United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-6061
(Investment Company Act File Number)
Federated Index Trust
_______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, Pennsylvania 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 10/31/14
Date of Reporting Period: 10/31/14
Item 1. Reports to Stockholders
Share Class | Ticker |
C | MXCCX |
R | FMXKX |
Institutional | FISPX |
Service | FMXSX |
1 | Please see the footnotes to the line graphs below for definitions of, and further information about, the S&P 500. |
2 | The S&P Composite 1500® Index combines three leading indices, the S&P 500®, the S&P MidCap 400® Index and the S&P SmallCap 600® Index to cover approximately 90% of the U.S. market capitalization. The index is unmanaged, and it is not possible to invest directly in an index. |
3 | The S&P 100® Index, a sub-set of the S&P 500® Index, measures the performance of large cap companies in the United States. The Index comprises 100 major, blue chip companies across multiple industry groups. Individual stock options are listed for each index constituent. The index is unmanaged, and it is not possible to invest directly in an index. |
4 | The S&P MidCap 400® Index is an unmanaged capitalization weighted index of common stocks representing all major industries in the mid-range of the U.S. stock market. The index is unmanaged, and it is not possible to invest directly in an index. |
5 | The S&P SmallCap 600® Index measures the small cap segment of the U.S. equity market. The index is designed to be an investable portfolio of companies that meet specific inclusion criteria to ensure that they are liquid and financially viable. The index is unmanaged, and it is not possible to invest directly in an index. |
6 | The S&P Composite 1500® Growth Index measures growth stocks using three factors: sales growth, the ratio of earnings change to price, and momentum. S&P Style Indices divide the complete market capitalization of each parent index into growth and value segments. Constituents are drawn from the S&P 1500® Index which combines the S&P 500® Index, S&P MidCap 400® Index and the S&P SmallCap 600® Index. The index is unmanaged, and it is not possible to invest directly in an index. |
7 | The S&P Composite 1500® Value Index measures value stocks using three factors: the ratios of book value, earnings, and sales to price. S&P Style Indices divide the complete market capitalization of each parent index into growth and value segments. Constituents are drawn from the S&P 1500® Index, which combines the S&P 500 ® Index, S&P MidCap 400® Index and the S&P SmallCap 600® Index. The index is unmanaged, and it is not possible to invest directly in an index. |
8 | Sector classifications are based upon the classification of the Standard & Poor's Global Industry Classification Standard (SPGICS). |
Federated Max-Cap Index Fund - | Class C Shares | Institutional Shares | S&P 500 |
F | F | I | |
10/31/2004 | 10,000 | 10,000 | 10,000 |
10/31/2005 | 10,755 | 10,858 | 10,872 |
10/31/2006 | 12,353 | 12,594 | 12,649 |
10/31/2007 | 13,948 | 14,374 | 14,490 |
10/31/2008 | 8,805 | 9,166 | 9,260 |
10/31/2009 | 9,558 | 10,063 | 10,168 |
10/31/2010 | 11,003 | 11,711 | 11,847 |
10/31/2011 | 11,758 | 12,643 | 12,805 |
10/31/2012 | 13,338 | 14,506 | 14,752 |
10/31/2013 | 16,831 | 18,497 | 18,761 |
10/31/2014 | 19,480 | 21,629 | 22,001 |
■ | Total returns shown for Class C Shares include the maximum contingent deferred sales charge of 1.00%, as applicable. |
1 Year | 5 Years | 10 Years | |
Class C Shares | 14.74% | 15.30% | 6.90% |
Class R Shares | 16.05% | 15.68% | 7.22% |
Institutional Shares | 16.94% | 16.54% | 8.02% |
Service Shares | 16.62% | 16.20% | 7.70% |
S&P 500 | 17.27% | 16.69% | 8.20% |
1 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class C Shares, a 1.00% contingent deferred sales charge would be applied to any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities in the index. |
2 | The S&P 500 is an unmanaged capitalization weighted index of 500 stocks designated to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The S&P 500 is not adjusted to reflect taxes, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. The S&P 500 is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. |
Sector | Percentage of Total Net Assets |
Information Technology | 18.7% |
Financials | 15.8% |
Health Care | 13.6% |
Consumer Discretionary | 11.1% |
Industrials | 10.1% |
Consumer Staples | 9.4% |
Energy | 8.8% |
Materials | 3.2% |
Utilities | 3.1% |
Telecommunication Services | 2.3% |
Securities Lending Collateral2 | 4.9% |
Cash Equivalents3 | 3.6% |
Derivative Contracts4 | 0.1% |
Other Assets and Liabilities—Net5 | (4.7)% |
TOTAL6 | 100% |
1 | Except for Derivative Contracts, Cash Equivalents 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 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. |
5 | Assets, other than investments in securities, securities sold in advance of corporate action and derivative contracts, less liabilities. See Statement of Assets and Liabilities. |
6 | The Fund purchases index futures contracts to efficiently manage cash flows resulting from shareholder purchases and redemptions, dividend and capital gain payments to shareholders and corporate actions while maintaining exposure to the Standard & Poor's 500 Composite Stock Price (“S&P 500”) Index and minimizing trading costs. Taking into consideration these open index futures contracts, the Fund's effective total exposure to the S&P 500 Index is effectively 100.3%. |
Shares | Value | ||
COMMON STOCKS—96.1%1 | |||
Consumer Discretionary—11.1% | |||
13,479 | 2 | Amazon.com, Inc. | $4,117,295 |
1,893 | 2 | AutoNation, Inc. | 108,393 |
1,638 | 2,3 | AutoZone, Inc. | 906,666 |
2,068 | 2,3 | Bed Bath & Beyond, Inc. | 139,259 |
10,548 | Best Buy Co., Inc. | 360,109 | |
18,313 | Block (H&R), Inc. | 591,693 | |
6,580 | BorgWarner, Inc. | 375,192 | |
15,906 | CBS Corp., Class B | 862,423 | |
8,826 | 3 | Cablevision Systems Corp., Class A | 164,340 |
1,736 | 2,3 | CarMax, Inc. | 97,060 |
16,418 | 3 | Carnival Corp. | 659,183 |
939 | 2 | Chipotle Mexican Grill, Inc. | 599,082 |
10,697 | 3 | Coach, Inc. | 367,763 |
80,641 | 3 | Comcast Corp., Class A | 4,463,479 |
13,676 | D. R. Horton, Inc. | 311,676 | |
5,566 | Darden Restaurants, Inc. | 288,207 | |
9,040 | Delphi Automotive PLC | 623,579 | |
20,056 | 2 | DirecTV | 1,740,660 |
4,166 | 2 | Discovery Communications, Inc., Class A | 147,268 |
8,313 | 2 | Discovery Communications, Inc., Class C | 290,872 |
14,767 | 2 | Dollar General Corp. | 925,448 |
12,009 | 2 | Dollar Tree, Inc. | 727,385 |
2,601 | Expedia, Inc. | 221,007 | |
6,942 | Family Dollar Stores, Inc. | 543,489 | |
132,232 | Ford Motor Co. | 1,863,149 | |
1,441 | 2 | Fossil Group, Inc. | 146,492 |
4,096 | 3 | GameStop Corp. | 175,145 |
6,342 | Gannett Co., Inc. | 199,773 | |
8,903 | Gap (The), Inc. | 337,335 | |
2,908 | 3 | Garmin Ltd. | 161,336 |
46,455 | General Motors Co. | 1,458,687 | |
5,741 | Genuine Parts Co. | 557,336 | |
8,062 | Harley Davidson, Inc. | 529,673 | |
4,991 | Harman International Industries, Inc. | 535,734 | |
4,905 | 3 | Hasbro, Inc. | 282,185 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Consumer Discretionary—continued | |||
45,291 | Home Depot, Inc. | $4,416,778 | |
29,790 | Interpublic Group Cos., Inc. | 577,628 | |
21,834 | Johnson Controls, Inc. | 1,031,657 | |
6,734 | Kohl's Corp. | 365,117 | |
8,453 | 3 | L Brands, Inc. | 609,630 |
2,919 | 3 | Leggett and Platt, Inc. | 114,950 |
33,839 | Lowe's Cos., Inc. | 1,935,591 | |
10,735 | Macy's, Inc. | 620,698 | |
6,412 | Marriott International, Inc., Class A | 485,709 | |
12,948 | Mattel, Inc. | 402,294 | |
33,206 | McDonald's Corp. | 3,112,398 | |
6,040 | 2 | Michael Kors Holdings Ltd. | 474,684 |
1,913 | 2 | NetFlix, Inc. | 751,369 |
17,679 | Newell Rubbermaid, Inc. | 589,241 | |
18,106 | 2 | News Corp., Class A | 280,281 |
22,607 | Nike, Inc., Class B | 2,101,773 | |
4,089 | Nordstrom, Inc. | 296,902 | |
3,152 | 2,3 | O'Reilly Automotive, Inc. | 554,374 |
4,137 | Omnicom Group, Inc. | 297,285 | |
2,470 | PVH Corp. | 282,445 | |
2,956 | PetSmart, Inc. | 213,867 | |
298 | Ralph Lauren Corp. | 49,122 | |
6,383 | Ross Stores, Inc. | 515,236 | |
3,415 | Scripps Networks Interactive | 263,775 | |
21,006 | Starbucks Corp. | 1,587,213 | |
5,759 | Starwood Hotels & Resorts | 441,485 | |
22,645 | TJX Cos., Inc. | 1,433,881 | |
16,387 | Target Corp. | 1,013,044 | |
1,689 | 2 | The Priceline Group, Inc. | 2,037,289 |
767 | Tiffany & Co. | 73,724 | |
9,014 | Time Warner Cable, Inc. | 1,326,951 | |
27,781 | Time Warner, Inc. | 2,207,756 | |
5,034 | Tractor Supply Co. | 368,590 | |
6,719 | 2 | TripAdvisor, Inc. | 595,707 |
61,519 | Twenty-First Century Fox, Inc. | 2,121,175 | |
4,666 | 2 | Under Armour, Inc., Class A | 305,996 |
15,860 | V.F. Corp. | 1,073,405 | |
13,366 | Viacom, Inc., Class B - New | 971,441 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Consumer Discretionary—continued | |||
51,730 | Walt Disney Co. | $4,727,087 | |
2,342 | Whirlpool Corp. | 402,941 | |
3,556 | Wyndham Worldwide Corp. | 276,195 | |
1,112 | Wynn Resorts Ltd. | 211,291 | |
18,663 | Yum Brands, Inc. | 1,340,563 | |
TOTAL | 68,736,911 | ||
Consumer Staples—9.4% | |||
59,173 | Altria Group, Inc. | 2,860,423 | |
27,104 | Archer-Daniels-Midland Co. | 1,273,888 | |
18,893 | Avon Products, Inc. | 196,487 | |
4,602 | Brown-Forman Corp., Class B | 426,467 | |
37,687 | CVS Health Corp. | 3,233,921 | |
7,300 | Campbell Soup Co. | 322,441 | |
4,933 | 3 | Clorox Co. | 490,834 |
6,197 | Coca-Cola Enterprises, Inc. | 268,640 | |
29,386 | Colgate-Palmolive Co. | 1,965,336 | |
15,785 | ConAgra Foods, Inc. | 542,215 | |
4,883 | 2 | Constellation Brands, Inc., Class A | 446,990 |
15,009 | Costco Wholesale Corp. | 2,001,750 | |
5,537 | Dr. Pepper Snapple Group, Inc. | 383,437 | |
7,117 | Estee Lauder Cos., Inc., Class A | 535,056 | |
21,475 | General Mills, Inc. | 1,115,841 | |
5,578 | Hershey Foods Corp. | 534,986 | |
3,293 | Hormel Foods Corp. | 177,526 | |
9,423 | Kellogg Co. | 602,695 | |
3,814 | Keurig Green Mountain Coffee, Inc. | 578,775 | |
12,959 | Kimberly-Clark Corp. | 1,480,825 | |
14,544 | Kraft Foods Group, Inc. | 819,554 | |
21,863 | Kroger Co. | 1,217,988 | |
12,938 | Lorillard, Inc. | 795,687 | |
5,172 | 3 | McCormick & Co., Inc. | 365,764 |
6,346 | Mead Johnson Nutrition Co. | 630,221 | |
9,134 | Molson Coors Brewing Co., Class B | 679,387 | |
64,199 | Mondelez International, Inc. | 2,263,657 | |
8,045 | 2,3 | Monster Beverage Corp. | 811,580 |
50,619 | PepsiCo, Inc. | 4,868,029 | |
51,120 | Philip Morris International, Inc. | 4,550,191 | |
90,524 | Procter & Gamble Co. | 7,900,029 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Consumer Staples—continued | |||
5,069 | Reynolds American, Inc. | $318,891 | |
3,968 | Smucker (J.M.) Co. | 412,672 | |
19,980 | 3 | Sysco Corp. | 770,029 |
132,360 | The Coca-Cola Co. | 5,543,237 | |
8,187 | Tyson Foods, Inc., Class A | 330,345 | |
53,158 | Wal-Mart Stores, Inc. | 4,054,361 | |
28,255 | Walgreen Co. | 1,814,536 | |
12,981 | 3 | Whole Foods Market, Inc. | 510,543 |
TOTAL | 58,095,234 | ||
Energy—8.8% | |||
16,224 | Anadarko Petroleum Corp. | 1,489,039 | |
12,076 | Apache Corp. | 932,267 | |
14,163 | Baker Hughes, Inc. | 750,072 | |
13,930 | 3 | Cabot Oil & Gas Corp., Class A | 433,223 |
6,767 | 2 | Cameron International Corp. | 402,975 |
29,189 | 3 | Chesapeake Energy Corp. | 647,412 |
63,469 | Chevron Corp. | 7,613,107 | |
2,445 | Cimarex Energy Co. | 277,923 | |
41,528 | ConocoPhillips | 2,996,245 | |
11,544 | Denbury Resources, Inc. | 143,146 | |
8,615 | Devon Energy Corp. | 516,900 | |
20,983 | EOG Resources, Inc. | 1,994,434 | |
1,900 | EQT Corp. | 178,676 | |
1,153 | Ensco PLC | 46,800 | |
142,084 | Exxon Mobil Corp. | 13,740,944 | |
7,201 | 2 | FMC Technologies, Inc. | 403,544 |
32,681 | Halliburton Co. | 1,802,030 | |
3,118 | Helmerich & Payne, Inc. | 270,705 | |
8,070 | Hess Corp. | 684,417 | |
14,024 | 3 | Kinder Morgan, Inc. | 542,729 |
20,867 | Marathon Oil Corp. | 738,692 | |
9,025 | Marathon Petroleum Corp. | 820,372 | |
5,873 | Murphy Oil Corp. | 313,559 | |
21,965 | Nabors Industries Ltd. | 392,075 | |
14,152 | National-Oilwell, Inc. | 1,028,001 | |
3,014 | 2 | Newfield Exploration Co. | 98,287 |
11,118 | Noble Energy, Inc. | 640,730 | |
