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:07/31/19
Date of Reporting Period:Six months ended 01/31/19
Item 1. | Reports to Stockholders |
Share Class | Ticker | A | QAACX | C | QCACX | Institutional | QIACX | R6 | QKACX |
Donahue
Sector Composition | Percentage of Total Net Assets |
Information Technology | 20.6% |
Financials | 14.7% |
Health Care | 13.9% |
Consumer Discretionary | 11.2% |
Industrials | 11.0% |
Communication Services | 9.2% |
Energy | 6.0% |
Consumer Staples | 5.3% |
Materials | 3.9% |
Utilities | 2.4% |
Securities Lending Collateral2 | 0.2% |
Cash Equivalents3 | 1.6% |
Other Assets and Liabilities—Net4 | 0.0% |
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 | Represents cash collateral received for portfolio securities on loan that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements. |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing cash collateral for securities lending. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS—98.2% | |||
Communication Services—9.2% | |||
4,370 | 1 | AMC Networks, Inc. | $275,048 |
24,694 | AT&T, Inc. | 742,302 | |
3,441 | 1 | Alphabet, Inc. | 3,874,187 |
273 | Cable One, Inc. | 241,425 | |
381 | 1 | Charter Communications, Inc. | 126,130 |
25,418 | 1 | DISH Network Corp., Class A | 779,570 |
12,662 | 1 | Electronic Arts, Inc. | 1,167,943 |
20,698 | 1 | Facebook, Inc. | 3,450,149 |
116,827 | 1 | Live Nation Entertainment, Inc. | 6,251,413 |
43,653 | 1 | MSG Networks, Inc. | 977,827 |
28,975 | 1 | T-Mobile USA, Inc. | 2,017,239 |
28,045 | Verizon Communications, Inc. | 1,544,158 | |
35,011 | Viacom, Inc., Class B | 1,030,024 | |
10,489 | World Wrestling Entertainment, Inc. | 863,664 | |
TOTAL | 23,341,079 | ||
Consumer Discretionary—11.2% | |||
8,000 | Abercrombie & Fitch Co., Class A | 173,360 | |
1,497 | Advance Auto Parts, Inc. | 238,322 | |
315 | 1 | Amazon.com, Inc. | 541,400 |
4,970 | 1 | American Outdoor Brands Corp. | 59,988 |
2,730 | 1 | AutoZone, Inc. | 2,313,238 |
16,403 | 2 | Bed Bath & Beyond, Inc. | 247,521 |
2,900 | Big Lots, Inc. | 91,466 | |
13,648 | 1 | Burlington Stores, Inc. | 2,343,498 |
37,548 | D. R. Horton, Inc. | 1,443,721 | |
5,980 | Dillards, Inc., Class A | 399,404 | |
2,190 | Dunkin' Brands Group, Inc. | 149,774 | |
4,392 | eBay, Inc. | 147,791 | |
22,148 | Expedia Group, Inc. | 2,641,149 | |
35,900 | Ford Motor Co. | 315,920 | |
9,671 | 1,2 | Fossil, Inc. | 164,020 |
5,982 | 2 | GameStop Corp. | 67,836 |
15,062 | Goodyear Tire & Rubber Co. | 319,164 | |
15,827 | Harley-Davidson, Inc. | 583,383 | |
3,481 | 1 | Helen of Troy Ltd. | 403,935 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
20,467 | Home Depot, Inc. | $3,756,308 | |
4,881 | Kohl's Corp. | 335,276 | |
3,400 | Libbey, Inc. | 17,068 | |
4,357 | Lowe's Cos., Inc. | 418,969 | |
11,457 | 1 | Lululemon Athletica, Inc. | 1,693,459 |
8,478 | Macy's, Inc. | 222,971 | |
11,049 | 1 | Mohawk Industries, Inc. | 1,423,001 |
4,722 | 1 | O'Reilly Automotive, Inc. | 1,627,485 |
13,397 | Ralph Lauren Corp. | 1,555,928 | |
6,512 | 1 | Skechers USA, Inc., Class A | 176,931 |
4,151 | Tailored Brands, Inc. | 52,427 | |
4,416 | Target Corp. | 322,368 | |
8,419 | Toll Brothers, Inc. | 310,998 | |
7,554 | Tupperware Brands Corp. | 205,998 | |
1,675 | V.F. Corp. | 140,985 | |
31,450 | Wyndham Destinations, Inc. | 1,325,303 | |
22,842 | Yum! Brands, Inc. | 2,146,691 | |
TOTAL | 28,377,056 | ||
Consumer Staples—5.3% | |||
46,113 | Archer-Daniels-Midland Co. | 2,070,473 | |
7,730 | Costco Wholesale Corp. | 1,659,090 | |
14,218 | Dean Foods Co. | 59,289 | |
19,747 | Estee Lauder Cos., Inc., Class A | 2,693,886 | |
7,300 | Fresh Del Monte Produce, Inc. | 233,454 | |
1,281 | 1 | Herbalife Ltd. | 76,476 |
1,648 | Hershey Foods Corp. | 174,853 | |
3,046 | Ingredion, Inc. | 301,554 | |
39,437 | PepsiCo, Inc. | 4,443,367 | |
9,509 | 1 | Post Holdings, Inc. | 882,625 |
1,236 | Procter & Gamble Co. | 119,237 | |
10,762 | Sysco Corp. | 687,154 | |
TOTAL | 13,401,458 | ||
Energy—6.0% | |||
71,915 | Chevron Corp. | 8,245,055 | |
15,053 | EOG Resources, Inc. | 1,493,258 | |
39,101 | Exxon Mobil Corp. | 2,865,321 | |
16,659 | HollyFrontier Corp. | 938,568 | |
1,833 | Marathon Petroleum Corp. | 121,455 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Energy—continued | |||
27,738 | 1 | Noble Corp. PLC | $91,535 |
9,094 | Occidental Petroleum Corp. | 607,297 | |
8,909 | Phillips 66 | 850,008 | |
TOTAL | 15,212,497 | ||
Financials—14.7% | |||
72,898 | Allstate Corp. | 6,405,547 | |
14,974 | 1 | Athene Holding Ltd. | 642,385 |
19,891 | Bank of America Corp. | 566,297 | |
601 | 1 | Berkshire Hathaway, Inc. | 123,530 |
10,007 | Capital One Financial Corp. | 806,464 | |
11,493 | Citizens Financial Group, Inc. | 389,843 | |
9,671 | Comerica, Inc. | 761,494 | |
4,461 | Everest Re Group Ltd. | 977,182 | |
29,600 | Fifth Third Bancorp | 793,872 | |
8,201 | 1 | Green Dot Corp. | 607,038 |
17,200 | Huntington Bancshares, Inc. | 227,728 | |
2,117 | Intercontinental Exchange, Inc. | 162,501 | |
35,447 | JPMorgan Chase & Co. | 3,668,764 | |
30,200 | KeyCorp | 497,394 | |
9,223 | LPL Investment Holdings, Inc. | 649,022 | |
18,015 | M & T Bank Corp. | 2,964,188 | |
25,900 | Navient Corp. | 295,260 | |
24,418 | Northern Trust Corp. | 2,160,016 | |
13,205 | PNC Financial Services Group | 1,619,857 | |
11,854 | Popular, Inc. | 647,347 | |
31,078 | Progressive Corp., OH | 2,091,239 | |
26,351 | Prudential Financial, Inc. | 2,427,981 | |
17,983 | SunTrust Banks, Inc. | 1,068,550 | |
51,785 | The Travelers Cos., Inc. | 6,501,089 | |
TOTAL | 37,054,588 | ||
Health Care—13.9% | |||
1,350 | 1 | Alexion Pharmaceuticals, Inc. | 165,996 |
7,398 | Allergan PLC | 1,065,164 | |
4,796 | 1 | Amedisys, Inc. | 629,043 |
1,445 | Baxter International, Inc. | 104,748 | |
10,836 | Bristol-Myers Squibb Co. | 534,973 | |
464 | Chemed Corp. | 138,244 | |
27,966 | 1 | Community Health Systems, Inc. | 110,186 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
2,304 | Dentsply Sirona, Inc. | $96,653 | |
35,839 | Eli Lilly & Co. | 4,295,663 | |
47,238 | HCA Healthcare, Inc. | 6,586,394 | |
3,252 | 1 | HealthEquity, Inc. | 202,730 |
7,823 | Humana, Inc. | 2,417,229 | |
5,061 | 1 | Intuitive Surgical, Inc. | 2,650,142 |
5,058 | 1 | Ionis Pharmaceuticals, Inc. | 293,364 |
4,765 | 1 | Molina Healthcare, Inc. | 633,650 |
2,933 | 1 | Neurocrine Biosciences, Inc. | 258,749 |
1,633 | 1 | Orthofix Medical, Inc. | 88,362 |
5,424 | 1 | Regeneron Pharmaceuticals, Inc. | 2,328,360 |
40,498 | Stryker Corp. | 7,191,230 | |
552 | UnitedHealth Group, Inc. | 149,150 | |
26,561 | 1 | Veeva Systems, Inc. | 2,896,743 |
12,468 | 1 | Vertex Pharmaceuticals, Inc. | 2,380,266 |
TOTAL | 35,217,039 | ||
Industrials—11.0% | |||
9,100 | AGCO Corp. | 584,220 | |
857 | Allegion PLC | 73,582 | |
15,587 | Allison Transmission Holdings, Inc. | 758,619 | |
7,800 | 1 | Avis Budget Group, Inc. | 207,792 |
6,610 | Boeing Co. | 2,548,948 | |
2,821 | C.H. Robinson Worldwide, Inc. | 244,778 | |
64,225 | CSX Corp. | 4,219,583 | |
14,077 | Caterpillar, Inc. | 1,874,493 | |
15,252 | 1 | Colfax Corp. | 377,487 |
5,086 | Deluxe Corp. | 238,890 | |
13,969 | Fortune Brands Home & Security, Inc. | 632,796 | |
1,696 | GATX Corp. | 128,353 | |
1,344 | Grainger (W.W.), Inc. | 397,004 | |
21,800 | 1 | Jet Blue Airways Corp. | 392,182 |
6,829 | Kennametal, Inc. | 256,634 | |
20,068 | Lennox International, Inc. | 4,601,191 | |
13,009 | Lockheed Martin Corp. | 3,768,577 | |
55,369 | Paccar, Inc. | 3,627,777 | |
14,800 | Pitney Bowes, Inc. | 106,708 | |
14,360 | 1 | SPX Corp. | 427,210 |
3,016 | SkyWest, Inc. | 153,665 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
23,141 | 1 | United Continental Holdings, Inc. | $2,019,515 |
3,060 | 1 | WESCO International, Inc. | 160,344 |
1,379 | 1 | XPO Logistics, Inc. | 83,816 |
TOTAL | 27,884,164 | ||
Information Technology—20.6% | |||
13,940 | 1 | Adobe, Inc. | 3,454,611 |
25,774 | Apple, Inc. | 4,289,825 | |
8,709 | 1 | Autodesk, Inc. | 1,281,965 |
32,057 | Automatic Data Processing, Inc. | 4,482,851 | |
2,396 | CDW Corp. | 199,515 | |
7,315 | Citrix Systems, Inc. | 750,080 | |
4,797 | 1 | Coherent, Inc. | 567,005 |
9,670 | DXC Technology Co. | 620,040 | |
8,948 | 1 | First Solar, Inc. | 452,679 |
37,074 | 1 | Fortinet, Inc. | 2,838,756 |
51,297 | Global Payments, Inc. | 5,759,627 | |
44,378 | Hewlett-Packard Co. | 977,647 | |
6,789 | 1 | HubSpot, Inc. | 1,074,767 |
54,047 | Intel Corp. | 2,546,695 | |
29,732 | Mastercard, Inc. | 6,277,317 | |
13,465 | Microsoft Corp. | 1,406,150 | |
952 | Motorola, Inc. | 111,298 | |
3,140 | NVIDIA Corp. | 451,375 | |
17,807 | NetApp, Inc. | 1,135,552 | |
4,200 | 1 | Sanmina Corp. | 131,124 |
4,834 | 1 | ServiceNow, Inc. | 1,063,577 |
19,894 | 1 | Synopsys, Inc. | 1,857,105 |
2,241 | 1 | Tableau Software, Inc. | 286,489 |
24,844 | Total System Services, Inc. | 2,226,271 | |
2,877 | 1 | VMware, Inc., Class A | 434,628 |
27,428 | Vishay Intertechnology, Inc. | 534,846 | |
1,766 | 1 | WEX, Inc. | 284,909 |
9,655 | Western Digital Corp. | 434,379 | |
18,900 | Western Union Co. | 344,925 | |
51,283 | Xilinx, Inc. | 5,740,619 | |
TOTAL | 52,016,627 | ||
Materials—3.9% | |||
10,688 | Avery Dennison Corp. | 1,116,362 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Materials—continued | |||
5,040 | CF Industries Holdings, Inc. | $219,996 | |
5,906 | Celanese Corp. | 565,559 | |
29,853 | Domtar, Corp. | 1,400,106 | |
37,454 | Mosaic Co./The | 1,209,015 | |
2,471 | Reliance Steel & Aluminum Co. | 202,325 | |
4,890 | Sherwin-Williams Co. | 2,061,233 | |
42,016 | Westlake Chemical Corp. | 3,104,982 | |
TOTAL | 9,879,578 | ||
Utilities—2.4% | |||
24,600 | AES Corp. | 403,194 | |
16,366 | Consolidated Edison Co. | 1,270,820 | |
20,505 | Entergy Corp. | 1,828,841 | |
24,001 | Exelon Corp. | 1,146,288 | |
2,022 | NRG Energy, Inc. | 82,720 | |
18,501 | NiSource, Inc. | 504,707 | |
40,564 | 1 | P G & E Corp. | 527,332 |
2,481 | Pinnacle West Capital Corp. | 218,626 | |
TOTAL | 5,982,528 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $242,745,315) | 248,366,614 | ||
INVESTMENT COMPANIES—1.8% | |||
401,732 | Federated Government Obligations Fund, Premier Shares, 2.30%3 | 401,732 | |
4,115,781 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 2.57%3 | 4,116,604 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $4,518,009) | 4,518,336 | ||
TOTAL INVESTMENT IN SECURITIES—100.0% (IDENTIFIED COST $247,263,324)4 | 252,884,950 | ||
OTHER ASSETS AND LIABILITIES - NET—0.0%5 | 121,444 | ||
TOTAL NET ASSETS—100% | $253,006,394 |
Federated Government Obligations Fund, Premier Shares* | Federated Institutional Prime Value Obligations Fund, Institutional Shares | Total of Affiliated Transactions | |
Balance of Shares Held 7/31/2018 | 740,143 | 4,824,255 | 5,564,398 |
Purchases/Additions | 15,391,931 | 44,767,220 | 60,159,151 |
Sales/Reductions | (15,730,342) | (45,475,694) | (61,206,036) |
Balance of Shares Held 1/31/2019 | 401,732 | 4,115,781 | 4,517,513 |
Value | $401,732 | $4,116,604 | $4,518,336 |
Change in Unrealized Appreciation/Depreciation | N/A | $246 | $246 |
Net Realized Gain/(Loss) | N/A | $(605) | $(605) |
Dividend Income | $8,654 | $79,121 | $87,775 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | Non-income-producing security. |
2 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
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) 1/31/2019 | Year Ended July 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $30.01 | $24.95 | $21.77 | $22.10 | $20.47 | $17.26 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.081 | 0.091 | 0.26 | 0.191 | 0.111 | 0.081 |
Net realized and unrealized gain (loss) | (1.03) | 5.08 | 3.11 | (0.33) | 1.55 | 3.23 |
TOTAL FROM INVESTMENT OPERATIONS | (0.95) | 5.17 | 3.37 | (0.14) | 1.66 | 3.31 |
Less Distributions: | ||||||
Distributions from net investment income | (0.07) | (0.11) | (0.19) | (0.19) | (0.03) | (0.10) |
Distributions from net realized gain | (2.01) | — | — | — | — | — |
TOTAL DISTRIBUTIONS | (2.08) | (0.11) | (0.19) | (0.19) | (0.03) | (0.10) |
Net Asset Value, End of Period | $26.98 | $30.01 | $24.95 | $21.77 | $22.10 | $20.47 |
Total Return2 | (2.73)% | 20.78% | 15.56% | (0.61)% | 8.10% | 19.21% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.13%3 | 1.36% | 1.38% | 1.35% | 1.35% | 1.35% |
Net investment income | 0.57%3 | 0.31% | 0.69% | 0.94% | 0.51% | 0.41% |
Expense waiver/reimbursement4 | 0.19%3 | 0.00%5 | 0.00%5 | 0.03% | 0.00%5 | 0.08% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $54,985 | $40,539 | $33,799 | $33,753 | $40,433 | $44,678 |
Portfolio turnover | 67% | 82% | 77% | 62% | 76% | 31% |
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) 1/31/2019 | Year Ended July 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $28.37 | $23.66 | $20.66 | $21.00 | $19.57 | $16.55 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.03)1 | (0.11)1 | (0.19) | 0.031 | (0.05)1 | (0.07)1 |
Net realized and unrealized gain (loss) | (0.98) | 4.82 | 3.23 | (0.33) | 1.48 | 3.09 |
TOTAL FROM INVESTMENT OPERATIONS | (1.01) | 4.71 | 3.04 | (0.30) | 1.43 | 3.02 |
Less Distributions: | ||||||
Distributions from net investment income | — | — | (0.04) | (0.04) | — | — |
Distributions from net realized gain | (2.01) | — | — | — | — | — |
TOTAL DISTRIBUTIONS | (2.01) | — | (0.04) | (0.04) | — | — |
Net Asset Value, End of Period | $25.35 | $28.37 | $23.66 | $20.66 | $21.00 | $19.57 |
Total Return2 | (3.13)% | 19.91% | 14.72% | (1.43)% | 7.31% | 18.25% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.91%3 | 2.09% | 2.13% | 2.14% | 2.11% | 2.15% |
Net investment income (loss) | (0.22)%3 | (0.41)% | (0.06)% | 0.15% | (0.26)% | (0.38)% |
Expense waiver/reimbursement4 | 0.21%3 | 0.00%5 | 0.00%5 | 0.00%5 | 0.00%5 | 0.06% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $27,363 | $39,625 | $36,440 | $36,846 | $41,509 | $35,052 |
Portfolio turnover | 67% | 82% | 77% | 62% | 76% | 31% |
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) 1/31/2019 | Year Ended July 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $30.37 | $25.24 | $22.02 | $22.37 | $20.71 | $17.45 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.131 | 0.161 | 0.39 | 0.251 | 0.181 | 0.131 |
Net realized and unrealized gain (loss) | (1.07) | 5.16 | 3.09 | (0.34) | 1.57 | 3.27 |
TOTAL FROM INVESTMENT OPERATIONS | (0.94) | 5.32 | 3.48 | (0.09) | 1.75 | 3.40 |
Less Distributions: | ||||||
Distributions from net investment income | (0.13) | (0.19) | (0.26) | (0.26) | (0.09) | (0.14) |
Distributions from net realized gain | (2.01) | — | — | — | — | — |
TOTAL DISTRIBUTIONS | (2.14) | (0.19) | (0.26) | (0.26) | (0.09) | (0.14) |
Net Asset Value, End of Period | $27.29 | $30.37 | $25.24 | $22.02 | $22.37 | $20.71 |
Total Return2 | (2.62)% | 21.15% | 15.90% | (0.34)% | 8.45% | 19.54% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.82%3 | 1.07% | 1.08% | 1.07% | 1.05% | 1.10% |
Net investment income | 0.91%3 | 0.57% | 1.01% | 1.22% | 0.80% | 0.65% |
Expense waiver/reimbursement4 | 0.22%3 | 0.00%5 | 0.00%5 | 0.00%5 | 0.00%5 | 0.00%5 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $162,298 | $95,290 | $52,169 | $65,435 | $76,242 | $62,770 |
Portfolio turnover | 67% | 82% | 77% | 62% | 76% | 31% |
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) 1/31/2019 | Year Ended July 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $29.89 | $24.85 | $21.46 | $21.80 | $20.25 | $17.09 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.112 | 0.182 | 0.21 | 0.102 | 0.022 | (0.01)2 |
Net realized and unrealized gain (loss) | (1.04) | 5.06 | 3.18 | (0.33) | 1.53 | 3.20 |
TOTAL FROM INVESTMENT OPERATIONS | (0.93) | 5.24 | 3.39 | (0.23) | 1.55 | 3.19 |
Less Distributions: | ||||||
Distributions from net investment income | (0.15) | (0.20) | — | (0.11) | — | (0.03) |
Distributions from net realized gain | (2.01) | — | — | — | — | — |
TOTAL DISTRIBUTIONS | (2.16) | (0.20) | — | (0.11) | — | (0.03) |
Net Asset Value, End of Period | $26.80 | $29.89 | $24.85 | $21.46 | $21.80 | $20.25 |
Total Return3 | (2.63)% | 21.17% | 15.80% | (1.05)% | 7.65% | 18.68% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.85%4 | 1.02% | 1.07% | 1.80% | 1.76% | 1.81% |
Net investment income (loss) | 0.72%4 | 0.65% | 0.95% | 0.49% | 0.09% | (0.05)% |
Expense waiver/reimbursement5 | 0.13%4 | 0.00%6 | 0.00%6 | 0.00%6 | 0.00%6 | 0.00%6 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $8,359 | $20,425 | $17,363 | $5,717 | $6,300 | $5,467 |
Portfolio turnover | 67% | 82% | 77% | 62% | 76% | 31% |
1 | Prior to September 1, 2016, the Fund's Class R6 Shares were designated as Class R 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 $398,230 of securities loaned and $4,518,336 of investment in an affiliated holding (identified cost $247,263,324) | $252,884,950 | |
Income receivable | 86,602 | |
Income receivable from affiliated holding | 21,315 | |
Receivable for investments sold | 979,025 | |
Receivable for shares sold | 4,952,119 | |
TOTAL ASSETS | 258,924,011 | |
Liabilities: | ||
Payable for investments purchased | $3,739,187 | |
Payable for shares redeemed | 1,737,661 | |
Payable for collateral due to broker for securities lending | 401,732 | |
Payable for investment adviser fee (Note 5) | 3,345 | |
Payable for administrative fees (Note 5) | 550 | |
Payable for Directors'/Trustees' fees (Note 5) | 480 | |
Payable for distribution services fee (Note 5) | 16,444 | |
Payable for other service fees (Notes 2 and 5) | 16,609 | |
Accrued expenses (Note 5) | 1,609 | |
TOTAL LIABILITIES | 5,917,617 | |
Net assets for 9,375,576 shares outstanding | $253,006,394 | |
Net Assets Consist of: | ||
Paid-in capital | $258,944,510 | |
Total distributable earnings (loss) | (5,938,116) | |
TOTAL NET ASSETS | $253,006,394 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($54,985,205 ÷ 2,038,328 shares outstanding), no par value, unlimited shares authorized | $26.98 | |
Offering price per share (100/94.50 of $26.98) | $28.55 | |
Redemption proceeds per share | $26.98 | |
Class C Shares: | ||
Net asset value per share ($27,363,474 ÷ 1,079,262 shares outstanding), no par value, unlimited shares authorized | $25.35 | |
Offering price per share | $25.35 | |
Redemption proceeds per share (99.00/100 of $25.35) | $25.10 | |
Institutional Shares: | ||
Net asset value per share ($162,298,359 ÷ 5,946,087 shares outstanding), no par value, unlimited shares authorized | $27.29 | |
Offering price per share | $27.29 | |
Redemption proceeds per share | $27.29 | |
Class R6 Shares: | ||
Net asset value per share ($8,359,356 ÷ 311,899 shares outstanding), no par value, unlimited shares authorized | $26.80 | |
Offering price per share | $26.80 | |
Redemption proceeds per share | $26.80 |
Investment Income: | |||
Dividends (including $79,121 received from an affiliated holding* and net of foreign taxes withheld of $455) | $1,973,973 | ||
Net income on securities loaned (includes $8,654 received from an affiliated holding related to cash collateral balances*) | 2,515 | ||
TOTAL INCOME | 1,976,488 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $869,204 | ||
Administrative fee (Note 5) | 93,005 | ||
Custodian fees | 16,728 | ||
Transfer agent fee (Note 2) | 94,127 | ||
Directors'/Trustees' fees (Note 5) | 1,547 | ||
Auditing fees | 13,628 | ||
Legal fees | 6,152 | ||
Portfolio accounting fees | 49,546 | ||
Distribution services fee (Note 5) | 99,881 | ||
Other service fees (Notes 2 and 5) | 100,235 | ||
Share registration costs | 43,963 | ||
Printing and postage | 16,204 | ||
Miscellaneous (Note 5) | 14,274 | ||
TOTAL EXPENSES | 1,418,494 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(210,379) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (29,213) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (239,592) | ||
Net expenses | 1,178,902 | ||
Net investment income | 797,586 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments (including net realized loss of $(605) on sales of investments in an affiliated holding*) | 6,078,583 | ||
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $246 on investments in an affiliated holding*) | (13,989,958) | ||
Net realized and unrealized gain (loss) on investments | (7,911,375) | ||
Change in net assets resulting from operations | $(7,113,789) |
* | See information listed after the Fund's Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2019 | Year Ended 7/31/2018 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $797,586 | $420,985 |
Net realized gain | 6,078,583 | 17,219,025 |
Net change in unrealized appreciation/depreciation | (13,989,958) | 10,538,220 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (7,113,789) | 28,178,230 |
Distributions to Shareholders (Note 2): | ||
Class A Shares | (3,882,027) | (150,867) |
Class C Shares | (1,891,738) | — |
Institutional Shares | (12,178,411) | (353,878) |
Class R6 Shares | (604,361) | (139,150) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (18,556,537) | (643,895) |
Share Transactions: | ||
Proceeds from sale of shares | 153,284,431 | 67,281,847 |
Net asset value of shares issued to shareholders in payment of distributions declared | 17,409,881 | 596,689 |
Cost of shares redeemed | (87,896,549) | (39,304,708) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 82,797,763 | 28,573,828 |
Change in net assets | 57,127,437 | 56,108,163 |
Net Assets: | ||
Beginning of period | 195,878,957 | 139,770,794 |
End of period | $253,006,394 | $195,878,957 |
■ | Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market. |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”). |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $25,121 | $(2,720) |
Class C Shares | 19,980 | (5,783) |
Institutional Shares | 47,227 | (20,710) |
Class R6 Shares | 1,799 | — |
TOTAL | $94,127 | $(29,213) |
Other Service Fees Incurred | |
Class A Shares | $66,941 |
Class C Shares | 33,294 |
TOTAL | $100,235 |
Market Value of Securities Loaned | Market Value of Collateral |
$398,230 | $401,732 |
Six Months Ended 1/31/2019 | Year Ended 7/31/2018 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 745,819 | $21,962,507 | 239,832 | $6,766,765 |
Shares issued to shareholders in payment of distributions declared | 143,909 | 3,662,745 | 5,033 | 139,021 |
Shares redeemed | (202,041) | (5,613,209) | (248,870) | (6,806,136) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 687,687 | $20,012,043 | (4,005) | $99,650 |
Six Months Ended 1/31/2019 | Year Ended 7/31/2018 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 272,146 | $6,946,440 | 261,516 | $7,009,390 |
Shares issued to shareholders in payment of distributions declared | 73,190 | 1,749,965 | — | — |
Shares redeemed | (662,549) | (18,580,765) | (405,082) | (10,646,392) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (317,213) | $(9,884,360) | (143,566) | $(3,637,002) |
Six Months Ended 1/31/2019 | Year Ended 7/31/2018 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 3,980,483 | $115,194,824 | 1,752,574 | $51,491,570 |
Shares issued to shareholders in payment of distributions declared | 442,206 | 11,395,972 | 11,422 | 318,781 |
Shares redeemed | (1,613,906) | (44,062,530) | (693,414) | (19,281,770) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 2,808,783 | $82,528,266 | 1,070,582 | $32,528,581 |
Six Months Ended 1/31/2019 | Year Ended 7/31/2018 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 306,657 | $9,180,660 | 72,607 | $2,014,122 |
Shares issued to shareholders in payment of distributions declared | 23,752 | 601,199 | 5,058 | 138,887 |
Shares redeemed | (701,763) | (19,640,045) | (93,249) | (2,570,410) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (371,354) | $(9,858,186) | (15,584) | $(417,401) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 2,807,903 | $82,797,763 | 907,427 | $28,573,828 |
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 |
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 | $99,881 |
Purchases | $220,947,621 |
Sales | $155,992,395 |
Beginning Account Value 8/1/2018 | Ending Account Value 1/31/2019 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $972.70 | $5.62 |
Class C Shares | $1,000 | $968.70 | $9.48 |
Institutional Shares | $1,000 | $973.80 | $4.082 |
Class R6 Shares | $1,000 | $973.70 | $4.233 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.50 | $5.75 |
Class C Shares | $1,000 | $1,015.60 | $9.70 |
Institutional Shares | $1,000 | $1,021.10 | $4.182 |
Class R6 Shares | $1,000 | $1,020.90 | $4.333 |
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 | 1.13% |
Class C Shares | 1.91% |
Institutional Shares | 0.82% |
Class R6 Shares | 0.85% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund's Institutional Shares current Fee Limit of 0.74% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $3.68 and $3.77, respectively. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund's R6 Shares current Fee Limit of 0.73% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $3.63 and $3.72, respectively. |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R205
CUSIP 31421R304
CUSIP 31421R718
2019 ©Federated Investors, Inc.
