NPORT-EX 2 poi_fedmdtbalancedfund.htm PORTFOLIO OF INVESTMENTS - FEDERATED MDT BALANCED FUND
Federated MDT Balanced Fund
Portfolio of Investments
October 31, 2019 (unaudited)
Shares or
Principal
Amount 		    Value
    COMMON STOCKS—50.4%  
    Communication Services—4.9%  
4,411   AT&T, Inc. $169,779
1,601 1 Alphabet, Inc., Class A 2,015,339
3,168 1 Charter Communications, Inc. 1,482,181
5,733 1 Facebook, Inc. 1,098,729
16,304 1 Live Nation Entertainment, Inc. 1,149,432
28,128 1 MSG Networks, Inc. 455,955
346   Omnicom Group, Inc. 26,708
2,802 1 Take-Two Interactive Software, Inc. 337,221
13,152   Verizon Communications, Inc. 795,301
    TOTAL 7,530,645
    Consumer Discretionary—5.4%  
201 1 Amazon.com, Inc. 357,109
375 1 AutoZone, Inc. 429,143
1,878 2 Bed Bath & Beyond, Inc. 25,729
3,037 1 Burlington Stores, Inc. 583,620
209 1 Chipotle Mexican Grill, Inc. 162,635
645 1 Cooper-Standard Holding, Inc. 20,550
569 1 Crocs, Inc. 19,909
4,723   Dunkin' Brands Group, Inc. 371,322
15,011   eBay, Inc. 529,138
9,353   Expedia Group, Inc. 1,278,181
24,635   Ford Motor Co. 211,615
3,861 1 Fossil, Inc. 42,008
5,192 2 GameStop Corp. 28,244
4,741   Goodyear Tire & Rubber Co. 75,240
3,442   Harley-Davidson, Inc. 133,928
3,130   Hilton Worldwide Holdings, Inc. 303,485
2,435 1 Libbey, Inc. 4,383
5,753   Lowe's Cos., Inc. 642,092
691 1 Lululemon Athletica, Inc. 141,151
771   McDonald's Corp. 151,656
1,053   Pulte Group, Inc. 41,320
1,470 1,2 RH 267,099
355   Ralph Lauren Corp. 34,101
3,900 1,2 Sally Beauty Holdings, Inc. 60,450
5,270   Starbucks Corp. 445,631
2,639   Target Corp. 282,135
5,107 1 Tempur Sealy International, Inc. 464,482
899   Toll Brothers, Inc. 35,753
5,423   Tupperware Brands Corp. 52,223
9,457   Wyndham Destinations, Inc. 438,899
5,287   Yum! Brands, Inc. 537,741
1,135 1 Zumiez, Inc. 36,218
    TOTAL 8,207,190
1
Shares or
Principal
Amount 		    Value
    COMMON STOCKS—continued  
    Consumer Staples—3.5%  
8,445   Church and Dwight, Inc. $590,643
6,084   Colgate-Palmolive Co. 417,363
5,918   Estee Lauder Cos., Inc., Class A 1,102,346
4,289   Fresh Del Monte Produce, Inc. 136,819
2,320   Hershey Foods Corp. 340,738
14,002   Kimberly-Clark Corp. 1,860,586
3,092   Lamb Weston Holdings, Inc. 241,300
3,770   PepsiCo, Inc. 517,131
2,005   Sysco Corp. 160,139
113 1 The Boston Beer Co., Inc., Class A 42,314
    TOTAL 5,409,379
    Energy—1.4%  
1,104   Chevron Corp. 128,218
3,143   ConocoPhillips 173,494
23,143   EOG Resources, Inc. 1,604,041
4,099   HollyFrontier Corp. 225,199
14,355 1 Noble Corp. PLC 17,657
    TOTAL 2,148,609
    Financials—6.9%  
484 1 Alleghany Corp. 376,692
17,903   Allstate Corp. 1,905,237
2,245   American Express Co. 263,294
10,491   American International Group, Inc. 555,603
1,926   Ameriprise Financial, Inc. 290,614
3,264 1 Athene Holding Ltd. 141,494
11,267   Bank of America Corp. 352,319
485   BlackRock, Inc. 223,924
7,500   Blackstone Mortgage Trust, Inc. 272,250
1,047   Capital One Financial Corp. 97,633
14,347   Citigroup, Inc. 1,030,975
2,010   Citizens Financial Group, Inc. 70,672
271   Discover Financial Services 21,750
2,874   Everest Re Group Ltd. 738,877
17,862   Fifth Third Bancorp 519,427
2,075 1 Green Dot Corp. 59,843
11,680   Huntington Bancshares, Inc. 165,038
1,268   Intercontinental Exchange, Inc. 119,598
12,370   KeyCorp 222,289
2,649   LPL Investment Holdings, Inc. 214,145
496   MSCI, Inc., Class A 116,342
2,853   MetLife, Inc. 133,492
321   NASDAQ, Inc. 32,026
17,976   Navient Corp. 247,529
8,406   Popular, Inc. 457,791
6,044   Progressive Corp., OH 421,267
4,334   Prudential Financial, Inc. 395,001
278   Reinsurance Group of America 45,167
4,342   RenaissanceRe Holdings Ltd. 812,736
1,019   S&P Global, Inc. 262,892
2
Shares or
Principal
Amount 		    Value
    COMMON STOCKS—continued  
    Financials—continued  
1,262   The Hartford Financial Services Group, Inc. $72,035
    TOTAL 10,637,952
    Health Care—6.8%  
5,537 1 Alexion Pharmaceuticals, Inc. 583,600
2,190   AmerisourceBergen Corp. 186,982
151   Amgen, Inc. 32,201
2,007   Anthem, Inc. 540,044
4,788   Baxter International, Inc. 367,240
1,540 1 Biogen, Inc. 460,013
439   Chemed Corp. 172,926
15,524 1 Community Health Systems, Inc. 54,955
3,539   Eli Lilly & Co. 403,269
9,127   HCA Healthcare, Inc. 1,218,820
321 1 IDEXX Laboratories, Inc. 91,488
1,094 1 IQVIA Holdings, Inc. 157,995
4,752 1 Incyte Genomics, Inc. 398,788
169 1 Intuitive Surgical, Inc. 93,449
