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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
050 00AA00 N
051 00AA00 N
052 00AA00 N
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053 B00AA00 Y
053 C00AA00 N
054 A00AA00 N
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
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054 N00AA00 N
054 O00AA00 N
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<PAGE> PAGE 5
066 F00AA00 N
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068 B00AA00 N
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077 A000000 Y
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<PAGE> PAGE 6
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<PAGE> PAGE 7
025 A000104 BEAR STERNS COS. INC.
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<PAGE> PAGE 8
035 000100 1
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<PAGE> PAGE 9
070 B020100 N
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070 K020100 N
070 L010100 N
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070 N020100 N
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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015 A000201 STATE STREET BANK AND TRUST COMPANY
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
015 A000301 STATE STREET BANK AND TRUST COMPANY
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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074 B000300 25850
074 C000300 695
074 D000300 0
074 E000300 0
074 F000300 102130
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 2
074 K000300 0
074 L000300 1228
074 M000300 0
074 N000300 129905
074 O000300 10039
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 271
074 S000300 0
074 T000300 119595
074 U010300 9101
074 U020300 85
074 V010300 13.02
074 V020300 13.00
074 W000300 0.0000
074 X000300 1418
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SIGNATURE STEVE KEANE
TITLE GENERAL COUNSEL
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<NUMBER> 020
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<INVESTMENTS-AT-VALUE> 83,181,792
<RECEIVABLES> 531,649
<ASSETS-OTHER> 0
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<TOTAL-ASSETS> 83,713,441
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<OTHER-ITEMS-LIABILITIES> 83,858
<TOTAL-LIABILITIES> 83,858
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<ACCUMULATED-NII-CURRENT> 52,164
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<ACCUMULATED-NET-GAINS> 8,456,514
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,658,597
<NET-ASSETS> 83,629,583
<DIVIDEND-INCOME> 889,338
<INTEREST-INCOME> 527,917
<OTHER-INCOME> 0
<EXPENSES-NET> (496,958)
<NET-INVESTMENT-INCOME> 920,297
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<APPREC-INCREASE-CURRENT> (4,576,948)
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<DISTRIBUTIONS-OF-GAINS> (6,088,545)
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<GROSS-EXPENSE> 1,289,996
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<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> (2.250)
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<AVG-DEBT-PER-SHARE> 0.00
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<OTHER-ITEMS-LIABILITIES> 270,768
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<PAID-IN-CAPITAL-COMMON> 105,189,219
<SHARES-COMMON-STOCK> 9,100,518
<SHARES-COMMON-PRIOR> 9,021,142
<ACCUMULATED-NII-CURRENT> 85,541
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<OTHER-INCOME> 0
<EXPENSES-NET> (1,114,488)
<NET-INVESTMENT-INCOME> 1,082,998
<REALIZED-GAINS-CURRENT> 7,723,489
<APPREC-INCREASE-CURRENT> (24,459,690)
<NET-CHANGE-FROM-OPS> (15,653,203)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,195,686)
<DISTRIBUTIONS-OF-GAINS> (12,347,168)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,678,221
<NUMBER-OF-SHARES-REDEEMED> (16,024,006)
<SHARES-REINVESTED> 425,161
<NET-CHANGE-IN-ASSETS> (30,874,608)
<ACCUMULATED-NII-PRIOR> 198,735
<ACCUMULATED-GAINS-PRIOR> 12,234,599
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 676,597
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<GROSS-EXPENSE> 1,289,996
<AVERAGE-NET-ASSETS> 135,006,368
<PER-SHARE-NAV-BEGIN> 16.680
<PER-SHARE-NII> 0.130
<PER-SHARE-GAIN-APPREC> (2.190)
<PER-SHARE-DIVIDEND> (0.140)
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<RETURNS-OF-CAPITAL> 0.000
