Federated Adjustable Rate Securities Fund Institutional Service Shares
Information as of 10/31/2009
Benchmark Merrill Lynch 1-Year Treasury Index Assets (Portfolio) $592,542,287 Assets (Share Class) $85,864,960 Symbol FASSX Fund Number(s) 99 Newspaper Listing AdjRateSecSS CUSIP 314082207 Performance Inception Date 04/25/1992 Fiscal Year-End 8/31 Current Prospectus Date 10/31/2008 Fund Description The fund seeks to provide investors with current income consistent with minimal principal volatility. To pursue its objective, the fund invests in adjustable and floating rate mortgage securities.		Key Investment Team Members Todd A. Abraham, CFA Morningstar Ratings based on risk adjusted total return Funds in Category Overall 114 3 Year 114 5 Year 101 10 Year 51 The overall rating is derived from a weighted average of the fund’s three-, five-, and ten-year average annual returns, as applicable. Morningstar Category Ultrashort Bond Morningstar Style Investment Objective Current income consistent with minimal volatility of principal Investment Concentration Adjustable and floating rate mortgage securities
Performance data quoted represents past performance which is no guarantee of future results.
Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices. The value of some mortgage-backed securities may be particularly sensitive to changes in prevailing interest rates, and although the securities are generally supported by some form of government or private insurance, there is no assurance that private guarantors or insurers will meet their obligations. Effective January 21, 1992, the fund converted its investment policy from intermediate- to longer-term Treasurys to adjustable rate mortgage securities Investors should carefully consider the fund’s investment objectives, risks, charges and expenses before investing. To obtain a prospectus containing this and other information, contact us or view the prospectus provided on this website. Please carefully read the prospectus before investing. For additional information, including definitions of related terms and indexes, see the Financial Glossary and Benchmark Index Glossary. Federated Securities Corp., Distributor
Not FDIC Insured May Lose Value No Bank Guarantee

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