0000789281 fist4:S000009076Member 2012-01-01 2012-12-31 0000789281 2012-01-01 2012-12-31 0000789281 fist4:S000009076Member fist4:C000024657Member 2012-01-01 2012-12-31 0000789281 fist4:S000009076Member fist4:C000024658Member 2012-01-01 2012-12-31 0000789281 fist4:S000009076Member fist4:C000024659Member 2012-01-01 2012-12-31 0000789281 fist4:S000009076Member fist4:C000051328Member 2012-01-01 2012-12-31 0000789281 fist4:S000009076Member fist4:C000098257Member 2012-01-01 2012-12-31 0000789281 fist4:S000009076Member rr:AfterTaxesOnDistributionsMember fist4:C000024657Member 2012-01-01 2012-12-31 0000789281 fist4:S000009076Member rr:AfterTaxesOnDistributionsAndSalesMember fist4:C000024657Member 2012-01-01 2012-12-31 0000789281 fist4:S000009076Member fist4:SAndPMunicipalBondIndexMember 2012-01-01 2012-12-31 0000789281 fist4:S000009076Member fist4:DowJonesUsSelectDividendIndexMember 2012-01-01 2012-12-31 pure iso4217:USD <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedMuniandStockAdvantageFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedMuniandStockAdvantageFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleTransposedFederatedMuniandStockAdvantageFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsTransposedFederatedMuniandStockAdvantageFund column period compact * ~</div> 0000789281 2012-12-28 2012-12-28 false 2012-12-31 2012-10-31 0.055 0 0 0.01 0 0 0.055 0.01 0.01 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.01 0.01 0.01 0.01 0.01 0.0075 0.0005 0.0075 0 0 0.0047 0.0047 0.0047 0.0047 0.0022 0.0152 0.0222 0.0222 0.0147 0.0122 -0.0052 -0.0047 -0.0047 -0.0047 -0.0047 0.01 0.0175 0.0175 0.01 0.0075 696 775 325 348 124 1004 1094 694 660 387 1333 1390 1190 895 670 2263 2378 2554 1840 1477 696 225 225 248 124 1004 694 694 560 387 1333 1190 1190 895 670 2263 2378 2554 1840 1477 0.0552 0.0407 0.0353 0.0544 0.0994 0.096 0.1194 0.1064 0.1242 0.0129 0.0079 0.0116 0.0134 0.0169 0.0232 0.0486 -0.0066 0.047 0.0429 0.0422 0.0459 0.0459 0.0184 0.0498 0.0536 0.059 Federated Muni and Stock Advantage Fund (the "Fund") RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE The Fund's investment objective is to provide tax-advantaged income with a secondary objective of capital appreciation. The Fund is not entirely a "tax-exempt" or "municipal" fund, and, in addition to the Fund's income being subject to state and local personal income tax, a portion of the income derived from the Fund's portfolio (or dividend distributions) will be subject to federal income tax. RISK/RETURN SUMMARY: FEES AND EXPENSES This table describes the fees and expenses that you may pay if you buy and hold Class A Shares (A), Class B Shares (B), Class C Shares (C), Class F Shares (F) or Institutional Shares (IS) of the Fund. You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the A class or $1,000,000 in the F class of Federated funds. More information about these and other discounts is available from your financial professional and in the "What Do Shares Cost?" section of the Prospectus on page 20. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 24% of the average value of its portfolio. Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. Expenses assuming no redemption are also shown. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE What are the Fund's Main Investment Strategies? The Fund invests in a diversified portfolio that is allocated between tax-exempt securities and equity securities. In seeking to provide investors with a high level of tax advantaged income, the Fund will invest at least 50% of its total assets in tax-exempt securities; under current federal tax law, this strategy will enable interest earned on tax-exempt securities to retain its tax-exempt nature when paid to the Fund's shareholders as dividends. The Fund normally will invest most of its remaining assets in domestic and foreign equity securities that the Fund's investment adviser or subadviser (as applicable, "Adviser") believes will be income producing and pay high dividend yields, with those dividends intended to be eligible for any reduced federal income tax rate that may be available with respect to qualified dividends. Shareholders should note that federal income tax laws with respect to qualified dividends may change, and any applicable reduced income tax rate may change or be eliminated for some or all individual taxpayers. The Fund intends that the income it receives from the portion of its portfolio invested in tax-exempt securities will be exempt from federal income tax when distributed to shareholders. The Fund will invest primarily in securities whose interest is not subject to (or not a specific preference item for purposes of) the federal alternative minimum income tax for individuals or corporations (AMT). While the Fund may invest in securities of any maturity, at least a majority of the Fund's tax-exempt portfolio will be invested in intermediate (i.e., securities with stated maturities of more than three years but less than 10 years) and/or long-term (i.e., securities with stated maturities of 10 or more years) tax-exempt securities. The allocation between intermediate and long-term securities generally will be driven by the portfolio manager's assessment