6,035 | ONEOK, Inc. | 355,703 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Energy—continued | |||
26,269 | Occidental Petroleum Corp. | $2,336,102 | |
17,849 | Phillips 66 | 1,401,146 | |
6,212 | Pioneer Natural Resources, Inc. | 1,174,441 | |
14,906 | QEP Resources, Inc. | 373,693 | |
5,149 | Range Resources Corp. | 352,192 | |
43,572 | Schlumberger Ltd. | 4,298,814 | |
19,678 | 2 | Southwestern Energy Co. | 639,732 |
20,784 | 3 | Spectra Energy Corp. | 813,278 |
3,288 | Tesoro Petroleum Corp. | 234,796 | |
2,863 | 3 | Transocean Ltd. | 85,403 |
23,735 | Valero Energy Corp. | 1,188,886 | |
21,262 | Williams Companies, Inc. | 1,180,254 | |
TOTAL | 54,332,744 | ||
Financials—15.8% | |||
8,376 | Ace, Ltd. | 915,497 | |
3,257 | 2 | Affiliated Managers Group | 650,716 |
20,077 | Aflac, Inc. | 1,199,199 | |
19,131 | Allstate Corp. | 1,240,645 | |
30,514 | American Express Co. | 2,744,734 | |
42,073 | American International Group, Inc. | 2,253,851 | |
16,231 | American Tower Corp. | 1,582,522 | |
5,800 | Ameriprise Financial, Inc. | 731,786 | |
9,310 | Aon PLC | 800,660 | |
6,873 | Assurant, Inc. | 468,876 | |
4,303 | Avalonbay Communities, Inc. | 670,580 | |
25,404 | BB&T Corp. | 962,303 | |
366,226 | Bank of America Corp. | 6,284,438 | |
60,893 | 2 | Berkshire Hathaway, Inc., Class B | 8,534,763 |
3,296 | Blackrock, Inc. | 1,124,299 | |
2,554 | Boston Properties, Inc. | 323,719 | |
7,296 | 2 | CBRE Group, Inc. | 233,472 |
11,192 | CME Group, Inc. | 938,001 | |
19,328 | Capital One Financial Corp. | 1,599,779 | |
4,781 | Chubb Corp. | 475,040 | |
6,114 | Cincinnati Financial Corp. | 308,574 | |
95,049 | Citigroup, Inc. | 5,087,973 | |
4,863 | Comerica, Inc. | 232,160 | |
14,770 | Crown Castle International Corp. | 1,153,832 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Financials—continued | |||
15,456 | Discover Financial Services | $985,784 | |
21,857 | 2 | E*Trade Financial Corp. | 487,411 |
11,859 | Equity Residential Properties Trust | 824,912 | |
1,779 | Essex Property Trust, Inc. | 358,931 | |
28,442 | Fifth Third Bancorp | 568,556 | |
12,418 | Franklin Resources, Inc. | 690,565 | |
33,177 | General Growth Properties, Inc. | 859,616 | |
14,828 | 2 | Genworth Financial, Inc., Class A | 207,444 |
12,014 | Goldman Sachs Group, Inc. | 2,282,540 | |
7,781 | HCP, Inc. | 342,131 | |
15,325 | Hartford Financial Services Group, Inc. | 606,563 | |
11,691 | Health Care REIT, Inc. | 831,347 | |
24,448 | Host Hotels & Resorts, Inc. | 569,883 | |
25,155 | Huntington Bancshares, Inc. | 249,286 | |
2,311 | 2 | IntercontinentalExchange, Inc. | 481,358 |
14,489 | Invesco Ltd. | 586,370 | |
125,604 | JPMorgan Chase & Co. | 7,596,530 | |
28,334 | KeyCorp | 374,009 | |
15,258 | Kimco Realty Corp. | 380,687 | |
9,169 | 3 | Legg Mason, Inc. | 476,788 |
7,596 | Lincoln National Corp. | 415,957 | |
11,491 | Loews Corp. | 501,008 | |
2,046 | 3 | M & T Bank Corp. | 249,980 |
5,291 | Macerich Co. (The) | 373,015 | |
19,163 | Marsh & McLennan Cos., Inc. | 1,041,892 | |
8,301 | McGraw Hill Financial, Inc. | 751,074 | |
37,897 | MetLife, Inc. | 2,055,533 | |
5,543 | Moody's Corp. | 550,032 | |
51,118 | Morgan Stanley | 1,786,574 | |
2,562 | NASDAQ OMX Group, Inc. | 110,832 | |
10,593 | Navient Corp. | 209,530 | |
11,559 | Northern Trust Corp. | 766,362 | |
18,139 | PNC Financial Services Group | 1,567,028 | |
14,249 | 3 | People's United Financial, Inc. | 208,320 |
7,981 | Principal Financial Group | 417,965 | |
20,181 | Progressive Corp. Ohio | 532,980 | |
17,721 | ProLogis, Inc. | 738,080 | |
18,446 | Prudential Financial | 1,633,209 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Financials—continued | |||
5,169 | Public Storage | $952,853 | |
47,392 | Regions Financial Corp. | 470,603 | |
36,423 | Schwab (Charles) Corp. | 1,044,247 | |
10,665 | Simon Property Group, Inc. | 1,911,275 | |
14,831 | State Street Corp. | 1,119,147 | |
24,998 | SunTrust Banks, Inc. | 978,422 | |
8,775 | T. Rowe Price Group, Inc. | 720,340 | |
36,065 | The Bank of New York Mellon Corp. | 1,396,437 | |
11,871 | The Travelers Cos, Inc. | 1,196,597 | |
3,231 | Torchmark Corp. | 171,114 | |
60,181 | U.S. Bancorp | 2,563,711 | |
6,824 | Unum Group | 228,331 | |
10,734 | Ventas, Inc. | 735,386 | |
8,675 | Vornado Realty Trust | 949,739 | |
157,880 | Wells Fargo & Co. | 8,381,849 | |
19,341 | 3 | Weyerhaeuser Co. | 654,886 |
102 | XL Group PLC | 3,456 | |
6,424 | Zions Bancorp | 186,103 | |
TOTAL | 97,851,997 | ||
Health Care—13.6% | |||
43,099 | Abbott Laboratories | 1,878,685 | |
47,816 | AbbVie, Inc. | 3,034,403 | |
10,011 | 2 | Actavis PLC | 2,430,070 |
11,800 | Aetna, Inc. | 973,618 | |
10,167 | Agilent Technologies, Inc. | 562,032 | |
5,042 | 2 | Alexion Pharmaceuticals, Inc. | 964,837 |
9,509 | Allergan, Inc. | 1,807,281 | |
6,302 | AmerisourceBergen Corp. | 538,254 | |
25,615 | Amgen, Inc. | 4,154,241 | |
4,493 | Bard (C.R.), Inc. | 736,717 | |
18,779 | Baxter International, Inc. | 1,317,159 | |
8,940 | Becton, Dickinson & Co. | 1,150,578 | |
7,654 | 2 | Biogen Idec, Inc. | 2,457,546 |
39,808 | 2 | Boston Scientific Corp. | 528,650 |
56,155 | Bristol-Myers Squibb Co. | 3,267,659 | |
8,588 | CIGNA Corp. | 855,107 | |
15,096 | Cardinal Health, Inc. | 1,184,734 | |
5,460 | 2 | CareFusion Corporation | 313,240 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Health Care—continued | |||
26,106 | 2 | Celgene Corp. | $2,795,692 |
9,246 | 2 | Cerner Corp. | 585,642 |
14,339 | Covidien PLC | 1,325,497 | |
9,665 | 2 | DaVita HealthCare Partners, Inc. | 754,547 |
3,953 | 3 | Dentsply International, Inc. | 200,694 |
6,385 | 2 | Edwards Lifesciences Corp. | 772,074 |
24,695 | 2 | Express Scripts Holding Co. | 1,897,070 |
52,943 | 2 | Gilead Sciences, Inc. | 5,929,616 |
4,490 | 2 | Hospira, Inc. | 241,113 |
4,671 | Humana, Inc. | 648,568 | |
1,100 | 2 | Intuitive Surgical, Inc. | 545,380 |
94,108 | Johnson & Johnson | 10,142,960 | |
2,940 | 2 | Laboratory Corp. of America Holdings | 321,313 |
37,065 | 3 | Lilly (Eli) & Co. | 2,458,521 |
3,081 | 2 | Mallinckrodt PLC | 284,007 |
9,194 | McKesson Corp. | 1,870,152 | |
28,039 | 3 | Medtronic, Inc. | 1,911,138 |
100,603 | Merck & Co., Inc. | 5,828,938 | |
11,184 | 2 | Mylan, Inc. | 598,903 |
2,409 | PerkinElmer, Inc. | 104,599 | |
4,250 | Perrigo Co. PLC | 686,163 | |
212,280 | Pfizer, Inc. | 6,357,786 | |
91 | Quest Diagnostics, Inc. | 5,775 | |
2,377 | 2 | Regeneron Pharmaceuticals, Inc. | 935,872 |
8,536 | St. Jude Medical, Inc. | 547,755 | |
9,216 | Stryker Corp. | 806,677 | |
12,756 | Thermo Fisher Scientific, Inc. | 1,499,723 | |
32,907 | UnitedHealth Group, Inc. | 3,126,494 | |
2,500 | Universal Health Services, Inc., Class B | 259,275 | |
4,853 | 2 | Vertex Pharmaceuticals, Inc. | 546,642 |
2,733 | 2 | Waters Corp. | 302,816 |
8,949 | 3 | Wellpoint, Inc. | 1,133,749 |
5,035 | Zimmer Holdings, Inc. | 560,093 | |
8,552 | Zoetis, Inc. | 317,792 | |
TOTAL | 84,457,847 | ||
Industrials—10.1% | |||
21,472 | 3M Co. | 3,301,749 | |
9,293 | AMETEK, Inc. | 484,630 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Industrials—continued | |||
2,016 | Allegion PLC | $107,029 | |
19,926 | Boeing Co. | 2,488,957 | |
4,517 | C.H. Robinson Worldwide, Inc. | 312,622 | |
32,678 | CSX Corp. | 1,164,317 | |
23,667 | Caterpillar, Inc. | 2,400,070 | |
7,613 | 3 | Cintas Corp. | 557,576 |
5,739 | Cummins, Inc. | 838,927 | |
19,543 | Danaher Corp. | 1,571,257 | |
8,368 | 3 | Deere & Co. | 715,799 |
26,461 | Delta Air Lines, Inc. | 1,064,526 | |
5,025 | Dover Corp. | 399,186 | |
1,292 | Dun & Bradstreet Corp. | 158,670 | |
16,676 | Eaton Corp. PLC | 1,140,472 | |
24,067 | Emerson Electric Co. | 1,541,732 | |
3,353 | Equifax, Inc. | 253,956 | |
7,516 | Expeditors International Washington, Inc. | 320,633 | |
2,658 | Fastenal Co. | 117,058 | |
8,432 | FedEx Corp. | 1,411,517 | |
3,735 | Flowserve Corp. | 253,943 | |
6,065 | Fluor Corp. | 402,352 | |
12,827 | General Dynamics Corp. | 1,792,701 | |
335,112 | General Electric Co. | 8,649,241 | |
26,338 | Honeywell International, Inc. | 2,531,609 | |
12,285 | Illinois Tool Works, Inc. | 1,118,549 | |
3,947 | Ingersoll-Rand PLC | 247,161 | |
5,531 | 2 | Jacobs Engineering Group, Inc. | 262,446 |
8,260 | Joy Global, Inc. | 434,724 | |
1,228 | Kansas City Southern Industries, Inc. | 150,786 | |
5,425 | L-3 Communications Holdings, Inc. | 658,920 | |
10,598 | Lockheed Martin Corp. | 2,019,661 | |
13,455 | Masco Corp. | 296,952 | |
9,890 | Nielsen NV | 420,226 | |
12,909 | Norfolk Southern Corp. | 1,428,252 | |
7,192 | Northrop Grumman Corp. | 992,208 | |
11,960 | PACCAR, Inc. | 781,227 | |
2,837 | 3 | Pall Corp. | 259,359 |
7,462 | Parker-Hannifin Corp. | 947,898 | |
10,765 | Pentair PLC | 721,793 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Industrials—continued | |||
18,235 | Pitney Bowes, Inc. | $451,134 | |
3,559 | Precision Castparts Corp. | 785,471 | |
6,489 | 2 | Quanta Services, Inc. | 221,145 |
10,885 | Raytheon Co. | 1,130,734 | |
9,888 | Republic Services, Inc. | 379,699 | |
3,400 | Robert Half International, Inc. | 186,252 | |
2,056 | Rockwell Automation, Inc. | 230,992 | |
672 | Rockwell Collins | 56,549 | |
2,923 | Roper Industries, Inc. | 462,711 | |
1,454 | Snap-On, Inc. | 192,132 | |
31,138 | Southwest Airlines Co. | 1,073,638 | |
5,818 | Stanley Black & Decker, Inc. | 544,797 | |
3,016 | 2 | Stericycle, Inc. | 380,016 |
17,326 | Textron, Inc. | 719,549 | |
7,358 | 3 | The ADT Corp. | 263,711 |
8,133 | Tyco International Ltd. | 349,150 | |
29,279 | Union Pacific Corp. | 3,409,540 | |
23,928 | United Parcel Service, Inc. | 2,510,286 | |
2,681 | 2 | United Rentals, Inc. | 295,071 |
28,768 | United Technologies Corp. | 3,078,176 | |
848 | 3 | W. W. Grainger, Inc. | 209,286 |
15,640 | Waste Management, Inc. | 764,640 | |
4,491 | Xylem, Inc. | 163,293 | |
TOTAL | 62,578,663 | ||
Information Technology—18.7% | |||
17,256 | Accenture PLC | 1,399,807 | |
14,801 | 2 | Adobe Systems, Inc. | 1,037,846 |
5,314 | 2 | Akamai Technologies, Inc. | 320,434 |
1,604 | 2 | Alliance Data Systems Corp. | 454,493 |
11,261 | Altera Corp. | 387,041 | |
9,278 | Amphenol Corp., Class A | 469,281 | |
4,531 | Analog Devices, Inc. | 224,828 | |
198,050 | Apple, Inc. | 21,389,400 | |
37,794 | Applied Materials, Inc. | 834,869 | |
6,474 | 2 | Autodesk, Inc. | 372,514 |
12,433 | Automatic Data Processing, Inc. | 1,016,771 | |
7,688 | Avago Technologies Ltd. | 663,090 | |
24,991 | Broadcom Corp. | 1,046,623 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Information Technology—continued | |||
996 | CA, Inc. | $28,944 | |
171,503 | Cisco Systems, Inc. | 4,196,678 | |
5,473 | 2 | Citrix Systems, Inc. | 351,531 |
18,858 | 2 | Cognizant Technology Solutions Corp. | 921,213 |
9,817 | Computer Sciences Corp. | 592,947 | |
57,106 | Corning, Inc. | 1,166,676 | |
68,473 | EMC Corp. Mass | 1,967,229 | |
43,091 | 2 | eBay, Inc. | 2,262,278 |
18,325 | 2 | Electronic Arts, Inc. | 750,775 |
7,362 | 2 | Fiserv, Inc. | 511,512 |
1,992 | 2 | F5 Networks, Inc. | 244,976 |
68,313 | 2 | Facebook, Inc. | 5,122,792 |
9,404 | Fidelity National Information Services, Inc. | 549,100 | |
12 | 2 | First Solar, Inc. | 707 |
9,176 | 2 | Google, Inc., Class A | 5,210,775 |
9,172 | 2 | Google, Inc., Class C | 5,127,882 |
2,705 | Harris Corp. | 188,268 | |
60,307 | Hewlett-Packard Co. | 2,163,815 | |
162,552 | Intel Corp. | 5,528,394 | |
29,246 | International Business Machines Corp. | 4,808,042 | |
12,876 | Intuit, Inc. | 1,133,217 | |
26,323 | Juniper Networks, Inc. | 554,626 | |
4,752 | KLA-Tencor Corp. | 376,121 | |
4,604 | Lam Research Corp. | 358,467 | |
6,620 | Linear Technology Corp. | 283,601 | |
32,617 | Mastercard, Inc., Class A | 2,731,674 | |
5,442 | Microchip Technology, Inc. | 234,605 | |
44,645 | 2 | Micron Technology, Inc. | 1,477,303 |
273,135 | Microsoft Corp. | 12,823,688 | |
8,278 | Motorola Solutions, Inc. | 533,931 | |
14,812 | NVIDIA Corp. | 289,426 | |
10,890 | NetApp, Inc. | 466,092 | |
107,650 | Oracle Corp. | 4,203,732 | |
12,219 | 3 | Paychex, Inc. | 573,560 |
55,174 | Qualcomm, Inc. | 4,331,711 | |
5,729 | 2 | Red Hat, Inc. | 337,553 |
24,235 | 2 | Salesforce.com, Inc. | 1,550,798 |
6,864 | Sandisk Corp. | 646,177 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Information Technology—continued | |||
10,069 | 3 | Seagate Technology | $632,635 |
10,854 | Symantec Corp. | 269,396 | |
8,789 | TE Connectivity Ltd. | 537,272 | |
5,967 | 2,3 | Teradata Corporation | 252,523 |
