Federated Mid-Cap Index Fund
PORTFOLIO AS OF SEPTEMBER 28, 2018 CURRENT NET ASSETS - $724,344,335 Principal Amount or Shares Value COMMON STOCKS - 96.0%1 Consumer Discretionary - 13.1% 22,853 2 AMC Networks, Inc. $1,516,068 27,802 Aaron's, Inc. 1,514,097 34,853 Adient PLC 1,370,071 30,688 2 Adtalem Global Education, Inc. 1,479,162 61,526 American Eagle Outfitters, Inc. 1,527,691 23,597 2 AutoNation, Inc. 980,455 35,215 Bed Bath & Beyond, Inc. 528,225 6,933 Big Lots, Inc. 289,730 41,162 Boyd Gaming Corporation 1,393,334 17,069 Brinker International, Inc. 797,634 32,153 Brunswick Corp. 2,154,894 1,979 Cable One, Inc. 1,748,664 17,988 Carter's, Inc. 1,773,617 17,441 Cheesecake Factory, Inc. 933,791 4,315 Churchill Downs, Inc. 1,198,276 42,528 Cinemark Holdings, Inc. 1,709,626 6,761 Cracker Barrel Old Country Store, Inc. 994,746 58,724 Dana, Inc. 1,096,377 14,642 2 Deckers Outdoor Corp. 1,736,248 35,202 Delphi Technologies PLC 1,103,935 30,757 Dick's Sporting Goods, Inc. 1,091,258 8,278 Dillards, Inc., Class A 631,943 15,777 Domino's Pizza, Inc. 4,651,060 27,311 Dunkin' Brands Group, Inc. 2,013,367 23,409 2 Eldorado Resorts, Inc. 1,137,677 20,771 2 Five Below, Inc. 2,701,476 99,818 Gentex Corp. 2,142,094 1,797 Graham Holdings, Co. 1,041,002 9,545 2 Helen of Troy Ltd. 1,249,441 10,924 International Speedway Corp., Class A 478,471 6,248 Jack in the Box, Inc. 523,770 46,742 KB HOME 1,117,601 51,462 2 Live Nation Entertainment, Inc. 2,803,135 16,273 Marriott Vacations Worldwide Corp. 1,818,508 8,655 Meredith Corp. 441,838 41,670 2 Michaels Cos, Inc./The 676,304 11,225 2 Murphy USA, Inc. 959,289 1,320 2 NVR, Inc. 3,261,456 38,823 New York Times Co., Class A 898,752 18,919 2 Ollie's Bargain Outlet Holdings, Inc. 1,818,116 1,049 Papa Johns International, Inc. 53,793 22,030 Polaris Industries, Inc. 2,223,928 15,037 Pool Corp. 2,509,375 49,814 2 Sally Beauty Holdings, Inc. 916,079 23,569 2 Scientific Games Corp. 598,653 67,415 Service Corp. International 2,979,743 25,116 Signet Jewelers Ltd. 1,655,898
Principal Amount or Shares Value 27,131 Six Flags Entertainment Corp. 1,894,286 54,355 2 Skechers USA, Inc., Class A 1,518,135 21,093 2 Sothebys Holdings, Inc., Class A 1,037,565 63,453 2 TRI Pointe Group, Inc. 786,817 88,223 Tegna, Inc. 1,055,147 11,010 2 Tempur Sealy International, Inc. 582,429 24,450 Texas Roadhouse, Inc. 1,694,140 75,684 The Wendy's Co. 1,297,224 19,925 Thor Industries, Inc. 1,667,723 53,851 Toll Brothers, Inc. 1,778,699 8,956 Tupperware Brands Corp. 299,578 37,567 2 Urban Outfitters, Inc. 1,536,490 11,299 2 Visteon Corp. 1,049,677 19,762 2 Weight Watchers International, Inc. 1,422,666 17,932 Wiley (John) & Sons, Inc., Class A 1,086,679 29,770 Williams-Sonoma, Inc. 1,956,484 20,533 World Wrestling Entertainment, Inc. 1,986,157 39,650 Wyndham Destinations, Inc. 1,719,224 37,009 Wyndham Hotels & Resorts, Inc. 2,056,590 TOTAL 94,666,378 Consumer Staples - 3.2% 14,555 Casey's General Stores, Inc. 1,879,196 