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 Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
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:07/31/20
Date of Reporting Period:Six months ended 01/31/20
Item 1. | Reports to Stockholders |
Share Class | Ticker | A | QAACX | C | QCACX | Institutional | QIACX | R6 | QKACX |
Donahue
Sector Composition | Percentage of Total Net Assets |
Information Technology | 23.2% |
Financials | 13.9% |
Health Care | 13.7% |
Consumer Discretionary | 10.6% |
Communication Services | 9.6% |
Industrials | 8.5% |
Consumer Staples | 6.0% |
Real Estate | 4.4% |
Energy | 3.1% |
Materials | 2.7% |
Utilities | 2.1% |
Securities Lending Collateral2 | 1.7% |
Cash Equivalents3 | 1.9% |
Other Assets and Liabilities—Net4 | (1.4)% |
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—97.8% | |||
Communication Services—9.6% | |||
4,853 | 1 | AMC Networks, Inc. | $177,571 |
24,694 | AT&T, Inc. | 928,988 | |
9,446 | 1 | Alphabet, Inc., Class A | 13,534,040 |
755 | Cable One, Inc. | 1,286,543 | |
16,597 | 1 | Charter Communications, Inc. | 8,588,284 |
20,698 | 1 | Facebook, Inc. | 4,179,133 |
43,653 | 1 | MSG Networks, Inc. | 663,962 |
16,240 | 1 | Take-Two Interactive Software, Inc. | 2,024,153 |
47,627 | Verizon Communications, Inc. | 2,830,949 | |
TOTAL | 34,213,623 | ||
Consumer Discretionary—10.6% | |||
490 | 1 | Amazon.com, Inc. | 984,273 |
12,149 | 1 | American Outdoor Brands Corp. | 114,444 |
2,888 | 1 | AutoZone, Inc. | 3,055,389 |
381 | 1 | Booking Holdings, Inc. | 697,440 |
8,596 | 1 | Burlington Stores, Inc. | 1,869,372 |
5,285 | 1 | Crocs, Inc. | 200,354 |
691 | Dollar General Corp. | 106,006 | |
17,549 | Dunkin' Brands Group, Inc. | 1,370,401 | |
68,505 | eBay, Inc. | 2,299,028 | |
35,900 | Ford Motor Co. | 316,638 | |
9,671 | 1 | Fossil, Inc. | 65,086 |
37,463 | General Motors Co. | 1,250,890 | |
15,062 | Goodyear Tire & Rubber Co. | 197,764 | |
15,827 | Harley-Davidson, Inc. | 528,622 | |
2,086 | 1 | Libbey, Inc. | 2,774 |
39,279 | Lowe's Cos., Inc. | 4,565,791 | |
5,328 | 1 | Lululemon Athletica, Inc. | 1,275,470 |
5,438 | Nike, Inc., Class B | 523,679 | |
11,575 | 1 | O'Reilly Automotive, Inc. | 4,700,608 |
1,517 | 1 | Planet Fitness, Inc. | 122,558 |
5,153 | Pulte Group, Inc. | 230,081 | |
10,652 | 1,2 | RH | 2,223,605 |
18,906 | Starbucks Corp. | 1,603,796 | |
28,168 | Target Corp. | 3,119,324 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
26,258 | 1 | Tempur Sealy International, Inc. | $2,405,758 |
31,450 | Wyndham Destinations, Inc. | 1,526,269 | |
20,429 | Yum! Brands, Inc. | 2,160,775 | |
TOTAL | 37,516,195 | ||
Consumer Staples—6.0% | |||
15,450 | Church and Dwight, Inc. | 1,146,699 | |
40,410 | Colgate-Palmolive Co. | 2,981,450 | |
700 | Costco Wholesale Corp. | 213,864 | |
17,398 | 1 | Dean Foods Co. | 5,202 |
23,978 | Estee Lauder Cos., Inc., Class A | 4,679,547 | |
7,300 | Fresh Del Monte Produce, Inc. | 229,074 | |
2,606 | Hershey Foods Corp. | 404,373 | |
2,069 | Ingredion, Inc. | 182,072 | |
57,196 | Kimberly-Clark Corp. | 8,192,755 | |
16,514 | Lamb Weston Holdings, Inc. | 1,507,893 | |
5,374 | PepsiCo, Inc. | 763,215 | |
2,887 | Procter & Gamble Co. | 359,778 | |
8,969 | Sysco Corp. | 736,714 | |
TOTAL | 21,402,636 | ||
Energy—3.1% | |||
1,415 | 1,2 | Chaparral Energy, Inc. | 1,458 |
21,937 | Chevron Corp. | 2,350,330 | |
43,030 | EOG Resources, Inc. | 3,137,317 | |
16,696 | HollyFrontier Corp. | 749,984 | |
3,810 | Phillips 66 | 348,120 | |
51,270 | Valero Energy Corp. | 4,322,574 | |
TOTAL | 10,909,783 | ||
Financials—13.9% | |||
1,856 | 1 | Alleghany Corp. | 1,480,457 |
80,989 | Allstate Corp. | 9,600,436 | |
10,881 | American Express Co. | 1,413,115 | |
44,404 | American International Group, Inc. | 2,231,745 | |
20,560 | Ameriprise Financial, Inc. | 3,400,830 | |
7,709 | 1 | Athene Holding Ltd. | 335,804 |
12,812 | Bank of America Corp. | 420,618 | |
5,256 | BlackRock, Inc. | 2,771,752 | |
13,408 | Capital One Financial Corp. | 1,338,118 | |
66,976 | Citigroup, Inc. | 4,983,684 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
30,778 | Citizens Financial Group, Inc. | $1,147,404 | |
2,705 | Discover Financial Services | 203,227 | |
4,870 | Everest Re Group Ltd. | 1,346,896 | |
29,600 | Fifth Third Bancorp | 842,120 | |
12,192 | 1 | Green Dot Corp. | 366,735 |
18,837 | Huntington Bancshares, Inc. | 255,618 | |
2,767 | JPMorgan Chase & Co. | 366,240 | |
31,515 | KeyCorp | 589,646 | |
2,206 | LPL Investment Holdings, Inc. | 203,239 | |
1,186 | MSCI, Inc., Class A | 338,959 | |
35,165 | MetLife, Inc. | 1,748,052 | |
991 | NASDAQ, Inc. | 115,412 | |
25,900 | Navient Corp. | 372,442 | |
31,085 | Popular, Inc. | 1,739,517 | |
1,810 | Principal Financial Group, Inc. | 95,839 | |
17,482 | Progressive Corp., OH | 1,410,622 | |
32,585 | Prudential Financial, Inc. | 2,967,190 | |
6,652 | Reinsurance Group of America | 958,221 | |
18,706 | RenaissanceRe Holdings Ltd. | 3,543,665 | |
6,646 | State Street Corp. | 502,637 | |
6,141 | The Hartford Financial Services Group, Inc. | 364,038 | |
44,337 | 2 | Zions Bancorporation, N.A. | 2,016,890 |
TOTAL | 49,471,168 | ||
Health Care—13.7% | |||
28,317 | 1 | Alexion Pharmaceuticals, Inc. | 2,814,427 |
1,153 | 1,2 | Amedisys, Inc. | 203,493 |
17,056 | AmerisourceBergen Corp. | 1,459,311 | |
2,085 | Amgen, Inc. | 450,464 | |
969 | 1 | Biogen, Inc. | 260,516 |
4,174 | Bristol-Myers Squibb Co. | 262,753 | |
26,779 | Cardinal Health, Inc. | 1,371,352 | |
1,878 | Chemed Corp. | 877,101 | |
5,394 | 1 | Davita, Inc. | 430,819 |
1,911 | Dentsply Sirona, Inc. | 107,016 | |
457 | 1 | Dexcom, Inc. | 110,023 |
15,524 | Eli Lilly & Co. | 2,167,771 | |
1,272 | 1 | Global Blood Therapeutics, Inc. | 83,011 |
49,283 | HCA Healthcare, Inc. | 6,840,480 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
1,055 | 1 | IQVIA Holdings, Inc. | $163,789 |
15,052 | 1 | Incyte Genomics, Inc. | 1,099,850 |
2,596 | 1 | Intuitive Surgical, Inc. | 1,453,189 |
14,274 | 1 | Jazz Pharmaceuticals PLC. | 2,046,178 |
17,153 | McKesson Corp. | 2,446,189 | |
31,663 | Medtronic PLC | 3,655,177 | |
12,051 | Merck & Co., Inc. | 1,029,637 | |
1,156 | 1 | Regeneron Pharmaceuticals, Inc. | 390,659 |
5,284 | 1 | Repligen Corp. | 530,461 |
8,381 | 1 | Seattle Genetics, Inc. | 908,417 |
32,235 | Stryker Corp. | 6,791,914 | |
11,228 | 1 | Tenet Healthcare Corp. | 355,254 |
740 | 1 | Varian Medical Systems, Inc. | 104,022 |
25,975 | 1 | Vertex Pharmaceuticals, Inc. | 5,897,624 |
33,230 | Zoetis, Inc. | 4,459,798 | |
TOTAL | 48,770,695 | ||
Industrials—8.5% | |||
1,845 | 3M Co. | 292,728 | |
9,410 | AGCO Corp. | 660,017 | |
6,957 | Allison Transmission Holdings, Inc. | 307,499 | |
7,456 | 1,2 | Cimpress PLC | 891,961 |
7,671 | 2 | Cintas Corp. | 2,139,979 |
19,763 | Delta Air Lines, Inc. | 1,101,590 | |
5,086 | Deluxe Corp. | 245,145 | |
10,058 | Fluor Corp. | 179,938 | |
1,696 | GATX Corp. | 129,117 | |
4,208 | 1 | Generac Holdings, Inc. | 435,907 |
4,277 | General Dynamics Corp. | 750,357 | |
41,740 | HEICO Corp. | 5,110,228 | |
21,800 | 1 | Jet Blue Airways Corp. | 432,294 |
1,620 | Kansas City Southern Industries, Inc. | 273,278 | |
6,829 | Kennametal, Inc. | 213,679 | |
5,427 | Lennox International, Inc. | 1,264,383 | |
20,637 | Lockheed Martin Corp. | 8,835,112 | |
785 | 2 | Northrop Grumman Corp. | 294,037 |
588 | Parker-Hannifin Corp. | 115,066 | |
9,211 | Rockwell Automation, Inc. | 1,765,380 | |
14,360 | 1 | SPX Corp. | 704,645 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
3,425 | SkyWest, Inc. | $188,957 | |
698 | 1 | Teledyne Technologies, Inc. | 254,812 |
3,706 | TransUnion | 339,840 | |
8,090 | 1 | United Airlines Holdings, Inc. | 605,132 |
22,179 | United Parcel Service, Inc. | 2,295,970 | |
1,141 | 1,2 | United Rentals, Inc. | 154,822 |
328 | W.W. Grainger, Inc. | 99,276 | |
3,060 | 1 | WESCO International, Inc. | 148,135 |
TOTAL | 30,229,284 | ||
Information Technology—23.2% | |||
1,473 | 1 | Adobe, Inc. | 517,229 |
4,811 | 1 | Akamai Technologies, Inc. | 449,107 |
32,728 | 1 | Ansys, Inc. | 8,978,272 |
22,146 | Apple, Inc. | 6,854,408 | |
11,471 | 1 | Autodesk, Inc. | 2,258,066 |
11,375 | Automatic Data Processing, Inc. | 1,949,561 | |
17,410 | Booz Allen Hamilton Holding Corp. | 1,358,676 | |
1,623 | CDW Corp. | 211,720 | |
72,561 | 1 | Cadence Design Systems, Inc. | 5,232,374 |
6,124 | 1 | Ceridian HCM Holding, Inc. | 448,828 |
28,909 | 1 | Cirrus Logic, Inc. | 2,220,500 |
10,141 | 1 | Dell Technologies, Inc. | 494,577 |
13,052 | 1 | DocuSign, Inc. | 1,024,713 |
535 | 1 | EPAM Systems, Inc. | 122,055 |
49,477 | 1 | Fortinet, Inc. | 5,707,667 |
44,378 | 2 | HP, Inc. | 946,139 |
5,718 | 1 | Inphi Corp. | 434,339 |
36,006 | Intel Corp. | 2,301,864 | |
12,381 | Intuit, Inc. | 3,471,385 | |
19,457 | KLA Corp. | 3,224,803 | |
30,159 | 1 | Keysight Technologies, Inc. | 2,804,485 |
7,588 | Lam Research Corp. | 2,262,818 | |
27,375 | Mastercard, Inc. | 8,648,858 | |
4,678 | 1 | Micron Technology, Inc. | 248,355 |
32,569 | Microsoft Corp. | 5,544,221 | |
7,153 | NVIDIA Corp. | 1,691,184 | |
21,155 | Paychex, Inc. | 1,814,464 | |
7,202 | 1 | Paycom Software, Inc. | 2,291,388 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
10,065 | 1 | Salesforce.com, Inc. | $1,834,950 |
4,200 | 1 | Sanmina Corp. | 133,728 |
4,729 | 1 | Synopsys, Inc. | 697,575 |
7,718 | Teradyne, Inc. | 509,311 | |
11,798 | Universal Display Corp. | 2,078,454 | |
27,428 | Vishay Intertechnology, Inc. | 556,514 | |
11,900 | 1 | WEX, Inc. | 2,581,348 |
18,900 | Western Union Co. | 508,410 | |
TOTAL | 82,412,346 | ||
Materials—2.7% | |||
40,800 | Domtar, Corp. | 1,420,656 | |
120,464 | DuPont de Nemours, Inc. | 6,165,348 | |
2,699 | Scotts Miracle-Gro Co. | 331,275 | |
2,892 | Sherwin-Williams Co. | 1,610,815 | |
TOTAL | 9,528,094 | ||
Real Estate—4.4% | |||
6,510 | American Tower Corp. | 1,508,627 | |
8,656 | 2 | Crown Castle International Corp. | 1,297,015 |
23,904 | Essex Property Trust, Inc. | 7,404,503 | |
4,637 | Mid-American Apartment Communities, Inc. | 636,243 | |
1,216 | ProLogis, Inc. | 112,942 | |
1,336 | Realty Income Corp. | 104,756 | |
7,277 | SBA Communications, Corp. | 1,816,048 | |
30,610 | SL Green Realty Corp. | 2,817,344 | |
2,057 | UDR, Inc. | 98,551 | |
TOTAL | 15,796,029 | ||
Utilities—2.1% | |||
24,600 | AES Corp. | 488,556 | |
43,908 | Consolidated Edison Co. | 4,127,352 | |
30,424 | Exelon Corp. | 1,447,878 | |
18,501 | NiSource, Inc. | 542,264 | |
2,481 | 2 | Pinnacle West Capital Corp. | 242,369 |
31,946 | Vistra Energy Corp. | 719,424 | |
TOTAL | 7,567,843 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $318,200,427) | 347,817,696 | ||
INVESTMENT COMPANIES—3.6% | |||
5,941,459 | Federated Government Obligations Fund, Premier Shares, 1.49%3 | 5,941,459 |
Shares | Value | ||
INVESTMENT COMPANIES—continued | |||
6,739,555 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.71%3 | $6,741,577 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $12,683,036) | 12,683,036 | ||
TOTAL INVESTMENT IN SECURITIES—101.4% (IDENTIFIED COST $330,883,463)4 | 360,500,732 | ||
OTHER ASSETS AND LIABILITIES - NET—(1.4)%5 | (5,033,764) | ||
TOTAL NET ASSETS—100% | $355,466,968 |
Federated Government Obligations Fund, Premier Shares* | Federated Institutional Prime Value Obligations Fund, Institutional Shares | Total of Affiliated Transactions | |
Balance of Shares Held 7/31/2019 | 491,528 | 7,701,438 | 8,192,966 |
Purchases/Additions | 24,787,590 | 35,388,949 | 60,176,539 |
Sales/Reductions | (19,337,659) | (36,350,832) | (55,688,491) |
Balance of Shares Held 1/31/2020 | 5,941,459 | 6,739,555 | 12,681,014 |
Value | $5,941,459 | $6,741,577 | $12,683,036 |
Change in Unrealized Appreciation/Depreciation | N/A | $— | $— |
Net Realized Gain/(Loss) | N/A | $(402) | $(402) |
Dividend Income | $10,451 | $43,197 | $53,648 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | Non-income-producing security. |
2 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
3 | 7-day net yield. |
4 | Also represents cost for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $29.90 | $30.01 | $24.95 | $21.77 | $22.10 | $20.47 |
Income From Investment Operations: | ||||||
Net investment income | 0.051 | 0.161 | 0.091 | 0.26 | 0.191 | 0.111 |
Net realized and unrealized gain (loss) | 1.20 | 1.81 | 5.08 | 3.11 | (0.33) | 1.55 |
TOTAL FROM INVESTMENT OPERATIONS | 1.25 | 1.97 | 5.17 | 3.37 | (0.14) | 1.66 |
Less Distributions: | ||||||
Distributions from net investment income | (0.11) | (0.07) | (0.11) | (0.19) | (0.19) | (0.03) |
Distributions from net realized gain | (0.84) | (2.01) | — | — | — | — |
TOTAL DISTRIBUTIONS | (0.95) | (2.08) | (0.11) | (0.19) | (0.19) | (0.03) |
Net Asset Value, End of Period | $30.20 | $29.90 | $30.01 | $24.95 | $21.77 | $22.10 |
Total Return2 | 4.25% | 7.80% | 20.78% | 15.56% | (0.61)% | 8.10% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.04%3 | 1.08% | 1.36% | 1.38% | 1.35% | 1.35% |
Net investment income | 0.35%3 | 0.57% | 0.31% | 0.69% | 0.94% | 0.51% |
Expense waiver/reimbursement4 | 0.18%3 | 0.24% | 0.00%5 | 0.00%5 | 0.03% | 0.00%5 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $79,010 | $69,221 | $40,539 | $33,799 | $33,753 | $40,433 |
Portfolio turnover | 57% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
5 | Represents less than 0.01%. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $27.99 | $28.37 | $23.66 | $20.66 | $21.00 | $19.57 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.06)1 | (0.05)1 | (0.11)1 | (0.19) | 0.031 | (0.05)1 |
Net realized and unrealized gain (loss) | 1.13 | 1.68 | 4.82 | 3.23 | (0.33) | 1.48 |
TOTAL FROM INVESTMENT OPERATIONS | 1.07 | 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 | (0.84) | (2.01) | — | — | — | — |
TOTAL DISTRIBUTIONS | (0.84) | (2.01) | — | (0.04) | (0.04) | — |
Net Asset Value, End of Period | $28.22 | $27.99 | $28.37 | $23.66 | $20.66 | $21.00 |
Total Return2 | 3.89% | 6.96% | 19.91% | 14.72% | (1.43)% | 7.31% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.79%3 | 1.85% | 2.09% | 2.13% | 2.14% | 2.11% |
Net investment income (loss) | (0.40)%3 | (0.20)% | (0.41)% | (0.06)% | 0.15% | (0.26)% |
Expense waiver/reimbursement4 | 0.19%3 | 0.24% | 0.00%5 | 0.00%5 | 0.00%5 | 0.00%5 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $34,138 | $32,178 | $39,625 | $36,440 | $36,846 | $41,509 |
Portfolio turnover | 57% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
5 | Represents less than 0.01%. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $30.29 | $30.37 | $25.24 | $22.02 | $22.37 | $20.71 |
Income From Investment Operations: | ||||||
Net investment income | 0.101 | 0.251 | 0.161 | 0.39 | 0.251 | 0.181 |
Net realized and unrealized gain (loss) | 1.22 | 1.81 | 5.16 | 3.09 | (0.34) | 1.57 |
TOTAL FROM INVESTMENT OPERATIONS | 1.32 | 2.06 | 5.32 | 3.48 | (0.09) | 1.75 |
Less Distributions: | ||||||
Distributions from net investment income | (0.19) | (0.13) | (0.19) | (0.26) | (0.26) | (0.09) |
Distributions from net realized gain | (0.84) | (2.01) | — | — | — | — |
TOTAL DISTRIBUTIONS | (1.03) | (2.14) | (0.19) | (0.26) | (0.26) | (0.09) |
Net Asset Value, End of Period | $30.58 | $30.29 | $30.37 | $25.24 | $22.02 | $22.37 |
Total Return2 | 4.41% | 8.08% | 21.15% | 15.90% | (0.34)% | 8.45% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.74%3 | 0.78% | 1.07% | 1.08% | 1.07% | 1.05% |
Net investment income | 0.65%3 | 0.87% | 0.57% | 1.01% | 1.22% | 0.80% |
Expense waiver/reimbursement4 | 0.23%3 | 0.29% | 0.00%5 | 0.00%5 | 0.00%5 | 0.00%5 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $233,537 | $215,799 | $95,290 | $52,169 | $65,435 | $76,242 |
Portfolio turnover | 57% | 87% | 82% | 77% | 62% | 76% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
5 | Represents less than 0.01%. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $29.75 | $29.89 | $24.85 | $21.46 | $21.80 | $20.25 |
Income From Investment Operations: | ||||||
Net investment income | 0.102 | 0.232 | 0.182 | 0.21 | 0.102 | 0.022 |
Net realized and unrealized gain (loss) | 1.19 | 1.79 | 5.06 | 3.18 | (0.33) | 1.53 |
TOTAL FROM INVESTMENT OPERATIONS | 1.29 | 2.02 | 5.24 | 3.39 | (0.23) | 1.55 |
Less Distributions: | ||||||
Distributions from net investment income | (0.19) | (0.15) | (0.20) | — | (0.11) | — |
Distributions from net realized gain | (0.84) | (2.01) | — | — | — | — |
TOTAL DISTRIBUTIONS | (1.03) | (2.16) | (0.20) | — | (0.11) | — |
Net Asset Value, End of Period | $30.01 | $29.75 | $29.89 | $24.85 | $21.46 | $21.80 |
Total Return3 | 4.40% | 8.08% | 21.17% | 15.80% | (1.05)% | 7.65% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.73%4 | 0.81% | 1.02% | 1.07% | 1.80% | 1.76% |
Net investment income | 0.66%4 | 0.78% | 0.65% | 0.95% | 0.49% | 0.09% |
Expense waiver/reimbursement5 | 0.17%4 | 0.18% | 0.00%6 | 0.00%6 | 0.00%6 | 0.00%6 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $8,782 | $9,183 | $20,425 | $17,363 | $5,717 | $6,300 |
Portfolio turnover | 57% | 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. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
6 | Represents less than 0.01%. |
Assets: | ||
Investment in securities, at value including $5,454,053 of securities loaned and including $12,683,036 of investment in affiliated holdings* (identified cost $330,883,463) | $360,500,732 | |
Income receivable | 187,136 | |
Income receivable from affiliated holdings* | 9,983 | |
Receivable for investments sold | 2,520,910 | |
Receivable for shares sold | 1,157,373 | |
TOTAL ASSETS | 364,376,134 | |
Liabilities: | ||
Payable for investments purchased | $2,015,122 | |
Payable for shares redeemed | 769,909 | |
Payable for collateral due to broker for securities lending | 5,941,459 | |
Payable for investment adviser fees (Note 5) | 5,329 | |
Payable for administrative fees (Note 5) | 777 | |
Payable for distribution services fee (Note 5) | 22,079 | |
Payable for other service fees (Notes 2 and 5) | 30,999 | |
Accrued expenses (Note 5) | 123,492 | |
TOTAL LIABILITIES | 8,909,166 | |
Net assets for 11,754,670 shares outstanding | $355,466,968 | |
Net Assets Consist of: | ||
Paid-in capital | $323,164,496 | |
Total distributable earnings | 32,302,472 | |
TOTAL NET ASSETS | $355,466,968 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($79,009,501 ÷ 2,616,440 shares outstanding), no par value, unlimited shares authorized | $30.20 | |
Offering price per share (100/94.50 of $30.20) | $31.96 | |
Redemption proceeds per share | $30.20 | |
Class C Shares: | ||
Net asset value per share ($34,138,256 ÷ 1,209,835 shares outstanding), no par value, unlimited shares authorized | $28.22 | |
Offering price per share | $28.22 | |
Redemption proceeds per share (99.00/100 of $28.22) | $27.94 | |
Institutional Shares: | ||
Net asset value per share ($233,537,271 ÷ 7,635,792 shares outstanding), no par value, unlimited shares authorized | $30.58 | |
Offering price per share | $30.58 | |
Redemption proceeds per share | $30.58 | |
Class R6 Shares: | ||
Net asset value per share ($8,781,940 ÷ 292,603 shares outstanding), no par value, unlimited shares authorized | $30.01 | |
Offering price per share | $30.01 | |
Redemption proceeds per share | $30.01 |
* | See information listed after the Fund's Portfolio of Investments. |
Investment Income: | |||
Dividends (including $43,197 received from affiliated holdings* and net of foreign taxes withheld of $1,887) | $2,350,625 | ||
Net income on securities loaned (includes $10,451 received from affiliated holdings related to cash collateral balances*) (Note 2) | 11,788 | ||
TOTAL INCOME | 2,362,413 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,183,992 | ||
Administrative fee (Note 5) | 133,535 | ||
Custodian fees | 17,059 | ||
Transfer agent fee (Note 2) | 151,427 | ||
Directors'/Trustees' fees (Note 5) | 1,652 | ||
Auditing fees | 13,759 | ||
Legal fees | 4,835 | ||
Portfolio accounting fees | 60,063 | ||
Distribution services fee (Note 5) | 123,124 | ||
Other service fees (Notes 2 and 5) | 135,583 | ||
Share registration costs | 45,356 | ||
Printing and postage | 18,308 | ||
Miscellaneous (Note 5) | 15,021 | ||
TOTAL EXPENSES | 1,903,714 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(279,914) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (78,558) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (358,472) | ||
Net expenses | 1,545,242 | ||
Net investment income | 817,171 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments (including net realized loss of $(402) on sales of investments in affiliated holdings*) | 12,168,419 | ||
Net change in unrealized appreciation of investments | 1,548,301 | ||
Net realized and unrealized gain on investments | 13,716,720 | ||
Change in net assets resulting from operations | $14,533,891 |
* | See information listed after the Fund's Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended 7/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $817,171 | $1,799,509 |
Net realized gain | 12,168,419 | 12,196,355 |
Net change in unrealized appreciation/depreciation | 1,548,301 | 7,975,426 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 14,533,891 | 21,971,290 |
Distributions to Shareholders: | ||
Class A Shares | (2,420,345) | (3,882,027) |
Class C Shares | (981,926) | (1,891,738) |
Institutional Shares | (7,530,512) | (12,178,410) |
