Federated Max-Cap Index Fund
PORTFOLIO AS OF DECEMBER 31, 2018 CURRENT NET ASSETS - $288,623,959 Principal Amount or Shares Value COMMON STOCKS - 96.4%1 Communication Services - 9.7% 97,189 AT&T, Inc. $2,773,774 10,525 Activision Blizzard, Inc. 490,149 3,967 2 Alphabet, Inc., Class A 4,145,356 4,072 2 Alphabet, Inc., Class C 4,217,004 5,072 CBS Corp., Class B 221,748 10,805 CenturyLink, Inc. 163,696 1,860 2 Charter Communications, Inc. 530,044 60,821 Comcast Corp., Class A 2,070,955 4,065 2 DISH Network Corp., Class A 101,503 4,719 2 Discovery, Inc., Class A 116,748 7,586 2 Discovery, Inc., Class C 175,085 30,740 2 Facebook, Inc. 4,029,706 4,348 2 Electronic Arts, Inc. 343,101 3,767 Interpublic Group of Cos., Inc. 77,713 5,661 2 NetFlix, Inc. 1,515,223 6,301 News Corp., Inc., Class A 71,516 2,820 News Corp., Inc., Class B 32,571 3,342 Omnicom Group, Inc. 244,768 166 2 Take-Two Interactive Software, Inc. 17,088 3,842 2 TripAdvisor, Inc. 207,238 13,691 Twenty-First Century Fox, Inc., Class A 658,811 6,154 Twenty-First Century Fox, Inc., Class B 294,038 4,890 2 Twitter, Inc. 140,539 55,058 Verizon Communications, Inc. 3,095,361 4,281 Viacom, Inc., Class B 110,022 19,941 Walt Disney Co. 2,186,531 TOTAL 28,030,288 Consumer Discretionary - 9.5% 1,862 Advance Auto Parts, Inc. 293,191 5,412 2 Amazon.com, Inc. 8,128,662 3,923 Aptiv PLC 241,539 301 2 AutoZone, Inc. 252,340 2,948 Best Buy Co., Inc. 156,126 2,880 Block (H&R), Inc. 73,066 629 2 Booking Holdings, Inc. 1,083,402 3,560 BorgWarner, Inc. 123,674 5,845 Carnival Corp. 288,159 665 2 Chipotle Mexican Grill, Inc. 287,140 624 D. R. Horton, Inc. 21,628 1,365 Darden Restaurants, Inc. 136,309 3,203 Dollar General Corp. 346,180 1,513 2 Dollar Tree, Inc. 136,654 12,946 2 eBay, Inc. 363,394 1,499 Expedia Group, Inc. 168,862 948 Foot Locker, Inc. 50,434 54,975 Ford Motor Co. 420,559
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Principal Amount or Shares Value 1,335 Garmin Ltd. 84,532 17,634 General Motors Co. 589,857 1,790 Genuine Parts Co. 171,876 3,959 Goodyear Tire & Rubber Co. 80,803 7,034 Hanesbrands, Inc. 88,136 2,982 Harley-Davidson, Inc. 101,746 1,570 Hasbro, Inc. 127,563 3,516 Hilton Worldwide Holdings, Inc. 252,449 15,102 Home Depot, Inc. 2,594,826 4,466 Kohl's Corp. 296,274 4,084 L Brands, Inc. 104,836 2,481 Leggett and Platt, Inc. 88,919 520 Lennar Corp., Class A 20,358 10,924 Lowe's Cos., Inc. 1,008,941 7,786 MGM Resorts International 188,888 3,125 Macy's, Inc. 93,063 4,006 Marriott International, Inc., Class A 434,891 7,290 2 Mattel, Inc. 72,827 10,036 McDonald's Corp. 1,782,093 2,171 2 Michael Kors Holdings Ltd. 82,324 5,209 Newell Brands, Inc. 96,835 18,860 Nike, Inc., Class B 1,398,280 4,472 Nordstrom, Inc. 208,440 2,720 2 Norwegian Cruise Line Holdings Ltd. 115,301 977 2 O'Reilly Automotive, Inc. 336,410 1,305 PVH Corp. 121,300 4,478 Pulte