Share Class | Ticker | A | QABGX | C | QCBGX | Institutional | QIBGX | R6 | QKBGX |
Donahue
Security Type | Percentage of Total Net Assets |
Domestic Equity Securities | 52.0% |
Corporate Debt Securities | 13.4% |
International Equity Securities (including International Exchange-Traded Funds) | 11.1% |
Federated Mortgage Core Portfolio | 9.4% |
High Yield Bond Portfolio | 2.3% |
Collateralized Mortgage Obligations | 2.1% |
Federated Project and Trade Finance Core Fund | 2.1% |
Emerging Markets Core Fund | 1.3% |
U.S. Treasury Securities2 | 0.9% |
Federated Bank Loan Core Fund | 0.7% |
Asset-Backed Securities | 0.4% |
Securities Lending Collateral3 | 0.1% |
Derivative Contracts4 | 0.0%5 |
Cash Equivalents6 | 4.0% |
Other Assets and Liabilities—Net7 | 0.2% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for a description of the 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, affiliated investment companies (other than an affiliated money market mutual fund) in which the Fund invested less than 10% of its net assets, are listed individually in the table. |
2 | Includes U.S. Treasuries pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts. |
3 | Represents cash collateral received for portfolio securities on loan that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements. |
4 | Based upon net unrealized appreciation (depreciation) or value of the derivative contracts as applicable. Derivative contracts may consist of futures, forwards, options and swaps. The impact of a derivative contract on the Fund's performance may be larger than its unrealized appreciation (depreciation) or value may indicate. In many cases, the notional value or amount of a derivative contract may provide a better indication of the contract's significance to the portfolio. More complete information regarding the Fund's direct investments in derivative contracts, including unrealized appreciation (depreciation), value and notional values or amounts of such contracts, can be found in the table at the end of the Portfolio of Investments included in this Report. |
5 | Represents less than 0.1%. |
6 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing cash collateral for securities lending. |
7 | Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities. |
Sector Composition | Percentage of Equity Securities |
Information Technology | 20.2% |
Financials | 15.0% |
Health Care | 13.3% |
Consumer Discretionary | 10.8% |
Industrials | 10.6% |
Communication Services | 9.1% |
Energy | 5.8% |
Consumer Staples | 5.6% |
Real Estate | 4.4% |
Materials | 2.7% |
Utilities | 2.5% |
TOTAL | 100.0% |
8 | 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. |
Shares or Principal Amount | Value | ||
COMMON STOCKS—52.9% | |||
Communication Services—4.8% | |||
8,238 | AT&T, Inc. | $247,634 | |
1,537 | 1 | Alphabet, Inc. | 1,730,493 |
8,854 | 1 | DISH Network Corp., Class A | 271,552 |
9,745 | 1 | Facebook, Inc. | 1,624,394 |
31,453 | 1 | Live Nation Entertainment, Inc. | 1,683,050 |
28,128 | 1 | MSG Networks, Inc. | 630,067 |
3,876 | 1 | T-Mobile USA, Inc. | 269,847 |
6,657 | Verizon Communications, Inc. | 366,535 | |
9,289 | Viacom, Inc., Class B | 273,283 | |
1,948 | World Wrestling Entertainment, Inc. | 160,398 | |
TOTAL | 7,257,253 | ||
Consumer Discretionary—5.7% | |||
5,200 | Abercrombie & Fitch Co., Class A | 112,684 | |
597 | Advance Auto Parts, Inc. | 95,042 | |
129 | 1 | Amazon.com, Inc. | 221,716 |
788 | 1 | AutoZone, Inc. | 667,704 |
7,113 | Bed Bath & Beyond, Inc. | 107,335 | |
2,400 | Big Lots, Inc. | 75,696 | |
5,188 | 1 | Burlington Stores, Inc. | 890,832 |
645 | 1 | Cooper-Standard Holding, Inc. | 49,317 |
14,234 | D. R. Horton, Inc. | 547,297 | |
2,169 | Dillards, Inc., Class A | 144,868 | |
996 | Dunkin' Brands Group, Inc. | 68,117 | |
5,865 | Expedia Group, Inc. | 699,401 | |
24,635 | Ford Motor Co. | 216,788 | |
3,861 | 1 | Fossil, Inc. | 65,483 |
6,613 | 1,2 | GNC Holdings, Inc. | 20,170 |
5,192 | 2 | GameStop Corp. | 58,877 |
4,741 | Goodyear Tire & Rubber Co. | 100,462 | |
3,800 | Guess ?, Inc. | 74,138 | |
3,983 | Harley-Davidson, Inc. | 146,813 | |
369 | 1 | Helen of Troy Ltd. | 42,819 |
6,546 | Home Depot, Inc. | 1,201,387 | |
2,435 | Libbey, Inc. | 12,224 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
2,470 | Lowe's Cos., Inc. | $237,515 | |
3,396 | 1 | Lululemon Athletica, Inc. | 501,963 |
1,933 | 1 | Mohawk Industries, Inc. | 248,951 |
656 | 1 | O'Reilly Automotive, Inc. | 226,097 |
3,477 | Ralph Lauren Corp. | 403,819 | |
3,900 | 1 | Sally Beauty Holdings, Inc. | 67,158 |
2,661 | 1 | Skechers USA, Inc., Class A | 72,299 |
2,311 | Toll Brothers, Inc. | 85,368 | |
5,423 | Tupperware Brands Corp. | 147,885 | |
644 | 1 | Urban Outfitters, Inc. | 20,801 |
9,457 | Wyndham Destinations, Inc. | 398,518 | |
5,099 | Yum! Brands, Inc. | 479,204 | |
1,135 | 1 | Zumiez, Inc. | 28,840 |
TOTAL | 8,537,588 | ||
Consumer Staples—3.0% | |||
10,972 | Archer-Daniels-Midland Co. | 492,643 | |
2,708 | Cal-Maine Foods, Inc. | 114,223 | |
1,410 | Church and Dwight, Inc. | 91,100 | |
1,916 | Costco Wholesale Corp. | 411,231 | |
3,483 | Dean Foods Co. | 14,524 | |
7,516 | Estee Lauder Cos., Inc., Class A | 1,025,333 | |
4,289 | Fresh Del Monte Produce, Inc. | 137,162 | |
450 | Hershey Foods Corp. | 47,745 | |
14,195 | PepsiCo, Inc. | 1,599,351 | |
4,666 | 1 | Post Holdings, Inc. | 433,098 |
1,746 | Sysco Corp. | 111,482 | |
TOTAL | 4,477,892 | ||
Energy—3.1% | |||
21,903 | Chevron Corp. | 2,511,179 | |
3,812 | EOG Resources, Inc. | 378,151 | |
13,438 | Exxon Mobil Corp. | 984,737 | |
5,879 | HollyFrontier Corp. | 331,223 | |
10,600 | 1 | Noble Corp. PLC | 34,980 |
2,171 | Occidental Petroleum Corp. | 144,979 | |
2,335 | Phillips 66 | 222,782 | |
TOTAL | 4,608,031 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Financials—8.0% | |||
22,005 | Allstate Corp. | $1,933,579 | |
7,686 | 1 | Athene Holding Ltd. | 329,729 |
11,267 | Bank of America Corp. | 320,772 | |
10,000 | Blackstone Mortgage Trust, Inc. | 344,900 | |
2,010 | Citizens Financial Group, Inc. | 68,179 | |
3,720 | Comerica, Inc. | 292,913 | |
2,018 | Everest Re Group Ltd. | 442,043 | |
17,862 | Fifth Third Bancorp | 479,059 | |
1,384 | 1 | Green Dot Corp. | 102,444 |
13,300 | Huntington Bancshares, Inc. | 176,092 | |
2,132 | Intercontinental Exchange, Inc. | 163,652 | |
15,930 | JPMorgan Chase & Co. | 1,648,755 | |
16,358 | KeyCorp | 269,416 | |
2,046 | LPL Investment Holdings, Inc. | 143,977 | |
3,184 | M & T Bank Corp. | 523,895 | |
17,976 | Navient Corp. | 204,926 | |
20,200 | New Residential Investment Corp. | 342,996 | |
5,047 | Northern Trust Corp. | 446,458 | |
1,395 | PNC Financial Services Group | 171,125 | |
6,000 | Pennymac Mortgage Investment Trust | 121,440 | |
6,722 | Popular, Inc. | 367,089 | |
9,587 | Progressive Corp., OH | 645,109 | |
4,363 | Prudential Financial, Inc. | 402,007 | |
15,787 | The Travelers Cos., Inc. | 1,981,900 | |
TOTAL | 11,922,455 | ||
Health Care—7.0% | |||
764 | 1 | Alexion Pharmaceuticals, Inc. | 93,941 |
1,776 | Allergan PLC | 255,709 | |
1,629 | 1 | Amedisys, Inc. | 213,660 |
260 | 1 | Biogen, Inc. | 86,783 |
1,474 | Bristol-Myers Squibb Co. | 72,771 | |
15,524 | 1 | Community Health Systems, Inc. | 61,165 |
12,685 | Eli Lilly & Co. | 1,520,424 | |
13,835 | HCA Healthcare, Inc. | 1,929,014 | |
3,200 | Humana, Inc. | 988,768 | |
1,226 | 1 | Intuitive Surgical, Inc. | 641,983 |
2,416 | 1 | Ionis Pharmaceuticals, Inc. | 140,128 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
1,347 | 1 | Molina Healthcare, Inc. | $179,124 |
1,419 | 1 | Regeneron Pharmaceuticals, Inc. | 609,134 |
12,169 | Stryker Corp. | 2,160,849 | |
9,339 | 1 | Veeva Systems, Inc. | 1,018,511 |
3,055 | 1 | Vertex Pharmaceuticals, Inc. | 583,230 |
TOTAL | 10,555,194 | ||
Industrials—5.6% | |||
2,951 | AGCO Corp. | 189,454 | |
268 | Allegion PLC | 23,010 | |
17,260 | Allison Transmission Holdings, Inc. | 840,044 | |
2,461 | Boeing Co. | 949,011 | |
20,593 | CSX Corp. | 1,352,960 | |
5,219 | Caterpillar, Inc. | 694,962 | |
7,652 | 1 | Colfax Corp. | 189,387 |
1,162 | Deluxe Corp. | 54,579 | |
1,032 | Ennis, Inc. | 20,475 | |
1,718 | Fortune Brands Home & Security, Inc. | 77,825 | |
769 | Grainger (W.W.), Inc. | 227,155 | |
3,004 | 1 | Jet Blue Airways Corp. | 54,042 |
4,888 | Lennox International, Inc. | 1,120,721 | |
1,348 | Lockheed Martin Corp. | 390,502 | |
18,099 | Paccar, Inc. | 1,185,847 | |
10,000 | Pitney Bowes, Inc. | 72,100 | |
3,514 | R.R. Donnelley & Sons Co. | 17,921 | |
9,094 | 1 | SPX Corp. | 270,547 |
3,342 | Trinity Industries, Inc. | 78,136 | |
6,890 | 1 | United Continental Holdings, Inc. | 601,290 |
TOTAL | 8,409,968 | ||
Information Technology—10.7% | |||
5,799 | 1 | Adobe, Inc. | 1,437,108 |
1,333 | 1 | Advanced Energy Industries, Inc. | 68,370 |
6,503 | Apple, Inc. | 1,082,359 | |
1,752 | 1 | Autodesk, Inc. | 257,894 |
8,683 | Automatic Data Processing, Inc. | 1,214,231 | |
900 | 1 | Coherent, Inc. | 106,380 |
2,038 | DXC Technology Co. | 130,677 | |
3,252 | 1 | Electronic Arts, Inc. | 299,964 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
444 | 1 | First Solar, Inc. | $22,462 |
10,495 | 1 | Fortinet, Inc. | 803,602 |
13,814 | Global Payments, Inc. | 1,551,036 | |
8,704 | Hewlett-Packard Co. | 191,749 | |
541 | 1 | HubSpot, Inc. | 85,646 |
1,900 | 1 | Insight Enterprises, Inc. | 87,248 |
33,629 | Intel Corp. | 1,584,598 | |
10,736 | Mastercard, Inc. | 2,266,692 | |
4,381 | Microsoft Corp. | 457,508 | |
461 | Motorola, Inc. | 53,896 | |
1,889 | Nvidia Corp. | 271,544 | |
7,657 | NetApp, Inc. | 488,287 | |
7,000 | 1 | Sanmina Corp. | 218,540 |
1,130 | 1 | ServiceNow, Inc. | 248,623 |
2,828 | 1 | Synopsys, Inc. | 263,994 |
1,310 | 1 | Tableau Software, Inc. | 167,470 |
4,279 | Total System Services, Inc. | 383,441 | |
749 | 1 | VMware, Inc., Class A | 113,151 |
22,000 | Vishay Intertechnology, Inc. | 429,000 | |
325 | 1 | WEX, Inc. | 52,432 |
3,771 | Western Digital Corp. | 169,657 | |
10,000 | Western Union Co. | 182,500 | |
11,639 | Xilinx, Inc. | 1,302,870 | |
TOTAL | 15,992,929 | ||
Materials—1.4% | |||
1,567 | Avery Dennison Corp. | 163,673 | |
7,071 | Domtar, Corp. | 331,630 | |
8,786 | Mosaic Co./The | 283,612 | |
1,409 | Sherwin-Williams Co. | 593,922 | |
10,302 | Westlake Chemical Corp. | 761,318 | |
TOTAL | 2,134,155 | ||
Real Estate—2.3% | |||
800 | Alexandria Real Estate Equities, Inc. | 105,368 | |
763 | 1,2 | Altisource Portfolio Solutions S.A. | 18,068 |
1,650 | American Tower Corp. | 285,186 | |
950 | Avalonbay Communities, Inc. | 183,274 | |
2,200 | Camden Property Trust | 213,290 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Real Estate—continued | |||
1,450 | EastGroup Properties, Inc. | $150,017 | |
450 | Equinix, Inc. | 177,300 | |
680 | Essex Property Trust, Inc. | 184,416 | |
5,000 | Invitation Homes, Inc. | 112,450 | |
1,900 | Mid-American Apartment Communities, Inc. | 192,432 | |
9,400 | Pebblebrook Hotel Trust | 301,270 | |
2,700 | ProLogis, Inc. | 186,732 | |
3,400 | Realty Income Corp. | 233,546 | |
5,100 | Rexford Industrial Realty, Inc. | 171,360 | |
5,300 | STORE Capital Corp. | 171,296 | |
2,150 | Simon Property Group, Inc. | 391,558 | |
1,100 | Sun Communities, Inc. | 120,901 | |
3,400 | Terreno Realty Corp. | 137,156 | |
2,800 | Ventas, Inc. | 180,572 | |
TOTAL | 3,516,192 | ||
Utilities—1.3% | |||
14,160 | AES Corp. | 232,082 | |
3,967 | Consolidated Edison Co. | 308,038 | |
7,333 | Entergy Corp. | 654,030 | |
8,645 | Exelon Corp. | 412,885 | |
26,595 | 1 | P G & E Corp. | 345,735 |
TOTAL | 1,952,770 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $77,959,814) | 79,364,427 | ||
ASSET-BACKED SECURITIES—0.4% | |||
Auto Receivables—0.1% | |||
$100,000 | Santander Drive Auto Receivables Trust 2016-2, Class C, 2.660%, 11/15/2021 | 99,874 | |
Credit Card—0.2% | |||
350,000 | 3 | Capital One Multi-Asset Execution Trust 2004-B3, Class B3, 3.238% (1-month USLIBOR +0.730%), 1/18/2022 | 350,213 |
Other—0.1% | |||
128,000 | PFS Financing Corp. 2016-BA, Class A, 1.870%, 10/15/2021 | 126,966 | |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $578,603) | 577,053 |
Shares or Principal Amount | Value | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—2.1% | |||
Commercial Mortgage—2.1% | |||
$170,000 | Banc of America Commercial Mortgage Trust 2016-UBS10, Class A4, 3.170%, 7/15/2049 | $167,143 | |
220,000 | Bank 2018-BN15, Class A4, 4.407%, 11/15/2061 | 233,808 | |
190,000 | Bank, Class A4, 3.488%, 11/15/2050 | 189,708 | |
373 | 4 | Bear Stearns Mortgage Securities, Inc. 1997-6, Class 1A, 6.200%, 3/25/2031 | 371 |
190,000 | CD Commercial Mortgage Trust 2016-CD1, Class A4, 2.724%, 8/10/2049 | 181,673 | |
200,000 | Citigroup Commercial Mortgage Trust 2013-GC11, Class B, 3.732%, 4/10/2046 | 198,830 | |
70,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1, Class AM, 3.912%, 5/15/2045 | 71,279 | |
125,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1, Class B, 4.612%, 5/15/2045 | 127,339 | |
200,000 | Commercial Mortgage Trust 2013-CR8, Class B, 3.960%, 6/10/2046 | 202,817 | |
200,000 | Commercial Mortgage Trust 2014-LC17, Class B, 4.490%, 10/10/2047 | 205,762 | |
300,000 | Commercial Mortgage Trust 2015-DC1, Class AM, 3.724%, 2/10/2048 | 298,708 | |
200,000 | FREMF Mortgage Trust 2013-K25 REMIC, Class B, 3.619%, 11/25/2045 | 203,070 | |
1,135 | Federal Home Loan Mortgage Corp. REMIC, Series 1311, Class K, 7.000%, 7/15/2022 | 1,185 | |
1,452 | Federal Home Loan Mortgage Corp. REMIC, Series 1384, Class D, 7.000%, 9/15/2022 | 1,514 | |
4,483 | Federal Home Loan Mortgage Corp. REMIC, Series 2497, Class JH, 6.000%, 9/15/2032 | 4,860 | |
71,814 | Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025 | 70,248 | |
297,760 | Federal Home Loan Mortgage Corp. REMIC, Series K504, Class A2, 2.566%, 9/25/2020 | 296,430 | |
4,126 | 3 | Federal National Mortgage Association REMIC, Series 1993-113, Class SB, 9.749% (10-year Constant Maturity Treasury +48.285%), Maximum Rate 9.749%, 7/25/2023 | 4,408 |
1,023 | Federal National Mortgage Association REMIC, Series 2003-35, Class UC, 3.750%, 5/25/2033 | 1,037 | |
100,000 | GS Mortgage Securities Corp. II 2012-GCJ7, Class AS, 4.085%, 5/10/2045 | 102,303 | |
200,000 | JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049 | 196,116 | |
50,000 | JPMDB Commercial Mortgage Securities Trust 2017-C5, Class A5, 3.693%, 3/15/2050 | 50,779 | |
100,000 | Morgan Stanley Capital I 2012-C4, Class AS, 3.773%, 3/15/2045 | 101,256 |
Shares or Principal Amount | Value | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—continued | |||
Commercial Mortgage—continued | |||
$150,000 | UBS-Barclays Commercial Mortgage Trust 2013-C6, Class B, 3.875%, 4/10/2046 | $149,889 | |
25,000 | WF-RBS Commercial Mortgage Trust 2012-C6, Class B, 4.697%, 4/15/2045 | 25,834 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $3,153,025) | 3,086,367 | ||
CORPORATE BONDS—13.4% | |||
Basic Industry - Chemicals—0.0% | |||
35,000 | Incitec Pivot Finance LLC, Company Guarantee, 144A, 6.000%, 12/10/2019 | 35,732 | |
20,000 | RPM International, Inc., Sr. Unsecd. Note, 6.125%, 10/15/2019 | 20,337 | |
TOTAL | 56,069 | ||
Basic Industry - Metals & Mining—0.3% | |||
15,000 | Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 4/15/2040 | 14,719 | |
62,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 4.450%, 3/1/2023 | 61,002 | |
40,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 5.200%, 7/15/2021 | 40,344 | |
20,000 | Newcrest Finance Property Ltd., Sr. Unsecd. Note, 144A, 4.200%, 10/1/2022 | 20,177 | |
100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 4/15/2023 | 101,368 | |
20,000 | Southern Copper Corp., Sr. Unsecd. Note, 6.750%, 4/16/2040 | 23,005 | |
160,000 | Worthington Industries, Inc., Sr. Unsecd. Note, 6.500%, 4/15/2020 | 165,013 | |
TOTAL | 425,628 | ||
Basic Industry - Paper—0.0% | |||
10,000 | Weyerhaeuser Co., Sr. Unsecd. Note, 3.250%, 3/15/2023 | 9,841 | |
20,000 | Weyerhaeuser Co., Sr. Unsecd. Note, 4.700%, 3/15/2021 | 20,557 | |
TOTAL | 30,398 | ||
Capital Goods - Aerospace & Defense—0.2% | |||
100,000 | Arconic, Inc., 5.870%, 2/23/2022 | 103,750 | |
11,000 | Embraer Overseas Ltd., Sr. Unsecd. Note, 144A, 5.696%, 9/16/2023 | 11,660 | |
20,000 | Raytheon Co., Sr. Note, 4.400%, 2/15/2020 | 20,336 | |
10,000 | Rockwell Collins, Inc., Sr. Unsecd. Note, 3.100%, 11/15/2021 | 9,856 | |
40,000 | 3 | Textron Financial Corp., Jr. Sub. Note, 144A, 4.351% (3-month USLIBOR +1.735%), 2/15/2042 | 29,681 |
50,000 | Textron, Inc., Sr. Unsecd. Note, 4.000%, 3/15/2026 | 49,553 | |
50,000 | Textron, Inc., Sr. Unsecd. Note, 4.300%, 3/1/2024 | 51,048 | |
TOTAL | 275,884 | ||
Capital Goods - Building Materials—0.2% | |||
200,000 | Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.200%, 10/1/2024 | 188,520 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Capital Goods - Building Materials—continued | |||
$80,000 | Masco Corp., Sr. Unsecd. Note, 4.375%, 4/1/2026 | $80,081 | |
TOTAL | 268,601 | ||
Capital Goods - Diversified Manufacturing—0.2% | |||
15,000 | Avery Dennison Corp., Sr. Unsecd. Note, 5.375%, 4/15/2020 | 15,319 | |
30,000 | General Electric Capital Corp., Sr. Unsecd. Note, Series GMTN, 3.100%, 1/9/2023 | 29,253 | |
15,000 | Thomas & Betts Corp., Sr. Unsecd. Note, 5.625%, 11/15/2021 | 15,898 | |
200,000 | Valmont Industries, Inc., 5.250%, 10/1/2054 | 179,987 | |
TOTAL | 240,457 | ||
Capital Goods - Environmental—0.1% | |||
85,000 | Republic Services, Inc., Company Guarantee, 5.500%, 9/15/2019 | 86,288 | |
Capital Goods - Packaging—0.0% | |||
45,000 | Packaging Corp. of America, Sr. Unsecd. Note, 3.900%, 6/15/2022 | 45,687 | |
10,000 | WestRock Co., Sr. Unsecd. Note, 4.450%, 3/1/2019 | 10,010 | |
TOTAL | 55,697 | ||
Communications - Cable & Satellite—0.2% | |||
