W.E. Donoghue & Co. 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ABBVIE INC	COM	00287Y109	2,230	25,185	SH		SOLE		25,185	0	0
AES CORP	COM	00130H105	2,327	116,934	SH		SOLE		116,934	0	0
AGIOS PHARMACEUTICALS INC	COM	00847X104	2,287	47,902	SH		SOLE		47,902	0	0
AGNC INVT CORP	COM	00123Q104	480	27,133	SH		SOLE		27,133	0	0
ALIGN TECHNOLOGY INC	COM	016255101	2,342	8,393	SH		SOLE		8,393	0	0
AMGEN INC	COM	031162100	3,340	13,853	SH		SOLE		13,853	0	0
APPLE INC	COM	037833100	2,379	8,100	SH		SOLE		8,100	0	0
ARROWHEAD PHARMACEUTICALS IN	COM	04280A100	2,143	33,787	SH		SOLE		33,787	0	0
ASSURED GUARANTY LTD	COM	G0585R106	2,263	46,170	SH		SOLE		46,170	0	0
AVNET INC	COM	053807103	480	11,300	SH		SOLE		11,300	0	0
BGC PARTNERS INC	CL A	05541T101	478	80,496	SH		SOLE		80,496	0	0
BIO TECHNE CORP	COM	09073M104	484	2,205	SH		SOLE		2,205	0	0
BRISTOL MYERS SQUIBB CO	COM	110122108	3,297	51,358	SH		SOLE		51,358	0	0
BROWN FORMAN CORP	CL B	115637209	2,345	34,696	SH		SOLE		34,696	0	0
BRUKER CORP	COM	116794108	487	9,552	SH		SOLE		9,552	0	0
CABOT MICROELECTRONICS CORP	COM	12709P103	488	3,378	SH		SOLE		3,378	0	0
CENTURYLINK INC	COM	156700106	2,277	172,332	SH		SOLE		172,332	0	0
CHARTER COMMUNICATIONS INC N	CL A	16119P108	2,309	4,760	SH		SOLE		4,760	0	0
CHEMED CORP NEW	COM	16359R103	489	1,113	SH		SOLE		1,113	0	0
CHEMOURS CO	COM	163851108	458	25,293	SH		SOLE		25,293	0	0
CHEVRON CORP NEW	COM	166764100	3,366	27,934	SH		SOLE		27,934	0	0
CINEMARK HOLDINGS INC	COM	17243V102	457	13,515	SH		SOLE		13,515	0	0
CISCO SYS INC	COM	17275R102	3,477	72,508	SH		SOLE		72,508	0	0
CITRIX SYS INC	COM	177376100	2,267	20,439	SH		SOLE		20,439	0	0
CLEARWAY ENERGY INC	CL C	18539C204	488	24,462	SH		SOLE		24,462	0	0
COGENT COMMUNICATIONS HLDGS	COM NEW	19239V302	492	7,469	SH		SOLE		7,469	0	0
COMMERCE BANCSHARES INC	COM	200525103	2,286	33,642	SH		SOLE		33,642	0	0
CRACKER BARREL OLD CTRY STOR	COM	22410J106	476	3,094	SH		SOLE		3,094	0	0
CUMMINS INC	COM	231021106	3,224	18,017	SH		SOLE		18,017	0	0
CVR ENERGY INC	COM	12662P108	3,680	91,027	SH		SOLE		91,027	0	0
CYPRESS SEMICONDUCTOR CORP	COM	232806109	477	20,464	SH		SOLE		20,464	0	0
DARLING INGREDIENTS INC	COM	237266101	2,344	83,471	SH		SOLE		83,471	0	0
DBX ETF TR	XTRACK USD HIGH	233051432	3,208	63,679	SH		SOLE		63,679	0	0
DOMINION ENERGY INC	COM	25746U109	2,302	27,796	SH		SOLE		27,796	0	0
DOMINOS PIZZA INC	COM	25754A201	2,293	7,805	SH		SOLE		7,805	0	0
DOMTAR CORP	COM NEW	257559203	466	12,189	SH		SOLE		12,189	0	0
DOW INC	COM	260557103	2,273	41,528	SH		SOLE		41,528	0	0
EASTMAN CHEMICAL CO	COM	277432100	3,331	42,032	SH		SOLE		42,032	0	0
