The Law Firm of Schiffrin & Barroway, LLP Announces that Federated Mutual Fund Investors have Seven Days Remaining to File Lead Plaintiff Motion -- FII, FEUGX, FASSX, FALDX

Radnor, Pennsylvania, UNITED STATES

BALA CYNWYD, Pa., Dec. 16, 2003 (PRIMEZONE) -- Putnam Mutual Fund investors have seven (7) days to move for lead plaintiff in a securities fraud class action recently brought against Federated Investors, Inc. (NYSE:FII), Federated Investment Management Co., Federated Securities Corporation, Federated Investors Funds, and the Federated Funds. If you purchased any of the Federated Funds listed below between November 1, 1998 and October 21, 2003, inclusive (the "Class Period") and you wish to be a lead plaintiff in the case, you must move to serve as lead plaintiff by filing a motion in the United States District Court for the Western District of Pennsylvania by December 23, 2003.

The following Federated Funds are subject to the above class action lawsuit:

 Federated Adjustable Rate Securities Fund (NASDAQ:FEUGX), (NASDAQ:FASSX)
 Federated American Leaders Fund, Inc. (NASDAQ:FALDX), (NASDAQ:FALBX),
 Federated California Municipal Income Fund (NASDAQ:FCMIX), (NASDAQ:CMUIX)
 Federated Capital Appreciation Fund (NASDAQ:FEDEX), (NASDAQ:CPABX),
 Federated Capital Income Fund (NASDAQ:CAPAX), (NASDAQ:CAPBX),
 Federated Communications Technology Fund (NASDAQ:FCTAX), (NASDAQ:FCTEX),
 Federated Conservative Allocation Fund (NASDAQ:FMCGX), (NASDAQ:FCGSX)
 Federated Equity Income Fund, Inc. (NASDAQ:LEIFX), (NASDAQ:LEIBX),
 Federated  European Equity Fund (NASDAQ:EURAX), (NASDAQ:EURBX),
 Federated Fund for U.S. Government Securities (NASDAQ:FUSGX), 
 Federated Global Equity Fund (NASDAQ:FGEIX), (NASDAQ:FGEFX),
 Federated Global Value Fund (NASDAQ:WUFAX), (NASDAQ:WUFBX),(NASDAQ:WUFCX)
 Federated Government Income Securities, Inc. (NASDAQ:FGOAX),
 Federated Government Ultrashort Duration Fund (NASDAQ:FGUAX),
 Federated Growth Allocation Fund (NASDAQ:FMGPX), (NASDAQ:FMGSX)
 Federated Growth Strategies Fund (NASDAQ:FGSAX), (NASDAQ:FGSBX),
 Federated High Income Bond Fund, Inc. (NASDAQ:FHIIX), (NASDAQ:FHBBX),
 Federated High Yield Trust, Federated Income Trust (NASDAQ:FHYTX)
 Federated Income Trust (NASDAQ:FICMX), (NASDAQ:FITSX)
 Federated Institutional High Yield Bond Fund (NASDAQ:FIHBX)
 Federated Intermediate Income Fund (NASDAQ:FIIFX), (NASDAQ:INISX)
 Federated Intermediate Municipal Trust (NASDAQ:FIMTX), (NASDAQ:FIMYX)
 Federated International Bond Fund (NASDAQ:FTIIX), (NASDAQ:FTBBX),
 Federated International Capital Appreciation Fund (NASDAQ:IGFAX),
 Federated International Equity Fund (NASDAQ:FTITX), (NASDAQ:FIEBX),
 Federated International High Income Fund (NASDAQ:IHIAX), (NASDAQ:IHIBX),
 Federated International Small Company Fund (NASDAQ:ISCAX), (NASDAQ:ISCBX),
 Federated International Value Fund (NASDAQ:FGFAX), (NASDAQ:FGFBX),
 Federated Kaufmann Fund (NASDAQ:KAUAX), (NASDAQ:KAUBX), (NASDAQ:KAUCX),
 Federated Kaufmann Small Cap Fund (NASDAQ:FKASX), (NASDAQ:FKBSX),
 Federated Large Cap Growth Fund (NASDAQ:FLGAX), (NASDAQ:FLGBX),
 Federated Limited Duration Fund (NASDAQ:FTRLX), (NASDAQ:FTRDX)
 Federated Limited Duration Government Fund, Inc. (NASDAQ:FLDIX),
 Federated Limited Term Fund (NASDAQ:LTDFX), (NASDAQ:LTFSX)
 Federated Limited Term Municipal Fund (NASDAQ:LMINX), (NASDAQ:LMFSX)
 Federated Managed Income Portfolio (NASDAQ:FMIPX), (NASDAQ:FIPSX)
 Federated Market Opportunity Fund (NASDAQ:FMAAX), (NASDAQ:FMBBX),
 Federated Max-Cap Index Fund (NASDAQ:MXCCX), (NASDAQ:FISPX),
 Federated Michigan Intermediate Municipal Trust (NASDAQ:MMIFX)
 Federated Mid-Cap Index Fund (NASDAQ:FMDCX)
 Federated Mini-Cap Index Fund (NASDAQ:MNCCX), (NASDAQ:FMCPX)
 Federated Moderate Allocation Fund (NASDAQ:FMMGX), (NASDAQ:FMMSX)
 Federated Mortgage Fund (NASDAQ:FGFIX), (NASDAQ:FGFSX)
 Federated Muni and Stock Advantage Fund (NASDAQ:FMUAX), (NASDAQ:FMNBX),
 Federated Municipal Opportunities Fund, Inc. (NASDAQ:FMOAX),
 Federated Municipal Securities Fund, Inc. (NASDAQ:LMSFX), (NASDAQ:LMSBX),
 Federated Municipal Ultrashort Fund (NASDAQ:FMUUX), (NASDAQ:FMUSX)
 Federated New York Municipal Income Fund (NASDAQ:NYIFX), (NASDAQ:NYIBX)
 Federated North Carolina Municipal Income Fund (NASDAQ:NCIFX)
 Federated Ohio Municipal Income Fund (NASDAQ:OMIFX)
 Federated Pennsylvania Municipal Income Fund (NASDAQ:PAMFX),
 Federated Short-Term Income Fund (NASDAQ:FSTIX), (NASDAQ:FSISX)
 Federated Short-Term Municipal Trust (NASDAQ:FSHIX), (NASDAQ:FSHSX)
 Federated Stock Trust (NASDAQ:FSTKX)
 Federated Stock and Bond Fund, Inc. (NASDAQ:FSTBX), (NASDAQ:FSBBX),
 Federated Strategic Income Fund (NASDAQ:STIAX), (NASDAQ:SINBX),
 Federated Total Return Bond Fund (NASDAQ:TLRAX), (NASDAQ:TLRBX),
 Federated Total Return Government Bond Fund (NASDAQ:FTRGX), (NASDAQ:FTGSX)
 Federated U.S. Government Bond Fund (NASDAQ:FEDBX)
 Federated U.S. Government Securities Fund: 1-3 Years (NASDAQ:FSGVX),
 Federated U.S. Government Securities Fund: 2-5 Years (NASDAQ:FIGTX),
 Federated Ultrashort Bond Fund (NASDAQ:FULAX), (NASDAQ:FULIX),

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at

The complaint charges Federated Investors, Inc., Federated Investment Management Co., Federated Securities Corporation, Federated Investors Funds, the Federated Funds, and the Doe Defendants with 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.

Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit

If you are a member of the class described above, you may, not later than December 23, 2003, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.

More information on this and other class actions can be found on the Class Action Newsline at


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