Strategy. The Fund pursues its investment objective by investing primarily in investment-grade, fixed-income securities, including U.S. and non-U.S. government, agency, inflation protected, mortgage-related, loan participation, asset-backed and corporate debt securities. The fixed-income securities in which the Fund invests may be denominated and issued in U.S. dollars or any other currency. The Fund may invest in foreign currencies and may engage in other foreign currency transactions for investment or hedging purposes. The Fund may invest substantially in securities of issuers domiciled outside the United States, including issuers domiciled in developing countries. The Fund will generally allocate a substantial amount of its total assets (at least 40% unless market conditions are not deemed favorable by Federated Investment Management Company (the Adviser), in which … Show more… The Fund pursues its investment objective by investing primarily in investment-grade, fixed-income securities, including U.S. and non-U.S. government, agency, inflation protected, mortgage-related, loan participation, asset-backed and corporate debt securities. The fixed-income securities in which the Fund invests may be denominated and issued in U.S. dollars or any other currency. The Fund may invest in foreign currencies and may engage in other foreign currency transactions for investment or hedging purposes. The Fund may invest substantially in securities of issuers domiciled outside the United States, including issuers domiciled in developing countries. The Fund will generally allocate a substantial amount of its total assets (at least 40% unless market conditions are not deemed favorable by Federated Investment Management Company (the Adviser), in which case the Fund would invest at least 30%) to non-U.S. investments. The Fund may allocate up to 100% of its total assets to non-U.S. dollar investments. The Fund will allocate its assets among various regions and countries, including the United States, but in no fewer than three different countries and may invest in both developed and developing markets. The Fund may invest up to 25% of its total assets in noninvestment-grade, fixed-income securities (otherwise known as junk bonds). In addition, the Fund may invest up to 25% of its total assets in emerging-markets fixed-income securities. The Fund may use derivative contracts (such as, for example, futures contracts, option contracts and swap contracts) and/or hybrid instruments to implement its investment strategy and to hedge against potential losses. The Fund may also use both spot and forward currency trades and other derivatives to increase or decrease its exposure to foreign interest rate and/or currency markets. There can be no assurance that the Funds use of derivative contracts or hybrid instruments will work as intended. Derivative investments made by the Fund are included within the Funds 80% policy (as described below) and are calculated at market value. The Adviser does not target an average maturity for the Funds portfolio and may invest in bonds of any maturity. When selecting investments for the Fund, the Fund can invest in securities directly or in exchange-traded funds (ETFs) and other investment companies, including, for example, funds advised by the Adviser or its affiliates (Underlying Funds). At times, the Funds investment in Underlying Funds may be a substantial portion of the Funds portfolio. The Fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) are invested in fixed-income investments. The Fund will notify shareholders at least 60 days in advance of any change in its investment policy that would enable the Fund to invest, under normal circumstances, less than 80% of its net assets (plus any borrowings for investment purposes) in fixed-income investments. Portfolio Turnover The Fund actively trades its portfolio securities in an attempt to achieve its investment objective. Active trading will cause the Fund to have an increased portfolio turnover rate and increase the Funds trading costs, which may have an adverse impact on the Funds performance. An active trading strategy will likely result in the Fund generating more short-term capital gains or losses. Short-term gains are generally taxed at a higher rate than long-term gains. Any short-term losses are used first to offset short-term gains. Show less