Federated Max-Cap Index Fund
Portfolio of Investments
January 31, 2020 (unaudited)
Shares | Value | ||
1 | COMMON STOCKS—96.7% | ||
Communication Services—10.2% | |||
5,910 | Activision Blizzard, Inc. | $345,617 | |
3,259 | 2 | Alphabet, Inc., Class A | 4,669,430 |
3,238 | 2 | Alphabet, Inc., Class C | 4,644,037 |
79,909 | AT&T, Inc. | 3,006,177 | |
10,484 | CenturyLink, Inc. | 143,211 | |
2,008 | 2 | Charter Communications, Inc. | 1,039,060 |
52,653 | Comcast Corp., Class A | 2,274,083 | |
1,278 | 2 | Discovery, Inc., Class A | 37,394 |
3,384 | 2 | Discovery, Inc., Class C | 93,974 |
1,966 | 2 | DISH Network Corp., Class A | 72,270 |
3,024 | 2 | Electronic Arts, Inc. | 326,350 |
26,858 | 2 | Facebook, Inc. | 5,422,899 |
1,904 | Fox Corp | 70,600 | |
5,482 | Interpublic Group of Cos., Inc. | 124,441 | |
1,118 | 2 | Live Nation Entertainment, Inc. | 76,203 |
4,329 | 2 | NetFlix, Inc. | 1,493,895 |
3,371 | News Corp., Inc., Class A | 45,913 | |
315 | News Corp., Inc., Class B | 4,400 | |
2,729 | Omnicom Group, Inc. | 205,521 | |
3,655 | 2 | T-Mobile USA, Inc. | 289,439 |
2,415 | 2 | Take-Two Interactive Software, Inc. | 301,006 |
8,220 | 2 | Twitter, Inc. | 266,986 |
45,430 | Verizon Communications, Inc. | 2,700,359 | |
5,939 | ViacomCBS Inc., Class B | 202,698 | |
19,395 | Walt Disney Co. | 2,682,522 | |
TOTAL | 30,538,485 | ||
Consumer Discretionary—9.5% | |||
806 | Advance Auto Parts, Inc. | 106,191 | |
4,538 | 2 | Amazon.com, Inc. | 9,115,571 |
2,480 | Aptiv PLC | 210,279 | |
236 | 2 | AutoZone, Inc. | 249,679 |
2,347 | Best Buy Co., Inc. | 198,767 | |
3,353 | Block (H&R), Inc. | 77,790 | |
459 | 2 | Booking Holdings, Inc. | 840,223 |
2,060 | BorgWarner, Inc. | 70,637 | |
1,496 | 2 | CarMax, Inc. | 145,172 |
1,261 | Carnival Corp. | 54,891 | |
243 | 2 | Chipotle Mexican Grill, Inc. | 210,623 |
888 | D. R. Horton, Inc. | 52,570 | |
1,464 | Darden Restaurants, Inc. | 170,454 | |
3,686 | Dollar General Corp. | 565,469 | |
2,575 | 2 | Dollar Tree, Inc. | 224,205 |
12,317 | eBay, Inc. | 413,359 | |
1,532 | Expedia Group, Inc. | 166,145 | |
41,944 | Ford Motor Co. | 369,946 | |
1,276 | Garmin Ltd. | 123,708 | |
14,312 | General Motors Co. | 477,878 |
1
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Consumer Discretionary—continued | |||
207 | Genuine Parts Co. | $19,369 | |
4,379 | Hanesbrands, Inc. | 60,255 | |
1,531 | Harley-Davidson, Inc. | 51,135 | |
2,765 | Hasbro, Inc. | 281,671 | |
2,805 | Hilton Worldwide Holdings, Inc. | 302,379 | |
11,931 | Home Depot, Inc. | 2,721,461 | |
1,637 | Kohl's Corp. | 69,982 | |
8,871 | L Brands, Inc. | 205,452 | |
1,588 | Las Vegas Sands Corp. | 103,712 | |
4,246 | Leggett and Platt, Inc. | 202,067 | |
2,520 | Lennar Corp., Class A | 167,227 | |
7,368 | 2 | LKQ Corp. | 240,823 |
7,131 | Lowe's Cos., Inc. | 828,907 | |
2,876 | Macy's, Inc. | 45,872 | |
2,905 | Marriott International, Inc., Class A | 406,874 | |
8,333 | McDonald's Corp. | 1,783,012 | |
9,936 | MGM Resorts International | 308,612 | |
1,707 | 2 | Mohawk Industries, Inc. | 224,778 |
4,050 | Newell Brands, Inc. | 79,097 | |
13,689 | Nike, Inc., Class B | 1,318,251 | |
4,920 | 2 | Norwegian Cruise Line Holdings Ltd. | 264,942 |
30 | 2 | NVR, Inc. | 114,509 |
