Federated MDT Small Cap Core Fund
Portfolio of Investments
October 31, 2019 (unaudited)
Shares | Value | ||
COMMON STOCKS—98.3% | |||
Communication Services—2.3% | |||
370,416 | 1 | Cars.com, Inc. | $4,189,405 |
7,977 | Cogent Communications Holdings, Inc. | 467,771 | |
198,610 | Emerald Expositions Events, Inc. | 1,930,489 | |
720,286 | 1,2 | Frontier Communications Corp. | 655,460 |
95,956 | 1 | Imax Corp. | 2,048,661 |
77,992 | 2 | Meredith Corp. | 2,940,298 |
81,608 | National CineMedia, Inc. | 685,099 | |
251,853 | Tegna, Inc. | 3,785,351 | |
105,735 | 1 | Yelp, Inc. | 3,648,915 |
TOTAL | 20,351,449 | ||
Consumer Discretionary—12.2% | |||
49,391 | 1,2 | Asbury Automotive Group, Inc. | 5,093,694 |
83,417 | 1 | Ascena Retail Group, Inc. | 29,379 |
127,382 | 1 | Beazer Homes USA, Inc. | 1,912,004 |
33,440 | 1 | Boot Barn Holdings, Inc. | 1,172,072 |
11,256 | 2 | Brinker International, Inc. | 500,329 |
114,109 | 1,2 | Cooper-Standard Holding, Inc. | 3,635,513 |
119,313 | 1 | CROCs, Inc. | 4,174,762 |
21,925 | 1 | Deckers Outdoor Corp. | 3,352,333 |
341,556 | 1 | Everi Holdings, Inc. | 3,436,053 |
8,327 | 1,2 | Francesca's Holdings Corp. | 144,473 |
19,087 | 1 | GameStop Corp. | 103,833 |
27,189 | Group 1 Automotive, Inc. | 2,703,674 | |
57,779 | 1,2 | iRobot Corp. | 2,776,859 |
63,135 | Jack in the Box, Inc. | 5,304,603 | |
1,913 | Johnson Outdoors, Inc., Class A | 112,006 | |
326,483 | KB HOME | 11,652,178 | |
174,449 | 1,2 | K12, Inc. | 3,452,346 |
50,458 | Lithia Motors, Inc., Class A | 7,946,126 | |
29,801 | M.D.C. Holdings, Inc. | 1,153,597 | |
5,852 | 1 | M/I Homes, Inc. | 258,541 |
62,297 | 1 | Meritage Corp. | 4,490,991 |
72,008 | 2 | PetMed Express, Inc. | 1,686,067 |
64,093 | 1,2 | RH | 11,645,698 |
172,693 | Rent-A-Center, Inc. | 4,467,568 | |
271,377 | 1,2 | SeaWorld Entertainment, Inc. | 7,169,780 |
21,595 | 2 | Signet Jewelers Ltd. | 346,384 |
18,034 | 1 | Skyline Corp. | 509,100 |
5,652 | 1 | Sleep Number Corp. | 271,974 |
32,167 | 1,2 | Stamps.com, Inc. | 2,715,860 |
315,363 | 1 | TRI Pointe Group, Inc. | 4,963,814 |
154,381 | 1 | Taylor Morrison Home Corp. | 3,867,244 |
84,196 | 2 | Wingstop, Inc. | 7,024,472 |
18,975 | 1,2 | YETI Holdings, Inc. | 632,057 |
TOTAL | 108,705,384 | ||
Consumer Staples—2.5% | |||
9,125 | 1 | Chefs Warehouse, Inc. | 302,266 |
1
Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
5,228 | 2 | Coca-Cola Bottling Co. | $1,434,354 |
91,676 | 1 | elf Beauty, Inc. | 1,540,157 |
44,387 | Ingles Markets, Inc., Class A | 1,750,180 | |
31,960 | 2 | Medifast, Inc. | 3,545,642 |
35,055 | 1,2 | National Beverage Corp. | 1,541,018 |
115,356 | 1 | Performance Food Group Co. | 4,915,319 |
11,892 | 1 | The Boston Beer Co., Inc., Class A | 4,453,078 |
45,058 | Universal Corp. | 2,469,178 | |
TOTAL | 21,951,192 | ||
Energy—3.8% | |||
35,622 | 1 | Abraxas Petroleum Corp. | 10,330 |
101,400 | 2 | Arch Coal, Inc. | 7,999,446 |
141,470 | 1,2 | CONSOL Energy, Inc. | 1,871,648 |
850,893 | 1,2 | Denbury Resources, Inc. | 849,276 |
118,854 | Gulf Island Fabrication, Inc. | 622,795 | |
