United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-6061
(Investment Company Act File Number)
Federated Index Trust
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 10/31/17
Date of Reporting Period: Six months ended 04/30/17
Item 1. | Reports to Stockholders |
Share Class | Ticker |
Institutional | FMCRX |
Service | FMDCX |
R6 | FMCLX |
Sector Composition | Percentage of Total Net Assets |
Information Technology | 16.7% |
Financials | 15.9% |
Industrials | 14.2% |
Consumer Discretionary | 11.4% |
Real Estate | 9.6% |
Health Care | 8.6% |
Materials | 7.7% |
Utilities | 5.4% |
Consumer Staples | 3.8% |
Energy | 3.3% |
Telecommunication Services | 0.3% |
Securities Lending Collateral2 | 1.6% |
Cash Equivalents3 | 3.4% |
Derivative Contracts4 | 0.0% |
Other Assets and Liabilities—Net5 | (1.9)% |
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 100.0%. |
Shares | Value | ||
COMMON STOCKS—96.9%1 | |||
Consumer Discretionary—11.4% | |||
30,557 | 2 | AMC Networks, Inc. | $1,823,642 |
47,872 | Aaron's, Inc. | 1,720,520 | |
95,561 | American Eagle Outfitters, Inc. | 1,346,454 | |
22,263 | Big Lots, Inc. | 1,124,059 | |
27,654 | Brinker International, Inc. | 1,222,030 | |
45,449 | Brunswick Corp. | 2,579,231 | |
9,683 | 2 | Buffalo Wild Wings, Inc. | 1,525,557 |
41,390 | CST Brands, Inc. | 1,998,723 | |
26,482 | 2 | Cabela's, Inc., Class A | 1,445,917 |
2,321 | Cable One, Inc. | 1,582,597 | |
37,316 | CalAtlantic Group, Inc. | 1,351,585 | |
26,414 | Carter's, Inc. | 2,431,144 | |
24,649 | Cheesecake Factory, Inc. | 1,581,480 | |
66,271 | Chicos Fas, Inc. | 915,865 | |
7,018 | Churchill Downs, Inc. | 1,170,602 | |
45,450 | Cinemark Holdings, Inc. | 1,963,440 | |
29,613 | Cooper Tire & Rubber Co. | 1,134,178 | |
9,896 | 3 | Cracker Barrel Old Country Store, Inc. | 1,585,240 |
79,514 | Dana, Inc. | 1,544,162 | |
16,603 | 2 | Deckers Outdoor Corp. | 989,373 |
42,879 | DeVry Education Group, Inc. | 1,622,970 | |
45,613 | Dick's Sporting Goods, Inc. | 2,305,737 | |
21,611 | Dillards, Inc., Class A | 1,196,601 | |
24,694 | Domino's Pizza, Inc. | 4,479,245 | |
49,717 | Dunkin' Brands Group, Inc. | 2,777,192 | |
56,953 | 3 | GameStop Corp. | 1,292,264 |
148,317 | Gentex Corp. | 3,062,746 | |
2,585 | Graham Holdings, Co. | 1,555,394 | |
19,128 | HSN, Inc. | 705,823 | |
18,719 | 2 | Helen of Troy Ltd. | 1,759,586 |
15,636 | International Speedway Corp., Class A | 580,096 | |
16,353 | Jack in the Box, Inc. | 1,667,515 | |
41,248 | KB Home | 849,709 | |
85,477 | 2 | Kate Spade & Co. | 1,487,300 |
67,210 | 2 | Live Nation Entertainment, Inc. | 2,161,474 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Consumer Discretionary—continued | |||
17,749 | Meredith Corp. | $1,039,204 | |
58,979 | 2 | Michaels Cos, Inc.,/The | 1,377,749 |
11,854 | 2 | Murphy USA, Inc. | 824,683 |
1,809 | 2 | NVR, Inc. | 3,819,251 |
62,826 | New York Times Co., Class A | 907,836 | |
288,364 | Office Depot, Inc. | 1,433,169 | |
10,816 | 2 | Panera Bread Co. | 3,381,947 |
13,915 | 3 | Papa Johns International, Inc. | 1,100,120 |
90,508 | 2,3 | Penney (J.C.) Co., Inc. | 486,933 |
31,616 | 3 | Polaris Industries, Inc. | 2,695,580 |
20,823 | Pool Corp. | 2,490,847 | |
79,439 | 2 | Sally Beauty Holdings, Inc. | 1,510,930 |
84,421 | Service Corp. International | 2,720,045 | |
72,674 | 2 | Skechers USA, Inc., Class A | 1,835,018 |
22,311 | 2 | Sothebys Holdings, Inc., Class A | 1,056,649 |
42,759 | 2 | TRI Pointe Group, Inc. | 532,349 |
14,948 | 2,3 | Tempur Sealy International, Inc. | 701,809 |
23,492 | Texas Roadhouse, Inc. | 1,101,305 | |
133,431 | The Wendy's Co. | 1,966,773 | |
24,177 | Thor Industries, Inc. | 2,325,344 | |
47,359 | Time, Inc. | 719,857 | |
78,308 | Toll Brothers, Inc. | 2,818,305 | |
27,972 | Tupperware Brands Corp. | 2,008,669 | |
47,514 | 2 | Urban Outfitters, Inc. | 1,087,120 |
31,638 | Wiley (John) & Sons, Inc., Class A | 1,667,323 | |
44,098 | Williams-Sonoma, Inc. | 2,383,497 | |
TOTAL | 102,531,763 | ||
Consumer Staples—3.8% | |||
235,141 | 2 | Avon Products, Inc. | 1,140,434 |
21,308 | Casey's General Stores, Inc. | 2,387,988 | |
24,222 | Dean Foods Co. | 478,142 | |
28,913 | 2 | Edgewell Personal Care Co. | 2,066,990 |
31,899 | Energizer Holdings, Inc. | 1,889,378 | |
100,749 | Flowers Foods, Inc. | 1,975,688 | |
56,526 | 2 | Hain Celestial Group, Inc. | 2,090,897 |
38,325 | Ingredion, Inc. | 4,745,401 | |
83,074 | Lamb Weston Holdings, Inc. | 3,468,339 | |
6,897 | Lancaster Colony Corp. | 868,332 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Consumer Staples—continued | |||
25,538 | Nu Skin Enterprises, Inc. | $1,410,464 | |
34,189 | 2 | Post Holdings, Inc. | 2,878,372 |
47,060 | Snyders-Lance, Inc. | 1,659,336 | |
71,367 | 2 | Sprouts Farmers Market, Inc. | 1,592,198 |
7,819 | 2 | The Boston Beer Co., Inc., Class A | 1,128,673 |
11,638 | 3 | Tootsie Roll Industries, Inc. | 434,671 |
30,243 | 2 | TreeHouse Foods, Inc. | 2,649,287 |
28,455 | 2 | United Natural Foods, Inc. | 1,181,736 |
TOTAL | 34,046,326 | ||
Energy—3.3% | |||
121,254 | 2 | CONSOL Energy, Inc. | 1,840,636 |
5,677 | 2 | Diamond Offshore Drilling, Inc. | 81,862 |
21,094 | 2 | Dril-Quip, Inc. | 1,087,396 |
59,315 | 2 | Energen Corp. | 3,083,787 |
160,569 | Ensco PLC | 1,266,889 | |
86,937 | 2 | Gulfport Energy Corp. | 1,380,560 |
77,548 | HollyFrontier Corp. | 2,182,201 | |
181,710 | Nabors Industries Ltd. | 1,878,881 | |
55,780 | Noble Corp. PLC | 267,744 | |
54,710 | Oceaneering International, Inc. | 1,443,797 | |
24,203 | 2 | Oil States International, Inc. | 720,039 |
57,079 | PBF Energy, Inc. | 1,274,003 | |
103,911 | Patterson-UTI Energy, Inc. | 2,249,154 | |
118,958 | 2 | QEP Resources, Inc. | 1,404,894 |
67,928 | 2 | Rowan Companies PLC | 955,747 |
30,975 | SM Energy Co. | 699,725 | |
260,721 | 2 | Southwestern Energy Co. | 1,958,015 |
73,591 | 2 | Superior Energy Services, Inc. | 888,979 |
200,536 | 2 | WPX Energy, Inc. | 2,392,394 |
43,941 | Western Refining, Inc. | 1,515,525 | |
38,997 | World Fuel Services Corp. | 1,436,260 | |
TOTAL | 30,008,488 | ||
Financials—15.9% | |||
7,948 | 2 | Alleghany Corp. | 4,853,844 |
38,062 | American Financial Group, Inc., Ohio | 3,703,813 | |
32,945 | Aspen Insurance Holdings Ltd. | 1,724,671 | |
96,911 | Associated Banc Corp. | 2,413,084 | |
43,606 | Bancorpsouth, Inc. | 1,327,803 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Financials—continued | |||
17,202 | Bank of Hawaii Corp. | $1,401,619 | |
39,712 | Bank of the Ozarks, Inc. | 1,885,129 | |
44,759 | Berkley, W. R. Corp. | 3,042,717 | |
62,124 | Brown & Brown | 2,665,120 | |
95,310 | CNO Financial Group, Inc. | 2,008,182 | |
41,415 | Cathay Bancorp, Inc. | 1,575,841 | |
35,836 | Chemical Financial Corp. | 1,700,418 | |
47,265 | Commerce Bancshares, Inc. | 2,597,212 | |
28,761 | Cullen Frost Bankers, Inc. | 2,714,751 | |
83,472 | East West Bancorp, Inc. | 4,530,025 | |
58,238 | Eaton Vance Corp. | 2,500,157 | |
21,783 | Everest Re Group Ltd. | 5,482,999 | |
139,772 | FNB Corp. | 1,990,353 | |
21,208 | FactSet Research Systems | 3,462,418 | |
49,328 | 4 | Federated Investors, Inc. | 1,322,977 |
46,245 | First American Financial Corp. | 2,007,495 | |
99,673 | First Horizon National Corp. | 1,828,999 | |
95,822 | Fulton Financial Corp. | 1,767,916 | |
368,661 | 2 | Genworth Financial, Inc., Class A | 1,489,390 |
53,345 | Hancock Holding Co. | 2,491,211 | |
27,084 | Hanover Insurance Group, Inc. | 2,390,705 | |
32,730 | International Bancshares Corp. | 1,224,102 | |
82,028 | Janus Capital Group, Inc. | 1,120,502 | |
24,850 | Kemper Corp. | 977,847 | |
57,297 | Legg Mason, Inc. | 2,141,762 | |
27,464 | MB Financial, Inc. | 1,167,495 | |
51,891 | MSCI, Inc., Class A | 5,205,705 | |
19,247 | Marketaxess Holdings, Inc. | 3,705,432 | |
11,797 | Mercury General Corp. | 725,397 | |
225,371 | New York Community Bancorp, Inc. | 2,995,181 | |
132,303 | Old Republic International Corp. | 2,736,026 | |
61,939 | PacWest Bancorp | 3,059,167 | |
22,886 | Primerica, Inc. | 1,917,847 | |
49,444 | PrivateBancorp, Inc. | 2,856,380 | |
35,202 | Prosperity Bancshares, Inc. | 2,365,574 | |
34,364 | Reinsurance Group of America, Inc. | 4,296,874 | |
22,033 | RenaissanceRe Holdings Ltd. | 3,132,432 | |
69,616 | SEI Investments Co. | 3,530,227 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Financials—continued | |||
217,640 | 2 | SLM Holding Corp. | $2,729,206 |
26,946 | 2 | SVB Financial Group | 4,740,879 |
28,675 | 2 | Signature Bank | 3,970,054 |
27,595 | 2 | Stifel Financial Corp. | 1,348,568 |
74,485 | Synovus Financial Corp. | 3,113,473 | |
88,307 | TCF Financial Corp. | 1,457,948 | |
25,897 | 2 | Texas Capital Bancshares, Inc. | 1,970,762 |
38,135 | Trustmark Corp. | 1,266,845 | |
21,829 | UMB Financial Corp. | 1,582,384 | |
