Federated MDT Balanced Fund
Portfolio of Investments
October 31, 2019 (unaudited)
Shares or Principal Amount | Value | ||
COMMON STOCKS—50.4% | |||
Communication Services—4.9% | |||
4,411 | AT&T, Inc. | $169,779 | |
1,601 | 1 | Alphabet, Inc., Class A | 2,015,339 |
3,168 | 1 | Charter Communications, Inc. | 1,482,181 |
5,733 | 1 | Facebook, Inc. | 1,098,729 |
16,304 | 1 | Live Nation Entertainment, Inc. | 1,149,432 |
28,128 | 1 | MSG Networks, Inc. | 455,955 |
346 | Omnicom Group, Inc. | 26,708 | |
2,802 | 1 | Take-Two Interactive Software, Inc. | 337,221 |
13,152 | Verizon Communications, Inc. | 795,301 | |
TOTAL | 7,530,645 | ||
Consumer Discretionary—5.4% | |||
201 | 1 | Amazon.com, Inc. | 357,109 |
375 | 1 | AutoZone, Inc. | 429,143 |
1,878 | 2 | Bed Bath & Beyond, Inc. | 25,729 |
3,037 | 1 | Burlington Stores, Inc. | 583,620 |
209 | 1 | Chipotle Mexican Grill, Inc. | 162,635 |
645 | 1 | Cooper-Standard Holding, Inc. | 20,550 |
569 | 1 | Crocs, Inc. | 19,909 |
4,723 | Dunkin' Brands Group, Inc. | 371,322 | |
15,011 | eBay, Inc. | 529,138 | |
9,353 | Expedia Group, Inc. | 1,278,181 | |
24,635 | Ford Motor Co. | 211,615 | |
3,861 | 1 | Fossil, Inc. | 42,008 |
5,192 | 2 | GameStop Corp. | 28,244 |
4,741 | Goodyear Tire & Rubber Co. | 75,240 | |
3,442 | Harley-Davidson, Inc. | 133,928 | |
3,130 | Hilton Worldwide Holdings, Inc. | 303,485 | |
2,435 | 1 | Libbey, Inc. | 4,383 |
5,753 | Lowe's Cos., Inc. | 642,092 | |
691 | 1 | Lululemon Athletica, Inc. | 141,151 |
771 | McDonald's Corp. | 151,656 | |
1,053 | Pulte Group, Inc. | 41,320 | |
1,470 | 1,2 | RH | 267,099 |
355 | Ralph Lauren Corp. | 34,101 | |
3,900 | 1,2 | Sally Beauty Holdings, Inc. | 60,450 |
5,270 | Starbucks Corp. | 445,631 | |
2,639 | Target Corp. | 282,135 | |
5,107 | 1 | Tempur Sealy International, Inc. | 464,482 |
899 | Toll Brothers, Inc. | 35,753 | |
5,423 | Tupperware Brands Corp. | 52,223 | |
9,457 | Wyndham Destinations, Inc. | 438,899 | |
5,287 | Yum! Brands, Inc. | 537,741 | |
1,135 | 1 | Zumiez, Inc. | 36,218 |
TOTAL | 8,207,190 |
1
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Consumer Staples—3.5% | |||
8,445 | Church and Dwight, Inc. | $590,643 | |
6,084 | Colgate-Palmolive Co. | 417,363 | |
5,918 | Estee Lauder Cos., Inc., Class A | 1,102,346 | |
4,289 | Fresh Del Monte Produce, Inc. | 136,819 | |
2,320 | Hershey Foods Corp. | 340,738 | |
14,002 | Kimberly-Clark Corp. | 1,860,586 | |
3,092 | Lamb Weston Holdings, Inc. | 241,300 | |
3,770 | PepsiCo, Inc. | 517,131 | |
2,005 | Sysco Corp. | 160,139 | |
113 | 1 | The Boston Beer Co., Inc., Class A | 42,314 |
TOTAL | 5,409,379 | ||
Energy—1.4% | |||
1,104 | Chevron Corp. | 128,218 | |
3,143 | ConocoPhillips | 173,494 | |
23,143 | EOG Resources, Inc. | 1,604,041 | |
4,099 | HollyFrontier Corp. | 225,199 | |
14,355 | 1 | Noble Corp. PLC | 17,657 |
TOTAL | 2,148,609 | ||
Financials—6.9% | |||
484 | 1 | Alleghany Corp. | 376,692 |
17,903 | Allstate Corp. | 1,905,237 | |
2,245 | American Express Co. | 263,294 | |
10,491 | American International Group, Inc. | 555,603 | |
1,926 | Ameriprise Financial, Inc. | 290,614 | |
3,264 | 1 | Athene Holding Ltd. | 141,494 |
11,267 | Bank of America Corp. | 352,319 | |
485 | BlackRock, Inc. | 223,924 | |
7,500 | Blackstone Mortgage Trust, Inc. | 272,250 | |
1,047 | Capital One Financial Corp. | 97,633 | |
14,347 | Citigroup, Inc. | 1,030,975 | |
2,010 | Citizens Financial Group, Inc. | 70,672 | |
271 | Discover Financial Services | 21,750 | |
2,874 | Everest Re Group Ltd. | 738,877 | |
17,862 | Fifth Third Bancorp | 519,427 | |
2,075 | 1 | Green Dot Corp. | 59,843 |
11,680 | Huntington Bancshares, Inc. | 165,038 | |
1,268 | Intercontinental Exchange, Inc. | 119,598 | |
12,370 | KeyCorp | 222,289 | |
2,649 | LPL Investment Holdings, Inc. | 214,145 | |
496 | MSCI, Inc., Class A | 116,342 | |
2,853 | MetLife, Inc. | 133,492 | |
321 | NASDAQ, Inc. | 32,026 | |
17,976 | Navient Corp. | 247,529 | |
8,406 | Popular, Inc. | 457,791 | |
6,044 | Progressive Corp., OH | 421,267 | |
4,334 | Prudential Financial, Inc. | 395,001 | |
278 | Reinsurance Group of America | 45,167 | |
4,342 | RenaissanceRe Holdings Ltd. | 812,736 | |
1,019 | S&P Global, Inc. | 262,892 |
2
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
1,262 | The Hartford Financial Services Group, Inc. | $72,035 | |
TOTAL | 10,637,952 | ||
Health Care—6.8% | |||
5,537 | 1 | Alexion Pharmaceuticals, Inc. | 583,600 |
2,190 | AmerisourceBergen Corp. | 186,982 | |
151 | Amgen, Inc. | 32,201 | |
2,007 | Anthem, Inc. | 540,044 | |
4,788 | Baxter International, Inc. | 367,240 | |
1,540 | 1 | Biogen, Inc. | 460,013 |
439 | Chemed Corp. | 172,926 | |
15,524 | 1 | Community Health Systems, Inc. | 54,955 |