Group, Inc. 116,383 445 Ralph Lauren Corp. 46,040 4,857 Ross Stores, Inc. 404,102 858 Royal Caribbean Cruises Ltd. 83,904 18,606 Starbucks Corp. 1,198,226 15,718 TJX Cos., Inc. 703,223 4,172 Tapestry, Inc. 140,805 6,643 Target Corp. 439,036 1,284 Tractor Supply Co. 107,137 1,330 2 Ulta Beauty, Inc. 325,637 6,349 2 Under Armour, Inc., Class A 112,187 6,800 2 Under Armour, Inc., Class C 109,956 3,912 V.F. Corp. 279,082 3,815 Yum! Brands, Inc. 350,675 TOTAL 27,529,480 Consumer Staples - 7.2% 25,388 Altria Group, Inc. 1,253,913 4,093 Archer-Daniels-Midland Co. 167,690 2,833 Church and Dwight, Inc. 186,298 1,537 Clorox Co. 236,913 11,917 Colgate-Palmolive Co. 709,300 7,549 Conagra Brands, Inc. 161,247 2,065 Constellation Brands, Inc., Class A 332,093 5,655 Costco Wholesale Corp. 1,151,980 2,689 Estee Lauder Cos., Inc., Class A 349,839 8,585 General Mills, Inc. 334,300 2,038 Hershey Foods Corp. 218,433 2,966 Hormel Foods Corp. 126,589 3,827 Kellogg Co. 218,177 4,819 Kimberly-Clark Corp. 549,077 5,171 Kraft Heinz Co./The 222,560 10,582 Kroger Co. 291,005 3,801 Lamb Weston Holdings, Inc. 279,602
MXCF-2
Principal Amount or Shares Value 2,594 McCormick & Co., Inc. 361,189 2,610 Molson Coors Brewing Co., Class B 146,578 18,559 Mondelez International, Inc. 742,917 8,046 2 Monster Beverage Corp. 396,024 18,417 PepsiCo, Inc. 2,034,710 22,536 Philip Morris International, Inc. 1,504,503 33,243 Procter & Gamble Co. 3,055,696 1,791 Smucker (J.M.) Co. 167,441 6,109 Sysco Corp. 382,790 50,078 The Coca-Cola Co. 2,371,193 4,415 Tyson Foods, Inc., Class A 235,761 10,291 Walgreens Boots Alliance, Inc. 703,184 18,743 WalMart, Inc. 1,745,910 TOTAL 20,636,912 Energy - 5.2% 6,057 Anadarko Petroleum Corp. 265,539 6,018 Apache Corp. 157,972 214 Baker Hughes a GE Co. LLC 4,601 5,811 Cabot Oil & Gas Corp., Class A 129,876 25,335 Chevron Corp. 2,756,195 1,707 Cimarex Energy Co. 105,237 3,996 2 Concho Resources, Inc. 410,749 17,504 ConocoPhillips 1,091,374 7,407 Devon Energy Corp. 166,954 3,577 Diamondback Energy, Inc. 331,588 7,917 EOG Resources, Inc. 690,442 56,381 Exxon Mobil Corp. 3,844,620 11,825 Halliburton Co. 314,308 966 Helmerich & Payne, Inc. 46,310 6,436 Hess Corp. 260,658 1,568 HollyFrontier Corp. 80,156 23,992 Kinder Morgan, Inc. 368,997 8,981 Marathon Oil Corp. 128,788 8,750 Marathon Petroleum Corp. 516,337 10,406 National Oilwell Varco, Inc. 267,434 4,619 2 Newfield Exploration Co. 67,715 2,929 ONEOK, Inc. 158,020 7,726 Occidental Petroleum Corp. 474,222 5,931 Phillips 66 510,956 2,299 Pioneer Natural Resources, Inc. 302,364 22,091 Schlumberger Ltd. 797,043 5,490 Valero Energy Corp. 411,585 9,740 Williams Cos., Inc. 214,767 TOTAL 14,874,807 Financials - 12.9% 990 Affiliated Managers Group 96,466 9,435 Aflac, Inc. 429,859 4,897 Allstate Corp. 404,639 8,977 American Express Co. 855,688 8,110 American International Group, Inc. 319,615 3,154 Ameriprise Financial, Inc. 329,183 4,124 Aon PLC 599,465 10,000 BB&T Corp. 433,200 120,413 Bank of America Corp. 2,966,976 12,636 Bank of New York Mellon Corp. 594,776 25,581 2 Berkshire Hathaway, Inc. 5,223,128 1,679 BlackRock, Inc. 659,545 1,691 2 Brighthouse Financial, Inc. 51,542 4,583 CME Group, Inc. 862,154
