Federated MDT Balanced Fund
Portfolio of Investments
April 30, 2020 (unaudited)
Shares or Principal Amount | Value | ||
COMMON STOCKS—57.1% | |||
Communication Services—6.0% | |||
2,376 | 1 | Alphabet, Inc., Class A | $3,199,759 |
147 | Cable One, Inc. | 281,190 | |
21,112 | 1 | Cars.com, Inc. | 109,360 |
6,754 | CenturyLink, Inc. | 71,727 | |
2,612 | 1 | Charter Communications, Inc. | 1,293,541 |
14,105 | Cogent Communications Holdings, Inc. | 1,182,422 | |
1,550 | 1 | Facebook, Inc. | 317,301 |
28,128 | 1,2 | MSG Networks, Inc. | 334,161 |
7,770 | Meredith Corp. | 115,229 | |
1,158 | 1 | NetFlix, Inc. | 486,186 |
12,082 | 1 | TripAdvisor, Inc. | 241,278 |
22,944 | Verizon Communications, Inc. | 1,318,133 | |
TOTAL | 8,950,287 | ||
Consumer Discretionary—5.6% | |||
6,144 | Aaron's, Inc. | 196,055 | |
1,029 | 1 | Amazon.com, Inc. | 2,545,746 |
1,980 | 1 | American Axle & Manufacturing Holdings, Inc. | 8,554 |
43,394 | 2 | Carnival Corp. | 689,965 |
2,677 | 1 | Cooper-Standard Holding, Inc. | 34,399 |
600 | Dollar General Corp. | 105,180 | |
4,733 | Domino's Pizza, Inc. | 1,713,015 | |
3,688 | eBay, Inc. | 146,893 | |
1,169 | Expedia Group, Inc. | 82,976 | |
24,635 | Ford Motor Co. | 125,392 | |
1,231 | 1,2 | Funko, Inc. | 5,269 |
5,876 | 1 | G-III Apparel Group Ltd. | 66,575 |
3,001 | Garmin Ltd. | 243,561 | |
15,297 | Goodyear Tire & Rubber Co. | 109,679 | |
1,590 | Harley-Davidson, Inc. | 34,710 | |
497 | 1,2 | iRobot Corp. | 30,297 |
43,927 | Kohl's Corp. | 810,892 | |
2,435 | 1 | Libbey, Inc. | 2,800 |
63,282 | 2 | Macy's, Inc. | 370,833 |
23,276 | 1,2 | Norwegian Cruise Line Holdings Ltd. | 381,726 |
501 | 1 | O'Reilly Automotive, Inc. | 193,556 |
3,174 | PVH Corp. | 156,256 | |
124 | Pool Corp. | 26,246 | |
3,046 | 1,2 | Tenneco, Inc. | 15,809 |
1,727 | Tupperware Brands Corp. | 5,561 | |
1,258 | V.F. Corp. | 73,090 | |
213 | Wingstop, Inc. | 24,978 | |
6,728 | Wyndham Destinations, Inc. | 172,035 | |
TOTAL | 8,372,048 | ||
Consumer Staples—4.3% | |||
8,513 | Church and Dwight, Inc. | 595,825 |
1
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
3,087 | Clorox Co. | $575,540 | |
30,319 | Colgate-Palmolive Co. | 2,130,516 | |
483 | Costco Wholesale Corp. | 146,349 | |
2,089 | Hershey Foods Corp. | 276,646 | |
11,264 | Kimberly-Clark Corp. | 1,559,839 | |
4,009 | Nu Skin Enterprises, Inc., Class A | 117,103 | |
5,104 | PepsiCo, Inc. | 675,208 | |
986 | Philip Morris International, Inc. | 73,556 | |
2,542 | Procter & Gamble Co. | 299,625 | |
TOTAL | 6,450,207 | ||
Energy—1.3% | |||
1,868 | 1,2 | Arch Coal, Inc. | 54,527 |
1,374 | 1,2 | CONSOL Energy, Inc. | 10,429 |
2,395 | 2 | CVR Energy, Inc. | 57,121 |
693 | 1 | Chesapeake Energy Corp. | 12,127 |
25,151 | 2 | Continental Resources, Inc. | 412,225 |
17,842 | Devon Energy Corp. | 222,490 | |
2,810 | 1,2 | Gulfport Energy Corp. | 7,179 |
46,946 | Halliburton Co. | 492,933 | |
3,120 | Helmerich & Payne, Inc. | 61,682 | |
24,375 | Marathon Oil Corp. | 149,175 | |
31,759 | PBF Energy, Inc. | 362,053 | |
18,653 | Peabody Energy Corp. | 63,234 | |
5,704 | 1 | Talos Energy, Inc. | 64,968 |
TOTAL | 1,970,143 | ||
Financials—6.8% | |||
600 | Alleghany Corp. | 320,226 | |
11,885 | Allstate Corp. | 1,208,942 | |
342 | Ameriprise Financial, Inc. | 39,310 | |
992 | 1 | Arch Capital Group Ltd. | 23,838 |
413 | Berkley, W. R. Corp. | 22,302 | |
502 | BlackRock, Inc. | 252,024 | |
10,600 | Blackstone Mortgage Trust, Inc. | 249,418 | |
5,813 | Chubb Ltd. | 627,862 | |
7,585 | Cincinnati Financial Corp. | 499,093 | |
690 | Everest Re Group Ltd. | 119,460 | |
1,798 | Houlihan Lokey, Inc. | 106,765 | |
17,749 | Huntington Bancshares, Inc. | 164,001 | |
272 | Intercontinental Exchange, Inc. | 24,330 | |
4,865 | KeyCorp | 56,677 | |
4,270 | MSCI, Inc., Class A | 1,396,290 | |
1,107 | Marketaxess Holdings, Inc. | 503,696 | |
1,975 | MetLife, Inc. | 71,258 | |
4,309 | NASDAQ, Inc. | 472,568 | |
6,035 | 2 | Northern Trust Corp. | 477,731 |
2,065 | Reinsurance Group of America | 216,164 | |
1,980 | RenaissanceRe Holdings Ltd. | 289,100 | |
1,381 | S&P Global, Inc. | 404,467 | |
917 | Selective Insurance Group, Inc. | 45,969 |
2
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
1,182 | The Hartford Financial Services Group, Inc. | $44,904 | |
20,551 | The Travelers Cos., Inc. | 2,079,967 | |
14,325 | 2 | Zions Bancorporation, N.A. | 452,813 |
TOTAL | 10,169,175 | ||
Health Care—9.2% | |||
7,309 | Abbott Laboratories | 673,086 | |
575 | AbbVie, Inc. | 47,265 | |
2,544 | 1 | Alexion Pharmaceuticals, Inc. | 273,404 |
124 | 1 | Amedisys, Inc. | 22,836 |
4,585 | Amgen, Inc. | 1,096,824 | |
1,447 | 1 | AnaptysBio, Inc. | 22,602 |
1,623 | 1 | Arcus Biosciences, Inc. | 42,863 |
931 | 1 | Arvinas, Inc. | 48,877 |
2,538 | 1 | Biogen, Inc. | 753,354 |
129 | CIGNA Corp. | 25,256 | |
2,174 | CVS Health Corp. | 133,810 | |
15,524 | 1,2 | Community Health Systems, Inc. | 47,038 |
2,603 | 1 | Constellation Pharmaceuticals, Inc. | 93,656 |
198 | Cooper Cos., Inc. | 56,767 | |
3,187 | 1 | Davita, Inc. | 251,805 |
2,088 | Dentsply Sirona, Inc. | 88,615 | |
15,749 | Eli Lilly & Co. | 2,435,425 | |
477 | 1 | Henry Schein, Inc. | 26,025 |
11,674 | 1 | Hologic, Inc. | 584,867 |
1,718 | 1 | IDEXX Laboratories, Inc. | 476,917 |
1,536 | 1 | Jazz Pharmaceuticals PLC. | 169,344 |
5,547 | Johnson & Johnson | 832,272 | |
3,200 | 1 | Livongo Health, Inc. | 128,032 |
1,949 | 1 | Masimo Corp. | 416,911 |
3,019 | Medtronic PLC | 294,745 | |
13,595 | Merck & Co., Inc. | 1,078,627 | |
413 | 1 | Molina Healthcare, Inc. | 67,720 |
3,879 | 1 | Myriad Genetics, Inc. | 59,969 |
2,796 | Pfizer, Inc. | 107,254 | |
