United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-21904
(Investment Company Act File Number)
Federated MDT Series
_______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, Pennsylvania 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End:07/31/19
Date of Reporting Period:07/31/19
Item 1. | Reports to Stockholders |
Share Class | Ticker | A | QAACX | C | QCACX | Institutional | QIACX | R6 | QKACX |
Donahue
1 | Please see the footnotes to the line graphs below for definitions of, and further information about, the Russell 3000® Index. |
2 | Morningstar has assigned the Fund to the Morningstar Large Cap Value Funds Average peer group, however, the MLBFA is being used for comparison purposes. The Fund invests in both value and growth stocks and therefore the Fund's Adviser believes that the MLBFA is more reflective of the Fund's investment style. Please see the footnotes to the line graphs below for definitions of, and further information about, the MLBFA. |
3 | Small-cap stocks may be less liquid and subject to greater price volatility than large-cap stocks. |
4 | The Russell Top 200® Index measures the performance of the largest cap segment of the U.S. equity universe. The Russell Top 200® Index is a subset of the Russell 3000® Index. It includes approximately 200 of the largest securities based on a combination of their market cap and current index membership and represents approximately 68% of the U.S. market. The Russell Top 200® Index is constructed to provide a comprehensive and unbiased barometer for this very large cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.* |
5 | The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000® companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.* |
6 | The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® |
Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.* | |
7 | The Russell Microcap® Index measures the performance of the microcap segment of the U.S. equity market. Microcap stocks make up less than 3% of the U.S. equity market (by market cap) and consist of the smallest 1,000 securities in the small-cap Russell 2000® Index, plus the next 1,000 smallest eligible securities by market cap. The Russell Microcap® Index is constructed to provide a comprehensive and unbiased barometer for the microcap segment trading on national exchanges and is completely reconstituted annually to ensure new and growing equities are reflected and companies continue to reflect appropriate capitalization and value characteristics.* |
8 | The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000® Growth Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad growth market. The Russell 3000® Growth Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.* |
9 | The Russell 3000® Value Index measures the performance of the broad value segment of U.S. equity value universe. It includes those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000® Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad value market. The Russell 3000® Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.* |
10 | The Russell Midcap® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap® Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market.* |
11 | The Russell Midcap® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap® Value Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap value market.* |
* | The index is unmanaged, and it is not possible to invest directly in an index. |
Federated MDT All Cap Core Fund - | Institutional Shares | Class C Shares | R3000 | MLBFA |
F | F | I | I | |
7/31/2009 | 10,000 | 10,000 | 10,000 | 10,000 |
7/31/2010 | 10,754 | 10,633 | 11,482 | 11,246 |
7/31/2011 | 12,811 | 12,548 | 13,886 | 13,314 |
7/31/2012 | 13,098 | 12,693 | 14,903 | 13,895 |
7/31/2013 | 17,873 | 17,135 | 18,907 | 17,447 |
7/31/2014 | 21,366 | 20,261 | 22,002 | 20,128 |
7/31/2015 | 23,170 | 21,742 | 24,485 | 21,865 |
7/31/2016 | 23,091 | 21,431 | 25,573 | 22,231 |
7/31/2017 | 26,761 | 24,585 | 29,700 | 25,560 |
7/31/2018 | 32,421 | 29,479 | 34,568 | 29,304 |
7/31/2019 | 35,042 | 31,530 | 37,005 | 31,041 |
■ | Total returns shown for the Class C Shares include the maximum contingent deferred sales charge of 1.00% as applicable. |
1 Year | 5 Years | 10 Years | |
Class A Shares | 1.86% | 8.85% | 12.41% |
Class C Shares | 5.97% | 9.25% | 12.17% |
Institutional Shares | 8.08% | 10.40% | 13.36% |
Class R6 Shares4 | 8.08% | 10.07% | 12.77% |
R3000 | 7.05% | 10.96% | 13.98% |
MLBFA | 6.02% | 9.42% | 12.52% |
1 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450); for Class C Shares a 1.00% contingent deferred sales charge would be applied on any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The R3000 and MLBFA have been adjusted to reflect reinvestment of dividends of securities. |
2 | The R3000 measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The R3000 is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The index is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The R3000 is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. |
3 | Morningstar figures represent the average of the total returns reported by all the funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges. The Morningstar figures in the Growth of $10,000 line graph are based on historical return information published by Morningstar and reflect the return of the funds comprising the category in the year of publication. Because the funds designated by Morningstar as falling into the category can change over time, the Morningstar figures in the line graph may not match the Morningstar figures in the Average Annual Total Returns table, which reflect the return of the funds that currently comprise the category. |
4 | Prior to September 1, 2016, Class R6 Shares were known as Class R Shares and included 12b-1 fees and certain other expenses. As of September 1, 2016, Class R6 does not include such 12b-1 fees and certain other expenses, and the performance shown above for Class R6 prior to September 1, 2016, reflects the higher Class R expenses. |
Sector Composition | Percentage of Total Net Assets |
Information Technology | 21.4% |
Financials | 14.4% |
Health Care | 13.1% |
Consumer Discretionary | 11.4% |
Industrials | 10.6% |
Communication Services | 8.2% |
Consumer Staples | 7.3% |
Energy | 5.5% |
Materials | 3.2% |
Utilities | 2.7% |
Securities Lending Collateral2 | 0.1% |
Cash Equivalents3 | 2.4% |
Other Assets and Liabilities—Net4 | (0.3)% |
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—97.8% | |||
Communication Services—8.2% | |||
4,370 | 1 | AMC Networks, Inc. | $233,271 |
24,694 | AT&T, Inc. | 840,831 | |
1,284 | 1 | Alphabet, Inc., Class A | 1,564,169 |
110 | Cable One, Inc. | 133,848 | |
21,466 | 1 | Charter Communications, Inc. | 8,272,567 |
20,698 | 1 | Facebook, Inc. | 4,020,172 |
2,119 | 1 | IAC Interactive Corp. | 506,547 |
107,822 | 1 | Live Nation Entertainment, Inc. | 7,769,653 |
43,653 | 1 | MSG Networks, Inc. | 828,970 |
35,402 | Verizon Communications, Inc. | 1,956,669 | |
16,508 | Viacom, Inc., Class B | 501,018 | |
TOTAL | 26,627,715 | ||
Consumer Discretionary—11.4% | |||
8,000 | Abercrombie & Fitch Co., Class A | 151,440 | |
490 | 1 | Amazon.com, Inc. | 914,722 |
8,712 | 1 | American Outdoor Brands Corp. | 83,984 |
2,347 | 1 | AutoZone, Inc. | 2,635,775 |
16,403 | 2 | Bed Bath & Beyond, Inc. | 159,273 |
12,101 | 1 | Burlington Stores, Inc. | 2,187,256 |
1,875 | 1 | Chipotle Mexican Grill, Inc. | 1,491,619 |
3,520 | 2 | Dillards, Inc., Class A | 256,186 |
17,549 | Dunkin' Brands Group, Inc. | 1,406,728 | |
79,965 | eBay, Inc. | 3,293,758 | |
35,142 | Expedia Group, Inc. | 4,664,749 | |
35,900 | Ford Motor Co. | 342,127 | |
9,671 | 1 | Fossil, Inc. | 106,768 |
15,062 | Goodyear Tire & Rubber Co. | 206,801 | |
15,827 | Harley-Davidson, Inc. | 566,290 | |
13,204 | Hilton Worldwide Holdings, Inc. | 1,274,846 | |
18,331 | Home Depot, Inc. | 3,917,151 | |
4,881 | Kohl's Corp. | 262,891 | |
3,400 | 1 | Libbey, Inc. | 5,746 |
32,501 | Lowe's Cos., Inc. | 3,295,601 | |
8,145 | 1 | Lululemon Athletica, Inc. | 1,556,428 |
6,306 | 1 | Planet Fitness, Inc. | 496,030 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
13,397 | Ralph Lauren Corp. | $1,396,369 | |
6,512 | 1 | Skechers USA, Inc., Class A | 247,065 |
13,563 | 2 | Tailored Brands, Inc. | 66,052 |
7,692 | Target Corp. | 664,589 | |
7,454 | 1 | Tempur Sealy International, Inc. | 597,960 |
8,419 | Toll Brothers, Inc. | 302,831 | |
7,554 | Tupperware Brands Corp. | 115,652 | |
31,450 | Wyndham Destinations, Inc. | 1,480,037 | |
26,311 | Yum! Brands, Inc. | 2,960,514 | |
TOTAL | 37,107,238 | ||
Consumer Staples—7.3% | |||
4,837 | Colgate-Palmolive Co. | 347,006 | |
4,773 | Costco Wholesale Corp. | 1,315,582 | |
20,347 | 1 | Dean Foods Co. | 29,503 |
33,620 | Estee Lauder Cos., Inc., Class A | 6,192,468 | |
7,300 | Fresh Del Monte Produce, Inc. | 221,409 | |
28,034 | 1 | Herbalife Ltd. | 1,149,955 |
2,069 | Ingredion, Inc. | 159,913 | |
40,237 | Kimberly-Clark Corp. | 5,458,149 | |
16,514 | Lamb Weston Holdings, Inc. | 1,108,420 | |
46,008 | PepsiCo, Inc. | 5,880,282 | |
9,509 | 1 | Post Holdings, Inc. | 1,019,555 |
1,236 | Procter & Gamble Co. | 145,897 | |
12,745 | Sysco Corp. | 873,925 | |
TOTAL | 23,902,064 | ||
Energy—5.5% | |||
60,069 | Chevron Corp. | 7,395,095 | |
14,890 | Continental Resources, Inc. | 553,461 | |
70,560 | EOG Resources, Inc. | 6,057,576 | |
39,101 | Exxon Mobil Corp. | 2,907,550 | |
16,659 | HollyFrontier Corp. | 829,118 | |
42,289 | 1 | Noble Corp. PLC | 94,305 |
TOTAL | 17,837,105 | ||
Financials—14.4% | |||
76,245 | Allstate Corp. | 8,188,713 | |
32,960 | American International Group, Inc. | 1,845,430 | |
13,800 | Ameriprise Financial, Inc. | 2,008,038 | |
12,621 | 1 | Athene Holding Ltd. | 515,694 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
19,891 | Bank of America Corp. | $610,256 | |
65,596 | Citigroup, Inc. | 4,667,811 | |
30,146 | Citizens Financial Group, Inc. | 1,123,240 | |
15,016 | Everest Re Group Ltd. | 3,703,546 | |
29,600 | Fifth Third Bancorp | 878,824 | |
8,201 | 1 | Green Dot Corp. | 415,709 |
17,200 | Huntington Bancshares, Inc. | 245,100 | |
35,447 | JPMorgan Chase & Co. | 4,111,852 | |
30,200 | KeyCorp | 554,774 | |
11,250 | LPL Investment Holdings, Inc. | 943,538 | |
29,651 | M & T Bank Corp. | 4,870,177 | |
7,153 | MSCI, Inc., Class A | 1,625,448 | |
357 | Marketaxess Holdings, Inc. | 120,323 | |
25,900 | Navient Corp. | 366,485 | |
3,442 | PNC Financial Services Group | 491,862 | |
30,652 | Popular, Inc. | 1,764,329 | |
34,021 | Progressive Corp., OH | 2,755,021 | |
28,531 | Prudential Financial, Inc. | 2,890,476 | |
12,989 | RenaissanceRe Holdings Ltd. | 2,352,957 | |
2,673 | Synchrony Financial | 95,907 | |
TOTAL | 47,145,510 | ||
Health Care—13.1% | |||
13,462 | 1 | Alexion Pharmaceuticals, Inc. | 1,525,110 |
1,153 | 1 | Amedisys, Inc. | 158,987 |
1,152 | AmerisourceBergen Corp. | 100,397 | |
7,102 | Anthem, Inc. | 2,092,320 | |
21,989 | 1 | Biogen, Inc. | 5,229,424 |
10,836 | Bristol-Myers Squibb Co. | 481,227 | |
464 | Chemed Corp. | 188,101 | |
20,834 | 1,2 | Community Health Systems, Inc. | 42,710 |
14,675 | Eli Lilly & Co. | 1,598,841 | |
61,040 | HCA Healthcare, Inc. | 8,149,450 | |
3,749 | 1 | IDEXX Laboratories, Inc. | 1,057,405 |
15,052 | 1 | Incyte Genomics, Inc. | 1,278,216 |
7,440 | 1 | Ionis Pharmaceuticals, Inc. | 489,998 |
14,274 | 1 | Jazz Pharmaceuticals PLC. | 1,989,510 |
1,434 | McKesson Corp. | 199,254 | |
1,231 | 1 | Mettler-Toledo International, Inc. | 931,559 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
3,360 | 1 | Mirati Therapeutics, Inc. | $355,488 |
4,765 | 1 | Molina Healthcare, Inc. | 632,697 |
1,633 | 1 | Orthofix Medical, Inc. | 87,284 |
34,827 | Stryker Corp. | 7,306,008 | |
552 | UnitedHealth Group, Inc. | 137,454 | |
34,899 | 1 | Veeva Systems, Inc. | 5,789,744 |
17,446 | 1 | Vertex Pharmaceuticals, Inc. | 2,906,853 |
TOTAL | 42,728,037 | ||
Industrials—10.6% | |||
9,100 | AGCO Corp. | 700,700 | |
6,465 | Allison Transmission Holdings, Inc. | 297,067 | |
12,535 | Boeing Co. | 4,276,691 | |
20,059 | CSX Corp. | 1,412,154 | |
2,140 | Caterpillar, Inc. | 281,774 | |
3,243 | 1 | CoStar Group, Inc. | 1,995,742 |
11,779 | Delta Air Lines, Inc. | 718,990 | |
5,086 | Deluxe Corp. | 226,937 | |
4,916 | Fortune Brands Home & Security, Inc. | 270,085 | |
1,696 | GATX Corp. | 130,355 | |
359 | Grainger (W.W.), Inc. | 104,480 | |
25,860 | Heico Corp. | 3,536,355 | |
6,610 | Insperity, Inc. | 702,973 | |
21,800 | 1 | Jet Blue Airways Corp. | 419,214 |
6,829 | Kennametal, Inc. | 236,147 | |
3,362 | L3Harris Technologies, Inc. | 697,951 | |
15,298 | Lennox International, Inc. | 3,923,631 | |
25,327 | Lockheed Martin Corp. | 9,172,680 | |
52,571 | PACCAR, Inc. | 3,687,330 | |
14,360 | 1 | SPX Corp. | 501,164 |
3,016 | SkyWest, Inc. | 183,101 | |
11,499 | 1 | United Airlines Holdings, Inc. | 1,056,873 |
3,060 | 1 | WESCO International, Inc. | 155,264 |
TOTAL | 34,687,658 | ||
Information Technology—21.4% | |||
10,542 | 1 | Adobe, Inc. | 3,150,582 |
7,796 | 1 | Ansys, Inc. | 1,583,524 |
12,790 | Apple, Inc. | 2,724,782 | |
8,424 | 1 | Atlassian Corp. PLC | 1,180,371 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
31,765 | 1 | Autodesk, Inc. | $4,960,740 |
51,107 | Automatic Data Processing, Inc. | 8,510,338 | |
12,897 | Booz Allen Hamilton Holding Corp. | 886,669 | |
2,396 | CDW Corp. | 283,111 | |
68,779 | 1 | Cadence Design Systems, Inc. | 5,083,456 |
9,670 | DXC Technology Co. | 539,296 | |
1,827 | 1 | Fair Isaac & Co., Inc. | 634,736 |
3,770 | 1 | FleetCor Technologies, Inc. | 1,071,321 |
30,100 | 1 | Fortinet Inc. | 2,417,331 |
45,446 | Global Payments, Inc. | 7,631,292 | |
44,378 | Hewlett-Packard Co. | 933,713 | |
7,884 | 1 | HubSpot, Inc. | 1,409,029 |
17,267 | Intel Corp. | 872,847 | |
11,765 | Intuit, Inc. | 3,262,552 | |
3,745 | 1 | Keysight Technologies, Inc. | 335,252 |
27,375 | Mastercard, Inc. | 7,453,391 | |
24,457 | Microsoft Corp. | 3,332,755 | |
16,514 | NetApp, Inc. | 965,904 | |
7,224 | 1 | Paycom Software, Inc. | 1,739,178 |
7,818 | 1 | PayPal, Inc. | 863,107 |
9,338 | 1 | Salesforce.com, Inc. | 1,442,721 |
4,200 | 1 | Sanmina Corp. | 133,350 |
5,468 | 1 | ServiceNow, Inc. | 1,516,769 |
2,404 | Universal Display Corp. | 507,436 | |
27,428 | Vishay Intertechnology, Inc. | 466,276 | |
11,900 | 1 | WEX, Inc. | 2,595,033 |
18,900 | Western Union Co. | 396,900 | |
2,493 | Xilinx, Inc. | 284,726 | |
7,946 | 1 | Zscaler, Inc. | 669,609 |
TOTAL | 69,838,097 | ||
Materials—3.2% | |||
40,800 | Domtar, Corp. | 1,731,960 | |
104,611 | DuPont de Nemours, Inc. | 7,548,730 | |
37,454 | Mosaic Co./The | 943,466 | |
2,471 | Reliance Steel & Aluminum Co. | 246,977 | |
TOTAL | 10,471,133 | ||
Utilities—2.7% | |||
24,600 | AES Corp. | 413,034 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Utilities—continued | |||
44,605 | Consolidated Edison Co. | $3,789,641 | |
33,353 | Edison International | 2,486,132 | |
28,304 | Exelon Corp. | 1,275,378 | |
18,501 | NiSource, Inc. | 549,295 | |
2,481 | Pinnacle West Capital Corp. | 226,317 | |
TOTAL | 8,739,797 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $291,497,344) | 319,084,354 | ||
INVESTMENT COMPANIES—2.5% | |||
491,528 | Federated Government Obligations Fund, Premier Shares, 2.25%3 | 491,528 | |
7,701,438 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 2.39%3 | 7,703,749 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $8,195,277) | 8,195,277 | ||
TOTAL INVESTMENT IN SECURITIES—100.3% (IDENTIFIED COST $299,692,621)4 | 327,279,631 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.3)%5 | (898,266) | ||
TOTAL NET ASSETS—100% | $326,381,365 |
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 | 22,320,512 | 85,456,752 | 107,777,264 |
Sales/Reductions | (22,569,127) | (82,579,569) | (105,148,696) |
Balance of Shares Held 7/31/2019 | 491,528 | 7,701,438 | 8,192,966 |
Value | $491,528 | $7,703,749 | $8,195,277 |
Change in Unrealized Appreciation/Depreciation | N/A | $(81) | $(81) |
Net Realized Gain/(Loss) | N/A | $186 | $186 |
Dividend Income | $23,165 | $172,914 | $ 196,079 |
* | 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 | The cost of investments for federal tax purposes amounts to $299,797,409. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Year Ended July 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $30.01 | $24.95 | $21.77 | $22.10 | $20.47 |
Income From Investment Operations: | |||||
Net investment income | 0.161 | 0.091 | 0.26 | 0.191 | 0.111 |
Net realized and unrealized gain (loss) | 1.81 | 5.08 | 3.11 | (0.33) | 1.55 |
TOTAL FROM INVESTMENT OPERATIONS | 1.97 | 5.17 | 3.37 | (0.14) | 1.66 |
Less Distributions: | |||||
Distributions from net investment income | (0.07) | (0.11) | (0.19) | (0.19) | (0.03) |
Distributions from net realized gain | (2.01) | — | — | — | — |
TOTAL DISTRIBUTIONS | (2.08) | (0.11) | (0.19) | (0.19) | (0.03) |
Net Asset Value, End of Period | $29.90 | $30.01 | $24.95 | $21.77 | $22.10 |
Total Return2 | 7.80% | 20.78% | 15.56% | (0.61)% | 8.10% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.08% | 1.36% | 1.38% | 1.35% | 1.35% |
Net investment income | 0.57% | 0.31% | 0.69% | 0.94% | 0.51% |
Expense waiver/reimbursement3 | 0.24% | 0.00%4 | 0.00%4 | 0.03% | 0.00%4 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $69,221 | $40,539 | $33,799 | $33,753 | $40,433 |
Portfolio turnover | 87% | 82% | 77% | 62% | 76% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
4 | Represents less than 0.01%. |
Year Ended July 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $28.37 | $23.66 | $20.66 | $21.00 | $19.57 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.05)1 | (0.11)1 | (0.19) | 0.031 | (0.05)1 |
Net realized and unrealized gain (loss) | 1.68 | 4.82 | 3.23 | (0.33) | 1.48 |
TOTAL FROM INVESTMENT OPERATIONS | 1.63 | 4.71 | 3.04 | (0.30) | 1.43 |
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 | $27.99 | $28.37 | $23.66 | $20.66 | $21.00 |
Total Return2 | 6.96% | 19.91% | 14.72% | (1.43)% | 7.31% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.85% | 2.09% | 2.13% | 2.14% | 2.11% |
Net investment income (loss) | (0.20)% | (0.41)% | (0.06)% | 0.15% | (0.26)% |
Expense waiver/reimbursement3 | 0.24% | 0.00%4 | 0.00%4 | 0.00%4 | 0.00%4 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $32,178 | $39,625 | $36,440 | $36,846 | $41,509 |
Portfolio turnover | 87% | 82% | 77% | 62% | 76% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
4 | Represents less than 0.01%. |
Year Ended July 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $30.37 | $25.24 | $22.02 | $22.37 | $20.71 |
Income From Investment Operations: | |||||
Net investment income | 0.251 | 0.161 | 0.39 | 0.251 | 0.181 |
Net realized and unrealized gain (loss) | 1.81 | 5.16 | 3.09 | (0.34) | 1.57 |
TOTAL FROM INVESTMENT OPERATIONS | 2.06 | 5.32 | 3.48 | (0.09) | 1.75 |
Less Distributions: | |||||
Distributions from net investment income | (0.13) | (0.19) | (0.26) | (0.26) | (0.09) |
Distributions from net realized gain | (2.01) | — | — | — | — |
TOTAL DISTRIBUTIONS | (2.14) | (0.19) | (0.26) | (0.26) | (0.09) |
Net Asset Value, End of Period | $30.29 | $30.37 | $25.24 | $22.02 | $22.37 |
Total Return2 | 8.08% | 21.15% | 15.90% | (0.34)% | 8.45% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.78% | 1.07% | 1.08% | 1.07% | 1.05% |
Net investment income | 0.87% | 0.57% | 1.01% | 1.22% | 0.80% |
Expense waiver/reimbursement3 | 0.29% | 0.00%4 | 0.00%4 | 0.00%4 | 0.00%4 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $215,799 | $95,290 | $52,169 | $65,435 | $76,242 |
Portfolio turnover | 87% | 82% | 77% | 62% | 76% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
4 | Represents less than 0.01%. |
Year Ended July 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $29.89 | $24.85 | $21.46 | $21.80 | $20.25 |
Income From Investment Operations: | |||||
Net investment income | 0.232 | 0.182 | 0.21 | 0.102 | 0.022 |
Net realized and unrealized gain (loss) | 1.79 | 5.06 | 3.18 | (0.33) | 1.53 |
TOTAL FROM INVESTMENT OPERATIONS | 2.02 | 5.24 | 3.39 | (0.23) | 1.55 |
Less Distributions: | |||||
Distributions from net investment income | (0.15) | (0.20) | — | (0.11) | — |
Distributions from net realized gain | (2.01) | — | — | — | — |
TOTAL DISTRIBUTIONS | (2.16) | (0.20) | — | (0.11) | — |
Net Asset Value, End of Period | $29.75 | $29.89 | $24.85 | $21.46 | $21.80 |
Total Return3 | 8.08% | 21.17% | 15.80% | (1.05)% | 7.65% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.81% | 1.02% | 1.07% | 1.80% | 1.76% |
Net investment income | 0.78% | 0.65% | 0.95% | 0.49% | 0.09% |
Expense waiver/reimbursement4 | 0.18% | 0.00%5 | 0.00%5 | 0.00%5 | 0.00%5 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $9,183 | $20,425 | $17,363 | $5,717 | $6,300 |
Portfolio turnover | 87% | 82% | 77% | 62% | 76% |
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. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
5 | Represents less than 0.01%. |
Assets: | ||
Investment in securities, at value including $479,249 of securities loaned and $8,195,277 of investment in affiliated holdings (identified cost $299,692,621) | $327,279,631 | |
Income receivable | 129,480 | |
Income receivable from affiliated holdings | 36,990 | |
Receivable for investments sold | 1,585,100 | |
Receivable for shares sold | 1,996,017 | |
TOTAL ASSETS | 331,027,218 | |
Liabilities: | ||
Payable for investments purchased | $2,367,233 | |
Payable for shares redeemed | 1,609,220 | |
Bank overdraft | 4,404 | |
Payable for collateral due to broker for securities lending | 491,528 | |
Payable for investment adviser fee (Note 5) | 4,407 | |
Payable for administrative fees (Note 5) | 716 | |
Payable for distribution services fee (Note 5) | 20,704 | |
Payable for other service fees (Notes 2 and 5) | 24,754 | |
Accrued expenses (Note 5) | 122,887 | |
TOTAL LIABILITIES | 4,645,853 | |
Net assets for 10,896,863 shares outstanding | $326,381,365 | |
Net Assets Consist of: | ||
Paid-in capital | $297,868,865 | |
Total distributable earnings | 28,512,500 | |
TOTAL NET ASSETS | $326,381,365 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($69,221,049 ÷ 2,315,413 shares outstanding), no par value, unlimited shares authorized | $29.90 | |
Offering price per share (100/94.50 of $29.90) | $31.64 | |
Redemption proceeds per share | $29.90 | |
Class C Shares: | ||
Net asset value per share ($32,178,093 ÷ 1,149,445 shares outstanding), no par value, unlimited shares authorized | $27.99 | |
Offering price per share | $27.99 | |
Redemption proceeds per share (99.00/100 of $27.99) | $27.71 | |
Institutional Shares: | ||
Net asset value per share ($215,799,181 ÷ 7,123,317 shares outstanding), no par value, unlimited shares authorized | $30.29 | |
Offering price per share | $30.29 | |
Redemption proceeds per share | $30.29 | |
Class R6 Shares: | ||
Net asset value per share ($9,183,042 ÷ 308,688 shares outstanding), no par value, unlimited shares authorized | $29.75 | |
Offering price per share | $29.75 | |
Redemption proceeds per share | $29.75 |
Investment Income: | |||
Dividends (including $172,914 received from an affiliated holding* and net of foreign taxes withheld of $2,294) | $4,290,562 | ||
Net income on securities loaned (includes $23,165 earned from an affiliated holding related to cash collateral balances*)(Note 2) | 27,984 | ||
TOTAL INCOME | 4,318,546 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,953,546 | ||
Administrative fee (Note 5) | 210,065 | ||
Custodian fees | 35,916 | ||
Transfer agent fee (Note 2) | 237,299 | ||
Directors'/Trustees' fees (Note 5) | 3,176 | ||
Auditing fees | 27,199 | ||
Legal fees | 11,915 | ||
Portfolio accounting fees | 109,734 | ||
Distribution services fee (Note 5) | 213,192 | ||
Other service fees (Notes 2 and 5) | 214,159 | ||
Share registration costs | 141,938 | ||
Printing and postage | 35,785 | ||
Miscellaneous (Note 5) | 32,267 | ||
