0001318148-13-000327.txt : 20130212 0001318148-13-000327.hdr.sgml : 20130212 20130212105335 ACCESSION NUMBER: 0001318148-13-000327 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130212 DATE AS OF CHANGE: 20130212 EFFECTIVENESS DATE: 20130212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FEDERATED INVESTMENT SERIES FUNDS INC CENTRAL INDEX KEY: 0000889388 IRS NUMBER: 256287987 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-48847 FILM NUMBER: 13595148 BUSINESS ADDRESS: STREET 1: 4000 ERICSSON DRIVE CITY: WARRENDALE STATE: PA ZIP: 15086-7561 BUSINESS PHONE: 8003417400 MAIL ADDRESS: STREET 1: 4000 ERICSSON DRIVE CITY: WARRENDALE STATE: PA ZIP: 15086-7561 FORMER COMPANY: FORMER CONFORMED NAME: INVESTMENT SERIES FUNDS INC DATE OF NAME CHANGE: 19920710 FORMER COMPANY: FORMER CONFORMED NAME: INVESTMENT SERRIES FUNDS INC DATE OF NAME CHANGE: 19920710 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FEDERATED INVESTMENT SERIES FUNDS INC CENTRAL INDEX KEY: 0000889388 IRS NUMBER: 256287987 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-58429 FILM NUMBER: 13595149 BUSINESS ADDRESS: STREET 1: 4000 ERICSSON DRIVE CITY: WARRENDALE STATE: PA ZIP: 15086-7561 BUSINESS PHONE: 8003417400 MAIL ADDRESS: STREET 1: 4000 ERICSSON DRIVE CITY: WARRENDALE STATE: PA ZIP: 15086-7561 FORMER COMPANY: FORMER CONFORMED NAME: INVESTMENT SERIES FUNDS INC DATE OF NAME CHANGE: 19920710 FORMER COMPANY: FORMER CONFORMED NAME: INVESTMENT SERRIES FUNDS INC DATE OF NAME CHANGE: 19920710 0000889388 S000009106 Federated Bond Fund C000024768 Class A Shares FDBAX C000024769 Class B Shares FDBBX C000024770 Class C Shares FDBCX C000024771 Class F Shares ISHIX C000062220 Institutional Shares FDBIX 485BPOS 1 form.htm

1933 Act File No. 33-48847
1940 Act File No. 811-58429

 

Form N-1A

 

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933  
       
  Pre-Effective Amendment No.    
       
  Post-Effective Amendment No.   41
 
and/or
   
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940  
       
  Amendment No.   42
         

 

 

 

FEDERATED INVESTMENT SERIES FUNDS, INC.

(Exact Name of Registrant as Specified in Charter)

 

Federated Investors Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

(Address of Principal Executive Offices)

 

(412) 288-1900

(Registrant’s Telephone Number, including Area Code)

 

John W. McGonigle, Esquire

Federated Investors Tower

Pittsburgh, Pennsylvania 15222-3779

(Name and Address of Agent for Service)

 

 

It is proposed that this filing will become effective (check appropriate box):
   
X

immediately upon filing pursuant to paragraph (b)

pursuant to paragraph (b)

  60 days after filing pursuant to paragraph (a)(1)
  on   pursuant to paragraph (a)(1)
  75 days after filing pursuant to paragraph (a)(2)
  on   pursuant to paragraph (a)(2) of Rule 485
 
If appropriate, check the following box:
   
  This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, and the Investment Company Act of 1940, the Registrant, FEDERATED INVESTMENT SERIES FUNDS, INC., certifies that it meets all of the requirements for effectiveness of this Amendment to its Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Pittsburgh and Commonwealth of Pennsylvania, on the 12th day of February, 2013.

FEDERATED INVESTMENT SERIES FUNDS, INC.

