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, Pennsylvania 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: 10/31/16
Item 1. Reports to Stockholders
Share Class | Ticker |
C | MXCCX |
R | FMXKX |
Institutional | FISPX |
Service | FMXSX |
1 | Please see the footnotes to the line graphs below for definitions of, and further information about, the S&P 500. |
2 | The S&P Composite 1500® Index combines three leading indices, the S&P 500®, the S&P MidCap 400® Index and the S&P SmallCap 600® Index to cover approximately 90% of the U.S. market capitalization. The index is unmanaged, and it is not possible to invest directly in an index. |
3 | The S&P SmallCap 600® Index measures the small cap segment of the U.S. equity market. The index is designed to be an investable portfolio of companies that meet specific inclusion criteria to ensure that they are liquid and financially viable. The index is unmanaged, and it is not possible to invest directly in an index. |
4 | The S&P MidCap 400® Index is an unmanaged capitalization weighted index of common stocks representing all major industries in the mid-range of the U.S. stock market. The index is unmanaged, and it is not possible to invest directly in an index. |
5 | The S&P 100® Index, a sub-set of the S&P 500® Index, measures the performance of large cap companies in the United States. The Index comprises 100 major, blue chip companies across multiple industry groups. Individual stock options are listed for each index constituent. The index is unmanaged, and it is not possible to invest directly in an index. |
6 | The S&P Composite 1500® Value Index measures value stocks using three factors: the ratios of book value, earnings, and sales to price. S&P Style Indices divide the complete market capitalization of each parent index into growth and value segments. Constituents are drawn from the S&P 1500® Index, which combines the S&P 500 ® Index, S&P MidCap 400® Index and the S&P SmallCap 600® Index. The index is unmanaged, and it is not possible to invest directly in an index. |
7 | The S&P Composite 1500® Growth Index measures growth stocks using three factors: sales growth, the ratio of earnings change to price, and momentum. S&P Style Indices divide the complete market capitalization of each parent index into growth and value segments. Constituents are drawn from the S&P 1500® Index which combines the S&P 500® Index, S&P MidCap 400® Index and the S&P SmallCap 600® Index. The index is unmanaged, and it is not possible to invest directly in an index. |
8 | Sector classifications are based upon the classification of the Standard & Poor's Global Industry Classification Standard. |
9 | The Fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional instruments. |
Federated Max-Cap Index Fund - | Institutional Shares | Class C Shares | NA | S&P 500 |
F | F | NA | I | |
10/31/2006 | 10,000 | 10,000 | 10,000 | |
10/31/2007 | 11,413 | 11,291 | 11,456 | |
10/31/2008 | 7,278 | 7,127 | 7,321 | |
10/31/2009 | 7,990 | 7,737 | 8,038 | |
10/31/2010 | 9,299 | 8,907 | 9,366 | |
10/31/2011 | 10,039 | 9,518 | 10,124 | |
10/31/2012 | 11,519 | 10,797 | 11,663 | |
10/31/2013 | 14,687 | 13,624 | 14,833 | |
10/31/2014 | 17,174 | 15,769 | 17,394 | |
10/31/2015 | 18,010 | 16,355 | 18,299 | |
10/31/2016 | 18,784 | 16,877 | 19,124 |
■ | Total returns shown for Class C Shares include the maximum contingent deferred sales charge of 1.00%, as applicable. |
1 Year | 5 Years | 10 Years | |
Class C Shares | 2.29% | 12.14% | 5.37% |
Class R Shares | 3.56% | 12.51% | 5.72% |
Institutional Shares | 4.30% | 13.35% | 6.51% |
Service Shares | 4.01% | 13.01% | 6.19% |
S&P 500 | 4.51% | 13.57% | 6.70% |
1 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class C Shares, a 1.00% contingent deferred sales charge would be applied to any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities in the index. |
2 | The S&P 500 is an unmanaged capitalization weighted index of 500 stocks designated to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The S&P 500 is not adjusted to reflect taxes, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. The S&P 500 is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. |
Sector | Percentage of Total Net Assets |
Information Technology | 20.7% |
Health Care | 13.4% |
Financials | 12.9% |
Consumer Discretionary | 11.9% |
Consumer Staples | 9.6% |
Industrials | 9.4% |
Energy | 6.8% |
Utilities | 3.3% |
Real Estate | 2.8% |
Materials | 2.7% |
Telecommunication Services | 2.4% |
Derivative Contracts2 | 0.0% |
Securities Lending Collateral3 | 0.1% |
Cash Equivalents4 | 4.2% |
Other Assets and Liabilities—Net5 | (0.2)% |
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 100.1%. |
Shares | Value | ||
COMMON STOCKS—95.9%1 | |||
Consumer Discretionary—11.9% | |||
281 | Advance Auto Parts, Inc. | $39,362 | |
9,713 | 2 | Amazon.com, Inc. | 7,671,522 |
956 | 2 | AutoNation, Inc. | 41,940 |
781 | 2 | AutoZone, Inc. | 579,627 |
3,103 | Bed Bath & Beyond, Inc. | 125,423 | |
12,915 | Best Buy Co., Inc. | 502,523 | |
5,332 | BorgWarner, Inc. | 191,099 | |
9,660 | CBS Corp., Class B | 546,949 | |
703 | 2 | CarMax, Inc. | 35,108 |
11,032 | Carnival Corp. | 541,671 | |
5,326 | 2 | Charter Communications, Inc. | 1,330,914 |
166 | 2 | Chipotle Mexican Grill, Inc. | 59,886 |
6,684 | Coach, Inc. | 239,889 | |
62,879 | Comcast Corp., Class A | 3,887,180 | |
6,873 | D.R. Horton, Inc. | 198,149 | |
3,680 | Darden Restaurants, Inc. | 238,427 | |
7,340 | Delphi Automotive PLC | 477,614 | |
2,792 | 2 | Discovery Communications, Inc., Class A | 72,899 |
6,514 | 2 | Discovery Communications, Inc., Class C | 163,567 |
6,031 | Dollar General Corp. | 416,682 | |
8,630 | 2 | Dollar Tree, Inc. | 651,996 |
930 | Expedia, Inc. | 120,184 | |
3,011 | Foot Locker, Inc. | 201,044 | |
97,831 | Ford Motor Co. | 1,148,536 | |
3,655 | Gap (The), Inc. | 100,841 | |
7,675 | Garmin Ltd. | 371,163 | |
27,780 | General Motors Co. | 877,848 | |
4,157 | Genuine Parts Co. | 376,583 | |
6,221 | Goodyear Tire & Rubber Co. | 180,596 | |
7,969 | Hanesbrands, Inc. | 204,803 | |
3,892 | Harley Davidson, Inc. | 221,922 | |
1,605 | Harman International Industries, Inc. | 127,935 | |
3,218 | Hasbro, Inc. | 268,413 | |
30,436 | Home Depot, Inc. | 3,713,496 | |
24,382 | Johnson Controls International PLC | 983,082 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Consumer Discretionary—continued | |||
9,814 | Kohl's Corp. | $429,362 | |
2,751 | L Brands, Inc. | 198,595 | |
1,167 | 2 | LKQ Corp. | 37,671 |
4,136 | Leggett and Platt, Inc. | 189,760 | |
9,744 | Lennar Corp., Class A | 406,227 | |
21,487 | Lowe's Cos., Inc. | 1,432,109 | |
6,339 | Macy's, Inc. | 231,310 | |
11,184 | Marriott International, Inc., Class A | 768,341 | |
8,217 | Mattel, Inc. | 259,082 | |
21,501 | McDonald's Corp. | 2,420,368 | |
8,992 | 2 | Michael Kors Holdings Ltd. | 456,614 |
1,553 | 2 | Mohawk Industries, Inc. | 286,218 |
8,669 | 2 | NetFlix, Inc. | 1,082,498 |
11,064 | Newell Brands, Inc. | 531,293 | |
2,299 | News Corp. | 28,508 | |
7,730 | News Corp., Class A | 93,688 | |
29,212 | Nike, Inc., Class B | 1,465,858 | |
7,311 | Nordstrom, Inc. | 380,172 | |
2,371 | 2 | O'Reilly Automotive, Inc. | 626,987 |
6,392 | Omnicom Group, Inc. | 510,209 | |
4,119 | PVH Corp. | 440,651 | |
1,055 | Ralph Lauren Corp. | 103,495 | |
13,512 | Ross Stores, Inc. | 845,040 | |
3,847 | Royal Caribbean Cruises, Ltd. | 295,719 | |
2,458 | Scripps Networks Interactive | 158,197 | |
1,289 | 3 | Signet Jewelers Ltd. | 104,744 |
10,896 | Staples, Inc. | 80,630 | |
40,513 | Starbucks Corp. | 2,150,025 | |
16,851 | TJX Cos., Inc. | 1,242,761 | |
13,954 | Target Corp. | 959,058 | |
5,459 | Tegna, Inc. | 107,106 | |
1,230 | 2 | The Priceline Group, Inc. | 1,813,303 |
2,399 | Tiffany & Co. | 176,135 | |
19,425 | Time Warner, Inc. | 1,728,631 | |
3,641 | Tractor Supply Co. | 228,036 | |
2,817 | 2 | TripAdvisor, Inc. | 181,640 |
25,353 | Twenty-First Century Fox, Inc. | 666,023 | |
12,990 | Twenty-First Century Fox, Inc., Class B | 342,806 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Consumer Discretionary—continued | |||
1,333 | 2 | Ulta Salon Cosmetics & Fragrance, Inc. | $324,372 |
1,561 | 2,3 | Under Armour, Inc., Class A | 48,547 |
1,171 | 2 | Under Armour, Inc., Class C | 30,282 |
8,512 | 2 | Urban Outfitters, Inc. | 284,726 |
8,885 | V.F. Corp. | 481,656 | |
2,432 | Viacom, Inc., Class B - New | 91,346 | |
37,063 | Walt Disney Co. | 3,435,369 | |
1,841 | Whirlpool Corp. | 275,819 | |
2,156 | Wyndham Worldwide Corp. | 141,951 | |
1,541 | Wynn Resorts Ltd. | 145,702 | |
9,066 | Yum! Brands, Inc. | 782,214 | |
TOTAL | 56,409,727 | ||
Consumer Staples—9.6% | |||
48,256 | Altria Group, Inc. | 3,190,687 | |
13,956 | Archer-Daniels-Midland Co. | 608,063 | |
5,517 | Brown-Forman Corp., Class B | 254,720 | |
26,879 | CVS Health Corp. | 2,260,524 | |
8,922 | Campbell Soup Co. | 484,821 | |
7,345 | Church and Dwight, Inc. | 354,470 | |
3,338 | Clorox Co. | 400,627 | |
22,685 | Colgate-Palmolive Co. | 1,618,802 | |
9,257 | ConAgra Foods, Inc. | 446,002 | |
3,003 | Constellation Brands, Inc., Class A | 501,861 | |
9,331 | Costco Wholesale Corp. | 1,379,775 | |
9,787 | Coty, Inc., Class A | 225,003 | |
5,094 | Dr. Pepper Snapple Group, Inc. | 447,202 | |
5,987 | Estee Lauder Cos., Inc., Class A | 521,647 | |
14,066 | General Mills, Inc. | 871,811 | |
5,861 | Hershey Foods Corp. | 600,518 | |
428 | Hormel Foods Corp. | 16,478 | |
5,650 | Kellogg Co. | 424,484 | |
9,037 | Kimberly-Clark Corp. | 1,033,923 | |
12,162 | Kraft Heinz Co./The | 1,081,810 | |
22,414 | Kroger Co. | 694,386 | |
2,508 | McCormick & Co., Inc. | 240,442 | |
4,097 | Mead Johnson Nutrition Co. | 306,333 | |
4,321 | Molson Coors Brewing Co., Class B | 448,563 | |
39,538 | Mondelez International, Inc. | 1,776,838 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Consumer Staples—continued | |||
3,367 | 2 | Monster Beverage Corp. | $485,993 |
35,981 | PepsiCo, Inc. | 3,857,163 | |
38,828 | Philip Morris International | 3,744,572 | |
66,524 | Procter & Gamble Co. | 5,774,283 | |
15,621 | Reynolds American, Inc. | 860,405 | |
4,545 | Smucker (J.M.) Co. | 596,804 | |
12,378 | Sysco Corp. | 595,629 | |
97,152 | The Coca-Cola Co. | 4,119,245 | |
10,474 | Tyson Foods, Inc., Class A | 742,083 | |
37,291 | Wal-Mart Stores, Inc. | 2,611,116 | |
21,159 | Walgreens Boots Alliance, Inc. | 1,750,484 | |
8,331 | Whole Foods Market, Inc. | 235,684 | |
TOTAL | 45,563,251 | ||
Energy—6.8% | |||
16,655 | Anadarko Petroleum Corp. | 989,973 | |
13,292 | Apache Corp. | 790,608 | |
15,248 | Baker Hughes, Inc. | 844,739 | |
20,667 | Cabot Oil & Gas Corp., Class A | 431,527 | |
10,169 | 2 | Chesapeake Energy Corp. | 56,031 |
44,352 | Chevron Corp. | 4,645,872 | |
2,050 | Cimarex Energy Co. | 264,717 | |
3,514 | 2 | Concho Resources, Inc. | 446,067 |
31,777 | ConocoPhillips | 1,380,711 | |
11,828 | Devon Energy Corp. | 448,163 | |
13,114 | EOG Resources, Inc. | 1,185,768 | |
4,429 | EQT Corp. | 292,314 | |
99,858 | Exxon Mobil Corp. | 8,320,169 | |
6,894 | 2 | FMC Technologies, Inc. | 222,469 |
15,804 | Halliburton Co. | 726,984 | |
2,953 | 3 | Helmerich & Payne, Inc. | 186,364 |
1,739 | Hess Corp. | 83,420 | |
46,859 | Kinder Morgan, Inc. | 957,329 | |
19,617 | Marathon Oil Corp. | 258,552 | |
12,028 | Marathon Petroleum Corp. | 524,301 | |
10,277 | National Oilwell Varco, Inc. | 329,892 | |
3,798 | 2 | Newfield Exploration Co. | 154,161 |
17,391 | Noble Energy, Inc. | 599,468 | |
4,617 | ONEOK, Inc. | 223,601 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Energy—continued | |||
19,528 | Occidental Petroleum Corp. | $1,423,787 | |
11,275 | Phillips 66 | 914,966 | |
3,938 | Pioneer Natural Resources, Inc. | 704,981 | |
3,484 | Range Resources Corp. | 117,724 | |
34,993 | Schlumberger Ltd. | 2,737,502 | |
10,083 | 2 | Southwestern Energy Co. | 104,762 |
11,905 | Spectra Energy Corp. | 497,748 | |
2,544 | Tesoro Petroleum Corp. | 216,164 | |
11,122 | Valero Energy Corp. | 658,867 | |
15,676 | Williams Companies, Inc. | 457,739 | |
TOTAL | 32,197,440 | ||
Financials—12.9% | |||
1,169 | 2 | Affiliated Managers Group | 155,079 |
10,764 | Aflac, Inc. | 741,317 | |
9,159 | Allstate Corp. | 621,896 | |