EATON CORP PLC	SHS	G29183103	3,328	35,136	SH		SOLE		35,136	0	0
ELDORADO RESORTS INC	COM	28470R102	2,344	39,298	SH		SOLE		39,298	0	0
ELEMENT SOLUTIONS INC	COM	28618M106	2,280	195,216	SH		SOLE		195,216	0	0
EMERSON ELEC CO	COM	291011104	2,275	29,831	SH		SOLE		29,831	0	0
ENCOMPASS HEALTH CORP	COM	29261A100	474	6,840	SH		SOLE		6,840	0	0
FIRST TR EXCHANGE TRADED FD	SENIOR LN FD	33738D309	2,120	44,238	SH		SOLE		44,238	0	0
FLOWERS FOODS INC	COM	343498101	3,821	175,737	SH		SOLE		175,737	0	0
FNB CORP PA	COM	302520101	3,827	301,332	SH		SOLE		301,332	0	0
FORTUNE BRANDS HOME & SEC IN	COM	34964C106	2,284	34,950	SH		SOLE		34,950	0	0
GARTNER INC	COM	366651107	2,256	14,642	SH		SOLE		14,642	0	0
GCI LIBERTY INC	COM CLASS A	36164V305	2,330	32,887	SH		SOLE		32,887	0	0
GENERAL MLS INC	COM	370334104	3,393	63,347	SH		SOLE		63,347	0	0
GOODYEAR TIRE & RUBR CO	COM	382550101	477	30,659	SH		SOLE		30,659	0	0
GRAFTECH INTL LTD	COM	384313508	468	40,241	SH		SOLE		40,241	0	0
GRAPHIC PACKAGING HLDG CO	COM	388689101	2,273	136,522	SH		SOLE		136,522	0	0
HALLIBURTON CO	COM	406216101	3,353	137,044	SH		SOLE		137,044	0	0
HERBALIFE NUTRITION LTD	COM SHS	G4412G101	2,289	48,013	SH		SOLE		48,013	0	0
HILL ROM HLDGS INC	COM	431475102	479	4,215	SH		SOLE		4,215	0	0
HOLLYFRONTIER CORP	COM	436106108	2,263	44,618	SH		SOLE		44,618	0	0
HP INC	COM	40434L105	3,328	161,954	SH		SOLE		161,954	0	0
HUNTINGTON BANCSHARES INC	COM	446150104	3,241	214,933	SH		SOLE		214,933	0	0
INGREDION INC	COM	457187102	491	5,286	SH		SOLE		5,286	0	0
INTERCEPT PHARMACEUTICALS IN	COM	45845P108	2,375	19,165	SH		SOLE		19,165	0	0
INTERNATIONAL FLAVORS&FRAGRA	COM	459506101	2,355	18,250	SH		SOLE		18,250	0	0
INTERNATIONAL GAME TECHNOLOG	SHS USD	G4863A108	3,839	256,429	SH		SOLE		256,429	0	0
INTERPUBLIC GROUP COS INC	COM	460690100	3,294	142,612	SH		SOLE		142,612	0	0
INVESCO ACTIVELY MANAGD ETF	OPTIMUM YIELD	46090F100	13,876	837,926	SH		SOLE		837,926	0	0
INVESCO EXCHNG TRADED FD TR	SR LN ETF	46138G508	3,211	140,729	SH		SOLE		140,729	0	0
ISHARES INC	CORE MSCI EMKT	46434G103	9,281	172,637	SH		SOLE		172,637	0	0
ISHARES TR	0-5YR HI YL CP	46434V407	36,150	778,590	SH		SOLE		778,590	0	0
ISHARES TR	CORE MSCI EURO	46434V738	9,329	187,074	SH		SOLE		187,074	0	0
ISHARES TR	EDGE MSCI USA VL	46432F388	30,933	344,739	SH		SOLE		344,739	0	0
ISHARES TR	IBOXX HI YD ETF	464288513	3,221	36,624	SH		SOLE		36,624	0	0
ISHARES TR	INTL QLTY FACTOR	46434V456	18,643	577,367	SH		SOLE		577,367	0	0
ISHARES TR	INTL SEL DIV ETF	464288448	6,289	187,346	SH		SOLE		187,346	0	0
ISHARES TR	JPMORGAN USD EMG	464288281	41,479	362,076	SH		SOLE		362,076	0	0
