NPORT-EX 2 poi_fhmdtbalancedfund.htm POI - FEDERATED HERMES MDT BALANCED FUND F/K/A FEDERATED MDT BALANCED FUND
Federated MDT Balanced Fund
Portfolio of Investments
April 30, 2020 (unaudited)
Shares or
Principal
Amount 		    Value
    COMMON STOCKS—57.1%  
    Communication Services—6.0%  
2,376 1 Alphabet, Inc., Class A $3,199,759
147   Cable One, Inc. 281,190
21,112 1 Cars.com, Inc. 109,360
6,754   CenturyLink, Inc. 71,727
2,612 1 Charter Communications, Inc. 1,293,541
14,105   Cogent Communications Holdings, Inc. 1,182,422
1,550 1 Facebook, Inc. 317,301
28,128 1,2 MSG Networks, Inc. 334,161
7,770   Meredith Corp. 115,229
1,158 1 NetFlix, Inc. 486,186
12,082 1 TripAdvisor, Inc. 241,278
22,944   Verizon Communications, Inc. 1,318,133
    TOTAL 8,950,287
    Consumer Discretionary—5.6%  
6,144   Aaron's, Inc. 196,055
1,029 1 Amazon.com, Inc. 2,545,746
1,980 1 American Axle & Manufacturing Holdings, Inc. 8,554
43,394 2 Carnival Corp. 689,965
2,677 1 Cooper-Standard Holding, Inc. 34,399
600   Dollar General Corp. 105,180
4,733   Domino's Pizza, Inc. 1,713,015
3,688   eBay, Inc. 146,893
1,169   Expedia Group, Inc. 82,976
24,635   Ford Motor Co. 125,392
1,231 1,2 Funko, Inc. 5,269
5,876 1 G-III Apparel Group Ltd. 66,575
3,001   Garmin Ltd. 243,561
15,297   Goodyear Tire & Rubber Co. 109,679
1,590   Harley-Davidson, Inc. 34,710
497 1,2 iRobot Corp. 30,297
43,927   Kohl's Corp. 810,892
2,435 1 Libbey, Inc. 2,800
63,282 2 Macy's, Inc. 370,833
23,276 1,2 Norwegian Cruise Line Holdings Ltd. 381,726
501 1 O'Reilly Automotive, Inc. 193,556
3,174   PVH Corp. 156,256
124   Pool Corp. 26,246
3,046 1,2 Tenneco, Inc. 15,809
1,727   Tupperware Brands Corp. 5,561
1,258   V.F. Corp. 73,090
213   Wingstop, Inc. 24,978
6,728   Wyndham Destinations, Inc. 172,035
    TOTAL 8,372,048
    Consumer Staples—4.3%  
8,513   Church and Dwight, Inc. 595,825
1
Shares or
Principal
Amount 		    Value
    COMMON STOCKS—continued  
    Consumer Staples—continued  
3,087   Clorox Co. $575,540
30,319   Colgate-Palmolive Co. 2,130,516
483   Costco Wholesale Corp. 146,349
2,089   Hershey Foods Corp. 276,646
11,264   Kimberly-Clark Corp. 1,559,839
4,009   Nu Skin Enterprises, Inc., Class A 117,103
5,104   PepsiCo, Inc. 675,208
986   Philip Morris International, Inc. 73,556
2,542   Procter & Gamble Co. 299,625
    TOTAL 6,450,207
    Energy—1.3%  
1,868 1,2 Arch Coal, Inc. 54,527
1,374 1,2 CONSOL Energy, Inc. 10,429
2,395 2 CVR Energy, Inc. 57,121
693 1 Chesapeake Energy Corp. 12,127
25,151 2 Continental Resources, Inc. 412,225
17,842   Devon Energy Corp. 222,490
2,810 1,2 Gulfport Energy Corp. 7,179
46,946   Halliburton Co. 492,933
3,120   Helmerich & Payne, Inc. 61,682
24,375   Marathon Oil Corp. 149,175
31,759   PBF Energy, Inc. 362,053
18,653   Peabody Energy Corp. 63,234
5,704 1 Talos Energy, Inc. 64,968
    TOTAL 1,970,143
    Financials—6.8%  
600   Alleghany Corp. 320,226
11,885   Allstate Corp. 1,208,942
342   Ameriprise Financial, Inc. 39,310
992 1 Arch Capital Group Ltd. 23,838
413   Berkley, W. R. Corp. 22,302
502   BlackRock, Inc. 252,024
10,600   Blackstone Mortgage Trust, Inc. 249,418
5,813   Chubb Ltd. 627,862
7,585   Cincinnati Financial Corp. 499,093
690   Everest Re Group Ltd. 119,460
1,798   Houlihan Lokey, Inc. 106,765
17,749   Huntington Bancshares, Inc. 164,001
272   Intercontinental Exchange, Inc. 24,330
4,865   KeyCorp 56,677
4,270   MSCI, Inc., Class A 1,396,290
1,107   Marketaxess Holdings, Inc. 503,696
1,975   MetLife, Inc. 71,258
4,309   NASDAQ, Inc. 472,568
6,035 2 Northern Trust Corp. 477,731
2,065   Reinsurance Group of America 216,164
1,980   RenaissanceRe Holdings Ltd. 289,100
1,381   S&P Global, Inc. 404,467
917   Selective Insurance Group, Inc. 45,969
2
Shares or
Principal
Amount 		    Value
    COMMON STOCKS—continued  
    Financials—continued  
1,182   The Hartford Financial Services Group, Inc. $44,904
20,551   The Travelers Cos., Inc. 2,079,967
14,325 2 Zions Bancorporation, N.A. 452,813
    TOTAL 10,169,175
    Health Care—9.2%  
7,309   Abbott Laboratories 673,086
575   AbbVie, Inc. 47,265
2,544 1 Alexion Pharmaceuticals, Inc. 273,404
124 1 Amedisys, Inc. 22,836
4,585   Amgen, Inc. 1,096,824
1,447 1 AnaptysBio, Inc. 22,602
1,623 1 Arcus Biosciences, Inc. 42,863
931 1 Arvinas, Inc. 48,877
2,538 1 Biogen, Inc. 753,354
129   CIGNA Corp. 25,256
2,174   CVS Health Corp. 133,810
15,524 1,2 Community Health Systems, Inc. 47,038
2,603 1 Constellation Pharmaceuticals, Inc. 93,656
198   Cooper Cos., Inc. 56,767
3,187 1 Davita, Inc. 251,805
2,088   Dentsply Sirona, Inc. 88,615
15,749   Eli Lilly & Co. 2,435,425
477 1 Henry Schein, Inc. 26,025
11,674 1 Hologic, Inc. 584,867
1,718 1 IDEXX Laboratories, Inc. 476,917
1,536 1 Jazz Pharmaceuticals PLC. 169,344
5,547   Johnson & Johnson 832,272
3,200 1 Livongo Health, Inc. 128,032
1,949 1 Masimo Corp. 416,911
3,019   Medtronic PLC 294,745
13,595   Merck & Co., Inc. 1,078,627
413 1 Molina Healthcare, Inc. 67,720
3,879 1 Myriad Genetics, Inc. 59,969
2,796   Pfizer, Inc. 107,254
726 1 Regeneron Pharmaceuticals, Inc. 381,789
1,341   ResMed, Inc. 208,284
626 1 SAGE Therapeutics, Inc. 24,401
575   UnitedHealth Group, Inc. 168,170
6,008 1 Vertex Pharmaceuticals, Inc. 1,509,210
133 1 Waters Corp. 24,871
9,099   Zoetis, Inc. 1,176,592
