0001318148-12-001285.txt : 20120815 0001318148-12-001285.hdr.sgml : 20120815 20120815132742 ACCESSION NUMBER: 0001318148-12-001285 CONFORMED SUBMISSION TYPE: 425 PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20120815 DATE AS OF CHANGE: 20120815 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PERFORMANCE FUNDS TRUST CENTRAL INDEX KEY: 0000885093 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 425 SEC ACT: 1934 Act SEC FILE NUMBER: 811-06603 FILM NUMBER: 121036468 BUSINESS ADDRESS: STREET 1: 100 SUMMER STREET STREET 2: SUITE 1500 CITY: BOSTON STATE: X1 ZIP: 02110 BUSINESS PHONE: 8002217930 MAIL ADDRESS: STREET 1: 100 SUMMER STREET STREET 2: SUITE 1500 CITY: BOSTON STATE: X1 ZIP: 02110 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: FEDERATED U S GOVERNMENT SECURITIES FUND 1-3 YEARS CENTRAL INDEX KEY: 0000739594 IRS NUMBER: 251459602 STATE OF INCORPORATION: MA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 425 BUSINESS ADDRESS: STREET 1: 4000 ERICSSON DRIVE CITY: WARRENDALE STATE: PA ZIP: 15086-7561 BUSINESS PHONE: 8003417400 MAIL ADDRESS: STREET 1: 4000 ERICSSON DRIVE CITY: WARRENDALE STATE: PA ZIP: 15086-7561 FORMER COMPANY: FORMER CONFORMED NAME: FEDERATED SHORT INTERMEDIATE GOVERNMENT TRUST DATE OF NAME CHANGE: 19920703 CENTRAL INDEX KEY: 0000739594 S000009065 FEDERATED U S GOVERNMENT SECURITIES FUND 1-3 YEARS C000024631 Service Shares FSGIX CENTRAL INDEX KEY: 0000885093 S000008179 Short Term Government Income C000022283 Class A PFSFX C000022284 Institutional PFSIX 425 1 form.htm Federated Investors, Inc.

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934

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Federated U. S. Government Securities Fund: 1-3 Years.

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Filed by: Federated U.S. Government Securities Fund: 1-3 Years

Pursuant to Rule 425 under the Securities Act of 1933 and deemed filed pursuant to Rule 14a-12 of the Securities Exchange Act of 1934

Subject Company: Short Term Government Income Fund, a portfolio of the Performance Funds Trust

 

Subject Company Commission File No. 811-0660

 

 

 

      MUTUAL  FUND   PROXY FACT SHEET FOR:

PERFORMANCE FUNDS

 

 

SPECIAL MEETING IMPORTANT DATES SPECIAL MEETING LOCATION
Record Date JULY 25, 2012 TO BE HELD AT:
Mail Date AUGUST 9, 2012 100 SUMMER STREET, SUITE 1500
Meeting Date SEPTEMBER 19, 2012  12 PM EST BOSTON, MASSACHUSETS 02110
ADDITIONAL  INFORMATION CONTACT INFORMATION
Ticker Symbol LISTED BELOW Inbound Line 1-877-297-1742
Cusip Number LISTED BELOW Website www.performancefunds.com

 

Why has Performance Funds Adviser decided to approve the Reorganizations?

The Performance Funds Adviser advised the Performance Funds Board that the Reorganizations are being proposed, from its perspective, for financial and strategic reasons. The Performance Funds Adviser has determined to discontinue and sell its advisory business with respect to its management of the Performance Funds, to discontinue its sponsorship of such Performance Funds, and exit the mutual fund management business. This decision was based on a variety of factors, including increasing and potentially uncertain regulatory requirements such as pending money market fund reform and potential new registration requirements for mutual funds under the Commodities Exchange Act, increasing compliance and operational costs, the interest rate and market environments surrounding money funds, and pursuing alternative business objectives.

Why has Performance Funds recommended Federated Funds as its successor?

·The Performance Funds Adviser believes that Federated’s ability to provide support to shareholders and grow the Federated Funds through multiple distribution channels and experienced investment professionals is expected to benefit the Performance Funds’ shareholders.
·The Performance Funds Adviser believes that the Federated Funds offer competitive fund expenses, performance and diversification.
·The Performance Funds Adviser believes that the Reorganizations of the assets of the Performance Funds into the Federated Funds will benefit the Performance Funds’ shareholders through the Federated Funds’ broader distribution capacity potentially resulting in larger, more viable funds with the potential for greater diversification and investment opportunities.
·The Performance Funds Adviser also believes that the Performance Funds’ shareholders are expected to benefit from Federated’s experience with its mutual fund business, Federated’s investment management resources and the compatibility between the Performance Funds and Federated Funds in terms of investment objectives, strategies, risks and limitations.

