0000745968 fef6:S000030478Member 2012-02-01 2013-01-31 0000745968 2012-02-01 2013-01-31 0000745968 fef6:S000030478Member fef6:C000093651Member 2012-02-01 2013-01-31 0000745968 fef6:S000030478Member rr:AfterTaxesOnDistributionsMember fef6:C000093651Member 2012-02-01 2013-01-31 0000745968 fef6:S000030478Member rr:AfterTaxesOnDistributionsAndSalesMember fef6:C000093651Member 2012-02-01 2013-01-31 0000745968 fef6:S000030478Member fef6:MorganStanleyCapitalInternationalAllCountryWorldIndexMember 2012-02-01 2013-01-31 0000745968 fef6:S000018134Member 2012-02-01 2013-01-31 0000745968 fef6:S000022420Member 2012-02-01 2013-01-31 0000745968 fef6:S000022420Member fef6:C000064507Member 2012-02-01 2013-01-31 0000745968 fef6:S000022420Member fef6:C000064508Member 2012-02-01 2013-01-31 0000745968 fef6:S000022420Member fef6:C000064509Member 2012-02-01 2013-01-31 0000745968 fef6:S000018134Member fef6:C000050154Member 2012-02-01 2013-01-31 0000745968 fef6:S000018134Member fef6:C000050153Member 2012-02-01 2013-01-31 0000745968 fef6:S000018134Member fef6:C000050152Member 2012-02-01 2013-01-31 0000745968 fef6:S000018134Member fef6:C000050155Member 2012-02-01 2013-01-31 0000745968 fef6:S000018134Member fef6:C000050156Member 2012-02-01 2013-01-31 0000745968 fef6:S000022420Member rr:AfterTaxesOnDistributionsMember fef6:C000064507Member 2012-02-01 2013-01-31 0000745968 fef6:S000022420Member rr:AfterTaxesOnDistributionsAndSalesMember fef6:C000064507Member 2012-02-01 2013-01-31 0000745968 fef6:S000022420Member fef6:MsciEafeHighDividendYieldIndexMember 2012-02-01 2013-01-31 0000745968 fef6:S000022420Member fef6:MsciEafeIndexMember 2012-02-01 2013-01-31 0000745968 fef6:S000018134Member rr:AfterTaxesOnDistributionsMember fef6:C000050152Member 2012-02-01 2013-01-31 0000745968 fef6:S000018134Member rr:AfterTaxesOnDistributionsAndSalesMember fef6:C000050152Member 2012-02-01 2013-01-31 0000745968 fef6:S000018134Member fef6:MorganStanleyCapitalInternationalAllCountryWorldIndexExUsaMember 2012-02-01 2013-01-31 pure iso4217:USD <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedGlobalEquityFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedGlobalEquityFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsTransposedFederatedGlobalEquityFund column period compact * ~</div> 2013-01-31 485BPOS FEDERATED EQUITY FUNDS 0000745968 2013-01-28 2013-01-28 2012-11-30 false 0 0 0 0 0 0.009 0 0.0324 0.0001 0.0415 -0.0299 0.0116 417 1261 2120 4331 0.1934 0.1983 0.129 0.1613 0.0679 0.066 0.0573 0.0616 Federated Global Equity Fund (the "Fund") RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE The Fund's investment objective is to provide long-term capital appreciation. RISK/RETURN SUMMARY: FEES AND EXPENSES This table describes the fees and expenses that you may pay if you buy and hold Institutional Shares (IS) of the Fund. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 51% of the average value of its portfolio. Example This Example is intended to help you compare the cost of investing in the Fund's IS class with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund's IS class for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's IS class operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE What are the Fund's Main Investment Strategies? The Fund invests primarily in equity securities of both domestic and foreign companies. The Fund may invest in a company of any style or size (including companies with large-, medium- or small-market capitalizations) in both developed and emerging markets. In selecting securities, the Fund's investment adviser ("Adviser") focuses first on country selection seeking to identify countries, including the United States, whose stock markets appear attractively valued relative to other countries, have better growth prospects, have attractive macroeconomic forces working in their favor and evidence of other factors which the Adviser has identified as being correlated with market outperformance. Once a country's stock market has been selected for investment, the Adviser uses bottom up stock research and optimization models to select a group of stocks which give broad exposure to the targeted market. The models' stock selection criteria includes among other things, growth indicators, valuation indicators and corporate quality indicators. The Fund will invest a significant amount of its assets (at least 40% unless market conditions are not deemed favorable by the Adviser, in which case the Fund would invest at least 30%) in foreign investments. The Fund may buy or sell foreign currencies (which may be implemented through derivative contracts such as forward or future contracts) in lieu of or in addition to non-dollar denominated foreign equity securities in order to increase or decrease its exposure to foreign equity and/or currency markets. The Fund may invest in derivative or hybrid contracts such as futures, options and swaps, as well as exchange-traded funds (ETFs) to implement its investment strategy. Because the Fund refers to equity investments in its name, it will notify shareholders at least 60 days in advance of any changes in its investment policies that would enable the Fund to normally invest less than 80% of its assets (plus any borrowings for investment purposes) in equity investments. What are the Main Risks of Investing in the Fund? All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. The primary factors that may reduce the Fund's returns include: <ul type="square"><li style="margin-left: 20px">Stock Market Risk. The value of equity securities in