United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-6061
(Investment Company Act File Number)
Federated Index Trust
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End:10/31/19
Date of Reporting Period:Six months ended 04/30/19
Item 1. | Reports to Stockholders |
Share Class | Ticker | Institutional | FMCRX | Service | FMDCX | R6 | FMCLX |
Donahue
Sector Composition | Percentage of Total Net Assets |
Financials | 16.7% |
Information Technology | 15.8% |
Industrials | 15.5% |
Consumer Discretionary | 12.1% |
Real Estate | 9.7% |
Health Care | 8.9% |
Materials | 6.6% |
Utilities | 4.4% |
Energy | 3.6% |
Consumer Staples | 2.7% |
Communication Services | 2.6% |
Securities Lending Collateral2 | 2.1% |
Cash Equivalents3 | 1.7% |
Derivative Contracts4 | 0.1% |
Other Assets and Liabilities—Net5 | (2.5)% |
TOTAL6 | 100.0% |
1 | Except for Securities Lending Collateral, Cash Equivalents, Derivative Contracts 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 Manager assigns a classification to securities not classified by the GICS and to securities for which the Manager 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 securities lending collateral. |
4 | Based upon net unrealized appreciation (depreciation) or value of the derivative contracts as, applicable. Derivative contracts may consist of futures, forwards, options and swaps. The impact of a derivative contract on the Fund's performance may be larger than its unrealized appreciation (depreciation) 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) and notional values or amounts of such contracts, can be found in the table at the end of the Portfolio of Investments included in this Report. |
5 | Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities. |
6 | The Fund purchases index futures contracts to efficiently manage cash flows resulting from shareholder purchases and redemptions, dividend and capital gain payments to shareholders and corporate actions while maintaining exposure to the Standard & Poor's MidCap 400 Index (S&P 400) and minimizing trading costs. Taking into consideration these open index futures contracts, the Fund's effective total exposure to the S&P 400 is effectively 100.0%. |
Shares | Value | ||
1 | COMMON STOCKS—98.6% | ||
Communication Services—2.6% | |||
14,222 | 2 | AMC Networks, Inc. | $830,707 |
1,623 | Cable One, Inc. | 1,721,240 | |
23,507 | 2 | Cars.com, Inc. | 489,181 |
37,540 | Cinemark Holdings, Inc. | 1,578,557 | |
51,364 | 2 | Live Nation Entertainment, Inc. | 3,356,124 |
8,570 | Meredith Corp. | 505,630 | |
39,868 | New York Times Co., Class A | 1,321,624 | |
77,124 | Tegna, Inc. | 1,227,814 | |
30,933 | Telephone and Data System, Inc. | 986,144 | |
16,605 | Wiley (John) & Sons, Inc., Class A | 766,819 | |
17,961 | World Wrestling Entertainment, Inc. | 1,506,030 | |
26,636 | 2 | Yelp, Inc. | 1,067,038 |
TOTAL | 15,356,908 | ||
Consumer Discretionary—12.1% | |||
21,728 | Aaron's, Inc. | 1,210,032 | |
33,566 | Adient PLC | 775,375 | |
18,981 | 2 | Adtalem Global Education, Inc. | 936,143 |
57,672 | American Eagle Outfitters, Inc. | 1,371,440 | |
12,541 | 2 | AutoNation, Inc. | 525,844 |
50,411 | 3 | Bed Bath & Beyond, Inc. | 842,368 |
29,097 | Boyd Gaming Corp. | 837,412 | |
6,331 | Brinker International, Inc. | 270,777 | |
29,570 | Brunswick Corp. | 1,514,280 | |
204,681 | 2,3 | Caesars Entertainment Corp. | 1,915,814 |
16,046 | Carter's, Inc. | 1,699,432 | |
15,358 | 3 | Cheesecake Factory, Inc. | 762,064 |
11,971 | Churchill Downs, Inc. | 1,207,275 | |
8,184 | 3 | Cracker Barrel Old Country Store, Inc. | 1,380,968 |
51,764 | Dana, Inc. | 1,009,398 | |
11,866 | 2 | Deckers Outdoor Corp. | 1,877,320 |
17,417 | Delphi Technologies PLC | 385,438 | |
23,397 | Dick's Sporting Goods, Inc. | 865,689 | |
7,051 | 3 | Dillard's, Inc., Class A | 482,641 |
13,690 | Domino's Pizza, Inc. | 3,704,240 | |
27,235 | Dunkin' Brands Group Inc. | 2,032,548 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Consumer Discretionary—continued | |||
20,838 | 2 | Eldorado Resorts, Inc. | $1,028,772 |
20,901 | 2 | Five Below, Inc. | 3,059,697 |
90,679 | Gentex Corp. | 2,088,337 | |
81,960 | Goodyear Tire & Rubber Co. | 1,574,452 | |
1,436 | Graham Holdings Co. | 1,067,566 | |
10,716 | 2 | Helen of Troy Ltd. | 1,543,104 |
9,383 | International Speedway Corp., Class A | 413,978 | |
5,081 | Jack in the Box, Inc. | 391,745 | |
31,098 | KB HOME | 805,749 | |
10,318 | Marriott Vacations Worldwide Corp. | 1,089,890 | |
35,167 | 2 | Michaels COS, Inc. | 395,277 |
9,985 | 2 | Murphy USA, Inc. | 853,418 |
1,174 | 2 | NVR, Inc. | 3,701,011 |
16,784 | 2 | Ollie's Bargain Outlet Holding, Inc. | 1,605,222 |
1,502 | 3 | Papa John's International, Inc. | 76,842 |
49,025 | 2 | Penn National Gaming, Inc. | 1,062,372 |
20,099 | Polaris Industries, Inc., Class A | 1,937,544 | |
13,004 | Pool Corp. | 2,389,355 | |
43,959 | 2 | Sally Beauty Holdings, Inc. | 778,074 |
21,280 | 2 | Scientific Games Corp. | 492,206 |
68,660 | Service Corp. International | 2,856,943 | |
27,991 | Signet Jewelers Ltd. | 648,831 | |
25,340 | Six Flags Entertainment Corp. | 1,345,301 | |
46,907 | 2 | Skechers USA, Inc., Class A | 1,485,076 |
12,608 | 2 | Sotheby's Holdings, Inc., Class A | 531,805 |
14,572 | 2 | Tempur Sealy International, Inc. | 894,721 |
27,404 | Texas Roadhouse, Inc. | 1,480,090 | |
65,060 | The Wendy's Co. | 1,210,767 | |
18,631 | Thor Industries, Inc. | 1,227,224 | |
47,071 | Toll Brothers, Inc. | 1,793,405 | |
25,996 | 2 | TRI Pointe Group, Inc. | 339,248 |
5,955 | Tupperware Brands Corp. | 141,729 | |
27,521 | 2 | Urban Outfitters, Inc. | 818,199 |
10,346 | 2 | Visteon Corp. | 683,043 |
27,278 | 2 | Weight Watchers International, Inc. | 557,017 |
26,177 | 3 | Williams-Sonoma, Inc. | 1,496,539 |
33,409 | Wyndham Destinations, Inc. | 1,455,296 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Consumer Discretionary—continued | |||
33,223 | Wyndham Hotels & Resorts, Inc. | $1,851,186 | |
TOTAL | 72,777,529 | ||
Consumer Staples—2.7% | |||
11,971 | Casey's General Stores, Inc. | 1,584,362 | |
19,669 | 2 | Edgewell Personal Care Co. | 810,953 |
22,798 | Energizer Holdings, Inc. | 1,091,796 | |
65,048 | Flowers Foods, Inc. | 1,414,144 | |
17,510 | 2,3 | Hain Celestial Group, Inc. | 382,068 |
23,218 | Ingredion, Inc. | 2,199,906 | |
6,248 | Lancaster Colony Corp. | 929,140 | |
19,736 | Nu Skin Enterprises, Inc., Class A | 1,003,970 | |
21,998 | 2 | Post Holdings, Inc. | 2,480,934 |
4,389 | Sanderson Farms, Inc. | 665,504 | |
43,925 | 2 | Sprouts Farmers Market, Inc. | 940,874 |
2,769 | 2 | The Boston Beer Co., Inc., Class A | 858,418 |
8,022 | Tootsie Roll Industries, Inc. | 311,494 | |
23,738 | 2 | TreeHouse Foods, Inc. | 1,589,971 |
TOTAL | 16,263,534 | ||
Energy—3.6% | |||
24,852 | 2 | Apergy Corp. | 986,376 |
39,042 | 2 | Callon Petroleum Corp. | 293,205 |
364,313 | 2,3 | Chesapeake Energy Corp. | 1,060,151 |
70,068 | 2 | CNX Resources Corp. | 627,809 |
15,857 | Core Laboratories NV | 1,005,175 | |
65,477 | Ensco Rowan PLC | 914,717 | |
88,526 | EQT Corp. | 1,810,357 | |
66,139 | Equitrans Midstream Corp. | 1,377,675 | |
19,837 | 2 | Matador Resources Co. | 390,591 |
68,457 | 2 | McDermott International, Inc. | 553,817 |
53,290 | Murphy Oil Corp. | 1,451,620 | |
43,233 | 2 | Oasis Petroleum Inc. | 263,721 |
29,889 | 2 | Oceaneering International, Inc. | 573,869 |
74,663 | Patterson-UTI Energy, Inc. | 1,014,670 | |
49,435 | PBF Energy, Inc. | 1,660,027 | |
116,267 | 2 | QEP Resources, Inc. | 874,328 |
70,087 | Range Resources Corp. | 633,587 | |
38,296 | SM Energy Co. | 610,055 | |
185,609 | 2 | Southwestern Energy Co. | 733,156 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Energy—continued | |||
203,082 | 2 | Transocean Ltd. | $1,596,225 |
20,877 | World Fuel Services Corp. | 644,055 | |
156,829 | 2 | WPX Energy Inc. | 2,178,355 |
TOTAL | 21,253,541 | ||
Financials—16.7% | |||
4,813 | 2 | Alleghany Corp. | 3,161,564 |
24,515 | American Financial Group, Inc. | 2,538,038 | |
58,185 | Associated Banc-Corp. | 1,320,218 | |
21,249 | BancorpSouth Bank | 647,670 | |
13,284 | Bank of Hawaii Corp. | 1,094,336 | |
42,814 | Bank OZK | 1,397,877 | |
48,018 | Berkley, W. R. Corp. | 2,943,503 | |
39,549 | 2 | Brighthouse Financial, Inc. | 1,652,753 |
76,792 | Brown & Brown | 2,438,146 | |
27,285 | Cathay Bancorp, Inc. | 1,003,815 | |
25,527 | Chemical Financial Corp. | 1,121,401 | |
57,936 | CNO Financial Group, Inc. | 958,841 | |
32,545 | Commerce Bancshares, Inc. | 1,966,694 | |
21,001 | Cullen Frost Bankers, Inc. | 2,135,592 | |
54,538 | East West Bancorp, Inc. | 2,807,616 | |
40,435 | Eaton Vance Corp. | 1,680,883 | |
14,524 | Evercore, Inc., Class A | 1,415,073 | |
12,660 | FactSet Research Systems | 3,492,514 | |
34,044 | Federated Investors, Inc. | 1,046,172 | |
43,447 | First American Financial Corp. | 2,479,086 | |
23,012 | First Financial Bankshares, Inc. | 1,415,698 | |
88,873 | First Horizon National Corp. | 1,341,094 | |
114,838 | FNB Corp. (PA) | 1,392,985 | |
57,300 | Fulton Financial Corp. | 988,425 | |
162,881 | 2 | Genworth Financial, Inc., Class A | 617,319 |
