Past performance is no guarantee of future results.

There is no guarantee that any type of investment approach will be successful.

Variable and floating-rate loans and securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much or as quickly as interest rates in general. Conversely, variable and floating-rate loans and securities generally will not increase in value as much as fixed-rate debt instruments if interest rates decline.

Investors should carefully consider the portfolio's investment objectives, risks, charges and expenses before investing. Information about these and other important subjects is in the Investment Circular, which you should read carefully before investing.

Effective Duration: A measure of a security’s price sensitivity to changes in interest rates. One of the methods of calculating the risk associated with interest rate changes on securities such as bonds.

Issued and approved by Federated Investment Counseling

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