BY: /s/ Alicia G. Powell

Alicia G. Powell, Assistant Secretary

Pursuant to the requirements of the Securities Act of 1933, this Amendment to its Registration Statement has been signed below by the following person in the capacity and on the date indicated:

 

NAME TITLE DATE

BY: /s/ Alicia G. Powell

Alicia G. Powell,
Assistant Secretary

Attorney In Fact For the Persons Listed Below February 12, 2013
John F. Donahue * Director  

J. Christopher Donahue *

 

President and Director (Principal Executive Officer)  
Richard A. Novak* Treasurer (Principal Financial Officer)  
John F. Cunningham* Director  
Maureen Lally-Green* Director  
Peter E. Madden* Director  
Charles F. Mansfield, Jr.* Director  
Thomas O’Neill Director  
John S. Walsh* Director  
*By Power of Attorney    

 

 
 

 

Federated Bond Fund

A portfolio of Federated Investment Series Funds, Inc.

Post-Effective Amendment No. 41

This Post-Effective Amendment is filed for the sole purpose of submitting the XBRL Interactive Data File exhibits for the Risk/Return Summaries of the above-named Fund filed as part of Post-Effective Amendment No. 40 on January 24, 2013. The exhibits filed herewith do not constitute the complete publicly filed disclosure for the Fund, and should be used in conjunction with the complete prospectuses for the Fund.

 

Exhibit List for Interactive Data File Submissions.

 

 