MXCF-3
Principal Amount or Shares Value 6,311 Capital One Financial Corp. 477,048 1,625 Cboe Global Markets, Inc. 158,974 12,438 Charles Schwab Corp. 516,550 6,314 Chubb Ltd. 815,642 1,640 Cincinnati Financial Corp. 126,969 32,815 Citigroup, Inc. 1,708,349 7,136 Citizens Financial Group, Inc. 212,153 1,948 Comerica, Inc. 133,808 6,803 Discover Financial Services 401,241 2,717 E*Trade Group, Inc. 119,222 9,586 Fifth Third Bancorp 225,559 2,164 First Republic Bank 188,052 8,720 Franklin Resources, Inc. 258,635 2,053 Gallagher (Arthur J.) & Co. 151,306 4,737 Goldman Sachs Group, Inc. 791,316 1,523 Hartford Financial Services Group, Inc. 67,697 13,615 Huntington Bancshares, Inc. 162,291 7,159 Intercontinental Exchange, Inc. 539,287 7,120 Invesco Ltd. 119,189 43,868 JPMorgan Chase & Co. 4,282,394 5,331 Jefferies Financial Group, Inc. 92,546 13,678 KeyCorp 202,161 5,511 Lincoln National Corp. 282,769 4,269 Loews Corp. 194,325 2,826 M & T Bank Corp. 404,485 970 MSCI, Inc., Class A 143,007 6,315 Marsh & McLennan Cos., Inc. 503,621 16,528 MetLife, Inc. 678,640 1,202 Moody's Corp. 168,328 17,990 Morgan Stanley 713,303 1,180 NASDAQ, Inc. 96,253 3,156 Northern Trust Corp. 263,810 6,336 PNC Financial Services Group 740,742 4,116 Principal Financial Group, Inc. 181,804 7,252 Progressive Corp., OH 437,513 7,163 Prudential Financial, Inc. 584,143 24,272 Regions Financial Corp. 324,759 2,491 S&P Global, Inc. 423,320 2,753 State Street Corp. 173,632 8,749 SunTrust Banks, Inc. 441,299 14,697 Synchrony Financial 344,792 3,496 T. Rowe Price Group, Inc. 322,751 3,472 The Travelers Cos., Inc. 415,772 1,728 Torchmark Corp. 128,788 20,684 U.S. Bancorp 945,259 3,858 Unum Group 113,348 53,045 Wells Fargo & Co. 2,444,314 1,615 Willis Towers Watson PLC 245,254 1,967 Zions Bancorporation, N.A. 80,136 TOTAL 37,372,792 Health Care - 14.9% 22,823 Abbott Laboratories 1,650,788 20,204 AbbVie, Inc. 1,862,607 1,077 2 Abiomed, Inc. 350,068 3,796 Agilent Technologies, Inc. 256,078 1,598 2 Alexion Pharmaceuticals, Inc. 155,581 270 2 Align Technology, Inc. 56,546 4,362 Allergan PLC 583,025 2,447 AmerisourceBergen Corp. 182,057
MXCF-4
