |
32,031 | Peapack-Gladstone Financial Corp. | 1,137,741 | |
17,312 | Preferred Bank Los Angeles, CA | 1,115,239 | |
92,342 | QCR Holdings, Inc. | 4,049,197 | |
19,647 | Renasant Corp. | 846,196 | |
21,857 | Republic Bancorp, Inc. | 842,369 | |
46,458 | Sandy Spring Bancorp, Inc. | 1,757,042 | |
24,469 | 1 | Seacoast Banking Corp. of Florida | 631,056 |
43,218 | Simmons 1st National Corp., Class A | 2,543,379 | |
11,241 | South State Corp. | 995,953 | |
50,327 | State Bank Financial Corp. | 1,535,477 | |
36,965 | Sterling Bancorp | 914,884 | |
55,441 | The Bank of NT Butterfield & Son Ltd. | 2,228,174 | |
19,439 | TriCo Bancshares | 718,854 | |
26,895 | Trustmark Corp. | 854,992 | |
43,231 | UMB Financial Corp. | 3,293,338 | |
34,776 | Umpqua Holdings Corp. | 752,900 | |
22,510 | Union Bankshares Corp. | 849,753 | |
17,964 | United Community Banks, Inc. | 569,100 | |
56,137 | United Financial Bancorp, Inc. | 940,856 | |
54,532 | Universal Insurance Holdings, Inc. | 1,603,241 | |
40,610 | Univest Corp. | 1,137,080 | |
178,761 | Valley National Bancorp | 2,247,026 | |
64,438 | WSFS Financial Corp. | 3,292,782 | |
94,111 | Waddell & Reed Financial, Inc., Class A | 2,164,553 | |
234,819 | Waterstone Financial, Inc. | 4,015,405 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Financial Services—continued | |||
108,805 | Western New England Bancorp, Inc. | $1,180,534 | |
38,686 | Wintrust Financial Corp. | 3,323,127 | |
TOTAL | 104,169,778 | ||
Health Care—15.4% | |||
66,205 | 1,2 | Adeptus Health, Inc., Class A | 0 |
87,900 | 1 | AMAG Pharmaceutical, Inc. | 1,261,365 |
92,399 | 1 | American Renal Associates Holdings, Inc. | 1,747,265 |
18,194 | 1 | Bluebird Bio, Inc. | 3,727,951 |
38,062 | 1 | Cara Therapeutics, Inc. | 558,369 |
335,234 | 1 | DepoMed, Inc. | 2,463,970 |
147,773 | 1 | Emergent Biosolutions, Inc. | 7,209,845 |
57,295 | 1 | Inogen, Inc. | 6,980,823 |
75,922 | 1 | Intra-Cellular Therapies, Inc. | 1,292,192 |
15,788 | 1 | iRadimed Corp. | 233,662 |
120,653 | 1 | Lannett Co., Inc. | 2,455,289 |
45,592 | 1 | Lantheus Holdings, Inc. | 1,048,616 |
49,074 | LeMaitre Vascular, Inc. | 1,707,775 | |
68,165 | 1 | Masimo Corp. | 6,423,870 |
15,693 | Medifast, Inc. | 1,078,266 | |
102,685 | 1 | Merrimack Pharmaceuticals, Inc. | 1,078,192 |
105,629 | 1 | MiMedx Group, Inc. | 1,769,286 |
27,841 | 1 | Myokardia, Inc. | 1,436,596 |
34,558 | 1 | Nektar Therapeutics | 2,889,394 |
15,088 | 1 | Ophthotech Corp. | 44,057 |
50,857 | 1 | Orthofix International NV | 2,921,226 |
148,018 | 1 | PDL BioPharma, Inc. | 408,530 |
71,401 | 1 | PRA Health Sciences, Inc. | 6,501,775 |
84,624 | PetMed Express, Inc. | 3,825,005 | |
239,684 | 1 | Sangamo BioSciences, Inc. | 4,997,411 |
24,992 | 1 | Sarepta Therapeutics, Inc. | 1,637,976 |
45,618 | 1 | Tetraphase Pharmaceuticals, Inc. | 266,409 |
37,737 | 1 | Tivity Health, Inc. | 1,462,309 |
TOTAL | 67,427,424 | ||
Information Technology—14.9% | |||
36,220 | 1 | Advanced Energy Industries, Inc. | 2,576,329 |
26,827 | Bel Fuse, Inc. | 551,295 | |
22,844 | Belden, Inc. | 1,936,486 | |
15,230 | Black Box Corp. | 53,305 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
54,454 | Cabot Microelectronics Corp. | $5,548,318 | |
28,686 | 1 | Cirrus Logic, Inc. | 1,421,965 |
58,558 | Cohu, Inc. | 1,333,366 | |
60,289 | 1 | Commvault Systems, Inc. | 3,216,418 |
34,513 | Convergys Corp. | 803,117 | |
99,247 | 1 | Cray, Inc. | 2,406,740 |
76,797 | 1 | Diodes, Inc. | 2,164,907 |
80,964 | 1 | FormFactor, Inc. | 1,161,833 |
38,241 | 1 | Integrated Device Technology, Inc. | 1,143,406 |
61,767 | MKS Instruments, Inc. | 6,318,764 | |
52,513 | Monolithic Power Systems | 6,255,349 | |
30,022 | 1 | Paycom Software, Inc. | 2,751,216 |
54,670 | 1 | Proofpoint, Inc. | 5,577,433 |
62,550 | 1 | Qualys, Inc. | 3,909,375 |
33,945 | 1 | Silicon Laboratories, Inc. | 3,265,509 |
87,869 | 1 | Syntel, Inc. | 1,981,446 |
120,089 | 1 | TTM Technologies | 1,980,268 |
2,927 | Universal Display Corp. | 466,564 | |
17,187 | 1 | Varonis Systems, Inc. | 933,254 |
199,396 | Vishay Intertechnology, Inc. | 4,376,742 | |
136,344 | 1 | Web.com Group Inc. | 3,169,998 |
TOTAL | 65,303,403 | ||
Public Utilities—4.4% | |||
479,167 | Frontier Communications Corp. | 3,924,378 | |
107,882 | ONE Gas, Inc. | 7,641,282 | |
180,460 | Portland General Electric Co. | 7,642,481 | |
TOTAL | 19,208,141 | ||
Transportation—1.7% | |||
66,669 | Greenbrier Cos., Inc. | 3,343,450 | |
186,799 | 1 | Overseas Shipholding Group, Inc. | 394,146 |
55,422 | 1 | Radiant Logistics, Inc. | 266,580 |
92,545 | Teekay Tankers Ltd., Class A | 117,532 | |
36,086 | 1 | XPO Logistics, Inc. | 3,407,962 |
TOTAL | 7,529,670 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $388,778,110) | 423,534,323 |
Shares | Value | ||
INVESTMENT COMPANY—3.8% | |||
16,535,133 | 3 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.51%4 (IDENTIFIED COST $16,534,190) | $16,535,133 |
TOTAL INVESTMENT IN SECURITIES—100.8% (IDENTIFIED COST $405,312,300)5 | 440,069,456 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.8)%6 | (3,350,908) | ||
TOTAL NET ASSETS—100% | $436,718,548 |
1 | Non-income-producing security. |
2 | Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established by and under the general supervision of the Fund's Board of Trustees (the “Trustees”). |
3 | Affiliated holding. |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2017 | 7,980,640 |
Purchases/Additions | 101,825,685 |
Sales/Reductions | (93,271,192) |
Balance of Shares Held 1/31/2018 | 16,535,133 |
Value | $16,535,133 |
Change in Unrealized Appreciation/Depreciation | $892 |
Net Realized Gain/(Loss) | $(2,036) |
Dividend Income | $61,640 |
4 | 7-day net yield. |
5 | Also represents cost for federal tax purposes. |
6 | 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 | $414,845,512 | $— | $0 | $414,845,512 |
International | 8,688,811 | — | — | 8,688,811 |
Investment Company | 16,535,133 | — | — | 16,535,133 |
TOTAL SECURITIES | $440,069,456 | $— | $0 | $440,069,456 |
Six Months Ended (unaudited) 1/31/2018 | Year Ended July 31, | |||||
2017 | 2016 | 2015 | 2014 | 2013 | ||
Net Asset Value, Beginning of Period | $18.69 | $15.08 | $15.66 | $15.07 | $13.70 | $9.52 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.021 | (0.02)1 | 0.031 | (0.05)1 | (0.12)1 | (0.01)1 |