3,151 1 Jazz Pharmaceuticals PLC. 395,860
3,898   McKesson Corp. 518,434
2,316 1 Medicines Co. 121,567
7,107   Medtronic PLC 773,952
1,911   Merck & Co., Inc. 165,607
1,347 1 Molina Healthcare, Inc. 158,461
7,074   Stryker Corp. 1,529,894
3,087 1 Veeva Systems, Inc. 437,829
2,755 1 Vertex Pharmaceuticals, Inc. 538,547
8,068   Zoetis, Inc. 1,032,059
    TOTAL 10,433,980
    Industrials—4.6%  
2,951   AGCO Corp. 226,312
304   Alaska Air Group, Inc. 21,107
11,532   Allison Transmission Holdings, Inc. 502,911
1,531 1 Cimpress NV 202,276
1,322 1 CoStar Group, Inc. 726,465
3,279   Delta Air Lines, Inc. 180,607
1,162   Deluxe Corp. 60,226
1,032   Ennis, Inc. 20,217
9,641   Heico Corp. 1,189,121
3,004 1 Jet Blue Airways Corp. 57,977
1,906   L3Harris Technologies, Inc. 393,227
1,209   Lennox International, Inc. 299,058
5,733   Lockheed Martin Corp. 2,159,506
81   Northrop Grumman Corp. 28,551
10,000   Pitney Bowes, Inc. 44,000
9,094 1 SPX Corp. 414,141
151 1 Teledyne Technologies, Inc. 49,770
79 1 Transdigm Group, Inc. 41,576
1,640   TransUnion 135,497
3
Shares or
Principal
Amount 		    Value
    COMMON STOCKS—continued  
    Industrials—continued  
2,176   United Parcel Service, Inc. $250,610
    TOTAL 7,003,155
    Information Technology—10.8%  
1,776 1 Adobe, Inc. 493,604
1,660 1 Akamai Technologies, Inc. 143,590
5,605 1 Ansys, Inc. 1,233,941
3,635   Apple, Inc. 904,243
8,935   Automatic Data Processing, Inc. 1,449,525
1,170   Booz Allen Hamilton Holding Corp. 82,333
18,902 1 Cadence Design Systems, Inc. 1,235,246
5,875   DXC Technology Co. 162,561
126 1 EPAM Systems, Inc. 22,171
889 1 Fair Isaac & Co., Inc. 270,292
671 1 Fiserv, Inc. 71,220
3,896 1 Fortinet, Inc. 317,758
10,344   Global Payments, Inc. 1,749,998
8,704   HP, Inc. 151,188
1,900 1 Insight Enterprises, Inc. 116,622
2,700   Intuit, Inc. 695,250
1,441   KLA Corp. 243,587
235 1 Keysight Technologies, Inc. 23,714
8,408   Mastercard, Inc. 2,327,418
6,195   Microsoft Corp. 888,177
4,573   Motorola, Inc. 760,581
2,218   Paychex, Inc. 185,513
3,711 1 Paycom Software, Inc. 784,988
1,497 1 Salesforce.com, Inc. 234,265
7,000 1 Sanmina Corp. 215,110
1,961 1 Synopsys, Inc. 266,206
1,886   Universal Display Corp. 377,539
22,000   Vishay Intertechnology, Inc. 443,300
1,760 1 WEX, Inc. 332,957
1,182   Western Digital Corp. 61,050
10,000   Western Union Co. 250,600
    TOTAL 16,494,547
    Materials—1.7%  
9,367   Domtar, Corp. 340,865
30,584   DuPont de Nemours, Inc. 2,015,792
10,914   Mosaic Co./The 216,970
341   Royal Gold, Inc. 39,365
436   Scotts Miracle-Gro Co. 43,770
    TOTAL 2,656,762
    Real Estate—3.2%  
1,900   Alexandria Real Estate Equities, Inc. 301,625
763 1 Altisource Portfolio Solutions S.A. 13,581
1,700   American Tower Corp. 370,736
7,700   Americold Realty Trust 308,693
2,400   Camden Property Trust 274,488
2,200   EastGroup Properties, Inc. 294,690
4
Shares or
Principal
Amount 		    Value
    COMMON STOCKS—continued  
    Real Estate—continued  
505   Equinix, Inc. $286,224
4,900   Equity Lifestyle Properties, Inc. 342,706
3,600   Equity Residential Properties Trust 319,176
7,500   HCP, Inc. 282,150
12,500   Invitation Homes, Inc. 384,875
2,700   ProLogis, Inc. 236,952
1,500   Realty Income Corp. 122,685
4,300   Rexford Industrial Realty, Inc. 206,787
4,200   STORE Capital Corp. 170,100
880   Simon Property Group, Inc. 132,599
2,300   Sun Communities, Inc. 374,095
3,600   Terreno Realty Corp. 203,076
10,000   Weyerhaeuser Co. 292,100
    TOTAL 4,917,338
    Utilities—1.2%  
14,160   AES Corp. 241,428
10,928   Consolidated Edison Co. 1,007,780
9,313   Exelon Corp. 423,649
6,603   Vistra Energy Corp. 178,479
    TOTAL 1,851,336
    TOTAL COMMON STOCKS
(IDENTIFIED COST $72,908,513) 		77,290,893
    ASSET-BACKED SECURITY—0.0%  
    Auto Receivables—0.0%  
$31,882   Santander Drive Auto Receivables Trust 2016-2, Class C, 2.660%, 11/15/2021
(IDENTIFIED COST $31,875) 		31,911
    COLLATERALIZED MORTGAGE OBLIGATIONS—0.0%  
303 3 Bear Stearns Mortgage Securities, Inc. 1997-6, Class 1A, 6.283%, 3/25/2031 302
803   Federal Home Loan Mortgage Corp. REMIC, Series 1311, Class K, 7.000%, 7/15/2022 835
1,014   Federal Home Loan Mortgage Corp. REMIC, Series 1384, Class D, 7.000%, 9/15/2022 1,060
3,743   Federal Home Loan Mortgage Corp. REMIC, Series 2497, Class JH, 6.000%, 9/15/2032 4,165
3,026 4 Federal National Mortgage Association REMIC, Series 1993-113, Class SB, 9.749% (10-year Constant Maturity Treasury +48.285%), Maximum Rate 9.749%, 7/25/2023 3,242
