United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-6061
(Investment Company Act File Number)
Federated Index Trust
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 10/31/16
Date of Reporting Period: Six months ended 04/30/16
Item 1. Reports to Stockholders
Share Class | Ticker |
Institutional | FMCRX |
Service | FMDCX |
Sector | Percentage of Total Net Assets |
Financials | 24.5% |
Industrials | 15.0% |
Information Technology | 14.8% |
Consumer Discretionary | 11.7% |
Health Care | 8.2% |
Materials | 7.2% |
Utilities | 5.5% |
Consumer Staples | 4.0% |
Energy | 3.6% |
Telecommunication Services | 0.2% |
Securities Lending Collateral2 | 3.8% |
Cash Equivalents3 | 5.1% |
Derivative Contracts4 | 0.2% |
Other Assets and Liabilities—Net5 | (3.8)% |
TOTAL6 | 100.0% |
1 | Except for Securities Lending Collateral, Cash Equivalents, Derivative Contracts and Other Assets and Liabilities, sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS), except that the Manager assigns a classification to securities not classified by the GICS and to securities for which the Manager does not have access to the classification made by the GICS. |
2 | Cash collateral received from lending portfolio securities which is invested in short-term investments such as repurchase agreements or money market mutual funds. |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements (other than those representing Securities Lending Collateral). |
4 | Based upon net unrealized appreciation (depreciation) or value of the derivative contracts as, applicable. Derivative contracts may consist of futures, forwards, options and swaps. The impact of a derivative contract on the Fund's performance may be larger than its unrealized appreciation (depreciation) may indicate. In many cases, the notional value or amount of a derivative contract may provide a better indication of the contract's significance to the portfolio. More complete information regarding the Fund's direct investments in derivative contracts, including unrealized appreciation (depreciation) and notional values or amounts of such contracts, can be found in the table at the end of the Portfolio of Investments included in this Report. |
5 | Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities. |
6 | 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 Standard & Poor's MidCap 400 Index (S&P 400) and minimizing trading costs. Taking into consideration these open index futures contracts, the Fund's effective total exposure to the S&P 400 is effectively 100.2%. |
Shares | Value | ||
COMMON STOCKS—94.7%1 | |||
Consumer Discretionary—11.7% | |||
32,500 | 2 | AMC Networks, Inc. | $2,119,975 |
35,665 | Aaron's, Inc. | 934,780 | |
36,236 | 3 | Abercrombie & Fitch Co., Class A | 968,588 |
88,858 | American Eagle Outfitters, Inc. | 1,271,558 | |
96,618 | 2 | Ascena Retail Group, Inc. | 851,205 |
35,931 | Big Lots, Inc. | 1,647,796 | |
39,659 | Brinker International, Inc. | 1,837,005 | |
49,284 | Brunswick Corp. | 2,367,110 | |
10,058 | 2 | Buffalo Wild Wings, Inc. | 1,344,352 |
39,151 | CST Brands, Inc. | 1,478,733 | |
17,765 | 2 | Cabela's, Inc. Class A | 926,445 |
1,482 | Cable One, Inc. | 680,179 | |
29,321 | CalAtlantic Group, Inc. | 949,121 | |
27,427 | Carter's, Inc. | 2,925,638 | |
23,107 | Cheesecake Factory, Inc. | 1,178,688 | |
104,347 | Chicos Fas, Inc. | 1,315,816 | |
59,741 | Cinemark Holdings, Inc. | 2,070,026 | |
10,416 | 3 | Cracker Barrel Old Country Store, Inc. | 1,525,007 |
86,150 | Dana Holding Corp. | 1,113,919 | |
17,152 | 2 | Deckers Outdoor Corp. | 991,557 |
33,100 | DeVry Education Group, Inc. | 574,285 | |
50,302 | Dick's Sporting Goods, Inc. | 2,330,995 | |
30,197 | Domino's Pizza, Inc. | 3,650,213 | |
37,609 | 2 | Dreamworks Animation SKG, Inc. | 1,501,351 |
50,216 | Dunkin' Brands Group, Inc. | 2,335,044 | |
31,368 | 2 | Fossil Group, Inc. | 1,270,404 |
56,921 | 3 | GameStop Corp. | 1,867,009 |
159,251 | Gentex Corp. | 2,554,386 | |
2,385 | Graham Holdings, Co. | 1,136,548 | |
56,578 | Guess ?, Inc. | 1,038,206 | |
9,901 | HSN, Inc. | 525,050 | |
12,403 | International Speedway Corp., Class A | 415,376 | |
19,684 | Jack in the Box, Inc. | 1,329,654 | |
51,027 | KB HOME | 692,436 | |
85,892 | 2 | Kate Spade & Co. | 2,210,001 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Consumer Discretionary—continued | |||
165,749 | 2 | LKQ Corp. | $5,312,255 |
79,607 | 2 | Live Nation Entertainment, Inc. | 1,709,958 |
5,028 | M.D.C. Holdings, Inc. | 123,739 | |
21,154 | Meredith Corp. | 1,085,412 | |
20,113 | 2 | Murphy USA, Inc. | 1,154,888 |
2,035 | 2 | NVR, Inc. | 3,380,725 |
64,446 | New York Times Co., Class A | 826,198 | |
214,854 | 2 | Office Depot, Inc. | 1,263,341 |
12,151 | 2 | Panera Bread Co. | 2,606,268 |
165,631 | 2 | Penney (J.C.) Co., Inc. | 1,537,056 |
33,645 | Polaris Industries, Inc. | 3,293,173 | |
21,964 | Pool Corp. | 1,919,873 | |
20,357 | 2 | Restoration Hardware Holdings, Inc. | 880,847 |
109,619 | Service Corp. International | 2,923,539 | |
70,373 | 2 | Skechers USA, Inc., Class A | 2,325,828 |
33,118 | Sothebys Holdings, Inc., Class A | 902,134 | |
86,186 | 2 | TRI Pointe Group, Inc. | 999,758 |
33,761 | 2 | Tempur Sealy International, Inc. | 2,048,280 |
80,191 | The Wendy's Co. | 870,874 | |
24,806 | Thor Industries, Inc. | 1,588,080 | |
31,003 | 3 | Time, Inc. | 455,744 |
87,279 | 2 | Toll Brothers, Inc. | 2,382,717 |
28,929 | Tupperware Brands Corp. | 1,679,907 | |
25,618 | 2 | Vista Outdoor, Inc. | 1,229,152 |
34,818 | Wiley (John) & Sons, Inc., Class A | 1,726,625 | |
46,483 | Williams-Sonoma, Inc. | 2,732,271 | |
TOTAL | 98,887,098 | ||
Consumer Staples—4.0% | |||
255,502 | Avon Products, Inc. | 1,203,414 | |
20,871 | Casey's General Stores, Inc. | 2,337,552 | |
70,220 | Dean Foods Co. | 1,209,891 | |
32,856 | 2 | Edgewell Personal Care Co. | 2,696,492 |
34,440 | Energizer Holdings, Inc. | 1,497,796 | |
106,070 | Flowers Foods, Inc. | 2,032,301 | |
46,426 | 2 | Hain Celestial Group, Inc. | 1,943,392 |
38,563 | Ingredion, Inc. | 4,438,216 | |
6,882 | Lancaster Colony Corp. | 801,753 | |
40,572 | 2 | Post Holdings, Inc. | 2,914,692 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Consumer Staples—continued | |||
149,356 | 2 | SUPERVALU, Inc. | $751,261 |
45,012 | Snyders-Lance, Inc. | 1,439,034 | |
78,537 | 2 | Sprouts Farmers Market, Inc. | 2,204,533 |
5,146 | 2,3 | The Boston Beer Co., Inc., Class A | 803,188 |
7,483 | 3 | Tootsie Roll Industries, Inc. | 266,694 |
30,269 | 2 | TreeHouse Foods, Inc. | 2,675,780 |
29,148 | 2 | United Natural Foods, Inc. | 1,039,709 |
96,987 | 2 | WhiteWave Foods Company, Class A | 3,899,847 |
TOTAL | 34,155,545 | ||
Energy—3.6% | |||
98,789 | CONSOL Energy, Inc. | 1,486,775 | |
290,578 | Denbury Resources, Inc. | 1,121,631 | |
20,157 | 2 | Dril-Quip, Inc. | 1,306,577 |
54,466 | Energen Corp. | 2,314,260 | |
151,291 | Ensco PLC | 1,809,440 | |
53,361 | 2 | Gulfport Energy Corp. | 1,670,199 |
94,374 | HollyFrontier Corp. | 3,359,714 | |
156,929 | Nabors Industries Ltd. | 1,537,904 | |
166,180 | 3 | Noble Corp. PLC | 1,866,201 |
52,993 | Oceaneering International, Inc. | 1,942,194 | |
27,648 | 2 | Oil States International, Inc. | 957,727 |
77,529 | Patterson-UTI Energy, Inc. | 1,531,198 | |
108,172 | QEP Resources, Inc. | 1,939,524 | |
66,786 | Rowan Companies PLC | 1,256,245 | |
24,624 | 3 | SM Energy Co. | 767,284 |
111,570 | Superior Energy Services, Inc. | 1,881,070 | |
137,215 | 2,3 | WPX Energy, Inc. | 1,325,497 |
36,058 | Western Refining, Inc. | 964,912 | |
38,712 | World Fuel Services Corp. | 1,809,012 | |
TOTAL | 30,847,364 | ||
Financials—24.5% | |||
25,138 | Alexander and Baldwin, Inc. | 961,277 | |
40,887 | Alexandria Real Estate Equities, Inc. | 3,800,447 | |
7,613 | 2 | Alleghany Corp. | 3,968,505 |
70,641 | American Campus Communities, Inc. | 3,161,185 | |
37,578 | American Finl Group, Inc., Ohio | 2,597,016 | |
41,814 | Aspen Insurance Holdings Ltd. | 1,938,079 | |
77,240 | Associated Banc Corp. | 1,408,858 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Financials—continued | |||
27,139 | Bancorpsouth, Inc. | $637,495 | |
22,335 | Bank of Hawaii Corp. | 1,527,937 | |
35,073 | 3 | Bank of the Ozarks, Inc. | 1,448,515 |
51,985 | Berkley, W. R. Corp. | 2,911,160 | |
61,321 | Brown & Brown | 2,152,980 | |
44,701 | CBOE Holdings, Inc. | 2,769,674 | |
96,039 | CNO Financial Group, Inc. | 1,764,236 | |
47,542 | Camden Property Trust | 3,838,066 | |
61,033 | Care Capital Properties, Inc. | 1,627,750 | |
39,082 | Cathay Bancorp, Inc. | 1,192,783 | |
43,555 | Commerce Bancshares, Inc. | 2,039,245 | |
66,186 | Communications Sales & Leasing, Inc. | 1,537,501 | |
54,595 | Corporate Office Properties Trust | 1,402,000 | |
51,401 | Corrections Corp. of America | 1,563,618 | |
22,732 | Cullen Frost Bankers, Inc. | 1,454,621 | |
47,958 | DCT Industrial Trust, Inc. | 1,936,064 | |
89,767 | 3 | Douglas Emmett, Inc. | 2,912,939 |
170,522 | Duke Realty Corp. | 3,729,316 | |
28,360 | 3 | EPR Properties | 1,868,357 |
80,623 | East West Bancorp, Inc. | 3,022,556 | |
64,991 | Eaton Vance Corp. | 2,244,139 | |
27,387 | Endurance Specialty Holdings Ltd. | 1,752,220 | |
48,089 | Equity One, Inc. | 1,360,919 | |
22,859 | Everest Re Group Ltd. | 4,226,629 | |
108,026 | FNB Corp. | 1,428,104 | |
25,101 | FactSet Research Systems | 3,783,976 | |
52,861 | 4 | Federated Investors, Inc. | 1,670,408 |
59,133 | First American Financial Corp. | 2,129,971 | |
160,358 | 3 | First Horizon National Corp. | 2,257,841 |
59,987 | First Industrial Realty Trust | 1,376,102 | |
186,776 | First Niagara Financial Group, Inc. | 1,972,354 | |
86,570 | FirstMerit Corp. | 1,918,391 | |
88,662 | Fulton Financial Corp. | 1,240,381 | |
98,312 | Gallagher (Arthur J.) & Co. | 4,526,284 | |
406,753 | 2 | Genworth Financial, Inc., Class A | 1,395,163 |