200,000 | CCO Safari II LLC, 4.908%, 7/23/2025 | 205,996 | |
90,000 | NBCUniversal, Inc., Sr. Unsecd. Note, 5.150%, 4/30/2020 | 92,495 | |
30,000 | Time Warner Cable, Inc., Company Guarantee, 8.250%, 4/1/2019 | 30,248 | |
TOTAL | 328,739 | ||
Communications - Media & Entertainment—0.3% | |||
30,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046 | 32,098 | |
25,000 | Moody's Corp., Sr. Unsecd. Note, 5.500%, 9/1/2020 | 25,914 | |
250,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.600%, 4/15/2026 | 243,107 | |
20,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.625%, 5/1/2022 | 20,077 | |
150,000 | WPP Finance 2010, Sr. Unsecd. Note, 5.625%, 11/15/2043 | 141,002 | |
TOTAL | 462,198 | ||
Communications - Telecom Wireless—0.2% | |||
100,000 | American Tower Corp., Sr. Unsecd. Note, 3.400%, 2/15/2019 | 99,996 | |
150,000 | Crown Castle International Corp., Sr. Unsecd. Note, 3.700%, 6/15/2026 | 146,873 | |
TOTAL | 246,869 | ||
Communications - Telecom Wirelines—0.1% | |||
90,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 3/15/2024 | 93,553 | |
Consumer Cyclical - Automotive—0.4% | |||
175,000 | American Honda Finance Corp., Unsecd. Deb., Series MTN, 2.250%, 8/15/2019 | 174,513 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Consumer Cyclical - Automotive—continued | |||
$10,000 | DaimlerChrysler North America Holding Corp., Company Guarantee, 8.500%, 1/18/2031 | $13,894 | |
100,000 | Ford Motor Co., Sr. Unsecd. Note, 4.750%, 1/15/2043 | 76,097 | |
200,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.336%, 3/18/2021 | 194,681 | |
160,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.200%, 7/6/2021 | 157,624 | |
TOTAL | 616,809 | ||
Consumer Cyclical - Leisure—0.1% | |||
131,736 | Football Trust V, Pass Thru Cert., 5.350%, 10/5/2020 | 136,219 | |
Consumer Cyclical - Lodging—0.1% | |||
30,000 | Hyatt Hotels Corp., Sr. Unsecd. Note, 3.375%, 7/15/2023 | 29,643 | |
50,000 | Marriott International, Inc., Sr. Unsecd. Note, 3.000%, 3/1/2019 | 49,998 | |
TOTAL | 79,641 | ||
Consumer Cyclical - Retailers—0.4% | |||
50,000 | Advance Auto Parts, Inc., 4.500%, 12/1/2023 | 51,267 | |
40,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.125%, 4/21/2026 | 37,785 | |
250,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 4/15/2025 | 241,812 | |
175,000 | CVS Health Corp., Sr. Unsecd. Note, 2.875%, 6/1/2026 | 164,037 | |
10,000 | O'Reilly Automotive, Inc., Company Guarantee, 4.875%, 1/14/2021 | 10,270 | |
80,000 | Under Armour, Inc., Sr. Unsecd. Note, 3.250%, 6/15/2026 | 70,486 | |
TOTAL | 575,657 | ||
Consumer Cyclical - Services—0.3% | |||
200,000 | Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.800%, 6/6/2023 | 194,749 | |
125,000 | Amazon.com, Inc., Sr. Unsecd. Note, 3.800%, 12/5/2024 | 130,530 | |
65,000 | Expedia, Inc., Company Guarantee, 5.950%, 8/15/2020 | 67,517 | |
10,000 | University of Southern California, Sr. Unsecd. Note, 5.250%, 10/1/2111 | 11,578 | |
70,000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | 70,491 | |
TOTAL | 474,865 | ||
Consumer Non-Cyclical - Food/Beverage—1.1% | |||
300,000 | Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 5.550%, 1/23/2049 | 314,193 | |
300,000 | Danone SA, Sr. Unsecd. Note, 144A, 2.947%, 11/2/2026 | 281,711 | |
140,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026 | 131,833 | |
80,000 | General Mills, Inc., Sr. Unsecd. Note, 4.700%, 4/17/2048 | 75,183 | |
270,000 | Heineken NV, Sr. Unsecd. Note, 144A, 3.500%, 1/29/2028 | 262,950 | |
200,000 | Kerry Group Financial Services, Sr. Unsecd. Note, 144A, 3.200%, 4/9/2023 | 195,396 | |
60,000 | McCormick & Co., Inc., Sr. Unsecd. Note, 3.400%, 8/15/2027 | 57,366 | |
50,000 | Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025 | 52,117 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Consumer Non-Cyclical - Food/Beverage—continued | |||
$125,000 | Tyson Foods, Inc., Sr. Unsecd. Note, 3.550%, 6/2/2027 | $120,615 | |
230,000 | Tyson Foods, Inc., Sr. Unsecd. Note, 5.100%, 9/28/2048 | 227,784 | |
TOTAL | 1,719,148 | ||
Consumer Non-Cyclical - Health Care—0.0% | |||
15,000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 3.200%, 10/1/2022 | 14,885 | |
10,000 | Laboratory Corp. of America Holdings, Sr. Unsecd. Note, 3.750%, 8/23/2022 | 10,087 | |
TOTAL | 24,972 | ||
Consumer Non-Cyclical - Products—0.1% | |||
200,000 | Newell Rubbermaid, Inc., Sr. Unsecd. Note, 4.200%, 4/1/2026 | 192,048 | |
Consumer Non-Cyclical - Supermarkets—0.2% | |||
290,000 | Kroger Co., Sr. Unsecd. Note, 5.400%, 1/15/2049 | 291,278 | |
Consumer Non-Cyclical - Tobacco—0.0% | |||
24,000 | Altria Group, Inc., 9.250%, 8/6/2019 | 24,760 | |
Energy - Independent—0.3% | |||
250,000 | Canadian Natural Resources Ltd., 3.900%, 2/1/2025 | 252,440 | |
125,000 | Cimarex Energy Co., Sr. Unsecd. Note, 3.900%, 5/15/2027 | 120,890 | |
30,000 | EOG Resources, Inc., Note, 5.625%, 6/1/2019 | 30,243 | |
100,000 | Marathon Oil Corp., Sr. Unsecd. Note, 3.850%, 6/1/2025 | 98,393 | |
TOTAL | 501,966 | ||
Energy - Integrated—0.4% | |||
300,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.937%, 9/21/2028 | 307,691 | |
135,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.119%, 5/4/2026 | 131,511 | |
75,000 | Husky Energy, Inc., 4.000%, 4/15/2024 | 75,521 | |
53,000 | Petrobras Global Finance BV, Sr. Unsecd. Note, Series WI, 5.299%, 1/27/2025 | 53,318 | |
25,000 | Petroleos Mexicanos, Sr. Unsecd. Note, 4.875%, 1/18/2024 | 23,687 | |
TOTAL | 591,728 | ||
Energy - Midstream—0.7% | |||
100,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 | 98,915 | |
75,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.900%, 2/1/2024 | 77,679 | |
170,000 | Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.950%, 2/15/2027 | 172,752 | |
10,000 | Florida Gas Transmission Co. LLC, Sr. Unsecd. Note, 144A, 5.450%, 7/15/2020 | 10,280 | |
150,000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, 5.000%, 3/1/2043 | 146,484 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Energy - Midstream—continued | |||
$100,000 | Kinder Morgan, Inc., 5.050%, 2/15/2046 | $98,673 | |
40,000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 | 39,187 | |
225,000 | MPLX LP, Sr. Unsecd. Note, 5.500%, 2/15/2049 | 230,097 | |
195,000 | ONEOK, Inc., Sr. Unsecd. Note, 4.950%, 7/13/2047 | 185,098 | |
20,000 | Texas Eastern Transmission LP, Sr. Unsecd. Note, 144A, 2.800%, 10/15/2022 | 19,373 | |
30,000 | Williams Partners LP, Sr. Unsecd. Note, 4.125%, 11/15/2020 | 30,391 | |
TOTAL | 1,108,929 | ||
Energy - Oil Field Services—0.1% | |||
15,000 | Nabors Industries, Inc., Company Guarantee, 5.000%, 9/15/2020 | 14,850 | |
20,000 | Nabors Industries, Inc., Sr. Unsecd. Note, 4.625%, 9/15/2021 | 19,025 | |
50,000 | Nabors Industries, Inc., Sr. Unsecd. Note, 5.100%, 9/15/2023 | 43,625 | |
TOTAL | 77,500 | ||
Energy - Refining—0.0% | |||
10,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 3/1/2041 | 11,139 | |
Financial Institution - Banking—2.6% | |||
74,000 | American Express Co., 2.650%, 12/2/2022 | 72,637 | |
250,000 | American Express Credit Corp., Sr. Unsecd. Note, Series MTN, 2.250%, 5/5/2021 | 246,513 | |
50,000 | BB&T Corp., Sr. Unsecd. Note, Series MTN, 2.250%, 2/1/2019 | 50,000 | |
300,000 | Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.500%, 4/19/2026 | 297,656 | |
250,000 | 3 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 3.447% (3-month USLIBOR +0.650%), 10/1/2021 | 250,820 |
100,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 5.000%, 5/13/2021 | 104,172 | |
200,000 | Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025 | 201,007 | |
200,000 | Citigroup, Inc., Sr. Unsecd. Note, 2.700%, 3/30/2021 | 198,706 | |
250,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.300%, 4/27/2025 | 244,372 | |
170,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.400%, 5/1/2026 | 166,286 | |
25,000 | City National Corp., Sr. Unsecd. Note, 5.250%, 9/15/2020 | 25,778 | |
30,000 | Comerica, Inc., 3.800%, 7/22/2026 | 29,506 | |
75,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 3.650%, 1/25/2024 | 75,474 | |
275,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.625%, 1/22/2023 | 278,617 | |
150,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.250%, 2/1/2041 | 181,588 | |
50,000 | HSBC Holdings PLC, Sr. Unsecd. Note, 5.100%, 4/5/2021 | 52,134 | |
250,000 | Huntington National Bank, Sr. Unsecd. Note, 2.200%, 4/1/2019 | 249,772 | |
400,000 | JPMorgan Chase & Co., Sub. Note, 3.375%, 5/1/2023 | 399,616 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Banking—continued | |||
$300,000 | Morgan Stanley, 4.300%, 1/27/2045 | $299,030 | |
120,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 2.500%, 4/21/2021 | 118,499 | |
210,000 | Regions Financial Corp., Sr. Unsecd. Note, 3.200%, 2/8/2021 | 210,075 | |
130,000 | SunTrust Banks, Inc., Sr. Unsecd. Note, 2.900%, 3/3/2021 | 129,654 | |
TOTAL | 3,881,912 | ||
Financial Institution - Broker/Asset Mgr/Exchange—0.2% | |||
80,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | 78,723 | |
125,000 | Jefferies Group LLC, Sr. Unsecd. Note, 6.875%, 4/15/2021 | 132,765 | |
70,000 | Nuveen LLC, Sr. Unsecd. Note, 144A, 4.000%, 11/1/2028 | 73,147 | |
13,000 | Raymond James Financial, Inc., Sr. Unsecd. Note, 5.625%, 4/1/2024 | 14,085 | |
TOTAL | 298,720 | ||
Financial Institution - Finance Companies—0.5% | |||
150,000 | AerCap Ireland Capital Ltd / AerCap Global Aviation Trust, Sr. Unsecd. Note, 4.875%, 1/16/2024 | 152,643 | |
170,000 | AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.950%, 2/1/2022 | 168,931 | |
250,000 | Discover Bank, Sr. Unsecd. Note, Series BKNT, 4.650%, 9/13/2028 | 253,644 | |
250,000 | GE Capital International Funding, Inc., Sr. Unsecd. Note, 4.418%, 11/15/2035 | 223,876 | |
TOTAL | 799,094 | ||
Financial Institution - Insurance - Life—0.7% | |||
200,000 | Aflac, Inc., Sr. Unsecd. Note, 3.625%, 6/15/2023 | 202,723 | |
25,000 | American International Group, Inc., 4.500%, 7/16/2044 | 23,734 | |
35,000 | American International Group, Inc., Sr. Unsecd. Note, 4.125%, 2/15/2024 | 35,827 | |
125,000 | American International Group, Inc., Sr. Unsecd. Note, 4.200%, 4/1/2028 | 125,356 | |
10,000 | Lincoln National Corp., Sr. Unsecd. Note, 4.200%, 3/15/2022 | 10,229 | |
275,000 | Mass Mutual Global Funding II, 144A, 2.000%, 4/15/2021 | 268,811 | |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039 | 15,020 | |
250,000 | MetLife, Inc., Sr. Unsecd. Note, 3.600%, 4/10/2024 | 255,513 | |
15,000 | Penn Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040 | 19,993 | |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.125%, 5/15/2023 | 9,916 | |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.300%, 9/15/2022 | 9,959 | |
50,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040 | 60,447 | |
TOTAL | 1,037,528 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Insurance - P&C—0.1% | |||
$100,000 | Liberty Mutual Group, Inc., 144A, 4.850%, 8/1/2044 | $98,584 | |
65,000 | Nationwide Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039 | 98,994 | |
TOTAL | 197,578 | ||
Financial Institution - REIT - Apartment—0.1% | |||
20,000 | Post Apartment Homes LP, Sr. Unsecd. Note, 3.375%, 12/1/2022 | 19,817 | |
10,000 | UDR, Inc., Company Guarantee, Series 0001, 4.625%, 1/10/2022 | 10,309 | |
70,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026 | 65,027 | |
TOTAL | 95,153 | ||
Financial Institution - REIT - Healthcare—0.1% | |||
40,000 | Health Care REIT, Inc., Sr. Unsecd. Note, 6.125%, 4/15/2020 | 41,224 | |
50,000 | Healthcare Trust of America, 3.700%, 4/15/2023 | 49,730 | |
TOTAL | 90,954 | ||
Financial Institution - REIT - Office—0.1% | |||
50,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.900%, 6/15/2023 | 50,526 | |
70,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028 | 68,097 | |
50,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2022 | 51,636 | |
TOTAL | 170,259 | ||
Financial Institution - REIT - Other—0.1% | |||
75,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024 | 76,792 | |
Financial Institution - REIT - Retail—0.0% | |||
50,000 | Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/1/2022 | 49,453 | |
20,000 | Regency Centers LP, Company Guarantee, 4.800%, 4/15/2021 | 20,481 | |
TOTAL | 69,934 | ||
Sovereign—0.0% | |||
30,000 | Corp Andina De Fomento, Sr. Unsecd. Note, 4.375%, 6/15/2022 | 31,232 | |
Technology—0.6% | |||
30,000 | Apple, Inc., Sr. Unsecd. Note, 2.400%, 5/3/2023 | 29,549 | |
20,000 | Corning, Inc., Unsecd. Note, 4.750%, 3/15/2042 | 19,081 | |
240,000 | Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr. Secd. Note, 144A, 6.020%, 6/15/2026 | 251,179 | |
125,000 | Equifax, Inc., Sr. Unsecd. Note, 2.300%, 6/1/2021 | 121,166 | |
53,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.500%, 4/15/2023 | 52,725 | |
300,000 | Fiserv, Inc., Sr. Unsecd. Note, 4.200%, 10/1/2028 | 299,898 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Technology—continued | |||
$70,000 | Hewlett Packard Enterprise Co., Sr. Unsecd. Note, 3.600%, 10/15/2020 | $70,463 | |
20,000 | Ingram Micro, Inc., Sr. Unsecd. Note, 5.000%, 8/10/2022 | 19,606 | |
50,000 | Total System Services, Inc., Sr. Unsecd. Note, 4.800%, 4/1/2026 | 51,133 | |
10,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 9/12/2022 | 10,206 | |
50,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 5.500%, 6/15/2045 | 51,223 | |
TOTAL | 976,229 | ||
Transportation - Railroads—0.2% | |||
50,000 | Burlington Northern Santa Fe Corp., Deb., 5.750%, 5/1/2040 | 60,384 | |
30,000 | Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2023 | 29,435 | |
225,000 | Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.125%, 6/1/2026 | 211,003 | |
TOTAL | 300,822 | ||
Transportation - Services—0.2% | |||
70,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.800%, 3/1/2022 | 68,783 | |
200,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 3.750%, 6/9/2023 | 201,105 | |
30,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 3.125%, 1/15/2021 | 30,152 | |
TOTAL | 300,040 | ||
Utility - Electric—1.6% | |||
5,000 | Consolidated Edison Co., Sr. Unsecd. Note, 6.650%, 4/1/2019 | 5,029 | |
110,000 | Duke Energy Corp., Sr. Unsecd. Note, 2.650%, 9/1/2026 | 102,583 | |
70,000 | Electricite de France SA, Note, 144A, 5.600%, 1/27/2040 | 71,901 | |
300,000 | Electricite de France SA, Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028 | 300,799 | |
140,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 | 136,482 | |
280,000 | Enel Finance International NV, Sr. Unsecd. Note, 144A, 4.625%, 9/14/2025 | 276,840 | |
170,000 | EverSource Energy, Sr. Unsecd. Note, 3.350%, 3/15/2026 | 164,479 | |
200,000 | Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026 | 193,489 | |
100,000 | Exelon Generation Co. LLC, Sr. Unsecd. Note, 4.250%, 6/15/2022 | 102,323 | |
10,000 | Great Plains Energy, Inc., Note, 4.850%, 6/1/2021 | 10,268 | |
300,000 | Metropolitan Edison Co., Sr. Unsecd. Note, 144A, 4.300%, 1/15/2029 | 306,352 | |
110,000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 | 107,057 | |
25,000 | National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, Series MTNC, 8.000%, 3/1/2032 | 34,524 | |
50,000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 2.700%, 9/15/2019 | 49,857 | |
250,000 | PPL Capital Funding, Inc., Sr. Unsecd. Note, 3.100%, 5/15/2026 | 234,293 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Utility - Electric—continued | |||
$50,000 | Progress Energy, Inc., 7.050%, 3/15/2019 | $50,247 | |
175,000 | Southern Co., Sr. Unsecd. Note, 3.250%, 7/1/2026 | 167,504 | |
10,000 | TECO Finance, Inc., Company Guarantee, 5.150%, 3/15/2020 | 10,211 | |
40,000 | UIL Holdings Corp., Sr. Unsecd. Note, 4.625%, 10/1/2020 | 40,782 | |
TOTAL | 2,365,020 | ||
Utility - Natural Gas—0.3% | |||
20,000 | Atmos Energy Corp., 8.500%, 3/15/2019 | 20,137 | |
50,000 | Enbridge Energy Partners LP, Sr. Unsecd. Note, 4.200%, 9/15/2021 | 50,794 | |
65,000 | National Fuel Gas Co., Sr. Unsecd. Note, 3.750%, 3/1/2023 | 64,350 | |
245,000 | TransCanada PipeLines Ltd., Sr. Secd. Note, 5.100%, 3/15/2049 | 259,391 | |
TOTAL | 394,672 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $20,093,365) | 20,082,979 | ||
U.S. TREASURY—0.9% | |||
167,052 | U.S. Treasury Inflation-Protected Notes, 0.125%, 1/15/2022 | 164,006 | |
106,354 | 5 | U.S. Treasury Inflation-Protected Notes, 0.125%, 4/15/2021 | 104,583 |
284,460 | U.S. Treasury Inflation-Protected Notes, 0.750%, 2/15/2042 | 265,607 | |
578,933 | U.S. Treasury Inflation-Protected Notes, 0.875%, 1/15/2029 | 583,840 | |
135,194 | U.S. Treasury Inflation-Protected Notes, 1.375%, 2/15/2044 | 143,817 | |
TOTAL U.S. TREASURY (IDENTIFIED COST $1,267,386) | 1,261,853 | ||
EXCHANGE-TRADED FUNDS—10.2% | |||
72,775 | iShares Core MSCI Emerging Markets ETF | 3,761,012 | |
184,500 | iShares MSCI EAFE ETF | 11,564,460 | |
TOTAL EXCHANGE-TRADED FUNDS (IDENTIFIED COST $16,030,099) | 15,325,472 | ||
INVESTMENT COMPANIES—19.9% | |||
206,400 | Emerging Markets Core Fund | 1,973,181 | |
102,324 | Federated Bank Loan Core Fund | 1,003,802 | |
99,520 | Federated Government Obligations Fund, Premier Shares, 2.30%6 | 99,520 | |
6,038,980 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 2.57%6 | 6,040,187 | |
1,461,344 | Federated Mortgage Core Portfolio | 14,101,974 | |
354,235 | Federated Project and Trade Finance Core Fund | 3,205,826 |
Shares or Principal Amount | Value | ||
INVESTMENT COMPANIES—continued | |||
559,388 | High Yield Bond Portfolio | $3,429,047 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $30,692,200) | 29,853,537 | ||
TOTAL INVESTMENT IN SECURITIES—99.8% (IDENTIFIED COST $149,774,492)7 | 149,551,688 | ||
OTHER ASSETS AND LIABILITIES - NET—0.2%8 | 367,858 | ||