22,142 2 Edgewell Personal Care Co. 1,023,625 21,741 Energizer Holdings, Inc. 1,275,110 70,495 Flowers Foods, Inc. 1,315,437 36,866 2 Hain Celestial Group, Inc. 999,806 27,855 Ingredion, Inc. 2,923,661 54,973 Lamb Weston Holdings, Inc. 3,661,202 7,011 Lancaster Colony Corp. 1,046,111 20,627 Nu Skin Enterprises, Inc. 1,700,077 29,042 2 Post Holdings, Inc. 2,847,278 4,205 Sanderson Farms, Inc. 434,671 47,025 2 Sprouts Farmers Market, Inc. 1,288,955 4,499 2 The Boston Beer Co., Inc., Class A 1,293,462 22,850 2 TreeHouse Foods, Inc. 1,093,372 21,393 2 United Natural Foods, Inc. 640,720 TOTAL 23,422,683 Energy - 5.1% 28,033 2 Apergy Corp. 1,221,118 86,334 2 CNX Resources Corp. 1,235,440 56,775 2 Callon Petroleum Corp. 680,732 365,120 2 Chesapeake Energy Corp. 1,639,389 16,283 Core Laboratories NV 1,886,060 20,894 2 Diamond Offshore Drilling, Inc. 417,880 12,944 2 Dril-Quip, Inc. 676,324 35,734 2 Energen Corp. 3,079,199 121,537 Ensco PLC 1,025,772 66,367 2 Gulfport Energy Corp. 690,881 38,591 2 Matador Resources Co. 1,275,433 72,762 2 McDermott International, Inc. 1,341,004 73,336 Murphy Oil Corp. 2,445,022 135,770 Nabors Industries Ltd. 836,343 96,712 2 Oasis Petroleum, Inc. 1,371,376 38,170 2 Oceaneering International, Inc. 1,053,492 53,302 PBF Energy, Inc. 2,660,303 88,146 Patterson-UTI Energy, Inc. 1,508,178 58,492 2 QEP Resources, Inc. 662,129
MDCF-2
Principal Amount or Shares Value 59,471 Range Resources Corp. 1,010,412 52,593 2 Rowan Companies PLC 990,326 37,365 SM Energy Co. 1,178,118 236,882 2 Southwestern Energy Co. 1,210,467 22,480 2 Superior Energy Services, Inc. 218,955 192,293 2 Transocean Ltd. 2,682,487 147,277 2 WPX Energy, Inc. 2,963,213 28,531 World Fuel Services Corp. 789,738 TOTAL 36,749,791 Financials - 15.3% 5,607 Alleghany Corp. 3,658,736 26,320 American Finl Group, Inc., Ohio 2,920,730 14,367 Aspen Insurance Holdings Ltd. 600,541 67,243 Associated Banc Corp. 1,748,318 33,036 BancorpSouth Bank 1,080,277 15,992 Bank of Hawaii Corp. 1,261,929 48,012 Bank OZK 1,822,536 35,936 Berkley, W. R. Corp. 2,872,364 86,395 Brown & Brown 2,554,700 79,076 CNO Financial Group, Inc. 1,677,993 29,649 Cathay Bancorp, Inc. 1,228,655 21,116 Chemical Financial Corp. 1,127,594 35,298 Commerce Bancshares, Inc. 2,330,374 27,654 Cullen Frost Bankers, Inc. 2,888,184 54,743 East West Bancorp, Inc. 3,304,835 51,716 Eaton Vance Corp. 2,718,193 12,240 Evercore, Inc. 1,230,732 129,397 FNB Corp. 1,645,930 14,379 FactSet Research Systems 3,216,726 39,280 Federated Investors, Inc. 947,434 49,418 First American Financial Corp. 2,549,475 105,071 First Horizon National Corp. 1,813,525 87,231 Fulton Financial Corp. 1,452,396 205,962 2 Genworth Financial, Inc., Class A 858,862 39,693 Hancock Whitney Corp. 1,887,402 15,676 Hanover Insurance Group, Inc. 1,933,948 76,509 Home Bancshares, Inc. 1,675,547 27,536 Interactive Brokers Group, Inc., Class A 1,523,016 19,532 International Bancshares Corp. 878,940 66,931 Janus Henderson