Cauley Geller Announces Class Action Lawsuit Against Federated Investors, Inc. and Its Federated Family of Mutual Funds on Behalf of Investors -- FALCX, FALFX, FDBAX, FDBBX


NEW YORK, Nov. 18, 2003 (PRIMEZONE) -- The Law Firm of Cauley Geller Bowman & Rudman, LLP announced today that a class action lawsuit has been filed in the United States District Court for the Western District of Pennsylvania on behalf of all purchasers, redeemers and holders of shares of the Federated Family of Funds (the "Federated Funds"), which are managed by Federated Investors, Inc. (NYSE:FII) during the period between November 1, 1998 and September 3, 2003, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's website at http://www.cauleygeller.com/show_case.asp?ccode=182&pcode=10&pp=4.

The following funds are subject to the above class action lawsuit:



 Federated Adjustable Rate Securities Fund (Sym: FEUGX, FASSX)
 Federated American Leaders Fund, Inc. (Sym: FALDX, FALBX, FALCX,
 FALFX)
 Federated Bond Fund (Sym: FDBAX, FDBBX, FDBCX, ISHIX)
 Federated California Municipal Income Fund (Sym: FCMIX, CMUIX)
 Federated Capital Appreciation Fund (Sym: FEDEX, CPABX, CPACX,
 CPAKX)
 Federated Capital Income Fund (Sym: CAPAX, CAPBX, CAPCX, CAPFX)
 Federated Capital Preservation Fund
 Federated Communications Technology Fund (Sym: FCTAX, FCTEX, FCTYX)
 Federated Conservative Allocation Fund (Sym: FMCGX, FCGSX)
 Federated Equity Income Fund, Inc. (Sym: LEIFX, LEIBX, LEICX, LFEIX)
 Federated European Equity Fund (Sym: EURAX, EURBA, EURCX)
 Federated Fund for U.S. Government Securities (Sym: FUSGX, FUSBX,
 FUSCX)
 Federated GNMA Trust (Sym: FGMAX, FGSSX)
 Federated Global Equity Fund (Sym: FGEIX, FGEFX, FGEDX)
 Federated Global Value Fund (Sym: WUFAX, WUFBX,WUFCX)
 Federated Government Income Securities, Inc. (Sym: FGOAX, FGOBX,
 FGOCX, FGOIX)
 Federated Government Ultrashort Duration Fund (Sym: FGUAX, FGUSX,
 FEUSX)
 Federated Growth Allocation Fund (Sym: FMGPX, FMGSX)
 Federated Growth Strategies Fund (Sym: FGSAX, FGSBX, FGSCX)
 Federated High Income Bond Fund, Inc. (Sym: FHIIX, FHBBX, FHICX)
 Federated High Yield Trust, Federated Income Trust (Sym: FHYTX)
 Federated Income Trust (Sym: FICMX, FITSX)
 Federated Institutional High Yield Bond Fund (Sym: FIHBX)
 Federated Intermediate Income Fund (Sym: FIIFX, INISX)
 Federated Intermediate Municipal Trust (Sym: FIMTX, FIMYX)
 Federated International Bond Fund (Sym: FTIIX, FTBBX, FTIBX)
 Federated International Capital Appreciation Fund (Sym: IGFAX,
 IGFBX, IGFCX)
 Federated International Equity Fund (Sym: FTITX, FIEBX, FIECX)
 Federated International High Income Fund (Sym: IHIAX, IHIBX, IHICX)
 Federated International Small Company Fund (Sym: ISCAX, ISCBX,
 ISCCX)
 Federated International Value Fund (Sym: FGFAX, FGFBX, FGFCX)
 Federated Kaufmann Fund (Sym: KAUAX, KAUBX, KAUCX, KAUFX)
 Federated Kaufmann Small Cap Fund (Sym: FKASX, FKBSX, FKCSX)
 Federated Large Cap Growth Fund (Sym: FLGAX, FLGBX, FLGCX)
 Federated Limited Duration Fund (Sym: FTRLX, FTRDX)
 Federated Limited Duration Government Fund, Inc. (Sym: FLDIX, FLDSX)
 Federated Limited Term Fund (Sym: LTDFX, LTFSX)
 Federated Limited Term Municipal Fund (Sym: LMINX, LMFSX)
 Federated Managed Income Portfolio (Sym: FMIPX, FIPSX)
 Federated Market Opportunity Fund (Sym: FMAAX, FMBBX, FMRCX)
 Federated Max-Cap Index Fund (Sym: MXCCX, FISPX, FMXKX, FMXSX)
 Federated Michigan Intermediate Municipal Trust (Sym: MMIFX)
 Federated Mid-Cap Index Fund (Sym: FMDCX)
 Federated Mini-Cap Index Fund (Sym: MNCCX, FMCPX)
 Federated Moderate Allocation Fund (Sym: FMMGX, FMMSX)
 Federated Mortgage Fund (Sym: FGFIX, FGFSX)
 Federated Muni and Stock Advantage Fund (Sym:FMUAX, FMNBX, FMUCX)
 Federated Municipal Opportunities Fund, Inc. (Sym: FMOAX, FMOBX,
 FMNCX, FHTFX)
 Federated Municipal Securities Fund, Inc. (Sym: LMSFX, LMSBX, LMSCX)
 Federated Municipal Ultrashort Fund (Sym: FMUUX, FMUSX)
 Federated New York Municipal Income Fund (Sym: NYIFX, NYIBX)
 Federated North Carolina Municipal Income Fund (Sym: NCIFX)
 Federated Ohio Municipal Income Fund (Sym: OMIFX)
 Federated Pennsylvania Municipal Income Fund (Sym: PAMFX, FPABX)
 Federated Short-Term Income Fund (Sym: FSTIX, FSISX)
 Federated Short-Term Municipal Trust (Sym: FSHIX, FSHSX)
 Federated Stock Trust (Sym: FSTKX)
 Federated Stock and Bond Fund, Inc. (Sym: FSTBX, FSBBX, FSBCX,
 FSBKX)
 Federated Strategic Income Fund (Sym: STIAX, SINBX, SINCX, STFSX)
 Federated Total Return Bond Fund (Sym: TLRAX, TLRBX, TLRCX, FTRBX,
 FTRKX, FTRFX)
 Federated Total Return Government Bond Fund (Sym: FTRGX, FTGSX)
 Federated U.S. Government Bond Fund (Sym: FEDBX)
 Federated U.S. Government Securities Fund: 1-3 Years (Sym: FSGVX,
 FSGIX, FSGTX)
 Federated U.S. Government Securities Fund: 2-5 Years (Sym: FIGTX,
 FIGKX, FIGIX)
 Federated Ultrashort Bond Fund (Sym: FULAX, FULIX, FULBX)

