BALTIMORE, Oct. 27, 2003 (PRIMEZONE) — Law Offices Of Charles J. Piven, P.A. announces that a class action lawsuit has been filed in the United States District Court for the Western District ofPennsylvania on behalf of all purchasers, redeemers and holders of shares of the Federated Family of Funds which are managed by Federated Investors, Inc. (NYSE: FII) during the period betweenNovember 1, 1998 and September 3, 2003, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934, the Securities Act of 1933 and the Investment Company Actof 1940.

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 wrongful conduct alleged in, and which is the subject of one or more of these complaints, relates to “late trading” of mutual fund shares by certain customers of the fund (including one or more hedge funds). Specifically, the conduct complained of relates to allegations that certain of those who invested in certain of the various defendants’ mutual funds improperly arranged to place orders after 4 p.m. Eastern Time on a given day at that day’s price (instead of the next day’s price, which the order would have received had it been processed lawfully). This allowed mutual fund investors who engaged in the same wrongful course of conduct to capitalize on information available only after 4:00 p.m. Eastern Time while others who bought shares in the subject mutual funds could not so benefit.

The wrongful conduct alleged in and which is the subject of one or more of these complaints relates to “timing.” As used, “timing” is an investment technique involving short-term, “in and out” trading of mutual fund shares designed to take advantage of inefficiencies in the way mutual fund companies price their shares, particularly shares of international funds. It is alleged, further, that while the mutual fund companies purported to guard against timing, they allowed select investors to time their trades to the detriment of other mutual fund investors and for the benefit of the mutual fund companies.

No class has yet been certified in the above actions. Until a class is certified, you are not represented unless you retain an attorney. If you are a member of any of the proposed classes, meaning, you are one who purchased, redeemed and/or held of any of the mutual funds referenced herein during the period that the conduct complained of occurred, you may be eligible to serve as a plaintiff. To be a member of one or more of the classes, if certified, you need not take any action at this time. You may retain counsel of your choice. 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, a motion must be filed with the Court no later than December 23, 2003.

If you are one who purchased, redeemed and/or held any of the mutual funds referenced above during the period that the conduct complained of occurred and want to discuss your legal rights, or if you have information or questions about other mutual fund companies being investigated for improper conduct, you may e-mail or call Law Offices Of Charles J. Piven, P.A. who will, without obligation or cost to you, attempt to answer your questions. Law Offices Of Charles J. Piven has been involved in securities litigation for over ten years. You may contact Law Offices Of Charles J. Piven, P.A. at The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202, by email at hoffman@pivenlaw.com or by calling 410/332-0030.

CONTACT: Law Offices Of Charles J. Piven, P.A., Baltimore, Maryland Charles J. Piven, 410/332-0030 hoffman@pivenlaw.com

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