806 | 2 | O'Reilly Automotive, Inc. | 327,317 |
2,020 | Pulte Group, Inc. | 90,193 | |
693 | PVH Corp. | 60,409 | |
460 | Ralph Lauren Corp. | 52,210 | |
3,797 | Ross Stores, Inc. | 425,985 | |
1,731 | Royal Caribbean Cruises, Ltd. | 202,666 | |
12,511 | Starbucks Corp. | 1,061,308 | |
5,284 | Target Corp. | 585,150 | |
957 | Tiffany & Co. | 128,257 | |
13,424 | TJX Cos., Inc. | 792,553 | |
1,564 | Tractor Supply Co. | 145,374 | |
667 | 2 | Ulta Beauty, Inc. | 178,696 |
1,673 | 2 | Under Armour, Inc., Class A | 33,761 |
2,247 | 2 | Under Armour, Inc., Class C | 40,356 |
2,071 | V.F. Corp. | 171,831 | |
525 | Whirlpool Corp. | 76,739 | |
971 | Wynn Resorts Ltd. | 122,501 | |
3,210 | Yum! Brands, Inc. | 339,522 | |
TOTAL | 28,478,772 | ||
Consumer Staples—7.0% | |||
17,465 | Altria Group, Inc. | 830,112 | |
2,890 | Archer-Daniels-Midland Co. | 129,356 | |
4,188 | Brown-Forman Corp., Class B | 283,276 | |
4,829 | Campbell Soup Co. | 233,675 | |
3,083 | Church and Dwight, Inc. | 228,820 | |
1,555 | Clorox Co. | 244,617 | |
9,739 | Colgate-Palmolive Co. | 718,543 | |
5,699 | Conagra Brands, Inc. | 187,611 | |
1,925 | Constellation Brands, Inc., Class A | 362,478 |
2
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Consumer Staples—continued | |||
4,739 | Costco Wholesale Corp. | $1,447,859 | |
1,833 | Coty, Inc. - CL A | 18,807 | |
2,329 | Estee Lauder Cos., Inc., Class A | 454,528 | |
6,533 | General Mills, Inc. | 341,153 | |
2,597 | Hershey Foods Corp. | 402,977 | |
3,669 | Hormel Foods Corp. | 173,397 | |
545 | Kellogg Co. | 37,174 | |
2,672 | Kimberly-Clark Corp. | 382,737 | |
11,294 | Kraft Heinz Co./The | 329,785 | |
7,993 | Kroger Co. | 214,692 | |
1,601 | Lamb Weston Holdings, Inc. | 146,187 | |
1,485 | McCormick & Co., Inc. | 242,604 | |
2,350 | Molson Coors Beverage Company, Class B | 130,613 | |
15,449 | Mondelez International, Inc. | 886,464 | |
4,445 | 2 | Monster Beverage Corp. | 296,037 |
14,100 | PepsiCo, Inc. | 2,002,482 | |
17,248 | Philip Morris International, Inc. | 1,426,410 | |
27,338 | Procter & Gamble Co. | 3,406,862 | |
1,303 | Smucker (J.M.) Co. | 135,004 | |
5,222 | Sysco Corp. | 428,935 | |
42,446 | The Coca-Cola Co. | 2,478,846 | |
2,887 | Tyson Foods, Inc., Class A | 238,553 | |
8,102 | Walgreens Boots Alliance, Inc. | 411,987 | |
15,567 | WalMart Inc. | 1,782,266 | |
TOTAL | 21,034,847 | ||
Energy—3.7% | |||
4,089 | Apache Corp. | 112,202 | |
6,827 | Baker Hughes a GE Co. LLC | 147,873 | |
12,917 | Cabot Oil & Gas Corp., Class A | 182,000 | |
20,798 | Chevron Corp. | 2,228,298 | |
884 | Cimarex Energy Co. | 38,799 | |
435 | Concho Resources, Inc. | 32,964 | |
12,082 | ConocoPhillips | 718,033 | |
102 | Diamondback Energy, Inc. | 7,589 | |
8,100 | EOG Resources, Inc. | 590,571 | |
46,406 | Exxon Mobil Corp. | 2,882,741 | |
3,647 | Halliburton Co. | 79,541 | |
4,504 | Helmerich & Payne, Inc. | 182,637 | |
2,375 | Hess Corp. | 134,354 | |
1,551 | HollyFrontier Corp. | 69,671 | |
28,098 | Kinder Morgan, Inc. | 586,405 | |
8,203 | Marathon Oil Corp. | 93,268 | |
6,901 | Marathon Petroleum Corp. | 376,104 | |
4,388 | National Oilwell Varco, Inc. | 90,437 | |
4,766 | Noble Energy, Inc. | 94,224 | |
9,798 | Occidental Petroleum Corp. | 389,176 | |