3,539 | Eli Lilly & Co. | 403,269 | |
9,127 | HCA Healthcare, Inc. | 1,218,820 | |
321 | 1 | IDEXX Laboratories, Inc. | 91,488 |
1,094 | 1 | IQVIA Holdings, Inc. | 157,995 |
4,752 | 1 | Incyte Genomics, Inc. | 398,788 |
169 | 1 | Intuitive Surgical, Inc. | 93,449 |
3,151 | 1 | Jazz Pharmaceuticals PLC. | 395,860 |
3,898 | McKesson Corp. | 518,434 | |
2,316 | 1 | Medicines Co. | 121,567 |
7,107 | Medtronic PLC | 773,952 | |
1,911 | Merck & Co., Inc. | 165,607 | |
1,347 | 1 | Molina Healthcare, Inc. | 158,461 |
7,074 | Stryker Corp. | 1,529,894 | |
3,087 | 1 | Veeva Systems, Inc. | 437,829 |
2,755 | 1 | Vertex Pharmaceuticals, Inc. | 538,547 |
8,068 | Zoetis, Inc. | 1,032,059 | |
TOTAL | 10,433,980 | ||
Industrials—4.6% | |||
2,951 | AGCO Corp. | 226,312 | |
304 | Alaska Air Group, Inc. | 21,107 | |
11,532 | Allison Transmission Holdings, Inc. | 502,911 | |
1,531 | 1 | Cimpress NV | 202,276 |
1,322 | 1 | CoStar Group, Inc. | 726,465 |
3,279 | Delta Air Lines, Inc. | 180,607 | |
1,162 | Deluxe Corp. | 60,226 | |
1,032 | Ennis, Inc. | 20,217 | |
9,641 | Heico Corp. | 1,189,121 | |
3,004 | 1 | Jet Blue Airways Corp. | 57,977 |
1,906 | L3Harris Technologies, Inc. | 393,227 | |
1,209 | Lennox International, Inc. | 299,058 | |
5,733 | Lockheed Martin Corp. | 2,159,506 | |
81 | Northrop Grumman Corp. | 28,551 | |
10,000 | Pitney Bowes, Inc. | 44,000 | |
9,094 | 1 | SPX Corp. | 414,141 |
151 | 1 | Teledyne Technologies, Inc. | 49,770 |
79 | 1 | Transdigm Group, Inc. | 41,576 |
1,640 | TransUnion | 135,497 |
3
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
2,176 | United Parcel Service, Inc. | $250,610 | |
TOTAL | 7,003,155 | ||
Information Technology—10.8% | |||
1,776 | 1 | Adobe, Inc. | 493,604 |
1,660 | 1 | Akamai Technologies, Inc. | 143,590 |
5,605 | 1 | Ansys, Inc. | 1,233,941 |
3,635 | Apple, Inc. | 904,243 | |
8,935 | Automatic Data Processing, Inc. | 1,449,525 | |
1,170 | Booz Allen Hamilton Holding Corp. | 82,333 | |
18,902 | 1 | Cadence Design Systems, Inc. | 1,235,246 |
5,875 | DXC Technology Co. | 162,561 | |
126 | 1 | EPAM Systems, Inc. | 22,171 |
889 | 1 | Fair Isaac & Co., Inc. | 270,292 |
671 | 1 | Fiserv, Inc. | 71,220 |
3,896 | 1 | Fortinet, Inc. | 317,758 |
10,344 | Global Payments, Inc. | 1,749,998 | |
8,704 | HP, Inc. | 151,188 | |
1,900 | 1 | Insight Enterprises, Inc. | 116,622 |
2,700 | Intuit, Inc. | 695,250 | |
1,441 | KLA Corp. | 243,587 | |
235 | 1 | Keysight Technologies, Inc. | 23,714 |
8,408 | Mastercard, Inc. | 2,327,418 | |
6,195 | Microsoft Corp. | 888,177 | |
4,573 | Motorola, Inc. | 760,581 | |
2,218 | Paychex, Inc. | 185,513 | |
3,711 | 1 | Paycom Software, Inc. | 784,988 |
1,497 | 1 | Salesforce.com, Inc. | 234,265 |
7,000 | 1 | Sanmina Corp. | 215,110 |
1,961 | 1 | Synopsys, Inc. | 266,206 |
1,886 | Universal Display Corp. | 377,539 | |
22,000 | Vishay Intertechnology, Inc. | 443,300 | |
1,760 | 1 | WEX, Inc. | 332,957 |
1,182 | Western Digital Corp. | 61,050 | |
10,000 | Western Union Co. | 250,600 | |
TOTAL | 16,494,547 | ||
Materials—1.7% | |||
9,367 | Domtar, Corp. | 340,865 | |
30,584 | DuPont de Nemours, Inc. | 2,015,792 | |
10,914 | Mosaic Co./The | 216,970 | |
341 | Royal Gold, Inc. | 39,365 | |
436 | Scotts Miracle-Gro Co. | 43,770 | |
TOTAL | 2,656,762 | ||
Real Estate—3.2% | |||
1,900 | Alexandria Real Estate Equities, Inc. | 301,625 | |
763 | 1 | Altisource Portfolio Solutions S.A. | 13,581 |
1,700 | American Tower Corp. | 370,736 | |
7,700 | Americold Realty Trust | 308,693 | |
2,400 | Camden Property Trust | 274,488 | |
2,200 | EastGroup Properties, Inc. | 294,690 |
4
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Real Estate—continued | |||
505 | Equinix, Inc. | $286,224 | |
4,900 | Equity Lifestyle Properties, Inc. | 342,706 | |
3,600 | Equity Residential Properties Trust | 319,176 | |
7,500 | HCP, Inc. | 282,150 | |
12,500 | Invitation Homes, Inc. | 384,875 | |
2,700 | ProLogis, Inc. | 236,952 | |
1,500 | Realty Income Corp. | 122,685 | |
4,300 | Rexford Industrial Realty, Inc. | 206,787 | |
4,200 | STORE Capital Corp. | 170,100 | |
880 | Simon Property Group, Inc. | 132,599 | |
2,300 | Sun Communities, Inc. | 374,095 | |
3,600 | Terreno Realty Corp. | 203,076 | |
10,000 | Weyerhaeuser Co. | 292,100 | |
TOTAL | 4,917,338 | ||
Utilities—1.2% | |||
14,160 | AES Corp. | 241,428 | |
10,928 | Consolidated Edison Co. | 1,007,780 | |
9,313 | Exelon Corp. | 423,649 | |
6,603 | Vistra Energy Corp. | 178,479 | |
TOTAL | 1,851,336 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $72,908,513) | 77,290,893 | ||
ASSET-BACKED SECURITY—0.0% | |||
Auto Receivables—0.0% | |||
$31,882 | Santander Drive Auto Receivables Trust 2016-2, Class C, 2.660%, 11/15/2021 (IDENTIFIED COST $31,875) | 31,911 | |
