Mutual funds are subject to risks and fluctuate in value.
The fund’s Institutional Shares commenced operations on January 28, 2008. 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.
High-yield, lower-rate securities generally entail greater market, credit/default and liquidity risk and may be more volatile than investment-grade securities.
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