Net realized and unrealized gain on investments | 2.09 | 3.78 | 1.02 | 1.57 | 1.49 | 4.19 |
TOTAL FROM INVESTMENT OPERATIONS | 2.11 | 3.76 | 1.05 | 1.52 | 1.37 | 4.18 |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (0.87) | (0.15) | (1.63) | (0.93) | — | — |
Net Asset Value, End of Period | $19.93 | $18.69 | $15.08 | $15.66 | $15.07 | $13.70 |
Total Return2 | 11.45% | 24.97% | 7.90% | 10.22% | 10.00% | 43.91% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.14%3 | 1.14% | 1.13% | 1.48% | 1.70% | 1.70% |
Net investment income (loss) | 0.18%3 | (0.13)% | 0.19% | (0.35)% | (0.77)% | (0.05)% |
Expense waiver/reimbursement4 | 0.38%3 | 0.55% | 1.10% | 0.76% | 0.52% | 1.09% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $60,650 | $37,031 | $13,035 | $7,160 | $5,346 | $3,694 |
Portfolio turnover | 26% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2018 | Year Ended July 31, | |||||
2017 | 2016 | 2015 | 2014 | 2013 | ||
Net Asset Value, Beginning of Period | $16.83 | $13.70 | $14.48 | $14.10 | $12.91 | $9.04 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.05)1 | (0.14)1 | (0.07)1 | (0.16)1 | (0.21)1 | (0.09)1 |
Net realized and unrealized gain on investments | 1.89 | 3.42 | 0.92 | 1.47 | 1.40 | 3.96 |
TOTAL FROM INVESTMENT OPERATIONS | 1.84 | 3.28 | 0.85 | 1.31 | 1.19 | 3.87 |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (0.87) | (0.15) | (1.63) | (0.93) | — | — |
Net Asset Value, End of Period | $17.80 | $16.83 | $13.70 | $14.48 | $14.10 | $12.91 |
Total Return2 | 11.11% | 23.98% | 7.12% | 9.41% | 9.22% | 42.81% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.89%3 | 1.89% | 1.88% | 2.28% | 2.45% | 2.45% |
Net investment income (loss) | (0.56)%3 | (0.89)% | (0.56)% | (1.11)% | (1.50)% | (0.81)% |
Expense waiver/reimbursement4 | 0.41%3 | 0.57% | 1.11% | 0.72% | 0.54% | 1.11% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $20,458 | $15,223 | $3,422 | $3,031 | $3,338 | $2,636 |
Portfolio turnover | 26% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2018 | Year Ended July 31, | |||||
2017 | 2016 | 2015 | 2014 | 2013 | ||
Net Asset Value, Beginning of Period | $19.30 | $15.54 | $16.04 | $15.38 | $13.94 | $9.67 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.041 | 0.021 | 0.061 | (0.02)1 | (0.08)1 | 0.031 |
Net realized and unrealized gain on investments | 2.17 | 3.90 | 1.07 | 1.61 | 1.52 | 4.24 |
TOTAL FROM INVESTMENT OPERATIONS | 2.21 | 3.92 | 1.13 | 1.59 | 1.44 | 4.27 |
Less Distributions: | ||||||
Distributions from net investment income | (0.02) | — | — | — | — | — |
Distributions from net realized gain on investments | (0.87) | (0.16) | (1.63) | (0.93) | — | — |
TOTAL DISTRIBUTIONS | (0.89) | (0.16) | (1.63) | (0.93) | — | — |
Net Asset Value, End of Period | $20.62 | $19.30 | $15.54 | $16.04 | $15.38 | $13.94 |
Total Return2 | 11.63% | 25.24% | 8.24% | 10.48% | 10.33% | 44.16% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.89%3 | 0.89% | 0.88% | 1.26% | 1.45% | 1.45% |
Net investment income (loss) | 0.43%3 | 0.10% | 0.43% | (0.11)% | (0.51)% | 0.23% |
Expense waiver/reimbursement4 | 0.37%3 | 0.53% | 1.11% | 0.74% | 0.52% | 1.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $349,259 | $179,219 | $24,529 | $20,504 | $21,486 | $14,084 |
Portfolio turnover | 26% | 91% | 189% | 166% | 174% | 184% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2018 | Year Ended 7/31/2017 | Period Ended 7/31/20161 | |
Net Asset Value, Beginning of Period | $19.30 | $15.54 | $13.88 |
Income From Investment Operations: | |||
Net investment income (loss) | 0.04 | 0.01 | (0.01)2 |
Net realized and unrealized gain on investments | 2.18 | 3.91 | 1.67 |
TOTAL FROM INVESTMENT OPERATIONS | 2.22 | 3.92 | 1.66 |
Less Distributions: | |||
Distributions from net investment income | (0.03) | — | — |
Distributions from net realized gain on investments | (0.87) | (0.16) | — |
TOTAL DISTRIBUTIONS | (0.90) | (0.16) | — |
Net Asset Value, End of Period | $20.62 | $19.30 | $15.54 |
Total Return3 | 11.64% | 25.24% | 11.96% |
Ratios to Average Net Assets: | |||
Net expenses | 0.88%4 | 0.88% | 0.87%4 |
Net investment income (loss) | 0.42%4 | 0.04% | (0.04)%4 |
Expense waiver/reimbursement5 | 0.30%4 | 0.41% | 0.97%4 |
Supplemental Data: | |||
Net assets, end of period (000 omitted) | $6,351 | $1,017 | $06 |
Portfolio turnover | 26% | 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. 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: | ||
Investment in securities, at value including $16,535,133 of investment in an affiliated holding (identified cost $405,312,300) | $440,069,456 | |
Cash | 675,127 | |
Income receivable | 107,421 | |
Receivable for shares sold | 2,495,108 | |
TOTAL ASSETS | 443,347,112 | |
Liabilities: | ||
Payable for investments purchased | $5,713,855 | |
Payable for shares redeemed | 747,016 | |
Payable to adviser (Note 5) | 8,467 | |
Payable for administrative fees (Note 5) | 965 | |
Payable for Directors'/Trustees' fees (Note 5) | 510 | |
Payable for distribution services fee (Note 5) | 12,684 | |
Payable for other service fees (Notes 2 and 5) | 30,492 | |
Accrued expenses (Note 5) | 114,575 | |
TOTAL LIABILITIES | 6,628,564 | |
Net assets for 21,440,553 shares outstanding | $436,718,548 | |
Net Assets Consist of: | ||
Paid-in capital | $395,580,120 | |
Net unrealized appreciation of investments | 34,757,156 | |
Accumulated net realized gain on investments | 6,201,849 | |
Undistributed net investment income | 179,423 | |
TOTAL NET ASSETS | $436,718,548 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($60,649,702 ÷ 3,042,441 shares outstanding), no par value, unlimited shares authorized | $19.93 | |
Offering price per share (100/94.50 of $19.93) | $21.09 | |
Redemption proceeds per share | $19.93 | |
Class C Shares: | ||
Net asset value per share ($20,458,419 ÷ 1,149,646 shares outstanding), no par value, unlimited shares authorized | $17.80 | |
Offering price per share | $17.80 | |
Redemption proceeds per share (99.00/100 of $17.80) | $17.62 | |
Institutional Shares: | ||
Net asset value per share ($349,259,160 ÷ 16,940,459 shares outstanding), no par value, unlimited shares authorized | $20.62 | |
Offering price per share | $20.62 | |