TOTAL NET ASSETS—100% | $149,919,546 |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
1United States Treasury Note 2-Year Long Futures | 47 | $9,979,422 | March 2019 | $32,173 |
1United States Treasury Note 5-Year Long Futures | 21 | $2,412,047 | March 2019 | $11,057 |
1United States Treasury Long Bond Long Futures | 4 | $586,750 | March 2019 | $2,834 |
1United States Treasury Ultra Bond Long Futures | 8 | $1,289,000 | March 2019 | $35,481 |
1United States Treasury Note 10-Year Short Futures | 11 | $1,347,156 | March 2019 | $(4,698) |
1United States Treasury Note 10-Year Ultra Short Futures | 30 | $3,920,625 | March 2019 | $(39,523) |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $37,324 |
Affiliates | Balance of Shares Held 7/31/2018 | Purchases/ Additions | Sales/ Reductions |
Emerging Markets Core Fund | 235,533 | 36,683 | (65,816) |
Federated Bank Loan Core Fund | 218,141 | 84,802 | (200,619) |
Federated Government Obligations Fund, Premier Shares* | 593,845 | 39,023,528 | (39,517,853) |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | 4,928,376 | 29,948,480 | (28,837,876) |
Federated Mortgage Core Portfolio | 1,196,190 | 354,868 | (89,714) |
Federated Project and Trade Finance Core Fund | 335,486 | 18,749 | — |
High Yield Bond Portfolio | 482,388 | 127,000 | (50,000) |
TOTAL OF AFFILIATED TRANSACTIONS | 7,989,959 | 69,594,110 | (68,761,878) |
Balance of Shares Held 1/31/2019 | Value | Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/(Loss) | Dividend Income | Gain Distributions Received |
206,400 | $1,973,181 | $(6,637) | $5,034 | $62,730 | $— |
102,324 | $1,003,802 | $(3,395) | $(70,775) | $54,478 | $— |
99,520 | $99,520 | N/A | N/A | $6,488 | $— |
6,038,980 | $6,040,187 | $(94) | $635 | $81,396 | $— |
1,461,344 | $14,101,974 | $174,783 | $(8,074) | $212,019 | $— |
354,235 | $3,205,826 | $(17,231) | $— | $79,337 | $— |
559,388 | $3,429,047 | $(44,399) | $(1,701) | $98,453 | $— |
8,822,191 | $29,853,537 | $103,027 | $(74,881) | $594,901 | $— |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | Non-income-producing security. |
2 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
3 | Floating/variable note with current rate and current maturity or next reset date shown. |
4 | JPMorgan Chase & Co. has fully and unconditionally guaranteed Bear Stearns' outstanding registered debt securities. |
5 | All or a portion of this security is pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts. |
6 | 7-day net yield. |
7 | Also represents cost 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 | $78,080,907 | $— | $— | $78,080,907 |
International | 1,283,520 | — | — | 1,283,520 |
Debt Securities: | ||||
Asset-Backed Securities | — | 577,053 | — | 577,053 |
Collateralized Mortgage Obligations | — | 3,086,367 | — | 3,086,367 |
Corporate Bonds | — | 20,082,979 | — | 20,082,979 |
U.S. Treasury | — | 1,261,853 | — | 1,261,853 |
Exchange-Traded Funds | 15,325,472 | — | — | 15,325,472 |
Investment Companies1 | 6,139,707 | — | — | 29,853,537 |
TOTAL SECURITIES | $100,829,606 | $25,008,252 | $— | $149,551,688 |
Other Financial Instruments2 | ||||
Assets | $81,545 | $— | $— | $81,545 |
Liabilities | (44,221) | — | — | (44,221) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $37,324 | $— | $— | $37,324 |
1 | As permitted by U.S. generally accepted accounting principles (GAAP), Investment Companies valued at $23,713,830 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. |
BKNT | —Bank Notes |
ETF | —Exchange-Traded Fund |
FREMF | —Freddie Mac Multifamily K-Deals |
GMTN | —Global Medium Term Note |
LIBOR | —London Interbank Offered Rate |
MTN | —Medium Term Note |
REIT | —Real Estate Investment Trust |
REMIC | —Real Estate Mortgage Investment Conduit |
Six Months Ended (unaudited) 1/31/2019 | Year Ended July 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $19.59 | $17.74 | $16.52 | $16.83 | $16.07 | $14.35 |
Income From Investment Operations: | ||||||
Net investment income1 | 0.12 | 0.21 | 0.26 | 0.24 | 0.20 | 0.17 |
Net realized and unrealized gain (loss) | (0.61) | 1.89 | 1.23 | (0.31) | 0.74 | 1.70 |
TOTAL FROM INVESTMENT OPERATIONS | (0.49) | 2.10 | 1.49 | (0.07) | 0.94 | 1.87 |
Less Distributions: | ||||||
Distributions from net investment income | (0.19) | (0.25) | (0.27) | (0.24) | (0.18) | (0.15) |
Distributions from net realized gain | (1.51) | — | — | — | — | — |
TOTAL DISTRIBUTIONS | (1.70) | (0.25) | (0.27) | (0.24) | (0.18) | (0.15) |
Net Asset Value, End of Period | $17.40 | $19.59 | $17.74 | $16.52 | $16.83 | $16.07 |
Total Return2 | (2.09)% | 11.91% | 9.11% | (0.37)% | 5.89% | 13.06% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.31%3 | 1.32% | 1.26% | 1.30% | 1.30% | 1.30% |
Net investment income | 1.31%3 | 1.11% | 1.51% | 1.51% | 1.21% | 1.10% |
Expense waiver/reimbursement4 | 0.10%3 | 0.06% | 0.15% | 0.10% | 0.09% | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $77,209 | $61,553 | $61,405 | $61,245 | $62,555 | $55,634 |
Portfolio turnover | 71% | 89% | 82% | 98% | 89% | 34% |
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) 1/31/2019 | Year Ended July 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $19.31 | $17.49 | $16.30 | $16.59 | $15.84 | $14.16 |
Income From Investment Operations: | ||||||
Net investment income1 | 0.05 | 0.06 | 0.13 | 0.12 | 0.07 | 0.05 |
Net realized and unrealized gain (loss) | (0.58) | 1.87 | 1.20 | (0.31) | 0.74 | 1.67 |
TOTAL FROM INVESTMENT OPERATIONS | (0.53) | 1.93 | 1.33 | (0.19) | 0.81 | 1.72 |
Less Distributions: | ||||||
Distributions from net investment income | — | (0.11) | (0.14) | (0.10) | (0.06) | (0.04) |
Distributions from net realized gain | (1.51) | — | — | — | — | — |
TOTAL DISTRIBUTIONS | (1.51) | (0.11) | (0.14) | (0.10) | (0.06) | (0.04) |
Net Asset Value, End of Period | $17.27 | $19.31 | $17.49 | $16.30 | $16.59 | $15.84 |
Total Return2 | (2.41)% | 11.09% | 8.23% | (1.10)% | 5.12% | 12.14% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.06%3 | 2.07% | 2.01% | 2.05% | 2.05% | 2.05% |
Net investment income | 0.56%3 | 0.35% | 0.75% | 0.76% | 0.45% | 0.34% |
Expense waiver/reimbursement4 | 0.12%3 | 0.04% | 0.13% | 0.08% | 0.06% | 0.07% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $14,089 | $27,577 | $29,007 | $29,152 | $31,571 | $34,522 |
Portfolio turnover | 71% | 89% | 82% | 98% | 89% | 34% |
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) 1/31/2019 | Year Ended July 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $19.64 | $17.79 | $16.57 | $16.87 | $16.11 | $14.39 |
Income From Investment Operations: | ||||||
Net investment income1 | 0.15 | 0.26 | 0.30 | 0.28 | 0.24 | 0.21 |
Net realized and unrealized gain (loss) | (0.61) | 1.89 | 1.23 | (0.30) | 0.74 | 1.69 |
TOTAL FROM INVESTMENT OPERATIONS | (0.46) | 2.15 | 1.53 | (0.02) | 0.98 | 1.90 |
Less Distributions: | ||||||
Distributions from net investment income | (0.23) | (0.30) | (0.31) | (0.28) | (0.22) | (0.18) |
Distributions from net realized gain | (1.51) | — | — | — | — | — |
TOTAL DISTRIBUTIONS | (1.74) | (0.30) | (0.31) | (0.28) | (0.22) | (0.18) |
Net Asset Value, End of Period | $17.44 | $19.64 | $17.79 | $16.57 | $16.87 | $16.11 |
Total Return2 | (1.93)% | 12.15% | 9.36% | (0.07)% | 6.13% | 13.30% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.06%3 | 1.07% | 1.00% | 1.05% | 1.05% | 1.05% |
Net investment income | 1.61%3 | 1.35% | 1.77% | 1.76% | 1.46% | 1.35% |
Expense waiver/reimbursement4 | 0.08%3 | 0.02% | 0.12% | 0.05% | 0.04% | 0.06% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $55,927 | $54,358 | $39,136 | $47,757 | $53,291 | $49,667 |
Portfolio turnover | 71% | 89% | 82% | 98% | 89% | 34% |
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) 1/31/2019 | Year Ended July 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $19.62 | $17.76 | $16.49 | $16.80 | $16.05 | $14.33 |
Income From Investment Operations: | ||||||
Net investment income2 | 0.13 | 0.26 | 0.28 | 0.20 | 0.16 | 0.13 |
Net realized and unrealized gain (loss) | (0.60) | 1.90 | 1.24 | (0.31) | 0.74 | 1.69 |
TOTAL FROM INVESTMENT OPERATIONS | (0.47) | 2.16 | 1.52 | (0.11) | 0.90 | 1.82 |
Less Distributions: | ||||||
Distributions from net investment income | (0.24) | (0.30) | (0.25) | (0.20) | (0.15) | (0.10) |
Distributions from net realized gain | (1.51) | — | — | — | — | — |
TOTAL DISTRIBUTIONS | (1.75) | (0.30) | (0.25) | (0.20) | (0.15) | (0.10) |
Net Asset Value, End of Period | $17.40 | $19.62 | $17.76 | $16.49 | $16.80 | $16.05 |
Total Return3 | (1.98)% | 12.24% | 9.32% | (0.59)% | 5.61% | 12.72% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.05%4 | 1.06% | 1.05% | 1.56% | 1.56% | 1.57% |
Net investment income | 1.33%4 | 1.36% | 1.64% | 1.27% | 0.96% | 0.84% |
Expense waiver/reimbursement5 | 0.06%4 | 0.02% | 0.06% | 0.04% | 0.03% | 0.05% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $2,695 | $12,178 | $10,439 | $577 | $532 | $464 |
Portfolio turnover | 71% | 89% | 82% | 98% | 89% | 34% |
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 $95,537 of securities loaned and $29,853,537 of investment in affiliated holdings (identified cost $149,774,492) | $149,551,688 | |
Restricted cash (Note 2) | 47,879 | |
Income receivable | 249,796 | |
Income receivable from affiliated holdings | 119,330 | |
Receivable for investments sold | 1,744,565 | |
Receivable for shares sold | 187,506 | |
TOTAL ASSETS | 151,900,764 | |
Liabilities: | ||
Payable for investments purchased | $1,601,971 | |
Payable for shares redeemed | 101,506 | |
Payable for daily variation margin on futures contracts | 40,169 | |
Payable for collateral due to broker for securities lending | 99,520 | |
Payable for investment adviser fee (Note 5) | 2,740 | |
Payable for administrative fees (Note 5) | 325 | |
Payable for Directors'/Trustees' fees (Note 5) | 375 | |
Payable for distribution services fee (Note 5) | 8,697 | |
Payable for other service fees (Notes 2 and 5) | 39,015 | |
Accrued expenses (Note 5) | 86,900 | |
TOTAL LIABILITIES | 1,981,218 | |
Net assets for 8,614,664 shares outstanding | $149,919,546 | |
Net Assets Consist of: | ||
Paid-in capital | $151,516,823 | |
Total distributable earnings (loss) | (1,597,277) | |
TOTAL NET ASSETS | $149,919,546 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($77,208,627 ÷ 4,436,985 shares outstanding), no par value, unlimited shares authorized | $17.40 | |
Offering price per share (100/94.50 of $17.40) | $18.41 | |
Redemption proceeds per share | $17.40 | |
Class C Shares: | ||
Net asset value per share ($14,089,216 ÷ 816,015 shares outstanding), no par value, unlimited shares authorized | $17.27 | |
Offering price per share | $17.27 | |
Redemption proceeds per share (99.00/100 of $17.27) | $17.10 | |
Institutional Shares: | ||
Net asset value per share ($55,927,084 ÷ 3,206,783 shares outstanding), no par value, unlimited shares authorized | $17.44 | |
Offering price per share | $17.44 | |
Redemption proceeds per share | $17.44 | |
Class R6 Shares: | ||
Net asset value per share ($2,694,619 ÷ 154,881 shares outstanding), no par value, unlimited shares authorized | $17.40 | |
Offering price per share | $17.40 | |
Redemption proceeds per share | $17.40 |
Investment Income: | |||
Dividends (including $588,413 received from affiliated holdings* and net of foreign taxes withheld of $315) | $1,551,761 | ||
Interest | 479,535 | ||
Net income on securities loaned (includes $6,488 received from affiliated holdings related to cash collateral balances*) | 3,267 | ||
TOTAL INCOME | 2,034,563 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $580,219 | ||
Administrative fee (Note 5) | 61,906 | ||
Custodian fees | 50,112 | ||
Transfer agent fee (Note 2) | 68,161 | ||
Directors'/Trustees' fees (Note 5) | 1,376 | ||
Auditing fees | 16,823 | ||
Legal fees | 6,152 | ||
Portfolio accounting fees | 50,029 | ||
Distribution services fee (Note 5) | 53,511 | ||
Other service fees (Notes 2 and 5) | 105,008 | ||
Share registration costs | 33,311 | ||
Printing and postage | 14,925 | ||
Miscellaneous (Note 5) | 15,835 | ||
TOTAL EXPENSES | 1,057,368 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(52,390) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (19,451) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (71,841) | ||
Net expenses | 985,527 | ||
Net investment income | $1,049,036 |
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions: | |||
Net realized gain on investments (including net realized loss of $(74,881) on sales of investments in affiliated holdings*) | $3,953,505 | ||
Net realized gain on foreign currency transactions | 77,056 | ||
Net realized loss on futures contracts | (20,684) | ||
Net change in unrealized appreciation of investments (including net change in unrealized depreciation of $103,027 on investments in affiliated holdings*) | (8,547,474) | ||
Net change in unrealized appreciation of futures contracts | 16,405 | ||
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions | (4,521,192) | ||
Change in net assets resulting from operations | $(3,472,156) |
* | See information listed after the Fund's Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2019 | Year Ended 7/31/2018 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $1,049,036 | $1,482,124 |
Net realized gain | 4,009,877 | 10,643,426 |
Net change in unrealized appreciation/depreciation | (8,531,069) | 3,826,927 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (3,472,156) | 15,952,477 |
Distributions to Shareholders (Note 2): | ||
Class A Shares | (6,723,192) | (820,337) |
Class C Shares | (1,044,348) | (182,113) |
Institutional Shares | (5,847,283) | (590,928) |
Class R6 Shares | (242,234) | (175,714) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (13,857,057) | (1,769,092) |
Share Transactions: | ||
Proceeds from sale of shares | 49,848,022 | 34,844,213 |
Net asset value of shares issued to shareholders in payment of distributions declared | 12,933,369 | 1,616,876 |
Cost of shares redeemed | (51,198,407) | (34,966,647) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 11,582,984 | 1,494,442 |
Change in net assets | (5,746,229) | 15,677,827 |
Net Assets: | ||
Beginning of period | 155,665,775 | 139,987,948 |
End of period | $149,919,546 | $155,665,775 |
■ | 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 | $37,774 | $(11,130) |
Class C Shares | 8,181 | (3,917) |
Institutional Shares | 20,535 | (4,404) |
Class R6 Shares | 1,671 | — |
TOTAL | $68,161 | $(19,451) |
Other Service Fees Incurred | |
Class A Shares | $87,493 |
Class C Shares | 17,515 |
TOTAL | $105,008 |
Market Value of Securities Loaned | Market Value of Collateral |
$95,537 | $99,520 |
Fair Value of Derivative Instruments | ||
Liabilities | ||
Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||
Interest rate contracts | Payable for daily variation margin on futures contracts | $(37,324)* |
* | Includes cumulative net appreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $(20,684) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $16,405 |
Six Months Ended 1/31/2019 | Year Ended 7/31/2018 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,235,984 | $23,198,745 | 616,086 | $11,426,201 |
Shares issued to shareholders in payment of distributions declared | 356,509 | 5,992,522 | 37,690 | 704,802 |
Shares redeemed | (298,274) | (5,386,037) | (973,306) | (17,952,970) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 1,294,219 | $23,805,230 | (319,530) | $(5,821,967) |
Six Months Ended 1/31/2019 | Year Ended 7/31/2018 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 194,495 | $3,413,293 | 94,955 | $1,762,067 |
Shares issued to shareholders in payment of distributions declared | 54,548 | 903,861 | 9,123 | 168,962 |
Shares redeemed | (860,854) | (16,544,384) | (334,347) | (6,217,117) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (611,811) | $(12,227,230) | (230,269) | $(4,286,088) |
Six Months Ended 1/31/2019 | Year Ended 7/31/2018 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,120,304 | $20,225,785 | 1,033,047 | $19,682,314 |
Shares issued to shareholders in payment of distributions declared | 344,529 | 5,809,112 | 30,373 | 568,576 |
Shares redeemed | (1,025,371) | (17,480,866) | (496,465) | (9,266,521) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 439,462 | $8,554,031 | 566,955 | $10,984,369 |
Six Months Ended 1/31/2019 | Year Ended 7/31/2018 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 152,897 | $3,010,199 | 104,828 | $1,973,631 |
Shares issued to shareholders in payment of distributions declared | 13,548 | 227,874 | 9,333 | 174,536 |
Shares redeemed | (632,368) | (11,787,120) | (81,103) | (1,530,039) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (465,923) | $(8,549,047) | 33,058 | $618,128 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 655,947 | $11,582,984 | 50,214 | $1,494,442 |
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 |
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 | $53,511 |
Purchases | $101,183,266 |
Sales | $99,587,768 |
Beginning Account Value 8/1/2018 | Ending Account Value 1/31/2019 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $979.10 | $6.53 |
Class C Shares | $1,000 | $975.90 | $10.26 |
Institutional Shares | $1,000 | $980.70 | $5.29 |
Class R6 Shares | $1,000 | $980.20 | $5.24 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.60 | $6.67 |
Class C Shares | $1,000 | $1,014.80 | $10.46 |
Institutional Shares | $1,000 | $1,019.90 | $5.40 |
Class R6 Shares | $1,000 | $1,019.90 | $5.35 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.31% |
Class C Shares | 2.06% |
Institutional Shares | 1.06% |
Class R6 Shares | 1.05% |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R833
CUSIP 31421R825
CUSIP 31421R692
2019 ©Federated Investors, Inc.