44,691 | Hancock Holding Co. | 1,160,625 | |
22,908 | Hanover Insurance Group, Inc. | 1,964,590 | |
56,301 | Healthcare Realty Trust, Inc. | 1,704,794 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Financials—continued | |||
53,057 | Highwoods Properties, Inc. | $2,479,354 | |
98,118 | Hospitality Properties Trust | 2,510,840 | |
46,321 | International Bancshares Corp. | 1,213,147 | |
83,297 | Janus Capital Group, Inc. | 1,216,136 | |
25,064 | Jones Lang LaSalle, Inc. | 2,886,621 | |
28,897 | Kemper Corp. | 894,651 | |
51,578 | Kilroy Realty Corp. | 3,342,770 | |
45,504 | 3 | Lamar Advertising Co., Class A | 2,823,068 |
64,662 | LaSalle Hotel Properties | 1,545,422 | |
82,138 | Liberty Property Trust | 2,866,616 | |
54,145 | MSCI Inc., Class A | 4,111,771 | |
66,103 | 3 | Mack-Cali Realty Corp. | 1,689,593 |
19,950 | Marketaxess Holdings, Inc. | 2,449,062 | |
20,456 | Mercury General Corp. | 1,082,122 | |
40,321 | Mid-American Apartment Communities, Inc. | 3,859,123 | |
76,942 | 3 | National Retail Properties, Inc. | 3,366,982 |
239,188 | New York Community Bancorp, Inc. | 3,594,996 | |
131,227 | Old Republic International Corp. | 2,426,387 | |
78,747 | Omega Healthcare Investors | 2,659,286 | |
64,571 | PacWest Bancorp | 2,581,549 | |
28,154 | Post Properties, Inc. | 1,614,913 | |
8,784 | Potlatch Corp. | 309,372 | |
17,218 | Primerica, Inc. | 853,324 | |
42,268 | PrivateBancorp, Inc. | 1,758,771 | |
37,536 | Prosperity Bancshares, Inc. | 1,980,775 | |
71,475 | Raymond James Financial, Inc. | 3,728,851 | |
49,674 | Rayonier, Inc. | 1,225,954 | |
53,079 | Regency Centers Corp | 3,911,922 | |
39,700 | Reinsurance Group of America, Inc. | 3,780,234 | |
22,819 | RenaissanceRe Holdings Ltd. | 2,530,855 | |
76,895 | SEI Investments Co. | 3,697,112 | |
168,332 | 2,3 | SLM Holding Corp. | 1,139,608 |
134,005 | Senior Housing Properties Trust | 2,355,808 | |
31,879 | 2 | Signature Bank | 4,393,883 |
20,979 | 3 | Sovran Self Storage, Inc. | 2,228,389 |
24,611 | 2,3 | Stifel Financial Corp. | 809,948 |
28,357 | 2 | SVB Financial Group | 2,957,068 |
82,716 | Synovus Financial Corp. | 2,577,430 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Financials—continued | |||
125,498 | TCF Financial Corp. | $1,711,793 | |
53,885 | Tanger Factory Outlet Centers, Inc. | 1,890,286 | |
38,540 | Taubman Centers, Inc. | 2,676,603 | |
33,376 | Trustmark Corp. | 818,046 | |
121,637 | Umpqua Holdings Corp. | 1,925,514 | |
47,205 | Urban Edge Properties | 1,224,498 | |
79,649 | Valley National Bancorp | 753,479 | |
143,863 | WP Glimcher, Inc. | 1,509,123 | |
47,658 | Waddell & Reed Financial, Inc., Class A | 969,364 | |
48,252 | Washington Federal, Inc. | 1,172,041 | |
49,707 | Webster Financial Corp. Waterbury | 1,821,264 | |
62,296 | Weingarten Realty Investors | 2,299,968 | |
66,108 | 3 | WisdomTree Investments, Inc. | 719,916 |
TOTAL | 208,230,679 | ||
Health Care—8.2% | |||
21,138 | 2 | Abiomed, Inc. | 2,053,345 |
28,379 | 2 | Akorn, Inc. | 722,246 |
39,486 | 2 | Align Technology, Inc. | 2,850,494 |
135,415 | 2,3 | Allscripts Healthcare Solutions, Inc. | 1,814,561 |
29,591 | 2 | Amsurg Corp. | 2,396,279 |
10,876 | 2 | Bio Rad Laboratories, Inc., Class A | 1,542,761 |
21,125 | Bio-Techne Corp. | 1,968,428 | |
55,733 | 2 | Catalent, Inc. | 1,645,796 |
31,116 | 2 | Charles River Laboratories International, Inc. | 2,466,565 |
40,026 | 2 | Community Health Systems, Inc. | 763,696 |
26,927 | 3 | Cooper Cos., Inc. | 4,121,985 |
26,553 | 2 | Halyard Health, Inc. | 747,733 |
31,772 | Hill-Rom Holdings, Inc. | 1,536,176 | |
43,501 | 2 | IDEXX Laboratories, Inc. | 3,669,309 |
29,707 | 2 | LifePoint Health, Inc. | 2,007,005 |
24,055 | 2 | Livanova PLC | 1,268,420 |
52,411 | 2 | MEDNAX, Inc. | 3,736,380 |
14,897 | 2 | Mettler Toledo International, Inc. | 5,332,381 |
28,583 | 2 | Molina Healthcare, Inc. | 1,479,456 |
32,138 | Owens & Minor, Inc. | 1,169,502 | |
29,133 | 2 | Parexel International Corp. | 1,780,026 |
28,680 | 2 | Prestige Brands Holdings, Inc. | 1,628,450 |
77,753 | ResMed, Inc. | 4,338,618 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Health Care—continued | |||
40,780 | 3 | STERIS PLC | $2,881,923 |
22,137 | Teleflex, Inc. | 3,448,502 | |
53,555 | 2,3 | Tenet Healthcare Corp. | 1,697,158 |
25,395 | 2 | United Therapeutics Corp. | 2,671,554 |
44,831 | 2 | VCA, Inc. | 2,823,008 |
23,993 | 2,3 | Wellcare Health Plans, Inc. | 2,159,130 |
39,077 | West Pharmaceutical Services, Inc. | 2,782,282 | |
TOTAL | 69,503,169 | ||
Industrials—15.0% | |||
95,872 | 2 | AECOM | 3,114,881 |
37,127 | AGCO Corp. | 1,985,181 | |
22,084 | Acuity Brands, Inc. Holding Company | 5,386,067 | |
68,317 | Alaska Air Group, Inc. | 4,811,566 | |
57,342 | B/E Aerospace, Inc. | 2,788,541 | |
19,085 | CEB, Inc. | 1,177,354 | |
25,590 | CLARCOR, Inc. | 1,503,924 | |
39,083 | Carlisle Cos., Inc. | 3,982,558 | |
27,104 | 2 | Clean Harbors, Inc. | 1,338,938 |
53,862 | 2 | Copart, Inc. | 2,307,448 |
28,449 | Crane Co. | 1,580,911 | |
24,507 | Curtiss Wright Corp. | 1,876,746 | |
26,955 | Deluxe Corp. | 1,692,235 | |
69,467 | Donaldson Co., Inc. | 2,270,182 | |
118,618 | Donnelley (R.R.) & Sons Co. | 2,063,953 | |
22,170 | 2 | Esterline Technologies Corp. | 1,522,192 |
34,099 | 2 | FTI Consulting, Inc. | 1,374,190 |
87,368 | Fortune Brands Home & Security, Inc. | 4,841,061 | |
14,547 | GATX Corp. | 668,289 | |
32,294 | 2 | Genesee & Wyoming, Inc., Class A | 2,102,662 |
25,273 | Graco, Inc. | 1,981,150 | |
12,483 | Granite Construction, Inc. | 556,617 | |
26,202 | HNI Corp. | 1,145,551 | |
29,511 | 2 | Hubbell, Inc. | 3,121,083 |
25,958 | Huntington Ingalls Industries, Inc. | 3,757,940 | |
40,395 | 3 | IDEX Corp. | 3,308,351 |
46,630 | ITT Corp. | 1,789,193 | |
174,990 | 2 | Jet Blue Airways Corp. | 3,463,052 |
73,008 | Joy Global, Inc. | 1,555,070 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Industrials—continued | |||
76,898 | KBR, Inc. | $1,196,533 | |
28,816 | 2 | KLX, Inc. | 971,676 |
60,481 | Kennametal, Inc. | 1,414,046 | |
29,931 | 2,3 | Kirby Corp. | 1,910,196 |
23,839 | Landstar System, Inc. | 1,562,646 | |
21,771 | Lennox International, Inc. | 2,937,996 | |
34,721 | Lincoln Electric Holdings | 2,175,965 | |
8,864 | MSA Safety, Inc. | 426,270 | |
25,734 | MSC Industrial Direct Co. | 1,994,385 | |
39,227 | Manpower Group, Inc. | 3,021,656 | |
32,358 | Miller Herman, Inc. | 976,241 | |
79,912 | 2 | NOW, Inc. | 1,443,211 |
28,985 | Nordson Corp. | 2,224,019 | |
38,610 | 2 | Old Dominion Freight Lines, Inc. | 2,550,191 |
32,104 | 2 | Orbital ATK, Inc. | 2,793,048 |
29,701 | OshKosh Truck Corp. | 1,450,894 | |
30,979 | Regal Beloit Corp. | 1,995,667 | |
36,857 | Rollins, Inc. | 990,348 | |
40,159 | 3 | Smith (A.O.) Corp. | 3,101,078 |
19,434 | 2 | Teledyne Technologies, Inc. | 1,806,390 |
59,416 | Terex Corp. | 1,419,448 | |
50,054 | Timken Co. | 1,783,424 | |
28,737 | Toro Co. | 2,484,314 | |
62,406 | Trinity Industries, Inc. | 1,217,541 | |
14,326 | Triumph Group, Inc. | 518,315 | |
13,063 | Valmont Industries, Inc. | 1,833,784 | |
50,912 | Wabtec Corp. | 4,222,132 | |
72,773 | Waste Connections, Inc. | 4,896,167 | |
13,425 | Watsco, Inc. | 1,805,260 | |
9,608 | Werner Enterprises, Inc. | 243,467 | |
22,749 | Woodward, Inc. | 1,233,223 | |
TOTAL | 127,666,417 | ||
Information Technology—14.8% | |||
34,030 | 2,3 | 3D Systems Corp. | 601,991 |
66,183 | 2 | ACI Worldwide, Inc. | 1,322,998 |
41,183 | 2 | Acxiom Corp. | 904,790 |
359,278 | 2,3 | Advanced Micro Devices, Inc. | 1,275,437 |
52,615 | 2 | Ansys, Inc. | 4,775,864 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Information Technology—continued | |||
101,222 | 2 | Arris International PLC | $2,304,825 |
49,610 | 2 | Arrow Electronics, Inc. | 3,080,781 |
71,261 | Avnet, Inc. | 2,930,252 | |
23,726 | Belden, Inc. | 1,498,060 | |
57,805 | Broadridge Financial Solutions | 3,459,051 | |
75,881 | CDK Global, Inc. | 3,609,659 | |
71,678 | 2 | CIENA Corp. | 1,206,341 |
162,980 | 2 | Cadence Design Systems, Inc. | 3,779,506 |
47,458 | 3 | Cognex Corp. | 1,686,183 |
22,975 | 2 | Commvault Systems, Inc. | 1,005,616 |
74,560 | 3 | Computer Sciences Corp. | 2,470,173 |
26,124 | 2 | Comscore, Inc. | 799,917 |
49,649 | Convergys Corp. | 1,315,698 | |
59,928 | 2 | CoreLogic, Inc. | 2,126,245 |
56,252 | 2,3 | Cree, Inc. | 1,378,736 |
125,152 | Cypress Semiconductor Corp. | 1,130,123 | |
13,577 | DST Systems, Inc. | 1,638,472 | |
20,883 | Diebold, Inc. | 548,596 | |
26,904 | FEI Co. | 2,394,994 | |
16,409 | Fair Isaac & Co., Inc. | 1,751,004 | |
61,988 | 2 | Fairchild Semiconductor International, Inc., Class A | 1,239,760 |
93,280 | 2 | Fortinet, Inc. | 3,032,533 |
44,250 | 2 | Gartner Group, Inc., Class A | 3,857,272 |
42,018 | Henry Jack & Associates, Inc. | 3,404,719 | |
19,967 | 2 | IPG Photonics Corp. | 1,730,540 |
91,885 | Ingram Micro, Inc., Class A | 3,211,381 | |
73,917 | 2 | Integrated Device Technology, Inc. | 1,425,120 |
18,711 | InterDigital, Inc. | 1,066,153 | |
76,449 | Intersil Holding Corp. | 893,689 | |
24,571 | j2 Global, Inc. | 1,560,750 | |
83,504 | 3 | Jabil Circuit, Inc. | 1,449,629 |
93,783 | 2 | Keysight Technologies, Inc. | 2,445,861 |
50,687 | 2,3 | Knowles Corp. | 677,685 |
36,118 | Leidos Holdings, Inc. | 1,791,814 | |
23,055 | Lexmark International, Inc. | 889,923 | |
39,741 | 2 | Manhattan Associates, Inc. | 2,405,920 |
27,450 | Maximus, Inc. | 1,452,105 | |
56,298 | Mentor Graphics Corp. | 1,123,708 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Information Technology—continued | |||
61,306 | 2 | Microsemi Corp. | $2,071,530 |
81,897 | 2 | NCR Corp. | 2,382,384 |
56,663 | National Instruments Corp. | 1,562,199 | |
57,275 | 2 | NetScout Systems, Inc. | 1,274,941 |
43,737 | 2,3 | Neustar, Inc., Class A | 1,027,382 |
62,476 | 2 | PTC, Inc. | 2,277,875 |
28,924 | Plantronics, Inc. | 1,112,128 | |
74,853 | 2 | Polycom, Inc. | 894,493 |
