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 Hermes Index Trust
(formerly, Federated Index Trust)
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End:10/31/20
Date of Reporting Period:Six months ended 04/30/20
Item 1. | Reports to Stockholders |
Share Class | Ticker | Institutional | FMCRX | Service | FMDCX | R6 | FMCLX |
Donahue
Sector Composition | Percentage of Total Net Assets |
Information Technology | 16.3% |
Industrials | 15.6% |
Financials | 15.4% |
Consumer Discretionary | 13.1% |
Health Care | 12.4% |
Real Estate | 9.3% |
Materials | 5.9% |
Utilities | 4.5% |
Consumer Staples | 3.6% |
Communication Services | 2.0% |
Energy | 1.5% |
Securities Lending Collateral2 | 4.6% |
Cash Equivalents3 | 1.4% |
Derivative Contracts4 | 0.0% |
Other Assets and Liabilities—Net5 | (5.6)% |
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—99.6% | ||
Communication Services—2.0% | |||
12,596 | 2 | AMC Networks, Inc. | $300,415 |
1,411 | Cable One, Inc. | 2,699,045 | |
30,222 | Cinemark Holdings, Inc. | 431,570 | |
36,172 | 3 | New York Times Co., Class A | 1,176,313 |
53,602 | Tegna, Inc. | 574,613 | |
27,059 | Telephone and Data System, Inc. | 530,898 | |
18,803 | TripAdvisor, Inc. | 375,496 | |
12,165 | Wiley (John) & Sons, Inc., Class A | 456,796 | |
8,297 | 3 | World Wrestling Entertainment, Inc. | 368,968 |
24,011 | 2,3 | Yelp, Inc. | 536,646 |
TOTAL | 7,450,760 | ||
Consumer Discretionary—13.1% | |||
18,840 | Aaron’s, Inc. | 601,184 | |
22,875 | 2,3 | Adient PLC | 342,668 |
15,226 | 2,3 | Adtalem Global Education, Inc. | 483,730 |
44,846 | American Eagle Outfitters, Inc. | 356,526 | |
20,332 | 2,3 | AutoNation, Inc. | 757,164 |
38,119 | 3 | Bed Bath & Beyond, Inc. | 235,957 |
22,746 | Boyd Gaming Corp. | 379,631 | |
11,893 | Brinker International, Inc. | 276,869 | |
21,958 | Brunswick Corp. | 1,047,836 | |
139,217 | 2,3 | Caesars Entertainment Corp. | 1,344,836 |
11,629 | Carter’s, Inc. | 909,388 | |
12,222 | 3 | Cheesecake Factory, Inc. | 272,428 |
7,677 | 3 | Choice Hotels International, Inc. | 576,159 |
10,903 | Churchill Downs, Inc. | 1,092,699 | |
5,046 | 3 | Columbia Sportswear Co. | 367,803 |
6,544 | 3 | Cracker Barrel Old Country Store, Inc. | 637,386 |
41,371 | 3 | Dana, Inc. | 475,767 |
6,998 | 2 | Deckers Outdoor Corp. | 1,041,022 |
5,751 | 2 | Delphi Technologies PLC | 57,453 |
18,018 | 3 | Dick’s Sporting Goods, Inc. | 529,549 |
3,206 | 3 | Dillard’s, Inc., Class A | 94,513 |
10,443 | Domino’s Pizza, Inc. | 3,779,635 | |
20,806 | Dunkin’ Brands Group Inc. | 1,307,449 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Consumer Discretionary—continued | |||
6,593 | 2,3 | Eldorado Resorts, Inc. | $141,354 |
31,431 | 2,3 | Etsy, Inc. | 2,038,929 |
12,225 | 2,3 | Five Below, Inc. | 1,102,206 |
29,176 | Foot Locker, Inc. | 747,781 | |
72,610 | Gentex Corp. | 1,760,066 | |
65,337 | Goodyear Tire & Rubber Co. | 468,466 | |
622 | Graham Holdings Co. | 242,586 | |
12,916 | 2,3 | Grand Canyon Education, Inc. | 1,111,034 |
19,161 | 2,3 | GrubHub, Inc. | 915,704 |
7,688 | 2 | Helen of Troy Ltd. | 1,262,985 |
7,070 | 3 | Jack in the Box, Inc. | 426,321 |
20,154 | KB HOME | 528,841 | |
14,571 | Lear Corp. | 1,422,858 | |
10,266 | Marriott Vacations Worldwide Corp. | 852,078 | |
93,396 | 2,3 | Mattel, Inc. | 814,413 |
7,118 | 2 | Murphy USA, Inc. | 760,202 |
11,061 | 2,3 | Ollie’s Bargain Outlet Holding, Inc. | 751,153 |
5,099 | Papa John’s International, Inc. | 366,720 | |
30,500 | 2,3 | Penn National Gaming, Inc. | 543,510 |
15,097 | Polaris, Inc., Class A | 1,070,830 | |
10,176 | Pool Corp. | 2,153,852 | |
5,710 | 2,3 | RH | 820,984 |
33,494 | 2,3 | Sally Beauty Holdings, Inc. | 325,227 |
31,144 | 2 | Scientific Games Corp. | 392,726 |
46,407 | Service Corp. International | 1,704,993 | |
10,496 | 3 | Six Flags Entertainment Corp. | 210,025 |
35,617 | 2 | Skechers USA, Inc., Class A | 1,003,687 |
46,771 | 2 | Taylor Morrison Home Corp. | 680,518 |
11,024 | 2 | Tempur Sealy International, Inc. | 592,540 |
17,535 | Texas Roadhouse, Inc. | 825,723 | |
45,354 | The Wendy’s Co. | 900,730 | |
14,972 | Thor Industries, Inc. | 991,146 | |
23,123 | 3 | Toll Brothers, Inc. | 555,414 |
36,765 | 2 | TRI Pointe Group, Inc. | 422,062 |
20,220 | 2 | Urban Outfitters, Inc. | 350,615 |
7,846 | 2 | Visteon Corp. | 473,114 |
19,800 | Williams-Sonoma, Inc. | 1,224,432 | |
20,924 | 2 | WW International, Inc. | 533,771 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Consumer Discretionary—continued | |||
25,006 | Wyndham Destinations, Inc. | $639,403 | |
19,220 | Wyndham Hotels & Resorts, Inc. | 724,786 | |
TOTAL | 49,821,437 | ||
Consumer Staples—3.6% | |||
32,920 | 2 | BJ’s Wholesale Club Holdings, Inc. | 866,125 |
9,280 | Casey’s General Stores, Inc. | 1,405,085 | |
40,557 | 2 | Darling Ingredients, Inc. | 835,069 |
15,313 | 2 | Edgewell Personal Care Co. | 422,792 |
17,555 | 3 | Energizer Holdings, Inc. | 683,943 |
48,112 | Flowers Foods, Inc. | 1,071,935 | |
14,356 | 2,3 | Hain Celestial Group, Inc. | 370,959 |
17,697 | Ingredion, Inc. | 1,436,996 | |
3,904 | Lancaster Colony Corp. | 525,596 | |
15,849 | Nu Skin Enterprises, Inc., Class A | 462,949 | |
21,775 | 2 | Pilgrim’s Pride Corp. | 479,050 |
16,772 | 2 | Post Holdings, Inc. | 1,540,508 |
5,111 | Sanderson Farms, Inc. | 695,812 | |
32,289 | 2 | Sprouts Farmers Market, Inc. | 670,965 |
2,293 | 2 | The Boston Beer Co., Inc., Class A | 1,069,707 |
3,572 | Tootsie Roll Industries, Inc. | 125,484 | |
18,561 | 2,3 | TreeHouse Foods, Inc. | 960,161 |
TOTAL | 13,623,136 | ||
Energy—1.5% | |||
89,341 | 3 | Antero Midstream Corp. | 424,370 |
37,149 | 2,3 | Apergy Corp. | 342,142 |
24,385 | Cimarex Energy Co. | 619,867 | |
45,652 | 2,3 | CNX Resources Corp. | 483,911 |
70,332 | 3 | EQT Corp. | 1,026,144 |
59,362 | Equitrans Midstream Corp. | 497,454 | |
19,549 | 3 | Murphy Oil Corp. | 231,851 |
62,092 | Patterson-UTI Energy, Inc. | 229,119 | |
47,075 | PBF Energy, Inc. | 536,655 | |
170,744 | 2,3 | Transocean Ltd. | 218,552 |
15,626 | World Fuel Services Corp. | 390,650 | |
98,174 | 2 | WPX Energy Inc. | 601,807 |
TOTAL | 5,602,522 | ||
Financials—15.4% | |||
13,357 | Affiliated Managers Group | 934,456 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Financials—continued | |||
3,656 | Alleghany Corp. | $1,951,244 | |
18,816 | American Financial Group, Inc. | 1,246,372 | |
43,712 | Associated Banc-Corp. | 618,088 | |
32,794 | BancorpSouth Bank | 717,861 | |
13,397 | Bank of Hawaii Corp. | 913,407 | |
39,986 | Bank OZK | 904,483 | |
35,411 | 2 | Brighthouse Financial, Inc. | 910,417 |
59,558 | Brown & Brown | 2,138,728 | |
20,774 | Cathay Bancorp, Inc. | 580,010 | |
26,359 | CIT Group Holdings, Inc. | 500,294 | |
41,799 | CNO Financial Group, Inc. | 587,694 | |
26,176 | Commerce Bancshares, Inc. | 1,601,709 | |
11,812 | Cullen Frost Bankers, Inc. | 848,810 | |
38,675 | East West Bancorp, Inc. | 1,356,332 | |
34,663 | 3 | Eaton Vance Corp. | 1,272,132 |
10,808 | Evercore, Inc., Class A | 557,693 | |
9,672 | FactSet Research Systems | 2,659,800 | |
25,950 | 3 | Federated Hermes, Inc. | 590,881 |
28,239 | First American Financial Corp. | 1,302,383 | |
11,454 | First Cash, Inc. | 822,855 | |
29,342 | First Financial Bankshares, Inc. | 817,175 | |
84,461 | First Horizon National Corp. | 766,906 | |
88,532 | FNB Corp. (PA) | 716,224 | |
39,679 | Fulton Financial Corp. | 463,847 | |
137,558 | 2 | Genworth Financial, Inc., Class A | 499,336 |
24,200 | Hancock Whitney Corp. | 506,022 | |
9,839 | Hanover Insurance Group, Inc. | 987,639 | |
27,070 | 3 | Home Bancshares, Inc. | 414,983 |
19,314 | 3 | Interactive Brokers Group, Inc., Class A | 791,874 |
13,705 | International Bancshares Corp. | 397,308 | |
42,476 | 3 | Janus Henderson Group PLC | 760,320 |
64,119 | Jefferies Financial Group, Inc. | 879,713 | |
16,658 | Kemper Corp. | 1,119,751 | |
17,829 | Legg Mason, Inc. | 888,419 | |
1,162 | 2,3 | LendingTree, Inc. | 289,768 |
7,824 | Mercury General Corp. | 320,471 | |
65,836 | Navient Corp. | 501,670 | |
124,070 | New York Community Bancorp, Inc. | 1,347,400 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Financials—continued | |||
75,961 | Old Republic International Corp. | $1,211,578 | |
40,282 | PacWest Bancorp | 815,308 | |
17,711 | Pinnacle Financial Partners, Inc. | 712,868 | |
12,633 | Primerica, Inc. | 1,312,695 | |
23,711 | Prosperity Bancshares, Inc. | 1,421,000 | |
16,664 | Reinsurance Group of America | 1,744,388 | |
10,282 | RenaissanceRe Holdings Ltd. | 1,501,275 | |
8,421 | RLI Corp. | 613,301 | |
31,859 | SEI Investments Co. | 1,623,535 | |
15,961 | 3 | Selective Insurance Group, Inc. | 800,125 |
13,559 | Signature Bank | 1,453,254 | |
113,549 | 3 | SLM Corp. | 946,999 |
55,640 | Sterling Bancorp | 686,041 | |
17,573 | Stifel Financial Corp. | 778,132 | |
28,080 | Synovus Financial Corp. | 589,961 | |
32,817 | TCF Financial Corp. | 974,337 | |
19,956 | 2 | Texas Capital Bancshares, Inc. | 554,378 |
17,920 | Trustmark Corp. | 476,851 | |
