Federated MDT All Cap Core Fund
Portfolio of Investments
April 30, 2020 (unaudited)
Shares | Value | ||
COMMON STOCKS—98.4% | |||
Communication Services—10.7% | |||
9,446 | 1 | Alphabet, Inc., Class A | $12,720,928 |
829 | Cable One, Inc. | 1,585,761 | |
65,486 | 1 | Cars.com, Inc. | 339,217 |
8,350 | 1 | Charter Communications, Inc. | 4,135,171 |
44,549 | Cogent Communications Holdings, Inc. | 3,734,543 | |
1,936 | 1 | Cumulus Media, Inc. | 8,576 |
4,832 | 1 | Facebook, Inc. | 989,159 |
43,653 | 1,2 | MSG Networks, Inc. | 518,598 |
22,116 | Meredith Corp. | 327,980 | |
7,491 | 1 | Netflix, Inc. | 3,145,096 |
54,708 | 1 | TripAdvisor, Inc. | 1,092,519 |
47,627 | Verizon Communications, Inc. | 2,736,171 | |
TOTAL | 31,333,719 | ||
Consumer Discretionary—9.6% | |||
22,466 | Aaron's, Inc. | 716,890 | |
3,295 | 1 | Amazon.com, Inc. | 8,151,830 |
8,763 | 1 | American Outdoor Brands Corp. | 82,942 |
166,900 | 2 | Carnival Corp. | 2,653,710 |
12,388 | 1 | Cooper-Standard Holding, Inc. | 159,186 |
1,822 | Dollar General Corp. | 319,397 | |
16,031 | Domino's Pizza, Inc. | 5,802,100 | |
26,997 | eBay, Inc. | 1,075,290 | |
2,820 | Expedia Group, Inc. | 200,164 | |
35,900 | Ford Motor Co. | 182,731 | |
6,425 | 1,2 | Funko, Inc. | 27,499 |
20,444 | 1 | G-III Apparel Group Ltd. | 231,631 |
11,350 | Garmin Ltd. | 921,166 | |
53,197 | Goodyear Tire & Rubber Co. | 381,422 | |
12,481 | 2 | Harley-Davidson, Inc. | 272,460 |
5,179 | 1,2 | iRobot Corp. | 315,712 |
144,344 | Kohl's Corp. | 2,664,590 | |
2,086 | 1 | Libbey, Inc. | 2,399 |
219,736 | 2 | Macy's, Inc. | 1,287,653 |
75,665 | 1,2 | Norwegian Cruise Line Holdings Ltd. | 1,240,906 |
8,631 | PVH Corp. | 424,904 | |
7,033 | 2 | Tenneco, Inc. | 36,501 |
5,988 | Tupperware Brands Corp. | 19,281 | |
5,470 | V.F. Corp. | 317,807 | |
21,307 | Wyndham Destinations, Inc. | 544,820 | |
TOTAL | 28,032,991 | ||
Consumer Staples—7.6% | |||
20,058 | Church and Dwight, Inc. | 1,403,859 | |
13,290 | Clorox Co. | 2,477,788 | |
95,109 | Colgate-Palmolive Co. | 6,683,309 | |
13,613 | Costco Wholesale Corp. | 4,124,739 | |
3,301 | Hershey Foods Corp. | 437,151 | |
40,182 | Kimberly-Clark Corp. | 5,564,403 |
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Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
17,713 | Nu Skin Enterprises, Inc., Class A | $517,397 | |
5,374 | PepsiCo, Inc. | 710,927 | |
2,887 | Procter & Gamble Co. | 340,291 | |
TOTAL | 22,259,864 | ||
Energy—2.3% | |||
11,153 | 2 | Arch Coal, Inc. | 325,556 |
11,176 | 1,2 | CONSOL Energy, Inc. | 84,826 |
11,812 | 2 | CVR Energy, Inc. | 281,716 |
1,415 | 1,2 | Chaparral Energy, Inc. | 693 |
2,411 | 1 | Chesapeake Energy Corp. | 42,192 |
19,550 | 2 | Continental Resources, Inc. | 320,424 |
89,908 | Devon Energy Corp. | 1,121,153 | |
203,533 | Halliburton Co. | 2,137,096 | |
5,902 | Helmerich & Payne, Inc. | 116,683 | |
63,055 | Marathon Oil Corp. | 385,897 | |
124,750 | 2 | PBF Energy, Inc. | 1,422,150 |
77,330 | Peabody Energy Corp. | 262,149 | |
14,544 | QEP Resources, Inc. | 14,340 | |
16,541 | 1,2 | Talos Energy, Inc. | 188,402 |
TOTAL | 6,703,277 | ||
Financials—11.8% | |||
2,286 | Aflac, Inc. | 85,131 | |
1,868 | Alleghany Corp. | 996,970 | |
48,171 | Allstate Corp. | 4,899,954 | |
10,792 | Ameriprise Financial, Inc. | 1,240,433 | |
4,817 | BlackRock, Inc. | 2,418,327 | |
1,073 | CME Group, Inc. | 191,219 | |
13,887 | Chubb Ltd. | 1,499,935 | |
28,215 | Cincinnati Financial Corp. | 1,856,547 | |