Principal Amount or Shares Value 8,278 Amgen, Inc. 1,611,478 2,877 Anthem, Inc. 755,587 4,360 Baxter International, Inc. 286,975 3,478 Becton Dickinson & Co. 783,663 2,620 2 Biogen, Inc. 788,410 17,475 2 Boston Scientific Corp. 617,566 22,128 Bristol-Myers Squibb Co. 1,150,213 4,274 CIGNA Corp. 811,718 17,451 CVS Health Corp. 1,143,390 4,341 Cardinal Health, Inc. 193,609 9,671 2 Celgene Corp. 619,814 3,899 2 Centene Corp. 449,555 4,896 2 Cerner Corp. 256,746 534 Cooper Cos., Inc. 135,903 7,878 Danaher Corp. 812,379 1,876 2 DaVita HealthCare Partners, Inc. 96,539 3,715 Dentsply Sirona, Inc. 138,235 1,843 2 Edwards Lifesciences Corp. 282,292 13,719 Eli Lilly & Co. 1,587,563 17,450 Gilead Sciences, Inc. 1,091,497 4,691 HCA Healthcare, Inc. 583,795 1,661 2 Henry Schein, Inc. 130,422 7,109 2 Hologic, Inc. 292,180 1,322 Humana, Inc. 378,727 992 2 IDEXX Laboratories, Inc. 184,532 1,847 2 IQVIA Holdings, Inc. 214,566 1,850 2 Illumina, Inc. 554,871 2,630 2 Incyte Genomics, Inc. 167,242 1,451 2 Intuitive Surgical, Inc. 694,913 36,529 Johnson & Johnson 4,714,067 2,424 2 Laboratory Corp. of America Holdings 306,297 3,829 McKesson Corp. 422,990 17,454 Medtronic PLC 1,587,616 34,011 Merck & Co., Inc. 2,598,781 84 2 Mettler-Toledo International, Inc. 47,509 11,821 2 Mylan NV 323,895 6,483 2 Nektar Therapeutics 213,096 75,780 Pfizer, Inc. 3,307,797 2,133 Quest Diagnostics, Inc. 177,615 1,019 2 Regeneron Pharmaceuticals, Inc. 380,597 1,629 ResMed, Inc. 185,494 4,262 Stryker Corp. 668,068 5,199 Thermo Fisher Scientific, Inc. 1,163,484 12,695 UnitedHealth Group, Inc. 3,162,578 890 Universal Health Services, Inc., Class B 103,738 957 2 Varian Medical Systems, Inc. 108,438 3,209 2 Vertex Pharmaceuticals, Inc. 531,763 891 2 Waters Corp. 168,087 539 2 WellCare Health Plans, Inc. 127,253 2,966 Zimmer Biomet Holdings, Inc. 307,634 6,021 Zoetis, Inc. 515,036 TOTAL 43,032,963 Industrials - 8.9% 7,845 3M Co. 1,494,786 1,179 Alaska Air Group, Inc. 71,742 1,232 Allegion PLC 98,203 4,673 American Airlines Group, Inc. 150,050 3,295 Ametek, Inc. 223,072 4,128 Arconic, Inc. 69,598
MXCF-5
Principal Amount or Shares Value 7,421 Boeing Co. 2,393,273 1,934 C.H. Robinson Worldwide, Inc. 162,630 10,163 CSX Corp. 631,427 6,676 Caterpillar, Inc. 848,319 973 Cintas Corp. 163,454 1,889 Cummins, Inc. 252,446 3,307 Deere & Co. 493,305 7,712 Delta Air Lines, Inc. 384,829 3,888 Dover Corp. 275,854 5,968 Eaton Corp. PLC 409,763 8,302 Emerson Electric Co. 496,045 95 Equifax, Inc. 8,847 4,343 Expeditors International Washington, Inc. 295,715 3,313 Fastenal Co. 173,237 3,377 FedEx Corp. 544,811 5,315 Flowserve Corp. 202,076 3,947 Fortive Corp. 267,054 2,593 Fortune Brands Home & Security, Inc. 98,508 3,504 General Dynamics Corp. 550,864 118,688 General Electric Co. 898,468 1,101 Grainger (W.W.), Inc. 310,878 538 Harris Corp. 72,442 10,837 Honeywell International, Inc. 1,431,784 420 Huntington Ingalls Industries, Inc. 79,930 7,613 2 IHS Markit Ltd. 365,196 4,255 Illinois Tool Works, Inc. 539,066 2,948 Ingersoll-Rand PLC, Class A 268,946 1,881 Jacobs Engineering Group, Inc. 109,963 12,295 Johnson Controls International PLC 364,547 1,638 Kansas City Southern Industries, Inc. 156,347 247 L3 Technologies, Inc. 42,894 2,756 Lockheed Martin Corp. 721,631 4,984 