10,497 | UMB Financial Corp. | 533,667 | |
71,447 | Umpqua Holdings Corp. | 894,874 | |
27,579 | 3 | United Bankshares, Inc. | 826,267 |
79,251 | Valley National Bancorp | 662,538 | |
18,939 | Washington Federal, Inc. | 506,429 | |
25,282 | Webster Financial Corp. Waterbury | 714,216 | |
15,736 | Wintrust Financial Corp. | 659,338 | |
TOTAL | 58,497,830 | ||
Health Care—12.4% | |||
20,573 | 2,3 | Acadia Healthcare Co., Inc. | 493,958 |
47,084 | 2,3 | Allscripts Healthcare Solutions, Inc. | 306,046 |
8,164 | 2 | Amedisys, Inc. | 1,503,482 |
25,587 | 2 | Arrowhead Pharmaceuticals, Inc. | 880,960 |
5,716 | 2 | Avanos Medical, Inc. | 177,482 |
5,494 | 2 | Bio-Rad Laboratories, Inc., Class A | 2,417,909 |
9,667 | Bio-Techne Corp. | 2,175,075 | |
10,938 | Cantel Medical Corp. | 404,706 | |
39,885 | 2 | Catalent, Inc. | 2,758,048 |
14,026 | 2 | Charles River Laboratories International, Inc. | 2,029,141 |
4,557 | Chemed Corp. | 1,898,309 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Health Care—continued | |||
24,914 | Encompass Health Corp. | $1,650,552 | |
80,472 | 2 | Exelixis, Inc. | 1,987,256 |
20,646 | 2 | Globus Medical, Inc. | 979,859 |
14,718 | 2 | Haemonetics Corp. | 1,674,614 |
18,936 | 2,3 | HealthEquity Inc. | 1,065,529 |
16,893 | Hill-Rom Holdings, Inc. | 1,900,294 | |
4,118 | 2 | ICU Medical, Inc. | 903,119 |
19,167 | 2 | Integra Lifesciences Corp. | 978,475 |
7,656 | 2,3 | LHC Group, Inc. | 995,203 |
2,177 | 2,3 | Ligand Pharmaceuticals, Inc., Class B | 214,587 |
8,573 | 2 | Livanova PLC | 455,398 |
12,478 | 2 | Masimo Corp. | 2,669,169 |
34,419 | 2 | MEDNAX Inc. | 499,764 |
16,406 | 2 | Molina Healthcare, Inc. | 2,690,092 |
36,274 | 2,3 | Nektar Therapeutics | 696,461 |
13,291 | 2 | NuVasive, Inc. | 809,156 |
13,300 | 3 | Patterson Cos., Inc. | 243,124 |
8,086 | 2 | Penumbra, Inc. | 1,433,810 |
16,683 | 2 | PRA Health Sciences, Inc. | 1,609,910 |
17,767 | 2,3 | Prestige Consumer Healthcare, Inc. | 722,939 |
11,780 | 2 | Repligen Corp. | 1,368,247 |
15,308 | 2 | Syneos Health, Inc. | 854,033 |
28,905 | 2 | Tenet Healthcare Corp. | 583,303 |
11,691 | 2 | United Therapeutics Corp. | 1,280,866 |
20,073 | West Pharmaceutical Services, Inc. | 3,799,016 | |
TOTAL | 47,109,892 | ||
Industrials—15.6% | |||
10,608 | Acuity Brands, Inc. | 918,547 | |
46,581 | 2 | AECOM | 1,689,027 |
16,680 | AGCO Corp. | 881,371 | |
18,362 | 2,3 | ASGN, Inc. | 852,915 |
16,418 | 2 | Avis Budget Group, Inc. | 270,569 |
12,235 | 3 | Brinks Co. (The) | 625,453 |
16,054 | Carlisle Cos., Inc. | 1,941,892 | |
12,596 | 2 | Clean Harbors, Inc. | 673,004 |
14,075 | 2,3 | Colfax Corp. | 362,994 |
19,540 | CoreLogic, Inc. | 750,727 | |
16,737 | Crane Co. | 911,330 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Industrials—continued | |||
12,865 | Curtiss Wright Corp. | $1,333,457 | |
17,086 | Deluxe Corp. | 481,313 | |
32,345 | Donaldson Co., Inc. | 1,417,681 | |
1,652 | 2 | Dycom Industries, Inc. | 53,855 |
13,925 | Emcor Group, Inc. | 884,655 | |
11,582 | EnerSys, Inc. | 676,273 | |
19,435 | Fluor Corp. | 227,390 | |
9,459 | 2 | FTI Consulting, Inc. | 1,204,698 |
6,467 | GATX Corp. | 383,493 | |
17,968 | 2 | Generac Holdings, Inc. | 1,750,802 |
42,419 | Graco, Inc. | 1,894,433 | |
12,420 | 3 | Healthcare Services Group, Inc. | 316,586 |
12,325 | HNI Corp. | 299,990 | |
13,740 | Hubbell, Inc. | 1,709,668 | |
5,319 | Insperity, Inc. | 253,769 | |
21,963 | ITT Corp. | 1,157,889 | |
77,897 | 2 | Jet Blue Airways Corp. | 758,717 |
36,282 | KAR Auction Services, Inc. | 543,504 | |
13,867 | Kennametal, Inc. | 355,134 | |
16,223 | 2,3 | Kirby Corp. | 866,633 |
32,711 | Knight-Swift Transportation Holdings, Inc. | 1,216,195 | |
9,866 | Landstar System, Inc. | 1,019,256 | |
8,880 | 3 | Lennox International, Inc. | 1,657,718 |
15,322 | Lincoln Electric Holdings | 1,233,574 | |
15,793 | Manpower, Inc. | 1,172,472 | |
15,150 | 2 | Mastec, Inc. | 543,885 |
13,864 | 2 | Mercury Systems, Inc. | 1,236,114 |
16,705 | Miller Herman, Inc. | 376,531 | |
8,885 | MSA Safety, Inc. | 999,829 | |
12,250 | MSC Industrial Direct Co. | 730,590 | |
12,962 | Nordson Corp. | 2,085,715 | |
33,539 | 2 | Now, Inc. | 206,936 |
42,255 | nVent Electric PLC | 788,056 | |
18,150 | OshKosh Truck Corp. | 1,225,669 | |
32,472 | Owens Corning, Inc. | 1,407,986 | |
10,039 | Regal Beloit Corp. | 712,869 | |
327 | 2 | Resideo Technologies, Inc. | 1,678 |
7,932 | 3 | Ryder System, Inc. | 280,793 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Industrials—continued | |||
22,796 | 2,3 | Stericycle, Inc. | $1,112,445 |
14,891 | 2,3 | Taser International, Inc. | 1,082,725 |
10,008 | 2 | Teledyne Technologies, Inc. | 3,259,305 |
4,719 | Terex Corp. | 71,682 | |
13,679 | Tetra Tech, Inc. | 1,029,755 | |
18,553 | Timken Co. | 697,222 | |
27,023 | Toro Co. | 1,724,338 | |
14,692 | 2 | Trex Co., Inc. | 1,398,972 |
15,792 | 3 | Trinity Industries, Inc. | 304,628 |
5,887 | Valmont Industries, Inc. | 690,192 | |
8,218 | 3 | Watsco, Inc. | 1,323,016 |
10,528 | Werner Enterprises, Inc. | 422,383 | |
17,251 | Woodward, Inc. | 1,044,721 | |
26,619 | 2,3 | XPO Logistics, Inc. | 1,776,552 |
TOTAL | 59,281,571 | ||
Information Technology—16.3% | |||
31,239 | 2 | ACI Worldwide, Inc. | 855,949 |
20,716 | 2 | Arrow Electronics, Inc. | 1,303,451 |
32,165 | Avnet, Inc. | 965,593 | |
10,880 | Belden, Inc. | 371,987 | |
13,302 | Blackbaud, Inc. | 735,069 | |
7,220 | Cabot Microelectronics Corp. | 884,739 | |
6,315 | 2 | CACI International, Inc., Class A | 1,579,634 |
32,293 | CDK Global, Inc. | 1,268,469 | |
22,936 | 2,3 | Ceridian HCM Holding, Inc. | 1,352,536 |
40,453 | 2 | Ciena Corp. | 1,870,951 |
17,484 | 2 | Cirrus Logic, Inc. | 1,321,790 |
44,863 | Cognex Corp. | 2,478,232 | |
6,534 | 2 | Coherent, Inc. | 835,503 |
11,704 | 2 | Commvault Systems, Inc. | 499,644 |
23,716 | 2,3 | Cree, Inc. | 1,022,871 |
20,571 | 2 | Enphase Energy, Inc. | 963,340 |
7,370 | 2 | Fair Isaac & Co., Inc. | 2,601,168 |
15,017 | 2 | First Solar, Inc. | 660,898 |
16,896 | 2,3 | II-VI, Inc. | 581,560 |
4,819 | 3 | InterDigital, Inc. | 278,394 |
11,496 | 3 | j2 Global, Inc. | 927,038 |
42,936 | Jabil, Inc. | 1,221,100 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Information Technology—continued | |||
34,913 | KBR, Inc. | $707,337 | |
6,438 | Littelfuse, Inc. | 935,055 | |
12,199 | 2 | LiveRamp Holdings, Inc. | 461,854 |
12,231 | LogMeIn, Inc. | 1,045,261 | |
19,521 | 2 | Lumentum Holdings, Inc. | 1,579,444 |
15,867 | 2 | Manhattan Associates, Inc. | 1,125,605 |
13,870 | Maximus, Inc. | 933,728 | |
13,716 | MKS Instruments, Inc. | 1,374,755 | |
10,249 | Monolithic Power Systems | 2,048,878 | |
25,110 | National Instruments Corp. | 964,726 | |
34,923 | 2 | NCR Corp. | 716,620 |
23,952 | 2 | NetScout Systems, Inc. | 634,249 |
9,271 | 2 | Paylocity Corp. | 1,061,808 |
44,605 | Perspecta, Inc. | 962,130 | |
29,739 | 2 | PTC, Inc. | 2,059,426 |
77,393 | Sabre Corp. | 562,647 | |
15,190 | Science Applications International Corp. | 1,240,415 | |
17,920 | 2,3 | Semtech Corp. | 810,701 |
10,833 | 2 | Silicon Laboratories, Inc. | 1,053,184 |
14,377 | 2,3 | Solaredge Technologies, Inc. | 1,604,329 |
8,751 | 2,3 | Synaptics, Inc. | 572,228 |
10,229 | Synnex Corp. | 895,651 | |
8,900 | 2 | Tech Data Corp. | 1,251,696 |
21,300 | 2,3 | Teradata Corp. | 523,767 |
42,717 | Teradyne, Inc. | 2,671,521 | |
63,293 | 2 | Trimble, Inc. | 2,191,837 |
10,647 | 2 | Tyler Technologies, Inc. | 3,414,386 |
10,913 | Universal Display Corp. | 1,638,260 | |
10,555 | 2,3 | ViaSat, Inc. | 447,532 |
36,422 | Vishay Intertechnology, Inc. | 604,241 | |
10,866 | 2 | WEX, Inc. | 1,437,789 |
TOTAL | 62,110,976 | ||
Materials—5.9% | |||
14,459 | 2 | Allegheny Technologies, Inc. | 108,587 |
16,167 | Aptargroup, Inc. | 1,731,162 | |
14,834 | Ashland Global Holdings, Inc. | 915,109 | |
21,091 | Cabot Corp. | 714,774 | |
13,931 | Carpenter Technology Corp. | 308,850 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Materials—continued | |||
26,052 | 3 | Chemours Co./The | $305,590 |
41,542 | Commercial Metals Corp. | 662,180 | |
8,106 | Compass Minerals International, Inc. | 398,491 | |
6,959 | Domtar, Corp. | 162,562 | |
13,823 | Eagle Materials, Inc. | 843,341 | |
7,846 | Greif, Inc., Class A | 265,901 | |
11,798 | 2 | Ingevity Corp. | 612,552 |
28,660 | Louisiana-Pacific Corp. | 573,200 | |
9,933 | Minerals Technologies, Inc. | 437,449 | |
1,856 | Newmarket Corp. | 763,633 | |
16,789 | O-I Glass, Inc. | 138,341 | |
29,222 | Olin Corp. | 390,114 | |
25,157 | Polyone Corp. | 585,907 | |
19,094 | Reliance Steel & Aluminum Co. | 1,710,441 | |
16,899 | Royal Gold, Inc. | 2,070,635 | |
32,940 | RPM International, Inc. | 2,187,545 | |
9,891 | Scotts Miracle-Gro Co. | 1,226,781 | |
11,673 | Sensient Technologies Corp. | 557,853 | |
26,092 | Silgan Holdings, Inc. | 900,174 | |
26,600 | Sonoco Products Co. | 1,299,144 | |
57,159 | Steel Dynamics, Inc. | 1,387,249 | |
17,913 | 3 | United States Steel Corp. | 137,572 |