Redemption proceeds per share | $20.62 | |
Class R6 Shares: | ||
Net asset value per share ($6,351,267 ÷ 308,007 shares outstanding), no par value, unlimited shares authorized | $20.62 | |
Offering price per share | $20.62 | |
Redemption proceeds per share | $20.62 |
Investment Income: | |||
Dividends (including $61,640 received from an affiliated holding, see footnotes to Portfolio of Investments and net of foreign taxes withheld of $66) | $2,089,364 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,563,074 | ||
Administrative fee (Note 5) | 126,351 | ||
Custodian fees | 10,759 | ||
Transfer agent fee (Note 2) | 139,277 | ||
Directors'/Trustees' fees (Note 5) | 1,818 | ||
Auditing fees | 13,309 | ||
Legal fees | 4,634 | ||
Portfolio accounting fees | 49,604 | ||
Distribution services fee (Note 5) | 65,774 | ||
Other service fees (Notes 2 and 5) | 79,218 | ||
Share registration costs | 49,583 | ||
Printing and postage | 22,208 | ||
Miscellaneous (Note 5) | 12,990 | ||
TOTAL EXPENSES | 2,138,599 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(484,920) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (103,598) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (588,518) | ||
Net expenses | 1,550,081 | ||
Net investment income | 539,283 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments (including net realized loss of $(2,036) on sales of investments in an affiliated holding) | 12,435,240 | ||
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $892 on investments in an affiliated holding) | 20,853,704 | ||
Net realized and unrealized gain on investments | 33,288,944 | ||
Change in net assets resulting from operations | $33,828,227 |
Six Months Ended (unaudited) 1/31/2018 | Year Ended 7/31/2017 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $539,283 | $(29,946) |
Net realized gain on investments | 12,435,240 | 10,729,386 |
Net change in unrealized appreciation/depreciation of investments | 20,853,704 | 10,955,971 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 33,828,227 | 21,655,411 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Institutional Shares | (354,320) | — |
Class R6 Shares | (5,540) | — |
Distributions from net realized gain on investments | ||
Class A Shares | (2,288,663) | (229,905) |
Class C Shares | (894,219) | (64,270) |
Institutional Shares | (11,803,798) | (525,114) |
Class R6 Shares | (183,980) | (1) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (15,530,520) | (819,290) |
Share Transactions: | ||
Proceeds from sale of shares | 220,487,375 | 234,400,654 |
Net asset value of shares issued to shareholders in payment of distributions declared | 15,027,304 | 801,641 |
Cost of shares redeemed | (49,583,567) | (64,535,560) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 185,931,112 | 170,666,735 |
Change in net assets | 204,228,819 | 191,502,856 |
Net Assets: | ||
Beginning of period | 232,489,729 | 40,986,873 |
End of period (including undistributed net investment income of $179,423 and $0, respectively) | $436,718,548 | $232,489,729 |
■ | Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market. |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $22,283 | $(17,086) |
Class C Shares | 11,525 | (9,312) |
Institutional Shares | 105,258 | (77,200) |
Class R6 Shares | 211 | — |
TOTAL | $139,277 | $(103,598) |
Other Service Fees Incurred | |
Class A Shares | $57,520 |
Class C Shares | 21,698 |
TOTAL | $79,218 |
Six Months Ended 1/31/2018 | Year Ended 7/31/2017 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,471,856 | $29,017,121 | 2,543,276 | $44,263,084 |
Shares issued to shareholders in payment of distributions declared | 114,322 | 2,215,556 | 12,847 | 227,778 |
Shares redeemed | (525,394) | (10,219,568) | (1,438,730) | (25,497,861) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 1,060,784 | $21,013,109 | 1,117,393 | $18,993,001 |
Six Months Ended 1/31/2018 | Year Ended 7/31/2017 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 310,062 | $5,426,781 | 844,369 | $13,376,009 |
Shares issued to shareholders in payment of distributions declared | 51,304 | 888,075 | 3,710 | 59,508 |
Shares redeemed | (116,120) | (1,997,134) | (193,490) | (3,060,689) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 245,246 | $4,317,722 | 654,589 | $10,374,828 |
Six Months Ended 1/31/2018 | Year Ended 7/31/2017 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 8,903,881 | $180,702,030 | 9,680,146 | $175,632,372 |
Shares issued to shareholders in payment of distributions declared | 584,818 | 11,734,158 | 28,142 | 514,355 |
Shares redeemed | (1,835,225) | (37,001,146) | (2,000,149) | (35,852,755) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 7,653,474 | $155,435,042 | 7,708,139 | $140,293,972 |
Six Months Ended 1/31/2018 | Year Ended 7/31/2017 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 263,719 | $5,341,443 | 59,333 | $1,129,189 |
Shares issued to shareholders in payment of distributions declared | 9,445 | 189,515 | — | — |
Shares redeemed | (17,862) | (365,719) | (6,635) | (124,255) |
NET CHANGE RESULTING FROM CLASS R6 SHARES TRANSACTIONS | 255,302 | $5,165,239 | 52,698 | $1,004,934 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 9,214,806 | $185,931,112 | 9,532,819 | $170,666,735 |
Expiration Year | Short-Term | Long-Term | Total |
2018 | $268,637 | NA | $268,637 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
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 | $65,774 |
Purchases | $245,434,276 |
Sales | $79,444,264 |
Beginning Account Value 8/1/2017 | Ending Account Value 1/31/2018 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,114.50 | $6.08 |
Class C Shares | $1,000 | $1,111.10 | $10.06 |
Institutional Shares | $1,000 | $1,116.30 | $4.75 |
Class R6 Shares | $1,000 | $1,116.40 | $4.69 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.50 | $5.80 |
Class C Shares | $1,000 | $1,015.70 | $9.60 |
Institutional Shares | $1,000 | $1,020.70 | $4.53 |
Class R6 Shares | $1,000 | $1,020.80 | $4.48 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.14% |
Class C Shares | 1.89% |
Institutional Shares | 0.89% |
Class R6 Shares | 0.88% |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R791
CUSIP 31421R783
CUSIP 31421R627
2018 ©Federated Investors, Inc.