120,177 | Umpqua Holdings Corp. | 2,123,528 | |
52,633 | United Bankshares, Inc. | 2,100,057 | |
145,294 | Valley National Bancorp | 1,708,657 | |
44,098 | Washington Federal, Inc. | 1,486,103 | |
46,580 | Webster Financial Corp. Waterbury | 2,366,730 | |
27,424 | Wintrust Financial Corp. | 1,943,265 | |
TOTAL | 141,945,258 | ||
Health Care—8.6% | |||
24,761 | 2 | Abiomed, Inc. | 3,226,854 |
39,850 | 2,3 | Acadia Healthcare Co., Inc. | 1,736,663 |
31,205 | 2 | Akorn, Inc. | 1,043,807 |
38,725 | 2 | Align Technology, Inc. | 5,213,159 |
98,461 | 2 | Allscripts Healthcare Solutions, Inc. | 1,178,578 |
10,453 | 2 | Bio Rad Laboratories, Inc., Class A | 2,281,472 |
19,877 | Bio-Techne Corp. | 2,128,429 | |
65,151 | 2 | Bioverativ, Inc. | 3,831,530 |
50,020 | 2 | Catalent, Inc. | 1,464,586 |
25,019 | 2 | Charles River Laboratories International, Inc. | 2,244,204 |
109,572 | 2 | Endo International PLC | 1,245,834 |
40,278 | 2 | Globus Medical, Inc. | 1,221,632 |
35,574 | 2 | Halyard Health, Inc. | 1,405,173 |
48,695 | HealthSouth Corp. | 2,283,795 | |
29,876 | Hill-Rom Holdings, Inc. | 2,259,821 | |
28,080 | 2 | INC Research Holdings, Inc., Class A | 1,263,600 |
13,882 | 2 | LifePoint Health, Inc. | 862,766 |
13,965 | 2 | Livanova PLC | 735,956 |
50,372 | 2 | MEDNAX, Inc. | 3,040,454 |
22,553 | 2 | Masimo Corp. | 2,317,095 |
24,225 | 2 | Molina Healthcare, Inc. | 1,206,163 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Health Care—continued | |||
32,386 | 2 | NuVasive, Inc. | $2,348,309 |
19,490 | Owens & Minor, Inc. | 675,329 | |
26,833 | 2 | Parexel International Corp. | 1,712,750 |
29,189 | 2 | Prestige Brands Holdings, Inc. | 1,675,740 |
75,411 | ResMed, Inc. | 5,127,194 | |
45,752 | Steris PLC | 3,376,498 | |
23,069 | Teleflex, Inc. | 4,772,745 | |
17,539 | 2,3 | Tenet Healthcare Corp. | 274,836 |
26,687 | 2 | United Therapeutics Corp. | 3,354,556 |
41,586 | 2 | VCA, Inc. | 3,808,030 |
26,246 | 2 | Wellcare Health Plans, Inc. | 4,026,399 |
37,880 | West Pharmaceutical Services, Inc. | 3,486,096 | |
TOTAL | 76,830,053 | ||
Industrials—14.2% | |||
83,265 | 2 | AECOM | 2,848,496 |
27,747 | AGCO Corp. | 1,775,531 | |
44,639 | 2 | Avis Budget Group, Inc. | 1,361,490 |
34,622 | Carlisle Cos., Inc. | 3,510,325 | |
19,669 | 2 | Clean Harbors, Inc. | 1,142,966 |
104,204 | 2 | Copart, Inc. | 3,219,904 |
25,154 | Crane Co. | 2,010,056 | |
27,875 | Curtiss Wright Corp. | 2,605,197 | |
26,580 | Deluxe Corp. | 1,911,368 | |
67,219 | Donaldson Co., Inc. | 3,110,895 | |
19,284 | Dun & Bradstreet Corp. | 2,113,719 | |
11,818 | 2 | Dycom Industries, Inc. | 1,248,690 |
32,605 | Emcor Group, Inc. | 2,143,453 | |
21,897 | EnerSys, Inc. | 1,819,860 | |
14,589 | 2 | Esterline Technologies Corp. | 1,334,164 |
32,311 | 2 | FTI Consulting, Inc. | 1,117,637 |
13,276 | GATX Corp. | 795,232 | |
31,546 | 2 | Genesee & Wyoming, Inc., Class A | 2,137,557 |
33,968 | Graco, Inc. | 3,663,449 | |
12,159 | Granite Construction, Inc. | 640,901 | |
22,186 | HNI Corp. | 1,037,417 | |
27,574 | Hubbell, Inc. | 3,119,447 | |
23,690 | Huntington Ingalls Industries, Inc. | 4,759,084 | |
40,873 | IDEX Corp. | 4,281,855 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Industrials—continued | |||
35,608 | ITT, Inc. | $1,500,165 | |
180,869 | 2 | Jet Blue Airways Corp. | 3,948,370 |
44,454 | KBR, Inc. | 624,579 | |
25,614 | 2 | KLX, Inc. | 1,211,542 |
39,740 | Kennametal, Inc. | 1,652,389 | |
28,750 | 2 | Kirby Corp. | 2,029,750 |
22,555 | Landstar System, Inc. | 1,927,325 | |
19,751 | Lennox International, Inc. | 3,266,618 | |
31,348 | Lincoln Electric Holdings | 2,790,912 | |
22,640 | MSA Safety, Inc. | 1,762,524 | |
23,529 | MSC Industrial Direct Co. | 2,106,551 | |
36,272 | Manpower Group, Inc. | 3,662,747 | |
34,220 | Miller Herman, Inc. | 1,132,682 | |
82,297 | 2 | NOW, Inc. | 1,399,872 |
27,337 | Nordson Corp. | 3,422,592 | |
36,468 | Old Dominion Freight Lines, Inc. | 3,228,147 | |
31,001 | Orbital ATK, Inc. | 3,069,099 | |
45,311 | OshKosh Truck Corp. | 3,144,130 | |
65,099 | Pitney Bowes, Inc. | 865,166 | |
29,302 | Regal Beloit Corp. | 2,310,463 | |
52,611 | Rollins, Inc. | 2,042,885 | |
77,446 | Smith (A.O.) Corp. | 4,172,790 | |
17,777 | 2 | Teledyne Technologies, Inc. | 2,396,873 |
54,406 | Terex Corp. | 1,903,122 | |
36,836 | Timken Co. | 1,777,337 | |
63,807 | Toro Co. | 4,142,350 | |
63,077 | Trinity Industries, Inc. | 1,696,771 | |
11,871 | Valmont Industries, Inc. | 1,808,547 | |
46,277 | Wabtec Corp. | 3,882,178 | |
12,956 | Watsco, Inc. | 1,798,293 | |
7,606 | Werner Enterprises, Inc. | 207,644 | |
35,330 | Woodward, Inc. | 2,390,781 | |
TOTAL | 126,983,887 | ||
Information Technology—16.7% | |||
52,389 | 2,3 | 3D Systems Corp. | 829,318 |
42,119 | 2 | ACI Worldwide, Inc. | 905,137 |
38,452 | 2 | Acxiom Corp. | 1,111,263 |
44,097 | 2 | Ansys, Inc. | 4,857,726 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Information Technology—continued | |||
100,831 | 2 | Arris International PLC | $2,620,598 |
47,735 | 2 | Arrow Electronics, Inc. | 3,365,317 |
58,046 | Avnet, Inc. | 2,245,800 | |
22,112 | Belden, Inc. | 1,541,206 | |
63,201 | Broadridge Financial Solutions | 4,420,278 | |
213,651 | Brocade Communications Systems, Inc. | 2,685,593 | |
74,625 | CDK Global, Inc. | 4,851,371 | |
72,201 | 2 | CIENA Corp. | 1,654,125 |
143,226 | 2 | Cadence Design Systems, Inc. | 4,664,871 |
32,128 | 2 | Cirrus Logic, Inc. | 2,067,437 |
50,502 | Cognex Corp. | 4,309,841 | |
12,409 | 2 | Coherent, Inc. | 2,675,380 |
30,532 | 2 | Commvault Systems, Inc. | 1,540,339 |
53,561 | Convergys Corp. | 1,205,658 | |
55,162 | 2 | CoreLogic, Inc. | 2,357,624 |
53,625 | 2 | Cree, Inc. | 1,173,315 |
140,298 | Cypress Semiconductor Corp. | 1,965,575 | |
17,261 | DST Systems, Inc. | 2,125,002 | |
24,517 | Diebold Nixdorf, Inc. | 691,379 | |
15,603 | Fair Isaac & Co., Inc. | 2,113,894 | |
42,461 | 2,3 | First Solar, Inc. | 1,254,723 |
76,609 | 2 | Fortinet, Inc. | 2,987,751 |
41,576 | Henry Jack & Associates, Inc. | 4,029,546 | |
18,976 | 2 | IPG Photonics Corp. | 2,397,048 |
69,242 | 2 | Integrated Device Technology, Inc. | 1,661,116 |
23,057 | InterDigital, Inc. | 2,072,824 | |
26,238 | j2 Global, Inc. | 2,367,717 | |
98,525 | Jabil Circuit, Inc. | 2,859,196 | |
93,480 | 2 | Keysight Technologies, Inc. | 3,498,956 |
41,844 | 2 | Knowles Corp. | 741,894 |
66,669 | Leidos Holdings, Inc. | 3,510,790 | |
11,312 | Littelfuse, Inc. | 1,743,745 | |
32,007 | LogMeIn, Inc. | 3,616,791 | |
38,555 | 2 | Manhattan Associates, Inc. | 1,800,133 |
35,070 | Maximus, Inc. | 2,138,919 | |
58,727 | 2 | Microsemi Corp. | 2,756,645 |
15,104 | Monolithic Power Systems | 1,382,016 | |
75,097 | 2 | NCR Corp. | 3,097,751 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Information Technology—continued | |||
58,312 | National Instruments Corp. | $2,035,672 | |
45,764 | 2 | NetScout Systems, Inc. | 1,723,015 |
42,064 | 2 | Neustar, Inc., Class A | 1,396,525 |
52,835 | 2 | PTC, Inc. | 2,855,732 |
15,781 | Plantronics, Inc. | 861,643 | |
107,388 | Sabre Corp. | 2,513,953 | |
21,975 | Science Applications International Corp. | 1,603,955 | |
20,731 | 2 | Silicon Laboratories, Inc. | 1,475,011 |
20,255 | 2 | Synaptics, Inc. | 1,109,366 |
15,995 | Synnex Corp. | 1,734,338 | |
51,613 | 2 | Take-Two Interactive Software, Inc. | 3,243,877 |
19,034 | 2 | Tech Data Corp. | 1,820,602 |
119,072 | Teradyne, Inc. | 4,199,669 | |
13,296 | 2 | The Ultimate Sortware Group, Inc. | 2,694,700 |
130,794 | 2 | Trimble, Inc. | 4,634,031 |
14,757 | 2 | Tyler Technologies, Inc. | 2,414,098 |
35,527 | 2 | Verifone Systems, Inc. | 658,671 |
71,504 | Versum Materials, Inc. | 2,289,558 | |
21,048 | 2 | ViaSat, Inc. | 1,347,703 |
71,059 | Vishay Intertechnology, Inc. | 1,161,815 | |
19,329 | 2 | WEX, Inc. | 1,961,120 |
20,530 | 2 | WebMd Health Corp. | 1,113,342 |
32,477 | 2 | Zebra Technologies Co., Class A | 3,061,607 |
TOTAL | 149,805,611 | ||
Materials—7.7% | |||
32,855 | 3 | Allegheny Technologies, Inc. | 602,889 |
33,777 | Aptargroup, Inc. | 2,712,293 | |
31,872 | Ashland Global Holdings, Inc. | 3,936,192 | |
39,536 | Bemis Co., Inc. | 1,776,352 | |
39,940 | Cabot Corp. | 2,403,989 | |
13,072 | Carpenter Technology Corp. | 530,723 | |
108,532 | Chemours Co./The | 4,372,754 | |
56,029 | Commercial Metals Corp. | 1,044,381 | |
11,393 | Compass Minerals International, Inc. | 751,938 | |
21,214 | Domtar Corp. | 841,135 | |
29,751 | Eagle Materials, Inc. | 2,855,203 | |
11,926 | Greif, Inc., Class A | 699,102 | |
93,263 | 2 | Louisiana-Pacific Corp. | 2,400,590 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Materials—continued | |||
17,185 | Minerals Technologies, Inc. | $1,352,460 | |
5,036 | Newmarket Corp. | 2,370,445 | |
83,976 | Olin Corp. | 2,698,149 | |