726 | 1 | Regeneron Pharmaceuticals, Inc. | 381,789 |
1,341 | ResMed, Inc. | 208,284 | |
626 | 1 | SAGE Therapeutics, Inc. | 24,401 |
575 | UnitedHealth Group, Inc. | 168,170 | |
6,008 | 1 | Vertex Pharmaceuticals, Inc. | 1,509,210 |
133 | 1 | Waters Corp. | 24,871 |
9,099 | Zoetis, Inc. | 1,176,592 | |
TOTAL | 13,849,483 | ||
Industrials—5.3% | |||
1,966 | AGCO Corp. | 103,883 | |
1,227 | 1 | Astronics Corp. | 11,018 |
5,978 | 1 | CIRCOR International, Inc. | 89,251 |
2,107 | Cintas Corp. | 467,396 | |
1,162 | Deluxe Corp. | 32,734 | |
20,004 | Fluor Corp. | 234,047 |
3
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
1,631 | 2 | Granite Construction, Inc. | $26,814 |
47,857 | Howmet Aerospace, Inc. | 625,491 | |
209 | IDEX Corp. | 32,109 | |
3,694 | Insperity, Inc. | 176,241 | |
77,118 | KAR Auction Services, Inc. | 1,155,228 | |
352 | Lennox International, Inc. | 65,711 | |
4,975 | Lockheed Martin Corp. | 1,935,573 | |
5,839 | 1 | Middleby Corp. | 324,824 |
1,303 | Owens Corning, Inc. | 56,498 | |
10,000 | 2 | Pitney Bowes, Inc. | 35,300 |
7,730 | 1 | SPX Corp. | 294,745 |
33,459 | Spirit AeroSystems Holdings, Inc., Class A | 741,451 | |
1,333 | Textron, Inc. | 35,138 | |
716 | TransUnion | 56,414 | |
9,183 | 2 | Verisk Analytics, Inc. | 1,403,438 |
TOTAL | 7,903,304 | ||
Information Technology—14.1% | |||
5,503 | 1 | Adobe, Inc. | 1,946,081 |
2,594 | Alliance Data Systems Corp. | 129,881 | |
2,188 | Analog Devices, Inc. | 239,805 | |
6,124 | Apple, Inc. | 1,799,231 | |
703 | 1 | Arista Networks, Inc. | 154,168 |
2,109 | 1 | Atlassian Corp. PLC | 327,928 |
309 | Automatic Data Processing, Inc. | 45,327 | |
1,147 | 1 | Benefitfocus, Inc. | 12,422 |
5,782 | 2 | Booz Allen Hamilton Holding Corp. | 424,630 |
18,537 | 1 | Cadence Design Systems, Inc. | 1,503,907 |
1,558 | 1,2 | Cardtronics, Inc. | 35,678 |
4,701 | 1 | Cirrus Logic, Inc. | 355,396 |
1,414 | Citrix Systems, Inc. | 205,044 | |
2,144 | Cognizant Technology Solutions Corp. | 124,395 | |
97,782 | DXC Technology Co. | 1,772,788 | |
13,128 | 1 | DocuSign, Inc. | 1,375,158 |
12,780 | 1 | Dynatrace Holdings LLC | 381,483 |
1,551 | 1,2 | Five9, Inc. | 143,731 |
5,032 | 1 | Fortinet, Inc. | 542,148 |
2,554 | Henry Jack & Associates, Inc. | 417,707 | |
3,766 | 1 | Inphi Corp. | 363,570 |
9,807 | Intel Corp. | 588,224 | |
1,627 | Intuit, Inc. | 438,981 | |
6,578 | 1 | Keysight Technologies, Inc. | 636,553 |
2,026 | 1 | Lumentum Holdings, Inc. | 163,924 |
3,457 | Mastercard, Inc. | 950,571 | |
3,555 | Maxim Integrated Products, Inc. | 195,454 | |
11,093 | Microsoft Corp. | 1,987,976 | |
263 | Monolithic Power Systems | 52,576 | |
1,522 | NVIDIA Corp. | 444,850 | |
15,867 | Paychex, Inc. | 1,087,207 | |
13,257 | 2 | Plantronics, Inc. | 187,189 |
4
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
9,135 | Qualcomm, Inc. | $718,650 | |
424 | 1 | RingCentral, Inc. | 96,897 |
69,962 | Sabre Corp. | 508,624 | |
943 | 1,2 | Semtech Corp. | 42,661 |
2,474 | Skyworks Solutions, Inc. | 256,999 | |
685 | 1 | Synopsys, Inc. | 107,627 |
843 | Texas Instruments, Inc. | 97,847 | |
110 | 1 | Verisign, Inc. | 23,044 |
8,203 | 2 | Vishay Intertechnology, Inc. | 136,088 |
4,987 | 2 | Western Union Co. | 95,102 |
527 | Xilinx, Inc. | 46,060 | |
TOTAL | 21,163,582 | ||
Materials—1.6% | |||
604 | Air Products & Chemicals, Inc. | 136,250 | |
30,925 | 1 | Alcoa Corp. | 252,039 |
15,517 | 1 | Allegheny Technologies, Inc. | 116,533 |
48,918 | 2 | Chemours Co./The | 573,808 |
11,320 | Domtar, Corp. | 264,435 | |
20,846 | DuPont de Nemours, Inc. | 980,179 | |
438 | Linde PLC | 80,588 | |
196 | Scotts Miracle-Gro Co. | 24,310 | |
TOTAL | 2,428,142 | ||
Real Estate—1.7% | |||
850 | Alexandria Real Estate Equities, Inc. | 133,527 | |
1,200 | American Tower Corp. | 285,600 | |
9,200 | Americold Realty Trust | 281,428 | |
2,700 | EastGroup Properties, Inc. | 286,200 | |
405 | Equinix, Inc. | 273,456 | |
2,850 | Equity Lifestyle Properties, Inc. | 171,883 | |
4,900 | Invitation Homes, Inc. | 115,885 | |
2,900 | ProLogis, Inc. | 258,767 | |
6,700 | Rexford Industrial Realty, Inc. | 272,824 | |
1,400 | Sun Communities, Inc. | 188,160 | |
12,500 | Sunstone Hotel Investors, Inc. | 114,875 | |
4,750 | Terreno Realty Corp. | 260,395 | |
TOTAL | 2,643,000 | ||
Utilities—1.2% | |||
14,870 | Consolidated Edison Co. | 1,171,756 | |
1,654 | Evergy, Inc. | 96,643 | |
12,836 | Exelon Corp. | 475,959 | |
TOTAL | 1,744,358 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $80,149,771) | 85,643,729 | ||
ASSET-BACKED SECURITY—0.3% | |||
Auto Receivables—0.3% | |||
$400,000 | Toyota Auto Receivables Owner 2020-B, Class A4, 1.660%, 9/15/2025 (IDENTIFIED COST $399,876) | 401,696 | |
COLLATERALIZED MORTGAGE OBLIGATIONS—0.0% | |||
262 | 3 | Bear Stearns Mortgage Securities, Inc. 1997-6, Class 1A, 6.312%, 3/25/2031 | 251 |
636 | Federal Home Loan Mortgage Corp. REMIC, Series 1311, Class K, 7.000%, 7/15/2022 | 672 |
5
Shares or Principal Amount | Value | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—continued | |||
$740 | Federal Home Loan Mortgage Corp. REMIC, Series 1384, Class D, 7.000%, 9/15/2022 | $774 | |
3,263 | Federal Home Loan Mortgage Corp. REMIC, Series 2497, Class JH, 6.000%, 9/15/2032 | 3,716 | |
2,287 | 4 | Federal National Mortgage Association REMIC, Series 1993-113, Class SB, 9.748% (10-year Constant Maturity Treasury +48.285%), 7/25/2023 | 2,458 |
764 | Federal National Mortgage Association REMIC, Series 2003-35, Class UC, 3.750%, 5/25/2033 | 805 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $8,241) | 8,676 | ||
COMMERCIAL MORTGAGE-BACKED SECURITIES—2.1% | |||
Commercial Mortgage—2.1% | |||