Class R6 Shares | (293,094) | (604,361) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (11,225,877) | (18,556,536) |
Share Transactions: | ||
Proceeds from sale of shares | 62,202,485 | 256,926,172 |
Proceeds from shares issued in connection with the tax-free transfer of assets from PNC Multi-Factor All Cap Fund | 4,799,602 | — |
Net asset value of shares issued to shareholders in payment of distributions declared | 10,177,440 | 17,409,881 |
Cost of shares redeemed | (51,401,938) | (147,248,399) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 25,777,589 | 127,087,654 |
Change in net assets | 29,085,603 | 130,502,408 |
Net Assets: | ||
Beginning of period | 326,381,365 | 195,878,957 |
End of period | $355,466,968 | $326,381,365 |
Shares of the Fund Issued | Acquired Fund's Net Assets Received | Unrealized Depreciation1 | Net Assets of the Fund Immediately Prior to Combination | Net Assets of the Fund Immediately After Combination |
158,091 | $4,799,602 | $481,958 | $334,525,804 | $339,325,406 |
1 | Unrealized Depreciation is included in the Net Assets Received amount shown above. |
Net investment income | $837,884 |
Net realized and unrealized gain on investments | 13,920,126 |
Net increase in net assets resulting from operations | $14,758,010 |
■ | 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 | $34,399 | $(5,169) |
Class C Shares | 16,698 | (4,014) |
Institutional Shares | 99,579 | (69,375) |
Class R6 Shares | 751 | — |
TOTAL | $151,427 | $(78,558) |
Other Service Fees Incurred | |
Class A Shares | $94,542 |
Class C Shares | 41,041 |
TOTAL | $135,583 |
Market Value of Securities Loaned | Collateral Received |
$5,454,053 | $5,941,459 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 413,926 | $12,217,258 | 1,197,944 | $35,149,177 |
Proceeds from shares issued in connection with the tax-free transfer of assets from PNC Multi-Factor All Cap Fund | 69,799 | 2,108,622 | — | — |
Shares issued to shareholders in payment of distributions declared | 75,909 | 2,245,757 | 143,909 | 3,662,745 |
Shares redeemed | (258,607) | (7,680,791) | (377,081) | (10,640,181) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 301,027 | $8,890,846 | 964,772 | $28,171,741 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 144,693 | $4,044,117 | 486,557 | $12,740,476 |
Proceeds from shares issued in connection with the tax-free transfer of assets from PNC Multi-Factor All Cap Fund | 5,925 | 167,267 | — | — |
Shares issued to shareholders in payment of distributions declared | 32,298 | 888,524 | 73,190 | 1,749,965 |
Shares redeemed | (122,526) | (3,418,195) | (806,777) | (22,501,025) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 60,390 | $1,681,713 | (247,030) | $(8,010,584) |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,449,256 | $43,816,034 | 6,734,928 | $195,716,816 |
Proceeds from shares issued in connection with the tax-free transfer of assets from PNC Multi-Factor All Cap Fund | 82,367 | 2,523,713 | — | — |
Shares issued to shareholders in payment of distributions declared | 227,539 | 6,839,149 | 442,206 | 11,395,972 |
Shares redeemed | (1,246,687) | (37,518,543) | (3,191,121) | (90,332,398) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 512,475 | $15,660,353 | 3,986,013 | $116,780,390 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 72,081 | $2,125,076 | 448,233 | $13,319,703 |
Shares issued to shareholders in payment of distributions declared | 6,915 | 204,010 | 23,752 | 601,199 |
Shares redeemed | (95,081) | (2,784,409) | (846,550) | (23,774,795) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (16,085) | $(455,323) | (374,565) | $(9,853,893) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 857,807 | $25,777,589 | 4,329,190 | $127,087,654 |
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 | 123,124 |
Purchases | $197,746,854 |
Sales | $187,478,290 |
Beginning Account Value 8/1/2019 | Ending Account Value 1/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,042.80 | $5.34 |
Class C Shares | $1,000 | $1,038.90 | $9.17 |
Institutional Shares | $1,000 | $1,044.10 | $3.80 |
Class R6 Shares | $1,000 | $1,044.00 | $3.75 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.90 | $5.28 |
Class C Shares | $1,000 | $1,016.14 | $9.07 |
Institutional Shares | $1,000 | $1,021.42 | $3.76 |
Class R6 Shares | $1,000 | $1,021.47 | $3.71 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (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% |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R205
CUSIP 31421R304
CUSIP 31421R718
Share Class | Ticker | A | QABGX | C | QCBGX | Institutional | QIBGX | R6 | QKBGX |
Donahue
Security Type | Percentage of Total Net Assets |
Domestic Equity Securities | 53.9% |
Corporate Debt Securities | 12.0% |
International Equity Securities (including International Exchange-Traded Funds) | 9.1% |
Federated Mortgage Core Portfolio | 7.4% |
U.S. Treasury Securities2 | 7.0% |
High Yield Bond Portfolio | 1.9% |
Federated Project and Trade Finance Core Fund | 2.0% |
Commercial Mortgage-Backed Securities | 1.7% |
Emerging Markets Core Fund | 1.5% |
Federated Bank Loan Core Fund | 1.1% |
Mortgage-Backed Securities | 0.6% |
Municipal Bonds | 0.0%3 |
Asset-Backed Securities | 0.0%3 |
Collateralized Mortgage Obligations | 0.0%3 |
Securities Lending Collateral4 | 0.4% |
Derivative Contracts5 | 0.0%3 |
Cash Equivalents6 | 1.7% |
Other Assets and Liabilities—Net7 | (0.3)% |
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 | 23.4% |
Health Care | 14.2% |
Financials | 13.8% |
Consumer Discretionary | 10.5% |
Communication Services | 10.1% |
Industrials | 8.5% |
Consumer Staples | 7.3% |
Energy | 3.4% |
Real Estate | 3.8% |
Materials | 2.6% |
Utilities | 2.4% |
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—54.8% | |||
Communication Services—5.5% | |||
2,848 | AT&T, Inc. | $107,142 | |
2,376 | 1 | Alphabet, Inc., Class A | 3,404,285 |
157 | Cable One, Inc. | 267,533 | |
3,535 | 1 | Charter Communications, Inc. | 1,829,221 |
3,224 | Comcast Corp., Class A | 139,245 | |
6,010 | 1 | Facebook, Inc. | 1,213,479 |
28,128 | 1 | MSG Networks, Inc. | 427,827 |
369 | Omnicom Group, Inc. | 27,789 | |
3,365 | 1 | Take-Two Interactive Software, Inc. | 419,414 |
22,944 | Verizon Communications, Inc. | 1,363,791 | |
TOTAL | 9,199,726 | ||
Consumer Discretionary—5.8% | |||
250 | 1 | Amazon.com, Inc. | 502,180 |
668 | 1 | AutoZone, Inc. | 706,717 |
30 | 1 | Booking Holdings, Inc. | 54,917 |
2,402 | 1 | Burlington Stores, Inc. | 522,363 |
1,272 | 1 | CROCs, Inc. | 48,222 |
468 | Dollar General Corp. | 71,796 | |
4,723 | Dunkin' Brands Group, Inc. | 368,819 | |
12,265 | eBay, Inc. | 411,613 | |
24,635 | Ford Motor Co. | 217,281 | |
5,192 | 2 | GameStop Corp. | 19,937 |
272 | Garmin Ltd. | 26,370 | |
6,532 | General Motors Co. | 218,103 | |
4,741 | Goodyear Tire & Rubber Co. | 62,249 | |
2,319 | Harley-Davidson, Inc. | 77,455 | |
328 | Home Depot, Inc. | 74,817 | |
2,435 | 1 | Libbey, Inc. | 3,239 |
10,457 | Lowe's Cos., Inc. | 1,215,522 | |
691 | 1 | Lululemon Athletica, Inc. | 165,419 |
4,127 | Nike, Inc., Class B | 397,430 | |
2,791 | 1 | O'Reilly Automotive, Inc. | 1,133,425 |
1,053 | Pulte Group, Inc. | 47,016 | |
1,973 | 1,2 | RH | 411,864 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
293 | Ross Stores, Inc. | $32,872 | |
4,068 | 1 | Sally Beauty Holdings, Inc. | 62,444 |
6,116 | Starbucks Corp. | 518,820 | |
6,357 | Target Corp. | 703,974 | |
5,107 | 1 | Tempur Sealy International, Inc. | 467,903 |
5,423 | Tupperware Brands Corp. | 33,948 | |
9,457 | Wyndham Destinations, Inc. | 458,948 | |
5,029 | Yum! Brands, Inc. | 531,917 | |
1,135 | 1 | Zumiez, Inc. | 35,378 |
TOTAL | 9,602,958 | ||
Consumer Staples—4.0% | |||
8,295 | Church and Dwight, Inc. | 615,655 | |
14,629 | Colgate-Palmolive Co. | 1,079,328 | |
4,726 | Estee Lauder Cos., Inc., Class A | 922,326 | |
4,289 | Fresh Del Monte Produce, Inc. | 134,589 | |
2,303 | Hershey Foods Corp. | 357,357 | |
14,203 | Kimberly-Clark Corp. | 2,034,438 | |
3,679 | Lamb Weston Holdings, Inc. | 335,929 | |
5,104 | PepsiCo, Inc. | 724,870 | |
1,342 | Philip Morris International, Inc. | 110,983 | |
2,041 | Procter & Gamble Co. | 254,349 | |
1,002 | Sysco Corp. | 82,304 | |
TOTAL | 6,652,128 | ||
Energy—1.9% | |||
9,355 | Chevron Corp. | 1,002,295 | |
9,705 | EOG Resources, Inc. | 707,591 | |
4,099 | HollyFrontier Corp. | 184,127 | |
2,157 | PBF Energy, Inc. | 58,886 | |
2,360 | Phillips 66 | 215,633 | |
10,832 | Valero Energy Corp. | 913,246 | |
TOTAL | 3,081,778 | ||
Financials—7.6% | |||
484 | 1 | Alleghany Corp. | 386,067 |
20,347 | Allstate Corp. | 2,411,933 | |
2,028 | American Express Co. | 263,376 | |
9,000 | American International Group, Inc. | 452,340 | |
2,706 | Ameriprise Financial, Inc. | 447,599 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
3,264 | 1 | Athene Holding Ltd. | $142,180 |
787 | BlackRock, Inc. | 415,024 | |
4,800 | Blackstone Mortgage Trust, Inc. | 183,360 | |
2,970 | Capital One Financial Corp. | 296,406 | |
405 | Chubb Ltd. | 61,556 | |
14,347 | Citigroup, Inc. | 1,067,560 | |
633 | Citizens Financial Group, Inc. | 23,598 | |
673 | Discover Financial Services | 50,563 | |
1,933 | Everest Re Group Ltd. | 534,610 | |
17,862 | Fifth Third Bancorp | 508,174 | |
2,766 | 1 | Green Dot Corp. | 83,201 |
17,749 | Huntington Bancshares, Inc. | 240,854 | |
727 | Intercontinental Exchange, Inc. | 72,511 | |
12,370 | KeyCorp | 231,443 | |
551 | LPL Investment Holdings, Inc. | 50,764 | |
400 | MSCI, Inc., Class A | 114,320 | |
6,530 | MetLife, Inc. | 324,606 | |
783 | NASDAQ, Inc. | 91,188 | |
17,976 | Navient Corp. | 258,495 | |
748 | Northern Trust Corp. | 73,162 | |
261 | PNC Financial Services Group | 38,772 | |
8,481 | Popular, Inc. | 474,597 | |
4,412 | Progressive Corp., OH | 356,004 | |
5,093 | Prudential Financial, Inc. | 463,769 | |
2,248 | Reinsurance Group of America | 323,824 | |
4,342 | RenaissanceRe Holdings Ltd. | 822,549 | |
1,205 | S&P Global, Inc. | 353,945 | |
1,700 | State Street Corp. | 128,571 | |
2,948 | The Hartford Financial Services Group, Inc. | 174,757 | |
926 | The Travelers Cos., Inc. | 121,880 | |
12,722 | 2 | Zions Bancorporation, N.A. | 578,724 |
TOTAL | 12,622,282 | ||
Health Care—7.8% | |||
575 | AbbVie, Inc. | 46,586 | |
7,004 | 1 | Alexion Pharmaceuticals, Inc. | 696,127 |
3,278 | AmerisourceBergen Corp. | 280,466 | |
1,155 | Amgen, Inc. | 249,538 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
194 | 1 | Biogen, Inc. | $52,157 |
2,562 | Bristol-Myers Squibb Co. | 161,278 | |
6,779 | Cardinal Health, Inc. | 347,153 | |
439 | Chemed Corp. | 205,031 | |
15,524 | 1 | Community Health Systems, Inc. | 66,598 |
1,443 | 1 | Davita, Inc. | 115,252 |
107 | 1 | Edwards Lifesciences Corp. | 23,525 |
5,790 | Eli Lilly & Co. | 808,516 | |
977 | Gilead Sciences, Inc. | 61,746 | |
615 | 1 | Global Blood Therapeutics, Inc. | 40,135 |
13,451 | HCA Healthcare, Inc. | 1,866,999 | |
4,435 | 1 | Incyte Genomics, Inc. | 324,065 |
422 | 1 | Insulet Corp. | 81,885 |
497 | 1 | Intercept Group, Inc. | 45,928 |
617 | 1 | Intuitive Surgical, Inc. | 345,384 |
3,151 | 1 | Jazz Pharmaceuticals PLC | 451,696 |
1,243 | Johnson & Johnson | 185,045 | |
3,884 | McKesson Corp. | 553,897 | |
6,845 | Medtronic PLC | 790,187 | |
3,710 | Merck & Co., Inc. | 316,982 | |
2,796 | Pfizer, Inc. | 104,123 | |
213 | 1 | Reata Pharmaceuticals, Inc. | 46,602 |
611 | 1 | Regeneron Pharmaceuticals, Inc. | 206,481 |
1,689 | 1 | Seattle Genetics, Inc. | 183,071 |
6,288 | Stryker Corp. | 1,324,882 | |
5,773 | 1 | Tenet Healthcare Corp. | 182,658 |
184 | 1 | Varian Medical Systems, Inc. | 25,865 |
6,816 | 1 | Vertex Pharmaceuticals, Inc. | 1,547,573 |
418 | Zimmer Biomet Holdings, Inc. | 61,822 | |
8,872 | Zoetis, Inc. | 1,190,711 | |
TOTAL | 12,989,964 | ||
Industrials—4.6% | |||
612 | 3M Co. | 97,100 | |
2,951 | AGCO Corp. | 206,983 | |
11,019 | Allison Transmission Holdings, Inc. | 487,040 | |
1,531 | 1 | Cimpress PLC | 183,154 |
2,110 | Cintas Corp. | 588,627 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
3,735 | Delta Air Lines, Inc. | $208,189 | |
1,162 | Deluxe Corp. | 56,008 | |
1,468 | General Dynamics Corp. | 257,546 | |
9,740 | Heico Corp. | 1,192,468 | |
143 | Honeywell International, Inc. | 24,770 | |
3,004 | 1 | Jet Blue Airways Corp. | 59,569 |
163 | Kansas City Southern Industries, Inc. | 27,496 | |
703 | Lennox International, Inc. | 163,785 | |
5,052 | Lockheed Martin Corp. | 2,162,862 | |
345 | Northrop Grumman Corp. | 129,227 | |
233 | Parker-Hannifin Corp. | 45,596 | |
10,000 | Pitney Bowes, Inc. | 37,400 | |
2,651 | Rockwell Automation, Inc. | 508,091 | |
9,094 | 1 | SPX Corp. | 446,243 |
133 | 1 | Teledyne Technologies, Inc. | 48,553 |
2,738 | TransUnion | 251,075 | |
5,372 | United Parcel Service, Inc. | 556,109 | |
TOTAL | 7,737,891 | ||
Information Technology—12.8% | |||
1,296 | 1 | Adobe, Inc. | 455,077 |
1,960 | 1 | Akamai Technologies, Inc. | 182,966 |
7,808 | 1 | Ansys, Inc. | 2,141,969 |
5,499 | Apple, Inc. | 1,701,996 | |
2,059 | 1 | Autodesk, Inc. | 405,314 |
1,970 | Automatic Data Processing, Inc. | 337,638 | |
1,565 | Booz Allen Hamilton Holding Corp. | 122,133 | |
125 | Broadcom, Inc. | 38,145 | |
1,355 | CDW Corp. | 176,760 | |
18,537 | 1 | Cadence Design Systems, Inc. | 1,336,703 |
956 | 1 | Ceridian HCM Holding, Inc. | 70,065 |
5,653 | 1 | Cirrus Logic, Inc. | 434,207 |
3,047 | 1 | Dell Technologies, Inc. | 148,602 |
4,618 | 1 | DocuSign, Inc. | 362,559 |
251 | 1 | EPAM Systems, Inc. | 57,263 |
13,274 | 1 | Fortinet, Inc. | 1,531,289 |
8,704 | HP, Inc. | 185,569 | |
2,784 | 1 | Inphi Corp. | 211,473 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
1,900 | 1,2 | Insight Enterprises, Inc. | $125,153 |
3,642 | Intel Corp. | 232,833 | |
3,085 | Intuit, Inc. | 864,972 | |
5,233 | KLA Corp. | 867,317 | |
8,506 | 1 | Keysight Technologies, Inc. | 790,973 |
1,953 | Lam Research Corp. | 582,404 | |
6,842 | Mastercard, Inc. | 2,161,662 | |
8,084 | Microsoft Corp. | 1,376,139 | |
1,522 | NVIDIA Corp. | 359,846 | |
11,894 | Paychex, Inc. | 1,020,148 | |
2,248 | 1 | Paycom Software, Inc. | 715,224 |
391 | 1 | Paylocity Corp. | 55,479 |
508 | SS&C Technologies Holdings, Inc. | 32,009 | |
1,825 | 1 | Salesforce.com, Inc. | 332,716 |
7,000 | 1 | Sanmina Corp. | 222,880 |
1,048 | 1 | Synopsys, Inc. | 154,591 |
1,120 | Teradyne, Inc. | 73,909 | |
2,143 | Universal Display Corp. | 377,532 | |
20,792 | Vishay Intertechnology, Inc. | 421,870 | |
1,666 | 1 | WEX, Inc. | 361,389 |
10,000 | Western Union Co. | 269,000 | |
TOTAL | 21,297,774 | ||
Materials—1.4% | |||
9,367 | Domtar, Corp. | 326,159 | |
27,044 | DuPont de Nemours, Inc. | 1,384,112 | |
453 | FMC Corp. | 43,302 | |
579 | Martin Marietta Materials | 152,740 | |
436 | Scotts Miracle-Gro Co. | 53,515 | |
770 | Sherwin-Williams Co. | 428,882 | |
TOTAL | 2,388,710 | ||
Real Estate—2.1% | |||
1,650 | Alexandria Real Estate Equities, Inc. | 269,280 | |
1,100 | American Tower Corp. | 254,914 | |
4,200 | Americold Realty Trust | 144,774 | |
1,500 | Camden Property Trust | 168,645 | |
2,050 | EastGroup Properties, Inc. | 278,943 | |
305 | Equinix, Inc. | 179,868 |
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Real Estate—continued | |||
3,600 | Equity Lifestyle Properties, Inc. | $261,900 | |
9,000 | Invitation Homes, Inc. | 283,230 | |
2,900 | ProLogis, Inc. | 269,352 | |
3,400 | Realty Income Corp. | 266,594 | |
4,300 | Rexford Industrial Realty, Inc. | 207,217 | |
6,700 | STORE Capital Corp. | 262,975 | |
1,400 | Sun Communities, Inc. | 227,038 | |
5,200 | Terreno Realty Corp. | 297,752 | |
3,550 | Weyerhaeuser Co. | 102,773 | |
TOTAL | 3,475,255 | ||
Utilities—1.3% | |||
14,160 | AES Corp. | 281,218 | |
10,546 | Consolidated Edison Co. | 991,324 | |
16,701 | Exelon Corp. | 794,801 | |
6,603 | Vistra Energy Corp. | 148,699 | |
TOTAL | 2,216,042 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $84,154,964) | 91,264,508 | ||
ASSET-BACKED SECURITY—0.0% | |||
Auto Receivables—0.0% | |||
$12,368 | Santander Drive Auto Receivables Trust 2016-2, Class C, 2.660%, 11/15/2021 (IDENTIFIED COST $12,366) | 12,374 | |
COLLATERALIZED MORTGAGE OBLIGATIONS—0.0% | |||
283 | 3 | Bear Stearns Mortgage Securities, Inc. 1997-6, Class 1A, 6.315%, 3/25/2031 | 283 |
722 | Federal Home Loan Mortgage Corp. REMIC, Series 1311, Class K, 7.000%, 7/15/2022 | 756 | |
833 | Federal Home Loan Mortgage Corp. REMIC, Series 1384, Class D, 7.000%, 9/15/2022 | 869 | |
3,578 | Federal Home Loan Mortgage Corp. REMIC, Series 2497, Class JH, 6.000%, 9/15/2032 | 4,010 | |
2,621 | 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 | 2,799 |
815 | Federal National Mortgage Association REMIC, Series 2003-35, Class UC, 3.750%, 5/25/2033 | 841 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $9,175) | 9,558 |
Shares or Principal Amount | Value | ||
COMMERCIAL MORTGAGE-BACKED SECURITIES—1.7% | |||
Commercial Mortgage—1.7% | |||
$190,000 | Bank, Class A4, 3.488%, 11/15/2050 | $208,593 | |
200,000 | Citigroup Commercial Mortgage Trust 2013-GC11, Class B, 3.732%, 4/10/2046 | 208,384 | |
70,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1, Class AM, 3.912%, 5/15/2045 | 72,884 | |
125,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1, Class B, 4.612%, 5/15/2045 | 130,335 | |
200,000 | Commercial Mortgage Trust 2013-CR8, Class B, 4.085%, 6/10/2046 | 210,579 | |
200,000 | Commercial Mortgage Trust 2014-LC17, Class B, 4.490%, 10/10/2047 | 217,240 | |
300,000 | Commercial Mortgage Trust 2015-DC1, Class AM, 3.724%, 2/10/2048 | 318,719 | |
200,000 | FREMF Mortgage Trust 2013-K25 REMIC, Class B, 3.743%, 11/25/2045 | 207,958 | |
66,612 | Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025 | 67,278 | |
113,023 | Federal Home Loan Mortgage Corp. REMIC, Series K504, Class A2, 2.566%, 9/25/2020 | 113,016 | |
350,000 | Federal Home Loan Mortgage Corp. REMIC, Series K737, Class A2, 2.530%, 10/25/2026 | 366,367 | |
100,000 | GS Mortgage Securities Corp. II 2012-GCJ7, Class AS, 4.085%, 5/10/2045 | 103,890 | |
200,000 | JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049 | 213,514 | |
50,000 | JPMDB Commercial Mortgage Securities Trust 2017-C5, Class A5, 3.693%, 3/15/2050 | 55,203 | |
100,000 | Morgan Stanley Capital I 2012-C4, Class AS, 3.773%, 3/15/2045 | 103,190 | |
150,000 | UBS-Barclays Commercial Mortgage Trust 2013-C6, Class B, 3.875%, 4/10/2046 | 157,402 | |
25,000 | WF-RBS Commercial Mortgage Trust 2012-C6, Class B, 4.697%, 4/15/2045 | 26,239 | |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $2,710,842) | 2,780,791 | ||
CORPORATE BONDS—12.0% | |||
Basic Industry - Chemicals—0.0% | |||
10,000 | DuPont de Nemours, Inc., Sr. Unsecd. Note, 3.766%, 11/15/2020 | 10,151 | |
10,000 | DuPont de Nemours, Inc., Sr. Unsecd. Note, 5.319%, 11/15/2038 | 12,160 | |
5,000 | Sherwin-Williams Co., Sr. Unsecd. Note, 2.750%, 6/1/2022 | 5,119 | |
TOTAL | 27,430 | ||
Basic Industry - Metals & Mining—0.2% | |||
15,000 | Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 4/15/2040 | 16,985 | |
15,000 | ArcelorMittal SA, Sr. Unsecd. Note, 6.250%, 2/25/2022 | 16,122 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Basic Industry - Metals & Mining—continued | |||
$62,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 4.450%, 3/1/2023 | $65,175 | |
40,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 5.200%, 7/15/2021 | 41,085 | |
20,000 | Newcrest Finance Property Ltd., Sr. Unsecd. Note, 144A, 4.200%, 10/1/2022 | 21,005 | |
100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 4/15/2023 | 106,794 | |
20,000 | Southern Copper Corp., Sr. Unsecd. Note, 6.750%, 4/16/2040 | 27,504 | |
TOTAL | 294,670 | ||
Basic Industry - Paper—0.0% | |||
10,000 | Weyerhaeuser Co., Sr. Unsecd. Note, 3.250%, 3/15/2023 | 10,321 | |
20,000 | Weyerhaeuser Co., Sr. Unsecd. Note, 4.700%, 3/15/2021 | 20,501 | |
TOTAL | 30,822 | ||
Capital Goods - Aerospace & Defense—0.2% | |||
100,000 | Arconic, Inc., 5.870%, 2/23/2022 | 106,657 | |
11,000 | Embraer Overseas Ltd., Sr. Unsecd. Note, 144A, 5.696%, 9/16/2023 | 12,160 | |
20,000 | Raytheon Co., Sr. Note, 4.400%, 2/15/2020 | 20,015 | |
10,000 | Rockwell Collins, Inc., Sr. Unsecd. Note, 3.100%, 11/15/2021 | 10,211 | |
15,000 | Spirit AeroSystems, Inc., Sr. Unsecd. Note, 4.600%, 6/15/2028 | 15,367 | |
40,000 | 4 | Textron Financial Corp., Jr. Sub. Note, 144A, 3.644% (3-month USLIBOR +1.735%), 2/15/2042 | 32,668 |
50,000 | Textron, Inc., Sr. Unsecd. Note, 4.000%, 3/15/2026 | 54,103 | |
50,000 | Textron, Inc., Sr. Unsecd. Note, 4.300%, 3/1/2024 | 54,029 | |
TOTAL | 305,210 | ||
Capital Goods - Building Materials—0.2% | |||
200,000 | Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.200%, 10/1/2024 | 209,627 | |
80,000 | Masco Corp., Sr. Unsecd. Note, 4.375%, 4/1/2026 | 88,646 | |
TOTAL | 298,273 | ||
Capital Goods - Construction Machinery—0.0% | |||
10,000 | CNH Industrial Capital America LLC, Sr. Unsecd. Note, 4.375%, 4/5/2022 | 10,488 | |
Capital Goods - Diversified Manufacturing—0.2% | |||
15,000 | Avery Dennison Corp., Sr. Unsecd. Note, 5.375%, 4/15/2020 | 15,094 | |
30,000 | General Electric Capital Corp., Sr. Unsecd. Note, Series GMTN, 3.100%, 1/9/2023 | 30,981 | |
15,000 | Thomas & Betts Corp., Sr. Unsecd. Note, 5.625%, 11/15/2021 | 16,027 | |
200,000 | Valmont Industries, Inc., 5.250%, 10/1/2054 | 212,172 | |
TOTAL | 274,274 | ||