TOTAL EXPENSES | 3,226,191 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(600,220) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (106,934) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (707,154) | ||
Net expenses | 2,519,037 | ||
Net investment income | 1,799,509 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments (including net realized gain of $186 on sales of investments in an affiliated holding*) | 12,196,355 | ||
Net change in unrealized appreciation of investments (including net change in unrealized depreciation of $(81) on investments in an affiliated an holding*) | 7,975,426 | ||
Net realized and unrealized gain on investments | 20,171,781 | ||
Change in net assets resulting from operations | $21,971,290 |
* | See information listed after the Fund's Portfolio of Investments. |
Year Ended July 31 | 2019 | 2018 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $1,799,509 | $420,985 |
Net realized gain | 12,196,355 | 17,219,025 |
Net change in unrealized appreciation/depreciation | 7,975,426 | 10,538,220 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 21,971,290 | 28,178,230 |
Distributions to Shareholders: | ||
Class A Shares | (3,882,027) | (150,867) |
Class C Shares | (1,891,738) | — |
Institutional Shares | (12,178,410) | (353,878) |
Class R6 Shares | (604,361) | (139,150) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (18,556,536) | (643,895) |
Share Transactions: | ||
Proceeds from sale of shares | 256,926,172 | 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 | (147,248,399) | (39,304,708) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 127,087,654 | 28,573,828 |
Change in net assets | 130,502,408 | 56,108,163 |
Net Assets: | ||
Beginning of period | 195,878,957 | 139,770,794 |
End of period | $326,381,365 | $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 | $57,393 | $(10,779) |
Class C Shares | 31,757 | (5,643) |
Institutional Shares | 145,557 | (90,512) |
Class R6 Shares | 2,592 | — |
TOTAL | $237,299 | $(106,934) |
Other Service Fees Incurred | |
Class A Shares | $143,095 |
Class C Shares | 71,064 |
TOTAL | $214,159 |
Market Value of Securities Loaned | Collateral Received |
$479,249 | $491,528 |
Year Ended July 31 | 2019 | 2018 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,197,944 | $35,149,177 | 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 | (377,081) | (10,640,181) | (248,870) | (6,806,136) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 964,772 | $28,171,741 | (4,005) | $99,650 |
Year Ended July 31 | 2019 | 2018 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 486,557 | $12,740,476 | 261,516 | $7,009,390 |
Shares issued to shareholders in payment of distributions declared | 73,190 | 1,749,965 | — | — |
Shares redeemed | (806,777) | (22,501,025) | (405,082) | (10,646,392) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (247,030) | $(8,010,584) | (143,566) | $(3,637,002) |
Year Ended July 31 | 2019 | 2018 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 6,734,928 | $195,716,816 | 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 | (3,191,121) | (90,332,398) | (693,414) | (19,281,770) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 3,986,013 | $116,780,390 | 1,070,582 | $32,528,581 |
Year Ended July 31 | 2019 | 2018 | ||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 448,233 | $13,319,703 | 72,607 | $2,014,122 |
Shares issued to shareholders in payment of distributions declared | 23,752 | 601,199 | 5,058 | 138,887 |
Shares redeemed | (846,550) | (23,774,795) | (93,249) | (2,570,410) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (374,565) | $(9,853,893) | (15,584) | $(417,401) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 4,329,190 | $127,087,654 | 907,427 | $28,573,828 |
Increase (Decrease) | |
Paid-In Capital | Total Distributable Earnings (Loss) |
$(5,365,536) | $5,365,536 |
2019 | 2018 | |
Ordinary income1 | $6,315,404 | $643,895 |
Long-term capital gains | $12,241,132 | — |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income | $1,030,278 |
Net unrealized appreciation | $27,482,222 |
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 |
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 | $213,192 |
Purchases | $331,644,630 |
Sales | $223,311,881 |
September 23, 2019
Beginning Account Value 2/1/2019 | Ending Account Value 7/31/2019 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,108.60 | $5.44 |
Class C Shares | $1,000 | $1,104.10 | $9.34 |
Institutional Shares | $1,000 | $1,109.90 | $3.87 |
Class R6 Shares | $1,000 | $1,110.10 | $3.82 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.60 | $5.21 |
Class C Shares | $1,000 | $1,015.90 | $8.95 |
Institutional Shares | $1,000 | $1,021.10 | $3.71 |
Class R6 Shares | $1,000 | $1,021.20 | $3.66 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.04% |
Class C Shares | 1.79% |
Institutional Shares | 0.74% |
Class R6 Shares | 0.73% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: May 2006 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations:Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of certain of the Funds in the Federated Fund Family; Vice President, Federated Investors, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President of some of the Funds in the Federated Fund Complex and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Investors, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
* | Reasons for “interested” status: J. Christopher Donahue and John B. Fisher are interested due to their beneficial ownership of shares of Federated Investors, Inc. and due to positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Director, Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc.; Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. Mr. Hough previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: June 2006 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Investors, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Stephen F. Auth Birth Date: September 13, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: June 2012 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
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
1 | The Fund's Blended Index, which reflects 60% of the S&P 500 and 40% of the BAB, is being used for comparison purposes because, although it is not the Fund's broad-based securities market index, the Fund's Adviser believes it is more reflective of the Fund's balanced investment style. |
2 | Please see the footnotes to the line graphs below for definitions of, and further information about, the S&P 500 Index, one of the Fund's broad-based securities market indices. The S&P 500's return for the 12-month reporting period was 24.98%. |
3 | Please see the footnotes to the line graphs below for definitions of, and further information about, the BAB, one of the Fund's broad-based securities market indices. The BAB's return for the 12-month reporting period was -1.90%. |
4 | Please see the footnotes to the line graphs below for definitions of, and further information about, the MA50-70. |
5 | The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected.* |
6 | The Russell Top 200® Index measures the performance of the largest cap segment of the U.S. equity universe. The Russell Top 200® Index is a subset of the Russell 3000® Index. It includes approximately 200 of the largest securities based on a combination of their market cap and current index membership and represents approximately 68% of the U.S. market. The Russell Top 200® Index is constructed to provide a comprehensive and unbiased barometer for this very large cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.* |
7 | The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000® companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.* |
8 | The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.* |
9 | The Russell Microcap® Index measures the performance of the microcap segment of the U.S. equity market. Microcap stocks make up less than 3% of the U.S. equity market (by market cap) and consist of the smallest 1,000 securities in the small-cap Russell 2000® Index, plus the next 1,000 smallest eligible securities by market cap. The Russell Microcap® Index is constructed to provide a comprehensive and unbiased barometer for the microcap segment trading on national exchanges and is completely reconstituted annually to ensure new and growing equities are reflected and companies continue to reflect appropriate capitalization and value characteristics.* |
10 | The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000® Growth Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad growth market. The Russell 3000® Growth Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.* |
11 | The Russell 3000® Value Index measures the performance of the broad value segment of U.S. equity value universe. It includes those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000® Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad value market. The Russell 3000® Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.* |
12 | International investing involves special risks including currency risk, increased volatility of foreign securities, political risks and differences in auditing and other financial standards. |
13 | The MSCI EAFE Index measures international equity performance. It comprises 22 MSCI country indices, representing the developed markets outside of North America.* |
14 | Prices of emerging markets securities can be significantly more volatile than the prices of securities in developed countries, and currency risks and political risks are accentuated in emerging markets. |
15 | The MSCI Emerging Markets Index is an unmanaged index consisting of 21 emerging market countries.* |
16 | Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices. |
17 | Investments in real estate investment trusts (REITs) involve special risks associated with an investment in real estate, such as limited liquidity and interest rate risks. |
18 | The MSCI REIT Index is a free float-adjusted market capitalization weighted index that is comprised of equity Real Estate Investment Trusts (REITs). The index is based on the MSCI USA Investable Market Index (IMI), its parent index, which captures the large, mid and small cap segments of the USA market.* |
* | The index is unmanaged, and it is not possible to invest directly in an index. |
Federated MDT Balanced Fund - | Institutional Shares | Class C Shares | S&P 500 | BAB | Blended Index | MA50-70 |
F | F | I | I | I | I | |
7/31/2009 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 |
7/31/2010 | 10,874 | 10,763 | 11,384 | 10,891 | 11,223 | 11,188 |
7/31/2011 | 12,395 | 12,146 | 13,621 | 11,374 | 12,749 | 12,695 |
7/31/2012 | 12,627 | 12,259 | 14,864 | 12,199 | 13,873 | 13,102 |
7/31/2013 | 15,106 | 14,515 | 18,580 | 11,967 | 15,758 | 14,964 |
7/31/2014 | 17,114 | 16,278 | 21,728 | 12,442 | 17,600 | 16,505 |
7/31/2015 | 18,163 | 17,112 | 24,163 | 12,793 | 18,990 | 17,162 |
7/31/2016 | 18,151 | 16,924 | 25,519 | 13,552 | 20,130 | 17,467 |
7/31/2017 | 19,850 | 18,317 | 29,613 | 13,483 | 21,979 | 19,115 |
7/31/2018 | 22,262 | 20,348 | 34,422 | 13,375 | 24,009 | 20,429 |
7/31/2019 | 23,511 | 21,273 | 37,171 | 14,456 | 26,044 | 21,299 |
■ | Total returns shown for Class C Shares include the maximum contingent deferred sales charge of 1.00% as applicable. |
1 Year | 5 Years | 10 Years | |
Class A Shares | -0.51% | 5.08% | 8.04% |
Class C Shares | 3.59% | 5.50% | 7.84% |
Institutional Shares | 5.61% | 6.56% | 8.93% |
Class R6 Shares5 | 5.56% | 6.33% | 8.45% |
S&P 500 | 7.99% | 11.34% | 14.03% |
BAB | 8.08% | 3.05% | 3.75% |
Blended Index | 8.48% | 8.15% | 10.05% |
MA50-70 | 4.31% | 5.55% | 8.42% |
1 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450); for Class C Shares, a 1.00% contingent deferred sales charge would be applied on any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500, BAB and MA50-70 have been adjusted to reflect reinvestment of dividends on securities in the indexes. |
2 | The S&P 500 Index, a broad-based securities market index of the Fund, is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The S&P 500 is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The S& P 500 is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission (SEC) requires to be reflected in the Fund's performance. |
3 | The BAB Index, a broad-based securities market index of the Fund, is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market. The BAB is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The BAB is not adjusted to reflect sales charges, expenses or other fees that the SEC requires to be reflected in the Fund's performance. |
4 | Morningstar figures represent the average of the total returns reported by all the funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges. The Morningstar figures in the Growth of $10,000 line graph are based on historical return information published by Morningstar and reflect the return of the funds comprising the category in the year of publication. Because the funds designated by Morningstar as falling into the category can change over time, the Morningstar figures in the line graph may not match the Morningstar figures in the Average Annual Total Returns table, which reflect the return of the funds that currently comprise the category. |
5 | Prior to September 1, 2016, Class R6 Shares were known as Class R Shares and included 12b-1 fees and certain other expenses. As of September 1, 2016, Class R6 does not include such 12b-1 fees and certain other expenses, and the performance shown above for Class R6 prior to September 1, 2016, reflects the higher Class R expenses. |
Security Type | Percentage of Total Net Assets |
Domestic Equity Securities | 50.2% |
Corporate Debt Securities | 13.1% |
International Equity Securities (including International Exchange-Traded Funds) | 9.9% |
Federated Mortgage Core Portfolio | 8.3% |
U.S. Treasury Securities2 | 5.1% |
High Yield Bond Portfolio | 2.8% |
Federated Project and Trade Finance Core Fund | 2.1% |
Commercial Mortgage-Backed Securities | 2.0% |
Emerging Markets Core Fund | 1.8% |
Federated Bank Loan Core Fund | 0.9% |
Asset-Backed Securities | 0.1% |
Collateralized Mortgage Obligations | 0.0%3 |
Securities Lending Collateral4 | 0.1% |
Derivative Contracts5 | 0.0%3 |
Cash Equivalents6 | 3.7% |
Other Assets and Liabilities—Net7 | (0.1)% |
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 less than 0.1%. |
4 | 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. |
5 | Based upon net unrealized appreciation (depreciation) or value of the derivative contracts as applicable. Derivative contracts may consist of futures, forwards, options and swaps. The impact of a derivative contract on the Fund's performance may be larger than its unrealized appreciation (depreciation) or value may indicate. In many cases, the notional value or amount of a derivative contract may provide a better indication of the contract's significance to the portfolio. More complete information regarding the Fund's direct investments in derivative contracts, including unrealized appreciation (depreciation), value and notional values or amounts of such contracts, can be found in the table at the end of the Portfolio of Investments included in this Report. |
6 | 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 | 20.4% |
Financials | 14.5% |
Health Care | 12.5% |
Consumer Discretionary | 11.0% |
Industrials | 10.3% |
Communication Services | 8.2% |
Consumer Staples | 7.1% |
Energy | 5.2% |
Real Estate | 4.9% |
Materials | 3.1% |
Utilities | 2.8% |
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—52.1% | |||
Communication Services—4.2% | |||
7,240 | AT&T, Inc. | $246,522 | |
5,627 | 1 | Charter Communications, Inc. | 2,168,533 |
5,733 | 1 | Facebook, Inc. | 1,113,521 |
555 | 1 | IAC Interactive Corp. | 132,673 |
25,493 | 1 | Live Nation Entertainment, Inc. | 1,837,025 |
28,128 | 1 | MSG Networks, Inc. | 534,151 |
9,716 | Verizon Communications, Inc. | 537,003 | |
1,403 | Viacom, Inc., Class B | 42,581 | |
TOTAL | 6,612,009 | ||
Consumer Discretionary—5.7% | |||
5,200 | Abercrombie & Fitch Co., Class A | 98,436 | |
201 | 1 | Amazon.com, Inc. | 375,223 |
418 | 1 | AutoZone, Inc. | 469,431 |
7,113 | 2 | Bed Bath & Beyond, Inc. | 69,067 |
3,664 | 1 | Burlington Stores, Inc. | 662,268 |
400 | 1 | Chipotle Mexican Grill, Inc. | 318,212 |
645 | 1 | Cooper-Standard Holding, Inc. | 31,915 |
594 | 2 | Dillards, Inc., Class A | 43,231 |
4,427 | Dunkin' Brands Group, Inc. | 354,868 | |
18,014 | eBay, Inc. | 741,997 | |
9,353 | Expedia Group, Inc. | 1,241,517 | |
24,635 | Ford Motor Co. | 234,772 | |
3,861 | 1 | Fossil, Inc. | 42,625 |
5,192 | 1 | GameStop Corp. | 20,872 |
4,741 | Goodyear Tire & Rubber Co. | 65,094 | |
3,983 | Harley-Davidson, Inc. | 142,512 | |
3,130 | Hilton Worldwide Holdings, Inc. | 302,202 | |
5,309 | Home Depot, Inc. | 1,134,480 | |
2,435 | 1 | Libbey, Inc. | 4,115 |
6,556 | Lowe's Cos., Inc. | 664,778 | |
1,234 | 1 | Lululemon Athletica, Inc. | 235,805 |
1,390 | 1 | Planet Fitness, Inc. | 109,337 |
3,477 | Ralph Lauren Corp. | 362,408 | |
3,900 | 1 | Sally Beauty Holdings, Inc. | 53,586 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
600 | 1 | Tempur Sealy International, Inc. | $48,132 |
899 | Toll Brothers, Inc. | 32,337 | |
218 | Tractor Supply Co. | 23,721 | |
5,423 | Tupperware Brands Corp. | 83,026 | |
9,457 | Wyndham Destinations, Inc. | 445,046 | |
4,445 | Yum! Brands, Inc. | 500,151 | |
1,135 | 1 | Zumiez, Inc. | 28,114 |
TOTAL | 8,939,278 | ||
Consumer Staples—3.7% | |||
946 | Cal-Maine Foods, Inc. | 37,622 | |
1,410 | Church and Dwight, Inc. | 106,370 | |
1,769 | Colgate-Palmolive Co. | 126,908 | |
8,975 | Estee Lauder Cos., Inc., Class A | 1,653,105 | |
4,289 | Fresh Del Monte Produce, Inc. | 130,085 | |
5,780 | 1 | Herbalife Ltd. | 237,096 |
7,472 | Kimberly-Clark Corp. | 1,013,577 | |
4,058 | Lamb Weston Holdings, Inc. | 272,373 | |
12,524 | PepsiCo, Inc. | 1,600,693 | |
3,602 | 1 | Post Holdings, Inc. | 386,206 |
3,066 | Sysco Corp. | 210,236 | |
TOTAL | 5,774,271 | ||
Energy—2.7% | |||
12,992 | Chevron Corp. | 1,599,445 | |
3,476 | Continental Resources, Inc. | 129,203 | |
14,134 | EOG Resources, Inc. | 1,213,404 | |
13,438 | Exxon Mobil Corp. | 999,250 | |
5,879 | HollyFrontier Corp. | 292,598 | |
10,600 | 1 | Noble Corp. PLC | 23,638 |
TOTAL | 4,257,538 | ||
Financials—7.6% | |||
18,118 | Allstate Corp. | 1,945,873 | |
6,338 | American International Group, Inc. | 354,865 | |
1,452 | Ameriprise Financial, Inc. | 211,280 | |
6,209 | 1 | Athene Holding Ltd. | 253,700 |
11,267 | Bank of America Corp. | 345,672 | |
5,500 | Blackstone Mortgage Trust, Inc. | 195,360 | |
12,644 | Citigroup, Inc. | 899,747 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
2,010 | Citizens Financial Group, Inc. | $74,893 | |
4,315 | Everest Re Group Ltd. | 1,064,252 | |
17,862 | Fifth Third Bancorp | 530,323 | |
1,384 | 1 | Green Dot Corp. | 70,155 |
11,680 | Huntington Bancshares, Inc. | 166,440 | |
11,621 | JPMorgan Chase & Co. | 1,348,036 | |
12,370 | KeyCorp | 227,237 | |
2,649 | LPL Investment Holdings, Inc. | 222,172 | |
5,760 | M & T Bank Corp. | 946,080 | |
1,875 | MSCI, Inc., Class A | 426,075 | |
136 | Marketaxess Holdings, Inc. | 45,837 | |
17,976 | Navient Corp. | 254,360 | |
14,700 | New Residential Investment Corp. | 230,643 | |
8,406 | Popular, Inc. | 483,849 | |
7,303 | Progressive Corp., OH | 591,397 | |
4,065 | Prudential Financial, Inc. | 411,825 | |
2,595 | RenaissanceRe Holdings Ltd. | 470,084 | |
TOTAL | 11,770,155 | ||
Health Care—6.5% | |||
3,187 | 1 | Alexion Pharmaceuticals, Inc. | 361,055 |
2,307 | Anthem, Inc. | 679,665 | |
5,364 | 1 | Biogen, Inc. | 1,275,666 |
1,474 | Bristol-Myers Squibb Co. | 65,460 | |
15,524 | 1,2 | Community Health Systems, Inc. | 31,824 |
2,864 | Eli Lilly & Co. | 312,033 | |
14,865 | HCA Healthcare, Inc. | 1,984,626 | |
811 | 1 | IDEXX Laboratories, Inc. | 228,743 |
4,764 | 1 | Incyte Genomics, Inc. | 404,559 |
1,186 | 1 | Ionis Pharmaceuticals, Inc. | 78,110 |
3,151 | 1 | Jazz Pharmaceuticals PLC. | 439,186 |
274 | 1 | Mettler-Toledo International, Inc. | 207,350 |
231 | 1 | Mirati Therapeutics, Inc. | 24,440 |
1,347 | 1 | Molina Healthcare, Inc. | 178,855 |
7,246 | Stryker Corp. | 1,520,066 | |
10,382 | 1 | Veeva Systems, Inc. | 1,722,374 |
3,686 | 1 | Vertex Pharmaceuticals, Inc. | 614,161 |
TOTAL | 10,128,173 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Industrials—5.4% | |||
2,951 | AGCO Corp. | $227,227 | |
11,532 | Allison Transmission Holdings, Inc. | 529,895 | |
2,415 | Boeing Co. | 823,950 | |
2,044 | CSX Corp. | 143,898 | |
737 | 1 | CoStar Group, Inc. | 453,550 |
1,681 | Delta Air Lines, Inc. | 102,608 | |
1,162 | Deluxe Corp. | 51,848 | |
1,032 | Ennis, Inc. | 20,981 | |
582 | Grainger (W.W.), Inc. | 169,379 | |
5,635 | Heico Corp. | 770,586 | |
828 | Insperity, Inc. | 88,058 | |
3,004 | 1 | Jet Blue Airways Corp. | 57,767 |
1,235 | L3Harris Technologies, Inc. | 256,386 | |
3,465 | Lennox International, Inc. | 888,703 | |
6,257 | Lockheed Martin Corp. | 2,266,098 | |
14,009 | PACCAR, Inc. | 982,591 | |
10,000 | Pitney Bowes, Inc. | 40,500 | |
1,321 | R.R. Donnelley & Sons Co. | 2,668 | |
9,094 | 1 | SPX Corp. | 317,381 |
2,272 | Trinity Industries, Inc. | 44,531 | |
1,648 | 1 | United Airlines Holdings, Inc. | 151,468 |
TOTAL | 8,390,073 | ||
Information Technology—10.6% | |||
3,497 | 1 | Adobe, Inc. | 1,045,113 |
1,588 | 1 | Ansys, Inc. | 322,555 |
3,251 | Apple, Inc. | 692,593 | |
1,767 | 1 | Atlassian Corp. PLC | 247,592 |
6,627 | 1 | Autodesk, Inc. | 1,034,939 |
12,104 | Automatic Data Processing, Inc. | 2,015,558 | |
18,972 | 1 | Cadence Design Systems, Inc. | 1,402,221 |
388 | 1 | Coupa Software, Inc. | 52,655 |
1,190 | DXC Technology Co. | 66,366 | |
747 | 1 | Fair Isaac & Co., Inc. | 259,523 |
222 | 1 | FleetCor Technologies, Inc. | 63,086 |
6,202 | 1 | Fortinet, Inc. | 498,083 |
10,749 | Global Payments, Inc. | 1,804,972 | |
8,704 | Hewlett-Packard Co. | 183,132 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
922 | 1 | HubSpot, Inc. | $164,780 |
1,900 | 1 | Insight Enterprises, Inc. | 104,538 |
2,227 | Intuit, Inc. | 617,569 | |
8,891 | Mastercard, Inc. | 2,420,753 | |
5,856 | Microsoft Corp. | 797,997 | |
3,138 | NetApp, Inc. | 183,542 | |
1,846 | 1 | Paycom Software, Inc. | 444,424 |
557 | 1 | PayPal, Inc. | 61,493 |
1,747 | 1 | Salesforce.com, Inc. | 269,912 |
7,000 | 1 | Sanmina Corp. | 222,250 |
1,492 | 1 | ServiceNow, Inc. | 413,866 |
190 | Universal Display Corp. | 40,105 | |
22,000 | Vishay Intertechnology, Inc. | 374,000 | |
1,760 | 1 | WEX, Inc. | 383,803 |
10,000 | Western Union Co. | 210,000 | |
506 | 1 | Zendesk, Inc. | 42,281 |
1,587 | 1 | Zscaler, Inc. | 133,736 |
TOTAL | 16,573,437 | ||
Materials—1.6% | |||
9,367 | Domtar, Corp. | 397,629 | |
25,646 | DuPont de Nemours, Inc. | 1,850,615 | |
10,914 | Mosaic Co./The | 274,924 | |
725 | Newmont Goldcorp Corp. | 26,477 | |
TOTAL | 2,549,645 | ||
Real Estate—2.6% | |||
1,900 | Alexandria Real Estate Equities, Inc. | 278,084 | |
763 | 1 | Altisource Portfolio Solutions S.A. | 16,023 |
5,100 | American Homes 4 Rent | 123,471 | |
1,100 | American Tower Corp. | 232,782 | |
7,700 | Americold Realty Trust | 258,181 | |
5,200 | Douglas Emmett, Inc. | 212,264 | |
505 | Equinix, Inc. | 253,561 | |
2,450 | Equity Lifestyle Properties, Inc. | 304,412 | |
2,500 | Equity Residential Properties Trust | 197,225 | |
6,200 | Hudson Pacific Properties, Inc. | 218,860 | |
9,400 | Invitation Homes, Inc. | 258,218 | |
4,300 | Liberty Property Trust | 224,890 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Real Estate—continued | |||
1,500 | ProLogis, Inc. | $120,915 | |
4,300 | Rexford Industrial Realty, Inc. | 178,020 | |
1,900 | Ryman Hospitality Properties | 142,500 | |
9,300 | STORE Capital Corp. | 318,153 | |
880 | Simon Property Group, Inc. | 142,736 | |
2,300 | Sun Communities, Inc. | 305,463 | |
3,600 | Terreno Realty Corp. | 175,896 | |
TOTAL | 3,961,654 | ||
Utilities—1.5% | |||
14,160 | AES Corp. | 237,747 | |
11,927 | Consolidated Edison Co. | 1,013,318 | |