    TOTAL 13,849,483
    Industrials—5.3%  
1,966   AGCO Corp. 103,883
1,227 1 Astronics Corp. 11,018
5,978 1 CIRCOR International, Inc. 89,251
2,107   Cintas Corp. 467,396
1,162   Deluxe Corp. 32,734
20,004   Fluor Corp. 234,047
3
Shares or
Principal
Amount 		    Value
    COMMON STOCKS—continued  
    Industrials—continued  
1,631 2 Granite Construction, Inc. $26,814
47,857   Howmet Aerospace, Inc. 625,491
209   IDEX Corp. 32,109
3,694   Insperity, Inc. 176,241
77,118   KAR Auction Services, Inc. 1,155,228
352   Lennox International, Inc. 65,711
4,975   Lockheed Martin Corp. 1,935,573
5,839 1 Middleby Corp. 324,824
1,303   Owens Corning, Inc. 56,498
10,000 2 Pitney Bowes, Inc. 35,300
7,730 1 SPX Corp. 294,745
33,459   Spirit AeroSystems Holdings, Inc., Class A 741,451
1,333   Textron, Inc. 35,138
716   TransUnion 56,414
9,183 2 Verisk Analytics, Inc. 1,403,438
    TOTAL 7,903,304
    Information Technology—14.1%  
5,503 1 Adobe, Inc. 1,946,081
2,594   Alliance Data Systems Corp. 129,881
2,188   Analog Devices, Inc. 239,805
6,124   Apple, Inc. 1,799,231
703 1 Arista Networks, Inc. 154,168
2,109 1 Atlassian Corp. PLC 327,928
309   Automatic Data Processing, Inc. 45,327
1,147 1 Benefitfocus, Inc. 12,422
5,782 2 Booz Allen Hamilton Holding Corp. 424,630
18,537 1 Cadence Design Systems, Inc. 1,503,907
1,558 1,2 Cardtronics, Inc. 35,678
4,701 1 Cirrus Logic, Inc. 355,396
1,414   Citrix Systems, Inc. 205,044
2,144   Cognizant Technology Solutions Corp. 124,395
97,782   DXC Technology Co. 1,772,788
13,128 1 DocuSign, Inc. 1,375,158
12,780 1 Dynatrace Holdings LLC 381,483
1,551 1,2 Five9, Inc. 143,731
5,032 1 Fortinet, Inc. 542,148
2,554   Henry Jack & Associates, Inc. 417,707
3,766 1 Inphi Corp. 363,570
9,807   Intel Corp. 588,224
1,627   Intuit, Inc. 438,981
6,578 1 Keysight Technologies, Inc. 636,553
2,026 1 Lumentum Holdings, Inc. 163,924
3,457   Mastercard, Inc. 950,571
3,555   Maxim Integrated Products, Inc. 195,454
11,093   Microsoft Corp. 1,987,976
263   Monolithic Power Systems 52,576
1,522   NVIDIA Corp. 444,850
15,867   Paychex, Inc. 1,087,207
13,257 2 Plantronics, Inc. 187,189
4
Shares or
Principal
Amount 		    Value
    COMMON STOCKS—continued  
    Information Technology—continued  
9,135   Qualcomm, Inc. $718,650
424 1 RingCentral, Inc. 96,897
69,962   Sabre Corp. 508,624
943 1,2 Semtech Corp. 42,661
2,474   Skyworks Solutions, Inc. 256,999
685 1 Synopsys, Inc. 107,627
843   Texas Instruments, Inc. 97,847
110 1 Verisign, Inc. 23,044
8,203 2 Vishay Intertechnology, Inc. 136,088
4,987 2 Western Union Co. 95,102
527   Xilinx, Inc. 46,060
    TOTAL 21,163,582
    Materials—1.6%  
604   Air Products & Chemicals, Inc. 136,250
30,925 1 Alcoa Corp. 252,039
15,517 1 Allegheny Technologies, Inc. 116,533
48,918 2 Chemours Co./The 573,808
11,320   Domtar, Corp. 264,435
20,846   DuPont de Nemours, Inc. 980,179
438   Linde PLC 80,588
196   Scotts Miracle-Gro Co. 24,310
    TOTAL 2,428,142
    Real Estate—1.7%  
850   Alexandria Real Estate Equities, Inc. 133,527
1,200   American Tower Corp. 285,600
9,200   Americold Realty Trust 281,428
2,700   EastGroup Properties, Inc. 286,200
405   Equinix, Inc. 273,456
2,850   Equity Lifestyle Properties, Inc. 171,883
4,900   Invitation Homes, Inc. 115,885
2,900   ProLogis, Inc. 258,767
6,700   Rexford Industrial Realty, Inc. 272,824
1,400   Sun Communities, Inc. 188,160
12,500   Sunstone Hotel Investors, Inc. 114,875
4,750   Terreno Realty Corp. 260,395
    TOTAL 2,643,000
    Utilities—1.2%  
14,870   Consolidated Edison Co. 1,171,756
1,654   Evergy, Inc. 96,643
12,836   Exelon Corp. 475,959
    TOTAL 1,744,358
    TOTAL COMMON STOCKS
(IDENTIFIED COST $80,149,771) 		85,643,729
    ASSET-BACKED SECURITY—0.3%  
    Auto Receivables—0.3%  
$400,000   Toyota Auto Receivables Owner 2020-B, Class A4, 1.660%, 9/15/2025
(IDENTIFIED COST $399,876) 		401,696
    COLLATERALIZED MORTGAGE OBLIGATIONS—0.0%  
262 3 Bear Stearns Mortgage Securities, Inc. 1997-6, Class 1A, 6.312%, 3/25/2031 251
636   Federal Home Loan Mortgage Corp. REMIC, Series 1311, Class K, 7.000%, 7/15/2022 672
5
Shares or
Principal
Amount 		    Value
    COLLATERALIZED MORTGAGE OBLIGATIONS—continued  
$740   Federal Home Loan Mortgage Corp. REMIC, Series 1384, Class D, 7.000%, 9/15/2022 $774
3,263   Federal Home Loan Mortgage Corp. REMIC, Series 2497, Class JH, 6.000%, 9/15/2032 3,716
2,287 4 Federal National Mortgage Association REMIC, Series 1993-113, Class SB, 9.748% (10-year Constant Maturity Treasury +48.285%), 7/25/2023 2,458
764   Federal National Mortgage Association REMIC, Series 2003-35, Class UC, 3.750%, 5/25/2033 805
    TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(IDENTIFIED COST $8,241) 		8,676
    COMMERCIAL MORTGAGE-BACKED SECURITIES—2.1%  
    Commercial Mortgage—2.1%  
190,000   Bank, Class A4, 3.488%, 11/15/2050 205,894
200,000   Citigroup Commercial Mortgage Trust 2013-GC11, Class B, 3.732%, 4/10/2046 197,834
70,000   Commercial Mortgage Pass-Through Certificates 2012-CR1, Class AM, 3.912%, 5/15/2045 71,576
125,000   Commercial Mortgage Pass-Through Certificates 2012-CR1, Class B, 4.612%, 5/15/2045 120,186
200,000   Commercial Mortgage Trust 2013-CR8, Class B, 4.084%, 6/10/2046 199,822
200,000   Commercial Mortgage Trust 2014-LC17, Class B, 4.490%, 10/10/2047 207,862
