Federated MDT Small Cap Core Fund
Portfolio of Investments
April 30, 2020 (unaudited)
Shares | Value | ||
COMMON STOCKS—97.3% | |||
Communication Services—3.2% | |||
1,117,719 | 1 | Cars.com, Inc. | $5,789,784 |
122,471 | Cogent Communications Holdings, Inc. | 10,266,744 | |
130,373 | 1 | Consolidated Communications Holdings, Inc. | 817,439 |
767,875 | Emerald Holding, Inc. | 1,750,755 | |
15,771 | 1,2 | EverQuote, Inc. | 614,596 |
771,266 | 1,2 | Frontier Communications Corp. | 66,020 |
25,797 | 1 | Imax Corp. | 296,666 |
836,805 | 1,2 | Intelsat SA | 1,046,006 |
21,462 | Meredith Corp. | 318,282 | |
TOTAL | 20,966,292 | ||
Consumer Discretionary—8.9% | |||
322,766 | Aaron's, Inc. | 10,299,463 | |
708,027 | 1 | American Axle & Manufacturing Holdings, Inc. | 3,058,677 |
32,756 | 1 | Asbury Automotive Group, Inc. | 2,211,030 |
2,183 | 1,2 | Ascena Retail Group, Inc. | 3,165 |
356,033 | BBX Capital Corp. | 754,790 | |
164,873 | 2 | Bed Bath & Beyond, Inc. | 1,020,564 |
64,258 | Caleres, Inc. | 521,132 | |
15,118 | 1 | Conn's, Inc. | 102,198 |
249,321 | 1 | Cooper-Standard Holding, Inc. | 3,203,775 |
38,706 | 2 | Dillards, Inc., Class A | 1,141,053 |
53,495 | 1 | Fossil, Inc. | 211,840 |
9,276 | 1,2 | Francesca's Holdings Corp. | 24,489 |
27,607 | 1 | Funko, Inc. | 118,158 |
478,375 | 1 | G-III Apparel Group Ltd. | 5,419,989 |
405,230 | 1 | Houghton Mifflin Harcourt Co. | 648,368 |
158,036 | 1 | Laureate Education, Inc. | 1,496,601 |
138,535 | 1 | Modine Manufacturing Co. | 641,417 |
21,711 | Movado Group, Inc. | 223,841 | |
203,079 | Rent-A-Center, Inc. | 4,042,288 | |
116,380 | 1 | SeaWorld Entertainment, Inc. | 1,709,622 |
127,410 | 1 | Skyline Corp. | 2,511,251 |
83,303 | Steven Madden Ltd. | 2,088,406 | |
139,248 | 1,2 | Tenneco, Inc. | 722,697 |
628,838 | 2 | Tupperware Brands Corp. | 2,024,858 |
30,278 | 1 | Unifi, Inc. | 313,377 |
113,705 | 2 | Wingstop, Inc. | 13,334,185 |
TOTAL | 57,847,234 | ||
Consumer Staples—2.8% | |||
88,647 | 1 | BJ's Wholesale Club Holdings, Inc. | 2,332,302 |
43,251 | 1 | Central Garden & Pet Co., Class A | 1,315,263 |
3,308 | 2 | Coca-Cola Bottling Co. | 778,935 |
152,381 | 1 | elf Beauty, Inc. | 1,991,620 |
20,599 | 1 | Freshpet, Inc. | 1,553,371 |
65,747 | Ingles Markets, Inc., Class A | 2,684,450 | |
98,397 | Inter Parfums, Inc. | 4,397,362 | |
30,134 | 2 | Medifast, Inc. | 2,286,568 |
1
Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
9,600 | SpartanNash Co. | $164,640 | |
19,315 | 2 | Universal Corp. | 934,266 |
TOTAL | 18,438,777 | ||
Energy—3.1% | |||
75,495 | 2 | Arch Coal, Inc. | 2,203,699 |
370,350 | 1,2 | CONSOL Energy, Inc. | 2,810,957 |
122,777 | 2 | CVR Energy, Inc. | 2,928,231 |
3,863 | DMC Global, Inc. | 99,704 | |
658,708 | 1,2 | Denbury Resources, Inc. | 234,171 |
111,305 | 1 | Gulf Island Fabrication, Inc. | 336,141 |
211,993 | 1,2 | Gulfport Energy Corp. | 541,642 |
292,137 | 1,2 | Newpark Resources, Inc. | 446,970 |
278,598 | 1 | Oceaneering International, Inc. | 1,431,994 |
