United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-23174
(Investment Company Act File Number)
Federated Project and Trade Finance Tender Fund
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 03/31/18
Date of Reporting Period: Six months ended 09/30/17
Item 1. | Reports to Stockholders |
Security Type | Percentage of Total Net Assets |
Trade Finance Agreements | 74.8% |
Cash Equivalents2 | 22.4% |
Other Assets and Liabilities—Net3 | 2.8% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus for a description of the principal types of securities in which the Fund invests. |
2 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount or Shares | Acquisition Date1 | Cost1 | Value | ||
1 | TRADE FINANCE AGREEMENTS—74.8% | ||||
Basic Industry - Metals/Mining Excluding Steel—2.3% | |||||
$653,846 | 2 | Kuwait International Bank, 2.51733%, (3-month USLIBOR +1.200%), 9/17/2018 | 1/31/2017 | $650,904 | $650,904 |
1,000,000 | 2 | Trafigura, 2.39667%, (1-month USLIBOR +1.200%), 3/31/2018 | 2/03/2017 | 1,000,000 | 1,000,500 |
TOTAL | 1,651,404 | ||||
Capital Goods - Aerospace & Defense—1.3% | |||||
962,963 | 2 | Gulf Air BSC, 4.844%, (1-month USLIBOR +3.250%), 1/19/2022 | 3/27/2017 | 964,407 | 963,926 |
Consumer Non-Cyclical - Beverage—1.1% | |||||
800,000 | 2 | Carcafe Ltd., 2.39%, (3-month USLIBOR +1.100%), 10/3/2017 | 7/11/2017 | 800,000 | 798,400 |
Consumer Non-Cyclical/ Food-Wholesale—2.9% | |||||
600,000 | 2 | Agrofertil, 3.1383%, (12-month USLIBOR +1.500%), 7/16/2018 | 9/08/2017 | 585,148 | 586,200 |
1,500,000 | 2 | Olam Nigeria, 2.37111%, (3-month USLIBOR +1.050%), 12/15/2017 | 9/15/2017 | 1,500,000 | 1,499,250 |
TOTAL | 2,085,450 | ||||
Energy - Exploration & Production—7.2% | |||||
1,500,000 | 2 | EGPC African Export-Import Bank (Afreximbank), 6.92389%, (3-month USLIBOR +5.600%), 12/6/2019 | 6/20/2017 | 1,500,000 | 1,496,250 |
833,334 | 2 | KMG Vitol, 3.0783%, (1-month USLIBOR +1.850%), 3/31/2020 | 3/16/2017 | 831,250 | 830,417 |
1,500,000 | 2 | L1E, 3.73667%, (1-month USLIBOR +2.500%), 12/30/2021 | 9/12/2017 | 1,470,000 | 1,471,500 |
1,323,529 | 2 | Sonangol, 4.73278%, (3-month USLIBOR +3.400%), 7/30/2021 | 4/03/2017 | 1,276,654 | 1,323,529 |
TOTAL | 5,121,696 | ||||
Energy - Gas Distribution—2.1% | |||||
1,500,000 | 2 | Golar Hilli Corp., 2.99219%, (6-month USLIBOR +1.600%), 1/29/2018 | 9/20/2017 | 1,500,000 | 1,496,250 |
Energy - Integrated Energy—3.0% | |||||
666,667 | 2 | INA Industrija Nafte DD, 2.95333%, (6-month USLIBOR +1.500%), 8/19/2019 | 1/31/2017 | 666,667 | 668,333 |
Principal Amount or Shares | Acquisition Date1 | Cost1 | Value | ||
1 | TRADE FINANCE AGREEMENTS—continued | ||||
Energy - Integrated Energy—continued | |||||
$1,500,000 | 2 | Puma International Financing SA, 3.68722%, (1-month USLIBOR +2.450%), 5/13/2019 | 6/23/2017 | $1,498,500 | $1,497,750 |
TOTAL | 2,166,083 | ||||
Energy - Oil Field Equipment & Services—1.2% | |||||
850,000 | 2 | ADES, 5.80917%, (3-month USLIBOR +4.500%), 11/12/2020 | 1/31/2017 | 850,000 | 849,150 |
Energy - Oil Refining and Marketing—1.1% | |||||
746,341 | 2 | Dangote, 5.70167%, (6-month USLIBOR +4.250%), 8/28/2020 | 2/06/2017 | 737,341 | 755,671 |
Finance/Banks/Brokers—19.2% | |||||
1,000,000 | 2 | Akbank TAS, 2.4167%, (6-month USLIBOR +1.000%), 12/29/2017 | 7/25/2017 | 1,000,000 | 1,000,000 |
1,000,000 | 2 | Bahrain Is Bank, 3.0308%, (3-month USLIBOR +1.700%), 9/28/2018 | 9/27/2017 | 1,000,000 | 1,000,500 |
1,500,000 | 2 | Banco Do Brasil S.A., 2.45778%, (3-month USLIBOR +1.125%), 6/29/2018 | 8/11/2017 | 1,500,000 | 1,502,250 |