COLLATERALIZED MORTGAGE OBLIGATIONS—0.0% | |||
303 | 3 | Bear Stearns Mortgage Securities, Inc. 1997-6, Class 1A, 6.283%, 3/25/2031 | 302 |
803 | Federal Home Loan Mortgage Corp. REMIC, Series 1311, Class K, 7.000%, 7/15/2022 | 835 | |
1,014 | Federal Home Loan Mortgage Corp. REMIC, Series 1384, Class D, 7.000%, 9/15/2022 | 1,060 | |
3,743 | Federal Home Loan Mortgage Corp. REMIC, Series 2497, Class JH, 6.000%, 9/15/2032 | 4,165 | |
3,026 | 4 | Federal National Mortgage Association REMIC, Series 1993-113, Class SB, 9.749% (10-year Constant Maturity Treasury +48.285%), Maximum Rate 9.749%, 7/25/2023 | 3,242 |
859 | Federal National Mortgage Association REMIC, Series 2003-35, Class UC, 3.750%, 5/25/2033 | 882 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $10,110) | 10,486 | ||
COMMERCIAL MORTGAGE-BACKED SECURITIES—2.0% | |||
Commercial Mortgage—2.0% | |||
170,000 | Banc of America Commercial Mortgage Trust 2016-UBS10, Class A4, 3.170%, 7/15/2049 | 178,118 | |
190,000 | Bank 2017-BNK8, Class A4, 3.488%, 11/15/2050 | 204,976 | |
220,000 | Bank 2018-BN15, Class A4, 4.407%, 11/15/2061 | 254,038 | |
190,000 | CD Commercial Mortgage Trust 2016-CD1, Class A4, 2.724%, 8/10/2049 | 194,900 | |
200,000 | Citigroup Commercial Mortgage Trust 2013-GC11, Class B, 3.732%, 4/10/2046 | 207,420 | |
70,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1, Class AM, 3.912%, 5/15/2045 | 72,733 | |
125,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1, Class B, 4.612%, 5/15/2045 | 130,255 | |
200,000 | Commercial Mortgage Trust 2013-CR8, Class B, 3.959%, 6/10/2046 | 209,708 | |
200,000 | Commercial Mortgage Trust 2014-LC17, Class B, 4.490%, 10/10/2047 | 216,082 | |
300,000 | Commercial Mortgage Trust 2015-DC1, Class AM, 3.724%, 2/10/2048 | 315,633 | |
200,000 | FREMF Mortgage Trust 2013-K25 REMIC, Class B, 3.618%, 11/25/2045 | 207,551 | |
67,948 | Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025 | 68,362 |
5
Shares or Principal Amount | Value | ||
COMMERCIAL MORTGAGE-BACKED SECURITIES—continued | |||
Commercial Mortgage—continued | |||
$164,961 | Federal Home Loan Mortgage Corp. REMIC, Series K504, Class A2, 2.566%, 9/25/2020 | $165,015 | |
100,000 | GS Mortgage Securities Corp. II 2012-GCJ7, Class AS, 4.085%, 5/10/2045 | 103,732 | |
200,000 | JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049 | 210,199 | |
50,000 | JPMDB Commercial Mortgage Securities Trust 2017-C5, Class A5, 3.693%, 3/15/2050 | 54,044 | |
100,000 | Morgan Stanley Capital I 2012-C4, Class AS, 3.773%, 3/15/2045 | 103,542 | |
150,000 | UBS-Barclays Commercial Mortgage Trust 2013-C6, Class B, 3.875%, 4/10/2046 | 156,784 | |
25,000 | WF-RBS Commercial Mortgage Trust 2012-C6, Class B, 4.697%, 4/15/2045 | 26,255 | |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $3,004,136) | 3,079,347 | ||
CORPORATE BONDS—13.7% | |||
Basic Industry - Chemicals—0.0% | |||
35,000 | Incitec Pivot Finance LLC, Company Guarantee, 144A, 6.000%, 12/10/2019 | 35,110 | |
Basic Industry - Metals & Mining—0.2% | |||
15,000 | Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 4/15/2040 | 17,012 | |
62,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 4.450%, 3/1/2023 | 64,021 | |
40,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 5.200%, 7/15/2021 | 41,004 | |
20,000 | Newcrest Finance Property Ltd., Sr. Unsecd. Note, 144A, 4.200%, 10/1/2022 | 20,936 | |
100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 4/15/2023 | 106,159 | |
20,000 | Southern Copper Corp., Sr. Unsecd. Note, 6.750%, 4/16/2040 | 25,887 | |
TOTAL | 275,019 | ||
Basic Industry - Paper—0.0% | |||
10,000 | Weyerhaeuser Co., Sr. Unsecd. Note, 3.250%, 3/15/2023 | 10,294 | |
20,000 | Weyerhaeuser Co., Sr. Unsecd. Note, 4.700%, 3/15/2021 | 20,534 | |
TOTAL | 30,828 | ||
Capital Goods - Aerospace & Defense—0.2% | |||
100,000 | Arconic, Inc., 5.870%, 2/23/2022 | 106,970 | |
11,000 | Embraer Overseas Ltd., Sr. Unsecd. Note, 144A, 5.696%, 9/16/2023 | 12,155 | |
20,000 | Raytheon Co., Sr. Note, 4.400%, 2/15/2020 | 20,140 | |
10,000 | Rockwell Collins, Inc., Sr. Unsecd. Note, 3.100%, 11/15/2021 | 10,193 | |
40,000 | 4 | Textron Financial Corp., Jr. Sub. Note, 144A, 3.893% (3-month USLIBOR +1.735%), 2/15/2042 | 30,175 |
50,000 | Textron, Inc., Sr. Unsecd. Note, 4.000%, 3/15/2026 | 53,741 | |
50,000 | Textron, Inc., Sr. Unsecd. Note, 4.300%, 3/1/2024 | 53,768 | |
TOTAL | 287,142 | ||
Capital Goods - Building Materials—0.2% | |||
200,000 | Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.200%, 10/1/2024 | 204,098 | |
80,000 | Masco Corp., Sr. Unsecd. Note, 4.375%, 4/1/2026 | 86,892 | |
TOTAL | 290,990 | ||
Capital Goods - Diversified Manufacturing—0.2% | |||
15,000 | Avery Dennison Corp., Sr. Unsecd. Note, 5.375%, 4/15/2020 | 15,204 | |
