1933 Act File No. | 33-3164 |
1940 Act File No. | 811-4577 |
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. | 130 | |||
and/or | ||||
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | ||||
Amendment No. | 123 | |||
FEDERATED INCOME SECURITIES TRUST
(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) | ||
on | 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 Income Securities Trust, 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 17th day of July 2013. |
FEDERATED INCOME SECURITIES TRUST |
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 | July 17, 2013 |
John F. Donahue * | Trustee | |
J. Christopher Donahue * | President and Trustee (Principal Executive Officer) | |
Lori A. Hensler* | Treasurer (Principal Financial Officer) | |
Maureen Lally-Green* | Trustee | |
Peter E. Madden* | Trustee | |
Charles F. Mansfield, Jr.* | Trustee | |
Thomas O’Neill* | Trustee | |
John S. Walsh* | Trustee | |
*By Power of Attorney |
Federated Intermediate Corporate Bond Fund Federated Short-Term Income Fund Portfolio of Federated Income Securities Trust Post-Effective Amendment No. 130 |
This Post-Effective Amendment is filed for the sole purpose of submitting the XBRL Interactive Data File exhibits for the Risk/Return Summary of the above-named Fund filed as part of Post-Effective Amendment No. 127 on June 27, 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 prospectus for the Fund. |
Exhibit List for Interactive Data File Submissions.
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EX-101.INS | INSTANCE |
EX-101.SCH | SCHEMA |
EX-101.CAL | CALCULATION LINKBASE |
EX-101.DEF | DEFINITION LINKBASE |
EX-101.LAB | LABEL LINKBASE |
EX-101.PRE | PRESENTATION LINKBASE |
Label | Element | Value | ||||||
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Risk/Return: | rr_RiskReturnAbstract | |||||||
Registrant Name | dei_EntityRegistrantName | FEDERATED INCOME SECURITIES TRUST | ||||||
Prospectus Date | rr_ProspectusDate | Jun. 30, 2013 | ||||||
Federated Intermediate Corporate Bond Fund
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Risk/Return: | rr_RiskReturnAbstract | |||||||
Risk/Return [Heading] | rr_RiskReturnHeading | Federated Intermediate Corporate 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 current income. | ||||||
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 Institutional Shares (IS) or Service Shares (SS). | ||||||
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 | July 1, 2014 | ||||||
Fee Waiver Or Reimbursement Over Assets Later Of Termination Or Next Effective Prospectus | fist_FeeWaiverOrReimbursementOverAssetsLaterOfTerminationOrNextEffectiveProspectus | up to but not including the later of (the "Termination Date"): (a) July 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 28% of the average value of its portfolio. | ||||||
Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 28.00% | ||||||
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. The Example also assumes that your investment has a 5% return each year and that 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: |
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Strategy [Heading] | rr_StrategyHeading | RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE What are the Fund's Main Investment Strategies? |
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Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund invests in a diversified portfolio of investment-grade, fixed-income securities consisting primarily of corporate debt securities, U.S. government mortgage-backed securities, and U.S. Treasury and agency securities. The Fund's investment adviser ("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. Some of the corporate debt securities in which the Fund invests are considered to be "foreign securities," as that term is defined in this Prospectus. The foreign securities in which the Fund invests will be predominately denominated in U.S. dollars. The Fund may invest in derivative contracts to implement its investment strategies as more fully described herein. The Fund intends to invest in the securities of U.S. government-sponsored entities (GSEs), including GSE securities that 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, the Federal National Mortgage Association 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 GSE 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. Finally, the Fund may invest in a few GSE securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities. Such securities include those issued by the Farm Credit System and the Financing Corporation. Although the value of the Fund's Shares will fluctuate, the Adviser will seek to manage the magnitude of fluctuation by limiting, under normal market conditions, the Fund's dollar-weighted average maturity to between three and ten years and dollar-weighted average duration to between three and seven years. Maturity reflects the time until a fixed-income security becomes payable. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. Because the Fund refers to corporate 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 corporate fixed-income investments. |