859   Federal National Mortgage Association REMIC, Series 2003-35, Class UC, 3.750%, 5/25/2033 882
    TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(IDENTIFIED COST $10,110) 		10,486
    COMMERCIAL MORTGAGE-BACKED SECURITIES—2.0%  
    Commercial Mortgage—2.0%  
170,000   Banc of America Commercial Mortgage Trust 2016-UBS10, Class A4, 3.170%, 7/15/2049 178,118
190,000   Bank 2017-BNK8, Class A4, 3.488%, 11/15/2050 204,976
220,000   Bank 2018-BN15, Class A4, 4.407%, 11/15/2061 254,038
190,000   CD Commercial Mortgage Trust 2016-CD1, Class A4, 2.724%, 8/10/2049 194,900
200,000   Citigroup Commercial Mortgage Trust 2013-GC11, Class B, 3.732%, 4/10/2046 207,420
70,000   Commercial Mortgage Pass-Through Certificates 2012-CR1, Class AM, 3.912%, 5/15/2045 72,733
125,000   Commercial Mortgage Pass-Through Certificates 2012-CR1, Class B, 4.612%, 5/15/2045 130,255
200,000   Commercial Mortgage Trust 2013-CR8, Class B, 3.959%, 6/10/2046 209,708
200,000   Commercial Mortgage Trust 2014-LC17, Class B, 4.490%, 10/10/2047 216,082
300,000   Commercial Mortgage Trust 2015-DC1, Class AM, 3.724%, 2/10/2048 315,633
200,000   FREMF Mortgage Trust 2013-K25 REMIC, Class B, 3.618%, 11/25/2045 207,551
67,948   Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025 68,362
5
Shares or
Principal
Amount 		    Value
    COMMERCIAL MORTGAGE-BACKED SECURITIES—continued  
    Commercial Mortgage—continued  
$164,961   Federal Home Loan Mortgage Corp. REMIC, Series K504, Class A2, 2.566%, 9/25/2020 $165,015
100,000   GS Mortgage Securities Corp. II 2012-GCJ7, Class AS, 4.085%, 5/10/2045 103,732
200,000   JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049 210,199
50,000   JPMDB Commercial Mortgage Securities Trust 2017-C5, Class A5, 3.693%, 3/15/2050 54,044
100,000   Morgan Stanley Capital I 2012-C4, Class AS, 3.773%, 3/15/2045 103,542
150,000   UBS-Barclays Commercial Mortgage Trust 2013-C6, Class B, 3.875%, 4/10/2046 156,784
25,000   WF-RBS Commercial Mortgage Trust 2012-C6, Class B, 4.697%, 4/15/2045 26,255
    TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $3,004,136) 		3,079,347
    CORPORATE BONDS—13.7%  
    Basic Industry - Chemicals—0.0%  
35,000   Incitec Pivot Finance LLC, Company Guarantee, 144A, 6.000%, 12/10/2019 35,110
    Basic Industry - Metals & Mining—0.2%  
15,000   Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 4/15/2040 17,012
62,000   Carpenter Technology Corp., Sr. Unsecd. Note, 4.450%, 3/1/2023 64,021
40,000   Carpenter Technology Corp., Sr. Unsecd. Note, 5.200%, 7/15/2021 41,004
20,000   Newcrest Finance Property Ltd., Sr. Unsecd. Note, 144A, 4.200%, 10/1/2022 20,936
100,000   Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 4/15/2023 106,159
20,000   Southern Copper Corp., Sr. Unsecd. Note, 6.750%, 4/16/2040 25,887
    TOTAL 275,019
    Basic Industry - Paper—0.0%  
10,000   Weyerhaeuser Co., Sr. Unsecd. Note, 3.250%, 3/15/2023 10,294
20,000   Weyerhaeuser Co., Sr. Unsecd. Note, 4.700%, 3/15/2021 20,534
    TOTAL 30,828
    Capital Goods - Aerospace & Defense—0.2%  
100,000   Arconic, Inc., 5.870%, 2/23/2022 106,970
11,000   Embraer Overseas Ltd., Sr. Unsecd. Note, 144A, 5.696%, 9/16/2023 12,155
20,000   Raytheon Co., Sr. Note, 4.400%, 2/15/2020 20,140
10,000   Rockwell Collins, Inc., Sr. Unsecd. Note, 3.100%, 11/15/2021 10,193
40,000 4 Textron Financial Corp., Jr. Sub. Note, 144A, 3.893% (3-month USLIBOR +1.735%), 2/15/2042 30,175
50,000   Textron, Inc., Sr. Unsecd. Note, 4.000%, 3/15/2026 53,741
50,000   Textron, Inc., Sr. Unsecd. Note, 4.300%, 3/1/2024 53,768
    TOTAL 287,142
    Capital Goods - Building Materials—0.2%  
200,000   Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.200%, 10/1/2024 204,098
80,000   Masco Corp., Sr. Unsecd. Note, 4.375%, 4/1/2026 86,892
    TOTAL 290,990
    Capital Goods - Diversified Manufacturing—0.2%  
15,000   Avery Dennison Corp., Sr. Unsecd. Note, 5.375%, 4/15/2020 15,204
30,000   General Electric Capital Corp., Sr. Unsecd. Note, Series GMTN, 3.100%, 1/9/2023 30,555
15,000   Thomas & Betts Corp., Sr. Unsecd. Note, 5.625%, 11/15/2021 16,056
200,000   Valmont Industries, Inc., 5.250%, 10/1/2054 205,638
    TOTAL 267,453
    Capital Goods - Packaging—0.0%  
45,000   Packaging Corp. of America, Sr. Unsecd. Note, 3.900%, 6/15/2022 46,775
    Communications - Cable & Satellite—0.1%  