EX-101.INS INSTANCE
EX-101.SCH SCHEMA
EX-101.CAL CALCULATION LINKBASE
EX-101.DEF DEFINITION LINKBASE
EX-101.LAB LABEL LINKBASE
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EX-101.INS 2 fisfi-20130124.xml XBRL INSTANCE FILE 0000889388 2012-02-01 2013-01-31 0000889388 fisfi:S000009106Member fisfi:C000024768Member 2012-02-01 2013-01-31 0000889388 fisfi:S000009106Member fisfi:C000024769Member 2012-02-01 2013-01-31 0000889388 fisfi:S000009106Member fisfi:C000024770Member 2012-02-01 2013-01-31 0000889388 fisfi:S000009106Member fisfi:C000024771Member 2012-02-01 2013-01-31 0000889388 fisfi:S000009106Member fisfi:C000062220Member 2012-02-01 2013-01-31 0000889388 fisfi:S000009106Member rr:AfterTaxesOnDistributionsMember fisfi:C000024768Member 2012-02-01 2013-01-31 0000889388 fisfi:S000009106Member rr:AfterTaxesOnDistributionsAndSalesMember fisfi:C000024768Member 2012-02-01 2013-01-31 0000889388 fisfi:S000009106Member fisfi:BarclayUsCreditIndexMember 2012-02-01 2013-01-31 0000889388 fisfi:S000009106Member fisfi:LipperCorporateDebtFundsMember 2012-02-01 2013-01-31 0000889388 fisfi:S000009106Member 2012-02-01 2013-01-31 pure iso4217:USD FEDERATED INVESTMENT SERIES FUNDS INC 2013-01-31 485BPOS false 0.045 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 0.0075 0.0075 0.0075 0.0075 0.0075 0.0005 0.0075 0.0075 0 0 0.0049 0.0049 0.0049 0.0049 0.0024 0.0001 0.0001 0.0001 0.0001 0.0001 0.013 0.02 0.02 0.0125 0.01 -0.0031 -0.002 -0.002 -0.0022 -0.002 0.0099 0.018 0.018 0.0103 0.008 576 753 303 326 102 844 1027 627 593 318 1131 1278 1078 779 552 1947 2147 2327 1596 1225 102 203 203 226 576 844 627 627 493 318 1131 1078 1078 779 552 1947 2147 2327 1596 1225 0.1308 0.0673 0.0193 0.0589 0.0499 -0.1027 0.2646 0.1095 0.0598 0.1022 highest quarterly return 2009-06-30 0.117 lowest quarterly return 2008-09-30 -0.0627 0.0529 0.0348 0.0339 0.039 0.0828 0.0817 0.1054 0.0937 0.0996 0.0704 0.0484 0.0468 0.0683 0.0714 0.0776 0.0823 0.0765 0.0729 0.0674 0.0458 0.0447 0.0654 0.0638 0.0709 0.0733 0.0623 0.0625 Fund Summary Information <br/><br/><b>Federated Bond Fund (the "Fund")</b> <b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</ The Fund's investment objective is to provide as high a level of current income as is consistent with the preservation of capital. <b>RISK/RETURN SUMMARY: FEES AND EXPENSES </b> This table describes the fees and expenses that you may pay if you buy and hold the Fund's Class A Shares (A), Class B Shares (B), Class C Shares (C), Class F Shares (F) and 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 $100,000 and $1,000,000 in certain classes (e.g., A class and F class, respectively) 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 12. <b>Shareholder Fees (fees paid directly from your investment)</b> <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b> <b>Portfolio Turnover </b> 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 6% of the average value of its portfolio. <b>Example </b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>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: <b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE <br/><br/>What are the Fund's Main Investment Strategies? </b> The Fund invests primarily in a diversified portfolio of investment-grade, fixed-income securities. The Adviser seeks to enhance the Fund's performance by allocating relatively more of its portfolio to the security type that the Adviser expects to offer the best balance between current income and risk. The Fund may invest up to 35% of its assets in fixed-income securities rated below investment grade. The Adviser may lengthen or shorten duration from time to time based on its interest rate outlook, but the Fund has no set duration parameters. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. The Fund may invest in derivative contracts or hybrid contracts (such as, for example, futures contracts, options contracts and swap contracts) to implement its investment strategies as more fully described herein.<br/><br/>Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities. <br/><br/>Because the Fund refers to fixed-income investments in its name, it will notify shareholders at least 60 days in advance of any change in its investment policies that would enable the Fund to normally invest less than 80% of its assets in fixed-income investments. <b>What are the Main Risks of Investing in the Fund?</b> 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:<br/><br/><ul type="square"><li style="margin-left: 20px"><b>Interest Rate Risk.</b> Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer durations.</li></ul><ul type="square"><li style="margin-left: 20px"><b>Issuer Credit Risk.</b> It is possible that interest or principal on securities will not be paid when due. 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: 20px"><b>Counterparty Credit Risk.</b> Credit risk includes the possibility that a party to a transaction involving the Fund will fail to meet its obligations. This could cause the Fund to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategy.</li></ul><ul type="square"><li style="margin-left: 20px"><b>Prepayment Risk.</b> 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 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: 20px"><b>Call Risk.</b> An issuer may redeem a fixed-income security before maturity (a "call") at a price below its current market price. </li></ul><ul type="square"><li style="margin-left: 20px"><b>Liquidity Risk.</b> The fixed-income securities in which the Fund invests may be less readily marketable and may be subject to greater fluctuation in price than other securities. OTC derivative contracts generally carry greater liquidity risk than exchange-traded contracts.