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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:
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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 |
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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 IS 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. | ||||||
Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The bar chart shows the variability of the Fund's IS 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 Intermediate Corporate Bond Fund - IS Class | ||||||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | The Fund's IS class total return for the three-month period from January 1, 2013 to March 31, 2013, was 1.10%. Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 7.53% (quarter ended June 30, 2009). Its lowest quarterly return was (6.75)% (quarter ended September 30, 2008). |
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Performance Table Heading | rr_PerformanceTableHeading | Average Annual Total Return Table | ||||||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | 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. | ||||||
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 the IS class, and after-tax returns for the SS class will differ from those shown for the IS class. | ||||||
Performance Table Narrative | rr_PerformanceTableNarrativeTextBlock | In addition to Return Before Taxes, Return After Taxes is shown for the Fund's IS class to illustrate the effect of federal taxes on Fund returns. After-tax returns are shown only for the IS class, and after-tax returns for the SS class will differ from those shown for the IS 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) |
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Federated Intermediate Corporate Bond Fund | IS
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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_MaximumDeferredSalesChargeOverOther | 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 | 0.50% | ||||||
Distribution (12b-1) Fee | rr_DistributionAndService12b1FeesOverAssets | none | ||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.47% | ||||||
Acquired Fund Fees and Expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.01% | ||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.98% | ||||||
Fee Waivers and/or Expense Reimbursements | rr_FeeWaiverOrReimbursementOverAssets | 0.41% | [1] | |||||
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | rr_NetExpensesOverAssets | 0.57% | ||||||
1 Year | rr_ExpenseExampleYear01 | $ 100 | ||||||
3 Years | rr_ExpenseExampleYear03 | 312 | ||||||
5 Years | rr_ExpenseExampleYear05 | 542 | ||||||
10 Years | rr_ExpenseExampleYear10 | 1,201 | ||||||
2003 | rr_AnnualReturn2003 | 6.30% | ||||||
2004 | rr_AnnualReturn2004 | 3.48% | ||||||
2005 | rr_AnnualReturn2005 | 2.29% | ||||||
2006 | rr_AnnualReturn2006 | 4.53% | ||||||
2007 | rr_AnnualReturn2007 | 6.00% | ||||||
2008 | rr_AnnualReturn2008 | (7.03%) | ||||||
2009 | rr_AnnualReturn2009 | 17.03% | ||||||
2010 | rr_AnnualReturn2010 | 7.30% | ||||||
2011 | rr_AnnualReturn2011 | 3.13% | ||||||
2012 | rr_AnnualReturn2012 | 9.64% | ||||||
Year to Date Return, Label | rr_YearToDateReturnLabel | The Fund's IS class total return for the three-month period | ||||||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Mar. 31, 2013 | ||||||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | 1.10% | ||||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | highest quarterly return | ||||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Jun. 30, 2009 | ||||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 7.53% | ||||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | lowest quarterly return | ||||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Sep. 30, 2008 | ||||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (6.75%) | ||||||
1 Year | rr_AverageAnnualReturnYear01 | 9.64% | ||||||
5 Years | rr_AverageAnnualReturnYear05 | 5.71% | ||||||
10 Years | rr_AverageAnnualReturnYear10 | 5.11% | ||||||
Federated Intermediate Corporate Bond Fund | SS
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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_MaximumDeferredSalesChargeOverOther | 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 | 0.50% | ||||||
Distribution (12b-1) Fee | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.47% | ||||||
Acquired Fund Fees and Expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.01% | ||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.23% | ||||||
Fee Waivers and/or Expense Reimbursements | rr_FeeWaiverOrReimbursementOverAssets | 0.41% | [1] | |||||
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | rr_NetExpensesOverAssets | 0.82% | ||||||
1 Year | rr_ExpenseExampleYear01 | 125 | ||||||
3 Years | rr_ExpenseExampleYear03 | 390 | ||||||
5 Years | rr_ExpenseExampleYear05 | 676 | ||||||
10 Years | rr_ExpenseExampleYear10 | $ 1,489 | ||||||
