December 1, 2005

Manager Joins Federated Capital Appreciation Fund

Federated Investors Inc. (FII) said it appointed Carol R. Miller, a former portfolio manager with Banc One Corp., to help run the $3.2-billion Federated Capital Appreciation Fund (FEDEX).

Miller replaces Linda Duessel, who continues as Federated's equity market strategist and co-manager of the Federated Equity Income Fund (LEIFX). Miller joins David Gilmore, who has been involved with the Capital Appreciation Fund since 2000.

Miller was the leader of the equity growth team at Banc One's Investment Advisors unit from April 2003 until September 2004.

Miller and Gilmore will look for companies with "strong growth potential and attractive valuation characteristics," Federated said.

The Capital Appreciation Fund lost 1.1% this year through October, while its large-cap blend fund peers gained 1.3%. The portfolio lost 1.1% on average for the five years ended last month, compared to a 1.8% loss by similar funds. It is ranked two-stars by Standard & Poor's.

Contact Bob Keane with questions or comments at: bkeane@investmentadvisor.com.

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