16,474 | 2 | Green Dot Corp. | 1,050,547 |
30,397 | Hancock Whitney Corp. | 1,329,565 | |
16,195 | Hanover Insurance Group, Inc. | 1,953,279 | |
55,638 | Home Bancshares, Inc. | 1,067,693 | |
20,246 | Interactive Brokers Group, Inc., Class A | 1,098,143 | |
17,071 | International Bancshares Corp. | 707,934 | |
58,277 | Janus Henderson Group PLC | 1,461,004 | |
17,109 | Kemper Corp. | 1,537,757 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Financials—continued | |||
30,992 | Legg Mason, Inc. | $1,036,682 | |
1,679 | 2 | LendingTree, Inc. | 646,113 |
11,558 | Marketaxess Holdings, Inc. | 3,216,938 | |
8,080 | Mercury General Corp. | 434,542 | |
97,719 | Navient Corp. | 1,320,184 | |
163,212 | New York Community Bancorp, Inc. | 1,898,156 | |
93,815 | Old Republic International Corp. | 2,097,703 | |
48,123 | PacWest Bancorp | 1,903,265 | |
25,690 | Pinnacle Financial Partners, Inc. | 1,491,818 | |
13,982 | Primerica, Inc. | 1,821,715 | |
21,728 | Prosperity Bancshares, Inc. | 1,600,050 | |
21,697 | Reinsurance Group of America | 3,287,313 | |
12,378 | RenaissanceRe Holdings Ltd. | 1,923,046 | |
44,886 | SEI Investments Co. | 2,444,043 | |
18,957 | Signature Bank | 2,503,651 | |
153,533 | SLM Corp. | 1,559,895 | |
75,022 | Sterling Bancorp | 1,606,971 | |
25,405 | Stifel Financial Corp. | 1,515,916 | |
61,290 | Synovus Financial Corp. | 2,259,149 | |
68,498 | TCF Financial Corp. | 1,515,861 | |
18,006 | 2 | Texas Capital Bancshares, Inc. | 1,165,528 |
13,893 | Trustmark Corp. | 499,592 | |
14,321 | UMB Financial Corp. | 1,000,465 | |
90,711 | Umpqua Holdings Corp. | 1,574,743 | |
33,116 | United Bankshares, Inc. | 1,299,472 | |
85,027 | Valley National Bancorp | 891,083 | |
29,395 | Washington Federal, Inc. | 974,150 | |
30,282 | Webster Financial Corp. Waterbury | 1,608,883 | |
23,073 | Wintrust Financial Corp. | 1,758,163 | |
TOTAL | 100,118,325 | ||
Health Care—8.9% | |||
20,736 | 2,3 | Acadia Healthcare Co., Inc. | 663,967 |
63,532 | 2 | Allscripts Healthcare Solutions, Inc. | 627,061 |
12,153 | 2 | Amedisys, Inc. | 1,553,396 |
9,480 | 2 | Avanos Medical, Inc. | 397,686 |
7,011 | 2 | Bio-Rad Laboratories, Inc., Class A | 2,109,820 |
12,517 | Bio-Techne Corp. | 2,560,853 | |
8,081 | Cantel Medical Corp. | 557,104 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Health Care—continued | |||
48,680 | 2 | Catalent, Inc. | $2,181,838 |
15,954 | 2 | Charles River Laboratories International, Inc. | 2,241,058 |
6,275 | Chemed Corp. | 2,050,545 | |
32,744 | 2 | Covetrus, Inc. | 1,076,295 |
33,693 | Encompass Health Corp. | 2,171,514 | |
103,284 | 2 | Exelixis, Inc. | 2,030,563 |
26,820 | 2 | Globus Medical, Inc. | 1,209,314 |
16,646 | 2 | Haemonetics Corp. | 1,452,863 |
17,715 | 2 | HealthEquity Inc. | 1,200,191 |
22,068 | Hill-Rom Holdings, Inc. | 2,238,137 | |
5,476 | 2 | ICU Medical, Inc. | 1,245,790 |
6,654 | 2 | Inogen, Inc. | 580,894 |
23,557 | 2 | Integra Lifesciences Corp. | 1,229,440 |
7,413 | 2,3 | Ligand Pharmaceuticals, Inc., Class B | 932,926 |
16,428 | 2 | Livanova PLC | 1,131,725 |
41,203 | 2 | Mallinckrodt PLC | 636,998 |
18,715 | 2 | Masimo Corp. | 2,435,757 |
20,365 | 2 | Medidata Solutions, Inc. | 1,839,774 |
31,671 | 2 | MEDNAX Inc. | 885,838 |
20,779 | 2 | Molina Healthcare, Inc. | 2,693,582 |
16,486 | 2 | NuVasive, Inc. | 999,052 |
15,361 | Patterson Cos., Inc. | 335,484 | |
22,731 | 2 | PRA Health Sciences, Inc. | 2,200,815 |
7,468 | 2 | Prestige Consumer Healthcare, Inc. | 219,709 |
28,229 | STERIS PLC | 3,697,434 | |
20,415 | 2 | Syneos Health, Inc. | 958,076 |
37,596 | 2 | Tenet Healthcare Corp. | 823,352 |
12,407 | 2 | United Therapeutics Corp. | 1,272,586 |
24,626 | West Pharmaceutical Services, Inc. | 3,048,453 | |
TOTAL | 53,489,890 | ||
Industrials—15.5% | |||
13,961 | Acuity Brands, Inc. | 2,042,913 | |
54,810 | 2 | AECOM | 1,858,059 |
20,939 | AGCO Corp. | 1,482,062 | |
18,734 | 2 | ASGN, Inc. | 1,180,991 |
23,218 | 2 | Avis Budget Group, Inc. | 825,400 |
20,496 | Brinks Co. (The) | 1,638,245 | |
21,720 | Carlisle Cos., Inc. | 3,071,642 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Industrials—continued | |||
16,421 | 2 | Clean Harbors, Inc. | $1,247,996 |
34,244 | 2 | Colfax Corp. | 1,033,142 |
17,916 | Crane Co. | 1,523,756 | |
15,006 | Curtiss Wright Corp. | 1,709,784 | |
16,144 | Deluxe Corp. | 721,960 | |
42,212 | Donaldson Co., Inc. | 2,260,031 | |
11,818 | 2 | Dycom Industries, Inc. | 586,055 |
19,777 | Emcor Group, Inc. | 1,664,037 | |
14,344 | EnerSys, Inc. | 992,461 | |
8,652 | GATX Corp. | 667,329 | |
18,423 | 2 | Genesee & Wyoming, Inc., Class A | 1,633,199 |
54,880 | Graco, Inc. | 2,812,600 | |
9,696 | Granite Construction, Inc. | 435,253 | |
15,928 | 3 | Healthcare Services Group, Inc. | 539,163 |
22,268 | HNI Corp. | 817,458 | |
18,985 | Hubbell, Inc. | 2,422,486 | |
25,319 | IDEX Corp. | 3,966,475 | |
12,179 | Insperity, Inc. | 1,456,121 | |
34,609 | ITT Corp. | 2,095,575 | |
107,354 | 2 | Jet Blue Airways Corp. | 1,991,417 |
32,839 | KBR, Inc. | 729,683 | |
29,454 | Kennametal, Inc. | 1,198,778 | |
18,688 | 2 | Kirby Corp. | 1,527,183 |
34,097 | Knight-Swift Transportation Holdings, Inc. | 1,137,135 | |
13,095 | Landstar System, Inc. | 1,426,831 | |
13,312 | Lennox International, Inc. | 3,613,542 | |
20,775 | Lincoln Electric Holdings | 1,813,034 | |
21,154 | Manpower, Inc. | 2,031,630 | |
14,884 | 2 | Mastec, Inc. | 753,875 |
20,176 | Miller Herman, Inc. | 783,232 | |
11,332 | MSA Safety, Inc. | 1,245,500 | |
16,003 | MSC Industrial Direct Co. | 1,338,651 | |
17,065 | Nordson Corp. | 2,490,637 | |
32,747 | 2 | Now, Inc. | 478,761 |
54,292 | nVent Electric PLC | 1,517,461 | |
23,936 | Old Dominion Freight Lines, Inc. | 3,573,166 | |
24,195 | OshKosh Truck Corp. | 1,998,265 | |
17,983 | Regal Beloit Corp. | 1,529,994 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Industrials—continued | |||
44,562 | 2 | Resideo Technologies, Inc. | $1,011,557 |
13,401 | Ryder System, Inc. | 844,263 | |
23,157 | 2 | Stericycle, Inc. | 1,352,137 |
13,527 | 2 | Teledyne Technologies, Inc. | 3,361,595 |
12,382 | Terex Corp. | 412,692 | |
24,436 | Timken Co. | 1,171,706 | |
35,155 | Toro Co. | 2,571,588 | |
19,959 | 2 | Trex Co., Inc. | 1,382,560 |
32,735 | Trinity Industries, Inc. | 705,767 | |
7,866 | Valmont Industries, Inc. | 1,060,651 | |
8,883 | Watsco, Inc. | 1,407,689 | |
16,261 | Werner Enterprises, Inc. | 544,744 | |
21,925 | Woodward, Inc. | 2,387,633 | |
38,164 | 2,3 | XPO Logistics, Inc. | 2,598,205 |
TOTAL | 92,675,755 | ||
Information Technology—15.8% | |||
37,688 | 2 | ACI Worldwide, Inc. | 1,338,678 |
28,542 | 2 | Arrow Electronics, Inc. | 2,412,084 |
35,472 | Avnet, Inc. | 1,724,294 | |
8,459 | Belden, Inc. | 469,897 | |
12,812 | Blackbaud, Inc. | 1,015,864 | |
8,127 | 2 | CACI International, Inc., Class A | 1,584,277 |
43,286 | CDK Global, Inc. | 2,611,012 | |
47,339 | 2 | Ciena Corp. | 1,815,924 |
20,318 | 2 | Cirrus Logic, Inc. | 966,730 |
57,704 | Cognex Corp. | 2,910,013 | |
6,157 | 2 | Coherent, Inc. | 911,298 |
17,429 | 2 | Commvault Systems, Inc. | 916,765 |
28,696 | 2 | CoreLogic, Inc. | 1,165,345 |
39,407 | 2 | Cree, Inc. | 2,604,409 |
126,845 | Cypress Semiconductor Corp. | 2,179,197 | |
10,944 | 2 | Fair Isaac & Co., Inc. | 3,061,584 |
20,409 | 2 | First Solar, Inc. | 1,255,766 |
11,813 | InterDigital, Inc. | 772,452 | |
15,044 | j2 Global, Inc. | 1,318,155 | |
45,683 | Jabil, Inc. | 1,380,083 | |
49,292 | Leidos Holdings, Inc. | 3,621,976 | |
8,222 | Littelfuse, Inc. | 1,653,033 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Information Technology—continued | |||
18,497 | 2 | LiveRamp Holdings, Inc. | $1,078,930 |
17,941 | LogMeIn, Inc. | 1,478,338 | |
26,633 | 2 | Lumentum Holdings, Inc. | 1,650,447 |
21,024 | 2 | Manhattan Associates, Inc. | 1,418,069 |
20,839 | Maximus, Inc. | 1,534,792 | |
15,469 | MKS Instruments, Inc. | 1,407,834 | |
12,980 | Monolithic Power Systems | 2,021,116 | |
36,866 | National Instruments Corp. | 1,736,389 | |
41,817 | 2 | NCR Corp. | 1,210,602 |
22,885 | 2 | NetScout Systems, Inc. | 672,819 |
33,867 | Perspecta, Inc. | 781,650 | |
16,978 | Plantronics, Inc. | 874,027 | |
35,592 | 2 | PTC, Inc. | 3,220,008 |
96,041 | Sabre Corp. | 1,993,811 | |
13,367 | Science Applications International Corp. | 1,001,857 | |
22,306 | 2 | Semtech Corp. | 1,201,624 |
14,728 | 2 | Silicon Laboratories, Inc. | 1,585,617 |
11,624 | 2 | Synaptics, Inc. | 437,876 |
11,061 | Synnex Corp. | 1,193,261 | |
15,437 | 2 | Tech Data Corp. | 1,645,739 |
38,602 | 2 | Teradata Corp. | 1,755,233 |
60,331 | Teradyne, Inc. | 2,956,219 | |
84,103 | 2 | Trimble, Inc. | 3,433,084 |
14,393 | 2 | Tyler Technologies, Inc. | 3,337,881 |
11,598 | 2 | Ultimate Software Group, Inc. | 3,834,879 |
14,064 | Universal Display Corp. | 2,244,614 | |
35,860 | Versum Materials, Inc. | 1,871,175 | |
15,566 | 2 | ViaSat, Inc. | 1,413,704 |
41,984 | Vishay Intertechnology, Inc. | 831,703 | |
14,304 | 2 | WEX, Inc. | 3,008,131 |
19,603 | 2 | Zebra Technologies Corp., Class A | 4,138,977 |
TOTAL | 94,659,242 | ||
Materials—6.6% | |||
43,040 | 2 | Allegheny Technologies, Inc. | 1,072,557 |
20,792 | Aptargroup, Inc. | 2,312,902 | |
