Federated Investors, Inc. and its subsidiaries provide investment management and related financial services. The Company sponsors, markets and provides investment advisory, distribution and administrative services primarily to mutual funds in both domestic and international markets. Total assets under management, as of December 31, 2001, were $179.7 billion, primarily in funds managed, distributed and administered by Federated and in other non-fund products. Federated also provides a broad range of services to support the operation, administration and distribution of Company-sponsored funds. These services include legal support and regulatory compliance, audit, fund financial services, transfer agency services and shareholder servicing and support. Federated's investment products are distributed in four principal markets: the trust market, the broker/dealer market, the institutional market and the international market.