For access to your Federated investment account

By selecting an investor type you will determine the site experience that best suits your needs.

For access to your Federated investment account

By selecting an investor type you will determine the site experience that best suits your needs.

Why the markets liked the Feds inaction

Seeks absolute (positive) returns with low correlation to theU.S.equity market by investing a majority of its assets in domestic and foreign securities.

For additional information, including definitions of related terms and indexes, see theFinancial GlossaryandBenchmark Index Glossary.

1^1 disclosureIf this product is new, it will not have completed its first financial reporting period. Please check back to view future shareholder reports. For the new share of an existing fund, you may wish to view recent shareholder reports of another share of that fund by visiting another share.

The As of Date for regulatory documents is the date when the document is effective with the SEC and made available on Federateds website.

2^2 disclosureEach fiscal quarter, the Fund will file with the SEC a complete schedule of its monthly portfolio holdings on Form N-PORT. The Funds holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SECs website at 60 days of the end of the fiscal quarter upon filing.

^double dagger disclosurePDF file consists of a Presidents Message or Market Overview (if applicable) and Annual/Semi-Annual Shareholder Report. NOTE: To be sure you have the most recent information, please access both the Annual Report and the Semi-Annual Report.

^dagger disclosureThe funds expense ratio is from the most recent prospectus. The expense ratio may reflect voluntary fee waivers and/or expense reimbursements determined by the funds Advisor and/or its affiliates. The voluntary waivers and/or reimbursements, if applicable, are in effect up to but not including the later of 01/01/2020 or the date of the funds next effective prospectus. The expense ratio includes Dividends and Other Expenses Related to Short Sales. If Dividends and Other Expenses Related to Short Sales were excluded, the total net expenses would have been 1.36%.

Total returns for periods of less than one year are cumulative.

Total return may have been lower in the absence of temporary expense waivers or reimbursements.

The funds Institutional Shares commenced operations on June 29, 2007. For the period prior to the commencement of operations of the Institutional Shares, the performance information shown is for the funds A Shares.The performance of the A Shares has not been adjusted to reflect the expenses of the Institutional Shares since the Institutional Shares are estimated to have a lower expense ratio than the expense ratio of the A Shares.See the prospectus for other fees and expenses that apply to a continued investment in the fund.

Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices.

International investing involves special risks including currency risk, increased volatility, political risks, and differences in auditing and other financial standards.

Investment in gold and precious metals, put options and commodities are subject to additional risks.

The fund may make short sales of securities, which involves unlimited risk including the possibility that losses may exceed the original amount invested.

An investment in an exchange-traded fund (ETF) generally presents the same primary risks as an investment in a fund that is not exchange traded and may also be subject to other risks, such as: (i) ETF shares may trade above or below their net asset value; (ii) an active trading market for an ETFs shares may not develop or be maintained and (iii) trading of an ETFs shares may be halted by the listing exchanges officials.

Absolute return investing may outperform broad markets during periods of flat or negative market performance but may not outperform stocks and bonds during market rallies.

The funds use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional instruments.

After-tax returns are calculated using a standard set of assumptions. Actual after-tax returns depend on each investors personal tax situation, and are likely to differ from those shown. The stated returns assume the highest historical federal income and capital gains tax rates, but do not reflect the effect of any applicable state and local taxes. Return After Taxes on Distributions assumes a continued investment in the fund and shows the effect of taxes on fund distributions. Return After Taxes on Distribution and Sale of Fund Shares assumes all shares were redeemed at the end of each measurement period, and shows the effect of any taxable gain (or offsetting loss) on redemption, as well as the effects of taxes on fund distributions. After-tax returns are not relevant to investors holding shares through tax-deferred programs, such as IRA, 401(k) plans. The after-tax average annual total returns are based on the 37% tax bracket and include the 3.8% tax on net investment income.

Mutual funds are subject to risks and fluctuate in value.

The holdings percentages are based on net assets at the close of business on the date above, and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement purposes. Because this is a managed portfolio, the investment mix will change.

Current and future portfolio holdings are subject to risk.

Investors should carefully consider the funds investment objectives, risks, charges and expenses before investing. To obtain a summary prospectus or prospectus containing this and other information, contact us or view the prospectus provided on this website. Please carefully read the summary prospectus or prospectus before investing.

Product classifications noted at the top are Federateds internal classifications.