May 23, 2003

Two Federated Funds Switch Managers

May 19, 2003 -- New portfolio managers have joined Federated Global Equity/A (FGEIX) and Federated Large Cap Growth Fund/A (FLGAX).

Philip J. Orlando and Richard Winkowski are running the Large Cap Growth fund; Orlando has also joined the Global Equity fund.

James Grefenstette, who had helped run the two funds, continues as manager of Federated Growth Strategies Fund/A (FGSAX), which he has piloted for nine years.

Another co-manager on the Global fund, Alexandre de Bethmann, has been appointed senior analyst for Asia and Japan, a new position. Winkowski continues as a co-manager of the Global Equity fund.

The other co-manager of the Large Cap Growth fund, Angela Kohler, has been named to the new position of senior analyst for global media companies.

Orlando joined Federated in March from Value Line Asset Management, where he had been chief investment officer for seven years.

A Federated spokeswoman said Orlando looks for growing companies whose stocks are reasonably priced. In picking stocks, Orlando initially evaluates the stock market, the economy, and world and local politics before focusing on individual companies, she added.

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