Masco Corp. 145,732 5,852 Nielsen Holdings PLC 136,527 3,413 Norfolk Southern Corp. 510,380 2,199 Northrop Grumman Corp. 538,535 5,114 Paccar, Inc. 292,214 1,745 Parker-Hannifin Corp. 260,249 2,307 Pentair PLC 87,158 3,590 Raytheon Co. 550,527 2,496 Republic Services, Inc. 179,937 1,116 Robert Half International, Inc. 63,835 1,411 Rockwell Automation, Inc. 212,327 1,168 Rollins, Inc. 42,165 1,264 Roper Technologies, Inc. 336,881 2,541 Smith (A.O.) Corp. 108,501 541 Snap-On, Inc. 78,602 6,895 Southwest Airlines Co. 320,480 813 Stanley Black & Decker, Inc. 97,349 6,205 Textron, Inc. 285,368 1,063 2 Transdigm Group, Inc. 361,484 9,540 Union Pacific Corp. 1,318,714 4,648 2 United Continental Holdings, Inc. 389,177 7,736 United Parcel Service, Inc. 754,492 1,342 2 United Rentals, Inc. 137,595 11,980 United Technologies Corp. 1,275,630 3,439 2 Verisk Analytics, Inc. 374,989 4,917 Waste Management, Inc. 437,564
MXCF-6
Principal Amount or Shares Value 1,948 Xylem, Inc. 129,971 TOTAL 25,548,383 Information Technology - 19.3% 8,620 Accenture PLC 1,215,506 6,330 2 Adobe, Inc. 1,432,099 19,258 2 Advanced Micro Devices, Inc. 355,503 1,714 2 Akamai Technologies, Inc. 104,691 1,507 Alliance Data Systems Corp. 226,171 4,336 Amphenol Corp., Class A 351,303 4,654 Analog Devices, Inc. 399,453 1,012 2 Ansys, Inc. 144,655 59,626 Apple, Inc. 9,405,405 8,568 Applied Materials, Inc. 280,516 2,677 2 Autodesk, Inc. 344,289 5,578 Automatic Data Processing, Inc. 731,387 4,901 Broadcom, Inc. 1,246,226 2,975 Broadridge Financial Solutions 286,344 4,390 2 Cadence Design Systems, Inc. 190,877 58,804 Cisco Systems, Inc. 2,547,977 3,019 Citrix Systems, Inc. 309,327 8,093 Cognizant Technology Solutions Corp. 513,744 9,657 Corning, Inc. 291,738 4,223 DXC Technology Co. 224,537 1,179 FLIR Systems, Inc. 51,334 629 2 F5 Networks, Inc. 101,917 2,950 Fidelity National Information Services, Inc. 302,522 3,381 2 Fiserv, Inc. 248,470 404 2 FleetCor Technologies, Inc. 75,031 3,873 2 Fortinet, Inc. 272,775 990 2 Gartner, Inc., Class A 126,562 1,830 Global Payments, Inc. 188,728 805 Henry Jack & Associates, Inc. 101,849 19,542 Hewlett Packard Enterprise Co. 258,150 21,827 Hewlett-Packard Co. 446,580 12,259 IBM Corp. 1,393,481 59,995 Intel Corp. 2,815,565 4,144 Intuit, Inc. 815,746 3,557 Juniper Networks, Inc. 95,719 2,279 KLA-Tencor Corp. 203,948 2,011 2 Keysight Technologies, Inc. 124,843 2,265 Lam Research Corp. 308,425 11,865 Mastercard, Inc. 2,238,332 3,103 Maxim Integrated Products, Inc. 157,788 2,980 Microchip Technology, Inc. 214,322 19,187 2 Micron Technology, Inc. 608,804 101,927 Microsoft Corp. 10,352,725 1,925 Motorola, Inc. 221,452 5,697 NetApp, Inc. 339,940 7,951 Nvidia Corp. 1,061,458 34,309 Oracle Corp. 1,549,051 4,647 Paychex, Inc. 302,752 13,921 2 PayPal, Inc. 1,170,617 1,644 2 Qorvo, Inc. 99,840 16,015 Qualcomm, Inc. 911,414 2,181 2 Red Hat, Inc. 383,071 9,901 2 Salesforce.com, Inc. 1,356,140 7,186 Seagate Technology PLC 277,308 2,765 Skyworks Solutions, Inc. 185,310 1,450 Symantec Corp. 27,398