8,594 | Edison International | 640,597 | |
8,072 | Exelon Corp. | 363,724 | |
TOTAL | 2,255,386 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $74,886,826) | 81,211,619 | ||
ASSET-BACKED SECURITIES—0.1% | |||
Auto Receivables—0.0% | |||
$53,469 | Santander Drive Auto Receivables Trust 2016-2, Class C, 2.660%, 11/15/2021 | 53,505 | |
Other—0.1% | |||
128,000 | PFS Financing Corp. 2016-BA, Class A, 1.870%, 10/15/2021 | 127,819 | |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $181,455) | 181,324 | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—0.0% | |||
333 | 3 | Bear Stearns Mortgage Securities, Inc. 1997-6, Class 1A, 6.284%, 3/25/2031 | 331 |
929 | Federal Home Loan Mortgage Corp. REMIC, Series 1311, Class K, 7.000%, 7/15/2022 | 980 | |
1,151 | Federal Home Loan Mortgage Corp. REMIC, Series 1384, Class D, 7.000%, 9/15/2022 | 1,199 | |
4,166 | Federal Home Loan Mortgage Corp. REMIC, Series 2497, Class JH, 6.000%, 9/15/2032 | 4,610 | |
3,368 | 4 | 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 | 3,601 |
910 | Federal National Mortgage Association REMIC, Series 2003-35, Class UC, 3.750%, 5/25/2033 | 931 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $11,262) | 11,652 |
Shares or Principal Amount | Value | ||
COMMERCIAL MORTGAGE-BACKED SECURITIES—2.0% | |||
Commercial Mortgage—2.0% | |||
$170,000 | Banc of America Commercial Mortgage Trust 2016-UBS10, Class A4, 3.170%, 7/15/2049 | $175,826 | |
190,000 | Bank 2017-BNK8, Class A4, 3.488%, 11/15/2050 | 201,286 | |
220,000 | Bank 2018-BN15, Class A4, 4.407%, 11/15/2061 | 249,502 | |
190,000 | CD Commercial Mortgage Trust 2016-CD1, Class A4, 2.724%, 8/10/2049 | 191,790 | |
200,000 | Citigroup Commercial Mortgage Trust 2013-GC11, Class B, 3.732%, 4/10/2046 | 205,518 | |
70,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1, Class AM, 3.912%, 5/15/2045 | 72,186 | |
125,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1, Class B, 4.612%, 5/15/2045 | 129,628 | |
200,000 | Commercial Mortgage Trust 2013-CR8, Class B, 3.960%, 6/10/2046 | 207,914 | |
200,000 | Commercial Mortgage Trust 2014-LC17, Class B, 4.490%, 10/10/2047 | 213,514 | |
300,000 | Commercial Mortgage Trust 2015-DC1, Class AM, 3.724%, 2/10/2048 | 311,619 | |
200,000 | FREMF Mortgage Trust 2013-K25 REMIC, Class B, 3.618%, 11/25/2045 | 206,401 | |
69,270 | Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025 | 69,316 | |
252,705 | Federal Home Loan Mortgage Corp. REMIC, Series K504, Class A2, 2.566%, 9/25/2020 | 252,509 | |
100,000 | GS Mortgage Securities Corp. II 2012-GCJ7, Class AS, 4.085%, 5/10/2045 | 103,698 | |
200,000 | JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049 | 206,946 | |
50,000 | JPMDB Commercial Mortgage Securities Trust 2017-C5, Class A5, 3.693%, 3/15/2050 | 53,612 | |
100,000 | Morgan Stanley Capital I 2012-C4, Class AS, 3.773%, 3/15/2045 | 103,013 | |
150,000 | UBS-Barclays Commercial Mortgage Trust 2013-C6, Class B, 3.875%, 4/10/2046 | 155,463 | |
25,000 | WF-RBS Commercial Mortgage Trust 2012-C6, Class B, 4.697%, 4/15/2045 | 26,170 | |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $3,098,472) | 3,135,911 | ||
CORPORATE BONDS—13.1% | |||
Basic Industry - Chemicals—0.0% | |||
35,000 | Incitec Pivot Finance LLC, Company Guarantee, 144A, 6.000%, 12/10/2019 | 35,371 | |
20,000 | RPM International, Inc., Sr. Unsecd. Note, 6.125%, 10/15/2019 | 20,134 | |
TOTAL | 55,505 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Basic Industry - Metals & Mining—0.3% | |||
$15,000 | Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 4/15/2040 | $16,320 | |
62,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 4.450%, 3/1/2023 | 63,481 | |
40,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 5.200%, 7/15/2021 | 40,937 | |
20,000 | Newcrest Finance Property Ltd., Sr. Unsecd. Note, 144A, 4.200%, 10/1/2022 | 20,804 | |
100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 4/15/2023 | 105,434 | |
20,000 | Southern Copper Corp., Sr. Unsecd. Note, 6.750%, 4/16/2040 | 25,675 | |
160,000 | Worthington Industries, Inc., Sr. Unsecd. Note, 6.500%, 4/15/2020 | 163,755 | |
TOTAL | 436,406 | ||
Basic Industry - Paper—0.0% | |||
10,000 | Weyerhaeuser Co., Sr. Unsecd. Note, 3.250%, 3/15/2023 | 10,155 | |
20,000 | Weyerhaeuser Co., Sr. Unsecd. Note, 4.700%, 3/15/2021 | 20,562 | |
TOTAL | 30,717 | ||
Capital Goods - Aerospace & Defense—0.2% | |||
100,000 | Arconic, Inc., 5.870%, 2/23/2022 | 107,009 | |
11,000 | Embraer Overseas Ltd., Sr. Unsecd. Note, 144A, 5.696%, 9/16/2023 | 12,100 | |
20,000 | Raytheon Co., Sr. Note, 4.400%, 2/15/2020 | 20,215 | |
10,000 | Rockwell Collins, Inc., Sr. Unsecd. Note, 3.100%, 11/15/2021 | 10,123 | |
40,000 | 4 | Textron Financial Corp., Jr. Sub. Note, 144A, 4.253% (3-month USLIBOR +1.735%), 2/15/2042 | 31,015 |
50,000 | Textron, Inc., Sr. Unsecd. Note, 4.000%, 3/15/2026 | 52,543 | |
50,000 | Textron, Inc., Sr. Unsecd. Note, 4.300%, 3/1/2024 | 52,864 | |
TOTAL | 285,869 | ||
Capital Goods - Building Materials—0.2% | |||
200,000 | Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.200%, 10/1/2024 | 202,816 | |
80,000 | Masco Corp., Sr. Unsecd. Note, 4.375%, 4/1/2026 | 84,899 | |
TOTAL | 287,715 | ||
Capital Goods - Diversified Manufacturing—0.2% | |||
15,000 | Avery Dennison Corp., Sr. Unsecd. Note, 5.375%, 4/15/2020 | 15,237 | |
30,000 | General Electric Capital Corp., Sr. Unsecd. Note, Series GMTN, 3.100%, 1/9/2023 | 30,284 | |
15,000 | Thomas & Betts Corp., Sr. Unsecd. Note, 5.625%, 11/15/2021 | 16,024 | |
200,000 | Valmont Industries, Inc., 5.250%, 10/1/2054 | 202,358 | |
TOTAL | 263,903 | ||
Capital Goods - Environmental—0.1% | |||
85,000 | Republic Services, Inc., Company Guarantee, 5.500%, 9/15/2019 | 85,300 | |
Capital Goods - Packaging—0.0% | |||
45,000 | Packaging Corp. of America, Sr. Unsecd. Note, 3.900%, 6/15/2022 | 46,470 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Communications - Cable & Satellite—0.2% | |||
$200,000 | CCO Safari II LLC, 4.908%, 7/23/2025 | $215,883 | |
90,000 | NBCUniversal, Inc., Sr. Unsecd. Note, 5.150%, 4/30/2020 | 91,885 | |
�� | TOTAL | 307,768 | |
Communications - Media & Entertainment—0.2% | |||
30,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046 | 35,201 | |
25,000 | Moody's Corp., Sr. Unsecd. Note, 5.500%, 9/1/2020 | 25,807 | |
250,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.600%, 4/15/2026 | 258,540 | |
20,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.625%, 5/1/2022 | 20,592 | |
TOTAL | 340,140 | ||
Communications - Telecom Wireless—0.2% | |||
150,000 | Crown Castle International Corp., Sr. Unsecd. Note, 3.700%, 6/15/2026 | 156,889 | |
200,000 | Vodafone Group PLC, Sr. Unsecd. Note, 4.875%, 6/19/2049 | 215,404 | |
TOTAL | 372,293 | ||
Communications - Telecom Wirelines—0.2% | |||
150,000 | Telefonica Emisiones SAU, Sr. Unsecd. Note, 5.520%, 3/1/2049 | 177,682 | |
90,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 3/15/2024 | 96,596 | |
TOTAL | 274,278 | ||
Consumer Cyclical - Automotive—0.4% | |||
175,000 | American Honda Finance Corp., Unsecd. Deb., Series MTN, 2.250%, 8/15/2019 | 174,982 | |
10,000 | DaimlerChrysler North America Holding Corp., Company Guarantee, 8.500%, 1/18/2031 | 14,841 | |
100,000 | Ford Motor Co., Sr. Unsecd. Note, 4.750%, 1/15/2043 | 86,595 | |
200,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.336%, 3/18/2021 | 201,116 | |
160,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.200%, 7/6/2021 | 161,366 | |
TOTAL | 638,900 | ||
Consumer Cyclical - Leisure—0.1% | |||
131,736 | Football Trust V, Pass Thru Cert., 5.350%, 10/5/2020 | 136,100 | |
Consumer Cyclical - Lodging—0.0% | |||
30,000 | Hyatt Hotels Corp., Sr. Unsecd. Note, 3.375%, 7/15/2023 | 30,656 | |
Consumer Cyclical - Retailers—0.4% | |||
50,000 | Advance Auto Parts, Inc., 4.500%, 12/1/2023 | 53,347 | |
40,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.125%, 4/21/2026 | 40,564 | |
250,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 4/15/2025 | 256,156 | |
175,000 | CVS Health Corp., Sr. Unsecd. Note, 2.875%, 6/1/2026 | 173,604 | |
10,000 | O'Reilly Automotive, Inc., Company Guarantee, 4.875%, 1/14/2021 | 10,298 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Consumer Cyclical - Retailers—continued | |||
$80,000 | Under Armour, Inc., Sr. Unsecd. Note, 3.250%, 6/15/2026 | $77,441 | |
TOTAL | 611,410 | ||
Consumer Cyclical - Services—0.3% | |||
200,000 | Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.800%, 6/6/2023 | 201,419 | |
125,000 | Amazon.com, Inc., Sr. Unsecd. Note, 3.800%, 12/5/2024 | 134,263 | |
65,000 | Expedia, Inc., Company Guarantee, 5.950%, 8/15/2020 | 67,295 | |
10,000 | University of Southern California, Sr. Unsecd. Note, 5.250%, 10/1/2111 | 13,779 | |
70,000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | 73,157 | |
TOTAL | 489,913 | ||
Consumer Non-Cyclical - Food/Beverage—1.0% | |||
300,000 | Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 5.550%, 1/23/2049 | 371,798 | |
300,000 | Danone SA, Sr. Unsecd. Note, 144A, 2.947%, 11/2/2026 | 302,404 | |
140,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026 | 140,994 | |
80,000 | General Mills, Inc., Sr. Unsecd. Note, 4.700%, 4/17/2048 | 89,495 | |
270,000 | Heineken NV, Sr. Unsecd. Note, 144A, 3.500%, 1/29/2028 | 281,693 | |
200,000 | Kerry Group Financial Services, Sr. Unsecd. Note, 144A, 3.200%, 4/9/2023 | 202,239 | |
60,000 | McCormick & Co., Inc., Sr. Unsecd. Note, 3.400%, 8/15/2027 | 61,788 | |
50,000 | Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025 | 54,507 | |
TOTAL | 1,504,918 | ||
Consumer Non-Cyclical - Health Care—0.0% | |||
15,000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 3.200%, 10/1/2022 | 15,244 | |
10,000 | Laboratory Corp. of America Holdings, Sr. Unsecd. Note, 3.750%, 8/23/2022 | 10,326 | |
TOTAL | 25,570 | ||
Consumer Non-Cyclical - Pharmaceuticals—0.1% | |||
105,000 | Eli Lilly & Co., Sr. Unsecd. Note, 3.950%, 3/15/2049 | 114,470 | |
Consumer Non-Cyclical - Products—0.1% | |||
200,000 | Newell Rubbermaid, Inc., Sr. Unsecd. Note, 4.200%, 4/1/2026 | 200,374 | |
Consumer Non-Cyclical - Supermarkets—0.2% | |||
290,000 | Kroger Co., Sr. Unsecd. Note, 5.400%, 1/15/2049 | 324,248 | |
Consumer Non-Cyclical - Tobacco—0.0% | |||
24,000 | Altria Group, Inc., 9.250%, 8/6/2019 | 24,018 | |
Energy - Independent—0.3% | |||
250,000 | Canadian Natural Resources Ltd., 3.900%, 2/1/2025 | 261,467 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Energy - Independent—continued | |||
$125,000 | Cimarex Energy Co., Sr. Unsecd. Note, 3.900%, 5/15/2027 | $127,106 | |
TOTAL | 388,573 | ||
Energy - Integrated—0.5% | |||
135,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.119%, 5/4/2026 | 138,961 | |
300,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.937%, 9/21/2028 | 326,190 | |
75,000 | Husky Energy, Inc., 4.000%, 4/15/2024 | 78,917 | |
240,000 | Husky Energy, Inc., Sr. Unsecd. Note, 4.400%, 4/15/2029 | 252,502 | |
TOTAL | 796,570 | ||
Energy - Midstream—0.9% | |||
100,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 | 104,228 | |
75,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.900%, 2/1/2024 | 80,726 | |
170,000 | Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.950%, 2/15/2027 | 181,753 | |
270,000 | Enterprise Products Operating LLC, Sr. Unsecd. Note, 4.200%, 1/31/2050 | 275,658 | |
10,000 | Florida Gas Transmission Co. LLC, Sr. Unsecd. Note, 144A, 5.450%, 7/15/2020 | 10,269 | |
150,000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, 5.000%, 3/1/2043 | 160,430 | |
100,000 | Kinder Morgan, Inc., 5.050%, 2/15/2046 | 109,350 | |
40,000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 | 41,713 | |
225,000 | MPLX LP, Sr. Unsecd. Note, 5.500%, 2/15/2049 | 251,353 | |
195,000 | ONEOK, Inc., Sr. Unsecd. Note, 4.950%, 7/13/2047 | 208,319 | |
20,000 | Texas Eastern Transmission LP, Sr. Unsecd. Note, 144A, 2.800%, 10/15/2022 | 19,955 | |
30,000 | Williams Partners LP, Sr. Unsecd. Note, 4.125%, 11/15/2020 | 30,488 | |
TOTAL | 1,474,242 | ||
Energy - Oil Field Services—0.1% | |||
15,000 | Nabors Industries, Inc., Company Guarantee, 5.000%, 9/15/2020 | 15,188 | |
20,000 | Nabors Industries, Inc., Sr. Unsecd. Note, 4.625%, 9/15/2021 | 19,700 | |
50,000 | Nabors Industries, Inc., Sr. Unsecd. Note, 5.100%, 9/15/2023 | 45,250 | |
TOTAL | 80,138 | ||
Energy - Refining—0.0% | |||
10,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 3/1/2041 | 12,540 | |
Financial Institution - Banking—2.4% | |||
74,000 | American Express Co., 2.650%, 12/2/2022 | 74,678 | |
250,000 | American Express Credit Corp., Sr. Unsecd. Note, Series MTN, 2.250%, 5/5/2021 | 250,035 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Banking—continued | |||
$300,000 | Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.500%, 4/19/2026 | $313,712 | |
250,000 | 4 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 2.968% (3-month USLIBOR +0.650%), 10/1/2021 | 250,982 |
100,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 5.000%, 5/13/2021 | 104,507 | |
200,000 | Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025 | 209,762 | |
200,000 | Citigroup, Inc., Sr. Unsecd. Note, 2.700%, 3/30/2021 | 201,082 | |
250,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.300%, 4/27/2025 | 258,781 | |
170,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.400%, 5/1/2026 | 176,175 | |
25,000 | City National Corp., Sr. Unsecd. Note, 5.250%, 9/15/2020 | 25,815 | |
30,000 | Comerica, Inc., 3.800%, 7/22/2026 | 31,492 | |
75,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 3.650%, 1/25/2024 | 78,561 | |
275,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.625%, 1/22/2023 | 284,339 | |
150,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.250%, 2/1/2041 | 202,077 | |
50,000 | HSBC Holdings PLC, Sr. Unsecd. Note, 5.100%, 4/5/2021 | 52,206 | |
400,000 | JPMorgan Chase & Co., Sub. Note, 3.375%, 5/1/2023 | 410,624 | |
300,000 | Morgan Stanley, 4.300%, 1/27/2045 | 333,202 | |
120,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 2.500%, 4/21/2021 | 120,287 | |
210,000 | Regions Financial Corp., Sr. Unsecd. Note, 3.200%, 2/8/2021 | 212,216 | |
130,000 | SunTrust Banks, Inc., Sr. Unsecd. Note, 2.900%, 3/3/2021 | 130,900 | |
TOTAL | 3,721,433 | ||
Financial Institution - Broker/Asset Mgr/Exchange—0.2% | |||
80,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | 84,312 | |
125,000 | Jefferies Group LLC, Sr. Unsecd. Note, 6.875%, 4/15/2021 | 133,448 | |
70,000 | Nuveen LLC, Sr. Unsecd. Note, 144A, 4.000%, 11/1/2028 | 77,022 | |
13,000 | Raymond James Financial, Inc., Sr. Unsecd. Note, 5.625%, 4/1/2024 | 14,649 | |
TOTAL | 309,431 | ||
Financial Institution - Finance Companies—0.6% | |||
170,000 | AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.950%, 2/1/2022 | 174,425 | |
150,000 | AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, Sr. Unsecd. Note, 4.875%, 1/16/2024 | 161,238 | |
250,000 | Discover Bank, Sr. Unsecd. Note, Series BKNT, 4.650%, 9/13/2028 | 275,724 | |
250,000 | GE Capital International Funding, Inc., Sr. Unsecd. Note, 4.418%, 11/15/2035 | 252,778 | |
TOTAL | 864,165 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Insurance - Life—0.7% | |||
$200,000 | Aflac, Inc., Sr. Unsecd. Note, 3.625%, 6/15/2023 | $209,741 | |
25,000 | American International Group, Inc., 4.500%, 7/16/2044 | 26,804 | |
35,000 | American International Group, Inc., Sr. Unsecd. Note, 4.125%, 2/15/2024 | 37,244 | |
125,000 | American International Group, Inc., Sr. Unsecd. Note, 4.200%, 4/1/2028 | 134,266 | |
10,000 | Lincoln National Corp., Sr. Unsecd. Note, 4.200%, 3/15/2022 | 10,416 | |
275,000 | Mass Mutual Global Funding II, 144A, 2.000%, 4/15/2021 | 273,677 | |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039 | 16,069 | |
250,000 | MetLife, Inc., Sr. Unsecd. Note, 3.600%, 4/10/2024 | 263,748 | |
15,000 | Penn Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040 | 21,373 | |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.125%, 5/15/2023 | 10,211 | |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.300%, 9/15/2022 | 10,172 | |
50,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040 | 65,564 | |
TOTAL | 1,079,285 | ||
Financial Institution - Insurance - P&C—0.1% | |||
100,000 | Liberty Mutual Group, Inc., 144A, 4.850%, 8/1/2044 | 112,255 | |
65,000 | Nationwide Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039 | 106,683 | |
TOTAL | 218,938 | ||
Financial Institution - REIT - Apartment—0.1% | |||
20,000 | Post Apartment Homes LP, Sr. Unsecd. Note, 3.375%, 12/1/2022 | 20,455 | |
10,000 | UDR, Inc., Company Guarantee, Series 0001, 4.625%, 1/10/2022 | 10,435 | |
70,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026 | 69,886 | |
TOTAL | 100,776 | ||
Financial Institution - REIT - Healthcare—0.0% | |||
50,000 | Healthcare Trust of America, 3.700%, 4/15/2023 | 51,227 | |
Financial Institution - REIT - Office—0.1% | |||
50,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.900%, 6/15/2023 | 52,548 | |
70,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028 | 74,457 | |
TOTAL | 127,005 | ||
Financial Institution - REIT - Other—0.1% | |||
105,000 | WP Carey, Inc., Sr. Unsecd. Note, 3.850%, 7/15/2029 | 106,988 | |
75,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024 | 79,969 | |
TOTAL | 186,957 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - REIT - Retail—0.0% | |||
$50,000 | Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/1/2022 | $51,193 | |
Sovereign—0.0% | |||
30,000 | Corp Andina De Fomento, Sr. Unsecd. Note, 4.375%, 6/15/2022 | 31,585 | |
Technology—0.5% | |||
30,000 | Apple, Inc., Sr. Unsecd. Note, 2.400%, 5/3/2023 | 30,260 | |
20,000 | Corning, Inc., Unsecd. Note, 4.750%, 3/15/2042 | 22,496 | |
240,000 | Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr. Secd. Note, 144A, 6.020%, 6/15/2026 | 265,414 | |
125,000 | Equifax, Inc., Sr. Unsecd. Note, 2.300%, 6/1/2021 | 124,431 | |
53,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.500%, 4/15/2023 | 54,836 | |
110,000 | Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029 | 113,049 | |
70,000 | Hewlett Packard Enterprise Co., Sr. Unsecd. Note, 3.600%, 10/15/2020 | 70,840 | |
20,000 | Ingram Micro, Inc., Sr. Unsecd. Note, 5.000%, 8/10/2022 | 20,406 | |
50,000 | Total System Services, Inc., Sr. Unsecd. Note, 4.800%, 4/1/2026 | 55,213 | |
10,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 9/12/2022 | 10,463 | |
50,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 5.500%, 6/15/2045 | 59,002 | |
TOTAL | 826,410 | ||
Transportation - Railroads—0.2% | |||
50,000 | Burlington Northern Santa Fe Corp., Deb., 5.750%, 5/1/2040 | 66,088 | |
30,000 | Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2023 | 30,476 | |
225,000 | Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.125%, 6/1/2026 | 225,737 | |
TOTAL | 322,301 | ||
Transportation - Services—0.2% | |||
70,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.800%, 3/1/2022 | 70,482 | |
200,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 3.750%, 6/9/2023 | 208,629 | |
30,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 3.125%, 1/15/2021 | 30,434 | |
TOTAL | 309,545 | ||
Utility - Electric—1.6% | |||
110,000 | Duke Energy Corp., Sr. Unsecd. Note, 2.650%, 9/1/2026 | 109,119 | |
70,000 | Electricite de France SA, Note, 144A, 5.600%, 1/27/2040 | 85,677 | |
300,000 | Electricite de France SA, Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028 | 331,072 | |
140,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 | 156,754 | |
280,000 | Enel Finance International NV, Sr. Unsecd. Note, 144A, 4.625%, 9/14/2025 | 301,444 | |
170,000 | EverSource Energy, Sr. Unsecd. Note, 3.350%, 3/15/2026 | 173,220 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Utility - Electric—continued | |||
$200,000 | Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026 | $207,179 | |
100,000 | Exelon Generation Co. LLC, Sr. Unsecd. Note, 4.250%, 6/15/2022 | 104,399 | |
10,000 | Great Plains Energy, Inc., Note, 4.850%, 6/1/2021 | 10,329 | |
300,000 | Metropolitan Edison Co., Sr. Unsecd. Note, 144A, 4.300%, 1/15/2029 | 331,002 | |
110,000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 | 115,464 | |
25,000 | National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, Series MTNC, 8.000%, 3/1/2032 | 36,849 | |
50,000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 2.700%, 9/15/2019 | 50,004 | |
250,000 | PPL Capital Funding, Inc., Sr. Unsecd. Note, 3.100%, 5/15/2026 | 250,586 | |
175,000 | Southern Co., Sr. Unsecd. Note, 3.250%, 7/1/2026 | 178,764 | |
10,000 | TECO Finance, Inc., Company Guarantee, 5.150%, 3/15/2020 | 10,167 | |
40,000 | UIL Holdings Corp., Sr. Unsecd. Note, 4.625%, 10/1/2020 | 40,896 | |
TOTAL | 2,492,925 | ||
Utility - Natural Gas—0.1% | |||
50,000 | Enbridge Energy Partners LP, Sr. Unsecd. Note, 4.200%, 9/15/2021 | 51,437 | |
65,000 | National Fuel Gas Co., Sr. Unsecd. Note, 3.750%, 3/1/2023 | 66,079 | |
TOTAL | 117,516 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $19,341,446) | 20,449,696 | ||
U.S. TREASURY—5.1% | |||
108,045 | 5 | U.S. Treasury Inflation-Protected Notes, 0.125%, 4/15/2021 | 106,776 |
169,710 | U.S. Treasury Inflation-Protected Notes, 0.125%, 1/15/2022 | 168,223 | |
288,984 | U.S. Treasury Inflation-Protected Notes, 0.750%, 2/15/2042 | 293,566 | |
816,391 | U.S. Treasury Inflation-Protected Notes, 0.875%, 1/15/2029 | 860,186 | |
269,674 | U.S. Treasury Inflation-Protected Notes, 1.000%, 2/15/2049 | 289,409 | |
137,344 | U.S. Treasury Inflation-Protected Notes, 1.375%, 2/15/2044 | 157,730 | |
325,000 | United States Treasury Bond, 2.875%, 5/15/2049 | 348,639 | |
100,000 | United States Treasury Bond, 3.000%, 2/15/2049 | 109,775 | |
1,050,000 | United States Treasury Note, 1.625%, 6/30/2021 | 1,044,964 | |
625,000 | United States Treasury Note, 1.750%, 6/30/2024 | 622,134 | |
500,000 | United States Treasury Note, 1.875%, 6/30/2026 | 498,750 | |
350,000 | United States Treasury Note, 2.125%, 5/31/2021 | 351,380 | |
120,000 | United States Treasury Note, 2.250%, 3/31/2021 | 120,626 | |
200,000 | United States Treasury Note, 2.250%, 4/30/2021 | 201,132 | |
50,000 | United States Treasury Note, 2.250%, 4/30/2024 | 50,905 | |
425,000 | United States Treasury Note, 2.375%, 4/30/2026 | 437,129 |
Shares or Principal Amount | Value | ||
U.S. TREASURY—continued | |||
$1,300,000 | United States Treasury Note, 2.375%, 5/15/2029 | $1,340,828 | |
110,000 | United States Treasury Note, 2.500%, 1/31/2021 | 110,885 | |
375,000 | United States Treasury Note, 2.500%, 2/28/2021 | 378,286 | |
400,000 | United States Treasury Note, 2.625%, 2/15/2029 | 421,003 | |
TOTAL U.S. TREASURY (IDENTIFIED COST $7,775,186) | 7,912,326 | ||
EXCHANGE-TRADED FUNDS—8.0% | |||
63,075 | iShares Core MSCI Emerging Markets ETF | 3,165,104 | |
144,400 | iShares MSCI EAFE ETF | 9,306,580 | |
TOTAL EXCHANGE-TRADED FUNDS (IDENTIFIED COST $13,153,451) | 12,471,684 | ||
INVESTMENT COMPANIES—19.7% | |||
278,303 | Emerging Markets Core Fund | 2,783,030 | |
135,857 | Federated Bank Loan Core Fund | 1,340,910 | |
145,972 | Federated Government Obligations Fund, Premier Shares, 2.25%6 | 145,972 | |
5,815,511 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 2.39%6 | 5,817,256 | |
1,314,242 | Federated Mortgage Core Portfolio | 12,945,282 | |
362,119 | Federated Project and Trade Finance Core Fund | 3,266,314 | |
691,626 | High Yield Bond Portfolio | 4,350,324 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $31,118,910) | 30,649,088 | ||
TOTAL INVESTMENT IN SECURITIES—100.1% (IDENTIFIED COST $149,567,008)7 | 156,023,300 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.1)%8 | (88,123) | ||
TOTAL NET ASSETS—100% | $155,935,177 |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
1United States Treasury Note 2-Year Long Futures | 80 | $17,152,500 | September 2019 | $44,155 |
1United States Treasury Note 5-Year Long Futures | 34 | $3,996,859 | September 2019 | $42,452 |
1United States Treasury Bond Long Futures | 3 | $466,781 | September 2019 | $13,774 |
1United States Treasury Bond Ultra Long Futures | 6 | $1,065,375 | September 2019 | $52,322 |