30,000 | General Electric Capital Corp., Sr. Unsecd. Note, Series GMTN, 3.100%, 1/9/2023 | 30,555 | |
15,000 | Thomas & Betts Corp., Sr. Unsecd. Note, 5.625%, 11/15/2021 | 16,056 | |
200,000 | Valmont Industries, Inc., 5.250%, 10/1/2054 | 205,638 | |
TOTAL | 267,453 | ||
Capital Goods - Packaging—0.0% | |||
45,000 | Packaging Corp. of America, Sr. Unsecd. Note, 3.900%, 6/15/2022 | 46,775 | |
Communications - Cable & Satellite—0.1% | |||
200,000 | CCO Safari II LLC, 4.908%, 7/23/2025 | 220,801 | |
Communications - Media & Entertainment—0.2% | |||
30,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046 | 36,560 |
6
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Communications - Media & Entertainment—continued | |||
$25,000 | Moody's Corp., Sr. Unsecd. Note, 5.500%, 9/1/2020 | $25,730 | |
250,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.600%, 4/15/2026 | 264,168 | |
20,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.625%, 5/1/2022 | 20,744 | |
TOTAL | 347,202 | ||
Communications - Telecom Wireless—0.4% | |||
150,000 | Crown Castle International Corp., Sr. Unsecd. Note, 3.700%, 6/15/2026 | 159,191 | |
200,000 | Vodafone Group PLC, Sr. Unsecd. Note, 4.250%, 9/17/2050 | 204,725 | |
200,000 | Vodafone Group PLC, Sr. Unsecd. Note, 4.875%, 6/19/2049 | 225,543 | |
TOTAL | 589,459 | ||
Communications - Telecom Wirelines—0.2% | |||
150,000 | Telefonica Emisiones SAU, Sr. Unsecd. Note, 5.520%, 3/1/2049 | 182,751 | |
90,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 3/15/2024 | 97,463 | |
TOTAL | 280,214 | ||
Consumer Cyclical - Automotive—0.3% | |||
10,000 | DaimlerChrysler North America Holding Corp., Company Guarantee, 8.500%, 1/18/2031 | 15,102 | |
200,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.336%, 3/18/2021 | 201,207 | |
160,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.200%, 7/6/2021 | 161,982 | |
TOTAL | 378,291 | ||
Consumer Cyclical - Leisure—0.1% | |||
66,707 | Football Trust V, Pass Thru Cert., 5.350%, 10/5/2020 | 68,733 | |
Consumer Cyclical - Lodging—0.0% | |||
30,000 | Hyatt Hotels Corp., Sr. Unsecd. Note, 3.375%, 7/15/2023 | 31,117 | |
Consumer Cyclical - Retailers—0.4% | |||
50,000 | Advance Auto Parts, Inc., 4.500%, 12/1/2023 | 53,956 | |
40,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.125%, 4/21/2026 | 41,527 | |
250,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 4/15/2025 | 260,692 | |
175,000 | CVS Health Corp., Sr. Unsecd. Note, 2.875%, 6/1/2026 | 176,384 | |
10,000 | O'Reilly Automotive, Inc., Company Guarantee, 4.875%, 1/14/2021 | 10,275 | |
80,000 | Under Armour, Inc., Sr. Unsecd. Note, 3.250%, 6/15/2026 | 77,395 | |
TOTAL | 620,229 | ||
Consumer Cyclical - Services—0.3% | |||
200,000 | Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.800%, 6/6/2023 | 202,953 | |
125,000 | Amazon.com, Inc., Sr. Unsecd. Note, 3.800%, 12/5/2024 | 135,884 | |
65,000 | Expedia, Inc., Company Guarantee, 5.950%, 8/15/2020 | 66,933 | |
10,000 | University of Southern California, Sr. Unsecd. Note, 5.250%, 10/1/2111 | 14,768 | |
70,000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | 74,901 | |
TOTAL | 495,439 | ||
Consumer Non-Cyclical - Food/Beverage—1.0% | |||
300,000 | Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 5.550%, 1/23/2049 | 391,550 | |
300,000 | Danone SA, Sr. Unsecd. Note, 144A, 2.947%, 11/2/2026 | 309,633 | |
140,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026 | 144,518 | |
80,000 | General Mills, Inc., Sr. Unsecd. Note, 4.700%, 4/17/2048 | 94,327 | |
270,000 | Heineken NV, Sr. Unsecd. Note, 144A, 3.500%, 1/29/2028 | 287,582 | |
200,000 | Kerry Group Financial Services, Sr. Unsecd. Note, 144A, 3.200%, 4/9/2023 | 203,608 | |
60,000 | McCormick & Co., Inc., Sr. Unsecd. Note, 3.400%, 8/15/2027 | 63,069 | |
50,000 | Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025 | 54,948 | |
TOTAL | 1,549,235 | ||
Consumer Non-Cyclical - Health Care—0.1% | |||
135,000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 2.750%, 9/15/2029 | 135,059 |
7
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Consumer Non-Cyclical - Health Care—continued | |||
$15,000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 3.200%, 10/1/2022 | $15,345 | |
10,000 | Laboratory Corp. of America Holdings, Sr. Unsecd. Note, 3.750%, 8/23/2022 | 10,393 | |
TOTAL | 160,797 | ||
Consumer Non-Cyclical - Pharmaceuticals—0.1% | |||
105,000 | Eli Lilly & Co., Sr. Unsecd. Note, 3.950%, 3/15/2049 | 122,825 | |
Consumer Non-Cyclical - Products—0.1% | |||
200,000 | Newell Rubbermaid, Inc., Sr. Unsecd. Note, 4.200%, 4/1/2026 | 209,200 | |
Consumer Non-Cyclical - Supermarkets—0.2% | |||
290,000 | Kroger Co., Sr. Unsecd. Note, 5.400%, 1/15/2049 | 344,420 | |
