Federated MDT All Cap Core Fund
Portfolio of Investments
October 31, 2019 (unaudited)
Shares | Value | ||
COMMON STOCKS—97.9% | |||
Communication Services—10.4% | |||
4,370 | 1 | AMC Networks, Inc. | $190,314 |
24,694 | AT&T, Inc. | 950,472 | |
7,597 | 1 | Alphabet, Inc., Class A | 9,563,104 |
110 | Cable One, Inc. | 145,791 | |
16,597 | 1 | Charter Communications, Inc. | 7,765,072 |
20,698 | 1 | Facebook, Inc. | 3,966,772 |
86,737 | 1 | Live Nation Entertainment, Inc. | 6,114,958 |
43,653 | 1 | MSG Networks, Inc. | 707,615 |
16,252 | 1 | Take-Two Interactive Software, Inc. | 1,955,928 |
41,807 | Verizon Communications, Inc. | 2,528,069 | |
TOTAL | 33,888,095 | ||
Consumer Discretionary—11.1% | |||
490 | 1 | Amazon.com, Inc. | 870,563 |
12,149 | 1 | American Outdoor Brands Corp. | 86,015 |
2,347 | 1 | AutoZone, Inc. | 2,685,860 |
8,736 | 2 | Bed Bath & Beyond, Inc. | 119,683 |
9,895 | 1 | Burlington Stores, Inc. | 1,901,522 |
1,249 | 1 | Chipotle Mexican Grill, Inc. | 971,922 |
2,548 | 1 | Crocs, Inc. | 89,154 |
17,549 | Dunkin' Brands Group, Inc. | 1,379,702 | |
74,601 | eBay, Inc. | 2,629,685 | |
35,142 | Expedia Group, Inc. | 4,802,506 | |
35,900 | Ford Motor Co. | 308,381 | |
9,671 | 1 | Fossil, Inc. | 105,220 |
15,062 | Goodyear Tire & Rubber Co. | 239,034 | |
15,827 | Harley-Davidson, Inc. | 615,829 | |
844 | Hasbro, Inc. | 82,130 | |
13,204 | Hilton Worldwide Holdings, Inc. | 1,280,260 | |
1,665 | Home Depot, Inc. | 390,576 | |
4,881 | Kohl's Corp. | 250,200 | |
3,400 | 1 | Libbey, Inc. | 6,120 |
27,049 | Lowe's Cos., Inc. | 3,018,939 | |
5,328 | 1 | Lululemon Athletica, Inc. | 1,088,351 |
1,347 | McDonald's Corp. | 264,955 | |
1,517 | 1 | Planet Fitness, Inc. | 96,572 |
4,504 | Pulte Group, Inc. | 176,737 | |
9,396 | 1,2 | RH | 1,707,253 |
5,306 | Ralph Lauren Corp. | 509,694 | |
18,906 | Starbucks Corp. | 1,598,691 | |
10,551 | 1,2 | Tailored Brands, Inc. | 48,957 |
18,821 | Target Corp. | 2,012,153 | |
26,258 | 1 | Tempur Sealy International, Inc. | 2,388,165 |
8,419 | Toll Brothers, Inc. | 334,824 | |
7,554 | Tupperware Brands Corp. | 72,745 | |
31,450 | Wyndham Destinations, Inc. | 1,459,594 | |
27,205 | Yum! Brands, Inc. | 2,767,021 | |
TOTAL | 36,359,013 |
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Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Staples—5.6% | |||
15,450 | Church and Dwight, Inc. | $1,080,573 | |
13,269 | Colgate-Palmolive Co. | 910,253 | |
700 | Costco Wholesale Corp. | 207,977 | |
31,562 | 1,2 | Dean Foods Co. | 30,931 |
26,161 | Estee Lauder Cos., Inc., Class A | 4,873,009 | |
7,300 | Fresh Del Monte Produce, Inc. | 232,870 | |
2,606 | Hershey Foods Corp. | 382,743 | |
2,069 | Ingredion, Inc. | 163,451 | |
57,196 | Kimberly-Clark Corp. | 7,600,205 | |
5,599 | Kraft Heinz Co./The | 181,016 | |
16,514 | Lamb Weston Holdings, Inc. | 1,288,753 | |
2,599 | PepsiCo, Inc. | 356,505 | |
1,236 | Procter & Gamble Co. | 153,894 | |
8,969 | Sysco Corp. | 716,354 | |
TOTAL | 18,178,534 | ||
Energy—2.8% | |||
2,828 | 1 | Chaparral Energy, Inc. | 2,651 |
798 | Chevron Corp. | 92,680 | |
18,778 | ConocoPhillips | 1,036,546 | |
105,290 | EOG Resources, Inc. | 7,297,650 | |
2,551 | Helmerich & Payne, Inc. | 95,662 | |
14,747 | HollyFrontier Corp. | 810,200 | |
TOTAL | 9,335,389 | ||
Financials—13.6% | |||
1,856 | 1 | Alleghany Corp. | 1,444,506 |
79,093 | Allstate Corp. | 8,417,077 | |
9,453 | American Express Co. | 1,108,648 | |