300,000   Commercial Mortgage Trust 2015-DC1, Class AM, 3.724%, 2/10/2048 305,058
200,000   FREMF Mortgage Trust 2013-K25 REMIC, Class B, 3.743%, 11/25/2045 204,263
65,140   Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025 67,246
399,688   Federal Home Loan Mortgage Corp. REMIC, Series K106, Class A1, 1.783%, 5/25/2029 416,960
84,662   Federal Home Loan Mortgage Corp. REMIC, Series K504, Class A2, 2.566%, 9/25/2020 84,667
350,000   Federal Home Loan Mortgage Corp. REMIC, Series K737, Class A2, 2.530%, 10/25/2026 378,524
100,000   GS Mortgage Securities Corp. II 2012-GCJ7, Class AS, 4.085%, 5/10/2045 102,124
200,000   JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049 212,468
50,000   JPMDB Commercial Mortgage Securities Trust 2017-C5, Class A5, 3.693%, 3/15/2050 54,489
100,000   Morgan Stanley Capital I 2012-C4, Class AS, 3.773%, 3/15/2045 95,818
150,000   UBS-Barclays Commercial Mortgage Trust 2013-C6, Class B, 3.875%, 4/10/2046 137,186
25,000   WF-RBS Commercial Mortgage Trust 2012-C6, Class B, 4.697%, 4/15/2045 24,753
    TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $3,080,962) 		3,086,730
    CORPORATE BONDS—14.1%  
    Basic Industry - Chemicals—0.0%  
10,000   DuPont de Nemours, Inc., Sr. Unsecd. Note, 3.766%, 11/15/2020 10,094
10,000   DuPont de Nemours, Inc., Sr. Unsecd. Note, 5.319%, 11/15/2038 12,143
    TOTAL 22,237
    Basic Industry - Metals & Mining—0.2%  
15,000   Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 4/15/2040 15,921
62,000   Carpenter Technology Corp., Sr. Unsecd. Note, 4.450%, 3/1/2023 60,781
40,000   Carpenter Technology Corp., Sr. Unsecd. Note, 5.200%, 7/15/2021 40,468
20,000   Newcrest Finance Property Ltd., Sr. Unsecd. Note, 144A, 4.200%, 10/1/2022 20,764
100,000   Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 4/15/2023 103,956
20,000   Southern Copper Corp., Sr. Unsecd. Note, 6.750%, 4/16/2040 24,498
    TOTAL 266,388
    Basic Industry - Paper—0.0%  
10,000   Weyerhaeuser Co., Sr. Unsecd. Note, 3.250%, 3/15/2023 10,188
20,000   Weyerhaeuser Co., Sr. Unsecd. Note, 4.700%, 3/15/2021 20,701
    TOTAL 30,889
    Capital Goods - Aerospace & Defense—0.4%  
275,000   Boeing Co., Sr. Unsecd. Note, 4.875%, 5/1/2025 275,000
11,000   Embraer Overseas Ltd., Sr. Unsecd. Note, 144A, 5.696%, 9/16/2023 9,955
100,000   Howmet Aerospace, Inc., 5.870%, 2/23/2022 102,056
110,000   Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, 144A, 3.844%, 5/1/2025 115,718
6
Shares or
Principal
Amount 		    Value
    CORPORATE BONDS—continued  
    Capital Goods - Aerospace & Defense—continued  
$10,000   Rockwell Collins, Inc., Sr. Unsecd. Note, 3.100%, 11/15/2021 $10,226
15,000   Spirit AeroSystems, Inc., Sr. Unsecd. Note, 4.600%, 6/15/2028 11,925
40,000 4 Textron Financial Corp., Jr. Sub. Note, 144A, 3.426% (3-month USLIBOR +1.735%), 2/15/2042 24,868
50,000   Textron, Inc., Sr. Unsecd. Note, 4.000%, 3/15/2026 50,392
50,000   Textron, Inc., Sr. Unsecd. Note, 4.300%, 3/1/2024 52,290
    TOTAL 652,430
    Capital Goods - Building Materials—0.2%  
200,000   Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.200%, 10/1/2024 200,920
80,000   Masco Corp., Sr. Unsecd. Note, 4.375%, 4/1/2026 83,401
    TOTAL 284,321
    Capital Goods - Construction Machinery—0.0%  
10,000   CNH Industrial Capital America LLC, Sr. Unsecd. Note, 4.375%, 4/5/2022 10,255
    Capital Goods - Diversified Manufacturing—0.0%  
30,000   General Electric Capital Corp., Sr. Unsecd. Note, Series GMTN, 3.100%, 1/9/2023 30,658
15,000   Thomas & Betts Corp., Sr. Unsecd. Note, 5.625%, 11/15/2021 15,839
    TOTAL 46,497
    Communications - Cable & Satellite—0.0%  
15,000   Comcast Corp., Sr. Unsecd. Note, 3.900%, 3/1/2038 17,584
10,000   Comcast Corp., Sr. Unsecd. Note, 4.400%, 8/15/2035 12,427
    TOTAL 30,011
    Communications - Media & Entertainment—0.3%  
30,000   Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046 33,782
20,000   Omnicom Group, Inc., Sr. Unsecd. Note, 3.625%, 5/1/2022 20,982
400,000   ViacomCBS, Inc., Sr. Unsecd. Note, 4.750%, 5/15/2025 428,820
    TOTAL 483,584
    Communications - Telecom Wireless—0.4%  
150,000   Crown Castle International Corp., Sr. Unsecd. Note, 3.700%, 6/15/2026 163,375
15,000   Crown Castle International Corp., Sr. Unsecd. Note, 4.875%, 4/15/2022 16,000
200,000   Vodafone Group PLC, Sr. Unsecd. Note, 4.250%, 9/17/2050 221,319
200,000   Vodafone Group PLC, Sr. Unsecd. Note, 4.875%, 6/19/2049 239,757
    TOTAL 640,451
    Communications - Telecom Wirelines—0.3%  
5,000   AT&T, Inc., Sr. Unsecd. Note, 4.500%, 5/15/2035 5,605
10,000   AT&T, Inc., Sr. Unsecd. Note, 5.250%, 3/1/2037 11,884
10,000   AT&T, Inc., Sr. Unsecd. Note, 5.700%, 3/1/2057 13,074
150,000   Telefonica Emisiones SAU, Sr. Unsecd. Note, 5.520%, 3/1/2049 187,910
90,000   Verizon Communications, Inc., Sr. Unsecd. Note, 3.150%, 3/22/2030 99,835
90,000   Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 3/15/2024 99,858
25,000   Verizon Communications, Inc., Sr. Unsecd. Note, 5.250%, 3/16/2037 33,305
    TOTAL 451,471
    Consumer Cyclical - Automotive—0.3%  
10,000   DaimlerChrysler North America Holding Corp., Company Guarantee, 8.500%, 1/18/2031 13,300
200,000   Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.336%, 3/18/2021 192,996
