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.

Mr. Wallach is jointly responsible for the day-to-day management of the Fund. He has been with the Adviser or an affiliate since 2011; has worked in investment management since 2011; and has managed investment portfolios since 2025. Educations: B.A., University of Notre Dame; M.B.A., Carnegie Mellon University.