34,204 | Texas Instruments, Inc. | 1,698,571 | |
6,914 | Total System Services, Inc. | 233,624 | |
2,669 | 2,3 | Verisign, Inc. | 159,499 |
16,398 | Visa, Inc., Class A Shares | 3,958,969 | |
10,272 | Western Digital Corp. | 1,010,457 | |
21,090 | 3 | Western Union Co. | 357,686 |
57,305 | Xerox Corp. | 761,010 | |
10,238 | Xilinx, Inc. | 455,386 | |
29,275 | 2 | Yahoo, Inc. | 1,348,114 |
TOTAL | 115,892,955 | ||
Materials—3.2% | |||
5,914 | Air Products & Chemicals, Inc. | 796,379 | |
2,577 | Airgas, Inc. | 287,439 | |
57,312 | 3 | Alcoa, Inc. | 960,549 |
2,196 | Allegheny Technologies, Inc. | 72,139 | |
4,346 | Avery Dennison Corp. | 203,610 | |
9,208 | Ball Corp. | 593,271 | |
4,832 | Bemis Co., Inc. | 185,887 | |
507 | CF Industries Holdings, Inc. | 131,820 | |
36,128 | Dow Chemical Co. | 1,784,723 | |
26,199 | Du Pont (E.I.) de Nemours & Co. | 1,811,661 | |
5,032 | Eastman Chemical Co. | 406,485 | |
8,484 | Ecolab, Inc. | 943,675 | |
33,268 | Freeport-McMoRan, Inc. | 948,138 | |
5,636 | International Flavors & Fragrances, Inc. | 558,809 | |
15,374 | International Paper Co. | 778,232 | |
16,710 | LyondellBasell Industries NV, Class A | 1,531,137 | |
1,860 | Martin Marietta Materials | 217,471 | |
14,836 | Monsanto Co. | 1,706,733 | |
10,557 | Mosaic Co./The | 467,781 | |
28,644 | Newmont Mining Corp. | 537,361 | |
9,659 | Nucor Corp. | 522,166 | |
4,770 | 2 | Owens-Illinois, Inc. | 122,923 |
4,863 | PPG Industries, Inc. | 990,545 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Materials—continued | |||
11,907 | Praxair, Inc. | $1,500,163 | |
3,026 | Sherwin-Williams Co. | 694,649 | |
3,372 | Sigma-Aldrich Corp. | 458,289 | |
4,226 | Vulcan Materials Co. | 260,786 | |
TOTAL | 19,472,821 | ||
Telecommunication Services—2.3% | |||
173,718 | 3 | AT&T, Inc. | 6,052,335 |
18,845 | CenturyLink, Inc. | 781,690 | |
24,181 | Frontier Communications Corp. | 158,144 | |
138,700 | Verizon Communications | 6,969,675 | |
17,845 | 3 | Windstream Holdings, Inc. | 187,016 |
TOTAL | 14,148,860 | ||
Utilities—3.1% | |||
17,977 | AES Corp. | 252,936 | |
2,834 | AGL Resources, Inc. | 152,781 | |
7,222 | Ameren Corp. | 305,780 | |
21,828 | American Electric Power Co., Inc. | 1,273,446 | |
11,135 | CMS Energy Corp. | 363,780 | |
14,717 | CenterPoint Energy, Inc. | 361,302 | |
10,762 | Consolidated Edison Co. | 681,880 | |
6,145 | DTE Energy Co. | 504,873 | |
15,004 | 3 | Dominion Resources, Inc. | 1,069,785 |
24,268 | Duke Energy Corp. | 1,993,616 | |
9,781 | Edison International | 612,095 | |
9,865 | Entergy Corp. | 828,857 | |
19,730 | Exelon Corp. | 721,921 | |
15,671 | FirstEnergy Corp. | 585,155 | |
2,621 | Integrys Energy Group, Inc. | 190,494 | |
20,823 | NRG Energy, Inc. | 624,274 | |
17,608 | NextEra Energy, Inc. | 1,764,674 | |
2,906 | NiSource, Inc. | 122,226 | |
11,791 | Northeast Utilities Co. | 581,886 | |
9,182 | PG & E Corp. | 462,038 | |
23,819 | PPL Corp. | 833,427 | |
19,228 | Pepco Holdings, Inc. | 525,694 | |
4,715 | Pinnacle West Capital Corp. | 289,831 | |
24,630 | Public Service Enterprises Group, Inc. | 1,017,465 | |
4,854 | Sempra Energy | 533,940 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Utilities—continued | |||
31,081 | Southern Co. | $1,440,915 | |
11,168 | TECO Energy, Inc. | 219,005 | |
8,827 | Wisconsin Energy Corp. | 438,349 | |
18,678 | Xcel Energy, Inc. | 625,153 | |
TOTAL | 19,377,578 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $194,673,792) | 594,945,610 | ||
INVESTMENT COMPANIES—8.5% | |||
30,154,438 | 4,5,6 | Federated Money Market Management, Institutional Shares, 0.08% | 30,154,438 |
23,398,731 | 4,5 | Federated Prime Value Obligations Fund, Institutional Shares, 0.06% | 23,398,731 |
TOTAL INVESTMENT COMPANIES (AT NET ASSET VALUE) | 52,553,169 | ||
TOTAL INVESTMENTS—104.6% (IDENTIFIED COST $247,226,961)7 | 647,498,774 | ||
OTHER ASSETS AND LIABILITIES - NET—(4.6)%8 | (28,387,160) | ||
TOTAL NET ASSETS—100% | $619,111,614 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation |
2S&P 500 E-Mini Index Long Futures | 41 | $4,123,370 | December 2014 | $140,649 |
2S&P 500 Index Long Futures | 40 | $20,114,000 | December 2014 | $359,595 |
UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $500,244 |
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 $24,237,370 at October 31, 2014, which represents 3.9% of total net assets. Taking into consideration these open index futures contracts, the Fund's effective total exposure to the S&P 500 Index is 100.3%. |
2 | Non-income-producing security. |
3 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
4 | Affiliated holding. |
5 | 7-day net yield. |
6 | All or a portion of this security is held as collateral for securities lending. |
7 | The cost of investments for federal tax purposes amounts to $257,725,757. |
8 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
REIT | — Real Estate Investment Trust |
Year Ended October 31 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $16.34 | $14.17 | $12.83 | $12.69 | $11.65 |
Income From Investment Operations: | |||||
Net investment income | 0.09 | 0.111 | 0.09 | 0.081 | 0.071 |
Net realized and unrealized gain on investments and futures contracts | 2.29 | 3.29 | 1.60 | 0.77 | 1.64 |
TOTAL FROM INVESTMENT OPERATIONS | 2.38 | 3.40 | 1.69 | 0.85 | 1.71 |
Less Distributions: | |||||
Distributions from net investment income | (0.09) | (0.11) | (0.09) | (0.08) | (0.08) |
Distributions from net realized gain on investments and futures contracts | (1.36) | (1.12) | (0.26) | (0.63) | (0.59) |
TOTAL DISTRIBUTIONS | (1.45) | (1.23) | (0.35) | (0.71) | (0.67) |
Net Asset Value, End of Period | $17.27 | $16.34 | $14.17 | $12.83 | $12.69 |
Total Return2 | 15.74% | 26.19% | 13.43% | 6.87% | 15.11% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.42% | 1.43% | 1.43% | 1.43% | 1.43% |
Net investment income | 0.56% | 0.73% | 0.72% | 0.59% | 0.58% |
Expense waiver/reimbursement3 | 0.04% | 0.04% | 0.07% | 0.06% | 0.07% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $38,684 | $37,078 | $30,445 | $29,402 | $31,722 |
Portfolio turnover | 28% | 26% | 38% | 53% | 34% |
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. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended October 31 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $16.45 | $14.26 | $12.90 | $12.76 | $11.71 |
Income From Investment Operations: | |||||
Net investment income | 0.13 | 0.161 | 0.15 | 0.121 | 0.111 |
Net realized and unrealized gain on investments and futures contracts | 2.31 | 3.31 | 1.61 | 0.77 | 1.65 |
TOTAL FROM INVESTMENT OPERATIONS | 2.44 | 3.47 | 1.76 | 0.89 | 1.76 |
Less Distributions: | |||||
Distributions from net investment income | (0.14) | (0.16) | (0.14) | (0.12) | (0.12) |
Distributions from net realized gain on investments and futures contracts | (1.36) | (1.12) | (0.26) | (0.63) | (0.59) |
TOTAL DISTRIBUTIONS | (1.50) | (1.28) | (0.40) | (0.75) | (0.71) |
Net Asset Value, End of Period | $17.39 | $16.45 | $14.26 | $12.90 | $12.76 |
Total Return2 | 16.05% | 26.59% | 13.89% | 7.18% | 15.51% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.10% | 1.07% | 1.10% | 1.10% | 1.10% |
Net investment income | 0.87% | 1.09% | 1.03% | 0.91% | 0.91% |
Expense waiver/reimbursement3 | 0.04% | 0.04% | 0.07% | 0.06% | 0.06% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $43,501 | $47,403 | $40,047 | $32,474 | $30,980 |
Portfolio turnover | 28% | 26% | 38% | 53% | 34% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended October 31 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $16.54 | $14.33 | $12.96 | $12.82 | $11.76 |
Income From Investment Operations: | |||||
Net investment income | 0.27 | 0.271 | 0.25 | 0.221 | 0.201 |
Net realized and unrealized gain on investments and futures contracts | 2.31 | 3.33 | 1.62 | 0.77 | 1.66 |
TOTAL FROM INVESTMENT OPERATIONS | 2.58 | 3.60 | 1.87 | 0.99 | 1.86 |
Less Distributions: | |||||
Distributions from net investment income | (0.26) | (0.27) | (0.24) | (0.22) | (0.21) |
Distributions from net realized gain on investments and futures contracts | (1.36) | (1.12) | (0.26) | (0.63) | (0.59) |
TOTAL DISTRIBUTIONS | (1.62) | (1.39) | (0.50) | (0.85) | (0.80) |
Net Asset Value, End of Period | $17.50 | $16.54 | $14.33 | $12.96 | $12.82 |
Total Return2 | 16.94% | 27.51% | 14.74% | 7.96% | 16.38% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
Net investment income | 1.62% | 1.80% | 1.80% | 1.67% | 1.65% |
Expense waiver/reimbursement3 | 0.07% | 0.08% | 0.08% | 0.09% | 0.09% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $266,292 | $252,517 | $198,656 | $187,164 | $208,399 |
Portfolio turnover | 28% | 26% | 38% | 53% | 34% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. |
Year Ended October 31 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $16.45 | $14.26 | $12.90 | $12.77 | $11.71 |
Income From Investment Operations: | |||||
Net investment income | 0.22 | 0.231 | 0.20 | 0.181 | 0.161 |
Net realized and unrealized gain on investments and futures contracts | 2.30 | 3.30 | 1.62 | 0.76 | 1.66 |
TOTAL FROM INVESTMENT OPERATIONS | 2.52 | 3.53 | 1.82 | 0.94 | 1.82 |
Less Distributions: | |||||
Distributions from net investment income | (0.21) | (0.22) | (0.20) | (0.18) | (0.17) |
Distributions from net realized gain on investments and futures contracts | (1.36) | (1.12) | (0.26) | (0.63) | (0.59) |
TOTAL DISTRIBUTIONS | (1.57) | (1.34) | (0.46) | (0.81) | (0.76) |
Net Asset Value, End of Period | $17.40 | $16.45 | $14.26 | $12.90 | $12.77 |
Total Return2 | 16.62% | 27.11% | 14.38% | 7.59% | 16.10% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Net investment income | 1.32% | 1.53% | 1.50% | 1.35% | 1.36% |
Expense waiver/reimbursement3 | 0.35% | 0.36% | 0.39% | 0.38% | 0.38% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $270,634 | $251,893 | $259,304 | $287,432 | $231,807 |
Portfolio turnover | 28% | 26% | 38% | 53% | 34% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Based on net asset value. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Total investment in securities, at value including $29,702,335 of securities loaned and $52,553,169 of investment in an affiliated holding (Note 5) (identified cost $247,226,961) | $647,498,774 | |
Restricted cash (Note 2) | 1,099,400 | |
Income receivable | 563,280 | |
Receivable for shares sold | 466,150 | |
Receivable for daily variation margin | 272,294 | |
TOTAL ASSETS | 649,899,898 | |
Liabilities: | ||
Payable for shares redeemed | $360,872 | |
Payable for collateral due to broker for securities lending | 30,154,438 | |
Payable for distribution services fee (Note 5) | 52,276 | |
Payable for other service fees (Notes 2 and 5) | 73,285 | |
Accrued expenses (Note 5) | 147,413 | |
TOTAL LIABILITIES | 30,788,284 | |
Net assets for 35,512,503 shares outstanding | $619,111,614 | |
Net Assets Consist of: | ||
Paid-in capital | $167,932,544 | |
Net unrealized appreciation of investments and futures contracts | 400,772,057 | |
Accumulated net realized gain on investments and futures contracts | 49,902,034 | |
Undistributed net investment income | 504,979 | |
TOTAL NET ASSETS | $619,111,614 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class C Shares: | ||
Net asset value per share ($38,684,092 ÷ 2,240,420 shares outstanding), no par value, unlimited shares authorized | $17.27 | |
Offering price per share | $17.27 | |
Redemption proceeds per share (99.00/100 of $17.27) | $17.10 | |
Class R Shares: | ||
Net asset value per share ($43,501,053 ÷ 2,501,160 shares outstanding), no par value, unlimited shares authorized | $17.39 | |
Institutional Shares: | ||
Net asset value per share ($266,291,993 ÷ 15,216,309 shares outstanding), no par value, unlimited shares authorized | $17.50 | |
Service Shares: | ||
Net asset value per share ($270,634,476 ÷ 15,554,614 shares outstanding), no par value, unlimited shares authorized | $17.40 |
Investment Income: | |||
Dividends (including $11,484 received from an affiliated holding (Note 5) and net of foreign taxes withheld of $1,200) | $11,806,702 | ||
Interest (including income on securities loaned of $6,036) | 6,185 | ||
TOTAL INCOME | 11,812,887 | ||
Expenses: | |||
Management fee (Note 5) | $1,795,169 | ||
Custodian fees | 58,373 | ||
Transfer agent fee (Note 2) | 548,625 | ||
Directors'/Trustees' fees (Note 5) | 4,315 | ||
Auditing fees | 23,801 | ||
Legal fees | 68,901 | ||