Share Class | Ticker | A | QALGX | B | QBLGX | C | QCLGX | Institutional | QILGX |
Donahue
Sector Composition | Percentage of Total Net Assets |
Information Technology | 31.8% |
Consumer Discretionary | 15.8% |
Health Care | 13.0% |
Communication Services | 12.7% |
Industrials | 12.6% |
Financials | 5.4% |
Consumer Staples | 4.4% |
Materials | 2.2% |
Securities Lending Collateral2,3 | 0.0% |
Cash Equivalents4 | 2.0% |
Other Assets and Liabilities—Net5 | 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 | Represents cash collateral received for portfolio securities on loan that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements. |
3 | Represents less than 0.1%. |
4 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing cash collateral for securities lending. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS—97.9% | |||
Communication Services—12.7% | |||
540 | 1 | AMC Networks, Inc. | $33,987 |
4,098 | 1 | Alphabet, Inc. | 4,613,897 |
3,670 | 1 | DISH Network Corp., Class A | 112,559 |
9,100 | 1 | Discovery, Inc. | 258,258 |
6,938 | 1 | Electronic Arts, Inc. | 639,961 |
16,398 | 1 | Facebook, Inc. | 2,733,383 |
51,233 | 1 | Live Nation Entertainment, Inc. | 2,741,478 |
72,797 | 1 | MSG Networks, Inc. | 1,630,653 |
20,898 | Verizon Communications, Inc. | 1,150,644 | |
TOTAL | 13,914,820 | ||
Consumer Discretionary—15.8% | |||
2,746 | 1 | Amazon.com, Inc. | 4,719,632 |
60 | 1 | AutoZone, Inc. | 50,840 |
14,365 | Bed Bath & Beyond, Inc. | 216,768 | |
111 | 1 | Booking Holdings, Inc. | 203,442 |
10,673 | 1 | Burlington Stores, Inc. | 1,832,661 |
805 | Choice Hotels International, Inc. | 63,724 | |
12,031 | D. R. Horton, Inc. | 462,592 | |
2,873 | Dillards, Inc., Class A | 191,888 | |
8,341 | Dunkin' Brands Group, Inc. | 570,441 | |
14,863 | Expedia Group, Inc. | 1,772,413 | |
1,414 | Foot Locker, Inc. | 79,028 | |
25,317 | Ford Motor Co. | 222,789 | |
5,804 | 1 | Fossil, Inc. | 98,436 |
4,516 | 1,2 | GNC Holdings, Inc. | 13,774 |
12,926 | Home Depot, Inc. | 2,372,309 | |
5,279 | Lowe's Cos., Inc. | 507,629 | |
4,458 | 1 | Lululemon Athletica, Inc. | 658,937 |
1,188 | Macy's, Inc. | 31,244 | |
3,095 | 1 | O'Reilly Automotive, Inc. | 1,066,723 |
5,600 | 1 | Sally Beauty Holdings, Inc. | 96,432 |
2,169 | Toll Brothers, Inc. | 80,123 | |
9,449 | Tupperware Brands Corp. | 257,674 | |
1,088 | 1 | Urban Outfitters, Inc. | 35,142 |
3,087 | V.F. Corp. | 259,833 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
1,921 | 1 | Weight Watchers International, Inc. | $61,472 |
29,559 | Wyndham Destinations, Inc. | 1,245,616 | |
1,716 | Yum! Brands, Inc. | 161,270 | |
TOTAL | 17,332,832 | ||
Consumer Staples—4.4% | |||
996 | Church and Dwight, Inc. | 64,352 | |
1,191 | Costco Wholesale Corp. | 255,624 | |
6,294 | Estee Lauder Cos., Inc., Class A | 858,627 | |
12,348 | Flowers Foods, Inc. | 242,762 | |
28,398 | PepsiCo, Inc. | 3,199,603 | |
609 | 1 | Post Holdings, Inc. | 56,527 |
2,760 | Sysco Corp. | 176,226 | |
TOTAL | 4,853,721 | ||
Financials—5.4% | |||
28,222 | Citizens Financial Group, Inc. | 957,290 | |
4,208 | Everest Re Group Ltd. | 921,762 | |
2,292 | LPL Investment Holdings, Inc. | 161,288 | |
46,005 | Progressive Corp., OH | 3,095,677 | |
7,206 | Prudential Financial, Inc. | 663,961 | |
2,300 | 2 | Waddell & Reed Financial, Inc., Class A | 39,376 |
TOTAL | 5,839,354 | ||
Health Care—13.0% | |||
769 | 1 | Alexion Pharmaceuticals, Inc. | 94,556 |
427 | Bristol-Myers Squibb Co. | 21,081 | |
5,266 | Eli Lilly & Co. | 631,183 | |
14,816 | HCA Healthcare, Inc. | 2,065,795 | |
2,885 | Humana, Inc. | 891,436 | |
4,390 | 1 | Intuitive Surgical, Inc. | 2,298,780 |
2,283 | 1 | Ionis Pharmaceuticals, Inc. | 132,414 |
2,701 | 1 | Molina Healthcare, Inc. | 359,179 |
3,637 | 1 | Myriad Genetics, Inc. | 102,527 |
2,327 | 1 | Regeneron Pharmaceuticals, Inc. | 998,911 |
18,245 | Stryker Corp. | 3,239,765 | |
16,406 | 1 | Veeva Systems, Inc. | 1,789,238 |
8,275 | 1 | Vertex Pharmaceuticals, Inc. | 1,579,780 |
TOTAL | 14,204,645 | ||
Industrials—12.6% | |||
1,596 | Allegion PLC | 137,033 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
17,348 | Allison Transmission Holdings, Inc. | $844,327 | |
5,600 | Boeing Co. | 2,159,472 | |
4,801 | C.H. Robinson Worldwide, Inc. | 416,583 | |
36,732 | CSX Corp. | 2,413,292 | |
12,049 | Caterpillar, Inc. | 1,604,445 | |
4,449 | Fortune Brands Home & Security, Inc. | 201,540 | |
1,628 | Grainger (W.W.), Inc. | 480,895 | |
13,961 | 1 | Jet Blue Airways Corp. | 251,158 |
11,700 | Lennox International, Inc. | 2,682,576 | |
7,248 | Lockheed Martin Corp. | 2,099,673 | |
770 | Masco Corp. | 24,956 | |
28,428 | Pitney Bowes, Inc. | 204,966 | |
3,882 | R.R. Donnelley & Sons Co. | 19,798 | |
744 | Raytheon Co. | 122,581 | |
1,092 | Waste Management, Inc. | 104,472 | |
845 | 1 | XPO Logistics, Inc. | 51,359 |
TOTAL | 13,819,126 | ||
Information Technology—31.8% | |||
10,171 | 1 | Adobe, Inc. | 2,520,577 |
1,951 | 1 | Ansys, Inc. | 320,647 |
34,030 | Apple, Inc. | 5,663,953 | |
4,845 | 1 | Autodesk, Inc. | 713,184 |
15,725 | Automatic Data Processing, Inc. | 2,198,984 | |
5,027 | 1 | Coherent, Inc. | 594,191 |
234 | 1 | EPAM Systems, Inc. | 33,106 |
17,192 | 1 | Fortinet, Inc. | 1,316,391 |
25,869 | Global Payments, Inc. | 2,904,571 | |
1,689 | 1 | IPG Photonics Corp. | 224,637 |
18,872 | Intel Corp. | 889,249 | |
17,298 | Mastercard, Inc. | 3,652,127 | |
37,198 | Microsoft Corp. | 3,884,587 | |
3,155 | Nvidia Corp. | 453,531 | |
12,754 | NetApp, Inc. | 813,323 | |
7,331 | 1 | PayPal, Inc. | 650,700 |
6,196 | 1 | ServiceNow, Inc. | 1,363,244 |
7,994 | 1 | Tableau Software, Inc. | 1,021,953 |
12,731 | Total System Services, Inc. | 1,140,825 | |
3,423 | 1 | VMware, Inc., Class A | 517,113 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
44,090 | Western Union Co. | $804,643 | |
28,030 | Xilinx, Inc. | 3,137,678 | |
TOTAL | 34,819,214 | ||
Materials—2.2% | |||
2,170 | Avery Dennison Corp. | 226,656 | |
713 | 1 | Berry Global Group, Inc. | 35,115 |
1,050 | Sherwin-Williams Co. | 442,596 | |
23,054 | Westlake Chemical Corp. | 1,703,691 | |
TOTAL | 2,408,058 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $95,126,335) | 107,191,770 | ||
INVESTMENT COMPANIES—2.0% | |||
52,505 | Federated Government Obligations Fund, Premier Shares, 2.30%3 | 52,505 | |
2,114,483 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 2.57%3 | 2,114,907 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $2,166,960) | 2,167,412 | ||
TOTAL INVESTMENT IN SECURITIES—99.9% (IDENTIFIED COST $97,293,295)4 | 109,359,182 | ||
OTHER ASSETS AND LIABILITIES - NET—0.1%5 | 136,402 | ||
TOTAL NET ASSETS—100% | $109,495,584 |
Federated Government Obligations Fund, Premier Shares* | Federated Institutional Prime Value Obligations Fund, Institutional Shares | Total Affiliated Transactions | |
Balance of Shares Held 7/31/2018 | 280,960 | 1,197,370 | 1,478,330 |
Purchases/Additions | 5,055,919 | 12,360,455 | 17,416,374 |
Sales/Reductions | (5,284,374) | (11,443,342) | (16,727,716) |
Balance of Shares Held 1/31/2019 | 52,505 | 2,114,483 | 2,166,988 |
Value | $52,505 | $2,114,907 | $2,167,412 |
Change in Unrealized Appreciation/ Depreciation | N/A | $90 | $90 |
Net Realized Gain/(Loss) | N/A | $(133) | $(133) |
Dividend Income | $4,443 | $30,613 | $35,056 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | Non-income-producing security. |
2 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
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) 1/31/2019 | Year Ended July 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $20.66 | $17.46 | $15.18 | $17.64 | $16.15 | $13.58 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.04) | (0.07) | 0.01 | 0.04 | 0.02 | 0.03 |
Net realized and unrealized gain (loss) | (0.46) | 4.67 | 2.36 | (0.70) | 1.47 | 2.54 |
TOTAL FROM INVESTMENT OPERATIONS | (0.50) | 4.60 | 2.37 | (0.66) | 1.49 | 2.57 |
Less Distributions: | ||||||
Distributions from net realized gain | (1.81) | (1.40) | (0.09) | (1.80) | — | — |
Net Asset Value, End of Period | $18.35 | $20.66 | $17.46 | $15.18 | $17.64 | $16.15 |
Total Return2 | (1.87)% | 27.38% | 15.66% | (3.62)% | 9.23% | 18.92% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.49%3 | 1.52% | 1.52% | 1.50% | 1.50% | 1.50% |
Net investment income (loss) | (0.39)%3 | (0.38)% | 0.02% | 0.28% | 0.13% | 0.17% |
Expense waiver/reimbursement4 | 0.00%3,5 | 0.02% | 0.08% | 0.07% | 0.03% | 0.11% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $61,613 | $59,355 | $49,794 | $45,661 | $55,033 | $54,573 |
Portfolio turnover | 65% | 104% | 104% | 69% | 91% | 51% |
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 | Amount is less than 0.01%. |
Six Months Ended (unaudited) 1/31/2019 | Year Ended July 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $18.85 | $16.16 | $14.16 | $16.71 | $15.41 | $13.05 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.10) | (0.20) | (0.11) | (0.07) | (0.11) | (0.09) |
Net realized and unrealized gain (loss) | (0.42) | 4.29 | 2.20 | (0.68) | 1.41 | 2.45 |
TOTAL FROM INVESTMENT OPERATIONS | (0.52) | 4.09 | 2.09 | (0.75) | 1.30 | 2.36 |
Less Distributions: | ||||||
Distributions from net realized gain | (1.81) | (1.40) | (0.09) | (1.80) | — | — |
Net Asset Value, End of Period | $16.52 | $18.85 | $16.16 | $14.16 | $16.71 | $15.41 |
Total Return2 | (2.17)% | 26.38% | 14.81% | (4.41)% | 8.44% | 18.08% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.24%3 | 2.27% | 2.27% | 2.25% | 2.25% | 2.25% |
Net investment income (loss) | (1.13)%3 | (1.13)% | (0.71)% | (0.49)% | (0.65)% | (0.59)% |
Expense waiver/reimbursement4 | 0.00%3,5 | 0.02% | 0.08% | 0.08% | 0.03% | 0.11% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $12,385 | $14,432 | $13,654 | $14,925 | $16,175 | $10,519 |
Portfolio turnover | 65% | 104% | 104% | 69% | 91% | 51% |
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 | Amount is less than 0.01%. |
Six Months Ended (unaudited) 1/31/2019 | Year Ended July 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $18.35 | $15.76 | $13.81 | $16.34 | $15.07 | $12.76 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.10) | (0.19) | (0.11) | (0.06) | (0.10) | (0.08) |
Net realized and unrealized gain (loss) | (0.41) | 4.18 | 2.15 | (0.67) | 1.37 | 2.39 |
TOTAL FROM INVESTMENT OPERATIONS | (0.51) | 3.99 | 2.04 | (0.73) | 1.27 | 2.31 |
Less Distributions: | ||||||
Distributions from net realized gain | (1.81) | (1.40) | (0.09) | (1.80) | — | — |
Net Asset Value, End of Period | $16.03 | $18.35 | $15.76 | $13.81 | $16.34 | $15.07 |
Total Return2 | (2.17)% | 26.42% | 14.82% | (4.39)% | 8.43% | 18.10% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.24%3 | 2.27% | 2.27% | 2.25% | 2.25% | 2.25% |
Net investment income (loss) | (1.15)%3 | (1.13)% | (0.72)% | (0.46)% | (0.63)% | (0.59)% |
Expense waiver/reimbursement4 | 0.00%3,5 | 0.02% | 0.08% | 0.07% | 0.03% | 0.11% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $10,314 | $10,685 | $9,672 | $10,052 | $12,904 | $11,991 |
Portfolio turnover | 65% | 104% | 104% | 69% | 91% | 51% |
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 | Amount is less than 0.01%. |
Six Months Ended (unaudited) 1/31/2019 | Year Ended July 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $21.52 | $18.10 | $15.69 | $18.13 | $16.55 | $13.88 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.02) | (0.03) | 0.05 | 0.08 | 0.07 | 0.06 |
Net realized and unrealized gain (loss) | (0.46) | 4.85 | 2.45 | (0.72) | 1.51 | 2.61 |
TOTAL FROM INVESTMENT OPERATIONS | (0.48) | 4.82 | 2.50 | (0.64) | 1.58 | 2.67 |
Less Distributions: | ||||||
Distributions from net realized gain | (1.81) | (1.40) | (0.09) | (1.80) | — | — |
Net Asset Value, End of Period | $19.23 | $21.52 | $18.10 | $15.69 | $18.13 | $16.55 |
Total Return2 | (1.70)% | 27.65% | 15.98% | (3.40)% | 9.55% | 19.24% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.25%3 | 1.27% | 1.27% | 1.25% | 1.25% | 1.25% |
Net investment income (loss) | (0.16)%3 | (0.14)% | 0.27% | 0.52% | 0.37% | 0.40% |
Expense waiver/reimbursement4 | 0.00%3,5 | 0.02% | 0.08% | 0.07% | 0.03% | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $25,183 | $11,966 | $7,649 | $7,469 | $7,888 | $7,502 |
Portfolio turnover | 65% | 104% | 104% | 69% | 91% | 51% |
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 | Amount is less than 0.01%. |
Assets: | ||
Investment in securities, at value including $51,396 of securities loaned and $2,167,412 of investment in affiliated holdings (identified cost $97,293,295) | $109,359,182 | |
Income receivable | 43,716 | |
Income receivable from affiliated holdings | 9,555 | |
Receivable for investments sold | 427,774 | |
Receivable for shares sold | 396,082 | |
TOTAL ASSETS | 110,236,309 | |
Liabilities: | ||
Payable for investments purchased | $475,265 | |
Payable for shares redeemed | 102,156 | |
Payable for collateral due to broker for securities lending | 52,505 | |
Payable for investment adviser fee (Note 5) | 2,221 | |
Payable for administrative fees (Note 5) | 237 | |
Payable for transfer agent fee | 20,935 | |
Payable for Directors'/Trustees' fees (Note 5) | 314 | |
Payable for portfolio accounting fees | 27,238 | |
Payable for distribution services fee (Note 5) | 13,787 | |
Payable for other service fees (Notes 2 and 5) | 28,376 | |
Accrued expenses (Note 5) | 17,691 | |
TOTAL LIABILITIES | 740,725 | |
Net assets for 6,060,294 shares outstanding | $109,495,584 | |
Net Assets Consist of: | ||
Paid-in capital | $92,619,044 | |
Total distributable earnings | 16,876,540 | |
TOTAL NET ASSETS | $109,495,584 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($61,613,255 ÷ 3,356,967 shares outstanding), no par value, unlimited shares authorized | $18.35 | |
Offering price per share (100/94.50 of $18.35) | $19.42 | |
Redemption proceeds per share | $18.35 | |
Class B Shares: | ||
Net asset value per share ($12,385,062 ÷ 749,919 shares outstanding), no par value, unlimited shares authorized | $16.52 | |
Offering price per share | $16.52 | |
Redemption proceeds per share (94.50/100 of $16.52) | $15.61 | |
Class C Shares: | ||
Net asset value per share ($10,314,162 ÷ 643,627 shares outstanding), no par value, unlimited shares authorized | $16.03 | |
Offering price per share | $16.03 | |
Redemption proceeds per share (99.00/100 of $16.03) | $15.87 | |
Institutional Shares: | ||
Net asset value per share ($25,183,105 ÷ 1,309,781 shares outstanding), no par value, unlimited shares authorized | $19.23 | |
Offering price per share | $19.23 | |
Redemption proceeds per share | $19.23 |
Investment Income: | ||
Dividends (including $30,613 received from an affiliated holding*) | $572,053 | |
Net income on securities loaned (includes $4,443 received from affiliated holdings related to cash collateral balances*) | 1,646 | |
TOTAL INCOME | 573,699 | |
Expenses: | ||
Investment adviser fee (Note 5) | $391,107 | |
Administrative fee (Note 5) | 41,935 | |
Custodian fees | 12,127 | |
Transfer agent fee | 79,186 | |
Directors'/Trustees' fees (Note 5) | 1,150 | |
Auditing fees | 13,478 | |
Legal fees | 6,152 | |
Portfolio accounting fees | 42,345 | |
Distribution services fee (Note 5) | 86,955 | |
Other service fees (Notes 2 and 5) | 105,922 | |
Share registration costs | 33,750 | |
Printing and postage | 14,071 | |
Miscellaneous (Note 5) | 13,795 | |
TOTAL EXPENSES | 841,973 | |
Reimbursement of investment adviser fee (Note 5) | (721) | |
Net expenses | 841,252 | |
Net investment income (loss) | (267,553) | |
Realized and Unrealized Gain (Loss) on Investments: | ||
Net realized gain on investments (including net realized loss of $(133) on sales of investments in affiliated holdings*) | 5,148,770 | |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $90 of investments in affiliated holdings*) | (7,163,256) | |
Net realized and unrealized gain (loss) on investments | (2,014,486) | |
Change in net assets resulting from operations | $(2,282,039) |
* | See information listed after the Fund's Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2019 | Year Ended 7/31/2018 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(267,553) | $(499,782) |
Net realized gain | 5,148,770 | 10,083,407 |
Net change in unrealized appreciation/depreciation | (7,163,256) | 11,109,591 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (2,282,039) | 20,693,216 |
Distributions to Shareholders (Note 2): | ||
Class A Shares | (5,477,815) | (4,029,431) |
Class B Shares | (1,293,241) | (1,111,920) |
Class C Shares | (969,378) | (797,120) |
Institutional Shares | (1,895,731) | (476,552) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (9,636,165) | (6,415,023) |
Share Transactions: | ||
Proceeds from sale of shares | 30,538,989 | 18,205,541 |
Net asset value of shares issued to shareholders in payment of distributions declared | 9,069,033 | 5,896,339 |
Cost of shares redeemed | (14,631,162) | (22,712,943) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 24,976,860 | 1,388,937 |
Change in net assets | 13,058,656 | 15,667,130 |
Net Assets: | ||
Beginning of period | 96,436,928 | 80,769,798 |
End of period | $109,495,584 | $96,436,928 |
■ | 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 | $76,937 |
Class B Shares | 17,099 |
Class C Shares | 11,886 |
TOTAL | $105,922 |
Market Value of Securities Loaned | Market Value of Collateral |
$51,396 | $52,505 |
Six Months Ended 1/31/2019 | Year Ended 7/31/2018 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 477,189 | $9,537,840 | 467,958 | $8,917,991 |
Shares issued to shareholders in payment of distributions declared | 287,970 | 4,964,605 | 197,851 | 3,618,696 |
Shares redeemed | (281,264) | (5,550,023) | (644,382) | (12,286,884) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 483,895 | $8,952,422 | 21,427 | $249,803 |
Six Months Ended 1/31/2019 | Year Ended 7/31/2018 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 10,459 | $186,742 | 66,852 | $1,147,577 |
Shares issued to shareholders in payment of distributions declared | 81,777 | 1,269,989 | 64,836 | 1,087,294 |
Shares redeemed | (107,742) | (1,853,377) | (211,128) | (3,561,428) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (15,506) | $(396,646) | (79,440) | $(1,326,557) |
Six Months Ended 1/31/2019 | Year Ended 7/31/2018 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 182,766 | $3,160,322 | 141,746 | $2,436,968 |
Shares issued to shareholders in payment of distributions declared | 64,160 | 966,884 | 47,820 | 780,418 |
Shares redeemed | (185,468) | (3,395,726) | (220,940) | (3,759,274) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 61,458 | $731,480 | (31,374) | $(541,888) |
Six Months Ended 1/31/2019 | Year Ended 7/31/2018 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 845,358 | $17,654,085 | 267,065 | $5,703,005 |
Shares issued to shareholders in payment of distributions declared | 103,408 | 1,867,555 | 21,553 | 409,931 |
Shares redeemed | (194,987) | (3,832,036) | (155,328) | (3,105,357) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 753,779 | $15,689,604 | 133,290 | $3,007,579 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 1,283,626 | $24,976,860 | 43,903 | $1,388,937 |
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 |
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 | $51,297 |
Class C Shares | 35,658 |
TOTAL | $86,955 |
Purchases | $81,899,405 |
Sales | $67,412,397 |
Beginning Account Value 8/1/2018 | Ending Account Value 1/31/2019 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $981.30 | $7.44 |
Class B Shares | $1,000 | $978.30 | $11.17 |
Class C Shares | $1,000 | $978.30 | $11.17 |
Institutional Shares | $1,000 | $983.00 | $6.25 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,017.70 | $7.58 |
Class B Shares | $1,000 | $1,013.90 | $11.37 |
Class C Shares | $1,000 | $1,013.90 | $11.37 |
Institutional Shares | $1,000 | $1,018.90 | $6.36 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.49% |
Class B Shares | 2.24% |
Class C Shares | 2.24% |
Institutional Shares | 1.25% |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R684
CUSIP 31421R809
CUSIP 31421R882
2019 ©Federated Investors, Inc.