MXCF-7
Principal Amount or Shares Value 338 2 Synopsys, Inc. 28,473 2,625 TE Connectivity Ltd. 198,529 13,005 Texas Instruments, Inc. 1,228,972 2,028 Total System Services, Inc. 164,856 1,220 2 Verisign, Inc. 180,914 24,298 Visa, Inc., Class A 3,205,878 7,558 Western Digital Corp. 279,419 7,439 Western Union Co. 126,909 2,012 Xerox Corp. 39,757 3,018 Xilinx, Inc. 257,043 TOTAL 55,701,865 Materials - 2.7% 2,726 Air Products & Chemicals, Inc. 436,296 1,463 Avery Dennison Corp. 131,421 7,586 Ball Corp. 348,804 6,404 CF Industries Holdings, Inc. 278,638 1,676 Celanese Corp. 150,790 30,418 DowDuPont, Inc. 1,626,755 2,244 Eastman Chemical Co. 164,059 3,174 Ecolab, Inc. 467,689 32,527 Freeport-McMoRan, Inc. 335,353 1,181 International Flavors & Fragrances, Inc. 158,573 6,048 International Paper Co. 244,097 7,109 Linde PLC 1,109,288 4,504 LyondellBasell Investment LLC 374,553 14 Martin Marietta Materials 2,406 9,444 Mosaic Co./The 275,859 6,700 Newmont Mining Corp. 232,155 1,532 Nucor Corp. 79,373 3,454 PPG Industries, Inc. 353,102 1,574 Packaging Corp. of America 131,366 1,278 Sealed Air Corp. 44,526 1,156 Sherwin-Williams Co. 454,840 2,034 Vulcan Materials Co. 200,959 4,068 WestRock Co. 153,608 TOTAL 7,754,510 Real Estate - 2.9% 256 Alexandria Real Estate Equities, Inc. 29,501 5,655 American Tower Corp. 894,565 2,663 Apartment Investment & Management Co., Class A 116,852 1,774 Avalonbay Communities, Inc. 308,765 1,819 Boston Properties, Inc. 204,729 4,034 2 CBRE Group, Inc. 161,521 5,610 Crown Castle International Corp. 609,414 2,593 Digital Realty Trust, Inc. 276,284 681 Equinix, Inc. 240,093 6,881 Equity Residential Properties Trust 454,215 767 Essex Property Trust, Inc. 188,076 3,144 Extra Space Storage, Inc. 284,469 1,202 Federal Realty Investment Trust 141,884 5,363 HCP, Inc. 149,789 10,649 Host Marriott Corp. 177,519 7,427 Kimco Realty Corp. 108,806 1,369 Mid-American Apartment Communities, Inc. 131,013 6,057 ProLogis, Inc. 355,667 2,657 Public Storage, Inc. 537,803 3,476 Realty Income Corp. 219,127 2,716 Regency Centers Corp. 159,375 2,336 2 SBA Communications, Corp. 378,175
MXCF-8
Principal Amount or Shares Value 1,467 SL Green Realty Corp. 116,010 4,904 Simon Property Group, Inc. 823,823 6,974 UDR, Inc. 276,310 5,063 Ventas, Inc. 296,641 2,721 Vornado Realty Trust L.P. 168,784 4,582 Welltower, Inc. 318,037 11,138 Weyerhaeuser Co. 243,477 TOTAL 8,370,724 Utilities - 3.2% 18,074 AES Corp. 261,350 2,822 Ameren Corp. 184,079 4,756 American Electric Power Co., Inc. 355,463 2,274 American Water Works Co., Inc. 206,411 3,211 CMS Energy Corp. 159,426 7,591 CenterPoint Energy, Inc. 214,294 2,423 Consolidated Edison Co. 185,263 2,644 DTE Energy Co. 291,633 