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<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
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<NUMBER> 013
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<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 1,233,618,271
<INVESTMENTS-AT-VALUE> 1,940,507,399
<RECEIVABLES> 11,080,606
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<TOTAL-ASSETS> 1,951,588,005
<PAYABLE-FOR-SECURITIES> 1,179,707
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,689,341
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,216,212,206
<SHARES-COMMON-STOCK> 691,654
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,029,405
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,951,208
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 709,526,138
<NET-ASSETS> 1,938,718,957
<DIVIDEND-INCOME> 25,799,402
<INTEREST-INCOME> 4,536,016
<OTHER-INCOME> 0
<EXPENSES-NET> 6,790,048
<NET-INVESTMENT-INCOME> 23,545,370
<REALIZED-GAINS-CURRENT> 15,258,606
<APPREC-INCREASE-CURRENT> 284,412,168
<NET-CHANGE-FROM-OPS> 323,216,144
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (43,855)
<DISTRIBUTIONS-OF-GAINS> (554)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 771,237
<NUMBER-OF-SHARES-REDEEMED> (81,531)
<SHARES-REINVESTED> 1,948
<NET-CHANGE-IN-ASSETS> 550,651,691
<ACCUMULATED-NII-PRIOR> 1,160,137
<ACCUMULATED-GAINS-PRIOR> 43,086,633
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,328,240
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11,625,932
<AVERAGE-NET-ASSETS> 7,640,332
<PER-SHARE-NAV-BEGIN> 19.810
<PER-SHARE-NII> 0.120
<PER-SHARE-GAIN-APPREC> 3.660
<PER-SHARE-DIVIDEND> (0.150)
<PER-SHARE-DISTRIBUTIONS> (0.620)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 22.820
<EXPENSE-RATIO> 1.320
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<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
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<NUMBER> 011
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<S> <C>
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<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 1,233,618,271
<INVESTMENTS-AT-VALUE> 1,940,507,399
<RECEIVABLES> 11,080,606
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,951,588,005
<PAYABLE-FOR-SECURITIES> 1,179,707
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,689,341
<TOTAL-LIABILITIES> 12,869,048
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,216,212,206
<SHARES-COMMON-STOCK> 63,086,344
<SHARES-COMMON-PRIOR> 57,977,259
<ACCUMULATED-NII-CURRENT> 1,029,405
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,951,208
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 709,526,138
<NET-ASSETS> 1,938,718,957
<DIVIDEND-INCOME> 25,799,402
<INTEREST-INCOME> 4,536,016
<OTHER-INCOME> 0
<EXPENSES-NET> 6,790,048
<NET-INVESTMENT-INCOME> 23,545,370
<REALIZED-GAINS-CURRENT> 15,258,606
<APPREC-INCREASE-CURRENT> 284,412,168
<NET-CHANGE-FROM-OPS> 323,216,144
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (19,446,188)
<DISTRIBUTIONS-OF-GAINS> (36,852,857)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 37,421,180
<NUMBER-OF-SHARES-REDEEMED> (33,733,666)
<SHARES-REINVESTED> 1,421,571
<NET-CHANGE-IN-ASSETS> 550,651,691
<ACCUMULATED-NII-PRIOR> 1,160,137
<ACCUMULATED-GAINS-PRIOR> 43,086,633
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,328,240
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11,625,932
<AVERAGE-NET-ASSETS> 1,390,278,384
<PER-SHARE-NAV-BEGIN> 19.700
<PER-SHARE-NII> 0.310
<PER-SHARE-GAIN-APPREC> 3.830
<PER-SHARE-DIVIDEND> (0.310)
<PER-SHARE-DISTRIBUTIONS> (0.620)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 22.910
<EXPENSE-RATIO> 0.310
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000861469
<NAME> FEDERATED INDEX TRUST
<SERIES>
<NUMBER> 012
<NAME> FEDERATED MAX-CAP FUND - INSTITUTIONAL SERVICE SHARES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 1,233,618,271
<INVESTMENTS-AT-VALUE> 1,940,507,399
<RECEIVABLES> 11,080,606
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,951,588,005
<PAYABLE-FOR-SECURITIES> 1,179,707
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,689,341
<TOTAL-LIABILITIES> 12,869,048
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,216,212,206
<SHARES-COMMON-STOCK> 20,901,469
<SHARES-COMMON-PRIOR> 12,509,117
<ACCUMULATED-NII-CURRENT> 1,029,405
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,951,208