160,000   General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.200%, 7/6/2021 156,504
10,000   General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.950%, 4/13/2024 9,508
    TOTAL 372,308
    Consumer Cyclical - Leisure—0.0%  
66,707   Football Trust V, Pass Thru Cert., 5.350%, 10/5/2020 67,640
7
Shares or
Principal
Amount 		    Value
    CORPORATE BONDS—continued  
    Consumer Cyclical - Lodging—0.0%  
$20,000   American Campus Communities Operating Partnership LP, Sr. Unsecd. Note, 4.125%, 7/1/2024 $20,039
30,000   Hyatt Hotels Corp., Sr. Unsecd. Note, 3.375%, 7/15/2023 28,733
    TOTAL 48,772
    Consumer Cyclical - Retailers—0.3%  
50,000   Advance Auto Parts, Inc., 4.500%, 12/1/2023 52,992
250,000   AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 4/15/2025 264,484
15,000   CVS Health Corp., Sr. Unsecd. Note, 3.700%, 3/9/2023 15,922
15,000   CVS Health Corp., Sr. Unsecd. Note, 4.100%, 3/25/2025 16,584
10,000   O'Reilly Automotive, Inc., Company Guarantee, 4.875%, 1/14/2021 10,164
10,000   WalMart, Inc., Sr. Unsecd. Note, 5.625%, 4/1/2040 14,910
    TOTAL 375,056
    Consumer Cyclical - Services—0.4%  
200,000   Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.800%, 6/6/2023 206,890
125,000   Amazon.com, Inc., Sr. Unsecd. Note, 3.800%, 12/5/2024 140,398
25,000   Cintas Corp. No. 2, Sr. Unsecd. Note, 4.300%, 6/1/2021 25,697
15,000   Expedia Group, Inc., Sr. Unsecd. Note, Series WI, 3.250%, 2/15/2030 12,659
65,000   Expedia, Inc., Company Guarantee, 5.950%, 8/15/2020 65,484
10,000   University of Southern California, Sr. Unsecd. Note, 5.250%, 10/1/2111 15,264
70,000   Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 77,570
15,000   Visa, Inc., Sr. Unsecd. Note, 4.150%, 12/14/2035 18,937
    TOTAL 562,899
    Consumer Non-Cyclical - Food/Beverage—1.1%  
30,000   Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.700%, 2/1/2036 33,440
85,000   Campbell Soup Co., Sr. Unsecd. Note, 2.375%, 4/24/2030 86,035
300,000   Danone SA, Sr. Unsecd. Note, 144A, 2.947%, 11/2/2026 319,882
140,000   Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026 144,990
80,000   General Mills, Inc., Sr. Unsecd. Note, 4.700%, 4/17/2048 106,830
270,000   Heineken NV, Sr. Unsecd. Note, 144A, 3.500%, 1/29/2028 293,370
200,000   Kerry Group Financial Services, Sr. Unsecd. Note, 144A, 3.200%, 4/9/2023 207,122
4,000   Kraft Heinz Foods Co., Sr. Unsecd. Note, 2.800%, 7/2/2020 3,992
15,000   Kraft Heinz Foods Co., Sr. Unsecd. Note, 5.200%, 7/15/2045 15,414
50,000   Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025 57,162
295,000   PepsiCo, Inc., Sr. Unsecd. Note, 3.625%, 3/19/2050 354,458
    TOTAL 1,622,695
    Consumer Non-Cyclical - Health Care—0.1%  
135,000   Agilent Technologies, Inc., Sr. Unsecd. Note, 2.750%, 9/15/2029 140,454
15,000   Agilent Technologies, Inc., Sr. Unsecd. Note, 3.200%, 10/1/2022 15,500
10,000   Laboratory Corp. of America Holdings, Sr. Unsecd. Note, 3.750%, 8/23/2022 10,504
    TOTAL 166,458
    Consumer Non-Cyclical - Pharmaceuticals—0.4%  
500,000   AbbVie, Inc., Sr. Unsecd. Note, 144A, 4.250%, 11/21/2049 580,144
15,000   Amgen, Inc., Sr. Unsecd. Note, 4.400%, 5/1/2045 18,419
10,000   Bristol-Myers Squibb Co., Sr. Unsecd. Note, 144A, 4.125%, 6/15/2039 12,404
15,000   Johnson & Johnson, Sr. Unsecd. Note, 3.550%, 3/1/2036 17,672
    TOTAL 628,639
    Consumer Non-Cyclical - Supermarkets—0.0%  
10,000   Kroger Co., Sr. Unsecd. Note, 4.450%, 2/1/2047 11,801
    Energy - Independent—0.3%  
250,000   Canadian Natural Resources Ltd., 3.900%, 2/1/2025 240,422
8
Shares or
Principal
Amount 		    Value
    CORPORATE BONDS—continued  
    Energy - Independent—continued  
$125,000   Cimarex Energy Co., Sr. Unsecd. Note, 3.900%, 5/15/2027 $110,219
20,000   EQT Corp., Sr. Unsecd. Note, 3.900%, 10/1/2027 16,925
150,000   Occidental Petroleum Corp., Sr. Unsecd. Note, 2.900%, 8/15/2024 114,705
    TOTAL 482,271
    Energy - Integrated—0.7%  
135,000   BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.119%, 5/4/2026 141,068
20,000   BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.224%, 4/14/2024 20,946
300,000   BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.937%, 9/21/2028 327,227
5,000   ConocoPhillips, Company Guarantee, 6.500%, 2/1/2039 7,179
270,000   Exxon Mobil Corp., Sr. Unsecd. Note, 2.992%, 3/19/2025 289,170
75,000   Husky Energy, Inc., 4.000%, 4/15/2024 69,182
240,000   Husky Energy, Inc., Sr. Unsecd. Note, 4.400%, 4/15/2029 194,766
    TOTAL 1,049,538
    Energy - Midstream—0.5%  
20,000   Energy Transfer Operating, Sr. Unsecd. Note, 5.500%, 6/1/2027 20,403
115,000   Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 113,013
75,000   Energy Transfer Partners LP, Sr. Unsecd. Note, 4.900%, 2/1/2024 75,392
10,000   Energy Transfer Partners LP, Sr. Unsecd. Note, 6.125%, 12/15/2045 9,755
170,000   Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.950%, 2/15/2027 178,150
10,000   Florida Gas Transmission Co. LLC, Sr. Unsecd. Note, 144A, 5.450%, 7/15/2020 10,041
20,000   Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, Series MTN, 6.950%, 1/15/2038 23,848
40,000   MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 38,688
5,000   MPLX LP, Sr. Unsecd. Note, 4.500%, 4/15/2038 4,467