2,539 | ONEOK, Inc. | 190,095 | |
4,574 | Phillips 66 | 417,926 | |
1,832 | Pioneer Natural Resources, Inc. | 247,320 | |
15,778 | Schlumberger Ltd. | 528,721 | |
4,009 | TechnipFMC PLC | 66,189 |
3
Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Energy—continued | |||
4,238 | Valero Energy Corp. | $357,306 | |
19,316 | Williams Cos., Inc. | 399,648 | |
TOTAL | 11,244,092 | ||
Financials—12.1% | |||
7,979 | Aflac, Inc. | 411,477 | |
4,820 | Allstate Corp. | 571,363 | |
7,525 | American Express Co. | 977,272 | |
8,900 | American International Group, Inc. | 447,314 | |
2,240 | Ameriprise Financial, Inc. | 370,518 | |
2,683 | Aon PLC | 590,931 | |
440 | Assurant, Inc. | 57,446 | |
87,511 | Bank of America Corp. | 2,872,986 | |
9,689 | Bank of New York Mellon Corp. | 433,873 | |
1,158 | Berkley, W. R. Corp. | 85,148 | |
20,622 | 2 | Berkshire Hathaway, Inc., Class B | 4,628,196 |
1,304 | BlackRock, Inc. | 687,664 | |
4,784 | Capital One Financial Corp. | 477,443 | |
1,189 | Cboe Global Markets, Inc. | 146,509 | |
12,445 | Charles Schwab Corp. | 566,870 | |
5,113 | Chubb Ltd. | 777,125 | |
1,414 | Cincinnati Financial Corp. | 148,399 | |
25,577 | Citigroup, Inc. | 1,903,185 | |
4,287 | Citizens Financial Group, Inc. | 159,819 | |
3,190 | CME Group, Inc. | 692,581 | |
3,584 | Comerica, Inc. | 219,197 | |
5,079 | Discover Financial Services | 381,585 | |
5,598 | E*Trade Financial Corp. | 238,587 | |
3,059 | Fifth Third Bancorp | 87,029 | |
604 | First Republic Bank | 66,972 | |
4,076 | Franklin Resources, Inc. | 103,123 | |
514 | Gallagher (Arthur J.) & Co. | 52,721 | |
810 | Globe Life, Inc. | 84,451 | |
3,386 | Goldman Sachs Group, Inc. | 805,022 | |
12,554 | Huntington Bancshares, Inc. | 170,358 | |
6,142 | Intercontinental Exchange, Inc. | 612,603 | |
34,100 | JPMorgan Chase & Co. | 4,513,476 | |
10,943 | KeyCorp | 204,744 | |
4,556 | Lincoln National Corp. | 248,211 | |
2,216 | Loews Corp. | 114,013 | |
1,607 | M & T Bank Corp. | 270,812 | |
336 | Marketaxess Holdings, Inc. | 119,005 | |
4,200 | Marsh & McLennan Cos., Inc. | 469,812 | |
11,338 | MetLife, Inc. | 563,612 | |
1,160 | Moody's Corp. | 297,876 | |
13,451 | Morgan Stanley | 702,949 | |
809 | MSCI, Inc., Class A | 231,212 | |
2,487 | Northern Trust Corp. | 243,254 | |
4,664 | PNC Financial Services Group | 692,837 | |
2,598 | Principal Financial Group, Inc. | 137,564 | |
6,761 | Progressive Corp., OH | 545,545 | |
4,167 | Prudential Financial, Inc. | 379,447 |
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Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Financials—continued | |||
1,352 | Raymond James Financial, Inc. | $123,613 | |
10,890 | Regions Financial Corp. | 169,557 | |
2,551 | S&P Global, Inc. | 749,305 | |
3,777 | State Street Corp. | 285,655 | |
586 | 2 | SVB Financial Group | 140,833 |
10,422 | Synchrony Financial | 337,777 | |
2,477 | T. Rowe Price Group, Inc. | 330,754 | |
3,443 | The Hartford Financial Services Group, Inc. | 204,101 | |
3,016 | The Travelers Cos., Inc. | 396,966 | |
14,476 | Truist Financial Corp. | 746,527 | |
15,911 | U.S. Bancorp | 846,783 | |
7,160 | Unum Group | 191,100 | |
44,526 | Wells Fargo & Co. | 2,090,050 | |
690 | Willis Towers Watson PLC | 145,790 | |