544,073 | 1 | Oil States International, Inc. | 1,871,611 |
1,159,667 | Peabody Energy Corp. | 3,931,271 | |
893,070 | 2 | RPC, Inc. | 3,045,369 |
184,516 | 1,2 | Seadrill Ltd. | 105,838 |
10,594 | 1 | Tidewater, Inc. | 61,021 |
317,455 | 1,2 | Whiting Petroleum Corp. | 399,993 |
TOTAL | 20,448,612 | ||
Financials—16.5% | |||
35,148 | 1st Source Corp. | 1,220,690 | |
17,679 | 1 | Amerant Bancorp Inc | 239,020 |
62,640 | Argo Group International Holdings Ltd. | 2,214,950 | |
56,371 | BancFirst Corp. | 2,170,847 | |
13,293 | Banner Corp. | 510,850 | |
82,387 | Berkshire Hills Bancorp, Inc. | 1,403,875 | |
281,355 | 1 | Blucora, Inc. | 3,958,665 |
1,278 | Chemung Financial Corp. | 31,311 | |
63,967 | Donegal Group, Inc., Class A | 916,007 | |
10,637 | Eagle Bancorp, Inc. | 373,146 | |
94,354 | Employers Holdings, Inc. | 2,865,531 | |
272,495 | 1,2 | Ezcorp, Inc., Class A | 1,525,972 |
49,780 | Financial Institutions, Inc. | 963,243 | |
521,121 | First BanCorp | 3,038,135 | |
279,848 | First Bancorp, Inc. | 7,441,158 | |
259,317 | First Defiance Financial Corp. | 4,506,929 | |
47,849 | First Foundation, Inc. | 658,402 | |
27,654 | First Guaranty Bancshares, Inc. | 373,606 | |
15,892 | First Interstate BancSystem, Inc., Class A | 537,150 | |
640,438 | 2 | Fulton Financial Corp. | 7,486,720 |
13,931 | 1 | Green Dot Corp. | 424,896 |
2,096 | HCI Group, Inc. | 87,298 | |
53,626 | Heartland Financial USA, Inc. | 1,821,675 | |
96,572 | Hometrust Bancshares, Inc. | 1,484,312 | |
32,400 | Independent Bank Corp.- Michigan | 475,956 | |
671,764 | Investors Bancorp, Inc. | 6,254,123 | |
15,225 | Kinsale Capital Group, Inc. | 1,653,740 | |
215,531 | Meridian Bancorp, Inc. | 2,538,955 | |
19,583 | Meta Financial Group, Inc. | 360,719 | |
484,988 | 1 | NMI Holdings, Inc. | 6,557,038 |
2
Shares | Value | ||
COMMON STOCKS—continued | |||
Financials—continued | |||
142,505 | National General Holdings Corp. | $2,711,870 | |
10,297 | 1 | Nicolet Bankshares, Inc. | 566,541 |
160,155 | OceanFirst Financial Corp. | 2,698,612 | |
89,056 | Pacific Premier Bancorp, Inc. | 1,901,346 | |
60,958 | 1 | Palomar Holdings, Inc. | 3,566,043 |
152,400 | Peapack-Gladstone Financial Corp. | 2,875,788 | |
138,787 | ProAssurance Corp. | 2,968,654 | |
120,964 | QCR Holdings, Inc. | 3,723,272 | |
25,821 | RLI Corp. | 1,880,543 | |
172,336 | Selective Insurance Group, Inc. | 8,639,204 | |
15,640 | The Bank of NT Butterfield & Son Ltd. | 344,236 | |
41,900 | TriCo Bancshares | 1,262,028 | |
80,223 | UMB Financial Corp. | 4,078,537 | |
115,678 | 2 | Waddell & Reed Financial, Inc., Class A | 1,683,115 |
171,251 | Waterstone Financial Inc. | 2,486,565 | |
134,084 | Western New England Bancorp, Inc. | 805,845 | |
171,039 | WisdomTree Investments, Inc. | 554,166 | |
17,389 | 1,2 | World Acceptance Corp. | 1,179,844 |
TOTAL | 108,021,128 | ||
Health Care—19.9% | |||
17,959 | 1 | ANI Pharmaceuticals, Inc. | 718,540 |
4,057 | 1 | Acadia Pharmaceuticals, Inc. | 195,994 |
29,275 | 1 | Acceleron Pharma, Inc. | 2,650,266 |