Communications - Cable & Satellite—0.0% | |||
15,000 | Comcast Corp., Sr. Unsecd. Note, 3.900%, 3/1/2038 | 17,166 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Communications - Cable & Satellite—continued | |||
$10,000 | Comcast Corp., Sr. Unsecd. Note, 4.400%, 8/15/2035 | $12,184 | |
15,000 | NBCUniversal Media LLC, Sr. Unsecd. Note, 4.375%, 4/1/2021 | 15,473 | |
TOTAL | 44,823 | ||
Communications - Media & Entertainment—0.0% | |||
30,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046 | 38,919 | |
20,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.625%, 5/1/2022 | 20,807 | |
TOTAL | 59,726 | ||
Communications - Telecom Wireless—0.4% | |||
150,000 | Crown Castle International Corp., Sr. Unsecd. Note, 3.700%, 6/15/2026 | 162,102 | |
15,000 | Crown Castle International Corp., Sr. Unsecd. Note, 4.875%, 4/15/2022 | 15,957 | |
200,000 | Vodafone Group PLC, Sr. Unsecd. Note, 4.250%, 9/17/2050 | 218,773 | |
200,000 | Vodafone Group PLC, Sr. Unsecd. Note, 4.875%, 6/19/2049 | 240,778 | |
TOTAL | 637,610 | ||
Communications - Telecom Wirelines—0.2% | |||
5,000 | AT&T, Inc., Sr. Unsecd. Note, 4.500%, 5/15/2035 | 5,768 | |
10,000 | AT&T, Inc., Sr. Unsecd. Note, 5.250%, 3/1/2037 | 12,275 | |
10,000 | AT&T, Inc., Sr. Unsecd. Note, 5.700%, 3/1/2057 | 13,366 | |
150,000 | Telefonica Emisiones SAU, Sr. Unsecd. Note, 5.520%, 3/1/2049 | 194,305 | |
90,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 3/15/2024 | 97,813 | |
25,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 5.250%, 3/16/2037 | 32,573 | |
TOTAL | 356,100 | ||
Consumer Cyclical - Automotive—0.2% | |||
10,000 | DaimlerChrysler North America Holding Corp., Company Guarantee, 8.500%, 1/18/2031 | 15,212 | |
200,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.336%, 3/18/2021 | 202,312 | |
160,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.200%, 7/6/2021 | 162,563 | |
10,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.950%, 4/13/2024 | 10,556 | |
TOTAL | 390,643 | ||
Consumer Cyclical - Leisure—0.0% | |||
66,707 | Football Trust V, Pass Thru Cert., 5.350%, 10/5/2020 | 68,168 | |
Consumer Cyclical - Lodging—0.0% | |||
20,000 | American Campus Communities Operating Partnership LP, Sr. Unsecd. Note, 4.125%, 7/1/2024 | 21,704 | |
30,000 | Hyatt Hotels Corp., Sr. Unsecd. Note, 3.375%, 7/15/2023 | 31,211 | |
TOTAL | 52,915 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Consumer Cyclical - Retailers—0.2% | |||
$50,000 | Advance Auto Parts, Inc., 4.500%, 12/1/2023 | $54,136 | |
250,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 4/15/2025 | 265,628 | |
15,000 | CVS Health Corp., Sr. Unsecd. Note, 3.700%, 3/9/2023 | 15,741 | |
15,000 | CVS Health Corp., Sr. Unsecd. Note, 4.100%, 3/25/2025 | 16,329 | |
10,000 | O'Reilly Automotive, Inc., Company Guarantee, 4.875%, 1/14/2021 | 10,213 | |
20,000 | Under Armour, Inc., Sr. Unsecd. Note, 3.250%, 6/15/2026 | 19,614 | |
10,000 | WalMart, Inc., Sr. Unsecd. Note, 5.625%, 4/1/2040 | 14,432 | |
TOTAL | 396,093 | ||
Consumer Cyclical - Services—0.3% | |||
200,000 | Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.800%, 6/6/2023 | 204,495 | |
125,000 | Amazon.com, Inc., Sr. Unsecd. Note, 3.800%, 12/5/2024 | 137,145 | |
25,000 | Cintas Corp. No. 2, Sr. Unsecd. Note, 4.300%, 6/1/2021 | 25,756 | |
65,000 | Expedia, Inc., Company Guarantee, 5.950%, 8/15/2020 | 66,390 | |
15,000 | Expedia, Inc., Sr. Unsecd. Note, 144A, 3.250%, 2/15/2030 | 14,818 | |
10,000 | University of Southern California, Sr. Unsecd. Note, 5.250%, 10/1/2111 | 15,548 | |
70,000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | 75,271 | |
15,000 | Visa, Inc., Sr. Unsecd. Note, 4.150%, 12/14/2035 | 18,397 | |
TOTAL | 557,820 | ||
Consumer Non-Cyclical - Food/Beverage—1.0% | |||
30,000 | Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.700%, 2/1/2036 | 36,157 | |
300,000 | Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 5.550%, 1/23/2049 | 410,753 | |
300,000 | Danone SA, Sr. Unsecd. Note, 144A, 2.947%, 11/2/2026 | 314,240 | |
140,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026 | 147,556 | |
80,000 | General Mills, Inc., Sr. Unsecd. Note, 4.700%, 4/17/2048 | 97,885 | |
270,000 | Heineken NV, Sr. Unsecd. Note, 144A, 3.500%, 1/29/2028 | 293,699 | |
200,000 | Kerry Group Financial Services, Sr. Unsecd. Note, 144A, 3.200%, 4/9/2023 | 206,827 | |
4,000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 2.800%, 7/2/2020 | 4,008 | |
15,000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 5.200%, 7/15/2045 | 17,053 | |
50,000 | Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025 | 55,819 | |
TOTAL | 1,583,997 | ||
Consumer Non-Cyclical - Health Care—0.1% | |||
135,000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 2.750%, 9/15/2029 | 138,626 | |
15,000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 3.200%, 10/1/2022 | 15,442 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Consumer Non-Cyclical - Health Care—continued | |||
$10,000 | Laboratory Corp. of America Holdings, Sr. Unsecd. Note, 3.750%, 8/23/2022 | $10,425 | |
TOTAL | 164,493 | ||
Consumer Non-Cyclical - Pharmaceuticals—0.4% | |||
500,000 | AbbVie, Inc., Sr. Unsecd. Note, 144A, 4.250%, 11/21/2049 | 542,766 | |
15,000 | Amgen, Inc., Sr. Unsecd. Note, 4.400%, 5/1/2045 | 17,388 | |
10,000 | Bristol-Myers Squibb Co., Sr. Unsecd. Note, 144A, 4.125%, 6/15/2039 | 12,049 | |
15,000 | Johnson & Johnson, Sr. Unsecd. Note, 3.550%, 3/1/2036 | 16,947 | |
TOTAL | 589,150 | ||
Consumer Non-Cyclical - Supermarkets—0.0% | |||
10,000 | Kroger Co., Sr. Unsecd. Note, 4.450%, 2/1/2047 | 10,935 | |
Energy - Independent—0.3% | |||
250,000 | Canadian Natural Resources Ltd., 3.900%, 2/1/2025 | 268,433 | |
125,000 | Cimarex Energy Co., Sr. Unsecd. Note, 3.900%, 5/15/2027 | 129,797 | |
20,000 | EQT Corp., Sr. Unsecd. Note, 3.900%, 10/1/2027 | 15,864 | |
150,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 2.900%, 8/15/2024 | 153,387 | |
TOTAL | 567,481 | ||
Energy - Integrated—0.5% | |||
135,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.119%, 5/4/2026 | 143,069 | |
20,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.224%, 4/14/2024 | 21,065 | |
300,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.937%, 9/21/2028 | 337,177 | |
5,000 | ConocoPhillips, Company Guarantee, 6.500%, 2/1/2039 | 7,419 | |
75,000 | Husky Energy, Inc., 4.000%, 4/15/2024 | 80,120 | |
240,000 | Husky Energy, Inc., Sr. Unsecd. Note, 4.400%, 4/15/2029 | 263,132 | |
TOTAL | 851,982 | ||
Energy - Midstream—0.7% | |||
20,000 | Energy Transfer Operating, Sr. Unsecd. Note, 5.500%, 6/1/2027 | 23,017 | |
115,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 | 122,057 | |
75,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.900%, 2/1/2024 | 81,273 | |
10,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 6.125%, 12/15/2045 | 11,597 | |
170,000 | Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.950%, 2/15/2027 | 186,748 | |
270,000 | Enterprise Products Operating LLC, Sr. Unsecd. Note, 4.200%, 1/31/2050 | 291,167 | |
10,000 | Florida Gas Transmission Co. LLC, Sr. Unsecd. Note, 144A, 5.450%, 7/15/2020 | 10,149 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Energy - Midstream—continued | |||
$20,000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, Series MTN, 6.950%, 1/15/2038 | $26,893 | |
40,000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 | 42,436 | |
5,000 | MPLX LP, Sr. Unsecd. Note, 4.500%, 4/15/2038 | 5,181 | |
225,000 | MPLX LP, Sr. Unsecd. Note, 5.500%, 2/15/2049 | 258,121 | |
20,000 | Texas Eastern Transmission LP, Sr. Unsecd. Note, 144A, 2.800%, 10/15/2022 | 20,321 | |
10,000 | Western Gas Partners LP, Sr. Unsecd. Note, 4.750%, 8/15/2028 | 10,293 | |
30,000 | Williams Partners LP, Sr. Unsecd. Note, 4.125%, 11/15/2020 | 30,312 | |
TOTAL | 1,119,565 | ||
Energy - Oil Field Services—0.0% | |||
15,000 | Nabors Industries, Inc., Company Guarantee, 5.000%, 9/15/2020 | 15,156 | |
3,000 | Nabors Industries, Inc., Sr. Unsecd. Note, 4.625%, 9/15/2021 | 3,007 | |
TOTAL | 18,163 | ||
Energy - Refining—0.1% | |||
15,000 | HollyFrontier Corp., Sr. Unsecd. Note, 5.875%, 4/1/2026 | 17,082 | |
15,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.500%, 4/1/2048 | 16,409 | |
10,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 3/1/2041 | 13,420 | |
25,000 | Tesoro Corp., Sr. Unsecd. Note, 5.375%, 10/1/2022 | 25,253 | |
15,000 | Valero Energy Corp., Sr. Unsecd. Note, 4.350%, 6/1/2028 | 16,687 | |
TOTAL | 88,851 | ||
Financial Institution - Banking—2.5% | |||
74,000 | American Express Co., 2.650%, 12/2/2022 | 75,890 | |
250,000 | American Express Credit Corp., Sr. Unsecd. Note, Series MTN, 2.250%, 5/5/2021 | 252,008 | |
300,000 | Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.500%, 4/19/2026 | 322,938 | |
250,000 | 4 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 2.559% (3-month USLIBOR +0.650%), 10/1/2021 | 250,963 |
10,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 3.499%, 5/17/2022 | 10,221 | |
100,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 5.000%, 5/13/2021 | 104,119 | |
200,000 | Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025 | 216,864 | |
15,000 | Bank of America Corp., Sub. Note, Series MTN, 4.200%, 8/26/2024 | 16,323 | |
15,000 | Bank of America Corp., Sub., Series MTN, 4.450%, 3/3/2026 | 16,777 | |
20,000 | Bank of New York Mellon, N.A., 3.400%, 5/15/2024 | 21,358 | |
200,000 | Citigroup, Inc., Sr. Unsecd. Note, 2.700%, 3/30/2021 | 202,405 | |
40,000 | Citigroup, Inc., Sr. Unsecd. Note, 2.876%, 7/24/2023 | 40,859 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Banking—continued | |||
$15,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.142%, 1/24/2023 | $15,347 | |
250,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.300%, 4/27/2025 | 265,887 | |
170,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.400%, 5/1/2026 | 182,492 | |
15,000 | Citigroup, Inc., Sub. Note, 4.450%, 9/29/2027 | 16,876 | |
25,000 | City National Corp., Sr. Unsecd. Note, 5.250%, 9/15/2020 | 25,552 | |
30,000 | Comerica, Inc., 3.800%, 7/22/2026 | 32,340 | |
75,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 3.650%, 1/25/2024 | 79,864 | |
40,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.200%, 2/23/2023 | 41,509 | |
275,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.625%, 1/22/2023 | 289,156 | |
150,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.250%, 2/1/2041 | 220,275 | |
80,000 | HSBC Holdings PLC, Sr. Unsecd. Note, 5.100%, 4/5/2021 | 83,037 | |
10,000 | 5 | JPMorgan Chase & Co., Jr. Sub. Deb., Series X, 6.100%, 10/1/2024 | 11,041 |
25,000 | 5 | JPMorgan Chase & Co., Jr. Sub. Note, Series FF, 5.000%, 8/1/2024 | 26,167 |
20,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 3.559%, 4/23/2024 | 21,025 | |
15,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 3.882%, 7/24/2038 | 17,160 | |
400,000 | JPMorgan Chase & Co., Sub. Note, 3.375%, 5/1/2023 | 418,739 | |
300,000 | Morgan Stanley, 4.300%, 1/27/2045 | 367,587 | |
120,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 2.500%, 4/21/2021 | 121,155 | |
15,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 3.125%, 1/23/2023 | 15,569 | |
15,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 4.000%, 7/23/2025 | 16,493 | |
15,000 | Morgan Stanley, Sub. Note, Series MTN, 4.100%, 5/22/2023 | 15,990 | |
65,000 | Royal Bank of Canada, Sec. Fac. Bond, 2.100%, 10/14/2020 | 65,153 | |
10,000 | Royal Bank of Scotland Group PLC, Sub., 6.000%, 12/19/2023 | 11,250 | |
10,000 | State Street Corp., Sub. Deb., 3.031%, 11/1/2034 | 10,372 | |
45,000 | Sumitomo Mitsui Financial Group, Inc., Sr. Unsecd. Note, 3.102%, 1/17/2023 | 46,685 | |
130,000 | Truist Financial Corp., Sr. Unsecd. Note, 2.900%, 3/3/2021 | 131,617 | |
10,000 | Wells Fargo & Co., Series MTN, 4.100%, 6/3/2026 | 11,022 | |
15,000 | Wells Fargo & Co., Sr. Unsecd. Note, 3.069%, 1/24/2023 | 15,356 | |
10,000 | Westpac Banking Corp., Sub., Series GMTN, 4.322%, 11/23/2031 | 10,897 | |
TOTAL | 4,116,338 | ||
Financial Institution - Broker/Asset Mgr/Exchange—0.1% | |||
80,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | 87,665 | |
70,000 | Nuveen LLC, Sr. Unsecd. Note, 144A, 4.000%, 11/1/2028 | 80,157 | |
13,000 | Raymond James Financial, Inc., Sr. Unsecd. Note, 5.625%, 4/1/2024 | 14,871 | |
15,000 | XLIT Ltd., Sub., 4.450%, 3/31/2025 | 16,631 | |
TOTAL | 199,324 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Finance Companies—0.4% | |||
$170,000 | AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.950%, 2/1/2022 | $176,008 | |
150,000 | AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 4.875%, 1/16/2024 | 164,476 | |
250,000 | GE Capital International Funding, Inc., Sr. Unsecd. Note, 4.418%, 11/15/2035 | 281,960 | |
25,000 | Santander UK Group Holdings PLC, Sr. Unsecd. Note, 3.125%, 1/8/2021 | 25,298 | |
TOTAL | 647,742 | ||
Financial Institution - Insurance - Life—0.7% | |||
200,000 | Aflac, Inc., Sr. Unsecd. Note, 3.625%, 6/15/2023 | 213,654 | |
25,000 | American International Group, Inc., 4.500%, 7/16/2044 | 29,840 | |
35,000 | American International Group, Inc., Sr. Unsecd. Note, 4.125%, 2/15/2024 | 37,967 | |
125,000 | American International Group, Inc., Sr. Unsecd. Note, 4.200%, 4/1/2028 | 140,913 | |
10,000 | Lincoln National Corp., Sr. Unsecd. Note, 4.200%, 3/15/2022 | 10,479 | |
275,000 | Mass Mutual Global Funding II, 144A, 2.000%, 4/15/2021 | 276,402 | |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039 | 16,764 | |
15,000 | MetLife, Inc., Jr. Sub. Note, 6.400%, 12/15/2036 | 18,884 | |
250,000 | MetLife, Inc., Sr. Unsecd. Note, 3.600%, 4/10/2024 | 269,274 | |
15,000 | Penn Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040 | 22,713 | |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.125%, 5/15/2023 | 10,399 | |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.300%, 9/15/2022 | 10,380 | |
50,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040 | 69,894 | |
TOTAL | 1,127,563 | ||
Financial Institution - Insurance - P&C—0.1% | |||
10,000 | Berkshire Hathaway Finance Corp., Sr. Unsecd. Note, 4.200%, 8/15/2048 | 12,147 | |
65,000 | Nationwide Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039 | 116,275 | |
TOTAL | 128,422 | ||
Financial Institution - REIT - Apartment—0.1% | |||
20,000 | Post Apartment Homes LP, Sr. Unsecd. Note, 3.375%, 12/1/2022 | 20,725 | |
70,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026 | 72,917 | |
TOTAL | 93,642 | ||
Financial Institution - REIT - Healthcare—0.3% | |||
50,000 | Healthcare Trust of America, 3.700%, 4/15/2023 | 52,145 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - REIT - Healthcare—continued | |||
$220,000 | Healthcare Trust of America, Sr. Unsecd. Note, 3.100%, 2/15/2030 | $227,091 | |
185,000 | Welltower, Inc., Sr. Unsecd. Note, 2.700%, 2/15/2027 | 189,647 | |
TOTAL | 468,883 | ||
Financial Institution - REIT - Office—0.1% | |||
50,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.900%, 6/15/2023 | 53,110 | |
70,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028 | 77,522 | |
TOTAL | 130,632 | ||
Financial Institution - REIT - Other—0.1% | |||
105,000 | WP Carey, Inc., Sr. Unsecd. Note, 3.850%, 7/15/2029 | 113,654 | |
75,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024 | 81,397 | |
TOTAL | 195,051 | ||
Financial Institution - REIT - Retail—0.0% | |||
50,000 | Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/1/2022 | 52,020 | |
Sovereign—0.0% | |||
30,000 | Corp Andina De Fomento, Sr. Unsecd. Note, 4.375%, 6/15/2022 | 31,674 | |
Technology—0.6% | |||
10,000 | Apple, Inc., 3.850%, 5/4/2043 | 11,621 | |
30,000 | Apple, Inc., Sr. Unsecd. Note, 2.400%, 5/3/2023 | 30,766 | |
200,000 | Apple, Inc., Sr. Unsecd. Note, 2.950%, 9/11/2049 | 204,606 | |
20,000 | Corning, Inc., Unsecd. Note, 4.750%, 3/15/2042 | 23,323 | |
240,000 | Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr. Secd. Note, 144A, 6.020%, 6/15/2026 | 280,536 | |
125,000 | Equifax, Inc., Sr. Unsecd. Note, 2.300%, 6/1/2021 | 125,809 | |
53,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.500%, 4/15/2023 | 55,690 | |
110,000 | Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029 | 118,856 | |
70,000 | Hewlett Packard Enterprise Co., Sr. Unsecd. Note, 3.600%, 10/15/2020 | 70,775 | |
20,000 | Ingram Micro, Inc., Sr. Unsecd. Note, 5.000%, 8/10/2022 | 20,672 | |
30,000 | KLA Corp., Sr. Unsecd. Note, 4.125%, 11/1/2021 | 31,085 | |
15,000 | Microsoft Corp., Sr. Unsecd. Note, 3.450%, 8/8/2036 | 17,022 | |
10,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 9/12/2022 | 10,557 | |
50,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 5.500%, 6/15/2045 | 65,600 | |
TOTAL | 1,066,918 | ||
Technology Services—0.0% | |||
5,000 | Global Payments, Inc., Sr. Unsecd. Note, 3.200%, 8/15/2029 | 5,252 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Transportation - Airlines—0.0% | |||
$30,000 | Delta Air Lines, Inc., Sr. Unsecd. Note, 2.900%, 10/28/2024 | $30,356 | |
Transportation - Railroads—0.2% | |||
50,000 | Burlington Northern Santa Fe Corp., Deb., 5.750%, 5/1/2040 | 70,991 | |
30,000 | Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2023 | 30,978 | |
225,000 | Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.125%, 6/1/2026 | 236,210 | |
TOTAL | 338,179 | ||
Transportation - Services—0.2% | |||
15,000 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 5.625%, 3/15/2042 | 19,654 | |
20,000 | FedEx Corp., Sr. Unsecd. Note, 3.900%, 2/1/2035 | 21,163 | |
25,000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 3.650%, 7/29/2021 | 25,634 | |
70,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.800%, 3/1/2022 | 71,228 | |
200,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 3.750%, 6/9/2023 | 211,007 | |
30,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 3.125%, 1/15/2021 | 30,437 | |
TOTAL | 379,123 | ||
Utility - Electric—1.3% | |||
70,000 | Electricite de France SA, Note, 144A, 5.600%, 1/27/2040 | 93,313 | |
300,000 | Electricite de France SA, Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028 | 342,952 | |
140,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 | 169,667 | |
280,000 | Enel Finance International NV, Sr. Unsecd. Note, 144A, 4.625%, 9/14/2025 | 311,584 | |
170,000 | EverSource Energy, Sr. Unsecd. Note, 3.350%, 3/15/2026 | 178,774 | |
200,000 | Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026 | 214,168 | |
100,000 | Exelon Generation Co. LLC, Sr. Unsecd. Note, 4.250%, 6/15/2022 | 104,943 | |
10,000 | Great Plains Energy, Inc., Note, 4.850%, 6/1/2021 | 10,329 | |
110,000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 | 121,788 | |
25,000 | National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, Series MTNC, 8.000%, 3/1/2032 | 38,740 | |
250,000 | PPL Capital Funding, Inc., Sr. Unsecd. Note, 3.100%, 5/15/2026 | 261,824 | |
175,000 | Southern Co., Sr. Unsecd. Note, 3.250%, 7/1/2026 | 186,465 | |
10,000 | TECO Finance, Inc., Company Guarantee, 5.150%, 3/15/2020 | 10,038 | |
40,000 | UIL Holdings Corp., Sr. Unsecd. Note, 4.625%, 10/1/2020 | 40,681 | |
TOTAL | 2,085,266 | ||
Utility - Natural Gas—0.1% | |||
50,000 | Enbridge Energy Partners LP, Sr. Unsecd. Note, 4.200%, 9/15/2021 | 51,652 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Utility - Natural Gas—continued | |||
$65,000 | National Fuel Gas Co., Sr. Unsecd. Note, 3.750%, 3/1/2023 | $67,675 | |
15,000 | Sempra Energy, Sr. Unsecd. Note, 2.900%, 2/1/2023 | 15,455 | |
5,000 | TransCanada PipeLines Ltd., Sr. Unsecd. Note, 6.200%, 10/15/2037 | 6,661 | |
TOTAL | 141,443 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $18,352,066) | 20,037,510 | ||
MORTGAGE-BACKED SECURITIES—0.6% | |||
59,181 | Federal Home Loan Mortgage Corp., Pool G07801, 4.000%, 10/1/2044 | 63,649 | |
10,566 | Federal National Mortgage Association, Pool 357761, 5.500%, 5/1/2035 | 11,967 | |
1,523 | Federal National Mortgage Association, Pool 728709, 5.500%, 7/1/2033 | 1,710 | |
46,028 | Federal National Mortgage Association, Pool 932864, 4.000%, 12/1/2040 | 49,547 | |
69,389 | Federal National Mortgage Association, Pool AB7859, 3.500%, 2/1/2043 | 73,888 | |
53,440 | Federal National Mortgage Association, Pool AD6938, 4.500%, 6/1/2040 | 58,455 | |
33,862 | Federal National Mortgage Association, Pool AQ0945, 3.000%, 11/1/2042 | 35,132 | |
40,312 | Federal National Mortgage Association, Pool AT2127, 3.000%, 4/1/2043 | 41,849 | |
29,423 | Federal National Mortgage Association, Pool AT7861, 3.000%, 6/1/2028 | 30,535 | |
77,636 | Federal National Mortgage Association, Pool BM4388, 4.000%, 8/1/2048 | 82,554 | |
31,132 | Federal National Mortgage Association, Pool BM5024, 3.000%, 11/1/2048 | 32,017 | |
58,937 | Federal National Mortgage Association, Pool BM5246, 3.500%, 11/1/2048 | 61,304 | |
42,807 | Federal National Mortgage Association, Pool CA0833, 3.500%, 12/1/2047 | 44,673 | |
39,326 | Federal National Mortgage Association, Pool CA4427, 3.000%, 10/1/2049 | 40,383 | |
34,239 | Federal National Mortgage Association, Pool FM0008, 3.500%, 8/1/2049 | 35,839 | |
64,164 | Federal National Mortgage Association, Pool FM1000, 3.000%, 4/1/2047 | 66,230 | |
34,043 | Federal National Mortgage Association, Pool FM1221, 3.500%, 7/1/2049 | 35,793 | |
39,587 | Federal National Mortgage Association, Pool MA0500, 5.000%, 8/1/2040 | 43,745 |
Shares or Principal Amount | Value | ||