the Fund's portfolio will fluctuate and, as a result, the Fund's Share price may decline suddenly or over a sustained period of time. Information publicly available about a company, whether from the company's financial statements or other disclosures or from third parties, or information available to some but not all market participants, can affect the price of a company's shares in the market. </li></ul> <ul type="square"><li style="margin-left: 20px">Risk of Foreign Investing. Because the Fund invests in securities issued by foreign companies, the Fund's Share price may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case. </li></ul> <ul type="square"><li style="margin-left: 20px">Risk of Investing in ADRs and Domestically Traded Securities of Foreign Issuers. Because the Fund may invest in American Depositary Receipts (ADRs) and other domestically traded securities of foreign companies, the Fund's Share price may be more affected by the risks of foreign investing. </li></ul> <ul type="square"><li style="margin-left: 20px">Currency Risk. Exchange rates for currencies fluctuate daily. Accordingly, the Fund may experience increased volatility with respect to the value of its Shares and its returns as a result of its exposure to foreign currencies through direct holdings of such currencies or holdings of non-U.S. dollar denominated securities. </li></ul> <ul type="square"><li style="margin-left: 20px">Eurozone Related Risk. A number of countries in the European Union (EU) have experienced, and may continue to experience, severe economic and financial difficulties. Additional EU member countries may also fall subject to such difficulties. These events could negatively affect the value and liquidity of the Fund's investments in euro-denominated securities and derivatives contracts, securities of issuers located in the EU or with significant exposure to EU issuers or countries. </li></ul> <ul type="square"><li style="margin-left: 20px">Emerging Markets Risk. Securities issued or traded in emerging markets generally entail greater risks than securities issued or traded in developed markets. Emerging market countries may have relatively unstable governments and may present the risk of nationalization of businesses, expropriation, confiscatory taxation or, in certain instances, reversion to closed market, centrally planned economies. </li></ul> <ul type="square"><li style="margin-left: 20px">Liquidity Risk. The securities in which the Fund invests may be less readily marketable and may be subject to greater fluctuation in price than other securities. </li></ul> <ul type="square"><li style="margin-left: 20px">Small-Cap Company Risk. The Fund may invest in small capitalization (or "small-cap") companies. Small-cap companies may have less liquid stock, a more volatile share price, unproven track records, a limited product or service base, and limited access to capital. The above factors could make small-cap companies more likely to fail than larger companies, and increase the volatility of the Fund's portfolio, performance and Share price. </li></ul> <ul type="square"><li style="margin-left: 20px">Mid-Cap Companies Risk. The Fund may invest in mid-capitalization (or "mid-cap") companies. Mid-cap companies often have narrower markets, limited managerial and financial resources, more volatile performance and greater risk of failure, compared to larger, more established companies. These factors could increase the volatility of the Fund's portfolio, performance and Share price. </li></ul> <ul type="square"><li style="margin-left: 20px">Sector Risk. Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may underperform other sectors or the market as a whole. As the Adviser allocates more of the Fund's portfolio holdings to a particular sector, the Fund's performance will be more susceptible to any economic, business or other developments which generally affect that sector. </li></ul> <ul type="square"><li style="margin-left: 20px">Exchange-Traded Funds Risk. An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange traded). Investing in an ETF may incur additional fees and/or expenses which would, therefore, be borne indirectly by the Fund in connection with any such investment. </li></ul> <ul type="square"><li style="margin-left: 20px">Risk of Investing in Derivative Contracts and Hybrid Instruments. Derivative contracts and hybrid instruments involve risks different from, or possibly greater than, risks associated with investing directly in securities and other traditional investments. Specific risk issues related to the use of such contracts and instruments include valuation and tax issues, increased potential for losses and/or costs to the Fund and a potential reduction in gains to the Fund. Each of these issues is described in greater detail in this Prospectus. Derivative contracts and hybrid instruments may also involve other risks described in this Prospectus or the Fund's Statement of Additional Information (SAI), such as stock market, credit, currency, liquidity and leverage risks. </li></ul> <ul type="square"><li style="margin-left: 20px">Counterparty Credit Risk. Includes the possibility that a party to a transaction (such as a derivative transaction) involving the Fund will fail to meet its obligations. </li></ul> <ul type="square"><li style="margin-left: 20px">Leverage Risk. Leverage risk is created when an investment (such as a derivative transaction) exposes the Fund to a level of risk that exceeds the amount invested. Changes in the value of such an investment magnify