537,332 | 2 | BBVA Banco Frances SA, 2.57%, (6-month USLIBOR +1.200%), 11/14/2017 | 6/23/2017 | 537,332 | 536,526 |
1,000,000 | 2 | Credit Bank of Moscow, 3.3172%, (3-month USLIBOR +2.000%), 12/7/2017 | 4/12/2017 | 1,000,000 | 1,000,000 |
255,256 | 2 | Dhaka Bank Ltd., 2.9%, (6-month USLIBOR +1.500%), 12/18/2017 | 6/30/2017 | 255,256 | 254,745 |
1,000,000 | 2 | Garanti Bank LFC, 2.26694%, (3-month USLIBOR +0.950%), 11/30/2017 | 7/28/2017 | 999,500 | 1,001,500 |
500,000 | 2 | Garanti Bankasi, 3.91444%, (3-month USLIBOR +2.600%), 11/24/2017 | 1/31/2017 | 500,000 | 500,000 |
1,000,000 | 2 | IDFC Bank Ltd., 2.46%, (3-month USLIBOR +1.140%), 3/14/2018 | 1/31/2017 | 994,000 | 993,000 |
1,000,000 | 2 | Itau Unibanco Holding SA, 2.3625%, (3-month USLIBOR +1.050%), 10/20/2017 | 6/22/2017 | 1,000,000 | 998,500 |
1,000,000 | 2 | State Bank of India, 1.70361%, (3-month USLIBOR +0.400%), 1/5/2018 | 7/13/2017 | 1,000,000 | 997,500 |
1,000,000 | 2 | Turk Ekonomi BK, 3.1829%, (12-month USLIBOR +1.450%), 11/10/2017 | 6/15/2017 | 988,685 | 996,000 |
1,000,000 | 2 | Turk Vakif HSBC, 2.81667%, (3-month USLIBOR +1.280%), 12/15/2017 | 6/21/2017 | 1,000,000 | 999,500 |
316,750 | 2 | Turk Vakifbank, 4.43322%, (6-month USLIBOR +3.000%), 12/21/2017 | 1/31/2017 | 316,750 | 316,275 |
1,000,000 | Turkiye Is HSBC AS, 2.95752%, 1/2/2018 | 6/21/2017 | 984,312 | 993,500 |
Principal Amount or Shares | Acquisition Date1 | Cost1 | Value | ||
1 | TRADE FINANCE AGREEMENTS—continued | ||||
Finance/Banks/Brokers—continued | |||||
$703,897 | Yapi ve Kredi Bankasi A.S., 2.65086%, 12/6/2017 | 6/21/2017 | $697,223 | $700,730 | |
TOTAL | 13,790,526 | ||||
Foreign Sovereign—16.5% | |||||
1,000,000 | 2 | Bank of Kigali Ltd., 7.41956%, (3-month USLIBOR +6.250%), 10/19/2021 | 6/19/2017 | 1,000,000 | 1,000,500 |
99,772 | 2 | Egypt, Government of, 3.9441%, (12-month USLIBOR +2.160%), 3/17/2020 | 7/17/2017 - 9/25/2017 | 99,772 | 99,672 |
1,500,000 | International Islamic Trade Finance Corp - TurkExim Bank, 3.003%, 3/9/2018 | 6/09/2017 | 1,500,000 | 1,497,750 | |
1,000,000 | 2 | JSC Partnership, 5.73983%, (12-month USLIBOR +4.000%), 9/22/2020 | 9/22/2017 | 1,013,700 | 1,016,000 |
1,300,000 | 2 | Kenya, Government of, 6.456%, (6-month USLIBOR +5.000%), 4/18/2019 | 4/18/2017 - 4/27/2017 | 1,298,500 | 1,295,450 |
1,000,000 | 2 | Korea Development Bank, 1.82611%, (3-month USLIBOR +0.500%), 12/21/2017 | 6/20/2017 | 1,000,000 | 1,000,500 |
1,000,000 | 2 | Ministry of Finance Tanzania, 6.645%, (6-month USLIBOR +5.200%), 6/23/2022 | 6/26/2017 | 994,000 | 1,000,000 |
1,000,000 | 2 | Ministry of Finance Zambia, 7.456%, (6-month USLIBOR +6.000%), 7/13/2020 | 7/17/2017 | 1,000,000 | 1,001,000 |
1,000,000 | 2 | National Bank of Egypt, 4.16822%, (6-month USLIBOR +2.750%), 6/4/2018 | 1/31/2017 | 996,800 | 993,500 |
1,442,088 | Pakistan, Government of, 3.8093%, (12-month USLIBOR +2.220%), 9/30/2021 | 8/3/2017 - 9/29/2017 | 1,442,088 | 1,442,088 | |
1,500,000 | 2 | Sri Lanka, Government of, 3.45611%, (6-month USLIBOR +2.000%), 5/26/2020 | 9/12/2017 | 1,496,110 | 1,495,500 |
TOTAL | 11,841,960 | ||||
Government Guarantee—2.8% | |||||
1,000,000 | 2 | Turk Exim Bank, 2.5198%, (6-month USLIBOR +1.100%), 3/28/2018 | 3/30/2017 | 1,000,000 | 999,500 |
1,000,000 | 2 | Turk Exim Bank, 2.60389%, (3-month USLIBOR +1.500%), 11/7/2017 | 2/01/2017 | 1,000,000 | 996,000 |
TOTAL | 1,995,500 | ||||
Oil & Gas—2.0% | |||||
1,437,500 | 2 | Rosneft Oil Co., 3.235%, (1-month USLIBOR +2.000%), 6/27/2019 | 9/28/2017 | 1,435,250 | 1,435,344 |
Services - Airlines—1.4% | |||||
1,000,000 | 2 | Pakistan International Airlines, 4.38667%, (1-month USLIBOR +3.150%), 2/24/2021 | 9/27/2017 | 990,000 | 990,500 |
