Municipal High Yield Advantage Fund

Municipal High Yield Advantage Fund ISMutual FundsMuni National

Overview

AT A GLANCE
Portfolio
Assets
$578.8 Million
YTD Return NAV
2.08%
Fixed Income
Structure with slanted roof, round circle and five columns, icon.
Gross
Expenses  †
0.80%
Net
Expenses  †
0.65%
STRATEGY

Seeks a high level of current income by investing its assets so that, normally, at least 80% of the income that it distributes will be exempt from federal regular income tax (except when investing for defensive purposes).

KEY FACTS
Key Facts - Part 1
Symbol Municipal High Yield Advantage Fund IS
Benchmark Standard and Poor's Municipal Bond Index
Key Facts - Part 2
Fund Number(s)
380
CUSIP 313923815
Performance Incp. Date
MORNINGSTAR CATEGORY & STYLE
Category
High Yield Muni
Style
Morningstar Style Box
      High
      Medium
      Low
Ltd Mod Ext  
INVESTMENT GOALS Growth
Income
Tax Aware
MANAGERS
Lee Cunningham II
Vice President
Senior Portfolio Manager

joined Federated
23 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
24 years of experience

Performance

Characteristics

Commentary

Documents

Distributions and Taxes

DISCLOSURES

† 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.

The Fund's IS class commenced operations on June 11, 2013. For the period prior to the commencement of operations of the IS Shares, the IS Shares performance information shown is the F Shares performance adjusted to reflect the expenses of the fund's IS Shares for each year for which the expenses of the fund's IS Shares would have exceeded the actual expenses paid by the fund's F Shares. The performance information has also been adjusted to reflect any applicable differences in sales loads and charges imposed on the purchase and redemption of the fund's IS Shares.

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.

** Represents percent of portfolio holdings with payment default. Percentage based on book value of defaulted bonds divided by fund’s total net assets on the first business day of the calendar year.

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

Interest income from the fund’s investments may be subject to the federal alternative minimum tax (AMT) for individuals, and state and local taxes.

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.

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

2249972676