271,507 | 1,2 | Key Energy Services, Inc. | 323,989 |
59,458 | 1,2 | Montage Resources Corp. | 268,750 |
311,491 | 1 | Newpark Resources, Inc. | 1,868,946 |
6,644 | 1 | Nine Energy Services, Inc. | 37,539 |
255,895 | 1,2 | Noble Corp. PLC | 314,751 |
438,665 | 1 | Oil States International, Inc. | 6,259,750 |
262,526 | Peabody Energy Corp. | 2,764,399 | |
49,163 | QEP Resources, Inc. | 163,713 | |
145,376 | 2 | RPC, Inc. | 601,857 |
255,547 | 1,2 | Renewable Energy Group, Inc. | 4,175,638 |
78,252 | 2 | Scorpio Tankers, Inc. | 2,489,196 |
172,048 | 1,2 | Seadrill Ltd. | 302,804 |
220,805 | 1,2 | Southwestern Energy Co. | 452,650 |
402,146 | 1,2 | Whiting Petroleum Corp. | 2,549,606 |
TOTAL | 33,927,083 | ||
Financials—18.9% | |||
36,561 | 1st Source Corp. | 1,871,192 | |
93,435 | American Equity Investment Life Holding Co. | 2,305,976 | |
35,640 | BancFirst Corp. | 2,063,200 | |
106,627 | BancorpSouth Bank | 3,270,250 | |
55,969 | Banner Corp. | 3,021,207 | |
120,722 | Employers Holdings, Inc. | 5,111,369 | |
57,924 | 1 | Enova International, Inc. | 1,360,635 |
149,099 | Essent Group Ltd. | 7,766,567 | |
247,328 | 1,2 | Ezcorp, Inc., Class A | 1,300,945 |
35,247 | Financial Institutions, Inc. | 1,107,813 | |
231,336 | First Bancorp, Inc. | 8,732,934 | |
635,950 | 2 | First BanCorp | 6,690,194 |
170,742 | First Defiance Financial Corp. | 5,279,343 | |
9,457 | First Foundation, Inc. | 151,407 | |
48,448 | First Guaranty Bancshares, Inc. | 1,017,408 | |
11,502 | First Merchants Corp. | 454,904 | |
479,249 | Fulton Financial Corp. | 8,175,988 | |
256,499 | 1 | Green Dot Corp. | 7,397,431 |
75,865 | Hancock Whitney Corp. | 2,958,735 | |
5,856 | Heartland Financial USA, Inc. | 273,944 |
2
Shares | Value | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
11,439 | Hilltop Holdings, Inc. | $267,215 | |
87,244 | Hometrust Bancshares, Inc. | 2,329,415 | |
685,507 | Investors Bancorp, Inc. | 8,260,359 | |
143,251 | Kinsale Capital Group, Inc. | 15,144,496 | |
228,828 | MGIC Investment Corp. | 3,137,232 | |
156,105 | Meridian Bancorp, Inc. | 3,053,414 | |
156,941 | 1 | NMI Holdings, Inc. | 4,590,524 |
165,063 | National Bank Holdings Corp. | 5,678,167 | |
414,118 | 2 | National General Holdings Corp. | 8,828,996 |
619,631 | 2 | New York Mortgage Trust, Inc. | 3,878,890 |
21,663 | 1,2 | Nicolet Bankshares, Inc. | 1,494,314 |
169,690 | OceanFirst Financial Corp. | 4,060,682 | |
46,703 | 1,2 | PRA Group, Inc. | 1,584,633 |
24,550 | 1 | Palomar Holdings, Inc. | 1,108,432 |
118,289 | Peapack-Gladstone Financial Corp. | 3,454,039 | |
85,026 | 1,2 | Pennymac Financial Services, Inc. | 2,646,859 |
112,685 | QCR Holdings, Inc. | 4,572,757 | |
187,714 | Radian Group, Inc. | 4,711,621 | |
4,861 | 1 | Regional Management Corp. | 140,629 |
10,230 | Republic Bancorp, Inc. | 454,928 | |
7,546 | Selective Insurance Group, Inc. | 521,580 | |
47,073 | Simmons 1st National Corp., Class A | 1,125,986 | |
64,077 | Stifel Financial Corp. | 3,587,030 | |
63,905 | TriCo Bancshares | 2,404,745 | |
69,544 | UMB Financial Corp. | 4,538,441 | |