190,000 | Bank, Class A4, 3.488%, 11/15/2050 | 205,894 | |
200,000 | Citigroup Commercial Mortgage Trust 2013-GC11, Class B, 3.732%, 4/10/2046 | 197,834 | |
70,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1, Class AM, 3.912%, 5/15/2045 | 71,576 | |
125,000 | Commercial Mortgage Pass-Through Certificates 2012-CR1, Class B, 4.612%, 5/15/2045 | 120,186 | |
200,000 | Commercial Mortgage Trust 2013-CR8, Class B, 4.084%, 6/10/2046 | 199,822 | |
200,000 | Commercial Mortgage Trust 2014-LC17, Class B, 4.490%, 10/10/2047 | 207,862 | |
300,000 | Commercial Mortgage Trust 2015-DC1, Class AM, 3.724%, 2/10/2048 | 305,058 | |
200,000 | FREMF Mortgage Trust 2013-K25 REMIC, Class B, 3.743%, 11/25/2045 | 204,263 | |
65,140 | Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025 | 67,246 | |
399,688 | Federal Home Loan Mortgage Corp. REMIC, Series K106, Class A1, 1.783%, 5/25/2029 | 416,960 | |
84,662 | Federal Home Loan Mortgage Corp. REMIC, Series K504, Class A2, 2.566%, 9/25/2020 | 84,667 | |
350,000 | Federal Home Loan Mortgage Corp. REMIC, Series K737, Class A2, 2.530%, 10/25/2026 | 378,524 | |
100,000 | GS Mortgage Securities Corp. II 2012-GCJ7, Class AS, 4.085%, 5/10/2045 | 102,124 | |
200,000 | JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049 | 212,468 | |
50,000 | JPMDB Commercial Mortgage Securities Trust 2017-C5, Class A5, 3.693%, 3/15/2050 | 54,489 | |
100,000 | Morgan Stanley Capital I 2012-C4, Class AS, 3.773%, 3/15/2045 | 95,818 | |
150,000 | UBS-Barclays Commercial Mortgage Trust 2013-C6, Class B, 3.875%, 4/10/2046 | 137,186 | |
25,000 | WF-RBS Commercial Mortgage Trust 2012-C6, Class B, 4.697%, 4/15/2045 | 24,753 | |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $3,080,962) | 3,086,730 | ||
CORPORATE BONDS—14.1% | |||
Basic Industry - Chemicals—0.0% | |||
10,000 | DuPont de Nemours, Inc., Sr. Unsecd. Note, 3.766%, 11/15/2020 | 10,094 | |
10,000 | DuPont de Nemours, Inc., Sr. Unsecd. Note, 5.319%, 11/15/2038 | 12,143 | |
TOTAL | 22,237 | ||
Basic Industry - Metals & Mining—0.2% | |||
15,000 | Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 4/15/2040 | 15,921 | |
62,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 4.450%, 3/1/2023 | 60,781 | |
40,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 5.200%, 7/15/2021 | 40,468 | |
20,000 | Newcrest Finance Property Ltd., Sr. Unsecd. Note, 144A, 4.200%, 10/1/2022 | 20,764 | |
100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 4/15/2023 | 103,956 | |
20,000 | Southern Copper Corp., Sr. Unsecd. Note, 6.750%, 4/16/2040 | 24,498 | |
TOTAL | 266,388 | ||
Basic Industry - Paper—0.0% | |||
10,000 | Weyerhaeuser Co., Sr. Unsecd. Note, 3.250%, 3/15/2023 | 10,188 | |
20,000 | Weyerhaeuser Co., Sr. Unsecd. Note, 4.700%, 3/15/2021 | 20,701 | |
TOTAL | 30,889 | ||
Capital Goods - Aerospace & Defense—0.4% | |||
275,000 | Boeing Co., Sr. Unsecd. Note, 4.875%, 5/1/2025 | 275,000 | |
11,000 | Embraer Overseas Ltd., Sr. Unsecd. Note, 144A, 5.696%, 9/16/2023 | 9,955 | |
100,000 | Howmet Aerospace, Inc., 5.870%, 2/23/2022 | 102,056 | |
110,000 | Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, 144A, 3.844%, 5/1/2025 | 115,718 |
6
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Capital Goods - Aerospace & Defense—continued | |||
$10,000 | Rockwell Collins, Inc., Sr. Unsecd. Note, 3.100%, 11/15/2021 | $10,226 | |
15,000 | Spirit AeroSystems, Inc., Sr. Unsecd. Note, 4.600%, 6/15/2028 | 11,925 | |
40,000 | 4 | Textron Financial Corp., Jr. Sub. Note, 144A, 3.426% (3-month USLIBOR +1.735%), 2/15/2042 | 24,868 |
50,000 | Textron, Inc., Sr. Unsecd. Note, 4.000%, 3/15/2026 | 50,392 | |
50,000 | Textron, Inc., Sr. Unsecd. Note, 4.300%, 3/1/2024 | 52,290 | |
TOTAL | 652,430 | ||
Capital Goods - Building Materials—0.2% | |||
200,000 | Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.200%, 10/1/2024 | 200,920 | |
80,000 | Masco Corp., Sr. Unsecd. Note, 4.375%, 4/1/2026 | 83,401 | |
TOTAL | 284,321 | ||
Capital Goods - Construction Machinery—0.0% | |||
10,000 | CNH Industrial Capital America LLC, Sr. Unsecd. Note, 4.375%, 4/5/2022 | 10,255 | |
Capital Goods - Diversified Manufacturing—0.0% | |||
30,000 | General Electric Capital Corp., Sr. Unsecd. Note, Series GMTN, 3.100%, 1/9/2023 | 30,658 | |
15,000 | Thomas & Betts Corp., Sr. Unsecd. Note, 5.625%, 11/15/2021 | 15,839 | |
TOTAL | 46,497 | ||
Communications - Cable & Satellite—0.0% | |||
15,000 | Comcast Corp., Sr. Unsecd. Note, 3.900%, 3/1/2038 | 17,584 | |
10,000 | Comcast Corp., Sr. Unsecd. Note, 4.400%, 8/15/2035 | 12,427 | |
TOTAL | 30,011 | ||
Communications - Media & Entertainment—0.3% | |||
30,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046 | 33,782 | |
20,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.625%, 5/1/2022 | 20,982 | |
400,000 | ViacomCBS, Inc., Sr. Unsecd. Note, 4.750%, 5/15/2025 | 428,820 | |
TOTAL | 483,584 | ||
Communications - Telecom Wireless—0.4% | |||
150,000 | Crown Castle International Corp., Sr. Unsecd. Note, 3.700%, 6/15/2026 | 163,375 | |
15,000 | Crown Castle International Corp., Sr. Unsecd. Note, 4.875%, 4/15/2022 | 16,000 | |
200,000 | Vodafone Group PLC, Sr. Unsecd. Note, 4.250%, 9/17/2050 | 221,319 | |
200,000 | Vodafone Group PLC, Sr. Unsecd. Note, 4.875%, 6/19/2049 | 239,757 | |
TOTAL | 640,451 | ||
Communications - Telecom Wirelines—0.3% | |||
5,000 | AT&T, Inc., Sr. Unsecd. Note, 4.500%, 5/15/2035 | 5,605 | |
10,000 | AT&T, Inc., Sr. Unsecd. Note, 5.250%, 3/1/2037 | 11,884 | |
10,000 | AT&T, Inc., Sr. Unsecd. Note, 5.700%, 3/1/2057 | 13,074 | |
150,000 | Telefonica Emisiones SAU, Sr. Unsecd. Note, 5.520%, 3/1/2049 | 187,910 | |
90,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 3.150%, 3/22/2030 | 99,835 | |