46,928 | Valvoline, Inc. | 806,692 | |
10,921 | Worthington Industries, Inc. | 288,751 | |
TOTAL | 22,490,580 | ||
Real Estate—9.3% | |||
34,241 | American Campus Communities, Inc. | 1,208,365 | |
79,444 | Brixmor Property Group, Inc. | 909,634 | |
27,227 | Camden Property Trust | 2,397,882 | |
15,489 | 3 | CoreCivic, Inc. | 203,216 |
9,415 | Coresite Realty Corp. | 1,141,004 | |
27,808 | Corporate Office Properties Trust | 734,687 | |
39,157 | Cousins Properties, Inc. | 1,181,367 | |
31,817 | Cyrusone, Inc. | 2,231,963 | |
71,185 | Diversified Healthcare Trust | 221,385 | |
41,443 | Douglas Emmett, Inc. | 1,263,597 | |
9,611 | EastGroup Properties, Inc. | 1,018,766 | |
21,723 | EPR PPTYS | 639,091 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Real Estate—continued | |||
38,200 | First Industrial Realty Trust | $1,442,814 | |
34,225 | Geo Group, Inc. | 433,973 | |
33,369 | Healthcare Realty Trust, Inc. | 980,715 | |
31,944 | Highwoods Properties, Inc. | 1,239,747 | |
29,330 | JBG Smith Properties | 995,753 | |
13,672 | Jones Lang LaSalle, Inc. | 1,443,490 | |
24,626 | Kilroy Realty Corp. | 1,533,215 | |
21,466 | Lamar Advertising Co. | 1,237,515 | |
11,656 | Life Storage, Inc. | 1,020,949 | |
7,716 | 3 | Macerich Co. (The) | 57,638 |
25,446 | Mack-Cali Realty Corp. | 411,971 | |
122,830 | Medical PPTYS Trust, Inc. | 2,105,306 | |
43,322 | National Retail Properties, Inc. | 1,414,030 | |
50,327 | Omega Healthcare Investors, Inc. | 1,467,032 | |
41,403 | 3 | Park Hotels & Resorts, Inc. | 393,743 |
36,872 | Pebblebrook Hotel Trust | 436,564 | |
18,273 | PotlatchDeltic Corp. | 641,565 | |
6,482 | PS Business Parks, Inc. | 836,761 | |
26,169 | Rayonier, Inc. | 628,841 | |
56,075 | Sabra Health Care REIT, Inc. | 718,881 | |
65,915 | Service Properties Trust | 456,791 | |
24,561 | 3 | Spirit Realty Capital, Inc. | 755,496 |
12,277 | 3 | Taubman Centers, Inc. | 529,139 |
33,411 | Urban Edge Properties | 384,226 | |
33,404 | Weingarten Realty Investors | 607,619 | |
TOTAL | 35,324,731 | ||
Utilities—4.5% | |||
10,636 | Allete, Inc. | 612,208 | |
15,335 | Black Hills Corp. | 949,850 | |
54,929 | Essential Utilities, Inc. | 2,295,483 | |
27,365 | Hawaiian Electric Industries, Inc. | 1,080,097 | |
12,639 | Idacorp, Inc. | 1,160,007 | |
59,618 | MDU Resources Group, Inc. | 1,339,020 | |
18,021 | National Fuel Gas Co. | 738,861 | |
25,779 | New Jersey Resources Corp. | 870,815 | |
12,447 | Northwestern Corp. | 718,067 | |
52,874 | OGE Energy Corp. | 1,666,588 | |
13,198 | ONE Gas, Inc. | 1,052,013 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Utilities—continued | |||
19,666 | PNM Resources, Inc. | $796,276 | |
14,651 | 3 | Southwest Gas Holdings, Inc. | 1,110,546 |
12,712 | Spire, Inc. | 927,468 | |
60,375 | UGI Corp. | 1,822,117 | |
TOTAL | 17,139,416 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $280,373,884) | 378,452,851 | ||
INVESTMENT COMPANIES—6.0% | |||
17,425,102 | Federated Government Obligations Fund, Premier Shares, 0.22%4 | 17,425,102 | |
5,594,828 | Federated Institutional Prime Value Obligations Fund, Class IS, 0.66%4 | 5,597,066 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $23,015,713) | 23,022,168 | ||
TOTAL INVESTMENT IN SECURITIES—105.6% (IDENTIFIED COST $303,389,597)5 | 401,475,019 | ||
OTHER ASSETS AND LIABILITIES - NET—(5.6)%6 | (21,440,678) | ||
TOTAL NET ASSETS—100% | $380,034,341 |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation |
2S&P MidCap 400 E-Mini, Long Futures | 11 | $1,805,430 | June 2020 | $102,719 |
Federated Hermes, Inc. | Federated Government Obligations Fund, Premier Shares* | Federated Institutional Prime Value Obligations Fund, Institutional Shares* | Total of Affiliated Transactions | |
Balance of Shares Held 10/31/2019 | 29,677 | 16,277,418 | 17,105,962 | 33,413,057 |
Purchases/Additions | — | 55,301,943 | 102,389,669 | 157,691,612 |
Sales/Reductions | (3,727) | (54,154,259) | (113,900,803) | (168,058,789) |
Balance of Shares Held 4/30/2020 | 25,950 | 17,425,102 | 5,594,828 | 23,045,880 |
Value | $590,881 | $17,425,102 | $5,597,066 | $23,613,049 |
Change in Unrealized Appreciation/ Depreciation | $(281,604) | N/A | $3,983 | $(277,621) |
Net Realized Gain/(Loss) | $54,613 | N/A | $(7,837) | $46,776 |
Dividend Income | $15,539 | $66,315 | $112,050 | $193,904 |
* | 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 MidCap 400 Index and minimizing trading costs. The underlying face amount, at value, of open index futures contracts is $1,805,430 at April 30, 2020, which represents 0.5% 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 100.1%. |
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 Statement of Assets and Liabilities. |
REIT | —Real Estate Investment Trust |
Six Months Ended (unaudited) 4/30/2020 | Year Ended October 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $20.69 | $23.69 | $27.75 | $25.13 | $27.25 | $29.32 |
Income From Investment Operations: | ||||||
Net investment income | 0.14 | 0.26 | 0.32 | 0.261 | 0.341 | 0.32 |
Net realized and unrealized gain (loss) | (2.94) | 1.37 | (0.01) | 5.22 | 1.03 | 0.57 |
TOTAL FROM INVESTMENT OPERATIONS | (2.80) | 1.63 | 0.31 | 5.48 | 1.37 | 0.89 |
Less Distributions: | ||||||
Distributions from net investment income | (0.16) | (0.27) | (0.31) | (0.28) | (0.32) | (0.33) |
Distributions from net realized gain | (1.88) | (4.36) | (4.06) | (2.58) | (3.17) | (2.63) |
TOTAL DISTRIBUTIONS | (2.04) | (4.63) | (4.37) | (2.86) | (3.49) | (2.96) |
Net Asset Value, End of Period | $15.85 | $20.69 | $23.69 | $27.75 | $25.13 | $27.25 |
Total Return2 | (15.12)% | 8.63% | 0.83% | 23.19% | 5.85% | 3.17% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.31%3 | 0.31% | 0.31% | 0.31% | 0.30% | 0.30% |
Net investment income | 1.57%3 | 1.31% | 1.28% | 1.01% | 1.40% | 1.15% |
Expense waiver/reimbursement4 | 0.15%3 | 0.12% | 0.10% | 0.12% | 0.10% | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $98,350 | $161,149 | $154,139 | $166,962 | $161,135 | $153,751 |
Portfolio turnover | 16% | 31% | 29% | 35% | 33% | 36% |
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) 4/30/2020 | Year Ended October 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $20.70 | $23.71 | $27.77 | $25.15 | $27.26 | $29.33 |
Income From Investment Operations: | ||||||
Net investment income | 0.12 | 0.21 | 0.26 | 0.20 | 0.281 | 0.25 |
Net realized and unrealized gain (loss) | (2.93) | 1.36 | (0.02) | 5.21 | 1.04 | 0.57 |
TOTAL FROM INVESTMENT OPERATIONS | (2.81) | 1.57 | 0.24 | 5.41 | 1.32 | 0.82 |
Less Distributions: | ||||||
Distributions from net investment income | (0.14) | (0.22) | (0.24) | (0.21) | (0.26) | (0.26) |
Distributions from net realized gain | (1.88) | (4.36) | (4.06) | (2.58) | (3.17) | (2.63) |
TOTAL DISTRIBUTIONS | (2.02) | (4.58) | (4.30) | (2.79) | (3.43) | (2.89) |
Net Asset Value, End of Period | $15.87 | $20.70 | $23.71 | $27.77 | $25.15 | $27.26 |
Total Return2 | (15.19)% | 8.32% | 0.56% | 22.86% | 5.64% | 2.91% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.56%3 | 0.56% | 0.56% | 0.56% | 0.55% | 0.55% |
Net investment income | 1.31%3 | 1.08% | 1.03% | 0.76% | 1.16% | 0.91% |
Expense waiver/reimbursement4 | 0.13%3 | 0.11% | 0.10% | 0.09% | 0.10% | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $245,582 | $336,868 | $434,678 | $639,787 | $660,471 | $763,853 |
Portfolio turnover | 16% | 31% | 29% | 35% | 33% | 36% |
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) 4/30/2020 | Year Ended October 31, | Period Ended 10/31/20161 | |||
2019 | 2018 | 2017 | |||
Net Asset Value, Beginning of Period | $20.71 | $23.72 | $27.78 | $25.15 | $25.29 |
Income From Investment Operations: | |||||
Net investment income | 0.14 | 0.26 | 0.32 | 0.262 | 0.012 |
Net realized and unrealized gain (loss) | (2.93) | 1.36 | (0.01) | 5.23 | (0.15) |
TOTAL FROM INVESTMENT OPERATIONS | (2.79) | 1.62 | 0.31 | 5.49 | (0.14) |
Less Distributions: | |||||
Distributions from net investment income | (0.16) | (0.27) | (0.31) | (0.28) | — |
Distributions from net realized gain | (1.88) | (4.36) | (4.06) | (2.58) | — |
TOTAL DISTRIBUTIONS | (2.04) | (4.63) | (4.37) | (2.86) | — |
Net Asset Value, End of Period | $15.88 | $20.71 | $23.72 | $27.78 | $25.15 |
Total Return3 | (15.05)% | 8.59% | 0.83% | 23.23% | (0.55)% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.30%4 | 0.30% | 0.30% | 0.30% | 0.26%4 |
Net investment income | 1.57%4 | 1.34% | 1.26% | 0.96% | 0.52%4 |
Expense waiver/reimbursement5 | 0.10%4 | 0.08% | 0.07% | 0.06% | —% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $36,102 | $53,991 | $46,064 | $29,384 | $06 |
Portfolio turnover | 16% | 31% | 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 fiscal year ended October 31, 2016. |
Assets: | ||
Investment in securities, at value including $16,197,787 of securities loaned and $23,613,049 of investment in an affiliated holdings* (identified cost $303,389,597) | $401,475,019 | |
Due from Broker | 629,000 | |