18,855 | American Express Co. | 1,252,349 | |
24,578 | American International Group, Inc. | 1,516,463 | |
4,064 | Ameriprise Financial, Inc. | 359,217 | |
6,840 | Aon PLC | 758,077 | |
21,348 | BB&T Corp. | 836,842 | |
267,025 | Bank of America Corp. | 4,405,912 | |
47,271 | 2 | Berkshire Hathaway, Inc., Class B | 6,821,205 |
2,390 | Blackrock, Inc. | 815,564 | |
8,797 | CME Group, Inc. | 880,580 | |
15,748 | Capital One Financial Corp. | 1,165,982 | |
11,639 | Chubb Ltd. | 1,478,153 | |
3,746 | Cincinnati Financial Corp. | 265,142 | |
76,728 | Citigroup, Inc. | 3,771,181 | |
12,597 | Citizens Financial Group, Inc. | 331,805 | |
4,043 | Comerica, Inc. | 210,600 | |
10,258 | Discover Financial Services | 577,833 | |
6,387 | 2 | E*Trade Financial Corp. | 179,858 |
20,556 | Fifth Third Bancorp | 447,299 | |
9,092 | Franklin Resources, Inc. | 306,037 | |
4,798 | Gallagher (Arthur J.) & Co. | 231,407 | |
9,053 | Goldman Sachs Group, Inc. | 1,613,607 | |
9,151 | Hartford Financial Services Group, Inc. | 403,651 | |
31,142 | Huntington Bancshares, Inc. | 330,105 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Financials—continued | |||
3,109 | Intercontinental Exchange, Inc. | $840,642 | |
2,665 | Invesco Ltd. | 74,860 | |
85,888 | JPMorgan Chase & Co. | 5,948,603 | |
30,474 | KeyCorp | 430,293 | |
938 | Legg Mason, Inc. | 26,939 | |
5,617 | Leucadia National Corp. | 104,869 | |
937 | Lincoln National Corp. | 45,997 | |
12,442 | Loews Corp. | 535,379 | |
1,893 | M & T Bank Corp. | 232,328 | |
13,508 | Marsh & McLennan Cos., Inc. | 856,272 | |
26,302 | MetLife, Inc. | 1,235,142 | |
4,285 | Moody's Corp. | 430,728 | |
43,589 | Morgan Stanley | 1,463,283 | |
3,366 | NASDAQ, Inc. | 215,323 | |
24,431 | Navient Corp. | 312,228 | |
1,961 | Northern Trust Corp. | 142,016 | |
12,662 | PNC Financial Services Group | 1,210,487 | |
7,241 | Principal Financial Group | 395,359 | |
21,772 | Progressive Corp. Ohio | 686,036 | |
13,660 | Prudential Financial | 1,158,231 | |
33,134 | Regions Financial Corp. | 354,865 | |
6,533 | S&P Global, Inc. | 796,046 | |
29,914 | Schwab (Charles) Corp. | 948,274 | |
12,328 | State Street Corp. | 865,549 | |
13,139 | SunTrust Banks, Inc. | 594,277 | |
18,486 | Synchrony Financial | 528,515 | |
2,763 | T. Rowe Price Group, Inc. | 176,860 | |
27,529 | The Bank of New York Mellon Corp. | 1,191,180 | |
7,529 | The Travelers Cos, Inc. | 814,487 | |
6,298 | Torchmark Corp. | 399,356 | |
40,857 | U.S. Bancorp | 1,828,759 | |
113,301 | Wells Fargo & Co. | 5,212,979 | |
1,376 | Willis Towers Watson PLC | 173,238 | |
5,446 | XL Group Ltd. | 188,976 | |
5,504 | Zions Bancorp | 177,284 | |
TOTAL | 61,072,821 | ||
Health Care—13.4% | |||
30,777 | Abbott Laboratories | 1,207,689 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Health Care—continued | |||
39,553 | AbbVie, Inc. | $2,206,266 | |
10,681 | Aetna, Inc. | 1,146,605 | |
8,285 | Agilent Technologies, Inc. | 360,977 | |
5,263 | 2 | Alexion Pharmaceuticals, Inc. | 686,821 |
8,861 | 2 | Allergan PLC | 1,851,417 |
7,197 | AmerisourceBergen Corp. | 506,093 | |
18,576 | Amgen, Inc. | 2,622,188 | |
6,289 | Anthem, Inc. | 766,378 | |
790 | Bard (C.R.), Inc. | 171,177 | |
13,081 | Baxter International, Inc. | 622,525 | |
6,569 | Becton, Dickinson & Co. | 1,103,001 | |
5,374 | 2 | Biogen, Inc. | 1,505,687 |
33,044 | 2 | Boston Scientific Corp. | 726,968 |
41,279 | Bristol-Myers Squibb Co. | 2,101,514 | |
6,428 | CIGNA Corp. | 763,839 | |
7,661 | Cardinal Health, Inc. | 526,234 | |
18,818 | 2 | Celgene Corp. | 1,922,823 |
810 | 2 | Centene Corp. | 50,609 |
7,548 | 2 | Cerner Corp. | 442,162 |
1,205 | Cooper Cos., Inc. | 212,128 | |
15,627 | Danaher Corp. | 1,227,501 | |
7,674 | 2 | Davita, Inc. | 449,850 |
6,325 | Dentsply Sirona, Inc. | 364,130 | |
3,303 | 2 | Edwards Lifesciences Corp. | 314,512 |
3,282 | 2 | Endo International PLC | 61,537 |
18,844 | 2 | Express Scripts Holding Co. | 1,270,086 |
32,446 | Gilead Sciences, Inc. | 2,388,999 | |
7,184 | 2 | HCA Holdings, Inc. | 549,791 |
2,235 | 2 | Henry Schein, Inc. | 333,462 |
12,939 | 2 | Hologic, Inc. | 465,933 |
3,609 | Humana, Inc. | 619,052 | |
3,598 | 2 | Illumina, Inc. | 489,832 |
957 | 2 | Intuitive Surgical, Inc. | 643,181 |
68,050 | Johnson & Johnson | 7,893,119 | |
2,189 | 2 | Laboratory Corp. of America Holdings | 274,369 |
24,126 | Lilly (Eli) & Co. | 1,781,464 | |
5,672 | 2 | Mallinckrodt PLC | 336,123 |
5,365 | McKesson Corp. | 682,267 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Health Care—continued | |||
34,678 | Medtronic PLC | $2,844,290 | |
68,560 | Merck & Co., Inc. | 4,025,843 | |
643 | 2 | Mettler Toledo International, Inc. | 259,823 |
16,907 | 2 | Mylan NV | 617,105 |
1,603 | Patterson Companies, Inc. | 68,464 | |
3,056 | Perrigo Co. PLC | 254,229 | |
150,667 | Pfizer, Inc. | 4,777,651 | |
3,297 | Quest Diagnostics, Inc. | 268,508 | |
2,436 | 2 | Regeneron Pharmaceuticals, Inc. | 840,469 |
6,678 | St. Jude Medical, Inc. | 519,816 | |
5,662 | Stryker Corp. | 653,112 | |
8,221 | Thermo Fisher Scientific, Inc. | 1,208,734 | |
23,702 | UnitedHealth Group, Inc. | 3,349,804 | |
2,145 | Universal Health Services, Inc., Class B | 258,923 | |
8,592 | 2 | Vertex Pharmaceuticals, Inc. | 651,789 |
2,242 | 2 | Waters Corp. | 311,952 |
4,579 | Zimmer Biomet Holdings, Inc. | 482,627 | |
7,720 | Zoetis, Inc. | 369,016 | |
TOTAL | 63,410,464 | ||
Industrials—9.4% | |||
15,208 | 3M Co. | 2,513,882 | |
6,123 | AMETEK, Inc. | 270,024 | |
218 | Acuity Brands, Inc., Holding Company | 48,738 | |
6,478 | Alaska Air Group, Inc. | 467,841 | |
5,804 | Allegion PLC | 370,527 | |
6,805 | American Airlines Group, Inc. | 276,283 | |
14,708 | Boeing Co./The | 2,094,860 | |
3,900 | C.H. Robinson Worldwide, Inc. | 265,668 | |
23,831 | CSX Corp. | 727,084 | |
11,652 | Caterpillar, Inc. | 972,476 | |
102 | Cintas Corp. | 10,880 | |
3,849 | Cummins, Inc. | 491,979 | |
6,780 | Deere & Co. | 598,674 | |
18,662 | Delta Air Lines, Inc. | 779,512 | |
4,052 | Dover Corp. | 271,038 | |
674 | Dun & Bradstreet Corp. | 84,149 | |
11,937 | Eaton Corp PLC | 761,222 | |
16,333 | Emerson Electric Co. | 827,756 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Industrials—continued | |||
1,243 | Equifax, Inc. | $154,095 | |
5,388 | Expeditors International Washington, Inc. | 277,320 | |
6,327 | Fastenal Co. | 246,626 | |
5,819 | FedEx Corp. | 1,014,368 | |
3,012 | Flowserve Corp. | 127,558 | |
8,095 | Fluor Corp. | 420,859 | |
6,661 | Fortive Corp. | 340,044 | |
3,013 | Fortune Brands Home & Security, Inc. | 164,600 | |
5,589 | General Dynamics Corp. | 842,486 | |
213,916 | General Electric Co. | 6,224,956 | |
19,216 | Honeywell International, Inc. | 2,107,611 | |
2,232 | Hunt (J.B.) Transportation Services, Inc. | 182,154 | |
8,018 | Illinois Tool Works, Inc. | 910,604 | |
6,771 | Ingersoll-Rand PLC | 455,621 | |
7,579 | 2 | Jacobs Engineering Group, Inc. | 390,925 |
5,167 | Kansas City Southern Industries, Inc. | 453,456 | |
1,600 | L-3 Communications Holdings, Inc. | 219,104 | |
7,203 | Lockheed Martin Corp. | 1,774,675 | |
6,801 | Masco Corp. | 210,015 | |
12,676 | Nielsen Holdings PLC | 570,674 | |
4,753 | Norfolk Southern Corp. | 442,029 | |
4,634 | Northrop Grumman Corp. | 1,061,186 | |
12,700 | PACCAR, Inc. | 697,484 | |
3,303 | Parker-Hannifin Corp. | 405,443 | |
8,009 | Pentair PLC | 441,536 | |
3,833 | Pitney Bowes, Inc. | 68,381 | |
12,936 | 2 | Quanta Services, Inc. | 371,910 |
7,632 | Raytheon Co. | 1,042,608 | |
6,679 | Republic Services, Inc. | 351,516 | |
3,088 | Robert Half International, Inc. | 115,553 | |
3,598 | Rockwell Automation, Inc. | 430,753 | |
426 | Rockwell Collins | 35,920 | |
2,764 | Roper Technologies, Inc. | 479,029 | |
628 | Ryder Systems, Inc. | 43,577 | |
1,746 | Snap-On, Inc. | 269,059 | |
15,822 | Southwest Airlines Co. | 633,671 | |
3,343 | Stanley Black & Decker, Inc. | 380,567 | |
1,723 | 2 | Stericycle, Inc. | 137,995 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Industrials—continued | |||
6,758 | Textron, Inc. | $270,861 | |
431 | Transdigm Group, Inc. | 117,430 | |
20,872 | Union Pacific Corp. | 1,840,493 | |
6,851 | 2 | United Continental Holdings, Inc. | 385,232 |
16,668 | United Parcel Service, Inc. | 1,796,144 | |
5,024 | 2 | United Rentals, Inc. | 380,116 |
17,017 | United Technologies Corp. | 1,739,137 | |
3,849 | 2 | Verisk Analytics, Inc. | 313,886 |
1,427 | W. W. Grainger, Inc. | 296,987 | |
13,716 | Waste Management, Inc. | 900,593 | |
TOTAL | 44,369,440 | ||
Information Technology—20.7% | |||
13,325 | Accenture PLC | 1,548,898 | |
16,417 | Activision Blizzard, Inc. | 708,722 | |
12,430 | 2 | Adobe Systems, Inc. | 1,336,349 |
3,948 | 2 | Akamai Technologies, Inc. | 274,268 |
1,235 | 2 | Alliance Data Systems Corp. | 252,520 |
7,264 | 2 | Alphabet, Inc., Class A | 5,883,114 |
7,338 | 2 | Alphabet, Inc., Class C | 5,756,954 |
8,366 | Amphenol Corp., Class A | 551,570 | |
8,218 | Analog Devices, Inc. | 526,774 | |
133,248 | Apple, Inc. | 15,128,978 | |
25,592 | Applied Materials, Inc. | 744,215 | |
4,473 | 2 | Autodesk, Inc. | 323,308 |
8,660 | Automatic Data Processing, Inc. | 753,940 | |
9,579 | Broadcom Ltd. | 1,631,112 | |
8,976 | CA, Inc. | 275,922 | |
124,732 | Cisco Systems, Inc. | 3,826,778 | |
3,810 | 2 | Citrix Systems, Inc. | 323,088 |
15,325 | 2 | Cognizant Technology Solutions Corp. | 786,939 |
15,487 | Corning, Inc. | 351,710 | |
25,390 | 2 | eBay, Inc. | 723,869 |
4,687 | 2 | Electronic Arts, Inc. | 368,023 |
4,082 | FLIR Systems, Inc. | 134,379 | |
1,668 | 2 | F5 Networks, Inc. | 230,534 |
57,467 | 2 | Facebook, Inc. | 7,527,602 |
7,844 | Fidelity National Information Services, Inc. | 579,828 | |
5,647 | 2 | FIserv, Inc. | 556,117 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Information Technology—continued | |||
3,446 | Global Payments, Inc. | $249,904 | |
58,136 | HP, Inc. | 842,391 | |
3,015 | Harris Corp. | 268,968 | |
40,112 | Hewlett Packard Enterprise Co. | 901,317 | |
123,281 | Intel Corp. | 4,298,808 | |
21,218 | International Business Machines Corp. | 3,260,994 | |
6,398 | Intuit, Inc. | 695,719 | |
9,221 | Juniper Networks, Inc. | 242,881 | |
7,123 | KLA-Tencor Corp. | 535,009 | |
3,809 | Lam Research Corp. | 368,940 | |
6,136 | Linear Technology Corp. | 368,528 | |
24,178 | Mastercard, Inc., Class A | 2,587,530 | |
4,755 | Microchip Technology, Inc. | 287,915 | |
23,686 | 2 | Micron Technology, Inc. | 406,452 |
193,152 | Microsoft Corp. | 11,573,668 | |
4,651 | Motorola Solutions, Inc. | 337,570 | |
12,700 | NVIDIA Corp. | 903,732 | |
13,438 | NetApp, Inc. | 456,086 | |
75,556 | Oracle Corp. | 2,902,861 | |
8,713 | Paychex, Inc. | 480,958 | |
26,637 | 2 | PayPal Holdings, Inc. | 1,109,697 |
2,876 | 2 | Qorvo, Inc. | 160,049 |
36,610 | Qualcomm, Inc. | 2,515,839 | |
7,593 | 2 | Red Hat, Inc. | 588,078 |
19,026 | 2 | Salesforce.com, Inc. | 1,429,994 |
6,558 | Seagate Technology | 225,005 | |
1,658 | Skyworks Solutions, Inc. | 127,567 | |
6,000 | Symantec Corp. | 150,180 | |
5,087 | TE Connectivity Ltd. | 319,820 | |
10,866 | 2 | Teradata Corporation | 292,947 |
25,474 | Texas Instruments, Inc. | 1,804,833 | |
3,544 | Total System Services, Inc. | 176,775 | |
5,269 | 2 | Verisign, Inc. | 442,701 |
43,858 | Visa, Inc., Class A Shares | 3,618,724 | |
6,169 | Western Digital Corp. | 360,516 | |
9,830 | Western Union Co. | 197,288 | |
16,732 | Xerox Corp. | 163,472 | |
7,023 | Xilinx, Inc. | 357,260 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Information Technology—continued | |||
26,872 | 2 | Yahoo, Inc. | $1,116,532 |
TOTAL | 98,233,019 | ||
Materials—2.7% | |||
6,921 | Air Products & Chemicals, Inc. | 923,400 | |
2,362 | Albemarle Corp. | 197,345 | |
2,768 | Alcoa, Inc. | 79,497 | |
2,377 | Avery Dennison Corp. | 165,891 | |
1,379 | Ball Corp. | 106,280 | |
28,737 | Dow Chemical Co. | 1,546,338 | |
21,977 | Du Pont (E.I.) De Nemours | 1,511,798 | |
4,345 | Eastman Chemical Co. | 312,449 | |
6,879 | Ecolab, Inc. | 785,375 | |
3,502 | FMC Corp. | 164,209 | |
53,681 | 2 | Freeport-McMoRan, Inc. | 600,154 |
2,308 | International Flavors & Fragrances, Inc. | 301,840 | |
10,241 | International Paper Co. | 461,152 | |
8,079 | LyondellBasell Industries NV, Class A | 642,684 | |
1,311 | Martin Marietta Materials | 243,033 | |