ISHARES TR	MORTGE REL ETF	46435G342	4,765	107,012	SH		SOLE		107,012	0	0
ISHARES TR	PFD AND INCM SEC	464288687	31,555	839,453	SH		SOLE		839,453	0	0
ISHARES TR	SHRT NAT MUN ETF	464288158	7,805	73,098	SH		SOLE		73,098	0	0
ISHARES TR	USA QUALITY FCTR	46432F339	23,461	232,285	SH		SOLE		232,285	0	0
ISHARES US ETF TR	SHT MAT BD ETF	46431W507	73,125	1,455,215	SH		SOLE		1,455,215	0	0
JABIL INC	COM	466313103	2,727	65,978	SH		SOLE		65,978	0	0
JOHNSON & JOHNSON	COM	478160104	3,398	23,295	SH		SOLE		23,295	0	0
JPMORGAN CHASE & CO	COM	46625H100	2,310	16,574	SH		SOLE		16,574	0	0
KAR AUCTION SVCS INC	COM	48238T109	485	22,280	SH		SOLE		22,280	0	0
KBR INC	COM	48242W106	489	16,034	SH		SOLE		16,034	0	0
KOHLS CORP	COM	500255104	3,486	68,424	SH		SOLE		68,424	0	0
LAMB WESTON HLDGS INC	COM	513272104	2,322	26,990	SH		SOLE		26,990	0	0
LAS VEGAS SANDS CORP	COM	517834107	3,267	47,315	SH		SOLE		47,315	0	0
LAZARD LTD	SHS A	G54050102	489	12,229	SH		SOLE		12,229	0	0
LEGGETT & PLATT INC	COM	524660107	2,268	44,627	SH		SOLE		44,627	0	0
LIBERTY BROADBAND CORP	COM SER C	530307305	2,330	18,530	SH		SOLE		18,530	0	0
LKQ CORP	COM	501889208	2,302	64,490	SH		SOLE		64,490	0	0
LOGMEIN INC	COM	54142L109	476	5,548	SH		SOLE		5,548	0	0
LOUISIANA PAC CORP	COM	546347105	2,277	76,728	SH		SOLE		76,728	0	0
MACQUARIE INFRASTRUCTURE COR	COM	55608B105	475	11,088	SH		SOLE		11,088	0	0
MACYS INC	COM	55616P104	3,656	215,071	SH		SOLE		215,071	0	0
MARATHON PETE CORP	COM	56585A102	5,647	93,723	SH		SOLE		93,723	0	0
MAXIM INTEGRATED PRODS INC	COM	57772K101	3,380	54,943	SH		SOLE		54,943	0	0
MDU RES GROUP INC	COM	552690109	2,300	77,423	SH		SOLE		77,423	0	0
MERCK & CO INC	COM	58933Y105	3,346	36,793	SH		SOLE		36,793	0	0
MOLSON COORS BREWING CO	CL B	60871R209	3,496	64,858	SH		SOLE		64,858	0	0
MSC INDL DIRECT INC	CL A	553530106	3,981	50,727	SH		SOLE		50,727	0	0
NATIONAL INSTRS CORP	COM	636518102	474	11,204	SH		SOLE		11,204	0	0
NEW RESIDENTIAL INVT CORP	COM NEW	64828T201	469	29,122	SH		SOLE		29,122	0	0
NEW YORK CMNTY BANCORP INC	COM	649445103	481	40,000	SH		SOLE		40,000	0	0
NRG ENERGY INC	COM NEW	629377508	5,585	140,493	SH		SOLE		140,493	0	0
NUCOR CORP	COM	670346105	3,282	58,315	SH		SOLE		58,315	0	0
NVENT ELECTRIC PLC	SHS	G6700G107	3,909	152,809	SH		SOLE		152,809	0	0
OLIN CORP	COM PAR $1	680665205	473	27,440	SH		SOLE		27,440	0	0
OMNICOM GROUP INC	COM	681919106	3,247	40,074	SH		SOLE		40,074	0	0
PACKAGING CORP AMER	COM	695156109	3,326	29,699	SH		SOLE		29,699	0	0
PACWEST BANCORP DEL	COM	695263103	3,774	98,612	SH		SOLE		98,612	0	0
PBF ENERGY INC	CL A	69318G106	2,756	87,865	SH		SOLE		87,865	0	0