</li></ul><ul type="square"><li style="margin-left: 20px"><b>Leverage Risk.</b> Leverage risk is created when an investment 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.</li></ul><ul type="square"><li style="margin-left: 20px"><b>Risk Associated with Noninvestment-Grade Securities.</b> The Fund may invest a portion of its assets in securities rated below investment grade which may be subject to greater interest rate, credit and liquidity risks than investment-grade securities.</li></ul><ul type="square"><li style="margin-left: 20px"><b>Risk Related to the Economy.</b> 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: 20px"><b>Risk of Foreign Investing.</b> 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 would otherwise be the case.</li></ul><ul type="square"><li style="margin-left: 20px"><b>Risk of Investing in Derivative Contracts and Hybrid Instruments.</b> 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, currency, liquidity and leverage risks.</li></ul><ul type="square"><li style="margin-left: 20px"><b>Technology Risk.</b> 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. <b>Performance: Bar Chart and Table <br/><br/>Risk/Return Bar Chart</b> 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 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 Bond Fund - A Class 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. <br/><br/>Within the periods shown in the bar chart, the Fund's A class highest quarterly return was 11.70% (quarter ended June 30, 2009). Its lowest quarterly return was (6.27)% (quarter ended September 30, 2008). <b>Average Annual Total Return Table </b> The Fund's IS class commenced operations on January 28, 2008. For the period prior to the commencement of operations of the IS class, the performance information shown below is for the A class. The performance of the A class has not been adjusted to reflect the expenses applicable to the IS class since the IS class has a lower expense ratio than the expense ratio of the A class. The performance of the A class 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 that may have occurred during the period prior to the commencement of operations of the IS class.<br/><br/>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, C, F and IS classes 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 <b>federal</b> income and capital gains tax rates. These after-tax returns do <b>not</b> reflect the effect of any applicable <b>state</b> and <b>local</b> taxes. After-tax returns are not relevant to investors holding Shares through a 401(k) plan, an Individual Retirement Account or other tax-advantaged investment plan.<br/><br/>(For the Period Ended December 31, 2012) February 1, 2014 0.06 You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 and $1,000,000 in certain classes (e.g., A class and F class, respectively) 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. The stated returns assume the highest historical <b>federal</b> income and capital gains tax rates. After-tax returns are not relevant to investors holding Shares through a 401(k) plan, an Individual Retirement Account or other tax-advantaged investment plan. After-tax returns are shown only for A class, and after-tax returns for B, C, F and IS classes will differ from those shown for A class. <div style="display:none">~ http://www.FederatedInvestors.com/role/ScheduleShareholderFeesFederatedBondFund column period compact * ~</div> <div style="display:none">~ http://www.FederatedInvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedBondFund column period compact * ~</div> <div style="display:none">~ http://www.FederatedInvestors.com/role/ScheduleExpenseExampleTransposedFederatedBondFund column period compact * ~</div> <div style="display:none">~ http://www.FederatedInvestors.com/role/ScheduleExpenseExampleNoRedemptionTransposedFederatedBondFund column period compact * ~</div> <div style="display:none">~ http://www.FederatedInvestors.com/role/ScheduleAnnualTotalReturnsFederatedBondFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.FederatedInvestors.com/role/ScheduleAverageAnnualTotalReturnsTransposedFederatedBondFund column period compact * ~</div> 0000889388 2012-11-30 up to but not including the later of (the "Termination Date"): (a) February 1, 2014; or (b) the date of the Fund's next effective Prospectus. The total returns shown in the bar chart do not reflect the payment of any sales charges or recurring shareholder account fees. 2013-01-28 2013-01-25 100000 1000000 The Adviser and its affiliates have voluntarily agreed to waive their fees and/or reimburse expenses so that total annual fund operating expenses (excluding Acquired Fund Fees and Expenses) paid by the Fund's A, B, C, F and IS classes (after the voluntary waivers and/or reimbursements) will not exceed 0.98%, 1.79%, 1.79%, 1.02% and 0.79% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) February 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 additional arrangements prior to the Termination Date, these additional arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Fund's Board of Directors. Barclays Capital changed the name of the " Barclays Capital U.S Credit Index" to "Barclays U.S. Credit Index." The Barclays U.S. Credit Index is a broad based market Index. Lipper figures represent the average of the total returns reported by all the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. They do not reflect sales charges. 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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName FEDERATED INVESTMENT SERIES FUNDS INC
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Federated Bond Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Fund Summary Information