The complaint charges Federated Investors, Inc., Federated Investment Management Co., Federated Securities Corporation, Federated Investors Funds, the Federated Funds, and the Doe Defendants with violations of the Securities Act of 1933 (the "Securities Act"), the Securities Exchange Act of 1934 (the "Exchange Act"), the Investment Company Act of 1940 (the "Investment Company Act"), and for common law breach of fiduciary duties. The Complaint alleges that during the Class Period the Federated Funds and the other defendants engaged in illegal and improper trading practices, in concert with certain institutional traders, which caused financial injury to the shareholders of the Federated Funds. According to the Complaint, the Defendants surreptitiously permitted certain favored investors to illegally engage in "timing" of the Federated Funds whereby these favored investors were permitted to conduct short-term, "in and out" trading of mutual fund shares, despite explicit restrictions on such activity in the Federated Funds' prospectuses.

The Complaint further alleges that the defendants permitted certain favored investors to illegally receive the prior day's price for orders placed after 4 p.m. This allowed the Doe Defendants and other mutual fund investors who engaged in the same wrongful course of conduct to capitalize on post 4:00 p.m. information, while those who bought their mutual fund shares lawfully could not.

If you bought, redeemed or owned shares of the Federated Funds between November 1, 1998 and September 3, 2003, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than December 23, 2003 If you are a member of this class, you can join this class action online at http://www.cauleygeller.com/template8.asp?pcode=6&pp=1. Any member of the purported class may move the Court to serve as lead plaintiff through Cauley Geller or other counsel of their choice, or may choose to do nothing and remain an absent class member.

Cauley Geller is a national law firm that represents investors and consumers in class action and corporate governance litigation. It is one of the country's premiere firms in the area of securities fraud, with in-house finance and forensic accounting specialists and extensive trial experience. Since its founding, Cauley Geller has recovered in excess of two billion dollars on behalf of aggrieved shareholders. The firm maintains offices in Boca Raton, Little Rock and New York.

If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's website at www.cauleygeller.com.



            

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