13,023 | Monsanto Co. | 1,312,328 | |
13,599 | Newmont Mining Corp. | 503,707 | |
6,868 | Nucor Corp. | 335,502 | |
1,456 | 2 | Owens-Illinois, Inc. | 28,101 |
6,132 | PPG Industries, Inc. | 571,073 | |
8,995 | Praxair, Inc. | 1,052,955 | |
1,818 | Sherwin-Williams Co. | 445,155 | |
2,997 | Vulcan Materials Co. | 339,260 | |
6,021 | WestRock Co. | 278,110 | |
TOTAL | 12,907,636 | ||
Real Estate—2.8% | |||
12,626 | American Tower Corp. | 1,479,641 | |
4,443 | Apartment Investment & Management Co., Class A | 195,803 | |
3,661 | Avalonbay Communities, Inc. | 626,690 | |
4,142 | Boston Properties, Inc. | 499,028 | |
6,382 | 2 | CBRE Group, Inc. | 164,400 |
10,857 | Crown Castle International Corp. | 987,878 | |
3,137 | Digital Realty Trust, Inc. | 293,090 | |
1,114 | Equinix, Inc. | 398,010 | |
5,476 | Equity Residential Properties Trust | 338,143 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Real Estate—continued | |||
1,478 | Essex Property Trust, Inc. | $316,425 | |
3,377 | Extra Space Storage, Inc. | 247,028 | |
2,050 | Federal Realty Investment Trust | 297,722 | |
15,259 | General Growth Properties, Inc. | 380,712 | |
17,642 | HCP, Inc. | 604,238 | |
19,472 | Host Hotels & Resorts, Inc. | 301,427 | |
5,181 | Iron Mountain, Inc. | 174,755 | |
2,395 | Kimco Realty Corp. | 63,731 | |
111 | Macerich Co. (The) | 7,857 | |
13,295 | ProLogis, Inc. | 693,467 | |
4,756 | Public Storage | 1,016,452 | |
6,369 | Realty Income Corp. | 377,300 | |
4,556 | SL Green Realty Corp. | 447,490 | |
7,625 | Simon Property Group, Inc. | 1,417,945 | |
6,883 | UDR, Inc. | 240,699 | |
8,295 | Ventas, Inc. | 561,986 | |
3,931 | Vornado Realty Trust | 364,718 | |
9,014 | Welltower, Inc. | 617,729 | |
10,888 | Weyerhaeuser Co. | 325,878 | |
TOTAL | 13,440,242 | ||
Telecommunication Services—2.4% | |||
153,284 | AT&T, Inc. | 5,639,318 | |
13,305 | CenturyLink, Inc. | 353,647 | |
21,943 | 3 | Frontier Communications Corp. | 88,211 |
7,334 | 2 | Level 3 Communications, Inc. | 411,804 |
100,048 | Verizon Communications | 4,812,309 | |
TOTAL | 11,305,289 | ||
Utilities—3.3% | |||
34,582 | AES Corp. | 407,030 | |
5,917 | Ameren Corp. | 295,554 | |
12,838 | American Electric Power Co., Inc. | 832,416 | |
4,007 | American Water Works Co., Inc. | 296,678 | |
5,805 | CMS Energy Corp. | 244,681 | |
20,782 | CenterPoint Energy, Inc. | 473,830 | |
8,121 | Consolidated Edison Co. | 613,542 | |
4,482 | DTE Energy Co. | 430,317 | |
12,395 | Dominion Resources, Inc. | 932,104 | |
17,368 | Duke Energy Corp. | 1,389,787 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Utilities—continued | |||
8,194 | Edison International | $602,095 | |
1,471 | Entergy Corp. | 108,383 | |
6,992 | EverSource Energy | 384,980 | |
21,461 | Exelon Corp. | 731,176 | |
17,502 | FirstEnergy Corp. | 600,144 | |
28,375 | NRG Energy, Inc. | 301,626 | |
11,805 | NextEra Energy, Inc. | 1,511,040 | |
17,669 | NiSource, Inc. | 410,981 | |
11,671 | PG & E Corp. | 725,003 | |
17,218 | PPL Corp. | 591,266 | |
3,161 | Pinnacle West Capital Corp. | 240,647 | |
7,043 | Public Service Enterprises Group, Inc. | 296,369 | |
2,888 | SCANA Corp. | 211,864 | |
3,997 | Sempra Energy | 428,079 | |
24,843 | Southern Co. | 1,281,153 | |
8,245 | WEC Energy Group, Inc. | 492,391 | |
13,656 | Xcel Energy, Inc. | 567,407 | |
TOTAL | 15,400,543 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $160,009,117) | 454,309,872 | ||
INVESTMENT COMPANIES—4.3%4 | |||
426,423 | 5 | Federated Government Obligations Fund, Institutional Shares, 0.27%6 | 426,423 |
20,018,974 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 0.45%6 | 20,018,974 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $20,445,397) | 20,445,397 | ||
TOTAL INVESTMENTS—100.2% (IDENTIFIED COST $180,454,514)7 | 474,755,269 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.2)%8 | (721,972) | ||
TOTAL NET ASSETS—100% | $474,033,297 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Depreciation |
2S&P 500 E-Mini Index Long Futures | 23 | $2,438,115 | December 2016 | $(33,548) |
2S&P 500 Index Long Futures | 33 | $17,490,825 | December 2016 | $(282,032) |
UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $(315,580) |
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 500 Index and minimizing trading costs. The underlying face amount, at value, of open index futures contracts is $19,928,940 at October 31, 2016, which represents 4.2% 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 100.1%. |
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 | All or a portion of this security is held as collateral for securities lending. |
6 | 7-day net yield. |
7 | The cost of investments for federal tax purposes amounts to $186,650,679. |
8 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Year Ended October 31 | 2016 | 2015 | 2014 | 2013 | 2012 |
Net Asset Value, Beginning of Period | $16.06 | $17.27 | $16.34 | $14.17 | $12.83 |
Income From Investment Operations: | |||||
Net investment income | 0.11 | 0.11 | 0.09 | 0.111 | 0.09 |
Net realized and unrealized gain on investments and futures contracts | 0.32 | 0.51 | 2.29 | 3.29 | 1.60 |
TOTAL FROM INVESTMENT OPERATIONS | 0.43 | 0.62 | 2.38 | 3.40 | 1.69 |
Less Distributions: | |||||
Distributions from net investment income | (0.11) | (0.11) | (0.09) | (0.11) | (0.09) |
Distributions from net realized gain on investments and futures contracts | (1.84) | (1.72) | (1.36) | (1.12) | (0.26) |
TOTAL DISTRIBUTIONS | (1.95) | (1.83) | (1.45) | (1.23) | (0.35) |
Net Asset Value, End of Period | $14.54 | $16.06 | $17.27 | $16.34 | $14.17 |
Total Return2 | 3.19% | 3.71% | 15.74% | 26.19% | 13.43% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.42% | 1.42% | 1.42% | 1.43% | 1.43% |
Net investment income | 0.75% | 0.61% | 0.56% | 0.73% | 0.72% |
Expense waiver/reimbursement3 | 0.05% | 0.04% | 0.04% | 0.04% | 0.07% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $36,956 | $40,273 | $38,684 | $37,078 | $30,445 |
Portfolio turnover | 31% | 31% | 28% | 26% | 38% |
1 | Per share number has 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. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended October 31 | 2016 | 2015 | 2014 | 2013 | 2012 |
Net Asset Value, Beginning of Period | $16.19 | $17.39 | $16.45 | $14.26 | $12.90 |
Income From Investment Operations: | |||||
Net investment income | 0.15 | 0.16 | 0.13 | 0.161 | 0.15 |
Net realized and unrealized gain on investments and futures contracts | 0.34 | 0.52 | 2.31 | 3.31 | 1.61 |
TOTAL FROM INVESTMENT OPERATIONS | 0.49 | 0.68 | 2.44 | 3.47 | 1.76 |
Less Distributions: | |||||
Distributions from net investment income | (0.16) | (0.16) | (0.14) | (0.16) | (0.14) |
Distributions from net realized gain on investments and futures contracts | (1.84) | (1.72) | (1.36) | (1.12) | (0.26) |
TOTAL DISTRIBUTIONS | (2.00) | (1.88) | (1.50) | (1.28) | (0.40) |
Net Asset Value, End of Period | $14.68 | $16.19 | $17.39 | $16.45 | $14.26 |
Total Return2 | 3.56% | 4.05% | 16.05% | 26.59% | 13.89% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.10% | 1.10% | 1.10% | 1.07% | 1.10% |
Net investment income | 1.07% | 0.93% | 0.87% | 1.09% | 1.03% |
Expense waiver/reimbursement3 | 0.08% | 0.06% | 0.04% | 0.04% | 0.07% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $47,998 | $45,190 | $43,501 | $47,403 | $40,047 |
Portfolio turnover | 31% | 31% | 28% | 26% | 38% |
1 | Per share number has been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended October 31 | 2016 | 2015 | 2014 | 2013 | 2012 |
Net Asset Value, Beginning of Period | $16.31 | $17.50 | $16.54 | $14.33 | $12.96 |
Income From Investment Operations: | |||||
Net investment income | 0.28 | 0.27 | 0.27 | 0.271 | 0.25 |
Net realized and unrealized gain on investments and futures contracts | 0.31 | 0.54 | 2.31 | 3.33 | 1.62 |
TOTAL FROM INVESTMENT OPERATIONS | 0.59 | 0.81 | 2.58 | 3.60 | 1.87 |
Less Distributions: | |||||
Distributions from net investment income | (0.26) | (0.28) | (0.26) | (0.27) | (0.24) |
Distributions from net realized gain on investments and futures contracts | (1.84) | (1.72) | (1.36) | (1.12) | (0.26) |
TOTAL DISTRIBUTIONS | (2.10) | (2.00) | (1.62) | (1.39) | (0.50) |
Net Asset Value, End of Period | $14.80 | $16.31 | $17.50 | $16.54 | $14.33 |
Total Return2 | 4.30% | 4.87% | 16.94% | 27.51% | 14.74% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
Net investment income | 1.82% | 1.68% | 1.62% | 1.80% | 1.80% |
Expense waiver/reimbursement3 | 0.09% | 0.07% | 0.07% | 0.08% | 0.08% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $208,577 | $257,742 | $266,292 | $252,517 | $198,656 |
Portfolio turnover | 31% | 31% | 28% | 26% | 38% |
1 | Per share number has been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended October 31 | 2016 | 2015 | 2014 | 2013 | 2012 |
Net Asset Value, Beginning of Period | $16.20 | $17.40 | $16.45 | $14.26 | $12.90 |
Income From Investment Operations: | |||||
Net investment income | 0.21 | 0.21 | 0.22 | 0.231 | 0.20 |
Net realized and unrealized gain on investments and futures contracts | 0.34 | 0.54 | 2.30 | 3.30 | 1.62 |
TOTAL FROM INVESTMENT OPERATIONS | 0.55 | 0.75 | 2.52 | 3.53 | 1.82 |
Less Distributions: | |||||
Distributions from net investment income | (0.22) | (0.23) | (0.21) | (0.22) | (0.20) |
Distributions from net realized gain on investments and futures contracts | (1.84) | (1.72) | (1.36) | (1.12) | (0.26) |
TOTAL DISTRIBUTIONS | (2.06) | (1.95) | (1.57) | (1.34) | (0.46) |
Net Asset Value, End of Period | $14.69 | $16.20 | $17.40 | $16.45 | $14.26 |
Total Return2 | 4.01% | 4.52% | 16.62% | 27.11% | 14.38% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Net investment income | 1.52% | 1.38% | 1.32% | 1.53% | 1.50% |
Expense waiver/reimbursement3 | 0.36% | 0.35% | 0.35% | 0.36% | 0.39% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $180,503 | $218,171 | $270,634 | $251,893 | $259,304 |
Portfolio turnover | 31% | 31% | 28% | 26% | 38% |
1 | Per share number has been calculated using the average shares method. |
2 | Based on net asset value. |
3 | 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 $414,507 of securities loaned and $20,445,397 of investment in affiliated holdings (Note 5) (identified cost $180,454,514) | $474,755,269 | |
Restricted cash (Note 2) | 846,000 | |
Income receivable | 549,561 | |
Receivable for investments sold | 111,257 | |
Receivable for shares sold | 226,862 | |
Receivable for daily variation margin on futures contracts | 8,275 | |
TOTAL ASSETS | 476,497,224 | |
Liabilities: | ||
Payable for investments purchased | $114,586 | |
Payable for shares redeemed | 1,646,187 | |
Payable for collateral due to broker for securities lending | 426,423 | |
Payable to adviser (Note 5) | 3,304 | |
Payable for transfer agent fee | 77,282 | |
Payable for distribution services fee (Note 5) | 52,298 | |
Payable for other service fees (Notes 2 and 5) | 59,003 | |
Accrued expenses (Note 5) | 84,844 | |
TOTAL LIABILITIES | 2,463,927 | |
Net assets for 32,188,823 shares outstanding | $474,033,297 | |
Net Assets Consist of: | ||
Paid-in capital | $116,766,422 | |
Net unrealized appreciation of investments and futures contracts | 293,985,175 | |
Accumulated net realized gain on investments and futures contracts | 62,771,423 | |
Undistributed net investment income | 510,277 | |
TOTAL NET ASSETS | $474,033,297 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class C Shares: | ||
Net asset value per share ($36,955,577 ÷ 2,541,123 shares outstanding), no par value, unlimited shares authorized | $14.54 | |
Offering price per share | $14.54 | |
Redemption proceeds per share (99.00/100 of $14.54) | $14.39 | |
Class R Shares: | ||
Net asset value per share ($47,998,471 ÷ 3,268,816 shares outstanding), no par value, unlimited shares authorized | $14.68 | |
Offering price per share | $14.68 | |
Redemption proceeds per share | $14.68 | |
Institutional Shares: | ||
Net asset value per share ($208,576,700 ÷ 14,092,376 shares outstanding), no par value, unlimited shares authorized | $14.80 | |
Offering price per share | $14.80 | |
Redemption proceeds per share | $14.80 | |
Service Shares: | ||
Net asset value per share ($180,502,549 ÷ 12,286,508 shares outstanding), no par value, unlimited shares authorized | $14.69 | |