20,518 | Ashland Global Holdings, Inc. | 1,652,315 | |
36,303 | Bemis Co., Inc. | 2,084,518 | |
21,509 | Cabot Corp. | 976,078 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Materials—continued | |||
17,330 | Carpenter Technology Corp. | $860,781 | |
58,121 | Chemours Co./The | 2,092,937 | |
21,947 | Commercial Metals Corp. | 379,464 | |
5,998 | Compass Minerals International, Inc. | 344,225 | |
27,010 | Domtar, Corp. | 1,320,789 | |
12,304 | Eagle Materials, Inc. | 1,118,557 | |
10,280 | Greif, Inc., Class A | 406,266 | |
13,571 | 2 | Ingevity Corp. | 1,560,801 |
34,330 | Louisiana-Pacific Corp. | 859,966 | |
12,925 | Minerals Technologies, Inc. | 811,302 | |
2,828 | Newmarket Corp. | 1,186,572 | |
58,349 | Olin Corp. | 1,265,590 | |
54,985 | Owens-Illinois, Inc. | 1,086,504 | |
28,238 | Polyone Corp. | 780,498 | |
23,400 | Reliance Steel & Aluminum Co. | 2,151,864 | |
25,363 | Royal Gold, Inc. | 2,208,103 | |
43,656 | RPM International, Inc. | 2,647,736 | |
13,659 | Scotts Miracle-Gro Co. | 1,161,288 | |
10,053 | Sensient Technologies Corp. | 704,916 | |
36,055 | Silgan Holdings, Inc. | 1,079,487 | |
38,673 | Sonoco Products Co. | 2,438,719 | |
79,469 | Steel Dynamics, Inc. | 2,517,578 | |
44,423 | United States Steel Corp. | 692,999 | |
66,974 | Valvoline, Inc. | 1,239,019 | |
14,867 | Worthington Industries, Inc. | 596,613 | |
TOTAL | 39,610,944 | ||
Real Estate—9.7% | |||
10,825 | Alexander and Baldwin, Inc. | 255,687 | |
45,271 | American Campus Communities, Inc. | 2,136,791 | |
104,504 | Brixmor Property Group, Inc. | 1,868,532 | |
35,570 | Camden Property Trust | 3,580,121 | |
43,204 | CoreCivic, Inc. | 899,075 | |
12,339 | Coresite Realty Corp. | 1,350,010 | |
39,492 | Corporate Office Properties Trust | 1,101,037 | |
171,174 | Cousins Properties, Inc. | 1,638,135 | |
36,994 | Cyrusone, Inc. | 2,060,196 | |
53,468 | Douglas Emmett, Inc. | 2,202,347 | |
29,152 | EPR PPTYS | 2,298,927 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Real Estate—continued | |||
41,311 | First Industrial Realty Trust | $1,457,039 | |
43,861 | Geo Group, Inc. | 878,097 | |
40,717 | Healthcare Realty Trust, Inc. | 1,257,341 | |
41,294 | Highwoods Properties, Inc. | 1,840,887 | |
66,515 | Hospitality Properties Trust | 1,729,390 | |
39,072 | JBG Smith Properties | 1,662,514 | |
15,806 | Jones Lang LaSalle, Inc. | 2,443,133 | |
33,492 | Kilroy Realty Corp. | 2,575,870 | |
28,160 | Lamar Advertising Co. | 2,327,987 | |
49,015 | Liberty Property Trust | 2,433,105 | |
15,232 | Life Storage, Inc. | 1,451,457 | |
27,967 | Mack-Cali Realty Corp. | 651,072 | |
113,902 | Medical PPTYS Trust, Inc. | 1,988,729 | |
60,119 | National Retail Properties, Inc. | 3,163,462 | |
67,721 | Omega Healthcare Investors | 2,396,646 | |
35,427 | Pebblebrook Hotel Trust | 1,153,503 | |
15,356 | PotlatchDeltic Corp. | 593,663 | |
6,770 | PS Business Parks, Inc. | 1,040,007 | |
45,837 | Rayonier, Inc. | 1,457,158 | |
43,269 | 3 | Realogy Hldgs. Corp. | 563,362 |
63,563 | Sabra Health Care REIT, Inc. | 1,243,292 | |
57,700 | Senior Housing Properties Trust | 463,331 | |
34,587 | 3 | Tanger Factory Outlet Centers, Inc. | 624,641 |
15,259 | Taubman Centers, Inc. | 752,269 | |
66,758 | Uniti Group, Inc. | 733,670 | |
41,795 | Urban Edge Properties | 776,133 | |
30,446 | Weingarten Realty Investors | 881,107 | |
TOTAL | 57,929,723 | ||
Utilities—4.4% | |||
17,448 | Allete, Inc. | 1,421,140 | |
62,993 | Aqua America, Inc. | 2,460,507 | |
17,536 | Black Hills Corp. | 1,275,919 | |
38,356 | Hawaiian Electric Industries, Inc. | 1,591,007 | |
16,517 | Idacorp, Inc. | 1,635,513 | |
68,713 | MDU Resources Group, Inc. | 1,796,845 | |
28,410 | National Fuel Gas Co. | 1,682,156 | |
24,408 | New Jersey Resources Corp. | 1,222,353 | |
16,269 | Northwestern Corp. | 1,136,390 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Utilities—continued | |||
74,358 | OGE Energy Corp. | $3,148,318 | |
17,191 | ONE Gas, Inc. | 1,521,747 | |
25,798 | PNM Resources, Inc. | 1,198,059 | |
17,318 | Southwest Gas Holdings, Inc. | 1,440,684 | |
17,169 | Spire, Inc. | 1,445,458 | |
64,133 | UGI Corp. | 3,495,890 | |
TOTAL | 26,471,986 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $367,420,348) | 590,607,377 | ||
INVESTMENT COMPANIES—3.8% | |||
9,214,189 | Federated Government Obligations Fund, Premier Shares, 2.35%4 | 9,214,189 | |
13,775,386 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 2.52%4 | 13,777,421 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $22,989,575) | 22,991,610 | ||
TOTAL INVESTMENT IN SECURITIES—102.4% (IDENTIFIED COST $390,409,923)5 | 613,598,987 | ||
OTHER ASSETS AND LIABILITIES - NET—(2.4)%6 | (14,241,064) | ||
TOTAL NET ASSETS—100% | $599,357,923 |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation |
2S&P MidCap 400 E-Mini Long Futures | 44 | $8,682,960 | June 2019 | $366,017 |
Federated Investors, Inc. | Federated Government Obligations Fund, Premier Shares* | Federated Institutional Prime Value Obligations Fund, Institutional Shares* | Total of Affiliated Transactions | |
Balance of Shares Held 10/31/2018 | 36,618 | 31,461,320 | 43,162,327 | 74,660,265 |
Purchases/Additions | — | 93,875,840 | 187,126,551 | 281,002,391 |
Sales/Reductions | (2,574) | (116,122,971) | (216,513,492) | (332,639,037) |
Balance of Shares Held 4/30/2019 | 34,044 | 9,214,189 | 13,775,386 | 23,023,619 |
Value | $1,046,172 | $9,214,189 | $13,777,421 | $24,037,782 |
Change in Unrealized Appreciation/ Depreciation | $194,878 | N/A | $(44) | $194,834 |
Net Realized Gain/(Loss) | $13,024 | N/A | $1,588 | $14,612 |
Dividend Income | $19,079 | $274,727 | $562,786 | $856,592 |
* | All or portion of the balance/activity for the Fund relates to cash collateral received on securities lending transactions. |
1 | The Fund purchases index futures contracts to efficiently manage cash flows resulting from shareholder purchases and redemptions, dividend and capital gain payments to shareholders and corporate actions while maintaining exposure to the S&P MidCap 400 Index and minimizing trading costs. The underlying face amount, at value, of open index futures contracts is $8,682,960 at April 30, 2019, which represents 1.4% of total net assets. Taking into consideration these open index futures contracts, the Fund's effective total exposure to the S&P MidCap 400 Index is 100.0%. |
2 | Non-income-producing security. |
3 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
4 | 7-day net yield. |
5 | Also represents cost for federal tax purposes. |
6 | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
REIT | —Real Estate Investment Trust |
Six Months Ended (unaudited) 4/30/2019 | Year Ended October 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $23.69 | $27.75 | $25.13 | $27.25 | $29.32 | $27.33 |
Income From Investment Operations: | ||||||
Net investment income | 0.11 | 0.32 | 0.261 | 0.341 | 0.32 | 0.32 |
Net realized and unrealized gain (loss) | 1.54 | (0.01) | 5.22 | 1.03 | 0.57 | 2.76 |
TOTAL FROM INVESTMENT OPERATIONS | 1.65 | 0.31 | 5.48 | 1.37 | 0.89 | 3.08 |
Less Distributions: | ||||||
Distributions from net investment income | (0.15) | (0.31) | (0.28) | (0.32) | (0.33) | (0.31) |
Distributions from net realized gain | (4.36) | (4.06) | (2.58) | (3.17) | (2.63) | (0.78) |
TOTAL DISTRIBUTIONS | (4.51) | (4.37) | (2.86) | (3.49) | (2.96) | (1.09) |
Net Asset Value, End of Period | $20.83 | $23.69 | $27.75 | $25.13 | $27.25 | $29.32 |
Total Return2 | 8.74% | 0.83% | 23.19% | 5.85% | 3.17% | 11.61% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.31%3 | 0.31% | 0.31% | 0.30% | 0.30% | 0.29% |
Net investment income | 1.21%3 | 1.28% | 1.01% | 1.40% | 1.15% | 1.14% |
Expense waiver/reimbursement4 | 0.12%3 | 0.10% | 0.12% | 0.10% | 0.10% | 0.11% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $159,617 | $154,139 | $166,962 | $161,135 | $153,751 | $138,394 |
Portfolio turnover | 15% | 29% | 35% | 33% | 36% | 37% |
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) 4/30/2019 | Year Ended October 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $23.71 | $27.77 | $25.15 | $27.26 | $29.33 | $27.35 |
Income From Investment Operations: | ||||||
Net investment income | 0.09 | 0.26 | 0.20 | 0.281 | 0.25 | 0.25 |
Net realized and unrealized gain (loss) | 1.53 | (0.02) | 5.21 | 1.04 | 0.57 | 2.75 |
TOTAL FROM INVESTMENT OPERATIONS | 1.62 | 0.24 | 5.41 | 1.32 | 0.82 | 3.00 |
Less Distributions: | ||||||
Distributions from net investment income | (0.13) | (0.24) | (0.21) | (0.26) | (0.26) | (0.24) |
Distributions from net realized gain | (4.36) | (4.06) | (2.58) | (3.17) | (2.63) | (0.78) |
TOTAL DISTRIBUTIONS | (4.49) | (4.30) | (2.79) | (3.43) | (2.89) | (1.02) |
Net Asset Value, End of Period | $20.84 | $23.71 | $27.77 | $25.15 | $27.26 | $29.33 |
Total Return2 | 8.57% | 0.56% | 22.86% | 5.64% | 2.91% | 11.29% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.56%3 | 0.56% | 0.56% | 0.55% | 0.55% | 0.54% |
Net investment income | 1.00%3 | 1.03% | 0.76% | 1.16% | 0.91% | 0.89% |
Expense waiver/reimbursement4 | 0.11%3 | 0.10% | 0.09% | 0.10% | 0.10% | 0.11% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $383,861 | $434,678 | $639,787 | $660,471 | $763,853 | $902,685 |