50,973 | Washington Federal, Inc. | 1,858,476 | |
227,145 | Waterstone Financial, Inc. | 4,231,711 | |
108,805 | Western New England Bancorp, Inc. | 1,040,176 | |
TOTAL | 169,017,189 | ||
Health Care—15.5% | |||
69,868 | 1,2 | AMAG Pharmaceutical, Inc. | 678,069 |
62,388 | 1 | Acadia Pharmaceuticals, Inc. | 2,645,875 |
228,081 | 1 | Acorda Therapeutics, Inc. | 376,334 |
66,205 | 1,3 | Adeptus Health, Inc., Class A | 0 |
13,275 | 1 | Affimed N.V. | 39,028 |
676,995 | 1,2 | Akorn, Inc. | 3,378,205 |
12,788 | 1 | Alphatec Holdings, Inc. | 87,981 |
19,841 | 1 | Amedisys, Inc. | 2,549,965 |
9,599 | 1,2 | American Renal Associates Holdings, Inc. | 79,864 |
6,158 | 1 | Arena Pharmaceuticals, Inc. | 299,987 |
361,657 | 1 | Assertio Therapeutics, Inc. | 285,745 |
114,019 | CONMED Corp. | 12,544,370 | |
154,876 | 1 | Cardiovascular Systems, Inc. | 6,895,080 |
169,184 | 1,2 | Clovis Oncology, Inc. | 536,313 |
28,418 | 1 | Cymabay Therapeutics, Inc. | 127,597 |
323,823 | 1 | Cytokinetics, Inc. | 3,772,538 |
7,470 | 1 | Deciphera Pharmaceuticals, Inc. | 331,220 |
14,535 | 1 | Dicerna Pharmaceuticals, Inc. | 239,682 |
410,633 | 1 | Endo International PLC | 1,884,805 |
27,285 | 1,2 | Globus Medical, Inc. | 1,428,915 |
85,604 | 1 | HMS Holdings Corp. | 2,798,395 |
3
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
16,230 | 1 | Haemonetics Corp. | $1,959,448 |
25,234 | 1 | Halozyme Therapeutics, Inc. | 386,585 |
188,255 | 1 | Inogen, Inc. | 10,247,661 |
115,504 | 1,2 | Karyopharm Therapeutics, Inc. | 1,351,397 |
90,213 | 1 | Kura Oncology, Inc. | 1,351,391 |
34,088 | 1,2 | Lannett Co., Inc. | 405,306 |
37,727 | 2 | LeMaitre Vascular, Inc. | 1,305,354 |
575,101 | 1,2 | Mallinckrodt PLC | 1,817,319 |
250,698 | 1,2 | Medicines Co. | 13,159,138 |
120,533 | 1 | Medpace Holdings, Inc. | 8,874,845 |
18,043 | 1 | Meridian Bioscience, Inc. | 176,641 |
5,877 | 1,2 | Mirati Therapeutics, Inc. | 553,496 |
33,855 | 1 | Molina Healthcare, Inc. | 3,982,702 |
199,881 | 1 | Natera, Inc. | 7,699,416 |
15,512 | 1 | Nevro Corp. | 1,337,134 |
22,640 | 1 | NuVasive, Inc. | 1,597,026 |
58,431 | 1 | Orthofix Medical, Inc. | 2,455,855 |
78,960 | Owens & Minor, Inc. | 531,401 | |
195,131 | 1,2 | Puma Biotechnology, Inc. | 1,326,891 |
90,540 | 1 | R1 RCM, Inc. | 962,440 |
134,407 | 1 | Radius Health, Inc. | 3,822,535 |
10,702 | 1,2 | Reata Pharmaceuticals, Inc. | 2,205,468 |
23,562 | 1 | Recro Pharma, Inc. | 371,573 |
161,098 | 1 | Repligen Corp. | 12,805,680 |
3,793 | Simulations Plus, Inc. | 134,310 | |
80,195 | 1 | Supernus Pharmaceuticals, Inc. | 2,228,619 |
73,240 | 1 | Syneos Health, Inc. | 3,672,986 |
16,813 | 1 | Tandem Diabetes Care, Inc. | 1,035,345 |
27,201 | 2 | U.S. Physical Therapy, Inc. | 3,848,125 |
24,713 | 1 | Vanda Pharmaceuticals, Inc. | 333,873 |
31,177 | 1,2 | Viking Therapeutics, Inc. | 201,715 |
356,768 | 1 | Voyager Therapeutics, Inc. | 5,490,660 |
TOTAL | 138,612,303 | ||
Industrials—16.8% | |||
155,374 | Acco Brands Corp. | 1,421,672 | |
67,410 | 1 | Aerojet Rocketdyne Holdings, Inc. | 2,914,134 |
46,792 | 1,2 | Aerovironment, Inc. | 2,713,000 |