the Fund's risk of loss and potential for gain. </li></ul> <ul type="square"><li style="margin-left: 20px">Custodial Services and Related Investment Cost. Custodial services and other costs relating to investment in international securities markets generally are more expensive due to differing settlement and clearance procedures than those of the United States. In addition, security settlement and clearance procedures in some emerging market countries may not fully protect the Fund against loss of its assets. </li></ul> <ul type="square"><li style="margin-left: 20px">Technology Risk. Proprietary and third-party data and systems are utilized to support decision making for the Fund. Data imprecision, software or other technology malfunctions, programming inaccuracies and similar circumstances may impair the performance of these systems, which may negatively affect Fund performance. </li></ul> The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Performance: Bar Chart and Table Risk/Return Bar Chart The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns averaged over the stated periods, and includes comparative performance information. The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400. Federated Global Equity Fund - IS Class Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 14.41% (quarter ended March 31, 2012). Its lowest quarterly return was (20.99)% (quarter ended Septermber 30, 2011). February 1, 2014 up to but not including the later of (the "Termination Date"): (a) February 1, 2014; or (b) the date of the Fund's next effective Prospectus. 0.51 All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. 1-800-341-7400 FederatedInvestors.com The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. The stated returns assume the highest historical federal income and capital gains tax rates. These after-tax returns do not reflect the effect of any applicable state and local taxes. After-tax returns are not relevant to investors holding shares through a 401(k) plan, an Individual Retirement Plan or other tax-advantaged investment plan. Average Annual Total Return Table In addition to Return Before Taxes, Return After Taxes is shown for the Fund's IS class to illustrate the effect of federal taxes on Fund returns. Actual after-tax returns depend on each investor's personal tax situation, and are likely to differ from those shown. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal income and capital gains tax rates. These after-tax returns do not reflect the effect of any applicable state and local taxes. After-tax returns are not relevant to investors holding shares through a 401(k) plan, an Individual Retirement Plan or other tax-advantaged investment plan. (For the Period Ended December 31, 2012) highest quarterly return 2012-03-31 0.1441 lowest quarterly return 2011-09-30 -0.2099 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedGlobalEquityFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedInterContinentalFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedInterContinentalFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleTransposedFederatedInterContinentalFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsTransposedFederatedInterContinentalFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedInternationalStrategicValueDividendFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedInternationalStrategicValueDividendFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleTransposedFederatedInternationalStrategicValueDividendFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsTransposedFederatedInternationalStrategicValueDividendFund column period compact * ~</div> 0.055 0 0 0 0.01 0 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedGlobalEquityFundBarChart column period compact * ~</div> 0 0 0 0 0 0 0 0 0 0.0075 0.0075 0.0075 0 0 0.055 0 0 0.0005 0.0075 0 0 0.055 0.01 0 0.0066 0 0.0065 0.004 0.0001 0.0001 0 0.0001 0 0 0 0 0.0147 0 0 0 0.0216 0 0 0.0116 0 0 0 0 0 -0.003 -0.003 -0.0036 0.01 0.01 0.01 0.0111 0.01 0.0186 0.01 0.0086 -0.0848 0.1983 0.0005 0.0075 0.0075 0.005 0 0.0056 0.0075 0.0059 0.0047 0.0026 0.0001 0.0001 0.0001 0.0001 0.0001 0.0162 0.0251 0.0235 0.0198 0.0127 691 319 118 -0.0013 -0.0023 989 -0.0007 -0.003 676 -0.0009 368 0.0149 0.0228 0.0228 0.0168 0.0118 1309 1159 638 2211 2493 1409 118 219 691 989 676 368 1309 1159 638 2211 2493 1409 0.2405 0.0286 0.0246 0.131 0.0685 0.0555 0.044 0.1111 0.1305 0.1338 0.1732 -0.0257 -0.0308 -0.021 -0.022 -0.0119 -0.0199 -0.0324 2008-06-04 2008-06-04 2008-06-04 2008-06-04 2008-06-04 2008-06-04 2008-06-04 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleNoRedemptionTransposedFederatedInternationalStrategicValueDividendFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedInternationalStrategicValueDividendFundBarChart column period compact * ~</div> Federated International Strategic Value Dividend Fund (the "Fund") RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE The Fund's investment objective is to provide income and long-term capital appreciation. RISK/RETURN SUMMARY: FEES AND EXPENSES This table describes the fees and expenses that you may pay if you buy and hold Class A Shares (A), Class C Shares (C) or Institutional Shares (IS) of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes (e.g. Class A Shares) of Federated Funds. More information about these and other discounts is available from your financial professional and in the "What Do Shares Cost?" section of the Prospectus on page 11. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 26% of the average value of its portfolio. Federated InterContinental Fund (the "Fund") RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE Example The Fund's investment objective is to seek long-term capital appreciation. RISK/RETURN SUMMARY: FEES AND EXPENSES This table describes the fees and expenses that you may pay if you buy and hold Class A Shares (A), Class B Shares (B), Class C Shares (C), Class R Shares (R) and Institutional Shares (IS) of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes (e.g., A class) of Federated funds. More information about these and other discounts is available from your financial professional and in the "What Do Shares Cost?" section of the Prospectus on page 14. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. Expenses assuming no redemption are also shown. The Example also assumes that your investment has a 5% return each year and that the operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 54% of the average value of its portfolio. Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. Expenses assuming no redemption are also shown. The Example also assumes that your investment has a 5% return each year and that the operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE What are the Fund's Main Investment Strategies? RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE What are the Fund's Main Investment Strategies? The Fund invests primarily in equity securities of foreign companies. The Fund may invest in a company of any style or size (including companies with large, medium or small market capitalizations) in both developed and emerging markets. In selecting securities, the Fund's investment adviser ("Adviser") focuses first on country selection seeking to identify countries whose stock markets appear attractively valued relative to other countries, have better growth prospects, have attractive macroeconomic forces working in their favor and evidence other factors which the Adviser has identified as being correlated with market outperformance. Once a country's stock market has been selected for investment, the Adviser uses bottom up stock research and optimization models to select a group of stocks which give broad exposure to the targeted market. The models' stock selection criteria includes among other things, growth indicators, valuation indicators and corporate quality indicators. The Fund may buy or sell foreign currencies (which may be implemented through derivative contracts such as forward or future contracts) in lieu of or in addition to non-dollar denominated foreign equity securities in order to increase or decrease its exposure to foreign equity and/or currency markets. The Fund may invest in derivative or hybrid contracts such as futures, options and swaps, as well as exchange-traded funds (ETFs) to implement its investment strategy and to hedge against losses in the Fund. What are the Main Risks of Investing in the Fund? What are the Main Risks of Investing in the Fund? All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. The primary factors that may reduce the Fund's returns include: <ul type="square"><li style="margin-left: 20px">Stock Market Risk. The value of equity securities in the Fund's portfolio will fluctuate and, as a result, the Fund's Share price may decline suddenly or over a sustained period of time. Information publicly available about a company, whether from the company's financial statements or other disclosures or from third parties, or information available to some but not all market participants, can affect the price of a company's shares in the market. </li></ul> <ul type="square"><li style="margin-left: 20px">Risk of Foreign Investing. Because the Fund invests in securities issued by foreign companies, the Fund's Share price may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case. </li></ul> <ul type="square"><li style="margin-left: 20px">Risk of Investing in ADRs and Domestically Traded Securities of Foreign Issuers. Because the Fund may invest in American Depositary Receipts (ADRs) and other domestically traded securities of foreign companies, the Fund's Share price may be more affected by the risks of foreign investing. </li></ul> <ul type="square"><li style="margin-left: 20px">Currency Risk. Exchange rates for currencies fluctuate daily. Accordingly, the Fund may experience increased volatility with respect to the value of its Shares and its returns as a result of its exposure to foreign currencies through direct holdings of such currencies or holding of non-U.S. dollar denominated securities. </li></ul> <ul type="square"><li style="margin-left: 20px">Eurozone Related Risk. A number of countries in the European Union (EU) have experienced, and may continue to experience, severe economic and financial difficulties. Additional EU member countries may also fall subject to such difficulties. These events could negatively affect the value and liquidity of the Fund's investments in euro-denominated securities and derivatives contracts, securities of issuers located in the EU or with significant exposure to EU issuers or countries. </li></ul> <ul type="square"><li style="margin-left: 20px">Emerging Markets Risk. Securities issued or traded in emerging markets generally entail greater risks than securities issued or traded in developed markets. Emerging market countries may have relatively unstable governments and may present the risk of nationalization of businesses, expropriation, confiscatory taxation or, in certain instances, reversion to closed market, centrally