1,847 | Zions Bancorporation, N.A. | 84,020 | |
TOTAL | 36,404,967 | ||
Health Care—13.3% | |||
17,559 | Abbott Laboratories | 1,530,091 | |
15,917 | AbbVie, Inc. | 1,289,595 | |
498 | 2 | Abiomed, Inc. | 92,772 |
3,706 | Agilent Technologies, Inc. | 305,967 | |
2,302 | 2 | Alexion Pharmaceuticals, Inc. | 228,796 |
1,307 | 2 | Align Technology, Inc. | 336,030 |
4,329 | Allergan PLC | 807,965 | |
1,775 | AmerisourceBergen Corp. | 151,869 | |
6,348 | Amgen, Inc. | 1,371,485 | |
2,853 | Anthem, Inc. | 756,844 | |
5,642 | Baxter International, Inc. | 503,379 | |
3,048 | Becton Dickinson & Co. | 838,749 | |
1,929 | 2 | Biogen, Inc. | 518,612 |
11,932 | 2 | Boston Scientific Corp. | 499,593 |
27,777 | Bristol-Myers Squibb Co. | 1,748,562 | |
6,031 | Cardinal Health, Inc. | 308,848 | |
3,733 | 2 | Centene Corp. | 234,470 |
3,013 | Cerner Corp. | 216,424 | |
4,040 | CIGNA Corp. | 777,215 | |
449 | Cooper Cos., Inc. | 155,754 | |
14,085 | CVS Health Corp. | 955,245 | |
6,794 | Danaher Corp. | 1,092,951 | |
2,931 | 2 | Davita, Inc. | 234,099 |
1,915 | Dentsply Sirona, Inc. | 107,240 | |
2,886 | 2 | Edwards Lifesciences Corp. | 634,516 |
9,285 | Eli Lilly & Co. | 1,296,557 | |
15,962 | Gilead Sciences, Inc. | 1,008,798 | |
2,912 | HCA Healthcare, Inc. | 404,186 | |
2,014 | 2 | Henry Schein, Inc. | 138,845 |
2,770 | 2 | Hologic, Inc. | 148,250 |
1,834 | Humana, Inc. | 616,664 | |
828 | 2 | IDEXX Laboratories, Inc. | 224,396 |
1,154 | 2 | Illumina, Inc. | 334,741 |
3,527 | 2 | Incyte Genomics, Inc. | 257,718 |
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Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Health Care—continued | |||
1,012 | 2 | Intuitive Surgical, Inc. | $566,497 |
1,769 | 2 | IQVIA Holdings, Inc. | 274,637 |
28,807 | Johnson & Johnson | 4,288,498 | |
884 | 2 | Laboratory Corp. of America Holdings | 155,054 |
3,022 | McKesson Corp. | 430,967 | |
14,824 | Medtronic PLC | 1,711,283 | |
27,609 | Merck & Co., Inc. | 2,358,913 | |
232 | 2 | Mettler-Toledo International, Inc. | 175,666 |
4,407 | 2 | Mylan NV | 94,398 |
1,125 | Perrigo Co. PLC | 64,170 | |
56,451 | Pfizer, Inc. | 2,102,235 | |
1,220 | Quest Diagnostics, Inc. | 135,017 | |
804 | 2 | Regeneron Pharmaceuticals, Inc. | 271,704 |
1,460 | ResMed, Inc. | 232,096 | |
750 | STERIS PLC | 113,018 | |
3,599 | Stryker Corp. | 758,309 | |
474 | Teleflex, Inc. | 176,096 | |
4,350 | Thermo Fisher Scientific, Inc. | 1,362,376 | |
9,809 | UnitedHealth Group, Inc. | 2,672,462 | |
848 | Universal Health Services, Inc., Class B | 116,269 | |
2,689 | 2 | Vertex Pharmaceuticals, Inc. | 610,537 |
78 | 2 | Waters Corp. | 17,456 |
2,102 | Zimmer Biomet Holdings, Inc. | 310,886 | |
4,953 | Zoetis, Inc. | 664,742 | |
TOTAL | 39,790,512 | ||
Industrials—8.8% | |||
6,419 | 3M Co. | 1,018,439 | |
1,611 | Alaska Air Group, Inc. | 104,055 | |
777 | Allegion PLC | 100,482 | |
3,934 | Ametek, Inc. | 382,188 | |
3,759 | Arconic, Inc. | 112,582 | |
5,380 | Boeing Co. | 1,712,293 | |
1,456 | C.H. Robinson Worldwide, Inc. | 105,152 | |
5,013 | Caterpillar, Inc. | 658,458 | |
1,449 | Cintas Corp. | 404,228 | |
1,901 | 2 | Copart, Inc. | 192,875 |
10,441 | CSX Corp. | 797,066 | |
1,745 | Cummins, Inc. | 279,148 | |