Share Class | Ticker | A | QASCX | C | QCSCX | Institutional | QISCX | R6 | QLSCX |
Donahue
Sector Composition | Percentage of Total Net Assets |
Financials | 18.4% |
Health Care | 16.1% |
Information Technology | 15.6% |
Industrials | 15.3% |
Consumer Discretionary | 13.1% |
Materials | 4.4% |
Communication Services | 4.1% |
Energy | 4.1% |
Utilities | 3.5% |
Consumer Staples | 2.9% |
Securities Lending Collateral2 | 13.5% |
Cash Equivalents3 | 2.5% |
Other Assets and Liabilities—Net4 | (13.5)% |
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 | Represents cash collateral received for portfolio securities on loan that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements. |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing cash collateral for securities lending. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS—97.5% | |||
Communication Services—4.1% | |||
198,610 | Emerald Expositions Events, Inc. | $2,820,262 | |
679,348 | 1,2 | Frontier Communications Corp. | 1,358,696 |
95,956 | 1 | Imax Corp. | 1,993,006 |
61,240 | 1 | Intelsat SA | 1,489,969 |
69,998 | Nexstar Media Group, Inc., Class A | 5,842,733 | |
222,600 | Shenandoah Telecommunications Co. | 10,602,438 | |
95,759 | 2 | Sinclair Broadcast Group, Inc. | 2,950,335 |
626,905 | 1 | Vonage Holdings Corp. | 5,711,105 |
31,680 | World Wrestling Entertainment, Inc. | 2,608,531 | |
73,174 | 1 | Yelp, Inc. | 2,664,997 |
TOTAL | 38,042,072 | ||
Consumer Discretionary—13.1% | |||
103,920 | 2 | Abercrombie & Fitch Co., Class A | 2,251,946 |
107,501 | American Eagle Outfitters, Inc. | 2,270,421 | |
128,302 | BJ's Restaurants, Inc. | 6,393,289 | |
120,824 | 1 | Beazer Homes USA, Inc. | 1,513,925 |
84,233 | 2 | Bed Bath & Beyond, Inc. | 1,271,076 |
59,163 | 1,2 | Boot Barn Holdings, Inc. | 1,386,189 |
33,022 | 2 | Brinker International, Inc. | 1,338,051 |
55,389 | 2 | Buckle, Inc. | 962,107 |
394,048 | Callaway Golf Co. | 6,419,042 | |
217,158 | Chico's Fas, Inc. | 1,259,516 | |
40,745 | 1,2 | Conn's, Inc. | 853,200 |
21,388 | 1 | Cooper-Standard Holding, Inc. | 1,635,327 |
21,758 | 2 | Dine Brands Global, Inc. | 1,659,483 |
31,897 | 1 | Eldorado Resorts, Inc. | 1,487,038 |
31,062 | 1 | Five Below, Inc. | 3,843,301 |
90,548 | 1,2 | Fossil, Inc. | 1,535,694 |
70,565 | 1 | Fox Factory Holding Corp. | 4,186,621 |
130,046 | 1,2 | Francesca's Holdings Corp. | 114,857 |
104,318 | 1 | G-III Apparel Group Ltd. | 3,637,569 |
170,348 | 1 | Houghton Mifflin Harcourt Co. | 1,783,544 |
548,976 | KB HOME | 11,753,576 | |
233,298 | 1,2 | K12, Inc. | 7,351,220 |
53,188 | Movado Group, Inc. | 1,699,357 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
30,420 | 1 | Ollie's Bargain Outlet Holding, Inc. | $2,377,931 |
137,140 | 1,2 | Overstock.com, Inc. | 2,379,379 |
88,193 | 2 | PetMed Express, Inc. | 2,088,410 |
139,537 | 1 | Planet Fitness, Inc. | 8,081,983 |
35,344 | 1,2 | RH | 4,802,189 |
323,315 | 1,2 | Sally Beauty Holdings, Inc. | 5,567,484 |
282,814 | 1,2 | SeaWorld Entertainment, Inc. | 7,367,305 |
118,014 | Signet Jewelers Ltd. | 2,874,821 | |
529,421 | 1,2 | TRI Pointe Group, Inc. | 7,120,712 |
51,806 | Tailored Brands, Inc. | 654,310 | |
232,754 | 2 | Tile Shop Hldgs., Inc. | 1,766,603 |
164,834 | 1 | Weight Watchers International, Inc. | 5,274,688 |
47,061 | Wingstop, Inc. | 3,089,555 | |
TOTAL | 120,051,719 | ||
Consumer Staples—2.9% | |||
32,778 | Cal-Maine Foods, Inc. | 1,382,576 | |
91,414 | 1,2 | Chef's Warehouse, Inc. | 2,936,218 |
289,347 | 1,2 | elf Beauty, Inc. | 2,430,515 |
112,268 | 1,2 | Freshpet, Inc. | 4,038,280 |
63,308 | 1 | Hostess Brands, Inc. | 727,409 |
13,692 | Lancaster Colony Corp. | 2,177,986 | |
11,648 | Medifast, Inc. | 1,482,091 | |
12,035 | 1 | The Boston Beer Co., Inc., Class A | 2,998,641 |
49,090 | 1 | USANA Health Sciences, Inc. | 5,748,439 |
50,347 | Universal Corp. | 2,905,022 | |
TOTAL | 26,827,177 | ||
Energy—4.1% | |||
116,317 | 2 | Arch Coal, Inc. | 10,251,017 |
47,111 | 1 | CONSOL Energy, Inc. | 1,673,854 |
56,619 | Delek US Holdings, Inc. | 1,840,684 | |
850,893 | 1,2 | Denbury Resources, Inc. | 1,727,313 |
363,832 | 1,2 | Diamond Offshore Drilling, Inc. | 3,976,684 |
130,992 | 1 | Exterran Corp. | 2,274,021 |
118,854 | Gulf Island Fabrication, Inc. | 1,127,924 | |
162,665 | 1,2 | Key Energy Services, Inc. | 271,651 |
294,187 | 1,2 | Newpark Resources, Inc. | 2,444,694 |
208,517 | 1,2 | Noble Corp. PLC | 688,106 |
146,716 | Peabody Energy Corp. | 5,237,761 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Energy—continued | |||
56,205 | 1 | Renewable Energy Group, Inc. | $1,624,324 |
337,940 | 1 | Southwestern Energy Co. | 1,476,798 |
654,931 | 1,2 | W&T Offshore, Inc. | 3,300,852 |
TOTAL | 37,915,683 | ||
Financials—18.4% | |||
36,561 | 1st Source Corp. | 1,659,869 | |
181,007 | American Equity Investment Life Holding Co. | 5,669,139 | |
35,640 | BancFirst Corp. | 1,913,155 | |
189,569 | 2 | BancorpSouth Bank | 5,531,624 |
97,313 | Banner Corp. | 5,307,451 | |
40,387 | 1 | Blucora, Inc. | 1,191,820 |
183,266 | CNO Financial Group, Inc. | 3,276,796 | |
178,873 | 2 | Cadence BanCorporation | 3,353,869 |
17,640 | Employers Holdings, Inc. | 747,407 | |
57,924 | 1,2 | Enova International, Inc. | 1,335,148 |
56,195 | Enterprise Financial Services Corp. | 2,479,885 | |
89,632 | 1 | Essent Group Ltd. | 3,562,872 |
236,210 | 1,2 | Ezcorp, Inc., Class A | 2,201,477 |
35,247 | Financial Institutions, Inc. | 945,325 | |
366,771 | 2 | First BanCorp | 3,906,111 |
154,642 | First Bancorp, Inc. | 5,686,186 | |
46,068 | First Busey Corp. | 1,140,644 | |
170,742 | First Defiance Financial Corp. | 4,811,510 | |
48,448 | First Guaranty Bancshares, Inc. | 1,052,775 | |
105,545 | 2 | First Merchants Corp. | 3,866,113 |
124,151 | 1 | First NBC Bank Holding Co. | 1,763 |
510,292 | 2 | Fulton Financial Corp. | 8,190,187 |
155,320 | 1 | Green Dot Corp. | 11,496,786 |
112,007 | Hancock Whitney Corp. | 4,601,248 | |
89,702 | Hometrust Bancshares, Inc. | 2,421,954 | |
107,270 | Iberiabank Corp. | 7,926,180 | |
682,103 | Investors Bancorp, Inc. | 8,280,731 | |
550,015 | 1 | MGIC Investment Corp. | 6,864,187 |
156,105 | Meridian Bancorp, Inc. | 2,471,923 | |
156,974 | National Bank Holdings Corp. | 5,016,889 | |
402,373 | National General Holdings Corp. | 9,717,308 | |
198,424 | New York Mortgage Trust, Inc. | 1,246,103 | |
19,683 | 1 | Nicolet Bankshares, Inc. | 1,076,463 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
169,690 | OceanFirst Financial Corp. | $4,074,257 | |
88,184 | Old National Bancorp | 1,423,290 | |
118,289 | Peapack-Gladstone Financial Corp. | 3,157,133 | |
112,685 | QCR Holdings, Inc. | 3,860,588 | |
174,362 | Radian Group, Inc. | 3,354,725 | |
21,857 | Republic Bancorp, Inc. | 911,218 | |
58,995 | 2 | Simmons 1st National Corp., Class A | 1,459,536 |
77,504 | TowneBank | 2,012,004 | |
25,806 | TriCo Bancshares | 973,402 | |
60,176 | Universal Insurance Holdings, Inc. | 2,269,839 | |
268,161 | 2 | Valley National Bancorp | 2,711,108 |
56,326 | WSFS Financial Corp. | 2,375,267 | |
132,707 | 2 | Waddell & Reed Financial, Inc., Class A | 2,271,944 |
36,619 | Washington Federal, Inc. | 1,065,247 | |
227,145 | Waterstone Financial, Inc. | 3,566,177 | |
108,805 | Western New England Bancorp, Inc. | 1,006,446 | |
47,820 | Wintrust Financial Corp. | 3,401,915 | |
TOTAL | 168,844,994 | ||
Health Care—16.1% | |||
130,039 | 1,2 | AMAG Pharmaceutical, Inc. | 2,128,738 |
50,161 | 1 | Acorda Therapeutics, Inc. | 834,177 |
66,205 | 1,3 | Adeptus Health, Inc., Class A | 0 |
614,795 | 1,2 | Akorn, Inc. | 2,311,629 |
84,122 | 1 | Amedisys, Inc. | 11,033,442 |
72,793 | 1 | American Renal Associates Holdings, Inc. | 882,251 |
61,063 | 1 | Array BioPharma, Inc. | 1,140,046 |
361,657 | 1 | Assertio Therapeutics, Inc. | 1,612,990 |
86,792 | 1,2 | AtriCure, Inc. | 2,686,212 |
46,390 | 1 | Audentes Therapeutics, Inc. | 1,150,472 |
193,374 | 1,2 | BioCryst Pharmaceuticals, Inc. | 1,678,486 |
54,762 | 1 | BioTelemetry, Inc. | 3,933,007 |
121,020 | 1 | CareDx, Inc. | 3,392,191 |
128,078 | 1 | Dicerna Pharmaceuticals, Inc. | 1,320,484 |
17,318 | 1,2 | Enanta Pharmaceuticals, Inc. | 1,375,569 |
436,615 | 1 | Endo International PLC | 4,256,996 |
167,056 | 1 | Fate Therapeutics, Inc. | 2,529,228 |
135,198 | 1 | Genomic Health, Inc. | 10,249,360 |
53,617 | 1 | Globus Medical, Inc. | 2,415,446 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
339,618 | 1,2 | HMS Holdings Corp. | $10,185,144 |
37,322 | 1 | Haemonetics Corp. | 3,691,519 |
260,053 | 1 | Halozyme Therapeutics, Inc. | 4,207,658 |
63,723 | 1 | Horizon Pharma PLC | 1,369,407 |
28,438 | 1 | Integer Holdings Corp. | 2,303,194 |
31,372 | 1,2 | Intercept Group, Inc. | 3,785,973 |
150,389 | 1,2 | Karyopharm Therapeutics, Inc. | 1,273,795 |
202,860 | 1 | Mallinckrodt PLC | 4,434,520 |
118,672 | 1,2 | Medpace Holdings, Inc. | 7,642,477 |
39,892 | 1 | Merit Medical Systems, Inc. | 2,255,095 |
64,227 | 1 | Mirati Therapeutics, Inc. | 4,244,120 |
44,721 | 1 | Molina Healthcare, Inc. | 5,946,999 |
113,879 | 1 | NuVasive, Inc. | 5,709,893 |
65,550 | 1 | Orthofix Medical, Inc. | 3,546,910 |
112,279 | 1 | Pacira Pharmaceuticals, Inc. | 4,567,510 |
246,827 | 1 | Ra Pharmaceuticals, Inc. | 5,067,358 |
106,671 | 1 | Repligen Corp. | 6,081,314 |
22,421 | 1 | SurModics, Inc. | 1,284,051 |
48,423 | 1,2 | Tandem Diabetes Care, Inc. | 2,105,432 |
94,488 | 1 | Tenet Healthcare Corp. | 2,077,791 |
22,210 | U.S. Physical Therapy, Inc. | 2,351,817 | |
173,388 | 1,2 | Vanda Pharmaceuticals, Inc. | 4,704,016 |
123,164 | 1,2 | Wright Medical Group, Inc. | 3,675,214 |
TOTAL | 147,441,931 | ||
Industrials—15.3% | |||
155,374 | Acco Brands Corp. | 1,371,952 | |
247,131 | 1 | Advanced Disposal Services, Inc. | 6,227,701 |
16,851 | 1,2 | Aerovironment, Inc. | 1,308,649 |
47,301 | Altra Holdings, Inc. | 1,447,884 | |
146,796 | 1 | Atkore International Group, Inc. | 3,404,199 |
208,195 | 1 | CECO Environmental Corp. | 1,432,382 |
60,365 | 1 | Casella Waste Systems, Inc. | 1,818,194 |
52,999 | 1 | Chart Industries, Inc. | 3,959,025 |
22,902 | 1 | Cimpress NV | 1,904,759 |
120,879 | Comfort Systems USA, Inc. | 5,798,566 | |
245,061 | 1 | Continental Building Products, Inc. | 6,454,907 |
79,917 | Deluxe Corp. | 3,753,701 | |
206,340 | 1 | Echo Global Logistics, Inc. | 4,902,638 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
65,069 | 1 | FTI Consulting, Inc. | $4,445,514 |
128,399 | 1 | Generac Holdings, Inc. | 6,796,159 |
158,626 | 1 | Harsco Corp. | 3,378,734 |
115,307 | Heidrick & Struggles International, Inc. | 3,810,896 | |
62,268 | 1 | Hub Group, Inc. | 2,771,549 |
79,039 | Hurco Co., Inc. | 3,031,146 | |
57,600 | Insperity, Inc. | 6,144,768 | |
176,441 | 1 | JELD-WEN Holding, Inc. | 3,147,707 |
80,456 | 2 | Kaman Corp., Class A | 4,756,559 |
94,814 | Korn Ferry | 4,323,518 | |
136,175 | 1 | Masonite International Corp. | 7,789,210 |
153,871 | 2 | Maxar Technologies, Inc. | 864,755 |
209,825 | Miller Herman, Inc. | 7,182,310 | |
65,497 | Quad Graphics, Inc. | 884,864 | |
230,263 | 2 | REV Group, Inc. | 1,913,486 |
195,908 | 1 | Rexnord Corp. | 5,122,994 |
92,288 | Rush Enterprises, Inc. | 3,530,016 | |
132,287 | 1 | SPX Flow, Inc. | 4,335,045 |
31,768 | 1 | Spirit Airlines, Inc. | 1,868,594 |
269,451 | Steelcase, Inc., Class A | 4,445,941 | |
169,150 | 1 | Titan Machinery, Inc. | 3,169,871 |
30,692 | Unifirst Corp. | 4,248,694 | |
118,160 | Universal Truckload Services, Inc. | 2,408,101 | |
39,898 | 1 | Veritiv Corp. | 1,362,517 |
161,365 | 2 | Werner Enterprises, Inc. | 5,312,136 |
TOTAL | 140,829,641 | ||
Information Technology—15.6% | |||
135,727 | 2 | AVX Corp. | 2,409,154 |
79,296 | 1,2 | Advanced Energy Industries, Inc. | 4,067,092 |
20,321 | 1 | Alteryx, Inc. | 1,445,839 |
38,449 | 2 | Belden, Inc. | 2,061,251 |
114,689 | 1,2 | Benefitfocus, Inc. | 6,416,850 |
55,800 | 1 | CACI International, Inc., Class A | 9,328,644 |
107,405 | 1 | Ciena Corp. | 4,091,056 |
35,151 | Cabot Microelectronics Corp. | 3,581,535 | |
50,839 | 1 | Cirrus Logic, Inc. | 1,888,669 |
73,449 | 1 | Commvault Systems, Inc. | 4,852,775 |
194,832 | 1 | Cornerstone OnDemand, Inc. | 11,171,667 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
8,932 | 1 | Coupa Software, Inc. | $776,727 |
51,277 | 1 | Cray, Inc. | 1,125,017 |
320,302 | 1 | Diodes, Inc. | 10,771,756 |
143,019 | 1 | Everi Holdings, Inc. | 951,076 |
17,739 | 1 | Fabrinet | 1,008,285 |
95,499 | 1 | Five9, Inc. | 4,882,864 |
53,610 | 1,2 | HubSpot, Inc. | 8,486,999 |
272,742 | 1,2 | Infinera Corp. | 1,200,065 |
75,652 | 1 | Insight Enterprises, Inc. | 3,473,940 |
60,049 | 2 | j2 Global, Inc. | 4,513,283 |
57,846 | 1 | Kimball Electronics, Inc. | 935,370 |
33,081 | MKS Instruments, Inc. | 2,700,402 | |
14,933 | Maximus, Inc. | 1,047,251 | |
76,012 | 1,2 | Netgear, Inc. | 3,010,835 |
92,923 | 1,2 | NetScout Systems, Inc. | 2,409,493 |
78,167 | 1 | Plexus Corp. | 4,386,732 |
68,815 | 1 | Qualys, Inc. | 5,954,562 |
111,256 | 1 | SPS Commerce, Inc. | 9,863,957 |
52,577 | 1,2 | SailPoint Technologies Holding | 1,501,073 |
246,942 | 1,2 | Stratasys, Inc. | 6,304,429 |
10,998 | 1 | Tech Data Corp. | 1,051,739 |
185,807 | 1,2 | Unisys Corp. | 2,430,356 |
19,153 | 1 | Verint Systems, Inc. | 926,431 |
281,639 | Vishay Intertechnology, Inc. | 5,491,961 | |
165,669 | 1,2 | Workiva, Inc. | 6,941,531 |
TOTAL | 143,460,666 | ||
Materials—4.4% | |||
73,890 | 1,2 | Allegheny Technologies, Inc. | 2,023,847 |
135,784 | Boise Cascade Co. | 3,729,986 | |
131,806 | Carpenter Technology Corp. | 6,229,152 | |
157,170 | Commercial Metals Corp. | 2,742,617 | |
348,018 | Gold Resource Corp. | 1,562,601 | |
25,897 | Kaiser Aluminum Corp. | 2,599,282 | |
201,231 | 1 | Kraton Corp. | 5,674,714 |
87,515 | Myers Industries, Inc. | 1,422,994 | |
121,607 | Schnitzer Steel Industries, Inc., Class A | 2,942,889 | |
336,077 | 1,2 | Summit Materials, Inc. | 5,128,535 |
83,416 | Trinseo SA | 4,091,555 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Materials—continued | |||
28,208 | 1 | UFP Technologies, Inc. | $930,864 |
61,218 | 1 | Verso Corp. | 1,510,248 |
TOTAL | 40,589,284 | ||
Utilities—3.5% | |||
620,207 | Clearway Energy, Inc., Class A | 9,117,043 | |
264,161 | PNM Resources, Inc. | 11,250,617 | |
100,929 | Portland General Electric Co. | 4,876,889 | |
81,635 | 2 | Southwest Gas Holdings, Inc. | 6,393,653 |
TOTAL | 31,638,202 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $922,608,293) | 895,641,369 | ||
INVESTMENT COMPANIES—16.0% | |||
47,349,924 | Federated Government Obligations Fund, Premier Shares, 2.30%4 | 47,349,924 | |
99,884,638 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 2.57%4 | 99,904,615 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $147,255,481) | 147,254,539 | ||
TOTAL INVESTMENT IN SECURITIES—113.5% (IDENTIFIED COST $1,069,863,774)5 | 1,042,895,908 | ||
OTHER ASSETS AND LIABILITIES - NET—(13.5)%6 | (124,041,465) | ||
TOTAL NET ASSETS—100% | $918,854,443 |
Federated Government Obligations Fund, Premier Shares* | Federated Institutional Prime Value Obligations Fund, Institutional Shares* | Total Affiliated Transactions | |
Balance of Shares Held 7/31/2018 | 43,276,939 | 89,106,925 | 132,383,864 |
Purchases/Additions | 114,160,320 | 410,042,252 | 524,202,572 |
Sales/Reductions | (110,087,335) | (399,264,539) | (509,351,874) |
Balance of Shares Held 1/31/2019 | 47,349,924 | 99,884,638 | 147,234,562 |
Value | $47,349,924 | $99,904,615 | $147,254,539 |
Change in Unrealized Appreciation/Depreciation | N/A | $(7,551) | $(7,551) |
Net Realized Gain/(Loss) | N/A | $1,962 | $1,962 |
Dividend Income | $330,956 | $980,886 | $1,311,842 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | Non-income-producing security. |
2 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
3 | 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”). |
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. A significant portion of this balance represents loans to unaffiliated qualified brokers for securities lending. The Fund receives cash from the broker as collateral for the loaned securities and reinvests the collateral in certain short-term securities such as affiliated money market funds, other money market instruments and/or repurchase agreements. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $850,198,220 | $— | $0 | $850,198,220 |
International | 45,443,149 | — | — | 45,443,149 |
Investment Companies | 147,254,539 | — | — | 147,254,539 |
TOTAL SECURITIES | $1,042,895,908 | $— | $0 | $1,042,895,908 |
Six Months Ended (unaudited) 1/31/2019 | Year Ended July 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $21.19 | $18.69 | $15.08 | $15.66 | $15.07 | $13.70 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.00)2 | (0.01) | (0.02) | 0.03 | (0.05) | (0.12) |
Net realized and unrealized gain (loss) | (2.35) | 3.38 | 3.78 | 1.02 | 1.57 | 1.49 |
TOTAL FROM INVESTMENT OPERATIONS | (2.35) | 3.37 | 3.76 | 1.05 | 1.52 | 1.37 |
Less Distributions: | ||||||
Distributions from net investment income | — | — | — | — | — | — |
Distributions from net realized gain | (0.63) | (0.87) | (0.15) | (1.63) | (0.93) | — |
TOTAL DISTRIBUTIONS | (0.63) | (0.87) | (0.15) | (1.63) | (0.93) | — |
Net Asset Value, End of Period | $18.21 | $21.19 | $18.69 | $15.08 | $15.66 | $15.07 |
Total Return3 | (10.92)% | 18.49% | 24.97% | 7.90% | 10.22% | 10.00% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.13%4 | 1.14% | 1.14% | 1.13% | 1.48% | 1.70% |
Net investment income (loss) | (0.02)%4 | (0.06)% | (0.13)% | 0.19% | (0.35)% | (0.77)% |
Expense waiver/reimbursement5 | 0.23%4 | 0.37% | 0.55% | 1.10% | 0.76% | 0.52% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $70,022 | $74,396 | $37,031 | $13,035 | $7,160 | $5,346 |
Portfolio turnover | 81% | 88% | 91% | 189% | 166% | 174% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2019 | Year Ended July 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $18.84 | $16.83 | $13.70 | $14.48 | $14.10 | $12.91 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.07) | (0.14) | (0.14) | (0.07) | (0.16) | (0.21) |
Net realized and unrealized gain (loss) | (2.08) | 3.02 | 3.42 | 0.92 | 1.47 | 1.40 |
TOTAL FROM INVESTMENT OPERATIONS | (2.15) | 2.88 | 3.28 | 0.85 | 1.31 | 1.19 |
Less Distributions: | ||||||
Distributions from net investment income | — | — | — | — | — | — |
Distributions from net realized gain | (0.63) | (0.87) | (0.15) | (1.63) | (0.93) | — |
TOTAL DISTRIBUTIONS | (0.63) | (0.87) | (0.15) | (1.63) | (0.93) | — |
Net Asset Value, End of Period | $16.06 | $18.84 | $16.83 | $13.70 | $14.48 | $14.10 |
Total Return2 | (11.22)% | 17.60% | 23.98% | 7.12% | 9.41% | 9.22% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.88%3 | 1.89% | 1.89% | 1.88% | 2.28% | 2.45% |
Net investment income (loss) | (0.77)%3 | (0.81)% | (0.89)% | (0.56)% | (1.11)% | (1.50)% |
Expense waiver/reimbursement4 | 0.26%3 | 0.38% | 0.57% | 1.11% | 0.72% | 0.54% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $30,168 | $30,072 | $15,223 | $3,422 | $3,031 | $3,338 |