Receivable for investments sold | 619,865 | |
Receivable for shares sold | 382,935 | |
Income receivable | 177,281 | |
Income receivable from affiliated holding | 19,837 | |
TOTAL ASSETS | 403,303,937 | |
Liabilities: | ||
Payable for collateral due to broker for securities lending | $17,425,102 | |
Payable for shares redeemed | 3,192,723 | |
Payable for investments purchased | 2,159,276 | |
Payable for variation margin on futures contracts | 199,134 | |
Payable for other service fees (Notes 2 and 5) | 50,160 | |
Payable for management fee (Note 5) | 4,304 | |
Accrued expenses (Note 5) | 238,897 | |
TOTAL LIABILITIES | 23,269,596 | |
Net assets for 23,949,760 shares outstanding | $380,034,341 | |
Net Assets Consists of: | ||
Paid-in capital | $259,462,709 | |
Total Distributable earnings | 120,571,632 | |
TOTAL NET ASSETS | $380,034,341 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Institutional Shares: | ||
Net asset value per share ($98,349,667 ÷ 6,203,149 shares outstanding) no par value, unlimited shares authorized | $15.85 | |
Service Shares: | ||
Net asset value per share ($245,582,291 ÷ 15,472,909 shares outstanding)no par value, unlimited shares authorized | $15.87 | |
Class R6 Shares: | ||
Net asset value per share ($36,102,383 ÷ 2,273,702 shares outstanding) no par value, unlimited shares authorized | $15.88 |
Investment Income: | |||
Dividends (including $113,973 received from affiliated holdings* and net of foreign taxes withheld of $467) | $4,442,069 | ||
Net Income on securities loaned (includes $79,931 earned from affiliated holdings related to cash collateral balances*) | 24,471 | ||
TOTAL INCOME | 4,466,540 | ||
Expenses: | |||
Management fee (Note 5) | $712,813 | ||
Custodian fees | 20,351 | ||
Transfer agent fees (Note 2) | 153,225 | ||
Directors’/Trustees’ fees (Note 5) | 3,232 | ||
Auditing fees | 13,525 | ||
Legal fees | 4,587 | ||
Other service fees (Notes 2 and 5) | 363,584 | ||
Portfolio accounting fees | 68,886 | ||
Share registration costs | 29,188 | ||
Printing and postage | 17,115 | ||
Miscellaneous (Notes 2 and 5) | 46,174 | ||
TOTAL EXPENSES | 1,432,680 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of management fee (Note 5) | $(237,863) | ||
Reimbursement of other operating expenses (Note 2) | (75,875) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (313,738) | ||
Net expenses | 1,118,942 | ||
Net investment income | 3,347,598 |
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | |||
Net realized gain on investments (including net realized gain of $46,776 on sales of investments in affiliated holdings*) and foreign currency translations | $29,655,601 | ||
Net realized (loss) on futures contracts | (2,932,947) | ||
Net change in unrealized appreciation of investments (including net change in unrealized depreciation of ($277,621) on investments in affiliated holdings*) | (101,142,600) | ||
Net change in unrealized appreciation of futures contracts | 51,702 | ||
Net realized and unrealized gain (loss) on investments and futures contracts | (74,368,244) | ||
Change in net assets resulting from operations | $(71,020,646) |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 4/30/2020 | Year Ended 10/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $3,347,598 | $6,702,429 |
Net realized gain | 26,722,654 | 48,063,788 |
Net change in unrealized appreciation/depreciation | (101,090,898) | (10,435,402) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (71,020,646) | 44,330,815 |
Distributions to Shareholders: | ||
Institutional Shares | (14,599,853) | (29,979,084) |
Service Shares | (32,291,053) | (82,183,206) |
Class R6 Shares | (4,904,272) | (8,858,500) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (51,795,178) | (121,020,790) |
Share Transactions: | ||
Proceeds from sale of shares | 40,072,785 | 141,403,976 |
Net asset value of shares issued to shareholders in payment of distributions declared | 50,295,592 | 117,944,341 |
Cost of shares redeemed | (139,525,873) | (265,532,051) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (49,157,496) | (6,183,734) |
Change in net assets | (171,973,320) | (82,873,709) |
Net Assets: | ||
Beginning of period | 552,007,661 | 634,881,370 |
End of period | $380,034,341 | $552,007,661 |
■ | 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 | 52,230 | (33,303) |
Service Shares | $96,542 | $(42,572) |
Class R6 Shares | 4,453 | — |
TOTAL | $153,225 | $(75,875) |
Other Service Fees Incurred | |
Service Shares | $363,584 |
Market Value of Securities Loaned | Collateral Received |
$16,197,787 | $17,425,102 |
Liability | ||
Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||
Equity contracts | Payable for daily variation margin on futures contracts | $(102,719)* |
* | 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 | $(2,932,947) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures Contracts | |
Equity Contracts | $51,702 |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 774,519 | $13,674,624 | 3,310,212 | $65,960,528 |
Shares issued to shareholders in payment of distributions declared | 741,970 | 14,163,268 | 1,514,965 | 29,178,550 |
Shares redeemed | (3,103,124) | (56,922,929) | (3,541,891) | (70,125,078) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (1,586,635) | $(29,085,037) | 1,283,286 | $25,014,000 |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,356,900 | $23,140,852 | 2,687,419 | $56,294,256 |
Shares issued to shareholders in payment of distributions declared | 1,637,625 | 31,344,732 | 4,150,255 | 79,945,272 |
Shares redeemed | (3,794,122) | (68,313,041) | (8,897,527) | (180,119,132) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (799,597) | $(13,827,457) | (2,059,853) | $(43,879,604) |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 188,703 | $3,257,309 | 977,895 | $19,149,192 |
Shares issued to shareholders in payment of distributions declared | 250,640 | 4,787,592 | 457,225 | 8,820,519 |
Shares redeemed | (772,019) | (14,289,903) | (770,934) | (15,287,841) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (332,676) | $(6,245,002) | 664,186 | $12,681,870 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (2,718,908) | $(49,157,496) | (112,381) | $(6,183,734) |
Purchases | $72,056,796 |
Sales | $162,149,984 |
Beginning Account Value 11/1/2019 | Ending Account Value 4/30/2020 | Expenses Paid During Period1 | |
Actual: | |||
Institutional Shares | $1,000 | $848.80 | $1.42 |
Service Shares | $1,000 | $848.10 | $2.57 |
Class R6 Shares | $1,000 | $849.50 | $1.38 |
Hypothetical (assuming a 5% return before expenses): | |||
Institutional Shares | $1,000 | $1,023.32 | $1.56 |
Service Shares | $1,000 | $1,022.08 | $2.82 |
Class R6 Shares | $1,000 | $1,023.37 | $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 182/366 (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% |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31420E205
CUSIP 31420E874
Share Class | Ticker | C | MXCCX | R | FMXKX | Institutional | FISPX | Service | FMXSX |
Donahue
Sector | Percentage of Total Net Assets |
Information Technology | 24.8% |
Health Care | 14.7% |
Communication Services | 10.5% |
Financials | 10.1% |
Consumer Discretionary | 10.1% |
Industrials | 7.7% |
Consumer Staples | 7.1% |
Utilities | 3.2% |
Energy | 2.9% |
Real Estate | 2.9% |
Materials | 2.4% |
Derivative Contracts2 | 0.4% |
Cash Equivalents3 | 3.4% |
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 | ||
1 | COMMON STOCKS—96.4% | ||
Communication Services—10.5% | |||
7,767 | Activision Blizzard, Inc. | $494,991 | |
3,092 | 2 | Alphabet, Inc., Class A | 4,163,996 |
3,099 | 2 | Alphabet, Inc., Class C | 4,179,497 |
75,219 | AT&T, Inc. | 2,291,923 | |
9,951 | CenturyLink, Inc. | 105,680 | |
1,871 | 2 | Charter Communications, Inc. | 926,575 |
46,655 | Comcast Corp., Class A | 1,755,628 | |
1,111 | 2 | Discovery, Inc., Class A | 24,909 |
2,958 | 2 | Discovery, Inc., Class C | 60,373 |
1,636 | 2 | DISH Network Corp., Class A | 40,924 |
2,952 | 2 | Electronic Arts, Inc. | 337,295 |
25,527 | 2 | Facebook, Inc. | 5,225,632 |
1,313 | Fox Corp | 33,967 | |
11,107 | Interpublic Group of Cos., Inc. | 188,597 | |
1,288 | 2 | Live Nation Entertainment, Inc. | 57,793 |
4,237 | 2 | NetFlix, Inc. | 1,778,904 |
3,015 | News Corp., Inc., Class A | 29,879 | |
46 | News Corp., Inc., Class B | 470 | |
4,287 | Omnicom Group, Inc. | 244,488 | |
3,687 | 2 | T-Mobile USA, Inc. | 323,719 |
1,113 | 2 | Take-Two Interactive Software, Inc. | 134,729 |
7,936 | 2 | Twitter, Inc. | 227,604 |
42,873 | Verizon Communications, Inc. | 2,463,054 | |
18,732 | Walt Disney Co. | 2,025,866 | |
TOTAL | 27,116,493 | ||
Consumer Discretionary—10.1% | |||
627 | Advance Auto Parts, Inc. | 75,811 | |
4,310 | 2 | Amazon.com, Inc. | 10,662,940 |
2,623 | Aptiv PLC | 182,430 | |
239 | 2 | AutoZone, Inc. | 243,856 |
4,125 | Best Buy Co., Inc. | 316,511 | |
1,711 | Block (H&R), Inc. | 28,488 | |
432 | 2 | Booking Holdings, Inc. | 639,606 |
1,753 | BorgWarner, Inc. | 50,083 | |
