Investment strategies described on this site are not necessarily available through every sponsor program. Please check with your Federated representative or your home office to ascertain accessibility.
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Issues discussed within this communication represent the investment manager's explanation of factors that were considered when executing transactions or holding specific securities on the prior date indicated. Because this is a managed portfolio, the investment mix will change and the holdings are not indicative of future portfolio composition. Marketplace conditions fluctuate suddenly and frequently, and investment manager's opinions may change. These comments are not intended to be and do not constitute recommendations that others buy, sell or hold any of the securities discussed. Opinions relate to the representative portfolio as of the date above and are subject to change.
Supplemental to the GIPS composite found on this website in the Performance Profile found in the Documents section.
For printing purposes, this commentary must be accompanied by the full GIPS report.
Past performance is no guarantee of future results.