of income opportunities, as well as the portfolio manager's expectations of likely price performance for different maturities along the yield curve. The Fund may invest in tax-exempt securities rated as low as "B" by a nationally recognized statistical rating organization (NRSRO), or unrated securities of comparable quality. Tax-exempt securities rated below "BBB" by an NRSRO, such as Standard and Poor's, are considered noninvestment-grade securities, which are also known as junk bonds. In addition to the other risks described in this Prospectus that are applicable to tax-exempt securities, noninvestment-grade securities are subject to the risks of investing in noninvestment-grade securities as described in the Fund's Prospectus. Regarding the equity securities portion of the Fund's portfolio, the Fund will invest primarily in income producing, high dividend paying domestic and foreign common stocks and other securities, the dividends from which are intended to be eligible for any reduced federal income tax rate that may be available with respect to qualified dividends. The Fund will focus on value in seeking to select primarily equity securities of mid- to large-capitalization companies that pay dividends, are characterized by sound management and have the ability to finance expected growth. The Fund's Adviser's focus on dividend paying securities strives to create an equity portfolio whose income levels are higher than the general markets. The securities in which the Fund may principally invest include tax-exempt securities, which may include, for example, general obligation bonds, special revenue bonds, private activity bonds, tax increment financing bonds, municipal leases, zero-coupon securities, inverse floaters, municipal mortgage-backed securities and planned amortization classes (or PACs). Certain of the tax-exempt securities in which the Fund invests may be subject to credit enhancement. The equity securities in which the Fund may principally invest include, for example, common stocks, preferred stocks, foreign securities, American Depositary Receipts (ADRs) and domestically traded securities of foreign issuers. The Fund also may invest principally in convertible securities and securities of other investment companies. The Fund also may principally invest in derivative contracts (such as, for example, futures contracts, option contracts and swap contracts) and hybrid instruments to implement elements of its investment strategies as more fully described in the Fund's Prospectus. The Fund has fundamental investment policies under which the Fund will attempt: (a) to invest its assets so that the income derived from municipal securities (or tax-exempt securities) that it distributes will be exempt from federal income tax (including the AMT), except when investing for "defensive" purposes; and (b) to invest so that dividends received for equity securities will qualify for federal income taxation at the 15% rate (which was the reduced federal income tax rate on qualified dividends from 2003 through 2012; shareholders should note that federal income tax laws with respect to qualified dividends may change, and any applicable reduced income tax rate may change or be eliminated for some or all individual taxpayers. At least 80% of the Fund's assets will be invested in municipal bonds and equity securities at all times. What are the Main Risks of Investing in the Fund? Performance: Bar Chart and Table Risk/Return Bar Chart The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's A class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns for each class averaged over the stated periods, and includes comparative performance information. The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400. Federated Muni and Stock Advantage Fund - A Class Average Annual Total Return Table The total returns shown in the bar chart do not reflect the payment of any sales charges or recurring shareholder account fees. If these charges or fees had been included, the returns shown would have been lower. The Fund's A class total return for the nine-month period from January 1, 2012 to September 30, 2012, was 8.97%. Within the periods shown in the bar chart, the Fund's A class highest quarterly return was 10.04% (quarter ended September 30, 2009). Its lowest quarterly return was (8.60)% (quarter ended December 31, 2008). The A class total returns, rather than the B class, C class, F class or IS class total returns, are shown in the bar chart above and table below because this is a combined prospectus for each class, the A class was shown in the combined prospectus for the A class, B class, C class and F class until December 31, 2010 and the A class, B class and C class commenced operations on September 26, 2003, the F class on May 31, 2007, and the IS class on December 29, 2010. January 1, 2014 0.24 You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the A class or $1,000,000 in the F class of Federated funds. All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The bar chart shows the variability of the Fund's A class total returns on a calendar year-by-year basis. 