Fund Description

The fund was incepted in February 1996 and is managed by Federated Global Investment Management Corp. The fund's investment objective is to provide long term growth of capital. The fund pursues its investment objective by investing primarily in equity securities of foreign companies that have a market capitalization at the time of purchase of $5.0 billion or less. In some countries, a small company by U.S. standards might rank among the largest in that country in terms of its capitalization. Market capitalization is determined by multiplying the number of outstanding shares by the current market price per share. The fund may invest its assets in any region of the world. It invests in companies based in emerging markets, typically in the Far East, Latin America and Eastern Europe, as well as in firms operating in developed countries, such as those of Canada, Japan and Western Europe. The fund offers dividends and capital gains annually.