Energy - Independent—0.4% | |||
250,000 | Canadian Natural Resources Ltd., 3.900%, 2/1/2025 | 266,385 | |
125,000 | Cimarex Energy Co., Sr. Unsecd. Note, 3.900%, 5/15/2027 | 127,102 | |
150,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 2.900%, 8/15/2024 | 151,337 | |
TOTAL | 544,824 | ||
Energy - Integrated—0.5% | |||
135,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.119%, 5/4/2026 | 141,612 | |
300,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.937%, 9/21/2028 | 333,385 | |
75,000 | Husky Energy, Inc., 4.000%, 4/15/2024 | 78,949 | |
240,000 | Husky Energy, Inc., Sr. Unsecd. Note, 4.400%, 4/15/2029 | 254,479 | |
TOTAL | 808,425 | ||
Energy - Midstream—1.0% | |||
100,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 | 104,994 | |
75,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.900%, 2/1/2024 | 80,994 | |
170,000 | Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.950%, 2/15/2027 | 183,978 | |
270,000 | Enterprise Products Operating LLC, Sr. Unsecd. Note, 4.200%, 1/31/2050 | 286,424 | |
10,000 | Florida Gas Transmission Co. LLC, Sr. Unsecd. Note, 144A, 5.450%, 7/15/2020 | 10,220 | |
150,000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, 5.000%, 3/1/2043 | 161,424 | |
100,000 | Kinder Morgan, Inc., 5.050%, 2/15/2046 | 109,571 | |
40,000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 | 42,042 | |
225,000 | MPLX LP, Sr. Unsecd. Note, 5.500%, 2/15/2049 | 252,589 | |
195,000 | ONEOK, Inc., Sr. Unsecd. Note, 4.950%, 7/13/2047 | 211,300 | |
20,000 | Texas Eastern Transmission LP, Sr. Unsecd. Note, 144A, 2.800%, 10/15/2022 | 20,147 | |
30,000 | Williams Partners LP, Sr. Unsecd. Note, 4.125%, 11/15/2020 | 30,466 | |
TOTAL | 1,494,149 | ||
Energy - Oil Field Services—0.1% | |||
15,000 | Nabors Industries, Inc., Company Guarantee, 5.000%, 9/15/2020 | 14,925 | |
20,000 | Nabors Industries, Inc., Sr. Unsecd. Note, 4.625%, 9/15/2021 | 18,650 | |
50,000 | Nabors Industries, Inc., Sr. Unsecd. Note, 5.100%, 9/15/2023 | 38,500 | |
TOTAL | 72,075 | ||
Energy - Refining—0.0% | |||
10,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 3/1/2041 | 12,933 | |
Financial Institution - Banking—2.5% | |||
74,000 | American Express Co., 2.650%, 12/2/2022 | 75,607 | |
250,000 | American Express Credit Corp., Sr. Unsecd. Note, Series MTN, 2.250%, 5/5/2021 | 251,400 | |
300,000 | Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.500%, 4/19/2026 | 319,452 | |
250,000 | 4 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 2.748% (3-month USLIBOR +0.650%), 10/1/2021 | 250,915 |
100,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 5.000%, 5/13/2021 | 104,659 | |
200,000 | Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025 | 213,333 | |
200,000 | Citigroup, Inc., Sr. Unsecd. Note, 2.700%, 3/30/2021 | 201,995 |
8
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Banking—continued | |||
$250,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.300%, 4/27/2025 | $262,175 | |
170,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.400%, 5/1/2026 | 178,647 | |
25,000 | City National Corp., Sr. Unsecd. Note, 5.250%, 9/15/2020 | 25,751 | |
30,000 | Comerica, Inc., 3.800%, 7/22/2026 | 31,858 | |
75,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 3.650%, 1/25/2024 | 79,181 | |
275,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.625%, 1/22/2023 | 287,587 | |
150,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.250%, 2/1/2041 | 210,227 | |
50,000 | HSBC Holdings PLC, Sr. Unsecd. Note, 5.100%, 4/5/2021 | 52,130 | |
400,000 | JPMorgan Chase & Co., Sub. Note, 3.375%, 5/1/2023 | 416,927 | |
300,000 | Morgan Stanley, 4.300%, 1/27/2045 | 350,754 | |
120,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 2.500%, 4/21/2021 | 120,927 | |
210,000 | Regions Financial Corp., Sr. Unsecd. Note, 3.200%, 2/8/2021 | 212,913 | |
130,000 | SunTrust Banks, Inc., Sr. Unsecd. Note, 2.900%, 3/3/2021 | 131,500 | |
TOTAL | 3,777,938 | ||
Financial Institution - Broker/Asset Mgr/Exchange—0.2% | |||
80,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | 85,244 | |
125,000 | Jefferies Group LLC, Sr. Unsecd. Note, 6.875%, 4/15/2021 | 132,767 | |
70,000 | Nuveen LLC, Sr. Unsecd. Note, 144A, 4.000%, 11/1/2028 | 78,628 | |
13,000 | Raymond James Financial, Inc., Sr. Unsecd. Note, 5.625%, 4/1/2024 | 14,647 | |
TOTAL | 311,286 | ||
Financial Institution - Finance Companies—0.6% | |||
170,000 | AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.950%, 2/1/2022 | 175,964 | |
150,000 | AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, Sr. Unsecd. Note, 4.875%, 1/16/2024 | 162,979 | |
250,000 | Discover Bank, Sr. Unsecd. Note, Series BKNT, 4.650%, 9/13/2028 | 281,212 | |
250,000 | GE Capital International Funding, Inc., Sr. Unsecd. Note, 4.418%, 11/15/2035 | 263,821 | |
