Federated Floating Rate Strategic Income Fund

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1 1st Quarter 2016 Product Profile Federated Floating Rate Strategic Income Fund FUND FACTS Performance Inception Date A Shares: 2/23/11 Institutional Shares: 12/3/10 Benchmark 55% Credit Suisse Leveraged Loan Index/15% One- Month Libor/30% BofA Merrill Lynch 1-Year U.S. Treasury Note Index Morningstar Category Bank Loan Lipper Category Loan Participation Funds Fund Assets $570.1 million Ticker Symbols Institutional Shares FFRSX A Shares FRSAX C Shares FRICX Portfolio Statistics Weighted Average Effective Duration 0.02 Yrs. 30-Day Yield % Weighted Average Bond Price $95.7 Number of Securities Year Statistics vs. Benchmark FUND INDEX Standard Deviation Alpha Beta Correlation R Sources: Federated Investors, Morningstar, Inc. Past performance is no guarantee of future results. See disclosure section for important definitions. All information as of 3/31/16 unless otherwise noted. PRODUCT HIGHLIGHTS Pursues total return consistent with current income and low interest-rate volatility. Invests primarily in a strategic mix of floating-rate fixed-income investments, which pay interest at rates that increase or decrease with changes in market rates. Has broad flexibility to invest across a unique range of non-correlated floating-rate sectors: U.S. non-investment grade (primarily floating-rate bank loans); U.S. investment grade (primarily adjustable rate mortgage-backed securities); and international (primarily floating-rate trade finance instruments). Management team strategically positions the fund in the most attractive floating-rate sectors (up to 75% in any sector) and adjusts the sector mix and duration based on relative valuations and economic and market conditions. Provides an option to investors concerned with rising inflation, rising interest rates and longer-term credit risk. PERFORMANCE Average Annual Total Returns (%) Q1 1 Year 3 Year 5 Year Since Inception Expense Ratio* Before Waivers After Waivers A Shares (NAV) A Shares (MOP) Institutional Shares Benchmark Returns (%) Q Year Year Institutional Shares Benchmark Morningstar Category Average Year Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than what is stated. To view performance current to the most recent monthend, and for after-tax returns, contact us or visit FederatedInvestors.com. Maximum Offering Price figures reflect the maximum sales charge of 4.5% for A Shares. See the prospectus for other fees and expenses that apply to a continued investment in the fund. * The fund s expense ratio is from the most recent prospectus. The expense ratio may reflect voluntary fee waivers and/or expense reimbursements determined by the fund s Adviser and its affiliates. The voluntary waivers and/or reimbursements, if applicable, are in effect up to but not including the later of 6/1/16 or the date of the fund s next effective prospectus. Not FDIC Insured May Lose Value No Bank Guarantee

2 KEY INVESTMENT TEAM Mark E. Durbiano, CFA Senior Vice President Senior Portfolio Manager Head of Domestic High- Yield Group and Bond Sector Pod/Committee B. Anthony Delserone Jr., CFA Vice President Senior Portfolio Manager Stephen J. Wagner Senior Vice President Portfolio Manager Senior Investment Analyst Todd Abraham, CFA Senior Vice President Senior Portfolio Manager Head of Government/ Mortgage-Backed Fixed- Income Group Christopher P. McGinley Vice President Portfolio Manager Senior Investment Analyst Head of Trade Finance Team INVESTMENT PROCESS A proven investment process featuring multiple sources of alpha and broad bond market access Federated s belief is that optimum results in fixed-income products are best achieved through a traditional value-based approach, using fundamental analysis with teams focused by sector to extract value from each step of the process. Federated s fixed-income investment process, with a 40-year heritage, combines top-down decision making with bottom-up security selection to provide a diversified, risk-managed portfolio. Teams make key decisions on various fixed-income factors referred to as alpha pods. The alpha pod process consists of duration management, sector allocation, yield curve strategy and currency management. The culmination of this process occurs at the security selection level. Duration Management The duration decision team establishes the firm s cyclical interest-rate outlook and manages a range of -2 years to +3 years portfolio duration. Sector Allocation The sector allocation team reviews spread relationships among sectors to identify