Share Class | Ticker | A | QASGX | B | QBSGX | C | QCSGX |
Institutional | QISGX | R6 | QLSGX |
Sector Composition | Percentage of Total Net Assets |
Health Care | 24.3% |
Information Technology | 20.0% |
Consumer Cyclicals | 17.6% |
Financial Services | 10.9% |
Capital Goods | 8.7% |
Consumer Durables | 7.2% |
Basic Industries | 5.0% |
Consumer Staples | 2.3% |
Transportation | 1.0% |
Other2 | 0.4% |
Cash Equivalents3 | 1.8% |
Other Assets and Liabilities—Net4 | 0.8% |
TOTAL | 100.0% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, sector 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—97.4% | |||
Basic Industries—5.0% | |||
39,370 | 1 | Ferro Corp. | $925,981 |
17,281 | Global Brass & Copper Holdings, Inc. | 555,584 | |
30,160 | KMG Chemicals, Inc. | 1,832,220 | |
69,885 | Knoll, Inc. | 1,603,162 | |
12,257 | 1 | Koppers Holdings, Inc. | 561,371 |
21,747 | Kronos Worldwide, Inc. | 596,955 | |
159,989 | 1 | Louisiana-Pacific Corp. | 4,737,274 |
19,552 | 1 | Rogers Corp. | 3,221,779 |
65,555 | 1 | Univar, Inc. | 1,957,472 |
36,401 | Worthington Industries, Inc. | 1,702,111 | |
TOTAL | 17,693,909 | ||
Capital Goods—8.7% | |||
37,546 | Argan, Inc. | 1,637,006 | |
32,668 | Comfort Systems USA, Inc. | 1,391,657 | |
5,816 | Curtiss Wright Corp. | 759,919 | |
41,524 | 1 | DXP Enterprises, Inc. | 1,420,536 |
10,799 | EnPro Industries, Inc. | 950,204 | |
60,531 | 1 | Generac Holdings, Inc. | 2,961,782 |
47,418 | H&E Equipment Services, Inc. | 1,867,321 | |
97,321 | 1 | Harsco Corp. | 1,742,046 |
64,027 | Kennametal, Inc. | 3,123,237 | |
46,432 | 1 | Mastec, Inc. | 2,479,469 |
44,797 | 1 | Novoste Corp. | 2,593,746 |
45,549 | 1 | Proto Labs, Inc. | 4,980,783 |
27,837 | Raven Industries, Inc. | 1,073,116 | |
48,902 | 1 | SPX Corp. | 1,528,187 |
39,654 | 1 | Team, Inc. | 674,118 |
57,370 | Wabash National Corp. | 1,481,867 | |
TOTAL | 30,664,994 | ||
Consumer Cyclicals—17.6% | |||
24,118 | 1 | Avis Budget Group, Inc. | 1,084,345 |
48,330 | Big Lots, Inc. | 2,937,497 | |
20,489 | Brady (W.H.) Co. | 783,704 | |
290,568 | Chicos Fas, Inc. | 2,763,302 | |
14,315 | Children's Place, Inc./The | 2,144,387 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Cyclicals—continued | |||
36,823 | 1 | Cimpress NV | $4,691,618 |
76,006 | 1 | CROCs, Inc. | 1,026,841 |
76,819 | Deluxe Corp. | 5,705,347 | |
48,088 | DineEquity, Inc. | 2,663,114 | |
32,703 | 1 | Five Below, Inc. | 2,123,406 |
102,037 | 1 | Francesca's Holdings Corp. | 594,876 |
91,976 | 1 | Gray Television, Inc. | 1,503,808 |
55,317 | 1 | Groupon, Inc. | 292,627 |
42,400 | 1 | GrubHub, Inc. | 3,063,400 |
27,932 | Hackett Group, Inc. | 447,191 | |
19,854 | KForce Com, Inc. | 515,211 | |
35,186 | 1 | MSG Networks, Inc. | 844,464 |
45,173 | Nutri/System, Inc. | 1,953,732 | |
58,432 | 1 | Ollie's Bargain Outlet Holding, Inc. | 3,245,898 |
11,334 | 1 | On Assignment, Inc. | 867,844 |
69,302 | 1 | Penn National Gaming, Inc. | 2,211,427 |
12,214 | 1 | Planet Fitness, Inc. | 412,345 |
85,250 | Quad Graphics, Inc. | 1,885,730 | |
73,046 | 1 | Rush Enterprises, Inc. | 3,948,136 |
70,497 | 1 | Scientific Games Corp. | 3,288,685 |
77,202 | 1 | Shutterfly, Inc. | 5,261,316 |
32,742 | Tailored Brands, Inc. | 792,029 | |
142,917 | Travelport Worldwide Ltd. | 1,945,100 | |
98,036 | 1 | Vonage Holdings Corp. | 1,097,023 |
42,725 | 1 | Yelp, Inc. | 1,872,210 |
TOTAL | 61,966,613 | ||
Consumer Durables—7.2% | |||
13,827 | Bassett Furniture Industries, Inc. | 469,427 | |
18,486 | 1 | Beacon Roofing Supply, Inc. | 1,118,403 |
90,210 | 1 | Commercial Vehicle Group, Inc. | 1,115,898 |
11,090 | 1 | Cooper-Standard Holding, Inc. | 1,381,703 |
101,094 | Dana, Inc. | 3,335,091 | |
31,320 | 1 | Installed Building Products, Inc. | 2,253,474 |
32,631 | 1 | iRobot Corp. | 2,896,001 |
88,275 | M.D.C. Holdings, Inc. | 2,975,750 | |
21,986 | 1 | RH | 2,066,464 |
79,612 | Steelcase, Inc., Class A | 1,237,967 | |
20,928 | 1 | Stoneridge, Inc. | 509,387 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Durables—continued | |||
122,257 | 1 | Taylor Morrison Home Corp., Class A | $3,108,995 |
3,106 | 1 | Trex Co., Inc. | 346,599 |
65,745 | Universal Forest Products, Inc. | 2,454,261 | |
TOTAL | 25,269,420 | ||
Consumer Staples—2.3% | |||
51,528 | 1 | Chefs Warehouse, Inc. | 1,048,595 |
163,170 | 1 | GNC Holdings, Inc. | 709,789 |
25,656 | 1 | Helen of Troy Ltd. | 2,389,856 |
52,750 | Libbey, Inc. | 372,943 | |
7,021 | 1 | The Boston Beer Co., Inc., Class A | 1,332,937 |
31,595 | 1 | USANA Health Sciences, Inc. | 2,358,567 |
TOTAL | 8,212,687 | ||
Energy—0.4% | |||
17,621 | Ormat Technologies, Inc. | 1,234,880 | |
15,133 | 1 | Par Petroleum Corp. | 275,875 |
86,100 | 1 | Rentech, Inc. | 1,300 |
TOTAL | 1,512,055 | ||
Financial Services—10.9% | |||
55,615 | 1 | Allegiance Bancshares, Inc. | 2,246,846 |
27,937 | Artisan Partners Asset Management, Inc. | 1,093,734 | |
152,932 | Blue Hills Bancorp, Inc. | 2,951,588 | |
3,578 | CPI Card Group, Inc. | 10,340 | |
85,454 | 1 | Enova International, Inc. | 1,529,627 |
70,992 | 1 | Essent Group Ltd. | 3,302,548 |
179,611 | 1 | Everi Holdings, Inc. | 1,390,189 |
11,732 | Financial Engines, Inc. | 333,775 | |
45,102 | 1 | Green Dot Corp. | 2,762,949 |
46,840 | Guaranty Bancshares, Inc. | 1,482,954 | |
76,336 | Hamilton Lane, Inc. | 2,845,806 | |
5,710 | Hingham Institution for Savings | 1,237,471 | |
26,230 | LegacyTexas Financial Group, Inc. | 1,155,169 | |
31,313 | Liberty Tax, Inc. | 322,524 | |