1 Year | rr_AverageAnnualReturnYear01 | 9.37% | ||||||
5 Years | rr_AverageAnnualReturnYear05 | 5.45% | ||||||
10 Years | rr_AverageAnnualReturnYear10 | 4.85% | ||||||
Federated Intermediate Corporate Bond Fund | Return After Taxes on Distributions | IS
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Risk/Return: | rr_RiskReturnAbstract | |||||||
1 Year | rr_AverageAnnualReturnYear01 | 8.03% | ||||||
5 Years | rr_AverageAnnualReturnYear05 | 3.92% | ||||||
10 Years | rr_AverageAnnualReturnYear10 | 3.36% | ||||||
Federated Intermediate Corporate Bond Fund | Return After Taxes on Distributions and Sale of Fund Shares | IS
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Risk/Return: | rr_RiskReturnAbstract | |||||||
1 Year | rr_AverageAnnualReturnYear01 | 6.23% | ||||||
5 Years | rr_AverageAnnualReturnYear05 | 3.82% | ||||||
10 Years | rr_AverageAnnualReturnYear10 | 3.33% | ||||||
Federated Intermediate Corporate Bond Fund | Barclays U.S. Intermediate Credit Index (reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | |||||||
1 Year | rr_AverageAnnualReturnYear01 | 8.10% | [2] | |||||
5 Years | rr_AverageAnnualReturnYear05 | 6.71% | [2] | |||||
10 Years | rr_AverageAnnualReturnYear10 | 5.59% | [2] | |||||
Federated Intermediate Corporate Bond Fund | Lipper Intermediate Term Investment Grade Debt Funds Average
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Risk/Return: | rr_RiskReturnAbstract | |||||||
1 Year | rr_AverageAnnualReturnYear01 | 7.82% | [3] | |||||
5 Years | rr_AverageAnnualReturnYear05 | 6.28% | [3] | |||||
10 Years | rr_AverageAnnualReturnYear10 | 5.32% | [3] | |||||
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Federated Short-Term Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federated Short-Term Income Fund (the "Fund") | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Fund's investment objective is to seek to provide current income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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), Institutional Shares (IS), Service Shares (SS) and Class Y Shares (Y) 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 $250,000 in certain classes 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 14. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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. The Example also assumes that your investment has a 5% return each year and that 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 cost would be: |
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Portfolio Turnover | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 22% of the average value of its portfolio. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE What are the Fund's Main Investment Strategies? |
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In pursuing its principal investment strategies, the Fund invests in a diversified portfolio of domestic fixed-income securities consisting of U.S. government and privately issued mortgage-backed and asset-backed securities, corporate debt securities and U.S. Treasury and agency securities. The Fund's investment adviser ("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 in derivative contracts to implement its investment strategies as more fully described below. Although the value of the Fund's Shares will fluctuate, the Adviser will seek to manage the magnitude of fluctuation by limiting the Fund's dollar-weighted average duration within a range of one to three years and, in any event, to not more than three years. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. Under normal market conditions, the Fund's dollar-weighted average maturity is expected to be three years or less. 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 (plus any borrowings for investment purposes) in fixed-income investments. |
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What are the Main Risks of Investing in the Fund? | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Performance: Bar Chart and Table Risk/Return Bar Chart |
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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 IS 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 Short-Term Income Fund - IS Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Fund's IS class total return for the three-month period from January 1, 2013 to March 31, 2013, was 0.23%. Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 4.14% (quarter ended June 30, 2009). Its lowest quarterly return was (1.27)% (quarter ended December 31, 2008). |
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Average Annual Total Return Table | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In addition to Return Before Taxes, Return After Taxes is shown for the Fund's IS class to illustrate the effect of federal taxes on Fund returns. After-tax returns are shown only for the IS class, and after-tax returns for A, SS and Y classes will differ from those shown for the IS 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) |
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