49,704 | American International Group, Inc. | 2,632,324 | |
18,117 | Ameriprise Financial, Inc. | 2,733,674 | |
7,709 | 1 | Athene Holding Ltd. | 334,185 |
19,891 | Bank of America Corp. | 621,992 | |
3,052 | BlackRock, Inc. | 1,409,108 | |
6,683 | Capital One Financial Corp. | 623,190 | |
66,976 | Citigroup, Inc. | 4,812,895 | |
30,146 | Citizens Financial Group, Inc. | 1,059,933 | |
2,417 | Discover Financial Services | 193,988 | |
9,113 | Everest Re Group Ltd. | 2,342,861 | |
29,600 | Fifth Third Bancorp | 860,768 | |
11,261 | 1 | Green Dot Corp. | 324,767 |
17,200 | Huntington Bancshares, Inc. | 243,036 | |
2,350 | Intercontinental Exchange, Inc. | 221,652 | |
6,409 | JPMorgan Chase & Co. | 800,612 | |
30,200 | KeyCorp | 542,694 | |
11,250 | LPL Investment Holdings, Inc. | 909,450 | |
1,578 | MSCI, Inc., Class A | 370,136 | |
22,453 | MetLife, Inc. | 1,050,576 | |
991 | NASDAQ, Inc. | 98,872 | |
25,900 | Navient Corp. | 356,643 | |
30,652 | Popular, Inc. | 1,669,308 | |
1,810 | Principal Financial Group, Inc. | 96,618 | |
28,463 | Progressive Corp., OH | 1,983,871 |
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Shares | Value | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
31,485 | Prudential Financial, Inc. | $2,869,543 | |
1,216 | Reinsurance Group of America | 197,564 | |
18,706 | RenaissanceRe Holdings Ltd. | 3,501,389 | |
1,748 | S&P Global, Inc. | 450,967 | |
2,323 | The Hartford Financial Services Group, Inc. | 132,597 | |
TOTAL | 44,415,444 | ||
Health Care—13.8% | |||
22,725 | 1 | Alexion Pharmaceuticals, Inc. | 2,395,215 |
1,153 | 1 | Amedisys, Inc. | 148,183 |
14,783 | AmerisourceBergen Corp. | 1,262,172 | |
1,351 | Amgen, Inc. | 288,101 | |
7,979 | Anthem, Inc. | 2,146,989 | |
16,714 | Baxter International, Inc. | 1,281,964 | |
6,994 | 1 | Biogen, Inc. | 2,089,178 |
1,878 | Chemed Corp. | 739,763 | |
1,911 | Dentsply Sirona, Inc. | 104,685 | |
14,675 | Eli Lilly & Co. | 1,672,216 | |
40,758 | HCA Healthcare, Inc. | 5,442,823 | |
1,162 | 1 | IDEXX Laboratories, Inc. | 331,182 |
3,200 | 1 | IQVIA Holdings, Inc. | 462,144 |
15,052 | 1 | Incyte Genomics, Inc. | 1,263,164 |
230 | 1 | Intuitive Surgical, Inc. | 127,178 |
14,274 | 1 | Jazz Pharmaceuticals PLC | 1,793,243 |
16,435 | McKesson Corp. | 2,185,855 | |
10,337 | 1 | Medicines Co. | 542,589 |
29,213 | Medtronic PLC | 3,181,296 | |
4,765 | 1 | Molina Healthcare, Inc. | 560,555 |
1,633 | 1 | Orthofix Medical, Inc. | 68,635 |
359 | 1 | Regeneron Pharmaceuticals, Inc. | 109,954 |
5,284 | 1 | Repligen Corp. | 420,025 |
32,734 | Stryker Corp. | 7,079,382 | |
16,248 | 1 | Veeva Systems, Inc. | 2,304,454 |
13,756 | 1 | Vertex Pharmaceuticals, Inc. | 2,689,023 |
34,904 | Zoetis, Inc. | 4,464,920 | |
TOTAL | 45,154,888 | ||
Industrials—8.8% | |||
9,100 | AGCO Corp. | 697,879 | |
6,465 | Allison Transmission Holdings, Inc. | 281,939 | |
7,456 | 1 | Cimpress NV | 985,087 |
5,645 | 1 | CoStar Group, Inc. | 3,102,040 |
19,763 | Delta Air Lines, Inc. | 1,088,546 | |
5,086 | Deluxe Corp. | 263,607 | |
10,058 | Fluor Corp. | 162,034 | |
1,696 | GATX Corp. | 134,917 | |
41,740 | Heico Corp. | 5,148,212 | |
21,800 | 1 | Jet Blue Airways Corp. | 420,740 |
6,829 | Kennametal, Inc. | 211,358 | |
7,311 | L3Harris Technologies, Inc. | 1,508,333 | |
7,809 | Lennox International, Inc. | 1,931,634 | |
25,327 | Lockheed Martin Corp. | 9,540,174 | |
14,360 | 1 | SPX Corp. | 653,954 |
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Shares | Value | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