200,000   CCO Safari II LLC, 4.908%, 7/23/2025 220,801
    Communications - Media & Entertainment—0.2%  
30,000   Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046 36,560
6
Shares or
Principal
Amount 		    Value
    CORPORATE BONDS—continued  
    Communications - Media & Entertainment—continued  
$25,000   Moody's Corp., Sr. Unsecd. Note, 5.500%, 9/1/2020 $25,730
250,000   Omnicom Group, Inc., Sr. Unsecd. Note, 3.600%, 4/15/2026 264,168
20,000   Omnicom Group, Inc., Sr. Unsecd. Note, 3.625%, 5/1/2022 20,744
    TOTAL 347,202
    Communications - Telecom Wireless—0.4%  
150,000   Crown Castle International Corp., Sr. Unsecd. Note, 3.700%, 6/15/2026 159,191
200,000   Vodafone Group PLC, Sr. Unsecd. Note, 4.250%, 9/17/2050 204,725
200,000   Vodafone Group PLC, Sr. Unsecd. Note, 4.875%, 6/19/2049 225,543
    TOTAL 589,459
    Communications - Telecom Wirelines—0.2%  
150,000   Telefonica Emisiones SAU, Sr. Unsecd. Note, 5.520%, 3/1/2049 182,751
90,000   Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 3/15/2024 97,463
    TOTAL 280,214
    Consumer Cyclical - Automotive—0.3%  
10,000   DaimlerChrysler North America Holding Corp., Company Guarantee, 8.500%, 1/18/2031 15,102
200,000   Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.336%, 3/18/2021 201,207
160,000   General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.200%, 7/6/2021 161,982
    TOTAL 378,291
    Consumer Cyclical - Leisure—0.1%  
66,707   Football Trust V, Pass Thru Cert., 5.350%, 10/5/2020 68,733
    Consumer Cyclical - Lodging—0.0%  
30,000   Hyatt Hotels Corp., Sr. Unsecd. Note, 3.375%, 7/15/2023 31,117
    Consumer Cyclical - Retailers—0.4%  
50,000   Advance Auto Parts, Inc., 4.500%, 12/1/2023 53,956
40,000   AutoZone, Inc., Sr. Unsecd. Note, 3.125%, 4/21/2026 41,527
250,000   AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 4/15/2025 260,692
175,000   CVS Health Corp., Sr. Unsecd. Note, 2.875%, 6/1/2026 176,384
10,000   O'Reilly Automotive, Inc., Company Guarantee, 4.875%, 1/14/2021 10,275
80,000   Under Armour, Inc., Sr. Unsecd. Note, 3.250%, 6/15/2026 77,395
    TOTAL 620,229
    Consumer Cyclical - Services—0.3%  
200,000   Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.800%, 6/6/2023 202,953
125,000   Amazon.com, Inc., Sr. Unsecd. Note, 3.800%, 12/5/2024 135,884
65,000   Expedia, Inc., Company Guarantee, 5.950%, 8/15/2020 66,933
10,000   University of Southern California, Sr. Unsecd. Note, 5.250%, 10/1/2111 14,768
70,000   Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 74,901
    TOTAL 495,439
    Consumer Non-Cyclical - Food/Beverage—1.0%  
300,000   Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 5.550%, 1/23/2049 391,550
300,000   Danone SA, Sr. Unsecd. Note, 144A, 2.947%, 11/2/2026 309,633
140,000   Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026 144,518
80,000   General Mills, Inc., Sr. Unsecd. Note, 4.700%, 4/17/2048 94,327
270,000   Heineken NV, Sr. Unsecd. Note, 144A, 3.500%, 1/29/2028 287,582
200,000   Kerry Group Financial Services, Sr. Unsecd. Note, 144A, 3.200%, 4/9/2023 203,608
60,000   McCormick & Co., Inc., Sr. Unsecd. Note, 3.400%, 8/15/2027 63,069
50,000   Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025 54,948
    TOTAL 1,549,235
    Consumer Non-Cyclical - Health Care—0.1%  
135,000   Agilent Technologies, Inc., Sr. Unsecd. Note, 2.750%, 9/15/2029 135,059
7
Shares or
Principal
Amount 		    Value
    CORPORATE BONDS—continued  
    Consumer Non-Cyclical - Health Care—continued  
$15,000   Agilent Technologies, Inc., Sr. Unsecd. Note, 3.200%, 10/1/2022 $15,345
10,000   Laboratory Corp. of America Holdings, Sr. Unsecd. Note, 3.750%, 8/23/2022 10,393
    TOTAL 160,797
    Consumer Non-Cyclical - Pharmaceuticals—0.1%  
105,000   Eli Lilly & Co., Sr. Unsecd. Note, 3.950%, 3/15/2049 122,825
    Consumer Non-Cyclical - Products—0.1%  
200,000   Newell Rubbermaid, Inc., Sr. Unsecd. Note, 4.200%, 4/1/2026 209,200
    Consumer Non-Cyclical - Supermarkets—0.2%  
290,000   Kroger Co., Sr. Unsecd. Note, 5.400%, 1/15/2049 344,420
    Energy - Independent—0.4%  
250,000   Canadian Natural Resources Ltd., 3.900%, 2/1/2025 266,385
125,000   Cimarex Energy Co., Sr. Unsecd. Note, 3.900%, 5/15/2027 127,102
150,000   Occidental Petroleum Corp., Sr. Unsecd. Note, 2.900%, 8/15/2024 151,337
    TOTAL 544,824
    Energy - Integrated—0.5%  
135,000   BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.119%, 5/4/2026 141,612