Group PLC 1,804,460 22,418 Kemper Corp. 1,803,528 34,890 Legg Mason, Inc. 1,089,615 1,318 2 LendingTree.com, Inc. 303,272 24,979 MB Financial, Inc. 1,151,782 12,457 Marketaxess Holdings, Inc. 2,223,450 11,783 Mercury General Corp. 591,035 114,551 Navient Corp. 1,544,147 155,585 New York Community Bancorp, Inc. 1,613,416 111,885 Old Republic International Corp. 2,503,986 53,786 PacWest Bancorp 2,562,903 29,107 Pinnacle Financial Partners, Inc. 1,750,786 15,913 Primerica, Inc. 1,918,312 25,565 Prosperity Bancshares, Inc. 1,772,933 24,843 Reinsurance Group of America, Inc. 3,591,304 12,807 RenaissanceRe Holdings Ltd. 1,710,759 49,294 SEI Investments Co. 3,011,863 165,917 2 SLM Holding Corp. 1,849,975
MDCF-3
Principal Amount or Shares Value 21,772 Signature Bank 2,500,296 71,010 Sterling Bancorp 1,562,220 28,516 Stifel Financial Corp. 1,461,730 43,786 Synovus Financial Corp. 2,004,961 78,071 TCF Financial Corp. 1,858,870 19,081 2 Texas Capital Bancshares, Inc. 1,577,045 27,884 Trustmark Corp. 938,297 18,208 UMB Financial Corp. 1,290,947 87,462 Umpqua Holdings Corp. 1,819,210 41,571 United Bankshares, Inc. 1,511,106 132,717 Valley National Bancorp 1,493,066 34,078 Washington Federal, Inc. 1,090,496 34,163 Webster Financial Corp. Waterbury 2,014,250 21,218 Wintrust Financial Corp. 1,802,257 TOTAL 111,132,169 Health Care - 9.7% 23,999 2 Acadia Healthcare Co., Inc. 844,765 9,360 2 Akorn, Inc. 121,493 71,730 2 Allscripts Healthcare Solutions, Inc. 1,022,152 13,024 2 Avanos Medical, Inc. 892,144 7,433 2 Bio Rad Laboratories, Inc., Class A 2,326,455 16,211 Bio-Techne Corp. 3,308,827 14,266 Cantel Medical Corp. 1,313,328 53,806 2 Catalent, Inc. 2,450,863 17,836 2 Charles River Laboratories International, Inc. 2,399,655 5,932 Chemed Corp. 1,895,749 42,396 Encompass Health Corp. 3,304,768 117,458 2 Exelixis, Inc. 2,081,356 26,712 2 Globus Medical, Inc. 1,516,173 22,955 2 Haemonetics Corp. 2,630,184 24,518 2 HealthEquity, Inc. 2,314,744 24,714 Hill-Rom Holdings, Inc. 2,333,002 6,079 2 ICU Medical, Inc. 1,718,837 6,700 2 Inogen, Inc. 1,635,604 25,932 2 Integra Lifesciences Corp. 1,708,141 15,889 2 LifePoint Health, Inc. 1,023,252 18,014 2 Livanova PLC 2,233,196 37,254 2 MEDNAX Inc. 1,738,272 34,213 2 Mallinckrodt PLC 1,002,783 17,791 2 Masimo Corp. 2,215,691 18,145 2 Medidata Solutions, Inc. 1,330,210 26,013 2 Molina Healthcare, Inc. 3,868,133 20,695 2 NuVasive, Inc. 1,468,931 25,421 2 PRA Health Sciences, Inc. 2,801,140 17,734 Patterson Companies, Inc. 433,596 10,521 2 Prestige Consumer Healthcare, Inc. 398,641 31,743 Steris PLC 3,631,399 24,009 2 Syneos Health, Inc. 1,237,664 17,628 Teleflex, Inc. 4,690,634 29,271 2 Tenet Healthcare Corp. 833,053 17,240 2 United Therapeutics Corp. 2,204,651 27,559 West Pharmaceutical Services, Inc. 3,402,710 TOTAL 70,332,196 Industrials - 13.9% 63,667 2 AECOM 2,079,364 26,589 AGCO Corp. 1,616,345 15,816 Acuity Brands, Inc. Holding Company 2,486,275
MDCF-4
