| Fund Inception | 05/31/1996 |
| Name of Issuer | Federated |
| Fund Advisor(s) | Federated Equity Management Company Of Pennsylvania |
| Sub-Advisor(s) | Federated Investment Management Company |
Fund Managers for CAPFX
Ihab Salib
Portfolio Manager since 05/13/2013
Responsible for product strategy, portfolio management, and research in the international fixed income area. Previous associations: Senior Trader, global fixed income and foreign exchange securities, Federated Hermes; Associate Director, Senior Analyst/Trader, UBS Brinson; Various positions at Bank of New York and Bankers Trust Company. B.A., State University of New York at Stony Brook. Joined Federated Hermes 1999.
Jerome Conner
Portfolio Manager since 04/08/2014
Jerome D. Conner, CFA, is a portfolio manager at Federated Investment Management Company focusing on asset allocation, interest rate strategy and security selection. He has been with Federated Investment Management Company since 2002; has worked in investment management since 1995; has managed investment portfolios since 2010. Education: B.S., U.S. Naval Academy; M.S., Boston University.
Michael Jura
Portfolio Manager since 01/31/2021
Michael Jura, Vice President, Portfolio Manager, Senior Investment Analyst. Responsible for portfolio management and research on the Balanced Income/Value Team. Previous associations: Associate Portfolio Manager/Investment Analyst, Equity Income, Federated Hermes; Associate Portfolio Manager, Fixed Income Managed Accounts, Federated Hermes; Global Market Applications Manager, Operations Strategy Senior Project Manager, Foreign Exchange Project Manager, The Bank of New York Mellon Corporation. B.S., Carnegie Mellon University; M.B.A., Tepper School of Business, Carnegie Mellon University. Joined Federated Hermes 2012.
Stephen Gutch
Portfolio Manager since 06/01/2023
Stephen K. Gutch, CFA, is Senior Portfolio Manager for Federated Global Investment Management Corp. Mr. Gutch has been with Federated since 2008; has worked in investment management since 1995; and has managed investment portfolios since 2006. Previous associations: Director of Research and Portfolio Manager, Clover Capital Management; Managing Director for hedge fund, Continental Advisors, LLC; Portfolio Manager, Fulcrum Investment Group, LLC. Education: B.A., University of Rochester; M.B.A., William E. Simon Graduate School of Business Administration, also at the University of Rochester.
Steven Chiavarone
Portfolio Manager since 06/01/2023
Steven Chiavarone, CFA, Senior Vice President, Senior Portfolio Manager, Senior Equity Strategist, Head of Multi-Asset Group. Responsible for overseeing the firm's Balanced Income, Tactical Balanced, Alternatives, Multi-Asset Solutions and Index Strategies. Also responsible as a member of the Macro Economic Policy and PRISM Asset Allocation committees to help formulate Federated Hermès' views on the economy, financial markets, and the firm's investment positioning strategies. Previous associations: Project Analyst, PWM Investments, U.S. Trust Co.; Project Manager, U.S. Trust Co. B.A., Drew University. Joined Federated Hermes 2007.
Kathryn Glass
Portfolio Manager since 04/28/2025
Kathryn Glass, CFA, Senior Vice President, Senior Portfolio Manager, Co-Head of Domestic High Yield Group. Responsible for portfolio management and research in the fixed income area concentrating in the domestic high yield sector. Previous association: Summer Associate, Goldman Sachs; Analyst, Federated Hermes. B.A., University of Pittsburgh; M.A., Cornell University; M.S.I.A., Carnegie Mellon University. Professional Affiliations: Member, CFA Society of Pittsburgh. Joined Federated Hermes 1999.
Damian McIntyre
Portfolio Manager since 07/23/2025
Damian McIntyre, CFA, FRM, CAIA, Vice President, Senior Portfolio Manager, Senior Quantitative Analyst, Head of Multi-Asset Solutions Team. Responsible for portfolio management and quantitative research and analysis on the Multi-Asset Solutions and Enhanced Index Teams, as well as helping to formulate Federated Hermes’ views on the economy, the financial markets and the firm’s investment positioning strategies as a member of the Macro Economic Policy and PRISM Asset Allocation committees. B.S., M.B.A., Carnegie Mellon University. Professional Affiliation: Member, CFA Society of Pittsburgh; Certified Financial Risk Manager; Chartered Alternative Investment Analyst; Financial Risk Manager; Fundamentals of Sustainability Accounting Credential Holder. Joined Federated Hermes 2008.
Liam O’Connell
Portfolio Manager since 04/02/2026
Liam O’Connell, CFA, Portfolio Manager, has been the Mortgage-Backed Affiliated Fund’s portfolio manager since February of 2018.
Mr. O’Connell is responsible for day to day management of the Mortgage-Backed Affiliated Fund focusing on asset allocation, interest rate strategy and security selection. He has been with the Adviser or an affiliate since 2003; has worked in investment management since 2003; has managed investment portfolios since 2005. Education: B.S., Webb Institute of Naval Architecture; M.S., Johns Hopkins University; M.B.A., Massachusetts Institute of Technology.