Portfolio accounting fees | 136,621 | ||
Distribution services fee (Note 5) | 1,282,847 | ||
Other service fees (Notes 2 and 5) | 746,709 | ||
Share registration costs | 50,886 | ||
Printing and postage | 31,374 | ||
Miscellaneous (Note 5) | 19,580 | ||
TOTAL EXPENSES | 4,767,201 | ||
Waivers and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(243,956) | ||
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (891,087) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | (1,135,043) | ||
Net expenses | 3,632,158 | ||
Net investment income | 8,180,729 | ||
Realized and Unrealized Gain on Investments and Futures Contracts: | |||
Net realized gain on investments | 58,730,236 | ||
Net realized gain on futures contracts | 3,746,685 | ||
Net change in unrealized appreciation of investments | 22,099,245 | ||
Net change in unrealized appreciation of futures contracts | (275,093) | ||
Net realized and unrealized gain on investments and futures contracts | 84,301,073 | ||
Change in net assets resulting from operations | $92,481,802 |
Year ended October 31 | 2014 | 2013 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $8,180,729 | $8,487,583 |
Net realized gain on investments and futures contracts | 62,476,921 | 49,984,946 |
Net change in unrealized appreciation/depreciation of investments and futures contracts | 21,824,152 | 72,724,805 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 92,481,802 | 131,197,334 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class C Shares | (211,575) | (263,394) |
Class R Shares | (387,732) | (466,280) |
Institutional Shares | (4,095,186) | (4,035,935) |
Service Shares | (3,437,969) | (3,808,319) |
Distributions from net realized gain on investments and futures contracts | ||
Class C Shares | (3,085,972) | (2,379,841) |
Class R Shares | (3,805,896) | (3,000,898) |
Institutional Shares | (20,591,089) | (16,155,842) |
Service Shares | (20,459,946) | (20,097,704) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (56,075,365) | (50,208,213) |
Share Transactions: | ||
Proceeds from sale of shares | 119,761,091 | 136,531,982 |
Net asset value of shares issued to shareholders in payment of distributions declared | 52,794,551 | 45,298,599 |
Cost of shares redeemed | (178,741,754) | (202,380,772) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (6,186,112) | (20,550,191) |
Change in net assets | 30,220,325 | 60,438,930 |
Net Assets: | ||
Beginning of period | 588,891,289 | 528,452,359 |
End of period (including undistributed net investment income of $504,979 and $456,706, respectively) | $619,111,614 | $588,891,289 |
■ | 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. |
■ | 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. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”). |
■ | Fixed-income securities and repurchase agreements acquired with remaining maturities of 60 days or less are valued at their amortized cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security. |
■ | Fixed-income securities acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the 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 purchase price of the security, information obtained by contacting the issuer, 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 and public trading in similar securities of the issuer or comparable issuers. |
■ | With respect to securities traded 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; and |
■ | Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, 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 | $36,358 | $— |
Class R Shares | 121,506 | (19) |
Institutional Shares | 160,115 | (83,658) |
Service Shares | 230,646 | (152,672) |
TOTAL | $548,625 | $(236,349) |
Other Service Fees Incurred | |
Class C Shares | $93,371 |
Service Shares | 653,338 |
TOTAL | $746,709 |
Market Value of Securities Loaned | Market Value of Collateral |
$29,702,335 | $30,154,438 |
Fair Value of Derivative Instruments | ||
Asset | ||
Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||
Equity contracts | Receivable for daily variation margin | $500,244* |
* | 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 | $3,746,685 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures | |
Equity contracts | $(275,093) |
Year Ended October 31 | 2014 | 2013 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 383,580 | $6,229,713 | 447,010 | $6,523,401 |
Shares issued to shareholders in payment of distributions declared | 197,051 | 3,019,287 | 183,671 | 2,428,187 |
Shares redeemed | (609,372) | (9,830,098) | (509,546) | (7,474,029) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (28,741) | $(581,098) | 121,135 | $1,477,559 |
Year Ended October 31 | 2014 | 2013 | ||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 740,750 | $12,133,717 | 1,001,327 | $14,852,396 |
Shares issued to shareholders in payment of distributions declared | 265,416 | 4,104,554 | 256,421 | 3,423,786 |
Shares redeemed | (1,386,961) | (22,547,791) | (1,184,553) | (17,381,890) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | (380,795) | $(6,309,520) | 73,195 | $894,292 |
Year Ended October 31 | 2014 | 2013 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 3,106,592 | $51,496,079 | 4,936,943 | $72,090,740 |
Shares issued to shareholders in payment of distributions declared | 1,426,665 | 22,306,927 | 1,196,067 | 16,189,563 |
Shares redeemed | (4,586,471) | (75,852,704) | (4,728,141) | (67,902,567) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (53,214) | (2,049,698) | 1,404,869 | $20,377,736 |
Year Ended October 31 | 2014 | 2013 | ||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 3,065,327 | $49,901,582 | 2,914,471 | $43,065,445 |
Shares issued to shareholders in payment of distributions declared | 1,505,510 | 23,363,783 | 1,739,257 | 23,257,063 |
Shares redeemed | (4,327,458) | (70,511,161) | (7,526,018) | (109,622,286) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 243,379 | $2,754,204 | (2,872,290) | $(43,299,778) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (219,371) | $(6,186,112) | (1,273,091) | $(20,550,191) |
Increase (Decrease) | ||
Paid-In Capital | Undistributed Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) |
$(12,918) | $6 | $12,912 |
2014 | 2013 | |
Ordinary income1 | $17,509,637 | $12,876,610 |
Long-term capital gains | $38,565,728 | $37,331,603 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income2 | $8,687,724 |
Undistributed long-term capital gains | $52,718,329 |
Net unrealized appreciation | $389,773,017 |
2 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Share Class Name | Percentage of Average Daily Net Assets of Class |
Class C Shares | 0.75% |
Class R Shares | 0.50% |
Service Shares | 0.30% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Class C Shares | $281,467 | $— |
Class R Shares | 217,375 | — |
Service Shares | 784,005 | (654,738) |
TOTAL | $1,282,847 | $(654,738) |
Federated Money Market Management, Institutional Shares | Federated Prime Value Obligations Fund, Institutional Shares | Total of Affiliated Transactions | |
Balance of Shares Held 10/31/2013 | – | 18,368,604 | 18,368,604 |
Purchases/Additions | 49,341,108 | 152,892,737 | 202,233,845 |
Sales/Reductions | (19,186,670) | (148,862,610) | (168,049,280) |
Balance of Shares Held 10/31/2014 | 30,154,438 | 22,398,731 | 52,553,169 |
Value | $30,154,438 | $22,398,731 | $52,553,169 |
Dividend Income | $— | $11,484 | $11,484 |
Purchases | $159,606,681 |
Sales | $216,224,314 |
December 23, 2014
Beginning Account Value 5/1/2014 | Ending Account Value 10/31/2014 | Expenses Paid During Period1 | |
Actual: | |||
Class C Shares | $1,000 | $1,074.50 | $7.37 |
Class R Shares | $1,000 | $1,075.60 | $5.75 |
Institutional Shares | $1,000 | $1,079.80 | $1.83 |
Service Shares | $1,000 | $1,078.70 | $3.41 |
Hypothetical (assuming a 5% return before expenses): | |||
Class C Shares | $1,000 | $1,018.10 | $7.17 |
Class R Shares | $1,000 | $1,019.66 | $5.60 |
Institutional Shares | $1,000 | $1,023.44 | $1.79 |
Service Shares | $1,000 | $1,021.93 | $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 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class C Shares | 1.41% |
Class R Shares | 1.10% |
Institutional Shares | 0.35% |
Service Shares | 0.65% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John F. Donahue* Birth Date: July 28, 1924 Trustee Began serving: January 1990 | Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling. |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Began serving: January 1990 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd. |
* | Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Chairman Emeriti, Bentley University; Director, Sterling Suffolk Downs, Inc.; Former Director, National Association of Printers and Lithographers. Previous Positions: Director and Audit Committee Member, Bank of America Corp. Qualifications: Business management and director experience. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Associate General Secretary and Director, Office for Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law; Superior Court of Pennsylvania (service began 1998 and ended July 2009). Other Directorships Held: Director, Consol Energy (service started June 2013); Director, Auberle (service ended December 2013); Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh (service ended December 2013); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society (service ended December 2013); Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute (2013-present); Director, Cardinal Wuerl North Catholic High School (2013-present). Previous Position: Professor of Law, Duquesne University School of Law, Pittsburgh (1983-1998). Qualifications: Legal and director experience. |
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: August 1991 | Principal Occupation: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications: Business management, mutual fund services and director experience. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications: Banking, business management, education and director experience. |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Began serving: October 2006 | Principal Occupations: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions: Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications: Business management, mutual fund, director and investment experience. |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; General Counsel, University of Pittsburgh. Other Directorships Held: Board Chairman, Epilepsy Foundation of Western Pennsylvania; Board Member, World Affairs Council of Pittsburgh. Previous Positions: Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). Qualifications: Business management, legal and director experience. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Began serving: January 1999 | Principal Occupations: Director or Trustee, Chairman of the Audit Committee of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Previous Position: Vice President, Walsh & Kelly, Inc. Qualifications: Business management and director experience. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: February 1990 | Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp. |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: February 1990 | Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp. |
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: August 2004 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin. Previous Positions: Served in Senior Management positions with a large regional banking organization. |
Stephen F. Auth Birth Date: September 3, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: November 2002 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
Ian L. Miller Birth Date: August 31, 1972 VICE PRESIDENT Officer since: November 2012 Portfolio Manager since: July 2012 | Principal Occupations: Ian L. Miller has been the Fund's Portfolio Manager since July 2012. He is Vice President of the Trust with respect to the Fund. Mr. Miller joined Federated in January 2006 as a Quantitative Analyst. Mr. Miller has received the Chartered Financial Analyst designation and earned a B.S. in Molecular Biology from Clarion University and an M.S. in Biotechnology from The Johns Hopkins University. |
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31420E809
CUSIP 31420E106
CUSIP 31420E403
2014 ©Federated Investors, Inc.