Principal Amount or Shares | Acquisition Date1 | Cost1 | Value | ||
1 | TRADE FINANCE AGREEMENTS—continued | ||||
Services - Railroads—2.4% | |||||
$401,928 | 2 | Autopistas Urbanas SA (AUSA), 4.8007%, (3-month USLIBOR +3.500%), 11/15/2022 | 5/19/2017 | $395,899 | $396,301 |
1,333,333 | 2 | Ethiopian Railway Corp., 5.205%, (6-month USLIBOR +3.750%), 7/8/2021 | 5/04/2017 | 1,333,333 | 1,332,000 |
TOTAL | 1,728,301 | ||||
Services - Transportation Excluding Air/Rail—1.3% | |||||
952,880 | 2 | Asyaport, 4.86544%, (6-month USLIBOR +4.400%), 1/10/2024 | 1/31/2017 | 952,880 | 954,785 |
Supranational—2.8% | |||||
1,000,000 | 2 | African Export-Import Bank (Afreximbank), 2.58083%, (3-month USLIBOR +1.500%), 11/24/2019 | 3/10/2017 | 990,500 | 987,000 |
1,000,000 | 2 | PTA Bank, 3.45761%, (3-month USLIBOR +2.300%), 10/4/2018 | 2/01/2017 | 1,000,000 | 1,001,000 |
TOTAL | 1,988,000 | ||||
Utility - Electric-Generation—2.8% | |||||
1,000,000 | 2 | Casablanca & Giacote Solar PV Project, 4.06156%, (6-month USLIBOR +2.625%), 5/15/2020 | 5/15/2017 | 980,000 | 997,000 |
1,035,730 | 2 | Egypt Electric, 5.42928%, (3-month USLIBOR +4.250%), 5/5/2020 | 8/03/2017 | 1,034,444 | 1,026,926 |
TOTAL | 2,023,926 | ||||
Utility Electric-Distribution/ Transportation—1.4% | |||||
1,000,000 | 2 | Cote D'Ivoire, Government of, 4.27561%, (2-month USLIBOR +3.000%), 11/30/2017 | 9/27/2017 | 1,000,000 | 1,000,500 |
TOTAL TRADE FINANCE AGREEMENTS (IDENTIFIED COST $53,597,122) | 53,637,372 | ||||
INVESTMENT COMPANY—22.4% | |||||
16,011,982 | 3 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.19%4 (IDENTIFIED COST $16,013,573) | 16,015,185 | ||
TOTAL INVESTMENT IN SECURITIES—97.2% (IDENTIFIED COST $69,610,695)5 | 69,652,557 | ||||
OTHER ASSETS AND LIABILITIES - NET—2.8%6 | 2,005,261 | ||||
TOTAL NET ASSETS—100% | $71,657,818 |
1 | Denotes restricted securities that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At September 30, 2017, these restricted securities amounted to $53,637,372, which represented 74.8% of total net assets. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. |
3 | Affiliated holding. |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 3/31/2017 | 45,042,167 |
Purchases/Additions | 12,368,860 |
Sales/Reductions | (41,399,045) |
Balance of Shares Held 9/30/2017 | 16,011,982 |
Value | $16,015,185 |
Change in Unrealized Appreciation/Depreciation | $(7,392) |
Net Realized Gain/(Loss) | $3,611 |
Dividend Income | $165,274 |
4 | 7-day net yield. |
5 | Also represents cost for federal tax purposes. |
6 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Debt Securities: | ||||
Trade Finance Agreements | $— | $— | $53,637,372 | $53,637,372 |
Investment Company | 16,015,185 | — | — | 16,015,185 |
TOTAL SECURITIES | $16,015,185 | $— | $53,637,372 | $69,652,557 |
Investments in Trade Finance Agreements | |
Balance as of March 31, 2017 | $25,747,399 |
Accrued discount/premiums | 49,827 |
Realized gain (loss) | 9,989 |
Change in unrealized appreciation (depreciation) | 33,802 |
Purchases | 47,814,922 |
(Sales) | (20,018,567) |
Balance as of September 30, 2017 | $53,637,372 |
The total change in unrealized appreciation (depreciation) attributable to investments still held at September 30, 2017 | $38,110 |
Six Months Ended (unaudited) 9/30/2017 | Period Ended 3/31/20171 | |
Net Asset Value, Beginning of Period | $10.02 | $10.01 |
Income From Investment Operations: | ||
Net investment income | 0.11 | 0.02 |
Net realized and unrealized gain on investments | 0.01 | 0.002 |