1,328 | 2 | CarMax, Inc. | 97,807 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Consumer Discretionary—continued | |||
422 | 2 | Chipotle Mexican Grill, Inc. | $370,748 |
3,658 | D.R. Horton, Inc. | 172,731 | |
1,276 | Darden Restaurants, Inc. | 94,156 | |
2,486 | Dollar General Corp. | 435,796 | |
2,495 | 2 | Dollar Tree, Inc. | 198,777 |
7,841 | eBay, Inc. | 312,307 | |
3,207 | Expedia Group, Inc. | 227,633 | |
37,175 | Ford Motor Co. | 189,221 | |
4 | Garmin Ltd. | 325 | |
12,004 | General Motors Co. | 267,569 | |
1,324 | Genuine Parts Co. | 104,967 | |
2,400 | Hanesbrands, Inc. | 23,856 | |
1,403 | Harley-Davidson, Inc. | 30,627 | |
1,317 | Hasbro, Inc. | 95,101 | |
2,628 | Hilton Worldwide Holdings, Inc. | 198,966 | |
11,350 | Home Depot, Inc. | 2,495,070 | |
664 | Kohl’s Corp. | 12,257 | |
10,625 | L Brands, Inc. | 126,331 | |
1,155 | Las Vegas Sands Corp. | 55,463 | |
5,318 | Leggett and Platt, Inc. | 186,821 | |
2,892 | Lennar Corp., Class A | 144,802 | |
2,350 | 2 | LKQ Corp. | 61,453 |
6,566 | Lowe’s Cos., Inc. | 687,788 | |
2,950 | Marriott International, Inc., Class A | 268,273 | |
7,914 | McDonald’s Corp. | 1,484,350 | |
3,670 | MGM Resorts International | 61,766 | |
1,971 | 2 | Mohawk Industries, Inc. | 172,896 |
12,354 | Newell Brands, Inc. | 171,474 | |
12,781 | Nike, Inc., Class B | 1,114,248 | |
1,824 | 2 | Norwegian Cruise Line Holdings Ltd. | 29,914 |
37 | 2 | NVR, Inc. | 114,700 |
403 | 2 | O’Reilly Automotive, Inc. | 155,695 |
1,963 | Pulte Group, Inc. | 55,494 | |
176 | PVH Corp. | 8,664 | |
251 | Ralph Lauren Corp. | 18,519 | |
3,581 | Ross Stores, Inc. | 327,160 | |
4,819 | Royal Caribbean Cruises, Ltd. | 225,385 | |
12,205 | Starbucks Corp. | 936,490 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Consumer Discretionary—continued | |||
6,281 | Target Corp. | $689,277 | |
1,019 | Tiffany & Co. | 128,903 | |
12,260 | TJX Cos., Inc. | 601,353 | |
1,304 | Tractor Supply Co. | 132,265 | |
624 | 2 | Ulta Beauty, Inc. | 135,982 |
1,036 | 2 | Under Armour, Inc., Class A | 10,795 |
1,092 | 2 | Under Armour, Inc., Class C | 10,123 |
3,266 | V.F. Corp. | 189,755 | |
1,033 | Wynn Resorts Ltd. | 88,352 | |
3,176 | Yum! Brands, Inc. | 274,502 | |
TOTAL | 26,196,632 | ||
Consumer Staples—7.1% | |||
19,382 | Altria Group, Inc. | 760,743 | |
2,510 | Archer-Daniels-Midland Co. | 93,221 | |
4,025 | Brown-Forman Corp., Class B | 250,355 | |
1,605 | Campbell Soup Co. | 80,218 | |
2,723 | Church and Dwight, Inc. | 190,583 | |
1,422 | Clorox Co. | 265,118 | |
9,202 | Colgate-Palmolive Co. | 646,625 | |
4,825 | Conagra Brands, Inc. | 161,348 | |
1,901 | Constellation Brands, Inc., Class A | 313,076 | |
4,493 | Costco Wholesale Corp. | 1,361,379 | |
3,680 | Coty, Inc. - CL A | 20,056 | |
2,419 | Estee Lauder Cos., Inc., Class A | 426,712 | |
6,635 | General Mills, Inc. | 397,370 | |
2,393 | Hershey Foods Corp. | 316,905 | |
3,342 | Hormel Foods Corp. | 156,573 | |
2,800 | Kellogg Co. | 183,400 | |
2,651 | Kimberly-Clark Corp. | 367,110 | |
1,877 | Kraft Heinz Co./The | 56,929 | |
7,595 | Kroger Co. | 240,078 | |
3,415 | Lamb Weston Holdings, Inc. | 209,544 | |
2,117 | McCormick & Co., Inc. | 332,030 | |
2,369 | Molson Coors Beverage Company, Class B | 97,153 | |
15,333 | Mondelez International, Inc. | 788,730 | |
1,995 | 2 | Monster Beverage Corp. | 123,311 |
13,494 | PepsiCo, Inc. | 1,785,121 | |
15,753 | Philip Morris International, Inc. | 1,175,174 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Consumer Staples—continued | |||
25,981 | Procter & Gamble Co. | $3,062,380 | |
1,198 | Smucker (J.M.) Co. | 137,662 | |
5,707 | Sysco Corp. | 321,133 | |
40,393 | The Coca-Cola Co. | 1,853,635 | |
2,879 | Tyson Foods, Inc., Class A | 179,045 | |
7,705 | Walgreens Boots Alliance, Inc. | 333,549 | |
14,481 | WalMart Inc. | 1,760,166 | |
TOTAL | 18,446,432 | ||
Energy—2.9% | |||
3,960 | Apache Corp. | 51,797 | |
6,870 | Baker Hughes a GE Co. LLC | 95,836 | |
4,100 | Cabot Oil & Gas Corp., Class A | 88,642 | |
19,862 | Chevron Corp. | 1,827,304 | |
2,343 | Concho Resources, Inc. | 132,895 | |
11,996 | ConocoPhillips | 505,032 | |
4,104 | Devon Energy Corp. | 51,177 | |
5,041 | Diamondback Energy, Inc. | 219,485 | |
8,649 | EOG Resources, Inc. | 410,914 | |
40,778 | Exxon Mobil Corp. | 1,894,954 | |
10,917 | Halliburton Co. | 114,628 | |
1,297 | Helmerich & Payne, Inc. | 25,642 | |
1,232 | HollyFrontier Corp. | 40,705 | |
28,277 | Kinder Morgan, Inc. | 430,659 | |
6,341 | Marathon Petroleum Corp. | 203,419 | |
13,400 | National Oilwell Varco, Inc. | 169,376 | |
4,891 | Noble Energy, Inc. | 47,981 | |
1,662 | Occidental Petroleum Corp. | 27,589 | |
4,581 | Phillips 66 | 335,192 | |
1,697 | Pioneer Natural Resources, Inc. | 151,559 | |
15,742 | Schlumberger Ltd. | 264,780 | |
2,425 | TechnipFMC PLC | 21,607 | |
4,069 | Valero Energy Corp. | 257,771 | |
13,171 | Williams Cos., Inc. | 255,122 | |
TOTAL | 7,624,066 | ||
Financials—10.1% | |||
7,332 | Aflac, Inc. | 273,044 | |
4,695 | Allstate Corp. | 477,575 | |
6,825 | American Express Co. | 622,781 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Financials—continued | |||
8,576 | American International Group, Inc. | $218,088 | |
2,358 | Ameriprise Financial, Inc. | 271,029 | |
2,546 | Aon PLC | 439,618 | |
470 | Assurant, Inc. | 49,933 | |
83,234 | Bank of America Corp. | 2,001,778 | |
8,276 | Bank of New York Mellon Corp. | 310,681 | |
1,414 | Berkley, W. R. Corp. | 76,356 | |
19,631 | 2 | Berkshire Hathaway, Inc., Class B | 3,678,064 |
1,195 | BlackRock, Inc. | 599,938 | |
6,873 | Capital One Financial Corp. | 445,096 | |
993 | Cboe Global Markets, Inc. | 98,684 | |
11,849 | Charles Schwab Corp. | 446,944 | |
4,889 | Chubb Ltd. | 528,061 | |
1,435 | Cincinnati Financial Corp. | 94,423 | |
22,138 | Citigroup, Inc. | 1,075,021 | |
10,385 | Citizens Financial Group, Inc. | 232,520 | |
3,656 | CME Group, Inc. | 651,536 | |
849 | Comerica, Inc. | 29,596 | |
6,344 | Discover Financial Services | 272,602 | |
1,820 | E*Trade Financial Corp. | 73,910 | |
309 | Everest Re Group Ltd. | 53,497 | |
5,881 | Fifth Third Bancorp | 109,916 | |
475 | First Republic Bank | 49,538 | |
2,242 | Franklin Resources, Inc. | 42,239 | |
571 | Gallagher (Arthur J.) & Co. | 44,824 | |
709 | Globe Life, Inc. | 58,379 | |
3,157 | Goldman Sachs Group, Inc. | 579,057 | |
24,788 | Huntington Bancshares, Inc. | 229,041 | |
5,506 | Intercontinental Exchange, Inc. | 492,512 | |
32,186 | JPMorgan Chase & Co. | 3,082,131 | |
9,675 | KeyCorp | 112,714 | |
5,671 | Lincoln National Corp. | 201,150 | |
2,022 | Loews Corp. | 70,083 | |
1,577 | M & T Bank Corp. | 176,750 | |
71 | Marketaxess Holdings, Inc. | 32,306 | |
4,011 | Marsh & McLennan Cos., Inc. | 390,391 | |
11,878 | MetLife, Inc. | 428,558 | |
1,638 | Moody’s Corp. | 399,508 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Financials—continued | |||
11,408 | Morgan Stanley | $449,817 | |
492 | MSCI, Inc., Class A | 160,884 | |
933 | NASDAQ, Inc. | 102,322 | |
2,357 | Northern Trust Corp. | 186,580 | |
5,581 | People’s United Financial, Inc. | 70,823 | |
4,297 | PNC Financial Services Group | 458,361 | |
1,961 | Principal Financial Group, Inc. | 71,400 | |
6,244 | Progressive Corp., OH | 482,661 | |
3,714 | Prudential Financial, Inc. | 231,642 | |
960 | Raymond James Financial, Inc. | 63,283 | |
9,749 | Regions Financial Corp. | 104,802 | |
2,622 | S&P Global, Inc. | 767,931 | |
3,369 | State Street Corp. | 212,382 | |
12,948 | Synchrony Financial | 256,241 | |
2,348 | T. Rowe Price Group, Inc. | 271,499 | |
698 | The Hartford Financial Services Group, Inc. | 26,517 | |
2,746 | The Travelers Cos., Inc. | 277,923 | |
10,382 | Truist Financial Corp. | 387,456 | |
14,276 | U.S. Bancorp | 521,074 | |
10,136 | Unum Group | 176,873 | |
39,126 | Wells Fargo & Co. | 1,136,610 | |
712 | Willis Towers Watson PLC | 126,942 | |
5,926 | Zions Bancorporation, N.A. | 187,321 | |
TOTAL | 26,251,216 | ||
Health Care—14.7% | |||
17,033 | Abbott Laboratories | 1,568,569 | |
15,129 | AbbVie, Inc. | 1,243,604 | |
491 | 2 | Abiomed, Inc. | 93,904 |
1,634 | Agilent Technologies, Inc. | 125,262 | |
2,195 | 2 | Alexion Pharmaceuticals, Inc. | 235,897 |
1,376 | 2 | Align Technology, Inc. | 295,634 |
4,007 | Allergan PLC | 750,671 | |
1,291 | AmerisourceBergen Corp. | 115,751 | |
6,038 | Amgen, Inc. | 1,444,410 | |
2,719 | Anthem, Inc. | 763,305 | |
5,553 | Baxter International, Inc. | 492,995 | |
2,900 | Becton Dickinson & Co. | 732,337 | |
2,245 | 2 | Biogen, Inc. | 666,383 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Health Care—continued | |||
14,948 | 2 | Boston Scientific Corp. | $560,251 |
23,962 | Bristol-Myers Squibb Co. | 1,457,129 | |
5,431 | Cardinal Health, Inc. | 268,726 | |
4,306 | 2 | Centene Corp. | 286,693 |
2,888 | Cerner Corp. | 200,398 | |
3,718 | CIGNA Corp. | 727,910 | |
462 | Cooper Cos., Inc. | 132,455 | |
13,451 | CVS Health Corp. | 827,909 | |
6,621 | Danaher Corp. | 1,082,269 | |