90,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 3/15/2024 | 99,858 | |
25,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 5.250%, 3/16/2037 | 33,305 | |
TOTAL | 451,471 | ||
Consumer Cyclical - Automotive—0.3% | |||
10,000 | DaimlerChrysler North America Holding Corp., Company Guarantee, 8.500%, 1/18/2031 | 13,300 | |
200,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.336%, 3/18/2021 | 192,996 | |
160,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.200%, 7/6/2021 | 156,504 | |
10,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.950%, 4/13/2024 | 9,508 | |
TOTAL | 372,308 | ||
Consumer Cyclical - Leisure—0.0% | |||
66,707 | Football Trust V, Pass Thru Cert., 5.350%, 10/5/2020 | 67,640 |
7
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Consumer Cyclical - Lodging—0.0% | |||
$20,000 | American Campus Communities Operating Partnership LP, Sr. Unsecd. Note, 4.125%, 7/1/2024 | $20,039 | |
30,000 | Hyatt Hotels Corp., Sr. Unsecd. Note, 3.375%, 7/15/2023 | 28,733 | |
TOTAL | 48,772 | ||
Consumer Cyclical - Retailers—0.3% | |||
50,000 | Advance Auto Parts, Inc., 4.500%, 12/1/2023 | 52,992 | |
250,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 4/15/2025 | 264,484 | |
15,000 | CVS Health Corp., Sr. Unsecd. Note, 3.700%, 3/9/2023 | 15,922 | |
15,000 | CVS Health Corp., Sr. Unsecd. Note, 4.100%, 3/25/2025 | 16,584 | |
10,000 | O'Reilly Automotive, Inc., Company Guarantee, 4.875%, 1/14/2021 | 10,164 | |
10,000 | WalMart, Inc., Sr. Unsecd. Note, 5.625%, 4/1/2040 | 14,910 | |
TOTAL | 375,056 | ||
Consumer Cyclical - Services—0.4% | |||
200,000 | Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.800%, 6/6/2023 | 206,890 | |
125,000 | Amazon.com, Inc., Sr. Unsecd. Note, 3.800%, 12/5/2024 | 140,398 | |
25,000 | Cintas Corp. No. 2, Sr. Unsecd. Note, 4.300%, 6/1/2021 | 25,697 | |
15,000 | Expedia Group, Inc., Sr. Unsecd. Note, Series WI, 3.250%, 2/15/2030 | 12,659 | |
65,000 | Expedia, Inc., Company Guarantee, 5.950%, 8/15/2020 | 65,484 | |
10,000 | University of Southern California, Sr. Unsecd. Note, 5.250%, 10/1/2111 | 15,264 | |
70,000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | 77,570 | |
15,000 | Visa, Inc., Sr. Unsecd. Note, 4.150%, 12/14/2035 | 18,937 | |
TOTAL | 562,899 | ||
Consumer Non-Cyclical - Food/Beverage—1.1% | |||
30,000 | Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.700%, 2/1/2036 | 33,440 | |
85,000 | Campbell Soup Co., Sr. Unsecd. Note, 2.375%, 4/24/2030 | 86,035 | |
300,000 | Danone SA, Sr. Unsecd. Note, 144A, 2.947%, 11/2/2026 | 319,882 | |
140,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026 | 144,990 | |
80,000 | General Mills, Inc., Sr. Unsecd. Note, 4.700%, 4/17/2048 | 106,830 | |
270,000 | Heineken NV, Sr. Unsecd. Note, 144A, 3.500%, 1/29/2028 | 293,370 | |
200,000 | Kerry Group Financial Services, Sr. Unsecd. Note, 144A, 3.200%, 4/9/2023 | 207,122 | |
4,000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 2.800%, 7/2/2020 | 3,992 | |
15,000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 5.200%, 7/15/2045 | 15,414 | |
50,000 | Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025 | 57,162 | |
295,000 | PepsiCo, Inc., Sr. Unsecd. Note, 3.625%, 3/19/2050 | 354,458 | |
TOTAL | 1,622,695 | ||
Consumer Non-Cyclical - Health Care—0.1% | |||
135,000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 2.750%, 9/15/2029 | 140,454 | |
15,000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 3.200%, 10/1/2022 | 15,500 | |
10,000 | Laboratory Corp. of America Holdings, Sr. Unsecd. Note, 3.750%, 8/23/2022 | 10,504 | |
TOTAL | 166,458 | ||
Consumer Non-Cyclical - Pharmaceuticals—0.4% | |||
500,000 | AbbVie, Inc., Sr. Unsecd. Note, 144A, 4.250%, 11/21/2049 | 580,144 | |
15,000 | Amgen, Inc., Sr. Unsecd. Note, 4.400%, 5/1/2045 | 18,419 | |
10,000 | Bristol-Myers Squibb Co., Sr. Unsecd. Note, 144A, 4.125%, 6/15/2039 | 12,404 | |
15,000 | Johnson & Johnson, Sr. Unsecd. Note, 3.550%, 3/1/2036 | 17,672 | |
TOTAL | 628,639 | ||
Consumer Non-Cyclical - Supermarkets—0.0% | |||
10,000 | Kroger Co., Sr. Unsecd. Note, 4.450%, 2/1/2047 | 11,801 | |
Energy - Independent—0.3% | |||
250,000 | Canadian Natural Resources Ltd., 3.900%, 2/1/2025 | 240,422 |
8
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Energy - Independent—continued | |||
$125,000 | Cimarex Energy Co., Sr. Unsecd. Note, 3.900%, 5/15/2027 | $110,219 | |
20,000 | EQT Corp., Sr. Unsecd. Note, 3.900%, 10/1/2027 | 16,925 | |
150,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 2.900%, 8/15/2024 | 114,705 | |
TOTAL | 482,271 | ||
Energy - Integrated—0.7% | |||
135,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.119%, 5/4/2026 | 141,068 | |
20,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.224%, 4/14/2024 | 20,946 | |
300,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.937%, 9/21/2028 | 327,227 | |
5,000 | ConocoPhillips, Company Guarantee, 6.500%, 2/1/2039 | 7,179 | |
270,000 | Exxon Mobil Corp., Sr. Unsecd. Note, 2.992%, 3/19/2025 | 289,170 | |
75,000 | Husky Energy, Inc., 4.000%, 4/15/2024 | 69,182 | |
240,000 | Husky Energy, Inc., Sr. Unsecd. Note, 4.400%, 4/15/2029 | 194,766 | |
TOTAL | 1,049,538 | ||
Energy - Midstream—0.5% | |||
20,000 | Energy Transfer Operating, Sr. Unsecd. Note, 5.500%, 6/1/2027 | 20,403 | |
115,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 | 113,013 | |
75,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.900%, 2/1/2024 | 75,392 | |
10,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 6.125%, 12/15/2045 | 9,755 | |
170,000 | Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.950%, 2/15/2027 | 178,150 | |