TOTAL | 883,976 | ||
Financial Institution - Insurance - Life—0.7% | |||
200,000 | Aflac, Inc., Sr. Unsecd. Note, 3.625%, 6/15/2023 | 211,534 | |
25,000 | American International Group, Inc., 4.500%, 7/16/2044 | 27,934 | |
35,000 | American International Group, Inc., Sr. Unsecd. Note, 4.125%, 2/15/2024 | 37,625 | |
125,000 | American International Group, Inc., Sr. Unsecd. Note, 4.200%, 4/1/2028 | 137,558 | |
10,000 | Lincoln National Corp., Sr. Unsecd. Note, 4.200%, 3/15/2022 | 10,472 | |
275,000 | Mass Mutual Global Funding II, 144A, 2.000%, 4/15/2021 | 275,099 | |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039 | 16,464 | |
250,000 | MetLife, Inc., Sr. Unsecd. Note, 3.600%, 4/10/2024 | 265,931 | |
15,000 | Penn Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040 | 21,858 | |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.125%, 5/15/2023 | 10,330 | |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.300%, 9/15/2022 | 10,329 | |
50,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040 | 67,487 | |
TOTAL | 1,092,621 | ||
Financial Institution - Insurance - P&C—0.1% | |||
100,000 | Liberty Mutual Group, Inc., Sr. Unsecd. Note, 144A, 3.951%, 10/15/2050 | 103,587 | |
65,000 | Nationwide Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039 | 112,495 | |
TOTAL | 216,082 | ||
Financial Institution - REIT - Apartment—0.1% | |||
20,000 | Post Apartment Homes LP, Sr. Unsecd. Note, 3.375%, 12/1/2022 | 20,628 | |
10,000 | UDR, Inc., Company Guarantee, Series 0001, 4.625%, 1/10/2022 | 10,497 | |
70,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026 | 71,694 | |
TOTAL | 102,819 |
9
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - REIT - Healthcare—0.2% | |||
$50,000 | Healthcare Trust of America, 3.700%, 4/15/2023 | $51,768 | |
220,000 | Healthcare Trust of America, Sr. Unsecd. Note, 3.100%, 2/15/2030 | 220,112 | |
TOTAL | 271,880 | ||
Financial Institution - REIT - Office—0.1% | |||
50,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.900%, 6/15/2023 | 52,846 | |
70,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028 | 75,845 | |
TOTAL | 128,691 | ||
Financial Institution - REIT - Other—0.1% | |||
105,000 | WP Carey, Inc., Sr. Unsecd. Note, 3.850%, 7/15/2029 | 111,944 | |
75,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024 | 80,264 | |
TOTAL | 192,208 | ||
Financial Institution - REIT - Retail—0.0% | |||
50,000 | Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/1/2022 | 51,780 | |
Sovereign—0.0% | |||
30,000 | Corp Andina De Fomento, Sr. Unsecd. Note, 4.375%, 6/15/2022 | 31,644 | |
Technology—0.7% | |||
30,000 | Apple, Inc., Sr. Unsecd. Note, 2.400%, 5/3/2023 | 30,559 | |
200,000 | Apple, Inc., Sr. Unsecd. Note, 2.950%, 9/11/2049 | 193,725 | |
20,000 | Corning, Inc., Unsecd. Note, 4.750%, 3/15/2042 | 22,951 | |
240,000 | Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr. Secd. Note, 144A, 6.020%, 6/15/2026 | 274,101 | |
125,000 | Equifax, Inc., Sr. Unsecd. Note, 2.300%, 6/1/2021 | 125,140 | |
53,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.500%, 4/15/2023 | 55,376 | |
110,000 | Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029 | 116,190 | |
70,000 | Hewlett Packard Enterprise Co., Sr. Unsecd. Note, 3.600%, 10/15/2020 | 70,949 | |
20,000 | Ingram Micro, Inc., Sr. Unsecd. Note, 5.000%, 8/10/2022 | 20,507 | |
50,000 | Total System Services, Inc., Sr. Unsecd. Note, 4.800%, 4/1/2026 | 56,215 | |
10,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 9/12/2022 | 10,577 | |
50,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 5.500%, 6/15/2045 | 62,587 | |
TOTAL | 1,038,877 | ||
Transportation - Railroads—0.2% | |||
50,000 | Burlington Northern Santa Fe Corp., Deb., 5.750%, 5/1/2040 | 67,710 | |
30,000 | Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2023 | 30,776 | |
225,000 | Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.125%, 6/1/2026 | 228,463 | |
TOTAL | 326,949 | ||
Transportation - Services—0.2% | |||
70,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.800%, 3/1/2022 | 71,105 | |
200,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 3.750%, 6/9/2023 | 210,086 | |
30,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 3.125%, 1/15/2021 | 30,455 | |
TOTAL | 311,646 | ||
Utility - Electric—1.6% | |||
110,000 | Duke Energy Corp., Sr. Unsecd. Note, 2.650%, 9/1/2026 | 111,398 | |
70,000 | Electricite de France SA, Note, 144A, 5.600%, 1/27/2040 | 88,337 | |
300,000 | Electricite de France SA, Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028 | 336,794 | |
140,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 | 164,448 | |
280,000 | Enel Finance International NV, Sr. Unsecd. Note, 144A, 4.625%, 9/14/2025 | 307,255 | |