3,016 | SkyWest, Inc. | $179,603 | |
624 | 1 | Teledyne Technologies, Inc. | 205,670 |
203 | 1 | Transdigm Group, Inc. | 106,835 |
2,386 | TransUnion | 197,131 | |
8,090 | 1 | United Airlines Holdings, Inc. | 734,896 |
9,936 | United Parcel Service, Inc. | 1,144,329 | |
3,060 | 1 | WESCO International, Inc. | 153,459 |
TOTAL | 28,852,377 | ||
Information Technology—21.8% | |||
4,641 | 1 | Adobe, Inc. | 1,289,873 |
4,811 | 1 | Akamai Technologies, Inc. | 416,151 |
26,340 | 1 | Ansys, Inc. | 5,798,751 |
16,424 | Apple, Inc. | 4,085,634 | |
47,046 | Automatic Data Processing, Inc. | 7,632,273 | |
17,072 | Booz Allen Hamilton Holding Corp. | 1,201,357 | |
1,623 | CDW Corp. | 207,598 | |
72,561 | 1 | Cadence Design Systems, Inc. | 4,741,861 |
32,221 | DXC Technology Co. | 891,555 | |
535 | 1 | EPAM Systems, Inc. | 94,139 |
3,822 | 1 | Fair Isaac & Co., Inc. | 1,162,041 |
541 | 1 | FleetCor Technologies, Inc. | 159,173 |
19,432 | 1 | Fortinet, Inc. | 1,584,874 |
47,848 | Global Payments, Inc. | 8,094,925 | |
44,378 | HP, Inc. | 770,846 | |
1,578 | 1 | Inphi Corp. | 113,427 |
17,267 | Intel Corp. | 976,103 | |
12,381 | Intuit, Inc. | 3,188,107 | |
6,413 | KLA Corp. | 1,084,054 | |
1,462 | 1 | Keysight Technologies, Inc. | 147,530 |
27,375 | Mastercard, Inc. | 7,577,674 | |
26,542 | Microsoft Corp. | 3,805,327 | |
16,858 | Motorola, Inc. | 2,803,823 | |
6,027 | Paychex, Inc. | 504,098 | |
15,435 | 1 | Paycom Software, Inc. | 3,264,966 |
6,423 | 1 | PayPal Holdings, Inc. | 668,634 |
10,065 | 1 | Salesforce.com, Inc. | 1,575,072 |
4,200 | 1 | Sanmina Corp. | 129,066 |
7,070 | 1 | Synopsys, Inc. | 959,752 |
11,290 | Universal Display Corp. | 2,260,032 | |
27,428 | Vishay Intertechnology, Inc. | 552,674 | |
11,900 | 1 | WEX, Inc. | 2,251,242 |
11,593 | Western Digital Corp. | 598,778 | |
18,900 | Western Union Co. | 473,634 | |
TOTAL | 71,065,044 | ||
Materials—3.5% | |||
40,800 | Domtar, Corp. | 1,484,712 | |
132,422 | DuPont de Nemours, Inc. | 8,727,934 | |
37,454 | Mosaic Co./The | 744,585 | |
760 | Royal Gold, Inc. | 87,734 | |
2,699 | Scotts Miracle-Gro Co. | 270,953 | |
TOTAL | 11,315,918 |
4
Shares | Value | ||
COMMON STOCKS—continued | |||
Real Estate—4.2% | |||
7,677 | American Tower Corp. | $1,674,200 | |
10,403 | Crown Castle International Corp. | 1,443,832 | |
5,365 | Essex Property Trust, Inc. | 1,755,053 | |
4,637 | Mid-American Apartment Communities, Inc. | 644,497 | |
1,336 | Realty Income Corp. | 109,271 | |
23,284 | SBA Communications, Corp. | 5,603,295 | |
13,036 | SL Green Realty Corp. | 1,089,810 | |
2,057 | UDR, Inc. | 103,364 | |
21,644 | Ventas, Inc. | 1,409,024 | |
TOTAL | 13,832,346 | ||
Utilities—2.3% | |||
24,600 | AES Corp. | 419,430 | |
43,908 | Consolidated Edison Co. | 4,049,196 | |
30,424 | Exelon Corp. | 1,383,988 | |
18,501 | NiSource, Inc. | 518,768 | |
2,481 | Pinnacle West Capital Corp. | 233,512 | |
31,946 | Vistra Energy Corp. | 863,500 | |
TOTAL | 7,468,394 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $300,723,184) | 319,865,442 | ||
INVESTMENT COMPANIES—2.1% | |||
553,083 | Federated Government Obligations Fund, Premier Shares, 1.75%3 | 553,083 | |
6,217,023 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.93%3 | 6,218,889 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $6,771,808) | 6,771,972 | ||
TOTAL INVESTMENT IN SECURITIES—100.0% (IDENTIFIED COST $307,494,992) | 326,637,414 | ||