10,000 | Florida Gas Transmission Co. LLC, Sr. Unsecd. Note, 144A, 5.450%, 7/15/2020 | 10,041 | |
20,000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, Series MTN, 6.950%, 1/15/2038 | 23,848 | |
40,000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 | 38,688 | |
5,000 | MPLX LP, Sr. Unsecd. Note, 4.500%, 4/15/2038 | 4,467 | |
225,000 | MPLX LP, Sr. Unsecd. Note, 5.500%, 2/15/2049 | 224,605 | |
20,000 | Texas Eastern Transmission LP, Sr. Unsecd. Note, 144A, 2.800%, 10/15/2022 | 19,821 | |
10,000 | Western Gas Partners LP, Sr. Unsecd. Note, 4.750%, 8/15/2028 | 8,859 | |
30,000 | Williams Partners LP, Sr. Unsecd. Note, 4.125%, 11/15/2020 | 30,100 | |
TOTAL | 757,142 | ||
Energy - Oil Field Services—0.0% | |||
15,000 | Nabors Industries, Inc., Company Guarantee, 5.000%, 9/15/2020 | 14,358 | |
Energy - Refining—0.1% | |||
15,000 | HollyFrontier Corp., Sr. Unsecd. Note, 5.875%, 4/1/2026 | 15,360 | |
15,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.500%, 4/1/2048 | 12,836 | |
10,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 3/1/2041 | 10,521 | |
25,000 | Tesoro Corp., Sr. Unsecd. Note, 5.375%, 10/1/2022 | 24,530 | |
15,000 | Valero Energy Corp., Sr. Unsecd. Note, 4.350%, 6/1/2028 | 15,424 | |
TOTAL | 78,671 | ||
Financial Institution - Banking—2.7% | |||
74,000 | American Express Co., 2.650%, 12/2/2022 | 76,182 | |
250,000 | American Express Credit Corp., Sr. Unsecd. Note, Series MTN, 2.250%, 5/5/2021 | 252,667 | |
300,000 | Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.500%, 4/19/2026 | 326,584 | |
250,000 | 4 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 2.083% (3-month USLIBOR +0.650%), 10/1/2021 | 248,871 |
10,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 3.499%, 5/17/2022 | 10,192 | |
100,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 5.000%, 5/13/2021 | 104,024 | |
200,000 | Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025 | 215,596 | |
15,000 | Bank of America Corp., Sub. Note, Series MTN, 4.200%, 8/26/2024 | 16,246 | |
15,000 | Bank of America Corp., Sub., Series MTN, 4.450%, 3/3/2026 | 16,572 | |
20,000 | Bank of New York Mellon, N.A., 3.400%, 5/15/2024 | 21,428 | |
200,000 | Citigroup, Inc., Sr. Unsecd. Note, 2.700%, 3/30/2021 | 202,776 |
9
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Banking—continued | |||
$40,000 | Citigroup, Inc., Sr. Unsecd. Note, 2.876%, 7/24/2023 | $41,009 | |
15,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.142%, 1/24/2023 | 15,373 | |
250,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.300%, 4/27/2025 | 265,026 | |
170,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.400%, 5/1/2026 | 180,790 | |
15,000 | Citigroup, Inc., Sub. Note, 4.450%, 9/29/2027 | 16,460 | |
25,000 | City National Corp., Sr. Unsecd. Note, 5.250%, 9/15/2020 | 25,399 | |
30,000 | Comerica, Inc., 3.800%, 7/22/2026 | 31,128 | |
75,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 3.650%, 1/25/2024 | 79,420 | |
40,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.200%, 2/23/2023 | 41,533 | |
275,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.625%, 1/22/2023 | 288,924 | |
150,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.250%, 2/1/2041 | 208,802 | |
80,000 | HSBC Holdings PLC, Sr. Unsecd. Note, 5.100%, 4/5/2021 | 82,747 | |
10,000 | 5 | JPMorgan Chase & Co., Jr. Sub. Deb., Series X, 6.100%, 4/1/2169 | 10,257 |
25,000 | 5 | JPMorgan Chase & Co., Jr. Sub. Note, Series FF, 5.000%, 2/1/2169 | 23,267 |
20,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 3.559%, 4/23/2024 | 21,187 | |
15,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 3.882%, 7/24/2038 | 16,953 | |
400,000 | JPMorgan Chase & Co., Sub. Note, 3.375%, 5/1/2023 | 419,417 | |
300,000 | Morgan Stanley, 4.300%, 1/27/2045 | 360,891 | |
120,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 2.500%, 4/21/2021 | 121,456 | |
15,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 3.125%, 1/23/2023 | 15,615 | |
15,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 4.000%, 7/23/2025 | 16,546 | |
15,000 | Morgan Stanley, Sub. Note, Series MTN, 4.100%, 5/22/2023 | 15,853 | |
65,000 | Royal Bank of Canada, Sec. Fac. Bond, 2.100%, 10/14/2020 | 65,404 | |
10,000 | Royal Bank of Scotland Group PLC, Sub., 6.000%, 12/19/2023 | 10,909 | |
10,000 | State Street Corp., Sub. Deb., 3.031%, 11/1/2034 | 10,516 | |
45,000 | Sumitomo Mitsui Financial Group, Inc., Sr. Unsecd. Note, 3.102%, 1/17/2023 | 46,682 | |
130,000 | Truist Financial Corp., Sr. Unsecd. Note, 2.900%, 3/3/2021 | 131,739 | |
10,000 | Wells Fargo & Co., Series MTN, 4.100%, 6/3/2026 | 10,823 | |
15,000 | Wells Fargo & Co., Sr. Unsecd. Note, 3.069%, 1/24/2023 | 15,367 | |
10,000 | Westpac Banking Corp., Sub., Series GMTN, 4.322%, 11/23/2031 | 10,613 | |
TOTAL | 4,091,244 | ||
Financial Institution - Broker/Asset Mgr/Exchange—0.4% | |||
80,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | 84,867 | |
70,000 | Nuveen LLC, Sr. Unsecd. Note, 144A, 4.000%, 11/1/2028 | 80,914 | |
305,000 | Raymond James Financial, Inc., Sr. Unsecd. Note, 4.650%, 4/1/2030 | 343,605 | |
13,000 | Raymond James Financial, Inc., Sr. Unsecd. Note, 5.625%, 4/1/2024 | 14,356 | |
15,000 | XLIT Ltd., Sub., 4.450%, 3/31/2025 | 16,508 | |
TOTAL | 540,250 | ||
Financial Institution - Finance Companies—0.4% | |||
170,000 | AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.950%, 2/1/2022 | 159,285 | |
150,000 | AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, Sr. Unsecd. Note, 4.875%, 1/16/2024 | 140,104 | |
250,000 | GE Capital International Funding, Inc., Sr. Unsecd. Note, 4.418%, 11/15/2035 | 260,766 | |
