Federated MDT Large Cap Growth Fund
Portfolio of Investments
October 31, 2019 (unaudited)
Shares | Value | ||
COMMON STOCKS—98.2% | |||
Communication Services—12.4% | |||
5,356 | 1 | Alphabet, Inc., Class A | $6,742,133 |
2,373 | 1 | Charter Communications, Inc. | 1,110,232 |
9,100 | 1,2 | Discovery, Inc., Class A | 245,290 |
16,398 | 1 | Facebook, Inc. | 3,142,677 |
12,729 | 1 | Live Nation Entertainment, Inc. | 897,394 |
47,498 | 1,2 | MSG Networks, Inc. | 769,943 |
6,730 | 1 | Take-Two Interactive Software, Inc. | 809,955 |
1,007 | 1 | Twitter, Inc. | 30,180 |
20,898 | Verizon Communications, Inc. | 1,263,702 | |
TOTAL | 15,011,506 | ||
Consumer Discretionary—15.2% | |||
3,023 | 1 | Amazon.com, Inc. | 5,370,843 |
130 | 1 | AutoZone, Inc. | 148,769 |
61 | 1 | Booking Holdings, Inc. | 124,975 |
4,326 | 1 | Burlington Stores, Inc. | 831,327 |
172 | 1 | Chipotle Mexican Grill, Inc. | 133,844 |
16,657 | Dunkin' Brands Group, Inc. | 1,309,573 | |
10,272 | eBay, Inc. | 362,088 | |
23,201 | Expedia Group, Inc. | 3,170,649 | |
25,317 | Ford Motor Co. | 217,473 | |
5,804 | 1 | Fossil, Inc. | 63,148 |
4,516 | 1,2 | GNC Holdings, Inc. | 11,922 |
8,984 | Hilton Worldwide Holdings, Inc. | 871,089 | |
1,216 | Home Depot, Inc. | 285,249 | |
12,881 | Lowe's Cos., Inc. | 1,437,648 | |
1,132 | 1 | Lululemon Athletica, Inc. | 231,234 |
11,628 | Starbucks Corp. | 983,264 | |
6,875 | 1 | Tempur Sealy International, Inc. | 625,281 |
9,449 | Tupperware Brands Corp. | 90,994 | |
29,559 | Wyndham Destinations, Inc. | 1,371,833 | |
6,576 | Yum! Brands, Inc. | 668,845 | |
TOTAL | 18,310,048 | ||
Consumer Staples—3.9% | |||
11,180 | Church and Dwight, Inc. | 781,929 | |
4,301 | Costco Wholesale Corp. | 1,277,870 | |
8,591 | Estee Lauder Cos., Inc., Class A | 1,600,246 | |
12,348 | Flowers Foods, Inc. | 268,199 | |
2,539 | Hershey Foods Corp. | 372,903 | |
379 | Kimberly-Clark Corp. | 50,361 | |
2,422 | PepsiCo, Inc. | 332,226 | |
950 | Sysco Corp. | 75,876 | |
TOTAL | 4,759,610 | ||
Financials—3.7% | |||
2,069 | American Express Co. | 242,652 | |
17,663 | Citizens Financial Group, Inc. | 621,031 | |
769 | Everest Re Group Ltd. | 197,702 | |
1,201 | Intercontinental Exchange, Inc. | 113,278 |
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Shares | Value | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
556 | MSCI, Inc., Class A | $130,415 | |
8,748 | Progressive Corp., OH | 609,736 | |
2,756 | Prudential Financial, Inc. | 251,182 | |
9,230 | RenaissanceRe Holdings Ltd. | 1,727,672 | |
1,898 | S&P Global, Inc. | 489,665 | |
2,300 | 2 | Waddell & Reed Financial, Inc., Class A | 38,088 |
TOTAL | 4,421,421 | ||
Health Care—14.2% | |||
12,417 | 1 | Alexion Pharmaceuticals, Inc. | 1,308,752 |
8,012 | AmerisourceBergen Corp. | 684,065 | |
2,685 | Amgen, Inc. | 572,576 | |
9,306 | Baxter International, Inc. | 713,770 | |
1,628 | 1 | Biogen, Inc. | 486,300 |
976 | Chemed Corp. | 384,456 | |
1,255 | 1 | Edwards Lifesciences Corp. | 299,167 |
5,353 | Eli Lilly & Co. | 609,974 | |
12,247 | HCA Healthcare, Inc. | 1,635,464 | |
1,115 | 1 | IDEXX Laboratories, Inc. | 317,786 |
1,142 | 1 | IQVIA Holdings, Inc. | 164,928 |
6,756 | 1 | Incyte Genomics, Inc. | 566,964 |
1,317 | 1 | Intuitive Surgical, Inc. | 728,235 |
4,018 | 1 | Jazz Pharmaceuticals PLC | 504,781 |
6,759 | Merck & Co., Inc. | 585,735 | |
1,784 | 1 | Molina Healthcare, Inc. | 209,870 |
13,214 | Stryker Corp. | 2,857,792 | |
7,157 | 1 | Veeva Systems, Inc. | 1,015,077 |
4,560 | 1 | Vertex Pharmaceuticals, Inc. | 891,389 |
20,198 | Zoetis, Inc. | 2,583,728 | |
TOTAL | 17,120,809 | ||
Industrials—8.9% | |||
597 | Alaska Air Group, Inc. | 41,450 | |
836 | Boeing Co. | 284,165 | |
2,621 | 1 | CoStar Group, Inc. | 1,440,292 |