63,802 | 2 | Rackspace Hosting, Inc. | 1,459,152 |
23,301 | Science Applications International Corp. | 1,237,050 | |
21,924 | 2 | Silicon Laboratories, Inc. | 1,026,043 |
24,843 | 2 | Synaptics, Inc. | 1,777,517 |
15,036 | 3 | Synnex Corp. | 1,241,523 |
91,060 | 2 | Synopsys, Inc. | 4,327,171 |
18,131 | 2 | Tech Data Corp. | 1,245,418 |
130,575 | Teradyne, Inc. | 2,469,173 | |
13,488 | 2 | The Ultimate Sortware Group, Inc. | 2,651,606 |
136,440 | 2,3 | Trimble Navigation Ltd. | 3,267,738 |
14,715 | 2 | Tyler Technologies, Inc. | 2,154,423 |
61,143 | 2 | Verifone Systems, Inc. | 1,740,130 |
77,817 | Vishay Intertechnology, Inc. | 946,255 | |
25,997 | 2 | WEX, Inc. | 2,456,457 |
20,350 | 2 | WebMd Health Corp. | 1,276,759 |
22,373 | 2 | Zebra Technologies Co., Class A | 1,399,655 |
TOTAL | 125,932,876 | ||
Materials—7.2% | |||
54,781 | Albemarle Corp. | 3,624,311 | |
36,388 | Allegheny Technologies, Inc. | 594,580 | |
33,218 | Aptargroup, Inc. | 2,524,568 | |
35,215 | Ashland, Inc. | 3,929,994 | |
51,796 | Bemis Co., Inc. | 2,599,123 | |
42,200 | Cabot Corp. | 2,058,938 | |
25,154 | Carpenter Technology Corp. | 890,703 | |
86,676 | 3 | Commercial Metals Corp. | 1,553,234 |
13,055 | Compass Minerals International, Inc. | 978,603 | |
36,238 | Domtar Corp. | 1,400,236 | |
28,068 | Eagle Materials, Inc. | 2,080,400 | |
15,178 | Greif, Inc., Class A | 526,677 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Materials—continued | |||
52,953 | 2 | Louisiana-Pacific Corp. | $900,201 |
20,440 | Minerals Technologies, Inc. | 1,224,356 | |
5,628 | Newmarket Corp. | 2,285,306 | |
94,809 | Olin Corp. | 2,065,888 | |
52,765 | Packaging Corp. of America | 3,423,393 | |
49,170 | Polyone Corp. | 1,769,137 | |
74,185 | RPM International, Inc. | 3,748,568 | |
44,864 | Reliance Steel & Aluminum Co. | 3,318,590 | |
27,731 | Royal Gold, Inc. | 1,736,515 | |
25,092 | Scotts Co. | 1,776,012 | |
24,319 | Sensient Technologies Corp. | 1,635,453 | |
21,234 | Silgan Holdings, Inc. | 1,077,413 | |
56,661 | Sonoco Products Co. | 2,656,834 | |
150,652 | Steel Dynamics, Inc. | 3,797,937 | |
58,502 | 3 | United States Steel Corp. | 1,117,973 |
40,558 | Valspar Corp. | 4,327,133 | |
35,912 | Worthington Industries, Inc. | 1,355,678 | |
TOTAL | 60,977,754 | ||
Telecommunication Services—0.2% | |||
50,482 | Telephone and Data System, Inc. | 1,492,753 | |
Utilities—5.5% | |||
56,343 | Alliant Energy Corp. | 3,973,308 | |
84,058 | Aqua America, Inc. | 2,661,276 | |
54,525 | Atmos Energy Corp. | 3,955,789 | |
21,170 | Black Hills Corp. | 1,282,690 | |
83,507 | Great Plains Energy, Inc. | 2,607,924 | |
61,170 | Hawaiian Electric Industries, Inc. | 1,999,647 | |
26,801 | Idacorp, Inc. | 1,949,237 | |
106,640 | MDU Resources Group, Inc. | 2,139,198 | |
47,560 | National Fuel Gas Co. | 2,639,580 | |
44,572 | New Jersey Resources Corp. | 1,590,329 | |
122,960 | OGE Energy Corp. | 3,638,386 | |
27,569 | 3 | ONE Gas, Inc. | 1,611,959 |
31,577 | PNM Resources, Inc. | 1,000,359 | |
92,165 | Questar Corp. | 2,310,577 | |
71,765 | 2 | Talen Energy Corp. | 836,780 |
103,700 | UGI Corp. | 4,172,888 | |
43,515 | Vectren Corp. | 2,125,708 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Utilities—continued | |||
26,050 | WGL Holdings, Inc. | $1,768,535 | |
76,824 | Westar Energy, Inc. | 3,964,887 | |
TOTAL | 46,229,057 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $526,353,434) | 803,922,712 | ||
INVESTMENT COMPANIES—8.9%4 | |||
32,512,452 | 6 | Federated Institutional Money Market Management, Institutional Shares, 0.45%5 | 32,512,452 |
43,139,122 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 0.45%5 | 43,139,122 | |
TOTAL INVESTMENT COMPANIES (AT NET ASSET VALUE) | 75,651,574 | ||
TOTAL INVESTMENTS—103.6% (IDENTIFIED COST $602,005,008)7 | 879,574,286 | ||
OTHER ASSETS AND LIABILITIES - NET—(3.6)%8 | (30,797,312) | ||
TOTAL NET ASSETS—100% | $848,776,974 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation |
2S&P MidCap 400 E-Mini Long Futures | 307 | $44,769,810 | June 2016 | $1,333,235 |
Liabilities—Net.”
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 $44,769,810 at April 30, 2016, which represents 5.3% 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 100.2%. |
2 | Non-income-producing security. |
3 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
4 | Affiliated holding. |
5 | 7-day net yield. |
6 | All or a portion of this security is held as collateral for securities lending. |
7 | Also represents cost for federal tax purposes. |
8 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 4/30/2016 | Year Ended October 31, | Period Ended 10/31/20121 | |||
2015 | 2014 | 2013 | |||
Net Asset Value, Beginning of Period | $27.25 | $29.32 | $27.33 | $22.40 | $20.25 |
Income From Investment Operations: | |||||
Net investment income | 0.14 | 0.32 | 0.32 | 0.302 | 0.16 |
Net realized and unrealized gain on investments and futures contracts | 0.27 | 0.57 | 2.76 | 6.80 | 2.17 |
TOTAL FROM INVESTMENT OPERATIONS | 0.41 | 0.89 | 3.08 | 7.10 | 2.33 |
Less Distributions: | |||||
Distributions from net investment income | (0.17) | (0.33) | (0.31) | (0.32) | (0.18) |
Distributions from net realized gain on investments and futures contracts | (3.17) | (2.63) | (0.78) | (1.85) | — |
TOTAL DISTRIBUTIONS | (3.34) | (2.96) | (1.09) | (2.17) | (0.18) |
Net Asset Value, End of Period | $24.32 | $27.25 | $29.32 | $27.33 | $22.40 |
Total Return3 | 1.84% | 3.17% | 11.61% | 33.47% | 11.51% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.30%4 | 0.30% | 0.29% | 0.29% | 0.29%4 |
Net investment income | 1.24%4 | 1.15% | 1.14% | 1.20% | 1.17%4 |
Expense waiver/reimbursement5 | 0.11%4 | 0.10% | 0.11% | 0.16% | 0.22%4 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $162,708 | $153,751 | $138,394 | $105,147 | $37,696 |
Portfolio turnover | 16% | 36% | 37% | 27% | 18%6 |
1 | Reflects operations for the period from January 4, 2012 (date of initial investment) to October 31, 2012. |
2 | Per share number has been calculated using the average shares method. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
6 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the period from November 1, 2011 to October 31, 2012. |
Six Months Ended (unaudited) 4/30/2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $27.26 | $29.33 | $27.35 | $22.41 | $21.19 | $20.17 |
Income From Investment Operations: | ||||||
Net investment income | 0.12 | 0.25 | 0.25 | 0.261 | 0.19 | 0.15 |
Net realized and unrealized gain on investments and futures contracts | 0.27 | 0.57 | 2.75 | 6.79 | 2.16 | 1.45 |
TOTAL FROM INVESTMENT OPERATIONS | 0.39 | 0.82 | 3.00 | 7.05 | 2.35 | 1.60 |
Less Distributions: | ||||||
Distributions from net investment income | (0.15) | (0.26) | (0.24) | (0.26) | (0.19) | (0.15) |
Distributions from net realized gain on investments and futures contracts | (3.17) | (2.63) | (0.78) | (1.85) | (0.94) | (0.43) |
TOTAL DISTRIBUTIONS | (3.32) | (2.89) | (1.02) | (2.11) | (1.13) | (0.58) |
Net Asset Value, End of Period | $24.33 | $27.26 | $29.33 | $27.35 | $22.41 | $21.19 |
Total Return2 | 1.72% | 2.91% | 11.29% | 33.18% | 11.59% | 7.95% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.55%3 | 0.55% | 0.54% | 0.54% | 0.54% | 0.54% |
Net investment income | 1.03%3 | 0.91% | 0.89% | 1.05% | 0.88% | 0.69% |
Expense waiver/reimbursement4 | 0.11%3 | 0.10% | 0.11% | 0.17% | 0.20% | 0.19% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $686,069 | $763,853 | $902,685 | $902,823 | $923,634 | $926,540 |
Portfolio turnover | 16% | 36% | 27% | 27% | 18% | 8% |
1 | Per share number has been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Total investment in securities, at value including $31,193,080 of securities loaned and $77,321,982 of investment in affiliated holdings (Note 5) (identified cost $602,005,008) | $879,574,286 | |
Restricted cash (Note 2) | 1,872,700 | |
Income receivable | 370,626 | |
Receivable for investments sold | 58,621 | |
Receivable for shares sold | 824,892 | |
TOTAL ASSETS | 882,701,125 | |
Liabilities: | ||
Payable for investments purchased | $213,045 | |
Payable for shares redeemed | 834,887 | |
Payable for daily variation margin on futures contracts | 85,987 | |
Payable for collateral due to broker for securities lending | 32,512,452 | |
Payable to adviser (Note 5) | 9,533 | |
Payable for other service fees (Notes 2 and 5) | 137,739 | |
Accrued expenses (Note 5) | 130,508 | |
TOTAL LIABILITIES | 33,924,151 | |
Net assets for 34,890,669 shares outstanding | $848,776,974 | |
Net Assets Consist of: | ||
Paid-in capital | $534,877,032 | |
Net unrealized appreciation of investments and futures contracts | 278,902,513 | |
Accumulated net realized gain on investments and futures contracts | 35,367,788 | |
Distributions in excess of net investment income | (370,359) | |
TOTAL NET ASSETS | $848,776,974 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Institutional Shares: | ||
Net asset value per share ($162,708,267 ÷ 6,691,169 shares outstanding), no par value, unlimited shares authorized | $24.32 | |
Offering price per share | $24.32 | |
Redemption proceeds per share | $24.32 | |
Service Shares: | ||
Net asset value per share ($686,068,707 ÷ 28,199,500 shares outstanding), no par value, unlimited shares authorized | $24.33 | |
Offering price per share | $24.33 | |
Redemption proceeds per share | $24.33 |
Investment Income: | |||
Dividends (including $116,396 received from affiliated holdings (Note 5)) | $6,425,813 | ||
Interest income on securities loaned | 114,040 | ||
TOTAL INCOME | 6,539,853 | ||
Expenses: | |||
Management fee (Note 5) | $1,248,167 | ||
Custodian fees | 29,860 | ||
Transfer agent fee | 276,831 | ||
Directors'/Trustees' fees (Note 5) | 5,355 | ||
Auditing fees | 12,332 | ||
Legal fees | 19,842 | ||
Portfolio accounting fees | 64,093 | ||