25,000 | Santander UK Group Holdings PLC, Sr. Unsecd. Note, 3.125%, 1/8/2021 | 25,240 | |
TOTAL | 585,395 | ||
Financial Institution - Insurance - Life—0.8% | |||
200,000 | Aflac, Inc., Sr. Unsecd. Note, 3.625%, 6/15/2023 | 214,737 | |
25,000 | American International Group, Inc., 4.500%, 7/16/2044 | 27,642 | |
35,000 | American International Group, Inc., Sr. Unsecd. Note, 4.125%, 2/15/2024 | 37,920 | |
125,000 | American International Group, Inc., Sr. Unsecd. Note, 4.200%, 4/1/2028 | 136,010 |
10
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Insurance - Life—continued | |||
$10,000 | Lincoln National Corp., Sr. Unsecd. Note, 4.200%, 3/15/2022 | $10,373 | |
275,000 | Mass Mutual Global Funding II, 144A, 2.000%, 4/15/2021 | 277,638 | |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039 | 15,259 | |
15,000 | MetLife, Inc., Jr. Sub. Note, 6.400%, 12/15/2036 | 16,830 | |
250,000 | MetLife, Inc., Sr. Unsecd. Note, 3.600%, 4/10/2024 | 273,149 | |
15,000 | Penn Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040 | 23,888 | |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.125%, 5/15/2023 | 10,380 | |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.300%, 9/15/2022 | 10,324 | |
50,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040 | 66,488 | |
TOTAL | 1,120,638 | ||
Financial Institution - Insurance - P&C—0.3% | |||
10,000 | Berkshire Hathaway Finance Corp., Sr. Unsecd. Note, 4.200%, 8/15/2048 | 12,617 | |
65,000 | Nationwide Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039 | 108,267 | |
260,000 | Nationwide Mutual Insurance Co., Sub., 144A, 4.350%, 4/30/2050 | 261,826 | |
TOTAL | 382,710 | ||
Financial Institution - REIT - Apartment—0.1% | |||
20,000 | Post Apartment Homes LP, Sr. Unsecd. Note, 3.375%, 12/1/2022 | 20,188 | |
70,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026 | 68,947 | |
TOTAL | 89,135 | ||
Financial Institution - REIT - Healthcare—0.2% | |||
50,000 | Healthcare Trust of America, 3.700%, 4/15/2023 | 50,443 | |
185,000 | Welltower, Inc., Sr. Unsecd. Note, 2.700%, 2/15/2027 | 179,507 | |
TOTAL | 229,950 | ||
Financial Institution - REIT - Office—0.1% | |||
50,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.900%, 6/15/2023 | 53,191 | |
70,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028 | 75,040 | |
TOTAL | 128,231 | ||
Financial Institution - REIT - Other—0.1% | |||
105,000 | WP Carey, Inc., Sr. Unsecd. Note, 3.850%, 7/15/2029 | 102,864 | |
75,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024 | 78,210 | |
TOTAL | 181,074 | ||
Financial Institution - REIT - Retail—0.0% | |||
50,000 | Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/1/2022 | 51,010 | |
Financial Institution - REITs—0.0% | |||
60,000 | Camden Property Trust, Sr. Unsecd. Note, 2.800%, 5/15/2030 | 62,042 | |
Sovereign—0.0% | |||
30,000 | Corp Andina De Fomento, Sr. Unsecd. Note, 4.375%, 6/15/2022 | 31,712 | |
Technology—0.9% | |||
10,000 | Apple, Inc., 3.850%, 5/4/2043 | 12,073 | |
30,000 | Apple, Inc., Sr. Unsecd. Note, 2.400%, 5/3/2023 | 31,316 | |
200,000 | Apple, Inc., Sr. Unsecd. Note, 2.950%, 9/11/2049 | 214,475 | |
20,000 | Corning, Inc., Unsecd. Note, 4.750%, 3/15/2042 | 23,402 | |
240,000 | Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr. Secd. Note, 144A, 6.020%, 6/15/2026 | 260,121 | |
125,000 | Equifax, Inc., Sr. Unsecd. Note, 2.300%, 6/1/2021 | 125,549 | |
53,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.500%, 4/15/2023 | 56,302 | |
110,000 | Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029 | 120,816 | |
70,000 | Hewlett Packard Enterprise Co., Sr. Unsecd. Note, 3.600%, 10/15/2020 | 70,446 | |
20,000 | Ingram Micro, Inc., Sr. Unsecd. Note, 5.000%, 8/10/2022 | 18,737 | |
265,000 | Intel Corp., Sr. Unsecd. Note, 3.400%, 3/25/2025 | 292,068 |
11
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Technology—continued | |||
$15,000 | Microsoft Corp., Sr. Unsecd. Note, 3.450%, 8/8/2036 | $17,450 | |
10,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 9/12/2022 | 10,550 | |
50,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 5.500%, 6/15/2045 | 65,163 | |
TOTAL | 1,318,468 | ||
Technology Services—0.0% | |||
5,000 | Global Payments, Inc., Sr. Unsecd. Note, 3.200%, 8/15/2029 | 5,159 | |
Transportation - Airlines—0.1% | |||
30,000 | Delta Air Lines, Inc., Sr. Unsecd. Note, 2.900%, 10/28/2024 | 23,609 | |
110,000 | Southwest Airlines Co., Sr. Unsecd. Note, 5.250%, 5/4/2025 | 109,692 | |
TOTAL | 133,301 | ||
Transportation - Railroads—0.2% | |||
50,000 | Burlington Northern Santa Fe Corp., Deb., 5.750%, 5/1/2040 | 69,659 | |
30,000 | Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2023 | 30,815 | |
225,000 | Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.125%, 6/1/2026 | 231,038 | |
TOTAL | 331,512 | ||
Transportation - Services—0.3% | |||
15,000 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 5.625%, 3/15/2042 | 16,565 | |
20,000 | FedEx Corp., Sr. Unsecd. Note, 3.900%, 2/1/2035 | 20,964 | |
25,000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 3.650%, 7/29/2021 | 25,336 | |
70,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.800%, 3/1/2022 | 69,490 | |
200,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 3.750%, 6/9/2023 | 207,679 | |
30,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 3.125%, 1/15/2021 | 30,419 | |
125,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 3.900%, 4/1/2025 | 139,536 | |
TOTAL | 509,989 | ||
Utility - Electric—1.4% | |||
70,000 | Consolidated Edison Co., Sr. Unsecd. Note, Series 20B, 3.950%, 4/1/2050 | 83,626 | |
70,000 | Electricite de France SA, Note, 144A, 5.600%, 1/27/2040 | 89,834 | |