Federated Bond Fund (the "Fund")
Objective [Heading] rr_ObjectiveHeading RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund's investment objective is to provide as high a level of current income as is consistent with the preservation of capital.
Expense [Heading] rr_ExpenseHeading RISK/RETURN SUMMARY: FEES AND EXPENSES
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold the Fund's Class A Shares (A), Class B Shares (B), Class C Shares (C), Class F Shares (F) and 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 $100,000 and $1,000,000 in certain classes (e.g., A class and F class, respectively) 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 12.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination February 1, 2014
Fee Waiver or Reimbursement Over Assets, Later of Termination or Next Effective Prospectus fisfi_FeeWaiverOrReimbursementOverAssetsLaterOfTerminationOrNextEffective up to but not including the later of (the "Termination Date"): (a) February 1, 2014; or (b) the date of the Fund's next effective Prospectus.
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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 6% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 6.00%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 and $1,000,000 in certain classes (e.g., A class and F class, respectively) of Federated funds.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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:
Strategy [Heading] rr_StrategyHeading RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE

What are the Fund's Main Investment Strategies?
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests primarily in a diversified portfolio of investment-grade, fixed-income securities. The Adviser seeks to enhance the Fund's performance by allocating relatively more of its portfolio to the security type that the Adviser expects to offer the best balance between current income and risk. The Fund may invest up to 35% of its assets in fixed-income securities rated below investment grade. The Adviser may lengthen or shorten duration from time to time based on its interest rate outlook, but the Fund has no set duration parameters. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. The Fund may invest in derivative contracts or hybrid contracts (such as, for example, futures contracts, options contracts and swap contracts) to implement its investment strategies as more fully described herein.

Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities.

Because the Fund refers to fixed-income investments in its name, it will notify shareholders at least 60 days in advance of any change in its investment policies that would enable the Fund to normally invest less than 80% of its assets in fixed-income investments.
Risk [Heading] rr_RiskHeading What are the Main Risks of Investing in the Fund?
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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:

  • Interest Rate Risk. Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer durations.
  • Issuer Credit Risk. It is possible that interest or principal on securities will not be paid when due. Such non-payment or default may reduce the value of the Fund's portfolio holdings, its share price and its performance.
  • Counterparty Credit Risk. Credit risk includes the possibility that a party to a transaction involving the Fund will fail to meet its obligations. This could cause the Fund to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategy.
  • 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 mortgage-backed securities may not rise to as great an extent as that of other fixed-income securities.
  • Call Risk. An issuer may redeem a fixed-income security before maturity (a "call") at a price below its current market price.
  • Liquidity Risk. The fixed-income securities in which the Fund invests may be less readily marketable and may be subject to greater fluctuation in price than other securities. OTC derivative contracts generally carry greater liquidity risk than exchange-traded contracts.
  • Leverage Risk. Leverage risk is created when an investment 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.
  • Risk Associated with Noninvestment-Grade Securities. The Fund may invest a portion of its assets in securities rated below investment grade which may be subject to greater interest rate, credit and liquidity risks than investment-grade securities.
  • 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.
  • 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 would otherwise be the case.
  • 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, currency, liquidity and leverage risks.
  • 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.
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.
Risk Lose Money [Text] rr_RiskLoseMoney All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance: Bar Chart and Table

Risk/Return Bar Chart
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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 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.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows the variability of the Fund's A class total returns on a calendar year-by-year basis.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-341-7400
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress FederatedInvestors.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results.
Bar Chart [Heading] rr_BarChartHeading Federated Bond Fund - A Class
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads The total returns shown in the bar chart do not reflect the payment of any sales charges or recurring shareholder account fees.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock 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.

Within the periods shown in the bar chart, the Fund's A class highest quarterly return was 11.70% (quarter ended June 30, 2009). Its lowest quarterly return was (6.27)% (quarter ended September 30, 2008).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Return Table
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The stated returns assume the highest historical federal income and capital gains tax rates.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant to investors holding Shares through a 401(k) plan, an Individual Retirement Account or other tax-advantaged investment plan.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for A class, and after-tax returns for B, C, F and IS classes will differ from those shown for A class.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The Fund's IS class commenced operations on January 28, 2008. For the period prior to the commencement of operations of the IS class, the performance information shown below is for the A class. The performance of the A class has not been adjusted to reflect the expenses applicable to the IS class since the IS class has a lower expense ratio than the expense ratio of the A class. The performance of the A class 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 that may have occurred during the period prior to the commencement of operations of the IS class.

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, C, F and IS classes 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 a 401(k) plan, an Individual Retirement Account or other tax-advantaged investment plan.