170,000 | EverSource Energy, Sr. Unsecd. Note, 3.350%, 3/15/2026 | 176,129 | |
200,000 | Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026 | 210,555 | |
100,000 | Exelon Generation Co. LLC, Sr. Unsecd. Note, 4.250%, 6/15/2022 | 104,834 | |
10,000 | Great Plains Energy, Inc., Note, 4.850%, 6/1/2021 | 10,364 |
10
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Utility - Electric—continued | |||
$300,000 | Metropolitan Edison Co., Sr. Unsecd. Note, 144A, 4.300%, 1/15/2029 | $337,452 | |
110,000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 | 118,997 | |
25,000 | National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, Series MTNC, 8.000%, 3/1/2032 | 37,551 | |
250,000 | PPL Capital Funding, Inc., Sr. Unsecd. Note, 3.100%, 5/15/2026 | 256,363 | |
175,000 | Southern Co., Sr. Unsecd. Note, 3.250%, 7/1/2026 | 182,716 | |
10,000 | TECO Finance, Inc., Company Guarantee, 5.150%, 3/15/2020 | 10,107 | |
40,000 | UIL Holdings Corp., Sr. Unsecd. Note, 4.625%, 10/1/2020 | 40,921 | |
TOTAL | 2,494,221 | ||
Utility - Natural Gas—0.1% | |||
50,000 | Enbridge Energy Partners LP, Sr. Unsecd. Note, 4.200%, 9/15/2021 | 51,708 | |
65,000 | National Fuel Gas Co., Sr. Unsecd. Note, 3.750%, 3/1/2023 | 66,844 | |
TOTAL | 118,552 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $19,474,623) | 20,934,855 | ||
U.S. TREASURIES—3.6% | |||
108,249 | 5 | U.S. Treasury Inflation-Protected Notes, 0.125%, 4/15/2021 | 107,408 |
170,031 | U.S. Treasury Inflation-Protected Notes, 0.125%, 1/15/2022 | 168,894 | |
289,530 | U.S. Treasury Inflation-Protected Notes, 0.750%, 2/15/2042 | 303,493 | |
817,928 | U.S. Treasury Inflation-Protected Notes, 0.875%, 1/15/2029 | 868,744 | |
270,183 | U.S. Treasury Inflation-Protected Notes, 1.000%, 2/15/2049 | 302,575 | |
137,604 | U.S. Treasury Inflation-Protected Notes, 1.375%, 2/15/2044 | 163,741 | |
325,000 | United States Treasury Bond, 2.250%, 8/15/2049 | 330,383 | |
50,000 | United States Treasury Bond, 3.000%, 2/15/2049 | 58,975 | |
600,000 | United States Treasury Note, 1.375%, 8/31/2026 | 591,070 | |
300,000 | United States Treasury Note, 1.500%, 9/30/2024 | 299,613 | |
120,000 | United States Treasury Note, 2.250%, 3/31/2021 | 121,097 | |
50,000 | United States Treasury Note, 2.250%, 4/30/2024 | 51,563 | |
425,000 | United States Treasury Note, 2.375%, 4/30/2026 | 445,287 | |
775,000 | United States Treasury Note, 2.375%, 5/15/2029 | 822,354 | |
25,000 | United States Treasury Note, 2.500%, 1/31/2021 | 25,279 | |
375,000 | United States Treasury Note, 2.500%, 2/28/2021 | 379,445 | |
400,000 | United States Treasury Note, 2.625%, 2/15/2029 | 432,734 | |
TOTAL U.S. TREASURIES (IDENTIFIED COST $5,253,250) | 5,472,655 | ||
EXCHANGE-TRADED FUNDS—9.5% | |||
32,075 | iShares Core MSCI Emerging Markets ETF | 1,641,278 | |
192,700 | iShares MSCI EAFE ETF | 12,991,834 | |
TOTAL EXCHANGE-TRADED FUNDS (IDENTIFIED COST $14,673,303) | 14,633,112 | ||
INVESTMENT COMPANIES—20.5% | |||
291,670 | Emerging Markets Core Fund | 2,907,950 | |
177,824 | Federated Bank Loan Core Fund | 1,728,447 | |
149,083 | Federated Government Obligations Fund, Premier Shares, 1.75%6 | 149,083 | |
3,003,563 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.93%6 | 3,004,464 | |
1,655,349 | Federated Mortgage Core Portfolio | 16,387,956 | |
366,100 | Federated Project and Trade Finance Core Fund | 3,294,904 |
11
Shares or Principal Amount | Value | ||
INVESTMENT COMPANIES—continued | |||
632,331 | High Yield Bond Portfolio | $3,958,389 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $31,987,041) | 31,431,193 | ||
TOTAL INVESTMENT IN SECURITIES—99.7% (IDENTIFIED COST $147,342,851) | 152,884,452 | ||
OTHER ASSETS AND LIABILITIES - NET—0.3%7 | 384,292 | ||
TOTAL NET ASSETS—100% | $153,268,744 |
At October 31, 2019, the Fund had the following outstanding futures contracts:
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
1United States Treasury Note 2-Year Long Futures | 57 | $12,289,289 | December 2019 | $(25,682) |
1United States Treasury Note 5-Year Long Futures | 15 | $1,788,047 | December 2019 | $(6,765) |
1United States Treasury Ultra Bond Long Futures | 6 | $1,138,500 | December 2019 | $(36,436) |
1United States Treasury Note 10-Year Short Futures | 12 | $1,563,563 | December 2019 | $14,628 |
1United States Treasury Note 10-Year Ultra Short Futures | 8 | $1,136,875 | December 2019 | $15,357 |
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $(38,898) |
The average notional value of long and short futures contracts held by the Fund throughout the period was $16,096,428 and $3,481,094, respectively. This is based on the contracts held as of each month-end throughout the three-month fiscal period.