Share Class | Ticker |
Institutional | FMCRX |
Service | FMDCX |
1 | Please see the footnotes to the line graphs below for definitions of, and further information about, the S&P 400 Index. |
2 | The S&P Composite 1500® Index combines three leading indices, the S&P 500® Index, the S&P MidCap 400® Index and the S&P SmallCap 600® Index to cover approximately 90% of the U.S. market capitalization. The index is unmanaged, and it is not possible to invest directly in an index. |
3 | The S&P 500® Index is an unmanaged capitalization weighted index of 500 stocks designated to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged, and it is not possible to invest directly in an index. |
4 | The S&P 100® Index, a sub-set of the S&P 500® Index, measures the performance of large cap companies in the United States. The Index comprises 100 major, blue chip companies across multiple industry groups. Individual stock options are listed for each index constituent. The index is unmanaged, and it is not possible to invest directly in an index. |
5 | The S&P SmallCap 600® Index measures the small cap segment of the U.S. equity market. The index is designed to be an investable portfolio of companies that meet specific inclusion criteria to ensure that they are liquid and financially viable. The index is unmanaged, and it is not possible to invest directly in an index. |
6 | The S&P Composite 1500® Growth Index measures growth stocks using three factors: sales growth, the ratio of earnings change to price, and momentum. S&P Style Indices divide the complete market capitalization of each parent index into growth and value segments. Constituents are drawn from the S&P Composite1500® Index which combines the S&P 500® Index, S&P MidCap 400® Index and the S&P SmallCap 600® Index. The index is unmanaged, and it is not possible to invest directly in an index. |
7 | The S&P Composite 1500® Value Index measures value stocks using three factors: the ratios of book value, earnings, and sales to price. S&P Style Indices divide the complete market capitalization of each parent index into growth and value segments. Constituents are drawn from the S&P Composite1500® Index, which combines the S&P 500® Index, S&P MidCap 400® Index and the S&P SmallCap 600® Index. The index is unmanaged, and it is not possible to invest directly in an index. |
8 | Sector classifications are based upon the classification of the Standard & Poor's Global Industry Classification Standard (SPGICS). |
Federated Mid-Cap Index Fund - | Service Shares | S&P 400 |
F | I | |
10/31/2004 | 10,000 | 10,000 |
10/31/2005 | 11,709 | 11,765 |
10/31/2006 | 13,220 | 13,345 |
10/31/2007 | 15,413 | 15,616 |
10/31/2008 | 9,775 | 9,922 |
10/31/2009 | 11,516 | 11,726 |
10/31/2010 | 14,633 | 14,967 |
10/31/2011 | 15,797 | 16,246 |
10/31/2012 | 17,628 | 18,213 |
10/31/2013 | 23,478 | 24,311 |
10/31/2014 | 26,129 | 27,144 |
1 Year | 5 Years | 10 Years | |
Institutional Shares3 | 11.61% | 17.96% | 10.15% |
Service Shares | 11.29% | 17.81% | 10.08% |
S&P 400 | 11.65% | 18.28% | 10.50% |
1 | The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 400 has been adjusted to reflect reinvestment of dividends on securities in the index. |
2 | The Standard & Poor's MidCap 400® Index is an unmanaged capitalization weighted index of common stocks representing all major industries in the mid-range of the U.S. stock market. The index is unmanaged, and it is not possible to invest directly in an index. The S&P 400 is not adjusted to reflect taxes, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. The S&P 400 is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index. |
3 | The Fund's Institutional Shares commenced operations on January 4, 2012. The Fund offers one other class of shares: Service Shares. For the period prior to the commencement of operations of Institutional Shares, the performance information shown is for the Fund's Service Shares, adjusted to remove any voluntary waiver of Fund expenses related to the Service Shares that occurred during the period prior to the commencement of Institutional Shares. |
Sector | Percentage of Total Net Assets |
Financials | 22.9% |
Information Technology | 16.8% |
Industrials | 15.3% |
Consumer Discretionary | 13.3% |
Health Care | 9.7% |
Materials | 7.2% |
Utilities | 4.8% |
Energy | 4.6% |
Consumer Staples | 3.0% |
Telecommunication Services | 0.5% |
Securities Lending Collateral2 | 7.7% |
Cash Equivalents3 | 2.0% |
Derivative Contracts4,5 | (0.0)% |
Other Assets and Liabilities—Net6 | (7.8)% |
TOTAL7 | 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 | Represents less than 0.1%. |
6 | Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities. |
7 | The Fund purchases index futures contracts to efficiently manage cash flows resulting from shareholder purchases and redemptions, dividend and capital gain payments to shareholders and corporate actions while maintaining exposure to the Standard & Poor's MidCap 400 Index (S&P 400) and minimizing trading costs. Taking into consideration these open index futures contracts, the Fund's effective total exposure to the S&P 400 is effectively 100.2%. |
Shares | Value | ||
COMMON STOCKS—98.1%1 | |||
Consumer Discretionary—13.3% | |||
39,489 | 2 | AMC Networks, Inc. | $2,395,008 |
45,215 | Aaron's, Inc. | 1,119,523 | |
46,643 | Abercrombie & Fitch Co., Class A | 1,561,608 | |
50,527 | Advance Auto Parts, Inc. | 7,425,448 | |
76,547 | American Eagle Outfitters, Inc. | 985,160 | |
26,883 | 2 | Ann, Inc. | 1,032,038 |
81,718 | 2 | Apollo Education Group, Inc. | 2,342,038 |
81,668 | 2 | Ascena Retail Group, Inc. | 1,016,767 |
25,791 | 2 | Bally Technologies, Inc. | 2,073,596 |
46,840 | Big Lots, Inc. | 2,138,246 | |
41,253 | Brinker International, Inc. | 2,212,811 | |
59,622 | Brunswick Corp. | 2,790,310 | |
45,560 | 3 | CST Brands, Inc. | 1,742,670 |
22,083 | 2,3 | Cabela's, Inc., Class A | 1,060,426 |
32,737 | Carter's, Inc. | 2,557,742 | |
28,037 | 3 | Cheesecake Factory, Inc. | 1,288,020 |
131,313 | Chicos Fas, Inc. | 1,980,200 | |
66,724 | Cinemark Holdings, Inc. | 2,356,692 | |
21,118 | 2 | Deckers Outdoor Corp. | 1,846,980 |
48,215 | DeVry Education Group, Inc. | 2,334,088 | |
65,852 | Dick's Sporting Goods, Inc. | 2,987,705 | |
33,941 | Domino's Pizza, Inc. | 3,013,621 | |
28,359 | 2,3 | Dreamworks Animation SKG, Inc. | 631,838 |
100,882 | Foot Locker, Inc. | 5,650,401 | |
90,675 | Gentex Corp. | 2,968,699 | |
2,678 | 2 | Graham Holdings, Co. | 2,098,481 |
45,325 | Guess ?, Inc. | 1,004,855 | |
19,041 | HSN, Inc. | 1,258,039 | |
68,482 | Hanesbrands, Inc. | 7,232,384 | |
164,252 | International Game Technology | 2,692,090 | |
20,982 | International Speedway Corp., Class A | 657,366 | |
74,634 | 2 | Jarden Corp. | 4,857,927 |
44,043 | KB HOME | 693,237 | |
80,712 | 2 | Kate Spade & Co. | 2,189,717 |
196,898 | 2 | LKQ Corp. | 5,625,376 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Consumer Discretionary—continued | |||
51,186 | Lamar Advertising Co. | $2,643,757 | |
12,855 | 2 | Life time Fitness, Inc. | 716,923 |
113,279 | 2 | Live Nation | 2,945,254 |
8,111 | M.D.C. Holdings, Inc. | 198,071 | |
25,351 | Meredith Corp. | 1,321,801 | |
27,223 | 2 | Murphy USA, Inc. | 1,559,878 |
2,638 | 2 | NVR, Inc. | 3,238,356 |
41,068 | New York Times Co., Class A | 527,313 | |
319,759 | 2 | Office Depot, Inc. | 1,669,142 |
17,089 | 2 | Panera Bread Co. | 2,762,266 |
147,601 | 2,3 | Penney (J.C.) Co., Inc. | 1,123,244 |
38,148 | Polaris Industries, Inc. | 5,755,007 | |
16,352 | 3 | Rent-A-Center, Inc. | 506,421 |
130,477 | Service Corp. International | 2,853,532 | |
50,453 | 3 | Signet Jewelers Ltd. | 6,054,864 |
25,882 | Sothebys Holdings, Inc., Class A | 1,026,480 | |
47,631 | 2 | Tempur Sealy International, Inc. | 2,507,296 |
188,291 | The Wendy's Co. | 1,510,094 | |
30,900 | Thor Industries, Inc. | 1,634,301 | |
70,862 | 2,3 | Time, Inc. | 1,600,773 |
106,636 | 2 | Toll Brothers, Inc. | 3,407,020 |
33,643 | Tupperware Brands Corp. | 2,144,741 | |
28,253 | Wiley (John) & Sons, Inc., Class A | 1,649,693 | |
55,071 | Williams-Sonoma, Inc. | 3,581,267 | |
TOTAL | 138,758,601 | ||
Consumer Staples—3.0% | |||
84,078 | Church and Dwight, Inc. | 6,088,088 | |
25,388 | 3 | Dean Foods Co. | 373,457 |
39,210 | Energizer Holdings, Inc. | 4,809,107 | |
123,375 | Flowers Foods, Inc. | 2,344,125 | |
32,430 | 2 | Hain Celestial Group, Inc. | 3,510,548 |
54,132 | 3 | Ingredion, Inc. | 4,181,697 |
11,255 | Lancaster Colony Corp. | 1,029,720 | |
14,178 | 2 | Post Holdings, Inc. | 531,675 |
135,175 | 2 | SUPERVALU, Inc. | 1,166,560 |
16,412 | 3 | Tootsie Roll Industries, Inc. | 486,616 |
33,373 | 2 | United Natural Foods, Inc. | 2,270,031 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Consumer Staples—continued | |||
108,682 | 2 | WhiteWave Foods Company, Class A | $4,046,231 |
TOTAL | 30,837,855 | ||
Energy—4.6% | |||
40,632 | 2,3 | Atwood Oceanics, Inc. | 1,651,691 |
13,657 | 3 | Carbo Ceramics, Inc. | 705,657 |
48,181 | 2 | Dresser-Rand Group, Inc. | 3,936,388 |
26,690 | 2 | Dril-Quip, Inc. | 2,400,765 |
45,481 | Energen Corp. | 3,079,064 | |
45,798 | 2 | Gulfport Energy Corp. | 2,298,144 |
61,868 | 2 | Helix Energy Solutions Group, Inc. | 1,648,163 |
129,285 | HollyFrontier Corp. | 5,866,953 | |
70,122 | Oceaneering International, Inc. | 4,927,473 | |
33,526 | 2 | Oil States International, Inc. | 2,002,843 |
109,148 | Patterson-UTI Energy, Inc. | 2,513,678 | |
181,306 | 3 | Peabody Energy Corp. | 1,891,022 |
28,276 | 2 | Rosetta Resources, Inc. | 1,075,336 |
60,666 | Rowan Companies PLC | 1,472,364 | |
41,932 | SM Energy Co. | 2,360,772 | |
114,061 | Superior Energy Services, Inc. | 2,868,634 | |
20,442 | Tidewater, Inc. | 753,697 | |
37,737 | 2 | Unit Corp. | 1,827,225 |
149,955 | 2 | WPX Energy, Inc. | 2,867,140 |
46,257 | World Fuel Services Corp. | 1,907,639 | |
TOTAL | 48,054,648 | ||
Financials—22.9% | |||
15,869 | Alexander and Baldwin, Inc. | 635,236 | |
44,725 | Alexandria Real Estate Equities, Inc. | 3,712,175 | |
9,289 | 2 | Alleghany Corp. | 4,126,917 |
69,927 | American Campus Communities, Inc. | 2,746,033 | |
49,679 | American Financial Group, Inc., Ohio | 2,972,295 | |
53,686 | Aspen Insurance Holdings Ltd. | 2,342,320 | |
126,733 | Associated Banc-Corp. | 2,382,580 | |
94,953 | Astoria Financial Corp. | 1,248,632 | |
58,432 | Bancorpsouth, Inc. | 1,345,689 | |
28,823 | Bank of Hawaii Corp. | 1,687,587 | |
66,181 | Berkley, W. R. Corp. | 3,410,969 | |
149,492 | BioMed Realty Trust, Inc. | 3,246,966 | |
76,043 | Brown & Brown | 2,422,730 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Financials—continued | |||
54,446 | 3 | CBOE Holdings, Inc. | $3,209,047 |
62,190 | Camden Property Trust | 4,768,107 | |
46,186 | Cathay Bancorp, Inc. | 1,219,772 | |
29,566 | City National Corp. | 2,327,140 | |
48,252 | Commerce Bancshares, Inc. | 2,183,886 | |
56,441 | Corporate Office Properties Trust | 1,543,097 | |
59,898 | 3 | Corrections Corp. of America | 2,203,048 |
35,688 | Cullen Frost Bankers, Inc. | 2,883,947 | |
247,417 | Duke Realty Corp. | 4,691,026 | |
90,569 | East West Bancorp, Inc. | 3,329,316 | |
62,933 | Eaton Vance Corp. | 2,317,822 | |
52,962 | Equity One, Inc. | 1,271,088 | |
29,294 | Everest Re Group Ltd. | 4,999,021 | |
68,919 | Extra Space Storage, Inc. | 4,008,329 | |
42,477 | Federal Realty Investment Trust | 5,598,469 | |
60,574 | 3,4 | Federated Investors, Inc. | 1,894,149 |
50,553 | First American Financial Corp. | 1,532,767 | |
191,221 | First Horizon National Corp. | 2,459,102 | |
237,908 | First Niagara Financial Group, Inc. | 1,781,931 | |