7,207 Dominion Energy, Inc. 515,012 9,737 Duke Energy Corp. 840,303 1,958 Edison International 111,156 828 Entergy Corp. 71,266 5,844 Evergy, Inc. 331,764 4,598 EverSource Energy 299,054 15,775 Exelon Corp. 711,452 5,693 FirstEnergy Corp. 213,772 7,415 NRG Energy, Inc. 293,634 6,224 NextEra Energy, Inc. 1,081,856 6,573 2 P G & E Corp. 156,109 10,477 PPL Corp. 296,813 1,788 Pinnacle West Capital Corp. 152,338 7,203 Public Service Enterprises Group, Inc. 374,916 4,645 SCANA Corp. 221,938 3,793 Sempra Energy 410,365 14,212 Southern Co. 624,191 4,553 WEC Energy Group, Inc. 315,341 7,330 Xcel Energy, Inc. 361,149 TOTAL 9,240,348 TOTAL COMMON STOCKS 278,093,072 INVESTMENT COMPANY - 3.6% 10,393,743 Federated Institutional Prime Value Obligations Fund, Institutional Shares, 2.54%3 10,393,743 TOTAL INVESTMENT IN SECURITIES $288,486,815
At December 31, 2018, the Fund had the following outstanding futures contracts: Value and Unrealized Number of Appreciation Description Contracts Notional Value Expiration Date (Depreciation) 2S&P 500 E-Mini Index Long Futures 13 $1,628,380 March 2019 $43,437 2S&P 500 Index Long Futures 15 $9,394,500 March 2019 $(308,049) NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS $(264,612)
1 The Fund purchases index futures contracts to efficiently manage cash flows resulting from shareholder purchases and redemptions, dividend and capital gain payments to shareholders and corporate actions while maintaining exposure to the S&P 500 Index and minimizing trading costs. The underlying face amount, at value, of open index futures contracts is $11,022,880 at December 31, 2018, which represents 3.8% of total net assets. Taking into consideration these open index futures contracts, the Fund's effective total exposure to the S&P 500 Index is 100.2%. 2 Non-income-producing security.
MXCF-9
3 7-day net yield.
Note: The categories of investments are shown as a percentage of net assets $288,623,959 at the close of business on December 31, 2018, and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement purposes.
Portfolio holdings are shown as of the date indicated and are unaudited. Since market conditions fluctuate suddenly and frequently, the portfolio holdings may change and this list is not indicative of future portfolio composition. These portfolio holdings are not intended to be and do not constitute recommendations that others buy, sell, or hold any of the securities listed. For more complete information on the fund, visit www.FederatedInvestors.com for a prospectus or a summary prospectus. You should consider the fund's investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the fund's prospectus or summary prospectus, which you should read carefully before investing.
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Federated Securities Corp., Distributor (32205) 12/31/2018
MXCF-10