Offering price per share | $14.69 | |
Redemption proceeds per share | $14.69 |
Investment Income: | |||
Dividends (including $115,311 received from affiliated holdings (Note 5)) | $10,578,978 | ||
Interest on securities loaned | 37,144 | ||
TOTAL INCOME | 10,616,122 | ||
Expenses: | |||
Management fee (Note 5) | $1,463,346 | ||
Custodian fees | 58,150 | ||
Transfer agent fee (Note 2) | 471,243 | ||
Directors'/Trustees' fees (Note 5) | 8,007 | ||
Auditing fees | 24,800 | ||
Legal fees | 23,029 | ||
Portfolio accounting fees | 130,463 | ||
Distribution services fee (Note 5) | 1,068,909 | ||
Other service fees (Notes 2 and 5) | 568,412 | ||
Share registration costs | 63,730 | ||
Printing and postage | 37,772 | ||
Miscellaneous (Note 5) | 20,891 | ||
Interest expense | 960 | ||
TOTAL EXPENSES | 3,939,712 | ||
Waivers and Reimbursements: | |||
Waiver/reimbursement of management fee (Note 5) | $(246,244) | ||
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (671,036) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | (917,280) | ||
Net expenses | 3,022,432 | ||
Net investment income | 7,593,690 | ||
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | |||
Net realized gain on investments | 69,838,036 | ||
Net realized gain on futures contracts | 2,279,937 | ||
Net change in unrealized appreciation of investments | (61,338,306) | ||
Net change in unrealized appreciation of futures contracts | (1,261,329) | ||
Net realized and unrealized gain on investments and futures contracts | 9,518,338 | ||
Change in net assets resulting from operations | $17,112,028 |
Year Ended October 31 | 2016 | 2015 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $7,593,690 | $8,488,398 |
Net realized gain on investments and futures contracts | 72,117,973 | 63,217,706 |
Net change in unrealized appreciation/depreciation of investments and futures contracts | (62,599,635) | (44,187,247) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 17,112,028 | 27,518,857 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class C Shares | (292,236) | (271,598) |
Class R Shares | (467,459) | (440,589) |
Institutional Shares | (3,920,343) | (4,527,126) |
Service Shares | (2,931,970) | (3,482,155) |
Distributions from net realized gain on investments and futures contracts | ||
Class C Shares | (4,570,725) | (3,821,555) |
Class R Shares | (5,000,498) | (4,346,398) |
Institutional Shares | (28,096,248) | (26,937,382) |
Service Shares | (23,643,011) | (25,795,741) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (68,922,490) | (69,622,544) |
Share Transactions: | ||
Proceeds from sale of shares | 91,076,784 | 126,737,558 |
Net asset value of shares issued to shareholders in payment of distributions declared | 63,289,138 | 64,432,717 |
Cost of shares redeemed | (189,898,578) | (206,801,787) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (35,532,656) | (15,631,512) |
Change in net assets | (87,343,118) | (57,735,199) |
Net Assets: | ||
Beginning of period | 561,376,415 | 619,111,614 |
End of period (including undistributed net investment income of $510,277 and $529,003, respectively) | $474,033,297 | $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 are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”). |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
■ | 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 | $35,098 | $— |
Class R Shares | 131,787 | (13,457) |
Institutional Shares | 139,834 | (75,026) |
Service Shares | 164,524 | (107,196) |
TOTAL | $471,243 | $(195,679) |
Other Service Fees Incurred | |
Class C Shares | $93,055 |
Service Shares | 475,357 |
TOTAL | $568,412 |
Market Value of Securities Loaned | Market Value of Collateral |
$414,507 | $426,423 |
Fair Value of Derivative Instruments | ||
Asset | ||
Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||
Equity contracts | Receivable for daily variation margin | $(315,580)* |
* | Includes cumulative appreciation/depreciation 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 | $2,279,937 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures | |
Interest rate contracts | $(1,261,329) |
Year Ended October 31 | 2016 | 2015 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 586,302 | $8,320,460 | 655,380 | $10,503,815 |
Shares issued to shareholders in payment of distributions declared | 321,952 | 4,516,524 | 233,536 | 3,736,566 |
Shares redeemed | (874,884) | (12,383,362) | (621,583) | (9,951,236) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 33,370 | $453,622 | 267,333 | $4,289,145 |
Year Ended October 31 | 2016 | 2015 | ||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,196,352 | $17,299,556 | 972,237 | $15,752,227 |
Shares issued to shareholders in payment of distributions declared | 364,798 | 5,168,336 | 283,985 | 4,582,072 |
Shares redeemed | (1,082,759) | (15,587,958) | (966,957) | (15,663,969) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 478,391 | $6,879,934 | 289,265 | $4,670,330 |
Year Ended October 31 | 2016 | 2015 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,753,720 | $39,512,781 | 4,006,051 | $65,219,637 |
Shares issued to shareholders in payment of distributions declared | 1,960,085 | 27,997,804 | 1,717,698 | 27,895,971 |
Shares redeemed | (6,427,160) | (92,687,296) | (5,134,327) | (83,638,740) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (1,713,355) | $(25,176,711) | 589,422 | $9,476,868 |
Year Ended October 31 | 2016 | 2015 | ||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,807,628 | $25,943,987 | 2,183,543 | $35,261,879 |
Shares issued to shareholders in payment of distributions declared | 1,806,439 | 25,606,474 | 1,748,536 | 28,218,108 |
Shares redeemed | (4,794,106) | (69,239,962) | (6,020,146) | (97,547,842) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (1,180,039) | $(17,689,501) | (2,088,067) | $(34,067,855) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (2,381,633) | $(35,532,656) | (942,047) | $(15,631,512) |
Increase (Decrease) | ||
Paid-In Capital | Undistributed Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) |
$(312) | $(408) | $720 |
2016 | 2015 | |
Ordinary income1 | $9,960,873 | $16,904,214 |
Long-term capital gains | $58,961,617 | $52,718,330 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income2 | $1,060,040 |
Undistributed long-term capital gains | $68,102,245 |
Net unrealized appreciation | $288,104,590 |
2 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
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 | $279,656 | $— |
Class R Shares | 215,824 | — |
Service Shares | 573,429 | (475,357) |
TOTAL | $1,068,909 | $(475,357) |
Federated Government Obligations Fund, Institutional Shares | 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 | 4,231,139 | 129,301,746 | 118,093,138 | 251,626,023 |
Sales/Reductions | (3,804,716) | (136,081,369) | (114,496,345) | (254,382,430) |
Balance of Shares Held 10/31/2016 | 426,423 | —- | 20,018,974 | 20,445,397 |
Value | $426,423 | $—- | $20,018,974 | $20,445,397 |
Dividend Income | $762 | $57,353 | $57,196 | $115,311 |
Purchases | $148,022,318 |
Sales | $244,230,910 |
December 23, 2016
Beginning Account Value 5/1/2016 | Ending Account Value 10/31/2016 | Expenses Paid During Period1 | |
Actual: | |||
Class C Shares | $1,000 | $1,033.60 | $7.21 |
Class R Shares | $1,000 | $1,034.90 | $5.58 |
Institutional Shares | $1,000 | $1,039.30 | $1.79 |
Service Shares | $1,000 | $1,038.00 | $3.33 |
Hypothetical (assuming a 5% return before expenses): | |||
Class C Shares | $1,000 | $1,018.05 | $7.15 |
Class R Shares | $1,000 | $1,019.66 | $5.53 |
Institutional Shares | $1,000 | $1,023.38 | $1.78 |
Service Shares | $1,000 | $1,021.87 | $3.30 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class C Shares | 1.41% |
Class R Shares | 1.09% |
Institutional Shares | 0.35% |
Service Shares | 0.65% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: January 1990 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of certain of the Funds in the Federated Fund Family; Vice President, Federated Investors, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President and CEO of Passport Research, Ltd.; President of some of the Funds in the Federated Fund Complex and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Investors, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
* | Reasons for “interested” status: J. Christopher Donahue and John B. Fisher are interested due to their beneficial ownership of shares of Federated Investors, Inc. and due to positions they hold with Federated and its subsidiaries. J. Christopher Donahue is the son of John F. Donahue, Chairman Emeritus of the Federated Funds. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Retired. Other Directorships Held: Director, Chair of the Compensation Committee, Audit Committee member, KLX Corp. Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO, The Collins Group, Inc. (a private equity firm). Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director, FleetBoston Financial Corp.; Director and Audit Committee Member, Bank of America Corp. and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; Retired. Other Directorships Held: Director, Chair of the Audit Committee, Governance Committee, Publix Super Markets, Inc.; Director, Equifax, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP. Mr. Hough is an Executive Committee member of the United States Golf Association, he serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Interim Dean of the Duquesne University School of Law; Adjunct Professor of Law, Duquesne University School of Law. Other Directorships Held: Director, CONSOL Energy Inc. Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously served as: Associate General Secretary, Diocese of Pittsburgh; a member of the Superior Court of Pennsylvania; and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also holds the positions on either a public or not for profit Board of Directors as follows: Member, Pennsylvania State Board of Education (public); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Director, Saint Vincent College; and Director and Chair, Cardinal Wuerl North Catholic High School, Inc. Judge Lally-Green has held the positions of: Director, Auberle; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; and Director, Catholic High Schools of the Diocese of Pittsburgh, Inc. |
Peter E. Madden Birth Date: March 16, 1942 Trustee Indefinite Term Began serving: August 1991 | Principal Occupation: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; Retired. Other Directorships Held: None. Qualifications: Mr. Madden has served in several business management, mutual fund services and directorship positions throughout his career. Mr. Madden previously served as President, Chief Operating Officer and Director, State Street Bank and Trust Company (custodian bank) and State Street Corporation (financial services). He was Director, VISA USA and VISA International and Chairman and Director, Massachusetts Bankers Association. Mr. Madden served as Director, Depository Trust Corporation and Director, The Boston Stock Exchange. Mr. Madden also served as a Representative to the Commonwealth of Massachusetts General Court. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Mansfield has served in several banking, business management and educational roles and directorship positions throughout his career. Mr. Mansfield previously served as Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly, Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President DVC Group, Inc. (marketing, communications and technology). |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey serves as Board Member, Epilepsy Foundation of Western Pennsylvania and Board member, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: February 1990 | Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp. |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: February 1990 | Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Stephen F. Auth Birth Date: September 13, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: November 2002 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31420E809
CUSIP 31420E106
CUSIP 31420E403
2016 ©Federated Investors, Inc.