2,454 | 2 | Davita, Inc. | 193,891 |
2,046 | Dentsply Sirona, Inc. | 86,832 | |
2,080 | 2 | Edwards Lifesciences Corp. | 452,400 |
8,677 | Eli Lilly & Co. | 1,341,811 | |
14,496 | Gilead Sciences, Inc. | 1,217,664 | |
3,943 | HCA Healthcare, Inc. | 433,257 | |
1,337 | 2 | Henry Schein, Inc. | 72,947 |
3,026 | 2 | Hologic, Inc. | 151,603 |
1,736 | Humana, Inc. | 662,840 | |
871 | 2 | IDEXX Laboratories, Inc. | 241,790 |
1,108 | 2 | Illumina, Inc. | 353,485 |
3,100 | 2 | Incyte Genomics, Inc. | 302,746 |
952 | 2 | Intuitive Surgical, Inc. | 486,358 |
1,656 | 2 | IQVIA Holdings, Inc. | 236,129 |
27,383 | Johnson & Johnson | 4,108,545 | |
825 | 2 | Laboratory Corp. of America Holdings | 135,671 |
1,504 | McKesson Corp. | 212,440 | |
13,975 | Medtronic PLC | 1,364,379 | |
26,319 | Merck & Co., Inc. | 2,088,149 | |
260 | 2 | Mettler-Toledo International, Inc. | 187,184 |
4,594 | 2 | Mylan NV | 77,041 |
1,074 | PerkinElmer, Inc. | 97,229 | |
1,150 | Perrigo Co. PLC | 61,295 | |
53,676 | Pfizer, Inc. | 2,059,011 | |
1,128 | Quest Diagnostics, Inc. | 124,204 | |
811 | 2 | Regeneron Pharmaceuticals, Inc. | 426,489 |
1,331 | ResMed, Inc. | 206,731 | |
855 | STERIS PLC | 121,838 | |
2,598 | Stryker Corp. | 484,345 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Health Care—continued | |||
69 | Teleflex, Inc. | $23,143 | |
4,195 | Thermo Fisher Scientific, Inc. | 1,403,983 | |
9,731 | UnitedHealth Group, Inc. | 2,846,026 | |
1,932 | Universal Health Services, Inc., Class B | 204,193 | |
2,616 | 2 | Vertex Pharmaceuticals, Inc. | 657,139 |
86 | 2 | Waters Corp. | 16,082 |
2,104 | Zimmer Biomet Holdings, Inc. | 251,849 | |
4,721 | Zoetis, Inc. | 610,473 | |
TOTAL | 38,073,654 | ||
Industrials—7.7% | |||
6,066 | 3M Co. | 921,547 | |
4,900 | Alaska Air Group, Inc. | 159,348 | |
713 | Allegion PLC | 71,685 | |
2,103 | Ametek, Inc. | 176,379 | |
4,858 | Boeing Co. | 685,075 | |
1,211 | C.H. Robinson Worldwide, Inc. | 85,860 | |
8,613 | 2 | Carrier Global Corp. | 152,536 |
5,799 | Caterpillar, Inc. | 674,888 | |
1,469 | Cintas Corp. | 325,868 | |
594 | 2 | Copart, Inc. | 47,585 |
7,900 | CSX Corp. | 523,217 | |
1,495 | Cummins, Inc. | 244,433 | |
3,286 | Deere & Co. | 476,667 | |
5,170 | Delta Air Lines, Inc. | 133,955 | |
1,221 | Dover Corp. | 114,347 | |
5,746 | Eaton Corp. PLC | 479,791 | |
6,002 | Emerson Electric Co. | 342,294 | |
1,067 | Equifax, Inc. | 148,206 | |
1,492 | Expeditors International Washington, Inc. | 106,835 | |
2,586 | Fastenal Co. | 93,665 | |
1,608 | FedEx Corp. | 203,846 | |
1,101 | Flowserve Corp. | 31,015 | |
3,205 | Fortive Corp. | 205,120 | |
1,638 | Fortune Brands Home & Security, Inc. | 78,952 | |
1,504 | General Dynamics Corp. | 196,452 | |
89,629 | General Electric Co. | 609,477 | |
7,401 | Honeywell International, Inc. | 1,050,202 | |
3,262 | Howmet Aerospace, Inc. | 42,634 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Industrials—continued | |||
637 | Hunt (J.B.) Transportation Services, Inc. | $64,413 | |
1,056 | Huntington Ingalls Industries, Inc. | 202,129 | |
910 | IDEX Corp. | 139,803 | |
2,347 | IHS Markit Ltd. | 157,953 | |
3,089 | Illinois Tool Works, Inc. | 501,963 | |
3,135 | 2 | Ingersoll-Rand, Inc. | 91,166 |
7,148 | Johnson Controls International PLC | 208,078 | |
853 | Kansas City Southern Industries, Inc. | 111,359 | |
2,332 | L3Harris Technologies Inc. | 451,708 | |
2,639 | Lockheed Martin Corp. | 1,026,729 | |
3,148 | Masco Corp. | 129,194 | |
4,557 | Nielsen Holdings PLC | 67,125 | |
2,586 | Norfolk Southern Corp. | 442,465 | |
1,993 | Northrop Grumman Corp. | 659,025 | |
1,827 | Old Dominion Freight Lines, Inc. | 265,445 | |
4,306 | 2 | Otis Worldwide Corp. | 219,218 |
3,381 | PACCAR, Inc. | 234,067 | |
2,236 | Parker-Hannifin Corp. | 353,556 | |
744 | Quanta Services, Inc. | 27,052 | |
15,699 | Raytheon Technologies Corp. | 1,017,452 | |
1,992 | Republic Services, Inc. | 156,053 | |
1,488 | Robert Half International, Inc. | 70,338 | |
1,291 | Rockwell Automation, Inc. | 244,619 | |
1,820 | Rollins, Inc. | 72,800 | |
705 | Roper Technologies, Inc. | 240,426 | |
1,727 | Smith (A.O.) Corp. | 73,190 | |
4,773 | Southwest Airlines Co. | 149,156 | |
1,453 | Stanley Black & Decker Inc. | 160,121 | |
6,922 | Textron Inc. | 182,464 | |
3,842 | Trane Technologies plc | 335,868 | |
193 | Transdigm Group, Inc. | 70,074 | |
7,126 | Union Pacific Corp. | 1,138,664 | |
1,614 | 2 | United Airlines Holdings, Inc. | 47,742 |
7,172 | United Parcel Service, Inc. | 678,902 | |
1,762 | 2 | United Rentals, Inc. | 226,417 |
1,787 | Verisk Analytics, Inc. | 273,107 | |
444 | W.W. Grainger, Inc. | 122,358 | |
4,164 | Wabtec Corp. | 234,933 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Industrials—continued | |||
5,174 | Waste Management, Inc. | $517,503 | |
1,916 | Xylem, Inc. | 137,760 | |
TOTAL | 19,884,274 | ||
Information Technology—24.8% | |||
6,698 | Accenture PLC | 1,240,403 | |
5,023 | 2 | Adobe, Inc. | 1,776,334 |
11,980 | 2 | Advanced Micro Devices, Inc. | 627,632 |
1,600 | 2 | Akamai Technologies, Inc. | 156,336 |
338 | Alliance Data Systems Corp. | 16,924 | |
3,348 | Amphenol Corp., Class A | 295,494 | |
4,031 | Analog Devices, Inc. | 441,798 | |
792 | 2 | Ansys, Inc. | 207,369 |
43,117 | Apple, Inc. | 12,667,775 | |
9,378 | Applied Materials, Inc. | 465,899 | |
572 | 2 | Arista Networks, Inc. | 125,440 |
2,973 | 2 | Autodesk, Inc. | 556,337 |
3,606 | Automatic Data Processing, Inc. | 528,964 | |
4,124 | Broadcom, Inc. | 1,120,161 | |
1,198 | Broadridge Financial Solutions | 138,968 | |
1,245 | 2 | Cadence Design Systems, Inc. | 101,007 |
1,313 | CDW Corp. | 145,480 | |
44,219 | Cisco Systems, Inc. | 1,874,001 | |
330 | Citrix Systems, Inc. | 47,853 | |
3,401 | Cognizant Technology Solutions Corp. | 197,326 | |
2,713 | Corning, Inc. | 59,713 | |
9,641 | DXC Technology Co. | 174,791 | |
697 | 2 | F5 Networks, Inc. | 97,064 |
6,177 | Fidelity National Information Services, Inc. | 814,685 | |
5,662 | 2 | Fiserv, Inc. | 583,526 |
923 | 2 | FleetCor Technologies Inc. | 222,674 |
4,271 | FLIR Systems, Inc. | 185,361 | |
1,467 | 2 | Fortinet Inc. | 158,055 |
962 | 2 | Gartner, Inc., Class A | 114,295 |
2,959 | Global Payments, Inc. | 491,253 | |
754 | Henry Jack & Associates, Inc. | 123,317 | |
11,962 | Hewlett Packard Enterprise Co. | 120,338 | |
22,097 | HP, Inc. | 342,724 | |
10,149 | IBM Corp. | 1,274,308 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Information Technology—continued | |||
45,313 | Intel Corp. | $2,717,874 | |
2,781 | Intuit, Inc. | 750,342 | |
3,958 | Juniper Networks, Inc. | 85,493 | |
1,783 | 2 | Keysight Technologies, Inc. | 172,541 |
1,646 | KLA Corp. | 270,092 | |
1,448 | Lam Research Corp. | 369,645 | |
1,108 | Leidos Holdings, Inc. | 109,481 | |
9,112 | Mastercard, Inc. | 2,505,527 | |
615 | Maxim Integrated Products, Inc. | 33,813 | |
2,633 | Microchip Technology, Inc. | 230,993 | |
11,363 | 2 | Micron Technology, Inc. | 544,174 |
79,567 | Microsoft Corp. | 14,259,202 | |
2,573 | Motorola, Inc. | 370,023 | |
5,115 | NortonLifeLock, Inc. | 108,796 | |
6,303 | NVIDIA Corp. | 1,842,241 | |
20,203 | Oracle Corp. | 1,070,153 | |
5,054 | Paychex, Inc. | 346,300 | |
469 | 2 | Paycom Software, Inc. | 122,418 |
12,316 | 2 | PayPal Holdings, Inc. | 1,514,868 |
2,532 | 2 | Qorvo, Inc. | 248,212 |
13,405 | Qualcomm, Inc. | 1,054,571 | |
9,245 | 2 | Salesforce.com, Inc. | 1,497,228 |
2,220 | Seagate Technology PLC | 110,889 | |
2,335 | 2 | ServiceNow, Inc. | 820,846 |
1,728 | Skyworks Solutions, Inc. | 179,505 | |
685 | 2 | Synopsys, Inc. | 107,627 |
3,111 | TE Connectivity Ltd. | 228,534 | |
9,861 | Texas Instruments, Inc. | 1,144,566 | |
1,094 | 2 | Verisign, Inc. | 229,182 |
17,583 | Visa, Inc., Class A | 3,142,434 | |
2,923 | Western Digital Corp. | 134,692 | |
3,237 | Western Union Co. | 61,730 | |
7,903 | Xerox Holdings Corp. | 144,546 | |
1,236 | Xilinx, Inc. | 108,026 | |
TOTAL | 64,130,169 | ||
Materials—2.4% | |||
2,270 | Air Products & Chemicals, Inc. | 512,067 | |
16,197 | Amcor PLC | 145,287 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Materials—continued | |||
871 | Avery Dennison Corp. | $96,150 | |
5,183 | Ball Corp. | 339,953 | |
1,563 | Celanese Corp. | 129,838 | |
2,205 | CF Industries Holdings, Inc. | 60,638 | |
3,041 | Corteva, Inc. | 79,644 | |
7,839 | Dow, Inc. | 287,613 | |
5,015 | DuPont de Nemours, Inc. | 235,805 | |
3,491 | Eastman Chemical Co. | 211,240 | |
2,729 | Ecolab, Inc. | 528,061 | |
1,099 | FMC Corp. | 100,998 | |
1,106 | International Flavors & Fragrances, Inc. | 144,919 | |
7,810 | International Paper Co. | 267,492 | |
6,189 | Linde PLC | 1,138,714 | |
2,749 | LyondellBasell Industries N.V. | 159,305 | |
607 | Martin Marietta Materials | 115,470 | |
8,699 | Newmont Corp. | 517,417 | |
2,479 | Nucor Corp. | 102,110 | |
861 | Packaging Corp. of America | 83,216 | |
3,722 | PPG Industries, Inc. | 338,069 | |
1,249 | Sealed Air Corp. | 35,709 | |
862 | Sherwin-Williams Co. | 462,351 | |