MORTGAGE-BACKED SECURITIES—continued | |||
$46,135 | Federal National Mortgage Association, Pool MA0666, 4.500%, 3/1/2041 | $50,306 | |
49,332 | Federal National Mortgage Association, Pool MA1430, 3.000%, 5/1/2043 | 51,213 | |
57,636 | Federal National Mortgage Association, Pool MA2803, 2.500%, 11/1/2031 | 58,847 | |
30,354 | Government National Mortgage Association, Pool MA0625, 3.500%, 12/20/2042 | 31,908 | |
22,942 | Government National Mortgage Association, Pool MA1376, 4.000%, 10/20/2043 | 24,372 | |
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $993,092) | 1,025,916 | ||
U.S. TREASURIES—7.0% | |||
108,525 | 6 | U.S. Treasury Inflation-Protected Notes, 0.125%, 4/15/2021 | 108,293 |
170,463 | U.S. Treasury Inflation-Protected Notes, 0.125%, 1/15/2022 | 170,851 | |
226,249 | U.S. Treasury Inflation-Protected Notes, 0.250%, 7/15/2029 | 235,306 | |
68,346 | U.S. Treasury Inflation-Protected Notes, 0.375%, 7/15/2027 | 71,272 | |
407,936 | U.S. Treasury Inflation-Protected Notes, 0.500%, 4/15/2024 | 419,166 | |
414,204 | U.S. Treasury Inflation-Protected Notes, 0.625%, 4/15/2023 | 423,485 | |
290,269 | U.S. Treasury Inflation-Protected Notes, 0.750%, 2/15/2042 | 320,851 | |
78,229 | U.S. Treasury Inflation-Protected Notes, 1.000%, 2/15/2048 | 93,252 | |
521,301 | U.S. Treasury Inflation-Protected Notes, 1.000%, 2/15/2049 | 626,323 | |
137,955 | U.S. Treasury Inflation-Protected Notes, 1.375%, 2/15/2044 | 173,084 | |
100,000 | United States Treasury Note, 1.375%, 1/31/2022 | 100,094 | |
1,400,000 | United States Treasury Note, 1.500%, 11/30/2021 | 1,403,668 | |
550,000 | United States Treasury Note, 1.500%, 11/30/2024 | 554,649 | |
175,000 | United States Treasury Note, 1.500%, 1/31/2027 | 175,838 | |
1,295,000 | United States Treasury Note, 1.625%, 12/31/2021 | 1,301,918 | |
55,000 | United States Treasury Note, 1.625%, 5/15/2026 | 55,743 | |
400,000 | United States Treasury Note, 1.750%, 12/31/2024 | 408,085 | |
100,000 | United States Treasury Note, 1.750%, 12/31/2026 | 102,125 | |
2,925,000 | United States Treasury Note, 1.750%, 11/15/2029 | 2,988,487 | |
55,000 | United States Treasury Note, 1.875%, 1/31/2022 | 55,569 | |
25,000 | United States Treasury Note, 2.125%, 9/30/2021 | 25,301 | |
120,000 | United States Treasury Note, 2.250%, 3/31/2021 | 121,053 | |
50,000 | United States Treasury Note, 2.250%, 4/30/2024 | 51,912 | |
65,000 | United States Treasury Note, 2.250%, 11/15/2025 | 68,131 | |
100,000 | United States Treasury Bond, 2.250%, 8/15/2049 | 105,567 | |
30,000 | United States Treasury Note, 2.375%, 8/15/2024 | 31,383 | |
125,000 | United States Treasury Note, 2.375%, 4/30/2026 | 132,286 |
Shares or Principal Amount | Value | ||
U.S. TREASURIES—continued | |||
$25,000 | United States Treasury Note, 2.375%, 5/15/2027 | $26,629 | |
350,000 | United States Treasury Bond, 2.375%, 11/15/2049 | 379,558 | |
25,000 | United States Treasury Note, 2.500%, 1/31/2021 | 25,242 | |
375,000 | United States Treasury Note, 2.500%, 2/28/2021 | 378,945 | |
65,000 | United States Treasury Note, 2.500%, 8/15/2023 | 67,675 | |
90,000 | United States Treasury Note, 2.500%, 5/15/2024 | 94,397 | |
200,000 | United States Treasury Note, 2.625%, 2/15/2029 | 219,098 | |
20,000 | United States Treasury Note, 2.875%, 5/15/2028 | 22,194 | |
50,000 | United States Treasury Bond, 4.500%, 2/15/2036 | 69,644 | |
TOTAL U.S. TREASURIES (IDENTIFIED COST $11,237,426) | 11,607,074 | ||
MUNICIPAL BOND—0.0% | |||
30,000 | Texas State Transportation Commission—State Highway Fund, 5.178%, 4/1/2030 (IDENTIFIED COST $34,028) | 37,182 | |
EXCHANGE-TRADED FUNDS—8.2% | |||
24,775 | iShares Core MSCI Emerging Markets ETF | 1,253,367 | |
185,000 | iShares MSCI EAFE ETF | 12,483,800 | |
TOTAL EXCHANGE-TRADED FUNDS (IDENTIFIED COST $13,926,098) | 13,737,167 | ||
INVESTMENT COMPANIES—16.0% | |||
253,091 | Emerging Markets Core Fund | 2,581,528 | |
180,120 | Federated Bank Loan Core Fund | 1,772,384 | |
728,398 | Federated Government Obligations Fund, Premier Shares, 1.49%7 | 728,398 | |
2,750,971 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.71%7 | 2,751,796 | |
1,235,521 | Federated Mortgage Core Portfolio | 12,281,081 | |
371,159 | Federated Project and Trade Finance Core Fund | 3,310,736 | |
515,198 | High Yield Bond Portfolio | 3,250,897 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $27,243,102) | 26,676,820 | ||
TOTAL INVESTMENT IN SECURITIES—100.3% (IDENTIFIED COST $158,673,159)8 | 167,188,900 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.3)%9 | (502,631) | ||
TOTAL NET ASSETS—100% | $166,686,269 |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
1United States Treasury Note 2-Year Long Futures | 41 | $8,870,734 | March 2020 | $28,248 |
1United States Treasury Note 5-Year Long Futures | 9 | $1,082,883 | March 2020 | $14,862 |
1United States Treasury Note 10-Year Long Futures | 3 | $394,969 | March 2020 | $5,493 |
1United States Treasury Note 10-Year Ultra Long Futures | 1 | $145,656 | March 2020 | $3,701 |
1United States Treasury Ultra Bond Short Futures | 1 | $193,687 | March 2020 | $(8,628) |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $43,676 |
Affiliates | Balance of Shares Held 7/31/2019 | Purchases/ Additions | Sales/ Reductions |
Emerging Markets Core Fund | 278,303 | 135,582 | (160,794) |
Federated Bank Loan Core Fund | 135,857 | 59,248 | (14,985) |
Federated Government Obligations Fund, Premier Shares* | 145,972 | 77,540,874 | (76,958,448) |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | 5,815,511 | 35,207,624 | (38,272,164) |
Federated Mortgage Core Portfolio | 1,314,242 | 821,318 | (900,039) |
Federated Project and Trade Finance Core Fund | 362,119 | 9,040 | — |
High Yield Bond Portfolio | 691,626 | 299,238 | (475,666) |
TOTAL OF AFFILIATED TRANSACTIONS | 8,743,630 | 114,072,924 | (116,782,096) |
Balance of Shares Held 1/31/2020 | Value | Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/(Loss) | Dividend Income |
253,091 | $2,581,528 | $17,657 | $28,299 | $66,686 |
180,120 | $1,772,384 | $(370) | $1,498 | $41,889 |
728,398 | $728,398 | NA | NA | 13,285 |
2,750,971 | $2,751,796 | $134 | $(348) | 26,788 |
1,235,521 | $12,281,081 | $(77,019) | $167,449 | $216,469 |
371,159 | $3,310,736 | $(36,693) | $— | $80,969 |
515,198 | $3,250,897 | $(169) | $7,060 | $124,891 |
6,034,458 | $26,676,820 | $(96,460) | $203,958 | $570,977 |
* | 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 | Perpetual Bond Security. The maturity date reflects the next call date. |
6 | All or a portion of this security is pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts. |
7 | 7-day net yield. |
8 | Also represents cost for federal tax purposes. |
9 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $89,784,208 | $— | $— | $89,784,208 |
International | 1,480,300 | — | — | 1,480,300 |
Debt Securities: | ||||
Asset-Backed Security | — | 12,374 | — | 12,374 |
Collateralized Mortgage Obligations | — | 9,558 | — | 9,558 |
Commercial Mortgage-Backed Securities | — | 2,780,791 | — | 2,780,791 |
Corporate Bonds | — | 20,037,510 | — | 20,037,510 |
Mortgage-Backed Securities | — | 1,025,916 | — | 1,025,916 |
U.S. Treasuries | — | 11,607,074 | — | 11,607,074 |
Municipal Bonds | — | 37,182 | — | 37,182 |
Exchange-Traded Funds | 13,737,167 | — | — | 13,737,167 |
Investment Companies1 | 23,366,084 | — | — | 26,676,820 |
TOTAL SECURITIES | $128,367,759 | $35,510,405 | $— | $167,188,900 |
Other Financial Instruments2 | ||||
Assets | $52,304 | $— | $— | $52,304 |
Liabilities | (8,628) | — | — | (8,628) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $43,676 | $— | $— | $43,676 |
1 | As permitted by U.S. generally accepted accounting principles (GAAP), the Investment Company valued at $3,310,736 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. |
ETF | —Exchange-Traded Fund |
FREMF | —Freddie Mac Multifamily K-Deals |
GMTN | —Global Medium Term Note |
LIBOR | —London Interbank Offered Rate |
MTN | —Medium Term Note |
REIT | —Real Estate Investment Trust |
REMIC | —Real Estate Mortgage Investment Conduit |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $18.71 | $19.59 | $17.74 | $16.52 | $16.83 | $16.07 |
Income From Investment Operations: | ||||||
Net investment income1 | 0.11 | 0.25 | 0.21 | 0.26 | 0.24 | 0.20 |
Net realized and unrealized gain (loss) | 0.64 | 0.57 | 1.89 | 1.23 | (0.31) | 0.74 |
TOTAL FROM INVESTMENT OPERATIONS | 0.75 | 0.82 | 2.10 | 1.49 | (0.07) | 0.94 |
Less Distributions: | ||||||
Distributions from net investment income | (0.24) | (0.19) | (0.25) | (0.27) | (0.24) | (0.18) |
Distributions from net realized gain | (0.53) | (1.51) | — | — | — | — |
TOTAL DISTRIBUTIONS | (0.77) | (1.70) | (0.25) | (0.27) | (0.24) | (0.18) |
Net Asset Value, End of Period | $18.69 | $18.71 | $19.59 | $17.74 | $16.52 | $16.83 |
Total Return2 | 4.07% | 5.28% | 11.91% | 9.11% | (0.37)% | 5.89% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.31%3 | 1.31% | 1.32% | 1.26% | 1.30% | 1.30% |
Net investment income | 1.11%3 | 1.35% | 1.11% | 1.51% | 1.51% | 1.21% |
Expense waiver/reimbursement4 | 0.05%3 | 0.08% | 0.06% | 0.15% | 0.10% | 0.09% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $95,056 | $84,243 | $61,553 | $61,405 | $61,245 | $62,555 |
Portfolio turnover | 64% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $18.50 | $19.31 | $17.49 | $16.30 | $16.59 | $15.84 |
Income From Investment Operations: | ||||||
Net investment income1 | 0.03 | 0.11 | 0.06 | 0.13 | 0.12 | 0.07 |
Net realized and unrealized gain (loss) | 0.63 | 0.59 | 1.87 | 1.20 | (0.31) | 0.74 |
TOTAL FROM INVESTMENT OPERATIONS | 0.66 | 0.70 | 1.93 | 1.33 | (0.19) | 0.81 |
Less Distributions: | ||||||
Distributions from net investment income | (0.10) | (0.00)2 | (0.11) | (0.14) | (0.10) | (0.06) |
Distributions from net realized gain | (0.53) | (1.51) | — | — | — | — |
TOTAL DISTRIBUTIONS | (0.63) | (1.51) | (0.11) | (0.14) | (0.10) | (0.06) |
Net Asset Value, End of Period | $18.53 | $18.50 | $19.31 | $17.49 | $16.30 | $16.59 |
Total Return3 | 3.66% | 4.54% | 11.09% | 8.23% | (1.10)% | 5.12% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.06%3 | 2.06% | 2.07% | 2.01% | 2.05% | 2.05% |
Net investment income | 0.36%3 | 0.60% | 0.35% | 0.75% | 0.76% | 0.45% |
Expense waiver/reimbursement4 | 0.06%3 | 0.10% | 0.04% | 0.13% | 0.08% | 0.06% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $15,863 | $15,492 | $27,577 | $29,007 | $29,152 | $31,571 |
Portfolio turnover | 64% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $18.78 | $19.64 | $17.79 | $16.57 | $16.87 | $16.11 |
Income From Investment Operations: | ||||||
Net investment income1 | 0.13 | 0.30 | 0.26 | 0.30 | 0.28 | 0.24 |
Net realized and unrealized gain (loss) | 0.64 | 0.58 | 1.89 | 1.23 | (0.30) | 0.74 |
TOTAL FROM INVESTMENT OPERATIONS | 0.77 | 0.88 | 2.15 | 1.53 | (0.02) | 0.98 |
Less Distributions: | ||||||
Distributions from net investment income | (0.28) | (0.23) | (0.30) | (0.31) | (0.28) | (0.22) |
Distributions from net realized gain | (0.53) | (1.51) | — | — | — | — |
TOTAL DISTRIBUTIONS | (0.81) | (1.74) | (0.30) | (0.31) | (0.28) | (0.22) |
Net Asset Value, End of Period | $18.74 | $18.78 | $19.64 | $17.79 | $16.57 | $16.87 |
Total Return2 | 4.17% | 5.61% | 12.15% | 9.36% | (0.07)% | 6.13% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.06%3 | 1.06% | 1.07% | 1.00% | 1.05% | 1.05% |
Net investment income | 1.36%3 | 1.62% | 1.35% | 1.77% | 1.76% | 1.46% |
Expense waiver/reimbursement4 | 0.05%3 | 0.08% | 0.02% | 0.12% | 0.05% | 0.04% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $53,101 | $53,035 | $54,358 | $39,136 | $47,757 | $53,291 |
Portfolio turnover | 64% | 92% | 89% | 82% | 98% | 89% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 20171 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $18.74 | $19.62 | $17.76 | $16.49 | $16.80 | $16.05 |
Income From Investment Operations: | ||||||
Net investment income2 | 0.13 | 0.27 | 0.26 | 0.28 | 0.20 | 0.16 |
Net realized and unrealized gain (loss) | 0.63 | 0.60 | 1.90 | 1.24 | (0.31) | 0.74 |
TOTAL FROM INVESTMENT OPERATIONS | 0.76 | 0.87 | 2.16 | 1.52 | (0.11) | 0.90 |
Less Distributions: | ||||||
Distributions from net investment income | (0.28) | (0.24) | (0.30) | (0.25) | (0.20) | (0.15) |
Distributions from net realized gain | (0.53) | (1.51) | — | — | — | — |
TOTAL DISTRIBUTIONS | (0.81) | (1.75) | (0.30) | (0.25) | (0.20) | (0.15) |
Net Asset Value, End of Period | $18.69 | $18.74 | $19.62 | $17.76 | $16.49 | $16.80 |
Total Return3 | 4.13% | 5.56% | 12.24% | 9.32% | (0.59)% | 5.61% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.05%4 | 1.05% | 1.06% | 1.05% | 1.56% | 1.56% |
Net investment income | 1.34%4 | 1.40% | 1.36% | 1.64% | 1.27% | 0.96% |
Expense waiver/reimbursement5 | 0.01%4 | 0.06% | 0.02% | 0.06% | 0.04% | 0.03% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $2,667 | $3,165 | $12,178 | $10,439 | $577 | $532 |
Portfolio turnover | 64% | 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. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Investment in securities, at value including $684,960 of securities loaned and $26,676,820 of investment in affiliated holdings* (identified cost $158,673,159) | $167,188,900 | |
Cash | 1,878 | |
Income receivable | 300,211 | |
Income receivable from affiliated holdings | 84,118 | |
Receivable for investments sold | 1,891,284 | |
Receivable for shares sold | 155,874 | |
Receivable for variation margin on futures contracts | 12,928 | |
TOTAL ASSETS | 169,635,193 | |
Liabilities: | ||
Payable for investments purchased | $1,928,242 | |
Payable for shares redeemed | 91,735 | |
Payable for collateral due to broker for securities lending | 728,398 | |
Payable to adviser (Note 5) | 3,445 | |
Payable for administrative fees (Note 5) | 361 | |
Payable for distribution services fee (Note 5) | 10,225 | |
Payable for other service fees (Notes 2 and 5) | 50,029 | |
Accrued expenses (Note 5) | 136,489 | |
TOTAL LIABILITIES | 2,948,924 | |
Net assets for 8,918,623 shares outstanding | $166,686,269 | |
Net Assets Consist of: | ||
Paid-in capital | $155,408,783 | |
Total distributable earnings (loss) | 11,277,486 | |
TOTAL NET ASSETS | $166,686,269 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($95,055,531 ÷ 5,086,171 shares outstanding), no par value, unlimited shares authorized | $18.69 | |
Offering price per share (100/94.50 of $18.69) | $19.78 | |
Redemption proceeds per share | $18.69 | |
Class C Shares: | ||
Net asset value per share ($15,863,119 ÷ 856,218 shares outstanding), no par value, unlimited shares authorized | $18.53 | |
Offering price per share | $18.53 | |
Redemption proceeds per share (99.00/100 of $18.53) | $18.34 | |
Institutional Shares: | ||
Net asset value per share ($53,100,730 ÷ 2,833,572 shares outstanding), no par value, unlimited shares authorized | $18.74 | |
Offering price per share | $18.74 | |
Redemption proceeds per share | $18.74 | |
Class R6 Shares: | ||
Net asset value per share ($2,666,889 ÷ 142,662 shares outstanding), no par value, unlimited shares authorized | $18.69 | |
Offering price per share | $18.69 | |
Redemption proceeds per share | $18.69 |
* | See information listed after the Fund's Portfolio of Investments. |
Investment Income: | |||
Dividends (including $557,070 received from affiliated holdings* and net of foreign taxes withheld of $507) | $1,432,012 | ||
Interest | 517,359 | ||
Net income on securities loaned (includes $13,907 earned from affiliated holdings related to cash collateral balances*) | 4,311 | ||
TOTAL INCOME | 1,953,682 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $603,690 | ||
Administrative fee (Note 5) | 63,407 | ||
Custodian fees | 16,522 | ||
Transfer agent fee (Note 2) | 76,526 | ||
Directors'/Trustees' fees (Note 5) | 1,181 | ||
Auditing fees | 17,126 | ||
Legal fees | 4,835 | ||
Portfolio accounting fees | 51,931 | ||
Distribution services fee (Note 5) | 58,320 | ||
Other service fees (Notes 2 and 5) | 127,755 | ||
Share registration costs | 30,917 | ||
Printing and postage | 15,257 | ||
Miscellaneous (Note 5) | 16,173 | ||
TOTAL EXPENSES | 1,083,640 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(10,420) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (27,336) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (37,756) | ||
Net expenses | 1,045,884 | ||
Net investment income | $907,798 |
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions: | |||
Net realized gain on investments (including net realized gain of $203,958 on sales of investments in affiliated holdings*) | $5,556,896 | ||
Net realized gain on futures contracts | 40,424 | ||
Net change in unrealized appreciation of investments (including net change in unrealized depreciation of $(96,460) on investments in affiliated holdings*) | (111,486) | ||
Net change in unrealized appreciation/depreciation of translation of assets and liabilities in foreign currency | (27) | ||
Net change in unrealized appreciation of futures contracts | 13,904 | ||
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions | 5,499,711 | ||
Change in net assets resulting from operations | $6,407,509 |
* | See information listed after the Fund's Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended 7/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $907,798 | $2,133,076 |
Net realized gain | 5,597,320 | 7,525,854 |
Net change in unrealized appreciation/depreciation | (97,609) | (1,859,525) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 6,407,509 | 7,799,405 |
Distributions to Shareholders: | ||
Class A Shares | (3,813,306) | (6,723,192) |
Class C Shares | (539,280) | (1,044,348) |
Institutional Shares | (2,518,866) | (5,847,283) |
Class R6 Shares | (108,342) | (242,234) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (6,979,794) | (13,857,057) |
Share Transactions: | ||
Proceeds from sale of shares | 20,396,026 | 63,670,084 |
Proceeds from shares issued in connection with the tax-free transfer of assets from PNC Balanced Allocation Fund | 11,298,197 | — |
Net asset value of shares issued to shareholders in payment of distributions declared | 6,622,022 | 12,933,369 |
Cost of shares redeemed | (26,992,868) | (70,276,399) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 11,323,377 | 6,327,054 |
Change in net assets | 10,751,092 | 269,402 |
Net Assets: | ||
Beginning of period | 155,935,177 | 155,665,775 |
End of period | $166,686,269 | $155,935,177 |
Shares of the Fund Issued | Acquired Fund's Net Assets Received | Unrealized Appreciation1 | Net Assets of the Fund Immediately Prior to Combination | Net Assets of the Fund Immediately After Combination |
593,132 | $11,298,197 | $2,170,935 | $154,177,771 | $165,475,968 |
1 | Unrealized Appreciation is included in the Net Assets Received amount shown above. |
Net investment income | $975,909 |
Net realized and unrealized gain on investments | $5,900,485 |
Net increase in net assets resulting from operations | $6,876,394 |
■ | 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 | $43,694 | $(15,097) |
Class C Shares | 8,118 | (3,627) |
Institutional Shares | 24,098 | (8,612) |
Class R6 Shares | 616 | — |
TOTAL | $76,526 | $(27,336) |
Other Service Fees Incurred | |
Class A Shares | $108,315 |
Class C Shares | 19,440 |
TOTAL | $127,755 |
Market Value of Securities Loaned | Collateral Received |
$684,960 | $728,398 |
Fair Value of Derivative Instruments | ||
Assets | ||
Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||
Interest rate contracts | Receivable for variation margin on futures contracts | $ 43,676* |
* | 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 | $40,424 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $13,904 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 333,607 | $6,241,615 | 1,017,180 | $18,426,997 |
Conversion of Class C Shares to Class A Shares | — | — | 577,227 | 11,313,650 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | 425,056 | 8,093,068 | — | — |
Shares issued to shareholders in payment of distributions declared | 191,088 | 3,554,535 | 356,509 | 5,992,523 |
Shares redeemed | (365,461) | (6,846,477) | (591,801) | (10,713,481) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 584,290 | $11,042,741 | 1,359,115 | $25,019,689 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 92,296 | $1,709,660 | 295,829 | $5,229,357 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | 24,943 | 468,430 | — | — |
Shares issued to shareholders in payment of distributions declared | 26,632 | 488,464 | 54,548 | 903,860 |
Conversion of Class C Shares to Class A Shares | — | — | (585,290) | (11,313,650) |
Shares redeemed | (125,136) | (2,314,137) | (355,430) | (6,666,352) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 18,735 | $352,417 | (590,343) | $(11,846,785) |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 627,401 | $12,040,438 | 1,337,055 | $24,174,708 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | 143,133 | 2,736,699 | — | — |
Shares issued to shareholders in payment of distributions declared | 132,428 | 2,472,323 | 344,529 | 5,809,112 |
Shares redeemed | (893,639) | (16,824,808) | (1,624,656) | (28,538,979) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 9,323 | $424,652 | 56,928 | $1,444,841 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 21,553 | $404,313 | 235,953 | $4,525,372 |