576,643 | 1,2 | Acorda Therapeutics, Inc. | 555,019 |
66,205 | 1,3 | Adeptus Health, Inc., Class A | 0 |
761,927 | 1,2 | Akorn, Inc. | 160,005 |
48,052 | 1 | Amedisys, Inc. | 8,849,256 |
434,320 | 1,2 | Amneal Pharmaceuticals, Inc | 1,576,582 |
159,532 | 1 | AnaptysBio, Inc. | 2,491,890 |
82,885 | 1 | AngioDynamics, Inc. | 864,491 |
30,905 | 1 | Anika Therapeutics, Inc. | 1,026,973 |
126,184 | 1 | Arcus Biosciences, Inc. | 3,332,519 |
26,188 | 1 | Arena Pharmaceuticals, Inc. | 1,282,426 |
74,571 | 1 | Arvinas, Inc. | 3,914,977 |
545,846 | 1 | Assertio Therapeutics, Inc. | 477,615 |
163,043 | 1 | Atara Biotherapeutics, Inc. | 1,351,626 |
98,773 | 1,2 | AxoGen, Inc. | 963,037 |
8,526 | 1 | Axsome Therapeutics, Inc. | 810,226 |
209,412 | 1 | Catalyst Pharmaceutical Partners Inc. | 992,613 |
26,857 | 1,2 | Catasys, Inc. | 817,527 |
19,349 | 1 | ChemoCentryx, Inc. | 1,025,690 |
64,249 | 1,2 | Collegium Pharmaceutical, Inc. | 1,328,669 |
31,020 | 1 | Community Health Systems, Inc. | 93,991 |
5,102 | 1 | Constellation Pharmaceuticals, Inc. | 183,570 |
120,142 | 1 | Corcept Therapeutics, Inc. | 1,520,998 |
80,698 | 1 | Cue Biopharma, Inc. | 2,064,255 |
116,052 | 1 | Cutera, Inc. | 1,560,899 |
27,725 | 1 | Deciphera Pharmaceuticals, Inc. | 1,607,496 |
40,973 | 1,2 | Dicerna Pharmaceuticals, Inc. | 807,168 |
9,393 | 1 | Emergent BioSolutions, Inc. | 694,612 |
13,053 | 1 | Evofem Biosciences, Inc. | 61,871 |
3
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
148,324 | 1 | Fate Therapeutics, Inc. | $4,061,111 |
43,690 | 1 | G1 Therapeutics, Inc. | 573,650 |
129,377 | 1 | GlycoMimetics, Inc. | 360,962 |
141,700 | 1 | Halozyme Therapeutics, Inc. | 3,210,213 |
67,089 | 1,2 | Immunogen, Inc. | 273,723 |
150,277 | 1 | Inovalon Holdings, Inc. | 2,629,848 |
13,484 | 1,2 | Intra-Cellular Therapies, Inc. | 238,262 |
129,720 | 1,2 | Ironwood Pharmaceuticals, Inc. | 1,297,200 |
36,214 | 1 | Jounce Therapeutics, Inc. | 177,449 |
102,872 | 1,2 | Kala Pharmaceuticals, Inc. | 1,024,605 |
8,883 | 1,2 | Karuna Therapeutics, Inc. | 738,000 |
20,856 | 1 | Karyopharm Therapeutics, Inc. | 459,875 |
30,159 | 1 | Kezar Life Sciences, Inc. | 141,747 |
112,020 | 1,2 | Kiniksa Pharmaceuticals Ltd. | 2,234,799 |
57,681 | 1 | Lannett Co., Inc. | 550,277 |
19,502 | 2 | LeMaitre Vascular, Inc. | 555,612 |
345,505 | 1,2 | Lexicon Pharmaceuticals, Inc. | 653,004 |
6,442 | 1 | Livongo Health, Inc. | 257,744 |
111,088 | 1 | MacroGenics, Inc. | 799,834 |
379,734 | 1,2 | Mallinckrodt PLC | 1,541,720 |
101,284 | 1 | Medpace Holdings, Inc. | 8,088,540 |
153,623 | 1 | Mersana Therapeutics, Inc. | 1,387,216 |
27,751 | 1 | Mirati Therapeutics, Inc. | 2,359,945 |
40,681 | 1 | Molecular Templates, Inc., Class THL | 660,253 |
50,923 | 1 | Momenta Pharmaceuticals, Inc. | 1,614,259 |
462,787 | 1,2 | Myriad Genetics, Inc. | 7,154,687 |
35,606 | 1,2 | NeoGenomics, Inc. | 973,468 |
19,359 | 1 | NextCure, Inc. | 627,619 |
56,872 | 1 | NuVasive, Inc. | 3,462,367 |
5,454 | 1 | Orthofix Medical, Inc. | 193,344 |
15,423 | 1 | Principia Biopharma Inc. | 959,002 |