108,722 | National Bank Holdings Corp. | 3,613,919 | |
13,459 | 1 | National Commerce Corp. | 610,366 |
77,740 | OM Asset Management PLC | 1,390,769 | |
34,590 | Primerica, Inc. | 3,493,590 | |
9,659 | 1 | Texas Capital Bancshares, Inc. | 915,673 |
90,462 | The Bank of NT Butterfield & Son Ltd. | 3,635,668 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Financial Services—continued | |||
69,501 | Universal Insurance Holdings, Inc. | $2,043,329 | |
TOTAL | 38,368,834 | ||
Health Care—24.3% | |||
51,904 | 1,2 | Adeptus Health, Inc., Class A | 0 |
9,528 | 1 | Aerie Pharmaceuticals, Inc. | 522,611 |
97,789 | 1 | American Renal Associates Holdings, Inc. | 1,849,190 |
63,427 | 1 | Amicus Therapeutics, Inc. | 1,028,786 |
21,880 | 1 | Assembly Biosciences, Inc. | 1,032,298 |
11,669 | 1 | Bluebird Bio, Inc. | 2,390,978 |
14,889 | 1 | Blueprint Medicines Corp. | 1,171,020 |
8,685 | 1 | Cambrex Corp. | 489,400 |
15,307 | Cantel Medical Corp. | 1,698,006 | |
101,510 | 1 | Care.com, Inc. | 1,861,693 |
64,610 | 1 | ChemoCentryx, Inc. | 604,104 |
37,898 | 1 | Concert Pharmaceuticals, Inc. | 760,992 |
51,126 | 1 | Cutera, Inc. | 2,535,850 |
68,657 | 1 | Cytomx Therapeutics, Inc. | 1,836,575 |
253,046 | 1 | DepoMed, Inc. | 1,859,888 |
103,610 | 1 | Emergent Biosolutions, Inc. | 5,055,132 |
151,389 | 1 | Enzo Biochem, Inc. | 1,114,223 |
4,643 | 1 | Esperion Therapeutics, Inc. | 336,664 |
14,078 | 1 | Exact Sciences Corp. | 699,817 |
18,903 | 1 | Global Blood Therapeutics, Inc. | 1,094,484 |
5,326 | 1 | Haemonetics Corp. | 344,326 |
79,086 | 1 | Halozyme Therapeutics, Inc. | 1,477,326 |
51,674 | 1 | HealthEquity, Inc. | 2,615,738 |
28,927 | HealthSouth Corp. | 1,530,817 | |
62,627 | 1 | Heron Therapeutics, Inc. | 1,355,875 |
1,891 | 1 | ICU Medical, Inc. | 432,944 |
125,660 | 1 | Innoviva, Inc. | 1,833,379 |
33,713 | 1 | Inogen, Inc. | 4,107,592 |
37,152 | 1 | Insmed, Inc. | 945,147 |
22,277 | 1 | Insulet Corp. | 1,704,859 |
51,862 | 1 | Intra-Cellular Therapies, Inc. | 882,691 |
16,842 | 1 | iRadimed Corp. | 249,262 |
46,836 | 1 | Lantheus Holdings, Inc. | 1,077,228 |
26,483 | LeMaitre Vascular, Inc. | 921,608 | |
13,498 | 1 | Ligand Pharmaceuticals, Inc., Class B | 2,127,555 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
56,383 | 1 | Lipocine, Inc. | $74,426 |
56,452 | 1 | Masimo Corp. | 5,320,036 |
15,193 | Medifast, Inc. | 1,043,911 | |
95,169 | 1 | MiMedx Group, Inc. | 1,594,081 |
9,148 | 1 | Molina Healthcare, Inc. | 835,761 |
45,027 | 1 | Nektar Therapeutics | 3,764,707 |
6,733 | 1 | NuVasive, Inc. | 329,042 |
50,473 | 1 | Orthofix International NV | 2,899,169 |
103,029 | 1 | PDL BioPharma, Inc. | 284,360 |
68,045 | 1 | PRA Health Sciences, Inc. | 6,196,178 |
24,850 | 1 | PTC Therapeutics, Inc. | 653,306 |
50,279 | PetMed Express, Inc. | 2,272,611 | |
40,201 | 1 | Prestige Brands Holdings, Inc. | 1,681,608 |
43,571 | 1 | Protagonist Therapeutics, Inc. | 996,033 |
36,491 | 1 | Quorum Health Corp. | 225,149 |
30,285 | 1 | Revance Therapeutics, Inc. | 978,205 |
10,870 | 1 | SAGE Therapeutics, Inc. | 2,063,126 |
118,015 | 1 | Sangamo BioSciences, Inc. | 2,460,613 |
22,171 | 1 | Sarepta Therapeutics, Inc. | 1,453,087 |
14,549 | 1 | Weight Watchers International, Inc. | 935,355 |
TOTAL | 85,608,822 | ||
Information Technology—20.0% | |||
22,304 | 1 | Acxiom Corp. | 603,769 |
44,020 | 1 | Advanced Energy Industries, Inc. | 3,131,143 |
13,611 | 1 | Alteryx, Inc. | 372,941 |
30,355 | 1 | AppFolio, Inc. | 1,285,534 |
4,562 | 1 | Aspen Technology, Inc. | 353,327 |
6,107 | Belden, Inc. | 517,690 | |
15,909 | 1 | Bottomline Technologies, Inc. | 580,679 |
11,323 | Brooks Automation, Inc. | 315,912 | |
16,531 | CSG Systems International, Inc. | 746,705 | |
25,134 | Cabot Microelectronics Corp. | 2,560,903 | |
37,801 | 1 | Cirrus Logic, Inc. | 1,873,796 |
27,309 | 1 | Commvault Systems, Inc. | 1,456,935 |
36,479 | Convergys Corp. | 848,866 | |
25,385 | 1 | EPAM Systems, Inc. | 2,982,230 |
25,090 | Ebix, Inc. | 2,059,889 | |
57,623 | Entegris, Inc. | 1,875,629 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
18,860 | 1 | Everbridge, Inc. | $608,801 |
39,486 | 1 | Extreme Networks, Inc. | 593,475 |
24,068 | 1 | Five9, Inc. | 626,009 |
93,027 | 1 | FormFactor, Inc. | 1,334,937 |
45,250 | 1 | Hortonworks, Inc. | 902,737 |
3,343 | 1 | HubSpot, Inc. | 324,438 |
29,695 | 1 | Imperva, Inc. | 1,299,156 |
17,144 | 1 | Inovalon Holdings, Inc. | 222,872 |
43,408 | 1 | Instructure, Inc. | 1,558,347 |
13,282 | 1 | Integrated Device Technology, Inc. | 397,132 |
45,450 | MKS Instruments, Inc. | 4,649,535 | |
7,913 | 1 | Microsemi Corp. | 488,944 |
42,261 | 1 | Mitek Systems, Inc. | 329,636 |
34,919 | Monolithic Power Systems | 4,159,551 | |
20,308 | 1 | Nanometrics, Inc. | 503,029 |
29,448 | 1 | Paycom Software, Inc. | 2,698,615 |
32,895 | 1 | Paylocity Corp. | 1,720,080 |
58,353 | Progress Software Corp. | 2,907,730 | |
45,791 | 1 | Proofpoint, Inc. | 4,671,598 |
82,455 | 1 | Pure Storage, Inc. | 1,660,644 |
21,569 | 1 | Qualys, Inc. | 1,348,062 |
32,488 | 1 | RealPage, Inc. | 1,616,278 |
38,228 | 1 | RingCentral, Inc. | 2,075,780 |
22,361 | 1 | SPS Commerce, Inc. | 1,176,189 |
37,248 | 1 | Silicon Laboratories, Inc. | 3,583,258 |
68,402 | 1 | Syntel, Inc. | 1,542,465 |
67,693 | TTEC Holdings, Inc. | 2,687,412 | |
5,401 | Universal Display Corp. | 860,919 | |
20,277 | 1 | Varonis Systems, Inc. | 1,101,041 |
60,491 | 1 | Web.com Group, Inc. | 1,406,416 |