PEOPLES UTD FINL INC	COM	712704105	3,349	198,195	SH		SOLE		198,195	0	0
PFIZER INC	COM	717081103	3,349	85,479	SH		SOLE		85,479	0	0
PHILIP MORRIS INTL INC	COM	718172109	5,520	64,875	SH		SOLE		64,875	0	0
PHILLIPS 66	COM	718546104	2,246	20,162	SH		SOLE		20,162	0	0
PPL CORP	COM	69351T106	2,292	63,872	SH		SOLE		63,872	0	0
PRINCIPAL FINL GROUP INC	COM	74251V102	3,340	60,727	SH		SOLE		60,727	0	0
RH	COM	74967X103	2,176	10,192	SH		SOLE		10,192	0	0
RYDER SYS INC	COM	783549108	496	9,135	SH		SOLE		9,135	0	0
SABRE CORP	COM	78573M104	472	21,054	SH		SOLE		21,054	0	0
SCIENCE APPLICATNS INTL CP N	COM	808625107	483	5,554	SH		SOLE		5,554	0	0
SEAGATE TECHNOLOGY PLC	SHS	G7945M107	3,309	55,606	SH		SOLE		55,606	0	0
SIMPSON MANUFACTURING CO INC	COM	829073105	2,344	29,215	SH		SOLE		29,215	0	0
SINCLAIR BROADCAST GROUP INC	CL A	829226109	3,617	108,491	SH		SOLE		108,491	0	0
SIRIUS XM HLDGS INC	COM	82968B103	2,297	321,259	SH		SOLE		321,259	0	0
SIX FLAGS ENTMT CORP NEW	COM	83001A102	471	10,448	SH		SOLE		10,448	0	0
SMUCKER J M CO	COM NEW	832696405	3,375	32,410	SH		SOLE		32,410	0	0
SONOCO PRODS CO	COM	835495102	3,318	53,758	SH		SOLE		53,758	0	0
SPDR SERIES TRUST	BLOOMBERG BRCLYS	78468R622	3,207	29,275	SH		SOLE		29,275	0	0
SPDR SERIES TRUST	SPDR BLOOMBERG	78468R663	7,307	79,924	SH		SOLE		79,924	0	0
SSGA ACTIVE ETF TR	BLKSTN GSOSRLN	78467V608	3,044	65,346	SH		SOLE		65,346	0	0
STATE STR CORP	COM	857477103	2,254	28,499	SH		SOLE		28,499	0	0
STEEL DYNAMICS INC	COM	858119100	3,243	95,274	SH		SOLE		95,274	0	0
STERICYCLE INC	COM	858912108	2,307	36,161	SH		SOLE		36,161	0	0
SYNNEX CORP	COM	87162W100	2,745	21,313	SH		SOLE		21,313	0	0
TAPESTRY INC	COM	876030107	3,370	124,971	SH		SOLE		124,971	0	0
TEGNA INC	COM	87901J105	3,418	204,766	SH		SOLE		204,766	0	0
TERRAFORM PWR INC	COM CL A	88104R209	484	31,476	SH		SOLE		31,476	0	0
TFS FINL CORP	COM	87240R107	2,720	138,190	SH		SOLE		138,190	0	0
TIMKEN CO	COM	887389104	2,281	40,511	SH		SOLE		40,511	0	0
UMPQUA HLDGS CORP	COM	904214103	470	26,548	SH		SOLE		26,548	0	0
VALERO ENERGY CORP NEW	COM	91913Y100	5,542	59,179	SH		SOLE		59,179	0	0
VALLEY NATL BANCORP	COM	919794107	468	40,861	SH		SOLE		40,861	0	0
VANECK VECTORS ETF TR	JP MORGAN MKTS	92189H300	20,228	594,761	SH		SOLE		594,761	0	0
VIACOMCBS INC	CL B	92556H206	3,566	84,977	SH		SOLE		84,977	0	0
WATSCO INC	COM	942622200	3,787	21,024	SH		SOLE		21,024	0	0
WEST PHARMACEUTICAL SVSC INC	COM	955306105	477	3,171	SH		SOLE		3,171	0	0
WESTERN UN CO	COM	959802109	3,234	120,753	SH		SOLE		120,753	0	0
WILEY JOHN & SONS INC	CL A	968223206	478	9,846	SH		SOLE		9,846	0	0
WYNDHAM DESTINATIONS INC	COM	98310W108	485	9,385	SH		SOLE		9,385	0	0