Other service fees (Notes 2 and 5) | 826,064 | ||
Share registration costs | 20,129 | ||
Printing and postage | 22,385 | ||
Miscellaneous (Note 5) | 13,101 | ||
TOTAL EXPENSES | 2,538,159 | ||
Waiver/reimbursement of management fee (Note 5) | (443,541) | ||
Net expenses | 2,094,618 | ||
Net investment income | 4,445,235 | ||
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | |||
Net realized gain on investments (including realized gain of $23,487 on sales of investments in an affiliated holding (Note 5)) | 41,726,821 | ||
Net realized gain on futures contracts | 336,733 | ||
Net change in unrealized appreciation of investments | (36,120,684) | ||
Net change in unrealized appreciation of futures contracts | 715,348 | ||
Net realized and unrealized gain on investments and futures contracts | 6,658,218 | ||
Change in net assets resulting from operations | $11,103,453 |
Six Months Ended (unaudited) 4/30/2016 | Year Ended 10/31/2015 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $4,445,235 | $9,630,287 |
Net realized gain on investments and futures contracts | 42,063,554 | 105,139,877 |
Net change in unrealized appreciation/depreciation of investments and futures contracts | (35,405,336) | (80,917,780) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 11,103,453 | 33,852,384 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Institutional Shares | (1,107,089) | (1,751,185) |
Service Shares | (4,344,333) | (8,332,812) |
Distributions from net realized gain on investments and futures contracts | ||
Institutional Shares | (17,617,106) | (12,441,780) |
Service Shares | (87,462,546) | (79,674,343) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (110,531,074) | (102,200,120) |
Share Transactions: | ||
Proceeds from sale of shares | 90,066,739 | 220,901,058 |
Net asset value of shares issued to shareholders in payment of distributions declared | 108,032,505 | 100,143,054 |
Cost of shares redeemed | (167,498,731) | (376,171,506) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 30,600,513 | (55,127,394) |
Change in net assets | (68,827,108) | (123,475,130) |
Net Assets: | ||
Beginning of period | 917,604,082 | 1,041,079,212 |
End of period (including undistributed (distributions in excess of) net investment income of $(370,359) and $635,828, respectively) | $848,776,974 | $917,604,082 |
■ | 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 acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”). |
■ | Fixed-income securities and repurchase agreements acquired with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security. |
■ | 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. |
■ | 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. |
Other Service Fees Incurred | |
Service Shares | $826,064 |
Market Value of Securities Loaned | Market Value of Collateral |
$31,193,080 | $32,512,452 |
Fair Value of Derivative Instruments | ||
Liability | ||
Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||
Equity contracts | Payable for daily variation margin on futures contracts | $(1,333,235)* |
* | Includes cumulative appreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Futures Contracts | |
Equity contracts | $336,733 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures Contracts | |
Equity contracts | $715,348 |
Six Months Ended 4/30/2016 | Year Ended 10/31/2015 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,557,052 | $35,526,395 | 2,088,148 | $57,535,767 |
Shares issued to shareholders in payment of distributions declared | 773,159 | 18,441,710 | 513,673 | 13,996,077 |
Shares redeemed | (1,281,319) | (29,663,881) | (1,680,231) | (46,429,410) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 1,048,892 | $24,304,224 | 921,590 | $25,102,434 |
Six Months Ended 4/30/2016 | Year Ended 10/31/2015 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,320,492 | $54,540,344 | 5,849,698 | $163,365,291 |
Shares issued to shareholders in payment of distributions declared | 3,754,567 | 89,590,795 | 3,161,697 | 86,146,977 |
Shares redeemed | (5,893,560) | (137,834,850) | (11,772,058) | (329,742,096) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 181,499 | $6,296,289 | (2,760,663) | $(80,229,828) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 1,230,391 | $30,600,513 | (1,839,073) | $(55,127,394) |
Federated Investors, Inc. | Federated Institutional Money Market Management, Institutional Shares | Federated Institutional Prime Value Obligations Fund, Institutional Shares | Total of Affiliated Transactions | |
Balance of Shares Held 10/31/2015 | 55,838 | 15,468,967 | 26,998,518 | 42,523,323 |
Purchases/Additions | — | 106,955,160 | 132,670,762 | 239,625,922 |
Sales/Reductions | (2,977) | (89,911,675) | (116,530,158) | (206,444,810) |
Balance of Shares Held 4/30/2016 | 52,861 | 32,512,452 | 43,139,122 | 75,704,435 |
Value | $1,670,408 | $32,512,452 | $43,139,122 | 77,321,982 |
Dividend Income | $27,175 | $40,058 | $49,163 | $116,396 |
Purchases | $130,296,216 |
Sales | $217,513,310 |
Beginning Account Value 11/1/2015 | Ending Account Value 4/30/2016 | Expenses Paid During Period1 | |
Actual: | |||
Institutional Shares | $1,000 | $1,018.40 | $1.51 |
Service Shares | $1,000 | $1,017.20 | $2.76 |
Hypothetical (assuming a 5% return before expenses): | |||
Institutional Shares | $1,000 | $1,023.37 | $1.51 |
Service Shares | $1,000 | $1,022.13 | $2.77 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Institutional Shares | 0.30% |
Service Shares | 0.55% |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31420E205
2016 ©Federated Investors, Inc.
Share Class | Ticker |
C | MXCCX |
R | FMXKX |
Institutional | FISPX |
Service | FMXSX |
Sector | Percentage of Total Net Assets |
Information Technology | 19.1% |
Financials | 15.6% |
Health Care | 14.1% |
Consumer Discretionary | 12.5% |
Industrials | 9.9% |
Consumer Staples | 9.9% |
Energy | 7.0% |
Utilities | 3.3% |
Materials | 2.9% |
Telecommunication Services | 2.6% |
Derivative Contracts2 | 0.1% |
Securities Lending Collateral3 | 2.9% |
Cash Equivalents4 | 5.9% |
Other Assets and Liabilities—Net5 | (5.8)% |
TOTAL6 | 100.0% |
1 | Except for Derivative Contracts, Cash Equivalents, Securities Lending Collateral and Other Assets and Liabilities, sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the Manager assigns a classification to securities not classified by the GICS and to securities for which the Manager does not have access to the classification made by the GICS. |
2 | Based upon net unrealized appreciation (depreciation) or value of the derivative contracts, as applicable. Derivative contracts may consist of futures, forwards, options and swaps. The impact of a derivative contract on the Fund's performance may be larger than its unrealized appreciation (depreciation) may indicate. In many cases, the notional value or notional principal amount of a derivative contract may provide a better indication of the contract's significance to the portfolio. More complete information regarding the Fund's direct investments in derivative contracts, including unrealized appreciation (depreciation) and notional values or amounts of such contracts, can be found in the table at the end of the Portfolio of Investments included in this Report. |
3 | Cash collateral received from lending portfolio securities which is invested in short-term investments such as repurchase agreements or money market mutual funds. |
4 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements (other than those representing securities lending collateral). |
5 | Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities. |
6 | 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 Standard & Poor's 500 Composite Stock Price (“S&P 500”) Index and minimizing trading costs. Taking into consideration these open index futures contracts, the Fund's effective total exposure to the S&P 500 Index is effectively 100.2%. |
Shares | Value | ||
COMMON STOCKS—96.9%1 | |||
Consumer Discretionary—12.5% | |||
1,736 | Advance Auto Parts, Inc. | $270,990 | |
10,366 | 2 | Amazon.com, Inc. | 6,837,310 |
1,158 | 2 | AutoNation, Inc. | 58,653 |
766 | 2 | AutoZone, Inc. | 586,166 |
3,770 | 2 | Bed Bath & Beyond, Inc. | 178,019 |
7,027 | Best Buy Co., Inc. | 225,426 | |
6,026 | Block (H&R), Inc. | 121,966 | |
5,322 | BorgWarner, Inc. | 191,166 | |
11,586 | CBS Corp., Class B | 647,773 | |
12,684 | Cablevision Systems Corp., Class A | 423,519 | |
398 | 2 | CarMax, Inc. | 21,074 |
12,556 | Carnival Corp. | 615,872 | |
677 | 2 | Chipotle Mexican Grill, Inc. | 284,997 |
7,264 | Coach, Inc. | 292,521 | |
63,491 | Comcast Corp., Class A | 3,857,713 | |
16,097 | 3 | D. R. Horton, Inc. | 483,876 |
2,557 | Darden Restaurants, Inc. | 159,173 | |
7,415 | Delphi Automotive PLC | 545,966 | |
3,083 | 2,3 | Discovery Communications, Inc., Class A | 84,197 |
6,137 | 2 | Discovery Communications, Inc., Class C | 164,349 |
4,778 | Dollar General Corp. | 391,366 | |
5,619 | 2,3 | Dollar Tree, Inc. | 447,890 |
1,000 | Expedia, Inc. | 115,770 | |
3,540 | 3 | Foot Locker, Inc. | 217,498 |
103,545 | Ford Motor Co. | 1,404,070 | |
4,748 | 3 | Gap (The), Inc. | 110,059 |
3,719 | Garmin Ltd. | 158,541 | |
29,070 | General Motors Co. | 924,426 | |
4,321 | 3 | Genuine Parts Co. | 414,686 |
6,831 | 3 | Goodyear Tire & Rubber Co. | 197,894 |
2,263 | Hanesbrands, Inc. | 65,695 | |
5,303 | Harley Davidson, Inc. | 253,642 | |
1,765 | Harman International Industries, Inc. | 135,481 | |
3,326 | Hasbro, Inc. | 281,513 | |
32,928 | Home Depot, Inc. | 4,408,730 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Consumer Discretionary—continued | |||
10,128 | Interpublic Group Cos., Inc. | $232,336 | |
17,899 | Johnson Controls, Inc. | 741,019 | |
3,945 | Kohl's Corp. | 174,763 | |
3,926 | L Brands, Inc. | 307,367 | |
4,452 | Leggett and Platt, Inc. | 219,439 | |