78,237 | FirstMerit Corp. | 1,435,649 | |
128,777 | Fulton Financial Corp. | 1,529,871 | |
99,503 | Gallagher (Arthur J.) & Co. | 4,746,293 | |
61,921 | HCC Insurance Holdings, Inc. | 3,231,657 | |
55,382 | Hancock Holding Co. | 1,948,893 | |
29,832 | Hanover Insurance Group, Inc. | 1,996,954 | |
55,306 | Highwoods Properties, Inc. | 2,370,968 | |
38,289 | Home Properties, Inc. | 2,462,366 | |
99,459 | Hospitality Properties Trust | 2,944,981 | |
35,660 | International Bancshares Corp. | 1,011,674 | |
91,098 | Janus Capital Group, Inc. | 1,365,559 | |
32,626 | Jones Lang LaSalle, Inc. | 4,411,362 | |
34,898 | Kemper Corp. | 1,285,991 | |
61,692 | Kilroy Realty Corp. | 4,179,016 | |
64,781 | LaSalle Hotel Properties | 2,540,063 | |
80,250 | 3 | Liberty Property Trust | 2,790,293 |
72,491 | 2 | MSCI, Inc., Class A | 3,382,430 |
58,679 | Mack-Cali Realty Corp. | 1,099,058 | |
12,916 | Mercury General Corp. | 686,098 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Financials—continued | |||
49,458 | Mid-American Apartment Communities, Inc. | $3,494,702 | |
65,260 | 3 | National Retail Properties, Inc. | 2,487,711 |
289,502 | New York Community Bancorp, Inc. | 4,617,557 | |
162,098 | Old Republic International Corp. | 2,394,187 | |
78,479 | 3 | Omega Healthcare Investors | 2,994,759 |
50,438 | PacWest Bancorp | 2,151,685 | |
28,474 | Potlatch Corp. | 1,252,571 | |
32,696 | Primerica, Inc. | 1,672,400 | |
40,075 | Prosperity Bancshares, Inc. | 2,420,129 | |
57,823 | Protective Life Corp. | 4,029,107 | |
79,389 | Raymond James Financial, Inc. | 4,456,105 | |
65,012 | Rayonier, Inc. | 2,175,952 | |
130,224 | Realty Income Corp. | 5,994,211 | |
57,834 | Regency Centers Corp. | 3,510,524 | |
50,010 | Reinsurance Group of America, Inc. | 4,213,343 | |
26,936 | 3 | RenaissanceRe Holdings Ltd. | 2,783,297 |
97,379 | SEI Investments Co. | 3,764,672 | |
61,283 | SL Green Realty Corp. | 7,090,443 | |
281,851 | SLM Holding Corp. | 2,691,677 | |
135,202 | Senior Housing Properties Trust | 3,054,213 | |
36,516 | 2 | Signature Bank | 4,423,183 |
28,472 | StanCorp Financial Group, Inc. | 1,980,512 | |
32,564 | 2 | SVB Financial Group | 3,646,842 |
109,473 | Synovus Financial Corp. | 2,776,235 | |
108,150 | TCF Financial Corp. | 1,670,918 | |
61,188 | Tanger Factory Outlet Centers, Inc. | 2,188,695 | |
41,892 | Taubman Centers, Inc. | 3,185,887 | |
22,286 | Trustmark Corp. | 542,218 | |
179,432 | UDR, Inc. | 5,424,229 | |
125,405 | Umpqua Holdings Corp. | 2,207,128 | |
89,257 | Valley National Bancorp | 890,785 | |
55,940 | Waddell & Reed Financial, Inc., Class A | 2,670,576 | |
68,470 | Washington Federal, Inc. | 1,494,700 | |
93,231 | 3 | Washington Prime Group, Inc. | 1,643,663 |
59,639 | Webster Financial Corp. Waterbury | 1,869,086 | |
70,744 | Weingarten Realty Investors | 2,564,470 | |
TOTAL | 238,348,741 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Health Care—9.7% | |||
55,938 | 2 | Align Technology, Inc. | $2,943,458 |
115,466 | 2 | Allscripts Healthcare Solutions, Inc. | 1,584,193 |
13,978 | 2,3 | Bio-Rad Laboratories, Inc., Class A | 1,576,998 |
43,785 | 2 | Centene Corp. | 4,057,556 |
38,244 | 2 | Charles River Laboratories International, Inc. | 2,415,491 |
75,563 | 2 | Community Health Systems, Inc. | 4,153,698 |
31,549 | 3 | Cooper Cos., Inc. | 5,170,881 |
37,369 | 2,3 | Covance, Inc. | 2,985,783 |
40,844 | 2 | Cubist Pharmaceuticals, Inc. | 2,952,613 |
99,030 | 2,3 | Endo International PLC | 6,627,088 |
61,046 | 2,3 | HMS Holdings Corp. | 1,418,099 |
29,799 | 2 | Halyard Health, Inc., W/I | 1,131,468 |
62,150 | 2 | Health Net, Inc. | 2,952,746 |
54,960 | 2 | Henry Schein, Inc. | 6,596,849 |
36,590 | Hill-Rom Holdings, Inc. | 1,627,523 | |
175,459 | 2 | Hologic, Inc. | 4,595,271 |
32,971 | 2 | IDEXX Laboratories, Inc. | 4,671,002 |
27,501 | 2 | LifePoint Hospitals, Inc. | 1,925,070 |
65,664 | 2,3 | MEDNAX, Inc. | 4,099,403 |
18,214 | 2 | Mettler Toledo International, Inc. | 4,707,773 |
64,238 | Omnicare, Inc. | 4,277,608 | |
25,623 | Owens & Minor, Inc. | 853,758 | |
79,787 | 3 | ResMed, Inc. | 4,166,477 |
37,557 | 2 | Salix Pharmaceuticals Ltd. | 5,402,574 |
28,798 | 2 | Sirona Dental Systems, Inc. | 2,262,083 |
36,160 | Steris Corp. | 2,234,688 | |
22,596 | Techne Corp. | 2,057,366 | |
25,556 | Teleflex, Inc. | 2,916,451 | |
39,903 | 2,3 | Thoratec Laboratories Corp. | 1,084,564 |
29,808 | 2 | United Therapeutics Corp. | 3,903,954 |
52,709 | 2 | VCA, Inc. | 2,401,949 |
20,061 | 2 | Wellcare Health Plans, Inc. | 1,361,540 |
TOTAL | 101,115,975 | ||
Industrials—15.3% | |||
43,603 | 3 | AGCO Corp. | 1,932,049 |
31,726 | Acuity Brands, Inc. Holding Company | 4,423,556 | |
99,103 | 2,3 | Aecom Technology Corp. | 3,225,803 |
84,135 | Alaska Air Group, Inc. | 4,478,506 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Industrials—continued | |||
21,116 | Alliant Techsystems, Inc. | $2,469,727 | |
67,956 | 2 | B/E Aerospace, Inc. | 5,059,324 |
24,480 | CLARCOR, Inc. | 1,639,181 | |
47,176 | Carlisle Cos., Inc. | 4,193,003 | |
88,319 | Civeo Corp. | 1,076,609 | |
36,118 | 2,3 | Clean Harbors, Inc. | 1,792,536 |
38,800 | Con-way, Inc. | 1,682,756 | |
72,586 | 2 | Copart, Inc. | 2,427,276 |
23,112 | Corporate Executive Board Co. | 1,703,354 | |
30,210 | Crane Co. | 1,883,594 | |
40,668 | Deluxe Corp. | 2,472,614 | |
82,622 | Donaldson Co., Inc. | 3,435,423 | |
133,862 | 3 | Donnelley (R.R.) & Sons Co. | 2,335,892 |
19,557 | 2 | Esterline Technologies Corp. | 2,290,320 |
126,000 | Exelis, Inc. | 2,249,100 | |
12,419 | 2,3 | FTI Consulting, Inc. | 501,479 |
89,494 | Fortune Brands Home & Security, Inc. | 3,870,615 | |
20,723 | GATX Corp. | 1,313,838 | |
32,747 | 2 | Genesee & Wyoming, Inc., Class A | 3,150,261 |
37,137 | Graco, Inc. | 2,915,255 | |
8,367 | Granite Construction, Inc. | 308,826 | |
28,527 | HNI Corp. | 1,330,785 | |
55,924 | Harsco Corp. | 1,212,432 | |
33,994 | Hubbell, Inc., Class B | 3,855,260 | |
52,006 | Hunt (J.B.) Transportation Services, Inc. | 4,148,519 | |
35,833 | Huntington Ingalls Industries, Inc. | 3,791,848 | |
57,952 | IDEX Corp. | 4,341,184 | |
56,496 | ITT Corp. | 2,545,710 | |
147,867 | 2,3 | Jet Blue Airways Corp. | 1,706,385 |
97,899 | KBR, Inc. | 1,867,913 | |
52,719 | Kennametal, Inc. | 2,035,481 | |
40,682 | 2 | Kirby Corp. | 4,498,616 |
30,018 | Landstar System, Inc. | 2,221,632 | |
27,914 | Lennox International, Inc. | 2,482,113 | |
49,557 | Lincoln Electric Holdings | 3,591,891 | |
10,558 | MSA Safety, Inc. | 606,768 | |
32,736 | MSC Industrial Direct Co. | 2,650,634 | |
52,199 | Manpower Group, Inc. | 3,484,283 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Industrials—continued | |||
37,196 | Miller Herman, Inc. | $1,190,272 | |
65,282 | 2,3 | NOW, Inc. | 1,962,377 |
36,264 | Nordson Corp. | 2,776,009 | |
42,144 | 2 | Old Dominion Freight Lines, Inc. | 3,071,033 |
55,771 | OshKosh Truck Corp. | 2,496,310 | |
36,345 | Regal Beloit Corp. | 2,579,405 | |
37,635 | Rollins, Inc. | 1,199,427 | |
32,328 | SPX Corp. | 3,064,371 | |
46,348 | Smith (A.O.) Corp. | 2,472,666 | |
55,040 | Terex Corp. | 1,583,501 | |
50,484 | Timken Co. | 2,170,307 | |
44,837 | Towers Watson & Company | 4,945,073 | |
97,827 | Trinity Industries, Inc. | 3,493,402 | |
25,419 | Triumph Group, Inc. | 1,769,925 | |
13,041 | 3 | Valmont Industries, Inc. | 1,775,793 |
60,412 | Wabtec Corp. | 5,213,556 | |
77,402 | Waste Connections, Inc. | 3,862,360 | |
18,599 | Watsco, Inc. | 1,890,030 | |
8,496 | Werner Enterprises, Inc. | 233,980 | |
35,310 | Woodward Governor Co. | 1,808,225 | |
TOTAL | 158,760,373 | ||
Information Technology—16.8% | |||
55,960 | 2,3 | 3D Systems Corp. | 2,115,288 |
72,758 | 2 | ACI Worldwide, Inc. | 1,399,864 |
62,057 | 2 | AOL, Inc. | 2,701,341 |
54,989 | 2 | Acxiom Corp. | 1,035,993 |
266,258 | 2,3 | Advanced Micro Devices, Inc. | 745,522 |
12,641 | Advent Software, Inc. | 436,873 | |
60,160 | 2 | Ansys, Inc. | 4,726,170 |
80,968 | 2 | Arris Group, Inc. | 2,430,659 |
64,924 | 2 | Arrow Electronics, Inc. | 3,691,579 |
272,866 | 2 | Atmel Corp. | 2,024,666 |
76,939 | Avnet, Inc. | 3,327,612 | |
26,230 | Belden, Inc. | 1,867,314 | |
88,478 | Broadridge Financial Solutions | 3,886,838 | |
102,324 | 2 | CDK Global, Inc. | 3,438,086 |
41,618 | 2,3 | CIENA Corp. | 697,518 |
181,207 | 2,3 | Cadence Design Systems, Inc. | 3,252,666 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Information Technology—continued | |||
53,152 | Cognex Corp. | $2,102,693 | |
17,659 | 2 | Commvault Systems, Inc. | 783,000 |
150,456 | Compuware Corp. | 1,527,128 | |
26,715 | 2,3 | Concur Technologies, Inc. | 3,428,069 |
70,137 | Convergys Corp. | 1,414,663 | |
38,395 | 2 | Conversant, Inc. | 1,353,424 |
59,776 | 2 | CoreLogic, Inc. | 1,875,173 |
79,187 | 2,3 | Cree, Inc. | 2,492,807 |
103,179 | 2 | Cypress Semiconductor Corp. | 1,022,504 |
18,432 | DST Systems, Inc. | 1,775,923 | |
38,675 | Diebold, Inc. | 1,370,255 | |
34,123 | 2 | Equinix, Inc. | 7,128,295 |
28,084 | FEI Co. | 2,366,919 | |
24,222 | FactSet Research Systems | 3,183,740 | |
20,831 | Fair Isaac & Co., Inc. | 1,297,771 | |
74,568 | 2 | Fairchild Semiconductor International, Inc., Class A | 1,144,619 |
84,273 | 2 | Fortinet, Inc. | 2,195,312 |
63,642 | 2 | Gartner Group, Inc., Class A | 5,136,546 |
42,211 | Global Payments, Inc. | 3,397,985 | |
51,015 | Henry Jack & Associates, Inc. | 3,051,717 | |
55,360 | 2 | Informatica Corp. | 1,974,138 |
81,355 | 2 | Ingram Micro, Inc., Class A | 2,183,568 |
89,078 | 2 | Integrated Device Technology, Inc. | 1,461,770 |
26,005 | 3 | InterDigital, Inc. | 1,285,427 |
45,107 | 2 | International Rectifier Corp. | 1,793,905 |
76,798 | Intersil Holding Corp. | 1,020,645 | |
27,589 | 2 | Itron, Inc. | 1,074,040 |
154,668 | 2 | JDS Uniphase Corp. | 2,081,831 |
106,315 | 2 | Keysight Technologies, Inc., W/I | 3,348,922 |
51,218 | 2,3 | Knowles Corp. - When Issued | 996,702 |
42,635 | Leidos Holdings, Inc. | 1,559,162 | |
50,623 | Lexmark International, Inc., Class A | 2,184,889 | |
66,430 | Mentor Graphics Corp. | 1,407,652 | |
110,455 | 2 | NCR Corp. | 3,056,290 |
61,164 | National Instruments Corp. | 1,937,675 | |
39,753 | 2,3 | Neustar, Inc., Class A | 1,049,877 |
88,530 | 2 | PTC, Inc. | 3,377,419 |
26,701 | Plantronics, Inc. | 1,384,981 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Information Technology—continued | |||
126,224 | 2 | Polycom, Inc. | $1,651,010 |
175,663 | 2,3 | RF Micro Devices, Inc. | 2,285,376 |
79,133 | 2 | Rackspace Hosting, Inc. | 3,035,542 |
102,127 | 2 | Riverbed Technology, Inc. | 1,939,392 |
61,338 | 2 | Rovi Corporation | 1,280,737 |
27,297 | Science Applications International Corp. | 1,335,096 | |
61,323 | 2 | Semtech Corp. | 1,556,378 |
27,279 | 2 | Silicon Laboratories, Inc. | 1,243,650 |
130,136 | Skyworks Solutions, Inc. | 7,579,121 | |
42,431 | 2 | Solarwinds, Inc. | 2,017,594 |
52,518 | Solera Holdings, Inc. | 2,728,310 | |
135,432 | 2,3 | SunEdison, Inc. | 2,642,278 |
99,715 | 2 | Synopsys, Inc. | 4,086,321 |
25,016 | 2 | Tech Data Corp. | 1,493,955 |
127,832 | Teradyne, Inc. | 2,352,109 | |
18,782 | 2 | The Ultimate Sortware Group, Inc. | 2,826,879 |
77,067 | 2 | Tibco Software, Inc. | 1,801,056 |
182,458 | 2 | Trimble Navigation Ltd. | 4,900,822 |
86,088 | 2 | Verifone Systems, Inc. | 3,207,639 |
86,515 | 3 | Vishay Intertechnology, Inc. | 1,168,818 |
20,345 | 2,3 | WEX, Inc. | 2,310,378 |
39,271 | 2 | Zebra Technologies Co., Class A | 2,896,236 |
TOTAL | 175,344,122 | ||
Materials—7.2% | |||
57,933 | Albemarle Corp. | 3,382,128 | |
40,050 | Aptargroup, Inc. | 2,492,712 | |
46,825 | Ashland, Inc. | 5,060,378 | |
50,609 | Cabot Corp. | 2,349,776 | |