175,676 | Arcosa, Inc. | 6,747,715 | |
10,207 | 1 | Armstrong Flooring, Inc. | 62,671 |
218,560 | 1 | Atkore International Group, Inc. | 7,584,032 |
5,455 | 1 | Atlas Air Worldwide Holdings, Inc. | 119,628 |
5,936 | 1 | BlueLinx Holdings, Inc. | 185,559 |
208,195 | 1 | CECO Environmental Corp. | 1,428,218 |
97,823 | 1 | Casella Waste Systems, Inc. | 4,264,105 |
66,341 | 1,2 | Cimpress NV | 8,764,973 |
74,911 | Costamare, Inc. | 588,800 | |
31,526 | Covanta Holding Corp. | 455,235 | |
79,917 | Deluxe Corp. | 4,142,098 | |
140,201 | 1 | Echo Global Logistics, Inc. | 2,791,402 |
61,111 | Emcor Group, Inc. | 5,360,046 | |
71,812 | EnPro Industries, Inc. | 4,994,525 |
4
Shares | Value | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
128,754 | 2 | Exponent, Inc. | $8,179,742 |
55,829 | 1 | FTI Consulting, Inc. | 6,078,103 |
89,510 | Federal Signal Corp. | 2,903,704 | |
210,443 | 1 | Foundation Building Materials, Inc. | 3,912,135 |
9,851 | 2 | GATX Corp. | 783,647 |
159,524 | 1 | GMS, Inc. | 4,779,339 |
30,746 | 1 | Generac Holdings, Inc. | 2,969,449 |
151,921 | 1 | Great Lakes Dredge & Dock Corp. | 1,633,151 |
122,541 | Heidrick & Struggles International, Inc. | 3,487,517 | |
89,438 | Hillenbrand, Inc. | 2,753,796 | |
5,857 | 1 | Hub Group, Inc. | 268,251 |
79,039 | Hurco Co., Inc. | 2,749,767 | |
15,475 | John Bean Technologies Corp. | 1,590,366 | |
33,763 | 1,2 | Mastec, Inc. | 2,125,043 |
19,401 | 2 | Maxar Technologies, Inc. | 164,715 |
28,768 | 1 | Mercury Systems, Inc. | 2,119,051 |
90,779 | 1 | Meritor, Inc. | 1,999,861 |
114,160 | Miller Herman, Inc. | 5,308,440 | |
25,510 | 1 | Now, Inc. | 268,875 |
217,144 | 1,2 | Rexnord Corp. | 6,143,004 |
80,863 | Rush Enterprises, Inc. | 3,532,904 | |
6,307 | 1 | SPX Corp. | 287,221 |
83,156 | 1,2 | Saia, Inc. | 7,417,515 |
52,430 | SkyWest, Inc. | 3,122,207 | |
7,483 | Spartan Motors, Inc. | 130,728 | |
80,946 | Tetra Tech, Inc. | 7,080,347 | |
169,150 | 1 | Titan Machinery, Inc. | 2,807,890 |
168,743 | Triton International Ltd. | 6,192,868 | |
24,235 | Unifirst Corp. | 4,867,357 | |
TOTAL | 150,194,806 | ||
Information Technology—12.2% | |||
51,214 | 1 | Ambarella, Inc. | 2,695,393 |
6,179 | 2 | Blackbaud, Inc. | 518,727 |
21,913 | 1 | CACI International, Inc., Class A | 4,903,034 |
123,612 | 1,2 | Cardtronics, Inc. | 4,234,947 |
14,518 | 1 | Ciena Corp. | 538,908 |
36,809 | 1 | Cirrus Logic, Inc. | 2,501,540 |
59,357 | 1 | Commvault Systems, Inc. | 2,948,262 |
5,137 | Comtech Telecommunications Corp. | 179,538 | |
174,123 | 1 | Conduent, Inc. | 1,076,080 |
123,633 | 1 | Cornerstone OnDemand, Inc. | 7,241,185 |
65,893 | 1 | Diebold Nixdorf, Inc. | 461,251 |
68,426 | 1 | Digital Turbine, Inc. | 478,298 |
69,478 | 1 | Diodes, Inc. | 3,241,149 |
102,596 | Evertec, Inc. | 3,138,412 | |
66,987 | 1,2 | Evo Payments, Inc. | 1,904,440 |
24,646 | 1 | Extreme Networks, Inc. | 158,720 |
14,988 | 1 | Five9, Inc. | 831,984 |
198,215 | 1,2 | GTT Communications, Inc. | 1,492,559 |
100,552 | 1 | Inphi Corp. | 7,227,678 |
24,014 | 1,2 | Insight Enterprises, Inc. | 1,473,979 |