Principal Amount or Shares Value 27,512 2 Avis Budget Group, Inc. 884,236 19,767 Brinks Co. (The) 1,378,748 22,295 Carlisle Cos., Inc. 2,715,531 18,522 2 Clean Harbors, Inc. 1,325,805 18,665 Crane Co. 1,835,703 19,392 Curtiss-Wright Corp. 2,664,849 19,480 Deluxe Corp. 1,109,191 48,154 Donaldson Co., Inc. 2,805,452 16,668 Dun & Bradstreet Corp. 2,375,357 12,784 2 Dycom Industries, Inc. 1,081,526 21,322 Emcor Group, Inc. 1,601,495 15,287 EnerSys, Inc. 1,331,956 10,919 2 Esterline Technologies Corp. 993,083 10,315 GATX Corp. 893,176 23,005 2 Genesee & Wyoming, Inc., Class A 2,093,225 71,399 Graco, Inc. 3,308,630 9,891 Granite Construction, Inc. 452,019 16,828 HNI Corp. 744,471 20,187 Healthcare Services Group, Inc. 819,996 21,207 Hubbell, Inc. 2,832,619 31,594 IDEX Corp. 4,759,952 32,369 ITT, Inc. 1,982,925 123,271 2 Jet Blue Airways Corp. 2,386,527 36,771 KBR, Inc. 776,971 23,405 Kennametal, Inc. 1,019,522 19,761 2 Kirby Corp. 1,625,342 39,342 Knight-Swift Transportation Holdings, Inc. 1,356,512 15,156 Landstar System, Inc. 1,849,032 13,545 Lennox International, Inc. 2,958,228 24,217 Lincoln Electric Holdings 2,262,836 16,665 MSA Safety, Inc. 1,773,823 21,624 MSC Industrial Direct Co. 1,905,291 25,661 Manpower Group, Inc. 2,205,820 24,030 Miller Herman, Inc. 922,752 20,539 2 NOW, Inc. 339,920 22,454 Nordson Corp. 3,118,861 59,940 nVent Electric PLC 1,627,970 27,333 Old Dominion Freight Lines, Inc. 4,407,720 28,900 OshKosh Truck Corp. 2,058,836 25,047 Pitney Bowes, Inc. 177,333 17,449 Regal Beloit Corp. 1,438,670 15,609 Ryder Systems, Inc. 1,140,550 15,176 2 Teledyne Technologies, Inc. 3,743,616 26,481 Terex Corp. 1,056,857 27,926 Timken Co. 1,392,111 39,131 Toro Co. 2,346,686 47,055 Trinity Industries, Inc. 1,724,095 8,513 Valmont Industries, Inc. 1,179,050 32,162 Wabtec Corp. 3,373,150 11,874 Watsco, Inc. 2,114,759 16,355 Werner Enterprises, Inc. 578,149 20,388 Woodward, Inc. 1,648,574 TOTAL 100,681,492 Information Technology - 16.0% 41,832 2 ACI Worldwide, Inc. 1,177,152 28,248 2 Acxiom Holdings, Inc. 1,395,734 67,531 2 Arris International PLC 1,755,131
MDCF-5
Principal Amount or Shares Value 28,937 2 Arrow Electronics, Inc. 2,133,236 42,798 Avnet, Inc. 1,916,066 10,650 Belden, Inc. 760,517 17,903 Blackbaud, Inc. 1,816,796 50,659 CDK Global, Inc. 3,169,227 27,297 2 Cars.com, Inc. W/I 753,670 43,208 2 Ciena Corp. 1,349,818 25,104 2 Cirrus Logic, Inc. 969,014 66,939 Cognex Corp. 3,736,535 9,679 2 Coherent, Inc. 1,666,627 14,853 2 Commvault Systems, Inc. 1,039,710 20,750 Convergys Corp. 492,605 37,934 2 CoreLogic, Inc. 1,874,319 37,249 2 Cree, Inc. 1,410,620 133,989 Cypress Semiconductor Corp. 1,941,501 12,688 2 Fair Isaac & Co., Inc. 2,899,842 35,885 2 First Solar, Inc. 1,737,552 59,132 2 Fortinet, Inc. 5,456,110 29,098 Henry Jack & Associates, Inc. 4,658,008 56,981 2 Integrated Device Technology, Inc. 2,678,677 17,691 InterDigital, Inc. 1,415,280 18,757 j2 Global, Inc. 1,554,017 61,033 Jabil, Inc. 1,652,774 70,645 2 Keysight Technologies, Inc. 