300,000   BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.937%, 9/21/2028 333,385
75,000   Husky Energy, Inc., 4.000%, 4/15/2024 78,949
240,000   Husky Energy, Inc., Sr. Unsecd. Note, 4.400%, 4/15/2029 254,479
    TOTAL 808,425
    Energy - Midstream—1.0%  
100,000   Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 104,994
75,000   Energy Transfer Partners LP, Sr. Unsecd. Note, 4.900%, 2/1/2024 80,994
170,000   Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.950%, 2/15/2027 183,978
270,000   Enterprise Products Operating LLC, Sr. Unsecd. Note, 4.200%, 1/31/2050 286,424
10,000   Florida Gas Transmission Co. LLC, Sr. Unsecd. Note, 144A, 5.450%, 7/15/2020 10,220
150,000   Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, 5.000%, 3/1/2043 161,424
100,000   Kinder Morgan, Inc., 5.050%, 2/15/2046 109,571
40,000   MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 42,042
225,000   MPLX LP, Sr. Unsecd. Note, 5.500%, 2/15/2049 252,589
195,000   ONEOK, Inc., Sr. Unsecd. Note, 4.950%, 7/13/2047 211,300
20,000   Texas Eastern Transmission LP, Sr. Unsecd. Note, 144A, 2.800%, 10/15/2022 20,147
30,000   Williams Partners LP, Sr. Unsecd. Note, 4.125%, 11/15/2020 30,466
    TOTAL 1,494,149
    Energy - Oil Field Services—0.1%  
15,000   Nabors Industries, Inc., Company Guarantee, 5.000%, 9/15/2020 14,925
20,000   Nabors Industries, Inc., Sr. Unsecd. Note, 4.625%, 9/15/2021 18,650
50,000   Nabors Industries, Inc., Sr. Unsecd. Note, 5.100%, 9/15/2023 38,500
    TOTAL 72,075
    Energy - Refining—0.0%  
10,000   Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 3/1/2041 12,933
    Financial Institution - Banking—2.5%  
74,000   American Express Co., 2.650%, 12/2/2022 75,607
250,000   American Express Credit Corp., Sr. Unsecd. Note, Series MTN, 2.250%, 5/5/2021 251,400
300,000   Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.500%, 4/19/2026 319,452
250,000 4 Bank of America Corp., Sr. Unsecd. Note, Series MTN, 2.748% (3-month USLIBOR +0.650%), 10/1/2021 250,915
100,000   Bank of America Corp., Sr. Unsecd. Note, Series MTN, 5.000%, 5/13/2021 104,659
200,000   Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025 213,333
200,000   Citigroup, Inc., Sr. Unsecd. Note, 2.700%, 3/30/2021 201,995
8
Shares or
Principal
Amount 		    Value
    CORPORATE BONDS—continued  
    Financial Institution - Banking—continued  
$250,000   Citigroup, Inc., Sr. Unsecd. Note, 3.300%, 4/27/2025 $262,175
170,000   Citigroup, Inc., Sr. Unsecd. Note, 3.400%, 5/1/2026 178,647
25,000   City National Corp., Sr. Unsecd. Note, 5.250%, 9/15/2020 25,751
30,000   Comerica, Inc., 3.800%, 7/22/2026 31,858
75,000   Fifth Third Bancorp, Sr. Unsecd. Note, 3.650%, 1/25/2024 79,181
275,000   Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.625%, 1/22/2023 287,587
150,000   Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.250%, 2/1/2041 210,227
50,000   HSBC Holdings PLC, Sr. Unsecd. Note, 5.100%, 4/5/2021 52,130
400,000   JPMorgan Chase & Co., Sub. Note, 3.375%, 5/1/2023 416,927
300,000   Morgan Stanley, 4.300%, 1/27/2045 350,754
120,000   Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 2.500%, 4/21/2021 120,927
210,000   Regions Financial Corp., Sr. Unsecd. Note, 3.200%, 2/8/2021 212,913
130,000   SunTrust Banks, Inc., Sr. Unsecd. Note, 2.900%, 3/3/2021 131,500
    TOTAL 3,777,938
    Financial Institution - Broker/Asset Mgr/Exchange—0.2%  
80,000   Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 85,244
125,000   Jefferies Group LLC, Sr. Unsecd. Note, 6.875%, 4/15/2021 132,767
70,000   Nuveen LLC, Sr. Unsecd. Note, 144A, 4.000%, 11/1/2028 78,628
13,000   Raymond James Financial, Inc., Sr. Unsecd. Note, 5.625%, 4/1/2024 14,647
    TOTAL 311,286
    Financial Institution - Finance Companies—0.6%  
170,000   AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.950%, 2/1/2022 175,964
150,000   AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, Sr. Unsecd. Note, 4.875%, 1/16/2024 162,979
250,000   Discover Bank, Sr. Unsecd. Note, Series BKNT, 4.650%, 9/13/2028 281,212
250,000   GE Capital International Funding, Inc., Sr. Unsecd. Note, 4.418%, 11/15/2035 263,821
    TOTAL 883,976
    Financial Institution - Insurance - Life—0.7%  
200,000   Aflac, Inc., Sr. Unsecd. Note, 3.625%, 6/15/2023 211,534
25,000   American International Group, Inc., 4.500%, 7/16/2044 27,934
35,000   American International Group, Inc., Sr. Unsecd. Note, 4.125%, 2/15/2024 37,625