Share Class | Ticker |
Institutional | FMCRX |
Service | FMDCX |
R6 | FMCLX |
1 | The Fund's R6 Class commenced operations on October 18, 2016. For the period prior to the commencement of operations of the R6 Class, the R6 Class performance information shown is for the Service Share Class, adjusted to reflect the expenses of the Fund's R6 Class for each period for which the Fund's R6 Class gross expenses would have exceeded the actual expense paid by the Fund's Service Share Class. |
2 | Please see the footnotes to the line graphs below for definitions of, and further information about, the S&P 400. |
3 | The S&P Composite 1500® Index combines three leading indices, the S&P 500®, the S&P MidCap 400® Index and the S&P SmallCap 600® Index to cover approximately 90% of the U.S. market capitalization. The index is unmanaged, and it is not possible to invest directly in an index. |
4 | The S&P SmallCap 600® Index measures the small cap segment of the U.S. equity market. The index is designed to be an investable portfolio of companies that meet specific inclusion criteria to ensure that they are liquid and financially viable. The index is unmanaged, and it is not possible to invest directly in an index. |
5 | The S&P 500 is an unmanaged capitalization weighted index of 500 stocks designated to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The S&P 500 is not adjusted to reflect taxes, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. The S&P 500 is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. |
6 | The S&P 100® Index, a sub-set of the S&P 500® Index, measures the performance of large cap companies in the United States. The Index comprises 100 major, blue chip companies across multiple industry groups. Individual stock options are listed for each index constituent. The index is unmanaged, and it is not possible to invest directly in an index. |
7 | The S&P Composite 1500® Value Index measures value stocks using three factors: the ratios of book value, earnings, and sales to price. S&P Style Indices divide the complete market capitalization of each parent index into growth and value segments. Constituents are drawn from the S&P 1500® Index, which combines the S&P 500 ® Index, S&P MidCap 400® Index and the S&P SmallCap 600® Index. The index is unmanaged, and it is not possible to invest directly in an index. |
8 | The S&P Composite 1500® Growth Index measures growth stocks using three factors: sales growth, the ratio of earnings change to price, and momentum. S&P Style Indices divide the complete market capitalization of each parent index into growth and value segments. Constituents are drawn from the S&P 1500® Index which combines the S&P 500® Index, S&P MidCap 400® Index and the S&P SmallCap 600® Index. The index is unmanaged, and it is not possible to invest directly in an index. |
9 | Sector classifications are based upon the classification of the Standard & Poor's Global Industry Classification Standard. |
10 | The Fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional instruments. |
Federated Mid-Cap Index Fund - | Institutional Shares | Service Shares | S&P 400 |
F | F | I | |
10/31/2006 | 10,000 | 10,000 | 10,000 |
10/31/2007 | 11,659 | 11,659 | 11,702 |
10/31/2008 | 7,393 | 7,394 | 7,435 |
10/31/2009 | 8,710 | 8,711 | 8,787 |
10/31/2010 | 11,067 | 11,069 | 11,215 |
10/31/2011 | 11,948 | 11,949 | 12,174 |
10/31/2012 | 13,352 | 13,334 | 13,648 |
10/31/2013 | 17,820 | 17,759 | 18,218 |
10/31/2014 | 19,889 | 19,764 | 20,341 |
10/31/2015 | 20,519 | 20,339 | 21,037 |
10/31/2016 | 21,720 | 21,485 | 22,353 |
1 Year | 5 Years | 10 Years | |
Institutional Shares3 | 5.85% | 12.70% | 8.07% |
Service Shares | 5.64% | 12.45% | 7.95% |
Class R6 Shares3 | 5.64% | 12.45% | 7.95% |
S&P 400 | 6.26% | 12.92% | 8.38% |
1 | The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 400 has been adjusted to reflect reinvestment of dividends on securities in the index. |
2 | The Standard & Poor's MidCap 400® Index is an unmanaged capitalization weighted index of common stocks representing all major industries in the mid-range of the U.S. stock market. The index is unmanaged, and it is not possible to invest directly in an index. The S&P 400 is not adjusted to reflect taxes, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. The S&P 400 is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. |
3 | The Fund's Institutional Shares commenced operations on January 4, 2012. The Fund's Class R6 Shares commenced operations on October 18, 2016.The Fund offers one other class of shares: Service Shares. For the period prior to the commencement of operations of Institutional Shares, the performance information shown is for the Fund's Service Shares, adjusted to remove any voluntary waiver of Fund expenses related to the Service Shares that occurred during the period prior to the commencement of Institutional Shares. For the period prior to the commencement of operations of the R6 Shares, the performance information shown is for the Fund's Service Shares, adjusted to remove any voluntary waiver of Fund expenses related to the Service Shares that occurred during the period prior to the commencement of the R6 Shares. |
Sector | Percentage of Total Net Assets |
Information Technology | 17.9% |
Financials | 15.2% |
Industrials | 14.1% |
Real Estate | 11.7% |
Consumer Discretionary | 11.3% |
Health Care | 7.6% |
Materials | 7.1% |
Utilities | 5.6% |
Consumer Staples | 4.3% |
Energy | 3.5% |
Telecommunication Services | 0.1% |
Securities Lending Collateral2 | 2.2% |
Cash Equivalents3 | 1.6% |
Derivative Contracts4 | 0.0% |
Other Assets and Liabilities—Net5 | (2.2)% |
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 100.1%. |
Shares | Value | ||
COMMON STOCKS—98.4%1 | |||
Consumer Discretionary—11.3% | |||
31,901 | 2 | AMC Networks, Inc. | $1,560,916 |
51,748 | Aaron's, Inc. | 1,278,693 | |
96,454 | American Eagle Outfitters, Inc. | 1,643,576 | |
88,564 | 2 | Ascena Retail Group, Inc. | 433,078 |
25,104 | Big Lots, Inc. | 1,089,514 | |
38,049 | Brinker International, Inc. | 1,873,533 | |
48,183 | Brunswick Corp. | 2,095,960 | |
10,064 | 2 | Buffalo Wild Wings, Inc. | 1,465,822 |
40,413 | CST Brands, Inc. | 1,940,632 | |
27,673 | 2 | Cabela's, Inc., Class A | 1,704,934 |
2,473 | Cable One, Inc. | 1,426,278 | |
28,909 | CalAtlantic Group, Inc. | 934,339 | |
28,172 | Carter's, Inc. | 2,432,370 | |
26,084 | Cheesecake Factory, Inc. | 1,387,408 | |
105,433 | Chicos Fas, Inc. | 1,230,403 | |
6,255 | Churchill Downs, Inc. | 850,680 | |
55,685 | Cinemark Holdings, Inc. | 2,216,263 | |
10,170 | 3 | Cracker Barrel Old Country Store, Inc. | 1,403,460 |
78,174 | Dana, Inc. | 1,210,134 | |
17,474 | 2 | Deckers Outdoor Corp. | 911,968 |
48,660 | 3 | DeVry Education Group, Inc. | 1,104,582 |
48,948 | Dick's Sporting Goods, Inc. | 2,723,956 | |
26,242 | Domino's Pizza, Inc. | 4,441,196 | |
51,464 | Dunkin' Brands Group, Inc. | 2,488,799 | |
38,030 | 2,3 | Fossil Group, Inc. | 1,037,078 |
41,815 | 3 | GameStop Corp. | 1,005,651 |
158,213 | Gentex Corp. | 2,675,382 | |
2,379 | Graham Holdings, Co. | 1,130,025 | |
6,874 | Guess ?, Inc. | 92,799 | |
19,410 | HSN, Inc. | 731,757 | |
14,676 | 2 | Helen of Troy Ltd. | 1,196,094 |
11,788 | International Speedway Corp., Class A | 387,825 | |
17,813 | Jack in the Box, Inc. | 1,669,612 | |
46,751 | KB Home | 679,760 | |
70,593 | 2 | Kate Spade & Co. | 1,182,433 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Consumer Discretionary—continued | |||
70,800 | 2 | Live Nation Entertainment, Inc. | $1,959,036 |
20,285 | Meredith Corp. | 919,925 | |
19,380 | 2 | Murphy USA, Inc. | 1,332,956 |
2,029 | 2 | NVR, Inc. | 3,090,167 |
63,710 | New York Times Co., Class A | 694,439 | |
411,503 | Office Depot, Inc. | 1,296,234 | |
12,247 | 2 | Panera Bread Co. | 2,336,238 |
168,440 | 2,3 | Penney (J.C.) Co., Inc. | 1,446,900 |
32,358 | 3 | Polaris Industries, Inc. | 2,478,946 |
22,121 | Pool Corp. | 2,047,962 | |
9,185 | 2,3 | Restoration Hardware Holdings, Inc. | 266,089 |
79,794 | 2 | Sally Beauty Holdings, Inc. | 2,069,856 |
108,966 | Service Corp. International | 2,789,530 | |
73,023 | 2 | Skechers USA, Inc., Class A | 1,535,674 |
26,428 | Sothebys Holdings, Inc., Class A | 948,237 | |
86,417 | 2 | TRI Pointe Group, Inc. | 935,896 |
28,001 | 2,3 | Tempur Sealy International, Inc. | 1,514,014 |
36,409 | Texas Roadhouse, Inc. | 1,475,293 | |
73,560 | The Wendy's Co. | 797,390 | |
26,199 | Thor Industries, Inc. | 2,077,843 | |
26,862 | Time, Inc. | 349,206 | |
68,713 | 2 | Toll Brothers, Inc. | 1,885,485 |
28,894 | Tupperware Brands Corp. | 1,719,771 | |
43,620 | 2 | Vista Outdoor, Inc. | 1,686,785 |
32,697 | Wiley (John) & Sons, Inc., Class A | 1,687,165 | |
46,481 | Williams-Sonoma, Inc. | 2,148,352 | |
TOTAL | 93,126,299 | ||
Consumer Staples—4.3% | |||
236,397 | Avon Products, Inc. | 1,548,400 | |
21,671 | Casey's General Stores, Inc. | 2,448,606 | |
50,855 | Dean Foods Co. | 928,612 | |
31,551 | 2 | Edgewell Personal Care Co. | 2,378,945 |
33,701 | Energizer Holdings, Inc. | 1,567,434 | |
104,822 | Flowers Foods, Inc. | 1,626,838 | |
57,304 | 2 | Hain Celestial Group, Inc. | 2,084,147 |
40,076 | Ingredion, Inc. | 5,256,769 | |
7,539 | Lancaster Colony Corp. | 984,970 | |
40,433 | 2 | Post Holdings, Inc. | 3,082,208 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Consumer Staples—continued | |||
49,170 | Snyders-Lance, Inc. | $1,748,977 | |
75,628 | 2 | Sprouts Farmers Market, Inc. | 1,675,160 |
7,435 | 2 | The Boston Beer Co., Inc., Class A | 1,154,284 |
30,635 | 2,3 | TreeHouse Foods, Inc. | 2,679,950 |
27,010 | 2 | United Natural Foods, Inc. | 1,127,397 |
96,510 | 2 | WhiteWave Foods Company, Class A | 5,258,830 |
TOTAL | 35,551,527 | ||
Energy—3.5% | |||
76,118 | 3 | CONSOL Energy, Inc. | 1,290,200 |
210,773 | 2 | Denbury Resources, Inc. | 503,747 |
35,216 | Diamond Offshore Drilling, Inc. | 580,712 | |
20,533 | 2 | Dril-Quip, Inc. | 975,318 |
53,447 | Energen Corp. | 2,679,298 | |
212,724 | Ensco PLC | 1,663,502 | |
54,107 | 2 | Gulfport Energy Corp. | 1,304,520 |
80,309 | HollyFrontier Corp. | 2,003,710 | |
153,574 | Nabors Industries Ltd. | 1,827,531 | |
207,819 | Noble Corp. PLC | 1,026,626 | |
55,024 | Oceaneering International, Inc. | 1,309,571 | |
28,344 | 2 | Oil States International, Inc. | 829,062 |
77,797 | Patterson-UTI Energy, Inc. | 1,748,877 | |
131,262 | QEP Resources, Inc. | 2,109,380 | |
100,745 | Rowan Companies PLC | 1,336,886 | |
47,045 | 3 | SM Energy Co. | 1,582,123 |
81,937 | Superior Energy Services, Inc. | 1,160,228 | |
187,949 | 2 | WPX Energy, Inc. | 2,041,126 |
28,357 | Western Refining, Inc. | 818,099 | |
39,642 | World Fuel Services Corp. | 1,595,590 | |
TOTAL | 28,386,106 | ||
Financials—15.2% | |||
7,653 | 2 | Alleghany Corp. | 3,950,555 |
39,352 | American Financial Group, Inc., Ohio | 2,931,724 | |
31,077 | Aspen Insurance Holdings Ltd. | 1,499,465 | |
79,761 | Associated Banc Corp. | 1,619,148 | |
45,867 | Bancorpsouth, Inc. | 1,077,874 | |
17,685 | Bank of Hawaii Corp. | 1,329,028 | |
39,084 | Bank of the Ozarks, Inc. | 1,444,545 | |
52,899 | Berkley, W. R. Corp. | 3,020,533 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Financials—continued | |||
64,297 | Brown & Brown | $2,369,987 | |
45,629 | CBOE Holdings, Inc. | 2,884,209 | |
92,762 | CNO Financial Group, Inc. | 1,398,851 | |
40,852 | Cathay Bancorp, Inc. | 1,223,517 | |
37,865 | Chemical Financial Corp. | 1,626,302 | |
45,674 | Commerce Bancshares, Inc. | 2,275,479 | |
31,136 | Cullen Frost Bankers, Inc. | 2,366,025 | |
78,652 | East West Bancorp, Inc. | 3,107,541 | |
64,118 | Eaton Vance Corp. | 2,247,977 | |
30,340 | Endurance Specialty Holdings Ltd. | 2,789,763 | |
22,772 | Everest Re Group Ltd. | 4,634,557 | |
81,254 | FNB Corp. | 1,061,990 | |
22,605 | FactSet Research Systems | 3,497,446 | |
52,861 | 4 | Federated Investors, Inc. | 1,427,247 |
61,343 | First American Financial Corp. | 2,396,058 | |
124,732 | First Horizon National Corp. | 1,922,120 | |
90,609 | Fulton Financial Corp. | 1,350,074 | |
353,662 | 2 | Genworth Financial, Inc., Class A | 1,464,161 |
41,762 | Hancock Holding Co. | 1,401,115 | |
24,284 | Hanover Insurance Group, Inc. | 1,850,198 | |
45,731 | International Bancshares Corp. | 1,410,801 | |
107,496 | Janus Capital Group, Inc. | 1,378,099 | |
26,416 | Kemper Corp. | 991,921 | |
39,429 | MB Financial, Inc. | 1,434,821 | |
56,485 | MSCI, Inc., Class A | 4,529,532 | |
20,720 | Marketaxess Holdings, Inc. | 3,123,747 | |
21,463 | Mercury General Corp. | 1,169,090 | |
238,352 | New York Community Bancorp, Inc. | 3,422,735 | |
136,360 | Old Republic International Corp. | 2,299,030 | |
66,989 | PacWest Bancorp | 2,906,653 | |
18,133 | Primerica, Inc. | 991,875 | |
42,956 | PrivateBancorp, Inc. | 1,943,329 | |
36,779 | Prosperity Bancshares, Inc. | 2,040,131 | |
68,563 | Raymond James Financial, Inc. | 4,122,008 | |