83,099 | 2 | Owens-Illinois, Inc. | 1,813,220 |
48,388 | Packaging Corp. of America | 4,779,767 | |
45,618 | Polyone Corp. | 1,788,682 | |
71,515 | RPM International, Inc. | 3,758,828 | |
37,576 | Reliance Steel & Aluminum Co. | 2,961,740 | |
32,865 | Royal Gold, Inc. | 2,322,898 | |
23,925 | Scotts Co. | 2,311,155 | |
22,152 | Sensient Technologies Corp. | 1,812,034 | |
21,046 | Silgan Holdings, Inc. | 1,275,809 | |
43,818 | Sonoco Products Co. | 2,292,120 | |
124,450 | Steel Dynamics, Inc. | 4,497,623 | |
102,994 | United States Steel Corp. | 2,298,826 | |
37,653 | Valspar Corp. | 4,233,703 | |
31,424 | Worthington Industries, Inc. | 1,366,944 | |
TOTAL | 68,861,944 | ||
Real Estate—9.6% | |||
22,172 | Alexander and Baldwin, Inc. | 1,020,134 | |
71,660 | American Campus Communities, Inc. | 3,395,967 | |
40,460 | Camden Property Trust | 3,331,072 | |
45,728 | Care Capital Properties, Inc. | 1,228,711 | |
63,013 | CoreCivic, Inc. | 2,170,798 | |
64,708 | Corporate Office Properties Trust | 2,118,540 | |
214,191 | Cousins Properties, Inc. | 1,818,482 | |
39,329 | Cyrusone, Inc. | 2,148,937 | |
57,477 | DCT Industrial Trust, Inc. | 2,906,037 | |
87,605 | Douglas Emmett, Inc. | 3,300,080 | |
189,633 | Duke Realty Corp. | 5,258,523 | |
34,781 | EPR Properties | 2,528,927 | |
27,382 | Education Realty Trust, Inc. | 1,061,600 | |
77,926 | First Industrial Realty Trust | 2,192,838 | |
50,460 | Geo Group, Inc. | 1,681,327 | |
63,794 | Healthcare Realty Trust, Inc. | 2,092,443 | |
55,006 | Highwoods Properties, Inc. | 2,798,705 | |
100,109 | Hospitality Properties Trust | 3,186,469 | |
19,775 | Jones Lang LaSalle, Inc. | 2,271,356 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Real Estate—continued | |||
57,264 | Kilroy Realty Corp. | $4,038,830 | |
42,243 | Lamar Advertising Co., Class A | 3,044,453 | |
62,176 | LaSalle Hotel Properties | 1,775,747 | |
79,264 | Liberty Property Trust | 3,215,740 | |
19,142 | Life Storeage, Inc. | 1,500,541 | |
31,036 | Mack-Cali Realty Corp. | 839,524 | |
156,073 | Medical Properties Trust, Inc. | 2,039,874 | |
79,101 | National Retail Properties, Inc. | 3,339,644 | |
105,803 | Omega Healthcare Investors | 3,491,499 | |
31,000 | Potlatch Corp. | 1,396,550 | |
47,160 | 2 | Quality Care Properties, Inc. | 818,226 |
49,251 | Rayonier, Inc. | 1,389,863 | |
128,790 | Senior Housing Properties Trust | 2,771,561 | |
53,114 | Tanger Factory Outlet Centers, Inc. | 1,656,626 | |
33,014 | Taubman Centers, Inc. | 2,065,026 | |
78,280 | Uniti Group, Inc. | 2,149,569 | |
46,488 | Urban Edge Properties | 1,185,444 | |
94,881 | Washington Prime Group, Inc. | 834,953 | |
64,366 | Weingarten Realty Investors | 2,109,274 | |
TOTAL | 86,173,890 | ||
Telecommunication Services—0.3% | |||
649,153 | 3 | Frontier Communications Corp. | 1,220,408 |
52,381 | Telephone and Data System, Inc. | 1,438,382 | |
TOTAL | 2,658,790 | ||
Utilities—5.4% | |||
95,068 | Aqua America, Inc. | 3,145,800 | |
56,179 | Atmos Energy Corp. | 4,551,623 | |
21,369 | Black Hills Corp. | 1,453,519 | |
115,842 | Great Plains Energy, Inc. | 3,427,765 | |
59,601 | Hawaiian Electric Industries, Inc. | 1,997,826 | |
27,470 | Idacorp, Inc. | 2,321,764 | |
118,447 | MDU Resources Group, Inc. | 3,186,224 | |
51,887 | National Fuel Gas Co. | 2,873,502 | |
33,909 | New Jersey Resources Corp. | 1,368,228 | |
26,840 | Northwestern Corp. | 1,604,495 | |
102,196 | OGE Energy Corp. | 3,554,377 | |
27,645 | ONE Gas, Inc. | 1,902,805 | |
44,122 | PNM Resources, Inc. | 1,643,545 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Utilities—continued | |||
30,239 | Southwest Gas Holdings, Inc. | $2,532,819 | |
88,754 | UGI Corp. | 4,451,901 | |
42,122 | Vectren Corp. | 2,502,889 | |
21,534 | WGL Holdings, Inc. | 1,775,694 | |
75,778 | Westar Energy, Inc. | 3,942,729 | |
TOTAL | 48,237,505 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $538,511,803) | 868,083,515 | ||
INVESTMENT COMPANIES—5.0%4 | |||
13,948,565 | 5 | Federated Government Obligations Fund, Institutional Shares, 0.65%6 | 13,948,565 |
30,480,177 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 0.99%6 | 30,489,321 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $44,432,854) | 44,437,886 | ||
TOTAL INVESTMENTS—101.9% (IDENTIFIED COST $582,944,657)7 | 912,521,401 | ||
OTHER ASSETS AND LIABILITIES - NET—(1.9)%8 | (17,094,115) | ||
TOTAL NET ASSETS—100% | $895,427,286 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation |
2S&P MidCap 400 E-Mini Long Futures | 160 | $27,680,000 | June 2017 | $303,286 |
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 $27,680,000 at April 30, 2017, which represents 3.1% of total net assets. Taking into consideration these open index futures contracts, the Fund's effective total exposure to the S&P MidCap 400 Index is 100.0%. |
2 | Non-income-producing security. |
3 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
4 | Affiliated holdings. |
5 | All or a portion of this security is held as collateral for securities lending. |
6 | 7-day net yield. |
7 | Also represents cost for federal tax purposes. |
8 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 4/30/2017 | Year Ended October 31, | Period Ended 10/31/20121 | ||||
2016 | 2015 | 2014 | 2013 | |||
Net Asset Value, Beginning of Period | $25.13 | $27.25 | $29.32 | $27.33 | $22.40 | $20.25 |
Income From Investment Operations: | ||||||
Net investment income | 0.112 | 0.342 | 0.32 | 0.32 | 0.302 | 0.16 |
Net realized and unrealized gain on investments and futures contracts | 3.66 | 1.03 | 0.57 | 2.76 | 6.80 | 2.17 |
TOTAL FROM INVESTMENT OPERATIONS | 3.77 | 1.37 | 0.89 | 3.08 | 7.10 | 2.33 |
Less Distributions: | ||||||
Distributions from net investment income | (0.19) | (0.32) | (0.33) | (0.31) | (0.32) | (0.18) |
Distributions from net realized gain on investments and futures contracts | (2.58) | (3.17) | (2.63) | (0.78) | (1.85) | — |
TOTAL DISTRIBUTIONS | (2.77) | (3.49) | (2.96) | (1.09) | (2.17) | (0.18) |
Net Asset Value, End of Period | $26.13 | $25.13 | $27.25 | $29.32 | $27.33 | $22.40 |
Total Return3 | 15.60% | 5.85% | 3.17% | 11.61% | 33.47% | 11.51% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.31%4 | 0.30% | 0.30% | 0.29% | 0.29% | 0.29%4 |
Net investment income | 0.86%4 | 1.40% | 1.15% | 1.14% | 1.20% | 1.17%4 |
Expense waiver/reimbursement5 | 0.11%4 | 0.10% | 0.10% | 0.11% | 0.16% | 0.22%4 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $184,871 | $161,135 | $153,751 | $138,394 | $105,147 | $37,696 |
Portfolio turnover | 17% | 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. |
Six Months Ended (unaudited) 4/30/2017 | Year Ended October 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $25.15 | $27.26 | $29.33 | $27.35 | $22.41 | $21.19 |
Income From Investment Operations: | ||||||
Net investment income | 0.081 | 0.281 | 0.25 | 0.25 | 0.261 | 0.19 |
Net realized and unrealized gain on investments and futures contracts | 3.64 | 1.04 | 0.57 | 2.75 | 6.79 | 2.16 |
TOTAL FROM INVESTMENT OPERATIONS | 3.72 | 1.32 | 0.82 | 3.00 | 7.05 | 2.35 |
Less Distributions: | ||||||
Distributions from net investment income | (0.15) | (0.26) | (0.26) | (0.24) | (0.26) | (0.19) |
Distributions from net realized gain on investments and futures contracts | (2.58) | (3.17) | (2.63) | (0.78) | (1.85) | (0.94) |
TOTAL DISTRIBUTIONS | (2.73) | (3.43) | (2.89) | (1.02) | (2.11) | (1.13) |
Net Asset Value, End of Period | $26.14 | $25.15 | $27.26 | $29.33 | $27.35 | $22.41 |
Total Return2 | 15.41% | 5.64% | 2.91% | 11.29% | 33.18% | 11.59% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.56%3 | 0.55% | 0.55% | 0.54% | 0.54% | 0.54% |
Net investment income | 0.63%3 | 1.16% | 0.91% | 0.89% | 1.05% | 0.88% |
Expense waiver/reimbursement4 | 0.09%3 | 0.10% | 0.10% | 0.11% | 0.17% | 0.20% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $696,869 | $660,471 | $763,853 | $902,685 | $902,823 | $923,634 |
Portfolio turnover | 17% | 33% | 36% | 27% | 27% | 18% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 4/30/2017 | Period Ended 10/31/20161 | |
Net Asset Value, Beginning of Period | $25.15 | $25.29 |
Income From Investment Operations: | ||
Net investment income | 0.062 | 0.012 |
Net realized and unrealized gain (loss) on investments and futures contracts | 3.71 | (0.15) |
TOTAL FROM INVESTMENT OPERATIONS | 3.77 | (0.14) |
Less Distributions: | ||
Distributions from net investment income | (0.19) | — |
Distributions from net realized gain on investments and futures contracts | (2.58) | — |
TOTAL DISTRIBUTIONS | (2.77) | — |
Net Asset Value, End of Period | $26.15 | $25.15 |
Total Return3 | 15.60% | (0.55)% |
Ratios to Average Net Assets: | ||
Net expenses | 0.30%4 | 0.26%4 |
Net investment income | 0.50%4 | 0.52%4 |
Expense waiver/reimbursement | 0.06%4 | —% |