Shares issued to shareholders in payment of distributions declared | 5,727 | 106,700 | 13,548 | 227,874 |
Shares redeemed | (53,562) | (1,007,446) | (701,361) | (13,043,937) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (26,282) | $(496,433) | (451,860) | $(8,290,691) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 586,066 | $11,323,377 | 373,840 | $6,327,054 |
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 | $58,320 |
Purchases | $79,730,093 |
Sales | $84,503,146 |
Beginning Account Value 8/1/2019 | Ending Account Value 1/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,040.70 | $6.72 |
Class C Shares | $1,000 | $1,036.60 | $10.55 |
Institutional Shares | $1,000 | $1,041.70 | $5.44 |
Class R6 Shares | $1,000 | $1,041.30 | $5.39 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.60 | $6.65 |
Class C Shares | $1,000 | $1,014.80 | $10.43 |
Institutional Shares | $1,000 | $1,019.80 | $5.38 |
Class R6 Shares | $1,000 | $1,019.90 | $5.33 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (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% |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R833
CUSIP 31421R825
CUSIP 31421R692
Share Class | Ticker | A | QALGX | B | QBLGX | C | QCLGX | Institutional | QILGX |
Donahue
Sector Composition | Percentage of Total Net Assets |
Information Technology | 39.6% |
Consumer Discretionary | 14.6% |
Health Care | 13.5% |
Communication Services | 12.6% |
Industrials | 7.4% |
Financials | 3.9% |
Consumer Staples | 3.5% |
Materials | 1.7% |
Real Estate | 1.3% |
Securities Lending Collateral2 | 0.7% |
Cash Equivalents3 | 1.9% |
Other Assets and Liabilities—Net4 | (0.7)% |
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—98.1% | |||
Communication Services—12.6% | |||
8,323 | 1 | Alphabet, Inc., Class A | $11,925,028 |
146 | Cable One, Inc. | 248,788 | |
3,052 | 1 | Charter Communications, Inc. | 1,579,288 |
14,143 | 1 | Discovery, Inc., Class A | 413,824 |
25,484 | 1 | Facebook, Inc. | 5,145,475 |
70,783 | 1,2 | MSG Networks, Inc. | 1,076,609 |
10,794 | 1 | Take-Two Interactive Software, Inc. | 1,345,364 |
30,300 | Verizon Communications, Inc. | 1,801,032 | |
TOTAL | 23,535,408 | ||
Consumer Discretionary—14.6% | |||
4,637 | 1 | Amazon.com, Inc. | 9,314,435 |
847 | 1 | AutoZone, Inc. | 896,092 |
152 | 1 | Booking Holdings, Inc. | 278,244 |
4,317 | 1 | Burlington Stores, Inc. | 938,818 |
628 | Choice Hotels International, Inc. | 62,926 | |
5,933 | Dollar General Corp. | 910,181 | |
25,886 | Dunkin' Brands Group, Inc. | 2,021,438 | |
7,674 | eBay, Inc. | 257,539 | |
39,345 | Ford Motor Co. | 347,023 | |
9,020 | 1 | Fossil, Inc. | 60,705 |
7,018 | 1,2 | GNC Holdings, Inc. | 15,018 |
28,517 | Lowe's Cos., Inc. | 3,314,816 | |
2,034 | 1 | Lululemon Athletica, Inc. | 486,919 |
6,386 | Nike, Inc., Class B | 614,972 | |
5,110 | 1 | O'Reilly Automotive, Inc. | 2,075,171 |
18,071 | Starbucks Corp. | 1,532,963 | |
10,684 | 1 | Tempur Sealy International, Inc. | 978,868 |
14,685 | Tupperware Brands Corp. | 91,928 | |
45,938 | Wyndham Destinations, Inc. | 2,229,371 | |
6,867 | Yum! Brands, Inc. | 726,323 | |
TOTAL | 27,153,750 | ||
Consumer Staples—3.5% | |||
16,948 | Church and Dwight, Inc. | 1,257,881 | |
4,979 | Costco Wholesale Corp. | 1,521,184 | |
11,100 | Estee Lauder Cos., Inc., Class A | 2,166,276 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
19,190 | Flowers Foods, Inc. | $413,161 | |
1,914 | Hershey Foods Corp. | 296,995 | |
589 | Kimberly-Clark Corp. | 84,368 | |
4,848 | PepsiCo, Inc. | 688,513 | |
1,476 | Sysco Corp. | 121,239 | |
TOTAL | 6,549,617 | ||
Financials—3.9% | |||
6,170 | American Express Co. | 801,298 | |
27,450 | Citizens Financial Group, Inc. | 1,023,336 | |
864 | MSCI, Inc., Class A | 246,931 | |
11,357 | Progressive Corp., OH | 916,396 | |
4,283 | Prudential Financial, Inc. | 390,010 | |
14,647 | RenaissanceRe Holdings Ltd. | 2,774,728 | |
3,857 | S&P Global, Inc. | 1,132,917 | |
3,575 | 2 | Waddell & Reed Financial, Inc., Class A | 57,128 |
TOTAL | 7,342,744 | ||
Health Care—13.5% | |||
5,543 | AbbVie, Inc. | 449,094 | |
18,821 | 1 | Alexion Pharmaceuticals, Inc. | 1,870,619 |
15,350 | AmerisourceBergen Corp. | 1,313,346 | |
4,173 | Amgen, Inc. | 901,577 | |
1,517 | Chemed Corp. | 708,500 | |
560 | 1 | Dexcom, Inc. | 134,820 |
3,405 | 1 | Edwards Lifesciences Corp. | 748,623 |
10,355 | Eli Lilly & Co. | 1,445,972 | |
25,169 | HCA Healthcare, Inc. | 3,493,457 | |
1,159 | 1,2 | Hologic, Inc. | 62,030 |
6,008 | 1 | Incyte Genomics, Inc. | 439,005 |
584 | 1 | Insulet Corp. | 113,319 |
3,176 | 1 | Intuitive Surgical, Inc. | 1,777,861 |
5,876 | 1 | Jazz Pharmaceuticals PLC | 842,325 |
18,902 | Merck & Co., Inc. | 1,614,987 | |
2,123 | 1 | Seattle Genetics, Inc. | 230,112 |
15,653 | Stryker Corp. | 3,298,087 | |
387 | 1 | Varian Medical Systems, Inc. | 54,401 |
563 | 1 | Veeva Systems, Inc. | 82,541 |
13,706 | 1 | Vertex Pharmaceuticals, Inc. | 3,111,947 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
19,062 | Zoetis, Inc. | $2,558,311 | |
TOTAL | 25,250,934 | ||
Industrials—7.4% | |||
2,496 | Alaska Air Group, Inc. | 161,217 | |
4,046 | Cintas Corp. | 1,128,713 | |
27,528 | HEICO Corp. | 3,370,253 | |
21,697 | 1 | Jet Blue Airways Corp. | 430,251 |
26,409 | KAR Auction Services, Inc. | 555,117 | |
10,048 | Lockheed Martin Corp. | 4,301,750 | |
1,275 | Northrop Grumman Corp. | 477,577 | |
44,180 | Pitney Bowes, Inc. | 165,233 | |
6,033 | R.R. Donnelley & Sons Co. | 14,479 | |
5,922 | Rockwell Automation, Inc. | 1,135,010 | |
12,517 | TransUnion | 1,147,809 | |
6,011 | United Parcel Service, Inc. | 622,259 | |
1,458 | 1,2 | United Rentals, Inc. | 197,836 |
TOTAL | 13,707,504 | ||
Information Technology—39.6% | |||
7,044 | 1 | Adobe, Inc. | 2,473,430 |
7,861 | 1 | Akamai Technologies, Inc. | 733,824 |
18,950 | 1 | Ansys, Inc. | 5,198,554 |
47,815 | Apple, Inc. | 14,799,221 | |
1,932 | 1 | Autodesk, Inc. | 380,314 |
577 | Automatic Data Processing, Inc. | 98,892 | |
1,882 | Booz Allen Hamilton Holding Corp. | 146,871 | |
2,680 | CDW Corp. | 349,606 | |
53,797 | 1 | Cadence Design Systems, Inc. | 3,879,302 |
798 | 1 | Ceridian HCM Holding, Inc. | 58,485 |
1,991 | 1 | Dell Technologies, Inc. | 97,101 |
10,283 | 1 | DocuSign, Inc. | 807,318 |
1,809 | 1 | EPAM Systems, Inc. | 412,705 |
2,038 | 1 | F5 Networks, Inc. | 248,881 |
31,245 | 1 | Fortinet, Inc. | 3,604,423 |
9,217 | Intuit, Inc. | 2,584,262 | |
13,108 | KLA Corp. | 2,172,520 | |
24,076 | 1 | Keysight Technologies, Inc. | 2,238,827 |
4,504 | Lam Research Corp. | 1,343,138 | |
702 | 1 | Manhattan Associates, Inc. | 59,993 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
25,062 | Mastercard, Inc. | $7,918,088 | |
72,538 | Microsoft Corp. | 12,348,144 | |
4,574 | NVIDIA Corp. | 1,081,431 | |
21,867 | Paychex, Inc. | 1,875,533 | |
4,013 | 1 | Paycom Software, Inc. | 1,276,776 |
828 | 1 | Paylocity Corp. | 117,485 |
11,213 | 1 | Salesforce.com, Inc. | 2,044,242 |
9,807 | Teradyne, Inc. | 647,164 | |
10,199 | Universal Display Corp. | 1,796,758 | |
7,092 | 1 | WEX, Inc. | 1,538,397 |
61,068 | Western Union Co. | 1,642,729 | |
TOTAL | 73,974,414 | ||
Materials—1.7% | |||
2,216 | Grace (W.R.) & Co. | 149,270 | |
8,564 | Scotts Miracle-Gro Co. | 1,051,145 | |
3,260 | Sherwin-Williams Co. | 1,815,787 | |
1,601 | Vulcan Materials Co. | 226,750 | |
TOTAL | 3,242,952 | ||
Real Estate—1.3% | |||
627 | Lamar Advertising Co. | 58,192 | |
9,168 | SBA Communications Corp. | 2,287,966 | |
TOTAL | 2,346,158 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $148,900,367) | 183,103,481 | ||
INVESTMENT COMPANIES—2.6% | |||
1,328,793 | Federated Government Obligations Fund, Premier Shares, 1.49%3 | 1,328,793 | |
3,580,001 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.71%3 | 3,581,075 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $4,909,779) | 4,909,868 | ||
TOTAL INVESTMENT IN SECURITIES—100.7% (IDENTIFIED COST $153,810,146)4 | 188,013,349 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.7)%5 | (1,380,908) | ||
TOTAL NET ASSETS—100% | $186,632,441 |
Federated Government Obligations Fund, Premier Shares* | Federated Institutional Prime Value Obligations Fund, Institutional Shares | Total Affiliated Transactions | |
Balance of Shares Held 7/31/2019 | 145,725 | 2,521,943 | 2,667,668 |
Purchases/Additions | 6,379,641 | 22,508,565 | 28,888,206 |
Sales/Reductions | (5,196,573) | (21,450,507) | (26,647,080) |
Balance of Shares Held 1/31/2020 | 1,328,793 | 3,580,001 | 4,908,794 |
Value | $1,328,793 | $3,581,075 | $4,909,868 |
Change in Unrealized Appreciation/Depreciation | N/A | $(499) | $(499) |
Net Realized Gain/(Loss) | N/A | $293 | $293 |
Dividend Income | $3,506 | $18,143 | $21,649 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | Non-income-producing security. |
2 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
3 | 7-day net yield. |
4 | Also represents cost for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $20.81 | $20.66 | $17.46 | $15.18 | $17.64 | $16.15 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.03) | (0.05) | (0.07) | 0.01 | 0.04 | 0.02 |
Net realized and unrealized gain (loss) | 1.64 | 2.01 | 4.67 | 2.36 | (0.70) | 1.47 |
TOTAL FROM INVESTMENT OPERATIONS | 1.61 | 1.96 | 4.60 | 2.37 | (0.66) | 1.49 |
Less Distributions: | ||||||
Distributions from net realized gain | (1.11) | (1.81) | (1.40) | (0.09) | (1.80) | — |
Net Asset Value, End of Period | $21.31 | $20.81 | $20.66 | $17.46 | $15.18 | $17.64 |
Total Return2 | 8.05% | 11.28% | 27.38% | 15.66% | (3.62)% | 9.23% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.25%3 | 1.48% | 1.52% | 1.52% | 1.50% | 1.50% |
Net investment income (loss) | (0.29)%3 | (0.27)% | (0.38)% | 0.02% | 0.28% | 0.13% |
Expense waiver/reimbursement4 | 0.18%3 | 0.00%5 | 0.02% | 0.08% | 0.07% | 0.03% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $81,547 | $67,513 | $59,355 | $49,794 | $45,661 | $55,033 |
Portfolio turnover | 98% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
5 | Represents less than 0.01%. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $18.66 | $18.85 | $16.16 | $14.16 | $16.71 | $15.41 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.10) | (0.18) | (0.20) | (0.11) | (0.07) | (0.11) |
Net realized and unrealized gain (loss) | 1.46 | 1.80 | 4.29 | 2.20 | (0.68) | 1.41 |
TOTAL FROM INVESTMENT OPERATIONS | 1.36 | 1.62 | 4.09 | 2.09 | (0.75) | 1.30 |
Less Distributions: | ||||||
Distributions from net realized gain | (1.11) | (1.81) | (1.40) | (0.09) | (1.80) | — |
Net Asset Value, End of Period | $18.91 | $18.66 | $18.85 | $16.16 | $14.16 | $16.71 |
Total Return2 | 7.63% | 10.51% | 26.38% | 14.81% | (4.41)% | 8.44% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.02%3 | 2.23% | 2.27% | 2.27% | 2.25% | 2.25% |
Net investment income (loss) | (1.06)%3 | (1.02)% | (1.13)% | (0.71)% | (0.49)% | (0.65)% |
Expense waiver/reimbursement4 | 0.16%3 | 0.00%5 | 0.02% | 0.08% | 0.08% | 0.03% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $11,725 | $12,612 | $14,432 | $13,654 | $14,925 | $16,175 |
Portfolio turnover | 98% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
5 | Represents less than 0.01%. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $18.10 | $18.35 | $15.76 | $13.81 | $16.34 | $15.07 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.10) | (0.18) | (0.19) | (0.11) | (0.06) | (0.10) |
Net realized and unrealized gain (loss) | 1.42 | 1.74 | 4.18 | 2.15 | (0.67) | 1.37 |
TOTAL FROM INVESTMENT OPERATIONS | 1.32 | 1.56 | 3.99 | 2.04 | (0.73) | 1.27 |
Less Distributions: | ||||||
Distributions from net realized gain | (1.11) | (1.81) | (1.40) | (0.09) | (1.80) | — |
Net Asset Value, End of Period | $18.31 | $18.10 | $18.35 | $15.76 | $13.81 | $16.34 |
Total Return2 | 7.64% | 10.46% | 26.42% | 14.82% | (4.39)% | 8.43% |
Ratios to Average Net Assets: | ||||||
Net expenses | 2.01%3 | 2.23% | 2.27% | 2.27% | 2.25% | 2.25% |
Net investment income (loss) | (1.05)%3 | (1.03)% | (1.13)% | (0.72)% | (0.46)% | (0.63)% |
Expense waiver/reimbursement4 | 0.17%3 | 0.00%5 | 0.02% | 0.08% | 0.07% | 0.03% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $13,205 | $12,445 | $10,685 | $9,672 | $10,052 | $12,904 |
Portfolio turnover | 98% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
5 | Represents less than 0.01%. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $21.83 | $21.52 | $18.10 | $15.69 | $18.13 | $16.55 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.01 | (0.01) | (0.03) | 0.05 | 0.08 | 0.07 |
Net realized and unrealized gain (loss) | 1.71 | 2.13 | 4.85 | 2.45 | (0.72) | 1.51 |
TOTAL FROM INVESTMENT OPERATIONS | 1.72 | 2.12 | 4.82 | 2.50 | (0.64) | 1.58 |
Less Distributions: | ||||||
Distributions from net realized gain | (1.11) | (1.81) | (1.40) | (0.09) | (1.80) | — |
Net Asset Value, End of Period | $22.44 | $21.83 | $21.52 | $18.10 | $15.69 | $18.13 |
Total Return2 | 8.18% | 11.59% | 27.65% | 15.98% | (3.40)% | 9.55% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.91%3 | 1.22% | 1.27% | 1.27% | 1.25% | 1.25% |
Net investment income (loss) | 0.09%3 | (0.04)% | (0.14)% | 0.27% | 0.52% | 0.37% |
Expense waiver/reimbursement4 | 0.25%3 | 0.00%5 | 0.02% | 0.08% | 0.07% | 0.03% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $80,156 | $37,076 | $11,966 | $7,649 | $7,469 | $7,888 |
Portfolio turnover | 98% | 97% | 104% | 104% | 69% | 91% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
5 | Represents less than 0.01%. |
Assets: | ||
Investment in securities, at value including $1,281,957 of securities loaned and $4,909,868 of investment in affiliated holdings* (identified cost $153,810,146) | $188,013,349 | |
Income receivable | 89,605 | |
Income receivable from affiliated holdings | 4,927 | |
Receivable for investments sold | 662,773 | |
Receivable for shares sold | 79,491 | |
TOTAL ASSETS | 188,850,145 | |
Liabilities: | ||
Payable for investments purchased | $571,688 | |
Payable for shares redeemed | 135,537 | |
Payable for collateral due to broker for securities lending | 1,328,793 | |
Payable for investment adviser fee (Note 5) | 1,799 | |
Payable for administrative fee (Note 5) | 407 | |
Payable for portfolio accounting fees | 52,165 | |
Payable for distribution services fee (Note 5) | 16,142 | |
Payable for other service fees (Notes 2 and 5) | 39,371 | |
Accrued expenses (Note 5) | 71,802 | |
TOTAL LIABILITIES | 2,217,704 | |
Net assets for 8,739,409 shares outstanding | $186,632,441 | |
Net Assets Consist of: | ||
Paid-in capital | $140,592,638 | |
Total distributable earnings (loss) | 46,039,803 | |
TOTAL NET ASSETS | $186,632,441 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($81,547,021 ÷ 3,826,341 shares outstanding), no par value, unlimited shares authorized | $21.31 | |
Offering price per share (100/94.50 of $21.31) | $22.55 | |
Redemption proceeds per share | $21.31 | |
Class B Shares: | ||
Net asset value per share ($11,724,926 ÷ 620,015 shares outstanding), no par value, unlimited shares authorized | $18.91 | |
Offering price per share | $18.91 | |
Redemption proceeds per share (94.50/100 of $18.91) | $17.87 | |
Class C Shares: | ||
Net asset value per share ($13,204,943 ÷ 721,024 shares outstanding), no par value, unlimited shares authorized | $18.31 | |
Offering price per share | $18.31 | |
Redemption proceeds per share (99.00/100 of $18.31) | $18.13 | |
Institutional Shares: | ||
Net asset value per share ($80,155,551 ÷ 3,572,029 shares outstanding), no par value, unlimited shares authorized | $22.44 | |
Offering price per share | $22.44 | |
Redemption proceeds per share | $22.44 |
* | See information listed after the Fund's Portfolio of Investments. |
Investment Income: | |||
Dividends (including $18,143 received from an affiliated holding*) | $735,354 | ||
Net income on securities loaned (includes $3,506 received from an affiliated holding related to cash collateral balances*) (Note 2) | 1,309 | ||
TOTAL INCOME | 736,663 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $566,727 | ||
Administrative fee (Note 5) | 59,694 | ||
Custodian fees | 9,967 | ||
Transfer agent fee | 114,487 | ||
Directors'/Trustees' fees (Note 5) | 1,079 | ||
Auditing fees | 13,842 | ||
Legal fees | 4,835 | ||
Portfolio accounting fees | 46,573 | ||
Distribution services fee (Note 5) | 92,488 | ||
Other service fees (Notes 2 and 5) | 121,724 | ||
Share registration costs | 35,969 | ||
Printing and postage | 16,386 | ||
Miscellaneous (Note 5) | 14,252 | ||
TOTAL EXPENSES | 1,098,023 | ||
Waiver/reimbursement of investment adviser fee (Note 5) | (152,636) | ||
Net expenses | 945,387 | ||
Net investment income (loss) | (208,724) | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments (including net realized gain of $293 on sales of investments in an affiliated holding*) | 12,112,921 | ||
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(499) on investments in an affiliated holding*) | 1,667,141 | ||
Net realized and unrealized gain (loss) on investments | 13,780,062 | ||
Change in net assets resulting from operations | $13,571,338 |
* | See information listed after the Fund's Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended 7/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(208,724) | $(426,359) |
Net realized gain | 12,112,921 | 9,852,764 |
Net change in unrealized appreciation/depreciation | 1,667,141 | 3,316,789 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 13,571,338 | 12,743,194 |
Distributions to Shareholders: | ||
Class A Shares | (4,102,840) | (5,477,815) |
Class B Shares | (700,438) | (1,293,241) |
Class C Shares | (770,197) | (969,378) |
Institutional Shares | (3,849,963) | (1,895,731) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (9,423,438) | (9,636,165) |
Share Transactions: | ||
Proceeds from sale of shares | 10,879,405 | 50,787,953 |
Proceeds from shares issued in connection with the tax-free transfer of assets from PNC Multi-Factor Large Cap Growth Fund | 101,740,899 | — |
Net asset value of shares issued to shareholders in payment of distributions declared | 8,888,859 | 9,069,033 |
Cost of shares redeemed | (68,669,907) | (29,755,658) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 52,839,256 | 30,101,328 |
Change in net assets | 56,987,156 | 33,208,357 |
Net Assets: | ||
Beginning of period | 129,645,285 | 96,436,928 |
End of period | $186,632,441 | $129,645,285 |
Shares of the Fund Issued | Acquired Fund's Net Assets Received | Unrealized Appreciation1 | Net Assets of the Fund Immediately Prior to Combination | Net Assets of the Fund Immediately After Combination |
4,605,196 | $101,740,899 | $9,990,130 | $117,706,237 | $219,447,136 |
1 | Unrealized Appreciation is included in the Net Assets Received amount shown above. |
Net investment income | $49,692 |
Net realized and unrealized gain on investments | 16,681,380 |
Net increase in net assets resulting from operations | $16,731,072 |
■ | 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 | $90,894 |
Class B Shares | 15,102 |
Class C Shares | 15,728 |
TOTAL | $121,724 |
Market Value of Securities Loaned | Collateral Received |
$1,281,957 | $1,328,793 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 200,932 | $4,141,623 | 656,472 | $13,105,404 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | 703,729 | 14,926,094 | — | — |
Shares issued to shareholders in payment of distributions declared | 185,136 | 3,734,190 | 287,970 | 4,964,605 |
Shares redeemed | (507,769) | (10,606,596) | (573,201) | (11,287,981) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 582,028 | $12,195,311 | 371,241 | $6,782,028 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,981 | $36,708 | 15,474 | $275,427 |
Shares issued to shareholders in payment of distributions declared | 38,249 | 685,430 | 81,777 | 1,269,989 |
Shares redeemed | (96,266) | (1,779,785) | (186,625) | (3,266,416) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (56,036) | $(1,057,647) | (89,374) | $(1,721,000) |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 53,024 | $950,974 | 287,106 | $4,940,359 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | 18,359 | 337,996 | — | — |
Shares issued to shareholders in payment of distributions declared | 43,943 | 762,414 | 64,160 | 966,884 |
Shares redeemed | (81,798) | (1,475,336) | (245,939) | (4,453,354) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 33,528 | $576,048 | 105,327 | $1,453,889 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 262,387 | $5,750,100 | 1,564,212 | $32,466,763 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | 3,883,108 | 86,476,809 | — | — |
Shares issued to shareholders in payment of distributions declared | 174,603 | 3,706,825 | 103,408 | 1,867,555 |
Shares redeemed | (2,446,717) | (54,808,190) | (524,974) | (10,747,907) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 1,873,381 | $41,125,544 | 1,142,646 | $23,586,411 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 2,432,901 | $52,839,256 | 1,529,840 | $30,101,328 |
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 | $45,306 |
Class C Shares | 47,182 |
TOTAL | $92,488 |
Purchases | $133,470,517 |
Sales | $191,050,281 |
Fund's management to be classified in similar business sectors. Economic developments may
have an effect on the liquidity and volatility of the portfolio securities.