38,827 | Reinsurance Group of America, Inc. | 4,187,880 | |
21,832 | RenaissanceRe Holdings Ltd. | 2,713,499 | |
75,865 | SEI Investments Co. | 3,363,095 | |
227,646 | 2 | SLM Holding Corp. | 1,604,904 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Financials—continued | |||
28,714 | 2 | Signature Bank | $3,461,760 |
25,511 | 2 | Stifel Financial Corp. | 998,501 |
28,011 | 2 | SVB Financial Group | 3,424,905 |
79,688 | Synovus Financial Corp. | 2,635,282 | |
121,685 | TCF Financial Corp. | 1,740,095 | |
37,608 | Trustmark Corp. | 1,040,989 | |
147,060 | Umpqua Holdings Corp. | 2,247,077 | |
95,458 | Valley National Bancorp | 941,216 | |
22,741 | Waddell & Reed Financial, Inc., Class A | 357,489 | |
65,046 | Washington Federal, Inc. | 1,772,503 | |
50,652 | Webster Financial Corp. Waterbury | 2,046,341 | |
65,710 | 3 | WisdomTree Investments, Inc. | 563,792 |
TOTAL | 125,030,589 | ||
Health Care—7.6% | |||
22,101 | 2 | Abiomed, Inc. | 2,320,384 |
49,310 | 2 | Akorn, Inc. | 1,180,974 |
41,441 | 2 | Align Technology, Inc. | 3,560,611 |
133,156 | 2 | Allscripts Healthcare Solutions, Inc. | 1,599,204 |
30,245 | 2 | Amsurg Corp. | 1,807,139 |
11,805 | 2 | Bio Rad Laboratories, Inc., Class A | 1,866,134 |
21,131 | Bio-Techne Corp. | 2,197,413 | |
71,263 | 2 | Catalent, Inc. | 1,625,509 |
26,856 | 2 | Charles River Laboratories International, Inc. | 2,037,833 |
37,268 | 2 | Halyard Health, Inc. | 1,205,620 |
33,948 | Hill-Rom Holdings, Inc. | 1,881,059 | |
49,559 | 2 | IDEXX Laboratories, Inc. | 5,309,751 |
23,190 | 2 | LifePoint Health, Inc. | 1,387,921 |
17,288 | 2 | Livanova PLC | 979,884 |
51,212 | 2 | MEDNAX, Inc. | 3,136,735 |
30,652 | 2 | Molina Healthcare, Inc. | 1,667,775 |
27,329 | 2 | NuVasive, Inc. | 1,632,361 |
22,028 | Owens & Minor, Inc. | 714,809 | |
28,623 | 2 | Parexel International Corp. | 1,667,576 |
37,676 | 2 | Prestige Brands Holdings, Inc. | 1,705,969 |
78,163 | ResMed, Inc. | 4,671,802 | |
41,288 | STERIS PLC | 2,758,864 | |
23,606 | Teleflex, Inc. | 3,378,727 | |
44,652 | 2 | Tenet Healthcare Corp. | 880,091 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Health Care—continued | |||
20,430 | 2 | United Therapeutics Corp. | $2,453,030 |
44,713 | 2 | VCA, Inc. | 2,748,061 |
27,884 | 2 | Wellcare Health Plans, Inc. | 3,165,113 |
35,063 | West Pharmaceutical Services, Inc. | 2,665,840 | |
TOTAL | 62,206,189 | ||
Industrials—14.1% | |||
81,116 | 2 | AECOM | 2,259,081 |
28,563 | AGCO Corp. | 1,458,998 | |
52,042 | 2 | Avis Budget Group, Inc. | 1,684,079 |
57,206 | B/E Aerospace, Inc. | 3,404,901 | |
33,306 | CLARCOR, Inc. | 2,071,966 | |
34,497 | Carlisle Cos., Inc. | 3,617,010 | |
18,230 | Ceb, Inc. | 886,890 | |
27,728 | 2 | Clean Harbors, Inc. | 1,312,089 |
45,084 | 2 | Copart, Inc. | 2,365,557 |
26,905 | Crane Co. | 1,829,809 | |
28,998 | Curtiss Wright Corp. | 2,598,801 | |
26,232 | Deluxe Corp. | 1,605,398 | |
74,763 | Donaldson Co., Inc. | 2,730,345 | |
12,094 | 2 | Dycom Industries, Inc. | 930,391 |
34,686 | Emcor Group, Inc. | 2,097,116 | |
29,719 | EnerSys, Inc. | 1,935,598 | |
21,505 | 2 | Esterline Technologies Corp. | 1,579,542 |
32,702 | 2 | FTI Consulting, Inc. | 1,274,070 |
12,285 | GATX Corp. | 537,714 | |
30,190 | 2 | Genesee & Wyoming, Inc., Class A | 2,051,109 |
24,931 | Graco, Inc. | 1,867,332 | |
12,769 | Granite Construction, Inc. | 627,724 | |
24,148 | HNI Corp. | 981,858 | |
27,354 | Hubbell, Inc. | 2,859,040 | |
25,704 | Huntington Ingalls Industries, Inc. | 4,147,597 | |
40,717 | IDEX Corp. | 3,519,578 | |
46,638 | ITT, Inc. | 1,642,590 | |
174,384 | 2 | Jet Blue Airways Corp. | 3,048,232 |
68,494 | Joy Global, Inc. | 1,906,188 | |
76,528 | KBR, Inc. | 1,133,380 | |
27,588 | 2 | KLX, Inc. | 949,579 |
43,594 | Kennametal, Inc. | 1,234,146 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Industrials—continued | |||
28,566 | 2 | Kirby Corp. | $1,683,966 |
24,029 | Landstar System, Inc. | 1,709,663 | |
21,357 | Lennox International, Inc. | 3,115,773 | |
34,552 | Lincoln Electric Holdings | 2,274,558 | |
9,573 | MSA Safety, Inc. | 558,106 | |
24,793 | MSC Industrial Direct Co. | 1,804,930 | |
43,435 | Manpower Group, Inc. | 3,335,808 | |
32,104 | Miller Herman, Inc. | 892,491 | |
79,742 | 2 | NOW, Inc. | 1,719,238 |
28,228 | Nordson Corp. | 2,826,470 | |
38,460 | 2 | Old Dominion Freight Lines, Inc. | 2,872,193 |
26,476 | Orbital ATK, Inc. | 1,968,755 | |
32,887 | OshKosh Truck Corp. | 1,759,455 | |
31,542 | Regal Beloit Corp. | 1,864,132 | |
55,315 | Rollins, Inc. | 1,704,808 | |
82,030 | Smith (A.O.) Corp. | 3,705,295 | |
18,667 | 2 | Teledyne Technologies, Inc. | 2,010,063 |
58,397 | Terex Corp. | 1,394,520 | |
51,078 | Timken Co. | 1,688,128 | |
58,014 | Toro Co. | 2,777,710 | |
65,837 | Trinity Industries, Inc. | 1,405,620 | |
27,247 | Triumph Group, Inc. | 645,754 | |
12,965 | Valmont Industries, Inc. | 1,658,872 | |
49,348 | Wabtec Corp. | 3,815,094 | |
13,634 | Watsco, Inc. | 1,871,812 | |
25,570 | Werner Enterprises, Inc. | 614,959 | |
30,554 | Woodward, Inc. | 1,802,075 | |
TOTAL | 115,627,956 | ||
Information Technology—17.9% | |||
59,044 | 2,3 | 3D Systems Corp. | 818,940 |
61,185 | 2 | ACI Worldwide, Inc. | 1,108,672 |
41,532 | 2 | Acxiom Corp. | 978,494 |
347,218 | 2 | Advanced Micro Devices, Inc. | 2,510,386 |
52,041 | 2 | Ansys, Inc. | 4,753,945 |
104,477 | 2 | Arris International PLC | 2,902,371 |
48,566 | 2 | Arrow Electronics, Inc. | 2,968,354 |
67,555 | Avnet, Inc. | 2,833,932 | |
22,395 | Belden, Inc. | 1,451,420 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Information Technology—continued | |||
65,841 | Broadridge Financial Solutions | $4,257,279 | |
223,625 | Brocade Communications Systems, Inc. | 2,370,425 | |
74,784 | CDK Global, Inc. | 4,083,954 | |
56,170 | 2 | CIENA Corp. | 1,088,575 |
160,251 | 2 | Cadence Design Systems, Inc. | 4,099,221 |
34,081 | 2 | Cirrus Logic, Inc. | 1,839,692 |
54,700 | Cognex Corp. | 2,822,520 | |
22,639 | 2 | Commvault Systems, Inc. | 1,211,187 |
68,318 | Computer Sciences Corp. | 3,719,915 | |
38,061 | 2 | Comscore, Inc. | 1,095,776 |
50,857 | Convergys Corp. | 1,485,024 | |
58,536 | 2 | CoreLogic, Inc. | 2,491,292 |
55,154 | 2 | Cree, Inc. | 1,229,934 |
141,107 | Cypress Semiconductor Corp. | 1,406,837 | |
17,813 | DST Systems, Inc. | 1,712,898 | |
24,559 | Diebold, Inc. | 535,386 | |
16,629 | Fair Isaac & Co., Inc. | 2,006,788 | |
80,912 | 2 | Fortinet, Inc. | 2,594,039 |
44,255 | 2 | Gartner Group, Inc., Class A | 3,807,700 |
43,878 | Henry Jack & Associates, Inc. | 3,554,996 | |
20,085 | 2 | IPG Photonics Corp. | 1,948,446 |
93,554 | Ingram Micro, Inc., Class A | 3,480,209 | |
73,985 | 2 | Integrated Device Technology, Inc. | 1,532,229 |
24,116 | InterDigital, Inc. | 1,703,795 | |
75,204 | Intersil Holding Corp. | 1,660,504 | |
26,645 | j2 Global, Inc. | 1,895,792 | |
86,216 | Jabil Circuit, Inc. | 1,839,850 | |
91,619 | 2 | Keysight Technologies, Inc. | 3,005,103 |
47,954 | 2,3 | Knowles Corp. | 716,433 |
79,639 | Leidos Holdings, Inc. | 3,310,593 | |
36,156 | Lexmark International, Inc. | 1,435,032 | |
39,319 | 2 | Manhattan Associates, Inc. | 1,991,114 |
28,254 | Maximus, Inc. | 1,470,903 | |
59,249 | Mentor Graphics Corp. | 1,712,296 | |
62,427 | 2 | Microsemi Corp. | 2,630,050 |
20,701 | Monolithic Power Systems | 1,631,446 | |
80,404 | 2 | NCR Corp. | 2,818,160 |
60,626 | National Instruments Corp. | 1,702,984 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Information Technology—continued | |||
36,385 | 2 | NetScout Systems, Inc. | $998,768 |
45,371 | 2 | Neustar, Inc., Class A | 1,018,579 |
62,843 | 2 | PTC, Inc. | 2,981,272 |
19,733 | Plantronics, Inc. | 1,020,393 | |
58,450 | 2 | Rackspace Hosting, Inc. | 1,866,893 |
24,903 | Science Applications International Corp. | 1,716,066 | |
23,172 | 2 | Silicon Laboratories, Inc. | 1,389,161 |
25,909 | 2 | Synaptics, Inc. | 1,350,377 |
15,376 | Synnex Corp. | 1,576,655 | |
89,720 | 2 | Synopsys, Inc. | 5,321,293 |
14,411 | 2 | Tech Data Corp. | 1,109,935 |
130,171 | Teradyne, Inc. | 3,031,683 | |
13,835 | 2 | The Ultimate Sortware Group, Inc. | 2,919,047 |
151,587 | 2 | Trimble, Inc. | 4,189,865 |
15,699 | 2 | Tyler Technologies, Inc. | 2,518,120 |
61,134 | 2 | Verifone Systems, Inc. | 946,354 |
59,093 | 2 | Versum Materials, Inc. | 1,341,411 |
19,228 | 2 | ViaSat, Inc. | 1,358,651 |
75,111 | Vishay Intertechnology, Inc. | 1,059,065 | |
24,911 | 2 | WEX, Inc. | 2,717,790 |
13,528 | 2 | WebMd Health Corp. | 664,631 |
29,188 | 2 | Zebra Technologies Co., Class A | 1,921,738 |
TOTAL | 147,242,638 | ||
Materials—7.1% | |||
33,924 | 3 | Allegheny Technologies, Inc. | 462,723 |
33,910 | Aptargroup, Inc. | 2,422,530 | |
33,287 | Ashland Global Holdings, Inc. | 3,719,157 | |
52,132 | Bemis Co., Inc. | 2,539,871 | |
42,299 | Cabot Corp. | 2,205,470 | |
23,502 | Carpenter Technology Corp. | 742,898 | |
89,802 | Commercial Metals Corp. | 1,410,789 | |
12,707 | Compass Minerals International, Inc. | 912,998 | |
34,162 | Domtar Corp. | 1,228,124 | |
26,811 | Eagle Materials, Inc. | 2,170,887 | |
13,625 | Greif, Inc., Class A | 638,468 | |
78,762 | 2 | Louisiana-Pacific Corp. | 1,445,283 |
25,286 | Minerals Technologies, Inc. | 1,699,219 | |
5,132 | Newmarket Corp. | 2,057,470 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Materials—continued | |||
68,780 | Olin Corp. | $1,508,345 | |
52,135 | Packaging Corp. of America | 4,301,137 | |
46,164 | Polyone Corp. | 1,349,374 | |
73,977 | RPM International, Inc. | 3,516,867 | |
38,454 | Reliance Steel & Aluminum Co. | 2,644,866 | |
30,304 | Royal Gold, Inc. | 2,085,521 | |
19,668 | Scotts Co. | 1,732,554 | |
23,948 | Sensient Technologies Corp. | 1,784,365 | |
21,706 | Silgan Holdings, Inc. | 1,105,921 | |
56,354 | Sonoco Products Co. | 2,834,043 | |
150,515 | Steel Dynamics, Inc. | 4,133,142 | |
90,973 | 3 | United States Steel Corp. | 1,759,418 |
40,496 | Valspar Corp. | 4,033,402 | |
34,025 | Worthington Industries, Inc. | 1,599,175 | |
TOTAL | 58,044,017 | ||
Real Estate—11.7% | |||
26,965 | Alexander and Baldwin, Inc. | 1,126,867 | |
38,750 | Alexandria Real Estate Equities, Inc. | 4,177,637 | |
72,569 | American Campus Communities, Inc. | 3,781,571 | |
48,177 | Camden Property Trust | 3,923,535 | |
31,617 | Care Capital Properties, Inc. | 840,064 | |
73,849 | Communications Sales & Leasing, Inc. | 2,099,527 | |
66,742 | Corporate Office Properties Trust | 1,781,344 | |
67,995 | Corrections Corp. of America | 982,528 | |
186,115 | Cousins Properties, Inc. | 1,446,114 | |
48,189 | DCT Industrial Trust, Inc. | 2,252,836 | |
89,833 | Douglas Emmett, Inc. | 3,278,904 | |
192,824 | Duke Realty Corp. | 5,042,348 | |
35,843 | EPR Properties | 2,606,503 | |
30,470 | Education Realty Trust, Inc. | 1,297,717 | |
51,456 | Equity One, Inc. | 1,466,496 | |
62,568 | First Industrial Realty Trust | 1,652,421 | |
64,498 | Healthcare Realty Trust, Inc. | 2,056,841 | |
45,864 | Highwoods Properties, Inc. | 2,276,230 | |
104,064 | Hospitality Properties Trust | 2,847,191 | |
25,255 | Jones Lang LaSalle, Inc. | 2,445,947 | |
51,297 | Kilroy Realty Corp. | 3,684,663 | |
45,282 | Lamar Advertising Co., Class A | 2,873,143 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Real Estate—continued | |||
64,662 | LaSalle Hotel Properties | $1,535,722 | |
82,244 | Liberty Property Trust | 3,325,125 | |
20,799 | Life Storeage, Inc. | 1,677,439 | |
46,876 | Mack-Cali Realty Corp. | 1,203,776 | |
147,020 | Medical Properties Trust, Inc. | 2,049,459 | |
42,168 | Mid-American Apartment Communities, Inc. | 3,911,082 | |
81,505 | National Retail Properties, Inc. | 3,718,258 | |
93,963 | Omega Healthcare Investors | 2,990,842 | |
35,513 | Post Properties, Inc. | 2,336,400 | |
33,299 | Potlatch Corp. | 1,278,682 | |
51,462 | Rayonier, Inc. | 1,380,211 | |
57,980 | Regency Centers Corp. | 4,178,619 | |
133,583 | Senior Housing Properties Trust | 2,841,310 | |
52,612 | Tanger Factory Outlet Centers, Inc. | 1,830,898 | |
38,532 | Taubman Centers, Inc. | 2,792,029 | |
48,464 | Urban Edge Properties | 1,250,856 | |
135,348 | Washington Prime Group, Inc. | 1,419,800 | |
65,570 | Weingarten Realty Investors | 2,374,290 | |
TOTAL | 96,035,225 | ||
Telecommunication Services—0.1% | |||
47,834 | Telephone and Data System, Inc. | 1,236,030 | |
Utilities—5.6% | |||
97,791 | Aqua America, Inc. | 3,002,184 | |
56,297 | Atmos Energy Corp. | 4,187,934 | |
21,592 | Black Hills Corp. | 1,335,465 | |
110,211 | Great Plains Energy, Inc. | 3,134,401 | |
61,890 | Hawaiian Electric Industries, Inc. | 1,825,755 | |
28,616 | Idacorp, Inc. | 2,243,208 | |
124,022 | MDU Resources Group, Inc. | 3,250,617 | |
26,293 | Northwestern Corp. | 1,513,162 | |
47,694 | National Fuel Gas Co. | 2,498,212 | |
34,691 | New Jersey Resources Corp. | 1,177,759 | |
111,782 | OGE Energy Corp. | 3,469,713 | |
27,578 | ONE Gas, Inc. | 1,689,980 | |
30,729 | PNM Resources, Inc. | 1,009,448 | |