Portfolio turnover | 81% | 88% | 91% | 189% | 166% | 174% |
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) 1/31/2019 | Year Ended July 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $21.94 | $19.30 | $15.54 | $16.04 | $15.38 | $13.94 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.02 | 0.03 | 0.02 | 0.06 | (0.02) | (0.08) |
Net realized and unrealized gain (loss) | (2.43) | 3.50 | 3.90 | 1.07 | 1.61 | 1.52 |
TOTAL FROM INVESTMENT OPERATIONS | (2.41) | 3.53 | 3.92 | 1.13 | 1.59 | 1.44 |
Less Distributions: | ||||||
Distributions from net investment income | (0.02) | (0.02) | — | — | — | — |
Distributions from net realized gain | (0.63) | (0.87) | (0.16) | (1.63) | (0.93) | — |
TOTAL DISTRIBUTIONS | (0.65) | (0.89) | (0.16) | (1.63) | (0.93) | — |
Net Asset Value, End of Period | $18.88 | $21.94 | $19.30 | $15.54 | $16.04 | $15.38 |
Total Return2 | (10.80)% | 18.78% | 25.24% | 8.24% | 10.48% | 10.33% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.88%3 | 0.89% | 0.89% | 0.88% | 1.26% | 1.45% |
Net investment income (loss) | 0.22%3 | 0.13% | 0.10% | 0.43% | (0.11)% | (0.51)% |
Expense waiver/reimbursement4 | 0.21%3 | 0.34% | 0.53% | 1.11% | 0.74% | 0.52% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $789,445 | $708,805 | $179,219 | $24,529 | $20,504 | $21,486 |
Portfolio turnover | 81% | 88% | 91% | 189% | 166% | 174% |
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) 1/31/2019 | Year Ended July 31, | Period Ended 7/31/20161 | ||
2018 | 2017 | |||
Net Asset Value, Beginning of Period | $21.94 | $19.30 | $15.54 | $13.88 |
Income From Investment Operations: | ||||
Net investment income (loss)2 | 0.02 | 0.02 | 0.01 | (0.01) |
Net realized and unrealized gain (loss) | (2.43) | 3.51 | 3.91 | 1.67 |
TOTAL FROM INVESTMENT OPERATIONS | (2.41) | 3.53 | 3.92 | 1.66 |
Less Distributions: | ||||
Distributions from net investment income | (0.02) | (0.02) | — | — |
Distributions from net realized gain | (0.63) | (0.87) | (0.16) | — |
TOTAL DISTRIBUTIONS | (0.65) | (0.89) | (0.16) | — |
Net Asset Value, End of Period | $18.88 | $21.94 | $19.30 | $15.54 |
Total Return3 | (10.80)% | 18.78% | 25.24% | 11.96% |
Ratios to Average Net Assets: | ||||
Net expenses | 0.87%4 | 0.88% | 0.88% | 0.87%4 |
Net investment income (loss) | 0.21%4 | 0.08% | 0.04% | (0.04)%4 |
Expense waiver/reimbursement5 | 0.13%4 | 0.26% | 0.41% | 0.97%4 |
Supplemental Data: | ||||
Net assets, end of period (000 omitted) | $29,220 | $13,374 | $1,017 | $06 |
Portfolio turnover | 81% | 88% | 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 $121,471,005 of securities loaned and including $147,254,539 of investment in affiliated holdings (identified cost $1,069,863,774) | $1,042,895,908 | |
Cash | 220,844 | |
Income receivable | 268,812 | |
Income receivable from affiliated holdings | 102,694 | |
Receivable for investments sold | 3,591,314 | |
Receivable for shares sold | 4,783,306 | |
TOTAL ASSETS | 1,051,862,878 | |
Liabilities: | ||
Payable for investments purchased | $7,213,143 | |
Payable for shares redeemed | 1,330,028 | |
Payable for collateral due to broker for securities lending | 124,269,924 | |
Payable for investment adviser fee (Note 5) | 17,935 | |
Payable for administrative fees (Note 5) | 1,986 | |
Payable for Directors'/Trustees' fees (Note 5) | 1,476 | |
Payable for distribution services fee (Note 5) | 18,192 | |
Payable for other service fees (Notes 2 and 5) | 40,629 | |
Accrued expenses (Note 5) | 115,122 | |
TOTAL LIABILITIES | 133,008,435 | |
Net assets for 49,085,981 shares outstanding | $918,854,443 | |
Net Assets Consist of: | ||
Paid-in capital | $967,230,827 | |
Total distributable earnings (loss) | (48,376,384) | |
TOTAL NET ASSETS | $918,854,443 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($70,021,531 ÷ 3,845,543 shares outstanding), no par value, unlimited shares authorized | $18.21 | |
Offering price per share (100/94.50 of $18.21) | $19.27 | |
Redemption proceeds per share | $18.21 | |
Class C Shares: | ||
Net asset value per share ($30,167,632 ÷ 1,878,618 shares outstanding), no par value, unlimited shares authorized | $16.06 | |
Offering price per share | $16.06 | |
Redemption proceeds per share (99.00/100 of $16.06) | $15.90 | |
Institutional Shares: | ||
Net asset value per share ($789,444,798 ÷ 41,814,388 shares outstanding), no par value, unlimited shares authorized | $18.88 | |
Offering price per share | $18.88 | |
Redemption proceeds per share | $18.88 | |
Class R6 Shares: | ||
Net asset value per share ($29,220,482 ÷ 1,547,432 shares outstanding), no par value, unlimited shares authorized | $18.88 | |
Offering price per share | $18.88 | |
Redemption proceeds per share | $18.88 |
Investment Income: | |||
Dividends (including $289,221 received from an affiliated holding* and net of foreign taxes withheld of $1,016) | $4,763,641 | ||
Net income on securities loaned (includes $1,022,621 received from affiliated holdings related to cash collateral balances*) | 134,455 | ||
TOTAL INCOME | 4,898,096 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $3,765,289 | ||
Administrative fee (Note 5) | 355,179 | ||
Custodian fees | 38,441 | ||
Transfer agent fee (Note 2) | 472,587 | ||
Directors'/Trustees' fees (Note 5) | 4,032 | ||
Auditing fees | 13,628 | ||
Legal fees | 6,152 | ||
Portfolio accounting fees | 78,377 | ||
Distribution services fee (Note 5) | 118,210 | ||
Other service fees (Notes 2 and 5) | 129,425 | ||
Share registration costs | 84,466 | ||
Printing and postage | 28,296 | ||
Miscellaneous (Note 5) | 15,316 | ||
TOTAL EXPENSES | 5,109,398 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(560,165) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (382,549) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (942,714) | ||
Net expenses | 4,166,684 | ||
Net investment income | 731,412 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized loss on investments (including net realized gain of $1,962 on sales of investments in an affiliated holding*) | (5,883,398) | ||
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(7,551) on investments in an affiliated holding*) | (98,576,711) | ||
Net realized and unrealized gain (loss) on investments | (104,460,109) | ||
Change in net assets resulting from operations | $(103,728,697) |
* | See information listed after the Fund's Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2019 | Year Ended 7/31/2018 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $731,412 | $291,818 |
Net realized gain (loss) | (5,883,398) | 18,755,103 |
Net change in unrealized appreciation/depreciation | (98,576,711) | 57,705,393 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (103,728,697) | 76,752,314 |
Distributions to Shareholders (Note 2): | ||
Class A Shares | (2,316,631) | (2,298,928) |
Class C Shares | (1,156,337) | (898,230) |
Institutional Shares | (24,309,562) | (12,144,064) |
Class R6 Shares | (927,672) | (189,298) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (28,710,202) | (15,530,520) |
Share Transactions: | ||
Proceeds from sale of shares | 443,548,211 | 637,054,717 |
Net asset value of shares issued to shareholders in payment of distributions declared | 26,997,492 | 15,027,304 |
Cost of shares redeemed | (245,899,486) | (119,146,419) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 224,646,217 | 532,935,602 |
Change in net assets | 92,207,318 | 594,157,396 |
Net Assets: | ||
Beginning of period | 826,647,125 | 232,489,729 |
End of period | $918,854,443 | $826,647,125 |
■ | 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 | $46,191 | $(38,692) |
Class C Shares | 24,973 | (21,417) |
Institutional Shares | 400,078 | (322,440) |
Class R6 Shares | 1,345 | — |
TOTAL | $472,587 | $(382,549) |
Net investment income | |
Institutional Shares | $287,325 |
Class R6 Shares | 4,493 |
Net realized gain | |
Class A Shares | $2,298,928 |
Class C Shares | 898,230 |
Institutional Shares | 11,856,739 |
Class R6 Shares | 184,805 |
Other Service Fees Incurred | |
Class A Shares | $90,346 |
Class C Shares | 39,079 |
TOTAL | $129,425 |
Market Value of Securities Loaned | Market Value of Collateral |
$121,471,005 | $124,274,129 |
Six Months Ended 1/31/2019 | Year Ended 7/31/2018 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,023,655 | $20,242,715 | 2,701,057 | $54,055,165 |
Shares issued to shareholders in payment of distributions declared | 130,070 | 2,238,511 | 114,322 | 2,215,556 |
Shares redeemed | (819,731) | (15,954,345) | (1,285,487) | (26,118,919) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 333,994 | $6,526,881 | 1,529,892 | $30,151,802 |
Six Months Ended 1/31/2019 | Year Ended 7/31/2018 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 614,326 | $11,143,331 | 895,916 | $16,153,794 |
Shares issued to shareholders in payment of distributions declared | 69,153 | 1,050,441 | 51,304 | 888,075 |
Shares redeemed | (400,833) | (6,791,475) | (255,648) | (4,525,472) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 282,646 | $5,402,297 | 691,572 | $12,516,397 |
Six Months Ended 1/31/2019 | Year Ended 7/31/2018 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 19,710,369 | $388,238,628 | 26,620,440 | $553,678,973 |
Shares issued to shareholders in payment of distributions declared | 1,278,403 | 22,792,305 | 584,818 | 11,734,158 |
Shares redeemed | (11,482,218) | (219,097,532) | (4,184,409) | (86,776,222) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 9,506,554 | $191,933,401 | 23,020,849 | $478,636,909 |
Six Months Ended 1/31/2019 | Year Ended 7/31/2018 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,093,070 | $23,923,537 | 631,723 | $13,166,785 |
Shares issued to shareholders in payment of distributions declared | 51,362 | 916,235 | 9,445 | 189,515 |
Shares redeemed | (206,497) | (4,056,134) | (84,376) | (1,725,806) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 937,935 | $20,783,638 | 556,792 | $11,630,494 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 11,061,129 | $224,646,217 | 25,799,105 | $532,935,602 |
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 | $118,210 |
Purchases | $908,030,557 |
Sales | $715,542,903 |
Beginning Account Value 8/1/2018 | Ending Account Value 1/31/2019 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $890.80 | $5.39 |
Class C Shares | $1,000 | $887.80 | $8.95 |
Institutional Shares | $1,000 | $892.00 | $4.20 |
Class R6 Shares | $1,000 | $892.00 | $4.15 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.50 | $5.75 |
Class C Shares | $1,000 | $1,015.70 | $9.55 |
Institutional Shares | $1,000 | $1,020.80 | $4.48 |
Class R6 Shares | $1,000 | $1,020.80 | $4.43 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.13% |
Class C Shares | 1.88% |
Institutional Shares | 0.88% |
Class R6 Shares | 0.87% |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R791
CUSIP 31421R783
CUSIP 31421R627
2019 ©Federated Investors, Inc.
Share Class | Ticker | A | QASGX | C | QCSGX | Institutional | QISGX |
R6 | QLSGX |
Donahue
Sector Composition | Percentage of Total Net Assets |
Health Care | 25.3% |
Information Technology | 17.5% |
Industrials | 18.3% |
Consumer Discretionary | 15.6% |
Financials | 8.0% |
Communication Services | 4.4% |
Materials | 4.3% |
Consumer Staples | 3.1% |
Energy | 1.1% |
Securities Lending Collateral2 | 13.0% |
Cash Equivalents3 | 2.3% |
Other Assets and Liabilities—Net4 | (12.9)% |
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 | Represents cash collateral received for portfolio securities on loan that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements. |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing cash collateral for securities lending. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS—97.6% | |||
Communication Services—4.4% | |||
72,769 | 1,2 | Care.com, Inc. | $1,729,719 |
74,799 | 1 | Imax Corp. | 1,553,575 |
66,150 | Nexstar Media Group, Inc., Class A | 5,521,541 | |
187,097 | Shenandoah Telecommunications Co. | 8,911,430 | |
89,196 | 2 | Sinclair Broadcast Group, Inc. | 2,748,129 |
638,043 | 1 | Vonage Holdings Corp. | 5,812,572 |
17,430 | 2 | World Wrestling Entertainment, Inc. | 1,435,186 |
88,488 | 1 | Yelp, Inc. | 3,222,733 |
TOTAL | 30,934,885 | ||
Consumer Discretionary—15.6% | |||
252,678 | American Eagle Outfitters, Inc. | 5,336,559 | |
122,497 | BJ's Restaurants, Inc. | 6,104,026 | |
22,316 | 2 | Brinker International, Inc. | 904,244 |
381,360 | Callaway Golf Co. | 6,212,354 | |
52,621 | 1 | Chegg, Inc. | 1,853,312 |
262,979 | 2 | Chicos Fas, Inc. | 1,525,278 |
7,131 | Churchill Downs, Inc. | 655,909 | |
139,872 | 1,2 | Conn's, Inc. | 2,928,920 |
7,051 | 1 | Cooper-Standard Holding, Inc. | 539,119 |
158,228 | 1 | Crocs, Inc. | 4,544,308 |
195,934 | Dana, Inc. | 3,452,357 | |
6,126 | 1 | Deckers Outdoor Corp. | 786,885 |
29,144 | Dine Brands Global, Inc. | 2,222,813 | |
97,914 | 1,2 | Eldorado Resorts, Inc. | 4,564,751 |
58,152 | 1 | Etsy, Inc. | 3,178,007 |
38,494 | 1 | Five Below, Inc. | 4,762,863 |
102,482 | 1 | Fox Factory Holding Corp. | 6,080,257 |
50,086 | La-Z-Boy, Inc. | 1,483,547 | |
251,424 | 1,2 | Lumber Liquidators, Inc. | 3,022,117 |
109,305 | M.D.C. Holdings, Inc. | 3,599,414 | |
58,726 | 1 | Ollie's Bargain Outlet Holding, Inc. | 4,590,611 |
190,880 | 1,2 | Overstock.com, Inc. | 3,311,768 |
30,589 | 1 | Penn National Gaming, Inc. | 741,477 |
163,524 | 1 | Planet Fitness, Inc. | 9,471,310 |
38,862 | 1,2 | RH | 5,280,180 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
220,731 | 1,2 | SeaWorld Entertainment, Inc. | $5,750,043 |
29,529 | 1 | Shutterstock, Inc. | 1,181,455 |
34,698 | 1,2 | Sothebys Holdings, Inc., Class A | 1,401,452 |
81,028 | Tailored Brands, Inc. | 1,023,384 | |
86,250 | 1 | Taylor Morrison Home Corporation, Class A | 1,630,125 |
209,551 | 1 | Weight Watchers International, Inc. | 6,705,632 |
46,143 | 2 | Wingstop, Inc. | 3,029,288 |
43,305 | Winnebago Industries, Inc. | 1,238,523 | |
TOTAL | 109,112,288 | ||
Consumer Staples—3.1% | |||
14,342 | Cal-Maine Foods, Inc. | 604,945 | |
68,532 | 1 | Chefs Warehouse, Inc. | 2,201,248 |
301,688 | 1,2 | elf Beauty, Inc. | 2,534,179 |
107,868 | 1,2 | Freshpet, Inc. | 3,880,012 |
15,316 | Lancaster Colony Corp. | 2,436,316 | |
13,340 | Medifast, Inc. | 1,697,382 | |
10,386 | 1 | The Boston Beer Co., Inc., Class A | 2,587,776 |
49,001 | 1 | USANA Health Sciences, Inc. | 5,738,017 |
TOTAL | 21,679,875 | ||
Energy—1.1% | |||
47,322 | 1 | CONSOL Energy, Inc. | 1,681,351 |
56,199 | 1 | Carrizo Oil & Gas, Inc. | 690,124 |
80,977 | Delek US Holdings, Inc. | 2,632,562 | |
738,449 | 1,2 | Denbury Resources, Inc. | 1,499,051 |
75,531 | 1,2 | Par Pacific Holdings, Inc. | 1,228,134 |
TOTAL | 7,731,222 | ||
Financials—8.0% | |||
44,808 | 1,2 | Allegiance Bancshares, Inc. | 1,609,503 |
28,637 | 1 | Blucora, Inc. | 845,078 |
29,101 | 1 | Eagle Bancorp, Inc. | 1,597,063 |
92,663 | 1 | Enova International, Inc. | 2,135,882 |
97,164 | 1 | Essent Group Ltd. | 3,862,269 |
52,943 | FB Financial Corp. | 1,751,354 | |
52,602 | 2 | First Financial Bankshares, Inc. | 3,213,982 |
147,948 | 1 | Green Dot Corp. | 10,951,111 |
44,292 | Guaranty Bancshares, Inc. | 1,328,760 | |
3,073 | Hingham Institution for Savings | 568,198 | |
34,752 | Kemper Corp. | 2,612,655 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
156,858 | 1 | NMI Holdings, Inc. | $3,450,876 |
102,498 | National Bank Holdings Corp. | 3,275,836 | |
459,308 | National General Holdings Corp. | 11,092,288 | |
92,909 | The Bank of NT Butterfield & Son Ltd. | 3,256,461 | |
56,923 | 1 | Triumph Bancorp, Inc. | 1,733,875 |
78,879 | Universal Insurance Holdings, Inc. | 2,975,316 | |
TOTAL | 56,260,507 | ||
Health Care—25.3% | |||
51,904 | 1,3 | Adeptus Health, Inc. | 0 |
17,191 | 1,2 | Acceleron Pharma, Inc. | 728,898 |
74,689 | 1 | Amedisys, Inc. | 9,796,209 |
81,786 | 1 | American Renal Associates Holdings, Inc. | 991,246 |
38,633 | 1 | Arena Pharmaceuticals, Inc. | 1,775,959 |
169,191 | 1 | Array BioPharma, Inc. | 3,158,796 |
170,895 | 1,2 | Assertio Therapeutics, Inc. | 762,192 |
107,758 | 1,2 | AtriCure, Inc. | 3,335,110 |
92,743 | 1 | Audentes Therapeutics, Inc. | 2,300,026 |
241,017 | 1,2 | BioCryst Pharmaceuticals, Inc. | 2,092,028 |
45,418 | 1,2 | Biohaven Pharmaceutical Holding Co. Ltd. | 1,729,972 |
94,761 | 1 | BioTelemetry, Inc. | 6,805,735 |
31,344 | 1,2 | Cardiovascular Systems, Inc. | 975,739 |
147,820 | 1 | CareDx, Inc. | 4,143,395 |
65,761 | 1 | ChemoCentryx, Inc. | 804,915 |
29,027 | 1,2 | Codexis, Inc. | 546,288 |
203,169 | 1 | Dicerna Pharmaceuticals, Inc. | 2,094,672 |
75,012 | 1 | Eagle Pharmaceuticals, Inc. | 3,170,007 |
80,908 | 1 | Emergent BioSolutions, Inc. | 5,047,850 |
21,528 | 1,2 | Enanta Pharmaceuticals, Inc. | 1,709,969 |
290,606 | 1 | Fate Therapeutics, Inc. | 4,399,775 |
148,009 | 1 | Genomic Health, Inc. | 11,220,562 |
10,177 | 1 | Glaukos Corp. | 649,191 |
59,806 | 1 | Globus Medical, Inc. | 2,694,260 |
256,416 | 1,2 | HMS Holdings Corp. | 7,689,916 |
46,145 | 1 | Haemonetics Corp. | 4,564,202 |
463,461 | 1 | Halozyme Therapeutics, Inc. | 7,498,799 |
56,239 | 1 | HealthEquity, Inc. | 3,505,939 |
195,191 | 1 | Horizon Pharma PLC | 4,194,655 |
104,600 | 1 | Innoviva, Inc. | 1,788,660 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
105,732 | 1 | Inovio Pharmaceuticals, Inc. | $529,717 |
40,334 | 1 | Integer Holdings Corp. | 3,266,651 |
58,186 | 1,2 | Intercept Group, Inc. | 7,021,886 |
141,683 | 1,2 | Karyopharm Therapeutics, Inc. | 1,200,055 |
111,617 | 1,2 | Medpace Holdings, Inc. | 7,188,135 |
51,994 | 1 | Merit Medical Systems, Inc. | 2,939,221 |
56,019 | 1 | Mirati Therapeutics, Inc. | 3,701,735 |
15,171 | 1 | Molina Healthcare, Inc. | 2,017,440 |
27,773 | 1 | Myokardia, Inc. | 1,149,247 |
68,941 | 1 | Myriad Genetics, Inc. | 1,943,447 |
21,326 | 1 | Novocure Ltd. | 1,044,974 |
132,463 | 1 | NuVasive, Inc. | 6,641,695 |
69,293 | 1 | Orthofix Medical, Inc. | 3,749,444 |
122,507 | 1 | Pacira Pharmaceuticals, Inc. | 4,983,585 |
123,719 | 1 | Repligen Corp. | 7,053,220 |
42,674 | 1 | SurModics, Inc. | 2,443,940 |
66,932 | 1 | Tandem Diabetes Care, Inc. | 2,910,203 |
134,536 | 1 | Tenet Healthcare Corp. | 2,958,447 |
33,209 | 1 | Theravance Biopharma, Inc. | 865,094 |
16,942 | 1,2 | Ultragenyx Pharmaceutical, Inc. | 835,579 |
281,730 | 1,2 | Vanda Pharmaceuticals, Inc. | 7,643,335 |
169,246 | 1,2 | Wright Medical Group, Inc. | 5,050,301 |
TOTAL | 177,312,316 | ||
Industrials—18.3% | |||
230,181 | 1 | Advanced Disposal Services, Inc. | 5,800,561 |
161,546 | Advanced Drainage System, Inc. | 4,119,423 | |
35,666 | 1,2 | Aerovironment, Inc. | 2,769,821 |
31,873 | Albany International Corp., Class A | 2,188,400 | |
122,818 | Altra Holdings, Inc. | 3,759,459 | |
66,093 | 2 | Astec Industries, Inc. | 2,446,763 |
143,672 | 1 | Atkore International Group, Inc. | 3,331,754 |
53,815 | 1 | Chart Industries, Inc. | 4,019,980 |
26,396 | 1 | Cimpress NV | 2,195,355 |
121,449 | Comfort Systems USA, Inc. | 5,825,908 | |
83,146 | 1 | Commercial Vehicle Group, Inc. | 621,101 |
