September 9, 2002

Federated to Fold Asia Fund

Sept. 5, 2002 -- The Federated Asia Pacific Growth Fund/A (APCAX) is slated to be merged out of existence because it lacks assets.

Federated Investors is seeking shareholder approval to combine the fund with the Federated International Capital Appreciation Fund, which was formerly called the Federated International Growth/A (IGFAX).

The Asia Pacific Growth fund, which invests in developed and developing countries, has had "difficulty in growing its assets," Federated said in a regulatory filing today. The fund's relative small size and high expenses have raised concerns about its "long-term viability," Federated added.

The fund currently has total assets of about $9.2 million, compared to the International Capital Appreciation's $28 million, the fund complex said.

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