(For the Period Ended December 31, 2012)
Federated Bond Fund | A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 4.50%
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of amount redeemed, if applicable) rr_RedemptionFeeOverRedemption none
Exchange Fee rr_ExchangeFeeOverRedemption none
Management Fee rr_ManagementFeesOverAssets 0.75%
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets 0.05%
Other Expenses rr_OtherExpensesOverAssets 0.49%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.30%
Fee Waivers and/or Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.31% [1]
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements rr_NetExpensesOverAssets 0.99%
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 100,000
1 Year rr_ExpenseExampleYear01 576
3 Years rr_ExpenseExampleYear03 844
5 Years rr_ExpenseExampleYear05 1,131
10 Years rr_ExpenseExampleYear10 1,947
1 Year rr_ExpenseExampleNoRedemptionYear01 576
3 Years rr_ExpenseExampleNoRedemptionYear03 844
5 Years rr_ExpenseExampleNoRedemptionYear05 1,131
10 Years rr_ExpenseExampleNoRedemptionYear10 1,947
2003 rr_AnnualReturn2003 13.08%
2004 rr_AnnualReturn2004 6.73%
2005 rr_AnnualReturn2005 1.93%
2006 rr_AnnualReturn2006 5.89%
2007 rr_AnnualReturn2007 4.99%
2008 rr_AnnualReturn2008 (10.27%)
2009 rr_AnnualReturn2009 26.46%
2010 rr_AnnualReturn2010 10.95%
2011 rr_AnnualReturn2011 5.98%
2012 rr_AnnualReturn2012 10.22%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest quarterly return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 11.70%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest quarterly return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (6.27%)
1 Year rr_AverageAnnualReturnYear01 5.29%
5 Years rr_AverageAnnualReturnYear05 7.04%
10 Years rr_AverageAnnualReturnYear10 6.74%
Federated Bond Fund | B
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) rr_MaximumDeferredSalesChargeOverOfferingPrice 5.50%
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of amount redeemed, if applicable) rr_RedemptionFeeOverRedemption none
Exchange Fee rr_ExchangeFeeOverRedemption none
Management Fee rr_ManagementFeesOverAssets 0.75%
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets 0.75%
Other Expenses rr_OtherExpensesOverAssets 0.49%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.00%
Fee Waivers and/or Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.20% [1]
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements rr_NetExpensesOverAssets 1.80%
1 Year rr_ExpenseExampleYear01 753
3 Years rr_ExpenseExampleYear03 1,027
5 Years rr_ExpenseExampleYear05 1,278
10 Years rr_ExpenseExampleYear10 2,147
1 Year rr_ExpenseExampleNoRedemptionYear01 203
3 Years rr_ExpenseExampleNoRedemptionYear03 627
5 Years rr_ExpenseExampleNoRedemptionYear05 1,078
10 Years rr_ExpenseExampleNoRedemptionYear10 2,147
1 Year rr_AverageAnnualReturnYear01 3.90%
5 Years rr_AverageAnnualReturnYear05 6.83%
10 Years rr_AverageAnnualReturnYear10 6.54%
Federated Bond Fund | C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00%
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of amount redeemed, if applicable) rr_RedemptionFeeOverRedemption none
Exchange Fee rr_ExchangeFeeOverRedemption none
Management Fee rr_ManagementFeesOverAssets 0.75%
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets 0.75%
Other Expenses rr_OtherExpensesOverAssets 0.49%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.00%
Fee Waivers and/or Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.20% [1]
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements rr_NetExpensesOverAssets 1.80%
1 Year rr_ExpenseExampleYear01 303
3 Years rr_ExpenseExampleYear03 627
5 Years rr_ExpenseExampleYear05 1,078
10 Years rr_ExpenseExampleYear10 2,327
1 Year rr_ExpenseExampleNoRedemptionYear01 203
3 Years rr_ExpenseExampleNoRedemptionYear03 627
5 Years rr_ExpenseExampleNoRedemptionYear05 1,078
10 Years rr_ExpenseExampleNoRedemptionYear10 2,327
1 Year rr_AverageAnnualReturnYear01 8.28%
5 Years rr_AverageAnnualReturnYear05 7.14%
10 Years rr_AverageAnnualReturnYear10 6.38%