planned economies. </li></ul> <ul type="square"><li style="margin-left: 20px">Liquidity Risk. The securities in which the Fund invests may be less readily marketable and may be subject to greater fluctuation in price than other securities. </li></ul> <ul type="square"><li style="margin-left: 20px">Small-Cap Company Risk. The Fund may invest in small capitalization (or "small-cap") companies. Small-cap companies may have less liquid stock, a more volatile share price, unproven track records, a limited product or service base, and limited access to capital. The above factors could make small-cap companies more likely to fail than larger companies, and increase the volatility of the Fund's portfolio, performance and Share price. </li></ul> <ul type="square"><li style="margin-left: 20px">Mid-Cap Companies Risk. The Fund may invest in mid-capitalization (or "mid-cap") companies. Mid-cap companies often have narrower markets, limited managerial and financial resources, more volatile performance and greater risk of failure, compared to larger, more established companies. These factors could increase the volatility of the Fund's portfolio, performance and Share price. </li></ul> <ul type="square"><li style="margin-left: 20px">Sector Risk. Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may underperform other sectors or the market as a whole. As the Adviser allocates more of the Fund's portfolio holdings to a particular sector, the Fund's performance will be more susceptible to any economic, business or other developments which generally affect that sector. </li></ul> <ul type="square"><li style="margin-left: 20px">Risk of Investing in Derivative Contracts and Hybrid Instruments. Derivative contracts and hybrid instruments involve risks different from, or possibly greater than, risks associated with investing directly in securities and other traditional investments. Specific risk issues related to the use of such contracts and instruments include valuation and tax issues, increased potential for losses and/or costs to the Fund and a potential reduction in gains to the Fund. Each of these issues is described in greater detail in this Prospectus. Derivative contracts and hybrid instruments may also involve other risks described in this Prospectus or the Fund's Statement of Additional Information (SAI), such as stock market, credit, currency, liquidity and leverage risks. </li></ul> <ul type="square"><li style="margin-left: 20px">Counterparty Credit Risk. Includes the possibility that a party to a transaction (such as a derivative transaction) involving the Fund will fail to meet its obligations. </li></ul> <ul type="square"><li style="margin-left: 20px">Leverage Risk. Leverage risk is created when an investment (such as a derivative transaction) exposes the Fund to a level of risk that exceeds the amount invested. Changes in the value of such an investment magnify the Fund's risk of loss and potential for gain. </li></ul> <ul type="square"><li style="margin-left: 20px">Custodial Services and Related Investment Costs. Custodial services and other costs relating to investment in international securities markets generally are more expensive due to differing settlement and clearance procedures than those of the United States. In addition, security settlement and clearance procedures in some emerging market countries may not fully protect the Fund against loss of its assets. </li></ul><ul type="square"><li style="margin-left: 20px">Exchange-Traded Funds Risk. An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange traded). Investing in an ETF may incur additional fees and/or expenses which would, therefore, be borne indirectly by the Fund in connection with any such investment. </li></ul> <ul type="square"><li style="margin-left: 20px">Technology Risk. Proprietary and third-party data and systems are utilized to support decision making for the Fund. Data imprecision, software or other technology malfunctions, programming inaccuracies and similar circumstances may impair the performance of these systems, which may negatively affect Fund performance. </li></ul> The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Performance: Bar Chart and Table Risk/Return Bar Chart The Fund is the successor to the Rochdale Atlas Portfolio pursuant to a reorganization that occurred on August 24, 2007. Information provided for periods prior to August 24, 2007, is historical information for the Rochdale Atlas Portfolio, which was managed by Rochdale Investment Management and had the same investment objective and similar strategies as the Fund. The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's A class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns for each class averaged over the stated periods, and includes comparative performance information. The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400. Federated InterContinental Fund - A Class The total returns shown in the bar chart do not reflect the payment of any sales charges or recurring shareholder account fees. If these charges or fees had been included, the returns shown would have been lower. Within the periods shown in the bar chart, the Fund's A class highest quarterly return was 23.32% (quarter ended June 30, 2009). Its lowest quarterly return was (24.54)% (quarter ended September 30, 2011). Average Annual Total Return Table The Fund's B class, C class, R class and IS class commenced operations on August 25, 2007. For the period prior to the commencement of operations of the Fund's B class, C class, R class and IS class