Portfolio turnover | 15% | 29% | 35% | 33% | 36% | 27% |
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) 4/30/2019 | Year Ended October 31, | Period Ended 10/31/20161 | ||
2018 | 2017 | |||
Net Asset Value, Beginning of Period | $23.72 | $27.78 | $25.15 | $25.29 |
Income From Investment Operations: | ||||
Net investment income | 0.12 | 0.32 | 0.262 | 0.012 |
Net realized and unrealized gain (loss) | 1.54 | (0.01) | 5.23 | (0.15) |
TOTAL FROM INVESTMENT OPERATIONS | 1.66 | 0.31 | 5.49 | (0.14) |
Less Distributions: | ||||
Distributions from net investment income | (0.16) | (0.31) | (0.28) | — |
Distributions from net realized gain | (4.36) | (4.06) | (2.58) | — |
TOTAL DISTRIBUTIONS | (4.52) | (4.37) | (2.86) | — |
Net Asset Value, End of Period | $20.86 | $23.72 | $27.78 | $25.15 |
Total Return3 | 8.75% | 0.83% | 23.23% | (0.55)% |
Ratios to Average Net Assets: | ||||
Net expenses | 0.30%4 | 0.30% | 0.30% | 0.26%4 |
Net investment income | 1.22%4 | 1.26% | 0.96% | 0.52%4 |
Expense waiver/reimbursement5 | 0.08%4 | 0.07% | 0.06% | —% |
Supplemental Data: | ||||
Net assets, end of period (000 omitted) | $55,880 | $46,064 | $29,384 | $06 |
Portfolio turnover | 15% | 29% | 35% | 33%7 |
1 | Reflects operations for the period from October 18, 2016 (date of initial investment) to October 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 ratios shown above. |
6 | Represents less than $1,000. |
7 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the period from November 1, 2015 to October 31, 2016. |
Assets: | ||
Investment in securities, at value including $12,321,209 of securities loaned and including $24,037,782 of investment in affiliated holdings (identified cost $390,409,923) | $613,598,987 | |
Restricted Cash (Note 2) | 476,000 | |
Receivable for shares sold | 761,357 | |
Income receivable | 315,148 | |
Receivable for investments sold | 127,420 | |
Income receivable from affiliated holdings | 12,778 | |
Receivable for daily variation margin on futures contracts | 92,502 | |
Other assets | 17,000 | |
TOTAL ASSETS | 615,401,192 | |
Liabilities: | ||
Payable for collateral due to broker for securities lending | $12,814,190 | |
Payable for shares redeemed | 2,954,922 | |
Payable for investments purchased | 68,029 | |
Payable for other service fees (Notes 2 and 5) | 81,358 | |
Payable for investment adviser fee (Note 5) | 6,637 | |
Payable for administrative fees (Note 5) | 594 | |
Accrued expenses (Note 5) | 117,539 | |
TOTAL LIABILITIES | 16,043,269 | |
Net assets for 28,759,821 shares outstanding | $599,357,923 | |
Net Assets Consists of: | ||
Paid-in capital | $351,027,796 | |
Total distributable earnings | 248,330,127 | |
TOTAL NET ASSETS | $599,357,923 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Institutional Shares: | ||
Net asset value per share ($159,617,109 ÷ 7,663,200 shares outstanding) no par value, unlimited shares authorized | $20.83 | |
Service Shares: | ||
Net asset value per share ($383,860,514 ÷ 18,417,338 shares outstanding), no par value, unlimited shares authorized | $20.84 | |
Class R6 Shares: | ||
Net asset value per share ($55,880,300 ÷ 2,679,283 shares outstanding), no par value, unlimited shares authorized | $20.86 |
Investment Income: | |||
Dividends (including $211,524 received from an affiliated holding* and net of foreign taxes withheld of $4,826) | $4,502,555 | ||
Net Income on securities loaned (includes $645,068 received from affiliated holdings* related to cash collateral balances) | 45,789 | ||
Interest | 6,109 | ||
TOTAL INCOME | 4,554,453 | ||
Expenses: | |||
Management fee (Note 5) | $883,013 | ||
Custodian fees | 23,864 | ||
Transfer agent fees (Note 2) | 185,657 | ||
Directors'/Trustees' fees (Note 5) | 4,013 | ||
Auditing fees | 13,488 | ||
Legal fees | 5,543 | ||
Other service fees (Notes 2 and 5) | 477,921 | ||
Portfolio accounting fees | 64,392 | ||
Share registration costs | 25,066 | ||
Printing and postage | 13,979 | ||
Miscellaneous (Note 5) | 33,046 | ||
TOTAL EXPENSES | 1,729,982 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of management fee (Note 5) | $(235,042) | ||
Reimbursement of other operating expenses (Note 2) | (87,425) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (322,467) | ||
Net expenses | 1,407,515 | ||
Net investment income | 3,146,938 | ||
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | |||
Net realized gain on investments (including net realized gain of $14,612 on sales of investments in affiliated holdings*) | 28,390,265 | ||
Net realized gain on futures contracts | 1,119,394 | ||
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $194,834 of investments in affiliated holdings*) | 12,753,564 | ||
Net change in unrealized depreciation of futures contracts | 1,087,076 | ||
Net realized and unrealized gain (loss) on investments and futures contracts | 43,350,299 | ||
Change in net assets resulting from operations | $46,497,237 |
* | See information listed after the Fund's Portfolio of Investments. |
Six Months Ended (unaudited) 4/30/2019 | Year Ended 10/31/2018 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $3,146,938 | $8,193,589 |
Net realized gain | 29,509,659 | 117,098,160 |
Net change in unrealized appreciation/depreciation | 13,840,640 | (112,128,220) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 46,497,237 | 13,163,529 |
Distributions to Shareholders: | ||
Institutional Shares | (29,067,501) | (24,273,850) |
Service Shares | (80,627,144) | (91,881,445) |
Class R6 Shares | (8,549,896) | (6,232,678) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (118,244,541) | (122,387,973) |
Share Transactions: | ||
Proceeds from sale of shares | 98,297,350 | 167,111,673 |
Net asset value of shares issued to shareholders in payment of distributions declared | 115,300,969 | 118,419,740 |
Cost of shares redeemed | (177,374,462) | (377,559,501) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 36,223,857 | (92,028,088) |
Change in net assets | (35,523,447) | (201,252,532) |
Net Assets: | ||
Beginning of period | 634,881,370 | 836,133,902 |
End of period | $599,357,923 | $634,881,370 |
■ | 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 | |
Institutional Shares | $40,580 | $(29,224) |
Service Shares | 143,732 | (58,201) |
Class R6 Shares | 1,345 | — |
TOTAL | $185,657 | $(87,425) |
Other Service Fees Incurred | |
Service Shares | $477,921 |
Market Value of Securities Loaned | Market Value of Collateral |
$12,321,209 | $12,814,190 |
Asset | ||
Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||
Equity contracts | Receivable for daily variation margin on futures contracts | $366,017* |
* | Includes cumulative 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 | |
Equity contracts | 1,119,394 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures Contracts | |
Equity contracts | $1,087,076 |
Six Months Ended 4/30/2019 | Year Ended 10/31/2018 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,249,564 | $44,583,091 | 2,288,309 | $56,901,517 |
Shares issued to shareholders in payment of distributions declared | 1,473,626 | 28,340,674 | 940,978 | 23,001,459 |
Shares redeemed | (2,566,488) | (50,362,534) | (2,738,687) | (70,682,142) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 1,156,702 | $22,561,231 | 490,600 | $9,220,834 |
Six Months Ended 4/30/2019 | Year Ended 10/31/2018 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,847,199 | $39,289,059 | 2,668,040 | $67,711,023 |
Shares issued to shareholders in payment of distributions declared | 4,076,137 | 78,441,751 | 3,648,221 | 89,186,527 |
Shares redeemed | (5,838,357) | (118,148,683) | (11,021,808) | (281,309,674) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 84,979 | $(417,873) | (4,705,547) | $(124,412,124) |
Six Months Ended 4/30/2019 | Year Ended 10/31/2018 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 746,698 | $14,425,200 | 1,656,177 | $42,499,133 |
Shares issued to shareholders in payment of distributions declared | 442,344 | 8,518,544 | 254,380 | 6,231,754 |
Shares redeemed | (451,951) | (8,863,245) | (1,026,244) | (25,567,685) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 737,091 | $14,080,499 | 884,313 | $23,163,202 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 1,978,772 | $36,223,857 | (3,330,634) | $(92,028,088) |
Purchases | $87,636,879 |
Sales | $163,342,875 |
Beginning Account Value 11/1/2018 | Ending Account Value 4/30/2019 | Expenses Paid During Period1 | |
Actual: | |||
Institutional Shares | $1,000 | $1,087.40 | $1.60 |
Service Shares | $1,000 | $1,085.70 | $2.90 |
Class R6 Shares | $1,000 | $1,087.50 | $1.55 |
Hypothetical (assuming a 5% return before expenses): | |||
Institutional Shares | $1,000 | $1,023.26 | $1.56 |
Service Shares | $1,000 | $1,022.02 | $2.81 |
Class R6 Shares | $1,000 | $1,023.31 | $1.51 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Institutional Shares | 0.31% |
Service Shares | 0.56% |
Class R6 Shares | 0.30% |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31420E205
CUSIP 31420E874
2019 ©Federated Investors, Inc.