318,720 | 1,2 | Puma Biotechnology, Inc. | 3,203,136 |
64,226 | 1 | R1 RCM, Inc. | 662,812 |
78,148 | 1 | Recro Pharma, Inc. | 661,132 |
32,212 | 1,2 | Repligen Corp. | 3,741,424 |
88,175 | 1,2 | Scholar Rock Holding Corp. | 1,448,715 |
12,952 | 1 | Tandem Diabetes Care, Inc. | 1,033,311 |
58,022 | 1,2 | Teladoc, Inc. | 9,549,841 |
68,439 | 1,2 | Tg Therapeutics, Inc. | 804,843 |
167,810 | 1 | Theravance Biopharma, Inc. | 4,893,340 |
48,921 | 1 | Twist Bioscience Corp. | 1,600,206 |
20,124 | 1 | Vanda Pharmaceuticals, Inc. | 231,426 |
90,072 | 1 | Voyager Therapeutics, Inc. | 973,678 |
175,488 | 1 | Xencor, Inc. | 5,129,514 |
160,399 | 1,2 | Zynex, Inc. | 2,832,646 |
TOTAL | 130,007,160 | ||
Industrials—13.6% | |||
187,083 | AAR Corp. | 3,663,085 | |
32,194 | 1,2 | Aerojet Rocketdyne Holdings, Inc. | 1,324,461 |
9,358 | Albany International Corp., Class A | 478,568 | |
37,982 | 2 | Allegiant Travel Co. | 2,980,827 |
4
Shares | Value | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
32,274 | 1 | American Woodmark Corp. | $1,659,206 |
28,628 | Apogee Enterprises, Inc. | 585,156 | |
107,879 | Arcosa, Inc. | 4,020,650 | |
112,508 | 1 | Astronics Corp. | 1,010,322 |
143,900 | 1 | Builders Firstsource, Inc. | 2,640,565 |
218,403 | 1 | CECO Environmental Corp. | 1,183,744 |
91,518 | 1,2 | CIRCOR International, Inc. | 1,366,364 |
284,514 | Costamare, Inc. | 1,428,260 | |
62,721 | 1 | DXP Enterprises, Inc. | 935,797 |
171,688 | 1 | Echo Global Logistics, Inc. | 3,009,691 |
150,183 | Exponent, Inc. | 10,562,370 | |
341,049 | 1 | Foundation Building Materials, Inc. | 3,990,273 |
7,380 | 1 | Franklin Covey Co. | 153,135 |
224,602 | 1 | GMS, Inc. | 4,128,185 |
281,673 | 2 | Granite Construction, Inc. | 4,630,704 |
86,312 | 1 | Great Lakes Dredge & Dock Corp. | 762,998 |
62,246 | Heidrick & Struggles International, Inc. | 1,396,800 | |
47,255 | Helios Technologies, Inc. | 1,680,860 | |
87,393 | Hurco Co., Inc. | 2,856,877 | |
151,235 | Insperity, Inc. | 7,215,422 | |
118,622 | Knoll, Inc. | 1,383,133 | |
555,398 | 1 | MRC Global Inc. | 2,976,933 |
78,542 | 1 | Mercury Systems, Inc. | 7,002,805 |
7,668 | 1 | Mistras Group, Inc. | 36,423 |
333,283 | 1 | Now, Inc. | 2,056,356 |
17,163 | 1 | PGT, Inc. | 177,466 |
51,397 | 2 | Pitney Bowes, Inc. | 181,432 |
67,902 | REV Group, Inc. | 361,239 | |
111,627 | Spartan Motors, Inc. | 1,572,825 | |
112,246 | 1,2 | Spirit Airlines, Inc. | 1,685,935 |
90,010 | 1,2 | Team, Inc. | 555,362 |
18,155 | 1 | Thermon Group Holdings, Inc. | 277,408 |
115,530 | 1 | Titan Machinery, Inc. | 1,085,982 |
329,413 | 2 | Triumph Group, Inc. | 2,319,068 |
48,024 | 1 | Veritiv Corp. | 449,985 |
537,098 | 1 | Welbilt, Inc. | 2,647,893 |
TOTAL | 88,434,565 | ||
Information Technology—14.0% | |||
173,531 | 1,2 | Cardtronics, Inc. | 3,973,860 |
53,713 | 1 | Cirrus Logic, Inc. | 4,060,703 |
58,101 | 1 | Commvault Systems, Inc. | 2,480,332 |
28,308 | Comtech Telecommunications Corp. | 523,981 | |
2,419,407 | 1 | Conduent, Inc. | 6,096,906 |