the performance information shown is for the Fund's A class, adjusted to reflect the expenses of the Fund's B class, C class and R class, respectively. For the period prior to the commencement of operations of the IS class, the performance of the Fund's A class has not been adjusted to reflect the expense ratio of IS class since IS class is estimated to have a lower expense ratio than the expense ratio of the Fund's A class. In addition to Return Before Taxes, Return After Taxes is shown for the Fund's A class to illustrate the effect of federal taxes on Fund returns. After-tax returns are shown only for A class, and after-tax returns for the B, C, R and IS classes will differ from those shown below for A class. Actual after-tax returns depend on each investor's personal tax situation, and are likely to differ from those shown. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal income and capital gains tax rates. These after-tax returns do not reflect the effect of any applicable state and local taxes. After-tax returns are not relevant to investors holding shares through a 401(k) plan, an Individual Retirement Plan or other tax-advantaged investment plan. (For the Period Ended December 31, 2012) The Fund pursues its investment objective by investing primarily in equity securities of companies based in countries outside the United States, consisting principally of high dividend yielding stocks with dividend growth potential. The Adviser believes a strategic emphasis on high dividend yielding stocks can enhance both relative and absolute performance over time. In addition, investment results can be enhanced by focusing on stocks with both the potential for future dividend growth and current dividend-oriented value characteristics. The Adviser believes that this is achievable while targeting significantly less risk. The Fund's security selection process involves screening and prioritizing stocks based on appropriate quantitative statistics. Those companies that rank as highly attractive in the screening process are closely scrutinized for inclusion in the portfolio using bottom-up fundamental proprietary research. The Fund may use derivative contracts (such as forward contracts) to manage or hedge the Fund's currency exposure. The Adviser anticipates that normally the Fund will invest in companies based in developed countries, although to a lesser extent, the Fund may also invest in foreign companies based in emerging markets. Because the Fund refers to dividends in its name, the SEC requires the Fund to notify shareholders at least 60 days in advance of any change in its investment policies that would enable the Fund to normally invest less than 80% of its assets (plus any borrowings for investment purposes) in dividend-paying securities. 706 804 338 201 129 1033 1182 733 621 403 1383 1535 1255 1068 697 2366 2627 2686 2306 1534 All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. The primary factors that may reduce the Fund's returns include:<ul type="square"><li style="margin-left: 20px">Small-Cap Company Risk . The Fund may invest in small capitalization (or "small-cap") companies. Small-cap companies may have less liquid stock, a more volatile share price, unproven track records, a limited product or service base, and limited access to capital. The above factors could make small-cap companies more likely to fail than larger companies, and increase the volatility of the Fund's portfolio, performance and Share price. </li></ul><ul type="square"><li style="margin-left: 20px">Stock Market Risk. The value of equity securities in the Fund's portfolio will fluctuate and, as a result, the Fund's Share price may decline suddenly or over a sustained period of time. Information publicly available about a company, whether from the company's financial statements or other disclosures or from third parties, or information available to some but not all market participants, can affect the price of a company's shares in the market. </li></ul><ul type="square"><li style="margin-left: 20px">Risk Related to Investing for Value. Due to their relatively low valuations, value stocks are typically less volatile than growth stocks and more likely to pay higher dividends. The Fund's strategy contemplates investing in stocks focused on paying high dividends. Accordingly, the Fund's performance may lag behind the general market when dividend paying stocks are out of favor. </li></ul><ul type="square"><li style="margin-left: 20px">Risk of Foreign Investing. Because the Fund invests in securities issued by foreign companies, the Fund's Share price may be more affected by foreign economic and political conditions, taxation policies, and accounting and auditing standards than would otherwise be the case. </li></ul><ul type="square"><li style="margin-left: 20px">Risk of Investing in ADRs and Domestically Traded Securities of Foreign Issuers. Because the Fund may invest in American Depositary Receipts (ADRs) and other domestically traded securities of foreign companies, the Fund's Share price may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case. </li></ul><ul type="square"><li style="margin-left: 20px">Currency Risk. Exchange rates for currencies fluctuate daily. Accordingly, the Fund may experience volatility with respect to the value of its Shares and its returns as a result of its exposure to foreign currencies through direct holdings of such currencies or holdings on non-U.S. dollar denominated securities. </li></ul><ul type="square"><li style="margin-left: 20px">Eurozone Related