Fund Description

The fun was incepted in July 1990 and is managed by Federated Investment Management Company. The fund's investment objective is to provide investment results that generally correspond to the aggregate price and dividend performance of publicly-traded common stocks comprising the Standard & Poor's 500 Composite Stock Price Index. The fund normally invests its assets primarily in common stocks included in the Index. The fund may employ the following strategies to attempt to further reduce tracking error i.e. buying and selling securities after announced changes in the Index but before the effective date of the changes, purchasing Index futures contracts in amounts approximating the cash held in the fund's portfolio, and lending the fund's securities to broker-dealers or other institutions to earn income for the fund. The fund offers dividends quarterly and capital gains annually.