As of 09-30-2018

Current Strategy and Performance

Federated Max-Cap Index Fund had a total return of 7.67% (Institutional Shares at NAV) during the third quarter of 2018. The fund invests primarily in the stocks of large capitalization, domestic companies that are represented in the Standard & Poor's 500 Index. Stocks are included in the index only if they are leaders in their respective industries and, as a group, represent the U.S. stock market and economy.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than what is stated. Other share classes may have experienced different returns than the share class presented.

To view performance current to the most recent month-end and for after tax returns, click on the Performance tab.

Click the Performance tab for standard fund performance.

Management’s strategy is to track the performance of the S&P 500 by holding the stocks that make up the index with approximately the same weightings. The fund is managed using an enhanced indexing strategy. Enhanced indexing strategies attempt to exploit persistent market imperfections while attempting to add limited additional risk. The principle strategy uses quantitative models to slightly over- and under-weight positions in index stocks. Stock index futures contracts are used to manage cash flow and minimize transaction costs, while maintaining exposure to the index.

During the third quarter of 2018, the S&P 500 Index total return was 7.71%. Large-cap growth stocks as defined by the S&P 500/Citigroup Growth Index had higher returns than large-cap value stocks as defined by the S&P 500/Citigroup Value Index.

The best-performing sectors in the index during the quarter were, Health Care, Industrials and Telecommunication Services. The worst-performing sectors were Real Estate, Energy and Materials.