9,035 | 1 | Green Dot Corp. | 275,568 |
8,169 | Houlihan Lokey, Inc. | 485,075 | |
18,837 | Huntington Bancshares, Inc. | 174,054 | |
2,161 | Intercontinental Exchange, Inc. | 193,301 | |
21,052 | KeyCorp | 245,256 | |
14,934 | MSCI, Inc., Class A | 4,883,418 | |
2,829 | Marketaxess Holdings, Inc. | 1,287,223 | |
35,165 | MetLife, Inc. | 1,268,753 | |
10,119 | NASDAQ, Inc. | 1,109,751 | |
19,198 | Northern Trust Corp. | 1,519,714 | |
1,239 | Progressive Corp., OH | 95,775 | |
17,852 | Prudential Financial, Inc. | 1,113,429 | |
874 | Reinsurance Group of America | 91,490 | |
7,252 | RenaissanceRe Holdings Ltd. | 1,058,865 | |
1,660 | Selective Insurance Group, Inc. | 83,216 | |
55,764 | The Travelers Cos., Inc. | 5,643,874 | |
56,999 | Zions Bancorporation, N.A. | 1,801,738 | |
TOTAL | 34,519,016 | ||
Health Care—14.9% | |||
20,958 | Abbott Laboratories | 1,930,022 | |
2,706 | 1 | Alector, Inc. | 66,892 |
14,284 | 1 | Alexion Pharmaceuticals, Inc. | 1,535,102 |
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Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
888 | 1 | Amedisys, Inc. | $163,534 |
15,647 | Amgen, Inc. | 3,743,075 | |
3,366 | 1 | AnaptysBio, Inc. | 52,577 |
5,649 | 1 | Arcus Biosciences, Inc. | 149,190 |
3,274 | 1 | Arvinas, Inc. | 171,885 |
9,013 | 1 | Biogen, Inc. | 2,675,329 |
1,991 | 1 | BioMarin Pharmaceutical, Inc. | 183,212 |
4,768 | CVS Health Corp. | 293,470 | |
11,597 | 1 | Constellation Pharmaceuticals, Inc. | 417,260 |
305 | Cooper Cos., Inc. | 87,444 | |
11,942 | 1 | Davita, Inc. | 943,537 |
2,437 | Dentsply Sirona, Inc. | 103,426 | |
52,202 | Eli Lilly & Co. | 8,072,517 | |
1,674 | 1 | Henry Schein, Inc. | 91,333 |
24,340 | 1 | Hologic, Inc. | 1,219,434 |
3,796 | 1 | IDEXX Laboratories, Inc. | 1,053,770 |
3,920 | 1 | Jazz Pharmaceuticals PLC. | 432,180 |
12,521 | Johnson & Johnson | 1,878,651 | |
2,514 | 1 | Kiniksa Pharmaceuticals Ltd. | 50,154 |
13,969 | 1 | Livongo Health, Inc. | 558,900 |
6,348 | 1 | Masimo Corp. | 1,357,901 |
9,797 | Medtronic PLC | 956,481 | |
40,449 | Merck & Co., Inc. | 3,209,224 | |
2,907 | 1 | Moderna, Inc. | 133,693 |
540 | 1 | Molina Healthcare, Inc. | 88,544 |
23,091 | 1 | Myriad Genetics, Inc. | 356,987 |
2,763 | 1 | Regeneron Pharmaceuticals, Inc. | 1,453,006 |
2,215 | ResMed, Inc. | 344,034 | |
825 | 1 | United Therapeutics Corp. | 90,387 |
528 | UnitedHealth Group, Inc. | 154,424 | |
20,916 | 1 | Vertex Pharmaceuticals, Inc. | 5,254,099 |
1,657 | West Pharmaceutical Services, Inc. | 313,604 | |
30,718 | Zoetis, Inc. | 3,972,145 | |
TOTAL | 43,557,423 | ||
Industrials—8.8% | |||
6,959 | AGCO Corp. | 367,713 | |
14,113 | 1 | Astronics Corp. | 126,735 |
20,763 | 1 | CIRCOR International, Inc. | 309,992 |
5,151 | Cintas Corp. | 1,142,646 | |
5,086 | Deluxe Corp. | 143,273 | |
3,468 | Flowserve Corp. | 97,694 | |
73,120 | Fluor Corp. | 855,504 | |
140,471 | Howmet Aerospace, Inc. | 1,835,956 | |
1,256 | IDEX Corp. | 192,959 | |
6,894 | Insperity, Inc. | 328,913 | |
271,347 | KAR Auction Services, Inc. | 4,064,778 | |
18,052 | Lockheed Martin Corp. | 7,023,311 | |
3,359 | Manpower, Inc. | 249,372 | |
20,046 | 1 | Middleby Corp. | 1,115,159 |
1,298 | OshKosh Truck Corp. | 87,654 | |
11,956 | 1 | SPX Corp. | 455,882 |
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Shares | Value | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
121,092 | Spirit AeroSystems Holdings, Inc., Class A | $2,683,399 | |