Supplemental Data: | ||
Net assets, end of period (000 omitted) | $13,687 | $05 |
Portfolio turnover | 17% | 33%6 |
1 | Reflects operations for the period from October 17, 2016 (date of initial investment) to October 31, 2016. |
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 | 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 $13,372,321 of securities loaned and $45,760,863 of investment in affiliated holdings (identified cost $582,944,657) | $912,521,401 | |
Restricted cash (Note 2) | 1,120,000 | |
Income receivable | 427,466 | |
Receivable for investments sold | 387,016 | |
Receivable for shares sold | 610,430 | |
TOTAL ASSETS | 915,066,313 | |
Liabilities: | ||
Payable for investments purchased | $1,632,736 | |
Payable for shares redeemed | 3,692,103 | |
Payable for daily variation margin on futures contracts | 92,792 | |
Payable for collateral due to broker for securities lending | 13,948,565 | |
Payable to adviser (Note 5) | 17,849 | |
Payable for other service fees (Notes 2 and 5) | 139,524 | |
Accrued expenses (Note 5) | 115,458 | |
TOTAL LIABILITIES | 19,639,027 | |
Net assets for 34,257,468 shares outstanding | $895,427,286 | |
Net Assets Consist of: | ||
Paid-in capital | $516,202,027 | |
Net unrealized appreciation of investments and futures contracts | 329,880,030 | |
Accumulated net realized gain on investments and futures contracts | 50,763,241 | |
Distributions in excess of net investment income | (1,418,012) | |
TOTAL NET ASSETS | $895,427,286 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Institutional Shares: | ||
Net asset value per share ($184,870,965 ÷ 7,075,950 shares outstanding), no par value, unlimited shares authorized | $26.13 | |
Offering price per share | $26.13 | |
Redemption proceeds per share | $26.13 | |
Service Shares: | ||
Net asset value per share ($696,869,117 ÷ 26,658,051 shares outstanding), no par value, unlimited shares authorized | $26.14 | |
Offering price per share | $26.14 | |
Redemption proceeds per share | $26.14 | |
Class R6 Shares: | ||
Net asset value per share ($13,687,204 ÷ 523,467 shares outstanding), no par value, unlimited shares authorized | $26.15 | |
Offering price per share | $26.15 | |
Redemption proceeds per share | $26.15 |
Investment Income: | |||
Dividends (including $155,313 received from affiliated holdings (Note 5)) | $5,174,820 | ||
Interest (including income on securities loaned of $69,525) | 69,734 | ||
TOTAL INCOME | 5,244,554 | ||
Expenses: | |||
Management fee (Note 5) | $1,330,062 | ||
Custodian fees | 27,457 | ||
Transfer agent fee (Note 2) | 258,624 | ||
Directors'/Trustees' fees (Note 5) | 5,608 | ||
Auditing fees | 14,530 | ||
Legal fees | 7,057 | ||
Portfolio accounting fees | 63,090 | ||
Other service fees (Notes 2 and 5) | 852,364 | ||
Share registration costs | 35,477 | ||
Printing and postage | 22,617 | ||
Miscellaneous (Note 5) | 24,249 | ||
TOTAL EXPENSES | 2,641,135 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(274,601) | ||
Reimbursement of other operating expenses (Note 2) | (127,680) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (402,281) | ||
Net expenses | 2,238,854 | ||
Net investment income | 3,005,700 | ||
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | |||
Net realized gain on investments (including realized gain of $27,803 on sales of investments in an affiliated holding (Note 5)) | 55,339,710 | ||
Net realized gain on futures contracts | 2,210,823 | ||
Net change in unrealized appreciation of investments | 64,288,435 | ||
Net change in unrealized depreciation of futures contracts | 525,373 | ||
Net realized and unrealized gain on investments and futures contracts | 122,364,341 | ||
Change in net assets resulting from operations | $125,370,041 |
Six Months Ended (unaudited) 4/30/2017 | Year Ended 10/31/2016 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $3,005,700 | $10,243,046 |
Net realized gain on investments and futures contracts | 57,550,533 | 83,651,108 |
Net change in unrealized appreciation/depreciation of investments and futures contracts | 64,813,808 | (49,241,627) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 125,370,041 | 44,652,527 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Institutional Shares | (1,322,675) | (2,083,590) |
Service Shares | (4,338,671) | (7,536,173) |
Class R6 Shares | (21,477) | — |
Distributions from net realized gain on investments and futures contracts | ||
Institutional Shares | (16,544,841) | (17,617,106) |
Service Shares | (67,197,783) | (87,462,546) |
Class R6 Shares | (10) | — |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (89,425,457) | (114,699,415) |
Share Transactions: | ||
Proceeds from sale of shares | 146,046,322 | 167,823,831 |
Net asset value of shares issued to shareholders in payment of distributions declared | 86,849,376 | 112,067,229 |
Cost of shares redeemed | (195,019,563) | (305,841,687) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 37,876,135 | (25,950,627) |
Change in net assets | 73,820,719 | (95,997,515) |
Net Assets: | ||
Beginning of period | 821,606,567 | 917,604,082 |
End of period (including undistributed (distributions in excess of) net investment income of $(1,418,012) and $1,259,111, respectively) | $895,427,286 | $821,606,567 |
■ | 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 | |
Institutional Shares | $62,198 | $(41,988) |
Service Shares | 196,102 | (85,692) |
Class R6 Shares | 324 | — |
TOTAL | $258,624 | $(127,680) |
Other Service Fees Incurred | |
Service Shares | $852,364 |
Market Value of Securities Loaned | Market Value of Collateral |
$13,372,321 | $13,948,565 |
Liability | ||
Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||
Equity contracts | Payable for daily variation margin on futures contracts | $(303,286)* |
* | Includes cumulative appreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Futures | |
Equity contracts | $2,210,823 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures | |
Equity contracts | $525,373 |
Six Months Ended 4/30/2017 | Year Ended 10/31/2016 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,897,990 | $48,705,780 | 2,459,630 | $58,334,049 |
Shares issued to shareholders in payment of distributions declared | 694,668 | 17,281,137 | 810,838 | 19,388,609 |
Shares redeemed | (1,927,545) | (49,200,915) | (2,501,908) | (60,651,408) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 665,113 | $16,786,002 | 768,560 | $17,071,250 |
Six Months Ended 4/30/2017 | Year Ended 10/31/2016 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 3,234,024 | $83,321,589 | 4,502,361 | $109,489,682 |
Shares issued to shareholders in payment of distributions declared | 2,796,256 | 69,546,763 | 3,877,092 | 92,678,620 |
Shares redeemed | (5,635,725) | (145,163,520) | (10,133,958) | (245,190,279) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 394,555 | $7,704,832 | (1,754,505) | $(43,021,977) |
Six Months Ended 4/30/2017 | Period Ended 10/31/2016 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 547,847 | $14,018,953 | 4 | $100 |
Shares issued to shareholders in payment of distributions declared | 841 | 21,476 | — | — |
Shares redeemed | (25,225) | (655,128) | (—) | (—) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 523,463 | $13,385,301 | 4 | $100 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 1,583,131 | $37,876,135 | (985,941) | $(25,950,627) |
Affiliates | Balance of Shares Held 10/31/2016 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 4/30/2017 | Value | Dividend Income |
Federated Investors, Inc. | 52,861 | — | (3,533) | 49,328 | $1,322,977 | $13,215 |
Federated Government Obligations Fund, Institutional Shares | 18,424,117 | 81,328,567 | (85,804,119) | 13,948,565 | $13,948,565 | $31,623 |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | 13,162,383 | 117,288,424 | (99,970,630) | 30,480,177 | $30,489,321 | $110,475 |
TOTAL OF AFFILIATED TRANSACTIONS | 31,639,361 | 198,616,991 | (185,778,282) | 44,478,070 | $45,760,863 | $155,313 |
Purchases | $148,655,861 |
Sales | $204,994,089 |
Beginning Account Value 11/1/2016 | Ending Account Value 4/30/2017 | Expenses Paid During Period1 | |
Actual: | |||
Institutional Shares | $1,000 | $1,156.10 | $1.66 |
Service Shares | $1,000 | $1,154.10 | $2.99 |
Class R6 Shares | $1,000 | $1,156.00 | $1.60 |
Hypothetical (assuming a 5% return before expenses): | |||
Institutional Shares | $1,000 | $1,023.30 | $1.56 |
Service Shares | $1,000 | $1,022.00 | $2.81 |
Class R6 Shares | $1,000 | $1,023.30 | $1.51 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Institutional Shares | 0.31% |
Service Shares | 0.56% |
Class R6 Shares | 0.30% |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31420E205
CUSIP 31420E874
2017 ©Federated Investors, Inc.