2,588 | Deere & Co. | 410,405 | |
6,745 | Delta Air Lines, Inc. | 375,966 | |
1,325 | Dover Corp. | 150,851 | |
4,244 | Eaton Corp. PLC | 400,931 | |
6,740 | Emerson Electric Co. | 482,786 | |
269 | Equifax, Inc. | 40,323 | |
1,602 | Expeditors International Washington, Inc. | 117,010 | |
2,313 | Fastenal Co. | 80,677 | |
2,442 | FedEx Corp. | 353,211 | |
1,649 | Flowserve Corp. | 76,975 | |
3,588 | Fortive Corp. | 268,849 | |
3,724 | Fortune Brands Home & Security, Inc. | 255,876 | |
2,709 | General Dynamics Corp. | 475,267 |
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Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Industrials—continued | |||
92,318 | General Electric Co. | $1,149,359 | |
7,723 | Honeywell International, Inc. | 1,337,778 | |
677 | Hunt (J.B.) Transportation Services, Inc. | 73,069 | |
1,013 | Huntington Ingalls Industries, Inc. | 264,393 | |
999 | IDEX Corp. | 163,686 | |
3,973 | 2 | IHS Markit Ltd. | 313,311 |
3,341 | Illinois Tool Works, Inc. | 584,608 | |
2,572 | Ingersoll-Rand PLC | 342,668 | |
7,898 | Johnson Controls International PLC | 311,576 | |
889 | Kansas City Southern Industries, Inc. | 149,965 | |
2,279 | L3Harris Technologies Inc. | 504,411 | |
3,075 | Lockheed Martin Corp. | 1,316,469 | |
6,147 | Masco Corp. | 292,105 | |
11,050 | Nielsen Holdings PLC | 225,420 | |
2,083 | Norfolk Southern Corp. | 433,701 | |
2,126 | Northrop Grumman Corp. | 796,336 | |
1,470 | Old Dominion Freight Lines, Inc. | 288,458 | |
3,398 | PACCAR, Inc. | 252,166 | |
1,536 | Parker-Hannifin Corp. | 300,580 | |
2,894 | Raytheon Co. | 639,400 | |
2,614 | Republic Services, Inc. | 248,461 | |
1,205 | Rockwell Automation, Inc. | 230,950 | |
2,412 | Rollins, Inc. | 91,535 | |
1,158 | Roper Technologies, Inc. | 441,962 | |
1,544 | Smith (A.O.) Corp. | 65,913 | |
768 | Snap-On, Inc. | 122,596 | |
5,616 | Southwest Airlines Co. | 308,768 | |
1,478 | Stanley Black & Decker Inc. | 235,490 | |
491 | Transdigm Group, Inc. | 315,850 | |
7,410 | Union Pacific Corp. | 1,329,502 | |
2,645 | 2 | United Airlines Holdings, Inc. | 197,846 |
7,595 | United Parcel Service, Inc. | 786,234 | |
1,688 | 2 | United Rentals, Inc. | 229,045 |
8,625 | United Technologies Corp. | 1,295,475 | |
1,900 | Verisk Analytics, Inc. | 308,693 | |
511 | W.W. Grainger, Inc. | 154,664 | |
3,875 | Wabtec Corp. | 286,208 | |
4,498 | Waste Management, Inc. | 547,407 | |
2,330 | Xylem, Inc. | 190,268 | |
TOTAL | 26,482,419 | ||
Information Technology—23.3% | |||
6,211 | Accenture PLC | 1,274,559 | |
5,226 | 2 | Adobe, Inc. | 1,835,058 |
8,736 | 2 | Advanced Micro Devices, Inc. | 410,592 |
1,568 | 2 | Akamai Technologies, Inc. | 146,373 |
499 | Alliance Data Systems Corp. | 51,292 | |
3,493 | Amphenol Corp., Class A | 347,449 | |
4,150 | Analog Devices, Inc. | 455,463 | |
366 | 2 | Ansys, Inc. | 100,405 |
45,298 | Apple, Inc. | 14,020,184 | |
9,565 | Applied Materials, Inc. | 554,674 |
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Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Information Technology—continued | |||
569 | 2 | Arista Networks, Inc. | $127,080 |
3,176 | 2 | Autodesk, Inc. | 625,196 |
4,824 | Automatic Data Processing, Inc. | 826,785 | |
4,223 | Broadcom, Inc. | 1,288,691 | |