 

 

What other benefits are shareholders expected to realize as a result of the proposed Reorganization?

The Performance Funds Adviser actively pursued alternatives that would allow each Performance Fund shareholder to have the opportunity to:

  1. Pursue an investment objective that is similar to the shareholder’s original investment objective through a tax-free reorganization of the shareholder’s Performance Fund with a comparable Federated Fund;
  2. Become part of a larger and more diverse family of mutual funds;
  3. Invest in a larger combined fund with increased long-term growth prospects, which could have the potential for greater efficiencies and the ability to spread relative fixed costs over a larger asset base;
  4. Invest in a family of mutual funds managed by investment advisers that have extensive investment management resources, fund management experience and capabilities and resources that can be provided to support shareholders.

 

What will happen if shareholders of a fund do not approve the proposed Reorganization?

If shareholders of a Performance Fund fail to approve a Reorganization, such Performance Fund will not be reorganized and the Performance Trust Board of Trustees will consider other alternatives for the Performance Fund. The consummation of one Reorganization is not dependent on the consummation of any other Reorganization.

Will fees/expenses increase as a result of the proposed Reorganizations?

Even though the stated total gross expense ratios of the Federated Funds generally are slightly higher than the expense ratios of the Performance Funds, the Federated Funds generally have lower stated net expense ratios.

Will the value of shareholders investment change as a result of the Reorganization?

As a result of the Reorganizations, each owner of shares of a Performance Fund will become the owner of shares of the corresponding Federated Fund having a total Net Asset Value equal to the total Net Asset Value of his or her holdings in the applicable Performance Fund on the Closing Date.

Money Market

Since the Money Market Funds are money market funds, and value their shares at a Net Asset Value of $1.00 per share, it is expected that the Performance Money Market Fund and the Performance U.S. Treasury Money Market Fund shareholders will receive the same number of shares of the Federated Prime Obligations Fund and Federated U.S. Treasury Cash Reserves, as applicable, as they currently hold in the Performance Money Market Fund and/or the Performance U.S. Treasury Money Market Fund.

Who will bear the costs of the Reorganizations?

The Performance Funds and the Federated Funds will not bear any expenses associated with their participation in the Reorganizations, and all expenses incurred by Performance Funds and Federated Funds would be paid by the Performance Funds Adviser or Federated, or their respective affiliates, except that the Federated Funds will bear expenses associated with the qualification of their shares for sale in various states on an as incurred basis, and to the extent that the Performance Funds or Federated Funds dispose of portfolio securities in connection with the consummation of the proposed Reorganizations, the Funds may incur transaction expenses associated with the sale and purchase of such securities.

Are the Reorganizations expected to be tax-free for shareholders?

The Reorganizations are intended to be structured as tax-free reorganizations under the Code, which generally would be a preferable tax result for shareholders as compared to a liquidation of the Performance Funds.

Performance Money Market Fund - Federated Prime Obligations Fund

Investment Objectives

The investment objective of the Performance Money Market Fund is as high a level of current income as is consistent with preservation of capital and liquidity. The investment objective of the Federated Prime Obligations Fund is to provide current income consistent with stability of principal.

Performance U.S. Treasury Money Market Fund - Federated U.S. Treasury Cash Reserves

Investment Objectives

The investment objective of Performance U.S. Treasury Money Market Fund is as high a level of current income as is consistent with liquidity and maximum safety of principal. The investment objective of Federated U.S. Treasury Cash Reserves is current income consistent with stability of principal and liquidity.

Performance Strategic Dividend Fund - Federated Strategic Value Dividend Fund

Investment Objectives

The Performance Strategic Dividend Fund’s investment objective is a high level of current income and long term growth of income consistent with preservation of capital. The Performance Strategic Dividend Fund’s investment objective is non-fundamental and may be changed by the Performance Funds Board without shareholder approval. The Federated Strategic Value Dividend Fund’s investment objective is to provide income and long-term capital appreciation. The Federated Strategic Value Dividend Fund’s investment objective is fundamental and may not be changed by the Federated Funds Board without shareholder approval.

Performance Large Cap Equity Fund - Federated Capital Appreciation Fund

Investment Objectives

The Performance Large Cap Equity Fund’s investment objective is to provide long-term capital appreciation. Income generation is a secondary consideration of the Performance Large Cap Equity Fund. The Federated Capital Appreciation Fund’s investment objective is to provide capital appreciation.

Performance Leaders Equity Fund - Federated Mid Cap Growth Strategies Fund

Investment Objectives

The investment objective of the Performance Leaders Equity Fund is long-term capital appreciation. The Performance Leaders Equity Fund’s investment objective is non-fundamental and may be changed by the Performance Funds Board without shareholder approval. The investment objective of the Federated Mid Cap Growth Strategies Fund is appreciation of capital. The investment objective of the Federated Mid Cap Growth Strategies Fund is fundamental and may not be changed by the Federated Funds Board without shareholder approval.