Share Class | Ticker | C | MXCCX | R | FMXKX | Institutional | FISPX | Service | FMXSX |
Donahue
Sector | Percentage of Total Net Assets |
Information Technology | 21.2% |
Health Care | 13.2% |
Financials | 13.0% |
Communication Services | 10.0% |
Consumer Discretionary | 9.9% |
Industrials | 9.2% |
Consumer Staples | 7.0% |
Energy | 5.1% |
Utilities | 3.1% |
Real Estate | 2.8% |
Materials | 2.6% |
Derivative Contracts2 | 0.1% |
Cash Equivalents3 | 2.6% |
Other Assets and Liabilities—Net4 | 0.2% |
TOTAL5 | 100.0% |
1 | Except for Derivative Contracts, 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 Manager assigns a classification to securities not classified by the GICS and to securities for which the Manager does not have access to the classification made by the GICS. |
2 | 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) may indicate. In many cases, the notional value or notional principal 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) 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. |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing securities lending collateral. |
4 | Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities. |
5 | The Fund purchases index futures contracts to efficiently manage cash flows resulting from shareholder purchases and redemptions, dividend and capital gain payments to shareholders and corporate actions while maintaining exposure to the Standard & Poor's 500 Composite Stock Price (S&P 500) Index and minimizing trading costs. Taking into consideration these open index futures contracts, the Fund's effective total exposure to the S&P 500 Index is 100.0%. |
Shares | Value in U.S. Dollars | ||
1 | COMMON STOCKS—97.1% | ||
Communication Services—10.0% | |||
10,394 | Activision Blizzard, Inc. | $501,095 | |
3,945 | 2 | Alphabet, Inc., Class A | 4,729,897 |
4,052 | 2 | Alphabet, Inc., Class C | 4,815,721 |
98,632 | AT&T, Inc. | 3,053,647 | |
4,846 | CBS Corp., Class B | 248,454 | |
15,374 | CenturyLink, Inc. | 175,571 | |
2,236 | 2 | Charter Communications, Inc. | 829,981 |
59,723 | Comcast Corp., Class A | 2,599,742 | |
7,830 | 2 | Discovery, Inc., Class C | 225,191 |
4,965 | 2 | Discovery, Inc., Class A | 153,418 |
2,111 | 2 | DISH Network Corp., Class A | 74,138 |
3,831 | 2 | Electronic Arts, Inc. | 362,604 |
31,037 | 2 | Facebook, Inc. | 6,002,556 |
2,685 | 2 | Fox Corp., Class B | 103,373 |
5,232 | 2 | Fox Corp., Class A | 203,996 |
4,758 | Interpublic Group of Cos., Inc. | 109,434 | |
5,412 | 2 | NetFlix, Inc. | 2,005,362 |
1,128 | News Corp., Inc., Class B | 14,089 | |
3,920 | News Corp., Inc., Class A | 48,686 | |
3,095 | Omnicom Group, Inc. | 247,693 | |
1,352 | 2 | Take-Two Interactive Software, Inc. | 130,914 |
4,413 | 2 | TripAdvisor, Inc. | 234,904 |
9,325 | 2 | Twitter, Inc. | 372,161 |
55,901 | Verizon Communications, Inc. | 3,196,978 | |
3,826 | Viacom, Inc., Class B | 110,610 | |
23,101 | Walt Disney Co. | 3,164,144 | |
TOTAL | 33,714,359 | ||
Consumer Discretionary—9.9% | |||
756 | Advance Auto Parts, Inc. | 125,738 | |
5,537 | 2 | Amazon.com, Inc. | 10,667,141 |
3,842 | Aptiv PLC | 329,259 | |
500 | 2 | AutoZone, Inc. | 514,155 |
2,906 | Best Buy Co., Inc. | 216,235 | |
1,985 | Block (H&R), Inc. | 54,012 | |
621 | 2 | Booking Holdings, Inc. | 1,151,949 |
Shares | Value in U.S. Dollars | ||
1 | COMMON STOCKS—continued | ||
Consumer Discretionary—continued | |||
3,229 | BorgWarner, Inc. | $134,875 | |
1,868 | 2 | Capri Holdings Ltd. | 82,341 |
5,920 | Carnival Corp. | 324,771 | |
570 | 2 | Chipotle Mexican Grill, Inc. | 392,183 |
4,551 | D. R. Horton, Inc. | 201,655 | |
1,369 | Darden Restaurants, Inc. | 160,994 | |
3,292 | Dollar General Corp. | 415,088 | |
3,040 | 2 | Dollar Tree, Inc. | 338,291 |
7,203 | eBay, Inc. | 279,116 | |
1,338 | Expedia Group, Inc. | 173,726 | |
4,158 | Foot Locker, Inc. | 237,879 | |
56,085 | Ford Motor Co. | 586,088 | |
3,627 | Gap (The), Inc. | 94,592 | |
1,246 | Garmin Ltd. | 106,832 | |
17,559 | General Motors Co. | 683,923 | |
2,196 | Genuine Parts Co. | 225,178 | |
4,244 | Hanesbrands, Inc. | 76,689 | |
2,999 | Harley-Davidson, Inc. | 111,653 | |
1,914 | Hasbro, Inc. | 194,960 | |
3,690 | Hilton Worldwide Holdings, Inc. | 320,993 | |
15,305 | Home Depot, Inc. | 3,117,629 | |
4,505 | Kohl's Corp. | 320,306 | |
3,868 | L Brands, Inc. | 99,176 | |
3,708 | Lennar Corp., Class A | 192,927 | |
10,542 | Lowe's Cos., Inc. | 1,192,722 | |
3,210 | Macy's, Inc. | 75,563 | |
4,039 | Marriott International, Inc., Class A | 551,000 | |
15,483 | 2 | Mattel, Inc. | 188,738 |
10,115 | McDonald's Corp. | 1,998,421 | |
7,185 | MGM Resorts International | 191,337 | |
6,019 | Newell Brands, Inc. | 86,553 | |
16,827 | Nike, Inc., Class B | 1,477,915 | |
1,532 | Nordstrom, Inc. | 62,843 | |
2,523 | 2 | Norwegian Cruise Line Holdings Ltd. | 142,272 |
965 | 2 | O'Reilly Automotive, Inc. | 365,320 |
2,257 | Pulte Group, Inc. | 71,005 | |
448 | Ralph Lauren Corp. | 58,948 | |
5,028 | Ross Stores, Inc. | 491,035 |
Shares | Value in U.S. Dollars | ||
1 | COMMON STOCKS—continued | ||
Consumer Discretionary—continued | |||
950 | Royal Caribbean Cruises Ltd. | $114,893 | |
18,880 | Starbucks Corp. | 1,466,598 | |
4,684 | Tapestry, Inc. | 151,153 | |
4,939 | Target Corp. | 382,377 | |
16,408 | TJX Cos., Inc. | 900,471 | |
1,278 | Tractor Supply Co. | 132,273 | |
1,257 | 2 | Ulta Beauty, Inc. | 438,668 |
6,523 | 2 | Under Armour, Inc. | 135,157 |
6,028 | 2 | Under Armour, Inc., Class A | 139,187 |
4,541 | V.F. Corp. | 428,716 | |
3,788 | Yum! Brands, Inc. | 395,429 | |
TOTAL | 33,568,948 | ||
Consumer Staples—7.0% | |||
25,669 | Altria Group, Inc. | 1,394,597 | |
3,882 | Archer-Daniels-Midland Co. | 173,137 | |
6,986 | Campbell Soup Co. | 270,288 | |
2,825 | Church and Dwight, Inc. | 211,734 | |
1,691 | Clorox Co. | 270,104 | |
12,018 | Colgate-Palmolive Co. | 874,790 | |
1,092 | Conagra Brands, Inc. | 33,612 | |
2,997 | Constellation Brands, Inc., Class A | 634,375 | |
5,879 | Costco Wholesale Corp. | 1,443,471 | |
6,398 | Coty, Inc. - CL A | 69,226 | |
1,943 | Estee Lauder Cos., Inc., Class A | 333,827 | |
8,657 | General Mills, Inc. | 445,576 | |
1,899 | Hershey Foods Corp. | 237,090 | |
2,917 | Hormel Foods Corp. | 116,505 | |
3,947 | Kellogg Co. | 238,004 | |
4,880 | Kimberly-Clark Corp. | 626,495 | |
9,317 | Kraft Heinz Co./The | 309,697 | |
9,419 | Kroger Co. | 242,822 | |
1,546 | Lamb Weston Holdings, Inc. | 108,297 | |
1,417 | McCormick & Co., Inc. | 218,176 | |
2,096 | Molson Coors Brewing Co., Class B | 134,542 | |
19,859 | Mondelez International, Inc. | 1,009,830 | |
7,870 | 2 | Monster Beverage Corp. | 469,052 |
17,460 | PepsiCo, Inc. | 2,235,753 | |
21,170 | Philip Morris International, Inc. | 1,832,475 |
Shares | Value in U.S. Dollars | ||
1 | COMMON STOCKS—continued | ||
Consumer Staples—continued | |||
33,825 | Procter & Gamble Co. | $3,601,686 | |
1,826 | Smucker (J.M.) Co. | 223,922 | |
5,854 | Sysco Corp. | 411,946 | |
54,987 | The Coca-Cola Co. | 2,697,662 | |
4,040 | Tyson Foods, Inc., Class A | 303,040 | |
10,607 | Walgreens Boots Alliance, Inc. | 568,217 | |
19,358 | WalMart Inc. | 1,990,777 | |
TOTAL | 23,730,725 | ||
Energy—5.1% | |||
7,372 | Anadarko Petroleum Corp. | 537,050 | |
5,197 | Apache Corp. | 171,033 | |
5,745 | Baker Hughes a GE Co. LLC | 137,995 | |
5,834 | Cabot Oil & Gas Corp., Class A | 151,042 | |
25,708 | Chevron Corp. | 3,086,503 | |
3,585 | Cimarex Energy Co. | 246,146 | |
2,824 | Concho Resources, Inc. | 325,833 | |
17,540 | ConocoPhillips | 1,107,125 | |
4,807 | Devon Energy Corp. | 154,497 | |
3,576 | Diamondback Energy, Inc. | 380,451 | |
9,521 | EOG Resources, Inc. | 914,492 | |
57,156 | Exxon Mobil Corp. | 4,588,484 | |
6,176 | Halliburton Co. | 174,966 | |
2,034 | Helmerich & Payne, Inc. | 119,030 | |
2,870 | Hess Corp. | 184,024 | |
5,114 | HollyFrontier Corp. | 244,091 | |
26,771 | Kinder Morgan, Inc. | 531,940 | |
9,646 | Marathon Oil Corp. | 164,368 | |
8,711 | Marathon Petroleum Corp. | 530,239 | |
5,259 | National Oilwell Varco, Inc. | 137,470 | |
10,523 | Occidental Petroleum Corp. | 619,594 | |
3,176 | ONEOK, Inc. | 215,746 | |
5,301 | Phillips 66 | 499,725 | |
2,416 | Pioneer Natural Resources, Inc. | 402,167 | |
14,925 | Schlumberger Ltd. | 636,999 | |
5,415 | Valero Energy Corp. | 490,924 | |
10,563 | Williams Cos., Inc. | 299,250 | |
TOTAL | 17,051,184 |
Shares | Value in U.S. Dollars | ||
1 | COMMON STOCKS—continued | ||
Financials—13.0% | |||
992 | Affiliated Managers Group | $110,033 | |
6,894 | Aflac, Inc. | 347,320 | |
6,120 | Allstate Corp. | 606,247 | |
7,868 | American Express Co. | 922,366 | |
12,297 | American International Group, Inc. | 584,968 | |
3,070 | Ameriprise Financial, Inc. | 450,584 | |
3,029 | Aon PLC | 545,644 | |
121,279 | Bank of America Corp. | 3,708,712 | |
12,364 | Bank of New York Mellon Corp. | 613,996 | |
10,857 | BB&T Corp. | 555,878 | |
25,280 | 2 | Berkshire Hathaway, Inc. | 5,478,429 |
1,702 | BlackRock, Inc. | 825,878 | |
6,094 | Capital One Financial Corp. | 565,706 | |
16,586 | Charles Schwab Corp. | 759,307 | |
4,981 | Chubb Ltd. | 723,241 | |
1,662 | Cincinnati Financial Corp. | 159,851 | |
33,953 | Citigroup, Inc. | 2,400,477 | |
5,912 | Citizens Financial Group, Inc. | 214,014 | |
4,888 | CME Group, Inc. | 874,463 | |
4,041 | Comerica, Inc. | 317,582 | |
6,569 | Discover Financial Services | 535,308 | |
3,134 | E*Trade Group, Inc. | 158,768 | |
9,455 | Fifth Third Bancorp | 272,493 | |
683 | First Republic Bank | 72,138 | |
8,789 | Franklin Resources, Inc. | 304,012 | |
2,092 | Gallagher (Arthur J.) & Co. | 174,933 | |
4,598 | Goldman Sachs Group, Inc. | 946,820 | |
4,376 | Hartford Financial Services Group, Inc. | 228,909 | |
15,367 | Huntington Bancshares, Inc. | 213,909 | |
7,991 | Intercontinental Exchange, Inc. | 650,068 | |
6,942 | Invesco Ltd. | 152,516 | |
11,586 | Jefferies Financial Group, Inc. | 238,324 | |
44,166 | JPMorgan Chase & Co. | 5,125,464 | |
14,784 | KeyCorp | 259,459 | |
5,279 | Lincoln National Corp. | 352,215 | |
3,015 | Loews Corp. | 154,639 | |
2,037 | M & T Bank Corp. | 346,433 | |
7,044 | Marsh & McLennan Cos., Inc. | 664,179 |
Shares | Value in U.S. Dollars | ||
1 | COMMON STOCKS—continued | ||
Financials—continued | |||