1,149 | Broadridge Financial Solutions | 136,903 | |
2,636 | 2 | Cadence Design Systems, Inc. | 190,082 |
1,359 | CDW Corp. | 177,282 | |
46,340 | Cisco Systems, Inc. | 2,130,250 | |
41 | Citrix Systems, Inc. | 4,970 | |
3,651 | Cognizant Technology Solutions Corp. | 224,098 | |
3,371 | Corning, Inc. | 89,972 | |
2,400 | DXC Technology Co. | 76,512 | |
1,665 | 2 | F5 Networks, Inc. | 203,330 |
6,472 | Fidelity National Information Services, Inc. | 929,768 | |
5,961 | 2 | Fiserv, Inc. | 707,034 |
1,443 | 2 | FleetCor Technologies Inc. | 454,877 |
2,861 | 2 | Fortinet Inc. | 330,045 |
1,018 | 2 | Gartner, Inc., Class A | 163,674 |
4,054 | Global Payments, Inc. | 792,354 | |
1,029 | Henry Jack & Associates, Inc. | 153,877 | |
12,232 | Hewlett Packard Enterprise Co. | 170,392 | |
15,319 | HP, Inc. | 326,601 | |
9,806 | IBM Corp. | 1,409,416 | |
47,782 | Intel Corp. | 3,054,703 | |
2,749 | Intuit, Inc. | 770,765 | |
4,820 | Juniper Networks, Inc. | 110,571 | |
1,761 | 2 | Keysight Technologies, Inc. | 163,755 |
1,550 | KLA Corp. | 256,897 | |
1,479 | Lam Research Corp. | 441,053 | |
1,147 | Leidos Holdings, Inc. | 115,239 | |
9,164 | Mastercard, Inc. | 2,895,274 | |
587 | Maxim Integrated Products, Inc. | 35,290 | |
2,580 | Microchip Technology, Inc. | 251,498 | |
11,941 | 2 | Micron Technology, Inc. | 633,948 |
82,797 | Microsoft Corp. | 14,094,533 | |
2,758 | Motorola, Inc. | 488,166 | |
199 | NetApp, Inc. | 10,627 | |
6,107 | NortonLifeLock, Inc. | 173,561 | |
6,633 | NVIDIA Corp. | 1,568,240 | |
24,092 | Oracle Corp. | 1,263,625 | |
3,802 | Paychex, Inc. | 326,098 | |
533 | 2 | Paycom Software, Inc. | 169,579 |
12,498 | 2 | PayPal Holdings, Inc. | 1,423,397 |
2,494 | 2 | Qorvo, Inc. | 264,015 |
14,043 | Qualcomm, Inc. | 1,198,008 | |
9,723 | 2 | Salesforce.com, Inc. | 1,772,600 |
2,179 | Seagate Technology PLC | 124,181 | |
2,569 | 2 | ServiceNow, Inc. | 868,913 |
1,731 | Skyworks Solutions, Inc. | 195,863 | |
1,427 | 2 | Synopsys, Inc. | 210,497 |
3,409 | TE Connectivity Ltd. | 314,242 |
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Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Information Technology—continued | |||
10,389 | Texas Instruments, Inc. | $1,253,433 | |
1,881 | 2 | Verisign, Inc. | 391,511 |
17,834 | Visa, Inc., Class A | 3,548,431 | |
2,776 | Western Digital Corp. | 181,828 | |
3,496 | Western Union Co. | 94,042 | |
5,918 | Xerox Holdings Corp. | 210,503 | |
2,899 | Xilinx, Inc. | 244,908 | |
520 | 2 | Zebra Technologies Corp., Class A | 124,290 |
TOTAL | 69,979,322 | ||
Materials—2.4% | |||
2,272 | Air Products & Chemicals, Inc. | 542,349 | |
19,808 | Amcor PLC | 209,767 | |
689 | Avery Dennison Corp. | 90,424 | |
3,102 | Ball Corp. | 223,902 | |
2,493 | Celanese Corp. | 258,025 | |
2,392 | CF Industries Holdings, Inc. | 96,350 | |
7,589 | Corteva, Inc. | 219,474 | |
8,194 | Dow, Inc. | 377,498 | |
8,037 | DuPont de Nemours, Inc. | 411,334 | |
3,283 | Eastman Chemical Co. | 233,979 | |
3,479 | Ecolab, Inc. | 682,267 | |
4,671 | Freeport-McMoRan, Inc. | 51,848 | |
1,224 | International Flavors & Fragrances, Inc. | 160,479 | |
4,891 | International Paper Co. | 199,162 | |
5,742 | Linde PLC | 1,166,372 | |
3,047 | LyondellBasell Industries N.V. | 237,239 | |