1United States Treasury Note 10-Year Short Futures | 6 | $764,531 | September 2019 | $(16,180) |
1United States Treasury Note 10-Year Ultra Short Futures | 32 | $4,411,000 | September 2019 | $(106,751) |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $29,772 |
Affiliates | Balance of Shares Held 7/31/2018 | Purchases/ Additions | Sales/ Reductions |
Emerging Markets Core Fund | 235,533 | 158,484 | (115,714) |
Federated Bank Loan Core Fund | 218,141 | 118,335 | (200,619) |
Federated Government Obligations Fund, Premier Shares* | 593,845 | 54,927,579 | (55,375,452) |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | 4,928,376 | 51,305,259 | (50,418,124) |
Federated Mortgage Core Portfolio | 1,196,190 | 477,444 | (359,392) |
Federated Project and Trade Finance Core Fund | 335,486 | 26,633 | — |
High Yield Bond Portfolio | 482,388 | 425,238 | (216,000) |
TOTAL OF AFFILIATED TRANSACTIONS | 7,989,959 | 107,438,972 | (106,685,301) |
Balance of Shares Held 7/31/2019 | Value | Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/(Loss) | Dividend Income |
278,303 | $2,783,030 | $95,037 | $22,980 | $129,408 |
135,857 | $1,340,910 | $2,204 | $(70,775) | $89,787 |
145,972 | $145,972 | N/A | N/A | $23,028 |
5,815,511 | $5,817,256 | $(453) | $2,038 | $146,508 |
1,314,242 | $12,945,282 | $382,510 | $34,308 | $430,916 |
362,119 | $3,266,314 | $(27,896) | $— | $150,483 |
691,626 | $4,350,324 | $20,466 | $26,326 | $214,752 |
8,743,630 | $30,649,088 | $471,868 | $14,877 | $1,184,882 |
* | 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 | JPMorgan Chase & Co. has fully and unconditionally guaranteed Bear Stearns' outstanding registered debt securities. |
4 | Floating/variable note with current rate and current maturity or next reset date shown. |
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 | The cost of investments for federal tax purposes amounts to $149,508,737. |
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 | $78,329,963 | $— | $— | $78,329,963 |
International | 2,881,656 | — | — | 2,881,656 |
Debt Securities: | ||||
Asset-Backed Securities | — | 181,324 | — | 181,324 |
Collateralized Mortgage Obligations | — | 11,652 | — | 11,652 |
Commercial Mortgage-Backed Securities | — | 3,135,911 | — | 3,135,911 |
Corporate Bonds | — | 20,449,696 | — | 20,449,696 |
U.S. Treasury | — | 7,912,326 | — | 7,912,326 |
Exchange-Traded Funds | 12,471,684 | — | — | 12,471,684 |
Investment Companies1 | 27,382,774 | — | — | 30,649,088 |
TOTAL SECURITIES | $121,066,077 | $31,690,909 | $— | $156,023,300 |
Other Financial Instruments2 | ||||
Assets | $152,703 | $— | $— | $152,703 |
Liabilities | (122,931) | — | — | (122,931) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $29,772 | $— | $— | $29,772 |
1 | As permitted by U.S. generally accepted accounting principles (GAAP), the Investment Company valued at $3,266,314 is measured at fair value using the net asset value (NAV) per share practical expedient and has not been categorized in the chart above but is 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 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 |
Year Ended July 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $19.59 | $17.74 | $16.52 | $16.83 | $16.07 |
Income From Investment Operations: | |||||
Net investment income1 | 0.25 | 0.21 | 0.26 | 0.24 | 0.20 |
Net realized and unrealized gain (loss) | 0.57 | 1.89 | 1.23 | (0.31) | 0.74 |
TOTAL FROM INVESTMENT OPERATIONS | 0.82 | 2.10 | 1.49 | (0.07) | 0.94 |
Less Distributions: | |||||
Distributions from net investment income | (0.19) | (0.25) | (0.27) | (0.24) | (0.18) |
Distributions from net realized gain | (1.51) | — | — | — | — |
TOTAL DISTRIBUTIONS | (1.70) | (0.25) | (0.27) | (0.24) | (0.18) |
Net Asset Value, End of Period | $18.71 | $19.59 | $17.74 | $16.52 | $16.83 |
Total Return2 | 5.28% | 11.91% | 9.11% | (0.37)% | 5.89% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.31% | 1.32% | 1.26% | 1.30% | 1.30% |
Net investment income | 1.35% | 1.11% | 1.51% | 1.51% | 1.21% |
Expense waiver/reimbursement3 | 0.08% | 0.06% | 0.15% | 0.10% | 0.09% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $84,243 | $61,553 | $61,405 | $61,245 | $62,555 |
Portfolio turnover | 92% | 89% | 82% | 98% | 89% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended July 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $19.31 | $17.49 | $16.30 | $16.59 | $15.84 |
Income From Investment Operations: | |||||
Net investment income1 | 0.11 | 0.06 | 0.13 | 0.12 | 0.07 |
Net realized and unrealized gain (loss) | 0.59 | 1.87 | 1.20 | (0.31) | 0.74 |
TOTAL FROM INVESTMENT OPERATIONS | 0.70 | 1.93 | 1.33 | (0.19) | 0.81 |
Less Distributions: | |||||
Distributions from net investment income | (0.00)2 | (0.11) | (0.14) | (0.10) | (0.06) |
Distributions from net realized gain | (1.51) | — | — | — | — |
TOTAL DISTRIBUTIONS | (1.51) | (0.11) | (0.14) | (0.10) | (0.06) |
Net Asset Value, End of Period | $18.50 | $19.31 | $17.49 | $16.30 | $16.59 |
Total Return3 | 4.54% | 11.09% | 8.23% | (1.10)% | 5.12% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.06% | 2.07% | 2.01% | 2.05% | 2.05% |
Net investment income | 0.60% | 0.35% | 0.75% | 0.76% | 0.45% |
Expense waiver/reimbursement4 | 0.10% | 0.04% | 0.13% | 0.08% | 0.06% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $15,492 | $27,577 | $29,007 | $29,152 | $31,571 |
Portfolio turnover | 92% | 89% | 82% | 98% | 89% |
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. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended July 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $19.64 | $17.79 | $16.57 | $16.87 | $16.11 |
Income From Investment Operations: | |||||
Net investment income1 | 0.30 | 0.26 | 0.30 | 0.28 | 0.24 |
Net realized and unrealized gain (loss) | 0.58 | 1.89 | 1.23 | (0.30) | 0.74 |
TOTAL FROM INVESTMENT OPERATIONS | 0.88 | 2.15 | 1.53 | (0.02) | 0.98 |
Less Distributions: | |||||
Distributions from net investment income | (0.23) | (0.30) | (0.31) | (0.28) | (0.22) |
Distributions from net realized gain | (1.51) | — | — | — | — |
TOTAL DISTRIBUTIONS | (1.74) | (0.30) | (0.31) | (0.28) | (0.22) |
Net Asset Value, End of Period | $18.78 | $19.64 | $17.79 | $16.57 | $16.87 |
Total Return2 | 5.61% | 12.15% | 9.36% | (0.07)% | 6.13% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.06% | 1.07% | 1.00% | 1.05% | 1.05% |
Net investment income | 1.62% | 1.35% | 1.77% | 1.76% | 1.46% |
Expense waiver/reimbursement3 | 0.08% | 0.02% | 0.12% | 0.05% | 0.04% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $53,035 | $54,358 | $39,136 | $47,757 | $53,291 |
Portfolio turnover | 92% | 89% | 82% | 98% | 89% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended July 31 | 2019 | 2018 | 20171 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $19.62 | $17.76 | $16.49 | $16.80 | $16.05 |
Income From Investment Operations: | |||||
Net investment income2 | 0.27 | 0.26 | 0.28 | 0.20 | 0.16 |
Net realized and unrealized gain (loss) | 0.60 | 1.90 | 1.24 | (0.31) | 0.74 |
TOTAL FROM INVESTMENT OPERATIONS | 0.87 | 2.16 | 1.52 | (0.11) | 0.90 |
Less Distributions: | |||||
Distributions from net investment income | (0.24) | (0.30) | (0.25) | (0.20) | (0.15) |
Distributions from net realized gain | (1.51) | — | — | — | — |
TOTAL DISTRIBUTIONS | (1.75) | (0.30) | (0.25) | (0.20) | (0.15) |
Net Asset Value, End of Period | $18.74 | $19.62 | $17.76 | $16.49 | $16.80 |
Total Return3 | 5.56% | 12.24% | 9.32% | (0.59)% | 5.61% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.05% | 1.06% | 1.05% | 1.56% | 1.56% |
Net investment income | 1.40% | 1.36% | 1.64% | 1.27% | 0.96% |
Expense waiver/reimbursement4 | 0.06% | 0.02% | 0.06% | 0.04% | 0.03% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $3,165 | $12,178 | $10,439 | $577 | $532 |
Portfolio turnover | 92% | 89% | 82% | 98% | 89% |
1 | Effective September 1, 2016, the Fund's Class R Shares were redesignated as Class R6 Shares. |
2 | Per share numbers have been calculated using the average shares method. |
3 | Based on net asset value. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Investment in securities, at value including $142,196 of securities loaned and $30,649,088 of investment in affiliated holdings (identified cost $149,567,008) | $156,023,300 | |
Income receivable | 276,593 | |
Income receivable from affiliated holdings | 115,225 | |
Receivable for investments sold | 386,511 | |
Receivable for shares sold | 189,668 | |
TOTAL ASSETS | 156,991,297 | |
Liabilities: | ||
Payable for investments purchased | $548,281 | |
Payable for shares redeemed | 147,756 | |
Payable to bank | 3,212 | |
Payable for daily variation margin on futures contracts | 16,647 | |
Payable for collateral due to broker for securities lending | 145,972 | |
Payable for investment adviser fee (Note 5) | 3,207 | |
Payable for administrative fees (Note 5) | 340 | |
Payable for auditing fees | 33,600 | |
Payable for portfolio accounting fees | 24,769 | |
Payable for distribution services fee (Note 5) | 9,870 | |
Payable for other service fees (Notes 2 and 5) | 43,920 | |
Payable for share registration costs | 45,397 | |
Accrued expenses (Note 5) | 33,149 | |
TOTAL LIABILITIES | 1,056,120 | |
Net assets for 8,332,557 shares outstanding | $155,935,177 | |
Net Assets Consist of: | ||
Paid-in capital | $146,256,341 | |
Total distributable earnings (loss) | 9,678,836 | |
TOTAL NET ASSETS | $155,935,177 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($84,243,158 ÷ 4,501,881 shares outstanding), no par value, unlimited shares authorized | $18.71 | |
Offering price per share (100/94.50 of $18.71) | $19.80 | |
Redemption proceeds per share | $18.71 | |
Class C Shares: | ||
Net asset value per share ($15,492,108 ÷ 837,483 shares outstanding), no par value, unlimited shares authorized | $18.50 | |
Offering price per share | $18.50 | |
Redemption proceeds per share (99.00/100 of $18.50) | $18.32 | |
Institutional Shares: | ||
Net asset value per share ($53,034,745 ÷ 2,824,249 shares outstanding), no par value, unlimited shares authorized | $18.78 | |
Offering price per share | $18.78 | |
Redemption proceeds per share | $18.78 | |
Class R6 Shares: | ||
Net asset value per share ($3,165,166 ÷ 168,944 shares outstanding), no par value, unlimited shares authorized | $18.74 | |
Offering price per share | $18.74 | |
Redemption proceeds per share | $18.74 |
Investment Income: | |||
Dividends (including $1,161,854 received from affiliated holdings* and net of foreign taxes withheld of $819) | $3,081,354 | ||
Interest | 1,028,528 | ||
Net income on securities loaned (includes $23,028 earned from affiliated holdings related to cash collateral balances*) (Note 2) | 4,812 | ||
TOTAL INCOME | 4,114,694 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,158,772 | ||
Administrative fee (Note 5) | 123,229 | ||
Custodian fees | 69,610 | ||
Transfer agent fee (Note 2) | 144,532 | ||
Directors'/Trustees' fees (Note 5) | 2,696 | ||
Auditing fees | 33,600 | ||
Legal fees | 11,915 | ||
Portfolio accounting fees | 98,620 | ||
Distribution services fee (Note 5) | 109,260 | ||
Other service fees (Notes 2 and 5) | 218,432 | ||
Share registration costs | 73,542 | ||
Printing and postage | 29,874 | ||
Miscellaneous (Note 5) | 37,035 | ||
TOTAL EXPENSES | 2,111,117 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(83,964) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (45,535) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (129,499) | ||
Net expenses | 1,981,618 | ||
Net investment income | $2,133,076 |
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions: | |||
Net realized gain on investments (including net realized gain of $14,877 on sales of investments in affiliated holdings*) | $7,465,825 | ||
Net realized gain on foreign currency transactions | 77,056 | ||
Net realized loss on futures contracts | (17,027) | ||
Net change in unrealized appreciation of investments (including net change in unrealized depreciation of $471,868 on investments in affiliated holdings*) | (1,868,378) | ||
Net change in unrealized appreciation of futures contracts | 8,853 | ||
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions | 5,666,329 | ||
Change in net assets resulting from operations | $7,799,405 |
* | See information listed after the Fund's Portfolio of Investments. |
Year Ended July 31 | 2019 | 2018 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $2,133,076 | $1,482,124 |
Net realized gain | 7,525,854 | 10,643,426 |
Net change in unrealized appreciation/depreciation | (1,859,525) | 3,826,927 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 7,799,405 | 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 | 63,670,084 | 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 | (70,276,399) | (34,966,647) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 6,327,054 | 1,494,442 |
Change in net assets | 269,402 | 15,677,827 |
Net Assets: | ||
Beginning of period | 155,665,775 | 139,987,948 |
End of period | $155,935,177 | $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 | $78,927 | $(23,571) |
Class C Shares | 14,958 | (6,091) |
Institutional Shares | 48,269 | (15,873) |
Class R6 Shares | 2,378 | — |
TOTAL | $144,532 | $(45,535) |
Other Service Fees Incurred | |
Class A Shares | $182,618 |
Class C Shares | 35,814 |
TOTAL | $218,432 |
Market Value of Securities Loaned | Collateral Received |
$142,196 | $145,972 |
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 | $(29,772)* |
* | 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 | $(17,027) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $8,853 |
Year Ended July 31 | 2019 | 2018 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,017,180 | $18,426,997 | 616,086 | $11,426,201 |
Conversion of Class C Shares to Class A Shares | 577,227 | 11,313,650 | — | — |
Shares issued to shareholders in payment of distributions declared | 356,509 | 5,992,523 | 37,690 | 704,802 |
Shares redeemed | (591,801) | (10,713,481) | (973,306) | (17,952,970) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 1,359,115 | $25,019,689 | (319,530) | $(5,821,967) |
Year Ended July 31 | 2019 | 2018 | |||
Class C Shares: | Shares | Amount | Shares | Amount | |
Shares sold | 295,829 | $5,229,357 | 94,955 | $1,762,067 | |
Shares issued to shareholders in payment of distributions declared | 54,548 | 903,860 | 9,123 | 168,962 | |
Conversion of Class C Shares to Class A Shares | (585,290) | (11,313,650) | — | — | |
Shares redeemed | (355,430) | (6,666,352) | (334,347) | (6,217,117) | |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (590,343) | $(11,846,785) | (230,269) | $(4,286,088) |
Year Ended July 31 | 2019 | 2018 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,337,055 | $24,174,708 | 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 | (1,624,656) | (28,538,979) | (496,465) | (9,266,521) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 56,928 | $1,444,841 | 566,955 | $10,984,369 |
Year Ended July 31 | 2019 | 2018 | ||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 235,953 | $4,525,372 | 104,828 | $1,973,631 |
Shares issued to shareholders in payment of distributions declared | 13,548 | 227,874 | 9,333 | 174,536 |
Shares redeemed | (701,361) | (13,043,937) | (81,103) | (1,530,039) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (451,860) | $(8,290,691) | 33,058 | $618,128 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 373,840 | $6,327,054 | 50,214 | $1,494,442 |
Increase (Decrease) | |
Paid-In Capital | Total Distributable Earnings (Loss) |
$(4,552) | $4,552 |
2019 | 2018 | |
Ordinary income1 | $7,714,224 | $1,769,092 |
Long-term capital gains | $6,142,833 | $— |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income2 | $434,349 |
Net unrealized appreciation | $6,514,563 |
Undistributed long-term capital gains | $2,759,933 |
Capital loss deferrals | $(30,009) |
2 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
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 |
Percentage of Average Daily Net Assets of Class | |
Class A Shares | 0.05% |
Class C Shares | 0.75% |
Distribution Services Fees Incurred | |
Class C Shares | $109,260 |
Purchases | $117,751,286 |
Sales | $127,180,982 |
September 23, 2019
Beginning Account Value 2/1/2019 | Ending Account Value 7/31/2019 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,075.30 | $6.74 |
Class C Shares | $1,000 | $1,071.80 | $10.58 |
Institutional Shares | $1,000 | $1,076.80 | $5.46 |
Class R6 Shares | $1,000 | $1,077.00 | $5.41 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.30 | $6.56 |
Class C Shares | $1,000 | $1,014.60 | $10.29 |
Institutional Shares | $1,000 | $1,019.50 | $5.31 |
Class R6 Shares | $1,000 | $1,019.60 | $5.26 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.31% |
Class C Shares | 2.06% |
Institutional Shares | 1.06% |
Class R6 Shares | 1.05% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: May 2006 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations:Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of certain of the Funds in the Federated Fund Family; Vice President, Federated Investors, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President of some of the Funds in the Federated Fund Complex and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Investors, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
* | Reasons for “interested” status: J. Christopher Donahue and John B. Fisher are interested due to their beneficial ownership of shares of Federated Investors, Inc. and due to positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Director, Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc.; Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. Mr. Hough previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: June 2006 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Investors, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Stephen F. Auth Birth Date: September 13, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: June 2012 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
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
1 | Please see the footnotes to the line graphs below for definitions of, and further information about, the R1000G. |
2 | The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market, and is completely reconstituted annually to ensure new and growing equities are reflected.* |
3 | Small-cap stocks may be less liquid and subject to greater price volatility than large-cap stocks. |
4 | The Russell Top 200® Index measures the performance of the largest cap segment of the U.S. equity universe. The Russell Top 200® Index is a subset of the Russell 3000® Index. It includes approximately 200 of the largest securities based on a combination of their market cap and current index membership and represents approximately 68% of the U.S. market. The Russell Top 200® Index is constructed to provide a comprehensive and unbiased barometer for this very large cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.* |
5 | The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000® companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.* |
6 | The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.* |
7 | The Russell Microcap® Index measures the performance of the microcap segment of the U.S. equity market. Microcap stocks make up less than 3% of the U.S. equity market (by market cap) and consist of the smallest 1,000 securities in the small-cap Russell 2000® Index, plus the next 1,000 smallest eligible securities by market cap. The Russell Microcap® Index is constructed to provide a comprehensive and unbiased barometer for the microcap segment trading on national exchanges and is completely reconstituted annually to ensure new and growing equities are reflected and companies continue to reflect appropriate capitalization and value characteristics.* |
8 | The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000® Growth Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad growth market. The Russell 3000® Growth Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.* |
9 | The Russell 3000® Value Index measures the performance of the broad value segment of U.S. equity value universe. It includes those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000® Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad value market. The Russell 3000® Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.* |
10 | The Russell Midcap® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap® Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market.* |
11 | The Russell Midcap® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap® Value Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap value market.* |
* | The index is unmanaged, and it is not possible to invest directly in an index. |
Federated MDT Large Cap Growth Fund - | Institutional Shares | Class C Shares | NA | R1000G | MLGFA |
F | F | NA | I | I | |
7/31/2009 | 10,000 | 10,000 | 10,000 | 10,000 | |
7/31/2010 | 11,130 | 11,018 | 11,365 | 11,174 | |
7/31/2011 | 13,870 | 13,596 | 14,179 | 13,732 | |
7/31/2012 | 14,026 | 13,609 | 15,350 | 14,078 | |
7/31/2013 | 18,026 | 17,313 | 18,672 | 17,355 | |
7/31/2014 | 21,494 | 20,448 | 22,161 | 20,408 | |
7/31/2015 | 23,545 | 22,171 | 25,725 | 23,319 | |
7/31/2016 | 22,746 | 21,197 | 26,844 | 23,224 | |
7/31/2017 | 26,382 | 24,339 | 31,690 | 27,274 | |
7/31/2018 | 33,675 | 30,770 | 38,928 | 32,801 | |
7/31/2019 | 37,577 | 33,990 | 43,142 | 35,797 |
■ | Total returns shown for Class C Shares include the maximum contingent deferred sales charge of 1.00% as applicable. |
1 Year | 5 Years | 10 Years | |
Class A Shares | 5.17% | 10.28% | 13.24% |
Class B Shares | 5.06% | 10.43% | 13.19% |
Class C Shares | 9.48% | 10.70% | 13.01% |
Institutional Shares | 11.59% | 11.82% | 14.15% |
R1000G | 10.82% | 14.25% | 15.74% |
MLGFA | 9.06% | 11.98% | 14.05% |
1 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charges = $9,450); for Class B Shares, the maximum contingent deferred sales charge is 5.50% on any redemption less than one year from the purchase date; for Class C Shares, a 1.00% contingent deferred sales charge would be applied to any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The R1000G and MLGFA have been adjusted to reflect reinvestment of dividends on securities. |
2 | The R1000G measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. The R1000G is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. The R1000G is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics. The R1000G is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The R1000G is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. |
3 | Morningstar figures represent the average of the total returns reported by all the funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges. The Morningstar figures in the Growth of $10,000 line graph are based on historical return information published by Morningstar and reflect the return of the funds comprising the category in the year of publication. Because the funds designated by Morningstar as falling into the category can change over time, the Morningstar figures in the line graph may not match the Morningstar figures in the Average Annual Total Returns table, which reflect the return of the funds that currently comprise the category. |
Sector Composition | Percentage of Total Net Assets |
Information Technology | 36.1% |
Consumer Discretionary | 15.3% |
Health Care | 14.2% |
Communication Services | 12.4% |
Industrials | 10.1% |
Consumer Staples | 4.9% |
Financials | 4.2% |
Energy | 0.5% |
Materials | 0.3% |
Securities Lending Collateral2 | 0.1% |
Cash Equivalents3 | 2.0% |
Other Assets and Liabilities—Net4 | (0.1)% |
TOTAL | 100.0% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | 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—98.0% | |||
Communication Services—12.4% | |||
540 | 1 | AMC Networks, Inc. | $28,825 |
3,642 | 1 | Alphabet, Inc., Class A | 4,436,684 |
6,362 | 1 | Charter Communications, Inc. | 2,451,788 |
9,100 | 1 | Discovery, Inc. | 275,821 |