125,000   American International Group, Inc., Sr. Unsecd. Note, 4.200%, 4/1/2028 137,558
10,000   Lincoln National Corp., Sr. Unsecd. Note, 4.200%, 3/15/2022 10,472
275,000   Mass Mutual Global Funding II, 144A, 2.000%, 4/15/2021 275,099
10,000   MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039 16,464
250,000   MetLife, Inc., Sr. Unsecd. Note, 3.600%, 4/10/2024 265,931
15,000   Penn Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040 21,858
10,000   Principal Financial Group, Inc., Sr. Unsecd. Note, 3.125%, 5/15/2023 10,330
10,000   Principal Financial Group, Inc., Sr. Unsecd. Note, 3.300%, 9/15/2022 10,329
50,000   Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040 67,487
    TOTAL 1,092,621
    Financial Institution - Insurance - P&C—0.1%  
100,000   Liberty Mutual Group, Inc., Sr. Unsecd. Note, 144A, 3.951%, 10/15/2050 103,587
65,000   Nationwide Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039 112,495
    TOTAL 216,082
    Financial Institution - REIT - Apartment—0.1%  
20,000   Post Apartment Homes LP, Sr. Unsecd. Note, 3.375%, 12/1/2022 20,628
10,000   UDR, Inc., Company Guarantee, Series 0001, 4.625%, 1/10/2022 10,497
70,000   UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026 71,694
    TOTAL 102,819
9
Shares or
Principal
Amount 		    Value
    CORPORATE BONDS—continued  
    Financial Institution - REIT - Healthcare—0.2%  
$50,000   Healthcare Trust of America, 3.700%, 4/15/2023 $51,768
220,000   Healthcare Trust of America, Sr. Unsecd. Note, 3.100%, 2/15/2030 220,112
    TOTAL 271,880
    Financial Institution - REIT - Office—0.1%  
50,000   Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.900%, 6/15/2023 52,846
70,000   Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028 75,845
    TOTAL 128,691
    Financial Institution - REIT - Other—0.1%  
105,000   WP Carey, Inc., Sr. Unsecd. Note, 3.850%, 7/15/2029 111,944
75,000   WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024 80,264
    TOTAL 192,208
    Financial Institution - REIT - Retail—0.0%  
50,000   Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/1/2022 51,780
    Sovereign—0.0%  
30,000   Corp Andina De Fomento, Sr. Unsecd. Note, 4.375%, 6/15/2022 31,644
    Technology—0.7%  
30,000   Apple, Inc., Sr. Unsecd. Note, 2.400%, 5/3/2023 30,559
200,000   Apple, Inc., Sr. Unsecd. Note, 2.950%, 9/11/2049 193,725
20,000   Corning, Inc., Unsecd. Note, 4.750%, 3/15/2042 22,951
240,000   Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr. Secd. Note, 144A, 6.020%, 6/15/2026 274,101
125,000   Equifax, Inc., Sr. Unsecd. Note, 2.300%, 6/1/2021 125,140
53,000   Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.500%, 4/15/2023 55,376
110,000   Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029 116,190
70,000   Hewlett Packard Enterprise Co., Sr. Unsecd. Note, 3.600%, 10/15/2020 70,949
20,000   Ingram Micro, Inc., Sr. Unsecd. Note, 5.000%, 8/10/2022 20,507
50,000   Total System Services, Inc., Sr. Unsecd. Note, 4.800%, 4/1/2026 56,215
10,000   Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 9/12/2022 10,577
50,000   Verisk Analytics, Inc., Sr. Unsecd. Note, 5.500%, 6/15/2045 62,587
    TOTAL 1,038,877
    Transportation - Railroads—0.2%  
50,000   Burlington Northern Santa Fe Corp., Deb., 5.750%, 5/1/2040 67,710
30,000   Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2023 30,776
225,000   Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.125%, 6/1/2026 228,463
    TOTAL 326,949
    Transportation - Services—0.2%  
70,000   Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.800%, 3/1/2022 71,105
200,000   Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 3.750%, 6/9/2023 210,086
30,000   United Parcel Service, Inc., Sr. Unsecd. Note, 3.125%, 1/15/2021 30,455
    TOTAL 311,646
    Utility - Electric—1.6%  
110,000   Duke Energy Corp., Sr. Unsecd. Note, 2.650%, 9/1/2026 111,398
70,000   Electricite de France SA, Note, 144A, 5.600%, 1/27/2040 88,337
300,000   Electricite de France SA, Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028 336,794
140,000   Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 164,448
280,000   Enel Finance International NV, Sr. Unsecd. Note, 144A, 4.625%, 9/14/2025 307,255
170,000   EverSource Energy, Sr. Unsecd. Note, 3.350%, 3/15/2026 176,129
200,000   Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026 210,555
100,000   Exelon Generation Co. LLC, Sr. Unsecd. Note, 4.250%, 6/15/2022 104,834
