Bryan J. Dingle, CFA. Mr. Dingle joined Federated in 2006 as a Senior Investment Analyst and an Asst. Vice President of a Federated advisory subsidiary. He became a Vice President of MTB Investment Advisors in 2007. From 1997 to 2006 , he served as a Vice President and Senior Credit Analyst of Fixed Income Corporate Bond Research for MTB Investment Advisors, from 1995-1997 he was an Investment Officer and Junior Credit Analyst at MTB Investment Advisors and from 1994 to 1995 served as a Relationship Manager and Credit Analyst Trainee for M&T Bank. Mr. Dingle earned his B.S. at the University of Delaware and received his M.B.A. in Business and Management from the University of Maryland.

Brian S. Ruffner, has been the Fund’s portfolio manager since April of 2017. Mr. Ruffner is responsible for for providing research and advice on sector allocation and security selection. Mr. Ruffner joined Federated in 1994 in the Fund Accounting department and from 1997 to 2001 was a Trader on the Cash Management Desk. In 2001 Mr. Ruffner became an Investment Analyst and in 2004 was appointed Asst. Vice President of a Federated advisory subsidiary. He became a Senior Investment Analyst and was appointed Vice President in 2007. From 1993 through 1994 Mr. Ruffner was employed by Mellon Bank NA as Global Trade Administrator. Mr. Ruffner earned his B.S. at the Indiana University of Pennsylvania and received his M.B.A. from Duquesne University.