Linda Duessel And

LINDA DUESSEL, CFA and Portfolio Manager, has been employed at Federated
Investors since 1991. Her previous experience includes eight years as
an Analyst and High-Yield Bond Portfolio Manager at Westinghouse Credit
Corporation and three years as a CPA at Arthur Young and Company. Ms.
Duessel is the Portfolio Manager of several funds, including Federated
Equity Income Fund, Federated Equity Income Fund II (since 2/97),
Federated Utility Fund and Federated Utility Fund II (since 4/95). Born
and raised in Pittsburgh, Pennsylvania, she received her undergraduate
degree in Finance at the Wharton School of the University of
Pennsylvania. She practiced as a Certified Public Accountant prior to
earning a Master of Science degree in Industrial Administration at
Carnegie Mellon University. Ms. Duessel is married and has four
children.