1-800-341-7400 FederatedInvestors.com The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. In addition to Return Before Taxes, Return After Taxes is shown for the Fund's A class to illustrate the effect of federal taxes on Fund returns. After-tax returns are not relevant to investors holding Shares through tax-deferred programs, such as a 401(k) plan, an Individual Retirement Account or other tax-advantaged investment plan. The stated returns assume the highest historical federal income and capital gains tax rates. These after-tax returns do not reflect the effect of any applicable state and local taxes. The total returns shown in the bar chart do not reflect the payment of any sales charges or recurring shareholder account fees. If these charges or fees had been included, the returns shown would have been lower. In addition to Return Before Taxes, Return After Taxes is shown for the Fund's A class to illustrate the effect of federal taxes on Fund returns. After-tax returns are shown only for A class, and after-tax returns for B class, C class, F class and IS class will differ from those shown for A class. Actual after-tax returns depend on each investor's personal tax situation, and are likely to differ from those shown. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal income and capital gains tax rates. These after-tax returns do not reflect the effect of any applicable state and local taxes. After-tax returns are not relevant to investors holding Shares through tax-deferred programs, such as a 401(k) plan, an Individual Retirement Account or other tax-advantaged investment plan. (For the Period Ended December 31, 2011) up to but not including the later of (the "Termination Date"): (a) January 1, 2014; or (b) the date of the Fund's next effective Prospectus. Portfolio Turnover All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. The primary factors that may reduce the Fund's returns include:<ul type="square"><li style="margin-left: 5px">Interest Rate Risk. Prices of fixed-income securities (including tax-exempt securities) generally fall when interest rates rise. Interest rate changes have a greater effect on prices of fixed-income securities with longer durations.</li></ul><ul type="square"><li style="margin-left: 5px">Issuer Credit Risk. It is possible that interest or principal on securities will not be paid when due. Noninvestment-grade securities generally have a higher default risk than investment-grade securities. Such non-payment or default may reduce the value of the Fund's portfolio holdings, its share price and its performance.</li></ul><ul type="square"><li style="margin-left: 5px">Counterparty Credit Risk. A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</li></ul><ul type="square"><li style="margin-left: 5px">Liquidity Risk. Certain securities in which the Fund invests may be less readily marketable and may be subject to greater fluctuation in price than other securities. These features may make it more difficult to sell or buy a security at a favorable price or time. Noninvestment-grade securities generally have less liquidity than investment-grade securities. Liquidity risk also refers to the possibility that the Fund may not be able to sell a security or close out a derivative contract when it wants to. Over-the-counter derivative contracts generally carry greater liquidity risk than exchange-traded contracts.</li></ul><ul type="square"><li style="margin-left: 5px">Tax Risk. In order to be tax-exempt, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable. The federal income tax treatment of payments in respect of certain derivative contracts is unclear. Consequently, the Fund may receive payments, and make distributions, that are treated as ordinary income for federal income tax purposes.</li></ul><ul type="square"><li style="margin-left: 5px">Leverage Risk. Leverage risk is created when an investment, which includes, for example, a derivative contract, exposes the Fund to a level of risk that exceeds the amount invested. Changes in the value of such an investment magnify the Fund's risk of loss and potential for gain. Investments can have these same results if their returns are based on a multiple of a specified index, security or other benchmark.</li></ul><ul type="square"><li style="margin-left: 5px">Call Risk. The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below or above its current market value.</li></ul><ul type="square"><li style="margin-left: 5px">Sector Risk. It is possible that a certain sector of the securities market may underperform other sectors or the market as a whole. As the Adviser allocates more of the Fund's portfolio holdings to a particular sector, the Fund's performance will be more susceptible to any economic, business, political or other developments which generally affect that sector.</li></ul><ul type="square"><li style="margin-left: 5px">Prepayment Risk. When homeowners prepay their mortgages in response to lower interest rates, the Fund will be required to reinvest the proceeds at the lower interest rates available. Also, when interest rates fall, the price of municipal mortgage-backed securities may not rise to as great an extent as that of other fixed-income securities.