Fund Description

The fund was incepted in December 2000 and is managed by Federated Investment Management Company. The fund's investment objective is to achieve moderate capital appreciation and high current income. The fund pursues its investment objective by investing, under normal market conditions, its assets in equity securities (including convertible securities) of companies that, in the fund's opinion, are undervalued or out of favor, or securities that appear to display defensive characteristics (i.e. securities that appear to have low volatility in share price relative to the overall equity market during periods of market turbulence). The fund offers dividends quarterly and capital gains annually.