TOTAL FROM INVESTMENT OPERATIONS | 0.12 | 0.02 |
Less Distributions: | ||
Distributions from net investment income | (0.11) | (0.01) |
Net Asset Value, End of Period | $10.03 | $10.02 |
Total Return3 | 1.17% | 0.22% |
Ratios to Average Net Assets: | ||
Net expenses | 0.65%4 | 0.34%4 |
Net investment income | 2.09%4 | 1.37%4 |
Expense waiver/reimbursement5 | 0.19%4 | 1.72%4 |
Supplemental Data: | ||
Net assets, end of period (000 omitted) | $71,658 | $70,873 |
Portfolio turnover | 6% | 4% |
1 | Reflects operations for the period from January 31, 2017 (date of initial public investment) to March 31, 2017. During the period prior to date of initial public investment, a distribution of $0.012 per share was made to the Adviser. |
2 | Represents less than $0.005. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Investment in securities, at value including $16,015,185 of investment in an affiliated holding (identified cost $69,610,695) | $69,652,557 | |
Cash | 7,738 | |
Income receivable | 333,135 | |
Receivable for investments sold | 1,718,888 | |
Deferred offering costs (Note 6) | 16,516 | |
TOTAL ASSETS | 71,728,834 | |
Liabilities: | ||
Payable for drawdown fees | $8,971 | |
Payable to adviser (Note 5) | 1,758 | |
Payable for transfer agent fee | 4,734 | |
Payable for auditing fees | 33,616 | |
Payable for portfolio accounting fees | 15,531 | |
Payable for share registration costs | 4,830 | |
Accrued expenses (Note 5) | 1,576 | |
TOTAL LIABILITIES | 71,016 | |
Net assets for 7,146,580 shares outstanding | $71,657,818 | |
Net Assets Consist of: | ||
Paid-in capital | $71,538,342 | |
Net unrealized appreciation of investments | 41,862 | |
Accumulated net realized gain on investments | 16,657 | |
Undistributed net investment income | 60,957 | |
TOTAL NET ASSETS | $71,657,818 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
$71,657,818 ÷ 7,146,580 shares outstanding, no par value, unlimited shares authorized | $10.03 |
Investment Income: | ||
Interest | $810,501 | |
Dividends received from an affiliated holding | 165,274 | |
TOTAL INCOME | 975,775 | |
Expenses: | ||
Investment adviser fee (Note 5) | $178,605 | |
Custodian fees | 2,400 | |
Transfer agent fee | 14,601 | |
Auditing fees | 14,196 | |
Legal fees | 5,769 | |
Portfolio accounting fees | 31,490 | |
Share registration costs | 12,925 | |
Printing and postage | 7,810 | |
Offering costs (Note 6) | 25,153 | |
Miscellaneous (Note 5) | 6,866 | |
TOTAL EXPENSES | 299,815 | |
Waiver/reimbursement of investment adviser fee (Note 5) | $(69,000) | |
Net expenses | 230,815 | |
Net investment income | 744,960 | |
Realized and Unrealized Gain (Loss) on Investments: | ||
Net realized gain on investments (including realized gain of $3,611 on sales of investments in an affiliated holding) | 13,600 | |
Net change in unrealized appreciation of investments (including change in unrealized appreciation of $(7,392) on investments in an affiliated holding) | 26,410 | |
Net realized and unrealized gain on investments | 40,010 | |
Change in net assets resulting from operations | $784,970 |
Six Months Ended (unaudited) 9/30/2017 | Period Ended 3/31/20171 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $744,960 | $159,428 |
Net realized gain on investments | 13,600 | 3,057 |
Net change in unrealized appreciation/depreciation of investments | 26,410 | 15,452 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 784,970 | 177,937 |
Distributions to Shareholders: | ||
Distributions from net investment income | (761,387) | (82,044) |
Share Transactions: | ||
Proceeds from sale of shares | — | 70,594,911 |