Performance Mid Cap Equity Fund - Federated Mid Cap Growth Strategies Fund

Investment Objectives

The investment objective of the Performance Mid Cap Equity Fund is growth of capital by attempting to outperform the Standard and Poors MidCap 400 Index (“S&P MidCap 400 Index”). The investment objective of the Federated Mid Cap Growth Strategies Fund is appreciation of capital.

Performance Intermediate Term Income Fund - Federated Total Return Bond Fund

Investment Objectives

The Performance Intermediate Term Income Fund’s investment objective is a high level of current income. Total return, within certain parameters, is a secondary consideration of the Performance Intermediate Term Income Fund. The Federated Total Return Bond Fund’s investment objective is to provide total return.

Performance Short Term Government Income Fund - Federated U.S. Government Securities Fund: 1-3 Years

Investment Objectives

The investment objective for the Performance Short Term Government Income Fund is as high a level of current income as is consistent with limiting the risk of potential loss. The investment objective of Federated U.S. Government Securities Fund: 1-3 Years (“Federated U.S. Government Securities Fund”) is to provide current income.

What was included in the proxy package?

A Notice of Special Meeting of Shareholders, Prospectus, Proxy Statement and a Proxy Ballot.

Is there a number to contact the fund regarding non-proxy related questions?

YES. Performance Funds can be reached at 1-800-PERFORM. (1-800-737-3676)

What are shareholders being asked to vote on?

1.For shareholders of the Money Market Fund, to approve or disapprove a proposed Agreement and Plan of Reorganization pursuant to which Federated Prime Obligations Fund, a portfolio of Money Market Obligations Trust, would acquire all or substantially all of the assets of the Money Market Fund in exchange for Trust Shares of Federated Prime Obligations Fund to be distributed pro rata by the Money Market Fund to shareholders of its Class A Shares, and for Service Shares of Federated Prime Obligations Fund to be distributed pro rata by the Money Market Fund to shareholders of its Institutional Class, in complete liquidation, dissolution and termination of the Money Market Fund;
2.For shareholders of the U.S. Treasury Money Market Fund, to approve or disapprove a proposed Agreement and Plan of Reorganization pursuant to which Federated U.S. Treasury Cash Reserves, a portfolio of Money Market Obligations Trust, would acquire all or substantially all of the assets of the U.S. Treasury Money Market Fund, in exchange for Service Shares of Federated U.S. Treasury Cash Reserves to be distributed pro rata by the U.S. Treasury Money Market Fund to shareholders of its Institutional Class, in complete liquidation, dissolution and termination of the U.S. Treasury Money Market Fund;
3.For shareholders of the Strategic Dividend Fund, to approve or disapprove a proposed Agreement and Plan of Reorganization pursuant to which Federated Strategic Value Dividend Fund, a portfolio of Federated Equity Funds, would acquire all or substantially all of the assets of the Strategic Dividend Fund, in exchange for Class A Shares of Federated Strategic Value Dividend Fund, to be distributed pro rata by the Strategic Dividend Fund to shareholders of its Class A Shares, and for Institutional Shares of Federated Strategic Value Dividend Fund to be distributed pro rata by the Strategic Dividend Fund to shareholders of its Institutional Class, in complete liquidation, dissolution and termination of the Strategic Dividend Fund;
4.For shareholders of the Large Cap Equity Fund, to approve or disapprove a proposed Agreement and Plan of Reorganization pursuant to which Federated Capital Appreciation Fund, a portfolio of Federated Equity Funds, would acquire all or substantially all of the assets of the Large Cap Equity Fund, in exchange for Class A Shares of Federated Capital Appreciation Fund to be distributed pro rata by the Large Cap Equity Fund to shareholders of its Class A Shares and Class B Shares, and for Institutional Shares of Federated Capital Appreciation Fund to be distributed pro rata by the Large Cap Equity Fund to shareholders of its Institutional Class, in a complete liquidation, dissolution and termination of the Large Cap Equity Fund;
5.For shareholders of the Leaders Equity Fund, to approve or disapprove a proposed Agreement and Plan of Reorganization pursuant to which Federated Mid Cap Growth Strategies Fund, a portfolio of Federated Equity Funds, would acquire all or substantially all of the assets of the Leaders Equity Fund, in exchange for Class A Shares of Federated Mid Cap Growth Strategies Fund to be distributed pro rata by the Leaders Equity Fund to shareholders of its Class A Shares and Class B Shares, and for Institutional Shares of Federated Mid Cap Growth Strategies Fund to be distributed pro rata by the Leaders Equity Fund to shareholders of its Institutional Class, in a complete liquidation, dissolution and termination of the Leaders Equity Fund;
6.For shareholders of the Mid Cap Equity Fund, to approve or disapprove a proposed Agreement and Plan of Reorganization pursuant to which Federated Mid Cap Growth Strategies Fund, a portfolio of Federated Equity Funds, would acquire all or substantially all of the assets of the Mid Cap Equity Fund, in exchange for Class A Shares of Federated Mid Cap Growth Strategies Fund to be distributed pro rata by the Mid Cap Equity Fund to shareholders of its Class A Shares and Class B Shares, and for Institutional Shares of Federated Mid Cap Growth Strategies Fund to be distributed pro rata by the Mid Cap Equity Fund to shareholders of its Institutional Class, in a complete liquidation, dissolution and termination of the Mid Cap Equity Fund;
7.For shareholders of the Intermediate Term Income Fund, to approve or disapprove a proposed Agreement and Plan of Reorganization pursuant to which Federated Total Return Bond Fund, a portfolio of Federated Total Return Series, Inc., would acquire all or substantially all of the assets of the Intermediate Term Income Fund, in exchange for Class A Shares of Federated Total Return Bond Fund to be distributed pro rata by the Intermediate Term Income Fund to shareholders of its Class A Shares, and for Service Shares of Federated Total Return Bond Fund to be distributed pro rata by the Intermediate Term Income Fund to shareholders of its Institutional Class, in a complete liquidation, dissolution and termination of the Intermediate Term Income Fund;
8.For shareholders of the Short Term Government Income Fund, to approve or disapprove a proposed Agreement and Plan of Reorganization pursuant to which Federated U.S. Government Securities Fund: 1-3 Years would acquire all or substantially all of the assets of the Short Term Government Income Fund, in exchange for Service Shares of Federated U.S. Government Securities Fund: 1-3 Years to be distributed pro rata by the Short Term Government Income Fund to shareholders of its Class A Shares and Institutional Class, in a complete liquidation, dissolution and termination of the Short Term Government Income Fund;