</li></ul><ul type="square"><li style="margin-left: 5px">Credit Enhancement Risk. The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, the rating on a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund.</li></ul><ul type="square"><li style="margin-left: 5px">Risk Associated with Noninvestment-Grade Securities. The Fund may invest a portion of its assets in securities that are below investment-grade quality (which are also known as junk bonds), which may be subject to greater economic, credit and liquidity risks than investment-grade securities.</li></ul><ul type="square"><li style="margin-left: 5px">Risk Related to the Economy. Lower-grade bond returns are sensitive to changes in the economy. The value of the Fund's portfolio may decline in tandem with a drop in the overall value of the stock market based on negative developments in the U.S. and global economies.</li></ul><ul type="square"><li style="margin-left: 5px">Risk of Investing in Derivative Contracts and Hybrid Instruments. Derivative contracts and hybrid instruments involve risks different from, or possibly greater than, risks associated with investing directly in securities and other traditional investments. Specific risk issues related to the use of such contracts and instruments include valuation and tax issues, increased potential for losses and/or costs to the Fund, and a potential reduction in gains to the Fund. Each of these issues is described in greater detail in this Prospectus. Derivative contracts and hybrid instruments may also involve other risks described in this Prospectus or the Fund's Statement of Additional Information (SAI), such as interest rate, credit, liquidity and leverage risks.</li></ul><ul type="square"><li style="margin-left: 5px">Tax-Exempt Securities Market Risk. The amount of public information available about fixed-income securities (including tax-exempt securities) is generally less than that for corporate equities or bonds. Consequently, the Fund's Adviser may make investment decisions based on information that is incomplete or inaccurate. The secondary market for fixed-income securities also tends to be less well-developed or liquid than many other securities markets, which may adversely affect the Fund's ability to sell its fixed-income securities at attractive prices. Special factors, such as legislative changes and local and business developments, may adversely affect the yield or value of the Fund's investments in fixed-income securities.</li></ul><ul type="square"><li style="margin-left: 5px">Reinvestment Risk. Income from the Fund's tax-exempt security portfolio will decline if and when the Fund invests the proceeds from matured, traded or called fixed-income securities (including tax-exempt securities) at market interest rates that are below the portfolio's current earnings rate. A decline in income could affect the overall return of Shares.</li></ul><ul type="square"><li style="margin-left: 5px">Risk of Foreign Investing. Because the Fund invests in securities issued by foreign companies, the Fund's Share price may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than could otherwise be the case.</li></ul><ul type="square"><li style="margin-left: 5px">Risk of Investing in ADRs and Domestically Traded Securities of Foreign Issuers. Because the Fund may invest in American Depositary Receipts (ADRs) and other domestically traded securities of foreign companies, the Fund's Share price may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case.</li></ul><ul type="square"><li style="margin-left: 5px">Currency Risk. Because the exchange rates for currencies fluctuate daily, prices of the foreign securities in which the Fund invests are more volatile than prices of securities traded exclusively in the United States.</li></ul><ul type="square"><li style="margin-left: 5px">Eurozone Related Risk. A number of countries in the European Union (EU) have experienced, and may continue to experience, severe economic and financial difficulties. Additional EU member countries may also fall subject to such difficulties. These events could negatively affect the value and liquidity of the Fund's investments in euro-denominated securities and derivatives contracts, securities of issuers located in the EU or with significant exposure to EU issuers or countries.</li></ul><ul type="square"><li style="margin-left: 5px">Stock Market Risk. The value of equity securities in the Fund's portfolio will fluctuate and, as a result, the Fund's Share price may decline suddenly or over a sustained period of time.</li></ul><ul type="square"><li style="margin-left: 5px">Risk Related to Investing for Value. Due to their relatively low valuations, value stocks are typically less volatile than growth stocks. For instance, the price of a value stock may experience a smaller increase on a forecast of higher earnings, a positive fundamental development, or positive market development. Further, value stocks tend to have higher dividends than growth stocks. This means they depend less on price changes for returns and may lag behind growth stocks in an up market.