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 709,526,138
<NET-ASSETS> 1,938,718,957
<DIVIDEND-INCOME> 25,799,402
<INTEREST-INCOME> 4,536,016
<OTHER-INCOME> 0
<EXPENSES-NET> 6,790,048
<NET-INVESTMENT-INCOME> 23,545,370
<REALIZED-GAINS-CURRENT> 15,258,606
<APPREC-INCREASE-CURRENT> 284,412,168
<NET-CHANGE-FROM-OPS> 323,216,144
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,226,227)
<DISTRIBUTIONS-OF-GAINS> (8,247,035)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18,076,229
<NUMBER-OF-SHARES-REDEEMED> (10,230,460)
<SHARES-REINVESTED> 546,583
<NET-CHANGE-IN-ASSETS> 550,651,691
<ACCUMULATED-NII-PRIOR> 1,160,137
<ACCUMULATED-GAINS-PRIOR> 43,086,633
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,328,240
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11,625,932
<AVERAGE-NET-ASSETS> 378,349,978
<PER-SHARE-NAV-BEGIN> 19.660
<PER-SHARE-NII> 0.250
<PER-SHARE-GAIN-APPREC> 3.820
<PER-SHARE-DIVIDEND> (0.250)
<PER-SHARE-DISTRIBUTIONS> (0.620)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 22.860
<EXPENSE-RATIO> 0.610
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
To the Shareholders and
Board of Trustees of
Federated Index Trust
In planning and performing our audit of the financial statements of Federated
Index Trust (comprising respectively, Federated Max-Cap Fund, Federated Mid-
Cap Fund, and Federated Mini-Cap Fund) for the year ended October 31, 1998, we
considered its internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control.
The management of Federated Index Trust is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits and
related costs of controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial statements for
external purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control
to future periods is subject to the risk that it may become inadequate because
of changes in conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of the internal control would not necessarily disclose all
matters in the internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce to
a relatively low level the risk that errors or fraud in amounts that would be
material in relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
the internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above at
October 31, 1998.
This report is intended solely for the information and use of the board of
trustees and management of the Federated Index Trust, and the Securities and
Exchange Commission and is not intended to be and should not be used by anyone
other than these specified parties.
Boston, Massachusetts
December 21, 1998
Item Q1(a)(i)
Federated Index Trust
Amendment #3
to the By-Laws
(effective February 27, 1998)
Delete Section 5 Proxies of Article IV Shareholders'
Meetings, and replace with the following:
Section 5. Proxies. Any shareholder entitled to vote
at any meeting of shareholders may vote either in
person, by telephone, by electronic means including
facsimile, or by proxy, but no proxy which is dated
more than six months before the meeting named therein
shall be accepted unless otherwise provided in the
proxy. Every proxy shall be in writing, subscribed by
the shareholder or his duly authorized agent or be in
such other form as may be permitted by law, including
documents conveyed by electronic transmission. Every
proxy shall be dated, but need not be sealed,
witnessed or acknowledged. The placing of a
shareholder's name on a proxy or authorizing another
to act as the shareholder's agent, pursuant to
telephone or electronically transmitted instructions
obtained in accordance with procedures reasonably
designed to verify that such instructions have been
authorized by such shareholder, shall constitute
execution of a proxy by or on behalf of such
shareholder. Where Shares are held of record by more
than one person, any co-owner or co-fiduciary may
execute the proxy or give authority to an agent,
unless the Secretary of the Trust is notified in
writing by any co-owner or co-fiduciary that the
joinder of more than one is to be required. All
proxies shall be filed with and verified by the
Secretary or an Assistant Secretary of the Trust, or
the person acting as Secretary of the Meeting. Unless
otherwise specifically limited by their term, all
proxies shall entitle the holders thereof to vote at
any adjournment of such meeting but shall not be valid
after the final adjournment of such meeting.
