Federated Adds Manager to Junk Bond Fund

June 25, 2004 -- Federated Investors `B` (FII) said Robert Kowit, a bond fund portfolio manager, will be added to the team that oversees Federated High Yield Trust (FHYTX) in July.

Kowit, a member of Federated's international fixed-income investment team, will join Mark Durbiano and Nathan Kehm on the $397 million fund.

Kowit, also helps manage Federated International Bond Fund/A (FTIIX) and Federated International High Income/A (IHIAX), Federated Capital Income Fund/A (CAPAX) and Federated Strategic Income Fund/A (STIAX).

Kowit's addition to High Yield Trust was disclosed in a regulatory filing on Friday. Additional information on the appointment was not immediately available.

For the three years ended in May, High Yield Trust returned 5.8% on average, versus 6.5% for its peers. The portfolio is ranked 3 Stars by Standard & Poor's.

Contact Robert F. Keane with questions or comments at:

bkeane@ia-mag.com.

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