Risk. A number of countries in the European Union (EU) have experienced, and may continue to experience, severe economic and financial difficulties. Additional EU member countries may also fall subject to such difficulties. These events could negatively affect the value and liquidity of the Fund's investments in euro-denominated securities and derivatives contracts, securities of issuers located in the EU or with significant exposure to EU issuers or countries. </li></ul><ul type="square"><li style="margin-left: 20px">Custodial Services and Related Investment Costs. Custodial services and other costs relating to investment in international securities markets generally are more expensive than in the United States. Such markets have settlement and clearance procedures that differ from those in the United States. The inability of the Fund to make intended securities purchases due to settlement problems could cause the Fund to miss attractive investment opportunities. </li></ul><ul type="square"><li style="margin-left: 20px">Sector Risk. Because the Fund may allocate relatively more assets to certain industry sectors than others, the Fund's performance may be more susceptible to any developments which affect those sectors emphasized by the Fund. </li></ul><ul type="square"><li style="margin-left: 20px">Emerging Markets Risk. Securities issued or traded in emerging markets generally entail greater risks than securities issued or traded in developed markets. Emerging market countries may have relatively unstable governments and may present the risk of nationalization of businesses, expropriation, confiscatory taxation or, in certain instances, reversion to closed market, centrally planned economies. </li></ul> <ul type="square"><li style="margin-left: 20px">Liquidity Risk. The equity securities which the Fund invests may be less readily marketable and may be subject to greater fluctuation in price than other securities. </li></ul><ul type="square"><li style="margin-left: 20px">Risk of Investing in Derivative Contracts. Derivative contracts involve risks different from, or possibly greater than, risks associated with investing directly in securities and other traditional investments. Specific risk issues related to the use of such contracts include valuation and tax issues, increased potential for losses and/or costs to the Fund and a potential reduction in gains to the Fund. Each of these issues is described in greater detail in this Prospectus. Derivative contracts may also involve other risks described in this Prospectus or the Fund's Statement of Additional Information (SAI), such as stock market, credit, currency, liquidity and leverage risks. </li></ul><ul type="square"><li style="margin-left: 20px">Technology Risk. Proprietary and third-party data and systems are utilized to support decision making for the Fund. Data imprecision, software or other technology malfunctions, programming inaccuracies and similar circumstances may impair the performance of these systems, which may negatively affect Fund performance. </li></ul>The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. 706 254 238 201 129 Performance: Bar Chart and Table Risk/Return Bar Chart and Table 1033 782 733 621 403 The Fund's A Class, C Class and IS Class commenced operations on June 4, 2008. The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the Fund's A Class total returns on a calendar year-by-year basis. The Average Annual Total Return table shows returns averaged over the stated period, and includes comparative performance information. The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400. 1383 1335 1255 1068 697 2366 2627 2686 2306 1534 Federated International Strategie Value Dividend Fund A Class The total returns shown in the bar chart do not reflect the payment of any sales charges or recurring shareholder account fees. If these charges or fees had been included, the returns shown would have been lower. Within the periods shown in the bar chart, the Fund's A Class highest quarterly return was 17.77% (quarter ended June 30, 2009). Its lowest quarterly return was (13.69)% (quarter ended September 30, 2011). Average Annual Total Return Table 0.3768 0.2296 0.2107 0.3326 0.2066 -0.4755 0.3467 In addition to Return Before Taxes, Return After Taxes is shown for the Fund's A Class to illustrate the effect of federal taxes on Fund returns. After-tax returns are shown only for A Class and after-tax returns for C and IS Classes will differ from those shown for A Class. Actual after-tax returns depend on each investor's personal tax situation, and are likely to differ from those shown. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal income and capital gains tax rates. These after-tax returns do not reflect the effect of any applicable state and local taxes. After-tax returns are not relevant to investors holding Shares through a 401(k) plan and Individual Retirement Account (IRA) or other tax-advantaged investment plan. (For the Period Ended December 31, 2012) 0.1664 -0.1616 0.2118 0.145 0.1408 0.0943 0.1472 0.1924 0.2097 0.2156 0.1613 -0.0458 -0.0463 -0.0367 -0.0461 -0.0424 -0.038 -0.0318 -0.0116 0.1005 0.0997 0.0919 0.1007 0.0991 0.1034 0.1087 0.0811 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes (e.g. Class A Shares) of Federated Funds. 50000 0.26 February 1, 2014 up to but not including the later of (the "Termination Date"): (a) February 1, 2014; or (b) the date of the Fund's next effective Prospectus. All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The bar chart shows the Fund's A Class total returns on a calendar year-by-year basis. 