1,207 | Martin Marietta Materials | 318,407 | |
9,539 | Newmont Corp. | 429,827 | |
743 | Nucor Corp. | 35,285 | |
1,023 | Packaging Corp. of America | 97,952 | |
2,628 | PPG Industries, Inc. | 314,940 | |
1,481 | Sealed Air Corp. | 52,575 | |
843 | Sherwin-Williams Co. | 469,543 | |
2,457 | Vulcan Materials Co. | 347,985 | |
2,719 | WestRock Co. | 106,041 | |
TOTAL | 7,333,024 | ||
Real Estate—2.9% | |||
1,071 | Alexandria Real Estate Equities, Inc. | 174,787 | |
4,800 | American Tower Corp. | 1,112,352 | |
1,386 | Apartment Investment & Management Co., Class A | 73,056 | |
1,545 | Avalonbay Communities, Inc. | 334,786 | |
1,648 | Boston Properties, Inc. | 236,241 | |
1,227 | 2 | CBRE Group, Inc. | 74,908 |
4,615 | Crown Castle International Corp. | 691,512 | |
2,196 | Digital Realty Trust, Inc. | 270,086 | |
8,204 | Duke Realty Corp. | 297,887 | |
876 | Equinix, Inc. | 516,604 | |
5,590 | Equity Residential Properties Trust | 464,417 | |
621 | Essex Property Trust, Inc. | 192,361 | |
1,337 | Extra Space Storage, Inc. | 147,979 | |
989 | Federal Realty Investment Trust | 123,645 |
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Shares | Value | ||
1 | COMMON STOCKS—continued | ||
Real Estate—continued | |||
993 | Healthpeak Properties, Inc. | $35,738 | |
15,538 | Host Hotels & Resorts, Inc. | 253,891 | |
11,615 | Kimco Realty Corp. | 221,266 | |
2,355 | Mid-American Apartment Communities, Inc. | 323,130 | |
6,536 | ProLogis Inc. | 607,064 | |
1,758 | Public Storage | 393,370 | |
3,263 | Realty Income Corp. | 255,852 | |
1,883 | Regency Centers Corp. | 116,821 | |
1,831 | SBA Communications, Corp. | 456,944 | |
3,534 | Simon Property Group, Inc. | 470,552 | |
920 | SL Green Realty Corp. | 84,677 | |
2,722 | UDR, Inc. | 130,411 | |
4,443 | Ventas, Inc. | 257,072 | |
2,585 | Welltower, Inc. | 219,492 | |
7,138 | Weyerhaeuser Co. | 206,645 | |
TOTAL | 8,743,546 | ||
Utilities—3.5% | |||
5,826 | AES Corp. | 115,704 | |
3,038 | Alliant Energy Corp. | 180,336 | |
3,029 | Ameren Corp. | 248,529 | |
5,503 | American Electric Power Co., Inc. | 573,523 | |
1,866 | American Water Works Co., Inc. | 254,149 | |
71 | CenterPoint Energy, Inc. | 1,880 | |
3,007 | CMS Energy Corp. | 206,010 | |
3,910 | Consolidated Edison Co. | 367,540 | |
9,245 | Dominion Energy, Inc. | 792,759 | |
2,311 | DTE Energy Co. | 306,462 | |
6,320 | Duke Energy Corp. | 617,022 | |
1,933 | Edison International | 147,971 | |
1,923 | Entergy Corp. | 252,913 | |
4,742 | Evergy, Inc. | 342,183 | |
3,724 | EverSource Energy | 344,247 | |
11,208 | Exelon Corp. | 533,389 | |
8,836 | FirstEnergy Corp. | 448,780 | |
5,912 | NextEra Energy, Inc. | 1,585,598 | |
6,314 | NRG Energy, Inc. | 232,924 | |
1,545 | Pinnacle West Capital Corp. | 150,931 | |
8,668 | PPL Corp. | 313,695 | |
7,957 | Public Service Enterprises Group, Inc. | 471,054 | |
2,902 | Sempra Energy | 466,177 | |
11,171 | Southern Co. | 786,438 | |
3,118 | WEC Energy Group, Inc. | 311,457 | |
5,800 | Xcel Energy, Inc. | 401,302 | |
TOTAL | 10,452,973 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $75,270,861) | 290,482,959 |
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Shares | Value | ||
INVESTMENT COMPANY—3.2% | |||