16,326 | MetLife, Inc. | $753,118 | |
1,330 | Moody's Corp. | 261,505 | |
18,134 | Morgan Stanley | 874,965 | |
962 | MSCI, Inc., Class A | 216,816 | |
1,579 | NASDAQ, Inc. | 145,584 | |
3,258 | Northern Trust Corp. | 321,076 | |
4,866 | PNC Financial Services Group | 666,301 | |
6,505 | Principal Financial Group, Inc. | 371,826 | |
7,408 | Progressive Corp., OH | 578,935 | |
5,150 | Prudential Financial, Inc. | 544,406 | |
1,963 | Raymond James Financial, Inc. | 179,752 | |
23,578 | Regions Financial Corp. | 366,166 | |
3,318 | S&P Global, Inc. | 732,150 | |
2,840 | State Street Corp. | 192,154 | |
5,574 | SunTrust Banks, Inc. | 364,986 | |
66 | 2 | SVB Financial Group | 16,614 |
8,274 | Synchrony Financial | 286,860 | |
3,477 | T. Rowe Price Group, Inc. | 373,778 | |
3,657 | The Travelers Cos., Inc. | 525,694 | |
979 | Torchmark Corp. | 85,819 | |
20,765 | U.S. Bancorp | 1,107,190 | |
2,007 | Unum Group | 74,098 | |
55,480 | Wells Fargo & Co. | 2,685,787 | |
1,912 | Willis Towers Watson PLC | 352,458 | |
2,243 | Zions Bancorporation, N.A. | 110,647 | |
TOTAL | 43,803,968 | ||
Health Care—13.2% | |||
23,133 | Abbott Laboratories | 1,840,461 | |
20,155 | AbbVie, Inc. | 1,600,105 | |
557 | 2 | Abiomed, Inc. | 154,517 |
4,389 | Agilent Technologies, Inc. | 344,537 | |
2,850 | 2 | Alexion Pharmaceuticals, Inc. | 387,971 |
938 | 2 | Align Technology, Inc. | 304,550 |
4,085 | Allergan PLC | 600,495 | |
2,192 | AmerisourceBergen Corp. | 163,874 | |
8,409 | Amgen, Inc. | 1,507,902 | |
3,341 | Anthem, Inc. | 878,783 | |
6,409 | Baxter International, Inc. | 489,007 |
Shares | Value in U.S. Dollars | ||
1 | COMMON STOCKS—continued | ||
Health Care—continued | |||
3,698 | Becton Dickinson & Co. | $890,257 | |
3,124 | 2 | Biogen, Inc. | 716,146 |
14,649 | 2 | Boston Scientific Corp. | 543,771 |
22,253 | Bristol-Myers Squibb Co. | 1,033,207 | |
4,412 | Cardinal Health, Inc. | 214,909 | |
9,186 | 2 | Celgene Corp. | 869,547 |
5,007 | 2 | Centene Corp. | 258,161 |
4,895 | 2 | Cerner Corp. | 325,273 |
5,195 | CIGNA Corp. | 825,174 | |
1,193 | Cooper Cos., Inc. | 345,875 | |
20,186 | CVS Health Corp. | 1,097,715 | |
8,173 | Danaher Corp. | 1,082,432 | |
2,268 | 2 | DaVita HealthCare Partners, Inc. | 125,284 |
3,434 | Dentsply Sirona, Inc. | 175,580 | |
1,902 | 2 | Edwards Lifesciences Corp. | 334,885 |
12,796 | Eli Lilly & Co. | 1,497,644 | |
17,573 | Gilead Sciences, Inc. | 1,142,948 | |
4,770 | HCA Healthcare, Inc. | 606,887 | |
4,684 | 2 | Henry Schein, Inc. | 300,057 |
6,902 | 2 | Hologic, Inc. | 320,115 |
1,834 | Humana, Inc. | 468,422 | |
407 | 2 | IDEXX Laboratories, Inc. | 94,424 |
1,901 | 2 | Illumina, Inc. | 593,112 |
2,302 | 2 | Incyte Genomics, Inc. | 176,794 |
1,253 | 2 | Intuitive Surgical, Inc. | 639,819 |
1,897 | 2 | IQVIA Holdings, Inc. | 263,493 |
35,907 | Johnson & Johnson | 5,070,068 | |
294 | 2 | Laboratory Corp. of America Holdings | 47,016 |
3,903 | McKesson Corp. | 465,433 | |
18,304 | Medtronic PLC | 1,625,578 | |
34,196 | Merck & Co., Inc. | 2,691,567 | |
107 | 2 | Mettler-Toledo International, Inc. | 79,743 |
12,514 | 2 | Mylan NV | 337,753 |
6,655 | 2 | Nektar Therapeutics | 213,093 |
1,644 | Perrigo Co. | 78,780 | |
70,569 | Pfizer, Inc. | 2,865,807 | |
2,156 | Quest Diagnostics, Inc. | 207,795 | |
973 | 2 | Regeneron Pharmaceuticals, Inc. | 333,875 |
Shares | Value in U.S. Dollars | ||
1 | COMMON STOCKS—continued | ||
Health Care—continued | |||
1,967 | ResMed, Inc. | $205,571 | |
4,185 | Stryker Corp. | 790,588 | |
91 | Teleflex, Inc. | 26,042 | |
5,297 | Thermo Fisher Scientific, Inc. | 1,469,653 | |
12,979 | UnitedHealth Group, Inc. | 3,025,016 | |
903 | Universal Health Services, Inc., Class B | 114,564 | |
1,030 | 2 | Varian Medical Systems, Inc. | 140,255 |
2,582 | 2 | Vertex Pharmaceuticals, Inc. | 436,306 |
829 | 2 | Waters Corp. | 177,025 |
540 | 2 | WellCare Health Plans, Inc. | 139,509 |
2,690 | Zimmer Biomet Holdings, Inc. | 331,300 | |
6,088 | Zoetis, Inc. | 620,002 | |
TOTAL | 44,706,472 | ||
Industrials—9.2% | |||
7,866 | 3M Co. | 1,490,686 | |
1,320 | Alaska Air Group, Inc. | 81,708 | |
3,034 | Allegion PLC | 301,064 | |
4,836 | American Airlines Group, Inc. | 165,295 | |
2,778 | Ametek, Inc. | 244,936 | |
7,459 | Boeing Co. | 2,817,190 | |
2,185 | C.H. Robinson Worldwide, Inc. | 176,985 | |
7,945 | Caterpillar, Inc. | 1,107,692 | |
1,145 | Cintas Corp. | 248,625 | |
39 | 2 | Copart, Inc. | 2,625 |
9,951 | CSX Corp. | 792,398 | |
2,139 | Cummins, Inc. | 355,694 | |
3,272 | Deere & Co. | 541,941 | |
8,001 | Delta Air Lines, Inc. | 466,378 | |
3,673 | Dover Corp. | 360,101 | |
6,022 | Eaton Corp. PLC | 498,742 | |
8,700 | Emerson Electric Co. | 617,613 | |
194 | Equifax, Inc. | 24,434 | |
2,110 | Expeditors International Washington, Inc. | 167,576 | |
1,310 | Fastenal Co. | 92,421 | |
2,341 | FedEx Corp. | 443,526 | |
1,399 | Flowserve Corp. | 68,593 | |
5,845 | Fortive Corp. | 504,657 | |
2,489 | Fortune Brands Home & Security, Inc. | 131,369 |
Shares | Value in U.S. Dollars | ||
1 | COMMON STOCKS—continued | ||
Industrials—continued | |||
2,704 | General Dynamics Corp. | $483,259 | |
115,678 | General Electric Co. | 1,176,445 | |
529 | Grainger (W.W.), Inc. | 149,178 | |
602 | Harris Corp. | 101,437 | |
9,780 | Honeywell International, Inc. | 1,698,101 | |
528 | Huntington Ingalls Industries, Inc. | 117,522 | |
7,770 | 2 | IHS Markit Ltd. | 444,910 |
4,261 | Illinois Tool Works, Inc. | 663,139 | |
2,948 | Ingersoll-Rand Plc, Class A | 361,454 | |
1,141 | Jacobs Engineering Group, Inc. | 88,930 | |
11,805 | Johnson Controls International PLC | 442,688 | |
1,094 | Kansas City Southern Industries, Inc. | 134,715 | |
1,018 | L3 Technologies, Inc. | 222,514 | |
2,767 | Lockheed Martin Corp. | 922,324 | |
7,980 | Masco Corp. | 311,699 | |
5,911 | Nielsen Holdings PLC | 150,908 | |
3,407 | Norfolk Southern Corp. | 695,096 | |
2,359 | Northrop Grumman Corp. | 683,898 | |
4,826 | PACCAR, Inc. | 345,879 | |
1,856 | Parker-Hannifin Corp. | 336,085 | |
1,900 | Pentair PLC | 74,081 | |
1,120 | Quanta Services, Inc. | 45,472 | |
3,839 | Raytheon Co. | 681,768 | |
3,285 | Republic Services, Inc. | 272,064 | |
1,115 | Robert Half International, Inc. | 69,230 | |
1,482 | Rockwell Automation, Inc. | 267,812 | |
1,256 | Rollins, Inc. | 48,570 | |
1,870 | Roper Technologies, Inc. | 672,639 | |
2,485 | Smith (A.O.) Corp. | 130,636 | |
545 | Snap-On, Inc. | 91,713 | |
9,732 | Southwest Airlines Co. | 527,766 | |
2,266 | Stanley Black & Decker Inc. | 332,196 | |
2,538 | Textron Inc. | 134,514 | |
1,007 | 2 | Transdigm Group, Inc. | 485,898 |
9,553 | Union Pacific Corp. | 1,691,263 | |
2,616 | 2 | United Continental Holdings Inc. | 232,458 |
10,741 | United Parcel Service, Inc. | 1,140,909 | |
2,356 | 2 | United Rentals, Inc. | 332,008 |
Shares | Value in U.S. Dollars | ||
1 | COMMON STOCKS—continued | ||
Industrials—continued | |||
10,831 | United Technologies Corp. | $1,544,609 | |
1,946 | Verisk Analytics, Inc. | 274,658 | |
1,351 | Wabtec Corp. | 100,069 | |
6,775 | Waste Management, Inc. | 727,229 | |
354 | Xylem, Inc. | 29,524 | |
TOTAL | 31,139,516 | ||
Information Technology—21.2% | |||
8,730 | Accenture PLC | 1,594,709 | |
6,531 | 2 | Adobe, Inc. | 1,889,092 |
10,428 | 2 | Advanced Micro Devices, Inc. | 288,126 |
4,345 | 2 | Akamai Technologies, Inc. | 347,861 |
764 | Alliance Data Systems Corp. | 122,316 | |
4,326 | Amphenol Corp., Class A | 430,697 | |
4,989 | Analog Devices, Inc. | 579,921 | |
253 | 2 | Ansys, Inc. | 49,537 |
60,123 | Apple, Inc. | 12,064,882 | |
13,526 | Applied Materials, Inc. | 596,091 | |
164 | 2 | Arista Networks, Inc. | 51,216 |
3,959 | 2 | Autodesk, Inc. | 705,533 |
5,846 | Automatic Data Processing, Inc. | 961,024 | |
5,319 | Broadcom, Inc. | 1,693,570 | |
1,633 | Broadridge Financial Solutions | 192,906 | |
3,243 | 2 | Cadence Design Systems, Inc. | 224,999 |
59,175 | Cisco Systems, Inc. | 3,310,841 | |
1,537 | Citrix Systems, Inc. | 155,176 | |
8,147 | Cognizant Technology Solutions Corp. | 594,405 | |
10,567 | Corning, Inc. | 336,559 | |
1,190 | DXC Technology Co. | 78,231 | |
1,821 | 2 | F5 Networks, Inc. | 285,715 |
4,618 | Fidelity National Information Services, Inc. | 535,365 | |
3,410 | 2 | Fiserv, Inc. | 297,488 |
1,056 | 2 | FleetCor Technologies Inc. | 275,563 |
1,984 | FLIR Systems, Inc. | 105,033 | |
3,804 | 2 | Fortinet Inc. | 355,370 |
984 | 2 | Gartner, Inc., Class A | 156,426 |
3,298 | Global Payments, Inc. | 481,739 | |
1,157 | Henry Jack & Associates, Inc. | 172,462 | |
19,038 | Hewlett Packard Enterprise Co. | 300,991 |
Shares | Value in U.S. Dollars | ||
1 | COMMON STOCKS—continued | ||
Information Technology—continued | |||
21,208 | Hewlett-Packard Co. | $423,100 | |
12,148 | IBM Corp. | 1,704,000 | |
60,836 | Intel Corp. | 3,105,069 | |
4,082 | Intuit, Inc. | 1,024,827 | |
4,976 | Juniper Networks, Inc. | 138,184 | |
4,355 | 2 | Keysight Technologies, Inc. | 379,016 |
2,320 | KLA-Tencor Corp. | 295,754 | |
2,104 | Lam Research Corp. | 436,433 | |
12,060 | Mastercard, Inc. | 3,066,134 | |
695 | Maxim Integrated Products, Inc. | 41,700 | |
3,262 | Microchip Technology, Inc. | 325,841 | |
19,106 | 2 | Micron Technology, Inc. | 803,598 |
101,417 | Microsoft Corp. | 13,245,060 | |
1,971 | Motorola, Inc. | 285,618 | |
3,276 | NetApp, Inc. | 238,657 | |
7,170 | NVIDIA Corp. | 1,297,770 | |
34,731 | Oracle Corp. | 1,921,666 | |
4,673 | Paychex, Inc. | 393,981 | |
15,401 | 2 | PayPal, Inc. | 1,736,771 |
3,932 | 2 | Qorvo, Inc. | 297,298 |
16,642 | Qualcomm, Inc. | 1,433,375 | |
3,232 | 2 | Red Hat, Inc. | 589,937 |
10,072 | 2 | Salesforce.com, Inc. | 1,665,405 |
3,501 | Seagate Technology PLC | 169,168 | |
2,455 | Skyworks Solutions, Inc. | 216,482 | |
9,359 | Symantec Corp. | 226,581 | |
551 | 2 | Synopsys, Inc. | 66,715 |
2,655 | TE Connectivity Ltd. | 253,951 | |
12,866 | Texas Instruments, Inc. | 1,516,001 | |
2,418 | Total System Services, Inc. | 247,216 | |
1,238 | 2 | Verisign, Inc. | 244,443 |
23,597 | Visa, Inc., Class A | 3,880,055 | |
3,888 | Western Digital Corp. | 198,755 | |
7,729 | Xerox Corp. | 257,839 | |
3,135 | Xilinx, Inc. | 376,639 | |
TOTAL | 71,736,883 |
Shares | Value in U.S. Dollars | ||
1 | COMMON STOCKS—continued | ||
Materials—2.6% | |||
