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The fund pursues its investment objective by investing a majority of its assets in domestic (including American Depositary Receipts (ADRs)) and foreign securities (including emerging markets), both debt and equity, that the funds Investment Adviser, Federated Equity Management Company of Pennsylvania (Adviser), and Sub-Adviser, Federated Investment Management Company (Sub-Adviser), deem to be mispriced or misperceived.

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Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

Meissner joined Federated in May 2000 as an Investment Analyst of and became senior investment analyst and assistant vice president in 2003. He was an engineering consultant with AEA Technology Engineering Software from December 1994 through August 1998. Mr. Meissner has received the Chartered Financial Analyst designation and is a member of the CFA Society of Pittsburgh. He received his MSIA from Carnegie Mellon University and M.S. and B.S. in Engineering from the University of Toledo.