24,100 | Carpenter Technology Corp. | 1,206,205 | |
63,639 | 3 | Cliffs Natural Resources, Inc. | 714,666 |
80,920 | Commercial Metals Corp. | 1,399,107 | |
20,334 | Compass Minerals International, Inc. | 1,742,217 | |
35,761 | Cytec Industries, Inc. | 1,667,535 | |
44,276 | Domtar Corp. | 1,818,415 | |
32,233 | Eagle Materials, Inc. | 2,818,131 | |
10,693 | Greif, Inc., Class A | 471,134 | |
56,013 | 2 | Louisiana-Pacific Corp. | 817,790 |
28,976 | Minerals Technologies, Inc. | 2,222,749 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Materials—continued | |||
6,624 | Newmarket Corp. | $2,570,178 | |
46,391 | Olin Corp. | 1,124,518 | |
55,139 | Packaging Corp. of America | 3,974,419 | |
56,164 | Polyone Corp. | 2,078,630 | |
83,287 | RPM International, Inc. | 3,772,901 | |
44,232 | 3 | Rayonier Advanced Materials, Inc. | 1,261,939 |
51,283 | Reliance Steel & Aluminum Co. | 3,460,577 | |
93,667 | Rock-Tenn Co., Class A | 4,791,067 | |
40,953 | Royal Gold, Inc. | 2,340,464 | |
26,773 | Scotts Co. | 1,586,032 | |
29,016 | Sensient Technologies Corp. | 1,717,167 | |
27,892 | Silgan Holdings, Inc. | 1,371,171 | |
67,642 | Sonoco Products Co. | 2,764,528 | |
149,516 | Steel Dynamics, Inc. | 3,440,363 | |
34,908 | TimkenSteel Corporation | 1,416,567 | |
103,989 | 3 | United States Steel Corp. | 4,163,720 |
50,055 | Valspar Corp. | 4,112,519 | |
34,028 | Worthington Industries, Inc. | 1,315,182 | |
TOTAL | 75,424,885 | ||
Telecommunication Services—0.5% | |||
85,977 | 2 | TW Telecom, Inc. | 3,678,096 |
67,304 | Telephone and Data System, Inc. | 1,725,675 | |
TOTAL | 5,403,771 | ||
Utilities—4.8% | |||
70,883 | Alliant Energy Corp. | 4,388,367 | |
109,127 | Aqua America, Inc. | 2,859,127 | |
62,149 | Atmos Energy Corp. | 3,293,897 | |
18,541 | Black Hills Corp. | 1,014,749 | |
36,781 | Cleco Corp. | 1,977,347 | |
102,730 | Great Plains Energy, Inc. | 2,766,519 | |
45,782 | Hawaiian Electric Industries, Inc. | 1,289,221 | |
31,961 | Idacorp, Inc. | 2,020,894 | |
120,584 | MDU Resources Group, Inc. | 3,398,057 | |
60,881 | National Fuel Gas Co. | 4,214,792 | |
130,267 | OGE Energy Corp. | 4,857,656 | |
19,213 | ONE Gas, Inc. | 729,133 | |
54,916 | PNM Resources, Inc. | 1,584,327 | |
107,658 | Questar Corp. | 2,595,634 |
Shares | Value | ||
COMMON STOCKS—continued1 | |||
Utilities—continued | |||
124,941 | UGI Corp. | $4,709,026 | |
65,407 | Vectren Corp. | 2,940,045 | |
35,623 | WGL Holdings, Inc. | 1,674,281 | |
85,926 | Westar Energy, Inc. | 3,248,862 | |
TOTAL | 49,561,934 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $626,344,753) | 1,021,610,905 | ||
INVESTMENT COMPANIES—9.7% | |||
79,836,757 | 4,5,6 | Money Market Management, Institutional Shares, 0.08% | 79,836,757 |
21,113,042 | 4,5 | Federated Prime Value Obligations Fund, Institutional Shares, 0.06% | 21,113,042 |
TOTAL INVESTMENT COMPANIES (AT NET ASSET VALUE) | 100,949,799 | ||
TOTAL INVESTMENTS—107.8% (IDENTIFIED COST $727,294,552)7 | 1,122,560,704 | ||
OTHER ASSETS AND LIABILITIES - NET—(7.8)%8 | (81,481,492) | ||
TOTAL NET ASSETS—100% | $1,041,079,212 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Depreciation |
2S&P Midcap 400 Emini Long Futures | 164 | $23,212,560 | December 2014 | (40,523) |
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 notional value of open index futures contracts is $23,212,560 at October 31, 2014, which represents 2.2% of total net assets. Taking into consideration these open index futures contracts, the Fund's effective total exposure to the S&P MidCap 400 Index is 100.2%. |
2 | Non-income-producing security. |
3 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
4 | Affiliated holding. |
5 | 7-day net yield. |
6 | All or a portion of this security is held as collateral for securities lending. |
7 | The cost of investments for federal tax purposes amounts to $734,091,066. |
8 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Year Ended October 31, | Period Ended 10/31/20121 | ||
2014 | 2013 | ||
Net Asset Value, Beginning of Period | $27.33 | $22.40 | $20.25 |
Income From Investment Operations: | |||
Net investment income | 0.32 | 0.302 | 0.16 |
Net realized and unrealized gain on investments and futures contracts | 2.76 | 6.80 | 2.17 |
TOTAL FROM INVESTMENT OPERATIONS | 3.08 | 7.10 | 2.33 |
Less Distributions: | |||
Distributions from net investment income | (0.31) | (0.32) | (0.18) |
Distributions from net realized gain on investments and futures contracts | (0.78) | (1.85) | — |
TOTAL DISTRIBUTIONS | (1.09) | (2.17) | (0.18) |
Net Asset Value, End of Period | $29.32 | $27.33 | $22.40 |
Total Return3 | 11.61% | 33.47% | 11.51% |
Ratios to Average Net Assets: | |||
Net expenses | 0.29% | 0.29% | 0.29%4 |
Net investment income | 1.14% | 1.20% | 1.17%4 |
Expense waiver/reimbursement5 | 0.11% | 0.16% | 0.22%4 |
Supplemental Data: | |||
Net assets, end of period (000 omitted) | $138,394 | $105,147 | $37,696 |
Portfolio turnover | 37% | 27% | 18%6 |
1 | Reflects operations for the period from January 4, 2012 (date of initial investment) to October 31, 2012. |
2 | Per share number has been calculated using the average shares method. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
6 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the period from November 1, 2011 to October 31, 2012. |
Year Ended October 31 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $27.35 | $22.41 | $21.19 | $20.17 | $16.01 |
Income From Investment Operations: | |||||
Net investment income | 0.25 | 0.261 | 0.19 | 0.15 | 0.16 |
Net realized and unrealized gain on investments and futures contracts | 2.75 | 6.79 | 2.16 | 1.45 | 4.16 |
TOTAL FROM INVESTMENT OPERATIONS | 3.00 | 7.05 | 2.35 | 1.60 | 4.32 |
Less Distributions: | |||||
Distributions from net investment income | (0.24) | (0.26) | (0.19) | (0.15) | (0.16) |
Distributions from net realized gain on investments and futures contracts | (0.78) | (1.85) | (0.94) | (0.43) | — |
TOTAL DISTRIBUTIONS | (1.02) | (2.11) | (1.13) | (0.58) | (0.16) |
Net Asset Value, End of Period | $29.33 | $27.35 | $22.41 | $21.19 | $20.17 |
Total Return2 | 11.29% | 33.18% | 11.59% | 7.95% | 27.07%3 |
Ratios to Average Net Assets: | |||||
Net expenses | 0.54% | 0.54% | 0.54% | 0.54% | 0.54% |
Net investment income | 0.89% | 1.05% | 0.88% | 0.69% | 0.88% |
Expense waiver/reimbursement4 | 0.11% | 0.17% | 0.20% | 0.19% | 0.19% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $902,685 | $902,823 | $923,634 | $926,540 | $883,235 |
Portfolio turnover | 37% | 27% | 18% | 8% | 12% |
1 | Per share number has been calculated using the average shares method. |
2 | Based on net asset value. |
3 | During the year, the Fund received a regulatory settlement from an unaffiliated third party, which had an impact of 0.06% on the total return. |
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 $78,576,805 of securities loaned and $102,843,948 of investment in affiliated holdings (Note 5) (identified cost $727,294,552) | $1,122,560,704 | |
Cash | 58,216 | |
Restricted cash (Note 2) | 1,098,800 | |
Income receivable | 671,761 | |
Receivable for investments sold | 1,541,238 | |
Receivable for shares sold | 599,899 | |
Receivable for daily variation margin | 264,040 | |
TOTAL ASSETS | 1,126,794,658 | |
Liabilities: | ||
Payable for investments purchased | $4,663,909 | |
Payable for shares redeemed | 913,234 | |
Payable for collateral due to broker for securities lending | 79,836,757 | |
Payable for other service fees (Notes 2 and 5) | 181,857 | |
Accrued expenses (Note 5) | 119,689 | |
TOTAL LIABILITIES | 85,715,446 | |
Net assets for 35,499,351 shares outstanding | $1,041,079,212 | |
Net Assets Consist of: | ||
Paid-in capital | $559,403,913 | |
Net unrealized appreciation of investments and futures contracts | 395,225,629 | |
Accumulated net realized gain on investments and futures contracts | 85,360,132 | |
Undistributed net investment income | 1,089,538 | |
TOTAL NET ASSETS | $1,041,079,212 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Institutional Shares: | ||
$138,393,931 ÷ 4,720,687 shares outstanding, no par value, unlimited shares authorized | $29.32 | |
Offering price per share | $29.32 | |
Redemption proceeds per share | $29.32 | |
Service Shares: | ||
$902,685,281 ÷ 30,778,664 shares outstanding, no par value, unlimited shares authorized | $29.33 | |
Offering price per share | $29.33 | |
Redemption proceeds per share | $29.33 |
Investment Income: | |||
Dividends (including $88,680 received from affiliated holdings (Note 5)) | $14,440,796 | ||
Interest income on securities loaned | 434,350 | ||
TOTAL INCOME | 14,875,146 | ||
Expenses: | |||
Management fee (Note 5) | $3,109,311 | ||
Custodian fees | 70,233 | ||
Transfer agent fee | 636,358 | ||
Directors'/Trustees' fees (Note 5) | 7,371 | ||
Auditing fees | 23,800 | ||
Legal fees | 62,212 | ||
Portfolio accounting fees | 131,631 | ||
Other service fees (Notes 2 and 5) | 2,276,973 | ||
Share registration costs | 39,360 | ||
Printing and postage | 55,247 | ||
Miscellaneous (Note 5) | 28,755 | ||
TOTAL EXPENSES | 6,441,251 | ||
Waiver/reimbursement of management fee (Note 5) | (1,107,825) | ||
Net expenses | 5,333,426 | ||
Net investment income | 9,541,720 | ||
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | |||
Net realized gain on investments | 89,959,868 | ||
Net realized gain on futures contracts | 4,986,997 | ||
Net change in unrealized appreciation of investments | 7,764,579 | ||
Net change in unrealized appreciation of futures contracts | (1,362,577) | ||
Net realized and unrealized gain on investments and futures contracts | 101,348,867 | ||
Change in net assets resulting from operations | $110,890,587 |
Year Ended October 31 | 2014 | 2013 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $9,541,720 | $10,976,985 |
Net realized gain on investments and futures contracts | 94,946,865 | 84,890,861 |
Net change in unrealized appreciation/depreciation of investments and futures contracts | 6,402,002 | 191,185,841 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 110,890,587 | 287,053,687 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Institutional Shares | (1,269,360) | (874,812) |
Service Shares | (7,684,928) | (10,143,823) |
Distributions from net realized gain on investments and futures contracts | ||
Institutional Shares | (2,915,762) | (4,695,135) |
Service Shares | (25,608,734) | (74,922,502) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (37,478,784) | (90,636,272) |
Share Transactions: | ||
Proceeds from sale of shares | 217,424,897 | 283,243,878 |
Net asset value of shares issued to shareholders in payment of distributions declared | 36,536,613 | 88,550,401 |
Cost of shares redeemed | (294,263,974) | (521,571,864) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (40,302,464) | (149,777,585) |
Change in net assets | 33,109,339 | 46,639,830 |
Net Assets: | ||
Beginning of period | 1,007,969,873 | 961,330,043 |
End of period (including undistributed net investment income of $1,089,538 and $502,106, respectively) | $1,041,079,212 | $1,007,969,873 |
■ | 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. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price. |
■ | Over-the-counter (OTC) derivative contracts 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. |
■ | Fixed-income securities acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Fixed-income securities and repurchase agreements acquired with remaining maturities of 60 days or less are valued at their amortized cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security. |