PHONE:         To cast your vote by telephone with a proxy specialist, call the toll-free number and provide the representative with the control number found on your proxy card.  Representatives are available to take your voting instructions Monday through Friday 9:00 a.m. to 10:00 p.m. Eastern Time.

MAIL:           To vote your proxy by mail, check the appropriate voting box on the reverse side of this proxy card, sign and date the card and return it in the enclosed postage-paid envelope. 

TOUCH-TONE:  To cast your vote via a touch-tone voting line, call the toll-free number and enter the control number found on your proxy card.

INTERNET:    To vote via the Internet, go to the website on your proxy card and enter the control number found on the proxy card.

Proxy Materials Available Online At: www.proxyonline.com/docs/PerformanceFunds.pdf

NAME OF FUND CUSIP CLASS TICKER
Performance Money Market Fund  713756104 Class A Shares PTCXX
Performance Money Market Fund  713756203 Institutional Class PTIXX
Performance Money Market Fund  9999228T7 Dummy A  
Performance Money Market Fund  9999258T0 Dummy B  
Performance U.S. Treasury Money Market Fund 713756658 Institutional Class PTUXX
Performance Short Term Government Fund 713756302 Class A Shares PFSFX
Performance Short Term Government Fund 713756401 Institutional Class PFSIX
Performance Intermediate Term Income Fund 713756500 Class A Shares PFFCX
Performance Intermediate Term Income Fund 713756609 Institutional Class PFFIX
Performance Strategic Dividend Fund 713756674 Class A Shares PSDHX
Performance Strategic Dividend Fund 713756666 Institutional Class PSDFX
Performance Large Cap Equity Fund 713756708 Class A Shares PFECX
Performance Large Cap Equity Fund 713756799 Class B Shares PFEBX
Performance Large Cap Equity Fund 713756807 Institutional Class PFEQX
Performance Mid Cap Equity Fund 713756880 Class A Shares PCGCX
Performance Mid Cap Equity Fund 713756815 Class B shares PCGBX
Performance Mid Cap Equity Fund 713756872 Institutional Class PCGIX
Performance Leaders Equity Fund 713756773 Class A Shares PILZX
Performance Leaders Equity Fund 713756765 Class B Shares PILGX
Performance Leaders Equity Fund 713756757 Institutional Class PILEX

 

A prospectus/proxy statement with respect to the proposed transaction has been mailed to shareholders and filed with the Securities and Exchange Commission (SEC). Investors are urged to read the prospectus/proxy statement because it contains important information. The prospectus/proxy statement and other relevant documents are available free of charge on the SEC’s Web site at www.sec.gov or by calling 1-800-341-7400. 

 

 

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