24,216 | Lowe's Cos., Inc. | 1,840,900 | |
7,109 | Macy's, Inc. | 281,445 | |
4,378 | 3 | Marriott International, Inc., Class A | 306,854 |
8,754 | 3 | Mattel, Inc. | 272,162 |
21,388 | McDonald's Corp. | 2,705,368 | |
8,663 | 2,3 | Michael Kors Holdings Ltd. | 447,531 |
1,734 | 2 | Mohawk Industries, Inc. | 334,020 |
8,740 | 2,3 | NetFlix, Inc. | 786,862 |
10,711 | 2,3 | Newell Brands, Inc. | 487,779 |
1,031 | News Corp. | 13,362 | |
7,956 | News Corp., Class A | 98,814 | |
35,535 | 3 | Nike, Inc., Class B | 2,094,433 |
2,523 | 3 | Nordstrom, Inc. | 129,001 |
3,362 | 2,3 | O'Reilly Automotive, Inc. | 883,130 |
9,027 | Omnicom Group, Inc. | 748,970 | |
4,683 | PVH Corp. | 447,695 | |
1,167 | Ralph Lauren Corp. | 108,776 | |
14,360 | Ross Stores, Inc. | 815,361 | |
4,462 | 3 | Royal Caribbean Cruises, Ltd. | 345,359 |
1,744 | Scripps Networks Interactive | 108,738 | |
1,677 | Signet Jewelers Ltd. | 182,055 | |
15,394 | Staples, Inc. | 157,019 | |
41,964 | Starbucks Corp. | 2,359,636 | |
4,803 | Starwood Hotels & Resorts | 393,270 | |
17,858 | TJX Cos., Inc. | 1,353,994 | |
15,848 | Target Corp. | 1,259,916 | |
1,268 | 2 | The Priceline Group, Inc. | 1,703,761 |
6,145 | Tiffany & Co. | 438,446 | |
7,223 | Time Warner Cable, Inc. | 1,532,071 | |
20,539 | Time Warner, Inc. | 1,543,300 | |
865 | Tractor Supply Co. | 81,881 | |
2,780 | 2,3 | TripAdvisor, Inc. | 179,560 |
28,054 | Twenty-First Century Fox, Inc. | 848,914 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Consumer Discretionary—continued | |||
11,471 | Twenty-First Century Fox, Inc., Class B | $345,507 | |
1,642 | 2 | Ulta Salon Cosmetics & Fragrance, Inc. | 341,996 |
1,928 | 2 | Under Armour, Inc., Class A | 84,716 |
1,928 | 2 | Under Armour, Inc., Class C | 78,662 |
9,242 | 2 | Urban Outfitters, Inc. | 280,217 |
9,447 | V.F. Corp. | 595,633 | |
8,134 | Viacom, Inc., Class B - New | 332,681 | |
36,405 | Walt Disney Co. | 3,759,180 | |
2,026 | Whirlpool Corp. | 352,808 | |
2,321 | 3 | Wyndham Worldwide Corp. | 164,675 |
13,448 | Yum! Brands, Inc. | 1,069,923 | |
TOTAL | 59,949,292 | ||
Consumer Staples—9.9% | |||
51,223 | Altria Group, Inc. | 3,212,194 | |
15,022 | Archer-Daniels-Midland Co. | 599,979 | |
3,061 | Brown-Forman Corp., Class B | 294,836 | |
28,779 | CVS Health Corp. | 2,892,290 | |
3,925 | 3 | Campbell Soup Co. | 242,212 |
3,843 | 3 | Church and Dwight, Inc. | 356,246 |
3,469 | Clorox Co. | 434,423 | |
5,719 | Coca-Cola Enterprises, Inc. | 300,133 | |
22,983 | Colgate-Palmolive Co. | 1,629,954 | |
10,145 | ConAgra Foods, Inc. | 452,061 | |
4,508 | Constellation Brands, Inc., Class A | 703,518 | |
9,850 | Costco Wholesale Corp. | 1,459,081 | |
5,331 | 3 | Dr. Pepper Snapple Group, Inc. | 484,641 |
6,084 | Estee Lauder Cos., Inc., Class A | 583,273 | |
15,311 | General Mills, Inc. | 939,177 | |
5,928 | 3 | Hormel Foods Corp. | 228,524 |
6,173 | Hershey Foods Corp. | 574,768 | |
9,316 | Kimberly-Clark Corp. | 1,166,270 | |
9,502 | Kellogg Co. | 729,849 | |
12,394 | Kraft Heinz Co./The | 967,600 | |
24,207 | Kroger Co. | 856,686 | |
2,496 | 3 | McCormick & Co., Inc. | 234,075 |
4,249 | Mead Johnson Nutrition Co. | 370,300 | |
2,313 | Molson Coors Brewing Co., Class B | 221,192 | |
41,206 | Mondelez International, Inc. | 1,770,210 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Consumer Staples—continued | |||
2,188 | 2 | Monster Beverage Corp. | $315,553 |
40,416 | Philip Morris International, Inc. | 3,965,618 | |
37,722 | PepsiCo, Inc. | 3,883,857 | |
68,953 | Procter & Gamble Co. | 5,524,514 | |
16,825 | Reynolds American, Inc. | 834,520 | |
4,851 | 3 | Smucker (J.M.) Co. | 615,980 |
13,386 | 3 | Sysco Corp. | 616,693 |
101,480 | The Coca-Cola Co. | 4,546,304 | |
10,968 | Tyson Foods, Inc., Class A | 721,914 | |
41,137 | Wal-Mart Stores, Inc. | 2,750,831 | |
22,366 | Walgreens Boots Alliance, Inc. | 1,773,177 | |
7,679 | 3 | Whole Foods Market, Inc. | 223,305 |
TOTAL | 47,475,758 | ||
Energy—7.0% | |||
8,458 | Anadarko Petroleum Corp. | 446,244 | |
8,981 | Apache Corp. | 488,566 | |
11,497 | Baker Hughes, Inc. | 555,995 | |
49,032 | 3 | Chevron Corp. | 5,010,090 |
32,258 | ConocoPhillips | 1,541,610 | |
21,883 | Cabot Oil & Gas Corp., Class A | 512,062 | |
3,770 | 2 | Chesapeake Energy Corp. | 25,900 |
4,781 | 3 | Cimarex Energy Co. | 520,555 |
561 | Columbia Pipeline Group, Inc. | 14,373 | |
1,146 | 2,3 | Concho Resources, Inc. | 133,131 |
19,984 | Devon Energy Corp. | 693,045 | |
11,177 | Diamond Offshore Drilling, Inc. | 271,154 | |
14,123 | EOG Resources, Inc. | 1,166,842 | |
3,862 | EQT Corp. | 270,726 | |
107,630 | 3 | Exxon Mobil Corp. | 9,514,492 |
14,156 | 2 | FMC Technologies, Inc. | 431,617 |
22,281 | Halliburton Co. | 920,428 | |
2,610 | Helmerich & Payne, Inc. | 172,573 | |
2,519 | Hess Corp. | 150,183 | |
47,020 | Kinder Morgan, Inc. | 835,075 | |
5,332 | Marathon Oil Corp. | 75,128 | |
12,861 | Marathon Petroleum Corp. | 502,608 | |
3,558 | Murphy Oil Corp. | 127,163 | |
9,976 | National Oilwell Varco, Inc. | 359,535 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Energy—continued | |||
11,907 | 2,3 | Newfield Exploration Co. | $431,629 |
10,263 | Noble Energy, Inc. | 370,597 | |
4,574 | 3 | ONEOK, Inc. | 165,350 |
20,345 | Occidental Petroleum Corp. | 1,559,444 | |
9,512 | Phillips 66 | 781,030 | |
4,027 | 3 | Pioneer Natural Resources, Inc. | 668,885 |
3,010 | Range Resources Corp. | 132,771 | |
32,681 | Schlumberger Ltd. | 2,625,592 | |
28,234 | 2 | Southwestern Energy Co. | 379,183 |
9,893 | 3 | Spectra Energy Corp. | 309,354 |
2,628 | Tesoro Petroleum Corp. | 209,425 | |
28,400 | 3 | Transocean Ltd. | 314,672 |
12,094 | Valero Energy Corp. | 711,974 | |
16,347 | Williams Companies, Inc. | 316,968 | |
TOTAL | 33,715,969 | ||
Financials—15.6% | |||
1,105 | 2 | Affiliated Managers Group | 188,204 |
14,446 | 3 | Aflac, Inc. | 996,341 |
10,437 | Allstate Corp. | 678,927 | |
21,415 | 3 | American Express Co. | 1,401,183 |
30,239 | American International Group, Inc. | 1,687,941 | |
11,381 | American Tower Corp. | 1,193,639 | |
6,812 | Ameriprise Financial, Inc. | 653,271 | |
7,414 | Aon PLC | 779,360 | |
4,532 | Apartment Investment & Management Co., Class A | 181,552 | |
1,086 | Assurant, Inc. | 91,843 | |
3,776 | Avalonbay Communities, Inc. | 667,559 | |
21,467 | BB&T Corp. | 759,503 | |
262,840 | Bank of America Corp. | 3,826,950 | |
48,634 | 2 | Berkshire Hathaway, Inc., Class B | 7,075,274 |
3,389 | Blackrock, Inc. | 1,207,602 | |
2,156 | Boston Properties, Inc. | 277,822 | |
6,970 | 2 | CBRE Group, Inc. | 206,521 |
9,989 | Chubb Ltd. | 1,177,304 | |
9,180 | CME Group, Inc. | 843,734 | |
13,718 | Capital One Financial Corp. | 993,046 | |
4,455 | Cincinnati Financial Corp. | 294,075 | |
76,139 | Citigroup, Inc. | 3,523,713 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Financials—continued | |||
12,550 | Citizens Financial Group, Inc. | $286,768 | |
3,329 | Comerica, Inc. | 147,808 | |
9,140 | Crown Castle International Corp. | 794,083 | |
11,245 | Discover Financial Services | 632,756 | |
6,513 | 2 | E*Trade Financial Corp. | 163,997 |
1,053 | Equinix, Inc. | 347,859 | |
10,031 | Equity Residential Properties Trust | 682,810 | |
1,796 | Essex Property Trust, Inc. | 395,928 | |
2,948 | 3 | Extra Space Storage, Inc. | 250,433 |
2,085 | 3 | Federal Realty Investment Trust | 317,087 |
18,810 | Fifth Third Bancorp | 344,411 | |
10,151 | Franklin Resources, Inc. | 379,038 | |
16,368 | General Growth Properties, Inc. | 458,795 | |
11,627 | Goldman Sachs Group, Inc. | 1,908,107 | |
18,965 | HCP, Inc. | 641,586 | |
10,401 | 3 | Hartford Financial Services Group, Inc. | 461,596 |
33,084 | 3 | Host Hotels & Resorts, Inc. | 523,389 |
5,039 | Iron Mountain, Inc. | 184,075 | |
2,095 | Intercontinental Exchange, Inc. | 502,863 | |
10,714 | Invesco Ltd. | 332,241 | |
98,545 | JPMorgan Chase & Co. | 6,228,044 | |
17,770 | KeyCorp | 218,393 | |
2,778 | Kimco Realty Corp. | 78,117 | |
9,449 | Legg Mason, Inc. | 303,407 | |
5,690 | Leucadia National Corp. | 94,909 | |
5,091 | Lincoln National Corp. | 221,204 | |
12,820 | 3 | Loews Corp. | 508,698 |
4,502 | M & T Bank Corp. | 532,677 | |
27,981 | MetLife, Inc. | 1,261,943 | |
430 | Macerich Co. (The) | 32,714 | |
9,611 | Marsh & McLennan Cos., Inc. | 606,935 | |
4,496 | 3 | Moody's Corp. | 430,357 |
39,107 | Morgan Stanley | 1,058,235 | |
2,834 | NASDAQ, Inc. | 174,886 | |
28,038 | Navient Corp. | 383,280 | |
6,254 | Northern Trust Corp. | 444,534 | |
13,460 | PNC Financial Services Group | 1,181,519 | |
12,631 | Principal Financial Group | 539,091 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Financials—continued | |||
21,719 | Progressive Corp. Ohio | $708,039 | |
14,599 | ProLogis, Inc. | 662,941 | |
11,388 | Prudential Financial | 884,164 | |
3,968 | Public Storage | 971,406 | |
6,491 | Realty Income Corp. | 384,267 | |
31,966 | Regions Financial Corp. | 299,841 | |
4,453 | 2,3 | S&P Global, Inc. | 475,803 |
2,292 | 3 | SL Green Realty Corp. | 240,843 |
22,703 | Schwab (Charles) Corp. | 644,992 | |
8,202 | Simon Property Group, Inc. | 1,649,996 | |
6,321 | State Street Corp. | 393,798 | |
19,280 | SunTrust Banks, Inc. | 804,747 | |
21,051 | 2 | Synchrony Financial | 643,529 |
7,026 | 3 | T. Rowe Price Group, Inc. | 528,988 |
28,589 | The Bank of New York Mellon Corp. | 1,150,421 | |
8,002 | The Travelers Cos, Inc. | 879,420 | |
2,255 | Torchmark Corp. | 130,542 | |
43,237 | U.S. Bancorp | 1,845,788 | |
12,905 | UDR, Inc. | 450,643 | |
4,733 | Unum Group | 161,916 | |
9,201 | 3 | Ventas, Inc. | 571,566 |
2,131 | Vornado Realty Trust | 204,001 | |
114,519 | Wells Fargo & Co. | 5,723,660 | |
9,659 | Welltower, Inc. | 670,528 | |
27,976 | Weyerhaeuser Co. | 898,589 | |
1,715 | 2,3 | Willis Towers Watson PLC | 214,204 |
1,210 | XL Group PLC | 39,603 | |
3,441 | 3 | Zions Bancorp | 94,696 |
TOTAL | 75,088,868 | ||