5
Shares | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
6,847 | 1 | Itron, Inc. | $522,152 |
79,020 | 1,2 | j2 Global, Inc. | 7,503,739 |
73,580 | KBR, Inc. | 2,072,013 | |
47,510 | 1 | Kimball Electronics, Inc. | 705,999 |
389,199 | 1 | Lattice Semiconductor Corp. | 7,624,408 |
12,671 | 1 | MA-COM Technology Solutions Holdings, Inc. | 288,139 |
224,172 | 1 | Model N, Inc. | 6,678,084 |
242,136 | 1 | Netgear, Inc. | 6,578,835 |
13,285 | 1 | OSI Systems, Inc. | 1,318,403 |
54,643 | 1 | PROS Holdings, Inc. | 2,799,907 |
16,156 | 1 | Paylocity Corp. | 1,657,606 |
231,651 | 1 | Perficient, Inc. | 9,080,719 |
26,451 | Perspecta, Inc. | 702,009 | |
5,785 | Power Integrations, Inc. | 527,071 | |
5,416 | 1 | SMART Global Holdings, Inc. | 160,855 |
175,340 | 1 | SPS Commerce, Inc. | 9,252,692 |
9,310 | 1 | Secureworks Corp. | 113,210 |
49,898 | 1,2 | ShotSpotter, Inc. | 1,007,940 |
49,965 | 1,2 | Stratasys, Inc. | 1,033,276 |
92,422 | XPERI Corp. | 1,876,629 | |
TOTAL | 108,749,770 | ||
Materials—2.7% | |||
249,509 | 1,2 | Allegheny Technologies, Inc. | 5,242,184 |
13,554 | 2 | Carpenter Technology Corp. | 664,417 |
19,205 | Fuller (H.B.) Co. | 937,204 | |
2,675 | Kaiser Aluminum Corp. | 286,439 | |
132,521 | 1 | Kraton Corp. | 2,971,121 |
87,515 | Myers Industries, Inc. | 1,481,629 | |
132,413 | Schnitzer Steel Industries, Inc., Class A | 2,825,693 | |
132,206 | Trinseo SA | 5,618,755 | |
28,208 | 1 | UFP Technologies, Inc. | 1,173,735 |
184,697 | 1 | Verso Corp. | 2,703,964 |
TOTAL | 23,905,141 | ||
Real Estate—8.6% | |||
9,431 | Agree Realty Corp. | 742,880 | |
11,771 | American Assets Trust, Inc. | 576,308 | |
55,971 | 2 | American Finance Trust, Inc. | 828,371 |
33,217 | Armada Hoffler Properties, Inc. | 622,487 | |
118,483 | City Office REIT, Inc. | 1,604,260 | |
299,375 | Easterly Government Properties, Inc. | 6,682,050 | |
84,355 | EastGroup Properties, Inc. | 11,299,352 | |
22,539 | Essential Properties Realty Trust, Inc. | 578,351 | |
261,479 | 2 | First Industrial Realty Trust | 11,010,881 |
58,375 | Gladstone Commercial Corp. | 1,375,315 | |
148,373 | Healthcare Realty Trust, Inc. | 5,158,929 | |
456,523 | Independence Realty Trust | 7,030,454 | |
15,858 | National Health Investors, Inc. | 1,360,458 | |
22,477 | National Storage Affiliates Trust | 768,039 | |
25,439 | NexPoint Residential Trust, Inc. | 1,240,660 | |
15,284 | Physicians Realty Trust | 285,352 | |
188,464 | QTS Realty Trust, Inc. | 10,099,786 |
6
Shares | Value | ||
COMMON STOCKS—continued | |||
Real Estate—continued | |||
6,524 | RMR Group, Inc./The | $315,762 | |
29,262 | Retail Opportunity Investments Corp. | 546,175 | |
188,107 | Rexford Industrial Realty, Inc. | 9,046,066 | |
104,039 | STAG Industrial, Inc. | 3,229,370 | |
159,140 | Sunstone Hotel Investors, Inc. | 2,149,981 | |
TOTAL | 76,551,287 | ||
Utilities—2.8% | |||
2,867 | American States Water Co. | 272,738 | |
19,259 | 2 | Avista Corp. | 925,010 |
308,112 | Clearway Energy, Inc. | 5,290,283 | |
105,048 | Portland General Electric Co. | 5,975,130 | |