16,398 | 1 | Facebook, Inc. | 3,184,984 |
2,776 | 1 | IAC Interactive Corp. | 663,603 |
37,183 | 1 | Live Nation Entertainment, Inc. | 2,679,407 |
60,498 | 1 | MSG Networks, Inc. | 1,148,857 |
20,898 | Verizon Communications, Inc. | 1,155,032 | |
TOTAL | 16,025,001 | ||
Consumer Discretionary—15.3% | |||
3,023 | 1 | Amazon.com, Inc. | 5,643,276 |
60 | 1 | AutoZone, Inc. | 67,383 |
10,246 | 2 | Bed Bath & Beyond, Inc. | 99,489 |
6,069 | 1 | Burlington Stores, Inc. | 1,096,972 |
904 | 1 | Chipotle Mexican Grill, Inc. | 719,159 |
15,732 | Dunkin' Brands Group, Inc. | 1,261,077 | |
13,659 | eBay, Inc. | 562,614 | |
23,476 | Expedia Group, Inc. | 3,116,204 | |
25,317 | Ford Motor Co. | 241,271 | |
5,804 | 1 | Fossil, Inc. | 64,076 |
4,516 | 1,2 | GNC Holdings, Inc. | 9,393 |
8,984 | Hilton Worldwide Holdings, Inc. | 867,405 | |
9,826 | Home Depot, Inc. | 2,099,718 | |
13,787 | Lowe's Cos., Inc. | 1,398,002 | |
1,382 | 1 | Lululemon Athletica, Inc. | 264,087 |
5,600 | 1 | Sally Beauty Holdings, Inc. | 76,944 |
1,595 | 1 | Tempur Sealy International, Inc. | 127,951 |
2,169 | Toll Brothers, Inc. | 78,019 | |
1,477 | Tractor Supply Co. | 160,712 | |
9,449 | Tupperware Brands Corp. | 144,664 | |
2,647 | 1 | Visteon Corp. | 174,384 |
1,921 | 1 | Weight Watchers International, Inc. | 41,590 |
29,559 | Wyndham Destinations, Inc. | 1,391,047 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
1,360 | Yum! Brands, Inc. | $153,027 | |
TOTAL | 19,858,464 | ||
Consumer Staples—4.9% | |||
996 | Church and Dwight, Inc. | 75,138 | |
5,640 | Costco Wholesale Corp. | 1,554,553 | |
11,820 | Estee Lauder Cos., Inc., Class A | 2,177,126 | |
12,348 | Flowers Foods, Inc. | 292,648 | |
291 | Hershey Foods Corp. | 44,156 | |
379 | Kimberly-Clark Corp. | 51,411 | |
15,080 | PepsiCo, Inc. | 1,927,375 | |
609 | 1 | Post Holdings, Inc. | 65,297 |
3,448 | Sysco Corp. | 236,430 | |
TOTAL | 6,424,134 | ||
Energy—0.5% | |||
18,194 | Continental Resources, Inc. | 676,271 | |
Financials—4.2% | |||
27,126 | Citizens Financial Group, Inc. | 1,010,715 | |
6,125 | Everest Re Group Ltd. | 1,510,670 | |
4,543 | MSCI, Inc., Class A | 1,032,351 | |
8,748 | Progressive Corp., OH | 708,413 | |
2,756 | Prudential Financial, Inc. | 279,210 | |
4,952 | RenaissanceRe Holdings Ltd. | 897,055 | |
2,300 | Waddell & Reed Financial, Inc., Class A | 40,250 | |
TOTAL | 5,478,664 | ||
Health Care—14.2% | |||
8,753 | 1 | Alexion Pharmaceuticals, Inc. | 991,627 |
10,892 | 1 | Biogen, Inc. | 2,590,335 |
427 | Bristol-Myers Squibb Co. | 18,963 | |
1,496 | 1 | Exelixis, Inc. | 31,820 |
24,866 | HCA Healthcare, Inc. | 3,319,860 | |
4,122 | 1 | IDEXX Laboratories, Inc. | 1,162,610 |
7,237 | 1 | Incyte Genomics, Inc. | 614,566 |
4,018 | 1 | Jazz Pharmaceuticals PLC. | 560,029 |
1,622 | 1 | Mettler-Toledo International, Inc. | 1,227,449 |
2,416 | 1 | Molina Healthcare, Inc. | 320,797 |
3,637 | 1 | Myriad Genetics, Inc. | 105,982 |
14,671 | Stryker Corp. | 3,077,682 | |
19,454 | 1 | Veeva Systems, Inc. | 3,227,419 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
7,170 | 1 | Vertex Pharmaceuticals, Inc. | $1,194,665 |
TOTAL | 18,443,804 | ||
Industrials—10.1% | |||
7,524 | Boeing Co. | 2,567,038 | |
12,595 | CSX Corp. | 886,688 | |
7,071 | Caterpillar, Inc. | 931,039 | |
2,602 | 1 | CoStar Group, Inc. | 1,601,271 |
406 | Grainger (W.W.), Inc. | 118,158 | |
12,012 | Heico Corp. | 1,642,641 | |
13,961 | 1 | Jet Blue Airways Corp. | 268,470 |
2,794 | Lennox International, Inc. | 716,605 | |
11,600 | Lockheed Martin Corp. | 4,201,172 | |
28,428 | Pitney Bowes, Inc. | 115,133 | |
3,882 | R.R. Donnelley & Sons Co. | 7,842 | |
TOTAL | 13,056,057 | ||
Information Technology—36.1% | |||
236 | Accenture PLC | 45,449 | |
7,841 | 1 | Adobe, Inc. | 2,343,361 |
6,003 | 1 | Ansys, Inc. | 1,219,329 |
30,767 | Apple, Inc. | 6,554,602 | |
11,657 | 1 | Autodesk, Inc. | 1,820,474 |
22,254 | Automatic Data Processing, Inc. | 3,705,736 | |
663 | Booz Allen Hamilton Holding Corp. | 45,581 | |
2,080 | CDW Corp. | 245,773 | |
31,057 | 1 | Cadence Design Systems, Inc. | 2,295,423 |
2,057 | 1 | Coupa Software, Inc. | 279,156 |
527 | 1 | Fair Isaac & Co., Inc. | 183,090 |
3,143 | 1 | FleetCor Technologies, Inc. | 893,146 |
10,233 | 1 | Fortinet, Inc. | 821,812 |
18,733 | Global Payments, Inc. | 3,145,645 | |
1,452 | 1,2 | HubSpot, Inc. | 259,502 |
6,653 | Intuit, Inc. | 1,844,943 | |
16,126 | Mastercard, Inc. | 4,390,626 | |
46,675 | Microsoft Corp. | 6,360,402 | |
11,575 | NetApp, Inc. | 677,022 | |
2,797 | 1 | Paycom Software, Inc. | 673,378 |
16,081 | 1 | PayPal, Inc. | 1,775,342 |
7,455 | 1 | Salesforce.com, Inc. | 1,151,798 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
7,746 | 1 | ServiceNow, Inc. | $2,148,663 |
4,150 | Universal Display Corp. | 875,982 | |
6,577 | 1 | WEX, Inc. | 1,434,246 |
44,090 | Western Union Co. | 925,890 | |
917 | 1 | Zebra Technologies Corp., Class A | 193,386 |
5,333 | 1 | Zendesk, Inc. | 445,626 |
TOTAL | 46,755,383 | ||
Materials—0.3% | |||
1,426 | Grace (W.R.) & Co. | 96,697 | |
387 | Scotts Miracle-Gro Co. | 43,414 | |
384 | Sherwin-Williams Co. | 197,007 | |
TOTAL | 337,118 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $104,509,552) | 127,054,896 | ||
INVESTMENT COMPANIES—2.1% | |||
145,725 | Federated Government Obligations Fund, Premier Shares, 2.25%3 | 145,725 | |
2,521,943 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 2.39%3 | 2,522,699 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $2,667,836) | 2,668,424 | ||
TOTAL INVESTMENT IN SECURITIES—100.1% (IDENTIFIED COST $107,177,388)4 | 129,723,320 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.1)%5 | (78,035) | ||
TOTAL NET ASSETS—100% | $129,645,285 |
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 | 7,123,342 | 21,650,720 | 28,774,062 |
Sales/Reductions | (7,258,577) | (20,326,147) | (27,584,724) |
Balance of Shares Held 7/31/2019 | 145,725 | 2,521,943 | 2,667,668 |
Value | $145,725 | $2,522,699 | $2,668,424 |
Change in Unrealized Appreciation/Depreciation | N/A | $226 | $226 |
Net Realized Gain/(Loss) | N/A | $(289) | $(289) |
Dividend Income | $9,655 | $61,140 | $70,795 |
* | 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 | The cost of investments for federal tax purposes amounts to $107,244,983. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Year Ended July 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $20.66 | $17.46 | $15.18 | $17.64 | $16.15 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.05) | (0.07) | 0.01 | 0.04 | 0.02 |
Net realized and unrealized gain (loss) | 2.01 | 4.67 | 2.36 | (0.70) | 1.47 |
TOTAL FROM INVESTMENT OPERATIONS | 1.96 | 4.60 | 2.37 | (0.66) | 1.49 |
Less Distributions: | |||||
Distributions from net realized gain | (1.81) | (1.40) | (0.09) | (1.80) | — |
Net Asset Value, End of Period | $20.81 | $20.66 | $17.46 | $15.18 | $17.64 |
Total Return2 | 11.28% | 27.38% | 15.66% | (3.62)% | 9.23% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.48% | 1.52% | 1.52% | 1.50% | 1.50% |
Net investment income (loss) | (0.27)% | (0.38)% | 0.02% | 0.28% | 0.13% |
Expense waiver/reimbursement3 | 0.00%4 | 0.02% | 0.08% | 0.07% | 0.03% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $67,513 | $59,355 | $49,794 | $45,661 | $55,033 |
Portfolio turnover | 97% | 104% | 104% | 69% | 91% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
4 | Represents less than 0.01%. |
Year Ended July 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $18.85 | $16.16 | $14.16 | $16.71 | $15.41 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.18) | (0.20) | (0.11) | (0.07) | (0.11) |
Net realized and unrealized gain (loss) | 1.80 | 4.29 | 2.20 | (0.68) | 1.41 |
TOTAL FROM INVESTMENT OPERATIONS | 1.62 | 4.09 | 2.09 | (0.75) | 1.30 |
Less Distributions: | |||||
Distributions from net realized gain | (1.81) | (1.40) | (0.09) | (1.80) | — |
Net Asset Value, End of Period | $18.66 | $18.85 | $16.16 | $14.16 | $16.71 |
Total Return2 | 10.51% | 26.38% | 14.81% | (4.41)% | 8.44% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.23% | 2.27% | 2.27% | 2.25% | 2.25% |
Net investment income (loss) | (1.02)% | (1.13)% | (0.71)% | (0.49)% | (0.65)% |
Expense waiver/reimbursement3 | 0.00%4 | 0.02% | 0.08% | 0.08% | 0.03% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $12,612 | $14,432 | $13,654 | $14,925 | $16,175 |
Portfolio turnover | 97% | 104% | 104% | 69% | 91% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
4 | Represents less than 0.01%. |
Year Ended July 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $18.35 | $15.76 | $13.81 | $16.34 | $15.07 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.18) | (0.19) | (0.11) | (0.06) | (0.10) |
Net realized and unrealized gain (loss) | 1.74 | 4.18 | 2.15 | (0.67) | 1.37 |
TOTAL FROM INVESTMENT OPERATIONS | 1.56 | 3.99 | 2.04 | (0.73) | 1.27 |
Less Distributions: | |||||
Distributions from net realized gain | (1.81) | (1.40) | (0.09) | (1.80) | — |
Net Asset Value, End of Period | $18.10 | $18.35 | $15.76 | $13.81 | $16.34 |
Total Return2 | 10.46% | 26.42% | 14.82% | (4.39)% | 8.43% |
Ratios to Average Net Assets: | |||||
Net expenses | 2.23% | 2.27% | 2.27% | 2.25% | 2.25% |
Net investment income (loss) | (1.03)% | (1.13)% | (0.72)% | (0.46)% | (0.63)% |
Expense waiver/reimbursement3 | 0.00%4 | 0.02% | 0.08% | 0.07% | 0.03% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $12,445 | $10,685 | $9,672 | $10,052 | $12,904 |
Portfolio turnover | 97% | 104% | 104% | 69% | 91% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
4 | Represents less than 0.01%. |
Year Ended July 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $21.52 | $18.10 | $15.69 | $18.13 | $16.55 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.01) | (0.03) | 0.05 | 0.08 | 0.07 |
Net realized and unrealized gain (loss) | 2.13 | 4.85 | 2.45 | (0.72) | 1.51 |
TOTAL FROM INVESTMENT OPERATIONS | 2.12 | 4.82 | 2.50 | (0.64) | 1.58 |
Less Distributions: | |||||
Distributions from net realized gain | (1.81) | (1.40) | (0.09) | (1.80) | — |
Net Asset Value, End of Period | $21.83 | $21.52 | $18.10 | $15.69 | $18.13 |
Total Return2 | 11.59% | 27.65% | 15.98% | (3.40)% | 9.55% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.22% | 1.27% | 1.27% | 1.25% | 1.25% |
Net investment income (loss) | (0.04)% | (0.14)% | 0.27% | 0.52% | 0.37% |
Expense waiver/reimbursement3 | 0.00%4 | 0.02% | 0.08% | 0.07% | 0.03% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $37,076 | $11,966 | $7,649 | $7,469 | $7,888 |
Portfolio turnover | 97% | 104% | 104% | 69% | 91% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
4 | Represents less than 0.01%. |
Assets: | ||
Investment in securities, at value including $142,343 of securities loaned and including $2,668,424 of investment in affiliated holdings (identified cost $107,177,388) | $129,723,320 | |
Income receivable | 49,123 | |
Income receivable from affiliated holdings | 9,706 | |
Receivable for investments sold | 832,082 | |
Receivable for shares sold | 147,215 | |
TOTAL ASSETS | 130,761,446 | |
Liabilities: | ||
Payable for investments purchased | $783,160 | |
Payable for shares redeemed | 17,795 | |
Bank overdraft | 2,703 | |
Payable for collateral due to broker for securities lending | 145,725 | |
Payable for investment adviser fee (Note 5) | 2,684 | |
Payable for administrative fees (Note 5) | 284 | |
Payable for auditing fees | 27,200 | |
Payable for distribution services fee (Note 5) | 16,280 | |
Payable for other service fees (Notes 2 and 5) | 33,682 | |
Payable for share registration costs | 40,357 | |
Accrued expenses (Note 5) | 46,291 | |
TOTAL LIABILITIES | 1,116,161 | |
Net assets for 6,306,508 shares outstanding | $129,645,285 | |
Net Assets Consist of: | ||
Paid-in capital | $97,743,512 | |
Total distributable earnings | 31,901,773 | |
TOTAL NET ASSETS | $129,645,285 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($67,512,636 ÷ 3,244,313 shares outstanding), no par value, unlimited shares authorized | $20.81 | |
Offering price per share (100/94.50 of $20.81) | $22.02 | |
Redemption proceeds per share | $20.81 | |
Class B Shares: | ||
Net asset value per share ($12,611,914 ÷ 676,051 shares outstanding), no par value, unlimited shares authorized | $18.66 | |
Offering price per share | $18.66 | |
Redemption proceeds per share (94.50/100 of $18.66) | $17.63 | |
Class C Shares: | ||
Net asset value per share ($12,444,846 ÷ 687,496 shares outstanding), no par value, unlimited shares authorized | $18.10 | |
Offering price per share | $18.10 | |
Redemption proceeds per share (99.00/100 of $18.10) | $17.92 | |
Institutional Shares: | ||
Net asset value per share ($37,075,889 ÷ 1,698,648 shares outstanding), no par value, unlimited shares authorized | $21.83 | |
Offering price per share | $21.83 | |
Redemption proceeds per share | $21.83 |
Investment Income: | ||
Dividends (including $61,140 received from affiliated holdings*) | $1,356,958 | |
Net income on securities loaned (includes $9,655 earned from affiliated holdings related to cash collateral balances*)(Note 2) | 2,557 | |
TOTAL INCOME | 1,359,515 | |
Expenses: | ||
Investment adviser fee (Note 5) | $850,783 | |
Administrative fee (Note 5) | 90,883 | |
Custodian fees | 22,442 | |
Transfer agent fee | 166,491 | |
Directors'/Trustees' fees (Note 5) | 2,302 | |
Auditing fees | 27,200 | |
Legal fees | 11,915 | |
Portfolio accounting fees | 83,979 | |
Distribution services fee (Note 5) | 178,721 | |
Other service fees (Notes 2 and 5) | 216,933 | |
Share registration costs | 78,020 | |
Printing and postage | 28,168 | |
Miscellaneous (Note 5) | 29,911 | |
TOTAL EXPENSES | 1,787,748 | |
Reimbursement of investment adviser fee (Note 5) | (1,874) | |
Net expenses | 1,785,874 | |
Net investment income (loss) | (426,359) | |
Realized and Unrealized Gain (Loss) on Investments: | ||
Net realized gain on investments (including net realized loss of $(289) on sales of investments in affiliated holdings*) | 9,852,764 | |
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $226 on investments in affiliated holdings*) | 3,316,789 | |
Net realized and unrealized gain on investments | 13,169,553 | |
Change in net assets resulting from operations | $12,743,194 |
* | See information listed after the Fund's Portfolio of Investments. |
Year Ended July 31 | 2019 | 2018 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(426,359) | $(499,782) |
Net realized gain | 9,852,764 | 10,083,407 |
Net change in unrealized appreciation/depreciation | 3,316,789 | 11,109,591 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 12,743,194 | 20,693,216 |
Distributions to Shareholders: | ||
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 | 50,787,953 | 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 | (29,755,658) | (22,712,943) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 30,101,328 | 1,388,937 |
Change in net assets | 33,208,357 | 15,667,130 |
Net Assets: | ||
Beginning of period | 96,436,928 | 80,769,798 |
End of period | $129,645,285 | $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 | $157,360 |
Class B Shares | 32,888 |
Class C Shares | 26,685 |
TOTAL | $216,933 |
Market Value of Securities Loaned | Collateral Received |
$142,343 | $145,725 |
Year Ended July 31, | 2019 | 2018 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 656,472 | $13,105,404 | 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 | (573,201) | (11,287,981) | (644,382) | (12,286,884) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 371,241 | $6,782,028 | 21,427 | $249,803 |
Year Ended July 31, | 2019 | 2018 | ||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 15,474 | $275,427 | 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 | (186,625) | (3,266,416) | (211,128) | (3,561,428) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (89,374) | $(1,721,000) | (79,440) | $(1,326,557) |
Year Ended July 31, | 2019 | 2018 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 287,106 | $4,940,359 | 141,746 | $2,436,968 |
Shares issued to shareholders in payment of distributions declared | 64,160 | 966,884 | 47,820 | 780,418 |
Shares redeemed | (245,939) | (4,453,354) | (220,940) | (3,759,274) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 105,327 | $1,453,889 | (31,374) | $(541,888) |
Year Ended July 31, | 2019 | 2018 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,564,212 | $32,466,763 | 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 | (524,974) | (10,747,907) | (155,328) | (3,105,357) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 1,142,646 | $23,586,411 | 133,290 | $3,007,579 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 1,529,840 | $30,101,328 | 43,903 | $1,388,937 |
2019 | 2018 | |
Ordinary income1 | $5,514,491 | $3,734,212 |
Long-term capital gains | $4,121,674 | $2,680,811 |
1 | For tax purposes, short term capital gains distributions are considered ordinary income distributions. |
Undistributed ordinary income2 | $3,443,868 |
Net unrealized appreciation | $22,478,337 |
Undistributed long-term capital gains | $5,979,568 |
2 | For tax purposes, short term capital gains are considered ordinary income in determining distributable earnings. |
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 |
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 | $98,665 |
Class C Shares | 80,056 |
TOTAL | $178,721 |
Purchases | $126,344,723 |
Sales | $108,079,985 |
September 23, 2019
Beginning Account Value 2/1/2019 | Ending Account Value 7/31/2019 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,134.10 | $7.73 |
Class B Shares | $1,000 | $1,130.20 | $11.67 |
Class C Shares | $1,000 | $1,129.80 | $11.67 |
Institutional Shares | $1,000 | $1,135.20 | $6.41 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,017.60 | $7.30 |
Class B Shares | $1,000 | $1,013.80 | $11.03 |
Class C Shares | $1,000 | $1,013.80 | $11.03 |
Institutional Shares | $1,000 | $1,018.80 | $6.06 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.46% |
Class B Shares | 2.21% |
Class C Shares | 2.21% |
Institutional Shares | 1.21% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: May 2006 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations:Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of certain of the Funds in the Federated Fund Family; Vice President, Federated Investors, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President of some of the Funds in the Federated Fund Complex and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Investors, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
* | Reasons for “interested” status: J. Christopher Donahue and John B. Fisher are interested due to their beneficial ownership of shares of Federated Investors, Inc. and due to positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Director, Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc.; Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. Mr. Hough previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: June 2006 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Investors, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Stephen F. Auth Birth Date: September 13, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: June 2012 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
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
1 | Please see the footnotes to the line graphs below for definitions of, and further information about, the R2000. |
2 | Please see the footnotes to the line graphs below for definitions of, and further information about, the MSBFA. |
3 | The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected.* |
4 | Small-cap stocks may be less liquid and subject to greater price volatility than large-cap stocks. |
5 | The Russell Top 200® Index measures the performance of the largest cap segment of the U.S. equity universe. The Russell Top 200® Index is a subset of the Russell 3000® Index. It includes approximately 200 of the largest securities based on a combination of their market cap and current index membership and represents approximately 68% of the U.S. market. The Russell Top 200® Index is constructed to provide a comprehensive and unbiased barometer for this very large cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.* |
6 | The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000® companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.* |
7 | The Russell Microcap® Index measures the performance of the microcap segment of the U.S. equity market. Microcap stocks make up less than 3% of the U.S. equity market (by market cap) and consist of the smallest 1,000 securities in the small-cap Russell 2000® Index, plus the next 1,000 smallest eligible securities by market cap. The Russell Microcap® Index is constructed to provide a comprehensive and unbiased barometer for the microcap segment trading on national exchanges and is completely reconstituted annually to ensure new and growing equities are reflected and companies continue to reflect appropriate capitalization and value characteristics.* |
8 | The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000® Growth Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad growth market. The Russell 3000® Growth Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.* |
9 | The Russell 3000® Value Index measures the performance of the broad value segment of U.S. equity value universe. It includes those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000® Value Index is constructed to provide a |
comprehensive, unbiased and stable barometer of the broad value market. The Russell 3000® Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.* | |
10 | The Russell Midcap® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap® Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market.* |
11 | The Russell Midcap® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap® Value Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap value market.* |
* | The index is unmanaged, and it is not possible to invest directly in an index. |
Federated MDT Small Cap Core Fund - | Institutional Shares | Class C Shares | R2000 | MSBFA |
F | F | I | I | |
7/31/2009 | 10,000 | 10,000 | 10,000 | 10,000 |
7/31/2010 | 11,508 | 11,393 | 11,843 | 11,860 |
7/31/2011 | 15,083 | 14,789 | 14,676 | 14,699 |
7/31/2012 | 14,585 | 14,147 | 14,704 | 14,510 |
7/31/2013 | 21,026 | 20,203 | 19,815 | 19,389 |
7/31/2014 | 23,198 | 22,066 | 21,511 | 21,304 |
7/31/2015 | 25,628 | 24,141 | 24,099 | 22,948 |
7/31/2016 | 27,740 | 25,860 | 24,099 | 23,082 |
7/31/2017 | 34,741 | 32,062 | 28,546 | 26,780 |
7/31/2018 | 41,266 | 37,705 | 33,894 | 30,985 |
7/31/2019 | 38,192 | 34,557 | 32,396 | 29,439 |
■ | Total returns shown for Class C Shares include the maximum contingent deferred sales charge of 1.00%, as applicable. |
1 Year | 5 Years | 10 Years | |
Class A Shares | -12.76% | 8.96% | 13.41% |
Class C Shares | -9.23% | 9.39% | 13.20% |
Institutional Shares | -7.45% | 10.49% | 14.34% |
Class R6 Shares4 | -7.45% | 10.34% | 12.93% |
R2000 | -4.42% | 8.53% | 12.47% |
MSBFA | -4.80% | 6.99% | 11.80% |
1 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450); for Class C Shares, a 1.00% contingent deferred sales charge would be applied on any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The R2000 and MSBFA have been adjusted to reflect reinvestment of dividends on securities. |
2 | The R2000 measures the performance of the small-cap segment of the U.S. equity universe. The R2000 is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The R2000 is constructed to provide a comprehensive and unbiased small-cap barometer, and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. The R2000 is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The R2000 is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. |