Item 77Q1(a)(ii)
Federated Index Trust
Amendment #4
to the By-Laws
(effective May 12, 1998)
Strike Section 3 - Place of Meeting of Article IV -
Shareholders' Meetings and replace it with the following:
Section 3. Place of Meeting. Meetings of the
shareholders of the Trust or a particular Series or
Class shall be held at such place within or without
The Commonwealth of Massachusetts as may be fixed from
time to time by resolution of the Trustees.
Strike Section 6 - Place of Meeting of Article V - Trustees'
Meetings and replace it with the following:
Section 6. Place of Meeting. Meetings of the
Trustees shall be held at such place within or without
The Commonwealth of Massachusetts as fixed from time
to time by resolution of the Trustees, or as the
person or persons requesting said meeting to be called
may designate, but any meeting may adjourn to any
other place.
Item Q1(a)(iii)
page 1 of 5
FEDERATED INDEX TRUST
SUB-MANAGEMENT CONTRACT
This Contract is made between FEDERATED MANAGEMENT, a
Delaware business trust, having its principal place of business
in Pittsburgh, Pennsylvania (hereinafter referred to as
"Manager"), and ANB Investment Management and Trust Company, an
Illinois corporation, having its principal place of business in
Chicago, Illinois (hereinafter referred to as "ANB").
WHEREAS the Federated Index Trust (the "Trust"), an open-end
management investment company, as that term is defined in
the Investment Company Act of 1940 ("Act"), that is
registered as such with the Securities and Exchange
Commission has appointed Federated Management as investment
manager for its portfolios (the "Funds"); and
WHEREAS ANB is engaged in the business of rendering
investment management services.
NOW, THEREFORE, the parties hereto, intending to be legally
bound, hereby agree as follows:
1. Manager hereby retains ANB to assist Manager in its
capacity as investment manager for the Funds. Subject to the
direction of the Manager and the Trustees of the Trust, ANB shall
provide of appropriate sale of other disposition and reinvestment
of the assets of the Funds assigned to ANB.
2. ANB, in its supervision of the investments of the
Funds, will be guided by the Funds' investment objectives and
policies and the provisions and restrictions contained in the
Declaration of Trust and By-Laws of the Trust and as set forth in
the Registration Statements and exhibits as may be on file with
the Securities and Exchange Commission, all as communicated by
the Manager to ANB.
3. Manager shall pay to ANB, for all services rendered to
the Funds by ANB hereunder, the fees set forth in the Exhibit
attached hereto.
4. The term of this Contract shall begin on the date of
its execution and shall remain in effect for two years from that
date and from year to year thereafter, subject to the provisions
for termination and all of the other terms and conditions hereof
if: (a) such continuation shall be specifically approved at
least annually by the vote of a majority of the Trustees of the
Trust, including a majority of the Trustees who are not
interested persons, as defined in Section 2(a)(19) of the Act, of
any party (other than as Trustees of the Trust) cast in person at
a meeting called for that purpose; and (b) Manager shall not have
notified the Trust in writing at least sixty (60) days prior to
the
page 2 of 5
anniversary date of this Contract in any year thereafter that it
does not desire such continuation with respect to that Fund.
5. Notwithstanding any provision in this Contract, it may
be terminated at any time without the payment of any penalty, by
the Trustees of the Trust or by a vote of a majority of the
outstanding voting securities of the Funds, as defined in Section
2(a)(42) of the Act, on sixty (60) days' written notice to ANB,
or by the Manager or ANB upon not less than sixty (60) days'
written notice to the other party.
6. This Contract may not be assigned by Manager or ANB
and shall automatically terminate in the event of any assignment.
ANB may employ or contract with such other person, persons,
corporation, or corporations at its own cost and expense as it
shall determine in order to assist it in carrying out this
Contract.
7. In the absence of willful misfeasance, bad faith,
gross negligence, or reckless disregard of the obligations or
duties under this Contract on the part of ANB, ANB shall not be
liable to the Manager, the Trust, the Funds, or to any
shareholder for any act or omission in the course of or connected
in any way with rendering services or for any losses that may be
sustained in the purchase, holding, or sale of any securities.