Share Class | Ticker |
C | MXCCX |
R | FMXKX |
Institutional | FISPX |
Service | FMXSX |
Sector | Percentage of Total Net Assets |
Information Technology | 22.0% |
Financials | 13.8% |
Health Care | 13.7% |
Consumer Discretionary | 12.3% |
Industrials | 9.9% |
Consumer Staples | 9.1% |
Energy | 6.2% |
Utilities | 3.1% |
Real Estate | 2.9% |
Materials | 2.8% |
Telecommunication Services | 2.3% |
Derivative Contracts2 | 0.0% |
Securities Lending Collateral3 | 0.2% |
Cash Equivalents4 | 1.5% |
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. |
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 99.8%. |
Shares | Value | ||
COMMON STOCKS—98.1%1 | |||
Consumer Discretionary—12.3% | |||
162 | Advance Auto Parts, Inc. | $23,027 | |
8,888 | 2 | Amazon.com, Inc. | 8,221,311 |
2,500 | 2 | AutoNation, Inc. | 105,000 |
707 | 2 | AutoZone, Inc. | 489,378 |
4,556 | Bed Bath & Beyond, Inc. | 176,545 | |
11,297 | Best Buy Co., Inc. | 585,298 | |
14,183 | Block (H&R), Inc. | 351,597 | |
3,457 | BorgWarner, Inc. | 146,162 | |
7,711 | CBS Corp., Class B | 513,244 | |
3,498 | 2 | CarMax, Inc. | 204,633 |
5,428 | Carnival Corp. | 335,288 | |
4,144 | 2 | Charter Communications, Inc. | 1,430,343 |
174 | 2 | Chipotle Mexican Grill, Inc. | 82,558 |
7,498 | Coach, Inc. | 295,346 | |
108,072 | Comcast Corp., Class A | 4,235,342 | |
859 | D. R. Horton, Inc. | 28,253 | |
8,771 | 2 | DISH Network Corp., Class A | 565,203 |
3,415 | Darden Restaurants, Inc. | 290,924 | |
6,646 | Delphi Automotive PLC | 534,338 | |
2,627 | 2 | Discovery Communications, Inc., Class A | 75,605 |
5,712 | 2 | Discovery Communications, Inc., Class C | 159,822 |
2,588 | Dollar General Corp. | 188,173 | |
5,277 | 2 | Dollar Tree, Inc. | 436,777 |
2,555 | Expedia, Inc. | 341,655 | |
2,380 | Foot Locker, Inc. | 184,069 | |
91,758 | Ford Motor Co. | 1,052,464 | |
3,644 | Gap (The), Inc. | 95,473 | |
7,002 | Garmin Ltd. | 355,982 | |
32,019 | General Motors Co. | 1,109,138 | |
903 | Genuine Parts Co. | 83,094 | |
6,935 | Goodyear Tire & Rubber Co. | 251,255 | |
9,467 | Hanesbrands, Inc. | 206,475 | |
3,412 | Harley Davidson, Inc. | 193,836 | |
2,616 | Hasbro, Inc. | 259,272 | |
25,951 | Home Depot, Inc. | 4,050,951 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Consumer Discretionary—continued | |||
9,680 | Kohl's Corp. | $377,810 | |
807 | L Brands, Inc. | 42,618 | |
8,471 | 2 | LKQ Corp. | 264,634 |
3,939 | Leggett and Platt, Inc. | 206,955 | |
5,458 | Lennar Corp., Class A | 275,629 | |
19,826 | Lowe's Cos., Inc. | 1,682,831 | |
5,349 | Macy's, Inc. | 156,298 | |
9,720 | Marriott International, Inc., Class A | 917,762 | |
9,127 | Mattel, Inc. | 204,627 | |
18,851 | McDonald's Corp. | 2,637,820 | |
9,779 | 2 | Michael Kors Holdings Ltd. | 365,050 |
1,623 | 2 | Mohawk Industries, Inc. | 381,064 |
8,120 | 2 | NetFlix, Inc. | 1,235,864 |
9,938 | Newell Brands, Inc. | 474,440 | |
916 | News Corp. | 11,908 | |
6,792 | News Corp., Class A | 86,394 | |
25,915 | Nike, Inc., Class B | 1,435,950 | |
7,777 | 3 | Nordstrom, Inc. | 375,396 |
2,239 | 2 | O'Reilly Automotive, Inc. | 555,608 |
5,838 | Omnicom Group, Inc. | 479,417 | |
2,102 | PVH Corp. | 212,365 | |
4,747 | Pulte Group, Inc. | 107,614 | |
4,118 | Ralph Lauren Corp. | 332,405 | |
12,324 | Ross Stores, Inc. | 801,060 | |
3,743 | Royal Caribbean Cruises, Ltd. | 399,004 | |
1,576 | Scripps Networks Interactive | 117,759 | |
1,680 | Signet Jewelers Ltd. | 110,611 | |
41,015 | Staples, Inc. | 400,717 | |
33,745 | Starbucks Corp. | 2,026,725 | |
15,300 | TJX Cos., Inc. | 1,203,192 | |
13,401 | Target Corp. | 748,446 | |
3,076 | Tegna, Inc. | 78,376 | |
1,084 | 2 | The Priceline Group, Inc. | 2,001,953 |
1,903 | Tiffany & Co. | 174,410 | |
19,824 | Time Warner, Inc. | 1,967,928 | |
2,960 | Tractor Supply Co. | 183,254 | |
2,323 | 2 | TripAdvisor, Inc. | 104,558 |
24,051 | Twenty-First Century Fox, Inc. | 734,518 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Consumer Discretionary—continued | |||
11,761 | Twenty-First Century Fox, Inc., Class B | $351,183 | |
2,127 | 2 | Ulta Beauty, Inc. | 598,623 |
2,984 | 2,3 | Under Armour, Inc., Class A | 64,126 |
2,893 | 2 | Under Armour, Inc., Class C | 56,153 |
3,220 | V.F. Corp. | 175,909 | |
7,632 | Viacom, Inc., Class B - New | 324,818 | |
33,256 | Walt Disney Co. | 3,844,394 | |
346 | Whirlpool Corp. | 64,245 | |
2,827 | Wyndham Worldwide Corp. | 269,441 | |
1,510 | Wynn Resorts Ltd. | 185,745 | |
8,312 | Yum! Brands, Inc. | 546,514 | |
TOTAL | 58,011,952 | ||
Consumer Staples—9.1% | |||
40,722 | Altria Group, Inc. | 2,923,025 | |
11,864 | Archer-Daniels-Midland Co. | 542,778 | |
4,981 | Brown-Forman Corp., Class B | 235,701 | |
23,736 | CVS Health Corp. | 1,956,796 | |
8,287 | Campbell Soup Co. | 476,834 | |
6,669 | Church and Dwight, Inc. | 330,316 | |
2,964 | Clorox Co. | 396,257 | |
20,556 | Colgate-Palmolive Co. | 1,480,854 | |
14,895 | ConAgra Brands, Inc. | 577,628 | |
3,932 | Constellation Brands, Inc., Class A | 678,427 | |
10,105 | Costco Wholesale Corp. | 1,793,840 | |
10,417 | Coty, Inc., Class A | 185,943 | |
4,612 | Dr. Pepper Snapple Group, Inc. | 422,690 | |
5,557 | Estee Lauder Cos., Inc., Class A | 484,237 | |
13,854 | General Mills, Inc. | 796,744 | |
5,260 | Hershey Foods Corp. | 569,132 | |
5,091 | Kellogg Co. | 361,461 | |
8,374 | Kimberly-Clark Corp. | 1,086,526 | |
12,968 | Kraft Heinz Co./The | 1,172,178 | |
12,995 | Kroger Co. | 385,302 | |
3,020 | McCormick & Co., Inc. | 301,698 | |
3,616 | Mead Johnson Nutrition Co. | 320,812 | |
4,632 | Molson Coors Brewing Co., Class B | 444,162 | |
35,494 | Mondelez International, Inc. | 1,598,295 | |
9,775 | 2 | Monster Beverage Corp. | 443,589 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Consumer Staples—continued | |||
32,637 | PepsiCo, Inc. | $3,697,119 | |
32,978 | Phillip Morris International, Inc. | 3,655,281 | |
55,194 | Procter & Gamble Co. | 4,820,092 | |
19,424 | Reynolds American, Inc. | 1,252,848 | |
2,562 | Smucker (J.M.) Co. | 324,657 | |
10,339 | Sysco Corp. | 546,623 | |
81,779 | The Coca-Cola Co. | 3,528,764 | |
10,199 | Tyson Foods, Inc., Class A | 655,388 | |
34,653 | Wal-Mart Stores, Inc. | 2,605,213 | |
19,615 | Walgreens Boots Alliance, Inc. | 1,697,482 | |
7,560 | Whole Foods Market, Inc. | 274,957 | |
TOTAL | 43,023,649 | ||
Energy—6.2% | |||
16,258 | Anadarko Petroleum Corp. | 927,031 | |
7,669 | Apache Corp. | 373,020 | |
13,562 | Baker Hughes, Inc. | 805,176 | |
9,614 | Cabot Oil & Gas Corp., Class A | 223,429 | |
42,311 | Chevron Corp. | 4,514,584 | |
4,053 | Cimarex Energy Co. | 472,904 | |
2,990 | 2 | Concho Resources, Inc. | 378,713 |
26,894 | ConocoPhillips | 1,288,492 | |
10,711 | Devon Energy Corp. | 422,977 | |
15,430 | EOG Resources, Inc. | 1,427,275 | |
3,131 | EQT Corp. | 182,036 | |
94,176 | Exxon Mobil Corp. | 7,689,470 | |
18,666 | Halliburton Co. | 856,396 | |
1,775 | Helmerich & Payne, Inc. | 107,636 | |
1,327 | Hess Corp. | 64,797 | |
44,038 | Kinder Morgan, Inc. | 908,504 | |
16,161 | Marathon Oil Corp. | 240,314 | |
7,409 | Marathon Petroleum Corp. | 377,415 | |
7,372 | National Oilwell Varco, Inc. | 257,799 | |
3,168 | 2 | Newfield Exploration Co. | 109,676 |
8,472 | Noble Energy, Inc. | 273,900 | |
9,091 | ONEOK, Inc. | 478,278 | |
17,978 | Occidental Petroleum Corp. | 1,106,366 | |
10,539 | Phillips 66 | 838,483 | |
3,582 | Pioneer Natural Resources, Inc. | 619,650 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Energy—continued | |||
2,581 | Range Resources Corp. | $68,371 | |
32,053 | Schlumberger Ltd. | 2,326,727 | |
11,983 | 2 | TechnipFMC PLC | 361,048 |
6,007 | 2 | Transocean Ltd. | 66,257 |
6,819 | Valero Energy Corp. | 440,576 | |
26,700 | Williams Companies, Inc. | 817,821 | |
TOTAL | 29,025,121 | ||
Financials—13.8% | |||
9,700 | Aflac, Inc. | 726,336 | |
8,800 | Allstate Corp. | 715,352 | |
16,997 | American Express Co. | 1,347,012 | |
20,277 | American International Group, Inc. | 1,235,072 | |
3,135 | Ameriprise Financial, Inc. | 400,810 | |
7,862 | Aon PLC | 942,182 | |
19,226 | BB&T Corp. | 830,179 | |
224,504 | Bank of America Corp. | 5,239,923 | |
43,144 | 2 | Berkshire Hathaway, Inc., Class B | 7,127,820 |
2,865 | Blackrock, Inc. | 1,101,793 | |
1,498 | CBOE Holdings, Inc. | 123,450 | |
5,820 | CME Group, Inc. | 676,226 | |
13,408 | Capital One Financial Corp. | 1,077,735 | |
8,841 | Chubb Ltd. | 1,213,427 | |
4,002 | Cincinnati Financial Corp. | 288,504 | |
66,325 | Citigroup, Inc. | 3,921,134 | |
10,250 | Citizens Financial Group, Inc. | 376,278 | |
3,328 | Comerica, Inc. | 235,290 | |
8,054 | Discover Financial Services | 504,100 | |
12,638 | 2 | E*Trade Financial Corp. | 436,643 |
18,674 | Fifth Third Bancorp | 456,206 | |
8,836 | Franklin Resources, Inc. | 380,920 | |
3,221 | Gallagher (Arthur J.) & Co. | 179,764 | |
8,178 | Goldman Sachs Group, Inc. | 1,830,236 | |
9,387 | Hartford Financial Services Group, Inc. | 453,955 | |
21,663 | Huntington Bancshares, Inc. | 278,586 | |
14,198 | Intercontinental Exchange, Inc. | 854,720 | |
2,054 | Invesco Ltd. | 67,659 | |
78,126 | J.P. Morgan Chase & Co. | 6,796,962 | |
21,714 | KeyCorp | 396,063 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Financials—continued | |||
15,962 | Leucadia National Corp. | $405,275 | |
4,419 | Lincoln National Corp. | 291,345 | |
7,206 | Loews Corp. | 335,944 | |
3,722 | M & T Bank Corp. | 578,436 | |
12,244 | Marsh & McLennan Cos., Inc. | 907,648 | |
23,693 | MetLife, Inc. | 1,227,534 | |
3,591 | Moody's Corp. | 424,887 | |
31,446 | Morgan Stanley | 1,363,813 | |
3,246 | NASDAQ, Inc. | 223,552 | |
22,324 | Navient Corp. | 339,325 | |
5,368 | Northern Trust Corp. | 483,120 | |
11,343 | PNC Financial Services Group | 1,358,324 | |
9,598 | People's United Financial, Inc. | 167,677 | |
5,318 | Principal Financial Group | 346,361 | |
18,874 | Progressive Corp., Ohio | 749,675 | |
11,774 | Prudential Financial | 1,260,171 | |
2,295 | Raymond James Financial, Inc. | 171,023 | |
42,534 | Regions Financial Corp. | 584,843 | |
5,483 | S&P Global, Inc. | 735,764 | |
26,367 | Schwab (Charles) Corp. | 1,024,358 | |
7,634 | State Street Corp. | 640,493 | |
7,142 | SunTrust Banks, Inc. | 405,737 | |