relative value opportunities against the backdrop of Federated s economic outlook. The economic overlay determines if the spread relationships are reasonable, while sector range limits are set against the fund s benchmark. Yield Curve Strategy The yield curve decision team makes recommendations for positioning the portfolio along the yield curve. The team uses yield curve metrics to implement biases with regard to attractiveness and expected yield curve changes. Federal Reserve policy, inflation expectations and convexity/ yield trade-off are among the factors used in this analysis. Security Selection Each decision team delivers a model list of securities. Processes specific to each industry sector are then used to select the optimum securities for the fund s portfolio. Risk Management Risk is managed during the portfolio construction process, with the portfolio then evaluated using attribution analysis. This feedback loop ensures continuous risk management and tests the assumptions made at each of the alpha decision points. Duration Management Sector Allocation Yield Curve Strategy Security Selection The portfolio is positioned to benefit from our interest-rate outlook based on a thorough economic analysis of: Business cycles Valuation indicators Global attractiveness The portfolio is overweighted or underweighted relative to the benchmark after an intensive review of: Historical spread analysis Volatility analysis Business cycle The portfolio is positioned along the yield curve based on assessment of: Federal Reserve policy Inflation expectations Forecasting model A model list of securities is identified through analysis of: Industry outlook Relative value Credit quality Structural characteristics

3 INVESTMENT REVIEW Market Overview Leveraged-finance asset classes were under pressure during the first half of 2016 s first quarter, but abruptly reversed course in February to generate attractive positive returns. This included the domestic leveraged-loan market, the asset class in which the fund maintained its highest concentration. For example, loan risk spreads as measured by the discount margin (3-year) on the Credit Suisse Loan Index (CSLLI) ratcheted wider from 6.43% at the beginning of the quarter, reached their intra-quarter peak of 7.00% on Feb. 19, 2016 but ultimately narrowed the rest of the way to finish the reporting period at 6.21%. Despite the negative volatility early in the quarter, the return of the CSLLI for the first quarter ending March 31, 2016 was an attractive 1.33%, driven primarily by the current income stream generated by leveraged loans. Several factors contributed to the mid-quarter rebound in leveraged finance markets. Overall risk sentiment improved as equity markets in the U.S. recovered quickly after reaching an intra-quarter bottom on Feb. 11, Investor concerns about recession risk in the U.S. were temporarily allayed as favorable employment and consumer data offered some clues about the resiliency of the domestic economy. In addition, dovish comments and actions from the Federal Reserve (Fed) and European Central Bank provided support for risk assets and prolonged the anticipated timeframe for accommodative monetary policy conditions. Finally, positive asset flows into the U.S. high-yield market contributed to improved technical conditions and valuation support that eventually spilled over into the U.S. leveraged-loan market. The aforementioned factors, combined with the stabilization and small bounce in crude oil prices, created a favorable backdrop for a recovery in risk asset prices during the second half of the quarter. Short-term rates remained relatively anchored during the first quarter as markets assessed the anticipated timeline for Fed tightening. The 3-month London Interbank Offered Rate (Libor), a common benchmark rate for floating-rate assets, displayed little movement and ended the quarter at 0.63%. Most leveraged loans carry floors that exceed the quarter-end level of 3-month Libor; therefore, coupons on these assets are not yet reacting to changes in the benchmark rate. Performance Federated Floating Rate Strategic Income Fund Institutional Shares had a net total return of 1.35% for the three months ending March 31, On a gross basis, the portfolio outperformed its blended benchmark during the quarter. The blended benchmark return is comprised of the following mix: 55% CSLLI; 30% 1-year U.S. Treasury Note Index and 15% 1-month Libor. The fund maintained an overweight to the domestic non-investment-grade sector, which outperformed the other sectors in the blended benchmark