5,243 | Textron, Inc. | 138,205 | |
30,443 | Verisk Analytics, Inc. | 4,652,604 | |
TOTAL | 25,871,749 | ||
Information Technology—23.7% | |||
12,349 | 1 | Adobe, Inc. | 4,367,100 |
10,776 | Alliance Data Systems Corp. | 539,554 | |
3,535 | Analog Devices, Inc. | 387,436 | |
22,146 | Apple, Inc. | 6,506,495 | |
3,864 | 1 | Arista Networks, Inc. | 847,375 |
9,268 | 1 | Atlassian Corp. PLC | 1,441,081 |
5,427 | Automatic Data Processing, Inc. | 796,087 | |
24,035 | Booz Allen Hamilton Holding Corp. | 1,765,130 | |
72,561 | 1 | Cadence Design Systems, Inc. | 5,886,874 |
2,711 | 1,2 | Cardtronics, Inc. | 62,082 |
24,778 | 1 | Cirrus Logic, Inc. | 1,873,217 |
4,958 | Citrix Systems, Inc. | 718,960 | |
1,721 | Cognizant Technology Solutions Corp. | 99,852 | |
336,438 | DXC Technology Co. | 6,099,621 | |
40,776 | 1 | DocuSign, Inc. | 4,271,286 |
35,888 | 1 | Dynatrace Holdings LLC | 1,071,257 |
3,479 | 1,2 | Five9, Inc. | 322,399 |
19,358 | 1 | Fortinet , Inc. | 2,085,631 |
7,327 | Henry Jack & Associates, Inc. | 1,198,331 | |
9,859 | 1 | Inphi Corp. | 951,788 |
46,303 | Intel Corp. | 2,777,254 | |
6,007 | Intuit, Inc. | 1,620,749 | |
26,692 | 1 | Keysight Technologies, Inc. | 2,582,985 |
3,209 | 1 | Lumentum Holdings, Inc. | 259,640 |
5,562 | Mastercard, Inc. | 1,529,383 | |
14,750 | Maxim Integrated Products, Inc. | 810,955 | |
39,029 | Microsoft Corp. | 6,994,387 | |
7,153 | NVIDIA Corp. | 2,090,679 | |
28,343 | Paychex, Inc. | 1,942,062 | |
51,855 | 2 | Plantronics, Inc. | 732,193 |
28,060 | Qualcomm, Inc. | 2,207,480 | |
174,926 | Sabre Corp. | 1,271,712 | |
2,826 | 1,2 | Semtech Corp. | 127,848 |
7,506 | Skyworks Solutions, Inc. | 779,723 | |
3,471 | 1 | Synopsys, Inc. | 545,364 |
10,777 | Texas Instruments, Inc. | 1,250,886 | |
802 | 1 | Verisign, Inc. | 168,011 |
2,163 | Xilinx, Inc. | 189,046 | |
TOTAL | 69,171,913 | ||
Materials—2.3% | |||
120,250 | 1 | Alcoa Corp. | 980,037 |
54,490 | 1 | Allegheny Technologies, Inc. | 409,220 |
157,011 | 2 | Chemours Co./The | 1,841,739 |
44,257 | Domtar, Corp. | 1,033,844 | |
54,590 | DuPont de Nemours, Inc. | 2,566,822 | |
TOTAL | 6,831,662 |
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Shares | Value | ||
COMMON STOCKS—continued | |||
Real Estate—4.6% | |||
8,754 | American Tower Corp. | $2,083,452 | |
4,491 | CIM Commercial Trust Corp. | 45,763 | |
1,101 | Equinix, Inc. | 743,395 | |
1,441 | Essex Property Trust, Inc. | 351,748 | |
164,080 | 2 | Macerich Co. (The) | 1,225,678 |
26,106 | SBA Communications, Corp. | 7,568,652 | |
25,297 | SL Green Realty Corp. | 1,342,006 | |
TOTAL | 13,360,694 | ||
Utilities—2.1% | |||
1,585 | American States Water Co. | 125,801 | |
45,015 | Consolidated Edison Co. | 3,547,182 | |
38,135 | Exelon Corp. | 1,414,046 | |
11,434 | NiSource, Inc. | 287,108 | |
4,275 | Public Service Enterprises Group, Inc. | 216,785 | |
28,354 | Vistra Energy Corp. | 554,037 | |
TOTAL | 6,144,959 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $267,385,777) | 287,787,267 | ||
INVESTMENT COMPANIES—4.1% | |||
7,546,003 | Federated Government Obligations Fund, Premier Shares, 0.22%3 | 7,546,003 | |
4,487,337 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 0.66%3 | 4,489,132 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $12,032,850) | 12,035,135 | ||
TOTAL INVESTMENT IN SECURITIES—102.5% (IDENTIFIED COST $279,418,627) | 299,822,402 | ||
OTHER ASSETS AND LIABILITIES - NET—(2.5)%4 | (7,328,277) | ||