16,102 | Synchrony Financial | 447,636 | |
2,289 | T. Rowe Price Group, Inc. | 162,267 | |
24,374 | The Bank of New York Mellon Corp. | 1,147,040 | |
6,690 | The Travelers Cos, Inc. | 813,905 | |
5,402 | Torchmark Corp. | 414,387 | |
36,790 | U.S. Bancorp | 1,886,591 | |
4,220 | Unum Group | 195,513 | |
97,775 | Wells Fargo & Co. | 5,264,206 | |
1,093 | Willis Towers Watson PLC | 144,954 | |
208 | XL Group Ltd. | 8,705 | |
3,530 | Zions Bancorp | 141,306 | |
TOTAL | 64,866,152 | ||
Health Care—13.7% | |||
38,591 | Abbott Laboratories | 1,684,111 | |
36,096 | AbbVie, Inc. | 2,380,170 | |
7,834 | Aetna, Inc. | 1,058,138 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Health Care—continued | |||
7,246 | Agilent Technologies, Inc. | $398,892 | |
4,880 | 2 | Alexion Pharmaceuticals, Inc. | 623,566 |
6,605 | Allergan PLC | 1,610,695 | |
1,107 | AmerisourceBergen Corp. | 90,829 | |
16,883 | Amgen, Inc. | 2,757,332 | |
5,695 | Anthem, Inc. | 1,013,084 | |
865 | Bard (C.R.), Inc. | 265,970 | |
11,871 | Baxter International, Inc. | 660,977 | |
4,691 | Becton, Dickinson & Co. | 877,076 | |
4,878 | 2 | Biogen, Inc. | 1,322,962 |
28,884 | 2 | Boston Scientific Corp. | 761,960 |
33,740 | Bristol-Myers Squibb Co. | 1,891,127 | |
7,323 | Cigna Corp. | 1,145,097 | |
4,337 | Cardinal Health, Inc. | 314,823 | |
17,306 | 2 | Celgene Corp. | 2,146,809 |
7,246 | 2 | Centene Corp. | 539,102 |
7,443 | 2 | Cerner Corp. | 481,934 |
2,295 | Cooper Cos., Inc. | 459,757 | |
14,308 | Danaher Corp. | 1,192,286 | |
3,964 | 2 | Davita, Inc. | 273,556 |
1,530 | Dentsply Sirona, Inc. | 96,757 | |
2,316 | 2 | Edwards Lifesciences Corp. | 253,996 |
3,057 | 2 | Envision Healthcare Corp. | 171,284 |
14,387 | 2 | Express Scripts Holding Co. | 882,499 |
30,182 | Gilead Sciences, Inc. | 2,068,976 | |
7,066 | 2 | HCA Holdings, Inc. | 595,028 |
2,057 | 2 | Henry Schein, Inc. | 357,507 |
6,275 | 2 | Hologic, Inc. | 283,316 |
2,320 | Humana, Inc. | 514,994 | |
3,508 | 2 | IDEXX Laboratories, Inc. | 588,397 |
1,857 | 2 | Illumina, Inc. | 343,285 |
5,530 | 2 | Incyte Genomics, Inc. | 687,268 |
807 | 2 | Intuitive Surgical, Inc. | 674,547 |
61,617 | Johnson & Johnson | 7,607,851 | |
2,144 | 2 | Laboratory Corp. of America Holdings | 300,482 |
22,094 | Lilly (Eli) & Co. | 1,813,034 | |
1,702 | 2 | Mallinckrodt PLC | 79,858 |
6,337 | McKesson Corp. | 876,344 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Health Care—continued | |||
31,468 | Medtronic PLC | $2,614,676 | |
65,579 | Merck & Co., Inc. | 4,087,539 | |
489 | 2 | Mettler Toledo International, Inc. | 251,062 |
9,436 | 2 | Mylan NV | 352,435 |
1,801 | Patterson Companies, Inc. | 80,126 | |
3,300 | PerkinElmer, Inc. | 196,053 | |
2,586 | Perrigo Co. PLC | 191,209 | |
135,199 | Pfizer, Inc. | 4,585,950 | |
2,637 | Quest Diagnostics, Inc. | 278,230 | |
2,304 | 2 | Regeneron Pharmaceuticals, Inc. | 895,081 |
7,159 | Stryker Corp. | 976,273 | |
7,354 | Thermo Fisher Scientific, Inc. | 1,215,837 | |
21,504 | UnitedHealth Group, Inc. | 3,760,620 | |
2,399 | Universal Health Services, Inc., Class B | 289,703 | |
1,597 | 2 | Varian Medical Systems, Inc. | 144,912 |
7,646 | 2 | Vertex Pharmaceuticals, Inc. | 904,522 |
2,039 | 2 | Waters Corp. | 346,406 |
6,472 | Zimmer Biomet Holdings, Inc. | 774,375 | |
10,259 | Zoetis, Inc. | 575,632 | |
TOTAL | 64,666,317 | ||
Industrials—9.9% | |||
13,703 | 3M Co. | 2,683,459 | |
6,033 | AMETEK, Inc. | 345,088 | |
2,407 | Alaska Air Group, Inc. | 204,812 | |
2,455 | Allegion PLC | 193,061 | |
10,394 | American Airlines Group, Inc. | 442,992 | |
8,257 | Arconic, Inc. | 225,664 | |
14,154 | Boeing Co. (The) | 2,616,084 | |
243 | C.H. Robinson Worldwide, Inc. | 17,666 | |
19,947 | CSX Corp. | 1,014,105 | |
15,725 | Caterpillar, Inc. | 1,608,039 | |
11 | Cintas Corp. | 1,347 | |
4,990 | Cummins, Inc. | 753,191 | |
8,700 | Deere & Co. | 971,007 | |
17,471 | Delta Air Lines, Inc. | 793,882 | |
2,930 | Dover Corp. | 231,118 | |
10,782 | Eaton Corp. PLC | 815,550 | |
14,758 | Emerson Electric Co. | 889,612 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Industrials—continued | |||
3,049 | Equifax, Inc. | $412,560 | |
2,030 | Fastenal Co. | 90,700 | |
5,296 | FedEx Corp. | 1,004,651 | |
2,493 | Flowserve Corp. | 126,819 | |
7,416 | Fluor Corp. | 380,589 | |
2,921 | Fortive Corp. | 184,782 | |
3,641 | Fortune Brands Home & Security, Inc. | 232,077 | |
6,420 | General Dynamics Corp. | 1,244,132 | |
189,223 | General Electric Co. | 5,485,575 | |
17,550 | Honeywell International, Inc. | 2,301,507 | |
2,448 | Hunt (J.B.) Transportation Services, Inc. | 219,488 | |
6,699 | Illinois Tool Works, Inc. | 925,065 | |
6,132 | Ingersoll-Rand PLC | 544,215 | |
6,861 | Jacobs Engineering Group, Inc. | 376,806 | |
15,671 | Johnson Controls International PLC | 651,443 | |
2,945 | Kansas City Southern Industries, Inc. | 265,256 | |
1,579 | L3 Technologies, Inc. | 271,225 | |
5,809 | Lockheed Martin Corp. | 1,565,235 | |
6,710 | Masco Corp. | 248,404 | |
8,635 | Nielsen Holdings PLC | 355,158 | |
6,160 | Norfolk Southern Corp. | 723,738 | |
4,133 | Northrop Grumman Corp. | 1,016,553 | |
7,252 | PACCAR, Inc. | 483,926 | |
2,718 | Parker-Hannifin Corp. | 437,054 | |
4,101 | Pentair PLC | 264,556 | |
2,183 | 2 | Quanta Services, Inc. | 77,366 |
6,912 | Raytheon Co. | 1,072,812 | |
4,475 | Republic Services, Inc. | 281,880 | |
3,196 | Robert Half International, Inc. | 147,176 | |
2,607 | Rockwell Automation, Inc. | 410,211 | |
1,330 | Rockwell Collins | 138,440 | |
2,518 | Roper Technologies, Inc. | 550,687 | |
597 | Ryder Systems, Inc. | 40,542 | |
18,150 | Southwest Airlines Co. | 1,020,393 | |
3,562 | Stanley Black & Decker, Inc. | 484,966 | |
1,762 | 2 | Stericycle, Inc. | 150,369 |
5,576 | Textron, Inc. | 260,176 | |
149 | Transdigm Group, Inc. | 36,763 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Industrials—continued | |||
20,560 | Union Pacific Corp. | $2,301,898 | |
5,953 | 2 | United Continental Holdings, Inc. | 417,960 |
15,988 | United Parcel Service, Inc. | 1,718,070 | |
3,745 | 2 | United Rentals, Inc. | 410,677 |
17,330 | United Technologies Corp. | 2,062,097 | |
622 | 2 | Verisk Analytics, Inc. | 51,508 |
2,163 | W. W. Grainger, Inc. | 416,810 | |
9,764 | Waste Management, Inc. | 710,624 | |
3,105 | Xylem, Inc. | 159,628 | |
TOTAL | 46,539,244 | ||
Information Technology—22.0% | |||
14,429 | Accenture PLC | 1,750,238 | |
14,677 | Activision Blizzard, Inc. | 766,873 | |
13,076 | 2 | Adobe Systems, Inc. | 1,748,784 |
14,037 | 2 | Advanced Micro Devices, Inc. | 186,692 |
7,478 | 2 | Akamai Technologies, Inc. | 455,709 |
1,303 | Alliance Data Systems Corp. | 325,268 | |
6,705 | 2 | Alphabet, Inc., Class A | 6,198,907 |
6,699 | 2 | Alphabet, Inc., Class C | 6,069,026 |
3,717 | Amphenol Corp., Class A | 268,776 | |
8,043 | Analog Devices, Inc. | 612,877 | |
118,372 | Apple, Inc. | 17,004,138 | |
30,285 | Applied Materials, Inc. | 1,229,874 | |
3,890 | 2 | Autodesk, Inc. | 350,372 |
7,922 | Automatic Data Processing, Inc. | 827,770 | |
8,847 | Broadcom Ltd. | 1,953,506 | |
1,695 | CSRA, Inc. | 49,291 | |
114,408 | Cisco Systems, Inc. | 3,897,881 | |
6,323 | 2 | Citrix Systems, Inc. | 511,784 |
9,859 | 2 | Cognizant Technology Solutions Corp. | 593,808 |
22,644 | Corning, Inc. | 653,279 | |
6,412 | DXC Technology Co. | 483,080 | |
15,856 | 2 | eBay, Inc. | 529,749 |
6,860 | 2 | Electronic Arts, Inc. | 650,465 |
5,238 | 2 | FIserv, Inc. | 624,055 |
4,339 | FLIR Systems, Inc. | 159,371 | |
1,151 | 2 | F5 Networks, Inc. | 148,629 |
53,277 | 2 | Facebook, Inc. | 8,004,869 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Information Technology—continued | |||
6,860 | Fidelity National Information Services, Inc. | $577,543 | |
2,032 | 2 | Gartner Group, Inc., Class A | 231,831 |
2,859 | Global Payments, Inc. | 233,752 | |
35,617 | HP, Inc. | 670,312 | |
2,397 | Harris Corp. | 268,200 | |
27,398 | Hewlett Packard Enterprise Co. | 510,425 | |
113,305 | Intel Corp. | 4,095,976 | |
19,312 | International Business Machines Corp. | 3,095,520 | |
7,341 | Intuit, Inc. | 919,167 | |
10,242 | Juniper Networks, Inc. | 307,977 | |
1,090 | KLA-Tencor Corp. | 107,060 | |
3,396 | Lam Research Corp. | 491,911 | |
21,680 | Mastercard, Inc., Class A | 2,521,818 | |
4,264 | Microchip Technology, Inc. | 322,273 | |
21,631 | 2 | Micron Technology, Inc. | 598,530 |
174,927 | Microsoft Corp. | 11,975,502 | |
3,993 | Motorola Solutions, Inc. | 343,278 | |
12,854 | NVIDIA Corp. | 1,340,672 | |
11,583 | NetApp, Inc. | 461,583 | |
62,620 | Oracle Corp. | 2,815,395 | |
7,947 | Paychex, Inc. | 471,098 | |
24,660 | 2 | PayPal Holdings, Inc. | 1,176,775 |
2,203 | 2 | Qorvo, Inc. | 149,870 |
34,137 | Qualcomm, Inc. | 1,834,522 | |
4,284 | 2 | Red Hat, Inc. | 377,335 |
15,054 | 2 | Salesforce.com, Inc. | 1,296,450 |
5,687 | Seagate Technology | 239,593 | |
4,196 | Skyworks Solutions, Inc. | 418,509 | |
12,933 | Symantec Corp. | 409,071 | |
6,657 | 2 | Synopsys, Inc. | 490,621 |
8,628 | TE Connectivity Ltd. | 667,548 | |
10,347 | 2 | Teradata Corporation | 301,925 |
23,133 | Texas Instruments, Inc. | 1,831,671 | |
4,147 | Total System Services, Inc. | 237,665 | |
2,537 | 2 | Verisign, Inc. | 225,590 |
39,385 | Visa, Inc., Class A Shares | 3,592,700 | |
9,493 | Western Digital Corp. | 845,541 | |
8,743 | Western Union Co. | 173,636 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Information Technology—continued | |||
20,022 | Xerox Corp. | $143,958 | |
1,780 | Xilinx, Inc. | 112,336 | |
18,828 | 2 | Yahoo, Inc. | 907,698 |
TOTAL | 103,847,908 | ||
Materials—2.8% | |||
5,247 | Air Products & Chemicals, Inc. | 737,204 | |
2,097 | Albemarle Corp. | 228,384 | |
2,597 | Avery Dennison Corp. | 216,096 | |
866 | Ball Corp. | 66,587 | |
19,254 | Du Pont (E.I.) De Nemours | 1,535,507 | |
25,196 | Dow Chemical Co. | 1,582,309 | |
3,867 | Eastman Chemical Co. | 308,393 | |
6,296 | Ecolab, Inc. | 812,751 | |
6,148 | FMC Corp. | 450,218 | |
48,011 | 2 | Freeport-McMoRan, Inc. | 612,140 |
2,002 | International Flavors & Fragrances, Inc. | 277,457 | |
8,389 | International Paper Co. | 452,754 | |
7,963 | LyondellBasell Industries NV, Class A | 674,944 | |