225,000   MPLX LP, Sr. Unsecd. Note, 5.500%, 2/15/2049 224,605
20,000   Texas Eastern Transmission LP, Sr. Unsecd. Note, 144A, 2.800%, 10/15/2022 19,821
10,000   Western Gas Partners LP, Sr. Unsecd. Note, 4.750%, 8/15/2028 8,859
30,000   Williams Partners LP, Sr. Unsecd. Note, 4.125%, 11/15/2020 30,100
    TOTAL 757,142
    Energy - Oil Field Services—0.0%  
15,000   Nabors Industries, Inc., Company Guarantee, 5.000%, 9/15/2020 14,358
    Energy - Refining—0.1%  
15,000   HollyFrontier Corp., Sr. Unsecd. Note, 5.875%, 4/1/2026 15,360
15,000   Marathon Petroleum Corp., Sr. Unsecd. Note, 4.500%, 4/1/2048 12,836
10,000   Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 3/1/2041 10,521
25,000   Tesoro Corp., Sr. Unsecd. Note, 5.375%, 10/1/2022 24,530
15,000   Valero Energy Corp., Sr. Unsecd. Note, 4.350%, 6/1/2028 15,424
    TOTAL 78,671
    Financial Institution - Banking—2.7%  
74,000   American Express Co., 2.650%, 12/2/2022 76,182
250,000   American Express Credit Corp., Sr. Unsecd. Note, Series MTN, 2.250%, 5/5/2021 252,667
300,000   Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.500%, 4/19/2026 326,584
250,000 4 Bank of America Corp., Sr. Unsecd. Note, Series MTN, 2.083% (3-month USLIBOR +0.650%), 10/1/2021 248,871
10,000   Bank of America Corp., Sr. Unsecd. Note, Series MTN, 3.499%, 5/17/2022 10,192
100,000   Bank of America Corp., Sr. Unsecd. Note, Series MTN, 5.000%, 5/13/2021 104,024
200,000   Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025 215,596
15,000   Bank of America Corp., Sub. Note, Series MTN, 4.200%, 8/26/2024 16,246
15,000   Bank of America Corp., Sub., Series MTN, 4.450%, 3/3/2026 16,572
20,000   Bank of New York Mellon, N.A., 3.400%, 5/15/2024 21,428
200,000   Citigroup, Inc., Sr. Unsecd. Note, 2.700%, 3/30/2021 202,776
9
Shares or
Principal
Amount 		    Value
    CORPORATE BONDS—continued  
    Financial Institution - Banking—continued  
$40,000   Citigroup, Inc., Sr. Unsecd. Note, 2.876%, 7/24/2023 $41,009
15,000   Citigroup, Inc., Sr. Unsecd. Note, 3.142%, 1/24/2023 15,373
250,000   Citigroup, Inc., Sr. Unsecd. Note, 3.300%, 4/27/2025 265,026
170,000   Citigroup, Inc., Sr. Unsecd. Note, 3.400%, 5/1/2026 180,790
15,000   Citigroup, Inc., Sub. Note, 4.450%, 9/29/2027 16,460
25,000   City National Corp., Sr. Unsecd. Note, 5.250%, 9/15/2020 25,399
30,000   Comerica, Inc., 3.800%, 7/22/2026 31,128
75,000   Fifth Third Bancorp, Sr. Unsecd. Note, 3.650%, 1/25/2024 79,420
40,000   Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.200%, 2/23/2023 41,533
275,000   Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.625%, 1/22/2023 288,924
150,000   Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.250%, 2/1/2041 208,802
80,000   HSBC Holdings PLC, Sr. Unsecd. Note, 5.100%, 4/5/2021 82,747
10,000 5 JPMorgan Chase & Co., Jr. Sub. Deb., Series X, 6.100%, 4/1/2169 10,257
25,000 5 JPMorgan Chase & Co., Jr. Sub. Note, Series FF, 5.000%, 2/1/2169 23,267
20,000   JPMorgan Chase & Co., Sr. Unsecd. Note, 3.559%, 4/23/2024 21,187
15,000   JPMorgan Chase & Co., Sr. Unsecd. Note, 3.882%, 7/24/2038 16,953
400,000   JPMorgan Chase & Co., Sub. Note, 3.375%, 5/1/2023 419,417
300,000   Morgan Stanley, 4.300%, 1/27/2045 360,891
120,000   Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 2.500%, 4/21/2021 121,456
15,000   Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 3.125%, 1/23/2023 15,615
15,000   Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 4.000%, 7/23/2025 16,546
15,000   Morgan Stanley, Sub. Note, Series MTN, 4.100%, 5/22/2023 15,853
65,000   Royal Bank of Canada, Sec. Fac. Bond, 2.100%, 10/14/2020 65,404
10,000   Royal Bank of Scotland Group PLC, Sub., 6.000%, 12/19/2023 10,909
10,000   State Street Corp., Sub. Deb., 3.031%, 11/1/2034 10,516
45,000   Sumitomo Mitsui Financial Group, Inc., Sr. Unsecd. Note, 3.102%, 1/17/2023 46,682
130,000   Truist Financial Corp., Sr. Unsecd. Note, 2.900%, 3/3/2021 131,739
10,000   Wells Fargo & Co., Series MTN, 4.100%, 6/3/2026 10,823
15,000   Wells Fargo & Co., Sr. Unsecd. Note, 3.069%, 1/24/2023 15,367
10,000   Westpac Banking Corp., Sub., Series GMTN, 4.322%, 11/23/2031 10,613
    TOTAL 4,091,244
    Financial Institution - Broker/Asset Mgr/Exchange—0.4%  
80,000   Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 84,867
70,000   Nuveen LLC, Sr. Unsecd. Note, 144A, 4.000%, 11/1/2028 80,914
305,000   Raymond James Financial, Inc., Sr. Unsecd. Note, 4.650%, 4/1/2030 343,605
13,000   Raymond James Financial, Inc., Sr. Unsecd. Note, 5.625%, 4/1/2024 14,356
15,000   XLIT Ltd., Sub., 4.450%, 3/31/2025 16,508
    TOTAL 540,250
    Financial Institution - Finance Companies—0.4%  
170,000   AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.950%, 2/1/2022 159,285
150,000   AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, Sr. Unsecd. Note, 4.875%, 1/16/2024 140,104
250,000   GE Capital International Funding, Inc., Sr. Unsecd. Note, 4.418%, 11/15/2035 260,766
25,000   Santander UK Group Holdings PLC, Sr. Unsecd. Note, 3.125%, 1/8/2021 25,240
    TOTAL 585,395
    Financial Institution - Insurance - Life—0.8%  
200,000   Aflac, Inc., Sr. Unsecd. Note, 3.625%, 6/15/2023 214,737
25,000   American International Group, Inc., 4.500%, 7/16/2044 27,642
35,000   American International Group, Inc., Sr. Unsecd. Note, 4.125%, 2/15/2024 37,920
