Mutual funds are subject to risks and fluctuate in value.
The fund’s Institutional Shares commenced operations on June 29, 2007. For the period prior to the commencement of operations of the Institutional Shares, the performance information shown is for the fund’s Class A Shares, adjusted to reflect the absence of sales charges and adjusted to remove any voluntary waiver of Fund expenses related to the Class A Shares that may have occurred prior to commencement of operations of the Institutional Shares. The performance of the Class A Shares has not been adjusted to reflect the expenses of the Institutional Shares since the Institutional Shares are estimated to have a lower expense ratio than the expense ratio of the Class A Shares. See the prospectus for other fees and expenses that apply to a continued investment in the fund.
Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices.
International investing involves special risks including currency risk, increased volatility, political risks, and differences in auditing and other financial standards.
Investment in gold and precious metals, put options and commodities are subject to additional risks.
The fund may make short sales of securities, which involves unlimited risk including the possibility that losses may exceed the original amount invested.
An investment in an exchange-traded fund (“ETF”) generally presents the same primary risks as an investment in a fund that is not exchange traded and may also be subject to other risks, such as: (i) ETF shares may trade above or below their net asset value; (ii) an active trading market for an ETF’s shares may not develop or be maintained and (iii) trading of an ETF’s shares may be halted by the listing exchange’s officials.
Absolute return investing may outperform broad markets during periods of flat or negative market performance but may not outperform stocks and bonds
during market rallies.
The fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional instruments.
The fund may not achieve its objective.
Past performance is no guarantee of future results.
Investors should carefully consider the fund's investment objectives, risks, charges and expenses before investing. To obtain a summary prospectus or prospectus containing this and other information, contact us or view the prospectus provided on this website. Please carefully read the summary prospectus or prospectus before investing.
"Category" product classifications noted at the top are Federated's internal classifications.
Federated Securities Corp., Distributor
|Not FDIC Insured ||May Lose Value ||No Bank Guarantee |