300,000 | Electricite de France SA, Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028 | 344,885 | |
140,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 | 151,611 | |
280,000 | Enel Finance International NV, Sr. Unsecd. Note, 144A, 4.625%, 9/14/2025 | 306,195 | |
170,000 | EverSource Energy, Sr. Unsecd. Note, 3.350%, 3/15/2026 | 180,695 | |
200,000 | Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026 | 217,535 | |
100,000 | Exelon Generation Co. LLC, Sr. Unsecd. Note, 4.250%, 6/15/2022 | 104,669 | |
10,000 | Great Plains Energy, Inc., Note, 4.850%, 6/1/2021 | 10,264 | |
110,000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 | 112,417 | |
25,000 | National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, Series MTNC, 8.000%, 3/1/2032 | 38,789 | |
250,000 | PPL Capital Funding, Inc., Sr. Unsecd. Note, 3.100%, 5/15/2026 | 262,774 | |
175,000 | Southern Co., Sr. Unsecd. Note, 3.250%, 7/1/2026 | 187,187 | |
40,000 | UIL Holdings Corp., Sr. Unsecd. Note, 4.625%, 10/1/2020 | 40,275 | |
TOTAL | 2,130,756 | ||
Utility - Natural Gas—0.1% | |||
50,000 | Enbridge Energy Partners LP, Sr. Unsecd. Note, 4.200%, 9/15/2021 | 50,891 | |
65,000 | National Fuel Gas Co., Sr. Unsecd. Note, 3.750%, 3/1/2023 | 64,267 | |
15,000 | Sempra Energy, Sr. Unsecd. Note, 2.900%, 2/1/2023 | 15,537 | |
5,000 | TransCanada PipeLines Ltd., Sr. Unsecd. Note, 6.200%, 10/15/2037 | 6,179 | |
TOTAL | 136,874 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $19,965,157) | 21,216,232 |
12
Shares or Principal Amount | Value | ||
MORTGAGE-BACKED SECURITIES—0.7% | |||
$55,659 | Federal Home Loan Mortgage Corp., Pool G07801, 4.000%, 10/1/2044 | $61,261 | |
10,083 | Federal National Mortgage Association, Pool 357761, 5.500%, 5/1/2035 | 11,637 | |
1,471 | Federal National Mortgage Association, Pool 728709, 5.500%, 7/1/2033 | 1,678 | |
43,470 | Federal National Mortgage Association, Pool 932864, 4.000%, 12/1/2040 | 47,841 | |
67,027 | Federal National Mortgage Association, Pool AB7859, 3.500%, 2/1/2043 | 73,266 | |
49,289 | Federal National Mortgage Association, Pool AD6938, 4.500%, 6/1/2040 | 55,310 | |
32,789 | Federal National Mortgage Association, Pool AQ0945, 3.000%, 11/1/2042 | 34,968 | |
38,716 | Federal National Mortgage Association, Pool AT2127, 3.000%, 4/1/2043 | 41,277 | |
27,718 | Federal National Mortgage Association, Pool AT7861, 3.000%, 6/1/2028 | 29,369 | |
70,937 | Federal National Mortgage Association, Pool BM4388, 4.000%, 8/1/2048 | 76,582 | |
29,531 | Federal National Mortgage Association, Pool BM5024, 3.000%, 11/1/2048 | 31,245 | |
53,651 | Federal National Mortgage Association, Pool BM5246, 3.500%, 11/1/2048 | 56,817 | |
41,305 | Federal National Mortgage Association, Pool CA0833, 3.500%, 12/1/2047 | 43,962 | |
38,399 | Federal National Mortgage Association, Pool CA4427, 3.000%, 10/1/2049 | 40,663 | |
33,576 | Federal National Mortgage Association, Pool FM0008, 3.500%, 8/1/2049 | 35,819 | |
61,514 | Federal National Mortgage Association, Pool FM1000, 3.000%, 4/1/2047 | 65,198 | |
32,645 | Federal National Mortgage Association, Pool FM1221, 3.500%, 7/1/2049 | 35,071 | |
37,756 | Federal National Mortgage Association, Pool MA0500, 5.000%, 8/1/2040 | 42,871 | |
44,059 | Federal National Mortgage Association, Pool MA0666, 4.500%, 3/1/2041 | 48,491 | |
47,746 | Federal National Mortgage Association, Pool MA1430, 3.000%, 5/1/2043 | 50,904 | |
55,077 | Federal National Mortgage Association, Pool MA2803, 2.500%, 11/1/2031 | 57,772 | |
29,103 | Government National Mortgage Association, Pool MA0625, 3.500%, 12/20/2042 | 31,664 | |
21,773 | Government National Mortgage Association, Pool MA1376, 4.000%, 10/20/2043 | 23,615 | |
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $943,351) | 997,281 | ||
U.S. TREASURIES—1.7% | |||
109,134 | U.S. Treasury Inflation-Protected Notes, 0.125%, 4/15/2021 | 107,543 | |
171,420 | 6 | U.S. Treasury Inflation-Protected Notes, 0.125%, 1/15/2022 | 169,924 |
504,070 | U.S. Treasury Inflation-Protected Notes, 0.125%, 10/15/2024 | 515,465 | |
138,728 | U.S. Treasury Inflation-Protected Notes, 1.375%, 2/15/2044 | 186,774 | |
250,000 | United States Treasury Note, 0.625%, 3/31/2027 | 251,672 | |
750,000 | United States Treasury Note, 0.375%, 3/31/2022 | 752,435 | |
25,000 | United States Treasury Note, 2.125%, 9/30/2021 | 25,682 | |
25,000 | United States Treasury Note, 2.375%, 5/15/2027 | 28,194 | |
25,000 | United States Treasury Note, 2.500%, 1/31/2021 | 25,440 | |
20,000 | United States Treasury Note, 2.875%, 5/15/2028 | 23,603 | |
370,000 | United States Treasury Bond, 2.000%, 2/15/2050 | 435,574 | |
50,000 | United States Treasury Bond, 4.500%, 2/15/2036 | 77,128 | |
TOTAL U.S. TREASURIES (IDENTIFIED COST $2,542,755) | 2,599,434 | ||
MUNICIPAL BONDS—0.4% | |||
200,000 | New York State Dormitory Authority State Personal Income Tax Revenue (New York State Personal Income Tax Revenue Bond Fund), State Personal Income Tax Revenue Bonds (Series 2019D), 4.000%, 2/15/2037 | 220,342 | |
30,000 | Texas State Transportation Commission—State Highway Fund, 5.178%, 4/1/2030 | 37,374 | |
250,000 | Washington State, Various Purpose GO Bonds (Series 2020C), 5.000%, 2/1/2044 | 305,728 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $603,766) | 563,444 | ||
EXCHANGE-TRADED FUND—6.0% | |||
158,000 | iShares MSCI EAFE ETF (IDENTIFIED COST $10,764,948) | 8,938,060 |
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Shares or Principal Amount | Value | ||
GOVERNMENT AGENCY—0.2% | |||
$250,000 | Federal National Mortgage Association Notes, 0.625%, 4/22/2025 (IDENTIFIED COST $249,487) | $250,195 | |
INVESTMENT COMPANIES—20.3% | |||