OTHER ASSETS AND LIABILITIES - NET—0.0%4 | (56,178) | ||
TOTAL NET ASSETS—100% | $326,581,236 |
Affiliated fund holdings are
investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with affiliated fund holdings during the period ended October 31, 2019, were as follows:
Federated Government Obligations Fund, Premier Shares* | Federated Institutional Prime Value Obligations Fund, Institutional Shares | Total Affiliated Transactions | |
Balance of Shares Held 7/31/2019 | 491,528 | 7,701,438 | 8,192,966 |
Purchases/Additions | 7,938,344 | 19,276,644 | 27,214,988 |
Sales/Reductions | (7,876,789) | (20,761,059) | (28,637,848) |
Balance of Shares Held 10/31/2019 | 553,083 | 6,217,023 | 6,770,106 |
Value | $553,083 | $6,218,889 | $6,771,972 |
Change in Unrealized Appreciation/Depreciation | N/A | $164 | $164 |
Net Realized Gain/(Loss) | N/A | $(281) | $(281) |
Dividend Income | $ 3,921 | $13,068 | $ 16,989 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | Non-income-producing security. |
2 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
5
As of October 31, 2019, securities
subject to this type of arrangement and related collateral were as follows:
Market Value of Securities Loaned | Collateral Received |
$510,593 | $553,083 |
3 | 7-day net yield. |
4 | Assets, other than investments in securities, less liabilities. |
Note: The categories of investments
are shown as a percentage of total net assets at October 31, 2019.
Investment Valuation
In calculating its net asset value (NAV), the Fund
generally values investments as follows:
■ | Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market. |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”). |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
If any price, quotation, price
evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a
reasonable period of time as set forth in the Fund's valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”),
is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund
could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share.
Fair Valuation Procedures
The Trustees have ultimate responsibility for
determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated MDTA LLC (the
“Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services
recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing
third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional
back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not
available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations
made by the Valuation Committee and any changes made to the procedures.
Factors considered
by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions,
indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation).
Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid
evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC
derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the
Trustees.
Various inputs are used in
determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level
1—quoted prices in active markets for identical securities.
Level
2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level
3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for
valuing securities are not an indication of the risk associated with investing in those securities.
As of October 31, 2019, all
investments of the Fund utilized Level 1 inputs in valuing the Fund's assets carried at fair value.
6