■ | 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 purchase price of the security, information obtained by contacting the issuer, 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 and public trading in similar securities of the issuer or comparable issuers. |
■ | With respect to securities traded 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; and |
■ | Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry. |
Other Service Fees Incurred | |
Service Shares | $2,276,973 |
Market Value of Securities Loaned | Market Value of Collateral |
$78,576,805 | $79,836,757 |
Fair Value of Derivative Instruments | ||
Asset | ||
Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||
Equity contracts | Receivable for daily variation margin | $(40,523)* |
* | Includes cumulative depreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Futures | |
Equity contracts | $4,986,997 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures | |
Equity contracts | $(1,362,577) |
Year Ended October 31 | 2014 | 2013 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,973,080 | $55,516,969 | 3,421,279 | $86,439,482 |
Shares issued to shareholders in payment of distributions declared | 151,687 | 4,128,651 | 229,225 | 5,500,642 |
Shares redeemed | (1,250,773) | (35,250,793) | (1,486,422) | (37,498,225) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 873,994 | $24,394,827 | 2,164,082 | $54,441,899 |
Year Ended October 31 | 2014 | 2013 | ||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 5,753,638 | $161,907,928 | 7,828,377 | $196,804,396 |
Shares issued to shareholders in payment of distributions declared | 1,195,337 | 32,407,962 | 3,502,999 | 83,049,759 |
Shares redeemed | (9,186,100) | (259,013,181) | (19,530,241) | (484,073,639) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (2,237,125) | $(64,697,291) | (8,198,865) | $(204,219,484) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (1,363,131) | $(40,302,464) | (6,034,783) | $(149,777,585) |
2014 | 2013 | |
Ordinary income1 | $11,444,122 | $24,957,166 |
Long-term capital gains | $26,034,662 | $65,679,106 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income2 | $8,904,022 |
Undistributed long-term capital gains | $84,301,639 |
Net unrealized appreciation | $388,469,638 |
2 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Federated Investors, Inc. | Federated Money Market Management, Institutional Shares | Federated Prime Value Obligations Fund, Institutional Shares | Total of Affiliated Transactions | |
Balance of Shares Held 10/31/2013 | 72,698 | — | 69,432,747 | 69,505,445 |
Purchases/Additions | — | 140,618,189 | 355,698,715 | 496,316,904 |
Sales/Reductions | (12,124) | (60,781,432) | (404,018,420) | (464,811,976) |
Balance of Shares Held 10/31/2014 | 60,574 | 79,836,757 | 21,113,042 | 101,010,373 |
Value | $1,894,149 | 79,836,757 | $21,113,042 | $102,843,948 |
Dividend Income | $66,636 | $— | $22,044 | $88,680 |
Purchases | $370,919,235 |
Sales | $409,971,535 |
December 23, 2014
Beginning Account Value 5/1/2014 | Ending Account Value 10/31/2014 | Expenses Paid During Period1 | |
Actual: | |||
Institutional Shares | $1,000 | $1,053.20 | $1.50 |
Service Shares | $1,000 | $1,051.50 | $2.79 |
Hypothetical (assuming a 5% return before expenses): | |||
Institutional Shares | $1,000 | $1,023.74 | $1.48 |
Service Shares | $1,000 | $1,022.48 | $2.75 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Institutional Shares | 0.29% |
Service Shares | 0.54% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John F. Donahue* Birth Date: July 28, 1924 Trustee Began serving: January 1990 | Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling. |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Began serving: January 1990 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd. |
* | Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Chairman Emeriti, Bentley University; Director, Sterling Suffolk Downs, Inc.; Former Director, National Association of Printers and Lithographers. Previous Positions: Director and Audit Committee Member, Bank of America Corp. Qualifications: Business management and director experience. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Associate General Secretary and Director, Office for Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law; Superior Court of Pennsylvania (service began 1998 and ended July 2009). Other Directorships Held: Director, Consol Energy (service started June 2013); Director, Auberle (service ended December 2013); Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh (service ended December 2013); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society (service ended December 2013); Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute (2013-present); Director, Cardinal Wuerl North Catholic High School (2013-present). Previous Position: Professor of Law, Duquesne University School of Law, Pittsburgh (1983-1998). Qualifications: Legal and director experience. |
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: August 1991 | Principal Occupation: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications: Business management, mutual fund services and director experience. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications: Banking, business management, education and director experience. |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Began serving: October 2006 | Principal Occupations: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions: Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications: Business management, mutual fund, director and investment experience. |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; General Counsel, University of Pittsburgh. Other Directorships Held: Board Chairman, Epilepsy Foundation of Western Pennsylvania; Board Member, World Affairs Council of Pittsburgh. Previous Positions: Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). Qualifications: Business management, legal and director experience. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Began serving: January 1999 | Principal Occupations: Director or Trustee, Chairman of the Audit Committee of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Previous Position: Vice President, Walsh & Kelly, Inc. Qualifications: Business management and director experience. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: February 1990 | Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp. |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: February 1990 | Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp. |
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: August 2004 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin. Previous Positions: Served in Senior Management positions with a large regional banking organization. |
Stephen F. Auth Birth Date: September 3, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: November 2002 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
Ian L. Miller Birth Date: August 31, 1972 VICE PRESIDENT Officer since: November 2012 Portfolio Manager since: July 2012 | Principal Occupations: Ian L. Miller has been the Fund's Portfolio Manager since July 2012. He is Vice President of the Trust with respect to the Fund. Mr. Miller joined Federated in January 2006 as a Quantitative Analyst. Mr. Miller has received the Chartered Financial Analyst designation and earned a B.S. in Molecular Biology from Clarion University and an M.S. in Biotechnology from The Johns Hopkins University. |
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31420E205
2014 ©Federated Investors, Inc.
Item 2. Code of Ethics
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.
(c) Not Applicable
(d) Not Applicable
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. Audit Committee Financial Expert
The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: Charles F. Mansfield, Jr., Thomas M. O'Neill and John S. Walsh.
Item 4. Principal Accountant Fees and Services
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2014 - $47,600
Fiscal year ended 2013 - $47,600
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2014 - $30
Fiscal year ended 2013 - $73
Fiscal year ended 2014- Travel to Audit Committee Meeting.
Fiscal year ended 2013- Travel to Audit Committee Meeting.
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2014 - $0
Fiscal year ended 2013 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2014 - $0
Fiscal year ended 2013 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $15,231 and $8,217 respectively. Fiscal year ended 2014- Service fee for analysis of potential Passive Foreign Investment Company holdings. Fiscal year ended 2013- Service fee for analysis of potential Passive Foreign Investment Company holdings.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate its responsibilities to pre-approve services performed by the independent auditor to management.
The Audit Committee has delegated pre-approval authority to its Chairman. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee must approve any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit Services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services, all other Audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain Audit-related services, all other Audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide Tax services to the Company such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services, all Tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of services other than audit, review or attest services the pre-approval requirement is waived if:
(1) | The aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant to its accountant during the fiscal year in which the services are provided; |
(2) | Such services were not recognized by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant at the time of the engagement to be non-audit services; and |
(3) | Such services are promptly brought to the attention of the Audit Committee of the issuer and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the board of directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, and would not impair the independence of the auditor.
The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of prohibited non-audit services and the applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2014 – 0%
Fiscal year ended 2013 - 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2014 – 0%
Fiscal year ended 2013 – 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2014 – 0%
Fiscal year ended 2013 – 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) | NA |
(g) | Non-Audit Fees billed to the registrant, the registrant’s investment adviser, and certain entities controlling, controlled by or under common control with the investment adviser: |
Fiscal year ended 2014 - $63,568
Fiscal year ended 2013 - $66,016
(h) The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants
Not Applicable
Item 6. Schedule of Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not Applicable |
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not Applicable |
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not Applicable |
Item 10. Submission of Matters to a Vote of Security Holders
No Changes to Report
Item 11. Controls and Procedures
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Index Trust
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date December 23, 2014
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue, Principal Executive Officer
Date December 23, 2014
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date December 23, 2014