4,682,351 57,071 Leidos Holdings, Inc. 3,947,030 11,272 Littelfuse, Inc. 2,230,616 15,821 LogMeIn, Inc. 1,409,651 24,117 2 Lumentum Holdings, Inc. 1,445,814 21,812 MKS Instruments, Inc. 1,748,232 23,954 2 Manhattan Associates, Inc. 1,307,888 25,509 Maximus, Inc. 1,659,616 14,374 Monolithic Power Systems 1,804,368 47,531 2 NCR Corp. 1,350,356 41,561 National Instruments Corp. 2,008,643 30,471 2 NetScout Systems, Inc. 769,393 39,902 2 PTC, Inc. 4,237,193 57,277 Perspecta, Inc. 1,473,164 18,501 Plantronics, Inc. 1,115,610 94,478 Sabre Corp. 2,463,986 11,700 Science Applications International Corp. 943,020 15,855 2 Silicon Laboratories, Inc. 1,455,489 6,079 2 Synaptics, Inc. 277,324 12,274 Synnex Corp. 1,039,608 15,616 2 Tech Data Corp. 1,117,637 36,620 2 Teradata Corporation 1,380,940 69,487 Teradyne, Inc. 2,569,629 13,061 2 The Ultimate Sortware Group, Inc. 4,208,124 94,051 2 Trimble, Inc. 4,087,456 14,502 2 Tyler Technologies, Inc. 3,553,860 32,116 Versum Materials, Inc. 1,156,497 15,901 2 ViaSat, Inc. 1,016,869 47,310 Vishay Intertechnology, Inc. 962,759 16,134 2 WEX, Inc. 3,239,062 22,565 2 Zebra Technologies Co., Class A 3,990,169 TOTAL 116,062,892 Materials - 6.5% 35,745 2 Allegheny Technologies, Inc. 1,056,265
MDCF-6
Principal Amount or Shares Value 23,161 Aptargroup, Inc. 2,495,366 27,983 Ashland Global Holdings, Inc. 2,346,654 33,375 Bemis Co., Inc. 1,622,025 22,482 Cabot Corp. 1,410,071 16,902 Carpenter Technology Corp. 996,373 69,378 Chemours Co./The 2,736,268 43,586 Commercial Metals Corp. 894,385 7,900 Compass Minerals International, Inc. 530,880 30,628 Domtar Corp. 1,597,863 18,693 Eagle Materials, Inc. 1,593,391 3,939 Greif, Inc., Class A 211,367 66,929 Louisiana-Pacific Corp. 1,772,949 14,518 Minerals Technologies, Inc. 981,417 3,593 Newmarket Corp. 1,456,997 66,445 Olin Corp. 1,706,308 64,511 2 Owens-Illinois, Inc. 1,212,162 31,627 Polyone Corp. 1,382,732 50,028 RPM International, Inc. 3,248,818 28,492 Reliance Steel & Aluminum Co. 2,430,083 29,567 Royal Gold, Inc. 2,278,433 10,692 Scotts Co. 841,781 11,615 Sensient Technologies Corp. 888,664 32,082 Silgan Holdings, Inc. 891,880 36,887 Sonoco Products Co. 2,047,228 97,457 Steel Dynamics, Inc. 4,404,082 69,900 United States Steel Corp. 2,130,552 56,804 Valvoline, Inc. 1,221,854 16,982 Worthington Industries, Inc. 736,340 TOTAL 47,123,188 Real Estate - 8.5% 10,647 Alexander & Baldwin, Inc. 241,580 54,123 American Campus Communities, Inc. 2,227,703 34,766 Camden Property Trust 3,253,055 48,109 CoreCivic, Inc. 1,170,492 14,623 Coresite Realty Corp., REIT 1,625,200 41,860 Corporate Office Properties Trust 1,248,684 155,189 Cousins Properties, Inc. 1,379,630 43,134 Cyrusone, Inc. 2,734,696 59,946 Douglas Emmett, Inc. 2,261,163 29,478 EPR Properties 2,016,590 46,267 First Industrial Realty Trust 1,452,784 49,379 Geo Group, Inc. 1,242,376 50,304 Healthcare Realty Trust, Inc. 1,471,895 46,933 Highwoods Properties, Inc. 2,218,054 65,348 Hospitality