1-800-341-7400 FederatedInvestors.com The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. The total returns shown in the bar chart do not reflect the payment of any sales charges or recurring shareholder account fees. If these charges or fees had been included, the returns shown would have been lower. The stated returns assume the highest historical federal income and capital gains tax rates. These after-tax returns do not reflect the effect of any applicable state and local taxes. After-tax returns are not relevant to investors holding Shares through a 401(k) plan and Individual Retirement Account (IRA) or other tax-advantaged investment plan. In addition to Return Before Taxes, Return After Taxes is shown for the Fund's A Class to illustrate the effect of federal taxes on Fund returns. highest quarterly return 2009-06-30 0.1777 lowest quarterly return February 1, 2014 up to but not including the later of (the "Termination Date"): (a) February 1, 2014; or (b) the date of the Fund's next effective Prospectus. 2011-09-30 0.54 -0.1369 All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The bar chart shows the variability of the Fund's A class total returns on a calendar year-by-year basis. 1-800-341-7400 FederatedInvestors.com The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. The stated returns assume the highest historical federal income and capital gains tax rates. These after-tax returns do not reflect the effect of any applicable state and local taxes. After-tax returns are not relevant to investors holding shares through a 401(k) plan, an Individual Retirement Plan or other tax-advantaged investment plan. In addition to Return Before Taxes, Return After Taxes is shown for the Fund's A class to illustrate the effect of federal taxes on Fund returns. lowest quarterly return 2011-09-30 -0.2454 highest quarterly return 2009-06-30 0.2332 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedInterContinentalFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleNoRedemptionTransposedFederatedInterContinentalFund column period compact * ~</div> The total returns shown in the bar chart do not reflect the payment of any sales charges or recurring shareholder account fees. If these charges or fees had been included, the returns shown would have been lower. In addition to Return Before Taxes, Return After Taxes is shown for the Fund's IS class to illustrate the effect of federal taxes on Fund returns. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes (e.g., A class) of Federated funds. 50000 The Adviser and its affiliates have voluntarily agreed to waive their fees and/or reimburse expenses so that the total annual fund operating expenses (excluding Acquired Fund Fees and Expenses) paid by the Fund's IS class (after the voluntary waivers and/or reimbursements) will not exceed 1.15% (the "Fee Limit"), up to but not including the later of (the "Termination Date"): (a) February 1, 2014; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated, or the Fee Limit increased, prior to the Termination Date with the agreement of the Fund's Board of Trustees. The Fund's IS class start of performance was December 3, 2010. The MSCI ACWI is a free float-adjusted, market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. As of November 2011, the MSCI ACWI consisted of 45 country indices comprising 24 developed and 21 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and United States. The emerging market country indices included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey. The index is unmanaged, and it is not possible to invest directly in an index. Effective February 1, 2013, Adviser and its affiliates have voluntarily agreed to waive their fees and/or reimburse expenses so that the total annual fund operating expenses (excluding Acquired Fund Fees and Expenses and Tax Reclaim Recovery Expenses) paid by the Fund's A Class, C Class and IS Class (after the voluntary waivers and/or reimbursements) will not exceed 1.10%, 1.85% and 0.85% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) February 1, 2014; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Fund's Board of Trustees. The MSCI EAFE High Dividend Yield Index (MSCI HDY) represents the components of the MSCI Europe, Australasia and Far East Index (MSCI EAFE), which is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. As of November 2012 the MSCI EAFE Index consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The MSCI EAFE Index is an unmanaged market capitalization-weighted index comprising 22 of the 48 countries in the MSCI universe and representing the developed world outside of North America. The index is unmanaged, and it is not possible to invest directly in an index. The Adviser and its affiliates have voluntarily agreed to waive their fees and/or reimburse expenses so that the total annual fund operating expenses (excluding Acquired Fund Fees and Expenses and Tax Reclaim Recovery Expenses) paid by the Fund's A, B, C, R and IS classes (after the voluntary waivers and/or reimbursements) will not exceed 1.48%, 2.27%, 2.27%, 1.67% and 1.17% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) February 1, 2014; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Fund's Board of Trustees. The Morgan Stanley Capital International All Country World Index ex USA is an unmanaged index representing 44 developed and emerging markets around the world that collectively comprise virtually all of the foreign equity stock markets.