Federated Bond Fund | F
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 1.00%
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00%
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of amount redeemed, if applicable) rr_RedemptionFeeOverRedemption none
Exchange Fee rr_ExchangeFeeOverRedemption none
Management Fee rr_ManagementFeesOverAssets 0.75%
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.49%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.25%
Fee Waivers and/or Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.22% [1]
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements rr_NetExpensesOverAssets 1.03%
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 1,000,000
1 Year rr_ExpenseExampleYear01 326
3 Years rr_ExpenseExampleYear03 593
5 Years rr_ExpenseExampleYear05 779
10 Years rr_ExpenseExampleYear10 1,596
1 Year rr_ExpenseExampleNoRedemptionYear01 226
3 Years rr_ExpenseExampleNoRedemptionYear03 493
5 Years rr_ExpenseExampleNoRedemptionYear05 779
10 Years rr_ExpenseExampleNoRedemptionYear10 1,596
1 Year rr_AverageAnnualReturnYear01 8.17%
5 Years rr_AverageAnnualReturnYear05 7.76%
10 Years rr_AverageAnnualReturnYear10 7.09%
Federated Bond Fund | IS
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of amount redeemed, if applicable) rr_RedemptionFeeOverRedemption none
Exchange Fee rr_ExchangeFeeOverRedemption none
Management Fee rr_ManagementFeesOverAssets 0.75%
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.24%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.00%
Fee Waivers and/or Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.20% [1]
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements rr_NetExpensesOverAssets 0.80%
1 Year rr_ExpenseExampleYear01 102
3 Years rr_ExpenseExampleYear03 318
5 Years rr_ExpenseExampleYear05 552
10 Years rr_ExpenseExampleYear10 1,225
1 Year rr_ExpenseExampleNoRedemptionYear01 102
3 Years rr_ExpenseExampleNoRedemptionYear03 318
5 Years rr_ExpenseExampleNoRedemptionYear05 552
10 Years rr_ExpenseExampleNoRedemptionYear10 1,225
1 Year rr_AverageAnnualReturnYear01 10.54%
5 Years rr_AverageAnnualReturnYear05 8.23%
10 Years rr_AverageAnnualReturnYear10 7.33%
Federated Bond Fund | Return After Taxes on Distributions | A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 3.48%
5 Years rr_AverageAnnualReturnYear05 4.84%
10 Years rr_AverageAnnualReturnYear10 4.58%
Federated Bond Fund | Return After Taxes on Distributions and Sale of Fund Shares | A
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 3.39%
5 Years rr_AverageAnnualReturnYear05 4.68%
10 Years rr_AverageAnnualReturnYear10 4.47%
Federated Bond Fund | Barclays U.S. Credit Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 9.37% [2]
5 Years rr_AverageAnnualReturnYear05 7.65% [2]
10 Years rr_AverageAnnualReturnYear10 6.23% [2]
Federated Bond Fund | Lipper Corporate Debt Funds BBB Rated Average
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 9.96% [3]
5 Years rr_AverageAnnualReturnYear05 7.29% [3]
10 Years rr_AverageAnnualReturnYear10 6.25% [3]
[1] The Adviser and its affiliates have voluntarily agreed to waive their fees and/or reimburse expenses so that total annual fund operating expenses (excluding Acquired Fund Fees and Expenses) paid by the Fund's A, B, C, F and IS classes (after the voluntary waivers and/or reimbursements) will not exceed 0.98%, 1.79%, 1.79%, 1.02% and 0.79% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) February 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 additional arrangements prior to the Termination Date, these additional arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Fund's Board of Directors.
[2] Barclays Capital changed the name of the " Barclays Capital U.S Credit Index" to "Barclays U.S. Credit Index." The Barclays U.S. Credit Index is a broad based market Index.
[3] Lipper figures represent the average of the total returns reported by all the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. They do not reflect sales charges.

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