221,419 | 1 | Diebold Nixdorf, Inc. | 1,091,596 |
12,322 | 2 | Ebix, Inc. | 257,899 |
49,714 | 1 | Everbridge, Inc. | 5,537,145 |
29,923 | Evertec, Inc. | 758,249 | |
175,743 | 1,2 | Five9, Inc. | 16,286,104 |
146,556 | 1,2 | GTT Communications, Inc. | 1,664,876 |
107,499 | 1 | Inphi Corp. | 10,377,953 |
2,369 | 1 | Intelligent Systems Corp. | 79,456 |
5
Shares | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
12,836 | 1 | Kimball Electronics, Inc. | $173,543 |
30,656 | MTS Systems Corp. | 652,053 | |
82,218 | ManTech International Corp., Class A | 6,130,174 | |
40,973 | Maximus, Inc. | 2,758,302 | |
180,270 | 1,2 | MaxLinear, Inc. | 2,972,652 |
11,274 | 1 | Mitek Systems, Inc. | 105,186 |
232,446 | 1 | Model N, Inc. | 6,708,392 |
64,875 | 1 | NeoPhotonics Corp. | 624,097 |
28,869 | 1,2 | Netgear, Inc. | 692,279 |
17,057 | 1 | OSI Systems, Inc. | 1,234,586 |
44,149 | 1,2 | Perficient, Inc. | 1,537,710 |
376,037 | 2 | Plantronics, Inc. | 5,309,642 |
40,172 | 1 | Qualys, Inc. | 4,235,736 |
49,179 | 1 | SPS Commerce, Inc. | 2,729,926 |
71,879 | 1,2 | Secureworks Corp. | 817,983 |
47,004 | 1 | Synchronoss Technologies, Inc. | 162,164 |
22,779 | TTEC Holdings, Inc. | 887,925 | |
26,917 | 1 | Ultra Clean Holdings, Inc. | 495,004 |
TOTAL | 91,416,414 | ||
Materials—4.3% | |||
769,807 | 1,2 | Allegheny Technologies, Inc. | 5,781,251 |
60,605 | Boise Cascade Co. | 1,895,118 | |
150,014 | 2 | Carpenter Technology Corp. | 3,325,810 |
348,433 | 1 | Coeur Mining, Inc. | 1,466,903 |
41,283 | Haynes International, Inc. | 912,354 | |
145,365 | 1 | Koppers Holdings, Inc. | 2,290,953 |
152,517 | 1 | Kraton Corp. | 2,380,790 |
155,023 | Myers Industries, Inc. | 1,916,084 | |
16,473 | Orion Engineered Carbons S.A. | 150,069 | |
10,332 | Schnitzer Steel Industries, Inc., Class A | 160,766 | |
134,916 | SunCoke Energy, Inc. | 424,985 | |
231,099 | Trinseo SA | 4,725,975 | |
132,239 | 1 | Verso Corp. | 1,836,800 |
40,940 | Warrior Met Coal, Inc. | 513,797 | |
TOTAL | 27,781,655 | ||
Real Estate—7.7% | |||
56,813 | Acadia Realty Trust | 703,913 | |
41,782 | 2 | Alexander and Baldwin, Inc. | 549,015 |
8,184 | 1 | Altisource Portfolio Solutions S.A. | 68,336 |
11,536 | CIM Commercial Trust Corp. | 117,552 | |
273,630 | Chatham Lodging Trust | 2,054,961 | |
86,389 | CoreCivic, Inc. | 1,133,424 | |
10,789 | CorEnergy Infrastructure Trust, Inc. | 130,978 | |
848,640 | Diversified Healthcare Trust | 2,639,270 | |
456,230 | Easterly Government Properties, Inc. | 12,277,149 | |
43,010 | Hersha Hospitality Trust | 224,942 | |
489,041 | Independence Realty Trust | 4,924,643 | |
8,551 | LTC Properties, Inc. | 304,416 | |
196,475 | Newmark Group, Inc. | 762,323 | |
295,714 | 2 | Pebblebrook Hotel Trust | 3,501,254 |
143,625 | 2 | QTS Realty Trust, Inc. | 8,980,871 |
6
Shares | Value | ||
COMMON STOCKS—continued | |||
Real Estate—continued | |||
59,189 | RLJ Lodging Trust | $549,866 | |
146,592 | RMR Group, Inc./The | 4,347,919 | |
103,503 | 2 | Realogy Hldgs. Corp. | 449,203 |