3 | Morningstar figures represent the average of the total returns reported by all the funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges. The Morningstar figures in the Growth of $10,000 line graph are based on historical return information published by Morningstar and reflect the return of the funds comprising the category in the year of publication. Because the funds designated by Morningstar as falling into the category can change over time, the Morningstar figures in the line graph may not match the Morningstar figures in the Average Annual Total Returns table, which reflect the return of the funds that currently comprise the category. |
4 | The Fund's R6 Class commenced operations on June 29, 2016. It is anticipated that this class will have the lowest net expenses of all outstanding share classes. For the period prior to the commencement of operations of the R6 class, the R6 class performance information shown is for the Institutional Share class, adjusted to reflect the expenses of the Fund's R6 class for each period for which the Fund's R6 class gross expenses would have exceeded the actual expense paid by the Fund's Institutional Share class. |
Sector Composition | Percentage of Total Net Assets |
Financials | 18.7% |
Health Care | 16.4% |
Industrials | 16.3% |
Information Technology | 14.5% |
Consumer Discretionary | 12.0% |
Utilities | 4.9% |
Energy | 4.6% |
Consumer Staples | 3.9% |
Materials | 3.7% |
Communication Services | 3.3% |
Securities Lending Collateral2 | 3.8% |
Cash Equivalents3 | 8.7% |
Other Assets and Liabilities—Net4 | (10.8)% |
TOTAL | 100.0% |
1 | Except for Securities Lending Collateral, 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—98.3% | |||
Communication Services—3.3% | |||
43,531 | Cogent Communications Holdings, Inc. | $2,742,888 | |
198,610 | Emerald Expositions Events, Inc. | 2,117,183 | |
679,348 | 1,2 | Frontier Communications Corp. | 896,739 |
95,956 | 1 | Imax Corp. | 2,106,234 |
130,314 | 2 | Meredith Corp. | 7,149,026 |
15,859 | Nexstar Media Group, Inc., Class A | 1,613,970 | |
37,092 | Shenandoah Telecommunications Co. | 1,459,941 | |
53,084 | Sinclair Broadcast Group, Inc. | 2,667,471 | |
477,461 | Tegna, Inc. | 7,252,633 | |
105,735 | 1,2 | Yelp, Inc. | 3,706,012 |
TOTAL | 31,712,097 | ||
Consumer Discretionary—12.0% | |||
27,145 | 1 | Asbury Automotive Group, Inc. | 2,499,512 |
24,889 | BJ's Restaurants, Inc. | 988,093 | |
120,824 | 1 | Beazer Homes USA, Inc. | 1,416,057 |
33,440 | 1 | Boot Barn Holdings, Inc. | 1,046,338 |
37,644 | 2 | Brinker International, Inc. | 1,500,113 |
27,070 | 2 | Buckle, Inc. | 550,875 |
162,162 | 1 | Cooper-Standard Holding, Inc. | 8,023,776 |
14,407 | 1 | Deckers Outdoor Corp. | 2,251,526 |
30,982 | 2 | Dine Brands Global, Inc. | 2,543,312 |
8,244 | 1 | Etsy, Inc. | 552,513 |
316,624 | 1 | Everi Holdings, Inc. | 3,802,654 |
300,725 | 1,2 | Fossil, Inc. | 3,320,004 |
11,425 | 1,2 | Francesca's Holdings Corp. | 35,760 |
23,839 | Group 1 Automotive, Inc. | 2,001,523 | |
438,043 | KB HOME | 11,507,390 | |
233,298 | 1 | K12, Inc. | 6,963,945 |
67,757 | Lithia Motors, Inc., Class A | 8,935,793 | |
59,111 | 1 | Meritage Corp. | 3,712,762 |
39,952 | 2 | Movado Group, Inc. | 1,051,936 |
215,005 | 2 | PetMed Express, Inc. | 3,734,637 |
81,592 | 1 | Planet Fitness, Inc. | 6,418,027 |
152,241 | Rent-A-Center, Inc. | 4,115,074 | |
267,908 | 1,2 | Sally Beauty Holdings, Inc. | 3,681,056 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
271,377 | 1,2 | SeaWorld Entertainment, Inc. | $8,295,995 |
265,465 | 2 | Signet Jewelers Ltd. | 4,815,535 |
108,543 | 1,2 | Stamps.com, Inc. | 5,182,928 |
332,760 | 1 | TRI Pointe Group, Inc. | 4,555,485 |
243,662 | 1 | Weight Watchers International, Inc. | 5,275,282 |
33,334 | Wingstop, Inc. | 3,186,397 | |
131,949 | 1,2 | YETI Holdings, Inc. | 4,586,547 |
TOTAL | 116,550,845 | ||
Consumer Staples—3.9% | |||
91,414 | 1,2 | Chefs Warehouse, Inc. | 3,333,869 |
7,194 | Coca-Cola Bottling Co. | 2,111,655 | |
81,110 | 1,2 | elf Beauty, Inc. | 1,345,615 |
63,308 | 1 | Hostess Brands, Inc. | 893,909 |
31,960 | Medifast, Inc. | 3,568,334 | |
137,224 | 1,2 | National Beverage Corp. | 5,973,361 |
191,848 | 1 | Performance Food Group Co. | 8,412,535 |
19,994 | Sanderson Farms, Inc. | 2,619,614 | |
4,839 | 1 | The Boston Beer Co., Inc., Class A | 1,898,436 |
70,100 | 1,2 | USANA Health Sciences, Inc. | 4,770,305 |
50,347 | Universal Corp. | 2,995,646 | |
TOTAL | 37,923,279 | ||
Energy—4.6% | |||
117,565 | 2 | Arch Coal, Inc. | 10,482,095 |
129,893 | 1 | CONSOL Energy, Inc. | 2,791,401 |
850,893 | 1,2 | Denbury Resources, Inc. | 961,509 |
118,854 | Gulf Island Fabrication, Inc. | 850,995 | |
275,917 | 1,2 | Key Energy Services, Inc. | 841,547 |
330,987 | 1 | Newpark Resources, Inc. | 2,525,431 |
309,828 | 1 | Noble Corp. PLC | 690,916 |
393,999 | 1 | Oil States International, Inc. | 5,878,465 |
357,076 | Peabody Energy Corp. | 7,520,020 | |
191,824 | 2 | RPC, Inc. | 1,185,472 |
287,634 | 1,2 | Renewable Energy Group, Inc. | 3,908,946 |
97,146 | SM Energy Co. | 968,546 | |
45,633 | Scorpio Tankers, Inc. | 1,196,041 | |
337,940 | 1,2 | Southwestern Energy Co. | 743,468 |
241,653 | 1,2 | Whiting Petroleum Corp. | 4,272,425 |
TOTAL | 44,817,277 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Financials—18.7% | |||
36,561 | 1st Source Corp. | $1,716,539 | |
148,421 | American Equity Investment Life Holding Co. | 3,829,262 | |
35,640 | BancFirst Corp. | 2,079,238 | |
249,851 | BancorpSouth Bank | 7,468,046 | |
55,969 | Banner Corp. | 3,316,723 | |
120,722 | Employers Holdings, Inc. | 5,299,696 | |
57,924 | 1 | Enova International, Inc. | 1,561,052 |
98,130 | 1 | Essent Group Ltd. | 4,529,681 |
236,210 | 1,2 | Ezcorp, Inc., Class A | 2,326,668 |
35,247 | Financial Institutions, Inc. | 1,085,255 | |
635,950 | First BanCorp | 6,842,822 | |
223,431 | First Bancorp, Inc. | 8,253,541 | |
170,742 | First Defiance Financial Corp. | 4,903,710 | |
48,448 | First Guaranty Bancshares, Inc. | 1,058,589 | |
80,924 | 2 | First Merchants Corp. | 3,189,215 |
510,292 | 2 | Fulton Financial Corp. | 8,674,964 |
151,059 | 1 | Green Dot Corp. | 7,657,181 |
122,259 | Hancock Whitney Corp. | 5,076,194 | |
106,129 | Hometrust Bancshares, Inc. | 2,773,151 | |
57,862 | Iberiabank Corp. | 4,546,217 | |
682,103 | Investors Bancorp, Inc. | 7,748,690 | |
52,944 | Kemper Corp. | 4,660,131 | |
106,611 | 2 | Kinsale Capital Group, Inc. | 9,580,064 |
10,084 | 1,2 | LendingTree, Inc. | 3,252,493 |
378,815 | MGIC Investment Corp. | 4,867,773 | |
156,105 | Meridian Bancorp, Inc. | 2,862,966 | |
145,513 | 1 | NMI Holdings, Inc. | 3,620,363 |
165,063 | National Bank Holdings Corp. | 5,988,486 | |
414,118 | 2 | National General Holdings Corp. | 10,241,138 |
619,631 | 2 | New York Mortgage Trust, Inc. | 3,785,945 |
19,683 | 1,2 | Nicolet Bankshares, Inc. | 1,293,370 |
169,690 | OceanFirst Financial Corp. | 4,140,436 | |
118,289 | Peapack-Gladstone Financial Corp. | 3,362,956 | |
112,685 | QCR Holdings, Inc. | 4,311,328 | |
187,714 | Radian Group, Inc. | 4,279,879 | |
21,857 | Republic Bancorp, Inc. | 1,044,109 | |
47,073 | Simmons 1st National Corp., Class A | 1,212,130 | |
47,502 | Stifel Financial Corp. | 2,841,095 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
20,255 | TowneBank | $569,976 | |
70,286 | TriCo Bancshares | 2,653,296 | |
38,476 | UMB Financial Corp. | 2,626,372 | |
176,660 | 2 | Valley National Bancorp | 1,971,526 |
27,338 | Washington Federal, Inc. | 1,000,024 | |
227,145 | Waterstone Financial Inc. | 3,838,750 | |
108,805 | Western New England Bancorp, Inc. | 1,016,239 | |
47,820 | Wintrust Financial Corp. | 3,421,043 | |
TOTAL | 182,378,322 | ||
Health Care—16.4% | |||
182,791 | 1,2 | AMAG Pharmaceutical, Inc. | 1,509,854 |
228,081 | 1 | Acorda Therapeutics, Inc. | 1,580,601 |
66,205 | 1,3 | Adeptus Health, Inc., Class A | 0 |
756,735 | 1,2 | Akorn, Inc. | 2,815,054 |
13,681 | 1 | Amedisys, Inc. | 1,886,473 |
289,904 | 1 | American Renal Associates Holdings, Inc. | 2,232,261 |
59,209 | 1 | Apellis Pharmaceuticals, Inc. | 1,653,707 |
62,956 | 1,2 | Arena Pharmaceuticals, Inc. | 3,946,082 |
35,905 | 1 | Arrowhead Pharmaceuticals, Inc. | 1,043,399 |
361,657 | 1,2 | Assertio Therapeutics, Inc. | 1,240,484 |
68,136 | 1 | Audentes Therapeutics, Inc. | 2,651,853 |
69,647 | 1 | Blueprint Medicines Corp. | 6,975,147 |
114,019 | CONMED Corp. | 9,959,560 | |
68,856 | 1,2 | Cara Therapeutics, Inc. | 1,648,413 |
162,316 | 1 | Cardiovascular Systems, Inc. | 7,438,942 |
222,570 | 1,2 | Coherus Biosciences, Inc. | 3,743,627 |
115,154 | 1 | Cytokinetics, Inc. | 1,403,727 |
21,134 | 1 | Eagle Pharmaceuticals, Inc. | 1,159,411 |
692,712 | 1 | Endo International PLC | 2,195,897 |
47,782 | Ensign Group, Inc. | 2,879,343 | |
73,086 | 1 | Fate Therapeutics, Inc. | 1,611,546 |
12,150 | 1,2 | Globus Medical, Inc. | 553,797 |
115,832 | 1 | HMS Holdings Corp. | 4,042,537 |
293,884 | 1 | Halozyme Therapeutics, Inc. | 4,993,089 |
47,355 | 1 | Horizon Therapeutics PLC | 1,178,666 |
125,533 | 1 | Inogen, Inc. | 7,720,279 |
115,995 | 1 | Iovance Biotherapeutics, Inc. | 2,852,317 |
575,101 | 1,2 | Mallinckrodt PLC | 3,916,438 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
12,847 | 1 | Medicines Co. | $460,436 |
37,333 | 1 | Medpace Holdings, Inc. | 2,940,347 |
31,044 | 1 | MeiraGTx Holdings PLC | 845,949 |
42,214 | 1 | Mirati Therapeutics, Inc. | 4,466,241 |
36,192 | 1 | Molina Healthcare, Inc. | 4,805,574 |
140,003 | 1 | Natera, Inc. | 3,861,283 |
349,197 | 1 | NeoGenomics, Inc. | 8,509,931 |
13,157 | 1 | Novocure Ltd. | 1,094,926 |
17,899 | 1 | Omnicell, Inc. | 1,346,184 |
70,409 | 1 | Orthofix Medical, Inc. | 3,763,361 |
86,780 | 1 | Pacira BioSciences, Inc. | 3,808,774 |
105,496 | 1,2 | Ra Pharmaceuticals, Inc. | 3,591,084 |
15,287 | 1,2 | Reata Pharmaceuticals, Inc. | 1,385,767 |
155,147 | 1,2 | Repligen Corp. | 14,644,325 |
73,240 | 1 | Syneos Health, Inc. | 3,741,832 |
176,781 | 1,2 | Tenet Healthcare Corp. | 4,166,728 |
25,289 | 2 | U.S. Physical Therapy, Inc. | 3,264,304 |
212,899 | 1 | Vanda Pharmaceuticals, Inc. | 2,650,593 |
256,757 | 1 | Voyager Therapeutics, Inc. | 5,651,222 |
TOTAL | 159,831,365 | ||
Industrials—16.3% | |||
155,374 | Acco Brands Corp. | 1,519,558 | |
25,221 | 1,2 | Aerovironment, Inc. | 1,383,372 |
150,967 | Arcosa, Inc. | 5,661,263 | |
146,796 | 1 | Atkore International Group, Inc. | 4,006,063 |
208,195 | 1 | CECO Environmental Corp. | 1,921,640 |
67,603 | 1,2 | Casella Waste Systems, Inc. | 2,947,491 |
83,694 | Comfort Systems USA, Inc. | 3,515,148 | |
245,061 | 1 | Continental Building Products, Inc. | 6,023,599 |
79,917 | Deluxe Corp. | 3,565,897 | |
174,366 | 1 | Echo Global Logistics, Inc. | 3,672,148 |
31,137 | Emcor Group, Inc. | 2,627,652 | |
71,812 | EnPro Industries, Inc. | 5,101,525 | |
55,829 | 1 | FTI Consulting, Inc. | 5,831,339 |
85,402 | 1 | Foundation Building Materials, Inc. | 1,469,769 |
61,290 | GATX Corp. | 4,710,749 | |
27,776 | 1 | Generac Holdings, Inc. | 2,008,205 |
129,444 | 1 | Harsco Corp. | 3,036,756 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
122,541 | Heidrick & Struggles International, Inc. | $3,639,468 | |
50,704 | 1 | Hub Group, Inc. | 2,299,426 |
79,039 | Hurco Co., Inc. | 2,702,344 | |
52,801 | Insperity, Inc. | 5,615,386 | |
32,752 | John Bean Technologies Corp. | 3,886,352 | |
128,401 | Korn Ferry | 5,043,591 | |
120,081 | 1 | Masonite International Corp. | 6,400,317 |
27,943 | 1 | Mastec, Inc. | 1,434,035 |
438,520 | 2 | Maxar Technologies, Inc. | 3,227,507 |
42,789 | 1 | Mercury Systems, Inc. | 3,488,159 |
176,163 | 1 | Meritor, Inc. | 4,356,511 |
154,478 | Miller Herman, Inc. | 7,004,033 | |
34,697 | 1 | Navistar International Corp. | 1,083,934 |
50,742 | 2 | Quad Graphics, Inc. | 573,892 |
154,753 | 2 | REV Group, Inc. | 2,254,751 |
217,144 | 1 | Rexnord Corp. | 6,360,148 |
92,288 | Rush Enterprises, Inc. | 3,475,566 | |
40,484 | 1 | SPX Flow, Inc. | 1,642,031 |
52,430 | SkyWest, Inc. | 3,183,025 | |
196,213 | Steelcase, Inc., Class A | 3,317,962 | |
56,355 | 1,2 | Taser International, Inc. | 3,957,248 |
46,755 | Tetra Tech, Inc. | 3,702,996 | |
169,150 | 1 | Titan Machinery, Inc. | 3,508,171 |
53,479 | Triton International Ltd. | 1,769,085 | |
30,932 | Unifirst Corp. | 6,089,583 | |
118,160 | Universal Truckload Services, Inc. | 2,326,570 | |
39,898 | 1 | Veritiv Corp. | 695,023 |
114,341 | 2 | Werner Enterprises, Inc. | 3,790,404 |
27,460 | Woodward, Inc. | 3,076,618 | |
TOTAL | 158,906,310 | ||
Information Technology—14.5% | |||
117,476 | AVX Corp. | 1,789,160 | |
23,233 | 1 | CACI International, Inc., Class A | 4,998,580 |
14,518 | 1 | Ciena Corp. | 656,504 |
59,357 | 1 | Commvault Systems, Inc. | 2,697,182 |
123,633 | 1 | Cornerstone OnDemand, Inc. | 7,319,074 |
63,852 | 1 | Coupa Software, Inc. | 8,665,355 |
220,394 | 1 | Diodes, Inc. | 9,388,784 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
343,177 | 1,2 | Enphase Energy, Inc. | $9,660,433 |
12,063 | 1 | Evo Payments, Inc. | 375,401 |
61,502 | 1,2 | HubSpot, Inc. | 10,991,637 |
29,260 | 1 | Insight Enterprises, Inc. | 1,609,885 |
67,568 | 2 | j2 Global, Inc. | 6,019,633 |
18,495 | KBR, Inc. | 487,898 | |
47,510 | 1 | Kimball Electronics, Inc. | 755,409 |
263,486 | 1 | Lattice Semiconductor Corp. | 5,095,819 |
256,757 | 1 | Netgear, Inc. | 8,691,224 |
59,132 | 1,2 | NetScout Systems, Inc. | 1,539,797 |
111,104 | 1,2 | PROS Holdings, Inc. | 8,039,485 |
114,811 | 1 | Paylocity Corp. | 11,721,055 |
60,257 | 1 | Rapid7, Inc. | 3,654,587 |
87,670 | 1 | SPS Commerce, Inc. | 9,804,136 |
232,492 | 1,2 | Stratasys, Inc. | 6,484,202 |
66,484 | 1,2 | Unisys Corp. | 823,737 |
74,183 | 1 | Verint Systems, Inc. | 4,292,970 |
146,637 | 1 | Workiva, Inc. | 8,430,161 |
92,422 | XPERI Corp. | 1,973,210 | |
54,539 | 1,2 | Zscaler, Inc. | 4,596,002 |
TOTAL | 140,561,320 | ||
Materials—3.7% | |||
153,794 | 1,2 | Allegheny Technologies, Inc. | 3,348,095 |
124,954 | Boise Cascade Co. | 3,373,758 | |
131,806 | Carpenter Technology Corp. | 5,932,588 | |
59,054 | Fuller (H.B.) Co. | 2,823,372 | |
104,472 | Gold Resource Corp. | 375,054 | |
211,131 | 1 | Kraton Corp. | 6,475,388 |
402,148 | 1 | Livent Corp. | 2,589,833 |
87,515 | Myers Industries, Inc. | 1,415,118 | |
132,413 | Schnitzer Steel Industries, Inc., Class A | 3,526,158 | |
85,116 | Trinseo SA | 3,303,352 | |
28,208 | 1 | UFP Technologies, Inc. | 1,228,741 |
101,854 | 1 | Verso Corp. | 1,647,998 |
TOTAL | 36,039,455 | ||
Utilities—4.9% | |||
81,004 | 2 | Avista Corp. | 3,728,614 |
654,905 | Clearway Energy, Inc. | 11,244,719 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Utilities—continued | |||
5,566 | Idacorp, Inc. | $568,066 | |
27,341 | Northwest Natural Holding Co. | 1,952,694 | |
202,937 | PNM Resources, Inc. | 10,079,881 | |
107,198 | Portland General Electric Co. | 5,879,810 | |
142,768 | 2 | Southwest Gas Holdings, Inc. | 12,693,503 |
107,559 | TerraForm Power, Inc. | 1,657,484 | |
TOTAL | 47,804,771 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $949,794,125) | 956,525,041 | ||
INVESTMENT COMPANIES—12.5% | |||
37,415,748 | Federated Government Obligations Fund, Premier Shares, 2.25%4 | 37,415,748 | |
84,083,002 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 2.39%4 | 84,108,227 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $121,521,725) | 121,523,975 | ||
TOTAL INVESTMENT IN SECURITIES—110.8% (IDENTIFIED COST $1,071,315,850)5 | 1,078,049,016 | ||
OTHER ASSETS AND LIABILITIES - NET—(10.8)%6 | (105,117,458) | ||
TOTAL NET ASSETS—100% | $972,931,558 |
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 | 43,276,939 | 89,106,925 | 132,383,864 |
Purchases/Additions | 226,399,428 | 662,761,956 | 889,161,384 |
Sales/Reductions | (232,260,619) | (667,785,879) | (900,046,498) |
Balance of Shares Held 7/31/2019 | 37,415,748 | 84,083,002 | 121,498,750 |
Value | $37,415,748 | $84,108,227 | $121,523,975 |
Change in Unrealized Appreciation/Depreciation | N/A | $(4,359) | $(4,359) |
Net Realized Gain/(Loss) | N/A | $14,594 | $14,594 |
Dividend Income | $900,684 | $2,148,975 | $3,049,659 |
* | 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 | The cost of investments for federal tax purposes amounts to $1,076,728,307. |
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 | $915,997,801 | $— | $0 | $915,997,801 |
International | 40,527,240 | — | — | 40,527,240 |
Investment Companies | 121,523,975 | — | — | 121,523,975 |
TOTAL SECURITIES | $1,078,049,016 | $— | $0 | $1,078,049,016 |
Year Ended July 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $21.19 | $18.69 | $15.08 | $15.66 | $15.07 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.01 | (0.01) | (0.02) | 0.03 | (0.05) |
Net realized and unrealized gain (loss) | (1.70) | 3.38 | 3.78 | 1.02 | 1.57 |
TOTAL FROM INVESTMENT OPERATIONS | (1.69) | 3.37 | 3.76 | 1.05 | 1.52 |
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 | $18.87 | $21.19 | $18.69 | $15.08 | $15.66 |
Total Return2 | (7.69)% | 18.49% | 24.97% | 7.90% | 10.22% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.13% | 1.14% | 1.14% | 1.13% | 1.48% |
Net investment income (loss) | 0.07% | (0.06)% | (0.13)% | 0.19% | (0.35)% |
Expense waiver/reimbursement3 | 0.22% | 0.37% | 0.55% | 1.10% | 0.76% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $68,546 | $74,396 | $37,031 | $13,035 | $7,160 |
Portfolio turnover | 121% | 88% | 91% | 189% | 166% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $18.84 | $16.83 | $13.70 | $14.48 | $14.10 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | (0.12) | (0.14) | (0.14) | (0.07) | (0.16) |
Net realized and unrealized gain (loss) | (1.51) | 3.02 | 3.42 | 0.92 | 1.47 |
TOTAL FROM INVESTMENT OPERATIONS | (1.63) | 2.88 | 3.28 | 0.85 | 1.31 |
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 | $16.58 | $18.84 | $16.83 | $13.70 | $14.48 |
Total Return2 | (8.35)% | 17.60% | 23.98% | 7.12% | 9.41% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.88% | 1.89% | 1.89% | 1.88% | 2.28% |
Net investment income (loss) | (0.69)% | (0.81)% | (0.89)% | (0.56)% | (1.11)% |
Expense waiver/reimbursement3 | 0.28% | 0.38% | 0.57% | 1.11% | 0.72% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $28,411 | $30,072 | $15,223 | $3,422 | $3,031 |
Portfolio turnover | 121% | 88% | 91% | 189% | 166% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $21.94 | $19.30 | $15.54 | $16.04 | $15.38 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.06 | 0.03 | 0.02 | 0.06 | (0.02) |
Net realized and unrealized gain (loss) | (1.76) | 3.50 | 3.90 | 1.07 | 1.61 |
TOTAL FROM INVESTMENT OPERATIONS | (1.70) | 3.53 | 3.92 | 1.13 | 1.59 |
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 | $19.59 | $21.94 | $19.30 | $15.54 | $16.04 |
Total Return2 | (7.45)% | 18.78% | 25.24% | 8.24% | 10.48% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.88% | 0.89% | 0.89% | 0.88% | 1.26% |
Net investment income (loss) | 0.31% | 0.13% | 0.10% | 0.43% | (0.11)% |
Expense waiver/reimbursement3 | 0.22% | 0.34% | 0.53% | 1.11% | 0.74% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $842,221 | $708,805 | $179,219 | $24,529 | $20,504 |
Portfolio turnover | 121% | 88% | 91% | 189% | 166% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31, | Period Ended 7/31/20161 | |||
2019 | 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 | 0.06 | 0.02 | 0.01 | (0.01) |
Net realized and unrealized gain (loss) | (1.76) | 3.51 | 3.91 | 1.67 |
TOTAL FROM INVESTMENT OPERATIONS | (1.70) | 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 | $19.59 | $21.94 | $19.30 | $15.54 |
Total Return3 | (7.45)% | 18.78% | 25.24% | 11.96% |
Ratios to Average Net Assets: | ||||
Net expenses | 0.87% | 0.88% | 0.88% | 0.87%4 |
Net investment income (loss) | 0.32% | 0.08% | 0.04% | (0.04)%4 |
Expense waiver/reimbursement5 | 0.12% | 0.26% | 0.41% | 0.97%4 |
Supplemental Data: | ||||
Net assets, end of period (000 omitted) | $33,753 | $13,374 | $1,017 | $06 |
Portfolio turnover | 121% | 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 $101,005,701 of securities loaned and including $121,523,975 of investment in affiliated holdings (identified cost $1,071,315,850) | $1,078,049,016 | |
Income receivable | 178,966 | |
Income receivable from affiliated holdings | 61,334 | |
Receivable for investments sold | 11,465,807 | |
Receivable for shares sold | 733,739 | |
TOTAL ASSETS | 1,090,488,862 | |
Liabilities: | ||
Payable for investments purchased | $12,715,680 | |
Payable for shares redeemed | 1,016,251 | |
Bank overdraft | 18,821 | |
Payable for collateral due to broker for securities lending | 103,435,748 | |
Payable for investment adviser fee (Note 5) | 19,062 | |
Payable for administrative fee (Note 5) | 2,120 | |
Payable for distribution services fee (Note 5) | 18,352 | |
Payable for other service fees (Notes 2 and 5) | 43,504 | |
Accrued expenses (Note 5) | 287,766 | |
TOTAL LIABILITIES | 117,557,304 | |
Net assets for 50,061,915 shares outstanding | $972,931,558 | |
Net Assets Consist of: | ||
Paid-in capital | $986,935,548 | |
Total distributable earnings (loss) | (14,003,990) | |
TOTAL NET ASSETS | $972,931,558 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($68,546,230 ÷ 3,632,560 shares outstanding), no par value, unlimited shares authorized | $18.87 | |
Offering price per share (100/94.50 of $18.87) | $19.97 | |
Redemption proceeds per share | $18.87 | |
Class C Shares: | ||
Net asset value per share ($28,411,271 ÷ 1,713,602 shares outstanding), no par value, unlimited shares authorized | $16.58 | |
Offering price per share | $16.58 | |
Redemption proceeds per share (99.00/100 of $16.58) | $16.41 | |
Institutional Shares: | ||
Net asset value per share ($842,220,905 ÷ 42,993,138 shares outstanding), no par value, unlimited shares authorized | $19.59 | |
Offering price per share | $19.59 | |
Redemption proceeds per share | $19.59 | |
Class R6 Shares: | ||
Net asset value per share ($33,753,152 ÷ 1,722,615 shares outstanding), no par value, unlimited shares authorized | $19.59 | |
Offering price per share | $19.59 | |
Redemption proceeds per share | $19.59 |
Investment Income: | |||
Dividends (including $492,198 received from an affiliated holding* and net of foreign taxes withheld of $3,853) | $10,587,480 | ||
Net income on securities loaned (includes $2,557,461 earned from affiliated holdings related to cash collateral balances*)(Note 2) | 439,810 | ||
TOTAL INCOME | 11,027,290 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $7,798,328 | ||
Administrative fee (Note 5) | 737,254 | ||
Custodian fees | 74,384 | ||
Transfer agent fee (Note 2) | 1,064,454 | ||
Directors'/Trustees' fees (Note 5) | 7,746 | ||
Auditing fees | 27,200 | ||
Legal fees | 11,915 | ||
Portfolio accounting fees | 161,924 | ||
Distribution services fee (Note 5) | 229,291 | ||
Other service fees (Notes 2 and 5) | 258,660 | ||
Share registration costs | 196,177 | ||
Printing and postage | 70,075 | ||
Miscellaneous (Note 5) | 36,660 | ||
TOTAL EXPENSES | 10,674,068 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(1,149,888) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (876,413) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (2,026,301) | ||
Net expenses | 8,647,767 | ||
Net investment income | 2,379,523 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized loss on investments (including net realized gain of $14,594 on sales of investments in an affiliated holding*) | (6,860,147) | ||
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(4,359) on investments in an affiliated holding*) | (64,875,679) | ||
Net realized and unrealized gain (loss) on investments | (71,735,826) | ||
Change in net assets resulting from operations | $(69,356,303) |
* | See information listed after the Fund's Portfolio of Investments. |
Year Ended July 31 | 2019 | 2018 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $2,379,523 | $291,818 |
Net realized gain (loss) | (6,860,147) | 18,755,103 |
Net change in unrealized appreciation/depreciation | (64,875,679) | 57,705,393 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (69,356,303) | 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 | 662,037,597 | 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 | (444,684,151) | (119,146,419) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 244,350,938 | 532,935,602 |
Change in net assets | 146,284,433 | 594,157,396 |
Net Assets: | ||