96,799 | Southwest Gas Holdings, Inc. | 8,450,553 | |
213,979 | TerraForm Power, Inc. | 3,633,363 | |
TOTAL | 24,547,077 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $877,293,593) | 876,512,681 | ||
INVESTMENT COMPANIES—10.6% | |||
36,808,466 | Federated Government Obligations Fund, Premier Shares, 1.75%4 | 36,808,466 | |
58,063,474 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.93%4 | 58,080,893 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $94,887,916) | 94,889,359 | ||
TOTAL INVESTMENT IN SECURITIES—108.9% (IDENTIFIED COST $972,181,509) | 971,402,040 | ||
OTHER ASSETS AND LIABILITIES - NET—(8.9)%5 | (79,531,911) | ||
TOTAL NET ASSETS—100% | $891,870,129 |
An affiliated company is a company
in which the Fund, alone or in combination with other funds, has ownership of at least 5% of the voting shares. Transactions with affiliated companies during the period ended October 31, 2019, were as follows:
Affiliated | 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* |
Information Technology | ||||||||
ShotSpotter, Inc. | — | 49,898 | — | 49,898 | $1,007,940 | $(25,816) | $— | $— |
* | A portion of the amount shown was recorded when the Fund no longer had ownership of at least 5% of the voting shares. |
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 | 37,415,748 | 84,083,002 | 121,498,750 |
Purchases/Additions | 116,268,700 | 150,297,575 | 266,566,275 |
Sales/Reductions | (116,875,982) | (176,317,103) | (293,193,085) |
Balance of Shares Held 10/31/2019 | 36,808,466 | 58,063,474 | 94,871,940 |
Value | $36,808,466 | $58,080,893 | $94,889,359 |
Change in Unrealized Appreciation/Depreciation | N/A | $(807) | $(807) |
Net Realized Gain/(Loss) | N/A | $1,434 | $1,434 |
Dividend Income | $207,770 | $404,972 | $612,742 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
7
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 |
$75,496,352 | $79,528,466 |
3 | Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established by and under the general supervision of the Fund's Board of Trustees (the “Trustees”). |
4 | 7-day net yield. |
5 | Assets, other than investments in securities, less liabilities. A significant portion of this balance represents loans to unaffiliated qualified brokers for securities lending. The Fund receives cash from the broker as collateral for the loaned securities and reinvests the collateral in certain short-term securities such as affiliated money market funds, other money market instruments and/or repurchase agreements. |
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 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.
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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 | $820,384,692 | $— | $0 | $820,384,692 |
International | 56,127,989 | — | — | 56,127,989 |
Investment Companies | 94,889,359 | — | — | 94,889,359 |
TOTAL SECURITIES | $971,402,040 | $— | $0 | $971,402,040 |
The following acronym is used
throughout this portfolio:
REIT | —Real Estate Investment Trust |
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