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Federated Loses Manager on American Leaders Fund,

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Dec. 18, 2002 — Federated Investors `B` (FII) said Michael Donnelly, who helped run Federated American Leaders/A (FALDX), has left the company.

Federated portfolio managers Steven Lehman and John Nichol will join lead manager Kevin McCloskey on the fund starting in January. McCloskey and Donnelly had piloted the fund since last year.

A Federated spokeswoman declined to comment on Donnelly’s future plans.

The fund, ranked 3 Stars by Standard & Poor’s, has combined assets of about $2.4 billion. Class A shares lost 17.9% this year through November, versus a loss of 15.9% for its large-cap value peers.

Lehman and Nichol continue to manage Federated Market Opportunity Fund/A (FMAAX). Nichol also is a member of the team that runs Federated Utility Fund/A (LBUTX).