1,484 | Vulcan Materials Co. | 167,647 | |
1,867 | WestRock Co. | 60,099 | |
TOTAL | 6,319,812 | ||
Real Estate—2.9% | |||
457 | Alexandria Real Estate Equities, Inc. | 71,790 | |
4,598 | American Tower Corp. | 1,094,324 | |
1,303 | Apartment Investment & Management Co., Class A | 49,084 | |
1,424 | Avalonbay Communities, Inc. | 232,041 | |
1,508 | Boston Properties, Inc. | 146,547 | |
3,017 | 2 | CBRE Group, Inc. | 129,520 |
4,180 | Crown Castle International Corp. | 666,417 | |
2,745 | Digital Realty Trust, Inc. | 410,350 | |
185 | Duke Realty Corp. | 6,420 | |
869 | Equinix, Inc. | 586,749 | |
5,619 | Equity Residential Properties Trust | 365,572 | |
1,240 | Essex Property Trust, Inc. | 302,684 | |
1,378 | Extra Space Storage, Inc. | 121,595 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Real Estate—continued | |||
5,313 | Healthpeak Properties, Inc. | $138,882 | |
16,852 | Host Hotels & Resorts, Inc. | 207,448 | |
3,492 | Kimco Realty Corp. | 38,098 | |
2,355 | Mid-American Apartment Communities, Inc. | 263,572 | |
7,377 | ProLogis Inc. | 658,250 | |
1,626 | Public Storage | 301,542 | |
3,822 | Realty Income Corp. | 209,904 | |
1,963 | Regency Centers Corp. | 86,195 | |
1,596 | SBA Communications, Corp. | 462,712 | |
5,088 | Simon Property Group, Inc. | 339,726 | |
822 | SL Green Realty Corp. | 43,607 | |
3,058 | UDR, Inc. | 114,583 | |
4,103 | Ventas, Inc. | 132,732 | |
1,884 | Welltower, Inc. | 96,517 | |
6,919 | Weyerhaeuser Co. | 151,319 | |
TOTAL | 7,428,180 | ||
Utilities—3.2% | |||
6,535 | AES Corp. | 86,589 | |
2,644 | Alliant Energy Corp. | 128,366 | |
2,714 | Ameren Corp. | 197,443 | |
5,204 | American Electric Power Co., Inc. | 432,504 | |
2,877 | American Water Works Co., Inc. | 350,102 | |
50 | Atmos Energy Corp. | 5,098 | |
4,973 | CMS Energy Corp. | 283,909 | |
3,552 | Consolidated Edison Co. | 279,898 | |
8,828 | Dominion Energy, Inc. | 680,904 | |
2,228 | DTE Energy Co. | 231,133 | |
6,070 | Duke Energy Corp. | 513,886 | |
1,626 | Edison International | 95,462 | |
1,816 | Entergy Corp. | 173,446 | |
2,081 | Evergy, Inc. | 121,593 | |
3,053 | EverSource Energy | 246,377 | |
10,310 | Exelon Corp. | 382,295 | |
5,775 | FirstEnergy Corp. | 238,334 | |
5,560 | NextEra Energy, Inc. | 1,285,027 | |
8,641 | NiSource, Inc. | 216,976 | |
2,839 | NRG Energy, Inc. | 95,192 | |
8,636 | PPL Corp. | 219,527 |
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Utilities—continued | |||
7,799 | Public Service Enterprises Group, Inc. | $395,487 | |
2,831 | Sempra Energy | 350,619 | |
10,444 | Southern Co. | 592,488 | |
3,281 | WEC Energy Group, Inc. | 297,095 | |
5,769 | Xcel Energy, Inc. | 366,678 | |
TOTAL | 8,266,428 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $69,905,817) | 249,737,356 | ||
INVESTMENT COMPANY—3.4% | |||
8,772,251 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 0.66%3 (IDENTIFIED COST $8,768,714) | 8,775,760 | |
TOTAL INVESTMENT IN SECURITIES—99.8% (IDENTIFIED COST $78,674,531)4 | 258,513,116 | ||
OTHER ASSETS AND LIABILITIES - NET—0.2%5 | 531,960 | ||
TOTAL NET ASSETS—100% | $259,045,076 |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation |
2S&P 500 E-Mini Long Futures | 64 | $9,288,000 | June 2020 | $1,094,572 |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 10/31/2019 | 5,039,404 |
Purchases/Additions | 57,623,306 |
Sales/Reductions | (53,890,459) |
Balance of Shares Held 4/30/2020 | 8,772,251 |
Value | $8,775,760 |
Change in Unrealized Appreciation/Depreciation | $6,338 |
Net Realized Gain/(Loss) | $(6,826) |
Dividend Income | $65,945 |
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 $9,288,000 at April 30, 2020, which represents 3.6% 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. |
Six Months Ended (unaudited) 4/30/2020 | Year Ended October 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $9.91 | $12.74 | $15.09 | $14.54 | $16.06 | $17.27 |
Income From Investment Operations: | ||||||
Net investment income | 0.031 | 0.061 | 0.061 | 0.09 | 0.11 | 0.11 |
Net realized and unrealized gain (loss) | (0.33) | 1.03 | 0.75 | 2.75 | 0.32 | 0.51 |
TOTAL FROM INVESTMENT OPERATIONS | (0.30) | 1.09 | 0.81 | 2.84 | 0.43 | 0.62 |
Less Distributions: | ||||||
Distributions from net investment income | (0.04) | (0.06) | (0.07) | (0.09) | (0.11) | (0.11) |
Distributions from net realized gain | (1.37) | (3.86) | (3.09) | (2.20) | (1.84) | (1.72) |
TOTAL DISTRIBUTIONS | (1.41) | (3.92) | (3.16) | (2.29) | (1.95) | (1.83) |
Net Asset Value, End of Period | $8.20 | $9.91 | $12.74 | $15.09 | $14.54 | $16.06 |
Total Return2 | (3.95)% | 12.59% | 6.09% | 22.22% | 3.19% | 3.71% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.42%3 | 1.41% | 1.41% | 1.42% | 1.42% | 1.42% |
Net investment income | 0.62%3 | 0.61% | 0.48% | 0.60% | 0.75% | 0.61% |
Expense waiver/reimbursement4 | 0.11%3 | 0.10% | 0.06% | 0.05% | 0.05% | 0.04% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $31,163 | $35,742 | $37,324 | $41,904 | $36,956 | $40,273 |
Portfolio turnover | 14% | 32% | 30% | 31% | 31% | 31% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 4/30/2020 | Year Ended October 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $10.12 | $12.92 | $15.27 | $14.68 | $16.19 | $17.39 |
Income From Investment Operations: | ||||||
Net investment income | 0.041 | 0.091 | 0.101 | 0.12 | 0.15 | 0.16 |
Net realized and unrealized gain (loss) | (0.33) | 1.06 | 0.74 | 2.80 | 0.34 | 0.52 |
TOTAL FROM INVESTMENT OPERATIONS | (0.29) | 1.15 | 0.84 | 2.92 | 0.49 | 0.68 |
Less Distributions: | ||||||
Distributions from net investment income | (0.05) | (0.09) | (0.10) | (0.13) | (0.16) | (0.16) |
Distributions from net realized gain | (1.37) | (3.86) | (3.09) | (2.20) | (1.84) | (1.72) |
TOTAL DISTRIBUTIONS | (1.42) | (3.95) | (3.19) | (2.33) | (2.00) | (1.88) |
Net Asset Value, End of Period | $8.41 | $10.12 | $12.92 | $15.27 | $14.68 | $16.19 |
Total Return2 | (3.72)% | 13.00% | 6.31% | 22.65% | 3.56% | 4.05% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.11%3 | 1.08% | 1.11% | 1.11% | 1.10% | 1.10% |
Net investment income | 0.93%3 | 0.94% | 0.79% | 0.92% | 1.07% | 0.93% |
Expense waiver/reimbursement4 | 0.13%3 | 0.11% | 0.07% | 0.07% | 0.08% | 0.06% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $32,885 | $38,142 | $41,765 | $47,867 | $47,998 | $45,190 |
Portfolio turnover | 14% | 32% | 30% | 31% | 31% | 31% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 4/30/2020 | Year Ended October 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $10.31 | $13.09 | $15.42 | $14.80 | $16.31 | $17.50 |
Income From Investment Operations: | ||||||
Net investment income | 0.081 | 0.161 | 0.211 | 0.25 | 0.28 | 0.27 |
Net realized and unrealized gain (loss) | (0.35) | 1.08 | 0.75 | 2.80 | 0.31 | 0.54 |
TOTAL FROM INVESTMENT OPERATIONS | (0.27) | 1.24 | 0.96 | 3.05 | 0.59 | 0.81 |
Less Distributions: | ||||||
Distributions from net investment income | (0.08) | (0.16) | (0.20) | (0.23) | (0.26) | (0.28) |
Distributions from net realized gain | (1.37) | (3.86) | (3.09) | (2.20) | (1.84) | (1.72) |
TOTAL DISTRIBUTIONS | (1.45) | (4.02) | (3.29) | (2.43) | (2.10) | (2.00) |
Net Asset Value, End of Period | $8.59 | $10.31 | $13.09 | $15.42 | $14.80 | $16.31 |
Total Return2 | (3.35)% | 13.76% | 7.16% | 23.55% | 4.30% | 4.87% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.36%3 | 0.36% | 0.36% | 0.36% | 0.35% | 0.35% |
Net investment income | 1.68%3 | 1.66% | 1.56% | 1.67% | 1.82% | 1.68% |
Expense waiver/reimbursement4 | 0.15%3 | 0.13% | 0.11% | 0.08% | 0.09% | 0.07% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $115,363 | $133,835 | $137,792 | $201,836 | $208,577 | $257,742 |
Portfolio turnover | 14% | 32% | 30% | 31% | 31% | 31% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 4/30/2020 | Year Ended October 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $10.14 | $12.94 | $15.28 | $14.69 | $16.20 | $17.40 |
Income From Investment Operations: | ||||||
Net investment income | 0.061 | 0.131 | 0.161 | 0.17 | 0.21 | 0.21 |
Net realized and unrealized gain (loss) | (0.33) | 1.06 | 0.75 | 2.81 | 0.34 | 0.54 |
TOTAL FROM INVESTMENT OPERATIONS | (0.27) | 1.19 | 0.91 | 2.98 | 0.55 | 0.75 |
Less Distributions: | ||||||
Distributions from net investment income | (0.07) | (0.13) | (0.16) | (0.19) | (0.22) | (0.23) |
Distributions from net realized gain | (1.37) | (3.86) | (3.09) | (2.20) | (1.84) | (1.72) |
TOTAL DISTRIBUTIONS | (1.44) | (3.99) | (3.25) | (2.39) | (2.06) | (1.95) |
Net Asset Value, End of Period | $8.43 | $10.14 | $12.94 | $15.28 | $14.69 | $16.20 |
Total Return2 | (3.47)% | 13.41% | 6.85% | 23.14% | 4.01% | 4.52% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.66%3 | 0.66% | 0.66% | 0.66% | 0.65% | 0.65% |
Net investment income | 1.39%3 | 1.36% | 1.24% | 1.39% | 1.52% | 1.38% |
Expense waiver/reimbursement4 | 0.41%3 | 0.39% | 0.35% | 0.35% | 0.36% | 0.35% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $79,634 | $107,852 | $110,443 | $144,226 | $180,503 | $218,171 |