10,000   Great Plains Energy, Inc., Note, 4.850%, 6/1/2021 10,364
10
Shares or
Principal
Amount 		    Value
    CORPORATE BONDS—continued  
    Utility - Electric—continued  
$300,000   Metropolitan Edison Co., Sr. Unsecd. Note, 144A, 4.300%, 1/15/2029 $337,452
110,000   National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 118,997
25,000   National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, Series MTNC, 8.000%, 3/1/2032 37,551
250,000   PPL Capital Funding, Inc., Sr. Unsecd. Note, 3.100%, 5/15/2026 256,363
175,000   Southern Co., Sr. Unsecd. Note, 3.250%, 7/1/2026 182,716
10,000   TECO Finance, Inc., Company Guarantee, 5.150%, 3/15/2020 10,107
40,000   UIL Holdings Corp., Sr. Unsecd. Note, 4.625%, 10/1/2020 40,921
    TOTAL 2,494,221
    Utility - Natural Gas—0.1%  
50,000   Enbridge Energy Partners LP, Sr. Unsecd. Note, 4.200%, 9/15/2021 51,708
65,000   National Fuel Gas Co., Sr. Unsecd. Note, 3.750%, 3/1/2023 66,844
    TOTAL 118,552
    TOTAL CORPORATE BONDS
(IDENTIFIED COST $19,474,623) 		20,934,855
    U.S. TREASURIES—3.6%  
108,249 5 U.S. Treasury Inflation-Protected Notes, 0.125%, 4/15/2021 107,408
170,031   U.S. Treasury Inflation-Protected Notes, 0.125%, 1/15/2022 168,894
289,530   U.S. Treasury Inflation-Protected Notes, 0.750%, 2/15/2042 303,493
817,928   U.S. Treasury Inflation-Protected Notes, 0.875%, 1/15/2029 868,744
270,183   U.S. Treasury Inflation-Protected Notes, 1.000%, 2/15/2049 302,575
137,604   U.S. Treasury Inflation-Protected Notes, 1.375%, 2/15/2044 163,741
325,000   United States Treasury Bond, 2.250%, 8/15/2049 330,383
50,000   United States Treasury Bond, 3.000%, 2/15/2049 58,975
600,000   United States Treasury Note, 1.375%, 8/31/2026 591,070
300,000   United States Treasury Note, 1.500%, 9/30/2024 299,613
120,000   United States Treasury Note, 2.250%, 3/31/2021 121,097
50,000   United States Treasury Note, 2.250%, 4/30/2024 51,563
425,000   United States Treasury Note, 2.375%, 4/30/2026 445,287
775,000   United States Treasury Note, 2.375%, 5/15/2029 822,354
25,000   United States Treasury Note, 2.500%, 1/31/2021 25,279
375,000   United States Treasury Note, 2.500%, 2/28/2021 379,445
400,000   United States Treasury Note, 2.625%, 2/15/2029 432,734
    TOTAL U.S. TREASURIES
(IDENTIFIED COST $5,253,250) 		5,472,655
    EXCHANGE-TRADED FUNDS—9.5%  
32,075   iShares Core MSCI Emerging Markets ETF 1,641,278
192,700   iShares MSCI EAFE ETF 12,991,834
    TOTAL EXCHANGE-TRADED FUNDS
(IDENTIFIED COST $14,673,303) 		14,633,112
    INVESTMENT COMPANIES—20.5%  
291,670   Emerging Markets Core Fund 2,907,950
177,824   Federated Bank Loan Core Fund 1,728,447
149,083   Federated Government Obligations Fund, Premier Shares, 1.75%6 149,083
3,003,563   Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.93%6 3,004,464
1,655,349   Federated Mortgage Core Portfolio 16,387,956
366,100   Federated Project and Trade Finance Core Fund 3,294,904
11
Shares or
Principal
Amount 		    Value
    INVESTMENT COMPANIES—continued  
632,331   High Yield Bond Portfolio $3,958,389
    TOTAL INVESTMENT COMPANIES
(IDENTIFIED COST $31,987,041) 		31,431,193
    TOTAL INVESTMENT IN SECURITIES—99.7%
(IDENTIFIED COST $147,342,851) 		152,884,452
    OTHER ASSETS AND LIABILITIES - NET—0.3%7 384,292
    TOTAL NET ASSETS—100% $153,268,744
At October 31, 2019, the Fund had the following outstanding futures contracts:
Description Number of
Contracts 		Notional
Value 		Expiration
Date 		Value and
Unrealized
Appreciation
(Depreciation)
1United States Treasury Note 2-Year Long Futures 57 $12,289,289 December 2019 $(25,682)
1United States Treasury Note 5-Year Long Futures 15 $1,788,047 December 2019 $(6,765)
1United States Treasury Ultra Bond Long Futures 6 $1,138,500 December 2019 $(36,436)
1United States Treasury Note 10-Year Short Futures 12 $1,563,563 December 2019 $14,628
1United States Treasury Note 10-Year Ultra Short Futures 8 $1,136,875 December 2019 $15,357
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS $(38,898)
The average notional value of long and short futures contracts held by the Fund throughout the period was $16,096,428 and $3,481,094, respectively. This is based on the contracts 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 Adviser or an affiliate of the Adviser. Transactions involving the affiliated fund holdings during the period ended October 31, 2019, were as follows:
Affiliates Balance of
Shares
Held
7/31/2019 		Purchases/
Additions 		Sales/
Reductions 		Balance of
Shares
Held
10/31/2019 		Value Change in
Unrealized
Appreciation/
Depreciation 		Net
Realized
Gain/(Loss) 		Dividend
Income
Emerging Markets Core Fund 278,303 13,367 — 291,670 $2,907,950 $(8,925) $— $33,545
Federated Bank Loan Core Fund 135,857 41,967 — 177,824 $1,728,447 $(21,669) $— $19,340
Federated Government Obligations Fund,
Premier Shares* 		145,972 20,368,169 (20,365,058) 149,083 $149,083 NA NA $ 5,508
Federated Institutional Prime Value Obligations Fund,
Institutional Shares 		5,815,511 7,004,696 (9,816,644) 3,003,563 $3,004,464 $113 $(259) $10,989
Federated Mortgage Core Portfolio 1,314,242 610,833 (269,726) 1,655,349 $16,387,956 $(26,337) $80,620 $112,691
Federated Project and Trade Finance Core Fund 362,119 3,981 — 366,100 $3,294,904 $(7,255) $— $35,846
High Yield Bond Portfolio 691,626 30,705 (90,000) 632,331 $3,958,389 $(21,953) $3,595 $67,123
TOTAL OF
AFFILIATED
TRANSACTIONS 		8,743,630 28,073,718 (30,541,428) 6,275,920 $31,431,193 $(86,026) $83,956 $285,042
* 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.
12
As of October 31, 2019, securities subject to this type of arrangement and related collateral were as follows:
Market Value of
Securities Loaned 		Collateral
Received
$136,597 $149,083
3 JPMorgan Chase & Co. has fully and unconditionally guaranteed Bear Stearns' outstanding registered debt securities.
4 Floating/variable note with current rate and current maturity or next reset date shown.
5 All or a portion of this security is pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts.
6 7-day net yield.
7 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at October 31, 2019.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.
■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”).
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.
■ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations.
■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
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 MDTA LLC (the “Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.
13
The Trustees also have adopted procedures requiring an investment to be priced at its fair value whenever the Adviser determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment's value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
■ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
■ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;
■ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry.
The Trustees have adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Fund will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Trustees. The Trustees have ultimate responsibility for any fair valuations made in response to a significant event.
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used, as of October 31, 2019, 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 $73,599,850 $— $— $73,599,850
 International 3,691,043 — — 3,691,043
Debt Securities:        
Asset-Backed Security — 31,911 — 31,911
Collateralized Mortgage Obligations — 10,486 — 10,486
Commercial Mortgage-Backed Securities — 3,079,347 — 3,079,347
Corporate Bonds — 20,934,855 — 20,934,855
U.S. Treasuries — 5,472,655 — 5,472,655
Exchange-Traded Funds 14,633,112 — — 14,633,112
Investment Companies1 28,136,289 — — 31,431,193
TOTAL SECURITIES $120,060,294 $29,529,254 — $152,884,452
Other Financial Instruments2        
Assets $29,985 — — $29,985
Liabilities (68,883) — — (68,883)
TOTAL OTHER FINANCIAL INSTRUMENTS $(38,898) — — $(38,898)
1 As permitted by U.S. generally accepted accounting principles, the Investment Company valued at $3,294,904 is measured at fair value using the NAV per share practical expedient and has not been categorized in the chart above but is included in the Total column. The price of shares redeemed of Federated Project and Trade Finance Core Fund may be determined as of the closing NAV of the fund up to twenty-four days after receipt of a shareholder redemption request.
2 Other financial instruments are futures contracts.
14
The following acronyms are used throughout this portfolio:
BKNT —Bank Notes
ETF —Exchange-Traded Fund
FREMF —Freddie Mac Multifamily K-Deals
GMTN —Global Medium Term Note
LIBOR —London Interbank Offered Rate
MTN —Medium Term Note
REIT —Real Estate Investment Trust
REMIC —Real Estate Mortgage Investment Conduit
15