11,861 | Ryman Hospitality Properties | 419,168 | |
185,963 | Summit Hotel Properties, Inc. | 1,126,936 | |
289,457 | Sunstone Hotel Investors, Inc. | 2,660,110 | |
85,898 | 2 | Tanger Factory Outlet Centers, Inc. | 645,953 |
70,124 | Whitestone Project | 475,441 | |
124,958 | Xenia Hotels & Resorts, Inc. | 1,212,093 | |
TOTAL | 50,259,736 | ||
Utilities—3.3% | |||
43,042 | Allete, Inc. | 2,477,497 | |
7,122 | California Water Service Group | 319,920 | |
171,167 | Clearway Energy, Inc. | 3,200,823 | |
332,996 | Portland General Electric Co. | 15,580,883 | |
TOTAL | 21,579,123 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $648,478,208) | 635,200,696 | ||
INVESTMENT COMPANIES—10.0% | |||
29,945,782 | Federated Government Obligations Fund, Premier Shares, 0.22%4 | 29,945,782 | |
35,370,080 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 0.66%4 | 35,384,228 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $65,328,439) | 65,330,010 | ||
TOTAL INVESTMENT IN SECURITIES—107.3% (IDENTIFIED COST $713,806,647) | 700,530,706 | ||
OTHER ASSETS AND LIABILITIES - NET—(7.3)%5 | (47,562,785) | ||
TOTAL NET ASSETS—100% | $652,967,921 |
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:
Affiliated | Balance of Shares Held 7/31/2019 | Purchases/ Additions* | Sales/ Reductions* | Balance of Shares Held 4/30/2020 | Value | Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/(Loss)* | Dividend Income* |
Affiliated Issuers no longer in the portfolio at period end | — | 69,933 | (69,933) | — | $— | $— | $711,238 | $— |
* | 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 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 | 37,415,748 | 84,083,002 | 121,498,750 |
Purchases/Additions | 224,931,083 | 457,591,001 | 682,522,084 |
Sales/Reductions | (232,401,049) | (506,303,923) | (738,704,972) |
Balance of Shares Held 4/30/2020 | 29,945,782 | 35,370,080 | 65,315,862 |
Value | $29,945,782 | $35,384,228 | $65,330,010 |
Change in Unrealized Appreciation/Depreciation | N/A | $(679) | $(679) |
Net Realized Gain/(Loss) | N/A | $5,223 | $5,223 |
7
Federated Government Obligations Fund, Premier Shares* | Federated Institutional Prime Value Obligations Fund, Institutional Shares* | Total of Affiliated Transactions | |
Dividend Income | $461,280 | $918,217 | $1,379,497 |
* | 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 |
$56,260,625 | $60,965,782 |
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 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 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 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.
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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.
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 | $612,176,640 | $— | $0 | $612,176,640 |
International | 23,024,056 | — | — | 23,024,056 |
Investment Companies | 65,330,010 | — | — | 65,330,010 |
TOTAL SECURITIES | $700,530,706 | $— | $0 | $700,530,706 |
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