206,392 | Emerging Markets Core Fund | 1,871,979 | |
163,667 | Federated Bank Loan Core Fund | 1,451,723 | |
4,342,128 | Federated Government Obligations Fund, Premier Shares, 0.22%7 | 4,342,128 | |
7,269,211 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 0.66%7 | 7,272,118 | |
1,067,215 | Federated Mortgage Core Portfolio | 10,832,233 | |
213,110 | Federated Project and Trade Finance Core Fund | 1,845,531 | |
507,262 | High Yield Bond Portfolio | 2,876,178 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $31,251,815) | 30,491,890 | ||
TOTAL INVESTMENT IN SECURITIES—102.9% (IDENTIFIED COST $149,960,128) | 154,197,367 | ||
OTHER ASSETS AND LIABILITIES - NET—(2.9)%8 | (4,325,673) | ||
TOTAL NET ASSETS—100% | $149,871,694 |
At April 30, 2020, 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 | 19 | $4,188,164 | June 2020 | $25,465 |
1United States Treasury Note 10-Year Ultra Long Futures | 9 | $1,413,281 | June 2020 | $12,992 |
1United States Treasury Ultra Bond Long Futures | 7 | $1,573,469 | June 2020 | $108,814 |
1United States Treasury Note 5-Year Short Futures | 19 | $2,384,203 | June 2020 | $(3,608) |
1United States Treasury Note 10-Year Short Futures | 5 | $695,313 | June 2020 | $(11,621) |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $132,042 |
The average notional value of long and short futures contracts held by the Fund throughout the period was $12,413,399 and $1,954,069, respectively. This is based on the contracts held as of each month-end throughout the nine-month fiscal period.
Net Unrealized Appreciation 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 April 30, 2020, were as follows:
Affiliates | Balance of Shares Held 7/31/2019 | Purchases/ Additions | Sales/ Reductions |
Emerging Markets Core Fund | 278,303 | 233,831 | (305,742) |
Federated Bank Loan Core Fund | 135,857 | 152,000 | (124,190) |
Federated Government Obligations Fund, Premier Shares* | 145,972 | 105,406,437 | (101,210,281) |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | 5,815,511 | 48,553,293 | (47,099,593) |
Federated Mortgage Core Portfolio | 1,314,242 | 1,321,074 | (1,568,101) |
Federated Project and Trade Finance Core Fund | 362,119 | 12,096 | (161,105) |
High Yield Bond Portfolio | 691,626 | 540,361 | (724,725) |
TOTAL OF AFFILIATED TRANSACTIONS | 8,743,630 | 156,219,092 | (151,193,737) |
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Balance of Shares Held 4/30/2020 | Value | Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/(Loss) | Dividend Income |
206,392 | $1,871,979 | $(103,536) | $8,304 | $92,891 |
163,667 | $1,451,723 | $(74,334) | $(29,846) | $60,083 |
4,342,128 | $4,342,128 | N/A | N/A | $15,418 |
7,269,211 | $7,272,118 | $2,457 | $2,066 | $38,337 |
1,067,215 | $10,832,233 | $110,014 | $241,708 | $298,978 |
213,110 | $1,845,531 | $(40,121) | $(88,527) | $107,866 |
507,262 | $2,876,178 | $(184,583) | $(7,839) | $170,575 |
13,768,985 | $30,491,890 | $(290,103) | $125,866 | $784,148 |
* | 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 April 30, 2020, securities subject to this type of arrangement and related collateral were as follows:
Market Value of Securities Loaned | Collateral Received |
$4,099,670 | $4,342,128 |
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 | Perpetual Bond Security. The maturity date reflects the next call date. |
6 | 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. |
7 | 7-day net yield. |
8 | Assets, other than investments in securities, less liabilities. |
Note: The categories of investments are shown as a percentage of total net assets at April 30, 2020.
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. |
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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, and the actual value obtained could be materially different.
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.
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.
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The following is a summary of the inputs used, as of April 30, 2020, 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 | $82,359,934 | $— | $— | $82,359,934 |
International | 3,283,795 | — | — | 3,283,795 |
Debt Securities: | ||||
Asset-Backed Security | — | 401,696 | — | 401,696 |
Collateralized Mortgage Obligations | — | 8,676 | — | 8,676 |
Commercial Mortgage-Backed Securities | — | 3,086,730 | — | 3,086,730 |
Corporate Bonds | — | 21,216,232 | — | 21,216,232 |
Mortgage-Backed Securities | — | 997,281 | — | 997,281 |
U.S. Treasuries | — | 2,599,434 | — | 2,599,434 |
Municipal Bonds | — | 563,444 | — | 563,444 |
Government Agency | — | 250,195 | — | 250,195 |
Exchange-Traded Fund | 8,938,060 | — | — | 8,938,060 |
Investment Companies1 | 28,646,359 | — | — | 30,491,890 |
TOTAL SECURITIES | $123,228,148 | $29,123,688 | $— | $154,197,367 |
Other Financial Instruments2 | ||||
Assets | $147,271 | $— | $— | $147,271 |
Liabilities | (15,229) | — | — | (15,229) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $132,042 | $— | $— | $132,042 |
1 | As permitted by U.S. generally accepted accounting principles, the Investment Company valued at $1,845,531 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 |
The following acronyms are used throughout this portfolio:
ETF | —Exchange-Traded Fund |
FREMF | —Freddie Mac Multifamily K-Deals |
GMTN | —Global Medium Term Note |
GO | —General Obligation |
LIBOR | —London Interbank Offered Rate |
MTN | —Medium Term Note |
REIT | —Real Estate Investment Trust |
REMIC | —Real Estate Mortgage Investment Conduit |
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