Health Care—14.1% | |||
19,471 | Amgen, Inc. | 3,082,259 | |
32,300 | Abbott Laboratories | 1,256,470 | |
40,719 | AbbVie, Inc. | 2,483,859 | |
9,294 | 3 | Aetna, Inc. | 1,043,437 |
9,281 | Agilent Technologies, Inc. | 379,779 | |
5,607 | 2 | Alexion Pharmaceuticals, Inc. | 780,943 |
10,032 | 2 | Allergan PLC | 2,172,530 |
7,702 | 3 | AmerisourceBergen Corp. | 655,440 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Health Care—continued | |||
6,822 | Anthem, Inc. | $960,333 | |
3,085 | Bard (C.R.), Inc. | 654,544 | |
11,853 | Baxalta, Inc. | 497,233 | |
12,973 | 3 | Baxter International, Inc. | 573,666 |
7,013 | Becton, Dickinson & Co. | 1,130,916 | |
5,561 | 2 | Biogen, Inc. | 1,529,219 |
21,985 | 2 | Boston Scientific Corp. | 481,911 |
43,043 | Bristol-Myers Squibb Co. | 3,106,844 | |
6,532 | CIGNA Corp. | 904,943 | |
8,436 | Cardinal Health, Inc. | 661,889 | |
19,815 | 2 | Celgene Corp. | 2,049,069 |
4,379 | 2 | Centene Corp. | 271,323 |
7,507 | 2 | Cerner Corp. | 421,443 |
3,627 | 2 | DaVita HealthCare Partners, Inc. | 268,035 |
9,990 | 2 | Dentsply Sirona, Inc. | 595,404 |
3,324 | 2 | Edwards Lifesciences Corp. | 353,042 |
4,023 | 2 | Endo International PLC | 108,621 |
17,192 | 2 | Express Scripts Holding Co. | 1,267,566 |
37,806 | Gilead Sciences, Inc. | 3,334,867 | |
7,627 | 2 | HCA Holdings, Inc. | 614,889 |
1,836 | 2 | Henry Schein, Inc. | 309,733 |
6,362 | 2 | Hologic, Inc. | 213,700 |
2,569 | 3 | Humana, Inc. | 454,893 |
2,233 | 2 | Illumina, Inc. | 301,433 |
1,371 | 2 | Intuitive Surgical, Inc. | 858,740 |
71,583 | Johnson & Johnson | 8,023,023 | |
4,663 | 2 | Laboratory Corp. of America Holdings | 584,367 |
25,015 | Lilly (Eli) & Co. | 1,889,383 | |
72,047 | Merck & Co., Inc. | 3,951,057 | |
6,453 | 2 | Mallinckrodt PLC | 403,442 |
5,724 | McKesson Corp. | 960,602 | |
36,175 | Medtronic PLC | 2,863,251 | |
9,594 | 2 | Mylan NV | 400,166 |
157,177 | Pfizer, Inc. | 5,141,260 | |
1,866 | PerkinElmer, Inc. | 94,084 | |
2,028 | Perrigo Co. PLC | 196,047 | |
3,173 | 3 | Quest Diagnostics, Inc. | 238,514 |
2,640 | 2 | Regeneron Pharmaceuticals, Inc. | 994,514 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Health Care—continued | |||
6,744 | St. Jude Medical, Inc. | $513,893 | |
5,860 | 3 | Stryker Corp. | 638,799 |
8,561 | 3 | Thermo Fisher Scientific, Inc. | 1,234,924 |
24,854 | UnitedHealth Group, Inc. | 3,272,775 | |
2,132 | Universal Health Services, Inc., Class B | 285,006 | |
1,865 | 2,3 | Varian Medical Systems, Inc. | 151,401 |
9,249 | 2 | Vertex Pharmaceuticals, Inc. | 780,061 |
1,826 | 2 | Waters Corp. | 237,672 |
4,172 | Zimmer Biomet Holdings, Inc. | 482,992 | |
10,641 | 3 | Zoetis, Inc. | 500,446 |
TOTAL | 67,616,652 | ||
Industrials—9.9% | |||
15,882 | 3M Co. | 2,658,329 | |
6,992 | AMETEK, Inc. | 336,245 | |
6,039 | 3 | Allegion PLC | 395,253 |
15,319 | American Airlines Group, Inc. | 531,416 | |
16,189 | 3 | Boeing Co. | 2,182,277 |
3,524 | 3 | C.H. Robinson Worldwide, Inc. | 250,098 |
24,460 | CSX Corp. | 667,024 | |
15,374 | 3 | Caterpillar, Inc. | 1,194,867 |
4,072 | 3 | Cummins, Inc. | 476,546 |
15,906 | Danaher Corp. | 1,538,905 | |
4,965 | Deere & Co. | 417,606 | |
20,184 | Delta Air Lines, Inc. | 841,067 | |
4,152 | Dover Corp. | 272,786 | |
3,175 | Dun & Bradstreet Corp. | 350,552 | |
12,008 | Eaton Corp PLC | 759,746 | |
12,396 | Emerson Electric Co. | 677,193 | |
3,189 | Equifax, Inc. | 383,477 | |
4,802 | 3 | Expeditors International Washington, Inc. | 238,227 |
7,326 | Fastenal Co. | 342,784 | |
6,516 | FedEx Corp. | 1,075,857 | |
7,766 | Fluor Corp. | 424,490 | |
233,200 | General Electric Co. | 7,170,900 | |
5,834 | General Dynamics Corp. | 819,794 | |
20,251 | Honeywell International, Inc. | 2,314,082 | |
5,011 | Hunt (J.B.) Transportation Services, Inc. | 415,312 | |
10,719 | Illinois Tool Works, Inc. | 1,120,350 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Industrials—continued | |||
6,572 | Ingersoll-Rand PLC | $430,729 | |
2,115 | 2 | Jacobs Engineering Group, Inc. | 94,287 |
5,422 | 3 | Kansas City Southern Industries, Inc. | 513,735 |
3,950 | 3 | L-3 Communications Holdings, Inc. | 519,544 |
6,984 | Lockheed Martin Corp. | 1,622,942 | |
7,275 | Masco Corp. | 223,415 | |
9,294 | Nielsen Holdings PLC | 484,589 | |
7,611 | Norfolk Southern Corp. | 685,827 | |
4,906 | Northrop Grumman Corp. | 1,011,912 | |
9,162 | PACCAR, Inc. | 539,733 | |
3,430 | Parker-Hannifin Corp. | 397,949 | |
4,386 | 3 | Pentair PLC | 254,739 |
2,897 | Pitney Bowes, Inc. | 60,750 | |
14,299 | 2 | Quanta Services, Inc. | 339,172 |
7,903 | Raytheon Co. | 998,544 | |
7,091 | Republic Services, Inc. | 333,773 | |
2,959 | Robert Half International, Inc. | 113,359 | |
3,386 | Rockwell Automation, Inc. | 384,209 | |
871 | 3 | Rockwell Collins | 76,813 |
2,862 | Roper Technologies, Inc. | 503,970 | |
29 | Snap-On, Inc. | 4,619 | |
16,664 | Southwest Airlines Co. | 743,381 | |
1,675 | Stanley Black & Decker, Inc. | 187,466 | |
2,051 | 2 | Stericycle, Inc. | 195,994 |
13,547 | Textron, Inc. | 523,998 | |
9,822 | The ADT Corp. | 412,328 | |
4,700 | Tyco International PLC | 181,044 | |
19,067 | Union Pacific Corp. | 1,663,214 | |
9,179 | 2 | United Continental Holdings, Inc. | 420,490 |
17,953 | 3 | United Parcel Service, Inc. | 1,886,322 |
5,963 | 2 | United Rentals, Inc. | 399,104 |
20,522 | United Technologies Corp. | 2,141,881 | |
4,143 | 2 | Verisk Analytics, Inc. | 321,414 |
1,667 | W. W. Grainger, Inc. | 390,945 | |
11,467 | Waste Management, Inc. | 674,145 | |
4,783 | Xylem, Inc. | 199,834 | |
TOTAL | 47,791,353 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Information Technology—19.1% | |||
16,614 | Accenture PLC | $1,876,053 | |
11,734 | Activision Blizzard, Inc. | 404,471 | |
12,816 | 2 | Adobe Systems, Inc. | 1,207,524 |
4,014 | 2 | Akamai Technologies, Inc. | 204,674 |
2,643 | 2 | Alliance Data Systems Corp. | 537,348 |
7,695 | 2 | Alphabet, Inc., Class A | 5,447,137 |
7,818 | 2 | Alphabet, Inc., Class C | 5,417,952 |
8,746 | Amphenol Corp., Class A | 488,289 | |
8,735 | Analog Devices, Inc. | 491,955 | |
143,297 | Apple, Inc. | 13,432,661 | |
29,445 | Applied Materials, Inc. | 602,739 | |
5,440 | 2 | Autodesk, Inc. | 325,421 |
9,216 | 3 | Automatic Data Processing, Inc. | 815,063 |
9,470 | Broadcom Ltd. | 1,380,252 | |
7,958 | CA, Inc. | 236,034 | |
131,387 | Cisco Systems, Inc. | 3,611,829 | |
17,258 | Corning, Inc. | 322,207 | |
3,717 | 2,3 | Citrix Systems, Inc. | 304,199 |
15,933 | 2 | Cognizant Technology Solutions Corp. | 930,009 |
50,688 | EMC Corp. Mass | 1,323,464 | |
27,513 | 2 | eBay, Inc. | 672,143 |
7,712 | 2 | Electronic Arts, Inc. | 476,987 |
5,611 | 2 | FIserv, Inc. | 548,307 |
1,659 | 2 | F5 Networks, Inc. | 173,780 |
59,092 | 2 | Facebook, Inc. | 6,948,037 |
7,425 | Fidelity National Information Services, Inc. | 488,565 | |
3,971 | Global Payments, Inc. | 286,627 | |
43,900 | 2 | HP, Inc. | 538,653 |
3,317 | Harris Corp. | 265,393 | |
57,622 | Hewlett Packard Enterprise Co. | 959,983 | |
123,249 | Intel Corp. | 3,731,980 | |
22,852 | 3 | International Business Machines Corp. | 3,335,021 |
4,349 | Intuit, Inc. | 438,771 | |
8,649 | 3 | Juniper Networks, Inc. | 202,387 |
7,248 | KLA-Tencor Corp. | 506,925 | |
4,111 | 3 | Lam Research Corp. | 314,080 |
7,215 | Linear Technology Corp. | 320,923 | |
204,696 | Microsoft Corp. | 10,208,189 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Information Technology—continued | |||
25,787 | Mastercard, Inc., Class A | $2,501,081 | |
5,472 | Microchip Technology, Inc. | 265,884 | |
24,377 | 2 | Micron Technology, Inc. | 262,053 |
4,720 | Motorola Solutions, Inc. | 354,897 | |
20,164 | NVIDIA Corp. | 716,427 | |
6,808 | NetApp, Inc. | 160,941 | |
82,380 | Oracle Corp. | 3,283,667 | |
4,057 | Paychex, Inc. | 211,451 | |
28,104 | 2 | PayPal Holdings, Inc. | 1,101,115 |
3,203 | 2 | Qorvo, Inc. | 144,231 |
38,825 | Qualcomm, Inc. | 1,961,439 | |
7,861 | 2 | Red Hat, Inc. | 576,762 |
16,119 | Symantec Corp. | 268,301 | |
19,414 | 2 | Salesforce.com, Inc. | 1,471,581 |
5,026 | 2 | Sandisk Corp. | 377,603 |
6,900 | Seagate Technology | 150,213 | |
4,779 | Skyworks Solutions, Inc. | 319,333 | |
5,762 | TE Connectivity Ltd. | 342,724 | |
12,095 | 2 | Teradata Corporation | 306,003 |
21,873 | Texas Instruments, Inc. | 1,247,636 | |
3,467 | Total System Services, Inc. | 177,302 | |
2,018 | 2,3 | Verisign, Inc. | 174,355 |
50,113 | 3 | Visa, Inc., Class A Shares | 3,870,728 |
10,985 | Western Digital Corp. | 448,902 | |
10,530 | Western Union Co. | 210,600 | |
3,129 | Xerox Corp. | 30,038 | |
6,871 | Xilinx, Inc. | 296,003 | |
15,774 | 2 | Yahoo, Inc. | 577,328 |
TOTAL | 91,584,630 | ||
Materials—2.9% | |||
6,631 | Air Products & Chemicals, Inc. | 967,397 | |
1,671 | Airgas, Inc. | 238,017 | |
10,846 | 3 | Alcoa, Inc. | 121,150 |
2,063 | Avery Dennison Corp. | 149,794 | |
4,256 | Ball Corp. | 303,793 | |
23,188 | Du Pont (E.I.) de Nemours & Co. | 1,528,321 | |
24,347 | Dow Chemical Co. | 1,280,896 | |
4,434 | 3 | Eastman Chemical Co. | 338,669 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Materials—continued | |||
7,295 | Ecolab, Inc. | $838,779 | |
29,449 | 2,3 | Freeport-McMoRan, Inc. | 412,286 |
2,465 | 3 | International Flavors & Fragrances, Inc. | 294,493 |
9,492 | International Paper Co. | 410,719 | |
8,767 | LyondellBasell Industries NV, Class A | 724,768 | |
1,545 | 3 | Martin Marietta Materials | 261,460 |
11,848 | Monsanto Co. | 1,109,921 | |
1,417 | Mosaic Co./The | 39,662 | |
14,322 | Newmont Mining Corp. | 500,840 | |
13,112 | Nucor Corp. | 652,715 | |
1,328 | 2 | Owens-Illinois, Inc. | 24,515 |
7,298 | PPG Industries, Inc. | 805,626 | |
7,750 | Praxair, Inc. | 910,315 | |
9,905 | Sealed Air Corp. | 469,101 | |
2,067 | Sherwin-Williams Co. | 593,870 | |
3,509 | Vulcan Materials Co. | 377,674 | |
12,365 | WestRock Co. | 517,475 | |
