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Below is the Mutual Fund Analyst Report for FMAGX.

Federated Income Instl SvcFITSX

Morningstar Rating

Fund Research and Analysis

by Harry Milling

Federated Income Institutional is worth considering.

This fund invests solely in mortgage-backed securities issued by "government-sponsored" agencies Fannie Mae FNM, Freddie Mac FRE, and Ginnie Mae. Fannie and Freddie had always had implicit backing of the U. Read more

Kudos

Good risk/reward trade-off.

Skilled manager in agency debt. Read more

Risks

Because the portfolio is all mortgage-backed bonds, prepayment risk is a significant concern whenever the Fed cuts interest rates.

Federated receives poor stewardship marks. Read more

Strategy

The fund abstains from Treasuries and invests solely in mortgage-backed securities. Manager Todd Abraham keeps duration near the Barclays Capital Mortgage-Backed Securities Index, which usually makes the fund less sensitive to changes in interest rates than is typical in the category. Read more

Management

Todd Abraham took the helm in May 2003 after being a comanager of the fund and mortgage-bond specialist. A veteran of Federated Investors, Abraham also manages this fund's sibling, Federated Income FITSX, as well as Federated GNMA FGMAX. Read more

Inside Scoop

The fund invests primarily in government-agency mortgage-backed securities. Read more

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