1,205 | Martin Marietta Materials | 265,329 | |
9,509 | Monsanto Co. | 1,108,845 | |
6,622 | Mosaic Co./The | 178,330 | |
19,029 | Newmont Mining Corp. | 643,370 | |
6,484 | Nucor Corp. | 397,664 | |
3,579 | PPG Industries, Inc. | 393,117 | |
6,829 | Praxair, Inc. | 853,488 | |
4,108 | Sealed Air Corp. | 180,834 | |
1,092 | Sherwin-Williams Co. | 365,471 | |
2,732 | Vulcan Materials Co. | 330,244 | |
10,051 | WestRock Co. | 538,332 | |
TOTAL | 13,209,768 | ||
Real Estate—2.9% | |||
1,587 | Alexandria Real Estate Equities, Inc. | 178,553 | |
9,244 | American Tower Corp. | 1,164,189 | |
3,806 | Apartment Investment & Management Co., Class A | 166,475 | |
1,853 | Avalonbay Communities, Inc. | 351,774 | |
5,214 | Boston Properties, Inc. | 660,092 | |
5,515 | 2 | CBRE Group Inc. | 197,492 |
8,346 | Crown Castle International Corp. | 789,532 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Real Estate—continued | |||
3,150 | Digital Realty Trust, Inc. | $361,746 | |
2,227 | Equinix, Inc. | 930,218 | |
4,649 | Equity Residential Properties Trust | 300,233 | |
1,678 | Essex Property Trust, Inc. | 410,221 | |
1,975 | Federal Realty Investment Trust | 258,508 | |
15,152 | General Growth Properties, Inc. | 327,435 | |
18,252 | HCP, Inc. | 572,200 | |
29,334 | Host Hotels & Resorts, Inc. | 526,545 | |
4,203 | Iron Mountain, Inc. | 146,096 | |
11,633 | Kimco Realty Corp. | 236,034 | |
2,983 | Mid-American Apartment Communities, Inc. | 295,944 | |
16,500 | ProLogis, Inc. | 897,765 | |
2,326 | Public Storage | 487,018 | |
6,349 | Realty Income Corp. | 370,464 | |
3,991 | Regency Centers Corp. | 252,151 | |
1,844 | SL Green Realty Corp. | 193,491 | |
7,493 | Simon Property Group, Inc. | 1,238,293 | |
7,313 | UDR, Inc. | 273,067 | |
7,670 | Ventas, Inc. | 490,957 | |
6,097 | Vornado Realty Trust | 586,775 | |
8,871 | Welltower, Inc. | 633,744 | |
10,074 | Weyerhaeuser Co. | 341,206 | |
TOTAL | 13,638,218 | ||
Telecommunication Services—2.3% | |||
139,743 | AT&T, Inc. | 5,538,015 | |
14,314 | 3 | CenturyLink, Inc. | 367,440 |
6,955 | 2 | Level 3 Communications, Inc. | 422,586 |
92,950 | Verizon Communications | 4,267,335 | |
TOTAL | 10,595,376 | ||
Utilities—3.1% | |||
35,292 | AES Corp. | 399,153 | |
3,962 | Alliant Energy Corp. | 155,786 | |
5,820 | Ameren Corp. | 318,296 | |
10,402 | American Electric Power Co., Inc. | 705,568 | |
3,539 | American Water Works Co., Inc. | 282,271 | |
5,884 | CMS Energy Corp. | 267,134 | |
18,083 | CenterPoint Energy, Inc. | 515,908 | |
7,491 | Consolidated Edison Co. | 593,886 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Utilities—continued | |||
3,591 | DTE Energy Co. | $375,583 | |
14,781 | Dominion Resources, Inc. | 1,144,493 | |
15,230 | Duke Energy Corp. | 1,256,475 | |
7,607 | Edison International | 608,332 | |
973 | Entergy Corp. | 74,201 | |
6,366 | EverSource Energy | 378,140 | |
19,637 | Exelon Corp. | 680,029 | |
8,508 | FirstEnergy Corp. | 254,730 | |
10,911 | NextEra Energy, Inc. | 1,457,273 | |
20,025 | NRG Energy, Inc. | 338,422 | |
11,015 | PG & E Corp. | 738,556 | |
16,601 | PPL Corp. | 632,664 | |
2,299 | Pinnacle West Capital Corp. | 195,622 | |
10,808 | Public Service Enterprises Group, Inc. | 476,092 | |
3,562 | Sempra Energy | 402,577 | |
17,779 | Southern Co. | 885,394 | |
10,987 | WEC Energy Group, Inc. | 664,933 | |
16,743 | Xcel Energy, Inc. | 754,272 | |
TOTAL | 14,555,790 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $149,278,349) | 461,979,495 | ||
INVESTMENT COMPANIES—1.7%4 | |||
735,397 | 5 | Federated Government Obligations Fund, Institutional Shares, 0.65%6 | 735,397 |
7,287,920 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 0.99%6 | 7,290,106 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $8,023,962) | 8,025,503 | ||
TOTAL INVESTMENTS—99.8% (IDENTIFIED COST $157,302,311)7 | 470,004,998 | ||
OTHER ASSETS AND LIABILITIES - NET—0.2%8 | 1,011,878 | ||
TOTAL NET ASSETS—100% | $471,016,876 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation |
2S&P 500 E-Mini Index Long Futures | 21 | $2,499,525 | June 2017 | $19,319 |
2S&P 500 Index Long Futures | 9 | $5,356,125 | June 2017 | $23,346 |
UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $42,665 |
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 $7,855,650 at April 30, 2017, 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 500 Index is 99.8%. |
2 | Non-income-producing security. |
3 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
4 | Affiliated holdings. |
5 | All or a portion of this security is held as collateral for securities lending. |
6 | 7-day net yield. |
7 | Also represents cost for federal tax purposes. |
8 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 4/30/2017 | Year Ended October 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $14.54 | $16.06 | $17.27 | $16.34 | $14.17 | $12.83 |
Income From Investment Operations: | ||||||
Net investment income | 0.041 | 0.11 | 0.11 | 0.09 | 0.111 | 0.09 |
Net realized and unrealized gain on investments and futures contracts | 1.61 | 0.32 | 0.51 | 2.29 | 3.29 | 1.60 |
TOTAL FROM INVESTMENT OPERATIONS | 1.65 | 0.43 | 0.62 | 2.38 | 3.40 | 1.69 |
Less Distributions: | ||||||
Distributions from net investment income | (0.06) | (0.11) | (0.11) | (0.09) | (0.11) | (0.09) |
Distributions from net realized gain on investments and futures contracts | (2.20) | (1.84) | (1.72) | (1.36) | (1.12) | (0.26) |
TOTAL DISTRIBUTIONS | (2.26) | (1.95) | (1.83) | (1.45) | (1.23) | (0.35) |
Net Asset Value, End of Period | $13.93 | $14.54 | $16.06 | $17.27 | $16.34 | $14.17 |
Total Return2 | 12.60% | 3.19% | 3.71% | 15.74% | 26.19% | 13.43% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.42%3 | 1.42% | 1.42% | 1.42% | 1.43% | 1.43% |
Net investment income | 0.54%3 | 0.75% | 0.61% | 0.56% | 0.73% | 0.72% |
Expense waiver/reimbursement4 | 0.05%3 | 0.05% | 0.04% | 0.04% | 0.04% | 0.07% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $40,586 | $36,956 | $40,273 | $38,684 | $37,078 | $30,445 |
Portfolio turnover | 16% | 31% | 31% | 28% | 26% | 38% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 4/30/2017 | Year Ended October 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $14.68 | $16.19 | $17.39 | $16.45 | $14.26 | $12.90 |
Income From Investment Operations: | ||||||
Net investment income | 0.061 | 0.15 | 0.16 | 0.13 | 0.161 | 0.15 |
Net realized and unrealized gain on investments and futures contracts | 1.63 | 0.34 | 0.52 | 2.31 | 3.31 | 1.61 |
TOTAL FROM INVESTMENT OPERATIONS | 1.69 | 0.49 | 0.68 | 2.44 | 3.47 | 1.76 |
Less Distributions: | ||||||
Distributions from net investment income | (0.08) | (0.16) | (0.16) | (0.14) | (0.16) | (0.14) |
Distributions from net realized gain on investments and futures contracts | (2.20) | (1.84) | (1.72) | (1.36) | (1.12) | (0.26) |
TOTAL DISTRIBUTIONS | (2.28) | (2.00) | (1.88) | (1.50) | (1.28) | (0.40) |
Net Asset Value, End of Period | $14.09 | $14.68 | $16.19 | $17.39 | $16.45 | $14.26 |
Total Return2 | 12.77% | 3.56% | 4.05% | 16.05% | 26.59% | 13.89% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.11%3 | 1.10% | 1.10% | 1.10% | 1.07% | 1.10% |
Net investment income | 0.86%3 | 1.07% | 0.93% | 0.87% | 1.09% | 1.03% |
Expense waiver/reimbursement4 | 0.06%3 | 0.08% | 0.06% | 0.04% | 0.04% | 0.07% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $48,300 | $47,998 | $45,190 | $43,501 | $47,403 | $40,047 |
Portfolio turnover | 16% | 31% | 31% | 28% | 26% | 38% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 4/30/2017 | Year Ended October 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $14.80 | $16.31 | $17.50 | $16.54 | $14.33 | $12.96 |
Income From Investment Operations: | ||||||
Net investment income | 0.111 | 0.28 | 0.27 | 0.27 | 0.271 | 0.25 |
Net realized and unrealized gain on investments and futures contracts | 1.65 | 0.31 | 0.54 | 2.31 | 3.33 | 1.62 |
TOTAL FROM INVESTMENT OPERATIONS | 1.76 | 0.59 | 0.81 | 2.58 | 3.60 | 1.87 |
Less Distributions: | ||||||
Distributions from net investment income | (0.13) | (0.26) | (0.28) | (0.26) | (0.27) | (0.24) |
Distributions from net realized gain on investments and futures contracts | (2.20) | (1.84) | (1.72) | (1.36) | (1.12) | (0.26) |
TOTAL DISTRIBUTIONS | (2.33) | (2.10) | (2.00) | (1.62) | (1.39) | (0.50) |
Net Asset Value, End of Period | $14.23 | $14.80 | $16.31 | $17.50 | $16.54 | $14.33 |
Total Return2 | 13.20% | 4.30% | 4.87% | 16.94% | 27.51% | 14.74% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.36%3 | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
Net investment income | 1.60%3 | 1.82% | 1.68% | 1.62% | 1.80% | 1.80% |
Expense waiver/reimbursement4 | 0.08%3 | 0.09% | 0.07% | 0.07% | 0.08% | 0.08% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $223,950 | $208,577 | $257,742 | $266,292 | $252,517 | $198,656 |
Portfolio turnover | 16% | 31% | 31% | 28% | 26% | 38% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 4/30/2017 | Year Ended October 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | ||
Net Asset Value, Beginning of Period | $14.69 | $16.20 | $17.40 | $16.45 | $14.26 | $12.90 |
Income From Investment Operations: | ||||||
Net investment income | 0.091 | 0.21 | 0.21 | 0.22 | 0.231 | 0.20 |
Net realized and unrealized gain on investments and futures contracts | 1.64 | 0.34 | 0.54 | 2.30 | 3.30 | 1.62 |
TOTAL FROM INVESTMENT OPERATIONS | 1.73 | 0.55 | 0.75 | 2.52 | 3.53 | 1.82 |
Less Distributions: | ||||||
Distributions from net investment income | (0.11) | (0.22) | (0.23) | (0.21) | (0.22) | (0.20) |
Distributions from net realized gain on investments and futures contracts | (2.20) | (1.84) | (1.72) | (1.36) | (1.12) | (0.26) |
TOTAL DISTRIBUTIONS | (2.31) | (2.06) | (1.95) | (1.57) | (1.34) | (0.46) |
Net Asset Value, End of Period | $14.11 | $14.69 | $16.20 | $17.40 | $16.45 | $14.26 |
Total Return2 | 13.08% | 4.01% | 4.52% | 16.62% | 27.11% | 14.38% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.66%3 | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Net investment income | 1.35%3 | 1.52% | 1.38% | 1.32% | 1.53% | 1.50% |