18,944 | Heico Corp. | 2,336,553 | |
13,961 | 1 | Jet Blue Airways Corp. | 269,447 |
14,087 | KAR Auction Services, Inc. | 350,203 | |
3,984 | L3Harris Technologies, Inc. | 821,939 | |
10,210 | Lockheed Martin Corp. | 3,845,903 | |
286 | Northrop Grumman Corp. | 100,809 | |
28,428 | Pitney Bowes, Inc. | 125,083 | |
3,882 | R.R. Donnelley & Sons Co. | 16,926 | |
8,054 | TransUnion | 665,421 | |
3,868 | United Parcel Service, Inc. | 445,478 | |
TOTAL | 10,743,669 | ||
Information Technology—36.9% | |||
4,952 | 1 | Adobe, Inc. | 1,376,309 |
5,058 | 1 | Akamai Technologies, Inc. | 437,517 |
14,351 | 1 | Ansys, Inc. | 3,159,373 |
30,767 | Apple, Inc. | 7,653,599 | |
17,030 | Automatic Data Processing, Inc. | 2,762,777 | |
1,211 | Booz Allen Hamilton Holding Corp. | 85,218 |
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Shares | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
1,724 | CDW Corp. | $220,517 | |
35,115 | 1 | Cadence Design Systems, Inc. | 2,294,765 |
973 | 1 | EPAM Systems, Inc. | 171,209 |
1,311 | 1 | F5 Networks, Inc. | 188,889 |
1,236 | 1 | Fair Isaac & Co., Inc. | 375,793 |
1,497 | 1 | Fiserv, Inc. | 158,892 |
5,806 | 1 | Fortinet, Inc. | 473,537 |
19,186 | Global Payments, Inc. | 3,245,887 | |
5,952 | Intuit, Inc. | 1,532,640 | |
3,553 | KLA Corp. | 600,599 | |
1,189 | 1 | Keysight Technologies, Inc. | 119,982 |
452 | 1 | Manhattan Associates, Inc. | 33,877 |
16,126 | Mastercard, Inc. | 4,463,838 | |
46,675 | Microsoft Corp. | 6,691,795 | |
7,508 | Motorola, Inc. | 1,248,731 | |
3,455 | Paychex, Inc. | 288,976 | |
4,054 | 1 | Paycom Software, Inc. | 857,543 |
10,631 | 1 | PayPal Holdings, Inc. | 1,106,687 |
7,215 | 1 | Salesforce.com, Inc. | 1,129,075 |
1,326 | 1 | Synopsys, Inc. | 180,005 |
137 | 1 | Tyler Technologies, Inc. | 36,787 |
7,946 | Universal Display Corp. | 1,590,630 | |
5,303 | 1 | WEX, Inc. | 1,003,222 |
39,295 | Western Union Co. | 984,733 | |
TOTAL | 44,473,402 | ||
Materials—0.5% | |||
1,426 | Grace (W.R.) & Co. | 94,758 | |
5,511 | Scotts Miracle-Gro Co. | 553,249 | |
TOTAL | 648,007 | ||
Real Estate—2.5% | |||
1,166 | American Tower Corp. | 254,282 | |
2,438 | Crown Castle International Corp. | 338,370 | |
9,888 | SBA Communications, Corp. | 2,379,547 | |
TOTAL | 2,972,199 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $98,468,611) | 118,460,671 | ||
INVESTMENT COMPANIES—2.4% | |||
790,345 | Federated Government Obligations Fund, Premier Shares, 1.75%3 | 790,345 | |
2,096,632 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.93%3 | 2,097,261 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $2,887,320) | 2,887,606 | ||
TOTAL INVESTMENT IN SECURITIES—100.6% (IDENTIFIED COST $101,355,931) | 121,348,277 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.6)%4 | (683,897) | ||
TOTAL NET ASSETS—100% | $120,664,380 |
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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 | 145,725 | 2,521,943 | 2,667,668 |
Purchases/Additions | 2,612,520 | 9,745,330 | 12,357,850 |
Sales/Reductions | (1,967,900) | (10,170,641) | (12,138,541) |
Balance of Shares Held 10/31/2019 | 790,345 | 2,096,632 | 2,886,977 |
Value | $790,345 | $2,097,261 | $2,887,606 |
Change in Unrealized Appreciation/Depreciation | N/A | $(302) | $(302) |
Net Realized Gain/(Loss) | N/A | $254 | $254 |
Dividend Income | $ 969 | $6,185 | $ 7,154 |
* | 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. |
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 |
$760,250 | $790,345 |
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
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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.
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