TOTAL | 70,621,034 | ||
Transportation—1.0% | |||
22,727 | Brinks Co. (The) | 1,895,432 | |
35,091 | Hawaiian Holdings, Inc. | 1,310,649 | |
108,742 | 1 | Radiant Logistics, Inc. | 523,049 |
TOTAL | 3,729,130 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $293,192,555) | 343,647,498 |
Shares | Value | ||
INVESTMENT COMPANY—1.8% | |||
6,480,806 | 3 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.51%4 (IDENTIFIED COST $6,480,448) | $6,480,806 |
TOTAL INVESTMENT IN SECURITIES-99.2% (IDENTIFIED COST $299,673,003)5 | 350,128,304 | ||
OTHER ASSETS AND LIABILITIES - NET—0.8%6 | 2,793,084 | ||
TOTAL NET ASSETS—100% | $352,921,388 |
1 | Non-income-producing security. |
2 | Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established by and under the general supervision of the Fund's Board of Trustees (the “Trustees”). |
3 | Affiliated holding. |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2017 | 5,448,430 |
Purchases/Additions | 82,332,779 |
Sales/Reductions | (81,300,403) |
Balance of Shares Held 1/31/2018 | 6,480,806 |
Value | $6,480,806 |
Change in Unrealized Appreciation/Depreciation | $316 |
Net Realized Gain/(Loss) | $(2,246) |
Dividend Income | $50,963 |
4 | 7-day net yield. |
5 | Also represents cost of investments for federal tax purposes. |
6 | 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 | $330,474,244 | $— | $0 | $330,474,244 |
International | 13,173,254 | — | — | 13,173,254 |
Investment Company | 6,480,806 | — | — | 6,480,806 |
TOTAL SECURITIES | $350,128,304 | $— | $0 | $350,128,304 |
Six Months Ended (unaudited) 1/31/2018 | Year Ended July 31, | |||||
2017 | 2016 | 2015 | 2014 | 2013 | ||
Net Asset Value, Beginning of Period | $21.89 | $17.66 | $20.49 | $17.39 | $16.12 | $11.93 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.06) | (0.08) | (0.06) | (0.12) | (0.18) | (0.07) |
Net realized and unrealized gain on investments | 3.16 | 4.63 | 0.32 | 3.22 | 1.45 | 4.26 |
TOTAL FROM INVESTMENT OPERATIONS | 3.10 | 4.55 | 0.26 | 3.10 | 1.27 | 4.19 |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (1.20) | (0.32) | (3.09) | — | — | — |
Net Asset Value, End of Period | $23.79 | $21.89 | $17.66 | $20.49 | $17.39 | $16.12 |
Total Return2 | 14.45% | 26.00% | 2.30% | 17.83% | 7.88% | 35.12% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.14%3 | 1.15% | 1.13% | 1.54% | 1.75% | 1.75% |
Net investment income (loss) | (0.48)%3 | (0.39)% | (0.34)% | (0.66)% | (1.05)% | (0.49)% |
Expense waiver/reimbursement4 | 0.46%3 | 0.70% | 1.00% | 0.61% | 0.43% | 0.59% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $73,388 | $47,681 | $29,707 | $32,136 | $29,690 | $30,187 |
Portfolio turnover | 31% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2018 | Year Ended July 31, | |||||
2017 | 2016 | 2015 | 2014 | 2013 | ||
Net Asset Value, Beginning of Period | $20.30 | $16.53 | $19.51 | $16.69 | $15.58 | $11.62 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.13) | (0.20) | (0.18) | (0.25) | (0.30) | (0.17) |
Net realized and unrealized gain on investments | 2.92 | 4.29 | 0.29 | 3.07 | 1.41 | 4.13 |
TOTAL FROM INVESTMENT OPERATIONS | 2.79 | 4.09 | 0.11 | 2.82 | 1.11 | 3.96 |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (1.20) | (0.32) | (3.09) | — | — | — |
Net Asset Value, End of Period | $21.89 | $20.30 | $16.53 | $19.51 | $16.69 | $15.58 |
Total Return2 | 14.06% | 24.98% | 1.58% | 16.90% | 7.12% | 34.08% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.89%3 | 1.90% | 1.88% | 2.27% | 2.50% | 2.50% |
Net investment income (loss) | (1.21)%3 | (1.13)% | (1.09)% | (1.38)% | (1.79)% | (1.25)% |
Expense waiver/reimbursement4 | 0.44%3 | 0.62% | 0.99% | 0.63% | 0.43% | 0.59% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,195 | $1,373 | $1,899 | $2,327 | $1,842 | $2,016 |
Portfolio turnover | 31% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2018 | Year Ended July 31, | |||||
2017 | 2016 | 2015 | 2014 | 2013 | ||
Net Asset Value, Beginning of Period | $19.69 | $16.03 | $19.03 | $16.27 | $15.19 | $11.33 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.13) | (0.21) | (0.17) | (0.25) | (0.30) | (0.16) |
Net realized and unrealized gain on investments | 2.82 | 4.19 | 0.26 | 3.01 | 1.38 | 4.02 |
TOTAL FROM INVESTMENT OPERATIONS | 2.69 | 3.98 | 0.09 | 2.76 | 1.08 | 3.86 |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (1.20) | (0.32) | (3.09) | — | — | — |
Net Asset Value, End of Period | $21.18 | $19.69 | $16.03 | $19.03 | $16.27 | $15.19 |
Total Return2 | 13.98% | 25.08% | 1.51% | 16.96% | 7.11% | 34.07% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.89%3 | 1.90% | 1.88% | 2.31% | 2.50% | 2.50% |
Net investment income (loss) | (1.23)%3 | (1.15)% | (1.09)% | (1.44)% | (1.79)% | (1.24)% |
Expense waiver/reimbursement4 | 0.48%3 | 0.66% | 1.00% | 0.59% | 0.43% | 0.59% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $13,475 | $10,007 | $3,941 | $3,571 | $4,608 | $4,912 |
Portfolio turnover | 31% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2018 | Year Ended July 31, | |||||
2017 | 2016 | 2015 | 2014 | 2013 | ||
Net Asset Value, Beginning of Period | $22.67 | $18.24 | $21.01 | $17.79 | $16.44 | $12.14 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.03) | (0.03) | (0.02) | (0.08) | (0.14) | (0.03) |
Net realized and unrealized gain on investments | 3.28 | 4.78 | 0.34 | 3.30 | 1.49 | 4.33 |
TOTAL FROM INVESTMENT OPERATIONS | 3.25 | 4.75 | 0.32 | 3.22 | 1.35 | 4.30 |