Beginning Account Value 8/1/2019 | Ending Account Value 1/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,080.50 | $6.542 |
Class B Shares | $1,000 | $1,076.90 | $10.553 |
Class C Shares | $1,000 | $1,076.40 | $10.494 |
Institutional Shares | $1,000 | $1,081.80 | $4.765 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,018.80 | $6.342 |
Class B Shares | $1,000 | $1,014.90 | $10.233 |
Class C Shares | $1,000 | $1,015.00 | $10.184 |
Institutional Shares | $1,000 | $1,020.50 | $4.625 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.25% |
Class B Shares | 2.02% |
Class C Shares | 2.01% |
Institutional Shares | 0.91% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund's Class A Shares current Fee Limit of 0.99% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.18 and $5.03, respectively. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund's Class B Shares current Fee Limit of 1.74% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $9.08 and $8.82, respectively. |
4 | Actual and Hypothetical expenses paid during the period utilizing the Fund's Class C Shares current Fee Limit of 1.74% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $9.08 and $8.82, respectively. |
5 | Actual and Hypothetical expenses paid during the period utilizing the Fund's Institutional Shares current Fee Limit of 0.74% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $3.87 and $3.76, respectively. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R684
CUSIP 31421R809
CUSIP 31421R882
Share Class | Ticker | A | QASCX | C | QCSCX | Institutional | QISCX | R6 | QLSCX |
Donahue
Sector Composition | Percentage of Total Net Assets |
Financials | 18.5% |
Health Care | 16.2% |
Industrials | 15.4% |
Information Technology | 14.1% |
Consumer Discretionary | 12.1% |
Real Estate | 9.0% |
Energy | 3.2% |
Materials | 2.8% |
Utilities | 2.7% |
Consumer Staples | 2.4% |
Communication Services | 2.0% |
Securities Lending Collateral2 | 8.8% |
Cash Equivalents3 | 1.3% |
Other Assets and Liabilities—Net4 | (8.5)% |
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—98.4% | |||
Communication Services—2.0% | |||
465,193 | 1 | Cars.com, Inc. | $5,428,802 |
49,375 | Cogent Communications Holdings, Inc. | 3,502,169 | |
234,651 | Emerald Expositions Events, Inc. | 2,447,410 | |
35,158 | 1,2 | EverQuote, Inc. | 1,289,947 |
921,801 | 1,2 | Frontier Communications Corp. | 508,558 |
118,298 | 1 | Imax Corp. | 1,956,649 |
50,855 | 1 | Intelsat SA | 173,416 |
15,271 | 2 | Meredith Corp. | 458,893 |
104,440 | National CineMedia, Inc. | 770,767 | |
205,211 | Tegna, Inc. | 3,468,066 | |
TOTAL | 20,004,677 | ||
Consumer Discretionary—12.1% | |||
61,738 | 1 | Asbury Automotive Group, Inc. | 5,954,630 |
155,190 | 1 | Beazer Homes USA, Inc. | 2,133,862 |
63,397 | 1,2 | Boot Barn Holdings, Inc. | 2,660,772 |
3,383 | 1 | Cavco Industries, Inc. | 757,860 |
79,825 | 1 | Cooper-Standard Holding, Inc. | 2,116,959 |
177,672 | 1 | CROCs, Inc. | 6,735,545 |
28,059 | 1,2 | Deckers Outdoor Corp. | 5,356,744 |
437,113 | 1 | Everi Holdings, Inc. | 5,463,912 |
9,276 | 1,2 | Francesca's Holdings Corp. | 70,869 |
47,714 | 1,2 | GameStop Corp. | 183,222 |
34,796 | Group 1 Automotive, Inc. | 3,506,393 | |
53,416 | 1,2 | Hibbett Sports, Inc. | 1,323,648 |
17,915 | 1 | Installed Building Products, Inc. | 1,328,039 |
56,095 | 1,2 | iRobot Corp. | 2,639,270 |
84,905 | Jack in the Box, Inc. | 6,940,984 | |
306,115 | KB HOME | 11,494,618 | |
223,255 | 1,2 | K12, Inc. | 3,603,336 |
56,861 | 2 | Lithia Motors, Inc., Class A | 7,712,626 |
53,923 | 1 | Meritage Corp. | 3,826,376 |
51,629 | 1,2 | RH | 10,777,554 |
183,289 | Rent-A-Center, Inc. | 5,339,209 | |
17,709 | 1 | Sally Beauty Holdings, Inc. | 271,833 |
313,734 | 1,2 | SeaWorld Entertainment, Inc. | 10,811,274 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Discretionary—continued | |||
15,581 | 2 | Shoe Carnival, Inc. | $558,735 |
7,233 | 1 | Sleep Number Corp. | 373,150 |
34,902 | Steven Madden Ltd. | 1,345,821 | |
320,092 | 1 | TRI Pointe Group, Inc. | 5,204,696 |
28,224 | 1 | Taylor Morrison Home Corp. | 730,437 |
3,161 | 1 | TopBuild Corp. | 361,966 |
198,827 | 2 | Tupperware Brands Corp. | 1,244,657 |
88,902 | 2 | Wingstop, Inc. | 8,247,439 |
24,284 | 1,2 | YETI Holdings, Inc. | 882,966 |
TOTAL | 119,959,402 | ||
Consumer Staples—2.4% | |||
4,470 | Coca-Cola Bottling Co. | 1,210,521 | |
193,295 | 1 | Darling Ingredients, Inc. | 5,244,093 |
207,039 | 1 | elf Beauty, Inc. | 3,246,371 |
12,278 | 1 | Freshpet, Inc. | 772,041 |
84,776 | Ingles Markets, Inc., Class A | 3,534,311 | |
122,321 | 1 | Performance Food Group Co. | 6,335,005 |
57,664 | Universal Corp. | 3,064,842 | |
TOTAL | 23,407,184 | ||
Energy—3.2% | |||
126,584 | 2 | Arch Coal, Inc. | 6,522,873 |
223,924 | 1,2 | CONSOL Energy, Inc. | 1,820,502 |
8,677 | CVR Energy, Inc. | 300,311 | |
1,088,948 | 1,2 | Denbury Resources, Inc. | 1,072,614 |
19,137 | 1 | Dorian LPG Ltd. | 251,077 |
137,328 | 1 | Gulf Island Fabrication, Inc. | 700,373 |
347,467 | 1,2 | Key Energy Services, Inc. | 39,959 |
20,668 | 1 | Mammoth Energy Services, Inc. | 29,349 |
198,159 | 1 | Newpark Resources, Inc. | 990,795 |
280,475 | 1,2 | Noble Corp. PLC | 226,568 |
446,702 | 1 | Oil States International, Inc. | 4,815,448 |
317,711 | 2 | Peabody Energy Corp. | 2,147,726 |
145,578 | 2 | RPC, Inc. | 659,468 |
154,116 | 1,2 | Renewable Energy Group, Inc. | 4,050,168 |
136,294 | 2 | Scorpio Tankers, Inc. | 3,181,102 |
297,044 | 1,2 | Seadrill Ltd. | 406,950 |
74,639 | Teekay Tankers Ltd., Class A | 1,215,869 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Energy—continued | |||
714,053 | 1,2 | Whiting Petroleum Corp. | $3,241,801 |
TOTAL | 31,672,953 | ||
Financials—18.5% | |||
40,603 | 1st Source Corp. | 1,916,056 | |
162,512 | American Equity Investment Life Holding Co. | 4,291,942 | |
45,611 | 2 | BancFirst Corp. | 2,636,316 |
147,224 | BancorpSouth Bank | 4,206,190 | |
149,927 | Employers Holdings, Inc. | 6,394,387 | |
38,145 | 1 | Enova International, Inc. | 955,914 |
190,813 | Essent Group Ltd. | 9,466,233 | |
282,143 | 1,2 | Ezcorp, Inc., Class A | 1,754,929 |
45,108 | Financial Institutions, Inc. | 1,389,777 | |
263,548 | First Bancorp, Inc. | 9,350,683 | |
813,870 | First BanCorp. | 7,544,575 | |
195,182 | First Defiance Financial Corp. | 5,736,399 | |
34,672 | First Foundation, Inc. | 572,088 | |
54,873 | First Guaranty Bancshares, Inc. | 987,714 | |
28,026 | First Midwest Bancorp, Inc. | 558,838 | |
483,764 | Fulton Financial Corp. | 7,967,593 | |
351,900 | 1 | Green Dot Corp. | 10,585,152 |
88,842 | Hancock Whitney Corp. | 3,530,581 | |
7,494 | Heartland Financial USA, Inc. | 366,532 | |
14,639 | Hilltop Holdings, Inc. | 331,427 | |
111,652 | Hometrust Bancshares, Inc. | 2,961,011 | |
14,978 | Horace Mann Educators Corp. | 644,204 | |
818,682 | Investors Bancorp, Inc. | 9,893,772 | |
46,482 | Kinsale Capital Group, Inc. | 5,309,174 | |
209,976 | MGIC Investment Corp. | 2,895,569 | |
199,779 | Meridian Bancorp, Inc. | 3,594,024 | |
208,933 | 1 | NMI Holdings, Inc. | 6,669,141 |
87,804 | National Bank Holdings Corp. | 2,862,410 | |
529,976 | National General Holdings Corp. | 11,537,577 | |
792,986 | New York Mortgage Trust, Inc. | 5,035,461 | |
27,724 | 1,2 | Nicolet Bankshares, Inc. | 1,958,701 |
195,739 | OceanFirst Financial Corp. | 4,552,889 | |
47,529 | 1,2 | PRA Group, Inc. | 1,680,625 |
28,144 | Pacific Premier Bancorp, Inc. | 838,691 | |
31,418 | 1 | Palomar Holdings, Inc. | 1,679,292 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
151,383 | Peapack-Gladstone Financial Corp. | $4,424,925 | |
95,205 | Pennymac Financial Services, Inc. | 3,210,313 | |
116,351 | QCR Holdings, Inc. | 4,782,026 | |
21,309 | 2 | RLI Corp. | 1,981,950 |
188,074 | Radian Group, Inc. | 4,605,932 | |
6,221 | 1 | Regional Management Corp. | 171,389 |
9,189 | Renasant Corp. | 293,405 | |
11,044 | Republic Bancorp, Inc. | 462,744 | |
40,711 | Selective Insurance Group, Inc. | 2,697,104 | |
28,262 | Simmons 1st National Corp., Class A | 677,723 | |
76,322 | Stifel Financial Corp. | 4,937,270 | |
48,596 | TriCo Bancshares | 1,768,894 | |
83,862 | UMB Financial Corp. | 5,573,469 | |
234,265 | Waterstone Financial, Inc. | 4,097,295 | |
126,327 | Western New England Bancorp, Inc. | 1,134,416 | |
TOTAL | 183,474,722 | ||
Health Care—16.2% | |||
316,392 | 1,2 | Acorda Therapeutics, Inc. | 642,276 |
66,205 | 1,3 | Adeptus Health, Inc., Class A | 0 |
77,070 | 1,2 | Aimmune Therapeutics, Inc. | 2,393,024 |
761,927 | 1 | Akorn, Inc. | 1,165,748 |
67,500 | 1,2 | Alphatec Holdings, Inc. | 469,800 |
12,280 | 1 | Amedisys, Inc. | 2,167,297 |
5,507 | 1 | Applied Therapeutics, Inc. | 288,952 |
27,378 | 1 | Arvinas, Inc. | 1,326,738 |
462,838 | 1 | Assertio Therapeutics, Inc. | 495,237 |
7,559 | 1 | AtriCure, Inc. | 294,045 |
5,265 | 1,2 | Axsome Therapeutics, Inc. | 457,107 |
4,079 | 1 | Bioxcel Therapeutics, Inc. | 67,589 |
128,735 | 2 | CONMED Corp. | 13,089,775 |
10,779 | 1 | Cardiovascular Systems, Inc. | 489,259 |
8,239 | 1 | ChemoCentryx, Inc. | 349,498 |
87,076 | 1 | Collegium Pharmaceutical, Inc. | 1,751,534 |
18,664 | 1 | Cue Biopharma, Inc. | 283,133 |
33,099 | 1 | Cutera, Inc. | 932,730 |
84,850 | 1 | Deciphera Pharmaceuticals, Inc. | 5,314,155 |
112,965 | 1 | Dicerna Pharmaceuticals, Inc. | 2,230,494 |
144,784 | 1,2 | Epizyme, Inc. | 3,030,329 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
10,768 | 1,2 | Evofem Biosciences, Inc. | $53,302 |
85,350 | 1 | Global Blood Therapeutics, Inc. | 5,569,941 |
40,970 | 1 | Globus Medical, Inc. | 2,141,912 |
25,558 | 1 | GlycoMimetics, Inc. | 109,388 |
11,986 | 1 | Haemonetics Corp. | 1,287,177 |
67,089 | 1,2 | Immunogen, Inc. | 316,996 |
124,576 | 1 | Immunomedics, Inc. | 2,313,376 |
74,108 | 1 | Inogen, Inc. | 3,280,761 |
22,866 | 1,2 | Intercept Group, Inc. | 2,113,047 |
259,709 | 1,2 | Ironwood Pharmaceuticals, Inc. | 3,137,285 |
52,332 | 1 | Jounce Therapeutics, Inc. | 329,168 |
304,501 | 1,2 | Karyopharm Therapeutics, Inc. | 4,917,691 |
33,392 | 1,2 | Lannett Co., Inc. | 271,811 |
45,644 | LeMaitre Vascular, Inc. | 1,642,499 | |
735,997 | 1,2 | Mallinckrodt PLC | 3,378,226 |
190,471 | 1 | Medpace Holdings, Inc. | 16,294,794 |
39,541 | 1 | Momenta Pharmaceuticals, Inc. | 1,147,480 |
20,191 | 1 | Natera, Inc. | 706,887 |
98,773 | 1 | NeoGenomics, Inc. | 3,183,454 |
31,362 | 1 | Nevro Corp. | 4,168,323 |
41,000 | 1 | NuVasive, Inc. | 3,161,920 |
5,330 | 1 | Omnicell, Inc. | 433,222 |
92,317 | Owens & Minor, Inc. | 577,904 | |
21,686 | 1 | PTC Therapeutics, Inc. | 1,116,829 |
5,267 | 1 | Principia Biopharma, Inc. | 277,308 |
334,755 | 1,2 | Puma Biotechnology, Inc. | 2,631,174 |
115,870 | 1 | R1 RCM, Inc. | 1,448,375 |
11,180 | 1 | Radius Health, Inc. | 196,321 |
14,090 | 1,2 | Reata Pharmaceuticals, Inc. | 3,082,751 |
96,753 | 1 | Recro Pharma, Inc. | 1,595,457 |
151,211 | 1 | Repligen Corp. | 15,180,072 |
12,545 | 1,2 | Rocket Pharmaceuticals, Inc. | 256,922 |
305,306 | 1 | Select Medical Holdings Corp. | 6,973,189 |
110,006 | 1,2 | Surgery Partners, Inc. | 1,855,801 |
78,862 | 1 | Syneos Health, Inc. | 4,838,972 |
41,774 | 1,2 | Teladoc, Inc. | 4,248,834 |
288,714 | 1 | Tenet Healthcare Corp. | 9,134,911 |
159,033 | 1,2 | Tg Therapeutics, Inc. | 2,259,859 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
57,435 | 1 | Theravance Biopharma, Inc. | $1,601,288 |
5,083 | 1 | Turning Point Therapeutics, Inc. | 297,356 |
18,167 | 1 | Vanda Pharmaceuticals, Inc. | 231,629 |
52,218 | 1,2 | Viking Therapeutics, Inc. | 327,929 |
406,876 | 1 | Voyager Therapeutics, Inc. | 4,487,842 |
11,535 | 1 | Xencor, Inc. | 391,498 |
TOTAL | 160,209,601 | ||
Industrials—15.4% | |||
198,843 | Acco Brands Corp. | 1,718,004 | |
52,062 | 1 | Aerovironment, Inc. | 3,467,850 |
283,809 | Arcosa, Inc. | 12,416,644 | |
368,863 | 1 | Atkore International Group, Inc. | 14,643,861 |
145,581 | 1 | Builders Firstsource, Inc. | 3,609,681 |
218,403 | 1 | CECO Environmental Corp. | 1,659,863 |
96,584 | 1 | Casella Waste Systems, Inc. | 4,944,135 |
76,893 | 1,2 | Cimpress PLC | 9,198,710 |
284,514 | Costamare, Inc. | 2,256,196 | |
95,367 | Deluxe Corp. | 4,596,689 | |
119,704 | 1 | Echo Global Logistics, Inc. | 2,319,863 |
68,801 | Emcor Group, Inc. | 5,653,378 | |
170,238 | 2 | Exponent, Inc. | 12,388,219 |
35,876 | 1 | FTI Consulting, Inc. | 4,307,273 |
96,427 | Federal Signal Corp. | 3,101,092 | |
4,556 | Forward Air Corp. | 298,190 | |
269,319 | 1 | Foundation Building Materials, Inc. | 4,801,958 |
257,497 | 1 | GMS, Inc. | 6,880,320 |
75,512 | 1 | Generac Holdings, Inc. | 7,822,288 |
4,569 | 1 | Gibraltar Industries, Inc. | 249,102 |
194,424 | 1 | Great Lakes Dredge & Dock Corp. | 2,035,619 |
13,608 | HEICO Corp. | 1,666,027 | |
65,449 | Hawaiian Holdings, Inc. | 1,824,718 | |
87,041 | Heidrick & Struggles International, Inc. | 2,473,705 | |
93,202 | Hurco Co., Inc. | 2,917,223 | |
63,092 | 1 | Mastec, Inc. | 3,643,563 |
8,459 | Maxar Technologies, Inc. | 135,006 | |
22,720 | 1 | Mercury Systems, Inc. | 1,743,760 |
42,747 | Miller Herman, Inc. | 1,652,172 | |
32,647 | 1 | Now, Inc. | 326,796 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
239,730 | Rexnord Corp. | $7,827,184 | |
76,138 | Rush Enterprises, Inc. | 3,273,934 | |
66,508 | 1 | SPX Corp. | 3,263,548 |
27,127 | 1,2 | Saia, Inc. | 2,362,762 |
67,098 | 2 | SkyWest, Inc. | 3,701,797 |
148,944 | Spartan Motors, Inc. | 2,532,048 | |
160,259 | 1 | Titan Machinery, Inc. | 1,956,762 |
73,313 | Triton International Ltd. | 2,752,903 | |
TOTAL | 152,422,843 | ||
Information Technology—14.1% | |||
8,098 | 1 | ACI Worldwide, Inc. | 278,976 |
15,084 | 1 | Ambarella, Inc. | 892,068 |
7,908 | 2 | Blackbaud, Inc. | 619,434 |
5,353 | 1 | Bottomline Technologies, Inc. | 286,921 |
25,279 | 1 | CACI International, Inc., Class A | 6,760,616 |
197,284 | 1,2 | Cardtronics, Inc. | 8,877,780 |
10,746 | 1 | Ciena Corp. | 437,040 |
207,879 | 1 | Cirrus Logic, Inc. | 15,967,186 |
69,568 | 1 | Commvault Systems, Inc. | 3,131,951 |
222,838 | 1 | Conduent, Inc. | 953,747 |
153,555 | 1 | Cornerstone OnDemand, Inc. | 9,029,034 |
85,681 | 1 | Diebold Nixdorf, Inc. | 986,188 |
87,570 | 1,2 | Digital Turbine, Inc. | 546,437 |
21,548 | 1 | Envestnet, Inc. | 1,699,491 |
131,299 | Evertec, Inc. | 4,407,707 | |
85,728 | 1 | Evo Payments, Inc. | 2,375,523 |
132,843 | 1 | FormFactor, Inc. | 3,362,256 |
124,316 | 1 | Inphi Corp. | 9,443,043 |
55,305 | 1 | Insight Enterprises, Inc. | 3,642,940 |
48,219 | 1 | Itron, Inc. | 3,941,903 |
96,529 | 1,2 | j2 Global, Inc. | 9,253,270 |
56,639 | 1 | Kimball Electronics, Inc. | 916,419 |
54,486 | 1 | MA-COM Technology Solutions Holdings, Inc. | 1,548,492 |
259,088 | 1 | Model N, Inc. | 8,080,955 |
21,739 | 1 | NeoPhotonics Corp. | 165,869 |
209,799 | 1,2 | Netgear, Inc. | 5,396,030 |
17,002 | 1 | OSI Systems, Inc. | 1,471,353 |
20,676 | 1 | Paylocity Corp. | 2,933,718 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
269,596 | 1,2 | Perficient, Inc. | $13,398,921 |
3,953 | Power Integrations, Inc. | 386,090 | |
3,852 | 1 | Qualys, Inc. | 330,270 |
214,183 | 1 | SPS Commerce, Inc. | 12,172,020 |
34,606 | 1 | Secureworks Corp. | 544,352 |
57,730 | 1,2 | ShotSpotter, Inc. | 1,584,689 |
13,802 | 1,2 | Stratasys, Inc. | 248,160 |
49,130 | 1 | Synaptics, Inc. | 3,276,480 |
30,331 | 1 | Ultra Clean Holdings, Inc. | 697,916 |
TOTAL | 140,045,245 | ||
Materials—2.8% | |||
12,814 | 1 | AdvanSix, Inc. | 239,878 |
231,959 | 1,2 | Allegheny Technologies, Inc. | 4,001,293 |
21,286 | Carpenter Technology Corp. | 845,906 | |
192,936 | Commercial Metals Corp. | 3,964,835 | |
81,368 | 1,2 | Forterra, Inc. | 1,053,716 |
24,578 | 2 | Fuller (H.B.) Co. | 1,135,749 |
57,560 | Haynes International, Inc. | 1,543,184 | |
3,423 | Kaiser Aluminum Corp. | 342,813 | |
15,363 | 1 | Koppers Holdings, Inc. | 482,091 |
111,999 | Myers Industries, Inc. | 1,812,144 | |
17,570 | 1 | Ryerson Holding Corp. | 180,092 |
163,555 | Schnitzer Steel Industries, Inc., Class A | 2,629,964 | |
192,143 | Trinseo SA | 5,518,347 | |
5,290 | 1 | UFP Technologies, Inc. | 246,673 |
236,370 | 1 | Verso Corp. | 3,982,834 |
TOTAL | 27,979,519 | ||
Real Estate—9.0% | |||
9,637 | Agree Realty Corp. | 731,737 | |
71,630 | 2 | American Finance Trust, Inc. | 929,041 |
30,047 | Armada Hoffler Properties, Inc. | 551,062 | |
151,631 | City Office REIT, Inc. | 2,050,051 | |
383,131 | 2 | Easterly Government Properties, Inc. | 9,275,602 |
105,431 | EastGroup Properties, Inc. | 14,345,996 | |
17,605 | Essential Properties Realty Trust, Inc. | 486,074 | |
290,275 | First Industrial Realty Trust | 12,394,743 | |
68,793 | Gladstone Commercial Corp. | 1,466,667 | |
179,636 | Healthcare Realty Trust, Inc. | 6,477,674 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Real Estate—continued | |||
553,705 | Independence Realty Trust | $8,122,852 | |
17,986 | Kite Realty Group Trust | 309,359 | |
238,933 | Newmark Group, Inc. | 2,812,241 | |
31,641 | NexPoint Residential Trust, Inc. | 1,544,081 | |
172,418 | 2 | QTS Realty Trust, Inc. | 9,807,136 |
8,349 | RMR Group, Inc./The | 384,638 | |
37,449 | Retail Opportunity Investments Corp. | 620,530 | |
211,798 | Rexford Industrial Realty, Inc. | 10,206,546 | |
86,958 | STAG Industrial, Inc. | 2,803,526 | |
5,823 | Terreno Realty Corp. | 333,425 | |
160,470 | 2 | Urban Edge Properties | 2,951,043 |
TOTAL | 88,604,024 | ||
Utilities—2.7% | |||
24,647 | Avista Corp. | 1,253,300 | |
189,474 | 2 | Clearway Energy, Inc. | 3,920,217 |
320,529 | Portland General Electric Co. | 19,712,533 | |
123,722 | 2 | TerraForm Power, Inc. | 2,238,131 |
TOTAL | 27,124,181 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $958,002,461) | 974,904,351 | ||
INVESTMENT COMPANIES—10.1% | |||
35,727,726 | Federated Government Obligations Fund, Premier Shares, 1.49%4 | 35,727,726 | |
64,018,176 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.71%4 | 64,037,382 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $99,765,976) | 99,765,108 | ||
TOTAL INVESTMENT IN SECURITIES—108.5% (IDENTIFIED COST $1,057,768,437)5 | 1,074,669,459 | ||
OTHER ASSETS AND LIABILITIES - NET—(8.5)%6 | (84,232,319) | ||
TOTAL NET ASSETS—100% | $990,437,140 |
Affiliate | Balance of Shares Held 7/31/2019 | Purchases/ Additions | Sales/ Reductions |
Information Technology: | |||
ShotSpotter, Inc. | — | 69,933 | (12,203) |
Balance of Shares Held 1/31/2020 | Value | Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/(Loss) | Dividend Income |
57,730 | $1,584,689 | $397,137 | $37,602 | $— |
Federated Government Obligations Fund, Premier Shares* | Federated Institutional Prime Value Obligations Fund, Institutional Shares* | Total of Affiliated Transactions | |
Balance of Shares Held 7/31/2019 | 37,415,748 | 84,083,002 | 121,498,750 |
Purchases/Additions | 170,656,764 | 349,175,675 | 519,832,439 |
Sales/Reductions | (172,344,786) | (369,240,501) | (541,585,287) |
Balance of Shares Held 1/31/2020 | 35,727,726 | 64,018,176 | 99,745,902 |
Value | $35,727,726 | $64,037,382 | $99,765,108 |
Change in Unrealized Appreciation/Depreciation | N/A | $(3,118) | $(3,118) |
Net Realized Gain/(Loss) | N/A | $1,081 | $1,081 |
Dividend Income | $360,066 | $725,842 | $1,085,908 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | Non-income-producing security. |
2 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
3 | Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established by and under the general supervision of the Fund's Board of Trustees (the "Trustees"). |
4 | 7-day net yield. |
5 | Also represents cost for federal tax purposes. |
6 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $923,302,809 | $— | $0 | $923,302,809 |
International | 51,601,542 | — | — | 51,601,542 |
Investment Companies | 99,765,108 | — | — | 99,765,108 |
TOTAL SECURITIES | $1,074,669,459 | $— | $0 | $1,074,669,459 |
REIT | —Real Estate Investment Trust |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $18.87 | $21.19 | $18.69 | $15.08 | $15.66 | $15.07 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.02 | 0.01 | (0.01) | (0.02) | 0.03 | (0.05) |
Net realized and unrealized gain (loss) | (0.17) | (1.70) | 3.38 | 3.78 | 1.02 | 1.57 |
TOTAL FROM INVESTMENT OPERATIONS | (0.15) | (1.69) | 3.37 | 3.76 | 1.05 | 1.52 |
Less Distributions: | ||||||
Distributions from net investment income | (0.04) | — | — | — | — | — |
Distributions from net realized gain | — | (0.63) | (0.87) | (0.15) | (1.63) | (0.93) |
TOTAL DISTRIBUTIONS | (0.04) | (0.63) | (0.87) | (0.15) | (1.63) | (0.93) |
Net Asset Value, End of Period | $18.68 | $18.87 | $21.19 | $18.69 | $15.08 | $15.66 |
Total Return2 | (0.80)% | (7.69)% | 18.49% | 24.97% | 7.90% | 10.22% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.13%3 | 1.13% | 1.14% | 1.14% | 1.13% | 1.48% |