Portfolio turnover | 14% | 32% | 30% | 31% | 31% | 31% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Investment in securities, at value including $8,775,760 of investment in an affiliated holding* (identified cost $78,674,531) | $258,513,116 | |
Due from broker | 744,000 | |
Income receivable | 213,280 | |
Receivable for shares sold | 194,464 | |
Receivable for investments sold | 29,038 | |
Income receivable from an affiliated holding | 4,628 | |
Prepaid expenses | 2,713 | |
TOTAL ASSETS | 259,701,239 | |
Liabilities: | ||
Payable for shares redeemed | $198,612 | |
Payable for investments purchased | 28,282 | |
Payable for variation margin on futures contracts | 120,618 | |
Payable for portfolio accounting fees | 138,924 | |
Payable for transfer agent fees (Note 2) | 55,773 | |
Payable for custodian fees | 47,712 | |
Payable for distribution services fee (Note 5) | 33,832 | |
Payable for other service fees (Notes 2 and 5) | 30,870 | |
Payable for management fee (Note 5) | 1,540 | |
TOTAL LIABILITIES | 656,163 | |
Net assets for 30,596,108 shares outstanding | $259,045,076 | |
Net Assets Consists of: | ||
Paid-in capital | $49,939,248 | |
Total distributable earnings | 209,105,828 | |
TOTAL NET ASSETS | $259,045,076 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class C Shares: | ||
Net asset value per share ($31,162,735 ÷ 3,799,461 shares outstanding) no par value, unlimited shares authorized | $8.20 | |
Offering price per share | $8.20 | |
Redemption proceeds per share (99.00/100 of $8.20) | $8.12 | |
Class R Shares: | ||
Net asset value per share ($32,885,187 ÷ 3,911,616 shares outstanding) no par value, unlimited shares authorized | $8.41 | |
Offering price per share | $8.41 | |
Redemption proceeds per share | $8.41 | |
Institutional Shares: | ||
Net asset value per share ($115,363,253 ÷ 13,435,246 shares outstanding) no par value, unlimited shares authorized | $8.59 | |
Offering price per share | $8.59 | |
Redemption proceeds per share | $8.59 | |
Service Shares: | ||
Net asset value per share ($79,633,901 ÷ 9,449,785 shares outstanding) no par value, unlimited shares authorized | $8.43 | |
Offering price per share | $8.43 | |
Redemption proceeds per share | $8.43 |
* | See information listed after the Fund’s Portfolio of Investments |
Investment Income: | |||
Dividends (including $65,945 received from an affiliated holding* and net of foreign taxes withheld of $1,074) | $2,926,817 | ||
Expenses: | |||
Management fee (Note 5) | $429,153 | ||
Custodian fees | 18,562 | ||
Transfer agent fees (Note 2) | 159,248 | ||
Directors’/Trustees’ fees (Note 5) | 2,599 | ||
Auditing fees | 13,526 | ||
Legal fees | 5,712 | ||
Distribution services fee (Note 5) | 353,028 | ||
Other service fees (Notes 2 and 5) | 153,599 | ||
Portfolio accounting fees | 72,991 | ||
Share registration costs | 33,371 | ||
Printing and postage | 14,831 | ||
Miscellaneous (Note 5) | 33,814 | ||
TOTAL EXPENSES | 1,290,434 | ||
Waivers, Reimbursements and Reduction: | |||
Waiver/reimbursement of management fee (Note 5) | $(153,353) | ||
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (166,040) | ||
Reduction of custodian fees (Note 6) | (186) | ||
TOTAL WAIVERS, REIMBURSEMENTS AND REDUCTION | (319,579) | ||
Net expenses | 970,855 | ||
Net investment income | $1,955,962 |
Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions and Futures Contracts: | |||
Net realized gain on investments and foreign currency transactions (including realized loss of $(6,826) on sales of investments in an affiliated holding*) | $32,693,364 | ||
Net realized loss on futures contracts | (1,535,678) | ||
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $6,338 of investments in an affiliated holding*) | (43,269,514) | ||
Net change in unrealized appreciation of futures contracts | 1,031,885 | ||
Net realized and unrealized gain (loss) on investments, foreign currency transactions and futures contracts | (11,079,943) | ||
Change in net assets resulting from operations | $(9,123,981) |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 4/30/2020 | Year Ended 10/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $1,955,962 | $4,302,258 |
Net realized gain | 31,157,686 | 40,702,928 |
Net change in unrealized appreciation/depreciation | (42,237,629) | (5,269,748) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (9,123,981) | 39,735,438 |
Distributions to Shareholders: | ||
Class C Shares | (5,000,420) | (11,464,301) |
Class R Shares | (5,328,522) | (12,531,865) |
Institutional Shares | (19,138,062) | (42,273,684) |
Service Shares | (13,097,367) | (34,219,634) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (42,564,371) | (100,489,484) |
Share Transactions: | ||
Proceeds from sale of shares | 25,406,812 | 48,431,580 |
Net asset value of shares issued to shareholders in payment of distributions declared | 41,218,276 | 96,301,169 |
Cost of shares redeemed | (71,462,892) | (95,731,113) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (4,837,804) | 49,001,636 |
Change in net assets | (56,526,156) | (11,752,410) |
Net Assets: | ||
Beginning of period | 315,571,232 | 327,323,642 |
End of period | $259,045,076 | $315,571,232 |
■ | 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 | $15,157 | $— |
Class R Shares | 55,031 | (3,626) |
Institutional Shares | 48,084 | (25,726) |
Service Shares | 40,976 | (25,042) |
TOTAL | $159,248 | $(54,394) |
Other Service Fees Incurred | |
Class C Shares | $42,254 |
Service Shares | 111,345 |
TOTAL | $153,599 |
Fair Value of Derivative Instruments | ||
Liability | ||
Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||
Equity contracts | Payable for variation margin | $(1,094,572)* |
* | 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 | (1,535,678) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures Contracts | |
Equity Contracts | 1,031,885 |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 208,164 | $1,772,710 | 433,017 | $4,036,702 |
Shares issued to shareholders in payment of distributions declared | 538,723 | 4,728,789 | 1,231,079 | 10,855,403 |
Shares redeemed | (555,549) | (4,840,758) | (986,588) | (9,168,746) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 191,338 | $1,660,741 | 677,508 | $5,723,359 |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 579,298 | $4,844,068 | 921,790 | $8,857,701 |
Shares issued to shareholders in payment of distributions declared | 584,060 | 5,254,749 | 1,314,903 | 11,847,715 |
Shares redeemed | (1,021,226) | (8,736,238) | (1,698,885) | (16,420,616) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 142,132 | $1,362,579 | 537,808 | $4,284,800 |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,301,525 | $12,309,012 | 2,414,223 | $22,746,339 |
Shares issued to shareholders in payment of distributions declared | 1,999,387 | 18,329,057 | 4,329,927 | 39,806,967 |
Shares redeemed | (2,848,944) | (25,803,627) | (4,290,099) | (41,198,994) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 451,968 | $4,834,442 | 2,454,051 | $21,354,312 |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 744,536 | $6,481,022 | 1,318,157 | $12,790,838 |
Shares issued to shareholders in payment of distributions declared | 1,433,977 | 12,905,681 | 3,737,227 | 33,791,084 |
Shares redeemed | (3,363,128) | (32,082,269) | (2,955,644) | (28,942,757) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (1,184,615) | $(12,695,566) | 2,099,740 | $17,639,165 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (399,177) | $(4,837,804) | 5,769,107 | $49,001,636 |
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 | $126,922 | $— |
Class R Shares | 91,226 | — |
Service Shares | 134,880 | (111,646) |
TOTAL | $353,028 | $(111,646) |
Purchases | $39,516,224 |
Sales | $89,853,437 |
Beginning Account Value 11/1/2019 | Ending Account Value 4/30/2020 | Expenses Paid During Period1 | |
Actual: | |||
Class C Shares | $1,000 | $960.50 | $6.92 |
Class R Shares | $1,000 | $962.80 | $5.42 |
Institutional Shares | $1,000 | $966.50 | $1.76 |
Service Shares | $1,000 | $965.30 | $3.23 |
Hypothetical (assuming a 5% return before expenses): | |||
Class C Shares | $1,000 | $1,017.80 | $7.12 |
Class R Shares | $1,000 | $1,019.34 | $5.57 |
Institutional Shares | $1,000 | $1,023.07 | $1.81 |
Service Shares | $1,000 | $1,021.58 | $3.32 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (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% |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31420E809
CUSIP 31420E106
CUSIP 31420E403
Item 2. | Code of Ethics |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
RegistrantFederated Index Trust
By/S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
DateJune 22, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By/S/ J. Christopher Donahue
J. Christopher Donahue
Principal Executive Officer
DateJune 22, 2020
By/S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
DateJune 22, 2020