TOTAL | 13,872,256 | ||
Telecommunication Services—2.6% | |||
159,790 | AT&T, Inc. | 6,203,048 | |
13,336 | 3 | CenturyLink, Inc. | 412,749 |
22,851 | Frontier Communications Corp. | 127,052 | |
7,528 | 2 | Level 3 Communications, Inc. | 393,413 |
105,905 | Verizon Communications | 5,394,801 | |
TOTAL | 12,531,063 | ||
Utilities—3.3% | |||
6,632 | AGL Resources, Inc. | 436,783 | |
5,524 | Ameren Corp. | 265,152 | |
13,363 | American Electric Power Co., Inc. | 848,550 | |
4,609 | American Water Works Co., Inc. | 335,351 | |
6,050 | CMS Energy Corp. | 246,114 | |
8,919 | 3 | CenterPoint Energy, Inc. | 191,312 |
8,178 | 3 | Consolidated Edison Co. | 610,079 |
2,066 | DTE Energy Co. | 184,205 | |
15,994 | Dominion Resources, Inc. | 1,143,091 | |
18,324 | Duke Energy Corp. | 1,443,565 | |
11,618 | Edison International | 821,509 | |
4,436 | Entergy Corp. | 333,498 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Utilities—continued | |||
7,387 | EverSource Energy | $416,922 | |
23,514 | Exelon Corp. | 825,106 | |
17,262 | FirstEnergy Corp. | 562,569 | |
13,815 | NextEra Energy, Inc. | 1,624,368 | |
24,540 | NRG Energy, Inc. | 370,554 | |
18,070 | NiSource, Inc. | 410,370 | |
8,824 | PG & E Corp. | 513,557 | |
11,276 | PPL Corp. | 424,429 | |
2,530 | Pinnacle West Capital Corp. | 183,804 | |
8,082 | Public Service Enterprises Group, Inc. | 372,823 | |
3,460 | SCANA Corp. | 237,667 | |
6,526 | Sempra Energy | 674,462 | |
24,441 | 3 | Southern Co. | 1,224,494 |
4,409 | TECO Energy, Inc. | 122,438 | |
4,267 | 3 | WEC Energy Group, Inc. | 248,382 |
13,928 | 3 | Xcel Energy, Inc. | 557,538 |
TOTAL | 15,628,692 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $162,448,160) | 465,254,533 | ||
INVESTMENT COMPANIES—8.8%4 | |||
14,113,517 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 0.45%5 | 14,113,517 | |
28,466,465 | 6 | Federated Institutional Money Market Management, Institutional Shares, 0.45%5 | 28,466,465 |
TOTAL INVESTMENT COMPANIES (AT NET ASSET VALUE) | 42,579,982 | ||
TOTAL INVESTMENTS—105.7% (IDENTIFIED COST $205,028,142)7 | 507,834,515 | ||
OTHER ASSETS AND LIABILITIES - NET—(5.7)%8 | (27,532,207) | ||
TOTAL NET ASSETS—100% | $480,302,308 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation (Depreciation) |
2S&P 500 E-Mini Index Long Futures | 20 | $2,059,100 | June 2016 | $(5,516) |
2S&P 500 Index Long Futures | 25 | $12,869,375 | June 2016 | $337,294 |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $331,778 |
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 $14,928,475 at April 30, 2016, which represents 3.1% 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. |
3 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
4 | Affiliated holding. |
5 | 7-day net yield. |
6 | All or a portion of this security is held as collateral for securities lending. |
7 | The cost of investments for federal tax purposes amounted to $205,160,605. |
8 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 4/30/2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $16.06 | $17.27 | $16.34 | $14.17 | $12.83 | $12.69 |
Income From Investment Operations: | ||||||
Net investment income | 0.06 | 0.11 | 0.09 | 0.111 | 0.09 | 0.081 |
Net realized and unrealized gain (loss) on investments and futures contracts | (0.10) | 0.51 | 2.29 | 3.29 | 1.60 | 0.77 |
TOTAL FROM INVESTMENT OPERATIONS | (0.04) | 0.62 | 2.38 | 3.40 | 1.69 | 0.85 |
Less Distributions: | ||||||
Distributions from net investment income | (0.07) | (0.11) | (0.09) | (0.11) | (0.09) | (0.08) |
Distributions from net realized gain on investments and futures contracts | (1.84) | (1.72) | (1.36) | (1.12) | (0.26) | (0.63) |
TOTAL DISTRIBUTIONS | (1.91) | (1.83) | (1.45) | (1.23) | (0.35) | (0.71) |
Net Asset Value, End of Period | $14.11 | $16.06 | $17.27 | $16.34 | $14.17 | $12.83 |
Total Return2 | (0.16)% | 3.71% | 15.74% | 26.19% | 13.43% | 6.87% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.42%3 | 1.42% | 1.42% | 1.43% | 1.43% | 1.43% |
Net investment income | 0.81%3 | 0.61% | 0.56% | 0.73% | 0.72% | 0.59% |
Expense waiver/reimbursement4 | 0.11%3 | 0.04% | 0.04% | 0.04% | 0.07% | 0.06% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $35,943 | $40,273 | $38,684 | $37,078 | $30,445 | $29,402 |
Portfolio turnover | 16% | 31% | 28% | 26% | 38% | 53% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 4/30/2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $16.19 | $17.39 | $16.45 | $14.26 | $12.90 | $12.76 |
Income From Investment Operations: | ||||||
Net investment income | 0.08 | 0.16 | 0.13 | 0.161 | 0.15 | 0.121 |
Net realized and unrealized gain (loss) on investments and futures contracts | (0.09) | 0.52 | 2.31 | 3.31 | 1.61 | 0.77 |
TOTAL FROM INVESTMENT OPERATIONS | (0.01) | 0.68 | 2.44 | 3.47 | 1.76 | 0.89 |
Less Distributions: | ||||||
Distributions from net investment income | (0.09) | (0.16) | (0.14) | (0.16) | (0.14) | (0.12) |
Distributions from net realized gain on investments and futures contracts | (1.84) | (1.72) | (1.36) | (1.12) | (0.26) | (0.63) |
TOTAL DISTRIBUTIONS | (1.93) | (1.88) | (1.50) | (1.28) | (0.40) | (0.75) |
Net Asset Value, End of Period | $14.25 | $16.19 | $17.39 | $16.45 | $14.26 | $12.90 |
Total Return2 | 0.06% | 4.05% | 16.05% | 26.59% | 13.89% | 7.18% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.10%3 | 1.10% | 1.10% | 1.07% | 1.10% | 1.10% |
Net investment income | 1.12%3 | 0.93% | 0.87% | 1.09% | 1.03% | 0.91% |
Expense waiver/reimbursement4 | 0.11%3 | 0.06% | 0.04% | 0.04% | 0.07% | 0.06% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $42,246 | $45,190 | $43,501 | $47,403 | $40,047 | $32,474 |
Portfolio turnover | 16% | 31% | 28% | 26% | 38% | 53% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 4/30/2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $16.31 | $17.50 | $16.54 | $14.33 | $12.96 | $12.82 |
Income From Investment Operations: | ||||||
Net investment income | 0.14 | 0.27 | 0.27 | 0.271 | 0.25 | 0.221 |
Net realized and unrealized gain (loss) on investments and futures contracts | (0.11) | 0.54 | 2.31 | 3.33 | 1.62 | 0.77 |
TOTAL FROM INVESTMENT OPERATIONS | 0.03 | 0.81 | 2.58 | 3.60 | 1.87 | 0.99 |
Less Distributions: | ||||||
Distributions from net investment income | (0.14) | (0.28) | (0.26) | (0.27) | (0.24) | (0.22) |
Distributions from net realized gain on investments and futures contracts | (1.84) | (1.72) | (1.36) | (1.12) | (0.26) | (0.63) |
TOTAL DISTRIBUTIONS | (1.98) | (2.00) | (1.62) | (1.39) | (0.50) | (0.85) |
Net Asset Value, End of Period | $14.36 | $16.31 | $17.50 | $16.54 | $14.33 | $12.96 |
Total Return2 | 0.36% | 4.87% | 16.94% | 27.51% | 14.74% | 7.96% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.35%3 | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
Net investment income | 1.87%3 | 1.68% | 1.62% | 1.80% | 1.80% | 1.67% |
Expense waiver/reimbursement4 | 0.09%3 | 0.07% | 0.07% | 0.08% | 0.08% | 0.09% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $213,246 | $257,742 | $266,292 | $252,517 | $198,656 | $187,164 |
Portfolio turnover | 16% | 31% | 28% | 26% | 38% | 53% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 4/30/2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
Net Asset Value, Beginning of Period | $16.20 | $17.40 | $16.45 | $14.26 | $12.90 | $12.77 |
Income From Investment Operations: | ||||||
Net investment income | 0.11 | 0.21 | 0.22 | 0.231 | 0.20 | 0.181 |
Net realized and unrealized gain (loss) on investments and futures contracts | (0.10) | 0.54 | 2.30 | 3.30 | 1.62 | 0.76 |
TOTAL FROM INVESTMENT OPERATIONS | 0.01 | 0.75 | 2.52 | 3.53 | 1.82 | 0.94 |
Less Distributions: | ||||||
Distributions from net investment income | (0.12) | (0.23) | (0.21) | (0.22) | (0.20) | (0.18) |
Distributions from net realized gain on investments and futures contracts | (1.84) | (1.72) | (1.36) | (1.12) | (0.26) | (0.63) |
TOTAL DISTRIBUTIONS | (1.96) | (1.95) | (1.57) | (1.34) | (0.46) | (0.81) |
Net Asset Value, End of Period | $14.25 | $16.20 | $17.40 | $16.45 | $14.26 | $12.90 |
Total Return2 | 0.21% | 4.52% | 16.62% | 27.11% | 14.38% | 7.59% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.65%3 | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Net investment income | 1.57%3 | 1.38% | 1.32% | 1.53% | 1.50% | 1.35% |
Expense waiver/reimbursement4 | 0.37%3 | 0.35% | 0.35% | 0.36% | 0.39% | 0.38% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $188,868 | $218,171 | $270,634 | $251,893 | $259,304 | $287,432 |
Portfolio turnover | 16% | 31% | 28% | 26% | 38% | 53% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Total investment in securities, at value including $26,804,264 of securities loaned and $42,579,982 of investment in affiliated holdings (Note 5) (identified cost $205,028,142) | $507,834,515 | |
Cash | 1,600 | |
Restricted cash (Note 2) | 652,500 | |
Income receivable | 491,417 | |
Receivable for investments sold | 52,613 | |
Receivable for shares sold | 301,916 | |
TOTAL ASSETS | 509,334,561 | |
Liabilities: | ||
Payable for shares redeemed | $212,301 | |
Payable for daily variation margin on futures contracts | 88,380 | |
Payable for collateral due to broker for securities lending | 28,466,465 | |
Payable to adviser (Note 5) | 6,589 | |
Payable for distribution services fee (Note 5) | 48,661 | |
Payable for other service fees (Notes 2 and 5) | 57,016 | |
Accrued expenses (Note 5) | 152,841 | |
TOTAL LIABILITIES | 29,032,253 | |
Net assets for 33,610,896 shares outstanding | $480,302,308 | |
Net Assets Consist of: | ||
Paid-in capital | $137,948,521 | |
Net unrealized appreciation of investments and futures contracts | 303,138,151 | |
Accumulated net realized gain on investments and futures contracts | 39,029,123 | |
Undistributed net investment income | 186,513 | |
TOTAL NET ASSETS | $480,302,308 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class C Shares: | ||