Net Unrealized Depreciation on Futures Contracts is included in “Other Assets and Liabilities—Net.”
Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions involving the affiliated fund holdings during the period ended October 31, 2019, were as follows:
Affiliates | Balance of Shares Held 7/31/2019 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 10/31/2019 | Value | Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/(Loss) | Dividend Income |
Emerging Markets Core Fund | 278,303 | 13,367 | — | 291,670 | $2,907,950 | $(8,925) | $— | $33,545 |
Federated Bank Loan Core Fund | 135,857 | 41,967 | — | 177,824 | $1,728,447 | $(21,669) | $— | $19,340 |
Federated Government Obligations Fund, Premier Shares* | 145,972 | 20,368,169 | (20,365,058) | 149,083 | $149,083 | NA | NA | $ 5,508 |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | 5,815,511 | 7,004,696 | (9,816,644) | 3,003,563 | $3,004,464 | $113 | $(259) | $10,989 |
Federated Mortgage Core Portfolio | 1,314,242 | 610,833 | (269,726) | 1,655,349 | $16,387,956 | $(26,337) | $80,620 | $112,691 |
Federated Project and Trade Finance Core Fund | 362,119 | 3,981 | — | 366,100 | $3,294,904 | $(7,255) | $— | $35,846 |
High Yield Bond Portfolio | 691,626 | 30,705 | (90,000) | 632,331 | $3,958,389 | $(21,953) | $3,595 | $67,123 |
TOTAL OF AFFILIATED TRANSACTIONS | 8,743,630 | 28,073,718 | (30,541,428) | 6,275,920 | $31,431,193 | $(86,026) | $83,956 | $285,042 |
* | 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. |
12
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 |
$136,597 | $149,083 |
3 | JPMorgan Chase & Co. has fully and unconditionally guaranteed Bear Stearns' outstanding registered debt securities. |
4 | Floating/variable note with current rate and current maturity or next reset date shown. |
5 | All or a portion of this security is pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts. |
6 | 7-day net yield. |
7 | 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. |
■ | 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. |
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 and Significant Events 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.
13
The Trustees also have adopted procedures requiring an investment to be priced at its fair value whenever the Adviser determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment's value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
■ | 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. |
The Trustees have adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Fund will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Trustees. The Trustees have ultimate responsibility for any fair valuations made in response to a significant event.
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.
The following is a summary of the inputs used, as of October 31, 2019, in valuing the Fund's assets carried at fair value:
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $73,599,850 | $— | $— | $73,599,850 |
International | 3,691,043 | — | — | 3,691,043 |
Debt Securities: | ||||
Asset-Backed Security | — | 31,911 | — | 31,911 |
Collateralized Mortgage Obligations | — | 10,486 | — | 10,486 |
Commercial Mortgage-Backed Securities | — | 3,079,347 | — | 3,079,347 |
Corporate Bonds | — | 20,934,855 | — | 20,934,855 |
U.S. Treasuries | — | 5,472,655 | — | 5,472,655 |
Exchange-Traded Funds | 14,633,112 | — | — | 14,633,112 |
Investment Companies1 | 28,136,289 | — | — | 31,431,193 |
TOTAL SECURITIES | $120,060,294 | $29,529,254 | — | $152,884,452 |
Other Financial Instruments2 | ||||
Assets | $29,985 | — | — | $29,985 |
Liabilities | (68,883) | — | — | (68,883) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $(38,898) | — | — | $(38,898) |
1 | As permitted by U.S. generally accepted accounting principles, the Investment Company valued at $3,294,904 is measured at fair value using the NAV per share practical expedient and has not been categorized in the chart above but is included in the Total column. The price of shares redeemed of Federated Project and Trade Finance Core Fund may be determined as of the closing NAV of the fund up to twenty-four days after receipt of a shareholder redemption request. |
2 | Other financial instruments are futures contracts. |
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The following acronyms are used throughout this portfolio:
BKNT | —Bank Notes |
ETF | —Exchange-Traded Fund |
FREMF | —Freddie Mac Multifamily K-Deals |
GMTN | —Global Medium Term Note |
LIBOR | —London Interbank Offered Rate |
MTN | —Medium Term Note |
REIT | —Real Estate Investment Trust |
REMIC | —Real Estate Mortgage Investment Conduit |
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