25,607 | Southwest Gas Corp. | 1,855,483 | |
47,508 | 2 | Talen Energy Corp. | 661,786 |
103,687 | UGI Corp. | 4,799,671 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Utilities—continued | |||
45,612 | Vectren Corp. | $2,294,740 | |
21,194 | WGL Holdings, Inc. | 1,336,706 | |
78,945 | Westar Energy, Inc. | 4,525,127 | |
TOTAL | 45,811,351 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $543,009,618) | 808,297,927 | ||
INVESTMENT COMPANIES—3.8%4 | |||
18,424,117 | 5 | Federated Government Obligations Fund, Institutional Shares, 0.27%6 | 18,424,117 |
13,162,383 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 0.45%6 | 13,162,383 | |
TOTAL INVESTMENT COMPANIES (AT NET ASSET VALUE) | 31,586,500 | ||
TOTAL INVESTMENTS—102.2% (IDENTIFIED COST $574,596,118)7 | 839,884,427 | ||
OTHER ASSETS AND LIABILITIES - NET—(2.2)%8 | (18,277,860) | ||
TOTAL NET ASSETS—100% | $821,606,567 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Depreciation |
2S&P MidCap 400 E-Mini Long Futures | 92 | $13,862,560 | December 2016 | $(222,087) |
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 $13,862,560 at October 31, 2016, which represents 1.7% 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 100.1%. |
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 | All or a portion of this security is held as collateral for securities lending. |
6 | 7-day net yield. |
7 | The cost of investments for federal tax purposes amounts to $581,605,497. |
8 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Year Ended October 31, | Period Ended 10/31/20121 | ||||
2016 | 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 | 0.342 | 0.32 | 0.32 | 0.302 | 0.16 |
Net realized and unrealized gain on investments and futures contracts | 1.03 | 0.57 | 2.76 | 6.80 | 2.17 |
TOTAL FROM INVESTMENT OPERATIONS | 1.37 | 0.89 | 3.08 | 7.10 | 2.33 |
Less Distributions: | |||||
Distributions from net investment income | (0.32) | (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 | (3.49) | (2.96) | (1.09) | (2.17) | (0.18) |
Net Asset Value, End of Period | $25.13 | $27.25 | $29.32 | $27.33 | $22.40 |
Total Return3 | 5.85% | 3.17% | 11.61% | 33.47% | 11.51% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.30% | 0.30% | 0.29% | 0.29% | 0.29%4 |
Net investment income | 1.40% | 1.15% | 1.14% | 1.20% | 1.17%4 |
Expense waiver/reimbursement5 | 0.10% | 0.10% | 0.11% | 0.16% | 0.22%4 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $161,135 | $153,751 | $138,394 | $105,147 | $37,696 |
Portfolio turnover | 33% | 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 numbers have 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. |
Year Ended October 31, 2016 | 2016 | 2015 | 2014 | 2013 | 2012 |
Net Asset Value, Beginning of Period | $27.26 | $29.33 | $27.35 | $22.41 | $21.19 |
Income From Investment Operations: | |||||
Net investment income | 0.281 | 0.25 | 0.25 | 0.261 | 0.19 |
Net realized and unrealized gain on investments and futures contracts | 1.04 | 0.57 | 2.75 | 6.79 | 2.16 |
TOTAL FROM INVESTMENT OPERATIONS | 1.32 | 0.82 | 3.00 | 7.05 | 2.35 |
Less Distributions: | |||||
Distributions from net investment income | (0.26) | (0.26) | (0.24) | (0.26) | (0.19) |
Distributions from net realized gain on investments and futures contracts | (3.17) | (2.63) | (0.78) | (1.85) | (0.94) |
TOTAL DISTRIBUTIONS | (3.43) | (2.89) | (1.02) | (2.11) | (1.13) |
Net Asset Value, End of Period | $25.15 | $27.26 | $29.33 | $27.35 | $22.41 |
Total Return2 | 5.64% | 2.91% | 11.29% | 33.18% | 11.59% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.55% | 0.55% | 0.54% | 0.54% | 0.54% |
Net investment income | 1.16% | 0.91% | 0.89% | 1.05% | 0.88% |
Expense waiver/reimbursement3 | 0.10% | 0.10% | 0.11% | 0.17% | 0.20% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $660,471 | $763,853 | $902,685 | $902,823 | $923,634 |
Portfolio turnover | 33% | 36% | 27% | 27% | 18% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Period Ended October 31 | 20161 |
Net Asset Value, Beginning of Period | $25.29 |
Income From Investment Operations: | |
Net investment income | 0.012 |
Net realized and unrealized gain on investments and futures contracts | (0.15) |
TOTAL FROM INVESTMENT OPERATIONS | (0.14) |
Less Distributions: | |
Distributions from net investment income | — |
Distributions from net realized gain on investments and futures contracts | — |
TOTAL DISTRIBUTIONS | — |
Net Asset Value, End of Period | $25.15 |
Total Return3 | (0.55)% |
Ratios to Average Net Assets: | |
Net expenses | 0.26%4 |
Net investment income | 0.52%4 |
Expense waiver/reimbursement | —4 |
Supplemental Data: | |
Net assets, end of period (000 omitted) | $05 |
Portfolio turnover | 33%6 |
1 | Reflects operations for the period from October 18, 2016 (date of initial investment) to October 31, 2016. |
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 | Represents less than $1,000. |
6 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the period from November 1, 2015 to October 31, 2016. |
Assets: | ||
Total investment in securities, at value including $18,011,440 of securities loaned and $33,013,747 of investment in affiliated holdings (Note 5) (identified cost $574,596,118) | $839,884,427 | |
Restricted cash (Note 2) | 570,400 | |
Income receivable | 352,838 | |
Receivable for investments sold | 69,933 | |
Receivable for shares sold | 654,817 | |
Receivable for daily variation margin on futures contracts | 91,895 | |
TOTAL ASSETS | 841,624,310 | |
Liabilities: | ||
Payable for shares redeemed | $1,329,664 | |
Payable for collateral due to broker for securities lending | 18,424,117 | |
Payable to adviser (Note 5) | 4,261 | |
Payable for other service fees (Notes 2 and 5) | 141,414 | |
Accrued expenses (Note 5) | 118,287 | |
TOTAL LIABILITIES | 20,017,743 | |
Net assets for 32,674,337 shares outstanding | $821,606,567 | |
Net Assets Consist of: | ||
Paid-in capital | $478,325,892 | |
Net unrealized appreciation of investments and futures contracts | 265,066,222 | |
Accumulated net realized gain on investments and futures contracts | 76,955,342 | |
Undistributed net investment income | 1,259,111 | |
TOTAL NET ASSETS | $821,606,567 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Institutional Shares: | ||
Net asset value per share ($161,135,196 ÷ 6,410,837 shares outstanding), no par value, unlimited shares authorized | $25.13 | |
Offering price per share | $25.13 | |
Redemption proceeds per share | $25.13 | |
Service Shares: | ||
Net asset value per share ($660,471,271 ÷ 26,263,496 shares outstanding), no par value, unlimited shares authorized | $25.15 | |
Offering price per share | $25.15 | |
Redemption proceeds per share | $25.15 | |
Class R6 Shares: | ||
Net asset value per share ($100 ÷ 4 shares outstanding),1 no par value, unlimited shares authorized | $25.15 | |
Offering price per share | $25.15 | |
Redemption proceeds per share | $25.15 |
1 | Net asset totals and shares outstanding round to the nearest whole total. |
Investment Income: | |||
Dividends (including $264,419 received from affiliated holdings (Note 5)) | $14,296,058 | ||
Interest income on securities loaned | 209,067 | ||
TOTAL INCOME | 14,505,125 | ||
Expenses: | |||
Management fee (Note 5) | $2,550,241 | ||
Custodian fees | 59,100 | ||
Transfer agent fee | 523,227 | ||
Directors'/Trustees' fees (Note 5) | 10,884 | ||
Auditing fees | 24,801 | ||
Legal fees | 19,876 | ||
Portfolio accounting fees | 127,866 | ||
Other service fees (Notes 2 and 5) | 1,673,360 | ||
Share registration costs | 42,621 | ||
Printing and postage | 43,223 | ||
Miscellaneous (Note 5) | 27,871 | ||
TOTAL EXPENSES | 5,103,070 | ||
Waiver/reimbursement of management fee (Note 5) | (840,991) | ||
Net expenses | 4,262,079 | ||
Net investment income | 10,243,046 | ||
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)) | 80,225,030 | ||
Net realized gain on futures contracts | 3,426,078 | ||
Net change in unrealized appreciation of investments | (48,401,653) | ||
Net change in unrealized appreciation of futures contracts | (839,974) | ||
Net realized and unrealized gain on investments and futures contracts | 34,409,481 | ||
Change in net assets resulting from operations | $44,652,527 |
Year Ended October 31 | 2016 | 2015 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $10,243,046 | $9,630,287 |
Net realized gain on investments and futures contracts | 83,651,108 | 105,139,877 |
Net change in unrealized appreciation/depreciation of investments and futures contracts | (49,241,627) | (80,917,780) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 44,652,527 | 33,852,384 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Institutional Shares | (2,083,590) | (1,751,185) |
Service Shares | (7,536,173) | (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 | (114,699,415) | (102,200,120) |
Share Transactions: | ||
Proceeds from sale of shares | 167,823,831 | 220,901,058 |
Net asset value of shares issued to shareholders in payment of distributions declared | 112,067,229 | 100,143,054 |
Cost of shares redeemed | (305,841,687) | (376,171,506) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (25,950,627) | (55,127,394) |
Change in net assets | (95,997,515) | (123,475,130) |
Net Assets: | ||
Beginning of period | 917,604,082 | 1,041,079,212 |
End of period (including undistributed net investment income of $1,259,111 and $635,828, respectively) | $821,606,567 | $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 are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”). |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
■ | 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 | $1,673,360 |
Market Value of Securities Loaned | Market Value of Collateral |
$18,011,440 | $18,424,117 |
Assets | ||
Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||
Equity contracts | Receivable for daily variation margin on futures contracts | $(222,087)* |
* | Includes cumulative depreciation 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 | |
Equity contracts | $3,426,078 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures | |
Equity contracts | $(839,974) |
Year Ended October 31 | 2016 | 2015 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,459,630 | $58,334,049 | 2,088,148 | $57,535,767 |
Shares issued to shareholders in payment of distributions declared | 810,838 | 19,388,609 | 513,673 | 13,996,077 |
Shares redeemed | (2,501,908) | (60,651,408) | (1,680,231) | (46,429,410) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 768,560 | $17,071,250 | 921,590 | $25,102,434 |
Year Ended October 31 | 2016 | 2015 | ||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 4,502,361 | $109,489,682 | 5,849,698 | $163,365,291 |
Shares issued to shareholders in payment of distributions declared | 3,877,092 | 92,678,620 | 3,161,697 | 86,146,977 |
Shares redeemed | (10,133,958) | (245,190,279) | (11,772,058) | (329,742,096) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (1,754,505) | $(43,021,977) | (2,760,663) | $(80,229,828) |
Period Ended 10/31/20161 | Year Ended 10/31/2015 | |||
R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 4 | $100 | — | $— |
Shares issued to shareholders in payment of distributions declared | — | — | — | — |
Shares redeemed | (—) | (—) | (—) | (—) |
NET CHANGE RESULTING FROM R6 SHARE TRANSACTIONS | 4 | $100 | — | $— |
NET CHANGE RESULTING FROM TOTALFUND SHARE TRANSACTIONS | (985,941) | $(25,950,627) | (1,839,073) | $(55,127,394) |
1 | Reflects operations for the period from October 18, 2016 (date of initial investment) to October 31, 2016. |
2016 | 2015 | |
Ordinary income1 | $9,619,763 | $17,898,481 |
Long-term capital gains | $105,079,652 | $84,301,639 |
1 | For tax purposes, short-term capital gain distributions are treated as ordinary income distributions. |
Undistributed ordinary income | $1,259,111 |
Undistributed long-term capital gains | $83,742,634 |
Net unrealized appreciation | $258,278,930 |
Federated Investors, Inc. | Federated Institutional Money Market Management, Institutional Shares | Federated Government Obligations Fund, 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 | — | 189,775,349 | 32,924,173 | 208,682,100 | 431,381,622 |
Sales/Reductions | (2,977) | (205,244,316) | (14,500,056) | (222,518,235) | (442,265,584) |
Balance of Shares Held 10/31/2016 | 52,861 | — | 18,424,117 | 13,162,383 | 31,639,361 |
Value | $1,427,247 | $— | $18,424,117 | $13,162,383 | $33,013,747 |
Dividend Income | $53,605 | $90,511 | $9,956 | $110,347 | $264,419 |
Purchases | $273,318,539 |
Sales | $381,724,788 |
December 23, 2016
Beginning Account Value 5/1/2016 | Ending Account Value 10/31/2016 | Expenses Paid During Period1 | |
Actual: | |||
Institutional Shares | $1,000 | $1,039.40 | $1.54 |
Service Shares | $1,000 | $1,038.50 | $2.82 |
R6 Shares | $1,000 | $994.50 | $ 0.102,3 |
Hypothetical (assuming a 5% return before expenses): | |||