Properties Trust 1,884,636 39,567 JBG Smith Properties 1,457,253 16,945 Jones Lang LaSalle, Inc. 2,445,502 43,479 Kilroy Realty Corp. 3,117,010 31,744 Lamar Advertising Co., Class A 2,469,683 40,207 LaSalle Hotel Properties 1,390,760 54,944 Liberty Property Trust 2,321,384 17,101 Life Storeage, Inc. 1,627,331 38,018 Mack-Cali Realty Corp. 808,263 144,428 Medical Properties Trust, Inc. 2,153,422 58,498 National Retail Properties, Inc. 2,621,880 65,934 Omega Healthcare Investors 2,160,657 22,507 PotlatchDeltic Corp. REIT 921,662
MDCF-7
Principal Amount or Shares Value 59,793 Rayonier, Inc. 2,021,601 30,364 Realogy Hldgs. Corp. 626,713 53,170 Sabra Health Care REIT, Inc. 1,229,290 71,465 Senior Housing Properties Trust 1,254,925 39,022 Tanger Factory Outlet Centers, Inc. 892,823 29,120 Taubman Centers, Inc. 1,742,250 84,176 Uniti Group, Inc. 1,696,146 46,816 Urban Edge Properties 1,033,697 33,731 Weingarten Realty Investors 1,003,835 TOTAL 61,424,625 Telecommunication Services - 0.2% 37,541 Telephone and Data System, Inc. 1,142,373 Utilities - 4.5% 18,731 Allete 1,405,012 58,600 Aqua America, Inc. 2,162,340 41,804 Atmos Energy Corp. 3,925,814 21,709 Black Hills Corp. 1,261,076 31,710 Hawaiian Electric Industries, Inc. 1,128,559 18,572 Idacorp, Inc. 1,842,899 77,691 MDU Resources Group, Inc. 1,995,882 34,145 National Fuel Gas Co. 1,914,169 35,311 New Jersey Resources Corp. 1,627,837 20,449 Northwestern Corp. 1,199,538 78,367 OGE Energy Corp. 2,846,289 20,099 ONE Gas, Inc. 1,653,746 32,272 PNM Resources, Inc. 1,273,130 19,688 Southwest Gas Holdings, Inc. 1,555,943 73,038 UGI Corp. 4,052,148 36,732 Vectren Corp. 2,625,971 TOTAL 32,470,353 TOTAL COMMON STOCKS 695,208,140 INVESTMENT COMPANY - 3.7% 26,818,177 Federated Institutional Prime Value Obligations Fund, Institutional Shares, 2.15%3 26,823,540 TOTAL INVESTMENT IN SECURITIES $722,031,680
At September 28, 2018, the Fund had the following outstanding futures contracts: Value and Number of Unrealized Description Contracts Notional Value Expiration Date Depreciation 2S&P MidCap 400 E-Mini Index Long Futures 144 $29,162,880 December 2018 $(267,261)
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 MidCap 400 Index and minimizing trading costs. The underlying face amount, at value, of open index futures contracts is $29,162,880 at September 28, 2018, which represents 4.0% of total net assets. Taking into consideration these open index futures contracts, the Fund's effective total exposure to the S&P MidCap 400 Index is 100.0%. 2 Non-income-producing security. 3 7-day net yield.
Note: The categories of investments are shown as a percentage of net assets $724,344,335 at the close of business on September 28, 2018, and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement purposes. The following acronym is used throughout this portfolio:
MDCF-8
REIT --Real Estate Investment Trust
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 (32209) 9/28/2018
MDCF-9