Less Distributions: | ||||||
Distributions from net realized gain on investments | (1.20) | (0.32) | (3.09) | — | — | — |
Net Asset Value, End of Period | $24.72 | $22.67 | $18.24 | $21.01 | $17.79 | $16.44 |
Total Return2 | 14.62% | 26.27% | 2.56% | 18.10% | 8.21% | 35.42% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.89%3 | 0.90% | 0.88% | 1.30% | 1.50% | 1.50% |
Net investment income (loss) | (0.25)%3 | (0.15)% | (0.09)% | (0.43)% | (0.80)% | (0.24)% |
Expense waiver/reimbursement4 | 0.46%3 | 0.63% | 0.99% | 0.60% | 0.43% | 0.59% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $210,024 | $112,742 | $43,337 | $36,706 | $37,253 | $31,179 |
Portfolio turnover | 31% | 118% | 198% | 121% | 61% | 88% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2018 | Year Ended 7/31/2017 | Period Ended 7/31/20161 | |
Net Asset Value, Beginning of Period | $22.67 | $18.24 | $16.25 |
Income From Investment Operations: | |||
Net investment income (loss)2 | (0.03) | (0.01) | (0.07) |
Net realized and unrealized gain on investments | 3.27 | 4.76 | 2.06 |
TOTAL FROM INVESTMENT OPERATIONS | 3.24 | 4.75 | 1.99 |
Less Distributions: | |||
Distributions from net realized gain on investments | (1.20) | (0.32) | — |
Net Asset Value, End of Period | $24.71 | $22.67 | $18.24 |
Total Return3 | 14.58% | 26.27% | 12.25% |
Ratios to Average Net Assets: | |||
Net expenses | 0.88%4 | 0.88% | 0.87%4 |
Net investment income (loss) | (0.24)%4 | (0.04)% | (0.41)%4 |
Expense waiver/reimbursement5 | 0.35%4 | 0.42% | 0.66%4 |
Supplemental Data: | |||
Net assets, end of period (000 omitted) | $54,839 | $24,795 | $06 |
Portfolio turnover | 31% | 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: | ||
Investment in securities, at value including $6,480,806 of investment in an affiliated holding (identified cost $299,673,003) | $350,128,304 | |
Income receivable | 22,820 | |
Receivable for investments sold | 602,209 | |
Receivable for shares sold | 3,997,037 | |
TOTAL ASSETS | 354,750,370 | |
Liabilities: | ||
Payable for investments purchased | $1,163,087 | |
Payable for shares redeemed | 469,877 | |
Payable to adviser (Note 5) | 6,414 | |
Payable for administrative fees (Note 5) | 774 | |
Payable for transfer agent fee | 51,586 | |
Payable for Directors'/Trustees' fees (Note 5) | 484 | |
Payable for distribution services fee (Note 5) | 9,118 | |
Payable for other service fees (Notes 2 and 5) | 38,865 | |
Accrued expenses (Note 5) | 88,777 | |
TOTAL LIABILITIES | 1,828,982 | |
Net assets for 14,491,292 shares outstanding | $352,921,388 | |
Net Assets Consist of: | ||
Paid-in capital | $297,441,539 | |
Net unrealized appreciation of investments | 50,455,301 | |
Accumulated net realized gain on investments | 5,491,126 | |
Accumulated net investment income (loss) | (466,578) | |
TOTAL NET ASSETS | $352,921,388 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($73,388,398 ÷ 3,085,026 shares outstanding), no par value, unlimited shares authorized | $23.79 | |
Offering price per share (100/94.50 of $23.79) | $25.17 | |
Redemption proceeds per share | $23.79 | |
Class B Shares: | ||
Net asset value per share ($1,194,810 ÷ 54,593 shares outstanding), no par value, unlimited shares authorized | $21.89 | |
Offering price per share | $21.89 | |
Redemption proceeds per share (94.50/100 of $21.89) | $20.69 | |
Class C Shares: | ||
Net asset value per share ($13,474,978 ÷ 636,158 shares outstanding), no par value, unlimited shares authorized | $21.18 | |
Offering price per share | $21.18 | |
Redemption proceeds per share (99.00/100 of $21.18) | $20.97 | |
Institutional Shares: | ||
Net asset value per share ($210,024,138 ÷ 8,496,280 shares outstanding), no par value, unlimited shares authorized | $24.72 | |
Offering price per share | $24.72 | |
Redemption proceeds per share | $24.72 | |
Class R6 Shares: | ||
Net asset value per share ($54,839,064 ÷ 2,219,235 shares outstanding), no par value, unlimited shares authorized | $24.71 | |
Offering price per share | $24.71 | |
Redemption proceeds per share | $24.71 |
Investment Income: | |||
Dividends (including $50,963 received from an affiliated holding, see footnotes to Portfolio of Investments) | $862,770 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,320,153 | ||
Administrative fee (Note 5) | 106,706 | ||
Custodian fees | 12,194 | ||
Transfer agent fee (Note 2) | 187,771 | ||
Directors'/Trustees' fees (Note 5) | 1,686 | ||
Auditing fees | 13,310 | ||
Legal fees | 4,571 | ||
Portfolio accounting fees | 50,824 | ||
Distribution services fee (Note 5) | 47,412 | ||
Other service fees (Notes 2 and 5) | 95,355 | ||
Share registration costs | 41,132 | ||
Printing and postage | 25,985 | ||
Miscellaneous (Note 5) | 13,427 | ||
TOTAL EXPENSES | 1,920,526 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(463,793) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (127,547) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (591,340) | ||
Net expenses | 1,329,186 | ||
Net investment income (loss) | (466,416) | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments (including realized loss of $(2,246) on sales of investments in an affiliated holding) | 7,493,209 | ||
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $316 on investments in an affiliated fund holding) | 31,108,513 | ||
Net realized and unrealized gain on investments | 38,601,722 | ||
Change in net assets resulting from operations | $38,135,306 |
