Muni and Stock Advantage Fund

ticker F M U I X Mutual Funds . Asset Allocation .

Overview

 
AT A GLANCE
Portfolio
Assets
November 30 2019
$1.6 B
Multi-Asset
Gross
Expenses
0.82%
Net
Expenses
0.75%
STRATEGY

Seeks tax-advantaged income with a secondary objective of capital appreciation, by investing in both tax-exempt (or municipal) securities and equity securities.

KEY FACTS
Key Facts - Part 1
Symbol ticker F M U I X
Benchmark 40% Russell 1000® Value Index/60% S&P Municipal Bond Index
Key Facts - Part 2
Fund Number(s)
876
CUSIP 3 1 4 2 0 C 6 5 4
Performance Incp. Date September 26 2003
MORNINGSTAR CATEGORY & STYLE
Category
Allocation--30% to 50% Equity
Style
Large Value
Category
Allocation--30% to 50% Equity
Style
Medium Moderate
INVESTMENT GOALS Growth
Income
Tax Aware
MANAGERS
Linda Bakhshian, CPA, CA
Vice President
Senior Portfolio Manager

joined Federated
21 years of experience
R.J. Gallo, CFA
Senior Vice President
Senior Portfolio Manager
Head of Municipal Bond Investment Group
Head of Duration Committee

joined Federated
25 years of experience
Ann Ferentino, CFA
Vice President
Senior Investment Analyst/ Portfolio Manager

joined Federated
24 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 Each fiscal quarter, the Fund will file with the SEC a complete schedule of its monthly portfolio holdings on “Form N-PORT.” The Fund’s holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC’s website at www.sec.gov within 60 days of the end of the fiscal quarter upon filing.

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 01/01/2020 or the date of the funds next effective prospectus.

The fund's Institutional Shares commenced operations on December 29, 2010.  For the period prior to the commencement of operations of the Institutional Shares, the performance information shown is for the fund's A Shares.  The performance of the A Shares has not been adjusted to reflect the expenses of the Institutional Shares, since the Institutional Shares has a lower expense ratio than the expense ratio of the A Shares. The performance of the A Shares has been adjusted to reflect the absence of sales charges and adjusted to remove any voluntary waiver of fund expenses related to the A Shares during the period prior to the commencement of operations of the Institutional Shares.

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.

International investing involves special risks including currency risk, increased volatility, political risks, and differences in auditing and other financial standards.

High-yield, lower-rated securities generally entail greater market, credit/default and liquidity risks and may be more volatile than investment-grade securities.

Fund income may be subject to state and local taxes. Although this fund pursues tax-advantaged income and seeks to invest primarily in securities whose interest is not subject to the federal alternative minimum tax, there are no assurances that it will achieve these goals.

There are no guarantees that dividend-paying stocks will continue to pay dividends.

As indicated in its name, Federated Muni and Stock Advantage Fund invests in both municipal (muni) securities and equity securities (stock) as described in the fund’s prospectus. Thus, the fund is not entirely a “tax-exempt” or “municipal” fund, and a portion of the income derived from the fund’s portfolio (or dividend distributions) will be subject to federal income tax and state and local personal income tax.

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.

Federal tax rates used in the taxable equivalent yields calculations are based on the 37% tax bracket. The tax rates do not take into account the 3.8% tax on net investment income. Consult with your tax advisor and attorney regarding your situation.

The tax law set specific dollar thresholds for each filing status above which the 20% qualified dividend income rate applies. Consult your personal tax advisor regarding your situation.

Mutual funds are subject to risks and fluctuate in value.

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

The ratings agencies that provided the quality breakdown ratings are Standard and Poor's, Moody's and Fitch. When ratings vary, the highest rating is used. Credit ratings of A or better are considered to be high credit quality; credit ratings of BBB are good credit quality, and the lowest category of investment grade; credit ratings BB and below are lower-rated securities ("junk bonds"); and credit ratings of CCC or below have high default risk. The credit quality breakdown does not give effect to the impact of any credit derivative investments made by the fund.

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

4140359307