Net asset value per share ($35,943,421 ÷ 2,547,147 shares outstanding), no par value, unlimited shares authorized | $14.11 | |
Offering price per share | $14.11 | |
Redemption proceeds per share (99.00/100 of $14.11) | $13.97 | |
Class R Shares: | ||
Net asset value per share ($42,245,708 ÷ 2,965,219 shares outstanding), no par value, unlimited shares authorized | $14.25 | |
Offering price per share | $14.25 | |
Redemption proceeds per share | $14.25 | |
Institutional Shares: | ||
Net asset value per share ($213,245,604 ÷ 14,849,186 shares outstanding), no par value, unlimited shares authorized | $14.36 | |
Offering price per share | $14.36 | |
Redemption proceeds per share | $14.36 | |
Service Shares: | ||
Net asset value per share ($188,867,575 ÷ 13,249,344 shares outstanding), no par value, unlimited shares authorized | $14.25 | |
Offering price per share | $14.25 | |
Redemption proceeds per share | $14.25 |
Investment Income: | |||
Dividends (including $48,891 received from affiliated holdings (Note 5)) | $5,443,559 | ||
Interest income on securities loaned | 18,555 | ||
TOTAL INCOME | 5,462,114 | ||
Expenses: | |||
Management fee (Note 5) | $732,859 | ||
Custodian fees | 28,709 | ||
Transfer agent fee (Note 2) | 261,848 | ||
Directors'/Trustees' fees (Note 5) | 4,003 | ||
Auditing fees | 12,332 | ||
Legal fees | 19,794 | ||
Portfolio accounting fees | 64,992 | ||
Distribution services fee (Note 5) | 532,450 | ||
Other service fees (Notes 2 and 5) | 284,718 | ||
Share registration costs | 28,585 | ||
Printing and postage | 19,018 | ||
Miscellaneous (Note 5) | 9,717 | ||
TOTAL EXPENSES | 1,999,025 | ||
Waivers and Reimbursements: | |||
Waiver/reimbursement of management fee (Note 5) | $(130,222) | ||
Waivers/reimbursements of other operating expenses (Notes 2 and 5) | (357,580) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | (487,802) | ||
Net expenses | 1,511,223 | ||
Net investment income | 3,950,891 | ||
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | |||
Net realized gain on investments | 47,475,049 | ||
Net realized gain on futures contracts | 900,712 | ||
Net change in unrealized appreciation of investments | (52,832,688) | ||
Net change in unrealized appreciation of futures contracts | (613,971) | ||
Net realized and unrealized loss on investments and futures contracts | (5,070,898) | ||
Change in net assets resulting from operations | $(1,120,007) |
Six Months Ended (unaudited) 4/30/2016 | Year Ended 10/31/2015 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $3,950,891 | $8,488,398 |
Net realized gain on investments and futures contracts | 48,375,761 | 63,217,706 |
Net change in unrealized appreciation/depreciation of investments and futures contracts | (53,446,659) | (44,187,247) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (1,120,007) | 27,518,857 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class C Shares | (180,473) | (271,598) |
Class R Shares | (271,484) | (440,589) |
Institutional Shares | (2,179,378) | (4,527,126) |
Service Shares | (1,662,046) | (3,482,155) |
Distributions from net realized gain on investments and futures contracts | ||
Class C Shares | (4,570,445) | (3,821,555) |
Class R Shares | (5,000,250) | (4,346,398) |
Institutional Shares | (28,096,200) | (26,937,382) |
Service Shares | (23,642,955) | (25,795,741) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (65,603,231) | (69,622,544) |
Share Transactions: | ||
Proceeds from sale of shares | 47,001,416 | 126,737,558 |
Net asset value of shares issued to shareholders in payment of distributions declared | 60,241,972 | 64,432,717 |
Cost of shares redeemed | (121,594,257) | (206,801,787) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (14,350,869) | (15,631,512) |
Change in net assets | (81,074,107) | (57,735,199) |
Net Assets: | ||
Beginning of period | 561,376,415 | 619,111,614 |
End of period (including undistributed net investment income of $186,513 and $529,003, respectively) | $480,302,308 | $561,376,415 |
■ | 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 acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Board of Trustees (the “Trustees”). |
■ | Fixed-income securities and repurchase agreements acquired with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security. |
■ | 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. |
■ | 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. |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class C Shares | $18,946 | $— |
Class R Shares | 69,959 | (10,873) |
Institutional Shares | 77,504 | (43,195) |
Service Shares | 95,439 | (65,069) |
TOTAL | $261,848 | $(119,137) |
Other Service Fees Incurred | |
Class C Shares | $46,274 |
Service Shares | 238,444 |
TOTAL | $284,718 |
Market Value of Securities Loaned | Market Value of Collateral |
$26,804,264 | $28,466,465 |
Fair Value of Derivative Instruments | ||
Liability | ||
Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||
Equity contracts | Payable for daily variation margin on futures contracts | $(331,778)* |
* | Includes cumulative appreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Futures | |
Interest rate contracts | $900,712 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures | |
Interest rate contracts | $(613,971) |
Six Months Ended 4/30/2016 | Year Ended 10/31/2015 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 332,527 | $4,616,253 | 655,380 | $10,503,815 |
Shares issued to shareholders in payment of distributions declared | 314,625 | 4,411,247 | 233,536 | 3,736,566 |
Shares redeemed | (607,758) | (8,493,603) | (621,583) | (9,951,236) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 39,394 | $533,897 | 267,333 | $4,289,145 |
Six Months Ended 4/30/2016 | Year Ended 10/31/2015 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 469,230 | $6,531,458 | 972,237 | $15,752,227 |
Shares issued to shareholders in payment of distributions declared | 352,044 | 4,983,685 | 283,985 | 4,582,072 |
Shares redeemed | (646,480) | (9,185,872) | (966,957) | (15,663,969) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 174,794 | $2,329,271 | 289,265 | $4,670,330 |
Six Months Ended 4/30/2016 | Year Ended 10/31/2015 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,574,560 | $21,989,606 | 4,006,051 | $65,219,637 |
Shares issued to shareholders in payment of distributions declared | 1,854,417 | 26,459,893 | 1,717,698 | 27,895,971 |
Shares redeemed | (4,385,522) | (62,290,860) | (5,134,327) | (83,638,740) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (956,545) | $(13,841,361) | 589,422 | $9,476,868 |
Six Months Ended 4/30/2016 | Year Ended 10/31/2015 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 985,998 | $13,864,099 | 2,183,543 | $35,261,879 |
Shares issued to shareholders in payment of distributions declared | 1,722,067 | 24,387,147 | 1,748,536 | 28,218,108 |
Shares redeemed | (2,925,268) | (41,623,922) | (6,020,146) | (97,547,842) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (217,203) | $(3,372,676) | (2,088,067) | $(34,067,855) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (959,560) | $(14,350,869) | (942,047) | $(15,631,512) |
Share Class Name | Percentage of Average Daily Net Assets of Class |
Class C Shares | 0.75% |
Class R Shares | 0.50% |
Service Shares | 0.30% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Class C Shares | $139,249 | $— |
Class R Shares | 104,906 | — |
Service Shares | 288,295 | (238,443) |
TOTAL | $532,450 | $(238,443) |
Federated Institutional Money Market Management, Institutional Shares | Federated Institutional Prime Value Obligations Fund, Institutional Shares | Total of Affiliated Transactions | |
Balance of Shares Held 10/31/2015 | 6,779,623 | 16,422,181 | 23,201,804 |
Purchases/Additions | 82,219,127 | 75,243,103 | 157,462,230 |
Sales/Reductions | (60,532,285) | (77,551,767) | (138,084,052) |
Balance of Shares Held 4/30/2016 | 28,466,465 | 14,113,517 | 42,579,982 |
Value | $28,466,465 | $14,113,517 | $42,579,982 |
Dividend Income | $25,224 | $23,667 | $48,891 |
Purchases | $77,907,081 |
Sales | $151,571,257 |
Beginning Account Value 11/1/2015 | Ending Account Value 4/30/2016 | Expenses Paid During Period1 | |
Actual: | |||
Class C Shares | $1,000 | $998.40 | $7.06 |
Class R Shares | $1,000 | $1,000.60 | $5.47 |
Institutional Shares | $1,000 | $1,003.60 | $1.74 |
Service Shares | $1,000 | $1,002.10 | $3.24 |
Hypothetical (assuming a 5% return before expenses): | |||
Class C Shares | $1,000 | $1,017.80 | $7.12 |
Class R Shares | $1,000 | $1,019.39 | $5.52 |
Institutional Shares | $1,000 | $1,023.12 | $1.76 |
Service Shares | $1,000 | $1,021.63 | $3.27 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class C Shares | 1.42% |
Class R Shares | 1.10% |
Institutional Shares | 0.35% |
Service Shares | 0.65% |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31420E809
CUSIP 31420E106
CUSIP 31420E403
2016 ©Federated Investors, Inc.
Item 2. Code of Ethics
Not Applicable
Item 3. Audit Committee Financial Expert
Not Applicable
Item 4. Principal Accountant Fees and Services
Not Applicable
Item 5. Audit Committee of Listed Registrants
Not Applicable
Item 6. Schedule of Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not Applicable |
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not Applicable |
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not Applicable |
Item 10. Submission of Matters to a Vote of Security Holders
No Changes to Report
Item 11. Controls and Procedures
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Index Trust
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date June 23, 2016
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue
Principal Executive Officer
Date June 23, 2016
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date June 23, 2016