TOTAL NET ASSETS—100% | $292,494,125 |
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 April 30, 2020, were as follows:
Health Care | |
Alector, Inc. | |
Balance of Shares Held 7/31/2019 | — |
Purchases/Additions | 2,706 |
Sales/Reductions* | — |
Balance of Shares Held 4/30/2020 | 2,706 |
Value | $66,892 |
Change in Unrealized Appreciation/Depreciation | $— |
Net Realized Gain/(Loss) | $— |
Dividend Income | $— |
* | A portion of the amount shown was recorded when the Fund no longer had ownership of at least 5% of the voting shares. |
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Affiliated fund holdings are
investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with affiliated fund holdings during the period ended April 30, 2020, were as follows:
Federated Government Obligations Fund, Premier Shares* | Federated Institutional Prime Value Obligations Fund, Institutional Shares | Total of Affiliated Transactions | |
Balance of Shares Held 7/31/2019 | 491,528 | 7,701,438 | 8,192,966 |
Purchases/Additions | 50,479,017 | 59,280,212 | 109,759,229 |
Sales/Reductions | (43,424,542) | (62,494,313) | (105,918,855) |
Balance of Shares Held 4/30/2020 | 7,546,003 | 4,487,337 | 12,033,340 |
Value | $7,546,003 | $4,489,132 | $12,035,135 |
Change in Unrealized Appreciation/Depreciation | N/A | $2,285 | $2,285 |
Net Realized Gain/(Loss) | N/A | $(1,225) | $(1,225) |
Dividend Income | $18,975 | $57,716 | $76,691 |
* | 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 |
$7,006,727 | $7,546,003 |
3 | 7-day net yield. |
4 | Assets, other than investments in securities, less liabilities. |
Note: The categories of investments
are shown as a percentage of total net assets at 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. |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund’s Board of Trustees (the “Trustees”). |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
If any price, quotation, price
evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a
reasonable period of time as set forth in the Fund’s valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation
Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no
assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be
materially different.
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
6
valuation methods (including key inputs, methods,
models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market
quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees
periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Factors considered
by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions,
indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation).
Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid
evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC
derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the
Trustees.
Various inputs are used in
determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level
1—quoted prices in active markets for identical securities.
Level
2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level
3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for
valuing securities are not an indication of the risk associated with investing in those securities.
As of April 30, 2020, all
investments of the Fund utilized Level 1 inputs in valuing the Fund’s assets carried at fair value.
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