125,000   American International Group, Inc., Sr. Unsecd. Note, 4.200%, 4/1/2028 136,010
10
Shares or
Principal
Amount 		    Value
    CORPORATE BONDS—continued  
    Financial Institution - Insurance - Life—continued  
$10,000   Lincoln National Corp., Sr. Unsecd. Note, 4.200%, 3/15/2022 $10,373
275,000   Mass Mutual Global Funding II, 144A, 2.000%, 4/15/2021 277,638
10,000   MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039 15,259
15,000   MetLife, Inc., Jr. Sub. Note, 6.400%, 12/15/2036 16,830
250,000   MetLife, Inc., Sr. Unsecd. Note, 3.600%, 4/10/2024 273,149
15,000   Penn Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040 23,888
10,000   Principal Financial Group, Inc., Sr. Unsecd. Note, 3.125%, 5/15/2023 10,380
10,000   Principal Financial Group, Inc., Sr. Unsecd. Note, 3.300%, 9/15/2022 10,324
50,000   Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040 66,488
    TOTAL 1,120,638
    Financial Institution - Insurance - P&C—0.3%  
10,000   Berkshire Hathaway Finance Corp., Sr. Unsecd. Note, 4.200%, 8/15/2048 12,617
65,000   Nationwide Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039 108,267
260,000   Nationwide Mutual Insurance Co., Sub., 144A, 4.350%, 4/30/2050 261,826
    TOTAL 382,710
    Financial Institution - REIT - Apartment—0.1%  
20,000   Post Apartment Homes LP, Sr. Unsecd. Note, 3.375%, 12/1/2022 20,188
70,000   UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026 68,947
    TOTAL 89,135
    Financial Institution - REIT - Healthcare—0.2%  
50,000   Healthcare Trust of America, 3.700%, 4/15/2023 50,443
185,000   Welltower, Inc., Sr. Unsecd. Note, 2.700%, 2/15/2027 179,507
    TOTAL 229,950
    Financial Institution - REIT - Office—0.1%  
50,000   Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.900%, 6/15/2023 53,191
70,000   Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028 75,040
    TOTAL 128,231
    Financial Institution - REIT - Other—0.1%  
105,000   WP Carey, Inc., Sr. Unsecd. Note, 3.850%, 7/15/2029 102,864
75,000   WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024 78,210
    TOTAL 181,074
    Financial Institution - REIT - Retail—0.0%  
50,000   Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/1/2022 51,010
    Financial Institution - REITs—0.0%  
60,000   Camden Property Trust, Sr. Unsecd. Note, 2.800%, 5/15/2030 62,042
    Sovereign—0.0%  
30,000   Corp Andina De Fomento, Sr. Unsecd. Note, 4.375%, 6/15/2022 31,712
    Technology—0.9%  
10,000   Apple, Inc., 3.850%, 5/4/2043 12,073
30,000   Apple, Inc., Sr. Unsecd. Note, 2.400%, 5/3/2023 31,316
200,000   Apple, Inc., Sr. Unsecd. Note, 2.950%, 9/11/2049 214,475
20,000   Corning, Inc., Unsecd. Note, 4.750%, 3/15/2042 23,402
240,000   Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr. Secd. Note, 144A, 6.020%, 6/15/2026 260,121
125,000   Equifax, Inc., Sr. Unsecd. Note, 2.300%, 6/1/2021 125,549
53,000   Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.500%, 4/15/2023 56,302
110,000   Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029 120,816
70,000   Hewlett Packard Enterprise Co., Sr. Unsecd. Note, 3.600%, 10/15/2020 70,446
20,000   Ingram Micro, Inc., Sr. Unsecd. Note, 5.000%, 8/10/2022 18,737
265,000   Intel Corp., Sr. Unsecd. Note, 3.400%, 3/25/2025 292,068
11
Shares or
Principal
Amount 		    Value
    CORPORATE BONDS—continued  
    Technology—continued  
$15,000   Microsoft Corp., Sr. Unsecd. Note, 3.450%, 8/8/2036 $17,450
10,000   Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 9/12/2022 10,550
50,000   Verisk Analytics, Inc., Sr. Unsecd. Note, 5.500%, 6/15/2045 65,163
    TOTAL 1,318,468
    Technology Services—0.0%  
5,000   Global Payments, Inc., Sr. Unsecd. Note, 3.200%, 8/15/2029 5,159
    Transportation - Airlines—0.1%  
30,000   Delta Air Lines, Inc., Sr. Unsecd. Note, 2.900%, 10/28/2024 23,609
110,000   Southwest Airlines Co., Sr. Unsecd. Note, 5.250%, 5/4/2025 109,692
    TOTAL 133,301
    Transportation - Railroads—0.2%  
50,000   Burlington Northern Santa Fe Corp., Deb., 5.750%, 5/1/2040 69,659
30,000   Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2023 30,815
225,000   Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.125%, 6/1/2026 231,038
    TOTAL 331,512
    Transportation - Services—0.3%  
15,000   Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 5.625%, 3/15/2042 16,565
20,000   FedEx Corp., Sr. Unsecd. Note, 3.900%, 2/1/2035 20,964
25,000   Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 3.650%, 7/29/2021 25,336
70,000   Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.800%, 3/1/2022 69,490
200,000   Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 3.750%, 6/9/2023 207,679
30,000   United Parcel Service, Inc., Sr. Unsecd. Note, 3.125%, 1/15/2021 30,419
125,000   United Parcel Service, Inc., Sr. Unsecd. Note, 3.900%, 4/1/2025 139,536
    TOTAL 509,989
    Utility - Electric—1.4%  
70,000   Consolidated Edison Co., Sr. Unsecd. Note, Series 20B, 3.950%, 4/1/2050 83,626
70,000   Electricite de France SA, Note, 144A, 5.600%, 1/27/2040 89,834
300,000   Electricite de France SA, Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028 344,885
140,000   Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 151,611