2,822 | Air Products & Chemicals, Inc. | $580,739 | |
1,118 | Avery Dennison Corp. | 123,707 | |
7,220 | Ball Corp. | 432,767 | |
1,910 | Celanese Corp. | 206,070 | |
6,662 | CF Industries Holdings, Inc. | 298,324 | |
9,118 | Dow, Inc | 517,283 | |
27,355 | DowDuPont, Inc. | 1,051,800 | |
2,267 | Eastman Chemical Co. | 178,821 | |
4,298 | Ecolab, Inc. | 791,176 | |
19,393 | Freeport-McMoRan, Inc. | 238,728 | |
1,420 | International Flavors & Fragrances, Inc. | 195,662 | |
5,859 | International Paper Co. | 274,260 | |
7,325 | Linde PLC | 1,320,404 | |
4,135 | LyondellBasell Investment LLC | 364,831 | |
858 | Martin Marietta Materials | 190,390 | |
10,282 | Mosaic Co./The | 268,463 | |
10,000 | Newmont Goldcorp Corp | 310,600 | |
4,064 | Nucor Corp. | 231,932 | |
1,229 | Packaging Corp. of America | 121,868 | |
1,729 | PPG Industries, Inc. | 203,157 | |
1,387 | Sealed Air Corp. | 64,662 | |
1,167 | Sherwin-Williams Co. | 530,787 | |
1,920 | Vulcan Materials Co. | 242,131 | |
3,455 | WestRock Co. | 132,603 | |
TOTAL | 8,871,165 | ||
Real Estate—2.8% | |||
403 | Alexandria Real Estate Equities, Inc. | 57,383 | |
6,745 | American Tower Corp. | 1,317,298 | |
1,449 | Apartment Investment & Management Co., Class A | 71,523 | |
1,699 | Avalonbay Communities, Inc. | 341,380 | |
2,166 | Boston Properties, Inc. | 298,085 | |
7,317 | 2 | CBRE Group, Inc. | 380,996 |
4,302 | Crown Castle International Corp. | 541,106 | |
2,751 | Digital Realty Trust, Inc. | 323,820 | |
3,791 | Duke Realty Corp. | 117,976 | |
760 | Equinix, Inc. | 345,572 | |
4,538 | Equity Residential Properties Trust | 346,794 | |
772 | Essex Property Trust, Inc. | 218,090 |
Shares | Value in U.S. Dollars | ||
1 | COMMON STOCKS—continued | ||
Real Estate—continued | |||
3,274 | Extra Space Storage, Inc. | $339,481 | |
967 | Federal Realty Investment Trust | 129,433 | |
5,398 | HCP, Inc. | 160,752 | |
8,327 | Host Hotels & Resorts, Inc. | 160,211 | |
4,703 | Iron Mountain, Inc. | 152,753 | |
4,350 | Kimco Realty Corp. | 75,647 | |
1,236 | Mid-American Apartment Communities, Inc. | 135,231 | |
6,258 | ProLogis Inc. | 479,801 | |
2,154 | Public Storage, Inc. | 476,422 | |
3,634 | Realty Income Corp. | 254,416 | |
2,205 | Regency Centers Corp. | 148,110 | |
2,337 | 2 | SBA Communications, Corp. | 476,117 |
5,012 | Simon Property Group, Inc. | 870,584 | |
1,334 | SL Green Realty Corp. | 117,846 | |
3,000 | UDR, Inc. | 134,850 | |
4,278 | Ventas, Inc. | 261,429 | |
2,781 | Vornado Realty Trust L.P. | 192,278 | |
7,192 | Welltower, Inc. REIT | 536,020 | |
3,857 | Weyerhaeuser Co. | 103,368 | |
TOTAL | 9,564,772 | ||
Utilities—3.1% | |||
7,146 | AES Corp. | 122,340 | |
2,845 | Ameren Corp. | 207,031 | |
6,450 | American Electric Power Co., Inc. | 551,797 | |
2,616 | American Water Works Co., Inc. | 283,025 | |
1,257 | Atmos Energy Corp. | 128,641 | |
11,876 | CenterPoint Energy, Inc. | 368,156 | |
3,227 | CMS Energy Corp. | 179,260 | |
2,454 | Consolidated Edison Co. | 211,437 | |
12,757 | Dominion Energy, Inc. | 993,388 | |
2,185 | DTE Energy Co. | 274,676 | |
10,088 | Duke Energy Corp. | 919,219 | |
4,727 | Edison International | 301,441 | |
886 | Entergy Corp. | 85,853 | |
6,160 | Evergy, Inc. | 356,171 | |
3,973 | EverSource Energy | 284,705 | |
16,156 | Exelon Corp. | 823,148 | |
2,938 | FirstEnergy Corp. | 123,484 |
Shares | Value in U.S. Dollars | ||
1 | COMMON STOCKS—continued | ||
Utilities—continued | |||
6,501 | NextEra Energy, Inc. | $1,264,054 | |
7,515 | NRG Energy, Inc. | 309,393 | |
1,173 | Pinnacle West Capital Corp. | 111,752 | |
10,622 | PPL Corp. | 331,513 | |
6,358 | Public Service Enterprises Group, Inc. | 379,255 | |
3,924 | Sempra Energy | 502,076 | |
14,470 | Southern Co. | 770,093 | |
3,822 | WEC Energy Group, Inc. | 299,759 | |
6,330 | Xcel Energy, Inc. | 357,645 | |
TOTAL | 10,539,312 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $94,020,224) | 328,427,304 | ||
INVESTMENT COMPANY—2.6% | |||
8,824,920 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 2.520%3 (IDENTIFIED COST $8,824,872) | 8,826,684 | |
TOTAL INVESTMENT IN SECURITIES—99.7% (IDENTIFIED COST $102,845,096)4 | 337,253,988 | ||
OTHER ASSETS AND LIABILITIES - NET—0.3%5 | 1,183,838 | ||
TOTAL NET ASSETS—100% | $338,437,826 |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation |
2S&P 500 E-Mini Long Futures | 14 | $2,063,950 | June 2019 | $46,829 |
2S&P 500 Index Long Futures | 10 | $7,371,250 | June 2019 | $348,743 |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $395,572 |
Federated Government Obligations Fund, Premier Shares* | Federated Institutional Prime Value Obligations Fund, Institutional Shares | Total of Affiliated Transactions | |
Balance of Shares Held 10/31/2018 | 294,759 | 4,962,155 | 5,256,914 |
Purchases/Additions | 8,995,032 | 39,427,143 | 48,422,175 |
Sales/Reductions | (9,289,791) | (35,564,378) | (44,854,169) |
Balance of Shares Held 4/30/2019 | — | 8,824,920 | 8,824,920 |
Value | $— | $8,826,684 | $8,826,684 |
Change in Unrealized Appreciation/Depreciation | N/A | $1,675 | $1,675 |
Net Realized Gain/(Loss) | N/A | $510 | $510 |
Dividend Income | $6,403 | $119,477 | $125,880 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | The Fund purchases index futures contracts to efficiently manage cash flows resulting from shareholder purchases and redemptions, dividend and capital gain payments to shareholders and corporate actions while maintaining exposure to the S&P 500 Index and minimizing trading costs. The underlying face amount, at value, of open index futures contracts is $9,435,200 at April 30, 2019, which represents 2.8% of total net assets. Taking into consideration these open index futures contracts, the Fund's effective total exposure to the S&P 500 Index is 100.0%. |
2 | Non-income-producing security. |
3 | 7-day net yield. |
4 | Also represents cost of investments for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
REIT | —Real Estate Investment Trust |
Six Months Ended (unaudited) 4/30/2019 | Year Ended October 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $12.74 | $15.09 | $14.54 | $16.06 | $17.27 | $16.34 |
Income From Investment Operations: | ||||||
Net investment income | 0.031 | 0.061 | 0.09 | 0.11 | 0.11 | 0.09 |
Net realized and unrealized gain | 0.75 | 0.75 | 2.75 | 0.32 | 0.51 | 2.29 |
TOTAL FROM INVESTMENT OPERATIONS | 0.78 | 0.81 | 2.84 | 0.43 | 0.62 | 2.38 |
Less Distributions: | ||||||
Distributions from net investment income | (0.05) | (0.07) | (0.09) | (0.11) | (0.11) | (0.09) |
Distributions from net realized gain | (3.86) | (3.09) | (2.20) | (1.84) | (1.72) | (1.36) |
TOTAL DISTRIBUTIONS | (3.91) | (3.16) | (2.29) | (1.95) | (1.83) | (1.45) |
Net Asset Value, End of Period | $9.61 | $12.74 | $15.09 | $14.54 | $16.06 | $17.27 |
Total Return2 | 9.04% | 6.09% | 22.22% | 3.19% | 3.71% | 15.74% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.42%3 | 1.41% | 1.42% | 1.42% | 1.42% | 1.42% |
Net investment income | 0.70%3 | 0.48% | 0.60% | 0.75% | 0.61% | 0.56% |
Expense waiver/reimbursement4 | 0.09%3 | 0.06% | 0.05% | 0.05% | 0.04% | 0.04% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $37,013 | $37,324 | $41,904 | $36,956 | $40,273 | $38,684 |
Portfolio turnover | 17% | 30% | 31% | 31% | 31% | 28% |
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) 4/30/2019 | Year Ended October 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $12.92 | $15.27 | $14.68 | $16.19 | $17.39 | $16.45 |
Income From Investment Operations: | ||||||
Net investment income | 0.051 | 0.101 | 0.12 | 0.15 | 0.16 | 0.13 |
Net realized and unrealized gain | 0.76 | 0.74 | 2.80 | 0.34 | 0.52 | 2.31 |
TOTAL FROM INVESTMENT OPERATIONS | 0.81 | 0.84 | 2.92 | 0.49 | 0.68 | 2.44 |
Less Distributions: | ||||||
Distributions from net investment income | (0.06) | (0.10) | (0.13) | (0.16) | (0.16) | (0.14) |
Distributions from net realized gain | (3.86) | (3.09) | (2.20) | (1.84) | (1.72) | (1.36) |
TOTAL DISTRIBUTIONS | (3.92) | (3.19) | (2.33) | (2.00) | (1.88) | (1.50) |
Net Asset Value, End of Period | $9.81 | $12.92 | $15.27 | $14.68 | $16.19 | $17.39 |
Total Return2 | 9.20% | 6.31% | 22.65% | 3.56% | 4.05% | 16.05% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.11%3 | 1.11% | 1.11% | 1.10% | 1.10% | 1.10% |
Net investment income | 1.00%3 | 0.79% | 0.92% | 1.07% | 0.93% | 0.87% |
Expense waiver/reimbursement4 | 0.12%3 | 0.07% | 0.07% | 0.08% | 0.06% | 0.04% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $41,028 | $41,765 | $47,867 | $47,998 | $45,190 | $43,501 |
Portfolio turnover | 17% | 30% | 31% | 31% | 31% | 28% |
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) 4/30/2019 | Year Ended October 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $13.09 | $15.42 | $14.80 | $16.31 | $17.50 | $16.54 |
Income From Investment Operations: | ||||||
Net investment income | 0.091 | 0.211 | 0.25 | 0.28 | 0.27 | 0.27 |
Net realized and unrealized gain | 0.77 | 0.75 | 2.80 | 0.31 | 0.54 | 2.31 |
TOTAL FROM INVESTMENT OPERATIONS | 0.86 | 0.96 | 3.05 | 0.59 | 0.81 | 2.58 |
Less Distributions: | ||||||
Distributions from net investment income | (0.09) | (0.20) | (0.23) | (0.26) | (0.28) | (0.26) |
Distributions from net realized gain | (3.86) | (3.09) | (2.20) | (1.84) | (1.72) | (1.36) |
TOTAL DISTRIBUTIONS | (3.95) | (3.29) | (2.43) | (2.10) | (2.00) | (1.62) |
Net Asset Value, End of Period | $10.00 | $13.09 | $15.42 | $14.80 | $16.31 | $17.50 |
Total Return2 | 9.64% | 7.16% | 23.55% | 4.30% | 4.87% | 16.94% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.36%3 | 0.36% | 0.36% | 0.35% | 0.35% | 0.35% |
Net investment income | 1.75%3 | 1.56% | 1.67% | 1.82% | 1.68% | 1.62% |
Expense waiver/reimbursement4 | 0.12%3 | 0.11% | 0.08% | 0.09% | 0.07% | 0.07% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $144,688 | $137,792 | $201,836 | $208,577 | $257,742 | $266,292 |
Portfolio turnover | 17% | 30% | 31% | 31% | 31% | 28% |
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) 4/30/2019 | Year Ended October 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | ||
Net Asset Value, Beginning of Period | $12.94 | $15.28 | $14.69 | $16.20 | $17.40 | $16.45 |
Income From Investment Operations: | ||||||
Net investment income | 0.071 | 0.161 | 0.17 | 0.21 | 0.21 | 0.22 |