8. This Contract may be amended at any time by agreement
of the parties, provided that the amendment shall be approved
both by the vote of a majority of the Trustees of the Trust,
including a majority of the Trustees who are not interested
persons, as defined in Section 2(a)(19) of the Act, of any party
to this Contract (other than as Trustees of the Trust) cast in
person at a meeting called for that purpose, and on behalf of the
Funds by the holders of a majority of the outstanding voting
securities of the Funds, as defined in Section 2(a)(42) of the
Act.
9. ANB is hereby expressly put on notice of the
limitation of liability as set forth in the Declaration of Trust
of the Manager and agrees that the obligations assumed by the
Manager pursuant to this Contract shall be limited in any case to
the Manager and its assets and shall not seek satisfaction of any
such obligation from the shareholders of the Manager, the
Trustees, officers, employees or agents of the Manager, or any of
them.
10. This Contract shall be construed in accordance with
and governed by the laws of the Commonwealth of Pennsylvania.
11. This Contract will become binding on the parties
hereto upon this execution of the attached exhibits to this
Contract.
page 3 of 5
FEDERATED INDEX TRUST
SUB-MANAGEMENT CONTRACT
FEDERATED MAX-CAP FUND
For all services rendered by ANB hereunder, the Manager
shall pay to ANB and ANB agrees to accept as full compensation
for all services rendered hereunder, an annual fee as follows:
.05 of 1% on an annualized basis of the first $100 million
of net assets under management.
.02 of 1% on an annualized basis of any net assets under
management over and above $100 million but not exceeding $200
million.
.01 of 1% on an annualized basis of any net assets under
management over and above $200 million.
Such fee shall accrue daily and be paid monthly.
Witness the due execution hereof this 31st day of December,
1997.
FEDERATED MANAGEMENT
By: /s/ Thomas M. Franks
Name: Thomas M. Franks
Title: Vice President
NORTHERN TRUST QUANTITATIVE ADVISORS, INC.
f/k/a ANB INVESTMENT MANAGEMENT
AND TRUST COMPANY
By: /s/ James M. Snyder
Name: James M. Snyder
Title: Chairman, Director & Chief
Executive Officer
page 4 of 5
FEDERATED INDEX TRUST
SUB-MANAGEMENT CONTRACT
FEDERATED MID-CAP FUND
For all services rendered by ANB hereunder, the Manager
shall pay to ANB and ANB agrees to accept as full compensation
for all services rendered hereunder .035 of 1% on an annualized
basis of net assets under management.
Such fee shall accrue daily and be paid monthly.
Witness the due execution hereof this 31st day of December,
1997.
FEDERATED MANAGEMENT
By: /s/ Thomas M. Franks
Name: Thomas M. Franks
Title: Vice President
NORTHERN TRUST QUANTITATIVE ADVISORS, INC.
f/k/a ANB INVESTMENT MANAGEMENT
AND TRUST COMPANY
By: /s/ James M. Snyder
Name: James M. Snyder
Title: Chairman, Director & Chief
Executive Officer
page 5 of 5
FEDERATED INDEX TRUST
SUB-MANAGEMENT CONTRACT
FEDERATED MINI-CAP FUND
For all services rendered by ANB hereunder, the Manager
shall pay to ANB and ANB agrees to accept as full compensation
for all services rendered hereunder .065 of 1% on an annualized
basis of net assets under management.
Such fee shall accrue daily and be paid monthly.
Witness the due execution hereof this 31st day of December,
1997.
FEDERATED MANAGEMENT
By: /s/ Thomas M. Franks
Name: Thomas M. Franks
Title: Vice President
NORTHERN TRUST QUANTITATIVE ADVISORS, INC.
f/k/a ANB INVESTMENT MANAGEMENT
AND TRUST COMPANY
By: /s/ James M. Snyder
Name: James M. Snyder
Title: Chairman, Director & Chief
Executive Officer