during the quarter. Favorable credit selection within this sector also contributed to the outperformance. Fund management continued to emphasize an overweight allocation to leveraged loans in the middle tier of the credit quality spectrum relative to that portion of the benchmark, the CSLLI. The fund maintained a slight overweight to the foreign fixed-income sector relative to the blended benchmark. Positive credit selection encompassing trade-finance instruments, international loans and international bonds contributed to the fund s outperformance against the blended benchmark. Overall fund performance relative to the blended benchmark was positively impacted by an underweight position in the higher-quality domestic investment-grade sector, which generated modest positive returns. The fund s short positions in U.S. Treasury futures contracts detracted from performance during the quarter in response to the declining rate movement in the middle-to-longer end of the Treasury curve. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than what is stated. To view performance current to the most recent month-end, and for after-tax returns, contact us or visit FederatedInvestors.com. Positioning and Strategy Fund assets are allocated across three broad sectors: domestic non-investment grade (leveraged loans and high-yield corporates); foreign fixed income (trade finance and loan/corporate); and domestic investment grade (agency mortgage, asset-backed and loan/corporate). Sector allocation and security selection are key drivers of performance relative to the fund s blended benchmark. Leveraged-finance assets recovered and delivered positive total returns for the first quarter. Despite the rally in risk assets, credit spreads in the leveraged-finance markets remained wide of historical medians. Given this relatively attractive valuation, coupled with a reasonable economic backdrop in the U.S., fund management maintained its overweight positioning in the domestic non-investment-grade sector, primarily leveraged loans, at quarter end. The default rate in leveraged-finance markets will likely move higher throughout 2016, but much of the credit stress, particularly in the Energy and Metals/Minerals sectors, already has been reflected in the market price of affected loans and securities. The fund at quarter end also maintained short positions in U.S. Treasury futures contracts as part of its duration management strategy. See disclosure section for important disclosures and definitions.

4 TOP HOLDINGS NAME % OF PORTFOLIO Aramark Corp., Term Loan F - 1st Lien, 2/12/ FHLMC 4097 KF, 9/15/ FNMA FA, 6/25/ FNMA KF, 9/25/ Hilton Worldwide TL B2 1L, Term Loan - 1st Lien, 10/25/ Bway Holding Co., Term Loan B - 1st Lien, 8/08/ Charter Communications Operating LLC, Term Loan - 1st Lien, 01/03/ Multiplan, Inc., Term Loan B - 1st Lien, 03/31/ Pharmaceutical Product Development, Inc., Term Loan - 1st Lien, 8/18/ PowerShares Senior Loan Portfolio 0.8 U.S. Treasury Future -5.7 Total % of Portfolio 4.4 *Represents the notional value of Treasury futures in relation to the total net assets of the portfolio. Sector Weightings 2 (%) Domestic Non-Investment Grade 64.6 Domestic Investment Grade 21.0 Foreign 14.4 Quality Breakdown 2,3 (%) Holdings percentages are based on net assets at the close of business on 3/31/16 and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement purposes. Because this is a managed portfolio, the investment mix will change. CATEGORY RANKINGS Morningstar Bank Loan Category A SHARES 1 YEAR 3 YEARS 5 YEARS Morningstar Category % Rank Morningstar Category Rank 33 of 254 Funds 49 of 212 Funds 74 of 151 Funds IS SHARES 1 YEAR 3 YEARS 5 YEARS Morningstar Category % Rank Morningstar Category Rank 22 of 254 Funds 13 of 212 Funds 44 of 151 Funds Lipper Loan Participation Funds A SHARES 1 YEAR 3 YEARS 5 YEARS Lipper Category % Rank Lipper Category Rank 30 of 211 Funds 37 of 172 Funds 59 of 124 Funds AAA 7.6 AA 0.6 A 1.8 BBB 11.7 BB 30.8 B 32.2 CCC 7.1 Not Rated 6.8 Cash/Cash Equivalents 1.4 Asset Distribution 2 (%) IS SHARES 1 YEAR 3 YEARS 5 YEARS Lipper Category % Rank Lipper Category Rank 20 of 211 Funds 9 of 172 Funds 35 of 124 Funds Past performance is no guarantee of future results. Rankings are based on total return and do not take sales charges into account. CALENDAR YEAR RETURNS (%) Institutional Shares Benchmark Morningstar Category Average Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value fluctuate so that an investor s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than what is stated. To view performance current to the most recent month-end, and for after-tax returns, contact us or visit FederatedInvestors.com. Portfolio composition is based on net assets at the close of business on 3/31/16 and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement purposes. Because this is a managed portfolio, the investment mix will change. Bank Loan 74.8 Corporate Bond 10.0 Mortgage 7.1 Trade Finance 5.9 Asset Backed 0.7 Commercial Mortgage-Backed 0.1 Cash/Cash Equivalent 1.4