9,543,839 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.71%3 (IDENTIFIED COST $9,546,407) | $9,546,702 | |
TOTAL INVESTMENT IN SECURITIES—99.9% (IDENTIFIED COST $84,817,268) | 300,029,661 | ||
OTHER ASSETS AND LIABILITIES - NET—0.1%4 | 280,832 | ||
TOTAL NET ASSETS—100% | $300,310,493 |
At January 31, 2020, the Fund had
the following outstanding futures contracts:
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
2S&P 500 E-Mini Index, Long Futures | 1 | $161,200 | March 2020 | $59 |
2S&P 500 Index, Long Futures | 12 | $9,672,000 | March 2020 | $(120,539) |
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $(120,480) |
The average notional value of long
futures contracts held by the Fund throughout the period was $8,598,361. This is based on amounts held as of each month-end throughout the three month fiscal period.
Net Unrealized Depreciation on
Futures Contracts is included in “Other Assets and Liabilities—Net.”
Affiliated fund holdings are
investment companies which are managed by the Manager or an affiliate of the Manager. Transactions with affiliated fund holdings during the period ended January 31, 2020, were as follows:
Federated Institutional Prime Value Obligations Fund, Institutional Shares | |
Balance of Shares Held 10/31/2019 | 5,039,404 |
Purchases/Additions | 39,735,362 |
Sales/Reductions | (35,230,927) |
Balance of Shares Held 1/31/2020 | 9,543,839 |
Value | $9,546,702 |
Change in Unrealized Appreciation/Depreciation | $(413) |
Net Realized Gain/(Loss) | $(654) |
Dividend Income | $41,835 |
1 | The Fund purchases index futures contracts to efficiently manage cash flows resulting from shareholder purchases and redemptions, dividend and capital gain payments to shareholders and corporate actions while maintaining exposure to the S&P 500 Index and minimizing trading costs. The underlying face amount, at value, of open index futures contracts is $9,833,200 at January 31, 2020, which represents 3.3% of total net assets. Taking into consideration these open index futures contracts, the Fund's effective total exposure to the S&P 500 Index is 100.0%. |
2 | Non-income-producing security. |
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 January 31, 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. |
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■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
If any price, quotation, price
evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a
reasonable period of time as set forth in the Fund's valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”),
is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund
could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share.
Fair Valuation 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 Equity Management Company
of Pennsylvania (the “Manager”) and certain of the Manager'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 Manager 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 Manager 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.
As of January 31, 2020, all
investments of the Fund utilized Level 1 inputs in valuing the Fund's assets carried at fair value.
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