Net investment income (loss) | 0.21%3 | 0.07% | (0.06)% | (0.13)% | 0.19% | (0.35)% |
Expense waiver/reimbursement4 | 0.18%3 | 0.22% | 0.37% | 0.55% | 1.10% | 0.76% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $102,014 | $68,546 | $74,396 | $37,031 | $13,035 | $7,160 |
Portfolio turnover | 79% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $16.58 | $18.84 | $16.83 | $13.70 | $14.48 | $14.10 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | (0.05) | (0.12) | (0.14) | (0.14) | (0.07) | (0.16) |
Net realized and unrealized gain (loss) | (0.15) | (1.51) | 3.02 | 3.42 | 0.92 | 1.47 |
TOTAL FROM INVESTMENT OPERATIONS | (0.20) | (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 | $16.38 | $16.58 | $18.84 | $16.83 | $13.70 | $14.48 |
Total Return2 | (1.21)% | (8.35)% | 17.60% | 23.98% | 7.12% | 9.41% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.88%3 | 1.88% | 1.89% | 1.89% | 1.88% | 2.28% |
Net investment income (loss) | (0.55)%3 | (0.69)% | (0.81)% | (0.89)% | (0.56)% | (1.11)% |
Expense waiver/reimbursement4 | 0.22%3 | 0.28% | 0.38% | 0.57% | 1.11% | 0.72% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $30,737 | $28,411 | $30,072 | $15,223 | $3,422 | $3,031 |
Portfolio turnover | 79% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $19.59 | $21.94 | $19.30 | $15.54 | $16.04 | $15.38 |
Income From Investment Operations: | ||||||
Net investment income (loss)1 | 0.04 | 0.06 | 0.03 | 0.02 | 0.06 | (0.02) |
Net realized and unrealized gain (loss) | (0.18) | (1.76) | 3.50 | 3.90 | 1.07 | 1.61 |
TOTAL FROM INVESTMENT OPERATIONS | (0.14) | (1.70) | 3.53 | 3.92 | 1.13 | 1.59 |
Less Distributions: | ||||||
Distributions from net investment income | (0.07) | (0.02) | (0.02) | — | — | — |
Distributions from net realized gain | — | (0.63) | (0.87) | (0.16) | (1.63) | (0.93) |
TOTAL DISTRIBUTIONS | (0.07) | (0.65) | (0.89) | (0.16) | (1.63) | (0.93) |
Net Asset Value, End of Period | $19.38 | $19.59 | $21.94 | $19.30 | $15.54 | $16.04 |
Total Return2 | (0.71)% | (7.45)% | 18.78% | 25.24% | 8.24% | 10.48% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.88%3 | 0.88% | 0.89% | 0.89% | 0.88% | 1.26% |
Net investment income (loss) | 0.45%3 | 0.31% | 0.13% | 0.10% | 0.43% | (0.11)% |
Expense waiver/reimbursement4 | 0.17%3 | 0.22% | 0.34% | 0.53% | 1.11% | 0.74% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $801,250 | $842,221 | $708,805 | $179,219 | $24,529 | $20,504 |
Portfolio turnover | 79% | 121% | 88% | 91% | 189% | 166% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | Period Ended 7/31/20161 | |||
2019 | 2018 | 2017 | |||
Net Asset Value, Beginning of Period | $19.59 | $21.94 | $19.30 | $15.54 | $13.88 |
Income From Investment Operations: | |||||
Net investment income (loss)2 | 0.04 | 0.06 | 0.02 | 0.01 | (0.01) |
Net realized and unrealized gain (loss) | (0.17) | (1.76) | 3.51 | 3.91 | 1.67 |
TOTAL FROM INVESTMENT OPERATIONS | (0.13) | (1.70) | 3.53 | 3.92 | 1.66 |
Less Distributions: | |||||
Distributions from net investment income | (0.07) | (0.02) | (0.02) | — | — |
Distributions from net realized gain | — | (0.63) | (0.87) | (0.16) | — |
TOTAL DISTRIBUTIONS | (0.07) | (0.65) | (0.89) | (0.16) | — |
Net Asset Value, End of Period | $19.39 | $19.59 | $21.94 | $19.30 | $15.54 |
Total Return3 | (0.66)% | (7.45)% | 18.78% | 25.24% | 11.96% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.87%4 | 0.87% | 0.88% | 0.88% | 0.87%4 |
Net investment income (loss) | 0.45%4 | 0.32% | 0.08% | 0.04% | (0.04)%4 |
Expense waiver/reimbursement5 | 0.06%4 | 0.12% | 0.26% | 0.41% | 0.97%4 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $56,437 | $33,753 | $13,374 | $1,017 | $06 |
Portfolio turnover | 79% | 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 $81,135,919 of securities loaned, $99,765,108 of investment in affiliated holdings* and $1,584,689 of investment in an affiliated company* (identified cost $1,057,768,437) | $1,074,669,459 | |
Cash | 193 | |
Income receivable | 130,667 | |
Income receivable from affiliated holdings | 18,751 | |
Receivable for investments sold | 9,830,125 | |
Receivable for shares sold | 1,373,273 | |
TOTAL ASSETS | 1,086,022,468 | |
Liabilities: | ||
Payable for investments purchased | $4,656,137 | |
Payable for shares redeemed | 3,642,661 | |
Payable for collateral due to broker for securities lending | 86,847,726 | |
Payable for investment adviser fee (Note 5) | 20,291 | |
Payable for administrative fee (Note 5) | 1,827 | |
Payable for distribution services fee (Note 5) | 20,462 | |
Payable for other service fees (Notes 2 and 5) | 60,883 | |
Accrued expenses (Note 5) | 335,341 | |
TOTAL LIABILITIES | 95,585,328 | |
Net assets for 51,590,613 shares outstanding | $990,437,140 | |
Net Assets Consist of: | ||
Paid-in capital | $942,720,541 | |
Total distributable earnings (loss) | 47,716,599 | |
TOTAL NET ASSETS | $990,437,140 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($102,013,743 ÷ 5,462,324 shares outstanding), no par value, unlimited shares authorized | $18.68 | |
Offering price per share (100/94.50 of $18.68) | $19.77 | |
Redemption proceeds per share | $18.68 | |
Class C Shares: | ||
Net asset value per share ($30,736,892 ÷ 1,876,223 shares outstanding), no par value, unlimited shares authorized | $16.38 | |
Offering price per share | $16.38 | |
Redemption proceeds per share (99.00/100 of $16.38) | $16.22 | |
Institutional Shares: | ||
Net asset value per share ($801,249,789 ÷ 41,341,050 shares outstanding), no par value, unlimited shares authorized | $19.38 | |
Offering price per share | $19.38 | |
Redemption proceeds per share | $19.38 | |
Class R6 Shares: | ||
Net asset value per share ($56,436,716 ÷ 2,911,016 shares outstanding), no par value, unlimited shares authorized | $19.39 | |
Offering price per share | $19.39 | |
Redemption proceeds per share | $19.39 |
* | See information listed after the Fund's Portfolio of Investments. |
Investment Income: | |||
Dividends (including $103,805 received from an affiliated holding* and net of foreign taxes withheld of $5,977) | $5,852,250 | ||
Net income on securities loaned (includes $982,103 earned from affiliated holdings related to cash collateral balances*) (Note 2) | 646,812 | ||
TOTAL INCOME | 6,499,062 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $3,891,175 | ||
Administrative fee (Note 5) | 383,920 | ||
Custodian fees | 30,725 | ||
Transfer agent fee (Note 2) | 585,557 | ||
Directors'/Trustees' fees (Note 5) | 3,487 | ||
Auditing fees | 14,212 | ||
Legal fees | 4,835 | ||
Portfolio accounting fees | 78,771 | ||
Distribution services fee (Note 5) | 108,896 | ||
Other service fees (Notes 2 and 5) | 139,214 | ||
Share registration costs | 53,125 | ||
Printing and postage | 35,631 | ||
Miscellaneous (Note 5) | 20,156 | ||
TOTAL EXPENSES | 5,349,704 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(317,717) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (481,629) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (799,346) | ||
Net expenses | 4,550,358 | ||
Net investment income | 1,948,704 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments (including net realized gain of $38,683 on sales of investments in an affiliated company and holding*) | 53,203,056 | ||
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $394,019 on investments in an affiliated company and holding*) | (61,442,979) | ||
Net realized and unrealized gain (loss) on investments | (8,239,923) | ||
Change in net assets resulting from operations | $(6,291,219) |
* | See information listed after the Fund's Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended 7/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $1,948,704 | $2,379,523 |
Net realized gain (loss) | 53,203,056 | (6,860,147) |
Net change in unrealized appreciation/depreciation | (61,442,979) | (64,875,679) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (6,291,219) | (69,356,303) |
Distributions to Shareholders: | ||
Class A Shares | (241,559) | (2,316,631) |
Class C Shares | — | (1,156,337) |
Institutional Shares | (3,139,873) | (24,309,562) |
Class R6 Shares | (217,595) | (927,672) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (3,599,027) | (28,710,202) |
Share Transactions: | ||
Proceeds from sale of shares | 181,574,914 | 662,037,597 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Funds | 244,171,911 | — |
Net asset value of shares issued to shareholders in payment of distributions declared | 3,176,105 | 26,997,492 |
Cost of shares redeemed | (401,527,102) | (444,684,151) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 27,395,828 | 244,350,938 |
Change in net assets | 17,505,582 | 146,284,433 |
Net Assets: | ||
Beginning of period | 972,931,558 | 826,647,125 |
End of period | $990,437,140 | $972,931,558 |
PNC Fund | Share Class Exchanged | Fund Shares Received |
Multi-Factor Small Cap Core Fund | A | 1.172 Class A Shares |
C | 1.333 Class C Shares | |
I | 1.137 Institutional Shares | |
R6 | 1.135 Class R6 Shares | |
Multi-Factor Small Cap Value Fund | A | 1.042 Class A Shares |
C | 1.039 Class C Shares | |
I | 1.102 Institutional Shares | |
Small Cap Fund | A | 0.494 Class A Shares |
C | 0.391 Class C Shares | |
I | 0.529 Institutional Shares |
Shares of the Fund Issued | Acquired Funds' Net Assets Received | Unrealized Appreciation1 | Net Assets of the Fund Immediately Prior to Combination | Net Assets of the Fund Immediately After Combination |
12,798,626 | $244,171,911 | $71,610,835 | $881,235,561 | $1,125,407,472 |
1 | Unrealized Appreciation is included in Acquired Fund Net Assets Received amount shown above. |
Net investment income | $2,304,567 |
Net realized and unrealized gain on investments | 20,396,427 |
Net increase in net assets resulting from operations | $22,700,994 |
■ | 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 | $58,441 | $(49,371) |
Class C Shares | 25,467 | (21,941) |
Institutional Shares | 498,968 | (410,317) |
Class R6 Shares | 2,681 | — |
TOTAL | $585,557 | $(481,629) |
Other Service Fees Incurred | |
Class A Shares | $103,279 |
Class C Shares | 35,935 |
TOTAL | $139,214 |
Market Value of Securities Loaned | Collateral Received |
$81,135,919 | $86,847,726 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 488,448 | $9,134,900 | 1,917,717 | $36,807,080 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Funds | 3,213,962 | 59,940,394 | — | — |
Shares issued to shareholders in payment of distributions declared | 11,235 | 216,722 | 130,070 | 2,238,511 |
Shares redeemed | (1,883,881) | (35,291,898) | (1,926,776) | (36,450,543) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 1,829,764 | $34,000,118 | 121,011 | $2,595,048 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 101,178 | $1,666,257 | 816,518 | $14,448,516 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Funds | 474,115 | 7,751,772 | — | — |
Shares issued to shareholders in payment of distributions declared | — | — | 69,154 | 1,050,441 |
Shares redeemed | (412,672) | (6,764,782) | (768,042) | (12,785,661) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 162,621 | $2,653,247 | 117,630 | $2,713,296 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 7,767,166 | $150,633,224 | 29,605,182 | $578,572,031 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Funds | 8,269,174 | 160,173,907 | — | — |
Shares issued to shareholders in payment of distributions declared | 140,422 | 2,809,864 | 1,278,403 | 22,792,305 |
Shares redeemed | (17,828,850) | (345,695,004) | (20,198,281) | (386,462,699) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (1,652,088) | $(32,078,009) | 10,685,304 | $214,901,637 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,042,198 | $20,140,533 | 1,525,579 | $32,209,970 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Funds | 841,375 | 16,305,838 | — | — |
Shares issued to shareholders in payment of distributions declared | 7,469 | 149,519 | 51,362 | 916,235 |
Shares redeemed | (702,641) | (13,775,418) | (463,823) | (8,985,248) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 1,188,401 | $22,820,472 | 1,113,118 | $24,140,957 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 1,528,698 | $27,395,828 | 12,037,063 | $244,350,938 |
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 | $108,896 |
Purchases | $738,114,077 |
Sales | $931,727,818 |
Beginning Account Value 8/1/2019 | Ending Account Value 1/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $992.00 | $5.66 |
Class C Shares | $1,000 | $987.90 | $9.39 |
Institutional Shares | $1,000 | $992.90 | $4.41 |
Class R6 Shares | $1,000 | $993.40 | $4.36 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.40 | $5.74 |
Class C Shares | $1,000 | $1,015.60 | $9.53 |
Institutional Shares | $1,000 | $1,020.70 | $4.47 |
Class R6 Shares | $1,000 | $1,020.70 | $4.42 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (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% |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R791
CUSIP 31421R783
CUSIP 31421R627
Share Class | Ticker | A | QASGX | C | QCSGX | Institutional | QISGX |
R6 | QLSGX |
Donahue
Sector Composition | Percentage of Total Net Assets |
Health Care | 27.8% |
Industrials | 18.8% |
Information Technology | 18.4% |
Consumer Discretionary | 13.6% |
Financials | 7.0% |
Real Estate | 5.6% |
Materials | 2.2% |
Communication Services | 2.1% |
Consumer Staples | 2.0% |
Energy | 0.8% |
Utilities | 0.2% |
Securities Lending Collateral2 | 9.7% |
Cash Equivalents3 | 1.3% |
Other Assets and Liabilities—Net4 | (9.5)% |
TOTAL | 100.0% |
1 | Except for Cash Equivalents and Other Assets and Liabilities, sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Adviser assigns a classification to securities not classified by the GICS and to securities for which the Adviser does not have access to the classification made by the GICS. |
2 | Represents cash collateral received for portfolio securities on loan that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements. |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing cash collateral for securities lending. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares | Value | ||
COMMON STOCKS—98.5% | |||
Communication Services—2.1% | |||
167,369 | 1 | Cogent Communications Holdings, Inc. | $11,871,483 |
46,124 | 1,2 | EverQuote, Inc. | 1,692,290 |
176,359 | 2 | Imax Corp. | 2,916,978 |
94,664 | 1 | Meredith Corp. | 2,844,653 |
9,856 | 2 | TechTarget, Inc. | 250,244 |
TOTAL | 19,575,648 | ||
Consumer Discretionary—13.6% | |||
98,174 | 2 | Asbury Automotive Group, Inc. | 9,468,882 |
74,707 | 2 | Boot Barn Holdings, Inc. | 3,135,453 |
7,478 | 1 | Brinker International, Inc. | 319,236 |
282,317 | 2 | CROCs, Inc. | 10,702,637 |
82,508 | 2 | Deckers Outdoor Corp. | 15,751,602 |
237,293 | 2 | Denny's Corp. | 4,857,388 |
471,728 | 2 | Everi Holdings, Inc. | 5,896,600 |
72,881 | 2 | Installed Building Products, Inc. | 5,402,668 |
125,996 | 1,2 | iRobot Corp. | 5,928,112 |
9,008 | Johnson Outdoors, Inc., Class A | 708,029 | |
60,887 | Lithia Motors, Inc., Class A | 8,258,713 | |
64,249 | M.D.C. Holdings, Inc. | 2,707,453 | |
85,833 | 2 | MarineMax, Inc. | 1,710,652 |
28,059 | 2 | Perdoceo Education Corp. | 498,889 |
263,481 | Rent-A-Center, Inc. | 7,675,201 | |
20,531 | 2 | Scientific Games Corp. | 509,990 |
359,874 | 1,2 | SeaWorld Entertainment, Inc. | 12,401,258 |
66,861 | 2 | Sleep Number Corp. | 3,449,359 |
71,112 | Steven Madden Ltd. | 2,742,079 | |
47,156 | 2 | TopBuild Corp. | 5,399,833 |
158,723 | 1 | Wingstop, Inc. | 14,724,733 |
129,835 | 1,2 | YETI Holdings, Inc. | 4,720,801 |
TOTAL | 126,969,568 | ||
Consumer Staples—2.0% | |||
11,966 | 1 | Coca-Cola Bottling Co. | 3,240,512 |
111,332 | 2 | elf Beauty, Inc. | 1,745,686 |
57,547 | 2 | Freshpet, Inc. | 3,618,555 |
10,322 | J&J Snack Foods Corp. | 1,711,801 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
5,354 | MGP Ingredients, Inc. | $182,357 | |
126,958 | 2 | Performance Food Group Co. | 6,575,155 |
2,971 | Sanfilippo (John B. & Sons), Inc. | 250,455 | |
2,243 | 2 | The Boston Beer Co., Inc., Class A | 799,360 |
71,869 | Vector Group Ltd. | 944,359 | |
TOTAL | 19,068,240 | ||
Energy—0.8% | |||
232,373 | 2 | CONSOL Energy, Inc. | 1,889,193 |
95,920 | 1 | CVR Energy, Inc. | 3,319,791 |
852,888 | 1,2 | Denbury Resources, Inc. | 840,095 |
66,610 | 2 | Par Petroleum Corp. | 1,340,193 |
TOTAL | 7,389,272 | ||
Financials—7.0% | |||
5,919 | 2 | Atlantic Capital Bancshares, Inc. | 111,692 |
94,055 | 2 | Enova International, Inc. | 2,357,018 |
206,578 | Essent Group Ltd. | 10,248,335 | |
50,361 | 1 | FB Financial Corp. | 1,795,370 |
343,951 | 2 | Green Dot Corp. | 10,346,046 |
40,460 | Guaranty Bancshares, Inc. | 1,238,076 | |
86,140 | Kinsale Capital Group, Inc. | 9,838,911 | |
47,578 | 1 | Lakeland Financial Corp. | 2,257,100 |
255,404 | 2 | NMI Holdings, Inc. | 8,152,496 |
71,439 | National Bank Holdings Corp. | 2,328,911 | |
528,021 | 1 | National General Holdings Corp. | 11,495,017 |
28,658 | 2 | Palomar Holdings, Inc. | 1,531,770 |
49,106 | Selective Insurance Group, Inc. | 3,253,272 | |
9,625 | Wesbanco, Inc. | 318,780 | |
TOTAL | 65,272,794 | ||
Health Care—27.8% | |||
3,327 | 2 | Acceleron Pharma, Inc. | 302,025 |
65,606 | 1,2 | Acer Therapeutics, Inc. | 249,303 |
32,817 | 1,2 | Addus Homecare Corp. | 3,095,956 |
51,904 | 2,3 | Adeptus Health, Inc. | 0 |
132,303 | 1,2 | Aimmune Therapeutics, Inc. | 4,108,008 |
42,468 | 2 | Alphatec Holdings, Inc. | 295,577 |
28,151 | 1,2 | Amedisys, Inc. | 4,968,370 |
272,232 | 1,2 | Amneal Pharmaceuticals, Inc. | 1,222,322 |
33,466 | 1,2 | Applied Therapeutics, Inc. | 1,755,961 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
77,536 | 2 | Arena Pharmaceuticals, Inc. | $3,542,620 |
76,066 | 2 | Arvinas, Inc. | 3,686,158 |
230,803 | 2 | Assertio Therapeutics, Inc. | 246,959 |
22,116 | 1,2 | AtriCure, Inc. | 860,312 |
16,873 | 1,2 | Axsome Therapeutics, Inc. | 1,464,914 |
5,675 | 2 | Bioxcel Therapeutics, Inc. | 94,035 |
140,335 | CONMED Corp. | 14,269,263 | |
48,919 | 2 | Cardiovascular Systems, Inc. | 2,220,433 |
3,829 | 2 | Catalyst Pharmaceutical Partners, Inc. | 15,737 |
13,946 | 2 | ChemoCentryx, Inc. | 591,589 |
127,396 | 2 | Collegium Pharmaceutical, Inc. | 2,562,571 |
57,526 | 2 | Cue Biopharma, Inc. | 872,669 |
27,220 | 2 | Cutera, Inc. | 767,060 |
97,946 | 2 | Cymabay Therapeutics, Inc. | 150,837 |
137,730 | 1,2 | Deciphera Pharmaceuticals, Inc. | 8,626,030 |
232,175 | 2 | Dicerna Pharmaceuticals, Inc. | 4,584,295 |
166,400 | 1,2 | Epizyme, Inc. | 3,482,752 |
73,175 | 1,2 | Evofem Biosciences, Inc. | 362,216 |
69,780 | 1,2 | Flexion Therapeutics, Inc. | 1,222,546 |
157,896 | 1,2 | Global Blood Therapeutics, Inc. | 10,304,293 |
129,710 | 2 | Globus Medical, Inc. | 6,781,239 |
63,040 | 2 | GlycoMimetics, Inc. | 269,811 |
49,451 | 2 | Haemonetics Corp. | 5,310,543 |
203,445 | 2 | Halozyme Therapeutics, Inc. | 3,861,386 |
110,368 | 1,2 | Immunogen, Inc. | 521,489 |
292,994 | 1,2 | Immunomedics, Inc. | 5,440,899 |
117,116 | 2 | Inogen, Inc. | 5,184,725 |
34,560 | 1,2 | Inovalon Holdings, Inc. | 700,186 |
26,417 | 2 | Integer Holdings Corp. | 2,256,012 |
44,079 | 1,2 | Intercept Group, Inc. | 4,073,340 |
460,745 | 1,2 | Ironwood Pharmaceuticals, Inc. | 5,565,800 |
87,971 | 1,2 | Kadmon Holdings, Inc. | 403,787 |
444,517 | 1,2 | Karyopharm Therapeutics, Inc. | 7,178,950 |
10,300 | 2 | LHC Group, Inc. | 1,501,225 |
122,863 | LeMaitre Vascular, Inc. | 4,421,225 | |
17,150 | 2 | MacroGenics, Inc. | 158,638 |
258,216 | 2 | Medpace Holdings, Inc. | 22,090,379 |
25,494 | 2 | Molecular Templates, Inc., Class THL | 380,880 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
84,359 | 2 | Momenta Pharmaceuticals, Inc. | $2,448,098 |
56,566 | 2 | Natera, Inc. | 1,980,376 |
4,056 | National Healthcare Corp. | 340,380 | |
171,032 | 2 | NeoGenomics, Inc. | 5,512,361 |
6,364 | 2 | Neuronetics, Inc. | 23,101 |
55,566 | 2 | Nevro Corp. | 7,385,277 |
94,315 | 2 | NuVasive, Inc. | 7,273,573 |
6,561 | 2 | Omnicell, Inc. | 533,278 |
9,595 | 1,2 | Orthofix Medical, Inc. | 415,080 |
26,510 | 2 | PDL BioPharma, Inc. | 87,218 |
29,280 | 2 | PTC Therapeutics, Inc. | 1,507,920 |
9,990 | 2 | Principia Biopharma, Inc. | 525,973 |
434,773 | 1,2 | Puma Biotechnology, Inc. | 3,417,316 |
351,556 | 2 | R1 RCM, Inc. | 4,394,450 |
110,920 | 2 | Radius Health, Inc. | 1,947,755 |
9,577 | 2 | Reata Pharmaceuticals, Inc. | 2,095,352 |
311,588 | 2 | Recro Pharma, Inc. | 5,138,086 |
189,355 | 2 | Repligen Corp. | 19,009,348 |
51,728 | 1,2 | Rocket Pharmaceuticals, Inc. | 1,059,389 |
473,236 | 2 | Select Medical Holdings Corp. | 10,808,710 |
24,554 | Simulations Plus, Inc. | 799,969 | |
4,198 | 2 | Tandem Diabetes Care, Inc. | 319,216 |