Beginning of period | 826,647,125 | 232,489,729 |
End of period | $972,931,558 | $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 | $86,689 | $(71,410) |
Class C Shares | 55,547 | (48,555) |
Institutional Shares | 919,186 | (756,448) |
Class R6 Shares | 3,032 | — |
TOTAL | $1,064,454 | $(876,413) |
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 | $182,933 |
Class C Shares | 75,727 |
TOTAL | $258,660 |
Market Value of Securities Loaned | Collateral Received |
$101,005,701 | $103,435,748 |
Year Ended July 31 | 2019 | 2018 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,917,717 | $36,807,080 | 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 | (1,926,776) | (36,450,543) | (1,285,487) | (26,118,919) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 121,011 | $2,595,048 | 1,529,892 | $30,151,802 |
Year Ended July 31 | 2019 | 2018 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 816,518 | $14,448,516 | 895,916 | $16,153,794 |
Shares issued to shareholders in payment of distributions declared | 69,154 | 1,050,441 | 51,304 | 888,075 |
Shares redeemed | (768,042) | (12,785,661) | (255,648) | (4,525,472) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 117,630 | $2,713,296 | 691,572 | $12,516,397 |
Year Ended July 31 | 2019 | 2018 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 29,605,182 | $578,572,031 | 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 | (20,198,281) | (386,462,699) | (4,184,409) | (86,776,222) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 10,685,304 | $214,901,637 | 23,020,849 | $478,636,909 |
Year Ended July 31 | 2019 | 2018 | ||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,525,579 | $32,209,970 | 631,723 | $13,166,785 |
Shares issued to shareholders in payment of distributions declared | 51,362 | 916,235 | 9,445 | 189,515 |
Shares redeemed | (463,823) | (8,985,248) | (84,376) | (1,725,806) |
NET CHANGE RESULTING FROM CLASS R6 SHARES TRANSACTIONS | 1,113,118 | $24,140,957 | 556,792 | $11,630,494 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 12,037,063 | $244,350,938 | 25,799,105 | $532,935,602 |
2019 | 2018 | |
Ordinary income1 | $21,486,437 | $13,627,453 |
Long-term capital gains | $7,223,765 | $1,903,067 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income | $1,559,041 |
Net unrealized appreciation | $1,320,709 |
Capital loss deferrals | $(16,883,740) |
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 |
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 | $229,291 |
Purchases | $1,308,725,756 |
Sales | $1,085,877,058 |
September 23, 2019
Beginning Account Value 2/1/2019 | Ending Account Value 7/31/2019 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,036.20 | $5.70 |
Class C Shares | $1,000 | $1,032.40 | $9.47 |
Institutional Shares | $1,000 | $1,037.60 | $4.45 |
Class R6 Shares | $1,000 | $1,037.60 | $4.40 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.20 | $5.66 |
Class C Shares | $1,000 | $1,015.50 | $9.39 |
Institutional Shares | $1,000 | $1,020.40 | $4.41 |
Class R6 Shares | $1,000 | $1,020.50 | $4.36 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.13% |
Class C Shares | 1.88% |
Institutional Shares | 0.88% |
Class R6 Shares | 0.87% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: May 2006 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations:Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of certain of the Funds in the Federated Fund Family; Vice President, Federated Investors, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President of some of the Funds in the Federated Fund Complex and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Investors, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
* | Reasons for “interested” status: J. Christopher Donahue and John B. Fisher are interested due to their beneficial ownership of shares of Federated Investors, Inc. and due to positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Director, Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc.; Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. Mr. Hough previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: June 2006 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Investors, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Stephen F. Auth Birth Date: September 13, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: June 2012 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
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
1 | Please see the footnotes to the line graphs below for definitions of, and further information about, the R2000G. |
2 | Please see the footnotes to the line graphs below for definitions of, and further information about, the MSGFA. |
3 | The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market, and is completely reconstituted annually to ensure new and growing equities are reflected.* |
4 | Small-cap stocks may be less liquid and subject to greater price volatility than large-cap stocks. |
5 | The Russell Top 200® Index measures the performance of the largest cap segment of the U.S. equity universe. The Russell Top 200® Index is a subset of the Russell 3000® Index. It includes approximately 200 of the largest securities based on a combination of their market cap and current index membership and represents approximately 68% of the U.S. market. The Russell Top 200® Index is constructed to provide a comprehensive and unbiased barometer for this very large cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.* |
6 | The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000® companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.* |
7 | The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.* |
8 | The Russell Microcap® Index measures the performance of the microcap segment of the U.S. equity market. Microcap stocks make up less than 3% of the U.S. equity market (by market cap) and consist of the smallest 1,000 securities in the small-cap Russell 2000® Index, plus the next 1,000 smallest eligible securities by market cap. The Russell Microcap® Index is constructed to provide a comprehensive and unbiased barometer for the microcap segment trading on national exchanges and is completely reconstituted annually to ensure new and growing equities are reflected and companies continue to reflect appropriate capitalization and value characteristics.* |
9 | The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000® Growth Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad growth market. The Russell 3000® Growth Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.* |
10 | The Russell 3000® Value Index measures the performance of the broad value segment of U.S. equity value universe. It includes those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000® Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad value market. The Russell 3000® Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.* |
11 | The Russell Midcap® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap® Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market.* |
12 | The Russell Midcap® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap® Value Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap value market.* |
* | The index is unmanaged, and it is not possible to invest directly in an index. |
Federated MDT Small Cap Growth Fund - | Institutional Shares | Class C Shares | NA | R2000G | MSGFA |
F | F | NA | I | I | |
7/31/2009 | 10,000 | 10,000 | 10,000 | 10,000 | |
7/31/2010 | 11,160 | 11,063 | 11,671 | 11,715 | |
7/31/2011 | 15,523 | 15,223 | 15,093 | 15,162 | |
7/31/2012 | 15,309 | 14,869 | 15,017 | 14,821 | |
7/31/2013 | 20,731 | 19,934 | 20,330 | 19,517 | |
7/31/2014 | 22,434 | 21,352 | 22,146 | 21,122 | |
7/31/2015 | 26,494 | 24,974 | 26,592 | 24,597 | |
7/31/2016 | 27,172 | 25,350 | 25,182 | 23,305 | |
7/31/2017 | 34,310 | 31,707 | 29,654 | 27,420 | |
7/31/2018 | 42,493 | 38,853 | 36,448 | 33,690 | |
7/31/2019 | 41,370 | 37,461 | 36,005 | 34,796 |
■ | Total returns shown for Class C Shares include the maximum contingent deferred sales charge of 1.00% as applicable. |
1 Year | 5 Years | 10 Years | |
Class A Shares | -8.17% | 11.49% | 14.32% |
Class C Shares | -4.47% | 11.90% | 14.12% |
Institutional Shares | -2.60% | 13.03% | 15.26% |
Class R6 Shares4 | -2.60% | 12.95% | 15.05% |
R2000G | -1.22% | 10.21% | 13.67% |
MSGFA | 3.63% | 10.81% | 13.80% |
1 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charges = $9,450); for Class C Shares, a 1.00% contingent deferred sales charge would be applied to any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The R2000G and MSGFA have been adjusted to reflect reinvestment of dividends on securities. |
2 | The R2000G measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000® Index companies with higher price-to-value ratios and higher forecasted growth values. The R2000G is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment. The R2000G is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect growth characteristics. The R2000G is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. The R2000G is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. |
3 | Morningstar figures represent the average of the total returns reported by all the funds designated by Morningstar as falling into the respective category indicated. They do not reflect sales charges. The Morningstar figures in the Growth of $10,000 line graph are based on historical return information published by Morningstar and reflect the return of the funds comprising the category in the year of publication. Because the funds designated by Morningstar as falling into the category can change over time, the Morningstar figures in the line graph may not match the Morningstar figures in the Average Annual Total Returns table, which reflect the return of the funds that currently comprise the category. |
4 | The Fund's Class R6 Shares commenced operations on June 29, 2016. It is anticipated that this class will have the lowest net expenses of all outstanding share classes. For the period prior to the commencement of operations of Class R6 Shares, the performance information shown is for the Fund's Institutional Shares adjusted to reflect expenses of the Class R6 Shares for each year for which the gross expenses of Class R6 Shares would have exceeded the actual expenses paid by Institutional Shares. |
Sector Composition | Percentage of Total Net Assets |
Health Care | 27.4% |
Information Technology | 19.0% |
Industrials | 18.9% |
Consumer Discretionary | 13.5% |
Financials | 6.9% |
Consumer Staples | 4.2% |
Communication Services | 3.3% |
Materials | 2.9% |
Energy | 1.1% |
Utilities | 0.8% |
Securities Lending Collateral2 | 9.7% |
Cash Equivalents3 | 1.7% |
Other Assets and Liabilities—Net4 | (9.4)% |
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—98.0% | |||
Communication Services—3.3% | |||
81,063 | Cogent Communications Holdings, Inc. | $5,107,780 | |
155,299 | 1 | Imax Corp. | 3,408,813 |
104,645 | 2 | Meredith Corp. | 5,740,825 |
82,266 | New York Times Co., Class A | 2,935,251 | |
25,105 | 2 | Nexstar Media Group, Inc., Class A | 2,554,936 |
41,140 | Shenandoah Telecommunications Co. | 1,619,270 | |
59,478 | Sinclair Broadcast Group, Inc. | 2,988,769 | |
157,056 | 1,2 | Yelp, Inc. | 5,504,813 |
TOTAL | 29,860,457 | ||
Consumer Discretionary—13.5% | |||
114,668 | American Eagle Outfitters, Inc. | 2,028,477 | |
63,130 | 1 | Asbury Automotive Group, Inc. | 5,813,010 |
48,389 | 2 | BJ's Restaurants, Inc. | 1,921,043 |
68,351 | Bloomin Brands, Inc. | 1,164,017 | |
101,461 | 2 | Bluegreen Vacations Corp. | 1,046,063 |
96,516 | 2 | Brinker International, Inc. | 3,846,163 |
3,780 | Churchill Downs, Inc. | 452,277 | |
117,043 | 1 | CROCs, Inc. | 2,674,432 |
116,377 | Dana, Inc. | 1,944,660 | |
43,662 | 1 | Deckers Outdoor Corp. | 6,823,497 |
54,565 | 2 | Dine Brands Global, Inc. | 4,479,241 |
27,397 | 1,2 | Eldorado Resorts, Inc. | 1,236,153 |
33,837 | 1,2 | Etsy, Inc. | 2,267,756 |
316,557 | 1 | Everi Holdings, Inc. | 3,801,850 |
33,926 | 1,2 | Fox Factory Holding Corp. | 2,716,794 |
43,906 | 1 | Installed Building Products, Inc. | 2,339,312 |
89,091 | Lithia Motors, Inc., Class A | 11,749,321 | |
118,049 | M.D.C. Holdings, Inc. | 4,266,291 | |
180,095 | 1,2 | MarineMax, Inc. | 2,780,667 |
126,182 | 1 | Planet Fitness, Inc. | 9,925,476 |
158,657 | Rent-A-Center, Inc. | 4,288,499 | |
282,962 | 1 | SeaWorld Entertainment, Inc. | 8,650,148 |
17,179 | 1 | Shutterstock, Inc. | 659,158 |
110,140 | 1,2 | Stamps.com, Inc. | 5,259,185 |
662,282 | 2 | Tailored Brands, Inc. | 3,225,313 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
76,089 | 1 | TopBuild Corp. | $6,173,101 |
341,076 | 1 | Weight Watchers International, Inc. | 7,384,295 |
54,313 | 2 | Wingstop, Inc. | 5,191,780 |
183,803 | 1,2 | YETI Holdings, Inc. | 6,388,992 |
TOTAL | 120,496,971 | ||
Consumer Staples—4.2% | |||
68,532 | 1,2 | Chefs Warehouse, Inc. | 2,499,362 |
11,768 | Coca-Cola Bottling Co. | 3,454,261 | |
99,880 | 1,2 | elf Beauty, Inc. | 1,657,009 |
35,915 | Medifast, Inc. | 4,009,910 | |
149,131 | 1,2 | National Beverage Corp. | 6,491,672 |
210,925 | 1 | Performance Food Group Co. | 9,249,061 |
8,318 | 1,2 | The Boston Beer Co., Inc., Class A | 3,263,318 |
106,311 | 1 | USANA Health Sciences, Inc. | 7,234,464 |
TOTAL | 37,859,057 | ||
Energy—1.1% | |||
212,213 | 1 | CONSOL Energy, Inc. | 4,560,457 |
40,241 | DMC Global, Inc. | 2,102,190 | |
738,449 | 1,2 | Denbury Resources, Inc. | 834,447 |
46,317 | 2 | Liberty Oilfield Services, Inc. | 655,386 |
75,531 | 1,2 | Par Pacific Holdings, Inc. | 1,741,745 |
TOTAL | 9,894,225 | ||
Financials—6.9% | |||
8,955 | 1 | eHealth, Inc. | 929,081 |
78,184 | 1 | Enova International, Inc. | 2,107,059 |
87,110 | 1 | Essent Group Ltd. | 4,020,998 |
45,181 | 2 | FB Financial Corp. | 1,717,330 |
139,914 | 1 | Green Dot Corp. | 7,092,241 |
38,716 | Guaranty Bancshares, Inc. | 1,193,227 | |
73,507 | Kemper Corp. | 6,470,086 | |
104,460 | Kinsale Capital Group, Inc. | 9,386,776 | |
62,363 | 2 | Lakeland Financial Corp. | 2,868,074 |
10,912 | 1,2 | LendingTree, Inc. | 3,519,556 |
186,960 | 1 | NMI Holdings, Inc. | 4,651,565 |
102,498 | National Bank Holdings Corp. | 3,718,627 | |
478,461 | National General Holdings Corp. | 11,832,340 | |
60,025 | The Bank of NT Butterfield & Son Ltd. | 1,886,586 | |
TOTAL | 61,393,546 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—27.4% | |||
30,840 | 1,2 | Acadia Pharmaceuticals, Inc. | $758,047 |
51,904 | 1,3 | Adeptus Health, Inc. | 0 |
16,386 | 1 | Amedisys, Inc. | 2,259,466 |
354,227 | 1 | American Renal Associates Holdings, Inc. | 2,727,548 |
108,472 | 1 | Apellis Pharmaceuticals, Inc. | 3,029,623 |
115,437 | 1,2 | Arena Pharmaceuticals, Inc. | 7,235,591 |
122,455 | 1,2 | Arrowhead Pharmaceuticals, Inc. | 3,558,542 |
197,827 | 1 | Assertio Therapeutics, Inc. | 678,547 |
145,191 | 1 | Audentes Therapeutics, Inc. | 5,650,834 |
373,535 | 1 | BioCryst Pharmaceuticals, Inc. | 1,184,106 |
88,801 | 1 | Blueprint Medicines Corp. | 8,893,420 |
120,411 | CONMED Corp. | 10,517,901 | |
74,665 | 1,2 | Cara Therapeutics, Inc. | 1,787,480 |
209,853 | 1 | Cardiovascular Systems, Inc. | 9,617,563 |
147,849 | 1 | ChemoCentryx, Inc. | 1,179,835 |
201,225 | 1,2 | Coherus Biosciences, Inc. | 3,384,604 |
98,704 | 1 | Cytokinetics, Inc. | 1,203,202 |
75,553 | 1,2 | Denali Therapeutics, Inc. | 1,613,057 |
58,191 | 1,2 | Eagle Pharmaceuticals, Inc. | 3,192,358 |
20,648 | 1,2 | Eidos Therapeutics, Inc. | 672,712 |
8,082 | 1 | Enanta Pharmaceuticals, Inc. | 606,312 |
114,350 | 2 | Ensign Group, Inc. | 6,890,731 |
151,584 | 1 | Epizyme, Inc. | 2,010,004 |
169,073 | 1 | Fate Therapeutics, Inc. | 3,728,060 |
47,720 | 1 | Glaukos Corp. | 3,897,770 |
59,442 | 1,2 | Global Blood Therapeutics, Inc. | 3,257,422 |
50,779 | 1 | Globus Medical, Inc. | 2,314,507 |
135,556 | 1 | HMS Holdings Corp. | 4,730,904 |
500,747 | 1 | Halozyme Therapeutics, Inc. | 8,507,691 |
16,018 | 1 | HealthEquity Inc. | 1,313,156 |
104,016 | 1 | Horizon Therapeutics PLC | 2,588,958 |
145,041 | 1 | Inogen, Inc. | 8,920,021 |
16,004 | 1 | Integer Holdings Corp. | 1,400,830 |
258,854 | 1,2 | Iovance Biotherapeutics, Inc. | 6,365,220 |
14,190 | 1 | LHC Group, Inc. | 1,796,170 |
69,224 | 1 | Livanova PLC | 5,333,709 |
66,652 | 1 | Medpace Holdings, Inc. | 5,249,511 |
166,789 | 1 | MeiraGTx Holdings PLC | 4,545,000 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
50,161 | 1 | Mirati Therapeutics, Inc. | $5,307,034 |
15,171 | 1 | Molina Healthcare, Inc. | 2,014,405 |
88,915 | 1,2 | Myriad Genetics, Inc. | 2,590,983 |
172,029 | 1 | Natera, Inc. | 4,744,560 |
491,020 | 1 | NeoGenomics, Inc. | 11,966,157 |
72,925 | 1 | Novocure Ltd. | 6,068,818 |
54,746 | 1 | NuVasive, Inc. | 3,646,084 |
57,087 | 1,2 | Omnicell, Inc. | 4,293,513 |
94,446 | 1 | Orthofix Medical, Inc. | 5,048,139 |
140,347 | 1 | Pacira BioSciences Inc. | 6,159,830 |
10,039 | 1 | Quidel Corp. | 592,602 |
108,864 | 1 | Ra Pharmaceuticals, Inc. | 3,705,731 |
25,537 | 1,2 | Reata Pharmaceuticals, Inc. | 2,314,929 |
208,696 | 1 | Repligen Corp. | 19,698,815 |
160,022 | 1,2 | Supernus Pharmaceuticals, Inc. | 5,339,934 |
22,821 | 1 | Tandem Diabetes Care, Inc. | 1,447,536 |
207,521 | 1 | Tenet Healthcare Corp. | 4,891,270 |
359,457 | 1 | Vanda Pharmaceuticals, Inc. | 4,475,240 |
261,954 | 1 | Voyager Therapeutics, Inc. | 5,765,608 |
332,483 | 1,2 | Ziopharm Oncology, Inc. | 2,307,432 |
TOTAL | 244,979,032 | ||
Industrials—18.9% | |||
228,646 | Advanced Drainage System, Inc. | 7,529,313 | |
66,324 | 1 | Aerojet Rocketdyne Holdings, Inc. | 2,833,361 |
68,070 | 1,2 | Aerovironment, Inc. | 3,733,639 |
14,122 | Albany International Corp., Class A | 1,214,351 | |
64,342 | Astec Industries, Inc. | 2,103,340 | |
154,459 | 1 | Atkore International Group, Inc. | 4,215,186 |
47,805 | 2 | Brinks Co. (The) | 4,310,099 |
59,019 | 1 | Casella Waste Systems, Inc. | 2,573,228 |
86,435 | Comfort Systems USA, Inc. | 3,630,270 | |
83,146 | 1 | Commercial Vehicle Group, Inc. | 675,145 |
225,108 | 1 | Continental Building Products, Inc. | 5,533,155 |
173,220 | Covanta Holding Corp. | 2,982,848 | |
72,407 | Deluxe Corp. | 3,230,800 | |
145,460 | 1 | Echo Global Logistics, Inc. | 3,063,388 |
66,817 | Emcor Group, Inc. | 5,638,687 | |
44,301 | 1 | Generac Holdings, Inc. | 3,202,962 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
148,104 | 1 | Harsco Corp. | $3,474,520 |
160,686 | Heidrick & Struggles International, Inc. | 4,772,374 | |
137,040 | Hillenbrand, Inc. | 4,616,878 | |
45,563 | 1 | Hub Group, Inc. | 2,066,282 |
61,702 | Insperity, Inc. | 6,562,008 | |
60,444 | John Bean Technologies Corp. | 7,172,285 | |
47,116 | KForce Com, Inc. | 1,606,184 | |
174,760 | Korn Ferry | 6,864,573 | |
20,627 | 2 | MSA Safety, Inc. | 2,173,054 |
106,459 | 1 | Masonite International Corp. | 5,674,265 |
122,192 | 1,2 | Mastec, Inc. | 6,270,893 |
75,874 | 1 | Mercury Systems, Inc. | 6,185,248 |
314,222 | 1 | Meritor, Inc. | 7,770,710 |
154,856 | Miller Herman, Inc. | 7,021,171 | |
107,919 | Rush Enterprises, Inc. | 4,064,230 | |
88,276 | 1,2 | Taser International, Inc. | 6,198,741 |
110,683 | Tetra Tech, Inc. | 8,766,094 | |
58,527 | 1,2 | TriNet Group, Inc. | 4,304,076 |
69,251 | Universal Forest Products, Inc. | 2,799,818 | |
121,174 | Universal Logistics Holdings, Inc. | 2,385,916 | |
89,381 | 2 | Werner Enterprises, Inc. | 2,962,980 |
77,594 | Woodward, Inc. | 8,693,632 | |
TOTAL | 168,875,704 | ||
Information Technology—19.0% | |||
113,580 | 1 | ACI Worldwide, Inc. | 3,811,745 |
12,050 | 1 | Avalara, Inc. | 981,834 |
107,130 | CSG Systems International, Inc. | 5,489,341 | |
151,752 | 1,2 | Cardtronics, Inc. | 4,321,897 |
36,416 | 1 | Ciena Corp. | 1,646,732 |
133,475 | 1 | Commvault Systems, Inc. | 6,065,104 |
155,389 | 1 | Cornerstone OnDemand, Inc. | 9,199,029 |
71,184 | 1,2 | Coupa Software, Inc. | 9,660,381 |
239,795 | 1 | Endurance International Group Holdings, Inc. | 1,136,628 |
205,430 | 1 | Enphase Energy, Inc. | 5,782,855 |
16,355 | 1,2 | Everbridge, Inc. | 1,673,117 |
27,743 | 1 | Evo Payments, Inc. | 863,362 |
78,547 | 1 | HubSpot, Inc. | 14,037,920 |
12,763 | 1 | Inphi Corp. | 768,460 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
120,088 | 1,2 | j2 Global, Inc. | $10,698,640 |
434,447 | 1 | Lattice Semiconductor Corp. | 8,402,205 |
59,651 | Maximus, Inc. | 4,384,945 | |
86,595 | 1,2 | Nanometrics, Inc. | 2,717,351 |
45,011 | 1 | OSI Systems, Inc. | 5,066,438 |
133,431 | 1 | PROS Holdings, Inc. | 9,655,067 |
128,903 | 1 | Paylocity Corp. | 13,159,707 |
99,596 | 1 | Perficient, Inc. | 3,403,195 |
21,480 | 1 | Qualys, Inc. | 1,859,309 |
104,968 | 1 | Rapid7, Inc. | 6,366,309 |
94,427 | 1 | SPS Commerce, Inc. | 10,559,771 |
64,296 | 1,2 | SVMK, Inc. | 1,091,103 |
7,683 | Science Applications International Corp. | 655,898 | |
30,524 | 1 | Silicon Laboratories, Inc. | 3,425,098 |
68,878 | 1 | Stratasys, Inc. | 1,921,007 |
80,265 | 1 | Verint Systems, Inc. | 4,644,936 |
159,573 | 1 | Workiva, Inc. | 9,173,852 |
81,386 | 1,2 | Zscaler, Inc. | 6,858,398 |
TOTAL | 169,481,634 | ||
Materials—2.9% | |||
91,627 | Boise Cascade Co. | 2,473,929 | |
117,803 | Fuller (H.B.) Co. | 5,632,162 | |
276,016 | 1,2 | Kraton Corp. | 8,465,411 |
141,398 | Kronos Worldwide, Inc. | 1,896,147 | |
194,248 | Myers Industries, Inc. | 3,140,990 | |
86,100 | 1,3 | Rentech, Inc. | 0 |
103,646 | Trinseo SA | 4,022,501 | |
TOTAL | 25,631,140 | ||
Utilities—0.8% | |||
15,911 | American States Water Co. | 1,232,625 | |
19,626 | Chesapeake Utilities Corp. | 1,834,246 | |
255,914 | TerraForm Power, Inc. | 3,943,635 | |
TOTAL | 7,010,506 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $824,513,889) | 875,482,272 | ||
INVESTMENT COMPANIES—11.4% | |||
34,589,446 | Federated Government Obligations Fund, Premier Shares, 2.25%4 | 34,589,446 |
Shares | Value | ||
INVESTMENT COMPANIES—continued | |||
67,411,680 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 2.39%4 | $67,431,904 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $102,016,518) | 102,021,350 | ||
TOTAL INVESTMENT IN SECURITIES—109.4% (IDENTIFIED COST $926,530,407)5 | 977,503,622 | ||
OTHER ASSETS AND LIABILITIES - NET—(9.4)%6 | (84,038,357) | ||
TOTAL NET ASSETS—100% | $893,465,265 |
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 | 268,355,519 | 674,277,218 | 942,632,737 |
Sales/Reductions | (245,617,111) | (627,622,264) | (873,239,375) |
Balance of Shares Held 7/31/2019 | 34,589,446 | 67,411,680 | 102,001,126 |
Value | $34,589,446 | $67,431,904 | $102,021,350 |
Change in Unrealized Appreciation/Depreciation | N/A | $1,230 | $1,230 |
Net Realized Gain/(Loss) | N/A | $5,562 | $5,562 |
Dividend Income | $680,291 | $1,347,772 | $2,028,063 |
* | 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 | The cost of investments for federal tax purposes amounts to $931,185,423. |
6 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $831,689,720 | $— | $0 | $831,689,720 |
International | 43,792,552 | — | — | 43,792,552 |
Investment Companies | 102,021,350 | — | — | 102,021,350 |
TOTAL SECURITIES | $977,503,622 | $— | $0 | $977,503,622 |
Year Ended July 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $25.67 | $21.89 | $17.66 | $20.49 | $17.39 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.08)1 | (0.11)1 | (0.08)1 | (0.06)1 | (0.12)1 |
Net realized and unrealized gain (loss) | (0.84) | 5.09 | 4.63 | 0.32 | 3.22 |
TOTAL FROM INVESTMENT OPERATIONS | (0.92) | 4.98 | 4.55 | 0.26 | 3.10 |
Less Distributions: | |||||
Distributions from net realized gain | (1.45) | (1.20) | (0.32) | (3.09) | — |
Net Asset Value, End of Period | $23.30 | $25.67 | $21.89 | $17.66 | $20.49 |
Total Return2 | (2.83)% | 23.50% | 26.00% | 2.30% | 17.83% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.13% | 1.14% | 1.15% | 1.13% | 1.54% |
Net investment income (loss) | (0.36)% | (0.48)% | (0.39)% | (0.34)% | (0.66)% |
Expense waiver/reimbursement3 | 0.29% | 0.44% | 0.70% | 1.00% | 0.61% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $82,170 | $82,953 | $47,681 | $29,707 | $32,136 |
