Adjustable Rate Securities Fund

ticker F E U G X Mutual Funds . Short-Term Bond .

Overview

 
AT A GLANCE
Portfolio
Assets
May 31 2019
$134.0 M
YTD Return NAV
June 25 2019
1.47%
Fixed Income
Gross
Expenses
1.12%
Net
Expenses
0.66%
STRATEGY

Seeks current income consistent with minimal volatility of principal by investing primarily in adjustable- and floating-rate securities.

KEY FACTS
Key Facts - Part 1
Symbol ticker F E U G X
Benchmark ICE BofAML 1-Year U.S. Treasury Note Index
Key Facts - Part 2
Fund Number(s)
96
CUSIP 3 1 4 0 8 2 1 0 8
Performance Incp. Date December 3 1985
Credit Rating Moody's Rating Aaa
MORNINGSTAR CATEGORY & STYLE
Category
Short Government
Style
High Limited
INVESTMENT GOALS Retirement
Income
MANAGERS
Todd Abraham, CFA
Senior Vice President
Senior Portfolio Manager, Head of Government/ Mortgage Backed Fixed Income Group

joined Federated
30 years of experience
Liam O'Connell, CFA
Vice President
Portfolio Manager
Senior Investment Analyst

joined Federated
16 years of experience

Performance

Characteristics

DISCLOSURES

For additional information, including definitions of related terms and indexes, see the Financial Glossary and Benchmark Index Glossary.

Commentary

Documents

 
DISCLOSURES

1 disclosure If this product is new, it will not have completed its first financial reporting period. Please check back to view future shareholder reports. For the new share of an existing fund, you may wish to view recent shareholder reports of another share of that fund by visiting another share.

The “As of Date” for regulatory documents  is the date when the document is effective with the SEC and made available on Federated’s website.

2 disclosure Form N-Q represents the first or third fiscal quarter end portfolio holdings, whichever is most recent, and is filed with the SEC 60 days following the end of the month representing the fund's fiscal first or third quarter. Portfolio holdings for a fund's second and fourth quarters are available in the shareholder reports.

double dagger disclosure PDF file consists of a President's Message or Market Overview (if applicable) and Annual/Semi-Annual Shareholder Report. NOTE: To be sure you have the most recent information, please access both the Annual Report and the Semi-Annual Report.

Distributions and Taxes

Standard Performance

 
DISCLOSURES

dagger disclosure The funds expense ratio is from the most recent prospectus. The expense ratio may reflect voluntary fee waivers and/or expense reimbursements determined by the funds Advisor and its affiliates. The voluntary waivers and/or reimbursements, if applicable, are in effect up to but not including the later of 11/01/2019 or the date of the funds next effective prospectus.

Total returns for periods of less than one year are cumulative.

Total return may have been lower in the absence of temporary expense waivers or reimbursements.

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

After-tax returns are calculated using a standard set of assumptions. Actual after-tax returns depend on each investor’s personal tax situation, and are likely to differ from those shown. The stated returns assume the highest historical federal income and capital gains tax rates, but do not reflect the effect of any applicable state and local taxes. Return After Taxes on Distributions assumes a continued investment in the fund and shows the effect of taxes on fund distributions. Return After Taxes on Distribution and Sale of Fund Shares assumes all shares were redeemed at the end of each measurement period, and shows the effect of any taxable gain (or offsetting loss) on redemption, as well as the effects of taxes on fund distributions. After-tax returns are not relevant to investors holding shares through tax-deferred programs, such as IRA, 401(k) plans. The after-tax average annual total returns are based on the 37% tax bracket and include the 3.8% tax on net investment income.

Mutual funds are subject to risks and fluctuate in value.

Moody's Credit Ratings: Obtained after Moody's evaluates a number of factors, including credit quality, market price exposure and management. Credit Ratings are subject to change and do not remove market risk.

Product classifications noted at the top are Federated's internal classifications.

The fund may invest proceeds from dollar-roll transactions in floaters. The accounting treatment of these transactions may result in negative percentages for cash equivalents, if applicable.

The holdings percentages are based on net assets at the close of business on the date above, and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement purposes. Because this is a managed portfolio, the investment mix will change.

Current and future portfolio holdings are subject to risk.

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.

Federated Securities Corp., Distributor

Not FDIC Insured
May Lose Value
No Bank Guarantee

2546350200