88,483 | 1,2 | Teladoc, Inc. | 8,999,606 |
343,787 | 2 | Tenet Healthcare Corp. | 10,877,421 |
87,380 | 1,2 | Tg Therapeutics, Inc. | 1,241,670 |
4,830 | 2 | The Joint Corp. | 80,661 |
78,611 | 2 | Theravance Biopharma, Inc. | 2,191,675 |
9,295 | 2 | Turning Point Therapeutics, Inc. | 543,757 |
79,250 | 2 | Vanda Pharmaceuticals, Inc. | 1,010,437 |
16,956 | 2 | Verrica Pharmaceuticals, Inc. | 246,032 |
476,071 | 2 | Voyager Therapeutics, Inc. | 5,251,063 |
TOTAL | 259,489,873 | ||
Industrials—18.8% | |||
117,527 | 1,2 | Aerovironment, Inc. | 7,828,473 |
19,519 | Albany International Corp., Class A | 1,361,841 | |
6,921 | Allegiant Travel Co. | 1,163,005 | |
28,679 | Astec Industries, Inc. | 1,182,722 | |
473,619 | 2 | Atkore International Group, Inc. | 18,802,674 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
433,369 | 2 | Builders Firstsource, Inc. | $10,745,384 |
125,093 | 2 | Casella Waste Systems, Inc. | 6,403,511 |
96,757 | 1,2 | Cimpress PLC | 11,575,040 |
11,402 | Comfort Systems USA, Inc. | 529,053 | |
108,990 | 2 | Commercial Vehicle Group, Inc. | 543,860 |
80,446 | Deluxe Corp. | 3,877,497 | |
163,237 | 2 | Echo Global Logistics, Inc. | 3,163,533 |
114,193 | Emcor Group, Inc. | 9,383,239 | |
277,609 | 1 | Exponent, Inc. | 20,201,607 |
172,970 | 1 | Federal Signal Corp. | 5,562,715 |
8,538 | Forward Air Corp. | 558,812 | |
9,985 | 2 | Franklin Covey Co. | 317,523 |
325,506 | 2 | GMS, Inc. | 8,697,520 |
149,453 | 2 | Generac Holdings, Inc. | 15,481,836 |
168,512 | Heidrick & Struggles International, Inc. | 4,789,111 | |
24,663 | MSA Safety, Inc. | 3,344,303 | |
50,407 | Marten Transport Ltd. | 1,046,449 | |
147,455 | 2 | Mastec, Inc. | 8,515,526 |
66,574 | 1,2 | Mercury Systems, Inc. | 5,109,555 |
83,986 | Miller Herman, Inc. | 3,246,059 | |
18,906 | Mueller Industries, Inc. | 551,488 | |
11,935 | 2 | Radiant Logistics, Inc. | 57,646 |
93,870 | Rush Enterprises, Inc. | 4,036,410 | |
101,151 | 2 | SPX Corp. | 4,963,480 |
26,378 | 2 | Saia, Inc. | 2,297,524 |
49,409 | 2 | Siteone Landscape Supply, Inc. | 4,770,439 |
109,506 | Spartan Motors, Inc. | 1,861,602 | |
20,013 | 2 | Taser International, Inc. | 1,537,199 |
206,986 | 1,2 | Upwork, Inc. | 1,900,131 |
TOTAL | 175,406,767 | ||
Information Technology—18.4% | |||
88,948 | 2 | ACI Worldwide, Inc. | 3,064,259 |
6,660 | 2 | Alarm.com Holdings, Inc. | 292,574 |
44,837 | 2 | Ambarella, Inc. | 2,651,660 |
2,344 | 2 | AppFolio, Inc. | 308,095 |
20,889 | 1 | Blackbaud, Inc. | 1,636,235 |
20,770 | 2 | Bottomline Technologies, Inc. | 1,113,272 |
265,409 | 1,2 | Cardtronics, Inc. | 11,943,405 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
26,820 | 2 | Ciena Corp. | $1,090,769 |
32,865 | 1,2 | Coda Octopus Group, Inc. | 206,721 |
136,670 | 2 | Commvault Systems, Inc. | 6,152,883 |
224,179 | 2 | Cornerstone OnDemand, Inc. | 13,181,725 |
71,073 | 2 | Diebold Nixdorf, Inc. | 818,050 |
177,220 | 1,2 | Digital Turbine, Inc. | 1,105,853 |
3,966 | 2 | Envestnet, Inc. | 312,798 |
300,422 | Evertec, Inc. | 10,085,167 | |
128,659 | 2 | Evo Payments, Inc. | 3,565,141 |
51,421 | 2 | Exela Technologies, Inc. | 19,314 |
8,271 | 2 | Exlservice Holding, Inc. | 604,693 |
79,968 | 1,2 | Five9, Inc. | 5,736,105 |
13,676 | 2 | I3 Verticals, Inc. | 441,598 |
178,480 | 1,2 | Inphi Corp. | 13,557,341 |
65,864 | 1,2 | Insight Enterprises, Inc. | 4,338,462 |
15,534 | 1,2 | Intelligent Systems Corp. | 659,418 |
111,296 | 2 | Itron, Inc. | 9,098,448 |
120,526 | 1,2 | j2 Global, Inc. | 11,553,622 |
355,251 | 2 | Model N, Inc. | 11,080,279 |
51,917 | 2 | OSI Systems, Inc. | 4,492,897 |
39,547 | 2 | Paylocity Corp. | 5,611,324 |
408,365 | 1,2 | Perficient, Inc. | 20,295,740 |
43,074 | Power Integrations, Inc. | 4,207,038 | |
18,535 | 1 | Progress Software Corp. | 836,485 |
79,642 | 2 | Qualys, Inc. | 6,828,505 |
208,090 | 2 | SPS Commerce, Inc. | 11,825,755 |
30,827 | 1,2 | SVMK, Inc. | 544,097 |
96,425 | 1,2 | ShotSpotter, Inc. | 2,646,866 |
20,281 | 2 | Unisys Corp. | 196,928 |
20,199 | 2 | Viavi Solutions, Inc. | 284,806 |
TOTAL | 172,388,328 | ||
Materials—2.2% | |||
5,049 | 1 | Compass Minerals International, Inc. | 292,287 |
176,631 | 1,2 | Forterra, Inc. | 2,287,371 |
107,983 | 1 | Fuller (H.B.) Co. | 4,989,894 |
41,244 | Kaiser Aluminum Corp. | 4,130,587 | |
20,987 | 2 | Koppers Holdings, Inc. | 658,572 |
227,295 | Myers Industries, Inc. | 3,677,633 |
Shares | Value | ||
COMMON STOCKS—continued | |||
Materials—continued | |||
86,100 | 2,3 | Rentech, Inc. | $0 |
124,673 | 2 | Ryerson Holding Corp. | 1,277,898 |
99,636 | Trinseo SA | 2,861,546 | |
TOTAL | 20,175,788 | ||
Real Estate—5.6% | |||
50,034 | American Assets Trust, Inc. | 2,279,549 | |
157,893 | EastGroup Properties, Inc. | 21,484,500 | |
39,447 | National Health Investors, Inc. | 3,328,538 | |
37,501 | National Storage Affiliates Trust | 1,280,659 | |
232,999 | Newmark Group, Inc. | 2,742,398 | |
68,147 | NexPoint Residential Trust, Inc. | 3,325,574 | |
267,204 | 1 | QTS Realty Trust, Inc. | 15,198,564 |
37,578 | RMR Group, Inc./The | 1,731,218 | |
18,779 | Urstadt Biddle Properties, Inc., Class A | 425,720 | |
47,847 | Whitestone Project | 626,796 | |
TOTAL | 52,423,516 | ||
Utilities—0.2% | |||
124,867 | TerraForm Power, Inc. | 2,258,844 | |
TOTAL COMMON STOCKS (IDENTIFIED COST $855,380,868) | 920,418,638 | ||
INVESTMENT COMPANIES—11.0% | |||
35,232,745 | Federated Government Obligations Fund, Premier Shares, 1.49%4 | 35,232,745 | |
67,619,832 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.71%4 | 67,640,117 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $102,872,519) | 102,872,862 | ||
TOTAL INVESTMENT IN SECURITIES—109.5% (IDENTIFIED COST $958,253,387)5 | 1,023,291,500 | ||
OTHER ASSETS AND LIABILITIES - NET—(9.5)%6 | (88,973,185) | ||
TOTAL NET ASSETS—100% | $934,318,315 |
ShotSpotter, Inc. | |
Information Technology | |
Balance of Shares Held 7/31/2019 | — |
Purchases/Additions | 101,939 |
Sales/Reductions | (5,514) |
Balance of Shares Held 1/31/2020 | 96,425 |
Value | $2,646,866 |
Change in Unrealized Appreciation/Depreciation | $642,009 |
Net Realized Gain/(Loss) | $9,934 |
Dividend Income | $— |
Federated Government Obligations Fund, Premier Shares* | Federated Institutional Prime Value Obligations Fund, Institutional Shares* | Total Affiliated Transactions | |
Balance of Shares Held 7/31/2019 | 34,589,446 | 67,411,680 | 102,001,126 |
Purchases/Additions | 160,971,917 | 300,967,150 | 461,939,067 |
Sales/Reductions | (160,328,618) | (300,758,998) | (461,087,616) |
Balance of Shares Held 1/31/2020 | 35,232,745 | 67,619,832 | 102,852,577 |
Value | $35,232,745 | $67,640,117 | $102,872,862 |
Change in Unrealized Appreciation/Depreciation | N/A | $(4,489) | $(4,489) |
Net Realized Gain/(Loss) | N/A | $3,910 | $3,910 |
Dividend Income | $326,114 | $ 601,917 | $928,031 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
2 | Non-income-producing security. |
3 | Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established by and under the general supervision of the Fund's Board of Trustees (the “Trustees”). |
4 | 7-day net yield. |
5 | Also represents cost for federal tax purposes. |
6 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $898,758,431 | $— | $0 | $898,758,431 |
International | 21,660,207 | — | — | 21,660,207 |
Investment Companies | 102,872,862 | — | — | 102,872,862 |
TOTAL SECURITIES | $1,023,291,500 | $— | $0 | $1,023,291,500 |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $23.30 | $25.67 | $21.89 | $17.66 | $20.49 | $17.39 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.03)1 | (0.08)1 | (0.11)1 | (0.08)1 | (0.06)1 | (0.12)1 |
Net realized and unrealized gain (loss) | 0.20 | (0.84) | 5.09 | 4.63 | 0.32 | 3.22 |
TOTAL FROM INVESTMENT OPERATIONS | 0.17 | (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 | $23.47 | $23.30 | $25.67 | $21.89 | $17.66 | $20.49 |
Total Return2 | 0.73% | (2.83)% | 23.50% | 26.00% | 2.30% | 17.83% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.13%3 | 1.13% | 1.14% | 1.15% | 1.13% | 1.54% |
Net investment income (loss) | (0.27)%3 | (0.36)% | (0.48)% | (0.39)% | (0.34)% | (0.66)% |
Expense waiver/reimbursement4 | 0.25%3 | 0.29% | 0.44% | 0.70% | 1.00% | 0.61% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $105,006 | $82,170 | $82,953 | $47,681 | $29,707 | $32,136 |
Portfolio turnover | 86% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $20.32 | $22.77 | $19.69 | $16.03 | $19.03 | $16.27 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.10)1 | (0.23)1 | (0.26)1 | (0.21)1 | (0.17)1 | (0.25)1 |
Net realized and unrealized gain (loss) | 0.18 | (0.77) | 4.54 | 4.19 | 0.26 | 3.01 |
TOTAL FROM INVESTMENT OPERATIONS | 0.08 | (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 | $20.40 | $20.32 | $22.77 | $19.69 | $16.03 | $19.03 |
Total Return2 | 0.39% | (3.58)% | 22.54% | 25.08% | 1.51% | 16.96% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.88%3 | 1.88% | 1.89% | 1.90% | 1.88% | 2.31% |
Net investment income (loss) | (1.03)%3 | (1.12)% | (1.23)% | (1.15)% | (1.09)% | (1.44)% |
Expense waiver/reimbursement4 | 0.21%3 | 0.29% | 0.41% | 0.66% | 1.00% | 0.59% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $21,163 | $22,639 | $18,008 | $10,007 | $3,941 | $3,571 |
Portfolio turnover | 86% | 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. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $24.37 | $26.71 | $22.67 | $18.24 | $21.01 | $17.79 |
Income From Investment Operations: | ||||||
Net investment income (loss) | (0.00)1,2 | (0.02)1 | (0.06)1 | (0.03)1 | (0.02)1 | (0.08)1 |
Net realized and unrealized gain (loss) | 0.21 | (0.87) | 5.30 | 4.78 | 0.34 | 3.30 |
TOTAL FROM INVESTMENT OPERATIONS | 0.21 | (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 | $24.58 | $24.37 | $26.71 | $22.67 | $18.24 | $21.01 |
Total Return3 | 0.86% | (2.60)% | 23.85% | 26.27% | 2.56% | 18.10% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.88%4 | 0.88% | 0.89% | 0.90% | 0.88% | 1.30% |
Net investment income (loss) | (0.03)%4 | (0.10)% | (0.25)% | (0.15)% | (0.09)% | (0.43)% |
Expense waiver/reimbursement5 | 0.18%4 | 0.25% | 0.41% | 0.63% | 0.99% | 0.60% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $482,685 | $455,597 | $364,248 | $112,742 | $43,337 | $36,706 |
Portfolio turnover | 86% | 142% | 129% | 118% | 198% | 121% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | Period Ended 7/31/20161 | |||
2019 | 2018 | 2017 | |||
Net Asset Value, Beginning of Period | $24.36 | $26.70 | $22.67 | $18.24 | $16.25 |
Income From Investment Operations: | |||||
Net investment income (loss) | (0.00)2,3 | (0.02)2 | (0.06)2 | (0.01)2 | (0.07)2 |
Net realized and unrealized gain (loss) | 0.23 | (0.87) | 5.29 | 4.76 | 2.06 |
TOTAL FROM INVESTMENT OPERATIONS | 0.23 | (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 | $24.59 | $24.36 | $26.70 | $22.67 | $18.24 |
Total Return4 | 0.94% | (2.60)% | 23.81% | 26.27% | 12.25% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.87%5 | 0.87% | 0.88% | 0.88% | 0.87%5 |
Net investment income (loss) | (0.03)%5 | (0.07)% | (0.24)% | (0.04)% | (0.41)%5 |
Expense waiver/reimbursement6 | 0.08%5 | 0.15% | 0.30% | 0.42% | 0.66%5 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $325,465 | $333,059 | $89,307 | $24,795 | $07 |
Portfolio turnover | 86% | 142% | 129% | 118% | 198%8 |
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 | Represents less than $0.01. |
4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
5 | Computed on an annualized basis. |
6 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
7 | Represents less than $1,000. |
8 | 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 $85,543,278 of securities loaned and including $102,872,862 of investment in affiliated holdings* (identified cost $958,253,387) | $1,023,291,500 | |
Cash | 138 | |
Income receivable | 79,087 | |
Income receivable from an affiliated holding | 19,899 | |
Receivable for investments sold | 10,986,182 | |
Receivable for shares sold | 921,469 | |
TOTAL ASSETS | 1,035,298,275 | |
Liabilities: | ||
Payable for investments purchased | $6,408,512 | |
Payable for shares redeemed | 3,747,062 | |
Payable for collateral due to broker for securities lending | 90,421,745 | |
Payable to adviser (Note 5) | 18,925 | |
Payable for administrative fees (Note 5) | 1,701 | |
Payable for distribution services fee (Note 5) | 14,036 | |
Payable for other service fees (Notes 2 and 5) | 59,379 | |
Accrued expenses (Note 5) | 308,600 | |
TOTAL LIABILITIES | 100,979,960 | |
Net assets for 38,386,083 shares outstanding | $934,318,315 | |
Net Assets Consist of: | ||
Paid-in capital | $858,122,063 | |
Total distributable earnings (loss) | 76,196,252 | |
TOTAL NET ASSETS | $934,318,315 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($105,005,559 ÷ 4,474,214 shares outstanding), no par value, unlimited shares authorized | $23.47 | |
Offering price per share (100/94.50 of $23.47) | $24.84 | |
Redemption proceeds per share | $23.47 | |
Class C Shares: | ||
Net asset value per share ($21,162,934 ÷ 1,037,442 shares outstanding), no par value, unlimited shares authorized | $20.40 | |
Offering price per share | $20.40 | |
Redemption proceeds per share (99.00/100 of $20.40) | $20.20 | |
Institutional Shares: | ||
Net asset value per share ($482,685,273 ÷ 19,637,654 shares outstanding), no par value, unlimited shares authorized | $24.58 | |
Offering price per share | $24.58 | |
Redemption proceeds per share | $24.58 | |
Class R6 Shares: | ||
Net asset value per share ($325,464,549 ÷ 13,236,773 shares outstanding), no par value, unlimited shares authorized | $24.59 | |
Offering price per share | $24.59 | |
Redemption proceeds per share | $24.59 |
* | See information listed after the Fund's Portfolio of Investments. |
Investment Income: | |||
Dividends (including $124,171 received from an affiliated holding* and net of foreign taxes withheld of $56) | $3,368,860 | ||
Net income on securities loaned (includes $803,860 earned from affiliated holdings related to cash collateral balances*) (Note 2) | 571,794 | ||
TOTAL INCOME | 3,940,654 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $3,702,201 | ||
Administrative fee (Note 5) | 364,917 | ||
Custodian fees | 32,060 | ||
Transfer agent fee | 473,465 | ||
Directors'/Trustees' fees (Note 5) | 3,299 | ||
Auditing fees | 13,842 | ||
Legal fees | 4,835 | ||
Portfolio accounting fees | 78,104 | ||
Distribution services fee (Note 5) | 78,952 | ||
Other service fees (Notes 2 and 5) | 138,990 | ||
Share registration costs | 48,985 | ||
Printing and postage | 37,436 | ||
Miscellaneous (Note 5) | 18,501 | ||
TOTAL EXPENSES | 4,995,587 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(358,718) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (339,927) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (698,645) | ||
Net expenses | 4,296,942 | ||
Net investment income (loss) | (356,288) | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments (including net realized gain of $3,910 on sales of investments in an affiliated holding*) | 18,262,895 | ||
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(4,489) on investments in an affiliated holding*) | (6,662,325) | ||
Net realized and unrealized gain (loss) on investments | 11,600,570 | ||
Change in net assets resulting from operations | $11,244,282 |
* | See information listed after the Fund's Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended 7/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $(356,288) | $(1,133,718) |
Net realized gain | 18,262,895 | 2,812,140 |
Net change in unrealized appreciation/depreciation | (6,662,325) | (10,118,739) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 11,244,282 | (8,440,317) |
Distributions to Shareholders: | ||
Class A Shares | — | (4,694,682) |
Class C Shares | — | (1,802,870) |
Institutional Shares | — | (21,193,835) |
Class R6 Shares | — | (10,244,004) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | — | (37,935,391) |
Share Transactions: | ||
Proceeds from sale of shares | 165,176,403 | 662,802,599 |
Proceeds from shares issued in connection with the tax-free transfer of assets from PNC Multi-Factor Small Cap Growth Fund | 102,652,108 | — |
Net asset value of shares issued to shareholders in payment of distributions declared | — | 32,928,721 |
Cost of shares redeemed | (238,219,743) | (310,406,395) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 29,608,768 | 385,324,925 |
Change in net assets | 40,853,050 | 338,949,217 |
Net Assets: | ||
Beginning of period | 893,465,265 | 554,516,048 |
End of period | $934,318,315 | $893,465,265 |
Shares of the Fund Issued | Acquired Fund's Net Assets Received | Unrealized Appreciation1 | Net Assets of the Fund Immediately Prior to Combination | Net Assets of the Fund Immediately After Combination |
4,360,352 | $102,652,108 | $20,727,223 | $897,256,665 | $999,908,773 |
1 | Unrealized Appreciation is included in the Net Assets Received amount shown above. |
Net investment income (loss) | $(324,682) |
Net realized and unrealized gain on investments | $15,133,143 |
Net increase in net assets resulting from operations | $14,808,461 |
■ | 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 | $94,277 | $(79,340) |
Class C Shares | 18,143 | (14,451) |
Institutional Shares | 324,293 | (246,136) |
Class R6 Shares | 36,752 | — |
TOTAL | $473,465 | $(339,927) |
Other Service Fees Incurred | |
Class A Shares | $112,975 |
Class C Shares | 26,015 |
TOTAL | $138,990 |
Market Value of Securities Loaned | Collateral Received |
$85,543,278 | $90,421,745 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 291,338 | $6,628,502 | 1,528,971 | $35,808,747 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | 1,446,327 | 33,251,055 | — | — |
Shares issued to shareholders in payment of distributions declared | — | — | 206,833 | 4,264,901 |
Shares redeemed | (790,740) | (18,230,469) | (1,439,941) | (34,081,411) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 946,925 | $21,649,088 | 295,863 | $5,992,237 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 59,137 | $1,184,448 | 861,349 | $19,805,308 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | 182,602 | 3,655,701 | — | — |
Shares issued to shareholders in payment of distributions declared | — | — | 84,088 | 1,519,470 |
Shares redeemed | (318,234) | (6,310,365) | (622,248) | (12,775,267) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (76,495) | $(1,470,216) | 323,189 | $8,549,511 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 4,631,835 | $110,397,412 | 13,009,742 | $313,124,900 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | 2,548,202 | 61,335,218 | — | — |
Shares issued to shareholders in payment of distributions declared | — | — | 906,635 | 19,519,847 |
Shares redeemed | (6,240,630) | (151,534,625) | (8,855,829) | (217,649,803) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 939,407 | $20,198,005 | 5,060,548 | $114,994,944 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,967,025 | $46,966,041 | 11,880,605 | $294,063,644 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | 183,221 | 4,410,134 | — | — |
Shares issued to shareholders in payment of distributions declared | — | — | 354,134 | 7,624,503 |
Shares redeemed | (2,584,647) | (62,144,284) | (1,908,361) | (45,899,914) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (434,401) | $(10,768,109) | 10,326,378 | $255,788,233 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 1,375,436 | $29,608,768 | 16,005,978 | $385,324,925 |
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 | $78,952 |
Purchases | $770,093,193 |
Sales | $835,808,874 |
Beginning Account Value 8/1/2019 | Ending Account Value 1/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,007.30 | $5.70 |
Class C Shares | $1,000 | $1,003.90 | $9.47 |
Institutional Shares | $1,000 | $1,008.60 | $4.44 |
Class R6 Shares | $1,000 | $1,009.40 | $4.39 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,019.50 | $5.74 |
Class C Shares | $1,000 | $1,015.70 | $9.53 |
Institutional Shares | $1,000 | $1,020.70 | $4.47 |
Class R6 Shares | $1,000 | $1,020.80 | $4.42 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (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% |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31421R767
CUSIP 31421R759
CUSIP 31421R619
Item 2. | Code of Ethics |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the 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
DateMarch 23, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By/S/ J. Christopher Donahue
J. Christopher Donahue
Principal Executive Officer
DateMarch 23, 2020
By/S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
DateMarch 23, 2020