Institutional Shares | $1,000 | $1,023.59 | $1.53 |
Service Shares | $1,000 | $1,022.33 | $2.80 |
R6 Shares | $1,000 | $1,023.79 | $ 1.322,3 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Institutional Shares | 0.30% |
Service Shares | 0.55% |
Class R6 Shares | 0.26% |
2 | “Actual” expense information for the Fund's R6 Shares is for the period from October 18, 2016 (date of initial investment) to October 31, 2016. Actual expenses are equal to the Fund's annualized net expense ratio of 0.26%, multiplied by 14/366 (to reflect the period from initial investment to October 31, 2016). “Hypothetical” expense information for R6 is presented on the basis of the full one-half year period to enable comparison to other funds. It is based on assuming the same net expense ratio and average account value over the period, but it is multiplied by 184/366 (to reflect the full half-year period). |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund's R6 Shares current Fee Limit of 0.29% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation,) multiplied by the average account value over the period, multiplied by 184/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $0.01 and $0.01, respectively. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: January 1990 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of certain of the Funds in the Federated Fund Family; Vice President, Federated Investors, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President and CEO of Passport Research, Ltd.; President of some of the Funds in the Federated Fund Complex and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Investors, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
* | Reasons for “interested” status: J. Christopher Donahue and John B. Fisher are interested due to their beneficial ownership of shares of Federated Investors, Inc. and due to positions they hold with Federated and its subsidiaries. J. Christopher Donahue is the son of John F. Donahue, Chairman Emeritus of the Federated Funds. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Retired. Other Directorships Held: Director, Chair of the Compensation Committee, Audit Committee member, KLX Corp. Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO, The Collins Group, Inc. (a private equity firm). Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director, FleetBoston Financial Corp.; Director and Audit Committee Member, Bank of America Corp. and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; Retired. Other Directorships Held: Director, Chair of the Audit Committee, Governance Committee, Publix Super Markets, Inc.; Director, Equifax, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP. Mr. Hough is an Executive Committee member of the United States Golf Association, he serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Interim Dean of the Duquesne University School of Law; Adjunct Professor of Law, Duquesne University School of Law. Other Directorships Held: Director, CONSOL Energy Inc. Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously served as: Associate General Secretary, Diocese of Pittsburgh; a member of the Superior Court of Pennsylvania; and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also holds the positions on either a public or not for profit Board of Directors as follows: Member, Pennsylvania State Board of Education (public); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Director, Saint Vincent College; and Director and Chair, Cardinal Wuerl North Catholic High School, Inc. Judge Lally-Green has held the positions of: Director, Auberle; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; and Director, Catholic High Schools of the Diocese of Pittsburgh, Inc. |
Peter E. Madden Birth Date: March 16, 1942 Trustee Indefinite Term Began serving: August 1991 | Principal Occupation: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; Retired. Other Directorships Held: None. Qualifications: Mr. Madden has served in several business management, mutual fund services and directorship positions throughout his career. Mr. Madden previously served as President, Chief Operating Officer and Director, State Street Bank and Trust Company (custodian bank) and State Street Corporation (financial services). He was Director, VISA USA and VISA International and Chairman and Director, Massachusetts Bankers Association. Mr. Madden served as Director, Depository Trust Corporation and Director, The Boston Stock Exchange. Mr. Madden also served as a Representative to the Commonwealth of Massachusetts General Court. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Mansfield has served in several banking, business management and educational roles and directorship positions throughout his career. Mr. Mansfield previously served as Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly, Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President DVC Group, Inc. (marketing, communications and technology). |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey serves as Board Member, Epilepsy Foundation of Western Pennsylvania and Board member, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: February 1990 | Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp. |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: February 1990 | Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Stephen F. Auth Birth Date: September 13, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: November 2002 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31420E205
CUSIP 31420E874
2016 ©Federated Investors, Inc.
Item 2. Code of Ethics
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.
(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. Audit Committee Financial Expert
The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: John T. Collins, G. Thomas Hough and Thomas M. O'Neill.
Item 4. Principal Accountant Fees and Services
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2016 - $51,600
Fiscal year ended 2015 - $49,600
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2016 - $3,500
Fiscal year ended 2015 - $87
Fiscal year ended 2016- Audit consent fee for N-1A filing.
Fiscal year ended 2015- Travel to Audit Committee Meeting.
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $62 respectively. Fiscal year ended 2015- Travel expenses for attendance at Audit Committee meeting.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2016 - $0
Fiscal year ended 2015 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2016 - $0
Fiscal year ended 2015 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $21,615 and $22,349 respectively. Fiscal year ended 2016- Service fee for analysis of potential Passive Foreign Investment Company holdings. Fiscal year ended 2015- Service fee for analysis of potential Passive Foreign Investment Company holdings.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate its responsibilities to pre-approve services performed by the independent auditor to management.
The Audit Committee has delegated pre-approval authority to its Chairman. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee must approve any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit Services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services, all other Audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain Audit-related services, all other Audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide Tax services to the Company such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services, all Tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of services other than audit, review or attest services the pre-approval requirement is waived if:
(1) | The aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant to its accountant during the fiscal year in which the services are provided; |
(2) | Such services were not recognized by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant at the time of the engagement to be non-audit services; and |
(3) | Such services are promptly brought to the attention of the Audit Committee of the issuer and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the board of directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, and would not impair the independence of the auditor.
The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of prohibited non-audit services and the applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2016 – 0%
Fiscal year ended 2015 - 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2016 – 0%
Fiscal year ended 2015 – 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2016 – 0%
Fiscal year ended 2015 – 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) | NA |
(g) | Non-Audit Fees billed to the registrant, the registrant’s investment adviser, and certain entities controlling, controlled by or under common control with the investment adviser: |
Fiscal year ended 2016 - $157,172
Fiscal year ended 2015 - $40,053
(h) | The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
In its required communications to the Audit Committee of the registrant’s Board, Ernst & Young LLP (“EY”), the registrant’s independent public accountant, informed the Audit Committee that EY and/ or covered person professionals within EY maintain lending relationships with certain owners of greater than 10% of the shares of certain investment companies within the “investment company complex” as defined under Rule 2-01(f)(14) of Regulation S-X, which are affiliates of the registrant. EY has advised the Audit Committee that these lending relationships implicate Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the “Loan Rule”). The Loan Rule prohibits an independent public accountant, or covered person professionals at such firm, from having a financial relationship (such as a loan) with a lender that is a record or beneficial owner of more than 10% of an audit client’s equity securities. For purposes of the Loan Rule, audit clients include the registrant, as well as all registered investment companies advised by advisory subsidiaries of Federated Investors, Inc., the Adviser (for which EY serves as independent public accountant), and their respective affiliates (collectively, the “Federated Fund Complex”).
EY informed the Audit Committee that EY believes that these lending relationships described above do not and will not impair EY’s ability to exercise objective and impartial judgment in connection with the audits of the financial statements for the registrant and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of objective and impartial judgment on all issues encompassed within EY’s audits.
On June 20, 2016, the Division of Investment Management of the Securities and Exchange Commission (“SEC”) issued a no-action letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to similar Loan Rule matters as those described above. In that letter, the SEC Staff confirmed that it would not recommend enforcement action against an investment company that relied on the audit services performed by an independent public accountant where the Loan Rule was implicated in certain specified circumstances. In that letter, the SEC staff indicated that it would not recommend enforcement action against the investment company complex if the Loan Rule is implicated provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the Loan Rule is implicated because of lending relationships; and (3) notwithstanding such lending relationships that implicate the Loan Rule, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. The circumstances described in the no-action letter are substantially similar to the circumstances that implicated the Loan Rule with respect to EY and the registrant. The relief provided in the SEC no-action letter is effective for 18 months from its June 20, 2016 issuance date.
If it were to be determined that the relief available under the no-action letter was improperly relied upon, or that the independence requirements under the federal securities laws were not otherwise complied with regarding the registrant, for certain periods, any of the registrant’s filings with the SEC which contain financial statements of the registrant for such periods may not comply with applicable federal securities laws, the registrant’s ability to offer shares under its current registration statement may be impacted, and certain financial reporting and/or other covenants with, and representations and warranties to, the registrant’s lender under its committed line of credit may be impacted. Such events could have a material adverse effect on the registrant and the Federated Fund Complex.
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 December 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 December 23, 2016
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date December 23, 2016