280,000   Enel Finance International NV, Sr. Unsecd. Note, 144A, 4.625%, 9/14/2025 306,195
170,000   EverSource Energy, Sr. Unsecd. Note, 3.350%, 3/15/2026 180,695
200,000   Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026 217,535
100,000   Exelon Generation Co. LLC, Sr. Unsecd. Note, 4.250%, 6/15/2022 104,669
10,000   Great Plains Energy, Inc., Note, 4.850%, 6/1/2021 10,264
110,000   National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 112,417
25,000   National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, Series MTNC, 8.000%, 3/1/2032 38,789
250,000   PPL Capital Funding, Inc., Sr. Unsecd. Note, 3.100%, 5/15/2026 262,774
175,000   Southern Co., Sr. Unsecd. Note, 3.250%, 7/1/2026 187,187
40,000   UIL Holdings Corp., Sr. Unsecd. Note, 4.625%, 10/1/2020 40,275
    TOTAL 2,130,756
    Utility - Natural Gas—0.1%  
50,000   Enbridge Energy Partners LP, Sr. Unsecd. Note, 4.200%, 9/15/2021 50,891
65,000   National Fuel Gas Co., Sr. Unsecd. Note, 3.750%, 3/1/2023 64,267
15,000   Sempra Energy, Sr. Unsecd. Note, 2.900%, 2/1/2023 15,537
5,000   TransCanada PipeLines Ltd., Sr. Unsecd. Note, 6.200%, 10/15/2037 6,179
    TOTAL 136,874
    TOTAL CORPORATE BONDS
(IDENTIFIED COST $19,965,157) 		21,216,232
12
Shares or
Principal
Amount 		    Value
    MORTGAGE-BACKED SECURITIES—0.7%  
$55,659   Federal Home Loan Mortgage Corp., Pool G07801, 4.000%, 10/1/2044 $61,261
10,083   Federal National Mortgage Association, Pool 357761, 5.500%, 5/1/2035 11,637
1,471   Federal National Mortgage Association, Pool 728709, 5.500%, 7/1/2033 1,678
43,470   Federal National Mortgage Association, Pool 932864, 4.000%, 12/1/2040 47,841
67,027   Federal National Mortgage Association, Pool AB7859, 3.500%, 2/1/2043 73,266
49,289   Federal National Mortgage Association, Pool AD6938, 4.500%, 6/1/2040 55,310
32,789   Federal National Mortgage Association, Pool AQ0945, 3.000%, 11/1/2042 34,968
38,716   Federal National Mortgage Association, Pool AT2127, 3.000%, 4/1/2043 41,277
27,718   Federal National Mortgage Association, Pool AT7861, 3.000%, 6/1/2028 29,369
70,937   Federal National Mortgage Association, Pool BM4388, 4.000%, 8/1/2048 76,582
29,531   Federal National Mortgage Association, Pool BM5024, 3.000%, 11/1/2048 31,245
53,651   Federal National Mortgage Association, Pool BM5246, 3.500%, 11/1/2048 56,817
41,305   Federal National Mortgage Association, Pool CA0833, 3.500%, 12/1/2047 43,962
38,399   Federal National Mortgage Association, Pool CA4427, 3.000%, 10/1/2049 40,663
33,576   Federal National Mortgage Association, Pool FM0008, 3.500%, 8/1/2049 35,819
61,514   Federal National Mortgage Association, Pool FM1000, 3.000%, 4/1/2047 65,198
32,645   Federal National Mortgage Association, Pool FM1221, 3.500%, 7/1/2049 35,071
37,756   Federal National Mortgage Association, Pool MA0500, 5.000%, 8/1/2040 42,871
44,059   Federal National Mortgage Association, Pool MA0666, 4.500%, 3/1/2041 48,491
47,746   Federal National Mortgage Association, Pool MA1430, 3.000%, 5/1/2043 50,904
55,077   Federal National Mortgage Association, Pool MA2803, 2.500%, 11/1/2031 57,772
29,103   Government National Mortgage Association, Pool MA0625, 3.500%, 12/20/2042 31,664
21,773   Government National Mortgage Association, Pool MA1376, 4.000%, 10/20/2043 23,615
    TOTAL MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $943,351) 		997,281
    U.S. TREASURIES—1.7%  
109,134   U.S. Treasury Inflation-Protected Notes, 0.125%, 4/15/2021 107,543
171,420 6 U.S. Treasury Inflation-Protected Notes, 0.125%, 1/15/2022 169,924
504,070   U.S. Treasury Inflation-Protected Notes, 0.125%, 10/15/2024 515,465
138,728   U.S. Treasury Inflation-Protected Notes, 1.375%, 2/15/2044 186,774
250,000   United States Treasury Note, 0.625%, 3/31/2027 251,672
750,000   United States Treasury Note, 0.375%, 3/31/2022 752,435
25,000   United States Treasury Note, 2.125%, 9/30/2021 25,682
25,000   United States Treasury Note, 2.375%, 5/15/2027 28,194
25,000   United States Treasury Note, 2.500%, 1/31/2021 25,440
20,000   United States Treasury Note, 2.875%, 5/15/2028 23,603
370,000   United States Treasury Bond, 2.000%, 2/15/2050 435,574
50,000   United States Treasury Bond, 4.500%, 2/15/2036 77,128
    TOTAL U.S. TREASURIES
(IDENTIFIED COST $2,542,755) 		2,599,434
    MUNICIPAL BONDS—0.4%  
200,000   New York State Dormitory Authority State Personal Income Tax Revenue (New York State Personal Income Tax Revenue Bond Fund), State Personal Income Tax Revenue Bonds (Series 2019D), 4.000%, 2/15/2037 220,342
30,000   Texas State Transportation Commission—State Highway Fund, 5.178%, 4/1/2030 37,374
250,000   Washington State, Various Purpose GO Bonds (Series 2020C), 5.000%, 2/1/2044 305,728
    TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $603,766) 		563,444
    EXCHANGE-TRADED FUND—6.0%  
158,000   iShares MSCI EAFE ETF
(IDENTIFIED COST $10,764,948) 		8,938,060
13
Shares or
Principal
Amount 		    Value
    GOVERNMENT AGENCY—0.2%  
$250,000   Federal National Mortgage Association Notes, 0.625%, 4/22/2025
(IDENTIFIED COST $249,487) 		$250,195
    INVESTMENT COMPANIES—20.3%  
206,392   Emerging Markets Core Fund 1,871,979
163,667   Federated Bank Loan Core Fund 1,451,723
4,342,128   Federated Government Obligations Fund, Premier Shares, 0.22%7 4,342,128