Portfolio turnover | 142% | 129% | 118% | 198% | 121% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $22.77 | $19.69 | $16.03 | $19.03 | $16.27 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.23)1 | (0.26)1 | (0.21)1 | (0.17)1 | (0.25)1 |
Net realized and unrealized gain (loss) | (0.77) | 4.54 | 4.19 | 0.26 | 3.01 |
TOTAL FROM INVESTMENT OPERATIONS | (1.00) | 4.28 | 3.98 | 0.09 | 2.76 |
Less Distributions: | |||||
Distributions from net realized gain | (1.45) | (1.20) | (0.32) | (3.09) | — |
Net Asset Value, End of Period | $20.32 | $22.77 | $19.69 | $16.03 | $19.03 |
Total Return2 | (3.58)% | 22.54% | 25.08% | 1.51% | 16.96% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.88% | 1.89% | 1.90% | 1.88% | 2.31% |
Net investment income (loss) | (1.12)% | (1.23)% | (1.15)% | (1.09)% | (1.44)% |
Expense waiver/reimbursement3 | 0.29% | 0.41% | 0.66% | 1.00% | 0.59% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $22,639 | $18,008 | $10,007 | $3,941 | $3,571 |
Portfolio turnover | 142% | 129% | 118% | 198% | 121% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $26.71 | $22.67 | $18.24 | $21.01 | $17.79 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.02)1 | (0.06)1 | (0.03)1 | (0.02)1 | (0.08)1 |
Net realized and unrealized gain (loss) | (0.87) | 5.30 | 4.78 | 0.34 | 3.30 |
TOTAL FROM INVESTMENT OPERATIONS | (0.89) | 5.24 | 4.75 | 0.32 | 3.22 |
Less Distributions: | |||||
Distributions from net realized gain | (1.45) | (1.20) | (0.32) | (3.09) | — |
Net Asset Value, End of Period | $24.37 | $26.71 | $22.67 | $18.24 | $21.01 |
Total Return2 | (2.60)% | 23.85% | 26.27% | 2.56% | 18.10% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.88% | 0.89% | 0.90% | 0.88% | 1.30% |
Net investment income (loss) | (0.10)% | (0.25)% | (0.15)% | (0.09)% | (0.43)% |
Expense waiver/reimbursement3 | 0.25% | 0.41% | 0.63% | 0.99% | 0.60% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $455,597 | $364,248 | $112,742 | $43,337 | $36,706 |
Portfolio turnover | 142% | 129% | 118% | 198% | 121% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended July 31, | Period Ended 7/31/20161 | |||
2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $26.70 | $22.67 | $18.24 | $16.25 |
Income From Investment Operations: | ||||
Net investment income (loss) | (0.02)2 | (0.06)2 | (0.01)2 | (0.07)2 |
Net realized and unrealized gain (loss) | (0.87) | 5.29 | 4.76 | 2.06 |
TOTAL FROM INVESTMENT OPERATIONS | (0.89) | 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 | $24.36 | $26.70 | $22.67 | $18.24 |
Total Return3 | (2.60)% | 23.81% | 26.27% | 12.25% |
Ratios to Average Net Assets: | ||||
Net expenses | 0.87% | 0.88% | 0.88% | 0.87%4 |
Net investment income (loss) | (0.07)% | (0.24)% | (0.04)% | (0.41)%4 |
Expense waiver/reimbursement5 | 0.15% | 0.30% | 0.42% | 0.66%4 |
Supplemental Data: | ||||
Net assets, end of period (000 omitted) | $333,059 | $89,307 | $24,795 | $06 |
Portfolio turnover | 142% | 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 $82,365,160 of securities loaned and $102,021,350 of investment in affiliated holdings (identified cost $926,530,407) | $977,503,622 | |
Income receivable | 78,221 | |
Income receivable from an affiliated holding | 65,853 | |
Receivable for investments sold | 14,761,891 | |
Receivable for shares sold | 2,119,893 | |
TOTAL ASSETS | 994,529,480 | |
Liabilities: | ||
Payable for investments purchased | $12,310,768 | |
Payable for shares redeemed | 1,994,350 | |
Payable to bank | 16,407 | |
Payable for collateral due to broker for securities lending | 86,378,446 | |
Payable for investment adviser fee (Note 5) | 16,553 | |
Payable for administrative fees (Note 5) | 1,947 | |
Payable for distribution services fee (Note 5) | 14,452 | |
Payable for other service fees (Notes 2 and 5) | 50,540 | |
Accrued expenses (Note 5) | 280,752 | |
TOTAL LIABILITIES | 101,064,215 | |
Net assets for 37,010,647 shares outstanding | $893,465,265 | |
Net Assets Consist of: | ||
Paid-in capital | $849,240,518 | |
Total distributable earnings (loss) | 44,224,747 | |
TOTAL NET ASSETS | $893,465,265 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($82,170,441 ÷ 3,527,289 shares outstanding), no par value, unlimited shares authorized | $23.30 | |
Offering price per share (100/94.50 of $23.30) | $24.66 | |
Redemption proceeds per share | $23.30 | |
Class C Shares: | ||
Net asset value per share ($22,638,600 ÷ 1,113,937 shares outstanding), no par value, unlimited shares authorized | $20.32 | |
Offering price per share | $20.32 | |
Redemption proceeds per share (99.00/100 of $20.32) | $20.12 | |
Institutional Shares: | ||
Net asset value per share ($455,597,494 ÷ 18,698,247 shares outstanding), no par value, unlimited shares authorized | $24.37 | |
Offering price per share | $24.37 | |
Redemption proceeds per share | $24.37 | |
Class R6 Shares: | ||
Net asset value per share ($333,058,730 ÷ 13,671,174 shares outstanding), no par value, unlimited shares authorized | $24.36 | |
Offering price per share | $24.36 | |
Redemption proceeds per share | $24.36 |
Investment Income: | |||
Dividends (including $453,657 received from an affiliated holding*) | $5,477,618 | ||
Net income on securities loaned (includes $1,574,406 earned from affiliated holdings related to cash collateral balances*) (Note 2) | 258,805 | ||
TOTAL INCOME | 5,736,423 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $6,151,670 | ||
Administrative fee (Note 5) | 582,289 | ||
Custodian fees | 74,502 | ||
Transfer agent fee (Note 2) | 784,426 | ||
Directors'/Trustees' fees (Note 5) | 6,152 | ||
Auditing fees | 27,200 | ||
Legal fees | 11,960 | ||
Portfolio accounting fees | 150,473 | ||
Distribution services fee (Note 5) | 186,742 | ||
Other service fees (Notes 2 and 5) | 260,542 | ||
Share registration costs | 171,896 | ||
Printing and postage | 74,204 | ||
Miscellaneous (Note 5) | 37,090 | ||
TOTAL EXPENSES | 8,519,146 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(1,106,007) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (542,998) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (1,649,005) | ||
Net expenses | 6,870,141 | ||
Net investment income (loss) | (1,133,718) | ||
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: | |||
Net realized gain on investments (including net realized gain of $5,562 on sales of investments in an affiliated holding*) | 2,810,716 | ||
Net realized gain on foreign currency transactions | 1,424 | ||
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $1,230 on investments in an affiliated holding*) | (10,118,739) | ||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | (7,306,599) | ||
Change in net assets resulting from operations | $(8,440,317) |
* | See information listed after the Fund's Portfolio of Investments. |
Year Ended July 31 | 2019 | 2018 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(1,133,718) | $(1,167,795) |
Net realized gain | 2,812,140 | 32,205,200 |
Net change in unrealized appreciation/depreciation | (10,118,739) | 41,745,166 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (8,440,317) | 72,782,571 |
Distributions to Shareholders (Note 2): | ||
Class A Shares | (4,694,682) | (3,459,083) |
Class B Shares | — | (70,571) |
Class C Shares | (1,802,870) | (676,386) |
Institutional Shares | (21,193,835) | (8,159,743) |
Class R6 Shares | (10,244,004) | (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 | 662,802,599 | 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 | (310,406,395) | (100,121,714) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 385,324,925 | 299,697,595 |
Change in net assets | 338,949,217 | 357,918,760 |
Net Assets: | ||
Beginning of period | 554,516,048 | 196,597,288 |
End of period | $893,465,265 | $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 | $143,414 | $(113,636) |
Class C Shares | 44,083 | (35,128) |
Institutional Shares | 539,436 | (394,234) |
Class R6 Shares | 57,493 | — |
TOTAL | $784,426 | $(542,998) |
Other Service Fees Incurred | |
Class A Shares | $198,326 |
Class C Shares | 62,216 |
TOTAL | $260,542 |
Market Value of Securities Loaned | Collateral Received |
$82,365,160 | $86,378,446 |
Year Ended July 31 | 2019 | 2018 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,528,971 | $35,808,747 | 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 | (1,439,941) | (34,081,411) | (1,125,462) | (26,908,372) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 295,863 | $5,992,237 | 1,053,147 | $23,498,508 |
Year Ended July 31 | 2019 | 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) |
Year Ended July 31 | 2019 | 2018 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 861,349 | $19,805,308 | 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 | (622,248) | (12,775,267) | (88,072) | (1,851,406) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 323,189 | $8,549,511 | 282,393 | $6,109,722 |
Year Ended July 31 | 2019 | 2018 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 13,009,742 | $313,124,900 | 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 | (8,855,829) | (217,649,803) | (2,542,321) | (63,240,851) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 5,060,548 | $114,994,944 | 8,665,624 | $215,729,447 |
Year Ended July 31 | 2019 | 2018 | ||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 11,880,605 | $294,063,644 | 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 | (1,908,361) | (45,899,914) | (261,695) | (6,593,406) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 10,326,378 | $255,788,233 | 2,250,900 | $55,817,026 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 16,005,978 | $385,324,925 | 12,184,457 | $299,697,595 |
Increase (Decrease) | |
Paid-In Capital | Total Distributable Earnings (Loss) |
$(473,341) | $473,341 |
2019 | 2018 | |
Ordinary income1 | $19,115,501 | $11,703,942 |
Long-term capital gains | $18,819,890 | $ 2,857,464 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Net unrealized appreciation | $46,318,199 |
Capital loss deferrals | $(2,093,452) |
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 |
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 | $186,742 |
Purchases | $1,355,706,541 |
Sales | $1,014,544,005 |
September 23, 2019
Beginning Account Value 2/1/2019 | Ending Account Value 7/31/2019 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,062.00 | $5.78 |
Class C Shares | $1,000 | $1,057.80 | $9.59 |
Institutional Shares | $1,000 | $1,063.30 | $4.50 |
Class R6 Shares | $1,000 | $1,062.80 | $4.45 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.20 | $5.66 |
Class C Shares | $1,000 | $1,015.50 | $9.39 |
Institutional Shares | $1,000 | $1,020.40 | $4.41 |
Class R6 Shares | $1,000 | $1,020.50 | $4.36 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.13% |
Class C Shares | 1.88% |
Institutional Shares | 0.88% |
Class R6 Shares | 0.87% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations:Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of certain of the Funds in the Federated Fund Family; Vice President, Federated Investors, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President of some of the Funds in the Federated Fund Complex and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Investors, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
* | Reasons for “interested” status: J. Christopher Donahue and John B. Fisher are interested due to their beneficial ownership of shares of Federated Investors, Inc. and due to positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Director, Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc.; Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. Mr. Hough previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: June 2006 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: June 2006 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Investors, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Stephen F. Auth Birth Date: September 13, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: June 2012 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
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 |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.
(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. Audit Committee Financial Expert
The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: John T. Collins, G. Thomas Hough and Thomas M. O'Neill.
Item 4. | Principal Accountant Fees and Services |
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2019 - $142,400
Fiscal year ended 2018 – $139,710
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2019 - $0
Fiscal year ended 2018 – $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0, respectively.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2019 - $0
Fiscal year ended 2018 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0, respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2019 - $0
Fiscal year ended 2018 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $27,403 and $32,377, respectively. Fiscal year ended 2019- Service fee for analysis of potential Passive Foreign Investment Company holdings. Fiscal year ended 2018- Service fee for analysis of potential Passive Foreign Investment Company holdings.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate its responsibilities to pre-approve services performed by the independent auditor to management.
The Audit Committee has delegated pre-approval authority to its Chairman. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee must approve any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit Services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services, all other Audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain Audit-related services, all other Audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide Tax services to the Company such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services, all Tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of services other than audit, review or attest services the pre-approval requirement is waived if:
(1) | The aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant to its accountant during the fiscal year in which the services are provided; |
(2) | Such services were not recognized by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant at the time of the engagement to be non-audit services; and |
(3) | Such services are promptly brought to the attention of the Audit Committee of the issuer and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the board of directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, and would not impair the independence of the auditor.
The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of prohibited non-audit services and the applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2019 – 0%
Fiscal year ended 2018 – 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2019 – 0%
Fiscal year ended 2018 – 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2019 – 0%
Fiscal year ended 2018 – 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) | NA |
(g) | Non-Audit Fees billed to the registrant, the registrant’s investment adviser, and certain entities controlling, controlled by or under common control with the investment adviser: |
Fiscal year ended 2019 - $624,400
Fiscal year ended 2018 - $1,155,648
(h) | The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
The registrant’s management and Audit Committee continue to believe that the registrant’s registered public accounting firm, Ernst & Young LLP (“EY”), has the ability to exercise objective and impartial judgment on all issues encompassed within their audit services. EY is required to make a determination that it satisfies certain independence requirements under the federal securities laws. Like other registrants, there is a risk that activities or relationships of EY, or its partners or employees, can prevent a determination from being made that it satisfies such independence requirements with respect to the registrant, which could render it ineligible to serve as the registrant’s independent public accountant.
In its required communications to the Audit Committee of the registrant’s Board, EY informed the Audit Committee that EY and/ or covered person professionals within EY maintain lending relationships with certain owners of greater than 10% of the shares of certain investment companies within the “investment company complex” as defined under Rule 2-01(f)(14) of Regulation S-X, which are affiliates of the registrant. EY has advised the Audit Committee that these lending relationships implicate Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the “Loan Rule”). The Loan Rule prohibits an independent public accountant, or covered person professionals at such firm, from having a financial relationship (such as a loan) with a lender that is a record or beneficial owner of more than 10% of an audit client’s equity securities. For purposes of the Loan Rule, audit clients include the registrant, as well as all registered investment companies advised by advisory subsidiaries of Federated Investors, Inc., the Adviser (for which EY serves as independent public accountant), and their respective affiliates (collectively, the “Federated Fund Complex”).
EY informed the Audit Committee that EY believes that these lending relationships described above do not and will not impair EY’s ability to exercise objective and impartial judgment in connection with the audits of the financial statements for the registrant and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of objective and impartial judgment on all issues encompassed within EY’s audits.
On June 20, 2016, the Division of Investment Management of the Securities and Exchange Commission (“SEC”) issued a no-action letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to similar Loan Rule matters as those described above (the “Letter”). In the Letter, the SEC Staff confirmed that it would not recommend enforcement action against an investment company that relied on the audit services performed by an independent public accountant where the Loan Rule was implicated in certain specified circumstances provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the Loan Rule is implicated because of lending relationships; and (3) notwithstanding such lending relationships that implicate the Loan Rule, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. The circumstances described in the Letter are substantially similar to the circumstances that implicated the Loan Rule with respect to EY and the registrant. On September 22, 2017, the SEC extended the expiration of the Letter until the effectiveness of any amendments to the Loan Rule designed to address the concerns in the Letter. On June 18, 2019, the SEC adopted amendments to the Loan Rule, which, refocus the analysis that must be conducted to determine whether an auditor is independent when the auditor has a lending relationship with certain shareholders of an audit client at any time during an audit or professional engagement period.
Additionally, on July 18, 2018, EY informed the registrant that Rule 2-01(c)(1)(i)(A) of Regulation S-X (“Investment Rule”) also has been implicated since July 2, 2018. The Investment Rule prohibits public accounting firms, or covered person professionals and their immediate family members, from having certain direct financial investments in their audit clients and affiliated entities. EY informed the registrant that a pension trust of a non-US affiliated entity of EY had previously made, and as of July 18, 2018 maintained, an investment in a fund (“Hermes Fund”) managed by Hermes Alternative Investment Management Limited (“HAIML”), which is a wholly owned subsidiary of Hermes Fund Managers Limited (“HFML”). The pension trust’s investment in the Hermes Fund involved the Investment Rule because an indirect wholly owned subsidiary of Federated Investors, Inc. (an affiliate of the registrant’s adviser), acquired a 60% majority interest in HFML on July 2, 2018, effective July 1, 2018 (“Hermes Acquisition”). The pension trust first invested in the Hermes Fund in 2007, well prior to the Hermes Acquisition. The pension trust’s investment represented less than 3.3% of the Hermes Fund’s assets as of July 18, 2018. EY subsequently informed the registrant that EY’s affiliated entity’s pension trust had submitted an irrevocable redemption notice to redeem its investment in the Hermes Fund. Pursuant to the redemption terms of the Hermes Fund, the pension trust’s redemption would not be effected until December 26, 2018 at the earliest. The redemption notice could not be revoked by the pension trust. The redemption notice would only be revoked by HAIML, as the adviser for Hermes Fund, if, and to the extent, the pension trust successfully sold its interest in the Hermes Fund in a secondary market transaction. EY also informed the registrant that the pension trust simultaneously submitted a request to HAIML to conduct a secondary market auction for the pension trust’s interests in the Hermes Fund. In addition, the only voting rights shareholders of the Hermes Fund had under the Hermes Fund’s governing documents relate to key appointments, including the election of the non-executive members of the Hermes Fund’s committee, the appointment of the Hermes Fund’s trustee and the adoption of the Hermes Fund’s financial statements. The next meeting of the Hermes Fund at which shareholders could vote on the election of members to the Hermes Fund’s committee was not until June 2019, and the size of the pension trust’s investment in the Hermes Fund would not allow it to unilaterally elect a committee member or the trustee. EY does not audit the Hermes Fund and the Hermes Fund’s assets and operations are not consolidated in the registrant’s financial statements that are subject to audit by EY. Finally, no member of EY’s audit team that provides audit services to the registrant is a beneficiary of EY’s affiliated entity’s pension trust. Management reviewed this matter with the registrant’s Audit Committee, and, based on that review, as well as a letter from EY to the registrant dated July 26, 2018, in which EY indicated that it had determined that this matter does not impair EY’s ability to exercise objective and impartial judgment in connection with the audit of the financial statements for the registrant and the belief that a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit, the registrant’s management and Audit Committee made a determination that such matter does not impair EY’s ability to exercise objective and impartial judgment in connection with the audit of the financial statements for the registrant. On August 29, 2018, EY informed the registrant that EY’s affiliated entity’s pension trust sold its entire interest in the Hermes Fund, effective as of August 28, 2018.
If it were to be determined that, with respect to the Loan Rule, the relief available under the Letter was improperly relied upon, or that the independence requirements under the federal securities laws were not complied with regarding the registrant, for certain periods, and/or given the implication of the Investment Rule for certain periods, any of the registrant’s filings with the SEC which contain financial statements of the registrant for such periods may be determined not to be consistent with or comply with applicable federal securities laws, the registrant’s ability to offer shares under its current registration statement may be impacted, andcertain financial reporting and/or other covenants with, and representations and warranties to, the registrant’s lender under its committed line of credit may be impacted. Such eventscould have a material adverse effect on the registrant and the Federated Fund Complex.
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual 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
DateSeptember 23, 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
DateSeptember 23, 2019
By/S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
DateSeptember 23, 2019