Net realized and unrealized gain | 0.76 | 0.75 | 2.81 | 0.34 | 0.54 | 2.30 |
TOTAL FROM INVESTMENT OPERATIONS | 0.83 | 0.91 | 2.98 | 0.55 | 0.75 | 2.52 |
Less Distributions: | ||||||
Distributions from net investment income | (0.08) | (0.16) | (0.19) | (0.22) | (0.23) | (0.21) |
Distributions from net realized gain | (3.86) | (3.09) | (2.20) | (1.84) | (1.72) | (1.36) |
TOTAL DISTRIBUTIONS | (3.94) | (3.25) | (2.39) | (2.06) | (1.95) | (1.57) |
Net Asset Value, End of Period | $9.83 | $12.94 | $15.28 | $14.69 | $16.20 | $17.40 |
Total Return2 | 9.41% | 6.85% | 23.14% | 4.01% | 4.52% | 16.62% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.66%3 | 0.66% | 0.66% | 0.65% | 0.65% | 0.65% |
Net investment income | 1.45%3 | 1.24% | 1.39% | 1.52% | 1.38% | 1.32% |
Expense waiver/reimbursement4 | 0.38%3 | 0.35% | 0.35% | 0.36% | 0.35% | 0.35% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $115,710 | $110,443 | $144,226 | $180,503 | $218,171 | $270,634 |
Portfolio turnover | 17% | 30% | 31% | 31% | 31% | 28% |
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. |
Assets: | ||
Investment in securities, at value including $8,826,684 of investment in an affiliated holding (identified cost $102,845,096) | $337,253,988 | |
Restricted cash (Note 2) | 403,200 | |
Receivable for shares sold | 660,744 | |
Income receivable | 300,724 | |
Receivable for daily variation margin on futures contracts | 142,713 | |
Other assets | 8,202 | |
TOTAL ASSETS | 338,769,571 | |
Liabilities: | ||
Payable for shares redeemed | $143,435 | |
Payable for transfer agent fee (Note 2) | 64,703 | |
Payable for distribution services fee (Note 5) | 44,337 | |
Payable for other service fees (Notes 2 and 5) | 41,139 | |
Payable for portfolio accounting fees | 28,464 | |
Payable for management fee (Note 5) | 2,071 | |
Accrued expenses | 7,596 | |
TOTAL LIABILITIES | 331,745 | |
Net assets for 34,274,842 shares outstanding | $338,437,826 | |
Net Assets Consists of: | ||
Paid-in capital | $86,737,118 | |
Total distributable earnings | 251,700,708 | |
TOTAL NET ASSETS | $338,437,826 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class C Shares: | ||
Net asset value per share ($37,012,985 ÷ 3,852,523 shares outstanding), no par value, unlimited shares authorized | $9.61 | |
Offering price per share | $9.61 | |
Redemption proceeds per share (99.00/100 of $9.61) | $9.51 | |
Class R Shares: | ||
Net asset value per share ($41,027,556 ÷ 4,180,993 shares outstanding), no par value, unlimited shares authorized | $9.81 | |
Offering price per share | $9.81 | |
Redemption proceeds per share | $9.81 | |
Institutional Shares: | ||
Net asset value per share ($144,687,587 ÷ 14,475,568 shares outstanding), no par value, unlimited shares authorized | $10.00 | |
Offering price per share | $10.00 | |
Redemption proceeds per share | $10.00 | |
Service Shares: | ||
Net asset value per share ($115,709,698 ÷ 11,765,758 shares outstanding), no par value, unlimited shares authorized | $9.83 | |
Offering price per share | $9.83 | |
Redemption proceeds per share | $9.83 |
Investment Income: | |||
Dividends (including $119,477 received from an affiliated holding*) | $3,331,446 | ||
Net Income on securities loaned (includes $6,403 received from an affiliated holding related to cash collateral balances*) | 441 | ||
Interest | 3,733 | ||
TOTAL INCOME | 3,335,620 | ||
Expenses: | |||
Management fee (Note 5) | $473,539 | ||
Custodian fees | 26,058 | ||
Transfer agent fees (Note 2) | 173,734 | ||
Directors'/Trustees' fees (Note 5) | 2,930 | ||
Auditing fees | 13,488 | ||
Legal fees | 7,744 | ||
Distribution services fee (Note 5) | 392,549 | ||
Other service fees (Notes 2 and 5) | 178,460 | ||
Portfolio accounting fees | 57,428 | ||
Share registration costs | 30,493 | ||
Printing and postage | 15,123 | ||
Miscellaneous (Note 5) | 25,434 | ||
TOTAL EXPENSES | 1,396,980 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of management fee (Note 5) | $(141,297) | ||
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (189,841) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | (331,138) | ||
Net expenses | 1,065,842 | ||
Net investment income | 2,269,778 |
Net realized gain on investments and foreign currency translations (including net realized gain of $510 on sales of investments in an affiliated holding*) | $20,206,020 | ||
Net realized gain on futures contracts | 249,446 | ||
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $1,675 of investments in an affiliated holding*) | 5,574,760 | ||
Net change in unrealized appreciation of futures contracts | 789,170 | ||
Net realized and unrealized gain on investments and futures contracts | 26,819,396 | ||
Change in net assets resulting from operations | $29,089,174 |
* | See information listed after the Fund's Portfolio of Investments. |
Six Months Ended (unaudited) 4/30/2019 | Year Ended 10/31/2018 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $2,269,778 | $4,866,195 |
Net realized gain | 20,455,466 | 97,522,855 |
Net change in unrealized appreciation/depreciation | 6,363,930 | (72,935,297) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 29,089,174 | 29,453,753 |
Distributions to Shareholders: | ||
Class C Shares | (11,416,546) | (8,697,887) |
Class R Shares | (12,411,708) | (9,941,025) |
Institutional Shares | (41,434,384) | (42,057,608) |
Service Shares | (33,674,054) | (29,040,886) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (98,936,692) | (89,737,406) |
Share Transactions: | ||
Proceeds from sale of shares | 34,908,923 | 67,012,997 |
Net asset value of shares issued to shareholders in payment of distributions declared | 94,800,899 | 85,243,020 |
Cost of shares redeemed | (48,748,120) | (200,481,482) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 80,961,702 | (48,225,465) |
Change in net assets | 11,114,184 | (108,509,118) |
Net Assets: | ||
Beginning of period | 327,323,642 | 435,832,760 |
End of period | $338,437,826 | $327,323,642 |
■ | 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 C Shares | $11,593 | $— |
Class R Shares | 57,020 | (6,492) |
Institutional Shares | 74,129 | (23,456) |
Service Shares | 30,992 | (25,486) |
TOTAL | $173,734 | $(55,434) |
Other Service Fees Incurred | |
Class C Shares | $44,054 |
Service Shares | 134,406 |
TOTAL | $178,460 |
Fair Value of Derivative Instruments | ||
Asset | ||
Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||
Equity contracts | Receivable for daily variation margin | $395,572* |
* | Includes cumulative 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 | |
Equity contracts | 249,446 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures Contracts | |
Equity contracts | 789,170 |
Six Months Ended 4/30/2019 | Year Ended 10/31/2018 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 304,966 | $2,811,284 | 496,332 | $6,437,756 |
Shares issued to shareholders in payment of distributions declared | 1,226,390 | 10,810,196 | 662,653 | 8,182,670 |
Shares redeemed | (609,448) | (5,558,013) | (1,004,914) | (13,037,505) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 921,908 | $8,063,467 | 154,071 | $1,582,921 |
Six Months Ended 4/30/2019 | Year Ended 10/31/2018 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 556,013 | $5,295,531 | 764,486 | $10,050,608 |
Shares issued to shareholders in payment of distributions declared | 1,303,094 | 11,731,500 | 750,323 | 9,405,085 |
Shares redeemed | (909,790) | (8,699,527) | (1,418,383) | (18,664,398) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 949,317 | $8,327,504 | 96,426 | $791,295 |
Six Months Ended 4/30/2019 | Year Ended 10/31/2018 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,981,949 | $18,445,988 | 2,615,564 | $37,400,961 |
Shares issued to shareholders in payment of distributions declared | 4,250,073 | 39,006,827 | 3,071,318 | 39,050,085 |
Shares redeemed | (2,285,681) | (21,693,700) | (8,249,556) | (112,742,563) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 3,946,341 | $35,759,115 | (2,562,674) | $(36,291,517) |
Six Months Ended 4/30/2019 | Year Ended 10/31/2018 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 863,825 | $8,356,120 | 989,046 | $13,123,672 |
Shares issued to shareholders in payment of distributions declared | 3,682,589 | 33,252,376 | 2,276,922 | 28,605,180 |
Shares redeemed | (1,315,316) | (12,796,880) | (4,169,255) | (56,037,016) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 3,231,098 | $28,811,616 | (903,287) | $(14,308,164) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 9,048,664 | $80,961,702 | (3,215,464) | $(48,225,465) |
Share Class Name | Percentage of Average Daily Net Assets of Class |
Class C Shares | 0.75% |
Class R Shares | 0.50% |
Service Shares | 0.30% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Class C Shares | $132,539 | $— |
Class R Shares | 97,254 | — |
Service Shares | 162,756 | (134,407) |
TOTAL | $392,549 | $(134,407) |
Purchases | $53,371,763 |
Sales | $71,869,409 |
Beginning Account Value 11/1/2018 | Ending Account Value 4/30/2019 | Expenses Paid During Period1 | |
Actual: | |||
Class C Shares | $1,000 | $1,090.40 | $7.36 |
Class R Shares | $1,000 | $1,092.00 | $5.76 |
Institutional Shares | $1,000 | $1,096.40 | $1.87 |
Service Shares | $1,000 | $1,094.10 | $3.43 |
Hypothetical (assuming a 5% return before expenses): | |||
Class C Shares | $1,000 | $1,017.80 | $7.10 |
Class R Shares | $1,000 | $1,019.30 | $5.56 |
Institutional Shares | $1,000 | $1,023.00 | $1.81 |
Service Shares | $1,000 | $1,021.50 | $3.31 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class C Shares | 1.42% |
Class R Shares | 1.11% |
Institutional Shares | 0.36% |
Service Shares | 0.66% |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31420E809
CUSIP 31420E106
CUSIP 31420E403
2019 ©Federated Investors, Inc.
Item 2. | Code of Ethics |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
RegistrantFederated Index Trust
By/S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
DateJune 24, 2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By/S/ J. Christopher Donahue
J. Christopher Donahue
Principal Executive Officer
DateJune 24, 2019
By/S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
DateJune 24, 2019