Six Months Ended (unaudited) 1/31/2018 | Year Ended 7/31/2017 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(466,416) | $(337,046) |
Net realized gain on investments | 7,493,209 | 13,281,149 |
Net change in unrealized appreciation/depreciation of investments | 31,108,513 | 14,277,460 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 38,135,306 | 27,221,563 |
Distributions to Shareholders: | ||
Distributions from net realized gain on investments | ||
Class A Shares | (3,459,083) | (608,834) |
Class B Shares | (70,571) | (28,737) |
Class C Shares | (676,386) | (90,792) |
Institutional Shares | (8,159,743) | (885,123) |
Class R6 Shares | (2,195,623) | (1,745) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (14,561,406) | (1,615,231) |
Share Transactions: | ||
Proceeds from sale of shares | 161,484,195 | 137,690,879 |
Net asset value of shares issued to shareholders in payment of distributions declared | 14,092,088 | 1,552,186 |
Cost of shares redeemed | (42,826,083) | (47,136,532) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 132,750,200 | 92,106,533 |
Change in net assets | 156,324,100 | 117,712,865 |
Net Assets: | ||
Beginning of period | 196,597,288 | 78,884,423 |
End of period (including accumulated net investment income (loss) of $(466,578) and $0, respectively) | $352,921,388 | $196,597,288 |
■ | Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market. |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $51,592 | $(36,373) |
Class B Shares | 900 | (597) |
Class C Shares | 9,830 | (7,188) |
Institutional Shares | 118,641 | (83,389) |
Class R6 Shares | 6,808 | — |
TOTAL | $187,771 | $(127,547) |
Other Service Fees Incurred | |
Class A Shares | $79,551 |
Class B Shares | 1,619 |
Class C Shares | 14,185 |
TOTAL | $95,355 |
Six Months Ended 1/31/2018 | Year Ended 7/31/2017 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,287,785 | $28,886,834 | 1,398,965 | $28,165,070 |
Shares issued to shareholders in payment of distributions declared | 141,059 | 3,180,877 | 28,970 | 558,546 |
Shares redeemed | (522,097) | (12,052,909) | (931,549) | (18,494,456) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 906,747 | $20,014,802 | 496,386 | $10,229,160 |
Six Months Ended 1/31/2018 | Year Ended 7/31/2017 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 127 | $2,647 | — | $— |
Shares issued to shareholders in payment of distributions declared | 3,272 | 67,924 | 1,600 | 28,737 |
Shares redeemed | (16,413) | (347,664) | (48,901) | (874,335) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (13,014) | $(277,093) | (47,301) | $(845,598) |
Six Months Ended 1/31/2018 | Year Ended 7/31/2017 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 130,639 | $2,677,654 | 359,777 | $6,510,134 |
Shares issued to shareholders in payment of distributions declared | 33,322 | 669,436 | 4,784 | 83,338 |
Shares redeemed | (36,158) | (724,940) | (102,050) | (1,845,146) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 127,803 | $2,622,150 | 262,511 | $4,748,326 |
Six Months Ended 1/31/2018 | Year Ended 7/31/2017 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 4,334,208 | $103,368,339 | 3,776,089 | $78,624,940 |
Shares issued to shareholders in payment of distributions declared | 340,659 | 7,978,235 | 44,123 | 879,822 |
Shares redeemed | (1,150,662) | (27,468,976) | (1,223,969) | (25,449,962) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 3,524,205 | $83,877,598 | 2,596,243 | $54,054,800 |
Six Months Ended 1/31/2018 | Year Ended 7/31/2017 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,124,764 | $26,548,721 | 1,116,388 | $24,390,735 |
Shares issued to shareholders in payment of distributions declared | 93,789 | 2,195,616 | 87 | 1,743 |
Shares redeemed | (93,214) | (2,231,594) | (22,585) | (472,633) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 1,125,339 | $26,512,743 | 1,093,890 | $23,919,845 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 5,671,080 | $132,750,200 | 4,401,729 | $92,106,533 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
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 | $4,859 |
Class C Shares | 42,553 |
TOTAL | $47,412 |
Purchases | $193,613,446 |
Sales | $79,637,031 |
Beginning Account Value 8/1/2017 | Ending Account Value 1/31/2018 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,144.50 | $6.16 |
Class B Shares | $1,000 | $1,140.60 | $10.20 |
Class C Shares | $1,000 | $1,139.80 | $10.19 |
Institutional Shares | $1,000 | $1,146.20 | $4.81 |
Class R6 Shares | $1,000 | $1,145.80 | $4.76 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.50 | $5.80 |
Class B Shares | $1,000 | $1,015.70 | $9.60 |
Class C Shares | $1,000 | $1,015.70 | $9.60 |
Institutional Shares | $1,000 | $1,020.70 | $4.53 |
Class R6 Shares | $1,000 | $1,020.80 | $4.48 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.14% |
Class B Shares | 1.89% |
Class C Shares | 1.89% |
Institutional Shares | 0.89% |
Class R6 Shares | 0.88% |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R676
CUSIP 31421R767
CUSIP 31421R759
CUSIP 31421R619
2018 ©Federated Investors, Inc.
Item 2. | Code of Ethics |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated MDT Series
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date March 23, 2018
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue, Principal Executive Officer
Date March 23, 2018
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date March 23, 2018