Expense waiver/reimbursement4 | 0.35%3 | 0.36% | 0.35% | 0.35% | 0.36% | 0.39% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $158,181 | $180,503 | $218,171 | $270,634 | $251,893 | $259,304 |
Portfolio turnover | 16% | 31% | 31% | 28% | 26% | 38% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Total investment in securities, at value including $714,103 of securities loaned and $8,025,503 of investment in affiliated holdings (identified cost $157,302,311) | $470,004,998 | |
Restricted cash (Note 2) | 330,000 | |
Income receivable | 468,337 | |
Receivable for shares sold | 1,471,028 | |
TOTAL ASSETS | 472,274,363 | |
Liabilities: | ||
Payable for shares redeemed | $248,950 | |
Payable for daily variation margin on futures contracts | 8,353 | |
Payable for collateral due to broker for securities lending | 735,397 | |
Payable to adviser (Note 5) | 9,741 | |
Payable for transfer agent fee | 75,485 | |
Payable for portfolio accounting fees | 55,157 | |
Payable for distribution services fee (Note 5) | 51,733 | |
Payable for other service fees (Notes 2 and 5) | 52,680 | |
Accrued expenses (Note 5) | 19,991 | |
TOTAL LIABILITIES | 1,257,487 | |
Net assets for 33,292,474 shares outstanding | $471,016,876 | |
Net Assets Consist of: | ||
Paid-in capital | $127,748,798 | |
Net unrealized appreciation of investments and futures contracts | 312,745,352 | |
Accumulated net realized gain on investments and futures contracts | 30,665,093 | |
Distributions in excess of net investment income | (142,367) | |
TOTAL NET ASSETS | $471,016,876 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class C Shares: | ||
Net asset value per share ($40,586,162 ÷ 2,912,830 shares outstanding), no par value, unlimited shares authorized | $13.93 | |
Offering price per share | $13.93 | |
Redemption proceeds per share (99.00/100 of $13.93) | $13.79 | |
Class R Shares: | ||
Net asset value per share ($48,300,082 ÷ 3,426,986 shares outstanding), no par value, unlimited shares authorized | $14.09 | |
Offering price per share | $14.09 | |
Redemption proceeds per share | $14.09 | |
Institutional Shares: | ||
Net asset value per share ($223,949,541 ÷ 15,738,217 shares outstanding), no par value, unlimited shares authorized | $14.23 | |
Offering price per share | $14.23 | |
Redemption proceeds per share | $14.23 | |
Service Shares: | ||
Net asset value per share ($158,181,091 ÷ 11,214,441 shares outstanding), no par value, unlimited shares authorized | $14.11 | |
Offering price per share | $14.11 | |
Redemption proceeds per share | $14.11 |
Investment Income: | |||
Dividends (including $58,688 received from affiliated holdings (Note 5)) | $4,650,394 | ||
Interest (including income on securities loaned of $3,597) | 3,692 | ||
TOTAL INCOME | 4,654,086 | ||
Expenses: | |||
Management fee (Note 5) | $707,010 | ||
Custodian fees | 23,983 | ||
Transfer agent fee (Note 2) | 236,574 | ||
Directors'/Trustees' fees (Note 5) | 3,987 | ||
Auditing fees | 12,794 | ||
Legal fees | 6,970 | ||
Portfolio accounting fees | 61,097 | ||
Distribution services fee (Note 5) | 531,220 | ||
Other service fees (Notes 2 and 5) | 266,092 | ||
Share registration costs | 30,750 | ||
Printing and postage | 17,024 | ||
Miscellaneous (Note 5) | 17,951 | ||
TOTAL EXPENSES | 1,915,452 | ||
Waivers and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(112,684) | ||
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (308,247) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | (420,931) | ||
Net expenses | 1,494,521 | ||
Net investment income | 3,159,565 | ||
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | |||
Net realized gain on investments | 34,961,289 | ||
Net realized gain on futures contracts | 1,584,389 | ||
Net change in unrealized appreciation of investments | 18,401,932 | ||
Net change in unrealized depreciation of futures contracts | 358,245 | ||
Net realized and unrealized gain on investments and futures contracts | 55,305,855 | ||
Change in net assets resulting from operations | $58,465,420 |
Six Months Ended (unaudited) 4/30/2017 | Year Ended 10/31/2016 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $3,159,565 | $7,593,690 |
Net realized gain on investments and futures contracts | 36,545,678 | 72,117,973 |
Net change in unrealized appreciation/depreciation of investments and futures contracts | 18,760,177 | (62,599,635) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 58,465,420 | 17,112,028 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class C Shares | (174,516) | (292,236) |
Class R Shares | (289,861) | (467,459) |
Institutional Shares | (1,964,753) | (3,920,343) |
Service Shares | (1,383,079) | (2,931,970) |
Distributions from net realized gain on investments and futures contracts | ||
Class C Shares | (5,575,174) | (4,570,725) |
Class R Shares | (7,002,576) | (5,000,498) |
Institutional Shares | (30,324,651) | (28,096,248) |
Service Shares | (25,749,607) | (23,643,011) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (72,464,217) | (68,922,490) |
Share Transactions: | ||
Proceeds from sale of shares | 103,294,583 | 91,076,784 |
Net asset value of shares issued to shareholders in payment of distributions declared | 67,695,236 | 63,289,138 |
Cost of shares redeemed | (160,007,443) | (189,898,578) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 10,982,376 | (35,532,656) |
Change in net assets | (3,016,421) | (87,343,118) |
Net Assets: | ||
Beginning of period | 474,033,297 | 561,376,415 |
End of period (including undistributed (distributions in excess of) net investment income of $(142,367) and $510,277, respectively) | $471,016,876 | $474,033,297 |
■ | 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 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 | $17,693 | $— |
Class R Shares | 71,970 | (3,356) |
Institutional Shares | 69,966 | (37,657) |
Service Shares | 76,945 | (49,918) |
TOTAL | $236,574 | $(90,931) |
Other Service Fees Incurred | |
Class C Shares | $48,776 |
Service Shares | 217,316 |
TOTAL | $266,092 |
Market Value of Securities Loaned | Market Value of Collateral |
$714,103 | $735,397 |
Fair Value of Derivative Instruments | ||
Liability | ||
Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||
Equity contracts | Payable for daily variation margin | $(42,665)* |
* | Includes cumulative appreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | 1,584,389 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | 358,245 |
Six Months Ended 4/30/2017 | Year Ended 10/31/2016 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 448,842 | $6,150,627 | 586,302 | $8,320,460 |
Shares issued to shareholders in payment of distributions declared | 416,710 | 5,389,426 | 321,952 | 4,516,524 |
Shares redeemed | (493,845) | (6,764,572) | (874,884) | (12,383,362) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 371,707 | $4,775,481 | 33,370 | $453,622 |
Six Months Ended 4/30/2017 | Year Ended 10/31/2016 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 553,669 | $7,594,303 | 1,196,352 | $17,299,556 |
Shares issued to shareholders in payment of distributions declared | 527,570 | 6,904,504 | 364,798 | 5,168,336 |
Shares redeemed | (923,069) | (12,827,672) | (1,082,759) | (15,587,958) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 158,170 | $1,671,135 | 478,391 | $6,879,934 |
Six Months Ended 4/30/2017 | Year Ended 10/31/2016 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 5,327,411 | $76,789,566 | 2,753,720 | $39,512,781 |
Shares issued to shareholders in payment of distributions declared | 2,193,452 | 29,035,645 | 1,960,085 | 27,997,804 |
Shares redeemed | (5,875,022) | (83,888,494) | (6,427,160) | (92,687,296) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 1,645,841 | $21,936,717 | (1,713,355) | $(25,176,711) |
Six Months Ended 4/30/2017 | Year Ended 10/31/2016 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 918,158 | $12,760,087 | 1,807,628 | $25,943,987 |
Shares issued to shareholders in payment of distributions declared | 2,010,891 | 26,365,661 | 1,806,439 | 25,606,474 |
Shares redeemed | (4,001,116) | (56,526,705) | (4,794,106) | (69,239,962) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (1,072,067) | $(17,400,957) | (1,180,039) | $(17,689,501) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 1,103,651 | $10,982,376 | (2,381,633) | $(35,532,656) |
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 | $146,672 | $— |
Class R Shares | 122,618 | — |
Service Shares | 261,930 | (217,316) |
TOTAL | $531,220 | $(217,316) |
Affiliates | Balance of Shares Held 10/31/2016 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 4/30/2017 | Value | Dividend Income |
Federated Government Obligations Fund, Institutional Shares | 426,423 | 6,100,715 | (5,791,741) | 735,397 | $735,397 | $1,416 |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | 20,018,974 | 53,837,346 | (66,568,400) | 7,287,920 | 7,290,106 | 57,272 |
Total of Affiliated Transactions | 20,445,397 | 59,938,061 | (72,360,141) | 8,023,317 | 8,025,503 | 58,688 |
Purchases | $73,641,795 |
Sales | $118,612,482 |
Beginning Account Value 11/1/2016 | Ending Account Value 04/30/2017 | Expenses Paid During Period1 | |
Actual: | |||
Class C Shares | $1,000 | $1,126.00 | $7.49 |
Class R Shares | $1,000 | $1,127.70 | $5.86 |
Institutional Shares | $1,000 | $1,132.00 | $1.90 |
Service Shares | $1,000 | $1,130.80 | $3.49 |
Hypothetical (assuming a 5% return before expenses): | |||
Class C Shares | $1,000 | $1,017.80 | $7.10 |
Class R Shares | $1,000 | $1,019.30 | $5.56 |
Institutional Shares | $1,000 | $1,023.00 | $1.81 |
Service Shares | $1,000 | $1,021.50 | $3.31 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class C Shares | 1.42% |
Class R Shares | 1.11% |
Institutional Shares | 0.36% |
Service Shares | 0.66% |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31420E809
CUSIP 31420E106
CUSIP 31420E403
2017 ©Federated Investors, Inc.
Item 2. | Code of Ethics |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Index Trust
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date June 23, 2017
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue
Principal Executive Officer
Date June 23, 2017
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date June 23, 2017