</li></ul><ul type="square"><li style="margin-left: 5px">Strategy Risk. Securities and investment strategies with different characteristics tend to shift in and out of favor depending upon market and economic conditions as well as investor sentiment. A fund may outperform or underperform other funds that employ a different style or strategy. The Fund may employ a combination of styles that impact its risk characteristics.</li></ul><ul type="square"><li style="margin-left: 5px">Custodial Services and Related Investment Costs. Custodial services and other costs relating to investment in international securities markets generally are more expensive than in the United States. Such markets have settlement and clearance procedures that differ from those in the United States. In certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. The inability of the Fund to make intended securities purchases due to settlement problems could cause the Fund to miss attractive investment opportunities. Inability to dispose of a portfolio security caused by settlement problems could result in losses to the Fund due to a subsequent decline in value of the portfolio security. In addition, security settlement and clearance procedures in some emerging countries may not fully protect the Fund against loss of its assets.</li></ul><ul type="square"><li style="margin-left: 5px">Technology Risk. Proprietary and third-party data and systems are utilized to support decision making for the Fund. Data imprecision, software or other technology malfunctions, programming inaccuracies and similar circumstances may impair the performance of these systems, which may negatively affect Fund performance.</li></ul>The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. 2012-09-30 0.0897 highest quarterly return 2009-09-30 0.1004 lowest quarterly return 2008-12-31 -0.086 The Fund's A class total return for the nine-month period from January 1, 2012 to September 30, 2012 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleNoRedemptionTransposedFederatedMuniandStockAdvantageFund column period compact * ~</div> 485BPOS FEDERATED INCOME SECURITIES TRUST 0.0912 0.0541 0.1224 0.009 -0.1649 0.1458 0.0461 0.1167 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedMuniandStockAdvantageFundBarChart column period compact * ~</div> 50000 1000000 The Adviser and its affiliates have voluntarily agreed to waive their fees and/or reimburse expenses so that the total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, if any) paid by the Fund's A class, B class ,C class , F class and IS class (after the voluntary waivers and/or reimbursements) will not exceed 1.00%, 1.75%, 1.75% 1.00% and 0.75%, (the "Fee" Limit")" respectively, up to but not including the later of (the "Termination Date"): (a) January 1, 2014; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Fund's Board of Trustees. The Fund's A class, B class and C class start of performance was September 26, 2003. The Fund's F class start of performance date was May 31, 2007. The Fund's IS class start of performance was December 29, 2010. For the period prior to the commencement of operations of the IS class, the performance information shown is for the Fund's A class. The performance of the A class also has been adjusted to reflect the expenses of the IS class for the periods (2004 and 2005) in which the expenses for A class were lower than the expenses for the IS class. For other periods (2006 through December 28, 2010), the performance of the A class had not been adjusted to reflect the expenses of the IS class, since the IS class had a lower expense ratio than the expense ratio of the A class during those periods. The performance of the A class also has been adjusted to reflect the absence of sales charges and adjusted to remove any voluntary waiver of fund expenses related to the A class during the period prior to commencement of the IS class. The S&P Municipal Bond Index (S&P Muni Index) is a broad, comprehensive, market value-weighted index composed of approximately 55,000 bond issues that are exempt from U.S. federal income taxes or subject to the AMT. Eligibility criteria for inclusion in the S&P Muni Index include, but are not limited to: the bond issuer must be a state (including the Commonwealth of Puerto Rico and U.S. territories) or a local government or a state or local government entity where interest on the bond is exempt from U.S. federal income taxes or subject to the AMT; the bond must be held by a mutual fund for which Standard & Poor's Securities Evaluations, Inc. provides prices; it must be denominated in U.S. dollars and have a minimum par amount of $2 million; and the bond must have a minimum term to maturity and/or call date greater than or equal to one calendar month. The S&P Muni Index is rebalanced monthly. The Dow Jones U.S. Select Dividend Index's (DJSDI) universe is defined as all dividend-paying companies in the Dow Jones U.S. Total Market Index that have a non-negative, historical, five-year dividend-per-share growth rate, a five-year average dividend earnings-per-share ratio of less than or equal to 60% and three-month average daily trading volume of 200,000 shares. Current index components are included in the universe regardless of their dividend payout ratio. The Dow Jones U.S. Total Market Index is a rules-governed, broad-market benchmark that represents approximately 95% of the U.S. market capitalization.