216,708 | 1 | Continental Building Products, Inc. | 5,708,089 |
17,277 | 1 | DXP Enterprises, Inc. | 568,586 |
53,059 | Deluxe Corp. | 2,492,181 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
156,588 | 1 | Echo Global Logistics, Inc. | $3,720,531 |
106,382 | 1 | Evoqua Water Technologies Corp. | 1,149,989 |
49,233 | Exponent, Inc. | 2,459,681 | |
129,658 | 1 | Generac Holdings, Inc. | 6,862,798 |
159,142 | 1 | Harsco Corp. | 3,389,725 |
120,633 | Heidrick & Struggles International, Inc. | 3,986,921 | |
95,864 | 1 | Hub Group, Inc. | 4,266,907 |
54,076 | Insperity, Inc. | 5,768,828 | |
166,906 | 1 | JELD-WEN Holding, Inc. | 2,977,603 |
15,670 | John Bean Technologies Corp. | 1,244,825 | |
47,116 | KForce Com, Inc. | 1,545,876 | |
103,852 | Kaman Corp., Class A | 6,139,730 | |
27,700 | Kennametal, Inc. | 1,040,966 | |
126,277 | Korn Ferry | 5,758,231 | |
110,613 | 1 | Masonite International Corp. | 6,327,064 |
160,802 | Miller Herman, Inc. | 5,504,252 | |
187,199 | 1 | NCI Building System, Inc. | 1,527,544 |
37,196 | Quad Graphics, Inc. | 502,518 | |
79,047 | Rush Enterprises, Inc. | 3,023,548 | |
34,831 | 1 | Saia, Inc. | 2,088,815 |
33,911 | Schneider National, Inc. | 720,270 | |
69,251 | 2 | Universal Forest Products, Inc. | 2,134,316 |
121,174 | Universal Logistics Holdings, Inc. | 2,469,526 | |
164,276 | 2 | Werner Enterprises, Inc. | 5,407,966 |
23,411 | Woodward, Inc. | 2,126,889 | |
TOTAL | 127,992,700 | ||
Information Technology—17.5% | |||
108,280 | 1,2 | Advanced Energy Industries, Inc. | 5,553,681 |
54,724 | 1,2 | Alteryx, Inc. | 3,893,613 |
116,204 | 1,2 | Benefitfocus, Inc. | 6,501,614 |
76,588 | CSG Systems International, Inc. | 2,771,720 | |
31,945 | Cabot Microelectronics Corp. | 3,254,876 | |
111,782 | 1,2 | Cardtronics, Inc. | 3,025,939 |
66,284 | 1 | Ciena Corp. | 2,524,758 |
98,802 | 1 | Commvault Systems, Inc. | 6,527,848 |
195,290 | 1 | Cornerstone OnDemand, Inc. | 11,197,929 |
44,012 | 1 | Coupa Software, Inc. | 3,827,283 |
199,273 | 1 | Endurance International Group Holdings, Inc. | 1,614,111 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
20,330 | 2 | Entegris, Inc. | $671,906 |
14,200 | 1 | Everbridge, Inc. | 878,412 |
165,989 | 1 | Five9, Inc. | 8,487,018 |
76,793 | 1,2 | HubSpot, Inc. | 12,157,100 |
39,343 | 1 | Insight Enterprises, Inc. | 1,806,631 |
80,434 | 2 | j2 Global, Inc. | 6,045,419 |
11,271 | MKS Instruments, Inc. | 920,052 | |
43,428 | Maximus, Inc. | 3,045,606 | |
79,441 | 1 | Nanometrics, Inc. | 2,430,100 |
25,270 | 1 | Paylocity Corp. | 1,794,928 |
62,062 | Progress Software Corp. | 2,248,506 | |
60,671 | 1 | Qualys, Inc. | 5,249,862 |
29,270 | 1,2 | SMART Global Holdings, Inc. | 726,189 |
102,237 | 1 | SPS Commerce, Inc. | 9,064,332 |
49,300 | 1 | SailPoint Technologies Holding | 1,407,515 |
18,381 | Science Applications International Corp. | 1,234,100 | |
20,849 | 1,2 | Silicon Laboratories, Inc. | 1,594,948 |
68,878 | 1,2 | Stratasys, Inc. | 1,758,455 |
13,839 | 1,2 | Trade Desk, Inc./The | 1,974,548 |
120,470 | 1,2 | Unisys Corp. | 1,575,748 |
156,085 | 1 | Workiva, Inc. | 6,539,961 |
TOTAL | 122,304,708 | ||
Materials—4.3% | |||
131,676 | Boise Cascade Co. | 3,617,140 | |
43,833 | Compass Minerals International, Inc. | 2,290,274 | |
292,069 | 1 | Kraton Corp. | 8,236,346 |
186,873 | Kronos Worldwide, Inc. | 2,461,117 | |
180,594 | Myers Industries, Inc. | 2,936,459 | |
86,100 | 1,3 | Rentech, Inc. | 0 |
352,331 | 1 | Summit Materials, Inc. | 5,376,571 |
103,646 | Trinseo SA | 5,083,836 | |
TOTAL | 30,001,743 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $676,706,693) | 683,330,244 |
Shares | Value | ||
INVESTMENT COMPANIES—15.3% | |||
41,011,553 | Federated Government Obligations Fund, Premier Shares, 2.30%4 | $41,011,553 | |
66,516,681 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 2.56%4 | 66,529,985 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $107,535,123) | 107,541,538 | ||
TOTAL INVESTMENT IN SECURITIES—112.9% (IDENTIFIED COST $784,241,816)5 | 790,871,782 | ||
OTHER ASSETS AND LIABILITIES - NET—(12.9)%6 | (90,545,780) | ||
TOTAL NET ASSETS—100% | $700,326,002 |
Federated Government Obligations Fund, Premier Shares* | Federated Institutional Prime Value Obligations Fund, Institutional Shares* | Total of Affiliated Transactions | |
Balance of Shares Held 7/31/2018 | 11,851,038 | 20,756,726 | 32,607,764 |
Purchases/Additions | 148,506,569 | 333,908,029 | 482,414,598 |
Sales/Reductions | (119,346,054) | (288,148,074) | (407,494,128) |
Balance of Shares Held 1/31/2019 | 41,011,553 | 66,516,681 | 107,528,234 |
Value | $41,011,553 | $66,529,985 | $107,541,538 |
Change in Unrealized Appreciation/Depreciation | N/A | $2,813 | $2,813 |
Net Realized Gain/(Loss) | N/A | $(75) | $(75) |
Dividend Income | $191,341 | $422,952 | $614,293 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | Non-income-producing security. |
2 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
3 | 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”). |
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. A significant portion of this balance represents loans to unaffiliated qualified brokers for securities lending. The Fund receives cash from the broker as collateral for the loaned securities and reinvests the collateral in certain short-term securities such as affiliated money market funds, other money market instruments and/or repurchase agreements. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $642,656,106 | $— | $0 | $642,656,106 |
International | 40,674,138 | — | — | 40,674,138 |
Investment Companies | 107,541,538 | — | — | 107,541,538 |
TOTAL SECURITIES | $790,871,782 | $— | $0 | $790,871,782 |
Six Months Ended (unaudited) 1/31/2019 | Year Ended July 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $25.67 | $21.89 | $17.66 | $20.49 | $17.39 | $16.12 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.05)1 | (0.11)1 | (0.08)1 | (0.06)1 | (0.12)1 | (0.18)1 |
Net realized and unrealized gain (loss) | (2.23) | 5.09 | 4.63 | 0.32 | 3.22 | 1.45 |
TOTAL FROM INVESTMENT OPERATIONS | (2.28) | 4.98 | 4.55 | 0.26 | 3.10 | 1.27 |
Less Distributions: | ||||||
Distributions from net realized gain | (1.45) | (1.20) | (0.32) | (3.09) | — | — |
Net Asset Value, End of Period | $21.94 | $25.67 | $21.89 | $17.66 | $20.49 | $17.39 |
Total Return2 | (8.51)% | 23.50% | 26.00% | 2.30% | 17.83% | 7.88% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.13%3 | 1.14% | 1.15% | 1.13% | 1.54% | 1.75% |
Net investment (loss) | (0.44)%3 | (0.48)% | (0.39)% | (0.34)% | (0.66)% | (1.05)% |
Expense waiver/reimbursement4 | 0.31%3 | 0.44% | 0.70% | 1.00% | 0.61% | 0.43% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $76,383 | $82,953 | $47,681 | $29,707 | $32,136 | $29,690 |
Portfolio turnover | 91% | 129% | 118% | 198% | 121% | 61% |
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) 1/31/2019 | Year Ended July 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $22.77 | $19.69 | $16.03 | $19.03 | $16.27 | $15.19 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.13)1 | (0.26)1 | (0.21)1 | (0.17)1 | (0.25)1 | (0.30)1 |
Net realized and unrealized gain (loss) | (1.97) | 4.54 | 4.19 | 0.26 | 3.01 | 1.38 |
TOTAL FROM INVESTMENT OPERATIONS | (2.10) | 4.28 | 3.98 | 0.09 | 2.76 | 1.08 |
Less Distributions: | ||||||
Distributions from net realized gain | (1.45) | (1.20) | (0.32) | (3.09) | — | — |
Net Asset Value, End of Period | $19.22 | $22.77 | $19.69 | $16.03 | $19.03 | $16.27 |
Total Return2 | (8.80)% | 22.54% | 25.08% | 1.51% | 16.96% | 7.11% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.88%3 | 1.89% | 1.90% | 1.88% | 2.31% | 2.50% |
Net investment income (loss) | (1.21)%3 | (1.23)% | (1.15)% | (1.09)% | (1.44)% | (1.79)% |
Expense waiver/reimbursement4 | 0.26%3 | 0.41% | 0.66% | 1.00% | 0.59% | 0.43% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $24,857 | $18,008 | $10,007 | $3,941 | $3,571 | $4,608 |
Portfolio turnover | 91% | 129% | 118% | 198% | 121% | 61% |
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) 1/31/2019 | Year Ended July 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $26.71 | $22.67 | $18.24 | $21.01 | $17.79 | $16.44 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.02)1 | (0.06)1 | (0.03)1 | (0.02)1 | (0.08)1 | (0.14)1 |
Net realized and unrealized gain (loss) | (2.32) | 5.30 | 4.78 | 0.34 | 3.30 | 1.49 |
TOTAL FROM INVESTMENT OPERATIONS | (2.34) | 5.24 | 4.75 | 0.32 | 3.22 | 1.35 |
Less Distributions: | ||||||
Distributions from net realized gain | (1.45) | (1.20) | (0.32) | (3.09) | — | — |
Net Asset Value, End of Period | $22.92 | $26.71 | $22.67 | $18.24 | $21.01 | $17.79 |
Total Return2 | (8.40)% | 23.85% | 26.27% | 2.56% | 18.10% | 8.21% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.88%3 | 0.89% | 0.90% | 0.88% | 1.30% | 1.50% |
Net investment (loss) | (0.19)%3 | (0.25)% | (0.15)% | (0.09)% | (0.43)% | (0.80)% |
Expense waiver/reimbursement4 | 0.25%3 | 0.41% | 0.63% | 0.99% | 0.60% | 0.43% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $406,682 | $364,248 | $112,742 | $43,337 | $36,706 | $37,253 |
Portfolio turnover | 91% | 129% | 118% | 198% | 121% | 61% |
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) 1/31/2019 | Year Ended July 31, | Period Ended 7/31/20161 | ||
2018 | 2017 | |||
Net Asset Value, Beginning of Period | $26.70 | $22.67 | $18.24 | $16.25 |
Income From Investment Operations: | ||||
Net investment income (loss) | (0.03)2 | (0.06)2 | (0.01)2 | (0.07)2 |
Net realized and unrealized gain (loss) | (2.30) | 5.29 | 4.76 | 2.06 |
TOTAL FROM INVESTMENT OPERATIONS | (2.33) | 5.23 | 4.75 | 1.99 |
Less Distributions: | ||||
Distributions from net realized gain | (1.45) | (1.20) | (0.32) | — |
Net Asset Value, End of Period | $22.92 | $26.70 | $22.67 | $18.24 |
Total Return3 | (8.36)% | 23.81% | 26.27% | 12.25% |
Ratios to Average Net Assets: | ||||
Net expenses | 0.87%4 | 0.88% | 0.88% | 0.87%4 |
Net investment income (loss) | (0.21)%4 | (0.24)% | (0.04)% | (0.41)%4 |
Expense waiver/reimbursement5 | 0.16%4 | 0.30% | 0.42% | 0.66%4 |
Supplemental Data: | ||||
Net assets, end of period (000 omitted) | $192,404 | $89,307 | $24,795 | $06 |
Portfolio turnover | 91% | 129% | 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 $89,183,552 of securities loaned and $107,541,538 of investment in affiliated holdings (identified cost $784,241,816) | $790,871,782 | |
Income receivable | 12,079 | |
Income receivable from affiliated holding | 84,186 | |
Receivable for investments sold | 3,273,058 | |
Receivable for shares sold | 3,545,598 | |
TOTAL ASSETS | 797,786,703 | |
Liabilities: | ||
Payable for investments purchased | $5,678,788 | |
Payable for shares redeemed | 589,450 | |
Payable for collateral due to broker for securities lending | 91,000,553 | |
Payable for investment adviser fee (Note 5) | 13,161 | |
Payable for administrative fees (Note 5) | 1,511 | |
Payable for Directors'/Trustees' fees (Note 5) | 1,052 | |
Payable for distribution services fee (Note 5) | 15,273 | |
Payable for other service fees (Notes 2 and 5) | 46,895 | |
Accrued expenses (Note 5) | 114,018 | |
TOTAL LIABILITIES | 97,460,701 | |
Net assets for 30,909,212 shares outstanding | $700,326,002 | |
Net Assets Consist of: | ||
Paid-in capital | $705,858,354 | |
Total distributable earnings (loss) | (5,532,352) | |
TOTAL NET ASSETS | $700,326,002 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($76,382,864 ÷ 3,480,728 shares outstanding), no par value, unlimited shares authorized | $21.94 | |
Offering price per share (100/94.50 of $21.94) | $23.22 | |
Redemption proceeds per share | $21.94 | |
Class C Shares: | ||
Net asset value per share ($24,856,838 ÷ 1,293,566 shares outstanding), no par value, unlimited shares authorized | $19.22 | |
Offering price per share | $19.22 | |
Redemption proceeds per share (99.00/100 of $19.22) | $19.03 | |
Institutional Shares: | ||
Net asset value per share ($406,681,848 ÷ 17,740,117 shares outstanding), no par value, unlimited shares authorized | $22.92 | |
Offering price per share | $22.92 | |
Redemption proceeds per share | $22.92 | |
Class R6 Shares: | ||
Net asset value per share ($192,404,452 ÷ 8,394,801 shares outstanding), no par value, unlimited shares authorized | $22.92 | |
Offering price per share | $22.92 | |
Redemption proceeds per share | $22.92 |
Investment Income: | |||
Dividends (including $233,094 received from an affiliated holding*) | $2,117,850 | ||
Net income on securities loaned (includes $381,199 received from affiliated holdings related to cash collateral balances*) | 54,838 | ||
TOTAL INCOME | 2,172,688 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $2,691,968 | ||
Administrative fee (Note 5) | 254,192 | ||
Custodian fees | 39,329 | ||
Transfer agent fee (Note 2) | 348,857 | ||
Directors'/Trustees' fees (Note 5) | 3,045 | ||
Auditing fees | 13,628 | ||
Legal fees | 6,229 | ||
Portfolio accounting fees | 72,430 | ||
Distribution services fee (Note 5) | 97,588 | ||
Other service fees (Notes 2 and 5) | 131,726 | ||
Share registration costs | 55,137 | ||
Printing and postage | 32,020 | ||
Miscellaneous (Note 5) | 15,696 | ||
TOTAL EXPENSES | 3,761,845 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(494,518) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (242,977) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (737,495) | ||
Net expenses | 3,024,350 | ||
Net investment income (loss) | (851,662) | ||
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: | |||
Net realized loss on investments (including net realized loss of $(75) on sales of investments in affiliated holdings*) | (2,411,849) | ||
Net realized gain on foreign currency transactions | 1,424 | ||
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $2,813 on investments in affiliated holdings*) | (54,461,988) | ||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | (56,872,413) | ||
Change in net assets resulting from operations | $(57,724,075) |
* | See information listed after the Fund's Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2019 | Year Ended 7/31/2018 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(851,662) | $(1,167,795) |
Net realized gain (loss) | (2,410,425) | 32,205,200 |
Net change in unrealized appreciation/depreciation | (54,461,988) | 41,745,166 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (57,724,075) | 72,782,571 |
Distributions to Shareholders (Note 2): | ||
Class A Shares | (4,694,683) | (3,459,083) |
Class B Shares | — | (70,571) |
Class C Shares | (1,802,871) | (676,386) |
Institutional Shares | (21,193,834) | (8,159,743) |
Class R6 Shares | (10,244,003) | (2,195,623) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (37,935,391) | (14,561,406) |
Share Transactions: | ||
Proceeds from sale of shares | 382,969,476 | 385,727,221 |
Net asset value of shares issued to shareholders in payment of distributions declared | 32,928,721 | 14,092,088 |
Cost of shares redeemed | (174,428,777) | (100,121,714) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 241,469,420 | 299,697,595 |
Change in net assets | 145,809,954 | 357,918,760 |
Net Assets: | ||
Beginning of period | 554,516,048 | 196,597,288 |
End of period | $700,326,002 | $554,516,048 |
■ | 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 | $76,225 | $(61,475) |
Class C Shares | 18,530 | (13,879) |
Institutional Shares | 233,500 | (167,623) |
Class R6 Shares | 20,602 | — |
TOTAL | $348,857 | $(242,977) |
Other Service Fees Incurred | |
Class A Shares | $99,201 |
Class C Shares | 32,525 |
TOTAL | $131,726 |
Market Value of Securities Loaned | Market Value of Collateral |
$89,183,552 | $91,003,985 |
Six Months Ended 1/31/2019 | Year Ended 7/31/2018 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 776,329 | $18,724,790 | 2,037,550 | $47,226,003 |
Shares issued to shareholders in payment of distributions declared | 206,833 | 4,264,901 | 141,059 | 3,180,877 |
Shares redeemed | (733,860) | (18,075,831) | (1,125,462) | (26,908,372) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 249,302 | $4,913,860 | 1,053,147 | $23,498,508 |
Six Months Ended 1/31/2019 | Year Ended 7/31/2018 | |||
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 |
Shares redeemed | — | — | (71,006) | (1,527,679) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | — | $— | (67,607) | $(1,457,108) |
Six Months Ended 1/31/2019 | Year Ended 7/31/2018 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 761,363 | $17,822,199 | 337,143 | $7,291,692 |
Shares issued to shareholders in payment of distributions declared | 84,088 | 1,519,470 | 33,322 | 669,436 |
Shares redeemed | (342,633) | (7,230,483) | (88,072) | (1,851,406) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 502,818 | $12,111,186 | 282,393 | $6,109,722 |
Six Months Ended 1/31/2019 | Year Ended 7/31/2018 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 8,560,795 | $207,852,698 | 10,867,286 | $270,992,063 |
Shares issued to shareholders in payment of distributions declared | 906,635 | 19,519,847 | 340,659 | 7,978,235 |
Shares redeemed | (5,365,012) | (134,822,755) | (2,542,321) | (63,240,851) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 4,102,418 | $92,549,790 | 8,665,624 | $215,729,447 |
Six Months Ended 1/31/2019 | Year Ended 7/31/2018 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 5,275,025 | $138,569,789 | 2,418,806 | $60,214,816 |
Shares issued to shareholders in payment of distributions declared | 354,134 | 7,624,503 | 93,789 | 2,195,616 |
Shares redeemed | (579,154) | (14,299,708) | (261,695) | (6,593,406) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 5,050,005 | $131,894,584 | 2,250,900 | $55,817,026 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 9,904,543 | $241,469,420 | 12,184,457 | $299,697,595 |
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 |
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 | $97,588 |
Purchases | $778,680,960 |
Sales | $580,471,252 |
Beginning Account Value 8/1/2018 | Ending Account Value 1/31/2019 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $914.90 | $5.45 |
Class C Shares | $1,000 | $912.00 | $9.06 |
Institutional Shares | $1,000 | $916.00 | $4.25 |
Class R6 Shares | $1,000 | $916.40 | $4.20 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.50 | $5.75 |
Class C Shares | $1,000 | $1,015.70 | $9.55 |
Institutional Shares | $1,000 | $1,020.80 | $4.48 |
Class R6 Shares | $1,000 | $1,020.80 | $4.43 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.13% |
Class C Shares | 1.88% |
Institutional Shares | 0.88% |
Class R6 Shares | 0.87% |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R767
CUSIP 31421R759
CUSIP 31421R619
2019 ©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.
RegistrantFederated MDT Series
By/S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
DateMarch 25, 2019
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
DateMarch 25, 2019
By/S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
DateMarch 25, 2019