Net asset value of shares issued to shareholders in payment of distributions declared | 761,387 | 82,044 |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 761,387 | 70,676,955 |
Change in net assets | 784,970 | 70,772,848 |
Net Assets: | ||
Beginning of period | 70,872,848 | 100,000 |
End of period (including undistributed net investment income of $60,957 and $77,384, respectively) | $71,657,818 | $70,872,848 |
1 | Reflects operations for the period from October 12, 2016 (date of initial investment) to March 31, 2017. |
Six Months Ended (unaudited) 9/30/2017 | |
Operating Activities: | |
Change in net assets resulting from operations | $784,970 |
Adjustments to Reconcile Change in Net Assets Resulting From Operations to Net Cash Provided By Operating Activities: | |
Purchases of investment securities | (47,814,922) |
Proceeds from disposition of investment securities | 20,018,567 |
Purchase of short-term investment, net | 29,036,714 |
Amortization/accretion of premium/discount, net | (49,827) |
Amortization of deferred offering costs | 25,153 |
Increase in income receivable | (211,163) |
Increase in receivable for investments sold | (1,718,888) |
Decrease in accrued expenses | (22,856) |
Net realized gain on investments | (13,600) |
Change in unrealized appreciation/depreciation of investments | (26,410) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 7,738 |
Net increase in cash | 7,738 |
Cash at beginning period | — |
Cash at end of period | $7,738 |
■ | Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | 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. |
■ | 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. |
■ | 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. |
Six Months Ended 9/30/2017 | Period Ended 3/31/20171 | |
Shares sold | — | 7,052,439 |
Shares issued to shareholders in payment of distributions declared | 75,953 | 8,188 |
NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS | 75,953 | 7,060,627 |
1 | Reflects operations for the period from October 12, 2016 (date of initial investment) to March 31, 2017. |
Purchases | $20,836,973 |
Sales | $1,275,707 |
Country | Percentage of Total Net Assets |
Turkey | 15.3 |
Egypt | 6.2 |
Angola | 3.9 |
Brazil | 3.5 |
Russia | 3.4 |
Pakistan | 3.4 |
Kenya | 3.2 |
Nigeria | 3.1 |
Tanzania, United Republic of | 2.8 |
India | 2.8 |
Bahrain | 2.7 |
Cameroon, United Republic of | 2.1 |
Sri Lanka | 2.1 |
Germany, Federal Republic of | 2.0 |
Ethiopia | 1.9 |
Georgia | 1.4 |
Zambia | 1.4 |
Ivory Coast | 1.4 |
Korea, Republic Of | 1.4 |
Rwanda | 1.4 |
Uruguay | 1.4 |
Gabon | 1.4 |
Argentina | 1.3 |
Kazakhstan | 1.2 |
Colombia | 1.1 |
Croatia | 0.9 |
Kuwait | 0.9 |
Paraguay | 0.8 |
Bangladesh | 0.4 |
Beginning Account Value 4/1/2017 | Ending Account Value 9/30/2017 | Expenses Paid During Period1 | |
Actual | $1,000 | $1,011.70 | $3.28 |
Hypothetical (assuming a 5% return before expenses) | $1,000 | $1,021.80 | $3.29 |
1 | Expenses are equal to the Fund's annualized net expense ratio of 0.65%, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half-year period). |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
Q453326 (11/17)
2017 ©Federated Investors, Inc.
Item 2. | Code of Ethics |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Project and Trade Finance Tender Fund
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date November 21, 2017
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue, Principal Executive Officer
Date November 21, 2017
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date November 21, 2017