7,269,211   Federated Institutional Prime Value Obligations Fund, Institutional Shares, 0.66%7 7,272,118
1,067,215   Federated Mortgage Core Portfolio 10,832,233
213,110   Federated Project and Trade Finance Core Fund 1,845,531
507,262   High Yield Bond Portfolio 2,876,178
    TOTAL INVESTMENT COMPANIES
(IDENTIFIED COST $31,251,815) 		30,491,890
    TOTAL INVESTMENT IN SECURITIES—102.9%
(IDENTIFIED COST $149,960,128) 		154,197,367
    OTHER ASSETS AND LIABILITIES - NET—(2.9)%8 (4,325,673)
    TOTAL NET ASSETS—100% $149,871,694
At April 30, 2020, 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 19 $4,188,164
June 2020
$25,465
1United States Treasury Note 10-Year Ultra Long Futures 9 $1,413,281
June 2020
$12,992
1United States Treasury Ultra Bond Long Futures 7 $1,573,469
June 2020
$108,814
1United States Treasury Note 5-Year Short Futures 19 $2,384,203
June 2020
$(3,608)
1United States Treasury Note 10-Year Short Futures 5 $695,313
June 2020
$(11,621)
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS $132,042
The average notional value of long and short futures contracts held by the Fund throughout the period was $12,413,399 and $1,954,069, respectively. This is based on the contracts held as of each month-end throughout the nine-month fiscal period.
Net Unrealized Appreciation 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 April 30, 2020, were as follows:
Affiliates Balance
of
Shares
Held
7/31/2019 		Purchases/
Additions 		Sales/
Reductions
Emerging Markets Core Fund 278,303 233,831 (305,742)
Federated Bank Loan Core Fund 135,857 152,000 (124,190)
Federated Government Obligations Fund, Premier Shares* 145,972 105,406,437 (101,210,281)
Federated Institutional Prime Value Obligations Fund, Institutional Shares 5,815,511 48,553,293 (47,099,593)
Federated Mortgage Core Portfolio 1,314,242 1,321,074 (1,568,101)
Federated Project and Trade Finance Core Fund 362,119 12,096 (161,105)
High Yield Bond Portfolio 691,626 540,361 (724,725)
TOTAL OF AFFILIATED TRANSACTIONS 8,743,630 156,219,092 (151,193,737)
14
Balance
of
Shares
Held
4/30/2020 		Value Change in
Unrealized
Appreciation/
Depreciation 		Net
Realized
Gain/(Loss) 		Dividend
Income
206,392 $1,871,979 $(103,536) $8,304 $92,891
163,667 $1,451,723 $(74,334) $(29,846) $60,083
4,342,128 $4,342,128 N/A N/A $15,418
7,269,211 $7,272,118 $2,457 $2,066 $38,337
1,067,215 $10,832,233 $110,014 $241,708 $298,978
213,110 $1,845,531 $(40,121) $(88,527) $107,866
507,262 $2,876,178 $(184,583) $(7,839) $170,575
13,768,985 $30,491,890 $(290,103) $125,866 $784,148
* All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions.
1 Non-income-producing security.
2 All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers.
As of April 30, 2020, securities subject to this type of arrangement and related collateral were as follows:
Market Value of
Securities Loaned 		Collateral
Received
$4,099,670 $4,342,128
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 Perpetual Bond Security. The maturity date reflects the next call date.
6 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.
7 7-day net yield.
8 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at April 30, 2020.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.
■ 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.
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If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund’s valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation 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.
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.
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The following is a summary of the inputs used, as of April 30, 2020, in valuing the Fund’s assets carried at fair value:
Valuation Inputs        
  Level 1—
Quoted
Prices 		Level 2—
Other
Significant
Observable
Inputs 		Level 3—
Significant
Unobservable
Inputs 		Total
Equity Securities:        
Common Stocks        
 Domestic $82,359,934 $— $— $82,359,934
 International 3,283,795 — — 3,283,795
Debt Securities:        
Asset-Backed Security — 401,696 — 401,696
Collateralized Mortgage Obligations — 8,676 — 8,676
Commercial Mortgage-Backed Securities — 3,086,730 — 3,086,730
Corporate Bonds — 21,216,232 — 21,216,232
Mortgage-Backed Securities — 997,281 — 997,281
U.S. Treasuries — 2,599,434 — 2,599,434
Municipal Bonds — 563,444 — 563,444
Government Agency — 250,195 — 250,195
Exchange-Traded Fund 8,938,060 — — 8,938,060
Investment Companies1 28,646,359 — — 30,491,890
TOTAL SECURITIES $123,228,148 $29,123,688 $— $154,197,367
Other Financial Instruments2        
Assets $147,271 $— $— $147,271
Liabilities (15,229) — — (15,229)
TOTAL OTHER FINANCIAL INSTRUMENTS $132,042 $— $— $132,042
1 As permitted by U.S. generally accepted accounting principles, the Investment Company valued at $1,845,531 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
The following acronyms are used throughout this portfolio:
ETF —Exchange-Traded Fund
FREMF —Freddie Mac Multifamily K-Deals
GMTN —Global Medium Term Note
GO —General Obligation
LIBOR —London Interbank Offered Rate
MTN —Medium Term Note
REIT —Real Estate Investment Trust
REMIC —Real Estate Mortgage Investment Conduit
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