5 Reasons to Own this Fund The Floating-Rate Advantage Floating-rate securities pay interest at rates that float or reset at a spread above market rates, such as Libor, according to a predetermined schedule. This gives investors the opportunity to pursue a competitive income stream that keeps pace with changing interest rates. Flexibility to Invest Where the Opportunities Are 4 The fund offers a strategic mix of three historically non-correlated sectors: U.S. non-investment grade (primarily adjustable floating-rate bank loans) U.S. investment grade (primarily adjustable rate mortgage-backed securities) International (primarily floating-rate trade finance instruments) 5 Extensive Multi-Sector Management Experience The fund managers fully utilize their extensive multi-sector, multi-market-cycle track record by flexibly positioning the fund in what they believe to be the most attractive sectors (up to 75% in any sector). The fund team continues to adjust the sector mix and duration based on relative valuations and economic and market conditions. FEDERATED KNOWS... Stability Ranks as a leading global investment manager, managing approximately $365 billion* in assets, delivering competitive and consistent results since 1955 and fostering growth by reinvesting in the company Investment Solutions Offers broad product lines spanning domestic and international equity, fixed-income, alternative and money market strategies with the goal of long-term, consistent, competitive performance Diligence Takes the long view, believing that doing business the right way over time will present opportunity for future growth * As of 3/31/16

6 Past performance is no guarantee of future results day yield (also known as SEC yield ) for A Shares is a compounded and annualized figure calculated according to a formula set by the SEC. The formula requires use of a specific methodology for calculating dividends and interest earned, and expenses accrued, during the period, and reflects the maximum offering price per fund share. The standardized computation is designed to facilitate yield comparisons among different funds. In the absence of temporary expense waivers or reimbursements, the 30-day yield would have been 3.27%. 2 The breakdown does not give effect to the impact of derivative investments by the fund, including futures. 3 The ratings agencies that provided the ratings are Standard & Poor s, Moody s and Fitch. When ratings vary, the highest rating is used. Credit ratings ofaor better are considered to be high credit quality; credit ratings of BBB are good credit quality and the lowest category of investment grade; credit ratings BB and below are lower-rated securities ( junk bonds ); and credit ratings of CCC or below have high default risk. The credit quality breakdown does not give effect to the impact of any credit derivative investments made by the fund. 4 There is no guarantee the fund s investment strategy will be successful. 5 The trade finance allocation is limited to 15% of the portfolio. Other securities may be held to increase international exposure. A WORD ABOUT RISK Mutual funds are subject to risks and fluctuate in value. International investing involves special risks, including currency risk, increased volatility, political risks, and differences in auditing and other financial standards. High-yield, lower-rated securities generally entail greater market, credit/default and liquidity risks, and may be more volatile than investment-grade securities. Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices. Diversification does not assure a profit nor protect against loss. The value of some mortgage-backed securities may be particularly sensitive to changes in prevailing interest rates, and although the securities are generally supported by some form of government or private insurance, there is no assurance that private guarantors or insurers will meet their obligations. Variable and floating-rate loans 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. In addition to the risks associated with debt instruments, such as credit, market, interest rate, liquidity and derivatives risks, bank loans are also subject to the risk that the value of the collateral securing a loan may decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. DEFINITIONS BofA Merrill Lynch 1-Year Treasury Note Index is an unmanaged index tracking U.S. government securities. The index is produced by BofA Merrill Lynch, Pierce, Fenner & Smith, Inc. Credit Suisse Leveraged Loan Index is designed to mirror the investable universe of the U.S. dollar-denominated leveraged loan market. Average values are computed over the Index for coupon, current yield, initial spread and price. The average coupon, current yield and initial spread are weighted by market value (amount outstanding multiplied by the price) at the end of the measurement period for each loan currently paying interest in the Index. Total return is computed for each loan, which is the percent change in the value of each loan during the measurement period. Total return is the sum of three components: principal, interest and reinvestment return. 1-Month Libor or London Interbank Offered Rate is the interest rate offered by a specific group of London banks for U.S. dollar deposits with a one-month maturity. Indexes are unmanaged and cannot be invested in directly. Alpha shows how much or how little return is generated, given the risk a portfolio takes. A portfolio with an Alpha greater than 0 has earned more than expected given its Beta meaning the portfolio has generated excess return without increasing risk. A portfolio with a negative Alpha is producing a lower return than would be expected given its risk. Beta measures a portfolio s volatility relative to the market. A Beta greater than 1.00 suggests the portfolio has historically been more volatile than the market as measured by the fund s benchmark. A Beta less than 1.00 suggests the portfolio has historically had less volatility relative to the market. Correlation is the degree to which one variable (here, the fund s returns) fluctuates relative to another (the returns of the fund s benchmark). Correlation ranges from 1.00, when two variables move identically in the same direction, to -1.00, when two variables move identically in the opposite direction. R-Squared indicates what percentage of a portfolio s movement in performance is explained by movement in performance of the market. R-squared ranges from 0 to 100, and a score of 100 suggests that all movements of a portfolio s performance are completely explained by movements in the market as measured by the fund s benchmark. Standard Deviation is a historical measure of the variability of returns relative to the average annual return. A higher number indicates higher overall volatility. Weighted Average Bond Price is the weighted average of all individual bond prices within a portfolio. Weighted Average Effective Duration (sometimes called Option-Adjusted Duration ) is a measure of a security s price sensitivity to changes in interest rates calculated using a model that recognizes that the probability of a bond being called or remaining outstanding until maturity may vary if market interest rates change, and that makes adjustments based on a bond s embedded options (e.g., call rights, or in the case of a mortgage-backed security, the probability that homeowners will prepay their mortgages), if any, based on the probability that the options will be exercised. A fund s weighted average effective duration will equal the market value weighted average of each bond s effective duration in the fund s portfolio. As with any model, several assumptions are made so the weighted average effective duration of a fund in the Federated family of funds may not be comparable to other funds outside of the Federated family of funds. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations. RATINGS AND RATING AGENCIES Lipper Categories: Data Source: Lipper, A Reuters Company. Copyright 2016 Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Morningstar Category identifies funds based on their actual investment styles as measured by their underlying portfolio holdings over the past three years. If the fund is less than three years old, the category is based on the life of the fund Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Federated Investors, Inc. Federated Investors Tower 1001 Liberty Avenue Pittsburgh, PA FederatedInvestors.com G (4/16) This must be preceded or accompanied by a prospectus. Federated Securities Corp., Distributor Federated is a registered trademark of Federated Investors, Inc Federated Investors, Inc.

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